BusinessMirror June 18, 2024

TBy Andrea E. San Juan @andreasanjuan

HE Board of Investments (BOI)

said it approved P640.22 billion worth of investments in the January to May 2024 period, making it the “highest first 5-month approval” in BOI’s 57-year history.

According to the investment promotion agency, this marks a 14-percent increase from the P562.90 billion recorded in the same period last year.

Of the whole investment approvals pie in the five-month period, BOI said foreign investments amounted to

P114.37 billion, or 17.86 percent of the pie, while domestic investments reached P525.85 billion, or 82.14 percent of the investment approvals pie. These projects, the BOI noted, are expected to create 13,871 jobs for Filipinos.

As to the source of investments, the investment promotion agency said Switzerland was the leading source of foreign investments, contributing P62.89 billion, followed by The Netherlands with P39.33 billion; Singapore, P6.07 billion; China, P1.53 billion; Taiwan, P1.28 billion; and the USA with P953 million.

As for domestic investment destina-

tions, Calabarzon clinched the top spot with P538.52 billion, followed by Ilocos region, receiving P28.49 billion.

Meanwhile, Central Luzon received P24.42 billion; the Bicol Region, P13.28 billion and Western Visayas, P8.54 billion.

In terms of sector, BOI said the Renewable and Energy Power industry continued to dominate the Philippine investment approvals landscape, attracting P607.47 billion in investments, a 20.73-percent increase from the P503.18 billion recorded in the same period last year.

The Agriculture, Forestry, and Fishing sector followed, as it “exhibited

robust growth” with approved investments amounting to P9.56 billion.

“The Real Estate sector also made a notable contribution, securing P8.17 billion in approved investments. Additionally, the Transportation and Storage sector saw projects valued at P4.61 billion, while the Manufacturing sector attracted P4.36 billion in investments,” the BOI said.  It’s worth noting that the Financial and Insurance Activities sector recorded the highest growth rate as it surged by 236 percent from P67.82 million last year to P227.95 million this year.

APRIL REMITTANCES

By Cai U. Ordinario @caiordinario

Teconomy,” Rizal Commercial Banking Corporation (RCBC) Chief Economist Michael L. Ricafort said.

CBy Joel R. San Juan @jrsanjuan1573

HIEF Justice Alexander Gesmundo has underscored the role of the Court of Tax Appeals (CTA) in protecting taxpayers against abuse on the part of tax collectors.

“The service that you provide as a specialized court— fairly weighing the contrasting interests of the State and of its taxpayers, wisely reconciling and correcting tax issues, and serving as safeguard against any abuse or circumvention of the power to tax—will remain all the more important given the growing needs of our developing

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

especially amid myriad crises we face today and will face tomorrow,” CJ Gesmundo said in his keynote address during the 70th Founding Anniversary of the CTA last June 14.       Gesmundo also called on the justices and personnel of the CTA to  be accustomed “to the changing needs of the present, and to remain adaptable to innovations and prepared for the challenges of the future,” as he acknowledged that the present situation is different compared

THE Philippine culinary tourism market will be worth some US$21 billion by the year 2032, with the increasing efforts by the private sector and government in promoting Filipino cuisine.

The estimate, based on a report by Future Market Insights, valued Philippine culinary tourism at $5.4 billion in 2022, and growing at an annual compounded rate of 14.7 percent. Under its National Tourism Development Plan 20232028, the Department of Tourism (DOT) has been developing more culinary tours and festivals, pro-

moting more dining destinations, and enhancing food trail activities to further expand the country’s

gastronomy offerings.

In a news statement, Tourism Secretary Christina Garcia Frasco said, “We strongly see food as a crucial element in enhancing the Philippine cultural experience. In addition to integrating food in festivals, arts and crafts, traditions, and practices, we are actively working towards supporting the development of halal/Muslim-friendly tourism, heritage villages for cultural communities, and the preservation of farms and heritage sites.”

Serving more than just food,  “Gastronomy tourism encapsulates a nation’s culture, history, and traditions. For the Philippines, promoting the sector drives sustainable economic growth and enhances

the country’s position as a tourism powerhouse,” she added.   This developed as the Philippines hosts the first United Nations Tourism Regional Forum on Gastronomy Tourism for Asia and the Pacific on June 26 and 27 at the Shangri-La Mactan Resort in Cebu City. The event, with an expected 200 participants, is organized by the UN World Tourism Organization (UNWTO), the Basque Culinary Center, and the DOT.   Following this, the country will also host the  36th UN Tourism Joint Commission Meeting for East Asia and the Pacific and Commission for South Asia on June 28 at the Sheraton Cebu Mactan Resort.

Despite rains, some Luzon dams’ water levels very low

By Samuel P. Medenilla @sam_medenilla

DESPITE the recent rains in Luzon, some dams still have dangerously low water levels, according to Task Force El Niño (TFE).

“So the rain we have received is still insufficient even with the official start of the rainy season, that is why the danger level in some [dam] areas are still there due to extreme temperatures— so we are closely monitoring

The event is expected to be attended by 300 delegates, including ministers from UN member-states, affiliate members, and tourism stakeholders from international organizations to exchange knowledge and best tourism practices in the Pacific, East, and South Asia regions.

“Driven by the growing interest in food among travelers seeking authentic experiences, as well as the substantial opportunities it presents for sustainable socioeconomic development, cultural

those,” TFE spokesperson Jose “Joey” M. Villarama II said in Filipino in a television interview with PTV on Monday.

As of June 17, 2024, the Philippine Atmospheric, Geophysical and Astronomical Services Administra-

exchange, and community wellbeing, the First UN Tourism Regional Forum on Gastronomy Tourism for Asia and the Pacific will serve as a platform to celebrate the power of gastronomy tourism. It will bring together destinations and international experts to exchange knowledge and best practices, with objective of harnessing its transformative power, especially for the benefit of local communities and the environment,” said the UNWTO in a separate news statement.

The forum will host a Ministerial dialogue to discuss policies to advance a roadmap on gastronomy tourism in the region. A

tion (Pagasa) reported four dams with water levels which are far from their normal high water level (NHWL).

These are the Angat with 177.24 meters, San Roque with 226.77 meters, Pantabangan with 177.36 meters and Magat with 180.30 meters.

The NHWL for Angat is 210 meters, for San Roque it is 280 meters, for Pantabangan it is 216 meters, and for Magat it is 193 meters.

Villarama said they are hoping additional rains near the said reservoirs will raise their water levels.

He said TFE is now considering

panel debate will also discuss innovative strategies on preserving local traditions, protecting the land, and products for the development of sustainable gastronomy tourism with examples from Japan, the Philippines and Sri Lanka.

The event will also welcome the participation of destinations and experts actively engaged in the advancement of gastronomy tourism as a tool for social inclusiveness, such as UN Tourism Ambassador Chef Margarita Fores, as well as Chef Vicky Cheng from Hong Kong; Lionel Dabbadie, the Food and Agriculture Organization representative for the Phil-

transitioning its response from the dry spell and droughts from El Niño to torrential rains from the looming arrival of the La Niña.

Based on the data and research of Pagasa—there is a 69 percent possibility there will be a shift in climate pattern to La Niña by July, August, and September. We might feel its impact by October, November, December and the first half of 2025.

Currently, he said the TFE is now rehabilitating the agricultural lands, which were damaged by the droughts from El Niño, and preparing them for the upcoming wet season.

ippines, along with representatives from Japan’s JTB Corp. and the Jeju Tourism Organization of South Korea.

As part of an ongoing effort to promote sustainability, participants will also explore cost-effective and environmentally responsible strategies to maximize the use of local sourcing and minimize food waste through prevention, circularity, and initiatives to combat climate change within gastronomy tourism.

Delegates will be able to sample the best of Philippine flavors through a showcase by top Filipino chefs, and tour Cebu’s important landmarks and sights. “The Philippines has a myriad of experiences in store for our delegates to offer tourists coming from around the world. Experiencing our food is on top of that list as it is rooted in our history and tradition. Just as the Philippines is a blend of various cultures, Filipino food mixes and melds different influences to come up with something for everyone,” said Frasco, who also chairs the UN Tourism Commission for East Asia and the Pacific.

to 70 years ago when the tax court was created.

The CTA has exclusive appellate jurisdiction to review by appeal decisions involving violations of the National Internal Revenue Code and the Tariff and Customs Code, as well as those involving local tax cases and assessment and taxation of real property.

It was founded on June 16, 1954, under Republic Act 1125 as a threeperson court with a Presiding Judge and two Associate Judges.

This was tripled in 2008 under RA No. 9503 to its current composition of a Presiding Justice and eight Associate Justices, establishing the CTA as a court on the same level as the Court of Appeals.

The Chief Magistrate stressed that the Strategic Plan for Judicial Innovations 2022-2027 or the SPJI, the Court’s blueprint of judicial reform during his term, has helped judicial institutions such as the CTA better adapt to the changing times.

He recognized the  CTA Justices and personnel for their proactive support and participation in achieving the SPJI’s  target outcomes of Efficiency, Innovation, and access.

“The CTA, in its conscientiousness in rendering its decision judiciously and expeditiously, has always been well aligned with the aspirations and policy directions of the Supreme Court  of the Supreme Court—and the same is true in our pursuit of the SPJI,” he added.

Finally, Gesmundo assured the  CTA justices and personnel of  the SC’s full support in the tax court’s pursuit of its mission.

The data also showed cash remittances in the January to April 2024 amounted to $10.78 billion, a 2.8-percent increase from the $10.49 billion registered in the same period last year.

BSP said the growth in cash remittances from the United States, Saudi Arabia, and Singapore contributed mainly to the increase in remittances in the first four months of 2024.

By country of origin of the remittances, the US had the highest share of overall remittances during the period, followed by Singapore and Saudi Arabia.

“The Philippine remittances from overseas workers have consistently been the fourth largest in the world after India, Mexico and China, amounting to more than $40 billion per year; a sign of resilience and has always been a bright spot/major growth driver for the Philippine economy for many years/decades,” Ricafort said.

Reaching a plateau?

DESPITE this, Institute for Migration and Development Issues (IMDI) Executive Director Jeremaiah M. Opiniano told BusinessMirror the latest data was not “earth shaking” and may have reached a platueau. Opiniano said the data merely reflected the usual stability of the income of Filipinos abroad as well as the country’s steady deployment of workers to various parts of the globe and those who want to migrate for good in search of greener pastures.

The real concern with remittances, Opiniano said, is the need to direct these funds to more productive financial undertakings.

“We await the results of the 2023 Survey on Overseas Filipinos to see if, on a post-pandemic full year that is 2023, the savings habit by overseas Filipinos will improve or not,” Opiniano told BusinessMirror.

“My forecast is there will be slight improvements [above 35 percent] in the number of OFW savers. Here we will be able to know if the harrowing shocks that the pandemic wrought on everyone’s finances made us change for better behaviors or not,” he also said.

Paradigm shift IN the view of De La Salle University economist Maria Ella Opla, encouraging more OFWs and their families to save remains difficult because many overseas workers still have limited financial literacy.

Oplas said it is “automatic” for OFWs to immediately spend on buying a house or a vehicle in the first years of their employment abroad when these funds could easily have gone to entrepreneurial pursuits.

On a monthly basis, however, the BOI noted that it approved investments worth P27.41 billion for May 2024 alone. This is a 92-percent decline from the P343.21 billion investments approved in April 2024.

The investment promotion agency, attached to the Department of Trade and Industry (DTI), attributed the “positive trend” to factors such as the investment leads generated from the presidential visits of President Ferdinand R. Marcos Jr. since 2022.

“These visits, along with the efforts of the BOI and other Investment Promotion Agencies [IPAs], have been instrumental in converting potential investment interests into actualized projects and foreign direct investments [FDIs],” the BOI noted. With this trend in investment approvals, Trade Secretary Alfredo E. Pascual, who cochairs the BOI, said, “We aspire to transform the

Entrepreneurship, she said, would give OFWs the means to grow their earnings and allow them to not only invest in the finer things in life but also save for a rainy day.

“It’s a cycle. OFWs don’t get to save while abroad, come home with no savings, go back to work, and the cycle is repeated,” Oplas told this newspaper on Monday.

“The government should not only ensure the welfare of OFWs. It should make sure that they are forced to save, they have SSS [Social Security System], Philhealth, and Pag-Ibig as insurance when they come back,” she added.

Apart from buying cars and constructing homes, OFW remittances are often spent on food and non-food essentials by their families in the Philippines.

Oplas said the recent spike in inflation, therefore, will not help OFWs and their families channel the remittances to more productive activities such as putting up a business.

This is despite the fact that the Philippine peso has continued to depreciate against the US dollar. The BSP earlier estimated that the Philippine peso in the first quarter of 2024 depreciated by 2 percent compared to last year but appreciated 0.2 percent compared to the fourth quarter of 2023.

BSP said the peso averaged P55.96 to the dollar in the first quarter of 2024. This was a depreciation from the P54.86 per US dollar average in the first quarter of 2023 and an appreciation from the average of P56.06 to the greenback in the fourth quarter of 2023.

“I think there is a need to determine the financial literacy of OFW families left in the country because unless the OFW saves abroad, we don’t know whether the money sent back to the Philippines is saved, invested or consumed,” Oplas told BusinessMirror.

Personal remittances ON Monday, the BSP also said personal remittances grew by 3.1 percent to $2.86 billion in April 2024 from $2.77 billion recorded in April 2023.

BSP explained that personal remittances cover cash sent through banks and informal channels as well as remittances in kind.

The increase in personal remittances in April 2024 was due to remittances land-based workers with work contracts of one year or more and sea- and land-based workers with work contracts of less than one year. The data also showed the cumulative personal remittances rose by 2.8 percent to $12.01 billion in January-April 2024 from $11.68 billion recorded in January-April 2023.

Philippine economy and become the regional hub for smart and sustainable manufacturing and services, and these data show that we are on the right track.”

“The upward trajectory in FDI net inflows and approved investments follows the pattern of commitments from various trade missions initiated by IPAs, including the goodwill fostered through the President’s business trips abroad. These efforts have been followed through by registration approvals, and what we are seeing now are tangible results of these concerted government efforts,” added Pascual.

The BOI earlier said it is eyeing around P1.3 to P1.5 trillion worth of investment approvals for 2024, with Renewable Energy (RE), RE equipment manufacturing, and mineral processing investments seen occupying the larger chunk of the investment approvals pie.

Senate to probe convicted former government official’s link to raided Bamban, Porac Pogos

By Butch Fernandez @butchfBM

THE lead Senate investigator on the irregularities in Philippine Offshore Gaming Operators (Pogo) on Monday sounded the alarm over the reported link of a former government official, earlier convicted in the pork barrel scam, to the raided Pogos in both Bamban, Tarlac and Porac, Pampanga.

Sen. Anna

the lead senator investigating illegal Pogo operations, said she will ask the Senate tricommittee to summon

‘China

collision claim deceptive, misleading’

THE Armed Forces on Monday said it will not dignify China’s latest allegation that a Filipino ship illegally entered its waters and collided with one of its coast guard vessels.

“The Armed Forces will not discuss operational details on the legal humanitarian rotation and resupply mission at Ayungin Shoal, which is well within our EEZ [exclusive economic zone],” AFP public affairs office chief Col. Xerxes Trinidad said in a message to reporters. “We will not dignify the deceptive and misleading claims of the China Coast Guard (CCG).

The presence and actions of Chinese vessels within the Philippines’ EEZ that infringe on Manila’s sovereignty and sovereign rights remain the main issue, he said.

Trinidad also stressed that the CCG’s continued aggressive actions escalate tensions in the region.

The CCG claimed that a Philippine replenishment ship “illegally”

entered waters near Ren’ai Reef (Chinese name of Ayungin Shoal) on Monday, forcing them to take appropriate actions against the Filipino vessel.

Ayungin Shoal is a submerged reef in the Spratlys Islands in the South China Sea (SCS). The BRP Sierra Madre, which serves as an outpost of the Navy, has been grounded at Ayungin since 1999.

Meanwhile, the Philippines, Japan, the US, and Canada carried out a multilateral Maritime Cooperative Activity in the West Philippine Sea.

Trinidad said the maritime activity took place on Sunday, within the Philippines’ EEZ.

Japanese Ambassador to the Philippines Endo Kazuya reaffirmed Tokyo’s commitment “to strengthen regional and international cooperation to realize a Free and Open Indo-Pacific [FOIP].” With Rex Anthony Naval

Go supports indigent students in Pagadian City, Zambo Sur

SEN. Christopher Go extended support to the student-beneficiaries of the Commission on Higher Education’s (CHED) Student Monetary Assistance for Recovery and Transition (SMART) program at the Pavilion Provincial Government Center in Pagadian City, Zamboanga del Sur, on Thursday, June 13.

This initiative in collaboration with the local and national government aims to bridge the financial gap for qualified students pursuing higher education, empowering them to focus on their studies and achieve their academic goals.

Through the invitation of Gov. Victor Yu and Cong. Divine Yu, Senator Go’s Malasakit Team distributed shirts, volleyballs, and basketballs to 300 indigent students, while some of them received a bicycle, shoes, and a watch.

In a video message, Go commended the students for their dedication and hard work, emphasizing the importance of education for their future success.

Go also reaffirmed his commitment to advocating for more measures and programs that benefit the education sector and Filipino students.

Go also praised President Marcos for signing into law Republic Act 11984, known as the “No Permit, No Exam Prohibition Act.” Go co-authored and co-sponsored this measure in the Senate.

He expressed gratitude to the CHED officials involved in making the distribution of financial assistance possible, recognizing their crucial role in supporting the students.

DND joins Muslim devotees in Eid al’ Adha observance

DEFENSE Secretary Gilbert C. Teodoro on Monday said

former Technology and Resource Center Deputy Director General Dennis Cunanan, so he can explain his association with the raided enterprises.

Hontiveros revealed documents showing that Cunanan, who was sentenced to a 26-year jail term for his involvement in the Priority Development Assistance Fund (PDAF) or pork barrel scam, acted as an “authorized representative” for the Hong Sheng Pogo in Bamban as well as the Lucky South Pogo in Porac.

In a statement on Monday, Hontiveros pointed out that, “Cunanan figured in one of the largest corruption scandals our country has ever seen.  Baka iyong ginawa niya

sa  PDAF  ay ina -apply  niya rin dito sa mga  Pogo.  Pinapakita din nito na may koneksyon talaga ang  Bam ban  at  Porac  na  Pogo.  Tila nagsama - sama silang mga  scammer [It’s possible that he applied what he did in PDAF to these Pogos. We really see a connection between the Bamban and Porac Pogos],” Hontiveros said.

“We will invite Mr. Cunanan to the next hearing to clarify his involvement,” she said, while sweepingly describing all Pogos as “evil.” She refused to make a distinction, as gaming regulators had earlier sought to do. The Philippine Amusement and Gaming Corp. (Pagcor) had taken pains to detail the reforms it carried out

as it whittled down the licensed entities—which it no longer calls Pogos, but “IGLs” for “Internet Gaming Licensees”—even while collecting more revenue from fewer operators.

Hontiveros, however, disagrees.

Sabi ko nga lahat ng  Pogo,  masama  [As I said, all Pogos are evil]. There is no differentiation between bad Pogo or ‘good’ Pogo. It seems that Pogos are deliberately tapping former and present officials they can easily corrupt.”

Hontiveros, who is leading the inquiry into the participation of Bamban Mayor Alice Guo in Pogo scam operations, stressed that influencing public officials is part of Pogos’ strategy to continue their

criminal activities in the country.

“That’s why it’s hard to eliminate Pogos from the country because it’s apparent they have already paid off certain officials. Pogos know corruption is a weakness in this country and they are taking advantage of that,” Hontiveros continued, partly in Filipino.

She reiterated the call made in a committee report by Sen. Sherwin Gatchalian, urging a total ban on Pogos. “I call on my fellow public servants to join the growing call to ban POGOs now. We must show these Pogos that the Philippines does not have a price. Let’s stamp out corruption and drive away the Pogos,” Hontiveros said.

Bill institutionalizes round the clock government service

By Jovee Marie N. dela Cruz @joveemarie

APARTY-LIST lawmaker has filed a measure to institutionalize a 24/7 Frontline Service System (FSS) for online queries and assistance, along with extended hours of operation for face-to-face transactions.

In House Bill 10426, known as the “24/7 Frontline Government Services Act,” Rep. Wilbert Lee, the nominee to the House of Representatives of the party-list group AGRI, said his proposal mandates that government offices provide a list of “Zero Contact Services” available 24/7 online to all Filipinos with internet access.

In an effort to enhance service accessibility, the bill stipulates that frontline services and response teams operate from Monday to Saturday, extending hours for face-to-face interactions from 7 a.m. to 7 p.m.

“This measure will allow people who are primarily working or studying during the standard 8:00 a.m. to 5:00 p.m. to access government services without compromising their jobs or daily tasks,” explained the Bicolano lawmaker.

“This way, individuals will only need to visit the office when their documents are ready for release. There’s no need for our citizens to spend on transportation or take

leave from work just to ask questions or start processing documents,” Lee said.

“This ensures no salary deductions, no extra expenses, and no risk of job loss due to needing to handle or obtain documents. The savings can be allocated for food or other necessities, especially during family illnesses, a major concern due to high medical and hospitalization costs,” he added. House Bill 10426 requires government services to provide a working arrangement ensuring sufficient personnel are available for the 24/7 response team and extended hours of service.

Lee noted that this measure aligns with President Marcos’s

recent directive for the Department of Agriculture (DA) and Bureau of Customs (BOC) to implement round-the-clock shipment processing.

“With continuous government operations and services, our productivity will increase, and we can assist more of our citizens. This benefits us all!” emphasized Lee, who filed the measure even before the President’s order for 24/7 shipment processing.

“The government has an obligation to alleviate the burdens of our people. We must address this long-standing issue to ensure it no longer impacts work or reduces time with family,” Lee added.

DOST Davao Oriental provides training for lay rescuers

TO bolster disaster preparedness in San Isidro, the Department of Science and Technology XI-Provincial S&T Office in Davao Oriental conducted a comprehensive three-day Community Responder Training for lay rescuers in collaboration with the Provincial Disaster Risk Reduction and Management OfficeDavao Oriental and the local government of San Isidro town.

The training was designed to provide the Barangay Disaster Risk Reduction and Management Council (BDRRMC) focal persons with essential skills and knowledge in disaster risk reduction, basic first aid, and their roles during emergencies. A total of 32 participants, including proactive BDRRMC focal persons from sixteen barangays, representatives from educational institutions, and nongovernment organizations, completed the intensive program.

DOST Davao Regional Director Anthony Sales underscored the importance of the initiative in building a resilient community.

“This training is vital for empowering our local communities with the needed skills to respond promptly and effectively to disasters. It’s about building resilience and ensuring that help is available at the grassroots level when

it’s most needed,” Dr. Sales said. The term “lay rescuers” refers to individuals who are not professional emergency responders but are trained to provide initial assistance during emergencies. These trained volunteers are crucial in the immediate aftermath of disasters, offering vital support before professional help arrives. The Community Responder’s Training is one of several interventions under the Smart Sustainable Community Program. It aims to enhance the disaster response capabilities of participants, equipping them with basic life support strategies. The program’s ultimate goal is to foster enhanced resilience within the municipality, ensuring that communities are better prepared to handle potential disasters. Participants, including members from the BDRRMC, the academe, MDRRMO volunteers, and various NGOs, are now expected to apply their newfound expertise to improve San Isidro’s disaster resilience. Their training will enable them to serve as first responders, providing crucial aid and support to their communities in times of need. With this initiative, the DOST and its partners hope to create a more disaster-resilient San Isidro, where trained lay rescuers stand ready to safeguard lives and property during emergencies.

Don’t share circumcision videos–NPC

By Andrea San Juan @andreasanjuan

THE National Privacy Commission (NPC) is “strongly” urging the public to avoid sharing the video showing a child’s circumcision which is circulating across social media platforms.

“We strongly urge the public to avoid sharing

such sensitive content, particularly when it involves minors, as it exposes them to potential cyberbullying and infringes upon their privacy and dignity,” NPC said in a statement on Monday.

The privacy watchdog said the unauthorized sharing of videos or images involving children not only violates their privacy rights, but it may also

lead to “serious psychological and social consequences.”

“If you encounter the video online, please report it to the platform administrators immediately,” NPC said, adding that most social media and video-sharing platforms have “mechanisms” in place to address and remove content that violates privacy standards. Moreover, the NPC is

calling upon healthcare providers to “diligently” remind parents and guardians taking pictures and videos of healthcare practices-operations on the importance of responsible social media usage.

“The privacy and dignity of our children must be safeguarded at all costs. Let us uphold our responsibility in maintaining a safe and respectful online environment for everyone,” said NPC.

Theresia Hontiveros,

Marina’s web-based systems compromised in cyber attack

By Lorenz S. Marasigan @lorenzmarasigan

THE Maritime Industry Authority (Marina) has confirmed that four of its webbased systems were compromised in cyber attacks on Sunday.

The breach, which targeted the central systems responsible for various maritime services, has prompted immediate action from Marina and allied agencies, the Marina said in a statement.

Oil companies to hike fuel prices this week

By Lenie Lectura @llectura

LOCAL pump prices are on the rise

this week, oil companies announced Monday.

Gasoline prices will increase by P0.85 per liter, diesel by P1.75 per liter, and kerosene by P1.90 per liter.

Petron, Shell, Caltex, Total, Unioil, PTT, Phoenix said they will raise their pump prices at 6:00 a.m. of Tuesday, June 18.

This week’s oil price hike is mainly brought about by the developments in the international oil market, said Director Rodela Romero of the Department of Energy-Oil Industry Management Bureau (DOE-OIMB).

Among these include the upbeat global demand forecasts from the USEnergy Information Administration and the Organization of Petroeum Exporting Countries (Opec), coupled with data showing a sharper than expected drop in US crude inventories; uncertainties over the timing of the US Fed Reserves on the interest rate cut, and the reduced Saudi exports to China and potential US reserve purchases.

This week’s price adjustments effectively offset the rollbacks made last June 11 when oil companies reduced gasoline prices by P0.60, diesel by P1.20, and kerosene by P1.30.

The year-to-date adjustments stood at a net increase of P6.05 per liter for gasoline and P4.25 per liter for diesel, and a net decrease of P1.55 per liter for kerosene as of June 11, based on DOE data.

Upon discovering the breaches, Marina officials and employees swiftly mobilized at the Central Office to protect the integrity of the compromised systems. The Marina Information Technology (IT) team, alongside

the Department of Information and Communications Technology-Cybercrime Investigation and Coordinating Center (DICTCICC), is conducting a thorough investigation into the attacks.

“The Marina IT team, with DICT-CICC’s assistance, is currently conducting an investigation as well as accelerating its efforts to mitigate the data breach and have systems operational to receive and process applications on Tuesday,” the Marina said.

Details on the extent of the data compromised and the specific nature of the attacks have not yet been disclosed. However, Marina emphasized the importance of robust cybersecurity protocols and pledged to strengthen its

defenses to prevent similar occurrences.

“The Marina commits to strengthen its cyber security protocols to prevent any future cyber attack,” the Marina said.

Over the past few years, the Philippine government has faced a significant number of cyber attacks, primarily targeting its digital infrastructure and online services. These attacks have varied in scope and sophistication, often attributed to geopolitical tensions and cybercriminal activities.

These include hacks on the systems of the Philippine Health Insurance Corp., the Congress, the Senate, and the Department of Education, and more recently, the National Police.

Traders allowed to sell remaining inventories of uncertified vape products until. Sept. 7

By Andrea San Juan @andreasanjuan

RETAILERS, distributors, wholesalers and traders of vape products are allowed to sell remaining inventories of uncertified vape products until September 7, according to the government’s standards body.

“That’s the period provided for so they can register their remaining inventories because after that period, by September 8, products in the market that have no certification as vape products will be apprehended,” Leah Ann Arella, Chief of Standards Conformity Division of the Department of Trade and Industry-Bureau of Philippine Standards (DTI-BPS) said in a radio interview over the weekend.

Arella said the period enables vape retailers, distributors, wholesalers and traders to have their products registered. However, by the September 8 mark, she noted that vape products lurking in the Philippine market which do not bear the proper certification marks would be confiscated.

The BPS official explained that vape products deemed considered certified are those that have PS license mark for manufacturers or Import Commodity Clearance (ICC) mark for importers.

“Ang mga products na na -certify ng BPS ay meron certification

marks, meron sa PS license may PS mark... meron siyang unique license number per manufacturer. Sa ICC naman para sa mga importers, ang sine -certify natin ay per shipment so kung ano yung dumating na shipment nila, dun tayo kumukuha ng sample na ipapa test at pag pumasa, mag -iissue tayo ng ICC sticker para sa bawat produkto,” said Arella.

The deadline set for exhausting inventories of vape products is prescribed by the Department Administrative Order (DAO) 24-02.

“All retailers shall be allowed to sell remaining inventories of vaporized nicotine and non-nicotine products within 90 days upon effectivity of this Order,” the DAO 24-02 noted.

After this period, the Order noted that only vaporized nicotine and non-nicotine products, their devices and novel tobacco products bearing a valid PS Mark of ICC sticker shall be sold, offered for sale or distributed in the local market.

The market clearing process for unregistered or uncertified vape products was initially scheduled in January 2025.

However, according to DTIConsumer Protection Group Assistant Secretary Amanda Nograles, the deadline will now be on September 7, 2024.

“No more January 2025 deadline. September 7, 2024 [is the

new] deadline,” Nograles told the BusinessMirror in a viber message on Monday

Earlier this month, the DTI reported it confiscated P25.87 million worth of illegal vape products in just the first five months of 2024. This surpassed the agency’s illegal vape seizures for the entire 2023, which only amounted to P5.45 million.

The majority of confiscated vape products violated Republic Act (RA) No. 11900, or the Vaporized Nicotine and Non-Nicotine Products Regulation Act, also known as the Vape Law.

Specifically, DTI said they violated Rule 6, Section 1(j), which strongly prohibits the sale of vape products that are packaged, labeled, presented, and marketed with flavor descriptors or cartoon characters that appeal to minors.

The mandatory registration for vape products took effect on June 5, 2024. Nograles said this means that no vape products will enter the market without going through the DTI registration process.

“That is through the PS license of the factory where it originated from or by obtaining an ICC for each importation. Those are the two modes of entry,” Nograles said at the Forum on the illicit trade of tobacco products last month.

PSA sees drop in unmilled rice output in second quarter

TBy Ada Pelonia @adapelonia

HE country’s unmilled rice output in the second quarter may fall by 8.4 percent to 3.89 million metric tons (MMT), the Philippine Statistics Authority (PSA) said. In its latest production forecast report, the PSA said palay output based on standing crop for the April to June period may hit 3.89 MMT, lower than the actual output of 4.25 MMT in the same period last year.

The PSA also revised downward its palay output estimate for the period by 0.4 percent from its earlier projection of 3.91 MMT.

The PSA said as of May 1, the total palay harvest area during the reference period could dip by 7.1 percent to 892,400 hectares (ha) from the 960,870 ha recorded in the same period last year.

The national statistics agency also said that the yield per ha of palay may decline by 1.4 percent yearon-year to 4.39 MT from 4.42 MT.

“As of 01 May 2024, about 568,030 hectares or 63.7 percent of the 892,400 hectares updated harvest area of standing crop have been harvested. This translates to palay output of 2.54 million metric tons,” the PSA said in the report published recently.

“Of the total area of 324,370 hectares of standing palay yet to be harvested as of 01 May 2024, 38.6 percent were at the reproductive stage and 61.4 percent were at the maturing stage,” it added. Meanwhile, the PSA’s production outlook for corn based on standing crops for the second quarter went down by 19.1 percent year-on-year to 1.19 MMT from 1.47 MMT. This indicated a 0.6 percent decrease from its earlier projection of 1.20 MMT.

The harvest area during the period could decrease by 15 percent to 347,700 ha while the yield per ha of corn may decline by 4.7 percent to 3.43 MT.

The PSA said about 52.7 percent

of the updated standing crop of 347,700 ha of corn during the quarter has been harvested, translating to 664,340 MT of corn output.

“Of the total area of 164,610 hectares of standing corn yet to be harvested as of 01 May 2024, about 2.9 percent were at the vegetative stage, 34.1 percent were at the reproductive stage, and 63.0 percent were at the maturing stage,” the PSA said. Rice, corn stocks inventory MEANWHILE, the national statistics agency reported that as of May 1, the country’s total rice stock inventory registered a 10.3 percent increase year-on-year to 2.08 MMT from 1.88 MMT. On a monthly basis, the volume of rice stocks inventory increased by 11.8 percent from the 1.86 MMT recorded in April.

“This month’s rice stocks inventories registered an annual increase from the commercial sector by 45.0 percent,” the PSA said.

“On the other hand, annual decreases were noted from the

Why ideas matter more than

By: Henry J. Schumacher

THIS might upset some of you, but please hear me out.

People who say “ideas are worthless” don’t understand the world we live in.

In a world where AI makes turning ideas into software businesses effortless, execution isn’t the bottleneck anymore. It’s the idea itself.

In 2024, execution is worthless. Ideas are everything. Here’s how I define “ideas”:

1 Distribution ideas. The right distribution channel can turn an obscure product into a money printer overnight. There are infinite channels on the internet which allows for many products to win a market and not just one. Remember, the best product doesn’t always win, the best distribution often does. They just cracked the distribution ideas.

2 Niche ideas. I mine social platforms like YouTube, TikTok, Reddit and use tools to uncover hyper-specific niches that were invisible before. These niches aren’t just smaller segments of the market; they are untapped reservoirs of demand. By identifying and catering to these niches, you can dominate a market that others don’t even see. Finding the right niche idea becomes critical.

3 Startup ideas. AI doesn’t just automate tasks, it redefines what’s possible. Imagine startups that can offer services so personalized, they feel like having been ordered. This level of customization was unthinkable a few years ago. Now, it’s the new baseline.

4 Creative ideas. Creativity isn’t just about aesthetics; it’s about connection. A well-crafted story, a unique perspective, or

ever!

a striking visual can turn a passive observer into an active participant. The right creative idea doesn’t just attract attention; it compels action. It turns engagement into evangelism. I use DesignScientist.com to create beautiful creatives and turn my ideas to reality.

Good ideas often seem obvious in hindsight, but they are the culmination of years of compounded thoughts and experiences. Some ideas burst forth like a sudden lightbulb moment, while others grow slowly, requiring the right conditions to blossom. We sometimes stumble upon them, and other times we pursue them with deliberate intent.

I’m more interested in how you get into the creative zone to come up with ideas that outperform. No fun in waiting for lightbulbs moments. They might never happen.

A few tips for you:

Find a fast-growing startup and use their distribution strategy in an unknown space. Look at something like Athletic Greens. They are everywhere. They scaled by using tech/health influencers to talk about them on podcasters. Ask yourself: what other products are ripe for this?

Have a list of data tools that you can use to find niche ideas like EtsyHunt, GummySearch, PublisherRocket etc.

For creative ideas, I use Pinterest and bookmarks on X with a folder called inspo. Curate your feed with visual inspirations that’ll give you an unfair advantage.

Keep a note file on your phone called ‘ideas.’

Have sections for distribution ideas, niche ideas, startup ideas, creative days.

This is your “swipe file” for ideas. Whenever you see something cool, write it down. In 2024, execution is cheap. Ideas are everything. The future belongs to those who can dream big, think creatively, and leverage AI/software/automation to turn those dreams into reality. In conclusion: Enjoy the golden era of ideas. Please let me know whether you also believe in IDEAS. Contact me at hjschumacher@gmail.com.

Senator moves to block power rate increase

MNational Food Authority [NFA] depositories by 30.7 percent and from the households by 13.1 percent.”

For this month’s total rice stock, the PSA said the majority, or 55 percent were held by the commercial sector, 41.6 percent were from the households, and 3.3 percent were from the NFA depositories.

PSA said corn stocks inventory increased by 6.3 percent year-onyear to 710,720 MT from 668,700 MT. It also registered a month-onmonth increase of 18 percent from the 602,140 MT in April.

“From the same month of the previous year’s level, corn stocks inventory in the commercial sector recorded an annual increase of 11.7 percent. On the other hand, corn stocks inventory in the households declined by 31.8 percent,” the PSA said.

It added that the bulk of this month’s corn stocks inventory was held by the commercial sector at 92 percent while the remaining 8 percent was in the households.

OVING to block a looming power rate increase, Sen. Anna Theresia Hontiveros vda de Baraquel on Monday said the impending hike in generation charges from this month onward must be disallowed as the Department of Energy (DOE) and power companies must not pass on the cost of their failures to consumers.

“Making consumers pay for the failures of the energy sector sets a bad precedent. The upcoming power rate hike must be disallowed,” Hontiveros said. “Kapag angjeepneynga nasiraan binabalik ng  driver  sa mga pasahero ang bayad Tapos ang DOE at power companies palpak na nga magdadagdag - singil pa imbes na managot sa taumbayan Kaunting hiya naman po.” Hontiveros said the DOE and power companies failed to prepare for the effects of El Niño on the operations of power plants, which has led to unplanned and forced outages of more than 30 plants prompting the National Grid Corp. of the Philippines to raise red and yellow alerts over the Luzon and Visayas grids. This has also caused the cost of

electricity to shoot up in the Wholesale Electricity Spot Market which is planned to be passed on by Meralco to consumers at a rate of at least P0.50 per kiloWatt hour (kWh) in June if staggered or P0.80 to P0.90 per kWh in one payment. Hindi patas at makatao ang ginagamit na  regulatory framework  ng Energy Regulatory Commission [ERC]  sa ganitong mga pagkakataon, na kapag may tumirik na 30  planta sa anumang kadahilanan,  o dahil sa kakulangan sa paghahanda dito ng pamahalaan at mga power companies  ay sagutin ito ng consumers,” Hontiveros said. Hontiveros recalled that the Senate’s investigation into the power crisis revealed several lapses on the part of the energy sector, including the lack of a contingency plan on the part of DOE, abandoning the use of the Loss of Load Probability method to plan the country’s power supply since the enactment of EPIRA, the ERC lacking the ability to check the capacity of power plants, and the weak penalties imposed on power players that do not fulfill their obligations. Butch Fernandez

Recto: Govt can fund LGUs’ ’25 NTA despite 18.7% hike

By Reine Juvierre S. Alberto

FINANCE Secretary Ralph G. Recto has expressed confidence that the national government can finance the increased budget for local government units (LGUs) on the back of increased budget and revenues.

“The National Tax Allotment (NTA) for LGUs is mandatory. We can fund it. The budget next year will have roughly a P400-billion increase, while revenues will increase by roughly P500 billion,” Recto told the BusinessMirror in a Viber message on Monday. This, after the Department of Budget and Management (DBM) issued Local Budget Memorandum No. 90 stating the total NTA shares of LGUs for fiscal year 2025 shall be P1.034 trillion. This is higher by 18.73 percent or P163.229 billion than the P871.38 billion NTA share this year.

Sen. Bong Go gives aid to poor students of Aklan

SENATOR Christopher “Bong” Go extended support to indigent students in Ibajay, Aklan, during his visit on Sunday, June 16.

“Our students are the future of our nation. Supporting them through these challenging times is not just an investment in their future, but in the future of our entire country,” said Go, popularly referred to as Mr. Malasakit. He commended the leadership of the provincial government led by Governor Jo-en Miraflores, Vice Governor Atty. Reynaldo Quimpo, former governor Florencio Miraflores, and Ibajay Mayor Jose Miguel Miraflores, among others, for their dedication to the welfare of their communities.

The senator and his Malasakit Team distributed essential support items to 2,000 students. These included food packs, meals, vitamins, facemasks, and shirts. Basketballs and volleyballs were also provided, with select students receiving bicycles, mobile phones, shoes, and watches to promote sports and education among the youth.

In partnership with Governor Miraflores, financial aid was also disbursed to qualified student beneficiaries.

Inlinewithhiscommitmenttoeducation, Go has coauthored and cosponsored bills, showcasing his dedication to improving the country’s education system including Senate Bill Nos. 1360 and 1864.

SBN 1360 seeks to expand the coverage of the tertiary education subsidy by amending Republic Act No. 10931, the Universal Access to Quality Tertiary Education Act, which was enacted during the term of President Rodrigo Duterte. This proposed measure aims to support students who struggle to pay their tuition and other scho ol fees, including those not currently covered by subsidies under the existing law.

Meanwhile, SBN 1864, or the Student Loan Payment Moratorium During Disasters and Emergencies Act, aims to offer relief to students who have taken out loans but cannot repay them due to disasters and other emergencies. During his visit, Go also inspected the new Super Health Centers in Ibajay. These centers aim to enhance healthcare accessibility and disease prevention at the grassroots level, particularly benefiting students and their families.

The funding will be based on the actual collections of national taxes of the Bureau of Internal Revenue (BIR), the Bureau of Customs (BOC) and by other agencies certified by the Bureau of the Treasury (BTr) in the fiscal year 2022.

The government raised P3.545 trillion in revenues in 2022, of which P776.559 billion came from the BIR, P258.003 billion from the BOC and other agencies, P41.355 billion.

According to the DBM’s memorandum, 83 provinces will receive P237.959 billion; 149 cities will be allocated P239.045 billion; 1,485 municipalities will be given

P350.678 billion; and 41,905 barangays will obtain P206.920 billion.

The P1.043-trillion LGUs’ budget should prioritize covering the cost of providing basic services and facilities, development projects and local disaster risk reduction and management fund.

It should also include programs, projects and activities geared towards gender development, senior citizens and persons with disabilities, community-based Human Immunodeficiency Virus/ Acquired Immune Deficiency Syndrome (HIV/Aids) prevention and care services and protection of children.

Moreover, the DBM said LGUs are also entitled to the Special Shares in the Proceeds of National Taxes, including excise taxes from Virginia Tobacco cigarettes and Burley and Native Tobacco products, gross income taxes of businesses within the Economic Zones, value-added tax (VAT) and Fire Code Fees.

“The LGUs concerned are advised to coordinate with the appropriate revenue-collecting agencies and government corporations to recon-

cile their records with those of the collecting agencies to determine the amount of their shares from the said taxes,” the DBM said.

Recto said that despite the downward revision of both the BIR and BOC’s revenue targets to a combined P3.788 trillion from the initial P4.3-trillion goal, the government can still finance the NTA on top of the expected higher debt servicing.

The Cabinet-level Development Budget and Coordination Council (DBCC) projects revenues and expenditures to reach P4.583 trillion and P6.074 trillion in 2025, respectively, as it revised downwards the growth targets to 6 to 7 percent. This means that LGUs can expect higher NTA shares in the coming years.

The NTA shares of LGUs shall be automatically and directly released to the provincial, city, municipal or barangay treasurer without the need for any further action and shall not be subject to any holdback by the national government pursuant to Sections 18 and 286 of the Republic Act (RA) No. 7160 or the Local Government Code of 1991.

Seafarers home, recall Houthi drone attack on cargo ship in Red Sea

TBy Nonie G. Reyes

HE attack on the MV Tutor by Houthis in the Red Sea marked a change in tactics by raiders which came at a price for the vessel and its crew: The attackers used a skiff to approach the ship, but it turned out to be remote-controlled boat that exploded, creating a gaping hole at the side of the vessel, that had 22 Filipinos among the crew. Only 21 were able to come home, though, and one is still missing.

Worse, according to some of the seamen who flew home on Monday, the ship was subsequently hit by a “second explosion on the other side. Hindi namin malaman kung saan nanggaling ang kalaban sa itaas [air] o sa dagat [sea]. Ilang minuto lang halos napuno na ng tubig dagat ang barko namin [We could not tell tell where the attack was coming from, by air or sea, but it took just a few minutes for our boat to be filled with sea water],” the Filipino captain of the ship, Christian Dumarique, added.

“We tried to locate our missing fellow seafarer [near the engine room],” he added. However, “the inflow of water was so strong so we could not focus so much on the rescue of our missing compadre,” Dumarique explained, partly in Filipino.

Twenty-one out of 22 Filipino seamen on board MV Tutor who were rescued from Houthi attack in the Red Sea on June 12, 2024 finally arrived at the Ninoy Aquino International Airport (Naia) Terminal 3 at 11:17

a.m. Monday on a board Gulf Air flight from Bahrain accompanied by Labor Attache Hector Cruz of the Department of Migrant Workers (DMW) MWO-Al Khobar.

Migrant Workers Secretary Hans Leo Cacdac, representatives from the Department of Foreign Affairs (DFA) and from the Department of Health (DOH) met the 21 seamen, who and were briefed and given financial assistance of 192 Bahraini Dinars equivalent to P30,000 prior to their departure for Manila.

Immigration officials assisted the 21 Filipino upon arrival.

Overseas Workers Welfare Administration chief Arnell Ignacio has coordinated with the local

manning agency to ensure financial aid and other assistance to the rescued seafarers.

The Houthi rebels’ attack on the Greek-owned and Liberia-flagged freighter on June 12 was the third attack on a ship manned by Filipino seafarers since last year.

The Houthis have used drones and missiles to assault ships in the Red Sea, the Bab al-Mandab Strait and the Gulf of Aden since November, saying they are acting in solidarity with Palestinians in the Gaza war.

President Marcos on June 14 ordered concerned government agencies to bring the seafarers to safety.

DBy Manuel T. Cayon @awimailbox

Bureau Chief

Mindanao

AVAO CITY—Prison inmates in Malaybalay City of Bukidnon will have a shot at a livelihood opportunity to be provided by an Aboitiz subsidiary, which recently entered into a partnership agreement with the Bureau of Jail Management and Penology (BJMP). The Aboitiz Construction and BJMP agreement was also joined by Technical Education and Skills Development Authority

(Tesda) Bukidnon, and the Maces Skills Training Institute Inc. located in Malaybalay. The agreement is mainly meant to provide opportunities for Persons Deprived of Liberty (PDLs). It was signed in Malaybalay City District Jail Reformatory System on May 29. Under the agreement, Aboitiz Construction will employ PDLs who have successfully completed the skills training program and who earned Tesda certificates. The target areas of deployment are the firm’s project sites in Mindanao. “We at Aboitiz Construction are deeply committed to making a positive impact on

the communities we serve. This signifies our dedication to providing opportunities for PDLs and our belief in the transformative power of rehabilitation and reintegration,” said Raizza Manuel, Aboitiz Construction senior assistant vice president for People and Corporate Shared Services. Maces Skills Training Institute will provide the training on technical skills, equipping participants with the expertise required for various job roles. Tesda’s involvement in the partnership “ensures the provision of guidance, policies, and a streamlined certification process,

By Lorenz S. Marasigan @lorenzmarasigan

THE National Telecommunications Commission (NTC) has pledged to strengthen the enforcement of the SIM Registration Act following sharp criticism from lawmakers regarding its effectiveness in curbing scams allegedly associated with Philippine Offshore Gaming Operators (Pogos).

In a statement, the NTC acknowledged the challenges in curbing SIM-based scams and outlined its ongoing efforts to address these issues, including “active cooperation” with enforcement agencies and the issuance of several memoranda to improve the verification of SIM registration data by public telecommunications entities (PTEs).

The NTC also emphasized its initiatives to combat unauthorized messaging platforms and devices not covered by the law, such as over-thetop (OTT) platforms and IMSI catchers, which are portable, easily-assembled, and mobile cell-sites capable of sending messages without need of SIMs.

Currently, the agency said it is in talks with major platform providers like Meta and Viber to address these loopholes.

Despite these efforts, the NTC conceded that scammers have continued to adapt and find new ways to exploit technological gaps.

“Recent law enforcement operations reveal that these scammers have integrated their illegal operations to several Philippine Offshore Gaming Operators, and that scamming activities have become a regional phenomenon not confined only within the Philippines,” the statement read.

However, the NTC assured the public that it would tighten regulations related to SIM registration “to the fullest extent allowed under the existing law” and continue its public information campaigns to raise awareness about the importance and requirements of SIM registration.

“Although the SIM Registration Act is not a silver bullet against messaging

WEST Zone concessionaire

Maynilad Water Services Inc. (Maynilad) has increased the use of renewable energy in its operations by 15 percent through its partnership with MPower, the local retail supply arm of Meralco.

Under the partnership, MPower will supply renewable energy from solar and biomass sources to run nine Maynilad facilities, particularly the water treatments plants at La Mesa Compound in Quezon City and at Brgy. Putatan in Muntinlupa, and the pumping stations in Pasay, Las Piñas, Quezon City, and Parañaque.

With this shift to 15-percent clean energy, Maynilad can reduce its carbon dioxide (CO2) emissions by nearly 18,000 tons per year, which is equivalent to 4,284 gas-fueled cars off the roads.

scams, it is nevertheless one of the most important tools for our law enforcement authorities because it provides legal sanctions for SIM-aided offenses,” the NTC emphasized.

The agency expressed confidence that with the continued support of law enforcement agencies and the compliance of the majority of citizens, the objectives of the SIM Registration Act would eventually be realized, significantly deterring SIM-based fraudulent activities.

Gatchalian’s criticism ON Sunday, Senator Win Gatchalian, a co-author of the SIM Registration Act, chastised the NTC for its alleged lapses in implementing the law, citing the prevalence of scams allegedly linked to the Pogo industry.

“The NTC should do its job of ensuring effective implementation of the SIM registration law. The goal of this legislation is to provide accountability for those using SIM cards and to support law enforcement in tracking perpetrators of crimes committed through phones. But because the NTC has apparently forgotten its responsibility, scammers in the Pogo industry continue to use SIM cards unabatedly,” he said. Gatchalian highlighted several police raids, including those against Smartweb Technology Corp. in Pasay City, Zun Yuan Technology in Tarlac, and Lucky South 99 in Pampanga, where numerous SIM cards, allegedly used for various scams, were confiscated.

He pointed out that these SIM cards were employed in love scams, cryptocurrency scams, and other fraudulent activities, undermining the objectives of the SIM Registration Act.

“SIM registration is an important tool in combating online crimes that make use of a phone. The NTC should stop sleeping on its job so we can realize this goal,” said Gatchalian.

Recent data from the Cybercrime Investigation and Coordinating Center (CICC) indicated a staggering 152 percent increase in cybercrimes and a threefold rise in online scams from 2022 to 2023.

“At Maynilad, we are committed to sustainable practices and reducing our carbon footprint. Increasing our use of renewable energy by 15 percent is a significant step towards our goal of carbon neutrality by 2037,” said Maynilad President and CEO Ramoncito S. Fernandez. “This initiative reflects our dedication to environmental stewardship and our responsibility to future generations.” The company will continue to reduce its carbon emissions in the next five years, as it is set to expand renewable energy use to more of its facilities. Maynilad targets to further increase its utilization of green power by 30 percent in 2025, and 40 percent by 2027.

facilitating the seamless transition of PDLs into the workforce. Additionally, Tesda will offer free certification processes to further support the initiative,” the Aboitiz Group said.

“By combining resources and expertise, this collaborative effort aims to address unemployment among PDLs and provide them with the necessary tools and opportunities for successful reintegration,” it added.

“This signing of the memorandum of agreement reflects our commitment to helping our PDLs in the rehabilitation process. We thank Aboitiz Construction for its unwavering support in this endeavor. We hope for a fruitful

Since 2021, Maynilad has started reducing its dependence on the conventional power grid through the installation of two solar farms that supply 2 megawatts to augment the power requirements of La Mesa Treatment Plant 1 and several pumping stations within the La Mesa Compound. Maynilad’s move to increase clean energy utilization is aligned with the Paris Agreement on Climate Change, which aims to reduce the Philippines’ GHG emission to 75 percent by 2030.

partnership that will mainly benefit the PDLs,” said Cesar Langawin, Jail Chief Superintendent and director of BJMP Region 10. The Aboitiz Construction said the partnership “not only demonstrates Aboitiz Construction’s dedication to fostering a more inclusive and supportive community but also signifies a collective commitment to empowering individuals for a better future.” It added that it “undertook significant strides last year in providing jobs to many Filipinos by hiring nearly 3,000 skilled workers who are strategically deployed across various sites nationwide.”

Editor: Angel R. Calso •

Israel announces limited ‘tactical pause’ in Gaza fighting to allow aid deliveries

By Josef Federman, Wafaa Shurafa & Lee Keath The Associated Press

JERUSALEM—Israel’s military announced on Sunday that it would pause fighting during daytime hours along a route in southern Gaza to free up a backlog of humanitarian aid deliveries for desperate Palestinians enduring a humanitarian crisis sparked by the war, now in its ninth month.

The “tactical pause,” which applies to about 12 kilometers (7½ miles) of road in the Rafah area, falls far short of a complete ceasefire in the territory that has been sought by the international community, including Israel’s top ally, the United States. It could help address the overwhelming needs of Palestinians that have surged in recent weeks with Israel’s incursion into Rafah.

The army said that the daily pause would begin at 8 a.m. (0500 GMT) and last until 7 p.m. (1600 GMT) and continue until further notice. It’s aimed at allowing aid trucks to reach the nearby Israel-controlled Kerem Shalom crossing, the main entry point, and travel safely to the Salah a-Din highway, a main northsouth road, the military said. The crossing has had a bottleneck since Israeli ground troops moved into Rafah in early May.

COGAT, the Israeli military body that oversees aid distribution in Gaza, said the route would increase the flow of aid to other parts of Gaza, including Khan Younis, the coastal area of Muwasi and central Gaza. Goods entering from the north serve hard-hit northern Gaza, an early target in the war.

The military said that the pause, which begins as Muslims start marking the Eid Al-Adha holiday, came after discussions with the United Nations and other aid agencies.

A UN spokesperson, Jens Laerke, told The Associated Press that Israel’s announcement was welcome but “no aid has been dispatched from Kerem Shalom today,” with no details. Laerke said that the UN hopes for further concrete measures by Israel, including smoother operations at checkpoints and regular entry of fuel.

Israel and Hamas are weighing the latest proposal for a cease-fire, detailed by US President Joe Biden in the administration’s most con-

centrated diplomatic push for a halt to the fighting and the release of hostages taken by the militant group. While Biden described the proposal as an Israeli one, Israel hasn’t fully embraced it. Hamas has demanded changes that appear unacceptable to Israel.

With Israeli Prime Minister Benjamin Netanyahu vowing to press ahead with the war and many members of his far-right government opposed to the cease-fire proposal, news of the military’s pause triggered a minor political storm.

An Israeli official quoted Netanyahu as saying the plan was “unacceptable to him” when he learned of it. The official said that Netanyahu received assurances that “there is no change” in the military’s policy and “fighting in Rafah continues as planned.” The official spoke on condition of anonymity because he wasn’t authorized to speak with the media.

Israeli television stations later quoted Netanyahu as criticizing the military: “We have a country with an army, not an army with a country.”

But neither Netanyahu nor the army canceled the new arrangement. While the army insisted “there is no cessation of fighting” in southern Gaza, it also said the new route would be open during daytime hours “exclusively for the transportation of humanitarian aid.”

The fighting continued. Nine people, including five children, were killed Sunday when a house was struck in Bureji in central Gaza, according to AP journalists who counted the bodies at Al-Aqsa Martyrs Hospital in Deir al-Balah. A man wept over the small sheetwrapped bundle in his arms. Two of the children had been playing in the street.

“What did this girl do to you, Netanyahu? Isn’t this forbidden for you?” a woman cried, holding a dead child.

Israel’s military didn’t respond to questions about the strike.

Israel announced the names of 12 soldiers killed in recent attacks in Gaza, putting the number killed since Israel began its ground invasion of Gaza last year at 309. Hamas killed around 1,200 people during its October 7 attack and took 250 hostages, Israeli authorities say. Health officials in Hamas-run Gaza say more than 37,000 Palestinians have been killed.

Muslims in Asia celebrate Eid al-Adha, pray

for Gazans amid Israel-Hamas war

By Niniek Karmini The Associated Press

JAKARTA, Indonesia—Muslims in Asia on Monday celebrated Eid al-Adha, or the Feast of Sacrifice, with food and prayers for people in Gaza suffering from the Israel-Hamas war.

One of the biggest Islamic holidays, the occasion commemorates Prophet Ibrahim’s test of faith through slaughtering livestock and animals and distributing the meat to the poor. It’s a joyous occasion for which food is a hallmark where devout Muslims buy and slaughter animals and share two-thirds of the meat with the poor and it’s a revered observance that coincides with the final rites of the Hajj pilgrimage in Saudi Arabia.

Much of Asia, including Indonesia, Malaysia, India and Bangladesh, observed Eid al-Adha on Monday, while Muslims in other parts of the globe, including Saudi Arabia, Libya, Egypt, and Yemen celebrated the holiday on Sunday.

On Monday, worshippers shoulder-toshoulder joined in communal prayers in Indonesia’s capital, Jakarta. Preachers in their sermons called on people to pray for Muslims in Gaza and Rafah.

Israel’s military offensive has plunged Gaza into a humanitarian crisis, with the UN reporting hundreds of thousands of people on the brink of famine. Hamas’ supreme leader, Ismail Haniyeh, called for more pressure to open border crossings. Another crossing, the Rafah terminal between Gaza and Egypt, has been closed since Israel moved into the city. Egypt has refused to reopen the crossing as long as Israel controls the Palestinian side. The flow of aid in southern Gaza has declined just as need grew. More than 1 million Palestinians, many of whom had already been displaced, fled Rafah after the invasion, crowding into other parts of southern and central Gaza. Most languish in tent camps, with open sewage in the streets. From May 6 until June 6, the UN received an average of 68 trucks of aid a day. That was down from 168 a day in April and far below the 500 a day that aid groups say are needed. COGAT says there are no restrictions on the entry of trucks. It says more than 8,600 trucks of all kinds, aid and commercial, entered Gaza from all crossings from May 2 to June 13, an average of 201 a day. But much of that aid has piled up at crossings.

A COGAT spokesman, Shimon Freedman, said it was the UN’s fault that its cargo stacked up on the Gaza side of Kerem Shalom. He said its agencies have “fundamental logistical problems,” especially a lack of trucks.

The UN denies such allegations. It says the fighting often makes it too dangerous for UN trucks inside Gaza to travel to Kerem Shalom. It also says the pace of deliveries has slowed because Israel’s military must authorize drivers to travel to the site, a system Israel says was designed for drivers’ safety.

The new arrangement aims to reduce the need for coordinating deliveries by providing an 11-hour uninterrupted daily window Because of a lack of security, some aid trucks have been looted by crowds as they moved along Gaza’s roads. It wasn’t immediately clear whether the army would provide security to protect trucks moving along the highway.

Wafaa Shurafa reported from Deir al-Balah, Gaza Strip, and Lee Keath from Cairo. Jack Jeffery contributed to this report from Jerusalem.

“Our prayers and thoughts are with our brothers and sisters who are now suffering in Palestine,” worshipper Adi Prasetya said after praying at a field in southern Jakarta.

“There are many opportunities for us now to channel our help through charities.”

“May Allah give strength to those ravaged by war... may those who are divided can live in peace again,” said another devotee, Berlina Yustiza.

Although Indonesia has more Muslims than any other country in the world, its traditions to mark Eid al-Adha have been influenced by other religions.

Residents in Yogyakarta, an ancient center of Javanese culture and the seat of royal dynasties going back centuries, believe that if they manage to catch the crops arranged in the form of a cone-shaped pile called “gunungan” that is paraded from the royal palace to the Kauman Grand Mosque, it can bring them good luck. They scrambled to grab various food offerings, made of fruit, vegetables and traditional snacks.

A day before the sacrifice festival, people in East Java’s Pasuruan city expressed their gratitude and respect for the sacrificial animals by dressing them as beautiful as a bride. The sacrificial cow is wrapped in a

seven-fold garland, a shroud, turban and prayer mat and paraded in a tradition called “manten sapi,” or bride cow, before being handed to the sacrificial committee. Villagers in Demak, a town in Central Java province, celebrated the holiday with a procession of livestock called “apitan” as a form of gratitude for the food and harvest. They bring foods in bamboo containers to the town’s square that they eat together after praying. Locals believe the procession will provide prosperity and that disaster would come if it was abandoned.

Eid al-Adha commemorates the Quranic tale of Ibrahim’s willingness to sacrifice Ismail as an act of obedience to God. Before he could carry out the sacrifice, God provided a ram as an offering. In the Christian and Jewish telling, Abraham is ordered to kill another son, Isaac.

In Malaysia, Prime Minister Anwar Ibrahim joined thousands of congregants, including foreign tourists, and offered morning prayers at a mosque near his office in Putrajaya, south of the capital Kuala Lumpur. Meanwhile at a wholesale market in Selayang, just outside the capital, Muslim workers there knelt on mats placed on a large piece of white cloth laid outside the market to perform their prayers.

The Associated Press writer Eileen Ng in Kuala Lumpur, Malaysia, contributed to this report.

EU leaders gather in Brussels to divvy up top jobs amid shifting political landscape

By Ella Joyner The Associated Press

BRUSSELS—The 27 leaders of the European Union gather in Brussels on Monday evening to take stock of recent European election results and begin the fraught process of dividing up the bloc’s top jobs, but they will be playing their usual political game with a deck of reshuffled cards.

The June 6-9 elections saw the European Parliament shift to the right and dealt major blows to pro-European governing parties in Paris and Berlin. The Franco-German motor that usually propels EU politics along was weakened, and new dynamics could be on show at the informal dinner.

policy chief, occupied by Josep Borrell of Spain from the centerleft. The council president’s job is to broker deals between the 27 member states, while the top diplomat represents the EU on the world stage.

In Brussels, names for the big posts have circulated for months.

Portuguese Socialist Prime Minister António Costa is frequently mentioned to become council president.

Estonian Prime Minister Kaja Kallas, well known for her tough line on Russia, has been floated as the bloc’s potential top diplomat.

defense minister somewhat tainted by scandal in her ministry, von der Leyen was a relative unknown in Brussels when her name was raised by leaders in closed-door discussions.

Back then, the support of her close ally, former German Chancellor Angela Merkel, and Macron helped her clinch the nomination. Given the current balance of power in Europe, it’s hard to imagine Macron and Scholz pulling a major surprise this time.

Scholz is licking his wounds after his Social Democrats took a drubbing, while Macron is tied up with the snap elections he called last week in a risky bid to see off the far right.

Under the EU’s complicated division of powers, the presidents and prime ministers get to nominate the next head of the bloc’s powerful executive branch, the European Commission, which is responsible for drawing up EU policy on everything from climate to the colossal shared budget. Under the EU’s treaties, their choice should take into account the results of the election. German conservative Ursula von der Leyen looks likely to stay on as president for another five years after a strong showing for her center-right European People’s Party parliamentary group.

the results of the elections that everything indicates that there can be a second term in office for Ursula von der Leyen.” He said he believes the top job nominations could be agreed “quickly.”

In an interview with Germany’s Welt TV on Saturday, Chancellor Olaf Scholz said “it is clear after

Von der Leyen, at the helm of the EU since 2019, led a huge drive during the pandemic to secure billions of Covid-19 vaccine doses, set up a historic post-pandemic economic recovery fund and, from 2022, drummed up support for Ukraine in its war with Russia

and extended a hand to Kyiv to join the bloc.

But nothing is guaranteed. Von der Leyen’s presidential style has at times riled her commission colleagues, and she is deeply unpopular in some corners of the EU Parliament, where she will need the support of 361 of the 720 lawmakers to hold on to her job.

The other big posts up for grabs are that of European Council president, held by Belgian centrist Charles Michel, and EU foreign

French President Emmanuel Macron said the aim Monday is “to try to have a quick consensus. But perhaps we need to wait until June 27-28,” when the leaders meet again in Brussels for a formal EU summit.

“I don’t want to preempt things,” Macron said on Saturday. “These discussions are happening with 27 of us, so we have advanced, several of us have called each other, and I think it’s possible. I think it’s possible in the days to come, or in the week to come.’’

Von der Leyen’s own path to power in 2019 shows that the tussle over EU top jobs can be unpredictable. Then a German

In a secret ballot in 2019, von der Leyen made it over the line with 383 votes, nail bitingly close to the threshold of 374. She was an unpopular nominee because she had not campaigned in elections as a lead candidate and was seen as being imposed on Parliament by the leaders.

TheAssociated Press writers Lorne Cook and Samuel Petrequin in Brussels, Angela Charlton in Paris and Geir Moulson in Berlin contributed to this report.

Fight for control of Yemen’s banks between rebels, government threatens to further wreck economy

By Fatma Khaled & Ahmed Al-Haj The Associated Press

SANAA, Yemen—Yemen’s Houthi rebels and its internationally recognized government are locked in a fight for control of the country’s banks that experts warn is threatening to further wreck an economy already crippled by nearly a decade of war. The rivalry over the banks is throwing Yemen’s financial system into deeper turmoil. Already, the Houthis who control the north and center of the country and the government running the south use different currency notes with different exchange rates. They also run rival central banks. The escalating money divide is eroding the value of Yemen’s currency, the riyal, which had driven up prices for clothing and meat before the Islamic holiday of Eid al-Adha started on Sunday.

For weeks, Yemenis in Houthi-controlled areas have been unable to pull their money out of bank savings accounts, reportedly because the Houthi-run central bank, based in the capital, Sanaa, has stopped providing liquidity to commercial and government banks. Protests have broken out in front of some banks, dispersed by security forces.

Yemen has been torn by civil war ever since the Iranian-backed Houthi rebels took over Sanaa and much of Yemen’s north and center in 2015. The Saudi-backed internationally recognized government and its nominal ally the Southern Transitional Council, a group supported by the United Arab Emirates, govern the south and much of the east, centered in the southern port city of Aden.

Yemen was already the Arab world’s poorest country before the war began. Punitive actions by each side against the other’s banks over the past week now threaten to undermine merchants’ ability to import food

and basic commodities and to disrupt the transfer of remittances from Yemenis abroad, on which many families depend, said Edem Wosornu, director of operations and advocacy for the UN humanitarian coordination office known as OCHA.

“All these factors will likely deepen poverty, worsen food insecurity and malnutrition, and increase reliance on humanitarian assistance,” she told a UN Security Council briefing on Thursday. The dispute could escalate to the point that banks in Houthi-run areas are barred completely from international financial transactions, which she said would have “catastrophic ramifications.”

The internationally recognized government moved the central bank to Aden in 2016, and since then began issuing new banknotes to replace worn-out riyals. Houthi authorities, which set up their own central bank in Sanaa, banned the use of the new money in areas under their control.

In March, the Houthi-controlled central bank announced it was rolling out its own new 100-riyal coins. The international community and Yemen’s recognized government denounced the move, saying the Houthis were trying to set up their own financial system and warning it will deepen Yemen’s economic divide.

Adding to the confusion, the bills have different exchange rates—riyals issued in Sanaa go for about 530 to the dollar, while those from Aden are around 1,800 to the dollar.

In response, the Aden-based central bank gave banks 60 days to relocate their headquarters to the southern city and stop operating under Houthi policies, or else risk facing sanctions related to money laundering and anti-terrorism laws.

The central bank was “forced to make these decisions, especially after the Houthi group issued their own currency and took unilateral steps towards complete independence from

the internationally recognized Central Bank in Aden,” said Mustafa Nasr, an economic expert and head of the Studies and Economic Media Center SEMC.

No banks met the deadline—either because they needed more time or because they feared Houthi sanctions if they moved, Nasr said.

When the deadline ran out last week, the central bank in Aden banned dealing with six banks headquartered in Sanaa, meaning currency exchange offices, money transfer agencies and banks in the south could no longer work with them.

In retaliation, the Houthi-run central bank in Sanaa banned all dealings with 13 banks headquartered in Aden. That means people in Houthi-controlled areas can’t deposit or withdraw funds through those banks or receive wire transfers made through them.

Even as the fight for control is going on, both sides are facing a cash crunch. The Houthi government has few sources of foreign currency and its new coins aren’t recognized outside its territory.

In January, the United States designated the Houthis as a global terror group in response to the rebels’attacks on shipping in the Red Sea and Arabian Sea. The Houthis say the attacks are in retaliation for the Israel-Hamas war in the Gaza Strip. Because of the US decision, banks around the world might be concerned and reluctant to continue any financial dealings with banks that have headquarters under Houthi control, said Youssef Saeed, a University of Aden economic professor.

The economy in Aden isn’t significantly better. The government’s revenues have been hit hard ever since Houthi attacks on oil ports in late 2022 forced a halt in oil exports, the main earner of foreign currency.

Since March, depositors in Houthi-run areas have been unable to pull money out of their accounts. The central bank in Sanaa hasn’t announced any formal restrictions, but several economists told The Associated Press that it has informally stopped releasing funds that individual banks have put in its coffers—in part because of a lack of liquidity.

At one bank that saw protests by depositors last month, the International Bank of Yemen, a note hung in the lobby said, “In coordination with the Central Bank, withdrawals from old accounts have been suspended until further notice.”

Um Ahmed, a 65-year-old woman who was among those protesting outside the bank, said that she was trying to withdraw money

to help her son buy a motor scooter for work, but the bank refused.

“I served this country as a teacher for 35 years and saved every penny and deposited my money at the bank, but they took it all,” she said. “This money belongs to my husband and

me and our children.” Fatma Khaled reported from Cairo.

PEOPLE shop in a supermarket in Sanaa, Yemen before the Eid holiday on Saturday, June 15, 2024. AP/OSAMAH ABDULRAHMAN

A promising step towards curbing smuggling in PHL

THE issue of smuggling has long plagued the Philippines, causing significant revenue losses for the government and undermining the integrity of the country’s trade system. However, recent developments signal a promising step forward in tackling this pervasive problem. The implementation of the Pre-border Technical Verification and Cross-border Electronic Invoicing Systems, as outlined in Administrative Order No. 23, offers hope for a more transparent and efficient border protection system. Accord

Consequently,

he smuggl ing problem and expressed his commitment to tak ing legal act ion aga inst smugglers during his recent State-of-t he-Nat ion Add ress.

Finance Secretar y Ralph G. Recto’s announcement t hat t he Phi l ippines is now “one step closer to end ing smuggl ing, misdeclarat ion, and under valuat ion w it h t he implementat ion of t he Pre-border Tec hnical Verif icat ion and Cross-border Electronic Invoicing Systems is a signif icant development. T hese systems, establ ished under Administrat ive Order No. 23 a im to revolut ioni ze t he inspect ion and monitoring of impor ted commod it ies, bolster nat ional security, protect consumers, and combat t he influ x of substandard and hazardous goods. (Read the BusinessMirror story: “PHL close to ending smuggling with pre-border system checks,” June 15, 2024).

T he phased approac h outl ined in t he administrat ive order demonstrates a wellt hought-out strategy. By init ially focusing on ag ricu lt ural commod it ies and g radually expand ing to non-ag ricu lt ural goods w it h healt h and safety concer ns, as well as ot her goods prone to misdeclarat ion, t he gover nment is priorit i zing t he areas t hat require immed iate attent ion. T his targeted approac h ensures t hat resources are allocated effectively and allows for a more streamlined implementation process. T he creat ion of t he Committee for Pre-border Tec hnical Verif icat ion and Crossborder Electronic Invoicing, c ha ired by t he secretar y of Finance and comprising representat ives f rom various gover nment agencies, is a commendable step toward promot ing interagency collaborat ion and exper t ise. T his committee’s collect ive effor ts w i ll be instrumental in ensuring t he successf u l implementat ion and complet ion of t he systems w it hin t he st ipu lated two-year t imef rame.

T he ut i l i zat ion of d ig ital tec hnology, suc h as pre-border tec hnical verif icat ion and cross-border electronic invoicing, w i ll undoubtedly enhance t he eff iciency and transparency of t he border protect ion system. By conduct ing safety test ing and inspect ions before goods are shipped and exc hang ing real-t ime electronic invoices among relevant gover nment ent it ies, t he Phi l ippines w i ll be better equipped to monitor inter nat ional trade transact ions and promptly ident ify any potential irreg u larit ies.

However, it is crucial to acknowledge that the successful implementation of Administrative Order No. 23 relies on the commitment and collaboration of all stakeholders involved. T he government agencies represented in the committee must work diligently to ensure that the systems are fully operational w ithin the designated timeline. Additionally, it is essential to establish robust mechanisms for accountability and oversight to maintain the integrity of the border protection system. W hi le the Pre-border Technical Verif ication and Cross-border Electronic Invoicing Systems offer a promising solut ion to t he smuggl ing problem, it is impor tant to rema in v ig i lant and adaptable. Smugglers have a histor y of adapting t heir met hods to circumvent ex ist ing measures, and it is incumbent upon t he gover nment to stay one step a head. Reg u lar evaluat ions and updates of t he systems w i ll be necessar y to add ress emerg ing c hallenges and ma inta in t heir effect iveness in t he long run.

T he f ig ht aga i nst smuggl i ng i s a mu lt i faceted battle t h at requires a comprehensive approac h i nvolv i ng leg i slat ion, law enforcement, and i nter nat ional cooperat ion. T he i mplementat ion of Adm i n i st rat ive O rder No. 23 and t he establ i sh ment of t he Pre-border Tec h n ical Veri f icat ion and C ross-border Elect ron ic Invoic i ng Systems ma rk a sign i f icant m i lestone i n t he cou nt r y’s effor ts to c urb smuggl i ng. It i s a testament to t he gover nment’s comm itment to en h anc i ng t rade i nteg rity, protect i ng consu mers, and safeg u a rd i ng nat ional i nterests. As t he systems take root and evolve, t hey h ave t he potent i al to restore conf idence i n t he cou nt r y’s t rade pract ices and generate t he revenue needed for su sta i nable econom ic g rowt h

BusinessMirror

The reality of economic collapse

TJohn Mangun

OUTSIDE THE BOX

HE best comparison I can make to economics and the understanding of an economy is to medicine. For the average educated person, there is a blind spot that “education” creates.

“I am f inancially successf u l, ext remely f i nanc i ally l ite r ate, and have decades of practice f ind ing my way t hrough t he economy.” “I keep up to date on t he latest in med ical resea rc h ava i lable to t he average person. I reg u larly have my healt h assessed by an experienced professional and consciously take steps to stay healt hy.”

However, in bot h f ields, t he genuine professionals know t hat t he complex ity and interconnectedness —for want for a better term—is what makes bot h d isc ipl ines incred ibly d iff icu lt understand ing t he “ hows” and t he “whys.”

We often are told by t he professionals to be caref u l when consu lting “Dr Google.” I say t he same t hing about Professor Econ.”

T he number one economic concer n about t he economy—no matter where you live—is inflation. Consu lt w it h “Professor Econ” and you may f ind t hat inflation is caused by Demand-pu ll, Cost-push, an Increased money supply, Currency Devalu ation, R ising wages, and Monetar y and f iscal pol icies.

Joe Biden says: “T here are sti ll too many cor porations in America ripping people off. Price goug ing, junk fees, g reedflation, shrinkflation.” You may add T he Federal Reser ve, “Cl imate change continues to d rive inflation,” and of course, “T he current inflation is caused by Vlad imir Putin.” If all of t hose a re t he cau ses of i nflat ion, t hen wh at i s t he solut ion? People always seek s i mple answe r s and u s u ally t he blame rests on t he shou lde r s and desk of t he nat ional leade r W hi le we expect t he top leade r to be at least knowledgeable i n all conce r ns, we do not expect s upreme expe r t i se i n any one f ield. T h at i s w hy t he US h as D r Janet Yellen.

Please read t he follow ing saga of “Yellen on Inflation.” May 4, 2021: “Treasur y Secretar y Yellen Doesn’t Anticipate Inflation to Be a Problem”. May 27, 2021: “Yellen expects high inflation rates to be temporar y.” October 24, 2021: “Expect inflation to improve by ‘t he middle to end’ of 2022.”

June 7, 2022: “Yellen expects in-

By Jessica Menton, Alexandra Semenova & Natalia Kniazhevich

But that’s exactly what traders are doing, and it could spark a rally in some of the forgotten corners of the stock market.

Federal Reser ve forecasts and comments f rom cent r al banke r s cou ldn’t be clearer Investors are being war ned t

flation to rema in high.” March 14, 2024: “Yellen says she reg rets saying inflation was ‘transitor y.’” May 24, 2024: “Janet Yellen: Inflat ion Continues To Challenge American Households.”

Check w it h “Dr Google” if you have a bad headache and a day or two of d iarrhea. “Sounds l i ke an infection, v iral or bacterial. It might be colitis, diver ticu litis, pyelonephritis, peritonitis, flu or Cov id-19.” Or possibly “Stress, food triggers, weat her cond itions, and tiredness.”

Howeve r, “D r Google” h as more c r ed i b i l i ty i n my op i n i on t h an

D r./ Pr ofesso r Yellen beca u se at least t h e fo r me r decla r es, “Call yo ur docto r i f symptoms pe r s i st.” W ho s ho u ld we call i f t h e Fede r al Rese r ve C h a ir /Sec r eta r y of t h e Tr eas ur y cannot d i agnose w h at a i ls t h e economy? Too many people march down t he road of denial to an early g rave. Some si lly but accurate examples. “I am not over weight. I am plump w it h big bones.” “You can eat as much as you want as long as it’s healt hy.” “Obesity runs in my fami ly.” Economies also have a dangerous pat h of denials. Brandon Smit h is an economist and sur v ival exper t, a good resume for t he current times. He recently w rote about what one commentator called “T he Five Stages Of Denial W hen Skeptics A re Faced Wit h Economic Collapse.”

Stage 1: “I don’t know what t he consp ir acy t heori sts a re talk i ng about, I’m doing just f ine.” A recession is when your neighbor is out of work. It is a depression when you lose your job.

Stage 2: “T hey’ve been war ning of a collapse for years, and we’re sti ll here.” Smit h w rites t hat economic mayhem, and even Mad Max-style destruction happens at t he end of t he economic collapse process, not in t he beg inning.

Stage 3: “Maybe t hings are bad now, but it’s transitor y.” Smit h: “It’s okay to be w rong sometimes. It’s not okay to be in denial about it.” It took t hree long, long years of US inflation before Yellen acknowledged her terribly w rong analysis.

Stage 4: “T his is a real black swan! No one saw t he crisis coming.” “Black Swan” has become t he u ltimate excuse for incompetent analysis. Black swans are events that are improbable and d iff icu lt to foresee. We need anot her animal analogy. How about t he Ostrich Effect when you ignore t he precursors. “T he USSaud i A rabia petrodollar deal has ended.” Swan or ostrich? March 19, 2023: “Saud i A rabia’s Finance Minister expressed that the oi l-rich nation was open to trad ing in currencies beside t he US dollar.” Stage 5: “Ever yone saw t he crisis coming.” Smit h: “My favorite. It is t he inev itable moment when skeptics f u lly concede t hat t he collapse is a fact of l ife, and t hen t hey cla im t hey “saw it coming all along.” In May 2024, t he US Consumer Price Index reached another consecutive historic high But EVERYONE expected t hat.

E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

The central bank’s projections for fewer rate cuts this year and Fed Chair Jerome Powell’s seemingly hawkish comments at his press conference on Wednesday didn’t prevent the S&P 500 Index from eclipsing 5,400 for the first time ever, which also happened on Wednesday and held through at least Friday.

814-0134 to 36. E-mail: news.businessmirror@gmail.com www.news.businessmirror@gmail.com

Cabangon

US, South Korea, Japan to lock in security ties before inauguration

By Soo-Hyang Choi

THE US, South Korea and Japan will sign a deal to formalize their security partnership against threats from North Korea’s nuclear weapons, cementing ties before America inaugurates its next president in January.

Sout h Korean Defense Minister

Shin Wonsi k sa id in an inter v iew

w it h Bloomberg News t hat he w i ll soon meet his US and Japanese counter par ts to sign t he pact known as t he Tri lateral Security Cooperation Framework.

“A priority wou ld be to establ ish a system to more effectively, promptly and coherently respond to Nor t h Korea’s nuclear and missi le t hreats among Sout h Korea, t he US and Japan, and to make t hat irreversible,” he sa id in t he inter v iew in his off ice in Seou l on Friday.

T he f ramework wou ld likely bui ld on a landma rk summit among t he leaders of t he t hree countries last year t hat included practical steps to counter t hreats by Nor t h Korea such as real-t ime data sharing on missi le launches, and moves to bind t he trilateral relationship so tightly t hat it wou ld be hard to unravel.

“It w i ll be signed w it hin t he second half of t his year We are arranging t he schedu le to meet as soon as possible,” Shin sa id.

Japanese Defense Minister Minoru K ihara told parl iament he was look ing at a 2+2 meeting of t he defense and foreign ministers of t he two countries, Kyodo News reported. W hen asked on t his, Shin sa id not hing has been specif ically planned yet although he wants to further develop ties w it h Japan.

T he t hree countries over t he past year have held joint mi l itar y exercises for countering missi le stri kes and hunting for submarines. Later t his mont h t hey are planning d ri lls in a ir, sea and cyberspace in what is bi lled as a f irst of its k ind tri lateral mu ltidomain exercise, Yonhap News repor ted, add ing t he US plans to d ispatch its USS T heodore Roosevelt aircraft carrier g roup for t he tra ining.

The framework would likely build on a landmark summit among the leaders of the three countries last year that included practical steps to counter threats by North Korea such as real-time data sharing on missile launches, and moves to bind the trilateral relationship so tightly that it would be hard to unravel.

Withholding tax liability of e-marketplace operators

EAtty. Mabel L. Buted

TAX LAW FOR BUSINESS

ARLIER this year, we were greeted with RR No. 16-2023, which became effective on January 11, 2024.

This revenue regulation imposes an additional withholding tax obligation on the part of e-marketplace operators and digital financial services providers (DFSPs). They are those who offer digital services platforms that connect online buyers/consumers with online sellers/merchants in their purchase/sale, payment, delivery, and post-purchase support transactions.

marketplace operators and DFSPs

icate of Cred

(BIR

T h e v i s it wo u ld stoke conce r ns f rom t he US and its par tners over ar ms transfers t hat have helped t he K reml in in its assau lt on Uk ra ine in exchange for a id to prop up K im’s reg ime.

During a meeting between t he two in September in Russia, Putin pledged to help K im in his plan to put an array of spy satell ites into orbit.

K im had suffered an embarrassing setback in May when a rocket to deploy a satell ite blew up in a f ireball shor tly after l iftoff. Shin sa id Russia appears to have prov ided new eng ine technology to Nor t h Korea, alt hough a trouble in integ rating t he system l i kely led to t he launch end ing in fa i lure. Nor t h Korea’s state med ia sa id t he trouble was caused by problems w it h a newly developed eng ine t hat used l iquid oxygen and petroleum.

“T hey are exactly Russia’s latest eng ine technolog ies,” Shin sa id, adding P yongyang has effectively admitted to receiv ing suppor t f rom Russia by l isting t he cause of t he accident.

“Nor t h Korea is bel ieved to be continuing eng ine tests at t he moment and we bel ieve t hey w i ll tr y anot her launch in t he second half.” Seou l has detected at least 10,000 shipping conta iners being sent f rom Nor t h Korea to Russia, which cou ld hold as many as 4.8 mi ll ion ar ti ller y shells of t he l i kes t hat Putin has used in his bombardment of Ukraine, Shin said. He expects Putin to ask for even more munitions and ballistic missiles f rom K im during t he v isit.

It’s unclear if Putin wou ld transfer Russia’s most advanced mi l itar y technology, Shin sa id, add ing t he possibi l ity is “ver y low.”

“If Russia decides to transfer that would mean Russia completely losing leverage over Nor t h Korea. So t hey w i ll l i kely leave it as a last resor t and I don’t t hink Nor t h Korea has much to g ive Russia to entice it to g ive up on its last resor t,” Shin sa id. With assistance from Emily Yamamoto, Katria Alampay and Jenny Lee /Bloomberg

T here has been specu lation South Korean President Yoon Su k Yeol and Japanese Pri me M i n i ste r Fu m io K ishida cou ld aga in meet President Joe Biden when t he Asian leaders are expected to travel to Washington in Ju ly for a NATO summit. T he cooperation between t he US and its two power f u l all ies has reached some of t heir strongest levels, after facing t roubles duri ng for mer President Donald Trump’s ter m. Trump caused f riction w it h Tokyo and Seou l by demand ing hefty spend ing increases for hosting US troops. He also scaled back or halted major joint tra ining d ri lls whi le he held talks w it h Nor t h Korean leader K im Jong Un, who moder nized his missi le arsenal, developed new nuclear warheads and increased his stockpi le of f issi le material during Trump’s tenure. Nor t h Korea for decades has demanded a halt to joint d ri lls, call ing t hem a prelude to an invasion. Putin visit KIM is likely to meet President Vladimir Putin t his week, Sout h Korea’s DongA Ilbo newspaper repor ted, in what wou ld be t he Russian leader’s f irst trip to Nor t h Korea in 24 years.

The market. . . Continued from A

ended June 14 compi led by Deutsche Bank AG show. Ru les-based and d i sc ret iona r y investors—who rely on predef ined g uidel ines and algorit hms to make dec i s i ons—d r ove t h e ju mp t hi s week, w it h positioning in tech rising shar ply, along w ith rate-sensitive g roups l i ke uti l ities, staples and real estate. Shou ld t he Fed adopt a f ir m dovi sh stance, defensive cor ners of t he

ma rket t h at pay steady d iv idends, l i ke consu mer staples and real estate, also become more att ract ive, sa id Terr y Sandven, c hief equity st rateg i st at US Bank Wealt h Management. June usually marks a calm period for markets w it h lower trad ing volume head ing into t he summer But next week has a w i ld card: “triple w itching.” Contracts tied to stocks and indexes expire on Friday, coincid ing w it h t he quar terly rebalancing of indexes, a confluence t hat tends to create a burst of volati l ity and high trad ing volumes. So t hat cou ld d isrupt positioning in t he ver y shor t ter m. “Next week cou ld prove quite eventf u l for equit ies,” sa id Frank Monkam, senior por tfol io manager at Antimo. With assistance from Matthew Griffin /Bloomberg

T hey a re required to w it hhold expanded w it hhold ing tax (EWT) on t he g ross remittances made to sellers/merchants for t he goods and ser v ices sold or pa id t hrough t he use of t heir platfor m or faci l ity. T he tax rate is 1 percent based on one-half of t he g ross remittances. T his appl ies when t he annual total g ross remittances to t he onl ine seller/merchant in a taxable year exceeded P500,000. T he sellers/merchants must submit a swor n declaration of t heir income to t he e-marketplace operators and DFSPs for t he latter to deter mine if w it hhold ing of tax is due and proper Upon w it hhold ing of tax,

sellers/merchants

2307). Fur t her, u nder RR No. 16-2023, t he e-ma rketplace oper ators and DFSPs a re required to allow only BIR- r eg i ste r ed selle r s and me rc h ants to u se

China property drag is getting worse, factory output disappoints

CHINA’S housing slump deepened in May and triggered new calls for the government to pump cash and credit into the economy, while industrial output—which has kept growth on track—fell short of forecasts.

Among a slew of data publ ished on Monday, analysts latched onto the bad news f rom t he proper ty market, which has been t he biggest d rag on China’s economic g rowt h Decl ines in real estate investment and home prices both gathered pace last month

Industrial production rose 5.6 percent from a year earlier, the National Bureau of Statistics said, slowing from April and missing the median forecast in a Bloomberg sur vey. Retail sales offered some encouragement, picking up more than expected, but Chinese shoppers remain far from recovering their pre-pandemic mojo.

T he numbers add up to a sti llweak recover y, most economists said —l i kely requiring more action f rom Beijing to bolster consumer demand and tackle imbalances, if t his year’s 5 percent g rowt h target is to be met.

T hat cou ld take t he for m of steppedup government spending and heightened effor ts by t he central bank to put a floor under housing markets and get cred it flow ing.

‘Most disappointing’

“THE most d isappointing in May’s data is probably t hat proper ty sales barely saw any improvements even after so many suppor tive measures,” sa id Jacquel ine Rong, chief China economist at BNP Paribas SA. She

sa id China’s aut horities need to f ind ways to lower t he rates on ex isting mor tgages, closing t he gap w it h t he cost of new ones.

T he People’s Bank of China on Monday kept a key i nterest rate unc hanged for t he tent h stra ight mont h Economists say t he bank’s room to cut rates is constra ined by t he need to prop up t he y uan, which faces downward pressure as t he US Federal Reser ve reinforces its highfor-longer message.

Chinese stocks declined, w ith the onshore benchmark CSI 300 Index down 0.1 percent as of 1:50 p.m. A gauge of Chinese developers’ shares fell 2.9 percent.

Overall f i xed-asset investment rose 4 percent in Januar y-May, down f rom 4.2 percent in t he f irst four months—even though there’s been a pickup in gover nment bond issuance to f und inf rastructure spend ing.

China’s growth remains “ highly uneven, w ith exports and new energy-related capex as the drivers while consumption and proper ty as the drags,” according to economists including Larry Hu at Macquarie Capital Ltd. Still, the slowdown isn’t severe enough to threaten the growth target and while policymakers may take some limited action “the urgency for a major stimulus is low,” they w rote.

Consumption ticks up THE acceleration in reta i l sales was t he f irst since November At 3.7 percent t he pace rema ins less t han half of t he 8 percent or so t hat was typical before t he pandemic, even t hough social and economic l ife has largely retur ned to nor mal. And even t hose ga ins may not last, accord i ng to M ic helle Lam, an economist for g reater China at Societe Generale SA. “It rema ins to be seen if t he better momentum in reta i l sales is susta inable,” she sa id. Since households have been reluctant to spend, China has tur ned to expor t-led g rowt h instead. A factor y boom helped offset t he housing slump and kept economic g rowt h on track. But that strategy faces grow ing uncertainties as major partners erect new trade barriers t hat t hreaten t he expor t eng ine. Last week, t he EU followed t he US by imposing hefty tariffs on Chinese electric cars. Seek ing to shore up demand at home, China rolled out a prog ram in Apri l t hat offers incentives for businesses and households to upg rade old machiner y. Par t of t he plan involves gover nment subsidies for buyers of new cars. Monday’s data suggests t he impact has been l imited. Reta i l sales of automobi les fell 4.4 percent f rom a year earl ier in May, only a sl ight improvement f rom t he prev ious mont h

Housing rescue

LATE last mont h C hi na also u nve i led a broad resc ue package to

Ukraine’s global outreach hits wall as summit goals fall short

By Andrea Palasciano & Bastian Benrath

VOLODYMYR ZELENSKYY is returning to Kyiv with €50 billion ($53.5 billion) in aid, fresh security guarantees from the US and commitments to help rebuild energy infrastructure for a countr y battered by more than two years of war But t he Uk r a i n i an pres ident’s foray to a Sw iss mounta intop, where he gathered more than 100 countries and organizations, fell shor t in his bid to broaden international support. Ind ia, Brazi l and South Af rica, which sent delegates, opted out of signing t he summit document. China had made clear it wou ld have no par t in it. T he fa i lure to w in over nations f rom t he Global Sout h shows t hat Russia rema ins far f rom isolated and t hat Uk ra ine’s best hopes of fending off t he K reml in’s assau lt is w it h Wester n assistance. Securing t heir back ing—essential to ambitions for a broad global all iance and t he ma in

thrust of Ky iv’s diplomatic agenda for almost two years—may be mov ing beyond reach

T he Uk ra inian leader left his warbattered cou nt r y t his mont h and criss-crossed t he globe in preparation for t he meeting. He flew to Singapore to recruit Asian gover nments to his cause—accusing China of under mining the effort w ith Moscow— and made stops in Qatar and Saud i A rabia. A reconstruction conference in Berl in and t he Group of Seven summit in Italy cemented suppor t, especially f rom Wester n par tners. T he intense d iplomatic shuttl ing cu lminated w it h t he meeting at t he Buergenstock resor t in Lucer ne— and a nearly 500-word communiqué t hat had been narrowed to focus on t hree issues and to some extent was watered down to w in max imum suppor t. Even sti ll, only 83 delegates signed on. One of t he holdouts was Saud i A rabia. A last-minute v isit by Zelenskyy to t he k ingdom last week, to cour t Crown Prince Mohammed

bin Salman’s suppor t, had appeared to pay off when R iyad h sent Foreign Minister Prince Fa isal Bin Farhan. His Ukrainian counter par t, Dmytro Ku leba, was seen stroll ing beside t he Saud i top d iplomat as delegates entered t he Sw iss meeting. T here was specu lation t hat an expected second su mm it wou ld take place in Saud i A rabia. But on Sunday, no Saud i signature came—and t he second meeting went unmentioned in t he communiqué text. During t he f irst plenar y session, t he k ingdom’s top d iplomat sa id t hat Ky iv must be prepared to make “d iff icu lt compromise” to put an end to t he confl ict. Putin’s Influence IT was a war ning t hat echoed similar v iews in t he Global Sout h Ind ia’s delegate, Pavan Kapoor a state secretar y in t he foreign ministr y and for mer ambassador to Russia, sa id only options t hat are “acceptable to bot h par ties” can lead to peace. Zelenskyy called t he summit a

“g reat

PHL financial system’s total resources hit ₧31.5T in April

By Cai U. Ordinario @caiordinario

THEtotal resources of the Philippine financial system increased 9.86 percent in April 2024, according to the latest data from the Bangko Sentral ng Pilipinas (BSP).

t h e total f i nanc i al r eso ur ces of Phi l i pp i ne banks amo u nt i ng to P101 bi ll ion or 0. 3 8 percent of total resources.

T he total resources of DGBs were t he fastest g row i ng among banks and non-banks t h at a re pa r t of t he

Phi l ippi ne f i nanc i al system.

s was followed by

and Coope r at ive Banks (RCBs) whic h accou nted for 1.74 pe rcent or P458 bi ll

of

total resources of Phi lippi ne banks i n Apri l 2024. T he resources of RCBs, howeve r i nc reased 13 37 pe rcent or P54 bi ll ion f rom t he P404 bi ll ion level of resources t hese banks h ad i n Apri l 2023 BSP data s howed t h at d i g ital banks (DGBs) also cont ributed to

T h e total r eso ur ces of DGBs s urged 48.53 pe rcent or P33 bi ll ion

i n Apri l 2024 f rom t he P68 bi ll ion it posted i n Apri l 2023

Meanw hi le, r eso ur ces lodged i n non-banks amou nted to P5.23

t ri ll ion i n Apri l 2024. T hi s was an i nc rease of 1.53 pe rcent or P 79 bi ll ion f rom t he P5.151 t ri ll ion posted i n Apri l 2023

Non-bank i nst it ut ions i nclude BSP-s upe r v i sed i nvestment hou s-

es, f i nanc i ng compan ies, i nvestment compan ies, sec urit ies deale r s/broke r s, pawns hops, lend i ng i nvestor s, and non-stock sav i ngs and loan assoc i at ions (NSSLAs). T he l i st also i ncludes c red it ca rd compan ies, gove r nment non-bank f i nanc i al i nst it ut ions (i .e., Phi l ippi ne Gu a r antee Cor por at ion and Small Bu s i ness Cor por at ion), and aut hori zed agent banks (AAB) forex cor por at ions. T h ese i nst i t u t i ons, BS P sa i d, also i ncl u de t h e Soc i al Sec uri ty System (SSS), Gove r nment Se rv i ce Ins ur ance System (GSIS), and p ri vate i ns ur ance compan i es w h e r e assets a r e r epo r ted net of allowance fo r p r obable losses and dep r ec i at i on.

By Samuel P. Medenilla @sam_medenilla

P RESIDENT Fe r d i nand R. Ma rcos Jr on Monday prayed for Fi l ipi nos to h ave t he courage and w i sdom i n fac i ng adve r s ity duri ng t he commemorat

Editor: Jennifer A. Ng

By Lenie Lectura @llectura

TWO units under ACEN Corp. and one from San Miguel Global Power Holdings, Corp. are vying to supply 500 megawatts (MW) to the Manila Electric Co. (Meralco).

T hrough its strateg ic sourcing ini-

Tirst quar ter, were all “spi llovers” f rom last year, so “a good por tion” of t he capital expend itures spent there was already recognized in 2023, it sa id. “We’re targeting to open 10 stores, but we always do have more t han one we target. I mean we’re doing const ruct ion work for more t han what we target because, you know in construction you ’ re never really sure if t he target date of completion w i ll be met,” Lorra ine Belo-Cincochan,

Wi lcon’s CEO, told repor ters during a press brief ing. T he company repor ted t hat its prof it in t he f irst quar ter fell by 23 percent to P740 mi ll ion f rom P962

securities in t he for m of mission suppor t or charity mission suppor t pledge. T he SEC also included in its order Hu man ita ri an and Spirit u al Mission Apostu lates of Davao and Asia Inc. and Humanitarian Institute of Technology Cor p., and also Rowel Dagan Bacat, Cy rus Mark Cabasag, Cipriano Quizon Jr., Ralph Jimmy Calaor Gayat i n or Dante “Bong” Encar nacion Tabusares, Lecerio A. Lavente Jr Dural iza Baja Ma husay, Er w in S. Gabieta, Jeof rie A. Jala, Maria Lourdes Biongan Domosmog, Ledev ina M. Generalao, Rodel B. Mahusay and Roy T. Velasco. Tabusares identif ied himself as t he B i s hop/ Pres ident/Tru stee of Hasmada i on papers f i led w it h t he SEC. Tabusares has been tagged as t he mastermind in the murder of Brigada FM K idapawan broadcaster, Eduardo ‘Ed’ Dizon last Ju ly 10, 2019. Dizon was allegedly k i lled on t he order of Tabusares over his stringent criticism of t he KA PA Community Ministr y of which Tabusares admitted to being its “med ia coord inator and promoter” for Nor t h Cotabato. T he SEC closed KA PA down in early 2019 for being an investment scam and Dizon was k illed just weeks

Banking&Finance

Silverlion sued again for money laundering

By VG Cabuag @villygc

Tcash stored in the room rented by Ladoing are proceeds of the unlawful activ ity involv ing v iolations of the SRC,” according to the complaint. T he SEC and AMLC prev iously filed a complaint against Silverlion and its other officials in October 2023

What is the availability heuristic?

t heir f i nanc i al perspect ives and even ignore relevant or i mpor tant i nfor mat ion when mak i ng f i nanc i al dec i sions. How to overcome the availability heuristic 1. Diversify information sources Make a consc iou s effor t to gat her f i nanc i al i nfor mat ion f rom va riou s sources, not ju st t he most recent or sensat ional ones. Seek out d iverse v iewpoi nts to get a more balanced u nderstand i ng of your c hoices and ava i lable alter nat ives.

even

i f it’s not t h at i mpor tant or essent i al to t he sit u at ion.

Let’s look at some examples to u nderstand t he ava i labi l ity heuri st ic better and d i sc u ss how it i mpacts our personal f i nances.

The impact on personal finance

1 R ecenc y bias

People often g ive more i mpor tance to recent f i nanc i al events t hey’ve experienced or obser ved. For example, i f t here’s a stock ma rket c rash, i nd iv idu als m ight be reluctant to i nvest, even i f hi storical data suggests t h at t he ma rket typically recovers.

2 Neg lecting diverse data

T he ava i labi l ity heuri st ic can lead i nd iv idu als to ignore a w ide range of f i nanc i al i nformat ion and i nstead rely on a na rrow set of data t h at read i ly comes to m i nd. For i nstance, many i nvest only i n t he local ma rket becau se t here’s l ittle i nfor mat ion on how to i nvest i n global sec urit ies, even i f it’s not t h at d i ff ic u lt, espec i ally today.

3 Fear of rare events Ra re f i nanc i al events, suc h as t h at of t he hou si ng ma rket bubble, become sign i f icant factors i n f i nanc i al dec i sionmak i ng due to t heir high prom i nence i n t he med i a when it h appened. T hi s can make someone avoid real estate i nvestments even i f t he sector ’s outlook i s act u ally good.

4 Underestimating longterm risk s As an example, many people tend to u nderest i mate how long t hey w i ll l ive and how muc h t hey w i ll need upon ret irement becau se it’s not some-

t hi ng t hey constantly t hi nk about. T hu s, t hey don’t prepa re for it as d i l igently as necessa r y, whic h can lead to i nadequ ate ret irement plann i ng. 5 Confirmation bias

T he ava i labi l ity heuri st ic can rei nforce conf ir mat ion bi as, where i nd iv idu als act ively seek and remember i nfor mat ion t h at conf ir ms t heir ex i sti ng bel iefs. T hi s can d i stor t

2 Use historical data W hen evalu at i ng f i nanc i al dec i sions, rely on hi storical data and long-ter m t rends rat her t h an t he most recent headl i nes. Understand t h at ma rket fluct u at ions a re pa r t of t he nor m.

3 Embrace c ritical thinking

C h allenge your own bel iefs and quest ion whet her read i ly ava i lable i nfor mat ion i s t ru ly representat ive of t he broader f i nanc i al landscape. Engage i n c rit ical t hi nk i ng and consider alter nat ive perspect ives.

4 Consult financ ial professionals

Fi nanc i al adv i sors can prov ide valu able i nsights and help you make dec i sions based on comprehensive analyses rat her t h an fleet i ng i mpressions.

5 Set clear financ ial goals

Establ i sh clea r, well-def i ned f i nanc i al goals and priorit ies. Hav i ng a roadmap can help you stay foc u sed on your long-ter m object ives, reduc i ng t he i mpact of t he ava i labi l ity heuri st ic.

In conclusion

THE ava i labi l ity heuri st ic i s a cogn it ive bi as t h at can sign i f icantly affect f i nanc i al dec i sions. By recogn i z i ng its i nfluence and act ively work i ng to overcome it, you can make more rat ional and i nfor med c hoices when manag i ng your money.

D iversi fy i ng your i nfor ma-

t ion sources, rely i ng on hi storical data, embrac i ng c rit ical

t hi nk i ng, seek i ng professional adv ice, and sett i ng clea r f i nanc i al goals a re key st rateg ies to cou nteract t he ava i labi l ity heuri st ic’s i mpact on your personal f i nance jour ney.

Remember, mak i ng dec i sions based on facts and t houghtf u l analysi s w i ll lead to better f i nanc i al outcomes i n t he long ru n.

Fitz Villafuerte is registered financial planner of RFP Philippines. His views in this column do not necessarily reflect those of the BUSINESSMIRROR S . 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.

THE Philippine peso looks set to extend its slump toward a record low as investors see the nation’s central bank cutting interest rates ahead of the Federal Reser ve. T he peso has hovered around its 2022 low of 59 per dollar for most of June and has weakened almost 6 percent t his year Bearish sentiment is intensify ing after Bangko Sentral ng Pi l ipinas (BSP) signaled last mont h t hat rate cuts may beg in as early as Aug ust, as some strateg ists see t he currency weakening to 60 by t he end of t he year Phi l ippine’s central bank stands in contrast to its peers in Asia, which rema in hawk ish as t he reg ion’s currenc ies decl ine t his yea r Fur t her weakness in t he peso may reverberate in t he economy, w it h inflation a key risk as t he nation impor ts goods such as rice and almost all its oi l requirements.

T he level of 60 “ is a risk t hat cannot be ru led out g iven t he BSP ’s pushback aga inst hi kes, recalcitrant Fed restraint, tw in deficits and China

worth of investment for 60 days. “The operations of Silverlion is still ongoing at the time of the consented search Ladoing has no other source of income where the said amount might be sourced out. T hus, there is no other conclusion except that hefty amount

risks,” sa id Vishnu Varat han, Singapore based chief Asia ex-Japan economist at Mizuho Bank Ltd. T he peso closed at 58.65 per dollar on Friday. Much w i ll depend on how agg ressively t he BSP w i ll inter vene,

By Cai U. Ordinario @caiordinario

HE Canad i

to help Asia and t he Pacif ic

mobi l ize private capital to advance

t he f ight aga inst cl imate change,”

sa id ADB Vice President for Market

Solutions Bhargav Dasg upta.

ADB sa id it w i ll administer CANPA on behalf of Canada to help private sector companies lower t heir

g reen hou se em i ssions, t ransit ion f rom carbon-based operations, and improve t heir cl imate resi l ience.

T he Man i la-based mu lt i lateral development bank also said the f und w i ll help reduce risks to bring v iable

projects to market t hat wou ld be unl i kely to proceed solely on a commercial basis, whi le empowering women and g irls by suppor ting their engagement in a just transition.

T he f und, ADB sa id, w i ll also f inance nature-based solutions such as sustainable ag ricu lture and aquacu lture to protect, manage, and restore ecosystems.

“CANPA w i ll help accelerate t he reg ion’s transition to low carbon and climate-resilient g rowth by lowering f inancing risks and mak ing projects more commercially bankable, w it h a specif ic emphasis on empowering women and g irls,” Dasg upta sa id. ADB sa id t he f u nd w i ll encourage oppor t unist ic investments, leveragi ng ADB’s private sector platfor m and capabi l it ies. It follows t he successf u l deployment of t he Canad i an

Cl i mate Fu nd for t he Private Sector

i n Asi a (CFPS) i n 2013 and CFPS II i n 2017.

T he Asia and t he Pacif ic reg ion is responsible for more t han half of global g reenhouse gas emissions. It is susceptible to the most destructive effects of cl imate change.

T his includes damage f rom extreme weat her, prolonged d roughts, and flood ing. More t han 60 percent of t he reg ion’s popu lation works in sectors most at risk f rom cl imate change.

CHINA’S central bank left a key interest rate steady for t h e tent h st ra i g h t mont h , displaying caution on monetar y easing g iven abundant liquidity and the pressure to prevent the yuan from weakening fur ther

T he People’s Bank of China kept t he rate on one-year pol icy loans, t he so-called med iu m-ter m lending faci l ity, steady at 2.5 percent on Monday, in l ine w it h t he forecast in a Bloomberg sur vey. It w it hd rew a net 55 bi ll ion y uan ($7.6 bi ll ion) f rom t he bank ing system to avoid excessive l iquid ity. T he dec ision reflects f i nanc i al aut horities’ preference for currency stabi l ity over lower borrow ing costs, despite a f rag i le recover y in t he world’s second-largest economy. Beijing’s restra int may dampen market hopes for monetar y easing t hat have kept local bond y ields near a two-decade low. “A r ate c ut wou ld be benef ic i al to s u ppor t t he economy at t hi s ju nct ure” g iven weak c red it data released last Friday, sa id Lynn Song, g reate r C hi na c hief econom i st at ING Bank. “It i s l i kely t h at t he PBOC h as held off f rom r ate c uts to date i n cons ide r at ion of t he toplevel pol icy priority to ma i nta i n c urrency stabi l ity at a reasonable and balanced level.” Aut horities have ref ra ined f rom outright rate cuts, w it h an eye toward keeping t he y uan a “power

WORKERS handle blocks of ice outside a market in Bacolod, the Philippines, on April 30, 2024. BLOOMBERG NEWS

PERSONAL FINANCE

Fitz Gerard Villafuerte F

PHOTO FROM WWW.ADB.ORG

Pacquing’s approach to meaning, Gadia’s resistance to nostalgia

‘SELECTIONS FROM THE 21ST CENTURY ART MUSEUM [21AM] COLLECTION’

DISCOVER the vibrant tapestry of Philippine contemporary art with the Selections from the 21st Century Art Museum Collection exhibition at the Cultural Center of the Philippines.

Featuring paintings, photos, drawings, sculptures, prints, and reliefs, this collection spans the 1960s to the 1980s, emphasizing printmaking,

abstraction, experimental, and conceptual art. Divided into The Possibilities of Luminance and Man and Nature, the exhibition unveils artists who defied conventions, embracing conceptual and experimental forms.

Be immersed in the evolution of artistic expression, blending

spontaneity, materials and personal philosophies in both figurative and non-representational realms.

The exhibition is ongoing until November 21, 2024, and is on view from 9 am to 6 pm, Tuesday to Sunday, National Museum of Fine Art, Padre Burgos Drive, Ermita, Manila. The exhibition is free.

A PORTRAIT OF KING CHARLES III WAS DEFACED IN THE LATEST ACT OF ACTIVIST

VANDALISM

LONDON—Animal rights activists pasted a cartoon image over a portrait of King Charles III on Tuesday at a London art gallery, the latest in a series of incidents at UK museums as campaigners use vandalism to publicize their causes.

A group called Animal Rising shared a video of campaigners pasting a picture of a character called Wallace, from the Wallace and Gromit comedy series, over the king’s head. The so-called ‘’comic redecoration” was designed to highlight an investigation that Animal Rising said found widespread violations of animal husbandry rules at farms approved by the Royal Society for the Prevention of Cruelty to Animals.

A speech bubble next to the head of Wallace read: “No cheese, Gromit. Look at all this cruelty on RSPCA farms!”

The painting is protected by a sheet of plastic and wasn’t damaged, according to the Philip Mould Gallery, where it is on display.

The larger-than-life painting by Jonathan Yeo was unveiled last month and is the first portrait of Charles to be completed since he ascended the throne in 2022. It captures the king in shades of red with his hands clasped atop the hilt of his sword and a butterfly flitting above his right shoulder.

The portrait was commissioned to celebrate Charles’ 50 years as a member of the Drapers’ Company, which was set up more than 600 years ago as a trade association for wool merchants but is now primarily a philanthropic organization.

On May 10, two climate change protesters attacked the protective glass case housing an original copy of the Magna Carta at the British Library. The 800-year-old document, seen as one of foundations of western democracy, wasn’t damaged. AP

HOROSCOPE

By Eugenia Last

TAURUS

GEMINI (May 21-June 20): Reflect and review your financial situation. Add to your skills and qualifications if doing so will help you perform more efficiently. Don’t follow the crowd when it’s you who needs to feel satisfied. Take matters into your own hands and choose what excites you most.

CANCER (June 21-July 22): Participation will connect you to someone or something that can help you advance. Having discipline and the courage to act will prompt you to make a move that leads to a financial or health improvement.

LEO (July 23-Aug. 22): Balance is necessary to come out on top. Refuse to let anyone talk you into doing something you don’t want. Look for opportunities, and take positive action to ensure you complete responsibilities and have a little time for yourself.

VIRGO (Aug. 23-Sept. 22): Your happiness is your responsibility. Consider what you need and want. A change that offers contentment or a chance to fulfill a dream or goal will build confidence and the desire to live life your way.

LIBRA (Sept. 23-Oct. 22): Take more time to plan your next project or purchase. Preparation is vital if you want to turn your desires into an opportunity instead of a loss. Don’t let anyone decide for you or talk you into something you don’t need.

SCORPIO (Oct. 23-Nov. 21): Embrace something that moves and enthuses you. Put your mind to work and bring your physical skills on board to help you reach your goal. Make a change that will encourage you to enjoy life more and to head down a path that enriches your life.

SAGITTARIUS (Nov. 22-Dec. 21): Do what comes naturally. Refuse to get involved in someone else’s goal if it will take you away from what’s important to you. Be true to yourself and embrace the opportunities that resonate with you mentally, physically and financially.

CAPRICORN (Dec. 22-Jan. 19): Stick to the truth and avoid the consequences. Putting your energy where it counts will have the biggest and best influence on your health and emotional wellbeing. A change at home will positively impact your relationships.

AQUARIUS (Jan. 20-Feb. 18): A domestic change that allows you space and time to pursue something that brings you joy will be uplifting and build self-confidence. Choose to give your energy a physical outlet, and you’ll avoid a mental battle with someone you love.

PISCES (Feb. 19-March 20): Use your imagination, and you’ll devise a plan that saves or makes you money. A move will lead to an unexpected opportunity and information that will help you thrive as you move forward. Use your power of persuasion to get others on board with your plans.

BIRTHDAY BABY: You are charming, persuasive and engaging. You are perceptive and imaginative.

BY SHANNON RAPP AND WILL EISENBERG

Clooney and Roberts help Biden raise $30 millionplus at star-studded Hollywood gala

LOS ANGELES—Some of Hollywood’s brightest stars headlined a fundraiser for President Joe Biden that took in a record 0 million plus for a Democratic candidate, according to his campaign, in hopes of energizing would be supporters for a White House contest they said may rank among the most consequential in US history.

George Clooney, Julia Roberts and Barbra Streisand were among those who took the stage at the 7, 00 seat Peacock Theater in Los Angeles on Saturday night. Late night host Jimmy immel interviewed Biden and former President Barack Obama, who both stressed the need to defeat former President Donald Trump in a race that’s expected to be exceedingly close.

During more than half an hour of discussion, immel asked if the country was su fering from amnesia about the presumptive Republican nominee, to which Biden responded, “All we gotta do is remember what it was like” when Trump was in the White House.

Luminaries from the entertainment world have increasingly lined up to help Biden’s campaign, and just how important the event was to his reelection bid could be seen in Biden’s decision to ly through the night across nine time zones, from the G7 summit in southern Italy to Southern California, to attend.

He also missed a summit in Switzerland about ways to end ussia’s war in Ukraine, instead dispatching Vice President amala Harris who made a whirlwind trip of her own to represent the United States there, a stark reminder of the delicate balance between geopolitics and Biden’s bid to win a second term.

Further laying bare the political implications were police in riot gear outside the theater. A group of protesters angry about the Biden’s administration’s handling of Israel’s war against Hamas in Gaza demonstrated nearby.

The fundraiser included singing by Jack Black and Sheryl Lee Ralph, and actors athryn Hahn and Jason Bateman introduced immel, who himself introduced Biden and Obama. The comedian deadpanned, “I was told I was getting introduced by Batman, not Bateman.”

But he quickly pivoted to far more serious topics, saying that “so much is at stake in this election” and listing women’s rights, health care and noting that “even the ballot is on the ballot” in a reference to the Biden administration’s calls to expand voting rights. immel asked the president what he was most proud of accomplishing, and Biden said he thought the administration’s approach to the economy “is working.”

“We have the strongest economy in the world today,” Biden said, adding “we try to give ordinary people an even chance.”

“What we’re seeing now is a byproduct of in 2016. There were a whole bunch of folks who, for whatever reason, sat out,” said Obama, who, like Biden wore a dark suit and a white shirt open at the collar. Obama, speaking about the Supreme Court, added that “hopefully we have learned our lesson, because these elections matter in very concrete ways.” immel o fered his special brand of humor throughout the night. At one point he asked how can a president get back at a talk show host who makes fun of him on TV every night.

“Ever hear of Delta Force?” Biden responded, referring to the Army special operations unit. Earlier in the program, immel noted Biden’s campaign promise to restore the soul of America and said “lately it seems we might need an exorcism.” Then he asked Biden, “Is that why you visited the pope?” Biden and Pope Francis met in Italy on Friday. AP

AS it takes bold steps to embrace the industry’s rapid digital advancements, media giant GMA Network was among the broadcasting companies in Asia-Pacific recognized at the Asia-Pacific Broadcasting+ Awards 2024, held on May 30 in Singapore. The network took home three awards in the following categories: Series Production-Philippines, Technology Animation-Philippines and Set Design Enabling Special Effects-Philippines.

GMA Integrated News’ (GMAIN) flagship newscast 24 Oras won the Series Production-Philippines award for “Banta ng Nagbabagong Klima.” This was a series of special reports that investigated the effects of climate change. It shed light on the impact of extreme weather conditions, deforestation, and the displacement of communities, and at the same time showcased tales of resilience and innovation in adapting to the threat of climate change.

the award for Technology

Show BusinessMirror

Love, like happiness, is a decision

TO cap the celebration of Pride Month, couple Ice Seguerra and Liza Diño have committed to topbill Choosing (Not A Straight Play), a unique theatrical production that will be staged at the Power Mac Spotlight Blackbox Theater in Ayala Circuit, Makati, on all weekends from June 29 to July 7. It a heartfelt play that follows the intertwined journeys of Stella, a cisgender woman, and Mitch, a transgender man. As they navigate their individual transformations and face life’s highs and lows, the couple delves deeper into their identities and relationship. Through their stories, Stella and Mitch discover the power of choice in inding happiness and staying true to themselves. Choosing re lects their commitment to embracing their authentic selves and the paths they choose to take together.

“This is a very personal project. More than a theatrical production, it is a heartfelt exploration of identity, deep love, and the courage to be true to oneself,” shared Diño, who is also credited as writer of the play. She added, “When I started to develop this project, I aimed to not just tell a story because I wanted to share a huge chunk of our souls since the journey that a relationship goes through is o tentimes challenging and arduous, not just about inding love and someone to love, but also involves the family, the society and a bigger spectrum that requires both acceptance and freedom. How I ended up writing this remains a mystery but I guess it is also serendipitous, as the material is a re lection of not just our experiences but those in our community whose stories are not always heard and told to many.”

Seguerra, Diño’s ever supporting husband, took the plunge to star in his irst ever play because he believes in the material and he is also acting opposite his wife. “Actually there is more pressure because we know each other too well, and we have to convincingly give life to our respective characters. As actors, we will only succeed if the audience does not see me and Liza, but Mitch and Stella.”

added, “I also hope that this play will in some way break barriers to understanding the unique and individual experiences of people from our community, so our audience will hopefully understand that we have more commonalities than di ferences.”

Diño, who just arrived from the 2024 European Audiovisual Entrepreneurs’ Workshop in Trondheim, Norway, has immediately buckled down to rehearse

SB19, Bini, Flow G, SunKissed Lola set to headline OPM event of

PREPARE for the ultimate celebration of today’s Original Pinoy Music (OPM), and the stories of success behind these chart-topping hits, as Puregold presents Nasa Atin ang Panalo concert on July 12, 7 pm, at Araneta Coliseum. The thanksgiving event, which will feature acts by phenomenal Filipino music talents SB19, BINI and Flow G, and a special performance by SunKissed Lola, celebrates Puregold’s remarkable milestone of reaching 500 stores on its 25th year. Through Nasa Atin ang Panalo Puregold expresses its gratitude to its loyal customers, dedicated employees, and supportive partners who have long played a role in the company’s very own panalo story. As can be gleaned from Puregold’s recent announcement on its social-media pages, the star-studded Nasa Atin ang

Panalo is set to be an unforgettable night of music, inspiration and pure entertainment. This was affirmed by Puregold Price Club Inc. president Vincent Co who relates that from the get-go, they envisioned Nasa Atin ang Panalo to be more than just a concert.

“We want it to be a heartfelt tribute to Filipino stories of grit, courage, change, and success—panalo values that our concert artists possess and hope to inspire among their fellow Filipinos,” Co says. “And we are excitedly presenting these top musicians not only to showcase their talent and spotlight local music, but to highlight the stories of SB19, BINI, Flow G, and SunKissed Lola as they pursue their dreams.”

Puregold is mounting the concert in collaboration with Wish 107.5, a partnership that has been instrumental since 2021

in discovering and highlighting OPM talents. This partnership reflects a shared commitment to promote and nurture local music artists through platforms that enable them to reach wider audiences.

Ticket mechanics will be announced soon on Puregold’s official channels. For more updates, check out the Puregold Channel on YouTube, Facebook, Instagram, Twitter, and TikTok.

while fearlessly trailblazing the use of technology,” says senior vice president and head of GMA Integrated News, Regional TV and Synergy Oliver Victor B. Amoroso.

“We are very proud of our Unang Hirit team as they continue to find ways to delight audiences and innovate on the show after 25 years on the air. This newest set is our most beautiful ever, and we are very grateful for the recognition from the Asia-Pacific Broadcasting Awards,” shares first vice president for GMA Public Affairs Nessa S. Valdellon.

The Asia-Pacific Broadcasting+ Awards seeks to recognize innovation and excellence in projects across the Asia-Pacific region that advance the field of broadcasting in the areas of technology, digitalization and engineering.

He

for this special play directed by Anton Juan. The production team includes composer Vince de Jesus, lighting designer John Batalla, visual artist GA Fallarme, technical director D Cortezano, stage designer Ohm David, stage manager Lani Tapia, and production manager Raqs Regalado. Catch the two weekend run of Choosing (Not A Straight Play) and realize that indeed love, like happiness, is a decision.

B5

Editor: Gerard S. Ramos

COUPLE Liza Diño (left) and Ice Seguerra

l E ditha Ange es , Assistant Chief of the Anti -V io l ence Against Women and Chi l dren ’s Desk of the Phi ippine N ationa l Po ice ( AV AWCDP N P ) w ho passionate l y discussed the Safe Spaces Act; Coach Reiner G rospe of L imit l ess L ife Coaching w ho co v ered gender sensiti v ity and c l ear l y exp l ained the concepts of Sexua l Orientation , G ender I dentity E xpression and Sexua l Characteristics ( SO GIE- SC ) ; and E rica Cardoso , managing director of Ev ergreen L abs Ph , w ho discussed the p l astic w aste prob l em in the Phi l ippines and ho w F P G MC and N utriAsia I nc. (N A I) and other responsib l e organizations are responding to cha ll enge of better so l id w aste management.

T he e v ent cu l minated w ith a refresher session on the company s v a ues faci l itated by N A I H R Ta l ent and De v e l opment Manager, Mar v in Fajardo. “F PR I D E is a ce ebration of e v erything that makes us proud to be a part of a responsib l e company that encourages di v ersity and inc l usi v ity; fosters safe , hea l thy spaces for both emp l oyees and partners , and one that is deep l y committed to making a positi v e impact in the community,” xxp l ained F P G MC H R Assistant Manager J ane Bernardo - Durana.

Europe wants affordable EVs from China, but not at the cost of its own auto industry

By David Mchugh & Kelvin Chan Ap Business Writers

FRANKFURT, Germany—

The European Union moved Wednesday to hike tariffs, or import taxes, on electric vehicles made in China. EVs are the latest flash point in a broader trade dispute over Chinese government subsidies and the Asian nation’s burgeoning exports of green technology to the 27-nation bloc.

Here are some basic facts about the EU’s planned tariffs:

What did the European Union do?

THE European Commission, the EU’s executive arm, said the preliminary results of its ongoing investigation into Chinese EV subsidies show that the country’s battery electric vehicle “value chain” benefits from “unfair subsidization” that hurts EU rivals. It plans to impose provisional tariffs of up to 38.1 percent on electric vehicles shipped from China. That’s on top of the 10 percent duties for all imported EVs.

The commission took aim at three of the biggest Chinese EV players in Europe, saying it would impose extra duties of 17.4 percent on electric cars from BYD, 20 percent on those from Geely and 38.1 percent for vehicles exported by China’s state-owned SAIC.

Geely owns a stable of popular brands, including Polestar, British sports car maker Lotus and Sweden’s Volvo, while SAIC owns Britain’s MG, one of Europe’s bestselling EV brands.

Other EV manufacturers in China would be subject to duties of at least 21 percent.

The commission said it has reached out to Chinese authorities to “explore possible ways to resolve the issues” but if those discussions don’t result in an effective solution, the duties will take effect on July 4.

Why did the commission take action?

THE value of battery-powered cars imported to Europe skyrocketed from $1.6 billion in 2020 to $11.5 billion last year, according to research firm Rhodium Group.

Most of the imports are from Western automakers with factories in China, including Tesla and BMW.

But EU officials complain Chinese’s homegrown automakers are poised to gobble up market share by undercutting European car brands on price thanks to Beijing’s massive subsidies.

EU officials fear unfairly subsidized imports will hurt Europe’s manufacturers and the continent’s green tech industries. European countries subsidize electric cars, too. The question in trade disputes is whether subsidies are fair and available to all carmakers or distort the market in favor of one side. The planned tariffs are aimed

at leveling the playing field by approximating the size of the excess or unfair subsidies available to Chinese carmakers. The commission didn’t single out Western auto brands, but mentioned that Tesla might get an “individually calculated” rate if duties are definitively imposed.

How do the EU tariffs compare to ones announced by the US?

THE Biden administration is raising tariffs on Chinese EVs to 100 percent from the current 25 percent. The US currently imports very few Chinese cars, but like the European Commission, the administration worries that subsidies hurt domestic companies and cost jobs.

The US tariffs block virtually all Chinese EV imports. In contrast, the European Union needs affordable electric cars from abroad to achieve its goals of cutting greenhouse gas emissions by 55 percent by 2030.

Just how cheap are Chinese EVs?

CHINESE carmakers have learned to make electric vehicles cheaply amid ferocious price competition at home in the world’s largest car

market. BYD’s Seal U Comfort model sells for the equivalent of 21,769 euros ($23,370) in China but 41,990 euros ($ 45,078) in Europe, according to Rhodium Group figures. The base model of BYD’s compact Seagull, due to arrive in Europe next year, sells for the equivalent of around $ 10,000 in China.

As long as a competitive business environment is fair, cheaper Chinese cars benefit consumers and push European carmakers to lower their prices and improve their offerings, according to Niclas Poitiers, a trade expert at the Bruegel think tank in Brussels. “They are very cost-competitive and increase the pressure on other manufacturers that have been dragging their heels,” he said. It’s the unfair access to subsidies that Europe objects to. “An EU green policy that would lead to the demise of domestic manufacturers because of unfair competition would not be politically sustainable,” Poitiers said.

How does China support its electric car industry?

IN China’s “market socialist”

economy, state-owned companies play a leading role. The government also guides and supports privately owned companies to achieve Beijing’s economic development goals.

For EVs, that includes orders for government fleets, low-interest loans from state-owned banks, cheap land for factories from local governments, tax breaks, and subsidized raw materials and parts from state-owned industries.

The various forms of financial help complicate the EU’s case because it’s difficult to gather data on some of the practices. The EU indicated it selected BYD, Geely and SAIC as a sample to calculate the duties. Other manufacturers in China that cooperated with the investigation but weren’t sampled will face extra duties of 21 percent, while those that didn’t cooperate will be hit with the 38.1 percent rate, the commission said.

What does this mean for European drivers and carmakers?

CHINESE cars are likely to cost more, reducing pressure on European carmakers to keep their prices down. But Chinese companies are able to make cars so cheaply they might still be able to sell at a profit, even with duties as high as 30 percent.

European carmakers that manufacture electric vehicles in China might wind up as collateral damage. They get some government support in China but less than their Chinese competitors.

Five of BYD’s six models would still earn a profit in Europe even at a 30 percent tariff, according to Rhodium Group calculations. Meanwhile a China-made Tesla Model 3 would sell at a loss.

How is China likely to react?

CHINA is almost certain to retaliate and to pressure European officials to negotiate. The China Chamber of Commerce to the EU warned that Beijing could raise duties on cars with engines larger than 2.5 liters, a move that could affect German luxury carmakers such as Volkswagen’s Porsche.

Beijing lashed out after the European Commission unveiled its plans. The higher tariffs are “a naked act of protectionism, creating and escalating trade friction, and ‘destroying fair competition’ in the name of ‘safeguarding fair competition,’” the Commerce Ministry said. It urged the EU to “rectify its wrongdoings immediately” and said China would “resolutely take all necessary measures,” without elaborating. Yet the impact may be smaller than feared, according to analysts at research firm Sanford C. Bernstein. Mercedes-Benz, BMW and Volkswagen now make most of the cars they sell in China at factories there. Only 2 percent of Volkswagen’s China sales are imports and thus vulnerable to higher tariffs; it’s 15 percent for BMW and 19 percent for Mercedes-Benz. European cars at risk of getting slapped with Chinese tariffs tend to be luxury vehicles that bring juicy profits, like Mercedes’ S-Class vehicles and BMW’s X6 and X7. However, such cars cater to rich customers who might be inclined to pay higher prices “as long as their purchase behavior is not deemed to be unpatriotic,” the Bernstein analysts noted. Over the longer term, Chinese carmakers could avoid tariffs by making cars in Europe. BYD is building a plant in Hungary, while Chery has a joint venture to build cars in Spain’s Catalonia region.

Duties at the 15 percent-30 percent level could “wipe out the business model for foreign players such as BMW and Tesla, which are using China as a base for exporting to Europe,” the Rhodium Group said in a report.

Micro homeless communities sprout in US cities eager for small, quick, and affordable solutions

By R.j. Rico & Jesse Bedayn

The Associated Press

ATLANTA—In a dreary part of downtown Atlanta, shipping containers have been transformed into an oasis for dozens of previously unsheltered people who now proudly call a former parking lot home.

The gated micro community known as “The Melody” doesn’t look like a parking lot anymore. Artificial turf is spread across the asphalt. Potted plants and red Adirondack chairs abound. There’s even a dog park.

The shipping containers have been divided into 40 insulated studio apartments that include a single bed, HVAC unit, desk, microwave, small refrigerator, TV, sink and bathroom. On a recent afternoon, a half-dozen residents were chatting around a table in The Melody’s smoking area.

“I’m just so grateful,” said Cynthia Diamond, a 61-year-old former line cook who uses a wheelchair and used to be chronically homeless. “I have my own door key. I ain’t got to worry about nobody knocking on my door, telling me when to eat, sleep or do anything. I’m going to stay here as long as the Lord allows me to stay here.”

Faced with years of rising homelessness rates and failed solutions, city officials across the US have been embracing rapid housing options emphasizing three factors: small, quick and cheap. Officials believe micro communities, unlike shelters, offer stability that, when combined with wraparound services, can more effectively put residents on the path to secure housing.

Denver has opened three micro communities and converted another five hotels for people who used to be homeless. In Austin, Texas, there are three villages of “tiny homes.” In Los Angeles, a 232-unit complex features two three-floor buildings of stacked shipping containers.

“Housing is a ladder. You start with the very first rung. Folks that are literally sleeping on the ground aren’t even on the first rung,” said Denver Mayor Mike Johnston, sitting in one of the city’s new micro communities that offer tiny, transitional homes for that first rung.

More than 1,500 people have been moved indoors through the program, with over 80% still in the housing as of last month, according to city data. The inexpensive units are particularly a boon for cities with high housing costs, where moving that many people directly into apartments wouldn’t

be financially feasible.

Both Atlanta’s and Denver’s program act as a stepping stone as they work to get people jobs and more permanent housing, with Denver aiming to move people out within six months.

That includes Eric Martinez, 28, who has been in limbo between the street and the bottom rung for most of his life. At birth Martinez was flung into the revolving door of foster care, and he’s wrestled with substance use while surfing couches and pitching tents.

“It’s kind of demeaning, it makes me feel less of a person,” said Martinez, his eyes downcast. “I had to get out of it and look out for myself at that point: It’s fight or flight, and I flew.”

Martinez’s Denver tent encampment was swept and he along with the others were directed into the micro communities of small cabin-like structures with a twin bed, desk and closet. The city built three such communities with nearly 160 units total in about six months, at roughly $25,000 per unit, said Johnston. The 1,000 converted hotel units cost about $100,000 each.

On site at the micro community are bathrooms, showers, washing machines, small dog parks and kitchens, though the Salvation Army delivers meals.

The program represents an about-face from policies that for years focused on short-term group shelters and the ceaseless shuffle of encampments from one city block to the next. That system made it difficult to keep people who were scattered through the city connected to services and on the path to permanent housing.

Those services in Denver’s and Atlanta’s micro communities are largely centralized. They offer residents case management, counseling, mental health and substance abuse therapy, housing guidance and assistance obtaining anything from vocational skills training to a new pair of dentures.

“We’re able to meet every level of the hierarchy of needs—from security and shelter, all the way up to self-actualization and the sense of community,” said Peter Cumiskey, the Atlanta site clinician.

The Melody, and projects like it, are a “very promising, feasible and cost-effective way” to tackle homelessness, said Michael Rich, an Emory University political science professor who studies housing policy. Rich noted that transitional housing is still just the first step toward permanent housing.

The programs in Denver and Atlanta, taking inspiration from similar ones in cities like Columbia, South Carolina, and Savannah,

Georgia, offer a degree of privacy and security not found in congregate shelters or encampments.

Giving each resident their own bathroom and kitchen is a crucial feature that helps set The Melody apart, said Cathryn Vassell, whose nonprofit, Partners For Home, oversees the micro community.

Aside from a prohibition on overnight guests, staff emphasize the tenants are treated as independent residents.

Vassell acknowledged it’s unclear how long the containers will last—she’s hoping 20 years. But, she said, they were the right choice for The Melody because they were relatively inexpensive and already had handicap-accessible bathrooms since many were used by Georgia hospitals during the Covid-19 pandemic.

The project, which took only about four months to complete, cost about $125,000 per unit—not “tremendously inexpensive,” Vassell said, but less than traditional construction, and much quicker. Staffing and security operations cost about $900,000 a year.

The Melody is the first part of Atlanta Mayor Andre Dickens’ target of supplying 500 units of rapid housing on city-owned land by December 2025. A 2023 “point-intime” count found there were 738 unsheltered people in Atlanta, far

fewer than many cities, but still an increase over the previous year.

“We need more Melodies as fast as possible,” said Courtney English, the mayor’s chief policy officer.

Few objected when The Melody was announced last year, but as city officials seek to expand the rapidhousing footprint, they know local pushback is likely. That’s what Denver faced.

Mayor Johnston said he attended at least 60 town halls in six months as Denver tried to identify locations for the new communities and faced pushback from local residents worried about trash and safety.

“What they are worried about is their current experience of unsheltered homelessness,” Johnston said. “We had to get them to see not the world as it used to exist, but the world as it could exist, and now we have the proof points of what that could be.” The scars of life on the street still stick with Martinez. All his belongings are prepped for a move at a moment’s notice, even though he feels secure in his tiny home alongside his cat, Appa. The community has been “very uplifting and supporting,” he said, pausing. “You don’t get that a lot.”

Bedayn reported from Den ver.

Editor: Jun Lomibao

THE world of volleyball watches

Meralco: All power, all glory!

By Josef Ramos

“I

PBA championship for the Manuel V. Pangilinan franchise that hasn’t won a single crown since joining the league in 2010.

“I put up thousands of reps for that shot and I wasn’t surprised that it went in,” added Newsome. He made the shot from Chris Banchero’s inbounds leaving only 1.3 seconds in the game clock and although 10-time all Filipino champion San Miguel Beer still had a last-gasp chance to send the race-to-four series to at least an overtime, seven-time MVP June Mar Fajardo was forced to take a three-pointer and missed.

But that botched trey from the San Miguel Beer big man was an option—Fajardo earlier made it 78-all from far out with 3.3 seconds left.

In the end, Newsome had all the reasons to get emotional with the title-clinching victory.

“I have learned from all my failures,” he said. “I have failed against Barangay Ginebra many times in the Finals and those failures allowed me to work hard, push and elevate my game.”

“So happy that all the sacrifices have paid off tonight,” he added.

Petecio

, Paalam named flag-bearers

in Paris Olympics

THE Philippine Olympic Committee (POC) announced on Tuesday the selection of boxers Carlo Paalam and Nesthy Petecio as flagbearers during the parade of athletes in the opening ceremony for the Paris Olympics on July 26.

“They’re the best performers from the Tokyo Olympics and they deserve to bear the country’s colors,” said POC president Abraham “Bambol” Tolentino during Tuesday’s Fourth POC Journey to Olympics Briefing at the Milky Way in Makati City. Paalam clinched silver in men’s flyweight while Petecio bagged the same medal in women’s featherweight in Tokyo three years ago. Paris is veering from Olympic tradition by holding the opening ceremony on the River Seine—the event is expected to last four hours with the delegations riding boats under heavy security.

Tolentino said Paalam, now fighting as a featherweight, climbs the ring on July 28 while Petecio won’t fight until July 30 thus making it suitable for them to join the opening ceremony. Paris organizers are also limiting participation by each country in the opening ceremony because of security concerns.

“But our utmost concern in Team Philippines is to spare athletes who’re competing in the first two days of the Olympics of the hectic schedule of the opening ceremony,” Tolentino said.

The Philippines has qualified 15 athletes so far for Paris—joining the two are fellow boxers Aira Villegas, Hergie Bacayadan and Tokyo Olympics bronze medalist Eumir Felix Marcial; weightlifters John Febuar Ceniza, Vanessa Sarno, and Erleen Ann Ando; gymnasts Carlos Yulo, Aleah Finnegan, Levi

Meralco lost to a Justin Brownlee-led Ginebra in four Governors’ Cup Finals. Newsome averaged 22.5 points in six games in the Finals—he had 15 in Game 6, 22 in Game 5 and 40 in a losing effort in Game 4. Pangilinan was pleased about his team’s victory.

“I’m really happy for Meralco, after 53 years, they are now

n after 53 years are now ch ampion,” he said Luigi Tri llo, who took over as head coac h from coach Norman Black last year, forged a partnership with Serbian consu ltant Nenad Vucinic, who established Meralco’s prog ram

REY ORO navigated a challenging front nine for a six-over 76 and a three-stroke lead over Eddie Gonzales Jr. in the boys’ 16-18 category of the International Container Terminal Services Inc. (ICTSI) Junior Philippine Golf Tour (JPGT) Iloilo Visayas Series at the Iloilo Golf Club in Santa Barbara on Monday. Oro managed one birdie against seven bogeys in wet conditions to emerge as the top performer after the first 18 holes of the 72-hole competition.

Oro’s standout moment came on the par-4 sixth hole where an errant drive hit a tree and landed in a fairway bunker—he reached the green and sank a 16-foot putt for birdie.

“I hit good shots and my putting clicked,” said the 17-year-old from Bacolod City.

Gonzales, playing two flights ahead of Oro, finished with a 79, thanks to birdies on two of the last four holes on the front nine and despite a triplebogey on the seventh hole, he stayed within striking distance.

Paul Oro also put himself in contention with an 81, while Arsenio

this season—with Black staying on also as a consultant. “We were down 1-3 and 3-5 [start of conference], but everyone helped each other out, challenging the guys,” Trillo said. “Credit the players because they responded and it took a lot from them to get out from a hole.” San Miguel Beer won the Philippine

Cup from 2015 to 2019—2020 had two “bubble” tournaments won by Ginebra and TNT—and again in 2022. On Sunday night, the Beermen held fort only to yield with Fajardo’s 21 points, 12 rebounds and five assists; CJ Perez’s 14 points and nine rebounds; and Marcio Lassiter’s 11 points going to naught.

Oro, Sinfuego ahead in JPGT Visayas in historic Santa Barbara course

of love online and on social media from Filipino fans so be finally be here and experience it first hand is our pleasure,” USA captain Christenson said. “We’re excited to experience it all.”

“We’re happy to be here again and we’re excited to play in front of Filipino fans,” added Japan’s ace Yuki Ishikawa, one of the two Best Outside Hitters in the last VNL finals.

AGELESS Johnny Arcilla beat young Eric Jed Olivarez Jr., 2-6, 6-0, 7-6(5), to rule the Mayor Eric Olivarez National Open Tennis Championships in Sucat over the weekend. Arcilla was down 4-5 and trailed 30-40 in the third set but managed to force a tie and traded serves in the next two games to set up a dramatic tiebreaker against his 26-year-old rival at the Olivarez Sports Center. The Davis Cup veteran and many-time Philippine Columbian Association Open winner, who previously beat Olivarez in the Lanao del Norte Open finals in June 2023, battled to a 3-all count. He then relied on his veteran savvy and resilience to overcome a two-point deficit and rack up a decisive four-point streak to pull off a remarkable win and adding another major championship to his extensive trophy collection. The victory was testament to the

Acuña IV, Rinz Vesinica and Sean Sinfuego posted scores of 83, 84, and 85, respectively.

In the girls’ 16-18 category, Santa Barbara natives Rhiena Sinfuego and Necky Tortosa are set for a close contest. Sinfuego carded a 96, while Tortosa, who plays with one arm, scored a 102.

Tortosa, a senior at Santa Barbara

Arcilla weaves old magic in Sucat

spirit of the 44-year-old warrior, who overcame younger rivals on his way to the finals of the Group A tournament presented by Dunlop—his journey included a commanding 6-2, 6-2 win over Vicente Anasta in the semifinals.

The top-seeded Olivarez demonstrated his prowess in the upper half of the draw, needing to dig deep against Alexis Acabo in the semifinals, carving out a 3-6, 6-3, 6-2 victory to set up the showdown with Arcilla.

Olivarez had previously defeated Arcilla in the semifinals en route to winning the Hagedorn Open crown in Puerto Princesa last year.

After being shut down in the second set by Olivarez’s strong comeback, the second-ranked Arcilla regained his composure, trading breaks in the first two games of the decider. He fought his rival to a series of hold-hold games in the next six games before surviving the challenge in the 10th game.

National Comprehensive High School, expressed her determination to compete and her excitement about the tournament.

“I was really excited when I learned that the JPGT will hold a tournament here,” Tortosa said. “So I trained and practiced the last seven days.”

Sinfuego, an 18-year-old from Phinma University of Iloilo, shared her nervousness but also her joy at participating in the event sponsored by ICTSI and organized by Pilipinas Golf Tournaments Inc.

“This is our first time to play in JPGT, it’s nerve-wracking, but we’re happy because we got to play in this kind of event,” Sinfuego said. “We need more practice because we have just recently returned to playing after the pandemic.”

Hannah Bernardo struggled with a 125, placing her third, while Blessy Solinap shot a 130.

In the youngest category (8-9) set over 36 holes, Kvan Alburo made a 91 to open a 27-stroke lead over Glover Sinfuego in the boys’ side, while Denise Mendoza delivered an impressive 12over 82, leading by 39 strokes over Ana Marie Aguilar, who scored a 121.

In the 10-12 division, also disputed over 36 holes, Cailey Gonzales posted a remarkable four-over 74, with two birdies against six bogeys, taking a seven-stroke lead over Zuri Bagaloyos, who scored an 81. Tea Bernardino stood third with an 87.

“I feel happy. The back-to-back birdies from No. 6 inside 12 feet gave me confidence,” said 11-year-old Gonzales from Manila, aiming to stay calm and confident in the final round.

Isaac Locsin led the boys’ division with a 91, eight strokes ahead of Kurt Flores, who made a 99. Luigi Alvarez scored a 118 for third.

“I had fun playing in the JPGT,” said 10-year-old Locsin from the University of St. La Salle-Bacolod. “The course is challenging, especially its greens. My game plan is to putt better tomorrow [Tuesday].”

Only the Top 8 teams will qualify in the VNL Final Round in Poland but there’s more to it than those coveted spots. With the VNL serving as the final volleyball tournament before the Paris Olympics, five tickets based on the FIVB World Rankings are up for grabs among the determined squads, especially to those who haven’t qualified yet. Only seven countries—host France, Germany, Brazil, USA, Japan, Poland and Canada—have booked their Olympic seats so far. That should be enough heat to fire up the remaining squads in front of no less than Filipino fans raring to see them up close and strut their stuff in the biggest stage.

“It’s amazing to be here again. Teams are preparing for the Olympics to we’ll have the best games in the world this week here in the VNL,” beamed Brazil setter Bruno Rezende.

Bryson chalks up dramatic victory from bunkers

as he walked off the 18th green. This was nothing like DeChambeau winning at Winged Foot in 2020, when there were no fans and no drama. This was high suspense that ultimately came down to a trio of short putts. McIlroy, who for so much of the final round looked certain to end 10 years without a major, had a one-shot lead until missing a 30-inch par putt on the 16th hole. Tied for the lead on the 18th, with DeChambeau behind him in the final group,