HE Philippines generated $2.5 billion from the sale of tripletranche US dollar global bonds on signs of easing price pressures and increasing investors' confidence due to the United States Federal Reserve’s expected rate cuts.
The Bureau of the Treasury (BTr) said on Thursday the 5.5-year tranche has a yield of 4.375 percent and was priced at US Treasuries plus 75-basis points (bps), tighter than 35bps than the initial price guidance, achieving 5bps new issue concession.
The new 10.5-year was issued with a yield of 4.750 percent, 30bps tighter than
the initial price guidance, pricing at no new issue premium. Meanwhile, the new 25-year Sustainability tranche was priced at 5.175 percent at par, tighter by 32.5bps than the initial price guidance, achieving a 2.5bps new issue concession.
The 5.5-year spread is the tightest among all US dollar 5/5.5-year issuances by the Philippines since June 2021.
All-in yield for the 10.5-year and 25year are the tightest for US dollar 10/10.5year and 25-year issuances since March 2022.
In comparison with other BBB-rated sovereigns in the region, the 5.5-year spread is the second tightest in 2024 among 5/5.5-year issuances while the 10.5-year bond all-in yield is the tightest
for USD 10/10.5-year issuances since May 2022. All-in yield for the 25-year bond is the tightest for USD 25-year issuances since March 2022.
The Treasury said the Philippines banked on lower benchmark yields due to softer inflation data and “increasingly dovish Fed rhetoric” fueled investor certainty of upcoming rate cuts at their September meeting.
“The transaction attracted robust demand and strong orderbook momentum carried across markets, with interest from a diverse pool of high-quality global accounts, showcasing investors’ continued confidence in the Republic’s credit profile and long-term outlook,” the Treasury added.
By Cai U. Ordinario @caiordinario
Tproject.
BSP Governor Eli M. Remolona
Jr. initially told reporters that apart from the termination of the contracts, the central bank is also “negotiating for damages” while looking for a replacement.
“This is a real problem. We have decided to terminate actually the old contracts because the contractor for these IDs has not been able to deliver, so we have terminated the contracts,” Remolona said.
Drilling of new gas wells to push through next year
HE Senate Committee on
THE unabated increase in commodity prices and failure of wages to keep up with household’s needs have resulted in a “cost of living crisis” in the region, according to the United Nations Economic and Social Commission for Asia and the Pacific (Unescap).
In a blog post, Unescap Economic Affairs Officer Shuvojit Banerjee said, however, that governments are not helpless in terms of addressing the crisis through greater social protection for citizens.
Banerjee said social protection measures include those
that help contain price increases; targeted assistance for the most vulnerable citizens; and the need to increase fiscal space for development spending.
“This cost-of-living crisis since the onset of the war in Ukraine in 2022, particularly for food and fuel, is eroding purchasing power of people in the region and exacerbating poverty and inequality concerns, which came to the fore with the breakout of the Covid-19 pandemic in 2020,” Banerjee said.
TEnergy is betting big on the drilling of new gas wells next year which would eventually increase gas production and extend the life of the Malampaya gas platform.
During interpellation of Senate Bill No. 2793 or the proposed Philippine Natural Gas Industry Act, Senator Pia Cayetano said she is bullish on the outcome of the drilling for two new gas wells by the Malampaya consortium, led by Prime Energy Resources Development B.V. (Prime Energy), a subsidiary of Razon-led Prime Infrastructure Capital.
Prime Energy is a natural gas exploration and development compa -
ny. It owns a 40-percent participating interest in the Malampaya consortium and is the operator of Service Contract 38, or the Malampaya gas project. The other members of the consortium are the Philippine National Oil Company-Exploration Corporation (PNOC-EC), UC 38 LLC, and Prime Oil and Gas Inc.
“Drilling will start next year, (and this) hopefully will have immediate results. So (by) then we would be able to give more updates on how much can be extracted from those new sources,” Cayetano said in reply to Senator Joel Villanueva, who inquired about the development timelines of Phase 4 of drilling program.
By Jovee Marie N. dela Cruz @joveemarie
THE national government’s disbursement of cash allocation and the utilization of budgets by state agencies accelerated as of end-July, according to the Department of Budget and Management (DBM).
Latest data from the DBM showed notice of cash allocation (NCA) released to state agencies reached P2.738 trillion from January to July 2024, higher by 9.34 percent than the P2.504 released in the same period in 2023. NCA refers to the cash authority issued by the DBM to central, regional and provincial offices and operating units to cover the cash requirements of the government agencies. Of the P2.738 trillion released to line departments, state-run corporations and local government units (LGUs), 94.37 percent or P2.584 trillion were utilized. This is higher than last year’s 92.25-percent utilization rate.
tIngI tactIcS greenpeace Philippines, in partnership with the
Manila Mayors’ Spouses Foundation, hosted the ‘Kuha sa tingi’ and Metro Manila Expansion launch
this event signifies
forward as the successful initiative in
juan and
city expands to
across
the program aims to reduce plastic pollution by encouraging communities to
In the photo from left: trina biazon, Keri Zamora (President of the Metro Manila Mayors’ Spouses Foundation), tiffany gatchalian, and ces rondario of ripple x NONOY LACZA
Finance Secretary Ralph G. Recto said the “overwhelming” investor interest in the new $2.5 billion tripletranche global bonds is a “resounding vote of confidence” in the country’s credit profile.
“This is a significant win for every Filipino as we are raising funds at very affordable costs to support programs and projects that will boost economic growth, create quality jobs, increase incomes, and reduce poverty,” he said. Proceeds from the sale of 5.5- and 10.5-year global bonds will be used for general budget financing while earnings from the sale of 25-year issuance are intended for general budget financing and refinancing programs and expenditures in line with the Republic’s Sustainable Finance Framework.
National Treasurer Sharon P. Almanza said the tight pricing across all offerings allows the government to save on interest payments, creating more fiscal space for transformative investments.
“The favorable outcome of the transaction further strengthens the Philippine Government’s position to fulfill its commitments to fiscal consolidation and rapid economic growth,” Almanza added.
Credit rating agencies Moody’s Ratings, Fitch Ratings, and S&P Global Ratings assigned “Baa2,” “BBB” and “BBB+” ratings, respectively.
BNP Paribas, Citigroup, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley, Standard Chartered Bank and UBS acted as joint bookrunners for the transaction while HSBC, Standard Chartered Bank and UBS served as joint sustainability structuring banks.
DA explains why rice prices stay high despite low tariffs
By Ada Pelonia
RICE prices remain elevated due to high world prices and existing inventory of imported staple bought prior to lowering of tariffs.
Agriculture Secretary Francisco Tiu Laurel Jr. said rice imports from the January to June period which were still levied with the 35-percent tariff would run out by mid-October.
“May excess talaga na nabili at nabayaran ng buwis nang mahal [There’s really an excess of rice bought at higher tariff],” Laurel told reporters on the sidelines of a poultry and livestock event held in Pasay City last Wednesday.
“It will take until mid- or end of October before the old stocks [bought] at high price will run out,” he added, partly in Filipino.
Laurel also said that international
Government departments received P2.058 trillion as of end-July 2024, up by 11.54 percent from the P1.845 trllion
market changes prompt world rice prices to remain high.
“India is still not yet allowing exports of their rice...Indonesia and Malaysia are again buying rice for their buffer stocks that’s why prices are not going down in the international market,” he explained.
Laurel also said there was no reason to raise tariffs since stocks bought at lower rate were still below the usual volume.
“The rice that came in is still at low level, 15 percent [...] so, we don’t have enough stocks to raise that as of the moment,” he said.
disbursed in the same period a year ago.
About P1.907 trillion or 92.66 percent of the total allocation has been utilized
Rice import arrivals as of August 22 reached 2.72 million metric tons (MMT), according to the Bureau of Plant Industry (BPI).
Agriculture Assistant Secretary and Spokesman Arnel de Mesa earlier said that shipments after July 6 were already levied with the 15-percent tariff rate.
Rice imports from July 1 to August 22 stood at 376,353.70 metric tons (MT), based on BAI data. This was lower than the average shipments made from the first semester at 390,065.93 MT.
‘Slow decline in rice prices’ T HE National Economic and Development Authority (Neda) recently said the pace of the decline in the prices of the staple is still “slow” despite the implementation of Executive Order (EO) 62 which reduced the tariff
by the agencies.
Budgetary support to government-owned and -controlled corporations (GOOCs) declined by 39.92 percent year-on-year to P82.926 billion in the sevenmonth period from P116.027 billion. State-run corporations utilized 98.65 percent or P81.808 billion of the total budget.
Allotment to LGUs grew by 9.97 percent year-on-year to P597.423 billion in the JanuaryJuly 2024 period from P543.264 billion. Of this, 99.66 percent or P595.374 billion have been utilized.
A higher NCA utilization rate shows the capacity of line agencies to disburse their allocated funds in a timely manner and implement their programs and projects.
About 5.62 percent or
for rice to 15 percent.
Citing data from the Philippine Statistics Authority (PSA), Neda Secretary Arsenio M. Balisacan said the reduction in the retail price of rice has been gradual. (See: https://businessmirror.com.ph/2024/08/29/despite-eo62-rice-price-dip-slow-neda/)
“But hopefully as the world rice market situation improves, and also stakeholders are able to adjust...we will see improvements [in the price of rice],” Balisacan told Palace reporters in a chance interview last Wednesday.
Based on the DA’s latest price monitoring, the prevailing price of local well-milled and regular milled rice in Metro Manila markets was P52 per kilo and P48 per kilo, respectively.
The prevailing price of imported well-milled and regular milled rice was P52 per kilo and P47 per kilo, respectively.
P153.801 billion of the NCA released remain unused.
Earlier, Budget Secretary Amenah F. Pangandaman said national government agencies are mandated to submit their budget utilization reports after the end of each quarter to monitor those with low budget utilization rates.
Constitutional offices and state universities and colleges (SUCs) are also required to submit the report through the Unified Reporting System of the DBM.
To recall, Pangandaman issued Circular No. 2024-12 on June 28, 2024, directing all government agencies and SUCs to submit their budget utilization report and detailed catch-up plans for those with below 50 percent utilization rates.
“We are negotiating for damages and at the same time we’re looking for a new vendor for this contract. But this is an issue and we’re working on that issue,” he added.
In a statement sent to B usiness M irror on Thursday, National Statistician Claire Dennis S. Mapa said the Philippine Statistics Authority (PSA) supports the BSP decision to terminate the contract with its supplier for the national ID card production.
Mapa also assured the public that the PSA is taking the necessary measures to continue the issuance of National IDs, whether these be in physical formal or digital such as the ePhilID.
“The Philippine Statistics Authority [PSA] trusts the assessment and decision of the Bangko Sentral ng Pilipinas [BSP] to terminate its contract with their supplier for the national ID card production,” Mapa said.
“We affirm our unwavering commitment to delivering a reliable and secure national ID system, ensuring that every registered person will receive their National ID,” he added.
One of the targets under Sustainable Development Goal (SDG) 16 is that by 2030, all people around the world should have a legal identity, including birth registration.
Unescap said a legal identity is more than just a piece of paper as it affords a person a lifeline to access education, healthcare, social protection, and employment.
For migrants, refugees, and stateless people, Unescap said legal recognition is crucial for securing rights and accessing essential services. This is where Civil Registration and Vital Statistics (CRVS) systems such as the Philippine Statistics System (PSS) comes in. Based on data from the PSA, a total of 89.117 million Filipinos have been registered in the PhilSys as of August 2, 2024.
However, only 55.5 million printed national IDs have been dispatched and a total of 52.989 million cards were delivered.
The PSA has also begun the registration of children aged 1 to 4 years old in registration centers, or through mobile registration in Geographically-Isolated and Disadvantaged Areas (GIDAs) or institutional registration in schools.
Parents or guardians registered to the National ID system just need to accompany their children during registration. The PhilSys Number (PSN) or permanent identification number of the child that will be generated will be linked to the accompanying parent or guardian.
from A1
“There’s already [a] confirmed source, so we already have that, and that will extend the life [of Malampaya],” she added.
Cayetano also pointed out that immediate approval of Senate Bill 2793 or the Philippine Natural Gas Industry Act will encourage more energy companies to do exploration work for natural gas and energy projects, as the proposed law “seeks to create that environment which is open to investors, all kinds, everyone.”
If enacted into law, she said this would ensure that indigenous natural gas will be prioritized over imported and conventional fuels for power generation.
“And then later on, the bill would also create this environment where there will be purchases of the gas,” Cayetano said.
“When we support this natural gas bill, this will ensure that we now have a steady supply that comes from our own country. We will not be vulnerable to what is happening in other countries,” Cayetano said, referring to international conflicts, like Russia's invasion of Ukraine, that impact the supply and prices of liquefied natural gas (LNG).
Cayetano said natural gas, as previously declared by the Department of Energy (DOE), will act as a transition or bridge fuel to full green energy that would reduce or eliminate fossil fuels in the Philippine energy mix.
In more than two decades of operation, the Malampaya proj -
ect supported the Philippines’s energy security, generated significant revenues of more than $13.5 billion for the government, and made significant contributions to stakeholder communities through sustainable social and environmental programs.
The Malampaya Deepwater Gas-to-Power project is the country’s first and only indigenous gas resource off the province of Palawan. It supplies about 20 percent of Luzon’s electricity needs and has significantly contributed to the nation’s energy independence since 2001.
Last week, Prime Energy awarded a contract valued at $180 million to Allseas Nederland (Brasil) B.V. for the installation of new facilities connecting the new exploration wells to the Malampaya Shallow Water Platform.
Allseas, a world-leading contractor in the offshore energy market, will install the pipeline and umbilicals that will connect two new wells to the platform. The wells will be drilled in 2025 and will deliver new gas by 2026.
This new development is part of the consortium’s Malampaya life extension project dubbed “Project Sinagtala” as it progresses well into the project execution phase.
Project Sinagtala aims to develop Phase 4 of the Malampaya deep water gas-to-power project, extending the life of the gas field in accordance with the 15-year license extension under Service Contract no. 38 granted to the consortium by President Ferdinand “Bongbong” Marcos Jr. in May last year. Lenie Lectura
terms of containing prices, Banerjee cited the need to provide “timely and appropriately tight monetary policy” to prevent
flation by anchoring
expectations. The Bangko Sentral
(BSP)
in
reduced the
sis points to 6.25
BSP Governor
by
M. Remolona Jr. earlier said the reduction in policy rates will be “measured” and calibrated to prevent spikes in commodity prices. Banerjee also said targeting the most
able can be
through measures such as food coupons and unemployment benefits to mitigate the immediate impacts of rising prices. These programs, which require fiscal resources from the government, can be financed through the introduction of policies such as wealth taxes and improving efficiency in public spending. A global study earlier found that 3.6 million people have over $5 million in wealth, with a combined wealth of $75.3 trillion and 183,300 households own over $50 million, for a combined wealth of $36.4 trillion. There are 2,660 billionaires with a total combined wealth of $13.76 trillion based on Forbes as of November 30, 2021.
“By prioritizing inclusive growth and equitable development, governments can mitigate the impact of high prices, safeguarding the well-being of their populations and promoting long-term prosperity,” Banerjee said. Earlier, the latest study by TransUnion showed that Pinoys expect their spending on various household bills and loans to increase in the next three months. (See: https://businessmirror. com.ph/2024/08/22/more-pinoys-see-billsloans-rising-survey/).
The TransUnion survey results also showed nearly half of households have already cut back on their discretionary spending such as dining out, travel and entertainment in the second quarter. In the second quarter, household final consumption expenditure grew 4.6 percent, the same rate posted in the first quarter. Outside of the pandemic, the rate is the slowest growth in household spending in 14 years.
DND set to procure 40 multi-role fighters
By Jovee Marie N. dela Cruz @joveemarie
TO bolster the nation’s defense capabilities, Defense
Secretary Gilbert Teodoro on Thursday outlined the Department of National Defense (DND) new strategic defense direction, including the plan to procure 40 new multi-role fighters.
During the hearing of the Department of National Defense’s budget for 2025, Teodoro said the Philippines has begun soliciting bids as it plans to procure 40 new multi-role fighter aircraft as part of its efforts to strengthen territorial defense.
Teodoro told congressmen that bidders are required to submit proposed financing packages that allow for payment to be spread out over time, a crucial aspect of the procurement process given the country’s financial considerations.
He said the government is exploring various financing options to support its modernization program, including syndicated loans from private lenders.
President Marcos underscored the significance of the procurement as part of the Armed Forces modernization program, specifically under the Re-Horizon Phase 3 of the Revised AFP Modernization Program (RAFPMP). This phase focuses on acquiring more ships, aircraft, and radar systems to enhance the nation’s
archipelagic defense capabilities.
“We are exploring ways to finance the acquisition using resources from the banking system,” Teodoro said. By spreading the risk and negotiating smaller and more digestible amortizations, Teodoro said the government aims to ensure that these capabilities are attainable without overwhelming the economy.
Teodoro also stressed the importance of aligning with countries that strategically support the Philippines, particularly in the West Philippine Sea. He noted that the reliability of the supply chain is a key consideration, emphasizing that the country seeks long-term partners rather than mere transactional relationships.
Meanwhile, Teodoro emphasized the need to realign the country’s defense strategies to reflect its ar -
chipelagic nature, highlighting the importance of establishing a comprehensive basing system. “Given the fact that the Philippines is an archipelagic state, the foundation of our defense strategy must be our archipelagic rights and the associated base rights,” he told congressmen.
This shift in strategy includes expanding the country’s defense perimeter outward to cover the 200mile exclusive economic zone (EEZ), he said.
Teodoro stressed the importance of joint operations in this area, which would require the development of new naval bases and ports in outlying regions.
He said these facilities would serve dual purposes: enhancing maritime security and providing modern amenities for local fishermen, such
as docking facilities, refrigeration, and storage, to support their livelihood and promote the formation of cooperatives.
“Our focus will not only be on the West Philippine Sea but also on the Philippine Rise and the eastern seaboard,” Teodoro said. “While much attention is on the West Philippine Sea, we must also protect and prevent any illegal and unlawful research or occupation in the Philippine Rise and the southern portion of the Pacific.”
Teodoro also noted that the Philippines has filed an extended continental shelf claim, which will influence the scope of the nation’s defense operations. This claim expands the country’s potential jurisdiction, necessitating a broader strategic approach to defense.
In addition to domestic defense
initiatives, Teodoro highlighted the importance of alliance-building and international engagement. “Our defense in the West Philippine Sea is not solely dependent on our force but also on the recognition and active participation of the international community. This engagement is vitally important for us,” he said.
Under the National Expenditure Program submitted by the Department of Budget and Management, the DND has been allocated P258.2 billion, aimed at acquiring and developing advanced equipment and technologies, as well as deploying adequate manpower to secure the sovereignty of the state and the integrity of the national territory.
The Armed Forces will receive P204.4 billion to support various defense programs. These include
the Land Defense Program with an allocation of P113.3 billion, the Air Forces Defense Program with P46.7 billion, and the Naval Forces Defense Program with P44.4 billion. These funds are crucial for maintaining and enhancing the country’s defense readiness and capabilities across land, air, and sea domains.
Additionally, the Revised AFP Modernization Program will see a 25 percent boost in its budget, receiving an allocation of P50 billion—an increase of P10 billion from its 2024 FY General Appropriations Act (GAA) allocation. This budgetary enhancement aims to further develop the military’s capacity to uphold the sovereignty and territorial integrity of the country, especially in light of recent developments in the West Philippine Sea.
The Coast Guard (PCG) will also see a substantial increase in its budget, with an allocation of P31.3 billion.
This budget includes funding for several critical projects: the PCG Hospital, with an allocation of P386 million, to improve healthcare services for coast guard personnel; the establishment of the West and South Navigational Telex (Navtex) Project, with P452 million, to enhance maritime communication and navigation systems; and the Radar for the Cebu Vessel Traffic Management System, with P37 million, to ensure the efficient and safe management of vessel traffic in Cebu’s waters.
A4 Friday, August 30, 2024
Economy
Omnibus Rules on retail power consumers choice programs out
TBy Lenie Lectura @llectura
HE Energy Regulatory Commission (ERC) has released the omnibus rules on consumer choice programs covering Retail Competition and Open Access (Rcoa), Green Energy Option Program (Geop), distributed energy resources (DER) and retail aggregation.
ERC Resolution 13 consolidates all guidelines for customer choice programs in the retail market in a bid to “unlock the power of consumers to select their preferred electricity suppliers.”
“With the issuance of the Omnibus Rules, we contribute to realizing energy democracy and will focus the next few months on an intensified consumer education campaign for an effective exercise of their power to select the supplier that best meets their unique needs,” said ERC Chairperson Monalisa C. Dimalanta in a statement.
The 164-page resolution states, among others, the consumers’ rights to their supplier of electricity; to dispute its retail supply contract (RSC), electricity bills, and file for a complaint; to transparent billing; to negotiate
the terms of RSC, to refuse a marketing contact; to information; protection against premature termination by retail supplier of contracts under dispute; to due process prior to disconnection of electricity service; to confidential treatment of consumer information; to return security deposits; to payment under protest; and to switch to another retail supplier.
Consumers, on the other hand, are obligated to pay their electricity bills promptly; to review and understand their RSC; to allow inspection, installation and removal of electricity meters; to refrain from committng any illegal use of electricity.
The omnibus rules also expands the implementation of the Retail Aggregation Program (RAP) under Republic Act 9136 or Electric Power Industry Reform Act (Epira) as it now allows the aggregation of demand within the same franchise area.
The rules also permit similarly situated end-users within the same distribution utility franchise area—such as facilities having the same owners or being in the same nature of business—to aggregate their demand.
“The ERC is committed to advancing the goals of the Rcoa,
which we consider the ‘holy grail’ of Epira. The implementation of Rcoa has transformed the Philippine energy sector by empowering consumers with choices and driving investment and competition in the electricity market,” Dimalanta said.
Rcoa and Geop, which are also part of Epira, allow qualified electricity consumers to choose their electricity supplier.
Any establishment or company with an average peak demand of at least 500 kilowatt (kW) in the past 12 months qualifies for the contestability status and is allowed to participate in the Rcoa. For Geop, a company can qualify if its average peak demand for the past 12 months is at least 100kW.
In addition, licensing requirements for Retail Electricity Suppliers (RES) were also strengthened in the omnibus rules to ensure their financial viability and competitiveness. The rules will mandate a tangible net worth of P15 million for RES.
The new set of rules likewise introduces a mechanism for determining the standing of RES, including criteria and parameters for assessing a retail supplier’s compliance and performance
metrics. Customer feedback has also been added as a criterion in evaluating the performance of RES for license applications.
The rules were released on Thursday after months of public hearings were held. “Based on inputs gathered from stakeholders and other entities through public consultations held on December 7 and 11, 2023 for Mindanao and the Visayas, and December 12 and 13 for Luzon, and after careful consideration of the various views and comments submitted by the electric power industry participants, players and other interested parties, the ERC deems it appropriate to consolidate all the directive and issuances governing the various customer choice programs in retail market,” the resolution said.
Since 2022 the ERC received complaints regarding implementation of RSC between contestable customers and RES, particularly on fuel cost recovery adjustments. Also, with the current developments in the market and the implementation of the different customer choice programs in Mindanao, the ERC deemed it necessary to revise and update existing rules to address implementation gaps.
JFC calls on Senate to tackle bill on open access in data transmission
By Andrea San Juan @andreasanjuan
THE Joint Foreign Cham -
bers (JFC) has called on the Senate to resume plenary deliberations on the Konektadong Pinoy Act, also known as the Open Access in Data Transmission Act.
This, after Sen. Alan Peter Cayetano, chairman of the Senate Committee on Science and Technology, delivered his sponsorship speech on the measure on August 5.
In a statement on Thursday, the coalition of foreign chambers emphasized that since then no action on the bill has been taken.
“The foreign chambers look forward to the enactment of the
Konektadong Pinoy Act (Open Access), given the support of the Executive [Branch], with [National Economic and Development Authority] Neda as the main champion,” JFC said in its statement.
The foreign business groups said this bill is “crucial” to achieving President Marcos’s call for digitalization.
“Open Access will simplify the licensing of broadband network operators, which will support ease of entry and ease of doing business and attract foreign investors to enter the Philippine market,” the groups explained.
The chambers added that having multiple and diverse network operators promotes the “resiliency and security” of the internet for
all Filipinos.
JFC said Konektadong Pinoy has been consistently approved by the House of Representatives since the 17th Congress.
In the current 19th Congress, the Lower House under the leadership of Speaker Ferdinand Martin Romualdez passed the bill on Third Reading in December 2022.
To date, JFC said the two chambers are aligned, with Senate President Francis Escudero giving priority to Konektadong Pinoy.
The Konektadong Pinoy bill seeks to empower ISPs (internet service providers) in bringing accessible, reliable, and affordable internet to communities.
“It will do so by simplifying the approval process for network opera-
tors, making it easier for new players to enter the market and drive competition; promoting efficient management of the radio spectrum, which is essential for expanding coverage of wireless internet, particularly in areas that are currently underserved; and promoting the sharing of infrastructure, which helps reduce operational costs and makes it easier to extend services to regions with limited or no connectivity,” said JFC.
The JFC recently joined 17 other organizations, including the Philippine business groups, information and communications technology groups and civil society groups, in calling on Marcos to certify the bill as urgent for immediate enactment.
By Lenie Lectura @llectura
THE green energy auction reserve
(GEAR) prices for the coming fourth green energy auction (GEA) next year could increase by as much as P6 per kilowatt hour (kWh), an official of the Department of Energy (DOE) said.
“We know that adding the energy storage system is going to increase the price.
It can go for as high as an additional about P5 to P6 per kilowatt hour,” Energy Undersecretary Rowena Guevarra told reporters during the Energy Smart Forum organized by the European Chamber of Commerce of the Philippines (ECCP).
“We’re still talking with our simulators then we will schedule public consultations. The price also needs to be feasible for the generators. We’re crunching the numbers together with our in-house simulators.”
The Energy Regulatory Commission (ERC) sets the ceiling price for GEA while the DOE sets the auction policy.
“Didn’t you see in GEA-1 and GEA-2 what the price is? So, of course, if you will add an energy storage system then there is an additional price,” said Guevarra.
Additional capacities will be auctioned off in the third GEA round possibly within this year. The GEA-3 specifically caters to non-FIT (Feed-In-Tariff) eligible RE facilities, like geothermal, impounding and pumped-storage, as well as run-ofriver (ROR) hydro which is a FIT eligible technology.
The GEA-4 covers Integrated Renewable Energy and Energy Storage System (IRESS). Alongside the planned GEA-4, there is a plan to conduct a similar auction covering liquefied natural gas (LNG) albeit intended for ancillary services only to ensure grid reliability.
“We will talk with the NGCP [National Grid Corporation of the Philippines] since this will involve ancillary services,” added the DOE official.
The GEA program was designed to continuously trigger the increase of renewable energy capacity in the country. The DOE wants the GEA to be conducted on a yearly basis, in a bid to promote RE as the country’s primary source of energy.
The agency is drafting bold strategies to keep prices at reasonable level. “But we are trying to control the price,” she assured. In the last two years, the DOE has conducted two rounds of auction which generated a total of 5,306 megawatts (MW) RE capacities committed to deliver power in 2024 to 2026.
LDF Board gets juridical personality
By Samuel P. Medenilla @sam_medenilla
THE Loss and Damage Fund (LDF) Board is now a step closer towards starting its full operation with the signing by President Marcos of the law that grants the body a juridical personality.
On Wednesday, the President signed Republic Act 12019 or the LDF Board Act, granting the international body among others the personality to enter into contracts as well as acquire and dispose of immovable and movable property.
It will also have the full legal capacity to institute legal proceedings; negotiate, conclude and enter into a hosting arrangement with the World Bank as interim trustee and host of the Fund’s secretariat; and undertake activities needed to enable it to discharge its functions.
The new piece of legislation also ensures
the LDF Board of the privileges, immunities, and exemptions it is given by international agreements and treaties.
The Board will manage the LDF, a financial mechanism established during the United Nations Climate Conference 2022 (COP27) in Egypt, which will provide crucial support to low-income countries that are heavily affected by climate change. Last year, the Philippines was elected to host the LDF Board. The country also secured one of the 26 LDF Board seats last year. As host and member of the Board, the country will have a say in how the LDF, which has an initial capitalization of US$726 million, will be utilized.
Marcos has assured that the Philippines will champion the voice of the most vulnerable to climate change at the LDF Board. Mark Dennis Joven has been named as the country’s representative to the LDF Board.
Pertussis cases down but vax drive to go on
By Claudeth S. Mocon-Ciriaco @claudethmc3
THE Department of Health (DOH) has observed a decline of pertussis cases in the from May to June but will continue to deliver more vaccines to protect infants and children from the disease.
DOH records indicate that for almost two months, only some 50 cases per week were reported as compared to around 300 cases per week last April.
Health Secretary Teodoro Herbosa said 500,000 doses of DPT-Hep B-HiB or Pentavalent vaccine arrived this month and are now in cold storage and that paperwork is being finalized prior to their distribution to government health centers nationwide.
Another 750,000 doses of Pentavalent vaccines are set to arrive next week.
Herbosa has already instructed the relevant DOH units to ensure that the balance of doses are delivered quickly.
“President Marcos told me not to stop once cases are down, but to ensure that vaccination continues—routine this time—to ensure that a spike of Pertussis will not happen again,” said Herbosa.
Meanwhile, the DOH said that pertussis case trends are still low which is 131 cases from July 7-20; 77 cases from July 21 to August 3; 19 cases from August 4 to 17. Only four regions reported an increase in the past six weeks from August 17: Cagayan valley, Metro Manila, Western Visayas and Southern Mindanao.
The total number of cases nationwide from the start of the year is 3,827 as of August 17, a figure that is around 13 times more than the 291 cases reported in the same period last year. Bulk of the cases were recorded during the months of March and April, when the DOH went into outbreak response immunization mode.
The DOH expressed its gratitude to local governments for their efforts in combating pertussis and measles cases nationwide. Through focused vaccination campaigns and community engagements, the DOH controlled the spike in pertussis cases.
“The contracted supplier has started delivery of the Pentavalent vaccines that will protect young Filipinos starting six weeks of age. DOH will ensure that all the ordered doses will get to government health centers at the soonest,” Herbosa said.
UN demands halt to escalating attacks between Hezbollah and Israeli forces
By EDITH M. LEDERER The Associated Press
UNITED NATIONS—The
UN Security Council on Wednesday demanded a halt to the increasing attacks between Lebanon’s Hezbollah militants and Israeli forces and warned that further escalation “carries the high risk of leading to a widespread conflict.”
Israel and Iran-backed Hezbollah pulled back after an exchange of heavy fire across the UN-drawn boundary between Lebanon and Israel over the weekend. But their decades-old conflict is far from over and regional tensions linked to the war in Gaza are still high.
The Security Council demand that Israel and Hezbollah halt hostilities came in a French-drafted resolution unanimously approved by its 15 members, urging the “relevant actors” to restore “calm, restraint and stability.” Council resolutions are legally binding though often ignored.
“The risk of open warfare remains real, and we are mobilized alongside our regional and in -
ternational partners to avoid a regional conflagration,” France’s deputy UN ambassador, Nathalie Broadhurst, said before the vote.
Israel’s UN ambassador, Danny Danon, told reporters that he had a message for the Lebanese people: “You and your government have a choice to make, confront Hezbollah today or watch as your country is dragged into chaos and destruction.”
Lebanon’s representative, Hadi Hachem, was far more diplomatic, thanking the council after the vote for its clear message “in favor of stability and a cease-fire.” And he urged members: “Let’s work together, not only to end the escalation” but toward “a just and comprehensive peace.”
The resolution extended for another year the mandate of the UN peacekeeping force in Lebanon known as UNIFIL, which was created to oversee the withdrawal of Israeli troops from southern Lebanon after a 1978 invasion and has been there ever since.
The Security Council expanded the mission after a 2006 war between Israel and Hezbollah so that peacekeepers could deploy along the Lebanon-Israel border to help Lebanese troops extend their authority into their country’s south for the first time
in decades. That resolution also called for a full cessation of Israeli-Hezbollah hostilities, which has not happened.
Hezbollah supporters in Lebanon frequently accuse the UN mission of collusion with Israel, while Israel has accused the peacekeepers of turning a blind eye to Hezbollah’s military activities in southern Lebanon.
During the ongoing clashes between Hezbollah and Israeli forces in southern Lebanon, UNIFIL facilities or vehicles have been hit by shelling or gunfire on several occasions. Earlier this month, UNIFIL
Major Israeli raid in West Bank leaves 10 Hamas militants dead, sparking fears of broadening war
By Julia Frankel & Nasser Nasser
The Associated Press
L-FARAA REFUGEE CAMP, West
ABank—Israeli forces launched a large operation in the occupied West Bank overnight and into Wednesday, killing at least 10 Hamas militants, carrying out arrests and sealing off the volatile city of Jenin.
The ongoing operation was among the largest in the West Bank in months, and a reminder that the Israeli-Palestinian conflict extends far beyond the war in Gaza that began with Hamas’ October 7 attack. Israel says it is rooting out West Bank militants to prevent attacks, while Palestinians fear it intends to broaden the war and expel them from territories they want for a future state.
Lt. Col. Nadav Shoshani, an Israeli military spokesman, said “large forces” had entered Jenin, long a militant stronghold, as well as Tulkarem and the Al-Faraa refugee camp dating to the 1948 Mideast war, all in the northern West Bank.
He said Israeli forces killed three militants in an airstrike in Tulkarem and four in an airstrike in Al-Faraa. He said another five suspected militants were arrested, and that the raids were the first stage of an even larger operation. Four Palestinians were killed by Israeli fire in Jenin, according to Palestinian officials.
Hamas announced that 10 of its fighters had been killed in the West Bank on Wednesday, including three of the four men killed in Jenin. It was not immediately clear if the fourth was also a fighter. The Israeli military said all of the dead were militants.
The governor of Jenin, Kamal Abu alRub, said on Palestinian radio that Israeli forces had surrounded the city, blocking exit and entry points and access to hospitals, and ripping up infrastructure in the camp.
The Palestinian Health Ministry in the West Bank said Israeli forces had blocked the roads leading to a hospital with dirt barriers and surrounded other medical
facilities in Jenin. Shoshani said the military was trying to prevent militants from taking shelter in hospitals.
An Associated Press reporter saw army vehicles blocking all the entrances to Al-Faraa camp. Military jeeps and bulldozers entered the camp and soldiers were seen patrolling its alleyways by foot. Water leaked onto the damaged streets from houses where fighting had ruptured tanks and pipes. Shots rang out every few minutes.
Israeli Foreign Minister Israel Katz drew comparisons with Gaza and called for similar measures in the West Bank.
“We must deal with the threat just as we deal with the terrorist infrastructure in Gaza, including the temporary evacuation of Palestinian residents and whatever steps might be required. This is a war in every respect, and we must win it,” he wrote on the platform X.
Shoshani said there was no plan to evacuate civilians.
Hamas called on Palestinians in the West Bank to rise up, calling the raids part of a larger plan to expand the war in Gaza and blaming the escalation on US support for Israel. The militant group called on security forces loyal to the Western-backed Palestinian Authority, which cooperate with Israel, to “join the sacred battle of our people.”
Nabil Abu Rudeineh, a spokesman for Palestinian Authority President Mahmoud Abbas, condemned the raids as a “serious escalation” and called on the US to intervene.
Abbas announced he was cutting short a visit to Saudi Arabia and returning to the West Bank, where his government is based.
UN Secretary-General Antonio Guterres called for Israel to immediately halt its operation in the West Bank, according to UN spokesman Stephane Dujarric. Guterres also called on Israel to protect civilians and urged its forces “to exercise maximum restraint and use lethal force only when it is strictly unavoidable to protect life,” Dujarric said.
At least 652 Palestinians in the West Bank have been killed by Israeli fire since
the war in Gaza began over 10 months ago, according to the Palestinian ministry. Most have died during raids, which often trigger gunbattles with militants.
Israel says the operations are required to dismantle Hamas and other militant groups. Attacks on Israelis have risen since the start of the war.
The Israeli operation comes as Hamas is using the West Bank as a base for organizing more attacks, using weapons smuggled from Iran and taking advantage of the weakness of the Palestinian Authority, according to Michael Milshtein, an expert on Palestinian issues at Tel Aviv University.
He predicted similar operations in the future because Israeli authorities don’t seem to have a strategy for defeating Hamas in either Gaza or the West Bank.
The Palestinian Health Ministry said the bodies of seven people were brought to the hospital in Tubas, another West Bank city, and another two were brought to the hospital in Jenin. The ministry identified two killed in Jenin as Qassam Jabarin, 25, and Asem Balout, 39. Hamas claimed Jabarin as a fighter and said another two fighters, Mohammed Abu Zumeiro and Ahmed al-Sous, were killed in Jenin.
Israel captured the West Bank, Gaza and east Jerusalem in the 1967 Mideast war. The Palestinians want all three for a future state.
Israel has built scores of settlements across the West Bank, which is home to over 500,000 Jewish settlers. The settlers have Israeli citizenship, while the 3 million Palestinians in the West Bank live under Israeli military rule, with the Palestinian Authority exercising limited control over population centers.
The war in Gaza erupted when Hamasled militants stormed into southern Israel and rampaged through army bases and farming communities, killing some 1,200 people, mostly civilians, and abducting around 250. The militants are still holding 108 hostages, around a third of whom are believed to be dead, after most of the rest were released during a November cease-fire.
Israel responded with an offensive that has killed over 40,000 Palestinians, according to Gaza’s Health Ministry, which does not say how many were militants. Around 90% of Gaza’s population has been displaced, often multiple times, and Israeli bombardment and ground operations have caused vast destruction.
Israeli strikes in Gaza overnight and into Wednesday killed at least 24 people, including five women and five children, according to Palestinian health officials. AP reporters at two hospitals confirmed the toll.
One strike hit tents housing displaced people near the central town of Deir alBalah, killing eight including two brothers, 6 and 17 years old.
“He’s alive!” their mother shouted as the teenager’s body was carried to the morgue. She later sobbed and cradled both of them.
Israel says it tries to avoid harming civilians and blames their deaths on Hamas because the militants fight in dense residential areas. The military rarely comments on individual strikes in Gaza, which often kill women and children.
The US, Qatar and Egypt have spent months trying to mediate a cease-fire that would see the remaining hostages released. But the talks have repeatedly bogged down as Israeli Prime Minister Benjamin Netanyahu has vowed “total victory” over Hamas and the militant group has demanded a lasting cease-fire and a full withdrawal from the territory.
There was no sign of a breakthrough after days of talks in Egypt, and the negotiations move to Qatar this week.
One of the hostages was released Tuesday after Israeli forces found him in a tunnel. After a short stay in a hospital he returned Wednesday to his Bedouin village where he got a hero’s welcome.
Frankel reported from Jerusalem. Associated Press writers Samy Magdy in Cairo, Wafaa Shurafa in Deir al-Balah, Gaza Strip, and Eleanor Reich in New York contributed to this report.
said three peacekeepers on patrol were lightly injured when an explosion happened near their vehicle.
Israel’s Danon blamed Hezbollah for launching unprovoked attacks against Israel starting the day after Hamas’ October 7 attacks in southern Israel, which ignited the war in Gaza. Since then, he said, more than 8,000 rockets, 300 explosive drones and 1,500 antitank missiles have been launched against Israel, forcing over 60,000 Israelis in the north to leave their homes.
Danon accused Hezbollah of firing from southern Lebanon— within UNIFIL’s area of operations—in violation of the 2006 cease-fire resolution and showed the council photos that he claimed were near some of its facilities.
There will be no stability while Hezbollah’s “massive military buildup” is ignored, he said. Israel is determined to return its civilians to their homes, and while it favors diplomacy, Danon warned that “time is running out.”
If diplomacy fails, “we will use all the necessary means to restore calm and stability to the north of Israel,” he said.
Israeli ally the United States supported Israel’s right to defend itself against Hezbollah attacks.
“Lebanon should not be a haven for terrorist organizations or a launch pad for attacks against
Israel,” US Deputy Ambassador Robert Wood told the council, saying that Iran is violating the arms embargo in the 2006 resolution by providing Hezbollah with the majority of weapons it fires against Israel.
Algeria, the Arab representative on the council, and Russia said the crisis in Lebanon and the wider Middle East has deeper roots.
Nacim Gaouaoui, Algeria’s deputy UN ambassador, underscored the importance of UNIFIL’s role in ending hostilities but said it’s “a critical moment for our region because of the brutal assault on the unarmed Palestinian people, in particular in the Gaza Strip.”
“My delegation believes that the leading reason for instability in the Middle East is the occupation of Arab territory,” he said. “The end of occupation is the condition for peace and security in the region.”
That view was echoed by Russia’s deputy UN ambassador, Dmitry Polyansky, who said, “It is clear that the current political military escalation is linked directly to the fact that the Palestinian-Israeli conflict remains unresolved and the unprecedented escalation in Gaza.”
The Associated Press writer Abby Sewell in Beirut contributed to this report.
Russian missile hits the Ukrainian president’s home city as it mourns deaths in earlier attack
By Illia Novikov The Associated Press
KYIV, Ukraine—A Russian missile slammed into Ukrainian President Volodymyr Zelenskyy’s home city on Wednesday, local authorities said, just as Kryvyi Rih was observing an official day of mourning for an attack the previous day that killed four civilians at a hotel.
The latest attack on the city struck civilian infrastructure, wounding eight people, local administration head Oleksandr Vilkul said on social media.
Tuesday’s attack, which also wounded five people, was part of a barrage of dozens of missiles and drones across Ukraine that Russia launched for a second consecutive day.
“When Kryvyi Rih is in mourning, the enemy attacks again. And it once again aims at civilians,” regional head Serhii Lysak said Wednesday.
Russia stepped up its aerial attacks on Ukraine on Monday, firing more than 100 missiles and a similar number of drones in its biggest onslaught in weeks.
The intensified campaign coincided with what could prove to be a decisive period of the war, which Russia launched on Feb. 24, 2022.
Russian forces have been driving deeper into Ukraine’s partly occupied eastern Donetsk region,
whose total capture is one of the Kremlin’s primary ambitions. Russia’s army is closing in on Pokrovsk, a critical logistics hub for the Ukrainian defense in the area.
At the same time, Ukraine has sent its forces into Russia’s Kursk region in recent weeks in the largest incursion onto Russian soil since World War II. The move is in part an effort to force Russia to draw troops away from the Donetsk front.
At the hotel in Kryvyi Rih, rescuers on Wednesday found a final body under the rubble. The rescue operation then ended. Meanwhile, Ukraine claimed its anti-aircraft defenses destroyed a Russian Su-25 jet in the Donetsk region.
Ukraine also kept up its longrange drone attacks on Russia’s rear logistical areas.
A Ukrainian security official told The Associated Press that an operation by the country’s military intelligence agency, known by its acronym GUR, struck oil depots in Russia’s Rostov and Kirov regions Wednesday. The official, who spoke on condition of anonymity because he wasn’t authorized to speak publicly about the strikes, did not provide further details. It would be the first known Ukrainian attack on the Kirov region, which is about 950 kilometers (600 miles) northeast of the Ukrainian border.
MALLA
www.businessmirror.com.ph
Hong Kong court convicts 2 former editors in landmark sedition case
By Kanis Leung
The Associated Press
HONG
KONG—A
Hong Kong court convicted two former editors of a shuttered news outlet on Thursday, in a sedition case that is widely seen as a barometer for the future of media freedom in the city once hailed as a bastion of free press in Asia.
Stand News former editor-in-chief Chung Pui-kuen and former acting editor-in-chief Patrick Lam were arrested in December 2021. They pleaded not guilty to the charge of conspiracy to publish and reproduce seditious publications. Their sedition trial was Hong Kong’s first involving media since the former British colony returned to Chinese rule in 1997.
Stand News was one of the city’s last media outlets that openly criticized the government amid a crackdown on dissent that followed massive pro-democracy protests in 2019. It was shut down just months after the pro-democracy Apple Daily newspaper, whose jailed founder Jimmy Lai is fighting collusion charges under a sweeping national security law enacted in 2020. Chung and Lam were charged under a colonial-era sedition law that has been used increasingly to crush dissidents. They face up to two years in prison and a fine of 5,000 Hong Kong dollars (about $640) for a first offense.
Best Pencil (Hong Kong) Ltd., the outlet’s holding company, was convicted on the same
charge. It had no representatives during the trial, which began in October 2022.
Chung appeared calm after the verdict was handed down, while Lam did not appear in court.
Defense lawyer Audrey Eu read out a mitigation statement from Lam, who said Stand News reporters sought to run a news outlet with fully independent editorial standards. “The only way for journalists to defend press freedom is reporting,” Eu quoted Lam saying.
Dozens of residents and reporters lined up in the morning to secure a seat for the hearing, which was scheduled for 2:30 p.m. and began an hour late.
The delivery of the verdict was delayed several times for reasons including awaiting the appeal outcome of another landmark sedition case.
Resident Kevin Ng, who was among the first in the line, said he used to be a reader of Stand News and has been following the trial. Ng, 28, said he read less news after its shutdown, feeling the city has lost some critical voices. He said if the editors were found guilty, he would have “complex feelings.”
“They reported the truth, they defended press freedom,” said the man who works in risk management industry. Their case is centered on 17 articles. That included stories featuring pro-democracy ex-lawmakers Nathan Law and Ted Hui, who are among a group of overseas-based activists targeted by Hong Kong police bounties; interviews with three participants
New low for press freedom: Myanmar journalists get record-high sentences for counterterrorism ‘crimes’
BBy Grant Peck The Associated Press
ANGKOK—A military court in Myanmar has giv -
en a life prison sentence to a local journalist and sentenced one of his colleagues to 20 years after convicting them under a counterterrorism law, their editor said Wednesday.
The sentences for Myo Myint Oo and Aung San Oo of the independent online news service Dawei Watch appear to be the most severe dealt to any journalist since the military seized power from the elected government of Aung San Suu Kyi in February 2021. The takeover triggered armed resistance and an ongoing civil war.
Myanmar is one of the world’s biggest jailers of journalists, second only to China, according to the Paris-based press freedom group Reporters Without Borders, which ranks it near the bottom of its Press Freedom Index at 171st of 180 countries.
Last week, two freelance journalists in Myanmar were killed, one allegedly after being captured, when security forces raided the home of one of them in the southern state of Mon. Several
local resistance fighters were also killed.
Dawei Watch’s Myo Myint Oo, 41, and Aung San Oo, 49, were arrested separately last December at their homes in the coastal town of Myeik, about 560 kilometers (350 miles) south of Yangon, three days after returning from hiding.
The military government hasn’t commented on their cases.
Kyaw San Min, the chief editor of Dawei Watch media, told The Associated Press on Wednesday that Aung San Oo was initially sentenced to 20 years in prison by a military court in Myeik prison in February and Myo Myint Oo was handed a life sentence by the same court in May, but he was unable to learn further details.
He said both men were convicted under Myanmar’s Counterterrorism Law, but the circumstances were not clear. The law punishes acts of violence and “acts of exhortation, persuasion, propaganda and recruitment of any person to participate in any terrorist group or activities of terrorism.”
Kyaw San Min said the information about the sentences had been received some time ago but he withheld it until now, when
the security of the men’s family members had been secured. He did not elaborate.
“The sentences imposed on the two journalists are quite severe. Sentencing the journalists with such large penalties is very unjust,” the editor said.
Kyaw San Min said a total of five reporters and a columnist from Dawei Watch have been arrested since the army began cracking down on independent media after its seizure of power. Three of the journalists have been released.
Most media outlets, including Dawei Watch, now operate semiclandestinely, publishing online as staff members try to avoid arrest. Others operate from exile.
Dawei Watch released a statement on its Facebook page on Tuesday saying it strongly condemned the military government for illegally arresting, interrogating and detaining the journalists without giving them the right to fair defense under the law.
“We urge their immediate release,” it said.
The statement said the security forces told Myo Myint Oo and Aung San Oo they were being detained because of their reporting. Their laptops and phones were seized.
The two were beaten during four days in a detention center before being transferred to prison, the statement said. The AP and others have reported how some detainees are tortured after their arrests.
“These types of extreme court rulings aim to instill fear among all reporters and will have a chilling effect across Myanmar’s independent media,” Shawn Crispin, Southeast Asia representative for the New York-based Committee to Protect Journalists, said in an e-mailed statement.
At least seven media workers in Myanmar have been killed and others tortured while in detention since the military takeover, according to media workers in Myanmar who track the situation. They say at least 15 media outlets have had their licenses revoked and at least 172 journalists have been arrested, with about 40 to 50 still detained and half of those convicted and sentenced.
Most of the detained journalists were charged with incitement for allegedly causing fear, spreading false news or agitating against a government employee or for violating the Counterterrorism Law.
Xi Jinping meets US National Security Adviser Jake Sullivan in Beijing amid growing US-China tensions
By The Associated Press
BEIJING—Chinese President Xi
Jinping met with US National Security Adviser Jake Sullivan on Thursday in Beijing, on a visit with the stated aim of keeping communications open between the two powers, as the relationship between China and the United States has become increasingly tense in recent years.
Sullivan, on his first trip to China in his capacity as the main adviser to President Joe Biden on US national security issues, has met with senior Chinese officials including Foreign Minister Wang Yi and a senior general of the Central Military Commission.
China and the US have become increasingly at odds over various issues, starting with a trade war dating back to 2018, and which now encompasses global security matters, such as China’s claims over the South China Sea, and industrial policy on things like automobile and solar panel manufacturing.
Both sides said Thursday that they remain committed to managing the relationship. Xi and Biden met in San Francisco last November in an effort to improve ties.
“Although the situations of the two countries and China-US relations have changed greatly, China’s
goal of being committed to the stable, healthy and sustainable development of China-US relations has not changed,” Xi said, according to state broadcaster CCTV.
“President Biden is committed to responsibly managing this consequential relationship to ensure that competition does not veer into conflict or confrontation, and to work together where our interests align,” Sullivan said.
Beijing and Washington will also plan for a phone call in the coming weeks between Xi and Biden, the White House said Wednesday. The White House statement said that both sides would keep lines of communication open.
There was no indication that the two leaders might meet in person before Biden leaves the Oval Office.
The White House said the two sides also planned to hold a mili -
tary theater commander phone call in the near future.
China has rapidly expanded its military, and there are concerns that Taiwan and the South China Sea are becoming flashpoints.
Wang, China’s top diplomat, told Sullivan that Taiwan’s independence poses the greatest threat to stability in the immediate region. He demanded that the US “stop arming the island but support China’s peaceful unification,” according to a statement released by the Chinese Foreign Ministry.
Taiwan, a self-governing island democracy that split from authoritarian communist China in 1949, has rejected Beijing’s demands that it accept unification with the mainland by peace or by force. The
US is obligated under a domestic law to provide the island with sufficient hardware and technology to deter invasion.
The White House statement said Sullivan “underscored the importance of maintaining peace and stability across the Taiwan Strait.”
Sullivan planned to meet with China’s vice chairman of the Central Military Commission, Zhang Youxia, on Thursday morning, according to a senior Biden administration official who spoke on the condition of anonymity to discuss the yet to be publicly announced meeting.
Zhang has spoken in the past of Beijing’s determination to take control of Taiwan. At an international naval gathering earlier this
Maduro opponents take to streets to revive protests disputing Venezuelan poll results
By Joshua Goodman & Jorge Rueda
The Associated Press
CARACAS, Venezuela—Opponents of Venezuelan President Nicolás Maduro took to the streets Wednesday in an attempt to revive protests against him as he tightens his grip on power following last month’s disputed election.
The demonstration in the capital, Caracas, comes exactly a month after the fraught July 28 vote in which Maduro was declared the winner despite strong evidence that opposition candidate Edmundo González won by a nearly 2-to-1 margin, which drew international condemnation that the vote lacked transparency.
In weeks of on-again, off-again demonstrations, the opposition’s rallying cry has been constant but so far ineffective. Opponents have demanded that officials publish results from each polling station that they say would expose Maduro’s attempts to steal the election.
“Voting records kill sentence,” is how the opposition billed the latest protest,
Donating
referring to the thousands of tally sheets it collected and posted online that contradict a recent sentence written by the loyalist Supreme Court certifying Maduro’s purported victory.
Wednesday’s protest was smaller than previous demonstrations. Tiny groups of Venezuelans also gathered in other Latin America capitals.
Opposition leader Maria Corina Machado, who along with González went into hiding following the election, re-emerged to attend Wednesday’s rally, waving a Venezuelan flag and hugging small children from the back of a truck as supporters shouted “Freedom!”
Banned from running against Maduro, the conservative politician crisscrossed the nation for weeks to help elect González, a previously unknown former diplomat.
Acknowledging the steep challenge of forcing Maduro from power, Machado said the movement she leads will be strategic about calling for additional demonstrations. But she said the international pressure on Maduro is unlikely to cease any time soon and pointed out that not a single
Western democracy has recognized what she called Maduro’s “fraud.”
“Those who say the passage of time favors Maduro are wrong,” Machado said to throngs of supporters who filled an avenue in Caracas. “Every day he’s more isolated, more toxic.”
Not to be outdone, Maduro’s supporters also planned to hold rallies Wednesday, vowing to “defend” Maduro’s victory against what they claim is an attempt to sow unrest throughout the South American country.
Amid the ongoing crisis, Maduro has leaned heavily on security forces to preserve his power. On Tuesday, he appointed a hardline ruling party boss as interior minister, with oversight of police forces. Diosdado Cabello has vowed to show no mercy against government opponents.
Cabello’s appointment stoked fears that a crackdown that has already led to more than 2,000 arrests—of journalists, politicians and students—is likely to intensify.
The arrests featured prominently at a special meeting Wednesday of the
Organization of American States in Washington to discuss a report on human rights violations by the Inter-American Commission on Human Rights.
“The commission condemns unequivocally practices of institutional violence in the context of the electoral process in Venezuela,” Roberta Clarke, a lawyer from Barbados and member of the commission, said at the meeting. “Democracy and the rule of law must be restored.”
The commission called on Venezuelan authorities to cease all actions that “generate terror” in the population—including arbitrary detentions and the use of violence by non-state actors loyal to Maduro—and respect the popular will of Venezuelans for democratic change.
“The Venezuela crisis has reached a new nadir,” Ambassador Frank Mora, the US representative to the OAS, said at the meeting. “The situation in Venezuela demands our urgent attention and our collective action.”
Goodman reported from Miami. Associated Press Writer Gisela Salomon in Miami contributed to this report.
kidney is even safer now than long thought, US study shows
By Lauran Neergaard Ap Medical Writer
year in northeast China, Zhang said China would strike back with force if its interests came under threat.
He said that China’s territorial sovereignty “brooks no infringement and its core interests cannot be challenged. We do not provoke trouble, but we will never flinch in face of provocation. The Chinese military will resolutely defend the reunification and interest of the motherland.”
Beijing also warned Washington “not to support or indulge the Philippines to infringe” upon China’s rights and interests in the South China Sea. China and the Philippines have clashed over the Second Thomas Shoal, and lately the Sabina Shoal.
The US military has pushed back against China’s claim to virtually the entire South China Sea, saying this week that it would be open to consultations about escorting Philippine ships in the disputed sea amid a spike in hostilities between Beijing and Manila on the issue.
The White House said that Sullivan reaffirmed Washington’s commitment to defending its Indo-Pacific allies and expressed concern about Beijing’s destabilizing actions against “lawful Philippine maritime operations” in the South China Sea.
The Philippines has called for the Association of Southeast Asian Nations to do more. The 10-nation Southeast Asian bloc includes the Philippines, Vietnam, Malaysia and Brunei, which have South China Sea claims that overlap with each other as well as China’s and Taiwan’s.
The US has shifted its policy with China from engagement to competition. The Biden administration has made it a priority to prevent the competition from spiraling out of control, while seeking to collaborate with China in areas such as climate change, artificial intelligence and enforcement against illicit drugs.
John Podesta, the senior adviser to the president for international climate policy, will travel to China, and Sullivan and Wang discussed “next steps to reduce the flow of illicit synthetic drugs” and “continue repatriation of undocumented migrants,” the White House said.
In July, the US Border Patrol made 1,851 arrests of Chinese immigrants on the border with Mexico, down from the December high of 5,951.
The two sides also agreed to hold a second round of dialogue over artificial intelligence, the Chinese foreign ministry said. Sullivan raised continued concerns about China’s trade policies and nonmarket economic practices, the White House said. Wang demanded that the US “stop suppressing China in the areas of trade, economic and technology,” the Chinese foreign ministry said. By resorting to protectionism, the US would only “hurt the global green development and affect the global economic growth,” Wang told Sullivan.
Aamer Madhani contributed to this report from Washington
Typhoon Shanshan wreaks havoc in southern Japan: Three dead, extensive damage feared
By Mari Yamaguchi The Associated Press
TOKYO—A typhoon lashed southern Japan with torrential rain and strong winds Thursday, causing at least three deaths as it started a crawl up the length of the archipelago and raised concerns of flooding, landslides and extensive damage.
Typhoon Shanshan made landfall in the morning on the southern island of Kyushu and about 60 centimeters (nearly 2 feet) of rainfall had fallen in parts of Miyazaki prefecture, the Japan Meteorological Agency said. That 24-hour total was more than the August rainfall average and swollen rivers were threatening floods, it said.
The typhoon ripped through downtown Miyazaki City, knocking down trees, throwing cars to the side in parking lots and shattering windows of some buildings. The prefectural disaster management task force said 40 buildings were damaged.
Footage on NHK public television showed the swollen river in a popular hot spring town of Yufu in Oita prefecture, just north of Miyazaki, with muddy water splashing against the bridge over it.
The typhoon was forecast to bring strong winds, high waves and significant rainfall to most of the country, particularly the
southern prefectures of Kyushu. Around midday, Shanshan was moving north at 15 kph (9 mph) and its winds had weakened to 126 kph (78 mph), JMA said. More than a dozen people were injured in Miyazaki, many of them thrown to the ground. One each was also injured nearby Kumamoto and Kagoshima prefectures on their way to shelters, the Fire and Disaster Management Agency said. Nearly a quarter million households were without power across Kyushu, most of them in the Kagoshima prefecture, the Kyushu Electric Power Co. said. Ahead of the typhoon’s arrival, heavy rain caused a landslide that buried a house in the central city of Gamagori, killing three residents and injuring two others, according to the city’s disaster management department. On the southern island of Amami, where the typhoon passed, one person was injured by being knocked down by a wind gust while riding a motorcycle, the FDMA said. Weather and government officials are concerned about extensive damage as the typhoon slowly sweeps up the Japanese archipelago over the next few days, threatening floods and landslides. The typhoon’s impact was yet to be felt in the Tokyo region, where business was as usual and heavy rain was predicted later this week.
three months of the surgery. Transplant centers have been using older data—citing a risk of 3 deaths per 10,000 living donors—in counseling donors about potentially deadly surgical complications.
ments—and maybe increase interest in living donation.
He often finds transplant recipients more worried about potential risks to their donors than the would-be donors themselves.
“The last decade has become a lot more safe in the operating room for living donors,” said Dr. Dorry Segev, a transplant surgeon at NYU Langone Health. He co-authored the study published in the journal JAMA. Newer surgical techniques are the key reason, said Segev, calling for guideline updates to reflect those safety improve -
“For them, this is even more reassuring to allow their friends or family to donate on their behalf,” Segev said.
Thousands of people die each year waiting for an organ transplant. It’s possible for living donors to give one of their two kidneys or part of a liver, the only organ that regenerates.
With nearly 90,000 people on the US list for a kidney transplant, finding a living donor not only shortens the yearslong wait—those organs also tend to survive longer than ones from deceased donors. Yet last year, just 6,290 of the nation’s more than 27,000 kidney transplants came from living donors, the most since before the pandemic. Safety isn’t the only barrier to living donation. So is awareness, as many patients are reluctant to ask. And while the recipient’s insurance covers medical bills,
some donors face expenses such as travel or lost wages as they recover. The NYU team analyzed US records of more than 164,000 living kidney donations from 1993 through 2022 and found 36 post-surgical deaths. Most at risk were male donors and those with a history of high blood pressure. Only five of those deaths occurred since 2013. That period coincided with US transplant centers switching to minimally invasive kidney removal as well as adopting a better way to stop renal artery bleeding, Segev said. “Over time, it’s a safe operation that’s become even safer,” important for would-be
donors to know, said Dr. Amit Tevar of the University of Pittsburgh Medical Center, who wasn’t involved in the study. But there are long-term risks to consider, too, he stressed—including whether a donor’s remaining kidney is expected to last the rest of their life. The risk of a donor later experiencing kidney failure also is small and depends on such factors as obesity, high blood pressure, smoking and family history of kidney disease. Risk calculators help doctors determine a potential donor’s likelihood of later-in-life trouble, and transplant centers may have slightly different eligibility criteria.
Govt asks SC to lift TRO, resolve petition vs NCAP
CBy Joel R. San Juan @jrsanjuan1573
ITING the drastic increase of traffic violations and ac -
cidents in the Metro Manila, the Office of the Solicitor General (OSG) has asked the Supreme Court to lift the temporary restraining order (TRO) and immediately resolve the petition questioning the constitutionality of the implementation of the no-contact apprehension program (NCAP) by local government units and the Metro Manila Development Authority (MMDA).
In its reply to the memorandum submitted by petitioners, the Land Transportation Office (LTO) through Solicitor General Menardo Guevarra told the Court that the number of traffic violations have gone up to close to 257,000 as recorded by CCTV cameras of the Metro Manila Development Authority (MMDA) since the Court’s issuance of the TRO on August 30, 2022.
TBy Justine Xyrah Garcia
In May 2023 alone, the OSG noted that a total of 32,000 traffic violations were recorded, almost four times higher compared to the 9,500 average traffic violations per month reported before the NCAP was suspended.
“Clearly, the NCAP acts as an effective deterrent against traffic violations,” Guevarra said.
The government also noted an increase in the number of accidents in Metro Manila in the last quarter of 2022, coinciding with the suspension of NCAP.
The OSG cited the difficulty on the part of traffic authorities to implement the exclusive bus lane along Edsa without a CCTV-assisted apprehension.
“Yet, the MMDA and the various local government units could not reasonably apprehend all these flagrant offenders because of its limited personnel,” Guevarra pointed out.
Likewise, the OSG said since the conclusion of the oral arguments on the petitioners last January 24, 2023, there
HE Commission on Elections made public on Thursday the guidelines for the filing of certificate of candidacy (COC) and certificate of nomination (Cona) for the 2025 national and local polls. Under the commission’s recent resolution, all COCs and Conas should be filed on October 1 up to October 8, from 8am to 5pm. No extension will be made for those who will not meet the deadline. Depending on the elective position a candidate will run for, the aspirant’s COC should be filed with the following receiving offices: n Senator and party-list representative—The Manila Hotel n House representative for legislative districts in Metro Manila—Office of the Regional Director in the National Capital Region
have been numerous developments that necessitate the resumption of MCAP.
These include the adoption by the Metro Manila Council, the policy-making body of the MMDA, of the “SingleTicketing System” last May 9, 2023.
The MMC also approved the Joint Metro Manila Traffic Circular No. 01, Series of 2023, establishing the Metro Manila Traffic Code of 2023 which is intended to harmonize the existing national and local laws on traffic enforcement to establish effective transport and traffic management in Metro Manila.
The single-ticketing system was pilot-tested on May 2, 2023 by the MMBDA and seven LGUs—San Juan, Muntinlupa, Quezon City, Valenzuela, Parañaque, Manila and Caloocan.
Guevarra said due to the existing TRO on NCAP, the pilot-testing of the single-ticketing system was limited to physical or contact apprehensions.
“For these, the respondents humbly beseech this honorable Court to resolve
n House representative for legislative districts in provinces, Governor, ViceGovernor—Office of the Provincial Election Supervisor concerned n Mayor, Vice-Mayor—Office of the Election Officer of the city or district concerned Any COC filed with the incorrect office will not be counted as filed, the commission said.
Patrty-list guidelines
MEANWHILE , authorized or accepted political parties will be required to nominate a
the matter immediately. The prompt resolution of the pending petitions will enable the government to implement needed measures to better manage the traffic situation in Metro Manila, and contribute to an improving economy and way of life,” Guevarra explained.
The TRO on NCAP’s implementation stemmed from the consolidated petitions filed by several transport groups such as the Kilusan sa Pagbabago ng Industriya ng Transportasyon Inc. (Kapit), Pangkalahatang Sangguniang Manila and Suburbs Drivers Association Nationwide (Pasang-Masda), Alliance of Transport Operators and Drivers Association of the Philippines (Altodap), and Alliance of Concerned Transport Organization (Acto) and lawyer Juman B. Paa.
The transport groups are questioning the legality of NCAP’s implementation, noting that it has no basis either in the Republic Act 7924 that serves as the enabling charter of the MMDA and RA 4136 which created the LTO.
total of 10 nominees only that can possibly represent the party if it will obtain the required number of votes.
These party-lists are also required to submit a Cona, aside from a COC.
The document should include the following: (1) name of the party or sector, (2) name of the chairperson, (3) names and addresses of all nominees, (4) certification that all nominees comply have all qualification and none of disqualification guidelines, (5) documentary stamp, and (6) signature and attestation under oath.
They added that the LGU ordinances LGUs allowing NCAP are invalid since there are no existing laws passed by Congress that allow the implementation of such regulation.
RA 4136, according to the petitioners, allows only face-to-face apprehension of traffic violators and declares traffic violations as a liability of the erring drivers and not the registered owners.
The petitioners are also complaining against the unreasonable provisions of the NCAP, that include non-renewal of the vehicle registration until such time that the fines are settled, and for including innocent third persons liable for traffic violations.
Lawyer Paa’s petition questions the constitutionality of the NCAP being implemented by the Manila City government after he was forced to pay huge fines and penalties for four traffic violations (obstruction of the pedestrian lane) before he could register his vehicle.
The names of nominees should be listed in the priority of preference.
Should a party-list submit less than 10 nominees, the electoral board has the right to reject its application. For substitution and withdrawal of nominees, the Comelec emphasized that it will only accept such until October 8.
“The substitution due to the withdrawal of the acceptance of the nomination shall only be allowed not later than October 8, 2024 (Tuesday) and those filed beyond the said date shall not be given due course,” the
He said Manila’s NCAP should be declared unconstitutional for being violative of the motorists’ constitutional right to due process; for being oppressive and confiscatory; and for violation of privacy rights under Republic Act
commision said.
Only substitutions because of death or incapacitation of nominees will be deemed allowed up to mid-day of election day next year.
According to Comelec, all submitted Conas and COCs will be posted at the commission’s official website (www.comelec.gov.ph) starting October 18.
“The posting will serve as public notice of the nominees’ declaration of their qualifications as party-list representative,” the commision said.
Empowering girls through education for a stronger PHL
THE wisdom encapsulated in the African proverb, “If you educate a man, you educate an individual. But if you educate a woman, you educate a nation,” resonates profoundly in our modern world. In the Philippines, recent data from the World Bank reveals a concerning trend: more young girls are out of school, not engaged in work or training, compared to boys. This disparity not only highlights an issue of access to education but also underscores a missed opportunity for societal development and progress. (Read the BusinessMirror story: “More girls not in school, at work or training in PHL,” August 28, 2024).
In a compelling data blog, World Bank Gender Group Data Scientists Anna Tabitha Bonfert and Divyanshi Wadhwa emphasize the critical importance of investing in girls for achieving economic growth and poverty reduction goals. Their insights shed light on the transformative power that education and empowerment can have on individual lives, local communities, and entire economies. By keeping girls in school and supporting their advancement as leaders in various spheres, we pave the way for inclusive growth and positive social change.
The data from the Philippine Statistics Authority and the International Labor Organization paint a stark picture: a significant percentage of girls aged 15 to 24 are not in education, employment, or training (NEET), with rates higher for girls than boys. What is even more concerning is the observation made by Bonfert and Wadhwa that this NEET status tends to become a permanent situation for women as they transition into adulthood, unlike their male counterparts. Globally, the youth population aged 15 to 24 is burgeoning, with a substantial number of girls in this demographic. As Michelle Obama aptly noted, when girls are educated, their countries grow stronger and more prosperous. The potential held within these young girls is immense—they are not just individuals but the future leaders, innovators, and change-makers that can drive economic growth and social progress.
The challenge now lies in mobilizing resources and efforts to ensure that girls in the Philippines are given equal opportunities for education and professional development. This requires a multi-faceted approach: improving access to quality education, providing scholarships, creating mentorship programs, and addressing societal norms that hinder girls’ educational pursuits.
Moreover, it is crucial to engage local communities in these efforts. Parents, educators, and local governments must collaborate to create environments that support girls’ education. By shifting the narrative around female education from a luxury to a necessity, we can pave the way for a more equitable and prosperous future.
The data is clear: educating girls leads to stronger communities and economies. As we reflect on the implications of the World Bank’s findings, it is essential to recognize that investing in our young women is investing in our collective future. The Philippines stands at a crossroads, with the potential to transform its economic landscape through the empowerment of its female youth. By prioritizing girls’ education, we can fulfill the promise of the African proverb and uplift an entire nation.
It is imperative that policymakers, educators, and communities come together to address the systemic barriers that hinder girls’ access to education and opportunities. By investing in girls’ education, we are investing in a brighter and more equitable future for all. Let us heed the wisdom of these data scientists and global leaders and work towards a world where every girl has the chance to fulfill her potential, benefitting not just herself but the nation as a whole.
BusinessMirror
T. Anthony C. Cabangon
Lourdes M. Fernandez
Jennifer A. Ng Vittorio V. Vitug
Lorenzo M. Lomibao Jr., Gerard S. Ramos
Lyn B. Resurreccion, Dennis D. Estopace
Angel R. Calso
Ruben M. Cruz Jr.
Eduardo A. Davad Nonilon G. Reyes
D. Edgard A. Cabangon
Benjamin V. Ramos
Aldwin Maralit Tolosa
Rolando M. Manangan
Copyright infringement and plagiarism
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Dennis gorecho
Kuwentong PeyuPs
HE children’s book “Isang Kaibigan” released by Vice President Sara Duterte became a hot topic on social media due to allegations of plagiarism and copyright infringement.
The book is about the story of an owl that was abandoned by almost all of his friends after a storm destroyed his home. When he grew lonely and hungry, a parrot offered to help him rebuild his nest and provided him shelter, showing that true friends do not leave each other in times of need.
Critics pointed out that “Isang Kaibigan” is strikingly similar to “Owly,” authored by American writer Andy Runton that also features an owl as the main character, with a plot that also teaches about friendship.
“Napakadaling sumulat ng maikling kwento batay sa sariling karanasan, hindi na kailangang mangopya pa,” Duterte said in a statement.
Copyright infringement is a trespass on a private domain owned by the owner of the copyright and protected by law. Copyright infringement occurs when someone performs an act that is the exclusive right of the copyright holder, without obtaining the copyright holder’s permission. In other words, copyright infringement involves using copyrighted material in an unauthorized way. (Columbia
Pictures Inc. v. Court of Appeals, 329 Phil. 875, 926).
Copyright infringement is committed by any person who shall use original literary or artistic works, or derivative works, without the copyright owner’s consent in such a manner as to violate the latter’s economic rights. (Olano v. Lim Eng Co, 783 Phil. 234, 250).
Section 177 of RA 8293 or the Intellectual Property (IP) Code enumerates the economic rights of copyright owners, which shall consist of the exclusive right to carry out, authorize or prevent the following acts: (a) reproduction of the work or substantial portion of the work; (b) dramatization, translation, adaptation, abridgment, arrangement or other transformation of the work; (c) first public distribution of the original and each copy of the work by sale or other forms of transfer of ownership; (d) rental of the original or a copy of an audiovisual or cinematographic work, a work embodied in a sound recording, a computer program, a compilation of data and
In determining the question of infringement, the amount of matter copied from the copyrighted work is an important consideration. It is not necessary that the whole or even a large portion of the work shall have been copied. If so much is taken that the value of the original is sensibly diminished, or the labors of the original author are substantially and to an injurious extent appropriated by another, that is sufficient in point of law to constitute piracy.
other materials or a musical work in graphic form, irrespective of the ownership of the original or the copy which is the subject of the rental; (d) public display of the original or a copy of the work; (e) public performance of the work; and (f) other communication to the public of the work.
These acts, when carried out by another person without the consent of the copyright owner, amount to copyright infringement. However, to constitute infringement, the usurper must have copied or appropriated the original work of the copyright owner; absent such copying, there can be no infringement (Icebergs Food Concepts Inc. v. FILSCAP, GR 256091, April 12, 2023).
In determining the question of infringement, the amount of matter copied from the copyrighted work is an important consideration. It is not necessary that the whole or even a
large portion of the work shall have been copied. If so much is taken that the value of the original is sensibly diminished, or the labors of the original author are substantially and to an injurious extent appropriated by another, that is sufficient in point of law to constitute piracy (Habana v. Goodwill Trading Co. GR 131522, July 19, 1999). On the other hand, plagiarism is the act of appropriating the literary composition of another, or parts or passages of his writings, or the ideas or language of the same, and passing them off as the product of one’s own mind.
(A.M. No. 10-10-4-SC, October 19, 2010 Re: Letter of the UP Law Faculty entitled “Restoring Integrity”). Plagiarism, a term not defined by statute, has a popular or common definition. To plagiarize is “to steal and pass off as one’s own” the ideas or words of another. Stealing implies malicious taking. It is the “deliberate and knowing presentation of another person’s original ideas or creative expressions as one’s own.” The presentation of another person’s ideas as one’s own must be deliberate or premeditated—a taking with ill intent. (A.M. No. 10-7-17-SC February 8, 2011 Re: Charges of Plagiarism v. Justice del Castillo). The Court noted that “plagiarism is identified not through intent but through the act itself. The objective act of falsely attributing to one’s self what is not one’s work, whether intentional or out of neglect, is sufficient to conclude that plagiarism has occurred.”
See “Gorecho,” A11
China’s two richest people lose billions in consumer stock rout
REcoRD-BREAkIng stock selloffs in two of china’s biggest consumer companies erased more than $16 billion from the fortunes of the nation’s richest people, underscoring deepening investor concern over the health of Asia’s biggest economy.
China’s wealthiest person, Nongfu Spring Co. founder Zhong Shanshan, lost some $3 billion as the beverage giant’s shares fell by a record 10 percent Wednesday in Hong Kong, according to the Bloomberg Billionaires Index, leaving him with a total of $46.6 billion.
Meanwhile, PDD Holdings Inc. founder Colin Huang’s wealth tumbled by $14.1 billion on Monday, as shares fell the most in company history after it warned revenue growth would inevitably dwindle. The retreat was Huang’s biggest one-day loss ever, dropping him to fourth on Bloomberg’s ranking after briefly holding the top spot earlier this month.
The slide continued Tuesday, when the Temu owner’s shares dropped a further 4.1 percent, knocking another $1.4 billion from Huang’s riches. Tencent Holdings
Ltd. co-founder Pony Ma now holds the second spot on Bloomberg’s tracker.
Their respective wealth plunges underscore shaky longer-term confidence in Chinese consumption, where many of the world’s biggest businesses are facing a slowdown in demand. The battle for increasingly frugal shoppers has fueled steep price cuts, resulting in margin-obliterating products like a new purified water sold by Nongfu for under 1 yuan ($0.14) each.
“China’s economy is probably worse than people think if consumer companies like Nongfu and PDD are not doing well,” said Vey-Sern Ling, managing director at Union Bancaire Privee. “They represent segments where demand is supposed to be resilient—drinks and value-for-money products.”
Both firms have also battled a
“China’s economy is probably worse than people think if consumer companies like Nongfu and PDD are not doing well,” said Vey-Sern Ling, managing director at Union Bancaire Privee. “They represent segments where demand is supposed to be resilient—drinks and value-formoney products.”
series of public relations challenges this year. Nongfu was criticized on Chinese social media after the death of Zong Qinghou—founder of key rival Hangzhou Wahaha Group Co. —with some users alleging that Nongfu schemed to get an advantage over its competitor. Months later, a report from Hong Kong’s Consumer Council questioned the quality of Nongfu’s water, which it later clarified. PDD faced backlash last month as hundreds of merchants staged a rally outside its southern China offices, protesting what they called unfair penalties increasingly being levied by the company. And there’s
growing regulatory scrutiny of its e-commerce giant Temu, with the European Union working on a proposal to close an import tax loophole for cheap goods bought online. Nongfu’s revenue from its packaged drinking water products fell by 18% over the first half, with the segment’s proportion of total revenue dropping to about 39 percent, from around 48 percent last year. The decline was attributed to negative public opinion toward the company and Zhong since the end of February. Nongfu and PDD “have competitors eyeing their market share aggressively,” said Li Xuetong, fund manager at Shenzhen Enjoy Investment Management Co.
“One thing for certain is that the two firms, which investors were happy to value as the leaders in their respective fields, are not being spared from breakneck competition as seen in other industries—and investors seem to be rethinking how secure their perch is,” Li said with assistance from Lulu Shen and Pui Gwen Yeung /bloomberg
Ambassador Antonio L. Cabangon Chua
Fed embraces gradualism, a familiar policy for uncertain times
By Catarina Saraiva & Craig Torres
WITh a September interest-rate cut all but certain and attention turning to the pace of future reductions, Federal Reserve officials are coalescing around a gradual approach to the last mile of their inflation fight.
A handful of policymakers at the Fed’s annual research symposium in Jackson Hole, Wyoming, last week made the case for lowering rates in a “gradual” or “methodical” manner. That pushed back against investor expectations for at least one outsized cut this fall.
Inflation hasn’t yet fully cooled to their 2 percent target, the Fed officials argued, and while the labor market shows signs of fragility, the absence of widespread layoffs means aggressive action isn’t yet called for.
“Methodical, gradual, careful— those are the types of words you hear policymakers throw around when they’re turning the ship,” said Brett Ryan, senior US economist at Deutsche Bank AG. “It’s going to be sort of a feeling-out process that they’re going to want to take a slower approach on.”
Gradualism is a strategy that the Fed has deployed before in uncertain times. It suggests they hope to cut rates by 25 basis points at a time. Yet notably absent from the chorus backing this approach was Chair Jerome Powell.
Chair tilts dovish
THe Fed chief has staked his legacy on bringing down inflation without causing severe pain in the job market. In his closely watched speech in Jackson Hole, Powell never described how quickly or slowly he expects the Fed to move after September. He also sounded more open than several of his colleagues to taking a more aggressive approach should things deteriorate rapidly on the employment front.
“We will do everything we can to support a strong labor market as we make further progress toward price stability,” Powell said. “We do not seek or welcome further cooling in labor market conditions.”
The Fed, like many other central banks, has taken a gradual approach during most easing and tightening cycles in the modern era, with a few exceptions.
At the onset of the financial crisis and during the Covid pandemic, policymakers rapidly drove interest rates to zero. Former Chair Paul Volcker was famously unflinching in his strategy for quashing inflation in the late 1970s and early 1980s. Otherwise, monetary policy has more typically been adjusted by just a quarter percentage point at a time.
This approach, as detailed by then-Governor Ben Bernanke in a 2004 speech on gradualism, gives policymakers time to gauge the economy’s response to its actions.
Applied now, gradualism would provide some relief from the Fed’s current level of restrictiveness, but also take into account that the inflation target hasn’t yet been achieved. After underestimating the surge in prices in 2021 and starting to tighten too late, some policymakers are still wary of reigniting inflation. At least one worries that cheaper borrowing costs will release pent-up demand from consumers and businesses awaiting lower rates.
But at the same time, the labor market is finally beginning to look normal again, and by some mea-
Gradualism is a strategy that the Fed has deployed before in uncertain times. It suggests they hope to cut rates by 25 basis points at a time. Yet notably absent from the chorus backing this approach was Chair Jerome Powell.
sures a bit weak. Unemployment unexpectedly rose to 4.3 percent in July. employers aren’t firing workers en masse, but they’ve slowed hiring dramatically.
To some, like Richmond Fed President Thomas Barkin, that’s a combination that is unlikely to continue for long.
“They have a significant question around them now in terms of labor market weakening,” said Claudia Sahm, chief economist at New Century Advisors, an investment management firm. “They need to start removing the restriction.”
Powell and his colleagues long argued the hot jobs market was stoking inflation by driving wages higher and giving US consumers more spending power. But Powell made clear that effect has faded.
“Powell appears to be more dovish than his peers,” said eY-Parthenon economists Gregory Daco and Lydia Boussour. “Still, unless labor conditions deteriorate materially in the coming weeks, we continue to expect a majority of policymakers will favor a 25 basis-point cut in September.”
How fast, how far?
AS Fed officials embark on this next phase, they face another question besides how fast to go: If all goes smoothly, how far can they eventually cut rates?
The so-called neutral rate of interest, where the central bank is neither holding down the economy nor stimulating it, is an estimate rather than an exact scientific calculation. Some Fed officials and economists argue that in the post-pandemic economy, where labor productivity is up, that level may be higher than it once was.
Given the uncertainty, that makes moving gradually all the more attractive.
If officials could somehow know with confidence where the neutral rate lay, said Barkin, they could just move there and declare victory. But it’s not that simple in real life.
“You sort of want to feel your way there,” he said in an episode of Bloomberg’s Odd Lots podcast recorded last week. “You’ll learn based on whether inflation has settled or is accelerating. You’ll learn based on whether the labor market is growing or shrinking. You’ll learn those things as you go and you’ll adjust rates as appropriate.”
Others at the Fed, like San Francisco’s Mary Daly, think it’s too early to worry about neutral.
“The really relevant thing now is that even when we make adjustments to the policy rate to make sure it’s right, we will still be in restrictive territory,” she said in an interview on Bloomberg Television. “We have a long ways to go.” Bloomberg
Evolving ornithology
The past few days for me were miracle days. With owls and parrots sharing spaces with flood, the fear of monkeypox and a warrant of arrest issued against the Son of God, I began to believe I was living in a world that is returning to the Paradise our ancestors have lost. Or, at least, presently treading on the dried-up paths carved by the two world rivers that flowed from the Garden of the Tree of the Knowledge of Good and evil.
There were debates especially after the second-highest official of the land decided to write a children’s book in the light of the Congress and the Senate about to jump on her proposed budget. What could save her? Her knowledge of birds, of course. Anything that creates debate, triggers conflicts can always save a person from himself or herself.
Whoever said we are not a reading public must be burrowing like an owl under a cogon-covered mound. For someone who loves birds, the days of birds made me rethink many things. For one, was I not ecstatic that we were once more finding certain facts important. What are these facts? Well, for one, do owls, as the Veep’s book states, really nest on branches? Critics (and they multiply each day) referring to bird specialists or ornithologists, clarified that owls either build their nests in the hollows of big, old trees (the experts did not really say old but, for some reason, it sounds lovely to call trees “big” and “old,” doesn’t it?). Or, some of them dig holes in the ground.
Writers called out also the Veep for the grammatical lapses in her book, whose editor, up to this moment, remains unnamed. There is, however, footage of a coverage in the budget hearing where she names Raoul Manuel, the representative of the Kabataan partylist as the author of a book. The children’s tale, by the way, pontificates about friendship using two birds that, as pointed out by other ornithologists, may never meet because the owl is a nocturnal bird while the parrot is an acknowledged daytripper. So you see, we are living in a fairy tale.
UK,
Bclarify lest you think I live in a bird sanctuary or a communal roost: I live in the city where maya or passerine birds thrive. They are what I feed. They are, in my own self-conscious way, the ones I take care of in terms of food supply. These birds are so ordinary that to articulate my fondness for them as a form of stewardship borders on the eccentric.
Lately, I have been thinking if I have evolved as a bird-feeding human. There are reasons for this.
First, I have become more fastidious about the kind of food I could offer these birds. While in my early
they loved it. I also began to observe these little creatures. When crumbs of bread would fall on the ground, a flock of these maya would gleefully (I do anthropomorphise them) fight among themselves for the tiny morsels. This act never happens when I arrange the food above the ground. What happens during ground feeding? What is triggered by the food scattered on the ground? Are they reminded of the wild moments when they fight for food on the street?
For those, however, who follow my column Annotations, enchantment has always been part of my quotidian existence. The said readers must have noted that I regularly write about two themes—one on months (I simply look out on a day the month changes and observe the direction of the wind or its absence, ponder on the trees and their leaves, and ruminate on them) and the other on birds.
With birds, I do not merely write about them; I also feed them. Let me
days of feeding them, I would rely on leftover breadcrumbs, I now select the kind of bread that they, by observing, seem to favor. One time, running out of what we call sliced bread, I rushed to the nearby sarisari store to look for anything that would qualify as bird food. On that day, only a soda cracker or saltine was available. I then mashed them and laid them out on the ledge of a wall that separated my home from the next-door neighbor. The crumbs disappeared quickly—a sign that
I usually put the food for the birds regularly at seven or eight in the morning. There are days when I wake up late and it is during this time that I often conjure a conversation with these birds in my mind. Do they ever worry if there would be food on that day? Do they judge me the way citizens of the republic worry about economic prosperity and food supply?
One of the limitations of my bird-feeding program is that I can never show myself to them as they feast on whatever food/crumbs/crackers/ leftover cake I have offered them on a particular day. To which, I often ponder: do birds understand what gratitude is? If they do, how do I know they are thanking me for my generosity of heart? My fear: do they see this act of feeding them an act of kindness? Or of love?
I know I am not the perfect bird feeder. There are days when I discover in my refrigerator old food unfit for humans. And because they are birds, I, therefore, feed them the same. At times, I leave my home for days and I forget about them. On those days, do they look for me? Or miss me?
Do tell me: In their bird universe, do you think there will ever come a time when they will learn from the sky or the winds or the days that, maybe, the only reason I am feeding them is because there is nothing else better for this human to do?
E-mail: titovaliente@yahoo.com
Germany target new pact as Starmer rebuilds EU ties
By Ailbhe Rea, Ellen Milligan & Michael Nienaber
RITaIn and Germany are aiming to agree on a broad cooperation treaty as part of Keir Starmer’s efforts to improve ties with european allies.
The new UK prime minister held talks Wednesday with German Chancellor Olaf Scholz in Berlin and the two nations published a joint statement outlining a proposed bilateral deal covering everything from defense and security to technology, clean energy and migration. Starmer called it “part of a wider reset grounded in a new spirit of cooperation.”
“Such a treaty has never before existed between Germany and the UK,” Scholz said alongside Starmer at the chancellery after their talks.
The two nations are also looking within the next few months to forge a narrower agreement on defense and security as an initial pillar of the pact. That would facilitate joint procurement and shared military exercises, according to government officials familiar with the planning, who asked not to be identified discussing confidential information.
2010, there’s been no equivalent framework for the Anglo-German relationship.
As one of its first foreign-policy initiatives, Starmer’s newly elected Labour government has sought to change that. Less than a week after July’s election Foreign Secretary David Lammy landed in Berlin, and his groundwork is now being followed up in the first bilateral visit of the prime minister himself.
The countries’ ambition to coordinate on defense gained fresh impetus after Russia’s 2022 invasion spurred them to rapidly turn themselves into two of the continent’s most generous donors of military aid to Ukraine.
The UK-Germany treaty is intended to come ahead of a european Union-wide security pact that Starmer’s administration wants to use to bolster defense cooperation with the wider bloc.
The new UK prime minister held talks Wednesday with German Chancellor Olaf Scholz in Berlin and the two nations published a joint statement outlining a proposed bilateral deal covering everything from defense and security to technology, clean energy and migration. Starmer called it “part of a wider reset grounded in a new spirit of cooperation.”
Negotiations for the eU-wide agreement aren’t expected to begin until Spring 2025. Still, cooperation with Germany makes sense as a prelude to it, according to Sébastien Maillard, associate fellow at Chatham House. The bloc’s largest economy is “one of the better advocates in the eU for facilitating this closer relationship,” he said.
that characterized relations between the formerly governing Conservative Party and its european partners. The differences between the two center-left leaders are plain: Scholz heads a febrile coalition and is under pressure from the far-right Alternative for Germany party, or AfD, while Starmer enjoys his country’s biggest majority since Tony Blair’s 1997 victory.
Yet the British premier has something to learn from Scholz’s struggle to contain a threat from the populist fringes. Already a spate of anti-immigration riots stoked by online misinformation have betrayed how the far-right of British politics could, over the long-term, conspire to cause the new prime minister trouble.
When the presence of the AfD in German legislatures has made Scholz’s life difficult over the past three years, that’s an uncomfortable read-across for Starmer, who now has to contend with the advance of a party to the right of the Conservatives that recently took 14 percent of the vote.
Peyups is the moniker of the University of the Philippines. Atty. Dennis R. Gorecho heads the Seafarers’ Division of the Sapalo Velez Bundang Bulilan Law Offices. For comments, e-mail info@ sapalovelez.com, or call 0917-5025808 or 09088665786. Gorecho. . . continued from A10
The Department of Justice explained that plagiarism, when committed under certain circumstances and with deliberate intent, can amount to a criminal offense as (1) copyright infringement under the IP Code; (2) online piracy under R.A, 8792 or e -Commerce Act; or (3) violation of RA 10175 or Cybercrime Prevention Act or (Advisory Opinion No. 02, Series of 2012).
While a Starmer aide described Scholz as the leader the UK prime minister’s closest to both personally and politically, the same’s not yet true of their countries—at least, not officially. even though France and Britain have, for over a decade, coordinated their defense and security activity under the aegis of the Lancaster House treaties agreed in
It’s “important to us to further develop the relationship between the european Union and Great Britain,” Scholz said at their joint press conference.
Yet the UK government remains vague about what that broader agreement would consist of and has so far given limited guidance to officials assigned with drawing-up proposals for it, people familiar with those discussions said.
Starmer, who’s riding high after sweeping to office seven weeks ago with an enormous mandate, has framed the outreach to Germany in terms of his mission to boost his country’s growth rate.
He is due to meet Wednesday with Siemens energy AG Chief executive Officer Christian Bruch as well as Armin Papperger, the CeO of Rheinmetall AG—both of whom helm large German employers with operations in the UK.
Officials on both sides are keen to emphasize the close relationship between Starmer and Scholz and turn a page on the mutual suspicion
In that context, the prime minister’s own allies worry whether his emphasis on stable governance will be enough to mask what is often painted by critics and political opponents as an absence of charisma. But people who think he’s boring or weak shouldn’t underestimate him, a senior German official said of the UK prime minister—perhaps with the country’s own leader in mind. With assistance from Eleanor Thornber, Arne Delfs and Gregory L. White /Bloomberg
Tito Genova Valiente annoTaTions
Friday, August 30, 2024
House won’t yield on key provisions of Create More
By Jovee Marie N. dela Cruz @joveemarie
THE House of Representatives will stand firm on several key issues as it heads into bicameral conference committee discussions on the proposed Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, according to the chairman of the House Committee on Ways and Means.
House Committee on Ways and Means Chairman Joey Sarte Salceda made it clear on Thursday that the House contingent will not simply adopt the Senate version of the bill, citing significant differences in principle between the two chambers' versions.
The Senate is looking to pass its final version of CREATE MORE next week.
Salceda objected to this provision, citing potential complications in law enforcement and the risk of unmarked fuel entering the market.
“We vehemently object to this. Such products will not be fuelmarked when imported, which will confuse law enforcement as to the provenance of unmarked fuel. We cannot agree to something we have already found in our own investigations to be a policy that creates and allows smuggling,” he said.
tax rates downward, noting that this falls under their fiscal autonomy.
Salceda stressed that the House contingent will take its time to ensure that the bill effectively remedies ambiguities in the original CREATE law. "The cure will not be rushed," he said, highlighting the need for thorough consideration of all aspects of the bill before it is finalized.
TBy Justine Xyrah Garcia
HE Association of Safety Practitioners of the Philippines (ASPPI) held its 23rd national convention on Thursday, discussing best practices to enhance business operations nationwide.
With the theme “Shaping Changes in the Workplace Toward Sustainability and Capability Building,” delegates from across the country convened to discuss possible ways to update current occupational safety and health (OSH) practices.
Benavidez said, noting the need for greater investment in safety practices and training. Previously, OSH in the country was primarily governed by Republic Act 11058, which focused on the implementation of safety and health standards in the private sector.
Significant progress has been made years later with the introduction of Joint Memorandum Circular No. 01 s. 2020, which extends OSH requirements to the public sector as well. For ASPPI convention speakers, this development marks a notable shift in the regulatory landscape—underscoring accountability to workplace safety across both sectors.
“If we adopt the Senate version as is, we’re back to the confusing status quo,” Salceda warned.
Another point of contention is the Senate’s proposal to allow tariff- and VAT-free—but supposedly bonded— importation of petroleum for international carriers.
“First, the Senate version did not adopt our effort to, once and for all, resolve the question of whether the cross-border doctrine remains the law of the land,” Salceda explained. He noted that while the Senate initially sought to eliminate separate customs territories from special economic zone laws, it ultimately backtracked without adopting the House's proposed clear doctrine on the matter.
Salceda also raised concern about the treatment of local tax rates under the Registered Business Enterprise Local Tax (RBELT) proposal. The manufacturing sector has expressed a need for clarification, particularly on whether existing local government unit (LGU) rates would apply if they were lower than the proposed 2-percent rate in CREATE MORE.
“We see the merit in this, since the RBELT aims to streamline tax collection, not increase rates. Manufacturing tends to be sensitive to taxes based on gross receipts, because they have very low, single-digit margins,” he added.
Salceda emphasized the importance of empowering LGUs to adjust
The House leader also expressed his intention to work closely with Malacañang, as the House has done in the past, while remaining steadfast on the key issues at hand.
“Usually, when we pass tax reforms, they tend to be towards December of the year. Hence, there is pressure to complete the reform before the new fiscal year starts. We still have a full month of session, not to mention, four months before this fiscal year ends,” he said.
“I will work closely with Malacanang, as we have in the past. We always treat comments from the Osapiea [Office of the Special Assistant to the President for Investment and Economic Affairs] with the highest consideration and priority. But, on these key issues, the House contingent will be steadfast,” Salceda added.
“Based on the latest labor force survey, the number of employed persons was recorded at 50.25 million. So ang dami nating nagtatrabaho. These workers all deserve [a] safe and healthy working environment,” Department of Labor and Employment (DOLE) Undersecretary Benjo Benavides said in his keynote speech.
He also acknowledged that prioritzing OSH should not solely depend on DOLE. Rather, a collaboration among the government, employers, and safety practitioners is much needed.
Data show a significant disparity between the number of businesses and available safety resources. With over 1.1 million business enterprises in the Philippines, there are only 1,210 labor inspectors, 2,450 accredited safety practitioners, 522 consultants, and 119 safety training organizations dedicated to strengthening OSH across all industries.
“These numbers are just few compared to the more than 1.1 million business enterprises employing more than 50 million workers,”
“Ensuring safety and wellbeing should be a top priority for government organizations... we will continue seeking support and collaboration with our partner organizations,” Science Research Specialist II April Aguilos said. Meanwhile, safety consultant Ferdinand Agtarap explained that workplaces should have a “proactive safety culture” where all workers—regardless of their positions— are knowledgeable about the various unsafe conditions that may happen to them. This includes combining regulatory compliances, workforce training, and technological advancements to ensure a resilient and safe business for employees.
“That is the challenge to us, we have to develop a framework from bottom to top. It cannot be just from the top, it must start from the grassroots,” Agtarap said. The 23rd convention of ASPPI runs until August 30 at The Manila Hotel. The association is also celebrating its silver anniversary foundation.
15.
16.
Description: Relaying productivity concerns to the supervisor.
Brief Job Description: Relaying productivity concerns to the supervisor.
17. XU, YONG
Assistant Supervisor
Brief Job Description: Relaying productivity concerns to the supervisor.
18. ZHANG, HONGYING Assistant Supervisor
Brief Job Description: Relaying productivity concerns to the supervisor.
19. QIU, CHENGDA Chinese Speaking Business Development Associate
Brief Job Description: Develop and execute strategic sales plans.
20. WEN, WENSONG Chinese Speaking Business Development Associate
22. ZHAO, YI Chinese Speaking Business Development Associate
Brief
Basic
Salary
Basic Qualification: Able to speak, write and type in Mandarin and Vietnamese languages.
Salary Range: Php 30,000 - Php 59,999
Basic Qualification: Able to speak, write and type in Mandarin and Vietnamese languages.
Salary Range: Php 30,000 - Php 59,999
Basic Qualification: Able to speak, write and type in Mandarin and Vietnamese languages.
Salary Range: Php 30,000 - Php 59,999
Basic Qualification: Able to speak, write and type in Mandarin and Vietnamese languages.
Salary Range: Php 30,000 - Php 59,999
Basic Qualification: Able to speak, write and type in Mandarin and Vietnamese languages.
Salary Range: Php 30,000 - Php 59,999
Salary
Nihongo
65. HUANG, JIANLING Customer Service Coordinator
Brief Job Description: Managing a team of customer service employees.
66. LEI, BAOAN Customer Service Coordinator
Brief
67. SU, JINCAI Customer Service Coordinator
Brief Job Description: Managing a team of customer service employees.
Quezon City
105. LI, MINGYU Mandarin Sales Specialist
Brief Job Description: Establish and maintain effective customer relationships with customers and assist in day-to-day operational responsibility.
106. LI, YINGYING Mandarin Sales Specialist
Brief Job Description: Establish and maintain effective customer relationships with customers and assist in day-to-day operational responsibility.
107. WANG, HONGMEI Mandarin Sales Specialist
Brief Job Description: Establish and maintain effective customer relationships with customers and assist in day-to-day operational responsibility.
108. WANG, XUEQING Mandarin Sales Specialist
Brief Job Description: Establish and maintain effective customer relationships with customers and assist in day-to-day operational responsibility.
109. MIAO, WENPING Translator (Mandarin)
Brief Job Description: Translate written documents, audio recordings, or spoken conversations accurately and efficiently from one language to another.
110. ZHANG, YUFENG Translator (Mandarin)
Brief Job Description: Translate written documents, audio recordings, or spoken conversations accurately and efficiently from one language to another.
111. ZHAO, ZHIHONG Translator (Mandarin)
Brief Job Description: Translate written documents, audio recordings, or spoken conversations accurately and efficiently from one language to another.
112. ZHU, LINGLING Translator (Mandarin)
Brief Job Description: Translate written documents, audio recordings, or spoken conversations accurately and efficiently from one language to another.
- Php 59,999
Basic Qualification: With excellent verbal communication skills, specifically in Mandarin and English languages.
Salary Range: Php 30,000 - Php 59,999
Basic Qualification: With excellent verbal communication skills, specifically in Mandarin and English languages.
Salary Range: Php 30,000 - Php 59,999
Basic Qualification: With excellent verbal communication skills, specifically in Mandarin and English languages.
Salary Range: Php 30,000 - Php 59,999
Basic Qualification: With
Basic Qualification: With excellent verbal communication skills, specifically in Mandarin and English languages.
Salary Range: Php 30,000 - Php 59,999
Basic Qualification: With excellent verbal communication skills, specifically in Mandarin and English languages. Salary Range: Php 30,000 - Php 59,999
Basic Qualification: With excellent verbal communication skills, specifically in Mandarin and English languages.
Salary Range: Php 30,000 - Php 59,999
SALMON SERVICES INC. (SALMON SERVICES, SALMON SOLUTIONS AND SALMON SUPPORT) 12th Floor Four/neo, 4th Avenue, Bonifacio Global City, Fort Bonifacio, City Of Taguig
113. AKIMOVA, ANNA Project Manager
Brief Job Description: Responsible for planning, coordinating and executing projects across the organization including tracking and reporting on status, risk, issues and dependencies.
Basic Qualification: College graduate, with at least 10 years of operation experience in the HR field and with hands-on, on-site management experience in a major construction project.
Salary Range: Php 30,000 - Php 59,999 SECURITY BANK CORPORATION Security Bank Centre Bldg., 6776 Ayala Avenue, San Lorenzo, City Of Makati
JAN MAHOMED, HASNAIN HABIB Senior Assistant Vice President And Process Improvement Head
Brief Job Description:
August 30, 2024
NOTICE OF FILING OF APPLICATION FOR ALIEN EMPLOYMENT PERMIT (AEP/S)
Notice is hereby given that the following employers have filed with this Regional Office application/s for Alien Employment Permit/s.
1 ACBEL POLYTECH PHILIPPINES, INC.
No. 2 Tagaytay Ridge Drive, Carmelray Industrial Park II, Km 54, Milagrosa, City of Calamba, Laguna
2 ARKRAY INDUSTRY, INC.
Lot 22, Phase 1A, First Philippine Industrial Park, Santa Anastacia, City of Sto. Tomas, Batangas
HSIAO, SHENG-YEN
Finance Department Manager
Brief Job Description:
Control and supervise the established policies, principles and procedures
MORIWAKI, HIKARU
Logistics Division Manager
Brief Job Description:
Review results of Risk Management and Post Production Protocols and Result, Collaborates with other departments.
Overseeing the day-to-day operations of the QA/QC department. Responsible for ensuring that products meet the established quality standards through testing and analysis.
4 CONTOUR OPTIK PHILIPPINE INC.
Block 1, Lot 4, Phase 1, Suntrust
Ecotown, Sahud Ulan, Tanza, Cavite WANG, SHENZHEN
QA/QC Assistant Manager
Brief Job Description:
Overseeing the day-to-day operations of the QA/QC department. Responsible for ensuring that products meet the established quality standards through testing and analysis.
5 DAEHAN COLLEGE OF BUSINESS AND TECHNOLOGY, INC.
Road 20, Sitio Siwang, San Juan, Taytay, Rizal HAN, YOUNG WOO
Coordinator Korean Language Department
Brief Job Description:
Teach basic and advance Korean language for SHS and college students
6 DAIHO (PHILS.), INC.
102 North Science Ave., Laguna Technopark, Malamig, City of Biñan, Laguna OKAMOTO, TERUMASA
Production Adviser
Brief Job Description:
Over all in charge of production dept., manufacturing and operations process of Daiho (Phils.), Inc.
Basic Qualification:
in Accounting and Finance techniques, programs, procedures, policies and functions
9 FINESTCON CONSTRUCTION CORP.
La Suerte Taytay Textile, Highway 2000, San Juan, Taytay, Rizal
La Suerte Taytay Textile, Highway 2000, San Juan, Taytay, Rizal
11 FINESTCON CONSTRUCTION CORP.
La Suerte Taytay Textile, Highway 2000, San Juan, Taytay, Rizal
QIAN, ZAIBO
Project Management Officer
Brief Job Description:
Basic Qualification: In-depth knowledge in consumer goods industry, Knowledgeable in Logistics and Supply Chain, Procurement, and Production/Material Planning.
Salary
Basic Qualification:
Must have an extensive background in an eyewear manufacturing company. In-depth knowledge of quality control procedures and legal standards. Can speak fluently in Mandarin Chinese.
Salary Range: Php 30,000 - Php 59,999
Basic Qualification:
Must have an extensive background in an eyewear manufacturing company. In-depth knowledge of quality control procedures and legal standards. Can speak fluently in Mandarin Chinese.
Salary Range:
Php 30,000 - Php 59,999
Basic Qualification: Competent instructor for Korean language
Salary Range:
Php 30,000 - Php 59,999
Basic Qualification: With strong background on production management, manufacturing process and production operations
Salary Range: Php 60,000 - Php 89,999
12 HI-P PHILIPPINES TECHNOLOGY CORPORATION
Bldg. X2, Lot 11A, Phase 1B, First Philippine Industrial Park, Ulango, City of Tanauan, Batangas
13 NEPES HAYYIM CORPORATION
Sunpower Modco Bldg., 100 East Main Ave., Phase 4, Laguna Technopark, Loma, City of Biñan, Laguna
TAN YEN HAO (CHEN YANHAO)
Operations Director
Brief Job Description:
Plan and monitor the day-to-day running business to ensure smooth progress. Ensure that the company runs with legality and conformity in accordance to regulations
KIM, BYUNGCHEOL
Vice President - Technical Development
Brief Job Description:
Direct and implement policies, objectives and initiative for research and development, NPI and design group
CHOI, SUN WOOK
14 NEPES HAYYIM CORPORATION
Sunpower Modco Bldg., 100 East Main Ave., Phase 4, Laguna Technopark, Loma, City of Biñan, Laguna
Vice President, Business Development
Brief Job Description:
Develop and execute strategies to expand the business, increase revenue, identify new markets, lead cross-functional teams, analyze customer needs and provide strategic guidance to the executive team.
YOSHIMURA, KAORU
16 PHILIPPINE MANUFACTURING
CO. OF MURATA, INC.
Lot 2A, Phase 1B, First Philippine Industrial Park, Pantay Bata, City of Tanauan, Batangas
Jr. Section Manager - Procurement Planning and Development Section
Brief Job Description: Maintain strong relationships with supplier networks
Basic Qualification: Bachelors’ degree in business, marketing or related field. strong analytical and problemsolving skills.
Perform follow up on divisional operations and training of department managers and GLS to achieve the TR production division annual implementation plan.
Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE Regional Office IV-A located at 3rd and 4th Floors, Andenson Building II, Parian, Calamba City, Laguna, within 30 days after this publication.
7 FINESTCON CONSTRUCTION CORP.
La Suerte Taytay Textile, Highway 2000, San Juan, Taytay, Rizal LIN, HUIHUANG
Operation Assistant
Brief Job Description: Assist with recruitment and on-boarding process
HUANG, ZHIYONG
8 FINESTCON CONSTRUCTION CORP.
La Suerte Taytay Textile, Highway 2000, San Juan, Taytay, Rizal
Project Management Officer
Brief Job Description:
Basic Qualification: Good interpersonal and multi-tasking skills
Salary Range: Php 30,000 - Php 59,999
Please inform DOLE Regional Office IV-A if you have any information on criminal offense committed by the foreign nationals.
By authority of the Regional Director:
ATTY. MARION S. SEVILLA, LL.M. Assistant Regional Director
Editor: Jennifer A. Ng
B1 Friday, August 30, 2024
Meralco: 6 power gencos to join auction for supply deal
By Lenie Lectura @llectura
Six power generation companies (gencos) have formally expressed interest to supply 400-megawatts (MW) of mid-merit capacity to the Manila Electric Co. (Meralco) for 15 years.
During the pre-bid conference held Thursday, First Gas Power Corp., First Natgas Power Corp., FDC Misamis Power Corp., GNPower Dinginin Ltd. Co., Masinloc Power Co. Ltd., and Sual Power Inc. have indicated their participation in the competitive selection process (CSP) for 400MW of supply, which is intended for delivery starting August 26, 2025.
The bid submission deadline for their bid offers is set on October 1.
The competitive auction will undergo the review and approval process of the Energy Regulatory Commission prior to implementation.
“We look forward to the participation of these prospective bidders during the Bid Submission Deadline and Bid Opening scheduled on October 1,” said Meralco Bids and Awards Committee Chairman Lawrence S. Fernandez. With mid-merit power supply, the
gap between baseload and peaking plants is filled.
Aligned with its annual power supply procurement plan approved by the Department of Energy, Meralco conducts open and transparent CSPs in full compliance with government rules and regulations.
Earlier this week, Meralco secured the lowest offers for its 600-MW supply requirement from two power generation companies through another CSP.
Masinloc Power Co. Ltd. offered P5.6015 per kWh for 500MW capacity, while GNPower Dinginin Ltd. Co. offered to supply the remaining 100-MW baseload requirement at a rate of P5.7392 per kWh. Both offers were significantly lower than the P7.2609 per kWh reserve price set for the bidding. Post-qualification evaluations are ongoing.
“Following the success of our recent CSP for 600 MW of baseload supply where Meralco received very competitive offers, we welcome the continued interest of the country’s major energy players to join this CSP round that will help us ensure availability of least-cost supply for our customers starting next year,” added Fernandez.
Meralco Senior Vice President and Head of Regulatory Management
Jose Ronald V. Valles reiterated that the main objective of the CSP is to secure the least cost supply for its customers.
“We hope that there will be no further delays as we work towards immediate signing of the PSAs resulting from the 600 MW CSP. We trust that ERC evaluation and approval will also be swift so customers can enjoy these very low rates upon scheduled delivery date in August 2025.”
MPIC unit ties up with Cebuana Lhuillier
By VG Cabuag @villygc
METRO Pacific Health (MPH), a unit of conglomerate Metro Pacific Investment Corp. (MPIC), has partnered with Cebuana Lhuillier, the country’s leading microfinancial services provider.
Through its program, MPH, the largest group of private hospitals and healthcare facilities in the Philippines, will deliver a comprehensive healthcare experience tailored specifically for Cebuana Lhuillier’s executives, employees, and their dependents.
The company said this collaboration ensures that Cebuana’s employees will have priority access to MPH’s
extensive network of hospitals, including exclusive benefits such as executive check-ups, annual physical exams, inpatient and outpatient services and emergency room care.
“We are excited to embark on this journey with Cebuana Lhuillier, a company that shares our deep commitment to enhancing, uplifting, and elevating the lives of Filipinos. Through this partnership, we promise to provide exceptional care with our trademark empathy and understanding, ensuring that Cebuana Lhuillier employees receive the best healthcare services available, which they truly deserve,” said Jessica Abaya, MPH chief marketing officer.
The alliance marks MPH’s second network-wide collaboration, following its successful partner -
ship with PLDT-Smart.
Following the launch, Cebuana Lhuillier employees can now benefit from priority scheduling for swift and convenient appointment bookings, on-site assistance to enhance their experience at MPH facilities, and access to everyday affordable pricing along with special group discounts on key procedures.
MPH’s collaboration with Cebuana Lhuillier is part of its broader strategy to provide accessible and compassionate healthcare to corporate clients, ensuring that employees can easily access the care they need, when they need it. The partnership will also leverage digital solutions, including online booking options and digital payment systems, to streamline the healthcare experience for
Cebuana Lhuillier’s workforce.
MPH has 24 hospitals across the country.
“Our goal is to set a new standard in corporate healthcare partnerships, ensuring that every employee under our care feels valued and well taken care of. This partnership with Cebuana Lhuillier is just one of many steps we are taking to achieve that larger, grander vision of premiere healthcare for all Filipinos,” Abaya said.
LISTED telco PT&T Corp. said on Thursday it has partnered with Australian technology company Netlinkz Ltd. to introduce the satellite-based virtual secured network plus (VSN+) service in the Philippines.
According to a disclosure to the stock exchange, PT&T and Netlinkz will leverage satellite broadband connectivity through portable and mobile satellite dishes to provide internet access to traditionally unreachable areas in the country.
“Our partnership with Netlinkz marks a significant milestone for PT&T. Together, we are poised to transform network security and connectivity across the Philippines, providing innovative technology solutions that will empower our clients to thrive in today’s fast-paced, digital-first environment,” PT&T President James Velasquez said.
Aside from VSN+, the partners will also introduce a suite of IT solutions, including core solutions in Software-Defined Wide Area Network (SDWAN) and cybersecurity.
“We are thrilled to collaborate with PT&T to bring our advanced
VSN+, satellite internet, and cybersecurity solutions to the Philippines. This joint venture combines our global expertise with PT&T’s local insights, delivering top-tier services that cater to the evolving needs of businesses in the region,” Netlinkz CEO James Tsiolis said.
The joint venture between PT&T and Netlinkz aims to establish the Philippines as a hub for Netlinkz’s innovations.
Last November 2023, PT&T announced that it increased its capital stock to P12.6 billion from P3.8 billion. According to PT&T President and CEO James Velasquez, the capital stock hike is a “strategic move aimed at charting a path of growth.” The Securities and Exchange Commission approved the move, which underscores a “critical role of strong and strategic management,” according to Velasquez.
The enhanced capital stock structure comprises 1.5 billion common shares, each with a par value of P1.00, and 230 million serial cumulative convertible redeemable preferred shares at P10.00 per share. Lorenz S. Marasigan
Banking&Finance
BIR issues rule on sale, bonding of doc stamps
THE Bureau of Internal Revenue (BIR) has issued guidelines on the proper sale and affixture of loose documentary stamps in the agency’s attempt to plug tax leakages and stop the prevalent trade of fake stamps in online and physical stores.
In its Revenue Memorandum Circular (RMC) 92-2024, the BIR said that only Specialized Revenue Collecting Officers (SRCO) or Revenue Collection Officers (RCOs) assigned at the National Office and Revenue District Office are authorized to sell loose documentary stamps.
This is to ensure that the amount of the daily proceeds from the sale of loose documentary tax stamps are recorded to the BIR’s systems.
The SRCO or RCO shall require the presentation of the original copy of the duly signed taxable document, be the one to affix the stamp to the lower portion of the document, cancel and indicate the date of affixture and release the document.
The cost of a single piece of loose documentary stamp for each taxable document with documentary stamp tax (DST) due shall not exceed thirty pesos. Schools and universities who issue taxable documents with tax due of not more than P30, except those taxpayers using the eDST System and covered by Revenue Regulation (RR) 2-2023, are allowed to purchase two or more pieces of loose documentary stamps.
To do so, the taxpayer must submit to the SRCO or RCO a written letter with its official letterhead signed by the taxpayer requesting the pur-
chase. Information such as the name and address of the taxpayer, number of stamps to be purchased, purpose of stamps and name of the document shall be included in the letter.
Meanwhile, original copies of surety bonds issued for excise tax purposes with documentary stamp imprinted by the eDST System shall not be accepted and recorded by the concerned offices of the BIR. However, these would be so unless the name of the issuing company has been validated from the concerned revenue office as a duly enrolled taxpayer in the eDST System and the DST due from the surety bond is deducted from the taxpayer’s ledger in the said system.
Internal Revenue Commissioner Romeo D. Lumagui Jr. said in the circular that while several industry sectors are mandated to use the eDST System, certain taxpayers failed to enroll and use it.
“It was later discovered that these taxpayers have either continued to use the Constructive System/ Receipt System or purchased and affixed loose documentary stamps on their taxable documents,” Lumagui added. Furthermore, he said that loose DSTs are being sold through online platforms and physical stores. Fake eDST system-printed stamps and loose documentary stamps are also affixed to taxable documents, Lumagui added.
The affixture of stamps to taxable documents with DST due of more than P15 than the required P30 also violated RR 15-2001, according to the BIR chief.
Reine Juvierre Alberto
A stable anchor to rely on
IN a maritime setting, an anchor is a heavy hooked device that is dropped from a ship or boat into the water at the end of a chain in order to make it stay in one place. It is also a metaphor for a person, entity or thing that can be relied on for support, stability or security.
Thus the phrase “a stable anchor to rely on” is an expression often used to describe people, relationships organizations or elements in life that offer a sense of safety, strength, assurance and trust. Just as a ship relies on its anchor to stay grounded, individuals seek and value stability in certain aspects of their lives to navigate challenges and uncertainties.
Associations play a pivotal role in various professions, industries and communities, acting as catalysts for progress, advocates for change, and knowledge hubs. However, the ever-evolving nature of these environments can create a sense of instability and unpredictability. This is where the concept of a stable anchor comes into play. A stable anchor represents a consistent and reliable element that provides support, guidance, and a sense of continuity. The pillars of a stable anchor include:
1. A dedicated membership base. A committed and engaged membership forms the backbone of many successful associations. These individuals or organizations, driven by a shared passion and purpose, contribute to the stability and resilience of the association.
2. Unwavering core values. Associations with clearly defined and unwavering values establish a stable foundation for decisionmaking and strategic planning.
3. Effective leadership. Consistent and capable leadership ensures that the association stays focused on its purpose and mission, adapting to challenges while maintaining a steady course.
Associations benefit from having tried-and-true organizational strategies. These could include successful programs, effective
PHL to secure $500M ADB loan for climate resilience
The national government has secured backing from the Asian Development Bank (ADB) and is set to receive a $500-million loan to improve the climate resilience of local communities, ecosystems and the national economy.
A statement issued by the Department of Finance (DOF) last Thursday quoted ADB President Masatsugu Asakawa as saying the multilateral lender is finalizing the approval of the loan under the “Climate Change Action (CCA) Program- Subprogram 2” during a high-level meeting on August 28.
The operational priorities of the loan include tackling climate change, building climate and disaster resilience and enhancing environmental sustainability, the ADB said as quoted in the DOF statement. It will also address remaining poverty and reducing inequalities, promoting rural development and food security
and strengthening governance and institutional capacity.
According to the DOF, the program is part of the ADB’s $10-billion climate finance commitment for the Philippines from 2024 and 2029. It builds on the first CCA program signed in June 2022. That agreement made the Philippines the pioneer in ADB’s first-ever policy-based loan for climate action.
According to the DOF, Asakawa said during Wednesday’s meeting that the ADB Board will review next week the Philippines’s new Country Partnership Strategy (CPS) for 2024 to 2029.
The CPS is a strategic frame -
communication methods or strategic partnerships that contribute to the association’s stability and longevity. The benefits of a stableanchored association are:
1. Resilience in the face of change. A stable anchor empowers associations to navigate uncertainties and adapt to changes without losing their core identity and purpose.
2. Member trust and loyalty. Members are more likely to trust and remain loyal to an association that provides a stable and consistent environment. This fosters a sense of community and shared purpose.
3. Attracting and retaining talent. Associations with a stable anchor are better positioned to attract and retain talented individuals, whether as members, staff or volunteers, who seek reliability and a sense of purpose.
4. Long-term sustainability. Stability contributes to the long-term sustainability of associations. It ensures that the organization can withstand challenges and continue making a positive impact over time.
Having “a stable anchor to rely on” is not just a luxury but a necessity for sustained association success. By recognizing and investing in these stable anchors, associations can chart a course towards long-term success and positive impact. Does your association provide members a stable anchor to rely on?
Octavio Peralta is founder and volunteer CEO of the Philippine Council of Associations and Association Executives (PCAAE), the “association of associations.” PCAAE and SustainablePH will hold a joint sustainability summit at the PICC on November 27, 2024. The views he expressed herein do not necessarily reflect those of the BusinessMirror. E-mail: bobby@pcaae.org.
BIR estimates seized vape goods equals to P300M revenue loss
THE Bureau of Internal Revenue (BIR) estimates the national government lost P300 million in tax revenues from the total amount of vape products it seized since cracking down on illegal sellers of the goods.
Internal Revenue Commissioner Romeo D. Lumagui Jr. said during a televised program that the BIR has confiscated about 270,000 vape products and would be destroyed soon.
Lumagui said the agency will continue confiscating vape products that has no tax stamps.
He also warned that sellers of illegal vape products face charges of tax evasion and unlawful possession. They would also be charged with selling of excisable articles subject to excise tax without payment and violation of mandated affixture of tax stamps in vape products, Lumagui added.
Aside from the cases that violators will face, they also have to pay their taxes due and penalties amounting to 10 times the amount of unpaid taxes, the BIR chief said.
Resellers and consumers can identify if the vape products are tax compliant if tax stamps—the Tamaraw stamp—are attached to each box.
Otherwise, if you see a product without a stamp, it automatically means that the excise tax hasn’t been paid and the product is not registered, Lumagui said in Filipino.
He added that the BIR is also monitoring online platforms after the Department of Trade and Industry (DTI) issued a ban on selling vape products online.
“We should not see vape products on these platforms,” Lumagui said adding that online illicit trade is still rampant as sellers mask the vape products and present them as other items.
“We continue to monitor them and communicate with online platforms to ensure these sellers will be removed,” he said.
The BIR chief urged sellers and those wanting to start a vape business to ensure their products are legitimate and easily identifiable.
“Make sure to check for stamps on products before purchasing for resale. If a product lacks a stamp, it means the tax hasn’t been paid, and we can seize the products, file charges and impose additional penalties. Don’t support untaxed and unregistered products,” Lumagui said.
He urged consumers not to purchase products that lack stamps.
“Ensure that the items you purchase are properly stamped,” Lumagui added. “By avoiding products from sellers who evade taxes, you help discourage tax violations and encourage sellers to register, comply and pay taxes.” Reine Juvierre Alberto
work for ADB to engage with each developing member country. This focuses on areas such as human development, economic competitiveness, quality infrastructure, climate action and private sector development.
Asakawa also pledged to continue leveraging regional facilities, such as the “Asean Catalytic Green Finance Facility” (ACGF) and the “Green Climate Fund” (GCF), to improve grant finance accessibility and availability in the Philippines.
Moreover, Asakawa affirmed ADB’s support for the Philippines’ bid to host the Loss and Damage Fund (LDF) Board.
‘Gold standard’
ON the day the high-level meeting occurred, President Ferdinand R. Marcos Jr. signed into law Republic Act 12019 (LDF Board Act), granting the Board with juridical personality and legal capacity in the Philippines.
The law will enable the Board to enter into contracts, acquire and dispose of property, institute legal proceedings and negotiate with the World Bank (WB), the interim trustee
and host of the Fund’s secretariat.
Finance Secretary Ralph G. Recto said he considers the law establishing a “gold standard” for climate finance and action globally.
“The LDF Board Act is one of many decisive actions we take to escalate our climate initiatives and solidify the Philippines’s leadership in championing the voices of those most impacted by climate change. We are determined for our hosting to set the gold standard for climate finance and action, not just across Asia and the Pacific, but around the globe,” Recto was quoted in a statement as saying.
The LDF is a global financial mechanism designed to support countries’ response and recovery from losses and damages caused by climate change. With the Philippines as the LDF’s host, it will take the lead in helping attract support from developed countries and development partners to provide financial contributions in averting, minimizing and addressing losses and damages.
The 26-member LDF Board selected the Philippines as its host on July 9. Reine Juvierre Alberto
RCBC to complete portfolio’s GHG emissions quantification
By VG Cabuag @villygc
THE Rizal Commercial Banking Corp.
(RCBC) announced it would soon completely quantify the greenhouse grass (GHG) emissions of its loan portfolio as the Yuchengco-led lender continues with its carbon-neutrality journey.
“We’ve done the corporate side. The next step we’re going to do is to calculate how much renewable energy projects and energy efficiency projects we will need to get into to neutralize whatever additional exposures we have in our corporate portfolio. So we’re going through that process,” RCBC President and CEO Eugene S. Acevedo said at the sidelines of Yuchengco group’s climate-change forum on “FutureProofing the Philippines.”
“And I hope that within the next three months, we will be able to set a target. I do not like to set a target like 2040 (to become carbon neutral) because I feel that it’s very arbitrary,” Acevedo added.
The RCBC executive added that he thinks “it’s a good practice for most companies to start setting a target because it forces them to make plans and satisfy.”
“Because that’s a corporate way of thinking. You set a target and you make sure you meet it. Because shareholders will make you accountable for meeting that target,” Acevedo said.
TBy Andrea San Juan
HE financing arm of the Department of Trade and Industry (DTI) has launched a special loan facility to provide “crucial financing assistance” to micro-scale, small and medium enterprises (MSMEs) affected by Typhoon Carina.
In a statement issued by the Small Business Corp. (SBCorp) last Thursday, President and CEO Robert C. Bastillo said the “emergency fund” offers concessional terms not currently available in the market to finance the immediate needs of MSMEs.
According to Bastillo, these needs include the repair and replacement of damaged fixed assets and inventories, operational disruption and revenue loss.
New and existing borrowers of SBCorp may borrow a maximum of P300,000, payable monthly up to three years. A threemonth grace period may also be secured, in case loan borrowers need for a reprieve from payments, according to the government financial institution.
While loans are interest free for the first year, it would be levied a 1-percent per
RCBC, he added, has not made its target yet as it is doing the opposite—by calculating first the emissions that it is funding through its loans before it will make a decision. “I don’t want to pick a number right away because I cannot support it quantitatively,” Acevedo said. “But we’re trying to be the short of the long. We’re trying to be quantitative about it. So that we know exactly. Because we know how much each megawatt, for example, of new capacitive renewables will help us.”
Acevedo said RCBC, the country’s fifthlargest lender, is focusing on growing its loan book while maintaining acceptable credit norms for cost of credit.
“Because that is sustainable. So what I could have done, what we could have done was stop growing the book. But that would be the wrong way to run a business,” he added.
According to Acevedo, an investor looking from the outside would scrutinize the loan book: “Is it growing? Where is it growing? What’s the quality of the portfolio?”
“And then I make my decisions based on that. And obviously, since I’m the CEO, I have a lot of experience with what I’m seeing and our shareholders are as well. Our shareholders are playing the long game. They’re thinking, you know, if the bank can grow multiples of GDP, that’s a great signal,” he said.
month interest rate based on diminishing balance for the second and third year, SBCorp added.
According to the 33-year-old state firm, small merchants in the following areas are qualified to apply: National Capital Region; Ilocos Norte; La Union; Bataan; Pampanga; Bulacan; Tarlac (Camiling); Cavite; Rizal; Laguna (Mabitac); Oriental Mindoro (Pinamalayan and Baco); Romblon (San Andres); Zamboanga (Tambulig); Davao Occidental (Jose Abad Santos and Trinidad); and, Cotabato (Kabakan and Pikit).
Bastillo said existing borrowers who are currently in their loan repayments and have yet to fully reach the P300,000-loan cap “can quickly access this facility without needing to submit any documentary requirements.” New borrowers only need to submit their Mayor’s Permit or Barangay MicroBusiness Enterprise (BMBE) Certificate for loans over P100,000 or Barangay Certification for loans up to P100,000. All new borrowers must provide government-issued ID, proof of bank or e-money account, and corporate documents, if applicable, according to SBCorp.
Octavio Peralta Association World
NEW PARTNERS This photo from Alas Oplas & Co., CPAs (AOC) shows (Left to Right) Nathalie R. Lupango, Christian B. Martinez, Noel A. Geraldo, Eljohn P. Constan-
The Olympics of central banking
AFTER the Philippines snagged a number of medals—two of them gold—at the recent Paris Olympics, the country receives once more another important recognition, this time in the arena of central banking.
A highly-specialized field, much like gymnastics (except for the use of more math and economics, ugh!), central banking calls for the appropriate balance of monetary and financial conditions to ensure inflation, e.g. the rate of rise in prices of goods and services, is managed well to allow the economy grows sustainably.
And just one year into his job (his term began on July 3, 2023), Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. has been recognized among the world’s top-performing central bank governors by the prestigious Global Finance Magazine In its 2024 Central Banker Report Cards, GFMag gave Gov. Eli an “A-minus” rating, along with a handful of central bank governors, after assessing nearly 100 countries, territories, and regions. (He gets the same grade as the longer-serving European Central Bank President Christine Lagarde and US Federal Reserve Chairman Jerome Hayden Powell.)
And while I may not necessarily agree with the BSP’s policy-making Monetary Board (MB) recent decision to cut its key interest rate—on which bank deposit and lending rates are based—because the inflation rate sped up to 4.4 percent in July from June’s 3.7 percent, the monetary authorities are predicting the inflation rate to cool down, as they anticipate lower rice prices due to the recent reduction of tariffs on imported rice.
(I eat locally produced brown rice, which now sells for P85 per kilo at a neighborhood supermarket chain, 65 percent higher than its price just two years ago. Great if its price drops, but I’m not really holding out any hope that it will change any time soon. And
with Christmas fast approaching, I’m guessing even if rice prices do fall, the prices of other food items will swiftly rise.).
Still, I have mad respect for Gov. Eli and most of our central bank governors (except for one). Like a gymnast, the BSP governor has to assess his opponent (inflation), harness his training and experience (data assessment), to ensure that in performing all the twists and turns of his routine (calibration of policy and monetary tools), he will still maintain his balance (an inflation rate within projection) and stick a good landing (solid economic growth). So despite the high key interest rates of the BSP in the earlier part of the year, that was necessary to hold back inflation from kicking up even more, the economy still grew by 6.3 percent in the second quarter from 5.8 percent in the first quarter, and higher than the 5.6-percent growth in the second quarter of 2019.
And this is why central bank governors are paid the big bucks. So much fuss has been made about the high salaries of the BSP governor and the MB members, but without them the Philippine economy will have already twirled and fallen to its knees (or flat on its bum). The education, expertise and training of many BSP officials and employees are very specific and necessarily high, because the jobs they perform are too crucial for the economy’s well-being to be left to the untalented and inexperienced. (Of course, there have been a few, uhm, flunkies who have managed to sneak in. Good thing they were found out and booted from the institution.)
In its news statement, GFMag founder and editorial director Joseph Giarraputo said, “Central bankers have waged war against inflation over the past few years, wielding their primary weapon: higher interest rates. Now, countries around the world are witnessing the tangible results of these efforts, as inflation has dropped significantly.” He added, “Global Finance’s annual Central Banker Report Cards [cite] those bank leaders whose strategies outperformed their peers through originality, creativity, and tenacity.”
The magazine’s editors, with input from financial experts, assess central bankers on both objective and subjective factors, including monetary policy effectiveness, supervision of the financial system, asset purchase programs, forecasting accuracy, transparency, political independence, and success in meeting national mandates. “Grades are based on ‘A+’ to ‘F’ scale for success in areas such as inflation
control, economic growth goals, currency stability and interest rate management.” An “F,” of course, means “outright failure.”
Those who received a grade of “A+” were Denmark’s Christian Kettel Thomsen, India’s Shaktikanta Das, and Switzerland’s Thomas Jordan. Those who received “A” were central bankers from Brazil, Chile, Mauritius, Morocco, South Africa, Sri Lanka, and Vietnam; while other central bank governors also graded “A-” were from Cambodia, Canada, Costa Rica, Dominican Republic, Guatemala, Indonesia, Jamaica, Jordan, Mongolia, Norway, Peru, and Sweden.
Commenting on this important score card, Gov. Eli tells me in a text message, “I think credit belongs to the BSP staff. They’ve been doing excellent work. It’s also a good thing for me that Global Finance seems to have neglected to to include among their criteria the ability to carry a tune!” Very demure, very mindful, very classy, Gov. Congratulations!
MEANWHILE, I say “Boo!” to former Finance secretaries, who recently issued a joint statement supporting Finance Secretary Ralph Recto’s move to force the turnover of some P90 billion in supposed “excess funds” of PhilHealth to the national treasury to fund the unprogrammed appropriations of the government.
It’s annoying that as usual, Recto and these former Finance chiefs, like many high-ranking government officials, are so removed from the difficult day-to-day health care situations of most Filipinos. Every year, we’ve had to pay higher and higher contributions for PhilHealth coverage, whose benefits, by the way, only kick in after we’ve been hospitalized.
A friend recently had to undergo surgery to find out if he has cancer of the colon. We had to raise funds for him, reaching out to good hearts in the private sector, because PhilHealth couldn’t adequately cover the P100 million medical expense he faced. He will soon need regular chemotherapy sessions as well. I have yet to ask him if PhilHealth will cover that.
In my case, I recently had to get a checkup from a specialist, and undergo some tests to determine if I had kidney stones. It’s a good thing I had a bit of health coverage from our business journalists association, because of course I couldn’t tap PhilHealth for the scans, ultrasound and other medical tests I needed.
CONTINUED ON B5
By Eugenia Last
GEMINI
you to do something that leaves you feeling stressed and anxious. A creative outlet will ease your mind. ★★★
LEO (July 23-Aug. 22): An innovative approach to learning, exploring and changing your lifestyle will spark your imagination and encourage you to try something new and exciting. ★★★
VIRGO (Aug. 23-Sept. 22): A change will give you renewed hope and motivate you to initiate your plans. Get involved in something you enjoy doing, and you’ll figure out how to bring in extra cash. ★★★★
LIBRA (Sept. 23-Oct. 22): Channel your energy into something that helps transform what you don’t like or enjoy into something that energizes you. A change that comes from the heart will prompt you to be innovative and to use your imagination to outmaneuver anyone who stands between you and your desires.
SCORPIO (Oct. 23-Nov. 21): Consider your options from beginning to end and get a broader picture of the possibilities. A change may be inviting, but your reasoning must be valid to pursue something you cannot afford.
SAGITTARIUS (Nov. 22-Dec. 21): Up your game, look your best and present what you can contribute. An opening will supercharge your imagination and give you the charisma to charm your way past anyone who questions your validity.
CAPRICORN (Dec. 22-Jan. 19): You may think you know what you want, but you are better off taking a pass until you look at the logistics and costs involved. Focus on lowering stress and sticking to the people and pastimes you can count on to look out for your best interests.
AQUARIUS (Jan. 20-Feb. 18): Follow your heart and set expectations that motivate you to engage in activities conducive to reaching your dreams. Play an active role in what unfolds, leave nothing to chance and don’t hesitate to change your mind if necessary. ★★★
PISCES (Feb. 19-March 20): Don’t let anger take over when success is the best revenge. Keep your life simple, your expenses within reason and your mindset on what gives you the edge you need to reach your goal. Discipline and hard work are necessary; don’t give anyone else jurisdiction over the outcome. ★★★
BIRTHDAY BABY: You are invigorating, mindful and
WHICH WIFE?
THE former house and lot of a disgraced businesswoman in an exclusive village, where no property is valued at less than P90 million was purchased by a very rich man. The original house was torn down and a new one being built in its place. According to rumors, the new house is for the rich man’s second wife. But who is his second wife? Is it the beautiful woman who is technically still committed to another man, or is it the actress whose longtime dream is to live in the that village? The rich man is seeing both women at the same time and who knows who else. He also has a wife and children who are used to the situation.
ARE THEY HAVING AN AFFAIR?
A GOVERNMENT official was recently spotted with a broadcast journalist and it wasn’t a work-related thing. It seemed like the two were preparing to go somewhere together. The government official is married and has several children, while the journalist is very much single. She used to be some kind of wild child but she never dated married people or those committed to others. There are many urban legends about her and her supposed sexual prowess. Meanwhile, this isn’t the first the government official has cheated on his wife. He had a long-term girlfriend while he and his wife were in a long-distance relationship.
IT’S OVER THE relationship between a rich businessman and a sexy starlet is now over. The clue is that the sexy starlet is working again, which the businessman forbid her to do. The sexy starlet and her former lover were together for three years and during that time, she did not work at all because he would be jealous of any man who worked with her. But, he gave her everything she wanted. She would travel and shop. He also gave her a condominium unit under her name and expensive cars. The starlet isn’t fond of material things. She much prefers cash. It’s not clear why the former couple broke up but according to the grapevine, the rich man took a lot of the gifts he gave her.
THE UNKNOWN CHILD
THE actress seems to have the ideal family. She has a loving husband and kids that she can be proud of. But the rumor is that she had a child with another man before she got married and this kid grew up with her and her husband but was never loved or publicly acknowledged. Even the child’s sibling did not acknowledge her publicly when they were growing up. During family events when members of the press are present, the child would be there but seated apart from the family. If this story is true, it is bizzare because the actress is known to be a loving and caring person, and her ignoring her own child seems unthinkable.
The Olympics of central banking
Continued from B4
(I’m thankful the tests were negative and the only “treatment” I need is to drink more water.)
Those so-called “excess funds” of PhilHealth would have been an immense help in implementing an actual Universal Health Care (UHC) program as envisioned under the law (Republic Act 11223). Real UHC will mean PhilHealth can offer more health services to Filipinos, much like the National Health Service of the United Kingdom, which covers medical tests and treatments, hospitalizations, and medicines of its 60 million members. Then health care expenses will be one less worry for many of us, who hardly earn enough to put a roof over our heads, eat three nutritious square meals a day, and pay for basic utilities like power, water, and Internet connection. Now, if Recto badly needs funds for the unprogrammed appropriations of government, maybe he ought to collect the P205 billion in estate taxes his patron’s family still owes the state, no? n
Show BusinessMirror
‘Alipato at Muog’: Holding back our tears
You didn’t make him prosperous or famous, and fearlessness is his only talent.
Open up his windows, let in the twittering in the leafy branches, kiss his eyes open.
Give him his notebook and his ink bottle, give him a drink of milk and watch him go.
—From Birthday by Yevgeny Yevtushenko
T the end of JL Burgos’s documentary
AAlipato at Muog, we see Edita T. Burgos seated at the porch. She worries whether death will overtake her search for her missing son. We also worry about the end of this cause but we know death does not terminate ideology, that the search for truth never ends with one person but, from the start, is taken up by others, by many who believe in what is just. This is just one of the lessons we learned from this compelling documentary. There are many more. If ever there is sadness felt from this film, that could only come from us, the audience. But we need only look at the mother and all those members of the family of the desaparecidos—the disappeared ones—to defy that dejection. Or persist. We cannot be sad, that is what Edith Burgos is saying. That is what this advocacy cinema is all about.
Alipato at Muog, as the title says it all, begins with the embers of that fateful day in a not-so sophisticated mall somewhere in the north. A son who is also a young father one day does not come home. That day turns into weeks and months and years. And decades. Not all of us will ever have this wound: to lose a son, a brother, a member of a family and not have an idea what happened to him.
At the opening of the film, Edith, the mother, is speaking to a crowd and she tells them two things: lucky, they say, are those whose sons are killed and whose deaths are known and the bodies are laid out before your eyes than having someone kidnapped, banished, with no one human enough to tell you whether that person is dead or gone. This is the option in this land and this is not a kind option. This is luck and it is no luck.
The other terrible option is to consider fate. But fate is nil when we see that there is a system out there and it has overtaken civil societies, human groups and communities. That system comes in many forms: a police state, a militarized culture and a politicized military. They are not abstractions nor are they mere modifiers; they have been produced by the histories of this land. Colonized to the degree that an elite has continually ruled over the majority, the privileged class has shifted in forms but its core has remained, with might residing in a dominant structure protected by a force. In our republic, there are only two sources of control: by means of private armies or through public armies. Here in this documentary, the power of the military is brought to bear on families who have lost their loved ones, whose only recourse is to go to the police to seek their help, the police being the institution mandated to help the civilians. We rarely approach the Army because we know, with our basic knowledge about bureaucracy, that they are tasked to defend the territories. But in Alipato at Muog, mothers and brothers travel the length and breadth of this island-nation not to seek the help of military commanders but to ask bravely and sincerely whether they hold our sons, brothers, fathers, farmers, and
other workers. So, what’s the other lesson learned from JL Burgos’s incursion into the world of the military men and women? First, that it is not really that scary to talk with camp commanders. The most difficult factor is convincing the guard at the gate to allow us to enter and talk with the highest official of the camp. In many scenes, the guard’s de-facto response when asked whether the general is to tell the civilians that, no, he is not around. But there is always an option. Ironically, in these encounters we meet up close with military officials and they are the most polite of government bureaucrats, almost gentle to a point.
Where lies the problem then? That in the search for sons and daughters, which is a quest for justice, we are not dealing with humans but with systems. Embedded in these systemic operations are ways of thinking that negate freedom to think and freedom to fight for what one believes in. In the end, this system is a “muog,” a fortress that protects itself because that is the logic of its power. And who is Jonas Burgos that a fortress is needed to be set up against him? How powerful is Edith
‘24 Oras’: Still the Philippines’ most trusted news source
GMA Integrated News’ flagship newscast, 24 Oras continues to be the most trusted source of news, information, and public service in the Philippines, emerging as the nation’s top news program from January to July 2024. Based on Nielsen TV Audience Measurement data from January to July 2024, 24 Oras recorded a combined GMA/GTV/Pinoy Hits people rating of 13.6 percent in Total Philippines (combined Urban and Rural). This solidified its dominance over its primetime competitors, with Frontline Pilipinas (TV5/RPTV/One PH) garnering a combined people rating of just 3.9 percent, and TV Patrol (A2Z/Kapamilya Channel/Teleradyo Serbisyo/ ALLTV) recording 3.1 percent. In Urban Philippines, 24 Oras further
cemented its lead, securing a combined people rating of 14.4 percent. In contrast, Frontline Pilipinas managed a combined rating of 3.7 percent, while TV Patrol followed with 3.0 percent. Now on its 20th year on Philippine television, 24 Oras is anchored by award-winning broadcast journalists Mel Tiangco, Vicky Morales and Emil Sumangil. Segment hosts Iya Villana-Arellano (Chika Minute), Kuya Kim Atienza (#KuyaKimAnoNa), and Martin Javier (Game Changer), as well as the rest of the GMA Integrated News team, provide viewers news and features from Luzon, Visayas and Mindanao, as well as from other parts of the world. 24 Oras has consistently shaped the news
landscape of Philippine TV with its top-notch delivery of news and information to viewers and netizens. Its coverage of Super Typhoon Carina and habagat (Southwest Monsoon) last month marked the program’s highest rating this 2024, with a combined people rating (GMA, GTV, and Pinoy Hits) of 18.6 percent in Urban Philippines, based on Nielsen TV Audience Measurement ratings data for July 24, 2024. On GMA alone, 24 Oras recorded its highest rating this year at 14.9 percent people rating in Urban Philippines. Furthermore, 24 Oras was the No. 1 TV program nationwide for the entire year of 2023. 24 Oras airs weeknights at 6:30 pm GMA with simulcast on GTV and Pinoy Hits. More information is available at www. gmanetwork.com
Burgos that it seems the government militia has gathered its array of mind weapons against her?
Alipato at Muog responds to our inquiry with poetry: “Kadalasan ang puntod ang sinasabing katapusan/ Pero minsan sa aming mga walang puntod/Ito ang simula ng katarungan.” (Usually, a grave is considered the end/But sometimes, for us without a grave/it is the beginning of justice).
With no grave to mark the body, there lies the beginning for the search for what is just, allowing this poetry of loss to help us find the truth. For Edith, the mother, to “find” Jonas in whatever state is to find the truth. JL Burgos directs Alipato at Muog from a screenplay written by himself and Bernardine de Belen. The gripping animation by Sonny Burgos together with the sound design by Jedd Dumaguina and music by Bong Ramilo remind us how there can be art in the quest for truth.
The documentary won the Special Jury Prize in the recently concluded Cinemalaya 2024.
The documentary, however, was given an X-rating by the MTRCB, a decision that is being appealed by the filmmaker and the producers. n
B5
Editor: Gerard S. Ramos
FROM left: Emil Sumangil, Mel Tiangco, and Vicky Morales, the anchors of the top-rating GMA flagship newscast 24 Oras.
Maybank Philippines inaugurates Zamboanga Islamic Banking Unit
MAYBANK Philippines, a member of the Maybank Group, a leading financial services group ranked #4 in ASEAN, is proud to announce the official inauguration of its first Islamic Banking Unit, housed in its Maybank Zamboanga Branch. This marks a significant step in expanding the Bank’s portfolio of inclusive financial solutions that are aligned with its customers’ life priorities, values and aspirations.
This new Islamic Banking Unit is dedicated to offering Shariah-compliant products that align with Islamic principles, as an alternative banking opportunity particularly in areas where such services are not yet available.
The inauguration ceremony took place on August 14, 2024 at Maybank Zamboanga Branch attended by key dignitaries including His Excellency Dato Abdul Malik Melvin Castelino, Ambassador of Malaysia to the Philippines; Nor Shahrizan Sulaiman, Deputy CEO, Maybank Islamic Berhad; Isabela, Basilan Mayor Sitti Djalia TurabinHataman,; Abigail Tina M. Del Rosario, Country Director and President and CEO, Maybank Philippines; Judith E. Sungsai, Managing Director, Financial Supervision Sub-Sector 1, Bangko Sentral ng Pilipinas (BSP); Engr. Al-Zamir Lipae, Regional Director for Region 9, Department of Trade and Industry; and Simoun Ung, Director, Maybank Philippines Board.
Also present at the inauguration were Maybank Philippines Senior Management, namely Patrick Dennis L. Solosa, Head for Community Financial Services; Rajagopal Ramasamy, Chief Risk Officer; and Ma. Bernadette T. Ratcliffe, Chief Compliance Officer. The event was likewise attended by members of the Zamboanga Chamber of Commerce, Malaysia Chamber of Commerce and Industries Philippines
and President and CEO, Maybank Philippines; Isabela, Basilan Mayor Sitti Djalia Turabin-Hataman; and Bryan Go of BG Investment and Development Corp.
and the Ulama Council of Zamboanga Peninsula, together with long-time clients of the branch.
The event began with a Dua recitation, followed by speeches from key stakeholders, highlighting the significance of Islamic banking in promoting inclusive financial practices and congratulating Maybank Philippines for being the first private commercial bank to foray into this growth area.
Maybank Philippines’ Islamic Banking Unit will initially offer Islamic deposits and current accounts in its pilot phase, progressing to a more comprehensive range of Shariah-compliant services in the coming months. Customers can expect the same high standards and professionalism that Maybank has been known for across the region, now within the framework that upholds and respects Islamic principles. All Islamic products and services offered meet the highest Shariah compliance standards and customer satisfaction.
In his opening remarks, Sulaiman highlighted: “The Maybank Group had set a goal for its Islamic banking operations – to become a Global Leader in Islamic Finance. The expansion of the offering of Islamic banking products here, in a country not Muslim dominated is another progress for us to mark our presence regionally.”
“We strongly believe that the banking
sector must create a strong sense of purpose that reflects the needs and concerns of society – such as promoting sustainable finance and assuring inclusive access to financial services. Only then can we realise the full potential of positive finance in advancing social and economic development.”
Commenting on the launch, Del Rosario, said: “This is a significant milestone for Maybank in the Philippines. Introducing Islamic Banking in the country is not just about another expansion of our services; this also demonstrates our commitment to fairness, transparency and the well-being of the community. Islamic finance is built on the foundation of fairness, equity and shared prosperity-principles that resonate deeply with us as an organization.”
“We are committed to providing financial solutions that are aligned with our customers’ life priorities, values and aspirations, while also contributing to the growth of the Islamic finance industry in the Philippines.”
As Maybank Philippines embarks on this new journey, the Islamic Banking Unit is expected to play a key role in the Bank’s growth strategy, offering a unique value proposition to customers with diverse needs and seeking Shariahcompliant products as an alternative banking opportunity, particularly in areas where such services are not yet available.
6 women Ka-pandas graduate from foodpanda logistics livelihood program
Brenda narrated. “We’re very thankful for the guidance on our business plan. Having cash benefits is important, but learning how to grow our business is invaluable.”
The commencement program was held recently which brought together beneficiaries residing in Metro Manila from Taguig and Makati, and joined remotely by Ka-panda women from Mindoro, Leyte, Cagayan De Oro, and Davao.
Ron Sanders, Rider Experience Lead of foodpanda logistics, expressed his pride in the graduates, saying, “We are very proud of the women who participated in the Ka-pandaBIZ: Women on Wheels program. Their dedication and hard work have been impressive. This initiative shows our commitment to supporting and uplifting women in our Ka-panda community, providing them with opportunities to grow and succeed.”
handle the finances of the store. I had a store before but suffered losses. Now, with your help, I hope to be more successful because now I know how to come up with lists, identify the unique selling proposition and what I should be doing.”
Like Lheniefer, Jiemelyn Cortez feels she can significantly apply what she learned from the program to her own sari-sari store. “What we didn’t know about sales, we learned it here.
Jiemelyn, an active member of the LGBTQIA+ rider group in her area, receives support from her partner in managing their small business. ”It is really a big help to have a source of income as a delivery partner and a member of the LGBTQIA+ community like myiself. Then there is the additional opportunity for a startup fund and proper training to start your own busiess.”
DLSU Gets New Patent for Recycled Paper Cups
DE La Salle University garnered a new patent from the Intellectual Property Office of the Philippines (IPOPHL) for its latest invention, which presents an enabling framework for more ways to recycle paper cups.
Developed by Department of Biology faculty member Dr. Jose Isagani Janairo and Department of Chemistry part-time faculty member Brandon Cyril Lira, the invention called “Rollable pipette tip material” provides an innovative approach to solving the overwhelming problem of plastic waste management.
The researchers have noted that among the most abundant plastic wastes but very challenging to recycle are paper cups lined with a thin polyethylene film, also known as paper plastic laminates (PPL).
They presented the creation of pipette tips from disposed coffee cups as an inventive way of recycling PPL. The fabricated PPL pipette tips exhibit comparable accuracy in drawing and dispensing liquids compared with the standard polypropylene pipette tips.
The created PPL pipette tips are ideal to be
used in lower-level educational experiments where research-grade consumables are not a crucial requirement. The presented proof-ofconcept has promising potential in aiding the waste management of disposable paper cups and pipette tips, thus making laboratory science education more sustainable. This invention is Janairo’s second patent. He previously earned a patent for the invention, “Hand tool for determining if a rubber cup lump is battery acid-coagulated,” which seeks to promote the competitiveness of the Philippine rubber industry.
BPI provides maternity support for new mom employees
BPI new mom employees are provided with resources for a smoother and more comfortable transition into motherhood.
THE Bank of the Philippine Islands (BPI) underscores its status as an employer of choice through exceptional support for new mothers on its team. Recognizing the significant responsibilities that comes with motherhood, BPI is dedicated to creating a nurturing environment that empowers expectant and new mothers, going beyond legal requirements to offer comprehensive care throughout their maternity journey.
“Motherhood is truly a special moment, and we believe in supporting our employees with the resources, flexibility, and care they need for their health and wellbeing,” said Gina Eala, BPI Chief Human Resources Officer.
“At BPI, we consider our employees as part of our family.
By taking care of our people first, we ensure that we can provide exceptional service to our clients and contribute positively to the communities we serve.”
Pregnancy and motherhood are among the most important phases in a woman’s life. Expecting mothers should be aware of their maternity leave rights.
Maternity leave benefits under the Expanded Maternity Leave Law (RA No. 11210) include 105 calendar days for any instance of live childbirth, 60 calendar days for miscarriage or early termination of pregnancy, and 120 calendar days for solo parents (RA No. 8972). Additionally, a maximum of 7 days may be allocated to the father of the child or an alternate caregiver. On average, BPI has approximately 50 new mothers each month. To further support employees, the bank’s HR team provides a variety of resources: Maternity Kits – Comprehensive guides and resources are provided to help employees navigate each trimester of pregnancy to promote safe pregnancy and delivery.
Advice Letters – Details about SSS Maternity Benefits is given to the employee before the maternity leave begins.
Special BPI Swaddle – The BPI Swaddle is a gift for the mom and her newborn, signifying the bank’s warm welcome into the BPI family, along with post-maternity reminders.
Mother’s Room – The Mother’s Room is a dedicated area in BPI’s workplace where breastfeeding employees can express breast milk comfortably and privately during work hours.
Free consultation with OB-GYNE – Female BPI employees can take advantage of free consultations with an OB-GYNE every Tuesday, from August to October 2024, at the BPI Buendia Office.
working college student, Brenda Isederio manages her time between studies and being a delivery partner for delivery service provider, foodpanda logistics. Now in her third year of college, Brenda juggles her studies with supporting her family. Her mom is a streetsweeper, and her dad is a maintenance worker.
Receiving an invitation to join the KapandaBIZ: Women on Wheels (WoW) program felt like an answered prayer. Brenda is one of six women from the Ka-panda delivery fleet who graduated from the Ka-pandaBIZ livelihood and training program. Launched during Women’s Month, the initiative empowers women by providing tools and skills to start their own businesses.
“We help each other run the sari-sari store. As long as sales continue and the store operates smoothly, we have enough for daily expenses,”
Each of the six women has successfully completed the program and was able to receive a business capital worth P100,000 to kickstart their own small businesses. They were carefully selected to undergo a comprehensive training program, which included financial literacy and personal leadership lessons, sari-sari store starter plan, and running and growing the sari-sari store. This approach aims to ensure the sustainability of the business for our Ka-pandas
The training sessions were organized in partnership with HAPINOY, foodpanda logistics’ official partner organization, a program dedicated to empowering microentrepreneurs.
Lheniefer Dumo, a Davaoena Ka-panda for four years, expressed how much it helped her. “When I started to be a WoW beneficiary, was able to supplement my earnings from my deliveries because I had extra income from the store.”
“Here, I learned that there is a right way to
Aside from the business training sessions, they were also taught about community leadership. Each beneficiary was given a separate allowance to do a pay-it-forward activity through community cleanups, feeding program and back-to-school support. Over 300 beneficiaries including children, senior citizens and persons with disabilities (PWD), and members of the LGBTQIA+ community were able to either participate in or receive the benefits.
“It is inspiring to see them not only giving back to the community but also taking the lead in organizing their own outreach activities. This reflects the strong Filipino spirit of sharing blessings with those in need,” shared Sanders.
The Ka-pandaBIZ: Women on Wheels program is part of foodpanda logistics’ broader commitment to corporate social responsibility and gender equality. “By empowering women in the Ka-panda delivery fleet, this program not only enhances their livelihoods but also contributes to the economic growth of their communities.”
Yamaha Motor is first in Japan to adopt low-carbon recycled steel for motorcycle packaging frames
YAMAHA Motor Co., Ltd. (Tokyo: 7272) has announced that it will begin using low-carbon, recycled steel sheets produced in electric furnaces as a raw material for the packaging frames used to ship motorcycles and will be gradually expanding the scope of use of the material going forward. This is the first time in Japan that steel sheets from electric furnaces have been used for packaging frames for motorcycles, according to Yamaha Motor research as of July 2024.
These steel sheets are
The initiative aligns with BPI’s “Do More” campaign, as part of the bank’s 173rd anniversary. This reflects BPI’s commitment not only to delivering financial solutions but also fostering an environment where employees are empowered to achieve their personal and professional goals. A
KEY stakeholders lead ribbon-cutting ceremony, from left: Engr. Al-Zamir Lipae, Regional Director for Region 9, Department of Trade and Industry; Judith E. Sungsai, Managing Director, Financial Supervision Sub-Sector 1, Bangko Sentral ng Pilipinas (BSP); His Excellency Dato Abdul Malik Melvin Castelino, Ambassador of Malaysia to the Philippines; Nor Shahrizan Sulaiman, Deputy CEO, Maybank Islamic Berhad; Abigail Tina M. Del Rosario, Country Director
IN the photo are, from left, Hapinoy Co-Founder and President Mark Joquin Ruiz, Ka-panda WoW beneficiary Abegail Guzman, Ka-panda WoW beneficiary Rachel Silvano, and foodpanda Philippines Communications and Public Affairs Head Jerome Mangahas for the KapandaBIZ: Women on Wheels Commencement Activity
Motoring BusinessMirror
Story
photos by Randy S. Peregrino
AFTER its successful launch, the latest iteration of the Honda City Hatchback with Honda Sensing was up for an experiential drive up North. Flagged off at the Honda dealership in Manila Bay, the convoy took the stretches of freeways to Clark, Pampanga, to experience the model’s known fun driving dynamics, whether within or outside the city.
Exclusively RS HONDA’S decision to offer the hatchback solely in the RS variant provided the needed distinction. The updated RS body kit includes a new bumper and front grille. It also has 16inch Berlina Black alloy wheels with radial and unrestrained spokes, supporting its sportier image and prominent diameter expression. While the Gloss Black front grille with the RS Emblem remained, it was complemented with full LED headlights and LED Daytime Running Lights, emphasizing an integrated solid wing face similar to the RS sedan. There are also High Gloss Black power-folding mirrors, an RS Design rear bumper with a new sophisticated diffuser, a High Gloss Black tailgate spoiler, and Full LED taillights. Several new tech updates
include the 4.2” TFT Meter, Wireless Apple CarPlay, and Android Auto with the full RStrimmed interior. The seats are now RS full leather.
Fun to drive, as always AS always, the City platform provides good driving views, making maneuvering through traffic while surpassing other vehicles easier. Blindsides are a thing of the past when driving the City Hatch, at least when the seat is properly adjusted. It goes to show how Honda pays attention to details when
it comes to achieving better drivability of its vehicles. Motivation comes from the same 1.5-liter four-cylinder DOHC with an i-VTEC petrol engine generating 119 hp at 6,600 rpm and 145 N-m maximum torque at 4,300 rpm. The engine is mated to Continuously Variable Transmission (CVT) with paddle shifters. Honda’s Eco Assist System consists of the ECON mode and Eco-Coaching Ambient Light to help promote fuel-efficient driving. Despite the added body kits and weight,
the vehicle quickly reached cruising speeds. Reaching the freeways going North allowed a push to the throttle to test higher speeds. The presence of padel shifters enabled gear retentions for higher engine rpm ranges and engine braking as well, whenever necessary. As expected, acceleration was smooth thanks to the benefits of CVT seamless shifting on open highways. The entire freeway run was more about comfort and convenience. For drivers, the excellent vantage point, including the
Yulo gets
ASIDE from receiving a Toyota Prado from Toyota Motor Philippines Chairman Alfred V. Ty for his sensational double-gold haul in the Paris Olympics, Carlos Yulo was also awarded a “Forever Miles” from Philippine Airlines through Lucio C. Tan III, the PAL Holdings President and COO who is fondly called LT3.
The “Forever Miles” grants Yulo a 150,000 miles per year bonus, which is equivalent to one roundtrip business class MNL-JFK-MNL per year for life.
“That’s our humble way of rewarding Yulo for bringing pride and honor to the country,” said LT3 of Yulo’s golds in the floor exercise and vault.
Present during the awarding
ceremony at the PAL Lucio K. Tan Jr. offices were PAL President/CEO
Capt. Stanley K. Ng and PAL OIC/ EVP Atty. Carlos Luis Fernandez. Capt. Stan thanked Yulo for serving as an inspiration to the youth, “especially to young, aspiring athletes.” Bravo Yulo
Dongfeng bash
DONGFENG recently held a super successful hosting of owners of Dongfeng, dubbed the “charming companion” on the road. The event, called the “Buddies and Brunch Run,” not only celebrated the growing community of Dongfeng owners but also provided an opportunity to test drive the latest models from the Dongfeng lineup, including the Nammi EV and the Aeolus Mage. According to Paolo Ella, the “Buddies and Brunch Run” was designed to foster community building among Dongfeng enthusiasts.
It kicked off with a convoy of the proud owners of the Nanobox EV.
“Na -try na namin iakyat sa Antipolo, Tagaytay, and sa area ng Laguna. Kayang-kaya,” Nanobox owner Richard Rocha said. Participants also enjoyed exclusive test drives of the new Nammi EV and Aeolous Mage, giving them a firsthand look at the latest advancements in Dongfeng’s electric vehicle technology. The event also provided an opportunity for a question and answer session with Dongfeng’s tech team. Leah Avante, Sales Director at Dongfeng, introduced Product Technical Training Manager Elbert Nono and Field Service Manager Mark Decena.
Paolo says you can get the Aeolus Mage, your adventure ally, for only 68k all-in downpayment and 25,626 monthly amortization for 60 months. The Nammi EV, your trendy bestie, is also on promo for only 68k all-in downpayment and 25,420 monthly amortization for 60 months.
Yaris Cross bargain TOYOTA Motor Philippines (TMP) continues to push its campaign
toward carbon neutrality through attractive offers for its Hybrid Electric Vehicle (HEV) model, the Yaris Cross.
Said Allana Faith Rufo, Mixie Flavier’s chief front liner: “Bring home a brand-new Yaris Cross through flexible payment options.
Get the 1.5 S HEV CVT variant for a downpayment of only P240,600 under the Pay Low option. This option offers customers downpayments as low as 15 percent with free insurance for the first year, free LTO registration for three years and no chattel mortgage at 60 months payment terms.”
The same variant, said Allana, is available through straight cash option, with a discount of P100,000.
“The 1.5 G CVT gas variant is also available for a monthly payment of only P13,220 under the Pay Light option, which offers customers low monthly plans with 50 percent downpayment at 60 months amortization,” Allana said. “Customers purchasing the 1.5 V CVT variant in cash can get a P20,000 discount.
comfy seating configuration, was a big plus.
As for passengers, particularly at the rear, they would appreciate the generous legroom comparable to bigger vehicles. Honda did a great job tweaking several measurements to create room and, thus, more comfort. Of course, the vehicle’s NVH feature was impressive for its size. While the interior motif screams sportiness, the ambient during the entire drive was rather blissful. Despite the blistering heat while driving back, the cold air-con inside made it appear as if it was not. By the time the experiential drive ended, we were still relaxed with enough energy left and wanted more of the fun drive we had experienced.
Honda Sensing is the way to go NOW equipped with Honda’s proprietary suite of driverassist functions, the entire freeway stretch allowed us to test Honda Sensing entirely and convincingly. While traversing the freeway, the Adaptive Cruise Control (ACC) was enabled with Low-Speed Follow (LSF) and set the speed within limits. Amazingly, the system actively kept the pace based on the vehicle upfront, picking up and slowing down by applying brakes to keep a safe distance.
The Lane Keeping Assist (LKAS) was impressive, as
always. The system actively operates the steering within visible lanes, even on long bends. On the other hand, the Road Departure Mitigation (RDM) with Lane Departure Warning (LDW) applied slight resistance and movement during lane changes without using the turn signals. Of course, the Collision Mitigation Braking System (CMBS) was always active, flashing warnings on the screen for collision alerts.
Other safety features include the standard G-Force Control (G-CON) body structure that helps to protect the vehicle’s cabin during collisions from any direction. Other functions are Vehicle Stability Assist (VSA) with Agile Handling Assist (AHA), Emergency Stop Signal (ESS), Anti-Lock Braking System (ABS), Electronic Brake Force Distribution (EBD), Hill Start Assist (HSA), and Multi-view Rear Camera with dynamic guidelines.
For added safety and convenience, the New City Hatchback now has a Walk Away Auto Door Lock function and standard features such as Six Airbags (dual front airbags, front driver and passenger side, and side curtain). The All-New City Hatchback boasts a 5-star ASEAN NCAP safety rating, thus giving customers better safety and peace of mind.
Continued Allana: “Other Toyota models such as the Hilux 4x4 2.8 Conquest A/T is also available at a downpayment of P11,700, or a discount of P100,000 for straight cash payment. The Vios 1.3 J M/T can be purchased at a monthly payment of only P8,038, while the XLE CVT variant is available for straight cash payment with a P60,000 discount.”
You can also own the Yaris Cross if you trade in an old Toyota. Or get a P25,000 rebate when you trade in your old Vios, Innova, Fortuner or Hilux for a brand-new Yaris Cross 1.5 S HEV CVT, 1.5 V CVT or 1.5 G CVT. A P15,000 rebate is also available for a trade in of Wigo, Rush, Raize, Veloz or Avanza for a Yaris Cross.
Check out the full mechanics at https://www.toyota.com.ph/ promos/AugustDeals. Follow Toyota Motor Philippines on Facebook and Instagram, ToyotaMotorPH on X, and join the ToyotaPH community on Viber to get the latest updates on products, services, and promos.
PEE STOP Francene F. Callueng reports that San Miguel Corp. (SMC) is nearing completion of its massive river cleanup in Bulacan, having removed over 4.2 million tons of silt and waste spanning 74 km of waterways. SMC’s “Better Rivers
among
SMC’s
from
including
Bambang, Meycauayan, Marilao, Mailad-Sta. Maria, Guiguinto, Balagtas, Pamarawan, Kalero, and Labangan-Angat Rivers. “Our river cleanup initiative in Bulacan
Sports
Editor: Jun Lomibao
Mangliwan eyes podium spot in wheelchair race
AT the Tokyo Paralympic Games in 2021, wheelchair racer Jerrold Mangliwan looked poised for a podium finish but entered the wrong lane at the critical homestretch and was disqualified. That dismal run in the men’s 400-meter T52 race has been burned in Mangliwan’s memory and he is determined to do much better in the Paris Games in likely his last shot at a medal in the Paralympics.
Appearing in his third straight quadrennial meet in the biggest sports spectacle for the world’s physically-challenged athletes, Mangliwan, 44, is set to compete in the heats Friday at 11:13 a.m. (5:13 p.m. in Manila) at the Stade de France.
The pride of Tabuk, Kalinga, a gold medalist in last year’s Hangzhou Asian Para Games, hopes to make it to the finals on Saturday.
Mangliwan said that his desire to
give his all near the finish line led to the costly mistake in Tokyo, and might have been avoided had coach Bernard Buen was at the stands instead of a Covid-19 quarantine facility.
This time around, Buen will be there for Mangliwan.
“He knows what to do,” Buen said. The coach said catching top favorite Maxime Carabin of Belgium, who ruled the event on the same track at the world meet in 2023, was far-fetched but the camp is optimistic Mangliwan can challenge for bronze.
Mangliwan came from behind to win in one minute and .01.54 seconds in Hangzhou, surging past erstwhile frontrunner Ueyonabaru Hirota, a bronze medalist in the event in the Tokyo Paralympic Games. “If Mangliwan keeps his presence of mind and follows our game plan to the letter, malaki ang pag-asa ni Jerrold manalo,” he said.
Qualifier sends Wimbledon champ crashing out of US Open
Paris Paralympics aims for ‘inclusion revolution’
PARIS—Just weeks after hosting the Olympics, Paris inaugurated the 2024 Paralympics on Wednesday with a nearly fourhour-long opening ceremony in the
NEW YORK—Frances Tiafoe is getting the rematch he wants, a second shot at Ben Shelton at the US Open. But there won’t be a second straight Grand Slam title for Barbora Krejcikova.
The Wimbledon champion was knocked out of the US Open in the second round on Wednesday, defeated by Elena-Gabriela Ruse, 6-4, 7-5.
The No. 8-seeded Krejcikova won her second Grand Slam singles title this summer, but then she didn’t play any matches after the Paris Olympics. She acknowledged last week not knowing where her level of play was. Turns out, it wasn’t good enough.
“I mean, winning Wimbledon is amazing. It’s a great, great, great result, I’m very proud about it and how I was able to handle everything there,” said Krejcikova, who hadn’t played a tournament on hard courts since February.
“I think I was playing quite well,
definitely better than in the first match. I think my game was improving, but it just wasn’t enough.” No woman has won Wimbledon and the US Open in the same year since Serena Williams in 2012. Tiafoe had short work on the steamiest day of the tournament thus far, with temperatures in New York surpassing 90 degrees Fahrenheit (32 degrees Celsius). Three men’s matches ended when an opponent stopped playing, the last one sending Novak Djokovic to the third round when Laslo Djere retired early in the third set with what appeared to be pain near his hip. Tiafoe, the No. 20 seed, won the first two sets before his opponent, Alexander Shevchenko, retired after the first game of the third set. Shelton, the No. 13 seed, later beat Roberto Bautista Agut, 6-3, 6-4, 6-4. He ousted Tiafoe last year in the quarterfinals, stopping Tiafoe from what would have been a second straight trip to the US Open semifinals. AP
Southwoods gears
MANILA Southwoods is all set to host another exciting and competitive edition of its flagship event, the Chairman’s Charity Cup, from November 14 to 16 with around 600 players expected to participate at the Masters and Legends courses in Carmona, Cavite.
Anticipation is high as registration opens at noon Wednesday with the host club expecting a diverse and packed field composed of members, their families and sponsors from both the private and government sectors, including big business.
PREMIER Volleyball League fans will have to wait a bit longer with the postponement of the 2024 Reinforced Conference semifinals.
A power outage at the Philsports Arena in Pasig City forced the postponement of the matches originally scheduled for Thursday. The knockout Final Four matches featuring unbeaten Akari against No. 4 PLDT, and secondseed Cignal opposite No. 3 Creamline, have been rescheduled to Saturday at the Mall of Asia Arena in Pasay City. The 2024 Reinforced Conference Final will be held on Monday at the Araneta Coliseum in Quezon City.
The severe weather earlier this week led to significant damage to several Meralco power posts supplying electricity to the Philsports Arena, making the facility inoperable for the scheduled event.
heart of the city.
Against the backdrop of a setting sun, thousands of athletes paraded down the famed Champs-Elysées avenue to Place de la Concorde in central Paris where French President Emmanuel Macron officially declared the Paralympic Games open.
About 50,000 people watched the ceremony in stands built around the iconic square, which is the biggest in Paris and is visible from afar because of its ancient Egyptian Obelisk. Accessibility for athletes in wheelchairs was facilitated with strips of asphalt laid along the avenue and placed over the square.
More than 4,000 athletes with physical, visual and intellectual impairments will compete in 22 sports from Thursday until September 8. Organizers say more than 2 million of the 2.8 million tickets have been sold for the various Paralympic events.
The opening ceremony was held outside the confines of a stadium, just like when the Olympics opened in the city on July 26. Fighter planes flew overhead, leaving red-whiteand blue vapors in the colors of the
French national flag, before the delegations entered the square in alphabetical order.
Some delegations were huge—more than 250 athletes from Brazil—and some were tiny—less than a handful from Barbados and just three from Myanmar.
Ukraine’s delegation got a loud cheer and some of the crowd stood to applaud them.
Flag bearers Steve Serio and Nicky Nieves led the US team’s delegation. The French arrived last and to roars from the crowd, which then sang along to popular French songs, including “Que Je T’aime” by late rocker Johnny Hallyday.
Throughout the show, directed by Thomas Jolly who also led the Olympic opening ceremony, singers, dancers and musicians with and without disabilities performed on stage together seamlessly, projecting a theme of inclusion and overcoming physical differences. Lucky Love, a French singer who lost his left arm at birth, was joined by performers in wheelchairs. Other acts featured dancers with crutches.
International Paralympic Committee President Andrew Parsons said he hoped the Paris Paralympics would start an “inclusion revolution” beyond the field of sport.
“The Paris 2024 Paralympic Games will show what persons with disabilities can achieve at the highest level when the barriers to succeed are removed,” he said in a speech. “The fact these opportunities largely exist only in sport
or in the boardroom.”
As the ceremony concluded, the Paralympic torch was carried into the area by former Olympic wheelchair tennis gold medalist Michaël Jérémiasz, who was surrounded on stage by dozens of torchbearers. Five French Paralympians lit the Olympic cauldron, which is designed to look like a
a playing field as possible. The closing ceremony will be held at Stade de France, the national stadium. AP
SENATOR Christopher “Bong”
Go called on aspiring studentathletes to and explore opportunities at the National Academy of Sports (NAS) at the New Clark City Sports Complex in Capas, Tarlac.
Go, Chairperson of the Senate Committees on Youth and Sports, underscored the need to promote all fields of sports where Filipinos have the potential to excel and develop future elite athletes.
NAS Executive Director Joy Reyes presented a report on the institution’s current status and challenges
Year after year, this three-day event has become one of the most anticipated tournaments at Manila Southwoods, which is recognized as one of the country’s premier championship courses, maintained in top condition throughout the year. The tournament will feature sequential tee times for the first two days with a shotgun start scheduled for the final day on November 16. Following tradition, participants will compete in an 18-hole round using the Modified Stableford Points system with handicaps and to maintain the pace of play, players must hole out but are required to pick up their ball after a net bogey. This year, a two-person, membermember, team competition will be introduced, using the aggregate score format. Participants can sign up with a partner or as an individual, with the tournament committee reserving the right to pair up individuals before the start of the competition. An entry fee of P8,000 per player, inclusive of VAT, covers a Pro Shop gift certificate worth P7,000, other golf items, breakfast, fairway snacks, and an awards lunch. Participants will also have the chance to win exciting hole-in-one prizes and in the abundant raffle program. Deadline for registration and cancellations is November 3 at 5 p.m.
All tickets purchased for the original date will be automatically refunded, with the refund amount credited back to the original payment method.
In a statement, the PVL apologized for the inconvenience and expressed appreciation for the understanding and patience of all those affected.
There will be no refunds after this date, but, will still be eligible for giveaways and the awards lunch. Completed entry forms must be emailed to clubtournament.msgcc@ gmail.com or submitted directly at the Front Desk starting Wednesday. Only completed forms with fully paid fees will be confirmed for the desired schedule, provided slots are still available.
By Lorenz S. Marasigan
there are nine currently enrolled.
Reyes attributed the low numbers to ongoing construction at the gymnastics center, which is expected to be completed by the last quarter of 2025. Go called for a collective efforts to support athletes and further improve sports programs in the country.
“ If we work together, the government, private sector, NSA, POC, PSC, we can reacher greater heights,” Go said.
“It is also important that we promote programs that inspire our youth and athletes. Use the funds the right way. No government funds should be wasted, not even a peso.”
