Nonetheless, with various measures to address supply chain issues, the country may still be able to “stick the landing” when it comes to the government’s inflation targets, according to BSP Governor Eli Remolona Jr.
T he Development Budget Coordination Committee (DBCC) set an inflation target of 2.5 to 4.5 percent this year and 2 to 4 percent next year until 2028.
THE proposed 2024 national budget of P5.767 trillion translates to an average daily spending of P15.8 billion, but only P11.7 billion of this is supportable by revenues, leaving a P4-billion hole that must be filled with debt, Deputy Speaker and Batangas Rep. Ralph Recto said on Sunday.
T he Philippines’s outstanding debt at the end of 2024 is projected to reach P15.841 trillion as the Marcos Jr. admin-
istration is set to borrow more money to bankroll the national government’s recordhigh P5.768-trillion budget for next year.
T he government expects better revenue collection next year and is targeting to earn P4.272 trillion from tax and non-tax measures, which is P71 billion higher than its previous target of P4.201 trillion for 2024.
“ To fully grasp the dimensions of the budget, you have to compute it on a daily basis to fully appreciate the enormity of both spending and borrowing,” Recto said.
In easy-to-remember figures, this is
the lowdown: P15.8 billion will be spent per day. But the tax can only fund P11.7 billion. So there is P4 billion to be loaned,” he said.
According to Recto, based on the actual disbursements, daily expenses must be covered to the tune of roughly P3.7 billion.
R ecto said that while the “art of budget marketing perfected by all governments” focuses on what will be spent, “what is downplayed is the enormous money required to finance it.” “ Programs that dazzle are highlighted while muting the cost, a great portion
of which is paid by debts left to the next generation to pay,” Recto said. Payment for interest alone on the burgeoning public debt will be around P1.8 billion a day next year, he said.
T he Marcos Jr. administration will borrow P1.853 trillion next year from the domestic market through the sale of Treasury bills (T-bills) and Treasury bonds (T-bonds). The Bureau of the Treasury will tender P51.050 billion worth of T-bills and P1.802 trillion worth of T-bonds next year.
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THE Department of Finance
(DOF) is mulling over extending the reduced tariff rates on four commodities, which includes rice and pork, to keep the country’s inflation rate in check.
“ We are reviewing the possible extension. We will have a meeting next month to review if we have to extend [the tariff rates],” Finance Secretary Benjamin E. Diokno said in a recent press briefing.
T he review involves four commodities: rice, corn, pork and fish, according to Finance Undersecretary Zeno Ronald R. Abenoja.
T he reduced tariff rates on rice, corn and pork are set to expire by yearend as stipulated under President Marcos Jr.’s Executive Order
We want to stick the landing, as they say in gymnastics,” Remolona said. “We wanna get to the target range without overshooting it too much. I think we will overshoot a little bit pero hindi kami madadapa [but we won’t fall down]. From getting to the target range, I think we can settle comfortably within the 2-4 percent target range.”
(EO) 10 series of 2023. Under EO 10, the tariffs for pork range between 15 and 25 percent while corn imports have a tariff rate of 5 to 15 percent. Rice imports are levied with a uniform 35-percent tariff, based on EO 10. T he current administration has kept the lower tariffs on the three agricultural commodities until the end of the year “to maintain affordable prices” of food items and “ensure food security” in the country.
A benoja explained that the Inter-Agency Committee on Inflation and Market Outlook (IAC-IMO) has started to review the present tariff rates of the four commodities as well as other drivers of inflation.
By Jasper Emmanuel Y. Arcalas @jearcalas
THE Bureau of Internal Revenue (BIR) is optimistic of hitting its P3.046trillion collection target next year on the back of more aggressive efforts to curb tax leakages and improve efficiency through digitalization of its services.
B IR Commissioner Romeo
D. Lumagui Jr. said the bureau has already lined-up the measures and programs that it would implement to be able to reach its collection target for 2024, which is P407 billion higher than its P2.639-trillion goal this year.
O n top of its list, the BIR is preparing for the collection of taxes on online or digital transactions by strengthening its dialogue with the online platforms and online sellers.
L ast month, the BIR disclosed its plan to start collecting a 1-percent withholding tax
from online sellers by the fourth quarter of the year.
Under the 2024 National Expenditure Program (NEP), the BIR is set to collect about P107.52 billion from new and expanded tax measures next year, including nearly P17 billion from value added tax (VAT) on digital service providers.
Lumagui said the bureau is also looking to expand its manpower, but noted that it would be challenging since creating additional plantilla items would undergo government scrutiny and processes. We are hoping to be able to [create more plantilla items]. It is having a growing business wherein you need additional employees to address [the growing needs]. Right now the number of taxpayers is constantly increasing but the number of [BIR] personnel is not,” he told reporters in a recent interview.
THE Department of Agriculture (DA) has clarified that National Food Authority (NFA’s) stocks are not at alarming levels, considering the buffer stock at 300,000 to 350,000 metric tons at any given time.
“Our rice supply is more than enough for our needs for the next few months,” DA Undersecretary Leocadio Sebastian for Rice Industry Development said.
T he country’s national buffer stocks must refer to grains–whether palay or milled rice—held by traders from local purchases and imports and households.
For her part, DA Undersecretary Mercedita Sombilla for Policy, Planning and Regulation said that, “it would be faulty to compute NFA buffer stocks on the basis of the average national daily consumption of 37,362 MT since NFA stocks are now limited to emergency relief and for the requirements of the Department of Social Welfare and Development [DSWD].”
T he NFA is mandated by the Rice Tariffication Law (RTL) to buy its
buffer stocks only from local farmers to help them get better rates for their palay.
Moreover, the RTL buffer stock study of 2020 said the NFA inventory must be at 300,000 to 350,000 metric tons at any given time.
“ However, the actual buffer stock of NFA now is only 53,060 MT. We indeed need to increase this level,” Sombilla said.
M eanwhile, Sebastian has placed the country’s rice supply at 5.7 million metric tons of palay harvested during the dry season and an additional 1.9 million MT of imported rice in stock and 1.8 million MT carry-over stock from 2022.
T he country also has new harvest in July and August, albeit minimal.
Furthermore, DA’s latest bulletin shows that, per the assessment by Regional Field Offices (RFOs) in Cordillera Administrative Region, Ilocos Region, Cagayan Valley, Central Luzon, Calabarzon, Mimaropa, Western Visayas, Zamboanga
‘Rice stocks are more than enough for next few months’
DOF may extend low tariff rates on 4 key food items
JOE BIDEN, AMERICA’S OLDEST SITTING PRESIDENT, NEEDS YOUNG VOTERS TO WIN AGAIN. WILL HIS AGE MATTER?
THE Supreme Court has upheld tycoon Henry Sy Jr.’s ownership and right to develop the 19,274-square-meter lot of the Central Business Park (CBP)-1 Island A in the Manila-Cavite Road Reclamation Project into a commercial, residential and recreational complex.
I n a 30-page ruling penned by Senior Associate Justice Marvic Leonen, the Courts Second Division rejected the Public Estates Authority (PEA) petition to set aside the Court of Appeals’ February 27, 2013 decision affirming the February 28, 2008 order of the trial court ordering PEA to “convey and transfer the title and ownership” of the property as repayment for the P85-million advance made by Sy, through his assignor Shoemart Inc. (Shoemart).
P rior to this, the PEA, the Philippine National Construction Corporation and Shoemart entered into an agreement on May 12, 1994 to develop CBP-1 Island A.
T he agreement has PNCC affirming Shoemart’s acquisition of the right to jointly exercise PNCC’s preferred option to develop CBP-1 Island, since Sy’s company made the highest bid of P250 million representing 70-percent equity interest in the joint venture with PNCC.
Subsequently, Shoemart will buy out all of the interests of PNCC in CBP-1 Island A representing the P250 million bid and the 30- percent PNCC equity PNCC, for a total amount of P303 million.
U nder the agreement, Shoemart is required to undertake the land development based on PEA’s plans indicated in the Master Development Plan within a period of three ears from approval of the Joint Venture Agreement and the project by all government authorities having jurisdiction over the CBP-1 project, which may be extended for a period not exceeding two years upon written request of SM.
O n August 9, 1994, the PEA and Shoemart forged an agreement to develop Central Business Park, which requires PEA to undertake relocation of the squatters occupying the area, with Shoemart’s assistance.
T he agreement requires Shoe -
mart to advance the funds for the relocation.
O n June 29, 1995, Shoemart agreed to advance P85,000,000.00 within 90 days from February 23, 1995, to relocate the squatters at CBP-1 Island A.
A fter four years, the PEA advised Shoemart that the appraisal value of the property at the time of the drawdown was P4,410.00 per square meter; thus, the P85 million advanced by Shoemart was equivalent to 19,274 square meters.
I n a February 2, 2004 letter, the PEA informed Shoemart that the land it identified was approved by their board of directors under Board Resolution No. 3398.
O n August 18, 2004, Shoemart assigned all its rights, interests, and participation to Sy.
However, a legal battle ensued between Sy and PEA after the latter did not act favorably on the former’s request for conveyance of the property, citing the need to refer the matter to the Commission on Audit (COA).
T he PEA sought COA’s opinion on whether the land value should be appraised on the date of the drawdown or at present.
T his prompted Sy to file a civil case against PEA, alleging that despite the advance payment for the relocation of the informal settlers and the board of directors’ approval of the identified area, it still failed
to execute the necessary instrument for conveyance.
PEA countered that it was more prudent to first seek COA’s advice on whether it is proper to use the appraisal value at the time of the drawdown, considering the length of time that has passed before the parties agreed on the site to be conveyed.
I n upholding CA’s ruling, the SC denied PEA’s claim that there was grave abuse of discretion on CA’s part in dismissing its appeal and motion for reconsideration.
The contracting parties are bound by the stipulations in their agreement as obligations resulting therefrom have the force of law between them and should be complied with in good faith,” the SC pointed out.
It noted that the agreements between the parties clearly stated that the basis for petitioner’s conveyance of the property to Shoemart should be based on the current appraisal value at the time of the drawdown.
Since respondent, through Shoemart, had already advanced the P85 million pursuant to the terms of their agreements and the identity of the land to be conveyed was already duly approved by petitioner’s board of directors, there is nothing left to do but to execute the necessary instrument for conveyance in respondent’s favor,” the SC said.
I n terms of its impact on monetary policy rates, Remolona said, there are limits in terms of how much more interest rates can rise.
R emolona said the country is “nearing our full capacity” in terms of interest rates. This means, if the Monetary Board will raise interest rates on August 17, it cannot be too high.
“ I think we’re very close to our full capacity at this point so that means, if we’re going to hike, we have to be very careful not to hike too much; siguro konti lang siguro muna [maybe just a little] but if we’re gonna cut, there’s room to cut. So wait until August 17,” Remolona said.
I n terms of resorting to a pause, Remolona said, this will only happen if the data that Monetary Board receives is conflicting or inconsistent with each other.
“ Usually, the pause is because we wanna reassess and if the data that comes are not quite consistent with each other, and we are scratching our heads [thinking, ‘what really happened’?] then the thing to do is pause. We don’t wanna raise just because we feel like raising, we wanna know why we’re raising. Isn’t that the way it should be,” Remolona said.
T he BSP Governor added that the Monetary Board will take into consideration the forward guidance of the United States Federal Reserve as well as the BSP when making its decision.
T his is because interest rate hikes, particularly of the US Federal Reserve, do not only impact the country’s economic growth and investment potential but also its foreign exchange rates.
more important thing is to know what happens in the six months to one-year period.
What we observed, it’s not just the differential that matters, it’s also the forward guidance by the Fed, forward guidance by the BSP about the likelihood of future moves,” Remolona said.
“So we found when we were kinda hawkish in our forward guidance the peso actually—even with the differential narrowing—the peso actually got stronger,” he added.
Rice as driver RICE may again be the cause of higher inflation in the coming months as Philippine Statistics Authority (PSA) data showed that prices returned to levels that were seen prior to the implementation of a law that sought to bring down the price of the staple.
O n Friday, the PSA reported that inflation averaged 4.7 percent in July 2023 and was the lowest in 16 months. (Full story here: https:// businessmirror com.ph/2023/08/04/commodity-prices-hit-16-month-low-injuly-psa/).
PSA data showed, however, rice inflation averaged 4.2 percent in July 2023, the highest since February 2019 when the increase in the commodity’s prices was at 4.5 percent. The Rice Trade Liberalization (RTL) Act was implemented in March 2019.
T he IAC-IMO is reviewing the tariff rates on imported food and non-food items, Abenoja added.
A benoja said they do not want to preempt the results of the Tariff Commission’s comprehensive review of the country’s tariff structure after he was asked if the DOF is looking into the possibility of making the reduced tariff rates on the commodities permanent for at least the next five years.
“ We are participating in that review. That is being reviewed together with other private sector partners so we can prepare both the government and the stakeholders for any adjustments in the tariff structure. We do not want to preempt the results of that review,” Abenoja explained.
THE DOF is also pushing for the implementation of a system that would automatically approve sanitary and phytosanitary import clearance (SPSIC) applications for all imported commodities.
T he system, the finance officials noted, is akin to the present SPSIC system being implemented for imported rice as mandated by the rice trade liberalization (RTL) law.
For rice imports, SPSIC applications are deemed automatically approved after seven days of filing before the Bureau of Plant Industry (BPI) in the absence of proper rejection or denial from the regulatory agency.
“ Measures will also be implemented by the government to facilitate the issuance of sanitary and phytosanitary import clearance [SPSIC] and the enactment of a policy on the automatic approval of SPSIC application,” the DOF said in a separate statement.
T he DOF said the Sugar Regulatory Administration (SRA) is also set to issue import guidelines “with a more predictable regime” for the direct importation by industrial users for their sugar requirements.
T hese measures, the DOF said, are aimed at further slowing down the country’s inflation print which has slid to 4.7 percent in July. Jasper Emmanuel Y. Arcalas
“ They hiked by only 25 basis points. That means what people usually look at is the differential between the target Fed funds rate and our own RRP [Reverse Repurchase] policy rate,” Remolona said.
“ That differential has narrowed by 25 basis points, so normally that weakens the peso. But actually what market participants do is look forward to what will happen in the next few meetings; and looking at the next few meetings it doesn’t look like the differential will narrow further, that is why the peso remains stable despite the hike by the FOMC [Federal Open Market Committee],” he added.
R emolona said the peso moves according to the forward guidance by the BSP, not just at the differential itself or “what happens in the differential over the next few meetings.”
He said the differential right now is between 75 and 100 basis points. But, Remolona said, the
National Statistician Claire Dennis S. Mapa said rice prices this year gradually increased starting in February when inflation for the staple posted a 2.2-percent increase; March, 2.6 percent; April, 2.9 percent; May, 3.4 percent; and June, 3.6 percent before reaching 4.2 percent in July.
M apa said that in July, similar to June, the PSA also recorded increases in the price of all rice varieties that they monitor— regular milled, well-milled, and special rice.
Based on data, Mapa said regular milled rice prices averaged P41.50 per kilo, higher than the P41.20 per kilo in June and P39.60 per kilo in July 2022.
For well-milled rice, Mapa said the average price was at P45.50 per kilo in July, higher than the P45.20 in June and P43.90 in July 2022.
Special rice, Mapa added, averaged P54.60 per kilo in July, higher than the P54.40 posted in June and P53.10 in July 2022.
D ata obtained from PSA also showed that average regular milled rice prices started climbing in March 2022 at P38.97 per kilo, while special rice, the most expensive rice variety, started increasing from P52.96 per kilo in June 2022.
Nonetheless, the BIR will fasttrack its digitalization efforts with the goal of cutting by half the number of physical transactions done at its offices before the year ends, Lumagui said.
“ If we cannot hire more people, then [we will push for] automation [of] processes through digital transformation which will help us address the lack of manpower,” he added.
L umagui explained that the BIR plans to migrate some of its transactions to online to remove the need for taxpayers to transact physically in their respective offices.
“ Hopefully we can reduce the physical transactions by half. The problem is that even if online services are available, sometimes the taxpayers still want to go to our offices and refuse to use the online services because they are still comfortable [transacting] with people [physically],” he said.
T he BIR chief said plugging the gap in its excise tax collections re -
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mains a priority since the government is unable to capture about 20 percent of the total collections. We are targeting to minimize that 20 percent. I am sure we will be able to cut that by more than half this year,” Lumagui said.
We are aggressive in all our enforcement activities,” Lumagui added.
O ne measure that BIR will do to boost its excise tax collections, particularly on vapor products, is to require importers and manufacturers of juices used in vape products to secure an Authority to Release Imported Goods (ATRIG) from the BIR, he said.
T he issuance of an ATRIG would allow the BIR to monitor and regulate the importation of raw materials used in the production of vape juices, Lumagui explained.
A TRIG is a licensing document imposed by the government through the BIR on imported products that are required to pay excise tax prior to the release of the shipments to the domestic market.
THE Armed Forces of the Philippines (AFP) on Sunday condemned the China Coast Guard (CCG) for its “excessive and unlawful actions” against Filipino vessels engaged in a “routine troop rotation and resupply” (RORE) mission last August 5.
This was after a CCG vessel “blocked and water cannoned” one of the chartered supply boats while it was en route to Ayungin Shoal in the West Philippine Sea, AFP Spokesman Col. Medel Aguilar was quoted in a statement issued last Sunday.
Aguilar added that the Chinese vessel did this without thinking about the safety of those aboard and in violation of international law.
“One of our chartered supply boats was blocked and water cannoned by a CCG vessel yesterday, August 5, while en route to Ayungin Shoal for a routine troop rotation and resupply mission, in wanton disregard of the safety of the people on board and in violation of international law, particularly the 1982 United Nations Convention on the Law of the Sea (Unclos) and the 2016 Arbitral Award,” Aguilar said. (Related story in Second Front Page, A12, “3 Quad members, senators hit China’s Ayungin blockade.”)
And because of the CCG’s dangerous maneuvers, the AFP spokesperson said the second supply boat was not able to unload the supplies and could not complete the RORE mission.
“We call on the CCG and the
Central Military Commission to act with prudence and be responsible in their actions to prevent miscalculations and accidents that will endanger peoples’ lives,” Aguilar said.
A report by China Daily quoted a spokesman of the China Coast Guard (CCG) as saying the CCG “expelled four Philippine vessels that illegally entered the waters near the Ren’ai Reef last Saturday in accordance with the law.” Gan Yu, the spokesman, said in a brief statement that “without” Chinese government approval, “two Philippine supply vessels and two Philippine coast guard vessels illegally entered waters adjacent to the Ren’ai Reef of China’s Nansha Islands on Saturday.”
The China Daily report added that the Chinese coast guard merely conducted “necessary control” in accordance with the law and prevented the Philippine ships carrying “illegal construction materials.” Gan, said China Daily, urged the Philippines “to immediately stop its infringing activities in the waters, stressing that China has indisputable sovereignty over the Nansha Islands and their adjacent waters, including the Ren’ai Reef.”
The CCG “will continuously carry out rights protection and law enforcement activities in the waters under China’s jurisdiction in accordance with law,” China Daily, the official government owned English-language newspaper of the People’s Republic of China, further quoted Gan as saying.
SENATE probers would open on Tuesday an inquiry by the Committee on Justice and Human Rights into the recent discovery of a supposed mass grave at a septic tank inside the maximum security compound of the New Bilibid Prison (NBP) in Muntinlupa City.
Senator Francis N. Tolentino, panel chairman, said the Senate investigation
will be done inside the national penitentiary so that key inmates involved in the recently discovered burial ground inside the NBP compound could shed light on the said matter.
Tolentino last week filed Senate Resolution 709 and sought for a thorough probe after a mass grave was unearthed along the septic tank of the NBP’s maximum security compound while prison officials were searching for a missing inmate identified as Michael Angelo Cataroja. Cataroja was last seen on July 14.
Tolentino’s panel is also keen to look into the into the recent incidents at the Bureau of Correction (BuCor) that compromise the safety and security of the “persons deprived of liberty” or PDLs detained inside the national penitentiary as well as pose danger to the lives and limbs of the prison personnel therein.
Records from BuCor as of December 2022 also showed that out of the 673 recorded deaths inside the NBP compound, eight were caused by as -
phyxia, one by gunshot wounds, six by stab wounds and three by traumatic head injuries.
Last July 26, another casualty was recorded after a gang war broke out inside the maximum security compound. The victim, identified as Alvin Barba, died after he was stabbed with an ice pick.
During the same riot incident, BuCor’s Special Weapons and Tactics (SWAT) team was able to recover a cal. 45 pistol and 12 rounds of ammunition at the area of occurrence.
THE Court of Appeals has issued a writ of habeas corpus ordering the immediate release from detention of four Chinese nationals who were among those arrested in the June 27 raid by the Philippine National Police Anti-Cyber Crime Group (PNP-ACG) of a Philippine Offshore Gaming Operation (POGO) service provider hub in Las Piñas City.
Covered by the CA’s Tenth Division order dated July 28, 2023 were Ang Chin Keong, Choo Jun Cheng, Choo Wei Jazz and a certain “Edy.”
Nova G. De Castro, and all those acting under their instructions and command, including those who may have taken actual, legal and/or constructive custody of Keong, et al., are ordered to immediately discharge and/or release from any custody, detention, confinement or other restraint which is currently undertaken at Hong Tai Compound, 501 Alabang Zapote Road, Almanza Uno, Las Pinas City…” Nartatez, regional director of the National Capital Region Police Office (NCRPO), and Hernia, director of the PNP-ACG, were among those named respondents in the petition for the writ.
The PNP-ACG defended the raid and told the CA that the foreign nationals were not allowed to leave the premises, being potential victims of human trafficking.
The respondents noted that most of them are with expired passports, have no working visas, or minors, whose passports are captured by the employer POGO facility.
The PNP-ACG said they had already referred the foreign nationals to the Bureau of Immigration (BI) and the Inter-Agency Council Against Trafficking (IACAT) for assessment as potential trafficking victims.
nationals who are possible victims of human trafficking, the appellate court held that the absence of the latter’s consent is “fatal to their continued detention.”
The CA also noted that Keong et al legally entered the country and have valid passports and working or tourist visas that allows them continued stay.
The CA noted they are not in the BI’s hold departure, blacklist and or with derogatory records.
SENATOR Christopher Lawrence “Bong” T. Go emphasized the importance of sustainable tourism and environmental protection during the Philippine Councilor’s League Occidental Mindoro General Assembly held on August 3 at Acacia Hotel in Davao City.
Go recounted his travels across the country and his efforts to provide assistance during natural disasters such as typhoons, earthquakes, and volcanic eruptions.
The senator’s speech took a focused turn towards the theme of the assembly, “Mobilizing Legislation and Governance through Sustainable Tourism and Environmental Protection,” emphasizing the importance of sustainable tourism practices and the need to preserve the country’s natural resources.
“Tourism can be a powerful catalyst for economic growth, creating jobs and generating revenue. However, it must be done in a manner that respects our ecosystems and preserves the very attractions that draw visitors to our shores,” Go stated. He also emphasized the importance of community-based tourism initiatives, saying that “engaging in community-based tourism initiatives can empower our people, allowing them to actively participate in decision-making processes and benefit equitably from tourism-related activities.”
In addition to tourism, Go talked about the critical importance of environmental protection. He called on the councilors to pass ordinances that safeguard natural heritage, regulate land use, and curb activities that degrade the environment.
“Our biodiversity is a treasure that must be preserved for future generations. From our lush forests to our pristine beaches, every ecosystem plays a crucial role in maintaining ecological balance,” he said.
Go co-authored Senate Bill 1841, which seeks to enhance the preservation and safeguarding of the cultural heritage of the Philippines by means of cultural mapping.
Meanwhile, Go also shared his priorities as chairperson of the Committee on Health, including the expansion of the “Malasakit Center” program and the establishment of super health centers (SHCs).
Malasakit Centers bring together representatives from the Department of Social Welfare and Development, Department of Health (DOH), the Philippine Health Insurance Corp., and the Philippine Charity Sweepstakes Office. These one-stop shops aim to support impoverished patients in reducing their hospital costs to the least possible amount.
Go is the principal author and sponsor of Republic Act 11463 (Malasakit Centers Act of 2019), which institutionalized the Malasakit Centers program.
To date, 158 operational centers have helped more than seven million Filipinos nationwide, according to DOH.
He also reiterated his commitment to support the establishment of more SHCs across the country, considering how they can significantly help reduce hospital occupancy rates while bringing government medical services closer to the grassroots.
Services offered in the SHCs include database management, out-patient, birthing, isolation, diagnostic (laboratory: x-ray and ultrasound), pharmacy and ambulatory surgical unit. Other available services are eye, ear, nose, and throat (EENT) service, oncology centers, physical therapy and rehabilitation center and telemedicine.
Go called for unity and collaboration across political affiliations and geographical boundaries.
He encouraged the councilors to learn from successful initiatives in other regions and adapt them to the unique needs of Occidental Mindoro.
“Let us unite and rise to the occasion, embracing the theme of this assembly with determination and dedication. Together, we can create a legacy of responsible stewardship that will leave a lasting impact on future generations,” he said.
The petition for the writ was filed by lawyer Jocel Isidro S. Dilag on behalf of the four foreign nationals. Habeas corpus “is a writ directed to a person detaining another, commanding the former to produce the body of the latter at a designated time and place.” It extends “to all cases of illegal and arbitrary detention by which any person is deprived of his liberty….”
The CA said in an 18-page decision penned by Associate Justice Rex Bernardo L. Pascual: “We have examined into the cause of caption and restraint of Keong, et al., and we are satisfied that they are unlawfully restrained. The totality of the circumstances show that Keong, et al, were unlawfully restrained.”
The CA added: “The PNP through PBGen Jose Melencio C. Nartatez Jr., PBGen Sidney S. Hernia, P. Col. Atty. Arvie A. Paraon-Bueno, P. Col. Atty.
The four petitioners were among the more than 2,700 individuals, including 600 Chinese, 180 Vietnamese, 140 Indonesian, 130 Malaysian nationals and Filipinos, who were detained at the premises of the Hong Tai Compound, a mixed-use facility for residential and commercial purposes, situated along Alabang Zapote Road, Almanza Uno, Las Piñas City.
The petitioners claimed that a large part of the Filipino group had already been released by the respondents, while foreigners, including Keong’s group, are still detained in their respective rooms “against their will, without any running water and food rations.”
In fact, petitioners claimed they were even required to get the respondents’ permission just to gain access to a working toilet or buy potable water from the compound’s convenience store.
However, in siding with the petitioners, the Court considered the PNP’s failure to present a copy of the search warrants used as basis in conducting the raid.
The fact that no search warrants were presented by the PNP would show that the warrants are adverse to it. Section 3 (e), Rule 131 of the Revised Rules on Evidence provides that evidence willfully suppressed would be adverse if produced, unless contradicted and overcome by other evidence,” it noted.
The CA further held that “no judicial process was presented to the Court by the PNP to allow for the continued detention of Keong et al.”
The appellate court said even the purported protective custody of Keong et al does not justify their continued restraint.
While the PNP cited the Expanded Trafficking in Persons Act of 2012 as the process to secure and restrict the movement of the said foreign
THE Maritime Industry Authority (Marina) is aligning its strategic plans and programs with the long-term Maritime Industry Development Plan (MIDP), its chief said over the weekend.
Marina Administrator Hernani N. Fabia said the agency recently conducted an updating workshop of the Marina Voyage Plan (MVP) 2028, reaffirming the agency’s “commitment to aligning its plans with the MIDP, emphasizing the importance of contributing effectively to the development and growth of the maritime industry.”
The workshop’s primary objective was to update the Marina Voyage Plan’s
5-year strategic deliverables, strategic contributions and program scorecards.
Fabia said this comprehensive approach ensures that Marina’s initiatives and projects are geared towards fulfilling the MIDP’s vision and objectives.
He noted that through this alignment, Marina “demonstrates its commitment to responsible and strategic planning, ensuring the effective implementation of the MIDP’s goals.”
This, Fabia added, will help Marina to “significantly contribute” to the growth of the maritime sector, while ensuring safety and sustainability for the years to come.
The outputs are set to be validated during the Authority’s mid-year performance assessment and planning conference on
set for August 9 to August 11.
The MIDP 2028 encompasses eight core programs designed to propel the industry forward sustainably and innovatively, covering modernization and expansion of domestic shipping, promotion and expansion of overseas shipping, modernization, expansion and promotion of the shipbuilding and ship repair industry, promotion of highly skilled and competitive maritime workforce, enhancement of maritime transport safety and security, promotion of environmentally sustainable maritime industry, implementation of a sustainable maritime innovation, transformation, digitalization and knowledge center and the adoption and implementation of an effective and efficient maritime administration governance system.
THE government is set to celebrate the first “Communications Month” in October under the new issuance of President Ferdinand R. Marcos Jr.
In his 2-page Proclamation 308, the chief executive disclosed the creation of the said event will help promote “true, accurate and relevant information” regarding government policies, programs and projects.
“An effective communication mechanism
is vital in the engagement and involvement of the citizenry and the media industry in enriching the quality of public discourse on all matters of governance,” Marcos said.
The new issuance tasked the Presidential Communications Office (PCO) to take the lead in the observance of the Communications Month.
Other government agencies and instrumentalities including government, government-owned or-controlled corporations to assist PCO in its activities for the said event.
Marcos encouraged non-government
organizations, the private sector and local government units to also provide similar support to PCO.
The new proclamation, which was signed last Wednesday, also set the anniversary of PCO to the 11th of October every year.
PCO was initially called Office of Special Services, when it was created by President Manuel L. Quezon on October 11, 1942. It was later renamed to the Office of the Press Secretary and then PCO through Executive Order 11, which was issued on December 29, 2022 by Marcos.
But, the SC clarified tha its ruling is not a pronouncement on the validity of the June 27 operation, that it also pertains to the circumstances affecting the petitioners.
“However, with respect to the law enforcement operation last June 27, 2023, our finding of some irregularities therein is made only in so far as supporting our declaration that the purported protective custody in this case is not a sanctioned process to lawfully restrain Keong, et al.,” the CA said.
“We are not making any pronouncement on the validity of said law enforcement operation. Neither are we saying that a legitimate law enforcement operation including a valid temporary custody effected therein is beyond the reach of habeas corpus.
THE Marikina City government will be filling a case against the drone operator and supplier after it displayed the red color of the Philippine flag on top while the color blue was in the bottom.
Marikina City Mayor Marcelino R. Teodoro also strongly condemned the incident, the statement of the Marikina city government read.
The statement also expressed that the Marikina City Government is suing DroneTech Inc. to determine the company’s legal responsibilities including the accompanying penalties and fines.
The inverted colors of the Philippine flag was part of a display during the closing ceremony of the 2023 Palarong Pambansa Meanwhile, DroneTech issued a statement, apologizing to Teodoro. “to the country and its people and the Philippine government” for the “grave error” they committed.
“We would like to clarify that this error in the ‘Drone Show’ programming. which was supposed to be tested days before could have been noticed and corrected was not successfully done due to severe weather conditions and signal interference on the said area for several nights,” read DroneTech’s statement issued last Sunday.
The 63rd Palarong Pambansa 2023 in Marikina officially ended on August 5 after a week of intense competition.
The Marikina city government and the Department of Education (DepEd) conducted the Palaro in Marikina from July 31 to August 5, three years after it was halted due to the Covid-19 pandemic.
Vice President and Education Secretary Sara Z. Duterte-Carpio and Teodoro led the closing ceremonies of Palaro 2023 at the Marikina Sports Center.
Showcasing their talents, performers from various schools in Marikina gleefully sang and danced during the pre-program activity of the closing ceremony of Palaro 2023.
Bong Go highlights need for sustainable tourism
negotiations between Manila and New Delhi.
Investment in BARMM hits ₧3.1B in Q3
By Manuel T. Cayon @awimailboxDAVAO CITY—The Bangsamoro Board of Investments (BBOI) has already approved a total of P 3.1-billion worth of investments way into the middle of the third quarter.
By Cai U. Ordinario @caiordinarioTHE Philippines is preparing a host of trade deals with three Asian countries in its bid to become an export powerhouse by 2028, according to the Department of Trade and Industry (DTI).
Trade and Industry Undersecretary
Ceferino S. Rodolfo recently told reporters that negotiations to craft a free trade agreement (FTA) with the United Arab Emirates (UAE) and the scoping for a Preferential Trade Agreement (PTA) with India this year while the country’s FTA with South Korea could already be signed within two months.
Rodolfo said the country’s interests in an FTA with the UAE are focused on halalrelated products, food manufacturing and finished consumer goods while India could be another destination for Philippine bananas, pineapples and mangoes.
“Mainly, consumer and consumer durables, particularly those of more differentiated, premium products, garments, Timex watches, belt, leather products, food, [then] halal na food, [and] tropical fruits,” Rodolfo said. We don’t have “sensitivity with respect to UAE. They are really more of a market,” he added. “In terms of renewable energy (RE), (they could be) more of an investor to our RE projects.”
Rodolfo said, however, that the FTA with the UAE may not include all labor concerns such as access given that the country could maximize these kinds of opportunities through bilateral labor agreements that are under the purview of the Department of Labor and Employment (DOLE).
“Yung dinidiscuss natin dito sa mga FTAs, mostly movement of natural persons, including those that are in fulfillment of contracts. May company dito na nakakuha ng kontrata, magiinstall ng computers, sa isang hotel sa UAE, yungpagdalangPilipinodoon.Hindi yung isang Pilipino na maghahanap ng trabaho doon. Kasi mas maraming issue doonsokailangannayung bilateral labor agreement yung protection. Dun yun dini-discuss,” Rodolfo explained.
[What we are discussing here in FTAs are mostly movement of natural persons, including those that are in fulfillment of contracts. There is a company here that got a contract to install computers in a hotel in the UAE; to bring Filipinos there. This would not be for only one Filipino looking for a job there because there are more issues there, so the bilateral labor agreement is needed for protection. That is what is being discussed.]
Meanwhile, Rodolfo said the Terms of Reference for the PTA with India could be issued this year and, hence, starts the PTA
The trade official added that in a recent event in Cebu, the Indian Ambassador recognized the need to create a PTA with the Philippines. He said the discussions, unfortunately, were stalled because of the pandemic.
This means the country only needed to reconnect with India, according to Rodolfo. The focus of these PTAs will be in both agricultural and industrial goods.
The PTA with India could also help the Philippines get access to certain products amid bans such as the recent decision of New Delhi to impose a rice export ban.
“[We want to] ensure that we have access to critical Indian products,” Rodolfo said adding there would be no imposition of export restrictions.
He explained that prior to India’s rice export ban, New Delhi restricted the export of active pharmaceutical ingredients (APIs) during the pandemic.
“Tapos nakausap natin sila kaya nakakuha parin tayo.” [Then we talked to them so we still got the APIs.]
Meanwhile, Rodolfo said South Korea has sent a letter to the government that Seoul is ready to sign the agreement since they were already able to complete their domestic processes.
The trade official said Manila is already in the process of completing the
certificates of concurrence in order to get a “signing authority” for the agreement.
This reflects the new process adopted by the Office of the President (OP) that the agreement should receive a Certificate of Compliance (COC) before the signing authority is issued.
“Nabago ngayon eh. Dati, signing authority tapos pipirmahan ni Secretary tapos ibabalik kay Presidente at ir-ratify na niya tsaka kukuha ng certificate of concurrence. Ngayon, ang gusto ni OP, for prudence, bago magbigay ng signing authority, may COC na. So front-loaded yung COC,”Rodolfo explained.
[Things have changed. Previously, the signing authority would then be signed by the Trade Secretary and then returned to the President and he would ratify and obtain a certificate of concurrence. Now, what the Office of the President wants, for prudence, before giving signing authority, is to have a COC; so the COC is front-loaded.]
Last year, the DTI estimated that the Philippines could generate P150 billion to P200 billion worth of foreign direct investments (FDI) within three years from the FTA with South Korea. Rodolfo noted the revenue would particularly come from the electric vehicle value chain and, perhaps, in agricultural processing. Rodolfo said wiring harness is included under the EV value chain.
IT’S convenient, has the best beach, and “feels like home.” Those are among some of the reasons banker Anna Francesca (surname withheld) goes to Boracay Island to relax and de-stress.
“I go there to escape the city [Metro Manila] and rest, not to tour its sites or engage in touristic activities. So if my schedule permits, I go after work on Friday, then leave on the first flight out on Monday, to return to work,” she told the B usiness M irror . “At the resort, I wake up, have breakfast, work if needed, then have a nap on the beach [or just chill, sunbathe, read], swim.... When I’m hungry I just walk to get something to eat. And I’ve already made a number of friends there,” she added.
While she’s only visited the island once this year, last year she traveled there about six times. But no other beach in the country can compare in terms of its quality, she asserted.
Boracay is constantly rated among the best islands in the world or in Asia by international travel publications or websites. At other beaches in the country, many of which she has also visited, “you’re stuck at their resorts unlike in Boracay, you can walk to eat, swim, drink, etc. And it’s so much easier to drive to the airport instead of driving to the beaches near Metro Manila (e.g. Laiya, Batangas, or Zambales).”
1.34M from January to July
LIKE Anna Francesca, many Filipinos continue to be drawn to Boracay despite pandemic international travel restrictions having been eased since last year. Data provided by the Malay Tourism Offfice showed some 1.34 million individuals visited the island from January to July this year, almost 66 percent of the 2-million total arrivals in 2019, prior to the pandemic.
Of the seven-month total this year, domestic travelers reached close to 1.06 million, accounting for 79 percent of the island’s visitors. This already exceeded the
total domestic arrivals on the island of 932,433 in 2019. Residents in the National Capital Region have accounted for 40 percent of the total domestic travelers in Boracay this year.
Foreign tourists, on the other hand, numbered 253,264, accounting for some 19 percent of the total visitors in the seven months to July this year. Overseas Filipinos or overseas Filipino workers who arrived on the island were 31,232. The Bureau of Immigration defines overseas Filipinos as Philippine passport holders permanently residing abroad. Prior to the pandemic, Boracay received 2 million visitors in 2019, more than half of who were foreigners.
S. Korea tops foreign tourists
SOUTH Koreans topped the list of foreign tourists on the island during the sevenmonth period this year, at 104,460; followed by visitors from the United States at 24,782; China at 19,757; Taiwan at 13,833; and Australia at 10,734.
According to Malay Chief Tourism Officer
Felix Gregorio delos Santos, arrivals from China remained tepid, with few arriving “especially those from Beijing and Wuhan.” China was the top source market of foreign tourists in 2019, at 434,175. Since China reopened its borders to outbound travel in January, the first Chinese tourists in Boracay this year arrived on April 18 at the Kalibo International Airport via chartered flight from Changsha, aboard OK Airlines, which brought 180 tourists.
The Department of Tourism hopes the new electronic visa (e-visa) platform to be introduced by the Department of Foreign Affairs will help boost Chinese tourists in the country. The e-visa platform will be pilot-test in China starting August 24. The projected travel boom by Chinese citizens has yet to materialize due to the slowdown in its economic growth, inadequate international flights, and slow renewals of passports. (See “China summer outbound travel 53 percent below pre-Covid,” in the BusinessMirror, August 4, 2023.)
Continued from A1
Continued from A1 Peninsula, Soccsksargen and Caraga, damage and losses caused by Super Typhoon Egay in the agricultural and fishery sector now amounts to P4.47 billion.
T he typhoon affected “170,510 farmers and fisherfolk, with total volume of production loss at 152,041 metric tons [MT] and 195,539 hectares [ha] of agricultural areas,” the bulletin shows.
T he affected commodities include rice, corn, high-value crops, livestock and poultry, and fisheries.
Damage was also incurred in irrigation systems, agricultural and fishery infrastructures, and fishing paraphernalia.
Damage and losses in rice amounted to P1.75 billion with affected area at 111,5477 ha and volume of production loss at 42,754 MT, or 0.21 percent of the total annual production target volume for rice at 19.76 million MT. For corn, damage and losses amounted to P1.74 billion with affected area at 81,998 ha and volume of production loss at 95,658 MT, or 1.03 percent of the total annual production target volume for corn at 9.30 million MT. Raadee S. Sausa
The remaining P606.850 billion will be secured by the national government from abroad through program loans (P295.845 billion), project loans (P36.005 billion), bonds, and other inflows (P275 billion).
“But because the na tional budget is heavily weighted toward interest, it does not provide the full picture. The amortization and principal payments are automatically appropriated and not included in the national budget,” he said.
H owever, if the principal amortization requirement of P3.4 billion a day is added to the interest payment of P1.83 billion, “real” debt service expenditures would be around
P5.2 billion daily, Recto said.
The national government’s debt service next year, which is expected to account for 12.1 percent of the overall budget, will increase by 14.43 percent to P699.2 billion from this year’s P611 billion.
Broken down, P670.5 billion will go to interest payments, while P28.7 billion would be for net lending, based on the budget documents.
“Gross borrowings next year—to finance the deficit, debt, and development—have been forecasted to reach P2.46 trillion, or about P6.7 billion daily,” Recto said.
The former Senate President Pro Tempore said that at almost P1.7 trillion annually, “Personal Services,” an expense class term for
The BBOI said this generated 1,927 new jobs for the autonomous region. The latest approved investment was quite big, coming from Illana Bay Beach Resort in Badak, Datu Odin Sinsuat, Maguindanao del Norte, according to the BBOI.
This single investment carried a project cost of P340,316,249 and was approved during the BBOI board meeting last week.
The BBOI said the Illana Bay Beach Resort is a tourism-related facility and “poised to become a premier destination that showcases the natural beauty and cultural heritage of the Bangsamoro Autonomous Region.”
This venture stands as a testament to the commitment of both private and government sectors to drive progress and prosperity in the region, said BBOI Chairman Omar Pasigan.
The beach resort project is expected to generate 69 jobs, mostly coming from the community, Pasigan added.
By Jonathan L. Mayuga @jonlmayugaADVOCATES of a toxic-free environment welcome the initiative of the government in investing in climate-neutral approaches and direction toward a circular economy. However, BAN Toxics Inc. said a more sustainable approach to address the concerns of overproduction and consumption is needed as the country embarks on the full implementation of the Extended Producer Responsibility (EPR) law, particularly on plastic packaging waste.
BAN Toxics Policy Development and Research Head Jashaf Shamir A. Lorenzo issued the statement in reaction to recent policy pronouncements of Environment and Natural Resources Secretary Maria Antonia Yulo-Loyzaga. The Department of Environment and Natural Resources (DENR) serves as the lead responsible agency and has released the implementing rules and regulations (IRR) of Republic Act 11898.
As DENR chief, Yulo-Loyzaga is spearheading the campaign to enjoin big companies to implement wasterecovery programs to reduce plastic waste production. Recently, the DENR chief also announced the move to explore co-processing with cement companies to make use of plastic waste as fuel in the production of cement.
“The BBOI recognizes the positive impact that such initiatives have on the socioeconomic landscape, enhancing the quality of life for the people of the region,” he said.
The BBOI would continue to facilitate a conducive environment for investments and partnerships “that will drive progress and prosperity in the Bangsamoro Autonomous Region,” a statement by the agency read Board of Governor Datu Habib S. Ambolodto said the BBOI “congratulates the proponents of the Illana Bay Beach Resort for their vision and commitment.”
“We are confident that this project will not only contribute to the economic growth of the region but also serve as a catalyst for further investments, development, and cooperation,” Ambolodto added.
Last May the approval of four investments in the Barmm lifted the BBOI’s prospects of meeting its targets for this year.
“We believe that we are now reaping the results of the BARMM administration’s investment initiatives,” Pasigan said citing the target for fiscal year 2023 at P2.5 billion. (See https://businessmirror.com. ph/2023/06/19/four-companies-pourp1-16-billion-worth-of-investmentsin-barmm/)
materials, and promoting the eco-design of products, to reducing and minimizing waste generation during the production process to enhance the efficacy of the legislation.”
The group believes “reducing plastic use is the most effective means of avoiding plastic waste. Therefore, EPR implementation must be guided by principles of sustainable production, consumption, and zero waste to reduce plastic use substantially. Strengthening it requires addressing the plastic governance across its lifecycle, with a priority on upstream solutions.”
“Our policies and regulations would benefit from a systems change approach to tackle the root causes of plastic pollution. A significant reduction in plastic use could be achieved by focusing on redesigning products based on their societal function and transitioning towards sustainable plastic alternatives. We need stronger commitments from the industry to move away from non-ecologically acceptable packaging towards more sustainable alternatives and innovations.”
According to BAN Toxics, banning single-use plastics, which are primarily derived from plastic packaging, is a practical solution to prevent plastics from burdening waste management systems.
the salary and other compensation of national government employees and the pension of uniformed personnel, “would come up to P4. 6 billion a day.”
But while the government will be spending P15.8 billion a day, BIR and the Bureau of Customs are projected to only collect P8.3 billion and P2.7 billion daily, respectively, for a combined P11.16 billion a day.
“B ecause not all that will be appropriated will be disbursed, the deficit to be financed will be about P3.7 billion daily,” Recto said.
The national government’s budget deficit next year is anticipated to fall to P1.356 trillion, or about 5.1 percent of GDP. This year’s programmed budget deficit is P1.499 trillion, or about 6.1 percent of GDP.
MALACAÑANG announced the new launch date of the lifeline rate program for poor households to help them pay for their electricity bills to next month.
“The program roll-out has been moved to September 2023 to give qualified customers more time to register,” the Presidential
Communications Office (PCO) said in a statement last Sunday.
Under the program, the government will provide subsidized rate for qualified lowincome electricity customers, which includes beneficiaries of the “Pantawid Pamilyang Pilipino Program” (4Ps), or customers considered to be living below the poverty threshold set by the Philippine Statistics Authority (PSA). Those who would like to apply
from the program must submit to their concerned Distribution Utility (DU)/Electric Cooperative (EC) their duly accomplished Lifeline Rate Application Form, their most recent electricity bill, and any valid government-issued identification card (ID) containing the signature and address of the customer.
Customers, who are living below the poverty threshold set by the PSA must also submit certification from the local Social
“While the EPR law focuses on waste management, particularly on waste reduction, recovery and recycling, and circularity in plastics, it should be complemented with interventions and solutions that address the full lifecycle of plastic,” Lorenzo was quoted in a statement as saying.
“The implications of the existing EPR model, which primarily centers on the end-of-life phase, must be taken into account. We don’t want to end up incentivizing producers, distributors, and retailers with tax deductions and fiscal incentives for recovery schemes that include ‘thermal treatment’ and ‘pollutive’ waste diversion and disposal technologies such as incineration, pyrolysis, or waste-to-fuel,” he explained.
“There is a clear necessity to amplify efforts to cover the entire lifecycle of plastics, from the extraction of the raw
Welfare and Development Office (SWDO) issued within the last six months.
A household can only have one application, which will be filed to a DU service or an EC service.
“The power reduction rate varies depending on the prevailing rates of the DUs or ECs,” the PCO said.
If the applicant lives within a service area of the Manila Electric Co. (Meralco), lifeline end-users will pay between P20 to P904.21, depending on their monthly consumption.
4Ps beneficiaries will be able to avail of the program as long as they included in
“Banning has been shown to prevent tons of plastics from entering the waste stream and coastal pollution, as demonstrated by local and global practices,” said BAN Toxics.
The group noted that President Ferdinand R. Marcos Jr. urged Congress in his second State Of the Nation Address to pass a law that will impose excise taxes on single-use plastics instead of banning them. Numerous bills and resolutions have been introduced in both chambers of Congress aiming to ban single-use plastics without significant progress.
The EPR law (RA 11898) represents the first amendment to the Ecological Solid Waste Management Act.
BAN Toxics has been engaged in international negotiations pertaining to a legally binding global plastics treaty to end plastic pollution. “It is important that this global plastic treaty addresses plastic production at its core and incorporates provisions to freeze and phase down plastic production.”
the updated list of the Department of Social Welfare and Development (DSWD).
“If delisted, the customer may opt to apply for a local SWDO certification if he/she is living below the poverty line and may reapply for Lifeline Rate,” PCO said. Based on the July data from the Energy Regulatory Commission (ERC), there are 12,829 household beneficiaries of 4Ps, which can apply for the Lifeline Rate program. Meanwhile, the Lifeline rate for non-4Ps beneficiaries will have a 3-year validity from the date of issuance of certification by the local SWDO.
Intervention needed to address full cycle of plastics–advocates
‘Rice stocks are more than enough for next few months’Jennifer A. Ng
an Undersecretary or Assistant Secretary to handle a specific RPZ each and to make sure they hand hold the Farmers until their crops reach maximum efficiency of production.
“They will focus on enhancing capabilities to produce rice, like pouring support for seedlings, fertilizers, pest control and modernized equipment.”
for crop production, including the planting of rice.
“The two recent typhoons badly hit Regions I, II and III, which roughly accounts for 40 percent of rice input and 80 percent of corn production. Kaya kailangan tayong tumingin sa ibang lugar para mapunan ang deficit.”
Zubiri noted that Typhoons Egay and Falcon “blew a big hole” in the food basket regions in the North. This, he said, could limit the country’s food supply.
“I told the President about my proposal to establish RPZs and he found it to be very interesting. In my opinion, we cannot be certain about our food security today and then be insecure tomorrow because of factors beyond our control or just because
our sources of rice imports, such as India have become uncertain,” he said in a statement.
“Typhoons Egay and Falcon blew a big hole in our food basket regions in the North. This will surely have an effect on the supply of agricultural products, including rice. The earlier we build our RPZs, the sooner we buffer our rice supply and mitigate the effects of calamities on food security.”
Zubiri said he made RPZ proposal
to no less than President Ferdinand R. Marcos Jr. during the dinner hosted by the Chief Executive for members of the Philippine Senate last week.
In their discussions, Zubiri said the topic veered to talks about the supply of rice in the country
and how senators were expressing concerns about the recent announcement of India on a ban on non-Basmati rice exports.
Under the his proposal, provinces can be grouped into one RPZ and President Marcos, as concurrent Secretary of Agriculture, can assign
The senator from Bukidnon said in establishing RPZs, the government can take its cue from Republic Act 8435 or the Agriculture and Fisheries Modernization Act of 1997, which mandates the Bureau of Soils and Water Management to identify Networks of Protected Areas for Agricultural and Agro-industrial Development (NPAAADs).
These NPAAADs, Zubiri further said, are ideal RPZs and can be a good starting point because the bureau maps out all fertile, rich and irrigable lands suitable
The senator also pushed for quick turnaround programs for affected farmers in the North for replanting to allow the immediate recovery of rice granaries in typhoon-hit areas.
Under the 2023 General Appropriations Act, the main programs under the DA-Office of the Secretary that can be used to aid rice farmers include the National Rice Program and the Rice Competitiveness Enhancement Program.
He said the national government can tap the unutilized portions of these funds to help affected farmers. Butch Fernandez
SMUGGLED often pose health and safety risks and impede the government’s efforts to reduce smoking prevalence and tobacco-related diseases, according to Senator Cynthia Villar.
The chairman of the Senate Committee on Agriculture, Food and Agrarian Reform made this pronouncement in her speech during the recent International Tobacco Agriculture Summit.
“It is my advocacy to support our farmers as they are the backbone of the Philippine agriculture sector and smuggling undermines the livelihood of these farmers by saturating the market with cheap, adulterated and untaxed products,” she said.
The senator added that this illicit competition leads to reduced prices and demand for locally grown tobacco, resulting in income loss of the farmers.
“This is the reason why as the Chairperson of the Senate Committee on Agriculture and Food, this 19th Congress, I filed bills in response to the issues of smuggling.”
It is the policy of the state to promote the productivity of the agriculture sector and protect the farmers from unscrupulous traders and importers.
“Moreover, it also sees to it that consumers access agricultural products at affordable and reasonable prices, by preventing large scale abuses in the market such as hoarding, cartel and profiteering.”
In 2016, the government passed the Anti-Agricultural Smuggling Act. Unfortunately, she said not a single smuggler has been imprisoned since then.
The senator also noted that last Christmas, the prices of onions
soared to P750 per kilo making Philippine onions the most expensive in the world.
“These onions were bought at P8 to P15 per kilo from farmers and were stored at cold storage by borders to create artificial shortage for the prices to go up to the detriment of the buying public,” Villar said.
“Thus, we are amending the law which shall be known as the ‘AntiAgricultural Economic Sabotage Act of 2023’ this will include the acts of hoarding, profiteering and cartel of agricultural products as economic sabotage.”
Tobacco will be included in the agricultural products covered by this proposed measure.
“We also filed a bill establishing Anti-Agricultural Smuggling Courts to try cases involving smuggling, hoarding, profiteering and cartel of agricultural products to ensure that individuals and organizations involved in these activities are held accountable for their actions,” Villar said.
The lawmaker is hoping to immediately pass these measures to apprehend the smugglers and effectively combat the illicit trade of agricultural products, including tobacco.
She noted that the tobacco industry plays a vital role in the economy, as the Philippines is one of the world’s largest tobacco producers.
The industry also offers income opportunities across various sectors, including farming, factories, marketing and retail.
Despite the pandemic, the industry’s significance to rural economies is highlighted by a 47.8-percent increase in the area planted for tobacco between 2019 and 2022.
By Jonathan L. Mayuga @jonlmayugaTo protect and conserve the marine ecosystem in the province of Sorsogon, local fishers have established a mangrove nursery which they intend to use to rehabilitate degraded mangrove forests in the province.
The move is part of the effort to enrich the marine ecosystem in Sorsogon.
A mangrove nursery is a place for raising and tending seedlings or propagules until they are ready for permanent planting on suitable soil. While still attached to the mother tree, the propagules are able to synthesize and receive necessary nutrients from the parent tree.
A local affiliate of the Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya), Save Gubat Bay Movement is spearheading protest actions against the construction of a coastal road
project in the area because of its threats to the livelihood of small fishermen coastal the communities that depend on the bounty of Gubat Bay. Their efforts to develop mangrove areas are part of their sustainable alternatives to the destructive coastal road project, says Pamalakaya.
On Saturday, August 5, the group lambasted Senator Chiz Escudero who hails from Sorsogon, and asked the lawmaker to “refrain from dismissing” the legitimate concerns of fisherfolk and coastal families on the impacts of land reclamation.
“Senator Escudero appears oblivious to the grave implications of reclamation to coastal communities and marine environment. Our opposition against reclamation is not merely based on fears, as downplayed by Senator Escudero. Rather, it is grounded in the concrete experiences of the fisherfolk and coastal residents who have been threatened
by displacement and livelihood loss by these profit-oriented reclamation projects,” the group said in a statement.
According to the group, land reclamation, also called dumpand-fill has been proven by many scientists and experts to be catastrophic to the environment and socioeconomic rights.
“We dare Senator Escudero to go touch some grass, by talking to the affected coastal families on why the struggle against reclamation, for us, is a matter of life and death,” Allan Espallardo, President of Save Gubat Bay Movement, said.
A former Governor of Sorsogon province, Escudero acclaimed reclamation projects as among the biggest initiatives of the private sector and that it would be disadvantageous to continue it over “simple fears.” His statement came after the United States Embassy in Manila raised concerns over the environmental impacts and security threats
Global food commodity prices rose in July, influenced by the termination of the b l ack Sea Grain Initiative and new trade restrictions on rice, the Food and a g riculture o r ganization of the United Nations (Fao ) reported last Friday.
The Fao Food Price Index, which tracks monthly changes in the international prices of globally-traded food commodities, averaged 123.9 points in July, up 1.3 percent from the previous month while 11.8 percent below its July 2022 level.
The increase was driven by a sharp jump in the Fao Vegetable o l Price Index, which rose 12.1 percent from June after seven months of consecutive declines. International sunflower oil prices rebounded by more than 15 percent in the month, due mostly to renewed uncertainties surrounding the exportable supplies after the Russian
Federation’s decision to end implementation of the b l ack Sea Grain Initiative. World prices for palm, soy and rapeseed oils increased on concerns over output prospects in leading producing countries.
The Fao Cereal Price Index declined by 0.5 percent from June, driven by a 4.8 percent drop in international coarse grain quotations due to increased seasonal supplies of maize from ongoing harvests in a r gentina and b r azil and potentially higherthan-anticipated production in the United States of a m erica. However, international wheat prices rose by 1.6 percent, their first monthly increase in nine months, due to uncertainty over exports from Ukraine as well as continued dry conditions in North a m erica.
The Fao a l l Rice Price Index increased by 2.8 percent on the month and 19.7 percent on the year to reach its highest nominal level
WH
e aT futures rose more than 4 percent, paring a weekly loss, after an attack forced a major Russian grain-shipping hub to temporarily close.
Traffic at the Novorossiysk port was halted for several hours on Friday after a Ukrainian drone attack on a naval vessel. The overnight assault was repelled without damage to port facilities, according to the Russian Defense Ministry. a l though the closure was short-lived, escalating war added to uncertainty over b l ack Sea trade flows in the midst of this year’s harvests. Russia pulled out of a deal last month that had established a safe corridor for grain shipments from three Ukrainian ports.
Futures also got a bump from India’s rare move to consider abolishing an import tax, which could see the world’s second-largest
wheat producer bringing in more overseas supply. The last time the nation imported a significant amount of wheat was in the 2017-18 season.
Friday’s gains are unlikely to prevent wheat from posting the first weekly loss in over a month. “Wheat prices have relinquished some of their gains this week as markets weighed the damaged Ukrainian grain supplies and the Russian surplus to satisfy the global demand,”
Jacqueline Holland, an analyst at Farm Futures, said in a phone interview.
Chicago futures climbed as much as 4.3 percent, before paring the advance. Paris wheat also rose to trade steady on the week.
Argentina beef
b e e F p rices in a rgentina are poised to soar over the coming months—fresh fuel for
inflation already galloping at 116 percent annually in a country that eats the most red meat in the world.
a rgentine beef inflation has stayed in check this year as ranchers flooded cattle markets because of a brutal drought that frazzled pastures, providing ample supply to butcher shops.
b e ef cuts sold in stores in the b u enos a i res metro area, home to nearly a third of a rgentines, cost 72 percent more in June than a year earlier. While that may sound high, it pales in comparison to overall inflation, which is comfortably in triple-digit territory.
a recent decision to temporarily weaken the exchange rate for corn exports—designed to spur shipments abroad—has bumped up domestic feed costs. Prices paid for livestock have therefore swelled over the last couple of
weeks and are trickling down to supermarkets and butchers.
What’s more, as rains return to the Pampas farm belt—albeit slowly and unequally— ranchers are starting to take the opposite approach to drought times, keeping cows in replenished fields to rebuild herds. That will tighten supplies to meatpackers, pushing up both cattle and beef prices over the rest of the year.
“When the rains start falling normally, pastures will recover and farmers will withhold cattle,” said Miguel Schiariti, head of beef industry group Ciccra and a rancher himself.
b e ef prices could rise 40 percent by o c tober from June’s levels, according to Ciccra—though Schiariti said predicting the magnitude of the increase is tough after the corn measure and the faltering rains.
since September 2011, as India’s 20 July prohibition of non-parboiled Indica exports fostered expectations of greater sales in other origins, amplifying upward pressure already exerted on prices by seasonally tighter supplies and a s ian purchases.
This upward pressure of rice prices “raises substantial food security concerns for a large swathe of the world population, especially those that are most poor and who dedicate a larger share of their incomes to purchase food,” Fa o warned, adding that export restrictions can bear adverse consequences on production, consumption and prices that last beyond the duration of their implementation and risk exacerbating high food domestic inflation in many countries.
The Fao Sugar Price Index declined by 3.9 percent as good progress in b r azil’s sugarcane harvest and improved rains across most
of reclamation in Manila Bay.
Pamalakaya earlier questioned the statement of the embassy, saying that “if the US is genuinely concerned about the marine environment, it should express opposition against every single reclamation project in Manila Bay and throughout the country, instead of just singling out a specific project that involves a Chinese firm and threatens its security protocols.”
The group expressed support for the initiative of the Department of Environment and Natural Resources to investigate all land reclamation projects in Manila Bay and urged Secretary Maria Antonia Yulo-Loyzaga to issue a freeze order following the massive flooding experienced in Bulacan and Pampanga.
The group said massive floods is only to be expected as predicted by scientists and experts in marine science and geology because of the massive land reclamation projects in Manila Bay.
growing areas in India weighed on world quotations, as did subdued demand from Indonesia and China, the world’s largest sugar importers. Persistent concerns over the potential impact of the e l Niño phenomenon on sugarcane crops, along with higher international crude oil prices, mitigated the decline.
The Fao Dairy Price Index declined by 0.4 percent in July to stand 20.6 percent below its July 2022 value. World cheese prices recovered slightly after steep recent declines as hot weather affected seasonally declining milk supplies in e u rope.
The Fao Meat Price Index declined 0.3 percent from June.
Quotations for bovine, ovine and poultry meat declined on solid supply availabilities and in some cases lower demand from leading importers. Pig meat prices, by contrast, rose, reflecting high seasonal demand coupled with ongoing tight supplies from Western e u rope and the United States.
The timing couldn’t be worse for ec onomy Minister Sergio Massa, who is the ruling Peronist party’s main presidential candidate, before a key primary election on a u gust 13 and the main vote on o c tober 22. a rgentine voters vie with their neighbors
in Uruguay as the biggest per capita consumers of red meat on the planet. Massa is already struggling to fight annual inflation. Food, clothing and home appliances have all driven the print, and fuel hikes at the pump show no sign of respite. Bloomberg News
Raadee S. Sausa
‘Smuggled cigarettes pose health risks, impede govt efforts to cut diseases’
The Philippines can build up its rice supply and mitigate the effects of calamities on food security through the establishment of rice production zones (RPZs), according to Senate President Juan Miguel Zubiri.This BusinessMirror file photo shows farmers harvesting rice in La Union.
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KYIV, Ukraine—Moscow promised retaliation Saturday after Ukrainian drones hit a Russian tanker in the Black Sea near Crimea late Friday, the second sea attack involving drones in one day.
Ukraine struck a major Russian port earlier on Friday.
Moscow strongly condemned what it sees as a Ukrainian “terrorist attack” on a civilian vessel in the Kerch Strait, said Russian Foreign Ministry spokeswoman Maria Zakharova.
“There can be no justification for such barbaric actions, they will not go unanswered and their authors and perpetrators will inevitably be punished,” she wrote on the Telegram messaging app.
As Kyiv’s naval capabilities grow, the Black Sea is becoming an increasingly important battleground in the war.
Three weeks ago, Moscow withdrew from a key export agreement that allowed Ukraine to ship millions of tons of grain across the Black Sea for sale on world markets. In the wake of that withdrawal, Russia carried out repeated strikes on Ukrainian ports, including Odesa.
An official with Ukraine’s Security Service confirmed to The Associated Press that the service was behind the attack on the tanker, which was transporting fuel for Russian forces. A sea drone, filled with 450 kilograms (992 pounds) of TNT, was used for the attack, added the official, who spoke on condition of anonymity because he was not authorized to give official statements.
“The Sig tanker...suffered a hole in the engine room near the waterline on the starboard side, presumably as a result of a sea drone attack,” Russia’s Federal Agency for Marine and River Transport wrote
on Telegram, adding that there were no casualties among the 11 crew members.
Vladimir Rogov, a Kremlin-installed official in Ukraine’s partially occupied southern Zaporizhzhia region, said several members of the ship’s crew were wounded because of broken glass.
Without specifying that Ukraine was responsible for the drone strike, Vasyl Malyuk, who leads Ukraine’s Security Service, said that “such special operations are conducted in the territorial waters of Ukraine and are completely legal.” Any such explosions, he said, are “an absolutely logical and effective step with regard to the enemy.”
The attack briefly halted traffic on the Kerch Bridge, as well as ferry transport.
Tugboats were deployed to assist the tanker, which is under United States sanctions for helping provide jet fuel to Russian forces fighting in Syria, according to Russia’s Tass news agency.
Ukraine’s earlier strike on Novorossiysk halted maritime traffic for a few hours and marked the first time a commercial Russian port has been targeted in the nearly 18-monthold conflict. The port has a naval
base, shipbuilding yards and an oil terminal, and is key for exports. It lies about 110 kilometers (about 60 miles) east of Crimea.
Shipping expert Jayendu Krishna told The Associated Press that the attacks left Russian shipping activity “largely unaffected.” He believes that they may increase the risk of Russian attacks on Ukrainian ports rather than serving as a tool to put pressure on Russia to halt attacks and reinstate the grain deal.
“Every time anything happens to Russia, you see Putin in retaliation mode … therefore, you may see further attacks on other parts of Ukraine,” Krishna said.
“I think it will probably compound the effect and compound the risk in the Black Sea, rather than reducing it,” he added. “It’s very difficult for me to imagine that Russia will give in, unless and until their banks have smooth operations, and they’re able to export their own cargo uninterruptedly.”
A Telegram post on Saturday by Deputy Chair of Russia’s Security Council Dmitry Medvedev implied that Russia would increase its attacks against Ukrainian ports in response to Kyiv’s attacks on Russian ships in the Black Sea.
UKRAINE a nd its allies are making their case for Kyiv’s peace plan this weekend to more than 40 countries as the war with Russia intensifies with attacks on key shipping routes in the Black Sea.
The negotiations in Saudi Arabia are aimed at building international support for Ukraine’s framework for potential peace talks and a l asting deal—prospects that so far seem remote as the war approaches its 18th month.
The conflict has moved into a new phase since Russia axed a grain deal last month, launching attacks on Ukrainian port infrastructure and prompting a response from Kyiv that’s putting at risk commodity routes and key hubs in the B lack Sea region.
Kyiv and its backers in the US and Europe are hoping the meetings in Jeddah that started Saturday will help get their messages across to major global players such as Brazil, South Africa, China and India, countering the narratives from Russia. Moscow wasn’t invited and denounced the gathering as a “hoax.”
“Consolidation of the world is one of the most essential tasks,” Ukraine’s President Volodymyr Zelenskyy said in his nightly address to the nation. “The greater t he consolidation of the world for the sake of restoring a just peace is the sooner an end will be put to the bombs and missiles with which Moscow wants to replace the norms of international law.”
The talks come as Russia’s war on Ukraine increasingly threatens the shipment of raw materials t hrough the Kerch Strait and the
Black Sea. Most of Russia’s grain exports and a significant share of its oil pass through the shipping lanes, while Moscow sought to cripple further Ukraine’s ability to export the cereals.
Drone attack
U K RAINE u sed a sea drone to pierce the hull of a Russian oil tanker in the strait and followed the attack with a warning that six Russian ports—including commodity hubs Novorossiysk, Tuapse and Taman—will be part of t he “war risk area” until further notice. The Russian tanker, which Ukraine said was carrying fuel for Russian troops, was damaged but still afloat on Saturday.
That followed the closure for several hours of the Novorossiysk port in the Black Sea on Friday, after a Ukrainian drone attack on a Russian naval vessel. Rus -
sia’s Foreign Ministry said the a ttack on the oil tanker won’t go unanswered, and Russian troops launched a barrage of missiles at Ukraine late Saturday afternoon.
Both Ukraine and Russia are significant food exporters, and the war pushed up prices on global markets. Delegations in Jeddah discussed the impact of the war on the most vulnerable countries, according to a senior official from the French foreign ministry.
‘Peace formula’
Z E l E NSKYY w ants the Jeddah meeting to pave the way for a summit of leaders backing the 10-point “ peace formula” he released last year, Ihor Zhovkva, Zelenskyy’s deputy chief of staff focused on foreign affairs, said in an interview this week. “ We can’t talk about security
in the world or even in our region without taking into account the positions of countries that are global l eaders,” Zhovkva said. “How can we talk about peace in Ukraine without involving the countries of the Global South?”
So far, key elements of that draft haven’t gotten much traction beyond Kyiv’s allies, since its d emands for a full withdrawal of Russian troops are a nonstarter in Moscow. As a result, the Jeddah meetings aren’t expected to yield immediate results, just as a first round of discussions in Copenhagen in June didn’t either.
C hina skipped that round but is sending envoy l i Hui to Jeddah. Ukraine and its allies have called on China to use its strong ties with Moscow to push for a negotiated settlement — and a European s ource said China’s participation in the meeting was active.
Beijing released its own principles for a peace deal earlier this y ear, but those mediation efforts haven’t made much progress given its public backing of Russian President Vladimir Putin. S till, China’s participation reflected Russia’s growing isolation, a nd its envoy didn’t repeat any of the Russian arguments at the Saudi meeting, said the senior official from French Foreign Ministry.
The willingness of Saudi Arabia, which has maintained strong t ies with Russia since the invasion, to host the meeting suggests Kyiv may be making progress engaging nations beyond its closest allies. The kingdom, which has been seeking to raise its diplomatic profile, aspires to help mediate between Ukraine and Russia. With assistance from Simone Iglesias and Samy Adghirni/Bloomberg
State-owned Saudi Aramco raised the price for Arab Light crude for sale to Asia by 30 cents to $3.50 a barrel above the benchmark, according to a price list seen by Bloomberg. The producer was expected to raise pricing by 50 cents a barrel, according to the median of a survey of refiners and traders.
The move comes after the kingdom, the world’s biggest oil exporter, extended a unilateral supply cut into September and said it could be prolonged further or even deepened. Russia also pledged to reduce its exports. Oil posted a sixth straight weekly gain, the longest winning streak in more than a year, after the Opec+ heavyweights
extended the cuts and US stockpiles sank by a record.
The unilateral cuts come on top of output quotas already in place across the broader Opec+ group, which is keeping those reductions in place for the rest of the year. The global economic outlook is clouded by lackluster data from China and fears of recession in the US. Besides, Riyadh may need prices of as much as $100 a barrel to cover government spending, according to Bloomberg Economics.
The Saudi cuts have taken production to the lowest level in years to bolster the market and counter this year’s slide in crude prices. Saudi Energy Minister Prince Ab -
dulaziz bin Salman is reviewing the voluntary cuts on a monthly basis, keeping markets guessing about supply levels.
Nearly all official selling prices to the Mediterranean and Northwest Europe were higher for September. Arab Light crude in the Mediterranean was raised by $1 to $4.50 a barrel more than ICE Brent, while the price for the same grade to Northwest Europe was raised
by $2 to a premium of $5.80 to the benchmark.
Aramco kept all the prices to the US unchanged for September.
Aramco sells about 60% of its crude shipments to Asia, most of them under long-term contracts, pricing for which is reviewed each month. China, Japan, South Korea and India are the biggest buyers. With assistance from Sheela Tobben / Bloomberg
LJUBLJANA, Slovenia—Slovenia has faced the worst-ever natural disaster in its history, Prime M inister Robert Golob said Saturday, after devastating floods caused damage estimated at half a billion euros ($550 million).
Devastating floods on Thursday and Friday killed three people and destroyed roads, bridges and houses in t he small Alpine country. Two thirds of the territory had been affected, Golob said.
The floods were “the biggest natural disaster” in Slovenia’s history, G olob said after a meeting of the country’s National Security Council on Saturday. “Luckily, last night was easier than the one before.”
After three weather-related deaths were reported on Friday, Slovenian media said on Saturday that one more person was found dead in the capital Ljubljana. Police are yet to confirm the report.
Torrential rains caused the floods on Friday, which caused rivers to swell swiftly and burst into houses, fields and towns. Slovenia’s weather service said a month’s worth of rain fell in less
summer.
than a day.
Experts say extreme weather conditions are partly fueled by climate c hange. Parts of Europe saw record heat and battled wildfires during the
Golob said road and energy infrastructure were hit particularly hard, as w ell as hundreds of homes and other buildings. Thousands of people have
been forced to evacuate their homes and many had to be rescued by helicopters or firefighters in boats.
S lovenia’s army has joined the relief effort, with troops reaching cut o ff areas in the north to help.
Photos from the scene showed entire villages under water, outdoor camping sites destroyed, cars stuck in mud and children’s toys crammed against fences.
The STA news agency reported that major roads in parts of Slovenia also remained partially closed on Saturday because of the flooding, including the main highway through the country. Dozens of bridges have also collapsed, and the authorities urged people not to go anywhere until damage is fully assessed.
Several severe storms in the Alpine nation earlier in the summer blew off roofs, downed thousands of trees and killed one person in Slovenia and four others elsewhere in the region.
Flash floods were reported also in neighboring Austria, where some 80 people were forced temporarily to leave their homes in the southern Carinthia province. AP
The Associated Press
NIAMEY, Niger—Niger’s new military junta has asked for help from the Russian mercenary group Wagner as the deadline n ears for it to release the country’s ousted president or face possible military intervention by the West African re gional bloc, according to an analyst. The request came during a visit by a coup leader, Gen. Salifou Mody, to neighboring Mali, where he made contact with someone from Wagner, Wassim Nasr, a journalist and senior research fellow at the Soufan Center, told The Associated Press. He said three Malian sources and a French diplomat confirmed the meeting first reported by France 24.
“They need (Wagner) because they will become their guarantee to hold onto power,” he said, adding that the group is considering the request. A Western military official, speaking on condition of anonymity because they were not authorized to comment, told the AP they have also heard reports that the junta asked for help from
Wagner in Mali.
Niger’s junta faces a Sunday deadline set by the regional bloc, known a s ECOWAS, to release and reinstate the democratically elected President Mohamed Bazoum, who has described himself as a hostage.
Defense chiefs from ECOWAS member states finalized an intervention p lan on Friday and urged militaries to prepare resources after a mediation team sent to Niger on Thursday w asn’t allowed to enter the capital or meet with junta leader Gen. Abdourahmane Tchiani.
O n Saturday, Nigeria’s Senate advised the nation’s president, the current ECOWAS chair, to further explore o ptions other than the use of force to restore democracy in Niger, noting the “existing cordial relationship between Nigeriens and Nigerians.” The legislators had deliberated on the president’s re quest informing them of ECOWAS’ decisions and Nigeria’s involvement, as required by law.
Final decisions by ECOWAS, however, are taken by a consensus among its member countries.
After his visit to Mali, run by a sym -
pathetic junta, Mody warned against a m ilitary intervention, vowing that Niger would do what it takes not to become “a new Libya,” Niger’s state television reported Friday.
Niger has been seen as the West’s last reliable counterterrorism partner in a region where coups have been c ommon in recent years. Juntas have rejected former colonizer France and turned toward Russia. Wagner operates in a handful of African countries, including Mali, where human r ights groups have accused its forces of deadly abuses.
It isn’t possible to say Russia is directly involved in Niger’s coup, but “clearly, there’s an opportunistic attitude on the part of Russia, which t ries to support destabilization efforts wherever it finds them,” French foreign affairs ministry spokeswoman Anne-Claire Legendre told broadcaster BFM on Friday. For days after N iger’s junta seized power, residents waved Russian flags in the streets.
The spokeswoman described Wagner as a “recipe for chaos.” S ome residents rejected the junta’s approach.
“It’s all a sham,” said Amad Hassane Boubacar, who teaches at the U niversity of Niamey. “They oppose foreign interference to restore constitutional order and legality. But on t he contrary, they are ready to make a pact with Wagner and Russia to undermine the constitutional order ... T hey are prepared for the country to go up in flames so that they can illegally maintain their position.”
O n Saturday, France’s foreign affairs minister, Catherine Colonna, s aid the regional threat of force was credible and warned the putschists to take it seriously. “Coups are no longer appropriate ... It’s time to put an end to it,” she said. The ministry said France supported the ECOWAS efforts “with firmness and determination” and called for Bazoum and all members of his government to be freed.
But Algeria, which borders Niger to the north, told another visiting ECOWAS delegation that it opposed a military intervention, though it too wants a return to constitutional order.
TAIPEI, Taiwan—Rain continued to pelt northeastern China in the wake of Typhoon Doksuri Saturday, as authorities reported more fatalities and missing people while evacuating thousands more.
One person died and five went missing in the city of Shulan in Jilin province, which has seen five straight days of rainfall, according to state media.
Over 14,300 people were evacuated from the city of more than 700,000, according to the local disaster relief agency. State news agency China News Service showed images of waterlogged streets around homes and factories. The average precipitation in the city had reached 111.7 mm (4.4 inches) by Friday afternoon.
China is struggling with record-breaking rainfall in some areas while others suffer scorching summer heat and drought that threatens crops. The heavy rains—remnants of Typhoon Doksuri—have battered northern China since late July, disrupting the lives of millions. Flooding near Beijing and in neighboring Hebei province this week killed at least 22 people.
In northeastern Heilongjiang province, which is known as China’s “great northern granary,” rain inundated farms and flooded streets, leading to the evacuation of thousands.
In the city of Shangzhi,
heavy rainfall turned roads into rivers and inundated thousands of households.
National emergency management authorities said 25 rivers across Heilongjiang threatened to burst their banks, while disaster relief groups have been dispatched to the province.
In Heilongjiang’s capital of Harbin, more than 53,000 people had to be evacuated as multiple reservoirs and rivers exceeded safety levels while some 41,600 hectares (103,000 acres) of crops were damaged.
In the city of Yushu in Jilin province, about 120 kilometers south of Harbin, flooding forced the evacuation of around 19,000 people.
Meanwhile, in Hebei province around Beijing, which saw some of the region’s worst flooding in the past few weeks, authorities issued fresh alerts for rainstorms on Saturday. Floodwaters in Zhuozhou, southwest of Beijing started to recede Saturday, state media reported, allowing some of the 125,000 evacuated residents to return to their homes.
The death toll in the 11 million-strong city of Baoding reached 10 while another 18 people are still missing, local authorities said Saturday.
Floods damaged roads and washed away bridges in the city’s Yesanpo Scenic Area, a national park known for its gorges and mountains. AP
AT l east six people were killed and armories were
looted as conflict erupted again in the northeastern Indian state of Manipur ahead of a no-confidence motion on Prime Minister Narendra Modi’s government for failing to contain earlier clashes.
There were daylong violence between two ethnic groups and attacks on security personnel on Saturday, according to a social media post by the Manipur police and local reports. The police said it’s raiding areas to recover arms and ammunitions stolen from the armories.
Clashes between minority tribal groups and majority Meitei Hindus over affirmative action policies have left more than 150 people dead since May.
A video last month surfaced on social media showing two women getting sexually assaulted, drawing attention and public anger to the ethnic conflict in the state ruled by Modi’s Hindu nationalist
Bharatiya Janata Party. That pushed Modi to make his first public comments on the clashes that has engulfed relatively remote Manipur, which borders Myanmar.
Opposition parties used the video incident to lodge a no-confidence motion against the government in parliament. The government is expected to discuss and reply on the motion from Aug. 8-10.
The no confidence vote doesn’t pose a threat to the government because of its overwhelming majority in the lower house of parliament, but the debate will offer an opportunity to the opposition to corner it on sensitive issues such as women’s safety ahead of crucial upcomin g elections.
The renewed Manipur violence follows deadly religious clashes this month between Hindus and Muslims near India’s capital, and threatens to taint Modi’s efforts to showcase India as a strategic counterweight and investment alternative to China. Bloomberg News
Saudi arabia raised nearly all oil prices for September to asia and Europe as supply restrictions and rising demand tightens the crude market.Associated Press writers Sylvie Corbet in Paris; Chinedu Asadu in Abuja, Nigeria; and Aomar Ouali in Algiers, Algeria, contributed. In this aerial photo released by Xinhua news Agency, flood waters course through fields and roads in Kaiyuan Town of Shulan in northeastern China’s Jilin Province on Friday, August 4, 2023. northeastern China continued to be pelted by rain on Saturday, as authorities reported more deaths and missing people and evacuated thousands in the wake of Typhoon Doksuri. Yan LinYun/Xinhua via aP
I yAD h may need prices of as much as $100 a barrel to cover government spending, according to Bloomberg Economics. B Lo om B erg Ph oto
LISBON,
estimated 1.5 million young people filled a field in the Portuguese capital Lisbon on Saturday for Pope Francis’ World Youth Day vigil, braving scorching heat to secure a spot for the evening prayer and to camp out overnight for his final farewell Mass on Sunday morning.
Francis made only brief remarks before them, however, and ditched his prepared speech for the fourth time in two days. Instead, the 86-year-old pontiff delivered a lively, 10-minute off-the-cuff chat in his native Spanish about journeying together and helping one another.
“No fear, thanks, ciao!” he said at the end before aides pushed him in his wheelchair to the side of the stage.
Temperatures had soared to 38 Celsius (95 Fahrenheit) on Saturday in Lisbon and were forecast to top 40 C (104 F) on Sunday. The heat forced pilgrims to shelter under umbrellas and makeshift shades of plastic canvas sheets tied between trash bins in the otherwise exposed field on the edge of the River Tagus.
Crews blew misters at the pilgrims to try to cool them down as they made their way into the venue at the peak of the day’s heat, many flying their national flags. They formed long lines to fill water bottles from what organizers said were more than 400 faucets around the field.
Smoke from a spate of wildfires that broke out around Portugal during a weekend spike in temperatures cast a haze over the sky as they arrived on foot from all around the city for one of the liturgical highlights of the Catholic youth festival. Citing local organizers, the Vatican said an estimated 1.5 million people were on hand.
Lan Young Modesta Cheong, a pilgrim from South Korea, said the heat was bad but her group made use of the trash bins to create shade.
“At first we were not so comfortable with it because is dirty and it maybe smelly but at a certain point it became our tent, it’s kind of a miracle and for me it is a bit the spirit of World Youth Day,” she said. “We started using a useless dirty thing to support us and use it
ISLAMABAD—Pakistan’s former Prime Minister Imran Khan was arrested Saturday after a court handed him a three-year jail sentence for corruption, a development that could end his future in politics.
The court ruled that Khan, who was ousted in a no-confidence vote in April 2022 but remains the country’s leading opposition figure, had concealed assets after selling state gifts.
Police moved quickly to take the former cricket star from his home in the eastern city of Lahore to the Pakistani capital, Islamabad, senior police officer Ali Nasir Rizvi said.
Efforts to put the divisive politician behind bars have stepped up ahead of general elections this year because his popularity and large support base, combined with his ability to mobilize massive crowds, pose a threat to the ruling coalition and its backers in Pakistan’s powerful military that has been the final arbiter of the country’s politics since independence from Britain in 1947.
halt this case,” she said.
Aurangzeb added that Khan has been “proven guilty of illegal practices, corruption, concealing assets and wrongly declaring wealth in tax returns.”
PTI spokesman Rauf Hasan described the asset concealment trial as the “worst in history and tantamount to the murder of justice.”
Khan’s party released a video message showing him at his Lahore home behind a desk with the Pakistani and PTI flags in the background. It wasn’t immediately clear when the recording was made.
He told his supporters that he would be in jail by the time the message reached them and that they should not stay quietly in their homes.
“I am not doing this for my freedom,” he said. “I am doing it for my nation, you, your children’s future. If you don’t stand up for your rights, you will live the life of slaves and slaves do not have a life.”
to avoid the heat and all these difficulties.”
Francis presided over the evening vigil after spending the morning at the Catholic shrine in Fatima.
There, he ditched his prepared speech and a prayer for peace. The prayer had been expected to be a highlight of Francis’ visit to Fatima, given the shrine’s century-old affiliation with exhortations of peace and conversion in Russia and the ongoing war in Ukraine.
Francis instead “prayed silently for peace, with pain,” while meditating for a long period before a statue of the Virgin Mary, Vatican spokesman Matteo Bruni said. And the Vatican later posted the prayer on the platform X, formerly known as Twitter.
An estimated 200,000 turned out for Francis’ visit to Fatima, packing the central esplanade long before the red-tinted moon set and the sun rose. Nearby wildfires turned the sky smoky black and sent ash snowing down on the crowd.
“We are here with great joy,” said Maria Florido, a 24-year-old Spaniard who also saw Francis in Lisbon. “We woke up very early to come here and see the pope...and we’re here with great enthusiasm.”
The Fatima story dates back to 1917, when according to tradition, Portuguese siblings Francisco and Jacinta Marto and their cousin Lucia said the Virgin Mary appeared to them six times and confided to them three secrets.
The first two described an apocalyptic image of hell, foretold the end of World War I and the start of World War II, and portended the rise and fall of Soviet communism.
In 2000, the Vatican disclosed the longawaited third secret, describing it as foretelling the May 13, 1981, assassination attempt against St. John Paul II in St. Peter’s Square, which fell on the anniversary of the original vision.
According to later writings by Lucia, who became a nun and died in 2005, Russia would
be converted and peace would reign if the pope and all the bishops of the world consecrated Russia to the “Immaculate Heart of Mary.” Lucia later claimed that John Paul fulfilled that prophecy during a 1984 Mass, even though he never specified Russia in the prayer.
Vatican Media had said before the trip that Francis would pray for peace in Ukraine and the world while in Fatima. It seemed logical, given Francis had already consecrated both Russia and Ukraine to Mary in a prayer for peace following Russia’s invasion of Ukraine, essentially fulfilling Sr. Lucia’s exhortation.
In the prayer posted on the platform X by the @Pontifex account but not read aloud, Francis didn’t name either country but consecrated the church and world, “especially those countries at war,” to Mary. “Open paths where it seems that none exist,” he wrote. “Loosen the tangles of self-centeredness and the snares of power.”
Fatima Bishop Jose Ornelas made a prayer for Ukraine explicit in his remarks. “We associate ourselves to Your Holiness’ prayer for peace, for which this sanctuary is profoundly identified, thinking in particular of the war in Ukraine and so many other conflicts in the world,” he said.
In explaining the changes, Vatican spokesman Bruni said Francis “always addresses firstly the people he meets, as a shepherd, and speaks accordingly.” Francis often deviates from his prepared remarks, even more when speaking in his native Spanish. Bruni denied the changes had any other serious reason, including with his eyesight.
Francis has been hospitalized twice this year, including in June when he spent nine days in the hospital recovering from abdominal surgery to repair a hernia and remove scar tissue on his intestine. Saturday was perhaps the most grueling day of his five-day visit to Portugal, given the round-trip helicopter ride to Fatima and a planned prayer vigil that didn’t begin until his usual bedtime in Rome.
By Jack Jeffery | The Associated Press
CAIRO—A leading human rights group called Friday on the United States and the United Nations to impose further sanctions on those in Sudan “responsible for the atrocities” in the troubled Darfur region, where evidence of scorched-earth attacks is mounting.
The northeast African country plunged into chaos in April when monthslong tensions between the military, led by Abdel Fattah Burhan, and the paramilitary Rapid Support Forces, commanded by Mohammed Hamdan Dagalo, exploded into open fighting in the capital of Khartoum, and elsewhere. In Darfur, the scene of genocidal war in the early 2000s, the conflict has morphed into ethnic violence, with the RSF and allied Arab militias targeting African communities in the western region, UN officials say.
In a press release, Human Rights Watch said Washington should impose targeted sanctions to “ensure that the UN Security Council finally acts to protect civilians and to hold those responsible for the atrocities to account.” The US took over the rotation presidency of the UN Security Council on August 1.
The New York-based watchdog group said at least seven villages and towns have been almost completely burned to the ground or destroyed in West Darfur alone, according to sat -
ellite footage and testimonies analyzed by the group. These include Habilla Kanari, Mejmere, M isterei, Molle, Murnei, Gokor, and Sirba.
“The world should not stand by as town after town in West Darfur is burned to the ground, sending tens of thousands of civilians fleeing for their lives,” said Tirana Hassan, executive director at HRW.
In June, the US imposed sanctions against four key companies either linked to or owned by the warring factions. The White House also placed visa restrictions on army and RSF officials, and leaders from the former government led by ousted President Omar al-Bashir. It did note specify which individuals were affected.
Al-Bashir, who ruled Sudan for more than 30 years, is wanted by the International Criminal Court on charges of war crimes and genocide linked to the Darfur conflict.
Later Friday, the US, Britain and Norway called in a joint statement for an end to the bloodshed in Darfur. The three countries condemned the ongoing violence, “especially reports of killings based on ethnicity and widespread sexual violence by the Rapid Support Forces” and allied militias.
Since the latest fighting erupted in midApril, there have been at least nine temporary cease-fire agreements between the military and the RSF, most of which were brokered by Washington and Riyadh during cross party talks in the Saudi coastal city of Jeddah. How -
ever, all the truces foundered.
Last Month, Karim Khan, a prosecutor from the ICC, told the United Nations that he would be investigating alleged new war crimes and crimes against humanity committed in Darfur.
Earlier this week, the rights organization Amnesty International separately accused both warring parties of committing extensive war crimes, including deliberate killings of civilians and mass sexual assault. Amnesty said almost all rape cases were blamed on the RSF and its allied Arab militias.
In its 56-page report, Amnesty said the RSF abducted 24 women and girls—some as young as 12—and held them “for several days during which they were raped by several RSF members.”
The now nearly four-month conflict in Sudan has killed more than 3,000 people and wounded more than 6,000 others, according to the last government figures, released in June. The true tally is likely much higher, according to doctors and activists.
Meanwhile, the fighting has forced 4 million people to flee their homes either to safer areas inside Sudan or to neighboring countries, according to figures from the U.N. migration agency.
The UN Food and Agriculture Organization, or FAO, said on Thursday that 20.3 million people in the country now “face severe hunger,” double the number from the same time last year.
This is the second time this year that Khan has been detained, joining other former Pakistani prime ministers who have been arrested and seen military interventions over the years. He has been slapped with more than 150 legal cases since his removal from office, including several on charges of corruption, terrorism and inciting people to violence over deadly protests after his arrest in May when his followers attacked government and military property across the country.
The prison sentence could bar Khan from politics ahead of this year’s elections under a law that says people with a criminal conviction cannot hold or run for public office. His Pakistan Tehreek-e-Insaf party, or PTI, said it will challenge the decision.
Information Minister Maryam Aurangzeb denied Khan’s arrest had anything to do with upcoming elections and said Khan had been given every opportunity to defend himself against the asset concealment charges.
“Instead Imran Khan used the time to delay the court proceedings and went back and forth to the high court and supreme court to
He urged people to peacefully protest until they get their rights, namely a government of their choice through voting and “not the one like today’s occupying power.”
In Lahore, a group of pro-Khan lawyers reached his Zaman Park home and chanted slogans protesting his conviction and arrest. In the same city, supporters of a rival political party handed out sweets to celebrate the detention.
His former political secretary, Aun Chaudhry, said Saturday’s events will aid political stability, while Foreign Minister Bilawal Bhutto Zardari described the day’s developments as comeuppance for Khan.
Khan was shifted Saturday evening to a high-security jail in Punjab’s Attock district that is notorious for its harsh conditions. Its inmate population includes convicted militants and militants awaiting trial.
Khan is the seventh former prime minister to be arrested in Pakistan. Zulfikar Ali Bhutto was arrested and hanged in 1979. The current prime minister’s brother, Nawaz Sharif, who also served as prime minister, was arrested several times on corruption allegations. AP/Babar Dogar contributed from Lahore.
ABUJA, Nigeria—Striking Nigerian doc -
tors on Saturday said they will embark on a nationwide protest, accusing the country’s newly elected president of ignoring their demands for better pay, better work conditions and payment of owed earnings.
The protest, scheduled to start on Wednesday, adds to other challenges confronting Nigeria’s President Bola Tinubu, who is leading efforts by the West Africa regional bloc of ECOWAS—which he chairs—to restore democracy in Niger after last week’s coup.
The protest became necessary “to press home our demands, which have been largely neglected by our parent ministry and the federal government,” Dr. Innocent Orji, president of the Nigerian Association of Resident Doctors, wrote in an Aug. 5 letter to the country’s ministry of health, a copy of which was made available to The Associated Press.
The resident doctors are graduate trainees providing critical care at public hospitals across Nigeria, which has one of the world’s lowest doctors-to-patients ratio, with two physicians per 10,000 residents, according to the Nigerian Medical Association.
The resident doctors have been on strike since July 26 to protest unpaid salaries and demand improvements in pay and working
conditions. But instead of meeting their demands, the nation’s ministry of health directed a “no work, no pay” policy against them along with other “punitive measures,” Orji told The Associated Press.
In their letter to the health ministry, the doctors said they would also picket government offices and other institutions until their demands are met.
“We are pained that instead of making genuine and concerted efforts to resolve the challenges that led to the (strike) despite repeated ultimatums, our parent ministry and the federal government have chosen to demonize Nigerian resident doctors instead after all their sacrifices and patriotism,” the letter reads.
The planned protest follows a similar demonstration earlier this week by Nigerian trade unions protesting the soaring cost of living in Africa’s most populous country.
Some of the policies introduced by Tinubu since he took office in May have further squeezed millions in Nigeria who were already battling surging inflation, which stood at 22.7% in June, and a 63% rate of multidimensional poverty.
“This country is sitting on a keg of gunpowder, (and) focusing on local issues will be better for him,” Dr. Erondu Nnamdi Christian, a resident doctor in southeastern Abia state, said of Tinubu’s efforts in Niger. “Charity begins at home.”
Fitch Ratings on tuesday downgraded the US government’s creditworthiness to AA+ from AAA, citing expected fiscal deterioration over the next three years, high and growing government debt, and the erosion of governance. the move came 12 years after Standard & Poor’s stripped the US its triple-A rating and downgraded it to AA+, an action it never reversed.
US stock futures tumbled after the downgrade, while markets in Europe also sank. Hong Kong, Tokyo, Australia, South Korea and other Asian markets fell by up to 2 percent following the downgrade by Fitch. Stocks of tech firms that depend on the US and Western markets for business were impacted the most.
The AAA rating is the highest credit rating that may be assigned to an issuer’s bonds. It represents a virtual guarantee that an issuer will never run out of money to pay its debts. The AA+ rating is one level below AAA, meaning the issuer no longer has what the ratings firms call the “highest credit quality.”
The global credit rating industry is highly concentrated, with three agencies— Moody’s, Standard & Poor’s, and Fitch—controlling nearly the entire market. The big three hold a collective global market share of “roughly 95 percent,” with Moody’s and Standard & Poor’s having approximately 40 percent each, and Fitch around 15 percent.
When governments issue bonds, these ratings companies help investors determine their investment decisions. Bonds that receive higher ratings from these agencies are considered “investment grade” and are unlikely to default. These bonds typically pay lower rates than riskier debt, but are considered much safer. In general, when an issuer of debt has its credit rating downgraded, that often means it has to pay a higher interest rate to compensate for the potentially higher risk of default it poses.
While the AA+ rating is considered a good ranking for investment-grade debt, there is a reputational damage involved because the downgrade removed the US from a small group of countries that still maintain the top-notch rating from all three major agencies. The remaining AAA-rated countries are Australia, Denmark, Germany, Luxembourg, Netherlands, Norway, Singapore, Sweden and Switzerland.
The Biden administration reacted angrily to the rating downgrade. Treasury Secretary Janet Yellen said Fitch’s “flawed assessment is based on outdated data and fails to reflect improvements across a range of indicators, including those related to governance, that we’ve seen over the past two and a half years.”
Yellen added: “Fitch’s decision does not change what Americans, investors, and people all around the world already know: that Treasury securities remain the world’s preeminent safe and liquid asset, and that the American economy is fundamentally strong.”
Douglas Holtz-Eakin, president of the American Action Forum and former director of the Congressional Budget Office, said the Biden administration’s response has been to shoot the messenger by arguing “Fitch is playing politics.” He said that Fitch’s decision was the right one, given that the US has high and rising debt, and the government has no plan to address the growing budget deficit. “This is about a fundamental mismatch over the long term between our spending growth and our revenue capabilities,” he said.
Pundits said there is little chance the Fitch move will change the US policy outlook given the partisan divide between Democrats and Republicans. Amid the fiscal bickering, Congress appears to be on track to trigger a government shutdown on October 1 because it is not expected to pass the 12 appropriations bills that fund government operations before the start of the new fiscal year.
Political polarization has clearly reached a precarious level in the US. Partisanship is preventing the forging of realistic action to address the specific fiscal challenges Fitch mentioned in its downgrade.
In the long term, experts said the US rating downgrade could have potentially adverse consequences for the broader global economy. This is because US government debt, in the form of Treasury securities, underpins not just the US economy but also the global economy. This means US government debt is considered one of the safest interest-bearing investments in the world, and a global benchmark for interest rates.
Experts said the US is perilously on an unsustainable fiscal path, and policymakers should take the downgrade seriously. It should serve as a powerful signal to policymakers that they need to get their fiscal house in order because of the underlying problems the rating firm identified and the negative impact a lower credit rating could have on the US economy.
‘ReS ipsa Loquitur: the Lines that Define Me” is the title of my art exhibit opening on the 11th of August at ArtistSpace in Makati. the show will run until August 27, 2023 and will feature an Artist Reception on its second day, August 12, at 4:30 p.m. i would like to invite you all to the opening and/or the reception the following day or to view the artworks anytime until the 27th.
I am presenting 25 artworks to the public. It’s a collection of works that define me as an artist, for example, the joyful memories from various places I have visited. Certain sceneries latched on and worked their way into my abstract work. History is also an important feature of my artworks and I hope I am able to give it adequate space and treatment in this collection.
I welcome the viewing public to look at my abstract artworks the way they want to. Art appreciation is very personal and I believe one can view my work in 1,001 ways. Also, you can see and interpret it
differently every time you look at it. In this sense, my abstract represents infinite possibilities. It’s one of the beautiful qualities of abstraction, it has limitless potential.
I am grateful to ArtistSpace, JFR II Studio, Salazar Art Agency, and The Saturday Group of Artists for making the art exhibit possible. ArtistSpace is located at the ground level of Ayala Museum Annex, Makati Avenue corner De La Rosa Street, Greenbelt Park, Makati City. For details, please contact Mr. Tom Paolo Hinlo at +639686434187 or e-mail salazar.art.agency@gmail.com. I hope to see you on August 12 at 4:30 p.m.
An excerpt from the press release:
Res Ipsa Loquitur: The Lines That Define Me by Joy Rojas promises to be a captivating and timely affair. The exhibition not only showcases Rojas’ new works in abstraction but also delves into the artist’s experimental approach to color, abstract shapes, and texture. Unlike traditional pure abstraction, Rojas intertwines ele-
SoMe people worry about the adverse impact of the distribution of earnings to the stockholders by the National Grid corporation of the Philippines (NGcP). there is concern about the capacity of NGcP to provide for the much-needed capital expenditure build-up for infrastructure.
This matter is taken care of by the law. The Commonwealth Act 146 requires regulated entities in the power sector to accumulate the funds generated by depreciation in a separate bank account. This cannot be used for any purpose except for capital replacements or capex buildup. Any capex requirement not covered by the depreciation fund may be sourced or financed by the company from borrowings, from additional capital, or, from the reinvestment of retained earnings. However, the decision taken on these options is a management prerogative.
There may be years when the dividends that are declared exceed the company’s net income for the period. That is not an issue as long as there are enough unrestricted or accumulated retained earnings at the time of declaration. In other
words, the basis for the amount of dividend declared is not the current year’s income, but the balance of accumulated and unrestricted retained earnings. Some quarters seem to fault the NGCP for paying a high dividend rate and leaving less for reinvestment purposes and instead relying on borrowings. There is no law or rule that prohibits this practice. It is purely a management prerogative. Come to think of it, this may even be good for consumers because even if owners or management agree to reinvest its earned dividends, the effect on allowed profits would be higher because the cost of debt is lower. So, reinvesting funds from dividends instead of borrowing would have the adverse effect of increasing the rates. Is it correct to allow NGCP or any
The Commonwealth Act 146 requires regulated entities in the power sector to accumulate the funds generated by depreciation in a separate bank account. This cannot be used for any purpose except for capital replacements or capex build-up. Any capex requirement not covered by the depreciation fund may be sourced or financed by the company from borrowings, from additional capital, or, from the reinvestment of retained earnings. However, the decision taken on these options is a management prerogative.
regulated entity to include in the rate a return on capital used for any unfinished project or works in progress?
This same question has been raised to regulators in other countries. The prevalent position taken is that it is allowed for as long as it s reasonable. Reasonable here means it is fair to investors because, for projects with long gestation or construction periods, amounts or funds have been invested or borrowed, which means the cost of funds is due and demandable. No company can tell its creditors that the amounts of money they lent to the company will earn interest only when the project is finished. No one will lend money
ments from the natural world, using a medley of colors that reference landscapes and historical imagery. The interplay between the artist’s gestural imprint and archival materials in his works creates a fascinating palimpsest, revealing the complexity of history and the layers of meanings within each piece. This duality of abstract expression and historical references adds depth and intellectual intrigue to the exhibition, allowing viewers to engage with the artwork on multiple levels. One of the most captivating aspects of the show is the exuberant and joyous quality emanating from Rojas’ works. Inspired by his encounters with nature during his travels, the artist’s creations seem to embody the very essence of his experiences. Rojas’ intention to share his sensations with the audience creates an immersive and emotionally resonant viewing experience. The vibrant colors,
on this basis. Therefore, the reasonable criterion means consumers are expected to be charged with the cost of funds during the construction period. However, reasonableness also means optimization is observed. This consists of making sure that the costs of inefficiencies should not be part of the rate. This practice is not only recognized for purposes of regulation. This is also a generally accepted accounting practice. Should Congress amend or abrogate the franchise of NGCP? I think I will leave that matter to the lawmakers. But as an afterthought—if there is a clamor to change for the betterment or benefit of consumers, let the government operate the transmission system like a cooperative. The formula now will have to exclude the profit element in calculating the rates.
But, the question is—does the government have the funds to pay back NGCP, and will it have the means to finance future capital projects or replacements?
Many questions and issues abound. Food for thought and constructive action.
Minority shareholders are raising a howl of protest over the thrust of the Philippine Stock Exchange (PSE) that punishes them for the tender offer on shares of Holcim and which brings to mind the PSE’s own move on that of Abra Mining, which were both suspended.
In the holcim and that of Abra Mining’s suspension, the small stockholders are to suffer, the former for being slapped the capital gains tax plus documentary stamp tax and the hassle of signing so many documents and awaiting for some time to get the proceeds, and the latter for the PSe s refusal to just punish the Abra Mining officials who sold the unlisted, unregistered shares.
There is a sense of rage about the suspensions leveled against that of holcim since letting the share be listed while the tender offer is in process would have resulted in easier navigation for the minority shareholders, many of whom have bought the stock for its dividends. Now, there is a capital gains tax awaiting them, defeating the very purpose why a stock exchange entices companies to list.
And in the case of the suspension of Abra Mining, the PSe could just have ousted the officials who sold the unregistered and unlisted stock since the exchange has the data on that and let the stock continue to be traded. In the meantime, the PSe could just bring court suits against the erring Abra Mining officials who can be easily identified.
Or perhaps the PSe could just have proceeded with the brilliant and innovative take of PSe President and CeO Ramon Monzon to have a “white knight” to save the Abra Mining suspension. We have not yet heard from the veterans of the exchange, the feisty Ms. Vivian Yuchengco or Wilson Sy or eddie Gobing or even hear of the whisper from former finance chief Jose Pardo on what happened to the out-of-the-box thinking of Mr. Monzon.
And again in this holcim suspension that caught all small stockholders by surprise, the directors of PSe have not yet come to the rescue of the minority shareholders. Is it any wonder why our market can churn out, on the average, about $100 million worth of trades, while Vietnam and Thailand as well as Singapore have trades of $2 billion and more a day? And to think that the Manila Stock exchange was the first stock
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intricate textures, and abstract shapes serve as conduits to transport viewers to the same magical places that sparked the artist’s imagination. In these trying times, where the world may sometimes feel dis-
IN one of the funeral masses for the late Dr. James Dy (who died on July 29), the officiating priest delivered a simple message— “Aspire to inspire before you expire.” Judging from the extent of the wreath flower bouquets that beautified and aromatized the wake, the priest said that James Dy exemplified such message to the point of being showered with scented blessings and testimonies from people whose lives he touched and inspired.
exchange in Asean.
The suspension of holcim has many sticky points, like how the capital gains tax can be computed. Will the P5.33 price point be ranged against the par value of the stock? In the case of the suspension of Abra Mining, will the supposed sellers of the unlisted and unregistered shares continue to get off scot-free while the minority shareholders are again in a quandary, with their investments in a suspended state of animation?
To the mind of Merkado Barkada, the best market newsletter so far, there are questions for the PSe that come to mind: “Do you want to make investing easy and safe for the general public, or do you want to make things needlessly complicated and frightening to people who are only trying to better their family’s financial standing in this crazy life?”
“What interest does the PSe have here in making it harder for minority shareholders to exit their positions?”
I get that the PSe might feel a little spurned by the company’s decision to leave the exchange, but this petty “will they/won’t they” issue seems calibrated only to grief hLCM’s ownership. hLCM’s minority shareholders are caught in the middle of this passive-aggressive standoff. Judging by the e-mails that I’ve received, there are people in a full-blown panic about what to do in this situation, and that’s on the PSe So there. The PSe seems uninterested in the plight of the minority shareholders who now have to wait for the turn of events in the holcim tender offer drama. Perhaps, PSe Director Jose Arnulfo Veloso can shed light on the issue unless he himself comes under fire for the delay in the listing of PNB holdings, which he managed to craft while he was the head of the Philippine National Bank.
connected and distant, Res Ipsa Loquitur: The Lines That Define Me opens its arms to viewers, welcoming them into the depth, richness, and vitality of Joy Rojas’ artistic universe. With its blend of abstraction, historical references, and joyful spirit, this exhibition serves as a timely reminder of the transformative power of art.
Most Filipinos will remember Dr. James Dy as the champion of the Original Pilipino Music (OPM) movement. Some will likely identify Dr. James Dy with Chinese General hospital and Medical Center. But if there’s one word I can associate my Ninong James with, it would be “giving.” he was simply generous with his time, talent, and treasure! he tirelessly looked for opportunities to share whatever he can, especially with the Filipino-Chinese community, thus was bestowed with the titles of chairman emeritus of the Filipino-Chinese General Chamber of Commerce, Inc. and president emeritus of the World Lee Family Association. From humble beginnings, he truly imbibed the message, “aspire to inspire before you expire.”
I can say the same thing with Dave Mercado Sr. (who died on June 30) who steered the Stronghold Insurance Group of Companies from
obscurity to prominence while devoting much time to help others.
In a message commemorating his death, the beloved company that Dave Mercado built, said, “What you left behind is not what is engraved in stone monuments, but what is woven into the lives of others.” During his lifetime, Dave Mercado unselfishly served, saved and secured the “lives, assets and businesses” of millions of Filipinos, either through his insurance companies or personally from his own pocket. Like Dr. James Dy, Dave Mercado was naturally a generous man.
Another set of principled men who inspired others and passed within months from each other this year were Ramon Farolan (died May 31), Salvador Mison (died July 19), and Guillermo Parayno Jr. (died August 2). Farolan, Mison, and Parayno previously led the Bureau of Customs in their capacities as Com-
missioner (under Marcos Sr., Cory Aquino, and Ramos, respectively); all served the Armed Forces of the Philippines (AFP-Air Force, Army, and Navy, respectively), and all were products of the Philippine Military Academy (PMA 1956, 1955, 1970, respectively). They all fearlessly and unselfishly led anti-corruption crusades during their terms. In death, they will all be remembered as those former Customs commissioners who lived to “aspire to inspire before you expire.”
A useful gauge to know whether one has inspired others is not the numbers of accomplishments, achievements, and accolades, but the number of lives one has touched. In this regard, the best indicator of the extent of touching peoples’ lives is the amount of love given (“love meter”) to others, to country, and to God. Dr. James Dy, Mr. Dave Mercado Sr., and former Customs Commissioners Farolan, Mison, and Parayno certainly demonstrated love to the Filipino people by simply putting others above self, by helping others although they didn’t have to, by daring to do things differently to make them better while they can.
In the Bible, 1 John 4:7-8 taught us “to love one another, for love comes from God. everyone who loves has been born of God and knows God. Whoever does not love does not know God, because God is love.” There must be something special about love, not only in the biblical sense, but also in the constitutional sense, as the Preamble in the 1987 Constitution, for the very first time, introduced the
IN President Ferdinand Romualdez Marcos’ State of the Nation Address (SONA) on July 24, 2023, he asserted (to enthusiastic applause) that: “While the global prospects were bleak, our economy posted a 7.6 percent growth in 2022—our highest growth rate in 46 years. For the first quarter of this year, our growth has registered at 6.4 percent. It remains within our target of 6 percent to 7 percent for 2023. We are still considered to be among the fastest-growing economies in the Asian region and in the world. It is a testament to our strong macroeconomic fundamentals.”
Data from the Philippine Statistics Authority (PSA) published May 11, 2023 do show a first quarter 2023 growth rate in the gross domestic product of 6.4 percent (i.e. compared to 1st quarter of 2022). h i storical data showed that the country had positive growth rates up until the fourth quarter of 2019. The Covid-19 pandemic caused an economic downturn with negative GDP growth rates from the 1st quarter of 2020 until the 1st quarter of 2021. The country started to recover by the 2nd quarter of 2021, with each quarter posting a growth rate above 7 percent up until the last quarter of 2022.
When using GDP based on current prices, the 2023 1st quarter growth rate was higher at 13.7 percent. The president also noted that the GDP growth rate is within the government’s target of between 6 percent
and 7 percent.
Calculating the growth rates of GDP is very useful in terms of trends and forecasts. One might ask if the current GDP has already surpassed pre-pandemic levels. The Covid-19 pandemic caused the real GDP to decrease in 2020, from P19.37 trillion down to P17.54 trillion. While the GDP started to recover in 2021, at P18.54 trillion, it was still below the 2019 level. however, by 2022, the annual GDP had increased to P19.94 trillion, the highest GDP in the Philippines to date, and higher than the 2019 figure by 3 percent.
In other words, the economy has already recovered from the effects of the pandemic and is now on pace for new highs. At current prices, the 2022 GDP is equivalent to P22.02 trillion.
The 2022 GDP can be broken down as follows: 8.9 percent from Ag-
The Covid-19 pandemic caused the real GDP to decrease in 2020, from P19.37 trillion down to P17.54 trillion. While the GDP started to recover in 2021, at P18.54 trillion, it was still below the 2019 level. However, by 2022, the annual GDP had increased to P19.94 trillion, the highest GDP in the Philippines to date, and higher than the 2019 figure by 3 percent. In other words, the economy has already recovered from the effects of the pandemic and is now on pace for new highs.
At current prices, the 2022 GDP is equivalent to P22.02 trillion.
riculture, Forestry and Fishing, 29.7 percent from Industry, and 61.4 percent from Services. Comparing real GDP from 2021 to 2022, the Services sector had the biggest increase of 9.2 percent, while Industry increased by 6.5 percent. On the other hand, Agriculture had only a 0.5 percent increase. Within the Services sector, Accommodation and Food Services Activities had the largest increase at 32 percent compared to 2022, as restaurants and hotels recovered from the Covid-19 pandemic. This was followed by Other Services with
The pound’s unexpected rally this year may have finally run out of steam as the Bank of england moves closer to wrapping up its tightening cycle.
Analysts and investors at firms including BNP Paribas SA, NatWest Markets Plc. and State Street forecast officials will deliver just one more interest-rate hike, compared with market expectations for two more. They’re all bearish on the pound.
The UK currency has been on a downward trend since reaching the highest in over a year in midJuly and extended those losses this week after the BOe raised rates
by a quarter point. The decision, along with signs the economy is on a shaky footing, led traders who once bet the key rate would climb past 6.5 percent to see it reaching 5.75 percent.
It all makes the pound much less compelling to investors who seek out currencies that offer a high carry—or the gain obtained from differing interest rates—as well as strong economic growth. UK housing prices are falling fast and a gauge of manufacturing data is at recessionary levels.
“Sterling investors will start to price in an increasingly gloomy economic outlook,” said Luca Paolini, chief strategist at Pictet Asset Management. “ e conomic surpris-
es have become increasingly less positive and run the risk of being outright disappointing in the coming months.”
Pictet AM downgraded the pound to underweight from neutral last week, citing a gloomy outlook for the UK economy.
The BOe has delivered 14 rate hikes since late 2021, taking the key rate from 0.1 percent to 5.25 percent last week after a 25-basis point hike. Voting for the latest move was far from unanimous, with monetary policy council members defending a hold, as well as a quarter-point and a half-point hike.
“I do not think we will get more than one” hike, said Lee Ferridge, a strategist at State Street. “And de-
pending on the data over the next two months, we may not even get that one.”
An earlier-than-expected pause from the BOe would jolt rates markets, with short-term bond yields falling to account for the new peak rate—and possibly taking the pound with them.
Ferridge sees sterling falling below $1.20 over the next two to three months from $1.27 on Friday and recommends a short position against the yen and the US and Canadian dollars.
Swaps tied to the central bank’s meetings imply borrowing costs peaking at 5.75 percent by early next year, meaning two quarterpoint hikes are fully priced and
value of love—“…the blessings of independence and democracy under the rule of law and a regime of truth, justice, freedom, love, equality, and peace…” (1987 Constitution).
Truly, the highest reading in any love meter could only come from the Almighty God, who through The holy Spirit gave us the fruit of “love, joy, peace, patience, kindness, goodness, faithfulness, gentleness, and selfcontrol” (Galatians 5:22) because he loves us. Such highest kind of love was exemplified by Jesus who showed us, in the flesh, what love is and should be. his earthly life mirrored how love became the foundation to inspire many. There is hope and faith, among other values, but love is the greatest (1 Corinthians 13:13). The lives of Dy, Mercado, Farolan, Mison, and Parayno are good examples of how God-fearing Filipinos can make a difference in the lives of others. As I personally witnessed how my father expired, I am certain that he inspired many to love, myself particularly included. Such is the life we should always aspire—living with love, loving while living.
A former infantry and intelligence officer in the Army, Siegfred Mison showcased his servant leadership philosophy in organizations such as the Integrated Bar of the Philippines, Malcolm Law Offices, Infogix Inc., University of the East, Bureau of Immigration, and Philippine Airlines. He is a graduate of West Point in New York, Ateneo Law School, and University of Southern California. A corporate lawyer by profession, he is an inspirational teacher and a Spirit-filled writer with a mission. For questions and comments, please e-mail me at sbmison@gmail.com.
a 28 percent increase, and Transportation and Storage with a 24 percent increase. Within the Industry Sector, Construction increased by 12 percent.
President Marcos also mentioned that “in 2022, the digital economy contributed P2 trillion, the equivalent of 9.4 percent of our GDP.” This was also based on data released by the PSA on April 25, 2023. In its bulletin, PSA showed that the digital economy, composed of digital transactions covering Digital-enabling infrastructure, e - commerce, and Digital media/ content, grew by 11 percent from P1.87 trillion in 2021. The digital economy employed 6.05 million people in 2022.
In summary, President Ferdinand Romualdez Marcos Jr.’s statement about the economy during the 2023 SONA was purely based on fact. If he had more time, the President could have highlighted that the Philippine economy is the best it has ever been, has recovered completely from the negative effects of the pandemic, and is projected by the World Bank to exceed P24 trillion in 2023. If the country continues to reach these targets, the State of the Nation would continue to be sound, at least with respect to the Philippine economy.
there’s some chance of a third, final move.
BOe Governor Andrew Bailey’s promise to keep rates elevated for longer is unlikely to put a floor under the pound’s slide. At Thursday’s press conference, Bailey said the “last mile” of the inflation fight will require a prolonged period of restrictive interest rates. Some analysts argue that may not reassure if economic data continues to disappoint.
“Ultimately we see the risk of economic damage as greater than the reward of an interest rate hike,” said he len Given, an FX spot trader at Monex USA.
While Britain’s economy avoided a recession that many including the BOe had predicted for this year, re-
cent data suggest the fallout from the sharpest rate rises in three decades is intensifying. A Nationwide Building Society survey showed house prices falling at their fastest pace since the global financial crisis for a third straight month, while British companies reported their slowest growth in six months. h i gher rates might not provide the best support, given the tradeoffs between growth, inflation, and domestic housing markets,” said Mark McCormick, head of FX and eM strategy at Toronto Dominion Bank. “Markets are likely to reward currencies with greater growth momentum.” With assistance from Alice Gledhill and Anchalee Worrachate/Bloomberg
‘Aspire
A12 Monday, August 7, 2023
Panga said.
E arlier, Trade and Industry Secretary Alfredo E. Pascual said the Department of Trade and Industry (DTI) will exert “all efforts possible” to finish the formal negotiations on the trade agreement between the Philippines and the European Union before the end of the administration of President Ferdinand R. Marcos Jr.
THE Bureau of Customs (BOC) said it is hastening the finalization of a memorandum order for a mandatory registration of deconsolidators nationwide to better manage and facilitate the importation and distribution of balikbayan boxes.
T he BOC explained that the measure would “ensure ‘’ that deconsolidators would be held accountable for the handling of balikbayan boxes in the countries.
balikbayan boxes.
PEZA Director General Tereso
O. Panga told reporters that apart from the elimination of trade barriers, an EU FTA and the GSP+ could benefit locators who are engaged in the export of agro-based and processed mineral products.
“A lot of our locators are exporting to the EU and used to benefit from the GSP Plus. Now, because of this impending renewal, whatever is the case, I think it makes sense for the Philippine government to engage the EU in terms of signing
a free trade agreement,” Panga said.
Panga said an FTA and the renewal of the GSP+ will help Philippine exporters wanting to access the European market to get help with compliance in terms of permits needed to access specific EU markets.
That should be spelled out in the FTA -- including availability of the GSP Plus, how we can maximize it so that more companies in the Philippines can export to the EU,” Panga said.
A part from the EU, the FTA with the United Arab Emirates (UAE) and other countries in the Middle East would also be helpful for many of its locators.
Panga said Peza is getting a lot of interest from the Middle East in terms of agro-industries such as the manufacture of fertilizer.
He said the Philippines is strategically located in the region, making it a good place to set up regional food hubs in the Asia and the Pacific region.
“ Because of the big market not just in the Philippines but in Asean, it makes sense for them to be located in the Philippines (which could) be their hub in the Asia Pacific,”
T he Trade chief based his confidence on the fact that there had already been past negotiations between the EU and the Philippines on the trade deal. He said DTI will start with the scoping discussion sometime in September, with a target to complete this before the end of the year.
Meanwhile, PEZA said it has greenlighted 102 economic zone developer-locator projects with P80.585 billion worth of investments in the first half of the year, a 258-percent increase from the P22.489-billion investments recorded in the same period last year.
With this, Panga expressed optimism that the investment promotion agency will “sustain” its growth path for the second half of 2023. With the approved 102 new/expansion projects in the first six months of the year, Peza said 1,805,770 direct jobs are expected to be generated.
T he BOC is also planning to require deconsolidators to pay a performance bond of P2 million to ensure they would facilitate the distribution of balikbayan boxes with “utmost care and efficiency.”
Moreover, the BOC is actively finalizing a joint memorandum agreement with the Presidential Anti-Organized Crime Commission (PAOCC), Department of Foreign Affairs, Department of Trade and Industry, Department of Migrant Workers (DMW), forwarders, and other stakeholders,” the bureau said in a news release on Sunday.
“
This comprehensive agreement seeks to streamline processes, enhance coordination, and fortify efforts in safeguarding the welfare of OFWs and their balikbayan boxes,” it added.
R anking BOC officials recently met with the officials of the Office of the President and PAOCC to improve the government’s policies when it comes to
T he BOC said the meeting was meant to “address the pressing issue of unscrupulous forwarders victimizing numerous OFWs abroad using balikbayan boxes.” The meeting was attended by BOC Acting Deputy Commissioner Michael Fermin, Executive Secretary Lucas P. Bersamin and PAOCC Undersecretary Gilberto DC Cruz, according to the bureau. “ One of the significant achievements highlighted was the successful release of 36 containers of abandoned consolidated shipments, comprising 9,689 boxes,” the BOC said.
Out of these, 9,011 boxes have been rightfully distributed to their respective owners, while 678 boxes remain unclaimed due to insufficient information. The BOC remains committed to resolving this issue and reuniting these boxes with their rightful recipients,” it added.
Meanwhile, BOC said it has filed 11 criminal complaints against unscrupulous forwarders to date.
T he BOC said it will collaborate with the DMW to include information about balikbayan importation in the latter’s training program for OFWs. “ This initiative aims to educate OFWs about their rights, responsibilities, and ways to protect their balikbayan boxes during shipping,” it added.
Jasper Emmanuel Y. ArcalasTHE United States, Australia and Japan -- three members of the Quad -- immediately called out China for blocking and firing water cannon on a Philippine Coast Guard resupply mission off the Ayungin Shoal in West Philippine Sea.
R elatedly, senators also slammed Beijing’s latest action, saying it bolstered the need for the resolution they unanimously adopted last week, calling on the Executive to push back against China for the constant bullying of Philippine forces and fishermen despite a 2016 arbitral ruling voiding its “excessive” claims in the South China Sea.
The United States reaffirms an armed attack on Philippine public vessels, aircraft, and armed forces— including those of its Coast Guard in the South China Sea—would invoke U.S. mutual defense commitments under Article IV of the 1951 U.S. Philippines Mutual Defense Treaty,” Matthew Miller, US State Department spokesman, said in a statement on Sunday.
I n May, the Philippines and the US agreed that an armed attack on Coast Guards on either side can be a trigger to invoke the US-Philippines Mutual Defense Treaty.
J apanese ambassador to Manila Koshikawa Kazuhiko also condemned China’s actions as “totally unacceptable.”
“ Totally unacceptable any harassment & actions which infringe on lawful activities of the sea and endanger the navigational safety. We strongly support PH’s position; upholding maritime order based on UNCLOS & 2016 Arbitral Award,” Koshikawa tweeted.
H K Yu PSM, Australia’s ambassador to Manila, likewise expressed support to Manila in the face of what she called “dangerous and destabilizing” actions against the Philippines.
Australia is concerned by the latest actions directed against the Philippines, which are dangerous and destabilizing. We reiterate our call for peace, stability, and respect for UNCLOS in the South China Sea - a vital international waterway,” Am -
bassador Yu said in her X (formerly Twitter) post.
T he US State Department released its statement Sunday noon (Saturday 11pm Washington DC time).
It came only a few hours after the Armed Forces of the Philippines and the Philippine Coast Guard made public the harassment of their crew on the way to Ayungin Shoal (international name: Second Thomas Shoal).
T he whole statement reads:
The United States stands with our Philippine allies in the face of dangerous actions by the Coast Guard and maritime militia of the People’s Republic of China (PRC) to obstruct an August 5 Philippine resupply mission to Second Thomas Shoal in the South China Sea. Firing water cannons and employing unsafe blocking maneuvers, PRC ships interfered with the Philippines’ lawful exercise of high seas freedom of navigation and jeopardized the safety of the Philippine vessels and crew.
Such actions by the PRC are inconsistent with international law and are the latest in repeated threats to the status quo in the South China Sea, directly threatening regional peace and stability. By impeding necessary provisions from reaching the Filipino service members stationed at Second Thomas Shoal, the PRC has also undertaken unwarranted interference in lawful Philippine maritime operations.
As made clear by an international tribunal’s legally binding decision issued in July 2016, the PRC has no lawful claim to the maritime area around Second Thomas Shoal, which is located well within the Philippines’ exclusive economic zone.
“ The United States reiterates, pursuant to the 1982 Law of the Sea Convention, the arbitral decision is final and legally binding on the PRC and the Philippines. The United States calls upon the PRC to abide by the arbitral ruling as well as to respect the freedom of navigation – a right to which all states are entitled.
“ The United States reaffirms an armed attack on Philippine public vessels, aircraft, and armed forces— including those of its Coast Guard in the South China Sea—would invoke US mutual defense commitments under Article IV of the 1951 U.S. Philippines Mutual Defense Treaty.
Senators slam water cannon attack SENATORS on Sunday slammed the latest incident of Chinese harassment of a Philippine resupply boat in Ayungin Shoal, calling it the best justification for pushing hard with a resolution adopted last week prodding the Executive to take more decisive action to stop the relentless bullying. S enate President Juan Miguel Zubiri, one of two main authors of Senate Resolution 718, said the incident “is yet again a manifestation of its ‘might vs. right’ treatment of its peaceful neighbors.”
Zubiri lamented: “By its actions, it shows diplomatic duplicity, of preaching about amity, but practicing hostile behavior.”
T his incident reaffirms, he said, “the merit of the resolution the Senate has unanimously passed,” referring to Senate Resolution 718 which Deputy Minority Leader Risa Hontiveros had also coauthored.
T he resolution passed unanimously, but gave the Executive the flexibility to determine the exact action to take to push back against China, instead of just the simple call, as Senator Hontiveros earlier pitched, to elevate the matter to the UN General Assembly.
For her part, Hontiveros said: “The Chinese Coast Guard has absolutely no right to block, let alone water cannon, our supply vessels. Wala silang karapatang gutumin ang mga Pilipino sa Ayungin Shoal.”
I also hope our country can start joint patrols with other claimant countries in the SCS, such as Vietnam, Malaysia, Indonesia, and Brunei. We must stand together to stop China’s aggressive actions.”
T his developed as Sen. Ramon Bong Revilla, Jr. in a separate statement said, “it would do well for China to remind its subjects to respect the sovereign rights of the Philippines and the internationally recognized right of freedom of navigation.”
He added: “China’s bullying only promotes discord and instability, which does not do well for regional peace and harmony. We have long advocated for a coexistence built on respect and amity. And with this incident, we must put our foot down and draw the line where the safety and interest of our countrymen are endangered.”
PURSUING a free trade agreement (FTA) with the European Union and renewal of the General System of Preferences (GSP) Plus could greatly benefit locators at the Philippine Economic Zone Authority (Peza).PANGA
Monday, August 7, 2023
By Lenie Lectura @llectura
“We’re projecting close to 5 percent growth for the second half, mainly driven by residential and commercial still,” said Meralco Chief Commercial of ficer and First vice President Ferdinand Geluz. in the first half, energy sales volumes rose by 3 percent to 24,792 gigawatt hours (GWh) from 23,968 GWh.
Monthly sales volume breached the 4,000-GWh level since April and reached a high of 4,643 GWh in June. During the period, higher temperature and humidity during the dry season drove the increase in demand for electricity from the residential segment while the continuing recovery and growth in the economy were
drivers of commercial segment sales.
Sales mix also continued to shift to prepandemic levels, with commercial segment accounting for a bigger 37 percent share. Share of residential was the same at 35 percent, while industrial share slipped to 28 percent from 30 percent.
Commercial led all segments with 9,162 GWh sales volume. With the resumption of face-to-face engagements such as concerts, conventions, and business gatherings, demand from leisure and entertainment, hotels, retail, and restaurant sectors continued to improve. t he shift in academic calendar also amplified demand of educational institutions, as schools consumed more electricity to battle the summer heat.
Geluz is confident that the commercial segment would still account for the biggest increase in sales vol-
ume in the second half. “We sort of had some talk with SEiPi [Semiconductor and Electronics industries in the Philippines Foundation inc.] president and he’s confident that semiconductor might have a rebound towards the latter part of the year.”
He added that full-year sales is still expected to grow by 4 percent.
Meralco reported a consolidated core net income of P19.2 billion in the first half, up 47 percent from P13.1 billion realized in the same period last year.
t he utility firm sees full-year profits to be north of P30 billion. “We expect profits to be a recordhigh for the full year, so it’s just a question of how much. But certainly much way ahead on what we reported for 2022, which is P27.1 billion,” Meralco Chairman Manuel v Pangilinan said.
Dito telecommunity Corp.
has identified the enterprise segment as a major growth area in the mid-term, targeting to grow its contributions to the company’s overall revenues to almost a fifth in the next 3 years.
in a media luncheon last week, Dito Chief Commercial of ficer Evelyn Jimenez told reporters that the
company is now developing solutions that target businesses of varying sizes, including micro, small, and medium enterprises (MSMEs). our outlook moving forward is we want the enterprise segment to be 5 percent of our revenue contribution up to 18 percent — that’s our forecast in the next three years,” she said.
Dito is set to launch the said solutions within the second half of 2023.
Jimenez added that the company is “going to launch a lot of ott [over-
the-top media service],” and that Dito has “a lot of things in place.” our revenue now compared to last year, we already are more than 60 percent from last year. So revenue is definitely continuing to increase, including ARPU [average revenue per user], which grew by 13 percent ever since the SiM registration,” she said.
Jimenez said ARPU is now at P107, a sharp increase from P80 the year prior. “ t he ideal ARPU for us is P125
and we’re targeting to hit that towards the end of the year,” she said.
Dito is also adding more users despite the S i M registration requirement.
Jimenez said average daily activations increased by 15 percent since the government required end users to register their SiMs.
t hings are doing well for the business. We built the network very fast, so have to catch up from a commercial standpoint,” Jimenez said.
B1
By VG Cabuag @villygcFAStFooD company Jollibee Foods Corp. (JFC) said it will set up a joint venture with Food Collective Pte. Ltd. (FCPL) to operate tiong Bahru Bakery and Common Man Coffee Roasters in the Philippines.
Jollibee will own 60 percent of the business while Food Collective will own the remaining 40 percent.
Both companies have committed to invest up to P250 million in the joint venture, which will have its own resources and personnel with Jollibee taking the lead in the management and operation of the business.
t he said joint venture will be the franchisee of both brands in the Philippines.
Food Collective is a majorityowned subsidiary of t i tan Lifestyle Holdings Pte. Ltd., a wholly owned subsidiary of t i tan Dining LP in which Jollibee has a 90-percent participating interest. t h e company is incorporated in Singapore and its primary activity is owning and operating lifestyle brands, including t i ong Bahru Bakery and Common Man Coffee Roasters. t h ere are currently 16 t i ong Bahru Bakery and 5 Common Man Coffee Roasters, across Singapore and Malaysia.
tiong Bahru Bakery is famous for its handmade croissants and for its baked goods and coffee, with a commitment to producing high-quality food and coffee and celebrating traditional techniques and its local neighborhoods.
Common Man Coffee Roasters,
meanwhile, operates all-day dining restaurants in Singapore and Malaysia, with an aim to be a champion for specialty coffee and the best all-day dining concept in Asia.
Common Man Coffee Roasters also does coffee roasting, sale of coffee products and operates a Coffee Barista Academy.
“We are excited to enter this joint venture with FCPL to own and operate the tiong Bahru Bakery and Common Man Coffee Roasters in the Philippines. t hese brands will be a strong addition to JFC’s foreign franchised brands and will allow JFC to capture an even greater opportunity and strengthen JFC’s position for further growth in the Philippine market,” Jollibee CEo Ernesto tanmantiong said.
Jollibee currently operates three foreign franchised brands in the Philippines, namely Burger King with 127 stores, Panda Express with18 stores and Yoshinoya with seven stores. t hese brands contribute less than 3 percent to the company’s consolidated system wide sales. Common Man Coffee Roasters will start its operation in the Philippines this year.
Inv EStoR S must go beyond financial reports and look into the “green” aspect of investing, according to Brian Poe-Llamanzares, chief of staff at the of fice of Senator Grace Poe.
THE Philippine Stock Exchange inc. (PSE) has elected two new independent directors—Peter B. Favila and Andrew Jerome t Gan—during its annual stockholders’ meeting.
Favila was director of the PSE from 2002 to 2005 and for a short while, served as chairman of the bourse.
He served as secretary of the Department of tr ade and i n dustry from 2005 to 2010 and after, joined the Bangko Sentral ng Pilipinas as a member of the Monetary Board (MB). He recently finished his second stint as MB private sector representative. He was previously president of Philippine n a tional Bank, Security Bank and Allied Banking Corp.
Gan, meanwhile, was a director of the Capital Markets integrity Corp. from 2014 to 2023. He is co-Founder and managing director of Beacon Holdings inc., Beacon Advisors inc., Beacon Management Group inc. and Fifi L’Amour inc.
Gan served as director and treasurer of nuovo Moda, inc. and Managing Director of Globo Land Development Corp.
“ t h e new directors are excellent additions to our board given their notable backgrounds and range of expertise and experience. i , together with the rest of the Board, look forward to working with them as we continue to push reforms and initiatives to further develop and deepen our capital market,” PSE Chairman Jose t Pardo said. VG Cabuag
Et ER n A L Chapels Mortuary and Chapel Services, a provider of complete mortuary and chapel services, has forged a partnership with PhilPlans, i nc., a provider of pre-need and memorial plan, to create an alliance aimed at offering comprehensive, personalized, and seamless memorial care services. A contract signing ceremony took place on August 3, 2023, in Makati City.
numeriano B. Rodrin, President, and Coo of Eternal Chapels Mortuary and Chapel Services, expressed his enthusiasm about the collaboration, stating, “We are elated to join
forces with PhilPlans, inc., to further our mission of providing compassionate and meaningful funeral services to families in their times of need. t his partnership allows us to offer an even more comprehensive range of support to their plan holders as they navigate the challenging process of bidding farewell to their loved ones.”
Eternal Chapels Mortuary and Chapel Services has earned a reputation for its commitment to delivering personalized funeral arrangements, unparalleled customer service, and state-of-the-art facilities. With this collaboration, it enables plan holders
of PhilPlans to avail Eternal Chapels’ services and facilities. At present, Eternal Chapels is dedicated to serve the memorial care needs of residents in Cagayan de oro City, naga City, Cabuyao City, Cabanatuan City, and soon, Batangas City. it is part of the Eternal Memorial Group along with its sister companies, Eternal Gardens, Eternal Crematory, and Eternal Plans. t he group belongs to a larger conglomerate, the ALC Group of Companies, founded by the late Ambassador Antonio L. Cabangon Chua and currently headed by its Chairman, D. Edgard A. Cabangon.
Poe-Llamanzares made the pronouncement during the Southeast Asia investment Forum jointly organized recently by the national University of Singapore (nUS) Business School and the Chinese Alumni Association, together with Grandway Family of fice and Meta Capital inc., at the Hon Sui Sen Memorial Library in Singapore.
investing in environmental, social, and corporate governance is not just about ticking boxes, but it’s an investment in a better world. it is an investment in the future we want to leave behind for our children and the generations to come,” he said. together, we can unlock the potential of sustainable growth and make a positive impact on both business and the world.”
Poe-Llamanzares, who authored the book “A Sustainable Future,” underscored the importance of taking into account a company’s environmental cost and carbon footprint in investment decisions while embracing greener principles.
An award-winning Filipino author, journalist, entrepreneur, investor and public servant, he joined the experts who were tapped to speak during the forum. t he other experts tapped for the forum were Professor Li Yande, an esteemed faculty member of the Business School; Zhou Daochuan, cofounder of the Grandway Family off ice in Singapore; and Yuan Xingwei, a partner of the indonesian Sand Group. together, they analyzed investment opportunities and major challenges in Southeast Asia, including the Philippines, Malaysia, indonesia and
vietnam. Given the rapid changes in the investment landscape and a very challenging asset allocation, they discussed on prospects and examined the major challenges confronting regional economies.
t he organizers understood the need for comprehensive views on these pressing issues. Hence, the nUS Business School, renowned for its academic and research excellence, partnered with the Mandarin Alumni Association to create a platform for in-depth analysis and dialogue.
t he forum’s content and discussions were enriched by the support of Grandway Family of fice, a global investments firm, and Meta Capital inc., a trusted, multifaceted venture capital company.
“We want to highlight our Chairman’s relationship with nUS and the participants, as well as his intentions to highlight and open more discussions about investment in Southeast Asia, which is also aligned with his goal for Meta Capital to uplift the region’s economies through investments in Environmental, Social, and Governance and next-generation technologies,” Meta Capital inc. Country Manager Rae Kuo.
t he Southeast Asia i nvestment Forum, chaired by n U S Business School Director of the Chinese EMBA program Prof. Fu Qiang, gave a timely opportunity for investors and industry leaders to gain insights and build networks.
Attendees from the Philippines also had the opportunity to join the conclave via an online streaming platform, allowing them to join at their homes. Regional participants were empowered to make informed and impactful investment choices in the dynamic Southeast Asian market. Roderick L. Abad
The Manila electric Co. (Meralco) expects energy sales volume to grow by about 5 percent from July to December this year as demand for electricity continues to surge, a company official said.
President and Chief Sales and Marketing Officer Ronald
This Monday, July 7, 2023, photo shows two of 4,390 employees of Bacolod Citybased PanAsiatic Solutions Inc. provided services by the Social Security System. SSS officials and PanAsiatic Solutions executives also agreed to create an SSS e-Center within the company premises that will officially open on August 7. We set up an information and service booth to respond to their queries and assist them with their online and onsite transactions,” concurrent Acting Head of Accounts Management Group Neil F. Hernaez was quoted in a statement as saying. Photo courtesy social security system
TODAY’S market conditions are creating challenges for telecommunication industry players. Even though consumer revenue has been historically high, margins are being squeezed because of the massive infrastructure investment in 5G by telecommunication companies (telcos) to meet the spike in broadband demand during the Covid pandemic and the anticipated explosion in demand driven by various 5G-use cases. Competition has been heating up from both traditional and non-traditional players. Customer expectations and the market have been shifting. A looming recession and regulatory pressures have been creating uncertainty.
To address these significant concerns, global telco players have been taking big steps to redefine their business and operating models. KPMG’s recent report identifies some of the key capabilities that KPMG professionals believe are required to succeed in the telco business models currently emerging around the world.
The telecommunications industry in the Philippines is also facing a rapidly changing landscape wherein industry leaders acknowledge the need to anticipate and adapt to market conditions to survive.
KPMG in the Philippines Technology Consulting Head Jallain Marcel S. Manrique said that “to ensure that they thrive in the future, telco industry players must adopt key strategies [that] include taking a customer-centric approach to continually understand and act upon their demands and values. Additionally, telcos should explore and embrace emerging technologies like cloud computing, machine learning and data science to improve consumer experiences and operational efficiency.”
Signals of change
WHILE change is constant in the telco business, the factors driving change are constantly shifting. In this section, we identify and drill down into some of the most significant market factors that should currently be on telco leaders’ minds.
1. Traditional business models are being challenged. Traditionally, telcos have made their money by moving bits through the air and across wires in their networks. While doing so is still central to their mission, telcos need to figure out ways to diversify and make their businesses more profitable, because continually investing in infrastructure can limit profitability. Telcos have been trying to break into higher value-added services for years, including through massive investments in areas such as professional services, media/content and digital advertising. But the track record for such investments has been decidedly mixed. Now, other options are emerging.
2. Escalating customer expectations. Expectations for both consumer and commercial customers have been intensifying. For consumers, that means wanting better and more flexible service, greater transparency in billing and enhanced ease of use. On the commercial/B2B
side, clients are looking for increasingly sophisticated connectivity and data solutions without the traditional requirement to contact a call center or a sales rep.
3. Hyper-competitive hyperscaler. As the landscape evolves, there will likely be more direct competition between telcos and hyperscalers. This should be a concern to telcos given how much money these hyperscalers spend, their in-house talent and their outsized ambitions.
4. A possible global recession. Inflation and interest rates are likely to continue to rise and a recession is looming. In many markets, rising interest rates will likely raise the cost of capital, potentially impacting telcos’ borrowing capacity and access to fresh capital. For some telcos with weaker balance sheets, this could lead to a higher risk of potential financial distress.
5. Technology can create new opportunities—and threats. In our view, the most important—and costly—technology investments will continue to be network upgrades. 5G has been central to telcos’ efforts to satisfy the bandwidth needs of residential consumers, but the cost of deploying it has been prohibitive. As for 6G, it requires the same massive investment as 5G and is still estimated to be three to five years off. In addition, telcos should continue to focus on how best to use evolving tools like AI and machine learning for service and operating improvements.
6. Fulfilling the ESG agenda. In our recent CEO survey, executives responded that the economic downturn required them to turn away from their ESG initiatives, with 50 percent saying they were pausing or reconsidering their existing or planned ESG efforts over the next six months. In our view, that move could backfire. As the financial sector moves to get behind ESG, we anticipate telcos will find that more significant proportions of their corporate loans and debt vehicles are tied to ESG metrics.
7. Telcos likely can’t avoid stricter regulations indefinitely. Most carriers had to sink many millions into complying with the General Data Protection Regulation and other global privacy statutes. These policies will continue to mandate carriers to establish more robust privacy and cybersecurity controls across their networks, applications and operations than they have traditionally cared about.
This excerpt was taken from https://kpmg. com/xx/en/home/insights/2023/02/future-oftelco.html.
© 2023 KPMG Int’l Ltd. is a private English company limited by guarantee. R.G. Manabat & Co., a Philippine partnership, is a member-firm of a global organization of independent member-firms affiliated with KPMG Int’l Ltd. All rights reserved.
E-mail ph-kpmgmla@kpmg.com or visit www.home.kpmg/ph. This article is for general information purposes only and should not be considered as professional advice to a specific issue or entity. The views and opinions expressed herein are those of the author and do not necessarily represent the BusinessMirror , KPMG International or KPMG in the Philippines.
Camarines Sur Rep. LRay F. Villafuerte said House Bill (HB) 8203 seeks to establish a P1.2-billion ITF for the modernization of the bureau’s facilities and equipment, payment of employment benefits and further professionalization of officers and employees through trainings, seminars and other career advancement programs.
In his second State of the Nation Address, President Ferdinand R. Marcos Jr. asked Congress to pass
the bill on BI modernization.
This bill was unanimously passed by the House of Representatives on third and final reading by a 278-0 vote before the 19th Congress went on recess June 3 to July 23.
Villafuerte said the proposed ITF shall be administered by the BI Board of Commissioners. It would be used exclusively for the modernization of the bureau’s equipment, facilities and offices, including capital outlay for establishing new buildings and
field offices and payment of employee benefits as provided by the Board and approved by the Secretary of Justice.
HB 8203 aims to modernize the BI by broadening its organizational structure, upskilling its personnel through career advancement programs, doing away with red tape by improving data gathering and analysis and boosting employee morale by way of a better, more competitive salary structure, the lawmaker said.
To attract qualified staff, the bill proposes a bump in the salary grades (by two notches) of junior immigration officers.
The employees’ additional benefits shall cover night shift differential and overtime pay for actual work rendered in accordance with existing rules and regulations.
Villafuerte said HB 8203 aims to lead the bureau into the digital age and has a two-pronged goal of tightening the country’s border security and enhancing travel experiences in and out of the country.
The lawmaker added that the 83-year-old Commonwealth Act 613,
or the Philippine Immigration Act of 1940, is an antiquated law that needs to be amended in order to respond to the changing times and be true to the Constitutional mandate of serving and protecting the people.
With modernization and the increased mobility of people across the globe, he added that crimes are becoming more and more cross-border.
Villafuerte said recent years showed that many aliens in the Philippines have been involved in international crimes such as drug and human trafficking, prostitution, terrorism, illegal recruitment and even financial crimes.
The BI is attached to the Department of Justice (DOJ) and implements local laws on immigration, citizenship and alien admission and registration.
HB 8203 also mandates the establishment of border control checkpoints aside from international airports and seaports. These would be manned by BI officers appointed as border control officers by the bureau commissioner.
THE chairman of the House Committee on Appropriations on Sunday assured that Congress would find a “viable solution” before the end of the year to the issues in reforming Military and Uniformed Personnel (MUP) pensions.
Ako Bicol Party-list Rep. Elizaldy
S. Co assured the passage of the MUP pension reform bill along with other priority bills before the Christmas break of Congress on December 15.
Co said the solution to the “issues surrounding the MUP pension … benefits everyone involved.”
According to the lawmaker, the MUP pension reform bill will be passed together with the proposed measures on the motor-vehicle user’s
charge, the Revised Procurement law, the new Government Auditing Code, the rationalization of a mining fiscal regime and for a National Water Act.
Earlier, Finance Secretary Benjamin E. Diokno announced the President has approved decreasing the contributions of the government to the pool of funds for the pension of MUP, among other reforms to avoid a fiscal collapse.
“We are fully aware of the urgency of these priority bills and their direct impact on the lives of the Filipino people,” Co said. “These bills represent our commitment to protecting local farmers, promoting fair competition, empowering communities,
FEDERAL Reserve Governor Michelle Bowman said the US central bank may need to raise rates further in order to fully restore price stability.
“Additional rate increases will likely be needed to get inflation on a path down to the FOMC’s 2 percent target,” Bowman said, referencing the policy-setting Federal Open Market Committee.
Bowman, in remarks prepared for an event with the Kansas Bankers Association in Colorado on Saturday, said she supported the decision to raise rates at the Fed’s meeting last month.
While data released since then show a slowdown in price growth, Bowman indicated she wants to see more proof of sustained disinflation.
“The recent lower inflation reading was positive, but I will be looking for consistent evidence that inflation is on a meaningful path down toward our 2 percent goal as I consider further rate increases and how long the federal funds rate will need to remain at a restrictive level,” she said.
“I will also be watching for signs of slowing in consumer spending and signs that labor market conditions are loosening.”
The Fed’s July rate hike brought the federal funds rate to a range of 5.25 percent to 5.5 percent, the highest level in 22 years. The median estimate of Fed officials’ most recent quarterly projections, published in June, showed two more rate increases this year, the first of which was accomplished with last month’s hike.
Bowman said that policymakers
would be assessing incoming data and should be willing to raise rates in the future should inflation progress stall. The Fed has three more policy meetings in 2023 and next meets in September.
Last Friday, a Bureau of Labor Statistics report showed nonfarm payrolls increased 187,000 last month—less than forecast—while the unemployment rate unexpectedly dropped to 3.5 percent, one of the lowest readings in decades.
After the release of the jobs data, two Fed officials said slower US employment gains suggest the labor market is coming into better balance, arguing the central bank may soon need to pivot to thinking about how long to hold interest rates at elevated levels.
“I expected the economy to slow down in a fairly orderly way, and this number—187,000—comes in continuing that pace,” Atlanta Fed President Raphael Bostic said. “I’m comfortable. I’m not expecting this to be over in a short period of time,” Bostic added in reference to the slowdown, suggesting he doesn’t see any need for additional rate hikes.
Chicago Fed President Austan Goolsbee, speaking in a separate interview with Bloomberg Television’s David Westin, said policymakers will need to be patient through the disinflation process, and is hopeful the central bank can bring inflation down to its 2 percent target without causing a recession. They will soon need to start thinking about when to hold interest rates steady, and for how long, he said. Bloomberg News
and harnessing our resources sustainably. Their successful passage will drive our country’s progress towards a brighter and more prosperous future for all Filipinos.”
The lawmaker added that these bills “demonstrate our unwavering dedication: to enhance road infrastructure and safety, to provide better support for our valiant defenders, to promote transparency and efficiency in government projects, to ensure accountability and responsible use of public funds, to strike a balance between economic growth and environmental protection, and to safeguard our water resources for future generations.”
The Lower Chamber has created
the Ad Hoc Committee on MUP Pension Reform following a meeting between representatives of the economic agencies and the House leadership, convened by Speaker Ferdinand Martin G. Romualdez at the request of President Marcos. Romualdez said the Ad Hoc Committee will hold public hearings and consultations to ensure that their concerns are heard and acted upon as well as “clarify all issues regarding the MUP” pension.
“We will listen to all voices. We will ensure that with the new MUP pension program, pensioners will continue to benefit and the government will help them save money,” the lawmaker added.
Jovee Marie N. Dela CruzFROM Brazil to China, critics of the dollar-led world order notched a symbolic win this week after Fitch Ratings’ landmark move to strip the US of its AAA halo.
Blaming ballooning deficits, fiscal brinkmanship and more, the credit ratings firm stoked fresh fears in Washington that America’s stature in the global economy is diminishing.
Still, the post-Fitch reaction in the currency market tells a more reassuring story. Not only did the greenback weather the downgrade, it rose Wednesday as data showed that a soft landing may be nigh, while much of the world including Europe remains in a growth funk.
Far from deficits leading to currency ruin—as Wall Street worrywarts who cling to textbook theory tend to argue— the dollar’s sway across the international financial system remains unrivaled.
And if past is prologue, take note.
When debt-ceiling drama in 2011 spurred S&P Global Ratings to strip the nation of its top-tier status—a move that has never been reversed—the greenback was unscathed in the end. In fact, the Bloomberg Dollar Spot Index ended the year 7 percent higher, and is up more than 30 percent since.
“The dollar is a safe haven because it’s such a large transactional currency,” said Jane Foley, head of FX strategy at Rabobank. “Yes, over time that may be eroded but we’re looking at 20, 30 or 40 years.”
Deeply embedded in the flow of commerce and money across borders, the dollar has famously endowed Washington with a multitude of privileges in trade, capital markets and international security—much to the frustration of geopolitical foes.
Last Wednesday, executives at Fitch acknowledged that the US debt burden has to be weighed against the sheer
dominance of the greenback in trade and finance. The dollar’s role as a reserve currency is “unparalleled,” said Richard Francis, the company’s cohead of Americas sovereign ratings on Bloomberg TV. Going forward, the Fitch move could yet spark currency volatility and the consequences for asset allocation are ultimately unknown. Meanwhile, there are warnings that markets are overly sanguine on the politics. In June, the US was pushed closer to a historic default after lawmakers struggled to agree on lifting the government’s borrowing limit.
In an emailed response to questions from Bloomberg News after the downgrade, James McCormack, global head of sovereign and supranational ratings at Fitch, pointed to political dysfunction, saying that firm is “not confident in policy measures being agreed and implemented to address the fiscal deterioration.”
Just hours after the ratings action, two former US Treasury secretaries, Hank Paulson and Timothy Geithner, urged Washington policymakers to address debt challenges, with deficits projected to total $20 trillion over the coming decade.
As such, fears of a post-dollar future are palpable in the hallowed halls of DC thinktanks and beyond. The greenback accounted for just under 60 percent of central banks’ official currency reserves in the fourth quarter of last year, lower than the historic norm, in an era where China and Russia, among other nations, attempt to de-dollarize.
And with growing geopolitical tensions, the likes of ex-Credit Suisse AG strategist Zoltan Pozsar argue that the hegemony of the greenback is likely on borrowed time. Bloomberg News
THE 19th Congress may soon authorize the Bureau of Immigration (BI) to collect immigration fees, fines and penalties and to retain a third of all such collections for a proposed Immigration Trust Fund (ITF), a senior lawmaker said.By Will Weissert The Associated Press
At 24, Alberto Rodriguez has grandparents younger than Joe Biden. But he’s more interested in the 80-year-old president’s accomplishments than his age.
“People as young as me, we're all focusing on our day-to-day lives and he has done things to help us through that,” Rodriguez, a cook at Mandalay Bay Resort and Casino in Las Vegas, said of Biden's support among young voters. Rodriguez pointed specifically to federal Covid-19 relief payments and government spending increases on infrastructure and other social programs.
Voters like him were a key piece of Biden’s winning 2020 coalition, which included majorities of young people as well as college graduates, women, urban and suburban voters and Black Americans. Maintaining their support will be critical in closely contested states such as Nevada, where even small declines could prove consequential to Biden’s reelection bid.
His 2024 campaign plans to emphasize messages that could especially resonate with young people in the coming weeks as the anniversary of the sweeping Inflation Reduction Act approaches in mid-August. That legislation includes provisions that the White House will embrace to argue that Biden has done more than any other president to combat climate change.
Such efforts, however, could collide with Biden’s personal reality—like when he recalled that, while attending a St. Patrick’s Day parade at age 14, he appeared in a photo with President Harry S. Truman.
“Purely by accident—I assume it was an accident—the photographer from the newspaper got a
picture of me making eye contact with Harry Truman,” Biden said to chuckles last week at the Truman Civil Rights Symposium in Washington.
In 2020, 61 percent of voters under age 30—and 55 percent of those between 30 and 44—supported Biden, according to AP VoteCast, a nationwide survey of the electorate.
It’s an age group with which Republicans hope to make inroads.
Former President Donald Trump, who is the early front-runner in the GOP presidential primary and is only 3 1/2 years younger than Biden, said Friday, "We are hitting the young person’s market like nobody’s ever seen before.”
Kevin Muñoz, a spokesman for Biden’s campaign, referred to Trump’s “Make America Great Again” movement in arguing that “young people are acutely impacted by the issues front and center in this election, driven by the extreme MAGA agenda." He said that included inaction on climate change, gun violence and student debt.
“We will meet younger Americans where they are and turn their energy into action,” Muñoz said in a statement. That might not defuse questions about age, though, when it comes to Biden or Trump.
“There’s a frustration and exhaustion that they feel with the rematch,” Terrance Woodbury, cofounder & CEO of the Democratic polling firm HIT Strategies, said of young voters.
“That’s more of a problem than
either of those two candidates individually, is that a system can just keep reproducing,” Woodbury added. “And I think a lot of people just find that untenable.”
An April poll from The Associated Press-NORC Center for Public Affairs Research found that just 25 percent of Democrats under 45 said they would definitely support Biden in a general election, compared with 56 percent of older Democrats. A majority of Democrats across age groups said they would probably support him as the party’s nominee, however.
Biden’s campaign is relying heavily on the Democratic National Committee, which during last year's midterms, hired campus organizers in Pennsylvania, Wisconsin, Michigan, Arizona and other battleground states and offered weekly youth coordinating meetings to encourage in-class contacts and “dormstorms.” The DNC sees young people as some of the most critical voters it will need to reach in 2024 and promises “significant investments” to mobilize them. Plans are underway to expand on its work last cycle,
including trainings it held on how best to turn out voters.
The Republican National Committee is trying to use Biden’s age against him, posting online videos of Biden seeming frail or making verbal gaffes, such as when he declared in June “God save the queen,” nearly nine months after the death of England’s Queen Elizabeth II.
Rodriguez shrugged off online attacks, “People can make all the hit pieces and memes and TikToks all they want.”
A starker contrast might be between the president and rising Democrats such as 46-year-old California Rep. Ro Khanna and Transportation Secretary Pete Buttigieg, 41, one of Biden's primary rivals in 2020. Neither seriously entertained running for the White House in 2024 and have backed Biden's reelection.
“The only thing that really matters is your ability to do the job,” Buttigieg, who was 37 when he launched his 2020 presidential bid, said recently on CNN. Khanna told Fox News Channel that age will “obviously” be a 2024 factor,
but suggested that Biden’s staff “overprotects” him and “the more he’s out there, the better.”
Other top young Democrats have lined up to back Biden. Florida Democratic Rep. Maxwell Frost, who was elected to Congress last year at 26, is on the Biden campaign’s advisory board, as is Maryland Gov. Wes Moore, 44. New York Rep. Alexandra Ocasio Cortez, 33, recently endorsed Biden.
Chicago Mayor Brandon Johnson, a progressive who says strong turnout among young voters helped him win a runoff election this spring, said Biden’s policies transcend his age. Johnson noted that the president's work “around climate justice speaks not just to this generation, but generations to come.”
“The excitement that I believe that we’re going to have is going to speak to the incredible work and organizing that we are committed to doing as a party," said Johnson, 47. “And we’re looking forward to working with the president over the course of his next four years.”
Still, Randi Weingarten, presi -
dent of the American Federation of Teachers, acknowledged that even the president’s supporters understand how demanding the White House can be.
“People worry about Joe Biden. They worry like you would worry about a beloved father or grandfather,” said Weingarten, 65. “What you normally hear from Democrats is this sense of, ‘OK, I just want him to be OK.’ And you’re hearing just the consternation of, ‘This is a hard job.’”
Biden said he “took a hard look” at his age while deciding to seek a second term. But he’s also tried to suggest his age and experience are assets rather than liabilities by joking repeatedly about them. That’s a departure from 2020, when Biden called himself a “transition candidate” and pledged to be a “bridge” to younger Democrats.
Santiago Mayer, the founder of Voters of Tomorrow, which has 20-plus chapters nationwide and works to increase political engagement among young voters, argues that Biden is not defying his past promise by running for reelection, but keeping it.
“He just needs more time,” said Mayer, who graduated from California State University at Long Beach in May. “I think the second term is a very important part of that pledge. He’s building a progressive future for young people and he can’t actually pass the baton until that’s done.”
One key policy piece of Biden’s efforts to appeal to young voters, providing student debt relief, was recently struck down by the Supreme Court. The White House has launched a new effort, but it will take longer.
“Of course it’s going to dampen some of that because people are disappointed,” Weingarten said of the ruling's effect on enthusiasm for Biden. But she said the decision could also motivate young Biden supporters anxious to show their support for the president’s alternative plan.
“It is also about the fight,” Weingarten said, "not just about the results.”
Joe Biden, America’s oldest sitting president, needs young voters to win again. Will his age matter?President Joe Biden poses for a photo with the students demand Action group after speaking at the national safer Communities summit at the University of Hartford in West Hartford, Connecticut, June 16, 2023. AP/SuSAn WA l Sh in this January 27, 2020, file photo, democratic presidential candidate former Vice President Joe Biden speaks during a campaign event in iowa City, iowa. AP/M At t Rou R ke
Rapture! Get ready because this season will be fierce! This is the beginning of THE MAOY SEASON!” (9,732 followers)
n Astrid Mercury: “The beauty is here. Serving you regal, elegance and sophistication for Drag Race Philippines S2 Premiere night. Congratulations to us S2 girlies. We made it.” (5,290 followers)
n Bernie: “The trans queen, the drag daughter of the legendary Eva Papaya, shared a quote: “Your skin should always make you feel invincible, never invisible.” (6,540 followers)
Montblanc Presents
‘soft’ leather collection
RECOGNIZABLE for its multi-use shapes and comfort in soft leather, Montblanc’s Soft collection introduces new practical styles and an elegant color palette, reimagining the classic spirit of travel for the contemporary age.
The extended color selection includes a dusty grey, a light brick, a spicy orange, a Scottish green color and ottanio, a petrol blue color. New styles in the collection will also be launched in black as a Montblanc signature.
IN its sophomore season, Drag Race Philippines once again brings to the fore a dozen dazzling contenders. I missed the viewing party at Xylo at the Palace in Taguig City on August 1, which ushered the airing of the first episode the following day.
But I wouldn’t miss out on featuring these fierce and fabulous queens who exemplify Filipino drag excellence. Mama Rupaul serves as an executive producer of the series. Acclaimed actor and drag artist Paolo Ballesteros returns as host along with resident judges, such as Drag Race alum Jiggly Caliente; writer, TV personality and activist KaladKaren, impersonator Jon Santos and fashion designer Rajo Laurel.
We can witness the queens’ stunts, shade and shenanigans, as well as their AIDS Awareness and LGBTQIA+ rights activism every Wednesday, 7:00 p.m., only on HBO GO and WoW Presents Plus. Also returning is the official after-show, Drag Race Philippines: Untucked.
Here are the queens’ thoughts on the new season and being part of the Drag Race juggernaut, as shared on their socials, as well as their Instagram followers count (as of writing), which will definitely blow up as the season progresses:
n Arizona Brandy: “Are you ready to take a sip of Arizona Brandy? Hello mga MAOYs! Alam kong uhaw na uhaw na kayo. Finally, I can officially say that I AM A RUGIRL! Lets go Drag Race Philippines
Season 2! AHHHHHHHH! I can’t wait for the world to see what CUBAO DRAG is! CUBAO REPRESENT! I am sooo proud to carry the torch for my home bar,
BY this time, if you’re a beauty enthusiast, you’ve already heard of Teviant’s new product Velvet Drop, a multi-use mousse that can be applied to the eyes, cheeks, and lips as color, contour, and highlight.
I was chatting with a friend earlier and said I wasn’t in much of a mood to influence nor convince people to buy beauty products because times are hard. I’m sure people would rather buy groceries than new makeup, or maybe that’s just me. However, I make exceptions when brands exert extra effort on a new product. Extra points if the product is from a local brand.
According to Teviant founder Albert Kurniawan, Velvet Drop was developed for two years and began with 17 shades. They ended up with eight after selecting the most flattering and wearable options. This includes six matte colors: Revel (pomegranate), Gala Night (dusty pink), Sucre (cool-toned pink), Garden Rose (muted Bordeaux), Sex Appeal (muted toasted peach), and Cacao (cool-toned brown). Then, there are two illuminators: Holly Glow (frosted pearl) and Celestial (champagne).
Teviant product claims are that Velvet Drop contains skinnourishing ingredients such as cutleaf groundcherry extract, caprylic/capric triglyceride, Vitamin E, rosemary leaf extract, and sunflower seed oil.
Velvet Drop is a mousse but very wet and very pigmented. One dot is enough for both cheeks if you just want a subtle
n Captivating Katkat: “WHEN A DREAM TURNED INTO REALITY. Finally!!! No more hiding, no more lying and no more denials! I am now officially a RU GIRL!!! It’s time for me to show the world my charisma, uniqueness, nerve and talent. And It’s time for you to know who Captivating Katkat really is! Am i the villain? Am I the drama?” (5,447 followers, with blue check)
n DeeDee Marié Holliday: “My drag is a love letter to old Hollywood. Your mama made it to Drag Race Philippines! It finally happened. Dreams really do come true. Maraming salamat po, my darlings.” (5,491 followers)
n Hana Beshie: A pride of Cagayan de Oro City, from the House of LaFeya: “Ang Alamat Ni Hana Beshie So ayun na nga sa mga di pa nakakaalam. 4/5 Years ago nag iisip kami ng jowa ko ng drag name tas may isang mahiwagang nilalang na tawagin natin sa pangalang electric fan ang umagaw ng pansin ko. Yes, Oo, kayo po ’yun @myhanabishi.” (6,558 followers)
n Matilduh in Kian Pascual: “My entrance look is an ode to classic drag- duh bigger, duh better. An exaggeration of femininity.” (8,157 followers)
n M1ss Jade So: “#DollDomination. It is my POWER to TOP all men that I want to. We live in a world full of judgement, but I am here to break the stigma for some Trans Women as tops. It is also my advocacy for Transgender individuals! Being able to walk outside without fear of judgement and violence is a must! We should be seen. We need to stand up our ground. It is ours, no one can tell otherwise. Trans rights are Human rights! Eat this Stuntianna as how you like my Diccianna to be eaten.” (47.9K followers, with blue check)
n Nicole Pardaux: “The Face of Cebu Drag and “your favorite MILF,” with a testimony from the Apex Superclub in Cebu: “Her journey in #DragRacePH might have been cut short but her reign as a CEBUANA DRAG QUEEN Regent has already set ablaze, giving hope and inspiration to many Drag Artists from the South, young and tenured, Nicole Pardaux represented what Cebu Drag is all about- PURE TALENT, FEROCITY, & THE SOUTHERN CHARM. Some might have doubted, but MANY have witnessed and agreed. Definitely. Absolutely. ULTIMATELY!” (3,639 followers, with blue check)
n ØV CÜNT: “Are you ready for the CÜNTIEST season ever? I’ve been waiting so long for this moment. FINALLY it’s my time to shine. But this journey is more than just me being a Rugirl. This is the fulfillment of the CÜNT Prophecy. Our fantasies are now finally our reality. Blessed be the collective especially those who has been there since day one. I CÜNT wait to take you all on this ØVAHNESS of a journey with me.” (7,502 followers)
n Tiny Deluxe: “They knew I was coming, so they had to make the werkroom twice as big!! And oh zoom in to that Anastasia Beverly Hills wall. Can’t wait to sashay into the Werk Room or @dragraceph #DragRacePH Season 2!!! I started watching drag race since I was 12 and I’ve always dreamed of walking into that werk room, even just as a guest! But now I did, AS A RU GIRL!! You are never big enough of a person to dream the biggest dreams you can possibly think of!! Can’t wait for ya’ll to see our werkroom shenanigans this season!” (18K followers)
n Veruschka Levels: “The Hong Kong-based queen wore a Leo Almodal couture piece at the viewing party estimated to cost P800, 000. “Dreams do come true! and thank God i ended up in Drag Race Philippines franchise. At the end of the day , all the talent and creativity we show to the world is dedicated to all filipino people , we may not have the same privilege as others , but we can make it out there. It may not be an easy way but there is a way & fabulously all the roads i have been through ends up here ! Welcome to the Werkroom. I Love You!” (7,985 followers) n
spatula to apply the color but blend it on my cheeks with my fingers. While it needs a little work and is not as effortless as my favorite Tower 28 BeachPlease Cream Blush, Velvet Drop’s advantage is that, in my opinion, it’s perfect for mixing so you can create your own shade. The illuminators reign supreme and if you’re looking for an easy-to-use highlighter, Velvet Drop is a good one. As for the other colors, my current favorite is Garden Rose. It was Gala Night last week. I also like Cacao as a bronzer to warm up my face.
I haven’t used it on my eyelids and lips but as a cheek color, Velvet Drop is a quality product for P595.
“When you travel, whether for a commute or for a long voyage, you want something that is comfortable, light and effortlessly stylish, a companion that is familiar and makes you feel at home. That’s why we chose a very soft, supple leather in original colors for this collection, and why we added new shapes that are not just practical but also sensual, fun and elegant,” says Marco Tomasetta, Montblanc artistic director.
In the Soft collection, functional elements such as compartments and organization solutions are placed on the outside of each piece rather than remaining hidden on the inside, becoming part of the design.
The detailing throughout the collection is consistent with the design codes of the Montblanc Meisterstück line, with features linking back to the iconic Meisterstück writing instrument. The nib is referenced in the leather details and particularly in the nib-shaped leather zip puller. Some small leather accessories also carry the shape of an envelope thanks to their overlapping leather sections.
The collection’s large leather pieces allow for ample packing space no matter the destination, including a versatile 24/7 Bag in dusty grey, suitable for life on-the-move, and a Suitcase in signature black with classic leather straps for longer trips.
The small leather assortment features leather wallets, a card holder, a passport holder, a phone pouch, pen pouches and a round case to be worn over the shoulder or cross-body in a mix of colors.
Supple, smooth and light, the Soft collection moves with its wearer with ease and elegance through their journey.
look. Here’s my honest review of Teviant Velvet Drop: From the beginning, I preferred the illuminators, especially Celestial. They are easy to work with; you can actually use your fingers. The look is wet so that your skin looks dewy. They last quite a bit, from three to four hours, which is not bad at all. I’ll be honest, though: I had some initial difficulty working with the ones that had more pigment. I initially tried Revel and it was patchy. I also tried Gala Night and it barely showed up on my face. But after a week of trying it, I realized I was doing it wrong. I would apply the color directly to my skin and blend with a brush. After a while, I decided to use Velvet Drop by first blending a small amount on the back of my hand with a spatula that came with the press kit. I would also use that
Teviant is available on Lazada, Shopee, TikTok Shop, the Teviant website, BeautyMNL, Edamama, GrabMart, and Zalora. You may also find them in SM Makati, SM City North Edsa, SM Megamall, SM Lanang Premier and LOOK at SM Aura Premier.
UK’s bestselling fragrance is here
SO...? is the #1 best-selling self-select fragrance brand in the UK. The brand’s mission is to offer high quality fragrances that suit all tastes and budgets. I am no longer a fan of overly fruity fragrances and while So...? does have them, what I like are the destination scents.
By the way, So...? claims a cruelty-free brand with bottles that are made from recycled materials. Here are my
picks from So...?, which is now exclusively available in the Philippines at Watsons and SM Beauty:
n MyKonos nights (P379 for 200Ml). This has notes of sweet vanilla and tonka bean combined with zesty lemon and sweet mandarin. Mykonos Nights, which also has notes of orange blossom and jasmine, is my favorite among the 10-plus fragrances of So...? It smells—for lack of a more appropriate word—expensive.
n ibiza DreaMs (P379 for 200Ml). Ibiza Dreams is one of the most popular fragrances of So...? It has notes of sweet red apple, raspberry, and pear with florals like violet, peony, and orchid. The smell of Ibiza Dreams is not extraordinary or unusual but it had good projection and lasting power.
n Vanilla (P210 for 100Ml). You can’t go wrong with vanilla and this one is quite good worn on its own or layered with other fragrances. I like wearing this with Fresh Floral.
n fresh floral (P210 for 100Ml). This has notes of peach blossom and peony and wears surprisingly well. This would be a great starter set for a teenager because it smells fresh and clean.
n bali breeze (P210 for 100Ml). This smells like a vacation with notes of coconut, pineapple, and orange blossoms.
The So...? fragrances can also be mixed and matched, which is one more thing I like about them.
In a simple ceremony held in Mandaluyong City on August 1, 2023, Vice President Sara Duterte witnessed the signing of the Memorandum of Agreement (MOA) between PAGCOR Chairman and CEO Alejandro H. Tengco and OVP Chief of Staff Atty. Zuleika Lopez.
The MOA stated PAGCOR’s commitment to release the P120 million financial grant in four tranches, or P30 million per quarter, to support the OVP’s medical and burial assistance programs nationwide.
The OVP requested supplemental funding from PAGCOR due to the numerous requests for financial aid from its recently established satellite offices in different parts of the country.
According to Chairman and CEO Alejandro H. Tengco, one of PAGCOR’s major Corporate Social Responsibility programs is providing assistance to worthy socio-civic causes. “We’re honored to be a part of the OVP’s efforts to address the medical and financial needs of Filipinos who are in dire situations. Through this grant, we hope that more people who approach the OVP for help will be given aid,” Tengco said.
As for OVP, PAGCOR’s financial grant will go a long way as it will help many impoverished patients settle their hospital bills, buy medicines, undergo dialysis treatments and avail of laboratory/diagnostic procedure, chemotherapy/brachytherapy/radiation therapy, implant/medical equipment/ assistive device and physical/speech/ occupational therapy.
TOGETHER , let us celebrate the beauty, culture, vast resources and infinite opportunities at Padday na Lima, now on its 17th year, and it is here, back to the metro!
At the 17th Padday na Lima Regional Trade Fair, we celebrate Region 2’s festive, rich, vibrant, sophisticated, and qualitycertified offerings in this all-in-one bonanza!
With its unceasing efforts in innovation and development, the platform now has an emerging position as the country’s major supplier of minimally processed goods for institutional use.
“Padday Na Lima,” an Ybanag vernacular that means “made by hands” or “hand-crafted,” is the banner of the agency for the marketing and promotion of Region 2 products.
A bigger trade and industry community will definitely catch your scrutiny as we will be engaging retail and institutional buyers in the B2B matching!
Get mesmerized with Breathtaking Batanes, Endless Fun Cagayan, Majestic Isabela Naturally Vibrant Nueva Vizcaya, and Quirino: Your Basket of Happiness and fill your shopping carts with their products at the Product Showcases all brought to the metro! These goods are also made available online at https://paddaynalima.com/ powered by DeliverE and Mayani!
The Department of Tourism Region 2 will also spotlight the islands and valley of fun for their rich culture and well-known tourist destinations, offering tourism packages through tour operators.
This year, Padday na Lima will also hold
its first Media Experience Tour, inviting big and metropolitan dailies to generate buzz and network with the country’s top institutional buyers and local MSMEs.
Watch the pasarela of colors in the Padday na Lima Collection fashion show and the flavors of Cagayan Valley through food and wine tasting, the Wheel of Prizes and Padday na Lima Bingo Challenge, basic
ABOITIZ Power Corporation (AboitizPower) subsidiaries Hedcor and Luzon Hydro Corporation (Luzon Hydro), together with Aboitiz Foundation Inc. (Aboitiz Foundation), donated rice and fuel to its host communities hit by Typhoon Egay.
Typhoon Egay, known internationally as Doksuri, devastated communities in the northern parts of Luzon after its landfall on Wednesday, July 26, destroying crops, displacing many people, and leaving many roads impassable.
Responding to requests from local government units for assistance, Luzon Hydro distributed 150 sacks of 50-kilogram rice, benefitting 750 families in Ilocos Sur. Hedcor, on the other hand, extended over 1,700 liters of fuel to the municipalities of La Trinidad, Tuba, Sablan, Itogon, and Bakun in Benguet, while Hedcor Sabangan aided the municipalities of Bauko and Sabangan with 780 liters of fuel. The fuel is intended for heavy equipment vehicles and chainsaws that will help clear debris on affected roads, hence ensuring faster mobilization of relief goods and for generators on sitios without electricity.
“Hedcor is honored to contribute to the rebuilding of our communities. Our bayanihan
spirit furthers our cause to help each other during this period of recovery,” said Hedcor President and COO Rolando Pacquiao. “We join hands with the local government to provide essential aid and relief. We stand in solidarity with our kababayans.”
Previously, Hedcor helped strengthen the disaster preparedness and risk management capabilities of the aforementioned provinces by providing opportunities for training and donating needed equipment for first aid. Through this, community-based Disaster Risk Reduction and Management offices were established in their respective localities, further upscaling the resiliency and prompt response of the authorities in times of emergencies.
“Hedcor is driven by its strong sense of responsibility. By collaborating closely with the different host communities, we are better equipped to support each other,” Pacquiao added.
Earlier this month, Hedcor and fellow AboitizPower subsidiary Therma South, Inc. also mobilized relief efforts to over 560 families in Sta, Cruz, Davao del Sur. This was after the municipality was hit by flash floods due to isolated rain showers and thunderstorms.
DUBBED as the “world’s factory,” China remains to be the forerunner when it comes to e-commerce, trade, and cross-border sourcing. According to Statista, China’s digital economy contributes more than 40 percent to its entire gross domestic product, along with a mature e-commerce landscape known for its massive manufacturing sector and nearly 850 million digital buyers.
weaving, bag painting, and handcrafted paper beading demonstration, and series of training.
Come see and experience the flavors and colors of Cagayan Valley here at the 17th Padday na Lima Regional Trade Fair at the Carousel Court, Upper Ground Floor, West Wing, Festival Mall, Alabang, Muntinlupa City, on August 7 to 13, 2023.
AMIDST the onslaught of Typhoon
Egay in various parts of the Philippines, SM group through its social good arm, SM Foundation, Inc. (SMFI) activated Operation Tulong Express (OPTE), providing relief to affected communities.
Through OPTE, around 5,0000 residents received the Kalinga Packs.
OPTE is a social good program of SM Foundation in collaboration with SM Supermalls and SM Markets. It aims to address the needs of communities during calamities and crises.
Furthermore, its business-to-business cross-border trade is also flourishing. Seven of the 10 busiest container ports are in China according to World Options. With Alibaba’s Taobao, 1688, and JD taking the lead in ecommerce export, a lot of buyers globally see China as the ultimate go-to source of electronics, textile, and everything in between.
This enabling context inspired In-line Forwarder, the country’s leading total logistics provider, to launch its China operations to give micro, small, and medium enterprises (MSMEs) the much-needed boost to make their businesses succeed.
Through an all-in pricing model, along with free delivery to anywhere in the National Capital Region (maximum of three cubic meter package), sellers can competitively source from China’s leading online marketplaces, buy in bulk, send it to In-line’s China hub, and get their packages shipped to the Philippines hassle-free in as fast as 12 to 18 days.
“We believe in the Filipino entrepreneurs’ ingenuity when it comes to sourcing winning products from China and bringing it to the Philippines market or even to their global customers,” says Herbert Caragay, Head of Operations of In-line Forwarder. “We want to be every business’ partner at every step of the way: from the moment they source their new products to sell up to delivering their sold packages to customers worldwide. It is part of our grand vision towards shared success.”
As per Trading Economics, the top import
category from China to the Philippines is “electrical and electronic equipment”—valued at $7.2 billion in 2022. This capitalizes on the Philippines’ digitally savvy and young population (over 80 percent Internet Users) that is enamored by purchasing the latest gadgets and items online.
In-line Forwarder has been making significant progress in growing its operations to cater to the evolving market. Now with six offices across the country, it has deepened its partnership with eBay Philippines, one of the world’s biggest marketplaces, to empower seller communities in Manila and Cebu, and bring down the barriers to global selling.
Last July, In-line Forwarder also solidified its presence in the toy collectors and enthusiasts’ community by being in the ToyCon 2023 in SMX Convention Center. More and bigger partnerships are now being concretized.
MSMEs can avail of In-line Forwarder’s special pricing for its new China to Philippines service by signing up for a free account at www.inlineforwarder.ph. They can also be contacted online via their official Facebook page at www.facebook.com/InlineForwarders.
THE Office of the Vice President (OVP) will now be able to expand the reach of its social services after the Philippine Amusement and Gaming Corporation (PAGCOR) formally committed P120 million in support of the OVP’s pro-poor advocacies.VICE President Sara Duterte stands in the background as PAGCOR Chairman and CEO Alejandro Tengco and OVP Chief of Staff Atty. Zuleika Lopez display the Memorandum of Agreement (MOA), which stated the state-run gaming and regulatory firm’s commitment to release P120 million worth of financial grant in support of the OVP’s pro-poor advocacies.
FOR the past weeks.
Barbie starring Margot Robbie as Barbie and Ryan Gosling as Ken has ruled movieverse.
The Greta Gerwig film has now generated $351.4 million in North American ticket sales; with $423 million abroad.
Earlier. Barbie scored the biggest opening weekend of the year so far, at $80 million, showing the enduring appeal of a movie based on a small plastic doll living in a perfect pink world.
Launched in 1959, Barbara Millicent Roberts has been described as being more than a doll. She has been called a cultural juggernaut by Tatler GenT’s Deep Dive. How does Barbie still dominate the cultural conversation all these years, proving that legacy brands can be cool?
In an article in prnewsonline, Kayla Hannemann shares what communicators can learn from this awe-inspiring work, and how it can help our brands. Here are some Communications Lessons from the Barbieverse.
n build meaningful brand partnerships
B A RBIE ’ S collaborations matched her image. Known over the years as a jet-setting, rollerblading icon, Hannemann says “it made sense that Barbie has partnered with brands like Beis to develop a luggage collection, and Impala to create one-of-a-kind inline skates.”
tic pollution. An estimated 170 trillion plastic particles are adrift in our oceans, choking our marine ecosystems and entering the food chain.
n Greenpeace calls for pl astics t r eaty to be set in ‘black and white’; t r eaty must reduce corporate plastic production
PINES—In celebration of Plastic Free July, Greenpeace Philippines has pushed for a strong and ambitious Global Plastics Treat, one that addresses unrelenting plastic production by corporations, through its evocative “Black and White Campaign.”
The campaign features a series of disconcerting images captured by acclaimed photographers in the country, featuring lifeless sea animals washed ashore in eerie black and white tones. However, upon a closer look, a startling revelation unfolds: these carcasses are not real animals, but life-size replicas made from used plastic, symbolizing the tragic fate of countless animals due to plas -
“The Black and White” campaign surfaces the reality that plastic pollution is causing harm to all life on Earth, humans and animals alike. As the campaign continues, the numerous impacts of the plastic life cycle from production to waste will be revealed, highlighting that plastic has equally serious effects on people.
“Plastic pollution is more than just trash in our oceans. With plastic’s overproduction, humanity is at risk. Its impacts reach far and wide, posing a grave threat to biodiversity and our food system, while also harming people’s health, exacerbating social injustices, and fueling the climate crisis,” said Greenpeace Philippines Campaigner Marian Ledesma.
“The Black and White campaign vividly illustrates the urgent need for a strong Global Plastics Treaty, transcending boundaries to protect our planet and all its inhabitants from the relentless impact of plastic pollution.”
What can we learn from this?
“If you are going to partner with another brand, ensure that it aligns with your company’s mission, value, and goals,” says Hannemann. “Depending on your goals, you may want to find a partner with a similar customer base, or one with a slightly different customer base.
n know your target audience
W H ILE it may seem that the Barbie movie’s media frenzy targets anyone and everyone, Hannemann believes that there are “specific advertisements that intentionally target specific consumers.”
There are products for consumers of varying ages, genders, and incomes ranging from Hot Wheels’ Barbie Corvette for cool collectors, Homesick’s Dreamhouse Candle and Ruggable’s Barbie rug for homemakers, and Xbox’s Barbie- inspired consoles for techies.
With this, it is important to ‘find out what your customers relate to, why they buy your products and services, what makes them tick and capitalize on this.
As rule of thumb, “you can never know too much about your audience; the more research conducted, the better.”
n make consumers part of your story
B A RBIE S m arketing team went above and beyond to make consumers a part of their Barbieverse. These included a selfie generator
Plastic pollution is everywhere. Alarming levels of microplastics have infiltrated the food and water we consume, the air we breathe, and have even found their way into our organs and bloodstream. In the Philippines, recent studies reveal the presence of microplastics in the air of Metro Manila and in the waters of Laguna de Bay and Tañon Strait. Additionally, plastic pollution disproportionately affects marginalized communities, such as fisherfolk grappling with damages to their fishing gear and a decline in fish stock, and urban poor communities facing the risk of plastic-induced flooding.
Despite these grave impacts of plastic pollution, corporations continue to increase their production of plastic. A report from the Organization for Economic Co-operation and Development shows that global annual plastic production skyrocketed from 234 million tonnes in 2000 to a staggering 460 million tonnes in 2019, with projections indicating a tripling by 2060. To make matters worse, only 9% of all plastic has been
that took social media by storm, life-size Barbie boxes placed outside of select movie theaters which got people involved in person and online.
“Every selfie meant more coverage for the movie, at no cost to the Barbie team,” says Hannemann, noting show consumers became marketers. She adds, ‘when you start a campaign, think of ways to involve your community. As customers for photos, reviews, and more, and share them to authentically represent your brand.”
n break barriers
A B A RBIE x B umble collab was intriguing, putting the movie into the spotlight.
“Sometimes you have to think
recycled globally, yet corporations still use recycling as an excuse to promote a single-use model, prioritizing their interests over the well-being of communities and the environment.
Plastic production is also a significant contributor to the climate crisis as 99% of plastics are made from oil and gas. By 2030, annual greenhouse gas emissions from plastic could equate to those produced by 295 500-MV coal plants annually (1.34 gigatons), with the cumulative emissions projected to reach 56 gigatons by 2050.
A strong and ambitious Global Plastics Treaty will halt plastic pollution at its roots, and prevent this system of plastic greed from progressing.
“The Global Plastics Treaty is our once-in-a-generation opportunity to address the plastic pollution crisis head-on. Greenpeace calls for a strong treaty that encompasses comprehensive measures, including eliminating plastic pollution from production to disposal, capping and phasing down plastic production, and ensuring a just and inclusive transition to a lowcarbon, zero-waste, toxic-free,
outside the [Barbie] box,” says Hannemmann. “It you’re looking to make waves; you have to do the unexpected.
She cautions, though, against going too far. If you are looking t o astonish people, ensure that it aligns the overall goals of your company.
n amplify your news
F RO M news about the pink shortage caused by the Barbie movie to Margot Robbie’s Vogue cover, Barbie’s team did a great job of sharing news around the movie.
“If there’s a story about your company, share it on your socials and website,” says Hannemann. She also suggests adding an “In the News” section to your homepage or sending out a regular newsletter
and reuse-based economy,” said Ledesma. “Most importantly, the treaty must advocate for a human rights-based approach, aiming to address the injustices experienced by people, the environment, and communities alike. World leaders must put a strong treaty in black and white.”
n Goo G l e launches new fact c h eck e x plorer imaG e se arch feature MANILA, PHILIPPINES— Google has continued to deepen its commitment to fighting misinformation and supporting fact-checking communities by announcing a new innovative image fact-checking feature to its Fact Check Explorer service. The upgrade aims to further empower netizens seeking to combat the very real danger of fake news on the internet.
Initially only available for text searches, Fact Check Explorer’s new image search feature addresses the challenges faced by fact checkers when verifying images. Fake or manipulated images are a persistent threat, especially in the Philippines where 51% of the
featuring your brand’s top media placements. This way, “more people will see the coverage.” And, may we add, love your brand more.
PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier association for senior professionals around the world. Millie Dizon, the senior vice president for Marketing and Communications of SM, is the former local chairman.
We are devoting a special column each month to answer the reader’s questions about public relations. Please send your comments and questions to askipraphil@gmail.com.
population finds it difficult to distinguish false information. Journalists, researchers, academics, and even concerned netizens can now simply upload or share the link of an image to determine if it has been previously fact-checked.
Currently in a global beta version, the new search feature enables fact checkers to understand the timeline and context of an image. This updated capability allows researchers to track when an image was first indexed by Google and its subsequent usage over time. By providing valuable insights into an image’s history, this feature empowers fact-checkers to assess the accuracy of images and its context to effectively combat harmful misinformation.
Fact Check Explorer is one of Google’s latest initiatives to combat fake news online. In addition to this, Google and YouTube announced a groundbreaking $13.2-million grant to the International Fact-Checking Network to establish the Global Fact Check Fund, which aims to support fact-checking organizations worldwide.
THE National Capital Region (NCR) reigned supreme
once more in the Palarong Pambansa’s return in Marikina City where an archer from archery hotbed Dumaguete City emerged as the most successful athlete with six gold medals.
A nd Vice President Sara Duterte thanked the close to 10,000 athletes, teachers and sports officials from the country’s 17 regions who not only battled each other in the competition arena but also had to contend with incessant rains for the most part of the week marking the Palayo’s 63rd edition and return from a three-year pandemic hiatus.
Let me extend my heartfelt congratulations to all young athletes who won and competed in various sports competitions and for coming together to celebrate the vigor and talent of the Filipino youth,” Duterte said in her closing ceremony speech at the Marikina City Sports Center on a sunny Saturday afternoon.
A lso the Secretary of the Department of Education, which organizes the Palaro, Duterte thanked host Marikina City for a job well done and at the same time welcomed 2024 host Cebu City. Ilocos Norte was also announced as 2025 host.
A fter six days—five of them drenched in rain—of competitions in 34 sports, NCR took overall championship honors in the Palaro that featured athletes in the elementary and secondary levels with with a gold-silver-
bronze medal tally of 85-74-55.
Western Visayas was the early leader but slid to second overall with 60-45-44 tally highlighted by its women’s volleyball team Tay Tung High School’s upset of NCR’s National University in the final, 18-25, 2520,19-25, 25-16, 18-16, and marked by 24 titles in athletics.
Southern Tagalog was third with 52-52-57, followed by Central Luzon with 28-33-46 and Central Visayas with 26-18-35 tally—six of the golds from Tagle’s superb hand-eye-mind coordination in archery. Tagle, 15 and younger sister of former national archer Nicole, was on target as a Palaro first-timer.
It’s my first time to compete in the Palaro and I’m very happy to achieve something like this,” said the 10th-grader at Silliman University, long known as a producer of champion Filipino archers.
She bagged golds in the 30, 50 and 60 meters and in the FITA and Olympic rounds and led Central Visayas to the women’s team title.
NC R’s Karl Eldrew Yulo also won six golds in boys’ gymnastics, but Tagle had the edge with her two silver medals in the mixed team and women’s 70m category.
“Just like the rest of the athletes here, I want to compete in the bigger stage maybe in the Southeast Asian Games, Asian Games, world championships and the Olympics,” said Tagle, who, no wonder why she’s bound to become a world-class archer, is coached by Sydney Olympian Jennifer Chan.
WORLD Athletics informed
Filipino-American Eric Cray on Saturday night that he’ll be racing in the men’s 400 meters hurdles at the world championships set later this month in Budapest.
Cray’s eligibility to race in Budapest where berths to next year’s Paris Olympics will be available was relayed to Philippine Athletics Track and Field Association president Terry Capistrano.
World Athletics has earlier declared that only the top 40 in the world are eligible to compete in Budapest—Cray is ranked No. 49, having failed to break the standard after he finished sixth at the Asian championships last month in Bangkok.
“ Most likely there are many pull outs or withdrawals, or maybe nonconfirmation,” PATAFA secretarygeneral Eduard Kho said Sunday.
C ray, 34, joins women’s 400 meters hurdler Robyn Brown, who qualified as the continent or area best, and Asia’s top pole vaulter EJ Obiena in Budapest.
H is event is set August 20.
The Rio de Janeiro Olympian Cray is a six straight time 400m hurdles
Southeast Asian Games champion and was the Asian gold medalist in 2017. Josef Ramos
ERIC CRAY is going to Hungary after all
ICKY RUBIO of the Cleveland Cavaliers announced over the weekend that he is taking a break from basketball to focus on his mental health, a move that comes as his Spanish national team prepares to defend its title at the FIBA World Cup ubio was the MVP of the most recent World Cup four years ago, leading Spain to the championship and an 8-0 record in the tournament. e veteran point guard was also expected to be part of Spain’s team that will look to defend that crown in the World Cup that starts August 25 in the Philippines, Japan and Indonesia. I have decided to stop my professional activity to take care of my mental health,” Rubio said in a
statement distributed by the Spanish Basketball Federation, or FEB. “I want to thank all the support I have received from the FEB to understand my decision. Today #LaFamilia makes more sense than ever. Thank you.”
Rubio also asked that his “privacy be respected so that I can face these moments and be able to give more information when the time comes.”
He left the Spanish team camp earlier in the week and did not play in the team’s 87-57 exhibition win over Venezuela on Friday in Madrid.
There is no indication how long Rubio’s break will last. The National Basketball Association (NBA) training camps open in about two months.
We were informed today by Ricky and his representation that he has decided to step away from his illustrious basketball career to focus on his mental health at this time,” Cavaliers general manager Koby Altman said Saturday. “We understand how difficult of a decision this was for him and will balance providing whatever support we can while simultaneously respecting Ricky’s request for privacy.”
The Spanish team will play a
pair of games in Malaga, Spain next weekend, including an August 13 matchup against USA Basketball— which is ranked No. 2 in the FIBA world rankings, behind the reigning World Cup champions.
The games in Malaga are part of Spain celebrating its federation’s 100th birthday.
People come before results,” Spain coach Sergio Scariolo said, doing so in a social media post. “All my love and support for Ricky, and my admiration for his transparency and through it his ability, once again, to lead by example.”
The 32-year-old Rubio is the oldest and, in terms of NBA years, the most experienced player on Cleveland’s roster. He has played in the league for 12 seasons, appearing with Minnesota, Utah, Phoenix and the Cavaliers.
He missed the majority of the past two seasons while recovering from a torn left ACL, and returned to the Cavs primarily as a reserve for 33 games at the end of this past season.
The Spanish federation said it “wishes to express its respect, admiration and affection for Ricky Rubio. #LaFamilia will be by the player’s side at all times.”
Rubio has averaged 10.8 points and 7.4 assists in his NBA career. He had a team-high 20 points in Spain’s 2019 World Cup final win over Argentina. Rubio—who played his first pro game in Spain in 2005 when he was just 14—was drafted No. 5 overall by Minnesota in 2009, and actually joined the Timberwolves two years later. He is a three-time Olympian and three-time World Cup team member for Spain. AP
RENE CATALAN waves his age and experience when—at 44 years old—he brings his act to the Universal Reality Combat Championship (URCC) 87: Heroes against 30-year-old Eros Baluyot on Tuesday night at the Xylo at the Palace in BGC in Taguig City.
This is my first time to fight in the URCC cage. My dream of fighting here just finally happened,” said Catalan, a three-time wushu world champion and a former mixed martial arts (MMA) world title contender in other promotions.
Catalan, however, lost three straight fights starting in 2021 to go 6-5 won-lost in his career and went into semi-retirement for the next two years.
B aluyot, on the other hand, is 2-0 in MMA.
The duel is an exciting flyweight duel between striker Catalan and grappler Baluyot, a two-time International Brazilian Jiu-Jitsu Federation world champion.
I am really well-prepared for this
fight. I am so excited to face coach Rene Catalan because he is one of the legends of Philippine MMA,” Baluyot said. “He already built a legacy in this
sports that’s why I am really excited about our fight.”
An awesome card, especially our main event where we have two
world champions going up against each other,” URCC president Alvin Aguilar said.
It’s going to be an exciting fight between a solid grappler Baluyot and a veteran striker in Catalan that you can only see in this upcoming URCC 87,” URCC co-owner and general manager Aleksandr Sofronov said.
The co-main event backed by main supporter www.crazywin.ph features a grappling super fight between Godwin Langbayan and Red Samson, while another grappling bout features Troy Legaspi against Paige Alitao.
The other pro MMA bouts also supported by Lucas Lepri BJJ gym pit Rex De Lara againat Mhar John Manahan at featherweight, Mark Cuizon against Rufino Mantein at bantamweight and Kerwin Tan against Marco Lampacan in another flyweight encounter.
federation.
W hat I am not for is when people in these positions and let’s be specific—sports federations—to set themselves as the end-all and be-all.
Demigods where everyone else are subjects to be ruled.
The problem of these officers—like most government officials—is they forget they are public servants.
Do you even listen to your constituents? Are you the sole source of wisdom for your federation? If so why do problems persist, and you use your position to threaten and cajole and even use social media to lash out.
I hope you realize that you are not only entitled to praise but also criticism. You cannot have it only one way and ignore the other.
A nd excuse me, tirades on social media are very unbecoming of a sports official.
M atapang sa social media. Don’t you miss the days when you could settle this mano y mano?
A nd if you offer the lame excuse of “tao lamang” then you are even dumber than I thought.
I f we accept that as an excuse every time, then everyone would constantly screw up, say something wrong, or not do their job then all is forgiven. There is no accountability.
I f you look across the board through all walks of life in this country, there is zero accountability.
No one goes to jail save for the poor or those with no backer or power.
People do bad things, but are never jailed appropriately or even make the proper restitution.
My problem too are the members of these sports federations who refuse to speak up because they are threatened with a) not making the national team or the nation pool, b) not receiving allowances, and c) denied membership by the federation.
I n doing so, they prefer to look the other way even when things are not right.
Some give lame excuses as not caring about politics or getting involved.
Th at is their right. I hope they realize they are part of the problem. Since they are not part of the solution for
proper and effective change, they should not be entitled to the benefits. It only encourages more spineless people.
It seems that telling the truth and doing good is frowned upon. And when something goes wrong, all one can do is accept or tolerate.
W hen have people become this spineless?
L ook, we aren’t saying you need to fight. When does speaking out or pointing out something constitute fighting?
Truly reading and comprehension in this country is so bad that is why we are this way.
But I get it.
W hat we have are padrino politics.
Yes, go to those with the money to back you up or so you can get what you want. Those will dangle opportunities in exchange for blindness the blindness men wish for.
A nd sadly that leaves us not only blind but meek and mild.
No wonder, as a people, we’ve been constantly conquered and bullied to this day.
