BusinessMirror August 15, 2023

‘Legislated wage hike to hurt 50K retailers’

By Andrea E. San Juan

AROUND 50,000 Filipino retailers are at risk if the legislated wage hike will push through, according to the Philippine Retailers Association (PRA).

PRA President Roberto S. Claudio said the legislated wage hike may have an impact on the retail sector as more employees will lose their jobs if the wage hike will hurdle Congress.  Because most of the businesses, if they have to comply with the higher wages, they will simply reduce employment,” Claudio told reporters on the sidelines of the recent 49th National Retail Conference and Expo.

“Kasi kailangan bayaran mo ngayon

‘yung mga magagaling pa na nandoon, kailangan ng [Because you must pay now the good ones who are still there with] higher wages, so they’ll give them higher wages but they’ll reduce everything at the bottom,” the PRA head added.

Moreover, he divulged that the retail sector is concerned that the wage hike may give rise to labor problems such as loss of employment.

“Mas mabuti pang mas maraming nakakakuha ng trabaho, maski  [It’s better that more people have jobs] at a certain level rather than  itataas mo pero yung  [you raise wages but the] affordability, the viability of companies will be sacrificed that they will instead reduce workers and manpower,” Claudio noted.

T he PRA head gave estimates of workers at risk once the legislated wage hike gets the nod of Congress. With around half a million people working for the retailing industry, Claudio said “easily 10 percent of that will be decimated,” which is equivalent to around 50,000 employees.

T he PRA chief pointed out that the estimated figure of 50,000 who will be affected is only limited to the retail sector. In terms of family benefits, however, he illustrated that with “one person working in the retail industry...it has maybe four or five family dependents. So we were saying before, about 2 to 2.5 million people are dependent on the retail industry.”

C laudio said that on top of the

500,000 “mainstream” retail workers, the micro, small, and medium enterprises (MSMEs) translate to another 300,000 to 500,000 in terms of loss of employment.

“ It is something that will be affecting mostly retailers and MSMEs ...if there is another round of increase. Because there’s an increase, right, for now; even the round that has already been approved [a reference to the Metro Manila wage order that took effect last July 16], businesses are already adjusting,” the PRA head said.

C laudio emphasized that the legislated wage hike must be “synchronized” with the country’s inflation rate and ability to generate investments.

See “L egislated,” A2

PAGCOR TARGETS P80-B PRE-COVID TAKE BY 2024

By Jasper Emmanuel Y. Arcalas @jearcalas

“ We will be able to attain about 92 percent of our prepandemic numbers already from last year’s 63 percent. This year we are expecting 92 percent of our 2019 prepandemic numbers,” Pagcor Chairman Alejandro H. Tengco told lawmakers during the House of Appropriations hearing on the agency’s proposed 2024 budget on Monday.

B ased on Pagcor’s presentation, this would mean that the government-owned and -controlled corporation would achieve a P75.495 billion in total income this year, about 28.04 percent higher than last year’s P58.96 billion.

A bout P71.307 billion of Pagcor’s projected total revenues this year would come from its gaming operations, according to the presentation.

Pagcor’s total income in 2019 stood at P79.419 billion, with P75.759 billion coming from gaming operations.

P agcor’s total income in the first half rose by 35.64 percent to P36.217 billion from P26.7 billion in the same period last year.

Tengco explained that historically the second half accounts for

POPULAR SPOTS STILL GET BULK OF TOURISM ROADS BUDGET

By Ma. Stella F. Arnaldo @akosistellaBM

Special to the BusinessMirror

THE Department of Public Works and Highways (DPWH) has been allocated some P13.97 billion to build access roads and bridges to declared tourism destinations, under a convergence program with the Department of Tourism (DOT).

A ccording to the National Expenditure Program (NEP) for fiscal year 2024 proposed by the Department of Budget and Management (DBM), some 66 percent of the funds or P9.2 billion will be allocated to the DPWH Central Office in the National Capital Region (NCR). Outside the NCR, Central Visayas

will receive the largest budget at P771.34 million, with Cebu getting the most funds at P320 million.

D BM documents said these funds will be used for the “construction, reconstruction, upgrading, and improvement of roads and bridges” under Tourism Road Infrastructure Program (TRIP). Next year’s P13.97-billion TRIP budget is 21 percent less than this year’s funding of P17.7 billion.

T he DPWH and DOT jointly draw up the technical criteria and identify the priority areas where these roads and bridges will be constructed or improved to support the National Tourism Development Plan (NTDP) of 2023-2028. The convergence program was forged in 2012 by then Tourism Secretary Ramon R.

Jimenez Jr. and Public Works Secretary Rogelio “Babes” L. Singson.

Top allocations outside NCR OF the TRIP regional budget for 2024, after Central Visayas, the following regions will get the largest allocations:  Davao Region at P470.86 million; the Cordillera Autonomous Region, where Sagada and Baguio are located, at P438.75 million; Cagayan Valley, which hosts the Cagayan Economic Zone Authority, at P436.22 million; Western Visayas, where Iloilo and Bacolod are frequented by domestic tourists, at P363.26 million;  and Calabarzon, where Batangas and Quezon are  located, at P320 million. Under the baseline scenario of the NTDP 2023-2028, the DOT is

trying to attract 7.7 million international travelers and encourage 93.5 million domestic trips for 2024. The agency also projects visitor receipts of P5.5 billion from foreign guests  and P2.21 trillion from domestic travelers that same year. Said visitor receipts are aimed to generate P2.4 trillion in tourism gross valueadded and increase the tourism sector’s share to 10.26 percent of the local economy, as expressed in the gross domestic product.

P286B inbound receipts

AS of August 10, the Philippines received 3.4 million international travelers, some 71 percent of the DOT’s target of 4.8 million for 2023, as per data released by the DOT.

By Andrea E. San Juan

TRADE Secretary Alfredo E. Pascual said the ongoing realignment of geopolitical forces makes the Philippines an “ideal pivot point” for international trade.

I n his speech during the Rotary Zone 10A Public Image Congress last August 12, the Trade chief underscored the “fundamentals” that strengthen the country as it pursues inclusive growth.

A mong those he cited is the importance of forging international partnerships amid the ongoing change in the global geopolitics, which he said will help create highquality jobs for Filipinos.

“ The world is realigning, driven by trade tensions, regional aspirations, and a global trend toward decentralization. Amid this flux, countries and businesses seek stability and assurance, re-evaluating their dependencies and seeking diversification in their supply chains,” Pascual said, adding that here lies the “golden opportunity” for the Philippines.

T he Trade chief pointed to factors that could make the Philippines a “beacon” amid the evolving global geopolitics.

“

Our geographical location serves as a strategic gateway between the East and West, making us an ideal pivot point for international trade,” Pascual stressed.

He noted that apart from this, the country’s human resources are another “significant draw” given its young, educated, and Englishspeaking population.

I n relation to the country’s geographic advantage in terms of location, Pascual pointed out that the Philippines’s “unique geographic positioning makes our nation a natural gateway connecting the world’s most bustling markets.”

A ccording to the Trade chief, investors eyeing the Asian landscape find in the Philippines a “sweet spot.” He said the country is where the “pulse of Asia’s dynamism” meets the promise of accessibility and reach.

THE Philippine Amusement and Gaming Corp.’s (Pagcor) revenues would return to prepandemic level of P80 billion by next year on the back of the country’s economic growth and rising gaming demand, its chairman said.

‘Realignments favor PHL as ideal pivot pt for trade’

ON Monday, President Ferdinand Marcos Jr. and Vice President Sara Duterte took the lead in the inaugural day of Brigada Eskwela at V. Mapa High School in Manila. They participated in painting school chairs as part of the annual clean-up initiative, scheduled from August 14 to 19. The campaign aims is to get more than 47,678 public schools across the nation ready for the commencement of classes on August 29. See related stories on Brigada Eskwela and school opening preparations on A5 News. PRESIDENTIAL COMMUNICATIONS OFFICE

Pagcor to privatize its 45 casinos by 3rd qtr of 2025

By Jasper Emmanuel Y. Arcalas @jearcalas

for the privatization.

T he Department of Finance (DOF) has been of the view that Pagcor’s dual roles are conflicting and that the government-owned and -controlled corporation should only be left with its regulatory function.

T he chair of the Senate Public Services committee, Sen. Grace Poe, had earlier also weighed in in favor of privatization,  saying Pagcor could perform better if it did not have to carry out two conflicting mandates as regulator and operator.

However, this was still  30-percent less than the prepandemic arrivals of 3.85 million in the first seven months of 2019. Prior to the pandemic, the DOT reported visitor arrivals on a monthly basis.

“ My thrust is to privatize the 45 properties of Pagcor. I am looking at 2025 as my timeline. In fact, I have been doing some studies on the said privatizations,” Pagcor Chairman

Alejandro H. Tengco told the House Committee of Appropriations during the agency’s budget hearing on Monday.

Tengco said, at present, Pagcor is trying to increase the value of

its properties to be able to hike the future privatization proceeds.

Tengco also emphasized that the privatization plan of Pagcor “cannot be stopped” since it has the imprimatur of President Marcos Jr.

It is clear that Pagcor should purely be a regulator and not an operator at the same time,” he said, while noting that the third quarter of 2025 would be the earliest target

C agayan de Oro City 2nd District Rep. Rufus B. Rodriguez, however, questioned the privatization plan of Pagcor and even went on to say that he would file a bill to oppose such proposed measure.

R odriguez argued that Pagcor would lose its “regularity of income” if its casinos were privatized.

Why are we going to sell the goose that lays the golden egg?” he said during the budget hearing.

whatever,” he said.

See related story in A2, “Pagcor to privatize its 45 casinos by 3rd qtr of 2025.”

However, Tengco defended Pagcor’s plan, arguing that maintaining the agency’s dual roles would mean continued “unethical” practice.

Unfortunately, there is an impropriety,” he said. “We are the only [gaming agency] around the world that is a regulator and is also an operator,” he added.

T he Pagcor chief, who has since assuming office undertaken thorough reforms in the agency‚including replacing the third-party auditor his predecessors hired for regulating online gambling entities—admitted that Pagcor has been remiss in regulating its very own gambling operations. This, he noted, is “unfair” to private licensed casinos.

“ I have to be very candid and honest that sometimes we overlook regulating ourselves. We are being unfair to those we have given licenses to,” Tengco said.

S ee related story in B3 Banking, on Pagcor’s vital role in funding social services.

cor would post a new record-high in terms of total income between 2024 and 2025.

Tourism Secretary Christina Garcia Frasco also bared that inbound receipts have reached P286 billion, close to 91 percent of this year’s baseline target of P316  billion. The seven months expenditures of foreign travelers in the country exceeded the P245 billion they spent in the first of half of pre-pandemic 2019. The DOT did not make available the July 2019 inbound receipts data.

D uring a panel discussion in a recent post-State of the Nation

economic briefing in Cebu, the DOT chief said: “These numbers are only seen to grow further especially that the Philippines has now fully opened up to tourism. We’re very grateful to our President Ferdinand ‘Bongbong’ Marcos Jr. for prioritizing tourism in his national development agenda.” Despite the supposed priority for tourism, the DOT is  getting a lower budget in the NEP 2024, due to its slow spending this year.  Funds spent on promoting the Philippines as a tourism destination is also the lowest in the Association of Southeast Asian Nations. (See, “PHL tourism promotions get P1.3 billion for 2024,” in the BusinessMirror , August 9, 2023.)

the bulk of Pagcor’s income, with the fourth quarter having the highest gaming demand.

“ We are looking really at P72 billion minimum level [this year] barring geopolitical problems or

New record high

TENGCO said they project that Pag-

“ We will make sure we can reach the P100-billion mark hopefully by 2025. By 2024, I am confident that we can surpass the prepandemic [performance],” he said.

P agcor’s 2024 projected total income is at P80.283 billion, about 6.34 percent higher than this year’s estimated full-year gross revenues.

Together with the increase in gross revenues, Pagcor’s contributions to nation-building are also expected to rise. Next year, Pagcor is projected to contribute P54.219 billion to nation building, about P4.129 billion higher than this year’s P50.089 billion estimated amount.

I n terms of net income, Pagcor’s bottom-line is projected to reach P5.194 billion next year, about 6.74 percent of its estimated P4.866 billion net income this year.

Maharlika contribution

TENGCO disclosed that Pagcor is still seeking clarification on how the share of the agency to the Maharlika Investment Fund (MIF) would be computed.

A t present, Pagcor is remitting about 50 percent of its revenues (net of the 5 percent franchise tax) to the Bureau of the Treasury.

Now, Tengco said they want to know if Pagcor’s mandated 10-percent contribution to the MIF would come from the 50-percent share of the national government from its revenues.

Nonetheless, Tengco estimated that Pagcor would be contributing between P3.6 billion and P4 billion to the MIF next year.

“ If we are looking at a contribution of Pagcor to the national treasury between P36 billion and P40 billion, and if we have the correct interpretation, then our contribution to the Maharlika fund would be anywhere between P3.6 billion to P4 billion,” he said.

Furthermore, Tengco said they are also seeking clarifications from concerned agencies on whether Pagcor could invest a portion of its retained earnings, which are held in the banks, in the Maharlika fund.

“ If the [Department of Finance] will not be happy with our investments to the Maharlika fund, we are looking at—and still getting clarifications—if we can invest a certain percentage of our retained earnings to the Maharlika fund,” he added.

R epublic Act 11954 or the Maharlika Investment Fund Act stipulated that 10 percent of the national government’s share from the income of Pagcor shall be contributed to the MIF for five years.

I n fact, he emphasized that the Philippines’s “extensive” coastline offers vast potential for maritime trade, and its proximity to major Asian economies ensures reduced logistics time and costs.

“ The Philippines stands as a bridge between the East and the West. Our location, right at the heart of Asia’s growth engines, positions us perfectly to serve markets from the bustling metropolises of China to the advanced economies of Japan and South Korea and southwards to the booming ASEAN neighbors,” Pascual said.

Meanwhile, the Trade chief said it’s not just about geography, but also about accessibility. In relation to this, he pointed out that the Philippines “provides easy maritime access to over 40 countries and direct flights to many major cities globally.”

T his, he said, is an advantage for manufacturers looking for efficient supply chain operations. He added, “When goods leave our shores, they’re not just products; they carry our commitment to quality, innovation, and excellence.”

L ast July 2023, a BusinessMirror story noted that Senate President Juan Miguel Zubiri was poised to pitch an amended legislated wage hike bill once Congress reopens on July 24, this time seeking a uniform P100 daily hike for minimum wage earners,

to augment the P40 ordered by the Metro Manila regional wage board in June.

I n June, the regional wage board approved a P40 daily minimum wage hike in the National Capital Region (NCR) due to the country’s high inflation.

might imperil the 2024 national budget, Escudero replied: “Well, simply put, discretion always equals corruption. Minimize discretion, you minimize corruption, eliminate discretion you eliminate corruption.”

T he senator asked: “Who is tasked with collecting the taxes?

Isn’t it the BIR?  Who is tasked with collecting duties and other fees, isn’t it the Bureau of Customs? Aren’t these two agencies the main sources of graft and corruption the past several decades?”

T herefore, he added, it would be good to focus really on these agencies, even though “collecting new taxes is the easiest option.”

The agencies should simply collect the right taxes under existing laws, and equalize implementation to avoid unduly burdening the compliant, he added.

Reminded that the main revenue agencies have seen leaderships changed and  their field officers shuffled constantly, Escudero pointed out that “it may perhaps not be a simple problem of leadership, but reforming the system. We must identify the areas of discretion, and reduce or eliminate them.”

He recalled a simple proposal before to change all tables at the Bureau of Customs, so they don’t have  drawers, and impose uniforms without pockets. S o, he said, from simple notions of changing tables and uniforms, “we must keep identifying areas of discretion and thus minimize corruption and abuse of power.”

T hen perhaps, he added, “the government’s tax take might increase to a point where we won’t have to impose as much new tax measures as we wanted.”

Throughout the year 2022, the consensus has effectively ensured general stability and tranquility in the waters off Ren’ai Reef.

Unfortunately, beginning early this year, the Philippine Government refused to acknowledge and implement the existing consensus and started to take a series of unilateral actions,” Zhou said.

T he Embassy said they suggested early this year that both sides discuss “measures to strengthen the management of the situation of Ren’ai Reef as early as possible” as well as “return to the track of honoring the existing consensus.”

“ We also provided the Philippine side with a draft proposal. We are still waiting for the formal response

from the Philippine side,” he added.

T he Philippine side, Zhou claimed, “insisted on transporting construction materials to the ‘grounded vessel’ for overhaul and reinforcement.”

T his is the reason, he asserted, the Chinese Coast Guard and Chinese Navy took “warning law-enforcement measures and stopped the vessel carrying construction materials.”

“ I believe you have also noticed that the other Philippine re-supply vessel entered the lagoon of Ren’ai Reef and performed its humanitarian re-supply mission. This showed the restraint and humanitarian spirit of the Chinese side,” Zhou said.

STATE-RUN Philippine Amusement and Gaming Corp. (Pagcor) said it wants to privatize all of its 45 casinos as early as the third quarter of 2025 as the agency decouples its dual role as a gaming regulator and operator.

Gunman in Lapid slaying files for plea bargain deal

By Joel R. San Juan @jrsanjuan1573

THE self-confessed gunman in the killing of radio broadcaster Percival “Percy Lapid”

Mabasa asked the Regional Trial Court (RTC) of Las Piñas City Monday to allow him to plead guilty to a lesser offense of homicide instead of murder.

Joel Escorial, through his lawyer from the Public Attorney’s Office (PAO) Nikki Garcia, submitted a motion dated August 14, 2023 to plea bargain before the Las Piñas RTC Branch 254 presided by Judge Harold Huliganga.

“After conferring with accused-movant and informing him of the right to plea bargain, he consented to plead guilty to the lesser offense of homicide,” Escorial’s motion said.

The motion, according to Escorial’s lawyer, was not intended to delay the proceedings before the court in connection with the case but “to serve the best interest of justice.”

“The accused would like to seek the indulgence of the Honorable Court to allow him the opportunity to open the table for plea bargaining as regards to the plausibility of availing the same...,” Escorial pleaded.

Lapid’s brother and journalist Roy Mabasa, confirmed Escorial’s motion and said this would be studied by their lawyers.

“Alleged gunman Jose Escorial filed before Las Piñas Judge Harold Huliganga a plea bargain requesting the court to downgrade the murder case to homicide in exchange for his admission. If granted, he faces ‘reclusion temporal’ or up to 20 years in prison,” Mabasa said.

Mabasa, who was present during Monday’s

hearing at the Las Piñas court on the case, also said Escorial also asked the court to allow him to spend his prison term at a Bureau of Corrections facility in Samar, citing security concerns at the New Bilibid Prison (NBP) in Muntinlupa City where Lapid’s killing was allegedly hatched.

“Our lawyers are looking at it very closely. Although there is a question of whether he will qualify or not, we will see how it will go. For us, justice is when the mastermind/masterminds are put behind bars,” Mabasa added.

Esc orial is facing trial for murder charges before the Las Piñas court in connection with the killing of Lapid last October 3, 2022 with former BuCor chief Gerald Bantag and Bantag’s deputy, Ricardo Zulueta and several other persons deprived of liberty (PDLs) as co-respondents.

Escorial surrendered to the authorities days after Lapid was gunned down on October 3, 2022, saying he feared for his safety.

It can be r ecalled that last month, PDLs Alvin Galicia, Aldrin Galicia and Alfie Penaredonda were sentenced by the court for two to eight years imprisonment after they pleaded guilty for acting as accessories in Lapid’s killing.

Bantag and Zulueta have been charged with the murders of Lapid and inmate Jun Villamor, the alleged middleman in the journalist’ killing.

Villamor was allegedly responsible for contacting second middleman Christopher Bacoto, a Bureau of Jail Management and Penology (BJMP) detainee, who allegedly hired Escorial to kill Lapid.

B acoto has denied any involvement in Lapid’s murder.

PBBM urges cops from MNLF, MILF to serve, protect Filipinos

By Samuel P. Medenilla @sam_medenilla

FROM lawbreakers to law enforcers. President Ferdinand

R. Marcos Jr. welcomed the integration of 108 former members of the Moro Islamic Liberation Front (MILF) and Moro National Liberation Front (MNLF) in the ranks of the Philippine National Police (PNP) as another milestone in the country’s peace process in Mindanao unfolds.

In his speech read by Department of the Interior and Local Government (DILG) Secretary Benjamin Abalos

Jr. last Thursday, the President stressed the new role of the former Moro rebels in helping ensure national security.

They were among the 1,134 MILF and MNLF applicants, who were able to complete the necessary course to be absorbed by the PNP for the first time.

“The moment you take your oath, you pledge your allegiance not just to the Philippine National Police. You pledge your commitment and dedication to the public, to the Filipino people [whom] you promise to serve and protect,” President Marcos said.

“You will be issued with arms, which you will be using for the protection of the Filipinos; the arms of protection, which you will now use with the government and not against it. Because at the end of the day, we all have that one thing we aim to achieve—lasting peace and sustainable progress,” he added.

The Chief Executive hopes it will inspire other members of MILF and MNLF to cooperate with the government.

The integration is part of implementation of the Bangsamoro Organic Law, or Republic Act No. 11054.

Abalos said he hopes the development will help in preserving peace in Mindanao.

“We have already taken steps towards attaining lasting peace in the region. Together we will achieve unity in Mindanao,” Abalos said.

The DILG chief also committed that the national government will continue to provide additional aid to the government of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) so it can continue implementing programs, which will uplift the welfare of its constituents.

BI deports 2 Indians with alleged links to terrorists

THE Bureau of Immigration (BI) announced Monday the deportation of two Indian nationals believed to be involved in terrorist activities in their country.

BI Intelligence Division chief Fortunato Manahan Jr. identified the Indian nationals as Manpreet Singh Gill, 23 and Mandeep Singh, 26.

They were deported last Sunday, August 13 via a Thai Airways flight to New Delhi.

A team of BI agents was formed to escort the two until they were

received by airline personnel and Indian authorities.

Manpreet was ordered deported for being an undesirable alien, while Mandeep was tagged as undesirable for harboring a fugitive and for   violation of the conditions of his stay.

“Their deportation ensures that our country is safe from these undesirable aliens that pose a major threat to our people,” BI Commissioner Norman Tansingco said.

“Our close coordination with other governments would allow

us to continuously hunt down and deport these fugitives,” he added.

Prior to Manpreet’s arrest, the BI said it received information from the United States Federal Bureau of Investigation (FBI) that he is wanted in India for several criminal charges and under investigation for murder.

The Indian government has also relayed to Philippine authorities that Manpreet is the subject of a warrant of arrest issued by the Additional Chief Magistrate, Moga Punjab for violation of India’s arms act.

Manpreet and Mandeep were arrested with two others last March 7 in Iloilo City by operatives of BI’s Fugitive Search Unit (FSU), Antiterrorism Group, the Crime Investigation Coordinating Council, Philippine National Police, and government intelligence agencies. They were said to be involved in terrorist activities in Punjab, India.     Two of their companions, Amrik Singh and Hayer Amritpal Singh, had already been deported last May.  Joel R. San Juan

Group presses DA intervention on rising retail price of onions

AN advocacy network on Monday urged the Department of Agriculture (DA) to intervene on the current upward trend on the market price of onions.

“We have monitored that onions are now hovering around 200 pesos per kilo when it was just around 100 a week ago. In terms of ‘tumpukan,’ this means around six to eight [pieces of] small onions for P50, which usually just cost around P20,” Bantay Palengke Convenor Lester Codog said in a statement.

“This is another burden for ordinary Filipinos that can be nipped in the bud if the DA, through the Bureau of Plant Industry [BPI], acts swiftly,” he said.

Moreover, Codog added that they have checked on onion farmers and most of them have already sold their produce to middlemen and traders.

“If this is the case, the price should already be going down. We suspect that hoarders are creating an artificial shortage so they can sell the onions at

a higher price. The government should not allow these things as it can be considered as price manipulation,” he said.

Codog added, “We are hoping that relevant government agencies will be able to act urgently on what we suspect as market manipulation. We hope they check on the warehouses of suspected onion hoarders. We should not allow syndicates to feast on the hardships of Filipino farmers and consumers.”

Furthermore, the DA recently is appealed to traders to refrain from hoarding red onions as this can lead to an artificial shortage and higher onion prices.

DA Assistant Secretary Rex Estoperez said the government would be forced to import onions if traders will not release their stocks.

“If the red onions will not be released from cold storages, that will be to their [traders] disadvantage,” he said.

“They should not force us to import red onions, as it is detrimental

Goodbye, plastic

to them. We are appealing to traders to cooperate with the government,” the DA spokesperson said.

Estoperez said the government does not want to see another spike in onion retail prices, similar to what happened in December last year, when red onions were sold for as much as P720 per kilo.

“We will not allow that [P720 per kilo of onions] to happen. Last time, the traders promised to release their inventory but it did not happen and even caused the delay in the importation,” he recalled.

He also said the government would have to allow the importation of white onions because of the increasing demand for it among restaurants and institutional buyers.

Based on the inventory of the BPI, the country’s stock for white onions would only last for 30 days.

Stocks of red onions in cold storage facilities are good for 100 days, BPI said. Raadee S. Sausa

Pricier gas, diesel, kerosene at the pump today

LOCAL pump prices are on the rise again this week. Gasoline prices will increase by P1.90 per liter, diesel by P1.50 per liter, and kerosene by P2.50 per liter.

Oil firms announced Monday that the price adjustment will take effect at 6 a.m. of Tuesday, August 15. Cleanfuel said it would implement the new prices at 4:01 p.m. This week’s price increase is the seventh consecutive for diesel and kerosene and the sixth for gasoline.

Last A ugust 8, oil companies implemented an increase of P0.50/liter for gasoline, P4.00/liter for diesel and P2.75/ liter for kerosene. These price adjustments resulted in a year-to-date net increase of P11.50/liter for gasoline, P7.10/liter diesel and P2.60/liter, respectively.

The Department of Energy (DOE) attributed the spiraling fuel prices to the extended Saudi Arabia and Russia supply cuts until September. Saudi Arabia will continue the one million barrel per day (b/d) cut that is

holding crude production at a two-year low of 9 million b/d in September, while Russia is tapering its 500,000 b/d export cut for August to 300,000 b/d for September.

The depreciation of the Philippine peso versus the US dollar also contributed to the fuel price adjustment.

Various public transport groups are expected to receive fuel subsidies from the government to help drivers and operators cope with the rising fuel prices.

Lenie Lectura

By Henry J. Schumacher

THE Department of Environment and Natural Resources (DENR) has revealed that as of July, only 16.55 percent or just 662 of around 4,000 enterprises registered with the Deprtment of Trade and Industry had submitted to the National Solid Waste Management Commission their programs for the proper management of their plastic wastes. These include plastic bags, sachets, labels, laminates, and both rigid and flexible plastic used for such products.

While it is good to see that quite a number of companies have responded to the call for sustainability in terms of changing their business model to address natural resource consumption, raw material selection, product/packaging design, we have to admit that the

Who we are

numbers remain small, looking at the DENR data.

Given these appalling number and the pressure on companies to join the sustainability movement and help the country win the war against plastic, I would like to highlight a fantastic opportunity for companies that take the plastic issue seriously and be ahead of their competition.

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Their fiber items are leak-resistant and microwave-safe.

Here’s what’s cool about all things Matter:

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n Fully compost within 12 months

n Return nutrients to the soil

n Re-use crop waste

Oh! And did I mention Matter uses far less energy to convert sustainable raw materials into products than conventional manufacturing? High-five for a smaller carbon footprint.

It’s time to ditch the plastic and make it Matter!

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Please take note that I am not representing Matter; I just find their activities exciting as they are addressing our desire to kiss PLASTIC goodbye. As said above, let’s join and win the war against plastic. I would appreciate your feedback. You can contact me at hjschumacher59@gmail.com

Salceda proposes ‘win win solution’ to resolve MUP pension woes as ad hoc body meets today

By Jovee Marie N. Dela Cruz @joveemarie

THE Ad Hoc Committee on the MUP Pension System will convene today, Tuesday, to start discussing the Military and Uniformed Personnel (MUP) pension system’s fiscal issues.

A d Hoc Committee on the MUP Pension System chairman Albay Rep. Joey Sarte Salceda said that the House is committed to approving its version of what it calls a winwin solution “so that we can move forward with financing a credible

defense posture, especially in the West Philippine Sea.”  We need to resolve the MUP pension system’s fiscal defects so that we can move forward with devoting more of the national budget to credibly defending the

country’s territory,” Salceda said. Our expenditures are growing for defense, even as our MUP pension liabilities also grow. That is untenable. We have a solution that inflicts the least pain possible on all stakeholders,” he added.

A ccording to Salceda, the House leadership, which met representatives of the economic managers on August 2, 2023, is keen on discussing the win-win solution that was agreed to during the meeting.

S alceda said the pension structure would be retained in full—pensionable age, retirement at one rank higher, years before optional retirement, and the benefits structure. “ We will also assure a 3 percent annual salary increase to all active personnel. That’s win-win because most of the time, MUP do not get

salary hikes, but when they do, it’s at unpredictable rates. Our proposal makes the salary adjustment assured at a stable rate. No shocks to our fiscal system,” he added.

“On top of that, indexation stays, meaning pensioners will also get an assured increase in pensions for ten years. We will only limit indexation to 50 percent of the salary increase, but again, that is better than the usual case, where there is no guarantee of pension hikes,” Salceda said.

The economist-lawmaker added that the committee is also set to discuss contributions as one of the potential areas for deliberation, including “capacity to pay is critical, but parity with civilian pension contributions has moral weight.”

Definitely, we will create a MUP Trust Fund to augment pension funding needs. Military

assets not in use will be infused into the Fund. We will just work out the policies and administrative details. At least, there will be some sure source of funding for the pension system,” he said.

“To reiterate, it’s our ‘Three Guarantees’ version: guaranteed pension hike, guaranteed salary hike, guaranteed funding source,” Salceda stressed.

A lso, Salceda said solving MUP pension issues would help the country “move forward” with defense spending.

S alceda highlighted that “the urgency of solving the MUP pension system issues is that we have real geopolitical risks to address. Although our attitude is to solve these risks diplomatically, diplomacy is hollow without credible defense capabilities.”

Salceda noted that the Armed Forces of the Philippines Modernization Program increased by 81.8 percent this year compared to the 2023 budget, adding that he fully supports “this timely investment in national security.”

“ I am pleased that the Air Force and the Navy received hefty budget increases this year. You need a credible Navy and Air Force to defend the West Philippine Sea. While land forces received a 9.7 percent increase year-on-year, the Air Force received a 25.7 percent increase. The Navy received 17.2 percent. The President’s budget gets its defense priorities right,” Salceda added.

“

So, we need to solve the MUP pension system issues so we can keep investing in a formidable national defense,” Salceda said.

Women mayors at war: Makati and Taguig boundary issue spills over to public schools

“EXERCISE Alon,” the first amphibious maneuvers between the Armed Forces of the Philippines (AFP) and Australian Defense Forces (ADF), will help both nations in beefing up regional security aside from enhancing interoperability between the two militaries.

A FP Public Affairs Office chief Lt. Col. Enrico Gil Ileto, in a news statement, reported that “Exercise Alon” formally started aboard the Royal Australian Navy (RAN) landing helicopter dock HMAS Canberra (LO2) Monday in Darwin, Australia.

Alon” means waves in Filipino. The exercise will last until August 31.

The said bilateral exercise will help enhance regional security through cooperation and partnership. It will further enhance interoperability and readiness to respond to shared security challenges,” Ileto said.

H e added that Exercise Alon would also be an avenue for “shared commitment to a peaceful, prosperous and resilient Indo-Pacific Region.”

I t is also the first bilateral amphibious exercise between Philippines and Australia aside from being part of Indo-Pacific Endeavor 2023 (IPE23) activities.

T he IPE23 is Australia’s flagship international engagement activity in the Southeast Asian and Indian Ocean region.

I t aims to promote security, stability and stronger partner -

ship through bilateral and multilateral engagement training, capacity building and humanitarian efforts.

T he opening ceremony started with the acknowledgment of participating militaries, including the 111 contingents from the Armed Forces of the Philippines (AFP), the RAN, and the United States Marines Corps (USMC).

The departure of Exercise Alon 2023 participants onboard HMAS Canberra from Australia to the Philippines after the opening ceremony depicts the start of a bilateral and joint led amphibious field training exercise of the ADF with the AFP,” Ileto said.

T his will be held at various training locations in Northern Luzon Command and Western Command with ground, aviation, and surface assets from ADF, Philippine Navy, Philippine Marine Corps, Philippine Fleet, Philippine Air Force, and Philippine Army supported by USMC.

I leto said the main objective of this exercise is to enhance interoperability and be able to share tactics, techniques and procedures and best practices in the conduct of amphibious operations in the accomplishment of the PMC and AFP missions.

By Claudeth Mocon-Ciriaco @claudethmc3

SAYING that the structures were built with taxpayers’ money, Taguig City Mayor Maria Laarni Cayetano on Monday urged the Makati City government not to sacrifice the welfare of learners in the 10 barangays affected by a Supreme Court (SC) decision on the boundary dispute between the two cities, and let a smooth transition take its course.

Perhaps it is clear that we should not sacrifice the welfare of the children. They [Makati City] have legal preposition that they own these schools. Can’t we just set aside that?” Cayetano said in Filipino in an interview with reporters during the kick off of the Brigada Eskwela at Makati Science High School.

Cayetano also slammed Makati’s claim of ownership over the schools.

Ano ang ibig mong sabihin? Dahil ini-insist mo na ’yan ay inyong pag-aari, ano’ng mangyayari? Itutuloy mo ’yung plano mo na ipasarado ang schools [What do you mean? Because you are insisting that you own them, what will happen? Will you push through with your plan to shut down these schools]? I think that is unfair,” Cayetano emphasized.

If you are already comfortable with them and familiar with them that would be okay with us,” Cayetano added.

Support ‘embo’ schools

CAYETANO also reiterated her commitment to support the schools affected by the SC decision on the boundary dispute between the cities of Taguig and Makati this opening of the school year as she appealed to the General Parents Teachers Association officers and members for understanding and patience amid the transition.

C ayetano was welcomed as she joined hands with officials from the Department of Education (DepEd), school principals, teachers, students, parents, and volunteers from 14 schools from the barangays in District 2.

Other affected schools are:  Fort Bonifacio Elementary School, Cembo Elementary School, South Cembo Elementary School, Pitogo Elementary School, East Rembo Elementary School, Rizal Elementary School, Comembo Elementary School, West Rembo Elementary School, Pembo Elementary School, Benigno “Ninoy” S. Aquino High School, Tibagan High School, Fort Bonifacio High School, and Pitogo High School.

Thanks, but no thanks

THE Makati City government, meanwhile, said that Taguig has rejected an offer from them to continue providing free uniforms, shoes, supplies and other school needs of some 30,000 public school learners in the 10 barangays covered by the SC decision.

S ince the 1990s, Makati has been providing all public school students with free school uniforms and school supplies.

I n a statement, Makati City Administrator Claro Certeza said Taguig officials rejected the offer in a meeting last July with Makati Mayor Abby Binay and officials of DepEd. Cayetano was present during the meeting.

“ We have offered an arrangement that would benefit the students. But Taguig rejected it,” Certeza said.

A ccording to Certeza, Binay proposed a status quo where Makati will continue its services for the affected schools to ease the worries of the students and their parents and avoid disruption in school operations.

tious snacks every school day. The students are also provided with free educational experiential learning trips every school year. “ For the sake of the youth and the residents of the 10 affected barangays, please let us provide free school gear and supplies to the students. Let us make them our priority,” Certeza appealed.   “May compassion for the residents prevail and work together so that their welfare and lives will not be affected,” he said, adding that Makati’s offer will greatly ease the worries of both parents and students in the affected barangays.

C erteza said the offer still stands despite the “provocative” action of Taguig.

Working closely with DepEd CAYETANO, on the other hand, vowed to work closely with the school heads and division officials to address the urgent concerns of teachers and students.

THE Commission on Elections (Comelec) en banc upheld on Monday the decision of the Comelec’s Second Division to cancel the registration of party-list group An Waray based on an election code violation in 2013.

T he case was based on a petition against An Waray for allowing its second nominee Atty.

Victoria Isabel Noel to sit as its House representative in the 16th Congress despite the lack of certificate of proclamation.

Hence, the act of taking her oath and her assumption of office with no Certificate of Proclamation clearly constitutes a violation of the rules relating to Party-list representatives,” Comelec en banc stated in its resolution dated August 14.

Anthony Naval

O verall, multiple ships and aircraft and more than 2,000 personnel will be involved in the exercise, which includes approximately 700 personnel from the AFP, 1,200 from the ADF and another 150 from the USMC. Rex

C ayetano stressed that the schools were built from the taxes paid by the business community and the residents.

Pag-aari ng taga [These schools are owned by the people of] ‘embo,’” Cayetano said referring to the socalled ‘embo’ barangays.

Likewise, Cayetano said Taguig is willing to absorb all the security and utility personnel of the 14 schools.

The Taguig City government said all the school officials have been in talks with Cayetano and other city officials to plan and synchronize their efforts on the first day of Brigada Eskwela and the opening of classes.

They vowed to work together and learn from each other’s best practices, which they agreed would benefit the students, parents, teachers, and personnel alike.

U nder Binay, Makati students also receive sneakers, white socks and black leather shoes, reusable water tumblers, and Japanese-inspired Randoseru bags. Students also receive hygiene kits, dental kits, anti-dengue kits, hard hats and Emergency Go Bags, rain gear including raincoats and rain boots, and jackets.

Last March, Mayor Binay launched Project FEED (Food for Excellent Education and Development) which provides students from Kinder to Grade 6 with nutri-

Marubdob at masigasig akong makikipag-ugnayan sa mga opisyal ng Department of Education upang masiguro ko na sa pagbubukas ng school year iyong mga pangamba po ninyo, ’yung mga agam-agam po ninyo, ’yung mga katanungan po ninyo, unti unting masasagot, malilinawan, at matutugunan. [I am intensely and actively coordinating with officials of the Department of Education to ensure that all the things that bothers you, worries you, your questions will have answers, will be resolved],” she assured.

She added that Taguig has already prepared school kits, which will be distributed to the students soon.

N oel’s assumption of office as House representative was “an act which clearly constitutes a violation of laws relating to elections imputable to the party as provided under Section 6 (5) of R.A. No. 7941,” the poll body ruled.

C omelec en banc, citing Section 6 of R.A. 7941, said it is “proper” to cancel the registration of An Waray given that they were entitled to just one seat and the second nominee “clearly” violated electoral laws.

S ix commissioners of the en banc denied An Waray’s motion for reconsideration.

Me anwhile, Comelec chairman George Garcia took “no part” in the voting because the party-list nominee was a former client.

Patrick V. Miguel

By Samuel P. Medenilla @sam_medenilla

PRESIDENT Ferdinand R. Marcos Jr. on Monday expressed confidence that ongoing reforms and studies being conducted by the Department of Education (DepEd), which includes a new “decongested” curriculum, will boost the country’s academic competitiveness.

I n an interview with reporters during the Brigada Eskwela 2023 in Manila, the Chief Executive lauded the start of the phased implementation of the “Matatag K-10 curriculum” for Grade 1 to 10 students for academic year 2023-2024.

“It’s very significant because here we’re trying to—fix [the curriculum] so it will be more appropriate to the needs of Filipino youth,” Marcos

said partly in Filipino.

O nce fully implemented, Vice President and Education Secretary

Sara Duterte said the new curriculum would reduce the learning competencies for students from 11,000 to just 3,000 upon the recommendations of international and local education experts.

For key stages [of students],

Grade 1-3, it previously had seven subjects. We reduced it to five subjects with a focus on Math and Reading. Then science will be included during Grade 4,” Duterte said.

T he President said the “big system changes” from the reform will help improve the country’s international score, when it comes to Science, Technology, Engineering, and Match (STEM) subjects and give Grade 10 students the option to pick technical-vocational training.

Under study

MARCOS also said DepEd is still studying if it will revert the start of the school year to June after it was changed to August during the pandemic to help improve the learning experience of students.

Some groups want to bring back the pre-pandemic academic year schedule since it spared students from going to classes during the summer season.

T he President assured whatever the decision on the matter will be in the best interest of students and school personnel and consider the extreme weather effects of climate change.

D uterte said another pending assessment of DepEd is on the proposed wage hike for public school personnel to ensure high morale and productivity.

Cu rrently, she said public school teaching and non-teaching personnel still get regular increases in the upcoming school year based on the existing Salary Standardization law, but she said they are now looking at how to institutionalize such wage hikes.  “ So, we are waiting for the result of that study which will include the [wage] increases and then compare it to inflation and other economic indicators and the forecast of the said indicators in the coming years,” Duterte said.

School opening ASIDE from the said reforms and studies, Marcos said his administration is also busy preparing for the next school opening on August 29, 2023 through DepEd’s ongoing Brigada Eskuwela 2023.

PHL, Aussie forces start first ever ‘Exercise Alon’

137.

products and services and implements marketing plans and works to meet sales quotas.

NGUYEN VAN DUC Marketing And Sales Agent Brief Job Description: Researches and develops various marketing strategies for products and services and implements marketing plans and works to meet sales quotas

Basic Qualification: Can contributes information, ideas, and research to help develop marketing strategies; and can help to detail, design, and implement marketing plans for each product or service being offered.

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Can contributes information, ideas, and research to help develop marketing strategies; and can help to detail, design, and implement marketing plans for each product or service being offered.

Salary Range: Php 30,000 - Php 59,999

138.

SHI, WENJUN Marketing And Sales Agent Brief Job Description: Researches and develops various marketing strategies for products and services and implements marketing plans and works to meet sales quotas.

Basic Qualification: Can contributes information, ideas, and research to help develop marketing strategies; and can help to detail, design, and implement marketing plans for each product or service being offered.

Salary Range: Php 30,000 - Php 59,999

139.

Must have a minimum of 5 years’ work experience as a sales manager, supporting 5g products and enterprise business process management; can effectively communicate technical solutions; highly familiar with the telecommunication industry and with technical background; proficient in mastering and applying product fundamentals and knowledge in the product domain; understand new products and technology trends in the industry; and with a strong background in product design.

Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE National Capital Region located at DOLE-NCR Building, 967 Maligaya St., Malate Manila, within 30 days after this publication.

Please inform DOLE National Capital Region if you have any information on criminal offense committed by the foreign nationals.

Atty. Sarah Buena S. Mirasol Regional Director

World

Russian shelling killed 7 in Kherson region, including a 23-day-old baby

By Susie Blann The Associated Press

Landslide at Myanmar jade mine leaves more than 30 people missing, rescue official says

By Jintamas Saksornchai

The Associated Press

BANGKOK—A landslide at a jade mine in northern Myanmar left more than 30 people missing, and a search and rescue operation was underway on Monday, a rescue official said.

The incident occurred in Hpakant, a remote mountainous town in Kachin state about 950 kilometers (600 miles) north of Myanmar’s biggest city, Yangon. The area is the epicenter of the world’s biggest and most lucrative jade mines.

The leader of a local rescue team coordinating search efforts told The Associated Press on Monday that more than 30 miners who were digging for jade were swept into a lake when the landslide hit near Manna village around 3:30 p.m. on Sunday. He spoke on condition of anonymity because he feared being arrested by the military.

Earth and debris from several mines near the village slid 304 meters (about 1,000 feet) down a cliff into the lake below and struck the miners on the way, he said.

He said 34 people were confirmed missing and local rescue teams were searching the lake on Monday. Eight miners were injured and taken to a local hospital on Sunday, he said.

A miner who asked not to be identified because he feared for his safety said three of his colleagues who were digging for jade were carried down into the lake by the landslide. He said most of

the victims were men.

Similar accidents usually occur on a smaller scale and do not get much attention.

The victims are usually independent miners who settle near giant mounds of discarded earth that have been excavated by heavy machinery used by mining companies. They scavenge for bits of jade and usually work and live in abandoned mining pits at the base of the unstable mounds of earth. Most of the scavengers are unregistered migrants from other areas.

In July 2020, at least 162 people died in a landslide in the same area, while a November 2015 accident left 113 dead.

Human rights activists say jade mining is an important source of revenue for Myanmar’s military-installed government. Opponents of army rule advocate sanctions and boycotts to reduce jade sales.

The mines are also a main source of revenue for the Kachin Independence Army, an ethnic armed group that is based in Kachin state and has been fighting for decades against the central government for greater autonomy.

A ceasefire in the region has been disrupted since the military seized power in February 2021 from the elected government of Aung San Suu Kyi. The region is now embroiled in an armed conflict between the military and the Kachin Independence Army that has driven many civilians into refugee camps and nearby townships.

Artillery shelling in the village of Shiroka Balka, on the banks of the Dnieper River killed a family—a husband, wife, 12-year-old boy and 23-day-old girl—and another resident.

Two men were killed in the neighboring village of Stanislav, where a woman was also wounded.

The attack on Kherson province followed Ukrainian Deputy Defense Minister Hanna Maliar’s comments on Saturday attempting to quell rumors that Ukrainian forces had landed on the occupied left (east) bank of the Dnieper in the Kherson region.

“Again, the expert hype around the left bank in the Kherson region began. There are no reasons for excitement,” she said.

Kherson regional Gov. Oleksandr Prokudin said Sunday that three people had been wounded in Russian attacks on the province on Saturday.

Elsewhere, Ukrainian military officials said Saturday evening that Kyiv’s forces had made progress in the south, claiming some success near a key village in the southern Zaporizhzhia region and capturing other unspecified territories.

Ukraine’s General Staff said they had “partial success” around the tactically important Robotyne area in the Zaporizhzhia region, a key Russian stronghold that Ukraine needs to retake in order to continue pushing south towards Melitopol.

“There are liberated territories.

The defense forces are working,” General Oleksandr Tarnavskyi, commander of Ukraine’s southern forces, said of the southern front. Battles in recent weeks have taken place on multiple points along the over 1,000-kilometer (600-mile) front line as Ukraine wages a counteroffensive with Western-supplied weapons and Western-trained troops against Russian forces who invaded nearly 18 months ago.

Ukrainian troops have made only incremental gains since launching a counteroffensive in early June.

Meanwhile, a Russian warship on Sunday fired warning shots at a Palau-flagged cargo ship in the south-western Black Sea, the first time Russia has fired on a merchant ship beyond Ukraine since exiting a landmark UN-brokered grain deal last month.

According to Russia’s Defense Ministry, the Sukru Okan was heading northwards to the Ukrainian Danube River port of Izmail.

“The captain of the dry-cargo ship did not respond to the request to stop for inspection for the carriage of prohibited goods. To force the ship to stop, warning fire was opened from automatic small arms from a Russian warship,” Russia’s Ministry of Defense wrote on Telegram, adding that the ship later stopped and allowed an inspection team to board.

Four weeks ago, Moscow withdrew from a key export agreement

Maui officials and scientists warn that after flames flicker out, toxic particles will remain

By Sam Metz & Claire Rush

The Associated Press

LAHAINA, Hawaii—When flames swept through western Maui, engulfing the town of Lahaina, residents saw toxic fumes spewing into the air as burning homes, pipes and cars combusted, transforming rubber, metal and plastic into poisonous, particulate matter-filled smoke.

Retired mailman and Vietnam veteran Thomas Leonard heard a boom as a propane tank at a nearby home exploded, leaving a cloud that looked like “a gigantic mushroom” in its wake.

Thirty-seven year old Mike Cicchino, who grew up on Maui, said he could tell how close the flames were based on how far away cars sounded as their gas tanks erupted. He and his family sought refuge in the ocean across a knee-high sea wall and as he helped others onto the rocks, his rib cage ached, his eyes were nearly swollen shut and he vomited.

“It was like a war,” Cicchino said.

About 46,000 residents and visitors have flown out of West Maui since the devastation became clear last week, according to the Hawaii Tourism Authority. Officials are now mourning the deaths of more than 90 people and preparing the island, particularly Lahaina, for a long recovery.

In addition to lives lost, property damaged and a culture forever transformed, authorities are worried about returning to some parts of the island where toxic byproducts of the fire likely remain.

Residents of some parts of the island have begun returning home, finding

melted cars, flattened homes and burnt elevator shafts rising from ashy lots where apartment buildings once stood. But even in places where the destruction has begun to subside, officials are warning residents that it remains too dangerous to return and Federal Emergency Management Agency officials are surveying the area for additional hazards.

“It is not safe. It is a hazardous area and that’s why experts are here,” Maui

County Mayor Richard Bissen said in a news conference Saturday. “We’re not doing anybody any favors by letting them back in there quickly, just so they can get sick.”

Hawaii’s state toxicologist Diana Felton told Hawaii Public Radio that it could take weeks or months to clean up the pollutants.

Officials like Bissen and Felton have taken their cue from scientists who warn that fires — even once extinguished in a particular neighborhood or area — can leave lasting health hazards, including in the air

and drinking water.

Such lasting effects could prolong recovery, compound residents’ agony, and complicate the return of the island’s tourismdriven economy.

Maui water officials warned Lahaina and Kula residents not to drink running water, which may be contaminated even after boiling, and to only take short, lukewarm showers in well-ventilated rooms to avoid possible chemical vapor exposure.

Though others have returned, some residents, like JP Mayoga, are electing to stay away. Mayoga said on Sunday that he, his wife and two daughters planned to stay at the hotel where he works north of Lahaina because they worry toxic debris now covering Lahaina might negatively impact members of the family with sensitive health.

“It’s safer than it is at home right now,” he said of the hotel.

Unlike factory pollution or forest fires

where scientists have a strong grasp about the kind of toxins emitted, fires like the one in Maui can leave a less unpredictable trail of destruction in their wake. As towns like Lahaina burn, propane tanks explode, pipes melt and oil spills.

“When you burn people’s belongings, vehicles and boats, we don’t necessarily have a good understanding of what those chemicals are,” said Professor Andrew Whelton, the director of Purdue University’s Center for Plumbing Safety. “When much of that infrastructure burns, it’s transformed into other materials that are never meant for human contact.”

Whelton said airborne pollutants from smoke often fall to the ground and can require removal by emergency response teams to ensure they aren’t kicked up and inhaled as people return to the burn areas. Melted pipes can compromise the water supply, a concern reflected in the unsafe water alert issued Friday for upper Kula and Lahaina. Though these concerns may be less apparent than charred trees and homes, the invisible hazards can often extend beyond burned areas to wherever smoke plumes have traveled.

“If you go back into some zones even where maybe all the fires have been put out, you can then be really exposed. If there’s dust and debris kicked up, you can get it in your eyes, on your hands or you can inhale it,” Whelton added, imploring people to wear protective gear, cover their arms and legs and follow evacuation orders.

that allowed Ukraine to ship millions of tons of grain across the Black Sea for sale on world markets.

In the wake of that withdrawal, Russia carried out repeated strikes on Ukrainian ports, including Odesa, and declared wide areas of the Black Sea unsafe for shipping.

In Russia, local officials reported on Sunday that air defense systems shot down three drones over the Belgorod region and one over the neighboring Kursk region, both of which border Ukraine.

Ukrainian drone strikes on Russian border regions are a fairly regular occurrence. Drone attacks deeper inside Russian territory have been on the rise since a drone was destroyed over the Kremlin in early May. In recent weeks, attacks have increased both on Moscow and on Crimea, which Russia annexed from Ukraine in 2014—a move that most of the world considered illegal.

Firing drones at Russia, after more than 17 months of war, has little apparent military value for Ukraine but the strategy has served to unsettle Russians and bring home to them the conflict’s consequences.

Later Sunday afternoon, local officials in the Belgorod province reported an explosion in an apartment building in

the regional capital, also called Belgorod.

Regional Gov. Vyacheslav Gladkov said that the facade of the apartment building had been damaged, with windows shattered and air conditioning units broken. Fifteen cars parked nearby also sustained damage, but there were no casualties. Gladkov said that the cause of the explosion was under investigation.

The Wagner mercenary group has played a key role in Russia’s military campaign, but there is a “realistic possibility” that the Kremlin is no longer providing funding, according to British defense officials.

In its latest intelligence briefing, the Ministry of Defense said it believed Wagner was “likely moving towards a down-sizing and reconfiguration process” in order to save money, and that the Kremlin had “acted against some other business interests” of Wagner chief Yevgeny Prigozhin. The officials assessed that Belarusian authorities were the “second most plausible paymasters.”

Thousands of Wagner fighters arrived in Russian-allied Belarus under a deal that ended their armed rebellion in late June and allowed them and Prigozhin to avoid criminal charges.

Russia evacuates 2,000 in Far East flooding; 3 people dead

MOSCOW—Over 2,000 people have been evacuated from flooded areas of the Primorye region in Russia’s Far East, emergency officials said Sunday.

The heavy downpours that flooded villages in the region were slated to bring double the monthly rainfall to some areas over the weekend, according to Russian state media.

“More than 2,000 people, including 405 children, have been evacuated in Primorye,” the Russian Emergency Situations

Ministry said on Telegram. Over 4,300 residential buildings were flooded and 28 settlements cut off by floodwaters, with 16 of the region’s districts affected.

On Friday, local officials said that downpours had already caused floods in seven districts and killed at least three people— a woman and two children, ages 10 and 12.

The rain was from the remnants of Typhoon Khanun, which earlier battered Japan and the Korean Peninsula. AP

KYIV, Ukraine—Seven people— including a 23-day-old baby girl—were killed in Russian shelling in Ukraine’s southern Kherson region on Sunday, the country’s Internal Affairs Ministry said.

AP writer Matt Sedensky contributed. Metz reported from Salt Lake City.

PEOPLE pay their last respects at a coffin of woman military medic Dariya Filipova, killed in a battle with the Russian troops, during a farewell ceremony in Independence Square in Kyiv, Ukraine on Saturday, August 12, 2023. AP/EFREM LUKATSKY

DESTROYED homes and cars are shown on Sunday, August 13, 2023, in Lahaina, Hawaii. Hawaii officials urge tourists to avoid traveling to Maui as many hotels prepare to house evacuees and first responders on the island where a wildfire demolished a historic town and killed dozens. AP/RICK BOWMER

MINERS, rescuers, and local residents look at the jade mine site where a landslide accident took place in Hpakant township, Kachin state, Myanmar on Sunday, August 13, 2023. A landslide at the jade mine left scores of people missing, and a search and rescue operation was underway on Monday, a rescue official said. AP

editorial

Lessons from the world’s biggest hacking event

Hacking is one of the most prominent types of cyberattacks. nobody knows how many hackers are there in the world since many of those with malicious intentions are unidentified. However, there are more than 166,000 registered ethical hackers around the world.

From August 10 to 13, 2023, the largest hacking conference, DefCon, brought together code-crackers, IT professionals, and US government officials in Las Vegas to learn from top minds and compete in hacking challenges. The White House was this year’s biggest DefCon supporter.

For the Biden administration, the complex AI technology presents a range of new issues not fully understood. And it wants to know how secure are today’s powerful AI systems, and whether they could pose a threat either to American citizens or to national security on the global stage. That’s why the White House invited the brightest minds in the field to simultaneous attack some of the world’s most powerful AI systems at this year’s DefCon.

For those attending the hacking conference, the most embarrassing experience is ending up on the Wall of Sheep, an interactive demonstration of what can happen when network users let their guard down.

From politico.com: When you spend three days with 30,000 people who love cracking code, you’re always just one errant click away from sheep-dom. In fact, fending off the maze of Wi-Fi sniffers, hardware hackers and social engineers at DefCon is a little like going toe-to-toe with elite, state-backed cyber spies, according to one senior State Department official. “Almost treat it like going to China,” said the official, granted anonymity to offer frank and colorful advice to a DefCon first-timer. “Really treat it like going to a technologically sophisticated peer competitor.”

A Bloomberg story described how Kennedy Mays, a 21-year-old student from Savannah, Georgia, has tricked a large language model. It took some coaxing, but she managed to convince an algorithm to say 9 + 10 = 21. “It was a backand-forth conversation,” she said. “At first the model agreed to say it was part of an ‘inside joke’ between them. Several prompts later, it eventually stopped qualifying the errant sum in any way at all.”

“In the room full of hackers eager to clock up points, one competitor said he thinks he convinced the algorithm to disclose credit-card details it wasn’t supposed to share. Another competitor tricked the machine into saying Barack Obama was born in Kenya,” Bloomberg said.

The DefCon hackers battled some of the world’s most intelligent platforms on an unprecedented scale. They tested the vulnerabilities of eight models produced by global companies, including Alphabet Inc.’s Google, Meta Platforms Inc. and OpenAI. Their mission is to break the powerful AI models and in the process help the companies build new guardrails to rein in some of the problems increasingly associated with large language models, or LLMs.

Almost seven decades after American computer scientist John McCarthy coined the term “artificial intelligence” in 1955, AI-enabled technologies are now widely available across industries. But researchers have turned up extensive bias and other prodigious problems that threaten to spread inaccuracies and injustice if the technology is deployed at scale.

A Bloomberg reporter, for example, was able to persuade one of the AI models to transgress after a single prompt about how to spy on someone. The model spat out a series of instructions, from using a GPS tracking device, a surveillance camera, a listening device and thermal imaging. In response to other prompts, the AI system suggested ways the US government could surveil a human rights activist.

“We have to try to get ahead of abuse and manipulation,” said Camille Stewart Gloster, deputy national cyber director for technology and ecosystem security with the Biden administration.

Craig Martell, the Pentagon’s chief digital and artificial intelligence officer, said the Department of Defense has launched its own effort to evaluate LLMs to propose where it might be appropriate to use AI systems. “Hack the hell out of these things,” he told an audience of hackers at DefCon. “Teach us where they’re wrong.”

As the DefCon event has shown, AI-enabled systems cannot yet totally outperform humans because they lack many of the essential human traits that are required in various fields such as adaptability, creativity, emotional intelligence, contextual understanding, common sense, moral principles, intuition, physical abilities, interpersonal skills, cunning, and imagination.

Higher spending to hasten Philippine economic growth

Manny B. Villar

THE EnTrEprEnEur

Our economy grew just grew 4.3 percent year-on-year in the second quarter of 2023 amid the challenging global environment and elevated inflation and interest rates. it is slower than the 6.4 percent in the first quarter, bringing the average expansion in the first semester to a still impressive 5.3 percent.

The slowdown reflects the lagged effects of monetary tightening, which was expected after the Bangko Sentral ng Pilipinas raised the overnight borrowing rate by a total of 425 basis points to 6.25 percent over the past two years to contain domestic inflation and reduce the differential with the US Federal Reserve’s own interest rate.

The high inflation rate also led to softer spending growth. Per the Philippine Statistics Authority, household final consumption expenditure grew 5.5 percent in the second quarter of 2023, compared to 6.4 percent

I believe that despite the lowerthan-expected GDP growth in the second quarter, the economy will see an improvement in the succeeding periods that will eventually help us achieve the desirable “A” ranking of credit-worthy nations.

June quarter.

Data from the PSA show that the agriculture and fisheries sector barely grew in the second quarter, mainly on reduced fish production because of seasonal factors. We hope the sector will recover soon to support our growing food demand.

in the first quarter, with clothing and footwear in particular contracting by more than 27 percent. Government spending was also lower than expected. Based on Oxford Economics’ analysis, the 7.1-percent contraction in government spending in the second quarter shaved off 1.3 percentage points from the headline growth.

The National Economic and Development Authority agrees that the lagged effects of interest rate hikes, along with lower government spending and global economic slowdown, affected our GDP growth in the April-

Neda Secretary Arsenio Balisacan estimates that to attain the lower end of the government’s 2023 growth target of 6 percent to 7 percent, the economy should grow by 6.6 percent in the second half. For me, this remains possible, if government spending will catch up according to plan. Infrastructure projects should proceed as scheduled to drive construction activities and generate employment.

The resumption of school classes later in August will hopefully lead to higher household spending in the third quarter. This is the time for students to purchase school uniforms and other clothes, bags and school supplies. The expenditures will certainly lift the retail and manufacturing sectors.

The silver lining in the secondquarter national income accounts is the robust 8.6-percent growth of our gross national income, which is a broader measure of economic output as it also includes the contribution of our transactions with other countries. Per the PSA, net primary income from the rest of the world jumped 90.6 percent year-on-year in the second quarter.

Other indicators also point to a more inclusive growth in the second quarter, as the employment level reached a record high in June, while tourism rebounded significantly, leading to the reopening of hotels, restaurants and other establishments.

The unemployment rate in the Philippines in fact fell to 4.5 percent in June 2023 from 6 percent a year ago as the employed population increased to 48.84 million from 46.59

See “Villar,” A13

Dark side of Central Bank Digital Currencies

banks explore the idea of issuing their own digital currencies, the first being the People’s Bank of China.

pine consumer CBDC in the long foreseeable future. I hope my prediction is accurate.

John Mangun

amOst important development in personal banking occurred in 1967 when a cash machine was put into use by Barclays Bank, Enfield, in the united kingdom—the world’s first atm By 1968, atms had been installed in australia, West germany, and spain. BPi was the first bank in the Philippines to deploy an atm in 1981.

As technology advanced, ATMs became more sophisticated and usersimple. However, with the development of cashless payment solutions in the late 2010s, ATM usage started to decline, with the average number of ATMs dropping to 39 per 100,000 adults from a peak of 41 per 100,000 adults in 2020.

Cashless payments facilitated by the widening use of Smartphones unlocked a new market for banks— people without traditional bank accounts. GCash was launched in 2004 as an SMS-based money transfer service. Mobile payments services are a means of extending financial services to the “unbanked/underbanked” community, estimated to be as much as 50 percent of the world’s adult population. There are currently more GCash accounts than traditional bank accounts in the Philippines.

These mobile payments services can receive deposit transfers from traditional banks but can be “loaded” at places such as convenience stores. Funds then can be used for purchases large and small. Yet another milestone in personal banking.

The next big development occurred in the 2010s with the expansion of cryptocurrencies and its blockchain technology model. The cryptocurrency space matured in the 2020s. Major financial institutions and companies began showing interest in blockchain and cryptocurrencies. The largest crypto, Bitcoin, gained acceptance as a store of value even as its use as a medium of exchange is relatively small. With the increase in the number of global crypto users, the concept of Central Bank Digital Currencies (CBDC) has gained significant attention in recent years as global central

There are several ways for a government to control its citizens beyond government supervision of the food supply, utilities, health care, and employment, which are not subtle. For example, freedom of movement can be restricted. When you move within Germany, you have to register your new address at the local citizens’ office (Bürgeramt) within two weeks of moving. Failure to do so could result in a fine. “Being incorrectly registered could also affect your benefits, insurance and taxes.”

And “Your government mandated ID makes it easier for us to help you, Citizen.”

Mis-attributed to Theodore Roosevelt, but widely said in military circles during the Vietnam War, “If you’ve got them by the balls, their hearts and minds will follow.” The ultimate “by the balls” is government having power over your money.

Note the dozens if not hundreds of laws that allow the government to seize your bank account. Note that a court can issue a search warrant for police to check under your bed for “illegal money.” A Central Bank Digital Currency could, in effect, eventually allow the government to track and then totally control your money. With no criticism of Globe, understand that GCash has a record of every transaction you have ever made using GCash. Notwithstanding, I see no probability of a Philip-

China’s social credit system expands to all aspects of life, judging citizens’ behavior and trustworthiness. Get ticketed for jaywalking and not pay a court fine or play your music too loud on the train and you could lose certain rights, such as booking a flight or buying a train ticket.

So far there is not any widespread implementation and penalty structure. So far. But in January 2019, even George Soros criticized the social credit system, saying it would give CCP leader Xi Jinping “total control over the people of China.”

Combine the possibility of pervasive CBDC usage and then with a government being “annoyed” with an individual’s or group’s behavior or opinion, and the potential for control of We the People by control of the money becomes the worst possible authoritarian evil nightmare.

“One man with a gun can control 100 without one.”—Vladimir Lenin.

The Federal Reserve: “Any CBDC would need to strike an appropriate balance, between safeguarding privacy rights and affording the transparency necessary to deter criminal activity.”

“You can trust us. We’re from the Government.”

Burnout is back in a big way–Here’s why

By Julia Hobsbawm

IT S the fiftieth anniversary of “burnout” entering the corporate lexicon when Herbert Freudenberger, a New York psychologist, first identified it. I wish I could tell you that we’ve banished it, but instead burnout is back with a vengeance. Recent data from Deloitte and the research firm Workplace Intelligence cites about half of workers saying they are either exhausted or stressed and 60 percent of employees say they would consider changing jobs to find better well-being provisions.

The working assumption that current corporate wellness programs are sufficient for the times is being severely tested. Here’s why.

First and foremost, never underestimate the power of the toxic workplace. It’s no accident that the most streamed show in the US during Covid-19 in 2020 was The Office, which satirized the daily grind.

I’ve written here before about the need to address what can be done to combat stress in the workplace itself. Susie Orbach, psychoanalyst and social critic, told me: “Work is where we live and where we hope to have our need for connection, contribution, stimulation and engagement occur. When work has little personal recognition or stimulation it produces ennui and dissatisfaction.”

The World Health Organization added burnout as an “occupational phenomenon” in its 2019 classification of diseases: not as a medical condition per se, but as “a syndrome conceptualized as resulting from chronic workplace stress that has not been successfully managed.”

In other words, bad work or badly managed work makes you unwell, which in turn impacts productivity. The author and workplace culture expert Bruce Daisley believes that the idea of “resilience”—which the American Psychological Association describes as a “process and outcome of successfully adapting to difficult or challenging life experiences, especially through mental, emotional, and behavioral flexibility”—places unfair emphasis on an individual’s stiff upper lip in dysfunctional workplaces. Resilience, as he told me “is associated with the toxic reframing of excessive demands.”

If the first reason for burnout being back big time is the old problem of bad management and toxic workplaces, the second is a more recent phenomenon, namely the havoc wrought by long Covid. That’s outside of the control of both employee and employer and has been devastating to mental and physical health at home and at work. According to Brookings Institute, 16 million working-age Americans have long Covid.

Around the world, the Organization for Economic Cooperation and Development reports that a third of workers experience strain at work. In the UK, 30 million working days were lost from 2021 to 2022 with nearly one

Continued from A12

million. Many of them are young workers, which means the economy will benefit from demographic dividend in many years to come.

The inflation rate also eased for the sixth straight month to 4.7 percent in July, giving the BSP the flexibility to exit the monetary tightening cycle and even begin to reduce the interest rate by the fourth quarter of 2023 or the first quarter of 2024. International credit rating agencies remain confident about the Philippine economic prospects. Per Finance Secretary Benjamin Diokno, the Philippines has returned to the path of an “A” investment-grade rating after showing its resilience during the Covid-19 pandemic.

The government hopes that our sovereign credit rating will reach the coveted “A” level by the end of the term of President Ferdinand Marcos Jr. in 2028. This would certainly attract the attention of global investors, enhance the country’s credit worthiness and help reduce the country’s borrowing cost.

million of these due to work-related stress, depression and anxiety. The World Health Organization reported a 25 percent increase in stress and anxiety worldwide since the coronavirus. This brings into sharp focus how out of step modern workplace wellbeing has become with the post-Covid-19 experience. Despite the huge scale and scope of the corporate wellness market, which is set to double from more than $50 billion to $100 billion by 2032, many of us associate it with soft stuff from an emphasis on mindfulness to the idea that this is about selling offices as nice places to work rather than helping people do their best work.

It’s a far cry from the original, deeper psychological emphasis of the worker assistance programs of the 1940s onwards. Popular consciousness doesn’t equate wellbeing at work with Centers for Disease Control and Prevention of the ACE score or “adverse childhood experiences” but they should.

There are always bright spots, good initiatives and positive action being taken around well-being.

Syreeta Brown, chief people officer for Virgin Money, the UK bank told me: “It’s not that there is more stress per se since Covid, but the nature has changed. All jobs are ‘always on’ now, and there is an expectation that your diary can be filled up by others if they can find a gap. Stepping away from your laptop can feel mutinous.”

Brown cites their program, “A Life More Virgin,” which she says is “location-agnostic, totally flexible on office/home working, and encourages people to work the hours that suit them for the role and meets our customer and operational needs.”

Virgin Money, like many companies, also give employees “well-being days” in addition to their existing holidays, but I’m struck above all by the commitment to reframing what workers need rather than the old, rigid model of what a manager might want them to need.

It’s time to locate work and working within a bigger framework. Let’s remember that the original WHO definition of health includes “social well-being.”

This means one thing above all: It’s time to take care of each other and ourselves in new ways for new times. Bloomberg

The Philippines currently enjoys a “BBB+” sovereign credit rating from S&P Global, which is two ranks higher than the minimum investment grade and just one level below the “A-“ rating.

Japan-based Rating and Investment Information Inc. (R&I) last week affirmed the Philippines’ investor-grade credit rating at “BBB+” and revised its outlook to “positive” from “stable” because of the country’s robust macroeconomic fundamentals, improving fiscal position, sound banking system, comfortable external payments position and stable political environment.

I believe that despite the lowerthan-expected GDP growth in the second quarter, the economy will see an improvement in the succeeding periods that will eventually help us achieve the desirable “A” ranking of credit-worthy nations.

There is nothing to worry—the Philippine economy is sound and should bounce back strongly in the succeeding quarters.

For comments,

How to recover an ultra vires tax

atty. irwin C. nidea Jr.

Tax law for business

TAx refunds are strictly construed against the taxpayer. This is the general doctrine that is followed by the courts. A taxpayer must prove every minute detail of its claim. It must show all the invoices, receipts and books of account to prove the erroneous or overpayment of tax. Otherwise, its claim for refund will be denied because of missing or defective documents. Is the doctrine of strict construction against tax refund absolute?

In a recent case (GR No. G.R. No. 255961. March 20, 2023), the Supreme Court ruled that “the rule on strict interpretation in construing tax exemptions does not apply if the taxpayer is not asking to be exempt from tax. In other words, strict construction of tax refund does not apply if the taxpayer is asking for the refund of the tax erroneously assessed and illegally collected from it on the ground that there is no law that authorizes such exaction.”

The SC held that not all claims for tax refund partake the nature of a tax exemption such that the rule of strict interpretation against the taxpayer

is always applicable. The SC noted that it has long settled that “[t]here is parity between tax refund and tax exemption only when the former is based either on a tax exemption statute or a tax refund statute.” In such case, the rule of strict interpretation against the taxpayer is applicable as the claim for refund partakes of the nature of an exemption, a legislative grace, which cannot be allowed unless granted in the most explicit and categorical language. (GR 255961)

However, according to the SC, “when the claim for tax refund is premised on the taxpayer’s erroneous payment of the tax or the gov-

By Matthias Schrader & Dana Beltaji | The Associated Press

CLAUSTHAL-ZELLERFELD, Germany—Nestled in the spruce trees in the Harz Mountains of northern Germany is a bark-eating pest not much bigger than a sesame seed.

Known as “book printers” for the lines they eat into the bark that fan out from a single spine resembling words on a page, these eight-toothed beetles have always been part of the local forest. Officials expect the bugs to typically kill a few spruces each summer as they find suitable trees to lay their eggs—they burrow into the tree’s cambium, or growing layer, hampering it from getting the nutrients it needs to survive.

But the tiny insects have been causing outsized devastation to the forests in recent years, with officials grappling to get the pests under control before the spruce population is entirely decimated. Two-thirds of the spruce in the region have already been destroyed, said Alexander Ahrenhold from the Lower Saxony state forestry office, and as human-caused climate change makes the region drier and the trees more favorable homes for the beetles’ larvae, forest conservationists are preparing for the worst.

ernment’s exaction in the absence of a law, the rule to be applied must be the well-settled doctrine of strict interpretation in the imposition of taxes, not the similar doctrine as applied to tax exemptions.”

The SC added that “if a taxpayer’s claim for tax refund is not in the nature of a tax exemption, it is not required to prove that the legislature intended to exempt it from tax. In the absence of a law expressly and clearly imposing a tax, the correct rule to be applied is the strict interpretation in the imposition of taxes such that the statute must be construed most strongly against the government and in favor of the taxpayer.”

According to the SC, “as burdens, taxes should not be unduly exacted nor assumed beyond the plain meaning of the tax laws. The rule that tax exemptions should be construed strictly against the taxpayer presupposes that the taxpayer is clearly subject to the tax being levied against him. Unless a statute imposes a tax clearly, expressly and unambiguously, what applies is the equally wellsettled rule that the imposition of a tax cannot be presumed. Where there is doubt, tax laws must be construed strictly against the government and in favor of the taxpayer. This is because taxes are burdens on the

taxpayer and should not be unduly imposed or presumed beyond what the statutes expressly and clearly import.”

This rule will make it easier for taxpayers to recover taxes that they believe was erroneously assessed against them. For example, if a taxpayer pays a tax assessment which he believes has no basis in law, but for one reason or another, he still opted to pay, the taxpayer now has a greater chance of recovering the tax that he paid. The burden of proving every minute detail of the case is no longer warranted. The taxpayer is only required to show that the tax assessment has no basis in law and that the same was paid. The burden of proof is shifted. The government is now obligated to show that the tax that it collected is due and is mandated by law.

The author is a senior partner of Du-Baladad and Associates Law Offices, a member-firm of WTS Global.

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at rwin.c.nideajr@ bdblaw.com.ph or call 8403-2001 local 330.

est Protection at the Technical University in Dresden, said there are “very strict requirements for the use of pesticides” which can be very effective in getting rid of the bugs, although the chemicals are sometimes frowned upon for their potentially harmful environmental side effects.

“Since 2018, we’ve had extremely dry summers and high temperatures, so almost all trees have had problems,” said Ahrenhold. Spruce trees in particular need a lot of water so having less of it weakens their defenses, and they’re not able to produce their natural tree resin repellent, he said.

As the planet warms, longer droughts are becoming more common around the world, with hotter temperatures also drying up moisture in soil and plants.

And even though the beetles tend to target weakened trees, in dry years the population can reproduce so much “that the beetles were even able to attack healthy spruce in large numbers,” he said. “In some regions there are now no more spruces.”

Experts say there’s no easy solution, but forest managers work to remove trees that might be susceptible to beetles as early as possible and use pesticides where they’re needed.

Michael Müller, the Chair of For-

“It’s of course preferable to take the raw wood out of the forest and send it for recycling or to store it in non-endangered areas outside the forest,” he said, but noted that requires a separate logistical operation. On trees that are still standing, he said, it’s not really possible to remove the beetles.

Müller added that forest conservation measures can “sometimes take decades from being implemented to taking effect” and other factors, like storms and drought, and other species, such as game and mice that can also hamper plant growth, are potentially more damaging to the forest in the long run than the bark beetle.

But he said that conservation efforts are limited by external factors, like the changing climate. “After all, we can’t irrigate the forests,” he said.

In the longer term, mixing other tree species into the forest could be a solution, Ahrenhold said. “It makes

sense to plant other conifers that can cope better with these conditions, especially on south-facing slopes and on very dry soil,” he said.

Having too many spruce trees in the Harz is a result of centuries of planting big concentrations of the tree, according to Richard Hölzl, an environmental historian at the University of Goettingen and at Five Continents Museum in Munich.

“Clausthal-Zellerfeld is one prime example of a mining area in the Harz where they very early on tried to establish artificial reproduction for spruce to have it for mining construction works,” said Hölzl.

Officials realized by the 19th century that planting just one type of tree over and over again wasn’t a good idea ecologically, but “the economy countered that realization because spruce was such an attractive species,” he said. Spruce was the preferred tree for industrial forestry, paper mills and pulp.

Still, without the warmer and drier weather from climate change, the bark beetles wouldn’t be flourishing in all that spruce.

“There is a long, long prehistory, but there’s also the [climatic] change now,” said Hölzl. “We can’t really blame our forefathers for that.”

Polish government plans referendum asking if voters want ‘thousands of illegal immigrants’

By Vanessa Gera | The Associated Press

WARSAW, Poland—Poland’s ruling party wants to ask voters in a referendum whether they support accepting “thousands of illegal immigrants from the Middle East and Africa” as part of a European Union relocation plan, the prime minister said Sunday, as his conservative party seeks to hold onto power in an October parliamentary election.

Mateusz Morawiecki announced the referendum question in a new video published on social media. It indicated that his party, Law and Justice, is seeking to use migration in its election campaign, a tactic that helped it take power in 2015.

Poland currently hosts more than a million Ukrainian refugees, who are primarily white and Christian, but officials have long made clear that they consider Muslims and others from different cultures to be a threat to the nation’s cultural identity and security. EU interior ministers in June en-

dorsed a plan to share out responsibility for migrants entering Europe without authorization, the root of one of the bloc’s longest-running political crises.

The Polish government wants to hold the referendum alongside the parliamentary election, scheduled for October 15. Morawiecki said that the question would say: “Do you support the admission of thousands of illegal immigrants from the Middle East and Africa under the forced relocation mechanism imposed by the European bureaucracy?”

The video announcing the question includes scenes of burning cars and other street violence in Western Europe. A Black man licks a huge knife in apparent anticipation of committing a crime. Party leader Jaroslaw Kaczynski then says: “Do you want this to happen in Poland as well? Do you want to cease being masters of your own country?”

An opposition politician, Robert Biedron, reacted by saying the migration question is pointless because

participation in the EU mechanism is not mandatory and can be replaced by other forms of shared responsibility, while Poland itself could be eligible for support or for a waiver of its contribution due to the high number of Ukrainian refugees.

Biedron, a European Parliament member for the Left party, posted on the X platform, formerly known as Twitter, a letter from EU Home Affairs Commissioner Ylva Johansson. In it, she sets out the terms of the relocation mechanism and the grounds for seeking an exemption.

Leaders have announced two other questions in recent days. One will ask voters for their views on privatizing state-owned enterprises and the other will ask if they support raising the retirement age, which Law and Justice lowered to 60 for women and 65 for men.

The questions are set up to depict the opposition party, Civic Platform, as a threat to the interests of Poles.

The pro-business and pro-EU party, which governed from 2007 to 2015,

raised the retirement age during its time in power, favored some privatization and signaled a willingness to accept a few thousand refugees before it lost power.

The video takes aim directly at Civic Platform leader Donald Tusk, a former president of the European Council. “Tusk is the greatest threat to our security, he is the greatest threat to Poland’s security,” Morawiecki says. “Let’s not let Tusk—as an envoy of the Brussels elites—demolish security in Poland.” Europe’s asylum system collapsed eight years ago after well over a million people entered the bloc—most of them fleeing conflict in Syria—and overwhelmed reception capacities in Greece and Italy, in the process sparking one of the EU’s biggest political crises.

The 27 EU nations have bickered ever since over which countries should take responsibility for people arriving without authorization, and whether other members should be obliged to help them cope.

Bark beetles are eating through Germany’s Harz forest. Climate change is making matters worse

China: US sent military planes, warships near Ayungin Shoal

By Malou Talosig-Bartolome @maloutalosig

THE Chinese Embassy in Manila said the United States deployed military planes and warships in the West Philippine Sea on August 5, when Chinese Coast Guard fired water cannons at two Philippine wooden-hulled vessels and Philippine Coast Guard ships were on their way to Ayungin Shoal.

C hinese Embassy Deputy Chief of Mission Zhou Zhiyong disclosed this in a speech during a news forum at Kamuning Pandesal Bakery in Quezon City.

Z hou echoed Beijing’s attacks on Washington, D.C., and cited the latter’s “unglorified role” in the water cannoning incident near Ayungin Shoal, which it calls Ren’ai Reef.

In the recent incident, the US took a hands-on approach to deeply engage in the whole process.

It was the US who egged on and supported the Philippines to over -

haul and reinforce the ‘grounded’ ship in Ren’ai Reef and even dispatched military aircraft and vessels in support of the Philippine side,” the Chinese diplomat said. US Embassy’s comment BusinessMirror asked the US Embassy in Manila to confirm if the US armed forces were in the vicinity near Ayungin Shoal during the incident.

“ I’m not going to comment on military operations, except to say that all of our military activities in

PCSO asks Congress anew: Halve DST rate on tickets

By Jovee Marie N. dela Cruz @joveemarie

THE government-run

Philippine Charity Sweepstakes Office (PCSO) on Monday renewed its request to Congress to cut by half the existing documentary stamp tax (DST) rate of 20 percent on the purchase of lottery tickets in order to raise more money for their medical assistance program (MAP).

B riefing lawmakers on PCSO plans, programs, and strategies for 2024, Atty. Maria Katrina Contacto, executive assistant of the Office of the General Manager-PCSO, said the funding for the MAP, the PCSO’s main charitable initiative, was reduced after the DST tax rate was imposed on lottery tickets.

However, the PCSO briefing was quickly suspended after the presentation of its plans, programs, and strategies  due to conflicting figures and data listed in the National Expenditure Program and its report to the lower chamber.  The briefing was presided over by House Committee on Appropriations Senior Vice Chairperson Stella Luz Quimbo.

C ontacto, during the presentation, said lowering the DST rate to 10 percent from the current 20 percent would hike the PCSO’s medical assistance and mandatory contributions to the government.

Following the enactment of the Tax Reform for Acceleration and Inclusion (Train) Law (Republic Act 10963) in December 2017, the DST rate was doubled to P0.20 from P0.10 per lotto ticket.

“Our MAP has been severely depleted because of the payment of DST. If DST [reduction] is passed this year, it would give us additional funding of P3.193 billion for MAP,” she said.

“A reduction of 10 percent

IS KEY’

the Philippines are conducted in full coordination with our Philippine Allies,” Kanishka Gangopadhyay, US Embassy spokesperson, said in a text reply.

T he Chinese Embassy noted that the US State Department and Defense Department issued separate statements “in tandem” with the Philippines.

The US has rallied its allies to continue hyping up the South China Sea issue and the Ren’ai Reef incident. Some ‘trigger-happy’ American forces stir up the situation in the South China Sea and relevant waters with the aim of arousing contradiction and even confrontation between China and the Philippines and disrupting peace and tranquility in the South China Sea,” Zhou claimed.

T he Embassy called on the Philippine government to remain “vigilant against the masterminds behind all this and keep its hands on the wheels for peace and stability in the South China Sea.”

He did not identify the “masterminds” but apparently referred to the US “and some other forces” whom he accused of “constantly making waves in the South China Sea for fear that the South China Sea will no longer be chaotic.”

‘Integral part of China’

ZHOU reiterated China’s position that Ayungin Shoal is part of the Spratly Islands, which they call Nansha Islands. But instead of the usual nine-dash line claim, he used the two post-World War II documents to assert their claim.

He cited the Potsdam Declaration and Cairo Declaration which declared that “all territories Japan has seized from the Chinese, including those of Nansha Islands and Xisha Islands, shall be restored to China.”

This is an integral part of the international order post-Second World War and the true status quo of Ren’ai Reef,” Zhou said.

Diplomatic track

THE Chinese Embassy official revealed that there was a consensus in 2021 between the Philippines and China to manage the dispute in Ayungin Shoal.

By Butch Fernandez @butchfBM

SEN. Francis Escudero on Monday cautioned economic managers and legislators against rushing proposed tax bills without first improving collection efficiency, saying new measures without vital reforms unduly burden people already reeling from inflation and a business sector deflated by slowing growth.

A sked in a radio interview what measures he had in mind when preaching caution, Escudero cited the tax on internet services, tax on internet-enabled commerce, the hike in the road users’ tax, and a possible  rate hike for value added tax or VAT. “ For me we must first improve collection, let them show where the money really went. For example,  the road users’ tax that was earmarked to improve roads for motorists. They’ve collected over P140 billion for that. Where did they spend that? As for the value added tax, the Finance secretary himself said only 40 percent of their target is being collected under VAT,” implying poor efficiency, Escudero said, speaking partly in Filipino.

ate Ways and Means committee asked aloud why authorities don’t consider increasing collection efficiency to 50-60 percent “before we even think of new taxes.”

“ Those who will pay those new taxes are the law-abiding ones who have always paid their taxes properly. They belong to the “40 percent” of the tax-compliant population, and most likely,  he said the rest or 60 percent “will not even pay the new additional taxes.”

T he “consensus” was to allow the Philippines to continue re-supply missions to the Ayungin Shoal on humanitarian grounds. But China said they made it “clear” that they are “firmly against the transportation of large-scale construction materials” to repair and reinforce BRP Sierra Madre firmly on the shoal. See “Collection,”

T he former chair of the Sen -

Told that several administrations have advocated improvements in the tax collection system, and that rejecting the proposed revenue measures

on DST would likewise increase our mandatory contributions as mandated by laws—assuming 10 percent—a total of P4.2 billion can be allotted by the agency to its mandatory contributions, of which P3.3 billion will be given to Universal Health Care,” she added.

T he proposed Passive Income and Financial Intermediary Taxation Act, which includes the reduction of the DST, is currently pending in the Senate. The House approved it on November 14, 2022.

We hope that the DST reduction will be granted this year,” Contacto added.

Meanwhile, the PCSO has expressed confidence it can surpass its revenue target for 2024 and raise more funds for various charity programs.

T he PCSO estimated that its sales for 2024 could reach P60.1 billion. The agency has pegged its target for 2023 at P53.23 billion.

T he PCSO is mandated to provide a portion of its generated funds to its charity assistance programs, mandatory contributions to the Universal Health Care Program, and other assistance to government institutions such as the Commission on Higher Education, Dangerous Drugs Board, National Council on Disability Affairs, and Philippine Sports Commission.

Media, info literacy drive reels off to help people seeking truth

By Samuel P. Medenilla @sam_medenilla

KNOW your sources and fight for the truth.

T his was the advice of President Ferdinand R. Marcos, Jr. to the public as he led the launch of the government’s new Media and Information Literacy (MIL) Campaign last Monday in Pasay City.

D uring the event, the chief executive stressed the importance of giving the people the “tools” to discern factual information from what is misinformation or disinformation especially online by checking its source.

He noted this is on top of the multitude of information which are being produced  by traditional

media namely print, radio, and television.

“ But that information [from the internet] is pure, raw and unedited and curated and unexamined information,” Marcos said.

“ People have to learn to be able to discern for themselves, what is real and what is not, what is propaganda, what is fact, what is data, and what is speculation,” he added.

T his is further complicated by the advent of artificial intelligence (AI), which allows machines to produce information, according to Marcos.

T he youth, he said, are the most at risk to “misguided and sinister activities” to twist the truth online since they have the biggest exposure to the internet.

Youth priority PRESIDENTIAL Communication Office (PCO) Secretary Cheloy Velicaria-Garafil said they will address this issue by prioritizing the youth in their new MIL program.

U nder MIL, PCO partnered with the Department of Education (DepEd) and the  Commission on Higher Education (CHED) to develop the educators’ and learner’s MIL manual and incorporate it into the school curriculum.

“ We will start with the youth since they are the most exposed to the digital landscape and to its dangers. Through the Media and Information Literacy Campaign, we will give them the tools to conduct critical assessment, validate the source of information and in

determining lies from the truth,” Garafil said in Filipino during the MIL launch.

However, she said they will also roll out the campaign in communities so it can reach local leaders and ordinary citizens through the Department of Social Welfare and Development (DSWD) and the Department of the Interior and Local Government (DILG).

PCO also tapped social media giants like META, Google, Tiktok and X, which was previously called Twitter, for their information campaign.

“Our formidable alliance is committed to ensuring the truth and accuracy prevail in a society where every voice contributes to the chorus of truth,” Garafil said.

‘BETTER COLLECTION, NOT NEW TAXES

PRESIDENT Ferdinand R. Marcos, Jr. spearheads the ceremonial signing of a memorandum of understanding and the initiation of the Media and Information Literacy campaign by the Presidential Communications Office on Monday, August 14, 2023, at the Hilton Hotel in Pasay City. PNA

ESCUDERO

QUIMBO

Companies

Editor: Jennifer A. Ng

Tuesday, August 15, 2023

MPIC core income up in H1 on strong results from units

Net interest costs declined 3 percent due to the strategic rerating and refinancing of expensive debt facilities over the past two years, notwithstanding rising interest rates.

Attributable net income for the six-month period rose 8 percent to P10.2 billion from P9.5 billion last year, which had the benefit of gains from the acquisition of Landco Pacific Corp.

B1

ICTSI profit hits $313.8M

flected in MPIC’s share price for some time. The tender offer and successful delisting will allow MPIC’s minority shareholders to realize a significant premium over the historical share prices of MPIC.”

June Cheryl A. Cabal-Revilla, the company’s CFO, chief sustainability officer and chief risk officer, said the company may exceed its target income of P16.1 billion for the year as its core units are all performing well.

“I think our highest core income ever was at P15.6 billion; that was during prepandemic. So at P16.1 billion, which is our target for the year, we’re likely to exceed [that] as our core businesses are also exceeding their targets,” Revilla said.

“So the highest quarter for us normally is really the second quarter. And the trending has been the same for the past 5 years maybe

except for a blip in 2020, when the pandemic hit us.”

Operating revenues in January to June grew 21 percent to P29.37 billion from the previous P24.28 billion.

MPIC’s holdings delivered a 27-percent increase in contribution from operations, mainly driven by the strong performance of the power generation business and higher water tariff for the water concession.

Among the company’s core businesses, power had the largest share at P9 billion or 72 percent of net operating income while toll roads and water contributed P2.7 billion and P2.3 billion, respectively.

“Our consistently strong performance reflects significant volume increases for our core businesses on power, toll roads, and water, bolstered by favorable tariff adjustments and savings resulting from operational efficiencies. We are also realizing the fruits of strategic investments in the power generation business,” MPIC Chairman, President and CEO Manuel V. Pangilinan said.

“Regarding our petition for voluntary delisting, the company’s board of directors and senior management echo the bidders’ observation that the intrinsic value of MPIC’s core investments in infrastructure in the Philippines has not been fully re-

The tender offer period to take MPIC private began on August 9, and will run until September 7, with a target settlement date on September 19. It needed to buy at least 95 percent of the shares to be tendered before the delisting to proceed.

“The bidders have also expressed their commitment to further supporting Philippine infrastructure and as such, the nature of the business of MPIC will continue. There is no intention to materially deviate from the course that MPIC has taken in the past few years,” Pangilinan said.

“Furthermore, there is still a massive need for infrastructure investments in our country and this will provide several opportunities for shareholders to participate directly in the underlying assets of the group once the contemplated spin-offs materialize.”

ACEN preferred share sale gets nod

By Lenie Lectura @llectura

ACEN Corp. has received the green light to proceed with its preferred shares offering of up to P25 billion.

It said in a disclosure Monday that it received the order of registration and permit to offer securities for sale last August 10 from the Securities and Exchange Commission for the public offer, plus an oversubscription of up to 12.5 million preferred shares. The shares will be sold for P1,000 apiece.

ACEN also said it received the notice of approval from the Philippine Stock Exchange Inc. last August 5.

The offer represents the first tranche of its 3-year shelf registration of up to 50 million preferred shares. This will be offered in two series, for a total offer size of up to P25 billion.

The Series A preferred shares will have an initial dividend rate of 7.1330 percent per annum, with a

ALCANTARA- L ED Alsons Consolidated Resources Inc.’s (ACR) earnings surged by 70 percent to P1.17 billion in the first half from last year’s P689 million.

ACR attributed its financial results during the period to the strong performance of its power assets.

Revenues stood at P6.9 billion at end-June this year from P5.4 billion in the first half of 2022. For the second quarter, ACR’s earnings surged to P605.28 million. This was 65 percent higher than the P364.93 million earned 2022. Second quarter revenues were also higher at P3.6 billion from P2.73 billion in the second quarter of 2022.

The company’s 210 megawatt (MW) Sarangani Energy Corp.’s baseload power plant is still the key revenue driver for ACR. The power facility services key areas in Mindanao including Sarangani Province, General Santos, Cagayan de Oro, Iligan, Dipolog, Dapitan, Pagadian, Samal, Tagum, Kidapawan, and Butuan.

Another key revenue contributor for ACR for this period was the 100 MW Western Mindanao Power Corp.’s (WMPC) diesel plant in Zamboanga City. WMPC is the only major power generation facility in the Zamboanga Peninsula, providing power to Zamboanga City and supplying vital ancillary services to the National Grid Corporation of the Philippines to help stabilize the power grid in the western Mindanao region.

ACR said it is now focused on building up its renewable energy capacity in the next few years, with several renewable energy facilities in the company’s pipeline. Lenie Lectura

dividend rate re-setting on the fifth anniversary of the issue date. The Series B preferred shares will bear a fixed dividend rate of eight percent per annum and are not subject to any dividend rate re-setting.

Proceeds will be used for the refinancing of short-term bridge loans for eligible green projects, or financing for new or existing eligible green projects.

The offer period will run until August 23, with target listing date on September 1.

“We are greatly encouraged by the interest shown by both institutional and individual investors in this offering, even amidst tight financial conditions,” said ACEN Chief Finance Officer Cora Dizon.

“It is an honor for ACEN to pioneer the issuance of the first ever Peso-denominated fixedfor-life equity instrument in the country, making a significant mark in the financial market. This underlines our determination to blaze new trails

in the financial sector.”

BDO Capital & Investment Corp., BPI Capital Corp., and China Bank Capital Corp. are the joint issue managers. PNB Capital and Investment Corp., RCBC Capital Corp., and SB Capital Investment Corp., meanwhile, are the joint lead underwriters.

ACEN President Eric Francia said the issuance will help the company attain its 2030 aspiration of having 20 gigawatts of renewables. ACEN is currently building around 1,100 megawatts of renewable energy plants in the Philippines, and more projects are expected to be added in the coming years. The company has about 4,400MW of attributable capacity from owned facilities in the Philippines, Australia, Vietnam, Indonesia and India, with a renewable share of 98 percent, which is among the highest in the region.

DOE endorses power projects for SIS

thE Department of Energy (DOE) has endorsed nine power projects to the National Grid Corporation of the Philippines (NGCP) for the conduct of system impact studies (SIS).

If the necessary approvals are met, these power projects will generate over 3,600 megawatts (MW) of additional capacity to the grid.

The 1,280MW natural gas-fired combined cycle gas turbine power project of Atimonan One Energy Inc. (A1E) is the largest among the proposed power projects received by the DOE.

A1E is a wholly-owned subsidiary of Manila Electric Company’s (Meralco) power generation arm Meralco PowerGen Corp. (MGen). The proposed power plant will be constructed in two phases and each phase will consist of 2x600 MW capacities.

Phase 1 will begin construction within the third quarter and is targeted to be completed by the first quarter of 2026.

Phase 2 is targeted to be completed three years thereafter. The proposed project of A1E is estimated to cost about P175 billion.

The other proposed projects include the 500MW Camarines Sur wind power project of Upward Wind Energy Corp., 500MW Bicol wind power project of Exa Wind Energy Corp., 400MW QuezonCamarines Norte wind power project of Arcana Wind Energy Corp., 300MW

solar power project of Giga

Ace 8, Inc., 200MW Gemini wind power project of Gemini Wind Energy Corp., 75MWpeak Sual solar power project of Renovable Earth Corp., 181MWp Infanta 2 solar power project of Tera Renewables Corp., and the 170MW Banahaw wind power project of GigaWind4 Inc.

SIS is an assessment conducted by the Transmission Network Provider or System Operator in addition to the Grid Impact Studies. The SIS is necessary to determine the adequacy of the grid and its capability to accommodate a request for power delivery service.

From January to July, the DOE issued a total of 74 certificates of endorsement (COE) to the NGCP for clearance to undertake the SIS.

The DOE is now addressing the delays in the approval for SIS by imposing a 60-day timeline, according to DOE Secretary Raphael Lotilla.

“We need to improve for example on system impact studies because these have to be addressed upfront rather than later,” he said.

“The system impact studies are rather delayed…We will be looking at how the transmission concessionaire, the NGCP, is going to specify the 60day approval of just the system impact studies. But first we hear them, we listen to them. You’re supposed to do this SIS in 60 days, but when does the 60-day period start?” Lenie Lectura

By Lorenz S. Marasigan @lorenzmarasigan

Intern At Io n A l Container Terminal Services Inc. (ICTSI)

reported on Monday its net income attributable to equity holders went up by 7 percent to $313.8 million in the first half from last year’s $294.48 million, thanks to the strong performance of its terminals across the globe.

In the same comparative periods, ICTSI recorded a 10-percent growth in gross revenues to $1.16 billion from $1.06 billion, owing to the 9-percent increase in consolidated volume to 6.28 million twenty-foot equivalent units (TEUs) from 5.75 million TEUs.

“The macroeconomic and geopolitical climate continues to be uncertain but these results give us continued confidence in our financial and operational resilience,” ICTSI Chairman and President Enrique K. Razon said.

“The opportunities for future growth are considerable and we will work closely with our stakeholders to achieve positive change for the communities in which we operate and deliver long-term sustainable growth.”

Meanwhile, consolidated cash operating expenses in the first six months of 2023 was 15 percent higher at $325.85 million compared to $283.86 million in 2022.

Capital expenditures, exclud-

ing capitalized borrowing costs, amounted to $152.23 million during the period. These were invested in the expansion and acquisition of equipment for the ports in Mexico, Australia, Manila, and the Democratic Republic of Congo.

“Our estimated capital expenditure is $400 million for the year which will be used to expand and improve productivity and efficiency at terminals including Australia, Mexico, Philippines, Democratic Republic of Congo and Nigeria. These investments are examples of our ongoing commitment to make our ports more efficient, accessible and globally competitive,” Razon said.

ICTSI operates in six continents and continues to pursue container terminal opportunities around the world.

Last May, the company announced that it broke ground for the eighth berth of its flagship port, Manila International Container Terminal (MICT).

It said Berth 8—which will cost some P15 billion—is “beyond the contractual commitments” of the company to the Department of Transportation and the Philippine Ports Authority. Berth 8, which will be built in various phases, is said to “add to the MICT’s capability to service foreign ultra-container vessels” of up to 18,000 TEUs.

Alsons earnings jump 70%

Metro Pacific Investments Corp. (MPIC) on Monday said its core income rose 33 percent to P9.9 billion in the first half from the previous year’s P7.5 billion.

BTr rejects bids for T-bills as asking rates high

By Jasper Emmanuel Y. Arcalas @jearcalas

Reviewing the debt snowball approach

ARESEARCH study conducted by Forrester Consulting in 2021 reveals that 70 percent of Filipino consumers are struggling with debt. This percentage is the highest recorded percentage across citizens of nine countries included in the study.

Filipinos need to manage debt well since there are many negative consequences if finances are not in order.

High levels of debt can lead to more financial problems. High levels of debt can lead to high levels of stress. There are a number of debt-management approaches that can be considered.

One such approach is the popular “debt snowball” approach. An individual must take stock of what he or she owes. One should list down all loans from smallest to largest in terms of value. Once the list is completed, the smallest loan gets paid in full first. Minimum payments are done on the other loans. Once the smallest loan is fully paid, the next smallest loan then gets fully paid. Ultimately, the largest loan is the last to be paid. This approach is like a build-up approach and the hope is that all loans will eventually be settled.

A major advantage of the “debt snowball” approach is that it is relatively simple. Its simplicity is probably the main reason as to why it has become a popular approach in addressing debt. It is simple because the general guideline is quite clear in terms of prioritizing the smallest loans over the big loans when it comes to payment.

When guidelines are clear, execution becomes easy. When execution becomes easy, the chances of achieving financial goals like reducing debt or totally eliminating debt become a lot higher.

An advantage of the “debt snowball” approach is that it has a motivational component. As an individual is able to address the smallest debts first, feelings of accomplishment and satisfaction are generated. Managing debt will not be an abstract concept.

Quick wins can boost the confidence of the individual in the ability to solve problems. Quick wins can inspire the individual to stay in the course of going through the process of debt management. Winning small battles can hopefully lead to winning the war on debt.

An advantage of the “debt snowball” approach is that it can work if an individual has quite

➜

Insurer given award

a number of low-interest loans. Having many loans can be overwhelming in terms of allocating scarce income resources. Many might just give up and raise the white flag. As the smallest loans are paid in full and assuming that the succeeding loans have relatively low interest rates, the financial capability to settle bigger loans is enhanced because money gets freed up and money builds up. Resources can be sufficient to address debt.

However, just like any financial approach, the “debt snowball” approach is not perfect. There are key disadvantages of the debt snowball approach.

One disadvantage is that over the long haul, it may prove to be a costly approach in managing debt especially if the loans that are not prioritized are the ones that have the higher interest rates. Higher loan amounts that have high interest rates can make things more cumbersome. Quick wins might just prove to be lower in value if the bigger debt situation is viewed.

A disadvantage of the “debt snowball” approach is that it can lead to a longer payment period before all debts are settled. This is because the balance of the bigger loans will just keep accruing if they are not settled. Having a longer debt payment journey will prove to be a test of resilience for the individual.

Having a longer debt-payment journey can lead to high opportunity costs with respect to foregone items like savings and investments. Having a longer payment journey can delay attainment of financial freedom.

The “debt snowball” approach is one approach that can be considered for debt management. At the end of the day, an individual can decide to use or not use it depending on goals and timelines. As more Filipinos are able to address debt, more Filipinos become financially-free and the economy becomes stronger.

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

Etiqa Life & General assurance Philippines inc. announced it has been recognized anew for its innovative gadget insurance, which earned the “insurtech initiative of the Year” accolade from the Singapore-based Charlton Media Group. the gadget-protection product was the company’s first foray into embedded insurance with a major e-commerce platform, a statement read. it seeks to protect users of smartphones and other electronic devices from unexpected repair costs. Proof of its success was the seven million new policies generated by the end of 2022, the firm said. the regional insurer’s first gadget microinsurance was adjudged by topnotch industry leaders in asia based on the following criteria: uniqueness and innovation; effectiveness and impact, as well as dynamism. Roderick L. Abad

The Treasury raised P12.185 billion for the national government on the back of a mixed auction for the debt papers. The Treasury borrowed the full amount of P5 billion through its tender of 91-day T-bills, but fell short of raising the combined amount of P10 billion from the auction of 182-day and 364-day T-bills.

The Treasury only awarded P3.83 billion in 182-day T-bills and P3.355 billion in 364-day T-bills, rejecting

nearly P17 billion in combined bids.

The average yield for the 91-day T-bills settled at 5.704 percent, substantially lower than the secondary market benchmark level of 5.858 percent allowing the Treasury to make a full award.

Meanwhile, the average rates for the 182-day and 364-day T-bills hovered near the vicinity or even went beyond their respective secondary market rates.

On one hand, the 182-day T-bills settled with an average yield of 5.945 percent, just an inch away from the 6.055 percent secondary market rate for the debt paper. The 364-day Tbills, on the other hand, fetched an average yield 6.325 percent, higher than the 6.276 percent secondary rate for the debt paper.

On a weekly basis, only the 182day T-bills registered a lower yield. The rates last week for the various

T-bills were 5.598 percent for the 91-day, 5.99 percent for the 182-day, and 6.294 percent for the 364-day. The full range of yields for the Tbills is as follows: 5.648 percent to 5.74 percent (91-day), 5.9 percent to 6 percent (182-day), and 6.3 percent to 6.35 percent (364-day). Nonetheless, the Monday auction was oversubscribed by 2.7 times with total tenders reaching P40.4 billion, according to the Treasury.

‘Pagcor must balance revenue, gaming sector growth’

By Jovee Marie N. dela Cruz @joveemarie

THE chairman of the House Committee on Appropriations on Monday told the Philippine Amusement and Gaming Corp. (Pagcor) to maximize its contribution to government revenues while ensuring responsible gaming.

During the hearing for Pagcor’s budget for fiscal year 2024, Ako Bicol Party List Rep. Elizaldy S. Co, chairman of the House Committee on Appropriations, highlighted the crucial economic importance of Pagcor in generating substantial revenues for the government. Co, however, said Pagcor should be mindful of the negative social consequences of gambling.

He pushed for allocating a portion of the revenue generated to programs that address gambling-related issues, promote responsible behavior, and provide support to those adversely affected.

While acknowledging Pagcor’s

contribution to government coffers, the lawmaker also emphasized the necessity of monitoring and adopting legislative perspectives that maximize benefits while mitigating drawbacks.

“Through careful consideration and responsible regulation, Pagcor’s potential can be harnessed to drive sustainable economic development for the betterment of society,” Co said.

He also underscored the steady source of funds that Pagcor’s remittances have provided for essential public services.

“These funds, derived from various gambling and gaming activities, have supported critical sectors including education, healthcare, infrastructure development and public safety. Notably, they have also contributed to the implementation of the Universal Health Care (UHC) Act under RA 11223,” Co said.

“This consistent financial influx not only alleviates the burden on tax-

payers but also promotes a balanced distribution of financial responsibilities,” he added.

Co said the gambling and gaming industries, when properly regulated and integrated, can emerge as a robust revenue source for the government. He said the multifaceted revenues generated from these activities extend to various sectors, enhancing societal well-being. He cited the positive impact of Pagcor’s operations on employment opportunities by fostering skill development and professional growth within the local workforce.

Recognizing the importance of effective regulation, Co stressed that comprehensive regulatory frameworks are essential to ensure fair play, responsible gambling and the prevention of criminal activities such as money laundering.

“A well-structured regulatory framework not only safeguards public interests but also fosters a

positive industry image that attracts responsible gamblers and investors,” Co said.

In accordance with its charter and other governing laws, Pagcor’s earnings are distributed as follows: 5 percent of winnings go to the BIR as franchise tax; 50 percent of the 95 percent balance goes to the National Treasury as the national government’s mandated income share.

On February 20, 2019, President Rodrigo R. Duterte signed the UHC Act, which provides that 50 percent of the national government share from the gaming income of Pagcor, as provided for in Presidential Decree 1869, as amended, shall be transferred to the Philippine Health Insurance Corp. (Philhealth) at the end of each quarter to fund the UHC, subject to the usual budgeting, accounting and auditing rules and Philhealth regulations.

The projected total income distribution for 2024 by Pagcor is P80.2 billion.

BIR partners with top business, professional groups

THE Bureau of Internal Revenue (BIR) announced that Commissioner Romeo D. Lumagui Jr. signed a “historic” multi-sectoral memorandum of agreement (MOA) partnership with nine business and/or professional groups last August 8 to improve taxpayer service.

“This is in line with his mission to make the BIR a service-oriented agency, not merely a goal-oriented one,” a statement from the BIR read.

“This MOA is a historic day for the BIR and the country. In order to make the Philippines a top investment destination, we need to work hand-in-hand with the private sector. We will engage in dialogue with them. I want a BIR that is a serviceoriented agency. The more we help make the country business-friendly, the more investments it will create. Ultimately, the more taxes we will collect,” Lumagui was quoted in the statement as saying.

The Bureau’s multi-sectoral partners are: the Philippine Chamber of Commerce and Industry (PCCI) headed by its President George T. Barcelon; Tax Management Association of the Philippines (TMAP) headed by President Atty. Suzette A. CeliciousSy; Management Association of the Philippines (MAP) headed by President Atty. Benedicta Du-Baladad, as represented by Governor Benjamin R. Punongbayan; Financial Executives Institute of the Philippines (Finex) headed by President Wilson P. Tan, as represented by Vice President Michael Arcatomy H. Guarin; the Philippine Institute of Certified of Public Accountants (Picpa) headed

➜ Lender feted by HK firm SECurit Y Bank Corp. (PSE: SECB) announced it has been recognized by Hong Kong-based asset Publishing and research Ltd. as a leading fixed income house in the publisher’s “2023 asset Benchmark research awards.” the lender had a third ranking among the “ top Sellside Firms in the Secondary Markets,” in both the corporate and government bonds categories. SB Capital investment Corp., the bank’s investment arm, also ranked third among the “ top arrangers-investor’s Choice for Primary issues” corporate bonds category. the “asian

markets, including

Philippines.

by President Atty. Randy B. Blanza; Association of Certified Public Accountants in Public Service and Practice (Acpapp) headed by President Romualdo V. Murcia III; Association of Certified Public Accountants in Commerce and Industry (Acpaci) headed by President Anna Lissa C. Chua-Dycaico; Philippine Exporters Confederation Inc. (Philexport) headed by Sergio R. Ortiz-Luis Jr.; and the Joint Foreign Chambers of the Philippines (JFC) represented by Primary Delegate Atty. Mimi Lopez-Malvar.

Governance, competitiveness BARCELON congratulated the BIR “for successfully establishing the multi-sectoral group partnership” formalized by the MOA signing.

“This truly is a ground-breaking event as this MOA is signed by numerous organizations and PCCI is truly honored to be part of this group,” the PCCI officer said. “By facilitating cooperation between business and government we taking the necessary steps to building a better nation.”

Celicious-Sy was quoted in the statement as saying to have thanked Lumagui and those forming the technical working group as well as the partners for creating this partnership. She also assured the BIR of TMAP’s support.

Punongbayan, meanwhile, also congratulated the BIR “for putting together this multi-sectoral group and work with the BIR in certain activities as stated in the MOA, to help enhance the Bureau’s effectiveness in increasing its tax collection.”

Guarin said that Finex is “happy to support” the BIR.

He also cited the two important things for the Philippines: corporate governance and competitiveness of the nation.

“So definitely setting up this multi-sectoral as far as corporate governance is concerned, it definitely helps with the coordination and the communication; both are pillars for having a strong corporate governance,” Guarin added.

Clear channel

BLANZA also congratulated the BIR “for spearheading this kind of event.”

“Our organization has been one in the forefront of tax administration of the country. The BIR can count on us on this endeavor and look forward to more cooperation between Picpa and BIR,” he added.

Murcia, meanwhile, said that “the initiative of BIR is very important as it provides a clear channel to raise suggestions towards comprehensive, relevant and lawful policies and regulations and effective tax administration.”

He added that “the MOA solidifies our mutual dedication to enhance tax compliance and promote a fair and equitable tax system in our country.”

“It is an honor for us to be part of this multi-sectoral group, in behalf of the Board of Directors, past presidents of Acpaci and the Committee, we are look forward in working handin-hand with you in addressing relevant tax issues,”Chua-Dycaico said.

Push for reforms

ORTIZ-LUIS also thanked Lumagui

“for making this happen.”

“We look forward for a successful partnership under this undertaking. And just for the record, we continue to push for reforms to help make our e-Export more competitive, this includes the VAT zero-rating implementation,” Ortiz-Luis added. Lopez-Malvar said they “are so honored to be invited to this MOA (signing) and consider this as a landmark partnership between government and private sector.”

“We do look forward in maximizing this opportunity to help the BIR meet its objective and help the companies we represent comply with simplified, transparent and equitable tax regulations as a result,” Lopez-Malvar added. She congratulated the BIR “for this remarkable initiative.”

“We hope this is just a start of a stronger public-private partnership for the good of the country and of the Philippines,” Lopez-Malvar said.

Prior to the signing of the MOA, Lumagui formed a committee called “Partnership with Multi-Sectoral Group,” or “PMSG,” last April 3. The PMSG is comprised of technical working groups (TWGs) from the Project Management and Implementation Service (PMIS), Legal Group, Large Taxpayers Service, Operations Group and the Information Systems Group (ISG).

The MOA will integrate the BIR TWG with the nine multi-sectoral working groups to engage in regular dialogue and consultations for drafting revenue issuances to ensure compliance by taxpayers and enhance tax administration.

BANKING ON HEALTH

This Monday, July 31, 2023, photo shows Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. (right) during the ceremonies for the turnover of the central bank’s donation to the Philippine Red Cross (PRC) represented by (left) PRC Chairman Richard J. Gordon at the BSP central office in Manila. The BSP also donated to five other health institutions and were represented by: Lung Center of the Philippines Executive Director Dr. Vincent M. Balanag Jr.; Philippine Children’s Medical Center Donations Committee Chairman Dr. Randy P. Urtula; Philippine General Hospital Director Dr. Gerardo D. Legaspi; and, Philippine Heart Center Executive Director Dr. Joel M. Abanilla. The National Kidney and Transplant Institute is also among the beneficiaries this year. The BSP, which kickstarted its 30th year celebration on July 3, 2023, traditionally donates to institutions providing healthcare services to underserved Filipinos during its anniversary month. Photo courtesy of the Bangko sentral ng PiliPinas

THE Bureau of the Treasury (BTr) was forced to reject bids for its Treasury bills (Tbills) tender as investors continue to ask for costly yields.

PersonaL fInanCe

Genesis Kelly s Lontoc

Art BusinessMirror

‘Mga Kuha sa Korea’ exhibit set to take viewers on a visual journey

THE transportive power of photography will bring to life an exhibition that’s set to open this week, one that promises to take viewers on a visual journey across the natural and cultural riches of Korea.

The special exhibition, titled Mga Kuha sa Korea, is organized by the Korean Cultural Center in the Philippines (KCC) in partnership with the Korea Tourism Organization Manila Office (KTO). To be featured are shots of South Korea’s enchanting landscapes, vibrant cities, and unique cultural offerings. The month-long exhibit will be on display at the KCC Building in Taguig City starting this Thursday, August 17, until September 23.

“Through this exhibit, we hope to be able to bring Korea a bit closer to you,” said KCC director Kim Myeongjin in a statement.

Mga Kuha sa Korea will present a wide array of photography sections designed to appeal to different interests.

Nature enthusiasts, for instance, are in for a treat with the segment allotted to the transformation of Korea’s landscapes across four seasons. Korean cuisine will also get prominently featured with a section celebrating distinct specialties from various regions.

Then, the 2030 Busan World Expo section will showcase Busan, an industrial and cultural powerhouse of Korea. The section also provides a glimpse of the Expo’s innovative and vibrant spirit. Meanwhile, film enthusiasts can look forward to the 2023 Korean Film Festival section, with the theme “travel.” Through carefully curated films, the KCC hopes to bring viewers to different cities and

provinces of Korea, allowing them to experience the country’s essence through the world of cinema. More details about the 2023 Korean Film Festival will be announced soon.

The exhibit will likewise feature the entries of finalists from the I Was Here: Mga Kuha sa Korea contest, where participants shared their fondest memories in Korea. The winner will be awarded during the exhibit’s opening.

Mga Kuha sa Korea reflects the spirit of “Visit Korea 2023-2024,” a tourism initiative by the Korean

TODAY’S HOROSCOPE By

Eugenia Last

CELEBRITIES BORN ON THIS

DAY: Alyson Stoner, 30; Chris Hemsworth, 40; Ben Gibbard, 47; Hulk Hogan, 70.

HAPPY BIRTHDAY: Observation is your best bet when dealing with unpredictable situations. Control your emotions and look for choices that are less stressful. Maintenance will be necessary as you navigate from one position to the next. Change may be inevitable, but how you handle it can modify the outcome in your favor if you are moderate and target what’s necessary. Your numbers are 7, 15, 23, 29, 37, 43, 45.

ARIES (March 21-April 19): Get out, mingle, sign up for events or activities that interest you, and socialize with people who share your interests. A makeover or trendy new look will make you stand out and boost your morale. Love and romance will enhance your life. ★★

TAURUS (April 20-May 20): Don’t believe everything you hear. Someone will be misleading if given the opportunity. Concentrate on being resourceful, ask questions and follow through when you are confident that the outcome will favor you. Protect against situations that result in health risks. ★★★

GEMINI (May 21-June 20): Emotions will make you vulnerable. Listen to the information you receive from someone who has the inside scoop on someone’s intentions, and it will help you clear your head and divert a costly mistake. Make self-esteem and personal growth your priorities. ★★★

CANCER (June 21-July 22): Be resourceful and look at every angle of a situation before you commit. A change of plans may not be welcome, but the outcome will give you something to consider. Don’t act in haste; go over every detail and make decisions based on facts. ★★★

LEO (July 23-Aug. 22): Check your options and focus on what you must do to protect yourself and your assets. Refuse to let anyone talk you into something that will burden you emotionally, financially or physically. Surround yourself with people who have experience and your best interests at heart. ★★★★

VIRGO (Aug. 23-Sept. 22): Slow down, assess each situation separately and refuse to let anyone decide for you. A take-charge attitude will give you the momentum to recognize what’s best for you and follow your plans. Base your actions on facts, not emotions. ★★

To support the call to visit Korea, the Korean Embassy launched on Monday the Korea Visa Application Center (KVAC), located at the Brittany Hotel in Bonifacio Global Center, Taguig City. For more information about the exhibit and other events, visit phil.korean-culture.org/EN and follow Korean Cultural Center in the Philippines on social media. ■

Philippine Red Cross hosts an evening of art, compassion

THE Philippine Red Cross (PRC) hosted a spectacular evening of art and philanthropy at the Estancia Mall, Capitol Commons in Pasig City on August 9.

The event, which featured the aweinspiring Michelangelo’s Sistine Chapel exhibition, was dedicated to raising funds for the diverse life-saving services provided by the PRC. Guests were treated to a captivating fusion of artistic brilliance and humanitarian commitment as they celebrated the magnificence and genius of the renowned artist.

An organization devoted to alleviating human suffering and promoting humanitarian values, the PRC stood as one of the proud beneficiaries of the remarkable exhibition.

“The convergence of art and compassion was truly awe-inspiring,” said Dr. Gwen Pang, PRC secretary general. “We

extend our heartfelt gratitude to each guest who joined us in this celebration of human creativity and benevolence. Their presence reflects a shared commitment to making a

The PRC lauds ATIN Global Inc. and its visionary founder, Sabrina Co, for introducing this exceptional exhibition

to the Philippines and for selecting the Philippine Red Cross as a beneficiary. This collaboration underscores the power of partnership in driving positive change and supporting crucial initiatives that touch lives.

The highlight of the evening was a sumptuous set dinner exclusively prepared by the celebrated and award-winning chef Jessie Sinsioco. Guests indulged in a culinary masterpiece that mirrored the artistic excellence on display, stimulating both the palate and the senses.

The Philippine Red Cross expressed its gratitude to the attendees, partners, and supporters who made the event a resounding success. The generosity displayed during the event would directly contribute to the continuing provision of life-saving services that protect the lives and dignity of those affected by disasters, emergencies, and health crises.

LIBRA (Sept. 23-Oct. 22): What you want to do and what’s best for you will conflict. Don’t fold under pressure or give in to someone who tempts you. Kick back, take a break and spend downtime with someone who respects and loves you for you. ★★★★★

SCORPIO (Oct. 23-Nov. 21): Money and emotions will clash. When faced with a need for a quick decision, get the facts, use common sense and make your move. Procrastination will cause regret and friction with someone you love and respect. Don’t fear change. ★★★

SAGITTARIUS (Nov. 22-Dec. 21): Keep your eyes open and verify information. Pay attention to how you feel and look; it will help you remain the go-to person in your circle. Refuse to let anyone weasel their way into your territory. ★★★

CAPRICORN (Dec. 22-Jan. 19): Pay it forward, and do something that makes you feel good regarding your contribution. Be the one to start a movement that draws awareness to a worthy cause. An issue someone has will lead to controversy and financial loss if you don’t act fast. ★★★

AQUARIUS (Jan. 20-Feb. 18): Don’t expect to agree with everyone you encounter. Let bygones be bygones, and go about your business. You’ll achieve far more if you do your own thing and offer others the same right. Make selfimprovement and love your priorities. ★★★

PISCES (Feb. 19-March 20): Give your all, and you’ll get your way. An opportunity that offers better money management and a stellar lifestyle is apparent. Take the initiative to line up those you want by your side. ★★★★★

BIRTHDAY BABY:

You are playful, flexible and friendly. You are resourceful and spontaneous.

‘eat dessert first’ BY REBECCA GOLDSTEIN

The Universal Crossword • Edited by David Steinberg/Anna Gundlach

THE photo exhibit organized by the Korean Cultural Center in the Philippines (KCC) will open on Thursday, August 17, at the KCC Building in Taguig City.

PHILIPPINE of governors, PRC executives, event performers, Ruth Velasco-Co of ATIN Global Inc. (third from right), and Rotary Club governor Dr. Mildred Vitangcol (second from right) during the recent PRC Dinner for a Cause at the City.

‘Barbie’ still on top, gives box office a midsummer surge

Legit StatuS winS worLd Hip Hop dance cHampionSHip 2023

LEGIT Status dance crew emerged as the champion of the Megacrew Division in the recent World Hip Hop Dance championship 2023 in Phoenix, Arizona.

The troupe bested 54 other dance groups throughout the entire competition. Among the members of Legit Status is Alexis Nickole B. Enciso, who’s taking up industrial engineering at the De La Salle University Manila.

Legit Status presented a four-minute, high-caliber performance in the finals that won them the trophy.

The dance troupe landed first place in the competition’s preliminaries, where they attained a score of 7.98 with a 0.32 gap score from the next contenders.

Two other Pinoy dance groups won in the competition—UP Streetdance club placed third in the Megacrew Division, while HQ won in the Adult Division.

By Andrew Dalton The Associated Press

BArbie has legs. Director Greta Gerwig’s film phenomenon remained a runaway No. 1 at the box office in its fourth week, bringing in $33.7 million, according to studio estimates on Sunday.

The Margot Robbie-led and produced film from Warner Bros., still in 4,137 theaters, refused to drop off as most box-office toppers have this year, surpassing $500 million in North America overall a week after it crossed the $1 billion mark globally—a record for a female director.

The second half of the “Barbenheimer” duo, Oppenheimer, returned to the No. 2 spot in its own fourth week after a week at No. 3 overall. The Christopher Nolan-directed film from Universal Pictures brought in $18.8 million from 3,761 locations for an overall domestic total of $264.3 million.

The top pair had thin competition. The week’s only major wide release, Universal’s Demeter, finished fifth with a $6.5 million opening weekend.

t AHEAD of its much-anticipated debut on Netflix on Friday, August 18, the upcoming series its intriguing story through three main posters and a new trailer.

with main character chilling voice. What follows is a roller coaster ride through Mo-Mi’s life, from her unassuming job as an office worker, to becoming a popular cam model masked girl, and ultimately ending up as prisoner number 1047, who appears repentant yet dreams of escape. This rapid succession of her multiple identities leaves viewers craving to know more about the mysterious story behind her many faces.

In an impressive display of talent, three actors—ko HyunJung, Nana, and a new talent yet to be revealed—portray k m Mo-Mi in distinct phases of her life. Each actor contributes a unique shade to this character as she transforms throughout the series. catch Mask Girl on August 18 only on Netflix.

Teenage Mutant Ninja Turtles: Mutant Mayhem, in its second week, earned $15.6 million domestically for third place, and the Jason Statham shark sequel, Meg 2: The Trench, brought in $12.7 million, dropping from second to fifth in its second week in theaters.

barbie is poised to become 2023’s top film. Its $526.3 million domestic total and $1.18 billion global bankroll currently sits second behind The Super Mario bros. Movie, which earned $574.2 million in North America and $1.36 billion globally in the spring. It’s also the second-highest grossing film in the history of Warner Bros., behind only 2011’s Harry Potter and the Deathly Hallows: Part 2.

The sustained performance of the Mattel movie continues to flip the script on what had been a weak year in theaters, with major sequels underperforming including indiana Jones and the Dial of Destiny and Mission: impossible—Dead reckoning Part i, which

Art Acuña finds paradise in acting

remained in the top 10 this week with $4.7 million.

barbie is as hot a commodity as it was in its first week. It’s just ensconced at the No. 1 spot, and I don’t know if it’s going anywhere soon,” said Paul Dergarabedian, senior media analyst for comScore.

“And Oppenheimer right there with it. They’re just drafting off each other in this box office Nascar race.”

The midsummer “Barbenheimer” put the industrywide summer total ahead of 2022. It was lagging behind just a month ago.

“If you think of what barbie and Oppenheimer together—just those two movies—have contributed in these weekends at the box office, it’s really a staggering number,” Dergarabedian said.

All movies combined this summer have earned $3.63 billion in North America. With significant releases remaining in August, including DC Comics’ blue beetle, the video game adaptation “Gran Turismo,”

and the Denzel Washington sequel The equalizer 3, the box office has a chance of reaching the $4 billion that was considered a domestic benchmark for a strong summer before the pandemic.

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

1. barbie, $33.7 million

2. Oppenheimer, $18.8 million

3. Teenage Mutant Ninja Turtles: Mutant Mayhem, $15.6 million

4. Meg 2: The Trench, $12.7 million

5. The Last Voyage of the Demeter, $6.5 million

6. Haunted Mansion, $5.6 million

7. Talk to Me, $5.1 million

8. Sound of Freedom, $4.8 million

9. Mission: impossible—Dead reckoning Part i $4.7 million

10. Jailer, 2.6 million. n

the gang—beauty inside and out. We’d do anything for her. And Nonie Buencamino is a friend from way back, a playmate and fellow musketeer that I can always count on. The four of us have developed a very strong bond.”

Earlier this year, Acuña was flown to Los Angeles by the producers for the promotional shoot of the series. It was a quick and lovely stay.

“Everything was smooth and no time wasted on the interviews, photo shoot and all the activities. Their hospitality was first class. West Hollywood had beautiful sunlight on it every single day I was there,” he recalled.

THERE is always so much pride in seeing actors from the Philippines take on huge roles in foreign projects. That pride expands further and develops into priceless joy when the performances of these Filipino actors earn praises from critics and audiences alike.

Such is the case when esteemed local actor Art Acuña landed the big role of Ernesto Alamares in the widely followed series Almost Paradise, now on Amazon Freevee for its second season.

We spoke to Acuña recently and he has remained the same person we have known from many years back—warm, calm, straight forward, passionate, and sincere.

For the sake of those who have not seen the series, Acuña gave a condensed description of his character in relation to the narrative.

“Ernesto Alamares is a serious no-nonsense detective in the Mactan Police Department, a skilled officer with the backbone of a gritty street cop,” he said. “Along with detective Kai Mendoza [Samantha Richelle], they are the best crime-fighting duo on the island of Cebu, under the leadership of chief Ike Ocampo [Nonie Buencamino]. While on a sting operation, they inadvertently meet ex-Drugs Enforcement Administration [DEA] agent Alex Walker [Christian Kane] who got involved because he tried to save Kai and Ernesto from a really bad outcome. Chief Ocampo, after assessing the former

BAck-To-BAck Urian acting winner and International Emmy Award best actor nominee Art Acuña

nominee (2012, for The Kitchen Musical), Acuña told us that the thing he likes most about Ernesto is his “calm center, even when things take a dark and dangerous turn.” Acuña lauds his character’s empathy as well, saying that playing Ernesto has “actually made me a

become really close friends since the first season outside of work. Probably sounds dramatic but, without a doubt, we’d both take a bullet to save each other. Yes, we’re that close.” Acuña added, “Samantha Richelle is the jewel of

We tried to dig a little deeper on what would make Acuña happy and fulfilled in terms of work and career, and we easily got what we wanted.

“More work would make me even happier,” said Acuña. “That’s all I want. I love to work. It’s ‘play’ for me, and always has been. It’s when I feel most ‘present’—no past, no future. I live for the ’now’ of these acting moments. Plus, I have limitless energy, so the glee has to go somewhere.”

He added, “I really get jazzed about the roles I get locally. Roles which are actually variations of roles in literature I’ve always wanted to play. I mean a King in a Shakespearean piece, has parallels in a couple of teleserye roles I’ve done here. So keep those dream roles coming because I’m hungry for more.”

On why people should watch Almost Paradise, Acuña’s reply was quick and profound.

“Almost Paradise has ‘heart.’ And truth, sacrifice, friendship, empathy...all the stuff that make humanity more interesting and admirable,” he said.

“And both the stories and portrayals are grounded in reality, peppered with light and heavy moments, just like life. Everyone can appreciate a show with so much heart because there seems to be too little of it going around in the real world these days.”

For someone like Art Acuña who’s an A-list actor with a huge heart for his craft, acting is indeed a true paradise.

THIS image released by Warner Bros. Pictures shows Ryan Gosling (left) and Margot Robbie in a scene from Barbie The film remained a runaway No. 1 at the box office in its fourth week.

Block Dojo, nChain Realize Blockchain Future of The PHL at VIP Launch Event

RECENTLY, in the heart of Manila, leading business owners, investors, venture capitalists, and political figures, gathered at the Grand Hyatt Hotel, to celebrate the launch of Block Dojo in Asia.

The VIP evening was hosted by Block Dojo, a renowned incubator fostering blockchain entrepreneurship, in partnership with nChain, a leading global technology company, offering software solutions, consulting services, and IP licensing for clients across major industries looking to benefit from the security, transparency, scalability and costeffectiveness of blockchain.

The event aligns with President Ferdinand R. Marcos Jr. heralding the importance of Blockchain and digital asset technologies in November 2022 and, more recently, calling for digital transformation across the nation. nChain and Block Dojo are committed to creating tangible business opportunities for Blockchain development and acting as a leading light in the digital revolution in the Philippines.

The culmination of the event marked the opening of Block Dojo’s call for submissions from start-ups across the

Philippines, interested in securing a place to attend the 12-week programme, which puts entrepreneurs through their paces via technical education, investment guidance, investor pitching, and commercialization.

Stefan Matthews, nChain Executive Chairman & Block Dojo Director, said: “Last December, I committed to the Provincial Government of Bataan to establish an instance of Block Dojo here in the Philippines, specifically in Bataan. The official launch represents the delivery of that commitment. Further, we are delivering against the mandate announced by His Excellency President Ferdinand Marcos Jr. in October 2022. We invest in promoting Filipino start-ups, guiding them to provide blockchain solutions to the Philippines and the world, and internationally showcasing technology, innovation, and capabilities. Our Block Dojo investment will intake approx. forty selected concepts and output ten as business ready and funded. This process is not a one-off, cohorts will continue, and the process will be repeated three times per year, so over two years, we will have an intake of 240 start-ups and deliver 60 successful, advanced Filipino projects.

World’s First Zero Flicker Display HONOR 90 5G 200MP Flagship Camera to be launched today

I wish all cohort participants well; I am optimistic about what we will see here. This initiative is very special to us all.

James Marchant, nChain Business Development Officer & Block Dojo Executive Chairman said: “This event marks the opening of Block Dojo Philippines, the first Dojo in Asia and indeed our first international Dojo outside of the UK. Since nChain committed to supporting the Philippines earlier this year, my team and I have been busy recruiting and training a local team and establishing partnerships with other local stakeholders. We are quickly becoming the epicenter of what we have found to be a vibrant and growing startup community. Our recent launch event marks the opening of Dojo Philippines accepting applications from Filipino founders and entrepreneurs that have an idea for a business and want to leverage the commercial expertise of the Dojo as well as the IP, technology, and resources of nChain to catapult their idea into the next big thing. The first intensive 12 week-program will begin in Bataan in January 2024 and our first Filipino cohort of startups will launch to the world in March 2024.”

Green Living Starts Here: A Look at Practical Steps to start Sustainability Living at Home

RUNNING a household is a fulfilling yet challenging task for many, especially when making bold decisions to embrace a more sustainable way of life. Homemakers now understand the significance of living sustainably, not only for the environment but also for the health and well-being of their families.

Living green involves making choices that promote the long-term health and well-being of the planet while also ensuring that future generations will be able to enjoy the same quality of life. This includes using eco-friendly products that are less harmful to the environment and in the process, reducing carbon footprints by consuming less energy, water, and other natural resources.

Fortunately, SM Store has made it easier for homemakers to make ecofriendly choices with its SM Green Finds program. The program offers a wide range of sustainable products that are both eco-friendly and convenient for consumers.

As part of SM Green Finds, ACE Express offers a wide array of biodegradable cleaning solutions and products for environmentally conscious homemakers. One of the standout products that carry the Green Finds badge are these organic cleaners formulated with eco-friendly surfactants which make them safe for families and the environment.

“A sustainable household uses less energy, conserves earth’s resources and uses products that are less harmful to the environment.  Ace Express is committed to making sustainable products more available in as many categories as possible,” said Bernard Ong, SVP and ACE Hardware Business Head.

For those who love gardening, ACE Express has Ramgo, Vertigo, and

Konice, which are natural-growing media that use by-products found in local farms and mountainsides of the Philippines. These eco-friendly alternatives to conventional growing media are perfect for those who want to start planting sustainably.

Also from ACE Express are biodegradable alternatives for planting such as pots made from wood powder and rice or corn husks with resin which are sustainable options for ecoconscious plantitos and plantitas.

Under SM Home, consumers can choose from a wide variety of linens, such as bedsheets and towels made of Bamboo – a raw material that is eco-

friendly and sustainably sourced. In SM Store, shoppers will have access to handcrafted home accents by artisans and social enterprises made from locally sourced materials like rattan, bamboo and abaca.

“SM Home collaborates with our suppliers to offer first to market sustainable products. We always aim not only to make our customers feel good about the choices they make but also make their home green,” said Janice Yang, SM Home Business Head.   One shining example is Bright Ideas – a social enterprise that manufactures home scents and candles which are available at SM Home.

Shifting to a green lifestyle is not just about buying eco-friendly products, it’s about making sustainable choices that benefit the planet and future generations. By choosing sustainable products, parents can teach their kids the importance of being eco-conscious and the many ways they can live a greener lifestyle.

By using these products, Filipino families can make small changes that will allow them to shift to a greener lifestyle and promote sustainability at home.

“The SM Store serves as the marketplace to showcase their products and offerings as well as an avenue for these MSMEs to hone their entrepreneurial skills and grow their businesses, and a catalyst that inspires more businesses to embrace sustainability, one step at a time” said Dhinno Tiu, EVP SM Store.

SM Green Finds makes green living easy for its customers by promoting products that are eco-friendly, made from natural and local ingredients and supports local communities. To find out more about our sustainability programs, search for The SM Green Movement.

THE World’s First Zero Flicker Display smartphone is just around the corner and much to the delight of HONOR fans, the launch will be streamed live on Facebook (https://bit. ly/200MPFlagshipCamera) today at 7 PM.

“Today is the launch of HONOR 90 5G and we cannot hide our excitement too! HONOR Philippines is very proud to introduce the World’s First Zero Flicker Display smartphone, matched with the game-changing 200 MP Flagship Camera. Coming tonight so do not miss it,” said HONOR Philippines Vice President Stephen Cheng.

HONOR 90 5G sports a 6.7-inch AMOLED curved display that takes on a form factor reminiscent of a glass filled to the brim and on the verge of overflowing, offering an immersive viewing experience. It also has the industry-leading PWM Dimming technology that allows the display to pulse at a rate of up to 3,840Hz for the display to maintain a more comfortable,

BEST INVESTMENT BANK. First Metro Investment Corporation, the investment banking arm of the Metrobank Group, was honored as the Best Investment Bank and Best ECM (Equity Capital Market) House 2023 by Hong Kong-based finance publication FinanceAsia. The awards reflect First Metro’s success in 2022 to 2023 and underscore its commitment to innovation and excellence in the capital markets. In 2022, First Metro completed 16 capital markets transactions, raising a total of P1.1 trillion, and accounting for 72 percent of the market. In photo is First Metro executive vice president and Investment Banking Group head Daniel D. Camacho (right) receiving the award from FinanceAsia editor Ella Arwyn Jones.

flicker-free viewing experience even at lower brightness levels, perfect for today’s entertainment-hungry generation who spend long hours viewing and watching content on their smartphones.

The triple-camera system comprises a 200 MP Main Camera, a 12 MP Ultra Wide and Macro Camera, a 2 MP Depth Camera at the back of the device with a 1/1.4-inch sensor. The cameras are arranged in an elegant and harmonious “Mirror Luna” design featuring overlapping circles and ellipses inspired by the dynamic beauty of moon phases.

Catch the launch live on Facebook today at https://bit.ly/200MPFlagshipCamera and stay tuned for more announcements via HONOR’s website www.hihonor.com or social media platforms: Facebook (Facebook.com/ HonorPhilippines), Instagram (Instagram. com/honorph) and TikTok: (Tiktok.com/@ honorphilippines). To check out HONOR’s complete list of retail stores, go to https:// www.hihonor.com/ph/retailers/.

20th Igan Cup to hold 5-Club Challenge at Eastridge Golf and Country Club

THE Igan ng Pilipinas Foundation will be holding the 20th Igan Cup, the longest running celebrity golf tournament in the country, on August 18, 2023 at Eastridge Gold and Country Club in Binangonan, Rizal.

The 5-Club Challenge will see players teeing of in the double shotgun at 6 am and 12

noon. The tournament format Is system 36. Proceeds of the golf tournament will directly benefit the programs and activities of the Igan ng Pilipinas Foundation, Inc. For event and sponsorship inquiries, please call the Igan Foundation Secretariat at 8475 3199 or 0906 5078075.

VIRUS Guard is just one of the many organic cleaning solutions available at Ace Express.

PRESIDENT Ferdinand Marcos Jr. with Stefan Matthews, nChain Co-Founder and Executive Chairman.

IN the photo are, from left, Stephanie Tower, nChain Business Development Lead - Philippines; Alex Bell, nChain Co-founder and Programme Director; Stefan Matthews, nChain Co-Founder and Executive Chairman; Jay Gujral, nChain Global Commercial Director; James Merchant, Executive Chairman, nChain Block Dojo and Chief Business Development Officer; and Dr. Craig Wright - nChain Chief Scientist.

Slumping property sector weighs down China’s economic recovery

By Bloomberg News

Official figures due Tuesday are expected to show only moderate increases in industrial output, retail sales and fixed-assets investment in July. The contraction in property investment likely worsened, with fears of a debt crisis at a major developer and a further decline in housing sales holding back a rebound in the sector.

Swathes of the country were also hit by heavy rains and deadly floods, hindering construction activity last month.

The weak data will likely put pressure on Beijing to add more monetary or fiscal stimulus after a fairly muted response from officials so far. Latest lending data showing new loans plunging to a 14-year low in July spurred calls for more monetary easing, including a reduction in the amount of cash banks must hold in reserves.

On interest rates, however, the People’s Bank of China still faces constraints from a weak yuan. It’s likely to keep a key policy interest rate unchanged on Tuesday, according to economists surveyed by Bloomberg, even though deflation was evident in the economy last month.

“With CPI falling to deflation, exports contracting further and property sector still struggling, we

see incentive for the government to make full use of the fiscal space under the approved budget to stabilize growth,” Ding Shuang, chief economist for Greater China and North Asia at Standard Chartered Plc., wrote in a note.  China’s National Bureau of Statistics is expected to release July economic data on Tuesday. Here are some of the key factors to watch:

Property crisis

PROPERTY investment likely contracted further in July, taking the decline in the first seven months of the year to 8.1 percent compared with the same period last year, according to economists surveyed by Bloomberg. That’s a worsening from the 7.9 percent drop in the first six months of the year.

The operating conditions for real estate developers are yet to improve. The value of new home sales by top builders fell by the most in a year in July even though more cities loosened purchase curbs. That’s dealt a blow to developers who need cash to alleviate a multiyear credit crisis.   Country Garden Holdings Co., once China’s largest private-sector developer by sales, is on course to join a slew of defaulters such

as China Evergrande Group if it doesn’t make coupon payments due last week on two-dollar bonds within a 30-day grace period.

“We think the pressure along the real estate value chain such as sales, land acquisition and construction may continue to weigh on economic growth,” China International Capital Corp. analysts including Zhang Wenlang wrote in a note last week.

Weak investment

FIXED-ASSETS investment, which includes investments in property, infrastructure and manufacturing, is projected to increase 3.7 percent in the January-July period, at a similar pace as in the first half of the year.

Infrastructure investment likely held up as local governments sold more special bonds in July than a year ago. The bonds are used mainly to finance building projects. Overall construction activity, though, remains fairly muted, as highlighted by the drop in excavator sales figures.

Manufacturing investment likely picked up on the back of

policy support measures and a smaller decline in profits, according to a report by UBS Group AG economists including Wang Tao.

Factory disruptions

INDUSTRIAL output probably increased 4.3 percent in July from a year ago, softening slightly from the 4.4 percent gain in the previous month.

Recent purchasing managers’ surveys pointed to a contraction in China’s manufacturing activity in July as new orders continued to fall. Export demand remains weak, as reflected by South Korea’s figures, a bellwether for global trade, and the global manufacturing PMI, which registered a contraction in July.

“We expect China’s July activity data to show the economy weakening further. Extreme weather likely crimped investment. The deepening housing slump probably overwhelmed the impact of a brisk summer travel season, denting consumption. Policy announcements suggest support is coming but that won’t be apparent in the July figures,” said Chang Shu,

Bloomberg’s chief Asia economist.

Factory production was also affected last month by deadly flooding in the country’s southwest and more recently in the northern regions, which disrupted logistics, forced people to evacuate and shut down mines. Extreme heat also threatened cotton supply, which is key for the textiles sector, and prompted some regions, which are reliant on hydro power, to curb energy supplies to high-consuming industries such as cement and steel.

Record youth unemployment

THE jobless rate for people aged 16 to 24 hit a record of 21.3 percent in June, and the National Bureau of Statistics warned the figure for July is likely to be higher still. A record of nearly 12 million students are expected to graduate from colleges and universities this year, flooding the labor market.

Chinese companies are increasingly hiring job applicants with at least one year of working experience, with demand for fresh graduates declining by 72 percent between 2018 and 2023, according to an analysis of about 5 million job ads by data consultancy MetroDataTech.

Consumer spending likely got a boost from the start of the summer travel season in July and a pickup in in-person activities, such as movies. Hotel occupancy surged to a new high since 2020, according to a note from CICC, while box office tickets in the month topped 8 billion yuan, the highest for July on record.

Economists expect retail sales likely expanded 4 percent in July from a year ago, up from 3.1 percent in June. That’s still well below

the 8 percent-plus growth rates before the pandemic.

No rate cuts

THE PBOC is expected to keep the rate on its one-year policy loans— known as the medium-term lending facility—unchanged at 2.65 percent, according to all but one of the 15 economists surveyed by Bloomberg.

It’s also likely to roll over the 400 billion yuan of maturing MLF loans—the largest amount since January—and make a small net injection of 10 billion yuan into the financial system, economists forecast.

The central bank is moving cautiously on interest rates to avoid putting further pressure on an already weak yuan and fuel more capital outflows. It’s set a stronger-than-expected fixing for the yuan every day since late June to support the currency.

The PBOC has instead guided banks to lower the rate of existing mortgage loans, and hinted at an upcoming cut to the reserve requirement ratio, a move that would give banks more liquidity to roll over maturing loans in the coming months.

Standard Chartered’s Ding expects the PBOC to lower the reserve requirement ratio as soon as this month as the authorities ramp up steps to boost the economy.

“We see balanced risks to our 2023 growth forecast at 5.4 percent, with positive fiscal impulse, still accommodative monetary stance and more supportive housing policies for the rest of the year offsetting external demand headwinds and sluggish home sales and investment,” he said. With assistance from James Mayger, Wenjin Lv, Chester Yung and Danny Lee/Bloomberg

Central Kansas police force sparked firestorm by raiding a newspaper and publisher’s home

By John Hanna & Margery A. Beck

The Associated Press

MARION, Kan.—A small central Kansas police department is facing a torrent of criticism for raiding a local newspaper’s office and the home of its owner and publisher, seizing computers and cellphones, and, in the publisher’s view, stressing his 98-year-old mother enough to cause her weekend death.

Several press freedom watchdogs condemned the Marion Police Department’s actions as a blatant violation of the US Constitution’s protection for a free press. The Marion County Record’s editor and publisher, Eric Meyer, worked with his staff Sunday to reconstruct stories, ads and other materials for its next edition Wednesday, even as he took time in the afternoon to provide a local funeral home with information about his mother, Joan, the paper’s co-owner.

A search warrant tied Friday morning raids, led by Marion Police Chief Gideon Cody, to a dispute between the newspaper and a local restaurant owner, Kari Newell. She is accusing the newspaper of invading her privacy and illegally accessing information about her and her driving record and suggested that the newspaper targeted her after she threw Meyer and a reporter out of restaurant during a political event.

While Meyer saw Newell’s

complaints—which he said were untrue—as prompting the raids, he also believes the newspaper’s aggressive coverage of local politics and issues played a role. He said the newspaper was examining Cody’s past work with the Kansas City, Missouri, police as well.

“This is the type of stuff that, you know, that Vladimir Putin does, that Third World dictators do,” Meyer said during an interview in his office. “This is Gestapo tactics from World War II.”

Cody said Sunday that the raid was legal and tied to an investigation.

The raids occurred in a town of about 1,900 people, nestled among rolling prairie hills, about 150 miles (241 kilometers) southwest of Kansas City, making the small weekly newspaper the latest to find itself in the headlines and possibly targeted for its reporting.

Last year in New Hampshire, the publisher of a weekly newspaper accused the state attorney general’s office of government overreach after she was arrested for allegedly publishing advertisements for local races without properly marking them as political advertising. In Las Vegas, former Democratic elected official Robert Telles is scheduled to face trial in November for allegedly fatally stabbing Las Vegas Review-Journal reporter Jeff German after German wrote articles critical of Telles and his managerial conduct.

Meyer said that on Friday, one Record reporter suffered an injury to a finger when Cody wrested her cellphone out of her hand, according to the report. The newspaper’s surveillance video showed officers reading that reporter her rights while Cody watched, though she wasn’t arrested or detained. Newspaper employees were hustled out of the building while the search continued for more than 90 minutes, according to the footage.

Meanwhile, Meyer said, police simultaneously raided his home, seizing computers, his cellphone and the home’s Internet router.

But as Meyer fielded messages from reporters and editors as far away as London and reviewed footage from the newsroom’s surveillance camera, Newell was receiving

death threats from as far away, she said. She said the Record engages in “tabloid trash reporting” and was trying to hush her up.

“I fully believe that the intent was to do harm and merely tarnish my reputation, and I think if had it been left at that, I don’t think that it would have blown up as big as it was,” Newell said in a telephone interview.

Newell said she threw Meyer and the Record reporter out of the event for Republican US Rep. Jake LaTurner at the request of others who are upset with the “toxic” newspaper. On the town’s main street, one storefront included a handmade “Support Marion PD” sign.”

The police chief and other officials also attended and were acknowledged at the reception, and the Marion Police Department highlighted the event on its Facebook page.

LaTurner’s office did not immediately return phone messages left Sunday at his Washington and district offices seeking comment.

Newell said she believes the newspaper violated the law to get her personal information as it checked on the status of her driver’s license following a 2008 drunken driving conviction and other driving violations.

The newspaper countered that it received that information unsolicited, which it verified through public online records. It eventually decided not to run a story because it wasn’t

sure the source that supplied it had obtained it legally. But the newspaper did run a story on the city council meeting, in which Newell herself confirmed she’d had a DUI conviction and that she had continued to drive even after her license was suspended.

A two-page search warrant, signed by a local judge, lists Newell as the victim of alleged crimes by the newspaper. When the newspaper asked for a copy of the probable cause affidavit required by law to issue a search warrant, the district court issued a signed statement saying no such affidavit was on file, the Record reported.

Cody, the police chief, defended the raid on Sunday, saying in an email to The Associated Press that while federal law usually requires a subpoena—not just a search warrant—to raid a newsroom, there is an exception “when there is reason to believe the journalist is taking part in the underlying wrongdoing.”

Cody did not give details about what that alleged wrongdoing entailed.

Cody, who was hired in late April as Marion’s police chief after serving 24 years in the Kansas City police, did not respond to questions about whether police filed a probable cause affidavit for the search warrant. He also did not answer questions about how police believe Newell was victimized.

Press freedom and civil rights organizations said that police,

the local prosecutor’s office and the judge who signed off on the search warrant overstepped their authority.

“It seems like one of the most aggressive police raids of a news organization or entity in quite some time,” said Sharon Brett, legal director for the American Civil Liberties Union of Kansas, adding that it seemed “quite an alarming abuse of authority.”

Seth Stern, director of advocacy for Freedom of the Press Foundation, said in a statement that the raid appeared to have violated federal law, the First Amendment, “and basic human decency.”

“The anti-press rhetoric that’s become so pervasive in this country has become more than just talk and is creating a dangerous environment for journalists trying to do their jobs,” Stern said.

Meyer said he has been flooded with offers of help from press freedom groups and other news organizations. But he said what he and his staff need is more hours in the day to get their next edition put together.

Both he and Newell are contemplating lawsuits—Newell against the newspaper and Meyer against the public officials who staged the raid.

As for the criticism of the raid as a violation of First Amendment rights, Newell said her privacy rights were violated, and they are “just as important as anybody else’s.”

B eck reported from Omaha, Nebraska.

CHINA’S economic recovery is being weighed down by a worsening property slump, with the latest data likely to show little sign of a rebound in growth.

THE contraction in property investment likely worsened in July. BLOOMBERG

ERIC MEYER , the editor and publisher of the Marion County Record, answers questions about a raid by local police and sheriff’s deputies on his newspaper’s newsroom and his home on Sunday, August 13, 2023, in Marion, Kansas. The officers seized computers and cell phones and took photos of Meyer’s personal financial records. AP/JOHN HANNA

By Josef Ramos

GILAS Pilipinas workhorse

Scottie Thompson is back training, the coveted Naismith Trophy named after the inventor of basketball goes on tour starting on Tuesday and the FIBA Basketball World Cup 2023 launched its global creative campaign “Nothing Else Matters.”

A ll that as the FIBA 2023 World Cup the Philippines is lead hosting starts in 10 days with Thompson, possibly, and Gilas Pilipinas taking on the Dominican Republic at The Philippine Arena in Bulacan on August 25.

Everything looks good with Scottie [Thompson] as he returned to practice last Sunday,” the men’s national team therapist Dexter Aseron told BusinessMirror on Monday. “It’s earlier than expected…it’s the doctor’s timeline on his healing.”

Thompson was sidelined for almost a month because of a right hand injury he incurred during Gilas’s training camp in Lithuania last month.

Aseron said that the 6-foot-2 Most Valuable Player of the Philippine Basketball Association showed up in practice and did shooting and contact drills initiated by head coach Chot Reyes and his deputies Tim Cone and Jong Uichico.

He’s cleared to join 5-on-5 already,” the strength and conditioning coach said. “After a week, I believe his shooting form will be back just in time.”

Tim Cone said his top ward at Barangay Ginebra looked good in practice. He practiced fully without restrictions last night [Sunday],” Cone said.

Filipino fans all over the country, meanwhile, will get the chance to view international basketball’s biggest prize, the Naismith Trophy, that will be on tour in Cebu, Davao, Manila and Ilocos Norte.

The event, dubbed the FIBA 2023 World Cup Trophy Tour Presented by J9.basketball, will also allow fans to interact with former Gilas Pilipinas players who are ambassadors for the event. The Naismith Trophy—named after James Naismith, who invented

AND COUNTING

Sports

basketball, will arrive Tuesday in Cebu and the tour Wednesday includes the Mactan Shrine, CCLEX and Fort San Pedro.

I n the afternoon, the Naismith Trophy will be in full display at the SM Seaside with ex-Gilas Gary David and Jeff Chan gracing the occasion.

Special performances from the University of Cebu Cheering Team and 2010 Sinulog Idol Grand Winner Jacky Chang will also entertain local fans.

Ne xt up will be at the Davao City People’s Park, Philippine Eagle Center and Malagos Chocolate Museum.

The Davao stop will be capped with a celebration at the SM Lanang Premier on Friday with David and two-time Asia’s Best Point Guard Jayson Castro.

Performing in Davao are the Madayaw Cheer Revolu tion Cheetahs, the dance group Fusion and Ralph Angelo Merced.

M anila will be the next stop on August 19 where the Naismith Trophy will tour the Philippine Arena, Smart Araneta Coliseum and SM Mall of Asia Arena.

L arry Fonacier and other Gilas ambassadors will be joining the event at the SM Mall of Asia Atrium on Sunday where the multi-awarded University of the Philippines Pep Squad and the gold medalists from the recently concluded World of Dance Junior Championship Electro Groovers will be performing.

I locos Norte will be the last stop at the EDC Wind Farm, Kapurpurawan Rock Formation and Suba Sand Dunes from August 21 to 23.

Robinsons Place Ilocos Norte will be the venue for the mall event on August 23, where Gilas ambassadors will again accompany the Naismith Trophy, with performances from the Saguday Performing Arts Group and “Princess Rapper of the North” Faifai Flojo.

Laput rises over and above field, shows strong potential in UAAP

SHEVANA LAPUT towered above

everybody else as she reigned supreme as the first Most Valuable Player (MVP) of the Shakey’s Super League National Invitationals.

A n incoming sophomore at Taft, the 6-foot-2 spiker put on a stellar MVP run as University Athletic Association of the Philippines champion De La Salle beat Adamson University in Game 3 to annex the crown Sunday at the Filoil EcoOil Centre in San Juan.

I feel honored but it was all because of my teammates. My teammates gave me that trust, they gave me that boost to hit and they gave the support,” said Laput, sister of Magnolia Hotshots center James Laput.

“I could swing knowing that they’re there covering for me.”

S he was joined by teammates Thea Gagate (1st Middle Blocker), Amie

Provido (2nd Best Middle Blocker) and Alleiah Malaluan (2nd Best Outside Hitter), Adamson University’s Angelica Alcantara (Best Setter) as well as University of Santo Tomas’s Angeline Poyos (1st Best Outside Hitter) and Bernadett Pepito (Best Libero) in the Super Team.

L aput’s breakout performance came at a time when De La Salle needed it the most following the graduation of its championship core— setter Mars Alba, middle blocker Fifi Sharma and team captain and outside spiker Jolina D ela Cruz.

L aput, who also earned the Best Opposite Spiker award, averaged 20.3 points in the finals highlighted by a tournament-high of 30 points in Game 1. She posted 18 points in Game 2 then 13 points on 11 hits and two blocks in

B8 | Tuesday augusT 15, 2023

mirror_sports@yahoo.com.ph

Editor: Jun Lomibao

Neymar agrees to 2-yr deal with Saudi’s Al-Hilal

PARIS—Paris Saint-Germain (PSG) superstar Neymar has reportedly agreed a two-year deal to join Saudi Arabian club Al-Hilal.

France’s leading sports daily L’Equipe said on its website Sunday that the PSG and Brazil forward will receive a total of 160 million euros ($175 million) over two seasons.

No details were given as to how much the transfer fee would be for Neymar, who has also been linked with a return to Barcelona.

The Associated Press has asked defending French champion PSG to confirm the deal. The request was not immediately answered.

Ne ymar’s current contract with PSG runs until 2025

Ne ymar missed PSG’s season-opening 0-0 draw against Lorient in the French league on Saturday after training alone on Friday, with the club saying it was because he was recovering from a viral infection.

But Neymar is heading for a PSG exit and could leave during the summer transfer window.

The 31-year-old Brazilian joined PSG from Barcelona for a world-record fee of 222 million

euros (now $244 million) six years ago, the same year Kylian Mbappe joined from Monaco in a deal worth 180 million euros.

PSG had already received a world-record $332 million bid from Al-Hilal for Mbappe, who is in the last year of his contract and has been mired in a transfer standoff.

Mbappe, who reportedly refused to meet with representatives from the Saudi club  in Paris last month, has been strongly linked with a move to Real Madrid next season on a free transfer.

Tensions between Mbappe and PSG eased a little on Sunday after he was allowed to return to training following “constructive and positive talks” between the two parties. M bappe sat out Saturday’s draw with Lorient after being left out of training. Midfielder Marco Verratti was also not selected by new coach Luis Enrique, and has been linked with a move to the Saudi league after joining PSG in 2012.

Tolentino wants ROTC Games institutionalized

Education (CHED), Department of National Defense and the Philippine Sports Commission (PSC) chaired by Richard Bachmann.

We hope to include the ROTC Games as one of our sports programs at CHED as we review our programs,” CHED  Executive Director-Central Office Cinderella Jaro said.

Salazar Colleges of Science and Institute of Technology (SCTSI) of Cebu, meanwhile, beat Capiz State University, 25-9, 25-10, 25-10, in women’s volleyball at the University of San Agustin gymnasium in IloIlo City on Monday.

The “Nothing Else Matters” campaign, on the other hand, features a selection of players showing the broad cross-section of talent at the World Cup.

It is headlined by global superstar Luka Dončić, China’s anchor Zhou Qi and two host countries’ heroes— Philippines’ ace Jordan Clarkson and Japan’s leader Yuta Watanabe.

The original creative, developed in-house, merges the personal offseason hobbies of the players with their unique on-court talents in a manner that is sure to delight fans.

A lso on Tuesday, Samahang Basketbol ng Pilipinas president Al Panlilio Local Organizing Committee officials will discuss the homestretch preparations for the World Cup in a special Philippine Sportswriters Association Forum at the Meralco Conference Hall of the Meralco Building along Ortigas Avenue.

SENATOR Francis “Tol” Tolentino and Philippine Sports Commission commissioner Fritz Gaston (fourth and fifth from left) strike a pose with the members of Guimaras State University following their victory over Colegio de Sta Ana de Victorias.

NONIE REYES

SENATOR Francis “Tol” Tolentino bared his desire to institutionalize the Philippine Reserve Officers Training Corps (ROTC) Games which opened Sunday at the Iloilo City Sports Complex. “ The Philippine ROTC Games manifests love of country through sports,” said Tolentino, the honorary

chairman of the games. “The games symbolize patriotism, volunteerism and service to our country.”

He added: “These are the very reasons why our desire is to institutionalize these games.”

The ROTC Games are a collaboration of the Armed Forces of the Philippines, Commission on Higher

Team captain Rona Mae Caturas, who led the Talisay-based SCTSI with 14 points, said she and her teammates were inspired to strive harder in the games.

We promise to do better in our next matches as we get to polish our game,” Caturas said.

SCTSI coach Ray Vincent Sanoria said her players felt the pressure of playing on a big stage.

“ We have no idea how they [Capiz State University] play so we just played our best game,” Sanoria said.

“The girls were jittery because it’s their first time to play in a big venue.” Competitions in athletics, boxing,and kickboxing, meanwhile, will commenced at the Robinsons City Activity Center and SM IloIlo.

ROS falls to UAE for 3rd straight loss in Jones Cup

THE first win remained elusive three games into the William Jones Cup as Rain or Shine yielded to the United Arab Emirates (UAE), 73-71, at the Taipei Heping Gymnasium in Taipei on Monday.

T he Elasto Painters faltered in the end game as Hamid Abdulateef Abreiki poured 15 of his 22 points in the final quarter to frustrate the Filipinos.

T he win was the first for UAE while the loss was Rain or Shine’s third straight.

throws but grabbed the rebound and fed Abreiki to stretch their lead 71-73.

G ian Mamuyac made one last heave beyond the three-point line but missed.

A lshabebi finished with 11 points while Rashed Alzaabi added 10. Demusis, who kept Rain or Shine in the game after trailing by as many six points in the final frame, paced the Filipinos with 12.

Nick Evans also chipped in 12 but was a non-factor in the payoff period.

SHEVANA

the winner-take-all Game 3, which De La Salle put away, 25-22, 25-19, 25-17.

But Laput is far from being a complete player that she envisions to be as she sets her sight on UAAP Season 86.

“I mean it’s really great. It’s amazing. But I guess this makes me feel like I need to step up even more,” she said.

“I need to work even harder, now that there’s a ‘reputation’ kind of thing.”

S ix of Abreiki’s fourth-quarter points came in the final two minutes, including a triple that put UAE ahead, 71-69.

The Filipinos had their chances after Nick Demusis pushed Rain or Shine to 71-72.

The Elasto Painters, however, came up dry in their possession in the final 24 seconds, forcing them to foul and send veteran big man Quais Alshabebi to the charity line with four seconds left in the game.

A lshabebi botched his two free

A fourth quarter rally came a little too late for Rain or Shine from falling to a second-straight defeat—89-79 to Chinese Taipei Team B—late Sunday.

T he Elasto Painters came within striking distance in the final period after falling behind by 21 points but didn’t have the luxury of time in preventing a sweep by the hosts’ two teams.

A l ackluster opening quarter again doomed the Filipinos as the Taiwanese drew confidence from a 30-14 lead.

Australia goes fever pitch for Matildas at World Cup S

YDNEY—Patty Mills and his Boomers teammates knew who deserved prime time billing, so they rescheduled their game and will keep watching Australia’s historic run at the Women’s World Cup. It’s fair to say Matildas fervor has reached fever-pitch across Australia, which is co-hosting the tournament with New Zealand.

T he Boomers, Australia’s men’s basketball team, are preparing for their World Cup later this month and had a warmup game against Brazil planned for Wednesday night. As soon as they realized it

would clash with the Matildas’ semifinal against England, they moved their game forward by more than two hours so they could watch the women’s soccer.

The Matildas have really captured the nation this World Cup,” Mills, the Boomers captain and Atlanta Hawks guard, said Monday. “The way the ladies play with so much heart and passion has been so inspiring to witness.

Just like the rest of the country, our Boomers team have been locked in for each game, watching it as a team.”

They’re not the only ones.

T imes for elite-level Australian rules football matches were adjusted last Saturday so players, staff and supporters could catch some of the  Matildas’ dramatic penalty shootout win over fifthranked France in the quarterfinals

in Brisbane.

T he main nightly news program was pushed back by the host broadcaster nationally because of the game, which became the highest-rating program on Australian TV this year.

“ Supporting our fellow Australian athletes is crucial, so moving our game was an easy decision,” Mills said. “We are super excited to join the rest of

Australia in watching the ladies on Wednesday after we play our second game in Melbourne. Up the Tillies!”

It seems almost everyone in Australia wants to watch the Matildas, either on TV, or in dedicated fan zones in the host cities that have attracted tens of thousands of people, or in pubs and clubs from the state capitals to tiny Outback communities.

Australia’s round of 16 win over Denmark had the highest-rating television audience in Australia in 2023—for all of five days. AP

LAPUT sends a strong message of what she’s capable of on the court.

NEYMAR is the latest addition to football stars joining the tempting Saudi Arabia league.

NICK EVANS chips in 12 points but isn’t a factor in the payoff period.

AUSTRALIA’S Sam Kerr shouts for joy after their victory over France. AP

SCOTTIE THOMPSON is now practicing with the team as the Naismith Trophy will go on display for fans to see.