BusinessMirror April 30, 2024

MIC eyes investments in 5 BCDA properties

By Reine Juvierre S. Alberto

THE Maharlika Investment Corp. (MIC) inked a memorandum of understanding with the state-run Bases Conversion and Development Authority (BCDA) on Monday to explore investment opportunities within five BCDA properties.  MIC President and Chief Executive Officer (PCEO) Rafael D. Consing Jr. and BCDA PCEO Engr. Joshua M. Bingcang signed the memorandum to embark on the collaboration, which entails the inclusion of BCDA’s programs and projects in MIC’s portfolio.

The five BCDA projects being considered are the Housing Project in New Clark City, Phase 1 of the Clark International Airport Expansion Project, Poro Point Seaport Modernization Program, Clark Integrated Public Transport System, and the Clark Central Business District which entails an investment of around $4 billion.

Bingcang said that 60 percent of the investment may come from the private sector while the remaining 40 percent can be discussed among government partners, one of which is MIC.

“The MIC’s role in these initiatives is multifaceted. We aim to serve as an anchor, providing the stability and security to attract much-needed private capital, particularly foreign direct investments,” Consing said.

The purpose of the signing, Consing added, is for the MIC to further take into consideration the numbers and specific details of each of the five projects in the pipeline.

“Furthermore, we wish to explore an innovative financial approach: the partial securitization of expected cash flows derived from BCDA’s earnings from the

Fort Bonifacio Development Corporation, the Subic-Clark-Tarlac Expressway, and Clark Airport,” Consing said.

“We want to make sure that every investment they will put in BCDA will give the necessary returns as part of their mandate to be reinvested in national projects, to the government,” Bingcang said.

Earlier, Consing said the MIC aims to raise about $1 billion in investments for the energy sector, particularly in solar energy, alone towards the end of the year.

GOCCS MUST REMIT 25% MORE DIVIDENDS TO N.G.

THE Department of Finance (DOF) has increased the mandated dividend remittance rate of government-owned and -controlled corporations (GOCCs) to the national treasury to at least 75 percent of their net earnings from the minimum 50 percent to improve non-tax revenue collections.

Finance Secretary Ralph G. Recto told reporters in a Viber message on Monday the dividend remittance rate adjustment is one of the government’s strategies to increase revenue collection without imposing new taxes to earmark the current administration’s priority infra-

structure and socio-development projects.

Although several provisions of the Republic Act (RA) No. 7656 or the Dividend Law have to be amended first for the dividend rate to be adjusted, Recto said, “[There is] no need [for it].”

‘STREET FOOD HAWKERS CAN BOOST CULINARY TOURISM’

By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror

‘JOLLYJEEP Jamboree’ anyone? Senator Nancy Binay on Sunday batted for support for street food vendors, who can help raise the profile of local government units (LGUs) by promoting their respective cities and municipalities through culinary tourism. “More often than not, we look at  hawkers as urban blights, eyesores, public nuisances, that cause traffic—but they actually play a significant role as a culinary attraction.”

“Jollyjeep” refers to the ubiquitous jeepneys along the streets of Makati City, where affordable, home-cooked meals are available for the business district’s lower-salaried employees, similarly how a local fastfood chain offers popular meals to the masses.

The lawmaker, who chairs the Senate Committee on Tourism, stressed in a news statement, “Actually, street food culture is an untapped tourism potential. We should support the small vendors because they are also an important part of the economy.”

LGUs can help boost tourism in their respective areas by training street food hawkers in sanitation and safety practices, food preparation, handling and serving, to elevate the quality of the street food experience. “Isn’t it people go to Taipei, Bangkok, Singapore, Da Lat [Vietnam], Kuala Lumpur’s Bukit Bintang and Jalan Alor, Seoul, Hong

Kong, and other Asian countries because of their street food? We can organize and level-up our own food markets, and help promote them as a culinary destination. We have a lot of local flavors worth showcasing to the world,” said Binay.

ID no-vending zones

FOR another, LGUs can help identify vending and no-vending zones for these food hawkers to also improve the flow of pedestrians and traffic. She pointed out that street food hawkers and vendors are almost always forced to illegally occupy sidewalks, pavements and public spaces because LGUs fall short in providing them with  decent, clean, and safe vending zones. They live in constant fear of eviction, demolition, and harassments because they are regarded as illegal vendors without proper sanitation certifications and business permits, she pointed out.

She also cited research that showed positive street food experiences significantly influence tourists’ perceptions of a destination, resulting in increased satisfaction, positive word-of-mouth recommendations, and a greater likelihood of returning to the destination. “In truth, we can draw valuable lessons from best practices observed in Iloilo, Bacolod, Pasig, or Makati, where strict adherence to food sanitation protocols ensures hygiene, food quality standards, and consumer safety, and blending it with tourism.”

Transport groups press SC for TRO on 1st day of strike

TBy Joel R. San Juan @jrsanjuan1573

RANSPORT  groups led by PISTON on Monday made a last-ditch effort to persuade the Supreme Court to  issue a temporary restraining order (TRO) enjoining the government from implementing its April 30 deadline for the full implementation of the Public Utility Vehicle Modernization Program (PUVMP).          Its supplemental petition with urgent reiterative motion for the issuance of a TRO and/ or a writ of preliminary injunction cited the amendment in

Department Order (DO) No. 2017-011 issued by the Department of Transportation  on June 19, 2017, which is also known  as the blueprint of the PUV modernization program.       The petitioners noted that in their original petition with prayer for a TRO, they called for the nullification of seven issuances, including  DO No. 2017-011.      However, on December 29, 2023, or nine days after they filed the said petition, DOTr promulgated DO No. 2023-022, providing the guidelines on the implementations of PUVMP, superseding DO No. 2017-011.

See “Transport,” A

By Reine Juvierre S. Alberto

BIDEN, NETANYAHU DISCUSS GAZA CRISIS AS INTERNATIONAL PRESSURE MOUNTS ON ISRAEL AND HAMAS TO REACH DEAL

TRANSPORT TURBULENCE Manibela and PISTON jeepney drivers launch a three-day transport strike on Monday, April 29, 2024. They’re urging the Marcos administration to rethink the PUV Modernization Program, which aims to replace jeepneys with electric vehicles. The deadline for operators to consolidate into transportation cooperatives is April 30. Expectations are high for militant labor groups and NGOs to join the strike on May 1, coinciding with Labor Day celebrations. NONIE REYES

EOPT seen to simplify tax compliance, nip tax evasion

By Reine Juvierre S. Alberto

THE recently enacted Ease of Paying Taxes (EOPT) law will simplify tax compliance procedures which will in turn avoid tax evasion among taxpayers, according to a top official from the Department of Finance (DOF).

During the Bureau of Internal Revenue’s (BIR) EOPT Metro Manila Cluster Roadshow on Monday, Revenue Operations Group Undersecretary Charlito Martin Mendoza said the EOPT law is a “significant step forward” in creating an environment conducive to entrepreneurship, investment, and innovation.

Street food...

By providing food hawkers with the necessary support, LGUs can ensure that street food remains a thriving and accessible aspect of a city’s cultural heritage, benefiting both tourists and local communities,” said the senator. “Who knows? One day  we can organize

“Hopefully, by simplifying tax compliance procedures, reducing red tape, and harnessing technology, we would be able to encourage an atmosphere of trust and confidence between the government and taxpayers,” Mendoza said.

Mendoza added that the EOPT

one big culinary event where LGUs from all over the country can showcase their best Filipino beef stews and local menus in one street food festival and call it, ‘Jollyjeep Jamboree’, ‘Usok-Tusok’, or ‘Pares Olympics!’ The possibilities are grand!”

would also generate additional revenues for the government, improve tax compliance and increase tax collection.

Meanwhile, Internal Revenue Commissioner Romeo D. Lumagui Jr. said the EOPT roadshow aims to educate different types of taxpayers on the changes made in the taxation system caused by the EOPT law.

The updates on the taxation system include the classification of taxpayers, value-added tax provisions, registration and invoicing requirements, refund, income and withholding tax, and penalties and publication. It also made changes in the tax code.

“Taxation is for everyone. Everyone needs to be educated with our system of taxation. The BIR aims to create an inclusive environment with taxpayers. The BIR will reach out to taxpayers so they can be in-

Visitor receipts exceed 2019 level AS this developed, the Department of Tourism (DOT) reported the country’s visitor receipts reached US$2.82 billion in the first quarter of the year, up some 36 percent from the $2.08 billion recorded in the same period in 2023. The period’s inbound receipts this year likewise exceeded the $2.5 billion recorded in January to March in

formed of their tax obligations,” Lumagui said.

Taxpayers can also reach out to the BIR for comments or suggestions on improving tax administration in the Philippines, noting that the Bureau and taxpayers are “partners” in nation-building, Lumagui added.

The BIR will hold roadshows all over the Philippines for the purpose of educating taxpayers about the EOPT law and the new regulations issued by the BIR in furtherance of the EOPT law.

The BIR has collected a total of P446.423 billion as of end-February, up by 24.32 percent year-onyear.

For 2024, the BIR’s collection goal is set at P3.055 trillion, with the bulk or P2.967 trillion coming from BIR operations, such as taxes on net income and profits and value-added tax (VAT), and P88.014 billion from non-BIR operations.

prepandemic 2019, by 12.8 percent. The DOT is targeting inbound visitor receipts to reach P505 billion ($8.86 billion based on US$1:P57) this year, and rising to P707 billion ($12.4 billion) by 2028. DOT data showed international arrivals reaching some 1.88 million from January to April 15 this year, with tourists from mainland China and Japan kicking up the largest increases among the country’s top markets. (See, “Chinese, Japanese tourist numbers help lift PHL visitor arrivals in 4 mos,” in the BusinessMirror , April 22, 2024.)

In a news statement, Tourism Secretary Christina Garcia Frasco said, “We are confident that we will sustain our goals for the industry not only in terms of attracting visitors to come to the country and entice them to travel but ultimately, to give more employment to Filipinos.”

PHL...

Of the amount in 2020-2022, the data showed 20.7 percentage points were spent on market price support and the remaining 0.8 percentage points were composed of other potentially distoring support.

“Market price support [MPS] arises as a result of domestic or trade policies that raise or lower domestic market prices, such as border tariffs, export taxes and price ceilings or floors,”the report stated.

“Excluding policies that depress prices, MPS accounts for the majority of positive support provided to farmers across all covered economies both in aggregate as well as within a majority of the covered economies [counting the European Union collectively as one economy],” it added.

Earlier, the International Food Policy Research Institute (IFPRI) said a measure allowing the extension of the Rice Competitiveness Enhancement Fund (RCEF) should include its gradual phaseout.

Research Fellow Emeritus at the IFPRI Director General’s Office, Mark Rosegrant told reporters on the sidelines of the Asian Development Bank (ADB) Food Security Forum that it is important to place sunset provisions on farm subsidies.

Rosegrant said this after recent reports indicated that Senator Cynthia A. Villar is proposing to extend the RCEF for another six years, doubling the support for farmers to P20 billion.

Once the RCEF is phased out, he said the funds from rice tariffs could be used for other investments in the agriculture sector. This will ensure that government funds are spent for agriculture that could lead to “higher returns.”

These other areas include research and development, improving value chains, and efforts that would help reduce post-harvest losses, among others. (See: https:// BUSINESSMIRROR COM PH/2024/04/15/ifpri-farm-subsidiesmust-have-sunset-clauses/)

GOCCs...

Under the Dividend Law, all state-run corporations are required to declare and remit at least 50 percent of their annual net earnings, such as cash, stock or property dividends, to the national government.

Upon the recommendation of the Secretary of Finance, the President may adjust the percentage of annual net earnings to be declared by a GOCC “in the interest of national economy and general welfare.”

Dividend collections from GOCCs reached P39.8 billion as of April 24 this year, higher by 497.5 percent from the P8 billion recorded in the same period in 2023, according to the DOF.

Several state-run firms have remitted cash dividends to the national treasury, such as the Philippine Amusement and Gaming Corp. (Pagcor) with P4.59 billion, Clark Development Corp. (CDC) with a total of P1.80 billion, Bases Conversion and Development Authority (BCDA) with P1.1 billion, and Philippine Ports Authority (PPA) with P5.058 billion.

Furthermore, Recto also signed

It noted that DO No. 2023-022 inserted specific  additional requirements on consolidation and management operations that were previously not included in the assailed DO No. 2017-011.

Essentially, the petitioners pointed out that the new  DO No. 2023-022  includes the assailed forced consolidation in its technical requirements  and directs the Land Transportation Franchising and Regulatory Board (LTFRB)  to “adopt a policy on the consolidation of certificates  of public convenience [CPCs] and substitution of units,” which is not found in DO 2017-011.

“The Omnibus Franchising Guidelines issued on June 19, 2017 is the primary document that was issued by respondent Department of Transportation [DOTr] where the other issuances by respondent LTFRB derive authority from,” the supplemental petition read.

“The surreptitious promulgation of DO 2023-022 after DO 2017-011 had been assailed in court is suspect, or odd at best. Petitioners note that DO 2023-022 contains substantial changes from its previous version,” it added.

The petitioners pointed out that originally the  consolidation of franchises was not a priority in the Omnibus Franchising Guidelines.

“In the first department order, the LTFRB was mandated to ‘encourage and require the consolidation of operators and the establishment of bigger coordinated fleets of PUVs. Incentives and higher priority may be granted to operators with larger fleet sizes using higher capacity vehicles,” the transport groups noted.

However,  the petitioners said, in the latest DOTr order, “consolidation was made an integral part of the program.”

“The belated and underhanded incorporation of mandatory consolidation in the PUVMP appears to indicate a lack of clarity and cohesion in the policy and implementation,” the petitioners said in stressing the need for the issuance of a TRO.

They also anchored the  supplemental petition on the business sector’s call to suspend the consolidation deadline for an indefinite period and create “an affordable, sustainable and carbon-neutral mass transport system.”

The petitioners cited business groups under The Leaders Forum such as the Employers Confederation of the Philippines, Philippine Chamber of Commerce and Industry

The MIC is the sole vehicle for mobilizing and utilizing the Maharlika Investment Fund for investments in transactions aimed at generating optimal returns on investments created through Republic Act (RA) 11954 (An Act Establishing the Maharlika Investment Fund).

The MIC shall have an authorized capital stock of P500 billion, of which the P125 billion

the Department Circular 003-2024 which provides the guidelines to implement the Special Provisions of the 2024 General Appropriations Act (GAA).

The DOF said the Circular will enable the department to mobilize valuable non-tax revenues from GOCCs’ unrestricted fund balances to access the Unprogrammed Appropriations of the 2024 GAA to finance the President’s priority programs and projects.

The government aims to collect a total of P4.3 trillion in revenues this year, with the bulk of the tax revenues amounting P3.05 trillion to be generated by the Bureau of Internal Revenue (BIR) and P1 trillion from the Bureau of Customs (BOC).

To recall, former Finance Secretary Carlos Dominguez III proposed to increase the dividend remittances of state-run corporations from 50 percent to 75 percent in 2021 to raise funds for future fiscal stimulus measures to help the country recover from the economic shock of the Covid-19 pandemic.

and the Philippine Exporters Confederation Inc., trade unions  Federation of Free Workers, Sentro ng mga Nagkakaisa at Progresibong Mangagagwa and Trade Union Congress of the Philippines as among those supporting their call to halt the implementation of PUVMP.

“The requirement of consolidation is untenable at this point, and fundamentally unlawful. This is why there is continuing resistance from among the stakeholders, and particularly, jeepney drivers to forced franchise consolidation,” the petitioners said.

All the assailed orders issued by the government for the PUVMP violate the petitioners’ right to freedom of association and right to organize, they claimed.

“To reiterate, the process of cooperativization was carried out by force, rather than affiliation. Jeepney drivers are being compelled to join cooperatives through coercion or undue influence, such as threats of license revocation or denial of permits,” they stressed.

They reiterated revoking the individual operators’ franchises without affording them the opportunity to be heard violates the right to procedural due process.

The petitioners also argued that the assailed department orders and circulars violate the petitioners’ right to gainful employment and livelihood.

Acting on the original petition of the transport groups, the SC ordered last December 2023 the DOTr and the LTFRB to justify the constitutionality of their various administrative issuances relating to PUVMP.

The SC deferred its action on the transport groups’ plea for the issuance of a TRO to immediately enjoin the implementation of PUVMP pending compliance by the DOTr and LTFRB to  its order.

Aside from PISTON, the other petitioners in the case are Bayan Muna Partylist Coordinator Gaylord Despuez, PARA-Advocates for Inclusive Transport member Edrich Samonte, No to PUV Phaseout Coalition of Panay member Elmer Forro, and Kmyut spokesperson Ma. Flora Cerna.

The  LTFRB earlier  announced that PUVMP  would  be enforced starting January 1, 2024 and that all existing franchises of PUJs would be cancelled.

However, the government decided to extend the deadline until  today (April 30).

seed capital will come from the LBP and DBP. The P75 billion collectively remitted by the two state-run lender is still P50 billion short as required by the law, the act further stated. An additional P50 billion will come from the Bangko Sentral ng Pilipinas and the national government’s share in the Philippine Amusement and Gaming Corp. and government financial institutions.

AI, AI: Everyone talks about it. Lifelong Learning needed.

By Henry J. Schumacher

ARTIFICIAL Intelligence (AI) is already changing the way we work and live today. Some understand and pilot it, but only 10 percent of companies are already using it on a large scale daily. In the future, there will be more, that’s for sure. But venturing into this promising new world is not so easy.

No one expects everyone to be able to program AI in the future or to have such deep mathematical and statistical knowledge that they can penetrate algorithms. But now it will be shown who has truly internalized the concept of “lifelong learning.” Decision-makers must gain a clear understanding of how AI can be operationalized. The new technology is not an end in itself, but only makes sense, if a positive business case and therefore added value for the company can be derived.

Neither hype nor hysteria help with

implementation, but rather a sober consideration of opportunities and risks to derive a suitable action plan. It is not a disgrace that not every company has its own experts on hand; it simply requires external support. In any case, it must not lead to the embarrassing avoidance of the topic.

The conditions are good: 73 percent of people see the use of AI as an opportunity. Not only when translating from foreign languages or in optimized logistics chains, but above all when AI takes over boring routine tasks for them.

Most people prefer more demanding tasks. There are significantly more fulfilling activities than entering stupid data or thinking of text snippets for a PowerPoint presentation, right?

Looking at the job market, it becomes clear now that we are running out of labor and skilled workers due to demographic change, and at the same time, the expectations of employees for their jobs are constantly rising. AI cannot only replace workers but also lead to higher job satisfaction.

So, the horror scenario nurtured almost a decade ago, that digitization and automation would lead to mass unemployment, has already been reversed today. Opportunity instead of threat!

Yet not everyone is convinced; as always, the new technology is also associated with skepticism. People have all too often experienced that those new technologies and the efficiency advantages gained from them primarily benefited the companies, not themselves.

40 percent of people therefore fear that

the use of AI could also lead to the loss of their own jobs. This concern is all the more understandable, as so far very few have the necessary skills to deal with AI. So how can leaders alleviate this fear from their team and convince their employees that continuous learning, especially on the subject of AI, is a must and can be fun?

Anyone who deals with how to motivate people to learn in general knows: It’s easy to read about, but not so easy to implement in reality—even if the right training opportunities exist. Subjunctive! Because compared to tech-savvy countries, we still have to catch up in this respect, be it in schools, universities, or in companies.

Further education should not be seen as a tedious necessity but should be felt as a pleasure. The environment must be right for that. And it also requires appropriate role models. Those who are open-minded and perhaps expect a personal advantage will be more willing to venture into unknown territory when they see that others have already benefited from it. The ability to learn will be more important than ever. For this reason, as Accenture CEO Julie Sweet revealed at the World Economic Forum in Davos, she asks all applicants in the interview: “What have you learned in the past six months?”

What the candidates have learned is irrelevant. It’s just about finding out if someone is curious about learning something new at all. Because that is the prerequisite for transformation. Could you have answered the question?

AI implementation without lifelong learning is not possible! Get going!!!!

I am looking forward to your views. Contact me at hjschumacher59@gmail. com.

Taipei eyes PHL as partner in startup ecosystem devt

By Andrea San Juan @andreasanjuan

THE National Development Council (NDC) of Taiwan is eyeing the Philippines as a partner as the East Asian economy develops a startup ecosystem through its “Startup Island TAIWAN” program.

“I think the very important point is the Philippines has a very good English base,” Startup Island TAIWAN Founder and Managing Director Amanda Liu told reporters on the sidelines of the “2024 Taiwan-Philippines Tech Summit” last week. “To use the app or any introductions, it’s very easy to implement these kinds of applications.”

According to its official website, “Startup Island TAIWAN” was broached after “the NDC held meetings and workshops with startup communities, key opinion leaders and other government agencies… to find the foundations of Taiwan’s innovation and

entrepreneurship DNA.

“After rounds of discussions, the NDC and the community decided to jointly create the national startup brand, ‘Startup Island TAIWAN,’” read an article on the website.

Liu pointed out that with the Philippines’s advantage on speaking the dominant language in business, Manila can play a role in mitigating language barriers in the startup landscape.

Apart from this, Liu said Taiwanese startups are also looking for partners to develop solutions related to CX (Customer experience) and DX (digital transformation) in the country.

“Taiwan has a technology advantage; but we always need to find the partners to implement our solutions,” said Liu.

She also emphasized Taiwan’s strategy is to look for partners to work together in the Southeast Asia region.

Currently, Taiwan already has over 7,000 startups while the Philippines has over 1,000.

“Our vision is to unite and grow Taiwan’s startup ecosystem across different regions, both within Taiwan and on the global stage,” a briefer on “Startup Island” read.

The Taiwan governmentowned startup brand said it aims to “reduce barriers” for Taiwanese startups entering international markets and enhance their success rates and to elevate Taiwan’s reputation for innovation and technology on the global stage.

In an interview with reporters last week, Silicon Valley-based venture capital firm Plug and Play said it aims to onboard 40 startups per year onto an acceleration program. (Full story here: https://businessmirror.com. ph/2024/04/19/programfocuses-on-technical-skills-ofstartups/)

Padilla files Con-con resolution for Cha-cha

SBy Butch Fernandez @butchfBM

ENATOR Robin Padilla on Monday filed a resolution calling for a Constitutional Convention to amend provisions of the 1987 Constitution, aiming to dispel fears this would “advance the interests of only a few.”

In filing Resolution of Both Houses No.8, Padilla, the chairman of the Senate Committee on Constitutional Amendments and Revision of Codes, said this would be a “participatory and democratic” way of revising the Constitution.

“To dispel any doubt that a proposed revision to the 1987

Constitution would only advance interests of a few,” Padilla said a Constitutional convention is “deemed a more appropriate mode of doing said revision.”

The Padilla resolution provides that members of the Senate and House of Representatives are to vote separately in calling for a Constitutional Convention, providing that “a vote of two-thirds of each House voting separately is needed for this.”

Moreover, the Padilla resolution called on Congress to “enact an enabling legislation that will embody all details relative to the convening of the Constitutional Convention.”

Padilla noted that in a Constitutional Convention, the revision would be participatory since the delegates are elected by the people, and “are more likely be a more diverse and representative body.”

In addition, the resolution cited a position paper by faculty members of the University of the Philippines’ Department of Political Science faculty noting a Con-Con “encourages more participation and likely promotes diversity of views.”

Citing the Institute for Political and Electoral Reform, he said the members of a Con-con, will be “more focused” and the process will be “democratic, transparent, and deliberative.”

Earlier, Padilla said he will seek the help of former Socioeconomic Planning Secretary Romulo Neri and Finance Secretary Margarito Teves to reduce the cost of holding a Con-con.

Congress allots funds for improving Mindanao airports

By Jovee Marie N. Dela Cruz @joveemarie

SEVEN airports across Mindanao are set to receive a substantial boost in infrastructure development funding amounting to a total of P1.3 billion this year, a senior lawmaker said.

Surigao del Sur Rep. Johnny Pimentel said Congress has allocated fresh funds specifically for the enhancement of commercial aviation hubs throughout Mindanao, including those situated within the Bangsamoro

Autonomous Region in Muslim Mindanao, such as the Jolo Airport in Sulu province.

“Improved airports in the provinces will facilitate the transfer of people and goods, bring in more tourists, support the growth of small businesses, and help create new jobs,” Pimentel said in a recent statement.

Outlined in the 2024 General Appropriations Law, Pimentel detailed the seven Mindanao airports slated for development along with their respective aviation infrastructure allocations: Bukidnon Airport (P320 million),

Central Mindanao M’lang Airport (P300 million), New Zamboanga International Airport (P300 million), Tandag Airport (P100 million), Jolo Airport (P100 million), Mati Airport (P100 million), and Surigao Airport (P80 million).

These aviation infrastructure funds, said Pimentel, are typically designated for runway rehabilitation or construction, taxiways, ramps, control towers, passenger terminals, perimeter fencing, as well as essential utilities like power, water, and fire stations.

He noted that the allocations

may also be utilized for the acquisition of new navigational equipment, further enhancing safety and efficiency in air travel across Mindanao.

Last week, a new airline, Bangsamoro Airways, launched light aircraft flights from Cotabato City to Zamboanga City and Jolo.

The new airline, established by Maguindanao del Norte-based Federal Airways Inc., also plans to eventually deploy flights from Zamboanga to Mapun in TawiTawi province and from Cotabato to General Santos City.

Revised rules on govt workers’ right to organize launched

By Joel R. San Juan @jrsanjuan1573

THE Department of Justice on Monday joined other government agencies in the launch and ceremonial signing of the new 2024 Implementing Rules and Regulations of Executive Order (EO) 180 series 1987, “Governing the Exercise of the Right of Government Employees to Self-Organize.”

Other agencies present during the signing of the IRR were the Civil Service Commission (CSC), Department of Labor and Employment (DOLE), Department of Finance (DOF) and Department of Budget and Manage-

ment (DBM).

By virtue of EO 180, the Public Sector Labor Management Council (PSLMC) was also established to promulgate rules and regulations to govern the right of government employees to form employee organizations, be recognized and accorded rights and privileges by the State.

The IRR provide for the Registration of National Employees’ Organizations (NEO) which is the coalition of registered employee organizations within an agency for the purpose of Collective Negotiation Agreements (CNAs).

It also sets clearer qualifications and criteria for personnel

eligibility to join employee organizations, use of electronic filing of pleadings/documents and online platforms, integration of new council policies, employee elections and other important guidelines.

Justice Secretary Jesus Crispin Remulla expressed optimism that the IRR would serve as a tool to protect the rights of government workers.

“Government employees are the engine of our bureaucracy, the unseen hands that guide the ship of state. They translate policy into action, rights into realities, and service into progress. Their ability to organize is pivotal to a responsive and

resilient government,” Remulla said in his welcome remarks delivered by Undersecretary Fredderick A. Vida.

“The IRR we sign today is a promise—a promise to safeguard the rights of those who serve our country, to support their well-being and to support their invaluable contribution to our nation,” Remulla added.

It can be recalled that in 2004, the 1987 IRR of EO 180 was amended.

Following a series of consultations and review of the old IRR, the PSLMC was able to revise the old IRR in 2023 which paved the way for the adoption of the 2024 IRR.

More PLAN ships of China spotted near ‘Balikatan’ flotilla

By Rex Anthony Naval

AS the first “multilateral maritime exercise” (MME) for year’s “Balikatan” comes to a close Monday, two more People’s Liberation Army Navy (PLAN) vessels were spotted near the participating naval ships Monday.

PLAN ships with bow numbers 793 and 167 were spotted around 9 a.m. as the MME participating ships were sailing some 33 nautical miles north west off Quezon, Pala-

wan, Western Command spokesperson Captain Ariel Coloma said.

The Chinese ships were spotted at a distance of four to five nautical miles away from the Filipino, American and French warships taking part in the MME, he added. No untoward incidents were recorded as of press time.

For the last day of the MME, Coloma said the participating vessels will take part in gunnery drills, cross-deck operations, detect and engage, and photo exercises.

MME participants were identified as the Philippine Navy’s offshore patrol vessel BRP Ramon Alcaraz (PS-16), landing dock BRP Davao Del Sur (LD-602), the USS Navy’s landing ship dock USS Harpers Ferry (LSD-49) and the French Navy’s Floreal-class frigate, FS Vendémiaire (FFH-734).

Earlier, Coloma said a PLAN vessel, with bow number 578, was spotted around 9 a.m. as the “Balikatan” naval ships were sailing in the northern part of Palawan for their

scheduled search-and-rescue and photo exercises on April 28.

Also, on April 27, another PLAN ship with bow number 793 was spotted, but this vessel is no longer tagging along with the naval craft taking part in the MME.

The MME, which started on April 25, is part of the 39th iteration of the “Balikatan.”

It is one of the major components of “Balikatan,” which aims to enhance the participating naval forces’ interoperability.

Bong Go champions AFP welfare and modernization efforts

SENATOR Christopher “Bong” Go, on Friday, April 26, emphasized the importance of bolstering the country’s maritime defense capabilities and extending unwavering support to the armed forces. The senator gave recognition to the service and sacrifice endured by the military and other uniformed personnel in protecting the country, its sovereignty, and its people.

As Vice Chair of the Senate Committee on National Defense and Security, Go was invited as guest of honor during the Naval Officers Qualification Course (NOQC) “Charlie” Alumni Association gathering at the Philippine Navy Officers’ Clubhouse in Fort Bonifacio, Taguig City. The event, dubbed “Charlie Night,” was hosted by Retired Rear Admiral Lino Dabi, the chairman of the organizing committee.

In his address, Go humbly appealed, “huwag po kayong magpasalamat sa amin. Sa totoo lang po, kami po ang dapat magpasalamat sa inyo dahil sa inyong serbisyo at sakripisyo bilang mga sundalo. Kami rin ang dapat magpasalamat sa inyo dahil binigyan n’yo po kami ng pagkakataon na makapagserbisyo po sa inyo. Maraming-maraming salamat po,” he added.

“Pinahahalagahan ko ang bawat sandali na makasama ang mga bayaning katulad ninyo, ang ating mga magigiting na opisyal at sundalo ng Hukbong Dagat,” said Go.

He acknowledged the courage, diligence, and loyalty of the Navy officers, calling them the “tunay na haligi ng ating lakas bilang isang bansa.”

During his speech, Go shared efforts done during the previous administration of then President Rodrigo Duterte to strengthen the military and promote their welfare, particularly through the increase in salaries for uniformed personnel.

“Noong 2018, dinoble po namin ni (dating) pangulong Duterte ang sahod ng military, pulis, at ibang uniformed personnel kasama ang coast guard, navy, army, air force, BJMP, Bureau of Fire, PNP at iba pa. Pagbibigay-pugay at pasasalamat po ‘yan sa inyong sakripisyo,” said Go.

The senator expressed his ongoing commitment to protecting the interests of both active and retired military personnel.

“At huwag ho kayong mag-alala, parati ko naman pong ipinaglalaban ‘yan. Kasi dinoble nga noong 2018. Kaya no’ng may mga panahon na may

nag -file po sa Senado na mayroon pong proposed mandatory contribution para sa inyong pension, ako po ang unang nag-object at ayaw ko pong maapektuhan ang mga active at retired personnel,” he added.

Earlier, Go has expressed his disapproval against the proposed mandatory contributions from active and retired personnel to fund their pensions, highlighting the financial burden it would place on them: “Hindi po ako sang-ayon sa pag-obliga sa mga nasa active service at retired na magbayad ng mandatory contribution.”

Go vividly illustrated the impact of these contributions on the personnel, equating the deduction to a significant commodity, “Yung ikakaltas sa sundalo katumbas na po ‘yan ng halos isang sakong bigas.”

The senator expressed that he is firmly against any proposed pension reform that may negatively impact the entitlements of both active and retired members of the Armed Forces of the Philippines, the Philippine National Police, and other uniformed personnel. He underscored the importance of recognizing the years they have dedicated to serving and safeguarding the nation.

“At ako naman po, full support talaga ako sa modernization efforts ng ating armed forces. At parati kong ipinaglalaban ang ating Armed Forces of the Philippines,” he declared.

Go also expressed his condolences to the families of those who perished, acknowledging their sacrifice and the broader implications of their bravery.

“Kasi sir, panahon ng giyera… lalo na mga marines, kayo ‘yung nagbuwis ng buhay tulad doon sa Marawi. Parati kami roon, more than ten times kaming umabot ng Marawi noong kasagsagan pa ng giyera noon,” he also recalled.

He emphasized the critical role of these sacrifices in maintaining peace in the region, hinting at the persistent threats that could destabilize not only Mindanao but the country’s sovereignty.

The lawmaker has also proposed Senate Bill No. 422, which is designed to offer free legal aid to members of the armed forces and police who encounter legal challenges stemming from their official responsibilities. Understanding the considerable burdens borne by these uniformed officers, the senator highlighted the necessity of providing them with adequate legal assistance, as long as their actions are in compliance with the law.

House to probe ‘pact’ on WPS

SPEAKER Ferdinand Martin G. Romualdez announced on Monday that the House of Representatives will proceed with its investigation into the so-called “gentlemen’s agreement”on the West Philippine Sea (WPS).

In his speech during the session’s resumption, Romualdez said that, utilizing the chamber’s oversight authority to assess the negative effects of this agreement on national concerns, specifically sovereignty, sovereign rights, and territorial integrity.

“In the exercise of our oversight powers, we will direct the appropriate House Committee to conduct an inquiry, in aid of legislation, to determine the adverse impact of such agreement on our national interests, particularly our sovereignty, sovereign rights, and territorial integrity,” he said.

Expressing solidarity with President Ferdinand R. Marcos Jr. in denouncing the “gentleman’s agreement” forged between former President Rodrigo Roa Duterte and Chinese President Xi Jinping regarding the WPS, Romualdez emphasized the House leadership’s commitment to upholding the country’s rights over the area.

“Like [President Marcos Jr.], we are ‘horrified’ by the idea of compromising the country’s rights over [WPS],” he said. Duterte recently admitted reaching an

agreement with Xi to maintain the “status quo” in the WPS. This arrangement involved abstaining from transporting construction materials for the repair and maintenance of the BRP Sierra Madre, a grounded Navy ship serving as a Philippine outpost in Ayungin Shoal.

“Ayungin Shoal is part of the country’s Exclusive Economic Zone (EEZ), as reaffirmed by the 2016 arbitral ruling on the South China Sea arbitration case,” Romualdez said, citing legal precedent to support the Philippines’s territorial claims.

Referring to Article 56 of the United Nations Convention on the Law of the Sea (UNCLOS), which affirms the coastal state’s right to construct and maintain structures within its EEZ, Romualdez said the Philippines’s entitlement to protect all features within its EEZ, including Ayungin Shoal.

He also said that the so-called “gentleman’s agreement” on the non-supply of the BRP Sierra Madre grounded in Ayungin Shoal was “tantamount to the surrender of our country’s sovereign rights over [EEZ].”

“We believe that, in the end, upholding our territorial integrity and sovereignty in accordance with our Constitution and with international law is what matters the most,” the Speaker said. Jovee Marie N. Dela Cruz

SEN. Robin Padilla

PAF gets mobile Japanese radar system

By Rex Anthony Naval

THE Philippine Air Force (PAF)’s capability to monitor the country’s airspace against hostile threats was boosted after the turnover of the Japanese-made TPS-P14ME Mobile Air Surveillance Radar System Monday afternoon.

“This mobile radar is part of the Horizon 2 of the AFP [Armed Forces of the Philippines] Modernization Project which includes the supply and delivery of three fixed radars which are situated in three air stations in the country along with the support vehicles, training and integrated logistics support,” PAF commander Lt. Gen. Stephen Parreño said.

He also said that the TPSP14ME is a critical component of the PAF’s surveillance and early warning capability.

“The TPS-P14ME is ideal for the mobile platform due to its simplicity and energy efficiency. Truly, it will play a significant role in bolstering the PAF’s capabilities in maintaining situational awareness in our airspace, ensuring that we maintain a watchful eye on the horizon for potential threats any time, anywhere, crucial in light of an ever-changing geopolitical landscape in the region,” Parreño said.

The TPS-P14E is the mobile backstop of the three fixed FPS3ME fixed-air surveillance radar system acquired for P5.5 billion by the Department of National

Defense (DND).

These surveillance systems were acquired via governmentto-government procurement with the contract being signed in August 2020.

The first fixed FPS-3ME was delivered and installed at Wallace Air Station in San Fernando, La Union last December 20, 2023.

The last two FPS-3ME are expected to be delivered and installed within the next two years.

Meanwhile, DND Secretary Gilberto C. Teodoro Jr. said these new radars give more scope to the country’s “domain awareness” capability particularly in the aerial domain.

“It adds eyes, [it adds to depth to our surveillance capabilities],” he added.

The TPS-P14ME is capable of “high resolution surveillance of air and surface targets including aircraft, drones, maritime vessels, enabling us to track and identify potential threats with precision and accuracy.”

One of the advantages of a mobile radar system, the PAF said, is its “flexibility” and the capability to be deployed easily to different locations, allowing the military to quickly set up surveillance operations in remote or strategic areas.

“The TPS-P14ME Mobile Air Surveillance Radar System significantly enhances the PAF’s operational capabilities by providing real-time situational awareness, early warning detection, and precise target tracking capabilities,” it added.

DENR, UN to push Pinays’ role in environment

By Roderick L. Abad

THE Phi ippines, through the Department of Environment and Natural Resources (DENR), is working with the United Nations (UN), via its entity, to reinforce gender equality and increase the active participation of women in discussions on environmenta protection and climate resi ience.

To forma l ize this co ll aboration, D E NR

Secretary Maria Antonia Yu o- Loyzaga and UN Women Phi ippines Country Programme Coordinator Ma. Rosa yn Mesina, on beha f of United Nations E ntity for Gender Equa ity and the E mpowerment of Women Deputy Regiona l Director Maria H o l tsberg, signed a Memorandum of Understanding for the “EmPower: Women for Climate-Resilient Societies Programme Phase II” at the recent 2024 Earth Day ce ebration in Pasay City.

“We do need to invest both in the transdisciplinary understanding of vu nerabi ity, particu arly gender-based vulnerability, and the

mu l tip e ro es that women p ay in order for us to understand how risk may cascade through those ro es and address the vu nerabi ity once and for a ll,” said the D ENR chief.

Secretary Loyzaga noted how important it is to protect women’s rights when crafting eco l ogica l aws, socia l deve l opment and in decision-making by inc luding them in nationa l and oca l l eve l discourse on mining, c imate, human security, and the environment.

The second phase of the EmPower: Women for C imate-Resilient Societies Programme aims to strengthen the ro e of women and other margina ized groups in gender-responsive c imate change adaptation and mitigation, ensure that they are represented as key environmenta l actors in c limate and disaster risk reduction (DRR) decision-making, and that they are invo l ved in c imate-resi lient live ihood.

T his initiative, to be ro ll ed out a so in ndonesia, wi ll give peop l e greater parity in

their sexua l ity and fu ll enjoyment of their rights, inc luding equal access to a c lean, hea thy and sustainab e environment, reducing their vu nerabi ity to the impacts of c limate change.

Under the MOU, the D ENR and UN Women wi ll push gender-responsive and human rights-based c limate action that is inc usive based on the centra p edge of the 2030 Agenda for Sustainab e Deve opment to eave no one behind,” and that acce erates progress on the achievement of Sustainable Development (SDG) Goa 5 on Gender Equa ity, SDG 7 on Affordab e and Clean Energy, SDG 13 on Climate Action, and SDG 17 on Partnerships for the Goa s.

PBBM certain 1st BARMM parliamentary polls will be fine

By Samuel P. Medenilla @sam_medenilla

PRES DENT Ferdinand R. Marcos, Jr. on Monday guaranteed the successful conduct of the first-ever par iamentary e ections of Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) next year.

In his speech during the 10th Anniversary of the Signing of the Comprehensive Agreement on the Bangsamoro (CAB), the chief executive said the national government is ready to assist the Commission on Elections in organizing the May 2025 polls.

“As your President, reassure that you will have an honest, order y, and credib e conduct of the e ectoral process,” Marcos said.

“Let this also serve as a warning to those who may plan to threaten and derail this upcoming e ection, do not think of fighting the government,” he added.

He said he is confident the 6th Infantry Division (ID) of the Armed Forces of the Philippines (AFP) will be ab e to he p maintain the peace and

order in the said e ections.

“I know you have the abi ity to secure a safe and honest conduct of these e ections as this will lay the groundwork for a Bagong Pilipinas,” Marcos said whi e addressing the troops of the 6th ID.

The outcome of the said polls, he said, will be crucia in sustaining the socio-economic gains of the CAB.

The upcoming first BARMM par iamentary elections in May 2025 will represent a big milestone in our journey towards a meaningfu autonomy and a peacefu Bangsamoro,” Marcos said.

He urged citizens of BARMM to exercise their right to vote to he p in charting the course of development in the region.

I urge you, safeguard those rights, empower yourselves, take part in our shared task of nationbui ding,” Marcos said.

The BARMM e ections were originally scheduled in 2022, but it was reset to next year due to the nove coronavirus disease (Covid-19).

The Bangsamoro Transition Authority Par iament serves as the interim government of BARMM.

Both parties wi ll a lso do their share to achieve the targets of the United Nations Sustainab l e Deve l opment Cooperation Framework for 2024-2028, signed between the UN and the Phi lippines, across the three outcome areas: H uman capita l deve opment, inc lusion and resi lience bui l ding; Sustainab e economic deve opment, decent work, and innovation; and C imate action, environmenta l sustainabi lity and disaster resi ience.

They will also contribute to the delivery of UN Women’s country program priorities across the thematic areas of women’s participation, representation and leadership in decision-making, gender-responsive humanitarian, DRR and climate action, women’s economic empowerment, and ending violence against women.

To be funded by the governments of Sweden and New Zealand, the program will run unti 2027

They have agreed to support the Philippine Deve opment Plan 2023-2028 in its jobs creation and poverty reduction objectives via higher economic growth. This will lead to economic and socia change for a prosperous, inclusive and resi ient society, in line with the 8-Point Socioeconomic Agenda of President Ferdinand R. Marcos, Jr. and the achievement of the country’s long-term vision called AmBisyon Natin 2040.

Extreme heat imperils PHL food security–ADB

The project received a $2-million grant from the Urban Environmental Infrastructure Fund under the Urban Financing Partnership Facility and another $500,000 in technical assistance.

The ADB extended a $60-million loan from its Ordinary Capital Resources (OCR) for the project while the Water Innovation Trust Fund extended a technical assistance of $500,000.

ADB said the project aimed to enable 12 water districts (WDs), corporatized water utilities operating outside Metro Manila, to expand and rehabilitate supply systems.

DA

It will also support two of them to build pilot sanitation facilities, in order to reduce water-related diseases due to unsafe drinking water and the lack of sanitation facilities.

The project will provide capacity development technical assistance to strengthen the capacity of the Local Water Utilities Administration and the sustainability of the target WDs.

ADB is also helping the government in its efforts to boost labor productivity through better access to technology, access to information, and streamlining input supply chains.

Subramaniam said the bank is also helping in the continuous farmer

asks solons to amend RTL to allow DA, DTI to import rice

Continued from A12

The agency also proposed the reallocation of funds, with 55 percent allocated towards farm machinery, 30 percent towards seed development, and 5 percent towards training and extension services.

Morales said special attention would be given to the Agricultural Training Institute (ATI) as the lead agency, with a focus on soil health improvement initiatives.

Moreover, Morales said the DA wants excess rice import tariffs exceeding P10 billion to be allocated to various programs, including financial assistance, crop diversification, water impounding, and watershed rehabilitation and development.

education in terms of crop varieties, higher yield seed varieties, and even in extending social protection to farmers negatively affected by climate change.

“So, those are some of the things which will, normally in our experience, take between three and seven to eight years in some cases. So, those are measures and more on the medium to longer-term side, boosting productivity that we’ve been working as well,” Subramaniam said.

“And then you have the food, water, energy nexus. That is something we need to look at as well in terms of energy input. We talked about water. Food, obviously, is a base that we are

Continued from A12

looking at. On the energy side, energy input is also something that we need to be looking at quite closely,” he added.

ADB announced plans to provide at least $14 billion over 2022-2025 to to ease a worsening food crisis in Asia and the Pacific. Of this amount, according to ADB President Masatsugu Asakawa, it has committed $7.6 billion of this amount, placing it on track of its 2025 goals.

The assistance also expands ADB’s already significant support for food security in the region, where nearly 1.1 billion people lack healthy diets due to poverty and food prices which have soared to record highs in 2022.

Under the current Rice Tariffication Law, the RCEF allocates P10 billion to four component programs: mechanization (P5 billion), seeds (P3 billion), extension (P1 billion), and credit (P1 billion).

For his part, House Committee on Agriculture and Food Chairman Enverga acknowledges the significant assistance the RTL has provided to rice farmers, addressing their longstanding need for support.

Despite its well-intentioned objectives, Enverga said the challenges that have arisen in the wake of the RTL, including issues surrounding rice supply and fluctuating prices, persist, prompting calls for amendments from both the government and the private sector.

Enverga stressed that the critical juncture at which the proposal to amend the RTL has arisen, particularly as the country marks five years since the law’s enactment.

It is imperative, he asserted, to reflect on whether the RTL has truly succeeded in improving the lives of rice farmers and making the agricultural sector more viable.

As these proposed amendments are set forth, discussions on extending the drafting of the Implementing Rules and Regulations (IRR) beyond the initial 90 days are under way to ensure thorough consideration and implementation, said Morales.  Currently, the RCEF boasts a surplus of P19 billion in 2023, raising concern among lawmakers regarding its optimal utilization to benefit Filipino rice farmers.

Tuesday, April 30, 2024 | www.businessmirror.com.ph

WHEN David Katz, the energetic founder of Canada-based Plastic Bank, arrived in the Philippines in August last year, little would the communities he connected with realize that their simple intent to do their share in cleaning up their communities would open a door to more means of livelihood as well.

The global social enterprise aims to mitigate ocean plastic and empowers collection members to transcend poverty through the exchange of plastic as a currency. Katz made a surprise visit to the Plastic Bank communities who have been collecting plastic out of their own initiative. Plastic Bank would be surprising with support catered to their needs.

“Our collection members are making a profound impact on our planet and our communities with each day they spend on preventing plastic from entering the ocean,” Katz told members of media during his visit last year. "We aim to give back by providing our most inspiring members with a transformative experience that fosters moments of joy, whether that means helping them reunite with their families or offering financial assistance to fulfill their aspirations."

At the time, the Extended Producers Responsibility or EPR law had just been passed. The law mentions that large companies are now "required to take responsibility for their plastic footprint and seek solutions to comply with this regulation." The law came at a most fitting time as

studies have shown that the Philippines is responsible for emitting 35% of the world's ocean plastic, generating an estimated 356,371 metric tons of plastic waste .

Plastic Bank's EPR Programs have been encouraging businesses to champion sustainability and act as platforms for positive transformation. These programs support compliance goals while also help-

Chomp Chomp: Composting Made More Fun by Filipino Youtube Series

In support of the EPR Law, the animated series aims to expand awareness on waste management

MONDELĒZ International, in collaboration with the locally-made animated YouTube series "Miming and Friends," continues its commitment to promoting Sustainable Snacking and waste management practices. With the launch of Episode 3 supported by the Company and Save Philippine Seas, the animated characters in the mini-series aim to make composting fun and understandable for kids and their families.

Miming and Friends is the creation of husband-and-wife tandem: Ramon del Prado and Meryll Yan, who are based in Dumaguete City, Negros Oriental. Now in its third episode, the mini-series aims to educate children and families about the importance of biodegradable waste management and composting. The series was first launched in 2021 and is in support of the Extended Producers’ Responsibility (EPR) Law, which obliges companies to collect and divert their plastic waste to avoid them being marine litter. This is an area where Mondelēz International has made great strides in its efforts by pledging to collect and divert 100% of its post-consumer plastic packaging starting

2023 and beyond. Building on the success of previous episodes focusing on waste segregation and plastic recycling, the latest installment of "Miming and Friends" delves into the significance of proper handling of biodegradable waste. Led by Cat-Fish Miming, flying lizard Buboy, and Unicorn Anacorn, the series creatively explores how individuals can make a positive impact on the environment by composting organic materials. The cast of characters are joined by other animal friends who help them on their journey of self-discovery. There’s Darling the Dugong who imparts knowledge on waste segregation; Aling Ermi the Hermit Crab who teaches plastic recycling; and featured on the third episode is Basilyo the Bacteria, who sings about chomping his way to turn biodegradable waste into compost.

"At Mondelēz International we are committed to empowering people to snack right, not only by offering delicious products but also by promoting Sustainable Snacking," says Caitlin Punzalan, Corporate and Government Affairs Lead of Mondelēz International in the Philippines. "Through our partnership with 'Miming and Friends,' we aim to instill environmental consciousness in children and families, encouraging them to play an active role in waste management even at an early age. We are leveraging on the medium of Youtube to make sure anyone can access it, wherever they are located. Envi-

ronmental protection is on all of us, and we want to make this available and understandable for all.”

Creatively SustainabiPromoting lity

The collaboration between Mondelēz International and "Miming and Friends" underscores a shared vision of fostering a future where people and the planet thrive.

"We are thrilled to continue our partnership with Mondelēz International and 'Miming and Friends' in creating educational content that empowers children to become stewards of the environment," says Anna Oposa, Chief Mermaid and Executive Director of Save Philippine Seas (SPS). This is a nonprofit organization that aims to conserve coastal and marine resources by empowering seatizens for collective action and behavior change. "By teaching children about composting and biodegradable waste management early on, we are laying the foundation for a more sustainable future,” adds Oposa.

The third episode of "Miming and Friends" not only entertains with a catchy song, but also educates, delivering valuable lessons on responsible waste management in a fun and engaging manner. As Mondelēz International and its partners strive towards strengthening the circular economy of plastic in the Philippines, initiatives like "Miming and Friends" help play a crucial role in shaping a more sustainable society.

ing its collection communities exchange plastic waste as currency for income and for their food expenses, school tuition fees, health insurance, digital connectivity, fintech services, and more.

The global social enterprise operates in Southeast Asia and Latin America. According to their website, "Plastic Bank exchanges are recorded through our proprietary blockchainsecured platform that enables traceable collection, secures income, and verifies reporting. Collected material

Founder David Katz offers hope and economic opportunity to recycling community

is processed into Social Plastic feedstock for reuse in products and packaging, helping create new life for old plastic."

Katz, who is schedule to visit the Philippines again this year, recalls the many happy experiences he's had connecting with members of the recycling community. He says, "What perpetuates more giving is the receiving, and I want to show what it is to receive the humbleness, the beauty of people receiving. So, when we can share it

PLASTIC BANK INVESTING IN A GREEN FUTURE

at large, the world can see what it is so that the world wants to give more, too. That's why I'm here—to capture those beautiful stories."

So far, there are 8,000 registered collectors and over 200 collection branches in the country. As of March 2024, Plastic Bank has collected 6 billion bottles, which is equivalent to 120 million kilograms or 245 million pounds of plastic. For more information, check plasticbank.com.

—Francine Y. Medina

GOING GREEN

Mondelēz International Launches Episode 3 of Miming and Friends Youtube Series

BHands together to nurture nature

SM Supermalls, DENR, and partners launch “Earth Day Every Day Project” to encourage students to collect plastic waste for recycling.

EING conscious and active about caring for the earth is essential besides honoring the planet yearly come Earth Day, April 22. And this is why SM Supermalls has joined hands with the Department of Environment and Natural Resources (DENR), the Boy Scouts of

the Philippines, the Girl Scouts of the Philippines, and Nestle Philippines to launch the Earth Day Every Day Project this year at the SM Mall of Asia. On April 22, the initiative aimed at engaging youth in environmental conservation efforts kicked off with a plastic bottle

collection competition among Pasay City and Parañaque City high schools. Pasay City North High School won first place; Parañaque City National High School bagged the second place; and Pasay City South High School won third place. The SM Plastic Waste Collec-

tion Program, a partnership with non-governmental organization Friends of Hope, aims to reduce plastic waste in landfills and oceans through proper plastic segregation. Schools that want to participate must collect used plastic bottles in their communities and bring them to designated collection facilities in SM Supermalls near their area. Next, SM Supermalls will be reporting the units of plastics turned in by the students every month. As a token of appreciation for their dedication, organizing partners will be rewarding the

class that accumulates the highest points each month. At the end of the school year, the school with the highest cumulative points will be recognized and given a prize for their commitment to environmental conservation.

—F.Y. Medina

THE Information Technology and Business Process Management (IT-BPM) Industry Association of the Philippines (IBPAP) has tapped multi-awarded creative agency BBDO Guerrero for a rebranding initiative aimed at showcasing the diversity of the Filipino workforce. With ambitious targets to grow into a $59 billion industry and create 2.5 million globally impactful jobs by 2028, IBPAP is calling on partner companies to support its industry pride campaign.

Jack Madrid, President and CEO of IBPAP, emphasizes the essence of the campaign: "This rebranding goes beyond a mere facelift; it's about shifting perceptions and uncovering the vast landscape of opportunities within the IT-BPM

sector. We take pride in our

workforce— our most valuable asset— and aim to empower them to champion our industry."

As the nation's leading employer, the IT-BPM has employed over 1.7 million Filipinos in 2023. If anything, the rise in employment reflects the association's pride and trust in the country's top asset: its people.

IBPAP invites companies and individuals to partake in the industry pride campaign. Industry leaders and enthusiasts are encouraged to lead the charge, sharing their ITBPM journey on social media. Employees are invited to share their stories, put the spotlight on their individual achievements and contributions to the industry’s overall success.

"We are not just an industry; we

are a collective of world-class talents making a global impact. Being part of the IT-BPM sector means you are part of the Philippines—a nation known for its heart, resilience, and unparalleled skill," states Madrid.

IBPAP stands as the enabling force for the country's IT-BPM sector. Boasting over 400 industry and support-industry members, including five associations, IBPAP is pivotal in steering the industry towards sustained growth and innovation. The partnership with BBDO Guerrero marks a significant milestone in the IT-BPM industry's history, integrating creativity and innovation for the Filipino workforce towards global recognition and success.

IBPAP welcomes inquiries via their LinkedIn and Facebook pages.

Filipino

Middle East conflict and the rising threat to global inflation editorial

THE World Bank’s grim warning about the potential inflationary fallout from an escalation of the conflict in the Middle East should be a sobering wake-up call for policymakers and the public alike. If the simmering tensions in the region were to boil over into a full-blown conflagration, the ripple effects on global commodity prices could reverse much of the progress made in taming inflation over the past two years. (Read the BusinessMirror story: “Middle East conflict to drive up food, gas prices—World Bank,” April 26, 2024).

The prospect of oil prices surging to over $100 per barrel, coupled with supply disruptions to natural gas and fertilizers, paints a worrying picture. Food insecurity, which has already worsened markedly due to the Ukraine war, could deteriorate further. And the knock-on effects on inflation would force central banks to maintain tight monetary policies, potentially undermining the fragile global economic recovery.

The World Bank underlines the crucial role of the Middle East as a gas supplier, with 20 percent of global liquefied natural gas trade passing through the Strait of Hormuz. Any interruption in LNG supply would have a ripple effect, driving up fertilizer prices and subsequently increasing food prices. This poses significant challenges for countries heavily reliant on imported oil and food commodities, like the Philippines, where inflation could rapidly soar if oil prices reach unprecedented levels.

Moreover, the report warns that food insecurity and elevated food prices could rise further. Between mid-2022 and mid-2023, global commodity prices plummeted by nearly 40 percent, helping to drive most of the roughly 2-percentage-point reduction in global inflation between 2022 and 2023. However, the World Bank estimates that should the conflict in the Middle East escalate, oil-supply disruptions could push up global inflation.

The International Monetary Fund (IMF) also adds to the concerns by revising down its growth forecast for the Middle East and North Africa region.

The region’s economies are expected to grow at a slower pace due to the war in Gaza, attacks on Red Sea shipping, lower oil output, and existing challenges of high debt and borrowing costs. This downward revision further underscores the fragility of the region and its potential impact on the global economy.

Against this backdrop, central banks must remain vigilant and responsive to the inflationary implications of commodity-price spikes amid elevated geopolitical tensions. It is crucial to adopt proactive measures that balance economic stability with the availability and affordability of essential commodities.

In the Philippines, some economists have already cautioned that doubledigit inflation could become a reality if geopolitical risks sent oil prices skyrocketing. This would impose immense hardship on households grappling with the cost-of-living crisis.

The lesson from the 1970s oil shocks is that quick-fix government interventions like price controls and subsidies often prove counterproductive, saddling public finances with unsustainable burdens. A more prudent approach is to strengthen social safety nets, invest in alternative energy sources, and pursue structural reforms to boost productivity and resilience.

Policymakers must also be prepared to act decisively should the worst-case scenario materialize. This means having a well-coordinated strategy to manage the inflationary pressures, safeguard food and energy security, and cushion the most vulnerable segments of the population.

The world stands at a critical juncture, where the outcomes of geopolitical conflicts in the Middle East have far-reaching consequences. It is imperative that global leaders, policymakers, and international organizations collaborate to promote peace, stability, and sustainable economic growth while addressing inflationary pressures. Failure to do so could undermine the progress achieved in recent years and exacerbate the challenges faced by economies worldwide.

The coming months

IOUTSIDE THE BOX

N one week we will hit the turning point—the last minor top—of the major wave that began in 1981. This top on May 7/8 will then turn to a minor downtrend—with a short upside reversal (mid2025 to mid-2026)—in to August 2028. At that point the minor wave will turn upward again, and we will experience a clear, steady, and unhampered moved to the end of 2032. The end of 2032 will mark the beginning of a new 51.6-year wave.

You may think this is all some sort of conspiratorial nonsense and that is fine. But here is how these waves have worked. The major waves oscillate between the “Private” and “Public” (government) sectors with a flight-to-quality changing depending on which sector is in trouble. Capital moves back and forth from Public (government bonds) to Private sector (stocks), reflecting a shift in market confidence at that point in time. The next major wave will begin in the year 2032.95. Count back 51.6 years and that takes us to 1981.35, which signaled a shift to the “Private” sector. The Dow Jones Industrial Average closed in April 1981 at 974. Currently, 51 years later, the Dow is trading around 38,000, or with a 3,800 percent gain. Count back another 51.6 years and the date is 1929.75 when the Dow reached an early September high of 381.17. The final low was 41.22, early

in July 1932, a staggering 89 percent loss. The 3-month US government Treasury Bill paid an annual interest rate of 0.023 percent in 1939 and that rate rose to 14.03 percent by 1981.

With the wave change in 1981 came the “conventional-wisdom” belief among all the economic experts that government could beat the system—the boom/bust waves —and control the economy through intervention. As a true Keynesian, James Tobin, Nobel Memorial Prize winner in Economic Sciences in 1981, believed that governments should intervene in the economy in order to stabilize output and avoid recessions. Tobin: “The miserable failures of capitalist economies in the Great Depression were root causes of worldwide social and political disasters.” Dying in 2002, he missed seeing the 2007–2008 global financial crisis triggered by the miserable failures of interventionist government eco-

By the end of 2024, people in one out of four developing economies will be poorer than they were before the pandemic. The global economy is set to perform miserably by the end of 2024 with the slowest half-decade of GDP growth in 30 years, according to the World Bank.

nomic policies.

He also proposed the “Tobin Tax” on foreign currency transactions to mitigate exchange rate volatility. Now, the “Tobin Tax,” along with a global corporate tax, is being touted again as a way to keep stability in the system. Proponents say a “Tobin Tax” would have avoided the 1997 Asian Financial Crisis by stopping currency speculation.

What they fail to mention is that if Thailand and South Korea had not artificially pegged their currencies and had not encouraged dollardenominated corporate borrowing (Isn’t that government intervention?), the crisis would never have happened in the first place.

We are entering a wave “transition period” that will give us unusual situations. For example.

From its January 2012 high, the Japanese yen has lost 50 percent of its value against the US dollar to the lowest price since 1990. Put another way, the US dollar has doubled in value against the yen, and the US Dollar Index has also doubled against the basket of currencies. Gold is up 700 percent since 2000.

While some think of “cryptos” as a sort of magic universal currency, it is not. It is at best a dollar alternative. From $1,000 in 2017, Bitcoin is trading at $64,000, up nearly 6,400 percent. But against the yen, BTC has increased nearly 10,000 percent. Against the Chinese yuan BTC is up by 7,500 percent.

In 2017, the annual interest on US government debt was $450 million. It is now $1 trillion and will rise to $1.7 trillion in 12 months. The US Federal Reserve is in a lose-lose situation. There are signs of a slowing economy with consumers paying historically high interest rates. On the other hand, inflation is rising again, and the Fed is risking losing credibility.

All of this is against a background of war in Ukraine, war in the Middle East, potential war in China, a bird flu “pandemic”—since the “monkey flu” scare failed, protests, etc., and etc.

But this is all noise, critically important noise, to cover for the failures in the economic arena. By the end of 2024, people in one out of four developing economies will be poorer than they were before the pandemic. The global economy is set to perform miserably by the end of 2024 with the slowest half-decade of GDP growth in 30 years, according to the World Bank.

The worst is yet to come. However, T.G.Y.F.

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.

US creates team to counter China’s ‘coercion’ tactics

By Peter Martin & James Mayger

WHEN South Korea decided to host a US anti-ballistic missile system, the lucrative flow of tourists from neighboring China suddenly dried up. When Australia accused Beijing of meddling in its domestic politics and demanded answers over the origins of Covid-19, China stopped buying exports like coal, wine and beef.

It wasn’t until Beijing tried to punish Lithuania for opening a liaison office with Taiwan in 2021 that Washington intervened.

A key outcome from that episode was the creation of a team inside the US State Department to help when Beijing responds to political disputes with economic and trade weapons—what the US and its allies call economic coercion. Demand for that help has been strong, according to the US official in charge of the program.

“Countries are coming in, and many are coming in saying ‘We want the Lithuania treatment,’”

Jose Fernandez, under secretary for economic growth and the environment, said in an interview, referring to a package of trade finance, procurement deals and market access Washington offered the Baltic nation.

Since then, about a dozen other nations in Asia, Africa, Latin America and Europe have sought guidance on how to prepare for or mitigate economic pressure from China, according to people familiar with the program, who asked not to be named discussing private information. Beijing is “using their economic clout to entice or isolate countries,”

said Jose Manuel Romualdez, the ambassador to the US from the Philippines, which is being advised by the State Department on potential new export markets and other support for its agriculture sector in the case of a Beijing boycott. Those measures could include the deployment of cold storage facilities to the Philippines for agricultural products that China might boycott.

The eight-person State Department group, known informally as “the firm” and led by Melanie Hart, the China policy coordinator in Fernandez’s office, operates like a consultancy. Among the first steps for its “clients” is an analysis of trade vulnerabilities to China by the department’s economists. It then looks for ways to help diversify export markets away from China and, if requested, offer a public show of support. The team has also conducted tabletop exercises to game out different responses to Beijing, the people said.

One driver for this strategy is a recognition that the US didn’t sufficiently support South Korea or Australia when China tried to coerce them, according to the Asia Society’s Wendy Cutler, a former US trade negotiator, who co-wrote a recent report on Chinese actions against Lithuania.

“We decided that we had seen this movie before and that it was time to stop the tape,” Fernandez said. Asked about the perception that the US hadn’t done enough in earlier cases, Fernandez said “I think that is a fair criticism.”

The US government also leverages its economic power in foreign affairs, with China lobbing the “economic coercion” accusation back at Washington. The US has increasingly sought to deploy economic and trade tools in its competition with China, including sanctions, tariffs and export controls, promoting “friendshoring” to bolster supply See “US,”

John Mangun

China’s new plan to boost Hong Kong IPOs faces major hurdles

By Filipe Pacheco & Manuel Baigorri

CHINA’S vow to encourage the nation’s leading companies to list in Hong Kong is helping spur a rare surge in the $5 trillion stock market, but dealmakers aren’t ready to turn optimistic.

The Hang Seng Index jumped about 9 percent last week for its best gain since 2011 after China’s securities regulator said on April 19 that it will support initial public offerings in Hong Kong. Bourse operator Hong Kong Exchanges & Clearing Ltd. was among the biggest winners, rallying 17 percent.

While a number of factors drove the index’s gains, including bullish analyst calls on China and inflows by mainland investors seeking a hedge against a weakening yuan, the regulator’s comments sent a signal that the city could expect more favorable policies to strengthen its position as a finance hub.

Dealmakers say a lot more than words is needed to revive Hong Kong’s weakest IPO market since the global financial crisis. Interviews with 10 advisers show they expect the pipeline of IPOs to remain feeble while valuations are low, China’s economic outlook is poor, and foreign investors continue to be distrustful of Beijing’s policy making.

“So far, it’s just cheap talk,” said Jason Hsu, chief investment officer at Rayliant Global Advisors. “Beijing needs to be much more specific on how it will support Hong Kong.”

Low valuations

EVEN after last week’s gains, the Hang Seng Index is one of the world’s worst performing benchmarks over the past 12 months. The gauge trades at 8.6 times projected 12-month earnings, compared with the S&P 500’s multiple of about 20 and 11.4 for China’s CSI 300 Index. Global funds that went long on China have been burned a number of times in recent years by sudden crackdowns that triggered dramatic selloffs.

There is a compelling need for Beijing to shore up the IPO market. The decline of Hong Kong as a fundraising center for companies has undermined the city’s claim to be Asia’s premier financial hub and diminished Wall Street’s presence.

Proceeds from IPOs in the first quarter were the lowest since 2009, following on from a dismal showing last year, when the city lagged behind Mumbai. An estimated 200 Hong Kong bankers lost their jobs in the past year, according to Bloomberg Intelligence. Banks including Morgan Stanley and HSBC Holdings Plc are planning more cuts.

Hong Kong is stuck in a bind when it comes to IPOs, as stronger companies stay away and weaker listings draw lukewarm interest, thereby reinforcing the negative narrative.  “Investors may not want to bet on firms facing uncertainties about future growth, and those with better fundamentals may not rush and will only list when sentiment improves,” said Gary Ng, a senior economist at Natixis SA.

Poor debuts

THIS pattern was starkly illustrated last week, when three stock debuts flopped, even as the broader market rallied.

Bubble-tea maker Sichuan Baicha Baidao Industrial Co., which is known as Chabaidao, sank 27 percent on its first day of trading in the city’s largest IPO since November.

Shares of Tianjin Construction Development Group Co., which provides engineering services, slid 39 percent in their debut. Mobvoi Inc., a Chinese artificial-intelligence developer backed by Google, fell 3 percent as it traded for the first time.

Chabaidao’s slump may put a planned Hong Kong listing by Midea Group Co. at risk, according to Bloomberg Intelligence.

Opinion

Invoicing under EOPT and its implementing regulations

AHong Kong is stuck in a bind when it comes to IPOs, as stronger companies stay away and weaker listings draw lukewarm interest, thereby reinforcing the negative narrative.

Weak investor sentiment may lead Midea, the world’s largest homeappliance maker by market value, to reevaluate the timeline for a share sale despite its solid fundamentals and promising earnings prospects, analyst Ada Li wrote in a report Monday.

Hong Kong hasn’t hosted a debut larger than $1 billion since October 2022, when battery supplier for electric-vehicle makers CALB Co. raised $1.3 billion. The average size of a Hong Kong IPO last year was $88 million, 70 percent less than the $294 million median from 2018 to 2022.

Other possible large-cap listings that would typically generate foreign interest include battery-maker Contemporary Amperex Technology Co. Ltd. and fast-fashion company Shein. The latter is considering Hong Kong as a possible venue along with London and Singapore because of hurdles to a US listing, Bloomberg News reported in February.

Mainland approvals

ONE potential tailwind for Hong Kong is the pace of IPOs on mainland exchanges is likely to remain low for years to come due to stricter controls, meaning companies will need to look for alternative venues, said Andy Wong, IPO leader at advisory firm SW Hong Kong. The Chinese regulator may also speed up approvals for Hong Kong listings, he added.

“Hong Kong IPOs may have a small boom in 2025 and 2026,” Wong said. “The A-share IPO slowdown period may last up to two years.”

Proceeds raised on mainland exchanges dwindled in the past two quarters as Chinese authorities limited approvals to boost liquidity.

In addition to encouraging Hong Kong IPOs, the China Securities Regulatory Commission announced a loosening of rules on stock trading links between the city and mainland exchanges to boost flows into the city’s financial markets.

There are also signs the CSRC is easing controls on US listings after the regulator said it will support overseas IPOs of tech firms. Autonomous driving startup Pony.ai is planning to sell shares for the first time in New York after receiving Chinese regulatory approval, according to a statement last week.

Whether in New York or Hong Kong, Chinese firms face a credibility gap when it comes to foreign investor confidence. Just last month, Sharmin Mossavar-Rahmani, the chief investment officer of Goldman Sachs Group Inc.’s wealth-management business, advised against investing in China. She cited reasons including a lack of clarity on Beijing’s policymaking and expectations for a steady slowdown in the economy over the next decade.

All that and a multiyear slump in Chinese stock benchmarks mean the path to reviving IPOs will likely be a rocky one. The Hang Seng Index has fallen for the past four years and is down more than 40 percent from its 2021 high.

“The number one task for Beijing right now is to shift the prevailing narrative that China is uninvestable,” said Rayliant’s Hsu. “New listings in Hong Kong won’t help if global investors aren’t interested in owning shares in Chinese companies.” With assistance from Pei Li and Dong Cao /Bloomberg

Atty. Rodel C. Unciano

TAX LAW FOR BUSINESS

S you may already know, a notable change brought about by the Ease of Paying Taxes Act (EOPT) is the implementation of a standardized VAT invoice for all transactions involving the sale, barter, exchange, or lease of goods or properties, as well as for any service-related transactions. So, for VAT compliance and for the purpose of claiming input tax credit, only VAT invoice is the acceptable proof to substantiate the claim for input tax credit, whether it is a purchase of goods or purchase of services.

As defined under Revenue Regulations (RR) 7-2024, invoice is a written account evidencing the sale of goods and/or services issued to customers in the ordinary course of trade or business.

This includes Sales Invoice, Commercial Invoice, Cash Invoice, Charge/Credit Invoice, Service Invoice, or Miscellaneous Invoice. It is also referred to as a principal invoice.

VAT Invoice is a written account evidencing the sale of goods, properties, services, and/or leasing of properties subject to VAT issued to customers or buyers in the ordinary course of trade or business, whether cash sales or on account or charge sales. It shall be the basis of the output tax liability of the

seller and the input tax claim of the buyer or purchaser.

Non-VAT Invoice is a written account evidencing the sale of goods, properties, services, and/or leasing of properties not subject to VAT issued to customers or buyers in the ordinary course of trade or business, whether cash sales or on account or charge sales. It shall be the basis of the percentage tax liability of the seller, if applicable.

While invoice is now the primary document supporting sale of both goods and services, the taxpayer is not precluded from issuing supplementary document other than sales or commercial invoice. This includes but is not limited to official receipt, delivery receipt,

order slip, debit and/or credit memo, purchase order, acknowledgment or cash receipt, collection receipt, bill of lading, billing statement, statement of account, and any other document, by whatever name it is known or called, whether prepared manually or preprinted/pre-numbered loose leaf or computerized as long as they are used in the ordinary course of business and being issued to customers.

But for purposes of VAT, supplementary documents are not valid proof to support the claim of input taxes by the buyers/purchasers of goods and/or services. All VAT-registered persons and those required to register for VAT are now required to issue VAT invoice as the principal document and are required to comply with the amended invoicing requirements under the EOPT Act.

Under RR 7-2024, during the transitory period, all unused or unissued Official Receipts may still be used as supplementary document until fully consumed, provided that the phrase “THIS DOCUMENT IS NOT VALID FOR CLAIM OF INPUT TAX.” is stamped on the face of the document. The Official Receipt, along with other equivalent documents such as Collection Receipt, Acknowledgement Receipt, and Payment Receipt will serve as proof of payment that cash has been received or that payment has been collected.

Taxpayers shall be allowed to strik-

Navigating geopolitical waters: Lessons from Apple’s approach to China

By Henry Go

Nikkei Asia published the article “Apple moves closer to China despite supply chain adjustments” in its April 26, 2024 issue. It offers an intriguing narration of Apple deepening its business ties with China after their withdrawal during the Covid-19 pandemic. Such move is a recognition for China’s market size, supply chain and manufacturing efficiency. Nevertheless, Apple’s move reflects a balancing act in leveraging complex political and commercial dynamics. It is interesting to note that Apple’s rise from near bankruptcy in the 1990s to the world’s most valuable company has closely followed China’s economic ascent. It pioneered a best-of-both-worlds business model: products designed in California were assembled inexpensively in China and sold to China’s growing middle class and the rest of the world.

It is a norm in developed countries that economic policies should echo geopolitical policies and decisions. But it can be argued to the contrary, meaning, that countries should prioritize economic interests and trade considerations when formulating their geopolitical positions, rather than letting geopolitics determine economic and trade decisions. This position is consistent with the idea that economic prosperity and stability are the foundation of a nation’s power and influence.

According to the International Monetary Fund, the Philippine economy is considered the newest industrialized nation in the Asia-Pacific region. By 2024, the Philippine economy is projected to be 26.55 trillion ($471.5 billion), making it the 32nd largest in the world and the 13th largest in Asia by nominal GDP. Given this scenario, it is of strategic importance for the Philippines to continue its various reform policies on Trade and Investments,

chains and stepping up scrutiny of investments and data flows.

They also point out that internal political divisions also mean that the US mostly can’t craft new trade agreements, the prized deals that would open up domestic markets to friendly nations.

“It is a challenge for the United States because it does not have an offensive trade agenda,” said Deborah Elms, the founder of the Asian Trade Center in Singapore. “There just isn’t a whole lot that Washington is offering to current or potential partners on the economic side.” Even if there were an active

Education, Industrialization, Infrastructure, Tourism, Foreign Affairs, Health care, Poverty alleviation, and Politics. Sadly, with the current development in SCS, there is a possibility of escalating conflict to result in a war, of which the Philippines cannot afford to be a party of. War can lower GDP per capita by reducing labor and total factor productivity through the destruction of existing physical and human capital and by reducing investment in new physical and human capital. War can also reduce GDP per capita by reducing gains from both domestic and foreign trade.

Using Apple’s strategic move into China, the Philippines can set a new standard in its diplomatic negotiation with China by emphasizing economic cooperation and providing them with attractive investment opportunities. Overall, this approach can create a winning environment than the projection of military might in SCS. While maintaining our claim, we must at the same time

trade policy, it’s “become increasingly difficult for parties to believe that the United States would follow through and deliver,” she said, noting that Asian nations have watched the US under former President Donald Trump pull out of an Asia-Pacific trade deal and then watched the current administration fail to finalize the trade “pillar” of its own Indo-Pacific Economic Framework.

China’s Ministry of Foreign Affairs didn’t respond to a question about the allegations of economic coercion, including against Lithuania.

In the case of Lithuania, China ramped up pressure on Vilnius after it allowed a new Taiwanese trade office in the country to use the word

ethrough the word “Official Receipt” on the face of the manual and loose leaf printed receipt and stamp “Invoice,” “Cash Invoice,” “Charge Invoice,” “Credit Invoice,” “Billing Invoice,” “Service Invoice,” or any name describing the transaction, and to be issued as primary invoice to a buyer/purchaser until December 31, 2024. These documents shall be valid for claim of input tax by the buyer/purchaser for the period issued from January 22 to December 31, 2024, provided that the invoice to be issued bears the stamped “Invoice” and contains information required under RR 7-2024. The converted invoice can serve as proof of sales transaction and proof of payment at the same time. Any Official Receipt, whether stamped with “Invoice” or unstamped, issued after December 31, 2024, will be considered supplementary document only and shall no longer be eligible for input tax claims.

The author is a partner of Du-Baladad and Associates Law Offices (BDB Law) (www.bdblaw.com. ph), a member-firm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at rodel.unciano@ bdblaw.com.ph or call 8403-2001 local 380.

show them that we are good neighbor and sincerely ready to talk amicably, thus creating a positive atmosphere for constructive dialogue and cooperation. Actually, the use of water cannon in SCS by the Chinese Coast Guard and in Mendiola by our law enforcement agency during rallies have the same peaceful intention of not causing harm or create aggression, this is in consideration of water cannon being not a lethal weapon and is resorted only after a reasonable warning.

The Philippines should ride on the growth curve and focus more on economic activities, so as to strengthen our bargaining position and enhance our influence on the global stage without resorting to risky strategies. Singapore is a best example— a relatively small country that faces little interference from major powers due to its economic strength. Unlike superpowers, the Philippines cannot benefit from wartime economies, because the risks far outweigh the short-term benefits. True nationalism is therefore based on leadership that focuses on the safety and prosperity of its people, steering clear of unnecessary hardships and the perils of war.

As a respected member of Asean, the Philippines should stand in solidarity with the Asean approach to resolving SCS disputes. It should be noted that despite tensions with China in the SCS disputes, Asean members thus far still focus on their economic diplomacy with China, while projecting a strong and nationalistic stance in pursuing their claims. China remains willing to talk, and business between them continues to

“Taiwan” in its name, rather than the Beijing-approved “Taipei.”

In a few months, Beijing blocked trade, including by deleting Lithuania from its customs system, pressured multinationals in the country to stop sourcing there, canceled trade credits and voided the official identity cards of Lithuanian diplomats in Beijing.

Fernandez secured a trade credit offer worth $600 million from the US Export-Import Bank, a reciprocal procurement deal with the Defense Department, and improved access to the US market for agricultural products like eggs.

There was also a series of diplomatic gestures, including high-level meetings and statements, and efforts to help Lithuanian firms sell

grow. This was likewise the direction undertaken by that country with the greatest number of occupied islands and still is claiming for more. This Asean’s stance on dispute resolution without relying on foreign superpowers, is a principle respected by China. This approach emphasizes the fact that a good neighbor is better than a distant rich relative.

The South China Sea dispute between China and the Philippines is a complex challenge in international politics, where all claimants are important players. However, China’s intentions or capabilities should not be exaggerated, as this could exacerbate the crisis. To preserve peace, parties involved must engage a balanced approach, with a focus on avoidance of provocations especially in the disputed areas. Evidently, China has no intention of going to war, as can be seen with their on-going domestic efforts of infrastructure developments, poverty alleviations, solving economic issues, promoting tourism, boosting exports. If all claimants can emphasize diplomacy, international law, and cooperation, there’s high hope for SCS disputes to be managed effectively, thereby, reducing the risk of conflict and promoting peace in the region.

Through a pragmatic and balanced approach, the Philippines can demonstrate its commitment to diplomacy and peaceful conflict resolution and safeguard its sovereignty and interests in the South China Sea. This nationalistic approach is consistent with the principles of civilized conduct between nations, emphasizing dialogue, solidarity and mutual respect.

more to US allies in Asia. The US also signed onto the European Union’s complaint at the World Trade Organization in January 2022.

“The reaction was very swift, really very swift,” Gabrielius Landsbergis, Lithuania’s foreign minister, said in an interview, praising the support from the US and other Group of Seven nations as sending a strong signal. “I would say that the biggest assistance was political, because in most of the cases it was a political issue.”

He also offered a warning to other nations.

“I am 100 percent sure that we are not the last case,” he said. “If you’re dependent, know that it can become a weapon and most likely it will be a weapon one day.” Bloomberg

PHL SUPPORT FOR AGRI ‘MOST DISTORTING’ TO TRADE–OECD

By Cai U. Ordinario @caiordinario

THE Philippines led in terms of the support it provided to the agriculture sector relative to GDP, but the form of assistance came in the form of what the OECD characterized as“most distorting”to production and trade.

Based on the OECD’s Agricultural Policy Subsidies report, the country invested 2.3 percent of GDP in agriculture in the 2020 to 2022 period. However, this was lower than the nearly 3-percent average spent between 2000 and 2002.

Most of the support extended in the Philippines came in the form of market price support such as fuel discount vouchers for farmers as well as fertilizer subsidies such as the discount vouchers for the Plant, Plant, Plant Part 2 program.

“The types of support considered to have the potential to be the most distorting are market price support, payments based on output, and payments based on the unconstrained use of variable inputs,” OECD said.

“These forms of support are also

Extreme

known for being both inefficient and untargeted to providing support to those households in need as a large share of the transfers are leaked in the form of higher prices for and larger use of inputs, or capitalized into land values,” the report added.

OECD said that on average, these forms of support are much more prevalent in emerging economies.

In the 11 emerging economies, including the Philippines, the most distorting policies generated positive support to producers.

This was equivalent to 10 percent of gross farm receipts and implicit taxation equal to 6 percent of gross farm receipts between 2020 and 2022.

In OECD countries, the report showed, the most distorting policies generated positive support equalling 7 percent of gross farm receipts in 2020-2022, but did not implicitly tax producers.

In the case of the Philippines, the report said 22.4 percent of gross farm receipts were considered distoring support in 2020-2022. This was higher compared to the 20-percent average between 2000 and 2002.

heat imperils

PHL food security–ADB

By Cai U. Ordinario @caiordinario

THE scorching heat that has enveloped the whole archipelago due to the El Niño is not only highlighting the water stress being experienced by millions of households but endangering the country’s food security as well.

In a recent interview, Asian Development Bank (ADB) Sectors Group Director General and Group Chief Ramesh Subramaniam told BusinessMirror that water is a major factor that would determine how the government will fare in terms of feeding Filipino households.

This is especially a concern this year because right after the country experiences the dry spell, the country’s weather bureau expects the onset of the La Niña weather phenomenon by June 2024.

(See: https://businessmirror com.ph/2024/03/27/still-reeling-from-heat-phl-now-bracingfor-la-nina-typhoons/).

“Now, one thing that we all need to be collectively [be] concerned [of] is, what is going to be the impact of either too much water or too little water, right? So we are going to see, unfortunately, in the Philippines and some of the other countries, the too-little-water phenomenon,” Subramaniam told this newspaper.   Unfortunately, weather is something that no government can control. Subramaniam said this is one reason why measures are crucial in the country’s response to the water side of the food security equation. Asia’s water crisis ADB noted that Asia faces an acute water shortage. By 2030, demand for water in the region is anticipated to exceed supply by 40 percent.

Since 80 percent of water is used for agricultural production, ADB said the lack of water “seriously hampers food production and security.” To address this, the bank is promoting the adoption of more efficient and sustainable ways of managing water to grow more food with less water in the region.

Subramaniam noted that too much water, such as what South Asia experienced, could lead to higher commodity prices. The opposite, which is too little water, could also send commodity prices skyrocketing, especially where wa-

Just build more plants, says MVP on latest power woes

By Lenie Lectura @llectura

INCREASING electricity demand and frequent forced shutdown of power plants signify the need for more base load power sources such as coal power plants, according to Manila Electric Company (Meralco) chairman Manuel V. Pangilinan. The moratorium on new coal power plants, however, hinders the development of new conventional power plants.

“We need conventional, dependable power plants so that we don’t get the crazy situations when one particular large plant is down for its own reasons, then we’d probably return to it,” Pangilinan said.

A 2020 Department of Energy (DOE) circular states that no new coal power plants will be built. However, the agency allowed coal projects that have already been cleared prior to the effectivity of

ter-loving crops like rice is involved.

Because of this, ADB has begun to closely monitor Asean countries like the Philippines along with South Asian countries such as India, Sri Lanka, Bangladesh and Pakistan.

Based on their monitoring, if the average increase in rice prices in these countries is above 25 percent, they are classified as part of the “red zone.”

Fortunately for Asean countries like the Philippines, they are not yet part of the red zone and have done well in terms of containing rice prices, Subramaniam said.

“In the case of the Philippines or in some of the other countries, you see, then we need to understand what is happening behind the price dynamics. So we are going to be continuously monitoring. It’s very difficult now to predict,” Subramaniam said.

Addressing this through fiscal measures, he stressed, will not be enough and boosting resilience will not be a quick fix as it will take time —one to years or so.

“You can have fiscal measures, but then in terms of the agriculture sector...boosting resilience, that’s going to take some time. So we anticipate playing out probably over the next one to two years or so,” Subramaniam said.

Subramaniam said among the popular measures are market interventions but they can only do so much. More permanent solutions are needed such as those being done by ADB to ensure water security.

“We’ve been working with the government on multiple prongs. One is in terms of the water resources management. We are investing quite significantly in various river basins across the country. Now, that’s in terms of shoring up infrastructure and investing in water resources management,” Subramaniam told BusinessMirror.

The ADB is investing in river basins across the country as well as water resources management. The National Economic and Development Authority (Neda) said one of these projects is the Water District Development Sector Project.

The project received a total funding of $63 million from ADB, the Urban Environmental Infrastructure Fund under the Urban Financing Partnership Facility, and the Water Innovation Trust Fund.

the moratorium. Coal plants still account for about 40 percent of the country’s energy mix. These are cheaper compared to other power plants.

“Whether it be the coal or gas, again, there’s got to be some guidance given to us as to where we should turn,” Pangilinan said, adding that the private sector must be encouraged to build more plants. “Anyway, it’s the private sector’s money. It’s

entirely a private sector risk.”

The Luzon and Visayas grids were again placed on yellow alert on Monday owing to thin power supply amid an increase in forecasted demand.

Four plants in Luzon have been on forced outage since 2023, four between January and March this year, and 13 since April 2024; another one is running on a derated capacity, for a total of 1,443.3 megawatts unavailable to the grid.

In Visayas, EDC-Leyte A Maha Unit 1 (160MW) also went on unplanned outage at 10:23am Monday, while power shared through the Mindanao-Visayas interconnection also decreased with the deration of GNPK 4 from 115MW to 61MW.

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

With red and yellow alerts hoisted over the Luzon grid several times this April, Meralco expects a challenging power supply situation

throughout the dry season, coinciding with the El Niño phenomenon.

Meralco said the actual demand of 9,301MW has already surpassed the forecast of 9,226MW for 2025. The demand, it added, is expected to rise further in the coming weeks as May approaches, which typically marks the peak demand period for the year.

“To really build more plants, it’s as simple as that,” Pangilinan replied when asked for the best solution to address the current power situation.

Nonetheless, Meralco Executive Vice President and Chief Operating Officer Ronnie Aperocho said the utility firm remains vigilant as it works with energy industry players in implementing demandside management programs to help lessen the strain on the power grid and continuously deliver stable and reliable service to consumers. “We also continue to proactively encourage more participants to join the Interruptible Load Program [ILP],” said Aperocho.

DA asks solons to amend RTL to allow DA, DTI to import rice

By Jovee Marie N. dela Cruz @joveemarie

FIVE years after the enactment of the Rice Tariffication Law (RTL), the Department of Agriculture (DA) has asked lawmakers to introduce amendments to the law, to include “empowering” the secretaries of the DA and Department of Trade and Industry to import rice under “specified conditions.”

At a briefing with the House Committee on Agriculture and Food, National Rice Industry Development Program Undersecretary Christopher Morales said the proposed changes are designed to address prevailing gaps in the legislation and to provide greater support to Filipino rice farmers, notably through enhanced control over rice imports.

Morales said the proposed

amendments seek to empower the secretaries of agriculture, and trade and industry to import rice under specified conditions, while allowing the National Food Authority (NFA) to secure buffer stocks through alternative schemes.

However, Morales did not specify these exact “specified conditions” pending the House agriculture panel hearing on the proposal.

Citing the DA’s proposal, Morales said the export of rice during food security emergencies, as determined by the DA chief, would also be disallowed under the proposed changes.

At present, two bills have been filed in the House of Representatives, both aiming to extend the RCEF program and ensure its continued support for the country’s rice farmers.

These bills, as well as the proposed amendments by the DA, will be deliberated on by Rep. Mark Enverga’s committee on Tuesday.

Moreover, Morales emphasized the pivotal role of rice production in the country’s agricultural landscape and stressed the importance of enhancing the RTL after five years of its enactment.

Morales said these modifications aim to facilitate a more liberalized importation framework while ensuring safeguard measures remain intact when necessary.

Among the proposed amendments are timing restrictions on the imposition of sanitary and phytosanitary (SPS) import clearances to enhance control over arrivals, particularly during harvest seasons, he said.

“We propose that imported rice must arrive before the specified date indicated in the issued

[Sanitary and Phytosanitary Import Clearance] SPSIC with enforced fees and measures for low or non-utilization to ensure timely arrival,” he added.

Morales said DA proposes strengthening the regulatory functions of the Bureau of Plant Industry (BPI), with measures including mandatory registration of grain warehouses and regular inspections to ensure compliance with SPS standards.

“We also propose strengthening the regulatory functions of BPI since it is crucial with measures including mandatory registration of grain warehouses and regular inspections to ensure compliance with SPS standards,” he said.

On the Rice Competitiveness Enhancement Fund (RCEF), Morales said the DA advocates its extension until 2030.

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Biden, Netanyahu discuss Gaza crisis as international pressure mounts on Israel and Hamas to reach deal

By Tia Goldenberg, Jon Gambrell & Samy Magdy

The Associated Press

TEL AVIV, Israel—The White House on Sunday said US President Joe Biden had again spoken with Israeli Prime Minister Benjamin Netanyahu as pressure builds on Israel and Hamas to reach a deal that would free some Israeli hostages and bring a cease-fire in the nearly seven-monthlong war in Gaza.

The White House said that Biden reiterated his “clear position” as Israel plans to invade Gaza’s southernmost city of Rafah despite global concern for more than one million Palestinians sheltering there. The US opposes the invasion on humanitarian grounds, straining relations between the allies. Israel is among the countries US Secretary of State Antony Blinken will visit as he returns to the Middle East on Monday.

Biden also stressed that progress in delivery of humanitarian aid to Gaza be “sustained and enhanced,” according to the statement. The call lasted just under an hour, and they agreed the onus remains on Hamas to accept the latest offer in negotiations, according to a US official who spoke on condition of anonymity because the official wasn’t authorized to comment publicly. There was no comment from Netanyahu’s office.

A senior official from key intermediary Qatar, meanwhile, urged Israel and Hamas to show “more commitment and more seriousness” in negotiations.

Qatar, which hosts Hamas’ headquarters in Doha, was instrumental along with the US and Egypt in helping negotiate a brief halt to the fighting in November that led to the release of dozens of hostages. But in a sign of frustration, Qatar this month said that it was reassessing its role.

An Israeli delegation is expected in Egypt in the coming days to discuss the latest proposals in negotiations, and senior Hamas official Basem Naim said in a message to The Associated Press that a delegation from the militant group will also head to Cairo. Egypt’s state-owned Al Qahera News satellite television channel said that the delegation would arrive on Monday.

The comments by Qatar’s

Foreign Ministry spokesperson Majed al-Ansari in interviews with the liberal daily Haaretz and Israeli public broadcaster Kan were published and aired Saturday evening.

Al-Ansari expressed disappointment with Hamas and Israel, saying each side has made decisions based on political interests and not with civilians’ welfare in mind. He didn’t reveal details on the talks other than to say they have “effectively stopped,” with “both sides entrenched in their positions.”

Al-Ansari’s remarks came after an Egyptian delegation discussed with Israeli officials a “new vision” for a prolonged cease-fire in Gaza, according to an Egyptian official, who spoke on condition of anonymity to freely discuss developments.

The Egyptian official said that Israeli officials are open to discussing establishing a permanent cease-fire in Gaza as part of the second phase of a deal. Israel has refused to end the war until it defeats Hamas.

The second phase would start after the release of civilian and sick hostages, and would include negotiating the release of soldiers, the official added. Senior Palestinian prisoners would be released and a reconstruction process launched.

Negotiations earlier this month centered on a six-week cease-fire proposal and the release of 40 civilian and sick hostages held by Hamas in exchange for freeing hundreds of Palestinian prisoners in Israeli jails.

A letter written by Biden and 17 other world leaders urged Hamas to release their citizens immediately. In recent days, Hamas has released new videos of three hostages, an apparent push for Israel to make concessions.

The growing pressure for Hamas and Israel to reach a cease-fire deal is also meant to avert an Israeli attack on Rafah, the city on the border with Egypt where more than half of Gaza’s 2.3 million population is seeking shelter. Israel has massed dozens of tanks and armored vehicles. The planned incursion has raised global alarm.

“Only a small strike is all it takes to force everyone to leave Palestine,” Palestinian President Mahmoud Abbas asserted to the opening session of the World Economic Forum in Saudi Arabia, adding that he believed an invasion would

happen within days.

But White House national security spokesman John Kirby told ABC that Israel “assured us they won’t go into Rafah until we’ve had a chance to really share our perspectives and concerns with them. So, we’ll see where that goes.”

The Israeli troop buildup may also be a pressure tactic on Hamas in talks. Israel sees Rafah as Hamas’ last major stronghold. It vows to destroy the group’s military and governing capabilities.

Aid groups have warned that an invasion of Rafah would worsen the already desperate humanitarian situation in Gaza, where hunger is widespread. About 400 tons of aid arrived Sunday at the Israeli port of Ashdod— the largest shipment yet by sea via Cyprus—according to the United Arab Emirates. It wasn’t immediately clear how or when it would be delivered into Gaza.

Also on Sunday, World Central Kitchen said that it would resume operations in Gaza on Monday, ending a four-week suspension after Israeli military drones killed seven of its aid workers. The organization has 276 trucks ready to enter through the Rafah crossing and will also send trucks into Gaza from Jordan, a statement said. It’s also examining if the Ashdod port can be used to offload supplies.

The war was sparked by Hamas’ attack on Oct. 7 into southern Israel, which killed 1,200 people, mostly civilians, according to Israeli authorities, who say another 250 people were taken hostage. Hamas and other groups are holding about 130 people, including the remains of about 30, Israeli authorities say.

Israel’s retaliatory assault on Hamas has killed more than 34,000 people, most of them women and children, according to health authorities in Gaza, who do not distinguish between civilians and combatants in their tally.

The Israeli military blames Hamas for civilian casualties, accusing it of embedding in residential and public areas. It says it has killed at least 12,000 militants, without providing evidence.

Jon Gambrell reported from Jerusalem and Samy Magdy from Cairo. Ellen Knickmeyer, Aamer Madhani and Matthew Lee contributed to this report from Washington.

PEOPLE protest against Israeli Prime Minister Benjamin Netanyahu’s government and call for the release of hostages held in the Gaza Strip by the Hamas militant group in Tel Aviv, Israel on Saturday, April 27, 2024. AP/OHAD ZWIGENBERG

Israeli airstrikes on Rafah kill 22 people, including five-day-old infant, Palestinian health officials say

By The Associated Press

ISRAELI airstrikes on the southern Gaza city of Rafah have killed at least 22 people, including six women and five children, Palestinian health officials say. One of the children killed in the strikes overnight into Monday was just 5 days old.

Israel has regularly carried out airstrikes on Rafah since the start of the war and has threatened to send in ground troops, saying Rafah is the last major Hamas stronghold in the coastal enclave. Over a million Palestinians have sought refuge in the city on the Egyptian border. The United States and others have urged Israel not to invade, fearing a humanitarian catastrophe.

The overnight strikes hit three family homes. The first killed 11 people, including four siblings aged 9 to 27, according to records at the Abu Yousef al-Najjar Hospital, where the bodies were taken. The second strike killed eight people, including a 33-year-old father

and his 5-day-old boy, according to hospital records. The third strike killed three siblings, aged 23, 19 and 12. An Associated Press reporter saw the bodies at the hospital.

Israel blames the high civilian death toll on Hamas because the militants fight in densely populated areas. But the military rarely accounts for individual strikes, which often kill women and children.

Blinken back in Middle East

US Secretary of State Antony Blinken on Monday begins his seventh diplomatic mission to the Middle East since the IsraelHamas war began more than six months ago.

Blinken’s visit—which includes a little more than a day in Saudi Arabia before stops in Jordan and Israel on Tuesday and Wednesday—comes amid renewed concerns about the conflict spreading in the Middle East and with oncepromising prospects for IsraeliSaudi rapprochement effectively on hold as Israel refuses to consider one of the Saudis’ main conditions for normalized relations: the creation of a Palestinian state.

The Israel-Hamas war was sparked by the unprecedented Oct.

Arrests roil college campuses ahead of graduation as protesters demand financial ties to Israel be cut

By Carolyn Thompson & Margery Beck The Associated Press

PROTESTS are roiling college campuses nationwide as schools with graduation ceremonies next month face demands they cut financial ties to Israel because of the Israel-Hamas war.

Many campuses were largely quiet over the weekend but protesters on both sides of the issue shouted and shoved each other during dueling demonstrations Sunday at the University of California, Los Angeles.

About 275 people were arrested on Saturday at various campuses including Indiana University at Bloomington, Arizona State University and Washington University in St. Louis. The number of arrests nationwide approached 900 since New York police removed a pro-Palestinian protest encampment at Columbia University and arrested more than 100 demonstrators on April 18.

Since then, students have dug in at dozens of pro-Palestinian encampments around the country, prompting a range of responses from administrators: arrests and criminal charges, student suspensions or simply continued pleas to leave. The plight of students has become a central part of protests, with both the students and a growing number of faculty demanding amnesty for protesters. At issue is whether the suspensions and legal records will follow students through their adult lives.

Faculty members at universities in California, Georgia and Texas have initiated or passed largely symbolic votes of no confidence in their leadership.

White House national security spokesman John Kirby said President Joe Biden “knows that there are very strong feelings” but would leave managing the protests to local authorities.

“People should have the ability to air their views and to share their perspectives publicly but it has to be peaceful,” Kirby said on ABC’s “This Week.”

In an interview that aired Sunday, Senate Republican Leader Mitch McConnell called it “a dangerous situation” and placed the responsibility with college administrators.

“There’s also antisemitism, which is completely unacceptable. I’ve been shocked to see that in this country,” he said on NBC’s “Meet the Press.”

How it started

EARLY protests at Columbia University in New York City sparked pro-Palestinian demonstrations across the country and students and administrators there have engaged in negotiations, the university said in a statement Saturday night.

Columbia has set a series of deadlines for protesters to leave the encampment—which they have missed—but bringing back police “at this time” would be counterproductive, the school wrote in an e-mail to students.

On Sunday, students walked among dozens of colorful tents that continue to stand.

California

AT the University of California, Los Angeles, police set up barricades before hundreds of demonstrators on both sides joined a growing crowd Sunday near where proPalestinian students have been staying around-the-clock in tents. Counter-protesters who organized a “Stand in Support of Jewish Students” rally said their goal was to “stand up against hatred and antisemitism.”

Across town, the University of Southern California said it was open Sunday after being shut down a day earlier because of what the university called vandalism and disruptions.

USC drew criticism after refusing to allow the valedictorian, who has publicly supported the Palestinian cause, to make a commencement speech. Administrators then scrapped the keynote speech by filmmaker Jon M. Chu. Last week the school announced the cancelation of its main graduation event, a day after more than 90 protesters were arrested

by police in riot gear.

In the northern part of the state, officials on Saturday ordered an “enforced hard closure” of California State Polytechnic University, Humboldt. Two halls remained occupied by pro-Palestinian demonstrators. The school said Sunday that the cost of the occupation—including damage done by “theft, vandalism and graffiti”—was estimated to be in the millions.

Missouri

WASHINGTON University in St. Louis locked some campus buildings and arrested protesters Saturday. Photos showed uniformed police attempting to remove masked protesters as others, also wearing masks, linked arms to thwart the efforts.

In a statement, the university said more than 100 people—including 23 students and four university employees—were arrested on suspicion of trespassing. Megan Green, president of the St. Louis Board of Aldermen, said in a social media post that she was present and the protest remained calm “until the police came in like an ambush.”

Green Party presidential candidate Jill Stein said in a social media post that she and two of her campaign managers were among those arrested.

The university’s statement defended the action and said protesters “did not have good intentions on our campus and that this demonstration had the potential to get out of control and become dangerous.”

Some arrested also face charges of resisting arrest and assault, including for injuries to three police officers, the statement said. Those injuries include a

7 raid into southern Israel in which militants killed around 1,200 people, mostly civilians, and abducted around 250 hostages. Israel says the militants are still holding around 100 hostages and the remains of more than 30 others. The war has killed more than 34,000 Palestinians, according to local health officials, around twothirds of them children and women.

ICC may issue arrest warrants MEANWHILE, Israeli officials appear to be increasingly concerned

severe concussion, a broken finger and a groin injury.

The Missouri chapter of the Council on American-Islamic Relations condemned the arrests as “heavy-handed.”

Massachusetts IN Boston, police in riot gear cleared an encampment on the campus of Northeastern University on Saturday.

Massachusetts State Police said about 102 protesters were arrested and will be charged with trespassing and disorderly conduct.

Northeastern said in a statement that the demonstration, which began two days ago, had become “infiltrated by professional organizers” with no affiliation to the university and antisemitic slurs, including “kill the Jews,” had been used.

The Huskies for a Free Palestine student group disputed the university’s account, saying in a statement that counterprotesters were to blame for the slurs and no student protesters “repeated the disgusting hate speech.”

Students at the Boston protest said a counterprotester attempted to instigate hate speech but insisted their event was peaceful.

US campuses and the IsraelHamas war

THE nationwide campus protests began in response to Israel’s offensive in Gaza. Hamas launched a deadly attack on southern Israel on October 7, when militants killed about 1,200 people, most of them civilians, and took roughly 250 hostages. Vowing to stamp out Hamas, Israel launched an offensive in Gaza. In the ensuing war, Israel has killed more than 34,000 Palestinians in the Gaza Strip, according to the local health ministry.

Israel and its supporters have branded the university protests as antisemitic, while critics of Israel say it uses such allegations to silence opponents. Although some protesters have been caught on camera making antisemitic remarks or violent threats, organizers of the protests, some of whom are Jewish, say it is a peaceful movement aimed at defending Palestinian rights and protesting the war.

that the International Criminal Court may issue arrest warrants against the country’s leaders.

The ICC launched a probe three years ago into possible war crimes committed by Israel and Palestinian militants going back to the 2014 Israel-Hamas war, but it has given no indication such warrants are imminent. There was no comment from the court on Monday.

Israel’s Foreign Ministry said late Sunday that it had informed Israeli missions of “rumors” that warrants might be issued against senior political and military officials.

Foreign Minister Israel Katz said “we expect the court to prevent the issuance of arrest warrants against senior Israeli officials,” saying such warrants would “provide a morale boost” to Hamas and other groups that Israel is fighting.

A series of Israeli announcements in recent days about allowing more humanitarian aid into Gaza appears to be aimed in part at heading off possible ICC action.

Prime Minister Benjamin Netanyahu said Friday that Israel “will never accept any attempt by the ICC to undermine its inherent right of self-defense.”

“The threat to seize the soldiers and officials of the Middle East’s

only democracy and the world’s only Jewish state is outrageous. We will not bow to it,” he posted on the social platform X. It was not clear what prompted the post.

The ICC investigation covers allegations going back to the 2014 war between Israel and Hamas, as well as Israel’s construction of Jewish settlements in occupied territory that the Palestinians want for a future state.

ICC prosecutor Karim Khan said during a visit to the region in December that the investigation is “moving forward at pace, with rigor, with determination and with an insistence that we act not on emotion but on solid evidence.” Neither Israel nor its close ally the United States accept the ICC’s jurisdiction, but any warrants could put Israeli officials at risk of arrest in other countries. They would also serve as a major rebuke of Israel’s actions toward the Palestinians.

The International Court of Justice, a separate body, is investigating whether Israel has committed acts of genocide in the ongoing war in Gaza, with any ruling expected to take years. Israel has rejected allegations of wrongdoing and accused both international courts of bias.

Ukraine’s army chief reports tactical retreat in the east, and warns of front-line pressure

By Susie Blann The Associated Press

KYIV, Ukraine—Ukraine’s troops have been forced to make a tactical retreat from three villages in the embattled east, the country’s army chief said Sunday, warning of a worsening battlefield situation as Ukrainian forces wait for much-needed arms from a huge US aid package to reach combat zones.

Col. Gen. Oleksandr Syrskyi reported that Russian forces continue to attack “along the entire front line” of more than 1,000 kilometers (620 miles), with pitched battles raging west of Avdiivka, the eastern city they took in February after a grueling, monthslong fight.

“The most difficult situation is in the Pokrovsk and Kurakhove directions, where fierce battles continue,” Syrskyi’s said in an update posted to the Telegram messaging app, referencing two Ukrainian-held cities in the war-torn Donetsk region, once a hub of industry.

“will likely make significant tactical gains in the coming weeks,” as acute ammunition shortages continue to hobble Ukraine’s defense efforts.

In its latest operational assessment, the Institute for the Study of War said that Moscow’s forces have opportunities to push forward around Avdiivka, and also threaten nearby Chasiv Yar. Its capture would give Russia control of a hilltop from which it can attack other key cities forming the backbone of Ukraine’s eastern defenses.

Despite this, the think tank assessed that neither of these efforts by Moscow are likely to cause Kyiv’s defensive lines to collapse “in the near term.”

The Russian Defense Ministry on Sunday confirmed that Moscow’s troops had taken a village about 15 kilometers (9 miles) north of Avdiivka, days after the war institute reported on its likely capture early on Thursday. That day’s assessment described Moscow’s gains as “relatively quick but still relatively marginal,” adding that Russian troops had advanced by no more than 5 kilometers (3 miles) over the previous week.

Beck reported from Omaha, Neb. and Thompson from Buffalo, N.Y. Associated Press journalists in various locations contributed, including Christopher Weber, Jacques Billeaud, Aaron Morrison, Stefanie Dazio, Kathy McCormack, Jim Vertuno, Acacia Coronado, Sudhin Thanawala, Jeff Amy, Jeff Martin, Mike Stewart, Collin Binkley, Jake Offenhartz, Jesse Bedayn and Sophia

“The enemy has engaged up to four brigades in these directions, is trying to develop an offensive west of Avdiivka and Marinka, making its way to Pokrovsk and Kurakhove,” Syrskyi added. “Units of the Defense Forces of Ukraine, preserving the lives and health of our defenders, moved to new frontiers west of Berdychi, Semenivka and Novomykhailivka.”

Two of these front-line villages lie less than 50 kilometers (31 miles) east of Pokrovsk, while the third is located just over 30 kilometers (19 miles) by road from Kurakhove.

Tareen.

A Washington-based think tank predicted late Saturday that Russian forces

US President Joe Biden promised on Wednesday that US weapons shipments would begin making their way into Ukraine within hours, as he signed into law a $95 billion measure—$61 billion of which was allocated for Ukraine—that also included assistance for Israel, Taiwan and other global hot spots. The announcement marked an end to the long, painful battle with Republicans in Congress over urgently needed assistance for Ukraine.

Elsewhere, Russian drones struck the Ukrainian Black Sea city of Mykolaiv early Sunday, setting a hotel ablaze and damaging infrastructure, according to local officials.

MOURNERS pray over the bodies of Palestinians who were killed in an Israeli airstrike in

Nuseirat, at the Al Aqsa hospital in Deir al Balah, Gaza Strip on Saturday, April 27, 2024. AP/ABDEL KAREEM HANA

A PERSON walks next to destroyed buildings in Russian attacks in Borodyanka, north of Kyiv, Ukraine on Saturday, April 27, 2024. Borodyanka was occupied by Russian troops at the beginning of their full-scale invasion in 2022. AP/FRANCISCO SECO

Top French diplomat arrives in Lebanon in attempt to broker a halt to Hezbollah-Israel border clashes

By Abby Sewell The Associated Press

BEIRUT—French Foreign Minister Stéphane Séjourné arrived in Lebanon on Sunday as part of diplomatic attempts to broker a de-escalation in the conflict on the Lebanon-Israel border.

Séjourné met with United Nations peacekeeping forces in south Lebanon and with Lebanon’s parliament speaker, army chief, foreign minister and caretaker prime minister.

France “is refusing to accept the worst-case scenario” of a full-scale war in Lebanon, he told journalists after the meetings.

“In southern Lebanon, the war is already here, even if it’s not called by that name, and it’s the civilian population who’s paying the price,” he said.

The Lebanese militant group

Hezbollah has exchanged near daily strikes with Israeli forces in the border region—and sometimes beyond—for almost seven months against the backdrop of Israel’s war against Hezbollah ally Hamas in Gaza.

Israeli strikes have killed more than 350 people in Lebanon, most of them fighters with Hezbollah and allied groups but also including more than 50 civilians. Strikes by Hezbollah have killed at least 10 civilians and 12 soldiers in Israel.

Tens of thousands are displaced on each side of the border.

Kenya postpones reopening of schools as numbers of flood-related deaths rise

By Evelyne Musambi The Associated Press

NAIROBI, Kenya—Kenya has postponed the reopening of its schools by one week due to ongoing flooding caused by heavy rains, as floodrelated deaths since mid-March in the East African country neared 100. Some schools remained “adversely affected” by the flooding, the Education Ministry said Sunday night. Local media reported that more than 100 schools were flooded, some with collapsed walls and roofs blown away.

All schools were set to reopen on Monday but will now open on May 6.

Ninety-three people have died in the flooding in Kenya and that number is expected to rise after a boat capsized in the

northern Garissa county on Sunday night. The Kenyan Red Cross said it had rescued 23 people from the boat, but more than a dozen people were still missing.

Heavy rains have been pounding the country since mid-March and the Meteorology Department has warned of more rainfall.

The East African region is experiencing flooding due to the heavy rains, and 155 people have reportedly died in Tanzania while more than 200,000 people are affected in neighboring Burundi.

The highest number of deaths in Kenya have been reported in the capital, Nairobi, according to police records.

Kenya’s main airport was flooded on Saturday, forcing some flights to be diverted, as videos of a flooded runway, terminals and cargo section were shared online.

A French diplomatic official who spoke on condition of anonymity because they were not authorized to speak to journalists said the purpose of Séjourné’s visit was to convey France’s “fears of a war on Lebanon” and to submit an amendment to a proposal Paris had previously presented to Lebanon for a diplomatic resolution to the border conflict.

Western diplomats have brought forward a series of proposals for a cessation of hostilities between Israel and Hezbollah.

Most of those would hinge on Hezbollah moving its forces several kilometers (miles) from the border, a beefed-up Lebanese army presence and negotiations for Israeli forces to withdraw from disputed points along the border where

Lebanon says Israel has been occupying small patches of Lebanese territory since it withdrew from the rest of south Lebanon in 2000.

The eventual goal is full implementation of a UN resolution that brought to an end a brutal monthlong war between Israel and Hezbollah in 2006.

The previous French proposal would have involved Hezbollah withdrawing its forces 10 kilometers (6 miles) from the border.

Hezbollah has signaled willingness to entertain the proposals but has said there will be no deal in Lebanon before there is a cease-fire in Gaza. Israeli officials, meanwhile, have said that a Gaza cease-fire does not automatically mean it will halt its strikes in Lebanon, even if Hezbollah does so.

Séjourné declined to provide more details about the latest version of France’s proposal ahead of his planned trip to Israel on Tuesday. He said he will have “consultations” with Israeli authorities to move toward an agreement.

The French foreign minister also pushed for the Lebanese

political factions to come to an agreement on a candidate to fill a year-and-a-half-long presidential vacuum. Séjourné said that Lebanon needs a president in place in order to be “invited to the negotiating table” and to be able to implement any agreement that might be reached on the border issue.

During the talks, Lebanese officials also raised the issue of the ongoing presence of more than one million Syrian refugees in Lebanon, which has become an increasingly contentious issue. Lebanese officials have increasingly called for Western countries to facilitate their return to Syria.

Séjourné acknowledged the burden placed on Lebanon by hosting such a large number of refugees, and said that “all concerned parties must work to make this return possible in a voluntary, dignified and safe manner in accordance with international law.”

The Associated Press writers Ali Sharaffedine in Beirut and Sylvie Corbett in Paris contributed to this report.

Passage of harsh anti-LGBTQ+ law in Iraq draws diplomatic backlash

By Abdulrahman Zeyad & Qassim Abdul-Zahra

BThe Associated Press

AGHDAD—Human rights groups and diplomats criticized a law that was quietly passed by the Iraqi parliament over the weekend that would impose heavy prison sentences on gay and transgender people.

US State Department spokesperson Matthew Miller said in a statement that the law passed Saturday “threatens those most at risk in Iraqi society” and “can be used to hamper free-speech and expression.” He warned that the legislation could drive away foreign investment.

“International business coalitions have already indicated that such discrimination in Iraq will harm business and economic growth in the country,” the statement said.

British Foreign Secretary David Cameron called the law “dangerous and worrying.” Although homosexuality is taboo in the largely conservative Iraqi society, and political leaders have periodically launched antiLGBTQ+ campaigns, Iraq did not previously have a law that explicitly criminalized it.

The law passed Saturday with little notice as an amendment to the country’s existing anti-prostitution law. It imposes a sentence

of 10 to 15 years for same-sex relations and a prison term of one to three years for people who undergo or perform gender-transition surgeries and for “intentional practice of effeminacy.”

It also bans any organization that promotes “sexual deviancy,” imposing a sentence of at least seven years and a fine of no less than 10 million dinars (about $7,600).

A previous draft version of the anti-prostitution law, which was ultimately not passed, would have allowed the death sentence to be imposed for same-sex relations.

Iraqi officials have defended

the law as upholding societal values and portrayed criticisms of it as Western interference.

The acting Iraqi parliamentary speaker, Mohsen Al-Mandalawi, said in a statement that the vote was “a necessary step to protect the value structure of society” and to “protect our children from calls for moral depravity and homosexuality.”

Rasha Younes, a senior researcher with the LGBT Rights Program at Human Rights Watch, said the law’s passage “rubberstamps Iraq’s appalling record of rights violations against LGBT people and is a serious blow to

fundamental human rights, including the rights to freedom of expression and association, privacy, equality, and nondiscrimination.”

A report released by the organization in 2022 accused armed groups in Iraq of abducting, raping, torturing, and killing lesbian, gay, bisexual, and transgender people with impunity and the Iraqi government of failing to hold perpetrators accountable.

A group of Iraqi lawmakers said Sunday that they had launched a campaign to expel US Ambassador Alina Romanowski, accusing her of interfering in the country’s internal affairs after she issued a statement condemning the legislation.

Iraqis interviewed Sunday expressed mixed views.

Baghdad resident Ahmed Mansour said he supports the legislation “because it follows the texts of the Quran and the Islamic religion by completely prohibiting this subject due to religious taboos.”

Hudhayfah Ali, another resident of Baghdad, said he is against it “because Iraq is a country of multiple sects and religions.”

“Iraq is a democratic country, so how can a law be passed against democracy and personal freedom?” he said.

TheAssociated Press writer Ali Jabar in Baghdad contributed to this report.

Indonesia sees 27% increase in primary forest loss in 2023, tied to mining and green energy transition

By Victoria Milko The Associated Press

JAKARTA, Indonesia—From trees felled in protected national parks to massive swaths of jungle razed for palm oil and paper plantations, Indonesia had a 27 percent uptick in primary forest loss in 2023 from the previous year, according to a World Resources Institute analysis of deforestation data. But the loss is still seen as historically low compared to the 2010s, it said.

“Deforestation has been declining from six or so years ago, when there were peak rates,” said Rod Taylor, global director of the forests program at WRI. “It’s good news and commendable for Indonesia.”

But others saw cause for concern in the uptick, and tied some of the more recent deforestation to the world’s appetite for

mining Indonesia’s vast deposits of nickel, which is critical for the green energy transition.

The latest data from the University of Maryland’s Global Land Analysis and Discovery laboratory was shared on Global Forest Watch—a platform run by WRI that provides data, technology and tools for monitoring the world’s forests.

A vast tropical archipelago stretching across the equator, Indonesia is home to the world’s third-largest rainforest, with a variety of endangered wildlife and plants, including orangutans, elephants and giant forest flowers. Some live nowhere else.

Since 1950, more than 74 million hectares (285,715 square miles) of Indonesian rainforest—an area twice the size of Germany—have been logged, burned or degraded for development of

palm oil, paper and rubber plantations, nickel mining and other commodities, according to Global Forest Watch. Indonesia is the biggest producer of palm oil, one of the largest exporters of coal and a top producer of pulp for paper. It also exports oil and gas, rubber, tin and other resources.

Expansion of industrial plantations occurred in several locations adjacent to existing palm oil tree and pulp and paper plantations on the tropical islands of Kalimantan and West Papua, according to the analysis.

The Indonesian Ministry of Environment and Forestry said the expansion occurred in concessions granted before the current administration took office in 2014.

The Indonesian Ministry of Environment and Forestry did not respond to questions and a request for comment sent by The

Associated Press.

Global Forest Watch’s data on Indonesia’s loss of primary forests—which are oldgrowth forests typically high in stored carbon and rich in biodiversity—are higher than the official Indonesian statistics.

That’s because much of the primary forest loss in Indonesia, according to the analysis, is within areas that Indonesia classifies as secondary forest—areas that have regenerated through largely natural processes after human actions such as agriculture clearing or timber harvest. Secondary forests typically have reduced capacity for storing carbon than primary forests.

Deforestation linked to the mining industry occurred in Sumatra, Sulawesi, Mlauku and Kalimantan, according to the analysis.

FRENCH Foreign Minister Stephane Sejourne, left, speaks with Parliament Speaker Nabih Berri

during their meeting in Beirut, Lebanon on Sunday, April 28, 2024. AP/HASSAN AMMAR

SUPPORTERS of the Shiite cleric Muqtada al-Sadr sign a pledge to stand against homosexuality or LGBTQ, outside a mosque in Kufa, Iraq on Dec. 2, 2022. Human rights groups and diplomats criticized a law that was quietly passed by the Iraqi parliament over the weekend that would impose heavy prison sentences on gay and transgender people. AP/ANMAR KHALIL

CHILDREN fleeing floodwaters that wreaked havoc at Mororo, border of Tana River and Garissa counties, North Eastern Kenya on Sunday, April 28, 2024. The East African country has seen weeks of heavy rains and severe flooding in Kenya’s capital, Nairobi, as

A hill that has been cleared to make way for a corn plantation is visible in Polewali Mandar, South Sulawesi, Indonesia on Saturday, April 20, 2024. From trees felled in protected national parks to massive swaths of jungle razed for palm oil and paper plantations, Indonesia had a 27 percent uptick in primary forest loss in 2023 from the previous year, according to a World Resources Institute analysis of new deforestation data. AP/YUSUF WAHIL

Editor: Jennifer A. Ng

Strong demand for power to lift core profit—Meralco

By Lenie Lectura @llectura

THE Manila Electric Co. (Meralco) said it expects to perform better this year as core profit could reach P40 billion, higher than last year’s P37.1 billion.

Meralco Chairman Manuel V. Pangilinan said Meralco’s consolidated core net income (CCNI) for 2024 could breach P40 billion.

“We are quite comfortable in guiding the core profitability of the group to over P40 billion for 2024,” said Pangilinan during a press briefing of the company’s financial and operating results for the first quarter.

He said the distribution business and the retail electricity supply (RES) of Meralco have been performing “very well” for the first quarter and that performance, he added, could continue in the remaining three quarters.

Meralco’s first quarter CCNI rose by 11 percent to P10.1 billion from P9 billion last year on the back of higher sales volumes of the distribution

business, and continuing contributions from power generation, RES and non-power-related businesses.

Of the total CCNI, the distribution business accounted for 58 percent or P5.8 billion, power generation brought in P2.7 billion or 27 percent, RES and the non-power businesses took the remaining P1.5 billion or 15 percent.

Reported net income went up by 19 percent to P9.6 billion from P8.1 billion.

Consolidated revenues amounted to P104.5 billion, slightly lower from P105.6 billion in 2023 mainly due to lower pass-through charges and energy fees.

Higher demand from all customer segments resulted in higher sales volume from January to March this

year, according to the company. By the end of March, Meralco had 7.9 million customers.

Energy sales volumes in the first quarter rose to 12,307 gigawatt hours (GWh) from 11,287 GWh. The robust quarterly sales volume growth was brought about by higher temperatures, one more day in February due to the leap year, and increased momentum of its recovering industrial segment.

Commercial segment had the biggest share at 38 percent in the energy sales mix, while residential and industrial accounted for 34 percent and 28 percent, respectively.

Commercial sales volumes grew 11 percent to 4,678 GWh in the first quarter, from the previous year’s 4,213 GWh.

Residential sales rose by 12 percent to 4,144 GWh by the end of March from 3,701 GWh a year ago.

Industrial sales rebounded to 3,448 GWh in the three-month period, 3 percent higher than the 3,336 GWh recorded in 2023.

“Meralco has set the pace in the first quarter of the year with the strong performance of our businesses, which we will strive to sustain throughout the year,”

Pangilinan said.

Meralco spent P9.4 billion for capital expenditures in the first quarter, of which P4.99 billion were utilized for distribution networks projects that included new connections, asset renewals, and load growth projects. The remaining balance was allocated for the development of MGen Renewable Energy Inc. (MGreen), a wholly owned subsidiary of Meralco PowerGen Corp., solar projects, and Miescor Infrastructure Development Corp.’s purchase of additional 154 telecommunication towers from Globe and construction of build-tosuit towers.

Operating expenses went up by 3 percent to P9.8 billion due to intensified maintenance of line distribution facilities in preparation for the dry season peak period, as well as the rainy season; higher customer-related costs due to increase in customer count, resumption of annual update of bill deposit letter deliveries beginning December 2023, and management of customer payment delinquencies; and inclusion of expenses of SPNEC this year, following Meralco PowerGen Corp.’s acquisition of a controlling stake in December 2003.

‘SM Prime remains bullish on China’

By VG Cabuag @villygc

SHOPPING mall operator SM Prime Holdings Inc. said it will continue to expand its business in China despite its slowing economy, as it remains confident in the potential of the East Asian nation.

“The slowdown that everyone is talking about I think is really depends on the area. China is so big, and Fujian is not really that greatly affected and most of our anchor projects are in Fujian. We will continue to expand in China,” Steven Tan, SM

Steniel to resume trading

THE Philippine Stock Exchange Inc. (PSE) on Monday said it is lifting the trading suspension it imposed on paper firm Steniel Manufacturing Corp. (STN). Its shares may resume trading on April 30 after the company complied with the regulators’ requirements.

“Considering that the trading of the company’s shares was suspended since July 6, 2006, the static threshold [trading band] on the price of STN shares will be lifted upon the resumption of trading of the company’s shares on April 30, 2024,” the PSE said.

Steniel was declared in default of P636 million worth of loan by banks in May 2006.

The PSE imposed a trading suspension on the same year, and kept the suspension imposed due to a resulting negative equity of the company due to its financial troubles.

Steniel addressed the debt through restructuring, involving dacion en pago of the company’s machineries and debt conversion to equity. VG Cabuag

PAL ‘base fares’ remain at 2019 levels, says exec

By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror

DOMESTIC travel remains strong despite complaints by travel agencies and local tourists about the rising cost of vacationing in the country due to higher room rates and increased airfares.

In an interview on the sidelines of the Virtus Awards launch of the Hotel Sales and Marketing Association (HSMA), where he was keynote speaker, Philippine Airlines (PAL) President and COO Capt. Stanley Ng said, “Right now, we’re not seeing a slowdown in domestic travel. And if you plan early enough, usually the fares are still quite competitive, unless it’s a last-minute booking, as we all know, it’s always expensive.”

Last Holy Week, for instance, many Filipinos opted to travel abroad as P20,000 can already buy them a three-day/two-night vacation with airfare and hotel stay in other Southeast Asian countries.

and in October, Seattle.

Before the United States, Canada had already been implementing a similar ruling; the carrier flies to Vancouver and Toronto. “If it’s force majeure, I don’t think we have to pay.

If the [flight] delay or cancellation is caused by the airline then that’s the time you have to pay…so we just have to be more disciplined in terms of scheduling flights [and] scheduled maintenance programs,” he added.

Starting April 24, the US Department of Transportation has started requiring airlines to promptly provide passengers with automatic cash refunds when owed. “Passengers deserve to get their money back when an airline owes them—without headaches or haggling,” said US Transportation Secretary Pete Buttigieg in a news statement. The new rule covers situations when airlines cancel or significantly change passenger flights, significantly delay checked bags, or fail to provide the extra services passengers have purchased.

Virtus Awards

Supermalls president, said.

SM Prime has nine malls in China. Jeffrey Lim, SM Prime’s president and CEO, said the company may not open a mall in China this year. The group, however, is set to open a phase of its SM Xiamen Phase IV project in Fujian, China by next year.

SM Phase IV is next to the company’s SM City Xiamen and directly opposite SM Lifestyle Center and SM Phase III.

SM Prime is spending 1.148 billion yuan for the project, to be completed in five years, and is planned to have five 15 to 19-story towers,

excluding two underground floors, which are connected by a five-story podium.

SM Xiamen Phase IV may have 260,000 square meters of developed space that include 120,000 square meter of office space and over 30,000 square meters of commercial space, and 1,643 parking spaces.

It completes the full development of the SM Xiamen complex, which may have 670,000 square meters in gross floor area, boasting of a “super complex” that integrates life, social, entertainment and business is on the horizon, the company said.

Aside from Xiamen, SM Prime is also in Chengdu, Chongqing, Tianjin, Suzhou, Yangzhou, Zibo, and Jinjian.

“In China we have existing two more lots that are in the Fujian province. That’s what I was saying that our developments will basically focus on the Fujian province area. So, these are existing properties, we have existing malls, we just have to improve the efficiency and productivity of these malls,” Lim said.

“We have to develop them because Fujian province is a market where we are doing very well in China,” he said.

Soft opening of expansive Isuzu San Pablo showroom

ISUZU Gencars made a significant investment in acquiring a larger property to accommodate the expansion of the Isuzu San Pablo dealership. After breaking ground in October 2022, Isuzu Gencars announces the soft opening of the new and bigger Isuzu San Pablo showroom today, April 30, 2024. Conveniently located along the national highway, the new site is situated at Km. 85 Maharlika Highway, Barangay San Ignacio, San Pablo City, Laguna.

The new Isuzu San Pablo features a spacious 7,220.23-square-meter facility sited on a one-hectare property, constructed with the Isuzu Outlet Standard (IOS) design philosophy in mind. This translates to a beautiful facade, an elegant showroom that can house a wider variety of Isuzu vehicles, and a comfortable customer lounge designed to enhance the overall customer experience. This expansion reflects the dealership’s

consistent growth and dedication to providing exceptional service to a growing base of satisfied customers.

Isuzu San Pablo is hosting a series of activities for clients during the soft opening. Guests can participate in engaging mini-games and enjoy exclusive discounts on select Isuzu models available only during the soft opening. Additionally, visitors will have the opportunity to test drive Isuzu vehicles, including Light Commercial Vehicles (LCV) such as the Isuzu D-MAX and Isuzu mu-X, as well as Commercial Vehicles (CV), with the popular Traviz model, to experience their features and performance firsthand.

In a statement, Isuzu Gencars Chairman D. Edgard A. Cabangon expressed gratitude to Isuzu Philippines Corporation [IPC], remarking, “Thank you to Isuzu Philippines Corporation (IPC) for your steadfast support and assistance, which have

been instrumental in Isuzu Gencars Group’s ongoing expansion. With this support, we are committed to further upgrading and expanding our services to reach more Filipinos, providing them with quality Isuzu products and services they can trust.”

The grand opening and launching of the new Isuzu San Pablo showroom and service area will be on June 14, 2024. The dealership envisions that this will redefine the automotive retail experience in San Pablo City and its neighboring communities.

Isuzu Gencars currently has a network of seven branches located in Makati City; Batangas City and Sto. Tomas City in Batangas; San Pablo City and Sta. Rosa City in Laguna; and Legazpi City and Naga City in Bicol. It is a member of the ALC Group of Companies, founded by the late Amb. Antonio L. Cabangon Chua, and is currently chaired by D. Edgard A. Cabangon.

But the PAL chief said the perceived higher cost of domestic travel “[is] partly because of inflation. It’s not just the travel and tourism industry [being affected], but in general, the cost of living is going up a little bit. So when we think about it, it’s not really expensive, but sometimes, because of fuel price increases, there is a fuel surcharge, the airfare goes up a bit. But the base fare is relatively the same as in 2019.” (See “More Pinoys traveling abroad for the Lenten break,” in the BUSINESSMIRROR, March 20, 2024.)

Cash refunds

AS this developed, the pioneering flag carrier is tightening its flight schedules and maintenance program as Washington cracks down on flight delays, cancellations, lost baggage, and other complaints by ordering immediate cash refunds to passengers.

“[The new ruling] is going to affect us in a way, now. But of course, that’s not what we want. We don’t want disruptions as well. So we’ll try to be more reliable to avoid that; these [cash refunds] are for exceptional cases naman,” said Ng. The new ruling covers PAL flights to Guam, Honolulu, San Francisco, Los Angeles,

MEANWHILE, nominations are still open for various categories of HSMA’s Virtus Awards, which was established in 2014. This year’s awards theme is “A Decade of Distinction.”

In her speech, Rose Libongco, awards chair said, “At its core, the Virtus Awards understands the vital role that sales professionals play as the lifeblood of any company, particularly in the challenging landscape of the hospitality sector. Despite the inherent difficulties in their roles, sales forces are tasked with driving revenue, attracting guests, and ensuring the success of their establishments. The Virtus Awards shines a spotlight on their triumphs amidst the competitive scenario, global developments detrimental to travel, and the recent pandemic and restrictions that have further exacerbated challenges in the leisure programs and hospitality industry.”

HSMA is the premier organization of hotel sales and marketing leaders in the Philippines, with over 140 members nationwide. For more information regarding Virtus Awards, visit hsma.org.ph or HSMA’s social media pages.

D&L fixed-rate bonds get top credit rating

HEMICAL manufacturer

CD&L Industries Inc. on Monday said it has secured the highest rating from Philippine Rating Services Corp. for its P5 billion fixed-rate bonds.

Philratings has maintained its credit Rating of PRS Aaa, with a stable outlook on D&L’s debt.

Obligations rated PRS Aaa are of the highest quality with minimal credit risk. The obligor’s capacity to meet its financial commitment on the obligation is extremely strong.

PRS Aaa is the highest rating assigned by PhilRatings. Meanwhile, a stable outlook is assigned when a rating is likely to be maintained or to remain unchanged in the next 12 months.

The local ratings firm said it based its grade from D&L’s “relatively stable margins amid higher cost and expenses, including incremental costs related to the Batangas expansion facility.”

“PhilRatings’ ratings are based

on available information at the time that the rating review was performed. PhilRatings shall continuously monitor developments relating to DNL and may change the rating and outlook at any time, should circumstances warrant a change,” the company said.

Since its incorporation in 1971, D&L has pioneered and established its market leadership in various industries through product customization and specialization.

In July 2023, the company commenced the commercial operations of its new Batangas facility, and this expansion is expected to support the goal of D&L for its export business. Moreover, the Central Hub of the Batangas plant was awarded LEEDv4 Gold Certification in March 2024, the second highest in the LEED certification.

The building design passed global standards of sustainability and efficiency that will benefit the company in the long run, it said. VG Cabuag

BIR loses bid to collect ₧7.6B in unpaid taxes

By Joel R. San Juan @jrsanjuan1573

THE Bureau of Internal Revenue (BIR) has lost its bid to collect P7.6 billion in unpaid taxes from a major operator of shopping centers in the country.

How social norms shape your financial choices

3, 2015. In it, the BIR found the company liable for unpaid taxes amounting to P7,596,597,877.91 and which includes penalties and interests covering the taxable year 2010.

MSMC is a corporation engaged in the business of conducting, maintaining and operating commercial shopping centers, including the operation of department stores, supermarkets, hardware, amusement centers and movie houses within the premises of the shopping center.

The CTA ruled that the final tax assessment against MSMC is void for the BIR’s failure to indicate the

EVER find yourself splurging on something you didn’t really need, just because everyone else seemed to be doing it? Welcome to the world of social norms—those invisible strings pulling at our purse strings, often without us even realizing it. Don’t worry: understanding how these sneaky norms influence our money moves can be the key to taking back control of our finances and making choices that truly align with our goals.

The influence of social norms

YOU know how it goes: your friend gets the latest gadget, and suddenly, you’re eyeing up the same one, even though your current model works just fine. That’s the power of social norms at work. These unwritten rules dictate what’s considered “normal” or “cool” in our social circles, whether it’s keeping up with fashion trends or jumping on the latest spending craze.

But it’s not just about keeping up appearances. Social norms also shape our attitudes towards saving and investing. In a world where conspicuous consumption is king, it can feel like everyone is living large, and we feel the pressure to do the same, even if it means sacrificing our financial security in the process. Recognizing this influence is the first step towards making more conscious financial decisions. By understanding how social norms shape our financial behaviors, we can begin to challenge them and make choices that better reflect our true priorities.

The comparison trap AH, the age-old game of keeping up with the Joneses. We’ve all been there— scrolling through Instagram, feeling a pang of envy as we see our friends jetsetting off to exotic destinations or showing off their latest splurges. It’s hard not to feel like we’re falling behind when everyone else seems to be living their best (and most expensive) life.

But here’s the thing: comparison is the thief of joy, especially when it comes to our finances. Constantly measuring ourselves against others can lead to overspending and financial stress, as we try to keep pace with a lifestyle that may be well beyond our means. Instead of succumbing to this pressure, it’s important to focus on our own financial goals and priorities. By cultivating a mindset of gratitude and contentment, we can break free from the comparison trap and make financial decisions that truly serve us.

The subtle shift to self-awareness SO how do we break free from the

grip of social norms and start making money moves that are truly aligned with our values and goals? It starts with self-awareness. Taking the time to reflect on what truly matters to us—whether it’s financial security, freedom, or something else entirely— can help us tune out the noise of societal expectations and focus on what’s really important.

Ask yourself: What are my financial goals? What do I value most in life? By answering these questions, you can begin to create a roadmap for your financial journey that is uniquely yours. By being aware of our own motivations and priorities, we can make financial decisions that are authentic and fulfilling.

Finding your tribe

SURROUNDING ourselves with a supportive community can also make a world of difference. Whether it’s joining a local money-saving group or finding like-minded friends online, having a tribe of people who share our financial values can provide the encouragement and accountability we need to stay on track.

Remember, you’re not alone on this journey. Reach out to friends, family, or even online communities for support and guidance as you navigate the complexities of personal finance. Together, we can help each other make smarter financial decisions and build a brighter financial future.

Turning social norms to your advantage

BUT it’s not all doom and gloom. Social norms can also be a force for good when it comes to our finances. By seeking out communities and role models who prioritize financial responsibility and long-term planning, we can harness the power of social influence to propel us towards our goals.

So, the next time you feel the urge to splurge just because everyone else is doing it, take a step back and ask yourself: is this really what I want, or am I just following the crowd? By being mindful of the influence of social norms and making conscious choices that align with our values, we can take control of our finances and build a future that’s truly our own–one where our money choices truly reflect who we are and what we stand for.

due date for payment in the agency’s formal letter of demand (FLD), final assessment notice (FAN) and other assessment notices attached to the FDDA.

“At this juncture, we emphasize that, as clearly held by the Supreme Court in the ‘Fitness by Design’ case, the requirement to indicate a fixed and definite period or a specific date, within which a taxpayer must pay the assessed deficiency tax liabilities, is indispensable to the validity of the assessment,” the CTA explained.

“Otherwise stated, an assessment sans a specific date or period for its demand for payment is

deemed void,” it added.

Likewise, the CTA pointed out the failure of the BIR to cite its basis for dismissing the explanations and defenses raised by the MSMC in its letter of protest and subsequent motion for reconsideration as another ground for the nullification of the tax assessment.

According to the appellate court, this omission by the BIR runs contrary to the Supreme Court’s ruling in “Avon case” where it held that the Commissioner of Internal Revenue (CIR) has the duty to consider and communicate to the taxpayer the reason for the rejection of his explanations.

“A failure to provide such reasons would leave the taxpayer unaware of how the CIR or his authorized representatives appreciated the explanations or defenses raised in connection with the assessments,” the CTA stressed.

The court said these lapses on the part of the BIR were tantamount to violation of MSMC’s right to due process.

“Thus, the Court hereby finds that the CIR has transgressed petitioner’s right to due process in the issuance of the FDDA, in violation of the requirements set forth in Section 28 of the Tax Code,” the CTA said.

A2A wallets, ‘open banking’ to grow 161% by 2028

THE global instant payments market is expected to more than double by 2028, according to the findings of a new study from a UK-based market intelligence firm, Juniper Research Ltd.

In a statement, the Basingstoke, United Kingdom-headquartered technology analyst firm cited experts in fintech markets as seeing the instant payments market to grow by 161 percent to $58 trillion in 2028 from $22 trillion in 2024.

This substantial growth will be driven by increased popularity of account-to-account (A2A) wallets, such as the Netherlandsbased payment method iDEAL and Switzerland’s payment app Twint, as well as “Open Banking.”

“To increase adoption, we recommend merchants incentivise

Pconsumer use by offering purchase discounts when using bank-linked payments. By encouraging adoption, merchants will benefit from lower fees for each transaction in comparison to cards,” report author Michael Greenwood wrote.

Instant payments are where funds are received in 10 seconds or under, and confirmation of the payment to the parties is available in one minute.

A2A and Open Banking payments both enable transactions to be made directly from bank accounts, bypassing the card entirely; reducing costs for merchants and complexity for users.

Juniper Research said the report forecasts that Open Banking, alongside bank-backed A2A wallets, will increase consumer instant payment transaction volume to over 600 billion by 2028 from 252 billion in 2024.

“Open Banking allows digital

wallets to leverage bank payments without requiring partnerships with individual banks; boosting access significantly,” Juniper Research explained.

A2A wallets are popular for peer-to-peer transfers, often used for informal lending and repayments to friends and family. The report identifies features such as splitting payments between multiple users as a key driver of their popularity.

Additionally, the report recognized the need for greater merchant acceptance of bank payments, both at physical checkouts and eCommerce, as the pressing hurdle to greater consumer adoption.

In February, BancNet said InstaPay money transfers amounted to P5 trillion covering almost a billion transactions in 2023.

BancNet said there were a total of 838.56 million InstaPay trans-

actions in 2023, a 56 percent increase from 2022. The value of the transactions was 45 percent higher than in 2022.

In the last five years since its launch, InstaPay accumulated more than 2.1 billion transactions worth P12.4 trillion, representing a compounded growth rate of 92 percent for transactions and 83 percent for the a InstaPay was introduced by the Bangko Sentral ng Pilipinas (BSP) in 2018 as a priority payment system under the National Retail Payment System (NRPS) with BancNet as its clearing switch operator.

Four years later, the BSP designated InstaPay as a Prominently Important Payment System (PIPS), and authorized BancNet as an operator of a designated payment system (ODPS) which is InstaPay. A PIPS is placed under closer supervision and monitoring by the BSP to protect the public.

Pru Life UK CEO pays courtesy visit to IC’s Regalado

RU Life Insurance Corp. of UK announced last Monday that its newly-appointed CEO Sanjay Chakrabarty met with Insurance Commissioner Reynaldo A. Regalado “to reinforce the company’s commitment and support to the Insurance Commission’s goal to advance financial literacy and inclusion in the country and good governance in the insurance sector.”

“Strengthening their commitment to providing better financial protection for Filipino families, Regalado and Chakrabarty shared their insights and plans to bolster financial literacy initiatives, improve governance standards, and expand access to insurance products, particularly among vulnerable and underserved populations,” read the statement the insurer issued on April 29. “Providing financial protection to the Muslim community is another key priority of the Commission, to which Pru Life UK pledged its support and commitment.”

“It was an honour to meet Insurance Commissioner Regalado and reinforce Pru Life UK’s commitment to achieving our shared goals of increasing insurance penetration in the Philippines and elevating good governance in the life insurance industry,” Chakrabarty was quoted in the statement as saying.

Pru Life UK recorded the highest New Business Annual Premium Equivalent in 2023, according to the Insurance Commission’s latest report as of December 31, 2023. By Cai U. Ordinario @caiordinario

NG raises ₧2B more than target sale of debt papers

By Reine Juvierre Alberto

THE national government successfully raised P77 billion this April from the domestic market through the tender of Treasury bills (T-bills), P2-billion higher than the programmed amount, despite the continuous upticks in average auction yields.

Last Monday, the Bureau of the Treasury (BTr) made a full award of its P15-billion programmed auction of three-tenor T-bills after average auction yields mostly corrected lower week-on-week after rising for three straight weeks.

According to the Treasury, the auction committee raised P5 billion each from the issuance of 92-day T-bills, 183-day

tenor and 364-day government securities.

The auction was 3.4-times oversubscribed, attracting P51.2 billion in total tenders. The bids were higher than the previous week’s P44.84 billion demand, data from the Treasury showed.

For the 92-day T-bills, investors’ average yield decreased to 5.869 percent, versus the previous tender’s 5.888 percent. Bids for the 92-day T-bills inched down, ranging from 5.835 percent to 5.889 percent.

The 183-day T-bills saw its yield averaging at 5.988 percent compared to last auction’s 6.002 percent. The government security rates were between 5.970 percent and 6.013 percent.

Investors’ average rate for the 364-day T-bills, meanwhile, was

at 6.081 percent with a yield range of 6.065 percent to 6.100 percent. T-bills’ yields averaged 6.080 percent in the Treasury’s previous tender last April 22.

Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said T-bills auction yields are mostly corrected lower after monetary authorities signaled staying hands on local policy rates despite a weaker peso and the seasonal increase in the government’s tax revenue collections this April targeted at P405 billion.

“That could increase the government’s cash position, reduce the immediate need for new borrowings and help narrow the budget deficit at the very least or could even lead to a possible budget surplus for the month,”

Ricafort explained. Ricafort also noted the easing Middle East tensions, signaling improvement for the markets as no new retaliations were recorded after a week.

Last week, the government borrowed a total of P15 billion from the auction of T-bills.

For the month of May, the Treasury aims to raise as much as P60 billion from the sale of Tbills. It is also targeting to raise P150 billion from the sale of Treasury bonds, with the combined sale totaling P210 billion. The state also aims to borrow, following a 75:25 mix in favor of domestic sources, a total of P1.853 trillion from the domestic market through the sale of Tbills and T-bonds this year, based on state budget documents.

In a 30-page ruling penned by Associate Justice Maria Rowena Modesto-San Pedro, the Court of Tax Appeals (CTA) Special Third Division granted the petition filed by Major Shopping Management Corp. MSMC’s petitioned the court to set aside the “final decision on disputed assessment,” or “FDDA,” issued by the BIR on November

April 29, 2024, photo shows Pru

of

newly-appointed CEO Sanjay Chakrabarty (left) with

Art

UP prof/ceramic artist ignites signature fire sculpture in India

DRAWING the poetic parallels anew between the human birthing process and the element o ire ro essor Rita adilla Gudi o o the ni ersit o the hilippines College of Fine Arts lit up the third iteration of her magnus opus A iln Art at the Indian Ceramics riennale IC Common Ground in New Delhi India.

The ICT is considered the premier ceramic event in India organi ed b the Contemporar Cla Foundation an artist driven non pro it organi ation that supports cla based art practices. adilla Gudi o was among the ceramic artists from countries to present their creative work in the second run of the ICT. Each artist was chosen for their distinct and innovative works that challenge the conventional practice of ceramic art and address varied critical and universal themes.

adilla Gudi o created what is considered the irst iln Art in hilippine art histor garnering international acclaim in the ield of ceramic arts. iln Art or Fire culpture features a heated enclosure called kiln as the sculpture while its iring is presented as performance art. adilla Gudi o s A series involves a kiln in the form of a birthing mother called WA within another kiln named T. aving e perienced both birthing and iring I felt there was e uivalence or consonance in both adilla Gudi o said in a ouTube video titled LUAL: The Firing of the Kiln as Art & Metaphor of Birthing

The professor/artist propelled the founding of the CFA Ceramic tudio in he was also part of the team that institutionali ed the inor rogram on Ceramic Arts Technique of the college.

In adilla Gudi o debuted her A series on the grounds of the niversit of the hilippines

College of Fine Arts. he then rebuilt and ired the second A in at the International Ceramics Festival ICF in the nited ingdom Europe s premier ceramic arts event. A was voted as one of the most spectacular irings in the more than ears of the histor of ICF during the REWIND an ICF virtual event. Her presentation of this creative work at the th National Council on Ceramic Art Education Annual Conference in the in was likewise acclaimed and attended b nearl individuals.

n arch adilla Gudi o brought her kiln art to India and captured the imagination of the audience. A ter hours of iring her smoldering sculptural kiln in the form of a mother birthed gleaming ceramic babies pulled out of its ier womb.

A is such an incredible and powerful work said umana Chandrashekar one of the ICT invited artists. he is a beautiful embodiment of hakti added Rekha a pe Aggarwal an Indian ceramic

artist referring to the Hindu power of the feminine

the earth goddess that continues to be worshipped in India as the power that nurtures the seed and brings life to its fruition.

adilla Gudi o s presentation in India aligns with her goal to present A and its universal message to the world.

As ever culture refers to the Earth as female a womb and the Great other the use of cla in the molding shaping and reali ation of A makes the concept even stronger and more meaningful she said. A combines the two distinct phenomena of birth and ire to reveal deeper connections and associative allusions to create a celebratory experience of the fundamental process of human birthing.

adilla Gudi o believes her work touches and moves the sensibilities of spectators regardless of gender race and color. he added this is what I choose to share and hope to continue sharing in di ferent parts of the world.

SIOBHAN DORAN WINS PRESTIGIOUS GLOBAL AWARD FOR ‘MAJESTIC’ PHOTOGRAPHS OF PHILIPPINE ANCESTRAL HOMES

SIOBHAN DORAN, the Irish photographer and visual artist, has been awarded first prize in the professional Architecture and Design category of the Sony World Photography Awards 2024 for her series of photographs taken at the ancestral and historical mansions of Filipino sugar planters. The award was announced at a ceremony held at the

Hilton London Park Lane, attended by over 500 guests including luminaries of the international photography world. The ceremony also honored legendary Brazilian photographer Sebastiao Salgado for his outstanding contribution to photography. With Doran on the night were Lourdes Barcelon Locsin, wife of Philippine Ambassador to the United Kingdom H.E. Teodoro L Locsin Jr.; Luisa Ulyett, curator at the Photography Gallery in London; writer and author Gina Consing McAdam; and Doran’s partner, Atul Chavda.

Described as a “majestic documentation” by design bible Wallpaper magazine, Doran’s winning Sala Mayor series of images depicts in meticulous detail the formal reception and living rooms of houses constructed during the pinnacle of the Philippine sugar industry; the houses date from the 1800s to the 1930s.

Shot entirely in natural light, the pictures form part of the lavishly produced coffee table/art book project, Houses that Sugar Built: An Intimate Portrait of Philippine Ancestral Homes coauthored by Doran and Consing McAdam, and published internationally by Oro Editions.

Doran was one of only 30 finalists selected from among over 350,000 entries to the Sony World Photography Awards

2024, organized by the World Photography Organisation. The Sony World Photography Awards exhibition, held annually, “celebrates the images and stories that have resonated with global audiences over the past year.”

Doran said, “My aim was to capture the soul of the houses. Because of this project I also discovered the Philippines, with its fascinating history, beautiful heritage architecture and many warm and kind people. I hope to return one day.”

Locsin said, “I hope that these pictures and the beautiful book from which they came help more people around the world discover a different aspect of the Philippines, and that more people will admire our Filipino heritage and craftsmanship, as these houses have stood the test of time. Congratulations and thank you, Siobhan, for your images that help to showcase the Philippines in such a dignified and outstanding way.”

Several photographs from Doran’s Sala Mayor series are on display as part of the Sony World Photography Awards Exhibition in Somerset House (East Wing), Strand, London WC2R 1LA, UK, from April 19 to May 6, 2024. Opening hours are from 11 am to 8 pm daily.

TODAY’S HOROSCOPE

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Dianna Agron, 38; Kirsten Dunst, 42; Kunal Nayyar, 43; Johnny Galecki, 49.

HAPPY BIRTHDAY: Take a step forward and do what makes you happy. A change of attitude will point you in a new direction, offering plenty of opportunities to make your life fulfilling. Refrain from settling for less when ingenuity and energy can take you from getting through each day to making the most of every moment. It’s time to live, laugh and love. Your numbers are 6, 17, 21, 29, 35, 42, 49.

ARIES (March 21-April 19): Pay attention, share only what’s necessary and make decisions based on facts and figures. Listen to those offering a different perspective, and consider how you can utilize the insight you gather to improve your position.

TAURUS (April 20-May 20): Physical challenges will limit you today if you overdo it or take unnecessary risks. Pay more attention to what’s possible and go with the flow. Make positive change a choice and opportunity your destination. Trust and believe in yourself and what you can do.

GEMINI (May 21-June 20): Proceed with caution. Distance yourself from fast-talkers and unrealistic dreamers. Get the lowdown and use your resources to discover what’s possible. Don’t rely on anyone but yourself when it comes time to decide your next move.

CANCER (June 21-July 22): Put your best foot forward and display your wisdom, skills and insight. What you have to offer will draw attention and position you for success. Forging ahead and offering a unique suggestion or approach will lead to personal growth and gains.

LEO (July 23-Aug. 22): Be careful who you deal with and the information you share. Giving in to demands or taking a path to please someone else instead of yourself will lead to regret. Rely on your intelligence and know-how, not what others say to convince you of doing otherwise.

VIRGO (Aug. 23-Sept. 22): Save your energy and channel it into bringing about positive lifestyle changes that will encourage relationships with people who are reliable and steady. Say no to excess and overindulgence.

LIBRA (Sept. 23-Oct. 22): Stick close to home, and make comfortable and convenient adjustments. Express your feelings and find out where you stand. A heart-to-heart talk will pay off and save you money. Don’t take on something that can lead to a physical or financial setback.

SCORPIO (Oct. 23-Nov. 21): Emotions will be misleading. Listen and size up situations, but show discipline when deciding what to do next. Don’t expect opportunities to appear magically. Implement the changes required to make your dreams come true.

SAGITTARIUS (Nov. 22-Dec. 21): Refuse to let anyone sidetrack you. Keep your eye on your target and your energy flowing in a direction that brings positive results. It’s up to you to take charge and ward off anyone or anything in your way. Protect your home and possessions.

CAPRICORN (Dec. 22-Jan. 19): Promise only what you can deliver. Know what you want, and don’t mince words when dealing with those who can help you reach your goal. Domestic changes will lead to positive change and a chance to spend more time with someone special. Romance is favored.

AQUARIUS (Jan. 20-Feb. 18): Don’t dive into something based on hearsay. Do your due diligence and leave no room for error. Be vocal regarding your findings, and be willing to walk away from anything that doesn’t meet your criteria. Pay attention to your health; see a physician or make a positive lifestyle change.

PISCES (Feb. 19-March 20): Clear your schedule if it will help you reach your goal or make time for something or someone meaningful to you. Call the shots instead of letting others decide for you. If you show strength, you’ll gain control. Love and romance are on the rise.

BIRTHDAY BABY: You are dynamic, persistent and energetic. You are systematic and visionary.

BY MICHAEL B. BERG

region

Solution to today’s puzzle:

The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Adrian Johnson/Jared Goudsmit

UP College of Fine Arts, Ceramic Studio Faculty Coordinator Professor Rita Badilla-Gudiño presents her trademark sculptural kiln at the Indian Ceramics TriennaleCommon Ground 2024 in New Delhi, India.

FROM left: Luisa Ulyett, Lourdes Barcelon Locsin, Siobhan Doran and Gina Consing McAdam

Zendaya tennis movie ‘Challengers’ scores at weekend box office

News anchor Poppy Harlow announces departure from CNN

AT ANTA Anchor oppy Harlow is leaving CNN according to the network. Harlow who oined CNN in and most recently cohosted CNN This Morning announced her parting from the cable news giant in an email to colleagues.

he called her time at CNN a gi t.

I have been inspired by you and learned so much from you who are and will remain dear friends Harlow wrote. This place has shaped me as a leader taught me resilience shown me the value of perspective and how to make hard decisions.

At CNN Harlow reported on the oston arathon bombings and the aris terror attacks among other stories.

I got to experience what makes this country great Harlow wrote in her email. I sat with people in their best moments and in their hardest. They taught me about the human condition and what binds us.

Earlier this year CNN announced changes to the time slot for CNN This Morning and moved it to Washington.

CNN chief executive ark Thompson lauded Harlow s time at the network.

oppy is a unique talent who combines formidable reporting and interviewing prowess with a human touch that audiences have always responded to Thompson said. Harlow previously worked as an anchor for the Forbes ideo Network and was an anchor and reporter for NY1 News according to her bio on CNN s website.

he earned a bachelor s degree in political science from Columbia niversity and a master s degree in tudies of aw from ale aw chool. AP

The Associated Press

THE sexy tennis drama Challengers won the box o ice this weekend with million in ticket sales according to studio estimates on unday.

endaya and castmates ike Faist and osh Connor have been on a globetrotting press tour to get the word out about Italian director uca Guadagnino s original ilm which opened in locations in the and Canada.

We re obviously very very happy with the number said evin Wilson who heads theatrical distribution for Ama on tudios and G ooking at the audience who showed up it s really encouraging. It s not the easiest audience to get to theaters.

Women made up percent of ticket buyers who also skewed younger overall percent were between the ages of and Ticket sales from large format screens including I A made up about percent of the opening weekend grosses.

According to ostTrak exit poll reported by Deadline percent of audiences said they went to see the ilm because of endaya.

In fact this weekend endaya movies accounted

GMA Network brings heartfelt joy to viewers

EXPERIENCE happiness and fun by tuning in to the wellloved musical variety and talk shows of GMA Network.

“Masaya Dito!” is the latest campaign of GMA Entertainment Group featuring All-Out Sundays, Sarap ’Di Ba?, TiktoClock, The Clash and The Voice Kids

After a long week, viewers enjoy meaningful and fun conversations, unique features, and food trip ideas in Sarap ’Di Ba? Families and friends also come together for a musical bonding in All-Out Sundays before welcoming another week at work and school.

GMA also delivers heartfelt joy in TiktoClock where people have a blast and win exciting prizes together. Meanwhile, in the upcoming talent reality shows The Clash and The Voice Kids, aspiring singers will find delight in reaching for their dreams!

As part of the “Masaya Dito!” campaign, GMA stars will be guesting in each other’s programs to spread positivity and good vibes. Stay tuned as Carmina Villarroel, together with twins Mavy and Cassy Legaspi, join the thrilling games in TiktoClock The Clash Masters Rayver Cruz and Julie Anne San Jose, together with one of the The Clash Panel, Christian Bautista, will spread the joy in All-Out Sundays. They will also be joined by The Voice Kids host and primetime star

Dingdong Dantes, along with Comedy Concert Queen Ai-Ai delas Alas through a special video performance.

TiktoClock hosts Pokwang, Faith Da Silva, Herlene Budol, Rabiya Mateo, and Jayson Gainza, together with guest cohost Donita Nose, will also perform on the AOS stage.

More information is available at www.gmanetwork.com.

for around percent of the overall box o ice with the re release of Dune: Part Two in I A which made nearly million.

The year old actor has been part of some of the most successful franchises of the last few years including the Spider-Man and Dune movies. In both cases those were supporting roles in massive brand name properties but her eye catching red carpet looks also o ten make headlines. Challengers would be the irst real test of her ability to open a ilm on her own star and G and Ama on were not going to risk doing it without her.

The studio had originally planned to release Challengers in the fall of with a picturesque launch at the enice Film Festival. ut when the actors went on strike last uly the studio made the decision to scuttle the festival premiere and move the ilm to this weekend when they could safely assume the strike would be resolved. endaya sported many tennis themed looks styled by aw Roach for her appearances.

It would be hard to argue that we should have released this movie when she wasn t able to support Wilson said.

He gave special credit to the studio s publicity and marketing teams for orchestrating a world tour that resulted in several viral fashion moments. Reviews have been largely positive for the rated movie which teases a steamy and competitive love triangle between the tennis players. It currently has an percent on Rotten Tomatoes and got a Cinema core from opening day audiences.

Ice Seguerra to offer the ultimate videoke experience

A roads will lead to the usic useum on ay and as Ice eguerra stages a wonderfully thought of concept for his special concert series. illed as Videoke Hits eguerra will perform the most loved songs that Filipinos all over the world sing when they are in a karaoke or videoke place. It will also be an interactive kind of night with the audience because for one segment the audience will choose the songs they d like eguerra to sing. It s not actually the irst time that we derived inspiration from videoke for a concert concept shared eguerra who did something similar in For these shows next weekend eguerra and his team even had a poll on what are the favorite songs that people sing during their videoke sessions.

We were overwhelmed with the response we got because the public really sent us their favorites. It made our work even harder because we have to trim down the list to it our target concert time and there were really too many good songs to choose from. ut I guess this response got us more excited to mount the show.

Helping eguerra call the shots is his producer wife i a Di o who is as excited as her husband as the concert dates draw near.

We are ust so happy that we are getting good feedback with this concept and that tickets are selling out fast. The repertoire for these two nights will not be exactly the same since we will have a di ferent set of audience and we are expecting some of our celebrity friends and Ice s fellow performing artists to watch the show too. ou know they might ust go up the stage to am with Ice.

oth the personal and professional partnership of eguerra and Di o are working like magic because they more than ust complement each other. i a s mind is so fertile and she is a workaholic. Her business acumen is admirable and she is also a huge part of the creative process because she is also an artist a very competent actress and dancer at that volunteered eguerra. Their full service media and production company

Guadagnino s last ilm Bones and All starring Zendaya’s Dune costar Timoth e Chalamet made million in its entire run. y midweek Challengers expected to surpass Call Me By Your Name million to become Guadagnino’s highest grossing ilm.

For Ama on G tudios the value also extends beyond the box o ice driving a downstream value for Ama on including when Challengers eventually makes its way to rime ideo.

econd place went to the faith based ilm Unsung Hero which made an estimated million from locations.

Third place went to Godzilla x Kong: The New Empire, with million in its i th weekend. In fourth place

A ’s Civil War also added million in its third weekend bringing its domestic total to million. And rounding out the top ive was the horror movie Abigail with million. Next weekend the summer movie season kicks

o f with the yan Gosling and Emily lunt action comedy The Fall Guy Estimated ticket sales for Friday through unday at and Canadian theaters according to com core.

Challengers million

Unsung Hero million

Godzilla x Kong: The New Empire million Civil War, million

Abigail million

The Ministry of Ungentlemanly Warfare million Kung Fu Panda 4 million

Ghostbusters: Frozen Empire million

Dune: Part Two million Boy Kills World million.

called Fire and Ice H is doing very well and they have ust completed the set up for their new studio in the cout area in ue on City. Now singers dancers and bands can rehearse there and even photographers can book the studio for their sessions. We can even accommodate media conferences and special functions beamed eguerra.

The acoustic icon is looking forward to his two night show and for sure he will have some songs dedicated to his late father Dick eguerra who is his best videoke and karaoke partner. We en oyed singing together and even during his last few weeks on earth we would sing together and I d hold the mic for him when he was too weak to do so. Those special videoke moments with my dad will forever be etched in my heart. I miss him terribly and I know that he will be there with me for the two shows.

This early we learned that Videoke Hits the concert has already con irmed a few bookings overseas and we are very sure that a ter the shows in usic useum the eguerras and their team will have their schedules and itineraries full for the next few months when they bring Ice eguerra s Videoke Hits to as many cities as they can accommodate.

If you want to sing along with Ice eguerra on ay and there are still a few tickets le t at the TicketWorld website.

ZENDAYA, who stars in Challengers, poses at the premiere of the film at the Regency Village Theatre on April 16, 2024, in Los Angeles. AP

PSBA, SGV FOUNDATION TO OFFER SCHOLARSHIPS TO DESERVING STUDENTS PURSUING ACCOUNTANCY

THE Philippine School of Business Administration (PSBA) chairman Eusebio Tanco and SGV Foundation Charman and President Wilson Tan led the signing of an agreement that will establish a scholarship program for deserving students pursuing degrees in Accountancy.  Under the partnership, SGV Foundation will pledge financial assistance to PSBA to support the education of qualified students over the span of four academic years from 2024 to 2027. The scholarship program will cover full

IKno w n for its strategic and resu l ts - oriented approach DM & A Co. a rising fu ll- ser v ice marketing communications agency w ith o v er 4 0 years of experience , w ll be responsib l e for de v e l oping and executing integrated marketing

he company

tuition fees, school-mandated miscellaneous expenses, and other financial support.

Tanco emphasized the urgency of addressing the looming shortage of Certified Public Accountants (CPAs) in the Philippines as many seek opportunities abroad. He said, “As the demand for CPAs continues to rise globally, it is imperative that educational institutions invest in producing quality professionals to fill this crucial gap. We are honored to collaborate with SGV Foundation in this endeavor to provide opportunities for deserving students to pursue their dreams of becoming certified public accountants.”

In response, Wilson underscored SGV Foundation’s commitment to supporting education and promoting excellence in the accounting profession. He said, “SGV Foundation is proud to partner with STI and PSBA in this noble cause. By investing in the education of future accountants, we join Mr. Tanco in his mission for the country to continue producing quality CPA professionals who will contribute to the growth and development of our nation.”

critica l goa s.

Beyond de v e l oping cutting - edge so l utions de l a w are Phi l ippines fosters impactfu partnerships w ith industry l eaders ike SAP Microsoft Sa l esforce , and Open T ext. ts commitment to socia and eco l ogica l responsibi l ity further so l idifies their position as a eading force in the tech industry.

Rosette Carrao Partner and De i v ery H ead of de l a w are Phi l ippines , expressed her enthusiasm about the partnership. “At de a w are Phi ippines , w e constant y push boundaries to pro v ide our c ients w ith the best possib l e ser v ice. DM & A Co. ’ s strategic approach co ll aborati v e spirit and pro v en track record make them the idea l partner. We re confident this co ll aboration w ll un l ock ne w possibi l ities for both companies ,” said Carrao.

“E ffecti v e communication is paramount in today ’s competiti v e andscape. DM & A Co. s deep understanding of the omni - channe l marketing andscape w i ll be instrumenta l in amp ifying our message and connecting w ith our target audience on a deeper l e v e l We re excited to see the positi v e impact this partnership w ll ha v e on our customer experience initiati v es ,” added Simone Pigason Senior V ice President for Customer Success of de a w are Phi ippines.

T he appointment of DM & A Co. marks a significant step for de a w are Phi ippines as it e v erages inno v ati v e marketing strategies to further estab l ish itse as an C T l eader and a trusted systems integrator in the market.

DM & A Co. E xterna l Director and Partner A lv in Marayan C ient Ser v icing L ead Maika De Castro and H ead of Content and Strategic P anning Officer J j barreta a ong w ith PR Associate Sheena Macinas , PR and Content Writer Aira Re v i ll a Mu timedia Artist J oma U nabia and Media Re ations Officer J ainy Cari ll a ha v e

Yee leads Likha Collab: An All-Filipino

Natural E-Commerce Marketplace launch

PI O NEE R ING a ne w e ra of conscious consumerism Pinky T Yee the v isionary behind Pure E ssentia s Specia l ist Corp ( P E SC ), introduced L ikha Co ll ab to the pub ic sphere on Apri l 22 202 4, in ce ebration of E arth Day. This breakthrough e - commerce marketp ace is designed to co ll aborate w ith F i l ipino micro sma ll, and medium - sized enterprises ( MSM E’s ) in sho wcasing their products to a w ider audience.

Partnered w ith Pu l se63 a hea l th - focused business acce erator, Yee conceptua ized the marketp l ace as a vetted space for l oca l entrepreneurs and business o w ners w ho champion the cause of sustainabi l ity en v ironmenta consciousness and l abe l transparency w hi e adhering to regu atory guide l ines.

Yee expressed her v ision for L ikha Co ll ab to emerge as the preferred destination for enthusiasts of natura l l v ing and ad v ocates of l oca l businesses. T he inno v ati v e space she added w as borne out of her “desire to he p bring E arth - friend l y F i l ipino - made brands and to transform e v ery F ipino home to conscious and biodegradab l e l i v ing.”

According to Abdu Para v enga l, Managing Director of Pu l se63 , Yee’s ad vocacy to w ards hea l thy l i v ing and showcasing se ected home - grow n brands w ere among the key factors that l ed them to co ll aborate w ith L ikha Co ll ab empo wered by their acce l erator program.

Yee a l so underscored the importance of l abe l l iteracy and consumer a w areness. “ We v et our partner brands rigorous l y, ensuring comp l iance w ith regu atory bodies, accurate abe ing and of course the exc l usion of harmfu ingredients in their products,” she remarked.

I n addition to the marketp l ace , L ikha Co ll ab a l so l aunched a ongside its accompanying Facebook community, Eco Friends P H, to ser ve as a p l atform for indi v idua l s embarking on their sustainab e l i v ing journey. T he interacti v e space ser v es to inspire and faci l itate discussions among consumers and l ike - minded ad vocates. I t a l so aspires to become an a venue for industry experts from the medica l and business sectors to promote a w areness and respond to forums.

Among the pioneer brands that joined the mission of L ikha Co ll ab are Oryspa H uman N ature Mag w ai , Wonderhome N atura s, Pure Cu ture , and I sarog. Additiona ll y, the marketp ace a l so inc l udes L i v C l ean First Skincare and First Botanica l s as its house brands.

We extend an open in v itation to l oca MSM E s to join us in our commitment to pro v ide homes w ith products that are free from toxic chemica l s safe for a ll ages and beneficia l for both the fami l y and the p anet,” conc uded Yee. J oin the mo v ement in making better and responsib e choices and exp ore L ikha Co ll ab ’s offerings by v isiting www l ikhaco ll ab.com.

Sizzling hot summer offers are making

AS summer heats up, so does the incredible offers at the SM Store! This month, get ready to dive into the Big Summer Sale, where fun meets fashion, and every purchase turns into an adventure. Whether you’re prepping for a beach getaway, an outdoor adventure camp, a home revamp, or just simply want to refresh your wardrobe with the latest summer trends, we’ve got you covered. Find all your summer essentials in one place and make this season fun and unforgettable.

What’s in Store for You?

Tre nd s ett ing S umme r Coll e c t ions: Explore an extensive range of the latest trends across fashion, beauty, accessories, and lifestyle products. Our 2024 summer collections are designed to cater to every style and need.

Fa m ily F u n Free bie s: Bring the whole family along and enjoy fabulous freebies as you shop at any of our SM Stores nationwide.

Incred ibl e Disc ou nt s: Enjoy an extra P300 off when you shop with a minimum of P3,000 single receipt, using your SMAC. Not a SMAC member? Don’t fret! Get P200 off on the same purchase. Just present your Big Summer Sale digital voucher at the cashier.

Excit ing Priz e Draws: Use your Mastercard for a chance to win P50,000 in shopping money, perfect for stocking up on those essential travel goodies.

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Where to Shop?

VISIT any of our 70+ SM Store branches nationwide for an in-store shopping spree. Prefer to shop from home? Our SM Store Personal Shopper is just a call or click away, ready to deliver your summer essentials right at your doorstep. From fashion to home essentials, beauty, toys, and everything in between—we’ve got it all for you! Follow @smstore on Facebook, Instagram, TikTok, and visit smstore.com for more details.

Editor: Angel

Calso

Egypt’s crown jewels up for sale: Gulf States snap up prized assets amid economic crisis

By Mirette Magdy & Michael Gunn

ON a sweltering late-summer evening last year in southern Egypt, the country’s most storied hotel was bustling once again, hosting personalities with ambitions of shaping the world. In the more than a century since it opened, Aswan’s Old Cataract, perched on a rocky outcrop on the Nile River’s eastern bank, has welcomed the likes of Winston Churchill, Jimmy Carter and Tsar Nicholas II. For Agatha Christie, in whose former suite you can now stay for upwards of $8,000 a night, it was the inspiration for one of her most famous works of detective fiction, Death on the Nile.

The guests were more circumspect. More than a dozen highlevel officials from the United Arab Emirates wearing flowing white robes arrived for a private dinner, led by a security detail that cordoned off the restaurant, according to four people who were there and requested anonymity to discuss a private gathering. Outdoor air-conditioning units were set up on the terrace so the elite diners could take in the nighttime Nile views in comfort as they sampled grilled meats and sipped tea. After about two hours, they left.

Months later, in January, the purpose of the visit became clear: Abu Dhabi wealth fund ADQ bought a 40.5 percent interest, valued at $882.5 million, in an Egyptian firm that in turn purchased stakes from the cash-strapped government in seven hotels— including Aswan’s Old Cataract, the Winter Palace in Luxor, Mena House in Cairo and the Cecil Hotel in Alexandria—seen as the crown jewels of the North African nation’s hospitality sector. The UAE had indirectly become part owners of a slice of Egypt’s touristic legacy.

Digging out of its worst economic crisis in decades, Egypt is putting prized assets up for sale, and the rising powers of the Gulf region are taking out their checkbooks. Over

the past nine months, high-profile visitors from Saudi Arabia and Qatar, as well as the UAE, have been sighted up and down the Nile and on the Mediterranean and Red Sea coasts. Their coffers flush with oil and gas revenue, the delegations have been scoping out the investment deals of a century.

On February 23, ADQ also announced a $35 billion investment in Egypt that includes development rights for Ras El-Hekma, a Mediterranean coastal headland about three times the size of Manhattan. It was the biggest deal in Egypt’s history, and Cairo began receiving the cash within days, likely saving the economy. The financing gave Egypt enough firepower to enact a long-awaited—but painful and politically sensitive—currency devaluation, seen as key to restoring investor confidence and drawing more funds. An $8 billion International Monetary Fund loan and World Bank and European Union financing followed.

In the short term, the UAE’s goal was to shore up the economy of a country seen as too big to fail.

The fear: a return of the mass unrest and empowered political Islam that roiled the Middle East during the Arab Spring revolts more than a decade ago, threatening established regimes, according to people involved in the decision who were granted anonymity to discuss private and sensitive discussions. In that sense, the logic was similar to earlier UAE pledges such as the one that followed the overthrow of Egypt’s Muslim Brotherhood government in 2013 by Abdel-Fattah El-Sisi, then the army chief, now the president.

The Ras El-Hekma pact represents a whole other order of magnitude. The UAE is pumping in funds equivalent to 7 percent of the UAE’s gross domestic product. That commitment shows “a new attitude that looks at the return from such economic interventions and tries to reach a win-win formula,” says Ziad Bahaa-Eldin, a former Egyptian deputy prime

minister and ex-chief of its investment authority.

Gulf nations promised hefty financial support for Egypt just weeks after Russia’s 2022 invasion of Ukraine helped tip its debtridden economy into a crisis long in the making. To avert disaster, wealthy nations on the Arabian Peninsula made a flurry of multibillion-dollar deposits into Egypt’s central bank. ADQ also snapped up $2 billion of shares in Egypt’s biggest listed lender and fertilizer and logistics companies; Saudi Arabia’s sovereign wealth fund invested $1.3 billion in some of the same companies. A new Gulf consensus had emerged: The days of handouts were over. Riyadh and Abu Dhabi would need a return on whatever they’d pumped in. That switched the focus of Egypt’s broader plan to offloading a swath of governmentowned assets, a legacy of the state’s long-running overarching role in economic life.

In February 2023 authorities listed more than 30 companies in which investors could bid for stakes, in sectors including fi-

nance, oil, real estate and ports. The list of companies proved by no means exhaustive, with local media frequently reporting possible additions. As of March, the UAE had been the only fellow Arab state to step up consistently. It was the biggest shareholder in two of Egypt’s top three listed companies, Commercial International Bank and Eastern Co. SAE. And the UAE has a close working relationship with the third, real estate developer Talaat Moustafa Group, which will help develop Ras El-Hekma and whose hospitality unit—flush with ADQ funds—now owns those hotel stakes.

Saudi Arabia is jostling with the UAE to be the region’s trendsetter, but it’s been holding back. Concerns over the valuation of Cairobased United Bank, rooted in the uncertain trajectory of Egypt’s beleaguered pound, led the nation to withdraw from acquisition talks last year. But after the UAE’s Ras El-Hekma deal, Saudi Arabia is looking afresh at its own plan to develop a premium stretch of beachfront near Sharm El-Sheikh

Tourism is an obvious focus of investment, given Egypt’s vast cultural heritage, according to Monica Malik, chief economist at Abu Dhabi Commercial Bank. The government announced plans to boost visitor numbers to 30 million annually by the end of the decade, up from a record 14.9 million last year. Egypt’s tourism assets “really need a significant capital injection to bring them back up to luxury travelers’ standards,” she says. “The Gulf can provide the huge investment alongside an excellent record for project implementation.”

on Egypt’s Sinai Peninsula, Bloomberg reported in March.

For its own part, Qatar’s sovereign wealth fund has been in on-again, off-again talks to acquire the Egyptian government’s stake in mobile operator Vodafone Egypt Telecommunications SAE—a prize asset in a nation that’s home to the Middle East’s biggest population, with some 105 million people.

Tourism is an obvious focus of investment, given Egypt’s vast cultural heritage, according to Monica Malik, chief economist at Abu Dhabi Commercial Bank. The government announced plans to boost visitor numbers to 30 million annually by the end of the decade, up from a record 14.9 million last year. Egypt’s tourism assets “really need a significant capital injection to bring them back up to luxury travelers’ standards,” she says. “The Gulf can provide the huge investment alongside an excellent record for project implementation.”

Luxury certainly defines Egypt’s northern coast, a stretch of golden beachfront running west of Alexandria toward the Libyan border. Long a favorite with wealthier Egyptians who summer in villas or apartments in exclusive gated compounds, the area is little visited by Western tourists, despite azure waters that are a match for almost anywhere else on the Mediterranean.

A chain of glitzy seafront residential towers here has caught the eye of Gulf investors. Among those interested is Mohamed Alabbar, founder of Emaar Properties PJSC, according to three people familiar with the matter who requested anonymity to discuss private matters.

A proposed sale of a small number of the government-owned towers could bring in as much as $2 billion for Egypt, one person says. About 100 miles to the west, work on the Ras El-Hekma megaproject begins in 2025. The goal: a year-round community such as El-Gouna, a city on Egypt’s Red Sea coast known for its cultural festivals and nightlife.

ADQ’s February announcement calls for a $150 billion investment in the area.

Along with the Nile, one strand that connects all those disparate Egyptian locations is a network of roads and Wataniya Petroleum gas stations. That brand, too, is partly up for sale in what would be a watershed—the first privatization of a company owned by Egypt’s powerful military. At various stages, Petromin Corp. of Saudi Arabia and Abu Dhabi National Oil Co. both showed interest in this asset, which would extend their fuel distribution empires. Authorities have suggested stakes in other military-owned companies may also be up for grabs, a step that would fulfill IMF and World Bank demands to lessen state ownership of businesses. Much of that control dates to the 1960s policies of Gamal Abdel-Nasser, under whose authoritarian rule Egypt became the vanguard of the Arab world. Now the Gulf States have the upper hand, at least financially.

In tightly controlled Egypt, where El-Sisi’s government brooks little dissent, it’s difficult to gauge a genuine public reaction to the sales. Analysts such as Mirette Mabrouk, a senior fellow at the Washingtonbased Middle East Institute, are doubtful the Gulf’s largess will translate into much influence on Cairo’s decision-making, including on key issues such as the wars in Gaza and Sudan.

On a recent Friday at the Old Cataract (now a Sofitel property), foreign visitors order English afternoon tea for the equivalent of $50. A framed portrait on the wall features a handwritten Arabic note from 1990. The UAE’s founder, Sheikh Zayed bin Sultan Al Nahyan, thanked the hotel’s management for a pleasant stay. Today the government of his son, Sheikh Mohamed bin Zayed Al Nahyan, the UAE’s current ruler, owns a piece of the place.

Magdy and Gunn report from Bloomberg’s Cairo bureau.

These apps allow workers to get paid between paychecks. Experts say there are steep costs

By Cora Lewis The Associated Press

NEW YORK—When Anna Branch, 37, had her hours at work reduced at the start of the pandemic in 2020, she suddenly noticed ads for an app called EarnIn.

“You know how they get you—the algorithms—like they’re reading your mind,” Branch said. “The ad said could get up to $100 this week and repay it in my next pay period.”

Branch, who was working as an administrative assistant in Charleston, South Carolina, downloaded the app, agreed to the flat fee, and added the suggested “tip.” The cash helped her cover expenses until payday, when the app debited the borrowed $100, plus $18 for the fee and tip. Four years later, Branch said she still uses the app, as often as once a month.

EarnIn is one of more than a dozen companies that provide this service, billed as Earned Wage Access. The apps extend small short-term loans to workers in between paychecks so they can pay bills and meet everyday needs. On payday, the user repays the money out of their wages. Between 2018 and 2020, transaction volume tripled from $3.2 billion to $9.5 billion, according to Datos Insights.

While Earned Wage Access apps have been around for over a decade, the pandemic and its aftermath boosted their popularity. Some apps have approachable

human names—like Dave, Clio, Albert, and Brigit—while others suggest financial freedom: Empower, FloatMe, FlexWage, and Rain. The typical user earns less than $50,000 a year, according to the Government Accountability Office, and has experienced the pinch of two years of high inflation.

Proponents of the apps say they help people living paycheck to paycheck manage their finances and avoid the need for more onerous options, such as payday loans or overdrawing a bank account.

But some analysts, consumer advocates and lawmakers say the apps are actually payday loans in a new tech wrapper, and that they can trap users in an endless cycle of borrowing that depletes their earnings.

Critics also say the costs of the loans are not always transparent. Many charge monthly subscription fees and most charge mandatory fees for instant transfers of funds, though there is typically a no-cost option to receive funds in one to three business days. The average APR for a loan repaid in seven to 14 days was 367 percent, a rate comparable to payday lending, according to a report from the Center for Responsible Lending.

Muddying the waters is the fact that some employers have integrated Earned Wage Access apps into their payroll, with different costs, models, and fee structures. Amazon and Walmart, for example, do not always charge employees for early access to earned wages outside of regular pay periods.

“They get you hooked”

SHERI WILKINS, 60, who works as a home health aide in College Station, Texas, said she’s used the apps since 2020, and that she feels “dependent on the money.”

The health care contractor that employs Wilkins offers DailyPay, and Wilkins typically uses the app to transfer the amount of that day’s wages ($10.60 an hour) twice a day—once after each of her two shifts, for which she’s paid separately. Each time, she pays a $3.49 fee, for a total of $7 a day.

At $35 a week, the app eats up more than three hours of her pay weekly, or a-dayand-a-half’s work per month.

“They get you hooked on having that money,” Wilkins said. “It’s fine and great to have it—to buy groceries and cigarettes— but when it comes time to have your paycheck, it’s only $50-$60.”

Wilkins said she was not aware the app had a free option, which would transfer the money in one to three days. She said the app always directed her to the instant transfer option.

A spokesperson for DailyPay said in a statement that the app offers two options with no fees to most users and a third with what they described as a “small ATM-like fee.”

Matt Bahl, who researches workplace issues for the Financial Health Network, said the growth of the Earned Wage Access industry is a symptom of widespread financial insecurity.

“It’s meant to help solve short-term

liquidity challenges,” he said. “But if those challenges are the result of insufficient income, it won’t solve them. You can’t ‘tech’ your way out of material deficits.”

The “tips”

ANDREW LEWIS, 32, who lives in Bucks County, Pennsylvania, said he uses EarnIn, in part to meet unexpected expenses. Lewis works as a process technician for an electronics manufacturing company, and said he sometimes uses the app as often as every week, for gas money or something his toddler or wife needs.

Lewis usually pays the “tips” the apps suggest, he said, but he doesn’t “like them that much,” in part because of the messaging.

“Tips keep us running for millions of members like you,” EarnIn’s in-app copy reads. The company says it uses tips to maintain a no-fee option.

“I feel a little guilty because of how they make it sound,” Lewis said.

In 2021, the California Department of Financial Protection and Innovation found “users often feel compelled to leave (tips) due to applied pressure tactics like... claiming tips are used to support other vulnerable consumers or for charitable purposes.”

In its report, the department found that borrowers who use Earned Wage Access take out an average of 36 loans a year. On 5.8 million transactions, 73 percent of consumers paid a “tip,” at $4.09 per tip on average. On three dozen loans, that’s $147

annually in tips alone.

Convenience and no credit check

PENNY LEE, head of the Financial Technology Association, an industry group, says more people are turning to Earned Wage Access as a convenience that allows them to make up for the “disconnect between what the consumer needs to be able to spend...and their pay cycle.”

Like Buy Now, Pay Later loans, the apps don’t run credit checks and bill themselves as interest-free. Unlike payday loans or auto title loans, where borrowers pledge their vehicles as collateral, users of the apps don’t face balloon payments, black marks on their credit reports, or the possibility of losing their car if they fail to pay. Supporters also say the apps don’t sue or send collectors after unpaid debts.

The FTA says the average cost per use of an Earned Wage Access app is between $2.59 and $6.27. The companies say the charges are comparable to ATM fees and cheaper than overdraft fees, which people incur if they don’t have enough money left in a checking account to cover a bill before payday. The average overdraft fee is more than $25 and can be as high as $36.

However, in its report, the Center for Responsible Lending found that users of the apps experienced a 56 percent increase in checking account overdrafts.

A pivotal moment for regulation

A NUMBER of states have moved to regulate

Earned Wage Access by capping fees on these products. The industry backs a federal bill, currently before Congress, that would exclude the apps from being regulated by the Truth in Lending Act.

When Connecticut passed a law capping the fees the apps could charge, EarnIn stopped operating in the state. Asked why, EarnIn CEO Ram Palaniappan said it was no longer “economically viable.”

Both California and Hawaii are currently drafting laws to rein in Earned Wage Access fees.

Rep. Bryan Steil, R-WI, one of the federal bill’s backers said, it will “ensure workers across the country can continue to use these services, which help them to better connect work to reward.”

But Hawaii State Sen. Chris Lee, a Democrat who introduced regulation targeting Earned Wage Access in the state Senate, called the 300-plus percentage interest rates a “modern payday loan scheme.” Lee said he would like to see more transparency and worker protections.

Lauren Saunders, an attorney at the National Consumer Law Center, says this a pivotal moment for regulation.

“If (Earned Wage Access) were being used by people to cover one emergency cost a year, it could be better than being subject to overdraft fees or payday or auto title loans,” she said. “But being better than terrible predatory products shouldn’t be the bar.”

Math teacher steers Umingan boys to U18 volleyball crown

WHO would have thought a bunch of boys from the municipality of Umingan who’ve virtually never tasted the tough and rough action in the big city would emerge champions of the Philippine National Volleyball Federation (PNVF) Under-18 Championships Sunday at the Rizal Memorial Coliseum?

And who would readily agree to the fact that their coach didn’t even got to play competitive volleyball at all— although he ran the 100, 200 and 400 meters of athletics in his elementary and high school days representing the Pangasinan town that sits on the border with Nueva Ecija?

Add to the mix that he doesn’t even teach Physical Education, but the head of Mathematics at the Umingan National High School.

“It’s tough, too tough, we’ve gone through much challenges,” said an ecstatic Eusebio Solis moments after he coached his team to a 25-23, 23-25, 2325, 25-17, 16-14 pulsating come-frombehind win over VNS-Savouge to win the boys crown of the championships organized by the PNVF headed by Ramon “Tats” Suzara.

“But we proved something with this victory, that we, provincial teams, could stay in stride or even beat the strong teams from the big city,” added Solis, who admitted he did some arithmetic of sorts in figuring our how he could become a volleyball coach and teach the sport’s rudiments to kids despite his zero experience in the sport.

“I went to my mentors,” he said, keeping to himself who they were.

Provincial team Umingan is but these young Pangasinenses, all students of their town’s national high school and basically supported by their parents and Mayor Michael Cruz, are on their way to the Palarong Pambansa nationals in Cebu in July. How they did it was another tough challenge.

The team traveled to Laoag City for the Palaro regionals and, as Pangasinan’s representative, beat Ilocos Norte for the right to represent the province in Cebu.

They then took a plane ride right after the match to catch their 5:30 p.m. semifinals match against Canossa Academy of Lipa City at the Rizal Memorial Coliseum. They were lucky enough that they flew trouble free and went on to clinch the ticket to the final in four sets.

“We got to Rizal Memorial at 3:30 p.m., enough for the team to recover and prepare for the semifinals,” Solis said.

University of Santo Tomas (UST), meanwhile, tamed National University, 25-17, 17-25, 25-20, 2523, to capture the girls’ crown in the all-University Athletic Association of the Philippines team finale.

Kimberly Rubin led UST to the win and later went on to claim the girls’

VERSAILLES, France—The historic Versailles Palace Gardens will soon host the Paris Olympics equestrian sports.

Meanwhile, the select number of riders of the National Equestrian Academy handling the palace’s famed royal stables continue to care for their beloved horses: Almost every day at dawn, they enjoy the quietness and splendor of grass lawns and woods of the park of the Versailles Palace, before thousands of visitors from across the world spread in.

The elite academy—founded by French horse trainer and impresario Bartabas who decided to revive the splendid building in 2003—has only 12 riders. After years of hard work, they take part in a prestigious show at the Great Stables of Versailles every weekend to the delight of spectators.

While the Academy is open to both genders, women form the majority of applicants.

“We are only women here now,” said one of those experienced riders, Fanny Lorré, gleefully smiling as she noted how big of a change it was from the once male-dominated world of equestrianism.

Lorré, 28, is known as an “ecuyères”—the French word for squire or horse rider, and has a vast knowledge of the royal stables’ history.

Commissioned by France’s King Louis XIV, or Sun King, the stables were built between 1679 and 1682 opposite the palace’s main entrance. They once

Most Valuable Player trophy alongside the boys’ best player, Umingan’s Michael Angelo Fernandez, also the First Best Open Hitter awardee, who credits his high-leaping ability to competing in the long jump before he shifted to volleyball.

Rubin was also named the First Best Open Hitter with her teammates Avril Denise Bron (First Best Middle Blocker) and Lianne Penuliar (Second Best Middle Blocker) also making their marks to help UST cap a perfect championship run.

“Good job by the girls,” UST head coach Lerma Giron said. “All of them stand out in difficult times.”

The other awardees in the boys’ division were Luke Anton Macatangay (Second Best Open Hitter) of bronze medalist Canossa Academy, Roderick Medina (Best Opposite Hitter) of runner-up VNSSavouge and Lawrence Lanting (Best Libero) of fourth-placer Angatleta Sports-Orion, Bataan.

In the girls’ division, completing the dream team were Althea Sumague (Second Best Open Hitter) of fourthplacer La Salle-Lipa, Jayrelle Mesa (Best Libero) of third-placer Kings’ Montessori School, Harlyn Serneche (Best Opposite Hitter) and Cheska Peñol (Best Setter) of runner-up NU.

Royal horse tradition in Versailles rekindled

housed more than 2,000 horses during the 18th century. Now, the Academy’s riders train about 40 horses, notably including Lusitanos, a Portuguese breed known to be a favorite of Louis IV.

The Great Stables were built “just before the King arrived here in Versailles. He wanted very big and wonderful stables because he had a lot of horses,” Lorré said. “Horses at that time were very important in the court and in the everyday life.”

“They built it in only three years, which is quite amazing when you see how big the building is,” she added. “And it was also a school for the people at that time [who wanted to] learn how to ride...a little bit of philosophy, mathematic and everything so they can become the best person in the kingdom.” AP

More

hard w

ork

up for Paris-bound fencer Catantan

IT WILL be more hard work from here on out for Samantha Kyle Catantan now that a ticket to Paris is secured for the country’s first Olympic fencer.

The 22-year-old product of University of the East vowed to outdo herself in the Olympics.

“My goal is always to give my best wholeheartedly and that’s the expectation I have,” she said. “But in reality, the Olympics are a different level, a very, very tough competition.”

“Everyone is competitively good especially the fencers from Italy, USA and host France,” she said.

Catantan won the women’s gold medal at the last qualifier for Olympic fencing in Fujairah in the United Arab Emirates, becoming the 12th Filipino to officially make it to Paris.

She also is first Filipino Olympian fencer after 32 years, or since Walter Torres, now a commissioner at the Philippine Sports Commission, competed in the 1992 Barcelona Games.

Technically though, Catantan will not be the only Filipino in Paris as Maxine Esteban, now a naturalized athlete for Ivory Coast, will also be in the Olympics through the African continental quota.

The two could in fact be facing each other in Paris depending on the result of the draw for the 34-athlete women’s foil competition.

Sports Vision.

All-Filipino semifinals series stacked with grudge matches, heated duels

CREAMLINE  and Chery Tiggo

may both hold psychological edge over Choco Mucho and Petro Gazz, respectively, but in a cutthroat semifinal phase of the Premier Volleyball League AllFilipino Conference, statistics and past results won’t matter.

Composure will be the key as both matches are expected to be nailbiters with the teams have fine-tuned their offense and defense during the weekend break and strengthened communication inside the court.

That makes the race to the finals all the more interesting and intense as the Cool Smashers clash with the Flying Titans at 4 p.m. Tuesday and the Angels collide with the Crossovers at 6 p.m. before an expected overflow crowd at the PhilSports Arena in Pasig City.

Coaches are likely to introduce surprise to disrupt their opponents’ strategies as they are expected to rely on their starting units for while utilizing their bench to keep their starters strong in prolonged battles.

In their respective buildup to the semifinals, each team’s strategies

and sentiments revealed a mix of determination and focus.

Koji Tsuzurabara, coach of the top -seeded Angels, emphasized a gameby-game approach and urged his team to concentrate solely on the task at hand—the rankings, he stressed, are a mere distraction.

“I’m not thinking about the rankings, just one game [at a time],” he said. “We need to concentrate.”

Choco Mucho coach Dante Alinsunurin, on the other hand, said service is a critical area for improvement and acknowledged its impact on their recent performances.

“We had games where we didn’t serve well,” he said. “That’s where we focused in training.”

Despite finishing fourth in the preliminaries, Creamline, which shut down Choco Mucho last week, remains a strong contender for a third straight All-Filipino title behind Tots Carlos, Jema Galanza and Alyssa Valdez.

Choco Mucho and Chery Tiggo, on the other hand, are driven by their hunger for a breakthrough victory in the league organized by

The absence of key player Kat Tolentino to auditory condition continues to pose a challenge for the Flying Titans, but Alinsunurin remains optimistic about their team’s performance, counting on Isa Molde, Maddie Madayag, Royse Tubino and Cherry Nunag for the solid support to explosive Sisi Rondina.

Petro Gazz, fueled by players Brooke Van Sickle, Jonah Sabete and MJ Phillips, seeks to claim the elusive All-Filipino crown after winning two Reinforced Conference trophies.

Catantan said she needs to compete smart in the event where Tokyo Olympics gold medalist Lee Kiefer of the US and three-time Southeast Asian Games gold medalist and two-time Olympian Amitha Berthier of Singapore are two of the favorites.

“I want to fence good and get to the highest level I could do for now,” she said. “When it comes to winning an Olympic medal, for now at least, I just want to perform my best and from, there let’s see.”

Josef Ramos

Alaska’s indigenous teens emulate ancestors’ Arctic skills for survival

ANCHORAGE, Alaska—The athletes filling a huge gym in Anchorage were ready to compete, cheering and stomping and high-fiving each other as they lined up for the chance to claim the state’s top prize in their events.

But these teenagers were at the Native Youth Olympics, a statewide competition that attracts hundreds of Alaska Native athletes each year and pays tribute to the skills and techniques used by their ancestors to survive in the harsh polar climate.

Events at the competition that wraps up Saturday include a stick pull, meant to mimic holding onto a slippery seal as it fights to return to the water, and a modified, four-step broad jump that approximates leaping across ice floes on the frozen ocean.

For generations, Alaska Natives played these games to develop the skills they needed to become successful hunters—and survive—in an unforgiving climate.

Now, today’s youth play “to help preserve our culture, our heritage, and to teach our youth how difficult life used to be and to share our culture with everyone around us who wants to know more about our people,” said Nicole Johnson, the head official for the event

and one of Alaska’s most decorated Native athletes.

Johnson herself has won over 100 medals at Native Olympic competitions and for 29 years held the world record in the two-foot high kick, an event where athletes jump with both feet, kick a ball while keeping both feet even, and then land on both feet. Her record of 6-feet, 6-inches was broken in 2014.

For the “seal hop,” a popular event on Saturday, athletes get into a push-up or plank position and shuffle across the floor on their knuckles—the same stealthy crawl their ancestors used during a hunt to sneak up on unsuspecting seals napping on the ice.

“And when they got close enough to the seal, they would grab their harpoon and get the seal,” said Johnson, an Inupiaq originally from Nome.

Colton Paul had the crowd clapping and stomping their feet. Last year, he set a world record in the scissors broad jump with a mark of 38 feet, 7 inches when competing for Mount Edgecumbe High School, a boarding school in Sitka. The jump requires power and balance, and includes four specific stylized leaps that mimic hop-scotching across floating ice chunks to navigate a frozen river or ocean. AP