BusinessMirror April 18, 2024

THE Philippines is on track to become a trillion-dollar economy by 2033 as it is seen to be well-positioned for an investment-led boom, according to BMI, a Fitch Solutions Company.

e economy is expected to post a real GDP growth of 6.8 percent this year driven by recent economic reforms, demographic trends and higher infrastructure spending.

BMI’s bullish scenario showed that the economy may expand by an average of 7.2 percent across their 10-year forecast horizon.

“ e Philippines has been one of the fastest-growing emerging markets in Asia and will remain so in the next decade,” BMI said.

“In fact, it appears on track to become a trillion-dollar economy by 2033, putting it in the same category as the likes of ailand and Vietnam,” it added.

Economic reforms cited by BMI included efforts to relax restrictions on foreign ownership in selected industries. BMI noted that the economic charter change being espoused by the current administration will complement these efforts.

e previous administration passed reforms that included the amendments to the Public Service Act as well as the Foreign Investment Act.

In terms of demographic trends,

the country’s young population is expected to help the Philippines attract low-end manufacturing processes from China.

e Philippine Statistics Authority estimated that by July 2030, there will be a total of 120.06 million Filipinos. More than half of this population or 81.56 million will be between 15 and 64 years old, the ages included in the country’s labor force.

“As tensions between Beijing and Washington intensify, foreign investors will continue to withdraw their investments from China. is shift in global capital away from the Chinese market could potentially enhance the appeal of

the Philippines as a destination for investors,” BMI added.

e government’s efforts to address the country’s infrastructure constraints has already translated to better Foreign Direct Investment (FDI) inflows to an average of 2.6 percent of GDP since 2017, higher than the 1.5 percent of GDP between 2010 and 2016.

BMI said the main drag for the country is high corporate income taxes that are currently at 25 percent—considered the highest in the region.

Efforts to bring this rate further down to 20 percent are currently

Bangko Sentral ng Pilipinas (BSP) remains undaunted by the recent depreciation of the peso as well as the rise in oil prices due to geopolitical tensions in the Middle East.

In a briefi ng on Wednesday, BSP Governor Eli M. Remolona Jr. told reporters the depreciation of the peso is an “adjustment” that would only have a small impact on monetary policy.

As to the impact of higher oil, Remolona said there is no sense of escalation with regard to the tensions in the Middle East and that “retaliation will not be massive.”

“In fact, the price of oil, Brent oil and Dubai oil, initially went up, but now has settled back down. So, the sense of the oil market is that hostilities will not escalate. So I hope it stays that way,” Remolona said.

“ e magnitude of the adjustment of the peso has not been large enough to affect infl ation expectations. So, for now, I think the impact on monetary policy is, I would

THE Asian economy as a whole is projected to grow by 4 percent in 2024 amid trade disruptions, climate change and persisting inequalities, among others, according to the United Nations Conference on Trade and Development’s (Unctad) Trade and development report.

Unctad’s latest projections point to global growth of 2.6 percent in 2024, slightly slower than in 2023 on the back of “pressing challenges” of trade disruptions, climate change, low growth, underinvestment and inequalities “growing more serious.”

As persisting trade disruptions made it to the list of the pressing challenges for this

year’s economic outlook, Unctad speci cally noted that the situation in the Red Sea is likely to remain “highly uncertain” as long as the war in Gaza endures. With this, the UN trade body noted that global merchandise trade remains “subdued” while trade in services shows “more dynamism.” Meanwhile, in terms of regional growth, the UN trade body said it sees the Asian economy growing by 4 percent in 2024, as it disclosed the respective economic growth projections of some countries within Asia.

For one, Unctad said China expects to grow by around 5 percent on the back of its “economic con dence and ambition” as the country’s economic data from January to Feb-

THIRTY-ONE power plants in Luzon and Visayas are still on shutdown while eight more are still running on de-rated capacity, prompting the National Grid Corporation of the Philippines (NGCP) to place the grids on yellow alert on Wednesday.

In an advisory, NGCP said the yellow alert in the Luzon grid is in effect from 1 p.m. to 11 p.m. and from 1 p.m. to 10 p.m. in the Visayas grid.

under way. BMI noted that the proposal, as of April 14, has passed the second reading at the House of Representatives.

Meanwhile, the threats to the BMI outlook include the scenario that the government fails to make the necessary human capital investment. e Philippines has struggled with brain drain caused by a high jobs-skills mismatch and poor employment opportunities. Low-quality jobs have been known to push Filipinos to other countries where they work as migrant workers.

“Ideally, an increase in foreign investments would create better employment options and enhance wage competitiveness. However, should these investments not come to fruition, the inability to retain these skilled professionals will create a significant gap in the local workforce, thereby impeding productivity gains in the country,” BMI said.

Another considerable threat is the lag in Artificial Intelligence (AI) integration in the country. is, BMI said, should be addressed by the urgent need for skill development.

Due to this, the country’s Business Process Outsourcing (BPO) industry, which employs 1.5 million and contributes 7.5 percent to the country’s GDP, is threatened by Large Language Models (LLMs).

“If the Philippines fails to successfully upskill its workforce, it faces the risk of widespread job displacement as generative AI advances. India seems to be ahead in this regard and stands to gain a larger market share if the Philippines loses its competitive edge,” BMI said.

Volatility to shake peso

MEANWHILE , in a separate report, BMI also said the Philippine peso is expected to “come under much volatility” due to interest rate expectations in the United States.

In the longer term, BMI expects the peso to weaken to an average of P57.2 to the US dollar by the end of 2025. On Tuesday, the peso depreciated to P57 to the greenback, the lowest level since November 2022.

On Wednesday, the peso closed at P57.18 to the dollar. is is a new two-year low since November 2022 when the peso closed at P57.203 to the greenback. e peso opened and traded at a low of P57.1 to the dollar. It traded at a high of P57.333 to the US dollar on Wednesday. Cai U. Ordinario

UNCTAD...

ruary showed that its manufacturing sector and merchandise trade grew by 7.7 percent year on year, and 8.7 percent, respectively.

India, for its part, expects to expand by 6.5 percent this year as it banks on continued growth of its services sector in 2024.

Unctad noted Indonesia is seen to grow its economy by 4.9 percent this year which is expected to be driven by “strong” private consumption, public outlays on large infrastructure projects and the recovery of tourism.

Japan, meanwhile, projects its economy to grow by 1 percent this year as its domestic demand remains low and wages remain subdued, among others.

For the Republic of Korea, Unctad said the country had set a 2.1-percent economic growth forecast for this year on the back of reduced export, slowing consumption growth and a “sharp fall” in construction investment as well as tight scal and monetary policies.

Saudi Arabia sees a 2.7-percent growth for its non-oil sectors in 2024 while the Turkish economy is likely to grow by 3.5 percent in 2024 due to an expected “continued tight monetary policy” which Unctad said will continue to negatively a ect domestic investment and consumption.

While the Philippines was not included in the countries cited in the trade and development report update of Unctad, the Cabinetlevel Development Budget and Coordination Committee (DBCC) had set a growth target for the Philippine economy this year at around 6 to 7 percent due to the continuing slowdown of the global economy and the uptick in oil prices, among others.

New Zealand PM Luxon to lure businesses to PHL

EW Zealand Prime Minister

Christopher Luxon will arrive in the country on ursday for an official visit.

During his farewell call on President Ferdinand R. Marcos Jr. in Malacañang on Wednesday, outgoing New Zealand Ambassador Peter Francis Tavita Kell said part of the agenda of Luxon’s visit is to bring in more New Zealand investments to the Philippines. “His mission is to show the rest of his delegation [the] 25 top business leaders. ey should be doing more in this part of the world, they should be doing more in the Philip-

say, not large. It might be a factor, depending on what happens between now and the next monetary

pines,” Kell said. Luxon will meet with Marcos in Malacañang on ursday afternoon.

Since establishing diplomatic relations with New Zealand on July 6, 1966, the Philippines has strengthened its economic ties with the island country.

e Philippines’s total trade with New Zealand amounted to US$495.37 million, making it the country’s 28th biggest trading partner. New Zealand is also one of the country’s main sources of foreign tourists. Last year, 29,272 tourists from New Zealand visited the country. Marcos thanked Kell for his efforts in the last four years to further strengthen Philippine-New Zealand bilateral relations.

policy meeting, but the adjustment so far is not going to change what we think we might be doing,” he also said.

e rise in oil prices has led some analysts to believe that it may prompt the US Federal Reserve to tighten monetary policy

further instead of easing it. However, Remolona said this only supported his expectations that the Fed will not ease monetary policy as early as the market anticipates.

“To be honest, I myself never thought that the FOMC would adjust sooner than what we now

think. I think the markets overreacted,” Remolona said.

“ e markets were over-optimistic about the ease, when the FOMC would ease. So now I think they get the message now that easing won’t happen until maybe late in the third quarter when it comes to the FOMC,” he added.

e BSP Governor also said infl ation in the US has remained “stubbornly high,” more stubborn than in the Philippines. Proof of this is the latest personal consumption expenditures (PCE) and infl ation in the US.

Remolona noted that the PCE, the indicator closely monitored by the Fed, is at 2.6 percent but the target is 2 percent. e Consumer Price Index (CPI) headline infl ation in the US is around 3 percent.

Despite this, the indicators still point to monetary easing in the United States. However, Remolona said, this highlights that the Fed may choose to cut interest rates at a later time.

Given this, the BSP will stand pat on its hawkish monetary policy stance, moving only to respond if and when infl ation posts a very high rate or if infl ation de-anchor from expectations.

“

Pag nakita namin [If we see] that the markets and the households begin to believe that infl ation will surge, then we have to consider a rate hike. But otherwise we’re already tight now at 6.5 [percent, it’s already tight. It’s already doing its work,” Remolona told reporters.

In terms of cutting interest rates, Remolona said, the BSP’s outlook remained the same, which is to start easing by the fourth quarter of the year or in the fi rst quarter of 2025.

“We’re still in the second quarter. So we have plenty of time. I would say the central scenario will be fourth quarter [we will] ease. If things are worse than we think, that [cutting rates] might be postponed to the fi rst quarter of 2025,” Remolona said.

e next meeting of the Monetary Board is set for May 16. In the last policy rate setting on April 8, the policymaking body of the BSP decided to maintain key interest rates at 6.5 percent.

Remolona earlier said they are more hawkish than before given the 3.7-percent infl ation print in March 2024.

is prompted the MB to raise its risk-adjusted infl ation forecast to 4 percent this year from the initial 3.9 percent in January 2024. (See www.businessmirror. com.ph/2024/04/09/inflation-mayprompt-rate-cuts-delay-to-2025/).

If the data improves, Remolona said the Monetary Board could start cutting rates as early as the third quarter.

Initially, analysts expected the BSP to start cutting rates in the second quarter of the year.

rated capacities. Available capacity stood at 13,607MW while peak demand was at 12,874MW as of Wednesday morning. Meanwhile, 13 power plants in Visayas are on forced outage, while five others are running on de-rated capacities. Peak demand reached 2,523MW while capacity was at 2,713MW.

A yellow alert is issued when the operating margin is insufficient to meet the transmission grid’s contingency reserves.

According to the Philippine Independent Power Producers Association (PIPPA), majority of the power plants on outage in the Luzon grid are hydro plants—usually hit by outages during summer when water levels are low.

“ e PIPPA member-generators have submitted the reports required in instances of unplanned outage and continue to prioritize efforts in further strengthening the resilience of their generation assets,” said PIPPA President Atty. Anne Escoro Montelibano.

e Department of Energy (DOE) said that while some of the plants are on extended maintenance shutdown, it was the emergency shutdown of the Pagbilao power facility that led to Tuesday’s power outage in some areas.

“ ere are plants undergoing maintenance since last year. ese were extended until March and April. But the situation worsened because of the emergency shutdown of the two units of the Pagbilao power plant,” explained DOE Assistant Secretary Mario Marasigan, adding that some of the plants are expected to come online within the week and by end of the month.

A check with NGCP has it that the Sta. Rita and Southwest Luzon Power Generation Corp. (SLGPC) already went back on line.

e DOE called on the power plant operators to comply with the Grid Operating and Maintenance Program (GOMP) which states that no baseload plants should undergo any outages, both scheduled and unscheduled, from April to June this year.

“ e plant operators must always be prepared. We have rules and regulations on plant maintenance schedule. If these will not be followed, then the ERC [Energy Regulatory Commission] can come in and penalize them,” added Marasigan.

PIPPA, meanwhile, added that additional capacities are needed and that these should be supported by policies conducive and fair to capital-intensive investments.

“Towards this end, the current regulatory framework relating to merchant plants, government approvals, price caps, and the reserve market may be enhanced to allow economically feasible operations by investors,” said Montelibano.

e Manila Electric Company (Meralco) affi rmed that additional capacities will “always help” to serve power-hungry Luzon.

e utility fi rm recently sealed a 300MW power supply deal with Limay Power, Inc. but could not yet implement it pending approval from the ERC.

“I think we recently closed a 400 megawatts for approval for emergency supply requirements. I think 400 megawatts for now may be sufficient. But, of course, if we see that we will need more, then we will enter into another round, perhaps,” said Meralco Vice President and Head of Corporate Communications Joe Zaldarriaga.

SC: Comelec erred in disqualifying Smartmatic

BBy Joel R. San Juan @jrsanjuan1573

& Samuel P. Medenilla @sam_medenilla

AGUIO CITY—THE Supreme Court has ruled that the Commission on Elections (Comelec) erred in disqualifying Smartmatic-TIM Corporation from participating in the bidding process for the P17.9 billion Automated Election System (AES) contract for the 2025 national and local elections.

The decision was unanimously reached by the 15-man High Tribunal during its summer session held here. Despite its decision favoring Smartmatic’s petition, the SC did not nullify the P17.9-billion contract that the Comelec inked last month with a joint venture led by South Korea’s Miru Systems Co. Ltd.

SC spokesman, lawyer Camille Sue Mae Ting, clarified that the validity of Miru’s contract with Comelec was not the issue presented in the case before the SC. She added that the Court’s ruling is not tantamount to upholding Comelec’s contract with Miru since it was not the issue decided upon by the magistrates.

“However, the finding is not sufficient to nullify the public bidding or award of the contract. It cited considerations of equity, justice, practicality, and the doctrine of operative fact,” the SC said in a statement. In granting the petition, the SC held

that the Comelec “committed grave abuse of discretion” when it disqualified Smartmatic before it had submitted any bid, without any reference to the eligibility requirements prescribed by its Bids and Awards Committee (BAC).

The Court said the poll body implemented a “discretionary” pre-qualification process that is contrary to the provisions of the Government Procurement and Reform Act.

“This means that the law produced consequences that cannot always be ignored or disregarded. It nullifies the law but sustains its effects. It is only resorted to as a matter of equity and fair play.”

It can be recalled that Smartmatic received an invitation from Comelec to attend the Election and Procurement Summit for the 2025 elections.

The company purchased the bidding documents and participated in the prebid conference. However, the poll body disqualified Smartmatic from taking part in all biddings on its procurement processes.

Comelec Chairman George Garcia said the decision was reached to “preserve the integrity of the electoral process” in the country.

While Comelec maintained that there were no irregularities in the conduct of elections in the country, Garcia said the poll body could not close its eyes to the current issues hounding Smartmatic.

The Comelec added that its decision

was consistent with its constitutional mandate to enforce and administer all laws and regulations relative to the conduct of elections under the Constitution.

This prompted Smartmatic to elevate the case before the SC through a petition for certiorari with a plea for the issuance of a temporary restraining order (TRO)/writ of preliminary injunction (WPI).

The Court did not grant a TRO/WPI saying that Smartmatic was merely a prospective bidder with “no actual, clear, and positive right” and that it also will not suffer irreparable injury.

This paved the way for Comelec to proceed with the public bidding and awarding of the contract to Miru.

Ting said with the court’s decision, Smartmatic can still participate in future bidding processes for elections.

“As of now, Smartmatic can indeed participate in the next elections but subject to, let’s say, if anyone files a disqualification case against them again,” the SC spokesman said.

Smartmartic: ‘Significant victory’

M EA n WHILE , in a statement, Smartmatic welcomed the Court’s ruling and considered it “a significant victory for fairness and the rule of law.”

“We welcome the Supreme Court’s ruling in our favor, which restores justice and sends a clear message to those at the helm of Comelec that due process matters,” Smartmatic

lawyer Christian Robert Lim said.

“The verdict dealt a blow against the questionable actions of certain Comelec commissioners which include sudden and random declaration of the vote counting machines (VCMs) as unserviceable despite several more years of functionality and ongoing warranty,” he added.

With the Court’s ruling, Smartmatic said it would explore opportunities to help in the ongoing modernization of the country’s election system.

‘No impact’

C OMELEC said the SC decision will unlikely affect the poll body’s preparations for the 2025 polls.

In an interview last Wednesday, Comelec Spokesperson John Rex C. Laudiangco said the agency is still waiting for an official copy of the decision.

However, he said that based on the summary of the ruling issued by the High Court on the case, it will not have an impact on the outcome of the public bidding for the services they will need for the 2025 n ational and Local Elections ( n LE).

“We are thankful it will not affect the public bidding and the awarded contracts so that it will not disrupt our preparations for the Comelec automation in 2025,” Laudiangco said in Filipino. Garcia said the Comelec en banc will decide if it will file an appeal on the Smartmatic ruling.

Report: PHL entities faced 1.5M cyber threats in 2023

TBy Lorenz S. Marasigan @lorenzmarasigan

HE Philippines tallied the fifth highest number of local threats in Southeast Asia, according to the latest report from Kaspersky. Kaspersky noted that the Philippines faced approximately 1.5 million local threats targeting organizations in 2023. Vietnam had the most number of threats recorded at 17.1 million, followed by Indonesia at 16.4 million, Thailand at 4.7 million, and Malaysia at 2.5 million. Singapore had the least number of local incidents at only 500,000.

In total, Southeast Asia logged 43 million threats in 2023. According to Kaspersky Director for Asia Pacific Adrian Hia, these figures underscore the pervasive nature of cyber threats faced by organizations in the region.

Local infections, which include malware and other malicious software penetrating user computers through various means, pose a significant risk to businesses, highlighting the critical need for robust cybersecurity measures. “Southeast Asia shows a solid potential to become a major manufacturing hub globally. The region is also consistent in charting steady digital economic growth

through the years. To be able to continue these feats, organizations, whether operating on IT or OT systems, should build their cyber defenses against sophisticated attacks that use the same old techniques and tactics,” he said.

Hia noted that while global threats have surged in recent years, Southeast Asian countries have witnessed a marginal decline in local threats, except for Singapore, which experienced a concerning 67 percent yearon-year increase.

Protecting against local attacks necessitates a multifaceted approach, Hia said, and it encompasses robust security solutions, firewalls, anti-rootkit

DEnR wants to turn fishponds into mangrove areas

TO help ease the effects of climate change, the Department of Environment and n atural Resources (DE n R) is evaluating whether deserted and unused fishponds in some regions in the country could be converted into mangroves.

Environment Secretary Maria Antonia Yulo Loyzaga has signed DE n R Memorandum Order (DMO) 2024-01 for the immediate assessment of Abandoned, Undeveloped, and Underutilized (AUU) areas for fishpond purposes, starting in Regions 5, 6, and 9. Such initiative aims to bring back mangroves, which are considered as a type

of biome pivotal in the defense against flooding and extreme weather events, and in enhancing climate actions. It involves the sharing of data between the DE n R Offices and the Bureau of Fisheries and Aquatic Resources of the Department of Agriculture (DA-BFAR).

Dated February 26, 2024, the DMO, which covers fishpond areas released by the DE n R to the DA-BFAR in the 1970s, is in accordance with Presidential Directive 2023-296 on the Review of Areas with Fishpond Lease Agreements (FLA) that are abandoned, unused, and underdeveloped.

DOH: Pertussis cases continue to rise

By Claudeth Mocon-Ciriaco @claudethmc3

THE Department of Health (DOH) on Wednesday reported that the latest data on measles-rubella (MR) cases indicates that overall transmission may be slowing down, but pertussis cases are still on an upward trend.

Figures from the DOH showed that a total of 1,627 cases of MR in the country, with 4 deaths recorded from January up to April 6.

The DOH also said children under 10 years old were most at risk for MR, as many of those who fell ill were below 5 years old.

Close to half of the cases (787) are from the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), where a nonselective Measles Outbreak Response Immunization (MORI) is now in the second week of its intensive phase. Almost 850,000 children in BARMM have been vaccinated for this MORI as of April 14.

The top three BARMM provinces with the highest percentage of target population vaccinated are: Maguindanao del n orte (88.5 percent); Sulu (79.2 percent); and

Maguindanao del Sur (72.2 percent). Only 2.3 percent of those offered vaccines either deferred or refused.

PRC vaccination drive T HE Philippine Red Cross (PRC) is also ramping up its community-wide vaccination education in addition to its widescale measles vaccination efforts in the BARMM. PRC Chairman and CEO Richard Gordon directed the intensification of communitywide vaccination education in Mindanao. “Parents’ hesitancy towards childhood immunization is a health threat to our communities and one of the factors that prevent Filipino children from living healthy and happy. We have to fight this threat through information dissemination and vaccine education. We are doing what we can to not only deliver information but to also ensure that communities understand vaccines and its crucial importance,” said Gordon. PRC RC143 volunteers in Mindanao have been going around in geographically-isolated areas with megaphones to disseminate information and distribute more IEC materials for spreading awareness about vaccines and

The order seeks recommendations for administrative reversion—returning from DA-BFAR to the DE n R the administrative control over AUU fishpond areas under Fishpond Lease Agreements—and biophysical reversion, which engages the process of putting back destroyed parts of the mangrove forest from fishpond to mangrove state by way of replanting, enrichment planting and assisted regeneration.

Suggestions will come from the n ational Technical Working Group ( n TWG) under Special Order 2021-274 to be forwarded to the DE n R Secretary.

routine immunization. They are also conducting health promotions to parents.

From April 1 to 16, the PRC, through vaccinators and volunteers, vaccinated over 15,651 children, aged 6 months to 10 years old, in Sulu, Tawi Tawi, Lanao del Sur, Cotabato, and Basilan. As of April 15, the PRC has reached 83 communities.

“The government cannot do this alone. Our vaccinators and volunteers are assisting them. n agpadala kami ng Volunteer Emergency Response Vehicles (VERVs), boats, at motorcycles para maabot ang mga bata na nakatira sa malalayong komunidad. Patuloy kaming magbabakuna hangga’t hindi natin nasisiguro na lahat ng bata, lalo na ang mga may edad anim na buwan hanggang sampu taong gulang, sa bansa ay ligtas at bakunado,” added Gordon.

Epidemic curve

T HE national epidemic curve of new cases per week for MR, according to the DOH, is showing signs of plateauing, which indicates that overall transmission may be slowing down.

The protective effects of the MORI may not be seen in the epidemic curve until 4-6 weeks after it started.

Also, the DOH is cautious in interpreting trends as there may either be late reports like

‘Probe presence of Chinese nationals near EDCA sites’

By Jovee Marie N. Dela Cruz @joveemarie

LAWMAKERS on Wednesday urged key government agencies to launch a comprehensive investigation into the notable rise in the number of Chinese near Enhanced Defense Cooperation Agreement (EDCA) sites.

They also called on all Filipinos to unite in support of the administration’s unwavering stance against ongoing Chinese aggression in the West Philippine Sea (WPS).

Surigao del n orte Rep. Robert Ace Barbers said the Bureau of Immigration, the Department of Foreign Affairs, and the military and police intelligence community to must scrutinize the influx of Chinese.

He said these agencies bear the responsibility for monitoring and regulating foreign arrivals in the country.

He urged a closer examination of visa approval processes by the DFA officials in China, adding that it is important for the government to track the movements of Chinese nationals entering and leaving the country.

Drawing attention to the growing number of warehouses and business establishments operated by Chinese nationals, particularly in Central Luzon and Cagayan, Barbers said this has potential implications for national security and urged vigilance from concerned agencies.

Meanwhile, Camarines Sur Rep. LRay Villafuerte called on all Filipinos to stand behind President Marcos’ firm stance against “relentless Chinese aggression” in the WPS.

Villafuerte said it is obligation of all Filipinos to support the government’s efforts to assert sovereignty and jurisdiction over the Philippine exclusive economic zone (EEZ) as defined by international law, including the 1982 United n ations Convention on the Law of the Sea (U n CLOS) and the 2016 Permanent Court of Arbitration (PCA) ruling.

“Our territorial integrity is at stake, and it thus behoves all of us Filipinos to support the government’s appropriate policy of defending our borders in accordance with international law and as upheld by the 2016 PCA Arbitral Ruling,” he said.

functionality, and stringent control over removable devices.

He said Kaspersky Endpoint Security for Business offers organizations comprehensive protection, including the ability to scan removable drives for malware.

Moreover, Hia said Kaspersky Unified Monitoring and Analysis Platform (KUMA) provides an integrated software solution for monitoring and managing information security incidents. “Serving as a unified console for incident analysis and log management, KUMA empowers organizations to mitigate cyber threats effectively.”

Based on the DMO, the DE n R Regional Offices of the three selected regions will enforce it via the DE n R Regional Field Assessment Teams, comprised of personnel from their respective Conservation and Development Division, Survey and Mapping Division License, Patents and Deeds Division, Provincial Environment and n atural Resources Office (Penro) or Implementing Penro, and the Community Environment and n atural Resources Office. They will collect vital informations such as topographic maps, fishpond maps, and mangrove maps from the DE n R- n ational Mapping Resources Information Authority, Fishpond Suitability for Mangrove Rehabilitation, and Vulnerable Areas to Sea Level

underreported numbers or cases previously recorded as clinically compatible but later on shown to have negative test results like overcounted cases.

However, the DOH said pertussis cases are still on an upward trend. Data from January 1 to April 6, showed a total of 1,477 cases since the start of the year, with 63 deaths recorded.

The outbreak response immunization is ongoing, and the DOH continues to await the arrival of the 3 million pentavalent (“five-inone”) vaccine doses by June or earlier, even as it obtains DPT (“three-in-one”) doses to prevent the anticipated shortfall in vaccines by May.

The Philippines continues to have stocks of pentavalent and TDaP vaccines in the private sector.

In the past six weeks, the following regions showed a continuous increase in the number of cases - Cagayan Valley, Central Luzon, Zamboanga Peninsula, n orthern Mindanao, Davao Region, and Bicol Region.

For purposes of outbreak response, the DOH noted that data on the growth rate of cases is more pertinent to the department compared to the total number of cases, per given area. Of the total pertussis cases recorded, 76 percent were less than 5 years old. Adults aged 20 and older account for only around 4 percent of cases.

According to the Mindanaoan solon, all concerned agencies, particularly the BI and the DFA, are aware that there exists a “Chinese mafia” that is engaged in the procurement and processing of fake documents, and they include fake birth certificates coming from the Philippine Statistics Authority, fake passports emanating from the DFA, drivers licenses issued by the Land Transportation Authority, and fake gun licenses coming from the P n P Firearms and Explosives Office, among others.

“The question is: What have these government agencies done to counter the tampering of their respective offices’ documents? They are all eerily quiet on this issue. Are some of the officials of said agencies in cahoots or enables of the Chinese mafia?” Barbers asked.

Barbers noted the prevalence of fraudulent documents, pointing to a concerning trend of fake Filipino identities being utilized to acquire properties and establish businesses near strategic locations, including EDCA sites and transportation hubs.

Rise; flooding maps from DE n R-Geospatial Database Office; and DA-BFAR data on issued FLAs that are active, cancelled, expired, terminated and AUU, among others.

The analysis will, likewise, constitute data consolidation, deskwork validations, and desktop mapping, where the teams will gather and harmonize maps and data and ascertain if FLAs adhered to the Presidential Decree (PD) 1067 or The Water Code of the Philippines and PD 1586, otherwise known as the Philippine Environmental Impact Statement System.

Furthermore, they will hold ground truthing and validation to assess the identified areas’ status and existing land use, including determining the area profile and biophysical

The DOH said it is cautious in interpreting trends. The number of cases may still change as there may be late consultations and reports.

“Just like in the emergency room, the fast and focused pace of an outbreak response highlights areas for improvement so we can save lives better. We are looking at adopting processes like Framework Agreements [FA] for procurement so that we can buy the vaccines faster. This is the way forward, even as we exhaust all possible means now to get what we need,” said Health Secretary Teodoro J. Herbosa.

An FA for procurement, the DOH said, is used for repeatedly needed goods that are seen to be necessary and desirable but, by its nature, use, or characteristic, the quantity and/or exact time of need cannot be accurately pre-determined, and are not advisable to be carried in stock.

The FA is in the nature of an option contract between the procuring entity and the bidder/s, granting the procuring entity the option to either place an order for any of the goods identified in the FA List, or not to buy at all. It can be for a minimum period of one year to maximum period of three years.

Procurement under a FA still follows the procedure for competitive bidding as required by law, but it improves efficiency by allowing

Highlighting the recent diplomatic achievements in forging defense and security alliances with the United States and Japan, Villafuerte urged the Marcos administration to capitalize on these partnerships by advocating for the swift approval of proposed military modernization initiatives, including significant funding allocations for the Armed Forces of the Philippines and the Philippine Coast Guard.

The Bicolano legislator was referring to the measure seeking to authorize $500 million a year in Foreign Military Financing (FMF) grant assistance to the Philippines between 2025 and 2029—a total of $2.5 billion over the five-year period.

Villafuerte said that, as the President himself stressed following his April 12 meeting with US defense officials at the Pentagon in Washington, the Philippines

“cannot afford to be complacent” despite the intensified defense and security relations with our allies, as “the intensity, and the potential disastrous consequences of the security threats facing us today necessitate that we work harder and continuously improve.”

status. They may ask assistance from the Philippine n ational Police and the concerned local government unit (LGU).

Upon validations, the teams will examine the gathered data, maps, and ground validation results to prepare the report to the Regional TWG (RTWG). They will administer consultations with concerned civil society organizations, academic institutions, and LGUs.

Per the findings, the RTWG will then recommend areas for administrative and biophysical reversion in accordance to a pre-identified set of criteria and endorse them to the n ational TWG, who will then review and submit to the Secretary for final approval.

Roderick L. Abad

for the benefits and advantages of lean and just-in-time procurements.

Meanwhile, Camarines Sur Rep. LRay Villafuerte called on the DOH to expedite the necessary paperwork to facilitate the prompt distribution of unpaid Covid-19 allowances totaling P27 billion.

of our

Economy

Tulfo files bill aiming to boost natural gas sector

By Butch Fernandez @butchfBM

SENATOR Raffy Tulfo pressed for passage of a bill seeking the development of a comprehensive and integrated legislative policy for developing the Philippines’s natural gas sector.

This as the Department of Energy (DOE) called for exemption from value-added tax (VAT) on purchase, sale of indigenous gas across entire value chain. The DOE is pushing for VAT-exemption on the purchase and sale of indigenous natural gas (ING) and the sale of power using ING, as part of fiscal incentives to be granted by Senate Bill (SB) 2247.

Energy Undersecretary Sharon S. Garin raised the matter at the conclusion of the fourth meeting of the Senate Committee on Energy Technical Working Group on SB 2247. The bill seeks to promote the development of a comprehensive and integrated legislative policy that

aids in the rapid development of the Philippines’s natural gas sector.

Garin called on the Department of Finance to agree fiscal incentives for natural gas investors, saying “the risks are too high and the competition is there.” The government should provide key players of natural gas with incentives to ensure the objective of achieving a robust commercial transaction and promote investment in the indigenous natural gas industry, she added.

Donnabel Kuizon Cruz, managing director and general manager of Prime Energy Resources Development B.V., said indigenous gas exploration to production takes seven years to 10 years and is a high-risk and high-cost activity. Prime Energy, operator of the Malampaya natural gas facility, estimates that the current Malampaya Phase 4 two (out of three) well-drilling and tie-back campaign will cost approximately $859 million. Prime Energy targets delivery of new gas

from Malampaya Phase 4 by 2026.

Cruz said the objective is to increase indigenous gas production and provide access to more customers, which will then reduce the cost of electricity, noting that, historically, indigenous gas has always been more stable and competitive compared to imported gas.

Garin said tapping ING resources will address the overall concern on energy security and the high cost of energy.

“There is a very slim chance that indigenous will be more expensive than LNG,” she said.

“We need to protect the [ING] industry and we are hoping to have more projects like Malampaya,” added Garin, noting that the Malampaya consortium remits 60 percent of its gross proceeds to the national government.

Gareth Tungol, Tulfo’s special legal counsel, said SB 2247 would help augment natural gas sources in the country, since the existing Malampaya gas reserve is depleting. Tungol, a lawyer, said the concerns and issues raised during the TWG meeting will be taken into consideration at the Committee report.

Renewal of GSP scheme, nuclear power explored by Romualdez

By Jovee Marie N. Dela Cruz @joveemarie

Ferdinand Martin

PEAKER

SG. Romualdez on Wednesday highlighted the importance of renewing the Generalized System of Preferences (GSP) program, which expired on December 31, 2020, to further boost trade between the Philippines and the US.

Following his meeting with Rep. Gary Palmer of Alabama’s 6th District at Capitol Hill, Washington, DC, on April 16 (Tuesday afternoon US time), Romualdez said that the GSP scheme has been instrumental in enhancing trade between the Philippines and the US.

The GSP program offers nonreciprocal, duty-free treatment to numerous developing nations, thereby fostering economic growth through increased trade.

“Before the GSP program lapsed, the Philippines exported more than $2 billion worth of goods tax-free to the US annually through the program,” Romualdez said. “The program has been instrumental in creating jobs and investments in export manufacturing, benefiting both economies.”

The Speaker believes US buyers of Filipino GSP products would benefit from the duty-free status of Philippine exports.

“This will lead to decreased prices in the US for these products and commodities, thereby easing inflation,” he said.

In exploring future trade arrangements, Romualdez proposed the potential for a free trade agreement.

“We need to leverage Philippine resources and US technologies and investments, particularly in critical minerals, to support the

electric vehicle industry and the broader transition to clean energy, including nuclear energy,” he said.

Palmer, a member of the US House Committee on Energy and Commerce and the Committee on Oversight and Accountability, engaged in discussions with Romualdez regarding the significance of the 123 Agreement.

This civil nuclear deal, inked by Washington and Manila in November last year, facilitates the transfer of nuclear energyrelated materials and components between the two nations.

“The 123 Agreement lays the legal framework for potential nuclear power projects with US providers, paving the way for streamlining the licensing requirements for the private sector with respect to investments in nuclear-related intangible transfers of technology,” Romualdez said.

BEC: Renova to develop Batangas wind power project

By Lenie Lectura @llectura

BASIC Energy Corp. (BEC) has tapped the technical expertise of Japan-based Renova Inc. to develop the 50-megawatt (MW) wind power project in Batangas.

BEC and Renova on Wednesday signed a joint development and shareholder’s agreement (JDSHA).

With the execution of the JDSHA, Renova has committed to partnering on a 50:50 equity basis with BEC in its subsidiary Mabini Energy Corp. (MEC), the project proponent for the Mabini wind energy project.

The wind energy service contract for the Mabini project was awarded by the Department of Energy (DOE) in 2021. Under the 25-year contract, the pre-development stage must be finished in five years. An option to extend it for 25-year extension can be availed to ensure the project’s long-term sustainability and energy stability for the region.

The project is estimated to cost between between $80 and 85 million.

Once operational, the wind power project is expected to contribute at least 50 MW of clean energy to the national grid, reinforcing BEC’s leadership in renewable energy initiatives.

The company has already installed a 120-meter Meteorological Mast (MetMast) in Barangay San Teodoro, Mabini, in November 2022. This was followed by the deployment of state-ofthe-art LIDAR technology in Barangay Estrella, Mabini, in June 2023. Officials said these “sophisticated tools” are key in carrying out a thorough wind resource assessment (WRA), which is essential for assessing the project’s viability and estimating its potential annual energy production (AEP).

The WRA is anticipated to be completed by May, which will facilitate the selection of the most suitable Wind Turbine Generators (WTG) for the site.

In accordance with the Renewable Energy Act of 2008, BEC said the Mabini wind power project not only meets the nation’s energy demands but also promotes economic growth and community development in Mabini and surrounding areas.

“This project is a testament to BEC’s commitment to sustainable development and environmental stewardship, setting the stage for a more sustainable and prosperous future,” it said.

PHL envoy seeks Iran’s go-ahead to meet 4 OFWs in seized vessel

By Malou Talosig-Bartolome @maloutalosig

THE Philippines is asking Tehran for permission to meet the four Filipino seafarers of a container ship which Iran commandos seized from Strait of Hormuz last Saturday.

Foreign Affairs

Undersecretary Eduardo De Vega said Philippine Ambassador to Iran Roberto Manalo is seeking

seafarers from India, Pakistan, Russia and Estonia. This is the second time the Iranian Navy commandeered a commercial vessel with Filipino seafarers on board.

In January, Greek-registered MV St. Nikolas manned by 18 Filipino sailors was also seized in the Gulf of Oman. Ambassador Manalo also negotiated for consular access and eventually their release.

De Vega said he met Iranian Ambassador to Manila Yousef Esmaeil Zadeh Tuesday.

He said the Iranian ambassador promised that the Filipino seafarers

Davao politicians still mum on expulsion from HNP

By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

DAVAO CITY—Four Davao politicians remained silent about their expulsion from the Hugpong ng Pagbabago (HNP), the dominant political party in the Davao Region identified with Vice President Sara Duterte. Davao del Norte Vice Gov. Oyo Uy, his father, Tagum City Rey Uy, his cousin Davao de Oro Vice Gov. Jayvee Tyron Uy and Davao de Oro Rep. Maricar Zamora have not yet issued any statement following their expulsion, which came a day after the controversial proDuterte rally at the sports complex in Tagum City on Sunday night.

The HNP expelled the four “in light of recent events and actions that have been found to conflict with the core principles and policies of our Party.”

The Duterte allies supposedly frowned upon the move of Vice Gov. Oyo Uy to sit as temporary governor

despite their plan to contest the Malacanang order to suspend Gov. Edwin Jubahib because of the latter’s decision to hold the proDuterte Maisug rally at the sports complex in Tagum City.

The Department of the Interior and Local Government said the Malacanang order was not about the rally but stemmed from a complaint of a provincial board member that Jubahib allegedly abused his power.

Besides, the camp of the HNP said the Uys and Rep. Zamora openly supported Speaker Martin Romualdez, a political nemesis of the Dutertes.

Although the HNP expelled them from party, the letter also acknowledged their contribution to the party. “Your participation has been appreciated and this decision was not made lightly,” the letter read.

Meanwhile, the organizers of the pro-Duterte rally in Tagum City said it was correcting a statement emanating from their camp which supposedly castigated the Army

for removing its personnel from the Maisug rally. Lorraine Marie T. Badoy, a supporter of former President Duterte, said “Correction: it’s not true that Presidential Adviser for Eastern Mindanao ordered the pullout of Army from Maisug rally.”

“The earlier report was relayed to us by the Army but what they meant was the Army band. And Sir Leo so out of security concerns. Mea culpa,” Badoy said.

The Army’s 10th Infantry Division Commander Major General Allan Hambala on Sunday also denied he was ordered by Presidential Assistant for Eastern Mindanao Leo Tereso Magno to pull out his troops in the Davao del Norte Sports Complex. Hambala said it was his decision to reposition his troops to the second and third layer of security plan as soldiers were not supposed to be in the immediate vicinity of the rally. He said it was the police who were mandated to implement crowd control and at the same time secure the attendees.

will be “home very soon.”

“We hope in a month our nationals will be released,” De Vega told Iranian Ambassador Yousef.

He hopes that like in the case of MT St. Nikolas, the four Filipino seafarers will be released as soon as the owners of the ship find their replacement.

“Our four Filipino seafarers are non-officers and can be easily replaced. The Iranians are more interested on the ship, and not our crew,” he added.

Travel advisory for Filipinos going to Israel

MEANWHILE , Filipinos who plan to go on pilgrimage or visit Israel are advised to defer their travel until tension ebbs in the region.

“The Philippine Embassy in Tel-Aviv continues to recommend that non-essential travel from the Philippines to Israel be postponed indefinitely, or until such time the

situation has stabilized,” the DFA said in a statement.

“If travel to Israel is absolutely necessary, Filipinos are advised to follow all precautions,” it added.

The Embassy does not, however, recommend yet raising to Alert Level 2 the evacuation contingency in Israel.

Alert Level 2 means OFWs in Israel should be prepared for possible evacuation, and that there shall be no further deployment of OFWs.

There are more than 30,000 Filipino workers in Israel, most of them caregivers.

As for the rest of the Filipinos in the Middle East, they are also advised “to be alert and updated” with the security pronouncements of their host governments.

There are more than 1 million Filipinos in the Middle East, mostly in Saudi Arabia. There are around 2,000 Filipinos living in Iran.

Cotabato scholars file raps vs CHED chief

By Joel R. San Juan @jrsanjuan1573

THE Office of the Ombudsman has received another complaint against Commission on Higher Education (CHED) Chairman Prospero “Popoy” De Vera III in connection with the alleged unaccounted P10.3-billion higher educational development fund allocated for the free tuition and living allowance of government scholars.

The new complaint, which was filed by 10 Menitobong tribal student-scholars of Goldenstate College and Marvelous College of Technology Inc. (MCTI) in Koronadal, South Cotabato, stemmed from De Vera’s failure to provide and release their living allowances for the period covering school year (SY) 2021-2022, 20222023 and 2023-2024.”

The complainants accused De Vera of negligence of duties and responsibilities as public official, violation of Republic Act (RA) 11032 or Ease of Doing Business, grave abuse of power and authority amounting to unfair and oppressive actions, and moral injury to students and educational institutions.

“We learned that under RA 10931 a student-scholar is entitled to free tuition and other school fees subsidy. We somehow learned that a scholar-grantee is also entitled to receive a living allowance in the amount of 20,000 per semester which

Sen. Bong Go backs Laguna co-ops in tie-up with CDA

FOLLOWING his participation in the 20th Kesong Puti Festival and distribution of assistance to displaced workers, Senator Christopher “Bong” Go joined the ‘Malasakit sa Kooperatiba’ event on Monday, April 15, in cooperation with the Cooperative Development Authority (CDA), in Sta. Cruz, Laguna. Held at the Cultural Center Provincial Capitol, Go and his Malasakit Team assisted 23 cooperatives as they distributed various forms of support as well as balls for basketball and volleyball and shirts to 230 cooperative members.

Through Go’s support, the CDA likewise extended financial assistance to qualified cooperatives to boost livelihood of the sectors they represent. “Mayroon po tayong inisyatiba na mamimigay po tayo ng tulong sa mga kooperatiiba. Tandaan po natin, mas masarap po ang pakiramdam ‘pag pinaghirapan at pinagpawisan natin ang ating pagnenegosyo,” said Go in an interview. “Kaya ine-engganyo ko po ‘yung mga kooperatiba, kung ano ang inyong matatanggap na puhunan, palaguin n’yo po, palakihin ninyo ang inyong negosyo nang tama, dalahin n’yo po sa inyong pamilya ang kita, at makakatulong rin po kayo na maiangat ang inyong komunidad. Kapag lumago ‘yan, mas uunlad pa ang inyong kooperatiba. Gamitin n’yo lang po ang pera sa

tama. ‘Yan po ang pagmamalasakit natin sa ating mga kooperatiba,” Go encouraged.

Known as Mr. Malasakit for his compassionate service to those in need, Senator Go underscored the critical role cooperatives play in community development.

“Full support po ako sa mga kooperatiba. Magmalasakit tayo sa ating mga kasamahan sa kooperatiba at ako po’y patuloy na susuporta sa inyong mga hangarin na mas mapabuti ang kabuhayan sa inyong mga komunidad,” Go stated. The event was led by CDA Undersecretary Joy Encabo, Governor Ramil Hernandez, and Vice Governor Karen Agapay, among others. Senator Go has been promot -

ing cooperative development in the country. He co-authored and co-sponsored Republic Act No. 11502, which designates October as “National Cooperative Month.” He also co-authored RA 11535, which significantly strengthens the cooperative movement in the Philippines by mandating the appointment of cooperative development officers in all local government units.

As vice Chair of the Senate Committee on Finance, Senator Go has been a staunch advocate for increasing funding for the Cooperative Development Authority to help more cooperatives. Through his support, the 2024 national budget includes significant fi -

nancial support for CDA’s Human Capital Development Program for Cooperatives, which aims to enhance the skills and competencies of cooperative members.

Just earlier this month, on April 4, Senator Go also extended similar assistance to cooperatives in Quezon City, continuing his advocacy for this vital sector across various regions.

“Salamat po sa inyong lahat, sa inyong suporta, tulong, at tiwala. Patuloy akong magseserbisyo sa inyong lahat. Tawagin nyo lang po akong Bong Go, Kuya Bong Go. Huwag ho kayong mahiya sa akin. Ituring nyo ako na parang kapitbahay lang tayo,” Go said who is an adopted son of

gratified and energized us to continue our studies and pursue our respective college courses we have been dreaming of,” the petitioners said.

“However, as we pursued our studies we inquired from Goldenstate College about the P20,000 living allowances per semester for every scholar-student but we were told that the same have not yet been given and released by the CHED chaired and headed by Mr. Prospero de Vera,” they added.

Under RA 10931 or the Universal Access to Quality Tertiary Education Act, a student-scholar is entitled to free tuition and other school fees subsidy, including a P20,000 living allowance per semester for every student-scholar.

On tertiary education subsidy (TES), RA 10931 provides that it shall be administered by the Unified Student Financial Assistance System for Tertiary Education or UniFAST, which is in charge of implementing RA 10931 to ensure that all eligible Filipinos get access to adequate and equitable education.

Last month, Agapito Lubaton, MCTI administrator and CEO filed a similar complaint against De Vera before the Ombudsman. Lubaton claimed that the CHED chief failed to “faithfully comply with its mandate to provide sufficient subsidy for free tuition and students living allowance which under the said law had clearly pointed out for the appropriation of funds.”

CALABARZON region.

On the same day, Go also visited Quezon City, where he attended the 77th Founding Anniversary of Philippine Red Cross, with the inauguration of a new chapter building and a mass oath-taking of thousands of new volunteers. The senator then assisted recovering fire victims in the city. “Mga kababayan, tao lang po ako na napapagod rin. Pero kapag nakikita ko kayong masaya, makatulong sa mga kooperatiba, makatulong sa mga pasyente, makatulong sa mga mahihirap, nawawala po ang aking pagod… bisyo ko na ang magserbisyo at tutulong ako sa inyong lahat sa abot ng aking makakaya,” he concluded.

THE MSC Aries, which Iranian commandos seized on Saturday, is seen in this file photo from Vessel Finder.

Editor: Jennifer A. Ng

DA begins effort to develop deep-water ports

THE Department of Agriculture (DA) created a technical working group (TWG) that will develop policies pertaining to the development and operation of deepwater ports.

Agriculture Secretary Francisco

P. Tiu Laurel Jr. issued Special Order (SO) 550 which authorized the creation of the TWG.

“In the exigency of service and in line with the Three-Year Agenda of the Secretary of the Department of Agriculture to provide efficient logistic systems for agricultural products, a Technical Working Group [TWG] and Secretariat is hereby created to develop a policy framework for the development and operation of deep-water ports to be managed and supervised by the Philippine Fisheries Development Authority [PFDA],” SO 550 read.

Laurel said the TWG and secretariat will be composed of officials and personnel from DA operating

units, attached corporations and bureaus. It will be chaired by the general manager of the PFDA while the undersecretary for fisheries will serve as co-chairperson.

The TWG members will consist of the undersecretary for policy, planning and regulations; assistant secretary for operations; director of the Bureau of Fisheries and Aquatic Resources; director of the Bureau of Agricultural and Fisheries Engineering; and the director of the Philippine Center for Postharvest Development and Mechanization.

The project management office of the PFDA will serve as the secretariat.

Laurel said the TWG will prepare and facilitate the collection and analysis of pertinent data regarding the development and operation of deepwater ports.

“These include, but are not limited to, data on efficient cargo handling and distribution, reduction

of transfer and handling cost, enhancement of existing fish ports, and provision of efficient logistic systems for both input and output production,” the SO read.

In developing a policy framework for the development and operation of deep-water ports, Laurel said the TWG will be guided by the objective that the ports will lead to efficient cargo handling and distribution, reduced postharvest losses, enhanced fish ports, and provision of efficient logistic systems for both input and output production.

The TWG, which will report directly to the DA chief, may invite resource persons from other agencies, from other DA Operating units and private sector, such as shipping companies, during its meetings, as deemed necessary.

The DA has been pushing for the construction of deep piers designed for large ships to reduce the cost

Local tobacco fetches higher prices this season–NTA

TOBACCO farmers are selling at high prices in buying stations their fluecured Virginia tobacco leaves, and the air-cured burley and native tobacco leaves this season, according to the Department of Agriculture (DA).

Based on the latest National Tobacco Administration (NTA) monitoring of tobacco trading operations, the buying price per kilogram of the prime class of tobacco or Class AA of the flue-cured Virginia tobacco has reached as high as P113.00, which is higher than the approved floor price of P97.00.

NTA, an attached agency of the DA, said the buying price for the prime class of both air-cured Burley-type tobacco and Native-type tobacco is expected to reach up to P100.00 per kg, which is higher than the approved floor price of P81.00.

Considering the increasing trend in the actual buying price of tobacco, NTA Administrator Belinda S. Sanchez said the tobacco farmers will earn “a lucrative income this season.

“The tobacco buying price increase reflects market demand and crop quality as

well as the presence of good weather and the increase of floor prices,” Sanchez said in a statement.

Data from the Philippine Statistics Authority (PSA) showed that the country’s tobacco production last year reached 50,911.75

metric tons (MT). The figure is 6.6 percent higher than the 47,730.39 MT.

Data from the PSA also showed that the Philippines’s native tobacco output last year went up by 15.3 percent to 9,484.81 MT, from the previous year’s 8,221.69 MT.

Virginia tobacco production was also higher in 2023 at 25,096.57 MT from the 23,442.94 MT recorded in 2022.

The NTA estimated that around 2.2 million Filipinos depend on the tobacco industry, including more than 430,000 farmers, farm workers and their families. NTA noted that total volume of locally produced tobacco only constitutes 35 percent of the leaf requirement of tobacco manufacturers.

Agriculture Secretary Francisco P. Tiu Laurel Jr. said Tuesday that he is aware of the growing illicit trade of tobacco that is threatening the entire tobacco industry value chain. He vowed to help in the fight against smugglers whose illegal activities adversely affect the livelihood of farmers, legitimate businesses and investments, and government revenues.

Villar calls for ‘balikatan’ to protect marine resources in WPS

By Butch Fernandez @butchfBM

SEN . Cynthia A. Villar vowed to stand by Filipino fishermen and pushed for “balikatan” to protect the West Philippine Sea (WPS) where the country sources “a big percentage” of its fish production.

Amid the challenges in the country’s fishing sector, the chairman of the Senate Committee on Agriculture made an assurance that government will continue to prioritize the affected fishermen.

She said she would “hold on to my goal of crafting laws to help in the fishing sector’s growth.”

“Let us unite to alleviate the living conditions of our fishermen,” she said in her keynote address during the launch of the

Layag-WPS Project at Subic Gymnasium in Zambales last April 16. “The Livelihood Activities to Enhance Fisheries Yields And Economic Gains from the WPS or LAYAG-WPS Project was the result of dedication of our government led by the Department of Agriculture-Bureau of Fisheries and Aquatic Resources [BFAR], to address some of the most important needs of our fishermen particularly in the WPS.”

Villar said she hopes that the livelihood inputs that were awarded to over a hundred fisherfolks would “become an instrument for an abundant and sustainable fish catch within our territorial waters.”

“DA-BFAR designed this livelihood involvement with the vision of uplifting the socioeconomic status of every Filipino fisherfolk and their communities.”

Brazil readies ethanol for green jet fuel, rocking US rivals

THE United States made a huge technological leap forward this year with the launch of the world’s first plant that makes sustainable jet fuel from ethanol—but it’s Brazilian farmers, not American ones, who’ll initially reap the benefits.

Although the LanzaJet Inc. facility in rural Georgia is able to process ethanol made from American-grown corn, it will likely run on mostly sugarcane ethanol imported from Brazil when it first ramps up to commercial production. That’s because many of the largest Brazilian mills have already been certified to make feedstock for sustainable aviation fuel (SAF) that meets official international and domestic standards. Sao Martinho SA says it expects to be first to be able to supply the US’s nascent SAF market. It has received the necessary certifications—including the globally accepted Corsia standard, established by the United Nation’s governing body for aviation, plus registration with the US Environmental

Protection Agency—and has started to make SAF-compliant sugarcane ethanol for export, Chief Executive Officer Fabio Venturelli said in an interview. The company will churn out between 13 million and 15 million liters this season (about 3.4 million to 4 million gallons), he said.

“The time has come for us to receive due recognition for our work,” Venturelli said. To be eligible under Corsia—the Carbon Offsetting and Reduction Scheme for International Aviation—producers must guarantee the ethanol was manufactured with low-carbon emissions and didn’t contribute to deforestation. The EPA requires producers to prove volumes can be stored and transported separately from other fuels.

The race to supply the ethanol feedstock for SAF is critical, as ethanol’s traditional key market—cars with internal combustion engines—has been threatened by the rise of electric vehicles. With about 40 percent of US corn today supplying domestic mills making ethanol for use as a transportation

of transporting farm inputs like fertilizers.

The agency said this could lead to a reduction in rice production cost and help planters boost their output.

“Our primary focus remains on elevating production levels and lowering production costs in rice cultivation, primarily through mechanization and reducing postharvest losses, as emphasized by Secretary [Francisco]

Tiu Laurel,” Agriculture Assistant Secretary Arnel De Mesa said in a Palace statement following a recent news forum.

He said the establishment of deep piers capable of accommodating larger vessels could significantly reduce transportation costs by enabling direct shipment, potentially lowering input prices by P15 to P20 per unit.

(Read: https://businessmirror. com.ph/2024/04/08/da-deeppiers-for-large-ships-will-cutcost-of-logistics-inputs/)

CPM explores other measures to stop spread of plant diseases

THE Food and Agriculture Organization (FAO) Commission on Phytosanitary Measures (CPM) met last Monday to discuss further measures to stop the spread of plant pests and diseases.

The CPM is the governing body of the International Plant Protection Convention (IPPC), convening annually to assess the global state of plant health and review progress towards achieving the Convention’s objectives. In 2023, IPPC welcomed the Federal Republic of Somalia as the 185th contracting party to the multilateral treaty.

“The consequences of unchecked pest and disease outbreaks are far-reaching and can inflict irreversible damage on ecosystems, trade, and the global food supply,” said Qu Dongyu, director-general of FAO, in his opening address to the 18th Session of the commission.

The launching, she said, shows the government’s commitment to equip Filipino fisherfolks with appropriate fishing gears and technology to boost their productivity in the resource-rich waters.

“It also intends to reduce post-harvest losses; bring the government support closer to the fishing communities; encourage sustainable fisheries management anchored on applicable laws, codes, authorizations, or rules and increase fisheries production to help in the administration’s goal of attaining food security.”

At the same time, she recalled the project was started by the government to provide fishermen with a good life.

She also said the government also wants to guarantee the protection and welfare of every Filipino fisherman.

fuel, farmers and mills alike are anxious to compete in lucrative new markets like lowcarbon jet fuel.

It’s not a sure thing: While seen as a way to help decarbonize aviation, SAF is still facing an uncertain future as limited feedstock availability, high costs and a lack of technological diversification pose a challenge for the new industry, according to BloombergNEF. But pull it off and it has the potential to be big. Feeding the world’s green aviation fuel plants that use ethanol as feedstock would require as much as 9 billion liters per year by 2030, producer Raízen SA estimates—nearly a third of Brazil’s entire cane ethanol output.

Raízen, BP Bunge Bioenergia and mills linked to Copersucar SA have also snagged the Corsia certification. Raízen and Copersucar have registered with the EPA as well, the companies said.

“We are ready to supply ethanol in different spots in the US for sure,” said Paulo Neves, a vice president at Raízen, a joint venture between Cosan SA and Shell Plc. Bloomberg News

FAO noted that changing weather patterns and rising temperatures across the world have changed the geographic distribution and intensity of plant pests and diseases. This makes the work of the CPM in facilitating international cooperation and information exchange on early detection, rapid response, and coordinated control efforts indispensable, according to Qu.

One example of a destructive plant disease is caused by the fungus Fusarium Tropical Race 4 (TR4). The extensive damage it inflicts on banana crops was highlighted at the World Banana Forum’s 4th Global Conference, recently hosted by FAO. Exacerbated by the impacts of climate change, yield losses due to TR4 affect more than 400 million farmers, producers and rural households who depend on this staple crop.

The IPPC is working together with FAO to help banana-producing countries combat TR4. The IPPC Secretariat coordinates the global efforts to prevent the entry and spread of TR4. In addition to raising awareness on TR4 and conducting simulation exercises in various countries, IPPC has produced a guide to effectively prevent, prepare for, and manage TR4.

At the COP28, FAO launched the “Global Roadmap for Achieving Sustainable Development Goal 2 (SDG2) without Breaching the 1.5°C Threshold.” One of the domains of action identified in the roadmap is the protection of crops using integrated pest management to reduce reliance on chemical products.

Discussions focused on amendments to phytosanitary standards, including criteria to determine host status of fruit to fruit flies, the requirements for establishing pest free areas, and cold treatment for a pest called false codling moth.

FAO also noted that the IPPC ePhyto Solution has proven that safe trade can be expedited through digital phytosanitary certification. By December 2023, more than 5 million ePhyto certificates were successfully exchanged by 88 active user countries, while the total number of registered countries has increased to 128.

PHOTO FROM WWW.NTA.DA.GOV.PH

The World

UN appeals for $2.8 billion to aid 3 million Palestinians, highlighting looming famine

By Edith M. Lederer The Associated Press

UNITED NATIONS—The United Nations appealed for $2.8 billion on Tuesday to provide desperately needed aid to 3 million Palestinians, stressing that tackling looming famine in war-torn Gaza requires not only food but also sanitation, water and health facilities.

that killed about 1,200 people and led some 250 others to be taken hostage. The Israeli offensive in Gaza aimed at destroying Hamas has caused widespread devastation and killed over 33,800 people, according to local health officials.

De Domenico said there are signs of Israel’s “good intention” to get more humanitarian assistance into Gaza, citing the opening of a crossing to the north, which faces the most serious threat of famine, and the opening of bakeries there.

But the UN keeps pushing Israel to do more, he said.

De Domenico pointed to Israeli denials and delays on UN requests for aid convoys to enter Gaza.

turn safely in daylight hours. He said the Israelis know this is how the UN operates, and delays allow them to say “we’re not blindly denying you” while controlling what happens.

“We continue to engage with them and our objective is really to solve the issue and deliver aid,” he said.

According to the international community’s authority on determining the severity of hunger crises, famine is imminent in northern Gaza where 70 percent of people are experiencing catastrophic hunger. And its recent report warned that escalating the war could push half of Gaza’s 2.3 million people to the brink of starvation.

Andrea De Domenico, the head of the UN humanitarian office for Gaza and the West Bank, told reporters that “massive operations” are required to restore those services and meet minimum standards—and this can’t be done during military operations. He pointed to the destruction of hospitals, water and sanitation facilities, homes, roads and schools, adding that “there is not a single university that is standing in Gaza.”

De Domenico said Israel’s recently ended second major military operation at Shifa Hospital, Gaza’s largest medical facility, was so destructive the facility has been forced to shut down. As an example, he questioned what the military objective was in shooting an MRI scanner that examines parts of the body and can detect cancers.

He said his team has been dealing with “a scene of terror” at the hospital, with UN and Palestinian colleagues helping people try to recognize family members from shoes or clothes on “the remnants of corpses.”

Israel promised to open more border crossings into Gaza and increase the flow of aid into Gaza after its drone strikes killed seven aid workers from the World Central Kitchen who were delivering food into the territory on April 1. The killings were condemned by Israel’s closest allies and heightened criticism of Israel’s conduct in the 6-month-old war with Hamas, sparked by the extremist group’s surprise attack in southern Israel

Iran president warns of ‘massive and harsh’ response to the ‘tiniest invasion’ by Israel amid rising tensions

IBy The Associated Press

RAN’S president has warned that the “tiniest invasion” by Israel would bring a “massive and harsh” response, as the region braces for potential Israeli retaliation after Iran’s attack over the weekend.

President Ebrahim Raisi spoke Wednesday at an annual army parade that was relocated to a barracks north of the capital, Tehran, from its usual venue on a highway in the city’s southern outskirts. Iranian authorities gave no explanation for its relocation, and state TV did not broadcast it live, as it has in previous years.

Iran launched hundreds of missiles and drones at Israel over the weekend in response to an apparent Israeli strike on Iran’s embassy compound in Syria on April 1 that killed 12 people, including two Iranian generals.

Israel, with help from the United States, the United Kingdom, neighboring Jordan and other nations, successfully intercepted nearly all the missiles and drones.

Tensions in the region have increased since the start of the latest Israel-Hamas war on October 7, when Hamas and Islamic Jihad, two militant groups backed by Iran, carried out a cross-border attack that killed 1,200 people in Israel and kidnapped 250 others.

Israel responded with an offensive in Gaza that has caused widespread devastation and killed

over 33,800 people, according to local health officials.

Iraq’s PM urges calm among all parties

IRAQI Prime Minister Mohammed Shia al-Sudani says he pressed President Joe Biden on the need “for all parties to calm down” as conflict threatens to worsen further between Iran and

Storm dumps heaviest rain ever recorded in desert nation of UAE, flooding roads and Dubai’s airport

By Jon Gambrell The Associated Press

DUBAI, United Arab Emirates—Heavy thunderstorms lashed the United Arab Emirates on Tuesday, dumping the heaviest rain ever recorded in the country in the span of hours as it flooded out portions of major highways and Dubai’s international airport.

The state-run WAM news agency called the rain “a historic weather event” that surpassed “anything documented since the start of data collection in 1949.” That’s before the discovery of crude oil in this energy-rich nation then part of a British protectorate known as the Trucial States.

The rains began late Monday, soaking the sands and roadways of Dubai with some 20 millimeters (0.79 inches) of rain, according to meteorological data collected at Dubai

International Airport. The storms intensified around 9 a.m. local Tuesday and continued throughout the day, dumping more rain and hail onto the overwhelmed city.

By the end of Tuesday, more than 142 millimeters (5.59 inches) of rainfall had soaked Dubai over 24 hours. An average year sees 94.7 millimeters (3.73 inches) of rain at Dubai International Airport, the world’s busiest for international travel and a hub for the long-haul carrier Emirates.

At the airport, standing water lapped on taxiways as aircraft landed. The airport ended up halting arrivals Tuesday night and passengers struggled to reach terminals through the floodwater covering surrounding roads. One couple, who spoke to The Associated Press on condition of anonymity to speak freely in a country with strict laws that criminalize critical speech, called the situation at the airport “absolute carnage.”

“You cannot get a taxi. There’s people sleeping in the Metro station. There’s people sleeping in the airport,” the man said Wednesday.

They ended up getting a taxi to near their home some 30 kilometers (18 miles) away, but floodwater on the road stopped them. A bystander helped them over a highway barrier with their carry-on luggage, the bottles of gin they picked up from duty free clinking away.

Dubai International Airport acknowledged Wednesday morning that the flooding had left “limited transportation options” and affected flights as aircraft crews couldn’t reach the airfield.

“Recovery will take some time,” the airport said on the social platform X. “We thank you for your patience and understanding while we work through these challenges.”

Police and emergency personnel drove

US ally Israel.

Al-Sudani spoke to reporters Tuesday night on a Washington visit that included talks with Biden at the White House on Monday.

Saturday’s drone and missile launches by Iran targeting Israel, including some that overflew Iraqi airspace and others that were launched from Iraq by Iranbacked groups, have underscored the delicate relationship between Washington and Baghdad.

Al-Sudani said Iraq, like some other Arab nations, had tried unsuccessfully to talk Iran out of the strikes on Israel. Iran’s attack was in retaliation for a suspected Israeli strike that killed senior Iranian military leaders at Iran’s embassy complex in Syria.

Al-Sudani said the decision on allowing Iraqi airspace or soil to be used in any future attacks between Israel and Iran was Iraq’s to make.

Iraqis “reaffirmed Iraq is an independent and sovereign nation,” he said. “We do not want to be a part in this conflict. We discussed this with Iran and with Biden.”

slowly through the flooded streets of Dubai. Lightning flashed Tuesday across the sky, occasionally touching the tip of the Burj Khalifa, the world’s tallest building. The city’s driverless Metro saw disruptions and flooded stations as well.

Schools across the UAE, a federation of seven sheikhdoms, largely shut ahead of the storm and government employees were largely working remotely if able. Many workers stayed home as well, though some ventured out, with the unfortunate stalling out their vehicles in deeper-than-expected water covering some roads.

Authorities sent tanker trucks out into the streets and highways to pump away the water. Water poured into some homes, forcing people to bail out their houses.

The country’s hereditary rulers offered no overall damage information or injury information for the nation, as some slept into their flooded vehicles Tuesday night. In Ras al-Khaimah, the country’s northernmost emirate, police said one 70-year-old man died when his vehicle was swept away by floodwater.

He said 41 percent of UN requests that required going through Israeli checkpoints were denied during the week from April 6-12, and last week a convoy from the UN children’s agency UNICEF and the UN World Food Program was caught in crossfire in an area that was supposed to be safe.

De Domenico said convoys often spend hours at checkpoints and are only cleared in the afternoon, too late to make deliveries and re -

De Domenico said the UN appeal was scaled back from $4 billion because of difficulties in getting aid into Gaza—and most importantly getting it to the people who need it most.

He said 90 percent of the $2.8 billion being sought for the rest of the year is for Gaza and 10 percent is for the West Bank, which has seen an upsurge in violence and settler attacks.

Aung

San Suu Kyi has been moved from prison to house arrest due to heat wave, military says

By Grant Peck The Associated Press

BANGKOK—Myanmar’s jailed former leader Aung San Suu Kyi has been moved from prison to house arrest as a health measure due to a heat wave, the military government said. On Wednesday it also granted amnesty for over 3,000 prisoners to mark this week’s traditional New Year holiday.

Suu Kyi, 78, and Win Myint, the 72-year-old former president of her ousted government, were among the elderly and infirm prisoners moved from out of prison because of the severe heat, the military’s spokesperson, Maj. Gen. General Zaw Min Tun, told foreign media representatives late Tuesday. The move has not yet been publicly announced in Myanmar.

Suu Kyi’s transfer comes as the army has been suffering a string of major defeats in its fight against pro-democracy resistance fighters and their allies in ethnic minority guerrilla forces. The nationwide conflict began after the army ousted the elected government in February 2021, imprisoned Suu Kyi and began suppressing nonviolent protests that sought a return to democratic rule.

Suu Kyi has been serving a 27-year prison term on a variety of criminal convictions in a specially built wing of the main prison in the capital Naypyitaw, where Myanmar’s meteorological department said temperatures reached 39 degrees Celsius (102.2 degrees Fahrenheit) on Tuesday afternoon. Win Myint was serving an eight-year prison sentence in Taungoo in Myanmar’s Bago region.

Suu Kyi’s supporters and independent

analysts say the charges were fabricated in an attempt to discredit her and legitimize the military’s seizure of power. The military had claimed that her National League for Democracy Party used widespread electoral fraud to win a landslide victory in the 2020 general election, an allegation independent observers found unconvincing.

According to the Assistance Association for Political Prisoners, an independent group that monitors casualties and arrests, more than 20,351 people arrested on political charges since the 2021 army takeover are still in detention, most of whom have not received criminal convictions.

Suu Kyi’s health has reportedly deteriorated in prison. In September last year, reports emerged that she was suffering from symptoms of low blood pressure including dizziness and loss of appetite, but had been denied treatment at qualified facilities outside the prison system.

Those reports could not be independently confirmed, but her younger son Kim Aris said in interviews that he had heard that his mother has been extremely ill and has been suffering from gum problems and was unable to eat. Aris, who lives in England, urged that Myanmar’s military government be pressured to free his mother and other political prisoners.

News about Suu Kyi is tightly controlled by the military government, and even her lawyers are banned by a gag order from talking to the media about her cases. Her legal team has faced several hurdles, including being unable to meet with her to receive her instructions since they last saw her in person in December 2022.

Whether the latest move was meant to be temporary was not announced.

PALESTINIANS line up for a meal in Rafah, Gaza Strip on December 21, 2023. The United Nations appealed for $2.8 billion on Tuesday, April 17, 2024, to provide desperately needed aid to 3 million Palestinians, stressing that tackling looming famine in war-torn Gaza requires not only food but also sanitation, water and health facilities. AP/FATIMA SHBAIR

Helping OFWs enhance their savings habit for sustainable prosperity editorial

THe latest data from the Bangko Sentral ng Pilipinas (BSP) reveals a positive trend in the remittance flows from overseas Filipinos, indicating a recovery from the pandemic-induced economic challenges. Cash remittances in February 2024 reached $2.65 billion, marking the highest level for that month in recent years. This surge in remittances aligns with the recovery in deployment, with overseas Filipino workers deployment reaching a 55-year high since records were first kept in 1969. However, while remittances show promise as a driving force for economic growth, there are concerns regarding the savings and investment habits of our OFWs.

(Read the BusinessMirror story: “Remittances rise, but savings static—BSP,” April 16, 2024).

Institute for Migration and Development Issues Executive Director Jeremaiah M. Opiniano said the lessons of the pandemic have yet to fully impact the savings and spending behaviors of remittance-receiving households. The BSP’s Consumer Expectations Survey reveals that savings and investments among OFWs remain at pandemic levels, with only 32.1 percent of households saving, and 6.2 percent investing. These figures reflect the impact of the economic downturn on OFWs’ finances and the need for a strategic approach to encourage a savings mindset and promote investment.

To address this issue, Opiniano suggests exploring innovative approaches to guide the cognitive behaviors of Filipinos abroad towards a mindset shift. Encouraging the development of a savings habit, along with investment and entrepreneurial opportunities, can help OFWs secure their financial future and contribute to the country’s economic growth. By diversifying their financial strategies beyond education expenses and daily household needs, OFWs can build a stronger foundation for themselves and their families.

While remittances have shown consistent growth, personal remittances, which include both cash and non-cash forms of support, have grown at a higher rate of 3 percent compared to cash remittances. The ease of online transactions and the rise of online accounts and shopping activities among Filipinos overseas have facilitated this transition.

The significance of remittances extends beyond individual households, as they have a substantial impact on consumer spending and the overall economy. Rizal Commercial Banking Corporation Chief Economist Michael L. Ricafort points out that consumption accounts for 75 percent of the Philippine economy, making remittances a crucial driver of economic growth. The consistent inflow of remittances, which amounts to over $40 billion per year, showcases the resilience of overseas Filipino workers and their contributions to the Philippine economy, positioning the country as the fourth-largest recipient of remittances globally.

The United States, Saudi Arabia, Singapore, and the United Arab Emirates are the primary sources of the increased remittances in January-February 2024. The US, in particular, has the highest share of overall remittances during this period, followed by Singapore, Saudi Arabia, and Japan. These figures highlight the importance of maintaining strong ties with these countries and ensuring favorable labor market conditions for Filipinos abroad.

As the country moves forward, it is imperative to strike a balance between harnessing the potential of remittances for economic growth and promoting financial stability among OFWs. Government agencies, financial institutions, and other stakeholders should work together to provide the families of our OFWs with the necessary tools, education, and support to improve their financial literacy, encourage savings and investment, and foster entrepreneurial opportunities. By doing so, we can maximize the positive impact of remittances, not only on individual households but also on the broader Philippine economy.

While the current data demonstrates positive growth, it is essential to address the underlying challenges that hinder the sustainable financial wellbeing of our OFWs. By empowering and equipping them with the skills and resources needed to manage their finances effectively, we can ensure that remittances become a catalyst for long-term prosperity for OFWs and the nation as a whole.

Kabuki Theater

TJohn Mangun

OUTSIDE THE BOX

He classic form of Japanese theatre known as Kabuki began in 1603 as a female dance and singing ensemble. It was a common form of entertainment in Japanese red-light areas, especially in the Yoshiwara district of edo.

Two decades later women were banned from performing as many were also prostitutes and the dances were considered too erotic. They were replaced by male actors who also engaged in sex work for both female and male customers.

The word kabuki is believed to derive from kabuku, meaning “out of the ordinary” or the more extreme “bizarre.” It is maybe appropriate that since the 1960s the term “Kabuki Theater” also describes events usually political.

Some describe the Japanese kabuki theater as very subtle and requires deeper understanding that might be overshadowed by the extravagant costumes. Others say that kabuki is nothing more than excessive makeup, that it is all drama, all overacting with little substance and content.

I am beginning to believe that we live in a time of constant global “Kabuki Theater” where nothing is what it appears to be, or, in the words of Shakespeare, “A tale told by an idiot, full of sound and fury, signifying nothing.” Actually, probably both.

We The People have come to fully realize over 30 years or so, particularly with instantaneous and widedissemination of information, that governments lie. Not occasionally but constantly. Corporate media has embraced those lies and always helps propagate the lies.

I expected to wake up to a peaceful Sunday and not that Iran was attacking Israel. Israel bombs the Iranian consulate in Syria. Iran retaliates. But all good.

Sun Tzu wrote that as a critical strategy an army should “mystify, mislead, and surprise the enemy.”

But then we find out from multiple sources that “Iran informed Turkey in advance of its planned operation against Israel, a Turkish diplomatic source told Reuters on Sunday.” Moreover, “Turkish, Jordanian and Iraqi officials said on Sunday that Iran gave wide notice days before its drone and missile attack on Israel.” Turkish officials also said that “Washington had conveyed to Tehran via Ankara that any action it took had to be ‘within certain limits.’” Turkey’s foreign ministry later con-

Biden says the US won. Iran says it won. Israel says it won. The world is happy WW3 did not start. Is this the “Kabuki Theater” of the whole event being too subtle and requiring a deeper understanding that I obviously do not have? Or is this the other Kabuki?

firmed the contacts in a statement.

Maj. Gen. Pat Ryder, the Pentagon press secretary, responded that “Iran did not give the US advanced notice of its attack on Israel.” Further, White House national security spokesperson John Kirby: “Iran never gave us a message giving us the time or the targets.” And “A US official said late last Thursday that the US expects an attack by Iran against Israel but one that would not be big enough to draw Washington into war.”

On the day of the attack “President Joe Biden lauded American forces who helped Israel down nearly all of the drones and missiles fired by Iran and vowed to coordinate a global response to Tehran’s unprecedented attack.”

April 15, 2024: “President Biden said Monday that the US and Israel “defeated” the unprecedented Iranian attacks over the weekend.” Maybe it is just me, but that sounds like the US was “drawn into war.”

So, let’s try to put it all together. Iran tells at least Turkey—and probably Iraq and Jordan since Iran’s weapons must overfly those two nations—that the attack on Israel is coming. Turkey says the US was

informed and sort of signed off on Iran’s military response. US says no way did they know but were ready to knock down the Iranian drones and missiles anyway.

Iran sends 170 drones that each takes one to two hours of flying time to reach Israel, which does not provide much “mystify, mislead, and surprise.” Israeli military also said the vast majority of the projectiles were intercepted outside the country with help from the US, the UK, and France. US Defense Secretary Lloyd Austin said that the US also intercepted “dozens” of missiles and drones launched from Iraq, Syria, and Yemen.

All the calls that we were on the verge of WWIII appear to have been sensationalistic clickbait. Of course, it is not over—it is never over where the Middle East in concerned. But what exactly was the purpose for what happened last Sunday? Biden says the US won. Iran says it won. Israel says it won. The world is happy WW3 did not start. Is this the “Kabuki Theater” of the whole event being too subtle and requiring a deeper understanding that I obviously do not have? Or is this the other Kabuki?

That beautiful woman with Kumadori makeup, a katsura wig, and wearing a Hakama you have fallen in love with is probably an onnagata actor like Nakamura Kankurō VI with an actress/model wife and two children.

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.

Canada hikes capital gains tax to raise billions for housing

By Erik Hertzberg

Canada will raise capital gains taxes on businesses and wealthy individuals to help pay for tens of billions in new spending aimed at making housing more affordable and improving the lives of young people.

Finance Minister Chrystia Freeland said the government will tax Canadian companies on two-thirds of their capital gains, up from half currently. That change will also apply to individual taxpayers when they have gains over C$250,000 ($181,000) in a year, though people will still be able to sell the homes they live in tax-free.

In prepared remarks to lawmakers, Freeland said the job of Canada’s tax system is to combat “structural inequality” and that by increasing the tax rate on investment gains, she was merely “asking those who are benefiting from the winner-takesall economy to pay a little bit more.”

Prime Minister Justin Trudeau’s administration has been sinking

in opinion polls, which show that he’s losing younger voters who are frustrated about the high cost of housing. The benchmark home price in Canada has gone up about 60 percent since he took office and apartment rents have also surged— forcing the government to roll out programs to try to accelerate building construction and alleviate the cost crunch.

Overall, Freeland’s new budget shows a government squeezed between those spending demands, higher borrowing costs and its commitment to keep the deficit—expected at C$39.8 billion this fiscal year—under control. Trudeau and Freeland are now turning to the richest Canadians and corporations

In prepared remarks to lawmakers, Freeland said the job of Canada’s tax system is to combat “structural inequality” and that by increasing the tax rate on investment gains, she was merely “asking those who are benefiting from the winner-takes-all economy to pay a little bit more.”

to help foot the bill. The capital-gains inclusion rate hasn’t been this high in decades in Canada. The government expects the hike to generate C$6.9 billion in the current fiscal year, partly because some investors and businesses will rush to sell ahead of a June 25 deadline to avoid the higher tax rate.

“It may reduce the incentive for companies to invest,” said Charles St. Arnaud, chief economist at Alberta Central. “While the tax changes are marginal, they have the potential to impact the perception of Canada’s business environment.”

The capital gains tax rules include some exemptions for entrepreneurs, and individual investors may be able to avoid or delay the tax hit if their holdings are in a taxsheltered account.

The tax change implies that a company selling an asset for a C$10 million gain would pay about C$1 million in additional tax, assuming a corporate tax rate of 15 percent. Over a five-year period, the capital-gains change may generate C$19.4 billion in revenues, the government estimates, with about 55 percent of that coming from corporations.

Still, Freeland defended the decision as reasonable. In some other countries, including many European nations, corporate capital gains are taxed at the same rate as ordinary income, according to PWC.

“In thinking about raising revenue, we thought very, very carefully about the investment climate,” Freeland said. “That is one of the

See “Canada,” A17

Dubai grinds to standstill as cloud seeding worsens flooding

By Verity Ratcliffe & Kateryna Kadabashy

TorrenTial rains across the United arab emirates prompted flight cancellations, forced schools to shut and brought traffic to a standstill.

The heavy rains that caused widespread flooding across the desert nation stemmed partly from cloud seeding. The UAE started cloud seeding operations in 2002 to address water security issues, even though the lack of drainage in many areas can trigger flooding.

The Gulf state’s National Center of Meteorology dispatched seeding planes from Al Ain airport on Monday and Tuesday to take advantage of convective cloud formations, according to Ahmed Habib, a specialist meteorologist. That technique involves implanting chemicals and tiny particles—often natural salts such as potassium chloride—into the atmosphere to coax more rain from clouds.

With global warming threatening a surge in heat-related deaths in the UAE, Dubai’s media office dubbed the downpours “rains of goodness,” despite flooded houses and overflowing swimming pools.

The latest storms followed heavy rains earlier this year, according to Habib at NCM. The seeding planes have flown seven missions over the past two days, he added.

“For any cloud that’s suitable over the UAE you make the operation,” he said.

The rain forced Dubai International Airport, one of the world’s busiest, to suspend operations for 25 minutes.

“Operations continue to be significantly disrupted at Dubai International due to heavy rain and flooding,” a spokesperson for the airport told Bloomberg. More than 40 flights were canceled and inbound services were temporarily diverted until weather conditions improve.

Canada . . . continued from A16

principal considerations in my mind, one of the main things that the government is focused on and thinking about. I am confident that the measure that we are putting forward today will not have a negative effect on business certainty.”

Higher growth

SINCE last November, the government has added more than C$56 billion in program spending over a five-year period, according to the new fiscal estimates. The money is largely aimed at boosting housing supply, defense and artificial intelligence development. Public debt charges are expected to be about C$11 billion higher over the same period.

“I would characterize this budget as a tax-and-spend budget—a level of spending that is incredibly high,” Robert Asselin, senior vice-president of policy at the Business Council of Canada. “I think it sends the wrong signal at the wrong time, at a moment where our economy does need more investments and when we do have a productivity problem.”

Freeland’s budget assumes a soft landing, and the economy is looking much stronger this year than most forecasters had anticipated in late 2023. Nominal gross domestic product growth will rise 3.8 percent in 2024, from 2.5 percent previously, according to the latest projections, boosting tax revenue over the long run.  The finance minister said she’ll keep her promise to contain deficits to around C$40 billion in the current fiscal year and the next. The shortfall would decline to C$31 billion in 2026-27, around 1 percent of gross domestic product. Canada’s debt-to-GDP ratio is

Opinion

BusinessMirror

Japan’s exports get boost from China aided by yen tailwind

By Erica Yokoyama

JaPan’s exports grew for a fourth consecutive month as the weak yen provided a tailwind and demand in China picked up, giving the economy a needed boost as domestic consumption sags.

The Gulf state’s National Center of Meteorology dispatched seeding planes from Al Ain airport on Monday and Tuesday to take advantage of convective cloud formations, according to Ahmed Habib, a specialist meteorologist. That technique involves implanting chemicals and tiny particles—often natural salts such as potassium chloride—into the atmosphere to coax more rain from clouds.

The UAE government issued warnings ahead of the heavy rains, asking people to stay at home and only leave “in cases of extreme necessity.” It later extended remote working until Wednesday for all federal employees.

People took to social media to share updates on the aftermath of the weather. Some videos showed cars being swept off roads, while another showed the ceiling of a shop collapsing as water inundated one of Dubai’s most popular malls. The emirate’s metro was disrupted.

Residents had to bail out apartments and underground car parks were flooded. Some buildings also suffered power outages.  Roads in Abu Dhabi were also flooded.

In neighboring Oman, at least 18 people have died in recent days as the heavy rains caused flooding, AP reported, citing a statement from the country’s National Committee for Emergency Management. With assistance from Leen Al-Rashdan/ Bloomberg

expected at 42 percent in fiscal year 2024-25, reaching 39 percent in 2029, little changed from last fall. Tuesday’s budget doesn’t include a timeline for a return to a balanced budget.

Freeland previously said her fiscal plan wouldn’t add to inflationary pressures—a claim that most economists believe, according to a March survey by Bloomberg.  “The Bank of Canada will read this as relatively neutral,” St. Arnaud said.

Conservative Leader Pierre Poilievre called it a “wasteful inflationary budget” that his members will vote against. “That is like a pyromaniac spraying gas on the inflationary fire that he lit. It is getting too hot and too expensive for Canadians,” he said. But the budget is almost certain to pass into law with the support of the opposition New Democratic Party, which favors higher corporate taxes.

Financing needs

T

HE government’s borrowing plan sees tapping the bond market for C$228 billion in the current fiscal year, up 12 percent, with C$60 billion each in planned auctions of five-year and 10-year bonds.

“The yield curve remains deeply inverted and we’ve seen growing investor appetite for long duration,” said Dominique Lapointe, a macroeconomic strategist at Manulife Investment Management. “That supports the government’s decision to continue heavily issuing at the longer end.”

Trudeau came to power in 2015 promising to run modest deficits to invest in public infrastructure. The shortfalls have continued, and his government racked up Canada’s highest deficit ever during the Covid pandemic. With assistance from Randy Thanthong-Knight, Brian Platt and Jay ZhaoMurray /Bloomberg

Exports gained 7.3 percent in March from a year earlier, with growth slightly decelerating from February’s 7.8 percent gain, the finance ministry reported Wednesday. Economists had forecast a 7percent increase. Imports fell 4.9 percent, compared with the consensus estimate of a 5.1 percent decline.

Wednesday’s data showed that the economy continues to benefit from the effects of a sliding yen that is giving a flattering gloss to the underlying export trend. The yen averaged 149.45 to the dollar in the latest month, 10.7 percent weaker than 134.97 in the previous year, the ministry said. That helped inflate the value of some shipments in yen terms. By volume, exports declined by 2.1 percent.

“I feel that the March exports growth was largely due to the currency factor, and exports are not that strong,” said Yayoi Sakanaka, senior economist at Mizuho Research &

Technologies. “Semiconductors are picking up, but not yet in terms of volume.”

The currency impact may continue to sustain growth in exports in coming months, as the yen has extended losses. Japan’s currency continues to trade around fresh 34year lows, prompting objections from authorities.

Among industries leading the gains in March were the automakers and semiconductor and electronic parts sectors, which saw increases of 7.1 percent and 11.3 percent, respectively.

By region, China saw a 12.6 percent increase, accelerating from 2.5 percent in the previous month, as businesses ramped up operations following the lunar new year holidays, helping to power 5.3 percent economic growth in the JanuaryMarch quarter. But shipments to the US and Europe rose at a slower pace of 8.5 percent and 3 percent, point-

Wednesday’s data showed that the economy continues to benefit from the effects of a sliding yen that is giving a flattering gloss to the underlying export trend. The yen averaged 149.45 to the dollar in the latest month, 10.7 percent weaker than 134.97 in the previous year, the ministry said. That helped inflate the value of some shipments in yen terms. By volume, exports declined by 2.1 percent.

ing to some patchiness in the overall export trend.

“A slightly weaker gain in Japan’s outbound shipments in March doesn’t derail a solid trend that is likely to bolster GDP in the first quarter via stronger net exports and, indirectly, capital investment,” said Bloomberg economist Taro Kimura.

Japan’s growth in shipments comes against the backdrop of a somewhat shaky environment for global commerce overall. Worldwide trade is advancing little by little, with the Goods Trade Barometer managed by the World Trade Organization

reaching 100.6 last month. That’s slightly above the trend baseline, indicating weak upward momentum, but various risks to the outlook persist.  “Merchandise trade should continue to recover gradually in the early months of 2024, but any gains could be easily derailed by regional conflicts and geopolitical tensions,” the global organization said last month.

Japanese exporters are monitoring demand prospects in their key overseas markets. Federal Reserve Chair Jerome Powell signaled Tuesday that policymakers will wait longer than previously anticipated to cut interest rates following a series of surprisingly high inflation readings.

The continued growth in shipments may help Japan record a modest economic expansion in the first quarter of 2024, offsetting the impact from stagnant domestic demand. Japan narrowly avoided a recession in the previous period, with anemic private consumption exerting a drag.

The world’s fourth-largest economy is projected to record a small expansion again in the January-March quarter, according to a Bloomberg survey. Bloomberg

Powell signals rate-cut delay after run of inflation surprises

By Craig Torres

Federal reserve Chair Jerome Powell signaled policymakers will wait longer than previously anticipated to cut interest rates following a series of surprisingly high inflation readings.

Powell pointed to the lack of additional progress made on inflation after the rapid decline seen at the end of last year, noting it will likely take more time for officials to gain the necessary confidence that price growth is headed toward the Fed’s 2 percent goal before lower borrowing costs. If price pressures persist, he said, the Fed can keep rates steady for “as long as needed.”

“The recent data have clearly not given us greater confidence and instead indicate that is likely to take longer than expected to achieve that confidence,” Powell said Tuesday in a panel discussion alongside Bank of Canada Governor Tiff Macklem at the Wilson Center in Washington.

“Given the strength of the labor market and progress on inflation so far, it is appropriate to allow restrictive policy further time to work and let the data and the evolving outlook guide us,” he said.

Powell’s remarks represent a shift in his message following a third straight month in which a key measure of inflation exceeded analysts’ forecasts. It also shows officials see little urgency to cut rates and suggests that any reductions in 2024 may come relatively late in the year, if at all.

Policymakers narrowly penciled in three interest-rate cuts in forecasts published last month, but investors are now betting on just one

Powell’s remarks represent a shift in his message following a third straight month in which a key measure of inflation exceeded analysts’ forecasts. It also shows officials see little urgency to cut rates and suggests that any reductions in 2024 may come relatively late in the year, if at all.

to two cuts this year, futures markets show. The Federal Open Market Committee, the group of officials that sets interest rates, next meets April 30-May 1.

“Their confidence has been shaken,” said Kathy Bostjancic, chief economist at Nationwide Mutual Insurance Co. “He confirmed and emphasized what the markets were already pricing in based on the economic data.”

Treasury yields reached fresh year-to-date highs—with the two-

year note’s briefly exceeding 5% and reaching the highest level since November—after Powell signaled the Fed is in no hurry to cut rates.

The US economy continues to surprise Fed officials with its resilience. Employers added over 300,000 jobs in March—the most in nearly a year—and retail sales topped expectations. That strength has coincided with a pickup in price pressures in 2024, raising concerns about a stalling in progress toward the central bank’s inflation goal.

Earlier Tuesday, Fed Vice Chair Philip Jefferson said he expects inflation will continue to moderate with interest rates at their current level but persistent price pressures would warrant holding borrowing costs high for longer. Richmond Fed President Thomas Barkin said some recent data, including the consumer price index, has not “been supportive” of a soft landing. With assistance from Christine Dobby and Michael Sasso /Bloomberg

Biden’s push for World Bank funds to compete with China stalls

By Eric Martin & Shawn Donnan

AUS plan to raise billions of dollars in additional resources for the World Bank to counter China’s lending to the developing world has stalled less than nine months after President Joe Biden made it a centerpiece of his meetings with fellow Group of 20 leaders last year.

The plan, championed by Biden and the White House at last September’s G-20 leaders summit in New Delhi, was to send $3.3 billion to the World Bank, led by its new president, Ajay Banga.

That capital would be used to generate more than $25 billion in US-backed financing and grants for developing countries. It was part of a broader plan to increase World Bank resources by $200 billion with injections from other shareholders.

The White House pitched the move, which requires congressional authorization, as a counter to Chinese lending practices across the world, which it describes as a tool of economic coercion.

Yet the proposal has failed to win congressional approval or attract similar bids from other allies in the G-20 or even Group of Seven countries, which are more closely aligned with Washington.

As the World Bank and International Monetary Fund host their spring meetings in Washington this week, that setback has been obscured on Capitol Hill by a larger funding clash over assistance for Israel, Ukraine and bitter disputes over US border security.

The lack of progress has raised questions about US leadership within multilateral institutions like the World Bank and how Washington’s focus on China, also a major shareholder of the IMF and World Bank, is hurting those multilateral bodies.

The lack of progress has raised questions about US leadership within multilateral institutions like the World Bank and how Washington’s focus on China, also a major shareholder of the IMF and World Bank, is hurting those multilateral bodies.

A spokesperson for Biden’s National Security Council said in a statement that the administration remained committed to its pledge to help increase the bank’s resources and had an active request to Congress in its fiscal 2025 budget proposal. The proposal to bolster the World Bank was the most cost-effective way to provide financing to developing countries, the spokesperson said.

The US Treasury Department, without commenting on the recent push for new funds, pointed out that the US contributed $1.9 billion to multilateral development banks last year, which provided more than $145 billion to developing countries. Under the Biden administration, the US also contributed $1 billion to the United Nations Green Climate Fund meant to help developing countries slash greenhouse gas emissions and adapt to climate change.

In a speech in Washington last week, Treasury Undersecretary for International Affairs Jay Shambaugh highlighted Biden’s request to Congress for additional World Bank funding as part of a broader plan to help poor countries now suffering from heavy debt loads and higher interest rates.

He also referred to broader efforts to reform the World Bank and increase its resources that are being led by President Ajay Banga, the former Mastercard chief executive officer nominated by the US last year.

“All stakeholders will find the United States an enthusiastic partner and leader in realizing this vision,” Shambaugh said.

The Biden administration is also facing criticism that it can’t deliver on its international promises because of its own domestic political challenges, illustrating how this dysfunction is hurting America’s ability to sustain its post-World War II economic leadership.

Karen Mathiasen, a former Treasury official and US representative at the World Bank who’s now at the Center for Global Development, a think-tank, said Biden had miscalculated by putting the pledge of additional funding at the center of his G-20 appearance.

Its prospects even then seemed remote with a Republican-controlled House of Representatives, she said. Allies have failed to follow Biden and make their own pledges, leading to “a very public display of a weakening of US leadership,” Mathiasen said.  Republicans oppose Biden’s campaign for the World Bank to focus on

climate change, and many of them are suspicious of international institutions.

Mathiasen added that the Biden administration was unlikely to garner support from Congress for additional World Bank funding unless Democrats win control of both chambers in November’s elections.

“It was especially risky for Biden to promise this mostly green aid at the G-20 meeting when he knew a GOP House would never approve it, adding to the narrative that the US doesn’t keep its promises,” said DJ Nordquist, the US representative on the bank’s board during the Trump administration.

Banga, the World Bank’s president, says the lender must become faster, more efficient and eventually larger so that it can help fund some of the trillions of dollars in global development needs and maintain its relevancy in the coming decades.

The World Bank’s two major lending arms committed a combined $72.8 billion last year, with total cumulative lending since 1945 at nearly $1.4 trillion.

Banga replaced David Malpass, who was nominated by Trump in 2019 and stepped down last June, almost a year early.

Banga’s presidency gives the Biden administration a chance to evolve the Washington-based institution toward a greater focus on climate change, as environmental activists had said Malpass wasn’t providing leadership on the issue. Malpass has rejected that view and defended his record on climate. With assistance from Michelle Jamrisko/Bloomberg

$51-B export potential for PHL electronics gear cited NO PINOY CASUALTIES FROM UAE HISTORIC FLOODS–DMW

By Samuel P. Medenilla @sam_medenilla

Tearlier this week.

Citing their initial information from UAE, DMW spokesperson Toby Nebrida disclosed they have not received any reports of Filipinos, who died or were injured, from the floods.

“Hoping this remains so... We might have a better assessment by tomorrow [April 18],” Nebrida said.

He said the Migrant Workers Office (MWO) in Dubai and Abu Dhabi are preparing food items and other basic needs for Overseas Filipino Workers (OFW), who will need them.

The severe flooding was caused by historic heavy thunderstorms, which hit the desert country of UAE since Monday and persisted the following day.

The floods caused major disruptions in Dubai, the most populous city of UAE. The Overseas Workers Welfare Administration (OWWA) issued an advisory to Filipinos who currently live in the UAE, to ensure their safety during the natural disaster.

The attached agency of DMW urged Filipinos to be updated with information from local authorities regarding the weather condition; avoid going to flooded areas; prepare an emergency kit; and to stay connected with family and friends.

It also advised the affected Filipinos to contact the Migrant Workers Office, Philippine Embassy, and Consulate in Bahrain if they will need immediate help.

The Migrant Workers Office hotline includes the following contact numbers: MWO (00973) 17740951, 17740139, and (00973) 17740829.

OWWA said it will respond to their concerns via its hotline at (00973) 17721908 and (00973)34673268.

Chacha vests certitude in investment policy— ex-economic managers

By Reine Juvierre S. Alberto

AMENDING certain economic provisions in the 1987 Constitution would give certitude and confidence to potential investors in the country and would stir healthy competition among businesses, according to economists and former members of the Philippines’ economic team.

In a statement on Wednesday, the members of the Foundation for Economic Freedom (FEF) said they believe that the Resolution of both Houses (RBH) of Congress No. 7 and its counterpart RBH6 in the Senate will provide “certainty” to the country’s economic policy direction.

FEF includes former Bangko Sentral ng Pilipinas (BSP) governor Felipe M. Medalla, former finance secretary Gary Teves, former economic planning secretary Gerardo Sicat, and other economists and researchers.

“Allowing for flexibility in our economic policy to be more responsive to changing local and global conditions does not throw out the rule book. It merely situates rulemaking in the proper venue,” the FEF said.

“We believe that removing the restrictions is a necessary condition since we have to open the door first for investors to be able to come in. For foreign businesses to benefit from better institutions and processes, they must enter the country first,” the FEF added.

The FEF stressed that existing and potential investors in the areas of telecommunication and transportation must await the resolution of these challenges to be certain of the actual policy of the Philippines.

“The uncertainty in our economic policy framework stems from the contradiction between the restrictive provisions in our Constitution and the attempts to mitigate them through legislation,” the FEF said.

“If the Supreme Court decides to rule that this law is unconsti -

tutional, this will greatly damage the image of the Philippines with foreign investors,” the FEF noted.

The phrase “unless otherwise provided by law” in the Constitution’s economic provisions, as proposed in RBHs 6 and 7, “will render this constitutional challenge moot,” the group said.

Actual competition or even the threat of competition from foreign players will lead local players to improve the quality of and access to, their goods and services if they know that Congress can facilitate new entrants from abroad, the FEF said.

It cited as an example the entry of a third participant in the telecommunications sector and a service provider using satellite technology has prompted dominant players to improve their service and increase capital spending.

The group urged that removing the “anti-FDI” (foreign direct investments) provisions in the Constitution will signal our openness to foreign investment, adding that there is a need to signal that the country is open to FDI and demonstrate a “credible commitment” to this economic framework.

It said the removal of restrictions “is not being proposed as a magic bullet that will cure all ills and should not be seen as neglecting to fight corruption, investing in infrastructure, or improving the rule of law.”

The case of the renewable energy (RE) sector was also cited by FEF, noting how it has attracted billions of dollars in investments since the industry’s liberalization.

The country has been described as the fourth best destination for RE investments and the “new darling” of global RE investors, the group said.

This would create more income and job opportunities for Filipinos as potential investments in RE-related production of equipment like wind turbines and solar panels, and in infrastructure would support expansion in the RE sector.

Andrea E. San Juan @andreasanjuan

THE Philippines has $51 billion worth of unrealized export potential for electronic equipment alone, data from the International Trade Centre (ITC) platform showed.

Department of Trade and IndustryExport Marketing Bureau (DTI-EMB)

Director Bianca Pearl R. Sykimte told the BusinessMirror that “Based on the export potential map, electronic equipment alone has an unrealized potential of $51 billion already.”

Sykimte noted this figure for one product classification already exceeded the country’s total unrealized export potential in 2021 which was at $49 billion.

Export potential “means we have the capability to export the product but we are not able to capture a larger share of the market—this refers to the growth-based and frictions-based potential,” she said.

According to the ITC export potential map, the products with greatest export potential from the Philippines to the World are Electronic equipment, Machinery, electricity, and Mineral resources.

ITC also noted that electronic equipment shows the “largest absolute difference” between potential

OLYMPIC SPIRIT

Greek Ambassador Ioannis Pediotis and French Ambassador Marie Fontanel participate in a symbolic relay at the SM Mall of Asia Globe on Tuesday night. This marks the lighting of the Paris 2024 Olympic Flame in the historic sanctuary of Olympia, Greece, the birthplace of the ancient Games. The torch relay is a significant prelude to the upcoming Paris 2024 Olympic (July 26 to August 11) and Paralympic Games (August 28 to September 8). NONIE REYES

and actual exports in value terms, leaving room to realize additional exports worth $51 billion.

The map noted that the country’s electronic equipment’s actual exports is at $47 billion.

ITC explained that when actual exports exceed potential exports, this can be driven by an exporter’s exceptional export performance in some markets while neglecting others.

On the other hand, the unrealized potential value “signals room for export growth if frictions, for example, in the form of regulations or buyer-seller mismatches, can be overcome.”

Sykimte explained the growthbased and frictions-based issues which should be looked into to realize the country’s export potential.

Frictions-based issues “are linked to a simple lack of market research, comprising missing information or difficulties to comply with [nontariff measures] NTMs, mismatch between products characteristics

and consumer requirements and difficulties to find buyers.”

Sykimte said this is where the export marketing arm of DTI’s services is concentrated, acting to, for one, provide market and product intelligence to reduce information and search costs and addressing market concerns.

“This would already unlock a lot of unrealized potential for our exports. Frictions are specific to the exporter-importer product. Therefore this can be varied and identifying these frictions generally requires sector expertise and dialogue with businesses,” the DTIEMB Director said.

If the unrealized export potential arises from growth-based issues, she noted that this may come from the “projected economic growth of the Philippines and/or the demand growth in the target market.”

“These are opportunities expected to occur naturally if no major changes affect the sector, producer and market in question,” Sykimte explained further.

Benefiting from these opportunities mainly requires additional investments in production to ensure that the country meets the additional demand, she added.

Asked if unrealized export potential can lead to underutilization

of free trade agreements (FTAs), Sykimte told this paper, “It can but cooperation mechanisms under FTAs also provide mechanisms that can help address or unlock the potential.”

She explained that these cooperation mechanisms are usually provisions related to “consultations and establishment of contact points to facilitate discussions on various issues.”

“There can also be initiatives to facilitate understanding of each other’s markets i.e. info sessions, business missions, etc.,” Sykimte also noted.

In 2021, the ITC’s findings noted that the Philippines has an unrealized export potential of $49 billion, with $20 billion caused by productmarket-specific frictions and $29 billion driven by expected GDP growth in the Philippines and its target markets.

“Realizing exports currently hampered by frictions requires identifying and addressing these frictions. To tap into growth-based export opportunities, it is necessary to ensure sufficient investment in additional production,” the 2021 ITC study explained.

ITC is a joint subsidiary organ of the World Trade Organization (WTO) and the United Nations through the United Nations Conference on Trade and Development (Unctad).

3 priority zones for offshore wind tagged

Lenie

economic growth and energy security, Southeast Asian countries need to rapidly develop renewable energy, of which wind power has huge room for development. This report explores potential offshore wind power areas for development in

the Philippines and identifies specific challenges potentially preventing market readiness for large-scale offshore wind projects,” said Wini Rizkiningayu, Regional Director, RMI Southeast Asia Energy Program. “Floating offshore wind is the next frontier for the clean energy sector. Not only will it offer the prospect of generating numerous highly skilled job opportunities for Filipinos, but it also lays the groundwork for the development of new local industries,” he added.

RMI partnered with the Southeast Asia Clean Energy Facility (Seacef) to conduct this study, which was funded by the United States Trade and Develop-

ment Agency (USTDA) and Tara Climate Foundation. Based on preliminary information on the country’s wind resource, bathymetric profile, and existing interconnection infrastructure, these three high-priority OSW zones were chosen for their potential to provide the Philippines’ first OSW projects and future opportunities for longer term development as a floating OSW market matures.

Filreit wants share prices to rise before acquiring assets

By VG Cabuag @villygc

Filinvest Reit Corp. (Filreit), the real estate investment trust (Reit) of the Gotianun Group, said it is waiting for the equities market to recover and for its stock price to improve before acquiring more assets via share swap.

“A number of assets have been identified for infusion into Filreit that are subject to a favorable exchange price in order to have a property-for-share swap that is dividend accretive for our shareholders,” company president and CEO Maricel Brion-Lirio said.

“As the share price improves, we target to expand the asset base with acquisition of new assets from our sponsor Filinvest Land Inc. and our sponsor’s parent company Filinvest Development Corp. Filreit future

growth will be driven by a pipeline of high-value and green-designed assets that attract tenants who share Filinvest’s sustainability goals.”

She said that the company’s sponsor Filinvest Land Inc. (FLI) alone has about 532,000 square meters of office and retail gross leasable area in key central business districts that are potential acquisitions for Filreit in the near to medium term. Potential acquisitions can also come from the pipeline of assets

owned by FLI’s parent company, Filinvest Development Corp.

“We look forward to a more robust global economy in 2024 and the exciting opportunities ahead for Filinvest REIT. We are fully committed to expanding our assets, providing stable returns, and delivering value to our shareholders,” Lirio said.

Meanwhile, as part of its strategies, she said the company has been “deliberate” in diversifying its tenant mix with the addition of traditional tenants and co-working locators.

Tenant mix at the end of 2023 is comprised of 78 percent multinational BPO companies, 11 percent traditional office and co-working, 11 percent hospitality, and the small remainder taken up by retail tenants. The company said it remains free of POGO exposure.

“As part of our deliberate strategy, we are diversifying our tenant mix by reaching out to more traditional locators such as government agencies, wellness centers, schools of training centers, and co-working space operators,” Lirio said.

For its energy strategy, the firm has a two-pronged approach—energy efficiency and the use of renewables.

Its building designs have provisions for natural and LED lighting, natural ventilation where feasible and the use of variable frequency drives. The buildings in Filinvest City are connected to the largest district cooling system in the Philippines which substantially reduces energy consumption and carbon emissions by as much as 40 percent.

“We are also pleased to report that in 2023, eight buildings enjoy 100 percent supply of renewable electricity. Electricity sourced from renewables jumped to 45 percent in 2023 from 32 percent in 2022 and 26 percent in 2021,” Lirio said.

“We continue to work in further increasing the use of renewables this year. Since January 2024, additional five buildings have already been added to the list of those that enjoy 100 percent renewables, constituting 13 out of the 17 office buildings in the portfolio.”

Terra Solar boosts SPNEC ’23 income

SP New Energy Corp. (SPNEC), the listed renewable energy company now chaired by Manuel V. Pangilinan, reported a net income of P5.7 billion last year.

The increase in income was driven by a gain on full ownership in Terra Solar Philippines, the company said.

SPNEC’s assets also grew to P51.2 billion as of December 31, up by nine times from P5.8 billion as of December 31, 2022.

SPNEC’s equity also rose to P42.4 billion as of December 31, up eight times from P5.8 billion in equity as of December 3 1, 2022.

cial report following the entry of Pangilinan-led Manila Electric Co. (Meralco) in the company.

The numbers reflect the growth resulting from Meralco’s investment in SPNEC, as it gears up to build the P200-billion Terra Solar project, it said.

In December last year, MGen Renewable Energy (MGreen) completed its P15.9-billion investment resulting in a 50.5-percent voting interest in SPNEC.

In January, MGreen also acquired 2.17 billion shares of SPNEC from Solar Philippines Power Project Holdings Inc. for P2.5 billion. MGreen is a wholly-owned sub -

sidiary of Meralco Powergen Corp., which in turn is a wholly-owned subsidiary of Meralco, the country’s largest power distributor whose parent firm is Pangilinan’s Metro Pacific Investments Corp. Solar Philippines, founded by businessman Leandro Leviste, continues to own 18.99 billion shares of SPNEC, with other shareholders and the public owning the remaining shares.

SPNEC’s Terra Solar has been referred to as the world’s largest solar project, which is targeted to begin operations by 2026.

Terra Solar’s P200-billion solar developments in Nueva Ecija

and Bulacan will consist of 3,500 megawatts of solar panels and 4,000 megawatt-hours of battery storage.

To support these developments, as of December 31, SPNEC has secured 3,431 hectares of land for development, comprising 2,976 hectares purchased and 454.9 hectares leased.

Aside from its developments around Nueva Ecija, SPNEC also owns and operates a 63-MW solar farm in Calatagan, Batangas and a 150 MW solar farm in Concepcion, Tarlac. For the full year 2023, these operating assets generated P1.1 billion in revenues. VG Cabuag

SEC makes permanent cease order against MFT

Tmotion

the CDO filed by Foundry Ventures, Florita F. Tan, Charles Edward Tan, Christian Konstantin P. Agbayani, Chiqui Tan, Romarico Ruiz, Arlene Navarro, Joanne A. Caber, Thuy Nguyen, Roxanne Agbayani, Luis Gabriel R.Cancio, Noel M. Olan, JR Hernandez, Christian Olan, Tito Cosejo Jr. and Christian De Vera. The SEC issued the order last January 16, after the MFT Group, which later on transitioned to Foundry Ventures, was found to have engaged in the unlawful solicitation, offer, and sale of securities in the form of investment contracts without the necessary license from the SEC. Based on the complaints received and the independent investigation

conducted by the SEC Enforcement and Investor Protection Department, the MFT Group organized public events where it solicited investments supposedly for startup companies in exchange for a guaranteed return ranging from 12 percent to 18 percent per annum.

For this purpose, the MFT Group issued post-dated checks but the amounts indicated therein were not paid.

According to the EIPD, the MFT Group deliberately used the term, interest income, to give semblance of legitimacy to the transactions, which the group packaged as loans.

The Securities Regulation Code (SRC) provides that securities should not be sold or offered for sale or distribution within the Philippines without a registration statement duly filed with and approved by the SEC.

While registered as corporations, MFT Group of Companies and Foundry Ventures have not secured

the required secondary license in the form of an approved registration statement and a permit to sell securities to the public, as required under Section 8 of the SRC, in relation to Section 3 of the 2015 SRC Implementing Rules and Regulations.

In its motion to lift the CDO, Foundry Ventures argued that the loan agreements that were issued were not securities in the form of an investment contract or evidence of indebtedness.

“[T]he Supreme Court ruled that commercial papers evidencing indebtedness, which certainly include loan agreements and checks, can be regarded as shares of stocks if issued pursuant to a scheme that enables the lenders to participate in the profits of the corporation [and actually expects a return on their investments],” the order read, citing the Gabionza case.

“The unauthorized investment scheme of [MFT Group] which made use of loan agreements and checks

Smart blocks more than 13M smishing attacks in Jan-March

SMART Communications Inc. said on Wednesday it intercepted and blocked more than 13 million smishing attacks in the first quarter of 2024, blacklisting nearly 200,000 mobile numbers engaged in phishing activities.

Joseph Ian Gendrano, SVP and Chief Information Security Officer at PLDT Inc. and Smart, urged the public to safeguard their personal data, highlighting the escalating risks posed by cyber criminals.

“Data is the new oil. Cyber criminals steal personal information to defraud you or use your identity to victimize people close to you. Guard

your data. Don’t share it with people you don’t know.”

The police had raised the alarm on “hijack profile” cases, which involve hackers gaining access to individuals’ social media accounts. Victims often find themselves locked out of their own accounts, with hackers leveraging the compromised profiles to solicit funds from the victims’ contacts, typically under false pretenses of illness or distressing life events.

To fortify their defense mechanisms against fraudulent activities, Smart is urging the public to exercise caution when encountering suspicious links via SMS or email. Lorenz S. Marasigan

constituted an offer/sale of unregistered securities in the form of investment contracts and/or evidence of indebtedness,” the SEC said.

The SEC also dismissed the MFT Group’s arguments that the CDO was deemed automatically lifted upon the commission’s failure to set a hearing after the group’s filing of a motion to lift.

It found devoid of basis Foundry Ventures’ claim that the SEC failed to conduct a hearing after the filing of the motion to lift.

“The fact that the proceedings involving the [CDO] was not yet submitted for resolution necessarily precludes the automatic lifting thereof precisely because it is the resolution which the Commission will issue that will determine if the [CDO] will be lifted or will be made permanent,” the SEC said.

“Necessarily, as long as the violation subsists or that a violation will be committed, the CDO issued by the Commission should subsist and continue to have full force and effect; otherwise the purpose of Sec. 64 of the SEC will be negated.

“A contrary view will incentivize scheming fraudsters and con artists who can conveniently take advantage of an automatic lifting of a CDO by a mere lapse of time, even if the proceedings on the same are not yet terminated, as what happened in the instant case. Such is clearly not the intent of the law.” VG Cabuag

Envoys&Expats

New Japanese ambassador: Amity with PHL built upon ‘mutual trust’

JAPAN’S new envoy offered his respect and gratitude to war veterans whose sacrifices led to the peace and freedom now being experienced with the Philippines.

On April 9, in this year’s commemoration of the “Day of Valor” or “Araw ng Kagitingan” at the Mt. Samat National Shrine in Bataan, Ambassador Kazuya Endo conveyed his heartfelt condolences to those who passed away and to their families who carried the burden of their loss during the battles that took place 82 years ago.

Endo also stated that Japan and the Philippines are closest friends now, by virtue of the tireless efforts of their ancestors to rebuild “mutual trust on the basis of deep remorse.” He emphasized that “overcoming the shadows of the bitter past was what strengthened our foundation as strategic partners,” and that “our partnership has substantially deepened in all areas since then, and will continue for years to come.”

Amid the complex international situation, the ambassador affirmed

that Japan would continue to cooperate with the Philippines and the United States to “uphold a free and open international and maritime order based on the rule of law, which was established by our predecessors after the war.”

The ambassador also reassured that, in times of both prosperity and crisis, “Japan will continue to cooperate fully with the Philippines under the leadership of President [Ferdinand R. Marcos Jr.] to elevate our relationship to further heights in a wide range of areas—including people-to-people exchanges, trade, and investment, economic cooperation, maritime law enforcement, and defense cooperation.”

Aside from Marcos Jr., Defense Secretary Gilberto Teodoro, members of the Senate and Congress, Governor Jose Garcia, veterans, as well as officials of the Philip -

pine government and the US Embassy, graced the event.

Credentials presented

FIVE days prior, Endo presented his Letters of Credence to Marcos Jr. at Malacañang Palace as the ambassador extraordinary and plenipotentiary of Japan to the Philippines. It marked the official commencement of the diplomat’s term of office.

There, Endo expressed his enthusiasm to further deepen Japan and the Philippines’s strategic partnership through steady progress of

cooperation in a wide range of areas such as security, economy and people to people exchanges.

Accordingly, the President extended a warm welcome to the envoy and described their country’s ties as “strongest than ever.” The Chief Executive also expressed confidence that the relationship will be elevated to greater heights with close cooperation under the leadership of the Japanese official.

Following the ceremony, the envoy participated in a wreath-laying to honor Philippine hero Jose Rizal.

UNDP prods private sector for more local investments thru new SDG Investor Map

THE United Nations Development Programme (UNDP) in the Philippines recently launched the Philippine Sustainable Development Goals (SDG) Investor Map during the SDG Investment Forum that brought together key private sector stakeholders, government partners, and civil society representatives.

A UNDP market-intelligence tool, the SDG Investor Map urges participation and investments on the global goals by helping the local private sector identify investment themes in emerging markets. The themes may have significant potential to advance the sustainable development goals, as they are aligned with government policies and the sustainable nationaldevelopment needs of the country.

For the UN agency, sustainable and inclusive economic development cannot be achieved without channeling private capital to where it is needed most.

UNDP Phils. produced the investor map, in partnership with its SDG Impact Team and the Center for Impact Investing and Practices (CIIP)— an entity established by Temasek Trust, and with support of the recently concluded Joint Programme on Integrated National Financing

Framework of the UN. Resident Representative Dr. Selva Ramachandran of UNDP Phils. noted that “as interest grows among private sector actors to align investment activity with the SDGs, there is a demonstrated call for unifying [norms, tools, and reliable services for investors to support processes] of targeting, measuring, and achieving development outcomes.”

UNDP Phils. jointly launched the initial outputs of the investor map with some of the country’s biggest private-sector organizations: Philippine Chamber of Commerce and Industry (PCCI), Philippine Business for Social Progress, and the Makati Business Club, with generous support from the Canadian government through the “UNDP Climate Finance PH for NBS” project.

The National Economic and Development Authority expressed its staunch support for the initiative. Undersecretary for National Development Policy and Planning Rosemarie G. Edillon, who delivered a presentation on the Philippine progress on the SDGs, highlighted in her remarks the priority areas for SDG financing in the Philippines.

“We made sure [the goals] are mainstreamed in the ‘Philippine

Development Plan.’ Taking off from the lessons from the pandemic, we have seen that we need to [influence economic and social transformation so that we can have a prosperous and inclusive society],” explained Edillon. “We are championing the SDGs, because [achieving them gives us better chances of making ‘Ambisyon 2040’ happen.]”

The launch highlighted the country’s 12 investment opportunity areas, plus climate-finance initiatives and nature-based solutions. Each IOA has comprehensive information, including the specific development needs it addresses, anticipated developmental impacts, supportive conditions, potential impact risks, and illustrated case studies. The information is designed for both global and domestic investors aiming to amplify their contribution to the SDG in the Philippines.

Joel Tugade, who chairs PCCI’s SDG Committee, made a deep dive into the insights of the IOAs for the Philippines: “Today, many of the businesses—including conglomerates and large corporations—are becoming much more aware and are starting to articulate their business plans, as they align them with SDG

goals. The investment opportunities presented by the SDG Investor Map [arrived] in a very timely and relevant manner for businesses.”

The list of Philippine IOAs is available through the Global SDG Investor Platform developed by the UNDP Sustainable Finance Hub through the SDG Impact initiative. It focuses on mobilizing and aligning private-sector capital in delivering the SDGs. The platform, which currently houses 613 IOAs from various countries around the world, provides private-sector investors with access to country-level market intelligence, including on-the-ground insights on local investment landscape and investor linkages.

More than 100 representatives from key stakeholders involved in the development financing in the Philippines, including key government agencies, private-sector organizations and networks, as well as other international development organizations, attended the launch event.

The Philippines’ SDG Investor Map was prepared through close collaboration with the government and the private sector. More details about the country’s 12 IOAs are also available through https://sdginvestorplatform.undp.org/.

PHL, Germany stage second Joint Economic Commission in Manila

THE second session of the Philippines-Germany Joint Economic Commission (JEC) took place on March 27, which saw the participation of the German–Philippine Chamber of Commerce and Industry Inc. (GPCCI) and members of the business community, with discussions on priority sectors such as energy, infrastructure, technology, investment financing, and skilled labor.

State Secretary Stefan Wenzel of the German Parliamentary-Ministry for Economic Affairs and Climate Action (BMWK) co-hosted the JEC with Undersecretary for International Trade Policy Allan Gepty of the Department of Trade and Industry (DTI).

“The second JEC session underscored the enduring and robust bilateral trade and economic relationship between the Philippines and Germany,” GPCCI president Stefan Schmitz said. “The visit of BMWK state secretary [Stefan Wenzel showed a shared commitment to further strengthen the partnership between our two nations, building on the momentum started] by President Marcos’s visit earlier this month.”

DTI officials showcased the economic relations of both countries, as they noted Germany’s position as the Philippines’s 12th largest trade partner globally, and first among European Union (EU) member-states. Moreover, they highlighted that relations were further bolstered by the recent visit of President Ferdinand R. Marcos Jr. in Berlin from March 11 to 13, which brought several agreements and investment pledges from several German companies.

The Anti-Red Tape Authority (ARTA) highlighted its collaboration with the GPCCI through a memorandum of understanding (MOU) designed to streamline the operational landscape for German enterprises in the Philippines. Plans for an equipping workshop with GPCCI underscored ARTA’s commitment to improve the ease of doing busi-

ness for chamber members and the broader German-Philippine business community.

The session also covered general dialogues on manufacturing and industrial services (including aerospace, electronics, and automotive sectors), energy (with focus on renewable-energy investments), mineral processing, construction and infrastructure, information technology-business processing management or IT-BPM, innovation and startups, financing opportunities, as well as labor collaboration with a focus on the maritime industry and technicalvocational education.

The dialogues also delved into ongoing EU-Philippines free-trade agreement, as Trade Secretary Alfredo Pascual cited GPCCI’s efforts in advocating for the said trade pact: “We are thankful to Germany for backing the…FTA talks, as supported by the GPCCI…They served as an essential role to advocate for the FTA negotiations which impact potential businesses from Germany.”

The event saw the signing of a MOU between the Philippine Constructors Association Inc. (PCA) and BFW Germany, which was represented by GPCCI. Both will tie-up on boosting the local construction sector’s training and development.

Germany is the Philippines’s top trading partner in the EU, with a total trade volume of $362 million in 2023. Moreover, in 2023, the DTI’s Board of Investments reported the European country as a top source of foreign investments, with commitments amounting to P393.28 billion, further solidifying its status as the Philippines’s foremost trading counterpart in the bloc.

The Philippines-Germany JEC was established on August 20, 2019. The inaugural JEC meeting was organized by DTI, BMWK, the Philippine Embassy in Berlin, the Asia-Pacific Committee of German Business, together with the German Asia-Pacific Business Association and GPCCI.

PHL, Thailand eye ‘two-countries, one destination’ tie-up in June

THAILAND is hoping to sign within the year a tourism deal with the Philippines that would jumpstart the “Two Countries, One Destination” initiative.

Under the concept, the two governments will ramp-up promotions and encourage foreign tourists visiting either of the two states to have the Philippines or Thailand as their second stop.

In an interview on the sidelines of the Foreign Service Institute’s (FSI) Ambassadors’ Lecture Series, Ambassador Tull Traisorat said the document could be signed by June during the Philippine-Thailand tourism ministerial meeting, or “even before, if there’s a high-level visit.”

“The…concept is reflected in the implementation part under the

memorandum of understanding on tourism cooperation between [our countries],” he said. “This one is the implementation agreement under that MOU. So, the two sides will work even more closely together.”

Given the distance between the two Asean states, Traisorat also emphasized the need to work on establishing a direct flight between popular destinations.

Direct flights

THE envoy shared that currently, stakeholders are in talks for a possible direct flight between Cebu and Phuket.

“It’s in the making. I’ve talked with all relevant [carriers, including Thai Airways, Philippine Airlines], Cebu Pacific, Thai VietJet Air, and AirAsia…to promote this,” he told reporters. “It’s a key to promoting

tourism between our two countries.” Once established, Traisorat said

the Philippines could get a share of Thailand’s steadily growing number of foreign tourists.

In 2023 alone, the Southeast Asian nation received about 28 million international travelers, as 8 million to 10 million visited Phuket via the more than 100 weekly direct flights from Europe, Japan, Hong Kong, South Korea, and China.

“If there’s direct flight between Phuket and Cebu, if the Philippines could tap at least 10 percent, it’s near 1 million already,” Traisorat confirmed. “So, a direct flight is key in promoting tourism and attracting more tourists.”

“The key is attracting those from the outside—those who come to Thailand—to continue here in the Philippines, particularly those who

love diving,” he added, as he cited the world-renowned diving destinations in the Philippines.

On top of arrivals, Traisorat also mentioned the growing presence of Thai brands in local hospitality such as the Dusit Thani Hotel: “They are planning to have one more in Iloilo and [another] in Boracay.”

Likewise, Traisorat said the Erawan Group, which operates Hop Inn Hotels, is also expanding well.

These developments transpire as Thailand and the Philippines mark their 75 years of diplomatic relations on June 14.

Aside from tourism, cooperation between Manila and Bangkok continues to grow in trade, culture, education, and agriculture, among others. Joyce Ann L. Rocamora/PNA

AMBASSADOR Kazuya Endo PRESIDENTIAL COMMUNICATIONS OFFICE

PCA executive director Barry Paulino (seated, from left) and GPCCI executive director Christopher Zimmer, who represented BfW, led the MOU signing witnessed by PCA president Ronaldo Elepano Jr. (standing, from left), Trade Undersecretary Allan Gepty, Trade Secretary Alfredo Pascual, BMWK state secretary Stefan Wenzel, and Ambassador Andreas Pfaffernoschke.

AMBASSADOR Tull Traisorat: Both countries are looking at a collaborative program that would boost their tourism sectors. FSI PHILIPPINES

Banking&Finance Islamic banking options await Filipinos as lenders filing soon

By Cai U. Ordinario @caiordinario

FIn a briefing last Wednesday, BSP Assistant Governor Arifa A. Ala told reporters that given that the two banks are already in the advanced stages of these discussions, they could file their applications soon.

ILIPINOS could soon have more Islamic banking options as two banks are already in advanced stages of discussions to secure their Islamic banking licenses, according to the Bangko Sentral ng Pilipinas (BSP). be Islamic banking,” Remolona said. Proof that Islamic banking is a worthwhile investment is the government’s recent effort to float $1 billion worth Sukuk bonds in the international debt market. It was considered a successful issuance given that the bonds were five times oversubscribed. This, Remolona said, could be replicated at the local retail level and in smaller quantities. However, he said, the government still has no solid plans to have sukuk (Islamic bond or “Shariacompliant” bond) offerings at the local debt market. Ala said when it comes to Islamic banking, the underlying principle is the sharing of profits and losses. She said money is not considered a commodity such that profits and returns on financial investments should always be linked to productive underlying assets.

Ala said Maybank Philippines Inc. is one of these banks and could file their application within the month. Currently, apart from Al Amanah Islamic Investment Bank of the Philippines, Card Bank Inc. recently set up its own Islamic Banking Unit (IBU).

“I would like to highlight that Islamic banking is not exclusive to Muslims. It’s actually for all Filipinos,” Ala said. “From the point of view of the Muslim Filipinos, we’re very much looking for combined facilities. And this is part of the promotion

of financial inclusion in China. But for the non-Muslims, Islamic products can be an alternative investment option.”

Financial inclusion is one of the major benefits of Islamic banking in the Philippines. BSP Governor Eli M. Remolona Jr. said in the same briefing that 92 percent of those in the Bangsamoro Autonomous Region of Muslim (BARMM) are unbanked.

While the BSP does not yet have a financial inclusion target with regard to Islamic banking, the financial inclusion target nationwide is 70 percent.

“By introducing Islamic banking, we can bring more people into the formal banking system and the most attractive banking instruments in the region would

“We see that promoting Islamic banking and finance can generate more investments. And it is also a form of diversification of sources of funding that can be used by the Philippines for different infrastructure projects,” Ala said.

These assets, however, should not be associated with the production of alcohol or gambling. The way Islamic banks work is through the selling of assets to borrowers at a given premium, which is sometimes

similar to an interest. What is important for Islamic banking to work, Ala said, is the concept of tax neutrality. Given that extending financing requires two transactions, both transactions cannot be taxed twice.

“The Islamic bank will ask, what do you need the funds for? (The borrower will say) I’d like to buy a car. So one popular or common product used by the Islamic bank is for the Islamic bank to buy that car and sell it to the borrower at a markup. So in that sense, the return of the Islamic bank is in the form of a profit for the markup portion,” Ala said.

“So if I may put this further, they need tax neutrality because if you look at that structure, there are actually two transactions. The buying of the car and the selling of the car. And if you tax both transactions, they will become more expensive. And so that’s the problem,” she added.

The Philippines can now have more Islamic banks given the passage of Republic Act (RA) 11439 (Islamic Banking Law). The law is the legal basis for the establishment of Islamic banks and IBUs.

This is complemented by three laws, namely the RA 11054 or the Bangsamoro Organic Law; RA 11211 or the Amendments to the BSP Charter; and RA 11840 or the Amendments to the Philippine Deposit Insurance Corp.

Biden’s push for WB funds to vie with China stalls

AUS plan to raise billions of dollars in additional resources for the World Bank to counter China’s lending to the developing world has stalled less than nine months after President Joe Biden made it a centerpiece of his meetings with fellow Group of 20 leaders last year.

The plan, championed by Biden and the White House at last September’s G-20 leaders summit in New Delhi, was to send $3.3 billion to the World Bank, led by its new president, Ajay Banga.

That capital would be used to generate more than $25 billion in US-backed financing and grants for developing countries. It was part of a broader plan to increase World Bank resources by $200 billion with injections from other shareholders.

The White House pitched the move, which requires congressional authorization, as a counter to Chinese lending practices across the world, which it describes as a tool of economic coercion.

Yet the proposal has failed to win congressional approval or attract similar bids from other allies in the G-20 or even Group of Seven countries, which are more closely

aligned with Washington. As the World Bank and International Monetary Fund host their spring meetings in Washington this week, that setback has been obscured on Capitol Hill by a larger funding clash over assistance for Israel, Ukraine and bitter disputes over US border security.

The lack of progress has raised questions about US leadership within multilateral institutions like the World Bank and how Washington’s focus on China, also a major shareholder of the IMF and World Bank, is hurting those multilateral bodies. A spokesperson for Biden’s National Security Council said in a statement that the administration remained committed to its pledge to help increase the bank’s resources and had an active request to Congress in its fiscal 2025 budget proposal. The proposal to bolster the World Bank was the most cost-effective way to provide financing to developing countries, the spokesperson said.

The US Treasury Department, without commenting on the recent push for new funds, pointed out that the US contributed $1.9 billion to multilateral development

banks last year, which provided more than $145 billion to developing countries. Under the Biden administration, the US also contributed $1 billion to the United Nations Green Climate Fund meant to help developing countries slash greenhouse gas emissions and adapt to climate change.

In a speech in Washington last week, Treasury Undersecretary for International Affairs Jay Shambaugh highlighted Biden’s request to Congress for additional World Bank funding as part of a broader plan to help poor countries now suffering from heavy debt loads and higher interest rates.

He also referred to broader efforts to reform the World Bank and increase its resources that are being led by President Ajay Banga, the former Mastercard chief executive officer nominated by the US last year.

“All stakeholders will find the United States an enthusiastic partner and leader in realizing this vision,” Shambaugh said.

The Biden administration is also facing criticism that it can’t deliver on its international promises because of its own

domestic political challenges, illustrating how this dysfunction is hurting America’s ability to sustain its post-World War II economic leadership.

Karen Mathiasen, a former Treasury official and US representative at the World Bank who’s now at the Center for Global Development, a think-tank, said Biden had miscalculated by putting the pledge of additional funding at the center of his G-20 appearance. Its prospects even then seemed remote with a Republican-controlled House of Representatives, she said. Allies have failed to follow Biden and make their own pledges, leading to “a very public display of a weakening of US leadership,” Mathiasen said.

Republicans oppose Biden’s campaign for the World Bank to focus on climate change, and many of them are suspicious of international institutions. Mathiasen added that the Biden administration was unlikely to garner support from Congress for additional World Bank funding unless Democrats win control of both chambers in November’s elections.

Bloomberg News

PHL gains World Bank’s help in digitalization bid

By Reine Juvierre Alberto

THE World Bank (WB) expressed its support for the Philippine government’s digitalization program to enhance tax administration, assist in the energy and agriculture sectors and facilitate investments in human capital.

A statement issued by the Department of Finance (DOF) last Wednesday announced that Finance Secretary Ralph G. Recto secured the assistance of the World Bank in the said areas during the 7-day WB-International Monetary Fund (IMF) Spring Meetings that began on April 15 in Washington, DC.

During the meeting with the top officials of the WB, the DOF said Recto underscored the government’s thrust on digitalization to improve tax collection efficiency now that a fourth of Filipino consumers shifted to e-commerce.

“The Bank expressed strong support for assisting the DOF on this front, emphasizing that it has currently created a new team in the institution dedicated to providing digital solutions to a variety of development programs, especially to those connected to fiscal areas,” the DOF said.

The international financial institution is also keen on expanding these digital service solutions to other areas, specifically in education and health.

Recto has also sought technical assistance to support the Department of Information and Communications Technology (DICT) as part of the WB’s assistance to the digitalization of government agencies.

Aside from digitalization, the WB also pledged its assistance to provide wider access to power supply in the country, particularly in remote areas, and to harness renewable energy resources to speed up the country’s progress towards adapting to clean energy.

The DOF said the bank will also help the country in generating investments in human capital by supporting early childhood and nutritional programs as well as the upskilling and re-skilling of the workers to boost its labor force.

Moreover, the World Bank will also extend its support to the country’s agricultural sector to increase productivity and profitability to address food security while reducing emissions through technological practices.

The key priorities outlined by Recto will be aligned and reflected in the new country partnership framework that the World Bank is drafting for the Philippines, the DOF added.

The total official development assistance of the World Bank International Bank for Reconstruction and Development to the Philippines amounts to $8.20 billion and the Philippines’s third-largest source of official development assistance.

Joining Recto during the meeting included: DOF Chiefof-Staff and Undersecretary Maria Luwalhati C. Dorotan Tiuseco; Undersecretary Joven Z. Balbosa; National Treasurer Sharon P. Almanza; Chief Economic Counselor Domini S. Velasquez; WB Group Alternate Executive Director Erwin D. Sta. Ana; and, OIC Assistant Secretary Donalyn U. Minimo.

Representatives from the World Bank include the following: Vice President and Treasurer Jorge Familiar Calderon; Vice President for the Equitable Growth, Finance, and Institutions (EFI) Pablo Saavedra; Vice President for Sustainable Development Juergen Voegele; Vice President for Human Development Mamta Murthi; Vice President for Infrastructure Guangzhe Chen; Vice President of Operations at the Multilateral Investment Guarantee Agency Junaid Kamal Ahmad; and, Country Director for the Philippines Ndiamé Diop.

Health& Fitness BusinessMirror

PHL’s first cancer specialty hospital, National Cancer Centre Singapore partner to strengthen cancer care

By Candy P. Dalizon Contributor

Ay A l A Healthcare Holdings, Inc. (AC Health) and its provider group, the Healthway Medical Network, recently announced a strategic partnership between Healthway Cancer Care Hospital (HCCH) and National Cancer Centre Singapore (NCCS) for joint tumor board meetings, fostering the exchange of best practices in cancer care.

At tumor board meetings, experts from different areas of oncology and other healthcare providers meet to discuss ongoing, complex cancer cases, trade knowledge, and work as a group to consider the optimal treatment approach for patients.

LaB, PHarMa CoMPany PartnEr to PuSH BIoMarkEr tEStIng to DEtErMInE CanCEr trEatMEnt aPProaCH

By Claudeth Mocon-Ciriaco

NCCS is a leading national and tertiary cancer center that offers holistic and multidisciplinary oncology care. It is home to the largest number of researchers, surgeons and oncologists attending to a rising number of cancer patients in the region. To achieve its vision of being a global leading cancer center, NCCS offers world-class care and shares its depth of experience and expertise by training local and overseas medical professionals.

Complex cancer cases

T H roug H this partnership, signed on March 28, 2024, specialists from HCCH and NCCS will discuss complex cancer cases and collaborate, utilizing their expertise in imaging, radiation, surgery, medical oncology, and palliative care, as well as explore suitable clinical trial options for all aspects of patient care and planning. “We are fortunate to have the National Cancer Centre Singapore join us in this journey of our cancer hospital.

AC Health is a wholly-owned subsidiary of the Ayala Corporation that aims to provide every Filipino accessible, affordable, and quality healthcare. HCCH, the first comprehensive cancer care hospital in the Philippines, was established by AC Health and the Healthway Medical Network to provide accessible and quality cancer services to more Filipinos.

This partnership with NCCS supports our vision of delivering quality care at global standards through open discussions on complex cases and sharing of best practices between our healthcare team and theirs,” said Jenara r osanna F. o ng, Chief o perating o fficer of HCCH.

For his part, Prof. Toh Han Chong, NCCS Deputy Chief Executive o fficer (Strategic Partnerships), said “We are excited to embark on this partnership which aims to contribute to Healthway Cancer Care Hospital’s goal of providing the best possible cancer care to its patients. We also look forward to opportunities for mutual learning and exchange of best practices with our counterparts at HCCH to advance cancer care.”

Dedicated cancer facility

HCCH, the Philippines’ first dedicated cancer care facility, was inaugurated on November 24, 2023, in the presence of President Ferdinand r . Marcos Jr. l ocated in Arca South, Taguig City, the 100-bed hospital is now operational, providing patients with comprehen -

Pinoys to get more affordable health insurance packages with digital bank-insurer partnership

OBy Roderick L. Abad Contributor

NE of the guaranteed ways to protect one’s health in the future is through insurance.

Unfortunately, this is not the case for many Filipinos, especially the underprivileged ones who are more concerned about covering their daily needs through their limited resources than what lies ahead of them. In short, they are being wise. Things are about to change as a landmark deal was closed between UNO Digital Bank and Singlife Philippines, which could give a great number of people access to a more affordable and seamless way to safeguard their health via insurance options.

Both the leading digital bank and first purely web-based insurer in the country entered into this unprecedented partnership on the back of the nation’s ascent to uppermiddle-income status and the anticipated strong demand for health surety products.

According to UNO Digital Bank President and Chief Executive Officer (CEO) Manish Bhai, their company aims to provide a trusted platform to meet the people’s financial needs.

“We have already started our journey in

offering multiple options to our customers to save, borrow, and transact in the past years and we are very excited to introduce this protect phase and to take the first step with Singlife Philippines. With this partnership we are one step closer to making a holistic experience for our customers,” he said.

With its goal to help Filipinos on their financial wellness journey, Singlife, on its part, is excited to team up with UNO Digital Bank on this mission.

“Our companies are aligned in our approach of using cutting-edge technology to

solve customer pain points. We provide a better way to get access to much-needed products and help them achieve their financial goals at every life stage,” noted Singlife Philippines

Cofounder and Executive Director Sherie Ng.

Health protection packages

WITH their tie-up, individuals and their families can gain from quality health insurance sans hurting their pockets with the “Cash for Medical Costs” plan that provides financial coverage for hospitalization and 125 critical conditions.

sive care throughout their cancer journey, from screening and diagnostics to treatment.

AC Health President and CE o Paolo Borromeo earlier bared that HCCH has forged partnerships and maintains close collaboration with both public and private sector partners.

o ur partnership framework embodies the foundation of our approach—a commitment to forging strategic alliances with key stakeholders across various sectors to amplify our impact, empower patients, and drive positive change,” said Borromeo.

Aside from government agencies led by the Department of Health (D o H) and PhilHealth and national and local government units, HCCH has strategic collaborations with financing, technical, pharmaceutical, healthcare institutes, corporate, and patient and advocacy groups.

For more information, visit https:// healthwaymedicalnetwork.com.ph/ or head to Facebook for updates and announcements at https://www.facebook. com/healthwaycancercare/.

The “3-in-1 Protection Plan,” on the other hand, offers affordable financial coverage against dengue, Covid-19, and accidents for as low as P79 per month. Insured individuals and their families can benefit from coverage of up to P750,000 at an affordable price.

Meanwhile, the “Cash for Income Loss” gives planholders and their dependents a monthly financial aid for up to seven years in case of disability or death from an accident, thus ensuring their financial stability at a tough time.

“We are committed to being Filipinos’ constant and reliable partners throughout every financial stage of life. We aim to help them achieve their financial goals, one of which is by providing affordable and accessible access to insurance plans,” Bhai said.

Using UNO Digital Bank’s application, which enables users to save, borrow, pay bills, and shop, they can now directly access different affordable and comprehensive Singlife insurance options.

“UNO aspires to be at the leading edge of financial innovation and bring best in class products and services to the tens of millions of ordinary Filipinos who are served by the traditional banks. The access to products and services is expected to help them improve their life by offering them flexibility, convenience, personalization, and control.

Our partnership with Singlife will serve a significant step towards achieving our mission,” UNO Digital Bank Chairman Kalidas Ghose stressed.

Bong Go champions improved access to medicines, healthcare services

SENATOR Christopher “Bong” Go, chairperson of the Senate Committee on Health, attended the opening ceremonies of the Philippine Pharmacists Association Inc. (PPhA) Annual National Convention last April 11, 2024. Held at the Iloilo Convention Center in Iloilo City, he underscored his efforts to enhance the accessibility of medicines, highlighting various initiatives aimed at bringing healthcare services closer to the people.

In his address, Go expressed gratitude towards the association for their unwavering commitment to provide Filipinos with essential medical expertise and enhancing the competencies of Filipino pharmacists to deliver quality health services on a global stage.

“With your impressive network, you have become a unifying force for pharmacists from all walks of life. The Association serves as a platform for collaboration, knowledgesharing, and professional development, fostering a strong sense of camaraderie among its members,” said Go.

“Today, we continue our collective efforts and collaboration in shaping the future of pharmacy in our country,” he added.

Securing funds E MPHASI z ING the significance of the pharmacists’ role in healthcare, he shared his initiatives to improve access to medicines, especially for non-communicable diseases, and highlighted his efforts in securing additional funding for the National Integrated

Cancer Control Program.

“We were able to add P500 million for this program in 2021 and 2023. For 2024, we approved P1.25 billion for the Cancer Assistance Fund,” he noted, reflecting on the efforts to make critical medications more accessible to Filipinos. The senator also shed light on the strides made in the implementation of Executive Order No. 104 under former president Rodrigo Duterte, which aims to regulate the maximum retail prices of essential drugs for chronic diseases.

“The drugs covered by the EO include those which address chronic disorders such as cardiovascular disease, diabetes, hypertension, cancer, and pulmonary disease, among others. I am urging the Department of Health and other concerned agencies to implement this effectively and ensure the availability, accessibility and affordability of medicines needed by Filipinos,” said Go.

Enhancements

F URTHER , he underscored the enhancements done with the PhilHealth insurance benefit packages and the introduction of the PhilHealth GAMOT Program, designed to cover essential outpatient medications through a network of contracted facilities.

During a public hearing conducted by the Senate Committee on Health on April 2, Go emphasized the importance of enhancing the availability and affordability of essential medicines for Filipinos through PhilHealth’s initiatives.

Meanwhile, Go also made several calls for unity and collective efforts toward improving the Philippine healthcare system. He urged the attendees to work together in championing improved access to medicines and healthcare services, emphasizing the critical role of pharmacists in achieving these goals.

“If there is a need to amend Republic Act No. 10981, the Philippine Pharmacy Act, which was passed last 2016 or if you have any suggestions, my office is open to receive these,” he assured.

Priority initiatives

G O also discussed his priority healthcare initiatives, the Malasakit Centers, which have helped more than 10 million Filipinos according to DOH data. He is the principal author and sponsor of RA 11463 or the Malasakit Centers Act of 2019, which institutionalized the Malasakit Centers program.

“Now, we have 161 Malasakit Centers all over the Philippines that are willing to extend assistance to our poor and indigent patients,” he proudly stated.

To bring primary care, consultations and early disease detection closer to communities, Go also advocated for the establishment of Super Health Centers nationwide. Through the concerted efforts of Go, fellow lawmakers, DOH led by Health Secretary Teodoro “Ted” Herbosa, and local government units, adequate funding was allocated for establishing more than 700 Super Health Centers nationwide.

Br EAST cancer is currently the world’s mostly commonly diagnosed cancer.

It is a form of cancer that originates from breast tissue. When diagnosed and treated early, breast cancer is often curable.

In the Philippines, breast and ovarian cancer are two of the most prevalent types afflicting Filipinos, with breast cancer leading the incidence rate at 17.6 percent.

Detoxicare Molecular Diagnostics l aboratory, a subsidiary of Detoxicare Phils Inc., recently inked a partnership deal with a global, science-led, patient-focused biopharmaceutical company AstraZeneca.

This collaboration will spearhead next-generation sequencing for breast cancer, marking a significant step forward in the fight against this debilitating disease.

“Detoxicare’s commitment to making advanced diagnostics affordable and within reach has been a driving force in reshaping the landscape of healthcare accessibility,” Dr. g jay o rdinal, President of Detoxicare Molecular Diagnostics l aboratory, announced during the recent “Personalizing Her Treatment: Integrating Testing and g enetic Consenting in the Management of Women’s Cancers” event.

“By combining the pharmaceutical expertise of AstraZeneca with Detoxicare’s proficiency in molecular diagnostics, we are poised to usher in a new era of personalized medicine.”

Integration

I NTE gr ATIN g advanced technologies into clinical practice will be instrumental in personalizing treatment approaches, optimizing therapeutic efficacy, and ultimately improving patient survival and quality of life.

r einforcing commitment to Filipino patients, l otis r amin, AstraZeneca Country President said, “We are redefining oncology

in AstraZeneca, where we aspire for a future where cancer cure is possible through our life-changing medicines, alongside partnerships and ecosystem solutions that allow early detection, diagnosis, and equitable cancer care for patients.”

She added, “We are grateful to Detoxicare for this collaboration that enables better access to innovative and holistic approaches that will truly deliver impactful benefits for the cancer community.”

Biomarker testing

I N the field of oncology, biomarker testing plays a pivotal role in identifying specific molecular characteristics of tumors and guiding treatment decisions.

When combined with nextgeneration sequencing (N g S), medical experts gain comprehensive insights into the genetic mutations and alterations driving cancer progression, allowing for tailored treatments with unprecedented precision.

This approach not only enhances treatment efficacy but also minimizes unnecessary toxicity and side effects, leading to better patient outcomes.

While the partnership highlights its impact on breast cancer, the process can also be applied to other types of cancers as well.

Detoxicare also offers a wide variety of testing services for various cancers including Pan l ung Cancer, a single test which detects 11 actionable genes for lung cancer, and K r AS/N r AS for colorectal cancer. o ther offerings include tests for respiratory diseases such as Covid-19 and pneumonia; infectious diseases such as meningitis, tuberculosis, and sexually transmitted diseases; and clinical pathology, which covers diabetes testing, lipid profiling, and hepatitis, among others.

For more information about Detoxicare Molecular Diagnostics l aboratory, please visit  www.molecularlabph.com.

VisayasMed partners with Singaporean firm to offer quality health services

By Rizal Raoul S. Reyes Contributor

PEOPLE living in Cebu and its nearby provinces now have the opportunity to avail of quality healthcare services following the recent opening of Visayas Medical Hospital (VMH) Laboratory.

“I am happy because I visited a Super Health Center yesterday in Samal, Bataan. The Super Health Center there is really beautiful and is full of medicines. All those medicines are free of charge,” shared the senator.

Specialized medical services

F INALLY, Go, who principally sponsored and is one of the authors of RA 11959, also known as the Regional Specialty Centers Act, collaborated with other legislators to bring specialized medical services to all regions through this enacted law.

Go also diverted the traditional expectations towards elected officials, insisting, “I do not want you to thank us. During the time of former President Duterte, people were thanking us for the Build, Build, Build, program, the Malasakit Center, and for the other policies and programs.”

“Do not thank us. We should be the ones thanking you because you gave people from the province like us the opportunity to serve you all. We thank you for that,” he added.

He concluded his speech with a reminder of the transient nature of life and the importance of service to others.

“We only live once in this world. Whatever help we can extend, let’s do it now because we will not return to this world anymore,” he said.

“We will continue to serve you all because my vice or bad habit is to serve you all and I truly believe that if you serve the people, you will also serve the Lord,” concluded Go.

The AppleOne Medical Group (AMG), the healthcare arm of the AppleOne Group of companies which owns the Visayas Medical Hospital, has partnered with Singapore Diagnostics (SGD) to be able to deliver several health offerings in the region, according to AppleOne CEO and President Ray Go Manigsaca.

Under their partnership, SGD will operate the laboratory, both inpatient and outpatient, through their well-trained medical technologists and laboratory specialists. Moreover, the SGD and VisayasMed Laboratory collaboration is expected to serve up to 1,000 patients a day. It will also offer over 450 cutting-edge tests, global quality laboratory standards, faster results, fully automated operations, and specialized training for scientists and medical technologists. This partnership, Manigsaca added, heralds a new era of excellence in healthcare.

VisayasMed Hospital, formerly Visayas Community Medical Center, boasts of nearly 70 years of healthcare excellence, delivering top-tier medical services with a comprehensive range of departments including family medicine, pediatrics, internal medicine, surgery, obstetrics and gynecology, as well as specialized services in dermatology, psychiatry, ophthalmology, and anesthesiology.

Major service provider

A S a major laboratory service provider in

the Philippines, Ritche Joseph Manuel D. Evidente, President and CEO of SGD expressed confidence that SGD can absolutely deliver the services it has to offer. Moreover, SGD is the leading laboratory service provider in the Philippines and the flagship of Pathology Asia, thereby setting global standards.

It is the first Philippine laboratory accredited by the College of American Pathologists (CAP). SGD is a powerhouse in healthcare as it has been awarded Diagnostics Provider of the Year by Healthcare Asia twice and has been recognized for Service Innovation and Employee Engagement in 2024. With over 450 professionals across 47 locations nationwide, processing laboratory tests for over 600 hospitals, clinic labs, and healthcare institutions in the Philippines, and serving up to 100,000 patients every month, SGD is a top player in Philippine laboratories.

“By teaming up with VisayasMed Hospital, we’re able to empower and provide Cebuanos with expanded access to a diverse array of top-notch laboratory tests without having the need to travel to Manila or overseas,” stated Evidente. “AppleOne invests in hospitals and facilities, and partners with prestigious companies such as Singapore Diagnostics because we see how important investing in quality healthcare is. This is our way of helping elevate the quality of life of people in Cebu and the VisMin region,” said Manigsaca.

Through this partnership, formally signed in April, 2023, Manigsaca said VisayasMed Hospital will be able to carry out its main goal of providing a holistic patient experience by offering a more convenient and personalized approach to healthcare as SGD is known for its global expertise and technology.

Parentlife

UNVEIL the world of flavor with Oatside’s latest offerings—the Pocket Pack series. Now available in a convenient 200ml size, relish the crowd favorites, Original and Chocolate, and indulge in an oat latte with the all-new Coffee. In celebration of the launch, Oatside is excited to invite consumers to the  Oatside Pocket Festival happening on April 20 and 21, 2024 at the Bonifacio High Street, 9th Avenue, BGC, Taguig City.

“We started in the Philippines in 2022 with Oatside’s 1L range and we have had great reception from cafe partners and consumers across the country. People love that our oat milks are low in sugar but don’t feel like a compromise on taste, which resonates with our mission of being the plant milk for people who don’t care for plant milks. We are so excited to share our new range of Oatside Pocket Packs with Filipinos, with a convenient on-the-go format and also introducing our new variant—the Oat Latte,” said Benedict Lim, CEO of Oatside.

“It’s been amazing to see the warm reception the Philippines has given the brand since launching. It’s been our aim to make oat milk more accessible to the everyday Filipino,” said Mario Dagdag, country manager of Oatside Philippines.

“This is why we’ve been raring to launch the 200mL Pocket Packs. Oatside is now convenient to bring with you wherever. We’re also excited for everyone to try our new Oat Latte—perfect for on-thego occasions when you must have that coffee fix.”

Oatside Pocket Packs are already available at your nearby convenience stores, like 7-Eleven, Uncle John’s, Lawson, and more, as well as Puregold, Landmark, Landers, All Day and other leading supermarkets nationwide.

Discover the joy of endless awe as you immerse yourself in all things Oatside. Festival-goers can expect the brand to come alive as they transform Bonifacio High Street with activities and areas for colorful insta-worthy installations, mini-games, and of course, tasting booths.

Booths are open to the public—whether you are a kid or a kid-at-heart, you’ll surely find something to enjoy. The Oatside Pocket Festival booths include Stack the Oats, Dunk the Oats, Pocket the Oats, Spin the Wheel, DIY Tote Bag Making, and many more.

As Oatside continues to redefine the way consumers experience flavour, the Pocket Pack Series and the Oatside Pocket Festival mark the beginning of an exciting chapter.  Follow @oatside on Instagram and @oatside_ PH on TikTok for the latest updates.

LAST week, I shared how we as parents should take that “big summer breath” before doing any summer school break planning. This time of rest, reflection and recreation is much needed and can energize us in planning a fun and meaningful summer for our kids. This week, let me focus on planning a play-based summer that is both fun and educational for your toddlers.

Toddler years start at 12 months and end before a child enters preschool, which is usually 36 months. I remember when my children were at this stage, especially with my firstborn, I initially felt the pressure with the amount of information I read. I was lucky to have realized early on that things can be simple, and that I needed to have a growth and even playful mindset with my children, so I do not pass the stress to them.

I pinned down and asked myself: What is our goal for my child and our family? I kept my goal intangible and simple. I want to have a happy learning family. I want all of us to enjoy our journey of loving and learning, as well as learning and loving...that it’s okay to make mistakes, even laugh at them, both as a child and as a parent, then try again. I think this mindset has guided my children, as well as us parents, on our quest to love learning. I was raised in an environment where, as with

many of us, the aim is to be perfect...to be the cleanest, the most proper, the best in our class and so on. So it is hard for us to ever imagine why you would like your child to be okay with imperfection. But our child’s world in the future is about change and the ability to thrive in it. So, I like looking at our summer as both my child and I honing this growth mindset as early as their toddler years. At 12 months, I focused on multi-sensory development. At 18 months, I concentrated on motor as well as social and emotional development. At 24 months, I knew this was a very active stage. My son loved to imitate the things he saw or the sounds he heard. Since this is the age where life skills are best taught, doing things together, especially chores with our toddler, allows them to see the fun in helping out in the house. By 3 years old, I knew that this was an age of transitions, because they would be in kindergarten soon.

It is also good to share the lesson that I learned when my children were in Montessori. It is important for our child to listen to our instructions as parents and follow them, not the other way around. My child’s teacher then shared that if a child does not respect authority by age 2, it hampers the child’s learning because the child will not respect people trying to teach him. So, try to use the summer to also set “nonnegotiable” times. For example, washing our hands and brushing our teeth after a meal.

Below are my suggested baskets of Happy Learning Summer Activities for Toddlers:

1. Summer sensin’. Our child’s five senses are their gateway for learning. How much we are able to develop them in the first few years, gives our child a good head start. I recommend activities that use two to three senses at a time. I also like water play during summer because water naturally cools our body temperature, as well as our moods.

n SWIMMING AND PICKING UP COINS. Prepare your

New family sanctuary with breezy, cozy Fil-Scandi design concepts

MORE Filipinos than ever are seeking solace, as evidenced by the growing number of homebuyers looking for residential properties outside metro cities. The shift reflects a desire for a more serene and nature-oriented lifestyle, with buyers on the lookout for green space, cleaner air, and tranquility.

Soon to be nestled in the serene landscape of Antipolo City, Brook House by HOOGAH. Homes promises to be the sanctuary that so many Filipinos are looking for. Combining the light and airy Filipino quality of being maaliwalas with the Scandinavian concept of hygge, pronounced as hoo-gah, that evokes comfort and relaxation, the 269-square-meter Brook House is set to offer an uplifting and cozy aesthetic that seamlessly integrates with its surroundings.

Complete with four bedrooms with balconies, five bathrooms, a family hall, a multipurpose room, and a garden, the three-story home’s interiors will be adorned with natural materials and bathed in natural light, evoking a feeling of openness and serenity.

Brook House feels familiar and fosters a

inflatable pool, five pieces each of P20, P10, P5. First show them the coins, let them touch it, then throw them together in the water. Then speak to them clearly to hand you two coins of each kind.

n MUSIC AND COLOR WATER PLAY. Have your Halilit xylophone, pool, paper cups/containers, and washable paints ready. Use your xylophone stick to ring any color. For younger kids, you can stick to primary colors. If you want to wow them with magic, you can ring a secondary color then let them guess what two colors to mix.

2. Summer buildin’. The toddler stage is about learning fundamentals like learning how to stack, sort, hold a writing instrument, basic numeracy and literacy. I always prepare three sets of play tools for this: My Favorite Learning Journey Match-it puzzles which has numbers and letters; Crayola My First Egg crayons and markers; clay, and I am so glad that there is finally a clay that is safe as early as for 1-year old –SES. We also used to combine baking with learning letters.

3. Summer lovin’. Socio-emotional learning (SEL) is important in the toddler years. I like fun activities that allow my child to produce their own unique work, even create a mess, without any judgment. Art, especially finger painting, was a big part of my children’s SEL or us writing notes with markers to say “good night” or “I love you.” Second, I also like doing pretend play especially cleaning. It is good there is a Melissa-and-Doug child-size broom and mop. Putting it all together, it is good to create routines out of these suggested activities. Usually we have morning, midafternoon, pre-bedtime bathing time— this is the best time for Summer Sensin’ activities. After a nap, your child is most alert. It is the best time for summer skill building and brain building activities. It is a warm and nurturing time to do Summer Lovin’ activities before dinner or before going to sleep. n

Malonzo out 6 to 8 weeks with calf tear

By Josef Ramos

IGH-FLYING Jamie

HMalonzo is expected to be sidelined for six to eight weeks as he recuperates from a calf tear, Barangay Ginebra San Miguel head coach Tim Cone told BusinessMirror on Wednesday.

“The Initial prognosis is calf tear, six to eight weeks before he can return to the lineup,” Cone said. “MRI [Magnetic Resonance Imaging] test happened late Monday night.”

Malonzo, 27, sustained the injury in the waning seconds of the Gin Kings’ 95-88 victory over the NorthPort Batang Pier on Sunday night at the Ninoy Aquino Stadium. He went for a dunk, slipped on the way down and sprawled on the court prompting the Ginebra bench to rush to their reliable combo player.

Malonzo, who scored 14 points in the game, was immediately rushed to the hospital.

The 6-foot-7 Malonzo will miss the playoffs and even the Finals— if Ginebra goes that far—of the Philippine Basketball Association Philippine Cup.

The absence of the FilipinoAmerican will impact the Gin Kings, who will be playing the TNT Tropang Giga on Friday at the PhilSports Arena.

Ginebra is coming back-to-back victories for a 5-3 win-loss record and solo third place. Malonzo is averaging 14.1 points, 7.1 rebounds and 3.3 as -

US, China expected to top Paris Olympics–Nielsen

THIRTEEN intrepid women of diverse backgrounds and abilities test their limits in Sunday’s Ironman 70.3 Lapu-Lapu in Mactan that features a 1.9-km swim, 90-km bike and 21-km run race on a world-class racecourse.

THE United States and China are expected to finish 1-2 in the gold and the overall medal counts at the Paris Olympics, which open in 100 days.

The United States is projected to win 123 medals overall, including 39 golds, while China is projected to win 35 gold and 89 medals overall. The two also finished 1-2 in both categories three years ago in the pandemic-delayed Tokyo Olympics.

This forecast is done by Nielsen’s Gracenote Sports, which supplies statistical analysis for sports leagues around the world. It also tracks major competitions involving Olympic sports leading up to the Games.

Gracenote’s rankings are based on overall medals won, although others focus the rankings on gold totals.

This would be the eighth straight time the United States has won the most overall medals in the Summer Games. In 1992 at Barcelona, the socalled Unified team—those athletes were from the former Soviet Union which had just broken up as a sovereign

Scorpions zero in on semis berth with coast-to-coast win vs Bedans

CENTRO Escolar University (CEU) withstood a late rally by Marinerong Pilipino-San Beda for a 72-63 victory on Tuesday and bolster its bid of finishing in the top two in the Philippine Basketball Association D-League Aspirants’ Cup at the Ynares Sports Arena in Pasig City. The Scorpions found their rhythm early and stayed in control throughout the match but needed to stave off a late rally by the Red Lions to secure their third win in four games.

“As I’ve said in my pre-game speech, what I wrote on the board aside from the technicalities and Xs and Os is ‘David and Goliath,” CEU coach Jeff Perlas said. “San Beda is a strong team and they’re the Goliaths in this game and we’re the Davids but nothing is impossible for us as long as we believe we have a David inside us.”

Abdul-Wahab Olusesi tallied 16 points and grabbed 15 rebounds, Franz Ray Diaz had 15 and Jerome Santos had 12 for the Scorpions, who could advance outright to the semifinals with another win against also-ran CCI-Yengskivel at the close of the elimination round on Thursday.

Marinerong Pilipino San Beda battled back from a 20-point deficit and pulled within four with three minutes left in the fourth but blew their chance to turn the game with an erratic finish.

The loss snapped the Red Lion’s three-game win streak.

at first place.

state—topped the overall count.

The last time the United States did not top the gold-medal count in the Summer Games was in the 2008 Olympics in Beijing where China invested heavily and saw dividends.

Next in line with overall and gold totals are Britain (66-13), France (5528), Australia (50-13), Japan (49-13), Italy (47-12), Netherlands (38-18), Germany (36-9), South Korea (24-9).

The next 10 are Canada (22-6), Spain (20-5), Hungary (19-5), Brazil (18-9), Turkey (13-4), Ethiopia (13-3), Uzbekistan (13-3), Ukraine (13-3), Georgia (12-3) and Denmark (11-5).

Host nations always get a bump in medals and France is expected to get a big one and increase its overall total from 33 in Tokyo.

France is forecast to nearly triple its gold-medal output from Tokyo, where Japan picked up a record haul.

Performing at home is an advantage, partly because host nations invest more heavily in training athletes. Then, of course, there are adoring home crowds.

France is also competing in 25 different sports in Paris, far above its average in recent Olympics of between 15 and 19, according to Gracenote’s analysis.

The unknown factor is the presence of Russian and—to a lesser extent— Belarussian athletes. They have been absent from most international competitions over the last two years because of the war in Ukraine.

Their influence is difficult to factor into the forecast, Gracenote acknowledges.

“It appears that there will be limited participation

of these athletes [Russian and Belarussian],” Gracenote said. It said it expects its predictions to be accurate “based on the data that we have.”

Russia and Belarus are barred from team sports at the Olympics because of the war in Ukraine and the International Olympic Committee has laid out a two-step vetting procedure for individual athletes from those countries to be granted neutral status.

Those athletes must first be approved by the governing body of their individual sport and then by an International Olympic Committeeappointed review panel. AP

This guarantees an unpredictable finish in a race marking the return of professional athletes and the premier endurance event presented by Megaworld and The Mactan Newton to Cebu.

“This is my inaugural IM 70.3 in Asia and I anticipate a challenging race,” said Germany’s Anne Reischmann, a three-time top 10 finisher in the 70.3 World Championships. “I’ve heard many positive reviews, particularly about the energetic crowds along the run course. So, I’m definitely excited.”

Circuit ride around the province to make it an authentic motor tourism activity where the riders can appreciate its natural wonders and interact with the local population and indigenous tribes.

The forthcoming event, which has so far attracted 1,353 entries in various individual age categories and relay events, also offers coveted slots to this year’s VinFast Ironman 70.3 World Championship in Taupo, New Zealand in December, with 45 available across various age group categories.

Fifteen slots are also earmarked to promote female participation to underscore the event’s commitment to gender equity in sports.

To ensure the seamless staging and success of the event organized by The Ironman Group, the host city has maintained constant coordination with the organizers and event partners since January.

“We’ve collaborated closely with industry partners to ensure that all participants enjoy a relaxing, unique and unforgettable experience in our city,” Lapu-Lapu City Rep. Cynthia Chan said. “Our hope is that they will not only finish the race strongly, but also immerse themselves in the warmth, hospitality and beauty of the Lapu-Lapu City community.”

Australian Aleisha Wesley, holder of multiple titles in duathlon, sprint and standard distances, emerges as a prominent figure, determined to clinch her first IM 70.3 crown after a fifth-place finish in Melbourne last year.

The province boasts of the championship-class Quirino Watersports Complex, which is arguably the best in northern Luzon, and has a wake park, a winch lagoon and tourist facilities for events and overnight stays.

The Rider’s Camp and Acoustic Night at Aglipay Caves and Campsite are set on Friday with the event formally opening on Saturday with the traditional Unity Ride from the Pinaripad Bridge in Aglipay to the Motocross Track in the Provincial Capitol Complex in Cabarroguis.

Multi-titled Dimity-Lee Duke, a familiar face in the local scene, seeks to relive her past triumphs, including a breakthrough win in Subic 5150 in 2017. The United Arab Emirates’ Lottie Lucas, who finished third in last year’s IM 70.3 Davao, is also expected to contend, along with Els Vissner of the Netherlands, who placed 15th in last year’s World Championships and recently secured a runner-up finish in the IM New Zealand. AUSTRALIAN Aleisha Wesley is a

THE US is projected to win 123 medals overall, including 39 golds, while China is projected to win 35 gold and 89 medals overall. AP

JAMIE MALONZO will definitely miss the Philippine Cup playoffs.