XPENSIVE food items such as rice and the depreciation of peso may have led to faster inflation in June, according to the Bangko Sentral ng Pilipinas (BSP).
In its latest month-ahead inflation forecast, the BSP said inflation may average 3.4 percent to as high as 4.2 percent in June 2024. The high end of the forecast exceeds the revised 3- to 4-percent inflation target for this year (See: https://businessmirror.com. ph/2024/06/28/dbcc-maintainsgrowth-outlook-despite-raising-inflation-forecast/)
Inflation increased to 3.9 percent in May 2024, placing the country’s average inflation rate of 3.5 percent in the January-to-May period (See: https://businessmirror. com.ph/2024/06/06/more-travelsnoted-as-inflation-hits-3-9/)
“Increases in the prices of agricultural commodities like rice, vegetables, meat and fish, along with the peso depreciation and higher domestic oil prices, are the primary sources of upward price pressures for the month,” the BSP said in a statement.
However, the BSP noted that expectations of lower electricity rates and fruit prices could contribute in bringing down the rise in commodity prices.
“Going forward, the BSP will continue to monitor developments
POINTS:
INFLATION FORECAST
By Cai U. Ordinario
next 12 months slightly improved to 13.5 percent from the 13.4 percent posted in the previous CES results. It can be noted that the 13.4-percent consumer sentiment was the lowest, at least in the past four years.
“For the CES, their pessimism, the increase in their pessimism was due to the faster increase in the prices of goods and higher household expenses, lower income, fewer available jobs, and some concerns about the effectiveness of government policies and programs on inflation management, traffic, and public transportation, the provision of financial assistance, and
labor and employment,” BSP Monetary Policy Sub-Sector Officer-inCharge Redentor Paolo M. Alegre Jr. said in a virtual briefing on Friday. Consumers, the BSP said, expect higher inflation, interest and unemployment rates, and a weaker peso in the next quarter and 12 months. The data showed that consumers anticipated the unemployment rate may increase, and the peso may depreciate against the US dollar for the second quarter of 2024, third quarter of 2024, and the next 12 months.
HARMONY AT WORK Beia Latay, CEO of KonsultaMD, fields questions from the media during the press conference coinciding with the company’s “Harmony at Work” summit that aims to foster dialogue on employee well-being, inspiring leaders to invest in comprehensive
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Burdette.
High prices, lower incomes bring down Pinoys’ consumer, business sentiment
The BSP said that households expect the interest rate may increase at a faster pace in the second quarter of 2024, but may increase at a slower rate in the third quarter of 2024 and the next 12 months.
“Households expect that inflation may rise albeit at a more moderate pace in the third quarter of 2024 and the next 12 months,” the BSP said.
“Specifically, consumers expect that the inflation rate may average at 5.5 percent for the next 12 months, above National Government’s inflation target range of 2 to 4 percent for 2024-2025,” it added.
Consumers were pessimistic for the second quarter of 2024 as the overall confidence index (CI) became more negative at negative 20.5 percent from negative 10.9 percent in the first quarter of 2024.
The BSP said the consumer index for the second quarter of 2024 across the three component indicators—such as the country’s economic condition, family’s financial situation, and family income—became more negative.
The BSP also said consumer confidence for the second quarter of 2024 across income groups such
as low-income, middle-income, and high-income groups became more pessimistic, which mirrored the national trend.
“Consumers are more hesitant about buying big-ticket items in the second quarter of 2024. The consumer sentiment on buying big-ticket items for the second quarter of 2024 was more pessimistic as the CI became more negative at 64.5 percent from 62.6 percent in the first quarter of 2024,” the BSP said in a statement.
The BSP also said the percentage of households with loans and savings declined in the second quarter of 2024.
In the second quarter of 2024, the data showed 24.6 percent of the respondents availed themselves of a loan in the last 12 months, slightly lower than the 24.9 percent recorded in the first quarter of 2024.
The data also showed the percentage of households with savings decreased to 31.4 percent from 33.5 percent in the first three months of 2024.
Business sentiment ACCORDING to the BSP, the business sentiment in the Philippines—similar to consumer sentiment—turned less upbeat in the second quarter of 2024 as the over-
Consumer sentiment turns negative for the first time in 13 quarters, driven by high commodity prices and lower incomes.
all confidence index (CI) declined to 32.1 percent from 33.1 percent in the first quarter of 2024.
For the third quarter of 2024, the BSP said, the country’s business confidence weakened as the overall CI also fell to 43.7 percent from 48.1 percent in the first quarter of the 2024 survey result.
For the next 12 months, busi-
ness outlook was similarly less upbeat as the overall CI decreased to 56.5 percent from 60.8 percent in the first quarter of the 2024 survey result.
“This is reflective of the combined decrease in the percentage of optimists and the increase in the percentage of pessimists,” the BSP said in a statement.
In the second quarter of 2024, business confidence became less optimistic due to concerns over softer demand for goods and services such as personal care, health and other consumer products, construction supplies, city hotels and restaurants, and manpower services. Firms were also worried that
ongoing international conflicts may push oil prices higher while business activity slows down due to El Niño-induced extreme weather conditions.
The persistent increase in inflation, firms noted, could also weigh down consumer spending, affecting their earnings.
Business outlook across all types of trading firms was muted except the importers, whose outlook was more upbeat.
Capacity utilization of industry and construction firms also posted slight declines in the second quarter 2024.
The BSP said average capacity utilization in the industry and construction sectors in the second quarter of 2024 inched lower at 72 percent from 72.3 percent in the first quarter of 2024.
Firms expect tight financial condition and credit access in the second quarter of 2024. Firms expect tighter cash or liquidity positions for the second quarter of 2024 as the financial condition index declined further.
Further, the BSP said businesses anticipate access to credit to remain tight in the second quarter of 2024 as the index on access to credit turned slightly more negative.
BSP: INFLATION IN JUNE...
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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 mid-
point of the 2- to 4-percent target range. 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 may 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 (See: https://businessmirror.com.ph/2024/06/28/ lower-rice-tariff-fuels-bsp-interestrate-cut-optimism/).
“Three out of 18 action items remain outstanding. Put another way, it means that the Philippines has actually taken action on 15 of the 18 action items that it needed to act on,” Kumar said in the briefing.
“I was pleased to note that we actually had a senior person from the Philippines present at the Plenary, demonstrating the Philippines’ strong political commitment to essentially continue its progress on this front,” he added.
For its part, the Anti-Money Laundering Council (AMLC) assured that the country is working on its action plan to address its remaining deficiencies.
AMLC said it was Executive Secretary Lucas P. Bersamin who attended the recent FATF Working Group and Plenary meeting. He affirmed the country’s commitment to combat money laundering, terrorism financing, and proliferation financing of weapons of mass destruction.
“We welcome FATF’s recognition of the country’s progress in strengthening its position in the global fight against financial crimes, even as we remain focused on addressing remaining action plan items,” AMLC Executive Director Matthew M. David said.
Key remaining action items include implementing controls on casino junkets, enhancing anti-money laundering measures at main ports, and prosecuting terrorist financing cases.
3 action items urgent
KUMAR said, however, that in order to exit the grey list, the Philippines must “quickly address” the three of the 18 action items it needed to act on.
These three items, Kumar said, include implementing controls to mitigate money laundering and terrorist financing risks that are linked to “casino junkets.”
Kumar also said the Philippines needs to apply anti-money laundering and counter-terrorism financing measures to all main ports “to essentially detect false declarations of currency and confiscate illicit proceeds in area that it still needs to work on.”
The FATF President added that the Philippines must also complete efforts to prosecute terrorist financing in the country.
“In view of this, the National Anti-Money Laundering, CounterTerrorism Financing, and Counter-
Proliferation Financing Coordinating Committee (NACC) and all agencies concerned have been exhausting all measures in line with the President’s directive. The Executive Secretary heads the NACC,” AMLC said in a statement.
On January 2, 2024, the AMLC said President Ferdinand R. Marcos Jr. directed all government agencies concerned to address all the remaining action plan items within the year to trigger the exit process.
Earlier, BSP Governor Eli M. Remolona Jr. said landing on the FATF grey list does not automatically result in sanctions kicking in, but could cause prolonged procedures in some financial transactions, which could affect not only Filipinos traveling abroad but also overseas Filipino workers (OFWs) and migrants.
This is something Philippine authorities are keen to avoid in order not to inconvenience its citizens, particularly the millions of migrant workers whose remittances shore up the economy.
The BSP earlier said the main challenge in exiting from the gray list is enforcement, since the country has already passed the necessary legislation, except for the amendment of the Bank Secrecy Law. The Philippines entered the FATF grey list in June 2021. Cai U. Ordinario
Poor electricity service bleeds island resort of
By Manuel T. Cayon
GARDEN CITY OF SAMAL—Poor
Ielectricity service here has bled this island paradise of as much as P150 million annually during the last three decades, with local officials admitting that they are now scared and hesitant to promote the island resort just off Davao City.
Mayor David Uy said conservative estimates were made from the main livelihood contributors of the island economy of116,771residents, as he called for a news briefing to air the city government’s urgent appeal to the national government, specifically Congress, to take action on their plight.
Samal being a resort island, the tourism sector was losing annually of upwards P50 million, followed by the retail sector, mostly by sari-sari, department and medium-scale stores with another P30 million; and the agri-fisheries industry by some P20 million.
Infrastructure facilities for the services sector was losing P10 million for maintenance and upkeep and households and industries were complaining of as much as P15 million in damaged appliances due to sudden surges of electric current in frequent, often long-duration blackouts.
“We are fed up. We are sick and tired,” he told reporters on Friday as he also addressed his constituents with a repeated “sorry” for government’s failure to address the electricity shortage since the 1980’s.
The island, including Davao del Norte and Davao de Oro, are being served by the Northern Davao Electric Cooperative (Nordeco). In 2019 it took over the franchise of the defunct Davao del Norte Electric Cooperative, which was hounded by a franchise-wide furor over frequent and long blackouts since the 1980’s.
The island resort was most affected due to the damaged submarine cable which was tripped and dragged by passing
May’s hot money inflows hit $43M, reversing April’s $312-M outflows
HOT money inflows in the country reached $43 million in May 2024, according to the latest data from the Bangko Sentral ng Pilipinas (BSP).
BSP said gross inflow of transactions on foreign investments registered with the BSP through authorized agent banks reached $1.1 billion, while gross outflows reached $1 billion.
foreign vessels.
The Nordeco announced last year that it has embarked on a P1.5-billion interconnection between Samal Island and the substation of the National Grid Corp. of the Philippines in the municipality of Pantukan, Davao de Oro.
Uy said nothing came out of the announcement made before a joint hearing by two Senate committees in July last year, and said that complaints have mounted anew from exasperated residents, resort owners and industry players.
“To our residents here, we are really very sorry for the inconvenience that we have experienced for several decades now, and sorry for our failure to address this issue,” he said.
He said that it was already beyond their capacity as local government officials to resolve the issue, “because it is already at the level of the national government to decide, since Nordeco holds a congressional franchise that would expire yet in 2033.”
He said the city government government was being assisted and supported by several Davao offices of national government agencies, “but to no avail as Congress remained deaf to our appeals.”
He said the city government was further discouraged when President Ferdinand Marcos Jr. vetoed a bill at the House of Representatives that sought expanding the franchise of the Aboitiz-owned Davao Light and Power Co. to include Samal Island. The Davao Light has already included in its franchise the Davao del Norte towns of Braulio Dujali and Santo Tomas and Panabo City. Marcos vetoed the bill in July last year, the same month that Nordeco was called to a Senate hearing investigating the power woes of the island.
Uy has raised his appeal for national government action on the power blackouts in the island.
Pagcor unveils first socio-civic center in Batangas
T
HE Philippine Amusement and Gaming Corporation formally unveiled its latest and most recently completed Socio-Civic Center here Wednesday, June 26, two years after the project’s groundbreaking in March 2022.
Pagcor Chairman and CEO Alejandro H. Tengco led the inauguration for the P50-million state-of-the-art structure in Barangay Pansipit, a village named after the river that connects Taal Lake to Balayan Bay. The two-story facility can serve as a venue for various events, social gatherings, educational activities and various programs and activities of the local government, not to mention as an evacuation center in times of calamities.
In his address, Mr. Tengco emphasized the importance of projects that help promote community development and resilience.
He also said that Pagcor rebranded
its previous multipurpose evacuation facilities into Socio-Civic Centers because the buildings can serve many other purposes aside from being a shelter during disaster situations.
“We thought it best to call this building a Socio-Civic Center because these are to be used not only for calamities but also to mount various programs and activities,” said the Pagcor chief, partly in Filipino. The new Pagcor Socio-Civic Center is thus expected to contribute to the overall socio-economic development of Agoncillo since its modern design and facilities makes it a perfect venue for events, trainings and conferences for surrounding communities.
To date, a total of 39 Pagcor-funded Socio-Civic Centers have been completed and unveiled nationwide, while 33 others are still undergoing construction.
The central bank noted that is a reversal from the $312 million net outflows posted in April 2024 and was the second time the country posted net inflows this year.
“Investments for the month mostly came from the United Kingdom; the United States [US]; Singapore; Luxembourg; and Norway with combined share to total at 86.1 percent,” BSP said. BSP said registered investments
in May 2024 were 24.6 percent or higher by $208 million than the $845 million recorded in May 2023.
Gross outflows increased by $41 million or by 4.2 percent versus the $969 million gross outflows recorded for May 2023.
BSP said the $43-million net inflows for May 2024 improved from the $124-million net outflows recorded for the same period a year ago.
The data also showed that foreign investments registered with the BSP, through authorized agent banks, yielded net inflows of $108 million in the January to May period this year.
BSP said this marked a turnaround from the $805-million net outflows noted for the same period last year.
Further, BSP data showed the
gross inflows for May was higher by $139 million or by 15.2 percent, compared to the $914 million recorded in April 2024.
The bulk of these inflows, or 65 percent, were in PSE-listed securities amounting to $685 million, while the 35 percent or $368 million was invested in peso government securities. Investments in stocks flowed into banks; holding firms; and those engaged in property; transportation services; and mining.
Gross outflows
MEANWHILE, the gross outflows for the month were lower by $216 million or by 17.6 percent compared to the gross outflows of $1.2 billion recorded for April 2024.
“The US remains to be the top destination of outflows,
SP Chiz: Senate to focus on easing Pinoys’
SENATE President Francis G. Escudero is moving senators to focus crafting laws to ease the daily burdens of Filipinos, guided by his vision, “Hayahay ang Buhay, Bayang Matiwasay.”
Escudero pointed out that while the Senate continues to work on business-friendly bills like the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) and tax cuts for the stock market, it will also ensure that laws benefiting the poor are passed concurrently with these initiatives.
In a statement on Friday, the Senate leader said: “I have noticed that we have been passing a genre of laws that ease the burden on big business, including ease of unloading bad loans of banks, maybatastayodiyan[we have a law for that].”
However, Escudero stressed, “it is time to reframe our work and pivot it to laws that make life easier for our people.”
Ascertaining the need to “set a clear directive for the Senate’s legislative agenda,” Escudero posed critical questions to emphasize his point: “Why only ease of doing business? Why not ease of finishing school, ease of finding work, or ease of getting healthcare when one is sick?”
Escudero expressed his insights following his first Legislative-Executive Development Advisory Council (Ledac) meeting as Senate President last Tuesday, where he met with President Ferdinand R. Marcos Jr., Speaker Martin Romualdez, Cabinet officials, and other leaders from the Senate and the House of Representatives.
Ascertaining that “there is a need for legislation that address essential aspects of everyday life,” he added, “ensuring all Filipinos have access to education, employment, and healthcare.”
“These new legislative priorities,” he noted, “would focus on creating tangible benefits for the Filipino people.Yan ang mga pagtutuunan ng pansin ng Senado.Para ang resulta ay Hayahay na Buhay, Bayang Matiwasay[That’s what the Senate will focus on. So the result will be A Prosperous Life, A Progressive Country],” he declared.
Escudero also affirmed the Senate’s commitment to passing critical legislation while maintaining rigorous scrutiny.
He gave assurances that each measure listed in Ledac’s Common Legislative Agenda “would be thoroughly reviewed and moved forward to the President’s desk for signature.”
However, Escudero stressed that the Senate will “never sacrifice scrutiny for speed.”
“For the Senate, the phrase ‘deliberative body’ is not a slogan routinely spoken, but a style of work religiously observed,” he added.
He detailed the Senate’s comprehensive process in handling proposed laws, which includes trimming lengthy provisions, reducing projected costs, testing for constitutionality, and addressing stakeholders’ concerns.
Escudero said “this process ensures that proposed laws are ready for implementation and can withstand any potential vetoes. He explained that “through this rigorous
process, the Senate ensures that proposed laws are implementation-ready and vetoproof, especially on bills that have budgetary impacts, fiscal repercussions, and economic implications.”
receiving $575 million or 57 percent of total outward remittances,” the BSP said.
BSP noted that the registration of inward foreign investments delegated to authorized agent banks by the BSP is optional under the rules on foreign exchange (FX) transactions.
It is required only if the investor or its representative will purchase FX from authorized agent banks and/or their subsidiary/affiliate foreign exchange corporations for repatriation of capital and remittance of earnings that accrue on the registered investment.
Without the registration, the foreign investor can still repatriate capital and remit earnings on its investment but the FX will have to be sourced outside the banking system. Cai U. Ordinario
daily burdens
He cited the CREATE Law as “an example of how legislative haste can lead to missed opportunities, underscoring the importance of thorough review.”
Moreover, the senator pledged that the Senate would act diligently on Ledac priority bills while also embracing innovation.“But with industry comes innovation. Expect the Senate to make amendments,” he said. Butch Fernandez
₧150M in foregone revenue
A DESPONDENT Island Garden City of Samal Mayor, David Uy confers with the City Councilor Ginaphine Canete. MANUEL T. CAYON
CHAIRMAN Tengco receives a plaque of appreciation from Agoncillo Mayor Cinderella Reyes (right) and Vice Mayor Daniel Reyes (left). CONTRIBUTED PHOTO
Japan, PHL foreign, defense ministers to meet next week
THE foreign and defense ministers of the Philippines and Japan are meeting next week in Manila to expand bilateral strategic partnership between the two countries.
The so-called 2+2 Foreign And Defense Ministers’ Meeting is the highest consultative mechanism between the Philippines and Japan to date. The first meeting was held in Tokyo in April 2022. This year, it will be held on July 8, with Manila as host.
The Philippine Department of Foreign Affairs announced that Japanese Minister for Foreign Affairs Kamikawa Yoko and Minister of Defense Kihara Minoro will fly to Manila to meet their counterparts, Enrique Manalo and Gilberto Teodoro Jr.
“The four ministers are expected to discuss bilateral and defense and security issues affecting the region, and exchange views on regional and international issues,” the DFA said in a statement.
This week, three members of the Japanese parliament from the ruling party of Prime Minister Fumio Kishida including former Defense Minister Onodera Itsunori also visited the Philippines. Onodera and his party mates from Liberal Democratic Party, Wada Yoshiaki and Matsukawa Rui, held separate meetings with Manalo, Teodoro, National Security Adviser Eduardo Ano, and senators. Malou Talosig-Bartolome
Timor-Leste court grants PHL request for Teves extradition
By Joel R. San Juan
HE Timor-Leste Court of Ap-
Tpeals has granted the request of the Philippine government to extradite expelled Negros Oriental Rep. Arnolfo “Arnie” Teves, Jr., the principal accused in the March 4, 2023 murder of Negros Oriental Gov. Roel Degamo and nine others, the Department of Justice (DOJ) announced Frida.
DOJ spokesman Jose Dominic Clavano IV said the positive development in the bid to bring back Teves was relayed by the Attorney-General of Timor-Leste.
“We have won. We look forward to the arrival of Mr. Teves so that he may finallly face the charges against him in our local courts,” Clavano said.
Justice Secretary Jesus Crispin Remulla welcomed the approval of the extradition request and considered it as a victory not just for the DOJ but for the entire Philippines and for every single Filipino who believes that our criminal justice system is truly working.
“Teves’s hide and seek tactics have come to an end, he can no longer evade the legal consequences of his actions and should answer the charges fair and square,” the DOj secretary added. Teves is facing murder, frustrated murder, and attempted murder charges in connection with the Degamo killing.
He is now considered a fugitive with the issuance of arrest warrant against him by a trial court in Manila.
Topacio to DOJ: Not so fast TEVES’S lead counsel Atty. Ferdinand Topacio, however, downplayed DOJ’s victory, saying teves may still avail himself of legal remedies to overturn the ruling of Timor-Leste’s appellate court.
“Not so fast, Mr. Clavano. You have not won. Not by a long shot. For one, the judgment is still appealable, a recourse that we have every intention of taking. Then we still have the option of political asylum,” Topacio said.
“And even if you bring Mr. Teves back, you will still have to prove him guilty in the face of recantations by all witnesses previously against him who were tortured and intimidated into testifying falsely against him,” Topacio added.
Teves’s lawyer pointed out that under Article 300 of the Code of Civil Procedure of the State of TimorLeste, the losing party may still question the ruling before the Supreme Court within 30 days or until July 28 .
“The DOJ should not gloat at this point. Their saying that ‘we have won,’ this is just the first step. Just like in boxing, this is just the first or second round out of a 15-rounder championship bout,” Topacio noted.
Ranking US, China diplomats talk; Beijing twits US for stirring trouble
By Malou Talosig-Bartolome
Pending Timor Leste’s final decision on the extradition request of the Philippine government and Teves’ plea for political asylum, Topacio said his client would have to remain in Timor-Leste.
“The process is still ongoing and there is a principle in their law that says that if there is a pending political asylum application, notwithstanding any extradition request, a person cannot be extradited because it would render the application for political asylum moot and academic. So that is another remedy that we are pursuing,” Teves said.
“Convict Mr. Teves with finality first. Then and only then can you say you have won. I don’t think you’ll be in DOJ long enough to do that,” Topacio told Clavano.
Aside from the Degamo killing, the former solon and several other individuals have also been charged in connection with several killings in Negros Oriental in 2019.
He was out of the country seeking medical attention when the Degamo killing happened and refused to return since then, citing threats to his life.
Teves had denied the charges against him and claimed being a victim of political persecution by the Marcos administration.
In August 2023, Teves, his brother Pryde Henry Teves and 11 other individuals were designated by the Anti-terrorism Council as terrorists belonging to the so-called Teves Terrorist Group (TTG).
In declaring Teves’ group as terrorists, the ATC took into consideration all sworn statements, CCTV footage showing Degamo’s assassination, various news footage showing the immediate arrest of the suspects, the Senate inquiry in aid of legislation and other pieces of evidence gathered by various law government agencies.
By Andrea E. San Juan
INDUSTRY-LED advocacy group Philippine Business for Education (PBEd) has unveiled its list of recommendees for Education Secretary.
“As the president is set to appoint the education secretary this week, PBEd reiterates the need to appoint people immersed in the education sector to hit the ground running in solving the learning crisis,” PBEd said in a statement on Friday.
In a letter penned on June 24, 2024 and addressed to President Ferdinand R. Marcos Jr., PBEd President Chito Salazar divulged four names whom the group considers “exceptional leaders” who the president could consider.
Salazar, in his letter, said the group “respectfully recommends” Senator Sonny Angara, Secretary Rex Gatchalian, Congressman Kiko Benitez and Milwida Guevara.
PBEd noted that Angara is “one of the most seasoned, hardworking and productive” members of Congress. Moreover, “he has advocated policies that have significantly impacted education, employment, entrepreneurship, and the economy in general.”
On the education initiative that the lawmaker has pushed, PBEd said, “Senator Angara was one of the five senators who filed Senate Joint Resolution No. 10 calling
THE deputy foreign ministers of the United States and China spoke over the phone with regard to the June 17 clash between China Coast Guard and Philippine Navy that resulted in the injury of one Filipino sailor and damage of a Philippine military boat.
The US State Department said Deputy Secretary Kurt Campbell “raised serious concerns regarding [China’s] destabilizing actions” in the West Philippine Sea, including at Ayungin Shoal (international name: Second Thomas Shoal).
Campbell spoke with China’s Executive Vice Foreign Minister Ma Zhaoxu on June 27.
“The [US] Deputy Secretary reiterated that US commitments to the Philippines under the Mutual Defense Treaty remain ironclad,” US State Secretary Matthew Miller said in a press readout from Washington D.C.
The ranking US diplomat “affirmed” the US support for freedom of navigation and overflight and the peaceful resolution of disputes, “consistent with international law.”
Campbell also stressed the importance of maintaining peace and stability across the Taiwan Strait.
He also reiterated Washington’s concern over Beijing’s support for the Russian defense industrial base and discussed challenges on the Korean Peninsula.
Chinese Embassy on US Ambassador’s comment IN Manila, the Chinese Embassy took exception to the remarks made by US Ambassador Mary Kay Carlson at the East-West Center conference Wednesday.
The Embassy spokesman chided the US for “stirring up confrontation and hyping up tension for its own geopolitical interest.” He described such moves as “dishonorable,” as the US is neither a party to the South China Sea dispute nor a signatory to the United Nations Convention on the Law of the Seas (Unclos).
“Ironically, a state that has neither signed nor ratified [the,] the US never failed to use Unclos to
for the creation of the Second Congressional Commission on Education (Edcom 2) and is currently one of its commissioners, cochairing the Governance and Finance Standing Committee.
Also among the individuals who made it to PBEd’s list is Gatchalian, whose “background in [Department of Social Welfare and Development] DSWD and his tenure as a former Mayor provides a distinct approach to addressing the learning crisis through community development and local development.”
PBEd also hopes Benitez can be considered as Education chief, noting that “Dr. Benitez is one of the first proponents of the Edcom 2. He is also an Edcom 2 commissioner and the cochairperson of the Early Childhood Care and Development and Basic Education Standing Committee.”
As a former university president and “champion” of education, innovation, sustainability, and social equity in Congress, PBEd said the congressman “brings a unique blend of academic, managerial, and public policy expertise to addressing our learning crisis.”
Meanwhile, PBEd also included Guevara, who is President of Synergeia Foundation, a nongovernment organization which aims to improve the quality of basic education in the country.
The industry-led advocacy group said she “has led the organization in its extensive
denounce others.
“While calling on upholding ‘rules-based international order,’ the US refuses to execute the judgement and advisory opinion of the International Court of Justice and resolution of the UN General Assembly. Its application of international law and international order is selective,” the Chinese Embassy said. The embassy official accused the US of sending warships to the South China to ensure “freedom of rampage,” and not freedom of navigation.
The Chinese Embassy also questioned the US Embassy in Manila for being “silent” on reports that the US military engaged in disinformation campaign to smear the reputation of China-made vaccines Sinovac.
“Such a disinformation campaign has contributed to tens of thousands of deaths in the Philippines and endangered the health of people in the region. The Filipino people and the international community have the right to know the truth. Why has the US Embassy in the Philippines remained silent on that ? Mustn’t the United States be held accountable for what it did during the pandemic?” the Chinese Embassy spokesman asked. When sought for comment, the US Embassy in Manila said they will just let the remarks of Ambassador Carlson speak for itself.
A portion of Ambassador Carlson’s speech reads: “When the United States sees our partners being bullied in their backyard, we speak up. And we encourage others to speak up as well—and they are doing so. The chorus against threats to peace and stability in the South China Sea is growing louder and stronger each day.
“With likeminded partners and all who support the rule of law, we urge the PRC to cease harassment off Philippine vessels lawfully operating in the Philippine exclusive economic zones; to halt its disruption to states’ sovereign rights to explore, utilize, conserve, and manage natural resources in their territories and EEZ; and to ends its interference with the freedoms of navigation and overflight of all states lawfully operating in the region.”
work in empowering local governments to efficiently and equitably deliver education services and enable every Filipino child to complete good elementary education.”
The group also recognized Guevara’s position as a Career Undersecretary in the Department of Finance (DOF) from 1991 to 2000.
“Dr. Guevara’s expertise in public finance, basic education delivery and governance make her well-equipped for the demands of the position,” said PBEd. Salazar underscored the importance of the “prompt appointment and seamless transition” of the Education Secretary, adding that this is crucial in addressing the education crisis.
“More importantly, the choice of an experienced, qualified, competent and dependable Secretary must be prioritized over political considerations,” the head of the industry-led advocacy group also noted. To effectively lead the country out of the learning crisis, Salazar penned in his letter to the president that, “The new education secretary must be a competent manager with a good track record, immersed in the sector and an advocate of transparency, participatory governance and data-driven decision making.”
“We trust in your wisdom and commitment to Filipino learners, and eagerly await your selection, knowing he or she will prioritize the future of Philippine education,” the PBEd president added.
CHED to track nonperforming teacher-education programs
THE Commission on Higher Education (CHED) will issue a notice of immediate closure on teacher-education institutions (TEIs) with substandard programs for the Licensure Examination for Teachers (LET).
This is among the interventions in the proposed qualityassurance mechanism for preservice teacher education-degree programs that are non-compliant with CHED’s prescribed minimum standards.
The commission approved the amendment to Section 25 of CHED Memorandum Orders (CMOs) 74 to 80 and 82, series of 2017:
“Adopting a Quality Assurance Mechanism for Pre-service Teacher Education Degree Programs” designed to ensure pre-service teacher education quality in the country during its Second Quarter-Calendar Year 2024 National Directorate and Commission en Banc Meeting held on June 25. “Underperforming and nonperforming teacher education pro-
THE United States government has provided a P2.5-million grant to expand the learning process for Filipino out-of-school youth (OSY) who are hard of hearing. Said financial allotment was administered through the US Agency for International Development’s (USAID) “Opportunity 2.0” to the De La Salle-College of Saint Benilde (DLS-CSB) for the “Advance and Support Philippine-International Academic Relations for Out-of-School Youth Development [ASPIRE].”
Main benefactor is the Benilde School of Deaf Education and Applied Studies (SDEAS), the leading Philippine institution that nurtures deaf and hearing leader-advocates through emerging fields of specialization in deaf-applied studies and sign-language interpretation.
Through this accord, BenildeSDEAS partnered with the Washington-based Gallaudet University: a bilingual academy which empowers deaf and hard-of-hearing individuals through English language and American sign language. The collaboration aims to establish benchmarks that will enhance training and higher-education access for Filipino deaf OSY.
Both institutions will join forces to share and exchange expertise on the best intellectual strategies and career-transitioning ventures implemented within their respective schools.
With this cooperation, BenildeSDEAS will create an English-bridging program to build their foundation on the language, expand their vocabulary, harness their reading comprehension, and enrich their
writing techniques. They are set to develop professional development projects to equip and train Filipino hearing-impaired OSYs in their college entrance examinations and receive their college diplomas.
“Main goal of Benilde-SDEAS for this grant is to strengthen the academic abilities of Filipino deaf OSYs and college drop-outs with employability skills, [while preparing] them for transition to work,” Benilde SDEAS Center for Partnership Development officer in charge-director Lorish Dane Lozano shared.
Other ASPIRE grantees include Ferndale College in Zamboanga City which will coordinate with Adams State University in Alamosa, Colorado. They will develop learning modules designed to engage OSY in addressing food-security issues in their communities.
Meanwhile, Quezon City University and Cebu City’s School of Knowledge for Industrial Labor, Leadership, and Service Inc. or SKILLS received a GovernmentAcademe-Industry Collaborative or “GAIN” grant valued at P1.5 million each to establish multi-skilled and leadership efforts for OSY.
“OSYs deserve [equal opportunities] to define the kind of life they want to live,” Mission Director Ryan Washburn of USAID Philippines noted. “These new grants will help create a positive environment for youth by tapping the creativity, resources, and expertise of Philippine and US [higher education institutions].”
For more information on USAID activities, visit usaid.gov.
viders need to be monitored closely [as studies] point to the great impact of teachers and teaching quality on the learning of our students,” said Second Congressional Commission on Education (EDCOM 2) executive director Karol Yee. “Given the learning crisis we are facing, it is imperative that we are vigilant in quality-assuring our teacher-education institutions [or TEIs] all over the country—especially those that have a track record of poor performance in the past years.”
In its “Year One Report,” EDCOM 2 analysis showed that between 2012 and 2022, 77 higher education institutions offering Bachelor of Elementary Education and 105 HEIs providing Bachelor of Secondary Education continued operations despite having consistently zero passing rates in the LET.
EDCOM 2 further reported that teacher-licensure exam performance has been “dismal,” with passing rates lower than other professions. Between 2009 and 2023, average passing rate for elementary schools stood at 33 percent for elementary, and 40 percent for secondary.
During EDCOM hearings with CHED, EDCOM commissioners strongly urged the agency to review its policies on non-performing TEIs, as well as to immediately and proactively intervene, in light of the high number of poor performing institutions.
The revised CHED policy consists of assessing the TEI’s board performance between 2021 and 2023 which covers only first-time takers, plus TEI’s compliance with CHED norms such as key quality indicators per above-mentioned CMOs. The policy was approved
by the commission on June 24 through Resolution 352-2024.
Aside from issuance of program closures, the proposed QA mechanism can also subject the TEIs to other interventions and courses of action, which include the provision of technical assistance to help the institutions with compliance. If TEIs fail to improve their performance after the technical assistance, they shall be placed on a phase-out status, and will no longer be allowed to admit new students to their existing pre-service teacher-education program.
“We commend CHED, including the Technical Panel for Teacher Education, for taking concrete action, and making this critical first step in ensuring teacher education quality in the country. This will go a long way in supporting broader efforts to address our learning crisis,” said Yee. “We look forward
to working closely with [the commission in monitoring their initial implementation so it could inform further refinements of the policy in a way that incentivizes upgrading of quality among our public and private TEIs].”
“Phasing out non-performing TEIs or non-compliant pre-service teacher education programs is consistent with the implementation of the ‘Excellence in Teacher Education Act [or Republic Act 11713],’ which we passed to improve the quality of teacher education and training in our country,” said Sen. Sherwin Gatchalian, who is EDCOM 2’s co-chair. “Our teachers are the most important factor in education—we have to make sure that our TEIs are producing competent and qualified teachers who have the most crucial role in reversing our country’s education crisis.”
STI STUDENTS DISPLAY CREATIVITY, INTELLIGENCE IN NATIONAL CONTEST
STI students showcased their creativity, outstanding skills and sportsmanship as they competed in various categories for this year’s national round of the STI “ Tagisan ng Talino (TNT) ” and “ Tagisan ng Sining (TNS) ” held at the STI Academic Center-Legazpi in Albay.
The battle of skills and creativity was intense in “TNT,” as students captivated the judges and audiences with their intelligence and unique creations.
Spectators were delighted by the contenders’ innovative tequila mixes with impressive tricks and movements in the “Mix ‘N Flair Flairtending” tilt. Participants’ culinary expertise, on the other hand, was on full display in the “Chef Xpress” cooking contest where they prepared, cooked and plated a three-course meal.
Meanwhile, students flexed their proficiencies in formal dinner arrangements and complex table scenarios in the “All-in-Place Table Setting Competition.” The “Worth the Whisk Cake-Decorating Competition” was a celebration of the country’s culinary heritage with a Filipino dessert extravaganza-themed cake.
Groups of students pitted their general information knowledge against each another in the “Think Quest Team Quiz Competition,” as programming capabilities shone in “Codefest:” a 36-hour mobile app hackathon at STI College Ortigas-Cainta.
“Events like these are essential
DAVAO CITY—The University of the Visayas (UV) is engaging a United Statesbased education solutions company to help install its new learningmanagement system (LMS).
The company Anthology reported from its headquarters in Florida, US on Monday that UV has selected the “Blackboard Learn Ultra” as its new LMS and will replace the current platform.
It said the university decided on the LMS after a careful competitive review, including a pilot subscription from another vendor as a potential replacement for their current system. “However, they concluded the piloted product was
for aspiring professionals as they bring out the best performance under pressure,” said Xellever Miro Abatol, who was part of the winning team from STI CollegeTagum.
Insightful speaking abilities of STI students were put to test in the “Stand Up and Deliver Speech Competition,” which revolved around the theme: “How do challenges contribute to personal growth and development?” Meanwhile, the essay-writing contest saw aspiring writers embracing individuality to promote unity.
Tourism Management students amazed with their guiding skills in “Travelogue,” as they took audiences on a simulated journey to Fort Santiago in Intramuros, Manila.
“The experience was thrilling,” said Grade 12 Tourism Operations
not as user-friendly as anticipated, and lacked the local support they needed.”
It was when UV widened its competitive review to include Blackboard. According to Anthology, 30 department heads attended a Blackboard Learn workshop, “where they got first-hand experience using industry-leading features like the ‘AI Design Assistant.’”
Dr. Conrado E. Iñigo Jr., who is UV’s president, said that “feedback…was resounding.”
“They touted Blackboard’s ease of use, intuitiveness and logical and flexible workflow; they felt very comfortable with the AI func -
student Caryll Del Rosario, who won as second-runner up. “I’m taking it as an opportunity for growth and better experience.”
For STI assistant vice president for Academics Ferdie T. Dantes, “The TNT serves as a medium for our students to practice their skills and connect with peers through healthy competition that promotes camaraderie and sportsmanship.”
He said STI College combines traditional learning, hands-on experiences, and character-building activities to prepare graduates for the future and nurture wellrounded individuals: “Events like TNT provide learners opportunities to apply classroom skills in real-world scenarios.”
Creativity showcase IN the TNS search, the partici-
pants displayed their visual arts prowess. More than 100 entries in both video and photography contests amazed audiences with their powerful narratives and striking images that celebrated diversity and individuality.
In the “Director’s Cut VideoMaking Competition,” 59 groups from STI campuses nationwide produced short films on the theme: “Who I Am” that explored personal journeys of self-discovery and overcoming challenges. Rivals caught unique perspectives on defeating limits while optimizing strengths in the “Shutter’s Best Photography Competition” themed “Vibeshift.”
“Participating in the TNS… provided not only a platform to compete, but also valuable learning experiences,” said Jun Erlano, who was the photo-contest champ. Like the TNT, the TNS has become a yearly tradition, offering students opportunities to harness creativity, while practicing skills in real-life situations.
“The goal is to engage students, elevate their skills, and help them reflect on who they are and embrace their uniqueness,” Dantes pointed out.
Following their successful comeback last year, the competitions continued to set new standards in applied learning, as they highlighted the learners’ combined academic excellence and talents in various disciplines, according to the STI official. Roderick L. Abad
tionality in Blackboard,” Anthology quoted Dr. Iñigo as saying.
The firm described the university as “known for innovative student programs which aims to instill a culture of excellence…through academic training and lifelong learning, enhancing their leadership potential and career success.”
It added: “To support this mission, it needed an intuitive [LMS] and a partner that could help them with their digital transformation journey.”
The academic institution will also implement Anthology’s digital content accessibility solution “Ally” with Blackboard Learn, “supporting UV’s commitment to accessibility and creating an inclusive environment for everyone. Ally provides digital course content in multiple formats and languages—a feature that is imperative to delivering an inclusive student experience.”
“We are thrilled to partner with [UV]—a renowned institution dedicated to excellence and career success,” said Joe Belenardo, who is Anthology’s chief revenue officer. “Our regional presence will enable us to closely collaborate and support their mission of supporting community development and the socioeconomic needs of the country through their educational programs.” Manuel T. Cayon
A6 Editor: Mike Policarpio
USAID Philippines’ director Michelle Chen (from left), EDC chief of party Jill Jarvi, with DLS-CSB’s director Sherlo Reyes and career coach Bronson Escalderon, plus USAID Philippines’ director Ryan Washburn
CONTESTANTS prepare, cook and plate a three-course meal during the “Chef Xpress Cooking Competition.”
Tourism Editor: Edwin P. Sallan
BEYOND THE BASIC BALI
EXPLORING OTHER PARTS OF THE ‘ISLAND OF THE GODS’
Photos by Charo Logarta
BALI needs no introduction. It’s one of the world’s most exotic destinations and certainly one that is on most travelers’ bucket lists. But the influx of tourists, digital nomads and remote workers has led to congestion on Bali’s roads.
This is not to say that Bali isn’t worth the trip. The so-called ‘Island of the Gods’ is a must-visit—many social media images do justice to Bali’s beauty.
Bali is slightly bigger than Bohol and 20 times smaller than Luzon Island. Most major thoroughfares circumvent the island, with very few (and very narrow) bypass roads that traverse different points. Bali doesn’t have big highways and more people on the road has resulted in traffic jams. This means that getting around the island could take hours.
There are many stories of tourists who stay in Kuta or Seminyak that took road trips to visit various attractions around the island— only to find themselves stuck in traffic. Some spend over three hours on the road each way to get to the Pura Lempuyang (or Temple of Heaven), queue for another hour or so, and then spend a mere 15 minutes to recreate that iconic shot of traditional temple gates that frames a mountain.
Not that there’s anything wrong with that—different strokes for different folks, as they say. Some do not mind spending one whole day on the road just to take a few IGworthy photos. But imagine a day in Bali where you can
soak up the sun, sea, and sand and see the sights during the day, savor that laid-back Balinese lifestyle; and then at night, chill at some of the most interesting beach clubs in the world—all while taking stunning photos.
Adjie Wahjono of Aneka Kartika Tours suggests zoning your Bali trip so that you enjoy attractions and experiences within proximity rather than going all across the island.
“For first-timers in Bali, assuming you have limited time, stay put in one area. Two nights in Kuta, two nights in Seminyak—every area caters to a different type of visitor. Then do trips from there,” said Adjie.
But if you want something different, or if you happen to be a repeat visitor to Bali, Adjie suggests exploring other areas.
“Ubud is the perfect place to reconnect with Bali’s nature and art. Meet a Balinese healer, do Yoga. Do immersive cultural experiences or explore other areas of Bali in the eastern and western portions of the island,” added Adjie.
Canggu: Bali’s bohemian area ALONG the southwestern coastline of Bali,
past Kuta and Seminyak is the coastal village of Canggu. Once a sleepy area for surfing, it’s now one of hippest yet most relaxing areas in Bali—just that right mix of surfing, beachcombing, and fun after sunset. The black sand beaches aren’t to everyone’s liking, but the seascape more than makes up for that.
Canggu may not be as lively and vibrant as other areas, but it’s an ideal base for those who want to relax, unplug, and then dance the night away.
Villa Canggu by Plataran was my home base in Canggu. While the property is not on the beach, it offers luxurious Balinese hospitality amidst lush tropical surroundings designed by world-renowned landscape architect Made Wijaya, also known as Michael White. The private villa, with its own garden and pool, was paradise—tranquil, very private, and romantic—perfect for honeymooners or those who just want to get away from it all.
There’s a lot to do within Villa Canggu. One particularly enjoyable (and fun) experience is to take a cooking class with the resort’s chefs
where you can learn traditional Balinese culinary techniques and flavor combinations, then savor these dishes with a sumptuous luncW h spread.
Canggu has so many themed cafes and restaurants that are feasts for the senses and bellies. Weekend markets offer homemade jams, chutneys, and pastries that will leave you full by simply walking around and getting free samples. But you can walk off the excess calories by exploring the streets of Canggu with its quaint shops and street art. The beaches in Canggu are not the best for swimming, but it’s a great place to learn how to surf with its consistent rolls and waves. And at night, these same beaches spring to life as some of the best beach clubs in the world can be found in Canggu.
Luckily, I didn’t have to fight for a lounger at any of the beach clubs. Guests of Villa Canggu get entry to Atlas Beach Club—where one can lounge in a pool, gazing at the amazing sunset while sipping a tropical cocktail. I enjoyed an evening of eye-popping performances and chill music.
Taiwan’s Tainan is another Southern surprise
anticipate that others in different
tions
and
as ours. Fortunately, I was thoroughly impressed by Tainan City’s Chimei Museum. It would take more than a day to see everything at the Chimei Museum, just like at our own National Museum complex in Manila. The museum’s five galleries cover a wide range of
The cursed temple ONE of the most iconic and beautiful temples in Bali is purportedly cursed.
According to the myth of the Tanah Lot temple, a Brahmin Prince and Princess traveled from Java to Tanah Lot for a romantic trip. But when the prince left the princess, the latter swore that any unmarried couple who visits the land will break up within six months. Cursed or not, it doesn’t change the dramatic scenery of Tanah Lot with its rock formations and crashing waves.
And from Canggu, Tanah Lot is just a 30-minute road trip.
An increasing number of digital nomads and remote workers are basing themselves in Canggu to embrace a better work-life balance. Some have chosen to take a three or four-month sabbatical from their jobs to stay in Canggu and then on to other areas of Bali, attracted by the natural attractions, history, and heritage. Beyond Canggu, there are so many more places to explore and enjoy in Bali. It’s a matter of doing research and planning ahead to get the best Balinese experience.
maze of narrow pathways and explored the neighboring Mazu Temple, which had formerly served as the palace of Ning Jin, the last ruler of the Ming dynasty.
Anping Old Fort, once controlled by the Dutch, was taken over in 1661 by Koxinga, also known as Zheng Chenggong, the Prince of Yanping, a Southern Ming general who opposed the Qing conquest of China in the 17th century.
After culture hopping, we followed the nature trail of Tainan, passing by the flowering fields of Arwin Therapy Garden and into the mountains where we sipped a steamy mug of coffee and resisted the temptation to dive into the waters at Guanziling Hot Spring, Tainan’s mud hot springs.
Our Tainan adventure concluded in Anping Old Fort, where we went through its ancient streets’
it is home to many museums, including the National Museum of Taiwan Literature, the Thousand Fields Seed Museum, the Ciji Temple Museum, the National Museum of Taiwan History, and many temples and creative spaces. The Blueprint Culture and Creative Park is a popular hangout for the younger generation of artists and designers since it is an interesting place full of creative energy. It was gentrified and opened to the public in 2015 after formerly housing a cluster of dilapidated homes. Using the exacting standards of blueprint design as a guide, the majority of the houses were painstakingly restored to their previous splendor; now, they serve as souvenir stores, art spaces and quaint cafes.
Despite substantial repairs, the Anping Fort grounds remain an interesting historical landmark. There are artifacts from the original 70-meter-long fort walls, as well as a museum that tells the story of Tainan’s culture and Dutch occupation. Our journey to Tainan and Kaohsiung showed me that Taiwan has much more to offer than just Taipei’s gastronomic delights, Jiufen Old Street’s charming environment, Sun Moon Lake’s romantic charm, Yangmingshan National Park’s breathtaking grandeur, and so on. Taiwan definitely provides an infinite number of experiences for curious visitors like me, and this southern tour is just one more unforgettable taste of what this island sovereignty has to offer.
THE garden villa at Villa Canggu by Plataran THE lush tropical surroundings of Villa Canggu by Plataran were designed by world-renowned landscape architect Made Wijaya EXPERIENCE Balinese cuisine through a cooking class
ATLAS Beach Club in Canggu, Bali
TANAH Lot Temple was featured in the Julia Roberts-George Clooney flick, “Ticket to Paradise”
Story & photos by Marky Ramone Go
ARWIN Therapy Garden
ANPING Old Fort
MAZU Temple
CHIMEI Museum
BusinessMirror
IKEA Life at Home Report: 44% of Filipinos consider sleep important
DURING the pandemic, technology became a lifeline to many, connecting work, study and family.
The study found that global movements such as climate change, con licts, cost of living, and the pandemic changed people’s choices on where and how they will live.
Technology also changed people’s homes, which became digital fortresses as homeowners tried to strike the balance “between conve-nience, digital security and privacy of living spaces.”
As early as 2017, the report found that people saw technology as something that “negatively impacted their relationships and killed conversation” with 27 percent spending less time with a partner as a result of being online. From 2014-2019, technology ranked high as “being intrusive in relationships.”
“Today, only 21 percent of us feel we use too much screen time. Technology still entertains and plays a larger part in everyday lives, but it has also made home more e icient,” said I A ife at ome Report 2023. The report features 10 years of quantitative research, qualitative interviews, expert interviews, and home visits representing the experiences of people around the world.
The rise of social media, home-sharing platforms, like Airbnb and self-curated spaces have had an enormous in luence on home life. pening up the home either by giving out the key or inviting others in digitally became more and more common, said the report.
ocial-media in luences have led to more pressure on people to change how we look at and share our own homes with others. People have also felt compelled to conform to Instagram-worthy standards. n the positive side, social media in luence has also led to more sharing of daily rituals, life hacks, or sustainable living tips.
People have also opened up their homes like via Airbnb, yPlace, and oachsur ing. Thus, the “lines between public and private became blurred.”
I A ife at ome Report 2023 showed that the boundaries of home are changing. “Until 2009, the majority of people lived in rural areas. Today, around 55 percent of the world’s population live in towns and
Airspeed
cities. More people are dealing with reduced space and inding innovative solutions to get the most out of where they live,” said the report.
ven when we ind privacy, the ever-present nature of technology means that it can be hard to switch o f and disconnect. As people increasingly move to cities and live in smaller spaces with more people, addressing the tension of togetherness and privacy becomes more central to enjoying a better life at home.”
Sleep is an important aspect of home. According to I A ife at ome Report 2023, 44 percent of Filipinos consider sleeping the main driver of nurturing at home. Understanding how vital sleep is to Filipinos, I A, the home of a fordable, quality furniture for every Filipino home, o fers solutions that are focused on di ferent elements that contribute to better sleep.
In its new campaign, “Wake up! It’s time to sleep,”
I A Philippines features three di ferent customers falling asleep at their showroom, including a threeyear-old girl. The campaign aims to call on Filipinos
give more attention to having better sleep. It also encourages Filipino customers to experience I A sleep solutions themselves before they purchase them at the I A Pasay ity showroom.
The solutions encompass comfort, light, temperature, sound, air quality, and organization.
I A o fers mattresses, lights, cooling pads and pillows, speakers, puri iers, and organizers to help people get better sleep.
So I asked people for tips on how to sleep better in relation to use of technology and here’s a compilation of what they told me:
No TV in the room as this can tempt you to watch movies and shows and even binge watch on YouTube instead of trying to sleep.
Make the bed a no-phone zone so that you don’t spend hours scrolling through social media. Assign a chair or a desk in your room where you can look through your phone before you get on the bed
Change your sheets at least once a week. There is nothing like the smell of clean sheets to help put you to sleep.
empowers MSMEs through digital solutions
A FILIPINO-OWNED end-to-end logistics company focused on international and domestic freight forwarding, customs clearance, specialized logistics, storage solutions, and e-commerce fulfillment, Airspeed is harnessing digital tools to empower the country’s micro, small and medium enterprises (MSMEs).
Rosemarie P. Rafael, chairman and president, Airspeed, told reporters in a recent event that the company has launched an SME program to support local entrepreneurs and offer opportunities to underserved communities. Rafael added that Airspeed is a strong believer that business success is connected with community welfare, striving to maintain a positive social impact.
“For almost four decades, Airspeed has provided support to businesses specially the MSMEs,” Rafael said. She said Airspeed is encouraging MSMEs to enroll in their SME program. It grants entrepreneurs access to specialized international and domestic freight forwarding services with exclusive rates and offers from partners, tailored storage solutions, e-commerce fulfillment, pick-up and drop-off services (entrepreneurs with physical locations can offer Airspeed delivery services too), financial aid, marketing platforms, trade fair opportunities, and training.
partner for managing logistics.
Pinaspeed is Airspeed’s latest nationwide service, one
UnionBank cements strong position as best digitally transformed brand in PHL—study
Contributor
UNI N ank of the Philippines Union ank has remained one of the Top 10 Most Valuable and Strongest brands in the Philippines, according to the rand Directory 2024 report recently released by rand Finance.
This is the second consecutive year since it entered in 2023 the list of the ondon-based independent brand valuation and strategy consultancy irm. ased on the study, Union ank’s brand grew in value by 22 percent from $557 million in 2023 to $679 million in 2024.
“The growth in value of the most valuable Philippine brands echoes the positive sentiments of their nation’s economic outlook,” rand Finance said in the report.
rands in the banking and real estate sectors bene ited from strong post-pandemic economic rebound, improving inancial literacy as well as continued urbanization and gentri ication.”
The Aboitiz-led bank is recognized and awarded here and abroad as one of the best digitally transformed players that has changed the way consumers view and do banking.
Union ank ventured in the digital future of banking as early as 2016 in order to provide consumers with a better banking experience, and it is where consumers actually look forward to transacting with their bank rather than seeing it as a dreaded chore.
Making it again to this year’s rand Finance ranking shows that investing on the customer and placing them at the core of product and technological innovations really pays o f.
“We are delighted to see that our e forts to provide our customers with advanced, innovative and usercentric banking services have once again placed us among the Philippines’ best brands,” Union ank chief marketing o icer Albert Cuadrante said.
“Now serving over 14 million retail customers, we are motivated more than ever to ensure we never stop looking for ways to deliver a better banking experience tailored to our customers’ ever-evolving lifestyle in this digital world,” he added.
leap in computing power and reliability. These processors, also built on the “Zen 5” architecture, offer an impressive 16 percent better IPC performance compared to the prior generation. The flagship Ryzen 9 9950X is touted as the fastest consumer desktop processor globally, making it ideal for gamers, content creators and prosumers. These new processors enhance AMD’s extensive portfolio, powering AI across cloud, edge, and client environments. AMD’s announcements underscore their commitment to pushing technological boundaries and leading in AI and computing performance. The new Ryzen AI 300 Series processors redefine laptop computing with features such as enhanced privacy-focused AI, exceptional battery life, and console-class gaming capabilities, thanks to the integrated AMD Radeon 800M Series graphics.
With everything now being connected to AI, all these are expected to significantly enhance user experiences by offering faster, more efficient processing for everyday tasks, leading to smoother multitasking and improved productivity. Gamers and content creators benefit from higher frame rates, reduced latency, and more realistic graphics, providing immersive and intuitive experiences. AI integration in daily applications improves personal and professional tasks, making interactions with AI-driven tools more efficient and user-friendly.
A8 Saturday, June 29, 2024 • Editor: Gerard S. Ramos
BusinessMirror
Everything, everywhere all AI
TRUE to its theme of “Connecting AI,” Artificial Intelligence was everywhere during COMPUTEX 2024, transforming Taipei into the global epicenter of everything about AI advancements. This year’s event showcased groundbreaking innovations from major players, like NVIDIA, AMD, Intel, ASUS, and Qualcomm. Asia’s biggest tech expo also highlighted how AI is revolutionizing various sectors, drawing thousands of visitors from around the world.
NVIDIA is leading the charge in AI innovation, solidifying its position as a key player in the tech industry. Driven by the burgeoning demand for AI technologies, the company’s earnings soared with its stock surging by 24 percent. Known primarily for manufacturing computer chips for graphically intensive video games, NVIDIA’s technology has found new applications in AI, including scientific simulations, machine learning, data processing and cloud computing. These applications have showcased the versatility and power of NVIDIA’s chips beyond the gaming industry.
The introduction of NVIDIA’s new AI-centric chip, which outperforms its predecessors, sparked significant investor interest, pushing the company’s market value beyond US$1 trillion. The company’s GPUs, capable of making numerous calculations simultaneously, are crucial for big data tasks that require substantial processing power, positioning NVIDIA at the forefront of AI advancements.
In his keynote speech, NVIDIA CEO Jensen Huang said, “We are at the cusp of a major shift in computing,” adding that “the intersection of AI and accelerated computing is set to redefine the future.”
Huang emphasized that AI and accelerated computing are poised to revolutionize various industries by pushing technological boundaries and driving innovation. He unveiled a roadmap for new semiconductors, including the Rubin platform, featuring GPUs, a new Arm-based CPU, and advanced networking solutions. NVIDIA’s accelerated computing approach, which delivers up to 25x more performance per watt compared to traditional CPUs, is both cost-effective and sustainable. Leading computer manufacturers have adopted NVIDIA’s GPUs and networking solutions to build cloud, on-premises, and edge AI systems. The MGX modular reference design platform, now supporting the Blackwell architecture, enables server system builders to save development time while ensuring consistent design and performance.
NVIDIA is also advancing AI capabilities with the launch of the Spectrum-X Ethernet fabric, which enhances network performance for AI workloads. The NVIDIA NIM platform enables developers to create generative AI applications easily, with integration from nearly 200 technology partners. Huang showcased NVIDIA’s AI initiatives in robotics, with companies like Foxconn utilizing NVIDIA Omniverse, Isaac and Metropolis to create digital twins and enhance robotic facilities. The NVIDIA Isaac platform supports the development of AI robots, underscoring the significance of robotics and AI in future advancements. In conjunction with these advancements, NVIDIA is promoting its GeForce RTX laptops and PCs as the perfect tools for students and professionals alike. These laptops and PCs are designed to enhance learning, gaming, and creative activities with advanced AI-enabled tools and applications.
These devices offer students access to the NVIDIA Studio platform, which includes a suite of creative tools and Max-Q
Technologies for optimized battery life and acoustics. This ensures that students have powerful, portable and quiet laptops that are perfect for both academic and recreational use. Those who will avail of participating devices can get vouchers, gaming chairs, printers, backpack and other freebies, and this offer is ongoing until July 30, 2024, available at Silicon Valley and PC Express branches nationwide.
The GeForce RTX laptops and PCs are equipped to accelerate studies by enhancing top applications used in fields like engineering, architecture, and computer science, making tasks like 3D design, AI training, and machine learning more efficient. These laptops, powered by NVIDIA Max-Q technologies, offer thin designs, extended battery life, and quiet operation. The GeForce RTX 40 Series laptops provide AI-powered tools for over 500 applications and games, delivering immersive gaming experiences with features like ray tracing and AI-powered DLSS 3, and the lowest system latency with NVIDIA Reflex technology.
Lenovo also recently unveiled its next-generation Legion and Lenovo LOQ devices here in the Philippines, aimed at providing an immersive gaming experience powered by AI innovation and advanced thermal design. These new devices are equipped to handle the demands of AAA games while preventing overheating, thanks to the Lenovo LA AI Core Chips that offer user-customizable AI-assisted performance boosts.
The new lineup includes the Lenovo Legion 7i and Legion 5i, featuring the innovative Legion Coldfront Hyper thermal solution developed in partnership with Intel. This system optimizes airflow and heat management within the chassis, significantly reducing temperatures and enhancing gaming performance. Additionally, the entry-level Lenovo LOQ series has been upgraded with Lenovo’s hyperchamber thermal technology, which maintains cooler skin temperatures and reduces fan noise, providing an enhanced gaming experience for newcomers.
ASUS Philippines latest ASUS Vivobook S 15 (S5507) is the first Copilot+ PC in the country, powered by the Snapdragon X Elite processor. Available for pre-order from July 2 to July 10, 2024, this sleek AI-powered laptop is designed for multi-faceted lifestyle consumers. It offers up to 18 hours of battery life, a 3K 120 Hz ultra-large OLED display, and an immersive audio system, all encased in a premium all-metal body that is only 1.47 cm thin and weighs 1.42 kg. The Vivobook S 15 features a single-zone RGB keyboard with a dedicated Copilot key for instant AI assistance, enhancing both work and play.
The Vivobook S 15 (S5507) is supported by ASUS’s 4A Quality & Service, which includes a two-year international warranty, a free Office Home & Student 2021 lifetime license, and a one-year Microsoft 365 Basic subscription. With integrated AI applications like Recall, Cocreator, and Live
Captions, the Copilot+ feature in Windows offers personalized assistance, optimized computing, and accelerated productivity and creativity. Additional ASUS-exclusive AI features include Noise Cancellation, Adaptive Dimming, and StoryCube for media organization.
Customers who pre-order the Vivobook S 15 (S5507) from July 2 to July 10, 2024, will receive a free Delsey Lagos Luggage worth P10,990. Additionally, they will be eligible for the Cool for School bundles worth P15,990 by completing the registration process. After the pre-order period, from July 11 to August 15, 2024, customers purchasing the Vivobook S 15 will still be eligible for the Cool for School bundles. Terms and conditions apply.
At a recent business gathering, Dell Technologies announced its new portfolio of commercial AI laptops and mobile workstations, aimed at boosting organizational productivity. Ronnie Latinazo, general manager of Dell Technologies Philippines, emphasized the increasing importance of PCs for AI-driven tasks, urging decisionmakers to invest in the right AI PC portfolio. Rakesh Mandal, senior director and general manager of Client Solutions Group, South Asia & Emerging Markets, noted that AI PCs will be central to running complex AI workloads and everyday AIpowered applications, helping companies remain competitive and efficient.
The new lineup includes Latitude laptops and Precision mobile workstations, powered by Intel Core Ultra processors with Intel vPro. Dell’s product highlights include the Latitude 7350 Detachable with its versatile design and high-quality camera, and the Precision 5490, which features a combined AI engine for complex workloads. The new intelligent headsets offer AI-driven noise-canceling technology for superior conferencing experiences.
Lastly, AMD unveiled a groundbreaking series of nextgeneration processors aimed at advancing AI experiences. The new AMD Ryzen AI 300 Series processors feature the world’s most powerful Neural Processing Unit (NPU), offering 50 TOPS of AI processing power. These processors, built on the AMD XDNA 2 architecture and powered by the “Zen 5” architecture, come with up to 12 high-performance CPU cores and 24 threads. They are designed to meet and surpass Copilot+ AI PC requirements, delivering three times the AI engine performance of previous generations and enabling superior gaming, productivity and AI-infused computing directly on laptops.
Additionally, AMD introduced the Ryzen 9000 Series processors for desktop PCs, which represent a significant
Gear up for new school year with OPPO Enco Buds2 Pro
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A9 Editor: Gerard S. Ramos • Saturday, June 29, 2024
FROM left: Archie Buenaventura, brand representative, Silicon Valley; Jesse Tan, vice president for marketing and sales, PC Express; John Gillooly, senior technical marketing manager, NVIDIA; Jerome Matti, consumer sales lead, NVIDIA Philippines; and Phaister, host.
Olympic Games: French connection
Tolentino lauds
AFP scholarships for gold medalists in ROTC Games
SENATE Majority Leader Francis
“Tol” Tolentino on Friday welcomed the announcement of the Armed Forces of the Philippines (AFP) that it will award scholarships to cadet-athletes who will win gold medals in the ongoing Philippine Reserve Officers’ Training Corps (ROTC) Games.
“The scholarships from the AFP will surely encourage cadet-athletes competing in the ROTC Games to excel not just in their chosen sport, but also in their studies,” Tolentino said.
“This additional incentive could also convince outstanding cadetathletes to consider a military career and serve our country as officers of our armed forces,” added Tolentino, a principal author of the ROTC Bill (Senate Bill No. 2034).
Tolentino said the announcement was made by AFP Deputy Chief of Staff Major General Joel Alejandro Nacnac at the opening of the Mindanao leg of the ROTC Games, which kicked off last Sunday in Zamboanga City.
“Not all students will stand out in academics. Some are more gifted in sports, while others have special talents, such as military skills and intelligence,” Tolentino said. “All of them deserve an opportunity to develop their full potential, and become productive and responsible members of society.”
“This is what the ROTC Games are for. And the scholarships announced by the AFP will help us fulfill that goal,” added Tolentino, who is also the honorary chair of the ROTC Games.
The Luzon leg of the ROTC Games will be held in Indang, Cavite, from July 28 to August 3, while the national championships are slated from August 18-24, also in Indang.
PARIS—Ever wondered why French is spoken during medal announcements at the Olympic Games? The truth is that while the ancient Olympics originated in Greece, its modern incarnation is very much a French affair. The Games were revived in the 1890s by a French nobleman, Baron Pierre de Coubertin, who now holds a questionable legacy.
As Paris prepares to host the 2024 Olympics, 100 years since it last held them, here’s why so much about the modern Olympics is fundamentally French.
Connected to French nobleman’s efforts BORN in Paris in 1863, Baron Pierre de Coubertin dedicated his life to rejuvenating the ancient Greek tradition.
Coubertin’s heart, fittingly and rather gruesomely, rests in the Coubertin Grove in Olympia, Greece. He envisioned the Olympics as a pacifist exercise that could foster international cooperation and peace, especially after France’s defeat in the Franco-Prussian War.
The modern Olympics were officially relaunched from Paris at the Sorbonne University in 1894—marked by a ceremony 130 years later there on June 23—and for many years, French was the sole language of the Games.
English was added only decades later, though French remains a language of the Olympics, preserving the legacy of its founding.
While the first modern Olympics were held in Greece in 1896 to honor their ancient roots, the second Olympiad in 1900 was hosted in Paris.
“At the start of the 20th century, France was the world center of art and sports,” says Patrick Clastres, a sport historian at the University of Lausanne.
Connection between arts and Olympics
BARON Pierre de Coubertin also believed in the combination of “muscles and mind,” seeing the blending of
sports and art as a cornerstone of the Olympic ethos. It was inspired by the ancient Greeks, who celebrated both physical and artistic excellence.
Coubertin introduced arts to the Olympics in 1912 with the “Pentathlon of the Muses”—athletics-inspired competitions in literature, painting, music, sculpture and architecture.
For Paris 2024, Coubertin’s legacy is being evoked in arts competitions like the “Pentathlon of the Arts” at the Versailles Palace, and similar initiatives at the French National Sports Museum in Nice.
Some 1,000 French towns and cities are taking part in the Cultural Olympiad, which promotes cultural events with an Olympics theme.
“The Ancient Greeks saw sports and the arts linked under the umbrella of the humanities. It’s important for Paris in particular as a culture capital to celebrate this,” says Dominique Hervieu, head of the Paris 2024 Culture Olympiad.
Coubertin’s intentions are questioned by some experts, however, as less than noble. He introduced arts to the Olympics “aiming to counteract what he thought was the vulgarization of the Games by American commercialization,” Clastres says. “Baron Pierre de Coubertin,” he says, “was a bit of a snob.’’
French legacy includes questionable figure PERHAPS one reason why the French connection to the Olympics isn’t more widely recognized is that its founder is a persona non grata for many.
Coubertin’s vision for the Olympics was inherently exclusionary, says Nicolas Bancel, a contemporary historian at the University of Lausanne—for example, he opposed the participation of women.
“He thought female Olympians would bring shame on the Games,’’ Bancel says.
Yet the worst charge against Coubertin was a personal letter he sent to Adolf Hitler praising the Nazi dictator and the Third Reich.
Editor: Jun Lomibao
Clastres notes that in the missive, Coubertin complimented Hitler on the 1936 Berlin Olympics.
The Coubertin family association says Hitler and Coubertin didn’t maintain regular correspondence.
“Exchanges took place through third parties or were limited to a few polite letters,” a spokesperson for the association wrote in a statement to The Associated Press.
This week, an homage was held at the Sorbonne university in Paris to commemorate the speech Coubertin gave in 1894 to initiate the first modern Olympics Games.
International Olympic Committee President Thomas Bach took part, along with dignitaries including Coubertin’s fourth-generation niece, Alexandra de Navacelle de Coubertin, and Monaco’s Princess Charlene.
“What is sometimes missing in discussions about Coubertin is to put him into the context of his time. Every person is entitled to be judged only according to their time,” Bach asserted. “France can be really proud of Coubertin and of his legacy.”
Olympics pioneering tool of French soft power?
FRANCE has long understood the potential of the Olympics as a tool of soft power, arguably making it one of the first modern examples of this concept.
Soft power refers to the ability of a country to influence others through cultural or ideological means rather than military force.
Clastres points out that the 1924 Paris Games were the first modern Olympics to use media and propaganda to project national prestige.
The French government used newspapers, radio and even military resources to broadcast the Games, establishing a press center in the stadium for the first time.
In a pioneering move, France created a Sports Bureau within the French Foreign Ministry in 1920.
“It was a French tool for sports propaganda for further French interests,” says Clastres. AP
Coach Tim: Blame me on setback to Turkiye
Challenger
GBy Josef Ramos
ILAS Pilipinas lost a tune-up game against Turkiye, 73-84, on Friday and head coach Tim Cone blamed no one but himself.
“That’s on me,” Cone told BusinessMirror via chat message. “I need to be better, we need to be better.”
The game against Turkiye Turkish Airlines Arena in Istanbul was one of three friendlies Cone and his staff scheduled as part of the team’s preparations for the Olympic Qualifying Tournament in Riga, Latvia, next week.
The nationals won the first to the Taiwan Mustangs, 74-64, last Monday at the PhilSports Arena and they have one more against Poland in Katowice on Saturday night.
“It was a game we felt we should have won,” Cone added. “Almost winning is not good enough for us on this trip.”
World No. 37 Philippines takes on No. 8 host Latvia on July 3 at the start of the OQT followed by No. 23 Georgia on July 4 in Group A.
If Gilas finishes first or second in its group, it advances to the crossover semifinals against either Brazil, Cameroon or Montenegro from Group B.
“We need to get over the hump and win these winnable games. That’s on me. I need to be better, we need to be better.”
The Philippines has never played in the Olympics since 1972 in Montreal.
Gilas was down by only five,
captain Jia Morado-De Guzman and Angel Canino were named the Best Setter and Best Opposite Spiker, respectively. Pro star Jema Galanza and collegiate aces Bella Belen and Alyssa Solomon were added to the team of Brazilian coach Jorge Edson Souza de Brito which also has Fifi Sharma, Thea Gagate, Sisi Rondina, eya Laure, Faith Nisperos, Vanie Gandler, Dawn Macandili-Catindig, Julia Coronel, Jen Nierva, Dell Palomata, Cherry Nunag and Arah Panique.
FLORENCE, Italy—Tadej Pogacar was infected with Covid-19 during his Tour de France preparations, the two-time champion revealed Thursday—two days before the race starts in Italy.
The Slovenian is aiming for the rare Tour and Giro d’Italia double after dominating the Italian race last month.
Pogacar, who won the Tour in 2020 and 2021, said that the virus only prevented him from training for one day.
“It’s not as serious anymore.
Especially if your body already had the virus before and I had it once or twice,” Pogačar said, adding that he caught the virus about 10 days ago.
“It wasn’t too bad, just like a cold. It passed really fast.
“I stopped for one day and then [did] some rollers inside,” he added.
“Then when I wasn’t sick anymore, I was riding outside.”
Pogacar has been dominant this season, winning four of the five races he’s entered and collecting 14 victories in 31 days of racing— including Strade Bianche and LiegeBastogne-Liege. The last rider to win the Giro and the Tour in the same year was Marco Pantani in 1998.
After back-to-back Tour titles, Pogacar then finished runner-up to Jonas Vingegaard the last two years. Vingegaard was hospitalized for nearly two weeks 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 and has not raced since.
“I’m just happy to be here at the start line of the Tour de France—I think that’s a victory in itself,” Vingegaard said. “I did a lot of work, a lot of good work, and I’m not in a bad shape. But it was such a bad crash that everything from here is a bonus.” AP
Arcilla, Olivarez stay on collision course
73-78, in the last five minutes but wilted against Turkiye’s offensive charge in the stretch.
The hosts went 14 of 41 in threepointers while Gilas hit only 5 of 17 from downtown.
Naturalized player Justin Brownlee led Gilas with 21 points but struggled with only one threepointer in seven tries—he also committed six errors.
Big man June Mar Fajardo had 17 points and 11 rebounds for Gilas, while seven-foot-3 Kai Sotto was burdened with fouls and managed seven points, three rebounds and four assists.
Carl Tamayo finished with seven points and five rebounds and Dwight Ramos tallied four points, eight rebounds and seven assists.
JOHNNY ARCILLA and Eric Jed Olivarez set up semifinal clashes against their respective doubles partners for a potential title clash in the Governor Imelda Dimaporo National Open Tennis Championships in Lanao del Norte Thursday. The second-ranked Arcilla continued to dominate opponents half his age and with his vast experience and court savvy defeated Eric Tangub, 6-1, 7-5. He will face No. 7 Nilo Ledama in the semifinals
• Editor: Angel R. Calso
A $100 billion bet on China’s economy sours as warehouses and industrial buildings empty
By Shawna Kwan & Low De Wei
IN many parts of China, the warehouses and industrial parks that used to be a magnet for international investors are grappling with a surprising slowdown in business activity.
Logistics hubs that were built in anticipation of a long lasting boom in e-commerce, manufacturing and food storage are losing tenants, forcing building owners to slash rents and shorten lease terms. Shares of real estate investment trusts that own China commercial properties have plummeted, and some of their managers expect their rental income to fall further.
Average vacancy rates at logistics properties in east and north China are approaching 20 percent, the highest in years, according to real estate consultancies. More warehouses are being built, which is making the problem worse. “We are looking at a supply glut in logistics and industrial properties in China,” said Xavier Lee, an equity analyst at Morningstar who covers the real—estate sector.
The deterioration has been disappointing for property owners that were counting on an economic rebound in China this year. Global institutions have collectively invested more than $100 billion in warehouses, industrial buildings, office towers and other Chinese commercial real estate over the past decade, according to data from MSCI Real Capital Analytics. The foreign investors include Blackstone Inc., Prudential Financial Inc.’s PGIM, Singapore’s GIC Pte. and CapitaLand Group, and many others.
A few institutions are contemplating divestments of their worst performing assets before rents fall further. Others intend to wait out the downturn and expect to make money in the long run.
“The best locations are still resilient,” said Hank Hsu, CEO and co-founder of Forest Logistics Properties, which owns warehouses and distribution centers at major transportation hubs in Beijing, Shanghai, Wuhan and other Chinese cities.
Six-year-old Forest Logistics has about $2.5 billion in assets under management from investors that include private equity firms, insurance companies and pension funds. It counts Chinese e-commerce giant JD.com Inc., courier SF Express, and multinational consumer products makers among its customers. Hsu said the recent market weakness hasn’t deterred his firm’s expansion plans, and it is planning to build another logistics facility in the southern Greater Bay area in the coming months. “We will keep deploying capital in China in the next one to two years because we consider it a golden opportunity,” he added.
Spending cutbacks
CHINA’s commercial real estate sector was a bright spot through much of the country’s housing downturn that began in 2021. It is now feeling the effects of spending cutbacks by consumers and businesses.
The softening in the logistics
and industrial sectors is happening alongside an office property slump that is playing out in major cities including Beijing and Shanghai. Both slumps also partly the result of overbuilding that was powered by the large sums of money that poured into commercial real estate when interest rates, borrowing and construction costs were low.
Warehouses that were built to house e-commerce fulfillment centers, giant refrigerators for chilled or frozen produce, and spaces for businesses to hold their components and manufactured goods aren’t being utilized as much as their owners hoped. China’s domestic e-commerce growth has been sluggish, as shoppers have become thriftier. The country’s online penetration rate for retail sales is already relatively high at 30 percent.
Heightened geopolitical tensions are prompting companies to shift some of their manufacturing offshore, to cater to end-customers that want to reduce their reliance on China. That and a slowdown in cross-border trade have also reduced businesses’ need for storage facilities in mainland China.
High vacancies
THE warehouse vacancy rate in east China—where many logistics properties are clustered—climbed to 19.2 percent in the first quarter, according to data from Cushman & Wakefield. The overall vacancy rate nationwide was 16.5 percent, thanks in part to the better performing southern region.
The situation in China contrasts with the US and other logistics markets in Asia. In the US, vacancies have increased at industrial properties and warehouses in some parts of the country, but they are at mid-single-digit percentage rates that are below historical averages, and rents are still rising. In Asia, logistics assets in South Korea, Japan and Australia are enjoying high occupancies and rent growth.
Of the 20 major Chinese cities that Cushman tracks, 13 saw logistics rents drop in the first quarter from the preceding three months, led by Beijing and Shenzhen, with falls of 4.2 percent and 3.9 percent respectively. An additional 33 million square meters—equivalent to around 4,600 soccer pitches—of new supply is scheduled for completion by end 2026 in the country, the consultancy said.
CapitaLand China Trust, which owns malls, business parks and other properties, acquired four logistics parks in Shanghai, Wuhan and other cities in late 2021 for a total of 1.68 billion yuan ($231 million). The logistics portfolio’s overall occupancy rate dropped to 82 percent at the end of 2023 from 96.4 percent a year earlier.
The Singapore-listed REIT’s shares have lost 27 percent in the year to date, versus a 2.7 percent gain for the benchmark Straits Times Index. “We are actively engaging prospects for our logistics parks to further improve occupancy,” said a spokesperson for CapitaLand China Trust.
Packing up
INDUSTRIAL parks in China that were designed as science and technology clusters with office buildings and manufacturing facilities are also losing multinational and local companies. The overall vacancy rate at business parks in Beijing was 20.5 percent in the first quarter, according to Colliers data.
In Guangzhou, the country’s southern manufacturing base, some multinational companies are shutting plants and changing their business strategies after a disappointing post-pandemic recovery.
Lonza Group AG, a Swiss healthcare manufacturing company, said earlier this year that it will close a drug manufacturing facility following a strategic review.
The 17,000 square meter factory started production just three years ago in the China-Singapore Guangzhou Knowledge City, a high-tech business park jointly backed by the city’s local government and CapitaLand, owned by Temasek Holdings Pte. Lonza still operates manufacturing facilities in Suzhou and Nansha, and is retaining a commercial sales organization in China.
A Chinese real estate investment trust that owns industrial properties recently saw the occupancy of one of its buildings in a Shanghai technology park drop by nearly half when a tenant— an subsidiary of smartphone giant Oppo—relinquished 19,314 square meters (207,890 square feet) of space before the end of its lease. The mobile phone manufacturer decided to shut down its chip development arm Zeku last year.
Global institutions have collectively invested more than $100 billion in warehouses, industrial buildings, office towers and other Chinese commercial real estate over the past decade, according to data from MSCI Real Capital Analytics.
Rental pressure COMPANIES now have the upper hand when negotiating lease renewals for warehouses and other properties.
“Competition for tenants is pretty intense at the moment,” said Luke Li, managing director at ESR Group Ltd., during an online conference about the logistics sector in mid-June. The Hong Kong-based real estate asset manager owns e-commerce distribution centers, cold chain storage facilities and manufacturing industrial parks in China and other countries. To keep
warehouses occupied, landlords have been offering flexible rent terms, better amenities and other sweeteners to tenants, Li added.
ESR saw its revenue from the Greater China region drop by 20 percent in 2023 from the year before, according to its most recent financial report. The company cited weakened consumer sentiment and leasing demand as reasons for the decline.
Mapletree Logistics Trust, another Singapore-listed REIT, has also been having a difficult time in China. Rents across its 43
properties in the country fell 10 percent in the first three months of 2024, and some tenants have fallen behind on their rent payments. The trust has maintained the occupancy of its China logistics assets at around 93 percent. Ng Kiat, the Mapletree REIT’s CEO, said on an April earnings call that the China environment will remain volatile and uncertain for the next 12 months. The trust is focusing on tenant retention and looking to sell some of its poorest performing China assets, she added. “We are trying to get greater clarity on whether we are seeing the bottom. But I don’t think we are seeing it now. We’ll have to wait for a while,” Ng said. Mapletree declined to comment.
“Everybody is cutting costs,” said Humbert Pang, Head of China at Gaw Capital Partners, an alternative-investment firm that owns real estate assets. Speaking at the same conference as Li, Pang said rents at logistics properties are not going up even though the buildings are occupied. “I think most of the logistics space owners are having a tough time negotiating with the existing or new tenants,” he added.
Bloomberg News
AVERAGE vacancy rates at logistics properties in east and north China are approaching 20 percent, the highest in years, according to real estate consultancies. BLOOMBERG
A halting Biden tries to confront Trump at debate but sparks Democratic anxiety about his candidacy
By Zeke Miller, Michelle L. Price, Will Weissert, Bill Barrow & Darlene Superville The Associated Press
ATLANTA—A raspy and sometimes halting President Joe Biden tried repeatedly to confront Donald Trump in their first debate ahead of the November election, as his Republican rival countered Biden’s criticism by leaning into falsehoods about the economy, illegal immigration and his role in the January 6, 2021, Capitol insurrection.
Biden’s uneven performance, particularly early in the debate, crystallized the concerns of many Americans that, at 81, he is too old to serve as president. It sparked a fresh round of calls for the Democrat to consider stepping aside as the party’s nominee as members of his party fear a return of Trump to the White House.
Biden repeatedly tore into Trump in an apparent effort to provoke him, bringing up everything from the former president’s recent felony conviction to his alleged insult of World War I veterans to his weight. The 78-year-old Trump declined to clearly state he would accept the results of the November election, four years after he promoted conspiracy theories about his loss that culminated in the January 6 insurrection, and repeatedly misstated the record from his time in office.
But Biden’s delivery from the beginning of the debate drew the
most attention afterward. Trump’s allies immediately declared victory while prominent Democrats publicly questioned whether Biden could move forward.
“I think the panic had set in,” said David Axelrod, a longtime advisor to former President Barack Obama on CNN, immediately after the debate about Biden’s performance. “And I think you’re going to hear discussions that, I don’t know will lead to anything, but there are going to be discussions about whether he should continue.”
Said Van Jones, another Democratic strategist, on CNN: “He did not do well at all.”
Rosemarie DeAngelis, a Democrat who watched the debate at a party in South Portland, Maine, said she felt Biden gave the right answers to Trump but “didn’t have the spark that we needed tonight.”
“That’s going to be the challenge going forward. This is only June, this is the first, but can he
sustain?” she said. “That is going to be the challenge.”
Vice President Kamala Harris, speaking on CNN afterward, sought to defend the president’s performance while acknowledging the criticism.
“There was a slow start, but there was a strong finish,” she said.
Asked about his performance in the debate, Biden told reporters early Friday that “I think we did well,” but said he has a “sore throat.”
Pressed about Democratic concerns with his showing that he should consider stepping aside, Biden said, “No, it’s hard to debate a liar.”
Biden repeatedly lost his train of thought BIDEN began the night with a hoarse voice as he tried to defend his economic record and criticize Trump. A person familiar with the matter said Biden was suffering from a cold during the debate, adding that he tested negative for Covid-19.
Biden appeared to lose his train of thought while giving one answer, drifting from an answer on tax policy to health policy, at one point using the word “Covid,” and then saying, “excuse me, with, dealing with,” and he trailed off again.
“Look, we finally beat Medicare,” Biden said, as his time ran out on his answer.
He also fumbled on abortion rights, one of the most important issues for Democrats in this year’s election. He was unable to explain Roe v. Wade, the landmark Supreme Court ruling that legalized abortion nationwide. A conservative Supreme Court with three justices nominated by Trump overturned Roe two years ago.
When asked if he supports some restrictions on abortion, Biden said he “supports Roe v. Wade, which had three trimesters. The first time is between a woman and a doctor. Second time is between a doctor and an extreme situation. A third time is between the doctor, I mean, between the women and the state.”
He added that he thought doctors, not politicians, should make decisions about “women’s health.”
Biden began to give clearer answers as the debate progressed, still with a rasp, and attacked Trump’s record on issues like fighting climate change.
“The only existential threat to humanity is climate change, and he didn’t do a damn thing about it,” he said.
Trump sought to deflect blame for January 6
THE current president and his predecessor hadn’t 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 that culminated in the Capitol riot by his supporters.
Trump equivocated on whether he would accept the results of the November election, saying he would accept them if the vote was “fair” and “legal,” repeating his baseless claims of widespread fraud and misconduct in his 2020 loss to Biden that he still denies.
Pressed on his actions on January 6, 2021, Trump was unapologetic.
“On January 6, we were respected all over the world, all over the world we were respected. And then he comes in and we’re now laughed at,” Trump said.
After he was prompted by a moderator to answer whether he violated his oath of office that day by rallying his supporters seeking to block the certification of Biden’s Electoral College victory and not acting for hours to call them off as they raided the Capitol, Trump sought to blame then-House Speaker Nancy Pelosi.
Biden said Trump encouraged the supporters to go to the Capitol and sat in the White House without taking action as they fought with police officers.
“He didn’t do a damn thing and these people should be in jail,” Biden said. “They should be the ones that are being held accountable. And he wants to let them all out. And now he says that if he loses again, such a whiner that he is, that this could be a ‘bloodbath’?”
Trump then defended the people
convicted and imprisoned for their role in the insurrection, saying to Biden, “What they’ve done to some people that are so innocent, you ought to be ashamed of yourself.”
Trump and Biden entered the night facing stiff headwinds, including a public weary of the tumult of partisan politics and broadly dissatisfied with both, according to polling. But the debate was highlighting how they have sharply different visions on virtually every core issue—abortion, the economy and foreign policy—and deep hostility toward each other.
Their personal animus quickly came to the surface. Biden got personal in evoking his son, Beau, who served in Iraq before dying of brain cancer. The president criticized Trump for reportedly calling Americans killed in battle “suckers and losers.” Biden told Trump, “My son was not a loser, was not a sucker. You’re the sucker. You’re the loser.”
Trump said he never said that—a line attributed to Trump by his former chief of staff—and slammed Biden for the chaotic withdrawal of U.S. forces from Afghanistan, calling it “the most embarrassing day in the history of our country’s life.”
Trump himself agreed to the withdrawal with the Taliban a year before he left office.
Biden directly mentioned Trump’s conviction in the New York hush money trial, saying, “You have the morals of an alley cat,” and referencing the allegations in the case that Trump had sex with a porn actress.
“I did not have sex with a porn star,” replied Trump, who chose not to testify at his trial.
Pressed to defend rising inflation since he took office, Biden pinned it on the situation he inherited from Trump amid the Covid-19 pandemic.
Biden said that when Trump left office, “things were in chaos.” Trump disagreed, declaring that during his term in the White House, “Everything was rocking good.”
By the time Trump left office, America was still grappling with the pandemic and during his final hours in office, the death toll eclipsed 400,000. The virus
continued to ravage the country and the death toll hit 1 million over a year later.
Trump was asked what he would do to make childcare more affordable. He used his answer to instead boast about how many people he fired during his term, including former FBI Director James Comey, and criticized Biden for not firing people from his administration.
The age question roars back PRIOR to the debate, about 6 in 10 US adults (59 percent) said they were “very concerned” that Biden is too old to be president, according to Gallup data collected in June. Only 18 percent had the same level of concern about Trump. The poll found Biden’s age was also causing alarm among some Democrats: 31 percent said they were very concerned.
Trump allies entered the post-debate spin room triumphant. Trump senior adviser Chris LaCivita called it “the most lopsided win in debate history” and mocked the Biden campaign for saying the president had a cold.
California Gov. Gavin Newsom, a high-profile Democratic supporter of Biden, was pressed on whether he would consider stepping in for Biden. He dismissed the questions, saying, “I will never turn my back on him.” He said he knows Biden and what he’s capable of and said, “I have no trepidation.”
Biden spent nearly a week at the Camp David presidential retreat preparing for the debate. Shortly before the debate, Biden started selling cans of water labeled, “Dark Brandon’s Secret Sauce,” on his campaign website, mocking the suggestions from Trump and his advisors that he would use drugs to enhance his performance.
Addressing supporters briefly at a watch party near the debate venue, Biden didn’t address his performance directly, but said, “let’s keep going,” and indicated he has no plans to leave the race. “See you at the next one,” he said. Miller, Price and Weissert reported from Washington.
June 29, 2024 A13
Analysis: No matter who wins Iran’s presidential election, much may hinge on the ‘Great Satan’ US
By Jon Gambrell The Associated Press
DUBAI, United Arab Emirates—In the waning moments of Iran’s final televised presidential debate, one of the top candidates to replace the late hardline President Ebrahim Raisi invoked the name of the one person who perhaps has done more than anyone to change the trajectory of the Islamic Republic’s relationship with the wider world in recent years.
The next president could be “forced to either sell Iran to Trump or spark a dangerous tension in the country” if economic problems aren’t solved, warned Mohammad Bagher Qalibaf, Iran’s parliament speaker and a candidate in Friday’s election.
President Donald Trump’s decision in 2018 to unilaterally withdraw America from the Iran nuclear deal saw crushing sanctions reimposed and largely cut Tehran out of the world’s economy. That worsened the political climate within Iran, already beset by mass protests over economic problems and women’s rights. An escalating series of attacks on land and at sea followed, while Tehran also began enriching uranium at near weaponsgrade levels.
Hamas’ October 7 attack on Israel and Israel’s subsequent war on the militants in the Gaza Strip only added jet fuel to a fire now threatening to burn nearly every corner of the wider Middle East. Iran’s support of an array of militias, including Hamas, Lebanon’s Hezbollah and Yemen’s Houthi rebels, and its unprecedented direct attack on Israel during the war, has made it a direct belligerent in the conflict. What happens in both the war and with Iran’s future may hinge directly on the US, denounced by the Grand Ayatollah Ruhollah Khomeini as the “Great Satan” in the 1979 Islamic Revolution and still cursed at major events like a speech this week by the 85-year-old Supreme Leader Ayatollah Ali Khamenei.
Despite the vitriol, the US has come up again and again in the campaign. Khamenei warned this week against supporting candidates who “think that all ways to progress pass through America,” a thinly veiled criticism of the only reformist running in the race, Masoud Pezeshkian, who has fully embraced a return to the 2015 nuclear deal.
Among the six presidential contenders, Trump has repeatedly emerged as a theme. One of them, hardliner Amir Hossein Qazizadeh Hashemi, a current vice president, contended that if Trump wins the US presidential election “we can negotiate with Trump and impose our demands on him.”
That wasn’t an opinion shared by Shiite cleric Mostafa Pourmohammadi, who warned Iran should take part in talks now with the US before a second possible Trump presidency. However, his campaign also printed a sideby-side poster showing the cleric and Trump in profile, declaring: “I am the one who can stand against Trump ! Hardline candidate Saeed Jalili also mocked his competitors as being “scared” of Trump, vowing to fight him.
For his part, Trump has brought up Iran while campaigning in recent days. Speaking to the “All In” podcast, Trump repeated that he had wanted to “make a fair deal with Iran”—while also trying to claim Iran’s theocratic government that long has called for Israel’s destruction would somehow have made a diplomatic recognition deal with Israel like the United Arab Emirates and Bahrain did during his presidency.
“A child could have made a deal with them—and Biden did nothing,” Trump asserted.
Interestingly, President Joe Biden’s name hasn’t been mentioned during the Iranian election debates. Before Raisi’s death in a May helicopter crash, the US under Biden had several rounds of indirect talks with Iranian officials. While broadly criticizing Iran, particularly in the wake of the 2022 death of Mahsa Amini and the women’s rights protests that followed, the Biden administration has opened the door to Iran accessing some frozen assets abroad. That includes a deal that saw a prisoner swap between the countries in September, less than a month before the Israel-Hamas war began.
Then there’s Iran’s oil sales. While technically sanctioned, Iran recently reported selling 2.5 million barrels a day—with the lion’s share likely going to China, possibly at a discount. Former Iranian Foreign Minister Mohammad Javad Zarif, who struck the nuclear deal under the relatively moderate President Hassan Rouhani and now supports the reformist candidate Pezeshkian, directly attributed those sales to the Biden administration’s policies.
“That the crude sales have gone up was not a work by our friends, but when Biden came power they had a policy to loosen the bolt of sanctions,” said Zarif, obliquely referring to hard-liners. “Let Trump come and find out what our friends will do.”
While wider talks in Vienna with world powers to restart the nuclear deal collapsed, Biden may be trying to replicate a strategy from when he was vice president under Barack Obama—quietly working indirectly with the Iranians toward a deal that later can be brought to the table.
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