DESPITE HIGH INFLATION, BSP COULD CUT RATES
By Reine Juvierre
THE Bureau of Internal Revenue (BIR) vowed to perform its role in generating revenues for the country with greater efficiency, excellence and enthusiasm as it marked its 120th founding anniversary on Thursday, August 1.
PHL reforms needed amid growth promise –think tank
By Andrea E. San Juan @andreasanjuan
WHILE the Philippines is seen to be the second fastest-growing economy within Southeast Asia in the next decade, it must address its issues on education, infrastructure and government effectiveness as well as the tensions with China, according to Southeast Asia Outlook for 2024-34 authored by Angsana Council, Bain&Company and DBS Bank. The report revealed that Southeast Asia is likely to “outpace” China in gross domestic product product (GDP) and foreign direct investment (FDI) growth over the next decade.
The BIR evolved with the changing time and unveiled its new official logo, which serves as symbol of its identity, image and integrity.
Internal Revenue Commissioner Romeo D. Lumagui Jr. said the BIR's logo is a powerful
representation of their mission, values, heritage and aspirations for the future.
“This logo, inspired by entries from our logo-making contest, is a tribute to the countless individuals who have contributed to the success of the BIR over the decades,” Lumagui said.
Entries from three contestants were combined by the BIR to create a comprehensive logo reflecting their dedication to deliver excellent taxpayer service, Lumagui said.
Moreover, the Bureau also
marked its anniversary by obtaining a 100 percent Nationwide ISO Certification on some of its services as it shifts to a more service-oriented agency.
The ISO Certification covers both the Operations Group, such as the Revenue Regions and Revenue District Offices, and the Large Taxpayer Service (LTS).
The ISO Certification for the Revenue Regions and Revenue District Offices covers the Business Registration Process; See “BIR,” A2
D.A. CHIEF CONFIRMS PLAN TO IMPOSE SSG ON RICE IMPORTS
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A month before the start of the lean season for rice, PSA data showed the average quotation for dry palay jumped by nearly 28 percent to P24.59 per kilo in June, f rom P19.23 per kilo a year ago. The lean season for rice is from July to September.
Laurel maintained that they continue to monitor the farmgate prices and assured farmers that the department will protect them from incurring huge losses.
Senator Cynthia Villar noted in her opening statement that the Rice Tariffication Law’s (RTL) aim is to bolster rice output and minimize the country’s reliance on imported rice.
“The main objective of the RTL is to encourage and empower our local farmers to increase their yield, reducing the need for the Philippines t o import rice from other countries,” she said. Data from the Bureau of Plant Industry (BPI) showed that rice import a rrivals as of July 20 reached nearly 2.4 million metric tons (MMT).
In an earlier interview, Agriculture Assistant Secretary Arnel d e Mesa said that shipments after July 6 were already levied with the 15-percent tariff rate. Rice imports from the first three weeks of July stood at 56,118 metric tons (MT).
Hot money outflows reach $27M in June, BSP reports
By Reine Juvierre Alberto @reine_alberto
HOT money outflows in the country reached US$27 million in June 2024, according to the Bangko Sentral ng Pilipinas (BSP).
The BSP said transactions on foreign investments registered with the central bank through authorized agent banks recorded $1.1 billion in gross outflows while gross inflows stood at $1 billion. This is a reversal from the $43-million net inflows posted in May 2024, according to the BSP. This was also the fourth time the country recorded net outflows this year.
Registered investments in June 2024 inched down by 1 percent or $10 million to $1 billion from the
$1.1 billion recorded in May 2024.
Broken down, 52.8 percent of registered investments were in Peso government securities amounting to $551 million.
The remaining 47.2 percent came from PSE-listed securities worth $492 million, most of which were investments made in holding firms, banks, transportation services, property and electricity.
“Investments for the month mostly came from the United Kingdom; the United States (US); Singa -
pore; Luxembourg; and Switzerland with combined share to total at 86.9 percent,” the BSP said.
Meanwhile, gross outflows in June 2024 grew by 6 percent or $60 million to $1.1 billion compared to the $1-billion gross outflows recorded in May 2024.
The BSP noted the US remained the top destination of outflows, receiving $597 million or 55.8 percent of the total outward remittances.
Registered investments in June 2024 are higher by 17.2 percent or $153 million more than the $889 million recorded in June 2023.
Gross outflows also increased by 20.3 percent or $181 million vis-a-vis the gross outflows of $889 million recorded for June 2023.
The $27-million net outflows for June 2024 were also a reversal from the less than $1 million net inflows recorded for the same period a year ago. Foreign investments reg -
BIR…
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Process of Retrieval and Verification of Batch Control Sheet Reports and Tax Returns from Authorized Agent Banks; Processing and Issuance of Tax Clearance and Certificates; Standards on the Processing of One Time Transactions; and Processing of tax returns in the Document Processing Division, particularly on Document Control and Data Capture Processes.
The ISO Certification for the LTS covers the Registration Process, such as the Certificate of Registration, Authority to Print Receipts, and Books of Accounts and the Collection Process including Tax Clearance for Bidding Purposes, and Delinquency Verification Certificate.
It also includes ONETT Process, or electric one-time transaction system.
The BIR also improved its web portal, developed with the help of the Department of Information and Communications Technology
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“The GDP of the top six economies in Southeast Asia [SEA-6] i s projected to grow at an annual rate of 5.1 percent on average, with Vietnam and the Philippines driving the region’s growth, each expected to exceed 6 percent, and Indonesia tailing close at 5.7 percent,” the authors of the report noted.
For the Philippines, the report said growth is seen at 6.1 percent in the next 10 years on the back of a “progrowth” administration, prioritized infrastructure investments, with renewable projects g arnering interest from FDI investors as well as its “growing” p opulation and workforce. However, the Southeast Asia Outlook report for the next decade cited the “negative drivers” t hat may pull down the Philippines’s projected growth. Certain traditional growth drivers,” the report noted, are now the areas where the Philippines is lagging compared to its Southeast Asian
istered with the BSP, through authorized agent banks, yielded net inflows of $81 million from January to June 2024. This is a turnaround from the $804million net outflows posted in the same period last year.
The BSP noted that the registration of inward foreign investments delegated to authorized agent banks by the BSP is optional under the rules on foreign exchange (FX) transactions.
This is required only if the investor or its representative will purchase FX from authorized agent banks and/or their subsidiary/affiliate foreign exchange corporations for repatriation of capital and remittance of earnings that accrue on the registered investment, the BSP added.
Without such registration, the BSP said the foreign investor can still repatriate capital and remit earnings on its investment, but the FX will have to be sourced outside the banking system.
(DICT). The new web portal aims to create a balance between convenience in accessing tax information, BIR updates, eServices and an impression of professionalism and modernity in the 21st century.
“The BIR has been serving the country for the past 120 years. With our history, the Bureau has navigated numerous challenges, economic fluctuations, policy changes, pandemic and other unprecedented events,” Lumagui said.
Lumagui emphasized the BIR's crucial role in economic development in the country: bringing in revenues.
In June 2024, the BIR collected P172.5 billion, up by 4.71 percent from the P164.7 billion collected in June 2023. The BIR targets to generate P331.305 billion in July this year.
This month, the BIR aims to collect the second-highest collection goal for the year; the highest was in April pegged at P405.948 billion.
Lumagui remains confident that the BIR will achieve its goal of raising P3.055 trillion despite it being “challenging.” Reine Juvierre S. Alberto
peers. These are education, infrastructure and government e ffectiveness.
In addition, the Southeast Asian Outlook report cited geopolitics, especially the Philippines’ tensions with China, which i t noted might escalate, disrupting the country’s recovery.
T he outlook emphasized that compared to its 2022 report, “our projections have improved for the Philippines and Malaysia, thanks to significant efforts by the current administration to become m ore ‘pro-investment’ and ‘probusiness.’”
The report pointed out that country strategies are “evolving.”
It noted that Vietnam’s leadership is less assured, while the P hilippines and Malaysia have improved their prospects. Meanwhile, Indonesia, Thailand, and Singapore are “staying o n the path charted out before the pandemic.”
The report expects Southeast Asia to grow GDP by 5.1 percent on average in the next decade.
Baring the table of GDP projections for the next 10 years, the S outheast Asia Outlook report
Despite…
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According to Remolona, a 50-basis-points (bps) reduction in interest rates is still on the table, with a possible 25-bps cut in the upcoming Monetary Board policy meeting on August 15 and another 25-bps reduction later in the year.
However, in its latest monthahead inflation forecast, the BSP said inflation may settle from a low of 4 percent to as high as 4.8 percent in July 2024 due to higher electricity and food prices. This is higher than the revised 3 to 4 percent inflation target for 2024 set by the Cabinet-level Development Budget Coordination Committee (DBCC).
Remolona expressed confidence the impact of the recent Typhoon Carina will not affect the inflation rate in July 2024.
“Usually the effects come with a lag so it may not even affect August in terms of the aggregate CPI basket,” Remolona said. The 4 to 4.8 percent inflation forecast for July 2024 by the BSP is the peak already, Remolona added.
“It’s still hawkish, which means we will still remain tight, but maybe less tight than before,” Remolana said.
Remolona is banking on the lowered rice tariff rates, which could lead to a “more moderate” inflation, to help ease monetary policy. The Monetary Board will also be looking into the secondquarter GDP, sentiments, expectations and surveys.
Economists told the BusinessMirror that damage from the recent super typhoon Carina and the souhwest monsoon could cause a temporary uptick in inflation. (See: https://businessmirror.com. ph/2024/07/29/storm-farm-damagecould-fuel-inflation/)
Ateneo de Manila University (ADMU) economist Leonardo Lanzona said a rate cut in August is not “advisable” since inflation induced by the typhoon will further worsen if interest rates are reduced.
“We’re so close to the point where we might be getting to below capacity. We want to reduce demand so that income falls just to the level of capacity of the economy,” Remolona said.
Remolona said earlier that “it’s not yet time to declare victory,”as there is still a 50-50 chance that inflation could breach 4 percent in July. If the Monetary Board reduces policy rates in August, a 25-basispoint rate cut could happen, reducing policy rates to 2 percent. This will be the first time the BSP has cut rates since November 2020.
showed that Vietnam will be the fastest-growing economy in Southeast Asia with 6.6 percent growth, f ollowed by the Philippines with 6.1 percent; Indonesia, 5.7 percent; Malaysia, 4.5 percent; Thailand, 2.8 percent; and Singapore, 2.5 percent. With “sustained” policy change and a willingness to take risks Southeast Asia can raise its forecasted growth rates by leveraging o n opportunities from five areas, said the report.
The Southeast Asia Outlook report said the region needs to invest i n emerging growth sectors, foster tech-enabled disruptors (TEDs), strengthen capital markets, accelerate green transition and embrace m ultilateral initiatives.
The report highlighted that Southeast Asia has grown despite headwinds.
“Over the last three decades, the region withstood shocks from the Asian financial crisis, the SARS pandemic, a global financial crisis, and the Covid-19 pandemic. And it stayed the course,” the report said. With this, authors of the report noted that effective government action will play a role in “catalyzing” growth.
DOJ won’t stop Interpol from arresting suspects in anti-drug campaign if…
JUSTICEBy Joel R. San Juan @jrsanjuan1573
Secretary Jesus Crispin Remulla on Thursday brought up the possibility that the International Criminal Court (ICC) would seek the assistance of the International Police Organization (Interpol) to serve arrest warrants that it may issue in connection with its investigation of the bloody anti-illegal drug war campaign during the Duterte administration.
If this happens, Remulla admitted that the government would be put in a difficult situation since it has an obligation to cooperate with the Interpol in serving the arrest warrants being a member-state.
The National Bureau of Investigation that is under the DOJ and the National Police are both members of the Interpol.
“That is the future issue at hand now. If an arrest warrant were issued, it’s the Interpol’s job to serve it and we have a commitment to the Interpol,” Remulla pointed out.
“We are not in the business of blocking any movement of the Interpol unless a policy is laid out, which of course will go against our international commitments,” he added.
Remulla added that there would be repercussions on the part of the Philippines if it bars the Interpol from exercising its duty which the government’s legal team has yet to discuss.
The Interpol, which has 196 member countries, is tasked to coordinate police operation
worldwide to prevent and fight international crimes.
“I’m reacting to this case on my personal knowledge on how things work within the ICC and within the legal milieu, the process by which things operate. We haven’t discussed this with Malacañang, with the legal group of the President,” Remulla stressed.
“But, most of the time, we respect the actions of the Interpol, 99.9 percent of the time,” he added, noting the Philippines “is part of a community of nations.”
Remulla also acknowledged that the Department of Foreign Affairs (DFA) had informed the DOJ on the request of the ICC prosecutor to interview Sen. Ronald dela Rosa, the first National Police chief of then President Rodrigo Duterte; retired Gen. Oscar Albayalde, who succeeded de la
Chinese Pogo exec found in Roque’s Benguet house on Interpol Red Notice
By Butch Fernandez @butchfBM
HE Chinese man found in for -
Tmer Duterte spokesman Harry Roque’s house in Benguet is “no ordinary Chinese” but a fugitive on Interpol’s Red Notice, Sen. Anna Theresia “Risa” Hontiveros said on Thursday.
Hontiveros, whose Committee on Women has led a Senate inquiry into serious crimes associated with illegal activities in Philippine Offshore Gaming Operations (Pogos), shared with the media a copy of the Interpol document confirming earlier information she received that the man is wanted in China.
At the last Pogo hearing, Hontiveros had reported information she received that the “Cambodian” man arrested by a joint team of the Bureau of Immigration and the Presidential Antiorganized Crime Commission ( PAOCC ) along with a woman is bearing a fake Cambodian passport. He is, in fact, a fugitive wanted by the Chinese government for defrauding some 100,000 people.
“Hindi lang basta-bastang Chinese ang nagtago sa sinasabing bahay ni Harry Roque. Itong si Sun Liming ay bigating pugante na nasa Red Notice ng Interpol. [The man who hid from authorities in the reported house of Harry Roque is no ordinary Chinese. This Sun Liming is a big-time fugitive who is the subject of an Interpol Red Notice],” meaning he may be arrested by authorities in all territories that are part of Interpol’s network.
Hontiveros recalled Roque telling the Senate last Monday that the
house in a gated subdivision in Tuba, Benguet, is owned by one PH2 where the majority shareholder is Biancham Corporation, where Roque and his associates are incorporators.
Roque, she added, “also admitted that he has a caretaker for the house, and he supervises all goings-on in the house.”
This is why, the senator noted, it is puizzling that “of all the houses in the Philippines, he went” to the home that Roque said PH2 had rented out since January 2024.
PAOCC , she added earlier said that Liming is the information technology manager of Lucky South 99, “the Pogo that Roque helped” in fixing its arrears with state gaming regulator Pagcor [Philippine Amusement and Gaming Corp].”
“It appears this fugitive and Roque run in the same circles.”
In Monday’s Senate hearing, Roque kept insisting he was never hired by any Pogo, and had gone to the office of Pagcor Chairman Alejandro Tengco in November 2023, only to accompany Cassandra Ong, of Whirlwind Corp. It was an accommodation he made for a client when reminded that Ong is an officer also of Lucky South 99, the Pogo involved in the two more recent controversial cases that were subject of the PAOCC ’s crackdown—one in Bamban, Tarlac, and another in Porac, Pampanga.
“Nakakabahala ang dami ng mga dayuhang kriminal na sa bansa dahil sa Pogo. [The big number of foreign criminals now in the country because of Pogo is alarming]. While a ban has already been announced, we in the Senate need to craft measures to en -
sure that this industry never comes back again,” said Hontiveros.
In his July 22 State of the Nation Address, President Marcos declared a ban on all Pogos, and directed Pagcor to wind down their operations by yearend. He also ordered the Labor department to help transition the local workers to be displaced by the ban, which Pagcor chief Tengco estimated at 40,000.
Roque vows cooperation
IN a statement on Thursday, Roque reiterated his willingness to cooperate with the Presidential Anti-Organized Crime Task Force (PAOCTF), the Bureau of Immigration, and the Embassy of China to bring Chinese fugitive Sun Liming to justice.
Earlier, Roque assured Philippine and Chinese authorities that “he and PH2 Corporation will assist them in the probe or legal proceedings against China’s wanted person.”
PH2 Corporation is the registered owner of the raided property in Tuba, Benguet, where immigration officials arrested the suspect and Chinese lessee Wan Yu Ming.
Roque, who owns shares in PH2, said the corporation leased the house to Ms. Wan Yun on January 15, 2024. Both parties rescinded the contract
of lease in July.
“We were unaware that our lessee had allowed a wanted person in China to stay in our corporate property. Had we known this, we would have informed our law enforcers. In this regard, we sincerely apologize to the Chinese authorities,” Roque stated.
“I urge Sen. Risa Hontiveros to stop turning the ongoing government probe on illegal Pogos or Internet Gaming Licencees [IGL] into a political witch hunt of individuals, including myself, who are very close to the Duterte family,” he said.
“The lawmaker should also cease her malicious insinuations that I am involved in illegal Pogos. I would never counsel or abet the activities of personalities and online gaming firms that defy the law and undermine the legal profession.”
“Essentially, she is barking off [sic] the wrong tree. The Dutertes and their associates are not behind the proliferation of illegal Pogos since 2022.”
The former presidential spokesman said the government has yet to fully ascertain Mr. Sun Liming’s connection to illegal internet gaming operations in the Philippines.
Hontiveros accused the suspect of being an IT manager of Lucky South 99 Incorporated, which the PAOCTF raided in June.
“Senator Hontiveros should leave the police investigation matters to the police. For now, Philippine [sic] Anti-Organized Crime Commission [PAOCC] Undersecretary Gilbert Cruz said they are still probing Mr. Sun Liming’s alleged links with illegal Pogos,” Roque said.
NDRRMC: Carina, habagat death now 40
By Jonathan L. Mayuga
at 8:00 a.m. on Thursday for the combined effects of the southwest monsoon Butchoy, Carina the NDRRMC said a total of 1,480,323 families or
5,456,390 persons were affected in 4,594 barangays in 540 cities and towns in 65 provinces. The southwest monsoon, also called habagat, has been affecting the country’s weather system, dumping huge volumes of rainwater since July 11. Enhanced by two successive tropical cyclones, Butchoy and Carina, low-lying areas in Metro Manila and many parts of Luzon were submerged in floodwater. The NDRRMC said a total of 1,220
areas in Region 1, Region 2, Region 3, Calabarzon, Mimaropa, Region 5, Region 7, Region 8, Region 9, Region 10, Region 11, Region 12, BARMM, CAR, and Metro Manila were affected by floodwater. Class and work suspension during the onslaught of Typhoon Carina were affected in a total of 119 cities and towns that declared a state of calamity. A total of 397 road sections and 27 bridges were affected of which 35 roads and six bridges remain not passable.
Rosa; a former Criminal Investigation and Detection Group chief, retired Maj. Gen. Romeo Caramat Jr.; former Commissioner Edilberto Leonardo of the National Police Commission; and former police intelligence officer Eleazar Mata, who have been tagged as suspects in its drug war probe.
The DOJ, Remulla said, merely noted the request as it cannot act favorably on it since the country is no longer a member of the ICC.
He maintained the government’s position that the government has no obligation to cooperate with the ICC since its withdrawal from the Rome Statute in 2019.
Earlier, Solicitor General Menardo Guevarra, who served as Justice Secretary during the Duterte administration, said that while the government has
no obligation to assist the ICC, it cannot stop the latter from exercising its duty under Article 54 of the Rome Statute, which include interviewing persons subject of its investigation.
“The Philippines disengaged completely from the ICC in 2019. It has no legal duty to lend any assistance to the ICC prosecutor in conducting his investigation, but the Philippine government cannot stop him from proceeding any way he wants,” Guevarra said.
He added that the ICC prosecutor can directly interview persons of interest online, through the telephone, by email, or face to face, subject to the consent of these persons.
“But, the ICC prosecutor cannot expect that the Philippine government will facilitate it for him,” Guevarra said.
Remulla stops BI’s 60-day deadline for foreign Pogo workers to leave
JUSTICE Secretary Jesus Crispin Remulla on Thursday stopped the Bureau of Immigration (BI) from implementating its 60-day deadline for foreign national working in Philippine Offshore Gaming Operators (Pogos) and Internet Gaming Licensees (IGLs) to voluntarily leave the country following the decision of President Marcos to ban their operations in the country effective December 31.
Remulla issued the order as he raised the possibility that some errant Immigration officers might resort to money making schemes and victimize the affected Pogo workers, who are mostly Chinese.
“I want to be straightforward with you, we all know that there are many corrupt elements within the BI. I hope they would not think of squeezing money out of these Chinese nationals who are bound to leave the country,” Remulla said.
Around 20,000 foreign workers are expected to leave the country following the ban on online gaming operations.
The justice secretary also castigated the BI, for its failure to coordinate its actions with the DOJ, which is its mother agency, in relation to the ban of Pogos.
He said a high-level meeting will be conducted in Malacañang on Friday (August 2) where the DOJ, the National Bureau of Investigation (NBI), the Bureau of Immigration (BI), and other concerned agencies are expected to attend and come up with an organized plan implement the President’s order.
“That is why we held in abeyance the action of the BI because we have to schedule
PHL, US
HAirports, and seaports that were paralyzed meanwhile, have all resumed operation, the NDRRMC reported. The damage to a total of 2,504 houses that were in flooded areas was estimated at P3.66 million.
Total damage to infrastructure, meanwhile, was placed at P4.09 billion.
Meanwhile, the Department of Agriculture (DA) reported that damage to agriculture caused by Carina alone has reached P1.21 billion.
everything properly so that things will happen properly,” Remulla said during yesterday’s press briefing.
“We don’t want people to be panicking because they did an order without consulting us. This is why we asked them to join in the high-level meeting. They cannot act independently on this,” he added.
The DOJ chief stressed that a whole-ofgovernment approach is necessary to ensure that no rights would be violated.
“So we will choreograph everything, so everything falls properly into place until December 31...without violating people’s rights, which we need to protect,” Remulla stressed.
Immigration Commissioner Norman Tansingco earlier said the 60-day deadline was in response to the order during the State of the Nation Address of the President last July 22.
The BI said the working visas issued to these foreign nationals are already considered revoked, thus, they are given 60 days to leave the country.
Remulla said among the issues that need to be settled during the high-level meeting is how to schedule the repatriation of the foreign workers or their transfer to other countries they intend to go to. He added Pogos should also be given time to settle their financial obligations to individuals who have accounts with them.
“We don’t want to be a party to a situation where people will lose their money without a fighting chance because of the abrupt closure of Pogos. That’s why we need a wrapping up period.”
Joel R. San Juan
naval ships perform another MCA in WPS
By Rex Anthony Naval
IGHLIGHTING the strong military ties between the Philippines and the United States, warships from the two nations on Wednesday conducted another maritime cooperative activity (MCA) at the West Philippine Sea (WPS).
In a statement, the Armed Forces public affairs office director, Col. Xerxes Trinidad, said the MCA was held inside the country’s exclusive economic zone, on the waters west of Palawan.
Participating ships are the Navy’s offshore patrol ship BRP Ramon Alcaraz (PS16) and the US Navy’s littoral combat ship USS Mobile (LCS-26).
“The exercise included a series of activities designed to enhance communication and operational coordination between the two navies. These included a communications check exercise, division tactics, officer of the watch maneuver exercise, photographic exercise, and cross deck exercise,” Trinidad added.
“These joint exercises with our ally are crucial in enhancing our naval capabilities and ensuring that we can effectively collaborate to safeguard our maritime interests. The partnership between the PN and the USN continues to be a pillar of regional stability,” he said.
Brawner also emphasized that the successful execution of these maritime exercises underscores the strong defense ties between the Philippines and the United States and highlights the two countries’ commitment to upholding freedom of navigation and a rules-based order in the Indo-Pacific Region.
The primary objective of the MCA, he said, is to strengthen the interoperability and cooperative capabilities of the PN and the USN. Through these naval maneuvers, Trinidad said the two navies aim to improve their readiness and ability to operate together in ensuring maritime security and stability in the region. The first MCA with the USN took place in November of last year. Meanwhile, the Armed Forces chief of staff, Gen. Romeo Brawner Jr., said the MCA is a significant activity as it helps maintain regional peace and security.
Friday, August 2, 2024
House leaders want to institutionalize BPSF
By Jovee Marie N. dela Cruz @joveemarie
LEADERS of the House of Representatives want the Bagong Pilipinas Serbisyo Fair (BPSF), which has brought government services and aid closer to the people, to be institutionalized.
Deputy Speaker David Suarez, who represents Quezon province; House Committee on Dangerous Drugs Chairman Robert Ace Barbers, who represents Surigao del Sur; and House Assistant Majority Leader Ernesto Dionisio, the nominee of the partylist group Asenso Manileño said the BPSF is clear evidence that the social protection and amelioration funds allocated in the national budget are being utilized effectively.
“We are witnessing the implementation of the funds we approved last
year. We’re talking about hundreds of millions being directly distributed to individuals,” Suarez said in a news conference.
“Come the budget hearings, we can actually say yes, the budget and the funds were used properly and effectively, and the BPSF was one proper conduit that the funds benefitted the less fortunate fellow citizens,” Suarez added.
Social protection and amelioration funds include assistance for migrant workers, assistance for senior citizens, assistance for transport workers, assistance for laborers, livelihood and employment programs, training, and scholarship programs.
The BPSF has been conducted in 20 provinces and cities all over the country and has released billions of funds for government services and social protection during the past
several months, including areas in Mindanao such as Surigao del Sur, Zamboanga City, Bukidnon, Agusan del Norte, Sultan Kudarat, Davao de Oro, and Tawi-Tawi.
“Congratulations to President Marcos and, of course, kudos to Speaker Martin Romualdez for their commitment to ensure the continuity of this program for the coming months and years,” Suarez said, noting that the BPSF will hold its 21st event in Eastern Visayas on Friday.
Barbers described the BPSF as a revolutionary government program that releases aid directly to the grassroots of Philippine society.
“For me, this is proof that the Marcos administration, and of course the House of Representatives under the leadership of our Speaker, has made public service delivery reach the grassroots level. This is what
House bill makes it easier for seniors, PWDs to get jobs
PARTY-LIST lawmaker has introduced
AHouse Bill 10630 that provides for the establishment of government-run local centers to assist senior citizens and persons with disabilities (PWDs) in finding jobs and accessing training opportunities to enhance their skills.
In House Bill 10630, Rep. Brian Raymund Yamsuan, the nominee to the House of Representatives of the party-list group Bicol Saro, said his proposal will help qualified PWDs and seniors overcome common obstacles in their job search, such as lack of assistance in accessing suitable job openings, biases related to physical abilities and age, and inadequate training.
Under HB 10630, the Department of Labor and Employment (Dole) is mandated to es -
tablish, operate, and maintain job facilitation offices for PWDs and seniors, to be known as Local Centers for Inclusive Employment (LCIEs), upon the request of the local governments in capital towns, key cities, and other strategic areas.
“We are all aware that despite policies promoting equal employment opportunities for qualified seniors and PWDs, they still find it difficult to find good and decent jobs. Discrimination against them still persists, and on top of that, they do not know which government office to go to so that they can be aided in the process of finding jobs,” he said.
“Our legislative proposal aims to fill this inadequacy by providing targeted support and resources to help qualified individuals from these vulnerable sectors find and retain
‘bringing the government closer to the people’ means,” said Barbers.
“Perhaps the government manifests this by bringing all these funds and services down to the grassroots level. This is the first time such an initiative has happened in our country, and it is an excellent idea implemented by our Speaker and our President,” he added.
Dionisio, for his part, said that the BPSF is “a window to see the plight of our countrymen.”
“When you go down to the grassroots level, you see the real situation. When the BPSF goes down, we see the genuine needs of the people,” Dionisio said.
“So, having said that, I really applaud the initiative of President Marcos and Speaker Martin Romualdez for the BPSF, as it ensures that every Filipino receives direct assistance,” Dionisio said.
Public Employment Service Offices (Pesos) of local governments.
gainful employment,” Yamsuan added.
Yamsuan’s bill was the result of the consultations he conducted with seniors and PWDs in his home city of Parañaque, where many of them have complained about the lack of government assistance in helping them find jobs that match their qualifications and skills.
He also cited data from the Philippine Statistics Authority (PSA), which revealed that only 353,000 PWDs were gainfully employed out of the 1.9 million who are within working age in 2022.
In the same year, the elderly sector faced a similar predicament, where only 38.2 percent, or about 965,200 of the 2.54 million qualified senior citizens, were employed.
Yamsuan said that under the bill, LCIEs will be operated as units under the existing
The LCIE under each PESO shall be linked with the Dole regional offices for coordination and technical supervision, and to the Dole Central Office to constitute the national employment service network.
Aside from facilitating prompt, appropriate, and timely job opportunities for PWDs and seniors, each LCIE is also tasked under the bill to provide them with relevant information, education, and training that they can use to enhance their skills and employability.
To undertake these functions, LCIEs shall, among others, establish partnerships with employers; develop and administer testing and evaluation instruments; craft training modules, provide career guidance and occupational counseling, and conduct job fairs.
Jovee Marie N. dela Cruz
DMW issues guidelines for Kuwait deployments
By Samuel P. Medenilla @sam_medenilla
THE Department of Migrant Workers (DMW) has issued the guidelines for the resumption of the deployment of domestic workers to Kuwait.
In his three-page Memorandum Circular 2 series of 2024, Migrant Worker Secretary Hans J. Cacdac ordered that only domestic workers with previous overseas experience and record with the agency and are member of the Overseas Workers Welfare Administration (OWWA) will Be allowed to work to Kuwait.
Domestic workers with welfare records or who have been admitted to the Migrant Workers Resource Center (MWRC) will not be barred from working in the said Middle East country.
Applicants for Kuwait deployment must have accredited certificates with approved job order issued by the Migrant Workers Office (MWOKuwait) as registered by the Landbased Accreditation Bureau (LAB) or individual employment contract duly verified by the MWO-Kuwait.
They must also have a valid passports; employment visa or work permits; certificates of medical fitness; Technical Education and Skills Development Authority (Tesda) Domestic Work National Certificate II; Comprehensive Pre-Departure
Education Program certificate; and Pre-Departure Orientation Seminar (PDOS) certificate. The qualified Licensed Recruitment Agency (LRA) are tasked to encode the particulars of the applicants to the DMW’s Online processing system for Land-based workers. The original copies of the documentary requirements of the applicants must be submitted to the LAB, while the payment of their overseas employment certificate (OEC) must be settled online.
MC 2 also contains measures to protect the welfare of the DWs, who will be deployed in Kuwait. This includes the electronic payment of their salaries and appointment of a Welfare Desk Officer to monitor the status of DWs.
DMW earlier said it expects to resume the deployment of DWs to Kuwait by the third quarter of this year.
In February 2023, DMW imposed a partial deployment ban for newly hired Filipino household workers following the death of a Filipino domestic worker Jullebee Ranara. For its part, the Kuwaiti government imposed a ban on the entry on all types of workers, including skilled workers in May 2023.
The issue was finally settled by DMW and its Kuwaiti counterpart in June, allowing the deployment of DWs, professional and skilled workers to Kuwait.
Goodbye, old jeepneys! PTMP pushing through
By Lenie Lectura @llectura
THE Department of Transportation (DOTr) on Thursday said it is pushing through with the nationwide Public Transport Modernization Program (PTMP) even after 22 senators have signed a resolution urging the government to temporarily suspend the implementation of the modernization program. In a statement, DOTr Undersecretary for Road Transport and Infrastructure Jesus Ferdinand Ortega said the agency will enforce the directive of President Ferdinand Marcos Jr. to proceed with the PTMP after the deadline for consolidation lapsed last April 30. “‘Yung lahat sa sektor ng transportasyon na gustong sumama [ sa modernization] ay nasa loob na
Solon
‘Wpo. Wala po tayong naiwanan. On the part of DOTr, we were given a marching order po ng Pangulo, 100-percent go po ito, ” Ortega said. Under the PTMP, jeepney units that are 15 years old will be replaced with Euro 4 engines or electrically-powered engines with solar panel roofing.
“This goes beyond the drivers, the operators. This is about the commuters. We’re talking of millions of commuters everyday,” the DOTr official said.
Under the PTMP, the agency said road transportation system in the country will be transformed “by addressing vehicle safety and quality, route network efficiency, and fleet management, while providing commuters a modern public utility vehicle that is comfortable, accessible, safe and affordable.”
Fewer foreign trips for Marcos next year as ’25 budget slashed
By Samuel P. Medenilla @sam_medenilla
PRESIDENT Ferdinand R. Marcos Jr. will go on fewer trips next year owing to the slashed 2025 travel budget in the proposed National Expenditure Program, according to the Department of Budget and Management (DBM).
In a press briefing in Malacañang last Thursday, Budget Secretary Amenah F. Pangandaman said only P1.054 billion was
allocated for the travel of the President. It is an 8-percent decrease compared to the P1.148-billion
files bill mandating disclosure of AI use in cyber materials
ARNING: The following material was prepared using Artificial Intelligence technology.”
This may precede materials prepared with the use of AI if the bill that enforces strict regulatory control over the use of such technology in creating “deepfake” audio, video, or audiovisual materials is enacted into law.
Camarines Sur Rep. Luis Raymund F. Villafuerte filed last Thursday House Bill (HB) 10567, which proposes cash penalties ranging from P2 million to P5 million for those who fail to disclose that their materials are deepfakes. Those who delete or tamper with such disclosures also face penalties.
According to Villafuerte, he filed HB 10567 in support of the proposal by Commission on Elections (Comelec) Chairman George Erwin Garcia to ban the use of AI and deepfake technology in electoral campaigns. Garcia said such move would maintain honesty and transparency in elections from 2025 onwards.
The lawmaker also endorsed the disqualification and the filing of election offense cases against candidates found using AI and deepfake technology in the 2025 midterm elections.
Villafuerte reiterated his support for Garcia’s proposal following last week’s release of a TikTok video on a 2028 poll-related issue that a television network was supposed to have
aired but eventually dismissed as “deepfake.”
“This TikTok video of a supposed ABS-CBN report on the results of a survey on the leading candidates for the 2028 presidential race, but which this network subsequently dismissed as a ‘false and fabricated’ news clip, is one proof for the Comelec to consider banning the use of AI in next year’s election period,” the lawmaker said.
Villafuerte stressed the importance of “deepfake disclosure as we approach AI with caution and responsibility, making sure that it is used in an ethical and transparent manner. Being the latest disruptive technology, AI has to be dealt with by our government in a cautious and responsible manner, especially when it comes to our electoral system.”
Under HB 10567, any person who uses the generative AI system or any similar technology to produce or distribute deepfakes, with the intent to distribute such altered presentations over the Internet or knowledge that such deepfakes shall be so distributed, is required to make a public disclosure that these are deepfakes.
Requirements
THE bill outlines specific disclosure requirements for audiovisual, visual, and audio-only presentations. Audiovisual presentations must include the
following:
n Not less than one clearly articulated verbal statement that identifies the record as containing altered audio and visual elements, and a concise description of the extent of such alteration;
n An unobscured written statement in clearly readable text appearing at the bottom of the image throughout the duration of the visual element that identifies the record as containing altered audio and visual elements, and a concise description of the extent of such alteration; and
n A link, icon, or similar tool to signal that the content has been altered by, or is a product of, generative AI or similar technology.
Visual elements must include:
n An unobscured written statement in clearly readable text appearing at the bottom of the image throughout the duration of the visual element that identifies the record as containing altered visual elements; and either
n A concise description of the extent of such alteration; or
n A clearly visible link, icon, or similar tool to signal that the content has been altered by, or is the product of, generative AI or similar technology.
For advanced technological false personation records exclusively containing an audio element, each shall include:
n At the beginning of such a record, a clearly articulated verbal statement that identifies the record as containing altered audio elements and a concise description of the extent of such alteration; and
n In the event such a record exceeds two minutes in length, not less than one additional clearly articulated verbal statement and an additional concise description at some interval during each two-minute period thereafter.
Penalties
THE bill imposes a penalty of P5 million on any person who knowingly fails to make a public disclosure as required. Additionally, those who remove, alter, or cause another to remove or alter the disclosures will face penalties of P2 million to P3 million for each violation.
The bill defines deepfake as any video recording, motion-picture film, sound recording, electronic image, photograph, or any technological representation of speech that:
n Appears to authentically depict any speech or conduct of a person who did not in fact engage in such speech or conduct; and
n The production of which was substantially dependent upon technical means rather than the ability of another person to physically or verbally impersonate such a person. Jovee Marie N. dela Cruz
No Pinoy ‘Love Boat’ captain yet, but we have our own ‘Julie McCoy’
ABy Ma. Stella F. Arnaldo @akosistellaBM Special
to the BusinessMirror
FILIPINO captain piloting the “Love Boat?”
“We believe that’s possible,” said Carnival Corp. Chief Human Resource Officer Bettina Deynes in a news briefing with reporters last Wednesday, as she underscored the company’s partnership with the Philippine Merchant Marine Academy (PMMA), the country’s oldest state-run maritime school. Its graduates are provided the opportunity to train and be employed on the company’s cruise ships, she said.
There are some 50,000 Filipino crew members across Carnival Corp., the world’s largest leisure travel company, but none have yet to be seated on the bridge, like TV icon Capt. Merville Stubing from the popular ‘80s show “The Love Boat.” Deynes said, Filipino seafarers have usually gone on to naval careers or work on cargo ships. “Until recently they weren’t really familiar with the cruise industry as a potential employer where they can really have a career. [So] we’re really excited to provide these opportunities and…they have welcomed the prospect of working in the cruise industry.” The company does boast, however, of their first Filipino “Julie McCoy”—Carnival Cruise Line Inc. Entertainment Director Minay Capile, a graduate of De La Salle University. She was also in Manila to share how she had worked toward a career in the cruise industry.
Scholarship grants FOR her part, Carnival Cruises President Christine Duffy explained that most of their shipboard officers are from Europe, Greece, Italy, or Scandinavia. “That’s where we see, at this moment, the diversity and opportunity, [but] it will take time; many of our captains [have been] on ships for 10 to 15 years and worked their way up to be a captain or a chief engineer.”
Aside from Carnival Cruises, other brands of Carnival Corp. include Princess Cruises, P&O Cruises (UK and Australia), Holland America Lines, Aida Cruises (Germany), Costa Cruises (Italy), Seabourne, and Cunard.
Duffy graced the recent groundbreaking ceremony for the PMMA-Carnival Training Center building, where she also announced
a scholarship program, which initially will cover select freshmen.
Carnival Cruises is embarking on a massive hiring binge, with the expansion of its fleet, and global surge in cruise travel. The fleet expansion includes “an order for three new ships for a new class of vessel… [powered by] liquefied natural gas,” that can carry as many as 8,000 passengers, said Duffy. These will be delivered in the summers of 2029, 2031, and 2033, while two more Excel-class ships with a 6,000-passenger capacity, will join the fleet in 2027 and 2028.
Carnival Cruises homeports in 14 destinations in the US, two in Australia, and sails seasonally in Europe. It has over 48,000 employees, dubbed “team members (TM)” with 120 nationalities, including
more than 12,500 Filipinos in its current fleet of 27 ships.
Leveraging technology
THE cruise brand has also expanded its partnership with the STI Education Services Group, said Duffy, for the latter to create a tailored curriculum in culinary and hospitality training. The cruise firm has an existing agreement with STI, leasing a portion of the college’s Pasay-EDSA campus as its recruitment center. Known as the The TM Center Hub, the space includes classrooms, crew welfare and manning offices, pre-departure orientation rooms, and mockups of shipboard equipment.
Deynes explained that from these partnerships with PMMA and STI, “the interns are given real-world experiences, and if they decide to do so, can choose to work in the cruise industry.”
Meanwhile, Carnival Cruises Vice President of Crew and Travel Operations Richard Brearley emphasized their continuing investment in technology to meet their growing demand for workers, as well as help manage crew deployment.
“TMHub, our mobile app, helps our Filipino team members to better manage their requirements and have a smoother joining experience. We’re constantly looking for ways to improve or simplify the joining process, like partnering with LBC, which allows our team members to send their documents to the TM Center and receive their dispatch at home for free. This gives team members, particularly those outside of Metro Manila and in the provinces, a more convenient way to process their joining requirements.”
allocation in the 2024 General Appropriations Act, Pangandaman added.
She pointed to the Office of the President (OP) as having proposed the budget cut.
The President has travelled to eight countries this year, namely, Brunei, Vietnam, Australia, Germany, Czech Republic, United States and Singapore.
He also had multiple local trips to distribute government aid to farmers and fishermen and inaugurate infrastructure projects in previous months.
Critics have chided Marcos for going on 28 trips to 17 countries since he was elected in 2022. Government officials have justified the need for the over -
seas presidential travels that, according to them, helped promote the country as a top investment destination.
One of the justifications come from the Department of Trade and Industry (DTI). Last month, the DTI reported $19-billion worth of investment pledges from the presidential trips have materialized.
Despite the projected reduction in the travels of the President in 2025, Pangandaman said investments in the country are still expected to increase next year.
“We [will] still continue to go out and market the Philippines as an investment destination...that will continue,” she added.
Biz groups thank Pascual, hope new DTI chief will still focus on MSMEs
Continued from A14
Industries
IT and Business Process Association of the Philippines (IBPAP) President Jack Madrid said the industry “grew substantially” during Pascual’s term under DTI.
“We are thankful for the strong commitment and support of Secretary Fred Pascual to the IT-BPM industry since 2022. The industry grew substantially in jobs generated and export revenue during his term at DTI,” Madrid said in a Viber message sent to the BusinessMirror
Meanwhile, some industry groups unveiled what they hope to see under a new leadership in the Trade and Industry agency.
Philippine Retailers Association (PRA) President Roberto S. Claudio Sr. told reporters the next Trade and Industry Secretary should view the retail industry as a whole, noting the existing “unleveled” playing field between brick and mortars and online platforms.
“Well, from from my point of view, or our point of view as Philippine Retailers Association, we’d like them to focus on the whole retail industry, [because] all this interest in e-commerce. Remember, e-commerce is just one small component of retail, [we still have] brick and mortar; in fact, e-commerce only comprises 20 to 25 percent of total retail; 75 percent is still brick and mortar,” Claudio said.
In particular, the PRA chief said it’s “completely unlevel or unfair” that local retailers are required to pay 12-percent Value-added Tax (VAT) while foreign retailers who are on E-commerce platforms or online are going to pay only 1-percent withholding tax.
Semiconductor and Eletronics Industries in the Philippines, Inc. (Seipi) President Danilo C. Lachica told reporters that the next Trade and Industry secretary should be “Somebody who is sensitive to the needs of the industry and is willing to listen.”
For PCCI’s part, Mangio said the business group is hoping that whoever President Ferdinand Marcos, Jr. will appoint as Pascual’s replacement will continue the programs and innovations introduced during his stint as DTI secretary.
In particular, the PCCI head “expressed hope that initiatives and programs such as promotion of regional industrialization, enhancing ease of doing business, addressing skills mismatch, attracting investments, expanding exports and enhancing consumer protection will remain as priority programs of DTI.” Meanwhile, Pascual said. “We are looking forward to a seamless transition for the sake of our country, our industries, our workers and for the sake of our consumers.”
Pascual added that his hope that whoever will replace him will be “knowledgeable,” adding, “We will leave with him or her the summary of the things we’ve done and the things that will continue to require attention.”
The outgoing DTI secretary said he is leaving behind a huge pipeline of investment projects, a stronger consumer protection initiative, several initiatives for the country’s small merchants, among others.
“In the area of MSME, there’s a lot that we have initiated, the Shared Service Facilities. I wanted that to be able to be our way of introducing modern technology to our industries and expanding their product range, particularly adding more value in the processing of raw materials that go into the products of MSMEs,” said Pascual.
Pascual announced his resignation as DTI chief on July 31. The Presidential Communications Office (PCO) said his resignation is effective August 2, 2024 as he transitions back to the private sector.
He served as DTI chief for two years. (Related story: https:// businessmirror.com.ph/2024/08/01/dti-chief-pascual-quitscabinet-after-2-years/) Andrea E. San Juan
12.
CREATEVIEW PHILIPPINES, INC. Dasmarinas St. Cor. Quintin Paredes
13. DU, WEIPING Sales Representative
Brief Job Description: Presenting sales proposals to potential customers. Maintaining client records and build relationship with existing customers.
14. TANG, TINGZHENG
Sales Representative
Brief Job Description: Presenting sales proposals to potential customers. Maintaining client records and build relationships with existing customers.
15. WEI, DONG Sales Representative
Brief Job Description: Presenting sales proposals to potential customers. Maintaining client records and build relationships with existing customers.
16. WANG, SHANSHAN China Payroll Administrator
Brief Job Description: Responsible for supporting the transition and transformation of payroll service delivery from China and different regions into the Manila HR Shared Service Center.
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41. SINGH, CHANDRAMOHAN Chef
Brief Job Description: Ensure that all dishes are cooked well and presented in an aesthetically pleasing way and monitor equipment quality and order new equipment as needed.
NOVA AURORA TECHNOLOGIES INC. 2/f 6789 Tower, 6789 Ayala Ave., Bel-air, Makati City, Bel-air, City Of Makati
42. HOANG, VO MINH CHAU Vietnamese Financial System Consultant
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TINGCLOUD DOCUMENTARY & MARKETING SERVICES OPC Unit 805 8/f The Pearl Bank Centre, 146 Valero St, Bel-air, City Of Makati
87. NGO, THI THUY HANG Marketing Officer
Brief Job Description: Contribute to marketing effectiveness by identifying short ND long range issues that must be addressed provides information and commentary pertinent to deliberations, recommends options and courses of action and implement direction.
TOYO CONSTRUCTION CO. LTD.
Editor: Angel R. Calso
Fed Chair Powell: September interest rate cut could be ‘on the table’ as inflation cools
By Christopher Rugaber Ap Economics Writer
WASHINGTON—Federal
Reserve Chair Jerome Powell on Wednesday
set the stage for the central bank’s first rate cut in four years, citing greater progress toward lower inflation as well as a cooler job market that no longer threatens to overheat the economy.
Still, the Fed kept its key interest rate unchanged at a 23-year high of 5.3 percent, despite calls from some economists and Democratic politicians to implement a cut Wednesday. Instead, Powell
said that, if inflation continues to fall, “a reduction in our policy rate could be on the table” when the Fed next meets September 17-18.
“We’re getting closer to the point at which it’ll be appropriate
to reduce our policy rate,” Powell said, “but we’re not quite at that point.”
A rate cut by the Fed is unlikely to have much immediate impact because it is largely expected by
Amid global uncertainty Blinken aims to ease anxiety over US election on 6-nation Asia tour
By Matthew Lee Ap Diplomatic Writer
SINGAPORE—With large parts of the world in turmoil and deep uncertainty over the future direction of America’s global role, US Secretary of State Antony Blinken sought this week to project an aura of calm normalcy as he traveled through Asia on his first overseas mission since President Joe Biden jolted the 2024 presidential race with his withdrawal.
Whether he succeeded or not remains an open question.
On a trip to Laos, Vietnam, Japan, the Philippines, Singapore and Mongolia that was punctuated by several potential escalatory developments in the Middle East, an uptick in Russian attacks in Ukraine and overshadowed by persistent fears about China’s increasingly aggressive actions, he could not escape questions and comments about domestic US politics. Having embarked on the sixnation tour just days after Biden’s decision, Blinken no doubt would have preferred to avoid the issue entirely but came prepared with several stock answers to questions about US leadership from concerned partners and allies. Chief among them: “I don’t do politics” and variations on “American engagement abroad endures across administrations.”
In the Philippines, Blinken and Defense Secretary Lloyd Austin remained politely silent when President Ferdinand Marcos Jr. welcomed them with a nod toward the campaign that now pits former President Donald Trump against presumptive Democratic nominee Vice President Kamala Harris.
“We are very happy to see (you) once again,” Marcos said on Tuesday in Manila. “I am a bit surprised considering how interesting your political situation has become back in the States, but I’m glad that you’ve found the time to come and visit with us.”
In Singapore, Blinken was asked by a senior diplomat about the “noise coming out of the presidential campaign” and replied with a joke.
“Really? I hadn’t heard any of it,” he said to laughter from the audience of students and academics from Lee Kuan Yew School of
Fed Chair Powell: September interest rate cut could be ‘on the table’ as inflation cools
rate at its September meeting, according to futures markets.
and auto-loan rates.
Rate cuts could also bolster the economy and potentially improve Vice President Kamala Harris’ prospects in the upcoming presidential election. Former President Donald Trump has said the Fed shouldn’t cut rates before the election. After September, the Fed’s next meeting is two days after the election in November.
In a statement Wednesday, the Fed said that “job gains have moderated” and acknowledged that the unemployment rate has risen. The Fed is required by Congress to pursue stable prices and maximum employment, and the statement said the central bank is “attentive to the risks” to both goals.
The focus on both inflation and employment is a major shift after several years of Fed officials focusing exclusively on combatting rising prices.
“They’re ready to cut, just as long as we don’t get an inflation surprise between now and September, which we won’t,” said Mark Zandi, chief economist at Moody’s Analytics. “Better late than never.”
But Powell provided little guidance on how many times the Fed might reduce rates in the coming months.
“I can imagine a scenario in which it would be everywhere from zero cuts to several cuts,” by the end of this year, he said.
Before the Fed’s decision, financial market traders had priced in 100 percent odds that the central bank would reduce its benchmark
The Fed typically seeks to avoid surprising investors with its rate decisions.
Stocks added a bit to earlier gains and Treasury yields eased after the Federal Reserve held its main interest rate at a two-decade high but gave some indication that an easing may soon be on the way. The S&P 500 ended Wednesday up 1.6 percent.
The Fed is seeking to strike a delicate balance: It wants to keep rates high enough for long enough to quell inflation, which has fallen to 2.5 percent from a peak two years ago of 7.1 percent, according to its preferred measure. But it also wants to avoid keeping borrowing costs so high that it triggers a recession.
Powell portrayed the economy as in something of a sweet spot, with inflation falling and hiring occurring at a solid pace. At the same time, wage growth has cooled, which can reduce inflationary pressure in the economy, as many businesses will lift prices to offset higher labor costs.
“It’s neither an overheating economy nor is it a sharply weakening economy,” Powell said. “It’s kind of what you would want to see.”
Earlier Wednesday, a key gauge of wages grew more slowly in the second quarter, compared to the first three months of this year, though the increase was still faster than inflation.
“Wage increases are still at a strong level, but that level continues to come down to a more sustainable level over time,” he said.
Public Policy before taking a stab at a serious answer.
“We have these periodic things called elections and I think it’s normal that before every election—given the importance of this moment in history that our country has around the world—that of course people ask questions,” Blinken said.
“They wonder what’s going to happen in any given election, what direction does the country take, and maybe there are lesser or higher degrees of that on any given election, but it always happens before every election, and I understand that,” he said.
But, he argued that no matter who occupies the White House “there are a number of constants that don’t fundamentally change irrespective of who wins a particular election.”
The main one, he said, is that most Americans want to be engaged
“That’s exactly the pattern that we want to be seeing.”
Yet with the unemployment rate ticking higher for three months in a row, some economists have raised concerns that the Fed should cut rates more quickly later this year.
“The finish line is in sight and it would be tragic for the Fed to stumble and fall, with one-tenth of a mile left in the marathon, which is what I think they would be doing if they don’t start cutting,” Bharat Ramamurti, an advisor at the American Economic Liberties Project and former economist in the Biden White House, said on a call Monday with reporters.
Also Wednesday, three Democratic senators, led by Elizabeth Warren from Massachusetts, urged Powell in a letter to cut rates. The letter charged that a failure to reduce borrowing costs soon would suggest the Fed is “giving in to bullying” and would itself be a political move.
Powell said Wednesday that the upcoming elections would have no influence on the Fed’s decisions.
“We don’t change anything in our approach to address other factors like the political calendar,” he said.
In the latest piece of good news on price increases, last Friday the government said that yearly inflation fell to 2.5 percent in July, according to the Fed’s preferred inflation measure. That is down from 2.6 percent the previous month and the lowest since February 2021, when inflation was just starting to accelerate.
At the same time, the unemployment rate has risen by nearly a half-percentage point this year to a still-low 4.1 percent and hiring has slowed.
with the rest of the world, taking a veiled jab at Trump’s “America First” mantra that caused major angst among US allies, particularly in Europe, Japan and South Korea, in his first term.
“If you listen to our fellow citizens, they actually want the United States to be engaged in the world,” Blinken said. “They strongly prefer that the United States not engage the world alone. They know the benefits in partnerships, in alliances, and again, that’s a constant. And I think that remains no matter what.”
And, he said that conversely, much of the world wants the US to play a major role in international affairs.
“Most countries actually want us engaged,” he said. “They want our leadership, they want our partnership, and that’s a very positive signal that resonates back in the
United States. So look, I really do understand the focus on this, but I’m also very confident that at the end of the day, most Americans see the benefits of our engagement around the world.”
Yet unease was palpable at several of Blinken’s stops, even if the officials voicing it avoided direct mentions of the US election.
“We are at an historic turning point,” Japanese Foreign Minister Yoko Kamikawa told Blinken and Austin on Sunday in Tokyo. “Developments that shake the very foundation of free and open international order based on rule of law are continuing. Thus, decisions taken by us today will determine our future.”
“As for the US situation, we are watching with keen interest,” she said. “But in any case, in order to completely and thoroughly defend the international order, Japan and the US…should continue to enhance our deterrence power.”
Blinken—who with Austin was in Tokyo to announce an upgrade in US-Japan military ties, something that Trump had wanted to curtail while in office—tried to downplay such concerns.
“I think it’s fair to say that we are confronted by in some ways unprecedented challenges, but we also have an alliance that is more than ready to tackle them,” he said. He noted that the US and Japan have a solid alliance that has remained solid and gotten stronger because of shared interest. Because of that interest, “I know (the alliance) will be sustained irrespective of the outcome of the elections in either of our countries,” Blinken said.
Austin agreed, saying in both
Tokyo and Manila that there is strong bipartisanship support in the US for both alliances. “Anytime you see that level of bipartisan support in our government, you can expect that things will continue to improve and strengthen no matter who’s in charge,” he said.
Still, the questions persisted. Back in Singapore, Blinken demurred when asked who would win in November and how it would affect US foreign policy. “One of the benefits of my job is that I don’t do politics,” he said, reverting to his stock answer.
“Predicting an election in our country is something I wouldn’t hazard to do,” he said. “Our elections have been very, very close, and I expect this next election is likely to be the same, just looking at it as an American citizen.”
Instead, he said he was focused on the last six months of the Biden administration and particularly what it could do to support Ukraine and try to forge a cease-fire in the Israel-Hamas conflict.
“What I’m focused on and what President Biden is focused on, really are the next six months between now and when the next president takes office in making sure that we’re doing everything we can on all of these fronts to try to advance peace, to try to advance security, to try to advance not only our own interests but the interests of so many of our friends and partners,” Blinken said.
“We’re doing that, again, irrespective of an election in our country. We’re doing that because that’s our responsibility in this moment, and as long as we have that responsibility, we’ll continue to do our best to get to the right place.”
Myanmar’s military regime extends state of emergency by 6 months as war rages
BANGKOK—The military regime that seized power in Myanmar 3 1/2 years ago extended a state of emergency in the civil war-wracked country for another six months, saying Wednesday it needs time to prepare for long-promised elections.
The state of emergency was initially declared when troops ousted the elected government of Aung San Suu Kyi on Feb. 1, 2021, arresting her and members of her National League for Democracy party.
The emergency decree empowers the military to assume all government functions, giving the head of the ruling military council, Senior Gen. Min Aung Hlaing, legislative, judicial and executive powers.
At the moment, the military regime is facing its greatest challenge since taking power. Powerful ethnic minority militias and people’s defense forces that support Myanmar’s main opposition have taken wide swaths of territory in fierce fighting in recent months.
The military is now estimated to control less than half the country, but is holding on tenaciously to much of central Myanmar, including the capital, Naypyidaw, which was recently targeted by small rocket attacks and two bombings.
The United States criticized the state of emergency and called on the military regime to end the violence against Myanmar’s people and to allow humanitarian access into the country.
“The Burma military regime’s extension of the state of emergency is at odds with the aspirations of the people of Burma, including their continued strong opposition to military rule,” US State Department spokesperson Matthew Miller said, using Myanmar’s former name. “We call on the regime to engage with all stakeholders
to pursue a path toward a peaceful, representative, and democratic future.”
The statement issued Wednesday said the Myanmar military’s actions have only prolonged the crisis that has displaced more than 3 million people within the country and sent thousands more seeking protection in neighboring countries.
The extension of the state of emergency was granted by the National Defense and Security Council, after Ming Aung Hlaing argued more time was needed to restore stability to the country and carry out a census in preparations for national elections, state-run MRTV reported.
The plan for a general election is widely seen as an attempt to normalize the military’s seizure of power through the ballot box and to deliver a result that ensures the generals retain control.
Critics have already said the militaryplanned elections will be neither free nor fair because there is no free media and most of the leaders of Suu Kyi’s National League for Democracy party have been arrested.
Under the country’s 2008 constitution, drafted by the army, the military can rule the country under a state of emergency for one year, followed by two possible sixmonth extensions before holding elections.
Wednesday’s extension, however, was the regime’s sixth, and was again rubberstamped by the NDSC, which is nominally a constitutional administrative government body, but in practice is controlled by the military. It did not announce the details behind its decision.
Additionally, such extensions are supposed to be endorsed by the country’s president, but on July 22, acting President Myint Swe authorized Min Aung Hlaing to carry out the presidential duties with the NDSC while he is on medical leave.
The military originally announced elections would be held in August 2023, but has regularly pushed back the date and has recently said they would take place sometime in 2025.
Under the country’s constitution, for an election to be held the military has to transfer government functions to the president at least six months before the polls.
The 2021 military takeover was met with widespread nonviolent protests. But after peaceful demonstrations were put down with lethal force, many opponents of military rule took up arms, and large parts of the country are now embroiled in conflict. The fiercest fighting recently has been in the northeast, where the ethnic militias from an alliance group claimed last week to have seized Lashio, which houses the major regional military headquarters, and Mogok, the center of the country’s lucrative gem-mining industry.
Reports suggest that regime troops continue to hold the regional headquarters but could be forced from Lashio soon. In Lashio, the main prison gate was reportedly opened over the weekend and more than 200 political prisoners, including Tun Tun Hein, a former deputy speaker of the lower house of Myanmar’s parliament and senior member of Suu Kyi’s National League for Democracy party, were released.
Maung Maung Swe, a member of Myanmar’s main opposition group, the National Unity Government—whose leadership operates largely from outside the country—told The Associated Press that its forces in Myanmar were providing care for the released political prisoners. David Rising contributed to this story.
Iran supreme leader prays over coffin of Hamas leader Haniyeh, whose killing risks a wider war
By Abby Sewell The Associated Press
BEIRUT—Iran’s supreme leader and representatives of Palestinian militias he backs prayed Thursday over the coffins of Hamas leader Ismail Haniyeh and his bodyguard who were killed in a shocking assassination blamed on Israel that risked escalating into an all-out regional war.
under investigation but haven’t provided details.
Israel had pledged to kill Haniyeh and other Hamas leaders over the group’s October 7 attack on southern Israel that sparked the war in Gaza. The strike came just hours after Israel targeted a top commander in Iran’s ally Hezbollah in the Lebanese capital Beirut.
Iran supports Hamas, as well as Hezbollah and other Palestinian militant groups fighting Israel in Gaza.
US Secretary of State Antony Blinken said “all parties” in the Middle East must avoid escalatory actions that could plunge the region into further conflict.
Israel, Iran or Hamas by name in his comments.
Bitter regional rivals, Israel and Iran risked plunging into war earlier this year when Israel hit Iran’s embassy in Damascus in April. Iran retaliated, and Israel countered in an unprecedented exchange of strikes on each other’s soil, but international efforts succeeded in containing that cycle before it spun out of control. During Pezeshkian’s inauguration ceremony, in his speech, he spoke in support of Palestinians, saying “Iran demands a world where no Palestinian child’s dreams are buried under the rubble of their home.”
Ayatollah Ali Khamenei prayed over Haniyeh’s coffin at Tehran University while Iran’s new President Masoud Pezeshkian stood next to him. State television later showed the coffins placed in a truck and moved on the street toward Azadi Square in Tehran and people throwing flowers at them.
Donald
After the funeral services in Tehran, Haniyeh’s remains are to be transferred to Qatar for burial Friday.
Haniyeh came to Tehran to attend the inauguration of Pezeshkian. Associated Press photos showed the Hamas leader seated alongside leaders from the Palestinian Islamic Jihad militant group and Hezbollah, and Iranian
media showed him and Pezeshkian hugging. Haniyeh had met earlier with Khamenei.
Hours later, he was killed in an airstrike that hit a residence Haniyeh uses in Tehran. Iranian authorities said the attack is
Trump falsely suggests Vice President Kamala Harris misled voters about her race
By Matt Brown & Michelle L. Price
CThe Associated Press
HICAGO—Donald Trump falsely suggested Kamala Harris had misled voters about her race as the former president appeared Wednesday before the National Association of Black Journalists in Chicago in an interview that quickly turned hostile.
The Republican former president wrongly claimed that Harris, the first Black woman and Asian American to serve as vice president, had in the past only promoted her Indian heritage.
“I didn’t know she was Black until a number of years ago when she happened to turn Black and now she wants to be known as Black. So, I don’t know, is she Indian or is she Black?” Trump said while addressing the group’s annual convention.
Harris is the daughter of a Jamaican father and an Indian mother, both immigrants to the US. As an undergraduate, Harris attended Howard University, one of the nation’s most prominent historically Black colleges and universities, where she also pledged the historically Black sorority Alpha Kappa Alpha. As a US senator, Harris was a member of the Congressional Black Caucus, supporting legislation to strengthen voting rights and to reform policing.
Trump has leveled a wide range of criticism at Harris since she replaced President Joe Biden atop the likely Democratic ticket last week. Throughout his political career, the former president has repeatedly questioned the backgrounds of opponents who are racial minorities.
Michael Tyler, the communications director for Harris’ campaign, said in a statement that “the hostility Donald Trump showed on stage today is the same hostility he has shown throughout his life, throughout his term in office, and throughout his campaign for president as he seeks to regain power.”
“Trump lobbed personal attacks and insults at Black journalists the same way he did throughout his presidency—while he failed Black families and left the entire
country digging out of the ditch he left us in,” Tyler said. “Donald Trump has already proven he cannot unite America, so he attempts to divide us.
White House press secretary Karine Jean-Pierre was asked during her briefing with reporters on Wednesday about Trump’s remarks and responded with disbelief, initially murmuring, “Wow.” Jean-Pierre, who is Black, called what Trump said “repulsive” and said, “It’s insulting and no one has any right to tell someone who they are, how they identify.”
Trump has repeatedly attacked his opponents and critics on the basis of race. He rose to prominence in Republican politics by propagating false theories that President Barack Obama, the nation’s first Black president, was not born in the United States. “Birtherism,” as it became known, was just the start of Trump’s history of questioning the credentials and qualifications of Black politicians.
He has denied allegations of racism. And after Biden picked Harris as his running mate four years ago, a Trump campaign spokesperson then pointed to a previous Trump political donation to Harris as proof that he wasn’t racist.
“The president, as a private businessman, donated to candidates across all aisles,” the spokesperson, Katrina Pierson, told reporters. “And I’ll note that Kamala Harris is a Black woman and he donated to her campaign, so I hope we can squash this rac -
ism argument now,” Pierson said.
During this year’s Republican primary, he once referred to former U.N. Ambassador Nikki Haley, the daughter of Indian immigrants, as “Nimbra.”
Later Wednesday, Trump did not repeat his criticism of Harris’ race at a campaign rally in Harrisburg, Pennsylvania, although he called her “phony” and said she has been trying to change her image. He also repeatedly mispronounced her first name.
“If she becomes your president, our country is finished,” Trump charged.
Before he took the stage, Trump’s team displayed what appeared to be years-old news headlines describing Harris as the “first Indian-American senator” on the big screen in the arena.
Trump’s appearance Wednesday at the annual gathering of Black journalists immediately became heated, with the former president sparring with interviewer Rachel Scott of ABC News and accusing her of giving him a “very rude introduction” with a tough first question about his past criticism of Black people and Black journalists, his attack on Black prosecutors who have pursued cases against him and the dinner he had at his Florida club with a white supremacist.
“I think it’s disgraceful,” Trump said. “I came here in good spirit. I love the Black population of this country. I’ve done so much for the Black population of this country.”
Trump continued his attacks on Scott’s network, ABC News, which he has been arguing should not host the next presidential debate, despite his earlier agreement with the Biden campaign. He also several times described her tone and questions as “nasty,” a word he used in the past when describing women, including Hillary Clinton and Meghan the Duchess of Sussex.
The Republican also repeated his false claim that immigrants in the country illegally are “taking Black jobs.” When pushed by Scott on what constituted a “Black job,” Trump responded by saying “a Black job is anybody that has a job,” drawing groans from the room.
At one point, he said, “I have been the best president for the Black population since Abraham Lincoln.”
The audience responded with a mix of boos and some applause.
Scott asked Trump about his pledge to pardon people convicted for their roles in the Jan. 6, 2021, riot at the US Capitol and specifically whether he would pardon those who assaulted police officers.
Trump said, “Oh, absolutely I would,” and said, “If they’re innocent, I would pardon them.”
Scott pointed out they have been convicted and therefore are not innocent.
“Well, they were convicted by a very, very tough system,” he said.
At one point, when he was defending his supporters who entered the Capitol on Jan. 6, he said, “Nothing is perfect in life.”
He compared the 2021 insurrection to the protests in Minneapolis and other cities in 2020 following the death of George Floyd by Minneapolis police and to more recent protests at the Capitol last week by demonstrators opposed to the war in Gaza. Trump falsely claimed that no one was arrested in those other demonstrations and that only his supporters were targeted.
Price reported from New York. Associated Press writers Aaron
and
an in Houston contributed to this report.
Speaking in the Mongolian capital of Ulaaanbataar on Thursday, Blinken appealed for countries to “make the right choices in the days ahead” and said a cease-fire between Israel and Hamas in Gaza was the only way to begin to break the current cycle of violence and suffering. Blinken did not mention
“We are seeking a world where the proud people of Palestine are freed from occupation, oppression and imprisonment and genocide,” Pezeshkian said.
The Associated Press writers Matthew Lee in Singapore and Amir Vahdat in Tehran, Iran, contributed to this report.
Kamala Harris calls Donald Trump’s false claims about race ‘the same old show’ of divisiveness and disrespect
By Chris Megerian The Associated Press
WASHINGTON—Vice
President
Kamala Harris said Wednesday that former President Donald Trump’s false assertions about her race were the “same old show” as she emphasized the need for Black women to organize for his defeat this November.
Addressing the Sigma Gamma Rho Sorority Inc.—one of “Divine Nine” historically Black fraternities and sororities—in Houston, Harris told the crowd, “When I look out at everyone here, I see family.”
She drew knowing chuckles from the audience as she mentioned Trump’s comments earlier in the day at the annual meeting of the National Association of Black Journalists.
Trump said Harris, the first Black woman and Asian American to serve as vice president, had in the past promoted only her Indian heritage.
“I didn’t know she was Black until a number of years ago when she happened to turn Black and now she wants to be known as Black. So, I don’t know, is she Indian or is she Black?” Trump said while addressing the NABJ in Chicago.
Harris responded briefly during her address to the sorority, saying Trump’s display was “the same old show: the divisiveness and the disrespect.”
She added: “And let me just say, the American people deserve better. The American people deserve better.”
“Our differences do not divide us, they are an essential source of our strength,” Harris said.
Referencing the combative tone of Trump’s interview at the NABJ convention, she said, “The American people deserve a leader who tells the truth, a leader who does not respond with hostility and anger when confronted with the facts.”
Harris is the daughter of a Jamaican father and an Indian mother, both immigrants to the US. As an undergraduate, Harris attended Howard University,
one of the nation’s most prominent historically Black colleges and universities, where she also pledged the historically Black sorority Alpha Kappa Alpha. As a US senator, Harris was a member of the Congressional Black Caucus.
Speaking to Sigma Gamma Rho members, Harris said, “Our nation is counting on you” to register people to vote and ensure they go to the polls. “When we organize, mountains move,” she said.
Black Greek life is often seen as a lifelong involvement, leading many members to return to regular gatherings—or “boulés” in the organizations’ phrasing— that gather tens of thousands of members each. Harris has attended three such events in the last month, including the boulé for her own sorority, Alpha Kappa Alpha.
The Divine Nine organizations, which are officially apolitical, emphasize public service as a mission and have deep networks in politics, business and media.
June Penny, 66, of Georgia, an attendee at Harris’ speech in Houston, said Trump’s comments about Harris’ race reminded her of how he tried to discredit then-President Barack Obama.
“I’m not surprised he would try to find something like that,” Penny said.
She said Trump’s views don’t reflect the reality of race in the country, noting, “I have biracial grandchildren”—her son-in-law is white—“and the world views them as black.” More than 30 members of Congress are affiliated with a Black Greek letter organization. Close advisers to President Joe Biden, including Stephen Benjamin, Cedric Richmond and Keisha Lance Bottoms, are members of Divine Nine organizations. Harris has welcomed such connections to staff her operation and build her own network in Washington.
The Associated Press writer Matt Brown in Chicago contributed.
Where did the billions for flood control go?
THE recent deluge that submerged Metro Manila and other parts of the country has laid bare the government’s abject failure in addressing a perennial problem: flooding. Despite billions of pesos allocated annually for flood control projects, the situation seems to worsen with each passing typhoon. This is a crisis of epic proportions, demanding a thorough and uncompromising investigation into the misuse, if not outright theft, of public funds.
The Senate’s decision to probe the matter is a step in the right direction. But this should not be a mere exercise in grandstanding. It must result in concrete actions, including the filing of criminal charges against those found culpable. If indeed, as some critics allege, roughly P1 billion a day is being spent on flood control, the public has a right to know where this money is going. (Read the BusinessMirror story: Senate panel opens hearings on flood control, July 31, 2024). The DPWH’s claim that only 30 percent of the Aquino administration’s flood management master plan has been implemented is a damning indictment of the agency’s incompetence. This is not the time for excuses. The public is demanding results, not explanations. The agency must be held accountable for the billions of pesos it has received over the years.
The DPWH’s failure to implement the flood management master plan is a clear indication of its priorities. Could it be more concerned with lining its pockets than with protecting the public? If so, this is a criminal offense, and those responsible must be brought to justice.
The DPWH’s incompetence is not the only problem. The agency is also plagued by corruption. It is estimated that billions of pesos are lost to corruption each year. This money could be used to fund muchneeded flood control projects. The government must take drastic measures to address the corruption problem at the DPWH
and other agencies. This includes conducting a thorough investigation of the agency, and prosecuting those found guilty of corruption.
The DPWH is not the only agency that is responsible for the flood crisis. The MMDA, the Department of Environment and Natural Resources, and the Department of the Interior and Local Government all have a role to play. These agencies must work together to develop a comprehensive flood management plan. This plan must include measures to prevent flooding, mitigate the effects of flooding, and respond to flooding emergencies.
The MMDA, too, must be subjected to rigorous scrutiny. Its role in flood management is crucial, and its performance has been far from satisfactory. The agency must be able to explain how it has utilized its flood control budget. It is high time for the government to prioritize flood control. This is not just about infrastructure; it is about the lives and livelihoods of millions of Filipinos. The government must invest in sustainable solutions, including proper waste management, reforestation, and the construction of resilient infrastructure.
But most importantly, it must be transparent and accountable in the use of public funds. The people deserve to know where their money is going. And those who have misused it must be punished to the full extent of the law. The flood crisis is a national emergency. It demands a wholeof-government response. And it demands accountability.
B. Resurreccion, Dennis D. Estopace Angel R. Calso
Ruben M. Cruz Jr.
Eduardo A. Davad Nonilon G. Reyes
D. Edgard A. Cabangon Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan
THE UNCONSTITUTIONAL AND DISCRIMINATORY EXECUTION BOND PROVISION REINSERTED IN THE MAGNA CARTA OF FILIPINO SEAFARERS
THE contentious provision on the execution bond was reinserted in the latest version of the Magna Carta of Filipino Seafarers despite issues on constitutionality and discrimination.
“This is clearly discriminatory if not unjust to our seafarers who file monetary claims because of financial distress. Let us all be reminded that the Magna Carta of Filipino Seafarers is meant to protect the seafarers,” according to Senate Minority Leader Aquilino “Koko” Pimentel III.
Pimentel said that Section 59 on the Execution of Judgment and Monetary Awards seeks to treat foreign employers of Filipino seafarers more favorably than our law treats local employers of Filipino workers.
The House of Representatives approved on March 6, 2023 its version (House Bill 7325) with 304 affirmative votes against four negative votes. The Senate approved Senate Bill 2221 on second and third reading on September 27, 2023 with 14 affirmative votes, no negative vote, and no abstention.
The bicameral conference committee had already convened thrice and produced harmonized bill three
times, which Pimentel described as “not the usual procedure. This is a very unusual and strange procedure.”
The Magna Carta was not signed into law by President Ferdinand Marcos Jr. on February 26, 2024 and was later withdrawn by the House of Representatives for review on some contentious issues, including provisions on disability claims.
The debate on disability claims centered on the proposed provision that aimed to amend the Labor Code w ill have adverse significant impact on the “immediately final and executory” nature of decisions issued by the National Labor Relations Commission (NLRC) and the National Conciliation and Mediation Board (NCMB).
Under Section 59, the seafarer may move for the execution of the monetary award pending appeal upon posting of a sufficient bond for the disputed portion of the award.
And if the seafarer ultimately prevails in the case, he will be reimbursed with the cost of putting up the bond. The House version contains the controversial escrow/execution bond provision while these were omitted in the Senate version.
The bicameral committee in the first report omitted the escrow but allowed an equally anti-labor and unconstitutional provision on execution bond. The whole provision was deleted in the second report but was reinserted in the third report.
Sweepingly linked with ambulance chasing, proponents stressed that such move is necessary to ensure t he restitution of monetary awards in case the appropriate appellate court annuls or partially or totally reverses the monetary judgment award.
The painful truth is this bill does not give Filipino seafarers any additional rights or benefits that they do not already enjoy by way of international agreements.
On the contrary, this particular insertion even takes away a benefit that they already now enjoy,” Pimentel said, adding that the insertion seeks to treat Filipino seafarers less favorably than other Filipino workers.
Senate Deputy Minority Leader Risa Hontiveros has been consistently opposing the contentious execution provisions.
Hontiveros pointed out that the requirement for an
execution bond violates the constitutional guarantee on equal protection, which means that all persons or things similarly situated should be treated alike, both as to rights conferred and responsibilities imposed.
It will partake of the nature of class legislation because it singles out seafarer claims from other labor c laims, both local and overseas. It is discriminatory against seafarers, as there is no substantial distinction between the claims of a seafarer and any other laborer.
The proponents of the execution bond erroneously presumed that the seafarer is in the same economic footing as the employer.
A seafarer seeks payment of monetary benefits because of the fact that he is in financial distress due to h is medical condition.
Many are jobless, sick, disabled and infirm who incur huge debts to sustain their medication while others die before the decision by the Supreme Court is released. Instead of saving his earnings for his medication, he will be forced to redirect them to the execution bond, jeopardizing further his economic well-being.
Senator Joel Villanueva said: “I’d like to also put on record and caution a warning because somehow we are now treating differently and unfairly the other types of workers who are not sea-based.”
Hontiveros also echoed Pimentel’s and Villanueva’s warning on using the Agarang Kalinga at Saklolo para sa mga OFW na Nangangailangan (AKSYON) Fund of the Department of Migrant Workers as source of the bond, adding that public funds should not be used to help shipowners and manning agencies by posting a bond.
Hontiveros stressed that the Magna Carta should be the translation into reality of late Philippine President Ramon Magsaysay’s wisdom: “He who has less in l ife should have more in law” as far as the constitutional social justice principle is concerned.
Seafarers will be “penalized” that will downplay their rights guaranteed by the constitution instead of protecting their rights and promoting their welfare,” Hontiveros said.
Atty. Dennis R. Gorecho heads the Seafarers’ Division of the Sapalo Velez Bundang Bulilan Law Offices. For comments, e-mail info@ sapalovelez.com, or call 09175025808 or 09088665786.
BRIDGING THE GAP: ENHANCING COLLEGE GRADUATION RATES, EDUCATIONAL EQUITY, AND EMPLOYMENT OPPORTUNITIES IN THE PHILIPPINES
ACCORDING to Amartya Sen, education not only helps in building human capital but also enhances human capabilities. Education imparts skills and knowledge that are essential to various professions, which would lead to higher wages and better job opportunities.
an advantage in securing a stable, well-paying job. Based on data from the January 2023 Labor Force Survey, the average basic daily pay of a college graduate employee is P911.43, while the average basic daily pay for undergraduates is P420.66. Based on the Blinders-Oaxaca decomposition, the P490.77 difference is statistically significant.
Data from the January 2023 Labor Force Survey show that in terms of educational background of the employed persons, only 28.63% of employed persons (46,814,243) finished college and 71.37% (116,689,589) did not finish college. This implies that most of the workers in the Philippines earn about P420.66 per day. Potentially, 71.37% could have earned more if only they had finished college.
So, why do most Filipinos not hold a college degree despite knowing that a college degree can give them better job opportunities? The answer may boil down to the current state of the education system in our country.
The Second Congressional Commission on Education (EDCOM 2) has released its findings in its first year of implementation on January 23, 2024. Their report entitled “Miseducation: The Failed System of Philippine Education” presented these key findings. In this article, I want to highlight their findings in the higher education, for we might see answers to our question on why college degree is elusive to most Filipinos. Findings of EDCOM 2 show that more students are enrolling in higher education, especially in public institutions, but sadly, many are dropping out before finishing their degrees. The Philippines has a higher gross enrollment rate in tertiary education (34.89%) than the average for lower-middle-income countries (25.92%), but it falls below its Asean counterparts. Despite growing enrollment, particularly in state university campuses, attrition rates have more than doubled from 20% in 2019 to 41% in 2020, while
school enrollment is at its
Data from the January 2023 Labor Force Survey show that in terms of educational background of the employed persons, only 28.63% of employed persons (46,814,243) finished college and 71.37% (116,689,589) did not finish college. This implies that most of the workers in the Philippines earn about P420.66 per day. Potentially, 71.37% could have earned more if only they had finished college.
US weighs restrictions on China’s access to AI memory chips
By Mackenzie Hawkins
THE US is considering unilateral restrictions on China’s access to AI memory chips and equipment capable of making those semiconductors as soon as next month, a move that would further escalate the tech rivalry between the world’s biggest economies.
The measure is designed to keep Micron Technology Inc. and South Korea’s leading memory chipmakers SK Hynix Inc. and Samsung Electronics Co. from supplying Chinese firms with so-called high-bandwidth memory, or HBM, chips, according to people familiar with the matter, who emphasized that no final decision has been made. The three firms dominate the global HBM market.
The Biden administration is working on several restrictions aimed at keeping vital technology out of the hands of Chinese manufacturers, including limits on sales of chipmaking equipment. This rule would deliver a new set of constraints against memory chips for artificial intelligence, the latest arena of US-China competition.
If enacted, the measure would capture HBM2 and more advanced chips including HBM3 and HBM3E, the most cutting-edge AI memory chips being produced right now, the people said, as well as the tools required to make them.
HBM chips are required to run AI accelerators like those offered by Nvidia Corp. and Advanced Micro Devices Inc. Micron would largely be unaffected as the Boise, Idaho-based chipmaker has refrained from selling its HBM products to China after Beijing banned its memory chips from critical infrastructure in 2023, the people said. They spoke on condition of anonymity to discuss sensitive government information.
It’s unclear what authority the US would use to restrict the South Korean firms, the people said. One possibility is the foreign direct product rule, or FDPR, which lets Washington impose controls on foreign-made products that use even the tiniest amount of American technology.
Both SK Hynix and Samsung rely on US chip design software and equipment from the likes of Cadence Design Systems Inc. and Applied Materials Inc. Through a spokesperson, the Commerce Department said in a statement that it’s “continually assessing the evolving threat environment and updating our export controls, as necessary, to protect US national security and safeguard our technological ecosystem. We remain committed to working closely with our allies who share our values.” Micron, Samsung and SK Hynix representatives declined to comment.
The new restrictions are likely to be unveiled as soon as late August as part of a broader package that also includes sanctions against more than 120 Chinese firms and fresh limits on various types of chip equipment, with carve-outs for key allies including Japan, the Netherlands and South Korea, the people said. That means the equipment measures would primarily target US companies.
President Joe Biden’s administration has already asked Seoul to rein in exports of chip technology to China, with a focus on manufacturing equipment, and adopt controls similar to those the US has already implemented, Bloomberg News has reported.
Separately, the US has been pressuring Japan and the Netherlands—home to two of the most important semiconductor equipment companies—to stop those firms from servicing restricted gear that’s already in China, as reported earlier by Bloomberg.
While the new measures would curb direct sales of HBM chips to Chinese companies, it’s unclear whether high-end memory chips bundled together with AI accelerators would be allowed for sale in the Asian nation. Samsung is now supplying HBM3 for Nvidia’s H20 chips, a less powerful AI accelerator that has been cleared for Chinese firms, Bloomberg News has reported.
As part of its comprehensive HBM-related curbs in the same export control package, the US plans to lower the threshold for what qualifies as advanced dynamic random access memory, or DRAM. A single HBM chip contains several DRAM dies.
“SK Hynix’s revenue of high bandwidth memory (HBM) chips could have a very limited impact from potential export restrictions by US government.
SK Hynix’s HBM are mostly used with Nvidia’s most high-end GPUs, which are already restricted to be exported to China. Samsung may also have a limited impact, as its HBM sales are still too small to affect overall sales,” said Masahiro Wakasugi, Bloomberg’s senior industry analyst.
New restrictions on HBM equipment and DRAM aim to deter leading Chinese memory chipmaker ChangXin Memory Technologies Inc. from advancing its technology, according to some of the people. CXMT is now capable of making HBM2, which first became commercially available in 2016.
Biden administration officials also plan to create a list of the critical components that China needs to keep producing semiconductors. They’re also eyeing what’s called a zero de-minimis rule, an even tighter standard for FDR under which any products containing US technology would be subject to potential restrictions. A large group of US allies will be exempted from that measure, include Japan and the Netherlands.
Huawei Technologies Co. is now offering its Ascend AI chips as an alternative to products from Nvidia and AMD just as Beijing seeks to bolster self-sufficiency in critical technologies in response to tighter US restrictions. However, it is unclear who supplies Huawei with the HBMs that are bundled with its Ascend chips. With assistance from Ian King and Yoolim Lee/Bloomberg
Spiriting away the Olympics
TO the Spanish novelist Carlos Ruiz Zapòn, author of The Shadow of the Wind, “Paris is the only city in the world where starving oneself is still considered art.”
When at last the summer Olympics for 2024 returned to Paris, to France, we were by default in awe. This was, remember, the city that was the origin of countless art movements. But where arts create, Paris arts also include those that negate communication, celebrating not even the discourse but the absence of one.
Could we ever be ready for an opening ceremony befitting the histories and cultures of Paris?
W hen at last the day arrived, no one was ready for the flood of people going home. As early as a few minutes into the program, they knew how the celebration would not be taking place on the central stage or even by way of parading athletes entering the mammoth stadium. The demigods and demigoddesses (Olympus remains binary) were going to be ferried by boats of different sizes on the River Seine. And as each contingent passed by, there were only the people on either side of the riverbanks who could see them. But even that was not the complete treat, for at each juncture, there were performances happening at some spots. The TV monitor was the only solution to the problem.
The media reported the movement of people opting to leave t heir observation posts to head somewhere where the coverage was clear and sound. Or, if there was a chance, to go home and there in the comfort of their dwelling, follow the documentation of the opening. So much for candor and raw footage; we aim to see anything and all. Mediated by social media.
But something was becoming ob -
vious in the proceedings: there were images being flashed on screen, actions being performed that needed a rticulation. This was not going to be the usual calisthenics, circus energy and First-World lighting and sound design. What was unfolding before was academic, with references so obscure unless you were a st udent of European history.
The pressure was on: we needed to be French, or, at least be Frenchy. Can anyone provide some footnotes please?
But not all were intellectual and intellectualized. There was Lady Gaga on the steps. And there was the masked man running around and all over. Was it the same man from the start or was cinema and its ability to breach time and space now an active participant in this splendor? Phantom of the Opera meets Victor Hugo meets Godard. I wonder if being there in any of the glorious spots was as fulfilling as watching the entire proceedings via live television?
Suddenly, it’s Celine Dion, imploding with her version of “Hymne a L’amour” or “Song to Love.” It’s a common song but sung with the Olympics as a context it had taken on a new meaning. What is its place in the world of sports? We can— by citation—go back to its origin. Edith Piaf composed it, as the story goes, to honor her love for the boxer Marcel Cerdan, who died in a plane crash. That much connection to sports we can deduce. We salute the Canadian singer with her high notes but it’s nice, as in nice, to look back to the recording of the same song by Piaf and marvel at how the chanteuse made it sound so easy to
hear and feel. When all the songs were sung and all the balloons flew, there was a moment of reckoning: the tableau vivant of what would turn out—by again footnotes and citations—to be the most controversial aspect of the closing ceremony. The Christians, or a huge sector of these denominations, were said to be up in arms against the organizers for mocking the Last Supper of the Lord Jesus Christ. The French Bishops’ Conference no less, stated how the tableau was a “mockery and derision of Christianity.” The explanation was that t he depiction came very close to the Last Supper, the 15th-century mural of the High Italian tradition painted by Da Vinci. Bishops a nd Catholic leaders joined in the condemnation of the presentation. Then came the explanation from Thomas Jolly, the artistic director of the opening ceremony. The name of Dionysus entered the picture; Bacchanalia was soon referenced. Jolly went a significant step further than the explanation by offering an apology. All these were lost in our national debate. Once the explanation
Angelina Jolie’s weapons
guidelines. This move implies a misalignment with the subsidy program’s intended purpose.
As a result, EDCOM II proposes a special provision in the Fiscal Year 2024 General Appropriations Act to improve targeting and address the issue of equitable access. Lastly, the budget for LUCs increased by 217% between 2018 and 2022. Regional disparities are significant, with the NCR experiencing the highest enrollment growth (530%). Between 2018 and 2023, the budget for the Free Higher Education Program increased significantly from 40.02% to 55.15%, whereas the budget for the Tertiary Education Program increased just slightly from 39.84% to 44.40%. In a nutshell, the combination of high attrition rates, economic challenges, unequal access to subsidies, quality and support difficulties, regional inequities, and policy implementation deficiencies outlined by EDCOM 2 all contribute to Filipinos’ poor college graduation rates. Some crucial steps are necessary to address the low college graduation rates in the Philippines. To guarantee that aid reaches the poorest students, it is important to strengthen the
targeting of education subsidies through better allocation processes and ongoing evaluations. Students’ financial burdens will be lessened by increasing financial aid programs and providing flexible payment choices. Enhancing academic support services like counseling and tutoring can increase student achievement and retention.
Raising standards in teaching and learning can also be achieved by making investments in faculty development and educational infrastructure. To guarantee that underprivileged areas will receive sufficient support, it is imperative to address regional inequities through specific regional programs and equitable resource distribution. Reforms in policy and implementation should improve openness, involve stakeholders in decision-making, and be in line with educational objectives. Although increased college graduation rates do not necessarily translate directly to jobs, this gives a person greater opportunities for personal development, higher earning potential, and a stronger foundation for career advancement.
Mr.
FOR someone who has advocated for children’s rights, education, and child immigration as United Nations High Commissioner for Refugees (UNHCR) ambassador, Angelina Jolie would seemingly prioritize her children’s mental and physical welfare over her personal bitterness.
But all indications are that she doesn’t. A mother who truly wants the best for her children would encourage them to have a healthy relationship with their father, warts and all. Fathers play a crucial role in child development that mothers cannot fulfill, even if you are someone as famous as Angelina Jolie.
When Jolie divorced Brad Pitt in 2016 after a 12-year relationship, she gained primary custody of their children. Pitt had visitation rights. That’s a lot of leverage for Jolie, whom everyone thought would try to instill in her children the values of love, respect, justice and equality—the same intangibles she champions in her humanitarian work.
Instead, the world witnessed some of their children develop into one angry army against
their father.
Two of their children, Zahara and Shiloh, dropped Pitt’s surname. Pax Thien (the couple’s third adopted child) posted a scathing Father’s Day message on Instagram a couple of years ago, calling Pitt “a world-class asshole.”
The legal action of Shiloh, the eldest biological child, to drop her father’s surname caught Pitt by surprise. That’s the ultimate display of rejection that a child could do to a father, which made headlines worldwide. Reports said she paid for the legal fees herself. And it didn’t end there. Even Vivienne, a minor, was credited as “Vivienne Jolie” in the production “The Outsiders” last May. Was it the child’s decision, or was she “coached” to carry that name?
One would wonder, what do the children and Jolie discuss at home to foster such contempt for Pitt? While Shiloh is old enough to make her own decisions, the publicity about an otherwise quiet Hollywood child is suspicious.
Parental alienation, described by The Institute of Family Studies as a “process whereby one parent sabotages and even severs a child’s relationship with the other parent,” is all over the Jolie household. Some media outlets have labeled her as a “master manipulator” and that sounds apt.
If Jolie thinks that the vitriol her children express against their father is harmless to the family, she should think again.
What her children do or say reflects her parenting style. Pax’s Father’s Day message to Brad, written when he was just 16, was particularly revealing. It makes one ask, “Where is that outrage coming from?”
“Happy Father’s Day to this world-class a***hole!”
Pax wrote. “You time and time and again prove yourself to be a terrible and despicable person. You have no consideration or empathy toward your four youngest children, who tremble in fear when in your presence. You will never understand the damage you have done to my family because you are incapable of
about the Bacchanalia reached our shores, it was then used to debunk the Catholic churches’ complaint about the supposed mockery. It was a case of how-dumb-you-were versus how-dare-you-subvert our faith. At that point, the painting about the Bacchanalia was being passed around like a chain letter. We all have become Renaissance scholars all over again or is it overnight?
In the meantime, we have not yet won any medals. No surprise. We should not be shocked, after all, we do not invest much really in athletics. Our homes do not have an enabling environment for our children to be religious—a different religion this time—in training. I suppose, like our penchant for improvisation and cinematic miracle, we dream of our athletes becoming like gods of speed and strength, overcoming all obstacles, putting to shame those who have spent their waking hours training “ kasi Pinoy!” In the meantime, we can cheer the athletes who are half-Filipinos even as our countrymen are threatening to brand us pathetic for living in the shadow of inauthentic identity.
Parental alienation, described by The Institute of Family Studies as a “process whereby one parent sabotages and even severs a child’s relationship with the other parent,” is all over the Jolie household. Some media outlets have labeled her as a “master manipulator” and that sounds apt.
doing so.
“You have made the lives of those closest to me a constant hell. You may tell yourself and the world whatever you want, but the truth will come to light someday. So, Happy Father’s Day, you f***ing awful human being!”
Pitt responded with dignified silence.
In a recent court filing, a security company owner, Tony Webb, claimed that Michael Vieira, a staff of Jolie, tried to get his help to discourage two former bodyguards from testifying against Jolie. The guards alleged that Jolie encouraged the children to “avoid” their father during visits. How tragic.
There it is, the saintly Angelina Jolie—who wants to fix the problems of the world’s children, especially in war-torn countries—is using her children as weapons in her war against Pitt. Her actions are damaging not only her public image but also the whole family.
Whatever Angelina is coaching her children to do is not winning her points in the court of public opinion. According to the institute, “a child’s long-term adjustment depends on having a good relationship with both parents, not just one.” Jolie should start thinking about the longterm effects parental alienation will have on her kids—because they deserve better.
It would also be worthwhile for her to learn a thing or two from Jennifer Aniston, the woman from whom Brad was stolen—it’s the art of moving on and up and forward after divorce.
‘Renewed’ employment rise seen amid tepid July PMI
By Andrea E. San Juan @andreasanjuan
WHILE the indicator of manufacturing performance showed the Philippine manufacturing sector posted a fourmonth low in July this year, a “renewed” rise in employment was seen for the first time in three months, according to S&P Global.
“The headline S&P Global Philippines Manufacturing [Purchasing Managers Index] PMI—a c omposite single-figure indicator of manufacturing performance— posted a 51.2 in July, broadly in line with the 51.3 reading for June,” S&P Global said.
According to S&P Global, PMI data for the opening month of the second half of the year signaled “modest growth” across the Filipino manufacturing sector. It noted that expansions were noted for both new orders and output, which supported firms to continue raising their purchasing activity as well as increasing their payroll numbers for the first time in three months.
Inventory accumulation was also recorded as firms remained “keen” to build their stocks to meet increased demand requirements, S&P G lobal also noted.
“The second half of the year started modestly, with the Filipino manufacturing sector signalling further upticks in output and new orders. Though in both cases, the rates of increase were weaker than their respective long-run averages, thereby indicating relatively subdued growth across the sector,” M aryam Baluch, e c onomist at S&P Global Market Intelligence said. Nonetheless, Baluch said a “historically muted inflationary environment,” as indicated by the PMI p rice gauges, could open the door
Biz groups thank Pascual, hope new DTI chief will still focus on MSMEs
BUSIN e S S groups have thrown their support for outgoing Trade and Industry Secretary Alfredo e . P ascual, lauding his efforts on micro, small and medium enterprises (MSM e s), spurring job generation in the IT-BPM industry and “removing barriers” to trade and investment, among others.
Meanwhile, some industry groups cited the qualities that they think Pascual’s successor should possess, as well as particular issues to focus on with respect to Trade and Industry.
In a statement, Philippine Chamber of Commerce and Industry (PCCI) President enunina V. Mangio said, “We have high respect for Sec. Pascual for his dedication and hard work in promoting MSM e s to the core.” Mangio said PCCI and DTI have “closely been working” on initiatives such as MSM e resilience program, educating MSM e s o n the importance of intellectual property rights, and investment promotion through inbound and outbound missions as well as trade education and advocacy campaign on the various free trade agreements (FTAs), among others.
The American Chamber of Commerce of the Philippines (AmCham) also expressed gratitude.
“We thank him for his service to promote economic growth in the country, and particularly his focus on supporting micro, small and medium enterprises,” AmCham said in a statement on Thursday.
Trade and investment
The German-Philippine Chamber of Commerce and Industry (GPCCI) noted that Pascual’s “dedication” to advancing trade relations was evident in his efforts to resume the negotiations for a Free Trade Agreement (FTA) between the 27-member bloc e u ropean Union ( e U ) and the Philippines.
“ h i s strategic initiatives received strong support from e u ropean business chambers and groups, reflect -
ing his commitment to creating a conducive environment for international trade,” the GPCCI said in a statement on Thursday.
The official representation of of German businesses in the Philippines said under Pascual’s leadership, Germany emerged as the top source of foreign investments for the Philippines in 2023, contributing P393.28 billion.
GPCCI said this not only signifies the “growing confidence” of German investors in the Philippine market but also highlights the outgoing Trade chief’s “effective” economic strategies.
As to outbound missions, the GPCCI said in March 2024, Pascual facilitated the Presidential visit of President Ferdinand Marcos Jr. to Berlin, which it noted marks the “first visit by a Philippine president to Germany in over a decade.”
This, GPCCI noted, “further solidified the strong ties between the two countries and opened new avenues for collaboration.”
Meanwhile, the foreign business group said German firms in the Philippines in various sectors such as Industry 4.0, the IT and Business Process Management (IT-BPM), Renewable e n ergy, Automotive, e l ectronics, Aviation, h e althcare, and Vocational e d ucation/Training, have received the outgoing Trade chief’s “unwavering support.”
Another key accomplishment it noted: Pascual’s participation in the second meeting of the Joint e conomic Commission, which it said “underscored the shared commitment to addressing key economic issues,enhancing trade relations, and fostering investment opportunities.”
h i s role in this exchange has been instrumental in identifying and removing barriers to trade and investment, creating a more favorable business environment for both Filipino and German companies,” said the GPCCI.
to policy rate cuts.
e a sing financial conditions should help solidify and strengthen growth in the coming months,” she also noted.
S&P Global also noted that longer supplier delivery times could h ave prompted the weakest pace in the increase of production activity since March.
“The incidence of delay was the most pronounced since February as port congestion hampered the timely delivery of inputs,” it noted.
Still, demand trends continued to improve across the manufacturing sector as new orders rose a t a “rate faster than June’s fivemonth low.”
A “sustained” rise in production requirements supported firms’ decisions to raise their purchasing a ctivity further in July.
“Though the rate of growth softened since the preceding survey p eriod, it was solid overall,” S&P Global said.
It also noted that firms remained keen to expand their holdings of finished goods and purchased items.
“ Both pre-and-post-production inventories were accumulated at rates stronger than their respective
long-run averages,” S&P Global said.
With this, despite backlogs falling for the thirteenth successive m onth in July, S&P Global noted that Filipino goods producers were spurred by the “stronger uptick in new orders and raised their staffing levels.”
July data marked the first month of growth in employment since April, albeit only modest overall,” it said.
B aluch said sustained expansion in purchasing activity and the renewed uptick in workforce numbers i ndicate that goods producers are “likely banking on the strengthening of demand conditions in the co ming months.”
According to S&P Global, manufacturing firms based in the Philippines expect production to increase i n the coming 12 months.
“The Future Output Index, which printed comfortably above the neutral 50.0 mark in July, indicated o ptimism regarding the outlook across the sector,” S&P Global said.
“There was a slight fall in the degree of confidence, however, as some firms remained cautious of the demand environment,” it also noted.
D.A. CHIEF CONFIRMS PLAN TO IMPOSE SSG ON RICE IMPORTS
By Ada Pelonia
The Department of Agriculture (DA) plans to impose special safeguard duties (SSG) on imported rice to shield rice farmers from cheaper imports.
Agriculture Secretary Francisco Tiu Laurel Jr. confirmed during the Senate Committee on Agricultural and Fisheries Modernization hearing on Thursday that the imposition of SSG is part of the department’s plans.
“The SSG is really part of the DA’s plan,” Laurel said, partly in Filipino, while assuring lawmakers that the 15-percent tariff rate levied on rice would undergo a 4-month review as stipulated in e x ecutive Order ( e O) 62.
“The National e con omic and Development Authority [Neda], the industry, and DA will convene. If the tariff needs to be raised, it will be raised,” he said in Filipino. SSG is a trade mechanism that a country can impose on imported products that fall below a so-called trigger price by slapping additional duties in order to protect domestic output against unfair market
price competition. Laurel issued the statement after Federation of Free Farmers (FFF) national manager Raul Montemayor proposed applying safeguard duties when there is a sudden surge in imports.
“[For the] special safeguard, now that we have dropped our tariff to 15 percent, we can only impose an additional 5-percent tariff [...] we can apply that 5 percent additional tariff only until the end of December. It has restrictions,” Montemayor said.
According to the DA chief, if the farmgate price of palay dips at a level that would incur huge losses for farmers, it would trigger the department to impose the safeguard measure.
“[The DA will impose SSG] if the price of palay declines to a point where the farmers could incur a huge loss,” Laurel told the BusinessMirror via SMS.
Philippine Statistics Authority (PSA) data indicated that local traders bought dry unhusked rice at a higher price in June.
Continued on A2
DBM:
By Samuel P. Medenilla @sam_medenilla
The Department of Budget a nd Management (DBM) on Thursday clarified the new medical allowance ordered by President Ferdinand Marcos for government employees will not be a one-time benefit.
DBM Secretary Amenah F. Pangandaman explained the medical allowance will now be getting regular funding in the national budget starting next year.
“It will be annually. The medical allowance will be in cash since will have a similar nature to uni -
form allowance so it will be easier for departments to get their h M O [h e alth Maintenance Organization],” the DBM chief said in a press briefing in Malacañang last Thursday.
Currently, she said only government offices with fiscal autonomy such as the Senate are able to provide medical allowance to their employees.
Last week, DBM announced it will allocate P9.5 billion in the proposed P6.352-trillion proposed 2025 budget for the initial implementation of the medical allowance benefit of public sector employees, particularly for
those working in the e x ecutive department.
Pangandaman said each qualified government worker will receive a P7,000 medical allowance.
Retroactive I N a r elated development, DBM also clarified the first tranche of the new round of wage hike for government employees will be covered this year.
DBM earlier said it has recommended a P70-billion allocation in the 2025 National e x penditure Program (N e P) for the initial implementation of the new four-part salary adjustment.
“The 70 billion [pesos] is for the adjustment of the first tranche and the second tranche for next year. We want to start the first tranche [of the increase] this year,” Pangandaman said. “The four tranches will be until 2027 and as of now, we are perfecting the executive order [for its implementation] and we are hoping for the issuance of the executive order soon,” she added. Both the medical allowance and the new round of salary increase for government workers were announced by President
of the
Editor: Jennifer A. Ng
B1 Friday, August 2, 2024
CP Group pledges to hike investments in PHL agri
By Samuel P. Medenilla @sam_medenilla
Thai conglomerate Charoen Pokphand Group (CP Group) has committed to invest an additional $1.5 billion in the country’s agricultural sector.
President Ferdinand Marcos made the announcement after his meeting with cP Group chairman soopakij “chris” chearavanont last tuesday.
He said the additional investment, which will help the Philippines attain food security, will include a 10,000-hectare “modernized mega farm.”
“I am very pleased with his plans and commitment to expand their business operations here in the Philippines. I extend my best wishes to my friend chris, the cP Group and
their Philippine partners for continued success,” Marcos said in a social media post last wednesday. cP is the largest private company in t hailand, with several affiliates including cPF and the charoen Pokphand Foods Philippine corp. (cPFPc)
t h e President first met with chearavanont at the sidelines of the Asia-Pacific Economic cooperation (APEc) Forum in Bangkok, t hailand in 2022.
Last year, chearavanont had another meeting with the President in
Malacañang. During their talk, cP Group disclosed it will invest $2.5 billion for its four-year Philippine agricultural technology development plan.
t he plan calls for investments in swine ($1.3 billion), poultry ($280 million), shrimp ($800 million), and food ($120 million) from 2023 to 2027.
“It’s nice to see our sporadic meetings in the last two years have been meaningful and productive,” Marcos said. “o nward and forward in prioritizing our nation’s food security.”
cPFPc is considered as the most significant t hai investment in Philippine agriculture. In 2022, a memorandum of agreement was signed by cPF in partnership with the Department of Agriculture and Landbank of the Philippines to support poultry, aquaculture, and hog farming business expansion.
cP ’s operations in Bangkok involve a wide array of businesses such
as agro-industry and food, retail and distribution, telecommunications, e-commerce and digital, pharmaceuticals, finance and investment, automotive and industrial products, and property development.
Last June, cPF’s subsidiary in the country announced that it partnered with tr ueMoney to launch a Dealer Financing Program aimed at improving financial operations to “empower and support long-term plans or expand their partners’ businesses and increase commercial activities.”
t he company said the program will offer its dealers a “unique opportunity” to improve their working capital management capabilities, by providing them credit access on purchasing data.
w i th t r ueMoney acting as the digital financial arm for c P F Philippines, the dealers will be connected to banks and lenders which will give them the benefit of increased purchasing power through credit lines.
ACEN takes full control of RWEI
By Lenie Lectura @llectura
AcEN corp. has taken full control of Real wind Energy Inc. (Rw EI) after it acquired the remaining shares held by Maraj Energy and Development corp. (Maraj) in Rw EI. Rw EI is a special-purpose vehicle for the development of and operation of the 500 megawatts (M w ) of wind energy projects in Real, Quezon. Its wind power project is strategically located close to another AcEN wind project spanning Laguna and
CEB will exceed ’24 passenger goal—exec
ow-cost carrier c e bu Pa-
Lcific (c E B) is confident it will surpass its 24-million passenger target for the year as it anticipates stronger appetite for travel in the coming months. “I do think we would look to surpass the 24 million passenger number for next year, but clearly that’s something we will watch out for. s o right now, officially, our target is 24 million this 2024, but I think we’ll certainly breach that,” said Xander Lao, c E B President and c h ief c o mmercial o ff icer during the launch of c E B’s direct flights from Manila to c h iang Mai in t h ailand.
Last year, c E B recorded 20.87 million passengers. t h is year, it is targeting to fly 24 million passengers. Lao said this is achievable and the airline may even exceed the figure because it has more aircraft that intends to deploy to new routes, new destinations in the fourth quarter.
t h e supply chain issue has gotten even better. we are not experiencing as many aircraft on the ground as we did, I would say maybe 12 to 15 months ago,” added Lao. Lenie Lectura
BPI plans to issue more green bonds
By VG Cabuag @villygc
THE Bank of the Philippine Islands (BPI) said it is considering floating green bonds or other bonds every quarter, which it regards as a cost-effective funding method.
we want to offer this every quarter, if it’s possible, because of the advantage on the reserve side,” said BPI senior Vice President and treasure Dino R. Gasmen.
“ we issued this (Asean Green Bond) to take advantage of the incentive provided by the BsP [Bangko sentral ng Pilipinas]. specifically, if you issue a peso bond that’s EsG paid; the reserve requirement is actually very low.”
Late last month, BPI issued P5 billion in 1.5-year Peso-denominated fixed-rate su stainable, Environmental and Equitable Development Bonds due 2026.
an advantage.”
President Jose
K.
said the bank will issue more green bonds mainly because the market needs it. t here’s high demand. It comes from the wealth side. t hen a lot of demand comes from the branches. It’s what the customers want anyway. we can split the cost with them, so that we can get a better yield, lower cost.” of fering sustainable bonds, he said, is the most cost-efficient funding method.
Quezon.
AcEN said this new acquisition presents opportunities for synergies through the joint use of logistical routes, transmission lines, and substation infrastructure. t he transaction will potentially add 500M w of renewable energy to AcEN’s power generation portfolio, the power arm of conglomerate Ayala corp. said in a disclosure on t hursday.
AcEN earlier acquired 4,000 common shares in Rw EI held by Modern Energy Management Pte. Ltd. (MEM). t he shares are equivalent
to a 40-percent interest in Rw EI.
t h is was followed by another acquisition last July 31 of the remaining 6,000 common shares, or 60 percent, in Rw EI held by Maraj.
AcEN executed separate share purchase agreements and deeds of absolute sale with MEM and Maraj on March 22, 2024 and July 31, 2024, respectively.
Also, AcEN executed a facility agreement with Rw EI for a P70-million loan facility to fund the general corporate requirements of the latter’s power project in Quezon Province. separately, AcEN disclosed on
t hursday that it signed a subscription contract with its wholly-owned subsidiary Gigasol1 Inc. for its subscription to 2,137,834 redeemable preferred shares B (RPs B) at a par value of P100 per RPs B of Gigasol1 at an issue price of P1,000 per RPs B or a total subscription price of P2,137,834,000.
t he amount will be utilized by Gigasol1 for its development activities relating to renewable energy projects in the Philippines.
t he deal is subject to the approval of the securities and Exchange commission.
Fortune Life honored with plaque of appreciation from DepEd
IN recognition of its invaluable support to the Learners’ c o nvergence Philippines (Learn c o n PH), the Department of Education (DepEd) awarded a Plaque of Appreciation to Fortune Life Insurance c o mpany, Inc. at the c r own Regency s u ites Mactan in Lapu-Lapu c i ty, c e bu on July 10, 2024. Representing Fortune Life, Regional s a les Assistant Manager (R s A M) for VisMin Gerald Roland c a sia was honored to receive the award from Director Margarita c o nsolacion Ballesteros, DepEd External Partnerships s e rvice (EP s ) and Assistant s e cretary for o p erations Dexter Galban, together with other DepEd representatives.
LearnCon PH Opening Ceremony
D E M o N s t R A t I NG its commitment to youth values formation, Fortune Life joined the o p ening c e remony of Learn c o n PH led by Vice President and former Education s e cretary s a ra Duterte on July 9 at Hoops Dome, LapuLapu c i ty.
“In this case, the reserve requirement of these bonds is 1 percent only compared to 9.5 percent for regular deposits,” Gasmen said.
He also said sEED or sustainable, Environmental, and Equitable Development Bonds, were issued at a very narrow spread.
“It’s actually about 80 basis points cheaper than the time deposit of the same nominal rate. so even if policy rates go down, this will still give us
He said the lender does not have to raise P30 billion from sustainable bonds, but they can do it possibly every month or quarter at about P5 billion to P10 billion. tenors could be as low as three months to one year. t he secret now is that if you want to drive cost down for your loans, you need cheaper funds; that’s the way to do it. Be as efficient (as possible).” BPI has earlier decided to shorten the public offering period of its P5-billion sustainable bonds due to “overwhelming demand.” In a disclosure to the Philippine stock Exchange, the bank said strong demand came from institutional, high-net worth and retail clients for the BPI sEED Bonds. It noted that, while the principal amount is P5 billion, the bank has an option to upsize. t he offer, which was originally set to run from July 19 to August 2, closed on August 1.
Learn c o n PH is held annually by DepEd, as a significant platform for students and youth leaders to engage with education stakeholders, fostering in-depth discussions on youth and community development.
R s A M c a sia delivered an inspiring and insightful financial literacy talk to the participants, who also enjoyed receiving a variety of corporate giveaways and big books at the Fortune Life booth.
Palarong Pambansa
sIM u Lt A NE o us with Learn c o n PH is the series of activities for the Palarong Pambansa. At the Palarong Pambansa s p onsorship tu rnover c e remony, Fortune Life donated corporate items at the c i ty c e ntral Elementary s c hool in Del Rosario, c e bu on July 8.
Present in the turnover cere-
mony were DepEd Assistant s e cretary for Field o p erations, Francis c e sar Bringas and c e bu c i ty s c hools Division s u perintendent Dr. Nimfa Bongo, c E s o V. o n July 9, the 2024 Palarong Pambansa was officially opened by President Ferdinand “Bongbong” Marcos Jr. at the c e bu c ity s p orts c e nter. Participants from various regions of the country competed in a series of games from July 10 to 15, 2024. t h e closing ceremony was held on July 16. Fortune Life is part of the AL c Group of c o mpanies founded by the late Amb. Antonio L. c a bangon c h ua and currently chaired by D. Edgard A. c a bangon.
Selling of insurance to OFWs from PHL still prohibited–IC
By Reine Juvierre Alberto
THE cross-border selling of insurance products to overseas Filipino workers (OFWs) is still prohibited by the Insurance Commission (IC), according to its top official.
Insurance Commissioner Reynaldo A. Regalado told reporters that the regulator cannot rescind its order under IC Circular Letter 2020-109 strictly prohibiting the sale of insurance products to Filipinos working abroad by insurers domiciled in the Philippines.
The circular specifically included “remote selling initiatives” or the use of information and communication technologies. The latter includes “teleconferencing, videoconferencing, computer conferencing or audio conferencing,
videoconferencing, computer conferencing, or audio conferencing or any other remote communication technologies.”
The circular, which became effective immediately upon its issuance on November 20, 2020, emphasized that insurers shall only insure persons and/or risks situated within the Philippines. It does not allow OFWs situated in different parts of the world to buy insurance products from insurers based in the Philippines.
“We cannot remove that. We
have to see how best we can have that implemented. There must be some way even prior to entering [a contract],” Regalado told reporters on the sidelines of an event organized by the Philippine Life Insurance Association.
The IC chief noted that Republic Act (RA) 10607 (Amended Insurance Code) contains a clear provision that insurance coverage should be made only in the Philippines.
However, Regalado said the IC is preparing a proper circular and is coordinating with the Department of Migrant Workers (DMW) to ensure that the selling of insurance products does not violate the Insurance Code as well as the laws of country hosting OFWs. He added they are eyeing at issuing that circular before the year ends.
The IC would also conduct a pilot program in coordination with the DMW and the Department of Foreign Affairs (DFA) in certain countries in the Middle East, Asia
and North America, according to Regalado.
Finance Secretary Ralph G. Recto is also open to revising the guidelines on the cross-border selling of insurance products to allow insurers to tap the OFW market.
“I think that would be a welcome development,” Recto said.
The Finance official said the lower savings rate of Filipinos affects how they purchase insurance products thus the low life insurance penetration.
“As income level increases, more people will be interested, will be able to afford to buy insurance products,” Recto said.
Latest data from the Philippine Statistics Authority (PSA) showed there are 1.96 million OFWs who are working abroad.
Overseas Filipinos continue to lift the Philippine economy by sending $2.88 billion to the country in May 2024, up by 3.7 percent from the $2.78 billion recorded in the same month last year.
BPI expects two rounds of BSP rate cuts this year
TBy VG Cabuag @villygc
HE Ayala-led Bank of the Philippine Islands (BPI) expects at least two rate cuts from the Bangko Sentral ng Pilipinas this year as inflation is “clearly under control”.
BPI President and CEO Jose Teodoro K. Limcaoco said last Thursday that many are expecting a cut in key policy rates maybe this August and another one in the next few months, depending on how inflation rates will behave for the rest of the year.
“Let’s put it this way: there are no hindrances to cut rates in August.
So there’s an expectation that [there will be a cut]. Even the FX (foreign exchange) market seems to be very well behaved,” Limcaoco said.
He told reporters he told BSP Governor Eli M. Remolona Jr. “that he’s messaged it actually quite perfectly.” “Because he’s been messaging a potential cut for the last two or three months and the currency has actually behaved. And now that if he actually does it, I don’t think the currency is going to react because everyone’s expecting so this is perfect for the BSP,” Limcaoco said.
“Well played.”
The BPI executive added that keeping the rates steady was costly for banks “as they try to chase de-
Domestic claims of OFCs sector expanded at slower pace in Q1
DOMESTIC claims of other financial corporations (OFCs) expanded at a slower pace in the first quarter of 2024, according to the Bangko Sentral ng Pilipinas (BSP).
Preliminary results of the BSP’s survey of OFCs showed domestic claims of entities other than the central bank and depository corporations slowed by 12.9 percent in the January-to-March period from the 15 percent recorded in the last quarter of 2023. The domestic claims of OFCs stood at P9.309 trillion in the first quarter of 2024 from the P9.055 trillion recorded in the fourth quarter of 2023 and P8.243 trillion in the first quarter of last year.
According to the central bank, the expansion was driven by the rise in the sector’s claims on the private sector, the central government and the depository corporations.
“In particular, the increase in the other financial corporations’ claims was due to the expansion in claims on the private sector,” the BSP said. “Moreover, the sector’s claims on the central government grew on account of higher holdings of government-issued debt securities. The sector’s claims on the depository corporations also rose as its deposits with banks increased.”
Based on the data, net claims on the central government posted a 3.5 percent growth in the first quarter of 2024, although slower than the 4.6 percent recorded in the last quarter of 2023.
This was followed by claims on depository corporations, which rose to 2.6 percent. This was higher than the 1.3 percent posted in the fourth quarter of 2023. Claims on other sectors, meanwhile, remained at 2.5 percent in the first quarter of 2024 from the last quarter of 2023.
“The [OFCs’] claims on the other sectors grew as its investments in equity shares issued by other nonfinancial corporations and loans extended to households increased,” the BSP said.
“The sector’s claims on the central government rose as its holdings of government-issued debt securities expanded. Moreover, the sector’s claims on the depository corporations rose amid the increase in its deposits with the banks and holdings of bank-issued equity shares,” the BSP added.
BSP said the quarter-on-quarter growth in the other financial corporations’ domestic claims was attributable to the increase in its claims on the other sectors, the central government, and the depository corporations.
Meanwhile, net foreign assets of the sector increased to 5.2 percent in the first quarter of 2024 to P409.0 billion, preliminary data showed.
This is faster compared to the 4.8 percent rate or P388.7 billion posted in the last quarter of 2023 as the sector’s investment in nonresident-issued equity shares increased. Reine Juvierre Alberto
posits from the public.”
“And you’ll see many of us having our loan-to-deposit ratio has come up, because we don’t want to chase deposits. But as the BSP brings down policy rates, maybe we’ll take a look and say maybe time to build up deposits again,” Limcaoco said.
He added that the lender is “always on the constant lookout to try to build” its CASA (current account/ savings account) franchise.
“But time deposits [are] something that a bank like BPI or even our competition across the street; very good at time deposits because we do have distribution. So it’s easy for us to build up time deposits. It’s just a matter of rates,” Limcaoco said.
CHINA Banking Corp.
(PSE: CBC) announced last Thursday that its income for the first half of the year rose 6 percent to a record
P11.4 billion from last year’s P10.84 billion on the back of stronger core lending and deposit-taking operations.
This translated to a return on equity of 15.1 percent and a return on assets of 1.5 percent, still among the highest in the industry.
“Our business performance continued to improve during the first half of the year,” CBC President and CEO Romeo D. Uyan Jr. said.
“The continued growth of our core lending and deposit taking businesses, combined with stable asset credit quality and controlled operating costs, allowed us to register our highest 1st half net income to date, solidifying our position as one of the top four banks in the country,” Uyan added.
Net interest income hit P30.4 billion, up 19 percent year-on-year as higher interest income offset the rise in interest expense, resulting to a 25-basis point improvement in net interest margin to 4.4 percent.
Credit quality improved
IBy Octavio B. Peralta
WAS delighted and honored to be invited as one of the judges for the Tourism Promotions Board’s (TPB) Philippine MICE Youth Challenge (PMYC), a competition of school teams vying to be “MICE Youth Champions.” The TPB is the marketing arm of the Department of Tourism and MICE stands for meetings, incentive travels, conventions/conferences and exhibitions.
The PMYC is a national contest for undergraduate students enrolled or have completed a MICE management or business events class in a local university. The academic competition aims to:
a) provide a stage for students to demonstrate their abilities by conceptualizing and presenting an event business plan according to what they have learned about MICE;
He added that corporates would also benefit if rates are brought down as “they will start borrowing from banks.”
“And once they see it, then they’ll really step up and then it will spur investment. So really good and really supportive of what the President is trying to do,” Limcaoco said.
As rates go down, bank margins get compressed, he explained. Limcaoco said banks have to make it up by shifting their portfolio to loans that are less sensitive to policy rates.
“Remember all the BSP can do is policy rate—that’s the front end, right? So things like auto loans or mortgages are not as sensitive. They react much later,” he said.
b) incorporate a coaching time to give each team of contestants and their adviser specific feedback and recommendations from a selected panel of MICE experts to deepen their knowledge about industry practices; and,
c) foster a culture of creativity and excellence among the participants and provide a learning platform outside the classroom and among industry players to better prepare them to become MICE professionals.
Participating teams (three students to four students and one adviser) are to conceptualize, businesstest, and present a proposed MICE event which must be novel, original, and fresh, especially in concept and style. The entry should showcase the distinctive feature of the proposed host destination and available MICE facilities in the area suitable for the proposed event.
amid significant loan expansion, with a better-than-industry non-performing loan ratio of 1.9 percent. The bank also booked lower credit provisions at P737 million but NPL coverage remained above industry at 141 percent.
Operating expenses went up by 5 percent to P14.1 billion mainly on higher volumerelated taxes. Cost-to-income ratio slightly improved to 49 percent.
CBC claimed it is still the country’s fourth largest private universal bank, with total assets of P1.5 trillion, up 12 percent. Gross loans increased by 10 percent to P817 billion on strong demand across market segments.
Consumer loans, which accounted for a quarter of the bank’s total loan portfolio, increased by 25 percent. Meanwhile, deposits grew faster than the industry average to P1.3 trillion, up 14 percent.
The balance sheet expansion was supported by a 10 percent hike in capital to P152 billion. The bank’s CET1/Tier 1 ratio of 14.5 percent and total capital adequacy ratio of 15.3 percent remained well above regulatory requirements. Book value per share increased by 10 percent year-on-year to P56.42. VG Cabuag
THE Metropolitan Bank and Trust Co. (PSE: MBT) , the Ty-led lender, announced recently that its income for the first half of the year reached a record P23.6 billion, a 13 percent growth from the previous year’s P20.89 billion.
The lender said the growth was due to its asset expansion, stable margins, well-managed cost growth and healthy asset quality.
This translated to a 13.3 percent return on equity, above the 12.9 percent recorded in the same period last year.
“Our strong capital position and robust asset profile continued to support our expanding core businesses despite market challenges. Prospects of easing inflation driven by government efforts could further spur consumer demand,” MBT President Fabian S. Dee said.
“We are firmly on track to meet our medium-term growth aspirations as we support various public and private sector initiatives that continue to drive economic growth,” he said.
Out of the eight entries, five were shortlisted to make a six-minute “live” pitch before a panel of judges which rated them according to: marketing strategy (25 percent), creativity (20 percent); business viability (20 percent); presenter’s engagement and communication skills (25 percent), and sustainability impact (10 percent). The judging was done during the MICECON 2024 event held recently at the Clark Freeport Zone in Pampanga.
The team from the University of the Cordilleras’ College of Hospitality and Tourism emerged as the champion with their MICE proposal to mount a four-day conference and Expo on spices called, “Spicecon: Malembo Pampalasa-A Journey into the World of Flavor, Culture, and Spice.”
The team from the University of Santo Tomas’ College of Tourism and Hospitality Management bagged first runner-up honors for its entry, “MANGAN! Biyaheng Pampanga— A Dine and Ride Adventure!” The entry from St. Paul University Iloilo, “Sabor Iloilo: A Culinary Tapestry where Heritage Meets Gastronomy,” completed the winners.
Congratulations to TPB for organizing the Philippine MICE Youth Challenge in helping develop and expand the body of knowledge of the MICE profession, especially for universities offering courses related to the MICE industry.
Octavio Peralta is founder and volunteer CEO of the Philippine Council of Associations and Association Executives, the “association of associations.” PCAAE and SustainablePH will hold a joint summit at the PICC on November 27, 2024. The views he expressed herein do not necessarily reflect those of the BusinessMirror. E-mail: bobby@ pcaae.org.
Each team has to submit a written business plan that covers these key information: what (project concept); why (relevance of the project to the market and industry; who (stakeholders, e.g., target market, sponsors, partners); where (best city or area for the event); when (target dates); how (commercial and logistical considerations, including cost estimates and revenue streams) and sustainability impact (contribution to United Nations Sustainable Development Goals).
Gross loans climbed 14.9 percent year-on-year driven by a 15.2 percent rise in commercial loans and 13.7 percent expansion in consumer loans.
Net credit card receivables surged by 21.4 percent, while auto loans grew by 16.6 percent, sustaining the growth momentum in the consumer segment. The bank’s net interest income in the first half of 2024 grew by 14.6 percent to P58.0 billion. Meanwhile, total deposits grew by 7.8 percent to P2.4 trillion as of end-June from a year ago, of which low-cost current and savings accounts (CASA) accounted for 58 percent. Fee income was stable in the first half, with second quarter growth accelerating to 8.4 percent, supported by a continued expansion in the Bank’s consumer business.
MBT’s non-performing loans (NPLs) ratio improved to 1.66 percent from 1.84 percent last year, well below the industry’s reported 3.7 percent as of May. VG Cabuag
What does the Paris Olympics mean to you?
I’VE been obsessed with what’s been going on at the Olympic Games in Paris.
I’ve caught the performances of our very own Carlos Edriel Yulo whirling, twirling and tumbling in the men’s artistic gymnastics, as well as our very first contingent in the women’s artistic gymnastics in 60 years (!)—Allah Finnegan, Emma Malabuyo, and Levi Jung-Ruivivar. And while the three women failed to make it to finals, they performed to the most excellent of their abilities and training...how can we not be proud of them? That they even chose to represent the Philippines is a welcome development enough.
Then on Tuesday evening, it was Nesthy Petecio punching her way closer to the gold medal. What an exciting match! She was quick on her feet, landed punches on a much younger opponent, Jasmine Lamboria of India, and just fought smart. So much so, she won the nod of the boxing judges in a unanimous decision.
(I’m crossing my fingers that by the time this piece comes out, gymnast Yulo will have tossed and twisted into a significant place in the all-around final, scheduled on Wednesday. Woo-hoo!)
There are so many other Filipino Olympians in Paris who I have yet to see perform, or whose matches I missed. Thanks to the time difference (and inadequate announcements by One Sports of our team’s schedules), I haven’t been able to catch our other brave athletes. (They had to be brave alright to have worn their team uniforms, as they sailed down the Seine during the Opening Ceremony. The colored shoulder sling was supposed to distinguish them as Filipino athletes, but made them look like they were suffering from shoulder injuries. All I could think of was “kaldero.” Hay.)
One of these courageous sportsmen, for instance, is Eumir Marcial, who exited his boxing division early,
BY JT NISAY
THE idea of a local bank serving international needs gave birth to HSBC in 1865, when it opened its doors in Hong Kong to help finance trade between Europe and Asia. Ten years later, in 1875, the bank reached Philippine shores and marked the beginning of a storied journey set to reach a milestone next year.
HSBC Philippines recently gathered its partners and members of the media for a cocktail kick-off of its 150th anniversary in 2025. The guests converged in the corner of Central Square facing 5th avenue in Taguig City, along Bonifacio High Street, which provided the best seats for the global bank’s 30-seconder feature on the country’s first giant 3D billboard.
“The HSBC-Philippines Story,” the marquee read, “Everunfolding since 1875.”
unable to come close to the bronze he had won at the Tokyo Olympics in 2021. Several published reports said he had been grappling with some physical and medical conditions during training, but he personally refused to blame his loss on anything. But he did say he had sacrificed a lot, halting a pro boxing career, to focus on the Paris Olympics. How heartbreaking! But I hope he bounces back from this and maybe try for the games in Los Angeles in 2028.
Hergie Bacyadan is another Filipino athlete I had also been looking forward to watch. I missed his fight, however, and belatedly found out in between press deadlines that he had lost to China’s Li Qian. But he, too, epitomizes the way our Olympians endure amid many obstacles, some of them not even sports-related but personal battles.
While Hergie identifies as a transgender man, he continues to compete in the women’s boxing division as he has not undergone any sex reassignment treatment or surgery. He has certainly come a long way, having been born an Igorot in the province of Kalinga to become not just an oustanding athlete—he had previously competed in wushu and Vietnamese martial arts matches—but also a popular spokesman
for LGBTQ rights. Despite his stated gender preference, Hergie did not want to risk his eligibility in the Olympics, and thus strives to fight in the female boxing category.
One other Pinoy athlete is pole vaulter EJ Obiena, who last we heard from ABS-CBN News’ inveterate sports reporter Dyan Castillejo is battling some unspecified physical limitations, but is “still alive, still kicking,” and very raring to show his mettle on Saturday. He, too, didn’t want to make any excuses so we wouldn’t have to lower our expectations of him. Let’s pray he is able to shoot over whatever barriers he is facing to be able to give the world a respectable show.
Outside of watching or finding out how our athletes have been performing in Paris, I’ve also been monitoring the games through the eyes of other athletes from around the world. The New Zealand women’s rugby team dominated and won a gold; they performed their traditional haka after their win. Earlier, this was also how they welcomed their athletes to their corner of the Olympics Village. I
According to HSBC Philippines president and CEO Sandeep Uppal, the global bank came to the Philippines to bridge the country to the world, and they take pride in living
up to that promise for the past 149 years. He cited that during its early years, HSBC Philippines helped finance the country’s sugar trade and contributed to the expansion of the Manila-
Dagupan Railway that opened up business opportunities in Luzon and abroad.
He added that since then, HSBC Philippines continued to provide the Philippines access to global investment and trade opportunities, and enabled businesses and individuals to grow and prosper.
“Well-supported by our long history, going back to 1875 and continued strong trust by our customers, we remain committed to connecting the Philippines to the world and playing our part in nation-building,” Uppal said during his speech. “The journey to our 150th anniversary has begun.”
Part of the program was a performance by Filipino singer and songwriter Ogie Alcasid, who performed an interactive set that included OPM songs and international covers.
HSBC Philippines serves its customers through three global businesses, namely, wholesale banking, global banking and markets, and wealth and personal banking. The bank has a network of six branches located in Metro Manila, Cebu and Davao, as well as a Global Service Center servicing local and international HSBC markets.
By Eugenia Last
HAPPY
interests, happiness and prospects. Reach out to experts, expand your mind and participate in something that intrigues you. The people you encounter or spend time with will enhance your life and help you fulfill your dreams. Romance is favored. ★★
TAURUS (April 20-May 20): Stick close to home
GEMINI (May 21-June 20): Tune into what interests you and discover something about yourself that makes sense and encourages you to refine your life. Consider what bores you and eliminate it from your daily routine. Make wise decisions, delegate what doesn’t interest you and live life your way. ★★★
CANCER (June 21-July 22): Step outside your comfort zone and let your imagination take you on a journey. Explore new interests, meet new people and discover what brings you joy. Let the past go, modify and present your goals, and welcome what’s yet to come. ★★★
LEO (July 23-Aug. 22): Look for opportunities and follow through. A change may not excite you, but it will help you eliminate pending problems dragging you down. Embrace what excites you and live in the moment and for the future instead of hanging on to the past. ★★★
VIRGO (Aug. 23-Sept. 22): A change of attitude, location or direction will help you realize what you are missing. Reach out to groups of interest, and you’ll find a place that makes you feel you belong. Develop new skills that will aid you in securing a path you want to pursue. ★★★★
LIBRA (Sept. 23-Oct. 22): Take pleasure in discovery. Delve into hobbies that fascinate you and prompt you to learn something new. Refuse to let anyone make you feel guilty for enjoying yourself or taking a break. The time you invest in something you enjoy will enrich your life and prospects. ★★
SCORPIO (Oct. 23-Nov. 21): Choose intelligence over bravado. How you handle professional or financial matters will determine your reputation and the chance to advance. Mixing business with pleasure will encourage goodwill and opportunities. A change of heart someone reveals will take you by surprise. ★★★★★
SAGITTARIUS (Nov. 22-Dec. 21): You’ll get a false impression from someone trying to talk you into an investment or joint venture. Don’t believe everything you hear or let your guard down when dealing with emotional matters. ★★★
CAPRICORN (Dec. 22-Jan. 19): Be smart when
Show BusinessMirror
Nora Aunor is the great ‘Kontrabida’
FOR decades, Nora Aunor has made sense for us of the political in cinema; she has—even in films that do not make sense—always provided the fulcrum from which meanings swung between contradictions and conflicting interpretations. Perhaps it was the call of her popularity that she needed to crystallize truths in whatever form they manifested themselves. There were exceptions—brilliant singularities—where she inhabited characters that put to task her likeability.
Like Tatlong Walang Diyos, in which she not only slept with the enemy but also abandoned her true, original love, a guerilla who, when placed against the Japanese officer, the father of the child she bore, made her officially a traitor.
Like Bona, where she—stubborn, bereft of reason—left her family in favor of a stuntman deluded with his own stardom, returning home when her father was already dead. The prodigal daughter would not escape punishment as her brother nearly killed her as she was pushed out of the home into the arms of a man whose love became Bona’s grand illusion.
Then there were the liminal templates of roles, personas that put to task our native and naive ability to sympathize with the celebrity—the Superstar— because there on the screen was this actor— compelling—even as the values that her characters espoused ran counter to what we believed in.
Think of Bakit May Kahapon Pa? with its rhapsody on revenge. Think of Thy Womb with its poetry on womanhood compromising fertility and promising in its wake not only the abuse of women’s ability to birth but also mothers’ treachery against the barren ones.
We could come up with more, but the point of this position is that Nora had always played the contravida, not the villain in the traditional sense of it, but the counter-life, the unpopular side in the narrative. The irony of it all is that we were always convinced by how she essayed the nuances of those beings that we always ended up embracing them— welcoming the thespian versus critiquing the ideas she clothed with passion.
But then comes this film, called Kontrabida. And I hate to spoil the admirers and fans alike: Nora in the film is not the wonderful virago, nor is she the vile-spewing, poison-producing monster that the title seemingly entices us to expect.
In Kontrabida, Nora Aunor is Anita, an actress of yore, famous for playing the role of villainess. The story, however, opens when she is already past her prime, the offers have been few and far in between.
Olympics...
never tire of watching the haka because it’s a very inclusive tradition performed by native and transplanted Kiwis. Meanwhile, bemedalled American gymnast Simon Biles gave her critics lip by telling them the heat and lack of airconditioning messed with her hair. In another Instagram story where she videoed herself holding a small electric fan, she just captioned it, exasperated, “Next time you wanna comment on a black girl’s hair, JUST DON’T.” (Geez, her twists and turns were uber excellent, and yet it was her hair that kept people sleepless? By the way, do check out the Netflix documentary Simon Biles Rising, which shows her rebound from her disappointing Tokyo Olympics showing, as she narrates how she attended to her mental health issues.)
I also watched InstaGRAM posts from other athletes as they complained and made fun of their cardboard beds, which the French said made the games “sustainable.” And because there was no airconditioning, some teams purchased their own portable AC units. I can’t even attend to my work adequately if I didn’t have the AC switched on the night before, because otherwise sleep would elude me. So, how any of these Olympians could get a good night’s rest and still compete in tiptop shape is beyond me. There are also cute stories about kids’ playgrounds at the Olympics Village, which certainly helps out sports couples with family. And going viral as of Wednesday is a group selfie of table tennis athletes from North and South Korea, which earned silver and bronze medals in the mixed doubles category. Naturally, they took their selfies using popular South Korean brand Samsung, which had given out free specialedition flip phones to all the athletes. (Oooh, I was so jealous as some athletes unboxed their new phones for Instagram.) Amid the religious protests, geopolitical tensions, and political misunderstandings in the world, the Olympic Games affords us a few weeks of peace and super-human prowess that are a joy to behold. It also offers us rare glimpses into seemingly human flaws and athletic challenges, but also rare moments of kindness, unity and humanity. What a wonderful experience for us all. n
She lives in this old apartment where, in nooks and crannies, memorabilia, magazines and even awards to remind us of where she was before in the firmament of the local showbiz industry are displayed. And waiting to be acquired.
Her memories are golden but she needs cash; her past—both personal and professional—has been unkind to her but Anita is kind, gentle and helpful.
The story of Anita is the gem hidden by this film Kontrabida. She is the golden chain that threads through pearls and pearls of little stories. When her old friend passes on, she is there to mourn and also to make sure that her friend remains glamorous in death as she was on the silver screen years ago. She is the assuring neighbor lending some sort of legitimacy to a young couple (Sue Prado as the anxious bride is always a taut nerve on the verge of being ruptured, an actor of such force even in tiny roles) joining a mass wedding in order to save money.
Anita is the wife left by her husband for another woman (Rosana Roces breezes through her character). In a sleight of the writer’s hand (Jerry Gracio in the house), each scene is a rendering in synchronicity and foreboding. When Anita is about to leave her apartment to visit her estranged husband, the camera focuses on the many photographs on the mantel and there we see a still shot of Bembol Roco and Nora Aunor in Tatlong Taong Walang Diyos. The next scene brings us to Anita entering another apartment and scolding—with just a bit of sweetness—her husband who is reported by his son to be hard-headed. The camera pans and gazes at Bembol Roco on the sofa. There are more of these. And this is where the audience may differ in their appreciation of Kontrabida. The story indulges in two artifacts: those linked to Anita Linda, whose portrait is recognizable from afar and whose Maria Clara trophy is being sold; and those connected to Nora Aunor, her photos when she was the phenomenal Numero Uno, bar none. What this technique seems to be doing is to tap into the gilded memories of these two cinema giants, one dead and one living, both immortal in their grip of the national consciousness. Here at the juncture of this trick is where I hover between loving Kontrabida and, every now and then, stepping back and asking myself: “Am I being enchanted?”
Be that as it may, there are many elements to celebrate in Kontrabida. One of these is the use of locations that come alive as Anita walks through them, her own brick road where she encounters death in all forms. The other element is in the lines and conversations between characters. When the other woman—Roces—sidles up to Anita, the former talks of herself as the real “kontrabida.”
Now, we are curious: Who is this Dolly who is keen on owning the Maria Clara award won by Anita?
Well, Anita and Dolly finally meet in the person of Nora Aunor and the late Jaclyn Jose in a precious walkon part. It was smart of Adolf Alix to give Jose a space all to herself as the admirer of Anita. Jose is effusive in her admiration and hysterical as she is carried away by her own story. All this time, Nora Aunor as Anita looks at her, perhaps also in awe, of this wonderful actor having the time of her life. Life has rendered this scene both poignant and powerful—a reminder of how great Jose as a performer was. And how generous
Aunor can be in important scenes.
Now, what is the greatest news of Kontrabida? Well, after decades of writing about Nora Aunor, I finally reached a point to say that here is a film where the actor has dropped the gestures and vocal inflections that have endeared her to the nation. Here, one encounters a different actor. It is as if Aunor has opted to be carried off by lines after lines, scenes after scenes. There are too many magical scenes to discuss. I can think of that scene between Aunor and Carlos Dala as the autistic son of Sue Prado’s character. The boy asks Anita what happened to her as they both look at the photo album. Anita tells the boy she is not sad as the camera focuses on that face navigating expressions of contempt, regret, loneliness, only to be distracted by a knock on the door.
Aunor’s scenes with Bembol Roco are unforgettable: When she responds to Roco with a “po” and laughs off the unnecessary politesse. When they
begin to throw lines, with Nora ending the scene with a comment: “Ang sama ng acting,” a lesson in how the two are the best in chewing scenes onscreen. Still, it is Nora alone, as in that scene below the bridge where, after a long day, she rests and looks out to the horizon.
A woman begging interrupts her reverie, and in that marvelous style she turns quietly, stops and gently moves her body toward the stranger, summarizing in the stillness the isolation of a woman whose past is solely her own, whose aloneness is her deathly companion to the deep unknown.
Credit should be given to director Adolf Alix, writer Jerry Gracio, and cinematographer Odyssey Flores for giving Nora Aunor the spaces to create what, quoting Martin Esslin, “for an artist therefore, the only possible spiritual development is in the sense of depth.”
Kontrabida is from Godfather Productions and Ovation Productions. n
HIGHLY regarded for its award-winning documentaries, GMA Public Affairs is taking the genre to another level as it presents its first-ever investigative documentary film, Lost Sabungeros, which premieres at the 2024 Cinemalaya Philippine Independent Film Festival this August.
Directed by Bryan Brazil, Lost Sabungeros aims to investigate and find answers regarding the disappearances of over 30 sabungeros who have been abducted in various incidents since 2021.
When the Covid-19 pandemic shut down all cockfighting arenas in the Philippines, the centuryold gambling bloodsport moved online and grew into a money-making machine overnight, creating instant millionaires.
But things took a shocking turn when more than 30 men disappeared without a trace. In nine months, groups of cockfighters disappeared in three major arenas, while others were abducted in their homes or on the road. Months after the serial disappearances, not one has been found—dead or alive.
Lost Sabungeros documents some of the lives of people whose world has been turned upside down because of the bloodsport.
One of them is a father who has been a longtime sabungero. He built his empire around cockfighting. Little did he know the world he has been living in would cost him the life of his son, who was a driver for cockfighters.
Meanwhile, a woman watches as her partner, an e-sabong agent earning millions, gets snatched away right in front of her.
Lost Sabungeros is one of the most dangerous and
courageous investigative documentaries that GMA Public Affairs has produced to date. Reports of unidentified individuals observing the team and case studies during filming have surfaced. The families of the missing sabungeros are
understandably cautious, expressing concerns for their safety and the potential risk of being targeted for abduction.
Despite these perils, they still choose to come forward, disregarding potential threats and peril. They want to uncover the truth behind the disappearances of their loved ones in what has been described as a “perfect crime” by no less than a Philippine senator.
“The process of creating the documentary was not easy. The team spent several years following the characters in their search for their loved ones.
In my view, it is crucial for our fellow citizens to watch the film, as it explores not just the story of cockfighters but also exposes the long-standing issues of our country—the lack of justice and the culture of impunity that often victimizes the poor and voiceless,” Brazil said in the vernacular.
Brazil is a homegrown GMA Public Affairs executive producer and director who has already won in the New York Festivals for his work in The Atom Araullo Specials, Stand For Truth, and Brigada. He also directed the EBS International Documentary Festival winner My Little Dancing Shoes, which won the Tokyo festival’s Colours of Asia 2018 Award.
The highlight of Lost Sabungeros is the three whistleblowers who came forward to share their knowledge about the crimes allegedly committed by those who abducted the missing sabungeros.
Produced by GMA Public Affairs and GMA Pictures, Lost Sabungeros will premiere at the 20th Cinemalaya Independent Film Festival on August 8, 5 pm, at Ayala Mall Manila Bay Cinema 2.
NHMFC implements moratorium for housing loan borrowers
IN its efforts to provide relief to its clientele, the National Home Mortgage Finance Corporation (NHMFC) announced the implementation of a one-month moratorium on the monthly amortization payments of housing loan borrowers affected by Typhoon Carina and the enhanced southwest monsoon.
In accordance with the Integrated Disaster Shelter Assistance Program (IDSAP) of the Department of Human Settlements and Urban Development (DHSUD), NHMFC President Renato L. Tobias issued Corporate Circular No. 093 on July 26, 2024 ordering the Collection and Accounts Management Group (CAMG) to determine housing loan borrowers whose properties are located in cities or municipalities that have
been placed under state of calamity.
Borrowers from the typhoonaffected areas are automatically qualified for moratorium, subject to NHMFC’s internal rules and regulations.
Meanwhile, borrowers who opt to settle their amortizations while their account is in moratorium may still pay through NHMFC offices, collection partners, via the Online Payment Facility in the NHMFC website, Gcash or Maya App.
Heritage and Harmony: Phil-Kor Festivities at KCC
The Korean Cultural Center (KCC) in the Philippines recently announced that the month of August would be filled with traditional celebrations.
As the celebrations continue to mark 75 years of friendship between Korea and the Philippines, KCC has prepared a series of events reflecting both nations’ rich cultural heritage through sports and family-oriented activities.
On August 9, 2024, there will be an exhilarating display of national sports from both countries at the BGC Arts Center. The Globe Auditorium will host
“Sticks & Kicks: Phil-Kor National Sports Demonstration,” where top athletes from Korea and the Philippines will showcase their prowess.
From Korea, Kukkiwon, the World Taekwondo Headquarters, will amaze the audience with its powerful and graceful Taekwondo performance, embodying the art, discipline, and spirit of this martial art.
Representing the Philippines, the Philippine Eskrima Kali Arnis Federation (PEKAF) will demonstrate the precision and skill of Arnis, the Filipino national
sport, with a showcase of techniques, moves, and drills.
Adding a special touch to this commemorative event, the audience will be treated to a unique PhilKor performance before the sports demonstration begins. NARA, the Korean Cultural Center’s traditional performing team, and the Philippine Baranggay Folk Dance Troupe will captivate with their dynamic and historical performances.
This event is free to the public, but tickets are required. Secure your tickets through bit.ly/ KicksandSticksRegistration.
On August 18, the KCC, in partnership with the Namwon National Gugak Center, presents “The Forest Music Band, Dung Dda Koong,” a delightful children’s play at the Tanghalang Ignacio Gimenez.
This interactive performance is ideal for children, immersing them in the enchanting sounds of four traditional Korean musical instruments: haegeum, gayageum, geomungo, and ajaeng.
The story revolves around six animal friends preparing for “Tiger’s” birthday party, promising an engaging and educational experience for young audiences. The show is ideal for ages three and up.
Bring your children and experience the magic of traditional music with the “Forest Music Band”! Seats are free but limited. Guidelines for ticket reservations will be announced soon.
Beloved icon Icebergs Revives Nostalgic Delights in Return to Eastwood City
ICEBERGS , a beloved icon for comfort ice cream and other savory treats, has made its anticipated return to one of its original homes, Eastwood City. Its reopening promises to once again captivate guests with its timeless frozen delights.
Plan your visit at this newly improved branch and experience their renowned thick-cut fries served with that sweet and tangy Icebergs dip, famous Sisig, Grilled Porkchop, and Homestyle Spaghetti. Indulge in comfort food favorites such as Buffalo Wings, Chili Fries, and a hearty Club Sandwich. For a sweet finale, savor their delightful Classic Banana Split, refreshing Halo-Halo, decadent Sundaes, and luscious Mango Parfait. Enjoy all of the following while being mesmerized by the classic Icebergs interior that reminds one of shiny 80s diners.
“We are delighted at the return of Icebergs to Eastwood City. Our heartfelt thanks go to the Icebergs team for their valued partnership, and we look forward to bringing back their beloved favorites while introducing new flavors and experiences that will delight both longtime fans and newcomers alike,” said Denisse Malong, General Manager of Eastwood City.
Icebergs invites guests to indulge in a journey through various frozen flavors reminiscent of simpler times. Known for its signature ice cream creations, thickcut french fries, and refreshing beverages, Icebergs remains a destination for sweet and savory selections for visitors of all ages. Visit Icebergs at G/F Citywalk 2, Eastwood City. You may contact them at (02) 8631 5747. Eastwood City has been named as the country’s Mall of the Year at the Retail Asia Awards 2024, recognizing its ongoing commitment to exciting innovations and continual reinvention over the years. For more updates on the latest happenings, visit megaworldlifestylemalls.com or call their hotline at 8-462-8888 or follow their social media accounts on Facebook (https://www. facebook.com/megaworldlifestylemalls ), Instagram (@MegaworldLifestyleMalls), and TikTok (@megaworldlifestylemalls).
ICEBERGS is back at Eastwood City.
QR payments have made the café scene more efficient. Coffee lovers are always in a rush, and the whole process of scanning QR codes versus actual cash or card payments have shortened the transaction process.
Candid Coffee Operations Manager Julia Cruz swears by the convenience of QR code payments via e-wallets like Starpay. “We are so happy that more that customers are opting for cashless payments. I can say at least 70 percent of QR payments are done via e-wallets, this is very convenient for us,’ she said.
Candid Coffee started out selling hand-roasted coffee at the Sidcor Sunday Market in Quezon City. “Our founder Lanz (Castillo) wanted to serve coffee, in a fun way. The whole idea of roast coffee, can be overwhelming at times, he wanted to share his love for coffee in a fun way” she said.
Candid Coffee has outlets in Santol, Culiat Town Center, V Mall Greenhills, Shangrila Mandaluyong, Malugay Makati and BGC, all enjoying the convenience of cashless payments. “Aside from the quick transaction, on the operations side, everything is automated so, you do not need to cross check .You immediately see the movement of the items,” she said.
E-wallets like Starpay simplify the purchasing process not only for consumers but also for merchants and store partners.
Starpay merchants utilize the RCV (Real-time Collection and Validation) platform which allows collection from multiple e-wallets and digital banking platforms. Transactions can be viewed, filtered, and exported. Merchants can also assign specific roles to team members to effectively manage business operations. Merchants also have access to SEND (Secure Electronic Networked Disbursement) which allows for systemized disbursements to both Starpay and nonStarpay users. The system is ideal for regulatory disbursements, salaries for field employees, cash allowances for individuals, and even financial assistance. For those organizing events, Starpay also has a QR Ticket system for easy ticket disbursement and payment. QR Tickets are generated via the RCV System which organizers can upload in the event website and once the attendees pay, the RCV will confirm and display payment. Ryan Uy, Starpay Head of Growth and Marketing, looks forward to forging partnerships with business owners. “We are all part of this interesting ecosystem, and we are just as
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Editor: Tet Andolong
BYD SHOWCASES DYNASTY SERIES’ PERFORMANCE CAPABILITIES
JUST because electric vehicles (EVs) are green machines does not mean they are boring, performance-wise. Just by looking at their power outputs on paper, the numbers are substantial; some are even staggering, and these numbers do not lie. That does not end there. It is also important to note the balanced weight distribution of these models, which have separate front and rear traction motors, including the battery placed in the middle (flooring).
media. There, we were able to experience the agility of the Tang SUV and the quickness of the Han Sedan. Held at the Vermosa property in Cavite, the test areas were cordoned off to ensure safety. The agile Tang FIRST in line was the Tang SUV. Spec-wise, this large all-electric SUV runs on a 108.8 kWh BYD Balde Battery (Lithium-Ion Phosphate) and has up to 530 kilometers drive range. As for its dual electric motors, the front alone generates 241 hp and 350 N-m of torque, while the rear contributes 267 hp and 350 N-m of torque. That is a combined 508 hp and 700 N-m of torque. With a curb weight of 2,630 kilograms, the vehicle can sprint from zero to 100 km/h in 4.9 seconds. As for the stopping power, the car is equipped with a Brembo Brake System on all wheels.
Another notable feature of the Tand SUV is the BYD DiSus Intelligent Body Control System (DiSus System). According to BYD, the system ensures the vehicle is agile and effectively compatible in most driving scenarios, minimizing the risk of vehicle rollover and reducing the displacement of occupants during
high-speed cornering, full-throttle acceleration, or emergency braking. During the exercise, the set-up was a short-distance path covered with soapy linoleum with installed directional cones. The objective was to simulate accelerating on a slippery road while doing sudden evasive maneuvers. The moment the accelerator pedal was floored, we immediately felt the burst of torque launching the vehicle despite the initial tire skids from the soapy surface. Seconds later, without braking, we made a sudden left turn to evade the cones and immediately counter-steered to regain direction. Remarkably, the vehicle regained control and avoided veering further to the side. The all-electric Tang did a great job on the test for a large and heavy SUV with relatively higher ground clearance.
The quick Han NEXT in line was the Han Sedan. Like the Tang SUV, the Han Sedan has dual motors. The front alone generates 241 hp and 350 N-m of torque, while the rear contributes 267 hp and 350 N-m of torque. Combined motor power is also 508 hp and 700 N-m of torque. However, the all-electric sedan runs on a smaller 85.4 kWh BYD Balde Battery (Lithium-Ion Phosphate) and has up to 521 kilometers of drive range. But it is quicker at 3.9 seconds from zero to 100 km/h. Curb Weight is also lighter at 2,250 kilograms. All wheels are also equipped with a Brembo Brake System. The same BYD DiSus Intelligent Body Control System
Isuzu unwraps D-MAX in Mindanao; sim racing
SUZU Philippines Corp. (IPC)
Irecently unwrapped the new 2024 Isuzu D-MAX to the Mindanao market in smashing fashion at SM Lanang Davao, offering the public a first-hand experience with the latest D-MAX models.
Led by IPC Executive Vice President Shojiro Sakoda, Isuzu’s
nationwide push to bring its products closer to customers continues, showcasing various D-MAX variants that highlight the vehicle’s advanced features.
“We are very happy with the warm reception of our customers for this new model,” Sakoda said.
“From Manila to Visayas, we have been receiving good feedback and appreciation for all the comfort, performance and safety technologies we have developed for this new model. As one of our most important markets, we couldn’t miss bringing the new D-MAX to Davao City, as it suits their provincial roads and mountainous terrains.” Isuzu officials invited the first
(DiSus System) feature is also standard.
As for the test, the all-electric sedan was for acceleration. On a long straight path, markers (around 50 meters) were installed to signal when to let off the throttle. At the same time, that is where the car would reach the 100-km/h speed. The objective of the test is to feel the powerful acceleration of the vehicle from its dual motor.
three 2024 D-MAX customers to come up the stage for the formal turnover during the evening’s song and dance party hosted by singer/ DJ Sam Conception. A key highlight of the threeday event is the Isuzu 4x4 Action Playground, designed to showcase the enhanced off-road and safety features of the D-MAX.
Said Yvonne Linchangco, Isuzu’s chief communications strategist: “The thrilling testcourse includes the intimidating 4x4 hydraulic ramp, articulated ramps, side cambers, and a forward collision wall, providing attendees with a hands-on experience of the D-MAX’s new and improved capabilities.”
Customers who did testdrives received P10,000 each, plus discounts or up to P15,000 worth of fuel or parts coupons after purchasing the new D-MAX, whose unique features include a new
Behind the wheel, the massive torque registration from the two electric motors was immediately felt upon flooring the acceleration pedal. It was so strong that we had to rest firmly in the back of our heads. Reaching the road marker felt like it went for a few seconds. The acceleration felt toward high speed was indeed different, aside from the unconventional lack of motor noise associated with acceleration. Only the electric motor humming can be heard.
differential lock system and a rough terrain mode for easy tackling of any kind of terrain.
Enhanced safety features include a 360-degree around view monitor and a digital video recorder, significantly improving driver and passenger safety.
More D-MAX details can be found at www.isuzuphil.com and at Isuzu Philippines on Facebook.
Sim winners to Malaysia
TOYOTA Motor Philippines (TMP) is presently staging its premier sim racing competition, with the qualification series ending August 3.
Called the TOYOTA GAZOO Racing Gran Turismo Cup (TGR GT Cup), the event pits sim racing enthusiasts vying for cash prizes, original GR merchandise, Autocross seats and a trip to Malaysia.
The fastest first 40 players advance to the quarterfinals, where the Top 20 will move to the
Versus petrol-fed sports cars
HOW about a drag race against select sports cars? Why not? Round
1 saw the Tang versus a V6 Camaro.
The result was convincing enough as the all-electric SUV finished ahead by more than five cars. On the other hand, another round also saw the Han outdoing a Radical race car.
semifinals from where the Top 10 battle it out for the Top 3 slots to represent the Philippines in the Asia Finals in Malaysia later this year.
The quarterfinals, semifinals and national finals will be an onsite event in Metro Manila on August 17 to 18.
Registration is at https://tinyurl. com/GTCup2024Registration
TMP’s Allana Faith Rufo said registrants must be a Filipino citizen residing in the Philippines, 14 years old or older at the time of registration and have an active PlayStation Network (PSN) account and active PS PLUS subscription.
For other requirements and more information on the TGR GT Cup Philippines, visit https://toyota. com.ph/tgrphilippines/tgr-gtcup
But when pitted against a couple of Porsches, the Han could only trail behind but still close enough. One thing to note is that while EVs have substantial torque figures, they only propel on a single-gear drive train. That means swift acceleration will reach a plateau at some point. Nevertheless, EV spurts are fun and reliable in real-world driving as long as there is enough battery juice.
Yulo: Happy to survive all-around’s toughness
By Jun Lomibao
PARIS—Carlos “Caloy” Yulo finished 12th in the men’s all-around on Wednesday night here and felt relieved he survived artistic gymnastics’ most complex and energysapping event.
I’m grateful that I survived the all-around, that I remained healthy… no injuries,” Yulo told BusinessMirror after the event at the cavernous Bercy Arena, one of several venues for the Paris Olympics that attracts the most crowds since the games opened last Friday.
The all-around throws the gymnasts into a battle of skills, grace and strength while keeping their endurance on top of everything in the rings, floor exercise, pommel horse, parallel bars, vault and high bar.
Yulo was just too glad and satisfied he made the final after missing out in Tokyo 2020.
“It’s really a big leap for me, I didn’t make the all-around final in Tokyo,” he said. “I could say that I have become matured and I thank the Lord for all these opportunities He’s been giving me.”
Yulo was 12th with 83.032 points in the all-around which Japan’s Shinnosuke Oka won with 86.832 and China’s Zhang Boheng (86.599) and Xiao Ruoteng (83.364) getting silver and bronze.
T he 24-year-old from Leveriza will try to medal in the final of floor exercise on Saturday and vault on Sunday—apparatus where he won world championships gold medals in
third pass [lost balance] in the floor exercise,” he said. “Those mistakes I committed because I get to rush my routine at times.”
H e needs to control his breathing, too. I need to focus on my breathing,” he said. “So in the floor exercise, I would be able to better execute my flow.”
Yulo said he’ll up the degree of difficulty for the vault and floor exercise.
I did 6.3 [degree of difficulty] in the all-around, and I’ll raise it to 6.6, the maximum, in the finals,” he said. “But basically, I would be bringing the same routine I used in the all-around to the final.” He went light in training on Thursday but is expecting to raise the ante Friday.
SUPPORT FOR FELLOW ATHLETES
CARLOS YULO said that he felt boxer Eumir Felix Marcial, whose dream to medal again in Paris was cut short by a taller and bigger foe from Uzbekistan in men’s light heavyweight of boxing two nights ago.
I felt sad for Eumir, because we’re always together at the Athletes Village,” Yulo said. “We wouldn’t want those things to happen, but we’re athletes, that’s the way it is.”
Yulo said that his fellow Olympian athletes have been very supportive of each other.
“I feel so very proud of my fellow athletes here in Paris,” he said. “And I appreciate very much the effort that they’ve been pouring into the Olympics.”
Maintaining a positive and
Algerian in gender row gets controversial win
Vof Algeria won her opening Olympic boxing bout Thursday when opponent Angela Carini of Italy quit after just 46 seconds.
K heli was disqualified from the 2023 world championships after failing an unspecified gender eligibility test, and her presence at the Paris Olympics has become a divisive issue.
C arini and Khelif had only a few punch exchanges before Carini abandoned the bout, an extremely unusual occurrence in Olympic boxing.
C arini’s headgear apparently became dislodged twice before she quit and refused to shake Khelif’s hand after the decision was announced. She cried in the ring before leaving.
K helif is an accomplished amateur who won a silver medal at the International Boxing Association’s 2022 world championships—the same governing body disqualified her from last year’s championships shortly before her gold-medal match because of what it claimed were elevated levels of testosterone.
The 25-year-old entered the ring at the North Paris Arena to a chorus of cheers, but the crowd was confused by the bout’s sudden end.
K helif and Lin Yuting of Taiwan have suddenly received massive scrutiny for their presence in Paris after years of amateur competition. Lin won IBA world championships in 2018 and 2022, but the governing body stripped her of a bronze medal last year because it claimed she failed to meet unspecified eligibility requirements in a biochemical test. AP
PARIS—Katie Ledecky gritted her teeth and flexed her left arm atop the lane rope. There was plenty of splashing, too, by one of the most accomplished swimmers to ever dive into the pool.
L edecky dominated the 1,500-meter freestyle at the Paris Games on Wednesday for her eighth Olympic gold medal and 12th medal overall.
A nd that might not even have been the most impressive performance on a big night in the pool.
France’s Léon Marchand completed one of the most audacious doubles in swimming history by winning the 200 butterfly and the 200 breaststroke about two hours apart. There was also a world record in the 100 freestyle as Pan Zhanle of China lowered his own mark.
TRIATHLON SUCCESS
AN ambitious plan to clean up the long-polluted Seine River paid off when the swimming portions of the Paris Olympics triathlons were finally held in the waterway Wednesday.
A fter a couple of canceled swim practices and a day’s delay because
“I
of the river’s water quality, the women’s and men’s events finished in spectacular fashion—on the Pont Alexandre III bridge with the Eiffel Tower in the background. It’s magical,” said newly minted gold medalist Cassandre Beaugrand of France. “It’s the best route we’ve had in a long time and I know all the other athletes feel the same.” B eaugrand navigated slippery roads that turned the cycling portion into a series of spills following an early morning rain. The men’s triathlon, which started less than an hour after the women finished, there was plenty of stifling heat and humidity to deal with as the
PJohn “EJ” Obiena has registered at the Athletes Village on Thursday ahead of his event’s qualifier at the Paris Olympics.
But the world No. 2 men’s pole vau lter could have some issues with his back, Obiena’s confidante Jim Lafferty revealed to BusinessMirror’s Josef Ramos in a correspondence in Manila.
“ He [Obiena] has had back issues from way back 2022, but he seems to be in a good place after a lot of effort,” Lafferty told BusinessMirror from his base in Dubai.
“ EJ checked out the Village but I ‘m not sure if he’ll stay there or in a hotel somewhere,” Lafferty said. “But so far, he remains in high spirits and ready for the Olympic competition.”
The pole vault qualifier are set Saturday at the Stade de France with the final scheduled for Tuesday.
Obiena and his team of renowned
Ukranian coach Vitaly Petrov and physiotherapist Antonio Guglietta arrived in Paris from their training camp in Normandy.
G uglietta said everything’s okay with Obiena despite issues about his back.
Everything is all okay, no injuries,” he said.
Obiena is one of 31 athletes vying in the qualifier—among them Olympic and world champion and record holder Armand Duplantis of Sweden, world No. 3 Chris Nielsen and Sam Kendricks of the US, Kurtis Marschall of Australia, Ben Broeders of Belgium and Emmanouil Karalis of Greece.
A nalysts say Obiena should be at 6.0 meters—which he cleared twice already—to medal or give Duplantis a tough fight in the event the Swede has comfortably dominated for years. Jun Lomibao
Pacific Games last year.
B ut his coach Elmer Pamisa, who polished him from the rough since more than a decade ago in Cagayan de Oro, finds Senior not so much of a problem.
“Carlo knows Senior very well, his style and strength,” said Pamisa, referring to Paalam often sparring with the Belgian during training camp in Germany ahead of the Games.
BACYADAN TO REMAIN A BOXER HERGIE BACYADAN could be wearing boxing gloves for the next four years—or up to the Los Angeles Olympics in 2028.
I think she has to remain in boxing because she has a great potential,” said Philippine Olympic Committee secretary-general Atty. Wharton Chan. “More than that, she has an Olympics to look forward to.” C han is secretary-general of the national association of kickboxing, one of two other combat sports where Bacyadan is good at—she’s a wushu expert and a world champion in Vovinam, a Vietnamese martial art that combines at least three disciplines.
She was asked to do boxing, immediately fell in love with the sport and found herself an Olympian.
A nd although she’s out of medal contention after losing to top-seeded Chinese Li Qian, who clinched silver in Tokyo, on Wednesday, she’ll go home rich with experience and happy memories.
I didn’t go short on courage, I managed to take her punches and I hit her, too,” she said. Jun Lomibao