RADE tensions between the United States and China, especially under a Trump Presidency, could escalate and may initially cause “pain” but could eventually present opportunities for Asean economies, according to a London-based think tank.
However, Oxford Economics said higher tariffs could lead to more expensive consumer goods in the US, resulting in faster inflation.
“We expect lower real exports and economic growth, and weaker Asean currencies against the US dollar. However, trade diversions may help mitigate the initial fallout,” Oxford Economics said.
In the near term, higher tariffs will also cause a slowdown in global economic growth. This means Asean goods will also suffer from low global demand.
were the most exposed to the US at 39.1 percent followed by Vietnam at 27.4 percent; Thailand, 17 percent; Philippines, 15.4 percent; and Malaysia, 11.3 percent.
“Another risk to the scenario is that, regardless of who takes the White House, there is already more scrutiny on Southeast Asian goods to the US which could manifest in greater anti-dumping tariffs,” Oxford Economics said.
Higher US tariffs will also lead to weaker Asean currencies versus the US dollar. This will also prompt monetary policy action on the part of the central banks in the region. Faster inflation in the US may lead to higher interest rates, causing the dollar to strengthen. This will be an inflection point for Asean central banks to also make a move to defend their currencies.
Such a scenario could again prompt the Federal Reserve to raise rates, which could affect monetary policy in Southeast Asian countries, especially the Philippines.
Oxford Economics noted that should Trump call for higher tariffs on Asean goods, this would also affect growth in these economies. The only difference would be in the degree of exposure of these economies to the United States.
In 2023, Cambodia’s exports
“While these tariffs are typically concentrated on just one or two product lines at a time, the composition of exports of a Southeast Asian economy means that the effect on regional economies may be significant,” it added.
Oxford Economics said countries like the Philippines are more sensitive to the US policy rates and dollar movements. This is despite the declaration of the Bangko Sentral ng Pilipinas (BSP) that these
See “Asean,” A2 THE WORLD |
BusinessMirror
‘PHL INFLATION TO EASE WITH WEAK OIL PRICES’
By Cai U. Ordinario @caiordinario
FILIPINOS burdened with high prices could get some reprieve as the weakness in global oil prices is expected to have a significant impact on local inflation, according to Australia and New Zealand Banking Group’s think tank.
Among select Asian countries, the Philippines and Thailand will see the biggest slowdown in inflation due to cheaper oil prices, ANZ Research said.
A 5-percent decline in pump prices will lead to a decrease of 0.12 percentage points in inflation in the Philippines and 0.30 percentage points in Thailand.
“The inflation effect will also depend on the basket weight of vehicle fuels. [The data] shows our estimate of the drag from the pump price channel on the September inflation prints assuming local prices stay at current levels,” ANZ Research said.
“Thailand is likely to see the biggest decline, given the high share vehicle fuels have in its inflation basket. While the Philippines has seen the largest fall in pump prices, vehicle fuels make up a smaller share of its inflation basket,” it added.
Based on the Consumer Price Index (CPI), transportation has a weight of 9.03 percent.
According to ANZ Research, vehicle fuel weight in the inflation basket is 2.4 percent.
ANZ Research showed that this is lower than
the Magna Carta for Seafarers, the new landmark piece of legislation for enhancing the protection and welfare of sailors.
“It is our way of telling our seafarers, ‘We see you, we hear you, and we are here to support you,’” Marcos said at the ceremonial signing of RA 12021 in Malacañang last Monday.
The new law creates a comprehensive framework for ensuring seafarers receive fair wages, enjoy safe working conditions, and protecting them from illegal recruitment. Among its salient provisions is designating the Maritime Industry Authority (Marina) to oversee maritime education as well as “establishing mechanism, rules, and procedures to ensure fair, speedy, equitable, just disposition and execution of decisions.”
This includes the implementation of a controversial “bond,” wherein the seafarers must first win in the appeal from their employers before their
Comelec: We’re prepared for possible poll challenges
By Justine Xyrah Garcia
HE Commission on
TElections said on Monday that it is prepared for the possible challenges it may encounter during the election proper next year.
In a press briefing, Comelec Chairman George Garcia said that the poll body is steadfast in its commitment to make the national, local, and parliamentary elections as transparent as possible.
“It is always the commitment of the present leadership of the Comelec to be truthful [and] honest. We will tell you if there are failures and glitches. We will be transparent,” Garcia said.
Asean…
are mere data points to consider in monetary policymaking.
The poll body, together with a few invited observers from election watchdogs and media, inspected two of the ePLDT Vitro data centers which will store and manage the highly-sensitive election results.
Since 2016, ePLDT has been providing data solutions for Comelec, ensuring the secure transmission and storage of electoral data.
However, this marks the first time the public has been invited to inspect the facilities—a move aimed at promoting transparency and building trust in the electoral process.
“We’re taking a giant step here to invite the public. We’re not afraid because the people deserve information,” the poll chief said.
While glitches and other technology-related challenges are inevitable, Garcia said that the Comelec has enough security systems in place to address them swiftly.
“Glitches are normal because the machines do not have a 100-percent perfect system… What is important is we have mechanisms on how to resolve it,” he said.
Real-time results
ASIDE from having highlyprotected data servers, Garcia said the commission will also post realtime election results on its website to minimize transparency doubts.
The commission’s central server will also be closely monitored by
the Department of Information and Communications Technology (DICT), which will allow the latter to have an independent tracking of the election data movement.
“We ensured that DICT is mirrored to our server so they can easily call our attention in case there are irregularities,” the poll chief said.
Once the counting of votes is completed, the Comelec will also publish all election-related data (including IP addresses, and audit and transmission logs) on its official website.
“What is important is the public understands the process… and we will also explain if we will encounter glitches along the way,” Garcia said.
Inflation…
the 7.9-percent weight of vehicle fuel in Thailand or the 3.6 percent weight in South Korea.
“Combining the weight of the energy component and the estimated passthrough to domestic energy inflation, we estimate the potential first-round impact for each 10 percent increase in global oil prices on headline inflation,” ANZ Research said.
“Thailand and the Philippines are likely to see relatively larger drags on inflation, with a pass-through of 0.2–0.3 percent for every 10 percent fall in global oil prices,” it added.
Meanwhile, in September, ANZ Research said the average Brent crude oil prices are down 7 percent from August. At one point, the think tank noted, prices fell below the $70 per barrel for first time since December 2021.
ANZ Research pegged its forward market pricing for 2025 average prices at $71 per barrel—lower, compared to the median Bloomberg analyst forecast of $78 per barrel.
Sentral ng Pilipinas (BSP) said external forecasters now expect inflation to ease to 3.5 percent as of August 2024, slower than the 3.7 percent estimated in May 2024. According to the MPR, forecasts also decreased to 3.1 percent from 3.5 percent for 2025, and 3.2 percent from 3.4 percent for 2026. (See: https:// businessmirror.com.ph/2024/09/09/ forecasters-in-bsp-poll-inflationtrending-down-till-26/).
“Policy rates in Indonesia and the Philippines are more sensitive to US rates and dollar movements due to structural current account deficits and open capital accounts,” Oxford Economics said. “Even if other Asean currencies depreciate more against the US dollar, we think these central banks will be more sensitive since
there’s less of a buffer,” it added. Despite these risks, the Londonbased think tank said redirecting trade flow will help Asean economies in the medium term. With higher tariffs imposed by the US on Chinese goods, Asean exporters may stand to benefit as their products would be cheaper and have more leverage in the US market.
Cai U. Ordinario
Rice…
Continued from A1
expected to be augmented with the arrival of more imports after President Ferdinand Marcos issued Executive Order No. 62, which took effect in July, lowering the tariff for the food staple to 15 percent.
Last week, DA announced the price of imported rice is expected to drop once the concerned consignees are able to pull out 23,000 metric tons of imported rice contained in “overstaying” 888 ship containers at the Manila International Container Terminal (MICT) by two to 275 days.
De Mesa said the shipments represent just 0.75 percent of the over 3 million MMT of imported rice, which was registered by the Bureau of Plant Industry this year.
The number of imported rice is expected to rise before the end of the year, bringing down the price of imported rice.
“Historically speaking, most of the imported rice will arrive every fourth
“If oil prices stay at the September month-to-date average of $73 per barrel, disinflation will gather pace, and most of the region’s external positions will improve given the heavy reliance on oil imports,” ANZ Research said.
Earlier, Based on the Monetary Policy Report (MPR), the Bangko
quarter,” De Mesa said.
In its price monitoring report, the DA said the average weekly price for imported well-milled rice was at P49.33 per kilo, while imported regular milled rice was P43.84 per kilo from September 16 to 21, 2024.
This was lower compared to price of imported rice during the third weeks of August (well-milled, P53.04; regular milled, P47.08), July (well-milled, P52.60; regular milled, P49.09); and June (well-milled, P53.43; regular milled, P49.78).
Possible hoarding IN a related development, Philippine Ports Authority General Manager Jay R. Santiago said they are looking at the possibility that some consignees with overstaying rice shipments can be held liable for hoarding.
They are determining if consignees are taking advantage of the storage fee in the MICT, which is cheaper
Magna carta…
Continued from A1
disability claims become final and executory.
The new law also has provision for skills training and a “robust certification process” in line with the Standards for Training, Certification, and Watchkeeping (STCW).
“At its core, this new law aims to uphold the fundamental rights of our overseas seafarers: their right to fair wages, safe working conditions, and skills and competency development, amongst others.”
Stakeholder support RA 12021 was originally scheduled to be signed into law in February, but was postponed amid calls for a review from some groups.
The Philippine Coastwise Shipping Association Inc. opposed the “reckless application” of STCW and the Maritime Labor Convention 2006, and the Federation of Free Workers (FFW) rejected the bond provision.
The Associated Marine Officers and Seamen’s Union of the Philippines (Amosup) said in a statement: “The Magna Carta of Filipino Seafarers is truly a gift and a wonderful tribute to our noble and hardworking seafarers who contribute greatly to our country’s economy, and are instrumental in moving the world trade, and in keeping the global supply and value chains unhindered.”
The Association of Licensed Manning Agencies (Alma) said the new law will help the country’s sailors maintain their edge amid increasing competition from other countries.
The country is one of the top
suppliers of sailors worldwide. In its 2023 preliminary report, the Department of Migrant Workers (DMW) reported it has deployed 578,626 seafarers abroad.
House optimistic
The leadership of the House of Representatives on Monday expressed optimism about the newly signed law, which grants the Department of Migrant Workers (DMW) and other agencies enhanced powers to better protect the country’s approximately 700,000 seafarers—from training and recruitment through to retirement.
Speaker Ferdinand Martin Romualdez and Camarines Sur Rep. Lray Villafuerte said RA 12021, or the Magna Carta of Seafarers that President Marcos signed on Monday, is timely in ensuring “full protection” for Filipino sailors in either foreign-flagged ships or Philippine-registered vessels operating internationally at this time of a surging global demand for Filipino mariners.
“With this measure, we hope we can remain the largest supplier of seafarers in the world,” Romualdez said. He noted the timeliness of the law’s signing: the world is celebrating Maritime Day 2024 on September 26.
House Deputy Majority Leader and Tingog Party-list Rep. Jude Acide, chairman of the House Committee on Overseas Workers Affairs, said the law sufficiently addresses the concerns of foreign employers on the education, training, and competency of Filipino seafarers.
Much of this optimism of slowing commodity prices stem from the reduction in rice tariffs. Through Executive Order 62, the Philippines reduced rice tariffs to 15 percent from 35 percent. BSP said in its report that analysts also anticipate downward inflationary pressures from a stronger peso against the US dollar, as well as favorable base effects. It may be noted that the Philippines is a net food and oil importer, and as such makes it a beneficiary in terms of cheaper dollar purchases of these commodities through currency appreciation. However, the main upside risk is expected to arise from second-round effects, such as higher electricity costs brought about by a potential uptick in oil prices amid geopolitical conflicts.
compared to private warehouses, to store their rice imports as they wait for its price to rise.
“That is why they are waiting for the chance for the price [of imported rice] to rise with its demand, before they release their rice,” Santiago said. He said they will leave it to the concerned government agencies such as the DA and the Bureau of Customs to go after the erring consignees for violating the Customs’ Modernization Tariff Act for failing to remove their shipments in the ports within the required 30-day period.
Of the 888 containers, 300 was already pulled out from the ports over the weekend.
“We look forward in the upcoming days and until the end of the month for the said overstaying containers with rice to be further reduced,” Santiago said. Samuel P. Medenilla
“We hope our sailors will not face the same threats of being blacklisted— made in the past by some shipping companies in Europe due to these concerns,” he said.
Villafuerte cited a recent agreement between the Marina and the Norwegian Maritime Authority (NMA), which recognizes Filipino seafarers’ certificates under the 1978 STCW. This agreement is expected to open opportunities for 25,000 more Filipino seafarers on Norwegianflagged ships.
“The benefits and labor protection provided under the new law cover our seafarers during and after their employment, especially in cases of maritime accidents, epidemics or pandemics, and natural or man-made crises,” Villafuerte, a co-author of RA 12021, said.
He underscored the importance of RA 12021 in response to recent incidents, such as the capture of four Filipino seafarers aboard a Portuguese vessel by Iranian authorities in April, as well as attacks on vessels manned by Filipino sailors in Yemen. Villafuerte praised the DMW for supporting international efforts to designate certain areas affected by attacks as war zones to protect seafarers, particularly in regions with ongoing conflicts, such as Yemen and the Gaza Strip.
The new law also aims to strengthen the global competitiveness of Filipino mariners by improving the country’s maritime education, training, and certification systems. One provision of Villafuerte’s original bill includes free legal assistance for seafarers facing legal concerns.
Certain provisions require shipowners to support seafarers in cases of death or disability due to occupational hazards.
MEGAWORLD’S LEED-CERTIFIED OFFICE
TOWER IS PH’S ‘BEST GREEN OFFICE DEV’T’
By Ray Ignacio
PROPERTY giant Megaworld, the Philippines’ largest office developer and landlord, has been recently recognized for having the ‘Best Green Office Development’ at the recently concluded 2024 Philippines Property Awards. The said award was won by the International Finance Center, a 24-storey office tower in Uptown Bonifacio.
The International Finance Center is one of the 32 LEED-certified and LEED-registered office towers of Megaworld as the company strengthens its portfolio with more green office developments all over the country. It has been given the LEED v4 Silver Certification this year.
Other LEED Silver-certified buildings include all other office towers in McKinley West, as well as the existing office towers in Uptown Bonifacio.
Out of the 32 LEED-certified and registered buildings, 19 office towers have various certification levels. These are located in Uptown Bonifacio, McKinley Hill, McKinley West, and Arcovia City, while 13 office towers are registered and
awaiting their certification levels. These are located in the company’s townships in Bacolod, Iloilo, Pampanga, Pasig City, and Taguig City.
Among the LEED Gold-certified towers include One Paseo in Arcovia City, One Le Grand Tower in McKinley West, 8 Campus Buildings and Southeast Asian Campus in McKinley Hill, and the Worldwide Plaza, also known as the JPMorgan & Chase Co. Tower in Uptown Bonifacio.
Megaworld’s inventory of leasable office spaces in the country is now at 1.5 million square meters, still the biggest in the country. The company has announced that it is continuing to expand its office portfolio, targeting to reach 2-million square meters by 2030.
House quad panel senior member warns Roque’s wife againt defying probe body
By Jovee Marie N. dela Cruz @joveemarie
ASENIOR vice chairman of the House Quad Committee on Monday warned Mylah Roque, wife of former presidential spokesman Harry Roque, that the panel would be compelled to issue an arrest order if she fails to comply with the showcause order against her.
The show-cause order was issued as an opportunity for Mrs. Roque to explain why she should not be held in contempt by the QuadCom.
“She can attend and invoke her right against self-incrimination. But if she refuses to appear, that’s a serious violation of our rules, and she could be cited in contempt for not respecting our invitation,” said Antipolo City Rep. Romeo Acop.
Acop, who also chairs the House Committee on Transportation, emphasized that if Mrs. Roque does not attend the next scheduled hearing, the committee will issue a contempt citation.
“If she doesn’t respect the subpoena, we will request an arrest order,” he said.
“If the quad committee schedules a hearing and she does not show up despite the invitation, we will issue an order to cite her in contempt,” said Acop.
The Quad Comm’s issuance of a show-cause order against Mrs. Roque was the congressmen’s way of giving her a chance to explain why she shouldn’t be placed under arrest by the joint panel.
Mrs. Roque did not attend the previous Quad-Comm hearing on September 19, sending word to the committee through a letter that she was undergoing medical treatment in Singapore.
Acop also confirmed that the committee is requesting Mrs. Roque to submit her medical records to better understand her condition.
Harry Roque is a central figure in the quad-comm’s probe on Philippine Offshore Gaming Operators (Pogos).
Surigao del Norte Rep. Robert Ace Barbers, Quad Com overall chairman, explained that Mrs. Roque was initially invited to clarify her involvement in signing a lease agreement with Chinese nationals allegedly linked to a Pogo complex in Bamban, Tarlac.
NBI nabs 7 Guo co-accused
TBy Joel R. San Juan @jrsanjuan1573
HE National Bureau of Investigation (NBI) on Monday announced the arrest of seven individuals who were named as co-accused of Alice Guo in the qualified human trafficking case filed at the Regional Trial Court in Pasig City.
Arrested were Roderick Paul Bernardo Puajante, Juan Miguel Alpas, Rachel Joan Malonzo Carreon, Jamielyn Santos Cruz, Rita Sapnu Uyturralde, Rowena Gonzales Evangeliista and Thelma Barrogo Laranan.
Puajante and Alpas were arrested by operatives of the NBI-Organized and Transnational Crime Division (NBI-OTC) while the other accused were arrested by agents of the NBI-Tarlac District Office (NBI-Tardo), NBI-Central Luzon Regional Office (NBI-Celro) and NBI-OTCD.
NBI Director Jaime Santiago said the seven were arrested by virtue of the arrest warrant issued by the Pasig court for alleged violation of the Anti-Trafficking in Persons Act of 2003, as amended by the Expanded Anti-Trafficking in Persons Act of 2012 and the Expanded Anti-Trafficking in Persons Act of 2022, a non-bailable offense, against Guo, the dismissed mayor of Bamban, Tarlac, and her co-accused.
Other accused who are still at large are Huang Zhiyang,, Zhang Ruijin, Baoying Lin, Yu Zheng Can, Dennis Lacson Cunanan, Maybelline Requiro Milo, Merlie Joy Manalo Castro.
The case stemmed from the alleged qualified trafficking in persons activities committed by Zun Yuan Technology Center, a Philippine Offshore Gaming
Operator (Pogo) in Bamban town that was raided. Aside from qualified human trafficking, Guo is also facing graft and money laundering charges for her alleged involvement in illegal Pogo activities in Bamban.
The Supreme Court earlier granted the request of Justice Secretary Jesus Crispin Remulla to transfer all Pogorelated cases filed at the RTC in Tarlac to the RTC in Pasig City.
The RTC in Pasig has subsequently ordered the transfer of Guo from the National Police-Custodial Center in Camp Rafael T. Crame in Quezon City to the Pasig City Jail.
Transfer to Pasig jail GUO was brought to the Bureau of Jail Management and Penology (BJMP)’s Pasig City Jail Female Dormitory on Monday morning.
This took place at 9:33 a.m., the National Police (PNP) spokesperson, Col. Jean Fajardo, said.
“We would just like to report that around 9:33 a.m. we officially turned over Alice Guo to the custody of BJMP Pasig City,” Fajardo said.
Prior to her transfer, Guo was subjected to the mandatory medical and physical examination at the National Police General Hospital and the force’s Forensic Group.
Examinations by these police units found out that Guo was suffering from a “probable infection” in her left lung, Fajardo said.
“During the medical examination the doctor found a probable infection sa kanyang [in her] left lung. So the BJMP upon receiving Alice Guo will have the
disposition on how to treat this possible infection,” she added.
And when asked where Guo got this infection, Fajardo said that it is possible that it developed over the weekend.
Also, it was learned that the former Bamban mayor was suffering from slight colds and was coughing a bit prior to her examination.
On September 20, the Regional Trial Court in Pasig City ordered Guo’s transfer from the Custodial Center in Camp Crame to the Pasig City Jail after finding probable cause to hold her and her coaccused for trial of human trafficking, a non-bailable case.
Her lawyers said they will file a petition to post bail before the arraignment on September 27.
The transfer did not push through Friday due to incomplete documentary requirements.
Court recalls order but... THE RTC in Pasig City on Monday held in abeyance its order to transfer Guo to the Pasig City Jail from the National Police Custodial Center.
Judge Annielyn Medes-Cabelis of Branch 167 of the RTC in Pasig, who is handling the qualified human trafficking case filed against Guo and several others, issued the order following Guo’s motion to keep her in the custody of the National Police owing to threats to her life.
However, upon learning that Guo was already at the Pasig City Jail, Medes-Cabelis ruled that the motion filed by Guo’s camp to remain at the National Police Custodial Center has been rendered moot.
Thus, the judge issued the third order after learning that Guo has been trans -
ferred to the Pasig City Jail through a letter sent through the court’s official email by Jail Insp. Jocelyn Riño of the Pasig City Jail Female Dormitory. “Consequently, the hearing of the subject motion is cancelled,” the judge ordered.
Guo, through her lawyer, filed through email on September 21, a “very urgent motion” to remain at the National Police Custodial Facility citing threats on her personal safety and security.
“While the court already issued a commitment order dated 19 September 2024 directing the transfer of the custody of the accused-movant to the Pasig City Jail Female Dormitory, the Chief of the NCRCIDG [National Capital Region-Criminal Investigation and Detection Group] Custodial Facility, Camp Crame, Quezon City. is directed to hold in abeyance the transfer of the custody of the accusedmovant pending the resolution of the subject motion,” the court’s order read.
“This is to safeguard the rights of the accused-movant and so as not to deprive her of the remedies that are available to her under the Rules of Court,” it added.
To determine the veracity of the claim of Guo’s lawyers, the trial court also issued a subpoena to the Chief the NCRCIDG Custodial Facility or to his authorized representative to attend the hearing on the motion filed by Guo’s camp on September 27 at 8:30 a.m. Likewise, the court issued a subpoena to the jail warden of the Pasig City Jail Female Dormitory to attend the hearing in order to assess whether the facility has adequate security measures to safeguard Guo’s security and safety. With Rex Anthony Naval
Sara leaves to Congress fate of OVP ’25 budget
VICE President Sara Duterte has left to the House of Representatives’ the judgment on the Office of the Vice President’s proposed 2025 budget.
In a letter to Lanao del Sur Rep. Ziaur-Rahman “Zia” Alonto Adiong, the designated sponsor of the OVP’s budget proposal, Duterte said that her office has submitted all required documents to the House Committee on Appropriations. Duterte reiterated that the final decision on the budget lies entirely with the House. The budget of the OVP was expected
to be deliberated by the House in plenary session on Monday.
“As communicated to the Speaker of the House of Representatives and the Chairman of the Committee on Appropriations, the OVP has duly submitted all the required documents to the Committee pertaining to its budget request for the upcoming year. Furthermore, a comprehensive overview of our proposals was presented during my presentation on 27 August 2024,” Duterte said.
“In consideration of the foregoing, the OVP leaves the deliberation of our budget proposal in the plenary entirely to the pleasure of the House
of Representatives,” she added.
The House Committee on Appropriations has voted unanimously to reduce by more than half the budget of the OVP for next year owing largely to redundant social programs and overextended offices listed in the proposal.
Marikina City Rep. Stella Luz Quimbo, senior committee vice chairperson, said the panel decided to recommend a reduction of about P1.3 billion, from the proposed P2.037 billion to P733 million.
She said the cuts came from allocations for financial assistance, professional services, which is the budget language
for consultants, for utilities, supplies and materials, and rentals-leases. However, she said the appropriation for “personnel services,” meaning salaries of employees, was retained. She added that the entire proposed financial assistance (FA) fund of the OVP of P947 million would be transferred to the AICS (Assistance to Individuals in Crisis Situation) program of the Department of Social Welfare and Development (DSWD) and medical assistance program of the Department of Health (DOH), with the two agencies getting an almost equal share of about P646 million.
Jovee Marie N. dela Cruz
Teodoro to lawyers: Help defend country’s maritime claims
NATIONAL Defense Secretary Gilberto C. Teodoro called on the country’s lawyers to help in defending the Phlippines’ maritime claims, especially in the West Philippine Sea (WPS), in the legal arena.
Teodoro, a Bar topnotcher, also called for the development of a dedicated cadre of international public law advocates who can elevate the Philippines’ presence in international legal arenas.
“We need to produce a dedicated cadre of international public law advocates with gravitas and credibility in the international sphere,” Teodoro said during his keynote address at the Philippine Bar Association’s 132nd Foundation Day and Law Day Celebration on September 19. He stressed that the rule of law must prevail against
a bully as failure to do so will result in the creation of a bigger bully.
“Can the rule of law prevail over a bully? My answer is that it must. It must, because if a greater force prevails without any legal foundation, it becomes a bigger bully,” he added.
And while the law is on the Philippines’ side on the issue, Teodoro said that it is of utmost importance for other countries to recognize our rights.
“We have the law on our side, but the battleground is for other countries to help us recognize our rights. Hence, one of the foundational principles of the Marcos administration is defense alliances and collective action by like-minded countries,” he added.
Teodoro also discussed the country’s Comprehensive
Archipelagic Defense Concept (CADC), aimed at projecting deterrence from the baselines to the edges of the exclusive economic zone.
He pointed out the necessity of investing in modern defense capabilities, particularly in cyber defense and naval infrastructure.
“We need to build a bigger, transformed, agile, and uncommon defense establishment,” he added.
Teodoro also advocated for reforms in laws governing national security, procurement, and government auditing to accommodate the evolving needs of the defense sector.
“We have to change our skill sets in the defense department, including all agencies. And in order to change skill sets, we have to change civil service and public service norms and rules,” he added.
Teodoro further appealed for the support of those in the legal profession in reinforcing the country’s legal stance on its maritime claims and sovereignty. He also urged for the PBA’s support for the implementing rules of the proposed Self-Reliant Defense Posture (SRDP) law.
“We need to use law in an active manner in order to help the government catch up. And to do that, we have to tap the private sector and international partners,” Teodoro said.
“The 132 years of law will go to waste if we do not stand up now, take a brave stance, and tell China or other usurpers that want to transgress our sovereign rights, our sovereignty, and our dignity as a Filipino people that they will not win,” he concluded. Rex Anthony Naval
DA pact on climate to benefit 1.25 million farmers
TBy Ada Pelonia @adapelonia
HE Department of Agriculture (DA) entered into a tripartite agreement for the $39.2 million climate change project set to benefit 1.25 million farmers in the climatevulnerable regions of the country.
The deparmtment signed the Operational Partners Agreement together with the Philippine Atmospheric, Geophysical, and Astronomical Services Administra -
tion (Pagasa) and the Food and Agriculture Organization of the United Nations (FAO).
Agriculture Secretary Francisco Tiu Laurel Jr., Pagasa Administra -
tor Nathaniel T. Servando, and FAO Representative in the Philippines Lionel Dabbadie were present in the signing.
The seven-year initiative aims to boost the resilience of rural communities reliant on agriculture. The project spans five regions, nine provinces, and 100 towns.
Building on over a decade of work under the Adaptation and Mitigation Initiative in Agriculture (Amia) Program, Laurel described the APA Project as an expansion and intensification of these efforts to assist better those who are most in need.
The Amia Program is DA’s flagship climate change program that developed a community-based resiliency model.
“Our combined efforts in implementing the APA Project will strengthen the foundation of progressive and resilient communities that we have begun through our various climate-resiliency-building initiatives under AMIA and other DA programs,” he said in a statement.
Meanwhile, Dabbadie stressed the broader impact of the APA Project, highlighting its long-term benefits for both farmers and the nation.
“It’s about directly benefiting 250,000 farmers, translating to a total benefit of 1.25-M individuals [with five members per household], and indirectly helping millions more not only to adapt but also to lead with
DOH settles 90 percent of HEA arrears
By Claudeth Mocon-Ciriaco @claudethmc3
THE Department of Health it has settled some 14.5 million claims or about 90 percent from health workers, following the decision of President Ferdinand R. Marcos, Jr. to fully fund the remaining P 27.3 billion this year.
As of 20 September 2024, 64 percent of the additional P27.3 billion has already been disbursed, the department said.
“Ang sobrang bayad na hindi naman nagamit at siyang isinauli ng PhilHealth ay naging pang pondo para sa HEA ng mga health work-
Oil companies raise gasoline, diesel prices
OIL prices are on the rise this week after two consecutive weeks of rollbacks.
Gasoline products will increase by P1.10 per liter while diesel will go up by P0.20 per liter. Kerosene prices, meanwhile, remain unchanged.
This was announced Monday by Petron, Shell, Caltex, Total, Unioil, PTT, Phoenix, Seaoil, Jetti, and Cleanfuel. The price adjustment takes effect at 6a.m. of Tuesday, September 24. For Cleanfuel, the new pump prices will be implemented at 4:01p.m.
This week’s price movement, according to Department of Energy-Oil Industry Management Bureau (DOE-OIMB) Assistant Secretary Rodelo Romero, was brought about by the interest rate cut in the US ahead of the Presidential elections, tensions in the Middle East, removal of Malaysia’s subsidies for gasoline with an octane grade of 95, and the maintenance of Japan refinery.
Last week, oil companies implemented a decrease of P1.00 per liter for gasoline, P1.30 per liter for diesel and P1.65 per liter for kerosene. Las week’s price adjustment brought the year-to-date total adjustment of gasoline and diesel at a net increase of P4.85 liter and P1.75 liter, respectively, while kerosene has a total net decrease of P6.35 liter.
Earlier, Sen. Sherwin Gatchalian expressed his intention to institutionalize transparency in the movements of petroleum prices by enacting a law. This move, he said, will protect the welfare and interests of consumers.
Gatchalian made the statement after a Supreme Court decision upheld the Court of Appeals’ rulings that affirmed the validity of a circular issued by the Department of Energy (DOE). The circular requires oil companies to unbundle or disclose the details of price adjustments, along with explanations and supporting documents.
“To guarantee transparency and fair retail pricing, information related to any significant adjustments in oil prices should be made available to the public,” Gatchalian, a reelectionist, said.
It can be recalled that Gatchalian filed Senate Bill 2081 which seeks to amend Republic Act 8479 otherwise known as the Downstream Oil Industry Deregulation Act by institutionalizing transparency in the industry. Lenie Lectura
ers. Lumipat po mula sa bangko, papunta sa tao Sa ngalan ng ating mga Covid-19 frontliners, maraming salamat po,” said Health Secretary Teodoro Herbosa. In April this year, the DOH recorded around P23.4 billion worth of HEA obligations for 4.3 million claims that could not be paid owing to budget constraints. After DOH processed and granted appeals, this amount rose to P27.3 billion.
Last July, the President instructed Budget and Management Secretary Amenah Pangandaman to no longer wait for the General Appropriations Act of 2025 to pay this amount, and to process it this
year. The surplus fund balance or excess payments which PhilHealth returned to the national government provided the cash needed.
The Department of Budget and Management (DBM) immediately released a Special Allotment Release Order (Saro) to enable the DOH to fulfill the obligation.
Health facilities have been key players in the final payment of HEA to health workers themselves. DOH has listed 2,853 such facilities; checks have been issued to 2,070 (73 percent) of them. In compliance with Commission on Audit (COA) guidelines, the DOH is continually reminding 517 of them to finalize the Memorandum
of Agreement or MOA, and 649 of them to completely liquidate previous payments.
Over the weekend, both health facilities and groups of health workers have publicly acknowledged receipt of their HEA.
In an online human resources (HR) advisory, the Cardinal Santos Medical Center (CSMC) expressed its gratitude to Herbosa for facilitating the payment of their HEA covering a 20-month period.
Health workers from the Gentri Medical Center in General Trias, Cavite, also sent a video recording to the DOH where they thanked Marcos and Herbosa for facilitating the HEA payments.
DA sets support system for coops
THE Department of Agriculture (DA) is setting up a support system for cooperatives and groups to increase the productivity and income of farmers.
Agriculture Secretary Francisco Tiu Laurel Jr. ordered that the newly established Agricultural Cooperative Enterprise Development (Aed) services would operate within both the central and regional field offices of the DA through Memorandum Circular 22. These services would be overseen by the Office of the Undersecretary for Operations led by Undersecretary Roger Navarro.
Laurel said this new initiative should enhance the capabilities of agricultural groups across the country which would strengthen food security and improve farm productivity through a comprehensive support system.
He emphasized that the Aced services were central to the government’s strategy to empower farmers and fishermen.
“President Marcos has highlighted the crucial role that transforming and consolidating farmers’ cooperatives and
associations plays in improving the livelihoods of our agricultural community. These efforts are key to advancing agricultural development and ensuring food security,” he said in a statement.
The department said the Aced services would help formulate policies and plans that support agricultural cooperatives while coordinating efforts and overseeing the implementation of projects designed to address developmental gaps and adjust strategies as needed.
This would also provide comprehensive training programs for cooperatives and associations, including collaborations with other government agencies, private institutions, and civil society organizations.
“The new offices will also spearhead the digital transformation of agricultural cooperatives, promoting the use of data analytics, online marketplaces, and climate adaptation tools. This initiative is aimed at boosting productivity, sustainability, and resilience within the sector.”
Laurel said the Aced Services
were designed to streamline efforts and maximize the effectiveness of resources allocated for cooperative support.
He also noted that the services would implement feedback mechanisms to continually improve and adjust strategies based on stakeholder input.
“The establishment of Aed Services underscores our commitment to enhancing the livelihoods of farmers and fishermen,” Laurel said.
“By fostering increased income, adopting modern farming technologies, and enhancing food security and agricultural exports, we are taking significant steps toward a more productive and sustainable agricultural sector.”
The DA also said the strategic focus on agricultural cooperatives reflects the broader goal of transforming the agricultural landscape in the Philippines.
“As Aced Services begin their work, they are poised to play a pivotal role in shaping the future of agriculture, driving growth, and ensuring the well-being of the agricultural community across the nation.”
innovation and resilience,” he explained.
“It’s about creating opportunities for growth in the fields and through agricultural enterprises, ensuring that future generations continue to benefit from the rich agricultural heritage of the Philippines—a nation sustained by farming for centuries.”
The total project cost amounts to $39.2 million, financed by a Green Climate Fund (GCF) grant of $26.3 million and co-financed by the Philippine government with $12.9 million The Department of Finance (DOF) serves as the Philippines’ National Designated Authority to the GCF.
As one of the most climaterisk countries in the world, the
Philippines continues to face frequent and catastrophic extreme weather events, such as tropical cyclones, droughts, floods, and irregular precipitation that threaten both the livelihoods of Filipino farmers and the food security of millions of people.
The DA said a key outcome of the project is the adoption of climate-resilient farming practices by farmers, empowering them to establish sustainable enterprises.
“The project also aims to strengthen regulatory frameworks, enhance market systems, and improve knowledge management to mainstream and scale up climate-resilient agriculture nationwide.”
Education–the basis to create the Knowledge Society!
By Henry J. Schumacher
IWAS disappointed to learn that the Philippines hit a five-year low in the global talent ranking in the IMD World Talent Ranking 2024, published last week.
We have to bear in mind, that all countries and people are changing rapidly—as the market economy, democratic politics, and the millennial and Generation Z culture spread. American management thinker Peter Drucker described this development as the “Knowledge Society.” By this Drucker meant that—in our world today— knowledge has become the basic human resource.
Nowadays, value is created not so much by capitalists, workers, and natural resources, as by productivity and innovation—both of which are the application of knowledge to work. Today, value is created primarily by intelligence— creativity—and inventiveness. The new tribe are “knowledge workers”— individuals who know how to allocate knowledge to productive use.
This leads to the clear understanding that we need more focus on education! With the new leadership in the Department of Education, the focus of both the government and the private sector has to be the systematic acquisition of knowledge as the ultimate ladder to opportunity!
Education must intensify and broaden the need to educate all its people. No longer will it suffice to educate a tiny elite that will then manage and direct the politics, the economy, and the culture of the many. Sonny Angara has to be busy!!!
Development will require not only a corps of highly skilled individuals capable of absorbing advance technology; it will also require a minimum of scientific
literacy and technological skill; it will also need the setting of professional standards, the delineation of fields of expertise, and the organization of communities of knowledge. Education can no longer afford to leave anybody behind. All young people—whether they go to college or not—will need a similar set of core competencies if they are to succeed in today’s labor market. The government, the private sector and civil society have to work closely together to Safe the Children. We must realize that 40 percent of the Philippine population is in school! It is essential to implement apprenticeship and internship as tools to “Learning by Doing!”
If the Philippines is to survive in the ever-changing, fast moving, technologydriven world taking shape before our eyes, the country has to position itself strategically in this new economy. The end-effort must be to secure the Philippines’s place on the right side of the digital divide, the revolution in communications, information, and computer technologies. This requires a world-class workforce, something that the ICT, BPO and creative industries have been asking for. And because knowledge has become the modern economy’s central resource, we must keep in mind that continuous learning has become essential. So swift is the generation and transmission of knowledge that learning has become a life-long process for every one of us. On the industry side, we are already seeing moves from sectors that are significantly affected by the adoption of AI such as high tech and telecom, financial services, manufacturing, transportation and logistics, healthcare and education. Let’s also bear in mind that digitalization means that new skills and capabilities are needed, and companies must provide the appropriate programs for their employees to remain competitive. In conclusion, let me repeat: the private sector is creating the jobs, but the government has to create an enabling environment for the jobs to be created!
Feedback is highly appreciated; contact me at hjschumacher59@gmail. com.
BCDA, DOTr launch Clark Aviation Capital
LARK FIELD, Pampanga—The sprawling prime government land surrounding the Clark International Airport is now called Clark Aviation Capital of the Philippines, Clark International Airport Corp. (CIAC) announced on Monday. CIAC President Arrey Perez officially launched on Monday what he described as the “aviation-centric business capital of the country” during a general assembly in here with the agency’s directors and some 150 personnel. Also present during the event are Transportation Undersecretary for Aviation
Roberto C.O. Lim, Bases Conversion and Development Authority Vice President Kenneth Peralta, and John Ortiz Teope, who represented BCDA Chairman Thompson Lantion.
“Clark makes one’s dream work. Then the airport is at the center of Clark, the heart that connects the country to the world. But the airport is just one special component in this [aviation] capital we will build, because beyond this airport is an aviation-centered metropolis that will make the dream that work,
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Israel strikes 300 targets in Lebanon in stepped-up pressure on Hezbollah, 50 killed and 300 wounded
By Melanie Lidman & Bassem Mroue The Associated Press
ERUSALEM—The Israeli mili -
Jtary said it struck 300 targets Monday in Lebanon in one of the most intense barrages of airstrikes in nearly a year of fighting against the Hezbollah militant group. Lebanon’s health ministry said 50 people were killed and 300 wounded in the strikes.
The army announced the action on social media, posting a photo of what is said was the military chief, Lt. Gen. Herzi Halevi, approving additional attacks from military headquarters in Tel Aviv.
Halevi and other Israeli leaders have promised tougher action against Hezbollah in the coming days. As Israel was carrying out the attacks, Israeli authorities reported a series of air-raid sirens in northern Israel warning of incoming rocket fire from Lebanon.
As the military was carrying out the attacks, Israeli authorities reported a series of air-raid sirens in northern Israel warning of incoming rocket fire from Lebanon.
Earlier Monday, Israel urged residents of southern Lebanon to evacuate from homes and other buildings where it claimed Hezbollah has stored weapons, saying the military would conduct “extensive strikes” against the militant group.
It was the first warning of its kind in nearly a year of steadily escalating conflict and came after a particularly heavy exchange of fire on Sunday. Hezbollah launched around 150 rockets, missiles and drones into northern Israel in retaliation for strikes that killed a top commander and dozens of fighters.
There was no sign of an immediate exodus from the villages of
southern Lebanon, and the warning left open the possibility that some residents could live in or near targeted structures without knowing that they are risk.
The increasing strikes and counterstrikes have raised fears of an all-out war, even as Israel is still battling Hamas in Gaza and trying to return scores of hostages taken in Hamas’ October 7 attack. Hezbollah has vowed to continue its strikes in solidarity with the Palestinians and Hamas, a fellow Iranbacked militant group. Israel says it is committed to returning calm to its northern border.
Associated Press journalists in southern Lebanon reported heavy airstrikes targeting many areas Monday morning, including some far from the border.
Lebanon’s state-run National News Agency said the strikes hit a forested area in the central province of Byblos, about 130 kilometers (81 miles) north of the Israeli-Lebanese border, for the first time since the exchanges began in October. No injuries were reported there. Israel also bombed targets in the northeastern Baalbek and Hermel regions, where a shepherd was killed and two family members were wounded, according to the news agency. It said a total of 30 people were wounded in strikes.
The Lebanese Health Ministry asked hospitals in southern Lebanon and the eastern Bekaa valley to postpone surgeries that could be done later. The ministry said in a statement that its request aimed to keep hospitals ready to deal with people wounded by “Israel’s expanding aggression on Lebanon.”
An Israeli military official said Israel is focused on aerial operations and has no immediate plans for a ground operation. The official, speaking on condition of anonymity in keeping with regulations, said the
Russian bombs hit high-rise buildings in Kharkiv, leaving dozens wounded
By Samya Kullab
The Associated Press
KYIV, Ukraine—Russia launched new strikes in the Ukrainian city of Kharkiv that hit high-rise apartment buildings, leaving at least 21 wounded in a second consecutive nighttime attack, authorities said.
The bombs fell Saturday night on the district of Shevchenkivsky, north of the center of Kharkiv, which is the secondlargest Ukrainian city, local Gov. Oleh Syniehubov said. Residential buildings sustained varying degrees of damage, including 16- and nine-story buildings, he added. Kharkiv’s city council said that 18 buildings were damaged.
The wounded included an 8-year-old child, according to Syniehubov and Kharkiv Mayor Ihor Terekhov. Terekhov said that 60 residents were evacuated from one of the buildings, a high-rise that was hit directly.
Kharkiv has been a frequent target of Russian attacks since Moscow launched its all-out invasion of neighboring Ukraine in February 2022. On late Friday, 15 people, including children ages 10 and 12, were wounded when Russian airstrikes hit three Kharkiv neighborhoods, Terekhov said. Zelenskyy appeals for more weapons Ukrainian officials said that KAB-type aerial glide bombs— a retrofitted Soviet weapon that has for months laid waste to eastern Ukraine—were used in
strikes are aimed at curbing Hezbollah’s ability to launch more strikes into Israel.
Lebanese media reported that residents received text messages urging them to move away from any building where Hezbollah stores arms until further notice.
“If you are in a building housing weapons for Hezbollah, move away from the village until further notice,” the Arabic message reads, according to Lebanese media.
Lebanon’s information minister, Ziad Makary, said in a statement that his office in Beirut had received a recorded message telling people to leave the building.
“This comes in the framework of the psychological war implemented by the enemy,” Makary said, and urged people “not to give the matter more attention than it deserves.”
It was not immediately clear how many people would be affected by the Israeli orders. Communities on both sides of the border have largely emptied out because of the neardaily exchanges of fire.
Israel has accused Hezbollah of
of Sloviansk, trapping a woman under rubble and wounding two of her neighbors, regional prosecutors reported.
both attacks.
President Volodymyr Zelenskyy condemned the strike and urged Kyiv’s Western allies to send more weapons to help it “protect lives and ensure safety.”
“Ukraine needs full long-range capabilities, and we are working to convince our partners of this,” Zelenskyy said on X, as he prepared to kick off a busy week in the United States shoring up support for Kyiv in the war.
And Ukrainian Defense Minister Rustem Umerov said Sunday that Kyiv was in talks with partners in Europe to secure Swedish-made Gripen and European Eurofighter Typhoon jets. Umerov said that commitments were already in place for deliveries of US-made F-16s and French Mirages.
Russia sends drones and missiles elsewhere in Ukraine
Russia also launched 80 Shahed drones and two missiles at Ukraine overnight into Sunday, the Ukrainian air force said. Ukrainian defenses shot down 71 drones, and another six were lost on location because of electronic warfare countermeasures, the statement said.
Farther south, a 12-year-old girl and a woman died after a Russian drone struck a passenger car in the city of Nikopol, local Gov. Serhii Lysak reported. Two others, including a 4-year-old child, suffered wounds.
In the eastern Donetsk region, a Russian airstrike on Sunday morning struck homes in the city
In the same province, two miners died and one other person was injured late Saturday after Russian forces shelled a mine west of the city of Pokrovsk, local Gov. Vadym Filashkin and Ukraine’s Energy Ministry reported.
Pokrovsk and Sloviansk have both been key targets for Russian forces as they continue their grinding push westwards aimed at capturing the entirety of Ukraine’s industrial east.
In southern Ukraine, a Russian drone strike on Sunday morning wounded two civilians in the city of Kherson, regional authorities said. Hours later, police reported that Russian attacks wounded at least four more people elsewhere in the province.
Other Russian drone attacks Sunday damaged energy infrastructure in Ukraine’s central Poltava region and the northern city of Shostka, officials reported.
Shostka lies in the Sumy region, across the border from Russia’s Kursk province—the target of a startling Ukrainian military incursion launched last month. Weeks into the incursion, Zelenskyy said that the aim is to create a buffer zone to prevent further Russian cross-border strikes that have for months wreaked havoc in Sumy.
Around 10,000 residents have left the nearby town of Hlukhiv because of intensified Russian shelling, around a third of its prewar population, the local military administration said Sunday.
transforming entire communities in the south into militant bases, with hidden rocket launchers and other infrastructure. That could lead the Israeli military to wage an especially heavy bombing campaign, even if no ground forces move in.
The military said it had targeted more than 150 militant sites early Monday. Residents of different villages in southern Lebanon posted photos on social media of airstrikes
and large plumes of smoke. The state-run National News Agency also reported airstrikes on different areas.
An Israeli airstrike on a Beirut suburb on Friday killed a top Hezbollah military commander and more than a dozen fighters, as well as dozens of civilians, including women and children.
Last week, thousands of communications devices, used mainly by Hezbollah members, exploded in different parts of Lebanon, killing 39 people and wounding nearly 3,000. Lebanon blamed Israel for the attacks, but Israel did not confirm or deny any responsibility.
Hezbollah began firing into Israel a day after the October 7 attack in what it said was an attempt to pin down Israeli forces to help Palestinian fighters in Gaza. Israel has retaliated with airstrikes, and the conflict has steadily intensified over the past year.
The fighting has killed hundreds of people in Lebanon, dozens in Israel and displaced tens of thousands on both sides of the border. It has also sparked brush fires that have destroyed agriculture and scarred the landscape.
Israel has vowed to push Hezbollah back from the border so its citizens can return to their homes, saying it prefers to do so diplomatically but is willing to use force. Hezbollah has said it will keep up its attacks until there is a cease-fire in Gaza, but that appears increasingly elusive as the war nears its anniversary.
Hamas-led militants stormed into southern Israel on October 7, killing some 1,200 people, mostly civilians, and abducting around 250. Some 100 captives are still held in Gaza, a third of whom are believed to be dead, after most of the rest were released during a weeklong cease-fire in November.
Israel’s offensive has killed over 41,000 Palestinians, according to Gaza’s Health Ministry, which does not differentiate between civilians and fighters in its count. It says women and children make up a little over half of those killed. Israel says it has killed over 17,000 militants, without providing evidence.
Mroue reported from Beirut. Associated Press writer Abby Sewell in Beirut contributed to this report.
SMOKE rises from an Israeli airstrike on Kfar Rouman village, as seen from Marjayoun town, south Lebanon on Monday, September 23, 2024. AP/HUSSEIN MALLA
UN General Assembly adopts ‘Pact for the Future’ amid divisions, challenges await implementation
By Edith M. Lederer The Associated Press
UNITED NATIONS—The
UN General Assembly adopted a “Pact for the Future” to meet the challenges of the 21st century. Now comes the hard part: uniting the world’s divided nations to move quickly to implement its 56 actions.
UN Secretary-General Antonio Guterres thanked the 193-member world body for approving the pact and unlocking the door for nations to join forces to tackle challenges ranging from climate change and artificial intelligence to escalating conflicts and increasing inequality and poverty—and improve the lives of the world’s more than 8 billion people.
“We are here to bring multilateralism back from the brink,” he said. “Now it is our common destiny to walk through it. That demands not just agreement, but action.”
The 42-page pact was adopted at Sunday’s opening of a two-day “Summit of the Future,” which continues Monday. Among leaders slated to address the summit are Iran’s Masoud Pezeshkian, Ukraine’s Volodymyr Zelenskyy, US Secretary of State Antony
Blinken and Russian Deputy Foreign Minister Sergey Vershinin.
Russia tried to change the pact WHETHER the pact would be adopted was still a question when the assembly meeting began on Sunday. In fact, there was so much suspense that Guterres had three prepared speeches, one for approval, one for rejection, and one if things weren’t clear, UN spokesman Stephane Dujarric said.
Russia’s Vershinin launched the opening salvo. He proposed an amendment that would have significantly watered down the pact. “No one is happy with this pact,” he said. It turned out he was wrong. Africa’s 54 nations opposed Russia’s amendments and speaking on their behalf, the Republic of Congo countered with a motion not to
vote on the amendments. Mexico supported the Africans, and in a vote on their motion, the Africans got support from 143 countries, with only six countries supporting Russia – Iran, Belarus, North Korea, Nicaragua, Sudan and Syria. 15 countries abstained.
Assembly President Philémon Yang then put the pact to a vote and banged his gavel, signifying the consensus of all UN member nations that was required for approval—to vigorous applause.
Russia has made significant inroads in Africa—in countries like Mali, Burkina Faso, Niger and Central African Republic— and the continent’s rejection of its amendments along with Mexico, a major Latin American power,
was seen as a blow to Moscow by some diplomats and observers. The secretary-general issues a challenge
GUTERRES , clearly relieved at the outcome, then issued a challenge to the leaders: Implement the pact. Prioritize dialogue and negotiations. End “wars tearing our world apart” from the Middle East to Ukraine and Sudan. Reform the powerful UN Security Council. Accelerate reforms of the international financial system. Ramp up a transition from fossil fuels. Listen to young people and include them in decisionmaking.
The UN’s main bloc of developing countries—the Group of 77,
Federal Reserve rate cut fails to convince wary consumers amid persistent inflation
By Christopher Rugaber Ap Economics Writer
WASHINGTON—With its larger-than-usual half-point cut to its key interest rate last week, the Federal Reserve underscored its belief that it’s all but conquered inflation after three long years.
The public at large? Not so much.
Consumer surveys, including one released Friday by The Associated Press-NORC Center for Public Affairs Research, show that most Americans remain unhappy with the economy, still bruised by an inflation rate that hit a fourdecade high two years ago as the economy rebounded from the pandemic recession.
Yet in the view of some economists, the shift toward steadily lower borrowing rates could eventually boost consumer sentiment. Inflation has sunk for more than two years and is nearly back down to the Fed’s 2 percent target. Though that means overall prices are still rising, they’re doing so much more slowly.
The costs of some high-profile consumer goods, from used cars to grocery prices, have actually been falling. Economic history suggests that a low, stable inflation rate, with prices rising only gradually, eventually leads Americans to adapt to higher price levels. One favorable factor is that average incomes are now rising faster than prices, allowing more households to afford necessities.
The issue remains a heated one in the political campaign. Seeking to capitalize on public discontent, former President Donald Trump has blamed the Biden-Harris administration’s policies for hav -
ing caused inflation to spike. Yet Friday’s AP poll found that voters are now roughly split on who they think would better handle the economy, Trump or Vice President Kamala Harris. Back in June, an AP poll had found that six in 10 disapproved of President Joe Biden’s economic record.
That is a sign that, at least seen through a political prism, Americans’ economic views have begun to brighten.
Little noticed in a news conference Chair Jerome Powell gave Wednesday was his estimate that the Fed’s preferred inflation gauge would amount to just 2.2 percent for August when the figure is released this week. That would be down dramatically from a peak of 7 percent two years ago. Powell also provided a colloquial definition of the Fed’s mandate to seek “price stability.”
“A good definition of price stability,” he said, “is that people in their daily decisions, they’re not thinking about inflation. That’s where everyone wants to be—back to, ‘What’s inflation?’ Just keep it low, keep it stable.”
Powell did not suggest that the Fed had fully succeeded in that goal. He acknowledged that consumers are still “experiencing high prices, as opposed to high inflation,” which he said is “painful.” But, he added, “I think we’ve made real progress.”
Sofia Baig, an economist at the polling firm Morning Consult, noted that Americans still see high prices as a financial burden. According to Morning Consult surveys, she said, when most people think about inflation, they think about how much lower prices were two or four years earlier. Fed officials and economists, by contrast,
typically measure success in shorter-term durations—prices compared with a year ago, six months ago, even one month ago.
Over time, Baig said, consumers typically adjust to higher prices, particularly as their incomes catch up.
“You hear your grandparents talking about a bottle of Coke costing some egregiously low amount,” she said. “So inflation has always been happening, but, at a certain point you kind of take in the new prices and get used to it.”
Some of the gloom surrounding the economy has likely been heightened by the political attacks Trump and his Republican allies have waged for three years against the Biden-Harris administration, focused relentlessly on inflation. Many economists have noted that high inflation was a global phenomenon after the pandemic, caused largely by shortages of parts and labor, and was just as severe overseas as it was in the United States.
According to the University of Michigan’s consumer sentiment survey, Democrats’ outlook on the economy is more positive now than on the eve of the pandemic, in February 2020. Sentiment among Republicans, in contrast, has plunged by nearly two-thirds. Among independents, sentiment is still 40 percent below its pre-pandemic level.
Baig also cites the influence of social media, which has been rife with photos and videos of consumers pointing to exorbitant prices, for dimming Americans’ view of the economy.
Though average prices won’t likely return to where they were before the pandemic, slower inflation can help speed the adjustment process. Groceries still cost much more than they did three years ago,
but in the past 12 months they’ve risen just 0.9 percent. The average cost of a gallon of gas has plummeted 17 percent from a year ago, to $3.22, according to AAA. In 14 states it’s below $3. The cost of a new rental lease is down 0.7 percent in the past year, figures from Apartment List show.
And in 2023, median household income rose 4 percent faster than prices, the first gain in inflationadjusted income since the pandemic, the Census Bureau reported this month.
Some Americans do see prices as settling down. Tisha Deloney of Arlington, Virginia, said she was initially miffed when her company provided a smaller cost-of-living adjustment for this year of about 3 percent, down from the 8 percent she remembers when inflation was peaking. But when her rent rose two months ago, it ticked up by a much smaller amount than it had in previous years.
“It felt more normal,” said Deloney, 38. “I definitely feel like inflation has come down. It feels better.”
Some early signs suggest that other people may soon feel the same way. Consumer sentiment rose in September for a third straight month, according to preliminary figures from the University of Michigan. The brighter outlook was driven by “more favorable prices as perceived by consumers” for cars, appliances, furniture and other long-lasting goods.
Since 2022, Morning Consult has surveyed shoppers on whether the costs of goods and services they’ve bought have been pricier than they expected. That measure has tumbled from two years ago, a sign that many Americans are adjusting to higher costs.
which now has 134 members, including China—echoed Guterres in a speech by Ugandan Prime Minister Robinah Nabbanja.
“This pact should not become another futile exercise, but must garner political will and commitment across all levels of global leadership to pragmatically address current issues and lay a foundation for solutions for our future global progress and challenges,” he said.
Nabbanja stressed that the future should be “free from any oppression” and close widening gaps between developed and developing countries The G77 regrets that the pact doesn’t recognize actions that developed countries should take to close the gap, he said.
In a rare move at a high-level UN meeting where leaders often exceed the announced time limit, Yang announced at the start of their speeches that they would be muted after five minutes. Among those who kept talking after their mics were silenced: Brazilian President Luiz Inacio Lula da Silva, Kuwait’s Crown Prince Sheikh Sabah Khalid Al Sabah and Irish President Michael Higgins.
There’s a long list of things to tackle
THE Pact for the Future says world leaders are gathering “at a time of profound global transformation,” and it warns of “rising catastrophic and existential risks” that could tip people everywhere “into a future of
persistent crisis and breakdown.” Guterres singled out a number of key provisions in the pact and its two accompanying annexes, a Global Digital Compact and Declaration on Future Generations. The pact commits world leaders to reform the 15-member Security Council, to make it more reflective of today’s world and “redress the historical injustice against Africa,” which has no permanent seat, and to address the under-representation of the Asia-Pacific region and Latin America.
It also “represents the first agreed multilateral support for nuclear disarmament in more than a decade,” Guterres said, and it commits “to steps to prevent an arms race in outer space and to govern the use of lethal autonomous weapons.”
The Global Digital Compact “includes the first truly universal agreement on the international governance of artificial intelligence,” the UN chief said. As for human rights, Guterres said, “In the face of a surge in misogyny and a rollback of women’s reproductive rights, governments have explicitly committed to removing the legal, social and economic barriers that prevent women and girls from fulfilling their potential in every sphere.”
Edith M. Lederer, chief UN correspondent for The Associated Press, has covered foreign affairs for more than a half-century.
Congress agrees on short-term spending bill to avert shutdown
By Kevin Freking The Associated Press
WASHINGTON—Congressional leaders announced an agreement Sunday on a short-term spending bill that will fund federal agencies for about three months, averting a possible partial government shutdown when the new budget year begins Oct. 1 and pushing final decisions until after the November election.
Temporary spending bills generally fund agencies at current levels, but an additional $231 million was included to bolster the Secret Service after the two assassination attempts against Republican presidential nominee Donald Trump, and additional money was added to aid with the presidential transition, among other things.
Lawmakers have struggled to get to this point as the current budget year winds to a close at month’s end. At the urging of the most conservative members of his conference, House Speaker Mike Johnson, R-La., had linked temporary funding with a mandate that would have compelled states to require proof of citizenship when people register to vote.
But Johnson abandoned that approach to reach an agreement, even as Trump insisted there should not be a stopgap measure without the voting requirement.
Bipartisan negotiations began in earnest shortly after that, with leadership agreeing to extend funding into mid-December. That gives the current Congress the ability to fashion a full-year spending bill after the Nov. 5 election, rather than push that responsibility to the next Congress and president.
In a letter to Republican colleagues, Johnson said the budget measure would be “very narrow, bare-bones” and include “only the extensions that are absolutely necessary.”
“While this is not the solution any of us prefer, it is the most prudent path forward under the present circumstances,” Johnson wrote. “As history has taught and current polling affirms, shutting the government down less than 40 days from a fateful election would be an act of political malpractice.”
House Democratic leader Hakeem Jeffries
said Democrats would evaluate the bill in its entirety before this week’s vote, but with the agreement, “Congress is now on a bipartisan path to avoid a government shutdown that would hurt everyday Americans.” Rep. Tom Cole, the House Appropriations Committee chairman, had said on Friday that talks were going well.
“So far, nothing has come up that we can’t deal with,” said Cole, R-Okla. “Most people don’t want a government shutdown and they don’t want that to interfere with the election. So nobody is like, ‘I’ve got to have this or we’re walking.’ It’s just not that way.” Johnson’s earlier effort had no chance in the Democratic-controlled Senate and was opposed by the White House, but it did give the speaker a chance to show Trump and conservatives within his conference that he fought for their request.
The final result—government funding effectively on autopilot—was what many had predicted. With the election just weeks away, few lawmakers in either party had any appetite for the brinksmanship that often leads to a shutdown.
Senate Majority Leader Chuck Schumer said the same agreement could have been reached two weeks ago, but “Speaker Johnson chose to follow the MAGA way and wasted precious time.”
“As I have said throughout this process, there is only one way to get things done, with bipartisan, bicameral support,” Schumer said. Now a bipartisan majority is expected to push the short-term measure over the finish line this week. The agreement on the short-term measure does not mean getting to a final spending bill will be easy in December. The election results could also influence the political calculations if one party fares much better than the other, potentially pushing the fight into early next year. The Secret Service funding also comes with a string attached, with lawmakers making it contingent on the Department of Homeland Security providing certain information to a House task force and Senate committee investigating the assassination attempts made against Trump.
MEXICO’S Foreign Secretary Alicia Bárcena speaks at the United Nations General Assembly during the Summit of the Future on Sunday, September 22, 2024, at UN headquarters. AP/FRANK FRANKLIN II
PHL: All states must abide by ‘rule of law’–Manalo at UN
By Malou Talosig-Bartolome
AMIDST the geopolitical and climate crises including the increasing tension in the South China Sea, the Philippines is calling on the United Nations members to abide by the rule of law and embrace it as a “collective duty.”
Foreign Affairs Secretary Enrique Manalo led the Philippine delegation to the UN General Assembly in New York this year, representing President Ferdinand Marcos Jr.
“The Secretary General sent a resounding alarm last year,
reminding us that growing dangers compel us to strengthen the multilateral system.
“As leaders of the community of nations, we grapple with difficult decisions to stay the course in these moments of complex crises, conflicts, as well as climate change,” Manalo said in his speech Monday.
The Philippines has been espousing the rule of law in its fight for access and sovereign rights to the West Philippine Sea. In 2013, it challenged China’s claim over the South China Sea and sought a favorable opinion before the
Tulfo cool to PCSO ‘Lotto Bilyonaryo’ experiment
By Reine Juvierre S. Alberto @reine_alberto
THE Philippine Charity Sweepstakes Office (PCSO) has proposed a new game called “Lotto Bilyonaryo” to generate more revenues for the government and support charity works.
During the Senate hearing of the Committee on Games and Amusement, Sen. Raffy Tulfo brought up the proposed sweepstakes game wherein bettors could win at least P1 billion.
Kinakabahan ako rito dahil maraming magiging bilyonaryong taga gobyerno dito at hindi yung mga kababayan natin na mga mananaya [I worry about this because many from the government will become billionaires instead of the betting public],» Tulfo said.
PCSO Board of Directors Chairman Felix P. Reyes said the game is an additional variant to the existing lotto games of the staterun PCSO.
Reyes said “Lotto Bilyonaryo” is similar to the popular lottery games in the United States of America, such as Powerball and Mega Millions.
“Sa amin pong hangarin na lumaki po ang benta at madagdagan ang revenue at charity work, pilit naming susubukan kung yung ginagawa sa ibang bansa ay pwede ring gawin dito, [In our aim to increase our sales, generate more revenues and support our charity work, we will try and see if we could do here these
games from other countries],” Reyes added.
The PCSO chair said it is “unfortunate” that some foreign lotto games, such as Mega Millions, could be marketed here in the country and Filipinos can bet through online platforms.
Kaya amin pong minarapat na bakit hindi tayo mag -introduce ng almost similar variant na tinawag naming ‹Lotto Bilyonaryo› [That›s why we thought: why don›t we introduce an almost similar variant, which we called ‹Lotto Bilyonaryo›],” Reyes added. However, Tulfo nixed PCSO’s plan to establish a new game, citing concerns on the integrity of the charity agency’s lotto games.
“I would not recommend that PCSO will come out with this new game ‘Lotto Bilyonaryo,’” Tulfo said, urging PCSO to resolve the “questionable” integrity of its games first.
Tulfo said he does not see any problem with PCSO creating new games to generate revenues, which goes into its charity work. “Ayusin muna natin ang integridad ng PCSO at mapatunayang malinis at walang kalokohan .” PCSO is mandated to raise and provide funding for the government’s health programs, medical assistance and services and charities of national character. Its sources of revenues include sweepstakes draw, national lotteries, small town lotteries or jueteng, scratchcard and horse racing.
Comelec ties up with UNDP for BARMM voter education
HE Commission on Elec -
Ttions, in collaboration with the United Nations Development Programme (UNDP) Philippines, has launched a new initiative aimed at enhancing voter awareness in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).
The project aims to boost voter participation, particularly among women and those residing in lastmile areas in BARMM, by providing targeted education and outreach initiatives. Following the promulgation of the implementing rules and regulations of the Bangsamoro Electoral Code, the poll body acknowledged the complexities of holding the first parliamentary elections in the region.
“Conducting the first parliamentary election is a very difficult task. And as I have repeatedly said before, the Comelec cannot do it alone. We need the help of everybody, not only the Filipinos, but more particularly, agencies such as the [UNDP]. It is very, very important because this is our commitment to peace,” Comelec Chairman George Garcia said.
UN-backed Arbitration Tribunal.
However, China refuses to abide by the ruling and its Coast Guard continues to harass Philippine Coast Guard and Navy vessels patrolling the West Philippine Sea.
“Preserving a rules-based international order is a collective duty,” Manalo said.
Despite the lack of enforcement on the ruling, Manila still has faith in the UN and the multilateral system.
“Respect for the rule of law safeguards global peace and security and enables the international community to confront complex
current and future challenges together,” he added.
Manalo was one of the world leaders who adopted the Pact for the Future that includes a Global Digital Compact and the Declaration on Future Generations.
The 66-page Pact covers a broad range of themes including peace and security, sustainable development, climate change, digital cooperation, human rights, gender, youth and future generations and the transformation of global governance.
“It is important that this Pact renews our collective determina -
tion to defuse tensions and seek the peaceful resolution of disputes and conflicts,” Manalo said in his speech.
The Philippines’s top diplomat recalled the 1982 Manila Declaration on the Peaceful Resolution of Disputes that countries signed. The Declaration obliges states to reject force and threat of use of force whenever there are disputes.
He hailed the Pact as “a triumph of the persistence of multilateralism to affirm that a better world is possible, with the solidarity of nations.”
Aside from conflicts, the other global issues also hamper development plans of governments such as disasters, hunger, terrorism, organized crime, health emergencies, sea level rise and other global warming events. He hopes the Pact would prod the UN members to “persevere for peoples” and coordinate their actions under one development system.
“We must support and guide this system for more coherence, effectiveness, and impact. UN programs must enjoy the full ownership and consent of the host country,” Manalo said, without elaborating.
Roque’s daughter asks SC: Stop dad’s arrest
TAs such, Comelec’s partnership with UNDP will focus on addressing barriers to participation to ensure that all BARMM voters are informed and empowered to exercise their right to suffrage. According to UNDP, data analytics will be utilized to help Comelec develop targeted interventions that address the specific needs of various localities and vulnerable populations.
“The digitalization of key Comelec processes will also be undertaken to ensure swift and reliable data flow and processing, and to improve public access to relevant election information nationwide,” it added.
In an earlier ceremonial signing in August, the Japan government announced its pledge of JPY 234 million to support the Comelec’s preparations for the parliamentary polls next year.
“[Japan’s] partnership with the Comelec and the UNDP aims to introduce greater clarity to the electoral process, build up the capacities of concerned stakeholders, and help bring about a more participative voter base through digitalization,” Japan Ambassador to the Philippines Endo Kazuya said. Justine Xyrah Garcia
By Joel R. San Juan @jrsanjuan1573
Roque in contempt and ordering his arrest and detention.
HE daughter of former presidential spokesman Herminio “Harry” Roque on Monday filed a petition before the Supreme Court for the issuance of a writ of amparo to stop the House of Representatives Quad Committee (QuadCom) from ordering his arrest following his failure to participate in its ongoing investigation in aid of legislation on illegal activities linked to a raided Philippine Offshore Gaming Operator (Pogo) hub in Porac, Pampanga.
The petition, filed by Hacintha Roque through the Coo Dizon and Lardizabal Offices, also asked the Court to immediately issue an exparte temporary protection order (TPO) to hold in abeyance the arrest order against her father pending resolution of the petition on the merit.
Hacinta also asked the Court to issue the extraordinary writ of certiorari holding that the respondent Quadcom acted with grave abuse of discretion in declaring
The House QuadCom cited Roque in contempt and ordered his arrest last September 12, 2024 for his failure to attend its hearings.
Hacintha also sought a writ of prohibition to permanently enjoin the Quadcom from requiring her father from producing any additional document or attending any future hearing in connection with the Pogo investigation.
She insisted that her father has the right to due process under Section 1, Article III of the Constitution.
The QuadCom’s inquiry, Hacinta alleged, also violated Section 21, Article VI of the Constitution, “which requires the protection of the rights of persons appearing in, or affected by, such an inquiry.”
“And yet, in violation of this right, the Respondent QuadCommittee is usurping the investigation powers of the Executive Branch and the judicial functions of the Judiciary by fishing for evidence that they could use to
condemn him [Herminio] for his alleged involvement with IGLs [internet gaming licensees] and Pogos [which he has repeatedly disproved], or some other infraction that they hope to stumble upon during their fishing expedition,” the 66-page petition read.
The QuadCom has required Roque to submit his Statement of Assets, Liabilities, and Networth (SALNs), his and his wife’s income tax returns, the documents pertaining to their family corporation, and family matters such as the settlement of his aunt’s estate.
The petitioner said this Quadcom order is like compelling Roque to submit evidence against himself.
“The Respondent Quad-Committee is looking for some asset that he or his wife might have misdeclared in their respective SALNs, or some item that either of them might have neglected to declare in their income tax returns, or some report that they might have neglected to submit with the Securities and Exchange Commission [SEC], even though
those documents pre-date the establishment of IGLs or Pogos,” she pointed out.
Likewise, the petition said the Quadcom’s order is tantamount to violation of Roque’s right to privacy.
“If the Respondent Quad-Committee cannot name the specific document or information linking him to IGLs and POGOs, and would just resort to fishing, then they are gravely violating the right to privacy of Atty. Roque by exposing, for the whole world to see, his financial history, family affairs, income tax returns, and other documents and information that are deeply personal to him and his family,” she added.
Hacinta argued that the respondent committee ordered her father’s arrest despite Katherine Cassandra Ong’s testimony before the court that he is not connected in any Pogo and that the latter only served as the litigation lawyer of Whirlwind Corporation, the company that developed the premises and leased them to Pogo firm Lucky South 99.
Artes, 2 years as acting head, finally named MMDA chairman
By Samuel P. Medenilla @sam_medenilla
AFTER two years of serving as acting head of the Metropolitan Manila Development Authority (MMDA), Romando S. Artes was finally appointed as the agency’s new chairman.
In a social media post on Monday, the Presidential Communications Office (PCO) confirmed President Ferdinand Marcos Jr. named Artes as the official successor of former MMDA chairman Benjamin D. Abalos, Jr. He became MMDA’s officer-incharge (OIC) after Abalos resigned in 2022.
Marcos opted to retain Abalos as OIC of the MMDA, when he
started his presidency in 2022. Before working in MMDA, Artes served as accountant and lawyer in the City of Biñan, consultant in the City of Sta. Rosa in Laguna, a political and legislative officer in the Senate, and consultant in the House of Representatives.
Artes secured his Bachelor of Science in Commerce major in Accountancy and Bachelor of Laws from San Beda College.
Aside from Artes, PCO announced the appointment of the Bangko Sentral ng Pilipinas (BSP) Monetary Board member Jose L. Querubin, Department of National Defense (DND) Assistant Secretary Arsenio R. Andolong, Department of Trade and Industry (DTI) Undersecretary Blesila
A. Lantayona, Department of Education (DepEd) Undersecretary Fatima Lipp D. Panontongan; DepEd Assistant Secretary Maria Victoria Cilette L. Co; and Presidential Commission for Urban Poor Meynardo A. Sabili; Department of Foreign Affairs (DFA) Undersecretary Ma. Hellen B. De La Vega; Department of Migrant Workers (DMW) Undersecretary Dominique R. Tutay; and Insurance Commission Deputy Commissioner Arturo S. Trinidad II. President Marcos also named Department of Environment and Natural Resources (DENR) Assistant Secretary Michael D. Cabalda; DENR Assistant Secretary Norlito A. Eneran; DENR Assistant Secretary Rochelle Elena A.
Gamboa; Department of Tourism (DOT) Undersecretary Maria Rica C. Bueno; DOT Undersecretary Verna Esmeralda C. Buensuceso; DOT Assistant Secretary Sharlene Z. Batin; DOT Assistant Secretary Czarina Z. Loyola; DOT Assistant Secretary Judilyn S. Quiachon; and Department of Human Settlements and Urban Development Assistant Secretary Mark Aeron H. Sambar.
Also appointed were the new chairpersons for the professional regulatory board for social workers (Evangeline M. Guinto); electronic engineering (Vicente L. Cejoco); sanitary engineering (Robert S. Licup); chemical engineering (Maricris C. Vines); and dentistry (Merlin A. Go).
‘PHL-Sokor FTA could leave Pinoys with short end of the stick’
Continued from A16
One big gain the country achieved in this FTA is that “we were able to secure preferential market access for our bananas which is one of the top exports of the Philippines.”
With this, Gepty said the country can arrest the declining competitiveness and market share of its bananas in the Korean market while protecting investments and the jobs generated by the industry in the Philippines.
“We have to take note that the PH KR FTA is just a policy tool that will complement other existing FTAs like the AKFTA and RCEP.
It is intended to provide enhanced market access for our products of interest, and at the same time provide stable rules in conducting
business,” the Trade official said.
Moving forward, Gepty noted that the benefits and advantages from this FTA are “anchored heavily” on the utilization of the trade deal. “Thus, we are intensifying our trade education and advocacy campaign,” he also noted.
The Philippines is banking on the free trade deal with South Korea to expand its market access on key agricultural products such as bananas and processed pineapples.
Imee’s pitch
ACCORDING to Senator Imee Marcos, the chief sponsor for Senate Resolution No. 1188, the resolution concurring in the FTA between the Philippines and South Korea, 82 tariff lines on the Philippine side would benefit from this trade deal.
Of the 82 lines, she said 15 are agricultural while 67 are electronics and industrial parts.
Marcos stressed it’s important that the country enter into this FTA with South Korea, adding “It’s the third best market for Philippine bananas.”
The Philippines’s market share of bananas used to be at around 98 to 99 percent which has now plunged to 69 percent, as certain neighbors of the Philippines took a chunk of the country’s share in Korea’s banana market.
Apart from bananas which would wait have to five years before enjoying zero duties to the South Korean market, the Philippine trade negotiating team said they were able to haggle for zero tariffs for Philippine-made footwear immediately upon effectivity
of the FTA.
Department of Trade and Industry (DTI) Undersecretary for International Trade Group Allan B. Gepty told the BusinessMirror in a Viber message recently that “For footwear, Philippine exports for all tariff lines in chapter 64 (52 tariff lines in HS 2017) will be able to enter Korea’s market duty-free upon entry into force of the FTA.”
Gepty said these tariff lines include footwear, footwear articles, and parts of footwear articles— specifically, footwear made of rubber, plastic, and leather, as well as parts of the same such as toe-caps, outer soles and heels, in-soles, heel cushions, and gaiters made of other materials like metal, wood, copper, or aluminum.
Andrea E. San Juan
PHL’s impressive Balance of Payments surplus and its economic implications editorial
TH e recent announcement by the Bangko Sentral ng Pilipinas (BSP) forecasting continued Balance of Payments (BOP) surplus for the Philippines until next year is indeed a positive sign for the country’s economy. With estimates projecting a surplus of $2.3 billion in 2024 and $1.7 billion in 2025, the country seems poised to capitalize on global demand and domestic economic growth. (Read the BusinessMirror story, “BSP: PHL to post BOP surplus till next year,” September 23, 2024.
A BOP surplus, as we know, occurs when a nation’s exports exceed its imports, paving the way for the generation of capital that can be reinvested in domestic productions. This surplus not only indicates economic stability but also plays a crucial role in enhancing the country’s resilience against external shocks and fostering sustained growth.
The BSP’s optimistic outlook is grounded in the robust global and domestic economic growth prospects, declining inflation rates, and resurgence in world trade activities. These factors collectively contribute to a favorable environment for the Philippines to maintain its BOP surplus and bolster its Gross International Reserves (GIR), which could reach $106 billion in 2024 and $107 billion in 2025.
However, amidst the positive projections, challenges loom on the horizon. The widening current account deficit, expected to reach $6.8 billion in 2024 and $5.5 billion in 2025, raises concerns. The slowdown in merchandise exports, particularly in the semiconductor sector, poses a significant risk to the country’s BOP position. The BSP’s cautionary note underscores the need for strategic interventions to address these vulnerabilities and sustain the momentum of economic growth.
Moreover, external factors such as geopolitical tensions, trade disputes, and climate-related disasters add layers of complexity to the economic landscape. The volatile global environment demands vigilance and proactive measures to mitigate risks and safeguard the country’s economic interests.
Looking ahead to 2025, uncertainties persist, with potential market instabilities stemming from geopolitical conflicts and trade tensions. The brewing conflicts in the Middle East and ongoing US-China trade disputes underscore the importance of a comprehensive risk management strategy to navigate the choppy waters of international trade.
The recent data from BSP showcasing the BOP surplus in August 2024 further underscores the resilience of the Philippine economy. Despite a slight dip in the year-to-date surplus compared to the previous year, the country’s ability to rebound from a deficit to a surplus is a testament to its economic adaptability and resilience.
Despite the Philippines’ current BOP surpluses and GIR growth, policymakers and stakeholders must remain vigilant and proactive in addressing emerging economic challenges. The positive BOP and GIR figures are encouraging, but the country cannot afford to be complacent. Ongoing monitoring, risk assessment, and prompt action will be crucial to maintain financial stability and continued economic progress in the face of potential headwinds.
Strategic interventions to boost exports, diversify trade partners, and enhance resilience against external shocks will be instrumental in sustaining the country’s economic momentum and fostering longterm prosperity.
BusinessMirror
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John Mangun
Exploring the stock market OUTSIDE THE BOX
Having traded professionally—to put food on my table –since 1976, this is a lesson i have learned. Predicting the price of a stock or index a day/week/month in the future is a fool’s game, a form of mental gymnastics, pretty to look at without a productive purpose and it will probably cost you money.
I view stock analysis as an exploration rather than seeking a particular destination.
Like any good explorer, you need to know where you came from and where you are now to conclude if any adjustments are needed. If you travelled from a warm climate and the temperature is going lower every day, it might be time to wear a jacket.
An investor risks capital with the objective of making profits. Stock market investors are always looking for the template that will find the right issue. We are Harry Potter wanting to learn that secret wand
Cmotion and incantation to choose the right stock. Can this magic be found in fundamental and/or technical analysis?
Fundamental analysis is evaluating the intrinsic value of a company. Is the market price higher or lower than its “value”?
In general, the most basic/widely used is the Price/Earnings Ratio, the Earnings Per Share compared to price per share. The share price is P100 and EPS is P10.00 giving a PE of 10. Theoretically if the PE is relatively large, then the price is too high.
Rather than the current P/E, the Cyclically Adjusted Price Earnings (CAPE) ratio looks at current price divided by the average earnings over the prior 10 years. The CAPE Ratio was 36 as of September 9, which is 72 percent above the historic average back to 1950. However, that 36 is only nine percent above the four-year average. At what price is the S&P 500 too high? It is a secret chamber concealed within Hogwarts.
One of my online stockbrokers offers over 100 different technical indicators, which with different numerical parameters means tens of thousands of specific indicators. Even Harry Potter knows less than 100 spells and uses only 2 or 3 regularly. Maybe all Harry needs is bigger, badder wand to get people to do what he wants.
As a stock market explorer, I need to know where the price was and where the price is now to see if it has been going higher. I do not need 1,000 technical indicators to do that. The strength of the increase (momentum) is nice, but it is hard to tell when a great puncher is going to run out of steam in the ring. And I do
not care what price I buy at as long as the price trend is up. PSE experience tells me a Sustainable Rally needs the PSEi moving higher with increasing volume and the Blue-Chip stocks leading the price move. Once a major resistance level is broken and holds, then I want to see “Good companies with Bad stocks” starting to go higher. Once these five parameters are met, there is good probability the rally will continue unless of course our ship sails into waters inhabited by the Kraken, the Norse creature that destroys ships and drags sailors to their doom.
There are several issues that are currently going higher after being big failures for a long time. Find them by watching the “Gainers” board. Check a chart to see if volume has been increasing. Stocks with no price movement and increasing volume at a low price are under accumulation and will eventually go higher. No magic spells needed.
E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.
Hina’S housing rescue package offers the best path for putting the country on track to expand around 5 percent, in the view of most economists, assuming it’s deployed to maximum effect in the face of a real estate crisis expected to last as long as five more years.
Among the policy options considered by 15 analysts in a Bloomberg survey, a more forceful implementation of the government-led plan was the top choice of a majority of respondents. The poll followed the release of data for August that deepened doubts over whether the economy will meet Beijing’s annual growth goal.
“A complete change in mindset is required to break the deflationary spiral,” said Raymond Yeung, chief economist for Greater China at Australia & New Zealand Banking Group Ltd. “A massive easing is needed to avoid a contractionary nominal GDP.”
The years-long real estate slump that’s wiped out an estimated $18 trillion in wealth from households has been the single biggest challenge faced by the Chinese economy. It’s cost millions of jobs, ravaged consumer confidence and brought down demand for products like steel.
Yet four months after China unveiled its most far-reaching attempt to revive the property market, progress has been slow on plans that include a program to provide 300 bil-
lion yuan ($42.5 billion) of central bank funding to help governmentbacked firms buy unsold homes from developers. Unemployment has worsened in the meantime, with the youth jobless rate rising for the second straight month in August to its highest level this year.
Designed to reduce the inventory glut, the package of measures is far short of the 1 trillion to 5 trillion yuan that some analysts said was needed to deliver a more decisive fix. And given the unattractive economics of the plan for local authorities, only 29 cities are heeding the call to help absorb an excess of housing, a fraction of more than 200 urged to participate by the central government.
China has dismissed as risky and overly expensive a proposal—with a price tag of almost $1 trillion—made by the International Monetary Fund to use central government funds to complete unfinished housing on a large scale.
Authorities have been unwilling to extend more support to the housing sector, in part, because of Beijing’s resolve to shift the economy’s
growth driver away from property to technology and manufacturing. The government has urged banks to lend to developers and stalled housing projects, while stopping short of providing direct funding.
Fiscal policy has been a drag on economic growth this year—a broad measure of government spending fell an annual 2.9 percent in the first eight months of 2024, accelerating from a 2 percent drop in the seven months through July, according to the latest government data. A plunge in revenue from land sales has been a particular drain on budgets, with the earnings slumping a record 41.8 percent in the January-August period.
Target undershoot W ITHOUT a stimulus blitz, the Chinese economy is expected to expand 4.8% this year in real terms, according to the median forecast of economists in the survey, falling roughly at the lower end of the government’s target range. But nominal growth, which factors in the impact of declining prices, will likely come far lower at 4.25 percent, they estimate.
Meanwhile, eight economists in the survey project China’s property gloom to last another two to five years.
“The extended decline in housing activity indicates the rescue package announced in mid-May has failed to get much traction. A sharper drop in housing prices suggests developers and homeowners are offering discounts to try to offload homes in the weak market. More policy support in the form of faster implementation is needed—especially on budged spending and property measures,” said Chang Shu, chief Asia economist, and Eric Zhu, economist of Bloomberg. Chinese authorities are considering various ways to shore up the real estate market. That includes letting local governments buy unsold homes with funds raised from special bond issuance, reducing rates on outstanding mortgages, and removing some of the remaining home purchase restrictions for consumers.
Local officials have been cautious because property prices are expected to slide further despite previous plunges, while estimated returns from turning inventory into affordable rental housing are below the cost of funding.
Measures other than housing support will likely prove less effective in giving the economy a push, the survey showed. Four of the economists favor encouraging local governments to use their bond quotas, two voted for rate cuts, and one chose a budget revision to unleash more public spending.
See “Economist,”
Ambassador Antonio L. Cabangon
French prime minister mulls taxing large firms to rein in ‘grave’ debt
By William Horobin
PR ime m inister m ichel Barnier opened the door to taxing wealthy individuals and large companies in a bid to repair France’s massive budget deficit and reassure international investors.
The new premier said in an interview on France 2 television Sunday that he wanted to avoid raising taxes on the middle class and workers, but emphasized that there needed to be a collective effort to cut spending and to turn around France’s “grave” debt situation.
Parties on the left and right have threatened to bring down the newly formed government, raising the risk of a swift collapse that would further cloud the outlook for France’s stretched public finances. Further complicating the situation, some lawmakers backing the new administration have said that one of their conditions to support Barnier is that he doesn’t boost taxes.
“In the necessary, national effort to repair the situation, I won’t exclude that the richest participate,” Barnier said. “In the national effort, some very big companies, multinationals that are working well, can also contribute.”
The issue is particularly explosive for President Emmanuel Macron’s centrists, who have argued that seven years of keeping a lid on taxes is a cornerstone of economic policy that slowly transformed France’s fortunes, bringing jobs and foreign investment.
But Barnier is increasingly cornered as Macron’s decision to dissolve the lower house and months of political gridlock have undermined investor confidence, driving up France’s borrowing costs compared with other European countries. Making matters worse, the nation’s fiscal situation deteriorated further over the summer under the watch of a caretaker government.
Since Macron called a snap election on June 9, the benchmark Paris stock index is down more than 6 percent, making it by far the worst-performing major market in Europe. The country’s government bonds have also been sliding relative to other European countries, taking the spread between French and German 10-year yields, a proxy for French risk, up about 30 basis points since before the elections.
“Our country is in a very grave situation—€3 trillion ($3.3 trillion) of debt and €50 billion in interest to pay a year,” Barnier said in the interview. “A lot of our debt is on international markets—we must preserve France’s credibility.”
Barnier’s cabinet, which was announced Saturday evening, is the fruit of more than two months of factious negotiations after Macron’s bid to bring stability to parliament with an election achieved the opposite: a National Assembly split into three bitterly opposed blocs, each incapable of governing alone. The new government hands Barnier an awkward patchwork of conservatives and centrists who haven’t always worked smoothly together. What’s more, even if he can hold together the groups, as a unit they fall far short of being able to thwart a no-confidence vote that would bring down the government.
“The question is not what government we’ll have in France but when it falls,” Benjamin Melman, global chief investment officer at Edmond de Rothschild Asset Management, said last week before the administration was announced. “As long as there’s going to be this French premium, we will find some reluctance from investors to come back.”
The left-wing New Popular
Registration requirements for online sellers
TThe issue is particularly explosive for President Emmanuel Macron’s centrists, who have argued that seven years of keeping a lid on taxes is a cornerstone of economic policy that slowly transformed France’s fortunes, bringing jobs and foreign investment.
Front alliance—which holds the largest number of seats in the lower house—has pledged to topple the government at the earliest opportunity. It doesn’t have the votes to do so alone, but it could get the support of the far-right National Rally, whose leader, Marine l e Pen, has become the de facto king maker for the new administration. The National Rally, which is the single largest party in parliament, indicated that the new government has “no future” and is a return of “Macronism.”
Budget pressure
T HE priority for Barnier’s administration is to construct a 2025 budget bill in the coming weeks to tackle the expanding deficit. However, it’s already likely to miss the Oct. 1 deadline to present a bill to parliament. Compounding the pressure, the European Union has put France in a special procedure designed to enforce stricter fiscal discipline in countries deemed to have excessive debts and deficits.
Without new measures to curb spending or increase tax, France’s budget deficit could reach 6% of economic output this year, l es Echos reported on Friday, citing new forecasts from the finance ministry. European Union rules cap it at 3 percent.
Speaking Sunday on France Info radio, National Rally VicePresident Sebastien Chenu said his party’s decision to support a noconfidence bill would depend on the budget and Barnier’s approach.
“We said we wouldn’t immediately censure the Barnier government,” he said. “On the other hand, seeing the profile of this government, Barnier hasn’t scored a good point.”
Barnier is due to address the parliament on October 1, which will be the first opportunity for a party to call for a no-confidence vote.
The prime minister has picked Antoine Armand, a 33-year-old with limited political experience, to take on the role of finance minister. He’ll be flanked by Budget Minister l aurent Saint-Martin, the 39-year-old head of Business France, which promotes export growth and foreign investment.
Saint-Martin will report directly to Barnier, a sign of the importance the new prime minister attaches to pushing through a budget.
“In the current fiscal context, excluding outright some exceptional and targeted taxes would not be responsible,” Armand said in an interview with l e Journal du Dimanche. “But that doesn’t make it a doctrine, and doesn’t resolve our problem: we must cut public spending and make it more efficient.”
Barnier scored one high profile appointment with the leader of the Republicans in the Senate, Bruno Retailleau, who’ll be the new interior minister. The 63-year-old has been a vocal critic of Macron’s past governments, demanding more fiscal discipline and taking a more conservative stance on social issues. Bloomberg
atty. rodel C. unciano
Tax Law for Business
Part two
he mandatory registration requirements for online sellers under Revenue Regulations (RR) No. 15-2024 has drawn some concerns from various stakeholders, particularly from small online users who comprise the majority of users.
To recall, pursuant to RR 15-2024, all persons engaged in the sale and/or lease of goods and services through website, webpage, page, platform, or application who does not have a brick-and-mortar store, are now required to register with the appropriate district office of the Bureau of Internal Revenue (BIR), that is, with the BIR district office having jurisdiction over the place of residence for individuals or principal place of business registered with the Securities and Exchange Commission (SEC) for juridical entities.
Covered persons SO, who are the covered persons? Under Section 3 of the regulations, any natural or juridical person who is engaged in trade or business in any form that is conducted online is covered.
Trade or business refers to any activity carried on for the production of income or profit from selling and/or leasing of goods or properties, and/or performing services. On the other hand, online business refers to any commercial activity over the Internet, whether buying or selling goods and/or services directly to consumers or through a digital platform, or any business that facilitates commercial transactions over the Internet between businesses and consumers. It includes e-commerce platforms, e-marketplace, online
sellers/merchants, and e-retailers. So, practically, all persons doing business carried online are covered. Note that to be covered, the person must be engaged in trade or business. Apparently, therefore, a mere user who uses the online platform not for the purpose of generating income is not covered. So, therefore, anyone who publishes his content creation to any social media platform for mere entertainment purposes and not for a fee and does generate revenue from the said content creation, is not covered.
But as I understand, an uploaded content creation may not generate revenue for the time being but depending upon the parameters set by the platform owner, a content creation may potentially generate revenue over time. So, in that case, when will that person be considered covered? Perhaps, it helps if the BIR can set a more detailed parameters for the guidance of thousands of small users who in fact do not derive substantial amount from their content creation.
Obligations of covered persons
All covered persons operating a business through a website, social media, or any digital or electronic means, shall display conspicuously a copy of their BIR Certificate of Registration (COR) on their website, webpage, account, page, platform,
Under Section 3 of the regulations, any natural or juridical person who is engaged in trade or business in any form that is conducted online is covered.
or application in a manner that is easily accessible and visible to buyers or customers visiting the seller’s webpage, account, page, platform or application.
Note that mere uploading of the BIR COR on the website, webpage, or platform does not comply the requirements. The COR has to be displayed on the website, webpage, or platform conspicuously and shall be at all times easily accessible and visible to buyers or customers visiting the seller’s webpage, account, page, platform, or application.
The posting of BIR COR or proof of BIR registration is not new at all. It has been a requirement for taxpayers to post or exhibit their original BIR COR at the place where the business is conducted in a way that is clearly and easily visible to the public. But the posting of a BIR COR or proof of registration on a website, webpage, or platform is something new. I hear some worries from stakeholders raising as concern the issue on the violation of their right to privacy. Is this requirement indeed violative of the right to privacy?
A website is readily accessible by anyone. So, anyone can access the data posted therein including the BIR COR. And the website owner does not have control over those who would access their website. Can the BIR impose upon them the obligation to disclose information to the public against their will?
Penalty for non-registration
A N y person who is engaged in any trade or business in the Philippines and fails to register the same with the BIR shall be administratively and criminally liable for fines and penalties. Operators of digital platform, including e-marketplace platforms
allowing online sellers/merchants to engage in business without the required BIR registration shall be construed to be doing an act of aiding or abetting in the commission of the offense. And pursuant to the provisions of the Tax Code, any person who willfully aids or abets in the commission of a crime penalized under the Tax Code shall be liable in the same manner as the principal. Under the regulations, penalty for failure to register includes the issuance of a Closure/Take Down Order to close the business operations of a covered person. Note that the Closure/Take Down Order is not limited to the physical closure of the business establishment but includes the restriction of the usage of the website, webpage, account, page, platform, or application used in the conduct of trade or business in order to prohibit covered persons from selling, posting, listing or offering goods and/or services for sale and/or lease. Is this not something violative of the person’s right to freedom of speech and expression that is guaranteed under the Constitution? Is closure of business or restriction of the use of a website a commensurate form of penalty particularly for digital platforms or online channels on ground of not being able to ensure that persons making use of their platform is not duly registered with the BIR? Perhaps, there is a need for another round of consultation with the stakeholders in order to address all of these concerns.
The author is a partner of Du-Baladad and Associates Law Offices (BDB Law) (www.bdblaw.com. ph), a member-firm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at rodel.unciano@ bdblaw.com.ph or call 8403-2001 local 380.
Trump, Harris to turbocharge economic pitches at dueling events
By Alicia Diaz, Jennifer Epstein & Josh Wingrove
The battle between Kamala harris and Donald Trump over the economy is set to intensify, with the rival presidential candidates planning dueling addresses this week on one of the campaign’s defining issues.
Harris told reporters Sunday she will deliver a speech “to outline my vision for the economy.” Trump, meanwhile, is set to offer remarks Tuesday in swing-state Georgia on a plan to lower taxes for US business owners.
The events show how the economy has become an election focal point with Harris and Trump offering a slew of competing proposals to push tax breaks, credits and other programs to address voter anxiety over high prices, jobs and wages. With the candidates embarking on a six-week sprint to Election Day, each is angling for any advantage they can find.
Americans’ angst over the economy has been a political liability for Harris—and President Joe Biden— that’s souring voter perceptions of their administration’s record. And it’s been a boost for Trump and his unprecedented campaign as the first former US president convicted of a felony.
The Republican presidential nominee has promised to slash regulations and renew expiring tax cuts—policies that have helped him rebuild support among many Wall Street executives and corporate leaders who shunned him after the 2020 election.
In recent days, Harris and Trump have both also sought momentum
from the Federal Reserve’s decision to lower its benchmark interest rate by a half percentage point.
Harris hailed it as a sign of progress in the fight against inflation and a vindication of Biden administration’s policies, while saying more needs to be done. Trump lambasted the cut as a “political” decision to protect Harris and said the move suggests the US economy is in poor shape.
Harris has also sought to bolster her standing with business, saying she would help grow emerging sectors. At a Manhattan fundraiser on Sunday she told donors she would support investments in digital assets and artificial intelligence. Trump, a onetime skeptic of cryptocurrencies, has courted the industry strongly this cycle.
A Bloomberg News/Morning Consult poll from August showed voters less likely to hold Harris responsible for the economic anxiety that undercut Biden even as they said they were better off under Trump.
A poll Sunday, though, showed Harris narrowing Trump’s advantage on whom voters trust more on the economy. The September CBS/ Ipsos poll found Harris narrowed her deficit among voters who care most about the issue, with Trump leading 53 percent to 47 percent among that subset, compared with 56 percent to
Americans’ angst over the economy has been a political liability for Harris—and President Joe Biden—that’s souring voter perceptions of their administration’s record. And it’s been a boost for Trump and his unprecedented campaign as the first former US president convicted of a felony.
43 percent in August.
Harris address
H ARRIS said Sunday that her speech will explain how she intends to “do more to invest in the aspirations and ambitions of the American people while addressing the challenges they face, whether it be the high price of groceries or being able to acquire homeownership.” Plans for Harris’ address this week aren’t finalized yet, a person familiar with the Democratic presidential nominee’s plans said Sunday. The address will be more sweeping in tone rather than focused on any proposal or set of policy items, according to the person, who cast it as an opportunity to communicate with voters who say they still don’t know enough about Harris or her policies.
Reuters reported earlier that Harris plans to present economic policy proposals this week, including ways to promote wealth creation for Americans. Harris has unveiled initiatives to help curb costs for households, offer assistance for first-time homebuyers, expand a tax break for small business startups as well as proposing to eliminate taxes on tips for service industry and hospitality industry workers—a campaign pledge
embraced first by Trump.
The vice president has said she will pay for those policies in part by seeking a 28 percent capital gains tax rate on people earning $1 million or more and by raising the corporate tax rate to 28 percent from 21 percent. Trump says he will end taxes on overtime, tipped wages and Social Security benefits, renew expiring tax cuts from his signature 2017 law and push to reduce the corporate tax rate even further to 15 percent. He has also pledged to lift the cap on the state and local tax deductions he instituted as president and adopt a temporary 10 percent cap on credit card interest to help households burdened by consumer debt. Regardless of who wins, those competing plans come with large price tags, opening the door to a contentious fight over tax policy in the next Congress. Trump has assailed Harris as a communist—as well as a Marxist and fascist—over her economic agenda and mocked her efforts to assure Americans she will help lower costs if elected president, questioning why the administration hasn’t done more already. Harris has sought to counter Trump’s criticisms in part by casting herself as pro-capitalist and pro-growth. At her fundraiser on Sunday, she vowed to help bolster investments in “innovative technologies” such as digital assets and artificial intelligence, saying she’d “bring together labor, small business founders and innovators and major companies” to invest in “America’s competitiveness” and by focusing regulations on protecting investors and consumers. Bloomberg
Tuesday, September 24, 2024
Transport modernization now 30% complete, claims DOTr
By Samuel P. Medenilla @sam_medenilla & Joel R. San Juan @jrsanjuan1573
AFTER the consolidation of franchises of Public Utility Vehicles (PUV) in April, the implementation of the modernization is now 30 percent complete, the Department of Transportation (DOTr) said Monday.
DOTr Undersecretary Jesus Ferdinand Ortega said it may take two to three more years before the modernization program can be rolled out due to the ongoing route rationalization of PUVs through Local Public Transport Route Plan (LPTR).
Currently, there are 6,090 consolidated routes nationwide, according to a report presented by DOTr officials in a Senate hearing.
“Once the route rationalization is completed in two to three years, that is when the changing of [old] vehicles to modern vehicles will start,” he said in a press briefing in Malacañang on Monday.
DOTr Secretary Jaime J. Bautista explained they will use the LPTR to determine if the operations of the cooperatives with consolidated franchises will be profitable and will qualify for support from the government and financial institutions.
“The modernization will have the corresponding aid from the government in the financial aspect of the modernization program [through] financing and equity subsidy,” he said.
The government has already released an equity subsidy for 7,510 modernized PUV units to cooperatives with profitable routes.
PTMP opposition
SOME transport groups are op -
posing the implementation of the modernization program and refuse to consolidate their franchise, citing the expensive electric vehicles they will need to purchase to replace their existing units which have internal combustion engines (ICE).
As of September, DOTr reported that 83 percent or 159,862 of the PUV units have consolidated their franchise.
Of the remaining 17 percent, which did not consolidate, 12 percent are inactive and have not registered with the Land Transportation Franchising Regulatory Board (LTFRB) in the last three years. The remaining 5 percent oppose the Public Transport Modernization Program (PTMP).
The Samahang Manibela Mananakay at Nagkaisang Terminal ng Transportasyon (Manibela) and the Pagkakaisa ng mga Samahan ng Tsuper at Opereytor Nationwide (PISTON) started their two-day transport strike on Monday against the PTMP.
LTFRB Board Chairperson Teofilo E. Guadiz III played down the impact of the strike, claiming no commuters were affected by it as of Monday morning, since majority of the PUV operators have joined the PTMP. He also noted the Metro Manila Development Authority (MMDA) is ready to provide free rides to those who will be affected by the two strikes. “They will only augment or be activated once there are actual problems. Because, if you recall, 83 percent of the entire transportation sector have joined the program and that number is enough to meet the needs of commuters,” Guadiz said.
Piston runs to SC anew ALSO on Monday, Piston pleaded anew with the Supreme Court to act
‘PHL-Sokor FTA could leave Pinoys with short end of the stick’
FILIPINO producers might get the short end of the stick once the free trade deal between the Philippines and South Korea enters into force, an agriculture coalition warned Monday, noting that the tariffs agreed upon favors Korean firms more than local players. In a statement, Samahang Industriya ng Agrikultura (SINAG)
Executive Director Jayson Cainglet pressed Philippine trade negotiators to prove that the Philippines will be able to reverse its trade deficit with South Korea with the free trade agreement (FTA) entering into force anytime soon, depending on the Senate’s concurrence.
Cainglet noted that Philippine imports from South Korea outweigh outbound shipments to that country.
Philippine Statistics Authority (PSA) data showed imports from South Korea at $5.38 billion in the January to July 2024 period, while exports to South Korea stood at $2.16 billion, for a trade deficit of $3.21 billion. With this, the Sinag official raised a question to the country’s trade negotiators, “Can the PhilippineKorea FTA reverse this trade imbalance? Or is there even a timeline as to when our trade with Korea turns into a surplus?”
“What are the numbers? Where’s the hard data?” Cainglet asked, partly in Filipino The Sinag official noted that the “much-vaunted” banana exports to Korea is only 6 percent of the country’s total exports to the said country.
Cainglet added that “Our banana industry is not even the usual smallscale led and small producer-driven Agri sector but is plantation-based
and capital-intensive sector.” He aired his concern that banana shipments from the Philippines to South Korea won’t enjoy zero-tariffs under the FTA immediately, as the commodity would have to wait for five years before the duty falls to zero.
Meanwhile, he said, Korean vehicles which could enter the Philippine market would already enjoy zero tariffs once the trade deal enters into force.
“Assuming it is small-scale driven, hindi rin naman kaagad 0 percent ang tariff sa banana but is spread to five years. Tapos yung pagpasok ng Korean vehicles sa bansa ay 0 percent kaagad ,” said Cainglet.
He said, “Our negotiators, as always, have negotiated for the benefit of Korean companies. The Korean companies that will enter the country are all winners, thanks to our negotiators.”
In response to the agriculture group’s lament, Department of Trade and Industry (DTI) Undersecretary for International Trade Group Allan B. Gepty told the BusinessMirror in a Viber message on Monday that, “It is not accurate to say that the FTA in itself is a means to reverse the trade deficit.”
“As mentioned, it provides enhanced market access for our key products of interests and will provide a platform to generate more concrete collaboration with Korea that can generate investments such as e-vehicles, critical minerals processing, innovation, R & D, that can help boost our manufacturing sector and export competitiveness,” added Gepty.
on its petition seeking the issuance of a temporary restraining order (TRO) to stop the PTMP’s implementation.
In a six-page motion, Piston national president Mody Floranda, through lawyer Kristina Conti, cited the several extensions made by respondents DOTr and LTFRB in the deadline for the implementation of their issuances that mandate public utility vehicle (PUV) operators and drivers to consolidate into cooperatives or corporations as part of the modernization program.
Conti said these extensions only prove that the PTMP is “illconceived” and “gravely prejudicial to the interest of the transport sector and the public at large.”
The group told the Court that on July 15, 2024, it was surprised to find out that LTFRB issued Resolution No. 53 allowing unconsolidated PUVs to continue plying their routes in areas where there is low compliance of consolidation.
The resolution, according to the petitioner, covers 2,645 routes around the country.
However, the petitioner noted that the resolution no longer imposed any deadline to comply with the PTMP.
“While respondents attested in their submissions before this Honorable Court to the purportedly high and successful consolidation rate, the extensions they granted render doubtful and even belie such claims,” the transport said.
“As it appears, respondents themselves recognize the danger that millions of commuters would be left without public transport adversely affecting their livelihoods and wreaking havoc on the economy,” it added.
Piston and other allied groups filed in December 2023 a petition asking the SC to declare null and void several issuances of the DOTr regarding the consolidation, and to issue an injunction to prevent it and the LTFRB from enforcing the issuances.
The PTMP was supposed to be fully implemented starting January 1, 2024 but the deadline was extended to January 31, 2024. The PTMP was again extended to April 30, 2024.
Piston and its allied transport groups sought the issuance of a TRO citing, among others, the adverse impact on the income and livelihood of PUV operators, drivers and their families and commuters nationwide.
They also argued that the government’s move is “oppressive, overreaching and confiscatory,” considering the damage it will bring to the livelihood of ordinary PUV operators and drivers as well as the prohibitive cost of the modern jeepney that will replace the traditional one— from P1.4 million to P1.7 million to P2.5 to P2.6 million.
They added that government subsidy comes at a measly sum of only P160,000 or 5.7 percent of the total cost of the modern e-jeepney.
‘KONEKTADONG PINOY VITAL TO DIGITAL PAYMENTS GOALS’
FINTECH ALLIANCE.PH, the country’s largest Industry association of fintech and digital players, is pushing for the passage of the Konektadong Pinoy bill, which it deems “crucial” in the widespread adoption of digital payments in the country.
“FinTech Alliance.PH is committed to supporting the Bangko Sentral ng Pilipinas’ [BSP] goal of having 70 percent of adult Filipinos open transaction accounts,” Lito Villanueva, Founding Chairman of FinTech Alliance.PH and RCBC Executive Vice President and Chief Innovations and Inclusion Officer, said in a statement.
Villanueva said the measure is poised to be a “crucial policy enabler,” adding that this will ensure that every Filipino, regardless of their location, gains access to financial technology.
The BSP’s 2019 Financial Inclusion Survey, according to FinTech Alliance, showed many Filipinos hesitate to engage in online financial transactions due to factors such as lack of trust, awareness and poor internet connectivity.
With this, the industry group underscored, “Access to affordable, reliable, and secure internet is essential for the widespread adoption of digital payments.”
The Konektadong Pinoy bill seeks to “bridge the digital divide” by encouraging the entry of more
internet service providers (ISPs) to improve service quality.
The group said the measure includes consumer protection provisions, such as ISP performance standards and enhanced cybersecurity safeguards, which it pointed out are not present in current laws.
“These features of Konektadong Pinoy are envisioned to accelerate the growth of the fintech industry, digital payments, and the creation of transaction accounts, aligning with the government’s push for financial inclusion,” said Fintech Alliance.
Currently under deliberation in the Senate, the bill is sponsored by Senate Science and Technology Chairperson Alan Peter Cayetano and cosponsored by Senators Sherwin Gatchalian, Joel Villanueva, Loren Legarda, and Pia Cayetano.
With the bill already approved by the House of Representatives on third reading, FinTech Alliance.PH is hopeful for its swift passage in the Senate before the next legislative recess. The FinTech Alliance.PH is the Philippine’s largest industry association of fintech and digital players with over 100 corporate members, collectively generating more than 95 percent of digitalinitiated transactions volume in the country today.
Andrea E. San Juan
By Justine Xyrah Garcia
DESPITE global efforts to create more green jobs to combat climate change, many of today’s youth still lack the necessary skills to adapt to emerging environmental roles, the International Labour Organization (ILO) said on Saturday. Speaking at the United Nations Summit of the Future Action Days, ILO Assistant Director-General
urgent
new jobs,” she said. Green jobs, as defined by ILO, are decent jobs that will help in the preservation or restoration of the environment, whether in traditional or new sectors. These include jobs related to
limiting greenhouse emissions, minimizing waste and pollution, and improving energy and raw materials efficiency among others.
However, according to Thompson, most countries’ labor forces are not yet ready to foster a more sustainable workforce for the new generation of workers.
The assistant director-general added that most education systems and training programs are still misaligned with the needs of the evolving green economy.
“And at the end of the day, the most important skill that young people have to have is how to learn, and to learn how to continue learning because it is completely possible that you will have to reinvent yourself several times,” Thompson said. With the “just transition” that the ILO, UN Environment Programme, and UN Children’s Fund is promoting, it is predicted that a total of 8.4 million new jobs will be generated for young people worldwide by 2023.
Special Market Monitoring, Department of Trade and Industry (DTI) Acting Secretary Ma. Cristina A. Roque, alongside Quezon City Mayor Joy Belmonte and other
inspected prices at Farmers Market and a nearby grocery in Cubao. This month-long initiative
Editor: Jennifer A. Ng
MPT South hikes 2025 capex budget to complete projects
By Lorenz S. Marasigan @lorenzmarasigan
Metro Pacific tollways (MPt) South Corp. is increasing its capital expenditures (capex) by 75 percent to P14 billion in 2025 from P8 billion this year, as it aims to complete the remaining portions of its expressways.
In a roundtable discussion on Monday, MPT South VP for Finance e lnora D. Rumawak told reporters that the Cavite-Laguna e xpressway (Calax) will get the lion’s share of the capex at P8.9 billion, while the remaining P5.3 billion will be used for the Manila-Cavite Toll e xpressway (Cavitex). For 2024, the company is spending P8 billion in cash capex—P3 billion for Cavitex and P5 billion for Calax. Rumawak said the company plans to raise additional funds to support its capex spending next year.
“We’re targeting to have an additional loan for next year. For Cavitex, we’ll add P3 billion; for Calax, we’re targeting around close to P6 billion. We also have equity.
We are targeting at least P5.8 billion equity from MPTC,” she said, referring to parent company Metro Pacific Tollways Corp.
The funds will be sourced from local banks, including Land Bank of the Philippines, Rizal Commercial Banking Corp., BDO Unibank Inc., and Security Bank Corp.
Projects
MPT South is aiming to complete several projects in the latter part of 2025, including the C5 South Link e xpressway, the Cavitex-Calax Link (CCLINK), and the Calax. Raul Ignacio, president of MPT South, said for the C5 South Link e xpressway, which recently opened Segment 2 and started toll collection, the target is to complete the entire Section 3B—spanning two
kilometers—by the third quarter of next year.
“It will be a challenge; we will be able to complete substantially the elevated portion and at-grade by the third quarter,” Ignacio said, explaining that the company also has to build the service road, which poses challenges in terms of right of way acquisition.
Meanwhile, the company is also working to complete the 1.4-kilometer CCLINK, which begins at about 295 meters south of the Kawit Toll Plaza to the Calax.
Currently, it is still at 11.12 percent completion, as the contractor just started construction in June.
“There are still remaining sections for [ROW] acquisition but we think we will be able to have it acquired within next month,” Ignacio said.
For Calax, Subsections 1, 2, and 3—which are mainly the Cavite section—are progressing, although right of way acquisition is still ongoing.
“The target is to complete Subsection 3 or the one from Aguinaldo up to Governor’s Drive by the second quarter of next year. The challenge is to complete the remaining Subsections 1 and 2 by the third quarter of next year,” he said.
Overall, the easement for Calax is at 90 percent acquired and construction progress is now at
64 percent.
“We’re quite confident of meeting the target within 2025. The right of way acquisition is actually moving,” he said, explaining that the company and the Department of Public Works and h ighways (DPW h ) has a “reimbursement agreement” that allows MPT South to advance up to P200 million to acquire ROW.
Income target
MPT South expects to end the year with P3.4 billion, 12 percent higher than last year’s P3 billion.
“The main driver of our core income is toll operations. We started to collect the toll rate adjustment in 2023, which impacts the variance between 2023 and 2024,” Rumawak said.
She noted that the opening of Subsection 4 in November last year, with toll collection starting in February 2024, has positively impacted their toll revenue estimates.
Despite a 30-day toll holiday last July for the opening of Segment 2, the company said it could still reach its revenue target.
“With that assumption, we will end up with P3.4 billion compared to P3 billion last year.” however, the core income remains the same as last year at P1.4 billion, mainly due to charges and provisioning.
Maynilad fixes 28K pipe leaks in H1
MA y NILAD Water Services Inc. (Maynilad) has plugged more than 28,000 pipe leaks in the first half as the company steps up efforts to water conservation measures in the West Zone.
This brings the total number of leaks fixed by the company to 523,111 since 2007, when it inherited one of the oldest pipe networks in Asia upon re-privatization.
The company said plugging leaks enables it to reduce nonrevenue water or losses due to wasted water attributed to leaks. Nonrevenue water (NRW) is water that has been produced and is “lost” before it reaches the customer.
Plugging these leaks enabled Maynilad to recover some 198 mil-
SEC opens extension office in Koronadal
The Securities and exchange Commission (SeC) on Monday said it opened its fifth extension office in Mindanao in Koronadal City.
The new office also brings the number of SeC’s satellite offices in the country to 12. The said office is in the South Cotabato Gymnasium and Cultural Center along Alunan Avenue in Koronadal City.
Strategically located within the Soccsksargen region, SeC said the new extension office will enable easier access to its services, such as company registration and compliance monitoring for the corporate sector, as well as investor education activities for the overall public. “The inauguration of the SeC Koronadal extension Office marks our fifth extension office in the Mindanao region, bringing us closer to our goal of expanding our services to growing business hubs in the country,” SeC Chairman emilio B. Aquino said. VG Cabuag
By Lenie Lectura @llectura
PeTRON Corp. President Ra-
mon S. Ang said Monday the oil firm remains an attractive investment proposition after it successfully raised P16.83 billion from its latest preferred shares offering. The total amount raised reflects a 1.3x oversubscription over the P13-billion base offer, leading to an additional oversubscription of P3.83 billion. The results, Ang said, underscore the strong demand for Petron’s preferred shares.
“We thank the investment community for their strong response and continued confidence in our company. Through their support, Petron remains a viable investment option and we are committed to making sure that we continue to grow and succeed, while being a partner in nation-building,” said Ang.
and trading participants of the Philippine Stock exchange also acted as selling agents. Petron posted a net income of P6 billion at end-June this year. It delivered a 21-percent growth in consolidated revenues for the first half to P444.5 billion from last year’s P367 billion, sustaining its positive momentum this 2024.
lion liters of water per day, enough to supply the requirements of some 198,000 people.
Maynilad aims to repair a total of 50,000 pipe leaks throughout its concession within 2024—its “highest-ever” annual target.
The repair of leaks in the distribution system is a major component of Maynilad’s Non-Revenue Water (NRW) Management Program, which seeks to bring down physical and commercial water losses.
For 2024 alone, Maynilad allotted P791 million for active leakage control. The company has increased its manpower complement so it can deploy more teams to conduct leak detection activities simultaneously over a wider area and to speed up the fixing of leaks.
INTeGRATeD energy company
Semirara Mining and Power Corp. (SMPC), and its parent company, DMCI holdings, have been recognized with a 3 Golden Arrow award at the prestigious ASe AN Corporate Governance Scorecard (ACGS) Golden Arrow Awards. Both companies have been consistent recipients of this award since 2019.
The awards, conferred by the Institute of Corporate Directors (ICD), honor publicly listed companies for exemplary adherence to the Philippine Code of Corporate Governance and internationally recommended corporate governance practices as promoted by the ACGS.
“Our 3 Golden Arrow awards reflect our unwavering commitment to good corporate governance. We remain dedicated to upholding transparency, accountability, and ethical business practices to protect stakeholder value and support sustainable progress.” said DMCI holdings and SMPC Chairman, Isidro A. Consunji.
Maynilad has also begun using artificial intelligence for detecting pipes leaks and for monitoring pipe conditions so it can proactively replace pipelines even before a breakage occurs.
“Bringing down water losses is a task that we take very seriously, the reason why we have dedicated more resources and tapped new technologies to find and plug leaks in the system. The public can also help in this effort by actively reporting pipe leaks and illegal connections to Maynilad,” said Maynilad’s Central NRW Division head Ryan B. Jamora.
Aside from leak detection and repair, other activities under Maynilad’s NRW Management Program include network diagnostics, estab -
lishment of District Metered Areas, replacement of old water meters, selective pipe replacement, installation of pressure-regulating valves, and anti-water pilferage drive.
Maynilad is the largest private water concessionaire of Metropolitan Waterworks and Sewerage System (MWSS) in the Philippines in terms of customer base. Its service area includes the cities of Manila (all but portions of San Andres and Sta. Ana), Quezon City, Makati Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas, and Malabon, all in Metro Manila; and the cities of Cavite, Bacoor, and Imus, and the towns of Kawit, Noveleta, and Rosario, all in the province of Cavite. Jonathan L. Mayuga
The ACGS evaluates companies based on key performance areas, including the protection and equitable treatment of shareholders, fostering strong stakeholder relationships, promoting transparency and accountability through timely disclosure of material information, and the board’s effectiveness in
viding strategic direction, overseeing management, and maintaining accountability to both the company and its shareholders. On September 19, over 100 publicly listed companies and insurance companies were awarded during the in-person ceremony at the Manila Marriott hotel.
The preferred shares were offered to the public from September 5 to 13. Dividend rates for Series 4D (PRF4D) and 4 e (PRF4e) are 6.8364 percent per annum (p.a.) and 7.1032 percent p.a., respectively, and were priced at the low end of the marketing range.
The offer marks the second tranche of the company’s 50 million shelf-registered Peso-denominated preferred shares. The proceeds will be used to redeem the company’s Series 3A Preferred Shares and fund general corporate purposes, among others.
The oil company partnered with BDO Capital & Investment Corp. as its Sole Issue Manager, and together with Bank of Commerce, China
The company also reported strong volumes both in its core markets in the Philippines and Malaysia. It sold 69.1 million barrels in the first six months, up 20 percent from the 57.6 million barrels sold in the same period last year. The solid outcome is fueled by the sustained performance of key segments, particularly retail and exports.
Broken down per country, Petron’s sales volumes in the Philippines rose 27 percent to 44.4 million barrels, while volumes from its Malaysian operations grew by 9 percent to 24.7 million barrels. Petron’s combined service station network reached 2,600 outlets in the Philippines and Malaysia. Sales to industrial accounts likewise rose by 9 percent mainly on higher jet fuel and LPG demand.
It has a combined refining capacity of 268,000 barrels per day and produces a full range of world-class fuels and petrochemicals. It operates about 50 terminals in the region.
photo from www.petron.Com
Banking&Finance DBP Charter hurdles final reading in Senate
By Butch Fernandez @butchfBM
THE Senate approved on third and final reading last Monday a bill seeking to augment the capacity of the Development Bank of the Philippines (DBP) to support important sectors and significantly contribute to the economic development of the country.
Sen. Mark A. Villar, author and sponsor of Senate Bill (SB) 2804 otherwise known as the New DBP Act, stressed the imminent need to amend the charter of the stateowned lender.
“One of our advocacies here in the Senate is to future-proof our economy and stimulate economic activity, in line with the Philippine Development Plan 2023-2028. One of the ways we can achieve this is to broaden the financial inclusion and accessibility of Filipinos needing additional resources for development projects. This is the very mandate of the DBP, to provide development financing for Filipinos,” Villar said.
“Therefore, we are promoting amendments to the DBP Charter
to give the institution additional capacity to deal with the increased demands for financial resources of different projects from vital sectors. Aside from the additional access to financial resources that DBP can provide, employment for more Filipinos is also one of the outcomes we can ensure with these proposed amendments,” he added.
Koko abstains
HOWEVER, Senate Minority Leader Aquilino Martin “Koko” dlL. Pimentel III abstained from the vote, citing, among others, the DBP’s failure to provide senators the names of persons and entities whose loans to DBP were written off, and “my doubts [were] reinforced by incomplete in-
Buying non-essentials: How to know if it’s worth purchasing
THERE’S no debate on how we should prioritize our necessities to make sure that we first spend on our NEEDS before our WANTS.
After successfully budgeting for our necessary expenses, it feels good to have money left for the non-essential stuff—things that are simply nice to have, especially if they’re something that we’ve wanted for some time already.
These are called discretionary expenses. And you shouldn’t feel guilty about spending your money on them.
However, it’s still important to be prudent about our purchases. You don’t want to regret a bad purchase or suffer from buyer’s remorse. Because, after all, that is still your hard-earned money that went to waste.
So how do you know if a nonessential item is worth buying or if it’s better to skip it and spend your money on something else? Here are five questions to ask yourself that can help you decide.
1. Can I afford it? Go back to your budget and check if all your needs are already covered. Think about your upcoming necessary expenses. Consider the next few weeks, up to the next couple of months, to ensure you’re not forgetting anything important.
2. How will this bring value to your life? You need to have a good reason for buying the item, and it should not be just because you want it or you like it. Think about its utility and purpose. Is it going to be useful to you? Do you see yourself using it often? If you’re unsure, you may borrow from someone first and see if it’s something you’d want to have.
Early this year, I wanted to buy a mechanical keyboard, but I wasn’t sure if I’d like to use one. So, I borrowed my friend’s first. After a week, I did enjoy its utility, so I eventually bought one for myself. Avoid accumulating useless stuff. You don’t want clutter to build up in your home because studies show it affects productivity and mental health.
formation.”
Pimentel also disagreed with the Section 7 of the bill.
“I have reservations about Section 7 or the “Authorized Capital Stock–Par Value,” which states that “the bank may allocate part or all of its unrestricted retained earnings towards increasing the National Government’s paid-up capital stock.”
According to Pimentel, it’s in his opinion “that all shareholders have a stake in the unrestricted retained earnings.”
“Also, the law must recognize the distinct juridical personality of the bank from the juridical personality of the national government as a shareholder of the bank. We cannot dissolve this legal distinction in the name of expediency,” he added.
Lastly, Pimentel took issue “with the decision of the DBP not to provide the Senate, through this representation, with the names of debtors whose debts were written off.”
The DBP has cited Section 22 of Executive Order 81 (Prohibition on Officers and Employees of the Bank, as amended), which states that “[E]xcept as required by law, or upon order of a court of competent jurisdiction, or the express order of the President of the Philippines or written permission of the client, no officer or employee of the bank shall reveal to, nor allow to be examined, inquired or looked into, by any third
person, government official, bureau or office any information relative to details of individual accounts or specific banking transactions: Provided, that in respect to deposits or whatever nature, the provisions of existing law shall apply.”
However, Pimentel argued that “even for debts written off, the bank is under obligation to exhaust all efforts, including the institution of court cases, to collect these debts.”
3. Is it durable? Even if it’s non-essential, you don’t want to keep buying something because it keeps breaking. Moreover, buying a durable brand or model makes it possible to resell the item once you no longer want it.
4. Are you buying this on impulse? Even if you can afford it, buying something impulsively is never a good idea. You could be missing out on a better deal somewhere or simply after the retail therapy and not the actual item itself.
My rule is to give myself a few days, sometimes up to a month, before buying anything unnecessary. Even if the item is on sale, I still give myself time before I buy it. I’d walk around the mall and check other stores or grab a snack first. This allows my mind to really consider whether it’s worth buying. On several occasions, I decided against the purchase because I realized it would be a frivolous expense.
5. Is there something else that I want to buy instead? Lastly, think about all the things you want to buy. Consider that perhaps it’s better to save your money now and use it for something else in the future—another item that you’ve also wanted to buy. Remember that when you say YES to a purchase today, you also say NO to something you could buy tomorrow. So, make sure you won’t regret spending on that item when you realize there was something better you could’ve bought.
Fitz Villafuerte is registered financial planner of RFP Philippines. His views in this column do not necessarily reflect those of the BusinessMirror’s. To learn more about personal-financial planning, attend the 109th RFP program this October. To inquire, e-mail info@rfp.ph or text at 0917-9689774.
As of December 2023, the DBP’s loan portfolio allocated 55.6 percent to infrastructure and logistics, 21.8 percent to social infrastructure, 11 percent to environmental loans and 5.7 percent to micro-scale, small and medium-sized enterprises, among others.
Salient features
THE salient features of the New DBP Charter include the following: increase in authorized capital stock; issuance of shares to the general public; designation of the Secretary of Finance as the ex-officio chairperson; and, the engagement in financial leasing in connection with government projects.
“In the efforts to collect, particularly the institution of court cases, surely the bank would have to disclose the names of these debtors as the named defendants. I am of the opinion, therefore, that these written-off debts are not included in the accounts or transactions, which cannot be inquired into. It is essential to examine these accounts to ascertain accountability,” the solon added.
Villar said by projecting focus on assisting vital sectors such as infrastructure and logistics, social infrastructure, micro-enterprises and environmental projects, the country will soon achieve inclusive growth through sustainable financial inclusion, “thereby bringing us closer to a robust economy and comprehensive development.”
For his part, Sen. Joel Villanueva said he supported the bill because, beyond its decades-long “funding for industrial and agricultural enterprises in the countryside,” the DBP will now be enabled under the new charter to pour in more resources to fund development ventures and push financial inclusion.
‘Baa2’ affirmation lifts hope for A-level rating in ’28
By Jovee Marie N. dela Cruz @joveemarie
THE affirmation by Moody’s
Ratings the country’s investment-grade rating of “Baa2” with a stable outlook boosted a view the Philippines will obtain an upper-medium grade before President Ferdinand R. Marcos Jr. ends his term in 2028.
“I think, before the end of [President Marcos’s] term in 2028, the country will be at the A-level ratings,” House Committee on Ways and Means Chairman Joey Sarte Salceda said through a statement.
“The global environment is challenging: high energy and food prices persist and overall sentiment is
gloomy, especially with China’s slowdown and continuing challenges in Europe,” Salceda said. “And yet, the country’s prospects remain strong. This is in large part due to the President’s decisively pro-investment and fiscally-responsible policies.”
The lawmaker also expects a brighter investment outlook once pro-investment measures like the Create More Act take full effect.
The Create More initiative aims to enhance the country’s fiscal-incentives system, offering doubled tax deductions for power costs, extended incentive periods, simplified tax and business processes and a lower corporate income tax rate for registered enterprises.
“We are also working with the
AUB opens fifth territory for users of e-wallet app
By Cai U. Ordinario @caiordinario
THROUGH its partnership with Alipay Connect Pte. Ltd. (Alipay+), the Asia United Bank Corp. (AUB) has brought HelloMoney to Singapore, making the city state the fifth market where users of the app can make e-wallet payments.
The other four markets are Japan, South Korea, Malaysia, and Hong Kong SAR. AUB and Alipay+ are also keen on expanding HelloMoney to more destinations “to provide greater convenience to Filipino travelers and workers.”
“The more we bring HelloMoney closer to more users, the more we can make mobile banking easier and help more merchants grow their business globally,”
said Wilfredo E. Rodriguez Jr., AUB executive vice president and head of the lender’s operations & information technology unit.
It is estimated that about 200,000 Filipinos live and work in Singapore with 84 percent composed of overseas workers. Singapore also attracted some 700,000 Filipino tourists in 2023.
HelloMoney users can pay via QR code in all merchants that carry the Alipay+ logo. In Singapore, HelloMoney users can make their transactions using QR codes.
By scanning the Singapore Quick Response Code (SGQR), the country’s as well as the world’s first unified payment QR code, Filipino travelers and workers can make payments even at hawker food stalls.
“With Alipay+’s global presence through its integration with local merchants worldwide, our HelloMoney users will have a wider reach in payment acceptance while ensuring a safe and secure digital transaction,” Rodriguez said.
Five years after AUB launched HelloMoney, ahead of the COVID-19 pandemic, the number of approved registrations has grown to more than two million as of the first half of 2024, the lender said.
Aside from enabling users to open an account without going to a physical branch and perform bank-to-bank fund transfers, HelloMoney can also be used to buy prepaid load, remit money through PeraPadala, pay via QR code, settle bills, withdraw via ATM, and shop online using the HelloMoney’s virtual Mastercard.
The e-wallet also enables members of state-owned pension fund Pag-IBIG Fund to manage their account and perform banking transactions through the Pag-IBIG Loyalty Card Plus.
President and the rest of Congress for reforms to boost the capital and investment markets. That will grow our base further,” Salceda said.
He pointed to other positive economic indicators, such as the growing balance of payments surplus, which rose from $62 million in June to $88 million in July, as well as controlled inflation and the timely approval of the 2025 national budget.
“I’m sure we will get an upgrade in rating or outlook from one of the Big Three next year,” Salceda added, referring to Moody’s Investors Service Inc., S&P Global Inc. and Fitch Ratings Inc.
Last month, Japan-based Rating and Investment Information Inc. (R&I) upgraded its rating on the Phil-
ippines to “A-” from the “BBB+” with positive outlook last year.
“What the Japanese credit rating agencies seem to understand better than the Western credit rating agencies is that the Philippines never defaults on its foreign loans,” Salceda explained. “It [R&I] has an unbroken line of generally fiscally-conservative finance ministers and it holds the limits to fiscal deficit spending almost like a religious tenet.” The lawmaker added that “as our biggest lender, investor, and trading partner, Japan understands this country’s fundamentals better than any other country in the world.”
“And I’m sure the Big Three will follow, especially if growth tracks targets this year,” Salceda said.
By Reine Juvierre Alberto
LOCAL government units (LGUs) and non-government organizations (NGOs) can earn up to 50 percent of proceeds from bingo events conducted by the Philippine Amusement and Gaming Corp. (Pagcor).
The Pagcor explained through a statement it issued last Monday that the move improves its “Community Bingo” or “Bingo for A Cause” program to support LGUs and NGOs in raising more funds for their sociocivic programs.
Assistant Vice President Maria
Teresa D. Ocampo said the Pagcor has approved new packages for the donation of proceeds of bingo events.
There are a total of five bingo packages with ticket prices sold for as low as P100, P200, P300, P500 and P1,000 each by LGUs and NGOs depending on the package they choose, according to Ocampo.
For Package 1, tickets are priced at P100 with a ticket quota of 1,200. Beneficiaries may receive P48,000 while Pagcor will have a share of P72,000 from the P120,000 in gross sales.
Beneficiaries will be receiving half or P120,000 from the P240,000 in gross sales of bingo tickets priced at P200 with a 1,200 ticket quota.
Meanwhile, LGUs and NGOs will also receive half or P180,000;
P250,000; and P800,000, respectively, from Packages 3, 4 and 5, with ticket prices set at P300, P500 and P1,000. According to the Pagcor, the “Community Bingo” was established to accommodate requests of various socio-civic groups for financial assistance to fund their projects. It must be conducted at a specified venue and in areas far from Pagcor-operated Casino Filipino bingo operations, the state casino operator added.
Ocampo, who also heads Pagcor’s Bingo Department, said the “Bingo for A Cause” will allow communities and organizations to “enjoy the fun and thrill of bingo games in a lawful way” while giving contributions for worthy causes.
“Like any game of chance, only Pagcor has the mandate to authorize bingo activities, hence bingo games without Pagcor’s permission are illegal,” she added.
“We thus remind our partner communities and organizations to first coordinate with Pagcor’s Bingo Department if they plan to organize bingo events and explore partnership opportunities with us,” Ocampo said. Under the bingo program, Pagcor will conduct the bingo event and provide bingo equipment, audiovideo system and paraphernalia as well as the payout, raffle prizes and manpower.
This September 23, 2024, photo shows Sen. Mark A. Villar speaking after the New DBP Act was approved on third and final reading at the Senate. Villar expressed his gratitude to his colleagues who supported and were instrumental for the enhancement of the bill. CREDIT: SEnaTE PublIC RElaTIonS anD InfoRmaTIon
perSonal finance
fitz Gerard Villafuerte
Art BusinessMirror
MBFI mounts retrospective exhibit to celebrate MADE’s 40th anniversary
THE Metrobank Foundation Inc. (MBFI) marks the 40th anniversary of its Metrobank Art & Design Excellence (MADE) program with a massive, interactive exhibition, replacing this year’s edition of the annual competition that recognizes young artistic Filipino talent. It was announced during the exhibition opening that the MADE competition will return next year with a “new chapter.”
By Eugenia Last
Titled Sibol, the retrospective exhibition showcases a curated selection of MADE-winning artworks throughout the years, featuring awardees who have become some of today’s most prominent names in the art scene. The month-long exhibit is open to the public, free of charge, and runs from September 20 to October 19 at the Metropolitan Museum of Manila in Bonifacio Global City.
“We celebrate four decades of the Metrobank Art and Design Excellence through a milestone exhibition of our rich art collection that stands as a testament to the power of artists as the nation’s storytellers,” MBFI President Aniceto M. Sobrepeña said during the exhibit opening.
MADE traces its roots in 1984 when it was launched as a painting competition under the leadership of late Metrobank Group founder and art patron Dr. George S.K. Ty, “a firm advocate for the transformative power of art,” Sobrepeña said. Over four decades, MADE has evolved from a competition that serves as a starting point for the career of young Filipino artists to a well-rounded platform designed to help them thrive.
MADE’s journey is chronicled in Sibol through 40 winning artworks from the program’s permanent collection, vis-à-vis contemporary pieces by the featured MADE awardees. This narrative of honoring
MADE’s story, as the program is set to bring back its competition format next year with changes that keep up with the times.
“We started our 40th year by taking a break from our usual competition to be able to revisit and reaffirm the mission of MADE,” Sobrepeña said.
“From this pause, we realized that our commitment to nurturing young Filipino artists and promoting Philippine culture has borne fruit. Now is the time to move toward sustainable artistic development for our young artists.”
The MADE competition is poised for a return in January 2025 with “fresh innovations” for young artists and stakeholders. A key feature is the launch of a dedicated competition portal, designed to function as a comprehensive information hub. The portal is a centralized digital platform that streamlines the submission process for entrants, improves the judging process for the Judges, and accommodates the evolving needs of the competition. MADE will likewise collaborate with Eskinita Art Farm for three-month art residency scholarships for the 2025 Grand Awardees recognition programs, providing a supportive environment for art creation and focused mentorship. It was also announced that The Metropolitan Museum of Manila, or The M, will continue to be MADE’s premier exhibition partner for its annual recognition programs.
Meanwhile, through the curatorial partnership
by Fine Arts Department head and curator Sandra Palomar, the Sibol exhibition goes beyond the traditional museum experience. The M’s lower level features MADE-winning entries through the years, while juxtaposed in the upper level are the more recent works of the featured artists, showcasing their artistic evolution since winning the MADE competition.
Present during the Sibol opening were some MADE awardees who have become prominent names in the industry. The list includes Roberto Feleo, Elmer Borlongan Mark Justiniani, Alfredo Esquillo, Mark Andy Garcia, Raffy Napay, and Noel Elicana. There as well were Paul John Cabanalan, Marc Cosico, Maria Taniguchi, Leeroy New, and Yeo Kaa.
Sibol focuses on the life cycle of a formidable collection of works of art, showing artists at the starting point of their practice up to their later works. It connects us with our past while looking into the future,” Palomar said. The curator added they have made the exhibit immersive and multi-sensorial, noting how Filipinos are “tactile and sensual in their way of fully understanding what it is to be alive.”
“In this exhibition,” she said, “we will allow you to use other senses than just our sight to do so in creative ways.”
Installed around The M for Sibol are eight sensory
Blockbuster international Zóbel show makes Asian premiere at Ayala Museum
FOLLOWING its highly acclaimed run at Museo Nacional del Prado in Madrid where it attracted an impressive 80,000 visitors in 2022, the multimedia exhibition Zóbel: The Future of the Past made its premiere in Asia at Ayala Museum on September 14, 2024. The museum proudly presents this show on the occasion of its 50th anniversary, Zóbel’s birth centenary, and the Ayala Corporation’s 190th anniversary. Co-curated by Felipe Pereda, the Fernando Zóbel de Ayala Professor of Spanish Art at Harvard University, and Manuel Fontán del Junco, Director of Museums and Exhibitions at Fundación Juan March, Madrid, the exhibition showcases the artist Zóbel’s ability to bridge artistic traditions across Asia, America, and Europe.
Zóbel: The Future of the Past was only the second exhibition at the Prado dedicated to modern art by a 20th century artist, the first being Pablo Picasso.
The Manila iteration of the exhibition features over 200 works by Zóbel, including never-before-seen sketchbooks, offering an in-depth exploration of his contributions to modern art and his role as a pioneering figure in the global and diverse nature of contemporary culture. The exhibition also illustrates how the study of the past remains relevant to the development of artists in the present. Zóbel himself was a prime example of this, arriving at his fresh and innovative approach to painting and understanding of art after he studied and contemplated the works of old masters, ancient calligraphy,
archeological objects, literature, and the like.
A scion of the Zóbel de Ayala family, Fernando Zóbel (1924-1984) grew up in Manila and Madrid. After being caught by World War II in Manila, Zóbel left in 1946 to study at Harvard University, majoring in history and literature and graduating magna cum laude. During his Boston years, he discovered his talent in painting, drawing, and printmaking, fueled by associations with painters from the Boston School. He was also exposed to the works of Bauhaus artists, eventually meeting the leading abstract expressionists in New York.
When he returned to Manila in 1951, he worked for the family firm but also became immersed with early Filipino modernists, such as Vicente Manansala, H. R. Ocampo,
and Cesar Legaspi. Local artists regarded him as a “window to modern art.” Later, he pursued non-objective art with Arturo Luz and Lee Aguinaldo. He studied other artistic forms such as Chinese calligraphy, Japanese sumi-e painting, Philippine colonial religious art and architecture, as well as archaeology. As part of the celebrations marking Fernando Zóbel’s birth centennial, the 190th anniversary of Ayala Corp., and the 50th anniversary of Ayala Museum, Zóbel: The Future of the Past serves as a significant cultural milestone, honoring Zóbel’s enduring artistry, legacy and his role in heralding modern art in the Philippines and in Spain. The exhibition is ongoing until January 26, 2025.
good decisions. ★★
TAURUS (April 20-May 20): Do what you can to bring about positive change. Embrace what makes you feel good about yourself and what you can do to help others. Let empathy and compassion lead the way, and the response and help you receive will lead to achieving your
GEMINI (May
to open the door to the possibilities within reach. ★★★
CANCER (June 21-July 22): Pick up the pace and set your sights on what matters to you. How you approach your objective will significantly affect the outcome and your reputation. Trust your instincts and follow through with your plans, regardless of who decides to help and who doesn’t. ★★★
LEO (July 23-Aug. 22): Size up situations and make decisions. Taking too long to ponder things you cannot change or don’t want to be a part of will waste valuable time that you should spend pursuing positive ventures. Be the one to find solutions and to make a difference. ★★★★
VIRGO (Aug. 23-Sept. 22): Be open, learn all you can and make choices conducive to lifestyle improvements and achieving a stable and secure position at work and home. Use your imagination, compromise and avoid letting excess seep into your plans. Participate in debates that encourage truth and exciting connections. ★★
LIBRA (Sept. 23-Oct. 22): Take a deep breath and put ego and emotions aside. It’s time to do what’s best for you and to let go of what’s dragging you down. An aggressive move or lifestyle change may daunt you, but it will inevitably kickstart your efforts to forge ahead. ★★★★★
SCORPIO (Oct. 23-Nov. 21): Pamper yourself, rejuvenate and participate in something that sparks your imagination and offers a unique perspective and awareness of what’s possible. Time is on your side; evaluate prospects, and you’ll make better choices. Networking and social events will offer insight into what you want to pursue.
SAGITTARIUS (Nov. 22-Dec. 21): Stay focused on what’s at stake and how to get things done on time and to your satisfaction. Refuse to let anyone interfere or lead you astray. A deal someone hypes will fall short of your expectations. Fend for yourself and pat yourself on the back.
CAPRICORN (Dec. 22-Jan. 19): Dream on and turn your hopes and wishes into a reality. Please don’t settle for less than what you want or give in to someone only looking out for themselves. Make domestic changes that will help you finish what you start and encourage you to believe in yourself.
AQUARIUS (Jan. 20-Feb. 18): Opportunity begins with you. Consider what you want and make it happen. Participation is necessary if you want to reach your destination. Take the initiative to listen, assess what you hear and use suggestions and information that make you comfortable and capable of achieving your goal.
PISCES (Feb. 19-March 20): Let your feelings lead the way, and your actions speak for you. Don’t be shy. Put your best foot forward, and you’ll attract those who share your beliefs and can contribute to your success. Dismiss
KATE the Princess of Wales
Kate, the Princess of Wales, makes first public appearance after cancer treatment
LONDON—Kate, the Princess of Wales, made her first public appearance Sunday since she announced she had completed chemotherapy and would return to some public duties. Kate and her husband, Prince William, were seen Sunday attending church with King Charles III and Queen Camilla near their royal Balmoral estate in Scotland.
Kate, 42, announced on September 9 that she had completed treatment six months after revealing she had an undisclosed type of cancer. Her announcement came six weeks after Buckingham Palace announced that the king was being treated for cancer.
In a video announcing her progress, she said the path to full recovery would be long and she would take it day by day. She said she would undertake some limited engagements through the end of the year.
While she stepped away from most public duties during her treatment, Kate made two appearances earlier this year.
First, during the king’s birthday parade in June, known as Trooping the Colour, and most recently during the men’s final at Wimbledon in July, where she received a standing ovation. AP
MBFI MOUNTS RETROSPECTIVE EXHIBIT TO CELEBRATE MADE’S 40TH ANNIVERSARY
Continued from B4
stations and activities designed to elevate the artviewing experience. The auricular or hearing station, for instance, accompanies Mark Justiniani’s painting, titled Last Trip, which won 1st prize in the oil/acrylic on canvas category of the 1990 MADE competition. The scene illustrates cramped-up passengers in a jeepney, their body language signaling exhaustion and faces resigned. Beside the artwork is a set of radio cassette and tapes, which invites the audience to play and “press stop when you feel you have arrived at your destination.”
“This is a scene on a trip from Manila to Antipolo,” Justiniani said during the curatorial walkthrough. “I remember using the prize money I got from MADE to buy my first good easel and paints. I also bought a radio cassette.”
Elsewhere is an olfactory station that accompanies Roberto Feleo’s polychromed wood piece, titled August 6, which was part of MADE’s inaugural edition in 1984. The artwork refers to the day an atomic bomb was dropped on the city of Hiroshima in Japan. Beside the unique piece is a title card, where the audience can get a whiff of old wood.
Sibol is made interactive as well with advanced technologies through MADE’s partnership with Samsung Philippines. Augmented reality, holograms, virtual reality (VR), and digital canvasses are integrated with artworks using tablets, VR headsets and other provided devices. Through its annual competition, workshops, artistic development program, partnerships, and community outreach programs, MADE has “provided a platform for Filipino artists to express creativity, nurture artistic development, connect with peers, and contribute to the nation’s rich cultural heritage.” To date, more than 200 artists have been recognized by the program.
Sibol is on view at the 2nd Floor, North and 3rd Floor, South Galleries of The M (formerly Metropolitan Museum of Manila) in Bonifacio Global City until October 19. The galleries are open from 11 am to 6 pm on Tuesdays to Fridays, and 10 am to 6 pm on weekends. n
Nonie Buencamino in a league of his own
CCLAIMED thespian Nonie Buencamino
Acontinues to get rave reviews for his tour de force in Tanghalang Pilipino’s reworking of a Rody Vera material first staged more than two decades ago. It was adapted from Tree, a 1978 novel of National Artist for Literature
F. Sionil Jose.
We spoke to Buencamino recently, saw and felt how excited he is about this wonderful opportunity to give life to the characters (yes, and not just or two!) that he brings to the stage and shares with his audience.
“After I performed a poem from F. Sionil Jose’s necrological service in 2022, Chris Millado whispered to me that I was ripe for the role. I was offered the role of Francisco early this year and I thought that maybe it was time to break my four-year hiatus from theater,” Buencamino recalled.
When he accepted, he was aware that he would have to set aside temporarily his work on television and film for the duration of the period that will cover preparations and rehearsals, up until the last day of performances. Buencamino is a much revered and sought-after award-winning actor and his name alone adds premium to any project or series he commits himself to.
He is also aware that once he starts working on Balete, he needs all the energy he can store and release. “The multiples roles I play require me to be very fit. By coincidence, I had already started my low carb, carnivore diet late last year and I consistently workout. I’m glad I reached a certain level of fitness already by the time we started. I couldn’t have done the project had I still weighed 220 pounds. I lost 42 pounds and I am certainly happy about it.”
When not caught up with work and hectic schedules, Buencamino works out, watches shows on streaming platforms and trains dogs.
One thing that got Buencamino more excited to work on Balete is the chance to work with his daughter Delphine, who is both the associate director to Millado and movement director for the production.
“This is the first time that Delphine and I formally worked together.
very blessed. I am thrilled to experience how much she has grown in her craft. I am delighted by her evolving creativity and acquired skills as a movement director. She was away for some time to take her Masters in Physical Theater in the UK and it was all worth it. I am certainly a super proud dad.”
Buencamino continued, “Balete is an entertaining, informative and exciting piece helmed by Chris Millado and it will leave the audience reflecting on their own lives to some extent. It is also a product of a relatively progressive method of devising which my daughter Dephine used to achieve Millado’s vision.”
Our chat then led us back to memory lane and Buencamino happily shared his many memories as a young student. “I was always chosen to join elocution and speech contests during my grade school years at the Ateneo. Then I transferred to Southridge where I met Paul Dumol, then school director and a teacher who later on became my very first theater mentor. He got me invovled in a lot of Christmas presentations in Southridge, and I remember he also directed me and two other schoolmates to represent our school in a Shakespeare acting competition. Mr. Dumol later on suggested that I join a Repertory Philippines summer workshop, which I did. I was around 15 then and I guess that started it all.”
and I also did plays for Tanghalang Pilipino at the Cultural Center of the Philippines, becoming one of the first members of its Actors’ Company under the mentorship of Nonon Padilla, with Shamaine Centenera, who would later on become my girlfriend and eventually my wife. Shamaine and I started a family and we both got into show business after that.
The rest is history.”
We asked if there are unforgettable projects or dream roles in his list and he replied, “There is no project I aspired for which I did not get to do that was that important for me to remember. I continue to be grateful for the good roles that come my way,” adding with a wide grin, “especially the good-paying ones.”
For someone who has reached his esteemed stature, Buencamino has this advice to give to the younger generations. “They should keep themselves patient and focused, and master a craft that they truly love. You have to love what you do because that will make you persistent even when things seem difficult and hopeless.”
Indeed, Nonie Buencamino is a quintessential artist. He is certainly in a league of his own.
n Balete runs on all weekends until October 6 at the Tanghalang Ignacio Jimenez of the Cultural Center of the Philippines.
LADY GAGA ON MUSIC WITHIN ARTHUR FLECK IN ‘JOKER: FOLIE À DEUX’ FOR Joker: Folie à Deux writer/director/producer Todd Phillips, using the music within Arthur Fleck was an easy decision for the sequel. “There’s a romance to Arthur in the first film, like when he dances in the bathroom,” says Phillips. “Arthur has music in him. That was a logical leaping off point for the sequel.” Adds Joaquin Phoenix, back in his Oscar-winning role of Arthur Fleck/Joker: “We started talking about music very early on.”
YOUTH-ORIENTED
IN an exciting blend of teen drama and musical elements, GMA Public Affairs proudly presents MAKA, its latest youth-oriented series that crosses generational boundaries and resonates with audiences of all ages. It premiered on September 21, and airs every Saturday at 4:45 pm. MAKA features a talented ensemble of Gen Z actors, including Sparkle stars Zephanie, Ashley Sarmiento, and Marco Masa, along with Sparkle teen talents Olive May, John Clifford, Dylan Menor, Chanty Videla from the K-Pop group Lapillus, Sean Lucas, and May Ann Basa, also known as Bangus Girl. The series explores the relatable challenges Gen Z faces today, while also highlighting their interactions with other generations—millennials, Gen X, and boomers. It features the world of high school students enrolled in the Arts & Performance (A&P) section of the public school Douglas MacArthur High School for the Arts under Sir V, played by seasoned actor Romnick Sarmenta. An accomplished but infamous artist, Sir V returns to his hometown and reluctantly accepts a teaching position at a local public school—the Douglas MacArthur High School for the Arts, or MAKA. Through his unexpected role as a mentor, he discovers that both he and his students have much to
learn from each other. Joining Romnick are fellow That’s Entertainment alumni Tina Paner, Jojo Alejar, Sharmaine Arnaiz, and Maricar De Mesa, with veteran actress Carmen Soriano completing the all-star cast. Directed by best-selling author Rod Marmol, the series continues GMA’s tradition of producing exceptional youthoriented programming, reminiscent of iconic shows, like T.G.I.S. and Click. With its fresh and innovative storytelling, MAKA skillfully merges relatable themes with a modern twist. Romnick, working with the young Sparkle stars for the first time, is eager to build connections with his co-stars. “I enjoy getting to know more people, especially from that age group, kasi kaedad nila ’yung mga anak ko. It gives me an insight into how I can better understand my own children,” Romnick shared in an interview with GMANetwork.com. He adds, “It gives me the opportunity to learn more about their generation and their individual stories. Hopefully, I can share some of my own experiences that might be helpful to them.” MAKA can be seen via GMA and the Kapuso Stream. Global Pinoys can watch it via the international channel GMA Pinoy TV.
In the new film, Arthur Fleck/Joker is institutionalized at Arkham awaiting trial for his crimes as Joker. While struggling with his dual identity, Arthur not only stumbles upon true love, but also finds the music that’s always been inside him. “We had to perform live and perform the songs in ways that maybe weren’t the most beautiful renditions of the song,” says Phoenix, laughing. “There was something very exciting about that.”
Lady Gaga, who joins Phoenix in Joker: Folie à Deux as Harley Quinn, shares why the music Arthur has is important. “This music within him, it’s messy, chaotic,” says the Grammy winner. “It’s expressing the complexity of love and in a way brings Arthur to life.” Joker: Folie À Deux, distributed in the Philippines by Warner Bros. Pictures, opens only in cinemas on October 2.
More information can be found at www.gmanetwork.com and the social media pages of GMA Public Affairs.
GMA Public Affairs presents MAKA, its latest youth-oriented series that crosses generational boundaries and resonates with audiences of all ages.
JOAQUIN PHOENIX as Arthur Fleck/Joker and Lady Gaga as Harley Quinn in Joker: Folie à Deux
Mondelēz International asks you to ‘Trash Right’
AS part of its ongoing commitment to sustainability, Mondelēz International recently held a two-day workshop on marine litter with advocacy group Save Philippine Seas for the 27 public elementary schools in its home City of Parañaque. This initiative is central to the company’s Southeast Asia-wide flagship sustainability program “Trash Right,” aimed at fostering a circular economy for plastic and empowering communities, especially the youth, to adopt responsible waste management practices.
More than an environmental campaign “Trash Right” demonstrates the organization’s mission to lead the future of snacking by providing the right snack, at the right moment, and made in the right way. The program collaborates with local waste management experts like Save Philippine Seas to address pressing waste issues, educate the public on proper waste segregation, and facilitate sustainable waste solutions through recycling and upcycling.
“As the global leader in snacking, we recognize our responsibility in driving meaningful change in our communities. Through our ‘Trash Right initiative’ we are empowering individuals, especially the youth, to adopt responsible waste
management practices,” said Caitlin Punzalan, the Corporate and Government Affairs Lead of Mondelēz International in the Philippines. Central to the initiative is its focus on education. By engaging students, families, teachers, and surrounding communities, Mondelēz International seeks to instill a culture of waste-sorting that begins at the grassroots level. The initiative also emphasizes the importance of facilitating waste collection and segregation, with a particular focus on schools. Through these efforts, the Company hopes to encourage communities to adopt sustainable practices, contributing to a circular economy for plastic waste.
Anna Oposa, Executive Director of
Save Philippine Seas, highlighted the importance of this initiative, stating, “The Marine Litter Learning Kit workshop is a significant step towards empowering our communities to adopt sustainable waste management practices. We’re happy to be part of Mondelēz International’s Trash Right program by providing information to teachers, who help guide our youth. By engaging the younger generation, we are not only addressing immediate waste issues but also fostering a culture of environmental stewardship that will benefit future generations.”
Save Philippine Seas, a non-profit organization dedicated to conserving coastal and marine resources, plays a crucial role in this initiative. Through their advocacy, they engage and inspire individuals to take collective action in preserving the environment, aligning closely with the program’s goals.
Running from August to September 2024, the “Trash Right” program reflects Mondelēz International’s broader goal of enhancing sustainability within the snacking industry and creating a more sustainable and environmentally conscious society. The program will culminate in a 1-month plastic collection drive in the aforementioned twenty-seven schools, engaging thousands of children to learn the habit of proper waste management.
By helping reduce plastic waste and empowering communities to make lasting changes, the company is paving the way for a more sustainable future that will continue to inspire positive change.
ADVANCING A SUSTAINABLE ENERGY FUTURE. Meralco Executive Vice President and Chief Operating Officer Ronnie L. Aperocho (right) shares his insights on renewable energy and energy efficiency opportunities in the country during the 7th Annual Energy Forum hosted by the American Chamber of Commerce of the Philippines, Inc. Aperocho joined a panel of distinguished energy industry executives including ACEN Managing Director Miguel De Jesus (left), and BlueFloat Energy Acting Country Manager Armando Gamboa (center) in discussing growth prospects towards the achievement of a sustainable energy future. During the panel discussion, Aperocho advocated for investments in solar with battery storage projects as part of the transition to green energy and emphasized the need for smart grids and smart metering to allow the greater integration of renewable energy. “We have sustainable projects to make our grid resilient and smarter, and able to support renewable energy integration,” Aperocho said. “Meralco is always here to support all the initiatives to really drive a more efficient electricity market here in the Philippines.” Meralco, through its overarching sustainability agenda “Powering the Good Life”, is accelerating its transition to green energy by leveraging new technologies such as nuclear energy and battery systems with the goal to become coal-free by 2050.
NEXTASIA Land Inc. Inaugurates New Headquarters in Alabang
work and dedication of our entire team, as well as the unwavering support of our partners. Together, we are not just building structures—we are building a legacy. Thank you all for being here, and for your continued trust in NEXTASIA Land. As we move forward, let us continue to unlock the future—today.”
Madrigal Business Park, Ayala Alabang, Muntinlupa City. The event was graced by prominent figures, including Edgardo G. Lacson, Director of the Philippine Stock Exchange, Chairman of several companies engaged in coastal shipping, trading, information technology, environmental services, food and real estate and Arsenio Ruelo, VP/Division Head of BPI Commercial Banking who participated in the ceremonial ribbon-cutting alongside NEXTASIA Land’s CEO and President, Cris Y. Carreon.
NEXTASIA Land is a rapidly emerging real estate developer dedicated to creating the communities of tomorrow, today. Through their visionary approach, innovative designs, and focus on community engagement, NEXTASIA Land strives to provide future-proof, digitally-enabled, value-oriented, and sustainable living spaces.
The new office space, which embodies the company’s growth and commitment to excellence, was blessed by a priest in a traditional ceremony, marking the beginning of a new chapter for the company. During his opening remarks, Carreon expressed his heartfelt gratitude to the assembled guests, partners, and team members, stating: “As we inaugurate this new space, we are reminded that every step forward is a testament to the hard
He further emphasized the importance of collaboration and support from various stakeholders, which have been integral to the company’s success, and looked forward to future achievements as
NEXTASIA Land continues to build not just structures but the dreams and aspirations of the communities it serves.
The new office, strategically located in the heart of Alabang’s business district, is designed to support NEXTASIA Land’s expansion plans, fostering an environment of innovation and productivity. This move aligns with the company’s vision of maintaining a strong presence in the industry while delivering exceptional value to its clients and partners.
Newport World Resorts, partners team up for relief operations, Brigada Eskwela efforts
OVER a hundred volunteers from Newport World Resorts, its international hotel brands, and partners participated throughout the two-day Brigada Eskwela activities.
OVER 100 volunteers from Newport World Resorts, its international hotel brands, and partners participated in the two-day Brigada Eskwela activities.
Driven by one mission, Newport World Resorts’ leaders, employees, including those part of its five international hotel brands, and extensive network of partners, have extended aid to communities affected by recent calamities and bolstered the country’s Brigada Eskwela efforts.
Newport World Resorts, in coordination with ABSCBN Foundation’s Sagip Kapamilya, handed over a total of 1,627 kilos of gently used blankets, linen, and pillows to the communities devastated by Super Typhoon Carina. The in-kind donations were sourced from its five international hotel brands—Hilton Manila Hotel, Hotel Okura Manila, Holiday Inn Express Newport City, Marriott Manila, and Sheraton Manila Hotel.
Moreover, Newport World Resorts also partnered with The Philippine Air Force for the immediate deployment of food pack donations for 500 families affected by the calamity. Employees pooled resources together and filled up boxes of relief supplies like ready to eat food, drinking water, and other hygiene and sanitation essentials.
In addition, Newport World Resorts donated 3,000 meals to Ronald McDonald House Charities, further contributing to the welfare of more affected communities.
Last July, Newport World Resorts amplified its
community support by joining the Department of Education’s Brigada Eskwela campaign with the Pasay City government. Volunteers cleaned and refurbished classrooms, donated appliances, and provided cleaning supplies to Maricaban Elementary School and Villamor Air Base Elementary School. The two-day massive initiative successfully mobilized over 100 volunteers from Newport World Resorts and its international hotel brands and served as a platform for collaboration with Megaworld Foundation, Newport City Estates Association, MEGreen, and McDonald’s
A
to its employees and their families, other organizations, and communities. Championing sustainability and CSR activities have become ingrained in the very culture of Newport World Resorts’ business operations and workplace.
For more information on I LOVE Earth, visit www.newportworldresorts.com and follow @ newportworldresorts on Facebook, Instagram, and TikTok. Every visit is made more rewarding with an Epic Rewards membership, download the Epic Rewards Mobile App for free at the Apple App Store and Google Play Store.
Philippine Finest Business Awards & Outstanding Achievers 2024 Honor Top Achievers, Companies
LAST September 8, 2024, the Philippine Finest Business Awards & Outstanding Achievers 2024 took center stage at The Hexagon Events Place, celebrating exceptional individuals and businesses in the country. The event, organized by La Visual Corporation and SIRBISU Channel, recognized both rising talents and seasoned achievers, with a focus on innovation, excellence, and significant contributions across industries.
The day’s press conference was a key moment, featuring well-known names and awardees. In attendance were Derwen Lipardo of Gown and Events Management by Touting; Lae Mañego, Asia’s Queen of Fire; Salvie Paparon of Sheanne Roll Up Door Construction Services; and *Diwata*, a celebrated influencer. Renowned photographer Jamin Lim and Bhinky Reyes of The Voice Academy of the Philippines also took part in the event, alongside representatives from Kylledmed Philippines, JP Catering, Intele Builders and Development Corporation, among others.
Atty. Persida V. Rueda Acosta named the “Most Trusted Chief of the Public Attorney’s Office” and Josue Greg M. Zuniega representing the “Philippine High School for the Arts,” shared their inspiring journeys with the media. Arky Manning of La Visual Corporation emphasized the importance of honoring the country’s finest achievers and supporting their contributions to the nation’s progress.
The event also recognized Golden Achievers and Awardees who were awarded the second time around. Among them were JP Catering Services, Salvacion Paparon, Sheanne Roll Up Door Construction Services, Densol’s Catering, Bhylinn’s Modern Fashion, 97.9 Home Radio, Aliw Channel 23, Cave Beach Resort, Daphne Bags and Prints, DWIZ-AM, Events by Marnille, Eyeleen Hair and Make-up by Aileen Sebua, Gown and Events Management by Touting, Lagniappe Printshop, LightTV, Links Digital, Media House Express, Rise and Shine Pilipinas, and Studio45k. These businesses and individuals were recognized for their excellence and enduring commitment to their fields.
Other businesses and partners awarded included The Voice Academy of the Philippines, The Hexagon Events Place, SDC Sunproperties Development Corporation, Lucky GHL Advertising, Intele Builders and Development Corporation, Iconiec Skin Essentials Corporation, Jam Lim Enterprises, Jammybox’s BBC Geoinstruments, Pretty and Calm Laser Aesthetics Medical Group, RTU Himig Rizalia, Sparkle GMA Artist
Center, TAGM Marketing Solutions Inc., The Metropolista, Through The Glass Creatives, and Wella Rose Garden. The Achievers honored included Allen Ansay and Sofia Pablo, Annabelle D. Surara, Anthony Rosaldo, Ashley Sarmiento and Marco Masa, Atty. Annette GozonValdes, Audrey Gorriceta, Barbie Forteza, Bianca Umali, Bon Jheo Exconde, Braggy Braganza, Carmela Betonio, Dennis Antenor Jr., Deo Balbuena, DJ Kuya Jay Machete, DJ Mama Colleen, Dr. Elva Evasco-Auza, Dylan Menor, Earlo Bringas, Eric Tiongson, George Sison-Tagle, Hagibis, Hon. Eduardo C. Villanueva, Imee Suyangco, Janice Israel Delima, Jeff Madarang, Jeffrey Dy, Joey Guillen, Judge Tarcelo A. Sabarre Jr., Julie Anne San Jose, Ken Chan, Marc Logan, Martin Javier, Mel Marty Macasil, Merjohn Lagaya, Mherie Vic Palomo Prevendido, Miguel Tanfelix, Miller Daniolco, Nelson Canlas, Nerlisa Elyza Francisco Rivera, Nestor Tugade Layderos, Norma “Boobay” Balbuena, Papa Marky, Ravve Jay Prevendido, Rayver Cruz, Rita Daniela, Rogelio Constantino Medina, Ruru Madrid, Sarah Luningning Medina, Shirley B. Belangel CPA, MBA, The Flippers (3rd Gen), The Jentri Project, Undersecretary Robert Rivera, and Wej Cudiamat. Media coverage was extensive, with 53 media partners present to document the momentous occasion. Outlets such as Malaya Business Insight, BusinessMirror, The Metropolista, BusinessWorld, Philippines Graphic, Pilipino Mirror, Consumer Asia Magazine, The Market Mirror, Cook, Amazing Manila Journal, Hataw!, Aliw Channel 23, Win Radio 91.5 Manila, Net25, Asian Journal, DWIZ 882 AM, 97.9 Home Radio, When In Rizal, Daily Tribune, Sword TV, Media
Rachel Reeves has six weeks to lift UK mood with new economic plan
By Philip Aldrick & Joe Mayes
RACHEL REEVES has six weeks to come up with a plan to fix the UK’s ailing public services, deliver an economic boost and lift the dour national mood—and all without blowing up the nation’s finances.
A year ago, Reeves roused the Labour Party conference, with a pledge to “restore hope to our politics” by raising living standards, investing in industry and rebuilding public services. But Britain’s first female chancellor has spent her 11 weeks in office highlighting the bleak fiscal inheritance she’s been left, signaling tax rises ahead and dialing down expectations of spending sprees in her inaugural budget on Oct. 30.
The chancellor and Prime Minister Keir Starmer have repeatedly warned “tough” decisions are needed to balance the books. Voters were given a flavor of that in July when Reeves cut winter fuel benefits for 10 million pensioners—a decision that sparked a parliamentary rebellion. She also suspended road and hospital programs—the sort of capital investment she’s previously said is needed to get the economy firing.
As the two politicians head into their party’s annual conference again, against a backdrop of a sharp fall in consumer confidence and plunging approval ratings, they’re under pressure to strike a more positive note. The chancellor’s speech on Monday provides a first opportunity to temper the pessimism and lift the mood. But it is the vision she unveils in next month’s budget that will determine how Labour is perceived for the rest of the parliament.
“She needs to admit some mistakes and change the tone a little bit,” said Vicky Pryce, chief economic adviser at the Centre for Economics and Business Research.
Reeves emphasized her personal story in video posted on X on Saturday, walking past a line of portraits hanging in 11 Downing St. to show the unbroken line of male chancellors before her. “It’s a glass ceiling that I’ve smashed to get to this position,” she said, highlighting her capacity to be a transformational figure.
For now, Reeves’s approach appears more akin to that of the former Tory chancellor George Osborne, who made a virtue of austerity, rather than Labour’s Gordon Brown, who delivered fiscal stability while using off-balance sheet accounting to invest for growth during his decade in the job. She says she needs to fill a £22 billion ($29 billion) fiscal hole left by the Conservatives.
“Rectifying the situation requires tough choices,” she told the House of Commons earlier this month. “We will fix the foundations of our economy so that we can rebuild Britain.”
Since Labour’s landslide July 4 election victory, Reeves has axed road and rail projects, put on ice a hospital building program, and told departments to find £3.2 billion ($4.2 billion) of savings this year.
Departments have come back
REEVES JEENAH MOON/BLOOMBERG
with proposals to scrap an £800 million supercomputer and drop a £500 million artificial intelligence plan. Flood defenses are under scrutiny. Electrification of the Trans-Pennine railway is in jeopardy and the National Health Service has been told it will not get the £37 billion needed until it reforms. Senior civil servants say privately they can’t cut further into the bone.
All of that runs counter to the then shadow chancellor’s message in her Mais lecture in March, when she railed against “the stop-go cycle of capital investment, the new ‘British disease,’ in which short-term instability inhibits investment.”
So does her decision to neuter Energy Secretary Ed Miliband’s Green Prosperity Plan by slashing his annual investment pot to just £4.7 billion from £28 billion. There’s a debate within Labour over whether it was elected to deliver economic stability or to fix public services and prepare for the climate transition, according to people close to discussions. Some believe Labour’s promised “decade of national renewal” cannot wait even if it means altering Reeves’s “iron clad” fiscal rules. But in the Treasury, the emphasis for now is on what the government has
called “fixing the foundations” of the economy.
The tension can also be seen in the make-up of Reeves’s fourstrong economic advisory council. Two of them, Spencer Thompson and Neil Amin-Smith, served her in opposition and will worry about breaking manifesto commitments on fiscal rigor. The other two—John van Reenen and Anna Valero, are growth and climate-focused economists Reeves brought in from the London School of Economics after Labour’s victory in July.
They wrote shortly before that win that Labour’s planning reforms and an end to political chaos would not be enough to persuade the private sector to pour money into the UK. The government needs to “crowd in private investment” by spending tens of billions of pounds, the two economists said, arguing £26 billion more capital spending was needed to shift Britain’s weak growth trajectory.
As Reeves’ current fiscal rules stand—to pay for everyday spending out of taxes and have debt falling in five years’ time—she does not have the money.
The chancellor’s conference speech is due to emphasize again her message that tough calls are needed to fix the public finances,
a person familiar with the matter said. She will justify those choices by saying that they will set the foundations for stronger economic growth in future, they said.
That suggests the plan for now is to stabilize the nation’s finances early in Labour’s five-year term— on Friday the national debt hit 100 percent of gross domestic product for the first time since 1961—before pivoting to the investment Reeves says is needed to stimulate growth.
Andy Burnham, Labour’s mayor of Greater Manchester, told the Financial Times this week that the Treasury must be more ambitious if it is to unlock investment. “It needs to understand that growth comes from giving hope and planting seeds, rather than saying no to everything,” he said.
But Reeves’s election promises not to raise key taxes limits her scope to fund government priorities.
“She has boxed herself in on tax by ruling out any major tax rises, while building up incredible expectations of what Labour would be able to do, particularly on public services,” said Rupert Harrison, the former chair under the Tories of the government’s council of economic advisers. “To really move the dial on a realistic time-frame, they need to raise money.”
The danger for Reeves is that by sticking to fiscal rigor, she ends up perpetuating the problem. Not only is investment being jettisoned, wealth creators, whose work Reeves wrote in a June editorial for the Financial Times will be “the defining mission of the next Labour government,” are threatening to leave to avoid anticipated wealth-related tax hikes.
The Institute for Fiscal Studies on Saturday backed that view, saying Reeves may end up damaging growth if she raises capital gains tax or tinkers with pensions. “A path still exists for the chancellor to raise revenue without exacerbating the worst features of the UK tax system, but Labour’s manifesto has made it a narrow one,” it said.
The Resolution Foundation estimates Reeves needs to spend an extra £19 billion a year to fix the UK’s public services. The chancellor must also find £10 billion for the public sector pay rises she awarded in July, part of the fiscal hole she blamed on the Tories. The foundation expects her to raise employers’ national insurance, capital gains and inheritance tax to plug the gap.
The chancellor could win £20 billion of extra fiscal space by changing the debt measure in the rules governing her decisions, while the Office for Budget Responsibility may ride to the rescue with a generous forecast that gives her extra headroom. She saw its first pre-budget estimate on Thursday.
Raoul Ruparel, director of the Centre for Growth at the Boston Consulting Group, said he expects the narrative to shift after the budget and for the tone at next March’s spending review to be far more positive. In her conference speech last year, Reeves said that “from security, comes hope.” Her strategy for now seems to be to focus on building that security in the expectation the hope will follow.
“At conference she’ll lay out those challenges we’re facing and how we’re going to deal with it,” said Labour MP Afzal Khan. “And in how we deal with it, there will be hope.” With assistance from Ellen Milligan and Andrew Atkinson/Bloomberg
Because of Labour’s election promises, “all that remains is hitting those with broader shoulders, but they’re the ones who invest and go out and spend,” said Pryce. “If she wants to encourage new investment and entrepreneurship, it’s not going to happen if suddenly people have to pay a lot more.”
Voters split on whether Harris or Trump would do a better job on the economy: AP-NORC poll
By Josh Boak & Linley Sanders
The Associated Press
WASHINGTON—Going into November’s election, neither Kamala Harris nor Donald Trump has a decisive edge with the public on the economy, turning an issue that was once a clear strength for Trump into the equivalent of a political jump ball.
About 4 in 10 registered voters say Republican Trump would do a better job handling the economy, while a similar number say that about the Democratic vice president, according to a new poll by The Associated Press-NORC Center for Public Affairs Research. About 1 in 10 voters don’t trust either candidate, and a similar share has equal faith in them.
The finding is a warning sign for Trump, who has tried to link Harris to President Joe Biden’s economic track record. The new poll suggests that Harris may be escaping some of the president’s baggage on the issue, undercutting what was previously one of Trump’s major advantages.
The economy has long been a weak issue for Biden: A separate AP-NORC poll conducted in late June, before Biden’s disastrous debate with Trump, found that about 6 in 10 Americans disapproved of his handling of the economy. Earlier this year, Americans were much more likely to say that Trump’s presidency helped the country on cost of living and job creation,
compared to Biden’s. The new poll found that the economy is one of the most important issues for about 8 in 10 voters as they consider which candidate to support, dwarfing other top issues like health care and crime.
The aftermath of inflation’s spike in 2022 to a four-decade high has pervaded this year’s presidential contest. Shoppers are upset over their grocery bills. Higher interest rates are financially squeezing the buyers of homes and motor vehicles. All that has appeared to matter more to the public than the low 4.2 percent unemployment rate and stock market gains. According to the AP-NORC poll, only about one-third of voters say the state of the national economy is somewhat or very good, although they’re more optimistic about their own situation, with about 6 in 10 voters saying their household’s finances are somewhat or very good. Both of those numbers have remained steady over the course of the year, despite falling inflation.
The candidates have clashing ideas about how best to straighten out the economy, giving voters a stark choice that might hint at how partisan identity increasingly informs views of the economy and policy. But neither campaign has fully explained how its plans would be implemented. Harris insists her plans would be fully funded and not add to the deficit, while Trump’s team assumes—in defiance of most economic models—that growth
will be high enough to offset the cost.
Mark Carlough, 33, who works on medical records in Philadelphia, plans to vote for Harris and says he believes that the taxes on imports proposed by Trump would hurt most consumers.
“The tariffs would be horrible for the economy,” he said.
Richard Tunnell, 32, of Huntsville, Texas, plans to vote for Trump, just as he did in 2020. He’s not sure if the Republican has an advantage over Harris on the economy, but he noted that Trump has been a great businessman who remains one of the “richest men on the planet” even after filing for bankruptcy multiple times.
“I believe this country needs someone to reach their hand in it and work it like a
game of Monopoly and that person is Donald Trump,” said Tunnell, a military veteran on disability.
Chantelle Breaux, 38, a stay-at-home parent from Lafayette, Louisiana, feels neither candidate has much to offer on the economy. She doesn’t plan to vote—unless a candidate more to her liking enters the race.
“Kamala wants to put a Band-Aid where major surgery needs to be done on this economy,” said Breaux. “Trump wants to run the country as if it’s a business, but it isn’t a business that is going to support all of the people.”
Former President Trump suggests growth would come from tax cuts for corporations and the wealthy leading to
more investment, while a universal tariff of as much as 20 percent would direct that investment to building US factories.
Harris has campaigned on more benefits for the middle class to be funded by higher taxes on corporations and the wealthy, saying that would help to contain costs and deliver growth. Her team has warned that Trump’s tariffs would lead to higher prices and worsen underlying inflation challenges.
The economy is one of many issues shaping public sentiment as the campaigns seek to turn out their voters. More than half of voters said health care was a top concern, while roughly half said that about crime, immigration, abortion policy and gun policy. Only about one-third called climate change one of the most important issues for their vote, and about one-quarter said that about the war between Israel and Hamas.
Trump and Harris are evenly matched in the poll on who would better handle crime and the war in Gaza. But the issues soon splinter in ways that reflect the distinct priorities of Republicans and Democrats.
Trump has an advantage over Harris on whom voters trust to better handle immigration. This issue was a problem for Biden, as well: Illegal immigration and crossings at the US border with Mexico have been a challenge during much of his administration. Republicans are more likely to care about immigration, the issue where Trump has a clear upper hand.
Harris fares better than Trump when it comes to issues that Democrats care more
about, including gun policy, health care, abortion policy and climate change.
Rosamaria Nunez, a 68-year-old retiree in San Antonio, Texas, identified gun violence as the most important issue facing the country, saying it became personal when her grandson called her last year to be picked up because of a school lockdown. Nunez said she plans to vote for Harris, saying: “First of all, she’s a gun owner, so she can relate to the safety issue. She seems like she’s more in tune with a real person than Trump is.”
Overall, voters see high stakes for the presidential election’s impact on the country’s
RACHEL
Burn calories? Go climb stairs
Sports BusinessMirror
B8
Tuesday sepTemBer 24, 2024 mirror_sports@yahoo.com.ph
Breakthrough for PHL chess bets in Budapest
THE Philippine women’s team blanked Brazil, 4-0, to book the country’s most successful campaign in 45 years of the FIDE Chess Olympiad that ended Sunday at the BOK Sports Hall in Budapest.
Shania Mae Mendoza, Janelle Mae Frayna, Jan Jodilyn Fronda and Ruelle Canino all won in the 12th and final round to tie for 22nd place with 14.0 points with 14 other countries.
The team supported by the Philippine Sports Commission and the National Chess Federation wound up 24th overall after tiebreaks were applied.
But more importantly, the Filipinas clinched the gold medal in Group B, which covers teams ranked from 35th to the 70th in the record 181-country Olympiad.
It was the Philippines first gold since Sheerie Joey Lomibao, Catherine Pereña, Sherily Cua and Beverly Mendoza pulled off the feat in Group C in 2006 in Turin and was also the Filipinas’ best finish since Girme Fontanilla, Mila Emperado and Cristina Santos-Fidaer placed 22ndin 1988 in Thessaloniki.
“This is a milestone in Philippine chess history, a legacy that will not be forgotten for the generations to come,” said national women’s coach Grandmaster Jayson Gonzales, who also thanked delegation head Atty. Ruel Canobas, women’s team manager Atty. Nikki de Vega and Far Eastern University chair Aurelio Montinolam III for supporting the team.
two years ago in Chennai.
The players earned plus rating points with Canino, a 16-year-old wonder girl from Cagayan de Oro and FEU, clinching 102 rating points on 6.0 points in eight matches on board four and will now rise to a 2260 rating.
She barely missed sealing her first Woman International Master norm by one match.
Frayna was the team’s best scorer with 8.0 out of a possible 11 points with plus 27 rating points, while Mendoza, from Santa Rosa City, had 5.5 out of 10 with 36.2 rating points on the top board.
Fronda, playing out of Muntinlupa City, had 6.5 out of 10 and was a plus 0.60 while Bernadette Galas had 3.0 of 5.0 with plus 8.8.
The Filipinas’ effort soothed the pain of the 59th place finish by the men’s team of Julio Catalino Sadorra, Daniel Quizon, Paulo Bersamina, John Paul Gomez and Jan Emmanuel Garcia.
Editor: Jun Lomibao
TOKYO—If you’re trying to lose weight and want a new way to do it, stair-climbing as a regular exercise—or just adding a few flights a day—might be for you. It’s accessible, and research shows it’s more effective than walking on level ground.
“Overall, it is a fact that stair-climbing gets you fit faster and consumes more calories,” said Lauri van Houten, vice president of the International Skyrunning Federation, which oversees a wide range of disciplines that involve vertical climbing.
This includes disciplines like mountain running above 2,000 meters (about 6,500 feet) or events like the Stairclimbing World Championships.
These competitions are for the very fit, but we’re talking here about adding a few minutes of stair-climbing as a daily routine and raising awareness about its effectiveness for all ages.
“How many calories will I burn is the question everyone wants to know,” van Houten said. “Here’s the good news: The overall energy expenditure of the exercise depends on your weight. Therefore, the more you weigh, the more you burn.”
Stair-climbing burns calories—fast
RESEARCH shows you burn about 20 times more calories going up stairs than walking on flat ground. Even going down stairs you burn roughly five times more, the muscles being worked to slow the body’s descent. That might be all you need to know if you are trying to lose weight.
Dr. Alberto Minetti, a physiologist and biomechanist at the University of Milan, has done extensive research of human locomotion—including stair-climbing.
The team of Grandmaster Eugene Torre finished with 12 points.
The country was actually tied for 15th spot with Sadorra running third and in medal contention in the race for individual honors on board one after the ninth round of this 11-round tilt but dropped their last two outings to Georgia, 2.5-1.5, and Hungary B, 3-1. Sadorra eventually ended up 13th on board one but still had a strong performance rating of 2715 after scoring 6.5 points out of a possible 9.0. India topped both open and women’s events as well as the
By Josef Ramos
MELVIN JERUSALEM over-
Young talents ready for tough duel at JPGT Match Play Finals
IXTY-THREE of the country’s top young golfers are ready for action in the International Container Terminal Services Inc. (ICTSI) Junior Philippine Golf Tour National Match Play Finals set October 2 to 4 at The Country Club in Laguna. The finalists were culled from a seven-leg Luzon series, a four-stage Mindanao qualifier and a three-part Visayas eliminator who re joined by five players who advanced through multiseries campaigns.
The finalists in the boys’ and girls’ 8-9, 10-12, 13-15, and 16-18 categories will first undergo an 18-hole stroke play competition on October 2 to determine rankings for the first phase and the head-to-head clashes in the second phase 2 in 18-hole match play.
Match play for the 8-9 group will also be held on October 2, with quarterfinal matches in all categories scheduled for October 3. The semifinals, finals and third-
place playoffs will be on October 4. The finals marks the culmination of a grueling fivemonth nationwide series organized by the Pilipinas Golf Tournaments Inc. and sponsored by ICTSI.
In the boys’ premier division, top players include Luzon’s Patrick Tambalque, Mark Kobayashi, Zachary Villaroman, and Francis Slavin, as well as Simon Wahing and John Rey Oro (Visayas) and Cliff Nuñeza and Aldrien Gialon (Mindanao), with multi-series finalist John Paul Oro also a strong contender.
In the girls’ premier division, the field features Luzon’s Lia Duque, Chloe Rada, Angelica Bañez, and Rafa Anciano, as well as Dominique Gotiong and Rhiena Sinfuego (Visayas), and Ally Gaccion and Crista Miñoza (Mindanao), with Necky Tortosa rounding out the finalists.
The youngest golfers in the 8-9 division also promise to put on a show,
“It is an exercise everybody can do,” Minetti told The Associated Press. “You always have stairs nearby you—free of charge compared to a gym.”
Minetti did the math to explain why going up stairs is so effective for burning calories in a short amount of time.
“To move 1 kilogram of body mass over 1 horizontal meter, you expend 0.5 calories,” he said. “If you move 1 kilogram of body mass vertically on stairs it’s 10 calories. So it’s 20 times the calories moving vertically rather than horizontally.”
Trained as a physician, Minetti has spent his career in research rather than treating patients. He suggested “watching your speed” for the notso-young and beginners. He does his own stair-climbing at his thirdfloor residence in Milan. He said he often takes a few deep breaths before ascending, which makes him feel fresher at the top.
In a scientific study, Minetti makes the point that using the arms in stairclimbing adds extra power. Handrails offer safety, too.
The journal notes that handrails are available in most stairwells in skyscrapers, which maximizes “the muscle mass involved and, consequently, the mechanical/ metabolic power of the ascent” by getting the arms involved.
“They are relatively small muscles in the arms, but better than nothing,” Minetti said.
Scribes honor entire Meralco coaching staff
TPhilippine Basketball Association Press Corps (PBAPC) breaks tradition by presenting
with Athena Serapio, Tyra Garingalao and Amiya Tablac (Luzon); Eliana Mendoza (Visayas); and Francesca Geroy (Mindanao) disputing the girls’ crown. Meanwhile, the boys in the same age group include Jesus Yambao and Michael Ray Hortel II (Luzon); Kvan Alburo and Tobias Tiongko (Visayas); and Shaqeeq Tanog and James Rolida (Mindanao).
Ties during the stroke play phase will be broken by comparing scores over the last 9 holes (10-18), then the last 6 (1318), and the last 3 (16-18). If a tie persists, countback from the 18th hole will decide the rankings. Match play ties will be resolved through a hole-by-hole playoff.
Jerusalem prevails in first defense of WBC title
win-loss record with 12 knockouts.
crown from Japanese Yudai Shigeoka via split decision last March in Nagoya.
“It’s a great feeling to fight in front of your countrymen, but Luis Castillo was not an easy opponent,” said Jerusalem after his first successful defense of the belt. “He was tough all along, so I was very careful. I did not rush.”
“He’s durable and undefeated and I took the fight according to our game plan,” said Jerusalem, who snatched the
whelmed Mexican challenger Luis Castillo via unanimous decision before a jampacked Mandaluyong City College gym to retain his World Boxing Council (WBC) minimum weight belt. Jerusalem knocked down Castillo in the first round but was luckily saved by the bell. That set the tone for the one-sided fight with the judges scoring 120-107 and 120-107 and 118-109 for the 30-year-old fighter from Manolo Fortich.
Jerusalem went for a knockout in the 10th round with crisp solid combinations as Castillo, who’s three years younger, couldn’t use his four-inch reach advantage.
“I’m thankful to Senator Manny Pacquiao’s MP Promotions Blow by Blow and the City of Mandaluyong for hosting my first title defense here,” said the two-time world champion who improved to 23-3
“It’ s a dream come true,” he said. “I was a little bit hurt, but our game plan and tactics worked really well.”
Former world champion Jerwin Ancajas beat Thailand’s Sukpraserd Ponpitak via disqualification in a non-title featherweight bout also on Sunday night.
Ancajas, 32, and coming off a loss to World Boxing Association bantamweight champion Takuma Inoue last February in Tokyo, knocked down the Thai with a
strong left hook in the first round.
Rattled, Ponpitak pushed, slammed and held his way after that and was deducted a point in the fifth round for wrestling Ancajas down to the canvass.
“He was just there to survive, only to survive and disrupt my focus,” Ancajas said.”
Ancajas improved to 35-4-2 winloss-draw record with 23 knockouts while Ponpitak dropped to 30-20 record with 20 knockouts.
COMPETITORS climb stairs during the Stairclimbing World Championships in Osaka, Japan, in November 2023. AP
SHANIA MAE MENDOZA, Janelle Mae Frayna, Jan Jodilyn Fronda and Ruelle Canino pose with their medals with Grandmaster coaches Eugene Torre and Jayson Gonzales.
MELVIN JERUSALEM sneaks one in on Mexican Luis Castillo. COURTESY WENDELL ALINEA
