January to May, accounting for 85.59 percent of total revenues generated by the government, the Treasury said.
By Cai U. Ordinario @caiordinario
By Andrea E. San Juan @andreasanjuan
THE Board of Investments (BOI) said it is encouraging companies that are setting up factories in the country to set up their own power-generating capacity to reduce the cost of power.
“We’re encouraging these companies that are setting up their factories here so that they can reduce the cost of
Trade and Industry Secretary Alfredo E. Pascual, who cochairs the BOI, told re
porters at a recent briefing. The Trade chief said the agency is encouraging these
tricity cost in the Philippines.
THE reduction in rice tariffs has boosted the optimism of monetary officials that a rate cut could happen in August, according to the Bangko Sentral ng Pilipinas (BSP).
On Thursday, BSP Governor Eli M. Remolona Jr. said the Monetary Board decided to maintain the BSP’s Target Reverse Repurchase (RRP) rate at 6.5 percent. The interest rates on the overnight deposit and lending facilities will remain at 6 percent and 7 percent, respectively. Remolona said the Monetary Board is now “less hawkish” or “more
dovish” than before as inflation is expected to slow to the midpoint of the 2 to 4 percent target range.
“We expect inflation to go down this year and maybe even next year then go up again in 2026 but stay within the target range, that’s our expectation. By the way, the reduced tariffs on rice, we consider that a big deal,” he said.
“When the price of rice goes down it can have a significant second round effects especially because the price of rice is a salient price—an important price in the formation of inflation expectations,” he added.
Firms…
Continued from A1
“Some companies have already done that...some Japanese companies have set up solar farms so they are able to get them all supply of power,” he added.
Pascual also noted that through putting up their own power-generating capacity in their plants, the firms will be able to recover half of the cost of their investment over the years.
“[Because] in the process there is an incentive being given by us through tax incentive; they will be able to recover 50 percent of cost of their investment over the years,” the Trade chief explained.
Pascual said this after he reported the expansion plans of some of the Japanese companies that the Philippine government officials met with in Tokyo, Japan last week. (See: https://businessmirror.com.ph/2024/06/25/japanesefirms-to-expand-phl-operations-says-boi/)
In fact, he said that Minebea Mitsumi, a Japanese manufacturer of mechanical components and electronic devices,which has plans of expanding its semiconductor factory in Cebu, also intends to set up a solar farm to support the said factory.
During the Indo-Pacific Economic Forum (IPEF) Clean Economy Forum held in Singapore last June 6, Pascual noted the key initiatives driving the country’s renewables transformation.
These initiatives include “aggressive” targets for offshore wind, waste-to-energy projects and expanded rooftop solar programs.
To support the growth of green industries, including renewable energy, Pascual said the government has implemented tax incentives designed to attract domestic and international investors.
On the industrial front, the Trade chief said the country is “championing” green manufacturing and ecosystems by promoting energy-efficient technologies, reducing waste, and sourcing sustainable raw materials.
“We have rolled out initiatives offering grants, tax incentives, and technical assistance to help industries shift to more sustainable practices,” Pascual said in his speech earlier this month.
“Our latest Strategic Investment Priority Plan provides incentives for green ecosystems, including EV assembly, renewable energy projects, energy storage solutions, and recycling initiatives,” he added.
DBCC maintains growth outlook despite raising inflation forecast
By Reine Juvierre Alberto @reine_alberto
The Cabinet-level Development Budget and Coordination Committee (DBCC) on Thursday retained its economic growth outlook of 6 to 7 percent for 2024 while raising its inflation projection to 3 to 4 percent from 2 to 4 percent for the rest of the year.
DBCC Chairman and Budget Secretary Amenah F. Pangandaman announced the adjustments on medium-term macroeconomic assumptions, growth targets and fiscal program for 2024 to 2028 in view of emerging domestic and global developments.
In its 188th DBCC Meeting, the committee kept its GDP growth assumptions at 6 to 7 percent for 2024, 6.5 to 7.5 percent in 2025 and 6.5 to 8 percent from 2026 until 2028.
Pangandaman said the Philippine economy is expected to continue surpassing most emerging economies, consistent with the average growth forecasts of multilateral or -
ganizations, while also considering domestic and external risks.
“This growth trajectory puts us firmly on the path to becoming an upper-middleincome economy in less than two years and reducing the poverty rate to single-digit levels by 2028,” she said.
Inflation target for 2024, meanwhile, is raised to 3 to 4 percent from the previous assumption of 2 to 4 percent. It is expected to settle at 2 percent to 4 percent in 2025 until 2028.
Inflation accelerated to 3.9 percent in May this year, close to breaching the government’s target of 2 to 4 percent. It is faster than the 3.8 percent in
April 2024 but slower than the 6.1 percent in May 2023 and settled within the Bangko Sentral ng Pilipinas’ (BSP) target of 3.7 percent to 4.5 percent.
“We are determined to achieve price stability and return to the target range of 2 to 4 percent from 2025 to 2028 through the proactive implementation of monetary policy measures and well-targeted government interventions that address the primary drivers of inflation,” Pangandaman said.
The DBCC is banking on the new Comprehensive Tariff Program for 2024 to 2028 to reduce the prices of essential commodities and the Food Stamp Program to shield the poor and vulnerable sector from elevated food prices.
Fiscal targets
T H e DBCC also raised its revenue targets for 2025 to P4.644.4 trillion; 2026, P5.063.2 trillion; 2027, P5.627.5 trillion; and 2028, P6.249.6 trillion.
Revenue target for 2024 was maintained at P4.269.9 trillion, which will make up 16.1 percent of GDP.
Finance Undersecretary Domini S. Velasquez said the increase in revenue targets is due to the assumption of a double-digit increase in the collections of the Bureaus of Internal Revenue (BIR) and [BOC].
“[The Department of Finance (DOF) is] currently doing a lot of tax efficiency improvements in both the BIR and BOC. This includes digitalization, [such as] regulations to capture e-commerce transactions, which might be some of the sources of the decline in tax revenues during the pandemic and also customs modernization,” Velasquez said.
Among the DOF’s priority measures are Package 4 of the Comprehensive Tax Reform Program (CTRP) including excise tax on pickup trucks, Imposition of e xcise Tax on Single-use Plastics (SUPs), Value-added Tax (VAT) on Digital Service Providers (DSP),
Lower…
Continued from A1
In its statement, BSP said the balance of risks to the inflation outlook has shifted to the downside for 2024 and 2025 due largely to the impact of lower import tariffs on rice under Executive Order (EO) 62.
Based on the BSP’s estimates, the impact of lower tariffs on rice could reduce rice prices by 14.8 percent over a 12-month period.
It can be noted that as the country’s food staple, rice has a weight of 8.87 percent in the Consumer Price Index (CPI) for All Income Households and 17.87 percent in the CPI for the Bottom 30 percent of households or the poorest Filipinos.
“We have to remember that the effect of that is largely to change relative prices, the price of rice much lower than prices of the other food items compared to before. Whereas inflation is about a sustained rise in prices,” Remolona said.
“By itself, it’s not a reduction in inflation. It’s a reduction in measured inflation but its not a reduction in inflation as we look at inflation. [But] it will help,” he added.
BSP said the risk-adjusted inflation forecasts have eased to 3.1 percent for both 2024 and 2025 from 3.8 percent and from 3.7 percent, respectively. Based on the BSP’s latest survey of market forecasters, inflation expectations remain well-anchored.
This condition could prompt a total rate cut of 50 basis points (bps) this year. Remolona said the rate cuts could be delivered in two tranches of 25 bps in the second semester of 2024.
The Monetary Board, Remolona said, has also been discussing the reduction of the Reserve Requirement Ratio (RRR) for
Reform on the Motor Vehicle Users’ Charge (MVUC) and Create More.
“Although we don’t have any new tax measures that are inflationary, we do have tax measures in Congress and these should add to around P42 billion in revenues annually,” Velasquez added.
The government generated P1.853 trillion in revenues from January to May 2024, up by 16.3 percent from the collection in the same period a year ago.
Disbursement program
G OV e RNM e NT spending is also expected to further accelerate, reaching P5.754 trillion by the end of 2024. Over the medium term, it is estimated to reach P6.182 trillion in 2025 and P7.621 trillion in 2028.
“We will maintain high investments in infrastructure expected to create a multiplier effect on the economy, reduce the cost of doing business, support the creation of quality jobs, and ultimately transform the economy,” Pangandaman said, adding that the state will also heavily invest in social and economic transformation projects.
The DBCC also expects fiscal deficit to decline “more realistically and sustainably” to 3.7 percent of GDP in 2028 to allow “sufficient fiscal space” for the government to invest in infrastructure development and other growth-enhancing programs and projects.
National budget call
PANGANDAMAN announced that the proposed national budget for 2025 is set at P6.352 trillion, equivalent to 22 percent of GDP and is 10.1 percent higher than the 2024 budget of P5.768 trillion. The Budget chief said the increase is due to the equally higher revenue projections for 2025 as well as the hike in the budget for local government units ( l GUs) under the National Tax Allotment (NTA) at P1.034 trillion, higher by 18.73 percent than the P871.38-billion NTA share for 2023.
banks but has not decided yet on its timing.
Nonetheless, the BSP Governor said, “the monetary board is largely in favor of cutting the reserve requirement at some point.”
“The Monetary Board also anticipates price pressures to ease further in the second half of the year with the implementation of EO 62 as well as Administrative Order 20. If sustained, an improvement in the inflation outlook would allow more scope to consider a less restrictive monetary policy stance,” the BSP said in a statement.
Weaker peso
R EMO l ONA also said monetary authorities are monitoring the peso and has “occasionally intervened” to prevent sharp depreciations in the Philippine currency.
On Thursday, the peso closed at P58.75 to the US dollar. Remolona said the BSP entered the foreign exchange market on Thursday.
As to the passthrough, Remolona said, there was a 0.36 percent impact on inflation for every one percent depreciation in the peso.
Since the beginning of the year, the peso has depreciated by 5.7 percent. This, Remolona said, leads to an addition of only 0.2 percent in inflation.
“We’ve been active when we sense stress in the market. When the market becomes dysfunctional, in other words there’s only one side, either selling or buying, then we come in the other side. But mostly we come in to slow down the tendency of the peso to depreciate sharply. We don’t come in every day,” Remolona said.
Meanwhile, the decision of the Monetary Board to maintain key policy rates on Thursday was the 6th consecutive meeting when the rates were maintained.
This meant that the 6.5 percent interest rates have been the highest for over 17 years.
Continued from A1 Broken down, the Bureau of Internal Revenue (BIR) raised P1.189 trillion, up by 12.81 percent from P1.426.5 trillion collected in the same period in 2023, on the back of higher receipts from value-added tax (VAT), percentage tax, taxes on net income and profit, and documentary stamp tax. The Bureau of Customs (BOC) collections jumped by 6.01 percent to P380.9 billion from January to May. Meanwhile, five-month non-tax revenue collections rose more than half, or 60.58 percent, to P267 billion from P166.3 billion recorded in the same period a year ago. The BTr collected P206.5 billion in income from January to May, more than twofold of the P82.2 billion it raised a year ago, on account of higher dividend collections and interest on advances.
Privatization revenue N OTAB ly, year-to-date non-tax revenues from privatization dipped by 27.97 percent to P60.5 billion from P84.1 billion a year ago due to the reclassification of accounts from the previous months' transactions. Moreover, the national government disbursed P2.257 trillion as of end-May, faster by 17.65 percent or P338.7 billion than its P1.919.1trillion spending in the same period in 2023. Primary expenditures amounted to P1.936.3 trillion during the fivemonth period, up by 14.60 percent or P246.7 billion from P1.689.6 trillion a year ago. Furthermore, interest payments jumped by 40.08 percent to P321.6 billion from the P229.6 billion recorded from January to May in 2023. For the month of May, the national government reverted to a budget deficit of P174.9 billion from the surplus it recorded in April. This also increased by 43.10 percent year-onyear, or P52.7 billion, from P122.2 billion.
“The higher deficit resulted from an acceleration in government spending, pushing disbursement growth for the month to 22.24 percent, as against revenue expansion of 14.59 percent,” the Treasury said. In terms of revenues, the state collected P382.1 billion, up by 14.59 percent from the P333.4 billion it raised a year ago.
The BIR generated P219.2 billion after netting P717 million in tax refunds.
“The resulting net collection was 2.79 percent or P6.0 billion higher than last year due to higher tax collections on VAT, taxes on net income and profit [withholding at source and on wages of personal income tax], and miscellaneous tax,” the Treasury explained.
Meanwhile, the BOC’s collection is higher by 4.33 percent year-onyear than the P77.9 billion raised in 2023 due to continued monitoring of the values and classifications of imported commodities, as well as intensified border control and improved trade facilitation.
The Treasury’s income in May rose more than twice by 181.30 percent year-on-year to P70.2 billion from P24.9 billion as a result of higher collections from interest on advances from state-run corporations, guarantee fees and the government's share from PAGCOR’s income.
The government’s disbursements in May reached P557 billion, faster by 22.24 percent or P101.3 billion from the P455.7 billion spent a year ago.
“The increase was driven largely by the implementation of capital outlay projects of the Department of Public Works and Highways, and the Department of National Defense, as well as the social and health programs of the Department of Social Welfare and Development, and the Department of Health, respectively,” the BTr said.
“The higher National Tax Allotment shares of l GUs and increased budgetary support to GOCCs also contributed to the notable growth of disbursements in May,” the Treasury added.
FMJr adopts wait and see attitude on Sara
By Butch Fernandez @butchfBM & Samuel P. Medenilla @sam_medenilla
PRESIDENT Marcos has adopted a wait and see attitude following the resignation of Vice President Sara Duterte from the Cabinet.
Duterte earlier resigned as education secretary and vice chairman of the Task Force to End Local Communist Armed Conflict (TF- ELCAC ).
Marcos said he is monitoring if Duterte will also leave the Uniteam alliance that propelled them both to the highest positions in the land.
“[It] will depend on the position of Inday Sara, when it comes to the election if she will be with the administration or the opposition. That will be the only determinant,” Marcos said.
“Her leaving the Uniteam will be the biggest change,” he added. Former presidential spokesman Harry Roque earlier claimed that Duterte is planning to lead the opposition after she left the Cabinet.
On Tuesday, the Vice President announced that her father, former President Rodrigo Duterte as well as his two brothers—Davao City Mayor Sebastian Duterte and Davao City Rep. Paolo Duterte—will run for senator next year. At the Senate, two of the supporters of the former President welcomed news that he and his two sons plan to run for the Senate in 2025, playing down apprehensions that this would further entrench political dynasties in the country.
Sen. Robinhood Padilla called it “very good news,” on Thursday while Sen. Ronald dela Rosa tossed back to critics this question: Why is it unseemly to think of three Dutertes in the Senate, when the upper chamber has long hosted senators who are close relatives running within the same term?
Dela Rosa then cited the current cases of: Sen. Cynthia Villar and her son Mark; the half brothers Jinggoy Estrada and Joseph Victor Ejercito; and the siblings Alan Peter and Pia Cayetano.
Dela Rosa said he had nothing against his colleagues, even using their cases to prove his point that political dynasties could also be good for the people if the related politicians are all qualified and deserving public servants. “Why deprive our countrymen of the services of people whom voters like?” he asked in a mix of English and Filipino, then followed with another question: “Why do the Villars always win? Estradas? Cayetanos?”
Because, he added, they all performed well, and thus deserve another term, regardless of whether they will serve at the same time.
Facing reporters at the Kapihan sa Senado forum, dela Rosa took potshots at critics of the Dutertes, who are again in the headlines after the announced that her father and two brothers will seek Senate seats in next year’s polls.
Dela Rosa also said, he, incumbent Sens. Francis Tolentino, Christopher Go, and actor Philip Salvador will likely be on the ruling PDP Senate slate, adding that three Dutertes would be a welcome addition.
Padilla, acting president of the PDP party, said separately he would have three more allies in the Senate aside from Senators Go, dela Rosa, and
Marcos to appoint new DepEd head shortly
PRESIDENT Marcos on Thursday said he would appoint the successor of resigned Vice President and Education Secretary Sara Duterte in the next few days.
Following the resignation of Vice President Sara Duterte as education secretary last week, President Ferdinand R. Marcos Jr. announced he will be appointing the new head of the Department of Education (DepEd) in the coming days.
Interviewed at the sidelines of the National Employment Summit in Manila, Marcos said he has started reviewing the short list of candidates for the post to be vacated in mid July.
He said that the DepEd “is too important to be left without a secretary.”
“So what do we need? Do we need an educator? Do we need an administrator or do we need an accountant? What do we need? And that is what we are trying to determine right now,” Marcos said.
The President said he wants to announce the appointment of the next Education Secretary by the end of the week.
“We cannot leave it open...We cannot just leave it [DepEd] without a secretary,” he added.
Last week, Duterte tendered her irrevocable resignation as Secretary of Education and Vice Chairperson of the National Task Force to End Local Communist Armed Conflict (NTF- ELCAC ). Marcos said he personally asked Duterte about the reason for her departure from the Cabinet, but she declined to elaborate.
“She said ‘let us not talk about it’ so I did not force the issue,” the President said. Samuel P. Medenilla
Bong Go assists thousands of residents in San Juan, La Union
ON Tuesday, June 25, Sen. Christopher Go personally assisted indigent residents in San Juan town in partnership with the provincial government of La Union.
In his speech, Go underscored the importance of continued government support for Filipinos, particularly the poorest members of society.
“Akopo’ynagpapasalamatsainyo.Akopo’yhindipolitiko.Magtatrabaho langpoakoparasakapwakoPilipino.AtkahitsaangsulokkayongPilipinas pupuntahan ko kayo basta kaya po ng aking katawan at panahon. Iyan naman po ang ipinangako ko sa inyo, magseserbisyo po ako sa abot ng aking makakaya,” Go expressed.
Held at San Juan Gymnasium, around 2,000 beneficiaries received various forms of aid from Go and his Malasakit Team such as grocery packs, snacks, vitamins, masks, shirts, bags, basketballs, and volleyballs. Select recipients have received additional shoes, bikes, a watch, and cell phones. Furthermore, through the initiative of Senator Go, in partnership with the provincial government led by Governor Raphaelle Ortega-David, the struggling residents received financial support from the government.
In support of La Union, Senator Go principally sponsored measures to improve healthcare delivery in the province such as Republic Act No. 11724, which increases the bed capacity of the Ilocos
and
Francis Tolentino.
“That is very good news. For me, I will have allies in the Senate other than Senators Go, dela Rosa, and Tolentino,” he said in Tagalog.
Incumbent Senators Go, dela Rosa and Tolentino are eligible to seek another Senate term in 2025.
The President’s Partido ng Federal ng Pilipinas (PFP) has already renewed its alliance with most of the political parties, which comprised the Uniteam, including Lakas Christian-Muslim Democrats (Lakas-CMD) and the Nationalist People’s Coalition (NPC).
He said PFP will also be seeking an alliance with the National Unity Party (NUP) and the Nacionalista Party.
“This is basically the same list as what we had during the ’22 elections. So the Uniteam is still there. If you look at the structure of all the parties that ran together in the last election, that hasn’t changed,” Marcos said.
When asked about the alleged plan of the three other members of the Duterte family to run for senator in 2025, Marcos said he is open to it.
“It’s a free country. They’re allowed to do whatever they want,” Marcos said. But he said the decision of the three Dutertes could still change before the date of the filing of the Certificate of Candidacy (COC) in October.
The COC is required by the Commission on Elections (Comelec) before it can add a candidate to the election ballot.
“The real situation will become clear in October, during the filing [of COCs]. Then we will see really who will really run,” Marcos said.
Metals production down by ₧7.58B in Q1
By Jonathan L. Mayuga @jonlmayuga
METALS production value declined by P7.58 billion in the first quarter of 2024 to P51.81 billion from the P59.39 billion recorded during the same period last year, the Mines and Geosciences Bureau (MGB) reported.
Metal price cutbacks and the slowdown in mine production are the main reasons for the sharp drop, the bureau said. In terms of contribution to the metallic mineral production value, gold took the lead with 52.01 percent or P26.95 billion. The collective output of nickel ore and other nickel by-products settled for the second spot with 33.78 percent, or about P17.50 billion. Copper came in third with 12.15 percent or P6.30 billion.
The consolidated value of silver, chromite, and iron ore accounted for about 2.05 percent or P1.06 billion of the total production value.
The total volume and production value of gold went down by 14 percent and 3 percent, or 1,203 kilograms and P0.96 billion respectively from 8,381 kilograms with an estimated value of P27.91 billion to 7,178 kilograms with an estimated value of P26.95 billion year-on-year.
The Philippines Gold Processing and Refining Corporation in Masbate
posted the highest production with 1,548 kilograms with an estimated value of P5.77 billion followed by OceanaGold Phils Inc. (OGPI) with 818 kilograms valued at P3.11 billion.
FCF Minerals and Apex MiningCompany Inc. were in third and fourth positions with 707 kilograms and 636 kilograms, respectively.
Meanwhile, the Bangko Sentral also recorded a considerable decline in the purchases of its gold buying stations from 3,012 kilograms to 2,043 kilograms, down by 32 percent or 970 kilograms, the gold purchased from Acupan Contract Mining Project of Benguet Corporation (BC), MB— Loacan Itogon Pocket Miners Association and OceanaGold (Phils) Inc. were included in the figure.
Gold prices remain strong in the first quarter of 2024 which is to continue to be on an upbeat trend on account of the geopolitical tensions in the Middle East.
During the first quarter of the year, gold price was up by US$181.00 to US$2,070.05 per troy ounce from US$1,889.05 per troy ounce, year-onyear. The trend began in December of 2023, the MGB reported.
Nickel, copper, and silver prices
were sluggish during the review period.
Nickel declined by about US$4.25 per pound to US$7.53 per pound from US$11.78 while copper decreased from US$4.05 per pound to US$3.83, year-on-year. In addition, silver was down from US$22.94 per troy ounce to US$22.85 per troy ounce, yearon-year.
In the first quarter of 2024, the estimated excise tax collected from mining is about P1.21 billion. The breakdown of the estimated collection by type of mine is as follows: P551.36 million or 45.38 percent from gold mines, P475.76 million or 39.16 percent from copper mines, P177.12 million or 14.58 percent from nickel mines, and P10.66 million from chromite mines.
Meanwhile, the estimated collection from royalties derived by the government from the development and utilization of the mineral resources within the mineral reservation areas amounted to about P81.33 million in the first quarter of 2024.
Currently, there are 21 mining projects located within the mineral reservation areas, 20 nickel mining projects, and a chromite mining project.
FDA to deputize agriculture dept in products regulation
AGRARIAN Reform Beneficiaries’ Organizations ( ARBOS ) have earned a total of P2.377 billion through the government’s Program Against Hunger and Poverty (PAHP) from 2019 to 2024, the Department of Agrarian Reform (DAR) reported on Thursday.
PAHP is a government initiative addressing food security, hunger, and poverty through the cooperation and convergence of essential services of various government agencies.
Under PAHP, various government agencies and institutions tap the services of ARBOS to supply them with various agricultural products and food commodities, which enables farmers to have a steady and large market at a fair price and, thus more earnings. The figure was disclosed during the ongoing PAHP’s Planning Workshop Sustainability conducted by the Department of Agrarian Reform (DAR) that ends on Friday.
By Ada Pelonia @adapelonia
HE Department of Agriculture
(DA) and Food and Drug Administration (FDA) are set to sign a Memorandum of Understanding (MOU) which would let the latter
deputize the DA Inspectorate and Enforcement (DAIE).
Agriculture Secretary Francisco Tiu Laurel Jr. explained that some smugglers found a “loophole” by branding agricultural products as “processed goods.” Ang processed goods are not
[The FDA regulates processed food products and not DA],” Laurel told reporters on Wednesday.
Earlier, he raised the matter with FDA Director General Samuel Zacate and they agreed to sign the MOU within the year.
Kapag nangyari iyon , then mas maso -solve natin itong agri smuggling. [If this pushes through, we can solve agricultural smuggling],” he said.
Laurel also noted that smuggling can be considered as economic sabotage.
“Smugglers are destroying [the] industry by undercutting everybody through illegal acts,” he said.
Earlier, Finance Secretary Ralph Recto said the country is now “one step closer” to ending smuggling, misdeclaration, and undervaluation with the Pre-border Technical Verification and Cross-border Electronic Invoicing Systems under Administrative Order (AO) 23, series of 2024, in place. (See: https://businessmirror.com.ph/2024/06/15/ phl-close-to-ending-smuggling-
“Grounded by AO 23, series of 2024, we take the first steps today towards achieving a fully digitalized border protection system in the country where no import goes unnoticed and unaccounted for,” Recto said.
Through digital and integrated pre-border technical verification and cross-border electronic invoicing, AO 23, issued by President Marcos and signed by Executive Secretary Lucas Bersamin on May 13, 2024, will accelerate the inspection of all imported commodities entering the country.
“It is intended to strengthen national security, safeguard consumer rights, and protect people against substandard and hazardous imported goods,” the Department of Finance (DOF) said.
Agricultural commodities will be covered in phase one of AO 23, followed by non-agricultural goods with health and safety concerns in phase two, and other goods with misdeclaration avoiding tariffs and taxes on phase three.
The DAR has linked a total of 470 ARBOs to institutional markets such as the Bureau of Jail Management and Penology, the Department of Health, the Department of Social Welfare and Development, the Armed Forces, the National Police, the Department of Education, the National Nutrition Council, local governments, DAR Employees Association, medical mission groups, San Miguel Food Inc. and Pro Green Agricorp, among others. Agrarian Reform Undersecretary Rowena Niña Taduran, who handles the agency’s Support Services Office, said that through collaborative efforts, the DAR, with its partners can make a meaningful impact on the lives of the farmers.
“This workshop marks a pivotal moment where we brainstorm and strategize toward sustainable solutions such as sustainable agriculture practices, food security initiatives, and economic empowerment opportunities,” she said. Jonathan L. Mayuga
In its initial implementation in 2019, the ARBOs earned P3.68 million; in 2020, P148.86 million; in 2021, P485.39 million; in P 2022, P800.09 million; in 2023, P680.68 million, and this year, as of April, these farmers groups have already earned P259.13 million.
Reintegration, decommissioning of former MILF fighters still in full swing–DSWD
THE Department of Social Welfare and Development (DSWD) on Thursday said the government is resolute in its efforts to speed up the reintegration of former Moro Islamic Liberation Front fighters into Muslim Mindanao’s autonomous region and Region 12. As part of these efforts, Social Welfare Undersecretary Alan Tanjusay, who is in charge of the department’s inclusive-sustainable peace and special concerns (ISPSC), said the agency has conducted re-engagement and kumustahan activities with the former combatants.
Tanjusay said the re-engagement and kumustahan activities are part of the agency’s case management monitoring and assessment of decommissioned combatants who have received government cash assistance for livelihood and other services for reintegration in their communities as civilians.
“So far, our case management monitoring of our decommissioned brothers and sisters in the MILF reveals that they have been coping well with the normalization process. While the assessment activities are very challenging for the DSWD personnel due to the hard-to-reach locations and the risk of armed conflict, our social development workers are committed to ensuring the government reintegration programs for them are indeed
helping them out,” Tanjusay explained. In addition to monitoring the utilization of grants, the government normalization team adheres to a comprehensive case management process during the re-engagement activities. This process includes needs assessment, intervention planning, service implementation, monitring, and reintegration. The kumustahan activities, which began in May and will continue until July, are conducted in collaboration with the Bangsamoro Autonomous Region in Muslim Mindanao’s ( BARMM ) Ministry of Social Services and Development and the Task Force for Decommissioned Combatants and Their Communities (TFDCC) under the Office of the Presidential Adviser on Peace, Reconciliation, and Unity (Opapru).
As part of the Normalization Track of the Comprehensive Agreement on the Bangsamoro, MILF combatants shall undergo the process of decommissioning conducted by the Independent Decommissioning Body (IDB). Once decommissioned, the combatants shall be turned over to the DSWD for the payout of the cash assistance and case management. Since 2019, at least 26,132 MILF combatants have been decommissioned in three phases. The fourth and final phase aims to decommission an estimated 14,000 additional combatants. Jovee Marie N. dela Cruz
Report: Home, govt savings recover, PHL total up 35%
By Cai U. Ordinario @caiordinario
THE country’s Gross Savings grew 34.97 percent in 2023, thanks to the recovery of household and government savings, according to the Philippine Statistics Authority (PSA).
Based on the Consolidated Accounts and Income and Outlay (CAIO) Accounts, the country’s gross savings increased to P6.6 trillion in 2023 from P4.89 trillion in 2022.
The growth stemmed from the recovery of Households including Non-profit Institutions Serving Households (NPISHs) and the General government savings of P219.41 billion and P152.26 billion, respectively.
“Gross savings can be used by the institutional sectors or by the whole economy on average to accumulate assets. It can be used to purchase durable equipment, construct a building, and so on. So, the gross saving will finance capital accumulation,” PSA Officer-in-Charge Assistant National Statistician Mark C. Pascasio told BusinessMirror in a phone interview.
Pascasio explained that for households this could mean finally having funds to purchase non-basic commodities such as laptops or branded products, from only being able to afford generic items.
For small businesses like sari-sari stores, Pascasio said having gross savings means being able to invest in higher level of goods such as a chest-type freezer to replace a regular refrigerator.
The PSA official said having gross savings could also mean companies or governments having the financial capability to make big-ticket investments such as the expansion of the business or a new building.
These gross savings may be spent in 2023 or could also be spent this year, depending on the plans of households, businesses, and the government.
Meanwhile, the CAIO accounts also showed the country’s gross national disposable income in 2023 was valued at P28.67 trillion at current prices.
PSA data showed this represented a 15-percent increase from the P24.92 trillion posted in 2022.
Gross national disposable income, Pascasio said, included income and investments by Filipinos abroad.
This meant the income and investments made by Overseas Filipino Workers who continue to hold residence in the country are included.
“Yung disposable income, kung titignan mo is GDP plus the net factor income from abroad, ’yung tawag natin dati or the net primary income. At dadagdagan natin ito ng transfers from the rest of the world,” Pascasio explained.
[The gross disposable income’s components is GDP plus the net factor income from abroad, as what we used to call it, or the net primary income. We will then add to these the transfers from the rest of the world].
The CAIO Accounts is compiled annually by PSA and are valued at current prices. The Consolidated Accounts present a summary of transactions and relationships among the various flows of the economy.
Included in this report are production, consumption, income, gross accumulation, and economic transactions with the rest of the world.
Meanwhile, the Income and Outlay Accounts are compiled for the four institutional sectors, namely, nonfinancial corporations, financial corporations, general government, and households including NPISHs.
TUCP to wage boards: Heed experts, approve pay hike
TBy Samuel P. Medenilla
@sam_medenilla
HE country’s largest trade federation urged the regional wage board in Metro Manila to heed experts and approve the proposed P150 wage hike.
The Trade Union Congress of the Philippines (TUCP) said experts have stated the need for
significant wage increase during public hearing held by the Regional Tripartite Wages and Productivity Board-National Capital Region (RTWPB-NCR) last June 20. Among the said experts, it noted, is Mahar Mangahas of the Social Weather Stations (SWS), who questioned employers if they intend to keep wages stagnant despite rising labor productivity and economic growth.
For his part, IBON Foundation Executive Director Sonny Africa said the country’s economic growth “is mostly benefiting employers through large profits, and not their workers.”
TUCP also cited University of the Philippines School of Labor and Industrial Relations (UP SOLAIR) Assistant Professor Benjamin Velasc, who said the claims of employers that a “substantial wage hike” will lead to higher prices of goods
and mass displacement are baseless.
As for UP SOLAIR Professor Emeritus Rene Ofreneo, he said a significant wage hike will help create high-end industries with higher-paying jobs.
“These expert opinions should be heeded by the regional wage boards instead of the big lie and fear-mongering of employers that a wage increase will result in sky-rocketing prices and
Continued from A16
But considering the sluggish international arrivals in Cebu, he said, “I doubt that government forecast of 7.7 million arrivals this year. I think it will be lower.” He said it will be a challenge for the tourists to “discover the 22 new markets the DOT [Department of Tourism] is talking about…[because] we’re not seeing those volumes
the fear-mongering of massive joblessness and business closures peddled by those who solely want to corner the profits in a legal form of plunder,” TUCP Vice President Luis Corral said in a statement issued last Thursday.
Corral opposed the proposal of some employers for a one-year wage freeze or for the minimum wage hike to be limited to P16 to P24.
“They have such disdain for Filipino
Reforestation for the birds and turtles of Aboitiz Cleanergy Park
WHILE accustomed to a life on the move below water, female sea turtles use their geomagnetic abilities, or an internal GPS, to return to their place of birth and lay their own eggs.
a sanctuary for
sea turtles and various bird species, owing to initiatives to populate the site with more trees and mangroves, as well as conscious efforts to conserve and protect wildlife.
Sea turtles and mangroves
Sea turtles can lay over 150 eggs at a time. Beaches with mangroves are among the suitable sea turtle nesting sites since the mangroves’ roots and dense vegetation offer safety and protection from predators and the sea waves. In some cases around the world, mangroves provide temporary shelter, hiding spots, and ample food for the sea turtles. Mangrove ecosystems foster a rich biodiversity of marine organisms, like small fish and crustaceans, making it an ideal breeding and feeding area.
At Aboitiz Cleanergy Park, park personnel patrol its beach to moni-
tor sea turtle nesting activities. A team from Davao Light, an Aboitiz Power Corporation (AboitizPower) distribution utility, along with the Aboitiz Foundation and volunteers, help protect the area through educational campaigns, coastal cleanups, and mangrove planting. Further, when the turtle eggs are seen to be vulnerable to being caught by the sea waves, they are transferred to the park’s turtle hatchery.
The park held its most recent sea turtle hatchling release last April, involving 90 hatchlings from a nest found in February. In total, 9,507 hatchlings have been released from the area since 2014. These turtles are immediately greeted by a rich coral reef surrounded by a 37-hectare Marine Protected Area.
While only a few will survive into adulthood, conservation efforts and proper waste management re-
main important to ensure that these endangered creatures can thrive in the oceans. Sea turtles help maintain the health of seagrass beds and coral reefs. Hawksbill sea turtles, in particular, live on coral reefs and, in their own way, give back to the environment by eating overgrown sponges that suffocate slow-growing corals, resulting in a healthy reef. They also help prevent the overpopulation of jellyfishes in the ocean.
To date, over 21,448 mangroves have been planted at the Aboitiz Cleanergy Park’s mangrove reforestation site and coastal forest. However, several natural and man-made factors have rendered its survival rate at only 30%, which emphasizes the need for continuous collaborative efforts to plant more mangroves and increase awareness of its importance to sea turtles and the rest of the natural world.
workers and their families grappling with skyrocketing prices that they will offer a raise barely covering the minimum jeepney fare one way to work as if they will not go home anymore. This is plain and simple—shameless cruel greed,” Corral said.
As of press time, the RTWPB-NCR has yet to issue a new wage order after the public hearing last week.
Birds and trees
Similarly, birds have a symbiotic relationship with trees. Most build their nests in trees as strong branches and dense canopies can keep their eggs and themselves safe from predators and other external threats. Barks are also adequate materials for building nests. When it comes to food, flowers and leaves attract insects which are critical to a bird’s diet. Trees also provide other varieties of food, including sap, nuts, and fruit, as well as water that collects on its leaves, which birds use for drinking and bathing.
Aside from the mangrove reforestation site, the eight-hectare Aboitiz Cleanergy Park also propagates multiple native tree species. Consequently, many species of birds — from migrants, residents, to localized endemics — consider it their home.
Following a recommendation by the University of the Philippines Mindanao and the University of Southeastern Philippines back in 2013, the park steadily propagated trees in the area through years of joint efforts from the public and private sectors, enabling an increase in the number of bird species residing there — rising from just five in 2015 to 108 in 2024.
As observed by birdists who frequent the park, more trees meant more food and shelter that accommodated the influx of more bird species. This growth was further sustained by habitat conservation activities and proper biodiversity management which made it a safer reserve for the birds, especially as too few people move around the area.
In other parts of the country, other AboitizPower business units in Luzon, Visayas, and Mindanao also consistently champion initiatives throughout the past few years to plant more trees and mangroves and produce carbon sinks within their host communities.
With its efforts, Aboitiz Cleanergy Park continues to be a model of habitat conservation and biodiversity management in an urban setting. It affirms the collective vision of various stakeholders — AboitizPower and the rest of the Aboitiz Group, the local and national government, the academe, and other friends and volunteers — to create a positive impact by preserving the environment and nurturing wildlife.
Mangrove boardwalk. Visitors of Aboitiz Cleanergy Park can tour the site’s mangrove reforestation site and coastal forest — home to 108 different bird species — and, at the right timing, maybe even participate in the release of sea turtle hatchlings on its beach.
4.
3.
2.
7.
6.
18.
with finance planning functions.
AVANZADO OUTSOURCING SERVICES CORP. U-501 Prestige Tower Condominium, F. Ortigas Jr. Road, Ortigas Center, San Antonio, City Of Pasig
19. ERIANI Assistant Operations Manager
Brief Job Description: Determine staffing requirements, work assignments, and schedules for new projects.
20. ANTHONY Project Specialist
Brief Job Description: A Project Specialist is an individual who is skilled in a particular field and is responsible for the execution of a specific project. The three main roles of a project specialist include managing, planning, and supervising.
21. CHANG CHUN FEI Project Specialist
CIMB
Basic Qualification: Can speak, write and type in Mandarin language. Salary Range: Php 30,000 - Php 59,999
Brief Job Description: A Project Specialist is an individual who is skilled in a particular field and is responsible for the execution of a specific project. The three main roles of a project specialist include managing, planning, and supervising. Basic Qualification: Can speak, write and type in Mandarin language. Salary Range: Php 30,000 - Php 59,999
City, Fort Bonifacio, City Of Taguig
22. CHAN SHER LYN Head, Bank Wide Support
Brief Job Description: Assess and deploy optimal cloud solutions to serve as data platforms for the bank that are future ready.
Basic Qualification: At least 12 plus years of banking/ financial experience with hands on experience in cloud analytics (AWS, GCP, Ali baba etc.) and MarTech platforms.
Salary
60.
Brief
61. ZHU, MANTING Chinese Speaking Graphic Designer
Brief
62. ANDI WIJAYA Chinese Speaking Program Designer
Brief Job Description: Collaborate with other IT specialists, technicians, etc., to deliver software solutions. Basic
Basic
63. DAI, QIAOFENG Chinese Speaking Program Designer
Brief Job Description: Document all aspects of software, for ongoing maintenance and revisions.
64. FENG, XIAO Chinese Speaking Program Designer
Brief Job Description: Document all aspects of software, for ongoing maintenance and revisions.
65. LY NGOC YEN Chinese Speaking Program Designer
Brief Job Description: Document all aspects of software, for ongoing maintenance and revisions.
66. RAO, RUI Chinese Speaking Program Designer
Brief Job Description: Collaborate with other IT specialists, technicians, etc., to deliver software solutions.
67. SU, TEKUN Chinese Speaking Program Designer
Brief Job Description: Document all aspects of software, for ongoing maintenance and revisions.
68. VONG AI QUOC Chinese Speaking Program Designer
Brief Job Description: Collaborate with other IT specialists, technicians, etc., to deliver software solutions.
69. WANG, FEI Chinese Speaking Program Designer
Brief Job Description: Document all aspects of software, for ongoing maintenance and revisions.
70. YANG, FUCHENG Chinese Speaking Program Designer
Brief Job Description: Collaborate with other IT specialists, technicians, etc., to deliver software solutions.
71. YAO, HONGBO Chinese Speaking Program Designer
Brief Job Description: Document all aspects of software, for ongoing maintenance and revisions.
72. ZHONG, WENBIN Mandarin Technical Support
Brief Job Description: Monitoring and maintaining computer systems and networks.
Basic
Basic
Basic Qualification:
Salary Range: Php 30,000 - Php 59,999
Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.
Salary Range: Php 30,000 - Php 59,999
Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.
Salary Range: Php 30,000 - Php 59,999
Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.
Salary Range: Php 30,000 - Php 59,999
108.
Brief
109. NGUYEN, NGOC ANH Helpdesk
Brief Job Description: Respond to requests for technical assistance in person via phone, chat or email.
110. NGUYEN, VAN TIEN Helpdesk
Brief Job Description: Respond to request for technical assistance in person via phone, chat or email.
111. NGUYEN THI KIM THOA Payment Specialist
Brief Job Description: Receive and organize payments and post payments in computer system.
112. QUANG CHAU PHI Payment Specialist Brief Job Description: Receive and organize payments and post payments in computer system. Basic
113. VU THE NAM Payment Specialist
Brief Job Description: Receive and organize payments and post payments in computer system.
MANILA WALKER COMMUNICATION NETWORK PROJECT OPC
Basic Qualification: Minimum 3 years of experience in payment processing, accounting or similar role.
Salary Range: Php 30,000 - Php 59,999
Unit 109 Tycoon Center, Pearl Drive, Ortigas Center, San Antonio, Pasig City, San Antonio, City Of Pasig
114. HE, LI Project Manager
Brief Job Description: Leads and oversees a construction project, and works with Engineers and Architects to develop a plan, create a project time frame, distribute resources, and ensure timely completion.
MOM EASY INC.
Basic Qualification: Project managers often have an undergraduate degree in management and some have a master’s degree, internships, on-the-job training or experience in other area of business management are also helpful.
Salary Range: Php 30,000 - Php 59,999
Unit 25d, 2/f Zeta Ii Bldg., 191 Salcedo St., San Lorenzo, City Of Makati
115. SONG, LINSHAN Marketing Manager
Brief Job Description: Develop strategies and tactics to get the word out about our company and drive qualified traffic to our front door. Deploy successful marketing campaigns and own their implementation from ideation to execution
Basic Qualification: Can speak, write and type in Mandarin language. Salary Range: Php 30,000 - Php 59,999
NATURAL9 CORPORATION Unit 8c-1, 8 Rockwell Building, Hidalgo Drive, Rockwell Center, Poblacion, City Of Makati
116. LIU, XIAODONG Chinese Chef
158.
159.
Asean Avenue, Entertainment City, Tambo, City Of Parañaque
196. HENDRA CIPTA Chef De Cuisine, Food Court
Brief Job Description: Train, supervise and work with all cook and culinary staff in order to prepare, cook and present food according to hotel standard recipes in
SUTHERLAND GLOBAL
12th Floor Philplans Corporate
PHILIPPINES,
Kalayaan Avenue & Triangle Drive, Fort Bonifacio, City Of Taguig
197. HARRY SYLES AVP - Business Unit
Brief Job Description: In charge of designing and implementing revenue, profit and growth strategies, manage the region’s complete P&L, maximizing resource utilization by increasing client productivity
ANANDA OCAH KARINDRA Indonesian Customer Service Representative
Brief
Brief
202. FANDAM BAHARTAH Indonesian Customer Service Representative
Brief
203. IRFAN ZAKI Indonesian Customer Service Representative
Brief Job Description: Attracts potential customer by answering product and service question.
Basic Qualification: Proficient in reading, speaking and writing in Bahasa and English languages.
Salary Range: Php 30,000 - Php 59,999
204. JUNIYANTI Indonesian Customer Service Representative
Brief Job
Editor: Angel R. Calso
The World
BusinessMirror
Friday, June 28, 2024
Bolivian general arrested after apparent failed coup attempt as government faces new crisis
By Paola Flores & Megan Janetsky
LThe Associated Press
A PAZ, Bolivia—Led by a top general vowing to “restore democracy,” armored vehicles rammed the doors of Bolivia’s government palace Wednesday in what the president called a coup attempt, then quickly retreated—the latest crisis in the South American country facing a political battle and an economic crisis.
Within hours, the nation of 12 million people saw a rapidly moving scenario in which the troops seemed to take control of the government of President Luis Arce. He vowed to stand firm and named a new army commander, who immediately ordered the troops to stand down.
Soon the soldiers pulled back, along with a line of military vehicles, ending the rebellion after just three hours. Hundreds of Arce’s supporters then rushed to the square outside the palace, waving Bolivian flags, singing the national anthem and cheering.
The soldiers’ retreat was followed by the arrest of army chief Gen. Juan José Zúñiga, after the attorney general opened an investigation.
Government Minister Eduardo del Castillo said that in addition to Zúñiga, former navy Vice Adm. Juan Arnez Salvador was taken into custody.
“What was this group’s goal? The goal was to overturn the democratically elected authority,” del Castillo told journalists in announcing the arrests.
Late Wednesday, Defense Minister Edmundo Novillo said “everything is now under control.” Surrounded by the new military chiefs appointed by Arce, Novillo said that Bolivia lived a “failed coup.”
The apparent coup attempt came as the country has faced months of tensions and political fights between Arce and his onetime ally, former leftist president Evo Morales, over control of the ruling party. It also came amid a severe economic crisis.
The clashes have paralyzed the government’s efforts to deal with the economic crisis. For example, Morales’ allies in Congress have
consistently thwarted Arce’s attempts to take on debt to relieve some of the pressure.
Zúñiga referenced that paralysis during the rebellion, telling reporters the military was tired of the infighting and was seeking “to restore democracy.”
“We are listening to the cry of the people because for many years an elite has taken control of the country,” he said, adding that politicians are “destroying the country: look at what situation we are in, what crisis they have left us in.”
“The armed forces intend to restore the democracy, to make it a true democracy,” he said.
The rapidly unfolding crisis began in the early afternoon as the streets of La Paz started filling with soldiers. Arce tweeted that the troops deployment was irregular and soon he and other political figures warned of an attempted coup.
Still, the apparent attempt to depose the sitting president seemed to lack any meaningful support, and even Arce’s rivals closed ranks to defend democracy and repudiate the uprising.
In a twist, Zúñiga claimed in comments to journalists before his arrest that Arce himself told the general to storm the palace in a political move. “The president told me: ‘The situation is very screwed up, very critical. It is necessary to prepare something to raise my popularity’,” Zúñiga quoted the
Bolivian leader as saying.
Zúñiga said he asked Arce if he should “take out the armored vehicles?” and Arce replied, “Take them out.”
Justice Minister Iván Lima denied Zúñiga’s claims, saying the general was lying and trying to justify his actions for which he said he will face justice.
Prosecutors will seek the maximum sentence of 15 to 20 years in prison for Zúñiga, Lima said via the social media platform X, “for having attacked democracy and the Constitution.”
The spectacle shocked Bolivians, no stranger to political unrest; in 2019 Morales was ousted as president following an earlier political crisis.
As the crisis unfolded Wednesday, Arce confronted Zúñiga in the palace hallway, as shown on video on Bolivian television. “I am your captain, and I order you to withdraw your soldiers, and I will not allow this insubordination,” Arce said.
Surrounded by ministers, he added: “Here we are, firm in Casa Grande, to confront any coup attempt. We need the Bolivian people to organize.”
Less than an hour later, Arce announced new heads of the army, navy and air force amid the roar of supporters, and thanked the country’s police and regional allies for standing by him. Arce said the troops who rose against him
were “staining the uniform” of the military.
“I order all that are mobilized to return to their units,” said the newly named army chief José Wilson Sánchez. “No one wants the images we’re seeing in the streets.”
Shortly after, the armored vehicles roared out of the plaza, tailed by hundreds of military fighters as police in riot gear set up blockades outside the government palace.
The incident was met with a wave of outrage by other regional leaders, including the Organization of American States, Chilean President Gabriel Boric, the leader of Honduras, and former Bolivian leaders.
Gustavo Flores-Macias, a professor of government and public policy focusing on Latin America at Cornell University, said it’s important that world leaders and organizations keep up their condemnation of the coup attempt as developments unfold.
“If we allow the interruption of the constitutional order to take place in Bolivia, it could serve a demonstration effect,” FloresMacias said from New York in an interview with The Associated Press. “It could send a signal that if this is OK to happen in Bolivia, it could happen elsewhere.”
Bolivia has seen intensifying protests in recent months over the economy’s precipitous decline from one of the continent’s fastestgrowing two decades ago to one of its most crisis-stricken.
Arce and Morales have been battling for the future of Bolivia’s splintering Movement for Socialism, known by its Spanish acronym MAS, ahead of elections in 2025.
Following Wednesday’s chaos, reports on local media showed Bolivians stocking up on food and other essentials in supermarkets, concerned about what will come next.
But addressing supporters outside the presidential palace, the country’s vice president, David Choquehuanca, vowed: “Never again will the Bolivian people permit coup attempts.”
Janetsky reported from Mexico City, and Anita Snow contributed to this report from Phoenix, Arizona.
Outgoing Dutch Prime Minister Mark Rutte appointed as new NATO secretary general
By Mike Corder
The Associated Press
THE HAGUE, Netherlands—Over the course of more than a dozen years at the top of Dutch politics, Mark Rutte got to know a thing or two about finding consensus among fractious coalition partners. Now he will bring the experience of leading four Dutch multiparty governments to the international stage as NATO’s new secretary general.
On Wednesday, NATO ambassadors appointed the outgoing Dutch prime minister as the alliance’s next secretary general, its top civilian post. Rutte is scheduled to head the world’s biggest military organization from October.
NATO Secretary-General Jens Stoltenberg said that “Mark is a true trans-Atlanticist, a strong leader, and a consensus-builder.” “I wish him every success as we continue to strengthen NATO for the challenges of today and tomorrow. I know I am leaving NATO in good hands,” he said.
Rutte will be congratulated by President Joe Biden and his NATO counterparts at a summit in Washington on July 9-11, focused on support for Ukraine against the Russian invasion, perhaps the alliance’s greatest challenge.
Taking to social media, Rutte described his nomination as “a tremendous honor.”
“The alliance is and will remain the cornerstone of our collective security. Leading this organization is a responsibility I do not take lightly,” he posted on X. He said that he
looks “forward to taking up the position with great vigor in October.”
The secretary general chairs meetings and guide sometimes delicate consultations among the 32 NATO member countries to ensure that an organization that operates on consensus can continue to function. The NATO leader also ensures that decisions are put into action and speak on behalf of all members. Even before taking over from Stoltenberg, Rutte has been put to the test.
Securing the job of NATO chief required all of Rutte’s diplomatic skills as he convinced doubters, including Hungarian Prime Minister Viktor Orbán and Turkish President Recep Tayyip Erdogan, to back his candidacy. Rutte had to accept Hungary’s demand that it should not be obliged to provide personnel or funds for NATO’s new support plans for Ukraine. In an alliance that works on consensus, every country has a veto.
A former NATO spokesperson also believes that Rutte is a good fit for the job.
“Like Stoltenberg, Rutte is a pragmatist and one of the few European politicians to have developed a good working relationship not just with Joe Biden, but also with Donald Trump. That could prove a key asset for NATO after the November US presidential election,” said Oana Lungescu, a former chief NATO spokesperson.
Rutte “is seen as a safe pair of hands to lead NATO in turbulent times, just as Stoltenberg has done for the last decade,” Lungescu, now a Fellow with the defense and security think tank, the Royal United Services Institute, told
The Associated Press.
From history scholar to business manager to politicsA history graduate and former human resources manager at consumer products multinational Unilever, Rutte became prime minister of the Netherlands for the first time in October, 2010. He quit last July as his four-party coalition wrangled over how to rein in migration.
Although he has been one of Europe’s top politicians for years, Rutte has remained down to earth.
He can often be seen riding his bicycle around his hometown of The Hague, or walking from his office to a meeting eating an apple. When he handed in his government’s resignation to King Willem-Alexander last year, he drove to an ornate royal palace in a Saab station wagon.
Last Thursday, when his last rival for the top NATO job pulled out, Rutte posed—in jeans, a white shirt and sunglasses—for selfies with people outside his office while sitting on his bicycle.
While he was Dutch prime minister, Rutte was a strong supporter of Ukraine and its right to defend itself after Russia’s 2022 invasion. Under his leadership, the Netherlands pledged military hardware to Kyiv including Leopard tanks and F-16 fighter jets.
He said the war on Europe’s eastern flank was one of the reasons for seeking the job as NATO chief.
Rutte’s political career
RUTTE bounced back from a number of
scandals while in office in the Netherlands. He was so adept at preventing political stains sticking to him that he earned the nickname Teflon Mark.
His third coalition government resigned in early 2021 over a scandal involving investigations into child welfare payments that wrongly labeled thousands of parents as fraudsters.
A few months later, Rutte proved himself a master of survival by leading his conservative People’s Party for Freedom and Democracy to victory in national elections and cobbling together his fourth and final coalition from the same parties that resigned to trigger the vote.
Experience on global stage HIS years in office also have honed his skills at an international level. Working the room with a broad smile and firm handshake at European Union summits, Rutte developed strong working relationships with powerful leaders such as former German chancellor Angela Merkel and France’s Emmanuel Macron. He’s also visited Biden and Trump in Washington.
“As a veteran of EU summits, Rutte will bring a different understanding of the complex NATO-EU relation than Stoltenberg,” said Lungescu. “But he will also need to ensure that the EU’s efforts on defense complement, rather than undermine NATO at this critical time.”
The Associated Press writer Lorne Cook in Brussels contributed to this report.
BOLIVIAN police hold the detained Juan Jose Zuniga, former general commander of the Army, in La Paz, Bolivia on Wednesday, June 26, 2024. An apparent failed coup attempt erupted Wednesday in the country, and Zuniga appeared to be leading the rebellion. AP/JUAN KARITA
Friday, June 28, 2024 A12
How Biden-Trump debate could change route of 2024 campaign
By Zeke Miller, Michelle L. Price, Will Weissert, Bill Barrow & Darlene Superville The Associated Press
ATLANTA—President Joe Biden and his Republican rival, Donald Trump, will meet for a debate on Thursday that offers an unparalleled opportunity for both candidates to try to reshape the political narrative. Biden, the Democratic incumbent, gets the chance to reassure voters that, at 81, he’s capable of guiding the US through a range of challenges. The 78-yearold Trump, meanwhile, could use the moment to try to move past his felony conviction in New York and convince an audience of tens of millions that he’s temperamentally suited to return to the Oval Office.
Biden and Trump enter the night facing fierce headwinds, including a public weary of the tumult of partisan politics. Both candidates are disliked by majorities of Americans, according to polling, and offer sharply different visions on virtually every core issue. Trump has promised sweeping plans to remake the US government if he returns to the White House and Biden argues that his opponent would pose an existential threat to the nation’s democracy. With just over four months until Election Day, their performances have the rare potential to alter the trajectory of the race. Every word and gesture will be parsed not just for what both men say but how they interact with each other and how they hold up under pressure.
“Debates tend not to change voters’ perception in ways that change their vote: They ordinarily reinforce, not persuade,” said Kathleen Hall Jamieson, the director of the Annenberg Public Policy Center at the University of Pennsylvania and an expert on presidential communications. “What makes this debate different is that you have in essence two incumbents about whom voters have very well-formed views. But that doesn’t mean that those perceptions are right or match what voters will see on stage.”
Debate marks series of firsts
Trump and Biden haven’t been on the same stage or even spoken since their last debate weeks before the 2020 presidential election. Trump skipped Biden’s inauguration after leading an unprecedented and unsuccessful effort to overturn his loss to Biden that culminated in the Jan. 6 Capitol insurrection by his supporters.
Thursday’s broadcast on CNN will be the earliest general election debate in history. It’s the first-ever televised general election presidential debate hosted by a single news outlet after both campaigns ditched the bipartisan Commission on Presidential Debates, which had organized every matchup since 1988.
Under the network’s rules, independent candidate Robert F. Kennedy, Jr. did not qualify.
Aiming to avoid a repeat of their chaotic 2020 matchups, Biden insisted—and Trump agreed—to hold the debate without an audience and to allow the network to mute the candidates’ microphones when it is not their turn to speak. There will be two commercial breaks, another departure from modern practice. The candidates have agreed not to consult staff or others while the cameras are off. The timing follows moves by both candidates to respond to nationwide trends toward early voting by shifting forward the political calendar. It remains to be seen whether the advanced schedule will dampen the effects of any missteps or crystallize them in the public’s mind.
“You have two men that have not debated in four years,” said Phillippe Reines, a Democratic political consultant who helped former Secretary of State Hillary Clinton prepare for debates with Trump in 2016.
Biden and Trump, he said, “don’t like each other, haven’t seen each other, (are) pretty rusty heading into the biggest night of their lives. That about sums up what’s at stake on Thursday.”
Both sides know the stakes
THE debate falls days after the second anniversary of the Supreme Court’s overturning of Roe v. Wade, ending a federally guaranteed right to abortion and pushing reproductive rights into the center of politics ever since.
The faceoff also occurs just after the Biden White House took executive action to restrict asylum claims at the US-Mexico border in an effort to lower the number of migrants entering the country. Trump has made illegal immigration a centerpiece of his campaign.
The wars in Ukraine and Gaza loom over the race, as do the candidates’ sharply differing views about America’s role in the world and its alliances. Differences on inflation, tax policy and government investment to build infrastructure and fight climate change will provide further contrasts.
Also in the political background: The Supreme Court is on the brink of announcing its decision on whether Trump is legally immune for his alleged role in the Jan. 6 insurrection. That’s weeks after Trump was convicted in New York of taking part in a hush money scheme that prosecutors alleged was intended to unlawfully influence the 2016 election.
Biden spent the week leading up to the debate secluded at Camp David with senior White House and campaign aides as well as a coterie of longtime advisers and allies. A mock stage was built at the compound to simulate the studio where the debate will be held, and Biden’s personal attorney, Bob Bauer, was reprising his role as Trump in practice sessions.
Aides say the work reflects Biden’s understanding that he can’t afford a flat showing. They insist the sometimes stodgy orator would rise to the occasion. Trump, meanwhile, has continued his more unstructured debate prep with two days of meetings at his Florida estate, phoning allies and supporters, and road-testing attacks in social media postings and in interviews with conservative-leaning outlets.
Trump and his aides have spent months chronicling what they argue are signs of Biden’s diminished stamina. In recent days, they’ve started to predict Biden will be stronger on Thursday, aiming to raise expectations for the incumbent. Georgia on their mind ATLANTA , the debate’s host city, offers symbolic and practical meaning for the campaign, but each side believes that what happens there will resonate far and wide.
In 2020, Biden secured Georgia’s 16 electoral votes with a margin of less than 12,000 votes out of 5 million cast. Trump pushed the state’s Republican leadership to overturn his victory based on false theories of voter fraud, memorably being caught on tape saying he wanted to “find 11,780 votes.” He now faces state racketeering charges.
Both campaigns held a flurry of events in Atlanta leading into the debate, including competing events at Black-owned local businesses. Trump called in Friday to a gathering at Rocky’s Barbershop in the Buckhead community to talk about his matchup with Biden and question whether CNN moderators Jake Tapper and Dana Bash would treat him fairly.
Heading out of the debate, both Biden and Trump will travel to states they hope to swing their way this fall. Trump is heading to Virginia, a onetime battleground that has shifted toward Democrats in recent years.
Biden is set to jet off to North Carolina, where he is expected to hold the largest-yet rally of his campaign in a state Trump narrowly carried in 2020.
Miller, Superville and Weissert reported from Washington and Price from New York. AP video journalist Nathan Ellgren in Washington contributed to this report.
Banking&Finance
Govt targeting to raise ₧215B from debt sale
By Reine Juvierre Alberto
THe national government is ramping up its domestic borrowings in July as it aims to borrow P215 billion from the local debt market, according to the Bureau of the Treasury (BTr).
The programmed amount is higher by 19.44 percent or P35 billion than the P210 billion planned borrowing in July 2023 and last month.
The Treasury will hold an auction to raise P115 billion from the sale of Treasury bonds (T-bonds) and P100 billion from Treasury bills (T-bills).
Based on the Treasury’s schedule of T-bonds and T-bills offering for the third quarter of the year, T-bonds will be offered on each auction day for all four Tuesdays of July.
For long-term tenors, the Treasury will auction P30 billion in 5-year T-bonds on July 2, while 7-year debt papers will be sold on July 9.
Apart from these, 10-year Tbonds will be auctioned off on July 23 and P25 billion while 20-year Tbonds will be offered on July 30.
For short-term tenors, the Treasury will auction off every Monday P6.5 billion in 91-day and 182day tenors and P7 billion worth of 364-day tenor T-bills on July 1, 8, 15, 22 and 29.
Rizal Commercial Banking Corp. (RCBC) Chief economist Michael L. Ricafort said the higher state borrowings for the third quarter of the year are due to the wider budget deficits recently and the seasonal increase in tax collections in Apirl.
“There is already the possibility of a US Federal Reserve (Fed) rate cut as early as September 2024,
since there are no Bangko Sentral ng Pilipinas (BSP) monetary policy-/rate-setting meetings in September 2024,” Ricafort told the BusinessMirror
The economist said yields could be lower noting the possibility of a Fed rate cut, which could be matched locally.
He said the earliest local key policy rate cut could happen in August, as signaled by local monetary authorities recently, matching any Fed rate cuts in the coming months of 2024 and in 2025 to maintain healthy interest rate differentials.
This, Ricafort said, could lower the national government’s borrowing costs, such as interest payments.
BSP Governor eli M. Remolona said monetary authorities may start gradually cutting policy rates by August, which may or may not come ahead of the actions of the Fed.
For his part, Finance Secretary Ralph G. Recto said the Monetary Board could reduce key policy rates by 150 basis points within two years.
For the month of June, the national government raised a total of P170.228 billion, or 94.75 percent of its P180-billion target, from the domestic market through the sale of T-bonds and T-bills.
The national government borrowed P1.163 trillion in January to April. Domestic sources accounted for P1.038 trillion, while foreign lenders accounted for the rest of the amount.
It will borrow P2.57 trillion, following a 75:25 mix, wherein 75 percent of the amount would come from the local debt market while the remaining quarter would be borrowed externally.
‘VAT on foreign digital service providers secures bicam nod’
By Jovee Marie N. dela Cruz @joveemarie
The Congressional Bicameral Conference Committee has approved its joint version of the bill imposing value-added tax (VAT) on nonresident digital service providers to ensure a fair competitive environment for local companies.
House Committee on Ways and Means Chairman Joey Sarte Salceda said the measure is expected to generate as much as P18 billion in its first year and close a VAT loophole, thereby improving overall VAT collections.
“It will also close a VAT loophole, which will improve VAT collections as a whole,” said Salceda.
Salceda emphasized the necessity of implementing VAT on nonresident digital service providers to address the disparity between local and international companies, ensuring that all players in the digital content industry adhere to the same tax obligations.
“Netflix already pays VAT, thankfully. Spotify will pay. But that’s only fair,” Salceda stated.
“Filipino-owned companies like iWantTV pay VAT. even Vivamax pays VAT. Unless we level the playing field between local content production and imported services, imported content will have unfair advantages, and locals will have a hard time competing,” Salceda added.
Leveraging the wisdom of the room
IN many learning sessions that I’ve attended on member engagement, I often hear one recurring message: “involve and listen to your members.” So, when I chanced upon the phrase “wisdom of the room,” I thought I’d read more about it and relate this to associations.
I found out that the phrase refers to the collective knowledge, insights, and experience present in a group of people or audience. It suggests that within this group gathering or meeting, there is a wealth of understanding and perspectives that can be tapped into for problem-solving, decision-making, or generating innovative ideas. The concept also implies that by considering the diverse viewpoints and knowledge of everyone in the room, a more comprehensive and informed outcome can be achieved.
Thus, leveraging the “wisdom of the room” within an association can result in a myriad of benefits, enhancing the organization’s effectiveness, innovation, and overall success, as follows:
1. Diverse perspectives: Associations that tap into the diverse perspectives and experiences of their members can foster a more compre -
hensive understanding of their issues, leading to well-rounded solutions and strategies.
2. Innovative solutions: The collective intelligence of a diverse group often sparks innovation. By encouraging open dialogue and collaboration, associations can generate creative solutions to challenges, introducing fresh ideas and approaches that might not emerge in a more homogenous environment.
3. Effective problem-solving: Associations frequently face complex challenges that require multifaceted solutions. A concerted approach facilitates effective problemsolving by drawing on the collective expertise of members, providing a broader range of insights and potential solutions.
4. Informed decision-making: When associations leverage the cumulative intelligence of their members, decision-making becomes more
informed and strategic. Input from various perspectives ensures that decisions consider a wide array of factors, reducing the likelihood of oversight and enhancing the overall quality of choices.
5. Adaptability to change: Collaborations help associations stay adaptable in dynamic environments. By continuously incorporating diverse viewpoints, associations can better anticipate and respond to changes in their industries, markets, or regulatory environments.
6. Enhanced member engagement: Actively involving members in decision-making processes and valuing their contributions fosters a sense of engagement and ownership. Members who feel their voices are heard are more likely to be invested in the association’s mission, leading to increased loyalty and participation.
7. Community building: Members feel a stronger connection when their contributions are acknowledged and valued. This sense of belonging encourages collaboration and a shared commitment to the association’s goals.
8. Knowledge transfer: Associations often have members with
Digital services encompass a wide range of activities delivered over the internet or through electronic networks utilizing information technology, including online marketplaces and digital goods.
Salceda, who filed the first version of the VAT on digital service providers in 2020 during the Covid-19 pandemic, said protections for small businesses, such as the Barangay Micro Business enterprise Law and the e ase of Paying Taxes with respect to risk-based audits, will still apply.
According to Salceda, members of the bicameral committee swiftly resolved the two remaining items: the withholding tax on percentage taxpayers as proposed by the Department of Finance (DOF) and the earmarking of funds for the local creative sector.
“On withholding taxes for percentage taxpayers, we agreed with the DOF proposal, which empowers the Secretary of Finance to set withholding tax rates for those not covered by VAT. We secured assur-
varying levels of experience. Tapping into these facilitates knowledge transfer, allowing seasoned members to share their expertise with newer members. This contributes to the continuity of the association’s mission and goals.
9. Continuous improvement: Members, drawing on their diverse skills and experiences, can identify areas for enhancement, leading to the evolution and growth of the association over time.
10. Increased resilience: The collective intelligence and collaborative problem-solving foster resilience, enabling the association to adapt and thrive even in the face of adversity.
By recognizing and valuing the collective wisdom of their members, associations can position themselves for long-term success and make meaningful contributions to their respective industries or professions.
Octavio Peralta is founder and volunteer CEO of the Philippine Council of Associations and Association Executives, the “association of associations.” PCAAE will hold its 12th Associations 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.
BPI taps DHL Express green delivery service
By Andrea E. San Juan
using sustainable aviation fuel.
“The partnership with BPI is a step in the right direction. Together, we want to make international express shipping more sustainable. We hope this agreement will inspire other companies to transition to low carbon emission transportation services using sustainable aviation fuel,” Lockett said. For his part, Roderick Queppet, DHL express VP for Commercial said GoGreen Plus empowers its customers to reduce their Scope 3 emissions.
“This is the indirect greenhouse gas emissions inherent within a company’s value chain, predominantly in up- and downstream transportation and distribution,” Queppet said, adding that this
is where the logistics firm can help BPI curtail the carbon emissions associated with their shipments. eric Luchangco, BPI chief finance officer and chief sustainability officer, said the bank, with the help of DHL e xpress, hopes to “set a new standard” for sustainability in the logistics and banking industries.
“This collaborative effort aligns with Sustainable Development Goals [SDG] 13, which addresses climate action, and SDG 17, which emphasizes partnerships to achieve sustainable goals,” said Luchangco.
In 2023, DHL e xpress launched the GoGreen Plus service, allowing customers to reduce the CO2e emissions associated with their air freight with the help of sustainable aviation fuel.
Based on the website of DHL, the logistic firm said the GoGreen Plus service is currently the “only method available in the global express logistics industry that enables customers to utilize SAF to reduce emissions related to their shipments.”
Ken Lee, CeO for Asia Pacific, DHL e xpress, said the company has a “clear mission” to achieve net-zero emissions for its logistics operations by 2050.
A DHL survey found that 38 percent of online shippers in Asia Pacific are prepared to pay more for a greener delivery option. Lee said the high uptake of GoGreen Plus among individual shippers demonstrates a strong willingness to pay more to use SAF to decarbonize their shipments.
ances that small taxpayers will not face excessive audits or complicated compliance processes,” he said.
“What the DOF proposal simply does is that instead of paying their percentage taxes at the end of the year, the taxes will be withheld by the e-commerce site,” Salceda added.
Taxpayers subject to percentage tax are those who fall below the P3 million VAT threshold set under the TRAIN law, said Salceda.
Additionally, the lawmaker said the bicam agreed to allocate 5 percent of incremental revenues, approximately P900 million, to the creative sector.
“We also negotiated with the Department of Finance to keep the earmarking provision in the House version. My counterparts in the Senate also agreed to the earmarking,” Salceda said.
He said taxes on imported goods help level the playing field and are typically earmarked for domestic
support.
However, during the pandemic, he said foreign digital service providers had untaxed access to the Philippine market, unlike resident content producers, who were subject to VAT and income taxes.
“But during the pandemic, at the peak of the displacement of traditional goods by digital services, we allowed foreign digital service providers unfettered and untaxed access to the Philippine market. While resident content producers were subject to VAT and income taxes, foreign service providers were not,” he added.
This, Salceda said, created an unfair situation where local creators are taxed while imported content is not.
“This unfairness to the domestic sector for at least four years is why the House contingent believes that we owe the resident creative sector some measure of compensation and support,” he said.
THe era of big paychecks for Chinese financiers is fast coming to an end as some of the industry’s biggest companies impose strict new limits to comply with President Xi Jinping’s “common prosperity” campaign.
The nation’s largest financial conglomerates have asked senior staff to forgo deferred bonuses and in some cases return pay from previous years to comply with a pre-tax cap of 2.9 million yuan ($400,000), according to people familiar with the matter.
China Merchants Group, China everbright Group and Citic Group Corp. are among state entities that have conveyed the guidance to employees at some of their units in recent weeks, said the people, asking not to be identified discussing a private matter. Some mutual fund managers are also being pressured to return non-compliant pay earned in previous years, the people said.
Vilified by Beijing as “hedonists” over their lavish lifestyles, topearning finance workers including investment bankers and fund managers have been among the hardest hit by Xi’s push for a more equal distribution of wealth. The $66 trillion financial industry has fallen under tighter Communist Party control, with banks and brokerages slashing pay and other perks.
Several Chinese mutual fund managers proposed capping staff salaries at about 3 million yuan, people familiar with the matter said in April. It wasn’t clear how many financial entities will be subject to the current guidance, the people added.
The move comes as China recently started a new round of anti-graft inspections of some of its largest state lenders, the central bank and key regulators, the first broad probe since the one in 2021 that sent shock-waves through the industry.
At least 130 financial officials and executives were investigated or punished in 2023 alone, according to Bloomberg calculations based on official announcements.
Authorities have put an increasing focus on corruption among cadres and corporate executives, at a time when they are trying to stabilize the world’s second largest economy and prevent systemic financial risks. The proposed caps mark a drastic shift from the era where companies doled out big pay checks to lure top talent.
President Xi will convene senior officials from July 15 to 18 for a delayed conclave that’s expected to set long-term policy on a wide range of economic and political issues, the official Xinhua News Agency reported after the Politburo wrapped up a meeting on Thursday. That meeting emphasized the party’s leadership should be at the center of any reform, and called for the proper handling of relationships between economy and society, government and market, development and security. China’s economy is struggling to regain momentum as confidence has cratered among domestic consumers and international investors. Banks have been urged to
At Citic Securities Co., a unit of Citic Group, all senior executives on its management committee earned well over 3 million yuan last year, with Chairman Zhang Youjun making 5 million yuan, according to its annual report. The majority of their pay was from deferred bonuses. Representatives of Citic Group, Merchants Group and everbright Group didn’t respond to requests for comment.
Octavio Peralta
Association World
The Netflix app on a smartphone arranged in the Queens borough of New York, US, on March 26, 2024. BloomBerg
WB report highlights urgent need for PHL to invest in Filipinos
THe recent World Bank report highlighting the importance of investing in human capital has shed light on a critical issue that the Philippines must urgently address. It is a wake-up call for the country to take immediate action and prioritize the development of its people. The report’s findings make it clear that investing in human capital is not just an option but an absolute necessity for the country to secure its future prosperity. (Read the BusinessMirror report: “Investing in human capital must start now for PHL –World Bank,” June 25, 2024).
The World Bank’s assertion that investing in human capital within a generation can make the Philippines a rich country before it gets old is a compelling argument. It presents a unique opportunity for the country to leverage its demographic advantage and propel itself toward higher growth. By focusing on improving the Human Capital Index, which currently lags behind neighboring countries, the Philippines can equip its workforce with the necessary knowledge, skills, and innovation to drive economic growth and ensure longterm sustainability.
The statistics provided in the report paint a concerning picture of the current state of human capital in the Philippines. Stunting among children, a lack of learning opportunities for primary school-age children, and a high percentage of young Filipinos not in employment, education, or training are just a few of the challenges that need to be urgently addressed. Additionally, rising non-communicable diseases, gender disparities in the labor force, and difficulties accessing healthcare and social protection for senior citizens further emphasize the need for immediate action.
The World Bank’s recommendations provide a clear roadmap for the Philippines to follow. Strengthening governance, monitoring, and awareness, along with scaling up interventions to reduce stunting and ensure optimal child development, should be prioritized. Investing in early childhood care and development and focusing on foundational skills are crucial steps to building a strong foundation for future generations. Social protection for vulnerable groups must also be prioritized to ensure inclusive growth and equitable opportunities for all.
Furthermore, adequate and efficient financing and incentives are essential to sustain these investments in human capital. It would do well for the government to allocate sufficient resources and support to lagging areas that are in dire need of development. Local government units should be empowered and capacitated to play an active role in investing in human capital at the grassroots level, ensuring that no region or community is left behind.
The World Bank report should serve as a catalyst for change. It is an opportunity to learn from the successes of neighboring countries during their rapid industrialization and development periods. By seizing this opportunity, the Philippines can achieve rapid economic growth and secure a prosperous future for its citizens.
The question arises: Why didn’t we do this before? It is a question that underscores the urgency of the situation. However, dwelling on the past will not solve the problems at hand. What matters now is taking immediate and decisive action. The government, private sector, civil society, and individuals must come together in a concerted effort to invest in human capital, ensuring that every Filipino has access to quality education, healthcare, and employment opportunities.
The challenges ahead are significant, but the rewards are immense. By investing in human capital today, the Philippines can transform itself into a high-income country before it starts to age. The path to prosperity lies in the collective commitment to developing the potential of every Filipino. Let us seize this opportunity and build a future where the Philippines stands tall as a prosperous nation driven by the power of its human capital.
BusinessMirror
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The blue economy’s potential for sustainable growth and development
TEAGLE WATCH
He blue economy represents a vital frontier for sustainable development, especially for archipelagic nations such as the Philippines. This concept transcends traditional economic activities related to oceans and seas by embracing the sustainable utilization of oceanic resources to fuel economic growth, enhance livelihoods, and create job opportunities—all while preserving the health of ocean ecosystems. The blue economy encompasses a diverse array of sectors, including fisheries, maritime transport, renewable energy, and tourism.
The Philippine archipelago, strategically located in Southeast Asia, is surrounded by waters rich in biodiversity and resources that significantly contribute to the economy. These resources provide livelihoods through fisheries, aquaculture, and tourism, with the fisheries sector alone employing over 1.6 million people and accounting for about 2 percent of GDP. Moreover, there is substantial potential for expansion in offshore wind energy, marine biotechnology, and seabed mining. Tourism serves as another cornerstone of the blue economy, playing a critical role in the country’s economic development. Activities such as diving, snorkeling, and beach visits not only attract millions of tourists annually but also
substantially bolster the economies of coastal communities. Developing sustainable tourism practices is essential to maximize economic gains without compromising the marine environments on which these activities rely.
The efficient functioning of shipping and port infrastructure is key to leveraging the blue economy. Enhanced port facilities and maritime logistics are critical for linking the numerous Philippine islands, ensuring smooth goods and services flow. This connectivity supports not only the direct sectors of the blue economy, such as fisheries and tourism, but also fosters broader economic integration and development.
However, sustainable resource management presents ongoing challenges. Issues such as overfishing,
pollution, habitat destruction, and climate change pose severe threats to marine ecosystems. Addressing these issues requires integrated management strategies that align economic development with environmental sustainability. These strategies include enforcing fishing regulations, establishing marine protected areas, and promoting sustainable tourism practices that mitigate environmental impact and build the resilience of coastal communities.
Renewable energy sources, such as offshore wind and tidal energy, offer opportunities to diversify energy sources and lessen dependence on imported fossil fuels. With its extensive coastlines and significant marine resources, the Philippines is uniquely positioned to exploit these renewable resources to sustainably meet its energy needs.
Furthermore, the blue economy promotes social inclusivity by offering equitable opportunities to coastal communities. Sustainable fisheries management and eco-tourism not only conserve biodiversity but also enhance local livelihoods by providing stable income and employment opportunities. Empowering these communities through capacity building and equitable resource management ensures that economic benefits are fairly distributed, aiding in poverty alleviation and reducing social disparities.
In addition to the already significant roles mentioned, the blue economy promotes innovative technologies and practices that
Iceland’s debut gender bond sets template for other governments
By Greg Ritchie & Ragnhildur Sigurdardottir
AnIcHe bond sale in Iceland may provide a template for other governments looking to promote their commitment to gender equality.
The island nation this week sold a €50 million ($53 million) gender bond, a kind of debt that funds projects to promote women’s empowerment. The sale was the first for a sovereign nation, with the innovation adding to a smorgasbord of ethical debt labels to appeal to investors with sustainable mandates.
“There is great interest for gender bonds at the moment and we have had conversations with a number of investors who would love to have the opportunity to buy,” said Myriam Zapata, director for sovereign ESG debt capital markets at BNP Paribas SA, which arranged the deal. “It’s a fantastic opportunity to highlight
how advanced Iceland is, but also to show others how they can follow,” she said in an interview.
While Iceland’s deal was small and sold to Franklin Templeton in a private placement, other nations are likely to pay attention to its framework. The bond will fund affordable housing and help women in vulnerable positions. It will also reduce “the burden of unpaid care and domestic work,” for example by expanding state services that look after elderly relatives.
Iceland is following development banks and corporations who have raised gender-labeled bonds and loans linked to equality targets.
While Iceland’s deal was small and sold to Franklin Templeton in a private placement, other nations are likely to pay attention to its framework. The bond will fund affordable housing and help women in vulnerable positions. It will also reduce “the burden of unpaid care and domestic work,” for example by expanding state services that look after elderly relatives.
Governments including South Africa, Pakistan and Indonesia have also floated the idea of selling such securities, but their plans have yet to materialize.
Chile sold a sustainability-linked bond last year that would increase the coupon paid to bondholders if it fails to increase the percentage
are crucial for environmental and economic sustainability. Advances in marine technology, such as improved fishing gear and techniques, have the potential to significantly reduce the ecological footprint of traditional fishing practices by minimizing bycatch and reducing damage to marine habitats. Furthermore, the development of marine spatial planning tools can optimize use of ocean space, harmonizing the needs of various sectors while ensuring the conservation of marine biodiversity. These innovations, combined with policy reforms aimed at improving governance and increasing investment in marine research, are essential for the future of the blue economy. Strengthening regional and international cooperation is also critical to manage transboundary marine resources effectively and to combat illegal fishing and other maritime challenges. By integrating these technological and cooperative strategies, the Philippines can enhance the sustainability of its blue economy, secure long-term ecological health, and guarantee economic prosperity for its coastal communities. This holistic approach is indispensable for transforming the rich marine resources of the Philippines into enduring wealth and environmental resilience.
A crucial aspect of the Philippines’ blue economy is its claim over the West Philippine Sea, which is rich in
See “Eagle Watch,” A15
of women on the boards of directors at relevant companies to 40 percent by 2031. Iceland’s financing framework also includes a proportion of women in managerial positions in its bond principles.
Iceland is the most gender-equal country in the world based on economic opportunities, educational attainment, health care outcomes and political leadership, according to the World Economic Forum. That said, last year saw women go on strike to call attention to remaining inequalities.
“Because we can do it and underline the situation of gender equality in Iceland, and being at the forefront of thinking on new ways of funding these issues we’re dealing with, that’s a good sign for other governments to follow our lead,” Sigurdur Ingi Johannsson, Iceland’s finance minister, said in an interview. with assistance from olga Voitova/bloomberg
Ambassador Antonio L. Cabangon Chua
Dr. Fernando T. Aldaba
Ruto concedes to protests, now he must fix Kenya’s budget
By Neil Munshi & David Herbling
KeN yaN President William Ruto on Wednesday evening conceded to mass street protests and withdrew a contentious finance bill that included a raft of tax hikes.
Now he needs to figure out how to right the fiscal ship of East Africa’s most industrialized economy, and restore trust with citizens even as the country reels from a brutal police crackdown that left at least 23 people dead this week.
Having “listened keenly to the people of Kenya that have said loudly that they want nothing to do with the finance bill of 2024, I concede and will not sign the 2024 finance bill,” Ruto said.
Ruto struck a conciliatory tone in his address announcing the withdrawal of the bill, and pledged a series of austerity measures—including cutting spending in the executive, parliament and judiciary—and to tackle corruption that’s rife in the country. But the bill had sought to raise 302 billion shillings ($2.3 billion) in additional revenue for an economy that the International Monetary Fund deems in danger of debt distress, and it’s unclear how he can fill that hole without more borrowing.
“Ruto’s challenge is how else does he achieve the fiscal targets he’s committed to under the IMF program,” said Yvonne Mhango, Africa economist at Bloomberg Economics, referring to a $3.6 billion bailout the country got from the Washington-based lender in 2021. “He has little wiggle room with spending cuts, and the item that is likely to be slashed is capex, which is negative for growth. He can increase borrowing but that’s at a high cost—domestically liquidity is his constraint, as we saw last year.”
Yields on the 2031 eurobonds fell 2 basis points to 10.65 percent as at 5:07 p.m. in London. The shilling fell 0.3 percent against the dollar to trade at 128.95.
Ruto had “seriously misjudged the amount of anger among the population over the tax hikes and the underlying socioeconomic conditions that have driven the high levels of frustration towards them,” said Andrew Smith, senior Africa Analyst at Verisk Maplecroft.
Still, Wednesday’s speech was a marked shift for Ruto, who took to the airwaves on Tuesday evening— after a day that saw police fire live rounds on largely peaceful protesters and the storming of part of the National Assembly—to denounce demonstrators as treasonous. Since taking office in 2022, he has pushed through a series of unpopular tax hikes—on everything from bread to wheelchairs—aimed at addressing the country’s debt burden and unlock further IMF funding. Those moves have been greeted by investors, helping make the shilling the world’s best performing currency so far this year. It also issued about $1.4 billion eurobonds in February to partly refinance a debt, which matured Monday, after years of being priced out of the capital markets due to high borrowing rates.
biodiversity and natural resources. This area is believed to contain substantial untapped oil and natural gas reserves, potentially offering significant economic and energy security benefits. Additionally, its role as a vital international maritime trade route underscores its importance for national and international commerce. In conclusion, the blue economy holds great promise for sustainable economic development in the Philippines by leveraging its vast marine resources to support economic growth, enhance livelihoods, and ensure environmental sustainabil-
At the hotel lobby
RLike many developing countries, Kenya faces an urgent need to enact fiscal reforms, including meeting IMF conditions that require boosting tax revenues, reducing borrowing and cut spending. But with his concession to popular opinion, Ruto’s options are narrowing even as he looks to rein in a budget deficit running at 3.3 percent and an interest burden that takes away a third of government revenue.
But it has squeezed the average Kenyan, and young people in particular, in a country where as many two-thirds of the youth—who make up the majority of the population— are unemployed, according to the Kenyan Federation of Employees.
Ruto pointed to a number of programs his administration has enacted that employ hundreds of thousands of young Kenyans, including a house-building initiative. But he also said many of the plans he has to boost growth and job creation will have to be cut to compensate for the revenues lost to the withdrawal of the finance bill.
“We have made significant progress in pulling the nation back from the brink of debt distress,” he said on Wednesday. “Our debt situation is better managed, and our budget now has space for investment in programs aimed at easing the hardship on vulnerable people and creating opportunities for the youth.”
Kenya is also pursuing labor export deals with other nations as part of a plan to get jobs for young people, Ruto said.
Like many developing countries, Kenya faces an urgent need to enact fiscal reforms, including meeting IMF conditions that require boosting tax revenues, reducing borrowing and cut spending. But with his concession to popular opinion, Ruto’s options are narrowing even as he looks to rein in a budget deficit running at 3.3 percent and an interest burden that takes away a third of government revenue.
Debt will undoubtedly be the first option in the event government faces a budget gap, according to Stellar Swakei, a senior associate for research at Standard Investment Bank.
“Ruto faces a major economic challenge going forward. His presidency is premised on hard adjustments in return for economic prosperity, but many Kenyans are dissatisfied with the latter and election campaigns are just a year away,” said Connor Vasey, a managing consultant on Africa at London-based consultancy J.S. Held. “He has bitten the bullet up until now on some difficult policy adjustments, but the dividends might be coming too late.” With assistance from Simon Marks /Bloomberg
ity. However, the success of this approach depends on meticulous resource management, resolving territorial disputes, and implementing sustainable practices that balance growth with conservation. By prioritizing the health of its marine environments and securing its maritime territories, the Philippines can fully harness the potential of its blue economy for future generations, driving economic growth and enhancing the resilience and sustainability of its archipelago amid global environmental challenges.
Dr. Fernando T. Aldaba is
Research and Development.
Tito Genova Valiente annoTaTions
emembeR the monomyth? It pertains to tales of heroes. Or heroines. They go through a kind of journey, where, by that act, they travel to another place, leaving their home in the process. In the place or places they go to, or visit, they undergo initiation or challenges. In folktales, our hero meets wise, old men or confronts monsters. Not all places would have fabulous beasts and so, in their place, there could be difficult sites, like mountains to scale, rivers to ford, and wide, wide seas to navigate. When they come back—for surely one should be back after a fantastic trip, they are ready to tell stories and bring back the boon and graces of such epic sojourns.
To follow Campbell or van Gennep, who talked of liminality, a stage where our hero or traveler experiences he is neither here nor there. Or as Victor Turner puts it: between and betwixt. In the journey, this is the part where our traveler goes through a stage where he is not what he should have been or he has not yet achieved a good status that would warrant him to leave that place and be back to his home to announce that his departure is worthwhile enough to celebrate his return.
Now, my question is: do all monomyths end in splendid victory? When the heroes fail, do they become heroes or I am begging the question? Or, when a traveler sent off by his clan returns, do we immediately conclude he is back in full victory?
I ask those dumb questions because at the hotel lobby, one rainy morning, I thought I saw this monomyth. Contradicted.
As with cultural or metaphorical templates, there were many models that day.
First, there was this male, Caucasian. He was at the bar. He ordered coffee. The waiter, his face pale from the foundation, offered “Americano.” The guest, I believe, balked. No he did not budge from the stool on which
he was perched. I sensed in his vocal inflection high-strung exclamations trailed by gestures of parenthesis. He was declaring an exception: I am not Americano, following the offer of the pallid server. For some reason, his wit reached its end because the waiter explained to him the culture of that American coffee, whereupon, the customer was overheard being specific: two shots of espresso. Oh, this was not yet the monomyth.
I looked around. This foreign tourist must have a wife and she should be Filipina. My attempt at profiling vanquished by fear of being bigoted. I was thinking from experience and exposure. Indeed the wifey came into the scene. Like the hubby, she was a bit older and as macho s–t heads would say, “no spring chicken.” But in fairness to the lady, she had a lilt in her voice and a tone that brought her expression
to the level of alto from soprano 1. If only she would sing with those two voices, she could do a self-harmony. I disabused myself from being caught in a musical intermission.
The two were engaging in a fight in front of the waiter. Or maybe it was a regular discussion between couples, with both of them uptight after every end of the sentence. But the bickering soon ended and I could overhear the lady talk about traffic. And dust. And heat. By the way, it was raining then. And how bad their dinner was. Japanese.
Another young woman joined in at the bar. She turned out to be one of the hotel staff. The older lady happened to be a balikbayan, the title given to a person who has been away for a long time and not the humongous box used for containing goodies. And this returnee—another name for returning hero (oh c’mon, indulge me)—started ranting about how bad
Am I being onion-skinned (I like this modifier when it is applied to a piece of paper) that I could not bear all the negative remarks being made by returning kababayans. There is a hotel, by the way, named “Kabayan,” perhaps to better salute the returning overseas workers who are seen as heroes. Not perhaps in the monomythical way but in the tourism way —slogans and all.
On another couch (to where I focused my anthropological antennae) was this elegant old woman. She was dressed to the ninth or maybe it should be to the tenth. Three circles of what looked like metallic pearls ran around her neck. She was complaining about her long travel, a response to the question of another old Caucasian male (any Chinese in this hotel at all?) who merely asked, how was your day?
her country has become.
Our national hero was right: we need to leave our place so we could view it from afar and be objective in assessing the nation or country or culture to which we belong. But must we be unforgiving about our home?
When you are home after some long years and after hours of travel, do you complain about the site of your beloved childhood and youth? Do you enumerate the ills of your country as you twirl the diamonds around your finger? Wouldn’t it be charming to tell your favorite waiter how green was the valley you left, how succulent were the fruits that grew in your orchard. In other words, why cannot we—affluence and all—be cool and charming? And count our blessings? I know now what was happening. In the hotel—in that hotel—the travelers who were away still or took themselves away from their own kin were still in the liminal stage. They were lost. Undefined. They have not yet come to the conclusion they could be our little, lovely, loving heroes.
E-mail: titovaliente@yahoo.com
Ignore the ‘AI revolution’ at your own peril, investors warn
By Allison McNeely, Hema Parmar & Marion Halftermeyer
WhIle a recent selloff in shares of chipmaker Nvidia Corp. may have fueled fears of an artificial intelligence bubble, investors and asset managers still take a broadly positive view of the technology—with some caveats.
Speaking at the Bloomberg Invest summit Tuesday, Coatue Management founder Philippe Laffont said he’s bullish on AI despite the hype, pointing out that increased chatter about an investment can actually be a good sign.
But he expressed some concern about geopolitical instability in China potentially affecting production of the chips that power AI computing. If China invades Taiwan, for example, it would adversely affect Nvidia shares and global stock markets, Laffont said. Nvidia, the darling of the AI boom, gained 6.8 percent on Tuesday, rebounding from a recent selloff that erased $430 billion of its market value. Earlier in the day, Neuberger Berman portfolio manager Steve Eisman—who gained fame betting
against subprime mortgages and owns “a lot” of Nvidia shares—said he’s undeterred.
“If you look at the chart on Nvidia, you can barely see the correction,” Eisman said in a separate Bloomberg Television interview on Tuesday. “I don’t think it means anything.”
During wide-ranging discussions at Bloomberg Invest, hedge fund executives, chief investment officers and others weighed in on AI as an investment and also discussed the promise of such technology for increasing productivity in the investing world.
Apollo Global Management Inc.— an alternative asset manager that oversaw about $671 billion at the end of the first quarter—sees an investing opportunity at the intersection of the energy transition and
AI infrastructure, according to John Zito, deputy chief investment officer for its credit arm.
“It requires trillions of spend on a long-dated basis, and I think we’re just naturally the place to allocate that,” he said, noting that Apollo provided financing to semiconductor firm Wolfspeed Inc., and participated in a recent deal with Intel Corp. Mohammed Al-Sowaidi, the Qatar Investment Authority’s chief investment officer for the Americas, acknowledged the “buzz” around AI.
“Fundamentally all businesses need to be more efficient,” he said.
“One of the ways to make humans more efficient in their procedures and make companies more efficient is to empower them with AI.”
Man Group Chief Executive Officer Robyn Grew said her firm, which manages roughly $175.7 billion and is best known for its systematic strategies, has been using AI for at least a decade.
“It’s part of our DNA,” Grew said. The London-based firm has doubled its assets under management since 2016, but hasn’t increased its
headcount in operations, she said. Still, AI won’t make better decisions than humans, according to Grew. The real benefit of AI is to improve employees’ performance rather than replacing them, she said. When it comes to investing, AI isn’t “just about a backward look from predictive modeling,” she said. Instead, according to Grew, the technology should be used to find “new, uncorrelated” sources of investment.
Freestone Grove’s head of quantitative strategies, Daniel Morillo, expressed a similar sentiment in an earlier discussion on Tuesday. The hedge fund firm, which launched earlier this year with $3.5 billion of commitments, has focused on using AI to help the investment process, versus making judgments on the investment side.
One theme most panelists would agree on: The most dangerous thing you can do around AI investing is to stay on the sidelines.
“It would be irresponsible of us to ignore the AI revolution,” said Kim Lew, CEO for Columbia University’s endowment. With assistance from Sonali Basak and Romaine Bostick /Bloomberg
Funds circling India debt risk being tripped up by red tape
By Ronojoy Mazumdar, Malavika Kaur Makol and Richard Henderson
INDIA S $1.3 trillion sovereign debt market has become a magnet for global investors. This newfound interest just serves to highlight how difficult doing business in the world’s most populous country can be for outsiders. Foreigners are eagerly buying bonds before they’re added to JPMorgan Chase & Co.’s main emerging market debt index from Friday. When doing so, they face challenges ranging from lengthy documentation to the intricacies of settling a
trade and the complexities of paying taxes on any profits.
That’s because Indian authorities, cautious of hot money flows that led to the Asian financial crisis, chose not to follow in the footsteps of China. Unlike Beijing, which provided concessions such as exempting investors from taxes ahead of joining major debt indexes, New Delhi has been reticent to make any changes.
“It’s still a very difficult market to access, requiring a lot of documentation,” said Jae Lee, a portfolio manager for Los Angeles-based investment management firm The TCW Group. “The other thing is there are variances in tax treaties.
So where you’re domiciled has an impact on what your net return is in India bonds.”
India began working to gain access to bond indexes in 2019 to lower funding costs by generating additional demand for its bonds. With record borrowing during the pandemic, officials opened a segment of the sovereign bond market to overseas investors. However, to trade directly in the Fully-Accessible Route (FAR) bonds, which are eligible to be added to JPMorgan’s index, foreign funds must complete a registration process for each account via a custodian. Registration in India can be
burdensome with paperwork, according to several people familiar with the process. They declined to be named due to the sensitivity of the matter.
Investors have found it frustrating that the documentation required is more complex than in other countries, according to one of the people. For example, electronic signatures aren’t available for non-residents. While on-boarding typically takes eight weeks, there have been cases of it taking as little as seven days or as long as two years, that person said. With assistance from
and
A16 Friday, June 28, 2024
PHL TO IMPORT 200,000 MT OF REFINE SUGAR–DA
By Ada Pelonia
AGRICULTURE Secretary Francisco Tiu Laurel Jr.
said the government will allow the importation of 200,000 metric tons (MT) of refined sugar to ensure ample supply and stable prices.
Laurel said 200,000 MT is the deficit, noting that sugar imports should arrive by September to fill the gap before harvesting and refining.
“The current stocks will go down by August, September, so we have to have gap sugar of 200,000 MT at least by September, October, so that the milling season [can proceed uninterrupted],” Laurel told reporters on Wednesday, speaking partly in Filipino.
The agriculture chief said the Sugar Order can be expected in July, as he is set to talk with the Sugar Regulatory Administration (SRA) in the same month.
The United Sugar Producers Federation (Unifed) said it approves of the Department of Agriculture’s (DA) plan to import refined sugar.
“This will fill in the shortage before harvest season starts in September,” Unifed President Manual Lamata said in a statement.
“Harvest this coming crop year will be delayed due to El Niño and when we were consulted about this matter, we approved the proposal,” he added.
Meanwhile, SRA Administrator Pablo Luis Azcona said
the timing for the import plan has yet to be finalized.
“We will meet with [Secterary] Laurel first week of July to discuss and update the Secretary of our stock levels and determine when we need to activate this plan,” Azcona said in a statement.
The SRA administrator said the program that Laurel referred to is Sugar Order No. 2, which prequalified traders in future programs for sugar importation based on their purchase of local raw sugar.
He noted that SO 2 increased the farmer price to a stable P2,700 to P2,800 per bag of raw sugar, which also stabilized retail refined prices at P73 to P100 per kilo.
“This program prequalified an import volume of almost 200,000 [metric] tons of refined sugar and was planned in [January] and formally signed on March 8, 2024.”
He added that the agency has prequalified and pre-allocated based on traders’ actual support for the local farmers.
“As we said previously, we will activate an import plan should the trigger stock level be reached to ensure a stable supply and stable price for our retail and industrial consumers, as well as to ensure that our farmers will not be affected,” Azcona said.
“We also have to bear in mind that the 5 million farmers, farm workers, their families, and people dependent on the sugarcane industry are also 100 percent retail consumers.”
Arrivals target imperiled by sluggish demand for Cebu, other domestic destinations
By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror
THE Philippines will be unable to reach its 7.7-million inbound arrivals target this year, unless government can stir up more demand for destinations like Cebu.
In an interview on the sidelines of the recent Philippine Tourism and Hotel Investment Summit 2024, STR Senior Director for Asia Pacific Jesper Palmqvist told the BusinessMirror that while average daily rates (ADR) among Cebu hotels have almost reverted to prepandemic rates at about P7,500 per night, or “just 2.4 percent behind 2019, we’re 25-percent below in [hotel] occupancy,” or 56 percent, as of year-to-date (YTD) May 2024. In 2019, occupancy rate in Cebu hotels were around 75 percent, STR data showed.
“That’s a big drop, right? The challenge is, no one is visiting. If you want to push people to Bohol and other regional markets, that’s one of the hardest things to do,” if you can’t get them to visit Cebu, which hosts an international airport.
For Philippine hotels in general, Palmqvist said as of YTD May 2024,
57% of Pinoy CEOs bullish on global economic growth
By Reine Juvierre S. Alberto
MORE than half of Filipino chief executive officers (CEOs) surveyed remain bullish on global economic growth despite concerns over the long-term viability of their businesses.
In a survey conducted by PwC, 57 percent of 35 Philippine-based CEOs polled expect global economic growth to improve over the next 12 months, considering China and the United States as critical for their growth prospects in 2024.
This, even though more than half, or 54 percent, expressed their concern about their businesses not being viable beyond the next decade without reinvention.
Notably, almost all, or 97 percent of Filipino CEOs, took charge of changing how they create, deliver and capture value in the past five years, with 86 percent of them seeing a large impact on their com -
pany’s business model with at least one action taken.
PwC Philippines Deals and Corporate Finance Managing Partner Mary Jade Roxas-Divinagracia said the Philippines has achieved “consistent” economic growth rates, settling between 6 and 7 percent annually, leading up to the survey period.
“The Philippines has undertaken efforts to improve its investment climate and attract foreign direct investment. This sustained growth and the positive investment climate could have promoted optimism among CEOs regarding both local and global economies,” Roxas-Divinagracia said.
The Philippine economy posted a growth of 5.7 percent in the first quarter of 2024, higher than the 5.5 percent posted in the last quarter of 2023 but slower than the 6.4 percent posted in the first quarter of last year, according to the Philippine Statistics Authority (PSA).
PwC said as the pressure to adapt to changes arises, CEOs prioritizing “big moves” to support business model reinvention, although necessary, is rarely sufficient.
In its research, PwC found that top companies also focus continuously on the operating and technology models that enable their business model aside from focusing solely on it.
“The mindset change and management challenges involved are huge. To win, leaders must consider a broader range of initiatives—and apply them in combination,” PwC said.
“Investing in service partnerships to close operating-model capability gaps and keeping pace with technology advancements allow the company to focus on what it does best,” PwC added.
More than half of Filipino CEOs, or 57 percent, expect better out -
comes of Generative Artificial Intelligence (GenAI) for their businesses, positively affecting their revenue and profitability.
“Their enthusiasm over the opportunities for growth and innovation that GenAI brings demonstrates their understanding of the need for fundamental reinvention of their businesses,” PwC Philippines Chairman and Senior Partner Roderick Danao said.
Despite the CEOs’ high expectations of the transformative benefits of GenAI, the majority (80 percent) said the technology requires workforce upskilling, while 69 percent expressed concerns about the rise of cybersecurity risk and misinformation (57 percent). PwC conducted the 27th Annual Global CEO Survey from October to November 2023, and collected 4,702 responses globally, including 1,774 responses from Asia Pacific, covering Australia, Bangladesh, Cambodia, Chinese mainland, Hong Kong SAR, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Pakistan, the Philippines, Singapore, Taiwan, Thailand and Vietnam.
“Occupancy growth is now more moderate and expected to rise 2-3 percent year-on-year. Rates are quite stagnant outside luxury hotels, where it’s 19 percent ahead of 2019 levels.”
Stable growth in PHL COMPARED to the rest of Southeast Asia, he said, “the Philippines obviously is somewhere in the middle [in terms of ADR, revenue per available room, occupancy], because as you know, as you reboot from such a big systemic shock [like the pandemic] the markets that have a more established tourism like Thailand for 50-60 years, whatever happens to them, they reboot quickly. Singapore invests billions, and that’s a different kind of segue. So the Philippines fits in somewhere after that, in terms of the growth, in terms of that its’s ahead of Laos, Myanmar, and Cambodia, and also a little bit ahead of Vietnam.”
But the good news for the Philippines, he pointed out, is that “it’s more stable because it’s less of these massive rate growths, massive occupancy growths, and margin of profitability has started to return across hotels.”
TBy Butch Fernandez @butchfBM
HE National Bureau of Investigation reported to the Senate committee investigating the Philippine Offshore Gaming Operator’s hubs in Bamban, Tarlac, and Porac, Pampanga, that Bamban Mayor Alice Guo and Chinese passport holder Guo Hua Ping, who entered the country when she was 13 years old, have the same fingerprint.
In a statement, Sen. Anna Theresia Hontiveros, chairman of the Senate panel said the NBI findings indicated that the fingerprints of Guo and Guo Hua Ping belonged to “one and the same person.”
“This confirms what I have suspected all along. Pekeng Pilipino si Mayor Alice—or should I say,
Guo Hua Ping. She is a Chinese national masquerading as Filipino citizen to facilitate crimes being committed by Pogos,” Hontiveros said Hontiveros added: “Mayor Alice, walang sikretong hindi nabubunyag.” She added, “this is a big insult to the voters of Bamban, to the government institutions and all Filipinos.”
This is the weightiest evidence to oust “Mayor Alice” from her post, she said.
“I thank the NBI for speedly acting on this case. I call on the Office of the Solicitor General to expedite its filing of a quo warranto case against her. Dapat mapanagot siya sa lahat ng krimen na ginawa niya at ng kanyang [She should be made accountable for the crimes she and her] POGO hub [committed],” Hontiveros
also said. She added: “This revelation is not the end. Guo Hua Ping, soon, we will know the full extent of your deception. Magpapatuloy ang aming imbestigasyon sa
Senado [The Senate investigation will continue]. We will dig deeper and locate the systemic roots of our Pogo problem. The Senate started the investigation on the Pogo hub in Bamban, Tarlac, in the wake of reports that crimes like money laundering, identity theft and human trafficking are being committed
With a minimum of (10) years of experience in railway constructions
Salary Range: Php 60,000 - Php 89,999
Chinese Customer Service Representative
LIANG, YONG
Lead the major process and check the quality of finish product of eye wear
Injection Molding Engineer
Brief Job Description:
Responsible to validate the production process and hand over to production department.
QIN, RUIQING
Farm Technical Officer
ZENG, HAILONG
Brief Job Description:
Deputy Project Manager
Brief Job Description:
Support the farm supervisor in coordinating the development and implementation to support agriculture
Manage budgets, expenses and financial aspect of projects, including allocation of funds to different phases of projects and progress tracking of projects
CHENG, HAOQI
Chinese Business Consultant
Brief Job Description:
Help business to improve their performance, solve problems and achieve their goals.
AI, HAO
Basic Qualification:
Graduate of any technical course
Salary Range:
Can speak fluently Mandarin, with eyewear manufacturing experience, indepth knowledge of production management, risk management, & safety regulations. Excellent organization, time management & leadership skill
Manage incoming calls and customer service inquiries, handling complaints, provide solutions, process customer accounts and file documents.
Malaysian Customer Service Representative
GUAN, HONGBO
Brief Job Description:
Chinese Customer Service Representative
Manage incoming calls and customer service inquiries
PEH BOON YEH
Brief Job Description:
Malaysian Customer Service Representative
Manage incoming calls and customer service inquiries, handling complaints, provide solutions, process customer accounts and file documents.
Brief Job Description:
Php 30,000 - Php 59,999
Basic Qualification:
Can be able to speak and write in Chinese and proven working experience in a farm, ranch or similar agricultural operation
Salary Range:
Php 30,000 - Php 59,999
Basic Qualification: Can speak mandarin, able to work independently and as part of a team.
Proficiency in project management software, comprehensive understanding of project management principles. Fluent in oral and written both in English and Mandarin languages.
Salary Range:
Salary Range:
Php 30,000 - Php 59,999
Php 30,000 - Php 59,999
Basic Qualification:
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Able to speak, read and write Chinese language
College Graduate, preferably 1year experience in the similar field, Speaks and write fluently (Native Language)
Salary Range:
Salary Range:
Php 30,000 - Php 59,999
Php 30,000 - Php 59,999
Basic Qualification:
Able to speak, read and write Chinese language
Basic Qualification:
Salary Range:
College Graduate, preferably 1year experience in the similar field, Speaks and write fluently (Native Language)
Php 30,000 - Php 59,999
Basic Qualification:
Salary Range:
Php 30,000 - Php 59,999
Able to speak, read and write Chinese and Malaysian language
Basic Qualification:
Salary Range:
Php 30,000 - Php 59,999
College Graduate, preferably 1year experience in the similar field, Speaks and write fluently (Native Language)
Manage incoming calls and customer service inquiries Basic Qualification: Able to speak, read and write Chinese and Malaysian language
Brief Job Description: Manage incoming calls and customer service inquiries, handling complaints, provide solutions, process customer accounts and file documents.
Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite PHAM, THI THU HIEN
Brief Job Description: Manage incoming calls and customer service inquiries, handling complaints, provide solutions, process customer accounts and file documents.
Brief Job Description: Manage incoming calls and customer service inquiries, handling complaints, provide solutions, process customer accounts and file documents.
Brief Job Description: Manage incoming calls and customer service inquiries, handling complaints, provide solutions, process customer accounts and file documents.
23 DIGITAL JENIUS, INC.
Bldg. 6, Covelandia Rd., Binakayan, Pulvorista,
24 DIGITAL JENIUS,
Bldg.
WANG, QIANG
Chinese Customer Service Representative
Brief Job Description:
Manage incoming calls and customer service inquiries, handling complaints, provide solutions, process customer accounts and file documents.
WANG, ZAISHAN
Chinese Customer Service Representative
Brief Job Description:
Manage incoming calls and customer service inquiries, handling complaints, provide solutions, process customer accounts and file documents.
WU, WENJIE
Bldg.
Chinese Customer Service Representative
Brief Job Description:
Manage incoming calls and customer service inquiries, handling complaints, provide solutions, process customer accounts and file documents.
College Graduate, preferably 1year experience in the similar field, Speaks and write fluently (Native Language)
Salary Range:
Php 30,000 - Php 59,999
Basic Qualification:
College Graduate, preferably 1year experience in the similar field, Speaks and write fluently (Native Language)
Manage incoming calls and customer service inquiries
OHTAKE, SHOGO
Business Manager
Brief Job Description:
Create and source sales opportunities from Japanese Customers
OGONNAYA, IFEANYI FRANCIS
Finance Manager
Brief Job Description:
Assist staff members in the preparation of monthly and quarterly accounting reports
OKONKWO, VALENTINE CHISOM
Finance Manager
Brief Job Description:
Facilitate faster processing of documents of African clients and determine travel needs, budget and preferences
DU, KUN
Chinese Customer Service Representative
Basic Qualification:
Able to speak, read and write Chinese and Vietnamese language
Salary Range: Php 30,000 - Php 59,999
Basic Qualification: With excellent management skills, decision making goal oriented
Salary Range: Php 90,000 - Php 149,999
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Must have the ability to work collaboratively and build strong working relationship
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Responsible that all information from the African client to local documentation officer are correct.
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Php 30,000 - Php 59,999
Brief Job Description: Manage incoming calls and customer service inquiries Basic Qualification: Able to speak, read and write Chinese language Salary Range: Php 30,000 - Php 59,999
GUO, CAIWEI
Chinese Customer Service Representative
Brief Job Description: Manage incoming calls and customer service inquiries Basic Qualification: Able to speak, read and write Chinese language
Manage incoming calls and customer service inquiries
VONG QUOC TRU
Vietnamese Customer Service Representative
Brief Job Description:
Manage incoming calls and customer service inquiries
DINH THI DIEU
Vietnamese - Customer Service Representative
Basic Qualification:
Able to speak, read and write Chinese and Vietnamese language
Salary Range: Php 30,000 - Php 59,999
Basic Qualification:
Able to speak, read and write Chinese and Vietnamese language
Salary Range: Php 30,000 - Php 59,999
Basic Qualification:
Able to speak, read and write Chinese and Vietnamese language
Salary Range:
Php 30,000 - Php 59,999
Basic Qualification:
Able to speak, read and write Chinese and Vietnamese language
Salary Range: Php 30,000 - Php 59,999
Brief Job Description: Manage incoming calls and customer service inquiries Basic Qualification: Able to speak, read and write Chinese and Vietnamese language Salary Range: Php 30,000 - Php 59,999
Qualification:
Covelandia
Covelandia
Vietnamese - Customer Service Representative
Brief Job Description: Manage incoming calls and customer service inquiries
Manage incoming calls and customer service inquiries
MIN WAI YAN
Myanmari Customer Service Representative
Brief Job Description:
Basic Qualification:
Able to speak, read and write Chinese and Myanmari language
Salary Range:
Php 30,000 - Php 59,999
Manage incoming calls and customer service inquiries Basic Qualification: Able to speak, read and write Chinese and Myanmari language Salary Range: Php 30,000 - Php 59,999
MYINT SHWE
Myanmari Customer Service Representative
Brief Job Description:
Manage incoming calls and customer service inquiries
NU YIN WIN
Myanmari Customer Service Representative
Brief Job Description: Manage
Basic Qualification:
Able to speak, read and write Chinese and Myanmari language
119 East Science Avenue, Laguna Technopark, Malamig, City of Biñan, Laguna
Brief Job Description:
DANG NHO
DU LY
TSAI, CHIN-LIN
Senior Manager
Brief Job Description:
Vietnamese Customer Service Representative
Brief Job Description: Manage incoming calls and customer service inquiries Basic Qualification:
PHAN DANG HUONG
Vietnamese Customer Service Representative
Brief Job Description: Manage incoming calls and customer service inquiries
to speak, read and write Chinese and Vietnamese language
Salary Range: Php 30,000 - Php 59,999
Qualification:
to speak, read and write Chinese and Vietnamese language
Any person in the Philippines who is competent, able and willing to perform the services
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.
Please inform DOLE Regional Office IV-A if you have any information on criminal offense committed by the foreign nationals.
Kawit, Cavite
Editor: Jennifer A. Ng
B1 Friday, June 28, 2024
NGCP: Transmission lines ready for additional capacity
By Lorenz S. Marasigan @lorenzmarasigan
The National Grid Corp. of the Philippines (NGCP) said on Thursday it is ready to accept additional generation capacity to meet the rising energy demands.
In a statement, the NGCP said the company is strengthening existing transmission networks, while “creating room” for new generation capacity from both conventional and renewable energy sources.
nificant 500 kV corridor designed to handle bulk power generation from both existing and planned power plants in the Bataan and Zambales areas. This new backbone facility boasts a transmission capacity of 8,000 MW.
of overhead transmission capacity. This project allows for the transfer of up to 450 MW of power, expandable to 900 MW, between Mindanao and Visayas using installed transmission lines and submarine cables.
Cebu, where it is connected to the Mindanao-Visayas Interconnection Project (MVIP).
In Mindanao, NGCP has extended the Mindanao 230kV Transmission Backbone, which now provides an additional transfer capacity of 2,200 MW in the north and 2,400 MW in the south.
“Aside from strengthening our transmission network, the recently completed backbone projects allow NGCP to create room for additional generation capacity, whether from conventional or renewable power sources,” he said.
In the Visayas, the completion of the Cebu-Negros-Panay 230kV Transmission Backbone has added 800 MW of submarine cable capacity and 2,400 MW of overhead transmission capacity. This project supports existing power plants and increases the overall stability and reliability of the regional grid.
One of the major projects completed is the Mariveles-Hermosa-San Jose 500kV Transmission Line, a sig-
The Mindanao-Visayas Interconnection has similarly bolstered power sharing capabilities between the two regions, adding 2,400 MW
Ongoing projects include the TuyDasmarinas 500kV Transmission Line Project, expected to provide 2,400 MW transmission capacity at its initial 230kV energization stage.
The Cebu-Bohol Interconnection Project will offer Bohol 1,200 MW total interconnection capacity to
To further expand the power grid, NGCP has sought the Energy Regulatory Commission’s (ERC) approval for several critical projects, including the 500kV backbone looping and extensions in Luzon and the LeyteCebu Interconnection Lines 3 and 4.
The NGCP reiterated the need for a whole-of-government approach to meet the growing electricity demand, which the Department of Energy (DOE) projects will double in the next 12 years.
To ensure adequate electricity supply, NGCP said there is a need to double the country’s current power output through the installation of ad-
ditional power plants. The company called for objective and informed policy regulation and a fair, investorfriendly recovery process for implemented power transmission projects. NGCP has proceeded with several critical projects, prioritizing these initiatives over the issue of recovery approvals from the ERC. This includes Energy Projects of National Significance (EPNS) like the Hermosa-San Jose 500kV Transmission Backbone and the Cebu-NegrosPanay Transmission Line Stage 3.
“With expedited project approvals and proper support from the ERC and the DOE, NGCP can do more and is ready to deliver more available power supply to the Filipino people,” the company said.
Investing in your piece of paradise at Sandari Calatagan
REAL estate has long been one of the most lucrative forms of investment. It provides investors with a reliable source of passive income, protects you from inflation, diversifies your portfolio, and appreciates in value over time. In the post-pandemic era, the Philippines has experienced a significant rise in real estate prices, driven by a strong rebound in travel and tourism. This resurgence, known as “revenge travel,” reflects a global, sharp increase in demand for travel and leisure, making now an opportune time to invest in premier properties. Before you invest in real estate, you should consider these essential factors to ensure you get the most from your investment. Let’s explore these factors and see why a boutique beachfront development like Sandari Calatagan is an ideal choice for your next investment.
Location is the most important aspect of a property’s profitability. Properties situated near valuable amenities and future developments enjoy higher rental rates and value appreciation. Batangas is an ideal real estate investment destination, renowned as one of the Philippines’ top tourist hotspots for both local and international visitors. Just three hours from Metro Manila, Batangas is highly accessible via major expressways. Recognized as the 10th Overall Most Competitive City and Municipality in the Cities And Municipalities Competitiveness Index 2023 Rankings by the Department of Trade and Industry, and ranked as the third wealthiest province in the 2022 Annual Financial Report for the Local Government by the Commission on Audit, Batangas stands out as a prime location for real estate investment.
In an event by Citystate Properties and Management Corp., the developer behind Sandari Calatagan, Calatagan Mayor Peter Oliver Palacio highlighted the significant surge in tourist numbers during peak seasons like Holy Week. In 2022, Calatagan welcomed 645,000 visitors during Holy Week, with 15% staying overnight. By 2023, the percentage of tourists staying overnight soared to an impressive 48%, showcasing the town’s rising popularity and improving infrastructure, emphasizing Calatagan’s appeal as an attractive destination for both short-term visitors and long-term investors. When investing in real estate, having a clear investment purpose is essential. Real estate can be purchased for short-term gains, longterm appreciation, rental income, or personal use. Short-term buying and selling, also known as flipping, offers quick, moderate profits by purchasing, developing, and then selling a property upon completion.
Long-term investment capitalizes on substantial appreciation of value over time. In this scenario, you can either use the property yourself while its value increases or lease it out for rental income, allowing for flexibility and steady financial returns. Additionally, you can enjoy personal use of your property. Sandari Calatagan promotes holistic wellness through its exceptional
amenities, including an exclusive beach club, extensive biking trails, an organic farm, parks, and edible landscaping, providing residents with a bounty of activities and benefits to enjoy.
Properties at Sandari Calatagan offer exceptional potential for any investment strategy, thanks to the development’s prime beachfront location in one of the Philippines’ premier
provinces. Additionally, Sandari Calatagan’s proximity to various resorts and tourist attractions ensures high appreciation rates for investors looking to sell, while providing endless options for those seeking personal use. Investing in Sandari Calatagan means embracing a lifestyle where wellness, nature, and luxury coexist, promising a fulfilling and lucrative real estate investment.
Connectivity and Convenience at its finest with Quantum Residences
MOST young professionals and families today favor spaces that complement their active and vibrant lifestyles and provide them with comfortable, secure, and convenient urban living. It’s important for them to build homes in functional and quality spaces that are sensibly designed, accessible, and nestled in nurturing and safe environments.
Horizon Land, the smartvalue brand of premier real estate developer Federal Land Inc., is addressing the increasing demand for pocket-friendly properties within Metro Manila with Quantum Residences.
Quantum Residences, a threetower property strategically located along Taft Avenue, Pasay, offers a variety of attainable modernday conveniences that cultivate a lifestyle perfectly suited to the evolving requirements of young urban professionals, university students, and small families.
Central City Address
Quantum Residences is a highly networked, transit-oriented development strategically located near the intersection of Taft Avenue and Sen. Gil Puyat (Buendia) Avenue where commuter options, like city buses and jeepneys, regularly ply.
It is just a few steps from the LRT1 Gil Puyat station and the PNR Buendia station, making traveling to both the north and south ends of Metro Manila and nearby provinces easier and faster. Major gateway infrastructure like the Ninoy Aquino International Airport (NAIA), Parañaque Integrated Terminal Exchange (PITX), and Metro Manila Skyway, are also close by and easily accessible.
The development is near some of Metro Manila’s most distinguished universities, such as De La Salle University, De La Salle-College of Saint Benilde, Arellano University, and the University of the Philippines (UP) Manila.
The residential condo complex also makes a suitable home for young professionals who work in the business districts in Makati and Manila Bay Area. The short-distance travel to these premier business centers has its advantages.
Smart Investment
Quantum Residences has been proven to be a popular investment since its launch in 2019. Its first two towers, the Aqua and Amethyst Towers, have enjoyed brisk and consistent sales take-up as more buyers see high investment potential in modern and affordable developments located in prime areas.
The Amber Tower, Quantum Residences’ last tower, is at the preselling stage with units ranging from 24 sqm to 54 sqm in studio, one- and two-bedroom variations. Recently, Horizon Land conducted a concrete pouring ceremony for Amber Tower, a milestone marking the official start of construction of the third tower.
“Quantum Residences ticks all the right boxes when Filipinos look for a home that is worth putting their hard-earned money into. The location is strategic and accessible, the units are instinctive and wellplanned, and the amenities are fun and practical – these are the makings of a home that residents will thrive in. All these define Quantum Residences,” said John Frederick Cabato, General Manager of Horizon Land.
Horizon Land Grand Open House
To learn more about Quantum Residences, join the Horizon Land’s Tahanan Grand Open House on June 29, 2024 (Saturday) from 11 am to 7 pm at Le Pavillon in Met Park, Manila Bay Area.
Get a sneak peek at Horizon Land’s dynamic and thriving developments across Metro Manila and South Luzon. Exclusive to the June 29 Horizon Land Tahanan
Grand Open House, Quantum Residences property investors can get as much as P2.5 million worth of discounts or freebies.
Bring the whole family for a day celebrating the warmth and charm of Filipino homes. Tahanan Grand Open House offers a day full of vibrant activities and delectable Pinoy favorites.
Visit www.horizonland.ph or email hello@horizonland.ph to RSVP.
SKY Lounge at Quantum Residences. Artist’s Perspective.
Relationships
CLOCKWISE: Chefs Margarita Fores and Miko Calo prepare their dish of Bulacan river prawn, Beppino, Castelmagno Tinigib Polenta, Sauce Matelote; Chef Tatung Sarthou with Grilled Tupig, Tinapa Mascarpone, Smoked Caviar; Hannah Choa of The Chocolate Chamber shows off a ball of chocolate which she saved shaved on a variety of dishes for that cacao kick; and, Chef Miguel Morena at the halal food table. Loved his chicken piyanggang (Chicken in Blackened Coconut Curry)! PHOTOS BY STELLA ARNALDO
Gastronomy tourism
THE Department of Tourism (DOT) was recently able to pull of the challenging task of organizing the First UN Tourism Regional Forum on Gastronomy Tourism for Asia and the Pacific in Cebu this past week.
It brought 500 delegates from 43 countries to Mactan in Cebu, where they not just listened to panel discussions on food, sustainability, inclusivity and the like, but the DOT made sure they were well-fed, and given a generous sampling of dishes from the north to the south of the Philippines. (Bravo to the many chefs who inspired the delegates and made them love the Philippines more by serving up the best of local ingredients in the most creative fashion.)
Among the exciting speakers at the forum was our very own Margarita Fores, chef and entrepreneur with a number of popular restaurants, such as Cibo, Grace Park, Lusso, among others. Chef Margarita, who is also a UN Global Ambassador for Gastronomy Tourism, has had the privilege of not just traveling
around the world and tasting an array of excellent international dishes, but also becoming a great advocate of Philippine cuisine.
At the time that the DOT was hosting the Madrid Fusion Manila, Chef Margarita took global superstar chefs, like Elena Arzak to Farmers’ Market to taste the sweetest mangoes in the world, marvel at the deboning of the notoriously spiny bangus, and enjoy the superior taste of our kinilaw from fresh fish, mud crabs, and yellowfin tuna. At the Cebu forum, she spoke of the power of gastronomy tourism in spreading the economic benefits to a great number of people. “Gastronomy tourism has the potential to significantly benefit rural communities, especially those rich in local traditions. Tourists spend on food, accommodations and various activities, so it stands to reason that food-focused travel injects funds into local economies,” she said. But she also noted that gastronomy tourism has less tangible but no less significant benefits as well, citing the history behind sisig, the legacy of the Cebu lechon, pre-colonial cooking methods in the Cordilleras as can be found in its pinikpikan and etag. “Gastronomy tourism is a cultural bridge that deepens our connection with a place’s essence. It celebrates centuries-old recipes, local ingredients and culinary traditions, preserving and enriching cultural heritage for future generations.”
Chef Margarita also talked about gastronomy tourism as a way to a more sustainable future, citing the Slow Food movement in Negros Occidental. “By integrating stakeholders and tourism value chains, producing organic products, and urging the
hospitality industry to put environment-friendly protocols in place, the movement has influenced the region’s farmers who were inspired to farm in a more sustainable way. Honoring Negros’s rich agriculture, Negrense chefs and artisans collaborate to create dishes that reflect the island’s ecological diversity. This approach enhances visitor experiences and supports the economy of rural communities.”
This partnership and collaboration has made it possible for Negros to be the center of the Slow Food Movement in Southeast Asia—a laudable achievement indeed.
Of course, there are still challenges that gastronomy tourism in the Philippines face. She notes that “over-commercialization and irresponsible tourism can dilute traditional dishes, corrupt traditions, and strain infrastructure. This is why such an important undertaking requires everyone to pitch in—not just the hospitality and tourism sectors. We need the involvement of the local communities of course, to share and preserve their culinary culture and traditions. And government assistance and cooperation are essential.”
This was in fact an intense topic of conversation between me and some of my colleagues. It’s difficult to promote gastronomy tourism when we can’t even find heritage ingredients and fresh local produce anymore at reasonable prices. Rice alone, which is a basic commodity in every home, restaurant, fast-food dining outlet and even our carinderias, has gotten pricey. We can shout and advocate for gastronomy
BingoPlus Foundation, Arena Plus join Pride celebration
IN solidarity with the LGBTQIA+ community this Pride Month, BingoPlus Foundation—the social development arm of digital entertainment company Digiplus Interactive—has partnered with Love Yourself PH, a volunteer-run organization that provides free HIV and STI testing, counselling, treatment and support, to further raise awareness about HIV and empower more people to check their health status.
BingoPlus Foundation donated
P500,000 to Love Yourself PH, aiming to increase the availability of HIV self-testing kits nationwide and boost the HIV test rate in
the country. According to the Department of Health (DOH), current test rate is lower than its target, which is only at 40 percent.
“At least 50 new HIV cases are reported every day in the Philippines. This is alarming, and we hope that through these HIV self-test kits, our partner Love Yourself PH can encourage more people to check their status, and consequently overcome the hesitancy and other barriers to HIV testing,” said Andy Tsui, Digiplus president and Bingoplus Foundation chairman.
The foundation handed over the check to Love Yourself PH at the first-ever RunRio Pride Run 2024 which was held last June 22
at the SM by the Bay in Pasay City. During the event, advocacy partner BingoPlus Foundation mounted an interactive installation to inspire “rainbow” runners to spread the love and get checked to mitigate the spread of HIV regardless of age or gender.
Co-presented by Arena Plus, the 24/7 sports betting app and one of the flagship brands of DigiPlus, the RunRio Pride Run 2024 was organized to promote a healthy and active lifestyle and create a safe space where every queer person can freely express themselves without hesitation.
Five thousand runners, mainly
composed of members of the LGBTQIA+ community and their allies, participated in the event which featured three race distances (3k, 5k and 10k) catering to runners of all levels.
“We are truly honored to co-present the RunRio Pride Run 2024 and be part of the vibrant and fun-filled celebration of Pride month,” said Tsui. “But beyond the colorful rainbow décors, we also understand that Pride is a movement, and we rally behind the community in their pursuit of equality and acceptance. By working together to promote inclusion and self-care, we can better multiply both the fun and the good.”
By Eugenia Last
TAURUS (April
GEMINI (May 21-June 20): Use common sense and concentrate on your responsibilities. Let your actions speak for you; your inner voice will help you discover how to reach your expectations. ★★
CANCER (June 21-July 22): A positive change is approaching. Use your imagination, put energy and discipline behind your thoughts, and head to the winner’s circle. Don’t let your emotions deter you from turning your thoughts into a reality. Make each move count and enjoy life. ★★
LEO (July 23-Aug. 22): Unnecessary change will set you back. Look for opportunities that offer knowledge, growth and a positive passage forward. Use your skills, energy and attitude to determine how you proceed. Finishing what you start will influence how others perceive you.
VIRGO (Aug. 23-Sept. 22): Live and learn. Embrace your day with enthusiasm and engage in meaningful events. The connections you make and the good you do will make you feel grateful for what you have achieved and the direction you are heading.★★★
LIBRA (Sept. 23-Oct. 22): Taking time to think will help you gain perspective regarding what’s possible. Don’t follow someone heading in a different direction. Be open and honest about what you want to pursue. Put drama aside and clarify your motives and goals to those who interfere. ★★★
SCORPIO (Oct. 23-Nov. 21): Act and put stress and aggravation behind you. Learn from experience, and avoid people, conversations or pastimes that cost you time, energy and money. Making better decisions will build confidence and clarity that can carry you toward a better future. Love yourself.
SAGITTARIUS (Nov. 22-Dec. 21): You should create an opportunity rather than sit back and wait. Think outside the box and do your own thing. Refrain from letting someone else step in and take over. The way to satisfy your needs is to do what’s best for you. ★★★★★
CAPRICORN (Dec. 22-Jan. 19): Consider where your money goes. Evaluate your relationship with others and adjust what isn’t working for you. A change will give you the boost necessary to set high standards and focus on what’s important to you.
AQUARIUS (Jan. 20-Feb. 18): One door closes and another opens. Separate yourself from drama and anyone trying to take over or pressure you into something that doesn’t fit your agenda. Look for opportunities that encourage you to use your skills to manifest the life you want to live.
PISCES (Feb. 19-March 20): Put a smile on your face and proceed down the path that encourages peace of mind, playtime, and being up close and personal with someone you love. Sharing commonalities will help you adjust your life to fill any void you experience.
BIRTHDAY BABY: You are empathetic, intelligent and astute. You are resourceful and supportive.
Show BusinessMirror
And it’s only a Piaya Moon
Say it’s only a paper moon
Sailing over a cardboard sea
But it wouldn’t be make-believe
If you believe in me
—PAPE� MOON, BY BILLY ROSE, HAROLD ARLEN, AND Y. HARBURG
SOMETHING about a cool, cloudless day, or a garden full of yellow and white butterflies, and an earth so quiet you could hear the grass grow. Or summoned memories of a festive morning: the kitchen is bristling with loved ones, the hearth is burning, and ashes gather for the old cat to lie on. It could be that perfect night, with any kind of moon. Waning or waxing, a slip of yellow up in the dark, dark sky, and you wish for it and you wish on it all the loves that are gone and those that may come.
A simple universe, if you wish, hiding cosmologies, and revealing only the bright and the beautiful, in between are hidden complications to bring about an ordinariness that may spare the gods from hubris, for fear they have created a world without sorrow.
Why the euphoria? I have finished viewing Kurt Soberano’s film Under a Piaya Moon and I am perfectly convinced something from the quotidian can grow a masterpiece and only someone who breathes and loves cinema can produce from the ordinary a cinema of utter loveliness and unforgettable charm.
The film is not without flaws; in fact, you can spend the whole time identifying the weaknesses of this film from its lack of compelling plot or the absence of politics (in this nation, there is always a dreadful need for films to comment on the political affairs around us lest we be declared irrelevant) in its vein. But why demand for something that the film is not bannering about? From the beginning, one senses Soberano’s first venture into full-length film demands no ponderous attention; what it requires is for one to be lost in the experience of being in a different world. And Soberano and his team made sure the journey’s prerequisite is easily accomplished—the readiness to be swept in nostalgia for a time that is beautiful because it will never last. A fantasy redolent with, ultimately, the sweetest of memories, with just a tinge of bitterness to allow us to tear a bit when the drama (real, truthful) comes forth.
AFTER months of its successful run with consistently high ratings and positive feedback from viewers, GMA Network’s primetime series My Guardian Alien comes to its magical and exciting finale tonight. The program is headlined by Marian Rivera as Grace and Gabby Concepcion as Carlos, together with Max Collins as Venus, Raphael Landicho as Doy, and Gabby Eigenmann as Dr. Ceph. My Guardian Alien has highlighted several moral values, especially forgiveness and love for family. According to some netizens on GMA Network’s YouTube channel, “Ang ganda ng story, makatotohanan. Nangingibabaw lagi ang kabutihan, pagmamahal, at pagsisisi sa kasalanan. Very nice series, all about kindness and forgiveness. Mai-inspire kang gumawa ng kabutihan. May kontrabida man, pinapakita pa rin na kaya nilang magbago at ‘di puro galit o poot sa dibdib.”
mother. Everything is going right and strong for him: he is the favorite “apo” (grandson) of two doting grandparents—except that when the film opens, the grandmother has left his Lolo Poldo and has returned to their other children’s home. There is also another
As the only possible conflict in the film, a concurso
of his bakery, Stephen wants to join the concourse. And, for his Lola Fina, to win no less. But there is the girlfriend who seems bent on ruining all the good plans of the good people. You see, for all her pretty face and convincing scheming (and maybe because of
‘My Guardian Alien’ promises extraordinary finale tonight
Aside from the valuable lessons brought by the series, avid viewers also highlighted the chemistry and acting of Marian and Gabby, as well as the remarkable performance of the whole cast. Fans commented, “Sana mag-team up ulit sila Marian at Gabby—nakakakilig sila, perfect combination. Walang kupas ang looks at husay! Effortless din magpatawa at magpaiyak ’yung ibang characters. Lahat sila magaling!
Now that the program is about to end, fans are sharing theories about the finale and are already wishing for a new season. “Huwag niyo po kaming bitinin please. Sana makabalik pa si Grace at manirahan sa Earth kasama sina Doy at Carlos at lumaki pa ang pamilya nila. Pwede bang i-extend or Season 2 please.”
A few nights before its last episode, the most-awaited wedding of Grace and Carlos was disrupted by the bombing planned by
Gastronomy tourism
CONTINUED FROM B4 tourism all we want, but what does it say about our country when we can’t even feed our own citizens with
and
High quality ingredients, because they are so few, kick up their
which chefs and restaurants pass on their diners. Have you noticed how much it costs to dine out these days? Add on the value-added tax, the local tax, and service charge, a two-dish meal at a regular restaurant, not even run by a celebrity chef, will likely cost a diner P1,000 to P1,200. Then there’s an issue with some restaurants going so far to the deep end in serving up modernized, deconstructed, or fusion-y dishes, but really don’t know how to cook a simple adobo or an old-fashioned dinuguan, like my friend Miggy complains. Don’t get me wrong, I appreciate the clever ways some
Dr. Ceph. This brings everyone in danger, especially Doy. Meanwhile, Dr. Ceph abducts Grace, who promised to bring him to his long-lost mother. Will their reunion finally heal
Dr. Ceph’s heart? How can Grace save Doy if her life is also at risk? Will there be a happy ending for Grace, Carlos, and Doy?
The finale of My Guardian Alien airs tonight, June 28,
GABBY CONCEPCION (left) and Marian Rivera
at 8:50 pm, on GMA. The program also has a delayed telecast on GTV at 10:50 pm. Global Pinoys can also catch the program via GMA Pinoy TV.
those), Joy, the girlfriend, reminds you of the youthful contravidas in the Sampaguita films of yore: Jean Lopez, et al. And we might as well spill the wellspring of the filmmaking magic of Piaya Moon: those immortal love stories from Sampaguita and LVN in the 1950s, where the rural and the urban always clash in a thrilling romantic adventure, where the old represents good manners and pure ethos, and the modern the reckless and devil-may-care attitude. Oh, there you go, the attitude as we understand that evil word at present.
Except for Rene Hinojales, the emcee/ringmaster who runs away with his scenes as he hurls, like Zeus the omnipotent command at the panaderos, the contest is not the source of our bated breath. Where we go breathless are those scenes of breads and pastries breathing the breath of angels over which we simply marvel and listen at the exchange of tirades between Lolo Poldo and Lola Fina while their seemingly hapless (amused may be the right word) grandson look on with mock frustration.
As Lolo Poldo, Joel Torre has become this consummate character actor enjoying every bit of acting business while remaining a true person on screen. Never a caricature, Torres’s Lolo Poldo reminds us of our dear grandfather, rakishly holding on to the last vestiges of his youth, ever a gentleman to a fault, and always clean and well-dressed. Then there is Lola Fina, sharp-tongued and all but undoubtedly motherly. Chart Motus’s Lola Fina holds a cache of quotable quotes in Hiligaynon that range from the spiritual to salacious, and do we love her for those gems of wisdom. The two would have stolen the scenes from our leading man but this year’s discovery, Jeff Moses, has been blessed with the good looks of a Tiktok master but the innocence of an ideal son, two unbeatable traits. I am certain mothers in the audience and all grandparents would be wishing sons and grandsons would be like this young actor. It does not hurt that he is a natural onscreen.
As the bearer of this good cinema (think of the Japanese Always: Sunset on Third Street by Takashi Yamazaki), Kurt Soberano together with writer Vicente Garcia Groyon should be given felicitations as we expect a different kind of cinema from them in the near future. Credits should go also to Nathan Bringuer for his lush cinematography and Jed Sicangco for his brilliant production design. And thanks to Puregold CinePanalo for this first Best Film and its virtues. Goodness, you see, that makes us feel good will never go out of fashion.
Executive producers of the film are Ivy Zharisse Piedad and Chris Cahilig, Claudia Diaz-Cojuangco, Ian Lo and Willy Lau. ■
REDISCOVER FILIPINO IDENTITY IN CCP’S OUT-OF-THE-BOX SERIES
A NEW play mines the works of three National Artists as it examines Filipino identity through the years. From July 5 to 7, the Cultural Center of the Philippines presents the second edition of the Out-Of-The-Box Series, kicking off with Ganito Na Kami Noon, Paano Na Ngayon?, a full-length play written by Jose Victor Torres and directed by CCP artistic director Dennis N. Marasigan. Tanghalang Pilipino Actors Company will bring to life the different characters.
chefs have tried to cook, say, a pork adobo—one uses a crispy-fried lechon kawali with a soy-vinegar adobo sauce poured in and splashed with coconut milk. But at the end of the day, a traditional adobong puti in its fatty porky glory will keep me happy for days. In fact, after a long line of restaurants with “creative” takes on Filipino dishes have popped up, we all go back to the comforting Filipino dishes of Bistro Remedios or Abe, or Via Mare, because they are simple and authentic. Miggy also tells of a restaurant helmed by a celebrity chef hailed by “influencers” as serving up “incredible dishes” in a degustation menu costing P10,000 per person. But she noticed that the scallops used in one particular dish wasn’t even fresh. Even as she insisted that the ingredient wasn’t fresh, the kitchen kept pushing back and insisting that it was. She went home not only hungry (because the serving portions were tiny) but she also suffered a bum
stomach because of the unfresh scallops. So I’m glad that the DOT will be crafting a Gastronomy Tourism Plan that will hopefully thresh out the issues that affect the production of quality ingredients and their pricing, at the same time preserve the history of traditional Filipino dishes and how these are cooked, map out the destinations and the cuisines available, and promote all of these in the most effective ways. (A number of tour operators have already food or kulinarya tour packages but even among locals, who actually has even been on one except for the popular Binondo food tours?) It may take time to accomplish all the goals of the Gastronomy Tourism Plan, which is still being finalized, but perhaps with enough government funds and collaborations between the DOT and the private sector, we will soon get this plan cooked and ready for serving. ■
For the opening salvo of the series, Torres interweaves the works of National Artists Alejandro Roces, F. Sionil Jose and Eddie Romero, who all celebrate their birth centenaries this year. He drew elements from Roces’ We Filipinos Are Mild Drinkers, a story focusing on Filipino drinking habits, and Jose’s Po-on, part of the Rosales Saga novels depicting a tenant family’s flight from Spanish oppression in Ilocos to Pangasinan, and Romero’s Ganito Kami Noon, Paano Kayo Ngayon. Referencing these works while reshaping them, the playwright has crafted an out-of-the-box production that reimagines the journey of Kulas, the central character in Romero’s 1976 film, against the backdrop of overlapping Spanish and American occupations and the Hukbalahap movement.
“What defines a Filipino? If we are saying we are all Filipinos, why are we fighting each other in the name of the Philippines?” said Marasigan. For Torres, the play examines identity from various angles. “Through this production, we bring the concept of identity beyond the usual context—accepting our identity as Filipinos in different scenarios. When discussing heroism, we often focus on the Katipunan and the Philippine Revolution. But what about the American war, the Hukbalahap movement? No matter how we condemn them as communists, they are still Filipino,” said Torres. Rather than using prominent figures, like Bonifacio, Mabini, Rizal to discuss the Katipunan and the revolution, the play employs relatable characters drawn from the works of Jose, Roces and Romero to paint a holistic picture and examine historical accounts. Through its unconventional programming, the CCP Out-Of-The-Box Series for 2024 aims to shine a light on National Artists and reintroduce their works to new generations of audiences. Marasigan hopes the play will ignite curiosity and spark a genuine interest in the works of Philippine National Artists. Catch the CCP Out-of-the-Box Series: Ganito Kami Noon, Paano Na Ngayon? on July 5 at 7 pm, July 6 and July 7 at 3 pm, at the Tanghalang Ignacio B. Gimenez (CCP Blackbox Theater),
BDO IS PHL’S TOP CASH MANAGEMENT SERVICE PROVIDER FOR 6TH STRAIGHT YEAR
SHARLENE SOO, First Vice President and Country Head of BDO Hong Kong, receives BDO’s Best Cash Management Service Provider in the Philippines award at The Asset Triple A Treasurise Awards 2024 in Hong Kong.
BDO Unibank Inc. (BDO) secured its sixth consecutive win as the Best Cash Management Service Provider in the Philippines at The Asset Triple A Treasurise Awards 2024 in Hong Kong. BDO’s Cash Management Services (BDO CMS) was recognized for consistently providing tailored solutions to help emerging start-ups to large-scale businesses effectively manage their cash flow, liquidity, and financial resources.
optimize their cash flow. We leverage on the scale of our physical footprint nationwide and the available technology at our disposal to enable our clients to manage their day-to-day operations and cash cycles with greater efficiency,” said Carlo Nazareno, Senior Vice President and head of BDO Unibank’s Cash Management Services.
BDO CMS continues to innovate its services, from improving the interoperability of BDO Online Banking, the Bank’s secure online banking platform for corporates, to expanding area coverage of cash services like Deposit Pick-ups, Motorized Cash and Check Pick-ups and Corporate Cash Deposit Machines (CCDMs).
CCDMs are secure, 24/7 onsite depositories. This service reduces excess on-hand cash and optimize the handling processes. Additionally, once the deposit is accepted by the machine, cash is insured and the funds are credited to the client’s account, ready to be reinvested back to the business. The provision of realtime information via BDO Business Online Banking complements the CCDMs. There’s easier reconciliation and determination of cash/ sales position due to real-time reporting.
A specific market gap that BDO CMS aims to address is the challenge that ails many of the biggest retailers in the Philippines: the challenge of finding the right bank partner with both the experience and the scale to address their heavy cash servicing requirements and the expertise to ease the difficult task of reconciling payments.
“We make sure to have consistent conversations with our clients to understand what they need. Depending on where they are in their treasury journey, we assess and offer solutions that will best
Maya supports sustainable transport with Tipaklong PH at UP Los Baños
MAYA , the #1 Digital Bank in the Philippines, proudly announces its green initiative as the exclusive cashless enabler for Tipaklong PH.
In celebration of Philippine Environment Month, the University of the Philippines Los Baños (UPLB) launched the Mobility Sharing Project, offering shared e-bikes and e-scooters through the Tipaklong mobile app. This project, part of the UPLB Green Mobility Initiative, aims to address UPLB’s carbon footprint in its operations and offers an eco-friendly transportation option for students, faculty, staff, and visitors.
Thanks to Maya’s cashless payment solutions,
Tipaklong PH users can conveniently pay for their bike and scooter rentals by topping up their app wallet via QRPh, debit or credit card, and Maya number. To use the service, simply go to the designated bike racks within the UPLB Campus, open the Tipaklong app, and scan the QR code on the bike or scooter. Once booked, the bike or scooter will unlock and be ready for use.
The UPLB-Tipaklong Mobility Sharing Project represents a groundbreaking initiative among Philippine higher education institutions. It introduces a cutting-edge system of shared e-bikes and e-scooters, available to students, faculty, staff, and campus visitors via a mobile app.
The Great GutVenture: A Journey to the Center of Overall Wellbeing
AS 70 percent of the body’s immunity comes from the gut, proper and proactive gut care has never been more crucial for the everyday Filipino.
“The rapidly changing weather and rising levels of stress can take a toll on our immune system,” Rica Mateo, ASEA Erceflora Zone Brand Lead said. “This is why, keeping our gut strong and healthy is no longer an option, it’s a necessity for Filipinos who want to thrive in their day-to-day.”
Thus, the world’s #1 probiotic brand previously known as “Erceflora Kiddie”, is evolving to meet the needs of kids and adults of all ages with a thrilling relaunch as “Erceflora” during its on-ground installation of “GutVenture: An Immersive Experience” at the Glorietta Activity Center.
During the launch, Erceflora introduced its two newest variants made with the same Bacillus Clausii, “Gut Defense” for daily use which aids to enhance intestinal ecology, and “Gut Restore” which helps enhance the body’s natural resistance to gut infections, best taken when symptoms arise.
“This new chapter for Erceflora signifies our commitment to provide Filipinos with the supplements they need to holistically care for their gut and take more proactive steps in achieving lifelong wellness,” Mateo underscored.
GutVenture is an immersive, multi-sensory experience that brings the wonders of probiotics to life. Each guest embarking on this journey is set to learn more about gut health and wellness by exploring a series of interactive exhibits, educational visuals, and hands-on activities.
The experience starts at the “GutVenture
IN the photo are Chesca Kramer (Erceflora Ambassador), Isabelle Daza (Erceflora Ambassador), Dr. Fil Gatcheco (Applied Nutritionist and Pediatric Gastroenterologist), and Rizza Diaz (Host and 1News Sports and News PH Anchor)
Lounge”, where guests are welcomed by taking an online gut assessment test that allowed them to learn more about their gut health needs, tagging them as either a “Gut Defender”, who enjoys a balanced gut brought about by healthy choices, or a “Gut Restorer”, who often feels sick from symptoms of gut imbalance. Next, they are led to the “Gut Tunnel”, a true-tolife simulation of the probiotics’ effect on the gut, showing that Bacillus clausii probiotics have the power to reach the gut alive, multiply, restore the gut to its natural balance, and protect the body against bad bacteria overall, emphasizing that a “stronger gut makes for a stronger you”.
Then, the “Spores To Life” animated exhibit features the right Erceflora probiotic for each guest.
The Asset Triple A Treasurise Awards honors financial institutions and companies for their significant initiatives in treasury management, trade finance, supply chain, and/or risk management. The winning entries underwent a rigorous selection process that included client engagement, analysis of business statistics, and examination of information gathered during the review period.
In collaboration with Tipaklong Sustainable Mobility Corp., this project provides an eco-friendly, efficient, and convenient transportation solution. It plays a crucial role in UPLB’s mission to modernize its university operations.
For Gut Defenders looking to maintain a stronger gut barrier, the daily use of Erceflora Gut Defense helps maintain good gut health as it aids to the enhancement of the gut flora. While for Gut Restorers seeking urgent treatment, Erceflora Gut Restore aids the body’s natural resistance to gut infections.
The fun continues at the “Museum of Moments”, showcasing various moments of gut vulnerabilities where gut health can be compromised like going back to school, traveling on holiday, taking antibiotics, or preparing food improperly. The good news is, Erceflora can help individuals navigate these everyday challenges and maintain a healthy gut.
The journey ends at the Gut Exhibit, where guests are given a chance to interact with the brand mascots, “Baci” and “Clau”, and have their personal photos taken.
A balanced gut microbiome is the foundation of a holistic well-being. These bacteria play an important role in the way the body digests food, absorbs nutrients, and enables immunity.
Probiotics like Erceflora that contains billions of four-strain Bacillius Clausii, can help the gut function properly, which can ultimately lead to improved mental health, better energy levels, and greater resilience against common illnesses.
Erceflora’s rebrand from a trusted children’s probiotic to a comprehensive gut health solution for individuals of all ages, along with the rollout of its new variants, reinforces the brand’s mission to empower Filipinos to take charge of their own health in a meaningful way.
“By providing everyone with a quick and easy solution to take their gut health seriously, we enable them to put their health in their own hands and help them to be more intentional in prioritizing their healthcare journey,” Mateo shared.
You can purchase a box of Erceflora in your nearest drug store or pharmacy, or online through the Sanofi Official Store at LazMall and Shopee Mall.
BanKo, Agrilever partner to empower farmers, strengthen agri communities
BANKO, the financial inclusion and microfinance arm of BPI, is partnering with agri-tech company Agrilever to launch the Agri NegosyoKo Loan Program. This initiative aims to help farmers strengthen their agricultural practices and improve their livelihoods.
“The Philippines is an agricultural country, and to sustain and expand farming opportunities, we must support our farmers with programs that help them grow their businesses. The Agri NegosyoKo Loan Program introduces a comprehensive approach that underscores productivity, efficiency, and the economic well-being of farmers through strategic partnerships with cooperatives and aggregators, like Agrilever,” said Rod Mabiasen, Jr., BanKo President.
Aside from customized loans, the Agri NegosyoKo Loan Program offers farmers a comprehensive suite of benefits, including financial education, protection and security, personal engagement and community involvement, a streamlined application process, and incentives for responsible behavior.
“The Agri NegosyoKo Loan Program is the fruit of our collaboration with cooperatives and aggregators. Coupled with their technological expertise, we will empower farmers and aggregators with opportunities for easier access to financing, technologies to help yield higher crops, and manage production with costefficiency,” said Jojo Ocampo, BanKo Chairman. “Going beyond financial aid, we also provide a platform for knowledge, innovation, and sustainable growth. We see farmers not as our clients, but as vital partners.”
According to Agrilever, most of their farmers do not have bank accounts or access to affordable financing. Thus, securing financial resources and customized financing solutions is essential for ensuring the financial stability of both farmers and their supply chain partners. With the Agri NegosyoKo
Loan Program, farmers can access loans ranging from P50,000 to P300,000.
As a partner, Agrilever provides its farmers with Digital Agronomy Services, Market Access, Flexible Financing, Crop Insurance, and Weather Systems, aiming to promote sustainability and social equity in the agricultural sector. Through an app provided by Agrilever, farmers will be guided on when to plant, harvest, apply pesticides, and fertilizers.
The national average yield is 4.15 tons per hectare of rice. With Agrilever’s guidance, this yield could substantially increase to as much as seven tons per hectare. By positively impacting small-plot farmers, their communities, and agribusinesses, Agrilever and BanKo can foster resilience in rural areas, ensuring a more productive future for the people involved.
“Our partnership with Agrilever reinforces our commitment to provide our customers with, ‘May ngiti ang bukas mo.’This is strengthened by our brand of service: Maaasahan, Malalapitan, Nagtitiwala. By doing this, we help build a better Philippines—one family, one community at a time,” Mabiasen added. BanKo recently won the prestigious 2024 Change Maker Award for Most Innovative Bank for Micro, Small, and Medium Enterprises (MSMEs) at this year’s Universal Achievement Awards (UAA) for its continuing commitment to advancing financial inclusion as part of its broader initiative to fuel the growth and development of the MSME sector. In 2023, Banko released P14.96 billion of business loans to over 200,000 borrowing clients. BanKo also
Nakuyami Takoyaki making a name for itself with mouthwatering selections
FILIPINOS are no strangers to the Japanese snack known as Takoyaki. The golf ball-shaped food, made famous in Osaka in the 1930s, has invaded Metro Manila, from humble food carts all the way to fancy Japanese restaurants.
Distinguishing itself in this Japanese snack game is Nakuyami Takoyaki, which is making a name for itself with its authentic takoyaki offerings and its mouthwatering All-Flavored Takoyaki in selected malls.
Gwen Yu-Cheng, owner of the five-year-old Nakuyami Takoyaki brand, attributes attending Kalye Negosyo as the turning point of her business. The mentorship provided by Jorge and Jenny Wieneke made her rethink her products. Prior to meeting them, her business was solely focused on traditional Takoyaki. Now, she has come up with the concept of All-Flavored Takoyaki. Delightful gourmet flavors were introduced in the process, starting with the Samgyup Takoyaki, a tasty combination of kimchi, cheese, and beef yakiniku—which eventually became the bestseller. Flavors such as Ube and Cheese, Yema with Salted Egg, and even Nutella Takoyaki soon followed suit and made their mark on their customers’ taste buds as well.
Kalye Negosyo, a mentoring advocacy, aims to help micro-entrepreneurs at the grassroots level become better and wiser entrepreneurs. For Gwen,
it has taught her invaluable lessons regarding the entrepreneurial mindset. Having been an employee for a decade, learning the ropes of being a business owner was filled with challenges. The good thing is that the Kalye Negosyo program was centered on the importance of courage, gratitude, and one’s purpose for venturing into entrepreneurship. The most impactful lesson Gwen learned was the need to serve not just her family but the broader community.
“Through Kalye Negosyo, I realized that I was not alone in this journey. As a business owner, you often wear many hats, which can be overwhelming. However, connecting with fellow entrepreneurs who faced similar challenges provided a support system and a sense of belonging. We learn from each other’s experiences, which was incredibly enriching,” Gwen shared.
Aside from her Takoyaki business, Gwen unknowingly found herself in a position to venture into healthy food essentials and thereby serve the broader community as Kalye Negosyo has espoused. Having an autoimmune condition herself and the fact that she lost her brother to cancer have prompted her to offer better food choices to those selective with the quality of their food intake. As a result, superfoods, healthy nuts, dried fruits, and dry shirataki rice are being sold at her outlet, Healthy Eats by A&G at SM Southmall.
IN the photo, seated from left, are TG Limcaoco, BPI President and CEO; Jojo Ocampo, BanKo Chairman; Bernadette Romulo-Puyat, BSP Deputy Governor; and Eduardo Guillen, NIA Administrator together with, standing from left, Junibert De Sagun, DA Director; Ruel Amparo, Agrilever President; Yoav Schwalb, Agrilever Board Chairman; Arthur Yap, Agrilever Advisory Board Chairman; Rod Mabiasen, BanKo President; John-C Syquia, BPI Institutional Banking Head; and Junie Veloso, BPI Capital President.
BMX Racing: Pain, pleasure, rewards
By Dave Skretta The Associated Press
ALISE WILLOUGHBY remembers where she was when the phone rang. She had just returned home to Minnesota to take part in a charity event, and the best BMX racer of her generation was on her way to Target Field, where she was supposed to throw out the ceremonial first pitch before a Twins game. Her husband, Sam, was supposed to be on the trip, too. But after missing out on a medal at the Rio Olympics three weeks earlier, he decided to stay in California, and begin working to rectify the situation at the Tokyo Games.
It was on a seemingly benign portion of the BMX track in Chula Vista, where the couple had trained for years, that the future they both imagined changed in a blink. Sam was warming up over the rhythm section, a mellow stretch of rolling humps, when the Australian fell backward out of a wheelie, landing on the top of his head. He lay there motionless as the father of a junior rider, who happened to be an EMT, rushed over and began giving him a head-to-toe examination.
The innocent crash had unimaginable repercussions. Paramedics canceled the inbound ambulance in favor of a helicopter, which whisked him to San Diego, where surgeons delivered the news: He had broken his back. He was paralyzed.
“It was such a fluke,” said Alise Willoughby, who eight years later is among the favorites to win gold at the Paris Olympics next month. “It was a little routine thing. Then he made a mistake on something he did every day for 10 years prior, you know? So it’s like, things sometimes just happen.”
They happen more in BMX racing than perhaps any other Olympic sport
And it begs the question: Why do riders do it?
The answer seems to be different for everyone. Alise Willoughby is pushed by a burning desire to win Olympic gold, which she has missed out on in three straight Summer Games. Cameron Wood, who will be making his Olympic debut in Paris, is driven by the competition, to see where he stacks up. They know the risks. They understand them. Everyone in the sport does. But they also believe they are outweighed by the rewards.
“You can hate something and you can blame it, but at the same time, we obviously love what we do, and it’s our livelihood,” Alise Willoughby said. “Sam and I met through it. It’s given as much as it’s taken. So it’s just—it’s just people who love the sport.”
BMX racing is often described as NASCAR on two wheels, only stock car racing is probably safer. The discipline, which was added to the Olympic program in 2008 in Beijing, involves eight riders at a time flying out of a starting gate, elbow-to-elbow down a steep ramp, and into a course filled with sharp, banked corners, rhythmic bumps and high-speed straightaways. Races take all of 40 seconds. Crashes happen. They are frequent, in fact, and injuries happen. Devastating ones. They are expected, too. During the BMX competition three years ago at the Tokyo Games, five teams of medics surrounded the course at Ariake Urban Sports Park. Three ambulances waited nearby, ready to speed to the nearest hospital. They were busy. There were several crashes over the course of three days. But none as serious as the one involving Connor Fields, at the time the defending Olympic champion.
The American was racing into the first corner in a semifinal when he clashed wheels with a French rider, sending him down. Two more riders fell on him. Fields briefly tried to sit up, then lost consciousness, and would not wake again for three days.
“There’s no way to check this,” Fields said, “but I might be the only athlete to both win the Olympics and nearly die at one.”
His injuries were numerous: torn shoulder ligaments, a torn bicep, broken ribs, a collapsed lung. But most serious was what was diagnosed as a subarachnoid hemorrhage and subdural hematoma—essentially, bleeding on the brain.
Fields spent a week in a Tokyo hospital where, during the height of the pandemic, nobody spoke English well enough to tell him what happened. He awoke to 500-plus text messages, from everyone he knew, all saying they were praying for him. His parents, who were unable to travel to Japan because of Covid-19 restrictions, were largely in the dark.
“There was a lot of misinformation floating around. And there wasn’t an update,” Field said. “I’m friends with Kurt Busch, the NASCAR driver, and he owns a plane. He offered to fly my parents over, and it went high up the chain. But the Japan government basically said, ‘Nope, you can’t come over.’ So my parents just had to wait.”
Team USA doctors eventually were admitted to the hospital and helped him understand what had happened. Fields finally was cleared to fly back to the US, where he spent another month in a rehabilitation facility in Utah.
Fields ultimately recovered from the injures and was cleared to ride again. But he decided the risk was no longer worth the reward, and he opted for retirement instead of pushing ahead toward the Paris Games.
“There’s inherent risks in pretty much every sport,” said Fields, who is busy now as a BMX ambassador, hosts a TV show back home in Nevada and delivers keynote addresses. “When I was cleared, there were no restrictions. I could go compete again. I had to sit on it and really think, ‘Am I willing to take the risk again?’ And you know, the answer this time was no.”
Alas Pilipinas women cherish bonus from SBG
MEMBERS of the Alas Pilipinas women’s team thanked Senator Christopher Lawrence “Bong” Go for promptly recognizing their historic achievement—a first bronze medal by the Philippines in the Asian Volleyball Confederation Challenger Cup for Women late last month.
“We couldn’t have achieved if not for the support from every Filipino,” said outside hitter Eya Laure, who along with her teammates and coaching staff each received a P200,000 cash bonus from Go during a simple turnover ceremony at the Philippine Sports Commission offices in Manila on Wednesday afternoon.
The
“We’re
“The PSC is eager to see more victories in the future,” said Coo, who also told Alas Pilipinas, “we believe in your commitment to raise the bar higher and we are always behind your back to prove that we are a volleyball powerhouse and a go-to sports hub because of the growing love of all the Filipinos toward the sport.”
The Alas Pilipinas
Stalwarts, TNT boys make semifinals unscathed
THE semifinals-bound Philippine Basketball Association (PBA) Stalwarts routed Rain or Shine, 57-44, to sweep the 2024 Batang PBA 11-under eliminations round on Wednesday at the Ynares Sports Arena in Pasig. Martheus Oriel scored 10 points while Ivan Ace De Leon and Neil Jared Pose had eight and seven points, respectively, as the Stalwarts won all their four games in Group A.
The Stalwarts, who also toppled Meralco, NorthPort and NLEX, will face Group B second placer PBA Greats in the knockout semifinals on Thursday. Group B topnotcher TNT, which also wielded the broom, takes on Group A No. 2 NLEX in the other pairing. In the other 11-Under game Wednesday, Northport escaped Meralco, 52-47, for a graceful exit.
Juan Matteo Puno and Joachim Almeda fired nine and eight points, respectively, while Antonio Aceveda and Robin Carl Marquez had six each for the Batang Pier, who closed the tourney at 1-3 record in Group A. Converge, meanwhile, handed Ginebra its first defeat in the lone 9-under tourney, 47-42. Drake Nonato topbilled with 20 points for Converge that snatched the lead at 2-0 while Ginebra slid to 2-1. Other teams in the younger division are Magnolia (1-1) and Blackwate (0-2).
PHILIPPINE Sports Commission (PSC) chairman Richard Bachmann recognized the growing number of sports and participants in the Philippine Reserved Officers Training Corps (ROTC) Games.
“The increase in the number of sports in the ROTC Games means a larger platform for our athletes to showcase their talents and, at the same time, expands our pool for talent identification in line with our mandate to the country’s grassroots sports,” said Bachmann as he visited the ongoing Mindanao leg in Zamboanga City on Thursday.
The Mindanao leg involves 2,000 athletes as compared to last year’s 1,300 student cadets and the number of sports more than doubled from seven to 15. Bachmann expressed his
PATRICK TAMBALQUE and Dominique Gotiong displayed outstanding performances in the final round on Thursday to rule the 16-18 age category of the International Container Terminal Services Inc. Junior Philippine Golf Tour (ICTSI JPGT) Visayas Series in Murcia in Binitin town.
While
and Country Club.
“Overall, I played very good, made
birdies I didn’t expect,” said Tambalque with a sense of accomplishment. His game was a delicate blend of successes and setbacks, as he managed to score four birdies, offsetting an equal number of bogeys.
The 16-year-old Tambalque viewed the experience as a valuable lesson.
“It’s a good learning experience. I learned how to be patient—even if I made a mistake, there is still a chance to recover,” he said, emphasizing the importance of perseverance.
Gotiong made a successful JPGT debut with an 86 for a total of 331, finishing 18 strokes ahead of Iloilo leg winner Rhiena Sinfuego, who scored a
appreciation to Senator Francis “Tol” Tolentino for committing to expand the ROTC Games that aim to instill discipline and enthusiasm of cadets from numerous universities and colleges nationwide.
“We thank Senator Tolentino not just for engineering this tournament, but in making serious efforts to hold this consistently for the sake of Philippine sports,” Bachmann said. “I also thank Mayor John Dalipe for hosting the ROTC Games again here in Zamboanga City.”
The ROTC Games—held partnership with the Department of National Defense and Commission on Higher Education—conducted the Visayas leg in Bacolod City last month with the Luzon and national finals set in Indang in Cavite in July and August, respectively.
Jonas-Tadej duel in Tour de France
WHEN Jonas Vingegaard and Tadej Pogacar faced off in the heat of July last year, the main question mark was whether Pogacar would be fit enough to mount a decent challenge.
This year, as the two cyclists prepare to write the next chapter of one of the greatest rivalries in the storied history of the Tour de France, the scenario has switched.
Pogacar, the two-time champion from Slovenia who finished behind Vingegaard the past two years, is in top shape ahead of Saturday’s start in the Italian city of Florence. It is the form of the Danish titleholder that is worrying his team following the crash that wreaked havoc with his season.
“Of course, we don’t know how far he can go yet,” said Merijn Zeeman, the sporting director of Vingegaard’s team. “We are being cautious because he has not been able to race and his preparation has been less than ideal, to say the least.”
Vingegaard was hospitalized for nearly two weeks in Spain in April following a high-speed crash in the Tour of the Basque Country. He sustained a broken collarbone and ribs and a collapsed lung.
349 after an 87. Breanna Rojas shot a 99 and placed third with a 400.
However, Gotiong battled more than just the challenges of the course.
“I played really bad because I was tired,” she admitted, her voice tinged with fatigue. Despite not feeling her best, she found pride in her effort.
“But I’m proud of what I did because I tried my best even though I wasn’t feeling well,” she said.
Gotiong confirmed her participation in the Negros tournament next week, determined to give her best performance. She expressed heartfelt gratitude for the unwavering support of
her
me a
He has not raced competitively since that crash but will be immediately put to the test this weekend with an opening stage that takes riders through a series of tricky hills and climbs that could set the scene for an early battle between the top contenders. Before the crash, Vingegaard was among the Tour favorites after dominating the race the past two years. It’s now impossible to say how his body will respond over three weeks of intense cycling.
“We have worked together to get to this moment and, of course, I am very excited to see where I stand. I feel good and very motivated,” Vingegaard said. As for Pogacar, he doesn’t ask himself too many questions as he pursues a rare double following his victory at the Giro d’Italia this season. AP
SENATOR Christopher Lawrence “Bong” Go (white track suit) with the Alas Pilipinas women players and coaching staff. ROY DOMINGO
PATRICK TAMBALQUE adds body english to his shot as Dominique Gotiong is all smiles after her victory. BERNARD TESTA
PHILIPPINE Sports Commission chairman Richard Bachmann, a former professional basketball player, can do the ceremonial toss anytime, anywhere.
her parents, especially
father. “He helped
lot with my game and he’s my biggest supporter,” she said.
THE US’s Felicia Stancil looks ahead as the bike of teammate Alise Willoughby flies in the air after she crashed in the semifinals at Tokyo 2020 on July 30, 2021. AP
EMMANUEL JUAN “ENJO” LUMACTAO’S (No. 21) journey to his basketball dream begins on Thursday with the Batang SMB during the parade of teams for the 14-15 category of the Batang Philippine Basketball Association tournament at the Ynares Sports Arena. And on hand to inspire the youngsters coached by Mark Sy are Beerman Marcio Lassiter and Phoenix Super LPG’s Kenneth Tuffin. NONOY LACZA
VINGEGAARD
Makewayforthe kiaSonet
ACMOBILITY, the official distributor of Kia vehicles and services in the Philippines, has officially launched its latest entry in the subcompact crossover SUV segment— the Sonet. Replacing the Stonic, Kia’s entry SUV bolsters the brand’s comprehensive sports utility vehicle lineup.
Kia claims the newest model aims to conquer the entry SUV segment and transform the country’s automotive landscape. Interestingly, Sonet’s name is derived from combining “Social” and “Network.”
“The Kia Sonet is a true gamechanger in the Small SUV category, said Jaime Alfonso Zobel de Ayala, CEO of ACMobility, Ayala Corporation’s mobility solutions platform. “ACMobility is proud to work with Kia in providing discerning Filipino car buyers the vehicles they deserve. The arrival of the Kia Sonet shows ACMobility’s commitment to giving Filipinos more reasons to fall in love with the Kia brand again,” he added.
Bold Dimensions
T HE Kia Sonet is 4,110 mm long, 1,790 mm wide, and 1,642 mm tall, with a class-leading 205mm ground clearance. Upfront is the latest rendition of the signature Kia Tigernose grille. The front and rear bumpers are highlighted with metallic bottom trims, complementing the body claddings. All variants feature 16-inch wheels, with the 1.5 LX MT showcasing styled steel wheels with covers and the higher-tier variants sporting sleek two-tone alloy wheels. The entry SUV’s design includes critical elements such as the Star Map Signature LED multi-reflector headlamps and daytime running lights on the 1.5 SX AT and 1.5 EX AT. At the same time, the other variants feature halogen multi-reflectors. The 1.5 SX AT also boasts premium
Bexterior features such as an electric sunroof, roof rails, rear spoiler, and new tailgate LED strip connecting the left and right rear LED taillights, underscoring its premium appeal.
Refined interior
T HE top-spec 1.5 SX AT variant offers luxurious leather seats, while the other trims have premium cloth upholstery. For added convenience, the 1.5 SX AT and 1.5 EX AT feature driver and front passenger seatback pockets and 60:40 folding second-row seats, providing ample cargo space. Other practical details are driver and passenger sun visors with vanity mirrors and a standard room lamp.
The 1.5 SX AT has a sophisticated 10.25-inch TFT LCD multi-function digital instrument cluster, while the 1.5 LX MT, 1.5 LX AT, and 1.5 EX AT all feature a 4.2-inch TFT LCD in the driver’s display. Exclusive to the 1.5 SX showcases is an advanced 10.25-inch touchscreen infotainment system with wireless Apple CarPlay and Android Auto. On the other hand, the LX and EX trims have an eight-inch touchscreen infotainment display with wireless Apple CarPlay and Android Auto connectivity. Other standard features are a six-speaker setup, Bluetooth hands-free connectivity, voice recognition, and multiple USB ports, including USB-C.
As for convenient features, the top-of-the-line variant 1.5 SX AT has wireless charging, while all variants
feature power windows and central door locks. The 1.5 SX AT variant includes a Driver Side Auto Up/Down window with safety features. Remote keyless entry is also standard across all models, with the 1.5 SX AT and 1.5 EX AT offering Remote Engine Start, Smart Entry, and a push start button for added ease. Each variant also includes a full-size spare tire. Not three but four cylinders UNDER the hood is a 1.5-liter In-Line 4-Cylinder Dual Port Fuel Injected Smartstream gasoline engine, generating 113 hp at 6,300 RPM and 144 N-m of maximum torque at 4,500 RPM. It is paired with the Kia Intelligent Variable Transmission and a six-speed Manual Gearbox for the base model.
Safety-wise, there is a comprehensive suite of features. The 1.5 SX incorporates Kia Drive Wise advanced driving assistance safety measures such as Lane Following Assist (LFA), Lane Keeping Assist (LKA), Forward Collision Avoidance Assist (FCA), Downhill Brake Control (DBC), and High Beam Assist (HBA), plus the standard Electronic Stability Control (ESC) and Hill-start Assist Control (HAC).
All the variants are equipped with driver and front passenger airbags, an anti-lock braking system (ABS), and an immobilizer. Additionally, all variants have rear parking sensors and a rear-camera display, ensuring maximum visibility and safety during parking maneuvers.
for more details. Join the ToyotaPH community on Viber to get the latest updates on products, services and promos.
Lexus luxury line JOAQUIN FRANCISCO GUEVARA Lexus’ newly-minted drumbeater under the wings of Jade Sison-Mendoza, wants you to grab a Lexus at giveaway prizes. Here:
“Lexus Philippines is having an exclusive midyear promo on select models as Lexus customers can now avail of up to 50-percent downpayment with up to 36 months zero Interest financing plan, free insurance and a comprehensive after-sales service.
“Catch the IS 300h Executive at P3,268,000, or the IS 350 F sport at P4,228,000 only.
“You may also opt for the ES 300h Executive or the ES350 Premier,
Pricing and colors
T HE Kia Sonet is
starting at P3,878,000.
“If you fancy the Lexus’ flagship sedan—the LS 500 Premier, you can have it from P9,938,000.
“The LS epitomizes luxury and performance with a twin-turbocharged V6 engine and a meticulously crafted interior, offering unmatched comfort with features like massaging seats, premium audio and advanced safety and driver assistance systems.
“For the Japanese luxury brand’s SUV offerings—the UX 300e—it starts from P3,838,000. It is an all-electric model that offers an eco-friendly yet luxurious driving experience, with a stylish and aerodynamic design, electric powertrain, and a host of modern amenities including a high-resolution display and driver-centric cockpit.
“There is also the NX 350 F Sport,
starting from P4,778,000.
“In addition, the RX 350h Executive, starting from P5,268,000, offers a blend of luxury, technology, and hybrid efficiency with an expansive interior, advanced safety systems and a powerfully efficient hybrid engine.
“Lastly, the RZ 450e, the brand’s first fully electric model starting from P5,228,000, is a cutting-edge electric SUV that combines innovative technology with refined luxury of spacious and luxurious interior, advanced electric powertrain and a suite of driver assistance features for a safe and enjoyable driving experience.
“Each model embodies the elegance, performance, and cuttingedge technology that Lexus is renowned for. These limited-time offers provide exceptional value and make it the perfect opportunity to
upgrade to a new level of driving experience.
“Lexus, found in more than 90 countries, was launched in 1989 to make a dent in premium automotive. Launching the Lexus RX in 1998, it is now the world’s luxury hybrid sales leader, selling over 1.9 million worldwide thus far.”
PEE STOP Duck Donuts, one of America’s most famous sweets, is finally in town, thanks to the ever-enterprising Atty. Bert Bravo, the U-BIX owner whose most favored rides include Toyota. Bravo’s Duck Donuts, considered as one of the favorites of US Ambassador to the Philippines, MaryKay Carlson, is located at Angono St. in Brgy. Poblacion, Makati, which is only a spitting distance away from the City Hall. Cheers!
Editor: Tet Andolong
The Kia Sonet 1.5 SX AT top-spec variant in exclusive Vivid Red color
equAlly good-looking rear end
Refined interior highlighting the big instrument and infotainment screens
