Recto sees deficit-GDP ratio at 6.2% in ’24
FINANCE Secretary Ralph G. Recto expressed optimism the national government’s budget deficit, measured against the gross domestic product (GDP), will improve to 6.2 percent in 2024.
“Very confident we will achieve that this year,” Recto said during a press briefing at Malacañan Palace on Tuesday.
Recto said the government is hitting its revenue and expenditure targets, which will bring down the deficit-to-GDP to 5.6 to 5.7 percent this year.
By 2024, Recto expects the deficit-to-GDP to be 5.6 percent or P1.568 trillion, or 5.7 percent (P1.596 trillion) of the P28-trillion economy.
By Samuel P. Medenilla @sam_medenilla & Cai U. Ordinario @caiordinario
THE expected decline in commodity prices could prompt the Bangko Sentral ng Pilipinas (BSP) to implement an additional 50-basis-point (bps) reduction in key policy rates in the last quarter of the year.
In a press briefing in Malacañang on Tuesday, Department of Finance (DOF) Secretary Ralph G. Recto, the administration representative in the Monetary Board (MB), disclosed he is optimistic there will be a rate cut because of the continuous decline in prices of basic goods and services.
This is also consistent with the expectation of analysts who believe the recent decision of the United States Federal Reserve to reduce policy rates by 50 bps is also a factor that the BSP will consider in the succeeding policy rate settings of the Monetary Board.
“Definitely, I did make a statement a few days ago, the Fed [Unit -
LOWER Overseas Filipino remittances and weak export demand could reduce the country’s chances of meeting its economic growth targets this year, according to analysts.
Capital Economics said the country’s GDP may only post a growth of 5.1 percent this year and 5.5 percent next year. It’s only in 2026 when the economy is expected to post faster growth of 6.5 percent.
The market analyst said the lower interest rate environment
ed States Federal Board] reduced by 50 bps or half a percent, so I think we can achieve half a percent,” Recto said in a press briefing in Malacañang. Recto said inflation is expected to ease to 2.5 percent this month from 3.3 percent last August. However, some uptick is expected in the run up to the Christmas season.
Inflation is expected to average around 3.1 percent to 3.9 percent due to robust consumption spending during the holidays. Inflation is also forecasted to trend lower to around 2.9 percent to 3.1 percent next year.
See “BSP,” A2
and the slowdown in inflation may not be enough to boost the country’s growth.
“[Low interest rates and slow inflation are] likely to be offset by slower growth in remittances and weaker export demand. Fiscal policy is also likely to hold back growth. The government is aiming to reduce government debt, which shot up during the pandemic, to more sustainable levels,” Capital Economics said.
See “Remittance,” A2
The national government’s fiscal deficit stood at 4.87 percent of GDP in the first half of 2024, slightly higher than the 4.80-percent ratio recorded in the same period in 2023. This comes after the economy grew by 6.3 percent at a fasterthan-expected pace in the second quarter of 2024.
Earlier, the BusinessMirror reported that the increased deficit-to-GDP ratio could potentially drive up interest rates due to government spending outpacing revenue collections. (See: https://businessmirror.com. ph/2024/08/12/high-deficitto-gdp-ratio-may-prompt-interest-rate-increase/)
As of the end of July 2024, the government’s budget shortfall expanded by 7.21 percent to P642.8 billion from the P599.5 billion posted in the same period a year ago. State spending reached P3.250 trillion in the seven-month period outpacing the P2.607 trillion in revenues generated by the government.
However, the 4.9-percent deficit-to-GDP ratio is lower than the Cabinet-level Development Budget Coordination Committee (DBCC) deficit ceiling for 2024 at 5.6 percent.
The DBCC estimates that deficitto-GDP ratio will drop to 5.35 percent in 2025 and decrease further to
4.73 percent in 2026, 4.13 percent in 2027, and 3.72 percent in 2028.
RRR cut to drive economic growth
IN the same briefing, Recto said the Bangko Sentral ng Pilipinas’s (BSP) decision to cut the reserve requirement ratio (RRR) of banks will be “good” for the economy. “It will improve the capital markets. We’re injecting roughly P380 billion into the system, it will be good for banks,” Recto said. Recto said the RRR cut has a more immediate effect than the key policy rate cut in growing the economy.
TBy Andrea E. San Juan @andreasanjuan
HERE are now 126 projects approved under the green lane, amounting to P4.1 trillion, according to the Board of Investments (BOI).
BOI Managing Head Ceferino S. Rodolfo revealed this at the Senate hearing for the proposed budget of the Department of Trade and Industry (DTI), the parent agency of the BOI, as he revealed BOI’s intent to work on having the Green Lane institutionalized by law.
“Those who have registered under the green lane have reached P4.1 trillion [worth of projects] as of September 23,” Rodolfo said.
Data obtained by the BusinessMirror from the BOI indicated that of the 126 projects approved, 114 are in the Renewable Energy Sector with a project cost of P3.747 trillion; 6 projects are in the Digital Infrastructure, P346.329 billion; 4 projects are in the Food security sector, P4.14 billion; and 2 projects in the Manufacturing sector, P29.607 billion.
The investment promotion agency attached to DTI told this paper that the 11 new projects approved in September under the green lane are all under the Renewable Energy sector.
The green lanes for strategic
See “BOI,” A2
DA tweaking agri import rules to curb ‘overstayers’
Tsaid that even if those overstaying container vans were loaded with rice, the volume was “just a small percentage” of the 3 million metric tons (MMT) of imported rice that has entered the country and “[would not] affect rice prices in the market.”
By Ada Pelonia @adapelonia
HE Department of Agricul-
ture (DA) is eyeing additional requirements for import permits issued by its agencies to ensure the immediate delivery and sale of imported farm products to warehouses and markets.
This, after a recent investigation by the Philippine Ports Authority (PPA) revealed that about 888 “overstaying” container vans loaded with agricultural commodities, including rice, have been sitting in Manila ports as consignees delay their withdrawal.
Continued from A1
investments, established through Executive Order No. 18, aim to streamline, simplify and automate the permit and license application processes for strategic investments such as energy projects.
To strengthen the implementation of the green lane, however, the BOI managing head said at
However, Agriculture Secretary Francisco Tiu Laurel Jr. said that based on data reviewed by DA, the delay in the shipping and delivery of imported farm products was caused by several storms and weather disturbances, including recent typhoons.
“The delay was caused by force majure,” Laurel said in a statement. He noted that closer cooperation with the Bureau of Customs (BOC) and PPA would also help DA in enhancing management of domestic food supply and ensuring food security.
“This would help up improve our supply and price forecasting and
Port officials suspected that consignees were trying to reduce warehousing cost or just waiting for prices of the food items to rise as they appear to have imported these items at higher prices.
the Senate hearing, “Our first step that we’re undertaking now is to legislate into law the Green Lane so it can truly ave teeth.”
Added Rodolfo, “We’re very thankful to the good senator because in the Senate, you are spearheading the drive towards converting the EO for the green lane into a Republic Act.”
The BOI managing head also asked for an additional budget for the green lane program which
avoid artificial shortages caused by product hoarding. Data that we will gather will also help us determine which importers to blacklist, if needed,” he said.
PPA General Manager Jay Santiago said in a recent press conference that around 300 container vans have been pulled out by their consignees. He expected more to be removed from the ports before the end of the month.
Santiago said that by October 1, the PPA would send a report to the DA regarding this and ask the BOC to declare these shipments as abandoned for proper disposition.
‘No budge in rice prices’
MEANWHILE , Agriculture Assistant Secretary Arnel de Mesa
is under the budget item of BOI’s industry development.
“And then of course additional budget who are helping hand-hold our investors,” said Rodolfo.
Currently, the mandate of facilitating investments under green lane flows from EO 18 issued by President Ferdinand R. Marcos Jr. in February 2023.
It is worth noting that there is a bill that seeks to institutionalize EO 18, with the title “Green Lanes
He also noted that retail prices of rice were already starting to decline from around P50 a kilo to P42 for imported well-milled rice and P45 for local well-milled rice.
“And prices should ease further as the full impact of the recent tariff reduction is felt by January, De Mesa added.
Laurel earlier said that he expects rice prices to start easing by the midOctober due to the reduction in import tariffs to 15 percent from 35 percent starting July 8.
He said the full impact of the tariff cut may be felt by January as the rice supply bought before the tariff reduction was fully consumed.
Economic managers estimate that the tariff reduction could lead to a decrease of around P5 to P7 per kilo of rice.
for Strategic Investments Act”
filed under House Bill No. 8039. Bukidnon 1st District Representative Jose Manuel F. Alba said this bill seeks to “codify” EO 18 into law and establish the Green Lanes for Strategic Investments.
The law is meant to “provide a simplified and streamlined regulatory environment that encourages strategic investments in the country, thereby boosting economic growth and creating job opportunities,” said Alba in the explanatory note of the bill.
The law aims to promote transparency in transactions with the government and reduce bureaucratic red tape.
“The creation of the Green Lanes for Strategic Investments will contribute to the realization of the government’s goals of promoting ease of doing business and attracting more foreign investments to the Philippines. The passage of this measure is earnestly sought,” added Alba.
Strategic investments can be characterized by the “significant capital” to the country, “has a consequential economic impact; positive impact on the environment; significant contribution to the country’s balance of payments; with complex technical processes and engineering designs; and will bring about improvement in the country’s infrastructure capabilities.”
The Senate Committee on Finance on Tuesday approved the P10.6-billion proposed budget of the Department of Trade and Industry (DTI) for 2025.
On September 20, the BSP reduced the RRRs by 250 basis points (bps) for universal and commercial banks (UKBs) and non-bank financial institutions with quasi-banking functions (NBQBs), effectively bringing this down to 7 percent from the current 9.5 percent starting October 25. (See: https://businessmirror.com.ph/2024/09/21/bspcuts-banks-rrr-in-bid-to-spurgrowth/). Samuel P. Medenilla
Meanwhile, the rate adjustment will translate to lower interests in the payment of government debts while households, the DOF chief said, the interest rate will lead to lower borrowing cost such as those made for credit card bills.
Lower rates
IN an economic brief, HSBC Asean economist Aris Dacanay said apart from the 25-bps rate cut expected in October, the BSP may again reduce policy rates by another 25 basis points by December.
This view, shared by Capital Economics, may place the country’s key policy rates to around 5.75 percent by yearend from the 6.25-percent rate. This will continue to decrease to 4.75 percent or a reduction of 100 bps by 2025, but rates are expected to be maintained in 2026.
“The BSP only signaled one 25bps rate cut for the rest of 2024, showcasing that the BSP isn’t in much of a rush to loosen the monetary reins,” Dacanay said.
“This has also been our longheld view. But with the Fed cutting by 50 bps this week, we think the risk of the BSP cutting by 50bps in 4Q (fourth quarter) 2024 also increased,” he added.
Dacanay said, however, the reduction of the Reserve Requirement Ratio (RRR) would not hold sway on the Monetary Board’s decision on policy rates. The primary consideration for policy rates, he said, remains inflation and growth.
He said the RRR cut may have injected P450 billion into the economy allowing banks to extend more loans and to business and households, but these firms and households are “reluctant to take in credit due to the high cost of borrowing, leading to banks parking their money in the BSP.”
“We continue to expect the BSP to follow a data-dependent approach. With risks to inflation tilted to the upside for September due to Typhoon Yagi, we expect the BSP to keep its easing cycle at a gradual pace, only cutting by 25bp in December,” Dacanay said.
Capital Economics expects inflation to average 3.3 percent in 2024; 3 percent in 2025; and 3.5 percent in 2026.
Cooler inflation may be brought about by weak economic growth this year as well as some beneficial base effect and government effort to boost the supply of agricultural goods.
“The worsening relationship between the Philippines and China poses a downside risk to the outlook. However, the fact that the Philippines is not closely integrated into China’s economy means the fallout should be limited,” Capital Economics said.
S&P outlook
MEANWHILE , Standard & Poor’s (S&P) Economic Outlook AsiaPacific for the fourth quarter this year showed the country’s GDP growth could average 5.7 percent this year from its initial estimate of 5.8 percent.
S&P also revised its GDP growth outlook for next year and 2026 to 6.2 percent and 6.4 percent, respectively.
The latest forecast for 2025 was higher by 0.1 percentage points from the initial 6.1 percent and the 2026 outlook was lower by 0.1 percentage points from the 6.5 percent outlook.
The S&P outlook also
Meanwhile, Capital Economics said given that growth is expected to remain stable and inflation to cool in the coming months, the BSP may continue to ease policy rates until the first semester of 2025. This is in line with its expectations that more central banks in the region will join the rate-cutting cycle in the coming months and continue until next year. Capital Economics said 2025 will continue to see below-trend and below-consensus economic growth leading central banks to ease monetary policy in order to boost domestic demand. It expects most Asian central banks to cut rates by 50 basis points to as much as 150 basis points between now and the end of next year. The think tank said this outlook is “a little more dovish than the consensus.”
“With growth set to struggle and inflation concerns easing, we expect the central banks of Korea, India and Thailand to join Indonesia and the Philippines, by cutting rates over the coming months. Taiwan [strong growth] and Malaysia [inflation concerns] are two central banks that are likely to remain on the sidelines,” Capital Economics said.
Easing cycle
EARLIER , BSP Governor Eli M. Remolona Jr. said the country has entered its easing cycle as additional rate cuts could be on the horizon.
(See: https://businessmirror.com.ph/2024/08/17/ bsp-easing-cycle-seen-as-governor-remolona-says-anotherrate-cut-possible/)
Remolona told reporters that the Monetary Board will make another 25-basis-point reduction in policy rates either in its October or December meeting this year.
Remolona also noted that inflation has been “behaved” and remained within their expectations. He said the 4.4-percent inflation posted in July was within BSP’s expectations for the month. The BSP Governor also said the inflation rate in July was driven mainly by base effects amounting to 0.3 percentage points. Remolona said without the base effect, the inflation would only be 4.1 percent.
showed that the Philippine economy is projected to post a growth of 6.5 percent for 2027. This is its first forecast for 2027.
“Southeast Asian growth has remained generally solid, benefiting from the export recovery and robust domestic demand. We have revised up our growth forecasts for Malaysia, Singapore, and Vietnam,” S&P said.
“The Indonesia outlook remains unchanged. We have reduced it for Thailand, now assuming less expansionary fiscal policy, and nudged it down for the Philippines,” it added.
In its Monetary Policy Report (MPR), the Bangko Sentral ng Pilipinas (BSP) said the government’s target of 6 to 7 percent this year remains achievable, but may fall below expectations in the next two years.
The Development Budget Coordination Committee (DBCC), in its last meeting in June 2024, had set a growth target for the economy of 6.5–7.5 percent in 2025 and 6.5–8 percent in 2026.
BSP noted that higher consumption will be driven by higher real wages and stable Overseas Filipino remittances. Real wages, BSP said, could see a 5-percent increase annually in 2025 and 2026, consistent with the historical average. The expected increase in consumption will support growth in the next two years. BSP noted aggregate demand accounted for a significant part of the country’s GDP growth in the second quarter. Cai U. Ordinario
Fellow Duterte Cabinet member files disbarment suit vs Roque
ABy Joel R. San Juan @jrsanjuan1573
DISBARMENT complaint was filed before the Supreme Court against former presidential spokesman Harry Roque for alleged violation of the provisions of the Code of Professional Responsibility and Accountability (CPRA) for lawyers.
The complaint was filed by lawyer Melvin Matibag, who served as Cabinet secretary during the time of former President Rodrigo Duterte.
Matibag clarified that the filing of the complaint was not politically motivated but merely to call the Court’s attention on Roque’s violations of the CPRA for posting and reposting in his social media account some fake news, including the viral video purportedly showing President Ferdinand “Bongbong” Marcos Jr. using illegal drugs.
“It has been established that it is fake news, fake evidence, so let’s see how the Supreme Court will appreciate it as a lawyer being the one who is posting it,” Matibag told reporters.
He noted that Section 38 of the CPRA states: “A lawyer shall not knowingly, or maliciously post,
share, upload or otherwise disseminate fake or unverified statements, claims or commit any other acts of disinformation.”
He, however, declined to provide more details about the complaint citing the sub judice rule that all lawyers should comply with.
In response, Roque issued a statement shortly after the filing, dismissing the disbarment case related to his social media posts about the “polvoronic” issue as a desperate bid for attention.
Roque branded the disbarment complaint as “a desperate act of attention.”
Roque said complaints for disbarment should not be made public.
“We have to understand that the posting of the video in social media is protected by free speech under the privileged doctrine.
It involves a serious disease of a President that deserves an admission or denial. PBBM has not done either,” Roque said in a statement.
Furthermore, Roque insisted that the viral video “is a national security matter affecting the lives and future of millions of Filipinos.”
“The authenticity and content of the video deserve widespread discussion,” he added.
Bicolano legislator to Sara: Step down if you can’t fulfill duties
ALAWMAKER on Tuesday
urged Vice President Sara Duterte to step down if she cannot fulfill her responsibilities, following her absence from crucial budget deliberations.
In a news conference, House Assistant Majority Leader and Ako Bicol Rep. Jil Bongalon assailed Duterte’s absence during the deliberations on the proposed 2025 budget for the Office of the Vice President (OVP), saying “it demonstrated a clear lack of interest in her duties” as the country’s second-highest official.
“If she’s no longer interested in performing her duties and functions as Vice President, we can ask her to step down,” Bongalon said.
He said that congressmen had been waiting since Monday morning for the Vice President to attend the plenary session and assist Lanao del Sur Rep. Zia Alonto Adiong, the sponsor of the OVP budget, in addressing questions from lawmakers. Instead, photos and videos of Duterte vacationing on Calaguas Island surfaced online, raising concerns. Reports indicate she arrived on the island Saturday and only left on Monday morning.
Duterte’s absence forced lawmakers to defer OVP budget plenary debates to Wednesday.
“This shows there was no intention to attend the plenary hearing to sponsor and defend the OVP budget. If she had intended to, she should have been back in Manila by Sunday or at least communicated with Representative Adiong’s office to prepare for the questions,” Bongalon explained.
He further criticized Duterte for consistently missing critical budget hearings, suggesting it
shows a lack of commitment to her duties as Vice President.
Bongalon suggested that if Duterte is no longer interested in her constitutional responsibilities, she should consider stepping down.
Deputy Speaker and Quezon Rep. David Suarez said many members of the House share the same frustrations.
“That’s clearly the sentiment being shared by a lot of members,” Suarez said, stressing that the Vice President’s absence is a serious breach of responsibility.
“It’s part of the job, part of the responsibility. As head of an agency, you have to go through the process.”
Suarez emphasized that the issue goes beyond personal responsibility, underscoring the need to respect the office Duterte holds.
“This is not just about her, it’s about the Office of the Vice President, the second-highest office in the land. The least she can do is show up and do her job,” he said.
La Union Rep. Paolo Ortega V also expressed disappointment over Duterte’s absence and the beach photos and videos that surfaced online.
“If that’s true, all we can say is ‘sana all’, because we’re here working hard in the House,” Ortega said, pointing out how Duterte’s actions raise doubts about her interest in her role.
Zambales Rep. Jay Khonghun for his part said, “It’s disappointing because we expected so much from her, and it’s sad because we in Congress are working until the early hours to pass laws.”
“Her budget [deliberations] was postponed [Monday], and if it’s true that she was at the beach while we’re here working hard to pass the 2025 budget, it’s frustrating,” he added.
Cruz
Jovee Marie N. dela
Kidnapping caught on CCTV
Senate pursues ‘loose’ angles in marathon Pogo hearing
SBy Butch Fernandez @butchfBM
ENATORS on Tuesday cov -
ered a wide range of issues related to crimes and Philippine Offshore Gaming Operators (Pogo), hoping to sew up the final details of a marathon inquiry that has jolted key government institutions, including bank and gaming regulators, immigration and local governments, and the elections body.
On Tuesday however, the nearly six-hour hearing turned up fresh questions as senators grilled a new batch of resource persons.
It was billed as possibly the “last” Pogo hearing but early on in the hearing, Sen. Anna Theresia “Risa” Hontiveros, who chairs the lead Committee on Women, Children and Family Relations, indicated they might be forced to call another hearing because of the absence of several invited resource persons, who all invoked “medical” excuses.
Tuesday’s hearing focused in part on the role of the elder brother of Duterte presidential adviser Michael Yang, Tony Yang, who was arrested at the Ninoy Aquino International Airport last week.
Yang Jian Xin, alias Tony Yang and Antonio Maestrado Lim, was described by Hontiveros as the “architect” of most of the businesses in which his brother Michael was involved in, whether in Pogo-linked enterprises or the notorious Pharmally, the low-capitalized, untested pharmaceutical supplier that cornered multibillion supply contracts during the Covid-19 pandemic.
Yang was listed as the president of Oro One Corporation, a Pogo service provider to Xionwei, a company linked to Lin Weixion, also known as Alan Lim, a central figure in the Pharmally controversy.
The committee is investigating Pogo’s alleged link to human trafficking and other illegal activities including kidnapping, torture and murder.
Tony was involved with the illegal online gaming facility allegedly owned by dismissed Bamban, Tarlac, Mayor Alice Guo, also known as Guo Hua Ping.
At one point, an exasperated Senate President Pro Tempore Jinggoy Estrada told Tony Yang, who was replying via an interpreter, “you are fooling us! I know that you can speak English and Visayan.”
Senators also grilled Sual, Pangasinan, Mayor Liseldo Calugay, who earlier denied a romantic relationship with Alice Guo but is linked by paper trail to many transactions pertaining to the setting up of the Bamban Pogo hub that Guo was accused of being involved in.
‘Not exactly a bribe’ TENSIONS also simmered when Hontiveros confronted Zhao Shouqui, who testified for the first time, who allegedly tried to bribe the Presidential Anti-Organized Crime Task Force (Paocc) when the agency led a third well-publicized Pogo raid in Lapu Lapu City in August.
Zhao said the money—which his son Zhao Long said amounted to P1 million—was not meant as a bribe, but only to facilitate a “special separate arrangement” in the handling of his 70-year-old wife, whose health was frail, and his grand-daughter.
Asked by Hontiveros if he agreed it was “not exactly a bribe” as Zhao described it, Paocc’s Winston Casio replied, “there’s no other way to interpret that, ma’am; because they mentioned it three times.”
The Lapu-lapu raid was crucial because it showed a connection between Pogo operations in Central Luzon and the Visayas, where some of those who eluded the Paocc net during the raids in Bamban, Tarlac, and Porac, Pampanga, had gone. The raid was triggered by a request for help by Indonesian authorities, who flagged the plight of several of their workers being detained against their will in the Cebu Pogo hub.
Last hearing
THE Senate was supposed to hold its last Pogo-related hearing on Tuesday, but the absence of several invited resource persons— mostly citing “medical reasons” as excuse—has prompted Senator Risa Hontiveros to declare that one more hearing may be necessary.
Senators were miffed by the absence of former Bamban Mayor Jose Antonio Feliciano, who served in that town from 2013 to 2022, and had endorsed Alice Guo to be his successor. The main figure in the Pogo operations, dismissed Bamban, Tarlac, Mayor Alice Guo, was present.
Three other resource persons also gave medical reasons for their absence, prompting Hontiveros to say they might be forced to call for another hearing because of the “sakit-sakitan” trend.
In her opening statement, Hontiveros reminded everyone that beyond the “pagpapa-cute” and “pag kengkoy” of Guo Gua Ping [Alice] and Cassandra Ong, the Senate inquiry must always go back to its main focus: how certain Pogos, notably in Bamban, Tarlac and Porac, Pampanga—and subsequently in Cebu—have been hubs for the worst forms of modernday slavery.
“It is important to sift through the noise and remember what this hearing has always been about: human beings forced to work as slaves, and the ineptitude of Philippine law and government to prevent it. Inaalipin, sinasaktan, at inaabuso habang nagpapayaman ang mga katulad nila Guo Hua Ping and their criminal enterprise.” The lawmaker lamented that “they are turned into slaves, abused, maltreated while the likes of Guo Hua Ping and their cohorts enrich themselves.”
This is front and center of our investigation,” she said.
Hontiveros recalled that around two months ago, she revealed the connections of Guo Hua Ping with the group of Michael Yang, former President Rodrigo Duterte’s economic adviser. She recalled that Hongjiang Yang, brother of
Villafuerte: NUP party to reckon with in ’25 polls
TBy Jovee Marie N. dela Cruz @joveemarie
HE National Unity Party (NUP) has launched a “programmed, sustained, and aggressive” recruitment drive ahead of the 2025 midterm elections, bolstered by its formal alliance with the Partido Federal ng Pilipinas (PFP), led by President Marcos
NUP President and Camarines Sur Rep. Luis Raymund Villafuerte, speaking at the party’s national convention late Monday, declared the NUP as the “party to reckon with” in the coming elections.
“I am confident that the NUP will be the party to reckon with in the next elections, given that NUP boasts having among the best incumbent officials who will be seeking reelection or running for different elective posts next year,” Villafuerte said.
“We have seasoned, reliable, and trusted
number VAA-5504.
“The method of abduction last August 28 and the seizure five days earlier of Salaveria’s cycling buddy, James Jazmines, are indications that state security forces are involved,” said law professor and family lawyer Tony La Viña. He did not elaborate. Salaveria’s daughters are demanded that Gen. Romeo Brawner Jr., Armed Forces
leaders who have proven their commitment to public service,” he said.
The national convention, along with a prior joint meeting of the NUP’s national congress and central committee, took place at the Solaire North in Quezon City.
During these gatherings, party leaders ratified two key resolutions: the first confirmed the recent election of national officers, including Chairman Ronaldo Puno, a former Interior and Local Government Secretary, and Villafuerte. The second resolution approved a four-point action plan to fortify the party ahead of the 2025 elections.
Alongside Puno and Villafuerte, the other NUP national officers are Justice Secretary Crispin Remulla, its vice chairman for internal affairs; Antipolo Rep. Romeo Acop, vice chairman for external affairs; Mandaluyong Rep. Neptali Gonzales II, vice chairman for legislative
chief of staff; Gen. Rommel Francisco Marbil, National Police chief, and National Security Adviser Eduardo Año to surface him immediately.
affairs; Iloilo City Mayor Jerry Treñas, vice chairman for local governments; Bulacan Rep. Lorna Silverio, vice president for Luzon; Cebu Rep. Pablo John Garcia, vice president for the Visayas; Agusan del Sur Rep. Adolph Edward Plaza, vice president for Mindanao; Cavite Rep. Antonio Ferrer, treasurer; and Bataan Rep. Albert Raymond Garcia, secretary-general.
The second resolution approved during the national convention put in place four measures, including undertaking a massive recruitment drive, “to strengthen the party and provide an effective mechanism for the purpose of the May 12, 2025 elections.”
These are to: implement a programmed, sustained, and aggressive recruitment drive to build and strengthen party chapters across regions, provinces, cities, and municipalities; field candidates for congressional and local elective positions; authorize party leaders to
In a news conference in Quezon City, the daughters were joined by Cora Jazmines, wife of the missing James Jazmines; Edita Burgos, who hails from Tabaco, Albay, and mother of disappeared activist Jonas Burgos; and others.
Michael Yang had a joint account with one of Guo Hua Ping’s business partners, Yuzheng Can. A few days ago, the Bureau of Immigration arrested Yang Jian Xin alias Tony Yang, elder brother of Michael Yang. According to Hontiveros, “Michael Yang has previously denied any connection with illegal Pogos, but it seems his elder brother has dipped his hands in Pogo and scam money as well. A Pogo associated with Tony Yang, Oro One corporation, lists him as president.”
Oro One, the senator noted, is a service provider of Xionwei “which we know is the name in reverse of Lin Weixion alias Alan Lim of Pharmally. The email of Xionwei —is being used by another Pogo — Brickhartz — the papers of which were found in Bamban [during the May raid led by Paocc]. It seems they are just one network—or happy Pharmally.”
While Michael Yang is more famous, it is his brother Tony who is reputed as the real “architect” of Yang’s operations.
Hontiveros said the inquiry will show the deep, extensive connections among Tony Yang, Guo Hua Ping, [Sual, Pangasinan] Mayor Dong Calugay “with the other persons of interest.”
Meanwhile, Hontiveros cited another “possible area of concern” in Jomalig Island, Quezon Province which has become a veritable playground of the Bamban Pogo bosses and where Guo Hua Ping could have hidden when she fled in July. Her co-accused Yang Bin has family links with the local officials of Jomalig. Hontiveros closed her opening statement thus: “This blatant abuse of our institutions must stop. These human trafficking activities must stop. These money laundering activities must stop.”
Meanwhile, the contempt order on Shiela Guo [Zhang Mier] was ordered lifted, and Hontiveros directed the Office of the Senate Sergeant at Arms to transfer her custody to the Bureau of Immigration pursuant to the Mission Order issued by the Bureau against her.
nominate official candidates and issue certificates of nomination; and seek accreditation from the Commission on Elections (Comelec) as a major national political party for the 2025 elections. Villafuerte emphasized the importance of preparing for the 2025 elections, noting that NUP, the second-largest power bloc in the 19th Congress, must reflect on its achievements under the current administration and plan its next steps to further solidify its position in the political landscape.
“We remain deeply committed to our partnership with other administration parties and its main allies on the strength of our conviction that the Bagong Pilipinas vision of the President is not a mere slogan only but a genuine agenda to truly transform our economy, governance, and society for the greatest good of the Filipino people,” he said. Puno said the NUP has 1,576 incumbent legislators and local officials, including 12 city mayors and 142 town mayors.
Salaveria, a graduate of San Beda High School batch of 1976 and a Sociology major at the University of the East in Manila, is a founding member of Cycling Advocates (CYCAD). He celebrated his 66th birthday with biking buddies last August 23. Among the biking enthusiasts who attended his party was James Jazmines who disappeared that night after the birthday dinner.
Salaveria’s group, CYCAD, promotes bicycling as a low-cost, healthy, and environmentally sustainable form of transportation. “Our father is loved and respected in the community of barangay Cobo, Tabaco,” explained Salaveria’s daughter, Felicia FerSee “Kidnapping,” A4
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Wednesday, September 25, 2024
House defers deliberations on DOH’s 2025 budget
By Jovee Marie N. dela Cruz @joveemarie
ALAWMAKER on Tuesday deferred the House plenary deliberations on the proposed 2025 budget for the Department of Health (DOH) and its attached agencies, including the Philippine Health Insurance Corp. (PhilHealth), citing the lack of action and specific plans to reduce Filipinos’ out-of-pocket expenses for medical services.
AGRI Rep. Wilbert T. Lee moved to defer the proposed DOH budget late Monday owing to dissatisfaction with the agency’s responses concerning the implementation of the PhilHealth benefit increases, prompting the chamber to suspend deliberations on the DOH’s 2025 budget.
There is no final schedule yet when the plenary deliberation on the DOH budget will resume, but the House Plenary debates is set to be finished this week.
“This behavior from the DOH is deeply disappointing. Are the officials turning a deaf ear, or have they become numb to the cries of Filipinos over the lack of adequate healthcare services? Why can’t they provide
what should and can be given to safeguard the lives and health of our people?” Lee, said.
Lee earlier blasted the DOH, head of the Benefits Committee (BenCom), the sub-committee responsible for the policy directions and benefits development of PhilHealth, on why its benefits packages remain unresponsive to the needs of members and beneficiaries
“Are we just supposed to wait indefinitely for them to approve our call for better and more impactful PhilHealth benefits? Do these people think they’re gods, deciding the fate of our people from where they sit? If I have to beg for the welfare of our people, I will do it. Have mercy on the Filipino people,” Lee stressed, calling out the lack of urgency and action from the PhilHealth Benefits Committee, headed by the DOH.
According to the lawmaker, with PhilHealth managing funds amounting to hundreds of billions, he had “no choice” but to defer the DOH budget until the agency submits a detailed and comprehensive plan with a clear timeline on how to reduce the out-of-pocket expenses of Filipinos for hospitalization.
He also called for the implementation of a radical increase in the benefit package to include diagnostic tests like PET, MRI, and CT scans under PhilHealth’s outpatient services.
Earlier, PhilHealth President Emmanuel Ledesma Jr. assured lawmakers that more enhancements are on the way before the year ends.
He said the case rates are likely to increase to a maximum of 30 percent across all cases. This is expected to lower out-ofpocket expenses of patients during hospitalization and in the availment of PhilHealth benefits for outpatient care.
“Last February 14, we implemented an almost across-the-board 30 percent increase for all the benefit packages of PhilHealth. Currently, we are in the process of studying another round of 30 percent increases, and I commit to this honorable committee that it will happen on or before Christmas Day,” Ledesma said. “By the end of this year, members can expect a total increase of more than 50 percent across the board.
Earlier this year, PhilHealth implemented a 30 percent increase in case rates for conditions such as breast cancer, neonatal sepsis, and bronchial asthma. The capitation rate for the Konsulta Expansion increased, alongside enhancements in the hemodialysis package and the introduction of outpatient therapeutic care services for severe acute malnutrition.
FTA with SoKor seen to revive shoe industry
By Andrea San Juan @andreasanjuan
THE free trade deal between South Korea and the Philippines bodes well for the local manufacturing of apparel, leather goods and footwear, according to the Philippine Economic Zone Authority (Peza).
The free trade agreement (FTA) between the two nations that was concurred in by the Senate on Monday and will enter into force by November, is expected to open doors for local apparel goods sector including Philippine-made shoes as revealed at recent Senate hearings.
“We agree with Sen. Imee Marcos that these labor intensive industries requiring low skills set must be revived,” Peza Director General Tereso O. Panga told the B usiness M irror in a Viber message on Tuesday.
“This is in keeping with the Department of Trade and Industry’s [DTI] inclusive growth strategy in providing jobs for more Filipinos and facilitating the integration of [micro,small and medium enterprises] MSMEs into the ecozone value chain,” added Panga.
The Peza chief is pinning his hopes on the free trade deal with South Korea, which will make local footwear makers more competitive as Philippine-made shoes can enter the South Korean market at zero tariffs immediately upon effectivity of the trade deal.
“This will contribute as well to the upgrading of our shoe manufacturing industry as it participates in the export trade particularly to Korea with the impending ratification of RP-Korea FTA,” he added.
DA pushes irrigation expansion, urban farming for food security
Institute (PhilRice).
IBy Bless Aubrey Ogerio
N a bid to address food security amid pressing climate issues, the Department of Agriculture (DA) launched initiatives to expand irrigation and promote urban farming during a Bagong Pilipinas Town Hall meeting in Muñoz, Nueva Ecija, on September 18. Agriculture Secretary Francisco Tiu Laurel, Jr., represented by Agriculture Region III
It can be gleaned from the data obtained by this paper from Peza that there are currently zero registered business enterprises (RBEs) under the manufacturing of footwear within the economic zones in the country.
“Nagsara na footwear manufacturing namin,” Panga told this paper.
However, the PEZA data showed that there are 56 RBEs under the manufacturing of apparels with P3.74 billion of approved investments as of July 31,2024, with 26,327 direct employment. As for the manufacturing of leather goods, the investment promotion agency revealed that there are 11 RBEs with P566.63 million worth of investments, directly employing 14,695 as of July 31,2024. With the Senate’s ratification of the free trade deal between South Korea and the Philippines, Panga also told this paper, “We are in talks already with [Philippine Trade and Investment Center] PTIC-Korea to plan for our investment mission by first quarter of 2025.”
Meanwhile, in reviving the footwear industry and ramping up the apparels and leather goods industries, he said, “We can leverage on the SIPP and CREATE/CREATE More [laws] to attract more Korean companies from the said industries to set up their manufacturing facilities in the ecozones.” He said Peza will take advantage of the zero-duty exports to Korea for eligible Philippine-made products and “promising” Korean Foreign Direct Investment (FDI) inflows into the Philippines with the effectivity of the bilateral FTA between the two countries.
infrastructure projects in 2023, including 13 irrigation facilities.
Executive Director Eduardo Lapuz Jr., said that the government’s priorities are not only focused on boosting agricultural production but also on ensuring long-term sustainability in the sector.
“By expanding irrigation and promoting urban farming, we’re not only safeguarding our food supply but also providing farmers with the tools to adapt to the challenges of climate change and resource scarcity,” he said during the two-day Lakbay Palay event organized by the Philippine Rice Research
A key component of the DA’s four-year plan is the expansion of irrigation coverage, which can increase the country’s irrigated land from approximately 1.6 million hectares to 2 million hectares by 2028.
This comprehensive plan, presented in April this year, includes several major projects:
a $320 million Philippine Solar Irrigation Project, a $350 million internationallyfunded initiative for farm-to-market bridge construction, a budget allocation of $400 to $500 million for post-harvest facilities, and
plans for logistics chain modernization to enhance the country’s ports.
The agriculture department encourages urban agriculture, which integrates hydroponics, mushroom production, and vertical gardens to optimize agricultural output in urban settings.
The effectiveness of these initiatives, however, has come under scrutiny. Kilusang Magbubukid ng Pilipinas chairman Danilo Ramos said that under the current Marcos administration, the National Irrigation Administration has initiated 27 flagship
In addition to enhancing irrigation, recent collaborations with the Department of Health also push urban farming practices in public hospitals to encourage innovative use of limited space for cultivating fresh produce.
Attendees were also introduced to a mobile solar-powered irrigation system (SPIS), an innovative technology that offers reliable and sustainable irrigation, allowing farmers to save up to P1 per cubic meter of water compared to conventional fuel-powered pumps.
Joey Villarama, Task Force El Niño spokesman and Presidential Communications Office Assistant Secretary, underscored the
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rer. “My family and I cannot imagine why anyone would want to abduct him since he is a peaceful man and has never harmed anyone.”
In addition to bicycling, Salaveria has been an advocate of eco-waste management since he moved to Tabaco, encouraging proper waste management and coordinating the transport of biodegradable waste for conversion to compost. He even donated to his community a bicycle specially modified to
collect waste for composting.
The CCTV video was obtained during a fact-finding mission by the families and their lawyers to investigate the disappearances of Salaveria and Jazmines.
“During the mission, I was saddened that there wasn’t a stronger sense of urgency from the police to find my father. Hence, we are also calling on President Marcos as commander-in-chief and Interior Secretary Abalos to take action under command responsibility,” said Salaveria’s other daughter, Gabreyel Ferrer Cora Jazmines added, “We are not begging. We are demanding that their basic human rights be respected and
urgency for farmers to modernize their practices. He shared the story of a farmer in Occidental Mindoro who faced a loss of his harvest due to outdated rice varieties.
“It’s hard to let go of what we’re used to, but we all know the climate is changing. Now, more than ever, we must embrace modern knowledge and technology in farming,” Villarama stressed.
More than a thousand farmers and students participated in the Lakbay Palay event, where they explored PhilRice’s experimental fields and learned about modern rice farming technologies and programs under the Rice Competitiveness Enhancement Fund.
that they be surfaced immediately.”
“My son Jonas disappeared 17 years ago but the police failed to respond. Do not let this happen again. I call on the Tabaco police and the National Police to do their jobs now that the family has presented evidence of their forced disappearance,” said Edita Burgos.
“Do not be complicit in this travesty because if you do, you will answer to God.”
The families and their lawyers are demanding that civilian, military and police authorities take action and surface Salaveria and Jazmines without further delay. They are also calling for the support of the public in their campaign.
Comelec tells COC filers: Please follow the guidelines
ITH the upcoming filing of cer -
Wtificates of candidacy (COC) next week, the Commission on Elections on Tuesday reminded aspirants to follow the guidelines set by the commission.
In a press briefing on Tuesday, Comelec Chairman George Garcia said they will be strict in employing the number of companions that COC filers can bring.
“We will be strict on limiting who can enter, even though it may lead to some awkward situations,” Garcia said in Filipino.
Based on the Comelec’s Resolution No. 11045 issued in August, senatorial aspirants will be allowed to bring a maximum of four companions, while those gunning for the other elective offices in the national and local level can bring three persons with them.
The poll chief said that the commission’s rule will apply to all, and no one will be exempted regardless of their status or current position in the government.
“If they can’t follow the rules even during the filing of candidacy, how much more with our stricter guidelines for campaigning and social media usage?” Garcia asked. Garcia also reminded candidates to use the proper COC filing form, which can be downloaded from the commission’s official website.
As an additional requirement, those running as party-list nominees should also file their Certificate of Nomination and Acceptance alongside their COC.
“All the required information in the [COC] must be complete. We will not ask for additional documents because that is not mandated by law,” the chairman said.
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“Filipino households have increasingly allocated more of their higher incomes towards non-essential goods and services, which is supporting the passenger car segment,” it also noted.
Meanwhile, BMI said it expects the commercial vehicle (CV) segment to perform well, although not as strongly as the passenger vehicle segment.
“We project demand for CVs to be bolstered by robust growth in the construction sector, driven by substantial government expenditure and increases in fixed capital investment as
No ‘premature campaigning’
GARCIA clarified that those who will be filing their intent to run for public office are only conisdered as candidates on the start of the campaign period next year.
Therefore, the commission cannot regulate the “fiesta atmosphere” or any “early campaign” activities as they are not yet officially considered a violation of election law.
“We cannot stop those who are shaking people’s hands, going around, even those whose faces are displayed on huge tarpaulins,” Garcia said.
Meanwhile, regarding the presence of supporters during the filing of Certificates of Candidacy (COC), the Comelec said it will be allowed, provided they remain a certain distance away from Manila Hotel’s Tent City, where the filing will take place.
“We will strictly enforce our security measures. Even though this is just a midterm election...we are aware that some significant individuals will be filing,” Garcia said.
Around 400 personnel from the Philippine National Police, along with Comelec’s security team and members of the Armed Forces of the Philippines, will be deployed in and around Manila Hotel to ensure peace and order during the week-long filing of Certificates of Candidacy (COC) from October 1 to 8.
Comelec anticipates that at least half a million aspirants will contest the over 18,000 national and local posts that will be up for grabs in the midterm elections next year.
Xyrah Garcia
Justine
businesses expand their operations,” BMI said, adding that the mining and quarrying sectors will contribute to the growth in medium and heavy truck sales.
Data from the joint report of the Chamber of Automotive Manufacturers of the Philippines, Inc. (Campi) showed that the auto industry sold 304,765 units in the January to August 2024 period.
Campi President Rommel T. Gutierrez told reporters in August that the Philippine auto industry may hit the 500,000-unit mark this year, which he said is an “alltime high”, owing to Filipinos’ consumer confidence. (See: https://businessmirror. com.ph/2024/08/20/phl-car-makers-willovershoot-2024-sales-goal/)
Ched grants 92 PHL HEIs autonomous, deregulated status
NINETY-TWO private higher education institutions (PHEIs) have been granted autonomous and deregulated status by the Commission on Higher Education (Ched) until September 2027, Chairperson Prospero De Vera III announced on Tuesday.
“The new guidelines include global partnerships and international engagement with top universities all over the world. As the landscape of higher education continues to evolve, Ched will ensure that Philippine HEIs (PHIEs) remain competitive on both national and global scales,” De Vera said, adding that a comprehensive evaluation was conducted by Ched for the period 2019-2023, focusing on the educational effectiveness of the PHEIs including student performance in professional board examinations, employability rates, and the alignment of curricula with industry demands.
HEIs with autonomous status have top-quality education and consistently excellent program results. They often have many accredited programs and are recognized for leadership in education. Ched gives them the most freedom to manage and innovate their academic programs.
De Vera said deregulated PHEIs also meet high standards and show strong performance and good program results, with several accredited programs and Centers of Excellence or Development.
Both autonomous and deregulated PHEIs have significant freedom to design their curriculum; establish linkages with recognized foreign HEIs; priority in the grant of subsidies and other financial incentives or assistance from Ched; are exempted from regular Ched monitoring and evaluation; and exempted from the issuance of Special Order for their graduates. Specifically for autonomous HEIs, they have the privilege to open new programs without securing prior Ched approval.
“The 77 autonomous private universities represent the best of the best among our higher educational institutions, producing world-class graduates and are included in international rankings. I urge other private universities to benchmark and emulate the programs and practices of these top universities,” De Vera said. Claudeth Mocon-Ciriaco
Alice Guo still allowed to file her COC–poll chief
By Justine Xyrah Garcia
DESPITE Alice Guo’s dismissal as mayor of Bamban, Tarlac, the Commission on Elections said on Tuesday that she can still file her certificate of candidacy (COC) if she wants to, and the poll body will have to accept it pending any final judgment on a move to disqualify her.
This, even as she still faces a case for misrepresentation for claiming to be a Filipino citizen amid strong evidence she is a Chinese national who acquired a Philippine birth certificate under
“late registration” through allegedly fraudulent means.
Comelec Chairman George Garcia clarified that the commission’s role is mainly ministerial. This means that it can only receive and acknowledge the aspirants’ dulysigned and complete COC.
“The Comelec only has the power to accept the COC…Because, of course, due process is still necessary,” Garcia said in Filipino.
Following the Supreme Court’s ruling in the Cerafica vs. Comelec case, the poll body is not granted the authority to determine the eligibility of a COC filed before it.
House approves DepEd’s ₧793.1-B budget for 2025
By Claudeth Mocon-Ciriaco @claudethmc3
THE Department of Education (DepEd), under the stewardship of Secretary Juan Edgardo “Sonny” Angara, thanked the House of Representatives for the approval of the proposed budget of P793.1 billion for the agency and its attached agencies for Fiscal Year (FY) 2025 during plenary deliberations on Tuesday.
The entire DepEd family thanked Speaker Martin Romualdez, Budget Sponsor Rep. Maria Carmen Zamora, and the members of the House of Representatives for approving the proposed budget.
Portions of the budget, the DepEd said, are allocated for the Department’s attached agencies including the National Book Development Board (NBDB), National Council for Children’s Television (NCCT), National Museum, Philippine High School for the Arts (PHSA), Early Childhood Care and Development Council (ECCD), and National Academy of Sports (NAS).
“Committed to the vision of Bagong Pilipinas of the administration of President Ferdinand “Bongbong” R. Marcos Jr., DepEd’s budget next year includes the construction of new classrooms and rehabilitation of school buildings,” the DepEd said A portion of the budget will also go to the computerization program, learning and equipment tools, additional teaching positions, teacher training, school-based feeding program, government assistance, and subsidies, among others.
Instead, the disqualification process follows a separate legal path, and aspirants are presumed eligible until a final ruling is issued.
“It’s not like just because you see their appearance or know as a fact that they have a case, you would immediately reject their candidacy...Only after due process will we know if their candidacy should be canceled.” Garcia explained.
Not an isolated case
WITH Guo’s misrepresentation complaint still pending before the Comelec, Garcia reiterated that the ex offi-
cial’s case is not an isolated one.
According to the poll chief, many other candidates face similar accusations. This week alone, misrepresentation cases were recommended for filing by the Comelec’s law department against at least 10 new candidates from the 2022 national elections.
“The Comelec does this every month. It just doesn’t get published because the people involved aren’t that well-known,” he said. Based on the commission’s initial findings, most of these misrepresentation cases involve sangguniang kabataan aspirants who falsified their age and/or place of residency to meet the candidacy requirements. In these instances, once the misrepresentation is proven through a proper legal process, their candidacy may be revoked, and they may be perpetually disqualified from holding office.
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Israeli strikes kill 492 in Lebanon’s deadliest day of conflict since 2006
By Bassam Hatoum, Melanie Lidman & Bassem Mroue The Associated Press
MARJAYOUN, Lebanon—Israeli strikes Monday on Lebanon killed more than 490 people, including more than 90 women and children, Lebanese authorities said, in the deadliest barrage since the 2006 Israel-Hezbollah war. The Israeli military warned residents in southern and eastern Lebanon to evacuate ahead of its widening air campaign against Hezbollah.
Thousands of Lebanese fled the south, and the main highway out of the southern port city of Sidon was jammed with cars heading toward Beirut in the biggest exodus since 2006.
Lebanon’s health ministry said the strikes killed 492 people, including 35 children and 58 women, and wounded 1,645 people—a staggering one-day toll for a country still reeling from a deadly attack on communication devices last week.
In a recorded message, Israeli Prime Minister Benjamin Netanyahu urged Lebanese civilians to heed Israeli calls to evacuate, saying “take this warning seriously.”
“Please get out of harm’s way now,” Netanyahu said. “Once our operation is finished, you can come back safely to your homes.”
Israel’s military spokesman, Rear Adm. Daniel Hagari, said the army will do “whatever is necessary” to push Hezbollah from Lebanon’s border with Israel.
Hagari claimed Monday’s widespread airstrikes had inflicted heavy damage on Hezbollah. But he would not give a timeline for the operation and said Israel was prepared to launch a ground invasion of Lebanon if needed.
“We are not looking for wars. We are looking to take down the threats,” he said. “We will do whatever is necessary to do to achieve this mission.”
Hagari said Hezbollah has launched some 9,000 rockets and drones into Israel since last October, including 250 on Monday alone.
The military said Israeli warplanes struck 1,600 Hezbollah targets Monday, destroying cruise missiles, long- and short-range rockets and attack drones.
The spokesman said many were hidden in residential areas, showing photos of what he said were weapons concealed in private homes.
“Hezbollah has turned southern Lebanon into a war zone,” he told a news conference.
Israel estimates Hezbollah has some 150,000 rockets and missiles, including guided missiles and long-range projectiles capable of striking anywhere in Israel.
Earlier Monday evening, the Israeli military said it had carried out a targeted strike in Beirut. It did not give details. Lebanon’s state-run National News Agency reported three missiles hit southern Beirut’s Beir al-Abed neighborhood. Hezbollah’s Al-Manar TV said six people were wounded.
Lebanese Health Minister Firass Abiad said the earlier strikes hit hospitals, medical centers and ambulances.
The government ordered schools and universities to close across most of the country and began preparing shelters for the displaced.
Some strikes hit residential areas in the south and the eastern Bekaa Valley.
One hit a wooded area as far away as Byblos, more than 80 miles (130 kilometers) from the border north of Beirut.
Israel said it was expanding the airstrikes to include areas of the valley along Lebanon’s eastern border with Syria. Hezbollah has long had an established presence
in the valley, where the group was founded in 1982 with the help of Iran’s Revolutionary Guards in the wake of Israel’s invasion and occupation of Lebanon.
Israel’s military chief, Lt. Gen. Herzi Halevi, said Israel was preparing its “next phases” of operations against Hezbollah, and that its airstrikes were “proactive,” targeting Hezbollah infrastructure built over the past 20 years.
Halevi said the goal was to allow displaced Israelis to return to their homes in northern Israel.
Meanwhile, Hezbollah said it fired dozens of rockets toward Israel, including at military bases. It also targeted for a second day the facilities of the Rafael defense firm, headquartered in Haifa.
The evacuation warnings were the first of their kind in nearly a year of steadily escalating conflict and came after a particularly heavy exchange of fire 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.
The increasing strikes and counterstrikes have raised fears of all-out war, even as Israel battles Hamas in Gaza and tries to negotiate the release of scores of hostages taken in Hamas’ October 7 attack. Hezbollah has vowed to continue its strikes in solidarity with Hamas, a fellow Iran-backed militant group.
A spokeswoman for President Joe Biden said the administration was concerned about what’s happening between Israel and Hezbollah in Lebanon and insisted that getting a cease-fire deal between Israel and Gaza was key to easing tensions in the region.
“It’s in everyone’s interest to resolve it quickly and diplomatically,” White House Press Secretary Karine Jean-Pierre told
reporters traveling with Biden to New York, where he is to deliver his final address to the UN General Assembly on Tuesday.
A State Department official, who spoke to reporters on condition of anonymity to discuss the private diplomatic efforts, said the US and numerous other countries were keen to present an “off-ramp” for both Israel and Hezbollah to reduce tensions and prevent an all-out war.
The US has “concrete ideas” for restoring calm that it will present to allies and partners at this week’s UN General Assembly, the official said. He wouldn’t detail what the “concrete ideas” were because he said they had yet to be presented to allies and partners for what he termed a “stress test” for their likelihood of success.
UN peacekeepers in southern Lebanon near the Israeli border, meanwhile, have stopped their patrols and are staying in their bases “given the volume of exchange of fire,” a UN spokesman said. Stéphane Dujarric told reporters that UN Secretary-General António Guterres was “alarmed” at the escalating violence and large number of civilian casualties reported in Lebanon.
Monday’s death toll far surpassed that of Beirut’s devastating port explosion in 2020, when hundreds of tons of ammonium nitrate stored in a warehouse detonated, killing at least 218 people and wounding more than 6,000.
The Lebanese Health Ministry asked hospitals in southern Lebanon and the eastern Bekaa Valley to postpone nonurgent surgeries to treat people wounded by “Israel’s expanding aggression on Lebanon.”
On Monday, residents received text
messages reading: “If you are in a building housing weapons for Hezbollah, move away from the village until further notice,” Lebanese media reported.
Lebanon’s information minister, Ziad Makary, said 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.”
Communities on both sides of the border have largely emptied because of the near-daily exchanges of fire.
Israel has accused Hezbollah of 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.
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, many of them civilians. Lebanon blamed Israel, but Israel did not confirm or deny 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.
Hezbollah has said it will keep up 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 ceasefire in November.
Israel’s offensive has killed over 41,000 Palestinians, according to the Gaza Health Ministry, which does not differentiate between civilians and fighters. 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.
Lidman reported from Jerusalem, and Mroue reported from Beirut. Associated Press writers Abby Sewell in Beirut; Matthew Lee and Aamer Madhani in New York; and Edith M. Lederer at the United Nations contributed to this report.
Iran president accuses Israel of seeking wider Mideast war, laying ‘traps’ to lead Iran into it
By Edith M. Lederer The Associated Press
UNITED NATIONS—Iran’s new president accused Israel on Monday of seeking a wider war in the Middle East and laying “traps” to lead his country into a broader conflict.
Masoud Pezeshkian told about two-dozen media representatives that Iran doesn’t want to see the current war in Gaza and airstrikes across the IsraeliLebanon border expanded.
“We don’t want to fight,” he said. “It’s Israel that wants to drag everyone into war and destabilize the region.... They are dragging us to a point where we do not wish to go.”
Pezeshkian, a heart surgeon and reformer, defeated a hardliner in Iran’s July presidential runoff, after the death of the former president in a helicopter crash. He is making his debut on the international stage at this week’s annual gathering of world leaders at the U.N. General Assembly, just as Israel steps up attacks on Iranian-backed Hezbollah militants in Lebanon. The Iranian leader, who will turn 70 on Sunday, said that while Israel insists it doesn’t want a
wider war, its actions show otherwise. Pezeshkian pointed to the deadly explosions of pagers, walkie-talkies and other electronic devices in Lebanon last week, which he blamed on Israel, and the assassination of Hamas’ political leader Ismail Haniyeh in Tehran on July 31, hours after Pezeshkian’s inauguration.
Pezeshkian said the Iranian drone and missile attacks on Israel in April, in response to attack on an Iranian consular building in Syria’s capital that Tehran blamed on Israel, proved its defensive capabilities. He said Iran is not seeking to destabilize the Middle East. “We are willing to put all our weapons aside so long as Israel is willing to do the same,” he said.
On Russia and Ukraine
TWO weeks ago, the United States and Britain formally accused Iran of supplying short-range ballistic missiles to Russia to use against Ukraine and announced new sanctions on Moscow and Tehran before a joint visit to Kyiv by their top diplomats.
Pezeshkian insisted that Iran has not and will not supply Russia with ballistic missiles to attack Ukraine. “We have never approved of Russia’s ag -
gression against Ukrainian territory,” he said, adding that the two countries should establish a dialogue.
On Iran’s nuclear program
THE president was asked about Iran’s nuclear program following the Trump administration’s withdrawal from its 2015 nuclear deal with the US, Russia, China, Britain, France and Germany. It has seen Tehran expand its uranium enrichment from 3.67 percent purity under the deal to 60 percent purity, making many countries in the West nervous that it is seeking to make a nuclear weapon.
Would Iran go back to low-enriched uranium and give up its stockpile of high-enriched uranium if the nuclear deal is restored?
Pezeshkian said weapons of mass destruction have no place in Iran and its military structures.
“We are still ready to live up to the same framework” that was agreed on in 2015, he said, but the Europeans tried to get Iran to sign a different accord.
He said Iran is willing to sit down with Europeans and Americans to negotiate.
On Israel and Gaza
Pezeshkian was asked if Iran had advance knowledge of the Oct. 7 Hamas attacks on Israel that killed
about 1,200 people, most of them civilians.
“The Americans know, and Israel is very well aware that Iran was not aware,” he replied.
Israel says it only targets militants and accuses Hamas and other armed groups of endangering civilians by operating in residential areas.
Pezeshkian also accused Israel of committing “genocide” in Gaza by attacking schools, hospitals and homes. He defended Iran’s support for the Palestinians and Lebanon’s Hezbollah militants, saying his country “will not stand by to oppression and injustice.”
Israel’s nearly year-long retaliation has killed more than 41,000 Palestinians, according to Gaza’s Health Ministry which doesn’t differentiate between civilians and combatants.
On the US presidential election
Pezeshkian responded to America’s top intelligence official Avril Haines, who said in July that the Iranian government is covertly encouraging American protests over the war in Gaza in a bid to stoke outrage ahead of the November presidential election. “Please don’t believe these things—they’re childish,” he said.
EMERGENCY workers use excavators to clear the rubble at the site of Friday’s Israeli strike in Beirut’s southern
suburbs, Lebanon, Monday, September 23, 2024. AP/HASSAN AMMAR
World
World leaders convene at UN General Assembly amid rising global divisions, escalating conflicts
By Edith M. Lederer
The Associated Press
UNITED NATIONS—World leaders will open their annual meeting at the UN General Assembly Tuesday under the shadow of increasing global divisions, major wars in Gaza, Ukraine and Sudan, and the threat of an even larger conflict in the wider Middle East.
Secretary-General Antonio Guterres previewed his opening “State of the World” speech to presidents, prime ministers, monarchs and ministers at Sunday’s “Summit of the Future,” saying “our world is heading off the rails—and we need tough decisions to get back on track.” He pointed to conflicts “raging and multiplying, from the Middle East to Ukraine and Sudan, with no end in sight” and to the global security system, which he said is “threatened by geopolitical divides, nuclear posturing, and the development of new weapons and theaters of war.”
He also cited huge inequalities, the lack of an effective global system to respond to emerging and even existential threats, and the devastating impact of climate change.
One notable moment at Tuesday’s opening assembly meeting: US President Joe Biden’s likely final major appearance on the world stage, a platform he has trod upon for decades.
US Ambassador Linda ThomasGreenfield told reporters last week that the US focus in the assembly will be on ending “the scourge of war,” lamenting that roughly 2 billion people live in conflict-
affected areas.
But she also said: “The most vulnerable around the world are counting on us to make progress, to make change, to bring about a sense of hope for them.”
Among other speakers on opening day are Brazil’s President Luiz Inácio Lula da Silva, Turkey’s President Recep Tayyip Erdogan, King Abdullah II of Jordan, and Iran’s new President Masoud Pezeshkian.
The Iranian leader accused Israel on Monday of seeking a wider war in the Middle East and laying “traps” to lead his country into a
broader conflict. He pointed to the deadly explosions of pagers, walkie-talkies and other electronic devices in Lebanon last week, which he blamed on Israel, and the assassination of Hamas’ political leader Ismail Haniyeh in Tehran on July 31, hours after Pezeshkian’s inauguration.
“We don’t want to fight,” the Iranian president said. “It’s Israel that wants to drag everyone into war and destabilize the region.… They are dragging us to a point where we do not wish to go.” Iran supports both Hamas in Gaza and Lebanon’s Hezbollah militants.
International Rescue Commit -
tee
President David Miliband recalled that at the San Francisco conference in 1945 where the UN was established, then-US President Harry Truman pleaded with delegates to reject the premise that “might makes right” and reverse it to “right makes might,” which was enshrined in the UN Charter.
“Almost 80 years later, we have seen the terrible consequences of the failure to flip this equation,” Miliband said. “In contexts like Gaza, Sudan and Ukraine, might is making right.”
Facing mounting global humanitarian needs, unchecked conflict, unmitigated climate change and growing extreme poverty, Miliband challenged world leaders asking: “How will you strengthen, not weaken, the principles of the UN Charter for the next 80 years?”
The assembly’s annual meeting, which ends on Sept. 30, followed the two-day Summit of the Future, which adopted a blueprint aimed at bringing the world’s increasing divided nations together to tackle the challenges of the 21st century from conflicts and climate change to artificial intelligence and women’s rights.
The 42-page “Pact for the Future” challenges leaders of the 193 UN member nations to turn
promises into real actions that make a difference to the lives of the world’s more than 8 billion people.
“We are here to bring multilateralism back from the brink,” Guterres said.
By adopting the pact, leaders unlocked the door, he said. “Now it is our common destiny to walk through it. That demands not just agreement, but action.”
At last year’s UN global gathering, Ukraine and its president, Volodymyr Zelenskyy, took center stage. But as the first anniversary of Hamas’ deadly attack in southern Israel approaches on October 7, the spotlight is certain to be on the war in Gaza and escalating violence across the Israeli-Lebanon border, which is now threatening to spread to the wider Middle East.
Palestinian President Mahmoud Abbas is scheduled to speak Thursday morning and Israel’s Prime Minister Benjamin Netanyahu on Thursday afternoon. Zelenskyy will get the spotlight twice. He will speak Tuesday afternoon at a high-level meeting of the UN Security Council called by the United States, France, Japan, Malta, South Korea and Britain, whose foreign ministers are expected to attend. He will also address the General Assembly on Wednesday morning.
Biden faces geopolitical challenges in final UN address as Mideast, Ukraine wars rage
By Aamer Madhani, Matthew Lee
& Zeke Miller
The Associated Press
EW YORK—President Joe
NBiden is set to deliver his final address to the UN General Assembly on Tuesday as Israel and Hezbollah militants in Lebanon are edging toward all-out war and Israel’s bloody operation against Hamas in Gaza nears the one-year mark. Biden is expected to use his wide-ranging address to speak to the need to end the Middle East conflict and the 17-month-old civil war in Sudan and to highlight US and Western allies’ support for Kyiv since Russia invaded Ukraine in February 2022.
His appearance before the international body also offers Biden one of his last high-profile opportunities as president to make the case to keep up robust support for Ukraine, which could be in doubt if former President Donald Trump, who has scoffed at the cost of the war, defeats Vice President Kamala Harris in November. Biden came to office promising to rejuvenate US relations around the world and to extract the US from “forever wars” in Afghanistan and Iraq that consumed
American foreign policy over the last 20 years.
He achieved both goals. But his foreign policy legacy may ultimately be shaped by his administration’s response to two of the biggest conflicts in Europe and the Middle East since World War II.
The Pentagon announced Monday that it was sending a small number of additional US troops to the Middle East to supplement the roughly 40,000 already in the region, because of the rising tensions. All the while, the White House insists Israel and Hezbollah still have time to step back and de-escalate.
“It’s in everyone’s interest to resolve it quickly and diplomatically,” White House press secretary Karine Jean-Pierre told reporters as Biden made his way to New York on Monday ahead of his address at the UN
Biden administration officials will be speaking to their counterparts on the sidelines of the UN about ideas that they believe could prevent the fighting between Israel and Lebanon from escalating, according to two senior administration officials.
The officials, who spoke on condition of anonymity to discuss private conversations, declined to offer any further details on the
potential off-ramps. One of the officials said that other countries were also keen to present ideas to reduce tensions.
Biden had a hopeful outlook for the Middle East when he addressed the UN just a year ago.
In that speech, Biden spoke of a “sustainable, integrated Middle East” coming into view.
At the time, economic relations between Israel and some of its Arab neighbors were improving with implementation of the Abraham Accords that Israel signed with Bahrain, Morocco and the United Arab Emirates during the Trump administration.
Biden’s team helped resolve a long-running Israel-Lebanon maritime dispute that had held back gas exploration in the region. And Israel-Saudi normalization talks were progressing, a gamechanging alignment for the region if a deal could be landed.
“I suffer from an oxymoron: Irish optimism,” Biden told Israeli Prime Minister Benjamin Netanyahu when they met on the sidelines of last year’s UN gathering. He added, “If you and I, 10 years ago, were talking about normalization with Saudi Arabia...I think we’d look at each other like, ‘Who’s been drinking what?’”
Eighteen days later, Biden’s
Middle East hopes came crashing down. Hamas militants stormed into Israel killing 1,200, taking some 250 hostage, and spurring a bloody war that has killed more than 41,000 Palestinians in Gaza and led the region into a complicated downward spiral.
Now, the conflict is threatening to metastasize into a multi-front war and leave a lasting scar on Biden’s presidential legacy.
Israeli strikes on Lebanon on Monday killed more than 490 people, including more than 90 women and children, Lebanese authorities said, in the deadliest barrage since the 2006 IsraelHezbollah war.
Israel has 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.
Hezbollah, meanwhile, has launched dozens of rockets, missiles and drones into northern Israel in retaliation for strikes last week that killed a top commander and dozens of fighters. Dozens were also killed last week and hundreds more wounded after hundreds of pagers and walkie-talkies used by Hezbol -
lah militants exploded, a sophisticated attack that was widely believed to have been carried out by Israel.
Israel’s leadership launched its counterattacks at a time of growing impatience with the Iranianbacked Hezbollah’s persistent launching of missiles and drones across the Israel-Lebanon border after Hamas started the war with its brazen attack on October 7.
The stepped-up Israeli operations were launched shortly after a White House senior adviser, Amos Hochstein, visited Israel last week and urged the Israelis to avoid an escalation that could risk spurring a regional conflict.
“Reality is intervening,” said Bradley Bowman, a defense strategy and policy analyst at the Foundation for the Defense of Democracies in Washington.
“There are contrasting interests that transcend the politics and the politicians of the US-Israel relationship. For Israel, October 7 did happen, and the reality is they are facing a multifront threat and the current status quo is unacceptable. Sometimes to get to a better status quo, you have to escalate.”
Biden has seemed more subdued in recent days about the prospects of Israel and Hamas agreeing to a temporary cease-fire and hostage deal. But he insists that he hasn’t given up.
“If I ever say it’s not realistic then I might as well leave,” Biden said last week when asked if the chances for a deal were quickly fading under his watch. “A lot of things don’t look realistic until we get them done.”
Biden, in his address, also is expected to address ongoing Western support for Ukraine in its war with Russia. Biden helped galvanize an international coalition to back Ukraine with weapons and economic aid in response to Russian President Vladimir Putin’s February 2022 assault on Ukraine.
Biden has managed to keep
up American support in the face of rising skepticism from some Republican lawmakers—and Trump—about the cost of the conflict.
At the same time, Ukrainian President Volodymyr Zelenskyy is pressing Biden to loosen restrictions on the use of Western-supplied long-range missiles so that Ukrainian forces can hit deeper in Russia.
So far Zelenskyy has not persuaded the Pentagon or White House to loosen those restrictions. The Defense Department has emphasized that Ukraine can already hit Moscow with Ukrainian-produced drones, and there is hesitation on the strategic implications of a US-made missile potentially striking the Russian capital.
Putin has warned that Russia would be “at war” with the United States and its NATO allies if they allow Ukraine to use the longrange weapons.
Over the course of the war, Biden has previously resisted Ukrainian requests for certain weaponry, including MI Abrams tanks and F-16 fighter jets, before agreeing to allow their use because of worries about escalating tensions with Russia.
Max Bergmann, a Russia analyst at the Center for Strategic and International Studies, said the administration has slowly come around to giving Ukraine weapons that it initially deemed “unimaginably escalatory” at the start of the war.
“Allowing Ukraine to strike further into Russian territory with US weapons would be another big step and the Biden administration is right to be deliberate,” Bergmann said.
Biden and Harris are scheduled to hold separate meetings with Zelenskyy in Washington on Thursday. The Ukrainian leader also is expected to meet with Trump this week.
Miller reported from Washington.
ANTÓNIO GUTERRES, United Nations Secretary-General, speaks to the United Nations General Assembly during the Summit for the Future on Sunday, September 22, 2024, at UN headquarters. AP/FRANK FRANKLIN II
US-China research partnerships aided Beijing’s military technology development, Republicans say in new report
By Didi Tang The Associated Press
WASHINGTON—
Partnerships between the US and China at universities over the past decade have allowed hundreds of millions of dollars in federal funding to aid Beijing in developing critical technology that could be used for military purposes, congressional Republicans asserted in a new report.
The report said US tax dollars have contributed to China’s technological advancement and military modernization when American researchers worked with their Chinese peers in areas such as hypersonic weapons, artificial intelligence, nuclear technology and semiconductor technology.
The report, released Monday by Republicans on the House Select Committee on the Chinese Communist Party and the House Education and Workforce Committee, raised concerns over the national security risks of scientific collaborations that were once celebrated. It urged stronger safeguards and more robust enforcement.
The committees conducted a yearlong investigation into higher education’s role in the economic rivalry with China, especially when it comes to technology. While
American universities don’t engage in secret research projects, their work—often among the best in the world—has the potential to be turned into military capabilities.
The US House of Representatives this month approved about two-dozen China-related bills, with a clear goal to compete with Beijing in the tech field. The bills, which still need to be approved by the Senate, seek to ban Chinesemade drones, restrict Chinalinked biotech companies in the US market, and cut off remote Chinese access to advanced US computer chips.
Other measures include those to curb Beijing’s influence on US college campuses and to revive a Trump-era program meant to root out China’s spying and theft of intellectual property at American
universities and research institutes. That’s despite such efforts raising concerns about racial profiling and the ability to keep up exchange programs that boost tolerance between the two countries.
Collaboration among US-based scholars and China also declined as a result of the Trump administration’s anti-spying program, which ended in 2022, researchers say.
Deputy Secretary of State Kurt Campbell said at a forum by the Council on Foreign Relations earlier this year that he would welcome more Chinese students studying humanities and social sciences but “not particle physics” in American schools.
Abigail Coplin, an assistant professor of sociology and science, technology and society at Vassar College, expressed concerns about the potential harm to academic
exchange and scientific engagement, which she said promote understanding and help stabilize relations.
“Clearly American federal funding should not be used to advance China’s military capabilities, but there also needs to be more conversation about what is not an issue of national security and the negative ramifications of oversecuritization,” Coplin said. “Decreased person-to-person engagement is contributing to the rapidly fraying US-China relationship at the moment.”
Monday’s report identified about 8,800 publications that involved US researchers who received funding from the Department of Defense or the US intelligence community working with Chinese researchers—many of whom were affiliated with China’s defense research
Japan asks China to ensure safety of Japanese citizens after a schoolboy was fatally stabbed
By Mari Yamaguchi
TThe Associated Press
OKYO—Japan’s top diplomat asked China to ensure the safety of Japanese citizens there after the fatal stabbing of a Japanese schoolboy, and demanded a crackdown on what she called “groundless, malicious and anti-Japanese” social media posts that threaten children’s safety.
Foreign Minister Yoko Kamikawa requested her Chinese counterpart, Wang Yi, to conduct a full investigation into the stabbing and provide a clear explanation to Japan about what happened, and to punish the suspect and implement preventive measures for the future.
Kamikawa said Beijing should take concrete steps to ensure safety of Japanese residents, especially children, in China, according to Japan’s Foreign Ministry. The two ministers met in New York on Monday on the sidelines of the United Nations General Assembly meeting.
The 10-year-old boy was stabbed on Sept. 18 near the gate of the Shenzhen Japanese School. The attacker, identified as a 44-year-old man, was arrested on the spot and is being investigated, according to Chinese officials. No motive for the attack was immediately clear.
Kamikawa has said the attack occurred despite Tokyo’s request to Beijing for increased security for Japanese citizens and around Japanese schools ahead of the Sept. 18 anniversary of the Mukden Incident in 1931, which China marks as the beginning of the Japanese invasion of Manchuria, now northeast China.
Kamikawa also told Wang that “groundless, malicious and antiJapanese social media postings and others, including those targeting Japanese schools, directly affect the safety of children and are absolutely unacceptable,” demanding China a thorough crackdown as soon as possible, according to a ministry statement. Wang said the stabbing was an
“accidental, individual case” and that China would handle the case under the law, the ministry said. It said Kamikawa and Wang agreed to further cooperate to achieve progress on the issues as soon as possible.
Safety concerns are rising among the Japanese business community in China.
Vice Foreign Minister Yoshifumi Tsuge was in Beijing on Monday for talks with his counterpart, Sun Weidong, and conveyed a similar message of concern. Tsuge then met with representatives of the Japanese business community to hear their thoughts on safely operating in China.
Tsuge said Japan is spending 43 million yen ($300,000) to urgently beef up security around Japanese schools and their bus stops during commuting hours, and plans to seek additional budget to staff security guards on Japanese school buses.
Tetsuro Honma, head of Panasonic Holdings Corp.’s Chinese
subsidiary and head of the Japanese Chamber Commerce and Industry in China, told Tsuge that the latest stabbing, in addition to an earlier case in June, were extremely regrettable, according to the ministry.
Honma said ensuring the safety of employees and their families is crucial for Japanese companies operating in China.
On June 24th, a knife attack at a school bus stop for a Japanese school in the southeastern city of Suzhou killed a Chinese national who was trying to stop the attacker and injured a Japanese mother and her child.
Earlier in June, a Chinese man stabbed four US university instructors at a public park in Jilin in the northeast and a Chinese person who tried to intervene. The four instructors from Cornell College were teaching at Beihua University. Their injuries were not critical.
About 100,000 Japanese students, employees and others live in China.
and industrial base. Such research is “providing back-door access to the very foreign adversary nation whose aggression these capabilities are necessary to protect against,” the report said.
The House investigation also flagged what it described as problematic joint institutes between US and Chinese universities, which the report said “conceal a sophisticated system for transferring critical US technologies and expertise” to China.
Through those institutes, American researchers and scientists, including those who conduct federally funded research, have traveled to China to work with and advise Chinese scholars and train Chinese students, the report said.
“This creates a direct pipeline for the transfer of the benefit of their research expertise” to China, the report said.
The Georgia Institute of Technology, which is named in the report for its joint Georgia Tech Shenzhen Institute, defended its work in China, saying it was focused on educating students, not research, and that the report’s claims are “unsubstantiated.”
“There was no research conducted at GTSI, no facilitation of technology transfer, and no federal funding provided to China,” the university said in a statement. However, Georgia Tech announced on Sept. 6 that it would discontinue its participation in the joint institute with Tianjin University and the government of Shenzhen, a city in southern China. Georgia Tech said the partnership was “no longer tenable”
after the US Commerce Department accused Tianjin University in 2020 of theft of trade secrets. The congressional report also identified Tsinghua-Berkeley Shenzhen Institute, which the University of California, Berkeley, and China’s Tsinghua University opened in 2015 in the city of Shenzhen to focus on “strategic emerging industries,” according to the institute’s website.
Berkeley’s researchers “engage only in research whose results are always openly disseminated around the world” and the school was “not aware of any research by Berkeley faculty at TBSI conducted for any other purpose,” Katherine Yelick, the university’s vice chancellor for research, said in a statement.
Berkeley also is unwinding its partnership, saying it has no oversight of research activities conducted only by non-Berkeley employees at the joint institute.
The US university has decided “to start the process of relinquishing all ownership” in the Shenzhen school “after careful consideration, which began several months ago,” Yelick said.
She said Berkeley “takes concerns about research security very seriously—including those concerns voiced by Congress.”
The University of Pittsburgh, which is named in the report for its cooperation with Sichuan University, said it could not comment because the Pennsylvania University “was not consulted and did not work with the House Select Committee throughout the investigation.”
Accused Trump assassin left behind note, list of target dates and venues
By Eric Tucker, Alanna Durkin Richer & Stephany Matat
WThe Associated Press
EST PALM BEACH, Fla.—The man accused in the assassination attempt of Donald Trump at a golf course in Florida left behind a note detailing his plans to kill the former president and kept in his car a handwritten list of dates and venues where Trump was to appear, the Justice Department said Monday.
Trump complained that the current holding charges against the man were too light, but prosecutors indicated much more serious attempted assassination charges were coming.
The new allegations about the note were included in a detention memo filed ahead of a hearing Monday at which federal prosecutors argued that Ryan Wesley Routh should remain locked up as a flight risk and a threat to public safety. US Magistrate Ryon McCabe agreed, saying the “weight of the evidence against the defendant is strong” and ordered him to stay behind bars.
The latest details were meant to bolster the Justice Department’s contention that the 58-year-old suspect had engaged in a premeditated plan to kill Trump, a plot officials say was thwarted by a Secret Service agent
who spotted a rifle poking out of shrubbery on the West Palm Beach golf course where Trump was playing and then opened fire in Routh’s direction.
The note describing Routh’s plans was placed in a box that he dropped off months earlier at the home of an unidentified person who did not open it until after last Sunday’s arrest, prosecutors said.
The box also contained ammunition, a metal pipe, building materials, tools, phones and various letters. The person who received the box and contacted law enforcement was not identified in the Justice Department’s detention memo and was described only as a “civilian witness.”
One note Routh left, addressed “Dear World,” appears to have been premised on the idea that the assassination attempt would be unsuccessful.
“This was an assassination attempt on Donald Trump but I failed you. I tried my best and gave it all the gumption I could muster. It is up to you now to finish the job; and I will offer $150,000 to whomever can complete the job,” the note said, according to prosecutors. The letter offers “substantial evidence of his intent,” Assistant US Attorney Mark Dispoto said in court Monday.
Tucker and Durkin Richer reported from Washington.
Nurses’ lockout escalates: Protesters arrested, including state lawmakers, at Hawaii hospital
By Jennifer Sinco Kelleher
The Associated Press
HONOLULU—Ten people, including a recently elected state lawmaker, were arrested Monday outside Hawaii’s only women’s and children’s hospital, where unionized nurses have been locked out since going on a one-day strike during contract negotiations.
Those arrested sat and blocked the driveway of Kapi’olani Medical Center for Women & Children on Monday morning and refused to leave after officers issued warnings, Honolulu police spokesperson Sarah Yoro said in an email. More than 600 nurses have been locked out since they went on a one-day strike earlier this month. Since then, nurses and supporters have been demonstrating and
holding signs outside the hospital, which said it would continue to provide care with a temporary workforce.
The nurses want to see safer nurse-patient ratios, said Rosalee Agas-Yuu, president of the Hawaii Nurses Association. The contract expired last year.
Both sides met through the weekend and contract negotiations were set to continue Monday,
Agas-Yuu said.
“All they want to do is just go back to the bedside and take care of the patients,” she said of the nurses.
On Monday, demonstrators calling attention to the lockout sat at the hospital’s entrance as buses with the temporary outof-state nurses arrived, Agas-Yuu said. None of the people arrested are active nurses, she said.
“We respect the right for peaceful
protesting, but any demonstration cannot negatively impact patient care,” hospital CEO Gidget Ruscetta said in a statement. “Access to our medical center must remain open for our community. We will rely on the Honolulu Police Department to take appropriate action.”
According to a police arrest log, Kim Coco Iwamoto, a Democrat recently elected to represent part of Honolulu in the state House, was among those arrested and cited for obstructing. Iwamoto said she plans to address staffing ratios for nurses at the state Legislature. Ikaika Hussey, who recently won the Democratic primary for a state House seat, was also arrested. He and others were engaging in “classic civil disobedience,” he said after being released from a cellblock.
CHINESE President Xi Jinping, right, and Malaysian King Sultan Ibrahim Sultan Iskandar, center left, attend a welcome ceremony at the Great Hall of the People in Beijing, China on Friday, September 20, 2024.
PHOTO
HB 10840: A bold plan to transform PHL agriculture
LAwmAkers who authored and pushed for the approval of House Bill (HB) 10840 noted that the average age of Filipino farmers is currently at 58. (See, “Bill supporting young fishers and farmers hurdles House,” in the BusinessMirror, September 23, 2024). This means that half of the population of local farmers is above 58 years old or even senior citizens. The bill is cognizant of the fact that reducing the average age of Filipino farmers would require radical steps to entice the youth to join the agriculture sector.
HB 10840, which establishes the Young Farmers and Fisherfolk Challenge Program, will attempt to put in place measures that will make the farming sector attractive again to young Filipinos. This is encapsulated in Section 2 of the bill, which says that the State will involve the youth in nation building and rural development, “providing for this purpose access to knowledge, information and education, land, new sources of financial services and capital, green jobs, new and niche markets, and participation in policy dialogue.” It mandates the creation of a council that will provide the overall policy and direction of concerned agencies to ensure the effective implementation of the program.
In formulating the program, the council is required to consult with research institutions, such as the Southeast Asian Regional Center for Graduate Study and Research in Agriculture, Philippine Council for Agriculture, Aquatic and Natural Resources Research and Development, University of the Philippines-Los Baños and other relevant state universities and colleges. One of its functions is to serve as a conduit between stakeholders and national and international leaders including Congress and the private sector in formulating policies directly addressing the concerns of young farmers and fishers. Its most important functions, however, are central to government efforts to increase the number of young people in the agriculture sector. The council, according to HB 10840, should ease their access to credit including start-up capital. It is also mandated to facilitate short-term leases for public land to young farmers and develop mechanisms that will allow them to eventually own it.
The inability of their parents or grandparents to own land and their limited access to production capital made it more difficult for farming families to get out of poverty. Their parents or grandparents could not get out of debt because the lack of access to cheap credit forced them to turn to loan sharks. As they grappled with onerous interest rates, low farmgate prices, and losses due to natural disasters, not a few farmers discouraged their sons and daughters from going into farming.
HB 10840 has been transmitted to the Senate for its own deliberations and approval. While we await the measure’s enactment and implementation, policymakers should provide the assistance needed by our farmers to improve their productivity and their income. A program supporting young farmers and fishers will not be enough to induce them to join the agriculture sector if their parents will remain poor.
BusinessMirror
Tourism infrastructure buildup
TMark Villar
THE BUILDER
He Philippine tourism industry is experiencing a sustained recovery, driven by substantial investments in accommodation facilities.
To maintain the momentum, it is essential for the government to enhance infrastructure, especially in remote areas. The surge in tourist arrivals highlights the need for infrastructure that matches the increasing demand.
These include roads and bridges, railways, dedicated bike lanes, ports and airports, Internet connectivity and reliable power.
Per data from the Department of Tourism (DOT), international visitor arrivals grew by a tenth in the first eight months of 2024, as the country welcomed more than four million tourists during the period, compared with 3.65 million it hosted in the same period last year. It aims to register 7.7 million arrivals this year and 12 million by 2028.
The robust tourism figures sustain the strong recovery seen in 2023
CInc.–Sun Valley Drive KM-15, South Superhighway, Parañaque, Metro Manila
when we recorded 5.45 million arrivals. Tourism last year employed 6.2 million Filipinos and contributed 8.6 percent to the gross domestic product, with local and international tourism expenditure amounting to P3.36 trillion.
To sustain this growth, we need to support more investments in transport infrastructure and accommodation facilities. I totally agree with Department of Transportation Secretary Jaime Bautista. Big investments in transport infrastructure will create jobs, livelihood opportunities and higher economic activities within and around the project sites. These projects will enhance the experience of Filipinos in communities as well as the perception of foreign tourists traveling to different parts of the country. Modern airports and cruise terminals will make a posi-
HinA’s central bank unleashed an unprecedented blitz of policy support for the economy, as authorities made their boldest swing so far to hit this year’s annual growth target of about 5 percent, after a flurry of wall street banks downgraded their forecasts.
People’s Bank of China governor Pan Gongsheng cut the amount of money banks must hold in reserve to the lowest level since at least 2020, and reduced a key policy rate at a rare briefing in Beijing on Tuesday. That marked the first time both measures were slashed on the same day in at least the past decade, underscoring the urgency of his task. The central bank chief at unveiled a package to shore up the nation’s beleaguered property market, including lowering borrowing costs on as much as $5.3 trillion in mortgages and easing rules for second-home purchases. China will unlock at least 800 billion yuan ($113 billion) of liquidity
support for its beleaguered equity market, he added, noting officials were studying setting up a stock stabilization fund. Financial markets gave the package a thumbs-up. The CSI 300 Index rose for a fifth straight day, gaining as much as 1.3 percent, with over 200 of the companies in the gauge climbing. Commodities markets eked out small gains and the yuan was little changed against the dollar. Government bonds flipped to a loss on the stock gains. China’s 10year bond yields rose 2 basis points to 2.05%, erasing an earlier decline to a record low.
But while Pan’s policy barrage beat expectations, and likely put the
The robust tourism figures sustain the strong recovery seen in 2023 when we recorded 5.45 million arrivals. Tourism last year employed 6.2 million Filipinos and contributed 8.6 percent to the gross domestic product, with local and international tourism expenditure amounting to P3.36 trillion.
tive impression on visitors.
Tourists seek world-class accommodations, including hotels, resorts, condotels, serviced apartments, bed-and-breakfasts and staycation spots. The Department of Tourism is developing tourist rest areas for information, safety reports and restroom access.
Both local and foreign investors are building hotels across the Philippines. The Philippine Accommodation Pipeline Report 2024, released by the Philippine Hotel Owners Association and Leechiu Property Consultants, forecasts the opening of over 40,000 hotel rooms by 2029 or 2030.
The report provides valuable insights into hotel, resort and other accommodation projects that are in the planning and/or construction stages. The report can also provide the national government as well as local government units data on
where they can contribute in destination or infrastructure development. Amid the brightening outlook, major investors plan to open 158 new accommodations, adding 40,084 rooms and representing a combined investment of P250 billion. These projects are expected to generate 57,000 jobs.
International and local brands are expanding rapidly. These include 85 accommodations and 20,116 room keys in Luzon, representing half of the total in the pipeline; 57 accommodations with 16,830 room keys in the Visayas, accounting for 42 percent; and 16 new accommodations with 3,138 room keys in Mindanao, or 8 percent of the total. The report says 3,231 new hotel rooms of the total are expected to open by the fourth quarter of 2024; 8,168 keys by 2025; 9,110 by 2026; 3,834 by 2027; 8,969 by 2028; and 6,772 by 2029 onwards. These are specific numbers than can guide our tourism and transport officials in terms of planning. These developments require improved mobility and connectivity. Lapu Lapu, Panglao and Boracay have emerged as top hotel investment destinations.
For example, 10 projects with 4,786 room keys are planned for Lapu-Lapu, while Panglao Island will
See “Villar,” A15
President Xi Jinping’s government has been trying to give the economy a kick without resorting to bazooka stimulus packages of past years, but so far piecemeal efforts have failed to arrest the slowdown. That deterioration— growth has slowed to its worst pace in five quarters—is testing the leadership’s tolerance for missing a high-profile target for the second time in three years.
growth target back in sight, analysts questioned whether it was enough to break China’s deflationary spiral and entrenched real estate crisis.
“It’s hard to say what silver bullet can help resolve everything,” said Ken Wong, Asian equity portfolio specialist at Eastspring Investments Hong Kong Ltd. “While it’s good to have monetary easing measures that are accommodative, more needs to be done in order to help solidify fourth quarter growth.”
“This will be a day to remember for China’s monetary policy. The People’s Bank of China unleashed a barrage of measures, from cuts to interest rates and reserve requirements to making central bank funding available for investors to purchase stocks. Each individual step on its own is significant. Delivering them all at once is highly unusual and speaks to the urgency felt in Beijing to head off deflationary risks and get growth on track for this year’s 5 percent target...We estimate the boost to 2024 growth to be around 0.2 ppt, with most of the impact falling in 2025,” said Chang Shu, Bloomberg’s China economist. President Xi Jinping’s government has been trying to give the economy a kick without resorting to bazooka stimulus packages of See “China,” A15
Ambassador Antonio L. Cabangon Chua
2005
Former Singapore minister pleads guilty in twist to rare trial
By Josh Xiao & Yihui Xie
singAPore’s former transport minister has pleaded guilty to charges including obstruction of justice after the city-state’s prosecution amended the indictment against him, a surprising twist to the biggest political scandal in nearly four decades.
S. Iswaran pleaded guilty after the amended charges were read out to him. The prosecution proceeded with four charges against him for obtaining valuable items as a public servant and one count of obstructing justice while 30 other charges were taken into consideration.
The prosecutors are asking for a seven-month jail term.
The former politician was initially charged with 35 counts including graft. He was alleged to have obtained more than S$403,000 ($312,000) in luxury goods including tickets to musicals and soccer matches in the UK. The 62-year-old, who resigned from his post back in January, had vowed to defend his innocence in court.
The court hearing comes at a politically sensitive time as Prime Minister Lawrence Wong prepares to lead the ruling People’s Action Party in a general election after he took over from Lee Hsien Loong in May. The case against Iswaran, who has left the PAP, is a test for a party whose reputation for clean governance has helped it win all elections since Singapore’s independence in 1965.
The probe against Iswaran came to light last year when Lee ordered him to go on leave, and he was later arrested together with property tycoon Ong Beng Seng. Iswaran was charged in January for allegedly taking favors from Ong, such as tickets to musicals on the West End. Ong hasn’t been charged.
Known for bringing Formula 1 racing to Singapore, Iswaran is the first minister to get embroiled in a graft probe since 1986 when thenMinister for National Development Teh Cheang Wan was investigated for accepting bribes.
For Iswaran, most of the court charges deal with his interactions with Ong, who owns the rights to the Singapore Grand Prix and is chairman of race promoter Singapore GP Pte Ltd. The allegations range from
continued from A14
have additional 4,401 keys across 16 projects. Boracay has 3,625 room keys in the pipeline. Other key investment sites are Parañaque City, Cebu City, New Clark City, Clark Freeport, Quezon City, Davao City and Manila, per the report. I am sure there are similar investments in island destinations, such as Palawan, Bohol, Siargao, Mindoro, Marinduque, Romblon, Camiguin, Guimaras, Siquijor and other natural spots.
I am optimistic the actual investments could be higher if smaller establishments are included. In Luzon, hundreds of resorts and swimming pools with accommodations have risen in recent years, catering mainly to domestic tourists who now have higher spending powers. These smaller establishments, located in previously isolated areas
The former politician was initially charged with 35 counts including graft. He was alleged to have obtained more than S$403,000 ($312,000) in luxury goods including tickets to musicals and soccer matches in the UK. The 62-yearold, who resigned from his post back in January, had vowed to defend his innocence in court.
Iswaran obtaining tickets for UK soccer matches and taking a flight on Ong’s private jet to obtaining tickets to the F1 race in Singapore.
Singapore’s Ministry of Trade and Industry has said there was nothing to suggest that the F1 contracts were disadvantageous to the government and said it would review the terms. A ministry spokesman said the review is ongoing.
Another round of court charges in March had accused Iswaran of obtaining nearly S$19,000 of luxury items, including whisky bottles, a Brompton bicycle and golf clubs, from a managing director of a local firm in relation to a construction contract related to a train station. The managing director hasn’t been charged.
While the next general election must be held by November 2025, it could come sooner as observers say Wong is likely to seek an early mandate before brewing economic uncertainties have a greater impact on the trade-reliant nation. The PAP had its worst-ever showing in 2020—despite winning 89 percent of the parliamentary seats—due in part to concerns about the economy.
When Iswaran was charged in January, Wong said that the citystate’s stance on maintaining clean government was “non-negotiable.”
French assets risk fresh losses from renewed political turmoil
By Julien Ponthus & Alice Gledhill
investors are spurning French assets as they lose confidence in the ability of a new government to survive the coming months. the risks have sent the nation’s bond yields to the highest relative to lower-rated spain since the global financial crisis, while stocks in Paris are the only major european market set for losses in 2024. the likes of Citigroup inc., Barclays Plc and royal London Asset Management warn a new cabinet could quickly stumble, leaving France without an administration again.
The moves signal there’s no end in sight to turmoil in French markets since an election result in July produced political gridlock. The new ministers have little time to cobble together a budget aimed at tackling France’s deficit before facing a showdown with a hostile parliament next month.
“Markets are waiting to see if the new government can hold,” said Francois Rimeu, a strategist at La Francaise Asset Management in Paris. “There’s a risk that it falls,” he said, adding one couldn’t rule out a “second leg” to the crisis.
A gauge of French bond risk—the gap between French and German 10year yields—is at the highest since anxiety over the country’s politics was at its peak this summer. Citigroup expects it to widen to as much as 100 basis points next year, up from around 80 now. Meanwhile, French stocks have slid over 6 percent from when President Emmanuel Macron called snap elections on June 9.
Data on money flows is not encouraging. Earlier in September, France equity funds chalked up their
biggest outflow since December, according to EPFR. And Japanese investors sold French sovereign bonds en masse in July, a sign that one of Europe’s safest assets has been tarnished in the eyes of some of its biggest holders.
“I don’t see much appetite from investors to go back to French assets,” said Emmanuel Cau, head of European equity strategy at Barclays. “Investors want to see whether a budget can be passed,” he said, adding the market was “weary” about the prospect of another election next year.
‘No future’
THE first challenge for Prime Minister Michel Barnier’s new government will be delivering the already-delayed budget. An October 1 deadline to present it to parliament for debate is likely to be the first opportunity for a party to call for a no-confidence vote.
The left-wing New Popular Front alliance—which holds the largest number of seats in the lower house—has pledged to topple the government at the earliest opportunity. Meanwhile, Marine Le Pen’s
The moves signal there’s no end in sight to turmoil in French markets since an election result in July produced political gridlock. The new ministers have little time to cobble together a budget aimed at tackling France’s deficit before facing a showdown with a hostile parliament next month.
National Rally party has indicated the new government has “no future.”
Even if Barnier, best known for negotiating for the European Union in Brexit talks, can get a budget bill past lawmakers, he will then have to answer to the bloc’s rules.
The EU has already reprimanded the previous government for running an overly large deficit. France’s debt level relative to the size of its economy is well above that of Spain and Portugal, traditionally considered more risky for bond investors.
“I think the headwinds for France are pretty large,” said Gareth Hill, a portfolio manager at Royal London Asset Management, who has maintained an underweight position on French debt since before the elections. “Barnier is now in place so at least there is a prime minister to do things like submit budgets, in theory at least,” he said, adding things still “feel very fragile at this stage.”
The political situation and markets have seen little improvement in the month since a small band of investors, including Jupiter Asset Management and hedge fund Mount
Lucas Management, said they were starting to snap up French bonds based on the view that the selloff was overdone.
Ratings gauntlet
THE latest economic data is also worrying. The euro area’s private-sector economy shrank for the first time since March, with the end of France’s Olympic boost and a deepening manufacturing downturn heightening concerns that the region’s recovery has run out of steam.
That’s a problem for the French stock index since its heavyweight constituents in the luxury sector means it is tilted toward companies tied to economic momentum. In recent weeks, the value of stocks listed in Paris has fallen below that of Toronto for the first time since 2022. Finally, within weeks of the budget discussions, ratings companies will also give their verdict on the country’s finances. Fitch Ratings will review France on October 11, following by Moody’s Ratings on October 25. The latter has warned the outlook may be lowered to negative from stable if fiscal and debt outcomes worsen. S&P Global Ratings has already downgraded the country this year. The rating risks are “potentially greater this time around,” said Aman Bansal, a rates strategist at Citigroup. The nomination of a prime minister and new cabinet “does not really alleviate risks to the government’s longevity, policy paralysis, needed fiscal consolidation, or the credit rating.” Bloomberg
Labour’s UK business push fails to ease worries over policy void
By Joe Mayes, Katherine Griffiths & Ellen Milligan
British businesses have one key concern about Prime Minster Keir starmer: Almost three months into his tenure, there’s still a dearth of details about how his new Labour administration plans to get the UK economy firing.
Corporate leaders showed up in their droves to Labour’s annual conference in Liverpool this week, after the long-time opposition stormed to a landslide in the July 4 general election. That’s testament not only to Labour’s return to power after 14 years in opposition, but also to how Starmer has reformed the party to appeal to UK Plc after his left-wing predecessor Jeremy Corbyn largely antagonized business with tax and nationalization plans.
like Dona Remedios Trinidad, Bulacan or Rodriguez, Rizal, are now flourishing because of improved accessibility. The construction of roads and bridges to more areas will spur development, improve accessibility for both residents and tourists and enhance their travel experience in the Philippines.
I see a tourism sector poised for further growth, with both government and private sector investments playing a crucial role. As accommodation facilities and infrastructure develop, the country is better positioned to meet the growing demands of both local and international tourists.
Enhanced infrastructure, from roads to modern airports, and an increase in world-class accommodations will help the Philippines become a top travel destination.
For feedback e-mail to senatormarkvillar@ gmail.com or visit our web site: https://markvillar.com.ph
authorities revealed measures in one go,” said Larry Hu, head of China economics at Macquarie Group Ltd. “The stimulus push will still need coordination from other policies— particularly follow-up policies from the fiscal side.”
“This is part of our DNA,” he said. “There can be no compromise, no relaxation, no fudging of this, no matter the political price.” Bloomberg past years, but so far piecemeal efforts have failed to arrest the slowdown. That deterioration—growth has slowed to its worst pace in five quarters—is testing the leadership’s tolerance for missing a high-profile target for the second time in three years.
“The purpose of today’s briefing is to inject confidence into the market, judging by the fact that the
The Federal Reserve’s biggerthan-expected half-percentage point slash has given central banks across Asia more room to move. But making money cheaper won’t lift the economy if Chinese consumers don’t want to spend because layoffs are looming amid sliding corporate profits and
“We campaigned as a pro-business party and we will govern as a pro-business party,” Business Secretary Jonathan Reynolds said Monday in his conference speech. “We cannot deliver for the British people, unless we turn around the low investment, low productivity, low growth economy which we have inherited.”
Yet despite that improved relationship, business executives are waiting for concrete answers on how Starmer plans to reshape Britain. Meanwhile, speculation is rife about potential levies on capital gains and wealthy people in Chancellor of the Exchequer Rachel Reeves’s budget on Oct. 30, after she all but confirmed over the summer that she’s looking to raise taxes to help plug a £22 billion ($29 billion) fiscal hole.
“Getting the next six weeks right, I feel, will be really important to people interested in investing here, or to attract people from outside,” Lloyd’s of London Chairman Bruce Carnegie-Brown told Bloomberg Ra-
property prices are still falling. New home prices clocked their biggest decline last month from the previous period since 2014.
Pan’s decisive display of ramped up monetary policy now sets the stage for the Finance Ministry to unveil its own bid to defend the growth target. A plunge in revenue from land sales has held back fiscal spending this year, leaving indebted local governments with little bandwidth to invest in growth-boosting projects.
“It is too far from being a ba-
dio at the conference. Reeves and Starmer have said that promoting economic growth is the chief aim of their administration and stress that attracting private capital will be key to achieving that goal. In her conference speech on Monday, the chancellor hinted at plans that could unlock billions of pounds of investment as she promised to deliver a budget showing “real ambition.”
But business executives on the sidelines of the summit—many of whom spoke to Bloomberg on condition of anonymity to discuss sensitive opinions about the new government—expressed caution about Labour’s plans and cited areas where they are still seeking clarity.
One banking boss said there was a void of several weeks before the important issues of tax and other policy would become clear and allow companies to make plans. Another business leader said Labour’s economic announcements so far amounted to headlines with blank pieces of paper behind them. They criticized Starmer’s failure to swiftly appoint a dedicated investment minister.
A third executive, who works for one of the world’s largest drinks companies, said they liked Labour’s pro-business message but were worried Reeves would sting them with a hike to alcohol duty at the budget.
“They have made a good start in setting out their agenda, but now everyone is waiting for the budget, and the investment summit and the
zooka,” ANZ chief greater China economist Raymond Yeung said of the package. “We are not sure how much the mortgage rate cut will induce a property recovery.”
China’s property rescue package unveiled in May has failed to turn around a years-long real estate slump. Only 29 cities out of 200 urged to participate are heeding Beijing’s call to help absorb an excess of housing.
The central bank governor unveiled his big policy shift at his first high-profile press conference since
Reeves and Starmer have said that promoting economic growth is the chief aim of their administration and stress that attracting private capital will be key to achieving that goal. In her conference speech on Monday, the chancellor hinted at plans that could unlock billions of pounds of investment as she promised to deliver a budget showing “real ambition.”
Mansion House speech,” said Tiina Lee, chief executive officer of Citi UK, referring to a major gathering of investors on Oct. 14 and Reeves’s upcoming annual address to the City, for which no date has yet been announced.
Reynolds addressed some of industry’s concerns directly during socalled business day at the party conference, whose attendees included executives from HSBC, Google and Blackstone. Tickets for the event cost £3,000 and sold out within 24 hours. The minister said CEOs shouldn’t doubt Labour’s pro-enterprise instincts and that details on the party’s planned industrial strategy would be forthcoming in the near future.
Labour is “explicitly committed to removing barriers to business activity,” he said. “It’s an extremely compelling offer.”
Planning reforms
SEv ERAL executives at the summit expressed optimism about the new government’s work to-date. Keith Anderson, chief executive of Scottish Power, said Labour’s energy policy was already making positive strides in key areas such as a pledge to reform planning, in comparison with the previous regime.
March, appearing alongside securities regulator chief Wu Qing, and Li Yunze, head of the National Financial Regulatory Administration. The trio used their collective public debut to roll out steps to salvage investor sentiment and stem a selloff in the stock market.
That included new financial tools to expand liquidity for the stock market, which would help listed companies and major shareholders buy back shares and raise holdings.
The PBOC chief has displayed a more transparent approach to policy
“For years and years, we’ve talked about planning, or how to get things decided more quickly,” Anderson told Bloomberg. There is evidence the new administration will “be serious,” he said, adding that Scottish Power’s Spanish owner Iberdrola would be keen to plow more into the UK.
Another executive said they were glad that Reeves has committed to capping corporation tax during this Parliament. They also welcomed proposals for an industrial strategy and to facilitate more construction by stripping back planning red tape.
Citi’s Lee said the bank’s international clients appreciated the stability the UK’s new government had said it was bringing. As well as enticing overseas investors, a key challenge will be unleashing the trillions of pounds of pension funds and other savings in the UK for long-term projects, she said.
‘Rich environment’ STARMER himself closed the event with corporate leaders by talking up his pro-business agenda and the idea that his large electoral mandate will lead to better long-term decision making.
“We can take decisions based on years rather than months,” he said.
“There’ll be a very rich environment for investment if we’re clear about the conditions for investment.” But whether that becomes a reality remains the question for UK plc —and Conrad Ford, chief strategy officer of UK fintech Allica Bank, said that companies needed to hear more.
“What everyone is looking for are signs the rhetoric around growth can be turned into action,” Ford said. “That Labour really are serious about backing the country’s wealth creators.” With assistance from Caroline Hepker and James Woolcock / Bloomberg
this year, in a bid to stabilize sentiment. Pan used a similar briefing in January to announce a RRR cut two weeks ahead of time, as authorities tried to halt a $6 trillion stockmarket rout.
“Monetary policy easing came in bolder than expected,” said Becky Liu, head of China macro strategy at Standard Chartered Plc. “We see room for bolder easing ahead in the coming quarters, following the
Villar
‘Stable oil, food prices spell continued inflation easing’
By Samuel P. Medenilla @sam_medenilla
THE Department of Finance
(DOF) expects the inflation rate to continue to cool down next year, citing the projected stable oil and food prices as well as continued economic growth in the coming months despite the upcoming Christmas season.
In a press briefing in Malacañang on Tuesday, DOF Secretary Ralph G. Recto said he is confident the inflation rate will ease to 2.5 percent this month from 3.3 percent in August.
Among the top inflation drivers last month for food were rice and pork, while for non-food items, those were restaurant services, rentals, and transport.
Recto said ongoing efforts by the Department of Agriculture (DA) to augment existing rice
stockpile through importation and available pork supply by addressing the spread of the African Swine Fever (ASF) have ensured the country’s food security.
“We expect inflation to go down to 2.5 percent by September and the most important, we have sufficient rice and ham for Christmas,” he said.
“So, for the full year, we’re looking at the total inflation rate to be about 3.4 percent more or less,” he added.
In June, the Development Budget Coordination Committee (DBCC) announced the government is aiming for 3 percent to 4 percent inflation rate this year.
Headwinds
THE DOF chief made the low inflation rate projection despite the Bangko Sentral ng Pilipinas (BSP) reducing requirement ratios (RRR) of banks, which is expected to inject around P400 billion in liquidity in the financial system.
Recto said the adjustment will be good for the economy and help improve capital markets.
“So, not really, that’s all been considered and we expect inflation to be 2.9 to 3.1 percent next year. So, even lower than this year,” he added.
Energy-related factors, however, such as the spread of war in the Middle East—which in turn can lead to the spike in oil prices— and looming electricity rate hikes could derail their projectio, he said.
“Our biggest challenge really is external headwinds and one will be the war in the Middle East so we don’t want that to go out of hand; and possibly oil price increases
CAR SALES SIGNAL GROWTH, BUT WHERE ARE THE ROADS?
By Andrea E. San Juan @andreasanjuan
which we have no control over,” Recto said.
As for the electricity rate, he said, the President decided to “spread that out to roughly 36 months” to minimize its impact to consumers.
At Tuesday’s sectoral meeting on managing food and non-food inflation, President Ferdinand Marcos Jr. directed concerned government agencies to manage inflationary factors that may affect the price of rice, sugar and pork such as La Niña impacts, importation, food production, and ASF.
Returning confidence
DA Secretary Francisco Tiu-Laurel, Jr. reported that their efforts to contain the ASF are ongoing and includes the procurement of 600,000 doses of vaccines by end of December.
“The first 10,000 doses, the vaccination will be finished by the end of the month and the schedule for the award for the next 450,000 doses is October 10, of which we will take delivery of 150,000 doses by then,” Laurel said.
He said the ASF vaccines will give hog raisers the confidence to start investing in their farms again and help boost the country’s pork supply.
The DA chief disclosed the local spread of ASF has reduced the country’s hog population by half.
“Hopefully, everything will be implemented on schedule and hopefully next year, we will focus on repopulating and continue in raising and restoring the population of hogs to about 14 million heads; currently, there are 7.5 million hogs for now,” Laurel said.
THE government should build more roads and improve the mass transportation system amid the upsurge of car sales in the country to avoid traffic congestion, according to local experts.
While the uptrend in car sales is a “good indicator” for the Philippine economy, local economists expressed concern over the consequences of having more cars on the road.
“Increased car sales will cause traffic if the current state of infrastructure [roads, bridges, etc.] will not expand accordingly,” Former Tariff Commissioner George Manzano told the B usiness M irror in a Viber message on Monday.
For her part, De La Salle University (DLSU) Economist Maria Ella Oplas said “Definitely, this advance will add to the traffic situation in the country which I believe is counter-productive to the growth that we are experiencing,” adding that investors may get “discouraged” by traffic as it can increase cost of doing business.
The economists said this after BMI, a Fitch Solutions company, revised its vehicle sales forecast for the Philippines upwards to an 8.5-percent increase, reaching approximately 466,500 units, owing to the “robust’ economic growth and “higher-than-expected” vehicle demand year-to-date.
For 2025, BMI said it anticipates reduced borrowing costs will continue to support the growth of passenger car segment as households respond favorably to lower financing rates.
The economists explained that the improving numbers on car sales may be a good sign in an economy as this signifies greater purchasing power among Filipinos.
Manzano told this paper, “Car is a durable good and therefore a sale implies that there is purchasing power that is ‘sustainable’ through time.”
Former Socioeconomic Planning Secretary Dante Canlas shared the same sentiment as he told the B usiness M irror
that, “The moderating inflation, especially in food and gas prices released some household income for higher-level needs like cars.”
In contrast, however, the economists explained the consequences of having more cars plying the roads in the country.
For one, Manzano said, “If the sales of vehicles exceed the rate of retirement of vehicles, the stock of vehicles will increase.”
With this, the former Tariff Commissioner said, “The government should increase the supply of infrastructure or improve mass transportation systems.” Oplas, for her part, suggested that the government “hasten the PNR renovation and MRT for better public transport,” further underscoring that the government should “show people that it pays to take public transport than take private car.”
She also recommended adding more point-to-point (P2P) routes, saying this is “efficient compared to buses or jeepneys roaming around for passengers.”
Meanwhile, Canlas said the planning of more LRT lines in the future “must incorporate ‘park-and-ride’ spaces.” Manzano also pointed out that the strong demand for cars could have stemmed from having an inconvenient mass transport system in the country.
“The strong demand for cars partially reflects the buyer’s view that the mass transport system is inadequate or inconvenient, hence the decision to buy cars,” the former Tariff Commissioner told this paper. In tapering off the demand for cars, he suggested that the government tax the car sales for “congestion cost.” According to BMI, the near-term demand for passenger cars is anticipated to be driven by a “robust” labor market and strong economic growth.
“The unemployment rate has declined to its lowest level in nearly two decades, exerting upward pressure on incomes and thereby enhancing car affordability,” BMI noted.
PHL to buy 46 boats for PCG, says DOTr
ANILA is eyeing to procure 46 additional vessels for the Philippine Coast Guard soon to help beef up its presence in the West Philippine Sea, a senior Department of Transportation official said.
Ret. Commodore Elmer Francisco Sarmiento, DOTR Undersecretary for Maritime Sector, said they have already ordered five 97-meter class Multi-Role Response Vessels from Japan.
Japan had earlier agreed to grant JPY 64.3 billion (P25 billion) as Official Development Assistance (ODA) loan to the Philippines. The loan bears 0.3 percent per annum interest rate that can be paid for 40 years.
PCG is also set to bid out one patrol vessel this year, as this has already been in the pipeline under the General Appropriations Act 2023.
Sarmiento said the Australian government is offering to sell one patrol vessel the design of which matches the PCG’s needs. One of the terms which the DOTr finds attractive is that the vessel will be built in the Philippines.
The DOTr is also requesting the National Economic and Development Authority to provide them the budget next year purchase 40 additional boats. France is aggressively pushing for a government-to-government package supply and financing deal for the acquisition of 40 patrol boats of PCG, he added.
“We are changing the procurement method of PCG from supplier-driven to strategic. We are also almost done with the modernization of PCG. Once we have finalized it, we will have a shopping list of all the things that we need to buy,” Sarmiento said.
“We don’t have enough but we’re trying to cover yung those sensitive areas that should be covered based on what we have right now,” Sarmiento said. Meanwhile, DOTr Secretary Bautista Jaime Bautista said the PCG is also proposing to develop a cooperation agreement with Denmark ‘s maritime law enforcement agency. PCG Commandant Admiral Ronnie Gil Gavan told Bautista that they would like Denmark’s help in building its capacity for operational readiness and effectiveness. Malou Talosig-Bartolome See “Car,” A5
Sarmiento said in the meantime, the PCG will make do with its existing fleet. Its flagship vessel, Japan-made BRP Teresa Magbanua, has been undergoing repairs after it sustained damage from being rammed three times by the Chinese Coast Guard last month near Escoda Shoal.
Editor: Jennifer A. Ng
B1 Wednesday, September 25, 2024
Airbus capable of supporting modernization of AFP–exec
APLDT, Smart step up campaign against online child abuse
By VG Cabuag @villygc & Lorenz S. Marasigan @lorenzmarasigan
ircrAft manufacturer Airbus
SE on tuesday said it is ready to support the expansion and modernization of the Armed forces of the Philippines (AfP) as it strives to protect the West Philippine Sea.
units in the make of C295s, which it purchased from 2014 to 2021. The C295 can airlift up to nine tons of payload and is currently being deployed by Pa F for defense and humanitarian missions.
patrol aircraft and maritime surveillance aircraft models, which is capable of advanced surveillance, reconnaissance and strike capabilities crucial for ensuring the sovereignty of the Philippines’s territorial waters.
“a s the Philippines strengthens its defense capabilities under Horizon 3, our expanding partnership reflects our commitment to enhancing the a FP’s mission readiness and ensuring the security of the nation,” Hoikka said.
TSpeaking ahead of the biannual a sian Defense and Security Exhibition 2024, a irbus chief representative to the Philippines Jussi Hoikka said the company has an expanding role in supporting the country’s evolving security needs. The company, he said, is in constant talks with Philippine a ir Force (Pa F) officials. a irbus is confident of meeting the Philippines’s future military needs with our cutting-edge technologies and aircraft to help the a FP fulfill (its) mission to protect (the country’s) sovereignty and ensure the safety of its citizens.” He said a sia Pacific countries are increasing their defense budgets and ordering more aircraft to improve their security capabilities. The Philippines, he said, should follow the lead of these countries. Hoikka said the Philippines is considered an a irbus country in the commercial side, but not in the military segment.
Under the a FP’s Horizon 3 program, the Philippines is focusing on its archipelagic defense, in which the military plans to acquire more maritime assets, aircraft and radar systems. a irbus is pitching its multipurpose jet a 330 Multi-Role Tanker Transport (MRTT) to the a ir Force, as it is one of the most popular military aircraft in the region.
In a sia and the Pacific, australia owns seven units of a 330 MRTT, Singapore has six and South Korea has four. Hoikka credits its popularity to its flexibility to support fighter jets and carry 45 tons of cargo.
Moreover, a irbus is offering to the Philippines its supply aircraft a400M, which has the capacity to transport a maximum of 37 tons, making it useful for humanitarian assistance and disaster relief.
The country’s air force, for instance, operates just seven a irbus
Commercial airlines in the Philippines rely mostly on a irbus jets to serve their flights. Cebu Pacific has ordered 152 units of aircraft worth $24 billion from the plane maker.
Carbon emissions
ME anw HIlE , the a ira sia Group on Tuesday said it has entered into a partnership agreement with French aircraft manufacturer a irbus to jointly conduct research initiatives aimed at reducing carbon emissions in the a sean region.
Continued on B2
It is also offering C295 maritime
Steniel to conduct follow-on offering
THE board of corrugated box manufacturer Steniel Manufacturing Corp. has approved the company’s follow-on offering, from which it hopes to raise some P315 million.
In its disclosure to the stock exchange, the company said it will offer 157.64 million in primary common shares priced at P1.80 to P2 apiece.
The said plan was already approved during the company’s annual shareholders’ meeting in July.
HE P l DT Group said on Tuesday it has intensified efforts to combat online sexual abuse and exploitation of children (OS a EC), blocking over 400,000 links that hosted child sexual abuse and exploitation materials (CSa EM).
“PlDT and Smart recognize children not only as key stakeholders, but the very future of our nation. This drives our concerted effort to closely collaborate with like-minded organizations and employ advanced technology solutions to ensure the protection of children and prevent access to illicit child content online,” PlDT SVP and Chief Information Security Officer Jojo G. Gendrano said. He noted that the group has “invested significantly” in developing a pioneering child protection platform capable of blocking illicit content at the content level, which is more challenging to detect and remove.
Smart have integrated child rights protection into their organizational framework by piloting U n ICEF’s updated Mobile Operators Child Rights Impact Self-assessment (MOCRI a) tool.
This tool enables the companies to fully understand and apply the challenges, opportunities, and impacts of child rights within their operations.
The Pangilinan-led group has likewise forged partnerships with industry peers, government agencies, law enforcement, and child rights advocates from both private and public sectors.
The company said it also adopted the Fit and Proper Rule for the selection of its directors and officers. It will also comply with the Securities and Exchange Commission rules on resolving conflicting issues regarding the selection of its independent directors.
Doña Bea Zobel de Ayala dies
Ayala matriarch Doña Beatriz Zobel de ayala, the wife of ayala Corp. Chairman Emeritus Jaime Zobel de ayala, has passed away on Monday. She was 88.
“The news was shared among ayala employees earlier today,” the company said in a statement. “The family requests privacy during this most difficult time.”
Doña Bea, born in Madrid, Spain on February 29, 1936, is the mother of ayala Chairman Jaime a ugusto, Fernando, Bea Jr., Patsy, Cristina, Monica and Sofia.
“Family and friends are invited to a memorial service on September 27, 2024 at 9:30 a.m. at the Sanctuario de San a ntonio Church, Forbes Park, Makati City,” the company statement to employees read.
Doña Bea was an active philanthropist and gave her support to charities like the Bilibid Prison, Tala l eprosarium and supports children’s initiatives.
“In lieu of flowers, donations to her favorite charities, Friends of Elsie Gaches and Tuloy Foundation would be kindly appreciated,” the company said.
VG Cabuag
Trading of Steniel shares restarted in april, nearly 18 years after the Philippine Stock Exchange suspended the company in July 2006. This after Steniel was declared in default of P636 million worth of loan by banks in May 2006. The PSE imposed a trading suspension on the same year and maintained it due to a resulting negative equity of the
company due to its financial troubles.
Steniel addressed the debt through restructuring, involving dacion en pago of the company’s machineries and debt conversion to equity.
To address the negative equity, Steniel had to sell its unit Steniel Mindanao Packaging Corp. (SMPC) in 2013.
The company then reacquired SMPC in 2019 through a share-swap agreement. It moved to convert debts from Greenkraft Corp. and Roburgh Investments ltd. to equity.
The company’s major shareholders
are Greenkraft which held 18.2 percent; Golden Bales Corp., 19.45 percent; Corbox Corp, 19.45 percent; Roxburgh Investments ltd., 18.46 percent and Clement O. Chua, 9.82 percent with an aggregate ownership equivalent to 77.73 percent of Steniel’s capital stock.
Chua is a shareholder of Greenkraft, Corbox and Golden Bales Corp., and has indirect shares in Steniel.
Steniel’s shares were last traded at P1.84 apiece, significantly higher than the P0.25 recorded in 2006, when it was suspended. VG Cabuag
‘Strategic ports critical to OSW projects’
BUH awI n D Energy Philippines, the joint venture between Copenhagen Energy (CE) and PetroGreen Energy Corp. (PGEC), said Tuesday the repurposing of strategic ports is “a big step” in advancing offshore wind (OSw ) projects in the country. l ast week, the Department of Energy (DOE) and the Philippine Ports authority (PPa) jointly announced the repurposing of the Port of Currimao in Ilocos norte, Port of Batangas in Sta. Clara, Batangas City, and Port of Jose Panganiban in Camarines norte.
The PPa will undertake the detailed engineering designs and take immediate steps to repurpose the said ports to ensure that they are fully equipped to handle the installation, commissioning, and operational requirements of OSw projects.
Buhawind’s 2,000 megawatt (M w ) OSw project will benefit from the repurposing of the Currimao Port. This project is among the most advanced offshore wind developments in the Philippines to date and will contribute to substantial direct and indirect jobs in the region, estimated at 24,000 over a two-year construction phase and thirty-year operational period. additionally, Buhawind is developing two other projects with expected capacity each of 1,000Mw in northern Mindoro and East Panay. The second priority port—Sta Clara in Batangas—can serve Buhawind’s northern Mindoro project, contributing 1,000 M w of green electricity to the region.
“Over the last four years, CE and our part-
ners from PetroGreen, have been engaged in a constructive dialogue with the representatives from the DOE and the PPa , and we applaud them for this important step. Commitment on the selection and repurposing of the three ports is part of a series of recent positive developments, such as the announcement on the upcoming offshore wind Green Energy auction expected in Q2-2025 and the nGCP’s grid extension plans,” said Copenhagen Energy CEO Jasmin Bejdić. PEGC President Francisco G. Delfin Jr. said the repurposing these ports is “a game-changer” for the Philippine offshore wind industry. “The Currimao Port’s involvement in the Buhawind project is crucial for establishing the Philippines as a significant player in the regional and global offshore wind market.”
Repurposing and modernizing these ports are critical to OSw development, given their proximity to high-potential offshore wind energy service contracts (Ow ESCs).
Positioned near 13 Ow ESCs, the Port of Currimao supports a potential total capacity of 9,489 M w with three service contracts already in the advanced pre-development stage while the Port of Batangas is located close to 29 Ow ESCs with a combined potential capacity of 24,300 M w. Six of these projects are in the advanced stages of pre-development, including permitting, licensing, and data gathering.
The Port of Jose Panganiban, meanwhile, is situated near 14 Ow ESCs with a potential capacity of 8,150 M w, with two projects in the advanced pre-development phase. Lenie Lectura
Complementing this technology, the company’s membership in the UK-based Internet watch Foundation and Project a rachnid of the Canadian Centre for Child Protection (C3P) has expanded its threat intelligence sources. By the end of august, PlDT had identified and blocked more than 1.4 million links to CSa EM.
Gendrano added that beyond technological measures and international collaborations, PlDT and
President Marcos recently called for a stronger collaboration among all stakeholders in combating OSa EC, as the Philippines currently holds the second-highest global ranking, after India, for the number of online child sexual exploitation cases. Mr. Marcos said that one in every 100 Filipino children fall victim to abuse, calling OSa EC as the “worst crime against humanity.”
“It is an appalling statistic. we cannot allow this to continue. we will not allow it to continue.”
The government has committed to strengthen initiatives against OS a EC, launching a report hotline that aims “make the Philippines the absolute worst place for those who abuse and exploit children.”
Lorenz S. Marasigan
Photo from www.buhawind.com.Ph
bloomberg
Kidzoona operator enters RCBC salary loan program
By Cai U. Ordinario @caiordinario
THE operator of the Kidzooo-
na edutainment centers for children has recently been accredited under the salary loans facility tweaked by the rizal Commercial Banking Corp. (rCBC) as the lender seeks to expand its salaryloan business.
“The bank’s focus on speed and efficiency is part of a bigger strategy to enhance its competitiveness in personal lending. With the updated feature of our Salary Loans facility, we have seen growth in loan availments, with many new companies starting to avail of our program,” rCBC Head of Credit Cards and Personal Loans Arniel Vincent B. Ong said.
One such organization is the Aeon Fantasy Group Philippines Inc., the company that operates Kidzooona in the Philippines.
Earlier this year, rCBC also introduced its digital salary loans facility called “Salary Loans nOW,” which enables pre-qualified employees who are rCBC payroll account holders to apply for a loan and receive their proceeds in under five minutes via the rCBC Pulz app.
“I want to thank rCBC for helping us give this benefit to our employees,” Aeon Fantasy President and CEO Tetsuhiro Masaru said. “We want our employees to have fast access to credit so that we help take care of their well-being and that of their families. rCBC’s next-day funds release is a great solution for our employees in need.”
The firm’s enrolment in the program comes as rCBC expects to grow its salary loan business with a shorter processing and release of these loans. rCBC has reduced loan processing for its traditional salary loans product from eight days to next-day funds release, allowing employees of its accredited companies to receive their loan proceeds within one day
after applying for a loan.
The bank said it offers traditional salary loans primarily to accredited companies whose payroll services are provided by another bank.
“We remain committed to enhancing customer experience. We understand that speed is a critical factor for employees who are borrowing money, especially in times of need,” Ong said.
Last week, Bangko Sentral ng Pilipinas (BSP) decided to adjust the reserve requirements of banks, allowing them to increase loans that they can extend to Filipinos nationwide. (See: https://businessmirror.com. ph/2024/09/21/bsp-cuts-banksrrr-in-bid-to-spur-growth/)
Starting October 25, 2024, universal and commercial banks (UKBs) and non-bank financial institutions with quasi-banking functions ( nBQBs), digital banks, and thrift banks will have lower reserve requirements. rural banks and cooperative banks ( r CBs), meanwhile, will no longer have a reserve requirement.
Based on the nomura’s Asia Insights, Senior Economist Euben Paracuelles and Southeast Asian Economist nabila Amani said the reduction of the rrr is equivalent to a liquidity infusion of about P310 billion to P330 billion or 1.2 percent of the country’s full-year 2024 GDP. The nomura economists also expect the BSP to continue reducing key policy rates on account of the easing of monetary policy that began in August ahead of the United States Federal reserve.
Last week, the Federal Open Market Committee (FOMC) delivered a 50-bps reduction in key policy rates in the US which is expected to be the first among several reductions in policy rates. (See: https://businessmirror.com.ph/2024/09/23/ rrr-cut-like-liquidity-infusion-of-%e2%82%b1310b%e2%82%b1330b-nomura/)
Amazon’s AI assistant seen to help online merchants
THE Amazon.com Inc. is launching an artificially intelligent assistant designed to help online merchants manage their businesses.
Codenamed Project Amelia, the new tool will answer a range of questions, from how to prepare for the holiday shopping season to suggesting the wording of product listings, Amazon said Thursday during its annual Accelerate conference for merchants. Amazon has been rolling out various AI tools amid intensifying competition with Microsoft Corp., Alphabet Inc.’s Google and Open AI. One is a workplace chatbot called Amazon Q that helps corporate customers search for information, write code and review business metrics. rufus lets consumers comparison shop and research products on Amazon’s web store. For the merchants, who account for most of the sales on Amazon retail sites, the company has introduced software designed to help them optimize product listings and create or modify images. On Thursday, Amazon said it would also give them tools to create product videos. Amelia is available in beta for a subset of merchants and will be rolled out to all US sellers “over roughly the next month,” Dharmesh Mehta, an Amazon vice president who oversees seller services, said in an interview. Later this year, Amazon will start introducing Amelia to other countries and making it available in languages besides English. The assistant is built atop Bedrock, a software platform designed to make it easier to access other companies’ large language models, as well as Amazon’s own. Mehta said Amelia had relied on a variety of different models through its development. He didn’t specify which
Fuse, Puregold partner up for BNPL option to MSMes
By Lorenz S. Marasigan @lorenzmarasigan
FUSE Lending Inc., the lending arm of Globe Fintech Innovations Inc. (dba Mynt), has partnered with supermarket chain operator Puregold Price Club Inc. to offer “Buy Now, Pay Later” (BNPL) solution aimed at helping sarisari store owners and other micro-scale, small and medium-sized enterprises (MSMEs) scale up their businesses.
The collaboration introduces GGives for Business, a BnPL feature accessible to members of Puregold’s Tindahan ni Aling Puring (T nAP) program. Through the GCash app, sari-
sari store owners can now purchase up to P5,000-worth of inventory on credit without needing additional documents.
Fuse Lending President and CEO Anthony Isidro highlighted that this initiative provides MSMEs with affordable working capital, helping them to expand their product offerings.
“We are hopeful that this joint initiative will allow sari-sari store owners to scale up their offerings by providing them with accessible and affordable working capital,” Isidro said.
In addition to GGives for Business, GCash is also promoting its GCash Pera Outlet (PO) service, which enables sari-sari store owners to earn up to P50,000 in additional monthly income by offering
GCash services such as cash-in, cash-out, bill payments, and money transfers.
“Partnering with GCash gives us another opportunity to give back to our loyal Aling Puring members and customers who never fail to support our business,” said Puregold President Ferdinand Vincent P. Co. MSMEs, which make up 99.58 percent of business establishments and account for 63 percent of the Philippine workforce, often face challenges due to a lack of working capital, according to the Department of Trade and Industry.
Isidro said GCash’s new offerings aim to address this gap, especially in the wake of the pandemic, which has exacerbated financial difficulties for many small businesses.
Singaporean firm introduces recruiting solutions for SMEs
SInGAPOrEAn firm Yolo Technology Pte Ltd. (Yolo Tech) announced it showcased its innovative Artificial Intelligence (AI)-driven solutions for small and medium enterprises (SMEs) at the national retail Conference Expo (nrCE) 2024.
In a statement issued on September 24, Yolo Tech said the nrCE’s theme (“retail Today, Empowering Tomorrow”) reflects its mission “to empower businesses in today’s evolving job market.” According to Yolo Tech, the tools of its chat-first career platform for professional hiring in Southeast Asia (SEA) called “Bossjob” are designed “to help small retailers embrace digital transformation and streamline their hiring operations.”
With over 99 percent of businesses in the Philippines classified as SMEs, talent acquisition remains a challenge, according to the firm. Moreover, 89 percent of Filipino business leaders recognize the critical role AI plays in maintaining competitiveness, it added.
According to Yolo Tech, Bossjob’s AI-driven platform “directly addresses these needs by optimizing recruitment processes and providing valuable career opportunities to job seekers.”
ones power it today. Mehta conceded that sellers weren’t clamoring for an AI chatbot specifically, but that Amazon thinks the tool can help simplify selling online. “The thing we hear from sellers regularly is, ‘Hey Amazon, I’ve got to do a lot of things, figure out a lot of stuff to be successful and I want to be an expert in these because it really drives my business,’” he said. In a video presentation at the conference, Mehta demonstrated Amelia surfacing bullet points about a seller’s product line and offering recommendations. Over time, Amelia will provide a more personalized experience and become better at anticipating merchants’ needs, he said. It will also grow more capable of taking action on a seller’s behalf. Amazon long ago began automating elements of the relationship with millions of third-party sellers, some of whom say they’re at the mercy of algorithms that can suspend their accounts unfairly. In the video, Amazon demonstrated a seller asking a question about a product shipment that hadn’t shown up in Amazon’s records. If the software can’t find the answer, it can connect sellers with Amazon’s support teams.
“Businesses need to adapt quickly as the digital landscape is fast-evolving. Our participation at this year’s nrCE is a key opportunity for SMEs to experience firsthand how AI can simplify recruitment, enhance candidate matching, and increase visibility to job seekers,” Yolo Tech Country Manager for the Philippines Kimberly Chen was quoted in the statement as saying. “By leveraging AI, we help businesses find the right talent faster, make smarter hiring decisions, and stay competitive in an increasingly challenging market.”
According to the firm, it offered a free subscription to the Bossjob platform during the 2-day event. Doing so, it added, allowed SME owners and retailers “to experience advanced AI-driven tools
for talent discovery and hiring at no initial cost.”
“With direct chat and AI-matching capabilities, Bossjob connects employers with ideal candidates efficiently, reducing information asymmetry and accelerating recruitment,” the company added.
According to Yolo Tech, Bossjob offers SMEs a modern recruitment platform as legacy hiring websites become outdated and fail to meet the current demand for cost-effective hiring solutions.
“Many companies still rely on headhunters, but with commission rates typically ranging from 20 percent to 30 percent of a hire’s annual salary, this can be financially challenging for SMEs,” the company said. “By incorporating AI, Bossjob aims to optimize the hiring process, enabling SMEs to efficiently find top talent with affordable pricing and a user-friendly app interface.”
The marks of leadership
ACCOrDInG to John Maxwell, “Everything rises and falls on leadership.” This is true. And as an avid fan of leadership, I continually sifted through books and relevant articles, and closely observed the various leaders that I encountered in order to learn more about this topic. Looking deeper into this subject, I discovered that great leaders possess three distinct marks of leadership. Here’s what I found. Great leaders act with Godly purpose. One of the things that define great leaders is that they act with Godly purpose.
Their intentions reflect Biblical teachings on love, obedience, justice, wisdom, humility, uprightness, prudence and moderation, among others. The concept of servant leadership is an example of this. To act with Godly purpose means that in every leadership step that we make, we align it with what God wants us to do. Though it may seem easier said than done, constant prayer and faith in God will definitely help. Some of the leaders who exemplified this particular mark of leadership include Abraham, Moses, David, Abraham Lincoln, and Billy Graham.
By integrating direct chat and AI-matching capabilities, Bossjob effectively connects suitable candidates with employers, enhancing the recruitment process, the 6-year-old company said.
Last year, over 80 percent of job seekers on the Bossjob platform initiated chats with employers, resulting in an impressive employer response rate of 70 percent and a successful matching rate of approximately 50 percent. These high engagement levels underscore the platform’s effectiveness in enhancing talent prospects for small businesses.
Currently, Bossjob is used by more than 10,000 companies in the Philippines, with over 4 million active users. With a growing presence in Asia, including the Philippines, Singapore, Japan, Indonesia and Hong Kong, Bossjob aims to reach over 30 million users in SEA by 2026.
Great leaders resonate with positive influence. The essence of leadership is influence. Yet influence can be a double-edged sword. While one may exude positive influence, another may display a negative one. History presented us with many leaders who influenced people negatively—Adolf Hitler, gangsters, shady politicians, and corrupt officials represent this lot. But great leaders are different. They resonate with positive influence! They are the ones who cause ripples of goodness in humanity. Their leadership and how they live their lives help transform the world into a better one, as people emulate their goodness. This is also called positive impact—when someone’s action causes a lasting positive change in another person’s life. no matter how small that change may be, collectively, it will still make a huge difference. Will you be that person who will make a positive impact on another’s life? Go ahead.
Great leaders connect from the heart. Theodore r oosevelt once said that “People don’t care how much you know until they know how much you care.”
This encapsulates why leaders connect from the heart. And truly, great leaders do this. They add value to others by giving value to what others value the most. This means that genuine leaders are mindful of “where others are coming from,” and ensures that their actions will connect to what people are currently feeling. r emember, before you win the minds of people, you need to connect with their hearts first.
Incorporate these marks—act with Godly purpose, resonate with positive influence, and connect from the heart, with your own brand of leadership and become much more effective in transforming lives for the better. Yes, you can do it!
This undated photo shows staff of the Yolo Technology Pte Ltd. at the National Retail Conference Expo 2024. CREDIT: Yolo TEChnologY PTE lTD
ONLiNE merchants are expected to get a boost after Amazon.com launches an artificially intelligent assistant. CREDIT: BloomBERg nEws
Banking&Finance
Manila, New Delhi explore ways to grow fintech, inclusion in PHL
By Reine Juvierre Alberto
THE
Department of Finance
(DOF) announced Manila has begun exploring with the Indian government to advance financial technology (fintech) and boost financial inclusion for Filipinos.
In a statement, the DOF said it facilitated the first inaugural meeting of the joint working group (JWG) on fintech on September 12 in New Delhi, India.
“The long-standing partnership
By Cai U. Ordinario @caiordinario
THE weakening of the Philippine peso on Tuesday may just be a correction or “normalization” of the exchange rate, according to analysts.
On Tuesday the peso closed at P56.245 to the US dollar, a depreciation from the P55.97 to the greenback close on Monday.
The peso opened at P56.05 and posted a high of P56.33, low of P55.97 to the US dollar. The weighted average was at P55.107 to the greenback with a total volume traded at $1.802 billion.
“The dollar was oversold, with the expectation of the Fed’s easing cycle. We are just normalizing. Likely we will range between the P56 to 56.5
between the Philippines and India speaks of both countries’ shared commitment to broaden and deepen our ties and maximize the vast potential for and opportunities for economic and development coopera-
levels,” Jonathan L. Ravelas, senior adviser at professional services firm Reyes Tacandong & Co., told the BusinessMirror. Ravelas added he is looking at P56.5 to the US tender “by yearend; despite the remittances, the outcome of the US elections is key.”
He said that should Donald Trump be elected President this year, his administration may focus on the tariff war that could lead to currency adjustments.
“As US targets China with tariffs, China responds by depreciating its currency. Causing other currencies to adjust/devalue too. Competitive devaluation was the result,” Ravelas said.
For his part, Rizal Commercial Banking Corp. (RCBC) Michael L. Ricafort said the US dollar/peso ex-
ABy Ada Pelonia
LAWMAkER believes that a total of P8.3 billion in funds from tariffs can be used to enhance the competitiveness of local agricultural producers.
During plenary deliberations at the Lower House on the 2025 budget for the Department of Agriculture (DA), Bagong Henerasyon (BH) Partylist Rep. Bernadette Herrera said the balance of the Competitive Enhancement Measures Fund (CEMF) was around P4.5 billion while the Trade Remedies Fund (TRF) stood at P3.8 billion. However, Herrera believes the P10 million allocation by the Department of Budget and Management (DBM) for the TRF in 2025 isn’t enough.
“Maybe it’s possible to increase this P10 million [allocation]. The DA’s Trade Remedies Unit is a critical policy-making body that deals with unfair trade practices,” said the solon in Filipino.
Republic Act 8800 (Safeguard Measures Act) defines the TRF as consisting of 50 percent of revenues collected from fees, charges and duties on imports. The funds are earmarked for the implementation of remedies, including safeguard
measures.
The other half going to the CEMF would be used for competitivenessenhancement measures for industries affected by the increased imports.
Government documents showed that the DA received a P10-million appropriation from TRF and P250 million appropriation from CEMF.
According to House Deputy Majority Leader Janette L. Garin, the designated sponsor of the DA’s budget proposal, the department is facing bottlenecks regarding the “restrictive” nature of the CEMF’s implementing guidelines.
The guidelines for the management and utilization of the funds were issued last February by Agriculture Secretary Francisco Tiu Laurel Jr. through his Memorandum Circular 5.
Garin explained that under the guidelines, the grant would only apply to a specific sector affected by a certain imported commodity.
“Secretary [Laurel] has assured us that they will amend the guidelines [...] dahil nandiyan nga yung pera, pero konti ang proposals dahil medyo restricted ang mga nakakagamit,” she said. “They gave a commitment of one month to amend this guideline. This will be in preparation for 2025.”
clarify standards for determining when digital assets are securities. The exchange filed a lawsuit in December at the US Court of Appeals for the Third Circuit. Scalia said that instead of clarifying the standards, the SEC has brought dozens of cases against crypto industry participants. It is “extraordinarily oppressive governmental behavior” for SEC Chair Gary Gensler to threaten companies with enforcement actions while not providing a method for them
tion, especially on digital economy, digital payments, digital infrastructure, and financial inclusion,” International Finance Group (IFG) OIC Assistant Secretary Donalyn U. Minimo said. The JWG discussed initiatives, best practices and safeguards to enhance the Philippines’s regulatory frameworks and digital infrastructure.
The DOF said opportunities for enhanced innovation in digital payments, blockchain technology and fintech solutions will empower individuals and businesses.
Moreover, the Philippine delegation expressed willingness to continue dialogues and partnerships with the Indian government to build a robust and inclusive fintech ecosystem to benefit Filipinos and strengthen
change rate again corrected higher for the 3rd straight trading day, by +0.275 or +0.5 percent to close at P56.245.
Ricafort said the peso weakened against the US dollar amid the correction in global oil prices to a new 3-week high due to increased tensions in the Middle East.
He also noted that the correction may have also stemmed from “some bargain-hunting/bottom-fishing by some local importers.”
“(This was) amid the seasonal increase in importation activities in 3Q (third quarter) in preparation for the seasonal increase in local and export sales/demand in 4Q (fourth quarter),” Ricafort said.
“(The last quarter of the year is) when there would be some seasonal
THE Government Service Insurance System (GSIS) announced recently that its flagship loan program has lent P208.17 billion to 790,514 members in just one year.
“The MPL Flex [Multi-Purpose Loan Flex], was launched in September 2023 and since then, it blazed a consistent trail of record loan disbursements to GSIS members,” read the statement the GSIS issued last Tuesday.
According to the GSIS, the MPL Flex program is designed to provide government employees “with flexible financial solution, which offers the lowest interest rate in the market at 6 percent with repayment terms up to 15 years.” Members can borrow up to 14 times their basic monthly salary up to a maximum loan limit of P5 million, it added.
“Loan proceeds can be used as seed capital for small businesses, providing an additional stream of income. I encourage our members to maximize the benefits of MPL Flex for personal and investment purposes,” GSIS President and General Manager Jose Arnulfo A. Veloso was quoted in the statement as saying.
Eligible members include active and special GSIS members who are
to register, he said.
“It’s not the industry that is thrusting this priority on the agency, it’s the agency that seized it,” Scalia said. Back in 2021, Gensler said exchanges don’t have a market regulator, but since then, the regulator has “completely flipped the script,” Scalia said. “They are aggressively attacking these companies.”
the economy.
Data provided by the DOF showed from 2021 to 2023, the country’s fintech sector rose by more than 38 percent, rising from 216 companies to 299 in August 2023.
It also cited a report from the Bangko Sentral ng Pilipinas that about $110.5 billion in digital transactions were recorded in 2023.
The Philippine delegation consisted of representatives from the Department of Foreign Affairs, the National Economic and Development Authority, the Securities and Exchange Commission and the Insurance Commission.
Meanwhile, the Indian delegation was led by the Ministry of FinanceDepartment of Economic Affairs Joint Secretary Shri Rajeev Saksena.
increase in OFW remittances and export sales that are converted to pesos to finance holiday-related spending towards the end of the year as another positive factor for the peso exchange rate, a consistent pattern seen for many years/ decades,” he added.
Based on its latest financial market forecast, Capital Economics said the peso would average P56 to the dollar this year.
However, the peso is set to appreciate against the greenback starting next year when it could average P54 to the dollar. This is expected to remain the level of the peso against the US dollar in 2026.
Asean-6 economies are expected to see currency appreciation against the US dollar starting next year.
AMONG all agencies, the Department of Education (DepEd) received the largest allocation in the P36.451 billion that the Department of Budget and Management (DBM) fully released for the Salary Standardization Law (SSL) VI.
Based on the SSL Dashboard provided on the DBM’s website, P36.451 billion was disbursed entirely—100 percent—to 308 state departments and agencies. The DepEd received a total of P24.629 billion for salary increases for public school teachers and staff, the data revealed.
Next to DepEd were state universities and colleges (SUCs) with P2.427 billion in salary hike funding for employees in 112 educational institutions.
The Department of Health (DOH) was also granted P2.339 billion for the wage hike for healthcare workers (HCWs) and non-HCWs.
The Judiciary and the Department of Justice (DOJ) obtained P837.923 million and P769.426 million, respectively, while the Department of Finance (DOF) received P549.363 million.
Included in the top 10 agencies with the highest allocation for salary increases are the Department of Public and Works and Highways, P543.518 million; the Commission on Audit, P535.246 million; Department of Environment and Natural Resources, P425.962 million; and the Department of the Interior and Local Government,
Fake news
PEOPLE have been lying for a long time.
Just because someone says something or writes it down does not mean that it is the truth. I personally cannot believe that people will be gullible enough to believe that everything they hear or see is readily accepted. I suspect that individuals already have their own opinion and seeing or reading something that supports their stand is easily taken as fact!
not on leave without pay and have made at least one-month premium payment. They must also meet the General Appropriations Act requirement of a net take-home pay of at least P5,000 after all deductions have been made.
According to the GSIS, members may apply through its mobile app or the wireless automated processing system kiosks. Approved loans are credited to the members’ e-Card account within a day after approval of the Authorized Agency Officer of the borrower’s agency, the GSIS added.
The GSIS also announced that members who borrowed under the MPL Flex program through the GSIS Touch or GWAPS but were not selected in last year’s raffle will have another chance to win this year in the “GSIS Touch and Win” raffle. A total of P1.5 million will be awarded, with 300 lucky winners receiving P5,000 each.
“This unprecedented milestone of MPL Flex’s first anniversary only strengthens the GSIS mandate to continue to provide accessible loans to our members,” Veloso said. “The MPL Flex Loan Program is a vital resource in helping them achieve their financial goals while ensuring overall well-being.”
On a more sinister note, individuals, groups of people or organizations may have an agenda or objective to promote someone or something. The opposite may also be the goal, which is to destroy an idea, reputation or detract from the real issue at hand. Sometimes fake news takes a life of its own and is able to bury the truth to the point that more people now believe the lie.
How is fake news normally propagated? It starts with creating a story or finding someone that is emotionally charged to create sympathy for whatever is being peddled. A video clip that is scripted, edited or even AI-generated can also be circulated with an accompanying story or narrative. That should get the fake news ball rolling and depending on the right audience reached, it could be adopted as truth in no time.
In business, fake news can have detrimental or even fatal consequences that can sometimes lead to a bank run or a product boycott. The best way to counter fake news is to challenge it by exposing the lies of the people behind the story and their ulterior motives. Exposing edited or AI-generated videos together with eye witness accounts or statements from the people in the fake news should clarify matters.
Fact-checking can also be used to counter fake news. There are a number of fact-check apps, sites and organizations where you can verify information and get the correct or factual informa-
forcement actions against crypto firms, including Coinbase, alleging they failed to register with the agency as required. The industry, meanwhile, has clamored for clarity and has attempted to court lawmakers to further their agenda. Their efforts appear to be gaining traction, as a sweeping regulatory framework bill backed by the lobby passed in the House with bipartisan support in May—the first major crypto legislation to pass in either chamber of Congress. Crypto policies THE arguments come as presidential candidates Donald Trump and k amala Harris have made overtures to the industry. Trump, the Republican nominee, has openly courted the industry, pledging
P424.444 million.
The Departments of Labor and Employment, Agriculture, Agrarian Reform, National Defense, Science and Technology, Transportation, Social Welfare and Development, Foreign Affairs, Trade and Industry, Information and Communications Technology, Human Settlements and Urban Development, Budget and Management, Migrant Workers, Energy, and Tourism also received funding for wage hike.
The Commission on Audit, Congress of the Philippines, Other Executive Offices, Commission on Elections, National Economic and Development Authority, Civil Service Commission, Office of the Ombudsman, Presidential Communications Office, Office of the President, Commission on Human Rights and Office of the Vice President were also given allocations.
The first tranche of the adjusted salary will start from January 1, 2024, and will be paid retroactively. This comes after President Ferdinand R. Marcos Jr. issued Executive Order 64 on August 2, which increased the salary and provided an additional allowance to civilian government personnel, whether regular, contractual or casual, appointive or elective, and on a full-time or parttime basis.
Contract of service and job order workers are exempted because they do not have an employer-employee relationship, in this case, with the government. Reine Juvierre Alberto
tion that should set the record straight. To limit the damage—the sooner this can be done the better—is spreading the correct information through the same channels where the fake news is being carried.
One way to prevent the proliferation of fake news is to make those initiating and even spreading it liable to both criminal and civil damages. Readers should also be aware of the difference between an opinion and a fact, and what is declared as a fact need to be vetted and verified. k nowing who the information came from as well as the validity and reputation of the source is important in deter-mining the accuracy of the information. You should also be aware that some fake news may have elements of truth in it to make it sound legitimate but it has imbedded false information. The best way to control fake news is when you are in doubt about the source or accuracy of the information, do not become part of it, simply do not share or forward it.
The views and comments of Dr. George S. Chua are his own and not of the newspaper or
Students, teachers, associates join hands to aid super typhoon Carina victims
VOLUNTEER students, teachers, associates, and alumni joined hands in the arrangement and distribution of over 3,000 relief packs to the indigent families affected by the super typhoon Carina.
The initiative is part of the Benildean Operation Sagip, a disaster response program spearheaded by the De La Salle-College of Saint Benilde Center for Social Action (CSA) which aims to respond to the needs of those afflicted by natural and man-made disasters.
This is in line with the mission of the institution to advocate and spark a compassionate spirit among the youth and create a community of socially responsible individuals.
The first batch of the drive has enjoined 60 learners, faculty members, alumni, and associates from the various programs and offices of the college.
With an initial cash donation of P64,434.19 received, the program has since extended support to over 20 local government units from barangays in the cities of Manila and Pasig.
The college has likewise provided aid to over 20 partner institutions, such as Akap sa Bata ng mga Guro-Kalinga Philippines, Child Hope, Children’s Rehabilitation Center, Sun for All Children, Onesimo Bulilit, Unang Hakbang Foundation Inc., ERDA Foundation Inc., St. Vincent Foundation for Children and Aging Inc., Friendship Home, One Heart Foundation, Ignacio Villamor Senior High School, Rafael Palma Elementary School, and Koinonia Community Church.
Other beneficiaries were Food for the Hungry Philippines, Gawad Kalinga, Grace Family Helper Project Inc., IT Tender, Kaibigan Ermita Outreach Foundation Inc., MapaKalamidad.ph, Minstrels of Hope Inc., Self-Reliance and Development (SRD) Konkokyo Learning Center, Teresa Charities, Task Force Detainees of the Philippines, Tondo Blessed, and Unyon ng Manggagawa sa Agrikultura.
The partner barangays and NGOs received 50 relief packs each, which contained five kilos of rice, two cans of corned beef, two cans of sardines, and two cans of meatloaf.
Over 400 employees, whose homes were affected by Carina, also received support from the college.
Approximately 500 packs of bottled water as well as diapers for infants were also turned over to help the relief operations of De La Salle Philippines (DLSP).
In their message to the community, Benilde CSA has expressed their utmost gratitude to the donors and volunteers whose efforts “have made a difference” to those impacted by the super typhoon.
TAYO Fashion Week 2024 focuses on the rich heritage and contemporary craftsmanship of Filipino designers in the vibrant and competitive fashion scene of Osaka, Japan.
The week-long pop-up was held at the historical Hankyu Umeda, the largest luxury retail store in the country’s capital of the south. Established in 1929, it is known as the world’s oldest and first “Terminal Department Store” and is strategically located minutes from the train stations—a perfect venue for diverse creatives to showcase their works to both discerning locals and tourists.
TAYO Fashion Week 2024 featured a young full Filipino lineup, which comprised of independent luxury labels Feanne, Ken Samudio, and J Mäkitalo, the up-and-coming social enterprise Repamana, and rework brand Sabotten.
Osaka-based Filipino visual artist, designer and educator Pamela Madlangbayan, the co-founder of TAYO Fashion Week, stated the event aims to not only introduce Filipino flair to the Japanese market but also promote and boost trade of the Philippines’ wealth of natural resources and crafts.
Motivated to build an avenue for emerging talents from the country to go global, she reiterated TAYO Fashion Week enabled participating artists to earn a deeper understanding of the industry, create connections, grow their client base, and push their businesses to be more sustainable.
“Consequently, they could consistently produce more and make their fashion more accessible to a broader range of customers. In turn, they can hire more people,” she added. “We can democratize Filipino fashion and integrate it into everyday life rather than reserving it for admiration in glossy magazines and billboards.”
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Reducing conflict debt
IN any organization, teams must navigate differences in opinion, clashing priorities, and varied working styles which can be healthy and necessary for innovation. However, when left unresolved, they contribute to what is known as “conflict debt”—backlog of unresolved tensions that can undermine team cohesion, productivity and project outcomes. Just like financial debt, conflict debt compounds over time making it more costly for your team the longer you do not address it.
Conflict debt refers to the accumulation of unresolved issues and tensions between team members or even departments. The term was introduced by Lianne Davey in her book The Good Fight where she explained the dangers of avoiding conflict in the workplace. She further explained that when left unresolved, conflict leads to a difficult work environment which, in turn, leads to low morale, slow progress and more significant problems down the road. Reducing conflict debt is crucial for creating a healthier work environment, fostering collaboration, and ensuring long-term project success.
Increased conflict debt leads to team members avoiding difficult discussions about performance, feedback, or differing approaches. This also results in disputes over how to do things, priorities, or project direction, and can even lead to team members harboring resentment or dissatisfaction but not voicing their concerns. Over time, these unresolved issues become more difficult to confront leading to a toxic work environment, disengagement and high turnover.
The first step in reducing conflict debt is to create an environment where open and honest communication is encouraged and valued. People managers should model transparency, actively solicit feedback, and be receptive to differing viewpoints. Team members should feel safe in voicing concerns without fear of retribution, and be actively engaged in process improvement even if it means clashing with other’s ideas. Encouraging a culture where conflict is seen as a necessary part of collaboration helps destigmatize disagreement allowing it to be handled constructively.
A necessary aspect of conflict is to avoid letting issues linger. The longer conflicts go unresolved, the more they fester. Team leaders and members should address disagreements as soon as they arise, rather than allowing them to grow into larger issues. Early intervention helps maintain a productive dialogue and prevents conflicts from becoming worse. A proactive approach to conflict management involves regular check-ins, creating venues for discussion, and providing training for employees to resolve
disagreements constructively.
In some cases, a neutral third party can help mediate and resolve conflicts. This can be particularly useful when disagreements involve high-stakes decisions or deeply personal tensions. A skilled mediator can help the parties see each other’s perspectives, identify common ground, and reach a mutually acceptable solution. If the people manager has developed mutual trust and respect with their team, mediation does not even have to be formal. People managers can serve as mediators by guiding conversations and encouraging empathy and understanding.
Note also that feedback should not only be a topdown process. Peer-to-peer feedback and 360-degree reviews can encourage a culture of accountability and continuous improvement. When team members regularly give and receive feedback, issues can be addressed in real-time before they escalate into larger conflicts. It is important that feedback is delivered in a constructive and non-judgmental way.
Training teams on how to give effective, actionoriented feedback can significantly reduce the buildup of conflict debt. Providing training in negotiation, active listening, emotional intelligence, and problemsolving can equip teams to handle disagreements productively. When team members feel confident in their ability to resolve conflicts, they are less likely to avoid disputes or allow them to escalate.
Collaboration tools like project management
applications, communication platforms, and shared workspaces can help reduce misunderstandings and miscommunication, which are often the causes of conflict. Clear, documented and transparent processes or workflows can prevent conflicts related to unclear roles, responsibilities, or expectations. When your team has the necessary tools, they need to do their work seamlessly, conflict can be easily managed and resolved.
As a people manager, you also need to regularly assess the health of your team dynamics and address any underlying tensions. Anonymous surveys, one-on-one meetings, and postmortem of activities can provide valuable insights into how the team is functioning and whether any unresolved conflicts need to be addressed.
By taking a proactive approach to monitoring team dynamics, you can prevent small issues from snowballing into significant conflicts.
Reducing conflict debt requires commitment from both people manager and team members. Building a culture that embraces healthy conflict as a driver of growth and innovation is key to staying competitive and maintaining a productive and engaged team. By fostering open communication, addressing conflicts early, and providing the tools and training needed to resolve disputes, teams can reduce the negative effects of conflict. In the long run, this leads to healthier team dynamics, better innovation, and successful project outcomes. n
Madlangbayan likewise announced Repamana as the featured brand of the inaugural TAYO Young Designer Showcase Program, an initiative that provides nextgen Filipino designers with the platform they need to succeed.
Co-founded by Dars Juson and Allesandra Gutierrez, De La Salle-College of Saint Benilde (DLS-CSB) Fashion Design and Merchandising (FDM) graduates, Repamana treats textile waste as a primary source of material and provides second chances to
female Persons Deprived of Liberty by training them in dress and accessory-making.
“While sustainability and ethical fashion are often buzzwords, Repamana authentically embodies these values,” Madlangbayan explained. “Their work uplifting women from vulnerable communities is truly inspiring.”
For the show, Repamana displayed a capsule collection of their iconic ensembles. They collaborated with Laguna-based crochet designer Monique Salibio and Marikina-based footwear brand Risque Design by Tal de Guzman, who is also a faculty member of FDM.
“This collection celebrated and honored the cultures of both the Philippines and Japan, bridging our differences through fashion and craft,” Juson shared. “By sharing our brand internationally, we brought contemporary designs as our gift to the Japanese audience.”
The young creatives, likewise, took this opportunity to launch their newly developed barklike wrinkled textile design technique, dubbed kum-ot It is a play on the Bisaya word meaning “crumpled” and Tagalog word meaning “blanket”—which they mentored to the women-in-jail community.
“TAYO Fashion Week held great significance for us as it provided a platform to demonstrate the global competitiveness of young Filipino brands,” Gutierrez stated. “It was our opportunity to proudly showcase our interpretation of circular design from a youthful and distinctly Filipino perspective.”
Madlangbayan, a Benilde alum and an educator at the prestigious Osaka Bunka Institute of Fashion, personally guided the team throughout their stay and provided them with valuable insights on sustainable branding.
Filipino fashion craftsmanship shines in Osaka
PHOTO BY CHRISTINA (WOCINTECHCHAT) ON UNSPLASH
SMHCC partners with TUV Rheinland for Food and Safety Hygiene Policies
THE F&B ensures that each ingredient is prepared and cleaned thoroughly.
SM Hotels and Conventions Corp (SMHCC) has collaborated with TUV Rheinland, (Technischer Überwachungsverein or Technical Inspection Association), one of the world’s leading testing service providers in the review of SMHCC’s Food and Safety Hygiene (FSH) guidelines, upholding the company’s commitment in providing exceptional dining experiences with the highest standards of safety and quality.
TUV Rheinland tests technical systems, products and services, as well as supports projects and tests processes of companies and organizations worldwide. Being under TUV Rheinland’s scrutiny as a renowned organization founded
over 150 years ago, SMHCC takes pride in saying that its program has been assessed through an impartial procedure, which boosts consumer confidence and brand preference.
SMHCC’s FSH Policies are definitive principles based on local regulations and international food safety standards to ensure that the most stringent protocols are followed across the food chain to prevent foodborne illness incidents, thus gaining the trust of consumers and other stakeholders. Training and Education form part of the said policies in order to provide comprehensive food safety training for all staff involved in food handling and offer regular refresher courses to keep the team informed on the latest developments in food safety.
The SMHCC FSH Program undergoes an annual management review to ensure that it remains relevant to the properties’ operations and compliant with any legislative changes. It is meant to establish effective control measures and incorporate food safety into business plans, performance evaluations, and other operational procedures.
The scope of the audit encompasses FSH policies of SMHCC properties, including Taal Vista Hotel, Pico Sands Hotel, Lanson Place Mall of Asia, Park Inn by Radisson hotels (North EDSA, Clark, Iloilo, Bacolod, Davao), and SMX Convention Centers. The institution of the said policies underlines the company’s pledge to maintain utmost standards when it comes to food and safety hygiene, making guests’ experiences both reassuring and comforting.
Shop Smart, Ship Conveniently this Holiday Season with Jinio
THE holiday season is just around the corner, and with it comes the yearly rush to find the perfect gifts for your loved ones. Whenever you are looking for those new gadgets or fashion finds or unique items, online shopping has become the first option for many, especially with the variety and promos offered by international stores. For Filipino shoppers looking for the easy and smart way of preparing those gifts, Jinio is here to simplify the entire experience—from shopping at U.S. stores to shipping your purchases straight to your doorstep in the Philippines.
Why Shop in the U.S. for the Holidays?
THE U.S. is home to the world’s largest retailers like Amazon, Walmart, and Target. They offer an incredible range of choices, with all of them slashing prices during Black Friday, Cyber Monday, and pre-Christmas. And because shoppers patronize global brands that are known for quality and uniqueness, the U.S. becomes an easy choice for them as they look for a large diversity of items. Moreover, a lot of those finds are not available locally, and the U.S. gives exclusive holiday promos that make shopping overseas even more rewarding. However, international shipping is challenging. From costs, to restrictions, and complicated logistics, these things have prevented Filipino shoppers from fully taking advantage of the perks of U.S. shopping. This is where Jinio.com comes in, providing an easy shop-and-ship service that gives Filipinos a way to shop from U.S. stores without the usual hassle. It transforms shopping into a smooth and rewarding experience!
How Jinio Works: Your U.S. Shopping Partner
JINIO’S service is simple. Once you sign up, you are given a free personal U.S. address that you can use as your shipping address when shopping online. This allows you to purchase from U.S. stores that may not ship to the Philippines or charge expensive international shipping fees. You can have all your items sent to that personal Jinio U.S. address, and from there, Jinio will consolidate your purchases and ship them to the Philippines at very affordable rates.
The benefits to you are: one, you save money on shipping; and two, you avoid the common
problems in international online shopping – such as confusing custom processes, lost packages, or delayed deliveries. Jinio handles those things for you, so you can focus on shopping for the perfect gifts.
Holiday Shopping Tips
TO make the most of your holiday shopping spree, here are a few tips on how to score the best deals in the U.S. and maximize your Jinio experience.
1. Buy during Black Friday, Cyber Monday, and Holiday Sale Events
The weeks approaching Christmas are filled with massive discount promos. In the U.S., the two biggest sale events are Black Friday (Nov 29, which is after Thanksgiving) and Cyber Monday (the following Monday). In those events, retailers offer deep discounts on everything from gadgets to home items and fashion wear. And because many of those stores hold extended holiday sales, you can still find items on promo even if you miss Black Friday and Cyber Monday. To be sure, an easy way is to sign up for newsletters in the websites of your favorite U.S. stores so you can be alerted on flash sales or special promotions.
2. Maximize Jinio’s Consolidation and Mini-fication Services
The best features of Jinio are its free consolidation and “mini-fication” services. It allows you to combine multiple orders into a single shipment – with the shipments also made smaller and lighter by Jinio. Why is this useful during the holiday season? When you shop for gifts, you shop for different items for different people. And that means you will need to shop from different U.S. stores. By bundling your items together and making them lighter and smaller, you can significantly reduce your shipping costs, leaving you with more budget room for gifts rather than spending too much on shipping. For example, if you are
Step Up Your Game with a Sportier and more stylish The New CLICK160
SETTING another trend for excellence, the No. 1 motorcycle manufacturer, Honda Philippines Inc. (HPI), recently launched a sportier and more stylish look with the two-tone color of the New CLICK160, which will surely excite passionate motorcycle lovers’ senses. Superb sporty looks with a standout two-tone coloring, The New CLICK160 is more than meets the eye. It boasts of a 157cc, 4 Stroke, 4 Valve, Liquid Cooled eSP+ Engine with PGM-FI System, ensuring riders an engine packed with power and capacity. Fuel savings is another coveted feature as it only clocks in at 46.7 km/L based on the World Motorcycle Test Cycle (WMTC) which makes it great for city drivers and passionate road trippers. It also comes with a Type A USB charger to keep any rider connected no matter how quick or long the travel. The Smart Key Switch with Anti-Theft Alarm is another persuasive feature for anyone who leads a busy lifestyle. The New CLICK160 is also built for safety and protection as it’s installed with a Combined Braking System (CBS), to activate the brakes on both wheels and a smooth braking control. Ideal for a wide range of riders from beginners to experienced riders, it promises efficient braking performance especially when riding in traffic and congested streets.
ideal upgrade to CLICK125. With its elevated and engaging look, being automatic is also the most coveted feature of The New CLICK160. The New CLICK160’s promises a pleasurable ride with a sportier design that truly stands out. This bike is the HPI’s answer to give more
purchasing the latest iPhone 16 from Apple or party dress from Macy’s, Jinio can package them all into one shipment, saving you both time and money.
3. Plan Ahead, Shop Early International deliveries can take a bit longer during the busy holiday season because everyone is shopping at the same time and the shipping ports become congested. While Jinio ensures reliable and timely delivery, it is always best to shop early rather than last minute. Also, a lot of U.S. stores provide an early bird sale so shoppers can get hold of the items while they are in stock and the delivery line-up is still short.
4. Use Jinio’s Concierge Service
Some U.S. retailers may not accept international credit cards, or you may encounter payment issues while shopping. Jinio has a paid concierge or personal shopper service designed to solve this concern. If you run into problems at checkout, Jinio’s team can step in, go to the store, and purchase items on your behalf. This means you will not miss out on limited time offers or exclusive products just because of payment issues.
5. Take Advantage of Free Shipping within the U.S. The U.S. is known for free shipping –domestically. Since Jinio provides you that free U.S. address, make sure to take advantage of that feature so you can receive as many purchases as you can. That adds to your overall savings, making the process of shopping and shipping more cost-effective.
A World of Shopping Possibilities
THIS gifting season, treat yourself and your loved ones to something special by tapping into the vast world of U.S. online shopping. With Jinio, you can enjoy the convenience of having a U.S. address, the cost savings of bundled shipping plus mini-fication, and the confidence that your packages will arrive safely in the Philippines. Whether you are buying the latest tech gadgets, cosmetics and skincare items, or unique gifts that are not available locally, Jinio gives you a world of shopping possibilities. Do not let the complexities of international shipping stop you from finding the perfect gifts these holidays. Sign up for Jinio.com today, and enjoy a hassle-free, affordable, and reliable shopping experience.
Eastwood City introduces Paw Club Access, an all-in-one loyalty program for pets
CLifestyle Malls has unveiled Paw Club Access, a dedicated rewards and loyalty program for pet owners and enthusiasts. The launch event, hosted by TV personality Tim Yap, gathered different pet owners and furbabies to enjoy a day of fun at the Eastwood Central Plaza, with free dog treats, games, and activities. Signing up for Paw Club Access is simple. Visit any Megaworld Lifestyle Malls’ concierge, complete the registration, and start enjoying a variety of benefits tailored for both pets and their owners. Membership is free and must be renewed annually to ensure that pet’s information is always up-to-date. New members will receive a welcome kit delivered to their doorstep, complete with a membership card and a personalized QR pet tag that provides essential details about the pet, ensuring their safety and well-being. Pet owners can earn points with each visit, redeemable for discounts on
services like grooming, as well as
Editor: Tet Andolong
Robinsons Land continues winning streak
By Rizal Raoul S. Reyes @brownindio
Robinsons Land, the property development arm of the Gokongwei group of companies, is on a winning streak, capturing the best Developer award for the third consecutive year and receiving the title of best Developer (Luzon) in the recently concluded 12th Annual PropertyGuru Philippines Property Awards, presented by Kohler and supported by boysen Paints and Dongpeng Ceramic.
Moreover, RLC Residences, a division of Robinsons Land, garnered accolades for The Residences at The Westin Manila, including Best Branded Residential Development, Best Wellness Residential Development, and Best Lifestyle Condo Development.
“Winning the award for Best Developer 2024 is a tremendous honor, but achieving it for the third consecutive year makes it even more special and momentous. The industry has evolved so much, with rising customer expectations making what was once exceptional now the standard. To be recognized as the best three years in a row signifies that Robinsons Land and RLC Residences are consistently exceeding these growing expectations, year after year. It’s a testament to our unwavering commitment and passion,” John Richard B. Sotelo Senior Vice President and Business Unit General Manager, Robinsons Land points out in a press statement.
Sotelo says the three awards won by The Residences at The Westin Manila is a milestone for the company that will inspire them more to raise the bar higher for the benefit
embracing
of the customers.
Meanwhile, RLC Residences’ Woodsville Crest was recognized as Asia’s Best Smart Home Development for its safety, connectivity, and security home features at the PropertyGuru Asia Property Awards Grand Final at Bangkok, Thailand last December 8, 2023. RLC Residences AVP and Head of Business Development and Design Stephanie Anne Go says Woodsville Crest is one of the company’s most awarded projects and is one of the favorites of investors because of its features, location, and even flexible payment terms.
RLC Residences and its mother company Robinsons Land also received Country Winner recognitions as Best Lifestyle Developer and Best Developer Asia, respectively. Further, Robinsons Land and its residential division RLC Residences have been developing beautiful, well-designed condominiums in the country.
RLC Residences is indeed on a roll, having recently garnered several accolades from local and international award-giving organizations. On the international front, two of RLC Res -
idences’ pre-selling developments were among the country victors in the Asia Pacific leg of the International Property Awards held on May 31, 2024, in Bangkok, Thailand.
In the Apartment/Condominium Development category, Mantawi Residences in Mandaue City, Cebu, earned top marks for its premium offerings, strategic location, and extensive facilities. Meanwhile, Le Pont Residences in Bridgetowne East, Pasig City, received the Residential High-Rise Development citation and a coveted five-star rating thanks to its facilities par excellence.
Meanwhile, the FIABCI Philippines Property and Real Estate Excellence Awards cited two projects of RLC Residences on June 4, 2024. The Radiance Manila Bay, a two-tower development on Roxas Boulevard, was a Gold Winner in the Mixed-use Development category, while Galleria Residences in Robinsons Galleria Cebu won Gold in the Residential High-Rise category.
At the same ceremony, Lance Y. Gokongwei, Chairman, President, and CEO of Robinsons Land Corporation (RLC), was named the Prix d’Excellence Property Man of the Year in recognition of his strategic leadership and contribution to RLC’s
wellness: Calatagan’s vision aligns with sandari’s commitment to a sustainable future
CALATAGA n , Batangas, known for its serene beauty and commitment to environmental stewardship, offers an inspiring model for sustainable living. Mayor Peter Oliver Palacio’s vision for the town not only highlights its tranquil charm but also resonates deeply with the principles guiding Sandari Calatagan, a premier wellness residence community.
Commitment to cleanliness and peace
M AYOR Palacio underscores the importance of creating an attractive environment for investors by ensuring that Calatagan remains one of the most peaceful towns in Batangas. “ Kailangan makita ng investors paano pupuntahan, paano magiging attractive. So unang una dapat maging peaceful,” he shared. This dedication to maintaining a peaceful atmosphere sets the stage for Calatagan’s appeal as a wellness destination.
Cleanliness is another cornerstone of Calatagan’s identity. The mayor proudly noted, “ Isa kami sa may pinakamalinis na bayan,” reflecting the town’s rigorous standards for environmental upkeep. The commitment to cleanliness extends beyond aesthetics; it involves a community effort to maintain the natural beauty of the area. Recently, Mayor Palacio shared that local students have become active participants in these efforts, demonstrating a collective sense of responsibility.
sustainable practices in action
C ALATAGA n’ S approach to sustainability is evident in its routine practices. Every Wednesday, the town enforces a no-boat day to allow the sea to rest and recover.
“Every Wednesday, walang balsa or tourist boat para mapahinga ang dagat ,” the mayor explained. This weekly break helps prevent overuse of the coastal areas, allowing nature to rejuvenate. Moreover, the town’s commitment to cleanliness is a continuous effort. “ Hindi lang every September ang ating coastal clean-up, every week,” the Mayor noted, in addition to the regular clean-up. This proactive approach ensures that the natural environment is maintained at a high standard throughout the year.
Aligning with s andari Calatagan’s vision
S A n DARI Calatagan, with its focus on wellness and sustainable living, finds a perfect match in Calatagan’s environmental ethos. The wellness residence aims
to integrate seamlessly into its surroundings, embodying principles of peace and environmental stewardship that mirror the town’s values. The commitment to creating a peaceful and clean environment not only enhances the quality of life for residents but also aligns with Sandari’s vision of offering a harmonious and ecofriendly living experience. By fostering a community that prioritizes both tranquility and environmental responsibility, Sandari Calatagan and the town together set a new standard for wellness residences. As Mayor Palacio’s initiatives continue to showcase the town’s dedication to these values, they further solidify Calatagan’s role as an ideal location for those seeking a balanced and sustainable lifestyle. In embracing these good practices, Sandari Calatagan not only upholds its commitment to wellness but also supports and amplifies Calatagan’s efforts, creating a model of harmony between development and nature.
continued success.
“When he was just the CEO of JG Summit, Mr. Lance would always remind us of the purpose of JG Summit, which is the unrelenting commitment to create better choices for our customers—creating shared success for all our stakeholders. When he joined us as CEO of Robinsons Land, he made sure
that every business unit brought this purpose to life. He has been our CEO in Robinsons Land for less than a year and the impact he’s already made is outstanding, building on the
world-class organization R EBECCA B USTAMA n TE president
F1 tells Max, crews: Don’t say bad words
By Jenna Fryer
The Associated Press
MAX VERSTAPPEN said a bad word—it started with an F—in a formal news conference to describe how his race car was performing. The man who called for Verstappen to be punished also drew sharp criticism for his own choice of words.
Verstappen’s sanction for his egregious behavior? The three-time Formula 1 champion was ordered by the sport’s governing body to complete a day of community service because the FIA has apparently banned cursing. The crackdown had been foreshadowed—Ferrari team principal Fred Vasseur and Mercedes boss Toto Wolff were both summoned to speak to the stewards last November about their language at a news conference in Las Vegas—and FIA President Mohammed Ben Sulayem publicly rebuked cursing earlier this month.
Motorsport.com reported that the FIA had asked Formula One Management to better limit the naughty language broadcast during races. While the curse words—said on team radio that is accessible to the public—are bleeped out on television, Ben Sulayem found the frequency of the poor language unsettling.
“We have to differentiate between our sport—motorsport—and rap music,” Ben Sulayem said. “We’re not rappers, you know.”
Lewis Hamilton, who already felt he’d been personally targeted by Ben Sulayem when the president banned the wearing of jewelry during competition upon election, felt the comments had a racial element to them.
“I don’t like how he has expressed it.
Saying ‘rappers’ is very stereotypical,” said Hamilton, the only Black driver in F1. “If you think about it, most rappers are Black. So it says, ‘We are not like them.’ So I think those are the wrong choice of words and there is a racial element there.”
been surprised when the FIA actually slapped his wrist for cursing. The Dutch driver responded with his own form of protest by trolling every remaining news conference of the Singapore Grand Prix.
It felt a bit “I’m just here so I won’t get fined” Marshawn Lynch-like in that Verstappen showed up to his required media obligations, but offered only the briefest of answers. He made clear he was doing so because he no longer felt he could speak freely in official F1 settings.
He invited reporters to follow him out to the paddock for an unmonitored and unfiltered exchange both Saturday and Sunday, when he added this over-policing to the list of reasons why the 26-year-old may have a very short F1 career.
Verstappen was the youngest driver to ever start an F1 race, the youngest F1 race winner, and has made clear he doesn’t plan to stick around to become the oldest winner in the sport’s history. This latest drama may hasten his timeline for retirement.
“For sure, these kinds of things definitely decide my future,” Verstappen said. “When you can’t be yourself, or you have to deal with these kinds of silly things, I think now I’m at the stage of my career that you don’t want to be dealing with this all the time. It’s really tiring.”
He was also critical of Carlos Sainz Jr. being sanctioned for crossing the track on foot under a red flag after Sainz crashed in qualifying.
“I mean, what are we talking about? He knows what he’s doing. We’re not stupid. These kinds of things, like when I saw it getting noted, I was like, ‘My God,’” Verstappen said. F1 considers its drivers the most elite in the world, so it isn’t wrong for Ben Sulayem to want to hold them to a high standard. But his standards are likely rooted in his own beliefs and not in sync to the realities of professional sports.
Globally, audiences are accustomed to hearing an occasional curse word caught on a live mic during a sporting event. Sometimes the words are said casually because what’s considered a slur in your country might be commonly accepted slang in another.
JBy Josef Ramos
ERWIN ANCAJAS
couldn’t impress any from the victory he earned via disqualification in a comeback fight of sorts before a big crowd at the Mandaluyong City College gym on Sunday.
That’s precisely the reason why his team couldn’t still chart his potential return to the world stage—but he’s willing to wait.
“Patience is a virtue. I’m not rushing things to reach the top again or become a world champion again,” the 32-yearold Ancajas told BusinessMirror on Tuesday, two days after his fifthround victory by disqualification over Thailand’s Sukpraserd Ponpitak.
A comeback for Ancajas could be in the super bantamweight or featherweight class.
“It is up to my promoter, [MP Promotions president] Sean Gibbons and manager-coach
Sports BusinessMirror
B8 | Wednesday, septemBer 25, 2024 mirror_sports@yahoo.com.ph Editor: Jun Lomibao
Ancajas can wait for return to global stage
Joven [Jimenez],” said Ancajas, whose last fight abroad was a stinging loss toWorld Boxing Association bantamweight champion Takuma Inoue last February in Tokyo.. “They know what the best for my career, but my job is to work hard and be a better fighter ever.”
Ancajas improved to 35-4-2 winloss-draw record with 23 knockouts while Ponpitak, who was disqualified for repeated holding and even wrestled the former world champion to the canvas, dropped to 30-20 record with 20 knockouts.
He last fought in the country in September 2016—a unanimous victory over former International Boxing Federation champion McJoe Arroyo in Taguig City—and lost his belt in 2022 to Fernando Daniel Martinez of Argentina.
Ancajas, now a father of five with wife Ruth, is eyeing another tune-up fight in December in Manila or the province under Manny Pacquiao’s MP Promotions.
The former IBF super flyweight champion will be to training next week at the Survival Camp in Magallanes, Cavite.
Runners warm up for ‘Rock N Roll’ series in Kawit
Abate, Ganade shine for Red Warriors
NIVERSITY of the East (UE) pulled off its biggest accomplishment in decades by scoring a shock victory in men’s action and completing a weekend sweep of De La Salle in the women’s contest in University Athletic Association of the Philippines (UAAP) Season 87 basketball action Sunday at the SM Mall of Asia Arena. And John Abate and Jearzy Ganade were the stars of the show that saw the reigning champion Green Archers absorbing their first defeat of the season, 75-71, to the Red Warriors and the Lady Archers reeling to a 0-4 won-lost card following a 65-47 setback to the Lady Warriors. With their stellar performances, John Abate and Jearzy Ganade were named Collegiate Press Corps UAAP Players of the Week for the period September 18 to 22.
Abate, a 24-year-old FilipinoAmerican, averaged 12.0 points, 4.0 rebounds, 1.0 assist and 1.0 steal per game against the Far Eastern University Tamaraws and Green Archers to help lift the Red Warriors to a 2-2 record and earn the weekly award supported by
Discovery Suites and World Balance.
After being limited to two points on 1-of-7 shooting against FEU, Abate bounced back with a career-high 20-point performance he highlighted with game-sealing free throws against De La Salle.
The 6-foot-1 guard edged teammate Wello Lingolingo, University’s Quentin Millora-Brown, University of Santo Tomas’s Mo Tounkara and Forthsky Padrigao and Ateneo’s Kristian Porter for the citation.
“Just sticking together. We have a system and a foundation that we built on for these last two wins so coming off of that, we have the confidence now and we know that we can believe in ourselves individually and together so going off of that, it just comes down to execution,” he said.
Ganade’s all-around performance against the Lady Archers, meanwhile, ended UE’s 40-game skid that spanned five years and one day.
Ganade averaged 8.5 points, 7.5 rebounds, 7.0 assists and 2.5 steals over a two-game stretch—marked by a 15-point, six-rebound, six-assist performance against De La Salle—to lift the Lady Warriors to their first UAAP win since September 21, 2019. The 24-year-all combo guard earned the vote over Adamson University’s Kazel Mazo, National University’s Jainaba Konateh and Angel Surada, and UP’s Achrissa Maw. Despite the historic victory, Ganade vowed to keep herself and a young and revamped UE squad on the ground.
“I wanted to get a win, we wanted to get a win,” Ganade said. “And all our aches, our exhaustion were gone because of this win.”
No regrets for NLEX head coach Uichico
after changing import at midstream
JONG UICHICO changed his horse at midstream and it worked wonders for his NLEX Road Warriors in their Philippine Basketball Association Governors’ Cup campaign.
The Road Warriors are due to start their race-to-three quarterfinal-round campaign against the TNT Tropang Giga at 5 p.m. Wednesday at the Ninoy Aquino Stadium and import DeQuan Jones will again be NLEX’s focal point.
Galura, general manager of Sunrise Events, part of The Ironman Group.
All registrants will receive special race shirt, finisher medals, hydration stations, bag drop services, on-course support and other surprises. To register, visit www. runrocknroll.com/manila#front-act-run
“For the past two years, participants have loved the unique musical experience of the Rock ‘N’ Roll Running Series,” said Princess
UNNERS can get a sneak peek at the fun and energy ahead of the Asics Rock “N” Roll Running Series Manila in November in the EVO City Front Act Run set to October 20 in Kawit, Cavite. The fun run over 5-km, 10-km and 21-km distances is expected to draw families, friends and fitness enthusiasts alike for a celebration that merges health, fitness and music. Online registration is currently open with entry fees set at P1,450 for the 5-km, P1,550 for the 10-km, and P1,950 for the 21-km race.
feats in boxing, chess; PBA quarters on
“Now, we are thrilled to introduce the EVO City Front Act Run as a teaser to our main event in November.”
Renowned DJ Marc Marasigan will pump up the start line with his signature electronic beats, while boom boxes along the route will keep runners energized.
Additional post-race surprises await finishers in the celebration area.
“It’s not a part of the strategy when you change your import, but it’s the immediate need to change import to pursue your plan and goal,” Uichico told BusinessMirror on Tuesday. “I thought the change was needed.” Jones replaced Myke Henry and the result was back-to-back victories for the Road Warriors for a 5-5 won-lost card that got them past the eliminations.
“Jones provided us the immediate impact that we needed, he gave us the production,” Uichico said. “But, of course, we still need the locals to contribute every game.”
Jones debuted with 49 points in
and one applause to our lady wood-pushers Shania Mae Mendoza, Janelle Mae Frayna, Jan Jodilyn Fronda, Ruelle Canino and Bernadette Galas for winning the gold medal in Group B—a first ever for the country—in the
a 114-123 loss to Rain or Shine last September 17 but came back stronger in NLEX’s crucial consecutive games including a 103-99 overtime win over Barangay Ginebra San Miguel last Sunday. Jones had 44 points, including four four-pointers, and grabbed 10 rebounds and Robert Bolick added 16 points, 11 assists and seven rebounds in NLEX’s victory over Ginebra to claim the last quarterfinals seat in Pool B. Jones described the four-point zone as a comfort zone.
“I’ve been shooting from that distance for a large part of my career,” said Jones, who once played for the Orlando Magic but brought his skills for the longer time in Europe and Asia pro leagues.
“It is fun and it gets the crowd going, something that I needed to adapt to,” he said. No. 1 Rain or Shine meets No. 4 Magnolia in the other best-of-five quarterfinals pairing at 7:30 p.m. Josef Ramos
JERWIN ANCAJAS wins by the short but ugly route over Thailand’s Sukpraserd Ponpitak. COURTESY
ALINEA
HEAD coach Jong Uichico makes the right decision.
JOHN ABATE helps orchestrate University of the East’s monumental upset of De La Salle in the men’s tournament, while Jearzy Ganade powers the Lady Warriors to their first victory in the league since September 21, 2019.