will also inch up by 4.75 percent to P5.377 trillion from the P5.133 trillion projection for 2024.
Budget Undersecretary Joselito Basilio said the government has relied on borrowings during the Covid-19 pandemic, and debt could reach its peak in the next few years.
“As the [gross domestic product] GDP expands and we are able to pay off our debts, after its peak, debt will eventually go down,” Basilio explained in a media briefing on Monday. Basilio said the DBM’s outlook is for inflation and interest rates to stabilize as soon as this coming second semester of the year so that debt payments would also decrease in that sense.
2025 borrowing plan
THE state will borrow P2.545 trillion in 2025 to finance the national government’s programs and projects.
PRA
CHIEF: SPORTS GOODS SALE TO RISE 20-25%
By Andrea E. San Juan @andreasanjuan
THE sales of sports goods in the Philippines is seen to grow by 20 to 25 percent in 2024, likely fueled by the entry of new sports such as pickleball as well as the Paris Olympics, which is generating “strong” following among spectators in sports, according to Philippine Retailers Association (PRA) President Roberto S. Claudio Sr.
“The Philippine sports market in 2024 is expected to reach [pre-] pandemic level of 2018 and is expected to continue to grow in the next five years,” Claudio, who’s also the chairman of Toby’s Sports, told the BusinessMirror
in a Viber message.
“We are expecting a high growth of 20 to 25 percent growth with worldwide growth of about 30 percent,” Claudio added.
The sporting goods market, he noted, has been growing not only in the Philippines but worldwide. This can be attributed to the post-pandemic trend, brought about fitness and wellness concerns during the Covid-19 pandemic.
“Similarly due to the work from home that has made casual and athleisure wear a way of dressing down for office and business dressing,” he also noted.
The chairman of leading multi-brand sports retailers in
the Philippines Quorum International Inc. (Toby’s Sports), said lifestyle shoes, sneakers and performance have “exploded” in growth in the past five years.
Meanwhile, he said “New sports such as pickleball and paddleball have been growing in participation,” adding that the Paris Olympics is also generating “strong following spectators in sports.”
“For as long as there are people on earth, we will need to stay fit, engaging in sports will be the most affordable to do so,” said the PRA chief.
Claudio said Filipino children will be “drawn out of juve-
MATURING COVID LOANS TO SWELL DEBT TO P17T
By Jovee Marie
HE Department of Budget and Management (DBM) on Monday submitted the 2025 P6.352trillion National Expenditure
during the turnover.
“Let us sustain the momentum and stay on track with our Agenda for Prosperity. Through this budget, we can achieve our target of a single-digit poverty level and an upper-middle-income economy.
(center) presented the 2025 National Expenditure Program, detailing the budget of expenditure and sources of finance to the media. From left: Undersecretary Janet Abuel, Principal Economist Dr. Joselito Basi lio, Undersecretary Rolando Toledo, and Assistant Secretary Mary Anne Dela Vega. BERNARD TESTA
Local banks can withstand Pogo ban losses–Fitch
By Reine Juvierre S. Alberto
DESPITE the govern-
ment’s ban on Philippine offshore gaming operators (Pogos), local banks have adequate reserves to cushion minimal losses, according to Fitch Ratings. Fitch said it believes Philippine banks they rate may be “hurt” in terms of asset quality and performance. However, their loss-absorption buffers will be “sufficient” to withstand likely “limited” losses.
Fitch said the private banks it rates have capital reserves, at 13.6 percent to 16 percent common equity Tier 1 (CET1) ratios, that could shield them from possible financial losses without pressuring their current standalone Viability Ratings due to the ban on Pogos in the Philippines.
“Banks’ record-high margins
PRA…
and higher loan growth—the key drivers of our ‘improving’ sector outlook for Philippine banks—are likely to compensate for higher credit costs associated with potential new impairments from the Pogo ban,” Fitch said. Moreover, Fitch said it does not expect property-related losses associated with the closure of Pogos to impact banks significantly.
Fitch said regulations require banks to demonstrate CET1 and total capital ratios of 6 percent and 10 percent, respectively, after writing off 25 percent of their real estate exposures.
“This should ensure that lossabsorption buffers are aligned with their exposure to the sector,” Fitch added.
Despite residential mortgage and consumer loan credit quality to be affected by job losses if the Pogo sector is wound down quickly, Fitch said additional bank-asset impair-
Continued from A
nile problems if parents encourage their children to participate in a sports activity.”
Claudio said this after a recent blog published on the World Trade
Organization (WTO) website noted that sports goods trade has seen a “massive boost” in recent years, with increased spending by a variety of consumers, ranging from fitness fa-
ments will also remain relatively small since some riskier Pogo-related mortgages have already soured.
The residential mortgage non-performing loan (NPL) ratio improved to 7 percent in the first quarter of 2024, from a peak of 9.6 percent in the third quarter of 2021, Fitch said.
However, it remains higher than the prepandemic level of 3.1 percent in the fourth quarter of 2019, which Fitch believes reflects in part a fallout from speculative activity and more lax housing loans credit standards during the Pogo boom years in from 2016 to 2019.
“Since then, many banks have become more averse to lending to Pogo workers, given the high policy risk,” Fitch added.
Fitch said the dominance of Pogos in the Philippine property market has gone down since 2019 amid a tightening of over-
natics to aspiring Olympic athletes.
“Over the past three decades, the global market for sports goods has seen remarkable growth. Between 1996 and 2022, annual imports surged from US$ 15 billion to almost US$ 64 billion,” the WTO article noted.
This “significant” increase not only reflects the global trend of in-
sight and regulation.
Despite the sharp increase of property prices over the past decade, particularly for condominiums in the capital region, Fitch said activities associated with Pogos did not further cause the increase in property prices.
“Under our baseline assumptions, robust economic growth and a projected fall in interest rates should support values and limit impairments,” Fitch added.
The Covid-19 pandemic has also affected the Pogo sector due to travel restrictions in the Philippines, since most Pogo depended heavily on mainland Chinese workers.
Fitch said it estimates large listed firms’ earnings before interest, taxes, depreciation and amortization (Ebitda) at over four times annual interest expense, even if all of their Pogo tenants were to leave the Philippines.
creased trade but also changes in consumer behavior, it added.
The WTO article noted that the global landscape of sports goods imports is dominated by the Americas and Europe, which together account for nearly threefourths of total imports.
See “PRA,” A
This is slightly lower by 0.98 percent from the P2.570-trillion borrowing program for 2024.
The government will borrow P2.037 trillion from the domestic debt market next year, lower by 5.91 percent from this year's P1.923-trillion program.
Moreover, P60 billion will be borrowed through the sale of Treasury Bills, and P1.977 trillion from Fixed Rate Treasury Bonds.
External borrowings for 2025 will amount to P507.408 billion, down by 21.46 percent from the P646.084-billion planned borrowings for 2024.
This will include program loans of P236.106 billion; project loans, P73.552 billion; and bonds and other inflows, P197.750 billion.
Debt service burden
TO pay off its ballooning debts, the government will shell out P2.051 trillion in 2025.
Interest payments for 2025 will amount to P848.031 billion, higher by 11.08 percent than the P763.437 billion this year. Interest payments for domestic debt are set at P629.076 billion, while P218.955 billion is allotted for foreign debt payments.
Meanwhile, the government has allocated P2.051 trillion for principal amortization, up by 1.19 percent from the P2.027 trillion in 2024. About P1.614 trillion will go to domestic, and P436.780 billion will go to external debt.
Budget Secretary Amenah F. Pangandaman traced the increase in debt servicing to the matured loans incurred during the pandemic.
“As we all know, our debt increased at the time of the pandemic because our economy is not open and we only have [smaller] revenues so [we] borrowed because of that,” Pangandaman said in the press briefing.
Pangandaman turned over the 2025 National Expenditure Program (NEP) or the proposed national budget to the Congress on Monday.
The proposed national budget for 2025 stood at P6.352 trillion, higher by 10.1 percent than the P5.768 trillion national budget for this year, and makes up 22 percent of the country’s GDP.
Together, let us fulfill the needs and aspirations of the Filipino people to achieve a Bagong Pilipinas for our citizens and future generations,” Pangandaman added.
Top priorities
ACCORDING to Pangandaman, the proposed 2025 budget is deliberately crafted to promote holistic development and inclusivity across several key sectors.
Education is the top priority, with an allocation of P977.6 billion, emphasizing the government’s commitment to enhancing the quality and accessibility of education for all Filipinos.
Higher by 15.4 percent over the 2024 figure, it covers the allocations for government assistance and subsidies, basic education facilities, and Universal Access to Quality Tertiary Education (UAQTE), among others.
In pursuit of the Build Better, More infrastructure program, the public works sector gets the second highest allocations, with P900 billion, or 14.2 percent of the national budget.
Receiving the third biggest allocation is the health sector, with P297.6 or 4.7 percent of the national budget. Priority health programs, such as the National Health Insurance Program and the operations of public health facilities, will be funded under this.
The Department of the Interior and Local Government, which will receive P278.4 or 4.4 percent, has the fourth highest allocation.
This will fund the operations of the Philippine National Police (PNP), Bureau of Fire Protection (BFP), Bureau of Jail Management and Penology (BJMP), and other agencies that maintain peace and order nationwide.
This allocation includes the Philippine Commission on Women, allowing them to develop policies that promote gender-responsiveness in the government at all levels. To uphold our sovereignty and territorial integrity, the Defense Department has been earmarked with P256.1 billion to support their key programs and priorities, such as the Land Defense Program, Air Forces Defense Program, and Naval Forces Defense Program.
Social Welfare will get P230.1 billion, or 3.6 percent, to fund the Department of Social Welfare and Development (DSWD).
This allocation will go to the Pantawid Pamilyang Pilipino Program and the Social Pension for Indigent Senior Citizens, among other programs for social protection.
To develop agricultural industry and achieve food security, the agriculture sector, comprising the Department of Agriculture (DA), its attached agencies, and the Department of Agrarian Reform (DAR), will use its P211.3-billion allocation, or 3.3 percent, to support farmers and fisherfolk.
Transportation, through the Department of Transportation (DOTr), will receive P180.9 billion, or 2.8 percent. This sector receives the highest growth among all sectors, recording a 144.8-percent increase from its P73.9 budget in 2024 to fulfill the funding requirements of major rail, land, air, and sea transportation projects.
The Judiciary will be allotted P63.6 billion, or 1.0 percent, to support innovation in the justice system, as well as the day-to-day operations of the Supreme Court and lower courts.
The Justice department will get P40.6 billion, or 0.6 percent, to fund its Law Enforcement Program, Corrections Program, and Legal Services Program.
Per class
THE proposed 2025 national budget allocates P2.421 trillion, or 38.1 percent, to Maintenance and Other Operating Expenses (MOOE), the highest allocation by expense class. This portion will cover the dayto-day operations and priority programs of the National Government (NG), including the Pantawid Pamilyang Pilipino Program (P114.2 billion) and the National Health Insurance Program (P74.3 billion).
Additionally, it includes the National Tax Allotment (NTA) (P1.035 trillion), the Block Grant for the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) (P83.4 billion), and the Local Government Support Fund (LGSF) (P15.8 billion). Personnel Services will receive the second highest allocation, with a proposed P1.757 trillion, or 27.7 percent of the budget. This will finance the salaries, benefits, and other compensations of civil servants, including P70 billion for the first and second tranches of the Salary Standardization Law (SSL) VI and P9.6 billion for additional health care benefits for government personnel. Capital outlays are allocated P1.327 trillion, or 20.9 percent, to fund the Build Better More program and other major infrastructure projects, as well as the acquisition of goods and services to be used beyond the fiscal year and added to the national government’s assets.
Receiving P848.1 billion, or 13.4 percent of the proposed national budget, financial expenses will settle, among others, the payments for fees, interest expenses, and other financial charges incurred by the NG.
Speaker Ferdinand Martin G. Romualdez announced on Monday that job creation, quality education, expanded health care, and social protection are top priorities for the House of Representatives in the proposed 2025 national budget.
“For the 2025 national budget, we aim to allocate funds to create more jobs, ensure quality education for students, and expand support for Universal Health Care,” he said.
Romualdez also highlighted the importance of allocating sufficient funds for social protection programs for poor Filipinos.
“As we receive this document today, we recognize the collective responsibility bestowed upon us as legislators to scrutinize, deliberate, and ensure that every peso is judiciously allocated and spent,” he said.
“We will continue to monitor the expenditure of these funds in Congress, ensuring that every peso in taxes is returned to the citizens through programs and projects,” he said.
The House intends to finish deliberations on the spending measure before the first recess of Congress this year in October. House Committee on Appropriations Chairman Zaldy Co underscored the importance of the NEP.
“This proposed budget represents a 10.1-percent increase from the previous year and accounts for 22.0 percent of our gross domestic product. It is a testament to our collective resolve to foster economic growth, social progress, and resilience among our people,” said Co. He stressed that the 2025 budget proposal is not merely a financial plan but a strategic roadmap aligned with the Philippine Development Plan 2023–2028.
In evaluating the budget proposal, Co said Congress will consider several key elements, including the availability of fiscal resources, the readiness of programs and projects for execution, agencies’ capacity to absorb funds, and alignment with spending priorities.
The NEP’s turnover signals the start of rigorous budget discussions aimed at addressing the nation’s most pressing needs and aligning with the vision of the Marcos administration.
Senior Deputy Speaker and Pampanga 3rd District Rep. Aurelio Gonzales Jr. said the implementation of the 2025 national budget would be a test for the enforcement of the newly enacted New Government Procurement Act.
The law introduces new modalities to achieve value for money, procurement efficiency, and quality public services. It modernizes procurement processes with the use of emerging technologies and innovative solutions, as well as integrated systems among relevant government agencies.
SolGen files quo warranto petition vs Guo
By Joel R. San Juan @jrsanjuan1573
THE Solicitor General on Monday filed a petition for quo warranto against Alice Guo before the Regional Trial Court (RTC) in Manila, questioning the validity of her assumption as mayor of Bamban, Tarlac, on the ground of ineligibility based on citizenship.
A quo warranto proceeding is initiated against an individual who usurps, intrudes into, or unlawfully holds or exercises a public office; a public person who commits an act that serves as a ground for the forfeiture of the position; or an association which acts as a corporation in the Philippines without being legally incorporated or without lawful authority to act.
Under Rule 66 of the Rules of Court, the Solicitor General or a public prosecutor may initiate the action for quo warranto upon the orders of the President or on his own initiative. In the case of Guo, Solicitor General Menardo Guevarra filed the quo warranto petition.
In the petition, Guevarra specifically prayed that Guo be declared as ineligible to hold the Office of Mayor of Bamban, Tarlac, and be declared to have committed acts that warrant her forfeiture of position as mayor. It also asked the court to declare as null and void her proclamation as mayor and eventually be ousted from her post.
The petition has been assigned to Branch 34 of the RTC in Manila presided by Judge Liwliwa Hidalgo-Bucu.
Guevarra argued that Guo is “unlawfully holding the position and illegally exercising the duties and responsibilities” of her office on the following grounds: (1) she is not a
Filipino citizen; she is a Chinese national, thus, ineligible to run for any elective public office, (2) she has committed acts which, by provision of law constitute a ground for the forfeiture of her office, and (3) she has committed acts of serious dishonesty which, under the Local Government Code, warrant her removal from office.
“At its core, Filipino citizenship is a primary requirement for public officers, ensuring their unwavering loyalty and dedication to the nation. With this in mind, the Solicitor General seeks to ensure that only individuals who have met and maintained the requisite Filipino citizenship and remained untainted with acts that warrant their removal continue to hold public office,” the 45-page petition read.
The petition said Guo Hua Ping is a Chinese national and has been posing as “Alice Leal Go” for years now.
It noted that Guo is a holder of a Chinese passport and a daughter of two Chinese citizens—Lin Wenyi and Guo Jian Zhong.
Guevarra added that based on the records of the Bureau of Immigration, Guo, who was born on August 31, 1990, arrived for the first time in the Philippines using a Chinese passport.
“That respondent Guo Hua Ping is a Chinese national using Chinese passport is consistent with the BI’s [Bureau of Immigration] Certification and List of Travel Records, which show that respondent Guo Hua Ping, born on August 31, 1990, arrived for the first time in the Philippines.”
Likewise, the petition cited the dactyloscopy report issued by the National Bureau of Investigation (NBI) which stated that the fingerprints of Guo Hua Ping affixed on her Alien Fingerprint Card dated March
28, 2006, from the NBI master files, and the fingerprints of Alice Leal Guo affixed on the biometric printout of the NBI Information and Communication Technology Division, were affixed by one and the same person.
More woes
GUO may soon also face a misrepresentation case from the Commissions on Election (Comelec) as it pushes through gathering more pieces of evidence on her claims in her Certificate of Candidacy (COC).
In a Viber message, Comelec Spokesman John Rex C. Laudiangco said their fact finding team tasked to look into Guo’s case will head to Mabalacat City in Pampanga, and Bamban, Tarlac.
“We will find out based on what will be the recommendation of the Fact Finding Committee,” he said when asked for a time frame on the filing of the misrepresentation case against Guo.
Comelec Chairman George M. Garcia earlier said he will personally join the fact finding team, which will look into the application of registration of Guo in Tarlac.Laudiangco made the remark after the Solicitor General filed a quo warranto petition against Guo.
Citing evidence from the National Bureau of Investigation (NBI) proving Guo is a Chinese national, the OSG saidher proclamation as Bamban mayor should be declared null and void.
NBI said Guo has the same fingerprint as Guo Hua Ping, a Chinese national, who entered the country on 12 January 2003.
Guo is also being investigated by the Department of Justice (DOJ) for her alleged links to illegal Philippine Offshore Gaming Operator (POGO) in Bamban.
Comelec earlier said it will file a misrepresentation case against Guo after she falsely claimed she is a Filipino national in the COC she submitted to run in the 2022 polls.
A COC is a document filed under oath by aspiring candidatesto prove their eligibility before they are included in an election ballot.
Guo has denied all the allegations against her.
The OSG maintained that “there is no credible official record or document establishing that respondent Guo Hua Ping is a citizen of the Philippines, either by birth or by naturalization.”
Furthermore, the OSG said Guo’s purported Filipino parents Angelito Guo and Amelia Leal as shown in her certificate of live birth do not exist in the records of the Philippine Statistics Authority (PSA).
This was corroborated by the negative certifications issued by the Department of Foreign Affairs (DFA) stating that it does not have any record of a Philippine passport issued in favor of Angelito and Amelia.
“Nonetheless, these negative certifications, coupled with the documents showing that respondent Guo Hua Ping’s parents are Chinese nationals Guo Jian Zhong and Lin Wenyi, point to the fact that Angelito Guo and Amelia Leal Guo are fictitious individuals created for the sole purpose of falsifying respondent Guo Hua Ping’s birth records,” the petition said.
“And considering the lack of any evidence proving the Filipino citizenship of respondent Guo Hua Ping’s parents, other than her Certificate of Live Birth which is riddled with incomplete, if not false information, her alleged Filipino citizenship by
Roque admits links to owners of Benguet house
By Butch Fernandez @butchfBM
FORMER Duterte Spokesman Harry Roque on Monday confirmed his links to the owner of the house in Tuba, Benguet, where two foreigners with suspected ties to the Pogo operations in Central Luzon were arrested.
However, Roque clarified that the house had been rented out since January 2024 by a corporation where he had an interest, and said attempts to link him anew to controversial Pogo or Philippine Offshore Gaming Operations were part of a continuing “demolition job” against him.
“The house you’re referring to is registered to a corporation. I stayed there when I left the government in 2019, but I don’t have possession of that house,” Roque told Sen. Risa Hontiveros, chairwoman of the Senate Committee on Women that resumed hearings on criminal activities linked to Pogos.
“I have an interest in the corporation that owns the house,” he however clarified.
Roque identified the renter as Wan Yun, a Chinese national, who he said was required to show an alien certificate of registration (ACR), which she did, indicating she holds a 9-G working visa. This shows she is qualified to rent the house, he said.
Bureau of Immigration officials at the hearing said the two people in their custody arrested at the raid were a female Chinese national and a male Cambodian national.
Roque told senators, “If I’m not mistaken, the male is a partner of the lessee.”
‘Cambodian’ is a Chinese fugitive AT the close of the five-hour hearing, Hontiveros, quoting her reliable informants, said the supposed Cambodian national is actually wanted in China. The “red-flagged fugitive,” added the senator, is wanted for “defrauding 100,000 people” and the Cambodian passport he carried is fake. The two are now in custody of the
Presidential Anti-organized Crime Commission (PAOCC), which sought BI’s assistance in the raid. The Paocc had also led the raids done on Pogos in Bamban, Tarlac, in May and in Porac, Pampanga, in June.
Later in the hearing, Roque was asked by Hontiveros later to clarify anew his role in bringing over his client Cassandra Catherine Lee Ong to the office of Pagcor Chairman Alejandro Tengco to complain against alleged non-remittance by their authorized representative Dennis Cunanan of about US$500,000 for the Pogos run by Lucky South-99. This caused them to incur arrears, and hindered their application for license renewal with Pagcor.
Roque insisted he had “no links” to any Pogo, and his client was Whirlwind, a Pogo service provider where Ong is an officer as well.
Pagcor chief Tengco confirmed anew with senators that Roque and Ong visited him at his office to complain against Cunanan’s alleged non-remittance.
Cunanan, the former assistant director general of the Technology Livelihood Resource Center, attended the hearing for the first time, and strongly denied Ong’s allegations. He insisted that all their “accountabilities with them [Lucky South] were fully documented.”
Tengco said Ong informed him that, in order to get Lucky South’s license renewed, a representative of theirs was making a payment in a LandBank branch to cover part of their arrears. True enough, Tengco said, when he asked a Pagcor officer to check this, US$203,000 was deposited at LandBank; and Ong promised to pay the balance of the arrears, some US$300, over time.
Later in the hearing, Tengco shared information with the committee that the US$203,000 paid by Lucky South’s representative to cover arrears was made in two consecutive deposits: one for US$50,000 and another for US$153,000, with the depositor listed as one Catherine Ong.
Government races against time to contain oil spill
CONCERNED national agencies and local governments in two regions are now racing against time to produce spill booms to contain the oil leaking from the sunken tanker MTTerra Nova.
One of 18 crew members of the ill-fated vessel died when the tanker capsized and subsequently sank off Limay, Bataan, on July 25. It was carrying 1.4 liters of fuel oil. Oil spills have been spotted near ground zero and are spreading fast owing to strong wind and ocean currents brought by the prevailing southwest monsoon orhabagat.
At a joint Regional Disaster Risk Reduction Management Council meeting of Central Luzon and Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon) held in the City of San Fernando in Pampanga, Interior and Local Government
Secretary Benjamin Abalos Jr. underscored the need to gather enough rice hull, grass, coconut husks and coconut leaves, including sacks and ropes to produce enough spill booms that will be deployed in affected areas, before they spread and reach the shores.
Big swaths of oil spotted in Hagonoy
AERIAL footage taken by a Greenpeace and Oceana documentation team revealed the extensive spread of the oil spill from the ill-fated tanker.
The team from Greenpeace Philippines and Oceana went to the Hagonoy area following reports of sightings of an oil slick in the area based on the satellite photos posted on the Karagatan Patrol FB page, and the projection of its spread in the area.
The oil spill spread was confirmed by barangay officials of Isla Tibaguin who saw oil when they went out to sea to catch fish the night before. They took videos of the oil slick.
“The Greenpeace and Oceana documentation team and campaigner left the jetty around 9:40 am, and saw the spill at 10:00 am, reaching the thickest part at 10:36 am [Coordinates: lat. 14.7206417, long. 120.75331166666666.],” Greenpeace Philippines said in its official FB Page. Photos and videos were taken from 10:00 am to 10:36 am (and not 12:00nn as stated in an earlier Facebook post).
The photos and videos validated the information shared by barangay officials and the report in Karagatan Patrol. The documentation team did not encounter any Coast Guard personnel in the morning when they went to the site.
DENR activates response team
DURING the meeting in San Fernando, which
was attended by local chief executives and the government agencies representing Central Luzon and Calabarzon, Environment Secretary Maria Antonia Yulo-Loyzaga via Zoom said all the DENR regional offices have been activated to provide technical as well as other support to the ongoing effort to contain the oil spill.
The DENR has taken water samples in strategic areas in Limay, Bataan, to determine the water quality that may be affected by the oil spill.
Undersecretary Juan Miguel Cuna said the DENR is monitoring important bird areas, particularly in the coastal areas of Central Luzon as they also stand to be affected by the oil spill.
Bataan’s marine resources threatened
THE DENR Central Luzon Office said, the coastlines of Morong, Limay and Mariveles are nesting sites of highly threatened marine turtles like the Olive ridley, Green sea turtle, and Hawksbill turtle.
Bataan coast also hosts important habitats such as mangroves, seagrasses, and coral reefs which are important to marine species. It harbors seven mangrove species in its 156-hectare mangrove areas. Due to its rich ecosystem, six marine protected areas (MPAs)
birth cannot be proven,” it added.
In addition, the OSG said Guo committed serious dishonesty which warrants her removal from office under Section 60 of Republic Act No. 7160 or the Local Government Code.
“Respondent Guo Hua Ping’s serious dishonesty arises from her act of representing herself as ‘Alice Leal Guo’ in all her public and private dealings—a name that is different from the name she registered with the BI upon her entry in the Philippines,” the petition read.
Guo has been placed under preventive suspension by the Ombudsman pending her investigation for graft in connection with her alleged involvement in the illegal operation of a Philippine offshore gaming operator (Pogo) in her town.
The Court of Appeals, on the other hand, has frozen her assets including bank accounts and high-value personal properties after finding probable cause that they are related to unlawful activity or money laundering or both.
All these cases against Guo stemmed from extensive investigations and joint operations led by the Presidential AntiOrganized Crime Commission (PAOCC) and the National Police’s Criminal Investigation and Detection Group on a Pogo hub in Bamban.
Aside from her links in Pogos, the Senate is also looking into the possibility that Guo is a Chinese intelligence “sleeper” trained to infiltrate the Philippine government.
Guo is currently in hiding after the Senate issued an arrest warrant against her for her refusal to attend its hearings.
The embattled mayor has filed a petition before the Supreme Court seeking to stop
the Senate from compelling her to appear in its hearing and from digging deeper into her personal life.
She claimed her constitutional rights to due process and to privacy were violated when she appeared in the first two hearings of the committee held on May 7 and May 22, 2044.
Guo noted that she was invited as a resource person to discuss “what she knows—but in reality, she was never afforded any opportunity to sufficiently explain her side whenever a certain issue was raised.
Guevarra said the quo warranto petition cannot be considered moot and academic despite the imminent end of her term on June 30, 2025 owing to the possibility that a similar case might arise in the future.
“Relatedly, the matter of foreign national masquerading herself as a Filipino, thereby, unlawfully occupying or usurping a public office which, in the first place, is reserved exclusively to Filipino citizens, is a paramount public interest especially in the realm of national security,” Guevarra said.
“The present litigation is likewise capable of repetition, in that, it is possible that any other person under similar facts may, emboldened by respondent Guo Hua Ping’s seeming success deceiving her constituents in voting her to office, run for elective public office in subsequent elections,” he added.
The OSG said it would present witnesses which include officials of the Commission on Elections (Comelec), DFA, BI, NBI, PSA and PRA to testify against Guo aside from numerous documentary evidence. With Samuel P. Medenilla
TBy Jovee Marie N. dela Cruz @joveemarie
HE administration of President Marcos has requested that Congress allocate P10.29 billion for the confidential and intelligence fund (CIF) for the year 2025.
During a press briefing at the House of Representatives following the ceremonial turnover of the P6.352 trillion National Expenditure Program, Budget Secretary Amenah Pangandaman confirmed the request.
She said that this amount is 16 percent lower than the P12.38 billion allocated in the 2024 General Appropriations Act. The proposed budget includes P4.37 billion for confidential funds and P5.92 billion for intelligence funds.
“DBM received a request of P11.39 billion [from different agencies], including P5.22 billion in confidential funds, and P6.17 billion in intelligence funds, but we only approved P10.29 billion,” she said.
Several agencies to receive CIFs under the proposed budget are:
have been established in Bataan namely the Abucay Fish Sanctuary, Bagac Marine Protected Area, Limay Fish Sanctuary, Philippine National Oil Company (PNOC) Fishery Reserve Area, Marine Turtle Conservation Center and the Orion Kent Fish Sanctuary.
Oil spill boom, cash for work
THE DENR will put up more air and water quality monitoring stations for wider coverage.
Environment Undersecretary Marilou Erni said coconut husks, rice straws, grass, banana trunks, coconut leaves, ropes, and nets, are needed to produce as many spill booms.
Ernie, who is charge of the department’s strategic communications, said four machines have arrived for the shredding of the oil spill boom materials and said the DENR will work with the Department of Labor and Employment and and concerned local governments.
“For each machine, we need four people. We will enroll them to a DOLE program and will coordinate for cash-for-work.This is the scheme we did in Mindoro. The materials for oil spill boom are brought and processed,” says Erni.
The Coast Guard Marine Protection Team has been deployed in Limay since July 25 to assess the oil spill and determine the volume of oil leaking out of the sunken tanker.
Jonathan L. Mayuga
Department of National Defense: P1.70 billion
National Intelligence Coordinating Agency (NICA): P991 million
Philippine National Police: P806 million
Philippine Drug Enforcement Agency (PDEA): P500 million
Department of Justice (including the Bureau of Immigration and the National Bureau of Investigation): P579.4 million
Department of Finance (including the Bureau of Customs and the Bureau of Internal Revenue): P79.5 million
Department of Transportation (including the Philippine Coast Guard and (Office of Transportation Security): P405 million
Commission on Human Rights: P1 million Office of the Presidential Adviser on Peace, Reconciliation, and Unity Peace: P60 million Office of the Ombudsman: P51.4 million
Commission on Audit: P10 million
Anti-Money Laundering Council: P7.5 million Games and Amusement Board: P4 million
National Security Council: P250 million
Notably, the Office of the Vice President, Sara Duterte, will not receive any confidential funds in the proposed National Expenditure Program for 2025. Last year, Congress reallocated the CIFs from various civilian offices, including Duterte’s, to agencies responsible for safeguarding the country’s territorial integrity, particularly in the West Philippine Sea (WPS), as well as supporting Filipino fishermen and intelligence information collection and assessment efforts.
Go gives relief to typhoon victims
Kobe Felicia, Go’s team distributed food packs to 150 families in barangay Bagong Ilog. The aid came from Go’s own personal resources reflecting his own efforts in helping those in need. “This is just a small part of what I can do to help,” said Go. “Rest assured, I will work closely with the government to extend further assistance to those affected by this disaster.” Go’s proactive and compassionate response underscores his commitment to public service and his unwavering support for his fellow Filipinos in times of crisis. In addition to Pasig City, Go has extended his support to typhoon-affected communities in numerous areas, such as Hagonoy, Calumpit, and Meycauayan City in Bulacan; various cities in Metro Manila, including Manila, Marikina, Malabon, Caloocan, and
DTI sees Taiwan as potential big market for food exports
PBy Andrea San Juan @andreasanjuan
HILIPPINE exporters of sauces, condiments, snack foods, coconut-based products and ready-to-eat meals, among others, could tap Taiwan as a consumer base as it is another “potentially big market” and is one of the international food hubs in Asia, the Department of Trade and Industry (DTI) and Philippine Exporters Confederation Inc. said.
The Philippines’ Trade officials said this after 14 participating Philippine companies generated around $7.3 million in sales (booked and under negotiation) with coconut flower syrup and sap drinks, organic and conventional coconut medium-chain triglyceride (MCT), coconut water, and coconut jams as the top-selling products at the Food Taipei 2024.
In a statement on Monday, DTI said the Food Philippines pavilion highlighted the country’s top export food products such as sauces,
But processed fruits and vegetables like water spinach chips, banana chips, taro chips, and camote chips, along with native delicacies such as fish crackers, crispy anchovy, squid, and shrimp were also well-received, DTI noted.
“This is a very relevant and encouraging result of the PHILEXPORT memorandum of understanding with the Importers and Exporters Association of Taipiei [IEAT] in 2022,” said Philexport President Sergio R. Ortiz-Luis Jr. “Now on its second year, we are pleased that the increased sales generated from this show and other related activities are helping establish a stronger foothold in Taiwan as another potentially big market for our products,” he added.
Trade and Industry Secretary Alfredo E. Pascual said the Philippine exporters participation in Food Taipei 2024 is a “testament to
the quality and competitiveness of Philippine products.”
“It underscores our commitment to supporting our local exporters in reaching new heights in the international market,” Pascual also noted.
For his part, Anthony B. Rivera, Director for Commercial Affairs at the Philippine Trade and Investment Center (PTIC) in Taipei highlighted the potential of the said Philippine export food products as these could complement the food and food ingredients in Taiwan.
“These products can be easily paired with any food and food ingredients in Taiwan. They cater to the taste of different market segments, food choices that are fit for any time of the day and basically complement the wide selection and trends that you see in the estimated $9.5 billion Taiwan food market,” Rivera said.
According to DTI, Taiwan is known as one of the international food hubs in Asia and offers a “wide and diverse” range of food selections. Importers and Exporters Association of Taipei (IEAT) Secretary
General Peter Huang said “Taiwan is an open market with a very good consumer base, and we welcome Philippine food products to come to Taiwan.”
The Philippine delegation included notable companies such as Bahaghari Global Food, Good Sense Food & Juices, La Carlota Food, P.Togo, Yan Yan International Philippines, KKK Food, Project Beans, Lionheart Farms Philippines, Tropicana Food, Chemrez Technologies, Gemfoods, Fruits of Life, Fenor Foods, Pasciolco Agriventures, and Jing’s Cuisine.
Meanwhile, PTIC Taipei assured the Taiwan market, “As caring as the Taiwan market, the raw materials of Philippine products are responsibly sourced from farmers and communities in the Philippines.”
“They pass the very strict food quality standards in Taiwan, offered at very competitive price ranges, and they can be mainstreamed in both modern trade and general trade channels in Taiwan,” added PTIC Taipei.
Rice imports this year total 2.4M tons so far
RBy Ada Pelonia @adapelonia
ICE import arrivals as of July 20 reached nearly 2.4 million metric tons (MMT), according to the Bureau of Plant Industry (BPI).
Figures from the attached agency of the Department of Agriculture (DA) showed that total rice imports from January 1 to July 20 hit 2.39 MMT.
Agriculture Assistant Secretary and Spokesman Arnel de Mesa said on Monday that shipments after July 6 were already levied with the 15 percent tariff rate. Rice imports from the first three weeks of July stood at 56,118 MT.
More than 1.78 MMT of rice imports from this period came from Vietnam, which remains the country’s top source of imported rice.
This was followed by Thailand at 358,727.74 MT.
BPI data showed that the country imported 154,523.82 MT of rice from Pakistan, higher than the 99,280.71 MT full-year import volume recorded last year.
The Philippines also bought rice from Myanmar at 66,640 MT and India at 21,875.14 MT.
Orison Free Enterprise Inc. led the 157 rice importers with a total volume of 152,009.35 MT. This was followed by BLY Agri Venture Trading and Macman Rice and Corn Trading at 147,928.99 MT and 115,410.80, respectively.
These were the only companies whose rice imports reached over 100,000 MT.
Data from the BPI also showed that it approved and issued 4,995 sanitary and phytosanitary import clearances (SPSICs) which covered
the importation of 5.5 MMT of rice.
Under the rules, rice importers should secure an SPSIC from the BPI before bringing in foreign rice stocks.
An SPSIC would certify that an inbound shipment is safe for human and animal consumption and would not bring in any pests that could be detrimental to the local agriculture sector.
The United States Department of Agriculture (USDA) recently said that the Philippines’s imported rice purchases will hit 4.7 MMT this year or 1 MMT higher than the 3.61 MMT it imported last year.
The agency had adjusted upwards its rice imports forecast for the Philippines this year from the initial 4.6 MMT.
“Total imports are estimated higher on increases for Malaysia, the Philippines, and Cameroon,” the
USDA report read.
Meanwhile, rice importers may go slow on importing rice while waiting for the ruling on the legality of Executive Order 62, according to Roehlano Briones, a senior research fellow at the Philippine Institute for Development Studies (PIDS).
This, after agricultural groups earlier asked the Supreme Court to immediately issue a temporary restraining order (TRO) or a status quo ante order as provisional relief against the implementation of the order.
“[The impact if a TRO were issued against EO 62] depends on [how] quickly SC will rule to stay the EO. If quickly, then status quo,” Briones told the BusinessMirror via SMS.
“Bigger question is legality. Importers may slow down importing while waiting for ruling on legality of the EO,” he added.
Youth spirit and their expectations–We need to invest in the YOUTH
TBy Henry J. Schumacher
HIS year’s International Youth Day is on 24 August and we must recognize a hard truth: it’s not an easy time to be a young person.
Understandably, young people are deeply concerned about the state of the world: a recentglobal survey showsthat they are seeking real, sustained change. But they’re not just watching from the side lines. Young people are taking initiative through social movements and activism— with extraordinary results! Justconsider the impactof the youth-led global climate movement calling for radical change.
Today’s youth are also making their mark on the fight against corruption. The youth deserve an end to corruption. Young people are not just our future. They are key to creating a just, peaceful and prosperous world just now. Remember: 37 million youth were involved in the last elections!
Taking the “smell” of the youth spirit into consideration, we will have to look at some numbers:
The DepEd targets more than 30 million enrollees this school year. The high school students are dreaming already about the next steps: college or employment. We in business have to catch those heading for employment.
Education must intensify and broaden the need to educate all its people. No longer will it suffice to educate a tiny elite that will then manage and direct the politics, the economy, and the culture of the many. Sonny Angara will be busy!!!
Development will require not only a corps of highly skilled individuals capable of absorbing advance technology; it will also require a minimum of scientific literacy and technological skill; it will also need the setting of professional standards, the delineation of fields of expertise, and the organization of communities of knowledge.
Education can no longer afford to leave anybody behind. All young people— whether they go to college or not—will need a similar set of core competencies if they are to succeed in today’s labor market. Government, the private sector and civil society have to work closely together to Safe the Children. We must realize that about 40 percent of the Philippine population is in school! We cannot fail the next generation! Children are our future. Our objective must be for them to become productive members of society, with competitive skills capacity to ensure a progressive future for the Philippines.
If the Philippines is to survive in the ever-changing, fast moving, technologydriven world taking shape before our eyes, the country has to position itself strategically in this new economy. The endeffort must be to secure the Philippines’s place on the right side of the digital divide the revolutions in communications, information, and computer technologies are creating. This requires a world-class workforce, something that the ICT, BPO and creative industries are asking for. And because knowledge has become the modern economy’s central resource, we must keep in mind continuous learning has become essential. So swift is the generation and transmission of knowledge that learning has become a life-long process for every one of us (as I outlined in last week’s column). The investment in human development is a strategy for economic recovery and inclusive growth. The private sector would love to cooperate with Education Secretary Sonny Angara to specifically focus on technical training and “learning by doing.” Investing more in education, the kind of no-nonsense education that equips young voters with critical thinking abilities and empowers them to becomes responsible, demanding citizens who understand the power of democracy.
In conclusion, let me repeat—again— the wise words of Ramon del Rosario, Chairman of Philippine Business for Education: “It’s the private sector that is creating the jobs. But government has to create an enabling environment for the jobs to be created!”
Feedback is highly appreciated; contact me at hjschumacher59@gmail.com.
Oil spill reaches Tanza shoreline
By Jonathan L. Mayuga @jonlmayuga
THE oil spill from the sunken tanker in Limay, Bataan, reached the shores of Tanza, Cavite, on Monday.
This was disclosed by the Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) whose members in Cavite documented the traces of oil using a smart phone.
According to Pamalakaya, fishermen and coastal residents in Tanza were awakened by the distinct odor associated with the oil spill.
As early as July 25, Pamalakaya has expressed alarm over the possibility of oil spill affecting the municipal waters of Cavite.
M/T Terra Nova which capsized on July 25 off the shores of Limay was carrying 1.4 million liters of fuel oil. Fishermen and coastal residents in Tanza are worried that the oil spill will might contaminate fishery resources, consequently adversely affecting their livelihood. In Tanza alone, Pamalakaya said some 5,000 fishermen are their families will be affected should the government fail to contain the oil spill.
Ronnel Arambulo, vice chairman of Pamalakaya, meanwhile chided the Philippine Coast Guard (PCG) for its alleged failure to act with dispatch to prevent the oil spill from reaching the shores of Cavite.
Oil companies to roll back prices
By Lenie Lectura @llectura
OIL companies announced on Monday a price rollback this week.
In separate advisories, the companies said they will slash gasoline prices by P0.75, diesel by P0.85 per liter, and kerosene by P0.80 per liter.
Petron, Shell, Caltex, Total, Unioil, PTT, Phoenix, Seaoil, and Jetti said they will implement the new pump prices at 6:00 a.m. of Tuesday, July 30.
Cleanfuel, meanwhile, will adjust its prices at 12:01 a.m.
Oil companies adjust their prices every week to reflect movements in the world market.
“The current trend leans bearish owing to the oil market expectations
of plentiful supplies and weak demand. Likewise, the Gaza cease-fire negotiation threatens to erode the geopolitical risk premium of crude and petroleum products,” said Director Rodela Romero of the Department of Energy-Oil Industry Management Bureau (DOE-OIMB).
Last week, oil companies implemented a decrease of P0.40/liter in diesel and P0.70/liter in kerosene while gasoline increased by P0.10/ liter. This brought the year-to-date total adjustment of the said products at a net increase of P7.75/liter for diesel, P0.50/liter for kerosene and gasoline by P10.35/liter. There is an ongoing price freeze for kerosene and LPG (liquefied petroleum gas) 11 kilogram (kg) and below owing to the declaration of the State of Calamity in some areas.
Next budget proposals on flood control to pass through needle’s eye–senators
By Butch Fernandez @butchfBM
FOLLOWING a privilege speech by Sen. Joel Villanueva who angrily denounced the government’s failure to mitigate massive floods from super typhoon Carina and the southwest monsoon, senators on Monday vowed to scrutinize multibillion-peso budgets for flood control when the 2025 National Expenditure Program (NEP) is tackled.
They also vowed to start the scrutiny with this Thursday’s hearing of the Committee on Public works chaired by Sen. Bong
Stop lying over mass relief of security–VP
By Manuel T. Cayon @awimailbox
DAVAO CITY—Vice President Sara Duterte on Monday called out National Police Chief, Gen. Rommel Marbil, accusing him of publicly peddling lies behind the mass relief of her police security and fielding agents to shadow her whereabouts.
“Let us spare our people from all the lies. Let us call it what it is—a clear case of political harassment,” Duterte said in a two-page “open letter” to Marbil, which she said she had to write to refute what she described as lies.
“Don’t ever mention me again in your interviews,” Duterte admonished Marbil, who in a series of media interviews explained his order last week pulling off the 75 police personnel from the security detail for the Vice President.
Duterte rebutted five points that Marbil raised to justify the relief order en masse of policemen, which followed the previous relief of 37 police officers, including the chief of police of this city, in May. This was followed by the relief again of 19 station commanders of the city in July, and, two days later, the replacement of the city director by three police colonels—all in a span of only one day.
Duterte said she kept her calm over the relief of her security, saying she could do her duties even without the security details around her. “Kayakong magtrabahonangwalangsecurity (I can work even without security),” she said.
Revilla, where the secretary of the Department of Public Works and Highways (DPWH) and the Metropolitan Manila Development Authority (MMDA) chief lead the invited resource persons.
Villanueva’s speech was referred to Revilla’s committee and the Committee on Environment. Revilla said he flew by chopper at the weekend over the Camanava area and Bulacan, Villanueva’s home province that was among the most devastated by last week’s floods, and was aghast at the devastation.
Earlier, senators made manifestations on the floor as they weighed in on Villanueva’s speech. They said those in charge of flood management should stop blaming the climate for the floods because everyone knows the country is listed one of those most “atrisk” countries from disasters. The
to PNP chief
However, she was dismayed by Marbil’s claim that the relief of the 75 police personnel was meant to augment the number of police in the National Capital Region and that her office agreed to it.
Duterte said Marbil, to justify further the reduction of her security detail, alleged that there was no security threat
“Remember that theVice Presidential Protection Division (VPPD) was placed under the PSPG [Police Security and Protection Group] through the order of the National Police Commission to protect my security detail and of those who would succeed me as Vice President. That was clear in the document of the Napolcom and the PNP,” she said.
Duterte also belied Marbil’s claim that the OVP agreed to the relief of such a big number of police personnel ,saying there was never a request but only the PSPG telling the OVP that it would pull out the 75 police personnel.
“We did not argue on it because you are the law, aren’t you?” she added.
She said she respected Marbil’s claim that the pullout was intended to increase police visibility in the NCR, but she expressed anger when the top cop said there was no threat to Duterte. She was aghast that someone “maliciously” released in public video footage shoing her and her family at the Ninoy Aquino International Airport last week, “exposing to danger my family”.
“I wouldn’t mind if I were only the one, but it also included my children; that put them in grave danger,” she said.
PRA CHIEF: SPORTS GOODS SALE TO RISE 20-25%
Continued from A2
“The Americas lead with US$26.2 billion in imports, but face a relatively high average tariff rate of 19.9 per cent. Europe follows with US$19.8 billion in imports and a lower tariff rate of 9.9 per cent,” the WTO article said.
Asia ranks third in imports at US$15 billion, benefiting from the “lowest tariff rate,” at 7.2 percent, WTO noted.
As illustrated by the WTO Analytical Database, the 1990s saw the beginning of a “burgeoning” interest in health and fitness. The trade body said this led to a period of “accelerated” growth in global imports of sports products from the mid-2000s to the mid-2010s.
The WTO website figures showed that sports goods imports grew “steadily” from 1996 to 2022, with two exceptions.
“A significant contraction occurred in 2009, possibly as a result of the 2008 global financial crisis, while 2021 saw explosive growth as part of the initial recovery from the Covid-19 pandemic,” said WTO.
It noted that government-imposed pandemic restrictions may have led to this “unprecedented” demand for sports equipment, as consumers worldwide became more health conscious at a time
when sports centers were reopened.
The WTO article also cited the impact of tariff cuts on sports goods trade as “significant” reductions in tariffs over the last three decades have helped make sports products more accessible and affordable.
“The most-favored-nation (MFN) tariff applied to imports of sports products decreased from 18 percent in 1996 to approximately 12 percent in 2022,” said WTO.
The largest decreases were for footwear, swimwear and tracksuits, where tariffs dropped from approximately 22 percent to 14 percent.
As to the source of sports goods, WTO said China has long been the “most significant’ exporter of sports goods worldwide.
In 1996, it accounted for 32 percent of the world’s sports goods exports, rising to a peak of 59 percent in 2010. Moreover, WTO said in 2022, China still accounted for 43 percent of global exports.
“In 2022, China’s exports of racquet sports products were particularly notable, representing 63 per cent of world exports,” said WTO.
The WTO recognized Vietnam’s growth in the share of sports goods exports to the world.
“In 1996, it accounted for only 2 percent of the world’s sports good exports. That share grew modestly to 6 percent by 2010,” WTO noted.
question is, what has been done to mitigate damage from such risk? They said.
To illustrate the ridiculous reasons given for last week’s floods, Villanueva cited a text message to senators by Senate President Chiz Escudero, on information given to him that a crucial pumping station in Metro Manila was not working because “it had not been switched on, kasi walang [because there was no] gasoline, and [was] blocked with trash.”
Sen. Loren Legarda said a navigational valve in Navotas has not been working for years, and wanted to know “if this was part of the reason—first, there was a storm; second, high tide; then third, faulty navigational valve—was this why Camanava was easily flooded?”
One-third of DPWH budget
SEN. Grace Poe, who chairs the
Arta: PHL rank to rise in competitiveness index
ADDITIONAL improvements in government efficiency are expected to further improve the country’s ranking in the World Competitiveness Yearbook (WCY) of the Switzerland-based International Institute for Management Development ((IMD) next year, according to the Anti-Red Tape Authority (Arta).
On Monday, Arta said the 2024 WCY has yet to take into account the full effect of the new policies issued by President Ferdinand R. Marcos, Jr. last year to streamline government processes.
“It is important to note that the WCY rankings for 2024 are predominantly based on data from 2023,” Arta said in a statement.
“Consequently, the ranking has not yet fully captured the effects of the reforms implemented by the administration in 2023 aimed at improving the country’s competitiveness,” it added.
Among the said initiatives are Executive Order (EO) No. 18 or the “Greenlane for Strategic Investments” and EO No. 59 or the “Streamlining of the Permitting Process for Infrastructure Flagship Projects,” which were signed by the President last year.
ARTA said the strict implementation of both EOs will allow the “Philippines to notch higher in other pillars of the WCY.”
In the 2024 WCY, which was released by IMD in June, the Philippines improved its ranking from 52nd to 49th in terms of government efficiency.
The country ranked 40th for economic performance, 43rd for business efficiency, and 61st for infrastructure.
The WCY covers 67 economies, including Ghana, Nigeria, and Puerto Rico, which were just added in its 2024 edition.
Arta expects the country will have a better ranking next with the full implementation of its Ease of Doing Business programs, which will help in “streamlining and digitalizing government services.”
It also said the government will address the concerns raised in the 2024 WCY regarding the sustainability of the job-generating investments in the country through more infrastructure projects.
“The call to replace red tape with red carpet—ensuring the government processes are more efficient and not burdensome--is expected to create a climate that propels economic growth, boosts investments, and promotes ease of doing business,” Arta said.
Samuel P. Medenilla
Senate Committee on Finance that will lead the vetting of the budget, noted that in the 2025 NEP submitted to Congress on Monday, P254 billion or almost a third of the 2025 DPWH P900-billion budget is for flood control.
MMDA also has its own budget—P5.5 billion; of which 40 percent is for flood control.
“In budget deliberations, flood control budgets of DPWH, MMDA and other agencies should pass through the eye of the needle—we can’t add budgets for flood management until they can explain how they spent it in past years,” said Poe.
Sen. Risa Hontiveros, quoting initial analysis of flood control budgets, said that based on the General Appropriations Acts (GAAs) for FYs 2015-2024 GAAs, a total of P1.8 trillion were allocated for flood control. Minority
Leader Koko Pimentel highlighted the same figure. Flood control constituted nearly 30 percent of the DPWH budget in the last decade and this, she said, should have resulted in significant reduction in flooding.
Deputy Majority Leader JV Ejercito said part of the failure lies in the tendency in recent years to break up budgets for highimpact projects that would have greatly prevented or mitigated floods, into “unending, piecemeal” projects for “slope protection, drainage improvement and dredging.”
Villanueva, meanwhile, pointed out that the Supreme Court had issued in past years a continuing mandamus for a cleanup of Manila Bay, ordering 13 LGUs ringing the Bay and several government agencies.
BusinessMirror
Quad nations unite to strengthen maritime safety and cybersecurity amid rising regional tensions
By Mari Yamaguchi The Associated Press
TOKYO—Top diplomats from Japan, the US, Australia and India meeting Monday in Tokyo compiled a set of measures to reinforce maritime safety and cybersecurity and to support other Asia-Pacific countries in improving their defenses during growing tensions in the regional seas.
After the meeting, host Japanese Foreign Minister Yoko Kamikawa, US Secretary of State Antony Blinken, Australian Foreign Minister Penny Wong and Indian External Affairs Minister Subrahmayam Jaishankar said they were “seriously concerned” about the tensions and expressed “strong opposition” to unilateral changes to the status quo by coercion. They noted “the militarization of disputed features, and coercive and intimidating maneuvers in the South China Sea” as examples, but carefully avoided identifying China in their joint statement. Several regional governments dispute China’s sweeping territorial claims over the South China Sea, which has crucial maritime trade routes and potential energy reserves. It also claims self-governing Taiwan as its territory, to be annexed by force if necessary. At what are known as the Quad talks, the four ministers agreed on a number of initiatives to counter
cyberattacks, ensure maritime security and deal with disinformation. They also announced expanded support for other countries, including in Southeast Asia and Pacific islands, to bolster their abilities in those areas as the Quad seek to expand its partnerships. The ministers plan to launch a maritime legal dialogue to focus on the international law of the sea. They said they were determined to
Italy and China sign 3-year action plan as Italian leader tries to reset relations
By Ken Moritsugu
BThe Associated Press
EIJING—Italy and China
signed a three-year action plan on Sunday to implement past agreements and experiment with new forms of cooperation, Italy’s Prime Minister Giorgia Meloni said on an official visit to the Chinese capital.
Meloni is trying to reset relations with China as fears of a trade war with the European Union are interwoven with continued interest in attracting Chinese investment in auto manufacturing and other sectors.
“We certainly have a lot of work to do and I am convinced that this work can be useful in such a complex phase on a global level, and
also important at a multilateral level,” she said in remarks at the start of a meeting with Chinese Premier Li Qiang.
Her five-day visit comes several months after Italy dropped out of China’s Belt and Road Initiative, a signature policy of Chinese leader Xi Jinping to build power and transportation infrastructure around the world to stimulate global trade while also deepening China’s ties with other nations. Still, Italy remains keen to pursue an otherwise strong economic relationship with China. Stellantis, a major automaker that includes Italy’s Fiat, announced in May that it had formed a joint venture with Leapmotor, a Chinese electric car startup, to begin selling EVs in Europe.
Li, addressing Italian and Chinese business leaders after the meeting with Meloni, said that China’s push to upgrade its economy will increase demand for high-quality products, expanding opportunities for cooperation between companies from their two countries.
He pledged to open Chinese markets further, ensure that foreign companies get the same treatment as Chinese ones and create a transparent and predictable business environment, responding to frequently heard complaints from businesses operating in the world’s second-largest economy.
“At the same time, we hope the Italian side will work with China to provide a more fair, just and non-discriminatory business environment for Chinese companies doing business in Italy,” he said.
Meloni told the business leaders that the two sides had signed an industrial collaboration memorandum that includes electric vehicles and renewable energy, which she described as “sectors where China has already been operating on the technological frontier for some time...and is sharing the
contribute to maintaining and developing free-and-open maritime order consistent with the UN Convention on the Law of the Sea in the Indian and the Pacific Oceans and to enhance cooperation and coordination on it. Their initiatives included support for installing a secure telecommunications network in Palau and building cybersecurity capacity in the Philippines
new frontiers of knowledge with partners.”
Electric vehicles have also become a symbol of growing ChinaEU trade tensions, with the European Union imposing provisional tariffs of up to 37.6 percent on China-made electric vehicles in early July. The two sides are holding talks to try to resolve the issue by an early November deadline.
Meanwhile, China launched an anti-dumping investigation into European pork exports, just days after the EU announced it would impose the tariffs on Chinese EVs.
Meloni, who arrived in Beijing on Saturday, is making her first trip to China as prime minister. She has held talks with Li before, meeting in New Delhi last September during the annual G-20 summit, which brings together the leaders of 20 major nations.
Italy’s decision to join the Belt and Road Initiative in 2019 appeared to be a political coup for China, giving it an inroad into Western Europe and a symbolic boost in a then-raging trade war with the United States. But Italy says the promised economic benefits didn’t materialize, and its membership created friction with other Western European governments and the United States.
The Associated Press writer Giada Zampano in Rome contributed to this report.
and India, according to the joint statement. The ministers reaffirmed their commitment to improving the region’s connectivity through the development of resilient infrastructure such as undersea cables.
“We are committed to putting our collective resources, our collective strength to work to benefit people across the region that we share,” Blinken told a joint news conference after the talks. “We continue to work with partners to ensure that freedom of navigation, overflight, the unimpeded flow of lawful maritime commerce that these continue to go forward. They are critical to the region’s security. They’re critical to its ongoing prosperity.”
Kamikawa said maritime security in the region is increasingly unstable, so unity and cooperation were needed more than ever among the Quad countries in securing a rules-based free and open international order.
Without naming China, Kamikawa said escalating tensions in “a certain region” and cyberattacks by “a certain country” could easily spill to other countries and
increase their risks.
“In order to have the prosperity in the region, we must ensure stability of the foundation in maritime, cyber and space domains,” she said. “We Quad nations aim to protect the foundations of prosperity in the Indo-Pacific as we seek to achieve an international community of coexistence and coprosperity.”
Australia’s Wong said the Quad nations were working to achieve a region that is governed by “accepted rules and norms where all of us can cooperate, can trade and thrive” and where “sovereignty is respected and competition is managed responsibly.”
The talks came after Japan and the United States held their “2+2” security meeting Sunday, when they called China “the greatest strategic challenge.” They agreed on further deepening military cooperation by making major upgrades to their command structures and bolstering Japanese production and repair of US-licensed weapons.
The Associated Press writer Matthew Lee in Singapore contributed to this report.
Ukraine says it struck an oil depot in Russia, as Moscow claims gains in Donetsk region
By Samya Kullab
The Associated Press
KYIV, Ukraine—Ukraine on Sunday said it struck an oil depot in southern Russia that supplies the Kremlin’s troops as Russian strikes in Ukraine’s eastern Donetsk region, where Moscow claimed further gains, left five civilians dead and 15 others wounded.
Ukraine’s General Staff said in a statement Kyiv’s security services were responsible for a drone strike in Russia’s southern Kursk region that morning on an oil depot used to meet the needs of the Russian military, and contains 11 tanks with a total volume of 7,000 cubic meters (about 247,202 cubic feet), adding the attack prompted “powerful explosions and a fire...probably involving containers with oil products.”
“The defense forces continue to take all measures to undermine the military and economic potential of the Russian occupiers and force the Russian Federation to stop its armed aggression against Ukraine,” the statement said.
Earlier Sunday, Russia’s Defense Ministry said seven Ukrainian drones were shot down overnight over Russian territory, while a regional official said a drone strike set fire to the oil depot in the Kursk province. Firefighters were battling the blaze on Sunday morning after three fuel tanks went up in flames, according to acting regional Gov. Alexey Smirnov. Smirnov said nobody was hurt.
The Kursk region lies on the border with
Ukraine’s Sumy province where Ukraine has in recent months repeatedly targeted various sites, including oil depots and other military infrastructure, inside Russian territory, with drones and other weapons. Ukrainian officials have been pressuring Western allies to be able to use their modern and more sophisticated weapons to strike more valuable targets inside Russian territory. Also on Sunday, Russian troops continued to eke out gains in Ukraine’s war-torn eastern Donetsk province as they pushed westward toward the towns of Pokrovsk and Kurakhove. Russia’s Defense Ministry on Sunday said that its forces had taken control of two neighboring villages some 30 kilometers (19 miles) east of Pokrovsk, Prohres and Yevhenivka. The day before, Moscow claimed the nearby village of Lozuvatske, one of nearly a dozen it says it has captured in the province this month.
Russia started its full-scale invasion of Ukraine in Feb. 2022, sending millions of people fleeing to neighboring countries. Taking control of all of Donetsk, part of the country’s industrial heartland that now bears the scars of years of fighting, is one of the Kremlin’s main war goals. Five civilians died and 15 more suffered wounds following Russian strikes in the Donetsk region on Saturday and overnight, local Gov. Vadym Filashkin reported on Telegram Sunday. Shortly later, other Ukrainian officials said Russian shelling wounded more civilians, including children, in the east and south.
Indonesian leader starts working in new capital despite construction work and lack of facilities
By Fadlan Syam & Niniek Karmini The Associated Press
ENAJAM PASER UTARA, Indonesia—
POutgoing Indonesian President Joko Widodo started work Monday from the new presidential palace in his country’s ambitious new capital, where he intends to spend the last few months of his presidency.
“Today I have started receiving officials for meetings here, in the president’s office,” Widodo told reporters at the new presidential palace, as authorities race to complete other key infrastructure projects in the future capital city of Nusantara before Independence Day celebrations next month. The capital, also known as IKN, is located in East Kalimantan province on the island of Borneo.
Widodo said his first agenda item on Monday was a meeting with executives of the Nusantara development authority. He is also
scheduled to meet with provincial leaders.
To facilitate the move, the presidential secretariat is preparing all the necessary furniture for the presidential office, including tables, chairs and lighting, while the supply of clean water, electricity and internet is “all running well,” Widodo said.
“We came here to check the latest progress of the IKN, especially the construction of the palace, I see everything is still in process,” Widodo said, adding that there are thousands of workers racing to complete the infrastructure projects, and that “I don’t want our presence to hamper its development progress.”
He is optimistic that the new “Garuda Presidential Palace” will serve as the backdrop of the country’s Independence Day ceremony on Aug. 17.
Only one month is left before Nusantara is slated to hold its first ever Indonesia Independence Day celebration, which is also
expected to be the official transfer of the capital city from Jakarta. Its relocation plan has come into question, however, amid slow construction progress and missed deadlines, forcing the resignations of the head of the Nusantara Capital Authority and his deputy last month.
Most of the new city’s buildings are unfinished, with the new state palace 88 percentcomplete and several ministry buildings only with their lower floors usable.
The project to build the new capital is estimated to cost $33 billion, of which the state budget would shoulder only 20%. Widodo’s administration has relied heavily on investments from the private sector to build key infrastructure and public facilities, as the state budget will mainly cover the construction of basic infrastructure, buildings, and utilities within the “core area” of the government. In a bid to lure investment, earlier this
month Widodo signed a presidential regulation that grants investors certain rights, including land rights of up to 190 years in the future capital.
Public Works and Housing Minister Basuki Hadimuljono who also serves as the acting head of the IKN Authority, said the government is still working to procure another 40 megawatts for the city, but the current capacity of 10 megawatts produced by a solar power plant has been established in Nusantara. A nearby reservoir provides “more than enough to meet the needs” for clean drinking water in the new city, he said. Despite the progress made, questions still remain as to when the new capital will officially be relocated as Widodo is yet to issue the official decree. Until the decree is signed, Jakarta remains the country’s capital. Karmini reported from Jakarta, Indonesia
FOREIGN minister from left to right, Indian External Affairs Minister Subrahmanyam Jaishankar, Japanese Foreign Minister Yoko Kamikawa, Australian Foreign Minister Penny Wong and US Secretary of State Antony Blinken pose for a photo ahead of the Quad Ministerial Meeting at the Foreign Ministry’s Iikura guesthouse in Tokyo on Monday, July 29, 2024.
July 30, 2024
NOTICE OF FILING OF APPLICATION FOR ALIEN EMPLOYMENT PERMIT (AEP/S)
NO.ESTABLISHMENT NAME OF FOREIGN NATIONAL, POSITION AND BRIEF DESCRIPTION QUALIFICATION AND SALARY RANGE
1 C AND U PHILIPPINES INC.
Block 7, Lot 1-8 Millennium Drive, Light Industry & Science Park III, San Rafael, City of Sto. Tomas, Batangas
DU, FULIN
Electromechanical Technician
Brief Job Description: Perform routine maintenance, repair malfunctioning machines and systems
2 C AND U PHILIPPINES INC.
Block 7, Lot 1-8 Millennium Drive, Light Industry & Science Park III, San Rafael, City of Sto. Tomas, Batangas LI, YUHANG
Electromechanical Technician
Brief Job Description:
Perform routine maintenance, repair malfunctioning machines and systems
3 C AND U PHILIPPINES INC.
Block 7, Lot 1-8 Millennium Drive, Light Industry & Science Park III, San Rafael, City of Sto. Tomas, Batangas WANG, MING
4 C AND U PHILIPPINES INC.
Block 7, Lot 1-8 Millennium Drive, Light Industry & Science Park III, San Rafael, City of Sto. Tomas, Batangas
5 C AND U PHILIPPINES INC.
Block 7, Lot 1-8 Millennium Drive, Light Industry & Science Park III, San Rafael, City of Sto. Tomas, Batangas
6 C AND U PHILIPPINES INC.
Block 7, Lot 1-8 Millennium Drive, Light Industry & Science Park III, San Rafael, City of Sto. Tomas, Batangas
Electromechanical Technician
Brief Job Description:
Perform routine maintenance, repair malfunctioning machines and systems
WANG, MING
Electromechanical Technician
Brief Job Description:
Perform routine maintenance, repair malfunctioning machines and systems
ZHOU, WENBING
Electromechanical Technician
Brief Job Description:
Perform routine maintenance, repair malfunctioning machines and systems
Block 7, Lot 1-8 Millennium Drive, Light Industry & Science Park III, San Rafael, City of Sto. Tomas, Batangas GUO, LEI
Maintenance Technician
Brief Job Description: Ensure adherence to uality standards and health and safety regulations
B sic i c tion:
Vocational Course/ Training, able to speak English and mandarin, strong technical and Interpersonal skills, pro cient ith Microsoft of ce and related soft are, e cellent communication skills
Salary Range: Php 30,000 - Php 59,999
Basic ali cation: Must have vocational course/training, able to speak English and Mandarin and must have a strong technical and interpersonal skills
Salary Range: Php 30,000 - Php 59,999
Basic ali cation:
Vocational course in related eld re uired, able to speak English and Mandarin
Salary Range: Php 30,000 - Php 59,999
Basic ali cation:
Vocational course in related eld re uired, able to speak English and Mandarin
Salary Range: Php 30,000 - Php 59,999
Basic ali cation:
Must have vocational course/training, able to speak English and Mandarin and must have a strong technical and interpersonal skills
Salary Range: Php 30,000 - Php 59,999
Basic ali cation: Vocational Course/ Training, able to speak English and mandarin, strong technical and Interpersonal skills, pro cient ith Microsoft of ce and related soft are, e cellent communication skills
Salary Range: Php 30,000 - Php 59,999
Basic ali cation: Must have vocational course/training, able to speak English and Mandarin and must have a strong technical and interpersonal skills
Salary Range: Php 30,000 - Php 59,999
8 C AND U PHILIPPINES INC.
Block 7, Lot 1-8 Millennium Drive, Light Industry & Science Park III, San Rafael, City of Sto. Tomas, Batangas DU, WEI
Manufacturing Production Technician
Brief Job Description: Monitor production processes, identify issues or deviations from speci cations and take corrective action as necessary. ollo S P and ork instructions to ensure consistent
Manufacturing Production Technician
Brief
Industrial Park Road, Canlubang Industrial Estate, Canlubang, City of Calamba, Laguna
16 HINO MOTORS PHILIPPINES CORPORATION
Industrial Park Road, Canlubang Industrial Estate, Canlubang, City of Calamba, Laguna
Brief
Production Technician
HONG, GENXUE
Quality Control Technician Brief
Quality
CHENGGUO
Quality Control Technician
Brief
SENOO, HIROKI VP – Business Planning
Brief Job Description: De ne, develop, and implement business planning process
HATASAKI, KAZUTOSHI VP-product Development and Engineering
Brief Job Description: De ne, develop, implement Production systems and processes, assess and improve product uality standards and develop long term manpo er skill training and upgrade programs
17 KYMCO PHILIPPINES INC.
issan Technopark, Purok 5, Pulong Santa Cruz, City of Santa Rosa, Laguna
CHEN, CHUN-CHING Vice President For Operations
Brief Job Description: Revie orders and deliveries to dealers
o. 20, arra Rd, San Antonio, City of San Pedro, Laguna GUO, YANFENG Finance Of cer
Brief Job Description: Prepare and analyze nancial
Any person in the Philippines ho is competent, able and illing to
the foreign national is desired may le an objection at DOLE Regional Of ce IV-A
ali cation: Graduate of Aerospace Engineering or e uivalent. At least 8 years of related e perience & e perience
Floors, Andenson Building II, Parian, Calamba City, Laguna, ithin 30 days after this publication.
9
Block 7, Lot 1-8 Millennium Drive, Light Industry & Science Park
Manufacturing
Brief
Please inform DOLE Regional Of ce IV-A if you have any information on criminal offense committed by the foreign nationals. By authority of the
A long-overdue step: Banning POGOs and tackling cybercrime
SENATOR Risa Hontiveros and Senator Sherwin Gatchalian’s commendation of President Ferdinand Marcos Jr. for announcing the banning of Philippine Offshore Gaming Operators (POGOs) during his recent State of the Nation Address highlights a significant move in addressing the social and cybersecurity challenges posed by these entities.
T he decision to ban POGOs reflects a clear understand ing of the detrimental impact these operations have had on the countr y. Senator Hontiveros rightly points out the innumerable social i lls associated w ith POGOs, whi le Senator Gatchalian’s acknowledgment of the President’s caref u l consideration due to the industr y’s employment implications demonstrates a balanced approach to this issue.
Infor mation and Communications Technology Secretar y Ivan John E. Uy’s asser tion that shutting down POGOs w i ll impede cybercriminal activ ities is crucial. T he exploitation of POGO locations by cybercriminals has been a longstand ing issue, w ith leg itimate operations often ser v ing as f ronts for i llicit activ ities. By severing ties w ith POGOs, the gover nment aims to d isrupt these criminal networks and enhance cybersecurity measures in the countr y. (Read the BusinessMirror report, “DICT: Banning POGOs a key step vs curbing cybercrime,” July 26, 2024).
T he President’s d irective to the Phi lippine Amusement and Gaming Cor p. to cease all POGO operations, coupled w ith the Depar tment of Labor and Employment’s effor ts to assist affected workers, demonstrates a comprehensive approach to this complex challenge. It not only addresses the criminal element but also considers the livelihoods of those employed in the industr y.
T he President’s move also sends a strong message to the inter national community that the Phi lippines is serious about combating cybercrime and protecting its citizens f rom the scourge of online f raud and scams. T he countr y’s effor ts to beef up its cyberdefense, includ ing the rollout of a National Cybersecurity Plan, are a critical step towards safeg uard ing our d ig ital inf rastructure and online ser v ices.
T he global nature of cybercrime necessitates a collaborative approach, as emphasized by Secretar y Uy. By engag ing in par tnerships w ith countries like the US and Japan, as well as inter national organizations such as Inter pol, the Phi lippines is effectively positioning itself to combat cyber threats on a global scale.
As cybercrime continues to evolve and expand worldw ide, proactive measures such as the ban on POGOs and the strengthening of cybersecurity initiatives are crucial steps in safeg uard ing the countr y’s d ig ital landscape. T he gover nment’s commitment to addressing these challenges underscores recognition of the impor tance of cybersecurity in an increasingly interconnected world.
T he ban on POGOs represents not only a response to immed iate concer ns but also a strateg ic move towards for tify ing the countr y’s defenses against cyber threats. It is imperative that this momentum is sustained through continued collaboration, investment in cybersecurity inf rastructure, and a steadfast commitment to safeg uard the nation’s d ig ital f uture. Ultimately, the ban on POGOs is a v ictor y for the Fi lipino people and a signif icant step towards creating a safer and more secure online env ironment. We commend the President and his administration for tak ing this bold step and urge them to continue work ing towards a cybercrime-f ree Phi lippines.
Why Vietnam works better?
MJohn Mangun
OUTSIDE THE BOX
Y dear sainted mother used to say that I should never compare myself to someone else, as I would always find someone who was better and that might discourage me. Also, I would always find someone whom I was better than and that might inflate my ego.
Anot he r pe r son of fame puts comparing yourself in a d ifferent perspective. “Do not compare yourself to others. If you do so, you are insu lting yourself”: Adolf Hitler
We as i nd iv idu als and as a nat ion do compa re ourselves constantly.
Seve r al notable local newspape r col u mn i sts h ave w ri tten many t i mes lament i ng why t he economy of V ietnam is muc h st ronger and la rger t h an t he Phi l ippi nes. V ietnam’s ‘GDP per capita in Purc hasing Power Pa rity’ at t he end of 2023 was US$13,696 versu s t he Phi l ippi nes at US$9,695.
As w ith a person, nations are a package and despite its economic success, Vietnam is not always “ userf riendly.” “A cour t in Vietnam sentenced Pham Van Cho to seven years in prison and two years probation for posts he made on Facebook that insu lted the countr y and revolutionar y leader Ho Chi Minh.”
However, there are some specif ic reasons why Vietnam may have a “better” economy.
I guess some people forget that the
Phi lippines is an archipelago. W hi le Indonesia is also archipelag ic, the Phi lippines is the only countr y in the reg ion w ith 70 mi llion popu lation or more (Indonesia, T hai land, Vietnam) that you cannot drive a truck loaded w ith goods d irectly between the two, three, or even four most popu lous, largest GDP cities. Yes, you can drive a truck f rom Mani la to Cebu as long as the weather is good enough for the two ferr yboat rides. Transpor tation, believe it or not, is a huge factor for the economic success of companies and countries.
Inf rastructure is also critical and bridges, roads, and ot her gover nment and private projects require land, which requires “R ight of Way” approval. T hat is not a problem in Vietnam since the gover nment owns all the land. Citizens can lease the land at the gover nment’s pleasure.
Phi l ippi ne pol it ics i s always a complaint. Aside f rom the fact that complaining about Vietnam politics can ear n a prison sentence, there are other ways to smooth the political process.
Could—even should—the Philippines adopt some if not all of Vietnam’s best practices? Absolutely, but at what cost? How do we take the “good” and leave the “bad”? Or are they inseparable? No one seems to want to answer those questions.
In Vietnam the people do not vote for national leaders. T hat in itself eliminates all the talk about which cand idate held the largest rally. And, of course, no “ hakot” crowds.
T he g reatest d ifference in the political process is that there are no privately owned med ia outlets in Vietnam. Wou ld it have been smoother w ithout any d iscussion of the ABSCBN f ranchise or news site Rappler?
T he structure of the economies is vastly d ifferent and may lean towards the “success stor y” of Vietnam.
A g reat d istinction has to do w ith the countries’ respective currencies. T he Vietnamese dong is not conver tible, and it is i llegal to take dong out of Vietnam. Go to your local Fi lipino bank and tr y to exchange peso for dong. But you can walk into SM depar tment store and effectively buy goods w ith 15 d ifferent currencies, but not w ith dong.
T he dong is managed by the State Bank of Vietnam through a crawling US dollar peg. Non-convertibility and a managed peg ensure that domestic impor ters/expor ters and foreign investors have a signif icantly reduced risk of foreign currency exposure.
Ma rket forces, even w it h cent ral bank nudg ing, have depreciated the peso/USD about 15 percent from pre-
Turkey’s Erdogan escalates anti-Israel rhetoric with threat of intervention
By Ugur Yilmaz
TURKISH President Recep Tayyip Erdogan is escalating his rhetoric against Israel, suggesting Turkey could intervene on behalf of Palestinians, possibly with military support, in ways similar to what it has done in other conflicts.
“We must be ver y strong so that Israel can’t do these things to Palestine,” Erdogan said in his hometown of R ize on Sunday. “Just as we entered Karabak h and Libya, we might do the same here. T here is nothing we cannot do. We must be ver y strong.” Erdogan spoke vag uely and made no ind ication that he was considering any d irect mi litar y operations in the Israel-Gaza war Still, his remarks u nderscore t
ity i n Turkey’s f i nanc i al ma rkets this week. Israel i Foreign Mi n i ster Israel Katz responded to Erdogan’s comments in a post on X. “Erdogan follows in the footsteps of Saddam Hussein and threatens to attack Israel. Just let him remember what happened there and how it ended,” he w rote. Turkey i nte r vened i n t he L ibyan
In the ongoing war between Israel and Hamas, Erdogan has recalled Turkey’s ambassador and suspended trade with Israel, and also accused Israeli Prime Minister Benjamin Netanyahu of committing genocide. Turkey has also been sending humanitarian aid to Gaza and facilitating medical treatment for those injured in the conflict by allowing them to receive care in Turkey. Before the war, Turkey and Israel had been working to normalize their relations after a decade of tensions.
Cov id, the T hai ba ht by 19 percent, and t he Indonesian rupia h by 17 percent. T he dong is 7 percent lower God bless the currency peg if you can afford it. Vietnam’s foreign currency reser ve is up 13 percent since December 2019, whi le the Phi lippines has risen 19 percent.
T here is no question that the educational system and per for mance in Vietnam may be wor th emu lating. On agg regate lear ning scores, Vietnamese st udents outper for m not only their Asean counter par ts but also those in Britain and Canada. T here a re some def i n ite reasons. To tackle reg ional inequality, those teachers posted to remote areas are paid more. Most importantly, teacher assessment is based on the per formance of their students. Resea rc hers at t he Cent re for Global Development repor t t h at the biggest reason is the caliber of its teachers. But it is also political. “A big stick is the threat of running afoul of the ru ling Communist Party. T he party apparatus is obsessed w ith education. T his percolates down to school level, where many head teachers a re pa r ty members.” Fur t her “Phi lippines: Teachers’ salar y way below Asean average.”
Could—even should—the Philippines adopt some if not all of Vietnam’s best pract ices? Absolutely, but at what cost? How do we take the “good” and leave the “bad”? Or are they inseparable? No one seems to want to answer those questions. E-mai
Antonio L. Cabangon Chua Founder
DOF eyes P4.3-T revenues to fund 2025 spending plan
By Reine Juvierre S. Alberto
WITH priority tax reform measures in place, the Department of Finance (DOF) is expected to generate P4.296 trillion in tax revenues in 2025, according to the Department of Budget and Management (DBM).
Based on the 2025 Budget of Expenditures and Sources of Financing, the DOF will collect a total of P3.788 trillion in 2025 from the Bureaus of Internal Revenue (BIR) and Customs (BOC).
This is higher by 13.38 percent from the P3.789-trillion programmed revenues for 2024, which was also lowered by 0.82 percent, or P31 billion, from the P3.820 trillion set by the Cabinet-level Development Budget Coordination Committee (DBCC).
The BIR is expected to collect P3.232 trillion in 2025, higher by 13.44 percent than the P2.849-trillion tax revenues to be
generated this year.
Taxes on net income and profits are projected at P1.712 trillion in 2025, of which P674.628 billion will come from companies, corporations and enterprises while P845.925 billion will be paid by individual taxpayers and P185.388 billion from others.
About P676 million will be generated from windfall tax on mining, and P5.137 billion from royalty on mining. Property transfer tax is also seen to contribute P12.392 billion in tax revenues.
Taxes on domestic goods and services are expected to generate P1.232 trillion in 2025, with net
Guo accountant confirms mayor’s role in setting up firms funding Pogos
By Butch Fernandez @butchfBM
SENATORS on Monday obtained crucial information from the accountant of the suspended mayor of Bamban, Tarlac, who admitted Alice Guo’s “active role” in putting up two companies used for Philippine Offshore Gaming Operators (Pogos) that were linked to various crimes covered by a continuing Senate investigation.
Nancy Degamo, grilled by the chairwoman of the Senate Committee on Women, Sen. Anna Theresia “Risa” Hontiveros, said Guo was “lying” when she claimed in an earlier hearing that they did not know each other.
Pressed later about this by Sen. Sherwin Gatchalian, she replied, Nagsisinungaling po siya [She was telling a lie],” referring to Guo, who had sought to put a distance between herself and Degamo in an apparent attempt to bolster her claim she had nothing to do with incorporating Hong Sheng Gaming Technology Inc,. raided in 2023, and Zhun Yuan Technology Inc. Senate investigators had found Degamo’s name in many documents used for these two firms.
Detained for over a week at the Senate premises for snubbing earlier hearings, Degamo gained freedom from Senate custody at the hearing’s end, on a motion by Sen. Robinhood Padilla, who noted her cooperation with Senate probers.
Hontiveros also declared lifted the contempt citation on another resource person, former bureaucrat Dennis Cunanan, who appeared at Monday’s hearing.
Grilled by Gatchalian, Degamo said she had no reason to doubt that Guo was behind the two corporations involved in the Bamban Pogo enclave— contrary to Guo’s claim that she only owned part of the land there—because all throughout her engagement as “accountant,” Guo “provided all names of incorporators,” as well as personal details like addresses and tax identification numbers. Whenever she had queries while processing the incorporation papers, she would ask Guo to supply the information.
Queried by Gatchalian, Degamo said it was Guo—or Guo
Hua Ping (her Chinese name in a document used by NBI to match her fingerprints with a dependent of a Chinese investor visa holder when she was 13)—who paid the fees to regulators.
Degamo said she received funds either through electronic wallet or her bank account.
All these, Gatchalian pointed out, “indicates her [Guo’s] active participation” in the two Pogos, contrary to her earlier Senate testimony.
Guo, her parents and three siblings are subjects of warrants of arrest issued by the Senate, which cited them in contempt for snubbing hearings. At Monday’s hearing, Senate President Pro Tempore Jinggoy Estrada expressed dismay with the Philippine National Police for failing to arrest Guo, whom the immigration bureau claimed is still in the country.
Also during Monday’s marathon hearings, senators heard the complaint of three men who claimed they were victims of identity theft when they were wrongly listed among the incorporators of the Pogos.
Julian Linsangan III, Edwin Ang and Marvin Chua said they wanted “justice from those who stole our names” and used them for illegal activities.
They said they had filed a criminal case with a Makati court for identity theft and falsification of public documents against Lucky South-99 Outsourcing Inc., the main Pogo licensee in which the two Chinese companies linked to Guo funnelled their investments.
In an earlier hearing, a young Navy officer had sought the committee’s help after finding her identity stolen as well, when she was listed among the incorporators of a Pogo.
The rampant misuse of official Philippine documents and the civil registry processes, which facilitated the criminal activities of some Pogos like human trafficking, detention and torture, cyber fraud and money laundering, was among the abuses that prompted President Marcos to issue his order to “ban all Pogos” effective at yearend. He gave the order, to resounding applause, at his Third State of the Nation Address (Sona) last July 22.
of value-added tax (VAT) refunds amounting to P680.981 billion, excise tax contributing P343.104 billion, P207.169 billion from selective taxes on services and P357 million from franchise taxes.
Documentary stamp taxes will also yield P241.198 billion while other taxes will provide an additional P35.519 billion in revenues for 2025.
Meanwhile, the Bureau of Customs (BOC) is expected to collect P1.064 trillion in tax revenues for next year. This is higher by 13.23 percent than the P939.694-billion revenue target for 2024.
The bulk of tax revenues to be generated by the BOC for next year will come from VAT on imports amounting to P657.241 billion.
This is followed by excise taxes worth P276.203 billion, import duties and taxes at P111.147 billion and other fees contributing P19.444 billion.
Tax reform measures THE DOF has been lobbying for passage of its priority tax reform measures which will generate P28.379 billion in 2025.
These reforms are the VAT on
Digital Service Providers which will contribute P10.867 billion; Excise Tax on Single-use Plastics at P5.306 billion; Rationalization of Mining Fiscal Regime, P5.814 billion; and Corporate Recovery and Tax Incentives for Enterprises Maximize Opportunities for Reinvigorating the Economy (Create More) at P298 million.
The proposed Excise Tax on Pick-ups under Package 4 will also add P6.400 million in tax revenues in 2025 under the BOC.
The Motor Vehicles Road User’s Tax (MVRUT) will provide P8.234 billion in 2026, rising to P8.904 billion in 2027.
Non-tax revenues
MEANWHILE, the DOF is also projected to generate P126.076 billion in non-tax revenues in 2025.
The BOC will collect P6.110 billion while the Bureau of the Treasury (BTr) is expected to generate P118.801 billion from BTr income and collections of national government income.
The Insurance Commission (IC) will also be pitching in P412.953 million in 2025 for nontax revenues.
TRANSITION IN WINDING DOWN POGOS ON TRACK–PAGCOR
STATE gaming regulator Pagcor on Monday assured senators they are moving quickly and in sync with relevant agencies to ensure a smooth six-month transition period embodied in President Ferdinand Marcos’ ban on Philippine Offshore Gaming Operators (Pogos).
Pagcor chairman and CEO
Alejandro Tengco told the Senate committee conducting the continuing probe of crimes associated with Pogos that this week he was to meet with, first, the Department of Labor and Employment, given the clear mandate by the President to ensure a just and humane transition for affected workers, whom Tengco estimated at 40,000.
After meeting with Secretary Bienvenido Laguesma, Tengco said that Justice Secretary Crispin Remulla had called for a meeting as well.
Sen. Grace Poe, in Monday’s hearing of the Committee on Women, Children, Family Relations and Gender Equality, asked the Philippine Amusement and Gaming Corporation on the steps it has taken to continue with the transition of eliminating all Pogos in the country.
Tengco and Solicitor General Menardo Guevarra, who was also at the hearing, both affirmed that the President’s mandate was clear: “all Pogos are banned,” though Tengco clarified that Pagcor can only carry out the “winding down” of operations of all the 44 legitimate operators, or what Pagcor calls IGLs (internet gaming licensees). He stressed it was beyond Pagcor’s mandate to wind down illegal operators.
Poe, in particular, asked for the number of Pogos to be affected, the number registered POGOs, the number workers that will be displaced, and what the government can do with those workers.
The senator also soughty data on foreign workers to be deported.
In the meeting with DOLE, Tengco said they would discuss the status of close to 40,000 Filipino workers who will be displaced because of the closure of 44 IGLs. He said the process of winding down the operations of existing IGLs is already starting.
Poe also suggested that the government could take over the infrastructure inside the POGO hubs, possibly for housing projects. Butch Fernandez
‘Carina,’ ‘habagat’ farm damage now at P697M
By Ada Pelonia
THE damage sustained by the agriculture sector following heavy rainfall from typhoon Carina and the southwest monsoon has reached nearly P700 million, according to the Department of Agriculture (DA).
In its latest bulletin, the DA said the agricultural damage reached a total P696.87 million and affected 30,827 farmers. The volume of production losses in Cordillera Administrative Region (CAR), Ilocos, Central Luzon, Calabarzon, Mimaropa, Bicol, Western and Eastern Visayas,
Zamboanga Peninsula, Soccsksargen and Caraga regions was pegged at 13,312 metric tons (MT).
Rice sustained the bulk of the damage at 9,102 MT. Corn and high-value crops also sustained damage at 3,104 MT and 1,105 MT, respectively.
“Damage and losses are also expected in fisheries [aquaculture, facilities, and equipment] in CAR, Ilocos, Cagayan Valley, Central Luzon, Calabarzon, Mimaropa, and Bicol regions,” the DA said in a statement.
According to the report, the production losses are equivalent to P570.14 million for rice, P65.02
million for corn, P58.95 million for high-value crops, P1.17 million for livestock and poultry, and P1.6 million for infrastructure, machinery, and equipment.
Agriculture Assistant Secretary and Spokesman Arnel De Mesa said Central Luzon bore the brunt of typhoon Carina as it logged P400 million worth of losses.
“The total area affected is about 35,000 [hectares]. Of which 25,000 are partially damaged and with chance of recovery,” De Mesa told reporters in a briefing on Monday.
The DA said it would distribute 72,174 bags of rice seeds, 39,546 bags of corn seeds, 59,600 pouches, and 1,966 kilograms of vegetable seeds.
The Bureau of Fisheries and Aquatic Resources (BFAR) will also provide fingerlings, fishing gear, and paraphernalia.
The department also noted that available funds from the Philippine Crop Insurance Corporation (PCIC) would be disbursed to indemnify affected farmers.
“These losses are still relatively smaller compared to year-on-year historical damage brought about by typhoons. Normally, for a year, about 500 to 600,000 metric tons are lost due to typhoons,” he said, speaking partly in Filipino.
Editor: Jennifer A. Ng
B1 Tuesday, July 30 2024
‘Strong demand for power to energize Meralco profits’
By Lenie Lectura @llectura
THE Manila Electric Co. (Meralco) is expecting full-year core income to reach P43 billion this year, higher than its earlier guidance of P40 billion, after the utility firm posted strong and improved numbers particularly in May, when it posted record sales.
“Due to Meralco’s strong operational and financial performance in the first half of the year, we are prepared to upgrade our initial guidance of P40-billion CCNI [consolidated core net income] to P43 billion for the full year 2024,” Meralco Chairman Manuel V. Pangilinan said in a statement.
During a briefing on the company’s first half financial and operating results held Monday, Meralco First Vice President and Chief Commercial Officer Ferdinand Geluz said the six-month volume got a boost from second-quarter sales which reached
a new record. In May, the company recorded sales of more than 5,000 gigawatt hour (GWh), mainly due to the performance of the residential and commercial segments, which posted double-digit growth. Demand in the Meralco franchise area peaked at 9,323 megawatts (MW) in April, up by 10 percent from the 8,438 MW peak demand recorded in May 2023. The commercial segment had the biggest share of 37 percent in the energy sales mix, while residential and industrial accounted for 36 percent and 26 percent, respec-
tively. Flat streetlights accounted for the balance.
“It was an all-time high, driven by sustained growth of commercial and residential, as well as modest increase in the industrial sector,” said Geluz.
At end-June, Meralco’s CCNI rose 21 percent to P23.2 billion from P19.2 billion in the same period last year driven by higher sales volumes of the distribution utility (DU), and increased sales in the second quarter due to higher availability of power generation plants.
Of the total CCNI, the distribution business continued to account for the biggest share at 55 percent or P12.8 billion. Power generation contributed 27 percent or P6.2 billion, while the retail electricity supply and non-electricity businesses brought in a combined P4.2 billion or 18 percent.
Consolidated reported net income rose by 26 percent to P22.4 billion from P17.9 billion last year.
Consolidated revenues grew by 6 percent to P237.5 billion from P224.8 billion in 2023, mainly due to higher volumes distributed by the DU.
“With the steady growth trajec-
tory of the economy, we are satisfied that Meralco will sustain its robust performance throughout the year. Beyond the core distribution business, we continue to invest in more generation capacity which will help address, if not eliminate, instances of supply insufficiency in the country’s power grid, and support the growing demand for power,” Pangilinan added.
Meralco reported that it spent P19.9 billion in capital expenditures (capex) in the first semester. Of which, P10 billion was used for the distribution networks projects that included new connections, asset renewals, and load growth projects.
The balance was spent on the development of solar projects of MGen Renewable Energy, Inc. (MGreen), acquisition of additional 475 telecommunication towers, and the construction of build-tosuit (BTS) towers by Miescor Infrastructure Development Corporation (MIDC).
By end-June, consolidated customer count was at 7.9 million, 3 percent more than the 7.7 million reported last year, with sustained efforts to energize new customers.
Angel’s Pizza sales via Grab hit ₧1.2B
ABy VG Cabuag @villygc
NGEL’S Pizza, the flagship pizza chain of Figaro Coffee Group Inc., on Monday said it recorded sales of P1.2 billion from 925,000 GrabFood transactions in the first half.
“This figure represents a yearto-year growth of 63 percent, showcasing the brand's strong postpandemic recovery and sustained delivery business on the leading on-demand deliveries platform.”
The company said the growth was driven by a strong collaboration with Grab, driven by campaigns such as
CEB to restart Iloilo-HK
flights
BUDGET carrier Cebu Pacific (CEB) is set to resume direct flights between Iloilo and Hong Kong on October 27.
Cebu Pacific Chief Marketing and Customer Experience Officer Candice Iyog said the airline will operate four weekly flights from Iloilo to Hong Kong every Tuesday, Thursday, Saturday, and Sunday, while return flights from Hong Kong to Iloilo will be available on Mondays, Wednesdays, Fridays, and Sundays.
“With the resumption of flights to Hong Kong, CEB will be the only airline to operate international flights from Iloilo. We hope this will also make air travel even more affordable and accessible for a wider range of passengers in the Visayas region,” she said in a statement. Previously, passengers from Iloilo had to endure lengthy travel times of up to 12 hours, including layovers, when booking connecting flights from Manila to Hong Kong. Lorenz S. Marasigan
GrabUnlimited Deals. Angel’s Pizza is part of GrabFood Signatures, a community of merchant-partners exclusive to the Grab platform. As a GrabFood Signatures merchant-partner, Angel’s Pizza gets access to exclusive marketing and promo mileages that put them front and center during platform campaigns. In Metro Manila, Angel’s Pizza saw a 53-percent year-on-year sales growth on the GrabFood platform. In the provincial areas, Angel’s Pizza achieved a rapid 151 percent year-to-year sales growth.
“We are incredibly proud of the progress Angel’s Pizza has
made. Achieving P1.2 billion in sales on Grab in the first half of 2024 is a monumental milestone that reflects our dedication to providing high-quality products and excellent service to our customers,” Justin Liu, chairman of Figaro, said.
“The success of Angel’s Pizza attests to the positive impact of collaboration between GrabFood and its merchant-partners, and we are glad to be part of their growth story,” Grab Philippines Director for Deliveries and Strategy Greg Camacho, said.
Last May, Figaro said it is increasing its capital spending budget
for Angel’s Pizza, which is targeting to join the ranks of major pizza chains in five years.
Liu said Figaro will expand Angel’s Pizza store count to at least 300 branches so it could become the top player in a “very competitive market.”
“It’s very difficult to say but hopefully within the next five years. It’s very challenging because our competitors are larger than us, heavier capitalized than us.”
URC, govt aim to hike potato output
By Ada Pelonia
UNIVERSAL Robina Corp. (URC) and the Department of Agriculture (DA) forged a 5-year agreement to implement a program that seeks to increase the income and productivity of potato farmers.
The DA said URC, the food manufacturing arm of the Gokongwei Group, joined the Sustainable Potato Program (SPP) before the outbreak of Covid-19 in the country.
“Since its inception in 2019, (SPP) exemplified the power of public-private partnerships in driving positive change,” Agriculture Secretary Francisco Tiu Laurel Jr. said in a statement.
“This agreement solidifies our shared commitment to improve access to quality planting materials, enhance potato production practices and technology, boost local sufficiency, and ultimately uplift farmers en route to a sustainable future.”
Laurel said URC committed to upscale the project and expand production areas in the Cordilleras, Bukidnon, and Davao provinces.
The agri chief said that this is in partnership with the DA and the United Potato Producers of Benguet and Mountain Province and other farmers’ associations in various provinces.
The DA said URC, whose snack brands include potato chips that are marketed in the Philippines and abroad, previously dis-
tributed around 506 metric tons (MT) of high-quality potato seeds in three regions. These were planted in 202 hectares (ha) of land under the auspices of the SPP.
It added that the distributed seeds yielded a maximum of 45 MT per hectare of potatoes, with a total estimated production of 23,000 MT that generated a gross income of P920 million for 14 farmer organizations.
Meanwhile, Laurel committed additional funding for the production of quality planting materials targeting 2 million pieces of Generation 1 seed to be used for seed production starting in 44 hectares, and after 3 generations may cover at least 12,000 hectares of commercial potato production.
He also committed to providing farmers with nurseries, small machinery, storage, and processing facilities.
The DA said its regional offices and URC will identify and select farmers groups that will benefit from the program through capacity building, training in good agricultural practices, seed multiplication, pest and disease management, storage, handling, and marketing.
“The DA and URC continue to foster collaboration in grassroots-based mechanisms towards the attainment of the United Nation’s Sustainable Development Goals [SDG] particularly Responsible Production and Consumption (SDG 12) and Partnerships for the Goals (SDG 17).”
By Lorenz S. Marasigan @lorenzmarasigan
DIGICO, the digital arm of the MVP Group, has acquired a minority stake in Bayad Center and took full ownership of Multipay Corp. in a bid to “accelerate digital payments” in the country.
Owned by PLDT Inc., Manila Electric Co. (Meralco), and Metro Pacific Investments Corp. (MPIC), DigiCo is acquiring a 10-percent stake in Bayad Center, a payment provider with over 800 utility, financial, and other billers, and a network of more than 104,000 touchpoints nationwide.
DigiCo has also executed an agreement to acquire 100 percent of Multipay, a subsidiary of Multisys Technologies Corp., known for its "strong relationships” with various billers and digital payment channels.
“Having both online and offline solutions, Bayad and Multipay are uniquely positioned to accelerate the country's shift to digital payments. These companies will improve the payment experience for the Filipino consumer and provide partners with integrated solutions,” said DigiCo Chairman Manuel V. Pangilinan.
Both transactions are pending the fulfillment of closing conditions.
“For 18 years, Bayad has served the Filipino public through accessi-
ble, reliable, and impactful payment solutions. Our success is a testament to the unwavering trust placed in us by billing institutions, payment channels, and the Filipino public,” Bayad's CEO and President Lawrence Y. Ferrer said.
Victor Y. Tria, CEO and President of Multisys, expressed confidence in the acquisition, saying, “Multipay has come a long way, and we are confident that DigiCo will be in the best position to take Multipay to even greater heights.” Kat Luna-Abelarde, DigiCo's Chief Commercial Officer noted that the company plans to to leverage the MVP Group's “expertise and resources” to deliver better customer experiences and support the growth trajectories of both Bayad and Multipay.
“This is the latest milestone on our journey to drive new, innovationled growth, and is aligned with the MVP Group's support for the government's overall digitalization push, particularly financial inclusion for Filipinos across the nation.”
DigiCo was formed to leverage the MVP Group’s data, which spans telecommunications, utilities, health technology, entertainment, transport, and fintech. DigiCo aims to integrate these data assets to create a comprehensive digital-services ecosystem, enhancing its ability to meet customer needs.
PHOTO FROM WWW.BAYAD.COM
July sale of govt debt papers hits ₧100-B borrowing target
By Reine Juvierre Alberto
THE national government successfully capped the month of July by hitting its P100-billion borrowing program, recording a P2.6 billion surplus, through the sale of Treasury bills (T-bills).
The Bureau of the Treasury (BTr) fully awarded the bids for the three tenor short-term debt papers on Monday’s auction despite higher investors’ asking yields.
A total of P6.5 billion from the tender of 91-day T-bills, P6.5 billion from 182-day T-bills and P7 billion from 364-day debt papers were sold by the auction committee.
The average yields of 91-day Tbills increased to 5.779 percent from 5.743 percent in the previous auction with bids ranging from 5.759
percent to 5.799 percent for the 91day T-bills.
The 182-day T-bills investors’ average asking yield also went up to 6.014 percent compared to last week’s auction at 5.991 percent. The government security rates settled between 5.950 percent and 6.042 percent.
Investors’ average rate for the 364-day T-bills fetched 6.108 percent with a yield range from a low of 6.040 percent to a high of 6.160 percent. T-bills’ yields averaged 6.081
percent in the Treasury’s previous auction on July 22.
The Treasury said the auction was 1.8 times oversubscribed, attracting P36 billion in total tenders.
The amount tendered per tenor was P12.010 billion for the 91-day, P12.12 billion for the 182-day and P11.860 billion for the 364-day Tbills.
“With its decision, the Committee raised the full program of P20 billion for the auction,” the Treasury said in a statement.
Rizal Commercial Banking Corporation (RCBC) Chief Economist Michael L. Ricafort said most average auction yields are again slightly higher, similar to the slight upward increase in the comparable shortterm PHP BVAL yields by 0.02 to 0.05 percent.
Ricafort said the high auction yields come at a time after the flood and storm damages by Typhoon Carina and the southwest monsoon could push up inflation, similar to the period after Typhoons Ulysses
and Ondoy.
The RCBC executive said the increase in yields could also be caused by the possible 0.25 basis points reduction in interest rates as early as August 15, 2024, which led to some investors locking-in longer-term interest rates before the Monetary Board and US Federal Reserve cut rates.
Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. has said the Monetary Board may start cutting policy rates in August since the government cannot wait for longer as it may cause a loss of output.
“That’s basically where we stand. We’re not going to raise,” Remolona said (See: https://businessmirror. com.ph/2024/07/09/further-delays-in-easing-may-cause-outputlosses/).
The government has borrowed P1.422 trillion from January to May this year, with domestic borrowings reaching P1.170 trillion and foreign borrowings at P251.712 billion.
UBP’s H1 income falls on higher credit loss provision
ABy VG Cabuag @villygc
BOITIZ-led Union Bank of the Philippines (PSE: UBP) said its income fell to P5.06 billion during the first half of the year, down by 21 percent from the previous year’s P6.4 billion, due to provision for credit losses that nearly doubled from last year.
Total provision for credit losses in the January-June reached P8.99 billion from P4.98 billion while other income declined 6.4 percent to P9.81 billion.
Revenues rose 8 percent to P37.3 billion from the previous year’s P34.4 billion, driven by the bank’s expand-
ing consumer business, higher net interest margin, and growing transaction fees.
“We continue to post strong topline revenues. Now that we have completed the integration of the acquired Citi consumer business, the parent bank’s expenses have naturally declined,” UBP CFO Manuel R. Lozano said. “As a result, our net income in the second quarter of the year is at P3.1 billion, which is up by more than 50 percent from the P2-billion booked in the previous quarter.”
“Our focus in higher margin consumer segment and continued expansion of our customer base will allow us to sustain this growth
UBP subsidiary vows more corporate philanthropy
By Rizal Raoul Reyes @brownindio
O mark its second anniver-
Tsary, UnionDigital Bank Inc., the digital bank subsidiary of the Aboitiz-led Union Bank of the Philippines, vowed to be more active in corporate philanthropy.
“Each anniversary is not just a time for celebration but an opportunity to give back to the community,” UnionDigital Chief Human Resource Officer Melanie Santos was quoted in a statement as saying. According to Santos, the lender is kicking off this year an initiative that focuses on “critical social development pillars to support those in need.” The initiative, called “UD Cares” will be launched at San Pedro Elementary School, Laguna, “marking the beginning of a comprehensive community engagement strategy that encompasses education, health and livelihood.”
In preparation for the 2024 school opening, Santos said the lender has included donating school supplies and paint. She said employees would participate in the painting of classrooms. These efforts showcase our enduring dedication to education as a cornerstone of sustainable development, santos said.
“By investing in our communities through ‘UD Cares,’ we are reaffirming our commitment to
nation-building and financial inclusion, making meaningful and lasting impacts in the lives of those we serve,” she added. Santos also noted the lender seeks those who find it difficult to secure loans through traditional banks.
The lender quoted a customer as saying the loan she secured from UnionDigital “provided the financial support” she needed to cover her urgent medical procedure.”
“While other banks turned me away, UnionDigital stepped in to help and for that, I am deeply grateful. My treatment is still ongoing and I remain hopeful,” Julie dela Vega was quoted in the statement as saying.
According to Mike Singh, UnionDigital chief commercial and revenue officer, the bank’s operation “has been about more than just business growth and profitability.
“It has been about making a real impact in the lives of our customers and the communities we serve – giving them a chance to live better lives,” Singh added.
“While others hesitated, we led the way, aware of the challenges that come to champion financial inclusion.”
According to him, they are “now armed with valuable insights from our experiences, prepared to extend our influence and intensify our impact to create a future where financial services are accessible to every Filipino.”
momentum in the years to come,” Lozano added. The lender’s net interest income grew by 15 percent to P27.5 billion driven by a 55 basis point improvement in net interest margin.
According to UBP, its net interest margin is among the highest in the banking industry at 5.7 percent coming from the higher proportion of consumer loans to total loans.
Consumer loans now account for 59 percent of its total loan portfolio, which is nearly three times higher than the industry average.
Operating expenses improved by 2.4 percent year-on-year to P21.6 billion. Following the successful migration of the acquired Citi consumer
business into UBP’s system in March, the bank’s IT expenses have declined by close to P1.0 billion quarter-onquarter. The decline in IT expenses was partly offset by inherent costs related to customer acquisition and revenue growth.
New-to-bank customers more than doubled from. last year’s monthly average. As a result, the bank now has over 15 million total customers.
Total assets as of June 2024 ended at P1.1 trillion, according to the country’s ninth-largest lender in terms of assets. Total loans and receivables – net reached P514.8 billion, while low-cost CASA deposits at P427.8 billion.
BDO Unibank Inc., the country’s largest lender, on Monday said its net earnings rose 12 percent to P39.4 billion in the first half of the year from the previous year’s P35.25 billion.
The company attributed the increase on the stronger momentum from its core intermediation and fee-based service businesses.
Gross revenues reached P180.31 billion, 19 percent higher than the previous year’s P151.09 billion. Annualized return on common equity improved to 15.8 percent in the second quarter from 14.3 percent in the first quarter.
Gross customer loans expanded by 13 percent across all market seg-
Work, Wander, Wow! Exploring the Philippines on a Shoestring Budget
By Janice Sabitsana
THE Philippines beckons with its postcard-perfect beaches, vibrant coral reefs and lush rainforests. For the adventurous soul on a shoestring, this archipelago paradise is surprisingly affordable. With a little resourcefulness and these travel hacks, you can experience the magic of the Philippines without breaking the bank.
Become a barter buddy:
Embrace the Filipino resourcefulness FILIPINOS are known for their resourcefulness and love a good bargain. Explore the possibility of bartering for goods and services, especially in local markets or with small businesses. Instead of brand new souvenirs, consider unique handmade crafts or vintage finds.
Offer items you brought, like gently-used clothing, language skills or even baked goods you made yourself. Also, learn few local phrases like “Pwede makipagpalit?” (Can we barter?), “Pila ni?” (How much is this?) and “Daghang salamat!” (Thank you so much!). A little effort goes a long way in building rapport, showcasing your respect for the culture and securing a good deal.
Travel smart: Shoulder seasons and off-season savings
POPULAR tourist destinations like Boracay or El Nido can be pricey during peak season. Save big by traveling during the off-season.
Aim for the shoulder seasons (the months between peak and offseasons), typically April to May and September to October. You’ll still enjoy pleasant weather but with significantly lower prices on flights, accommodation and activities.
Don’t let a little rain deter you! The Philippines’s rainy season (around June to October) often boasts lower travel costs. Just be sure to pack a rain jacket, waterproof backpack cover and plan activities that can be enjoyed indoors or during breaks in the rain. Download travel-price tracking apps to score the best deals on flights and accommodation. Set alerts for your desired destinations and travel dates to be notified of price drops.
Work your wanderlust: Earn while you explore
ments, while total deposits rose 13 percent.
BDO’s current account/savings account ratio stood at 69 percent. Non-interest income grew by 13 percent, “supported by healthy growth in fee income, treasury and the continued recovery in life insurance premiums.”
Asset quality remained stable despite elevated interest rates. Nonperforming loan ratio settled at 2.06 percent while NPL coverage stood at 169 percent, better than the industry average.
Shareholders’ equity strengthened 12 percent on profitable operations, with book value per share expanding 12 percent year-on-year to P102.22. VG Cabuag
THERE are ways to transform your Filipino adventure into a work-andexplore experience! Consider these options: If you have a remote job, consider working while you travel. Many cafes and co-working spaces in major cities and even beach towns offer affordable Wi-Fi access. This allows you to explore during your free time and extend your travel budget.
Platforms like Workaway and Worldpackers connect travelers with opportunities to work in exchange for accommodation and meals. This can involve helping out at a hostel, a farm, or even a local NGO. It’s a fantastic way to immerse yourself in a local community, learn new skills and extend your travel budget.
Do you have a creative skill you can freelance online? Offer your services like writing, graphic
design, or virtual assistance to remote clients while you explore the Philippines. This gives you the flexibility to travel and work on your own schedule.
Also, always prioritize your safety when working abroad. Research the company or individual offering the work exchange program thoroughly and make sure you have the necessary skills and qualifications for the job.
Pack light, travel smart and embrace sustainability AVOID baggage fees and travel with ease by packing light and efficiently. Here are some pro tips to maximize your packing space and minimize your environmental impact: Choose quick-drying, wrinkleresistant fabrics in neutral tones that can be mixed and matched for different occasions. This allows you to create multiple outfits with fewer pieces.
Pack light layers that you can easily add or remove to adapt to changing temperatures. Invest in refillable travel containers and fill them with your favorite shampoos, conditioners and lotions. This saves space and avoids the need to buy single-use toiletries.
Pack a reusable water bottle, shopping bag and coffee mug to avoid generating unnecessary waste.
Plan your outfits and pack for laundry services offered by guesthouses or laundromats. This allows you to pack lighter and avoid overpacking. By packing light and embracing sustainability, you’ll not only save money on baggage fees but also contribute to a cleaner travel experience for yourself and the beautiful Philippines.
Embrace the unexpected: Be flexible and open to adventure
THE Philippines is full of surprises waiting to be discovered! Don’t be afraid to deviate from your itinerary and embrace unexpected adventures.
Strike up conversations with locals, explore hidden alleys, or follow spontaneous opportunities. You might stumble upon a hidden waterfall, witness a lively fiesta you didn’t know about, or even be invited to a family gathering.
Embrace the flexibility and openness that comes with budget travel–it may lead to some of your most cherished travel memories.
Remember, the most valuable souvenirs aren’t always material possessions. It’s the experiences you collect, the connections you make with the friendly locals and the memories you create that will truly enrich your journey. Get ready to discover hidden gems, experience the vibrant Filipino spirit and embark on an unforgettable adventure in the Philippines!
Janice Sabitsana is registered financial planner of RFP Philippines. The views she expressed in this column do not necessarily reflect those of the BusinessMirror. For more personal finance tips, visit her blog at www.thepinayinvestor. com. To learn more about personalfinancial planning, attend the 108th RFP program this July 2024. To inquire, e-mail info@rfp.ph or text at 0917-9689774.
Art BusinessMirror
F.B. Concepcion: Remembering the art titan who chose his path
THE name Florencio B. “F.B.” Concepcion (1933-2006) may not ring as many bells as do his more acclaimed contemporaries in Philippine visual arts. Yet, if one were to go by how the late Filipino abstractionist viewed art in general—as a man who valued the process over the product—the relative anonymity proves to be by design.
Born in Manila, Concepcion showed promise with his early impressionistic depictions of landscapes and the common folk. He received a Fine Arts degree from the University of the Philippines in 1953, and worked as an opera backdrop artist under Ireneo Miranda, hailed as the “Dean of Philippine Cartoonists.”
In 1961, Concepcion lew to ome for his graduate studies as an Italian government scholar at Accademia di Belle Arti. It was during his time in Italy when Concepcion was introduced to the Arte
Informale movement, which promoted a gestural and experimental approach to painting, triggering in the artist an evolution toward a more abstract expressionist style. Concepcion’s works opposed the favored heavy strokes of dark colors, as he reached out for a lighter palette that evoke a calming sense of transcendence and peace.
Upon his return to the Philippines, where the allure of commercial success awaited him, Concepcion knew what he wanted to do. The artistically reborn artist declined numerous opportunities for commissioned works, rejected the idea of exhibitions for the sake of mere display, and instead pursued a career in the academe.
“A painting,” he once said, “must move you.”
Concepcion joined the faculty of Fine Arts at the University of the East. He mentored generations of artists, including notable names such as Lao Lianben, credited as the irst Filipino artist who introduced the use of found objects and indigenous materials in assemblage, and omulo alicano, lauded for his philosophical approach to painting.
As a professor, Concepcion constantly challenged his students. He asked their intentions for painting, while teaching them the principles of art and its methodologies. Above all, Concepcion instilled in his students the importance of critical self-re lection in their practice.
It’s the same idea that pushed Concepcion to work on di ferent mediums. He uestioned why must a painter only excel in one, and pursued working with
other materials. The products of this philosophy, including the artist’s late abstracts, are showcased in an ongoing exhibition at Avellana Art allery in Pasay City.
Titled Mixed Media: Florencio B. Concepcion, the rare showcase features the artist’s abstract works from the late 50s to his inal years, as well as his more experimental creations on ceramic, printmaking, and more.
According to curator Miguel osales, viewers will see in the show how Concepcion shi ted from igurative abstraction to the purely abstract. The exhibition o fers a sampling of select works that come mainly from the artist’s estate, many of which will be on view for the irst time, with some works on loan from private collections.
“This is a rare opportunity to ac uire works with direct provenance from the artist and to see them all together at the gallery that showed his works through the years,” said osales, who serves as creative director of his Caramel Creative Consultancy.
Mixed Media: Florencio B. Concepcion is part of a series of projects outlining art movements and in luential igures who contributed to the dialogue of Philippine art. The show runs until August 27 at Avellana Art allery, located at 26 0 F.B. Harrison t. in Pasay City.
osales added “Hopefully, the show raises more awareness for this modern master whose work is totally ripe for reappraisal and should be given his rightful place with the greats in the timeline of Philippine Art.”
‘Midnight Moment: Our Islands’ shown in Times Square, New York
IN partnership with Times Square Arts, Silverlens presents Our Islands 11°16’58.4” N 123°45’07.0”E by Dutch-Filipino artist Martha Atienza, as part of Times Square Arts’ celebrated Midnight Moment series. Screened nightly throughout July 2024, from 11:57 pm to midnight, the acclaimed video work—which takes the form of a dreamlike underwater rendition of a parade originating from the artist’s native Philippines—illuminates the artist’s practice which documents and interrogates pressing issues surrounding both community and the environment.
“Showcasing Our Islands as part of Times Square Arts’ Midnight Moment in New York is an exciting chance to bring
this piece to a global audience in a unique setting. I want to take this opportunity to amplify urgent environmental and social challenges faced on our island home of Bantayan and the Philippines,” said Martha Atienza. “This brief, powerful moment brings attention to issues around the complexities of climate change while underscoring the intersection between environmental and cultural loss and resiliency.”
In Our Islands, Atienza reimagines a yearly local parade from her native Philippines by staging it on the floor of the Visayan Sea. The film’s performers are underwater compressor divers from Bantayan Island, who use plastic hose
pipes to breathe while over 100 feet under the water surface. Known as the world’s most dangerous form of fishing, compressor diving is necessitated by the devastating impact of commercial fishing, industrialization, and climate change in the archipelago.
The exact coordinates for the dreamlike underwater procession were chosen by the divers themselves according to the tide, current, and time of day. As they trudge across the seabed, Atie1nza’s cast of characters and choice of setting not only present a critical and humorous take on society and culture in the Philippines, but also allude to the threat of climate collapse to which Southeast Asia is increasingly
exposed. The original 72-minute film, Our Islands 11°16’58.4”N 123°45’07.0”E was awarded the esteemed Baloise Art Prize at Art Basel in 2017 and acquired by the Guggenheim Abu Dhabi in 2022. The work has previously screened across Asia, Australia, and Europe. Now showing nightly on the island of Manhattan, the film invites viewers to reflect on their own role within the ecological and societal concerns documented, challenging them to consider their impact on the environment and their connection to the earth.
Midnight Moment: Our Islands by Martha Atienza is on view until July 31 at Times Square, New York.
By Eugenia Last
ARIES
TAURUS (April 20-May 20): Don’t let your emotions stand between you and making a good decision. Look at every angle, and you’ll come up with a plan that will help you eliminate conflict with a friend, relative or peer. Choose self-improvement over offering criticism.
GEMINI (May 21-June 20): Look for more significant opportunities to use your skills and knowledge to advance. Update your resume and qualifications to suit the current market. Pay attention to seniors and superiors, and you will receive information that will help you make an important decision.
CANCER (June 21-July 22): Keep your emotions tucked away until you have sufficient information to make a wise decision. Spend more time making self-improvements and less trying to change someone. Think big but live within your means. Charity begins at home.
LEO (July 23-Aug. 22): Say yes to what makes you happy; it will help you get what you want. Say no to negativity and situations holding you back. Shake off the past and focus on how to resolve issues that are making you miserable.
VIRGO (Aug. 23-Sept. 22): Put your time and money where they will bring the highest returns. Customizing your skills will prove cost-efficient and help you overcome any competition or challenge that comes your way. Don’t stop until you achieve what you set out to do.
LIBRA (Sept. 23-Oct. 22): Make arrangements with someone you love, and it will allow you to discuss your plans and put together a timetable that will ensure you spend more quality time together. Mix business with pleasure, and you’ll reach your objective.
SCORPIO (Oct. 23-Nov. 21): Keep life simple, your plans doable and your dreams reachable. Focus on personal improvement, moderation and adjusting whatever isn’t working for you. Let your actions speak for you, and do your best to avoid discord. Romance is on the rise.
SAGITTARIUS (Nov. 22-Dec. 21): Limit financial maneuvers. Be cautious; avoid spending or investing for the wrong reason. Don’t follow what someone else is doing or get involved in something that will help someone other than yourself excel. Do your own thing.
CAPRICORN (Dec. 22-Jan. 19): Take a moment to evaluate what’s happening around you. Show sympathy toward friends and family, but don’t feel you have to bail out someone. Put your time, effort and cash into personal and financial growth. Romance is featured.
AQUARIUS (Jan. 20-Feb. 18): Confusion will set in if you try to follow in someone’s footsteps. Consider your alternatives and eliminate anything that can lead to loss or an emotional standoff between you and someone close to you. Use your skills and words wisely.
PISCES (Feb. 19-March 20): Do things differently. Find a use for your skills, and create an atmosphere that puts your mind at ease. Focus on love, relationships and surrounding yourself with positive people heading in a similar direction. Romance is in the stars.
BIRTHDAY BABY: You are curious, intelligent and flexible. You are friendly and well-liked.
BY MICHAEL BERG
Show BusinessMirror
Viva’s Vic del Rosario feted with highest Star award
GMA Network’s ‘The Voice Kids’ reveals talented lineup of coaches
THE well-acclaimed spin-off of the world’s biggest singing competition, The Voice Kids is finally on GMA Network.
Previously, The Voice Generations aired on GMA with groups consisting of members from different generations.
Viewers have been eagerly anticipating this season’s roster of coaches, following the announcement of primetime star Dingdong Dantes as the host.
Coming back as this season’s coaches are award-winning international singer, dancer and host Billy Crawford; multiawarded and bestselling recording artist and actress Julie Anne San Jose; and Stell, lead singer and choreographer of beloved P-Pop boy group SB19. Completing the list and introducing the new addition to the roster of coaches is SB19’s leader, main songwriter and producer Pablo. Billy, Stell, Julie, and Pablo are looking forward to fostering and mentoring young talents in their teams.
Now that the last coach’s identity has been finally revealed during the Julie X Stell: Ang Ating Tinig concert, fans can anticipate exciting dynamics between the coaches, especially between the two SB19 members.
Once their teams are complete, the coaches will mentor and hone their young talents’ singing prowess as they compete in battles and sing-offs, each with the dream of becoming the next Voice Kids winner.
The Voice Kids is a unique competition whose auditions are based solely on the vocal ability of kids aged 7-14. They may be small, but they carry big dreams and aspirations that reach the sky.
Catch the nation’s youngest stars take center stage soon on GMA Network. More information can be found at www. gmanetwork.com
AT the recently concluded Star Awards for Movies, Viva Entertainment founder and top honcho Vic del Rosario was conferred with the Ulirang Alagad ng Pelikula Lifetime Achievement Award, the penultimate award ever given to a member of the local show business industry.
Del Rosario plunged into ilm production in 19 1 via the breakthrough romance movie P.S. I Love You which catapulted Sharon Cuneta into megastardom, and he has continued to produce movies ever since. The business mogul is also known for his thriving music business and his passion for discovering and developing stars.
Del Rosario accepted the award and thanked his children Vincent, Valerie, V and Veroni ue, and also made special mention to the love of his life, former beauty ueen oanne uintas, who was busy recording del Rosario’s speech via her cameraphone.
“I am grateful for this honor and I vow to make more movies and produce more music as long as I can. I am very happy that my children are all actively involved in the entertainment business, and they are happy doing what they are doing,“ he said. His children Vincent and Valerie made time to accompany their father to the awards ceremonies held at the Irwin Lee Auditorium of the Ateneo de Manila University.
“I am so proud of my dad—all of us his children de initely are—because he is not only everyone’s big boss in Viva, but he is also our beacon of light and our inspiration to continue doing our best in our respective positions, so we can come up with projects that will continue to provide entertainment to the Filipino people, and hopefully one day we will be at par with the best of the world,” said Vincent.
GOING GERMAN
VIVAMAX, the country’s favorite streaming platform for titillating content titles, has just invaded Germany.
We learned about the good news from Vincent del Rosario, our former schoolmate and now president and chief operating o icer of Viva Communications, Inc. that the company has granted its license to the Bausch Media group of Europe, a well-established ilm production company in Germany, and distributor of vast international ilm-related portfolio throughout some of the European Union member countries.
“We are certainly happy for this milestone development for Vivamax. A ter securing our goals for the local market, we have uietly set our sights to partner with reputable media and ilm agencies
overseas to be able to have our titles more accessible to a wider market and this move is a big step, and hopefully it just the start of more partnerships with other companies around the globe,” enthused Del Rosario.
Simon Bausch, head of the German ilm and media group, was in town recently to formalize the agreement between his company and Viva Entertainment, “We are extremely excited with this new partnership with Viva and I personally feel very happy that more subscribers from Europe, speci ically from the German-speaking countries, will be able to watch these well-made movies from Vivamax and the Philippines.”
Bausch added, “Your country is known to produce some of the most interesting narratives onscreen, and you also have so many amazing actors, and it will be a privilege for the Europeans to discover these movies and how much they will be entertained.” Aside from Germany, the deal also includes territories like Austria, Switzerland, Luxembourg, the Alto Adige region in Northern Italy and Liechtenstein.
To date, Vivamax continues to be the largest and fastest growing video-on-demand service in the Philippines, already reaching more than 11 million subscribers. It is also available in the Middle East, North America, apan and other Asian countries with signi icant Filipino residents and contract workers.
‘Deadpool & Wolverine’ smashes R-rated record with $205 million debut, 8th biggest opening ever
from last year. Disney has played a vital role in the summer season, releasing the top movies in May (Kingdom of the Planet of the Apes), une (Inside Out 2) and now uly.
The success is also an important moment for Marvel Studios, which has had several high-pro ile disappointments lately; most notably in The Marvels which opened to an MCU low of $47 million last November.
Marvel’s savior came in the form of two characters who got their start outside of the MCU. Both Deadpool and Wolverine, played by yan Reynolds and Hugh ackman, existed previously under the 21st Century Fox banner which for two decades had the rights to Marvel characters like the X-Men and Fantastic Four That changed when Disney ac uired the studio’s ilm and TV assets in early 2019 and plans started to take shape of how all these characters would it into Kevin Feige’s MCU. In some cases, as with Fantastic Four, Marvel Studios is starting fresh. With Deadpool & Wolverine, directed by Shawn Levy, the stars were as crucial as their characters.
This weekend at the Comic-Con fan convention, Marvel also teased more to come, including Robert Downey r.’s return—not as Iron Man but as Doctor Doom. The
with box o ice returns that continue to run at a double-digit de icit
VIVA Entertainment’s Vic del Rosario
FROM left: Billy Crawford, Julie Anne San Jose, Stell and Pablo.
Filinvest Land Celebrates Multiple Milestones for Verde Spatial in QC
TRUSTED developer
Filinvest Land, Inc.
(FLI) recently held a grand milestone event for Verde Spatial in Quezon City, celebrating the unveiling of the clubhouse, building turnover, and the blessing of the model unit and marketing office.
Present during the event were representatives and executives from FLI. Among them was Saul Doliente, (Cluster Head- NCR MRB North and West), who underscored the great potential of Verde Spatial in the Quezon City market.
Doliente said, “With open spaces, refreshing amenities, and a securely guarded environment, this thriving community is ideal for creating memories and cherishing bonds with loved ones, as well as a relaxing haven coveted by most city dwellers.”
Launched under the Futura by Filinvest brand, Verde Spatial is the ideal choice for starting families, first-time home seekers, and young professionals looking for a futureproofed investment. Known for having smart-value units, each Futura community assures quality living amid a vibrant, secure, and accessible environment.
Fittingly named “Verde,” the Spanish word for green, this mid-rise condo community takes on a refreshing vibe, reflecting the nearby environs
of La Mesa Ecopark. It consists of an 11-storey mid-rise building with two basement parking levels, a roof deck, and units ranging from studio to twobedroom.
With the unveiling of the clubhouse, city dwellers can now experience the resort-style ambiance of Verde Spatial, a deserving reward after a long day at work. Apart from this amenity, there are also other venues for the whole family’s leisure and recreation to be unveiled soon. These include a function hall that can accommodate 50 to 80 people, perfect for hosting gatherings and occasions, a gym, dance studio, view deck, play area complete with equipment, pet zone, an adult swimming pool, and a kiddie pool. Residents are safely nestled within this gated community with perimeter walls and 24/7 security. Furthermore, its prime location within Quezon City’s growing rental market creates opportunities for investors to capitalize on the development’s potential for passive income and property appreciation over time.
Located in the emerging business district of Commonwealth in Quezon City, residents can enjoy low-density environs and the nearby thoroughfares that make everything within easy reach. The upcoming MRT-7 can be found within the proximity, along with commercial establishments, schools, churches, government offices, and other essential destinations.
With FLI’s diverse portfolio and over 60 years of experience, the company continues to build the Filipino dream through healthy, quality, and efficient living spaces. Verde Spatial is another testament to this longstanding commitment.
Verde Spatial is part of Filinvest’s current campaign called “InstaHomes,” which offers move-in ready homes in prime locations across the country. Buyers can avail themselves of units with big discounts, early move-in perks, and flexible payment terms.
For more information on Verde Spatial, interested parties can call (0917) 545-7788 or visit the project website: https://futurabyfilinvest.com/project/ verde-spatial.
Back-to-School Diskarte: How to Make the Most of What You Already Have
Balik-Eskwela na naman! The thrill of picking out fresh notebooks, colorful pens, and cool backpacks can make the start of the school year feel like an adventure, but parents know what’s coming: the long shopping list, a pile of bills and the fear of being bitin with back-to-school preparations.
But who’s to say that starting the school year has to drain your savings? With a touch of creativity and a bit of diskarte, you can kick off the academic year on a high note by making the most of what you have and managing your resources wisely.
To avoid the pitfalls of overbuying, before going on a shopping frenzy, unleash your creativity and go through what you already own. Revisit your shopping list and hold off on purchasing anything that’s not needed right now, doesn’t have to be new, or won’t have a big impact on your child’s education. Back-to-school shopping doesn’t have to be done all in one go!
Back-to-school preparations don’t have to be a solo mission; get crafty and involve your kids. When buying bags and clothes, pick out options that fall within your price range for your kids to choose from. This way, you stay within budget and still empower your kids to make decisions they’re excited about.
Knowledge is power, especially during the backto-school mayhem. Before buying a new gadget,
read up beforehand to find one with the right specs that fit your kids’ needs and your budget. Most of the time, the latest devices are souped up with features your child will never use. Take time to look for available discounts and installment plans to help manage costs.
While making the most of what you have can go a long way, the reality is that there will be times when you will still come up short, especially with higher prices and bigger expenses. In these instances, having a reliable and flexible financial partner that understands your struggles and offers a suite of solutions is crucial. And the best part? It’s already at your fingertips.
Amid simultaneous and urgent school expenses, finance superapp GCash offers lending solutions to help with education costs.
“Resourcefulness has always been in the blood of Filipino parents and breadwinners. We see you work tirelessly just to give your kids the best school year possible,” said XP Villa, Product Head of GGives.
“At GCash, we want to honor that dedication by offering a helping hand when you need it most, so you can spend the back-to-school season making great memories with your kids.”
With GCash’s GLoan, eligible borrowers can access loans ranging from P1,000 to P125,000. For
Here’s Your Guide to a Healthy Lifestyle, Financial Wellness with Maya
GETTING in shape physically and financially isn’t just about making resolutions; it’s about building habits that empower you daily. If you find yourself feeling off track with your fitness goals this mid-year, don’t worry.
Every day is a new opportunity to start fresh, whether it’s with your health or finances. Just as maintaining physical health
select GLoan customers, this can be received straight to their GCash wallet within 24 hours of submission for pre-approved loans. This can be used for expenses such as tuition fees before the school term begins and can be paid with flexible payment terms of five to 24 months. Additionally, eligible borrowers can apply for multiple loans.
Meanwhile, GGives provides a solution for big-ticket purchases with light and flexible installments that allow partial payments of up to 24 months, all with zero down payments. GGives is accepted at over 110,000 GGivesenabled merchants nationwide, making it possible to purchase gadgets such as laptops and tablets and even other big-ticket items such as study tables and pay for them in installments without paying any downpayment or fees from their GCash wallet. GGives can also be used to pay for tuition fees of select universities using the Pay Bills feature on GCash.
GCredit, powered by CIMB, offers a credit line of up to P50,000 for eligible users, which can be used to pay for school supplies, groceries and other back-to-school essentials at over 100,000 GCredit-enabled stores and billers nationwide. With a prorated interest rate of as low as 0.17 percent daily, GCredit users get charged low interest if they pay earlier. Additionally, GCredit allows users to pay as low as 10 percent of their dues on their billing and/or due date.
“Every Filipino child deserves a chance to reach their full potential in the classroom. Our lending products are our way of helping empower families during this exciting milestone of back-to-school season,” said Villa.
To be eligible for GLoan, GGives, and GCredit, users must have a fully verified GCash profile and must continue using GCash and its services, such as maintaining a high wallet balance, regularly cashing in and paying your dues early or on time.
Access GLoan, GGives, and GCredit through your GCash dashboard or find it under “Borrow.” No GCash yet? Download the GCash App on the Apple App Store, Google Play Store, or Huawei App Gallery! Kaya mo, i-GCash mo!
British Chamber announces return of the Great British Festival 2024 PRU Life UK, HSBC, CyberQ, One World Butchers, Monde Nissin’s Quorn, Coventry Motors: Range Rover, Rider Levett Bucknall, Yummy Organics (Berry Company & Tayto Group), Emperador (Smirnoff), Dyson, Save the Children, Nord Anglia International School, and British School Manila.
THE British Chamber of Commerce Philippines (BCCP) recently announced the return of the Great British Festival on October 19 to 20, 2024, highlighting consular ties between the UK and the Philippines and the celebration of the Philippine-UK Friendship Day.
“I would like to highlight that our Great British Festival will now be on the 19th and 20th of October, actually coinciding with Philippine-UK Friendship Day.
Last year, we had over 50,000 visitors, 38 participating companies, and clearly working closely with the British Embassy, and the business and trade section. We anticipate that growing even more,” BCCP Executive Director/Trustee Chris Nelson states in an interview.
Initially launched in 2014, the British Chamber commemorated the return of the Great British Festival last year, following its hiatus in 2019 due to the COVID-19 pandemic. The festival accommodated 38 British companies across diverse sectors such as finance, food and beverage, retail, auto shows, general business, and education.
The roster of participating brands consists of Shell,
THE Aivee Clinic, in partnership with Ardence Aesthetics has announced its new treatment PLINEST®, the first and original injectable Polynucleotides treatment from Italy that improves overall skin health from within.
“We are excited for the approval of Plinest in the Philippines early this year, setting our first footprint in partnership with Aivee Clinic to extend the benefits of Plinest to more patients,” shared by Ardence Aesthetic CEO, Yann Marche. This innovative injectable therapy features Polynucleotides (PN-HPTTM), a powerful DNA fragment extracted from freshwater-bred Italian trout fish gonads through a patented extraction and purification process known as HPTTM (Highly Purified Technology). This process was founded and patented by Mastelli, an Italian bio-pharmaceutical company, based on over 70 years of research.
PLINEST® Polynucleotides represent a significant advancement in non-invasive injectable treatments, and The Aivee Clinic the first to offer this treatment in the Philippines. Known for their regenerative capabilities, PLINEST® is clinically proven to enhance skin health by:
Reducing wrinkles and fine lines
Repairing damaged skin tissue and revitalizing fibroblast and collagen
Improving skin hydration and elasticity
Enhancing skin tone and texture
Minimizing pores, acne, and scars
PLINEST® also offers anti-inflammatory and hydrating effects, resulting in healthier-looking and feeling skin.
Patients can expect a variety of benefits from PLINEST® treatments, including a younger appearance, firmer skin, and tightening and lifting effects. The treatment is designed for individuals aged 20 to 40, targeting areas such as the face, décolleté, and hands.
“What really blew me away about this product is how it repairs and rejuvenates the skin. It is a very safe and effective product, and we have seen this with the glow on our patients’ faces.” Shared Dr. Z Teo, Co-founder and CEO of The Aivee Clinic.
A typical PLINEST® treatment requires three sessions spaced four weeks apart, with follow-up sessions recommended every three to six months depending on the patient’s skin condition. The effects of PLINEST® can last up to six months, influenced by individual skin conditions, lifestyles, and environmental factors.
In collaboration with the British Embassy in Manila and the British Council, the Great British Festival emphasizes the cultural, economic, and business ties between the two countries. Last year’s event theme emphasized innovation, culture, and the arts as it showcased various performances by artists, bands, alongside participation of multiple companies. Nelson also added, “We commend all the efforts and work of the British Council–Lotus Prostrado, who runs the British Council, is actually an ex-officio member, and we look forward to working with them on the festival, which will be coming up in October.”
The British Chamber of Commerce Philippines pursues multiple efforts to bolster overall UK-PH relations as it celebrates the 2024 Great British Festival. The growing relations between the UK and the Philippines become evident as the two countries recorded a total trade value of £2.8 billion in goods and services as of the four quarters ending in Q4 2023 – ranking the latter as the UK’s 59th largest trading partner. The Chamber also remains dedicated to supporting UK Small and Medium Enterprises (SMEs) and advocate for the interests of the British business community in the country.
AIVEE recognized as Top User in Southeast Asia (PLINEST®) in 2024. In the photo are, from left, Dr. Z’shen Teo, Dr. Aivee Aguilar-Teo of The Aivee Clinic; Sean Loo, Commercial Director of Ardence Aesthetics
PLINEST® can be safely combined with other aesthetic treatments such as laser, HIFU, fillers, and BOTOX. Clinical studies have demonstrated that PLINEST® significantly enhances the outcomes of these treatments. At the launch of PLINEST® at Sala Bistro in Makati, guests were guided through an in-depth discussion of how the product offers a painless solution for those who want to reverse signs of aging and improve their skin health naturally by Dr. Siew Tuck Wah, Medical Director of Radium Medical Aesthetics in Singapore.
Dr. Siew mentioned, “PLINEST® is a treatment which truly makes your skin younger, by inducing your skin cells to regenerate all components of the skin, restoring elasticity, skin glow, and smoothening the skin texture,” he explains. “It is suitable for improving almost any skin condition, including wrinkles, pigmentation, and skin sensitivity. The treatment is very safe, with minimal downtime unlike traditional skinboosters, and the results are very natural and visible.”
“It rejuvenates my skin and makes it fresher,” shares Vicki Preysler, one of several featured Aivee Ambassadors at the event who each shared their positive experiences after receiving PLINEST® at The Aivee Clinic. Similarly, designer Vicki Narwani noted, “I’ve seen results in three sessions, and it all looks natural.” During the event, the Aivee Clinic was also honored as the PLINEST® Ambassador for the Philippines, being the first clinic in the country to offer this innovative treatment. To learn more about PLINEST®, visit theaiveeclinic.com.
A MOTHER prepares to send her son to school.
American farmers want to adapt to climate change, but crop insurance won’t let them
By Miranda Jeyaretnam
In Kansas, where a prolonged drought has killed crops and eroded the soil, Gail Fuller’s farm is like an oasis. Sheep, cows and chickens graze freely on crops and vegetation in a paradisiacal mess.
But if Fuller’s farm were to be hit by a tornado or flood, or be seriously impacted by the drought, he would be alone in footing the bill. That’s because his farming practices aren’t protected by federal crop insurance, a nearly centuryold safety net that hasn’t adapted to the climate change era. Fuller is one of a growing number of farmers who are uninsured or under-insured because the industry doesn’t support switching from traditional to regenerative farming, an approach that has the potential to sequester enough carbon to halve agricultural emissions by 2030. That shift is becoming more urgent both to slow climate change and insulate farmers from its impacts, yet the insurance industry continues to stand in the way.
In the US, agriculture accounts for about 11% of all greenhouse gas emissions. A large portion of that is tied to tilling soil, which releases carbon dioxide, and applying excessive fertilizer, which emits nitrous oxide. The latter is a greenhouse gas that’s more than 270 times more potent than CO2. Regenerative farming reduces those emissions by soaking up carbon dioxide through photosynthesis, storing carbon in the soil and capturing nitrogen that would otherwise runoff into nearby streams.
Extreme weather also is becoming more frequent, threatening crop yields and supply chains. Twenty-four states, including Kansas, are experiencing severe to exceptional droughts, accord-
ing to the US Drought Monitor. That poses a problem as does heavy rain that can waterlog crops and is falling with increasing intensity. Almost 20% of the $140 billion in crop insurance payouts from 1991 to 2017 were due to rising temperatures, according to researchers at Stanford University. They estimate that percentage will continue to rise with the increasing frequency of extreme weather due to climate change. Despite these risks—and the benefit regenerative agriculture can play in addressing climate change—stronger incentives have locked in the status quo, according to Anne Schechinger, Midwest director at the nonprofit Environmental Working Group (EWG). Crop insurance policies mainly cover conventional commodity crops such as corn, soybeans, cotton and wheat. Farmers growing them typically enroll in multiperil insurance, which insures individual crops against poor harvests caused by disease, flooding, droughts and other extreme weather.
Like health, car or property insurance, appraisals for losses or damages rely on standards—known as Good Farming Practices—that ensure low yields aren’t caused by mismanagement. But these rules cannot include a practice that may lower a crop’s yield and therefore tend to follow established industrial, monoculture practices: A farmer caught growing different crops between rows or terminating their cover crops too late, for example, is at risk of having their insurance
claims denied.
Regenerative agriculture often involves interspersing different crops in the same field and growing lower-yielding perennial plants that can create issues for insurers. But crop insurance payouts largely don’t depend on whether a farmer’s practices increase or mitigate climate risks, according to University of Iowa professor Silvia Secchi.
Fuller, a third-generation farmer, started experimenting with regenerative farming practices in the mid-1990s, believing he’d see better yields and more resilient crops in the long term. He had grown cover crops in the off-season, one of the more commonly employed regenerative farming practices that involves planting non-market crops that improve soil health. At the time, Fuller was still covered by crop insurance and, per insurance rules, killed his cover crops with herbicide before growing his market crop.
But when his insurance company appraised the land in August 2012, during a severe drought, it determined that the remnant cover crops were weeds. The company denied all of Fuller’s claims— which led to his lending institution dropping his operating line of credit.
Fuller sued his insurance company and won. Two years later, however, when he needed them
to cover losses for two fields of soybeans, they denied his claims again. The financial turmoil across those two years forced him to downsize his farm to 400 acres from 1,800, and he finally decided to quit crop insurance entirely.
“Once you go broke as a farmer, it’s pretty hard to claw your way back,” Fuller said. “I did not want to be a part of that system. We’ve got to find a better way to farm.”
The US Department of Agriculture has introduced reforms and alternatives to the crop insurance program to accommodate climate risks over the past decade, including adding coverage for new crops and a $5-per-acre incentive to plant cover crops during the offseason.
The Risk Management Agency, which controls federal crop insurance, also has expanded its coverage of certain climate-smart practices, like lowering water use, cover cropping and injecting nitrogen into the soil, rather than layering it on the soil’s surface. Farmers must still follow specific rules, such as terminating their cover crops early enough, which some scientists think limits how much these practices can reduce emissions.
The crop insurance system is already under stress from climate change. The program has to evolve to incentivize practices appropriate to different regions and cover a
variety of risks, a USDA spokesperson said, all while being actuarially sound—meaning the program must charge high enough premiums to cover expected losses.
“Even at a micro-scale, a bad storm may be damaging to one type of crop, while providing much-needed rain for another crop,” the USDA spokesperson told Bloomberg Green.
“Crop insurance is voluntary,” said RJ Layher, the director of government affairs at the American Farm Bureau Federation. Farmers practicing regenerative techniques not covered by the Good Farming Practices can look for other options, he added, including showing the Risk Management Agency that their practices are actuarially sound.
Collecting sufficient data to prove that climate-friendly practices like crop diversification won’t impact yield is a big ask for any one farmer, however.
The USDA also initiated the Whole-Farm Revenue Protection Program in 2014, which insures a farm’s entire revenue rather than individual crops, providing a safety net for farmers who plant companion crops or raise animals in their fields.
But the number of farmers participating in the Whole-Farm Revenue Protection Program is small, according to EWG’s Schechinger. About 1,800 policies were sold in 2023, according to the USDA, which accounts for less than 1% of crop insurance. The program involves significantly more paperwork and an insured revenue cap that doesn’t always cover the entire farm’s revenue, which can be prohibitive to insurance agents in selling and farmers in buying the policy, Layher said.
According to Layher, the Farm Bureau supports improvements to the Whole-Farm Revenue Protection Program that would make it more accessible to farmers and easier for insurance agents to sell—both reforms are proposed in the Farm Bill that is stalled in the House until at least September.
The regenerative farming
movement is relatively small, but it’s gained steam in recent years thanks to federal support and agribusinesses eager to align their supply chains and sustainability goals. Companies like CoverCress Inc., which is majority-owned by Bayer AG, are trying to get farmers to plant cover crops that can be used for sustainable aviation fuel. And General Mills Inc. implemented pilot programs to help 24 wheat farmers in Wichita, Kansas, kickstart their regenerative practices.
But for now, the push for changing insurance rules still relies largely on farmers like Fuller and Rick Clark, a third-generation farmer from west central Indiana who has been uninsured for six years because he practices regenerative farming.
When he’s not working his farm z— which utilizes cover crops across all 7,000 acres—Clark teaches other farmers how to eliminate chemical fertilizers and use cover crops on their farms.
“We have to make sure the path towards change is an easy path,” Clark said. One of the biggest challenges uninsured farmers face is from their lending institution, which often requires them to have an insurance policy to continue receiving loans.
Clark testified in front of Congress in late 2022 on behalf of Regenerate America, a coalition that lobbies for agricultural reform, asking for the legislative reforms Schechinger said are necessary. The day after Clark testified, Congress passed the Inflation Reduction Act, President Joe Biden’s landmark climate law that includes a $19.5 billion investment into USDA conservation programs. He felt like he had a small part to play in that.
“At some point when you’re in there, you wonder if anybody’s even paying attention to what you’re saying,” Clark said. But then, “you feel like maybe your words don’t fall on deaf ears and maybe there are people who are truly paying attention.” With assistance from Sophie Butcher/Bloomberg
Venezuelans cast votes in test of commitment to democracy
By Andreina Itriago Acosta & Patricia Laya
F
OR the first time in more than a decade, Venezuelans are hopeful about getting a chance at democracy.
Across the Andean nation, people braced late Sunday for the results of a tense and dramatic presidential race. Nicolás Maduro, whose 11-year grip on power spanned one of the worst humanitarian and economic crises in modern history, has been running for reelection against a candidate who wasn’t even on the ballot.
Former lawmaker María Corina Machado—banned by Maduro’s government from seeking public office—has risen to popularity on calls to dismantle government controls on the economy, privatize the oil industry and reunite families torn apart by the exodus of 7.7 million Venezuelans. That’s culminated in a powerful citizen movement not seen in the country since Hugo Chávez, Maduro’s mentor and idol, unseated the political establishment in the late 1990s. Machado has endorsed and been campaigning alongside her stand-in candidate, former diplomat Edmundo González, 74, who is facing off against Maduro, 61. Turnout on Sunday was “massive, like nothing seen in recent years,” González said at an evening news conference. Standing by his side, Machado urged supporters to remain at polling stations to observe the
voting process.
Voting was scheduled to close at 6 p.m. local time Sunday after a largely peaceful and orderly presidential election. Polling stations must remain open if people are still in line. The government has promised results by 10 p.m.
All eyes will be on the transparency and fairness of the vote, especially after the US reinstated costly sanctions over what it said were violations of a deal for free elections. The presence of small missions from the Carter Center and the United Nations, hundreds of local observers, as well as a network of roughly 30,000 volunteer witnesses, could play a critical role in mitigating the risk of potential tampering. Venezuela withdrew the invitation to observe the vote from a more robust European Union group.
On Sunday morning in Caracas, voters queued up well ahead of the opening of polls. Many had arrived as early as the night before, bringing their own chairs and coffee to pull an all-nighter. By late afternoon, some had already emptied out, with the process more efficient than many expected. In other parts of the country, opposition witnesses cited dozens of incidents of detention or other forms of intimidation.
In some cities, polling supervisory boards were merged without warning, slowing the voting process in what opposition leaders suspected was a deliberate attempt to dis-
suade people waiting in line in the hot sun.
“I planned for this days ahead, as I wanted this day to be an example to my kids, family and friends,” voter Daniel Gutierrez, 44, said Sunday at his polling station, located in southern Caracas in a middle-class neighborhood of residential buildings. He’d been there since 10 p.m. the night before. “A change is needed after so many years of corruption.”
In another part of the city, Luisa Aponte, 70, was stationed under a blue tent near the polling center, working through a list of about 70 people she had recruited to cast their ballots as part of a socialist party voter drive. She leads the party’s team in Petare, a busy commercial area that’s home to the largest slum in the country.
“Chávez’s legacy must continue through Maduro,” she said. “Maduro has been able to sort out sanctions and the blockade. He’s done so much for us, like guaranteeing housing. Of course, nobody is perfect. But he’s the only choice to keep Chávez legacy.”
It’s hard to imagine Maduro ceding power, particularly given the suppression of the opposition party so far and a history of fraudulent elections. One of his biggest challenges will be proving the vote was fair enough to give him legitimacy among his people and the rest of the world. If González wins, the biggest challenge would be orchestrating a peaceful transition of
power in a government that’s stacked with Chavista loyalists.
But whoever presides over Venezuela in the next six-year term will have to navigate an economic recovery, secure sanctions relief on oil, the country’s primary export and main source of income, and negotiate a $158 billion debt restructuring.
Maduro could prevail through a combination of a biased electoral authority, intimidation and voter suppression. The government controls 3 out of 5 directors at the National Electoral Council, most importantly its president, Elvis Amoroso—best known for disqualifying Machado, 56, from public office.
That’s why voter turnout will be crucial, according to Geoff Ramsey, senior fellow at the Atlantic Council’s Adrienne Arsht Latin America Center.
“An avalanche of votes” would make it “impossible” for the government to tamper, he said. Maduro’s administration could, however, use low voter turnout to its advantage. They could use “ patronage networks and a general climate of intimidation to keep the opposition from turning out.”
Of Venezuela’s 28 million citizens, more than 21 million are registered to vote, according to electoral authority figures. Turnout is expected to be similar to votes in the 2012 and 2013 presidential elections, when abstention was about 20%.
A key voting bloc for González, Venezu-
elans living abroad, will be largely ineligible to participate, leaving about 4.5 million registered voters on the sidelines. Voting absentee is only possible in countries with diplomatic relations with Maduro’s government, and requires successfully updating one’s data in the electoral registry. Those in places like the US or Canada can fly back to vote, but most can’t afford to.
Unlike other recent elections, Maduro’s face is plastered on posters and billboards around the capital. Some are brightly colored, pop-art portraits of the president.
In other instances, photos of students, the elderly and Indigenous people are shown above a message that reads: “Faith in our people, Maduro for president.”
Ads for González are rare, in part because of fears of retaliation for printing or putting them up. More than 100 people supporting Machado and González in any way were arrested this year, according to nonprofit Foro Penal.
If the government pulls off a sham election, the loyalty of the armed forces will be key to quashing any protests or crisis that follows. Maduro has dealt out large and profitable sectors of the economy to the military, installing soldiers in key positions at the state oil producer, PDVSA, and empowered defense officials to oversee mining and ports.
On July 25, the official close of the campaign season, Maduro supporters
gathered on the downtown thoroughfare of Bolívar Avenue, where salsa bands played at top volume and vendors strolled around selling snacks and drinks, creating a festive atmosphere. This was the same place Chávez spoke to a packed crown in October 2012 to close his final presidential campaign. He died of cancer the following year. Many in the crowd said they were government workers, bused from their offices, clad in Maduro campaign T-shirts, and even given food. Rina, a 26-year-old who asked to withhold her last name for fear of being targeted by the government, was among those who said they were forced to go to the rally but don’t support Maduro’s reelection. Others were enthusiastic about the president. “He’s been enduring difficulties since Chávez died,” said Apolinar Espinoza, 65, who works in a government recycling program. “In the good and the bad, he has been there, giving people what he can.” Almost four miles away, supporters of Machado and González gathered along the sidewalks in Las Mercedes, a bustling neighborhood east of downtown, straining for a glimpse of the opposition duo. As their caravan approached, people started screaming and raising their mobile phones to show family and friends they had patched in on video calls. With assistance from Alex Vasquez and Fabiola Zerpa/Bloomberg
Boxer Villegas impresses in debut
By Jun Lomibao
ARIS—Boxer Aira Villegas
Pwon with a flourish on Sunday night to atone for the setbacks that four of her fellow Olympics firsttimers absorbed from elite opponents in gymnastics and fencing.
“This is dream come true, and winning my first fight, everything just seems to be surreal,” the 28-year-old Villegas told Filipino reporters at the Mixed Zone inside the North Paris Arena following her 5-0 victory over Morocco’s Yasmine Mouttaki in women’s 50 kgs class.
“We studied the Moroccan’s moves through videos and ‘good thing, she’s on Youtube, she has never actually fought internationally for some four years,” the flyweight from Tacloban City said. “But overall, it’s all about coach Galido, he’s been polishing me from the start up to this, my Olympic journey.”
Reynaldo Galido is a former Asian Games gold medalist and veteran of the 1996 Athens Olympics and was cool and calculating in post-fight.
“Ever since I took over Aira, I knew and felt she has a bright future,” Galido said.
“She has the moves and she has the heart.”
Against the pesky Morrocan who resorted to clinching tactics and even tackled Villegas at least thrice to the canvas, the Filipina was relentless in aggressively won the first round, gave up some points in the second before refusing to fall bait to Mouttaki’s persky tactics to win the nod of all the judges in the third.
“After some eliminations, our athletes are starting to rise,” said Philippine Olympic Committee president Abraham “Bambol” Tolentino, who wildly cheered for
PARIS—Meet anew the No. 1 cheerleader for Team Philippines at the Paris Olympics—president Philippine Olympic Committee Abraham “Bambol” Tolentino.
Cheering to a hoarse, waving a Philippine flag and, amazingly, even clapping intensely all at the same time and there you have Tolentino, who’s unrelenting in making the rounds in Paris to boost the early competitors among the 22 Filipino Olympians here.
From Tokyo 2020 where Hidilyn Diaz-Naranjo won the country’s first Olympic gold medal, to the Vietnam and Cambodia Southeast Asian Games and Hangzhou Asian Games, Tolentino never fails to intensely cheer for Filipino athletes.
“Yes!” shouted Tolentino waving
PARIS—Philippine
Sports Commission
(PSC) chairman Richard Bachmann on Monday praised the performances of Filipino athletes competing at the Paris Olympics despite four of the 22 Olympians already exiting from the games.
VILLENEUVE-D’ASCQ, FRANCE— LeBron James was feeling some nervousness, some butterflies, maybe even a bit of angst as he listened to the national anthem play before his first Olympic game in 12 years. It all went away quickly. James and Kevin Durant—the two most-experienced Olympians on this American team—opened the Paris Games and a US bid for a fifth consecutive gold medal with a near-perfect show. Durant made his first eight shots and scored 23 points, James added 21 points, nine assists and seven rebounds and the US rolled to
Villegas from the VIP box where Philippine Sports Commission chairman Richard Bachmann was also seated.
ginto [always untelenting for the gold medal],” said Petecio, repeating the battlecry
Sports BusinessMirror
Meet PHL’s top cheerleader: Bambol
the flag with his right hand after Aira Villegas took away her first women’s flyweight opponent, Yasmine Mouttaki of Morroco, at half past nine on Sunday night here and past 3 a.m. in Manila. Tolentino didn’t mellow with his cheers for Carlos Yulo and his fellow gymnasts Levi Ruivivar, Emma Malabuyo and Aleah Finnegan—who completed their Olympic debut—Joanie Delgaco who’s still not done rowing and fencer Samantha Catantan, who had to yield to a top-seeded Italian opponent in her first Olympics. And Tolentino’s not one who will be slumping after four of the 22 Filipino Olympians here headed for the exit.
“After some eliminations, our athletes are starting to rise,” he said. Jun Lomibao
PSC’s Bachmann: all praises in Paris
“Our athletes had an excellent start to our campaign in Paris,” said Bachmann, who’s making the rounds to cheer the athletes in the various competitions. “This demonstrates how a collective effort between the government and the private sector enables our athletes to maintain great mental and physical readiness throughout the competition.” Bachmann cheered when boxer Aira Villegas beat Yasmine Moutakki of Morocco to advance deeper in women’s flyweight on Tuesday night.
“It’s incredibly fulfilling to me, as a fan, witnessing our Olympians
Philippine Olympic Committee president Abraham “Bambol” Tolentino with boxer Aira Villegas. POC MEDIA
Rower Delgaco competes in ‘race of her life’
PARIS—Joanie Delgaco aims for the unprecedented as she returns to the Vaires-surMarne Nautical Stadium on Tuesday afternoon for the biggest race of her life—the quarterfinals of the women’s single sculls of rowing at the Paris Olympics.
The task is that high in toughness— she’s drawn with the reigning champions and elite bets from Europe in Heat 3 of the quarterfinals where only the top three who will advance to the semifinals A and B for medal contention.
There’s no turning back for the 26-year-old from Iriga City who’s one of only four Asians who made the top 24 of the women’s single sculls here—she will automatically be in the top 12 if she makes the semifinals A and B.
of the women’s artistic gymnastics competitions of the Paris Olympics at the Bercy Arena on Sunday. Three “Tres Marias” have completed their Olympic debut and despite missing out a spot in the finals, are all
But Delgaco would need to summon everything she got with the 7:56.26 and 7:55.00 clockings she registered in the heats and repechage, respectively.
“I’m a southpaw just like Kuya Eumir [Felix Marcial] so I picked up some of his style,” said Villegas, adding that besides hearing the instructions of her coaches at ringside, she also heard Marcial hollering from the stands.
Villegas capped Team Philippines’ campaign that didn’t go well— though expected—in women’s gymnastics and fencing.
Levi Ruivivar, Emma Malabuyo and Aleah Finnegan, all first-timers at the Olympics, fell from contention at the Bercy Arena where the mighty US team led by multichampion Simone Biles lorded over the field, while Samantha Catantan made Olympic fencing history when she went past the first round after beating Brazil’s Mariana Pistoia only to yield to world No. 2 Italian Arianna Errigo in the next phase. On Tuesday, attention returns to the North Paris Arena where Marcial and
Petecio, Marcial Olympic gold medal goals resume against Indian, Uzbek
PARIS—Boxers Nesthy Petecio and Eumir Felix Marcial climb the ring at the North Paris Arena on Tuesday night against opponents they have either sparred before or have seen fight elsewhere ahead of the Paris Olympics.
“I’ve sparred with him,” said Marcial of Uzbekistan’s Turabek Khabibullaev, who at 20 is eight years younger than the pride of Zamboanga City who has won all five of his professional fights in the US. “But younger or lessexperienced, we’ll always be cautious.”
(3:04 a.m. Wednesday in Manila). Petecio, a silver medalist like Carlo Paalam who also drew a bye in men’s featherweight, faces India’s Jaismine Lamboria in a round of 32 duel at 5:54 p.m. (11:54 p.m. in Manila).
Lamboria is a bronze medalist as a lightweight at the Commonwealth Games in Birmingham in 2022 and brings with her credentials that could match Petecio’s.
But Petecio’s always focused and determined.
She’ll be racing in her quarterfinals heat alongside Tokyo 2020 gold medalist Emma Twigg of New Zealand, former under-23 world champion Katharina Jansen of Switzerland, Virginia Diaz of Spain, Diana Dymchenko of Azerbaijan and Jovana Arsic of Serbia.
Twigg, also a former world champion, four-time silver winner and three-bronze medalist, was remarkable at 7:13.97 in Tokyo and the others clocked better than Delgaco in the heats and repechage.
The other Asians vying in the quarterfinals are Iranian Fatemeh Mojallaltopraghghale, Vietnamese Thi Hue Pham and Uzbek Anna Prakaten.
“It’s a tough field,” Philippie Rowing Association head Patrick Gregorio said. “But knowing our Joanie, she’ll be on the water fighting, she’ll go all out.” Jun Lomibao
“I went with the combinations that to this whole thing is to put all the NBA as a fan, our e xce l and raise t he ba r,” he said Their overall showing in every batt le, win or lose, continues to elevate t he success of Philippine sports.’” experienced to go for another shot four years from now in Los Angeles.
Marcial got to spar with Khabibullaev in Saarbrucken in Germany where the Olympic-bound boxers resumed their training camp from nearby Metz in France early this month.
During that time, neither boxers expected they will meet in Paris.
“But wait for what I could bring on the ring here,” said Marcial, who clinched bronze at Tokyo 2020 at middleweight which the Paris organizers scrapped and had to move up to 80 kgs or light heavyweight.
Marcial, who drew a bye as the seventh seed in his division, figures in the round of 16 duel at 9:04 p.m. here
“ Walang hinto, hangga’t walang ginto [Always relentless for the gold medal],” said Petecio, repeating the battle-cry she started after bagging that silver in Tokyo.
A victory would send Petecio to a potential quarterfinal-round clash with reigning two-time Olympic champion Arlen Lopez of Cuba, who turned professional after his Tokyo triumph. If Marcial beats the Uzbek, standing on his way could be top-seeded Chinese Tuohetaerbieke Tanglatihan, his tormentor at the Hangzhou 2023 Asian Games, and hard-hitting Ukrainian Oleksandr Khyzhniak, who edged him in the semifinals in Tokyo. Jun Lomibao
Josef T. Ramos
I went combinations th at I felt like would make sense ” Kerr said. “I talked to him and he’s incredibly professional. And that’s tonight. It doesn’t mean it’s going to stay that way the rest of the tournament. He’ll ma ke h is mark. Our g uy s know this: The ke y to this whole is to put all the NBA stuff in the rear-view mirror a nd just win six games. Jay son’s the ultimate pro, a champion, he handled it we ll and he’ ll be ready for the next one.” LEBRON