INANCIAL transactions made via InstaPay and PesoNet posted double-digit increases in the period ending September 2024, according to the data released by the Bangko Sentral ng Pilipinas (BSP).
The BSP data showed InstaPay transactions reached 123.38 million and are estimated to cost P623 billion while PesoNet transactions reached 8.42 million and worth P850.5 billion as of September 2024.
Compared to September 2023, InstaPay transactions grew 45.12 percent in terms of value and Pe -
soNet transactions rose 25.9 percent in September 2024. In terms of volume of transactions, InstaPay transactions soared 66.68 percent in September 2024 compared to the same period last year while PesoNet volume transactions grew 9.78 percent.
InstaPay, launched in April 2018, is a real-time low-value EFT credit push payment scheme for transaction amounts up to P50,000. It is designed to facilitate small value payments.
These payments are useful for the purchase of retail goods, paying toll fees and tickets, as well as for e-commerce, which shall enable, among others, Micro, Small and Medium Enterprises (MSMEs).
PesoNet is a batch electronic fund transfer (EFT) credit payment scheme, which can be considered an electronic alternative to the paper-based check system. Under the rules of said Automated Clearing Houses
(ACHs), the fund transfer and/ or payment instructions will be processed in bulk and cleared at batch intervals.
Each payee will then receive the full value in their account within the same banking day, provided the payment instruction was sent within the cut-off time.
BancNet is the designated clearing switch operator for InstaPay for a two-year transitory period beginning from the time of its launch.
The Philippine Clearing House Corporation (PCHC) is the designated clearing switch operator for PESONet for a two-year transitory period beginning from the time of PESONet’s launch.
WB BIZ-READY REPORT
By Andrea E. San Juan @andreasanjuan
THE
Philippines is aiming to belong to the top 20 percent of 50 countries being evaluated by the World Bank’s Business-Ready Report which measures how well the regulatory framework and public services support businesses and how efficiently they work together in a country, according to the Anti-Red Tape Authority (ARTA).
“Well, we should always aim for the top, hindi lang dapat tayo [we should not be just in the] top 40 [percent]. It should be top 20 percent,” ARTA Secretary Ernesto Perez told reporters on the sidelines of the 2024 Ease of Doing Business Convention on Monday in Parañaque City. This is possible, he added, if all the programs and initiatives being done under the directive of the President, if all those initiatives to govern for success and services, “will be streamlined and digitalized under a one-stop shop.”
Perez added: “So 2026, that’s our aim. We’re pretty confident, because all of those reforms, initiatives are already laid down. They only need to be fully implemented with the support of the private sector and all agencies involved.”
In a memorandum by the Office of the President on October 4, 2024, ARTA was designated as the “government focal point” for the World Bank Group’s Business Ready Report.
“Pursuant to the ARTA’s mandates under Republic Act No. 11032 or the ‘Ease of Doing
NEW digital technology is now helping achieve the government’s “zero-hunger” target, by linking over 100 food producers with potential markers, according to President Ferdinand Marcos.
In his speech during the presentation of the signed Joint Memorandum Circular (JMC) Enhanced Partnership Against Hunger and Poverty (EPAHP), the chief executive stressed the important role of the Digital Mapping System, which was
developed with the technical support of the United Nations Food and Agriculture Organization, in their campaign against involuntary hunger.
“At the core of this partnership lies our approach: we provide credit and insurance assistance and directly connect community-based organizations or CBOs to government feeding programs and to broader markets,” Marcos said. As of May 2024, the said
Marissa Fernan, Cebu Governor Gwen Garcia, Bishop Ruben Labajo, Hon. Jonas Cortes, Mandaue City Mayor
Bercede, SM Prime President Jeffrey Lim, and Super Shopping Market Chairman Herbert Sy.
See “Kristine,” A2
See “Digital,” A2
DTI lists storm-hit areas for P2-B recovery loan scheme
By Andrea E. San Juan @andreasanjuan
WITH 400 MSMEs already affected by Severe Tropical Storm Kristine, the Department of Trade and Industry (DTI) has unveiled the areas which are qualified to apply for the P2-billion recovery loan that was set aside for local businesses affected by the calamity.
“Around 400 MSMEs affected. That was reported to us yesterday. As the days go by, dumadami yan [that’s
Kristine…
increasing],” DTI Acting Secretary Cristina A. Roque said in a televised interview on Monday.
“We have the enterprise rehabilitation fund...P2 billion, which we are dispatching to all MSMEs affected by calamity. They can get it from SB Corp. which is the bank under DTI,” added Roque.
The Small Business Corporation (SBCorp.) is the financing arm of DTI.
The head of DTI said the agency needs to make sure that everybody who needs the fund can easily avail of it. With this, Roque unveiled the
out of Basco, with the remaining 140 tourists scheduled to take succeeding flights out of the destination. In a Viber message on Sunday, DOT Spokesperson Czarina Zara-Loyola told the BusinessMirror , “The stranded passengers were accommodated as chance passengers,” along with those actually booked on Sunday’s flights to Manila and Clark. There were still 98 remaining stranded tourists as of 3 pm on Sunday, she added, while those initially stranded in other regions had already returned to their ports of origin. Most local carriers reported being back to their regular flight schedules by Sunday. In addition, Frasco said the DOT, through its regional offices, has worked closely with accommodation establishments in destinations impacted by the tropical storm “to provide temporary
terms for the recovery loan.
The first year is still at zero interest while the second year already has an interest of 1 percent per month. “But once you start to pay the principal then of course it goes lower it can even go down to 7 percent per year,” she added.
“The third year is also 1 percent so it’s 1 percent all the way after the second year all the way to the third to fifth year, puwede,” Roque also noted.
The Acting DTI secretary noted that these loans are really for MSMEs to recover, especially from calami-
shelter, to ensure the safety and wellbeing of affected tourists.”
She said, “The DOT remains in close coordination with national agencies and local government units [LGUs], as well as local Disaster Risk Reduction and Management [DRRM] councils to ensure the safety and security of all tourists.”
On Friday, the DOT reported 529 tourists stranded in Region 2 (Batanes) 179 tourists; Region 4-A (Mauban, Quezon, and Lobo, Batangas), 16; Mimaropa (Oriental Mindoro and Marinduque), 33; Region 6 (Bora-
ties. However, the loan can be availed of only until December 31,2024.
“Once their requirements are complete and they’re legitimate and they’re also part of that province that was hit, then definitely they will be able to get a loan,” said Roque. Roque bared the list of the 7 provinces and 26 cities and municipalities that can avail of this loan.
Areas that may access the funding for businesses are: Province of Albay, Province of Batangas, Province of Camarines Norte, Province of Camarines Sur, Province of Cavite, Province of Catan -
cay), 12; Region 8 (Maasin), 25; and Region 13 (Surigao del Norte), 264.
The government agency also said 14 tourist sites, including those in Sorsogon, Masbate, Batangas, and the Dinagat Islands, sustained damage from the storm.
“The Department of Tourism is fully committed to ensuring the safety and well-being of our local and foreign tourists affected by Tropical Storm Kristine. We stand ready to extend all necessary support during this time,” Frasco said that day.
Travelers have been encouraged to “continually stay informed through official weather updates from PAGASA and the National DRRMC.” On Monday, PAGASA placed 12 provinces under Wind Signal No. 1 as “Leon” intensified into a “severe tropical storm.” As of 10 am, the center of Leon was estimated at 735 kilometers east of Casiguran, Aurora or 780 km east of Echague, Isabela. Leon was moving westward at 20 kilometers per hour, and packs maximum sustained winds of 95 kph near
Duterte…
Seated near Duterte was his nemesis, former senator Leila de Lima, appearing also as resource person.
The guest list for the hearing reflected the senators’ declared intention to finish the inquiry in aid of legislation as soon as possible while Congress is on recess, to avoid disrupting budget deliberations.
Besides Duterte and De Lima, who arrived a few minutes ahead of the former president who caused her detention for seven years on drug-related charges, also invited as resource persons were eight current PNP officials, six former PNP directorsgeneral and three former heads of the Philippine Drug Enforcement Agency.
Some resource persons who testified in the House of Representatives’ so-called “QuadComm” marathon hearings on the drug war and extrajudicial killings (EJKs) were also invited, notably former PCSO General Manager Royina Garma, a former police colonel closely linked to Duterte, but who told congressmen earlier that he had sanctioned a rewards system for policemen who kill or neutralize in various ways suspected drug dealers. Garma was absent, invoking her appeal for medical furlough.
Respect for witness rights
IN his opening statement, Sen. Francis Tolentino reminded his peers it is most important for the senators to ensure that the constitutional rights of all parties are observed at all times. It is the same commitment given by Senate President Escudero when he expressed confidence in Pimentel’s leading the special probe as BRC subcommittee head.
For her part, Sen. Risa Hontiveros, who in 2017 had actively started following the drug wars with the killing by Caloocan cops of student Kean de los Santos, expressed hope the Senate BRC probe would mark the “start of the road to justice.”
In her opening statement, Hontiveros wondered aloud why the
duanes, Province of Quezon, Laguna including the cities of Biñan, Sta. Cruz, Victoria, City of San Pedro, Los Baños, and Sta. Rosa.
More areas covered by the funding are Magpet, Cotabato, Calbayog City, Samar, Sorsogon (Bulan, Donsol, Juban), Masbate (San Fernando), Dagupan City, Pangasinan, 12 municipalities of Eastern Samar (Maydolong, Borongan City, San Julian, Sulat, Taft, Can-avid, Dolores, Oras, San Policarpio, Arteche, maslog and Jipapad), Quezon City, Ifugao (Brgy. Kiling and Brgy. San Juan in the Municipality of Alfonso Lista).
the center, with gustiness up to 115 kph.
Areas under Wind Signal No. 1 include Batanes, Cagayan (including Babuyan Islands, Isabela, Ilocos Norte, Abra, Apayao, Kalinga), the eastern portion of Mountain Province, the eastern portion of Ifugao, the eastern portion of Quirino, the northern portion of Aurora, and the northern portion of Catanduanes.
Frasco cited the readiness of the Tourist Assistance Call Center (TACC) to address the needs and concerns of tourists affected by the severe weather. The TACC remains operational 24/7, providing vital information, guidance, and support across multiple accessible platforms: Phone and SMS: +639958355155
Email: touristassistance@tourism.gov.ph
Facebook Messenger: Department of Tourism-Philippines
Web chat and click-to-call: https://philippines.travel and https://beta. tourism.gov.ph
Continued from A1
Business and Efficient Government Service Delivery Act of 2018,’ please be informed that the President has approved the designation of ARTA as the Government Focal Point for the World Bank Group’s Business Ready Report, subject to applicable laws, rules and regulations,” the memorandum from the Executive Secretary dated October 4, 2024 noted.
The World Bank’s B-READY Report is backed by three pillars: Regulatory Framework, Public Services and Operational Efficiency.
The Philippines ranks 16th in the Regulatory Framework; 24th in Public Services and 36th in Operational Efficiency.
For her part, Marbida Marbida, the Director for Better Regulations Office of ARTA, presented ARTA’s “B-READY Roadmap” or the efforts of the government to improve its ranking.
“To improve our country’s ranking, our initial focus will be on operational efficiency. To address our lower rating in this area, with particular emphasis on improving business entry processes,” Marbida said.
“Streamlining these processes is essential to making it easier for new businesses to get started,” she added.
In the area of Public service enhancement, she said the government will “continue refining key aspects like business entry, business location and insolvency procedures.”
While the country performed well in the regulatory framework pillar, the ARTA official said there is still room for improvement, especially in strengthening market competition and refining taxation frameworks.
“As we work across these three pillars, we will prioritize process streamlining as a foundation for broader digital transformation efforts,” said Marbida. This includes expanding online platforms to make public services more accessible and efficient for businesses.
“Tokhang”—the drug war label—was justified as killing the “nanlaban” or the suspects who fight back when apprehended, given the high numbers of suspicious incidents. She asked why 122 children, including a year-old infant, who were listed among those who died during the bloody campaign, could have “fought back.” She also wondered if 32 “suspects” in one night in Bulacan in 2017 all fought back; the same with 26 persons gunned down by police in a single night.
“There is no honor in punishment style called Tokhang,” Hontiveros stressed, adding that Filipinos can “never be proud” of such accomplishments.
Meanwhile, Sen. Robin Padilla asked why “we talked of the victims of drug wars,” but not of the many victims of drug addicts and pushers in all the years before Duterte took over.
Padilla, detained over three years on gun-related conviction, said he had witnessed up close how powerful drug rings “reigned” over the New Bilibid prisons, where they “cooked” shabu and had these distributed by their cohorts outside.
Sen. Bong Go, who like Senator dela Rosa, had been dragged into the House QuadComm hearings, expressed hope the Senate BRC probe would be free from politics and be finished quickly, to allow leaders to focus on the pressing problems of the people, given recent calamities.
Go stressed that in the years he served as Special Assistant to the President (SAP) under Duterte from 2016 to 2018, exercising near-oversight functions over the Office of the Appointments Secretary and Presidential Management Staff. Their functions were limited to the president’s schedule and commitments, and he was in charge of ensuring the President received timely briefing reports.
“My office had nothing to do with police operations...whether directly or indirectly...we had no participation in these operations,” Go pointed out.
Digital…
Continued from A1
partnerships have generated more than P200 million worth of sales and contracts between 122 CBOs and government feeding programs.
He said they will be accelerating the initiative to minimize if not eliminate involuntary hunger with the implementation of the JMC for EPHAP.
“With the signing of this Joint Memorandum Circular, we are bringing in a coalition of 34 partners—from national agencies to international organizations—each one committed to making zero hunger a reality in the Philippines,” Marcos said.
“We are also setting the guidelines for the adoption and implementation of the EPAHP Program by national and local governments as well as partners to harmonize programs, projects, and activities under this initiative,” he said.
The EPAHP programs will help improve farm productivity; link farmers, fisherfolk, other food producers to larger markets so they can earn more; and make nutritious food more accessible to children, mothers, and other vulnerable sectors of society.
The Secretary of the Department of Social Welfare and Development (DSWD) will lead the 14-member EPAHP Steering Committee to ensure the proper implementation of the said programs.
“To guarantee that we stay on track, transparency and accountability must remain paramount. Hence, the quarterly monitoring and evaluation of the program will be useful to ensure that resources are being used for activities that will achieve our intended goals for EPAHP,” Marcos said. The Marcos administration is targeting to achieve zero hunger by 2028. Samuel P. Medenilla
Duterte administration’s war on illegal drugs troop to the Senate on Monday when former President Rodrigo Duterte testified on his bloody campaign and accepted full legal responsibility for the carnage. NONIE REYES
Increase in number of Taguig councilors questioned at SC
RDOJ, Ombudsman urged to probe, file charges vs Duterte over EJKs
By Jovee Marie N. dela Cruz @joveemarie
HBy Joel R. San Juan @jrsanjuan1573
ETIRED Supreme Court Associate Jus -
tice Dante Tinga has asked the Court to declare as unconstitutional the ordinance passed by the Taguig City Council in September that increased the number of councilor seats of the city from eight to 12 per councilor district.
Tinga noted that the city ordinance would increase the councilor seats from 16 to a total of 24 for the city’s two districts.
In his petition, Tinga also sought the issuance of a temporary restraining order (TRO) to stop the implementation of the ordinance.
The former SC justice argued that increasing the number of city councilors requires a law and that such power exclusively belongs to Congress.
He stressed that there is no law delegating the power to increase the number of city councilor seats to the city council.
“In the absence of such law, the assailed ordinance is thus unconstitutional,” Tinga pointed out.
Tinga named the Commission on Elections (Comelec), the Senate and the House of Representatives as respondents in the petitioner.
He explained that Comelec was impleaded in the petition as a party-respondent for promulgating a resolution that seeks to implement the invalid city ordinance.
On the other hand, the Senate and the House were named as respondents for ratifying the city ordinance through a concurrent resolution.
Comelec defends move THE Comelec on Monday defended its adoption of the Taguig city ordinance, following a petition to block the move.
In a text message, Comelec Chairman George Garcia told reporters that the action of the poll body was lawful and also supported by a concurrent resolution from both the Senate and House of Representatives.
“Meaning, we did not act based on capriciousness, arbitrariness and in a despotic manner but in ensuring that the electorate of the 10 barangays are not disenfranchised,” he added.
“In several instances, the Supreme Court gave us leeway or elbow room just to ensure equal opportunity for all in the conduct of orderly and peaceful elections,” Garcia explained.
Tinga noted that the said concurrent resolution of both chambers does not have “the force and effect of law” since it did not undergo the prescribed three readings for a measure to become law under the Constitution.
Likewise, Tinga said it did not bear the required signature of the President which is mandated under the Constitution.
Lastly, the petitioner said that even if the concurrent resolution was approved by both chambers and passed through three readings and eventually approved by the President, it still “void and unconstitutional” as it purports to amend a provision of an earlier law in Ang Nars Party-List, et.al. v The Executive Secretary, et al.
Tinga said the legal issue could have been avoided had the registered voters of the 10 Embo barangays been fully franchised through an appropriate law making the said Embo barangays as the third legislative district of Taguig City.
Tinga pointed out that as early as June 26, 2024, he wrote Speaker Martin Romualdez to propose the creation of a new legislative district out of the 10 Embos, with a draft bill enclosed.
“There was enough time to enact the law when he made the proposal. Regrettably, nothing came out of the letter. The two Representatives of Taguig City had reportedly declined to sign the bill,” Tinga said.
It can be recalled that in 2023, the Supreme Court issued a final ruling which barred Makati City from exercising jurisdiction over and making improvements on, or otherwise treating as part of its territory Parcels 3 and 4, Psu 2031, comprising Fort Bonifacio, including the so-called Inner Fort comprising of barangays Pembo, Comembo, Cembo, South Cembo, West Rembo, East Rembo , Pitogo, Rizal, Post Proper Northside, Post Proper Southside (Embo barangays).
It held that the said areas are part of the jurisdiction of Taguig City. With Justine Xyrah Garcia
To ensure that the residents of these barangays could vote for councilors in their new city, Comelec last month approved their reapportionment across Taguig’s two districts and increased the number of council seats from eight to twelve per district—thereby reflecting Taguig’s expanded population.
House leader mulls grounds for Sara impeachment
THE chairman of the House Committee on Good Government and Public Accountability is exploring two possible grounds for an impeachment case against Vice President Sara Duterte in light of an ongoing investigation into alleged fund mismanagement in the Office of the Vice President (OVP) and the Department of Education (DepEd).
Manila Rep. Joel Chua, the committee’s chairman, explained that while the investigation was initially conducted “in aid of legislation,” it has since revealed potential grounds for impeachment based on graft and corruption as well as betrayal of public trust.
Chua made the remarks in response to Duterte’s claims that the panel’s work is merely a “fishing expedition” aimed at targeting her office.
“Well, in the first place, this was not
initiated to impeach her. The purpose was legislative,” Chua clarified. He added that initial findings—such as the P125 million in confidential funds that the Duterte-led OVP spent within just 11 days in December 2022—were significant enough to raise concerns.
“Everyone was shocked by the P125 million spent in 11 days. The Commission on Audit [COA] has even issued a Notice of Disallowance [ND],” he added.
In August, the COA issued an ND for P73.28 million of the P125 million, covering the OVP’s confidential funds for the last quarter of 2022, citing improper use and regulatory violations. The COA directed Duterte and other accountable OVP officials to settle the disallowed amount.
Duterte’s office was also allocated P500
See “Sara,” A4
OUSE of Representatives Quad Committee Co-chairman Bienvenido Abante Jr. on Monday called on the Department of Justice (DOJ) and the Ombudsman to investigate and consider filing charges against former President Rodrigo Duterte following his recent admission of full legal responsibility for the killings related to his administration’s war on drugs.
In his opening statement at the Senate, Duterte acknowledged the “successes and shortcomings” of his administration’s war on drugs: “I alone take full legal responsibility... Sa lahat ng nagawa ng pulis pursuant to my order, ako ang mananagot at makukulong.” See related story on back page Abante, chairman of the House Committee on Human Rights, emphasized that Duterte’s statement during his testimony at the Senate could pave the way for investigations by the DOJ and Ombudsman.
“The House Quad Comm has already unearthed evidence and testimony that bolster allegations that the victims of the war on drugs were innocent,” said the lawmaker.
“We have testimony that shows that the President [Duterte] issued directives and gave the green light to a reward system that led to the death
By Jonathan L. Mayuga, @jonlmayuga Rex Anthony Naval
AS Severe Tropical Storm Leon threatens extreme northern Luzon, the National Disaster Risk Reduction and Management Council (NDRRMC) said the casualty count of Severe Tropical Storm Kristine continues to rise with reports from the regions still coming in.
In its latest Situation Report issued at 8:00 a.m. Monday, the NDRRMC said a total of 116 persons were reported killed, while 109 others were injured. A total of 39 persons were also still missing as of the reporting date.
Rescue, relief, and retrieval operations are still ongoing in the hardest-hit areas in Luzon.
A total of 1,662,416 families or 6,717.755 persons were affected by Kristine, which induced heavy rains that caused flooding and triggered landslides, rendering major roads closed to traffic for days.
10,147 barangays affected
THE storm affected 10,147 barangays in 871 cities and towns in 78 provinces across 17 regions, the NDRRMC said. During the onslaught of Kristine, a total of 29,393 persons from Region 1, Region 2, Region 3, Mimaropa, Region 8, Region 9, and Caraga were pre-emptively evacuated.
A total of 980,355 persons were brought and are currently sheltered in 980,355 in 6,286 different evacuation centers.
The NDRRC said because of the heavy rains, a total of 754 areas in Region 1, Region 2, Region 3, Calabarzon, Mimaropa, Region 5, Region 6, Region 8, Region 9, Region 12, Caraga, BARMM and Metro Manila were flooded, damaging 44,537 houses. The estimated damage to houses was placed at P4,470,770. Meanwhile, a total of 990 public infrastructures, including roads, bridges,
of innocents. If the former President says that he is taking responsibility for the illegal and fatal acts of law enforcement during his administration, then he should be held accountable,” he added.
Abante said Duterte’s admission may expose him to both domestic and international legal actions, including from the International Criminal Court (ICC).
Abante noted that Philippine law prohibits murder and extra-judicial killings and warned that Duterte may no longer be shielded from investigation and prosecution.
“While he was President, the law and political considerations protected him. But now, this admission might be seen as enough basis for both Philippine and ICC prosecutors to hold him accountable,” Abante explained.
government facilities, flood control, schools, utilities, and health facilities was also damaged. The estimated cost of damage to infrastructure is P1,540,867,176.63
Rapid deployment team
A RAPID deployment team (RDT) has been deployed to Naga City, Camarines Sur, to oversee the acceptance and distribution of relief goods for victims of Kristine in the area, the Office of Civil Defense (OCD) administrator, Undersecretary Ariel Nepomuceno, said on Monday.
“A team has been deployed to Naga to manage the incoming relief supplies arriving from Villamor Air Base [in Pasay City] to the Bicol International Airport. This team will also facilitate the distribution of these essential items to affected areas. The Office of Civil Defense serves as the logistics coordinator for all incoming relief supplies transported via aircraft,” he added.
Relief items are being sourced from various agencies and are currently being transported to the Bicol Region for distribution across multiple provinces.
This operation commenced on Sunday, utilizing aircraft from Malaysia and Singapore.
The relief items include kitchen kits, shelter repair kits, family food packs, medical supplies, and clean water.
To enhance response operations in the Bicol region, personnel from OCD regional offices have arrived in Naga City to provide additional support, including augmentation of staff at the Emergency Operations Center and logistical assistance.
PHLPost mobilizes support
THE Philippine Postal Corporation (PHLPost) has responded swiftly to the call of President Marcos for support support to the Office of Civil Defense (OCD), by mobilizing its transportation resources for disaster relief efforts in Bicol.
The ICC, which had initiated a preliminary examination of the anti-drug campaign, could potentially interpret Duterte’s statements as an endorsement of systematic actions against alleged drug offenders, a potential crime against humanity.
Although the Philippines withdrew from the Rome Statute in 2019, Abante pointed out that the court retains jurisdiction over incidents committed before this date, covering a considerable period during Duterte’s administration.
‘Prosecute, jail Duterte’ IN response to Duterte’s admission of full legal responsibility for the killings under his war on drugs during a Senate inquiry, the young guns of the House of Representatives on Monday demanded that Duterte face the full force of the law and go to jail for the thousands of extra-judicial killings (EJKs) committed during his administration.
Deputy Majority Leader Jude Acidre said Duterte’s admission “removes any excuse for leniency.”
“The former President has publicly accepted responsibility for these deaths,” Acidre, a nominee of the party-list group Tingog, said.
“If we truly stand by our principles of justice and the rule of law, then Mr. Duterte must be held accountable. He must go to jail for these EJKs. This is not about politics; it’s about justice,” he added.
Acidre stressed that no one, especially high-ranking officials, should be exempt from legal accountability.
House Assistant Majority Leader Jay Khonghun said Duterte’s admission offers an opportunity to reaffirm the nation’s commitment to the rule of law.
“This is a critical time for our institutions to show their strength by pursuing the legal accountability that so many families have waited for,” he said.
House Assistant Majority Leader Mika Suansing highlighted the role of government institutions in ensuring that justice is upheld.
“Our judiciary and investigative bodies now have a duty to act on this admission,” Suansing, who represents Nueva Ecija, said.
“The former president’s own words must be met with a serious response. For too long, victims of EJKs have waited for answers,” she added.
Cagayan de Oro City Rep. Lordan Suan, a lawyer, urged the Department of Justice and the Ombudsman to launch a thorough investigation investigation into the extra-judicial killings during Duterte’s war on illegal drugs.
“We cannot ignore such an admission,” Suansing insisted. “These institutions must act decisively and transparently to restore faith in our justice system.”
House Assistant Majority Leader Paolo Ortega underscored the potential role of the International Criminal Court (ICC) should domestic avenues fail.
“If Philippine authorities do not act, the ICC could be a crucial avenue for justice,” Ortega said, adding, “We must ensure accountability for the lives lost and demonstrate that no one is above the law.”
“Duterte’s words have given the justice system a clear mandate to act,” Acidre emphasized. “As public servants, our duty is to uphold justice— not to shield individuals. Duterte must face the legal consequences for his actions.”
Three PHLPost trucks were deployed on Monday, fully loaded with essential supplies to assist communities affected by the typhoon’s widespread damage.
Two trucks also carried 720 shelter tarpaulins while a third truck was stocked with 3,500 hygiene kits. With an estimated total load of 60 tons, these deliveries are a crucial component of ongoing relief operations.
To expedite the transfer of relief goods from Camp General Emilio Aguinaldo in Quezon City, to Villamor Airbase in Pasay City, PHLPost’s logistical fleet is essential in ensuring these urgent supplies reach Region 5, one of the areas hardest hit by the typhoon.
“In times of need, we are here to support our communities with all the resources we have. Our mission at PHLPost extends beyond delivering mail; it is also about serving Filipinos, especially during critical times like these. Together with the Office of the Civil Defense, we are committed to delivering much-needed relief and embodying the spirit of bayanihan that defines us as a nation,” Postmaster General and Chief Executive Officer Luis D. Carlos said.
Leon intensifies MEANWHILE, 12 provinces in Luzon were placed under Wind Signal 1 as Leon intensified into a severe tropical storm.
In its 11 a.m. Tropical Cyclone Bulletin issued on Monday, the state weather bureau said the center of the eye of the storm was spotted 735 kilometers east of Casiguran, Aurora, or 780 km east of Echague, Isabela. It was packing maximum sustained winds of 95 kilometers per hour near the center and gustiness of up to 115 kph and is moving westward at 20 kph.
Placed under Signal 1 are Batanes, Cagayan including Babuyan Island, Isabela, Ilocos Norte, Abra, Apayao, Kalinga, the eastern portion of Mountain Province (Natonin, Paracelis), the eastern portion of Ifugao (Aguinaldo,
Alfonso Lista), the eastern portion of Quirino (Maddela), the northern portion of Aurora (Dilasag, Casiguran, Dinalungan) and the northern portion of Catanduanes (Pandan, Bagamanoc, Panganiban, Viga, Gigmoto). By 2:00 p.m. on Monday the eye of the storm was spotted 755 km east of Echague, Isabela, and is packing maximum sustained winds of 100 kmh near the center with gustiness of up to 125 kmh.
It continues to move west northwestward at 15 kmh.
Pagasa said, heavy to intense rains are expected in Antique, while moderate to heavy rains are forecast over Cagayan including Babuyan, Islands, Occidental Mindoro, Negros Occidental, and Palawan.
Heavy rainfall forecast in these areas and other parts of Northern Luzon are expected until Wednesday, the state weather bureau said.
Under these conditions, flooding and rain-induced landslides are likely, especially in areas that are highly or very highly susceptible to these hazards as identified in hazard maps and areas with significant antecedent rainfall.
Brace for 6 more typhoons THE Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) said six more tropical cyclones are expected to enter the Philippine Area of Responsibility (PAR) before the end of the year.
Chris Perez, officer-in-charge of the Pagasa Weather Division, said based on the state weather bureau’s weather outlook during the latest Pagasa Climate Forum, two to eight cyclones were seen to enter and cross PAR during the last quarter of the year. Based on recent estimates, around two to eight tropical cyclones are expected to enter PAR, he said.
“We already had two so we may likely have a maximum of six more cyclones before the end of the year.”
RELATIVES, friends and supporters of the thousands of extra-judicial killing victims during the
Set goals that propel your business forward
By Henry J. Schumacher
IAM convinced that we all want our business to move forward fast. I suggest we develop goals that will propel our business. Here are steps hat will help to achieve the target:
Step 1: Analyze last year’s performance.
YOU can’t set the right goals without the correct information. So, take some time to gather data from the previous year to find areas of strength and weakness. Look at your:
n Revenue streams—what are your most profitable areas? Your biggest cost centers?
n Sales & marketing—can you spot trends in customer acquisition or marketing ROI?
n Operations—where is your business bottlenecked? Where might you be overstaffed?
n Employee performance—look at productivity and churn. Which direction are things going?
Step 2: Brainstorm areas for improvement
WRITE down all the possible things you could work on. This is a great group activity for your leadership team or even the whole company (depending on your size).
The data you’ve collected in step 1 should give you some idea of opportunity areas.
Once you’ve got a list, sort them in High and Low Impact opportunities.
One tip: Don’t discount an idea just because it’s hard. Often the biggest impact things are hard to do. But you should be realistic about the effort required to get something done, and its chances of success.
Step 3: Set SMART goals
USE SMART criteria to set clear and actionable goals. SMART stands for:
n Specific: Define clear and precise goals. Instead of saying “increase sales,” say “increase sales by 12 percent in the next 6 months.”
n Measurable: Ensure each goal has quantifiable metrics. E.g. “Reduce customer acquisition costs by 15 percent by the end of the year.”
n Achievable: Set realistic goals based on your resources, budget and other constraints.
E.g. if you have limited cash, avoid goals that would severely impact your monthly cash flow.
n Relevant: Align goals with your overall business objectives. Ensure they address the key areas for improvement identified earlier.
n Time-bound: Set deadlines for each goal.
E.g. “launch a new service by Q3.”
Step 4: Develop an Action Plan FOR each goal, create an action plan that outlines:
n Steps and Milestones: Break down each goal into smaller, manageable tasks. Set milestones to track progress.
n Resources: Identify the resources needed (time, money, personnel) and ensure they are available.
n Responsibilities: Assign tasks to specific employees. Ensure everyone understands their role and what is expected of them.
n Timeline: Establish a timeline with deadlines for each task and milestone. Doubling down on one point there: always assign tasks to a single person. They can still bring in other people to contribute, but it’s one person’s responsibility to get it across the finish line.
Step 5: Monitor and Adjust GOALS are not static. Regularly check your progress and adjust based on new insights or changing circumstances. Schedule monthly and/or quarterly reviews to keep everything on track.
Having a simple KPI tracker is a good way to keep tabs on things. Make sure you’re regularly checking in and ask people to flag any roadblocks or necessary adjustments as soon as they identify them.
I have three closing thoughts: Efficiency. When you’re a small business with limited resources, efficiency is key. Think outside the box about how you can accomplish ambitious goals—what can you automate? What can you outsource? Who do you have in your network that could offer advice or guidance? Be aggressive within reason. Your goals should be ambitious, but not impossible. If you say “triple revenue this quarter” and everybody knows it’s a pipe dream, your team won’t fight for it.
It’s not all-or-nothing. If you’re hitting 100 percent of your goals, you’re setting your sights too low. I’m happy when my companies hit about 80 percent of their goals. I wish you success in propelling your business forward and would appreciate getting responses from you; contact me at hjschumacher59@gmail.com
DOTr sets privatization of 7 to 15 more airports
By Samuel P. Medenilla @sam_medenilla
WITH the signing of the new template for Public-Private Partnership (PPP) agreement for the Laguindingan International Airport (LIA) last Monday, President Marcos said similar initiatives to enhance other local airports will be fast-tracked.
Marco made the statement as the Department of Transportation (DOTr) said it is eyeing the privatization of seven to 15 more airports. See related story on B2, Companies, “Aboitiz, DOTr formalize airport deal”
In his speech during the PPP signing ceremony in Malacañang on Monday, Marcos said the government faced several roadblocks before it could finalize the P12.75-billion 30-year concession agreement with the Aboitiz InfraCapital Inc. (AIC) for the Laguindingan International Airport PPP.
“It wasn’t easy-going. We had to change so many things. We had to change procedures. We had to streamline many of the things, even the definitions of what solicited and unsolicited
offer was and how we handled it. And…. But we now have a template. And so, next perhaps Bohol will not take so much time or be so difficult,” Marcos said.
Transportation Secretary Jaime J. Bautista said the LIA is the second “successful airport privatization project” of the Marcos administration after the government turned over the management of the Ninoy Aquino International Airport (Naia) to the San Miguel Corp. (SMC) last month.
Next in line
BAUTISTA disclosed the administration now eyeing to sign a similar PPP for the Bohol-Panglao International Airport.
“Right now, we are working on the unsolicited proposals for Bohol-Panglao International Airport. The Swiss challenge period will end [on] November 11 for the Bohol-Panglao International Airport,” Bautista said in a press briefing in Malacañang on Monday.
Under the Swiss Challenge, the government receives an unsolicited bid for a public project. Before accepting the said bid, it will give an opportunity to a third party to
match or better the said bid.
Other airports, which are included on the list of DOTr for concession agreements are the Iloilo International Airport (IIA), Davao International Airport (DIA), and the Kalibo International Airport (KIA).
He said they are now just waiting for the approval of the National Economic and Development Authority (Neda) before they can push through with the PPP for IIA.
As for the DIA, he said they are still working on the terms of reference of its concession agreement with the International Finance Corporation.
Economic impact
MARCOS welcomed the signing of more concessions agreements due to its economic impact.
He cited the PPP for LIA is expected to expand the annual passenger capacity from 1.6 million to 3.9 million in the first phase, and to 6.3 million in its second phase.
“Expectedly, the improvement of the airport will significantly boost tourism, create jobs, increase business presence, and ultimately aid in our goal—in
achieving our goal of economic growth.” Marcos said.
He pointed out the improvements in the LIA are crucial for the development in Northern Mindanao, where it is considered the area’s second busiest airport.
Transportation Undersecretary Roberto C.O. Lim said the government will get P47 million from the AIC during the first year of the LIA PPP. The amount will increase in subsequent years.
“And then we have a revenue share of 3 percent of gross revenues. We expect to receive 3.766 billion [pesos] over the concession period. That is the expected revenue for this project, he added.
Bautista also assured that there will be no immediate increase in the terminal fees of the LIA once AIC takes over its operations.
“The adjustment on fees will not be implemented immediately. There should be improvements first in the service that will be done by the operator. In fact, we’re looking at, probably at least a year after like in the Manila International Airport, the passenger service charge or terminal fee will increase after one year,” Bautista said.
Oil companies announce price hike
OBy Lenie Lectura @llectura
IL companies announced on Monday they will increase pump prices this week.
Gasoline prices will go up by P0.20 per liter while diesel and kerosene will increase by P0.50 per liter each.
Petron, Shell, Caltex, Unioil, Seaoil, Total, PTT, Phoenix, and Jetti said
Sara. . .
Continued from A3
million in confidential funds for 2023 but received only P375 million, or P125 million per quarter. Each quarter’s funds are under audit observation memorandum related to
in separate advisories that they will implement the price adjustment at 6:00 a.m. on Tuesday, October 29.
Cleanfuel will adjust its pump prices at 4:01 p.m.
Oil companie adjust pump prices every week to reflect movements in the world oil market.
Jetti said this week’s price movement was mainly brought about by the conflict in the Middle East. “Primary driver is still the concern that the ongoing conflict could cause supply disruption,” it said.
financial and operational deficiencies, which could lead to further NDs if not sufficiently justified.
Amid public criticism of the rapid spending of the P125 million during the last quarter of 2022, the House of Representatives rejected her request for an additional P500 million in confidential funds for 2024.
Oil Industry Management Bureau Director Rodela Romero, meanwhile, cited an anticipated increase in demand for diesel in South Korea and Iran’s retaliation that caused supply disruption as the main reasons for the price increase.
According to Chua, the Vice President could face impeachment for graft and corruption, citing issues such as the alleged unaccounted P15 million in confidential funds within the DepEd during her tenure as Secretary and the OVP’s alleged overpriced rental payments for safe houses.
“Everyone is asking where the P15 million went. There are certifications, but the Army admitted they didn’t receive any funds. So where did it go? The P16 million for rentals lacks clear details. We don’t even know if it was truly used for that purpose,” Chua questioned.
Chua was referring to the committee’s findings that the DepEd, under Duterte’s leadership, falsely claimed to have used its confidential funds for a youth training program when, in reality, the Army and local governments covered most of the expenses.
Four military officers testified that DepEd’s confidential funds were not involved in funding the Youth Leadership Summits they conducted in 2023. Nevertheless, the Duterte-led DepEd used the certifications issued by these officers to justify P15 million in confidential funds supposedly allocated for informant payments.
On October 16, oil companies implemented an increase of P2.60P2.65 per liter for gasoline, P2.70 per liter for diesel and P2.60 percliter for kerosene. This brought year-to-date, total adjustment of gasoline and diesel at a net increase of P9.05 per liter and P6.75 per liter, respectively. On the other hand, kerosene has a total net decrease of P2.75 per liter.
In a recent committee hearing, lawmakers were shocked by the OVP’s use of P16 million in confidential funds to rent 34 safe houses for just 11 days in late 2022, with one property costing nearly P91,000 per day.
Records show the OVP made payments ranging from P250,000 to P1 million per property owner between December 21 and 31, 2022. These rentals, detailed in the OVP’s liquidation report to the COA, were part of a rapid P125 million confidential funds expenditure over the 11-day period. However, Chua said the spending has acknowledgment receipts that were unsigned, illegible, missing names, or only included signatures and lacked supporting documents like lease contracts, thus raising questions about the transactions.
Chua further suggested that Duterte’s actions could constitute a betrayal of public trust, particularly given the entrusted funds.
While Chua avoided concluding that impeachment was inevitable, he acknowledged that the findings could lead to such proceedings if left unresolved.
Jovee Marie N. dela
Cruz
DepEd, IBP team up for legal aid plan for teachers
By Claudeth Mocon-Ciriaco @claudethmc3
THE Department of Education
(DepEd) has partnered with the Integrated Bar of the Philippines (IBP) following the signing of a memorandum of agreement (MOA), marking another milestone in the agency’s efforts to support the welfare of teachers—one of the directives of President Ferdinand R. Marcos Jr. to the department.
Witnessed by representatives from DepEd Teachers Union (DTU), Alliance of Concerned Teachers (ACT), and Teachers’ Dignity Coalition (TDC) during the ceremonial signing, the partnership with IBP will give public school teachers and school-based non-teaching personnel access to legal advice and assistance in disputes and other legal concerns.
“We’re happy to note that this legal assistance memorandum that we’re signing with the IBP will not only benefit our teachers but also our schoolbased non-teaching personnel. So these include administrative officers, accountants, clerks, and bookkeepers all over the Philippines. So that will
benefit not only the 800,000 plus but the 100,000 plus non-teaching personnel,” Education Secretary Juan Edgardo “Sonny” Angara noted. Angara said that teachers should not be only complimented but should be given proper service and appreciation.
Public school teachers will benefit from the expanded career progression and medical allowance initiative of the Marcos administration, according to Angara. He pointed to a personal connection, sharing that his father, former Senate President Edgardo Angara, served as IBP President in 1979.
IBP President Atty. Antonio C. Pido, Executive Vice President & Governor for Western Mindanao Atty. Allan G. Panolong, and other top officials of IBP welcomed the initiative, which they said aligns with IBP’s commitment to community service and supporting Filipino educators.
“Now, during the term of Secretary Angara, teachers have high hopes that the compensation of public school teachers will not reduce them to a hand-to-mouth existence,” Atty. Pido said.
DA targets 81% sufficiency in corn, cassava for 2025
By Ada Pelonia @claudethmc3
THE Department of Agriculture (DA) aims to achieve 81-percent sufficiency in corn and cassava in 2025 as part of efforts to achieve food security.
Agriculture Secretary Francisco
Tiu Laurel Jr. said the DA recognized the relevance of corn and cassava, noting how the department has been pushing for advancements in these commodities.
For 2025, the DA said that through its National Corn Program, it plans to allocate P5.31 billion for highquality planting materials, fertilizers, training, postharvest machinery, and small-scale irrigation projects.
The DA noted that cassava is under the umbrella of the National Corn Program.
“Next year, the department is targeting the local production of at least 81 percent of total demand and aims to increase yields to 5.17 metric tons [MT] per hectare for yellow corn, 2.29 metric tons per hectare for white corn, and 11.73 metric tons per hectare for cassava,” Laurel said.
“Increasing the production of white corn will provide more options for available food staples, which is essential for achieving food security.”
The agriculture chief also mentioned the Corn Production Enhancement Project (CPEP), which was established to boost corn productivity, increase income and enhance national corn sufficiency.
“The project provides seeds and fertilizers to eligible farmers, and as of August 2024, we have distributed over 1,700 metric tons of corn seeds and nearly 2.9 million cassava seed pieces, along with almost 6,000 metric tons of
PRESIDENT Ferdinand Marcos Jr. said
he is hopeful that the latest batch of recipients of the Metro Bank Foundation Inc. (MBFI) Outstanding Filipinos awards will become the “catalyst” for change in their communities.
He made the remark during the awarding ceremony of the Medallion of Excellence to each of the 10 Filipino distinguished teachers, soldiers and police, who were chosen by the MBFI, in Malacañang last Monday.
Palace, DOJ refute Duterte claim of rising crime cases
By Samuel P. Medenilla
@sam_medenilla & Joel R. San Juan
M@jrsanjuan1573
ALACAÑANG said Monday crime incidents are decreasing under the Marcos administration, contrary to the claim of former President Rodrigo R. Duterte.
“There has been a widespread decline in crime across the board,” Executive Secretary Lucas P. Bersamin said in a statement, citing data from the Philippine National Police (PNP).
In a separate statement, the Department of Justice also refuted the claims of Duterte, made at the Senate Blue Ribbon hearing on his administration’s war on illegal drugs and its resulting extrajudicial killings.
Bersamin noted the current administration was able to achieve such stability and peace “without foregoing due process nor setting aside the basic human rights of any Filipino.”
Last week, PNP reported that the number of focus crimes, which include murder, robbery, theft, physical injury, homicide, and vehicle theft, dropped from January to October this
fertilizers,” Laurel said.
Meanwhile, Philippine Maize Federation Inc. (PhilMaize) Vice Chair Artemio Salazar formally turned over to the DA the program documents related to the crafting of the Philippine White Corn Industry Roadmap 2024-2029, which would serve as a guide for the sector.
“This roadmap aims to promote white corn consumption and increase its supply in the market simultaneously, as mandated by DA Special Order No. 1488, series of 2023.”
The DA, in partnership with the Philippine Maize Federation Inc. (PhilMaize) and other relevant agencies, recently held the 17th Philippine National Corn Congress last October 24-25.
The department said this year’s theme, “Maunlad na Maisan, Tungo sa Matatag na Bagong Pilipinas,” emphasized the need for a unified approach and policies among stakeholders and policymakers to help the corn industry achieve its goals.
“Iisa lang po ang layunin ng bawat ka-mais o corn grower, na maging masagana ang kanilang kabuhayan, gaya rin ng mga kasama nating feed millers, negosyante, traders, corn seed growers, at iba pang [Our corn growers have only one goal: for their livelihood to improve like the feed millers, businessmen, traders, corn seed growers and other] corn industry stakeholders,” Philmaize President Romualdo Elvira Jr. said.
“We are happy that today, there is a chance for corn cluster leaders from different regions to come togeher with dedicated stakeholders to discuss the state of the industry and recommends programs and plans that suit each locality or region,” he added, partly in Filipino.
namely Ma. Ella F. Fabella from Zamboanga City, Franco Rino C. Apoyon from Zamboanga Sibugay, Maria Regina M. Alampay from Quezon City, and Decibel V. Eslava from Los Baños, Laguna.
year by 8.43 percent to 152,024 from 166,013 for the same period in 2023.
It also reported its operations resulted in 47,000 arrests and confiscation of some P18.9 billion worth of illegal drugs.
“All of this shows that our country is safer, our people more secure, and our future more assured than ever before under the stewardship of President Ferdinand Marcos Jr.,” Bersamin said.
He issued the remark after Duterte claimed during a Senate hearing last Monday that the number of drugrelated crimes are on the rise again.
“Every day you can read about children being raped, people getting killed and robbed,” Duterte said in a prepared statement during the hearing.
He also cited a drug raid, which happened in the Malacañang complex, was a sign that illegal drug syndicates are “back in business.”
Bersamin pointed out that the said drug raid in San Miguel, Manila, the district where the Palace is sited, was “based on outdated information.”
“In that case, one suspect was arrested, drug paraphernalia was seized, and his partner is now being pursued
by law enforcement,” he said.
Last Thursday, Bersamin ordered authorities to continue their pursuit of the said drug suspect.
Remulla’s take ECHOING Bersamin, Justice Secretary Jesus Crispin “Boying” C. Remulla emphatically set the record straight: the peace and order situation in our country is not only stable but has also dramatically improved.
“Secretary Remulla firmly refutes the former President’s claims that the end of the previous administration’s War on Drugs in 2022 has allowed criminal elements to resurface. Such assertions, made during a Senate hearing on the previous administration’s controversial anti-drug campaign, stand in stark contrast to the comprehensive data provided by the Philippine National Police (PNP).
According to the report submitted to President Ferdinand R. Marcos, Jr., the total number of recorded crimes from July 1, 2022, to January 31, 2024, has plummeted to 324,368, representing a 10.66-percent decrease from the 363,075 crimes recorded between December 1, 2020, and June
30, 2022. Notably, seven out of eight focus crimes have seen significant declines, including a reduction in rape (11.08 percent), physical injury (10.59 percent), robbery (2.26 percent), murder (10.17 percent), carnapping (23.27 percent), and homicide (0.91 percent). The only exception is theft, which experienced a modest increase of 4.79 percent.
In light of these verified statistics, the Department of Justice categorically dismisses the statements made by former President Duterte as anecdotal and lacking empirical support.
“With utmost respect for former President Duterte’s leadership, we believe that his perception of an escalating crime rate does not reflect the reality supported by concrete data. The peace and order situation remains a top priority for the Marcos Administration, and we are committed to assuring the Filipino people that our nation is on a path toward greater stability and security,” Remulla affirmed.
“Our commitment to maintaining peace and order is unwavering, and we will continue to uphold the rule of law for the benefit of all Filipinos,” he added.
PAOCC includes Roque, 2 others in human-trafficking charge
HUMAN- RIGHTS lawyer and former presidential spokesman Herminio
“Harry” Roque Jr. and two others have been included as respondents in the qualified human-trafficking complaint earlier filed by authorities before the Department of Justice (DOJ) against Cassandra Li Ong and 53 others in connection with illegal activities at the Lucky South 99, a Philippine Offshore Gaming Operator (Pogo) hub in Porac, Pampanga.
Aside from Roque, the complainant Presidential Anti-Organized Crime Commission (PAOCC) and the Philippine National Police- Criminal Investigation and Detection Group (PNP-CIDG) also named Mercides Peralta Macabasa and Ley Tan as additional respondents in the supplemental complaint affidavit.
Roque was included in the complaint, according to Inter-Agency Council Against Trafficking (IACAT) prosecutor Darwin Cañete, because he “actively participated” in the illegal activities of Pogo operator Lucky South 99.
In particular, the complaint cited the claim of lawyer Jessa Mariz Fernandez, assistant president of Philippine Amusement and Gaming Corporation (Pagcor), that Roque and Ong went to their office to have a meeting with Pagcor chairman Alejandro Tengco regarding the arrears of Lucky South 99.
Fernandez further claimed that Roque made several follow-ups with her on the status of the application for the renewal of online gambling permit of Lucky South 99.
“As counsel of Lucky South 99, respondent Roque should know or should have known that his client company has committed severe violations of the law and therefore not qualified to such accommodation,” the complaint read.
While Roque denied any participation with Lucky South 99, the complaint said he admitted during one of the hearings in the Senate and House of Representatives that he was hired as counsel for Whirlwind Corporation, the sublessor of Lucky South 99.
cash prize, a golden medallion, and the iconic
“The Flame” trophy from MBFI.
However, the complaint noted that based on Lucky South 99’s application for renewal of its permit with Pagcor, respondent Roque was listed as the legal officer of Lucky South 99.
“These pieces of evidence show the direct participation of respondent Roque in the furtherance of the illegal activity of Lucky South 99,” it noted.
“Respondent Roque benefitted from the fruits of the trafficking in persons operations and other illegal activities of Lucky South 99 and Whirlwind and he kept silent about it,” it added.
Roque has already denied any involvement with Lucky South 99 and its illegal activities while he admitted that he requested a rescheduling of the arrears payment of Whilrwind.
Macabasa, on the other hand, was named as respondent after she admitted that she was one of the key officers, specifically as Security Compliance Officer, of Lucky South 99.
Meanwhile, Tan was named respondent for acting as the accounting department head of Lucky South 99.
Cañete said the filing of the complaint against Roque should serve as an opportunity for him to clear his name.
“This is an opportunity for him to clear his name and I hope that he does appear and submit his contravening evidence. But for now, we cannot ignore the documentation, the testimony and the other evidence that have been submitted for investigation. This is the result of our investigation, so we need to file this and if we can provide credible evidence then let the process take its course,” he stressed.
In the original complaint filed with the DOJ, authorities accused Ong, the official representative of Lucky South 99, and the other respondents of violating Republic Act 9208 (Anti-Trafficking-In-Persons-Act of 2003), as amended by RA 10364, as further amended by RA 11862.
Other respondents in the case include Whirlwind Corporation Executive Duanren Wu, Lucky South former president Stephanie
Mascarenas, representative Dennis Cunanan and several incorporators of Lucky South and Whirlwind Corporation, which leased the land where the former operates.
“We need more people like you—innovative, selfless, socially responsible; this is what I have always seen in Filipinos— we never get tired of helping others,” Marcos said. Among the awardees were four teachers,
The list also included three members of the Armed Forces of the Philippines (AFP): Philippine Navy Staff Sergeant Michael S. Rayanon, Philippine Army Major Ron T. Villarosa, and Philippine Navy Captain Salvador M. Sambalilo. Wrapping up the list are three members of the Philippine National Police (PNP): Police Staff Sergeant Llena Sol Josefa M. Jovita, Police Major Mark Ronan B. Balmaceda, and Police Lieutenant Colonel Bryan G. Bernadino. Each of the awardees received a P1 million
“These honors are a testament to the remarkable heights each of you has reached. Whether you are educating our young, defending our borders, keeping our communities safe, you have gone beyond what is ordinary. And for that, you deserve nothing less than our highest admiration,” Marcos told the awardees.
He said they will help in making the Bagong Pilipinas (New Philippines), which he envisioned, a reality by inspiring other people to also push for reforms.
“Challenge them to dream bigger, to aspire higher, and to take action with the same fervor that you have demonstrated, especially now typhoons and storms are
made stronger because of climate change and the challenges become even harder to deal with,” Marcos said.
During the awarding, MBFI President Aniceto M. Sobrepeña announced that they will also be donating P10 million to help those affected by Severe Tropical Storm (STS) “Kristine” (international name: Trami).
“We are currently coordinating with the Presidential Management Staff so this assistance can be directed to communities severely affected and through the appropriate channels to ensure immediate and effective delivery,” Sobrepeña said.
As of Monday, government data showed the latest weather disturbance affected 6.7 million people nationwide.
Samuel P. Medenilla PBBM to Metro Bank’s awardees: Be catalysts for change
The complaint was filed based on the testimonies of more than 10 witnesses who were allegedly victimized by Lucky South.
Joel R. San Juan
3.
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AB LEISURE EXPONENT, INC. 5/f Sm Megamall Bldg. D, J Vargas, Wack-wack Greenhills, City Of Mandaluyong
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By Ami Bentov, Tia Goldenberg, Samy Magdy & Joseph Krauss
The Associated Press
RAMAT HASHARON, Israel—Egypt’s president announced Sunday his country has proposed a two-day cease-fire between Israel and Hamas during which four hostages held in Gaza would be freed. There was no immediate response from Israel or Hamas as the latest talks were expected in Qatar, another key mediator.
President Abdel Fattah el-Sissi said the proposal includes the release of some Palestinian prisoners and the delivery of humanitarian aid to besieged Gaza. It aims to “move the situation forward,” he said, adding that negotiations would continue to make the cease-fire permanent.
Talks in pursuit of a longer, phased cease-fire have repeatedly stalled. Hamas wants Israeli forces out of Gaza as a precondition, but Israeli Prime Minister Benjamin Netanyahu has said they will remain until completely destroying Hamas. There hasn’t been a cease-fire since November’s weeklong pause in fighting in the earliest weeks of the war.
Israel’s Mossad chief was traveling to Doha on Sunday for talks with Qatar’s prime minister and the CIA chief in the latest attempt to end the fighting and ease regional tensions that have built since Hamas’ October 7, 2023 attack on southern Israel.
Those tensions now see Israel at war with both Hamas in Gaza and Hezbollah in Lebanon, and openly attacking Iran, their backer, for the first time this weekend. Iran’s supreme leader on Sunday said Israel’s strikes—in response to Iran’s ballistic missile attack this month—“should not be exaggerated nor downplayed,” while stopping short of calling for retaliation.
During a government memorial for the Hebrew anniversary of the October 7 attack, Israeli Defense Minister Yoav Gallant said that “not every goal can be achieved through military operations,” adding that “painful compromises will be required” to return the hostages.
At the same event, protesters disrupted Netanyahu’s speech, shouting “Shame on you.” Many Israelis blame him for the security failures that led to the attack and hold him responsible for not yet bringing hostages home.
Inside Gaza, the latest Israeli strikes in the north killed at least 33 people, mostly women and children, Palestinian officials said, as an offensive in the hard-hit and isolated area entered a third week. The UN secretary-general called the plight of Palestinians there “unbearable.” Israel said it targeted militants.
Netanyahu says strikes on Iran achieved Israel’s goals Netanyahu in his first public comments on the strikes said “we severely harmed Iran’s defense capabilities and its ability to produce missiles that are aimed toward us.”
Satellite images showed damage to two secretive Iranian military bases, one linked to work on nuclear weapons that Western intelligence agencies and nuclear inspectors say was discontinued in 2003. The other is linked to Iran’s ballistic missile program. Iran said a civilian had been killed, with no details. It earlier said four people with the military air defense were killed.
Ayatollah Ali Khamenei, Iran’s 85-year-old supreme leader, said “it is up to the authorities to determine how to convey the power and will of the Iranian people to the Israeli regime.” Khamenei would make any final decision on how Iran responds.
The UN Security Council scheduled an emergency meeting Monday at Iran’s request. Switzerland, which holds the council’s rotating presidency, said Russia, China and Algeria, the council’s Arab representative, supported the request.
Iran’s most powerful proxy is Hezbollah, which has stepped up firing on Israel in response to Israel’s ground invasion in southern Lebanon in recent weeks.
Two Israeli strikes killed eight people in Sidon in southern Lebanon, with 25 wounded, according to Lebanon’s health ministry.
The Israeli military said four soldiers, including a military rabbi, were killed in fighting in southern Lebanon, without providing details. An explosive drone and a projectile fired from Lebanon wounded five people in Israel, authorities said.
Truck ramming in Israel wounds dozens
A TRUCK rammed into a bus stop in Ramat Hasharon near Tel Aviv, killing one person and wounding more than 30. Israeli police said the attacker was an Arab citizen of Israel and had been “neutralized.” The ramming occurred outside a military base and near the headquarters of Israel’s Mossad spy agency.
Hamas and the smaller Islamic Jihad militant group praised the attack but did not claim it.
Tensions have soared since the war in Gaza began, and Israel has carried out regular military raids into the occupied West Bank that have left hundreds dead.
‘Harrowing levels of death’ in northern Gaza
THE Gaza Health Ministry’s emergency service said 11 women and two children were among 22 killed in strikes late Saturday in Beit Lahiya in the north. Israel’s military said it carried out a strike on militants. Ministry official Hussein Mohesin said 11 people were killed in an Israeli strike on a school-turned-shelter in the Shati refugee camp in the north, with many injured. “Most of the injuries are children and women, and most of them are in very serious condition,” he said. Israel’s military did not immediately comment.
Israel has waged a massive air and ground offensive in northern Gaza since early October, saying Hamas militants had regrouped there. Hundreds of people have been killed and tens of thousands of Palestinians have fled in the latest wave of displacement.
Aid groups have warned of a catastrophic situation. Israel has severely limited the entry of humanitarian aid in recent weeks, and the three remaining hospitals in the north say they have been overwhelmed. The UN secretary-general noted “harrowing levels of death.”
The war began when Hamas-led militants stormed into southern Israel on October 7, 2023. They killed around 1,200 people, mostly civilians, and abducted around 250. Some 100 hostages remain in Gaza, around a third of whom thought to be dead.
Israel’s retaliatory offensive has killed more than 42,000 Palestinians, according to Gaza’s Health Ministry. It does not distinguish between civilians and combatants but says more than half of those killed were women and children. Israel says it has killed over 17,000 militants, without providing evidence.
The offensive has devastated much of Gaza and displaced around 90 percent of its population of 2.3 million, often multiple times.
UKRAINIAN servicemen fire from a 122mm artillery cannon towards Russian positions in Kherson region, Ukraine, on Sunday, October 27, 2024. AP/MARKO IVKOV
Russia thwarts attempted Ukraine border incursion
KYIV, Ukraine—Russian forces thwarted an attempt at another cross-border incursion by Ukraine into southwestern Russia, a local official reported Sunday, months after Kyiv staged a bold assault on its nuclear-armed enemy that Moscow is still struggling to halt.
An “armed group” sought Sunday to breach the border between Ukraine and Russia’s Bryansk region, its governor, Aleksandr Bogomaz, said but was beaten back. Bogomaz did not clarify whether Ukrainian soldiers carried out the alleged attack, but claimed on Sunday evening that the situation was “stable and under control” by the Russian military.
There was no immediate acknowledgement or response from Ukrainian officials.
The region neighbors Kursk province, where Ukraine launched a surprise push on Aug. 6 that rattled the Kremlin and constituted the largest attack on Russia since World War II. Hundreds of Russian prisoners were blindfolded and ferried away in trucks in the opening moments of the lightning advance, and Ukraine’s battlehardened units swiftly pressed on across hundreds of square miles (square kilometers) of territory.
Responsibility for previous incursions into Russia’s Belgorod and Bryansk regions has been claimed by two murky groups: the Russian Volunteer Corps and the Freedom of Russia Legion.
Russian officials and state media have sought to downplay the significance of Kyiv’s thunderous run in Kursk, but the country’s forces have so far been unable to dislodge Ukrainian troops from the province. Western officials have speculated that Moscow may send troops from North Korea to bolster its effort to do so, stoking the almost three-year war and bringing geopolitical consequences as far away as the Indo-Pacific region.
Russian lawmakers Thursday ratified a pact with Pyongyang envisioning mutual military assistance, a move that comes as the US confirmed the deployment of 3,000 North Korean troops to Russia.
North Korean units were detected Wednesday in Kursk, according to Ukraine’s Main Intelligence Directorate, known by its acronym GUR. The soldiers had undergone several weeks of training at bases in eastern Russia and had been equipped with clothes for the upcoming winter, GUR said in a statement late Thursday. It did not provide evidence for its claims.
Moscow warns West against approving long-range strikes against Russia
ALSO on Sunday, Russian President Vladimir Putin said Moscow is working on ways to respond if the US and its NATO allies allow Ukraine to strike deep inside Russia with long-range Western missiles.
Putin told Russian state TV that it was too early to say exactly how Moscow might react, but the defense ministry has been mulling a range of options.
Russia has repeatedly signaled that it would view any such strikes as a major escalation. The Kremlin leader warned on September 12 that Moscow would be “at war” with the US and NATO states if they approve them, claiming military infrastructure and personnel from the bloc would have to be involved in targeting and firing the missiles. He reinforced the message by announcing a new version of the nuclear doctrine that considers a conventional attack on Russia by a nonnuclear nation that is supported by a nuclear power to be a joint attack on his country—a clear warning to the US and other allies of Kyiv.
Putin also declared the revised document envisages possible nuclear weapons use in case of a massive air attack, opening the door to a potential nuclear response to any aerial assault—an ambiguity intended to deter the West.
Ukrainian leaders have repeatedly said they need permission to strike weapons depots, airfields and military bases far from the border to motivate Russia to seek peace. In response, US defense officials have argued that the missiles are limited in number, and that Ukraine is already using its own long-range drones to hit targets farther into Russia.
That capability was evidenced by a Ukrainian drone strike in mid-September that hit a large Russian military depot in a town 500 kilometers (300 miles) from the border.
The US allows Kyiv to use American-provided weapons in more limited, cross-border strikes to counter attacks by Russian forces. Civilian deaths reported in Kherson as warring sides trade drone strikes
IN a separate update, Bryansk Gov. Bogomaz claimed that over a dozen Ukrainian drones were shot down over the region on Sunday. Separately, a total of at least 16 drones were downed over other Russian regions, including the Tambov province some 450 kilometers (290 miles) north from the border, officials reported. There were no reports of casualties from any of the alleged attacks.
In Ukraine’s southern city of Kherson, Russian shelling killed three civilians on Sunday, local Gov. Oleksandr Prokudin claimed. Another Kherson resident died in a blaze sparked by shells hitting a high-rise, according to Ukraine’s Emergency Service.
Air raid sirens wailed for over three hours in Kyiv overnight into Sunday, and city authorities later reported that “around 10” drones had been shot down. They said no one had been hurt. Ukraine’s air force on Sunday reported that it had shot down 41 drones launched by Russia across Ukrainian territory.
Japanese PM’s ruling coalition loses majority in key election, creating political uncertainty
By Mari Yamaguchi The Associated Press
TOKYO—Japanese Prime Minister Shigeru Ishiba’ s ruling coalition lost a majority in the 465-seat lower house in a key parliamentary election Sunday, a punishment by voters’ outrage over the governing party’s extensive financial scandals.
Ishiba’s Liberal Democratic Party remains the top party in Japan’s parliament, and a change of government is not expected. But the results create political uncertainty. Falling short of a majority makes it difficult for Ishiba to get his party’s policies through parliament, and he may need to find a third coalition partner. The LDP’s coalition retains a majority in the less powerful upper house.
All told, the ruling coalition with junior partner Komeito secured 215 seats, down sharply from the majority of 279 it previously held, according to Japanese media. It is the coalition’s worst result since briefly falling from power in 2009.
Ishiba took office on October 1 and immediately ordered the election in hopes of shoring up support after his predecessor, Fumio Kishida, failed to address public outrage over the LDP’s scandals. “The results so far have been extremely severe, and we take them very seriously,” Ishiba told Japan’s national NHK television late Sunday. “I believe the voters are telling us to reflect more and become a party that lives up to their expectations.”
Ishiba said the LDP would still lead a ruling coalition and tackle key policies, compile a planned supplementary budget and pursue political reform.
He indicated that his party is open to cooperating with opposition groups if that suits the public’s expectations.
The Constitutional Democratic Party of Japan, led by centrist leader Yoshihiko Noda, made huge gains to 148 seats, from its previous 98. “We accomplished our goal of preventing the ruling coalition from a majority, which was a major achievement,” Noda said.
Noda called the election a rare chance for a change of government, and said he seeks to lead a coalition with other opposition groups to do so. But his party has
had trouble finding partners, and many voters were skeptical about the opposition’s ability and inexperience.
For Ishiba, potential additional partners include the Democratic Party of the People, which calls for lower taxes, and the conservative Japan Innovation Party.
DPP head Yuichiro Tamaki said he was open to “a partial alliance.” Innovation Party chief Nobuyuki Baba has denied any intention to cooperate. The centrist DPP quadrupled to 28 seats, while the conservative Innovation Party slipped to 38.
Ishiba may also face backlash
from a number of scandal-tainted lawmakers with former leader Shinzo Abe’s faction, whom Ishiba had un-endorsed for Sunday’s election in an attempt to regain public support.
The LDP is less cohesive now and could enter the era of shortlived prime ministers. Ishiba is expected to last at least until the ruling bloc approves key budget plans at the end of December.
“The public’s criticisms against the slush funds scandal has intensified, and it won’t go away easily,” said Izuru Makihara, a University of Tokyo professor of politics and public policy. “There is a growing sense of fairness, and people are rejecting privileges for politicians.” Makihara suggested Ishiba needs bold political reform measures to regain public trust.
A total of 1,344 candidates, including a record 314 women, ran for office in Sunday’s election.
In another blow to the ruling coalition, a number of LDP veterans who have served in Cabinet posts, as well as Komeito’s new leader, Keiichi Ishii, lost seats.
Experts say a CDPJ-led government is not in the picture because of its lack of viable policies.
“If they take power and try to change the economic and diplomatic policies of the current government, they will only end up collapsing right away,” Makihara
said. Realistically, Ishiba’s ruling coalition would seek a partnership with either the Innovation Party or the Democratic Party of the People, he said.
At a downtown Tokyo polling station, a number of voters said they had considered the corruption scandal and economic measures in deciding how to vote.
Once a popular politician known for criticism of even his own party’s policies, Ishiba has also seen support for his weeksold Cabinet plunge.
Ishiba pledged to revitalize the rural economy, address Japan’s falling birth rate and bolster defense. But his Cabinet has familiar faces, with only two women, and was seen as alienating members of the faction led by late premier Shinzo Abe. Ishiba quickly retreated from earlier support for a dual surname option for married couples and legalizing same-sex marriage, an apparent compromise to the party’s influential ultra-conservatives. His popularity fell because of “the gap in what the public expected him to be as prime minister versus the reality of what he brought as prime minister,” said Rintaro Nishimura, a political analyst at The Asia Group. AP journalist Mayuko Ono contributed to this report.
US voters concerned about post-election violence and efforts to overturn the results: AP-NORC poll
By Gary Fields, Ali Swenson & Linley Sanders
WThe Associated Press
ASHINGTON—American voters are approaching the presidential election with deep unease about what could follow, including the potential
for political violence, attempts to overturn the election results and its broader implications for democracy, according to a new poll. The findings of the survey, conducted by The Associated Press-NORC Center for Public Affairs Research, speak to persistent concerns about the fragility of the world’s oldest
democracy, nearly four years after former President Donald Trump’s refusal to accept the 2020 election results inspired a mob of his supporters to storm the US Capitol in a violent attempt to stop the peaceful transfer of power.
About 4 in 10 registered voters say they are “extremely” or “very” concerned about violent attempts to overturn the results after the November election. A similar share is worried about legal efforts to do so. And about 1 in 3 voters say they are “extremely” or “very” concerned about attempts by local or state election officials to stop the results from being finalized.
Relatively few voters—about onethird or less—are “not very” or “not at all” concerned about any of that happening.
Trump has continued to lie about fraud costing him reelection four years ago and is again forecasting that he can lose this time only if the election is rigged against him, a strategy he has deployed since his first run for office. His allies and the Republican National Committee, which he reshaped, have filed lawsuits around the country that are a potential prelude to post-election legal challenges should he lose.
“I thought after January 6 of 2021, the GOP would have the sense to reject him as a candidate,” Aostara Kaye, of Downey, California, said of Trump. “And since they didn’t, I think it just emboldened him to think he can do anything, and they will still stick with him.”
Many voters think Trump won’t concede if he loses TRUMP’S wide-ranging attempts to reject the will of the voters and remain in power after his 2020 loss have led to concerns that he will again fail to concede should he lose to Vice President Kamala Harris.
Nearly 9 in 10 voters said the loser of the presidential election is obligated to concede once every state has finished counting its votes and legal challenges are resolved, including about 8 in 10 Republicans. But only about one-third of voters expect Trump to accept the results and concede if he loses.
Democrats and Republicans have widely divergent views on the matter:
About two-thirds of Republican voters think Trump would concede, compared to only about 1 in 10 Democrats.
The same concern does not apply to Harris. Nearly 8 in 10 voters said Harris will accept the results and concede if she loses the election, including a solid majority of Republican voters.
Democrats and Republicans divided on who would weaken democracy MEMBERS of both parties have broad concerns about how American democracy might fare depending on the outcome of the November election.
Overall, about half of voters believe Trump would weaken democracy in the US “a lot” or “somewhat” if he wins, while about 4 in 10 said the same of Harris.
Not surprisingly, Americans were deeply divided along ideological lines. About 8 in 10 Republicans said another term for Trump would strengthen democracy “a lot” or “somewhat,” while a similar share of Democrats said the same of a Harris presidency.
About 9 in 10 voters in each party said the opposing party’s candidate would be likely to weaken democracy at least “somewhat” if elected.
Kaye, a retired health care system worker, called Trump an “existential threat to the Constitution.” One prospect she said frightens her is that if Trump wins, he likely will not have the guardrails in his new administration that were in place in the last one.
Republican voter Debra Apodaca, 60, from Tucson, Arizona, said it’s Harris who is a greater threat to democracy. She said President Joe Biden’s administration has placed too great a priority on foreign aid and shown a lack of concern for its own people.
“Our tax dollars, we’re just sending it everywhere. It’s not staying here. Why aren’t we taking care of America?” she said. “Why should we pay taxes if we’re just sending it away?”
That lack of concern also includes the border, she said, adding that a Harris win would be “the end to the Border Patrol.”
The January 6th attack on the Capitol is a dividing line PART of what divides voters on their
views of American democracy is the January 6 attack on the US Capitol and who is to blame. Democrats and independents are much more likely than Republican voters to place “a great deal” or “quite a bit” of responsibility on Trump.
Susan Ohde, an independent voter from Chicago and a retiree from the financial sector, said she’s concerned that “crazy people will buy the misinformation that they’re given,” leading to another such attack.
Giovanna Elizabeth Minardi of Yucaipa, California, said other issues are more important in this year’s election. She said her chief concern is the economy and feels that high prices, especially in her home state, are chasing off businesses and creating a dependency on government. It’s a dependency Harris wants to continue, said Minardi, a children and family services advocate.
Views about the January 6 attack are not the only ones where voters split along ideological lines. Following Trump’s lead, a majority of Republicans maintain that Biden was not legitimately elected. Nearly all Democrats and about 7 in 10 independents believe Biden was legitimately elected.
Other aspects of the political system are divisive too
THIS year’s presidential campaign has highlighted one aspect of the American political system that some believe is undemocratic—the use of the Electoral College to elect the president rather than the popular vote. Trump and Harris have concentrated their campaign events and advertising in seven battleground states that represent just 18 percent of the country’s population.
About half of voters think the possibility that a candidate could become president by winning the Electoral College but losing the popular vote is a “major problem” in US elections. As with many other issues, the question also reveals a partisan divide: About two-thirds of Democrats say the potential for an Electoral College-popular vote split is a major problem, compared to about one-third of Republicans.
Modi, Sanchez inaugurate India’s 1st private military aircraft plant
By Ajit Solanki The Associated Press
ADODARA, India—Indian
VPrime Minister Narendra Modi and his Spanish counterpart Pedro Sanchez inaugurated India’s first private military aircraft plant on Monday, boosting New Delhi’s ambitions of growing local manufacturing in its defense and aerospace industries.
Sanchez was welcomed to the country with a roadshow in Gujarat state’s Vadodara city where hundreds of people cheered and waved banners. The two leaders then launched the Tata Aircraft Complex, the manufac-
turing hub that will produce the Airbus C-295 transport military aircraft in collaboration with Airbus Spain and to be deployed by the Indian air force.
Sanchez said the project was a triumph of Modi’s vision “to turn India into an industrial powerhouse and a magnet for investment and businessto-business collaboration.”
“This partnership between Airbus and Tata will contribute to the progress of the Indian aerospace industry and will open new doors for the arrival of other European companies,” he added.
“This new aircraft factory will boost new skills and new industries in India,” Modi said, adding that the
country was now supplying parts to the world’s leading aircraft companies.
The chairman of Tata conglomerate, Natarajan Chandrasekaran, hailed it as a historic day for the country’s defense sector and credited the late Ratan Tata, the industrialist and former chairman who died earlier this month, for conceiving the idea more than a decade ago.
Under a $2.5 billion deal signed in 2021, Airbus will deliver the first 16 of the aircraft from its final assembly line in Seville, Spain — six of them have been delivered to the Indian air force so far. Tata Advanced Systems Ltd will produce 40 of the aircraft in
the Vadodara plant, which is expected to roll out the first C-295 aircraft made in India in 2026. The aircraft can transport up to 71 troops or 50 paratroopers and will be able to access remote locations. It can also be used for medical evacuations and aid in disaster response and maritime patrol duties.
Since coming to power in 2014, Modi has vowed to turn India into a global manufacturing hub, including in infrastructure, pharmaceuticals and defense. As part of an effort to modernize and reform military equipment, the government has sought to grow the private defense manufacturing sector,
a space previously occupied solely by the government-run organizations, and has eased foreign direct investment regulations to try and encourage companies to establish themselves in India.
The visit marks the first by a Spanish leader to India in 18 years. Modi and Sanchez have previously met on the sidelines of global summits in 2018 and 2021. During the two-day visit, Sanchez will hold talks with Modi to review ties between the countries and also speak with Indian Foreign Minister Subrahmanyam Jaishankar.
On Tuesday, Sanchez will travel to Mumbai, India’s financial capital and home to Bollywood, where he is
expected to interact with trade and industry leaders, and also visit film studios in an effort to grow collaboration between the Indian and Spanish entertainment industry. Their bilateral trade stood at nearly $10 billion as of 2023. According to the Indian foreign ministry, more than 200 Spanish companies actively operate in India and around 80 Indian companies in Spain.
The two leaders are expected to sign agreements that will further boost ties and cooperation in various areas such as trade, information technology, renewable energy and defense, according to an Indian government statement.
Kabisera NYC elevates Filipino flavors on the global culinary stage editorial
FilipiNo food is making waves in the global culinary scene, and Kabisera NYC is leading the charge. This celebrated Filipino restaurant in New York City has earned a prestigious spot among the top three “Best Bites” at the 2024 New York City Wine and Food Festival (NYCWFF) Grand Tasting, solidifying its reputation as a must-visit destination for authentic and mouthwatering Filipino flavors. (Read the BusinessMirror story: “Kabisera NYC’s Lumpia named among Top 3 ‘Best Bites’ at 2024 Grand Tasting,” October 26, 2024).
The festival, which brought together over 500 culinary stars, was a testament to the growing appreciation for Filipino cuisine. The renowned Lumpia and Atsara from Kabisera, skillfully prepared by the talented pair of Chef Augelyn “Augee” Francisco and Chef Earl Robles, were a hit with attendees. This recognition follows Kabisera’s recent victory as the “Best Lumpia Vendor” at the 2024 Smorgasburg and Philippines Fest, further cementing its status as a culinary icon.
“We’re truly honored to be recognized among such esteemed company,” said Chef Augee. “Sharing the flavors of the Philippines, especially through dishes like Lumpia, is our way of connecting with the community and bringing a piece of home to New York,” added Chef Earl.
The NYCWFF, known for its support of local charities, has raised over $14.8 million for God’s Love We Deliver, the city’s leading provider of medically tailored meals and nutrition counseling for individuals facing severe illness. This partnership has allowed the festival to make a tangible difference in the lives of vulnerable New Yorkers, further solidifying its reputation as a celebration of food, community, and compassion.
Chef Augee’s culinary journey, which began in the Sierra Madre foothills and has taken her around the world, has culminated in the creation of Kabisera, a sanctuary for soulful Filipino dishes and perfectly brewed coffee. Meanwhile, Chef Earl’s path from the Philippines to the bustling kitchens of New York City has been marked by a relentless pursuit of perfection, as he seamlessly blends traditional recipes with modern techniques to craft unique dining experiences that captivate the senses.
The success of Kabisera NYC is a testament to the growing global appetite for Filipino cuisine. As the world continues to discover the vibrant, flavor-packed dishes that define Filipino culinary culture, Kabisera NYC stands as a shining example of how authentic and innovative flavors can transcend borders and capture the hearts and palates of food lovers everywhere.
As Kabisera NYC basks in the glory of its recent triumph, it’s clear that this is just the beginning of a new era for Filipino cuisine. With its star on the rise, the world is finally ready to take notice of the bold flavors, vibrant colors, and rich cultural heritage that Filipino food has to offer.
So, can Filipino food become a global hit? The answer is a resounding yes. And with Kabisera NYC leading the charge, the possibilities are endless. The restaurant is not merely a place to dine; it is a platform for sharing a rich cultural legacy. It serves not just food, but a narrative, a cultural experience, and a taste of the Philippines, which is undoubtedly striking a chord with New Yorkers and poised to captivate taste buds across the globe.
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EJohn Mangun
Money: Not that simple OUTSIDE THE BOX
vErYThiNG about our world is only sometimes complicated but is always complex. No matter how much we want simplification, that means nothing in the real world, particularly regarding money.
We need the “whole truth and nothing but the truth” when the topic requires thinking and reading more than the headlines. The way you do that successfully is to speak in everyday “people language”—not jargon—and with relatable examples, or in my case “silly stories.”
The press and genuine experts do you a disservice (and disrespect) when speaking about money as if you were a six-year-old child. The phrase “from Mommy’s belly” has no place in a conversation on human reproduction between adults. But most of what you are told about money and the economy is intellectually immature.
For example: If you are experiencing “sipon,” that is the symp -
JapaNtom or result of being infected by a rhinovirus, adenovirus, or human metapneumovirus. You did not catch “sipon.” You caught the virus that created the sipon condition. Likewise, consumer price increases are the symptom of the continuous increase of the money supply, the inflation of the money supply. Yet, in several ways, this inflation of the money supply is necessary for increasing economic activity and that is why the money supply inflation “virus” is not being cured.
My professional life revolves around one thing—money, in all of its manifestations, conditions, and applications. Your life probably does not. However, modern times require that we have at least a working knowl-
By Alastair Gale, Yuki Hagiwara & Yoshiaki Nohara
faces a period of political instability after the ruling coalition failed to win a majority in parliament for the first time since 2009, setting up a race between two main blocs to form a government.
A gamble by Prime Minister Shigeru Ishiba to call an early election backfired, as voters punished his ruling Liberal Democratic Party (LDP) after revelations last year that party members had systematically failed to declare donations from supporters.
A tally by public broadcaster NHK showed the LDP and Komeito with a combined 215 seats, short of the 233 needed for a majority in the lower house, with more than half a dozen other parties splitting the other 250. The main opposition Constitutional Democratic Party of Japan has secured 148 seats, the broadcaster said.
The yen fell to a three-month low, weakening as much as 0.6 percent against the dollar, while Japanese stocks climbed on the prospect that any coalition government would need a big spending plan to shore up the economy. The results also raise questions about the future of Ishiba, who took power on Oct. 1 after narrowly winning a leadership vote in the LDP.
“We couldn’t dispel public anger over the political funds issue,” Ishiba said Sunday before the latest result.
Asked if he would consider forming a coalition with other parties, he said no decisions had been made, but added that he was willing to cooperate with others if policies align.
A special joint session of parliament must be held within 30 days of a general election to choose a prime minister, according to Japan’s constitution. If nobody gets a majority, a runoff is held between the top two candidates, with the winner taking the top job. The upper house of parliament, currently controlled by the LDP-led coalition, separately picks a prime minister, but the lower house’s decision takes precedence if the two bodies choose different people.
Japan appears set for a weak government either way, an outcome that may complicate the outlook for the Bank of Japan. The central bank, which is trying to seek the right timing for another rate hike, is widely expected to leave rates unchanged during its next scheduled meeting on October 31.
“The LDP suffered a crushing defeat,” said Takeshi Minami, chief
edge of almost everything. You do not need to have a degree in dentistry to know that a claw hammer is not a normal tool for a tooth extraction. Therefore, you also need accurate money information and analysis. Would you be surprised to learn that the Philippine price of unleaded gasoline absolutely tracks the Brent crude oil price? Of course not. The Brent crude price on a monthly basis has been in a downtrend since June 2022, as has Philippine unleaded gasoline. But adding to the fuel price equation is the peso/dollar exchange rate since crude oil is priced in US dollar.
The trend is that the peso is losing value against the dollar faster than the price of oil is going lower; therefore local gasoline prices are going higher in the short term.
The local currency is another topic where simplification nearly becomes falsification. “The Philippine peso may again hit its record low of 59 against the dollar if geopolitical worries and risks related to the US election don’t dissipate...as the dollar strengthens on prospects of slower Federal Reserve easing.”
This is the “complex reality.” The Federal Reserve lowered its benchmark interest rate on September 18. The global US dollar index (DXY)
A tally by public broadcaster NHK showed the LDP and Komeito with a combined 215 seats, short of the 233 needed for a majority in the lower house, with more than half a dozen other parties splitting the other 250. The main opposition Constitutional Democratic Party of Japan has secured 148 seats, the broadcaster said.
economist at Norinchukin Research Institute, who sees a December rate hike as the main scenario.
“There is still time until December, but the difficulty is that the BOJ has said that it will not raise interest rates while the markets are in turmoil,” he added. “The impact of the US presidential election also remains to be seen, and so the uncertainty in the markets is increasing.”
The LDP is facing a similar situation to the lower house election in 1993, when it lost its majority but remained the largest party in parliament. After weeks of negotiations, seven opposition parties formed a coalition and pushed the LDP out of power for the first time since 1955. The coalition crumbled in less than a year and the LDP returned to government.
So far, no other parties have in-
was at 100.38 and the Japanese yen at 142. Now there has been a huge depreciation in the JPY to 152 and an equally large increase of the DXY to above 104. The PHP has moved from 55.65 to 58+. While the Fed itself, the press, and the “experts” view the Fed as the global “burning bush” on Mt Sinai, the true “god” is “Mr. Market” where real people with their real money determine the course of the world. On September 17, the interest rate on the 10-year US bond was 3.71 percent. The current interest rate, determined by the market, is 4.23 percent, effectively pushing the USD higher and all other currencies lower. And it is not because of “slower Federal Reserve easing” or “geopolitical worries.” The market is saying that the Fed is out of touch with the reality of what borrowing money should cost and is therefore to be ignored. Further, all that “geopolitical worry” is not showing up in the one market that is most sensitive to a potential Middle East war—crude oil prices.
E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.
dicated they would be willing to join the coalition and help the LDP stay in power. The leaders of smaller opposition parties said they had no intention of negotiating with the ruling coalition, but might cooperate on specific policy issues.
“This could create a quagmire regarding the legislative process—a scenario which may not bode well for the yen and the Nikkei, at least in the short term,” said Tim Waterer, the Sydney-based chief market analyst at KCM Trade. The biggest winner in the election is the CDP, which has significantly boosted its seat count from 98 before the vote. CDP leader Yoshihiko Noda said he would seek to take over the government if the coalition loses its majority.
“If we’re in an environment where we can fight for it, of course we should go for Japan’s leadership,” Noda said.
“I’ve said that a change in government is the greatest political reform, and I want to pursue it.”
Ishiba took over the party leadership just last month as the LDP looked to make a clean break from the scandal that had eroded the popularity of former Prime Minister Fumio Kishida.
He barred some lawmakers involved in the scandal from running as LDP candidates in the election, See “Japan,” A15
L. Cabangon Chua
Wall Street and tech royalty fly to Saudi event amid Mideast war
By Matthew Martin
sAudi Arabia will host the biggest names in finance and technology this coming week in a test of investor appetite for the kingdom’s ambitions of transforming itself into a global hub at a time of widening regional conflict.
International executives will have to contend with a region rocked by geopolitical tensions, with the threat of further military confrontation between Israel and Iran at the highest levels in decades. And they will land in a country that is increasingly facing up to the fact that even its vast oil wealth has limits.
But those arriving at the Future Investment Initiative—often dubbed Davos in the desert—seem undeterred, sensing an opportunity to plug into Crown Prince Mohammed bin Salman’s trilliondollar Vision 2030 economic remake. Goldman Sachs Group Inc.’s David Solomon, Citigroup Inc.’s Jane Fraser and BlackRock Inc.’s Larry Fink have become regulars at the Riyadh summit and are set to return this year. Reflecting Saudi Arabia’s focus on technology and artificial intelligence, they’ll be joined by prominent names in those industries. Alphabet Inc. President Ruth Porat and TikTok Inc. Chief Executive Officer Shou Chew are set to speak at the summit for the first time. Benjamin Horowitz, tech entrepreneur and co-founder of venture capital giant Andreessen Horowitz, is also making an appearance.
Wall Street and Silicon Valley have increasingly turned to the oil-rich Middle East as liquidity gets tighter in other parts of the world, especially China. Saudi Arabia itself commands nearly $1 trillion in sovereign wealth, though the Crown Prince wants titans of industry to stop deploying that money overseas and instead help support his domestic ambitions.
yet the backdrop is one of increasing uncertainty.
Saudi foreign policy has recently focused on lowering regional tensions in the hope that a more stable region will bring in foreign capital and technological knowhow. But events of the past year have served as a reminder of how unstable the region can be.
“The impact of regional instability on the prospects for foreign investment is completely negative, with the possible exception of the defense industry,” said Gregory Gause, Professor of International Affairs at Texas A&M University. Capital is “not attracted to conflict regions, even if the country is not an immediate participant in the conflict.”
To be sure, Saudi Arabia is still pushing ahead with its big development plans. Deals worth more than $28 billion are likely to be announced over the next week by executives from around the world, according to Richard Attias, CEO of the FII Institute.
Some of these will focus on AI, including potentially a new fund with Andreessen Horowitz that could grow to as large as $40 billion. The kingdom is also expected to announce a new company that will invest at least $10 billion in making Saudi Arabia a top global producer of hydrogen—a low carbon fuel that could be key to the world’s transition away from burn -
Real property taxation: Classification of taxpayers
TSaudi foreign policy has recently focused on lowering regional tensions in the hope that a more stable region will bring in foreign capital and technological knowhow. But events of the past year have served as a reminder of how unstable the region can be.
ing fossil fuels.
Two exchange-traded funds will make their trading debuts in Riyadh, giving Saudi investors access to Hong Kong stocks—a reflection of the kingdom’s growing ties with China as it looks to boost investment flows with its biggest trading partner. Hong Kong Financial Secretary Paul Chan, and the Commissioner for the Belt and Road, Nicholas Ho, will speak at FII as some of the highest profile speakers from Asia. Still, the regional conflict is undoubtedly weighing on global investor sentiment in the Middle East. Saudi Arabia, the biggest Gulf economy, is feeling some of that.
The number of actively-managed emerging market funds with Saudi exposure had been rising sharply until earlier this year, but stalled at around 56 percent as tensions between Israel and Iran escalated, according to Copley Fund Research. The data show that the number of funds invested in the Saudi stock market fell slightly between March and September this year and that the country is the third-biggest underweight after Taiwan and India.
Coupled with that, Crown Prince Mohammed has had to come to terms with the limits of even Saudi Arabia’s vast financial resources to pay for his ambitions. The government, which is forecasting deficits out to at least 2027, has said some projects will be need to be delayed.
At the same time, the Public Investment Fund, the kingdom’s powerful sovereign fund that the de-facto ruler chairs, is becoming a tougher place for foreign firms to get money out of. An increased focus on domestic projects like the $1.5 trillion Neom has global asset managers fretting that the PIF will have less cash to spend abroad.
“The FII has always been designed as a mechanism for investment into Saudi, however in reality it has been an opportunity for foreign execs to extract financing from the Kingdom,” said Zaid Belbagi, managing partner of political risk consultancy Hardcastle Advisory. “Sold-out hotels at $500-1000 per night are indicative of sustained international interest.”
The organizers of the Riyadh jamboree remain confident, and about 7,000 people have registered to attend this year’s event. That’s higher than the numbers for last year’s summit, which took place days after the current conflict in the region started.
Investors are coming “despite what is happening in the world,” FII Institute’s Attias said. “The show must go on.” Bloomberg
aiming to assert his authority and regain public trust. That left 10 of them running as independents, with two more expelled from the party also standing. Ishiba also stumbled out of the gate after taking the premiership, making several flip-flops on policy stances, including his views on the BOJ’s rate normalization path. “If we lose the majority, we’ll seek the cooperation of as many people as possible,” said Shinjiro Koizumi, the LDP’s election point man after the NHK exit poll. “The LDP must change more radically, reflecting on this harsh judgment.”
fulvio D. Dawilan
Tax Law for Business
he taxation system governing real property transactions in our jurisdiction is among the most complicated. The complication in the rules often leads to disputes between the property owner or taxpayer and the tax authorities. Among the factors causing these confusions are the nature or proper classification of the property, the classification of the taxpayer or seller and the buyer, the type of transaction involved, the tax base for purposes of computing the tax, the determination of the applicable taxes and tax rates, the party responsible for the payment, and the proper timing for the payment of taxes.
We will dissect each of these factors, but for this issue, I will limit the discussion to the imposable taxes in general and the differences in taxation with respect to the classification of the taxpayer involved in sales of properties located in the Philippines. Imposable taxes. There are two types of income tax that may be imposed on sale of real property— the capital gains tax or the ordinary income tax. These types of taxes depend on the classification of the property involved in a sale—whether capital asset or ordinary asset.
Income tax. Capital assets are subject to the capital gains tax while ordinary assets are subject to the regular income tax. For capital assets, capital gains presumed to be realized from the sale of real properties (land or building) is subject to the 6 percent capital gains tax. There is a presumed gain because the tax is imposed not on the gain but on the selling price or fair market value (FMV), whichever is higher. Capital gains tax is a final tax, which means that the seller is not required to file and pay tax again on the related income.
Exemptions and special rules on capital gains tax may apply on spe -
cific transactions, such as the sale by individuals of family homes and sales to the government and governmentowned or controlled corporations.
On the other hand, sale of ordinary asset is subject to the regular income tax rate applicable to the taxpayer. At the same time, the sale is subject to the creditable withholding taxes. The rate of withholding tax depends on the amount of selling price and whether or not the seller is engaged in real estate business. Incidentally, a purchase of real property is the only instance where even individuals not engaged in business are required to withhold. Hence, in practice, it is actually the seller who does the actual remittance of the withholding tax by receiving the full amount of the consideration from the buyer and then remitting the supposed withholding taxes to the tax authority.
As clarified by the Courts, the tax base of the income tax from the sale of real property classified as ordinary asset remains to be the taxpayer’s net income. The taxes withheld are merely advance income tax payments, which are creditable against the income tax due of the seller. Nonetheless, the payment of the
As clarified by the Courts, the tax base of the income tax from the sale of real property classified as ordinary asset remains to be the taxpayer’s net income. The taxes withheld are merely advance income tax payments, which are creditable against the income tax due of the seller. Nonetheless, the payment of the correct amount of withholding tax is necessary in securing the Certificate Authorizing Registration for the transfer of the property to the buyer.
correct amount of withholding tax is necessary in securing the Certificate Authorizing Registration for the transfer of the property to the buyer.
Value-added tax. Sale of ordinary assets is, as a rule, subject to VAT, unless exemption or special rule applies. On the other hand, sale of capital asset is not subject to VAT.
Documentary stamp tax. Classification of properties does not affect the imposition of DST. This tax is imposable on sale of real properties at the same rates for capital and ordinary assets.
Classification of taxpayers. The classification of properties as to capital or ordinary asset is significant only with respect to specific types of taxpayers. The importance of classification of real properties between capital and ordinary asset does not apply to all taxpayers. Specifically, classification is needed for real property owners who are citizens of the Philippines (resident or non-resident), resident aliens, nonresident aliens engaged in trade or business in the Philippines, and domestic corporations. For non-resident aliens not engaged in trade or business in the Philippines, the applicable tax on sale of real property is only the capital gains tax. Regular income tax is
not applicable. For resident foreign corporations, only the regular corporate income tax applies. It follows that the creditable withholding tax should be withheld and not the capital gains tax. Likewise, classification is not necessary for sale of real properties located in the Philippines by non-resident foreign corporations. The final tax of 25 percent should be imposed on their sale. Certainly, capital gains tax and the creditable withholding taxes are irrelevant. The classification of taxpayer can be easily identified. But the classification of the property involved in a sale or other disposition of property presents some complications. We will discuss that in our next issue. The timing for the payment of taxes on real property transactions is another important matter. There are rules prescribed for taxpayers to follow. But some of those are already outdated. I hope our tax authorities will devise new rules that are aligned with the new practices in the industry and in accordance with the mandate of new laws. Included in that is the impact of the Ease of Paying Taxes Act on the timing for reporting revenues for VAT purposes. Like any other taxation rules, non-observance of the real property taxation rules may lead to deficiency tax assessment and delay in the transfer of the title of the property to the new owner. It may even result in criminal offense. Observance of the applicable rules is necessary to avoid these consequences.
The author is a managing partner of Du-Baladad and Associates Law Offices (BDB Law) (www. bdblaw.com.ph), a member-firm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at fulvio.dawilan@ bdblaw.com.ph or call 8403-2001 loc 310.
As US vote nears, Ukraine’s allies worry about what comes next
By Ellen Milligan, Alberto Nardelli & Daryna Krasnolutska
RussiA continues a slow, grinding advance across the entire frontline in ukraine as a close us election looms whose result will have major repercussions for Kyiv’s ability to fight back.
Moscow’s army will still be able to achieve tactical gains on the battlefield despite new record losses, said western officials who declined to be named while discussing sensitive information. Russia now suffers around 1,200 casualties in Ukraine every day, National Security Council spokesperson John Kirby said on Monday.
Russian troops continue to push forward in the eastern Donetsk region, whose control remains Moscow’s immediate strategic goal. The stronghold town of Vuhledar recently fell to Moscow, while the logistics hub of Pokrovsk is increasingly in jeopardy. Ukrainian soldiers are also gradually losing ground in Russia’s Kursk region, where they launched a surprise incursion in August.
After more than 1,000 days of brutal fighting, the US election marks a watershed moment for Ukraine. Officials in Kyiv and around Europe are concerned that a victory for Donald Trump could see Ukraine forced into a painful settlement that would allow President Vladimir Putin to consolidate his hold on the country’s territory.
While President Volodymyr Zelenskyy has pledged to keep fighting, the harsh reality is that his exhausted military is heavily reliant on US
Ishiba’s challenge will likely be made harder by demands that potential partners might make as the price of cooperation. For example, the conservative Democratic Party for the People is ideologically close to the LDP but wants the sales tax cut in half and income tax allowances increased.
“If the LDP needs other parties,
aid. Some of Ukraine’s allies have already started to talk about how the war might end.
If Trump, who has said he would have the conflict “settled” before even taking office, is elected and makes good on his threats to shut off support, Ukraine options will narrow dramatically. But even if Kamala Harris wins, the US will probably struggle to get significant financial support through Congress, said western officials who declined to be named discussing sensitive issues.
Kyiv already got a taste of what a slackening in support might look like. Infighting in the US delayed the approval of a multi-billion dollar aid package for six months, in a blow to Ukraine, which lacks ammunition and manpower. Moscow continues its attacks on the country’s energy and critical infrastructure, which Kyiv worries will cause massive blackouts and disruption to heating as the cold season sets in.
Alongside air dominance, Russia maintains significant ammunition advantages over Ukraine. Its manpower outnumbers Kyiv’s at a ratio of three to one, likely recruiting about 30,000 new personnel a month, said one western official. Moscow also bolstered its forces with thousands of North Korean troops, according to
what can Ishiba give to them?” said Rintaro Nishimura, a Japan associate at The Asia Group, an advisory firm. “Other parties may feel there’s no merit in helping out a sinking ship.”
Russian troops continue to push forward in the eastern Donetsk region, whose control remains Moscow’s immediate strategic goal. The stronghold town of Vuhledar recently fell to Moscow, while the logistics hub of Pokrovsk is increasingly in jeopardy. Ukrainian soldiers are also gradually losing ground in Russia’s Kursk region, where they launched a surprise incursion in August.
Ukrainian and South Korean intelligence assessments.
US officials are concerned, but less pessimistic than other allies about the state of play on the battlefield.
Senior US officials earlier in October said they expected Ukraine to be able to hold onto the territory in Russia’s Kursk region for at least several months, noting that Kyiv is seeing a steadier supply of ammunition.
That may be enough for Ukraine to hold the line, but it may not be enough to win.
Zelenskyy recently pitched his socalled victory plan, which he says is aimed at forcing the Kremlin to negotiate and avoid freezing the conflict along current frontline. He said Ukraine is working on securing more military aid and permission to use western-made weapons for strikes inside Russia, but added that much depends on the outcome of the US elections.
Even if Ishiba secures enough support to stay on as prime minister, the expected outcome will complicate his ability to pursue policy goals such as ramping up funding for regional growth and raising taxes to pay for increased defense spending. A lost coalition majority might push him toward more populist measures, like additional welfare spending or even tax cuts.
‘May not work any more’ Ky IV is looking for enhanced air defenses and support from neighboring countries to down Russian missiles and drones which approach their airspace, as well as the ability to degrade Russia’s offensive capabilities in occupied territories. Ukraine needs more equipment for its brigades; Germany and France are aiming to provide equipment for at least two, Zelenskyy has said. Kyiv also seeks assistance in developing its own long-range strike capacities, to which the US has already pledged $1.6 billion.
As part of the plan, Ukraine would also seek to continue advancing in the Kursk region with the aim to influence public opinion in Russia, said people familiar with the issue.
“Russia will keep the initiative, not counting the losses, and will use its possible local successes on the battlefield to press Ukraine inside the country and to press our partners,” said Mykola Bielieskov, a researcher at Kyiv’s National Institute for Security Studies.
“The model under which the west provides ammunition and Ukraine provides manpower may not work any more,” said Bielieskov. “While the US has always said there will be no American troops on the ground, we are approaching the moment when such need may arise from our partners because Ukrainian resources are not unlimited.” With assistance from Andrea Palasciano, Natalia Drozdiak and Aliaksandr Kudrytski /Bloomberg
“There are strong calls within the opposition parties for expansionary fiscal policies as well as consumption tax cuts, so I think the LDP may be pulled in that direction,” said yuichi Kodama, economist at Meiji yasuda Research Institute. “If the supplementary budget includes generous subsidies for price relief measures, there’s a good chance it will be oversized and long-term issues like fiscal consolidation will be delayed.” With assistance from Umesh Desai, Takashi Hirokawa, Go Onomitsu and Yuko Takeo/Bloomberg
Duterte insists war on drugs was meant to protect people
By Samuel P. Medenilla @sam_medenilla & Butch Fernandez @butchfBM
N unremorseful former
APresident Rodrigo R. Duterte stood by his conviction before a Senate hearing on Monday that the war on drugs during his administration was necessary and that he will take full responsibility for it, but pressed later in the day by a senator on whether he was willing to be accountable for deaths ruled by the courts as wrongful, said “guilt is personal” and not transferable.
“Do not question my policies because I offer no apologies, no excuses. I did what I had to do and whether you believe it or not, I did it for my country,” Duterte said in a prepared speech at the first hearing of the Blue Ribbon Committee on the Philippine War on Illegal drugs.
The opening speech was delivered smoothly, but his subsequent exchanges with certain senators at the hearing, presided over by Minority Leader Koko Pimentel, were punctuated by frequent cursing and, at one point, raising of voices, for which he apologized.
Duterte said in his opening speech the aggressive campaign was
necessary to stop the spread of illegal drugs, which he said continues to destroy the lives of many Filipinos.
“The war on illegal drugs is not about killing people, it is about protecting the innocent and the defenseless,” he said.
The former President claimed that drug-related crimes are once again rampant after his term.
“It is unfortunate that drugrelated crimes are on the rise again. Every day you can read about children being raped, people getting killed and robbed. And just recently a drug den was raided within the Malacañang complex. This clearly manifests that the purveyors of this menace are back in business,” Duterte said, drawing reactions from Executive Secretary Lucas Bersamin and Justice Secretary Jesus Crispin Remula. Story in A5 News, “Palace, DOJ refute Duterte claim of rising crime cases.”
He reiterated that he ordered the police to defend themselves by shooting drug suspects who resist arrest.
“Repel the aggression only in selfdefense. Do not make orphans of your children and widows of your wives. I don’t want that in my conscience as mayor and president,” Duterte said.
The Senate is currently conducting a hearing on the drug war of the Duterte administration, which
killed at least 6,000 people, according to government records.
Duterte said he is willing to be held accountable for the incidents related to the anti-illegal drug campaign during his administration, but he reiterated under his administration he made sure the police and other operatives were kept in check so they will not be able to abuse their authority.
“For all of its successes and shortcomings, I and I alone take full legal responsibility. For everything that the police have done pursuant to my order, I will be responsible and I will be imprisoned,” Duterte said.
In the afternoon, however, he became testy when Deputy Minority Leader Risa Hontiveros asked him if he was, therefore, assuming “responsibility for the death of Kean de los Santos,?” referring to the 17-year-old student from Caloocan gunned down by cops who claimed he is a drug suspect who fought back. The police were convicted for his killing and the court ruled the evidence was planted.
Hontiveros also listed several other young men who suffered similar fates, and asked him again if he was taking responsibility for their deaths, to which Duterte replied, now sounding irritated, “Guilt is personal. Hindi mo puedeng ipasa sa iba iyan.”
His voice slightly rising, he told Hontiveros, “you’re trying to pin me
down…do not pin me down on semantics.” To which the senator explained that “my point was to ask if his policy caused the deaths” of the boys she listed.
Blue Ribbon subcommittee chair Pimentel suspended the hearing, after which a calmer Duterte said he had raised his voice because he was “excited,” it being his first time to appear in the Senate. Addressing Hontiveros, he said it was “nothing personal.”
The former President said he welcomed the ongoing Senate hearing on the issue since it allowed him to come out with his position on the matter now that he is a private individual.
He also called on senators not to treat him as a former President or a friend, but just like any other witness in their hearings.
Duterte, De Lima, face off THE Senate Blue Ribbon Committee, through the Pimentel-led panel, mounted the motu proprio inquiry into the Duterte-era war on illegal drugs at the behest of Public Order committee chairman Sen. Ronald “Bato” dela Rosa, who had been named in an earlier House inquiry for his role as the chief implementor of the war on drugs, when he was Duterte’s National Police chief.
See “Duterte,” A2
By Reine Juvierre S. Alberto
WOMEN’S organizations and gender-equality initiatives remain underfunded, undermining international agreements intended to advance women’s role in peace-building, according to Foreign Affairs Secretary Enrique Manalo.
“Financing is a lifeline for all efforts to advance the women, peace and security agenda worldwide,” Manalo pointed out in his opening speech at the International Conference on Women, Peace and Security held at the Philippine International Convention Center in Pasay City.
Despite international commitments, Manalo said only 5 percent of bilateral aid to conflict-affected regions in 2021 and 2022 was dedicated to gender equality, significantly below the United Nations’ target of 15 percent.
To fill in the lack of financial support, Manalo said innovative financing mechanisms are crucial for this to be achieved.
The aid could also support the implementation of national action plans on women, peace and security, which integrate a gender approach across all stages of the peace process, in over 100 countries.
“For the Philippines, it has been clear that financing gender-responsive peace-building efforts is critical to the success of peace and development programs,” as reflected in the 4th National Action Plan on Women, Peace and Security, he said.
Gender budget tagging
MEANWHILE , Budget Secretary Amenah F. Pangandaman highlighted that the country is at the “forefront” of gender budget tagging.
Since 1995, the Philippines has been tagging its budget as reflected through a provision in the General Appropriations Act (GAA).
Included in the GAA is the gender and development budget policy, outlined in the Magna Carta for Women passed into law in 2009, which serves as a legal mandate for all national government agencies, government corporations and financial institutions and local government units to allocate at
least 5 percent of their yearly budget for gender and women empowerment programs and projects.
About 65 percent of government agencies have been complying with the law, according to Pangandaman.
As such, Pangandaman said the Department of Public Works and Highways (DPWH) was allotted P4 billion for infrastructure that is genderresponsive. It also received P480 million in 2024 for the same purpose.
In terms of the share of gender and development in the national government’s budget, Pangandaman said it grew from 3 percent in the previous Duterte administration to as much as 16 percent in the present Marcos administration.
Data from the Department of Budget and Management (DBM) showed that P83 billion was tagged for social protection for survivors, including gender and development, internally displaced persons and disaster relief assistance for 2024.
The budget was 8.9 percent higher than the P76.2-billion allocation in 2023. However, this only accounts for 1.4 percent of the P5.768-trillion national budget for 2024.
“We are happy with that development. However, there are still a lot of issues that we have to look into [such as] the taxonomy and how to actually enumerate and identify what kinds of projects and programs have to be tagged as women and gender budget,” the Budget chief added.
Gender budget tagging aims to ensure that government resources are effectively and efficiently utilized to support gender-responsive policies and programs.
The conference is the first ministerial-level event on women, peace and security. It convened around 700 participants, with seven ministerial levels and parliamentarians, from 84 countries to share strategies and best practices for advancing women’s roles in peacebuilding. The three-day event was organized by the Philippine government in collaboration with international and local partners.
It aims to strengthen international commitments and address key issues in women’s roles in cybersecurity, health security and climate resilience.
TBy Andrea E. San Juan @andreasanjuan
HE Philippine Competition Commission’s (PCC) competition impact assessment (CIA) team has found that “stringent” importation requirements for certain species of fish could result in reduced supply, limited choices for consumers and an uneven playing field in favor of institutional buyers.
“The CIA highlighted possible competition concerns arising from the implementation of Fisheries Administrative Order [FAO] No. 195-99 and FAO No. 25918, which outline the rules and regulations for importing fresh/
chilled/frozen fish and fishery/ aquatic products,” PCC said in a statement on Monday.
“The CIA Team cautioned that stringent importation requirements for certain species of fish could result in reduced supply, limited choices for consumers, and creation of an uneven playing field in favor of institutional buyers,” the country’s competition watchdog also noted.
PCC laid these out as it convened a Strategic Policy Dialogue (SPD) with the National Fisheries and Aquatic Resources Management Council (NFARMC) on October 2,2024 to discuss the findings of its CIA team on fish importation regulations.
“Having a sufficient blood supply is vital in any calamity to ensure that blood transfusions for cancer patients and those undergoing surgeries can continue. As we augment blood
The PRC is the leading blood
in the country, collecting 538,769 blood units,
He assured the public that PRC’s blood augmentation efforts will help provide life-saving medical aid, as hospitals and health centers in Bicol may be incapacitated due to damage to their facilities or lack of resources.
Through the lens of the country’s Agriculture agency, Department of Agriculture (DA) Undersecretary for Fisheries and NFARMC Chairperson Drusila Esthey E. Bayate cited the agency’s ongoing efforts to improve fish importation regulations.
“One key revision in FAO 195 is the adoption of digital reporting to facilitate the efficiency and transparency of the regulatory process,” PCC said, adding that the NFARMC is looking into the possibility of “liberalizing” the current fish importation policy.
Moving forward, PCC and NFARMC have agreed to advance discussions on competition policy in the sector.
In addition, PCC said both parties will be collaborating through research initiatives to “foster innovation, sustainability, and fair market practices.”
The dialogue between PCC and NFARMC followed a dialogue with the DA-Bureau of Fisheries and Aquatic Resources (DA-BFAR) held on July 10.
The PCC said it initiates SPDs to “address crucial competition policy issues within various sectors.”
“These dialogues aim to assess the competitive implications of regulatory frameworks and propose recommendations to enhance market competition and economic efficiency,” the country’s competition watchdog added.
Editor: Jennifer A. Ng
Weak Q3 performance fails to dent AEV 9-mo. income
By VG Cabuag @villygc
Conglomerate aboitiz equity Ventures Inc. (aeV) said its net income in January to September reached P18.8 billion, some 4 percent higher than last year’s P18 billion.
For the third quarter alone, its net income fell 4 percent to P7.3 billion, from the previous year’s P7.6 billion.
Power accounted for 64 percent of the total net income contributions for the nine-month period, while banking and food and beverage units each accounted for 19 percent.
Net income contribution from real estate was at 4 percent and while that of infrastructure contracted by 4 percent.
“Our third-quarter results re -
flect not only the strength of our diversified businesses but also the positive momentum we are seeing in the broader economy. With inflation moderating and recent rate cuts providing relief, we are optimistic about the opportunities ahead.
t hese improving macroeconomic conditions will allow us to continue to create long-term value for our stakeholders and to contribute to the economic growth of our coun-
try,” a EV President and CEO Sabin m aboitiz said.
aboitiz Power Corp.’s net income contribution to a EV for the nine months amounted to P14.5 billion, 4 percent higher than the P13.9 billion last year.
Net income contribution from Union Bank of the Philippines rose by 4 percent to P4.2 billion in January to September from last year’s P4 billion.
aboitiz Land Inc. reported a consolidated net income of P521 million during the nine-month period, 27 percent lower than the previous year’s P716 million. t his was primarily due to the higher operational expenses and overhead costs and asset monetization in 2023.
Net income contribution from the food and beverage segment, which includes Pilmico Foods Corp., Pilmico a nimal Nutrition Corp. and Pilmico International Pte. Ltd., which houses Gold Coin management Holdings Pte. Ltd., and Coca-Cola Beverages
Philippines Inc., reached P4.2 billion. t his is more than eight times higher than the P499 million recorded during the same period in 2023. t he performance of the segment was primarily driven by the aboitiz Foods’ Flour and a gribusiness divisions, which continued to benefit from stabilizing commodity prices and fresh contributions from Coca-Cola, where a EV acquired a 40 percent stake in February.
aboitiz InfraCapital Inc. recorded a net loss of P148 million, a reversal of the P1.4 billion profit recorded in the same period in 2023, which included a one-time gain of P1.2 billion. a EV’s share in republic Cement and Building materials Inc.’s loss for nine months amounted to P726 million. t his was higher than its share of losses during the same period in 2023, which amounted to P592 million, as sales volume and selling prices continued to decline year-onyear due to weak market demand for cement.
Wilcon earnings fall on soft sales
WILCON Depot Inc. on monday said its income fell by 22 percent to P2.11 billion in January to September from the previous year’s P2.72 billion on softer demand for its home improvement products.
Lorraine Belo-Cincochan, company president and CEO, said weak demand for its finishing construction supply persisted through the third quarter. She also said the “incessant rains” and bad weather did not help, as this tends to postpone or delay construction projects.
“We’re nearing completion of our 100-store target, we now have
Report scams, Smart tells consumers
Smart Communications Inc. said on monday it is intensifying its crackdown on Sm S scams, warning customers to remain cautious of unsolicited messages, especially those containing links.
Smart VP and Head of r egulatory a ffairs r oy Ibay warned consumers of scams, urging them to report these to its dedicated HULISC am portal for prompt action.
Ibay said recent investigations reveal scammers’ use of “fake cell towers” to bypass telecommunications safeguards, allowing fraudulent messages to reach mobile users.
“We are actively collaborating with the National telecommunications Commission and the Cybercrime Investigation and Coordinating Center to ramp up efforts to clamp down the illegal use and importation of these fake cell towers. t hese scammers had to circumvent the network safeguards that we have in place, so they have resorted to these illegal machines to continue victimizing people through phishing and other similar fraudulent activities,” he said.
Using these rogue towers, scammers bypass the usual telco network safeguards to deliver SmS messages directly to users. Lorenz S. Marasigan
Toyota seen cornering chunk of auto market
By Andrea E. San Juan @andreasanjuan
TO y O ta vehicles will account for close to half of the local auto industry’s sales by yearend as interest rate cuts and slower inflation will stimulate demand for its cars, according to toyota motor Philippines ( tm P)
President m asando Hashimoto.
“So, toyota will be selling more than 200,000…close to half of the market. t hat’s what we are aiming for by the end of this year,” Hashimoto told reporters on the sidelines of the 9th Philippine International motor Show last week.
units in January to September. t his is 10.3 percent higher than the 144,232 units sold in the ninemonth period in in 2023.
98 stores and we expect to open our 100th branch before the end of the year. While expansion-related expenses have been the major drag on net income, we still believe that we have to be well-positioned to capture more market share as customer preference even for planned purchases has been trending toward convenience and accessibility especially since the pandemic,” Cincochan said. Net sales for the period fell 1 percent P25.68 billion from the previous year’s P26.34 billion.
For the third quarter alone, its income slid by a third to P607.65 million from the previous year’s
P907.97 million. revenues declined by 3 percent to P8.57 billion from the previous year’s P8.88 billion.
In the third quarter, the company opened three new stores— one in the Visayas and two in Luzon—bringing the total number of branches to 98.
On a per format basis, sales from the depot-format stores reached P24.65 billion, comprising 96 percent of total net sales. t his was lower by 1 percent year-on-year.
Sales from new depots contributed an additional 4 percent to the nine-month sales. Same-store sales, however, declined by 5.8 percent year-on-year.
t he smaller format, Do-It-Wilcon, which includes the original Home Essentials stores, recorded net sales of P738 million, growing by 34 percent year-on-year. t his was contributed mainly by new DoIt-Wilcon stores.
Same-store sales for the format declined by 4 percent, traced mainly to the lower sales of old Home Essentials stores.
t he remaining 1 percent of total net sales was accounted for by project sales or sales to major institutional accounts, which amounted to P294 million, with a P75 million or 20 percent yearon-year decrease. VG Cabuag
‘Travelers shifting to forward booking’
By Lorenz S. Marasigan @lorenzmarasigan
ANEW travel trend is emerging among Filipino travelers: forward booking, a practice of planning trips far in advance to maximize cost savings.
a ira sia Philippines CEO r icky
Isla said the carrier has observed this shift, as more travelers are prioritizing early bookings to secure lower fares for future travels. In response, the carrier is kicking off November with its highly anticipated Piso Sale, running from November 2 to 10. t his promotion offers domestic and international one-way base fares at just P1.
“Forward booking is the new trend in travel. travelers are now
aware that huge savings is attainable if trips are planned effectively,” Isla said.
a s of October, taipei, Bangkok, Narita, Incheon, and Osaka, remain the top 5 of choice for international travel, while Cebu, Boracay, Iloilo, tacloban, and Bohol remain the most booked for domestic travel among all a ira sia routes.
meanwhile, Isla said the carrier is expecting a significant increase in passenger volume at the Ninoy aquino International a irport (Naia) terminal 2, as three additional airlines are scheduled to transfer their operations to the terminal beginning November 5.
t his shift is expected to double the passenger count at terminal 2, making it essential for travelers
to plan their airport journeys with added caution.
“With the expected surge of passenger volume at terminal 2, we advise our guests to adequately plan their trips to the airport. t hey must also factor in road repairs and weather conditions that may cause flooding in the major thoroughfares.” to ease the check-in process, a ira sia Philippines is urging passengers to take advantage of the airline’s digital check-in options via the a ira sia mOVE app and the website airasia.com.
For those traveling light, selfcheck-in kiosks are also available within the Naia terminal 2 departure area, allowing guests to bypass long lines and minimize their time spent in the terminal.
t he tm P chief said the company expects consumers in the Philippines to buy more cars in the remaining weeks of 2024 due to the rate cuts implemented by the Bangko Sentral ng Pilipinas, slower commodity price increases, and higher remittances from migrant Filipinos.
“( t hese developments) will support the local auto industry,” Hashimoto said.
He also noted that local auto industry will sell 500,000 units by the end of 2024. “ t he automotive market itself expanded here in the Philippines. t he market size will be leading very close to 500,000 this year. Precisely, we are expecting 476,000 in a year.”
Latest data from the Chamber of a utomotive m anufacturers of the Philippines, Inc. indicated that toyota motor Philippines Corp. continued to dominate the local car market as it was able to sell 159,088
Despite this, toyota said local auto makers will continue to need the support of the government. a s an automotive brand, we want to balance the optimal—the best balance between the import and local production,” Hashimoto said. He said toyota’s local plant is producing over 60,000 units of cars for this year. t his, he said, is being supported by the Comprehensive a utomotive r esurgence Strategy (C ar S) program.
t he C ar S program is a government stimulus program that aims to revive the country’s declining manufacturing sector by specifically targeting the automotive industry, given its strong linkages to other industries and its so-called multiplier effect.
toyota’s Vios model is currently enrolled in the program alongside m itsubishi’s m irage model. a ccording to Executive Order 182 issued by the late President Benigno S. a quino III in 2015, brands participating in the program should produce at least 200,000 vehicles per enrolled model within six years to qualify for fiscal support from the government. (See: https://businessmirror.com.ph/2024/10/28/ campi-govt-must-support-localauto-manufacturers/) a s for its imports, Hashimoto said the company is getting support from the government through tariff cuts.
Banking&Finance
BTr bags ₧20B from T-bills, meets Oct goal
By Reine Juvierre Alberto @reine_alberto
THE Bureau of the Treasury (BTr) raised this month a total of P100 billion through the issuance of Treasury bills (T-bills) amid the increasing interest rates of shortterm debt papers.
On Monday’s T-bills auction, the Treasury fully awarded the 91-day, 182-day and 364-day government securities amounting to P20 billion, which completes the BTr’s programmed borrowings for October. The auction was 2.8-times oversubscribed as demands for T-bills reached P56.046 billion, nearly 65 percent of which (P36.046 billion)
Breaking the ‘Savers are losers’ mentality
SOME time ago, I received a tempting offer from an organization that talks about losers. At first, it seemed to me that the message made a lot of sense. After a short ponder, I had a change of thought.
It is because the message is proclaiming that “Savers are Losers!”
The first series of questions that popped out of my mind were:
1. Are savers really losers? yes 2. Can savers become winners? Definitely!
The two answers may seem to disagree with each other; but with the discussion below, we will see there is no contradiction.
As we all know, saving money is the hardest thing to do as our minds were conditioned to crave for instant gratification. A change of mindset and a lot of discipline is a must for our first step in our quest to win. Study the ants and apply it to the way you save.
If you keep your money in a piggy bank or in your safety box, the statement “Savers are Losers” holds true. It is because money does not grow over a period of time. Inflation also eats up the purchasing power of money saved. It would be logical to spend the money now since it will not have a higher value in the future to cope up with rising costs. How can savers become winners then? By saving the right way!
The only way to do that is to shift from being savers to being investors. Money saved should be put to work 24/7 through proper “investment.”
Remember that you cannot invest what you do not have. So by saving first, you can accumulate enough fund to start your investment. There are various ways and vehicles to create, invest, and grow money. Start by:
1. Investing in yourself. Be healthy so that you can continuously earn income actively and passively. By being healthy, you avoid monstrous medical costs.
2. Invest in time. Time is money so it pays to start investing early on. Make use of the power of leverage and power of compounding interest. Time can be your best friend or worst enemy. Make time work for you.
3. Invest in education. Be up to date in financial information through attending seminars, reading books and morning papers. Surf the Internet for information. There are many blogs that are full of information to help upgrade your knowledge. Go and network with people who share your passion and beliefs. If you want to be rich, look for the righteously rich and make them your mentor.
4. Invest in assets. Look for assets that can make your money work for you. Assets can be in the form of real estate, paper assets, your talent and craft, precious metals, etc. Just make sure that you do not mistake an asset with a liability.
5. Invest in business. Put up a business of your expertise. Not all business succeeds; but with hard work, dedication and sacrifice, success is just nearby. Just follow the
was rejected by the Treasury.
The average interest rate for the 91-day tenor continued to increase by 1.23 basis points (bps) to 5.586 percent from 5.463 percent in the previous auction on October 21. Rates ranged from a low of 5.480 percent to a high of 5.674 percent.
The Treasury accepted P6.5 billion of the total P14.516 billion bids tendered as the government programmed P6.5 billion for its sale of 91-day T-bills.
Average yields for the 182-day Tbills also went up to 5.752 percent, 0.21 bps higher than the 5.731 percent interest rate in last week’s auction. The lowest rate for the tenor settled at 5.740 percent while the highest was at 5.770 percent.
principle of taipans like Henry Sy, Lucio Tan and John Gokongwei who made it big from scratch.
If there are no savings, would the investments mentioned above become possible? A lot of problems can be avoided with savings. Without savings, the people would have turned to debt to solve their financial problems with another problem.
The next sets of questions that came out were:
1. What was the purpose of the sender with that message?
2. Was it to inform or educate me on money matters?
3. Was there truth to the statement?
4. Was the message aimed to encourage me not to save but instead to spend it all?
5. Was it made to lure me to their orientation and then to sweet-talk me into “investing” my hard-earned money in their consumption-based business offering?
In my opinion, the main objective of the message is to condition the mind into believing that I, as a saver, am a loser; and that I have to do what they preach to become a winner. There is the possibility that the source of the message is either broke or is in the verge of bankruptcy. It gradually dawned upon me that if I do not save and do what they say, I will be only making them rich at my expense. I am also helping them prove to everybody that their theory works when in fact I was only made to consume their products that I do not need. Then the cycle continues. This will be a predator-prey relationship. Conclusively, the message can be treated as garbage.
If you were the recipient of the message, how would you have responded? Take note that in the Bible, Matthew 24:4, Jesus talks about religious deceptions. The warning can also hold true in the world of finance. There are groups that claim to give “salvation” from financial mess, but are actually “financial fallen angels” disguised as “financial guardian angels.” Before taking any action, critical thinking is a must especially in dealing with your financial decision. The winner is always part of the answer; the loser is always part of the problem. The winner has a dream; the loser has a scheme. The winner sees possibilities; a loser sees problems.
Are savers winners or losers? you be the judge.
Edmund Lao is a Registered Financial Planner of RFP Philippines. His views in this column do not necessarily reflect those of the BusinessMirror’s. To learn more about financial planning, attend the 109th RFP program this January 2025 and inquire at info@rfp.ph.
Demands for the 182-day govern-
ment securities reached P20.170 billion as against the P6.5 billion offer, which was awarded.
Meanwhile, investors’ asking yields for the 364-day debt papers grew by 0.65 bps to 5.751 percent from the previous interest rate of 5.686 percent. The rate settled between 5.650 percent and 5.770 percent.
The auction committee accepted P7 billion of the total P21.360 billion bids tendered as the government programmed P7 billion for its sale of 364-day T-bills.
According to Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort, the demand for T-bills were swayed by investors locking in yields for the short-term
Sdebt papers ahead of the expected interest rate cuts in the coming months by the United States Federal Reserve (Fed) and local monetary authorities.
Ricafort also noted that average T-bills yields continued to correct higher for the fourth straight week after the sharp declines in the two weeks since the reserve ratio requirement (RRR) cuts effective in October.
The RCBC executive also cited that recent economic developments affected interest rates such as higher import costs and inflation. The latter two Ricafort pinned on the weak performance of the peso and the possible return of Donald Trump in the White House. A Trump victory, he said, could possibly born a trade war.
According to Ricafort, these fac-
tors may partly lead to more cautious signals on how the Fed would behave in the near future. The rate cuts could be slow-paced or be more gradual amid better-than-expected US economic data, he explained. Fed Fund Futures, priced in about 43 bps or less than two 25 bps more Fed rate cuts in 2024, with a 94 percent possibility of a 25 bps Fed rate cut by November 2024.
The government aims to raise P2.570 trillion this year, following a mix of 75:25. About P1.923 trillion will be raised domestically while P646.084 billion will come from foreign sources. Government borrowings amounted to P1.875 trillion as of end-September 2024, according to the Treasury.
By Butch Fernandez @butchfBM
ENATE President Francis “Chiz” G.
Escudero expects to see intense scru-
tiny on the flood control programs of the government when the Senate begins next week its plenary debates on the proposed P6.352-trillion national budget.
With so many parts of the country devastated by the onslaught of Tropical Storm Kristine (international name: Trami), Escudero is certain the flood control budget will be a hot topic when the Senate takes up the appropriations of agencies such as the Department of Public Works and Highways, the Department of the Interior and Local Government, the Department of Social Welfare and Development and the Department of National Defense-Office of Civil Defense.
“Flooding is not a modern-day phenomenon. It has been with us before the birth of the republic. Every administration has its own ‘Great Flood’ to contend with,” the Senate Chief said.
“We have geographical handicaps to begin with. [The country is located in a] typhoon alley. Daanan tayo ng bagyo. [Typhoons pass our territory.] [And] we have a high annual rainfall—both a curse and
a blessing,” he added. “Maaring buenas kung tama lang; malas kung sumobra.” [An adequate rainfall makes us lucky; unlucky if its excessive.]
In this era of climate change, Escudero notes that typhoons are getting “more frequent, fiercer and fickler than before.”
“Even Mindanao has lost its status as typhoon free,” he said.
The senator said one reason for such “is that human development has encroached on natural flood plains, [which are] ‘No Go, No Build’ zones.”
“But population pressure on housing has forced us to roll the dice on that; kaya tinayuan ng nga bahayan,” he said. [Houses, hence, were built.]
Forest denudation has also contributed to the problem. And, Escudero said, when the trees that intercept and absorb rain are gone and communities now stand in their place, “this is what we call a perfect storm.”
“Theoretically, rising seas and higher flood waters must lead to rising appropriations and a higher budget for climate adaptation, of which, I must emphasize, flood control is but one component. [Hence, the country’s budget is] unique,” Escudero said. “Disaster is becoming a de facto macroeconomic assumption. That
By Cai U. Ordinario @caiordinario
Sy-LED BDO Unibank Inc. (PSE: BDO) posted a double-digit growth in its net profit in the January-toSeptember period this year on the back of its intermediation and fee-based service businesses.
In a disclosure to the Philippine Stock Exchange, BDO said its net profit grew 12 percent to P60.6 billion in the 9-month period of 2024.
Data from BDO’s financial report showed its net profit in the third quarter grew 13.22 percent to P21.225 billion in the third quarter of 2024 from P18.746 billion.
“BDO remains well-positioned to capitalize on emerging opportunities and sustain long-term growth and profitability with its strong business franchise, solid balance sheet and extensive distribution network,” the bank said.
Non-Interest Income rose strongly by 16 percent year-on-year ( yoy ) due to the
is a given in the world’s most calamity prone nation.”
AData from the Philippine Atmospheric, Geographical and Astronomical Services Administration revealed that a total of 11 tropical cyclones entered the Philippine Area of Responsibility last year. The average amount of rainfall was pegged at 2,777.4 millimeters.
According to Escudero, even if the budget is anchored on fundamentals, there’s something called “budget sensitivity index.” He added that the rise in inflation, weakening of the peso and growth in gross domestic product impact revenues and expenditures.
“Ganyan din ang mga kalamidad: it moves the needle on how much we spend more and collect less,” Escudero said.
Under the 2023 national budget, P291.2 billion out of the P1.46 trillion total infrastructure outlay or 19.86 percent went to flood control projects. This went up to P353 billion this year or 23.36 percent of the P1.5 trillion spending for infrastructure.
Bulk of the funding went to the DPWH at P282 billion and P351 billion for 2023 and 2024, respectively. For 2025, the proposed budget for flood control under the DPWH amounts to P303
SSS OIC This photo courtesy of the Social Security System shows SSS Executive Vice President for the Branch Operations Sector Voltaire P. Agas who was named by President Ferdinand R. Marcos Jr. as the Officer-in-Charge of the state-run pension fund “to ensure the continuous and effective delivery of public service to its members, pensioners, and their beneficiaries.” Agas’s designation was announced through a memorandum signed by Executive Secretary Lucas P. Bersamin dated October 17.
billion, representing close to 34 percent of its total appropriations.
“Moving forward, however, we will not only exact accountability but also make sure the 2025 budget will provide preventive measures to avoid a recurrence as well as adequate rehabilitation and response in case of a similar calamity in the future,” Escudero said.
“Smart spending has a bias for durable projects, not adhocracy or bandaid solutions [that are] seasonal [in the application of cures]. We should build for the next generation, not for the next elections,” he added.
The Senate President gave credit to the administration of President Ferdinand R. Marcos Jr. for responding with higher budgets for flood mitigation.
The question is, Escudero said, are these budgets enough in changing times?
[“Ang tanong, sapat ba ang ito upang rumesponde sa nagbabagong panahon?’]
“Is the [Marcos] administration merely implementing a catch-up plan that will erase the collective neglect on flood management by previous administrations?” he added.
Escudero said that “disaster response should not depend of people’s resiliency alone, but also on government response.”
RCBC
THE Rizal Commercial Banking Corp. (RCBC), through its remittance service “Telemoney” platform, is eyeing to expand its operations in Asia Pacific, Europe, and North America to address the financial needs of overseas Filipino workers (OFWs).
In a statement, RCBC said “Telemoney” noted an increase in demand for financial services for OFWs because of a growth in deployment in these regions.
RCBC asserts its remittance platform provides secure and efficient transfer of funds from OFWs to their families here in the Philippines. These services, the bank noted, are also available at competitive rates.
growth in fees and service charges, Treasury and forex gains and income from insurance operations.
The bank also said its gross customer loans increased 13 percent yoy on the back of loan growth recorded across all market segments.
The country’s largest lender in terms of assets also said total deposits rose 10 percent yoy. Its CASA deposit ratio “remained steady” at 69 percent on a quarteron-quarter basis.
Meanwhile, asset quality improved with Non-Performing Loan (NPL) ratio declining to 1.82 percent. BDO said its NPL coverage increased to 178 percent. Shareholders’ equity strengthened 13 percent yoy on continued profitable operations, with book value per share growing 13 percent yoy to P106.48.
On Monday, BDO shares increased 0.19 percent to P160 per share from the P159.70 per share price posted in October 25. The share price on Monday is below its 52-week high of P169 per share.
“As RCBC enters these new markets, the competitive landscape has shifted with the entrance of fintech companies and traditional banks,” RCBC Head of Transaction Banking Group Martin Roberto G. Tirol said.
“However, RCBC is prepared to leverage its technological capabilities, offering competitive foreign exchange rates, lower transaction fees, and faster transfer times,” Tirol added.
As part of its ongoing effort, RCBC said it will continue to offer some of the best rates available, along with 24/7 customer service to address concerns and queries efficiently.
The bank has also shifted from manual, branch-based account opening processes to a fully digital Bank-from-Home Online Onboarding system, which is available in 35 countries.
“This simplified process allows for more convenient and faster account openings for
overseas Filipinos, eliminating the need for tedious documentation and face-to-face visits,” Tirol said.
To further enhance customer service, RCBC has invested in its own dedicated Telemoney customer service team, focusing solely on serving the remittance needs of OFWs.
Moreover, the bank is also prioritizing partnerships with digital-first remittance companies, ensuring faster and more efficient processing of transactions. This will provide OFWs seamless account management solutions.
In April, RCBC entered into a partnership with Japan’s pioneering fintech and remittance firm Digital Wallet Corp. as part of the expansion efforts in its remittance business. The bank said its partnership is expected to improve the efficiency of cross-border digital transactions between the Philippines and Japan.
Prior to this, the lender onboarded its first remittance partner in Taiwan, Fastpay Global Payments Inc., with live inward remittance transactions commencing in the first quarter of 2024.
This partnership enables Taiwan-based OFWs to send money securely and conveniently through the “Fast Pay” app directly to their “Telemoney” savings account.
To further promote the service and attract new-to-bank customers, the country’s sixthlargest lender in terms of assets, in collaboration with the Taipei Economic and Cultural Office, conducted an outreach activity in June. Cai U. Ordinario
personal finance
edmund lao
A grand museum displaying Egypt’s ancient treasures is opening for a trial run
BY AHMED HATEM
CAIRO—The Grand Egyptian Museum will open 12 halls with exhibits about ancient Egypt in its main galleries starting this week in a trial run ahead of the still-unannounced official opening, officials said on Tuesday
The museum, a mega-project near the famed Giza Pyramids which has cost well over $1 billion so far, will open the halls for 4,000 visitors per day starting Wednesday, said Al-Tayeb Abbas, assistant to the minister of antiquities.
The museum has been under construction for more than a decade, and an overall opening date has not yet been set, having been repeatedly delayed for various reasons, including the Covid-19 pandemic. Some sections have been open since 2022 for limited tours. More than 100,000 artifacts of Egypt’s ancient treasures will be displayed in the world’s largest archaeological museum, according to the Egyptian state information website.
Abbas told the AP that the trial run starting on Wednesday would help prepare for the full opening
by identifying operational issues, including which parts of the museum might become overcrowded.
The displays across the 12 halls tap into issues related to society, religion, and doctrine in ancient Egypt, he added. The open-style halls have been classified by dynasty and historical order, and will showcase thousands of artifacts.
Eras that will be exhibited in the main galleries include the Third Intermediate Period (about 1070664 B.C.), Late Period (664-332 B.C.), Graeco-Roman Period (332 B.C.-395 A.D.), New Kingdom (1550-1070 B.C.), Middle Kingdom (2030-1650 B.C.), and Old Kingdom (2649-2130 B.C.). One of the halls displays statues of “Elite of the King,” members of the royal family and high-ranking officials who worked in the army, priesthood, and the government.
Limited tours have been allowed in parts of the site since late 2022 to test visitors’ experience and the museum’s operational preparedness.
Aude Porcedde, a Canadian tourist who visited several sections, told the AP she was amazed by the museum, adding that Egyptian civilization is important for her and for the world to know more about. “There is a lot of history and a lot of things we
are not aware of, especially coming from the other side of the world, and seeing everything here and learning from the locals has been great,” said Costa Rican tourist Jorge Licano.
The grand staircase, six stories high and with a view of the pyramids, and the commercial area are open to the public, showcasing monuments and artifacts that include sarcophagi and statues. Other parts of the museum, including the King Tutankhamun treasure collection, are set to open at later dates.
All halls are equipped with advanced technology and feature multimedia presentations to explain the lives of the ancient Egyptians, including its kings, according to Eissa Zidan, director-general of preliminary restoration and antiquities transfer at the museum.
One of the halls will use virtual reality to explain the history of burial and its development throughout ancient Egypt.
“The museum is not only a place to display antiquities, but it also aims to attract children to learn about ancient Egyptian history.... The museum is a gift
Celebration of art at Marco Polo Ortigas Manila
ART enthusiasts gathered to experience Providence, a stunning brass sculpture by renowned Filipino artist Angelico “Jik” Villanueva, which captivated visitors in the lobby of Marco Polo Ortigas Manila. Unveiled during a grand event in collaboration with ManilART ’24 and the 20th Annual Sculpture Review (ASR) on October 16, this installation was part of a satellite exhibit celebrating National Museum and Galleries Month. Providence, spanning nearly four meters, depicts ants carrying gems on a branch, beautifully symbolizing the harmony between humanity and nature. Villanueva’s masterful work highlights the rewards of diligence and invites viewers to reflect on the profound connection we share with the environment.
The satellite exhibit of the ASR showcased exceptional works from prominent Filipino sculptors, each
interpreting themes of environmental balance and cultural heritage.
This year’s collection featured talents such as Agi Pagkatipunan and Ombok Villamor, curated by Gab Loste. While Providence served as a centerpiece installation within the hotel, the broader exhibit emphasized the importance of artistry in honoring our natural world.
Marco Polo Ortigas Manila stands at the intersection of sophistication and sustainability.
By commissioning Providence, the hotel reinforces its commitment to promoting local artistry while embracing contemporary values. This initiative highlights the brand’s innovative approach, creating an environment where cultural heritage meets modern elegance.
By Eugenia Last
Stop making excuses. ★★
LEO (July 23-Aug. 22): Look for opportunities and participate in events that introduce you to something or someone you find engaging and entertaining. Expanding possibilities and creating options will encourage you to rethink your plans and to distance yourself from those trying to make choices for you. You can't buy love. ★★★★
VIRGO (Aug. 23-Sept. 22): A straightforward approach will speed up the transformation you require to find peace. Be ready to let go of anything and anyone standing in your way. Honesty will enlighten and encourage you to change what's confusing or stifling your progress. Live, learn and do what's best for you. ★★★
LIBRA (Sept. 23-Oct. 22): Follow your heart. Your emotions will lead to changes that will help you get your life together physically, financially and emotionally. Don't waste time second-guessing yourself. Actions speak louder than words. Take the path that soothes your soul and offers greater opportunities to be yourself. ★★
SCORPIO (Oct. 23-Nov. 21): A change will spark your imagination and encourage you to venture down a path that ignites your mind and enables you to follow what makes you feel passionate about life, love and achieving happiness. Reach out, absorb, discover and integrate your findings into your routine. ★★★
compelling
The sculpture is poised to become a landmark of both art and innovation, as it invited guests and locals to engage with its
SAGITTARIUS (Nov. 22-Dec. 21): Make updates that get you up to speed. Show off a new look, walk way from people and situations bringing you down or causing you grief, and redefine or put a new twist on your attributes and skills to fit what's trending in the workforce. It's time to get moving. ★★★★
CAPRICORN (Dec. 22-Jan. 19): It's all about money, integrity and taking care of business. Refuse to let emotions interfere or cost you. Size up situations and eliminate what stands between you and what you want. Look and play the part and strengthen your position. Skills mixed with common sense will suffice. ★★
AQUARIUS (Jan. 20-Feb. 18):
PISCES (Feb. 19-March 20): Look for a sign that points you in a direction that's good for you and promotes what you do best. Avoid being tempted by someone suggesting indulgent pastimes or joint ventures that put you in unnecessary debt. Discipline and acting
BY REBECCA
Universal Crossword • Edited by David Steinberg/Anna Gundlach/Adrian Johnson/Jared Goudsmit/Taylor Johnson
The Associated Press
Marco Polo Ortigas Manila is a five-star hotel located at the heart of Pasig City’s central business district. More information is available at 7720-7777.
Is Euwenn Mikael the new child wonder of local entertainment?
Mikee Quintos dishes out feel-good stories over food in ‘lutong Bahay’
a NeW cooking and talk show will definitely satisfy viewers’ curiosity and taste buds every afternoon beginning October 28 with GMa Public affairs’ newest talk magazine program Lutong Bahay, hosted by Sparkle artist Mikee Quintos.
Lutong Bahay will intersect sumptuous yet easy-tomake recipes with feel-good and life-changing memories, bringing together people in the comfort of their homes.
as the “Paboritong Kapitbahay” known for her bubbly and engaging personality, Mikee will bring good vibes by featuring delicious recipes, sharing inspirational stories, and bringing out spicy revelations from guest celebrities, which would surely pique the interest of viewers.
Mikee will be joined by three of the country’s top food content creators. together, they will visit the kitchens of celebrities to discover stories, and even the secrets behind the dishes that have seasoned their lives and shaped their journeys.
One of the resident chefs and newest kapitbahays to watch out for is cooking Ina”— chef hazel anonuevo, also known as hazel cheffy. chef hazel will surely spice up the afternoon of viewers through her relatable humor, which made her popular on social media. She was named as the top Foodie creator award during the tiktok awards Philippines 2022.
bringing more stories and recipes to the table is chef ylyt Manaig, one of the newest talents of Sparkle GMa artist center. chef ylyt became famous on tiktok because of her easy-to-follow and mouthwatering recipes. With her charming personality, she will definitely captivate the hearts of the viewers as Lutong Bahay ’s “Wais sa Kusina.” Jaime de Guzman, famously known as Kuya Dudut, is also adding an extra flavor to the afternoon of all viewers. he is a member of the well-known group of vloggers team Payaman” and was originally the cook of congt V and Viy cortez. With his experience in cooking and vlogging, he is more than ready to perform his job as the newest “Kumpare sa Kusina.”
Makikita ng mga kapitbahay ang new side sa mga personality ng iniidolo nila. Bukod sa malalaman natin kung ano-ano ang mga recipe ng paborito o kinalakihan nilang mga lutong bahay, may mga bagong chika din tayong masasagap sa kwentuhan,” shares Mikee. among the celebrity guests to look forward to in Lutong Bahay are ruru Madrid, rocco Nacino, ai-ai de las alas, Pokwang, chariz Solomon, Ninong ry, and paranormal investigator ed caluag, to name a few. Lutong Bahay airs Monday to Friday, 5:45 pm, on Gt V. Global Pinoys can catch it via international channel GMa Life t V.
NOT many know that the original lead character for the new GMA afternoon series Forever Young was supposed to be a little girl. The casting of the other roles were done and sealed already as early as the last quarter of 2023, but for some reason, the program unit could not find the child actress they were looking for.
That is, until they heard about this new discovery named Euwenn Mikael Aleta who just shot his very first lead role for a film, titled Firefly, an entry to last year’s Metro Manila Film Festival which eventually won Best Film. Euwenn also bagged the best festival child performer plum.
The decision-makers of the new series watched the movie and made further research on the boy, and found out that he has already done several acting roles, having started at a tender age of 3. So the Forever Young creatives went back to the drawing boards and rewrote the weekly scripts and changed the lead character to that of a little boy, never mind if the production will encounter additional months of delays and schedule shuffling.
In the new afternoon prime series, Euwenn plays a 25-year-old man afflicted with a disease called hypopituitarism which is an underactive pituitary gland condition, and causes growth hormone deficiency. Euwenn, too young to understand these scientific and medical terminologies, simply follows the direction of his acting coaches and Gil Tejada Jr., the director of the series.
Forever Young is also timely, now that the country’s elections season is heating up, since the boy’s character becomes the mayor of his small hometown city and the story will highlight how he helps change traditions and people with his presence and leadership. Euwenn is lucky to be pitting acting talents with veterans, like Eula Valdes and Michael de Mesa, and he has also gets a strong support from the likes of Alfred Vargas, Nadine Samonte, Matt Lozano and James Blanco.
The people behind Euwenn, including his parents
explore the fantastic world of Filipino folklore at reP’s ‘Jepoy and the Magic circle’
Meet a friendly and enchanting troupe of tikbalang, kapre, and engkanto as they fight for their home and discover the fantastic world of Filipino folklore as repertory theater for young audiences (rtya) presents Jepoy and the Magic Circle this production is the first-ever repertory Philippines (reP) show to be staged at its new home, reP theater at citywalk, eastwood city in Quezon city.
Directed by the esteemed Joy Virata, the interactive fantasy musical for children of all ages is based on the Palanca award-winning short story The Magic Circle by cultural icon and literary legend Gilda cordero Fernando. the english adaptation is written by the award-winning playwright and director rody Vera, marking his first collaboration with reP. ejay yatco is behind the Music and
Lyrics and serves as the musical director.
Jepoy and the Magic Circle tells the story of Jepoy, a young boy who lives with his mother, Aling barang, and their dog, Galis, at the edge of a vast forest. What begins as an ordinary laundry day quickly turns into an extraordinary adventure when Galis snatches a dress and runs into the woods. as Jepoy follows, he stumbles into a magical realm brimming with legendary Filipino characters and creatures who are fighting for the preservation of their home.
“Jepoy and the Magic Circle introduces children to Filipino magical creatures and animals through vibrant costumes, songs, dances and puppetry,” says Virata. “It’s a wonderful opportunity for children to gain an appreciation of their Filipino culture and heritage, and understand the importance of
taking good care of the environment, and of course experience quality children’s theater.” Sharing the role of Jepoy are Noel comia Jr., a three-time aliw award winner and the youngest-ever cinemalaya best actor; elian Dominguez, a Philippine LeaF award nominee who honed his talent in university theater; and yhuan Gatbunton, a singersongwriter, music producer and actor who has appeared in various t V, commercial, and theater projects. Joining them are Gawad buhay awardee Mikkie bradshawVolante as Aling barang, with abi Sulit and ring antonio alternating in the role. Different versions of the mischievous dog Galis are brought to life by versatile actors Francis Gatmaytan and cara barredo. reP president and ceO Mindy Perezrubio expresses how Jepoy and the Magic
Circle marks an exciting new chapter for the theater company as the first production to be staged in eastwood.
“the reP theater at citywalk, eastwood city, marks a significant milestone for reP. We can’t wait to welcome a new generation of theater enthusiasts and further contribute to the thriving theater scene in the Philippines,” says Perez-rubio. “We’re proud to celebrate a new dawn for reP with a production that puts our Filipino culture and heritage front and center, as we look forward to enriching more lives through the power and magic of theater.”
For show-buying and ticket inquiries, contact reP via 0966-9054013, 09626918540, promotions@repphil.org, or sales@repphil.org. More information is available at www.repertoryphilippines.ph.
hallmark exec says leading ladies Lacey chabert, holly robinson Peete are ‘aging out': lawsuit
By Claire Savage The Associated Press
HALLMARK Media executive vice president of programming Lisa Hamilton Daly instructed a former employee not to cast “old people” for Hallmark roles, saying that “our leading ladies are aging out,” according to a lawsuit filed against the network this month and obtained by The Associated Press.
Penny Perry, a 79-year-old casting director who filed the lawsuit October 9 in Los Angeles Superior Court, alleges that she was wrongfully fired from the network known for its feel-good movies because of her age, and despite stellar performance reviews. “Hallmark’s happy endings are stories made for TV only,” the complaint says. “In Ms. Perry’s case, there was no happy ending, and no feel-good episode to wrap up her career with Hallmark. Instead, her finale episode was marred by ageist and ableist harassment, and a callous termination which robbed her of her illustrious career, her pride, and her well-being.”
In a statement, Hallmark denied the allegations, adding: “Hallmark continues to consistently cast and maintain positive, productive relationships with talented actors representing a broad spectrum of diversity, including actors who span many age groups and cross generations.”
According to the lawsuit, Hamilton Daly told Perry that they needed to “replace” the “old talent” including 42-year-old actress Lacey Chabert, who has starred in dozens of Hallmark movies, many of them Christmasthemed, and portrayed Gretchen Wieners in Girls (2004), saying Chabert is “getting older and we have to find someone like her to replace her as she gets older.” The lawsuit adds that Hamilton Daly said of the 60-year-old actress and Our Christmas Journey Holly Robinson Peete: “No one wants her because she’s too expensive and getting too old. She can’t play leading roles anymore.” Hallmark countered: “Lacey and Holly have a home at Hallmark. We do not generally comment
on pending litigation. And while we deny these outrageous allegations, we are not going to discuss an employment relationship in the media,” a company representative told AP in an emailed statement. Chabert stars in a new Hallmark movie, The Christmas Quest, slated for release on December 1, and hosts the reality series Celebrations with Lacey Chabert, according to Hallmark’s website. Representatives for Chabert and Robinson Peete did not immediately respond to request for comment.
Perry herself endured ageist and ableist harassment at the company, and Hamilton Daly— who apparently repeatedly made reference to age as a negative attribute that did not fit the network’s image—“told Ms. Perry she was too ‘long in the tooth’ to keep her job at Hallmark,” the lawsuit says. It also alleges that senior vice president of programming and development Randy Pope ridiculed Perry for her relapsing-remitting multiple sclerosis by mocking her when she mispronounced words or names—a symptom of the condition.
Lacey chabert has headlined
Maynilad celebrates 2024 Global Handwashing Day in nine schools
DepEd, Chalkboard Launch New Initiative to Boost Literacy, Numeracy
IN a landmark initiative aimed at enhancing the quality of education in the country, the Department of Education (DepEd) has entered into a formal partnership with Chalkboard, a leading provider of tutoring services, to launch the Academic Remediation, Acceleration, and Livelihood (ARAL) Program. This program seeks to address the pressing challenges in literacy and numeracy faced by Filipino students, particularly in public schools.
The Memorandum of Agreement (MOA) was signed on October 14, 2024 at the DepEd Central Office in Pasig City by DepEd Secretary Sonny Angara and Chalkboard CEO Kristine E. Brown. This partnership brings together the strengths of both the public and private sectors to promote improved educational outcomes for K-10 learners.
The ARAL Program embodies a synergistic collaboration between DepEd and Chalkboard, leveraging their combined expertise to ensure accessible, high-quality education for all Filipino learners. This partnership aligns with the government’s mandate to provide accessible, quality education as outlined in Republic Act 8525, otherwise known as the “Adopt-A-School Act of 1998,” which encourages private sector involvement in improving public education.
During the signing ceremony, Angara highlighted the importance of collaboration in achieving the department’s goals. “DepEd is committed to ensuring that quality education is accessible to all Filipino learners, and this partnership with Chalkboard is a significant step toward that goal. By working together with the private sector, we can improve the academic performance and overall well-being of our students,” he noted.
At the heart of the ARAL Program lies Chalkboard’s evidence-based curriculum, meticulously designed to ensure effective learning outcomes. This curriculum is grounded in the latest educational research and best practices, ensuring that each component is proven to enhance literacy and numeracy skills. A key feature of this curriculum is its integration of advanced
technology to process data and inform the progress of each student.
The ARAL Program employs a comprehensive, evidence-based strategy to address learning deficits exacerbated by the Covid-19 pandemic. Developed by Chalkboard, the program offers up to 25 days of targeted tutoring over six weeks, delivered through both in-person and digital platforms. This high-frequency, intensive approach is supported by research demonstrating substantial improvements in literacy and numeracy skills.
The program includes several key components:
• Personalized Learning: The tutoring sessions are tailored to meet the unique needs of each student, ensuring that every learner receives the appropriate support.
• Nutritional Support: Recognizing the connection between nutrition and learning, the ARAL Program will provide nutritious snacks or meals during each tutoring session to support students’ well-being.
• Community Upskilling and Engagement: The program involves local community members as paid tutors, creating economic opportunities while fostering a supportive educational environment.
• Holistic Development: In addition to academic support, the ARAL Program aims to develop students’ socio-emotional skills, preparing them for success both in and outside of the classroom.
Chalkboard has designed the program to be scalable and sustainable, ensuring it can be replicated in different regions and communities across the Philippines.
“We believe that education is the key to unlocking the full potential of every child,”
said Kristine E. Brown, CEO of Chalkboard.
“The ARAL Program is our contribution to
improving the educational landscape of the Philippines, particularly in addressing the learning gaps that have been exacerbated by recent challenges such as the pandemic.”
The primary beneficiaries of the ARAL Program are K-10 students in public schools, particularly those struggling with literacy and numeracy. The program’s implementation will begin with pilot schools, and its success will be measured through Chalkboard’s assessment system, supplemented by DepEd’s assessment tools.
The program not only benefits students but also the wider community. Local community members will be engaged as paid tutors or food vendors, providing them with meaningful employment opportunities while contributing to the educational success of the students.
DepEd will coordinate closely with Chalkboard to select target areas and ensure smooth program implementation. Monitoring and evaluation will be conducted throughout the program’s twoyear duration to ensure that it delivers tangible and verifiable results.
The ARAL Program will be funded through partnerships with private sponsors, local government units, and other supporting entities. With the support of these stakeholders, the program aims to create a lasting positive impact on the academic performance and socio-emotional development of Filipino students.
This collaboration between DepEd and Chalkboard is seen as a model for future public-private partnerships in education. Both parties are optimistic that the ARAL Program will not only help bridge current learning gaps but also lay the foundation for long-term educational improvements in the country.
Novellino Founder turns vision to mission
CNonoy bravely
Novellino Wines
Obviously, he knows how Filipinos love sweet foods from spaghetti to dishes. That’s why he formulated the distinct flavor of Novellino Wines, sweet and rich taste, that suits the Filipino palate.
Nonoy and his whole family welcomed partners, guests and media during the 25th anniversary celebrations held at the Novellino winery in Laguna last October 17, 2024. He and his two sons, Director and Chief Strategy Officer Carlos Quimbo and Chris Quimbo, President and General Manager of Novellino Wines, presented the successful fruition of his vision by establishing the country’s only local winery with full control of wine production: from sourcing out of grapes to blending, winemaking, bottling, labeling to distribution.
One of the highlights was the ribbon cutting by the whole Quimbo family with former Senator Manny Villar joining the ceremonial activity.
The man behind the brand takes pride in the systemization that the company strictly follows, ensuring the high quality of Novellino Wines. He adds that the
process for making sweet wine is actually difficult and costly. It is a time and labor-intensive process; but worth it.
“We never run out of stocks as we source out our grapes from three continents,” boasts Nonoy. “The grapes we use are of high quality because we make sure that we achieve the sweetness for our wines.”
The company elevates its winery by investing in new, state-of-the-art equipment and infrastructure to increase production and capacity. All the upgrades are complemented with revolutionary wastewater disposal solutions and renewable energy.
All these were further discussed when Chris toured the local media and guests to the state of the art winery, giving them exclusive access and preview to its latest technology and equipment. Novellino’s step by step journey in making wine from fermentation to bottling is a testament to Pinoy’s world class craftsmanship.
“We really want to have a sustainable company to meet the increasing demands of the market.” Nonoy quips. “We have already captured the hearts of the Filipinos. And this time, we want to make the brand known globally.”
From the start, Nonoy has been clear with his mission: To convert as many Filipinos to wine drinking, democratizing wine among Filipinos with an
aspirational and healthy drink.
“Before, people would buy any kind of drink during the season – beer, whiskey, imported wines. Now, Christmas isn’t Christmas for most families unless there’s Novellino on the table.”
The wine brand has become part of Pinoy lifestyle, a brand of choice at any given occasion of whatever reason and season. Novellino has changed the culture in wine drinking: That it is not only during big occasions like Christmas but also in small gatherings - deepening bonds and ties between friends and families. Significantly, the brand has made winemaking, drinking, and appreciation part of the growing cultural movement in the Philippines.
“We want to continue delivering fantastic Filipino wine in the Philippines and beyond,” shares Chris. “That’s why we’re exploring other wineinfused experiences, giving Filipinos more options to enjoy and appreciate our wine.”
The year 2024 marks the 25th anniversary of Novellino as the pioneering local wine brand.
In the past 25 years, Filipinos have fallen in love with Novellino. That sweet and rich taste has become their standard in choosing a wine. And when it comes to wine, they think of the only brand that they are familiar with - Novellino Wines.
To date, Novellino has 17 wines and counting with the Filipinos in mind. This Pinoy wine brand has consistently pursued excellence and achieved milestones making it synonymously a national pride. And Novellino Wines is ready to conquer the global market as it continuously writes in the world history of winemaking in the next 25 years and beyond.
“We take pride in the workmanship and craftsmanship involved behind every Novellino bottle. A big toast to Novellino!,” Nonoy remarks.
IN celebration of the 2024 Global Handwashing Day (GHD), West Zone concessionaire Maynilad Water Services, Inc. (Maynilad) engaged 600 students and 60 teachers from nine public schools, promoting the importance of proper health and hygiene practices.
Maynilad, in partnership with the Department of Education (DepEd) and local governments of Pasay and Quezon City, organized interactive activities that encouraged the youth to adopt lifelong hygiene habits, with a focus on proper handwashing as a key preventive measure against illness.
As part of its commitment to fostering healthy communities, Maynilad donated handwashing stations and hygiene kits to the schools, ensuring students have the resources to maintain these habits. Additionally, the company conducted water and hygiene education workshops
to increase students’ appreciation for the value of water and inspire environmental responsibility.
“Our dedication to promoting proper hygiene and water conservation extends beyond Global Handwashing Day. We implement these programs year-round because we believe that building healthier communities and ensuring access to safe water are essential to achieving a sustainable future,” said Maynilad’s Corporate Affairs and Communication Head Marie Antonette H. De Ocampo.
Global Handwashing Day is an international advocacy that emphasizes the importance of washing hands with water and soap as a simple yet effective way to prevent illnesses such as diarrhea and pneumonia.
Celebrated every October, GHD is observed in over 1 million schools across 100 countries, engaging more than 200 million people worldwide.
THE regional office market across the Philippines saw significant improvement in 1H 2024, driven by ongoing development and the completion of numerous buildings. This was the report of KMC Savils on office market trends for the first half of 2024.
The Visayas office market, in particular, demonstrated strong growth, led by Iloilo’s addition of 105,200 sq m of office space with Cebu set to surpass this by 2025. While cities like Bacolod and Davao are experiencing positive momentum, Metro Cebu and Metro Clark faced slowdowns due to limited supply. Rental rates in Iloilo and Bacolod have dropped, reflecting
and Davao also have
spaces, with Bacolod completing two buildings during this period. Metro Cebu is anticipated to see an increase in office space transactions due to its popularity for business expansion. Metro Cebu and Metro Clark saw a decline in office space absorption during 1H 2024 compared to 2H 2023. Net take-up
Daquigan demonstrates Remarkable Showing in Round 4 of 2024 Idemitsu Asia Talent Cup
YOUNG Filipino racer, Alfonsi Daquigan, showcased his impressive talents once again at Round 4 of the prestigious 2024 Idemitsu Asia Talent Cup (IATC), held at the renowned Mobility Resort Motegi in Japan. Rider number 22, Daquigan continues to embody the core values of perseverance, determination, and technical precision, making a strong case for himself as a rising star in the international motorsports arena.
Competing against a formidable roster of young racers from across Asia, Daquigan’s “Road to Champion” has proudly represented the Philippines with unwavering dedication. His participation in the IATC reflects his deep commitment to his craft but also highlights his steady progression throughout the competition.
Racing under the banner of Honda Philippines, Inc., Daquigan’s journey has been one of continuous growth, refinement, and resilience competing with his fellow riders for the 6th position, he encountered a collision from rider #25 on the last lap that cause him not to finish in Race 1. Starting from 13th position he was able to finish in 11th position in Race 2 after his learning experience and striving to get to the podium using the NSF250R.
Honda Philippines, Inc. remains steadfast in its mission to develop world-class racing talent, and Daquigan is a prime example of their success. As he continues his “Road to Champion,” Alfonsi Daquigan is not just racing for trophies; he’s racing to inspire, grow, and showcase Filipino talent’s immense potential on the international stage. With a rigorous training regimen that includes both local and international experience, he has rapidly evolved into a formidable competitor. His presence in the 2024 IATC is a testament to his years of dedication, hard work, and determination, solidifying his status as one of the Philippines’ brightest racing talents Round 4 at Motegi saw Daquigan battle head-to-head with some of the most skilled young riders in Asia. The race was filled with tight and thrilling competition, but Daquigan remained composed, demonstrating strategic brilliance and technical mastery under immense pressure. His consistent lap times and calculated overtakes highlighted his growing racing IQ, showcasing his development not just as a rider but as a fierce competitor in the international scene. Throughout this year’s IATC, Daquigan’s progress has been evident. With each race, he gets closer to the front of the pack, a testament to his perseverance and determination to excel. His ability to remain competitive, even in the face of intense competition, demonstrates his hunger to be among the best.
Honda is dedicated to fostering young talent in the world of motorsports, supporting aspiring riders as they pursue their dreams of competitive racing. This journey provides riders with an opportunity to develop into worldclass athletes who compete on the global stage. For more information, visit www.hondaph.com. Stay updated on Honda’s newest products and promos by following Honda Philippines, Inc. on Facebook (facebook. com/hondaph) and Instagram (instagram.com/hondaph_ mc/), YouTube (Honda Philippines_Motorcycle) and Tiktok (tiktok.com/@hondaphilippines) or contact (02)-85816700 to 6799, and 0917-884-6632.
AT the MOA signing ceremony were, from left to right, Georgina Yang, DepEd Assistant Secretary; Sharon Santiago, Chalkboard Marketing Director; Leandro Añonuevo, Chalkboard Director of Business Development and Partnerships; Sonny Angara, DepEd Secretary; Kristine Brown, Chalkboard Chief Executive Officer; and Albert Tablan, Chalkboard Chief Operating Officer.
The photo shows Maynilad Corporate Marketing Head Rosmon Tuazon (center) with around 200 students from Padre Burgos Elementary School in Pasay City. Joining him are School Principal II Dr. Maria Liza P. Cabildo (4th from left), Pasay City School Division Superintendent Dr. Joel T. Torrecampo (5th from left), Cluster II Public School District Supervisor Dr. Jessica S. Magayanes (5th from right), and DepEd Senior Program Specialist Sylwyn S. Tenorio (4th from right).
How an Indian pharmaceutical firm is helping Putin get Nvidia AI chips
By Andy Lin, Shruti Srivastava, Advait Palepu & Viktoria Dendrinou
OCCUPYING the top three floors of an unremarkable office building in northern Mumbai, there’s little to distinguish Shreya Life Sciences from the many other commercial businesses that keep the Andheri neighborhood of India’s largest metropolis humming throughout the day.
But this inconspicuous pharmaceutical company is part of a lucrative trade in leading-edge technology to Russia that has the US and its European allies worried at India’s burgeoning role as an intermediary in the sales.
A Bloomberg News analysis of data compiled by trade-tracking firms ImportGenius and NBD shows that Shreya exported 1,111 units of Dell Technologies Inc.’s most-advanced servers to Russia in April-August of this year.
The servers, known as PowerEdge XE9680, contain high-end processors optimized for artificial intelligence made by Nvidia Corp. or Advanced Micro Devices Inc., according to Dell’s website. Specification data available for 998 shipped servers show they were equipped with Nvidia’s H100 chips.
The servers—and the chips they contain—are on a list of items restricted by the US and the European Union “to target sensitive sectors in Russia’s military industrial complex.” Yet the shipments, worth $300 million and imported by two Russian trading companies, Main Chain Ltd. and I.S. LLC, were just the latest in a series of advanced technology exports Shreya made perfectly legally to Russia since September 2022, the data showed.
Shreya did not respond to multiple requests for comment, and no one was available to do so during two visits to its office.
The findings underscore the holes in western government attempts to shut off Moscow’s access to dualuse technology with potential military applications, as well as the cutting-edge nature of the equipment being shipped. India is increasingly the intermediary of choice: It’s now the second-biggest supplier after China of restricted technology to Russia, Bloomberg reported October 12.
Andriy Yermak, Ukrainian President Volodymyr Zelenskyy’s chief of staff, complained in a post on X that Russia is still receiving components used for electronic intelligence and warfare systems despite western sanctions. “No one should profit from the lives of Ukrainians,” he said on October 7. While India is the point of transshipment, trade data suggest that Malaysia is in fact the origin. Malaysian Prime Minister Anwar Ibrahim met with President Vladimir Putin in Russia in September, and hailed the “enormous potential”
to enhance regional trade relations, including through advanced technologies.
Shipping documents of at least 834 PowerEdge XE9680 units destined for Russia showed their country of origin as Malaysia. Indian import data for March-August 2024 reveals that 1,407 of the same Dell units were imported to India from Malaysia. Neither Malaysia’s Investment, Trade and Industry Ministry nor the Prime Minister’s Office responded to an e-mail seeking comments.
The tech companies themselves are obligated to follow sanctions rules and monitor any sales of sensitive products. In a statement, Dell said that it had ceased selling and offering services or support for products in Russia in February 2022, immediately following its full-scale invasion of Ukraine, and maintains “a strict trade compliance program.” Nvidia and AMD said that they work with partners to ensure that sales are in “full compliance” with export controls, and take appropriate action if any violations are identified.
Doing business with Russia is not illegal in India since Prime Minister Narendra Modi’s government is not party to the multiple rounds of US and EU sanctions imposed on Moscow. Long dependent upon Russia for military equipment, New Delhi stepped in to buy its crude as European countries cut off oil imports over the war—and is signaling that it will continue to do so for as long as Moscow gives bigger discounts than other producers. During an October 22 meeting with Putin on the sidelines of the BRICS summit, Modi referred to “our close and deepening” relations.
That role has put India on the radar of western governments. US and EU officials have traveled to India in recent months as part of efforts to encourage the government to act to stop the shipments, according to people familiar with the trips. The visits come amid signs of mounting exasperation with India for its role procuring goods for Russia’s war.
US Deputy Treasury Secretary Wally Adeyemo sent a letter to the Confederation of Indian Industry this summer warning that foreign financial institutions trading with Russia’s military industrial base risked being sanctioned. Despite the Biden administration’s efforts to keep Modi’s government
onside in its competition with China, New Delhi has shown little engagement with the US concerns, a senior US official said.
Transshipment of battlefield products via India has ramped up since December of last year, according to David O’Sullivan, the EU’s chief sanctions official. In a briefing to reporters, he attributed the increase to “the huge volume of rupees” Russia has accrued from selling oil, rather than Indian policy. The EU has already sanctioned a few entities based in India.
India has looked into US allegations and taken action as needed after Washington flagged that some Indian companies were supplying dual-use technology to Russia, said people familiar with the government’s stance, asking not to be named discussing sensitive matters of diplomacy. That matter is now closed, the people said, adding that Shreya Life Sciences did not feature on the list.
A spokesperson for India’s Trade Ministry didn’t respond to an e-mail seeking comment. The Ministry of External Affairs declined to comment.
India’s exports of controlled and dual-use goods and technologies are in full compliance with its national laws and regulations and its international obligations on non-proliferation, said a senior Indian official who asked not be named because of the sensitivity of the issue. Bloomberg has previously reported that the vast majority of restricted goods enter Russia via re-exports from third countries such as China, Turkey and the United Arab Emirates. Some of those trades involve often unwitting subsidiaries and subcontractors of western firms as well as networks of intermediaries who source from them.
Information on those companies involved is rare—and the paper trail leading to Shreya is what makes the drugmaker stand out.
The company was founded in Moscow in 1995 by Sujit Kumar Singh just as Russia was on the verge of economic breakdown, offering opportunities for enterprising individuals able to navigate the chaos of those years. Singh, the company’s CEO, was unavailable for comment despite e-mail, telephone and text requests sent to Shreya.
In an article for the Economic Times published in 2002, Singh wrote of Shreya’s initial role in developing a marketing and distribution network at a time when “after the collapse of the Soviet Union the pharmaceutical market was practically reduced to zero.” He also expressed hopes that a visit to India by Putin the same year would “impart a new impetus and greater depth and content to Indo-Russian relations.”
Records from the Ministry of Corporate Affairs database show that Shreya began life as a distribution and marketing company of pharmaceutical drugs, over time acquiring several companies to create its own manufacturing plants for generic drugs like insulin, antibiotics, anti-malaria and gastrointestinal medicines. Indeed, between January 2022 and August 2024, it sold $22 million worth of pharmaceutical products to Russia, trade data shows. Russia is listed on the company website as the first among six major markets for its international exports.
That dependence on Russia has proven to be a liability in the past. Shreya began seeing a dip in operating revenues in 20142015 coinciding with Putin’s annexation of Crimea that led to sanctions and a collapse in the ruble, according to rating agency Crisil. As Shreya relied on sales of its drugs to Russian clients and to its own entity based in Moscow, Shreya Life Sciences LLC, the company began bleeding losses.
The drugmaker defaulted on 1.9 billion rupees ($23 million) of bank loans in March 2015. While its bankers—including
the State Bank of India and the LIC Housing Finance Ltd.— restructured its debt, the Bank of India Ltd. filed a suit against the company under the bankruptcy law in 2019, only to later withdraw the petition after the matter was settled out of court.
Shreya returned to profitability in the following years. But the biggest lifeline for the Indian concern came from state-owned Promsvyazbank PJSC in Moscow. The bank’s head is Peter Fradkov, son of the former chief of Russia’s Foreign Intelligence Service, Mikhail Fradkov. Both the bank and Fradkov junior are subject to international sanctions.
Between 2011 and 2013, Shreya borrowed $86 million from the Russian bank, in the form of a foreign currency loan, which was mortgaged against shares owned by Sujit Kumar Singh. The money was used to invest in equity shares of Shreya Life Sciences LLC in Moscow, which in turn used the money to pay for the import of pharmaceutical products from the Indian entity. The loan effectively helped keep the company afloat as the drugmaker sold a significant amount of its products to its own subsidiary.
Later, in 2018, as other financial institutions grew wary of tightening western sanctions, Russia turned the lender into the key funder of its defense industry. Throughout that time, the bank seems to have allowed Shreya to defer its repayments consistently, as cash flow payments toward its borrowings were a fraction of what was due. As of 2022-2023, the company had 7.6 billion rupees in borrowings of which 85% is owed to Promsvyazbank. An e-mail to the bank seeking comment went unanswered.
Meantime, local drug inspectors found deficiencies in insulin injections manufactured by Shreya in 2019, while its products were found to be “not of standard quality” most recently in April by the Central Drug Laboratory in Kolkata.
It’s against this backdrop that Shreya began branching out into technology shipments.
The first record of nonmedical exports by Shreya during the period examined by Bloomberg appeared in September 2022, when it shipped an assortment of computer hardware to Russia worth $755,333. The recipient was Lanprint Ltd., a Russian trading company that was later added to the US sanctioned company list, in September 2023. It sold equipment to another company, Silkway LLC, which was sanctioned the same month.
Shreya stopped dealing with both companies two months before they were sanctioned and started selling to Main Chain, which is not on the US list of sanctioned entities.
Main Chain was registered as a company in Russia on Jan. 25, 2023, with Anastasia Obukhova its general director. She is listed on a Russian business portal as holding the same post for two previous companies, a tourism agency and a tour operator, both of which were liquidated. Each had declared capital of 10,000 rubles (about $130-$200), so Main Chain is a considerable step up. The company states on its website that it “imports and wholesales computer equipment from various foreign manufacturers.” An e-mail and calls to Main Chain went unanswered.
Shreya’s exports to Main Chain and I.S. surged in April this year, when it ramped up sales of Dell’s PowerEdge XE9680 at an average price of $260,000. These servers come under HS code 847150, part of the dual-use goods list that aims to curb the Russian weapons systems used against Ukraine. The list, drawn up by the EU in conjunction with the US, the UK and Japan, is based partly on tech identified on the battlefield.
Shipping documents show the imports were ordered from Malaysia by Dell International Services India Private Ltd., a Dell subsidiary, and the supplier was recorded as Dell Global BV (Singapore Branch), another subsidiary.
Dell said it requires distributors and resellers “to follow all applicable global regulations and export controls,” and invests in tools and resources to help prevent and detect potential product diversion. “If a partner is not adhering to these obligations, we take swift and appropriate action, up to and including termination of our relationship,” the company said.
Main Chain sourced technology products from a second Indian company, Hayers Infotech Private Limited. Together, Shreya and Hayers Infotech exported $434 million worth of high-tech goods to Russia since February 2022. Hayers Infotech is registered at the same Mumbai address as Shreya Life Sciences. A discrete plaque at the top floor of Shreya’s offices bears the name, Hayers Infotech Pvt Ltd. With assistance from Alberto Nardelli,
NARENDRA MODI and Vladimir Putin at the BRICS summit in Kazan, Russia on October 23. CONTRIBUTOR/GETTY IMAGES
Lascuña, at 54, keeps lethal form despite threats from young guns
TONY LASCUÑA’S excellence on the Philippine Golf Tour remains as potent as ever 12 years after winning his first Order of Merit (OOM) title.
The 54-year-old Lascuña’s journey has been defined not just by his consistent prowess but also by an unyielding passion that drives him to remain competitive amidst advancements in golf technology and a new generation of talented golfers.
The 2024 season showcased the best of Lascuña’s tenacity and talent as he clinched his fifth OOM crown after a fiercely contested, 10-stage circuit. His unrelenting dedication propelled him past rival Angelo Que in one of the closest OOM races in years.
Through seesawing form and relentless challenges from emerging stars, Lascuña’s consistency on the Tour highlighted his enduring skill and hunger for competition.
While his rivals unleash 300-yard drives, Lascuña stays consistent with averages of 230 to 250 yards that compensate for the difference with precision and a skillful approach.
His trusted hybrid and fairway woods, paired with an almost flawless short game, have kept him in contention all season long, proving that power isn’t the only path to victory.
His refined technique and course management continue to set him apart, showcasing that a balanced strategy often outshines sheer distance.
Lascuña’s presence as a seasoned, steady player was clear in each tournament.
The amiable Davaoeño displayed his formidable ability to adapt and excel, coming into each event with a focus on
MCristiano Ronaldo. When the Ballon d’Or is presented at a gala ceremony in Paris on Monday, it will feel like the start of a new era in soccer. There is also a sense of void now that one of sport’s most engrossing rivalries is likely over.
victory—a mindset that has kept him at the top of the game for years.
This drive was evident in the season’s final leg at the International Container Terminal Services Inc. Negros Occidental Classic, where, despite difficult weather and a shortened 36-hole format, he secured the OOM title with a clutch second-place finish.
Weather disruptions had reduced the tournament, but Lascuña’s resilience under adverse conditions affirmed his place at the top of the money rankings with earnings of P1,449,729.
Lascuña’s success amid such a diverse and unpredictable field speaks to the depth of his dedication.
“There is no secret but dedication and the desire to win every tournament I play,” said Lascuña, reflecting on the season’s ups and downs. At Manila Southwoods, he shares this philosophy with junior golfers, weekend players, and even corporate figures, underscoring his commitment to giving back to the sport.
As he mentors the next generation, Lascuña, who first claimed the OOM title in 2012 and dominated for two more seasons before securing his fourth in 2016, continues to inspire. His humility and dedication serve as a powerful reminder that age is no barrier to success, proving that experience and perseverance are timeless assets.
This season saw an unprecedented level of competition, with 10 different champions in each leg, underscoring the equality of the field. Yet, through this fiercely competitive environment, Lascuña’s standout performance showed that his skill, experience and unwavering desire for recognition continue to differentiate him from the norm.
Carlsen makes next move
Schess players have produced the magical commodity that separates Norway’s Magnus Carlsen from any of
both men to be named the International Chess Federation’s greatest ever.
But his motivation to rack up professional titles is on the wane. Carlsen, 33, now wants to leverage his fame to help turn the game he loves into a spectator sport.
“I am in a different stage in my career,” he told The Associated Press. “I am not as ambitious when it comes to professional chess. I still want to play, but I don’t necessarily have that hunger. I play for the love of the game.”
game where users can follow individual players and pieces, filters for explaining different elements of each game, and light touch analysis will scoop up causal viewers put off by chess’s sometimes rarefied air.
The free app was launched in a bid to build the user base ahead of trying to monetizing it.
“That will come later, maybe with advertisements or deeper analysis,” says Kristiansen.
The brain gets slower. I have already felt that for a few years. The younger players’ processing power is just faster.” Even so, he intends to be the world’s best for many years to come.
“My mind is a bit slower, and I maybe don’t have as much energy. But chess is about the coming together of energy, computing power and experience. I am still closer to my peak than decline,” he said.
Offering a new way to interact with the game, Carlsen launched his application, Take Take Take, which will follow live games and players, explaining matches in an accessible way that, Carlsen says, is sometimes missing from streaming platforms like YouTube and Twitch. “It will be a chiller vibe,” he says.
Carlsen intends to use his experience to provide recaps and analysis on his new app, starting with November’s World Chess Championship tournament between China’s Ding Liren and India’s Gukesh Dommaraju. He won’t be competing himself because he voluntarily ceded the title in 2023.
Carlsen is no novice when it comes to chess apps. The Play Magnus game, which he started in 2014, gave online users the chance to play against a chess engine modeled against his own gameplay. The company ballooned into a suite of applications and was bought for around $80 million in 2022 by Chess. com, the world’s largest chess website.
Carlsen and Mats Andre Kristiansen, the chief executive of his company, Fantasy Chess, are betting that a chess
While Take Take Take offers a different prospect with its streaming services, it is still being launched into a crowded market with Chess.com, which has more than 100 million users, YouTube, Twitch and the website of FIDE, the International Chess Federation.
World Chess was worth around $54 million when it got listed on the London Stock Exchange.
The accessibility of chess engines that can beat any human means cheating has never been easier. However, they can still be used to shortcut thousands of hours of book-bound research, and hone skills that would be impossible against human opponents.
“I think the games today are of higher quality because preparation is becoming deeper and deeper and artificial intelligence is helping us play.
It is reshaping the way we evaluate the games, especially for the new generation of players,” says Carlsen.
At the same time, he admits that two decades after becoming a grand master, his mind doesn’t quite compute at the tornado speed it once did. “Most people have less energy when they get older.
Chess has been cresting a popularity wave begun by Carlsen himself. He became the world’s top-ranked player in 2011. In 2013, he won the first of his five World Championships. In 2014, he achieved the highest-ever chess rating of 2882, and he has remained the undisputed world number one for the last 13 years. Off the
Defense gets job done for Reyes, Tropang Giga
JBy Josef Ramos
USTIN BROWNLEE had a bad hair day shooting from way out and so did everybody else from his side as TNT Tropang Giga prevented Barangay Ginebra San Miguel from even getting close to a hundred points in Game 1 of their Philippine Basketball Association Governors’ Cup Finals on Sunday night in Antipolo City.
The result was a 104-88 rout that frustrated many in the more than 11,000 fans at the Ynares Sports Center in Antipolo City.
Defense, TNT coach Chot Reyes, put Ginebra to its knees in the opener of the best-of-seven championship series.
“There was no secret to our game but our defense,” Reyes said. “I think defense really won it for us.”
The Gin Kings averaged 104 points this conference but they went dud all night—they made only two of 21 threepoint attempts, a far cry from their usual 36 percent from the arc with Brownlee,
New generation lining up to replace Messi, Ronaldo
who got his usual numbers of 23 points, seven rebounds and six assists, sinking only one of five tries from the gamesalvaging four-point zone.
While the Gin Kings looked miserable from afar, the Tropang Giga were beaming by making 12 of 30 attempts from the three-point line.
“We know the strength of Ginebra and we rely on our strength, which is our ability to stop teams and play defense,” Reyes said. “That set the tone for us in the game.”
Rey Nambatac, too, was TNT’s weapon of choice in humbling Tim Cone and Ginebra.
“A lot of things played in my head entering the arena,” Nambatac said. “To be honest, I was nervous especially during the opening ceremony, I felt very weak.”
But the former Letran standout’s apprehension didn’t last long.
“I came up aggressive in the early goings to find my rhythm and everything went well in the second half,” he said.
Nambatac, a seven-year veteran but a first-timer in the Finals, scattered 12 of his 18 points in the fourth quarter and had 10 rebounds, seven assists and two steals on Sunday nivht. Rondae Hollis-Jefferson finished with 19 points, 10 rebounds, four assists and three blocks, but JP Erram sent full throttle with 15 points on 6-of-6 shooting from the field with two triples. Jayson Castro and Roger Pogoy had 14 and 12 points, respectively.
“They are veterans and they know what to do in these situations,” said Reyes, referring to Castro and Pogoy. “It wasn’t only the points they made, but the other things especially in defense.”
“JP Erram played tremendous defense inside, knowing Ginebra as a great offensive rebounding team,” he added.
Game 2 will return at 7:30pm at the Araneta Coliseum with TNT trying to secure a 2-0 lead or Ginebra gunning for an equalizer.
Messi won a record-extending eighth Ballon d’Or last year after leading Argentina to triumph at the World Cup in 2022. Wilson, who wrote about the history of Argentinian soccer in his book “Angels With Dirty Faces,” sees no obvious successor to the Barcelona great, now at Inter Miami.
“Messi’s been phenomenal for 17, 18 years,” he said. “It’s not a pure tallying process, but in terms of greatness over a protracted period, Messi is the greatest there has ever been by quite some margin.” AP
“It’s interesting that as it starts to come to an end, we are sort of saying, what’s the next equivalent rivalry going to be,” soccer author Jonathan Wilson told The Associated Press. “As if that kind of rivalry was a natural state. But there’s never been a rivalry like that before.” Messi and Ronaldo won soccer’s most prestigious individual award a combined 13 times over a 16-year period of unprecedented dominance. Neither has been nominated this year. Instead Real Madrid winger Vinicius Junior is the favorite to be crowned the world’s best player and become the first winner born this century. He underlined his credentials this week with a stunning Champions League hat trick against Borussia Dortmund. “Vinicius had an incredible season where he was a key player...he proved he’s the best player in the world,” Madrid teammate Lucas Vazquez said. But rather than Vinicius spearheading a new era of dominance, it seems likely the award will revert to a time before Messi and Ronaldo when multiple winners were relatively rare. France great Zinedine Zidane, for instance, only won it once. The same goes for Ronaldinho, Rivaldo, Luis Figo and George Best. Originally limited to European players, it was never won by Pele or Diego Maradona. Before Messi, the last player to win back-to-back awards was Dutch striker Marco van Basten in 1988 and ’89.
63-year-old mother of three has heard countless various stories of professional athletes from their faith being tested like the story of Job in the bible, to the Lord coming through for them in their darkest hour.
Sportsfaith uses sports to spread the gospel of our Lord Jesus Christ through their podcast, events and collaborations with professional
VINICIUS JUNIOR looks bound to be named the world’s best player. AP
REY NAMBATAC rids himself of the Finals jitters.
MAGNUS CARLSON ponders his future several moves ahead. AP
