BusinessMirror June 11, 2024

WITH the country’s low rice production already 40 years old, importation has become crucial in ensuring that Filipinos have access to the food staple, according to the National Economic and Development Authority (Neda).

On Monday, Socioeconomic Planning Secretary Arsenio M. Balisacan told reporters that importation has helped the government ensure that the country had sufficient and affordable rice supply for Filipinos.

Balisacan said the country’s rice production woes persisted for four decades because the Philippines failed to increase agriculture investments such as those that would have gone to irrigation.

“Our problem is, for the last 40

years, we have always been short of production. And our demand, our total consumption has always been higher than our production.

So, if you don’t import, prices will rise,” Balisacan explained, partly in Filipino.

“If we had started addressing these issues of the agricultural sector many years ago, then we should have not been in this situation now. The lack of, for example, of irrigation. That’s the easiest way to double, to increase productivity,” he added.

Irrigation investments require building either small or big dams that will allow farmers to grow crops all year round and not just during the rainy season.

Balisacan said if farmers nationwide were provided with suf-

ficient irrigation facilities, there is a chance that they could plant two or even three times a year.

More frequency in planting rice, Balisacan said, will significantly increase rice production. However, making these investments is not cheap, nor can they be completed in a short period of time.

The Neda Chief said irrigation facilities take 3 to 5 years to complete or even longer, especially if the funds being used are Official Development Assistance (ODA).

Nonetheless, Balisacan said, the recent 69-percent increase in the budget of the Department of Agriculture (DA) can be a significant boost in realizing these investments.

“That will mean we address the the lack of irrigation development issues, the logistics issues, the

marketing distribution issues, the access to seeds, access to planting materials, the access to fertilizers. That’s where government support is focused on,” Balisacan stressed.

“The intention is to raise the productivity because in truth, the only way you can improve the welfare of our farmers on a sustained basis is increase their productivity so that they are able to get more incomes, more profits from whatever small piece of land they have,” he added.

Tariffs impact

GIVEN the recent spike in inflation, Balisacan said, government had to bring down rice tariffs to 15 percent from the 35 percent. This, he said, can keep rice prices from increasing further.

By Cai U. Ordinario @caiordinario

Tforeign direct investments (FDIs) grew 42.1 percent in the January to March period this year, according to the latest data from the Bangko Sentral ng Pilipinas (BSP). The

of 2024, higher than the US$2.1-billion net inflows recorded in the same period of 2023.

In March 2024, the data showed FDI increased 23.1 percent to $686 million from the $557-million net inflows in March 2023.

“The 42.1-percent surge in Q1 FDI net inflows year-on-year highlights global confidence in the Philippines as a preferred investment destination. The investment increase is across diverse sectors, underscoring our dynamic economic landscape and strategic potential,” Trade and Industry Secretary Alfredo Pascual said in a statement.

BSP said the expansion in FDI net inflows was driven mainly by nonresidents’ net investments in debt instruments, which grew by 19 percent year-on-year to $465 million from $391 million in March 2023. However, Rizal Commercial Banking Corporation (RCBC) Chief Economist Michael L. Ricafort said the net FDIs of the country was the slowest in five months or since October 2023.

By Ma. Stella F. Arnaldo @akosistellaBM

Special to the BusinessMirror

GLOBAL economic issues, along with geopolitical skirmishes remain as challenges to the sustained recovery of international tourism and weigh on people’s confidence to travel.

This developed as the United Nations World Tourism Organization (UNWTO) reported some 285 million tourists traveled across borders in the first three months of 2024, up 20 percent from the same period in 2023. The first-quarter 2024 international visitor arrivals represented 97 percent of prepandemic 2019 lev-

TOLLING IN THE HILLS Houses dot the hills of Baguio City, where a company has proposed a congestion fee of P250 or more for motorists entering Session Road, the city’s central business district. This initiative aims to alleviate traffic in the summer capital of the Philippines. Baguio City residents will be eligible for rebates. NONIE

els. “These results were boosted by continued strong demand, the opening of Asian markets, as well as by enhanced air connectivity and visa facilitation,” said the latest UNWTO World Tourism Barometer. The Barometer added that total export revenues from international tourism, including both receipts and passenger transport, reached US$1.7 trillion in 2023, which was some 96 percent of prepandemic levels in real terms (i.e. excluding inflation). Tourism direct gross domestic product (GDP) last year recovered from prepandemic levels, and hit some $3.3 trillion, equivalent to 3 percent of global GDP. According to UNWTO’s Panel

Experts, international tourism will likely recover completely this year supported by strong demand for travel, increased air connectivity, and the continued rebound of China and other major Asian markets. Said experts surveyed for the UN Tourism Confidence Index resulted in a score of 130 points (on a score of 0 to 200) for the upcoming summer season (May to August), reflecting a more upbeat sentiment than earlier this year, when the index reached just 122 points.

Sports events to lift summer travel THE Barometer added: “Some 62 percent of tourism experts participating in the Confidence

survey expressed better [53 percent] or much better [9 percent] expectations for this four-month period, covering the Northern Hemisphere summer season, while 31 percent foresee similar performance as in 2023.” More travel is seen as Europe hosts two international sports this summer, i.e. Paris Summer Olympics in July and August, and Union of European Football Associations European Championship in Germany in June and July. However, the Panel of Experts cited economic and geopolitical headwinds as continuing to pose significant challenges to the complete recovery of international tourism and confidence levels.

EXPLOSIVE BRILLIANCE Germany’s Steffes Ollig Feurwerk claims victory at the 11th Philippine International Pyromusical Competition at the SM Mall of Asia By the Bay! Portugal’s Macedos Pirotecnico and the United Kingdom’s Pyrotex Fireworks likewise put on remarkable displays, taking home 1st and 2nd runner-up honors, respectively. Since May 11, 2024, the competition has mesmerized audiences with a breathtaking spectacle of pyrotechnic artistry, culminating in a magnificent finale featuring the UK and an exhibition from the Philippines. SM SUPERMALLS

BIR raids houses with illicit  cigarettes in Agusan del Sur

BUREAU of Internal Revenue

(BIR) Commissioner Romeo D. Lumagui Jr. said the agency raided several locations in Agusan del Sur and Surigao del Sur that resulted in the confiscation of 347,869 packs of illicit cigarettes last April 24. The illicit traders will be facing P219,157,470.00 in tax liability.

“Residential houses are now being used as warehouses by traders of illicit cigarettes. If you see any signs of illicit cigarettes or vape products in your neighborhood, report the same to the BIR. Illicit trade destroys legitimate busi-

Tourists...

“Despite some improvement, persisting inflation, high interest rates, volatile oil prices and disruptions to trade continue to translate into high transport and accommodations costs.”

They underscored the uncertainty rising from Russia’s continued hostile actions against  Ukraine,

nesses. It destroys the livelihoods of millions of Filipinos. It undermines fair competition. We urge all consumers to stop buying illicit cigarettes and vape,” Lumagui said.

BIR said the illicit traders violated Section 236: Failure to Reg-

the Hamas-Israel conflict and other mounting geopolitical tensions, as important “downside risks” for international tourism.

The Barometer noted the International Monetary Fund’s latest World Economic Outlook (April 2024) that points to a steady but slow economic recovery, although regions will register mixed performances. Global growth could remain at 3.2 percent in 2024 and 2025, the same as in 2023, while inflation is projected to slowly decline.

ister its Business as an Excise Taxpayer; Section 255: Failure to File Return (Excise), supply correct and accurate information; Section 258: Unlawful Pursuit of Business; Section 263: Unlawful Possession or Removal of Articles Subject to Excise Tax without Payment of Tax; and Section 265: - Offenses relating to Stamps of the National Internal Revenue Code. Administrative penalties, which include assessments that may be multiplied 10 times, may also be included.

The raid was made possible by the assistance of Air Force Intelligence, the Military Intelligence Group, and the Armed Forces of the Philippines 401st Brigade.

“We will continue to work with various enforcement agencies as part of our campaign against illicit trade. Upon discovery of the ciga-

AsPac recovers 82% of 2019 arrivals

“TOURISTS are expected to continue to seek value for money and travel closer to home in response to elevated prices and the overall economic challenges, while extreme temperatures and other weather events could impact the destination choice of many travelers,” said the Panel of Experts.

Said experts advised governments to “continue adapting and enhancing their management

rettes, the items were immediately identified as illicit because none of the items bore the required BIR stamps. The unexplained possession of illicit cigarettes, the tax on which has not been paid, is already punishable by imprisonment under the National Internal Revenue Code. We will include the owners of these warehouses and residential houses in the cases that we will file. Liability attaches to the possessor of the illicit goods.”

The BIR has been consistent in addressing illicit cigarettes and vape. It will continue its crusade against these products, in line with the directive from President Ferdinand R. Marcos Jr. to expand and strengthen efforts to protect the tobacco industry against illicit cigarettes and vape.

Reine Juvierre S. Alberto

of tourism at the national and local levels to ensure communities and residents” benefit from developments fueled by the tourism recovery, and the ensuing economic growth and increased employment.

Meanwhile, Asia Pacific, which includes the Philippines, recovered 82 percent of prepandemic arrivals in first quarter of 2024, after recovering 65 percent last year. Some 48 percent of the experts polled for the Confidence Index projected full recovery of the region’s tourism sector will happen in 2025, while 33 percent believe 2024 to be the year.

Maldives topped the list of best-performing destinations in the region, with  arrivals exceeding 1Q 2019 levels by 25 percent. In terms of visitor receipts, only four Asia-Pacific countries made it to the best performing destinations: Pakistan (+72 percent over 2019), Japan (+53 percent), Mongolia (+50 percent), and Samoa (+26 percent).

4 banks...

“We are doing mobile registrations para makita yung 0-4 kasama ng parents and guardians so they can register to the National ID system,” he also said.

The Digital National ID system allows Filipino citizens to access and download their National IDs on their smartphones, providing a convenient and secure method of identity verification for transactions with agencies and companies.

In collaboration with the Department of Information and Communications Technology (DICT), the PSA also introduced the National ID eVerify and National ID Check systems to the public. The National ID eVerify provides users with a suite of verification tools, including facial recognition and real-time data verification.

Government agencies can leverage the National ID eVerify system to expedite service delivery by swiftly confirming details. Likewise, companies can utilize the National ID eVerify system to confirm the identities of their employees.

This simplified process can open up numerous opportunities for investments and economic inclusion.

The National ID Check, meanwhile, enables institutions to validate personal information through QR scanning. This solution verifies information without accessing the National ID database, making it a valuable tool for organizations with limited technological resources.

FDI...

Continued from A1

“This was amid relatively higher US/global/local prices/inflation and interest rates that increased borrowing/financing costs for global and local investors and slowed down FDIs,” Ricafort said.

“Nevertheless, [this is] still among [the] prepandemic highs in recent months [and was] still a good signal and a bright spot for the economy,” he added.

The data showed nonresidents’ net investments in equity capital (other than reinvestment of earnings) rose by 67.1 percent to $157 million from $94 million.

However, in the first quarter, it nearly quadrupled or posted a growth of 248.5 percent to $910 million in 2024 from $261 million in 2023. In March 2024, placements increased 50.3 percent to $173 million from $115 million in March 2023.

In the first quarter, placements nearly tripled or posted a 199.8percent growth to $1.129 billion in 2024 from $377 million in 2023.

BSP data showed withdrawals reached $16 million in March 2024, a contraction of 23.9 percent from the $21 million in March 2023.

In the first quarter, withdrawals increased 89.8 percent to $219 million in 2024 from $115 million in 2023.

Meanwhile, BSP said reinvestment of earnings declined by 11.3 percent to $64 million in March 2024 from $72 million in March 2023. But it posted a 1.4-percent increase in the first three months of 2024.

BSP said equity capital placements in March 2024 were sourced primarily from Japan, which accounted for 64 percent of total FDIs during the month.

40 years...

This was followed by Singapore with 16 percent of the total FDIs in March and the United States, which accounted for 10 percent of investments during the period.

In the first quarter of the year, the data showed 68 percent of the total FDIs for the quarter came from Netherlands and 21 percent came from Japan.

“The significant increase in equity capital from key partners like Japan, Singapore, and the United States reflects strengthened bilateral relations and continued economic opportunities,” Pascual said.

“The positive trends follow our investment promotion efforts to these countries, among others. These engagements have been pivotal in bolstering investor confidence and forging stronger economic partnerships,” he added.

The top industries where FDIs were invested in for March 2024 were manufacturing at 66 percent of total, followed by financial and insurance, 14 percent; real estate, 11 percent; and others, 9 percent.

In the first three months of the year, majority or 71 percent of FDIs were poured into financial and insurance followed by manufacturing at 16 percent; others, 8 percent; and real estate, 5 percent.

BSP noted that FDIs include investment by a nonresident direct investor in a resident enterprise whose equity capital in the latter is at least 10 percent.

It also includes the investment made by a nonresident subsidiary/ associate in its resident direct investor. FDI can be in the form of equity capital, reinvestment of earnings, and borrowings.

Continued from A1

The price of rice in the global market, he said, is at $571 per metric ton (MT). At a tariff of 35 percent and at the current exchange rate, this will translate to a landed cost of P50.95 per kilo.

However, given a lower tariff of 15 percent, the landed cost of the rice would just be around P37 to P38. This can free up much needed funds from household budgets.

But, Balisacan said, Filipinos cannot expect rice prices to be lower than 2023 levels which was estimated at P44 per kilo. He said, however, that Filipinos can expect rice inflation to slow starting around September.

At the very least, Balisacan wants to slow the increase in rice prices through the reduction in tariffs. He said slower inflation means zero inflation, significantly lower than the 23-percent increase in rice prices posted in May 2024.

“As you know, it’s the poorest 30 percent of the population who suffer the brunt of high food prices because the bulk of their incomes are spent on food. So that’s it, I think it’s managing inflation is particularly food inflation. It’s part of that,” Balisacan said.

“So from that, inclusive growth paradigm and we need to ensure that we have all the tools and we use our tools properly. We have policy tools properly so that we can achieve those various objectives of government. Particularly inflation because it has many effects on the economy,” he added.

IMF: inflation crucial

THE reduction in rice tariffs is considered by the International Monetary Fund (IMF) as a crucial factor in reducing inflation in the second half of the year.

The IMF team leader in its recently concluded mission to the Philippines, Elif Arbatli Saxegaard, said inflation is now forecast to average 3.4 percent from the initial estimate of 3.6 percent.

“Our assumption is that they will be implemented very soon. The tariff, the tariff. In a few months. So the assumption is that they will affect the second half of 2024,” Saxegaard said.

Given this, Saxegaard said, IMF expects the Bangko Sentral ng Pilipinas (BSP) to maintain a “suf-

ficiently restrictive stance” in the medium term because of the slowdown in inflation.

“I think central banks like the BSP and other central banks are exactly trying to figure out what the right calibration is and the data-dependent approach will be quite important. Because we are really in an uncertain, sort of the last mile of the inflation reduction,” Saxegaard said.

“And although we expect inflation to go down in the second half of this year, one also needs to be vigilant and see what kind of... how the inflation outturn presents itself. At the same time, also, the growth momentum and the assessment of the economy is also very important,” she added.

IMF revised its GDP forecast downward to 6 percent from the 6.2 percent estimate in the April World Economic Outlook. This forecast already includes expectations that the BSP will gradually ease monetary policy.

Farmers BALISACAN, meanwhile, addressed another concern raised by farmers’ groups, that of his resignation. The country’s Chief Economist said it is up to the President to decide on the matter.

He said if the President is able to find a better person to take over running Neda, he will abide by the President’s wishes.

“If the president finds a better person to run Neda, I’ll be happy to accept that because all we care is about the country. I want to see this country develop and join our neighbors,” Balisacan said.

“So if thereare  any other better people out there to run, I would want those people to take over, to take government,” he added.

Farmers and fishers’ groups said over the weekend that reducing tariffs on key agricultural commodities, such as rice, will bring the Philippine farm sector to its knees.

The groups claimed that the Neda chief is “partial to importation” and as such should step down from office.

(https://businessmirror com.ph/2024/06/10/rethink-decision-to-slash-agri-tariffs-govttold/). Cai U. Ordinario

Cops raid 5 sites in Davao, Quiboloy not found

By Manuel T. Cayon @awimailbox

AVAO CITY—Policemen

Draided five areas believed to be owned by pastor Apollo Quiboloy at dawn on Monday but failed to arrest him.

Two members of Quiboloy’s Kingdom of Jesus Christ The Name Above Every Name (KOJC) were reportedly injured when they tried to prevent the raiding team while five others who were carrying bolos were arrested and handcuffed. Israelito Torreon, Quiboloy’s lawyer, said the police raiding teams surprised resident members of the KOJC in the central facility beside the Davao airport where the

House

KOJC’s Jose Maria College is located; in the Glory and Prayer Mountain in barangay Tamayong, in the pastor’s rest house on Samal Island and in the KOJC Kitbog compound in Malungon, Sarangani.

Torreon said raiding teams brought ladders and other scaling devices, and at least in the Tamayong compound, the Criminal Investigation and Detection Group agents destroyed the galvanized iron gate. He said two female employees were punched and one slapped for preventing the police from entering.

“Three or five were also handcuffed after the CIDG saw them carrying bolos,” he added. Torreon said those arrested were likely to

leader urges govt to bring China issue to UN

ADEPUTY majority leader of the House of Representatives on Monday filed a resolution urging the government, through the Department of Foreign Affairs (DFA), to sponsor a resolution before the United Nations General Assembly calling on China to cease unlawful actions in the West Philippine Sea (WPS).

In House Resolution 1766, House Deputy Majority LeaderErwin Tulfo said that this was in accordance with the UN Convention on the Law of the Sea (Unclos) and the 2016 ruling of the Permanent Court of Arbitration.

“The landmark decision of the Permanent Court of Arbitration in Case 2013-19, known as Republic of the Philippines vs. People’s Republic of China, conclusively invalidated the Chinese government’s expansive claims under the so-called ‘nine-dash line,’ declaring such to be incompatible with the provisions of Unclos, thus upholding the Philippines’ sovereign rights over its EEZ and continental shelf in the WPS,” Tulfo, the nominee of the party-list group ACT CIS to the House said in the resolution.

He added that despite this ruling, China has “steadfastly refused to acknowledge and comply with the arbitration award, persisting in its increasingly unlawful actions in the WPS, including the harassment of Philippine vessels and the construction of artificial islands equipped with military installations, airstrips, and other strategic infrastructure within Philippine waters.”

“This year alone, aggressive maneuvers and water cannon attacks by Chinese vessels against the Philippine Coast Guard [PCG] and Filipino fishermen underscore China’s blatant disregard for international law and the legal maritime rights of the Philippines,thereby diminishing our territorial integrity and compromising regional stability and security,” he said.

On May 15, 2024, China promulgated

the “Regulations on Administrative Law Enforcement Procedures for Coast Guard Agencies,” effective June 15, 2024, which reportedly authorizes the China Coast Guard to detain foreign nationals suspected of “illegal entry” into its waters for up to sixty days without trial.

“This further exacerbates the already volatile situation and poses a direct challenge to well-settled international maritime laws and principles,” Tulfo added.

Tulfo also noted that his resolution is also in line with President Marcos’s earlier statement on the Philippines’ unwavering commitment to resolving disputes through peaceful means, emphasizing the importance of dialogue and diplomacy in addressing complex regional issues.

Marcos also articulated the “Comprehensive Archipelagic Defense Concept,” a strategic framework aimed at building the Philippines’ defense capabilities and investing in diplomacy.

“In pursuit of the stance of the President before the international community, it is thus imperative for the Philippine Government, through the DFA, to assert its rights over the WPS and intensify diplomatic efforts to obtain international support against China’s unlawful acts,” Tulfo said.

The lawmaker insisted that one of the diplomatic avenues available to the Philippines is to bring the issue before the UN, seeking its intervention to uphold and enforce the 2016 arbitral ruling, thereby ensuring that international law prevails at all times.

Tulfo said the UN, through its resolutions, can significantly influence international norms and policies, providing a robust platform for the Philippines to assert its maritime rights and seek global support against unlawful actions by any state, thereby reinforcing the importance of the rule of law in resolving such disputes. Jovee Marie N. dela Cruz

have pulled out their bolos as an emergency reaction to the sudden forcible entry of the police teams.

“Remember that Tamayong is a farm area and many of these KOJC members are farmers.”

“I don’t know why they included the Kitbog compound, which was also raided,” he added.

Torreon said he confronted the CIDG head and asked for a search warrant but the CIDG officer said they carried only an arrest warrant. Torreon said the CIDG officer said has also the go-signal from Mayor Sebastian Duterte to enter the KOJC compound beside the airport. Torreon said he was later told by Duterte to allow the CIDG to enter.

Call to ban Pogos snowballs in House

By Jovee Marie N. dela Cruz @joveemarie

LAWMAKERS on Monday reiterated their call for the Congress or President Marcos to ban Philippine offshore gambling operations (Pogos) in the country and declare these a serious national security threat owing to their proven criminal activities.

Cagayan de Oro City Rep. Rufus Rodriguez aired the appeal in the wake of controversies involving Pogos in Bamban, Tarlac, and Porac, Pampanga, where authorities uncovered illegal activities, including the employment of hundreds of Chinese and Vietnamese nationals who were victims of human smuggling syndicates.

He said the raids on the Bamban and Porac offshore gambling hubs “are proof that these Pogos have become fronts for illegal activities such as money laundering, illegal immigration and employment, prostitution, extortion, and kidnapping.”

He said most businesses are owned and run by Chinese who employ their own compatriots and other foreigners smuggled into the country by syndicates, also mostly led by Chinese citizens.

“The negative, evil, and harmful effects of Pogos on the society far outweigh the revenue they bring in,” he said.

He added that banning Pogos would not only put an end to these unwanted consequences but also stop extortion and protection activities by corrupt and errant policemen and other law enforcers and government personnel.

It would likewise address the concerns of some groups that offshore gambling sites are being used by the Chinese to spy on certain sensitive government agencies like

Malacañang, the Department of National Defense, and the military, he stressed.

Rodriguez pointed out that there are also fears that POGOs are being utilized for hacking government websites.

At the same time, the Mindanao lawmaker lauded Finance Secretary Ralph Recto for saying he does not object to the banning of POGOs.

Recto said there are no offshore gaming operations in Batangas, his home province, which he added “is doing very well.”

Rodriguez, however, said he would have wished that the finance secretary would support the proposed banning of Pogos as his predecessor Benjamin Diokno did.

The Mindanao lawmaker also called on the House of Representatives to approve his Resolution 1197 and House Bill 5082, authored by Manila Rep. Bienvenido Abante Jr., which both call for outlawing Pogos.

Surigao del Norte Rep. Robert Ace Barbers added his voice to the growing clamor for the government to declare Pogos a serious national security threat, leading to their total ban in the country owing to their proven criminal activities.

Barbers said that nothing has changed since then, and as a matter of fact, the criminal activities have turned even worse.

Barbers added that China and Chinese legitimate businesses and investors are welcome, but not the “garbage” that seemed to be being deliberately dumped as if the country is a junkyard for its waste products of illegal gambling, drugs, and criminal syndicates.

“These Pogos that are banned in mainland China only brought more crimes and shame to our

DA lifts suspension of poultry imports from US

TBy Ada Pelonia @adapelonia

HE Department of Ag-

riculture (DA) lifted the temporary ban on poultry products from the United States. Agriculture Secretary Francisco Tiu Laurel Jr. issued Memorandum Order (MO) 23, rescinding the temporary import ban imposed in mid-January of this year due to a confirmed outbreak of High Pathogenicity Avian Influenza (HPAI) in the State of Ohio, USA.

The agri chief’s decision to lift the ban was based on the official report submitted by the USDA Animal and Plant Health Inspection Service to the World Organization for Animal Health (WOAH).

Citing a report, the DA said all counties in Ohio have successfully resolved avian flu cases, and no

additional outbreaks have been reported after April 2.

“This clearance from the US Veterinary Authorities provided the necessary assurance for the Department of Agriculture to lift the import ban, allowing the resumption of trade in domestic and wild birds including poultry products from the State of Ohio, USA,” the DA said in a statement.

The import ban had encompassed domestic and wild birds and their associated products such as poultry meat, day-old chicks, eggs, and semen originating from Ohio.

Meanwhile, the Meat Importers and Traders Association (MITA) said the ban on poultry products from Australia would not increase the prices of imported chicken.

MITA President Emeritus Jesus Cham issued the statement after the DA banned imported poultry

products from Australia following a bird flu outbreak detected in parts of the continent.

“Australia exports a relatively small volume of chicken meat to Philippines so impact would be minimal,” Cham told the BusinessMirror via Viber.

Latest figures from the BAI showed that meat imports grew by 11.34 percent to over 390,000 metric tons (MT) as of April 30. It was driven by higher pork and chicken purchases abroad.

Chicken imports from Australia stood at 5,364 metric tons (MT) from the 134,465 MT total from January to April this year, based on BAI data. The mechanically deboned meat (MDM) accounted for a chunk of the imports at 4,160 MT.

According to BAI, Australia ranked the country’s third major supplier of chicken, contributing

to 4 percent of the total volume of imports.

Under Memorandum Order (MO) 21, Laurel ordered the suspension of Sanitary and Phytosanitary Import Clearances (SPSIC) issuance by the BAI.

“All shipments coming from Australia that are in transit-loadaccepted unto port before the official communication of this order to the Australian authorities shall be allowed provided that the products were slaughtered-produced on or before May 9, 2024,” Laurel said in a statement.

The World Organization for Animal Health (WOAH) confirmed the outbreaks of H7N3 and H7N9, subtypes of the highly pathogenic avian influenza virus, on May 23 in Meredith and May 25 in Terang in Victoria, Australia.

Tiu Laurel said imports from Australia, such as poultry meat,

The regional police spokesman, Maj. Catherine dela Rey. told BusinessMirror that the raiding teams were serving the arrest warrants.

Video footage posted at the website of the SMNI media unit of KOJC showed raiding CIDG operatives in battle fatigues with the narrator saying they were backed by the Special Action Force commandos.

Warrants of arrest have been issued against Quiboloy by the court here as well as in Pasig City, where he was charged with child abuse and human trafficking. His political ally, former President Rodrigo Duterte, had advised him to face the charges or get arrested.

country. Whatever benefit we got from them is nothing compared to what they have put us in. The social costs keep mounting, and no amount of taxes or perceived jobs can outweigh them,” Barbers said.

He detailed how Pogos contribute to the deterioration of society, serving as fronts for Chinese-led criminal syndicates involved in money laundering, espionage, cyber hacking, and other illegal activities, which have led to serious crimes such as murder, kidnapping, and prostitution. He also warned about the dangerous combination of Pogo and drug money used to bribe officials, infiltrate government positions, and compromise national security.

“The worst part is when Pogo money is teamed up with drug money and used to bribe our officials to buy their silence and cooperation, put Chinese pretending to be Filipinos in high government positions, buy our agricultural lands to compromise our food security, and extend their influence to all corners of the government infrastructure. Pogo politics has complemented narco politics now. If we continue to be blind and refuse to read the writings on the wall, we are doomed,” Barbers said.

“The attempt by Pagcor [Philippine Amusement Gaming Corp.] to deodorize Pogo by changing its name is futile and even highlights its negative impacts on our society. No change of name can ever erase its legacy of crimes. POGO by any other name stinks just the same,” Barbers added.

Barbers called on the FilipinoChinese community to prove their allegiance to the country by speaking out against Chinese involvement in illegal activities and the issues in the West Philippine Sea.

day-old chicks, eggs, and semen would be stopped.

The DA and the Department of Health (DOH) recently signed a Memorandum of Agreement (MOA) allowing the BAI to evaluate animal vaccines and biologics that aim to stop the spread of viral diseases threatening the local poultry and hog sectors.

The Food and Drug Administration (FDA) was also mandated to issue a License to Operate (LTO) to BAI for manufacturing or importation and the issuance of certificate of no objection for BAI’s importation of vaccines and biologics for its evaluation and research.

“This MOA will significantly strengthen our fight against transboundary animal diseases such as African swine fever and highly pathogenic avian influenza,” Laurel said in a statement.

Data from the BAI indicated that bird flu continues to affect 8 provinces and 127 barangays in the country.

No looming garbage crisis in Luzon–BCDA’s Lorenzana

BASES Conversion and Development Authority (BCDA) Chairman Delfin N. Lorenzana on Monday allayed fears of a looming garbage crisis in Central Luzon, pointing out the presence of three operational facilities that may serve as alternatives once the contract for the operations of the Kalangitan sanitary landfill in Capas, Tarlac, expires in October.

In an interview in television, Lorenzana said concerns of a possible garbage crisis are unfounded, and assured local governments of the availability of alternative waste management facilities in Pampanga with more than enough capacity to address their waste disposal requirements.

“Iyong mga local governments na gumagamitsaKalangitan [landfill], huwag po kayong mag-alala, meron po kayong matatapunan.Tatloiyan...Meronpotayong tatlong buwan at kalahati para ayusin ang paglilipatngpagtatapunanfromKalangitan to these three facilities,” he said.

(To those LGUs who use the Kalangitan (landfill), please do not worry as there are facilities where you can dispose of your garbage. There are three...We have three and a half months to arrange the transition from Kalangitan to these three facilities.)

These facilities include the sanitary landfill operated by Eco Protect Management Corp., with a total capacity of 2,500 metric tons (MT) per day; the sanitary landfill of Floridablanca Enviro Park Project Corp., with a capacity of 3,500 MT per day; and the materials recovery facility recently opened by Prime Integrated Waste Solutions Inc., with a capacity of 5,000 MT per day.

Sasumatotal ay 11,000 MT na iyong capacity ng tatlong landfill sa Central Luzon, mostly in Pampanga. Ngayon ang Metro Clark, ang average capacity ay 2,500 MT. So kayang tugunan ng tatlong existing facilities ang mga local governments na nakapaligid sa Clark,” Lorenzana said, who served as defense secretary during the previous administration said.

(In total, the capacity is already 11,000 MT for these three facilities in Central Luzon, mostly in Pampanga. Metro Clark has an average capacity of 2,500 MT. So these three facilities are enough to service the LGUs surrounding Clark.)

He also clarified that there is no provision in the contract between Clark Development Corp. (CDC) and Metro Clark Waste Management Corp. (MCWMC) for a renewal or extension.

According to the legal opinion of the Office of the Government Corporate Counsel, the BCDA’s statutory counsel, the contract between CDC and MCWMC cannot be extended even on an ad interim basis as such extension is considered a material deviation, which would violate the BuildOperate-Transfer Law.

In the meantime, the BCDA will study and benchmark successful projects in other countries to learn how to rezone and rehabilitate landfill sites.

The BCDA is also in talks with local governments to assist them in exploring alternative solutions to avoid disruption of waste management services. Ashley Manabat

POLICE operatives storm the compound of Pastor Apollo Quiboloy in Buhangin, Davao City. ROBINSON NINAL JR./PNA DAVAO

Farmers hit DAR for ‘dismal’ performance

By Jonathan L. Mayuga @jonlmayuga

FARMERS belonging to Task Force Mapalad (TFM)

STARTED on Monday a campout protest in front of the Department of Agrarian Reform (DAR) central office in Quezon City in an effort to urge the agency to complete land distribution as mandated by the Comprehensive Agrarian Reform Program (CARP).

The protesters are pressing President Marcos to step up the acquisition of private agricultural lands for distribution along with government-owned agricultural

lands to landless farmers.

The farmers complained that despite several meetings and agreements, the DAR has failed to abide by its commitments under Memorandum Circular 226, which mandates the continuation of land acquisition and distribution of lands under the Comprehensive Agrarian Reform Program (CARP) despite protests from the landowners.

Adding to the woes of the landless farmers is the lack of funds to pay for the land already under the control of the Land Bank of the Philippines (LBP), the resistance of landowners to the survey of landholdings covered by CARP and the

The Secret to Building Trust Fast

By Henry J. Schumacher

EVER wondered why some people are up to their neck with opportunities while others are struggling for scraps?

You would think it’s a skill problem, but that’s not always true. Revolutionary leaders are just better at pulling opportunities toward them. That’s not to say they don’t put themselves out there (they do), but the way they do it caters to the needs of others, which builds trust and attracts more opportunities.

Anybody can learn this skill.

It’s simply a matter of understanding these leaders’ magnetic traits and implementing them in your own life.

Here are five magnetic personality traits of revolutionary leaders—steal them to attract opportunities effortlessly:

1. Authenticity AUTHENTICITY involves being in touch

filing of a variety of cases to impede the conduct of such surveys. They said it takes up to five years for DAR to conduct the surveys after the cases have been resolved.

Moreover, it takes “an eternity” for the DAR to generate Certificates of Landownership Awards (Cloas) as landowners pursue their legal options, like splitting the titles to their landholdings.

TFM said that when Marcos assumed office in June 2022, the government still had to distribute 173,340 hectares of land nationwide.

This is on top of the 147,378

with your true self and experiencing harmony between your inner feelings and outer expressions.

All this means is you deeply understand your core values, beliefs, emotions, and desires.

You know what you want, and you know your limitations.

You desire to genuinely help people solve their problems without being dishonest or misleading.

Authentic people are often regarded as honest, reliable, and true to themselves, which makes others feel comfortable and valued in their presence.

Most important of all, practice honesty and transparency in all your interactions— even if the truth is not what people want to hear.

Being authentic is not about getting people to like you; it’s about remaining true to yourself.

2. Healthy optimism

OPTIMISM creates a sense of hope.

And hope is one of the most powerful

hectares temporarily deleted from the land distribution list in March 2022 under the agency’s Memorandum Circular 112, which ordered the cleansing of the land acquisition and distribution (LAD) balance. The farmers assailed the DAR for allegedly consistently failing to meet its annual LAD targets despite the shrinking number of lands for distribution.

During the previous administration, the farmers said the deleted landholdings, or those expunged from the list of lands for distribution, totaled 147,660 hectares—even higher than that administration’s six-year accom-

resources you can give someone.

Entire movements are built on hope.

If you can give people hope, they will believe you can give them everything else.

This draws them toward you.

Hang out with other positive people.

But the aspect of healthy optimism that will attract the most opportunities is your ability to focus on finding solutions to problems.

Being a problem solver means you have bags of value to offer—and people will flock to you for that reason.

3. Open-mindedness

NOBODY likes a know-it-all.

People who think they know it all often dismiss or belittle the contributions of others, creating an environment that stifles creativity and mutual respect.

In contrast, those who are aware of their own ignorance embrace humility.

They display a willingness to learn.

This attracts opportunities because it demonstrates one of the most important attributes in life: adaptability.

plishment at 127,857 hectares, Philippine Statistics Authority (PSA) data show.

TFM figures show that 30,936 hectares of CARP-covered lands have yet to be distributed in Negros Occidental, the biggest tract of CARP land in the country.

TFM urged the Marcos administration to summon the political will and use the full force of the law in implementing agrarian reform in the province and the entire country.

The Department of Agrarian Reform (DAR) has revealed that the total distributed lands for the year 2023 is 12,254.089 to 9,379 agrarian reform beneficiaries (RABs).

Being adaptable means you’re resilient and sensitive to change.

It’s a sign you can quickly recognize environmental shifts and adapt your behaviors and strategies accordingly.

Being capable of this means you can also help others anticipate and prepare for potential challenges or disruptions in their world.

This is immensely attractive since everyone is looking for a way to get ahead in some form.

Opportunities will come flying your way.

How do I become more open-minded?”

SIMPLE...

Seek out diverse perspectives and experiences from your own.

Listen to what others say, regardless of whether their viewpoints differ from yours.

And be willing to challenge your assumptions and beliefs.

4. High empathy

EMPATHY is essential to civilization.

It’s one of the most powerful traits on the planet.

Empathetic people can build deep connections with absolutely anyone.

A genuine ability to understand and connect with people on an emotional level draws people toward you.

Why?

It allows them to feel heard, which creates a profound sense of acceptance, validation, and mutual understanding.

Empathy shows people you care about what matters to them.

This makes them feel important.

When you make others feel important, it creates a sense of trust.

This is the minimum requirement to attract opportunities in the first place.

The more you can scale your empathy, the more opportunities will flock your way.

This is one of the lowest yearly distribution records of land distribution covered by the Comprehensive Agrarian Reform Program (CARP) since the enactment of the Comprehensive Agrarian Reform Law.

The farmers urged Agrarian Reform Secretary Conrado Estrella III to remove the hurdles that delay the registration, survey, acquisition, and distribution of all areas covered by CARP and dismiss all the legal obstacles and harassment suits that prevent farmers from being installed on land already paid for under the agrarian reform program.

5. Strong self-confidence WHEN you possess self-confidence, you radiate assurance.

People are attracted to those who are self-assured.

Being self-assured means, you don’t require external validation, which communicates to others that you don’t need them.

...And that’s exactly why they need you.

As much as all parties will benefit from an opportunity, the fact that you’re not desperate shows that you possess value.

It’s a sign your support is not for your own benefit but for theirs.

It shows you genuinely care about helping others achieve what they want.

This is the dream of anyone with an opportunity to offer…

They want someone who cares about their desires and who can help make it happen for them.

Having a strong sense of self-confidence positions you as this person.

But note the way to demonstrate selfconfidence is by speaking with clarity and conviction.

Don’t try to be super smart.

Final thoughts ATTRACTING opportunities is not always about how skilled you are.

It’s about how much trust you can build with the people you seek to serve.

The faster you can build trust, the more opportunities will come your way.

The 5 magnetic personality traits I’ve shared with you in this article are the key to achieving this objective. Steal them to begin attracting more opportunities your way.

I am certainly interested to get your views regarding my suggestions to achieve trust and business opportunities. Contact me at hjschumacher59@gmail.com

The Green Challenge

MIND YOUR PLASTIC WASTE:

Companies doing their share in implementing EPR Law

Story by John Eiron R. Francisco

APhotos by Bernard Testa

S the volume of plastic waste continues to surge globally, the Philippines faces a mounting crisis that threatens both environmental health and sustainability objectives. The proliferation of single-use plastics and inadequate waste management systems have exacerbated this issue, necessitating a comprehensive approach to mitigate its impact.

The World Bank reported that the country produces an estimated 2.7 million tons of plastic waste annually. This has been exacerbated by the “tingi or sachet culture” which is buying and trading products in small, therefore cheaper, amounts. Another major contributor to the plastic waste problem is single-plastic food packaging, which includes snacks and beverages.

“Snack at the right time,” said Caitlin Nina Punzalan, corporate and government affairs lead at Mondelez International. She pointed out that by being mindful of when and how much can be consumed and enjoyed without contributing excessively to the plastic waste crisis. It’s a small change in habit, but one that can make a big difference for our environment.

Punzalan was joined by other industry players and government representatives as guest speakers at the recently concluded BUSINESSMIRROR event titled, “Updates on the EPR Law Implementation and Sustainable Goals by 2030” at the Hotel Lucky Chinatown Mall in Manila.

Guest speakers discussed how to improve and enhance the Extended Producer Responsibility (EPR) law, a legislative measure designed to hold producers accountable for the lifecycle of their products, plays a pivotal role in addressing plastic waste. Under the EPR framework, producers are required to take responsibility for the collection, recycling, and disposal of their products, particularly plastic packaging. This shift aims to incentivize producers to design more sustainable products and packaging solutions, thereby reducing the overall environmental footprint.

Senator Mark Villar, on the other hand, expressed that the Filipino consumers are not to be blamed for purchasing daily necessities in sachets, emphasizing that these “tingi” products are often the most economically accessible.

“The obligation of reducing plastic waste falls to large enterprises,” he said.

Since the enactment of the EPR law on

August 22, 2022, the Department of Environment and Natural Resources (DENR) has launched an advocacy campaign to promote Extended Producer Responsibility (EPR), engaging with business groups and industry associations through various initiatives.

Villar highlighted that reducing plastic waste is part of the broader goal

Philippines is not only reducing its plastic waste but also setting an example for other companies to follow.

Charlene Go-Co, Megaworld Resorts and Hotels Group director of marketing communications, explained that the company initiated its comprehensive sustainability initiative, MEGreen, in 2023. This campaign aims to streamline all sustainability endeavors to address various United

of achieving Net Zero by 2050, a global agreement to minimize carbon emissions.

According to Jose Uy III, Nestlé Philippines Senior Vice President and head of corporate affairs, the company has introduced paper-based packaging as a step towards mitigating the plastic waste problem. By opting for materials that are more environmentally friendly, Nestlé

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Ukraine says it struck Moscow’s most advanced warplane deep inside Russia

By Susie Blann & Joanna Kozlowska The Associated Press

KYIV, Ukraine—Ukraine on Sunday said its forces hit an ultra-modern Russian warplane stationed on an air base nearly 600 kilometers (370 miles) from the front lines.

Kyiv’s main military intelligence service shared satellite photos it said showed the aftermath of the attack. If confirmed, it would mark Ukraine’s first known successful strike on a twin-engine Su-57 stealth jet, lauded as Moscow’s most advanced fighter plane.

In one photo, black soot marks and small craters can be seen dotting a concrete strip around the parked aircraft. According to the Main Intelligence Directorate of Ukraine’s Ministry of Defense, the strike took place on Saturday at the Akhtubinsk base in southern Russia, some 589 kilometers (366 miles) from the front line.

The Ukrainian agency said the plane, which is capable of carrying stealth missiles across hundreds of kilometers (miles), was among “a countable few” of its type in Moscow’s arsenal. According to reports

by Russian agencies, Moscow’s air force obtained “more than 10” new Su-57s last year, and has placed an order for a total of 76 to be delivered by 2028.

A spokesman for Ukraine’s military intelligence, Andriy Yusov, hours later said on Ukrainian TV that the attack may have damaged two Su-57 jets parked at the base, and also wounded Russian personnel. He did not immediately give any evidence to support the claim.

Ilya Yevlash, a spokesman for Ukraine’s air force, told Ukrainian media in April that Moscow was trying to keep its Su-57 fleet “at a safe distance” from Ukrainian firepower.

The strike comes after the United States and Germany recently authorized Ukraine to hit some targets on Russian soil with the long-range weapons they are supplying to Kyiv. Ukraine has already used US weapons to strike inside Russia under newly approved guidance from President Joe Biden that allows American arms to be used for the limited purpose of defending Kharkiv, Ukraine’s secondlargest city.

But the airstrip’s distance from Ukraine, as well as unofficial

comments from Russia, point to the likely use of Ukrainian-made drones. Since Moscow’s full-scale invasion more than two years ago, Kyiv has ramped up domestic drone production and used the munitions to strike deep inside Russia. In January, drones hit a gas terminal near St. Petersburg that lies over 1,000 kilometers (620 miles) north of the border.

A popular pro-Kremlin Telegram channel, thought to be run by a retired Russian army pilot, claimed that three Ukrainian drones struck the Akhtubinsk air-

Russia’s Su-57 fleet has been largely absent from the skies over Ukraine, and has instead been used to fire long-range missiles across the border. The U.K. Ministry of Defence said in an intelligence briefing last year that Russia is likely trying to avoid “reputational damage, reduced export prospects, and the compromise of sensitive technology” that would come from losing any Su-57 jets in enemy territory.

Elsewhere, Ukrainian forces kept up drone attacks on Russia’s southern border regions, according to local Russian officials.

strip on Saturday and that flying shrapnel damaged the jet.

“It is now being determined whether it can be restored or not. If not, it would be the first combat loss of a Su-57 in history,” the Fighterbomber channel reported.

A military correspondent for Russia’s state-run RIA news agency, Aleksandr Kharchenko, in a Telegram post Sunday denounced Moscow’s failure to build hangars to protect its aircraft. But the post stopped short of directly acknowledging the strike.

Russia’s so-called “military bloggers” like Fighterbomber are often seen as sources of information on military losses in the absence of an official Kremlin comment. Russia’s Defense Ministry or senior political figures did not comment Sunday.

The ministry on Saturday claimed its forces downed three Ukrainian drones in the Astrakhan region, home to the Akhtubinsk airstrip. Igor Babushkin, the governor of Astrakhan, that same day reported that Ukraine attempted to strike an unspecified facility there, but claimed the attack was unsuccessful.

Gaza’s

Three drones hit Belgorod province late on Saturday, damaging a power line and blowing out windows but causing no casualties, said Gov. Vyacheslav Gladkov.

Another five drones and a Ukrainian-made missile were brought down over the region on Sunday, the Russian Defense Ministry said. According to an update by Pepel (Ashes), a channel run by Belgorod journalists now based outside Russia, Ukrainian drones on Sunday afternoon struck an ammunition depot outside the town of Rakitnoye, some 35 kilometers (22 miles) from Ukraine. Footage circulating on social media showed thick plumes of smoke rising into the sky. In one video, a woman’s voice is heard, saying “I wonder if soldiers lived there?”

Gladkov, the governor, did not directly comment on those claims, but confirmed that a blaze had broken out in a “non-residential building” near Rakitnoye. He said no one was hurt.

Across Ukraine’s front-line provinces, Russian shelling killed at least three civilians and wounded at least nine others on Saturday and overnight, according to reports by regional officials.

Health Ministry says 274 Palestinians killed in Israeli raid that rescued 4 hostages

By Wafaa Shurafa & Samy Magdy The Associated Press

DEIR AL-BALAH, Gaza Strip—At least 274 Palestinians, including dozens of children, were killed, and hundreds more were wounded, in the Israeli raid that rescued four hostages held by Hamas, Gaza’s Health Ministry said Sunday. The Israeli military said its forces came under heavy fire and responded during the complex daytime operation in central Gaza.

The killing of so many Palestinians, in a raid that Israelis celebrated as a stunning success, showed the heavy cost of such operations on top of the already soaring toll of the 8-month-old war ignited by Hamas’ October 7 attack.

The Israeli bombing was “hell,” witness

Mohamed al-Habash told The Associated Press.

“We saw many fighter jets flying over the area. We saw people fleeing in the streets.Women and children were screaming and crying.”

The operation in Nuseirat, a built-up refugee camp dating to the 1948 Arab-Israeli war, was the largest rescue since October 7, when Hamas and other militants stormed across the border, killing about 1,200 people, mostly civilians, and taking about 250 hostage.

Israel’s massive offensive has killed over 36,700 Palestinians, according to the Health Ministry, which does not differentiate between civilians and combatants in its count. It said 64 children and 57 women were killed in the latest raid, and 153 children and 161 women were among the nearly 700 wounded.

Saturday’s events also affected fragile attempts to deliver aid. The World Food Program chief said they suspended distribution around a US-built pier off Gaza because “two of our warehouses, warehouse complex, were rocketed yesterday.” When asked how it happened and whether WFP shares its locations with Israel’s military, Cindy McCain said they did and “I don’t know. It’s a good question.” It wasn’t clear if she was referring to the rescue operation.

Scenes of horror at Gaza hospital IN Gaza, medics described scenes of chaos after the raid. Overwhelmed hospitals were

A man died and two women suffered wounds in the village of Khotimlya, east of Kharkiv, Gov. Oleh Syniehubov said. Shelling also damaged the local school, a council building, a shop and private homes, Syniehubov said.

Heavy battles continued in the area as Ukrainian troops try to beat back Russia’s invading forces after a weekslong push by Moscow that sparked fears for Kharkiv, located just 20 kilometers (12 miles) from the Russian border, and a wave of civilian evacuations.

Russia’s coordinated new offensive has centered on the Kharkiv region, but seems to include testing Ukrainian defenses in Donetsk farther south, while also launching incursions in the northern Sumy and Chernihiv regions.

The easing of restrictions on the use of Western weapons will help Ukraine protect Kharkiv by targeting Russian capabilities across the border, according to Ukrainian and Western officials. It is unclear what other impact it may have on the direction of the war, in what is proving to be a critical period.

The move drew a furious response from Moscow, and warnings it could embroil NATO in a war with Russia. But Jake Sullivan, Biden’s national security adviser, described it as “common sense.”

“What was happening up around Kharkiv...was a Russian offensive where they were moving from one side of the border directly to the other side of the border, and it simply didn’t make sense not to allow the Ukrainians to fire across that border, to hit Russian guns and emplacements that were firing at (them),” Sullivan said Sunday in an interview with CBS’s “Face the Nation.”

Kozlowska reported from London.

in a weeklong cease-fire in November. Israeli troops have recovered the bodies of at least 16, according to the government. Survivors include about 15 women, two children under 5 and two men in their 80s.

already struggling to treat the wounded from days of heavy Israeli strikes.

“We had the gamut of war wounds, trauma wounds, from amputations to eviscerations to trauma, to TBIs (traumatic brain injuries), fractures and, obviously, big burns,” said Karin Huster of Doctors Without Borders, which works in Al-Aqsa Martyrs Hospital. “Kids completely gray or white from the shock, burnt, screaming for their parents. Many of them are not screaming because they are in shock.”

The Israeli military said it had attacked “threats to our forces in the area,” and that a Special Forces officer was killed in the operation. It said rescuers had come under heavy fire, including from gunmen firing rocket-propelled grenades, and the military responded with heavy force, including from aircraft.

Israel’s Foreign Minister Israel Katz lashed out at critics of the operation in a post on X, saying “only Israel’s enemies complained about the casualties of Hamas terrorists and their accomplices.”

Inside Israel, local media have focused heavily on the Israeli toll, the hostages and military efforts with relatively little coverage of the situation for Palestinians inside Gaza.

‘My brother died of grief’ ISRAELIS continued to celebrate the return of Noa Argamani, 26; Almog Meir Jan, 22; Andrey Kozlov, 27; and Shlomi Ziv, 41; as they reunited with loved ones.

Argamani’s mother, Liora, who has late-stage brain cancer, had released a video pleading to see her. Argamani’s father told Army Radio the reunion was “very difficult” as Liora was “just unable to express her feelings and could not say what she was really waiting to say.”

Meir Jan’s aunt, Dina, said his father had died Friday, hours before the operation. “My brother died of grief,” she told Israel’s Kan public broadcaster.

Dr. Itai Pessach at Sheba Hospital said none had serious physical injuries. But they have lost friends and family, and staff “have been assisting them in rebuilding the infrastructure of their life,” he told reporters.

About 120 hostages remain in Gaza, with 43 pronounced dead, after about half were released

Scores of hostages are believed to be held in densely populated areas or inside Hamas’ labyrinth of tunnels, making rescues complex and risky. A raid in February freed two hostages while leaving 74 Palestinians dead. Israel’s military has acknowledged it can’t carry out operations to rescue everyone.

What lies ahead

DIVISIONS have deepened in Israel over the best way to bring hostages home. Many urge Prime Minister Benjamin Netanyahu to embrace a cease-fire deal US President Joe Biden announced last month, but far-right allies threaten to collapse his government if he does. Hours after the rescue, thousands of Israelis again gathered to protest the government and call for a deal.

On Sunday, Benny Gantz, a popular centrist member of Israel’s three-member war Cabinet, resigned from the government after challenging it to adopt a new plan for the war. The resignation makes Netanyahu more heavily reliant on his far-right allies.

Also Sunday, the commander of the Israeli military’s Gaza division resigned over failures that led to the October 7 attack.

US Secretary of State Antony Blinken will return to the Middle East this week, seeking a breakthrough in cease-fire efforts. US national security adviser Jake Sullivan told CNN that mediators Egypt and Qatar had not received official word from Hamas on the proposed deal. In a separate interview with CBS, Sullivan didn’t say whether Biden would meet Netanyahu when he comes to Washington next month to address Congress.

International pressure is mounting on Israel to limit civilian bloodshed in its war in Gaza. Palestinians also face widespread hunger because fighting and Israeli restrictions have largely cut off the flow of aid.

“They killed everything inside us,” said one Nuseirat resident who witnessed Saturday’s assault. The woman, identified only as Mounira in a video shared by the UN on Sunday, urged a cease-fire.

Magdy reported from Cairo.

www.businessmirror.com.ph

Ukraine peace summit: 90 countries to attend despite Russia’s absence

By Jamey Keaten The Associated Press

BERN, Switzerland—Nearly

90 countries and organizations, half from Europe, have confirmed attending the Swiss-hosted Ukraine peace summit over the weekend despite Russia’s refusal to participate in the conference, Switzerland’s president said Monday.

Viola Amherd told reporters in the Swiss capital that the summit, on Saturday and Sunday, will aim to chart a path toward possible peace nearly 28 months after Russian forces invaded Ukraine and the war grinding on.

“This is not propaganda,” said Amherd. “This is about the basis of humanitarian aid provided by Switzerland…and to initiate a dialogue.”

The Swiss president added that most participants—about half of which will be represented at the level of head of state or government—are country leaders, but “a handful” are from organizations like the United Nations.

Some, including French President Emmanuel Macron and German Chancellor Olaf Scholz, are expected to attend the summit at the Buergenstock resort overlooking Lake Lucerne.

About 160 invitations have been sent out and Amherd said it was not a “disappointment” for the Swiss government that fewer than 100 have so far announced participation in the first phase of the peace process.

Swiss authorities said the final list of participants was expected by Friday, but key developing countries like Turkey, South Africa and Brazil haven’t indicated whether they would attend. India they said, will take part but it isn’t clear at which level.

Brazil and China said they wouldn’t take part unless both sides—including Russia—were at the table, according to Swiss officials. Beijing has been one

UN food body pauses aid work at US pier in Gaza over security concerns

By Ellen Knickmeyer The Associated Press

WASHINGTON—The director of the UN World Food Program said Sunday the program has “paused” its distribution of humanitarian aid from an American-built pier off Gaza, saying she was “concerned about the safety of our people” after what had been one of the deadliest days of the war there.

of the top supporters of Russian President Vladimir Putin since the war started.

Foreign Minister Ignazio Cassis also addressed reporters, saying Switzerland has repeatedly acknowledged that there cannot be a peace process without Russia. “The question is not whether Russia will be on board, the question is when.”

He also said Switzerland is in frequent contact with authorities in Moscow about the conference.

Ukraine has helped coordinate the summit, and President Volodymyr Zelenskyy is expected to attend. Cassis said Swiss officials had to balance considerations that Ukraine might not have attended if Russia was represented.

Swiss officials say the conference aims to set a course toward “lasting peace” in Ukraine, to reach a “common understanding” toward getting there, and draw up the “roadmap” on how to get both sides involved in talks. Nuclear security, humanitarian aid and food security are also on the summit’s agenda.

As many as 4,000 military personnel will be deployed to provide security and support air transportation, surveillance and roll out security fencing and steel wire for the event, officials said, adding that an increase in cyberattacks in the run-up to the summit was noted, but didn’t provide details.

Diesel prices jump 56% as Malaysia revamps decades-old fuel subsidies

KUALA LUMPUR, Malaysia—Diesel price in Malaysia jumped by more than 50 percent on Monday as part of a revamp of decades-old fuel subsidies to tighten government spending and save billions of ringgits annually.

The restructuring eliminates blanket energy subsidies and redirects them to the needy. They’re part of economic reforms pledged by Prime Minister Anwar Ibrahim, whose government says they’re needed to build a more sustainable economy and plug losses from smuggling cheap oil to neighboring countries.

The plan is bold but risky for Anwar, who took power in 2022, as it may anger working-class voters struggling with rising cost of living. He announced the unpopular decision to cut fuel subsidies last month to give time to lowerincome groups to prepare for the transition.

“All prime ministers before this had agreed on the targeted subsidy, but there was no political will to implement it because of the risks involved. However, to save the country, we have no choice,” Anwar, who is also Finance Minister, was quoted as saying Monday by national Bernama news agency.

The government eventually plans to follow suit with gasoline subsidies. Essentials including fuel, cooking oil and rice are heavily subsidized in Malaysia, which have strained national finances for years.

Second Finance Minister Amir

Hamzah Azizan announced Sunday that diesel price will rise to 3.35 ringgit ($0.71) a liter on Monday, up 56 percent from its previous subsidized price of 2.15 ringgit ($0.46). He said the price will be reviewed on a weekly basis to be aligned with market prices.

The price hike will not apply to Malaysian states on Borneo Island and eligible logistic vehicles, he said. Lower prices previously set for fishermen and a wide fleet of land public transport vehicles such as school buses, taxis and ambulances will also remain unchanged.

Monthly cash aid will also be given to eligible individuals with diesel vehicles including farmers and commodity smallholders, the government said. Officials said the hike shouldn’t lead to drastic price inflation as subsidies are still given to targeted groups.

Despite the hike, Amir said Malaysia’s diesel price remains the second lowest in Southeast Asia, after Brunei. Diesel costs 8.79 ringgit ($1.86) a liter in neighboring Singapore and more than 4 ringgit ($0.86) in most other regional countries. It is heavily subsidized at 1.09 ringgit ($0.23) in oil-rich Brunei Amir said the targeted subsidies will help cut the fiscal deficit, with the government expected to save at least four billion ringgit ($850 million) annually. Malaysia’s diesel subsidy bill surged from 1.4 billion ringgit ($300 million) in 2019 to 14.3 billion ringgit ($3 billion) last year. AP

Saturday saw both an Israeli military assault that freed four hostages but left 274 Palestinians and one Israeli commando dead, and, Cindy McCain said, two of WFP’s warehouses in Gaza had been “rocketed” and a staffer injured.

Sunday’s UN announcement of the pause appears the latest setback for the US sea route, set up to try to bring more aid to Gaza’s starving people.

The US Agency for International Development described the pause as a step to allow for a security review by the humanitarian community in Gaza. USAID works with the World Food Program and their humanitarian partners in Gaza to distribute food and other aid coming from the USoperated pier.

Completed in mid-May, the US pier was operational for only about a week before being knocked offline by storm damage for two weeks. After repairs,

are storming trucks loaded with humanitarian aid brought in through a new US-built pier, in the central Gaza Strip on May 18, 2024. United Nations agencies are warning on Wednesday, June 5, that over 1 million Palestinians in the Gaza Strip could experience the highest level of life-threatening starvation by the middle of next month if hostilities continue. AP/ABDEL KAREEM HANA

it returned to operation again Saturday, bringing in 1.1 million pounds (492 metric tons) of food and other aid, before McCain said her agency was pausing its humanitarian work there.

The UN agency gave no further details, including how long the pause would last. WFP spokespeople did not respond to requests for further details.

Asked about the pier operation during an appearance on CBS’s “Face the Nation” McCain said: “Right now we’re paused.”

“I’m concerned about the safety of our people after the incident yesterday,” McCain said, without elaboration. “We also, two of our warehouses, the warehouse complex were rocketed yesterday.”

“We’ve stepped back for the moment,” she said, and want “to make sure that we’re on safe terms

and on safe ground before we’ll restart. But the rest of the country is operational. We’re doing... everything we can in the north and the south.”

USAID said in a statement to The Associated Press that it was working with other US government officials and with humanitarian groups in Gaza “to ensure that aid can safely and effectively resume movement following completion of the security review that the humanitarian community is currently undertaking.”

President Joe Biden in March announced in his State of the Union address that he had directed the US military to set up the temporary pier. The US project was meant to bring in a limited amount of aid into Gaza, where Israeli restrictions on land crossings, and fighting, have brought more than 1

million of Gaza’s 2.3 million people near the point of famine.

Saturday’s return to operation for the US pier project came the same day that Israel mounted a heavy air and ground assault that rescued four hostages, who had been taken by Hamas during the October 7 attack that launched the war in Gaza.

Pushing back against social media claims after the Israeli military operation, US Central Command said in a tweet Saturday that neither the pier nor any of its equipment, personnel or other assets were used in the Israeli operation. It noted that Israel used an area south of the pier “to safely return hostages.”

A core principle of humanitarian groups holds that their work must be independent of the mission of combatants in a conflict zone, so as to keep aid operations and aid workers from becoming targets.

USAID said in a separate statement Saturday that no humanitarian workers were involved in the Israeli operation.

Speaking of the “rocketing” of the WFP warehouses, McCain said Sunday that one staffer was injured but “everybody else is fine.”

“That’s why a cease-fire is necessary. That’s why we need to stop this,” so that aid from her program and other organizations can flow into Gaza “at scale.”

Sara Burnett contributed.

Central African Republic govt suspends Chinese mining company for alleged ties to armed groups

By Jean Fernand Koena The Associated Press

BANGUI, Central African Republic—The government of the Central African Republic suspended a Chinese mining company’s operations in the country, accusing it of cooperating with armed militias, a government decree said.

The country’s ministry of mines accused Daqing SARL, a Chinese gold and diamond mining company, of “intelligence with armed groups, illegal exploitation, illegal introduction of foreign subjects into mining areas, nonpayment of taxes and lack of activity reports,” in the decree, which was made public Saturday.

Daqing SARL operated in Mingala, a town in the south of the Central African Republic that has been plagued by fighting between

the country’s armed forces and the Coalition of Patriots for Change, an anti-government armed group.

The Central African Republic has been in conflict since 2013, when predominantly Muslim rebels seized power and forced the President Francois Bozize from office. Mostly Christian militias fought back.

A 2019 peace deal only lessened the fighting, and six of the 14 armed groups that signed later left the agreement. The Coalition of Patriots for Change was founded in 2020 in the aftermath of the agreement.

The country remains one of the poorest in the world despite its vast mineral wealth of gold and diamonds among others. Rebel groups have operated with impunity across the embattled country over the past decade, thwarting mining exploration by foreign

companies.

Many of those now operating in the country are Chinese-run and have faced security challenges. Last month, four workers were killed at a Chinese-run gold mine during an attack that the local government blamed on the Coalition of Patriots for Change. Last year,

nine Chinese nationals were killed at another gold mine in the Central African Republic. The government blamed the attack on the same rebel alliance. In 2020, two Chinese nationals died when local residents led an uprising against a Chinese-operated mine in the south of the country.

UKRAINIAN President Volodymyr Zelenskyy poses at the French National Assembly before his address to lawmakers on Friday, June 7, 2024 in Paris. Switzerland’s president says 90 countries and organizations, half from Europe, have registered to take part in a Ukraine peace summit on June 15 and 16, 2024. JULIEN DE ROSA/POOL VIA AP

PALESTINIANS

The far right’s election gains rattle EU’s traditional powers, leading Macron to call snap polls in France

By Raf Casert, Lorne Cook & Samuel Petrequin The Associated Press

BRUSSELS—Far-right parties rattled the traditional powers in the European Union with major gains in parliamentary seats, dealing an especially humiliating defeat to French President Emmanuel Macron, who called snap legislative elections.

Some ballots in the vote for the European Parliament were still being counted Monday, but the outcome showed the 27-nation bloc’s parliament membership has clearly shifted to the right. Italian Premier Giorgia Meloni more than doubled her party’s seats in the assembly. And despite being hounded by a scandal involving candidates, the Alternative for Germany extreme right party still rallied enough seats to sweep past the slumping Social Democrats of Chancellor Olaf Scholz.

Sensing a threat from the far right, the Christian Democrats of EU Commission President Ursula von der Leyen had already shifted further to the right on migration and climate ahead of the elections—and were rewarded by remaining by far the biggest

group in the 720-seat European Parliament and de facto brokers of the ever-expanding powers of the legislature.

But the surge by nationalist and populist parties across Europe will make it much harder for the assembly to approve legislation on issues ranging from climate change to agriculture policy for the next five years.

Undoubtedly, however, the star on a stunning electoral night was the National Rally party of Marine Le Pen, which dominated the French polls to such an extent that Macron immediately dissolved the national parliament and called for new elections to start later this month. It was a massive political risk since his party could suffer more losses, hobbling the rest of his presidential term that ends in 2027.

Le Pen was delighted to accept the challenge. “We’re ready to turn the country around, ready to defend the interests of the French, ready to put an end to mass immigration,” she said, echoing the rallying cry of so many far-right leaders in other countries who were celebrating substantial wins.

Her National Rally won over 30 percent or about twice as much as Macron’s pro-European centrist Renew party that is projected to reach less than 15 percent.

Macron acknowledged the thud of defeat. “I’ve heard your message, your concerns, and I won’t leave them unanswered,” he said, adding that calling a snap election

only underscored his democratic credentials.

In Germany, the EU’s most populous nation, projections indicated that voters had not been dissuaded by the AfD’s scandals as it rose to 16.5 percent, up from 11 percent in 2019. In comparison, the combined result for the three parties in the German governing coalition barely topped 30 percent.

Scholz’s governing Social Democratic party was humiliated as the Alternative for Germany surged into second place. “After all the prophecies of doom, after the barrage of the last few weeks, we are the second strongest force,” a jubilant AfD leader Alice Weidel said.

South Korea says North installing its own loudspeakers along border

SBy Kim Tong-Hyung

The Associated Press

EOUL, South Korea—South Korea’s military on Monday said it’s detecting signs that North Korea is installing its own loudspeakers along their heavily armed border, a day after the South blared anti-Pyongyang propaganda broadcasts over its speakers for the first time in years as the rivals engage in a Cold War-style psychological warfare.

The South’s resumption of its loudspeaker broadcasts on Sunday was in retaliation for the North sending over 1,000 balloons filled with trash and manure over the last couple of weeks. North Korea has described its balloon campaign as a tit-for-tat against South Korean civilian groups flying antiNorth Korean propaganda leaflets across the border. Pyongyang has long condemned it as it’s extremely sensitive to any outside criticism of leader Kim Jong Un’s authoritarian rule.

Seoul’s Joint Chiefs of Staff didn’t immediately comment on the number of suspected North Korean speakers or where along the border they were spotted being installed. It said the speakers were still silent as of Monday afternoon.

South Korea on Sunday activated its loudspeakers for an initial broadcast into North Korea, which reportedly included news, criticism about North Korea’s government and South Korean pop music.

Hours later on Sunday, Kim’s powerful sister warned that the South created a “prelude to a very dangerous situation.”

She said South Korea would witness an unspecified “new response” from the North if it continues with the broadcasts and fails

to stop civilian activists from flying antiNorth Korean propaganda leaflets across the border.

“I sternly warn Seoul to immediately case its dangerous activities that would further provoke a crisis of confrontation,”

Kim Yo Jong said through state media.

Lee Sung Joon, spokesperson of South Korea’s Joint Chiefs of Staff, said Kim’s comments represented a heightened verbal threat from North Korea but he did not provide a specific assessment on the actions the North might take. Lee said the South was conducting broadcasts in sites where soldiers have sufficient protection and are equipped to swiftly hit back if attacked.

“(We) don’t think that they could provoke us that easily,” Lee said during a briefing Monday.

The Joint Chiefs of Staff didn’t specify the border area where Sunday’s broadcast took place or what was played over the speakers. It said that any additional broadcasts are “entirely dependent on North Korea’s behavior.”

The South withdrew loudspeakers from border areas in 2018, during a brief period of engagement with the North under Seoul’s previous liberal government.

In deciding to restart the loudspeaker broadcasts, South Korea’s presidential office berated Pyongyang for attempting to cause “anxiety and disruption” in the South and stressed that North Korea would be “solely responsible” for any future escalation of tensions.

The North said its balloon campaign came after South Korean activists sent over balloons filled with anti-North Korean leaflets, as well as USB sticks filled with popular South Korean songs and dramas. Pyongyang is extremely sensitive to such material and fears it could demoralize front-line troops and residents and eventually weaken leader Kim Jong Un’s grip on power, analysts say.

In 2015, when South Korea restarted loudspeaker broadcasts for the first time in 11 years, North Korea fired artillery rounds across the border, prompting South Korea to return fire, according to South Korean officials. No casualties were reported.

Overall across the EU, two mainstream and pro-European groups, the Christian Democrats and the Socialists, remained dominant in the voting that concluded Sunday. The gains of the far right came at the expense of the Greens, who were expected to lose about 20 seats and fall back to sixth position in the legislature. Macron’s pro-business Renew group also lost big.

After having flirted during campaigning with the idea of working with a political group further right, von der Leyen offered late Sunday to build a coalition with the Social Democrats, which mostly held its ground in the elections, and the pro-business Liberals.

“We are by far the strongest party, we are the anchor of stability,” von der Leyen said. Reflecting on the rise of the far-right and good showing of the far-left, she added that the result brings “great stability for the parties in the center. We all have interest in stability and we all want a strong and effective Europe.”

In the legislature, provisional results showed that the Christian Democrats would have 189 seats, up 13, the Social Democrats 135, down 4 and the pro-business Renew group 83, down 19. The Greens slumped to 53, down 18. Germany, traditionally a stronghold for environmentalists, exemplified the humbling of

the Greens, who were predicted to fall from 20 percent to 12 percent. With further losses expected in France and elsewhere, the Greens’ defeat could well have an impact on the EU’s climate change policies, still the most progressive across the globe.

Senior party members in the EU’s parliament were due to hold talks on Monday to see what alliances might be established. Key to the future working of the assembly will be whether the far right unites in a strong enough bloc to challenge the main pro-European groups.

The elections come at a testing time for voter confidence in a bloc of some 450 million people. Over the last five years, the EU has been shaken by the coronavirus pandemic, an economic slump and an energy crisis fueled by Russia’s war in Ukraine. But campaigning often focused on issues in individual countries rather than on broader European interests.

Since the last EU election in 2019, populist or far-right parties now lead governments in three nations—Hungary, Slovakia and Italy—and are part of ruling coalitions in others including Sweden, Finland and, soon, the Netherlands.

TheAssociated Press writers Sylvain Plazy in Brussels and Geir Moulson in Berlin contributed to this report.

Sudan’s notorious paramilitary group loots Darfur hospital, aid group says

By Samy Magdy The Associated Press

CAIRO—The notorious Rapid Support Forces paramilitary group, fighting Sudan’s military for over a year, fired shots and looted a health facility in the western region of Darfur, forcing its closure, an international aid group said. The RSF, attacked the South Hospital in al-Fasher, the capital city of North Darfur province on Sunday, opening fire on medical staff and patients, Doctors Without Borders said in a statement.

This came as the group intensified its offensive to try and wrest control of the city, the military’s last stronghold in the sprawling Darfur region. Two weeks of fighting last month in and around al-Fasher has killed more than 120 people.

Meanwhile, the military has allied itself with rebel groups and formed a joint force to retain control of the city, where hundreds of thousands of displaced people have taken shelter since the conflict began.

“It is outrageous that the RSF opened fire inside the hospital. This is not an isolated incident, as staff and patients have endured attacks on the facility for weeks from all sides, but opening fire inside a hospital crosses a line,” said Michel Lacharite, head of emergency operations at Doctors Without Borders.

At the time of the attack, there were 10 patients and a reduced medical crew as the aid group and the Sudanese health ministry had begun evacuating patients and transferring medical services last week to other facilities, the aid group said.

Most patients and the medical team, including Doctors Without Borders staff, managed to flee the shooting. It was not immediately clear whether there were casualties from the attack, according to the aid group.

A spokesman for the RSF didn’t return phone calls seeking comment.

The facility had been hit by mortar shells and bullets three times between May 25 and June 3, killing two people and wounding 14 patients, Doctors Without Borders said.

Sudan’s conflict began in April last year when soaring tensions between the leaders of the military and the RSF exploded into open fighting in the capital, Khartoum and elsewhere in the country.

The war has wrecked Sudan, killing more than 14,000 people and wounding thousands others, while pushing its population to the brink of famine. The U.N. food agency warned the warring parties last month that there is a serious risk of widespread starvation and death in Darfur and elsewhere in Sudan if they don’t allow humanitarian aid into the vast western region.

ITALIAN Prime Minister Giorgia Meloni speaks about the results of the European Parliamentary elections at a press conference at the Fratelli d’Italia party electoral committee in Rome on Monday, June 10, 2024. ROBERTO MONALDO/LAPRESSE VIA AP

SUDANESE

Fed meeting this week to evaluate inflation progress: Rate cuts possible if May report shows improvement

By Christopher Rugaber Ap Economics Writer

WASHINGTON—After

Federal Reserve officials meet this week, a statement they will issue may suggest that they’ve seen meaningful progress on inflation this year—a prelude to eventual interest rate cuts.

Yet it’s hard to say, because the officials themselves may not know for sure until they begin their meeting. That’s because the government’s latest snapshot of US inflation will be released Wednesday morning, just before the Fed begins the second day of its policy discussions.

One key issue is a sentence the Fed added to its statement after its last meeting May 1: It said “there has been a lack of further progress” in bringing inflation back to the central bank’s 2 percent target. Inflation had come in uncomfortably high in the first three months of this year, dimming hopes that it would continue to steadily cool, as it had in the second half of last year.

In April, though, consumer inflation did resume slowing, if only slightly. And if the May inflation report being released Wednesday shows further signs of improvement, it’s possible the Fed could

drop that sentence from its statement. It would be an encouraging sign that the policymakers may cut their benchmark rate within a few months. Rate cuts would eventually lead to lower costs for mortgages, auto loans and other forms of consumer and business borrowing.

But whether or not the sentence is dropped or altered, most economists think no rate cuts are likely before September at the earliest.

Chair Jerome Powell is likely to underscore at a news conference Wednesday that the policymakers will need to see several more months of low inflation readings before they would consider reducing their key rate.

A Fed rate cut might give the economy a modest lift, which would be welcomed by President Joe Biden’s re-election campaign, which is struggling to counter many voters’ unhappiness with the inflation spike of the past

Pending review, Chiz halts work on new Senate bldg

Continued from A

Moreover, inspections by the Senate Coordination Team have raised questions about the quality of workmanship and adherence to the original terms of reference, it added.

The report also pointed out procurement delays and missteps by the project manager, the DPWH, which have contributed to project slowdowns and cost overruns.

Escudero agreed with all of Cayetano’s recommendations, including identifying immediate and underlying problems in the project and compelling the DPWH to question, evaluate, and rectify issues that can still be corrected.

In the report, Cayetano explained that the DPWH’s actions will be decisive in determining whether the agency and the contractor, HillMarc’s Construction Corporation, will implement the remaining portion of the project, which has an approved budget of P10.33 billion but is yet to be awarded.

He suggested compelling the DPWH to create a high-level liaison team for this project, composed of the DPWH’s Unified Project Management Office as the project manager and the Bureau of Design for proper coordination.

Cayetano also advised engaging a third-party construction management team to help clarify and validate the project to date, both technically and financially.

Why only now?—Nancy

HOWEVER, Sen. Nancy Binay deplored the haste in the suspension order, and wondered where Escudero got some figures.

Sadly, “if SP [Escudero] had time early on to ask and inquire about the construction developments, maybe he would have been clarified and he could have given his inputs and suggestions on how we can cut costs and not delay the transfer of the Senate to the new building,” Binay said in Filipino.

Back in 2019, the Senate President was an incumbent senator and part of 17th Congress, Binay recalled, “and I believe he has been made aware of the project costs.”

She continued: “In February 2019, Sen. Panfilo Lacson made it clear on the floor that the approved Multi-year Obligation Authority (MYOA) for the NSB is P8.9 billion which covers the ‘core and shell’ of the four-tower NSB--and the interior and fit-outs are entirely separate.”

She stressed that the news about a “three-level basement parking of the Senate building in Taguig is fake news—there is no such parking.”

During her watch as chair of the committee on accounts, Binay said they sent official invitations to all senators for ocular inspections and one-on-one briefings about the progress, status, timelines, and other matters with regard the NSB.”

While the Senate President “meant well in reviewing the budget for the New Senate Building,” Binay expressed hope that the review would be done with dispatch.

“We want to avoid any unnecessary expense brought by the delay.

“There is a sense of urgency to complete the construction by 2025. Delays would mean cost adjustments, additional charges,

several years. Though consumer inflation has slowed dramatically since peaking at 9.1 percent in mid-2022, it was still 3.4 percent in April, well above the Fed’s target.

The Fed would reduce rates faster if growth were to stall and companies were to lay off many workers. But on Friday, the government reported a robust job gain in May, with employers across a range of industries adding jobs.

The report led Wall Street traders to downgrade their forecast for Fed rate cuts to just one this year, from two.

The Fed is set Wednesday to keep its benchmark rate unchanged at roughly 5.3 percent, its highest level in 23 years, where it has stood since July. The policymakers will also issue updated economic projections, which are expected to show that they envision one or two rate cuts by year’s end, down from a forecast of three in March.

penalties, and another round of rental. The Senate cannot afford any set back because each day of delay has cost implications--I agree with SP that we need to look for ways to bring the costs down.”

Lacson explains FOR his part, Lacson said: “While I agree with Senate President Francis Escudero’s decision to review the new P23.3-billion cost of the Senate building from the original P8.9-billion estimate when we started the construction, I would like to clarify the following:

“The Department of Public Works and Highways (DPWH) is the implementing agency so it submits cost estimates and VOs (variation orders). However, at the end of the day, it is the Senate that will accept or not the proposed additional budget allocations of the DPWH.

“What I understand, based on my own inquiry with my former staff/team of consultants who eventually joined Sen. Nancy Binay who succeeded me as the Senate Accounts Committee Chairperson under Sen. Juan Miguel Zubirinot a single peso of the P10.3B additional funds, while already part of the 2024 GAA and covered by MYCA (Multi Year Contractual Authority), has been awarded since Senator Nancy and her team have consistently objected to the DPWH’s requests for VO’s.”

Further, Lacson explained, the new total cost of P23.3 billion “includes the cost of the fit-out accessories and technical components of the security system as well as the land acquisition which was valued at that time at P1.62 billion (at P90,000 per square meter) and has since tremendously appreciated in value. I understand, and this may not be accurate that the current real estate value in that same area is P500,000 per square meter.”

At his news conference, Powell will likely reiterate that Fed officials need more confidence that inflation is returning to 2 percent before they would consider rate cuts, and that this will likely take additional time.

“The Fed’s narrative is going to be very similar to what we’ve been hearing: ‘We’ve made progress bringing down inflation; we’re not in a hurry to cut rates,’ “ said Nathan Sheets, a former senior economist at the Fed who is global chief economist at Citi.

Another issue Powell may ad-

dress is whether the economy is starting to weaken. Growth slowed sharply in the first three months of the year, to an annual rate of just 1.3 percent, down from 3.4 percent in last year’s final quarter.

The number of open jobs fell in April to the lowest level in three years, though the number remains high by historic standards. And consumers actually cut back on their spending in April, after adjusting for inflation, a sign that high prices and elevated interest rates are pressuring Americans’ finances.

Though May’s solid job growth helped assuage some of those worries, the unemployment rate edged up for a second straight month, to 4 percent.

Such tentative signs of weakness may help clarify an ongoing debate among Fed officials: Just how much are higher rates hurting the economy? Policymakers jacked up borrowing costs over the past two years with the goal of slowing spending enough to tame inflation.

Given last year’s strong growth and substantial job gains earlier this year, some officials had come to doubt that their rates were high

enough. Minutes of the Fed’s most recent meeting suggested that some officials had even expressed openness to additional rate hikes. A cooling economy “would reinforce their story that (interest rate) policy is restrictive,” said Donald Kohn, a former vice chair of the Fed’s Board of Governors who is a senior fellow at the Brookings Institution.

“Which is what people were kind of doubting—myself included— for a while when everything was coming in so strong.”

Last month, John Williams, president of the Fed’s New York branch, said there was “ample evidence” that higher rates were restraining the economy. Home sales have tumbled. And spending on appliances, furniture and other high-priced goods has slowed.

The Fed’s cautious approach to rate cuts stands in contrast to some of its overseas counterparts. On Thursday, the European Central Bank announced its first rate reduction in five years, citing the progress it’s made in slowing price increases. Inflation has fallen from a peak of 10.6 percent to 2.6 percent in the 20 countries that use the euro currency.

FEDERAL Reserve Board Chair Jerome Powell speaks during a news conference at the Federal Reserve in Washington on May 1, 2024. On Wednesday, June 12, 2024, the Federal Reserve will end its latest meeting by issuing a policy statement, updating its economic and interest-rate projections and holding a news conference with Powell. AP/SUSAN WALSH

4Ps: Social safety nets as effective tools in the fight against poverty

THE recent announcement by the Department of Social Welfare and Development (DSWD) regarding the successful completion of tertiary education by over 32,000 former monitored children of the Pantawid Pamilyang Pilipino Program (4Ps) highlights the positive impact of social safety nets in combating poverty. These achievements demonstrate that investing in human capital through social welfare programs can break the intergenerational cycle of poverty and foster economic development. (Read the BusinessMirror story, “DSWD: 32,000 children of 4Ps beneficiaries now college graduates,” June 5, 2024).

The 4Ps is the countr y’s flagship poverty alleviation program that provides conditional cash transfers to poor households, aimed at improving the health nutrition, and education of their children. The program not only offers immediate financial assistance but also focuses on long-term solutions by prioritizing education as a means to uplift individuals and families out of poverty. The figures released by the DSWD are truly remarkable. Not only have over 32,000 former 4Ps beneficiaries completed their tertiar y education, but among them, there were 82 magna cum laude graduates, 1,135 cum laude graduates, and 132 recipients of special distinctions and awards. Moreover more than 6,000 graduates passed their respective board examinations, becoming licensed professionals in fields such as teaching, engineering, architecture, and midwifer y.

These achievements underscore the importance of social safety nets in providing opportunities for children from disadvantaged backgrounds to access quality education. Education is the foundation for eradicating poverty and promoting economic development. By equipping poor citizens with knowledge, skills, and qualifications, education empowers them to secure better job prospects, earn higher incomes, and contribute to the overall growth of society. It is also worth acknowledging the role of complementar y programs such as the Commission on Higher Education Unified Student Financial Assistance System for Tertiar y Education (CHED-UniFAST) Tertiar y Education Subsidy (TES) in supporting the education of 4Ps beneficiaries. The TES, under the Universal Access to Quality Tertiar y Education Act, provides financial assistance to qualified students enrolled in CHED-recognized public and provincial higher education institutions. By prioritizing the beneficiaries of 4Ps and other vulnerable households, the TES ensures that the cost of tertiar y education is not a barrier to achieving higher education.

The success stories of individuals like K hane Cer vantes, who graduated magna cum laude and became a licensed teacher with the support of the 4Ps and the CHED-UniFAST TES, highlight the transformative impact of these programs. They demonstrate that when poor children are given the opportunity to pursue their education without financial constraints, they can excel academically and become responsible and productive members of society.

The achievements of the 4Ps beneficiaries in completing their education and excelling in their chosen fields are a testament to the effective utilization of government funds and the value of social safety nets. These programs have not only helped individuals escape the clutches of poverty but have also contributed to the development of a skilled and educated workforce, which is vital for the countr y’s progress and prosperity.

As we celebrate the successes of the 4Ps and similar social safety net programs, it is crucial to recognize the ongoing need for continued support and investment in poverty alleviation efforts. It would do well for the government to ensure the sustainability and expansion of these programs to reach more families in need. By doing so, we can create a society where ever y citizen has equal opportunities to thrive, regardless of their socioeconomic background.

The achievements of the 4Ps beneficiaries ser ve as a powerful reminder that social safety nets, coupled with a strong focus on education, are effective tools in the fight against poverty. It is imperative to prioritize and strengthen these programs to create a more inclusive and prosperous nation.

Navigating uncertain waters

W(Circulation) 893-1662; 814-0134 to 36. E-mail: news.businessmirror@gmail.com www.news.businessmirror@gmail.com Printed by BROWN MADONNA Press, Inc.–Sun Valley Drive KM-15, South

John Mangun

OUTSIDE THE BOX

E prefer things to be on a single path and in a relatively straight line. I went to a dinner party last week and the driving instructions were “Take the Slex north and go on to the C-5. Then immediately make a U-Turn but don’t get in the far right lane. Get in the one next to the far right lane.” The Club United dinner was more than worth the inconvenience of getting there.

Will the US and Nato put boots on the ground to directly warfare with Russia? Is Beijing going to invade Taiwan? Can the Gaza war—and in the Middle East—be contained? And those are only the tip of the iceberg in 2024: the Year of Uncertainty.

W hile militar y operations are the scariest, the politics in the US and now in the UK are high up on the list of frightening things. Further we have just seen the African National Congress lose control of the South African government for the first time since the end of Apartheid in 1994.

“Narendra Modi will be sworn in for his third term as India’s prime m i n i ster,” but anot her headl i ne reads: “Modi ’s win in India looks a lot like a loss.” Not a single leader of a G-7 countr y has even a 50 percent approval rating with Italy’s Meloni at 42 percent and Japan’s K ishida at a

mind-numbing 13 percent.

W hen you encounter a situation that has profound uncertainty, you are forced to do two things. “Two roads diverged in a yellow wood. Long I stood and looked down one as far as I could.” You are on an unfamiliar road in the wilderness and suddenly it ends at a fork. You now must stop going for ward and then you must decide which path to take.

Understand also the uncertainties of 2024 are not simply the question of “Is the typhoon going to hit or miss Manila?” We are talking potential outcomes with threats that if not existential, are at the best, extremely annoying. At the worst, really extremely annoying and then costly. Locally we have the MarcosDuterte political rumble. Concerns about electricity/water supply and of course China and the US using

While military operations are the scariest, the politics in the US and now in the UK are high up on the list of frightening things. Further we have just seen the African National Congress lose control of the South African government for the first time since the end of Apartheid in 1994.

the Philippines as a pawn.

The first manifestation of uncertainty is that momentum is lost while answering the question of “W hat do I do next?”

Since late 2020, the PSEi has traded essentially from 6,300 to 6,900 on the monthly chart. That may seem like a lot—600 points or about 10 percent—but over three and half years, that is not any sort of momentum. With the PSEi now hovering at 6,500, since November 2022 we have been stuck in the doldrums. Further any bet on the future direction of the PSEi is actually a coin toss and not on any clear analysis.

More critically, uncertainty that lasts for a longer period leads to frustration and a drop in confidence about what is down the road. W hile the betting odds on the US presidential election strongly favor Trump and favor the Labour Party in the UK, that could change in a blink of the eye.

Momentum requires consistent confidence. The price of Brent crude

its war against Ukraine

By Alberto Nardelli, Alex Wickham & Volodymyr Verbianyi

THE Kremlin has forced thousands of migrants and foreign students to fight alongside Russian troops in its war against Ukraine, adding extra manpower for its offensive in the Kharkiv region, according to assessments from European officials.

Using tactics first deployed by the Wagner mercenar y group, Russian officials have with increasing frequency been threatening not to extend the visas of African students and young workers unless they agree to join the militar y, according to officials familiar with the matter Moscow has also been enlisting conv icts from its prisons while some Africans in Russia on work visas have been detained and forced to decide between depor tation or f ighting, one European official said. Some of those people had been able to bribe officials to stay in the countr y and still avoid militar y ser vice, said the official, who like other people cited spoke on condition of anonymity. Russia’s practice of sending migrants and students into battle under duress dates back to earlier in

the war, another European official said. Those troops suffer especially high casualty rates because they are increasingly deployed in risky offensive maneuvers to protect more highly trained units, the official added. A spokeswoman for the Russian Foreign Ministr y didn’t respond to an e-mail seeking comment.

According to reports citing Ukrainian intelligence, Russia has engaged in a global recruitment drive to enlist foreign mercenaries in at least 21 countries, including several nations in Africa. Army recruitment campaigns offer lucrative signing bonuses and salaries for those who’ll join up as contract soldiers. Recruiters have also targeted migrants and students who previously looked for employment in Russia, and in some cases have lured others over with

Russia’s practice of sending migrants and students into battle under duress dates back to earlier in the war, another European official said. Those troops suffer especially high casualty rates because they are increasingly deployed in risky offensive maneuvers to protect more highly trained units, the official added. A spokeswoman for the Russian Foreign Ministry didn’t respond to an e-mail seeking comment.

promises of lucrative work before forcing them to train and deploy to the front.

Russia’s ability to mobilize far greater numbers of troops could become a significant factor in the war as President Vladimir Putin seeks to capitalize on a shift in momentum this year

oil is up 30 percent in the past five years but down 2.5 percent in six months and 7 percent lower in the last 30 days. Yet Brent is 30 percent lower than it was in 2012. You might say that proves momentum since Brent has been in a decline since 2012. Further, oil prices are geopolitical and there are financial crises, wars, pandemics, and all the other global events.

Except Brent price went f rom $111 average in 2012 to a $44 average in 2016 and back to an average price of $101 in 2022. That is not momentum. That is a drunken monkey on steroids playing with a loaded AK-47, not defined confidence in the future. So what is the plan? Adapt and then be nimble. Nickel was up 30 percent in 2024 until it wasn’t. The Dow Jones was dead (trading the 33,500 corridor) for most of 2023 until it exploded to 40,000. Even Bitcoin: $64,000 November 2021 to $16,500 in Januar y 2023 to $70,000 currently and up 200 percent since the Januar y 2023 close. London Cocoa is 300 percent higher

The Russian militar y lost more than 1,200 people a day during May, according to the UK Ministr y of Defence, its highest casualty rate of the war Since the beginning of the invasion, Russia has seen some 500,000 personnel killed or wounded, the UK estimates. Bloomberg is unable to independently verify these figures. At a meeting with foreign media in St. Petersburg late Wednesday, Putin appeared to imply that about 10,000 Russian troops a month are being killed or wounded and that Ukrainian losses are five times higher W hile the K remlin has failed to achieve a breakthrough on the battlefield, it has stepped up a bombing campaign against Kharkiv, Ukraine’s second-largest city. Western officials say those attacks appear designed to make the city uninhabitable.

As he seeks to maintain public support in Russia, Putin has so far resisted a full-scale mobilization and Russia says it has been able to make up a significant share of its losses—in See “Russia,” A

For now though his forces have been grinding for ward only slowly in northeastern Ukraine and suffering heavy losses, despite a shortage of troops and ammunition on the Ukrainian side.

The banks that hold most money in Singapore laundering scandal

By Low De Wei & Bernadette Toh

IN a Singapore courtroom on Friday, the last of those arrested for their involvement in the island nation’s biggest laundering case pleaded guilty, paving the way for the next steps in the S$3 billion ($2.2 billion) scandal.

T he c ity-state mu st now de-

c ide wh at to do w it h a for t u ne

i n for fe ited assets, f rom lu x ur y proper t ies to collect ible or namen-

tal bea rs and br anded h andbags.

T here’s also sever al hu nd red m i ll ion dolla rs of local and fore ign

c urrenc ies i n accou nts at some of

t he world’s top wealt h managers.

C red it Sui sse—now owned by UBS Group AG, and C it ig roup Inc. held

t he la rgest amou nts on deposit so fa r for t he conv icted, accord i ng to cour t f i l i ngs rev iewed by Bloombe r g. Ot h e r s w i t h s i gn i f i cant expos ur e i nclu de t h e co u nt r y’s

t hree la rgest banks—DBS Group

Hold i ngs Ltd., Ove r sea-C hi nese

Bank i ng Cor p. and Un ited Overseas Bank Ltd. For decades, Singapore has taken steps to attract the uber rich, spawning a finance industr y that’s made it one of the wealthiest countries.

The sur prise sting operation to take down the online gambling ring last year prompted a rethink, amid signs dirty money is joining legitimate businesses.

Here are the major items that were seized from the money launderers:

Bank accounts

THE China-bor n ind iv iduals and their close associates, together with compan ies t hey cont rolled, held more than S$370 million in total at over a dozen financial institutions, court records compiled by Bloomberg show.

T hat’s not all, however Singapore’s top local banks as well as i nter nat ional lenders also made significant loans that were not reflected in the seized assets. DBS for example, said previously it has about S$100 million of exposure to the scandal, mainly from financing properties. Singapore’s police force meanwhile, has said that there are 17 other people under investigation whose assets have been seized or frozen, whose tally is not included in the documents.

Spokespeople for banks that held assets of the launderers—Standard Chartered Plc, DBS, UBS, RHB Bank Bhd., Julius Baer Group Ltd., Malayan Banking Bhd., LGT Bank AG and CIMB Group Holdings Bhd. declined to comment. OCBC, which also owns Bank of Singapore, a private bank, said it had nothing further to

add to past comments on the case.

Citi said it’s committed to ensuring its staff are informed of emerging risks and potential issues related to money laundering to better inform clients. UOB said its remains vigilant to money laundering risks and continually ensures that its due diligence checks are robust.

HSBC Holdings Plc., Industrial and Commercial Bank of China Ltd., and UOB-Kay Hian Holdings Ltd. did not respond to requests for comment.

Properties ALSO on authorities’ to-do list is how to handle the tens of properties confiscated from the money launderers. These range from centuries-old shophouses and prime office space to bungalows on Sentosa, an island enclave that’s home to many of the countr y’s super-rich Mak i ng t he task more compl icated is a downt ur n i n Si ngapore’s lu x ur y p rope r ty ma r ket du e to hefty lev ies on foreign purc h ases and high i nterest rates. Ea rly attempts by banks to offload t hese assets h ave not always been successf u l. OCBC, for example, h as made two attempts to auct ion a sei zed bu ngalow. T he latest last mont h att racted no bids for an aski ng price of S$26.5 m i ll ion.

Whiskey, handbags

THAT’S not to mention the other goodies the launderers had to give up. One person held over 726 bottles of alcohol, while the total haul include premium names from Macallan W hisky to prized Kweichow Moutai baijiu They held millions in cr yptocurrency, bags from top brands likes Hermes and Chanel, Patek Philippe watches, and glitzy cars like Ferraris and Rolls-Royces. Also in the mix, collectible statues known as BE@RBRICKs, golf club memberships and a Daniel Arsham x Dior Eroded Basketball sculpture worth $13,333 W hile authorities have committed to auctioning the assets, they will have to time it right to avoid flooding the market. If they don’t sell immediately, it also costs money. Singapore has already incurred more than S$640,000 in expenses as of March to maintain the seized assets. With assistance from Chanyaporn Chanjaroen /Bloomberg

Options and remedies for unutilized advance income tax payments

Fulvio D. Dawilan

TAX LAW FOR BUSINESS

MY colleagues and I had previously written articles on similar topics in this column. But the number of questions raised compels me to provide more clarifications.

There are a number of instances in our tax structure where income taxes are required to be paid in advance. The two usual cases are the quarterly payments and withholding taxes. Both individual and corporate taxpayers are required to file quarterly returns and pay taxes on such returns filed. Also, with the application of the withholding tax system, clients/customers or payors of income are required to deduct and withhold taxes based on prescribed percentages. Being advance income tax payments, the quarterly income tax payments are creditable against the final income tax due of the taxpayer Similarly, the creditable withholding taxes are creditable against the quarterly and final income taxes due.

W hen t hese advance i ncome tax payments are not f u lly uti lized against the resu lting f inal income tax due from the resu lts of operations for the whole taxable year, there is excess income tax payment. T he Tax Code allows the taxpayer to choose from two options: (1) ref und (cash ref und/tax credit cer tif icate) or carr y-over to the succeeding taxable periods.

The options had been the subject of a number of controversies between the taxpayers and the tax authority. And these controversies have something to do with the irrevocability of the option, once exercised by the taxpayer Referring to the most recent inter pretation of the Supreme Court on the matter, once the taxpayer opts to carr y-over the excess income tax payment, that option be-

Russia. . .

Continued from A

terms of numbers if not the standard of the troops—through a voluntar y recruitment drive that has attracted tens of thousands of people.

The government in Kathmandu said earlier this year that it is aware of about 400 young Nepali men who have been recruited by Russia but many more have likely signed up without the government knowing. India’s decision to stop recruiting

comes irrevocable. The irrevocability rule applies only to the option to carr y-over It does not apply to the refund option.

W hat does this mean? A taxpayer who originally opts to carr y-over, by ticking the appropriate box in the tax return, may not later on apply for refund. If it does, the refund claim will be denied as the taxpayer itself had opted out of that right. On the other hand, if the taxpayer chooses to reclaim the excess income tax payments through a refund, that is not irrevocable. It may proceed to apply for a refund within the prescribed period. But being not irrevocable, the taxpayer may change its initial choice. And once the carr y-over is made, the taxpayer cannot shift back to a refund.

So these are the instances where refund will not prosper and the irrevocable ca rr y-over opt ion w i ll prevail: (a) taxpayer ticks the box for carr y-over in the income tax return, (b) taxpayer chooses the refund option by marking the appropriate box in the return but actually carries over the excess income tax payment in the succeeding period, (c) taxpayer initially chooses refund but amends and changes it to carr y-over, and (d) taxpayer does not make any choice in the return but actually for wards the excess tax payment to the succeeding period. In sum, regardless of the choice initially made by the taxpayer once a carr yover is chosen or actually made, that will prevail over a refund claim. Incidentally, even if just a portion of the excess income tax payment is actually car-

Nepalese Gurkhas for its army, ending a 200-year-old tradition, may have encouraged Nepalis to look for work in Russia and elsewhere.

A senior Ukrainian official said t hey have seen an uptick in t he number of foreign fighters among the prisoners Ukraine has captured on the battlefield. Africans and Nepalis have been particularly common, they said.

Some of Ukraine’s allies have been considering sharing what they know with the affected countries, another European official said.

ried-over, that amounts to a choice for the whole amount.

Will all carr y-overs to the quarterly or annual income tax return of the subsequent period affect the original refund choice? Apparently, t he revenue reg u lations mention only the carr y-over to the annual income tax returns of the succeeding year that would result in the denial of refund claim.

Zeroing in on the refund remedy, there are at least two changes introduced by the Ease of Paying Taxes (EOPT) Act affecting the refund of erroneously paid taxes (excess income tax payments are treated as erroneously paid taxes for refund pur poses). The first one is the introduction of the 180-day period within which the Bureau of Internal Revenue (BIR) should act on the claim.

Prior to the EOPT, the taxpayer apply ing for a refund of excess income tax payments had to file within two years both for the administrative claim with the BIR and the judicial claim with the Court of Tax Appeals. Because of this 2-year period for both the administrative and judicial claims, there were issues raised on the reasonableness of time given to the BIR to review the application before appealing to the CTA. In essence, what is considered a reasonable time from the filing of the administrative claim to the filing of the judicial claim?

This issue is partly addressed by the 180-day period introduced by the EOPT. Briefly, a taxpayer should f ile the application w ith the BIR within 2 years from the payment of the tax. In cases of excess quarterly payments or unutilized creditable withholding taxes, the filing of the annual income tax return is considered the payment of the tax. The BIR is then given a 180-day period from the submission of the documents within which to process and decide on the application. If there is a decision within the 180-day period, the taxpayer may appeal to the CTA within 30 days from receipt of the decision. Of course, if favorable, there will be no further action on the

Group of Seven nations, who w ill hold a leaders’ summit in Italy next week, have been tr y ing to persuade countries from the so-called Global South to offer more suppor t to Uk raine. But many of those nations h ave i nstead rema i ned ne ut r al, whi le their popu lations have been a focus for Moscow’s disinfor mation effor ts.

Reuters reported last year that the mercenar y group Wagner had recruited several African citizens as part of a drive to enlist conv icts from Russian prisons for its forces in

part of the taxpayer But in case the 180-day period within which the BIR has to decide lapses with no action, the taxpayer may appeal to the CTA already. The implementing revenue regulations added that the administrative remedy becomes moot and academic, and so the BIR will stop processing it. That means that the taxpayer may actually wait for the decision of the BIR. But if that happens, the taxpayer will only rely on the decision of the BIR, whatever the result.

The other important change introduced by the EOPT is with respect to the remedy available to the taxpayer when it dissolves, and there are still unutilized creditable withholding taxes or excess income tax payments. Obv iously, since these unutilized income tax payments are accumulated from previous years, these were carried from said earlier years. And following the irrevocability rule, the taxpayer cannot recover them through refund.

The EOPT introduced an exception (to the irrevocability rule) for taxpayers who can no longer carr yover due to dissolution or cessation of business. As they can no longer carr y for ward the unutilized taxes, they are allowed to apply for refund. And as another exception (to the 180day rule), the BIR has a period of 2 years from the date of dissolution to decide on the claim.

Given these situations, the choice is on the taxpayer—either to elevate its unacted claim to the CTA or to wait for the actual decision of the BIR, with the hope that it will be favorable.

The author is a managing partner of Du-Baladad and Associates Law Offices (BDB Law) (www. bdblaw.com.ph), a member-firm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at fulvio.dawilan@ bdblaw.com.ph or call 8403-2001 loc 310.

Ukraine. The news agency traced the stor y of three men from Tanzania, Zambia and the Ivor y Coast.

There are 35,000-37,000 African students currently in Russia, according to Yevgeny Primakov head of Rossotrudnichestvo, an organization devoted to spreading knowledge about Russia abroad.

“Ever y year we sign up about 6,500 students from Africa to study in Russia for free,” he said on Thursday at the St. Petersburg International Economic Forum. With assistance from Sudhi Ranjan Sen /Bloomberg

Millions in South Africa grow old with HIV in health-spending time bomb

By Janice Kew

YVETTE ALTA

RAPHAEL

radiates vitality and she isn’t old. But she grapples with brittle bones, aching knees and a vertigo so severe she’s had to stop driving for fear of causing an accident.

The 49-year-old entrepreneur is part of a generation of South Africans who have lived with HIV for decades and are now the first to grow old with the virus after revolutionar y drugs turned a death sentence into a chronic ailment. As they age, the cost of care is snowballing and millions are wondering what’s in store for them after critical elections left the countr y in political flu x, with key differences over how to shore up a health-care system already wrestling with the world’s largest HIV epidemic. Raphael, who owns a v ibrant clothing store in Thembisa, a township bordering Johannesburg, remembers thinking when she first found out she had HIV that a lifetime on treatment probably meant five years at best. It’s now been more than 24 years, during which she got mar-

ried, had two children and fulfilled her dream of opening her own shop.

“My biggest fear now is living for many years with the compounded ailments of aging,” Raphael said in an inter view. “The government doesn’t care. They are like, ‘We saved you to be a burden on us again?’”

The potential costs are staggering for a nation that already spends as much as 9 percent of its gross domestic product to fund a part-private partpublic health care system, with outlays per person well above those of any other country in sub-Saharan Africa. In last mont h ’s elect ions, t he Af rican National Cong ress ceded its parliamentar y majority for the first time since it first took power u nder  Nelson Mandela in 1994. Without an outright w inner, the ANC must decide whether to form a coalition, but some of the biggest

potential partners have starkly different views on a range of issues including its proposals to create a state fund to cover the health costs of all South Africans.

The longer government takes to address the needs of those aging prematurely with HIV, the bigger the financial drain in a countr y where 7.8 million people, or almost 13 percent of the population, live with the virus.

“Figuring out how to treat HIV and aging is complicated,” says Francois Venter a professor of medicine at Johannesburg’s University of the Witwatersrand, yet he pointed to some first steps, like alleviating inflammation and risks such as cardiovascular disease.

A woman around Raphael’s age who visits a clinic to get her antiretrov iral med ication shou ld, for instance, be assessed for potential heart conditions as well as screened for various kinds of cancer

“It is becoming important that primar y health-care clinics where HIV is also treated has the awareness that somebody who’s aging might have other health issues,” says LindaGail Bekker, chief executive officer of

the Desmond Tutu Health Foundation in Cape Town. She also recommends monitoring people’s balance and handgrip strength, which can indicate early aging.

South Africa spends about $1.8 billion a year to treat people with HIV and AIDS, according to UNAIDS. The program estimates that 15 percent of all government expenditures are for health, compared with 3.5 percent in India, the country with the second highest number of HIV cases.

That’s not nearly enough according to Bekker But estimating exactly how much funding is needed is difficult. The World Health Organization “ is just beginning to grapple with this,” she says. The Geneva-based agency declined to give an estimated amount, saying by e-mail that it is exploring inter ventions targeting the geriatric population.”

The Department of Health says the government is aware of the advantages of integ rat ing non-HIV ser vices into HIV programs but it would need more evidence regarding the cost-effectiveness of focusing on early senescence in people living with the virus. It’s also grappling with the

growing burden of tuberculosis and non-communicable disease like cancer and diabetes.

The question isn’t just funding, but infrastructure. More than half of South Africans live below the poverty line, which makes accessing regular treatment tricky, all the more so for someone who is struggling to move around. There are limited options for transport to clinics and long waiting periods, which adds to the burden.

Another kind of disparity—gender-related—is at the root of the problem. Many babies have been born with HIV because the virus disproportionately affects women. By the time they reach their mid-twenties, these people have lived with the virus for decades and may already be struggling with aging-related issues such as difficulty walking up stairs. Some of that stems from HIV, and some from the therapy.

At the moment, the countr y has no special ser vices or programs for older people (or those aging prematurely) at the primar y-care level, so they must compete with other patients for care.

How South Africa addresses early

aging among HIV-positive people cou ld offer a template for ot her countries on the continent such as Mozambique, Uganda and Zambia, which also have young populations that may live decades with the virus. Raphael, for her part, says treatment with antiretrovirals allowed her to lead a fulfilling life that included traveling the world in search of new materials and styles for her store. But getting to a point where large-scale treatment was available required years of activism.

Besides running her shop, Raphael heads a national advocacy group for the prevention of HIV and AIDS. Lately she has campaigned to broaden the use of pre-exposure prophylaxis, a medicine that cuts the risk of getting the virus. She expects care for those aging with HIV will also require a fight, one likely led by women.

“We had to shame our government to get ARVs, we will probably have to shame them again to get care as we age,” Raphael said. These days, as she struggles with balance, she tells her now young adult children: rather a mother with vertigo than no mom at all. Bloomberg

DAMAGE FROM EL NIÑO HAS RISEN TO P9.89B, SAYS D.A.

By Ada Pelonia

cassava (147 MT), and aquaculture produce (11,334 MT).

Accord ing to t he repor t, t he product ion losses a re equivalent to P4.75 bi ll ion for rice, P3 37 bi ll ion for cor n, P1.70

bi ll ion for hig h-value c rops, and P57.72 m i ll ion for f isheries. For l ivestock and pou lt r y, t h e depa r tment sa i d 2,40 3 c hicken, cattle, ca rabao, goat, and sw ine heads were affected by t he d r y spell, accou nt ing for P10.47 m i ll ion.

The weather phenomenon also affected 183,455 farmers and fisherfolks with 170,469 hectares (ha) of agricultural areas.

The report showed the total affected area reached 86,587 ha for rice, of which 25,309 ha were totally damaged. Meanwhi le, the affected area for corn was pegged at 70,809 ha, with 22,164 ha completely destroyed.

The rice production loss of 191,233 MT is equivalent to around 2.07 percent of the target production of 9.22 million MT (MMT), both for the dr y cropping season this 2024. Also, the corn production loss of 188,861 MT is 4.20 percent of the 4.49 MMT target production in the same cropping season.

“Most of t he cor n and rice damaged a re in t he reproduct ive and mat urity stages,” t he DA sa id. T he depa r tment sa id it prov ided P9.91 bi ll ion wor t h of assistance, among whic h were product ion suppor t (ag ri- i nputs, fer t i l i zers, plant ing materi als, pu mps and eng i nes, HDPE hose, d ru gs and biolog ics) and indemnity c hecks amou nt ing to P177.12 m i ll ion. T he Phi l ippine Atmospheric, Geophysical, and Astronomical Ser v ices Adm i n i st rat ion (Pagasa) recently decla red t he end of the El Niño phenomenon in t he countr y, w it h t he shift to La Niña l i kely to beg in by t he t hird qu a r ter of t he yea r

Pending review, Chiz halts work on new Senate bldg

By Butch Fernandez @butchfBM

SENATE President Francis

“Chiz” G. Escudero on Monday ordered the suspension of the construction work on the new Senate building in Taguig City, citing concerns over escalating costs and the need for a comprehensive review.

His announcement, made during his f irst flag-ra ising ceremony as Senate c hief, d rew react ions f rom two for mer chair persons of the Senate Comm ittee on Accou nts, who had overseen plans for t he bui ld ing const ruct ion.

At t he flag rites, Esc udero told Senate off icials and employees t hat t he planned t ransfer to t he new bui ld ing w i ll be delayed.

“It’s not t rue t hat we can move to t he new bui ld ing, new site in September It’s also not t rue t hat we can t ransfer before yea rend.

Even by 2025, in my v iew we st i ll can’t move out because t here a re st i ll many t hings to prepa re for

t

success of

ram l ies

hnology, but in t

it w i ll have on

i

ive

ives. T his is just t

beg

he added. PSA Undersecretar y Cla ire Dennis S. Mapa considers t he Dig ital Nat ional ID, Nat ional ID eVerify, and Nat ional ID C heck as “anot he r step towa rds d i g ital i zat ion.” Over 87 m i ll ion Fi l ipinos who have reg istered to t he Nat ional ID a re now capable of accessing t heir Dig ital Nat ional ID onl ine and be verif ied through stronger authentication platforms such as the National ID eVerify

Editor: Jennifer A. Ng

Meralco 5-month sales get boost from sweltering heat

By Lenie Lectura @llectura

THE Manila Electric Co.’s (Meralco) energy sales in January to May rose by 9 percent year-onyear as the extreme heat drove electricity consumption.

onset of

season and

he i mpact of typhoon Ag hon (last week of May),” added t he Me r alco off i c i al.

Meralco had reported a 9-percent i nc rease i n energy sales to 12,307GW h as of end-March this year, mainly driven by higher consumption of residential and commercial segments, the extra day in Februar y, and the continuous recover y of the industrial segment.

It said that hotels, educational institutions, and restaurants had significant consumption upswings due to the sustained increase in inperson events. “T he d ist ribut ion ut i l ity bu siness h as been pe r for m

icted to persist,” Meralco C

a ir man Manuel V. Pang i l

h ad sa id. Geluz said Meralco expects energy sales to grow “probably up to 6” percent by yearend.

T his year’s projected peak demand of 13,917 megawatts (MW) for electricity was already breached last April 24 by 99MW. “We actually forecasted initially a sales (increase) of 4.7-percent yearend, but I think we’re looking at more than 5 right

In 2023, consol idated energy sales volumes rose by 4 percent to 51,044GW h from 48,916 GW h in 2022.

SIERDC solar plant to rise in Isabela

By Samuel P. Medenilla @sam_medenilla

RESIDENT Ferdinand R. Mar-

Pcos Jr said the countr y will achieve a new milestone in its efforts to transition towards renewable energy (RE) with the construction of the P18-billion San Ignacio Ene r gy Resources Development Corp. (SIERDC) solar plant in Isabela. The Isabela Ground Mounted Solar Project (IGMSP), which is a joint initiative of SIERDC with TotalEnergies and Nextnorth Holdings Cor p., will generate 700 gigawatt per hour (GW h) of clean energy each year once completed by 2026.

Its construction, which will include the installation of over 700,000 solar panels, is expected to start in the fourth quarter will create 4,000

new jobs. The facility will be built in the 392-hecta re i ndu st ri al classi f ied project site in the city of Ilagan in Isabela.

Marcos said the project will help the countr y achieve its target of reducing its dependence on fossil fuel for power

The countr y is aiming to raise the share of REs in its energy mix to 35 percent by 2030 and 50 percent by 2040.

“Today, we take anot her ver y impor tant step towards a f uture where sustainable energy powers our homes, drives our [economic] growth, and improves the quality of life for all Filipinos,” he said during the signing of the connection agreement with SIERDC and the National Grid Cor poration of the Philippines

(NGCP) last Monday. Under the agreement, NGCP will build a 7.5-kilometer (km) 230 kilovolt transmission line from the project site to its Gamu Substation. This will allow power from the IGMSP to send power to the national power grid.

“This collaboration that we have formalized today is key to achieving our renewable energy goals and to ensure a stable power supply for all Filipinos, not just for today but for the future,” Marcos said.

“Hav i ng more i n it i at i ves l i ke

t hi s p ro j ect w i ll be a catalyst for our cou nt r y’s pos it i ve t r ansformat ion.”

The President urged NGCP to continue coordinating with the government in maintaining and enhancing the countr y’s energy infrastructure.

Survey: Rising health costs worry Filipinos

By VG Cabuag @villygc

FINANCIAL confidence among Filipinos is “low” amid concerns on inflation, particularly rising healthcare costs, according to a sur vey conducted by Manulife. Manulife’s new Asia Care Sur vey drew on responses from 1,050 consumers in the Philippines.

The company launched its MyFuture Readiness Index, which measures how consumers v iew t heir current and future physical, mental and financial well-being.

On a scale of 1 to 100, the index shows their desired readiness level to be 91, which is above the regional average. The expected level, however was at 79, suggesting a lack of confidence about the future.

According to the Filipinos surveyed, the top five challenges impacting confidence in their future well-being were rising healthcare costs at 82 percent, inflation/rising costs of living at 81 percent, economic slowdown/recession at 78 percent, increasing interest rates at 78 percent and health trending down at 73 percent.

“The sur vey reveals a lot of anxiety a rou nd econom ic volat i l ity, healt hca re-related expenses and uncertainty, which dampens the optimism of many Filipinos in achieving high-quality well-being in the

THESecurities and Exchange Commission (SEC) has approved the direct public offering (DPO) of Allied Care Experts Med ical Cente r -Zamboanga Inc. worth up to P1 billion.

In its en banc meeting, the agency approved the registration statement of the company covering 360,000 common shares, subject to its compliance with certain remaining requirements.

The company, doing business under the name Premier Medical Center Zamboanga, will offer 3,600 blocks composed of 15 shares per block, with a price ranging from P150,000 to P400,000.

future,” said Rahul Hora, president and CEO of Manulife Philippines.

“But there are ways to address these concerns so they are futureproofed. Significant of these is the value of financial advice and guidance that can help them assess and bring their goals closer to fruition,

mitigate risks and find the right products that provide stronger health and life protection, as well as investment and retirement solutions.”

In the sur vey, 82 percent cited rising healthcare costs as a top threat. The figure rises to 86 percent among those ages 50 to 60.

The company is currently constructing

The

the

through

internal staff. The intended market for its shares will be mostly medical specialists and their relatives. T h e sa i d offe ri ng was f i led through the agency’s Securing and Expanding Capital for Hospital Entrepreneurs, or SEC HOPES program,

T he company expects to net P997.51 million from the offer, which will be used to finance the construction of its hospital and purchase of medical equipment, payment of loans, as well as pre-operational and operational expenses.

The missing piece of freedom: Why financial literacy matters for Filipinos

JUST as our forefathers fought for political freedom, many of us are striving for financial freedom—a state where money is no longer a constant source of stress and worry, but a tool to enhance our lives and the lives of those we care about. Recently, I wrapped up a series of financial literacy seminars for BPO employees. In one session, I asked a simple question: “W hat does financial freedom mean to you?” The answers resonated deeply. It wasn’t about Lamborghinis or sprawling mansions. It was about family. One young woman spoke of sending her child to the best school, another of giving his aging parents a comfortable retirement. These weren’t just financial goals; they were expressions of love, a desire to secure the well-being of those they cherished. Financial independence isn’t a one-size-fits-all proposition. It’s a personal journey, shaped by your core values. For some, it’s the freedom to pursue a passion project, to travel the world, or to work on their own terms. For others, it’s the peace of mind that comes from knowing your family is protected, that unexpected bills won’t derail your dreams.

Financial literacy: Beyond the numbers game MANY financial programs focus on the numbers: budgeting, interest rates, investment strateg ies. These are crucial, but they’re only part of the equation. True financial freedom requires a shift in mindset and an honest assessment of your financial behavior

T hink of it like this: Imagine you re on a road trip. Knowing the gas mileage of your car is important, but it’s not enough You also need to know where you re headed, how often you’ll stop for rest, and if your car is up for the journey. Financial literacy equips you with the roadmap, the knowledge to navigate your financial path Recognizing your spending habits, emotional triggers that lead to impulse buys, and limiting beliefs about money—these are all critical aspects of financial wellness.

So, how do you embark on this empowering journey? Here are 5 practical steps to help you achieve financial independence:

1. Define your “why”: W hat does financial freedom look like for you? Is it that dream vacation, a comfortable retirement, or simply the peace of mind of knowing your bills are paid? Write it down, visualize it. This “why” will be your guiding light, motivating you through challenges.

2. Know where you stand: Track your income and expenses for a month Be honest! Every coffee run, every spontaneous shopping spree— it all adds up. Once you understand where your money goes, you can start making informed decisions.

3. Tame the debt dragon: Highinterest debt can be a major roadblock to financial freedom. Prioritize paying off credit cards and other highinterest loans. Consider strategies like the debt snowball, where you tackle the smallest debt first to gain momentum, or the debt avalanche, which focuses on paying off the debt with the highest interest rate first.

4. Budget like a boss: Budgeting doesn’t have to be a chore. There

Govt raises ₧15B from sale of short-term debt papers

Tare fantastic apps and online tools to help you create a spending plan that works for you Remember, a budget is a flexible roadmap, not a rigid prison. Review and adjust it regularly as your needs change.

5. Invest in yourself (and your future): Knowledge is power, especially when it comes to money. Read books, listen to podcasts, take online courses. The more you learn about investing and managing your finances, the more confident you’ll become in making sound decisions.

Financial freedom: A ripple effect

FINANCIAL independence isn’t just about personal gain; it has a ripple effect that extends to your loved ones. Imagine the peace of mind you’ll create for your family when you re no longer stressed about finances.

Imagine the opportunities you can unlock for your children’s education or your parents’ healthcare needs. Financial freedom allows you to be a pillar of support, a source of strength for those around you

Building a support system

FINANCIAL freedom is easier to achieve when you ’ re surrounded by a supportive community. Consider finding an accountability partner, a friend or family member who’s also on a financial journey. Share your goals, challenges, and successes with each other You can provide encouragement, brainstorm solutions, and celebrate milestones together

Investing in your future, one choice at a time

REMEMBER, f inanc ial independence is a journey, not a destination. It’s about making conscious choices today that will lead to a brighter more secure tomorrow. Ever y small step, ever y unnecessar y purchase resisted, ever y peso saved—it all contributes to your overall financial well-being. This Independence Day, celebrate your freedom by taking control of your finances. It’s your money, your future, and your opportunity to create a life you love for yourself and your loved ones.

Let’s make financial freedom a national celebration FINANCIAL i ndependence shouldn’t be a priv ilege reser ved for the few. Let’s create a movement—an “Independence Day, Ever y Day” mindset —where financial literacy becomes a core part of our nat ional conve rsat ion. Imag i ne a future where ever yone has the knowledge, tools and confidence to achieve financial freedom. It’s a future where families are stronger communities are more resilient, and we can all pursue our dreams with peace of mind.

So, this Independence Day, let’s celebrate not just the freedom won by our forefathers, but also the financial freedom that awaits each and ever y one of us. Let’s commit to empowering ourselves and our families, one smart financial decision at a time. Happy Independence Day!

Janice Sabitsana is registered financial planner of RFP Philippines. To learn more about personal-financial planning, attend the 108th RFP program this July 2024. To inquire, e-mail info@rfp.ph or text at 0917-9689774. For more personal finance tips, visit her blog at www.thepinayinvestor.com

By Reine Juvierre Alberto

HE national government successfully borrowed P15 billion from the domestic market through the sale of Treasury bills (T-bills) as average auction yields fell slightly after rising for two consecutive weeks.

The Bureau of the Treasur y (BTr) on Monday fully awarded bids for the short-term debt papers as average rates of 92-day tenor 183-day T-bills and 365-day government securities are all below the prevailing secondar y market rates.

Investors’ average yields for the 92-day T-bills went down to 5.667 percent from 5.689 percent in the previous auction. Bids ranged from 5.650 percent to 5.690 percent for the 91-day T-bills. Meanwhile, the yield of the 183day T-bills also slightly inched up to 5.908 percent compared to last week’s auction at 5.904 percent. The

government security rates settled between 5.898 percent and 5.925 percent.

Investors’ average rate for the 365-day T-bills was 6.039 percent with a yield range from a low of 6.015 percent to a high of 6.065 percent. Tbills’ yields averaged 6.046 percent in the Treasur y’s previous auction on June 3

The auction committee raised P5 billion each from the tender of the three-tenor T-bills, with total tenders reaching P42.4 billion across the board.

The amount tendered per tenor was P17.360 billion for the 92-day,

RCBC economist attributed the lower average auction yields to the less hawkish statements from local authorities recently on the possible rate cut as early as August this uring the third r “T his is offset reduced odds of Fed rate cuts lately afte r stronger-thanexpected nonfarm jobs

and

‘NFA to retain palay buying prices despite tariff cut’

By Ada Pelonia

S AN Ildefonso, Bulacan— T he National Food Authority (NFA)

after t he Nat ional Econom ic and Development Aut hority (Neda)

Boa rd reduced t he ta ri ff on rice to 15 percent f rom 35 percent i n its bid to lower t he price of t he staple. “ Wa l a ng k in a l a m a n y ung pa gbaba ng ta ri ff ng i mpor ted rice doon sa buy i ng price ng NFA. Kahit ibaba nil a sa zero ya n we w i ll buy at t he price n a m

ong

m a k a k a g inh

fa r mers [T he reduct ion i n i mpor ted rice ta ri ffs h as not hi ng to do w it h NFA’s buy i ng price. Even i f t hey lower t h at to zero, we w i ll buy palay at a price t h at w i ll i mprove t he i ncome of fa r mers],” Lacson told repor ters duri ng a recent i nspect ion of a wa re hou se here. Lacson sa id one of t he food agency’s mandates is to buy palay or u nm i lled rice f rom fa r mers. “O ur mandate i s to buy f rom t he fa r mers becau se we want

t hem to cont i nue plant i ng, we want t hem to ea r n,” he sa id i n a m i x of Engl i sh and Fi l ipi no.

Meanwhi le, Lacson sa id t he prevent ive su spension of NFA off ic i als d id not affect its oper at ions, but t he g r a i ns agency i s hopef u l t h at it w i ll be l i fted soon to beef up its manpower

“We made it a poi nt t h at our oper at ion i s ru nn i ng smoot h ly. Even w it h l i m ited manpower, we a re hitt i ng 100 percent of our ta rget,” Lacson sa id i n a m i x of Engl i sh and Fi l ipi no.

T he NFA Cou nc i l ea rl ier approved r a i si ng t he buy i ng price per k i lo of pa l ay to as muc h as P3 0 per k i lo for clean and d r y palay and as muc h as P 23 per k i lo for wet and f resh palay.

“We a re pr ay i ng n a m a -l i ft na y ung su spension ng iba l a lo n a y ung mga wa l a ng k in a l a m a n sa pa r ti kul a r n a t r ansact ion n a iyon so t h at t hey can help. Ma ra mi pa k asi tayong p ro gra m a n a dapat ipat u pad,” Lacson added.

T he Off ice of t he Ombudsman ea rl ier ordered t he prevent ive su spension of 139 off ic i als of t he food agency for up to si x mont h

Reynold dela Cruz’s

‘Ko-Mix’ pops off the page

DRAWING inspiration from classical comic books, the latest solo exhibition of pop artist Reynold dela Cruz hits with colors as loud as onomatopoeias that go “SMASH,” “WHAAM” and “KABOOM.” Yet even more compelling perhaps than the animated action of the featured artworks is the certain drama of the show’s narrative.

Dela Cruz pays homage to his humble beginnings in the exhibition, titled Ko-Mix. An amalgamation of the entertainment medium featuring the Filipino word for “me,” the show presents a visual storytelling of the artist’s roots in Muntinlupa’s impoverished

neighborhood of Bayanan, behind an ice plant and along the train tracks. Along the route, Dela Cruz’s mother used to sell komiks or Filipino comic books, a means of escape, as the world moved around them.

Kaya naisip kong pagsamahin at paghaluin sa isang konsepto ang mga naiisip kong ideya na ito—parang crossing ba,” Dela Cruz said.

Another intersection in Ko-Mix involves the exhibition’s venue. For the irst time in years, Dela Cruz’s art makes its way home, as the public show runs at the Museo ng Muntinlupa until July 29.

The exhibition features Dela Cruz’s dynamic brand of pop art, with a few pieces stylized as comic covers. The works present the artist’s layered aesthetic with a base image of a textured, monochromatic portrait, superimposed with spunky elements, including inspirations from prominent pop artists, and topped o f with a comic book header. In WHATTHEFUN, the subject mouths WTF?!, as Bugs Bunny from Looney Tunes, Angelica from ugrats, and iconic Filipino comic characters ill the scene. Meanwhile, Darna and Popeye cross paths in SUPERSTAR.

Ko-Mix’s pi ce de resistance takes a ter the exhibition itself. The sprawling artwork pieces together six panels, laid out side by side like an entire

issue spread out. Characters and stories jump from one cover to the next in this rich retelling of multiple histories, spanning the artist’s life and that of the country’s comic book industry.

Of course, each piece also carries Dela Cruz’s signature treatment of his artworks. The artist is known for his “sliced canvas,” a striking element that brings another layer to his visual storytelling.

When a client declined to pay for a commissioned piece, an infuriated Dela Cruz set o f to burn the work. His wife, however, talked him out of his emotions, and suggested instead to express his frustration in a less destructive manner: slashing the canvas. The advice proved cathartic for Dela Cruz, who decided to take in the style as his own.

In Ko-Mix, the slashes mostly appear on the subject’s face, with a prominent golden pin inserted through the crevices. It’s a welcome shi t in emotion and tone to the calculated destruction, one that almost o fers security, no matter how fragile. Perhaps this also alludes to how Dela Cruz managed to hold himself together amid the cycle of poverty that hounded his early life—that despite the cards he’s been dealt, he’s still here, back to where it all began, but now in command of his comic-book life.

Nikulas Lebajo’s masterpieces at Solaire Resort North

LONGEVITY is perhaps the hardest achievement for any artist. Anyone can be touted as an overnight success, especially in the art scene. It is a venue always hungry for young blood. Nikulas Lebajo, the celebrated and internationally-exhibited artist, proves that the artist’s discipline is what de ines them from the rest. Disciple and dedication can rise up to cultural landmark status. This is the challenge only a few artists, like Nikulas, can meet.

Nikulas shows no signs of slowing down. Of his many accomplishments, including being the youngest artist who would be regularly showcased at The Luz Gallery of the late National Artist for Visual Arts, Arturo Luz, another one has come to fruition. Solaire Resort and Casino approached Nikulas for commissioned works including one huge centerpiece and four medium-sized works to be displayed at the newly-opened Solaire

Resort North. In particular, the huge masterpiece on display adds luster to the VIP arrival lobby of the hotel. The other paintings are displayed at the presidential suite.

“I feel honored and grateful for their trust,” says Nikulas, who displays humility despite participating in group exhibits in Shanghai, Beijing, Taipei, Hong Kong, Kuala Lumpur, Daejeon, and Singapore.

Bambina Aseron of Tarzeer

Pictures tapped Nikulas for the Solaire project. She shares how Nikulas’ uni ue vision its the art landscape of the prestigious tourist spot. “Nikulas’ approach to contemporary art is deeply personal in using forms that are a re lection of identity. His work has intention through the use of repetition as well as his process, which enhances a meditative state and presence.”

Nikulas’ latest work is but a herald for the next and more years ahead. He says, “I’m an advocate of a healthy

lifestyle and an environmentalist. I continue to make myself available for knowledge transfer like judging in some art contests. I was able to create a mark in the art scene with my signature style.”

His advice for young artists may come o f as simple, but speaks volumes. It is all about staying focused on your cra t and doing away with the trappings that may come with recognition. “For emerging artists, I hope their creativity will be based on natural sources, no drugs, clean living, and a healthy lifestyle.”

He re lects on his -year-long career: “I continue to capture a niche market for my artworks and hone my skills and techniques to keep abreast with the trends and innovations in art.”

Looking forward, Nikulas uses his talent to create a career worthy of example and tradition for the next generation.

TODAY’S HOROSCOPE

By Eugenia Last

for opportunities and alliances that contribute to your long-term goals.

TAURUS (April 20-May 20): Change will cause emotional conflict if you don’t offer a reasonable explanation. Keep your expenses down in order to avoid criticism. Having a solid plan will make your life easier and your success tangible. Channel your energy appropriately, and you’ll deter anyone poised to apply pressure.

GEMINI (May 21-June 20): Protect your home and possessions. Don’t make costly changes to please others. Consider your budget and pay only what you feel comfortable spending. An opportunity to broaden your interests, knowledge or friendships is favored. Listen carefully.

CANCER (June 21-July 22): Work by yourself until you are satisfied with your results. Refrain from allowing others to interfere with your vision or disrupt your plans. Share when you feel confident and happy with what you have accomplished.

LEO (July 23-Aug. 22): Making a premature change under emotional duress will backfire. Take the time to think things through and fulfill your dream. Timing is essential; prepare thoroughly and act accordingly. Romance is favored, and participating in something meaningful will lead to close encounters with someone special.

VIRGO (Aug. 23-Sept. 22): Don’t secondguess yourself or let someone confuse you with false rhetoric. Put your effort and energy where it counts. Research and trust in your ability to find success and happiness. Change isn’t dependent on others; it begins with you.

LIBRA (Sept. 23-Oct. 22): Use your knowledge to improve your life. An open mind and action will help you expand your options and follow through with your plans. Don’t let anger interfere with what you want to accomplish.

SCORPIO (Oct. 23-Nov. 21): Pay attention to price tags and fast-talking salespeople. You’ll find a deal that offers the desired results once you decide what is legitimate. Turn your attention to something that intrigues you, and you’ll discover a new pastime that fills a void.

SAGITTARIUS (Nov. 22-Dec. 21): Refrain from letting anyone suppress or limit you. Take charge, speak for yourself and question anything that doesn’t make sense. Opportunity knocks, and being able to take advantage without hesitation or fear will lead to success.

CAPRICORN (Dec. 22-Jan. 19): Take stock at home, decide what’s disposable and sell what you no longer need. The process will result in a revelation that excites and encourages you to move more inventory and bring in additional cash. Doublecheck instructions and facts.

AQUARIUS (Jan. 20-Feb. 18): Sit tight and let the dust settle. Too much too fast will lead to vulnerability. Take charge, ask questions and put a plan in place that is easy for you to handle. Social events, personal improvements and love are in the stars.

PISCES (Feb. 19-March 20): Stop, look, listen, assess and proceed. Caution is necessary to make the most of your time and money. Refrain from counting on others for help or to tell you the truth. Any change you make will require your undivided attention.

BIRTHDAY BABY: You are chatty, aggressive and changeable. You are passionate and helpful.

BY ADRIAN JOHNSONS AND WILL NEDIGER

KOMIX, Reynold Dela Cruz

NIKULAS LEBAJO

posing beside his masterpiece at the VIP arrival lobby of Solaire Resort North.

GMA NETWORK’S JOSEPH FRANCIA RECOGNIZED AS ‘ASIA’S REMARKABLE LEADER FOR BROADCAST MEDIA OPERATIONS’

GMA Network irst vice president and head of international operations Joseph T. Francia was honored as Asia’s Remarkable Leader for Broadcast Media Operations at the Asia’s Golden Icon Awards 2 2 : Celebrating Excellence and Impact Across Asia.

The ceremony was held in Okada Manila on May 31.

In his acceptance speech, Francia underscored the network’s commitment to Global Pinoys: “For 19 years now, through GMA Pinoy TV, GLTV and GNTV, we have platforms on television, online and on-theground to inform and entertain Filipinos around the world, encourage community engagement, and advocate for the Global Pinoy among their circle of family and friends in the Philippines and around the world. We are honored that our e forts to use these platforms to positively impact society are recognized.”

As GMA Network irst vice president and head of international operations, Francia oversees the business development, operations, marketing, programming, and multi-platform distribution across overseas markets of the network’s international channels GMA Pinoy TV, GMA Life TV and GMA News TV.

Under Francia’s leadership, GMA Pinoy TV, the network’s international lagship channel and the home of Global Pinoys, has made signi icant strides in territory and platform distribution. With innovative programs now available digitally and accessible across various devices, Global Pinoys are brought closer to home while enjoying their favorite shows. Beyond providing world-class entertainment, GMA International is also dedicated to further championing Global Pinoys through various community engagements and programs. Its advocacies include inancial and digital literacy, mental health awareness, and e forts to combat anti-Asian hate. Earlier this year, the O ice of New York State Assemblymember Steven Raga proclaimed February 2 as GMA Network Day in the Great State of New York in recognition of the invaluable contributions and support that GMA provides to Filipino communities especially in New York State and throughout the United States.

Other distinguished personalities honored at the Asia’s Golden Icon Awards 2 2 include Sen. Mark A. Villar as Asia’s Visionary Leader in Philippine Infrastructure; Comelec chairman George Erwin Garcia as Iconic Leader in Public Governance; director-general Rowel Barba of IPO as Distinguished Icon in Business and Law; Health secretary Teodoro Herbosa as Asia’s Most In luential Leader for Public Health in the National Government Agency; Claudine Barretto as Asia’s Multi-Awarded Actress; Ara Mina as Asia’s Most Accomplished Actress; Sheryn Regis as Asia’s Exceptional Singer for Outstanding Industry; Deo “Diwata” Balbuena as Social Media In luencer of the Year; and GMA actor Kelvin Miranda as Asia’s Rising Multi-Talented Entertainer. More information on GMA Network is available at www.gmanetwork.com.

Xian Lim explores all artistic possibilities

FIFTEEN years a ter he found himself trying out Philippines show business, Xian Lim feels that he has grown so much in terms of what to value and what to set aside.

“There comes a point in one’s life when you realize what matters. And there is no time frame for realizations—some take months or years, while others will only need a one time experience to jolt us or to learn something that we will carry throughout life. What is important is you remain true to yourself, appreciate the people you trust who consistently are on your side, and simply erase or ignore those who take away our happiness and peace, and those do not matter.”

Many years ago, Lim lew to the country from his controversy-free life in the US to check things out, with sports as his primary goal. He played for the University of the East basketball team but fate lured him to the limelight of the entertainment business.

Tall, well-bred, a good conversationalist and quite a looker, Lim was thrown into the showbiz jungle which gave him some kind of culture shock. “I had to discover a lot of things on my own along the way, but I guess you can never go against destiny. Life brought me here, gave me joys and frustrations, friends and foes, ups and downs, contentment, controversies and confusions. And I have to take all these in.”

He added, “And by learning more about the industry, especially the people that form this industry, I discovered a lot of things—about myself and the many possibilities that I can explore, particularly on the artistic aspects.”

From being a celebrity and an actor, Lim mustered enough guts to take a few bigger steps and became a creator. He is now a writer and a ilmmaker, and he told us that he has found a di ferent kind of both joy and ful ilment doing so.

“Filmmaking is such an intricate and complex process and I am enjoying it tremendously. I shi t from being a visionary to an executor, from being a storyteller to putting a big puzzle of scenes together.

The process not only sharpens my mind but it also enables me to go deeper into being humane, feel what others feel, think what my characters go through, and react in the most natural sense of how ordinary people do so.”

Perhaps life truly presents us with so many surprises, and Lim has found his new amour and inspiration in the person of producer Iris Lee, went with Lim on a mixed business and personal trip to France, to attend the Cannes Film Festival.

A ter lying back, Lim is deep into promoting his new movie Playtime, a joint project of Viva Films (Lim’s

mother studio) and GMA Films where he plays the lead character who gets into romantic and dangerous liaisons with his female conquests.

In this movie directed by Mark Reyes, Lim has three leading ladies: Sanya Lopez, Faye Lorenzo and Coleen Garcia. “I get excited when I am o fered out-of-the-box characters, and I really pour my heart and soul into these projects. It’s very challenging and drains me so much a ter a work day, both physically and mentally, but this is what I want to achieve as an actor, and when the moviegoer sees my character and not me, then that is simply priceless.”

‘BAD BOYS: RIDE OR DIE’ BOOSTS WILL SMITH’S COMEBACK AND THE BOX OFFICE WITH $56 MILLION OPENING

The Associated Press

NEW YORK—Bad Boys: Ride or Die, the fourth installment in the Will Smith-Martin Lawrence action comedy series, opened with an estimated $56 million in theaters over the weekend, handing

Body of missing British TV presenter Michael Mosley found on Greek island

ATHENS—The body of missing British TV presenter and author Dr. Michael Mosley was found on a Greek island on Sunday morning after a days-long search, his family said. Mosley, who went missing on the island of Symi on Wednesday afternoon, was spotted among rocks on a rugged stretch of coast by a party on a boat that included the local mayor and journalists.

Mosley’s wife said her husband took the wrong route on a hike and collapsed just short of reaching a marina in a place where his body couldn’t easily be seen.

“Michael was an adventurous man, it’s part of what made him so special,” Dr. Clare Bailey Mosley said in statement.

“It’s devastating to have lost Michael, my wonderful, funny, kind and brilliant husband. We had an incredibly lucky life together. We loved each other very much and were so happy together.” Mosley, 67, was well-known in Britain for his many programs on the BBC, regular appearances on television and radio and his column in the Daily Mail newspaper. He

was known outside the UK for his 2013 book The Fast Diet, which he co-authored with journalist Mimi Spencer. The book proposed the so-called “5:2 diet,” which promised to help people lose weight quickly by minimizing their calorie intake two days a week while eating healthily on the other five. He subsequently introduced a rapid weight loss program and made a number of films about diet and exercise.

Mosley often pushed his body to extreme lengths to see the effects of his diets and also lived with tapeworms in his guts for six weeks for the BBC documentary Infested! Living With Parasites. Even before the body’s identity was confirmed, tributes poured in for Mosley.

“In person he was very much the sort of figure that you would see on television: immediately likeable, genuinely funny, enthusiastic, he had this innate enthusiasm about life and he was always very generous with his time,” his coauthor Spencer told BBC Radio 4. “He never blew his trumpet, he was quite a humble person.” AP

Hollywood a much-needed summer hit and Smith his biggest success since he slapped Chris Rock at the Academy Awards.

Expectations were all over the map for Ride or Die given the dismal moviegoing market thus far this summer and Smith’s less certain box-o ice clout. In the end, though, the Sony Pictures release came in very close to, or slightly above, its tracking forecast. Ride or Die produced by Jerry Bruckheimer and directed by Adil El Arbi and Bilall Fallah, is Smith’s irst theatrical test since his 2 22 slap of Rock earned him a -year Oscar ban. The Bad Boys ilm was in development at the time and ultimately went forward with about a $ million production budget.

Smith starred in the Apple release Emancipation but that ilm—released in late 2 22—was shot before the slap and received only a modest theatrical release before streaming. This time around, Smith largely avoided soul-searching interviews looking back on the Oscars and instead went on a whistle-stop publicity tour of red carpets from Mexico to Saudi Arabia, where he attended what was billed as the country’s irst Hollywood premiere. The 55-year-old Smith, who for years was one of Hollywood’s most bankable stars, appeared on The Tonight Show With Jimmy Fallon, the YouTube series Hot Ones and on Friday, made a surprise appearance at a Los Angeles movie theater. Given that Bad Boys trailed May disappointments like Furiosa: A Mad Max Saga and The Fall Guy—both of which struggled to pop with ticket buyers despite very good reviews—the Ride or Die opening counts as a critical weekend win for the movie business.

“The fact that a movie overperformed is the best possible news,” said Paul Dergarabedian, senior media analyst for comScore. “It seems like all we’ve been doing over the past few weeks and almost since the beginning of the year, with a couple of exceptions, is try to igure out why seemingly well-marketed, wellreviewed movies have underperformed. This ignites the spark that the industry has been waiting for.” Ride or Die still didn’t quite manage to match the opening of the previous Bad Boys ilm: 2 2 ’s Bad Boys

for Life That movie, released in January 2 2 , debuted with $62.5 million. A ter the pandemic shut down theaters, it was the highest grossing North American release of that year, with $2 million domestically. Ride or Die added $ .6 million internationally. Though reviews were mixed (6 percent on Rotten Tomatoes), audiences gave the ilm a high grade with an “A-” CinemaScore. Black moviegoers accounted for percent of ticket buyers, the largest demographic. In the ilm, which comes 29 years a ter the original, Smith and Lawrence reprise their roles as Miami detectives. The plot revolves around uncovering a scheme to frame their late police captain (Joe Pantoliano). In one of the movie’s most notable scenes, Lawrence slaps Smith and calls him a “bad boy.” Movie theaters will need a lot more than Bad Boys: Ride or Die, though, to right the ship. Ticket sales are down 26 percent from last year and more than percent below pre-pandemic totals, according to comScore. A big test comes next weekend with the release of Pixar’s Inside Out 2 A ter sending several Pixar releases straight to Disney+, the studio has vowed a lengthy, traditional theatrical rollout this time.

JOSEPH T. FRANCIA, first vice president and head of operations GMA International, GMA Network Inc.

THE fourth installment in the Will Smith-Martin Lawrence action comedy series, Bad Boys: Ride or Die topped the North American box office in its opening weekend.

BONG GO ASSISTS DISPLACED WORKERS IN LAS PIÑAS CITY

SENATOR Christopher “Bong” Go remains committed to helping more Filipino workers who lost their jobs due to various crises. His Malasakit Team conducted a distribution activity for displaced workers in Las Piñas City on Friday, June 7, 2024

The Malasakit Team, led by Go, held the event at the Pillar Village multipurpose hall in collaboration with Brgy. Captain Ronnie Fuentes. The 68 beneficiaries received snacks, vitamins, masks, and shirts. Some recipients also received basketballs, volleyballs, and shoes.

With Go’s support, the Department of Labor and Employment (DOLE) briefed the qualified recipients about its Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Workers (TUPAD) program, where they are qualified to render community service.

“We are here for the TUPAD program which we supported so that you will be given temporary jobs. Hopefully, this will help you adjust for the time being. Let us acknowledge the DOLE personnel who have been carrying

out this program. Let’s give them a round of applause. Thank you so much,” Go expressed during a video message.

Dubbed “Mr. Malasakit” for his consistent, compassionate service to people experiencing poverty, Go also filed Senate Bill No. 420, which aims to institutionalize a Rural Employment Assistance Program (REAP). If enacted, the primary objective of REAP is to provide temporary employment avenues for individuals facing economic hardship, poverty, displacement, or reliance on seasonal employment.

To further alleviate the financial strain on Filipino families, Go co-authored and cosponsored SBN 2534, which aims to raise the daily minimum wage by P100 across the country.

“For the past few years, many Filipinos have lost their jobs because of the pandemic. It is the government’s mandate to look after the welfare of Filipinos, especially the ordinary Filpinos, those daily wage earners,” Go cited. As the Chair of the Senate Committee on Health and Demography, Go offered

Century-Strong UTCI introduces DELI Tools hardware sector

UTCI (Uy Tit & Company Inc) celebrated a significant milestone with the grand launch of DELI Tools in the Philippines last May 16, 2024. The event, with the theme “Founding for Success” and held at Sheridan Mandaluyong, showcased an extensive range of DELI Tools, marking a new chapter in UTCI’s commitment to innovation and excellence in the hardware sector.

UTCI, known for its century-long legacy in the hardware industry, has partnered with DELI to bring a wide array of high-quality tools to the Filipino market. This collaboration signifies a major step for both companies, as they aim to provide durable and reliable tools to both business and individual customers in the Philippines.

The event featured a gallery of DELI Tools, including Semi Pro Series, Professional Series, Home Series, Gardening Series. Attendees had the opportunity to explore these products firsthand, highlighting the versatility and quality that DELI

YTools brings to the market.

The press conference included key executives from both UTCI and DELI. Michelle L. Ong, Managing Director of Business Development and Operations at UTCI, emphasized the strategic initiatives and vision for UTCI and DELI Tools in the Philippines. “This partnership embodies our enduring values of quality and affordability, and we’re excited to offer our customers the innovative and reliable products from DELI Tools,” she stated.

Melody Lau, Managing Director of Procurement and Accounting at UTCI, shared insights into the development and procurement strategies that have led to this successful partnership. “Our ancestors had been importing brands in the hardware industry for decades until we started to build our house brand almost 37 years ago. Now, with DELI Tools, we believe we can build a strong partnership and make it the number one hardware tools brand in the market,” she explained.

AMAHA Motor Philippines recently launched the PG-1 as the newest addition to every explorer’s must-have. Stands for Playful Gear, this motorcycle quenches the spirit of all outdoor wanderlusts. It enables every rider to experience moto-exploration to the next level by bringing the ideal outdoor getaway to life. The newest moped is packed with three categories of features: Rugged Outdoor Performance, Functional, and Timeless Design. Ensuring your ideal exploration, the PG-1 used an H-shaped front Fork instead of a conventional wishbone type to increase rigidity and high-level running stability, as well as giving the front the look of a sport bike’s front fork. This provides excellent shock absorption on bumpy roads and contributes to handling performance on unpaved roads and flat dirt. Providing good balance, the block-patterned tires secure the adaptability to a wide range of surface conditions. To reduce the chances of contacting off-road obstructions, it has a 190mm Ground Clearance and rubber boots cover for additional protection. To withstand the high-stress load imposed by riding on unpaved roads and continuous riding over longer distances, the PG-1 features a wide-dimension swingarm. This increases the rigidity of the arm and reduces vibration in it and contributes to a more comfortable ride. Giving more freedom in rhw riding position, the dual seat is divided front and rear with separate sections. The rider section is especially long, providing the rider with enough space when riding, while the rear seat makes for extra space for luggage. The fuel

additional assistance to the beneficiaries as he informed them that they could seek medical attention at Las Piñas City General Hospital and Satellite Trauma Center, where there is a Malasakit Center ready to assist them with their hospital expenses.

Established in 2018, the Malasakit Center is a one-stop shop that brings together the Department of Social Welfare and Development, the Department of Health, the Philippine Health Insurance Corporation, and the Philippine Charity Sweepstakes Office to provide accessible medical assistance programs from the government to poor and indigent patients.

“We now have 165 Malasakit Centers across the Philippines ready to assist poor and indigent patients,” said Go, who principally authored and sponsored the Republic Act No. 11463, or the Malasakit Centers Act of 2019.

“We will continue to render service because it is our vice to serve and I strongly believe that serving the Filipino people means serving God and serving Allah,” Go concluded.

Marco Hu, Country Manager of DELI Philippines, highlighted the brand’s market expansion strategies and innovative marketing approaches. “DELI stands out with its strong product development and diverse range of products. This partnership will introduce exceptional support and innovation to our partners and customers, differentiating DELI Tools from other brands and elevating the overall market standards,” he noted. Luis Liu, Global Regional Manager of DELI Southeast Asia, discussed the operational excellence and management strategies that have made DELI a leading name in the tool industry. “Within five years, we aim to build a strong sales network in the Philippines and offer our partners reasonable pricing, ensuring profitability and a reliable partnership,” Liu commented.

This partnership aims to significantly enhance the availability and accessibility of high-quality tools across the Philippines. DELI Tools, known for its German engineering, promises durability and reliability at an affordable price. With a focus on both B2B and B2C markets, the partnership targets hardware store owners, construction companies, home improvement and renovation businesses, manufacturing businesses, auto detailing and repair businesses, DIY enthusiasts, professional carpenters, and homeowners.

UTCI and DELI are poised to revolutionize the hardware tools market in the Philippines. With a shared vision of quality, innovation, and customer satisfaction, this partnership marks an exciting new chapter for both companies. The Filipino market can look forward to a new era of high-performance tools, supported by UTCI’s extensive experience and DELI’s cutting-edge technology. The event concluded with a message of gratitude to all stakeholders, expressing confidence in the bright future of this partnership and its positive impact on the hardware industry in the Philippines.

For further information about UTCI (Uy Tit & Company Inc) Brands and DELI, please direct your inquiries to utci.biz@gmail.com and follow & like their facebook /uytitandcompanyinc.

tank can load up to 5.1L, enough for a good range and hassle-free weekend wander. The PG-1’s upright handlebar design and slim body design allow for a natural, standing, and carefree riding position.

The PG-1’s analog instrument cluster with gear indicator matches well with the look of the body. The layout combines a circular speedometer with the oval-shaped fuel gauge and an array of other information, all of which provide great readability. What adds to the iconic look are the round headlight and taillight with a simple and compact design that complements the overall aesthetic. The minimal condensed design boasts a tough yet timeless look that encourages the rider to take the long route and get lost in the outdoors.

Whether it’s seeking an escape from the ordinary or finding individuality on uneven terrain, there’s more than one road to liberation. Break away from everything that holds you back and start your outdoor exploration with PG-1!

PG-1 comes in a matte brown color and is now available in YZone, Revzones, and Yamaha 3S Shops nationwide with an SRP of 96,400php.

PLDT Inc. (PLDT) and its wireless unit Smart Communications, Inc. (Smart) emerged as the top Philippine telco at the prestigious 2024 Asia-Pacific Stevie® Awards--the international business award competition that recognizes innovation in all its forms. At the first face-to-face ceremony since 2019 held in the Philippines, the group copped a total of 12 Stevies®—three golds, six silvers, and three bronze awards—for innovation in the areas of content marketing, customer service, diversity and inclusion, multi- and social media, product development, special events and stakeholder management. “We thank the Asia-Pacific Stevies® for recognizing our programs and initiatives that provide inclusive and lasting value to Filipinos. We celebrate these wins with the communities that we serve, and with our teams who tirelessly make them happen,” said Cathy Yap-Yang, First Vice President and Head of Group Corporate Communications for PLDT and Smart. Launched in 2002, the Asia-Pacific

WITH the rise of all things overlanding comes an American tire brand with over 100 years of manufacturing experience, dating back to 1915 from the town of Ohio. With this solid history, this brand has become one of the most trusted names in the global automotive industry. General Tire, debuting at the 2024 Trans Sport Show, is re-entering the Philippine market under YHI Philippines, Inc., importer and distributor of automotive products, tires, wheels, lubricants, and industrial batteries, among others.

Jason Delloso, General Manager of YHI Philippines, talked about their vision when it comes to the brand’s progression in the country, “It will be our mission to carry on the brand’s legacy. We are looking forward to growing General Tire’s market share with the initial lineup of products, as we anticipate additional tire models in the future. The brand’s advancement is guided by our strong drive to market new sizes and patterns that will cater to a larger audience in the local SUV and 4x4 scene.”

Jimmy He, Senior Manager for International Business Development YHI International Limited, shared the longstanding presence of the brand worldwide. “General Tires stands as a beacon of innovation and excellence. It has a brand history of more than 100 years, with diverse success stories proven in the US. It is our honor to bring this distinguished brand into the Philippines as a part of our important tire portfolio,” he said. Continental, the company that took General Tire under its wing in 1987 has been expanding its reach in Asia Pacific, with a true testament of commitment that is signified by their brandnew manufacturing plant in Thailand.

Jaey Wang, Continental’s Head of Sales and Marketing for Asia Pacific Export Markets proudly said, “As we established one of the most technologically advanced plants in APAC, we are now able to supply the best quality General Tire products with a shorter lead time”. This means

that the Philippine market is about to enjoy an extensive range of tires from the brand, as the country’s overlanding community expands significantly year on year.

General Tire is best known for its SUV and pickup tire technology that delivers unmatched performance across all types of terrains. No matter the adventure, the brand has a match for you. With handling and comfort being the priority, the Grabber HT6 gives the driver the best experience on the highway. Recommended for everyday use, and one that is most reliable for the urban lifestyle.

For the ones with an ultimately dynamic lifestyle, the Grabber AT6 highlights adaptability, and provides all-terrain toughness that does not sacrifice on-road comfort. Experience exceptional off-road traction across rough environments, and cruise enjoyably with its low-noise highway performance. With its all-terrain studdable and symmetric patterns, the Grabber A/Tx is the set that really means business for all overlanding enthusiasts. This next-generation, aggressive all-terrain tire provides exceptional off-road capability and durability. Carrying a Three-Peak Mountain Snowflake badge, this tire is certified to perform exceptionally in all weather conditions. Fitted for extreme adventures, the Grabber X3 will conquer the roughest conditions for SUVs and trucks that are meant to play in the wild. Designed to grip mud, dirt, and rocks, this is the weekend companion that will never dampen your thirst for thrills! General Tire is now available nationwide via Wheel Gallery, Gears, Tri-J Marketing in Cebu, and Power Point Enterprises Cagayan De Oro. As part of their Philippine expansion, General Tire is open to interested tire dealers and aftermarket shops who wish to offer the brand in their respective areas. For inquiries on how to become a dealer, you may contact (0917) 854 2985.

EXECUTIVES from UTCI and DELI celebrate the inauguration of their partnership with a ribbon-cutting ceremony.

Pictured from left to right: Marco Hu, Michelle L. Ong, Chairman of UTCI Mr. Francisco Uy, Melody Lau, and Luis Liu.

Yamaha Motor Philippines launches PG-1 for explorers to leave it all behind

General Tire debuts at the 2024 Trans Sport Show

Zombies: Ranks of world’s most debt-hobbled companies are soaring, and not all will survive

By Bernard Condon The Associated Press

NEW YORK—They are called zombies, companies so laden with debt that they are just stumbling by on the brink of survival, barely able to pay even the interest on their loans and often just a bad business hit away from dying off for good.

An Associated Press analysis found their numbers have soared to nearly 7,000 publicly traded companies around the world—2,000 in the United States alone—whiplashed by years of piling up cheap debt followed by stubborn inflation that has pushed borrowing costs to decade highs.

And now many of these mostly small and mid-sized walking wounded could soon be facing their day of reckoning, with due dates looming on hundreds of billions of dollars of loans they may not be able to pay back.

“They’re going to get crushed,” Valens Securities Managing Director Robert Spivey said of the weakest zombies.

Added Miami investor Mark Spitznagel, who famously bet against stocks before the last two crashes: “The clock is ticking.”

Zombies are commonly defined as companies that have failed to make enough money from operations in the past three years to pay even the interest on their loans. AP’s analysis found their ranks in raw numbers have jumped over the past decade by a third or more in Australia, Canada, Japan, South Korea, the United Kingdom and the US, including companies that run Carnival Cruise Line, JetBlue Airways, Wayfair, Peloton, Italy’s Telecom Italia and British soccer giant Manchester United.

To be sure, the number of companies, in general, has increased over the past decade, making comparisons difficult, but even limiting the analysis to companies that existed a decade ago, zombies have jumped nearly 30 percent.

They include utilities, food producers, tech companies, owners of hospitals and nursing home chains whose weak finances hobbled their responses in the pandemic, and real estate firms struggling with half-empty office buildings in the heart of major cities.

As the number of zombies has grown, so too has the potential damage if they are forced to file for bankruptcy or close their doors permanently. Companies in the AP’s analysis employ at least 130 million people in a dozen countries.

Already, the number of US companies going bankrupt has hit a 14-year high, a surge expected in a recession, not an expansion.

Corporate bankruptcies have also recently hit highs of nearly a decade or more in Canada, the UK, France and Spain.

Some experts say zombies may be able to avoid layoffs, selloffs of business units or collapse if central banks cut interest rates, which the European Central Bank began doing this week, though scattered defaults and bankruptcies could still drag on the economy. Others think the pandemic inflated the ranks

of zombies and the impact is temporary.

“Revenue went down, or didn’t grow as much as projected, but that doesn’t mean they are all about to go bust,” said Martin Fridson, CEO of research firm FridsonVision High Yield Strategy.

For its part, Wall Street isn’t panicking. Investors have been buying stock of some zombies and their “junk bonds,” loans rating agencies deem most at risk of default. While that may help zombies raise cash in the short term, investors pouring money into these securities and pushing up their prices could eventually face heavy losses.

“We have people gambling in the public markets at an unprecedented level,” said David Trainer, head of New Constructs, an investment research group that tracks the cash drain on zombies. “They don’t see risk.”

Warning signs

CREDIT rating agencies and economists warned about the dangers of companies piling on debt for years as interest rates fell but got a big push when central banks around the world cut benchmark rates to near zero in the 2009 financial crisis and then again in the 2020-2021 pandemic.

It was a giant, unprecedented experiment designed to spark a borrowing binge that would help avert a worldwide depression.

It also created what some economists saw as a credit bubble that spread far beyond zombies, with low rates that also enticed heavy borrowing by governments, consumers and bigger, healthier companies.

The difference for many zombies is they lack deep cash reserves, and the interest they pay on many of their loans is variable, not fixed, so higher rates are hurting them right now. Most dangerously, zombie debt was often not used to expand, hire or invest in technology, but on buying back their own stock.

These so-called repurchases allow companies to “retire” shares, or take them off the market, a way to make up for new shares often created to boost the pay and retention packages for CEOs and other top executives. But too many stock buybacks can drain cash from a business, which is what happened at Bed Bath & Beyond. The retail chain that once operated 1,500 stores struggled for years with a troubled transition to digital sales and other problems, but its heavy borrowing and decision to spend $7 billion in a decade on buybacks played a key role in its downfall.

Those buybacks came amid big paydays for top management, which Bed Bath & Beyond said in regulatory filings were intended to align with financial performance. Pay for just three

top executives topped $140 million, according to executive data firm Equilar, even as its stock sunk from $80 to zero. Tens of thousands of workers in all 50 states lost their jobs as the chain spiraled to its bankruptcy filing last year.

Companies had a chance to cut their debt after thenPresident Donald Trump’s 2017 tax overhaul slashed corporate rates and allowed repatriation of profits overseas. But most of the windfall was spent on buybacks instead. Over the next two years, US companies spent a record $1.3 trillion repurchasing and retiring their own stock, a 50 percent jump from the prior two years.

SmileDirectClub went from spending a little over $1 million a year on buying its own stock before the tax cut to spending $780 million as it boosted pay packages of top executives. One former CEO got $20 million in just four years. Stock in the heavily indebted teethstraightening company plunged before it went out of business last year and put 2,700 people out of work.

“I was like, ‘How did this ever happen?’” said George Pettigrew, who held a tech job at the company’s Nashville, Tennessee, headquarters. “I was shocked at the amount of the debt.”

Another zombie, JetBlue, suffered problems felt by many airlines, including the lingering impact of lost business during the

pandemic. But it also was hurt by the decision to double its debt in the past decade and purchase hundreds of millions of dollars of its own stock. As interest costs soared and profits evaporated, that stock has dropped by twothirds, and JetBlue has not made enough in pre-tax earnings to pay $717 million in interest over four straight years.

JetBlue said the AP’s way of screening for zombies isn’t accurate for airlines because big purchases of aircraft “are an intrinsic part of the business model” and don’t reflect an airline’s true health. The company added that it’s been shoring up its finances recently by cutting costs and putting off purchases of new planes. JetBlue also hasn’t done a major stock buyback in four years.

In some cases, borrowed cash has gone straight into the pockets of controlling shareholders and wealthy family owners.

In Britain, the Glazer family that owns much of the Premier League’s Manchester United soccer franchise loaded up the company with debt in 2005, then got the team to borrow hundreds of millions a few years later. At the same time, the family had the team pay dividends to shareholders, including $165 million to the Glazers themselves, while its stadium, the Old Trafford, fell into disrepair.

“They’ve papered over the cracks but we’ve been in decline

Zombies are commonly defined as companies that have failed to make enough money from operations in the past three years to pay even the interest on their loans. AP’s analysis found their ranks in raw numbers have jumped over the past decade by a third or more in Australia, Canada, Japan, South Korea, the United Kingdom and the US, including companies that run Carnival Cruise Line, JetBlue Airways, Wayfair, Peloton, Italy’s Telecom Italia and British soccer giant Manchester United.

for more than a decade,” fan lobbying group head Chris Rumfitt said after a recent downpour sent water cascading from the upper stands in what spectators dubbed “Trafford Falls.” “There have been zero investments in infrastructure.”

The Glazers, who separately own the NFL’s Tampa Bay Buccaneers, recently brought in a new part owner at Manchester United who has promised to inject $300 million into the business. The stock is falling anyway, down 20 percent so far this year to $16.25, no higher than it was a decade ago.

Manchester United declined to comment.

Zombie collapses wouldn’t be so scary if robust spending by governments, consumers and larger, more stable companies could act as a cushion. But they also piled up debt.

The US government is expected to spend $870 billion this year on interest on its debt alone, up a third in a year and more than it spends on defense. In South Korea, consumers are tapped out as credit card and other household debt hit fresh records. In the UK, homeowners are missing payments on their mortgages at a rate not seen in years.

A real concern among investors is that too many zombies could collapse at the same time because central banks kept them on life support with low interest rates for years instead of allowing failures to sprinkle out over time, similar to the way allowing small forest fires to burn dry brush helps prevent an inferno.

“They’ve created a tinderbox,” said Spitznagel, founder of Universa Investments. “Any wildfire now threatens the entire ecosystem.”

Time running out?

FOR the first few months of this year, hundreds of zombies refinanced their loans as lenders opened their wallets in anticipation that the Federal Reserve would start cutting in March. That new money helped stocks of more than 1,000 zombies in AP’s analysis rise 20 percent or more in the past six months across the dozen countries.

But many did not or could not refinance, and time is running out.

Through the summer and into September, when many investors now expect the first and only Fed cut this year, zombies will have to pay off $1.1 trillion of loans, according to AP’s analysis, twothirds of the total due by the end of the year.

For its calculations, the AP used pre-tax, pre-interest earnings of publicly traded companies from the database FactSet for both years it studied, 2023 and 2013. The countries selected were the biggest by gross domestic product: the US, China, Japan, India, Germany, the UK, France, Canada, South Korea, Spain, Italy and Australia.

The study did not take into account cash in the bank that a company could use to pay its bills or assets it could sell to raise money. The results would also vary if other years were used due to economic conditions and interest rate policies. Still, studies by both the International Monetary Fund and the Bank for International Settlements, an organization for central banks in Switzerland, generally support AP’s findings that zombies have risen sharply.

Most of the publicly traded companies in the countries studied—80 percent of 34,000 total—are not zombies. These healthier companies tend to be bigger with more cash, and many have reinvested it in higheryielding bonds and other assets to make up for the higher interest payments now. Many also took advantage of pandemic-era low rates to refinance, pushing out repayment due dates into the future.

But the debt hasn’t gone away, and could become a problem for these companies as well if rates don’t fall over the next few years. In 2026, $586 billion in debt is coming due for the companies in the S&P 1500.

“They aren’t on anyone’s radar yet, but they are a hurricane. They could be a Category 4 or Category 5 if interest rates don’t go down,” Valens Securities’ Spivey said. “They’re going to lay people off. They’re going to have to cut costs.”

Some zombies aren’t waiting.

Telecom Italia struck a deal last year to sell its landline network but debt fears continue to push down its stock, so it has moved to put its subsea telecom unit and cell tower business up for sale, too.

Radio giant iHeartMedia, after exiting bankruptcy five years ago with less debt, is still struggling to pay what it owes by unloading real estate and radio towers. Its stock has fallen from $16.50 to $1.10 in five years.

Exercise company Peloton Interactive has laid off hundreds of workers to help pay debt that has more than quadrupled to $2.3 billion in just five years even though its pretax earnings before the new borrowing weren’t enough to pay interest. Stock that had soared to more than $170 a share during the pandemic recently closed at $3.74.

“If rates stay at this level in the near future, we’re going to see more bankruptcies,” said George Cipolloni, a fund manager at Penn Mutual Asset Management.

“At some point the money comes due and they’re not going to have it. It’s game over.”

AP Soccer W riter James Robson contributed from Manchester England.

SHOPPERS enter a Bed Bath & Beyond store on May 29, 2023, in Glendale, Colorado. An Associated Press analysis found the number of publiclytraded “zombie” companies—those so laden with debt they’re struggling to pay even the interest on their loans—has soared to nearly 7,000 around

Padilla five strokes ahead of Serdenia at Pinewoods

Strom storms to top with 60; Ardina winds up joint 27th

Gand win the ShopRite LPGA Classic by a shot for her first LPGA Tour title.

After making the cut on the number Saturday, Strom teed off three hours, 40 minutes before the final group on the Bay Course at Seaview Resort.

Strom had an eagle—chipping in from 15 feet on the par-5 ninth—and nine birdies to get to 14-under 199. The 27-year-old Swede birdied the last three holes and four of the last five, finishing about 15 minutes before the final group teed off.

Dottie Ardina, the only Philippine player in the final round after Bianca Pagdanganan missed the cut, fired a closing 69 for a six-under 207 total.

The 30-year-old Filipina wound up in a big group in 27th spot that included major winners Brooke Henderson and Hannah Green, who submitted 68s. They bagged $12,687 each. Pagdanganan had rounds of 74-69, while Fil-Japanese Yuka Saso also missed the cut after going 69-73.

“Honestly, really did not expect this waking up today,” Strom said. “This is proof that you should never give up. Just go out there and give it your all.”

She had the lowest final-round score by a winner in LPGA Tour history and matched the second-lowest score overall. Annika Sorenstam set the record with a 59 in the second round of the 2001 Standard Register PING. The previous best final round for a winner was a 61 by Inbee Park in the 2014 Manulife Financial LPGA Classic.

TRISTAN PADILLA fired a solid 72 highlighted by three birdies on his first nine holes, building a five-stroke lead over Charles Serdenia on Monday in the opening round of the Junior Philippine Golf Tour’s Luzon Series 3 at Pinewoods Golf and Country Club in Baguio City.

Padilla also came up with a birdie on No. 3, stroking 5-iron knockdown shot to within one foot of the cup.

“I thought I made a hole-in-one,” Padilla, second in the Pradera leg, said.

Serdenia, the Splendido Taal leg winner, opened with a 77 in the premier 15 to 18 age group. Mark Kobayashi shot a 79, Ramon Fabie submitted an 84 and Gabriel Handog had an 86 in the 72-hole tournament organized by Pilipinas Golf Tournaments Inc.

“I gave myself a lot of opportunities but I need to work on my putting,” said Padilla.

Serdenia struggled through a rollercoaster round in cold, windy conditions at the tricky yet scenic Gary Playerdesigned course. He gunned down five birdies but made eight bogeys for nines of 38-37 marred by a double bogey on the difficult par-4 second hole.

Montserrat Lapuz took charge in the girls’ 15-18 division despite an 18-over 90, edging out Rafa Anciano (92), Chloe Rada (94) and Angelica Bañez (98).

“The course is tough, especially the greens,” Lapuz, who placed fourth at Pradera, said. She capitalized on a chip-in birdie on No. 17 despite a round filled with bogeys, a triple bogey, and a

Strom started the day tied for 52nd for by far the biggest comeback by position on the tour since 1984. The previous largest comeback by position since 1984 was Ayako Okamoto in a tie for 23rd at the 1987 Lady Keystone Open.

“I think I just tried to do as well as I could and I honestly didn’t think I was playing for winning,” Strom said; “I mean, obviously, always want to win in the back of your head, but I just tried to put a good score out there today. I’m very proud of how I handled myself all around today.”

Strom won after missing the cuts in five of her last six events. The former Arizona State star is the 15th Swedish player to win on the tour.

“For sure have been moments where I’ve been doubting myself if I’m good enough to win out here,” Strom said. “So it’s just very special to prove it to myself today that I do belong here.”

Megan Khang and Ayaka Furue of Japan tied for second. Khang closed with a 66, and Furue shot 65.

“Yesterday in interview, I told you guys that we saw 10 under and you never know what to expect out there,” Khang said. “You asked me how far you had to be back, and apparently 7 was good spot to be. Overall, it’s very impressive what Linnea did today.”

Atthaya Thitikul of Thailand was 12 under after a 65.

ARIS—As Carlos Alcaraz began constructing his comeback in Sunday’s French Open final, a 6-3, 2-6, 5-7, 6-1, 6-2 victory over Alexander Zverev for a first championship at Roland Garros and third Grand Slam title in all, there arrived the sort of magical shot the kid is making a regular part of his varied repertoire. It was a running, then sliding, down-the-line, untouchable forehand passing winner that Alcaraz celebrated by thrusting his right index finger overhead in a “No. 1” sign, then throwing an uppercut while screaming, “Vamos! No, he is not ranked No. 1 at the moment—the man he beat in the semifinals, Jannik Sinner, makes his debut at the top spot on Monday—but Alcaraz has been there before and, although a “2” will be beside his name next week, there is little doubt that he is as good as it gets in men’s tennis right now. And more accomplished than any man ever was at his age.

Alcaraz is a 21-year-old from Spain who grew up running home from school to watch on TV as countryman Rafael Nadal was accumulating title after title at Roland Garros—a record 14— and he eclipsed Nadal as the youngest man to collect major championships on three surfaces. Nadal was about

Bates, Bolts try to keep JMF numbers down

Sports BusinessMirror

B8 | TUESDAY, JUNE 11, 2024

mirror_sports@yahoo.com.ph

Editor: Jun Lomibao

By Josef T. Ramos

quadruple bogey on No. 2.

In the 8-10 group, Jose Luis Espinosa and Brianna Macasaet stood out to zero in on the titles.

Espinosa, runner-up in the first two legs, carded an 88 to lead by eight shots over Kevin Tecson, who scored a 96, with Zoji Edoc posting a 98 for third.

“The course is hard with many ravines, bunkers, and OBs [out-ofbounds],” said Espinosa, whose nines of 41-47 gave him a comfortable cushion heading to the final round of their 36-hole competition.

Macasaet made an impressive debut with an 81, leading by 11 strokes over Splendido leg winner Maurysse Abalos (92) while Casedy Cuenca shot a 93 and Pradera leg winner Georgina Handog fired a 95.

“It feels good to play here,” said Macasaet, who highlighted her round with a birdie on No. 8 and aimed to maintain her form in the final round.

In the boys 11-14 division, Splendido leg winner Vito Sarines had an 82, one stroke ahead of Javie Bautista. Jacob Casuga and Zianbeau Edoc followed closely with 85s, and

Nathaniel Yeung stood within striking distance with an 87.

Twins Mona and Lisa Sarines set the pace in the girls’ 11-14 division with identical 78s, closely followed by Levonne Talion (79) and Precious Zaragosa (82).

“The course conditions were quite wet, making it difficult for me to hit the ball effectively at first. However, I managed to play well on the back nine, and I’m very pleased with that,” said Mona, who hit one birdie against three bogeys at the back, the frontside of their game, but stumbled with four bogeys at the front.

Lisa Sarines, winner at Pradera, closed with a strong birdie-birdie finish to catch Mona at the helm, while Talion missed forcing a tie with a final-hole bogey.

Zaragosa, who topped the Splendido leg, struggled with a double bogey on No. 4 and subsequent bogeys, ending four strokes behind the leaders.

Double delight for Chinese Taipei in Ironman Subic

CHINESE Taipei’s Cheng Tai Wu came up with a dominant swim to build a commanding lead and held on to top the Century Tuna Ironman Philippines in Subic Bay Sunday.

Wu’s victory came despite a fierce comeback attempt by China’s Cheng Dan Lin during the last two stages of the exacting 3.8km swim, 180km bike and 42km run race.

Chin Ting Hsu completed a Taiwanese sweep by topping the women’s division in contrasting fashion. She relied on her cycling prowess to overtake UAE’s Mafer Poveda Franco and Singapore’s Jennifer Uy.

Despite a modest swim time of 1:31:07, which placed her in eighth, Hsu’s impressive bike leg of 6:07:54

propelled her into the lead. She secured victory in the event organized by The Ironman Group with a total time of 12:18:38, including a 4:26:27 time in the run, beating Franco by seven minutes.

Franco clocked in at 12:25:37 with segment times of 1:29:40/06:21:37/4:22:20, while Uy placed third with a total time of 12:41:03 (1:28:51/6:16:17/4:45:15).

Local athletes Sarah Eraña, Olive Salve, and Maryfel Aumentado initially showed promise with impressive swim times of 1:21:14, 1:21:19, and 01:21:26, respectively, but struggled during the bike stage, unable to regain their momentum. Japanese Goda Hiroko, who was in contention early on, also faltered during the run, finishing

fourth with a time of 12:57:37. Filipina Anne Nuñez emerged as the top local finisher, securing fifth place with a total time of 13:02:52. Salve (13:07:58), Eraña (13:27:15), and Aumentado (13:43:25) rounded out the top eight, showcasing strong efforts despite the challenging conditions. But the day belonged to the 31-year-old Wu, whose exceptional 54:40 swim leg gave him a decisive advantage. Despite slower times in the bike (4:47:22) and run (3:35:38), Wu’s overall time of 9:35:26 bested last year’s champion Dutchman Eric van der Linden (9:56:20), and 2022 winner Czech Petr Lukosz (9:52:34). Seychelles’ Nick Baldwin’s record of 8:50:13 in the inaugural Century Tuna Ironman in 2018 remains unbeaten.

MERALCO did well keeping June Mar Fajardo from delivering his usual monster numbers.

The question is how long they can sustain it in the Philippine Cup championship of the Season 48 Philippine Basketball Association.

“It’s tough,” 6-foot-8 rookie Brandon Bates told BusinessMirror after the Bolts held Fajardo to 2-of-5 shooting from the field for 12 points, in a 93-89

even 6-foot-4 workhorse Cliff Hodge, Fajardo still came up with 15 rebounds. Bates, who has averaged 1.67 blocks in the series, said he is feeling the effects of working against the seven-time MVP.

“It’s like guarding a mountain and my body’s feeling it. My body needs a few days to recover when you’re facing the best player of the country,” Bates said.

“We knew it’s going to be that way, and we prepared not just only for one full game but for the whole series,” he added.

Almazan played his best game so far in the series, scoring 17 points and grabbing 13 rebounds plus three blocks in 24 minutes in Game Three. But his main objective as Meralco’s big man is to wear down Fajardo.

“We have to wear and tear him down and that’s our job to tire him down. It’s a collective effort from my fellow big men,” Almazan said, who praised Bates for stepping up to the challenge. “It is huge for the team that he’s playing like a veteran when he’s guarding June Mar although he’s still a rookie.”

Hodge, the Bolts starting power for ward, is averaging 12.3 rebounds and 14 points per game, while Torres and Pascual are doing their shares at the shaded providing quality minutes while Almazan and Bates are resting. Fajardo is confident San Miguel Beer quickly get back on track.

“We need to play collectively as a unit to match their defense and energy,” Fajardo said. “But we will bounce back.”

Game Four is on Wednesday at the Araneta Coliseum.

1½ years older when he did it.

“Different tournaments, different aura,” Alcaraz said when asked to distinguish among his trio of trophies, “but I’m going to say: same feeling. I mean, winning a Grand Slam is always special,”

This one from the clay-court major joins hardware from triumphs on hard courts at the US Open in 2022 and on grass at Wimbledon in 2023.

He is 3-0 in Slam finals.

“It’s an amazing career already. You’re already a Hall of Famer. You already achieved so much—and you’re only 21 years old,” said Zverev, who also lost the 2020 US Open final, that one after being two points from winning. “Incredible player. Not the last time you’re going to win this.”

Zverev, a 27-year-old from Germany, exited the French Open in the semifinals each of the past three years, including after tearing ankle ligaments during the second set against Nadal in that round in 2022. Hours before Zverev’s semifinal victory over Casper Ruud began on Friday, a Berlin district court announced that he reached an out-of-court settlement that ended a trial stemming from an ex-girlfriend’s accusation of assault during a 2020 argument. AP

Editor: Francine Medina

Stevie Awards

CEOs express their

By John Eiron R. Francisco

OVER 1,000 innovative achievements were recognized for their outstanding performances in workplaces worldwide at the 11th annual Asia-Pacific Stevie Awards. Over 150 experts in various fields reviewed 12,000 nominations for the coveted prizes given on Friday, May 24, at the Shangri-La The Fort Hotel in Bonifacio Global City, Taguig. Spanning 25 markets, the 2024 Asia-Pacific Stevie Awards

acknowledged organizations from diverse regions such as Australia, Cambodia, mainland China, Hong Kong SAR, Estonia, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan, Thailand, the United Kingdom, the United States, and Vietnam.

Leading the pack, Watsons from their offices in Hong Kong, Malaysia, and Taiwan secured 34 Stevie Awards, including 11 Gold, 10 Silver, and 13 Bronze in categories that included social media innovation and excellence in consumer product and service industries.

“These awards are a strong testimony to our dedication and expertise,” said an official of Watsons International during the acceptance ceremony. The health and beauty retail chain international company also clinched the prestigious Most Honored Organization of the Year award with an impressive 72.5 points. The recipient of the award was determined through a scoring mechanism that calculates the total number of points achieved during the competition. A Gold Stevie Awards is valued at 3 points, a Sil-

ver Stevie at 2 points, and a Bronze Stevie at 1.5 points.

Among the top winners were PLDT and Smart, which were honored with 12 Stevie Awards for their outstanding contributions to cause-related videos, corporate social responsibility, and content marketing.

"Winning the Stevie Awards affirms that our products and initiatives are effective, innovative, relevant, and world-class. So, the awards that we've received tonight, it's a dozen; they shine a spotlight on PLDT and Smart's culture of ex-

cellence and innovation. That culture of collaboration is crucial for a conglomerate pulling in brand, corporate communications, customer care, as well as our shared value programs," said Cathy Yang, Group Head for Corporate Communications in PLDT and Smart PH.

Meanwhile, Ayala Land received 10 Stevie Awards for innovations in house organizations, publications, and event management.

A representative from the real estate firm mentioned, "Beyond the honor, these accolades will empower more Filipinos, particularly the com-

munities we've served, to enhance their lives and contribute positively.”

Winners of multiple Gold Stevie Awards likewise included companies like Aboitiz InfraCapital Economic Estates from the Philippines, Annature from Australia, AS Watson Group from Hong Kong, and Cisco Systems India Pvt Ltd from India. Other notable winners include the City of Sydney from Australia, CleverTap from India, Dental Boutique from Australia, and Dito Telecommunity Corporation from the Philippines.

Continued on C

A

Additionally, eClerx Services Limited from India, Globe Telecom Inc. from the Philippines, and Guan Feng Real Estate Development Company Limited from the United Kingdom were recognized for their exceptional achievements.

Home Credit Philippines, IBM from Singapore, and IntouchCX from India also received multiple Gold Stevie Awards.

Similarly, L'OREAL China, Manila Electric Company, and Metro Pacific Health Tech from the Philippines were honored, alongside

Ngong Ping 360 Limited from Hong Kong and NoBroker Technologies Solutions Pvt Ltd from India.

Other recipients were OPPO Singapore, Reclaim Energy from Australia, and RUSH Technologies Inc. from the Philippines. Singtel from Singapore, SolarWinds Inc. from the Philippines, and Taiwan Life Insurance Co., Ltd. from Taiwan were also among the esteemed winners, along with Tata Consultancy Services from India and Villarica.

Gold Stevie Awards recipients included Farmbot Monitoring Solutions, Beijing apm, IntouchCX,

and Shell companies in the Philippines (SciP), recognized for their contributions to digital transformation, consumer events, customer service, and community relations, respectively.

According to Sebastian Quinones, Jr., a representative from Gold Stevie Awardee SCiP, the recognition fortifies Pilipinas Shell Foundation's 42-year commitment to community engagement. Quiniones highlighted their pride in the impact they've made and how receiving this award validates their dedication to promoting world-class diversity, equity, and inclusion pro-

grams, boosting team morale and enhancing their reputation.

In April, over 38,000 votes were cast for nominees in diverse categories. Among the notable winners were RELX | Reed Elsevier in the Business Product & Service Industries category, Watsons International in the Consumer Product & Service Industries category, and VILLARICA in the Financial Industries category. Other winners included Vejthani Hospital in the HealthCare Industries, Social Security System in the Social Impact Companies, Globe Telecom Inc. in the Tech-

nology Industries, and Acquiro Solutions and Tech, Inc. in the Tech Startups category.

In response to their recognition, representatives from RELX Reed Elsevier expressed gratitude for the profound impact this recognition would have on their workforce. They believe that the acknowledgment will ignite a newfound sense of engagement, energy, and motivation among employees, spurring them to further elevate their efforts in support of the organization's mission.

“Winning the Stevie Awards, aside from the honor that it provid-

ed, is a validation of the quality of work that we do for our clients and the advocacy that we have, which is to empower brands through consumer insights,” said Germaine Reyes, president and CEO of Synergy Market Research + Strategic Consultancy, which bagged the bronze award for the Thought Leadership Campaign of the Year. Various officials have expressed their gratitude and pride in their achievements, stating that the Stevie Awards serve as a catalyst for continued growth, innovation, and excellence in the years ahead.

PLDT and Smart bag 12 Stevies for innovation and excellence

The telco dedicates its recognition to the community it serves

PLDT Inc. (PLDT) and its wireless unit Smart Communications, Inc. (Smart) emerged as the top Philippine telco at the prestigious 2024 Asia-Pacific Stevie Awards--the international business award competition that recognizes innovation in all its forms.

The first face-to-face ceremony since 2019, the event was held at Shangri-la The Fort in Makati on May 24. The group received a total of 12 Stevies—three golds, six silvers, and three bronze awards—for innovation in the areas of content marketing, customer service, diversity and inclusion, multi- and social media, product development, special events and stakeholder management.

A consistent winner at the prestigious awards, PLDT and its wireless unit Smart Communications, Inc. (Smart) received Gold and Silver Stevie citations in 2023. The group received two Silver Stevies for Better Today, which is under the Innovation in Community Relations or Public Service Communications, and another for the thought Leadership Category for PLDT Enterprise. PLDT and Smart First VicePresident Mitch Locsin also received a Silver Stevie citation for his leadership in the PLDT Enterprise.

PLDT was named top Philippine telco at the 2022 Asia-Pacific Stevie Awards with gold, silver, and bronze citations for its consistently notable efforts in brand and digital communications, customer service, and corporate social responsibility. Smart bagged the Gold Stevie for Innovation in Entertainment Apps for Smart GigaPlay. In 2021, PLDT Enterprise bagged the Silver Stevies for Digicon 2021.

This year, Cathy Yap-Yang, First Vice President and Head of Group Corporate Communications for PLDT and Smart, said, “We thank the Asia-Pacific Stevies for recognizing our programs and initiatives that provide inclusive and lasting value to Filipinos. We celebrate

and

Awards

IN ERA OF GLOBAL RECOVERY, STEVIE AWARDS HONORS THE

There are nine distinct Stevie Awards programs, each with its unique focus, category list, and schedule, collectively attracting over 12,000 nominations annually.

By John Eiron R. Francisco

PRESTIGIOUS awards such as the Oscars, the Grammys, and the Pulitzer Prize continue to be revered by their respective industries and communities. In business, the Stevie Awards are renowned globally as the recognized award-giving body in its field.

Established in 2002 by Michael Gallagher, president and founder of the Stevie Awards, it aims to honor and promote public recognition of the accomplishments and positive contributions of organizations and professionals across the globe. These awards highlight innovation, integrity, and the relentless pursuit of excellence in the business sector, further diversifying the landscape of recognition and achievement in today's competitive world. Over the years, the Stevies have earned a reputation as a sought-after accolade in the business world.

Distinct programs

There are nine distinct Stevie Awards programs, each with its unique focus, category list, and schedule, collectively attracting over 12,000 nominations annually. These programs cater to various geographical regions and business sectors, ensuring a comprehensive representation of business excellence worldwide.

1. The American Business Awards. Open to all organizations operating in the United States, these awards feature diverse categories recognizing achievements across all workplace facets.

2. The International Business Awards. Open to global organizations, these awards celebrate accomplishments in every aspect of work life.

3. The Asia-Pacific Stevie Awards. These awards cater to organizations in the 29 markets of the Asia-Pacific region.

4. The German Stevie Awards. Targeted at organizations in German-speaking European nations including Austria, Belgium, Germany, Liechtenstein, Luxembourg, and Switzerland.

5. The Middle East & North Africa Stevie Awards: These awards recognize workplace innovation across 18 nations in the MENA region.

6. The Stevie Awards for Great Employers: Open to global organizations, these awards honor the best companies to work for, alongside outstanding HR teams, professionals, achievements, and suppliers.

7. The Stevie Awards for Sales & Customer Service: Recognizing the achievements of sales, customer service, and call center professionals worldwide.

8. The Stevie Awards for Technology Excellence: Celebrating exceptional accomplishments in technology across all industry sectors, open to individuals and

organizations worldwide. 9. The Stevie Awards for Women in Business: Honoring the achievements of women executives and entrepreneurs globally.

During the onset of the COVID-19 pandemic in 2019, despite the challenges, nominations and awards continued to be prominent, adapting to virtual formats and remote work. The pandemic spurred creative approaches to ensure the acknowledgment of exceptional business achievements.

Additionally, new award categories were introduced by management to recognize the efforts of individuals, groups, and organizations that have been instrumental in maintaining safety, health, employment, and information dissemination since the beginning of 2020. These included accolades such as Backline Medical Hero of the Year, Delivery Hero of the Year, Frontline Medical Hero of the Year, and Education Hero of the Year, among others.

Women | Future conference

In conjunction with the Stevie Awards for Women in Business, the annual Women|Future Conference gathers hundreds of women from around the world to exchange ideas and insights on anticipating and preparing for future trends. This conference is a platform for women leaders to network, share knowledge, and foster professional growth.

Judging and sponsorship

The Stevie Award judging panels are composed of over 1,000 respected executives, entrepreneurs, innovators, and business educators worldwide. This extensive judging process ensures a thorough and unbiased evaluation of each nomination. All participants receive detailed feedback from the judges, offering valuable insights into their nominations.

The Stevie Awards programs are supported by prominent B2B marketers, publishers, and government institutions, reflecting the prestige and recognition associated with the awards.

Benefits of participation

Submitting nominations to the Stevie Awards programs offers numerous benefits, including increased visibility, validation of achievements, and enhanced reputation. Past winners comprise a prestigious list of global giants such as Acer Inc., Apple, BASF, BT, Ford Motor Company, ING, Procter & Gamble, Roche Group, and Samsung, among many others. Participation in the Stevie Awards programs provides an opportunity to join the ranks of these distinguished organizations, celebrating and promoting excellence in the business community.

ArdentComm’s Stevie win sets its place as a leading PR agency in the region

AYear at the 2024 Asia Pacific Stevie® Awards.

This recognition follows ArdentComm’s 2023 finish as a finalist for "Philippines PR Agency of the Year" at the Campaign's Agency of the Year Awards, solidifying their position as one of the top PR agencies in the region.

The award celebrates ArdentComm's achievements that are built on the collective effort of its dedicated team, media partners, key opinion leaders (KOLs), and valued clients. It recognizes the hard work, passion, and unwavering commitment of its team members who constantly push boundaries in PR strategy and execution.

"We are honored to be recognized among Asia's finest PR agencies," said Ana B. Pista, president and CEO of ArdentComm. "This award reflects our team's dedication and the trust our clients place in us. It inspires us to keep innovating and delivering impactful solutions that make a real difference."

Founded in 1997, ArdentComm thrived in B2B Tech PR, working with clients like Microsoft, IBM, Intel, Symantec, and Lenovo, just to name a few.

“What sets the company

apart is our PR leaders,” said Jasmin Rodil Cagsawa, managing director of ArdentComm. "Our seasoned directors and managers have made it their personal commitment to mentor new team members. They understand the value of shared insights, guidance, and constructive feedback.”

“At ArdentComm, we hold firm to the principle that whether we sink or float, we are all on the same boat," adds Maila Madrigalejo, PR business unit head of ArdentComm.

“This transforms our company from a workplace into a tightknit family where every member is genuinely invested in the success of their colleagues.”

The agency also acknowledges its media

and KOL partners, whose collaboration has been instrumental in achieving outstanding results for clients.

"We are deeply grateful to our clients for their unwavering trust and support," Pista explained. "Their confidence motivates us to innovate and exceed expectations continuously. This award makes us want to continue on this path and set new standards in the industry."

The Asia Pacific Stevie Award recognition marks a significant milestone for ArdentComm, but for the agency, it’s just the starting point. With a firm commitment to innovation and excellence, the company is poised to continue shaping the future of the public relations landscape.

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bers enjoyed front-row seats to the grand fireworks display. Being an Epic Rewards member also grants invites to special concerts and world-class performances. This June, select Epic Rewards members will get to witness top international acts in the one-night concert David Foster and Friends at the Marriott Grand Ballroom on June 19. Exclusive and rewarding in every sense, Epic Rewards members indulge in world-class dining, spectacular entertainment, luxury retail, and all-star hospitality that hallmark the Newport World Resorts’ epic experience. For more information on the Epic Rewards program, visit www. newportworldresorts.com and follow @newportworldresorts