BusinessMirror August 08, 2023

By Jasper Emmanuel Y. Arcalas @jearcalas

JAPAN-BASED Rating and Investment Information Inc.

(R&I) on Monday upgraded its outlook on the Philippines from stable to positive while affirming the country’s BBB+ credit rating due to its improving economic performance despite global “uncertainty.”

I n a news release, R&I explained that it improved its outlook on the Philippines on the back of various economic and political factors.

For one, the R&I said the country’s fiscal deficit is “improving” with its government debt ratio expected to “start declining” this year.

“ The current account deficit which had widened due to import surge is expected to shrink and

the external debt remains under control. In addition, the banking sector continues to be sound and stable,” it said on Monday.

T he debt watcher also cited the high approval rating of President Marcos Jr. in “maintaining a stable political environment.”

“ Based on said recognition, R&I has affirmed the Foreign Currency Issuer Rating at BBB+ and changed the Rating Outlook to Positive,” the R&I said.

T he R&I said it stands ready to upgrade the Philippines’s credit rating once the national government attains the goals under the Philippine Development Plan 2023-2028, which includes economic growth, “stable” macroeconomic condition and “improving trend” of fiscal position.   “ Eyes are on government efforts

to see whether they can achieve the economic and social transformation that the administration is aiming for,” it said.

Finance Secretary Benjamin E. Diokno said the R&I’s latest report brings the Philippines closer to the national government’s goal of attaining an A rating during Marcos Jr.’s term. Diokno noted that the BBB+ rating is one notch below the A- rating.

We are firmly on track to our ‘Road to A’ and remain committed to further improving the country’s investment climate through structural reforms to enhance the quality and pace of infrastructure development,” Diokno said in a statement on Monday.

D iokno reiterated the government’s commitment to fiscal consolidation through the country’s

Medium-Term Fiscal Framework to attain the elusive A rating for the Philippines. “ This will be implemented alongside the strategies outlined in the PDP 2023-2028 to reinvigorate job creation and accelerate poverty reduction by steering the economy back on a high-growth path,” he said. In its report, the R&I said private consumption in the Philippines, a major driver of the economy, will “likely” remain strong “despite strong expectations of slower exports due to weakening global demand.”

Furthermore, the R&I said it will not “take a negative view” regarding the national government’s current account deficit, explaining that “increased imports stemming from infrastructure investment will lead to economic growth in the future.”

BusinessMirror

‘GOVT SPENDING, LOW INFLATION TO HELP GDP’

By Cai U. Ordinario @caiordinario

TOURISM’S A PRIORITY, BUT AGENCIES GET P3B LESS FUND

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

Peza: 7-month investment approvals surge fourfold

B ased on its latest Market Call report, First Metro Investment Corporation-University of Asia and the Pacific (FMIC-UA&P) Capital Market Research said the economy is on track to post a 6.1-percent fullyear growth despite second-quarter GDP reaching 5.6 percent.

Spending from the national government would pave the way for a rebound in the second semester of this year. Slowing inflation would encourage more household consumption which would also boost GDP growth.

“ The second semester should show a good rebound due to an acceleration in NG [national government] infrastructure spending and employment, cut in personal income tax, and milder inflation that should, on year-on-year [YoY] basis, hit BSP’s [Bangko Sentral ng Pilipinas] 2-4 percent target by the

fourth quarter. These translate to more robust investment and consumer spending,” the think tank said.

FMIC-UA&P Capital Market Research said the decline in Meralco power rates in July as well as slowdown in food prices could offset any increase in rice prices. “[This is] even if the latter should occur, it should prove transitory as history has shown.”

T his would complement the infrastructure spending expected from the government in the second semester. The local think tank said public infrastructure spending will create more jobs.

W ith more jobs, there will be an addition to the personal income tax cut and provide more household income and thus higher consumer spending.

THE Department of Tourism (DOT) and its main attached agencies will be allocated new appropriations of P2.94 billion for fiscal year 2024, some 21 percent less than their appropriations this year.

O f the total, the DOT-Office of the Secretary (Osec) will receive P2.6 billion, the Intramuros Administration (IA) P73.03 million, the National Parks and Development Committee (NPDC) P247.51 million, and the newly established Philippine Commission on Sports Scuba Diving (PCSSD) P14.17 million.

P resident Ferdinand R. Marcos Jr. has constantly stated that tourism is a priority program of his administration. Yet, both the DOT-Osec and IA are receiving less funds in 2024, according to the proposed National Expenditure Program for FY2024 of the Department of Budget and Man-

agement. Inclusive of automatic appropriations, DOT-Osec will receive a total budget of P2.65 billion in 2024, about 23 percent less than its budget this year.

Under its baseline scenario in the National Tourism Development Plan for 2023-2028, the DOT projects 7.7 million international tourists and 93.5 million domestic trips in 2024, from 4.8 million international tourists and 85.1 million domestic trips this year.

P5.1M for branding, promotions

BY program, close to P821 million will go to DOT’s Market and Product Development, P773.9 million to Tourism Policy Formulation and Planning, P120.08 million to Tourism Industry Training, and P83.16 million to Standards Development and Enforcement. Of the total budget next year, P500 million may be used for the agency’s branding campaign program, the same amount allocated this year.

By Andrea E. San Juan

THE Philippine Economic Zone Authority (Peza) said the amount of investments it approved in January to July jumped by more than fourfold from last year’s level.

Peza said its approvals during the 7-month period surged by 332.05 percent to P97.16 billion from P22.49 billion recorded a year ago.

I n a statement on Monday, Peza said it approved on July 31 P16.578 billion in investments for 15 new and expansion projects.

A ccording to the investment promotion agency, the investment approvals for the month of July alone are expected to generate $419.5 million in export receipts and create 2,983 jobs.

Peza said the investment approvals during the period came from 117 new and expansion projects which would generate a total of 18,407 jobs and $2.208 billion in export receipts. Meanwhile, Peza Director General Tereso O. Panga reported that President Ferdinand R. Marcos Jr.

had proclaimed three new economic zones.

O n July 25, Peza said the Office of the President released Proclamation Nos. 299, 300, and 303 which approved the creation of three economic zones in Naga City, Bacolod City, and Dumaguete City.

A ccording to Peza, Proclamation No. 299 designated several parcels of land in Barangay Carolina, Naga City to be known as Naga City Industrial Park while Proclamation Nos. 300 and 303 designated buildings as IT Centers in Barangay Mandalangan, Bacolod City to be known as Lopue’s Mandalangan IT Center and in Barangay Piapi, Dumaguete City to be known as Marina Town Dumaguete.

T hese three new economic zones are expected to bring in about P750.38 million in investments, according to PEZA.

L ast April,the president approved two new economic zones in Batangas Province and Bacolod City. These, Peza said, are expected to bring in about P1.641 billion worth of investments.

DOJ to tap telco firms in case buildup vs SIM card owners

By Joel R. San Juan @jrsanjuan1573

I n a press briefing, Justice Secretary Jesus Crispin Remulla said more than 100 Filipinos and foreign nationals were arrested last

week and eventually charged following a raid on the so-called “scam hub” in Pasay City. A round 600 workers were ini -

tially held by authorities during the raid but only 91 Filipinos and 20 foreigners were subjected to inquest proceedings before the Pasay City Prosecutors Office for alleged cybercrimes. The said individuals are now facing charges for violation of Cybercrime Prevention Act of 2012, Revised Securities Regulation Code and spoofing under the SIM Registration Act. Under the law, spoofing refers “to the act of transmitting misleading or inaccurate information about the source of the phone call or text message, with the intent to defraud, cause harm, or wrongfully obtain anything of value.” S eized during the raid were 28,000 SIM cards, hundreds of phones and other devices allegedly being used for fraudulent activities.

Papers containing what seem to be scripts for love scams and devise for text blasts were also found in the hub. Justice Undersecretary Nicholas Felix Ty said the hub was allegedly running love scams and cryptocurrency scams. We will ask them [telecom companies] to help us in our case buildup as we examine the records and examine the equipment that we found and the evidence that we found to be of assistance to us against those who perpetrated scam using these SIM cards and other ways,” Remulla said.

The owners of the SIM cards used in the scams have to be charged properly…It’s possible [that they’re going to be the first ones charged under the SIM Registration Act],” Remulla said.

‘Cooperation to sustain Asean’s recovery from Covid’

By Jovee Marie N. dela Cruz @joveemarie

SPEAKER Ferdinand Martin G.

Romualdez on Monday called for broader solidarity and cooperation among Association of Southeast Asian Nations (Asean) member states to sustain the momentum of the region’s post-pandemic economic recovery and reduce poverty amid global headwinds.

I n his statement at the plenary

session of the 44th ASEAN InterParliamentary Assembly (AIPA) General Assembly in Jakarta as head of the Philippine delegation, Romualdez noted that high inflation and the global economic slowdown pose a threat to the region’s growth trajectory prospects.

“ High food and oil prices in particular have impacted households’ ability to afford other discretionary items. These points raise the urgency for Asean member states to take

action to build resilient, sustainable, and inclusive long-term growth,” Romualdez said. “AIPA must recognize that the path to greater prosperity in the region is through greater regional cooperation and interdependence,” he added.

T he AIPA General Assembly, according to Romualdez, presents a relevant platform for dialogue and the exchange of best practices among member parliaments.

He added the region’s parlia -

ments play “a unique and crucial role” in broadening progress in regional cooperation and sub-regional integration, as legislative actions can facilitate access to markets, and improve resource allocation and regional productivity.

Our parliamentarians are key to enhancing economic growth, financial stability, and social inclusion, as well as addressing poverty and promoting institutional stability,” Romualdez said.

A long this line, he expressed support for the increased focus of the BIMP-EAGA Vision 2025 on broad strategies to align sub-regional pandemic recovery and transformation efforts, particularly in areas of food security, creative industries, tourism, and green recovery.

Established in 1994, the Brunei Darussalam-Indonesia-MalaysiaPhilippines East ASEAN Growth Area, or BIMP-EAGA, is meant to spur development in remote and less developed areas in the four participating Southeast Asian countries.

T he DOT Central Office has been allocated some P2.18 billion, while its regional offices will get P427.26 million, with the largest amounts going to Western Visayas (P38.81 million), Central Visayas (P33.71 million), and Ilocos (P30.22 million), and the National Capital Region (P29.46 million). Tourism Secretary Christina Garcia Frasco has said the DOT intends to develop and promote lesser-known tourism destinations in the country.

I n addition to the DOT’s main budget, the DBM earmarked special provisions such as a P4.56million allocation next year under the Tourism Development Fund, which “shall be used for the development, promotion, and marketing of tourism in the country sourced from accreditation, identification card, sticker and code fees…” in accordance with Section 16 of Republic Act No. 9593 (Tourism Act of 2009), as per the NEP 2024 document. Said funds can only be released after the DOT submits a special budget list of projects.

T his year, questions have arisen about the use by the DOT of its promotions budget after it presented a video, which appeared to promote foreign destinations, upon unveiling its new tourism slogan, “Love the Philippines.” It blamed the mis -

“We remain on track with our goal of establishing at least 30 ecozones every year that create centers of economic progress outside the National Capital Region to spur countryside development,” Panga said.

To date, there are six ecozones pending for proclamation by the president, according to Peza.

T hese economic zones will be developed in Parañaque City which is going to be an IT Center,; in Pasig

Unlike Singapore, however, Zubiri reminded that “we have a great deal of resources at our disposal,” noting that “unlike Myanmar, we are not operating under military rule. So why is our arms importation nearly as costly as theirs?”

take on its advertising agency, DDB Philippines Inc. (See, “Despite fiasco, ad agency of DOT could still get paid,” in the BusinessMirror , July 4, 2023.)

Parks, Scuba diving get boost

THE DOT may also tap some P243.79 million in Trust Receipts, sourced  from the net profits of its attached government firm, the Duty Free Philippines Corp., which “shall be used for tourism related projects and activities” in accordance with the executive order that establishes the duty-free merchandising system in the country.  Similarly, the IA’s budget next year was reduced to just P73.03 million from P91.73 million this year. By program, P33.1 million will fund IA’s Property Conservation and Development, P3.25 million for Commercial Property Leasing, some P4.45 million for Tourism Promotions, and P6.9 million for its Regulatory Program. I n contrast, the NPDC will receive a higher allocation next year at P247.51 million, up 11 percent from this year’s P223.54 million. The agency operates and maintains Rizal Park (Luneta) and Paco Park. PCSSD will also receive a higher budget next year at P14.17 million, almost 49 percent higher than this year’s allocation of P9.53 million.

City which will also be an IT Center; Tanza, Cavite and Ilocos Sur which are expected to be manufacturing sites and in Sarangani Province which will focus on agro-industrial. We remain committed in our overarching goal of spurring countryside development through the creation of more ecozones seen to facilitate growth and development of our regions and attract new and strategic investments in the country,” Panga said.

have the resources. We have the manpower—and the skills. And I am quite hopeful that we also now have the political will to push this through.”

Meanwhile, given the recent slowdown in inflation, the BSP may pause in its next policy meeting. However, the US dollar may depreciate the peso to $56 to the dollar by year end.

With inflation rates clearly headed to its target range, we think BSP will pause in its next meeting in August, despite the widely expected Fed policy rate hike of 25 bps on July 25th,” the think tank said.

However, the BSP stance, together with elevated trade deficits and an upside on the US dollar will likely push the exchange rate back to above P56/$ by yearend,” it added.

Second quarter MOODY’S Analytics said the economy’s GDP growth could average 6 percent in the April to June period in 2023.

I n its economic brief, Moody’s Analytics said the slower inflation and improvement in the labor market should boost household spending in the second quarter of 2023.

T he GDP growth rate expected by Moody’s is the same rate that the National Economic and Development Authority (Neda) hopes for in order to meet its full-year targets.

Socioeconomic Planning Secretary Arsenio M. Balisacan said the economy needs to post an average growth of 5.9 percent in the next three quarters to attain the low-end of the government’s growth target this year.

For the second quarter, Balisacan said, the economy could post a growth of 6 percent, barring any external shocks. This expectation is in line with the government’s full-year targets.

T he primary growth driver for the second quarter, Balisacan said, would be consumer spending. However, the main drag on growth could be exports because of the challenging global environment.

A closer comparison would be Indonesia, “which in 2021 allocated 3.9 percent of its overall government spending towards military expenditure— not far from the 3.8 percent that we directed towards the military.”

A nd yet, Zubiri said, Indonesia’s arms imports came in at only $68 million USD, “a far cry from our $338 million,” he added.

T hat means, he said, that the manufacturing industry of Indonesia in arms and armaments is big, and their imports is small.

“We need to be able to produce our own needs, on our own time. We

This is the 35th diplomatic protest filed against China this year and 445th since 2020.

Gordon: Draw red line

MEANWHILE , former senator Richard J. Gordon issued a statement calling himself “Citizen Dick Gordon,” strongly condemning China’s recent action on the West Philippine Sea and supporting the statements issued by the Armed Forces of the Philippines and other government agencies. He urged the government to issue a clear and unequivocal red line notice to China and the Philippines’ allies, demonstrating its commitment to guard the country’s territorial waters, uphold its sovereignty, and protect its sovereign rights over its exclusive economic zone.

He noted that “similar incidents have happened in the past,” when Chinese forces blocked Philippine

A nd in the Legislative Executive Development Advisoty Council (Ledac), he recalled that “we discussed this with the President, and he is really very keen on coming up with our own defense industry.” W ith the budget season, lawmakers must again address the “still glaring gaps in the modernization of our Armed Forces. We are of course committed to increasing the budget of the AFP, but we also have to look ahead beyond their needs over the next year, and into the future of our overall defense strategy.”

S enate panel chief Sen. Jinggoy Estrada assured that the National Defense Act is in the agenda as well. Butch Fernandez

resupply boats, making them unable to complete a routine troop rotation and delivery of supplies to Philippine soldiers stationed in the Philippine ship BRP Sierra Madre on Ayungin Shoal, also known as Second Thomas Shoal.

The foreign policy in this country has been ineffective in checking Chinese assertiveness, lacking the will and fighting spirit required to counter China’s aggressive actions, even after we won the case before the Unclos Arbitral Tribunal in 2016,” said Gordon. “As a citizen, I call on the Philippine government to take immediate and commensurate action in asserting our sovereign rights over our exclusive economic zone. We cannot forever be stepping back and turning the other cheek, allowing China to have its way, in blatant disregard of the 2016 Arbitral ruling,” added Gordon.

THE Department of Justice (DOJ) said Monday it would seek the assistance of telecommunication companies in building up the possible pilot case involving the violation of the provisions of the Subscriber Identity Module (SIM) Registration Act.

NPC reminds public on ‘cc’ risk, misuse in email correspondence

By Andrea E. San Juan @andreasanjuan

THE National Privacy Commission (NPC)

on Monday reminded the public to apply safeguards, such as encryption and password protection, among others, as it cited the risks associated with the misuse of the carbon copy, or “cc” function, in email communications, which it said has led to “unintended” data exposure.

In a news sta tement, the country’s privacy body said it has observed the “high number” of human errors, specifically the “inadvertent” use of the cc function, as a cause of security incidents that have risen in number since 2021.

“S uch errors have led to unintended data exposure, potentially compromising the privacy and security of the data subjects involved,” the NPC said.

C iting some of the risks attached to the use of cc function, NPC said it “displays the email addresses of all recipients to every recipient.” The Commission said this may result in unintentional disclosure of personal information, which may lead to spam, phishing attempts, or targeted attacks.

A ccording to the NPC, inappropriately using cc may give unauthorized persons access to personal and sensitive personal information, confidential information, and restricted information that may be contained in the email body or its attachments.

T his, it noted, is resulting in a breach of confidentiality, data sharing, and other applicable non-disclosure agreements.

F urther, the privacy body said mishandling personal information by using

the cc function, under certain circumstances, may be “unnecessary or not proportional” for the purpose which can be regarded as a violation of the general data privacy principles in the Data Privacy Act (DPA).

In c ontrast, NPC is encouraging the public to check if the blind carbon copy (BCC) function is a more appropriate mode of delivery of emails. The privacy body noted that the bcc function conceals the recipient email addresses from each other, saying this provides an “added layer of protection” that reduces the risk of accidental data exposure.

With the risks associated with email communications using the cc function, NPC cited some “best practices” for the public such as double-checking the recipients of the email and verifying whether the emails included in the cc function are necessary.

Mean while, to ensure that the intended recipients are “hidden” from each other, the privacy body recommended to use bcc appropriately when making announcements or mass emails.

T he NPC also emphasized that “it is desirable to apply other safeguards such as encryption, password protection, and secure file-sharing platforms in certain instances,” adding that users should be mindful of the personal and sensitive personal information shared in their emails and its attachments.

T he privacy body also reminded employers to train and coach all employees in email correspondence.

NPC also r eminded the government and private sectors that the failure to implement sufficient data protection measures could be punishable under the DPA and pertinent NPC issuances.

Pinoys in Niger told: Be vigilant

THE Department of Foreign Affairs has advised Filipino workers in Niger to stay indoors and be vigilant after the military seized power in the West African state last week.

S o far, there are only less than five Filipinos who are working in Niger and all of them are professionals, DFA Undersecretary Eduardo de Vega said. One of our kababayans was in Dubai when this crisis came. So he just decided to go home,” de Vega told the B usiness M irror

The Philippine Embassy in Libya, which has jurisdiction over Niger, issued the advisory to Filipinos in Niger.

“Pinapaalalahanan ng Pasuguan ang mga Pilipino sa bansang Niger na mag-ingat at maging mapagmatyag upang matiyak ang kanilang kaligtasan sa kabila ng kasalukuyang sitwasyon ng seguridad sa Niger,” the Embassy posted in its Facebook Page.

The Embassy also told Filipinos in Niger to stay indoors, limit their movements, avoid going to places where there are protests and demonstrations, and monitor the news from local sources.

PBBM orders study for water impounding facility in Candaba Swamp as flood solution

By Samuel P. Medenilla @sam_medenilla

can be a viable short-term solution to the plight low lying and floodprone areas in Pampanga and Bulacan, he noted it may not be sustainable solution due to its cost as well as brief period of effectiveness, which he said can last only as short as six months.

“In the longer term we really have to study what we are going to do in terms of impounding. We have to study it well because if we don’t do anything, it [flooding] will keep on happening even if dredged,” Marcos pointed out.

Marcos also said the government is now considering elevating parts of the North Luzon Expressway (Nlex), which are prone to flooding, including a bridge in San Simon, Pampanga, to prevent heavy traffic during the rainy season.

Suspended reclamations

In his situation briefings in Pampanga and Bulacan on Monday, the President ordered a study on the possible implementation of a 2013 recommendation of former Department of Public Works and Highways (DPWH) Secretary Rogelio L. Singson as a long-term solution to flooding along the Pampanga River, which he said is worsened by climate change.

Pampanga and Bulacan have declared a state of calamity due to the recent massive flooding brought about by the southwest monsoon and typhoons “Egay” and “Falcon,” which affected about 1.7 million people.

Singson said the construction

of a 100-hectare to 200-hectare water impounding facility would help alleviate the excessive water in waterways in Bulacan, which is hindering the flow of water of Pampanga River to the Manila Bay.  Some lawmakers and local government officials, however, against the proposal, citing their concerns on its potential impact to the livelihood of 9,000 farmer-residents in the over 2,000-hectare Candaba Swamp.  Instead, they want the national government to assist in the ongoing dredging operation of the waterways in Pampanga and Bulacan.

Viable solutions

THE President said while dredging

The impounded water, he said, can be used for irrigation or alternative water supply, especially during the summer season.

The Chief Executive also assured they will be coordinating with local government units (LGU) to ensure the people, who will be affected by the construction of the water impounding facility will be given assistance by the government.

“You [LGUs] will be the ones to approve this [project], wherein 10 percent of the Candaba Swamp will be used for [water impounding]. Now if there is anyone who will be displaced, I will personally guarantee that each and everyone of the farmers will [be] transferred…to a better location,” Marcos said.

Pending the said initiative,

ASIDE from silted and blocked waterways, a local official also blamed the heavy flood in Bulacan to the ongoing reclamation projects at the Manila Bay.  Marcos said the reclamation activities in Manila Bay have been suspended pending the cumulative assessment being conducted by the Department of Environment and Natural Resources (DENR) on the said projects.

“There is only one [project] which is ongoing since it already went through the review. We saw many problems and mismanagement [in the reclamation activities],” the President said in Filipino.

“This is another big problem, which we have to fix, because if those projects are pushed through, many rivers will be blocked,” he pointed out.

Last week, DENR announced it is now forming the team, which will conduct the cumulative assessment of ongoing land reclamation projects in Manila Bay.

A coup d’état occurred last July 26 in Niger, as the presidential guard commander proclaimed himself the leader of a new junta and detained President Mohamed Bazoum.

De Vega said the department has not yet ordered Filipinos to evacuate, as there is no “real war” going on in Niger.

Also, the department has not received any requests from Filipinos in Niger for repatriation at this time, he added.

“No Alert Level yet because we are anticipating a breakthrough in the negotiations through ECOWAS,” the DFA official said.

ECOWAS is the Economic Community of West African States, a trade bloc of 15 West African countries, which is leading the regional mediation to reinstate the Nigerien president. It gave Niger’s coup leaders a one-week deadline to hand power back to Bazoum or face international sanctions and use of force.

ECOWAS has already imposed sanctions on Niger, inclu ding a halt on all commercial transactions with Niger and a freeze on the country’s assets in the regional central bank. Malou

Talosig-Bartolome

Two BuCor officials relieved pending probe on allegations

TWO officials of the Bureau of Corrections (BuCor) have been relieved from their posts pending their investigation of the various accusations hurled against them during the House Committee on Public Order and Safety hearing on the discovery of human remains in the New Bilibid Prison (NBP) last August 3.

Ordered relieved by BuCor Director General Gregorio Pio P. Catapang Jr. were OfficerCharge (OIC) Deputy Director General for Administration Chief Supt. Geraldo Aro and OIC-Deputy Director for Operations and Head Executive Assistant (HEA) Jail Senior Supt. Angelina L. Bautista.

Aro was also relieved of his duty as superintendent of the Davao Prison and Penal Farm (DPPF).

In his order dated August 5, 2023, Catapang ordered Deputy Director General for Administration Gen. Al Perreras to conduct an investigation in connection with the pronouncements of committee chair Rep. Dan Fernandez and its members during the motu proprio inquiry.

“I have given Perreras until end of this month to finish his investigation,” Catapang said.

Catapang added that the investigation

DFA warns of ‘fake’ PHL e-Visa sites

By Malou Talosig-Bartolome

THREE weeks before the actual implementation of the Philippine e-Visa, scammers have already overtaken the web targeting Chinese tourists applying for e-Visas.

“The Department of Foreign Affairs [DFA] warns the public against spurious websites claiming to facilitate Philippine e-Visas. It has been reported that an active website containing misinformation on the e-Visa and other regulations is being circulated,” the DFA said in its advisory.

The DFA will start to implement the pilot of the e-Visa program on August 24 for Chinese tourists only.

Under the e-Visa project, the seven foreign service posts of the Philippines in China—Embassy in Beijing and consulates general in Shanghai, Hong Kong, Macau, Xiamen, Chongqing and Guangzhou— may accept visa applications from Chinese tourists online.

would give the two senior officials of BuCor the chance to clear their names and prove their innocence.

During the hearing, allegations on Aro’s involvement in illegal drugs were brought up, Bautista’s reported involvement in prison catering, particularly at the Correctional Institution for Women (CIW).

Meanwhile, Bautista for his part claimed that she is open for investigation to clear her name, as she has nothing to hide.

“To tell you frankly, I ask that I be relieved of my position so as not to taint the good name of our Director General,” Bautista told the media.

Aro was ordered to report to the Office of the Director General for further instruction, while Bautista was ordered to report at the Office of the Deputy Director General for Administration for proper disposition.

C/Supt. Rufino Martin, who served as Aro’s deputy, was designated as acting superintendent of DPPF, while Corrections Technical Supt. Maria Fe Marquez was designated as acting HEA in concurrent capacity as OIC-Deputy Director General for Reformation.

Catapang said that the investigation would give the two senior officials of BuCor the chance to clear their names and prove their innocence. Joel R. San Juan

The DFA has not announced the official website of the e-Visa program yet.

The DFA portal for visa application, Philippine Online Visa Application System (https://visa.gov.ph), is only for tourists required to undergo face-to-face appearance before the nearest embassy or consulate.

The e-Visa program generally no longer requires face-to-face appearance to facilitate approval as the Philippines try to lure more Chinese tourists to the Philippines. However, if the visa officer or the intelligence group which screens visa applications have questions, the applicant would still be required to present himself/ herself physically before the consulate or embassy.

“The Department clarifies that information on the e-Visa will only be published through its official channels,” the DFA added.

The Department of Information and Communications Technology (DICT) is the developer of the e-Visa portal.

PRESIDENT Ferdinand

R. Marcos, Jr. said the government is now eyeing the construction of a water impounding facility in Candaba Swamp to address the worsening flood problem in Bulacan and Pampanga.

Romualdez gets rice-supply commitment from Vietnam

By Jovee Marie N. Dela Cruz @joveemarie

HOUSE Speaker Ferdinand

Martin G. Romualdez said

the Philippines has secured the commitment of Vietnam to provide the country with a stable supply of rice at affordable prices, while Manila is willing to provide Vietnam with specific products and materials it may need to meet the demand of its industries or consumers.

This developed, Romualdez said, following a side meeting with Vuong Dinh Hue, President of the National Assembly of Vietnam, at the opening of the 44th AIPA (Asean Parliamentary Assembly) general assembly in Jakarta, Indonesia.

According to Romualdez, Vietnam’s commitment is a confirmation of the close ties that exist between the two nations.

It could be recalled that President Ferdinand R. Marcos Jr. expressed

concern over the country’s rice supply amid the widespread damage to farmlands caused recently by typhoon “Egay” and the threat posed by the El Niño phenomenon on rice production.

Likewise, the export ban imposed on July 20 by India, the world’s largest rice exporter, is expected to cause ripples in global rice prices that would affect millions of consumers, particularly in Africa and Asia.

Romualdez said Vietnam is traditionally the main source of Philippine rice imports, but as other buyers crowd in—as stated by President Marcos—supply might become limited and the country may have to find an alternative supply source, like India.

The House leader said the assurance of supply from Vietnam could help boost the country’s rice supply and dampen possible price spikes fueled by speculation over possible

shortages.

Romualdez said the Philippines is willing to provide Vietnam with any specific goods or materials it may require to satisfy its industry or consumer demand,

Earlier, the Philippines and Vietnam agreed to boost cooperation in rice production as Manila continued to source the crop from the Southeast Asian country.

According to Hoang Huy Chung, the Vietnamese ambassador to Manila, the Philippines will continue to be one of Vietnam’s top markets for rice exports, as his country exports about 2 million tons of rice to the Philippines each year.

Moreover, Romualdez also told Hue that he is looking forward to broadening the areas of cooperation between the two countries, in particular between the respective parliaments and in the areas of energy transition and digital transformation.

Diesel up ₧4/liter at the pump today

AWHOPPING P4 per liter increase in diesel prices will take effect starting today, Tuesday.

Oil firms announced Monday they will also implement a P2.75 per liter increase in kerosene and P0.50 per liter hike in gasoline products.

T he price increase for diesel is the

biggest so far this year. This week’s price increase is the sixth consecutive for diesel and kerosene and the fifth for gasoline.

P etron, Shell, Caltex, Total, Unioil, Seaoil, Phoenix, PTT will adjust their pump prices at 6 a.m. of Tuesday, August 8. Cleanfuel, meanwhile, said it would

Likewise, the two leaders of parliament discussed opportunities for partnership and cooperation to improve the supply chain between the Philippines and Vietnam involving other agricultural products and construction materials, such as cement.

Meanwhile, Hue invited Romualdez to visit Vietnam to reciprocate the warm reception he received from members of Congress during his visit to the Philippines in November last year.

Hue is particularly grateful for the resolution adopted by the House of Representatives to boost cooperation between the Philippines and Vietnam through the establishment of the Philippine-Vietnam Parliamentarians’ Friendship Society.

Romualdez presented Hue with a copy of House Resolution No. 34 during their meeting last year at the House of Representatives in Quezon City.

increase prices of its petroleum products at 4:01 p.m.

The Department of Energy (DOE), based on its monitoring, attributed the oil price increase to production cuts in Russia and Saudi Arabia. The hike in US and European Central Bank interest rates was also a contributing factor.

Curiosity

By Henry J. Schumacher

TWO German brothers in their 60s, who are still expanding their companies and are investing in start-ups were interviewed recently and were asked what drives them. They had one word only: CURIOSITY. I loved that response!

Why? Every business understands the need to be data driven. The key to creating a data-driven culture is making queries fast, easy, and intuitive to run. Driven by curiosity, you want an environment that can be ready fast and run queries at sub-second speeds. It’s also important to get as many employees involved in the process as possible to ensure you aren’t siloing insights in one department.

is perfect, but that as many people have access to the same view of the data as possible. Nothing is perfect, and data certainly is never as clean as it should be, but transparency and data curiosity go a long way. In fact, a smart approach is adopting an organizationwide mindset.

Inclusive solutions allow your organization to give everyone access to data—and, importantly, the provenance of that data— which increases overall data quality, curiosity, and trust. Giving people access to data—and visibility into where it came from—leads to greater levels of engagement across the organization. Suddenly, people can start to question or defend data and its interpretation with confidence. This makes your data more trustworthy, which in turn leads to greater levels of engagement, which in turn creates more trust. It’s a virtuous cycle—and one that replaces gut feelings with data. And let’s fully understand that data is not a substitute for management—it is a tool that makes management better. By using data, managers can better be curiosity, and focus on the following:

The future of your digital strategy

IT’S critical to think about your digital strategy in a broad sense. From a channel perspective, are you well set up to succeed especially in e-commerce. From a marketing perspective, are you leveraging the power of social media and influencers?

THE combined effects of the southwest monsoon along with typhoons “Egay” and “Falcon” has so far caused an estimated P2,944,689,603.82 for agriculture and another P3,631,012,164.44 for infrastructure for a total of P6,575,701,768.26, the National Disaster Risk Reduction and Management Council (NDRRMC) said in an updated bulletin released Monday. In the same update, a total of 153,268.39 hectares of crop areas were also reported affected.

Agriculture damage was reported in Regions 1, 2, 3, Calabarzon, Mimaropa,

Region 6, Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) and the Cordillera Administrative Region (CAR).

Infrastructure damage was incurred in Regions 1, 2, Calabarzon, Mimaropa, Regions 5, 6, 8, 11, 12, the BARMM and the CAR.

Meanwhile, the reported death toll for these weather disturbances was placed at 30, with only four confirmed as of this writing. Validated deaths can be broken down to two for the CAR and one apiece from Calabarzon and Region 6.

Still undergoing confirmation are 26 deaths and this can be divided into 13 for the

CAR, eight for Region 1, three for Calabarzon, and one each for Region 6 and 11.

Houses damaged were put at 72,473 and these were reported in Regions 1, 2, 3, Calabarzon, Mimaropa, Regions 5,6, 8, 10, 11, 12, BARMM and the CAR.

An updated Department of Agriculture (DA) report, meanwhile, said the agency has posted an initial assessment of agricultural and fishery damage from the previous typhoons and southwest monsoon at P4.66 billion.

The latest bulletin of DA showed that the damages brought by typhoon Egay and

Last week, diesel prices shot up by P3.50 per liter, gasoline by P2.10 per liter, and kerosene by P3.25 per liter. These price adjustments resulted in a year-to-date net decrease of P0.10/liter for kerosene. Gasoline and diesel on the other hand, have a net increase of P11.00/liter and P3.10/liter, respectively.

Oil firms adjust their pump prices every week to reflect movements in the world oil market. Lenie Lectura

Falcon was based on the assessment from Regional Field Offices (RFOs) in Cordillera Administrative Region, Ilocos Region, Cagayan Valley, Central Luzon, Calabarzon, MIMAROPA, Western Visayas, Zamboanga Peninsula, SOCCSKSARGEN and Caraga.

“The damages and losses in the agricultural and fishery sector now amounts to P4.66 billion affecting 187,225 farmers and fisherfolk, with total volume of production loss at 158,995 metric tons and 200,456 hectares of agricultural areas,” the DA report said.

The 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.

Rex Anthony Naval and Sausa Raadee

What really accelerates business growth is widespread data curiosity. In order to create that sort of environment, it’s important to have an inclusive solution so you don’t bottleneck or silo certain parts of the organization. Nothing drops analytics adoption rates like forcing someone to wait a long time for a report. Delay easily translates into missed opportunities.

Businesses are moving to a more agile, sprint-style methodology. Agile development has taken off because you’re able to experiment with what you can accomplish on short time cycles. Sometimes those sprints fail, but sometimes you’re pleasantly surprised by the results. An inclusive infrastructure makes agile analytics possible by reducing time-to-insight for everyone.

The more trustworthy your data is, the more data-driven your organization will become. It’s the same with data analysis. If you want your entire organization to be data driven, you need to make sure you are delivering trustworthy data. This doesn’t necessarily mean your data

The future of data partnerships

HAVING a way to tie different data systems together is probably the best secret. Interconnectedness of data and data partnerships are going to be the real opportunities. Data security is playing a bigger role by the day. Personal security has to be focused on more and more.

The future of Integrity

THE future we are heading into—short-term, mid-term, long-term—cannot be without Integrity. Integrity must be part of the learning process for young people, it must be part of the working process and business process for the private sector, and it must be part of government’s processes—national and local.

Let’s all commit to contribute to the creation of a great future!

Let’s be driven by curiosity!!! I wish you fun in data curiosity. M e being curious, feedback is appreciated; please contact me at hjschumacher59@gmail.com

Go seeks review of Solo Parents Welfare Act,

SENATOR and chairman of the Senate Committee on Health Christopher Lawrence “Bong” Go has called for a review of Republic Act 11861, or the “Expanded Solo Parents Welfare Act,” amid mounting complaints regarding its implementation.

Based on reports raised by Rep. Erwin Tulfo to him, Go pointed out that several solo parents, who should be recipients of the provisions under the law, are not getting the expected benefits.

“Maramisamgasoloparentsanghindi daw nakakatanggap ng ipinangakong P1,000 buwanang tulong at 10 porsiyento na diskwento sa mga bilihin at gamot sa ilalim ng batas,” said Go.

“Nananawaganakosaehekutibo,samga ahensyaatLGUs, nadapatmaimplementang maayosangbatasparamapakinabanganng atingmgakababayanangmgabenepisyong dapatnilamakuha,”he appealed while adding that he intends to file a resolution calling for a hearing in aid of legislation, if necessary, to discuss and address implementation issues with agencies concerned.

S everal local government units (LGU) have reported issues in securing adequate budget to support the Act’s provisions, and even larger cities are not being able

to disburse the P1,000 monthly allowance consistently, which according to the senator, raises serious concerns.

“Pakinggan rin natin ang LGUs bakit walang mapagkunan ng pondo para maimplementa ang nakasaad sa batas. Dapat silipin ito,” said Go. Go pla yed a significant role as one of the authors and co-sponsors of RA 11861, which amends the Solo Parents’ Welfare Act of 2000.

“The objective of the law is to ensure that the solo parents are supported, and we must do everything in our power to ensure that the implementation aligns with this noble goal,” Go said.

“Bilangisasanag-akdangbatasnaito, sisikapin natin pag-aralan mabuti kung bakithindinaiimplementangmaayospara maibigayangbenepisyongnararapatpara sa solo parents,” he added.

T he provisions of the Expanded Solo Parents Welfare Act are substantial, granting solo parents earning below P250,000 annually exemption from value-added tax, and a 10 percent discount on purchases essential for child care. These include food, diapers, milk, medicine and vaccines for children aged six years and below.

Typhoon, monsoon farm, infra damage pegged at ₧6.5B; death toll reaches 30

urges govt to properly implement law

Editor: Vittorio V. Vitug

Tuesday, August 8, 2023 A5

DOTr prepares fuel-subsidy distribution to PUV drivers

By Lorenz S. Marasigan @lorenzmarasigan

THE Department of Transportation (DOTr), through the Land Transportation Franchising and Regulatory Board (LTFRB), will provide public utility vehicle (PUV) operators and drivers a total of P2.95 billion in fuel subsidies to “cushion the impact of the increase in fuel prices.”

A ccording to Transportation Secretary Jaime Bautista, the government will provide the said amount to 1.64 million drivers, including tricycle drivers and delivery riders.

“ We will make sure that the assistance to our PUV drivers will be distributed immediately so they can use it, pay for their fuel, and improve their daily income,” Bautista said.

D ata from the LTFRB showed that 280,000 PUV drivers will receive the one-time cash grant from the agency, while 930,000 tricycle drivers and 150,000 delivery service riders will

receive assistance from the Department of the Interior and Local Government (DILG) and Department of Information and Communications Technology (DICT), respectively.

LTFRB will distribute P10,000 to Modern Public Utility Jeepney (MPUJ) and Modern UV Express (MUVE) drivers, while drivers of other modes of transport will receive P6,500.

Tricycle and delivery riders, on the other hand, are set to receive P1,000 and P1,200 assistance, respectively.

However, the Department of Energy (DOE) must certify that the average price for crude oil has exceeded $80 in the last three months.

Data from the DOE showed that as of August 1, oil companies implemented an increase of P2.10 per liter for gasoline, P3.50 per liter for diesel, and between P3.20 and P3.25 per liter for kerosene.

O n an annual basis, this translates to a year-to-date net increase per liter of P11 for gasoline and P3.10 for diesel, while kerosene prices posted a net decrease of 10 centavos.

PRESIDENT Ferdinand R. Marcos Jr. on Monday led a command conference to discuss further government response on the recent harassment by the Chinese Coast Guard (CCG) on a resupply ship bound for BRP Sierra Madre in Ayungin Shoal.

I n an interview with reporters during the sidelines of the distribution of government aid for typhoon victims in Bulacan, Marcos said the move by the CCG has put the lives of the Filipino troops assigned in BRP Sierra Madre at risk. Fortunately, no one was injured [from the incident], but it will result in insufficient resupply to Sierra Madre so we now consider what we will do next,” the President said partly in Filipino.

“After the Change of Command of the CGPA [Commanding General of the Philippine Army], we will have a command conference about this on how we will respond,” he added.

L ast Saturday, CCG vessels “illegally” fired water cannons against Philippine Coast Guard (PCG) vessels escorting indigenous boats carrying food, water, fuel and other supplies to BRP Sierra Madre.

T he incident happened within the Philippines Exclusive Economic Zone (EEZ), which prompted the Department of Foreign Affairs (DFA) to send note verbale and pictures of the incident to the Chinese Ambassador to the Philippines on Monday.

We continue to assert our sovereignty. We continue to assert our territorial rights in the face of all of these challenges and are consistent with international law and UNCLOS [United Nations Convention for the Law of the Sea] especially,” Marcos said.

However, he said they want to keep the communications lines open with Beijing to finally come out with a “conclusion” on the country’s territorial dispute with China.

I n a related development, the Chief Executive confirmed former President Rodrigo R. Duterte told him about his visit to Beijing during their meeting in Malacañang last Wednesday.

D uterte went to China last month for a dialogue with Chinese President Xi Jinping.

Marcos said they also talked about confidential matters regarding operational aspects of the military and the Philippine Coast Guard.

That is why I can’t talk much about it. So, I hope you will indulge me,” Marcos said.

‘Unwavering’

THE National Task Force for the West Philippine Sea (NTF-WPS) said the government will not waver in its efforts to support military personnel deployed in that area.

Th is as the NTF-WPS condemned the aggressive, dangerous and unlawful actions conducted by the China Coast Guard (CCG) and China Maritime Militia (CMM) against the Philippine Coast Guard (PCG) and Filipino supply ships conducting regular rotation and resupply mission in Ayungin Shoal last August 5. We will never waver in our determination to resupply our troops stationed in Ayungin Shoal and other Philippineoccupied features,” National Security Council assistant director general Jonathan Malaya said during a joint news conference with the Department of Foreign Affairs Monday.

He also said that the government would not abandon Ayungin Shoal where the BRP Sierra Madre (LST-57) is permanently stationed.

We provide food, we provide everything, provision, irrespective of what China says, it is our right to bring whatever is necessary to maintain the station and to ensure that our troops are properly provisioned,” Malaya said.

He added the CCG and the CMM has no right to “block, or impede or otherwise control the movement” of PCG and Filipino supply vessels resupplying troops in Ayungin Shoal or any other Philippineheld features in the WPS.

A nd while the dangerous action of these Chinese vessels prevented one of the Philippine supply ships from completing its missions, Malaya said one ship was able to reach Ayungin Shoal successfully and deliver much needed supplies to troops there.

While one Philippine supply boat was blocked by Chinese vessels from reaching the shoal, another Philippine supply boat was able to break the blockade and successfully delivered much needed supplies and provisions to BRP Sierra Madre,” he added.

Malaya said the NTF-WPS commends the valiant men and women of the Armed Forces of the Philippines Western Command, the Philippine Navy, the PCG “for their daring, bravery, and commitment to duty, despite all odds, and despite the continuous Chinese bullying, harassment, and intimidation.” Samuel P. Medenilla and Rex Anthony Naval

PBBM says govt finalizing next move after latest incident at Ayungin Shoal

The World

Russia unleashes missile, drone strikes against Ukraine to avenge tanker attack

KYIV, Ukraine—Russia

unleashed a missile and drone barrage Sunday across parts of Ukraine that killed six people, Kyiv officials said, as Moscow followed through on its promise to retaliate for an attack on a Russian tanker.

Separately, Moscow’s secondlargest airport briefly suspended flights early Sunday following a foiled drone attack near the Russian capital.

Ukraine’s air force said Russia launched 70 drones and missiles from aircraft over the Caspian Sea, including Iranian-made, Shahed-136/131 strike UAVs.

Three waves of missiles hit the Starokostiantyniv area, damaging several buildings and igniting a fire at a warehouse, said Serhiy Tyurin, deputy head of Ukraine’s Khmelnytsky region military administration. The strike may have been intended for the city’s airfield, officials said.

Ukrainian President Volodymyr Zelenskyy said the facilities of aircraft engine manufacturer Motor Sich in the Zaporizhzhia region had also come under attack.

The Russian barrage followed a Ukrainian drone attack on a Russian tanker in the Black Sea near Crimea late Friday. Ukraine also

struck a major Russian port with drones earlier the same day.

Russian Foreign Ministry spokeswoman Maria Zakharova condemned what she called a Ukrainian “terrorist attack” on a civilian vessel in the Kerch Strait.

“There can be no justification for such barbaric actions, they will not go unanswered and their authors and perpetrators will inevitably be punished,” she posted on the Telegram messaging app.

An official with Ukraine’s Security Service confirmed to The Associated Press that a Ukrainian drone packed with 450 kilograms (992 pounds) of explosives struck the tanker that was transporting fuel for Russian forces. The official spoke on condition of anonymity because he was not authorized to speak publicly.

Russia’s Federal Agency for Marine and River Transport posted on Telegram that although the drone blasted a hole in the tanker’s engine room, there were no casualties among the 11 crewmembers.

On Sunday, a Ukrainian missile hit the Chonhar Bridge connecting the Russian-occupied Kherson region and northern Crimea, causing minor damage to the span’s roadway, said Vladimir Saldo, the Moscowinstalled leader of the Kherson

region. He also said several more rockets had been shot down by air defense forces.

The bridge, which is one of three key spans connecting the Crimean Peninsula to the mainland, was previously attacked on July 22 and July 29.

Two of the six killed overnight occurred during a Russian airstrike in Ukraine’s Kharkiv region, according to the head of the local regional military administration,

Oleh Syniehubov. Four others were injured.

Zelenskyy said a guided bomb had hit a blood transfusion center in the area’s Kupyan district late on Saturday.

“This war crime alone says everything about Russian aggression,” Zelenskyy wrote on social media. “Defeating terrorists is a matter of honor for everyone who values life.”

Heavy shelling continued along

Israeli troops kill 3 suspected Palestinian militants as West Bank violence escalates

JERUSALEM—Israeli troops on Sunday killed three alleged Palestinian militants in the northern West Bank, further escalating a wave of violence in which two other people, including a young Palestinian man believed to have been gunned down by extremist Jewish settlers, were killed in fighting over the weekend.

The Israeli army said it shot the three men near the Jenin refugee camp—the site of a large-scale military operation last month. It said the three men had just exited the camp and were on their way to carry out an attack and that an M-16 rifle was recovered from their vehicle.

The Hamas and Islamic Jihad militant groups condemned the killings, though it was not immediately known if the three men belonged to either organization. Israel identified the leader of the group as Naif Abu Tsuik, 26, saying he was a “leading military operative” from the camp.

The Jenin camp is known as a militant stronghold. Last month, the army carried out a two-day offensive in the camp, killing 12 Palestinians, including at least eight militants, and causing widespread damage to the densely populated area. An Israeli soldier also was killed in the fighting.

But the offensive appears to have done little to halt a broader wave of violence that began in early 2022 and has gained momentum since Israel’s new hardline government took office in December.

The government is dominated by ultranationalist West Bank settler leaders and other allies with close ties to the settler movement. A growing number of Israeli voices have said their presence in the government has worsened the tense atmosphere by emboldening young militant settlers to attack Palestinians. The Israeli news site Ynet re -

ported Sunday that Ronen Bar, head of the Shin Bet internal security agency, recently warned Prime Minister Benjamin Netanyahu that settler violence was becoming a strategic threat and raising the likelihood of Palestinian attacks in retaliation. The report drew angry condemnations from leading members of the government.

The report said that Bar issued his warning before a Friday night incident in which armed settlers stormed into a Palestinian village and killed a 19-year-old man. On Saturday, a Palestinian gunman shot and killed an Israeli security guard in central Tel Aviv before another guard shot and killed the attacker.

Two Israeli settlers have been arrested in the Friday night shooting of 19-year-old Qusai Matan in the village of Burqa.

The army said the Israeli settlers arrived in the area to herd sheep, leading to clashes between Israelis and Palestinians from the village. Israeli media reported that one of the suspects in the incident, Elisha Yered, was a former aide to an ultranationalist lawmaker in the “Jewish Power” party, one of

Prime Minister Benjamin Netanyahu’s key coalition partners.

The shooting is part of an escalation of settler attacks on Palestinian civilians in recent months, and several Israeli commentators warned Sunday that assailants felt emboldened by fellow ultranationalists in key positions in government.

In the right-leaning Hebrewlanguage daily Israel Hayom, pundit Yoav Limor wrote that there are “armed Jewish militias that are operating like terrorist groups in Samaria,” referring to the West Bank by its biblical name.

“If the state of Israel doesn’t come to its senses and stop them immediately, the damage they will do is far more dangerous than any terror attack of the enemy,” he said.

Leading politicians in the government lashed out at the criticism. “The Israeli media (again) got confused: a Jew who defends himself and others against the murder of Palestinians, is not a murder suspect, but a hero who will receive my full support,” tweeted National Security Minister Itamar Ben-Gvir, a settler leader who

the front line in eastern Ukraine as Kyiv continued its ongoing counteroffensive. Elsewhere in the Kharkiv region, a 58-year-old woman was killed and a 66-yearold man was wounded after Russian shelling of the village of Podoly, an official said. In Ukraine’s eastern Kupyan region, Russian missiles injured a 55-year-old man and ignited a forest fire, officials said on social media. Russian attacks in the Donetsk region villages of Torske and Niu-York killed two people, local Gov. Pavlo Kyrylenko said on social media.

Ukrainian shelling in Russianheld Donetsk killed a woman in her 80s, Moscow-appointed Mayor Alexei Kulemzin said. The shelling also set the main building of a university on fire, according to Denis Pushilin, the Moscow-installed head of the illegally annexed region.

Russia’s Emergency Situations Ministry said the blaze caused the building’s roof to collapse, but that there were no casualties.

Moscow’s Vnukovo airport, located 15 kilometers (9 miles) southwest of the capital, briefly suspended flights Sunday morning after a drone was shot down in the airspace around the city. It was the fourth attack on Moscow in a month, highlighting the

city’s vulnerability as Russia’s war grinds into its 18th month. The drone was destroyed by air defense systems in the Podolsk region of the Moscow suburbs, Russia’s Defense Ministry said.

It said no one was injured from the abortive drone attack, although Russian media outlet Baza later reported a 77-year-old man suffered shrapnel wound on his hand. The reports could not be independently verified. Ukrainian authorities, which generally avoid commenting on attacks on Russian soil, didn’t say whether it launched the raid. Flights were last halted at the airport on July 30, when two drones crashed into the Moscow City business district after being jammed by Russian air defenses.

Also on Sunday, Ukraine replaced the Soviet hammer and sickle that adorned the 200-foot (61-meter) Mother Ukraine statue in Kyiv with the tryzub, the three-pronged trident that was officially adopted as the country’s coat of arms in 1992. The change to one of the nation’s most recognizable landmarks is part of a wider shift throughout Ukraine to reclaim its cultural identity from the Soviet era amid Russia’s ongoing invasion.

leads an ultranationalist faction in government.

“We see there is confusion as to who is an enemy,” said Limor Son Har-Melech, a member of Ben-Gvir’s “Jewish Power” party, whose former spokesman was one of the arrested suspects.

Tally Gotliv, a member of Netanyahu’s Likud Party, said a “leftist agenda” and “deep state” have infiltrated the Shin Bet.

Early on Sunday, the Israeli military said troops measured the home of the Palestinian attacker in Saturday’s Tel Aviv killing to prepare for its demolition in the village of Rumana, near Jenin.

Israel says home demolitions are meant to deter future attackers but critics say they amount to collective punishment against the families of assailants and only exacerbate tensions with Palestinians.

Violence has spiraled in the northern West Bank with the rise of shooting attacks by Palestinian groups against Israelis and daily arrest raids by the Israeli military, and growing attacks by extremist Jewish settlers.

The surge in fighting is one of the worst between Israelis and Palestinians in nearly two decades. More than 160 Palestinians have been killed by Israeli fire this year in the West Bank and east Jerusalem, according to a tally by The Associated Press.

Israel says most killed have been militants, but stone-throwing youths protesting army raids and innocent bystanders have also been killed.

At least 26 people have been killed in Palestinian attacks against Israelis so far this year.

Israel captured the West Bank in the 1967 Mideast war, along with the Gaza Strip and east Jerusalem. Palestinians seek those territories for their hoped-for independent state. AP

Express train derails in southern Pakistan, killing 30 people and injuring more than 90

By Asim Tanveer The Associated Press

MULTAN, Pakistan—Ten cars of a passenger train derailed in southern Pakistan on Sunday, killing 30 people and injuring more than 90 others, officials said.

Some of the derailed cars on the Hazara Express train overturned in the crash near the town of Nawabshah, senior railway officer Mahmoodur Rehman Lakho said. The train was going from Karachi to Rawalpindi when the 10 cars went off the tracks near the Sarhari railway station.

The derailed cars sprawled across or near the tracks in the flat, rural landscape. Local television showed rescue teams extracting women, children and elderly passengers from damaged and overturned cars. Some of the injured lay on the ground crying for help while locals gave out water and food.

Senior police officer Abid Baloch said from the scene that the rescue operation was complete by early evening: Dozens of the injured were brought to safety and the last flipped car cleared.

Expressing grief over the loss of life, Prime Minister Shahbaz Sharif prayed during a political gathering in Punjab for the souls of the departed and for the quick recovery of those injured.

“We all pray, may Allah grant a place in heaven to those who passed away and I wish quick recovery for the injured,” he said.

Lakho, who is in charge of railways in the accident area, said rescue crews took injured passengers to the People’s Hospital in Nawabshah.

Ihtesham Ali lost his family members and was looking for them in the chaotic situation. “Seven members of my family and 22 from my neighborhood were missing and so far we found only four of them, rest are still missing.”

Mohsin Sayal, another senior railway officer, said train traffic was suspended on the main line as repair trains were dispatched to the scene. Sayal said alternative travel arrangements and medical care would be made available for the train’s passengers.

All trains in both directions were held at the nearest stations till the tracks could be cleared, while all departures were delayed.

Passengers at Karachi station complained that they were waiting in hope as railway authorities kept changing departure times.

Owais Iqbal, a Lahore bound passenger at Karachi railway station said: “Our train was to depart at 5 p.m. Now we have been told that it will leave at 8 p.m. It may even get later. We are waiting. We are suffering because of the poor railway system.”

Minister for Railways Khwaja Saad Rafiq said an investigation into the cause of the crash was underway.

He said that military and paramilitary troops helped rescue workers to rescue the trapped passengers. The most seriously injured passengers were transported to distant hospitals in military helicopters for better treatment.

Train crashes often happen on poorly maintained railways tracks in Pakistan, where colonial-era communications and signal systems haven’t been modernized and safety standards are poor.

WORKERS install the Ukrainian coat of arms on the shield in the hand of the country’s tallest stature, the Motherland Monument, after the Soviet coat of arms was removed, in Kyiv, Ukraine on Sunday, August 6, 2023. Ukraine is accelerating efforts to erase the vestiges of centuries of Soviet and Russian influence from the public space amid the Russian invasion of Ukraine by pulling down monuments and renaming hundreds of streets to honor home-grown artists, poets, military chiefs, and independence leaders. AP/EFREM LUKATSKY

ISRAELI police inspect the site of a shooting attack in Tel Aviv, Israel on Saturday, August 5, 2023. Israeli authorities say a Palestinian gunman opened fire in central Tel Aviv, critically wounding one person before he was shot dead by police. AP/MAYA ALLERUZZO

Local residents examine damaged cars of a passenger train that was derailed near Nawabshah, Pakistan on Sunday, August 6, 2023. Railway officials say some passengers were killed and dozens more injured when a train derailed near the town of Nawabshah in southern Sindh province. AP/PERVEZ MASIH

Pope says World Youth Day to return to Asia in 2027, urges young people ‘not to be afraid’

By Nicole Winfield, Barry Hatton & Helena Alves The Associated Press

News that Seoul, South Korea would host World Youth Day in 2027 was a reflection of the continent’s increasing importance to the Catholic Church, given the church is young and growing there, whereas it is withering in traditionally Christian lands in Europe.

Francis made the announcement at the end of a Mass before an estimated 1.5 million pilgrims, many of whom camped out overnight on the Lisbon field so they could be in place for the grand finale of the Catholic festival. Joining them were some 700 bishops and 10,000 priests, the Vatican said.

Later, before departing, Francis went to thank some of the event’s around 30,000 international volunteers. They assembled at a riverside site despite the afternoon heat that reached around 40 degrees Celsius (104 F) and prompted authorities to issue an

extreme weather alert. The pontiff appeared uncomfortable in the heat as he toured the site in an open-topped popemobile, but was at ease as he gave a speech from a shaded stage.

Francis largely stuck to script at the Mass but again skipped much of his prepared homily, continuing the improvisation that has characterized his five-day trip to Portugal to preside over the Lisbon edition of World Youth Day.

Early on in his 10-year papacy, Francis would frequently go rogue and ignore his pre-planned speeches, seemingly moved by the moment to engage directly with the crowd. In more recent years, he largely stuck to script especially when visiting places where Christians are a minority or where his audiences might not appreciate his informal style.

But in Lisbon, he was back on comfortable turf, with many

people who can easily follow his native Spanish and seemed to appreciate his conversational way of communicating. They also seemed to appreciate the massive turnout.

“I never thought that so many people would come,” said Ana Garcia Prat, a 23-year-old Spanish pilgrim in Lisbon. “In my head, I never pictured a Mass with so many people from so many different countries.”

On Sunday, Francis urged young people to follow their dreams and not be afraid of failing, reprising a theme that St. John Paul II frequently repeated during his quarter century of World Youth Days.

“As young people, you want to change the world and it is good that you want to change the world and work for justice and peace,” Francis

said. “The Church and the world need you, the young, as much as the earth needs rain.”

“Do not be afraid!” he said.

Francis gave a special shoutout to John Paul, recalling that he launched the World Youth Day events in the 1980s to inspire the next generation of Catholics. It was John Paul who presided over one of the largest-ever Youth Day gatherings, in Manila, Philippines in 1995, the last and only time the festival was held in Asia.

After Francis announced Seoul would host the 2027 edition, South Korean youths bearing a huge national flag jumped on the stage in glee. A half-century ago, Catholics represented about 1 percent of the South Korean population; today they represent 10 percent of

FACES A NO-CONFIDENCE VOTE OVER SILENCE ON ETHNIC VIOLENCE TEARING AT REMOTE MANIPUR

By Krutika Pathi

The Associated Press

NEW DELHI—His social media accounts suggest that Prime Minister Narendra Modi is launching high-speed trains and rubbing shoulders with foreign leaders as a powerhouse on the global stage and the face of an ascendant India.

But that carefully crafted image, followed by millions, sits uncomfortably at odds with his silence on what’s come close to a civil war engulfing India’s northeastern state of Manipur.

For three months, the strongman leader has been absent on arguably the worst ethnic violence ever seen in the remote state, where Modi’s Hindu nationalist Bharatiya Janata Party is in power. Modi’s role, or lack thereof, has sparked a no-confidence motion against him in Parliament, where his government holds the majority.

He will almost certainly defeat the effort this week. But proponents of the motion are betting that just bringing it up will force Modi to address the Manipur crisis from the floor of Parliament.

Modi’s silence

MORE than 150 people have died and over 50,000 displaced after ethnic clashes in Manipur erupted in early May.

The conflict was triggered by an affirmative action controversy in which Christian Kukis protested a demand by mostly Hindu Meiteis for a special status that would let them buy land in the hills populated by Kukis and other tribal groups and get a share of government jobs.

“I think everybody is very puzzled by the prime minister’s silence,” said Arati R. Jerath, an independent journalist and political commentator. A harrowing video showing two women

in Manipur being assaulted and groped went viral a few weeks ago, forcing Modi to condemn the specific attack even as he held back from addressing the overall conflict.

Modi is the first to showcase incidents or projects that reflect India’s rising prowess, but critics and analysts say he is often deliberately mute on controversies— such as the Covid-19 Delta surge across India, or acts of communal violence.

Last week, a railway police officer opened fire inside a train, killing a senior officer and three Muslims before hailing Modi, according to a purported video of the attack. Police are investigating the incident.

On the same day, five people died in a communal clash between Hindus and Muslims in a BJP-ruled state during a religious procession by a radical Hindu group.

“The prime minister believes that silence on these issues does not harm him. He believes that he is reaching out to the people of India through the work that his government is doing,” Jerath said.

Speaking out on the tension in Manipur could also amount to criticism of his own party in the state, especially as calls grow for a dismissal of the chief minister and government, which has failed to quell the bloodshed.

Some observers say that his silence could shield his political brand ahead of a general election next year, especially since Modi is more popular than the BJP. But Jerath said the conflict has now become too consequential to ignore.

“It is harming the prime minister because he comes across as somebody who doesn’t have empathy...and that’s not a good image” especially with India set to welcome leaders of the top 20 economies for a summit next month, she said.

between communities remains high in Manipur, which has essentially been split into two parts—between the hill tribes home to the Kukis and the plains below, where the Meitei live. They’re divided by a buffer zone manned by police forces.

The Internet was blocked for over two months and movement for residents remains severely restricted. Furious and armed mobs have torched homes and buildings, massacred civilians and driven tens of thousands from their homes. They have also raided police armories, looting nearly 3,000 weapons including rifles, machine guns and AK-47s, said Sushant Singh, a senior fellow at the Centre for Policy Research and an Indian army veteran.

Last week, India’s top court said there has been a breakdown of law and order and demanded the Manipur police director appear in court on Monday.

There’s also growing fear that the turmoil in Manipur could potentially spread across India’s northeast, a region with a fractured history of ethnic violence that previous governments have long tried to resolve. The state also shares a border with Myanmar.

“There are shared ethnic roots that run across state boundaries -- it has already started to spill over into nearby states like Mizoram and parts of Assam,” said Singh.

And since the state machinery has collapsed, tens of thousands of army personnel have been brought in, including those from a division that was manning the disputed India-China border, according to Singh.

“If the issue is not resolved quickly, these commitments will continue and can weaken India’s defense posture against China in the eastern sector,” he added.

The no-confidence motion

THE opposition knows there’s hardly any

the population of 50 million, and Vatican statistics show that more than 100,000 people are baptized every year.

Seoul Archbishop Peter Soontaek Chung told reporters that he expected “hopefully” more than the around 300,000 pilgrims who attended the 2008 Sydney edition to come to Seoul. He said one aim would be to reinvigorate youth ministry in South Korea, which he said had suffered during the pandemic with fewer young Catholics attending Mass.

Notably, Francis didn’t promise to be in Seoul—he will be 90 in 2027. But he noted there will be an earlier occasion for a youth jamboree in 2025 when the Vatican hosts a Jubilee year expected to draw more than 30 million pilgrims to Rome.

Jonghchan Chan, a South Korean pilgrim, was in the field for the announcement and voiced concern about the weather — if it is held in August, heat could be a problem. Just this week, there were calls to shorten a big international scouting jamboree in Seoul because of excessive heat.

“I’m very happy but a little bit worried we have to welcome all other people,” the 33-year-old said. “It will be a bit worrying but we will going to make it.”

In Lisbon, young people braved a searing temperature of 38 degrees C (100 F) on Saturday to be in place for his evening vigil service and then faced higher temperatures on Sunday at midday.

They woke Sunday as the sun rose over the River Tagus. Many

had slept on mats, cots and the bare ground to be in place for Francis’ Mass. Starting at dawn, a priestDJ started spinning thumping reggae and Christian hymns from the sound system.

Francis’ message this week has been one of inclusivity, insisting that “everyone, everyone, everyone” has a place in the church. That is consistent with his message that the church isn’t a place of rigid rules where only the perfect can be let in, but rather a “field hospital” for wounded souls, where all are welcome.

Lisbon Cardinal Manuel Clemente said the pope wanted the event to be “open…to everyone, showing the breadth of the Gospel, which excludes no one and is open to all.”

“It’s something really important in today’s world to accept us as we are, and to know our place as Christians, and to validate it,” said Doriane Kilundu, a 23-yearold pilgrim from the Democratic Republic of Congo. “We really support the message of the pope and we are happy to be here.”

Kilundu said the experience of spending the night on the field, with 1.5 million other people of faith, was a first for her and other Congolese pilgrims.

“I’m in the company of young girls from my country that for the first time are confronted with people from other places, and to understand that we are one nation, and for us is beautiful,” she said.

F ilipe Bento and Jorge Jeronimo contributed.

China releases TV documentary about army’s preparation to attack Taiwan

By Simina Mistreanu The Associated Press

chance of winning the no-confidence vote. But they argue that the motion means the prime minister will have to appear on the Parliament floor to answer questions and address the Manipur crisis.

The newly formed INDIA alliance comprising 26 opposition parties has been pushing for a statement from Modi on Manipur in Parliament since its session began last month.

They have also called for the firing of Biren Singh, Manipur’s top elected official in Manipur and a member of Modi’s party, and to impose a rule that would bring the state under direct federal control.

For weeks, the opposition has protested inside and outside the Parliament, which has been consistently adjourned amid loud sloganeering and booing as the government tries to rush through bills.

They also visited the state recently, in a bid to pressure the government while taking a swipe at Modi, who hasn’t set foot in Manipur since the violence began.

But nothing has worked so far. “We had to escalate our efforts,” said Gaurav Gogoi, a lawmaker from the opposition Congress party who initiated the no-confidence motion.

Home Minister Amit Shah visited Manipur in May for three days, where he held talks with community leaders and groups. But overall, critics say the government has shared very little publicly on the situation in Manipur and any plans to resolve it.

“When there is a conflict of this magnitude, the leader of the country uses the forum of the Parliament to communicate his vision and message and then members of the house come together in support,” said Gogoi. “But at a moment when the Indian Parliament needs to be at its finest, we are seeing such unwarranted indifference from the government,” he added.

TAIPEI, Taiwan—China has released a new documentary about the army’s preparation to attack Taiwan and showcasing soldiers pledging to give up their lives if needed as Beijing continues to ramp up its rhetoric against the self-ruled island.

“Chasing Dreams,” an eightpart docuseries aired by state broadcaster CCTV earlier this week to mark the People Liberation Army’s 96th anniversary, features military drills and testimonials by dozens of soldiers, of which several express their willingness to die in a potential attack against Taiwan.

China claims Taiwan, a selfruled democracy, as its own territory, to be conquered by force if necessary.

State media and the PLA frequently release propaganda materials promoting the army’s modernization as well as sleek videos of military drills.

The materials serve to fan rising Chinese nationalism and display military confidence against Taiwan and, implicitly, its ties with the United States. While the US doesn’t recognize Taiwan as a sovereign country, it has pledged to help the island defend itself in case of an invasion.

Last month, the White House announced a $345 million military aid package for Taiwan. The move, which experts said drew on lessons from the US military assistance to Ukraine, was criticized by Beijing.

The “Chasing Dreams” documentary showcased, among other things, the PLA’s “Joint Sword” drills, which simulated precision strikes against Taiwan. The exer -

cises were undertaken around the self-governed island in April after a visit by Taiwanese President Tsai Ing-wen to the US.

Among the more dramatic parts of the program are pledges by PLA soldiers from various divisions to relinquish life in a potential attack on Taiwan.

“If war broke out and the conditions were too difficult to safely remove the naval mines in actual combat, we would use our own bodies to clear a safe pathway for our (landing) forces,” Zuo Feng, a frogman with the PLA Navy’s minesweeper unit, said in a testimonial.

Li Peng, a pilot from Wang Hai Squadron under the PLA Air Force, echoed his statement, saying his “fighter jet would be the last missile rushing towards the enemy if in a real battle, I had used up all my ammunition.”

Fan Lizhong, a special tactics unit commander, said in the docuseries that while losing comrades is painful, he has to remain calm to respond to emergencies and always be ready to fight.

The documentary also features Shandong, one of China’s three aircraft carriers, sailing in formation with several other warships.

The PLA has repeatedly dispatched Shandong to the Taiwan Strait over the past few months as a threat to Taiwan. PLA jets have also crossed the strait’s median line, an informal demarcation zone between China and Taiwan, relatively often over the past couple of years, especially in reaction to exchanges between Taiwan and the US that have angered Beijing.

AP researcher Henry Hou in Beijing contributed to this report.

LISBON, Portugal—Pope Francis

told young people on Sunday the Catholic Church needs them and urged them to follow their dreams as he wrapped up World Youth Day in Portugal with a massive open-air Mass and an announcement that the next edition would be held in Asia for the first time in three decades.

YOUNG pilgrims from South Korea celebrate with their national flag and with Pope Francis after he announced that the next World Youth Day will be in Seoul, South Korea in 2027, at the end of a mass at Parque Tejo in Lisbon on Sunday, August 6, 2023. An estimated 1.5 million young people filled the parque 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. AP/FRANCISCO SECO

MODI

Will China uphold international law?

China uses the nine-dash line as basis for its expansive claims to the South China Sea. On January 22, 2013, the Philippines instituted arbitral proceedings against China in a dispute concerning the legality of the nine-dash line. The Philippines got a favorable ruling from the Permanent Court of arbitration in 2016, which invalidated China’s nine-dash line claim in the South China Sea.

The tribunal ruled that China’s nine-dash line is illegal and without basis under the 1982 UN Convention on the Law of the Sea (UNCLOS), which is at the core of global maritime law and has been signed by over 160 countries, including China. The treaty grants exclusive economic zones to coastal nations extending 200 nautical miles from the shore baseline, giving them sole exploitation rights over all natural resources in that zone.

The Second Thomas Shoal, also known as Ayungin Shoal, is an atoll in the Spratly Islands about 105 nautical miles (194 kilometers) west of Palawan. As it is well within the country’s exclusive economic zone, the Philippines took possession of the Ayungin Shoal in 1999. The BRP Sierra Madre, a Philippine Navy transport ship, was intentionally grounded on the reef to serve as Philippine outpost on the area and maintained by a contingent of Philippine Marines.

Although the Ayungin Shoal is 3,132 kilometers away from China, Chinese Coast Guard vessels and Beijing’s maritime militia regularly visit the area to harass and intimidate Philippine vessels, including Filipino fishermen.

On Saturday, Philippine Navy personnel on board two chartered supply boats were on their way to the Ayungin Shoal, escorted by Philippine Coast Guard ships, when a Chinese Coast Guard vessel approached them and fired a powerful water cannon to prevent them from reaching the shoal.

From the Associated Press: “The Philippine military on Sunday condemned a Chinese coast guard ship’s ‘excessive and offensive’ use of a water cannon to block a Filipino supply boat from delivering new troops, food, water and fuel to a Philippine-occupied shoal in the disputed South China Sea. The Chinese ship’s action was ‘in wanton disregard of the safety of the people on board’ the Philippine Navy-chartered boat and violated international law, including the 1982 UNCLOS, said the Armed Forces of the Philippines.”

The Philippine military called on the Chinese Coast Guard and China’s central military commission “to act with prudence and be responsible in their actions to prevent miscalculations and accidents that will endanger people’s lives.”

Several countries expressed concern over the actions of the Chinese ship. The United States expressed support to the Philippines and renewed a warning that it is obliged to defend its longtime treaty ally when Filipino public vessels and forces come under an armed attack, including in the South China Sea. The US State Department said: “Firing water cannons and employing unsafe blocking maneuvers, Chinese ships interfered with the Philippines’ lawful exercise of high seas freedom of navigation and jeopardized the safety of the Philippine vessels and crew.”

The US State Department added that the latest actions by China in the South China Sea are direct threats to “regional peace and stability.”

Australia expressed its concern, describing the actions of the Chinese coast guard ship as “dangerous and destabilizing.”

Japan said it supported the Philippines, adding that “the harassment and action, which infringe on lawful activities of the sea and endanger navigational safety,” were “totally unacceptable.”

The US, Japan, Australia, Canada, and the United Kingdom have expressed strong support to the Philippines when it filed a diplomatic protest over the deployment of Chinese maritime militia vessels in the West Philippine Sea.

EU members earlier lauded the Arbitral Tribunal’s landmark decision, which reaffirmed the Philippines’ maritime entitlements. Belgium, the Czech Republic, Denmark, Germany, Ireland, Greece, Spain, France, Italy, the Netherlands, Poland, Austria, Romania, Slovakia, Finland and Sweden issued a statement calling the arbitral award “a significant milestone, which is legally binding upon the parties to those proceedings, and a useful basis for peacefully resolving disputes between the parties.”

The world is behind the Philippines in its UNCLOS victory. Now is the time to stand up to China’s bullying. We should unite as a nation to tell China to stop once and for all its aggressive behavior in the West Philippine Sea and start respecting Philippine sovereignty and territorial integrity.

If China seeks to become a respected global leader, it would do well for the Asian superpower to start learning how to respect international law. A state is bound to act according to international treaties it signed, including the 1982 UNCLOS.

PSE: ‘These are the times that try men’s souls’

John Mangun

OUTSIDE THE BOX

WRiTing in December 1776, at a time when the american war for independence seemed a total failure, Thomas Paine said, “These are the times that try men’s souls.” The same might be said for the Philippine Stock Exchange in 2023.

The current PSE picture: The year began with the composite index at 6,566 but the daily closing high on January 18th was at 7,094. Therefore, from that level, we are down about 9 percent or 600 points. The “try men’s souls” part is that every time we attempted to rally higher and break resistance (particularly in March, May, and July), the rally died. Just when you thought it was safe, the market went full “Sharknado.”

To have the PSEi decline another 600 or 700 points would not surprise me. You might want to attribute that to oil prices, rice prices, interest rates,

or whatever seems to make intellectual sense to you. Figuring out the “why” does not matter to me in the slightest because: A) I cannot change any of those and all the other factors, B) I do not have a clue what the data will look like in the future, and C) maybe these will never change, and the zombie apocalypse has actually started.

However, based on decades of experience, I know that during any given day, week, or month, I can make money in the stock market. Allow me to share one of my silly stories.

I was living in the south of England trading currencies when Chernobyl blew off and decided going back to Hawaii made a lot of sense. But I was in no hurry to get home and stopped off in Las Vegas to play poker for a couple of months.

I always look for a table where the players include one, preferably more, of the following: Someone who is having a great time and enjoying the free cocktails too much. A tourist who is just happy to be away from the wife and kids and not having to go to work in the morning. Some guy who has a look of “gambling desperation” trying to get back to even. A serious older female player who will intimidate the beginners.

The cards that you are dealt do follow positive and negative cycles but are completely out of your control. Consequently, the players you are up against are the only variables that give you the “Window of Opportunity” to increase your likelihood of walking away a winner.

There are two strategies to stock market investing whether you are in the game for the long-term or to make a few quick bucks. The textbook

definition is that “Position trading is a long-term trading strategy for traders to hold a position for a long period of time, which is usually months or years.” That is nonsense. Position trading has nothing to do with long-term because the “long” part usually comes from the price not going higher.

Position trading in real life is buying a stock at a price that you believe is too low in relation to its future “Fair Value” however you may want to calculate FV.

“Momentum investing is a trading strategy in which investors buy securities that are rising and sell them when they look to have peaked.” That is not entirely accurate either because of Isaac Newton’s First Law of Motion that “an object in motion will remain in motion unless acted upon by an external force.” In other words, a stock price will not start going higher until it stops going lower. Therefore, momentum traders look for a price bottom, which is found when the price starts going higher.

The point is that in order to profit

See “Mangun,” A19

The EPA’s ambitious plan to cut auto emissions to slow climate change runs into skepticism

By Tom Krisher | AP Auto Writer

The Alliance for

plan

slash planet-warming greenhouse gas emissions from passenger vehicles faces skepticism both about how realistic it is and whether it goes far enough.

The Environmental Protection Agency in April announced new strict emissions limits that the agency says are vital to slowing climate change as people around the globe endure record-high temperatures, raging wildfires and intense storms.

The EPA says the industry could meet the limits if 67 percent of newvehicle sales are electric by 2032, a pace the auto industry calls unrealistic. However, the new rule would not require automakers to boost electric vehicle sales directly. Instead, it sets emissions limits and allows automakers to choose how to meet them.

Even if the industry boosts EV sales to the level the EPA recommends, any reduction in pollution could prove more modest than the agency expects. The Associated Press has estimated that nearly 80 percent of vehicles being driven in the US— more than 200 million—would still run on gasoline or diesel fuel.

Environmental groups say it’s not enough POINTING to surging temperatures

and smoke from Canadian wildfires that fouled the air over parts of the US this summer, Dan Becker, director of the safe climate transport campaign at the Center for Biological Diversity, said: “We need to do a hell of a lot more.”

He wants the EPA to slash emissions even further.

Carbon dioxide and methane levels in the atmosphere keep rising. Scientists say July will end up being the hottest month on record and likely the warmest human civilization has seen. The Earth is only a few tenths of a degree from the goal set out in the 2015 Paris Agreement on climate change of limiting warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) since pre-industrial times.

Though a panel of United Nations scientists said in March that there was still time to prevent the worst harm from climate change, the scientists said the world would need to quickly cut nearly two-thirds of carbon emissions by 2035 to avoid weather that is even more extreme.

Peter Slowik, a senior EV researcher with the nonprofit Inter-

Innovation, a trade group that represents companies such as General Motors,

that make most new

sold in the United States, argues the EPA standards are “neither reasonable nor achievable in the time frame covered.”

national Council on Clean Transportation, has calculated that to cut emissions enough to reach Paris Agreement goals, the proportion of new electric and plug-in hybrid vehicles sold would have to reach 67 percent by 2030. The EPA has projected 60 percent by then.

“The EPA proposal is a really great start to putting us on a Pariscompatible path,” said Slowik, whose group provides research and analysis to environmental regulators.

“But no, it isn’t enough to comply with the Paris accord.”

The council has calculated that carbon dioxide pollution from passenger vehicles would have to drop to 57 grams per mile by 2030 to reach the Paris goals. The EPA’s preferred regulation would cut those emissions to 102 grams per mile by 2030 and to 82 by 2032.

In addition, Slowik cautioned, carbon emissions from new gasoline vehicles would have to drop 3.5 percent each year from 2027 to

2032. The EPA’s preferred regulation doesn’t set reductions for gas vehicles. But fuel economy standards recently proposed by the National Highway Traffic Safety Administration could.

What does the EPA say?

T HE EPA contends its proposal will significantly reduce pollution. It estimates that passenger-vehicle carbon dioxide emissions would fall 47 percent by 2055, when the agency expects most gas-powered vehicles to be gone.

As the biggest source of pollution in the United States, transportation generates roughly 29 percent of heat-trapping greenhouse gas emissions, according to the EPA. Passenger vehicles are by far the worst transportation polluters, spewing 58 percent of that sector’s greenhouse gas pollution.

The EPA also is proposing big reductions from other sources, including heavy trucks, electric power plants and the oil and gas industry.

Using sales projections from the EPA and industry analysts from 2022 through model year 2032, the AP calculated that Americans will likely buy roughly 60 million EVs. With 284 million passenger vehicles on US roads today, at that pace only about 22 percent of them would be electric in nine years. Two million are already in use, and vehicles now

DETROiT—The US government’s most ambitious

ever to

By Sam Mednick | The Associated Press

NIAMEY, Niger—The deadline arrived Sunday for Niger’s military junta to reinstate the country’s ousted president, but the West Africa regional bloc that has threatened a military intervention faces prominent appeals to pursue more peaceful means. In the capital, coup leaders appeared at a stadium rally where a chicken decorated in the colors of former colonizer France was beheaded, to cheers.

Neighboring Nigeria’s Senate has pushed back against the plan by the regional bloc known as ECOWAS, urging Nigeria’s president, the bloc’s current chair, on Saturday to explore options other than the use of force.

ECOWAS can still move ahead, as final decisions are made by consensus by member states, but the warning on the eve of the deadline raised questions about the intervention’s fate.

The July 26 coup, in which mutinous soldiers installed Gen. Abdourahmane Tchiani as head of state, adds another layer of complexity to West Africa’s Sahel region that’s struggling with military takeovers, spreading Islamic extremism and a shift by some states toward Russia and its proxy, the Wagner mercenary group.

Niger’s ousted President Mohamed Bazoum said he is held “hostage” by the mutinous soldiers. An ECOWAS delegation was unable to meet with Tchiani, who analysts have asserted led the coup to avoid being fired. Now the junta has reached out to Wagner for assistance while severing security ties with former colonizer France.

Algeria and Chad, non-ECOWAS neighbors with strong militaries in the region, have said they oppose the use of force or won’t intervene militarily, and neighboring Mali and Burkina Faso—both run by juntas— have said an intervention would be a “declaration of war” against them, too.

It was not immediately clear on Sunday what ECOWAS will do next.

Thousands of people at Sunday’s rally in Niger’s capital, Niamey, cheered the coup leaders’ appearance and expressed defiance against both the ECOWAS threat and France’s long presence in the region. Some waved Russian flags.

“We will all stand and fight as one people,” declared one of the junta leaders, Brig. Gen. Mohamed Toumba. “We are asking you to stay mobilized.”

Hours before Sunday’s deadline, hundreds of youth joined security forces in the darkened streets in the capital to stand guard at a dozen roundabouts until morning, checking cars for weapons and heeding the junta’s call to watch out for foreign intervention and spies.

“I’m here to support the military. We are against [the regional bloc]. We will fight to the end. We do not agree with what France is doing against us. We are done with colonization,” said Ibrahim Nudirio, one of the residents on patrol. Some passing cars honked in support. Some people called for solidarity among African nations.

ECOWAS shouldn’t have given the junta a one-week deadline to reinstate Bazoum but rather only up to 48 hours, said Peter Pham, former US special envoy for West Africa’s Sahel region and a distinguished fellow at the Atlantic Council. “Now it’s dragged out, which gives the junta time to entrench itself,” he said.

The most favorable scenario for

Continued from A18

from the market no matter what the external conditions might be or what your strategy might be, you need to wait for the “window of opportunity.”

From crossing the street to building a successful business, identify-

The July 26 coup, in which mutinous soldiers installed Gen. Abdourahmane Tchiani as head of state, adds another layer of complexity to West Africa’s Sahel region that’s struggling with military takeovers, spreading Islamic extremism and a shift by some states toward Russia and its proxy, the Wagner mercenary group.

an intervention would be a force coming in with the help of those on the inside, he said.

The coup is a major blow to the United States and allies who saw Niger as the last major counterterrorism partner in the Sahel, a vast area south of the Sahara Desert where jihadists linked to al-Qaida and the Islamic State group have been expanding their range and beginning to threaten coastal states like Benin, Ghana and Togo.

The United States, France and European countries have poured hundreds of millions of dollars of military assistance into Niger. France has 1,500 soldiers in the country, though their fate is now in question.

The US has 1,100 military personnel also in Niger where they operate an important drone base in the city of Agadez.

While Niger’s coup leaders have claimed they acted because of growing insecurity, conflict incidents decreased by nearly 40 percent in the country compared to the previous six-month period, according to the Armed Conflict Location and Event Data project. That’s in contrast to surging attacks in Mali, which has kicked out French forces and partnered with Wagner, and Burkina Faso, which has gotten rid of French forces as well.

Some in Niger quietly expressed concerns about the coup. One official, who spoke on condition of anonymity because they were not authorized to comment, said many people want Bazoum resinstated but were afraid to say so for fear of retaliation.

“At present, the population is living in total psychosis,” the official said.

The uncertainty in Niger is worsening daily life for some 25 million people in one of the world’s poorest countries. Food prices are rising after ECOWAS imposed economic and travel sanctions following the coup. Nigeria, which supplies up to 90 percent of the electricity in Niger, has cut off some of the supply.

Humanitarian groups in Niger have warned of “devastating effects” on the lives of over 4.4 million people needing aid.

Some struggling residents said military intervention is not the answer. “Just to eat is a problem for us. So if there is a war, that won’t fix anything,” said Mohamed Noali, a Niamey resident patrolling the streets. Associated Press writer Chinedu Asadu in Abuja, Nigeria, contributed.

ing and exploiting “The Window” is equally if not more important than being smart, lucky, hard-working, and determined. “Patience is bitter, but its fruit is sweet.”

Rethinking our tax refund system

atty. Jomel n. Manaig

Tax Law for Business

ThE maturity of tax administration can be measured not only in the policies and procedures implemented to make tax collection efficient and to close tax loopholes, but also on how it effectively handles eligible tax refunds. After all, tax administration must be regarded in a holistic manner.

A tax refund system that fails to duly and timely grant claims discourages investments and production. Unrefunded excess taxes put unnecessary strain on taxpayers’ business cash flows and contribute to undue loss of possible earnings.

On the other hand, tax authorities are likewise strained by mounting tax refund applications that are routinely filed.

Although the BIR had made strides to make tax refunds easier for taxpayers, much can still be done.

Tax refunds do not have to be excessively difficult for both the taxpayer and the BIR. Certain practices can be adopted to enhance the entire tax refund system.

For starters, the BIR may adopt a risk-based approach when it comes to the verification of applications for tax refund. Currently, all refund applicants are required to submit a wide variety of supporting documents ranging from a letter request to the related invoices and official receipts and even certifications from other government agencies. Such whole-

A tax refund system that fails to duly and timely grant claims discourages investments and production. Unrefunded excess taxes put unnecessary strain on taxpayers’ business cash flows and contribute to undue loss of possible earnings. On the other hand, tax authorities are likewise strained by mounting tax refund applications that are routinely filed.

sale treatment of all applicants adds compliance burdens to taxpayers and increases the resources needed by the BIR to process the same.

By adopting a risk-based approach, tax refunds may be assessed as low-risk, medium-risk, or high-risk. Each risk category would have various degrees of scrutiny and verification. This would enable the BIR to focus on medium to high-risk applications while ensuring that low-risk applicants timely receive their refunds.

In line with the risk-based model, the BIR may likewise adopt an immediate refund system wherein low-risk applicants would receive their tax refund instantly subject to post-verification procedures. On the other hand, medium to highrisk applicants would undergo a more stringent verification process, or even a full audit, before the refund is granted. Anti-fraud measures employing historical and third party data may also be used for these medium to high-risk applications.

Excess taxes should also not be regarded as idle resources of taxpayers. It represents funds that taxpayers could have used productively if it were in their hands. Since the excess taxes are kept by the BIR, interest equal to or even above the legal rate should accrue for pending and legitimate tax refunds if the refund is not granted within the prescribed period or otherwise unduly denied. This would ensure that the BIR would process claims for refund expeditiously and that taxpayers would be compensated for unrefunded excess taxes that they otherwise would have been entitled to.

But, perhaps, the most impactful change I can recommend is to shift the existing mindset on the nature of certain tax refunds. For those familiar with tax refund applications, you may have already heard that “claims for refund partake the nature of exemption from taxation.” Consequently, tax refunds are strictly construed against the taxpayer. However, I would respectfully digress to this oversimplification of the nature

Netanyahu says bet on Israel deepening ties with Saudi Arabia

By Francine Lacqua & Ethan Bronner

ISr AEl and Saudi Arabia will deepen economic and business relations even if they don’t formally recognize each other, according to Benjamin Netanyahu.

The Israeli prime minister told Bloomberg he’s confident he can strike a deal with the Saudis under which the countries will have official diplomatic ties. Without one, the two can still build an “economic corridor” running from the Arabian Peninsula to Europe that encompasses energy, transport and communications technology, he said.

“We’re going to realize that,” he said in a television interview on Sunday in Jerusalem. “My sense is we’ll realize that whether we have formal peace or not.”

It’s unclear if Saudi Arabia would accept much deeper connections. Public opinion in the kingdom remains opposed to recognition of Israel.

Netanyahu, 73, has frequently said the normalization of ties would benefit Israel and Saudi Arabia economically and discourage Iran from meddling aggressively in the region, including by disrupting oil-shipping routes.

While Saudi Arabia and Iran restored diplomatic relations earlier this year in a deal that China helped broker, Riyadh still views Tehran

EPA.

Continued from A18

stay on the road for an average of 12.5 years.

Dave Cooke, a senior vehicles analyst for the Union of Concerned Scientists, said that even with slow vehicle turnover, studies show the EPA’s proposal would be an important step toward a zero-carbon transportation system by 2050. In addition, power plants that fuel EVs, he noted, will be converted to renewable energy such as wind and solar.

“We know that EVs provide a compounding benefit as we dramatically cut [electric power] grid emissions,” Cooke said. His group

with suspicion and as a geopolitical rival.

US President Joe Biden is also keen for Saudi Arabia to recognize Israel. He sent National Security Adviser Jake Sullivan to the kingdom last month, partly to discuss the issue with Crown Prince Mohammed bin Salman.

It would have “enormous economic consequences for investors,” Netanyahu said. “If they had to bet on it, right now I’d bet on it. But I can’t guarantee it.”

Riyadh has previously said an independent Palestinian state is a precondition. It has expressed frustration in recent months over Israel’s deteriorating relations with the Palestinians—typified by the recent raid on a refugee camp in the West Bank and incendiary comments by some farright members of Netanyahu’s coalition.

Privately, the Saudis have asked for firm defense guarantees from the US, access to top-notch American weaponry and for the White House to allow it to enrich uranium domestically as part of a plan to build

is among those pushing the EPA for more stringent standards than the agency is pursuing. The EPA will consider such comments before adopting a final regulation in March 2024.

The auto industry says the limits can’t be met

THE Alliance for Automotive Innovation, a trade group that represents companies such as General Motors, Ford and Toyota that make most new vehicles sold in the United States, argues the EPA standards are “neither reasonable nor achievable in the time frame covered.”

The alliance says the agency is underestimating the cost and difficulty of making EV batteries,

of tax refund.

It should be noted that tax refunds come in all different shapes and sizes. It should not be looked through a one-size-fits-all lens. This is because some tax refunds are not really due to “tax exemptions” but rather are mere “excess payments” which should not be subjected to excessive administrative requirements.

The refund of excess creditable withholding taxes (CWT) is a perfect example. CWTs are withheld against the income payments of taxpayers because of the application of the withholding tax system.

In effect, it is an advance collection by the BIR subject to the determination of the final income tax due. There is nothing remotely involving a tax exemption so why construe it strictly against the taxpayer? Why would the taxpayer-applicant jump through so many hoops just to refund something excessively collected from them in advance?

With the BIR’s drive to be a tax administrator in a modern world, it should not only enhance its ability to collect taxes. It should also boost its ability to address the tax refund concerns of taxpayers.

The author is a junior partner of Du-Baladad and Associates Law Offices (BDB Law), a memberfirm of WTS Global.

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at jomel.manaig@ bdblaw.com.ph or call 8403-2001 local 380.

Riyadh has previously said an independent Palestinian state is a precondition. It has expressed frustration in recent months over Israel’s deteriorating relations with the Palestinians—typified by the recent raid on a refugee camp in the West Bank and incendiary comments by some farright members of Netanyahu’s coalition.

nuclear power plants.

Palestinian ‘check box’

NETANYAHU downplayed the Palestinian issue as something hindering a Saudi-Israel deal.

“It’s sort of a check box,” he said. “You have to check it to say you’re doing it. Is that what’s being said in corridors? Is that what’s being said in discreet negotiations? The answer is a lot less than you think.”

The premier declined to say if he would accept limitations on new Jewish settlement in the West Bank to get an agreement with Riyadh. He said he wouldn’t allow a Palestinian state without Israel having security control over it.

“You won’t have a Palestinian state—you’ll have an Iranian terror state,” he said. “The Palestinians should have all the powers to govern themselves and none of the powers

including short supplies of critical minerals that also are used in laptops, cellphones and other items. Sizable gaps in the charging network for long-distance travel and for people living in apartments pose another obstacle.

Though automakers continue to downsize engines and produce more efficient transmissions, the alliance says they need to use their limited resources more on producing EVs than on developing more fuel-efficient technology for gas-powered engines.

Are electric vehicles really cleaner?

S T UDIES by the Massachusetts Institute of Technology show that shifting to electric vehicles delivers

to threaten Israel. This means that in whatever final peace settlement we have with the Palestinians, Israel has the overriding security power in the entire area—ours and theirs.”

Guardian of Islam NORMALI z ATION would be a significant coup for Israel. While it’s signed historic diplomatic deals with the United Arab Emirates, Bahrain, Morocco and Sudan since 2020, Saudi Arabia is the biggest economy in the Middle East, with the government investing trillions of dollars to diversify from oil. In addition, it’s the guardian of Islam’s two holiest sites at Mecca and Medina.

Despite the lack of formal ties, Israeli tech and cyber-security firms have secretly done business with the kingdom for years. In late 2020, Israeli media said Netanyahu had flown to Saudi Arabia to meet the crown prince, a trip that was never officially acknowledged by either side.

Some dealings have become more open. Last year, Saudi Arabia opened its airspace to airlines flying in and out of Israel. And this month SolarEdge Technologies Inc., an S&P 500 company based in Israel, announced it’s forming a joint venture with a Saudi firm to develop renewable energy in the kingdom. With assistance from Galit Altstein, Gaia Lamperti and Harris Braude / Bloomberg

a 30 percent to 50 percent reduction in greenhouse gas emissions over combustion vehicles, depending on how the electricity is derived.

Jessika Trancik, an MIT professor of energy systems, said electric vehicles are cleaner over their lifetimes, even after taking into account the pollution caused by the mining of metals for batteries. The university has a website that lists auto emissions by vehicle.

Trancik believes that once EV sales accelerate, more people will want them, and the percentages could actually exceed EPA predictions. Sales of EVs, she noted, are growing far faster in many other countries. “You often see exponential growth,” she said.

A deadline arrives for Niger’s junta to reinstate the president. Citizens cheer and fear what’s next

A20 Tuesday, August 8, 2023

DFA summons China envoy over Ayungin Shoal actions

By Malou Talosig-Bartolome @maloutalosig

THE Department of Foreign Affairs (DFA) on Monday summoned the Chinese ambassador to Manila after the Chinese Navy and Coast Guard fired water cannons and conducted illegal maneuvers against two Philippine vessels and Philippine Coast Guard in the West Philippine Sea.

DFA Undersecretary Ma. Theresa P.

Lazaro summoned Chinese Ambassador Huang Xilian at the DFA Monday before noon. She handed a note verbale that detailed the Philippines’s “strong protest” against China’s harassment of Philippine vessels and Philippine Coast Guard ships on a mission to bring food and supplies to Filipino soldiers stationed at the BRP Sierra Madre grounded atop the Ayungin Shoal.

Ph ilippine Ambassador to China Jaime FlorCruz also delivered a similar demarche to China’s Foreign Ministry in Beijing.

W hen asked if the Chinese actions merit the Philippine government’s invoking the Mutual Defense Treaty with the US, Daza replied, “I think it’s a bit early.”

What happened near Ayungin Shoal

ON August 5, two resupply vessels escorted by two Philippine Coast Guard ships—BRP Malabrigo and BRP Cabra—were blocked on their way to Ayungin Shoal by six Chinese Coast Guard vessels and two maritime militia vessels.

T he Philippine Coast Guard and the Armed Forces of the Philippines showed videos of Chinese Coast Guard firing water cannon against and around the resupply vessels and conducting dangerous maneuvers against the PCG escort ships. Such actions, they insisted, were violations of the 1972 International Regulations for Preventing Collisions at Sea (COLREGS). As signatory of COLREGS, China should ensure safety

at sea and prevent ship collisions, Philippine officials stressed.

National Security Council spokesman Jonathan Malaya said the video also confirmed that Chinese fishing militias took orders directly from the Chinese Coast Guard.

“ The incident speaks for itself that the increased number of Coast Guard vessels, their movement in concert with the Chinese maritime militia, effectively proves to the whole world that they are instruments of the Chinese Coast Guard or the Chinese Navy or the Chinese government. These Chinese militia vessels are not disinterested participants or innocent individuals just who happened to be there. No, this was a concerted effort,” Malaya said.

D espite the naval blockade, one of the resupply vessels was able to maneuver and made its way to send half of the food and other provisions to Philippine marines stationed at the BRP Sierra Madre.

Cannot be reached

THE DFA said they are also “disappointed” that they were not able to reach their Chinese counterpart “for several hours” while the incident was occurring.

NORTH-SOUTH RAILWAY CONTRACTORS TOLD: CATCH UP ON DELAYS

T he Philippine DFA and Chinese Foreign Ministry had earlier set up a maritime communication channel to prevent misunderstanding and miscalculation between Coast Guard and navies of both countries in the West Philippine Sea.

“[It is] our hope that the Chinese side would reciprocate, with the same sense of urgency, the communications initiated by the Philippines as has been demonstrated by the Philippines when receiving communications initiated by the Chinese side,” the DFA said.

Philippine demands

THE Philippine government demanded that Beijing “direct” Chinese vessels in the West Philippine Sea “to stop illegal action against Philippine vessels and to stop interfering in legitimate Philippine activities.”

It also asked China to comply with its obligation under international law, including the 1982 United Nations Convention on the Law of the Sea (Unclos), the 2016 arbitration award and the 1972 COLREGS convention, and its commitment under the Declaration on the Code of Conduct in the South China Sea.

See “DFA,” A2

By Lorenz S. Marasigan @lorenzmarasigan

THE Department of Transportation (DOTr) has instructed contractors for the North-South Commuter Railway (NSCR) Project to implement a catch-up plan to make up for the construction time lost due to the heavy rains and floods over the past several weeks.

Transportation Secretary Jaime J. Bautista said he met with representatives from the seven contractors and the two general consultants for the massive railway project, and directed them to mitigate the delays caused by recent typhoons.

H e said the contractors reported a slowdown in construction for the northern segment—running from Pampanga to Manila—due to floods.

D elays are pegged between 10 days and two weeks.

B autista said contractors are now “closely coordinating with several local government

DBM to issue SAROs early to fast-track agencies’ spending

By Jasper Emmanuel Y. Arcalas @jearcalas

THE Department of Budget and Management (DBM) plans to issue all the Special Allotment Release Order (SARO) for the record-high budget next year to all agencies within the first quarter to accelerate state agencies’ spending programs. Budget and Management Secretary Amenah F. Pangandaman said releasing the SARO early would allow state agencies to start obligating their funds and conduct the necessary procurement measures for respective projects and programs.

Pangandaman said the DBM is still studying how it would issue all the SAROs of government agencies within the January to March period next year.

T he DBM defines SARO as a “specific authority issued to identified agencies to incur obligations not exceeding a given amount during a specified period for the purpose indicated.”“We want to release all the SARO of everything listed in the General Appropriations Act so that the agencies can start their bidding process,” she said in a press briefing on Monday.

“Some of the agencies are saying they cannot start the bidding because they still do not have their SARO. [Releasing the SARO early] would fast-track the processes of the agencies,” she added.

The early release of SARO is one of the measures eyed by the DBM to ramp up the government agencies’ disbursement of funds, which has been quite slow this year as assessed by the economic team, particularly by Finance Secretary Benjamin E. Diokno.

Diokno has been vocal about the slow spending being undertaken by some government agencies, like the Department of Information and Communications Technology, resulting in lower than programmed budget deficit ceiling of the government.

(Related story: https://businessmirror .com.ph/2023/07/31/

units where the rail projects are situated.”

He noted that some contractors have even went “beyond the scope of their work” to fast- track the project, including clean-up efforts.

Co-financed by the Asian Development Bank (ADB) and Japan International Cooperation Agency (Jica), the 147.26-kilometer NSCR project will stretch from Clark International Airport in Pampanga to Calamba City in Laguna, and will cut across 28 cities and municipalities within the regions of Central Luzon, National Capital Region, and Calabarzon.

T he entire NSCR will have 35 stations, including three depots, and will run on 51 commuter trains, and seven express train sets.

O nce operational in March 2029, the NSCR System will reduce travel time from Clark International Airport to Calamba, Laguna to two hours, and is expected to service 800,000 passengers daily.

Zubiri pushes fast-tracked local arms sector devt

diokno-agencies-will-fast-trackspending/)

P angandaman said they will just scrutinize the use of funds by state agencies at the Notice of Cash Allocation (NCA) stage. Pangandaman explained that the NCA is only released to the state agencies once they have started implementing or have obligated their projects and programs.

Budget Undersecretary Leo Angelo Larcia said the DBM would form a technical working group (TWG) to review the government’s budget execution process with the goal of “expediting” the release of state funds while remaining in line with the Philippine Development Plan. We have until the end of the year to review the process,” Larcia said at the press briefing.

Pangandaman said the DBM is also close to completing its review of the government’s current procurement system, with an eye to presenting the proposed amendments to President Marcos Jr. in two weeks. Amending the present procurement law would help in improving state agencies’ spending rates, Pangandaman pointed out.

“After that we will release the amendments for the [Government Procurement Reform Act],” she added, noting that coming up with an updated procurement law is one of the priority measures of the current administration as pronounced by President Marcos Jr. in his State of the Nation Address last month.

T he Bureau of the Treasury (BTr) earlier reported that the national government’s budget deficit fell by 18.17 percent year-on-year to P551.76 billion.

T he latest budget deficit was 28.49 percent lower than the NG’s P771.5-billion mid-year deficit program as actual expenditures fell short of target disbursements. (Related story: https:// businessmirror .com.ph/2023/07/28/ ng-budget-deficit-narrows-1817in-h1-to-%e2%82%a7551-7bfrom-%e2%82%a7674-2b/)

SENATE President  Miguel Zubiri on Monday batted for ramping up government support for developing the local arms sector to allow it to provide more of the country’s security materiel requirements amid continuing threats to its sovereign rights in the West Philippine Sea (WPS).

S peaking at a Committee on National Defense hearing on  the Philippine Defense Industry Development Act (PDIDA) and related bills, Zubiri stressed he had been strongly advocating for these, “as a key measure in support of our ongoing efforts to build a credible and concrete defense program.”

Z ubiri said: “Amidst growing national concern over our sovereignty, it is very timely that we now consider the merits of revitalizing our Self-Reliant Defense Posture program and building a local defense industry that would supply the needs of our Armed Forces.”

The Monday hearing, presided over by Senate Defense panel chairman Sen. Jinggoy Estrada, also took up other related measures as the PDIDA.

A lthough the Philippines has defense cooperation with many foreign allies, Zubiri said, “we cannot afford to rely on them entirely.

Overreliance on our allies leaves us on the back foot—always waiting, and always dependent on what they will supply us with.”

Zubiri added, in Filipino, he did not wish a repeat of having the Philippine president “making the rounds of other countries begging for arms and bullets to help those defending it,” an apparent reference to 2017 when then President Duterte had to secure military assistance from friendly neighbors to quell home-grown terrorists who mounted the Marawi siege.

The Senate chief also noted that, “We are among the top importers of arms here in the Asean, spending $338 million USD in arms imports in 2021—next only to Singapore (at $361 million) and Myanmar (at $394 million).

Companies

Editor: Jennifer A. Ng

Tuesday, August 8, 2023

Semirara H1 profit down 26%

By Lenie Lectura @llectura

t he company’s profit during the period fell to P19.2 billion from P25.8 billion posted in the same period a year ago.

From January to June, average newcastle price plunged by 54 percent to $148.90 from $320.30, while average ICI4 price dropped by 17 percent to $71 from $85.70.

“even with lower coal prices, we delivered our second-best first half results because of China demand

recovery and the improved performance of Sem-Calaca Power Corp. [SCPC] Unit 2,” SMPC President and Coo Maria Cristina C. Gotianun said in a statement.

From April to June this year, SMPC’s earnings dipped by 5 percent to P10.2 billion as against a record-high of P10.8 billion last year. Quarter-over-quarter, SMPC’s net income even grew by 13 percent from P9 billion.

Despite significant corrections in global coal index prices and the impact of high base effect, SMPC said it delivered “robust” financial results because of higher coal shipments, improved plant availability and increased electricity sales at elevated prices.

t he second half will be challenging because of the rainy season and planned shutdown of our three power plants but with our high starting inventory and strategic pivot to the spot market, we believe we can weather these headwinds,” added Gotianun.

In the second quarter, total shipments rose by 22 percent to 4.5 million metric tons (MMt ) from 3.7 MMt on higher deliveries to China and South Korea.

Shipments to China went up by

75 percent to 1.4 MM t from 0.8 MM t while shipments to South Korea rose by 21 percent 1 MM t from 0.8 MM t Domestic sales were flat at 1.9 MMt as lower demand from cement factories and other industrial plants offset the 14-percent year-on-year increase in sale to SMPC-owned plants.

During the same period, Semirara coal average selling price (ASP) declined by 23 percent to P4,151 per metric ton (Mt ) from its all-time high of P5,399 per Mt total production declined by 12 percent to 3 MMt from 3.4 MMt due to the onset of rains and ongoing stripping activities in Molave South Block 6 and narra north Block 1.

Continued on B2

Calax Silang interchange nears completion

Metro Pacific to llways (MP t ) South Corp. said on Monday it is targeting to complete the Silang (Aguinaldo) Interchange of the CaviteLaguna e x pressway (Calax) this September.

t h is, as the company has reached a 91-percent completion rate for the segment.

o n going construction activities include the development of the toll plaza, concrete pouring for the main line and median barriers, as

well as various finishing works. In the upcoming phases, the focus will be on the construction of toll facilities, including road lights, signages, and sound barriers,” the company said in a statement.

Preparations for the toll collection system are also underway.

t h is fifth of the eight segments of the 45-kilometer expressway spans 3.9-kilometer, with 2x2 lane expressway from Silang e a st Interchange to Aguinaldo Highway in Cavite.

Upon completion, this will serve more motorists, including the 298,000 residents of Silang, given the reduced traffic situation.

It was initially scheduled for completion in December 2022, but legal tussles on right-of-way delivery hindered the company from completing the segment as scheduled.

In March, a local court ruled in favor of the Department of Public Works and Highways, allowing it to secure the writ of possession

on the 15,650-square meter land.

Calax’s operational segment spans 14.24-km with interchanges at Greenfield-Mamplasan, Laguna technopark, Laguna Boulevard, Santa rosa-tagaytay, and Silang east.

o t her interchanges of Calax, namely, o p en Canal, Governor’s Drive, and Kawit, are targeted to be completed by 2023. Upon completion of the entire public-private partnership project, it will connect to the Manila-Cavite e x pressway in Kawit, Cavite. Lorenz S. Marasigan

B1

Uptick in healthcare M&A activity seen

FortM A n Cline Capital Markets, a consulting firm, expects more mergers and acquisitions (M&A) and alliances in the Philippine healthcare industry this year.

“ t he winners will be those that provide the most service-oriented patient experience that delivers optimal health outcomes at the most reasonable or affordable price,” Fortman Cline Management Services (FCMS) Managing Director Francis Del Val in a media briefing.

FCMS is a new unit under Fortman Cline.

Del Val said the local healthcare industry is still “highly fragmented” with multiple brand leaders across various sectors: medical supplies distributors, pharmaceutical firms, hospitals, diagnostic centers, retail pharmacies, retail medical device/ equipment suppliers, and health maintenance organizations.

t hus, consolidations and alliances are seen to emerge to allow the industry to become more efficient, respond faster to emerging trends in the healthcare industry as well as to the impact of the Universal Health Care [UHC], which was signed into law in 2019.”

As the consumer-driven Philippine economy grows, a bigger middle class with higher purchasing power and increasingly sophisticated preferences is being created nationwide, particularly in highly urbanized cities, the company said.

t he affluent down to the growing upper middle class is seen patronizing

private healthcare providers while the lower socio-economic class is given greater access to healthcare by the government because of the UHC.

“UHC implementation will increase competition between private and public sector by providing options. As the government increases investments, private hospitals that do not invest, may not be able to keep up,” Del Val said.

“Competition will continue to increase between the private and public sectors over already scarce human resources. r ising administration costs and competition from the public sector will force smaller hospitals to consolidate with bigger megabrand hospitals to survive.”

He said there will be opportunities for the private sector to be seen as the trusted partners of local government units which will primarily be implementing the UHC as they may not always have the expertise or trained staff. Collaboration between private and public sector is key to moving the UHC agenda forward, Del Val said.

According to the Department of Health (DoH), the Philippines has 1,071 private hospitals and 721 public hospitals. Among the public hospitals, 70 of them are being operated by the DoH

t he Philippines’s hospital owners are led by Metro Pacific Health with 3,895 beds; United Laboratories’ Mount Grace Hospitals, 1,700 beds; St. Luke’s Medical Center, 1,250 beds; t he Medical City, 1,040 beds; and AC Health, 531 beds. VG Cabuag

Lower coal prices led to a 26-percent drop in Semirara Mining and Power Corp.’s (SMPC) net income in the first half.

Mid-year financial portfolio review for Filipino investors

ARE you currently investing for your short term and long term goals such as buying your first home in the next 12 months or probably preparing for the college funds of your kids?

Conducting a mid-year financial portfolio review will help you align your goals with your investments and make the necessary adjustments. Here are some of the steps that you may consider to be more effective in the next six months:

1. Revisit your financial goals. Take a moment to assess your current priorities. Make sure your portfolio is aligned with the risk appetite that you can take for your short term or long term goals.

2. Diversification analysis. Ensuring that your exposure are categorized to different asset classes will mitigate the risk and maximize the profit. Here are the different asset classes that you may consider:

n Stocks/equities represents ownership of shares in a company. Investing in this type of asses allows you to participate in the company’s growth and profitability.

n Real estate investment can be of various type, it could be residential or commercial rental. Another type is potential capital appreciation and reselling it after a certain period of time.

n Exchange Traded Funds (ETFs) are similar to mutual funds but trade on stock exchanges like individual stocks. ETFs can track specific market indices, sectors, or asset classes. They offer diversification and liquidity while providing exposure to specific investment themes.

n Hedge funds are investment funds that pool capital from accredited or high-net-worth investors and employ a range of investment strategies to generate returns. These funds are typically managed by professional investment managers or hedge fund managers.

n Research and development (R&D) investments involve funding activities aimed at developing new products, services, or technologies or improving existing ones. R&D investments are often made to enhance competitiveness, innovate, and maintain a long-term market advantage.

3. Consider market condition. If you are investing in a global approach, knowing the business landscape of a specific country where the company you invested in operates will help you assess the risk of a particular investment. If you are investing for example in a place where election is on-going or new regulations are implemented, you may experience greater fluctuation versus in a country that is continuously growing in terms of global domestic product.

4. Investing in your skills. Investing in skills is equally important for Filipino investors.

Here are some reasons why Filipino investors should consider investing in skills:

n Enhancing employability.

Investing in skills that are in de-

BIR to start collecting excise taxes on fragrance products

By Jasper Emmanuel Y. Arcalas @jearcalas

Karlo Biglang-awa

mand in the job market can enhance employability. The Philippines has a competitive job market, and having valuable skills can give investors an edge in securing employment or advancing their careers.

n Overseas job opportunities. Many Filipinos seek employment opportunities overseas, where specific skills are highly sought after. By investing in skills that are in demand globally, such as healthcare, engineering, information technology, or hospitality, Filipino investors can increase their chances of finding lucrative job opportunities abroad.

n Entrepreneurship and business success. The Philippines has a vibrant entrepreneurial ecosystem, and investing in skills can be instrumental in starting and growing a successful business. Developing skills such as marketing, finance, sales, leadership, and digital literacy can significantly contribute to entrepreneurial success.

n Embracing technological advancements. With the rapid advancement of technology, acquiring digital skills is crucial. Digital literacy, data analysis, coding, and proficiency in digital marketing platforms can open doors to various career opportunities and help Filipino investors stay competitive in a digital-driven economy.

n Upskilling for higher earnings. Certain skills, such as specialized technical skills or industry certifications, can command higher salaries in the job market. By investing in skills that are highly valued, Filipino investors can potentially increase their earning potential and improve their financial well-being.

n Resilience and adaptability. The ability to adapt to changing market trends and industry disruptions is essential. By investing in a diverse range of skills, Filipino investors can become more adaptable, resilient, and better equipped to navigate economic uncertainties or changes in employment landscape.

n Supporting national development. Investing in skills aligns with the broader goal of national development in the Philippines. By acquiring skills in sectors prioritized by the government, such as infrastructure, renewable energy, tourism, and agriculture, Filipino investors can contribute to the country’s economic growth and development.

What I shared are just some of the strategies to re-assess your investments. Always remember that patience and continuous learning will be part of the process.

Karlo Biglang-awa is a registered financial planner of RFP Philippines. To learn more about personal-financial planning, attend the 103rd RFP program this September 2023. To inquire, e-mail info@rfp.ph or text at 0917-6248110.

In its Revenue Regulations 9-2023 published last Monday, the BIR outlined the rules and regulations regarding the imposition of excise tax on perfumes and toilet water.

The publication of the document puts into place the guidelines for the collection of the excise tax on perfumes and toilet water.

“Pursuant to the provisions of Section 244, in relation to Section 245, of the National Internal Revenue Code (NIRC) of 1997, as amend-

ed, these regulations are hereby promulgated to implement Section 150(b), Title VI of the same Code, imposing excise tax on perfumes and toilet waters,” the BIR said in the document that was posted on its website recently.

The BIR explained that the 20 percent excise tax on locally-manufactured perfumes and toilet waters would be based on the product’s wholesale price, net of excise and value-added tax.

Meanwhile, the excise tax shall be imposed on the value of importation for imported perfumes and toilet waters, similar to what the Bureau of Customs (BOC) uses in determining the necessary tariff and customs duties, according to the BIR.

The BIR pointed out that the local manufacturers of perfumes and toilet waters should shoulder the excise tax while the importers and owners of imported perfumes and toilet waters must pay the excise taxes to the BOC.

The BIR emphasized that local manufacturers of perfumes and toilet waters, who are using denatured alcohol as raw materials, must be registered with the bureau as “Buyer or User of Denatured Alcohol.”

The BIR’s latest Revenue Regulation took effect immediately last August 4. The Revenue Regulation was signed by Finance Secretary Benjamin E. Diokno and BIR Commissioner Romeo D. Lumagui Jr.

Lumagui earlier disclosed that the BIR is doing its best to slash its

shortfall in excise tax collections, which he estimated is around 20 percent of the total target. (Related story: https://businessmirror. com.ph/2023/08/07/digitalization-leak-plugs-to-aid-birs-p3-tgoal-in-24/)

Nonetheless, the state raked in almost P2 trillion in revenues in the first half, growing by 7.7 percent on an annualized rate on the back of improving economic conditions and more efficient collections by government agencies.

Finance Secretary Benjamin E. Diokno said last month that the national government’s revenues from January to June reached P1.9 trillion, 7.7 percent or about P133 billion higher than the P1.767 trillion recorded amount in the same period of last year.

Diokno reported that the national government’s tax collections grew by 7.5 percent year-on-year while nontax collections rose by 9.1 percent.

(See https://businessmirror.com. ph/2023/07/26/digitalizationcited-in-h1-p1-9-t-revenue-take/)

Oil price surge seen behind demand for high yields

INVESTORS demanded higher yield for short-term government securities on the back of higher global crude oil prices, dampening the Bureau of the Treasury’s (BTr) plan of borrowing a total of P15 billion from the domestic market.

The BTr saw mixed results last Monday at the auction of T-bills as rates rose across the board, raising only P11.8 billion of its target amount.

The Treasury was only able to borrow the full amount of P5 billion from the 364-day T-bills while it awarded P3.6 billion and P3.15 billion in 91day and 182-day T-bills, respectively.

The average rates for the T-bills

were as follows: 5.598 percent for 91day, 5.99 percent for 182 and 6.294 percent for 364-day.

The rates were higher compared to the recorded yield in the previous week’s tender: 5.224 percent for 90day, 5.789 percent for 182-day and 6.21 percent for 364-day.

Likewise, the average yield for the debt papers were bigger than their secondary market benchmark counterparts: 5.702 percent for 91day, 5.923 percent for 182-day and 6.198 percent for 364-day.

The 91-day T-bills fetched rates from 5.573 percent to 5.615 percent while investors’ asking yields for the 182-day debt paper ranged between

Acen to hike loans for builder of 200MW solar energy farm

By Lenie Lectura @llectura

ACEN Corp. announced the firm will increase the loan it has set aside to Natures Renewable Energy Devt. Corp. (Naredco) to P1.158 billion from P1.139 billion to ensure the continuity of the construction of the 200-megawatt direct current (MWdc) solar farm project in Cagayan.

“Acen, Naredco, and CleanTech Renewable Energy 4 Corp. (CREC4) signed today, August 4, 2023, an Amended and Restated Loan and Security Agreement to increase the loan facility by up to P1,157,930,000.00 to fund the remaining requirements of Phase 1 of the Cagayan North Solar Power Project, with same terms and securities applying,” Acen said in a

disclosure on Monday. The parties signed last month on the Loan and Security Agreement, where Acen granted Naredco a loan of up to P1,139,000,000.00.

Naredco is a special purpose vehicle for the Lal-lo Solar power project. The project’s commercial operation is expected to commence in 2024. Phase 1 will have a 133.46-MWdc capacity, while Phase 2 will have 60.54-MWdc capacity.

Acen, its subsidiary ACE Endevor Inc., CREC4 and Naredco earlier signed a shareholders’ agreement to cover the ownership and management of Naredco, as well as the development and operation of the proposed 200-MWdc Lal-lo solar power project.

Metrobank’s thrift bank arm posts 18% growth

PHILIPPINE Savings Bank (PSBank) posted a double-digit growth in its net income in the first six months of 2023.

PSBank said its net income reached P2.17 billion in the January to June period of 2023, an 18-percent growth from the P1.84 billion posted in the same period last year.

The bank attributed their robust first semester performance to consumer loan releases, improvement in credit quality and gains realized from productivity and efficiency initiatives.

“The bank, through its recalibrated strategies and focus on enhanced customer experience, was

able to benefit from the continued expansion of the economy and the sustained growth in consumer demand for the first six months. We are hopeful, despite the external headwinds, that this can be sustained for the rest of the year,” President Jose Vicente L. Alde said.

Core revenues, composed of net interest income from loans and investments including fees, grew by 8 percent to P6.8 billion from Php 6.3 billion a year ago. Operating expenses remained subdued and was reduced by 2 percent as a result of ongoing cost optimization projects.

PSBank’s total loan portfolio expanded by 9 percent to P120 billion as of June 2023. This was primarily driven by the 21 percent increase in auto loans owing to the steady influx of demand for vehicle financing.

Despite the portfolio increase, the thrift bank arm of the Metrobank Group said its gross non-performing

loans dropped by 11 percent resulting in a non-performing loan ratio of 3.5 percent, better than pre-pandemic levels.

The bank’s total resources stood at P235 billion while total deposits reached P187 billion by mid-2023. Capital improved by 7 percent to P39 billion with total capital adequacy ratio at 24.6 percent and common equity tier 1 Ratio at 23.7 percent. Both ratios, PSBank said, are above the minimum level set by the Bangko Sentral ng Pilipinas and among the highest in the industry. Cai U. Ordinario

5.95 percent and 5.998 percent. The asking rates for the 364-day T-bills, meanwhile, were between 6.15 percent and 6.325 percent.

Rizal Commercial Banking Corp.

Chief Economist Michael L. Ricafort said the higher T-bills yields were driven by a surge in global crude oil prices coupled by weaker peso exchange rate against the US dollar.

“Treasury bill yields were higher week-on-week after higher global crude oil prices to new 3.5-month highs that led to the series of local fuel pump prices that could add to inflation pressures as well as the weaker peso exchange rate vs. the

US dollar that could add to import prices and overall inflation,” Ricafort said in an e-mail interview. Ricafort also noted that higher US Treasury yields recently contributed to the higher T-bills rate asked by the investors.

Moving forward, T-bills auction rates could be influenced by the possibility of the US Federal Reserve pausing or even cutting its policy rates in the remainder of the year. The auction, nonetheless, remained oversubscribed, as total offers reached P38.1 billion or about 2.5 times over than the programmed amount of P15 billion.

Jasper Emmanuel Y. Arcalas

Consumer lending lifts EastWest’s H1 income

By Cai U. Ordinario @caiordinario

ASTRONG consumer lending portfolio allowed East West Banking Corp. (PSE: EW) to double its net income in the first six months of 2023.

The Gotianun-led bank saw its net income reach P3.3 billion in the January to June period of 2023. This was 117 percent higher than its net income in the same period of 2022 and translated to a return on equity of 10.6 percent.

EW said net revenues were 29 percent higher at P16.3 billion from the improvement in net interest income (NII) of 18 percent to P13 billion and pushed its core earning capacity back to pre-pandemic levels.

“Our ramping-up initiatives on our consumer lending portfolio that started last year are now showing results. While we have surpassed our pre-pandemic peak loan levels this quarter, the work is not complete as we focus on optimizing our balance sheet structure to unlock more value,” EW President Jackie S. Fernandez said.

The bank said its consumer lending portfolio, which accounts for 77 percent of total loans, grew by 27 percent led by credit cards, auto and key salary loan segments.

It added that its interest expense grew by P1.9 billion as the current interest rate environment translated to higher funding costs.

Nonetheless, with the bank’s asset structure, net interest margin ended at 7.5 percent, improving by 77 basis points from last year, the highest in the industry.

“While we exceeded our pre-

pandemic loan levels this quarter, we further managed to improve our funding mix which is key to maintaining our industry-leading margins. We are also progressing steadily on our people and IT initiatives that will bring us to our next chapter of growth,” EW CEO Jerry G. Ngo said. “We still have ways to go as far as profitability is concerned but our bigger and stronger asset base will get us there.”

Meanwhile, operating expenses stood at P9.5 billion, growing by 16 percent, driven largely by manpower, information technology (IT) and business-related expenses. The bank continues to spend on peoplefocused programs as it prepares for its growth initiatives.

The bank’s significant increase in IT-related spends are also meant to improve digital services to both its customers and employees.

Total assets ended at P434 billion, growing by 4.6 percent from the same period last year, while total loans and receivables grew by 22 percent or P49.8 billion to P273.6 billion as the bank deployed its excess liquidity towards higher-yielding consumer loans.

Meanwhile, total deposits were flat at P335.1 billion, but current account-savings account (Casa) deposits grew by 6.9 percent to P272.4 billion, beating industry growth trends. Casa ratio improved to 80 percent, according to the lender.

Capital ratios continue to stand at a healthy 14 percent and 13.2 percent for capital adequacy ratio and common equity tier-1 ratio, respectively, well above the regulatory requirements.

The Bureau of Internal Revenue (BIR) will start collecting a 20-percent excise tax on perfumes and toilet water (eau de toilette) as the bureau seeks to boost revenues by reducing the state’s shortfall in its excise taxes.

Art BusinessMirror

Tracing footsteps, tracking memories

AVAST, barren field imprinted with footsteps and inhabited by dragonflies trigger a poignant introspection in Jayme Lucas’ Traces, the second solo exhibition of the young artist. The show opened over the weekend and runs until August 26 at Art Cube Gallery in Makati City.

Born in 1996, Lucas grew up in Tarlac, exposed to the socio-political history of the Luisita area. Her art explores human conditions and social realities, depicted with melancholic filters that arouse a strong sense of nostalgia and even longing.

“This familiar setting evokes playful memories of childhood in a rural village, a moment any ordinary barrio kid could recall fondly,” says Lucas, a Fine Arts graduate at Tarlac State University. In 2020, she earned a master’s degree at the University of Santo Tomas Graduate School.

The artist tapping into her memories establish an instant and intimate connection with the audience. It’s a pensive yet familiar presentation that, in 2019, won Lucas the Grand Award in the oil and acrylic painting category from Metrobank Art and Design Excellence.

The following year, she became a Tuklas grantee of the Eskinita Art Gallery program, before committing to become a full-time artist.

In Traces, Lucas draws the viewer in to the bygone days of innocence and pure wonder. The farmlands piece, a diptych titled Playground, exemplifies a place where children used to spend the entire day socializing before the internet confined them indoors. One can almost smell the tallgrass and feel its scratchy texture while running around and jumping about for hours on end.

Rounding up the scene are swarms of fiery dragonflies and two sets of footprints. Each element figure in their respective pieces as well, which, for the reminiscing viewer that has grown more mature over the years, now carry deeper meanings.

The footprints, for instance, symbolize moments frozen in time, pointing to much simpler days when life was truly, only about fun, sans the dread of an unjust world. The medium for these impressions gets highlighted, too, with the players’ feet showcased in three pieces—wounded yet fulfilled.

Meanwhile, in Sa Parehong Daan, dragonflies turn the tables: They are the ones doing the playing, shrouding a human that seems to be lost on her way, raising the question, “where does one ever go, really?”

In Pamana, a dress is handed down from mother to daughter in a reflection on impermanence.

TODAY’S HOROSCOPE

By Eugenia Last

CELEBRITIES BORN ON THIS

DAY: Casey Cott, 31; Countess Vaughn, 45; Joely Collins, 51; Dustin Hoffman, 86.

HAPPY BIRTHDAY: Trust yourself, and you won’t be disappointed. Build a solid base and clear any influences that are inconsistent or causing doubt. Leave nothing to chance and oversee everything that has meaning to you. Don’t fear the unknown; ask questions and map out a course to help you achieve your dreams. Protect your heart, health and happiness from anyone trying to lure you down the wrong path. Your numbers are 9, 16, 22, 27, 32, 35, 49.

ARIES (March 21-April 19): Do something that will rejuvenate you or help you build confidence. Practice makes perfect, and once you choose a course of action, you will find it easier to look forward instead of living in the past. Recognize your skills and add to your qualifications. ★★★

TAURUS (April 20-May 20): Keep your eye on the ball and the money in your wallet.

Overreaction or poor behavior will cost you. Use your intelligence, courage and strength of character, and you will bypass making a mistake. Control your emotions and secure your position. ★★★

GEMINI (May 21-June 20): You must navigate through situations quietly. Execute intentions with stamina and finesse. Your actions will stand out, positioning you for bigger and better things. Trust and believe in yourself, and so will everyone else. Personal gain and self-improvement are apparent. ★★★

CANCER (June 21-July 22): Listen to your heart, not to someone trying to change your mind or take advantage of you. Speak up in your defense, and align yourself with those with something worthwhile to contribute to your end game. ★★★★

While Lucas provides the traces in her new solo, by inviting the audience to relate to their own experiences, the real question is “where does it all lead them?”

Alongside Lucas’ Traces, Art Cube Gallery rolled out three other one-artist exhibitions.

Lymuel Bautista ruminates in Debosyon the precarious living conditions of marginalized communities, transforming the canvas into a representation of corrugated iron roofs. In An Abstract Voyage, Edwin Martinez investigates the fickleness of the human mind that results in wrong decisions and missed opportunities. Lastly, in Ghosts, Don Bryan Bunag ponders on the physical manifestation of imagination.

The quartet of solo exhibitions are on view until August 26. ■

NFT rout crushes $1.5 billion windfall for artists as markets slash royalties

BY SIDHA�THA SHUKLA

Bloomberg News

TENSION between traders and creators of digital collectibles is deepening amid a painful slump in the market for nonfungible tokens (NFTs). The friction stems from moves by top NFT exchanges Blur and OpenSea to slash royalty rates payable to artists when a token’s ownership changes, in the hope that lower costs will lift depressed levels of buying and selling.

But diminished artist income could stanch new work, ossifying a market where trading volumes have already crashed 95 percent from $17 billion in January 2022, according to figures from Token Terminal. Royalties peaked that month at $269 million but were just $4.3 million in July this year as the rates paid fell to 0.6 percent per transaction from as much as 5 percent, researcher Nansen said.

“It’s a shortsighted strategy, neglecting the fact that sustainable success in this space is built on a delicate balance of empowering both traders and creators,” said Phillip Kassab, the growth lead for NFT and gaming at blockchain technology specialist Sei Labs.

Cumulative monthly royalties hit $1.5 billion during

a purple patch from August 2021 to May 2022, Nansen data show, aided by the popularity of collections such as Yuga Labs Inc.’s Bored Ape Yacht Club. Creator payouts subsequently tumbled as the NFT market rolled over amid ebbing pandemic-era stimulus.

The sector was then shaken up by the October launch of Blur, a platform that incentivized trading in part by chopping royalty rates and which now commands over 70 percent of daily volume on the Ethereum blockchain, according to a Dune Analytics dashboard.

Blur’s strategy put pressure on the marketplace it usurped, OpenSea, to follow suit.

“With the launch of Blur, NFTs became progressively more financialized,” said Ally Zach, a research analyst at Messari.

The question now is what kind of future lies ahead for NFTs. Skeptics see the earlier popularity of digital collectibles as a fad. But artists like Michael Winkelmann better known as Beeple and famed for his Everydays NFT that fetched $69.3 million in 2021—argue the sector will return to growth.

Some contend that royalty rates should be encoded in the software that governs NFTs rather than being variables that exchanges can adjust. Others tout marketplaces likes SuperRare and Art Blocks that enforce the payouts.

“As with all things in web3, rules must ultimately always be governed through code, not through hoping social norms will be enough,” said Chris Akhavan, chief gaming officer at NFT marketplace Magic Eden.

OpenSea’s Chief Business Officer Shiva Rajaraman said the onus is “on us to explore new opportunities for creators to engage with their communities and make a living doing it—even beyond creator fees.” He gave the example of linking NFTs to merchandise, sales of which could fund income for artists.

For artist Matt Kane, whose Right Place & Right Time NFT sold for over $100,000 in 2020, a decline in creator engagement that hurts the quality and diversity of NFTs would outweigh any temporary surge in trading volumes from lower transaction costs.

Kane said many of his collectors are patrons of the arts and some even send him royalties manually after transacting on a non-enforcing platform. But others, he said, don’t subscribe to that view.

“One promise of this technology is moving us into a nonzero-sum economy, where one person’s win is the win of the many,” Kane said. “Right now, we’re going backwards to zerosum where one person’s win is another’s loss.”

The

LEO (July 23-Aug. 22): Tidy up loose ends that can potentially set you back. Rethink your lifestyle and pay more attention to how you present yourself to others. Be a leader, and you’ll discourage anyone trying to throw you off your game.

★★

VIRGO (Aug. 23-Sept. 22): Say what’s on your mind, ask questions and protect yourself from being misled. Elaborate, but do not make promises you can’t deliver. A change that improves your health and emotional well-being will help you distance yourself from temptation. ★★★★★

LIBRA (Sept. 23-Oct. 22): Tagging along with someone funny, endearing and helpful will increase your awareness regarding how to make your life better. Enrich your lifestyle by saying no to whatever and whoever tries to dominate you and your choices. ★★★

SCORPIO (Oct. 23-Nov. 21): You’ll encounter exciting people, places and pastimes. Use your intelligence to market yourself, and a positive turn of events will unfold. Interviews, updating your skills or sending out your resume will point you in a new and exciting direction.

★★★

SAGITTARIUS (Nov. 22-Dec. 21): What you do counts. You can talk all you want, but you will fall by the wayside, and your skills and talents will go to waste, unless you act. Actions speak louder than words; do your part, and don’t look back.

CAPRICORN (Dec. 22-Jan. 19): Look over your finances and contracts and see where you stand. Don’t let anything expire or leave you without a safety net. Look for investment opportunities, but don’t take on a financial burden. ★★★★★

AQUARIUS (Jan. 20-Feb. 18): Stop worrying about the decisions others make. Say no to anyone trying to waste your time or take advantage of what you have to offer. Someone will use compliments to tempt you into taking on too much. Nurture your relationship and protect your heart. ★★

PISCES (Feb. 19-March 20): Stick to those you know and what you do best. Refuse to let anyone take advantage of you financially. Play to win, and use your skills in a unique manner that targets trends and puts you a step ahead of the competition.

BIRTHDAY BABY:

You are entertaining, influential and detailed. You are passionate and dynamic.

• Edited by David Steinberg/Anna Gundlach

‘first look’ BY DESIREE PENNER AND JEFF SINNOCK

PLAYGROUND (diptych), Jayme Lucas, 2023, oil on canvas, 48”x72”

Show BusinessMirror

Editor: Gerard S. Ramos • Tuesday, August 8, 2023

Bill ion-dol lar Barbie: Gerwig’s fil m breaks another record for female di rectors

ciNeMALAYA 19 At tHe AYALA ciNeMAS

THE Cultural Center of the Philippines and the Cinemalaya Foundation Inc. renewed its partnership with Ayala Malls Cinemas to bring this year’s ongoing edition of Cinemalaya Philippines Independent Film Festival closer to film enthusiasts and reach wider audiences.

Now in its 19th year, Cinemalaya features 10 full-length films and two sets of short films. The films in competitions are screening until August 13 at Glorietta, Ayala Malls Manila Bay, UP Town Center, and Ayala Malls TriNoma.

Following the theme “ilumiNasyon,” the 10 competing full-length films include Ang Duyan Ng Magiting (The Cradle of the Brave) by Dustin Celestino; As if it’s True by John Rogers; Bulawan

Nga Usa (Golden Deer) by Kenneth De La Cruz; Gitling by Jopy Arnaldo; Huling Palabas (Fin) by ryan Espinosa Machado; Iti Mapukpukaw (The Missing) by Carl Joseph E. Papa; Maria by She

Andes; Rookie by Samantha Lee and Natts Jadaone; Tether by Gian Arre; and When This Is All Over by Kevin Mayuga.

Meanwhile, the short films in competition are Ang Kining Binalaybay Kag Ambahanon Ko Para sa Imo (These Rhymes and Rhythms Meant For You) by Kent John D. Desamparado; Golden Bells by Kurt Soberano; Hinakdal (Condemned) By Arvin Belarmino; Hm Hm Mhm by Sam Villa-Real and Kim Timan; Kokuryo: The Untold Story of Bb. Undas

2019 by Diokko Manuel Dionisio; Makoko Sa Baybay (I Am Going to the Beach) by Mike Cabarles; Maudi

Nga Arapaap (Last Dream) By Daniel Magayon; Sibuyas ni Perfecto (Perfecto’s Onion) by Januar Yap; Sota (Horse Caretaker) by Mae Tanagon; and Tong

Adlaw Nga Nag-Snow Sa Pinas (The Day It Snowed In The Philippines) by Joshua Caesar Medroso.

Catch the Cinemalaya Philippine Independent Film Festival from August 4 to 13 at PICC, Tanghalang Ignacio B. Gimenez, and selected Ayala Malls.

For more information, visit www.culturalcenter. gov.ph, cinemalaya.org, and follow the official CCP and Cinemalaya social media accounts. Festival passes and tickets are available at the CCP Box Office located at the Tanghalang Ignacio B. Gimenez (CCP Blackbox Theater) and Ticketworld.

By Lindsey Bahr

The Associated Press

GRETA GErwIG should be feeling closer to fine these days. In just three weeks in theaters, Barbie is set to sail past $1 billion in global ticket sales, breaking a record for female directors that was previously held by Patty Jenkins, who helmed Wonder Woman Barbie, which Gerwig directed and cowrote, added another $53 million from 4,178 North American locations this weekend and $74 million internationally, bringing its global total to $1.03 billion, according to studio estimates on Sunday.

The Margot Robbie-led and produced film has been comfortably seated in first place for three weeks and it’s hardly finished yet. It crossed $400 million domestic and $500 million internationally faster than any other movie at the studio, including the Harry Potter films.

“As distribution chiefs, we’re not often rendered speechless by a film’s performance, but ‘Barbillion’ has blown even our most optimistic predictions out of the water,” said Jeff Goldstein and Andrew Cripps, who oversee domestic and international distribution for the studio, in a joint statement.

In modern box office history, just 53 movies have made over $1 billion, not accounting for inflation, and Barbie is now the biggest to be directed by one woman, supplanting Wonder Woman’s $821.8 million global total. Three movies that were co-directed by women are still ahead of Barbie, including Frozen ($1.3 billion) and Frozen 2 ($1.45 billion) both co-directed by Jennifer Lee and Captain Marvel ($1.1 billion), codirected by Anna Boden. But, Barbie has passed Captain Marvel domestically with $459.4 million (versus $426.8 million), thereby claiming the North American record for live-action movies directed by women.

warner Bros. cochairmans and CEOs Michael De Luca and Pam Abdy also praised Gerwig in a statement and said the milestone, “is testament to her brilliance and to her commitment to deliver a movie that Barbie fans of every age want to see on the big screen.”

New competition came this weekend in the form of the animated, PG-rated Teenage Mutant Ninja Turtles: Mutant Mayhem and the Jason Statham shark sequel, Meg 2: The Trench, both of which were neck-in-neck with Christopher Nolan’s Oppenheimer, also in its third weekend, for the second-place spot.

Meg 2 managed to sneak ahead and land in second place. It overcame its abysmal reviews to score a $30 million opening weekend from 3,503 locations. The warner Bros. release, directed by Ben wheatley, currently has a 29 percent critics’ score on Rotten Tomatoes and a “B-” CinemaScore from audiences. The thriller was released in 3D, which accounted for 22 percent of its first weekend business.

Third place went to Oppenheimer, which added $28.7 million from 3,612 locations in North America, bringing its domestic total to $228.6 million. In just three weeks, the J. Robert Oppenheimer biopic starring Cillian Murphy has become the highest grossing r-rated film of the year (ahead of John Wick Chapter 4) and the sixth-biggest of the year overall, surpassing Ant-Man and the Wasp: Quantumania. Oppenheimer also celebrated a landmark, crossing $500 million globally in three weeks. Its worldwide tally is currently $552.9 million, which puts it ahead of Dunkirk, which clocked out with $527 million in 2017, and has become Nolan’s fifth-biggest movie ever. It’s also now among the four top grossing biographies ever (company includes Bohemian Rhapsody, The Passion of the Christ and American Sniper) and the biggest world war II movie of all time.

Paramount’s Teenage Mutant Ninja Turtles was close behind in fourth place with an estimated $28 million from 3,858 theaters in North America. Since opening on wednesday, the film, which is riding on excellent reviews (96 percent on Rotten Tomatoes) and audience scores, has earned $43.1 million.

“This is one of those movies that is a multigenerational joy,” said Chris Aronson, Paramount’s president of domestic distribution. “I think the enduring popularity of Turtles is showing its true colors. And there hasn’t been an animated film in eight weeks and there won’t be another for eight weeks which is great for us.”

Turtles cost $70 million to produce and features a starry voice cast that includes Jackie Chan, Ice Cube, Paul rudd, Ayo Edebiri and Seth Rogen, who produced and cowrote the film, which leans into the “teenage” aspect of the turtles.

Barbie, Oppenheimer and even the surprise, antitrafficking hit Sound of Freedom (now at $163.5 million and ahead of Mission: Impossible 7) have helped fuel a boom at the box office, bringing in many millions more than was expected and helping to offset pains

Max eigenmann wins AiFFA’s best actress plum

the eve of her aunt Cherie Gil’s first death anniversary.

“My Tita Cherie also bagged the best actress here in the same festival in 2015 for the film Sonata. She has always been, and will always be, an inspiration to me, as an actor of top caliber, and a really tough act to follow.”

The AIFFA award is Eigenmann’s third international recognition. She was hailed best actress at the 2019 Asia Pacific Screen Awards in Brisbane, Australia for the film Verdict, and just a few months ago, she bagged the Jury Award for Performance at the 39th Los Angeles Asian Pacific International Film festival for the UK film Raging Grace

THE Philippines won two major awards at the ASEAN International Film Festival and Awards (AIFFA) in Kuching, Sarawak, Malaysia over the weekend.

Max Eigenmann bagged the best actress plum for her performance in the festival movie Kargo, directed by T.M. Malones, who also scored a best film nomination.

The movie was shot entirely in the central Philippine province of Iloilo, and Eigenmann had to acquire skills in speaking the local dialect. She also had to learn to drive a truck and a motorcycle for her exacting role in the movie that also stars venerated actors Jess Mendoza and Ronnie Lazaro.

At the after-awards party, Eigenmann shared that this recognition is “very special” because she won it on

B5

The second trophy for the Philippines was courtesy of Carlo Obispo, who took best director honors for the film The Baseball Player. It was Obispo’s third time in Sarawak, having participated in two previous editions.

Datuk Tamimi Siregar was announced best actor for Perjaalanan Pertama, a film collaboration between Malaysia and Indonesia.

Vietnam’s Kim B Ngo bagged the supporting actress award, while Malaysia’s Hasnul Rahmat won the best supporting actor trophy. Special Jury Awards were also given to two films: Indonesia’s Before, Now & Then and Cambodia’s Fathers South Korean superstar Rain received the Asean

Inspiration Award, given to a personality who has transcended his country’s borders to achieve international stardom.

The organizers believe that Rain continues to inspire the Asean community, specifically the creative industry, to look beyond their borders to make impactful contributions globally.

Past acting winners from the Philippines include actors Ai Ai de las Alas, Ricky Davao, Barbara Miguel, former child actor Bugoy Cariño, and the now semi-retired Ana Capri and Alessandra de Rossi. Filmmakers Louie Ignacio, Benjamin Tolentino and Lawrence Fajardo have also won AIFFA trophies.

Aside from Cherie Gil, past Filipino AIFFA winners who have crossed over to the great beyond include actors Anita Linda and Kristoffer King, along with screenwriter-director Joseph Israel Laban.

The iconic Nora Aunor was bestowed the Lifetime Achievement Award in 2017, putting her in the same league as Malaysia’s revered actress Michelle Yeoh, pioneer Malay filmmaker Tan Sri Lakshamanan Krishnan (turning 101 years old next month!), and Indonesian director, screenwriter and actor Slamet Rajardjo.

AIFFA has made a splashing comeback this year after skipping its 2021 edition due to the global pandemic. Renowned for its noble vision of fostering

caused by some summer disappointments.

“After The Flash, Indiana Jones and, to a certain extent, Mission: Impossible, people were saying the summer was a disappointment. But it’s not over yet,” said Paul Dergarabedian, the senior media analyst for Comscore. “we’re going to have a summer that is going to go out on a high note.”

But the moment of triumph for the industry will likely be short lived if the studios can’t reach an agreement with striking actors and writers soon. The fall release calendar has already gotten slimmer, with some studios pushing films into 2024 instead of trying to promote them without movie stars.

Sony had planned to release its PlayStationinspired true story Gran Turismo in theaters nationwide next Friday, but will now be rolling it out slowly for two weeks before going wide on August 25. The thinking? If movie stars can’t promote the film, maybe audiences can.

“we have to be realistic,” Dergarabedian said. “we’re on this emotional high of movies doing so well, but we have to temper our enthusiasm and optimism with the fact that the strike is creating a lot of uncertainty. The longer it goes on the more profound the issues become. But the audience has spoken and they love going to the movie theater.”

Estimated ticket sales for Friday through Sunday at US and Canadian theaters, according to comScore.

1. Barbie, $53 million

2. Meg 2: The Trench, $30 million

3. Oppenheimer, $28.7 million

4. Teenage Mutant Ninja Turtles: Mutant Mayhem, $28 million

5. Haunted Mansion, $9 million

6. Sound of Freedom, $7 million

7. Mission: Impossible — Dead Reckoning Part I, $6.5 million

8. Talk to Me, $6.3 million

9. Rocky Aur Rani Kii Prem Kahaani, $1.5 million

10. Indiana Jones and the Dial of Destiny, $1.5 million. n

cultural exchange through film and recognizing outstanding cinematic achievements within the region, AIFFA continues to shine as a beacon for Asean cinema.

Festival director Livan Tajang is elated that the event is back and stronger than ever.

“I am thrilled to have welcomed filmmakers and cinema enthusiasts to this unique celebration of Asean cinema,” she said. “The festival continues to grow, and we look forward to witness the immense talent and creativity on display from filmmakers across the region. This year is doubly special because it coincided with the 60th anniversary celebration of Sarawak.”

Kuching, in Sarawak, Malaysia, has always been home to AIFFA since its inception in 2013. For three full days last week, filmmakers and cinema creators from the ten member Asean countries came in full force to showcase the best of their craft.

AIFFA national director for the Philippines Rain Yamson is happy for the many nominations and the two big wins of the Philippine delegation this year.

“Every win is a win for our country,” he said. “Each member of the delegation might be representing his or her respective film, but when we come to Sarawak, we always come as one. I look forward to the next edition in 2025!”

Writer/director/ executive producer Greta Gerwig poses for photographers upon arrival at the premier of the film Barbie on Wednesday, July 12, in London. AP

BAGUIO GEARS UP FOR 1ST HISTORIC VICTORY DAY BIKE RIDE HONORING WWII VETERANS

the war and give due recognition to the countless Filipino and American soldiers who fought for the country’s liberation.

PVB invites sports and cycling enthusiasts to join the Ride for Victory Day, a bike-for-a-cause event that aims to raise funds for the maintenance of the country’s historical markers and other World War 2 heritage sites.

The ride is open to fully vaccinated cyclists and all types of bikes with brakes. Villa-Real said participants may ride at their own pace, and will also implement a “No Helmet, No Ride” policy to ensure the safety of the participants.

Unilever renews partnership with the Philippine Red Cross

Mike Villa-Real, PVB first vice president for marketing and communications, said “the enactment of R.A. 11216 in 2018, marks September 3rd of each year as a special working holiday, marking Yamashita’s surrender and Victory Day in the Philippines. This day in 1945 is clearly a significant historical event marking the success and along with it, the toil and sacrifices, of the soldiers of both the United States and the Philippines. However, it is not as wellknown as the ‘Araw ng Kagitingan’ (Day of Valor) commemorated April 9 each year.” Baguio City’s Congressional Representative Mark Go was the principal author of R.A. 11216.

Organized in partnership with the Philippine Veterans Affairs Office (PVAO), City Government of Baguio, Wartime Heritage Guild Philippines (WHG), Without Limits, and Salgado PR, this ride aims to foster a deeper understanding of the city’s significant role

during WWII while encouraging active participation in the sport of cyclists of all ages and backgrounds.

Inspired by the annual Ride for Valor that retraces the infamous Death March, the Victory Day Bike Ride takes a different route, focusing on the historical sites and landmarks associated with Baguio City’s role in World War II. Cyclists and participants will embark on a 44.5 kilometer route that meanders through the city’s picturesque landscapes and historical spots, providing a unique opportunity to relive the past and honor the heroes who fought valiantly for freedom.

While the Ride for Valor primarily focuses on the Death March, the Victory Day Bike Ride aims to balance the narrative by shedding light on the broader scope of World War II history in the Philippines. The Victory Day Bike Ride seeks to increase awareness about Baguio City’s role during

Villa-Real also said a mechanic will be available to help those who encounter mechanical difficulties, while roving marshals will be present to keep track of the riders’ progress. Support vehicles are allowed, but riders should only ride in the vehicle if they choose to drop out of the event.

The non-competitive bike ride will have five pitstops: start at Baguio City Hall, First Stop, Camp Allen, Second Stop, USAFIPNL Marker, Third Stop, Sablan View Deck, Fourth Stop, Fort Del Pilr (Philippine Military Academy), Fifth and Final Stop, US Embassy in Camp John Hay.

Interested individuals may register online at https://bit.ly/victorydayride-regform while groups may email rideforvalor@gmail. com until September 1. Participants will receive an official event shirt, a race bib and passport, a loot bag, post-ride meal, and commemorative medal.

For more information about the event, follow Victory Day Ride on Facebook.

Newport World Resorts has lawyers who are ranked among the country’s best

Newport World Resorts Chief Legal and Administrative Officer Atty. Walter L. Mactal recognizes the importance of having a competent and inspired team, especially given the integrated resort’s industry.

UNILEVER Philippines and the Philippine Red Cross (PRC) have renewed their long-term partnership to aid calamity and emergency-stricken communities across the country.  Through the partnership, Unilever Philippines supports nationwide calamity response by providing sanitation products and training volunteers in calamity response.

Unilever Philippines Sustainability Lead, Rondell Torres shares that working with the Philippine Red Cross is an opportunity to serve even more Filipino communities and families, especially during challenging times. “Unilever Philippines is proud to stand with the PRC and all Filipinos in solidarity and malasakit through our brands and our teams to truly make sustainable living commonplace,” Torres shares.

The partnership is part of Unilever’s Get Involved and Enable Sustainability (Unilever GIVES) program, which enables employees and partners to participate in sustainability and volunteer efforts.

Unilever and PRC have conducted various internal humanitarian activities in the past, including calamity response activities during the recent eruptions of Taal Volcano and the COVID-19 pandemic. During the pandemic, Unilever Philippines launched the Malasakit for All program, which provided PhP4 million worth of sanitation and hygiene products, ventilators to

various hospitals across the country, and freezers to house COVID-19 vaccines.

“Collaboration is key in responding to the needs of our countrymen, especially during times of crisis,” reiterates Chairman of the Philippine Red Cross, Richard J. Gordon. “We reaffirm our commitment to work together in serving communities with malasakit and compassion.” Gordon continues that PRC looks forward to a fruitful partnership in their shared mission of building sustainable and resilient Filipino communities, where everyone can live in dignity and support one another.

In 2021, both parties teamed up to promote handwashing at different schools during Global Handwashing Day, in time for the return of face-to-face classes. The PRC has also been a staple partner in Unilever’s Safety, Health, and Environment team to train emergency and first aid volunteers and conduct bloodletting activities.

Dr. Gwendolyn T. Pang, Secretary General of the Philippine Red Cross, shares the partnership is crucial especially when addressing the needs of vulnerable communities. Pang explains, “With our joint efforts and resources, we can make a meaningful difference in the lives of those affected. We are grateful for this partnership, and we are committed to working closely with Unilever Philippines towards our shared vision of a more resilient and sustainable Philippines.”

IN the first edition of The

On July 6, The Legal 500 held a reception at the Rainmaker Lounge of the Villaraza & Angangco’s V&A Law Centre in Makati City for the awardees. The event saw a grand gathering of leaders in the country’s in-house legal community, including general counsels, chief legal officers and legal heads of various industries.

“Our in-house legal team is structured to efficiently respond to the needs of the organization, and currently handles regulatory, data privacy and corporate compliance, industrial or labor relations, contract drafting and review, among others. Significant effort is devoted to aligning the expertise of each in-house legal team member with the right set of deliverables. This has been a challenging yet thrilling endeavor, as the company belongs to the hotel gaming industry, which deals with voluminous transactions and activities daily,” he said. Escape the ordinary at Newport World Resorts, you know you want to. For more information on the latest offers, visit www. newportworldresorts.com and follow @newportworldresorts on Facebook and Instagram, and @nwresorts on Twitter. Make the most of your visit and sign up for an Epic Membership or download the Newport World Resorts Mobile App for free at the Apple App Store and Google Play Store.

Red Ginger at City of Dreams Manila unveils the art of ‘Wok Hei’ cuisine

RED Ginger, City of Dreams Manila’s

Southeast Asian bar and bistro puts into spotlight the distinct flavors of “wok hei” with the “Breath of the Wok” promotion available until end of August.

The promotion highlights five piping hot stir-fried dishes that reflect chef de cuisine Sam Kin Hue’s mastery of the fire and wok. Wok hei, which translates to “breath of the wok,” is a cooking method, considered an art and a measure of a chef’s skill that’s perfected through the years.

It is characterized by the dishes’ unique smoky and charred flavor that is achieved by cooking fresh ingredients in a wok over searing heat, causing the flavor to develop while simultaneously retaining texture and crunch. Repeatedly stir-frying in small amounts while maintaining the right balance of oil to mix with the water droplets from the vegetables and momentarily tossing the flame in the wok, is the key to a perfect wok hei.

RED Ginger chef de cuisine Sam Kin Hue demonstrates his artistry and prowess of

Renewed hope for community healthcare in Palawan thanks to SM Foundation

FOR many, Palawan is a haven for travelers, boasting a mix of lush greenery and crystal-clear waters. But for its residents, the enchanting island province is a home and an inseparable part of their identity.

consultations, birthing, clean-up and sterilization, as well as labor and recovery wards.

The flavors of wok hei come alive in the Pad Thai Beef (stir-fried rice noodles with beef, tofu, tamarind sauce and peanuts), Mak Pin Chicken (wok-tossed chicken thigh with crispy cereals and curry leaves),Gam Jun Tofu (fried tofu with minced pork), Hak Jiu Seafood (wok-fried prawns and squid with black pepper sauce); and Siu Yuk Noodles (wok-fried egg noodles with crispy pork belly and fish cake).

Red Ginger is located at the upper ground floor and is open from 11 am to 1 am.

For inquiries and reservations call 8800-8080 or e-mail guestservices@codmanila.com.

For more information, visit www.cityofdreamsmanila.com. Explore more of City of Dreams Manila’s promotional offers, rewards, or instantly check Melco Club points with the new Melco Club App, available for free download on iOS and Android.

In Brgy. Irawan, Puerto Princesa, midwife Narcisa Jagmis, a proud member of the Tagbanua tribe, leads the community’s birthing facility. Built in 2016, the Brgy.

Irawan Birthing facility services roughly 10,000 residents from nearby barangays, including the indigenous peoples.

As Jagmis and her fellow health workers provide familial care in the facility, they managed to provide free prenatal care and deliveries to hundreds of women. However, it had to halt its birthing operations in 2018, needing to meet the requirements of the Department of Health (DOH).

“It’s sad and painful,” Jagmis opened. “Even though it is several kilometers away from where my fellow tribe members iive, this is the closest birthing facility here in the area. So the community is very close to the facility. When the facility was closed, there were times when they had to give birth inside their car.”

The SM group, through its social good arm, continues to instigate positive change in health care and environmental protection. Continuing its Health and Medical Programs, SM Foundation revitalized the Brgy.

Irawan Birthing Facility, helping it acquire the necessary licenses to bring back its birthing services.

SM Foundation revamped the center’s layout to improve its functionality, fitting it with dedicated rooms and spaces for storage, scrub-up, breastfeeding,

Determined to help maintain Palawan’s pristine environment and strengthen SMFI’s commitment to the SM green movement, the foundation introduced the rainwater harvesting system, a first-of-its-kind innovation in an SMFI Health and Wellness Center geared towards sustainable water management. The foundation also installed energy-efficient lighting fixtures and appliances.

SMFI complemented this initiative by beautifying the center with locally sourced decor plants and painting it with air-cleaning paints with easy-on-the-eye hues to promote physical and emotional healing and recuperation of patients.

Puerto Princesa’s Dr. Ricardo Panganiban said that the development led by the SM group would be a huge step in helping the facility acquire its license to operate from the DOH.

“The health workers at the birthing facility are from the local community. We are like a family and we have established very close relationships with them all. Now that the birthing facility has been renovated, we will be able to look after everyone’s health,” Jagmis hoped as they welcome the refurbished facility.

“Now, we will be able to bring healthcare services and programs closer to the people. Instead of having them have to spend their hard-earned money to medicines, they can now spend more on food and other essentials,” she added.

In the photo are Unilever leaders led by Atty. Joseph Fabul, Rondell Torres, and Lavin Gonzaga alongside PRC Chairman and CEO Dick Gordon, Secretary General Dr. Gwendolyn Pang, Assistant Secretary General. Ramon Murillo, and Fund General Manager Michael Jalbuena, and Unilever alumnus Ed Sunico

Legal 500 GC Powerlist Philippines 2023, Newport World Resorts Chief Legal and Administrative Officer Atty. Walter L. Mactal and Newport World Resorts Director for Legal Services Atty. Michico Rizza G. Oi-Daquil were recognized as among top players in the profession.

BAGUIO City will witness a momentous event that blends history and sportsmanship. The inaugural Victory Day Ride spearheaded by the Philippine Veterans Bank (PVB) slated on September 3, 2023 will take cycling enthusiasts and history aficionados on a journey to honor the sacrifices of World War II veterans and raise awareness about Baguio Victory Day.

HEALTH workers and community leaders in Brgy. Irawan use the refurbished birthing facility to implement their medical programs.

Ukraine Black Sea drone attacks indicate rapidly expanding war

By Bloomberg News

THE footprint of President

Vladimir Putin’s war on Ukraine is growing fast after a weekend in which sea drones crippled a Russian naval vessel and oil tanker.

For the first time, the attacks put at risk Russia’s commodity exports via the Black Sea, a route that accounts for most of the grain and 15 percent to 20 percent of the oil that Russia sells daily on global markets. Significantly higher insurance and shipping costs are likely to follow for Moscow, but there are risks to European and global markets, too.

The expansion comes as Ukraine’s counteroffensive advances more slowly than Kyiv officials planned, and as Saudi Arabia’s attempt to catalyze peace talks by hosting a multinational conference showed just how hard it is likely to be to end the bloodshed on terms both sides can accept.

“We’re in an escalation phase now and the situation is unpredictable,” said Alexander Gabuev, who heads the Russia Eurasia Center of the Carnegie Endowment for International Peace, a Washington think tank.

“Since the start of its counteroffensive, Ukraine has been trying to deliver a message to the Russian elites and population that the war can strike into their territory,” Gabuev said. Now it “is trying to target Russian critical infrastructure, including sea routes in the

Black Sea that are vital for Russian exports.”

Although the extent of this escalation and its consequences are for now unclear, they may become significant and hit non-Russian economic interests as hard as Moscow’s, if not Ukraine’s. Wheat futures in Chicago climbed more than 3 percent on Monday before paring gains, while crude oil prices in New York were little changed.

“Freight rates will be ballooning next week as the risks of carrying anything across the Black Sea proliferate,” said Viktor Katona, head crude analyst at market intelligence firm Kpler Ltd. The cost of shipping Russian crude from Novorossiysk to the west coast of India could rise by as much as 50 percent, he said.

Oil exports

RUSSIA exports around 500,000 to 550,000 barrels a day of crude and 450,000 barrels of refined products, mostly fuel and diesel, from Novorossiysk. The port also loads about 250,000 barrels a day of crude from Kazakhstan that gets delivered to the port via pipelines and from there is shipped to Romania for refining, Kpler data show.

Nearby the port, the Caspian

Pipeline Consortium, or CPC, alone loads tankers with about 1.3 million barrels of crude per day and is the main route for exporting oil from Kazakhstan to Europe.

“Some 2.5 million barrels a day of crude and products flows are endangered by the flareup,” Katona said, adding that a potential halt of the CPC would do much more damage to Western interests.

Russia is also the world’s top wheat exporter, and the bulk of its grain is delivered from Novorossiysk and the Kavkaz anchorage in the Kerch Strait. The country is in the midst of a second bumper harvest, making this a crucial time for getting grain to global markets.

Kyiv’s decision to take the war t o Russia in the Black Sea follows Putin’s July 17 withdrawal from

a United Nations-brokered grain deal and a concerted missile campaign against Ukrainian ports since. Ukraine’s grain exports have been severely reduced as a result, while Russia’s were unaffected.

The Kremlin’s goals are clear: to make shipping grain from Ukraine uninsurable and destroy the nation’s port infrastructure, both on the Black Sea and along the alternate route that the government in Kyiv has been developing on the Danube River.

‘Military threat’

“TWO can play that game,” Ukraine’s defense ministry said in a Saturday post on X, formerly known as Twitter.

“It’s time to say to the Russian killers, “It’s enough.” There are no more safe waters or peaceful har -

bors for you in the Black and Azov Seas,” the ministry said in another post the same day.

Ukraine’s State Hydrographic Service warned on Friday that the Russian Black Sea ports of Taman, Anapa, Novorossiysk, Gelendzhik, Tuapse and Sochi should now be considered subject to “military threat.”

The statement came just hours after a naval drone struck the Olenegorsky Gornyak, a landing ship. The vessel was stationed outside Novorossiysk and briefly halted marine traffic at the port for the first time since the war started almost 18 months ago.

On Saturday, another sea drone hit the Sig, a Russian-flagged oil tanker that supplies fuel to Moscow’s forces in Syria. Ukraine said the Sig had been en route to deliver

fuel to Russian forces in Crimea’s Kerch strait. Putin annexed the peninsula in 2014.

Scrambled aircraft

BOTH attacks represent a further expansion of the war’s scope, a development that began earlier and is likely to concern Kyiv’s allies. Russia’s missile strikes on new grain facilities at the Danube ports of Reni and Izmail took the war to within just a few meters of Ukraine’s border with Romania, a North Atlantic Treaty Organization member.

Fellow NATO member Poland also had to scramble aircraft recently, in response to a breach of its airspace by low-flying helicopter gunships from neighboring Belarus, now home to Russia’s Wagner group of mercenaries.  Kyiv, for its part, has conducted a series of drone attacks on Moscow since May, and more recently hit the Russian port town of Taganrog, on the Azov Sea, with a missile.  At the same time, both sides appear to have taken care to ensure no catastrophic line was crossed. Russia used slower and less powerful Shahed loitering munitions to attack Izmail, on the Danube. That reduced the risk of a major accidental strike on NATO territory, relative to using cruise or ballistic missiles. Similarly, Ukraine’s sea drone targeted the engine room at the rear of the Sig, making a major oil spill from its tanks, which sit further forward, less likely.  Further escalation is likely nonetheless. On Sunday morning, Ukraine was hit by an unusually large barrage of missiles against Kyiv and other cities across Ukraine. Bloomberg News

US interest rate hikes haunt Taiwan’s $1.1 trillion life insurance industry

By Chien-Hua Wan, Jennifer Creery & Allison Nicole Smith

THE expansionist era is over for Taiwan’s $1.1 trillion life insurance industry after the steepest Federal Reserve interest hikes in 40 years pushed it to the brink of a liquidity crisis.

Over the past year, local regulators have repeatedly loosened operating rules after a cocktail of unrealized investment losses, falling income and increased payouts saw companies struggle to meet required financial standards.

The combination of a concerted push to shore up capital buffers and the introduction of new rules allowing companies to reclassify assets means analysts now believe the worst of the crisis is over. However, there are still concerns over some operators and even the biggest players face years of crimped profitability and far slower asset growth.

The sector’s combined pretax profits were down 76 percent in the first half of 2023 compared to the previous year. In May, the central bank sounded a rare alarm, warning the stresses meant Taiwan’s financial system was “not 100 percent stable”.

“The central bank is an early warning system: it’s reminding you to watch out,” said Chang Shih-chieh, a former member of Taiwan’s Financial Supervisory Commission. “You need to be careful of liquidity issues or else accumulated minor losses could eventually get out of control.”

Rebuilding challenges

mean painful changes. The sector has already embarked on a substantial capital raise and is under pressure from the financial services regulator to fundamentally overhaul its product mix.

The industry’s assets have increased more than two-fold since 2009 to $1.1 trillion— about equivalent to the GDP of the Netherlands—after an aggressive expansion strategy focused on financial instruments beyond classic insurance. Key among these were long-run savings products that offered a higher return than Taiwanese dollar bank deposits.

With no local bond market of sufficient size to absorb this money, it piled into overseas assets. Approximately 60 percent of its holdings are in US dollar-denominated bonds, mostly long-dated credit, necessitating a huge hedging operation.

This left the industry exposed when the US started raising rates, sending the values of such holdings plummeting and the cost of hedging rising. Unlike Silicon Valley Bank, which collapsed after being forced to liquidate similar holdings at a loss, the lifers don’t have to refund redeemed policies immediately, given them time to work out a strategy.

Still, they were sitting on huge paper losses.

Simultaneously, as consumers sought higher yielding investments, annual premiums fell 21 percent in 2022. Payouts jumped as property and casualty insurers faced a huge bill after misjudging the prevalence of Covid-19.

By October 2022, the net worth ratio of seven companies had dropped below the 3 percent regulatory minimum.

As the situation deteriorated, Taiwan’s Financial Supervisory Commission stepped in. They allowed the reclassification of loss-making bonds as assets measured at amortized cost, and relaxed rules around hedging, bond trades and debt issuance.

Their actions “helped us make it through safely,” said Lin Chao-ting, deputy chief executive officer of Cathay Life Insurance Co Ltd, Taiwan’s largest life insurer by asset value, in an interview.

As well as raising capital, Cathay is focusing on overhauling its product offerings, Lin said. Key changes include cutting the number of investment offerings with a guaranteed return rate and trying to reduce exposure to currency fluctuations. That means selling more of its insurance policies in US dollars rather than local currency, and focusing its Taiwan dollar products on more classic protection-style policies, Lin said.

Wider consequences

WITH income still subdued and pressure to rethink their exposures, less cash means the industry—which includes the likes of Fubon Life Co. and Nan Shan Life Insurance Co.— may not be the heavyweight investors they were. Issuance of Formosa bonds, foreigncurrency notes sold on the island in the first-half were down about 70 percent from last year as the market, which once lured the likes of Apple Inc., sinks into near irrelevance.

One Wall Street banker, who asked not to be named discussing internal trading flows, said participation from Taiwanese lifers is down materially in both primary and secondary markets. While other buyers have filled the void, the lifers’ absence is still felt.

“Their day-to-day activity may not dictate what spreads do in aggregate,” said Winnie Cisar, global head of credit strategy at CreditSights.

“But at the margin they’re very important for absorbing incremental supply and just being one of those extra

buyers of corporate credit that keep things relatively stable.”

And in Taiwan’s domestic market, when the biggest buyers become sellers, that can upend conditions. The lifers had to pay out yields of nearly 4 percent on their recent issues of subordinated bonds, well in excess of the 2 percent paid by local banks.

While the situation has stabilized, the pain isn’t over. According to a report sent to legislators by Taiwan’s FSC in May, there are still two life insurance companies whose financial ratios do not meet legal standards. Both plan to sell property assets to raise funds.

In a worst-case scenario, if a company fails to raise enough capital and falls below regulatory minimum ratios, the authorities could be forced to step in.

Three lifers are on negative credit outlook, according to S&P’s Taiwan Ratings. Two are small, but the other is Shin Kong Life, one of Taiwan’s top six life insurers. In the first half of 2023, Shin Kong’s after-tax losses jumped to NT$11.2 billion ($359 million). The company is also facing capital pressure, as it only just cleared regulatory minimums in March.

“In the short term, Shin Kong’s first priority is to raise capital,” said new chairman Wei Pao-Sheng at a product launch event last Thursday. Longer term, the company will focus on restructuring its product line, he added.

Cocktail of issues

WHILE classically higher rates should be good for life insurers in the long term, the sector’s US

dollar exposure means higher hedging costs that will limit profits. Right now, hedging costs are at approximately 4 percent implied yield for 12 months, roughly double last year.

Customers are also being slow to return, with consumers favoring bonds and term deposits. Even though premiums have recovered a little, in the first five months of 2023, the lifers still paid out NT$44.3 billion more than they took in, according to data from the Taiwan Insurance Institute.

Plus there are long-term consequences from the decision to reclassify so many assets as amortized costs. If and when the US starts to cut rates, lifers won’t be able to profit as most assets in that category must be held to maturity, said Chang.

And the capital-build process is probably just starting. From 2026, the industry will adopt IFRS 17 global accountancy standards, bringing broad changes to financial reporting.

For example, insurance profit will be separated from investment returns and liabilities valued at current interest rates rather than initial rates.

Andy Chang, analyst at Taiwan Ratings, said the changes will likely require more capital, though how much is unknown until the regulator releases details of the local implementation.

“It is going to be a difficult and painful process to bridge the next accounting standards,” said Cathay’s Lin. “Slower asset growth will be the new norm.” With assistance from Argin Chang/Bloomberg

IN this image from video made available on Saturday, August 5, 2023, a seaborne drone approaches a Russian tanker on the Black Sea. Ukrainian drones have hit a Russian tanker in the Black Sea near Crimea, according to Russian officials. The strike was the second sea attack involving drones in one day, after Ukraine said its sea drones also struck a major Russian port on Friday. AP

Fortune Life supports DepEd, Palaro in Marikina with corporate giveways

FORTUNE Life donated corporate giveaways to the Department of Education (DepEd) External Partnership Service (EPS) team at Sta. Elena High School in Marikina City.

I n coordination with the DepEd EPS, Fortune Life Insurance Company joined the opening ceremony of the 63rd edition of the Palarong Pambansa at the Marikina City Sports Park last July 31.

There were approximately 9,000 children-athletes from 17 regions who took part in the parade, wearing their respective elaborately-designed and colorful costumes and uniforms.

A fter three years of pandemic hiatus, the annual sports competition for elementary and high school students was back, featuring 34 sports, including demonstration and exhibition events.

P resident Ferdinand R. Marcos

Jr. opened the Palaro with Vice President and Education Secretary Sara Z. Duterte.

P resident Marcos Jr. reminded all children-athletes the importance of sportsmanship and expressed his appreciation to the coaches who helped train the participants in each sporting event. With consistent and diligent efforts, I am confident that they will eventually bring glory to our nation not only in the field of sports but also in other endeavors that they will choose to pursue,” President Marcos said.

The company expressed its continued support to the DepEd event by donating corporate giveaways that will benefit the participants. Fortune Life belongs to the umbrella of the ALC Group of Companies, founded by the late Ambassador Antonio L. Cabangon Chua.

FORTUNE Life Insurance Company joins the opening ceremony of the 63rd Palarong Pambansa at the Marikina City Sports Park in coordination with the Department of Education External Partnership Service.

Cray sets sight on Paris 2024

NOW that he’s qualified for the world championships, Eric Shauwn Cray raised his goal to making the podium in Budapest, break his 400-meters hurdles national record and make the Paris Olympics next year.

To break my national record is the goal and qualify for the Olympics,” Cray said Monday. “Breaking my record will put me closer to qualifying to the Olympics, this is more important than winning a medal.”

C ray’s personal best of 48.98 stands as the national record that’s been unbroken for seven years. He has to run 48.70 seconds to qualify for Paris.

C ray said he’s awaiting instructions from the Philippine Athletics Track and Field Association on his itinerary for the August 19 to 27 world championships in Hungary, where he will join world No. 3 pole vaulter Ernest John “EJ” Obiena and

‘DANCING QUEENS’ SEND U.S. GALS HOME

fellow Filipino-American women’s 400-meter hurdler Robyn Brown.

He’ll be flying to Budapest from his base in San Antonio, Texas.

I will be there four or five days before the competition, but I’m still waiting for their instructions,” said Cray, who ran in the 2017 London world championships but was disqualified because of a false start.

C ray, 34 and an eight-time Southeast Asian Games gold medalist, missed an automatic qualification for Paris at the Asian championships in Bangkok last month.

“ I’ve been taking care of my body since after the Asian championships and am focused to do my very best,” he said. “I know I can get that Olympic berth because, I just have to do my best and focus.” Josef Ramos

Clarkson hits town Tuesday to join Gilas Pilipinas for FIBA World Cup

By Josef Ramos

JORDAN CLARKSON is arriving Tuesday in Manila to fulfill his commitment to reinforce the Gilas Pilipinas in the International Basketball Federation (FIBA) World Cup that starts in 17 days.

The Utah Jazz star, named the 2021 Sixth Man of the Year in the National Basketball Association, boarded a Philippine Airlines flight at the Los Angeles Airport with his staff.

He arrives the same day Tuesday as the national pool, which played in a pocket tournament in Guangdong, China, as part of its training camp ahead of the August 25 to September 10 the country is lead hosting with Japan and Indonesia.

He will be here finally,” Samahang Basketbol ng Pilipinas (SBP) president Al Panlilio told BusinessMirror on Monday.

“I’m very happy right now that he will finally join the team. That’s what we’ve been waiting for.”

G ilas head coach Chot Reyes said he expects the 31-year-old Clarkson to be in shape.

The 6-foot-5 Clarkson starts practicing Wednesday with Reyes confirming that he knows “what the team wants from him.”

We’ve been exchanging thoughts and ideas, and he’s accepted it. He knows what we want from him,” Reyes told a radio interview over the weekend.

Clarkson missed Gilas Pilipinas’ Europe training camp last June as well as the Heyuan WUS international pocket tournament in Guangdong where the team played Iran and Senegal.

R ay Parks Jr. took charge in the dying minutes for Gilas Pilipinas which got back at Senegal, 75-63, Sunday to go 2-1 won-lost in Guandong. The team beat Iran, 76-65, but lost to Senegal, 64-72.

Gilas again played Iran late Monday.

Gilas plays its first game in Group A against world No. 23 Dominican Republic at 8 p.m. on August 25 at the Philippine Arena in Bocaue, Bulacan.

Next up will be No. 41 Angola on August 27 and No. 10 Italy on August 29 both games at the Smart Araneta Coliseum starting 8 p.m.

MELBOURNE, Australia—The United States played its best game of this Women’s World Cup and it wasn’t good enough to stop the two-time reigning champions from being eliminated in the round of 16.

The Americans’ bid to win an unprecedented third consecutive title ended Sunday on penalty kicks. It is the earliest exit in tournament history for the United States, fourtime winners of the World Cup.

Megan Rapinoe, Sophia Smith and Kelley O’Hara missed with kicks from the penalty spot before Lina Hurtig converted to clinch the shootout 5-4 as Sweden knocked the United States out of the World Cup after a scoreless draw in regulation and extra time.

players sobbed. We just lost the World Cup by a millimeter. That’s tough,” said Naeher, who successfully converted her own penalty kick. “I am proud of the fight of the team. We knew we hadn’t done our best in the group stage and we wanted a complete team performance and the team came out and played great.”

S he praised Sweden goalkeeper Zecira Musovic, who had 11 saves to deny the US a spot in the quarterfinals. The American’s worst previous finish had been third place, three different times.

We didn’t put anything in the back of the net,” sobbed Julie Ertz after the loss. “The penalties were tough. It’s just emotional because it’s probably my last game ever. It’s just tough. It obviously sucks. Penalties are the worst.”

The loss was somewhat expected based on the Americans’ listless play through three group-stage matches. But they played their best game of this World Cup against Sweden, only to have it decided by penalties.

“ I am proud of the women on the field,” US coach Vlatko Andonovski said. “I know we were criticized for the way we played, and for different moments in the group stage. I think we came out today and showed the grit, the resilience, the fight. The bravery showed we did everything we could to win the game. And, unfortunately, soccer can be cruel sometimes.”

It was the fourth time the Americans went to extra time at the World Cup. All three previous matches went to penalties, including the 2011 final won by Japan. The US won on penalties in a 2011 quarterfinal match

against Brazil, and in the 1999 final at the Rose Bowl against China.

Sweden knocked the United States out of the 2016 Olympics in the quarterfinals on penalties.

Sweden goes on to the quarterfinals to play Japan, which beat Norway 3-1 on Saturday night.

Sweden has never won a major global tournament, either the World Cup or the Olympics. The closest the team has come is World Cup runner-up in 2003. They placed third in the 1999, 2011 and 2019 editions, and won silver medals in the last two Olympics. The result ended the international career of Rapinoe, the Golden Boot winner of the 2019 tournament who is retiring after the World Cup. She had taken on a smaller role in her final tournament and was a substitute in the United States’ first and third games of group play. S he went on in extra time against Sweden and in her final game and few minutes of action, she failed to control a ball played in deep, whiffed on a rebound, hit the side of the net with a corner kick and then missed the penalty that would have put the United States on the verge of victory. Just devastated. It feels like a bad dream,” captain Alex Morgan said. “The team put everything out there tonight. I feel like we dominated, but it doesn’t matter. We’re going home and it’s the highs and lows of the sport of soccer. So, yeah, it doesn’t feel great.” The Americans struggled through group play with just four goals in three matches. They were nearly eliminated last Tuesday by first-timers Portugal, but eked out a 0-0 draw to fall to second in their group for just the second time at a World Cup. AP

Dutch cycling star Van der Poel nets UCI road crown

MATHIEU VAN DER POEL crashed while leading the road race at the world championships, breaking his shoe and tearing his jersey, yet the Dutch cyclist maintained his poise, quickly remounted and pulled away for a remarkable victory Sunday.

Van der Poel had been riding with two-time Tour de France winner Tadej Pogačar, one-day specialist Wout van Aert and Mads Pedersen, a former world champion. They pulled back Alberto Bettiol’s solo breakaway, then van der Poel headed off on his own, flying through the rain and over the wet roads to victory in downtown Glasgow, Scotland.

It was one of the biggest goals I had left, and to win it today is amazing,” he said. “I almost completed my

MATHIEU VAN DER POEL

career, in my opinion, so for me it’s maybe the biggest victory on the road.

I cannot imagine yet riding in the rainbow [jersey] for the next year.”

Th at includes the Paris Olympics, where van der Poel will be among the favorites next summer.

Not even a mistake Sunday, when Van der Poel slid his bike into a barrier on a tight right-hand turn, could stop him. By the time he reached the finish line, the grandson of Raymond Poulidor had accomplished what the French icon never did—he finished on the podium four times at the world championships but never on the top step.

Van Aert, one of the pre-race favorites, pulled away down the final stretch to take the silver medal for Belgium, and Pogačar beat Pedersen in a head-to-head sprint by less than the length of his front tire to claim bronze for Slovenia.

It was an impressive performance by Pogačar, who won a series of one-day races early in the year before breaking a wrist in a crash at Liege-Bastogne-Liege. He returned in time to make a run at a third Tour de France title, but despite winning

two stages, he could not keep up with Jonas Vingegaard over the last week and finished second for the second straight year.

The men’s road race Sunday was halted for about 45 minutes early in the 271-kilometer run from Edinburgh to Glasgow when a group of environmental protesters refused to leave the road.

R iders sat in team cars, and even chatted with International Cycling Union president David Lappartient, while officials near the Scottish town of Falkirk arrested five people.

The route took riders across the Firth of Forth and through some hills north of Glasgow, but there was never enough elevation to break apart the peloton. The early breakaway was brought back well before the riders reached Scotland’s largest city, setting up a dramatic 10 laps over a highly technical 14.3-kilometer circuit through the downtown area.

A select group of 16 riders, which included Neilson Powless of the US and defending champion Remco Evenepoel of Belgium, began to fracture with about 30 kilometers to go. AP

THE US’s Megan Rapinoe, Sophia Smith and Lindsey Horan sob as the Swedes celebrate while the stadium plays Abba’s “Dancing Queen.” AP

keeps his poise despite near costly fall. AP