Justin Brownlee defies his guards as he leads Gilas Pilipinas to an 84-83 squeaker past Iran and into the semifinals where China awaits reeking with vengeance for its horrible loss to host Philippines in the FIBA World Cup in Manila last month. NONIE REYES
HIGHER public sector spending and better external trade would improve the country’s economic growth next year, according to the International Monetary Fund (IMF).
In a statement distributed during the briefing on the 2023 Article IV Mission to the Philippines on Tuesday, the IMF raised its growth forecast for the country to 6 percent from 5.5 percent estimated in July 2023.
For 2023, IMF cut its growth projection to 5.3 percent for this
year from the 6.2 percent estimate in July 2023 based on the weakerthan-expected second-quarter growth forecast.
The IMF move is in contrast to the lower projection made by the World Bank on Tuesday. In its latest East Asia and the Pacific (EAP) Economic Update for October, the Bank said the Philippine economy is expected to grow by 5.8 percent next year, down from the initial estimate of 5.9 percent in April.
Meanwhile, IMF team lead Jayanath Peiris listed “the main downside risks to the outlook” including “persistently high global and domestic inflation that could necessitate a further tightening of
monetary policy, an abrupt global slowdown putting downward pressure on goods and services exports, an intensification in geopolitical tensions, and depreciation pressures stemming from capital outflows under volatile market conditions.”
Peiris added: “On the other hand, a more resilient US economy and a rebound in domestic demand supported by an easing of financial conditions provide upside risks.”
Peiris said that even if China, one of the country’s major trade partners, is expected to slow in 2024 and will impact the growth in the region, the Philippines is not
expected to see a deterioration in its growth momentum next year.
For one, he noted, the Philippine economy is a service-oriented one, and the problem of China’s economy is a goods-related one.
Peiris also said a bigger trade partner for the Philippines is the United States, which could have a significant impact on the country more than China.
The IMF team lead also said since the Philippine economy is a service-oriented one, it will benefit from the growth being experienced by the services sector worldwide. This will help boost See “IMF,” A2
By Samuel P. Medenilla @sam_medenilla
DESPITE sufficient local supply and declining international export price of rice, President Ferdinand R. Marcos Jr. has decided to retain—for now—Executive Order (EO) No. 39, which imposed a price cap for the food staple.
The chief executive made the decision even after the Department of Agriculture (DA) and the Department of Trade and Industry (DTI) had reported to him “favorable conditions” which will justify lifting of the price cap.
Officials from both agencies reported that local rice production this month is expected to reach 1.9 million metric tons (MMT), which will bring the country’s total rice supply to 4.22 MMT.
“That will jump our days to the last of our supply of rice to 74 days...because we are expecting a bumper harvest in October and November. The public can expect a stable supply of our main staple,” DA-Bureau of Plant Industry Director Gerald Glenn F. Panganiban said during a press briefing on Tuesday.
Last month, the total rice supply reached 3.28 MMT, sufficient only for 52 days.
Additional interventions
PANGANIBAN said they also monitored a lower local market price as well as an easing in the export price for rice in the international market.
“That is why we met with DTI as well as the sector council so we can recommend [the possible lifting of the EO]. The President will be the one deciding on it,” the BPI official said.
Neda also backed the lifting, but it proposed other measures to cushion the impact of “uncapped” rice prices for rice traders, farmers and consumers.
Among its proposed measures are logistics support for rice traders, financial aid for Filipino farmers, and unconditional rice price subsidies for the poor.
Other indicators
ASKED why Marcos has yet to lift EO 39 event after their data
See “EO,” A2
THE Philippines must prepare for the impact of becoming an Upper Middle Income Country (Umic) on its access to concessional financing for various projects and programs, according to the National Economic and Development Authority (Neda).
In the 2022 Official Development Assistance (ODA)
Portfolio Review, Neda called for a review or assessment of its existing financing policies to prepare for the country’s eventual classification as a Umic.
Based on the World Bank, a Umic is a country whose Gross National Income (GNI) per capita is between $4,096
and $12,695. These countries that enjoy higher per capita incomes graduate to less or no concessional funding from sources of ODA.
“The country’s transition to Upper Middle-Income Country status may have potential implications on its access to ODA financing. Thus, a review or assessment of existing financing policies would be necessary,” Neda said.
Neda said the country needs to address the potential challenges and maintain sustainable financing of development interventions.
The government, it said, should adopt comprehensive
measures. These include efforts to intensify domestic resource mobilization and effectively leveraging private sector resources through public-private partnerships and enhancing the regulatory framework and institutionalizing financial sector reforms to strengthen domestic financial institutions.
Neda stressed the need for prudent debt management strategies to meet the government’s financing needs and debt obligations efficiently, while minimizing costs and managing risks; and upholding
See “Umic,” A2
By Andrea E. San Juan @andreasanjuanTHE Makati Business Club (MBC) is pinning its hopes on President Ferdinand R. Marcos Jr. signing three “economy-boosting” bills into law, including the measure on Ease of Paying Taxes, noting these bills will help create a “more attractive” investment climate and generate more jobs for Filipinos.
In a statement on Tuesday, the local business group lauded Congress for a “productive” start to the current session, with three “economy-boosting” bills on their way to the President for signature.
These measures are the bills on Ease of Paying Taxes and on Internet Transactions, and amendments to the PublicPrivate Partnership Act.
According to MBC, the Ease of Paying Taxes bill will “greatly” help individuals and businesses, especially micro, small and medium
STARTING October 8, com -
muters will have to shell out an additional P1 for their jeepney rides, as the Land Transportation Franchising and Regulatory Board (LTFRB) on Tuesday approved a provisional hike for fares nationwide.
Citing the fuel price monitoring report issued by the Department of Energy (DOE), the LTFRB said it found the motion for provisional fare increase to be “meritorious.”
“The board hereby resolves to grant the prayer for one-peso provisional fare increase. Further, the Board En Banc, pursuant to its power, hereby motu proprio applies this provisional fare increase to all public utility jeepney services nationwide, whether modern or traditional,” a board resolution read.
This means that traditional
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enterprises (MSMEs) contribute their share to the government’s coffers “easily and
jeepneys can start charging P13 for the first four kilometers of the ride, while modern jeepneys will increase their fares to P15.
“We only approved a one-peso provisional fare increase for the first four kilometers but there is no additional fare for succeeding kilometers. This is applicable for both modern and traditional public utility jeepneys nationwide starting October 8,” LTFRB Chairman Teofilo Guadiz III said, partly in Filipino.
The board did not provide a per-kilometer increase in the jeepney rates.
The provisional increase was granted pending the resolution of the main petition for fare increase, which was filed by Pasang Masda, Alliance of Concerned Transport Organization, and Alliance of Transport Operators and Drivers Association of the Philippines.
Together, they are seeking a P5 increase in jeepney minimum fares, citing the rising fuel costs.
quickly” so they can focus on the work that creates jobs and supports their families.
Last week, the Senate approved on third and final reading the proposed measure that would simplify the process of paying taxes and strengthen taxpayers’ rights.
The minimum fare refers to the first four kilometers of the ride.
They are also seeking an increase of P2.80 for every succeeding kilometer.
The LTFRB has set for November 7 the next hearing for the petition.
Oil prices continued to increase over the past few weeks.
According to the Department of Energy (DOE), oil companies implemented an increase of P0.20/liter for gasoline, P0.40/ liter for diesel, and P0.50/liter for kerosene on September 26.
These price adjustments resulted in a year-to-date net increase of P17.30/liter for gasoline, P13.40/ liter diesel, and P9.44/liter for kerosene.
The government is also currently providing fuel subsidies for public utility vehicles—jeepneys, UV Express, buses, tricycles, and deliveries—to reduce the impact of the prices of fuel.
Under Memorandum Circular
Authored by Senator Sherwin T. Gatchalian, Senate Bill (SB) 2224, or the Ease of Paying Taxes Act, aims to establish a tax-administration system that “will not only encourage taxpayers to pay their taxes truthfully and promptly but also facilitate a
No. 2023-038, target beneficiaries of the subsidy are Public Utility Jeepneys (PUJs), Filcabs, UV Express (UVE), Minibuses, Public Utility Buses (PUBs), Shuttle Services, Taxis, Tourist Transport Services, School Transport Services, Transportation Network Vehicle Services, Delivery Services, and Tricycles.
Operators of modern PUJs and UVEs who are qualified under the program will receive P10,000 as subsidy, while operators of other PUVs, whether modern or not, will each receive a P6,500 subsidy.
Around 1.36 million operators will receive the subsidy. Of this number, 280,000 PUV units will benefit from the program, 930,000 for tricycles, and 150,000 for delivery service.
Guadiz reminded operators and drivers to continue to extend the mandated discounts for senior citizens, persons with disabilities (PWDs), and students.
more efficient tax collection to fund various government programs.”
MBC, meanwhile, encouraged the Bureau of Internal Revenue (BIR) to follow with the implementation of its e-invoicing and e-receipts system (EIS).
MB C also highlighted the Internet Transactions bill. The business group emphasized this will apply “balanced rules and regulations on certain internet activity.”
“ This will allow technology to serve jobcreating entrepreneurs as well as consumers seeking convenience and better deals, while giving consumers reasonable protections,” the business group also noted.
Another “economy-boosting” bills that MBC hopes to be enacted into law is the Public-Private Partnership bill, which it called “a major step toward a shared vision for the private sector to assist the government in delivering public services at a high standard.”
If and when it is signed, the business group said, “We respectfully request the Administration to consider a range of private sector recommendations when they craft the [implementing rules and regulations] IRR, with the objective of making it more attractive for businesses to partner with the government at a time when GDP growth is slowing, FDI remains weak, and government finances are under increasing pressure.”
MBC said their r equest is “especially important” for the provisions on unsolicited proposals, which have a “valuable, defined role” in the PPP space.
“We look forward to the President signing these bills into law. We are also looking forward to more productive legislation when Congress resumes session on November 6,” the business group said.
Mo ving forward, MBC emphasized the remaining economic reforms that they continue to advocate for. These are the Apprenticeship bill, Amendments to the Right of Way Act, and the Enactment of Enabling Law for Natural Gas Industry.
We are confident these reforms will be a boon for taxpayers, entrepreneurs, consumers, and all citizens, all of whom deserve better public services. We are confident they will help create a more attractive investment climate and generate more and better jobs for the Filipino people. We look forward to more signs of leadership in a time of growing local and global economic headwinds,” MBC said in its statement on Tuesday.
the country’s external trade performance.
However, inflation is expected to remain high and may only reach the 2 to 4 percent target in the first quarter of 2024. This, Peiris said, would mean that monetary policy will have a tightening bias.
“Decisive monetary tightening and moderate minimum wage hikes helped mitigate inflationary pressures, with headline inflation now expected to return to the BSP’s target band by the first quarter of 2024,” Peiris said.
“However, core inflation remains elevated and inflation
risks are tilted to the upside, including higher commodity prices that could lead to second-round effect,” he added.
On Tuesday, the World Bank in its latest East Asia and the Pacific (EAP) Economic Update for October, said the Philippine economy is expected to grow by 5.8 percent next year from the initial estimate of 5.9 percent in April. The GDP growth estimate for this year was maintained at 5.6 percent. The consumption slowdown in China, one of the country’s biggest trade partners, is expected to negatively affect the economy next year. (Full story: https://businessmirror. com.ph/2023/10/03/wb-cuts24-growth-forecast-on-phl/)
Stable price
presentation, Panganiban said they will still be doing additional staff work to further verify the data they presented to the President.
Panganiban said the President may also be considering “other indicators” before he acts on their proposal for the lifting.
EO 39 imposed a P41 per kilogram (kg) price cap for regular milled rice (RMR) and P45 per kg for well-milled rice (WMR) nationwide.
Marcos issued EO 39 in response to the unusual surge in the price of rice last month despite the country’s sufficient supply of the food staple. He attributed it to the price manipulation by hoarders and smugglers.
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good governance principles to foster trust among investors and key market players.
“As the country reaches UMIC status, it is expected to maximize the use or availment of available ODA with favorable borrowing terms. With higher income level, the country’s access to concessional financing can be reduced, highlighting the need for diverse financing options, strong domestic resource mobilization, and improved debt management practices,” the report stated.
31 projects for restructuring
MEANWHILE , the report said 31 projects are likely to be restructured in 2023, which would require Investment Coordination Committee (ICC) approval.
As of end-2022, Neda said it received a total of 32 restructuring requests involving 30 ICCapproved projects. Out of 32 requests, 18 were approved by the end of 2022.
The report stated the breakdown of the 18 projects by agency and by nature of request. The remaining 14 requests are still undergoing restructuring and re-evaluation as of December 2022.
“Project restructuring requests commonly involve changes in cost, scope, loan or grant validity, and implementation duration,” Neda said.
The projects included the Integrated Disaster Risk Reduction Climate Change Adaption in LowLying Areas in Pampanga Bay, and the North South Commuter Railway System.
Infrastructure bulk
NEDA said the government received only four program loans amounting to $1.02 billion for Covid-19 response and recovery in 2022.
This represented a significant decline in the number of loans
BPI reported that compliance rates of retailers on the price cap range from 80 to 90 percent, which helped stabilize the price for RMR and WMR nationwide.
The remaining 10 to 20 percent of the retailers were unable to comply with EO 39 since they were not selling RMR and WMR, according to Panganiban.
But even without the price cap, Panganiban said they are confident existing “market forces” due to sufficient supply will help regulate the price of rice.
He said DA and DTI are also currently working on a mechanism to prevent overpricing and hoarding of rice.
“We are just finalizing and, of course, the enforcement [against smuggling and hoarding] will also be intensified,” Panganiban said.
dedicated to addressing and alleviating the impacts of the pandemic compared to previous years, with 2020 having 25 and 2021 with 15 Covid-related loans.
“The significant reduction in ODA devoted to addressing damages brought by Covid-19 reflects the country’s transition towards the new normal and is now focusing on achieving growth in the post-pandemic world,” said Neda Secretary Arsenio M. Balisacan.
The nation’s premier socioeconomic planning body noted that the infrastructure sector received most of the ODA in 2022, with a share of $16.07 billion.
The investments in this sector supported the “Build-BuildBuild” infrastructure program of the Duterte administration, which the Marcos administration is continuing through the “Build-BetterMore” infrastructure program.
Included in these big-ticket projects are the Capacity Enhancement of Mass Transit Systems in Metro Manila LRT Line 1 South Extension; Cebu-Mactan Bridge and Coastal Road Construction Project; and the Second Health System Enhancement to Address and Limit Covid-19.
The following sectors also received substantial amounts of ODA: Governance and Institutions Development ($7.16 billion), Social Reform and Community Development ($6.14 billion), Agriculture, Agrarian Reform, and Natural Resources ($2.66 billion), and Industry, Trade and Tourism ($0.37 billion).
“In line with the goal of enabling sustainable growth and significantly reducing poverty, the ODA acquired in 2022 underscores the government’s continued emphasis on developing robust infrastructure, fostering good governance, promoting social reforms, enhancing agriculture and natural resources, and driving industry, trade, and tourism for comprehensive and sustainable development. Ultimately, the government’s continuous efforts to maximize the benefits of foreign assistance will pave the way to the country’s transition to an upper middle-income economy,” said Balisacan.
PERSONALLY identifiable informa -
tion (PIIs) of Philippine Health Insurance Corp. (PhilHealth) members and its employees are now being leaked on the dark web and the responsibility now lies on them to protect themselves from potential scams and attacks from bad actors.
This is the “unfortunate truth” about the outcome of the Medusa ransomware hack on PhilHealth, Department of Information and Communications Technology (DICT) Undersecretary Jeffrey Dy said.
Dy explained that the agency has found PhilHealth-related PIIs being leaked on the dark web, coming from the breach that happened a couple of days ago.
Information of “some employees and a small portion of PhilHealth members” are now available on the dark web for bad actors to utilize to launch cyberattacks, including
scams, phishing, smishing, vishing, and other types of malicious activities.
When asked by the BusinessMirror if the government is doing something to combat the Medusa ransomware and its effects, Dy replied that the DICT is in constant monitoring on the dark web as well as beefing up the cybersecurity systems of PhilHealth.
He confirmed that the ball is now on the court of those who were affected by the data leak to “practice basic cyber hygiene,” which includes not answering calls or texts from numbers or people you don’t know, constantly changing passwords, and spotting signs of scams, among others.
Dy confirmed that affected employees and members are now “more vulnerable to cyberattacks” given that their information has been made available to bad actors.
“Data breaches always happen. This happens internationally as well, other countries were also hit by the ransomware. So it’s still best to practice basic cyber hygiene,”
THE House of Representatives on Tuesday mourned the passing of former Puerto Princesa City mayor and Palawan Rep. Edward S. Hagedorn, whom lawmakers described as an outstanding public servant.
His family in a statement posted on his Facebook page officially announced Hagedorn’s death.
Hagedorn r evealed his fight against pancreatic cancer last February.
“ With heavy hearts, we inform you of the passing of a beloved friend, brother, husband, father, and public servant, Edward Solon Hagedorn,” the statement said.
Our dear Congressman died peacefully on October 3rd, 2023, after 76 years of shining his light into the world. Cong. Ed’s life speaks volumes, particularly in his role as a champion for the environment, tourism, agriculture, and peace and order. His efforts created inclusive spaces for the community and inspired a collective desire for change. It’s hard not to be infected by his energy and laughter, which he freely shares with everyone he encounters,” it said.
As of this writing, the lawmaker’s family has not yet discussed any public service arrangements.
“H owever, we promise to keep you informed as soon as we finalize the details. In the meantime, please keep Cong. Ed’s wife and children in your thoughts and prayers as they navigate through this time of sorrow,” it added.
For his part, Speaker Ferdinand Martin G. Romualdez cited Hagedorn’s passion for the environment, tourism, agriculture, and peace, saying it was not just a “professional pursuit, but a reflection of his soul.”
“Every moment with Cong. Ed was filled with laughter, wisdom, and profound insights. His genuine warmth and ability to touch lives went
beyond titles and protocols. To me and many of us at the House of Representatives, he wasn’t just a colleague; he was family,” said the Speaker.
As we remember Cong. Ed, let us not only grieve his passing but also celebrate the inspiration he provided. His legacy calls us to continue his work with the same passion and love he demonstrated every day,” he added.
CIBAC Rep. Bro. Eddie Villanueva said Hagedorn was an outstanding public servant, a dear friend, and an ambassador of God’s love.
“Mayor/Congressman Ed is a treasured gem in the annals of Philippine governance and politics. I am a personal witness not only to his outstanding and visionary leadership, which catapulted the Underground River in Palawan to be a Unesco World Heritage Site and a New Wonder of the World, but more to his exemplary selfless public service dedicated to helping the poor and the needy, especially the Palaweños,” said Villanueva.
“But more than his accolades as a public servant, Congressman Ed, like me, was a former hopeless man who became the recipient of God’s amazing love and a transformed life. His changed life has led many to come and receive God’s message of hope and love. He served his life to be an ambassador of God’s help to those who were in need. What a life full of earthly and eternal significance! I will greatly miss him,” the CIBAC lawmaker added.
In the House of Representatives, Hagedorn and Villanueva jointly authored House Bill 5837, which declares a holiday in Puerto Princesa in commemoration of its being declared the City of the Living God, and House Bill 6373, which declares the surroundings of Kalayaan Islands Group and Scarborough Shoal as marine protected areas.
Jovee Marie N. Dela Cruzhe explained.
Dy noted that the DICT is now launching basic cyber hygiene information campaigns to educate Filipinos on how to avoid scams brought about by the Medusa attack.
When BusinessMirror asked if what the government can do is to simply “monitor, launch cyber hygiene campaigns, and beef up cybersecurity infrastructure to prevent a repeat of the same attack,” Dy replied in the affirmative.
“Unfortunately, that’s the truth now—at this age now. It’s the same thing as having scandals leaked, once it’s up on the web, it’s forever there it can multiply already,” he said. Hackers demand $300M
THE state-run insurer was hacked by the Medusa group two weeks ago, with the bad actors demanding a $300-million ransom in exchange for the deletion of the stolen PhilHealth files.
On Monday, PhilHealth President and CEO Emmanuel Ledesma Jr. said the insurer will not pay the ransom, but it had instead spent P172 million in combined regular and emergency procurement to buttress its cyber defense.
Initially, PhilHealth Acting Senior Manager of the Information Technology and Management Department Nelson de Vera said what was affected by the attack were the application servers and workstations of PhilHealth in its head office in Pasig City.
Ledesma even called the threat of the Medusa ransomware group to publish the
information a “bluff.”
However, the DICT found that the servers affected by the attack also held PIIs of PhilHealth employees and members.
PhilHealth has installed interim software to protect its system from the attacks, thanks to its previous supplier that provided a 30-day protection at zero cost for the government.
“Right now, we are still coordinating and constantly testing their systems for vulnerabilities. Their systems were up on September 29 and we are constantly testing,” Dy said.
What the DICT can do moving forward is to enable government agencies to strengthen their cybersecurity systems. He also said that the Philippines is seeking partnerships with other nations to prevent a repeat of the attack.
“For the DICT’s part, we are trying to procure more tools, because the field of cybersecurity is hard—what we call attribution, identifying the one who attacks. We are also establishing relationships with different countries and getting the tools needed to prosecute them or at least notify us,” Dy explained.
He added that the Philippines has been “invited and we have already initiated our intention to join the Counter Ransomware Initiative,” a government-to-government group founded by the US.
“A part of the initiative is information sharing regarding this,” Dy said.
The government is likewise pushing for a strong cybersecurity system for the country through the National Cybersecurity Plan.
“We have a National Cybersecurity Plan for approval of the President. In there we are proposing to have a digital forensics lab, and a lab in partnership with a state college for further research,” Dy said.
By Patrick V. MiguelTHE Commission on Elections (Comelec) is eyeing to file 40 cases of vote buying before the start of the campaign period of the Barangay, Sangguniang Kabataan Election (BSKE) on October 19.
The Committee on Kontra Bigay is currently gathering pieces of evidence against candidates for alleged of violating the election code on vote buying, said Comelec Chairman George Garcia.
“
We will probably have, from a previous number of 23, to around 40 cases,” said Garcia on Monday, during a news briefing on the signing of memorandum of agreement (MOA) with the Public Attorney’s Office (PAO).
G arcia said that they would file more cases before the start of the campaign period.
“I am convinced that no one will try to buy votes once they see how serious we are when it comes to vote buying,” the chairman said.
According to the Omnibus Election Code, vote buying is an election violation. It involves buying and selling votes through giving money, or promising “anything of value” for anyone to vote for or against any candidate.
Violators may face imprisonment of one to six years, disqualification to hold public office, and removal of the right of suffrage.
With the Comelec-PAO accord, Chief Public Attorney Persida Rueda-Acosta said they would provide legal assistance to witnesses and complainants in vote buying cases.
“For suspects, the public attorneys would also assist whether they would need to post bail or in inquest proceedings. Rest assured that the PAO would be open on October 30,” Acosta said.
PHILIPPINE Navy (PN) flag-officer-in-
command Vice Admiral Toribio Adaci Jr. said the ongoing “Exercise Samasama” with the United States Navy (USN) will greatly enhance the country’s naval warfare capabilities. He made this comment during the opening ceremonies of the naval exercise held at PN headquarters in Naval Station Jose Andrada, Roxas Boulevard, Manila on Monday, October 2. Adaci called Exercise Samasama a vital capacity-building platform for the PN as it “empowers us to refine our naval warfare capabilities, addressing various dimensions of modern naval operations from anti-submarine warfare to electronic warfare.”
The Navy chief also called on the participants “to remain steadfast in our dedication to enhancing interoperability, strengthening alliances and partnerships, and upholding the rules-based internal order as we embark on this journey of collaboration and readiness.”
Exercise Samasama will run until October 13 and will consist of training and exercises onshore and at-sea designed to further improve the interoperability and cooperation between the two naval forces in the field of maritime security operations, maritime situational awareness, logistics, and command and control.
Around 700 sailors and marines from different PN units will be participating in various events to be conducted in the National Capital Region and Naval Forces Southern Luzon areas.
Participating PN assets during the sea phase will include the missile-frigate BRP Antonio Luna (FF-151), AW-109 naval helicopter, C-90 maritime patrol aircraft, and a Naval Special Operations Unit.
For a second year in a row, the exercise will include other countries with the participation of navies from Japan, United Kingdom, Canada, France, and Australia in subject matter expert exchanges (SMEE) and events related to humanitarian assistance and disaster response (HADR).
Meanwhile, the Royal New Zealand Navy and the Indonesian Navy are also joining as observers.
As this developed, US 7th Fleet Commander Vice Admiral Karl Thomas lauded how the exercise has evolved into “such an impressive multilateral training opportunity” and was enthusiastic “to see so many of the nations’ flags flying proudly on poles, nations whose flags are all raised to the exact same height because every nation has an equal vote on the rules-based international order.”
“It takes teamwork and it takes resolve, and it takes like-minded nations and navies working together to ensure, to leave no doubt that we are airtight in our beliefs, lockstep in our ability, truly uninterruptible,” he added.
Exercise Samasama serves as a vital platform for participating navies to exchange best practices, enhancing not only their own country’s HADR capabilities but also in fostering regional cooperation in response to shared and mutual challenges as well as non-traditional concerns. Rex Anthony Naval
Comelec sets filing of 40 vote buying cases ahead of BSKE campaign period
‘Exercise Samasama’ to hone PN’s naval warfare capabilities
Wednesday, October 4, 2023
THE Philippines had already earned almost P500 million from the export of fresh durian to China since early this year, according to the Department of Agriculture (DA).
“For durian, we already earned
half a billion [pesos], for this endeavor. This is only for one market,” DA-Bureau of Plant Industry (BPI) Director Gerald Glenn F. Panganiban disclosed at a news briefing in Malacañang on Tuesday.
The country started exporting durian to China last April as part of the country’s $2-billion fruit
export deal with Beijing.
Local durian growers are expected to earn $260 million or P14.3 billion from the said deal.
Panganiban said the country is expected to earn additional revenues from the export of high-value crops from the new deals, which were signed by administration of President
THE National Development Company (NDC), the government’s investment arm under the Department of Trade and Industry (DTI), recently inked a series of agreements with an international venture capital firm to drive start-up innovation and investments in the country.
In a statement released on Tuesday, NDC said it signed a memorandum of understanding (MOU) with Quest Ventures as both parties agreed to be “knowledge partners” to strengthen the start-up ecosystem in the country.
“The collaboration aims to leverage their combined expertise and resources as well as to strengthen linkages between government and private sector,” NDC said in the statement.
For its part, NDC will leverage its “newly established” Philippine Innovation Hub (iHub) for this collaboration.
The state-owned firm said iHub is also the headquarters of the Startup Venture Fund (SVF), the Philippine E-commerce Platform (PEP), and the Ph AI Research Center (PAIR).
NDC General Manager Anton Mauricio underscored the importance of the agreement with Quest Ventures, noting that the venture capital firm’s “significant footprint” across Singapore and Asia brings “valuable cross-border insights, best practices and extensive network that aligns with our key objectives in enhancing the local venture capital ecosystem and promoting sustainable investments.”
For her part, April Ong Vaño, Head of Environment, Social & Governance at Quest Ventures said
the venture capital firm is looking forward to “bringing our crowd favorites such as venture capital courses and accelerators to important hubs in the Philippines.”
Moreover, she noted that the venture capital firm would also be implementing Philippinespecific programs to address new sectors of opportunities, such as sustainability.
The MOU was signed in Manila between Anton Mauricio, General Manager of the NDC, and Ms. April Ong Vaño, Head of Environment, Social & Governance at Quest Ventures; and witnessed by Mr. Jerahmeel Chen, Chief Innovation Officer at iHub.
Quest Ventures portfolio companies include industry leaders such as 99.co, Carousell, Carro, Glife, Hepmil/ PGAG, Oddle, Shopback, VulcanPost, Xfers, and Kraver’s Canteen. Its enterprise innovation clients include Applied
and concurrent DA Secretary Ferdinand R. Marcos Jr.
Among the said new deals were for the resumption of export of fresh mangoes to Australia last month.
The country temporarily stopped shipping mangoes to Australia in 2013.
Another new fruit-related deal,
Materials, Coca-Cola, HP, Nissan, and Tencent, NDC said.
“Its blend of capital and technology work in uplifting communities in emerging economies in Southeast Asia and Central Asia, and has garnered it accolades such as VC of the Year in 2022,” the state-owned firm said.
The NDC is a state-owned firm that has the mandate to invest in ventures that are necessary to drive the country’s economic development.
At a media briefing last Friday, NDC Assistant General Manager for Corporate Communications Group Leopoldo Acot explained that under the firm’s start-up venture fund, counterpart funding should transpire between NDC and a co-investment p artner.
Jerahmeel Chen, Chief Innovation Center of NDC, explained further at the same briefing, “The challenge of SVF is we always have to have a coinvestment partner. Even if we want to invest in a start-up, we have to ask them to present to the accredited CIPs and then if one of them will invest then tsaka we will invest.”
THE Congress should implement a “single nationwide minimum wage” following the issuance of wage orders by the Regional Tripartite Wage and Productivity Boards (RTWPBs) that raised the issue of “wage discrimination,” according to the labor group Nagkaisa Labor Coalition.
The labor coalition released the statement following the varied minimum wage decisions in Cagayan Valley, Central Luzon,
Panganiban said, was for the export of fresh avocado to South Korea, which started last Saturday.
“That was negotiated for 14 years, and it took really, the President, the push of the President, of course, the efforts of our department,” the BPI head said.
Panganiban added they are targeting to develop new markets
for the country’s other high-value crops such as bananas, pineapples, and coconuts.
“Hopefully, this budget season, we will get additional [funding] for our programs for high-value crops so we can support [their export] once new markets open overseas,” Panganiban said partly in Filipino.
ALAWMAKER on Tuesday slammed the “tedious process” to secure loans for the implementation of the Public Utility Vehicle Modernization Program (PUVMP).
AGRI Party-list Rep. Wilbert
T. Lee urged the Land Bank of the Philippines (LandBank), Development Bank of the Philippines (DBP), and other government financial institutions to simplify and streamline the overwhelming loan requirements for transport cooperatives and corporations to purchase modern jeepneys.
“The government should not make life more difficult for struggling PUV drivers and operators,” he said.
Lee lamented the cumbersome documents and papers required by government banks to provide loans or assistance to transport cooperatives.
Lee reiterated that the government must not burden PUV drivers and operators with accessing loans to buy modern jeepneys.
have already been fulfilled, but the requirements requested by the Land Bank or DBP are still difficult to complete,” Lee said.
During the budget deliberation last week, Lee asked the LTFRB to work hand-in-hand with his office to compel the LandBank, DBP, and other government financial institutions to expedite the process of providing loans for modern jeepneys, which the latter committed to lawmakers.
Lee said that a jeepney driver or operator who earns about P500 to P750 a day couldn’t afford to buy a modern jeepney worth more than P2 million.
“We must keep in mind that the transport sector is not only a public service but, most importantly, a source of livelihood,” Lee said.
Aside from streamlining the requirements for said loan, Lee also pushed for the allocation of P1.8 billion for PUVMP, which got zero funding for 2024.
and SOCCSKSARGEN. The increase amounts to P30, P40, and P35, respectively.
“The current minimum wage structure, which varies by region and sector, fails to account for the fundamental truth that all workers share common needs and responsibilities, regardless of where they live or the industry they work in,” said NLC in a statement issued on Monday.
The labor group said that the varying minimum wage in each
region is a form of “wage discrimination.”
“It is unjust to perpetuate a system that treats workers differently based on their location or sector of employment,” NLC added.
As a result, NLC called on Congress to take action in establishing a “single nationwide minimum wage” that would ensure all workers will receive “equitable wage” that reflects the daily cost of living.
According to NLC, a single
nationwide minimum wage “will simplify implementation, promote compliance, and eliminate confusion and evasion caused by varying wage orders.”
In a statement issued by the Department of Labor and Employment (DOLE), the wage order in Regions 2, 3, and 12 will take effect on October 16.
Meanwhile, the RTWPBs in Region 2 and 12 have granted a P500 monthly increase in the wages of domestic workers.
Patrick V. Miguelpressed to frontload release of ₧1K/month pension for elderly
THE Department of Budget and Management (DBM) was prodded anew to “pull out all stops,” as Senate Majority Leader Joel Villanueva moved to ensure timely releases of increased monthly social pensions of indigent senior citizens.
Sen. Villanueva, principal sponsor of the recently passed enabling law embodied in the recently passed law mandating “Increased Social Pension of Indigent Senior Citizens Law,” asked the DBM to “pull out all the stops to ensure funding” in the increase of the monthly social pension of the country’s indigent senior citizens.
A s enacted into law, the senator reminded “the proposed National Expenditure Program for 2024 appropriated P49.80-billion for the
social pension of indigent seniors for their P1,000 per month stipend.
In a sta tement, Villanueva clarified that “for 2023, the social pension of indigent senior citizens disbursed remain at P500 per month despite the passage of the law doubling the amount last year.”
“Maawa naman po tayo sa ating mga senior citizens. Ibigay na po ang dagdag pension na dapat ay natatanggap na nila,” Villanueva pleaded on behalf of the intended beneficiaries.
At the same time, the lawmaker also wanted to know the priorities of the fund disbursers. “Bakit po ang flood control program na mayroong budget na P1.074 bilyon kada araw, ngunit hindi
naramdaman ang epekto, ay madali po napopondohan, pero itong ayuda na kailangan na kailangan ng ating mga lolo atlolaayhirapnahirappotayonghanapan ng pondo?”
At the same time, the senator noted that “under the 2023 General Appropriations Act, an amount of P 25.30 billion has been appropriated for the social pension of indigent senior citizens.”
“In addition to this,” Villanueva cited “a P25 billion item in unprogrammed funds was earmarked to cover the additional pension.
Republic Act No. 11916, which was sponsored by Villanueva during the 18th Congress, mandates a 100 percent increase in the monthly pension—from P500 to P1,000—of
the country’s indigent seniors, estimated at about 4.1 million to date.”
The law amended Republic Act 7432, the first Senior Citizens Act. During the budget briefing at the Senate, the DBM acknowledged that no funds have been released yet from the Unprogrammed Funds for the additional pension, which means that no indigent senior pensioner has received the increase this year.
“Our elderlies are pinning their hopes on the release of the Unprogrammed Funds to get their pension,” Villanueva conveyed, adding:”Sa mahabang panahon ngpaglalaannglakassakanilangpamilya atsabansa,bigyannamanponatinsilang kaunting ginhawa.” Butch Fernandez
“Let us liberalize and simplify these requirements. Many of the requirements requested by the LTFRB [Land Transportation Franchising and Regulatory Board] and LTO [Land Transportation Office]
“We need to understand that this should be a holistic and comprehensive modernization program. It does not end with just consolidating or buying new public utility vehicles or units,” Lee added. Jovee Marie N. Dela Cruz
IN its continuing effort to provide Postal Services to strategic and more convenient locations in the country, the Philippine Postal Corporation (PHLPost) opened another satellite post office in Megaworld Lifestyle Malls located at the 2nd floor of California Garden Square, Mandaluyong City.
“PHLPost is honored in realizing the vision that was started with a partnership between PHLPost and Megaworld Lifestyle Malls earlier this year when we opened the first satellite post office at Venice Grand Canal. This collaboration has exemplified our commitment to make the postal service more accessible and convenient to the public,” Postmaster General Luis D. Carlos said.
Present to formally open the Post Office are Ms. Krishield Quiogue, General Manager of California Garden Square, Arcovia City and Clubhouse at Temple Drive, Postmaster General Luis D. Carlos, Mega Manila Area Director Olive Valderrama and Chief of Staff Marc Laurente.
He added, “this new post office is a testament to PHLPost’s shared dedication to support the government in serving the Filipinos by providing a hub for seamless processing of government transactions, dues, and essential documents.”
Meanwhile, Mega Manila Area Director, Ms. Olive Valderrama said that the public will be able to conveniently and quickly mail letters and express packages, buy philatelic products and many more.
NOTICE OF FILING OF APPLICATION/S FOR
Notice is hereby given that the following companies/employers have filed with this
3
4 KEYENCE PHILIPPINES INC. Bldg. 6, Panorama Compound 6, Lot 3, Block 5, Laguna Technopark Inc. Annex, Biñan, City of Biñan, Laguna
ASLEW of initiatives are now being undertaken by the Department of Environment and Natural Resources (DENR) to “formalize” small-scale mining operations.
The move is in recognition of smallscale mining’s role and contribution to the industry and the economy.
The formalization of small-scale mining came amid DENR’s review of pertinent laws that cover small-scale mining, with the objective of modernizing industry standards and increasing protection for small-scale miners, the DENR said in a news statement on Tuesday.
To recall, the formalization of small-scale miners in the Philippines was aired by Gil Indino, chairperson of the National Coalition of Small-Scale Miners in the Philippines, during the group’s third general assembly held from July 28 to 30 last year at the Villa Silvina Hotel and Restaurant in Baguio City.
Hosted by the Benguet Federation of Small-Scale Miners, the theme of the assembly is “Pag-usad ng Responsableng Maliitang Pagmimina sa New Normal.”
T he Mines and Geosciences Bureau (MGB), then under former Director Wilfredo Moncano, expressed support behind the formalization of small-scale miners, with the hope of increasing the country’s production of the yellow metal and the gold buys of the Bangko Sentral ng Pilipinas (BSP).
DENR Undersecretary Carlos Primo David emphasized that these initiatives underscore the agency’s dedication to responsible, inclusive, and globally competitive mining practices, while ensuring the welfare and protection of small-scale miners. He stressed the importance of a progressive, step-by-step approach to formalization, with the ultimate goal of integrating small-scale miners into the broader mining sector.
“The small-scale miners are there. We have to bring them into the fold of the mining sector. The core of DENR’s strategy lies in individually registering these smallscale miners, serving as the basis for a more organized structure,” said David.
“
We’re looking to register small-scale miners, individually, at first, followed by the establishment of a loose organization as the foundation for a more formal association. Sort of like a co-operative towards a Minahang Bayan registration.”
Legal recognition of small miners, according to David, will help ensure they get adequate support to operate within established standards and safety protocols.
“A properly regulated small-scale mining industry will benefit the community in terms of job creation and livelihood, and the country in terms of mining assets and taxes. More importantly, it will address the violation of environmental laws and mining
regulations, and minimize environmental risks, and promote mine safety,” David said.
He added that the department’s newly created Geospatial Database Office which David himself leads employs satellite imagery and Geographic Information System or GIS which can potentially monitor mining operations in the country and identify those that are illegally operating.
The DENR is looking at Republic Act 7076, also known as the People’s Small-Scale Mining Act of 1991, to provide social assistance, labor protection, and government-backed assistance programs for the benefit of smallscale miners.
The DENR is also a staunch advocate of support for small miners, through a “big brother, small brother” approach, which encourages larger companies to help capacitate them to contribute to social and environmental protection efforts, protect small miners, and enhance the resilience of the mining community.
On top of capacity building for small-scale mining ventures, the DENR is committed to modernizing standards for the mining industry by harnessing capabilities of cuttingedge technologies, such as remote sensing and artificial intelligence to enhance industry regulation and law enforcement.
THE Department of Energy
(DOE) has initially identified nine ports in the country that could be refurbished to accommodate offshore wind (OSW) power projects.
During the wind energy forum held Tuesday, DOE Assistant Secretary Mylene Capongcol said the Asian Development Bank (ADB) is helping the agency in assessing the initial identified ports which are both privately and government owned.
among others. Suitably sized and strategically located ports are essential for the storage, assembly, construction and operation of OSW farms.
Port infrastructure is one of the challenges identified by the DOE in pursuing OSW projects. The other challenges are permitting; market support; grid asset availability; marine spatial planning; offtake mechanism; and global constraint of EPCs (engineering, procurement and construction) and marine vessels.
(GW). These are spread mainly in north of Luzon, west of Metro Manila, north and south of Mindoro, Panay and Guimaras Strait. All OSW service contracts are currently under development stage, mainly preliminary wind data gathering, applications for endorsement, and request for system impact studies.
L. Mayuga
In a meeting with DENR officials last year, President Ferdinand R. Marcos Jr. issued directives to legalize smallscale mining operations. Many of these operations currently operate outside the legal framework, leaving miners without adequate protection. Jonathan
“There are no ready ports for offshore wind. New ports are built, or existing ports need to be re-purposed. ADB will support the DOE in studying the initial nine ports that can be rehabilitated to support development of offshore wind,” said Capongcol.
She mentioned the ports in Bacolod, Curimao, Iloilo, Mindoro, Batangas, Port of Irene in Cagayan,
“The study has just started. We have a series of meetings with ADB to determine readiness and what else needs to be upgraded to meet the standards for OSW development because the ports will house the turbines, blades, etc…There are omnibus guidelines to help address the specific requirements for the ports intended for offshore wind,” added Capongcol.
To date, the DOE has awarded 79 OSW contracts with total potential capacity of 61.93 gigawatt hours
The Philippines has immense offshore wind potential, with the World Bank estimating over 178 GW of technical offshore wind potential in the country. With a rapidly rising energy demand and goals to increase renewable energy shares to 50 percent in the country’s energy mix by 2040, OSW can play an important role in increasing energy security and decarbonization efforts in the Philippines. Building up the country’s OSW market can also support the growth of many socioeconomic benefits, including job creation, local economic growth, and lowcost sustainable energy, the World Bank said.
Bring them to the fold: DENR bares steps for full ‘formalization’ of small-scale mining
the government is taking steps to address this issue.
“I want to remind the people again to keep calm and just buy what you need. Don’t panic-buy.”
also subsidize the price of imported rice for two poorer states on Borneo island to ensure an adequate supply.
Agriculture and Food Security Minister Mohamad Sabu said Monday the government will increase distribution to rural areas to address a supply issue sparked by a hike in the price of imported rice. Malaysia and many countries are grappling with rising rice prices and low supplies after India’s curb on rice sales cut global supplies by a fifth.
Mohamad said locally produced rice is capped at 2.60 ringgit ($0.55) per kilogram (2.2 pounds), the cheapest in the region. So when sole importer Padiberas Nasional Berhad raised the price of imported white rice by 36 percent on Sept. 1, it prompted many Malaysians to switch from imported rice to cheaper local rice.
The Associated Press
STOCKHOLM—Two scientists won the Nobel Prize in medicine on Monday for discoveries that enabled the creation of mRNA vaccines against Covid-19 that were critical in slowing the pandemic— technology that’s also being studied to fight cancer and other diseases.
Hungarian-American Katalin Karikó and American Drew Weissman were cited for contributing “to the unprecedented rate of vaccine development during one of the greatest threats to human health,” according to the panel that awarded the prize in Stockholm.
The panel said the pair’s “groundbreaking findings...fundamentally changed our understanding of how mRNA interacts with our immune system.”
What is the Nobel Prize for?
TRADITIONALLY, making vaccines required growing viruses or pieces of viruses and then purifying them before next steps. The messenger RNA approach starts with a snippet of genetic code carrying instructions for making proteins. Pick the right virus protein to target, and the body turns into a mini vaccine factory.
In early experiments with animals, simply injecting lab-grown mRNA triggered a reaction that usually destroyed it. Those early challenges caused many to lose faith in the approach: “Pretty much everybody gave up on it,” Weissman said.
But Karikó, a professor at Szeged University in Hungary and an adjunct professor at the University of Pennsylvania, and Weissman, of the University of Pennsylvania, figured out a tiny modification to the building blocks of RNA that made it stealthy enough to slip past immune defenses.
Karikó, 68, is the 13th woman to win the Nobel Prize in medicine. She was a senior vice president at BioNTech, which partnered with Pfizer to make one of the Covid-19 vaccines. Karikó and Weissman, 64, met by chance in the 1990s while photocopying research papers, Karikó told The Associated Press.
DR. PAUL HUNTER, a professor of medicine at Britain’s University of East Anglia, described the mRNA vaccines made by BioNTech-Pfizer and Moderna Inc. as a “game changer” in shutting down the coronavirus pandemic, crediting the shots with saving millions of lives.
“We would likely only now be coming out of the depths of Covid without the mRNA vaccines,” Hunter said.
John Tregoning, of Imperial College London, called Karikó “one of the most inspirational scientists I have met.” Her work together with Weissman “shows the importance of basic, fundamental research
in the path to solutions to the most pressing societal needs,” he said. The duo’s pivotal mRNA research was combined with two other earlier scientific discoveries to create the Covid-19 vaccines. Researchers in Canada had developed a fatty coating to help mRNA get inside cells to do its work. And studies with prior vaccines at the US National Institutes of Health showed how to stabilize the coronavirus spike protein that the new mRNA shots needed to deliver.
Dr. Bharat Pankhania, an infectious diseases expert at Exeter University, predicted the technology used in the vaccines could be used to refine vaccines for other diseases like Ebola, malaria and dengue, and might also be used to create shots that immunize people against certain types of cancer or auto-immune diseases including lupus.
How did Karikó and Weissman react?
THE future is just so incredible,” Weissman said. “We’ve been thinking for years about everything that we could do with RNA, and now it’s here.”
Karikó said her husband was the first to pick up the early morning call, handing it to her to hear the news. And Karikó was the one to break the news to Weissman, since she got in touch before the Nobel committee could reach him.
Both scientists thought it was a prank at first, until they watched the official announcement.
“I was very much surprised,” Karikó said.
“But I am very happy.”
The two have collaborated for decades, with Karikó focusing on the RNA side and Weissman handling the immunology: “We educated each other,” she said.
Before Covid-19, mRNA vaccines were already being tested for diseases like Zika, influenza and rabies—but the pandemic brought more attention to this approach, Karikó said. Now, scientists are trying out mRNA approaches for cancer, allergies and other gene therapies, Weissman said.
“It’s already been going on for many years, but this has just given RNA the recognition,” Weissman said.
Karikó’s family is no stranger to high honors. Her daughter, Susan Francia, is a double Olympic gold medalist in rowing, competing for the United States.
The prize carries a cash award of 11 million Swedish kronor ($1 million) from a bequest left by the prize’s creator, Swedish inventor Alfred Nobel. The laureates are invited to receive their awards at ceremonies on December 10, the anniversary of Nobel’s death.
C order reported from The Hague, Netherlands. Burakoff reported from New
He said the higher price of imported rice cannot be helped after India and 18 other countries restricted rice exports to cater to domestic needs. Malaysia imports
about a third of its rice supply.
“Actually, we don’t have a shortage of rice in the country. It’s just that the price of imported rice has risen sharply,” he said, adding that
Prime Minister Anwar Ibrahim said later Monday that it will take time to resolve the issue. He was quoted by the national Bernama news agency as saying the government will provide 400 million ringgit ($85 million) in subsidies to government facilities such as army and police camps and schools to use imported rice so there will be more local rice for the market. He warned that anyone found hoarding rice would be arrested. “Anyone who dares to carry out this dastardly act to capitalize on the people’s misery will face the full brunt of the law,” he said.
Mohamad said the government will increase distribution of local rice to rural areas. He said it will
From Tuesday, he said, authorities will step up surveillance of rice wholesalers and shops to ensure there is no hoarding of local rice. He said samples will also be taken to ensure that sellers are not repackaging local rice as imported rice or mixing the grains for higher profits, warning that stern action will be taken against anyone found to be doing so.
Mohamad made the comments at a news conference ahead of a meeting of Southeast Asian agriculture and forestry ministers that begins Wednesday. He said the rice crisis and food security will be discussed at the meeting. Ministers from the 10-member bloc, known as the Association of Southeast Asian Nations, will also meet their counterparts from China, Japan and South Korea. AP
MEXICO CITY—Mexico’s president said Monday that about 10,000 migrants per day are heading to the US border, and he blamed US economic sanctions on countries like Cuba and Venezuela for the influx.
President Andrés Manuel López Obrador said the number of migrants reaching Mexico’s northern border with the United States was partly due to about 6,000 migrants per day crossing into Mexico from Guatemala over the past week.
He said many of those migrants are traveling on a route through Central America that includes the jungle-clad Darien Gap region between Panama and Colombia.
López Obrador seemed to join Colombian President Gustavo Petro in blaming the situation on US sanctions on countries like Venezuela and Cuba, whose citizens make up a large part of the migrant flow. Experts say economic mismanagement and political repression are largely to blame for the tide of migrants leaving those countries.
The United States has sanctioned both governments over what it considers the suppression of democracy. López Obrador suggested the sanctions are because of ideological differences and not to uphold human rights, and said the “sanctions and blockades cannot be maintained.”
Petro’s government has been criticized for doing little to stop the industrial-scale smuggling
of migrants through Colombia.
And López Obrador’s administration has done little to stop migrants from hopping freight trains toward the US border, until the country’s largest railway line complained last month and stopped some trains itself, citing safety risks.
López Obrador also has slammed US aid for Ukraine and said the United States should
spend some of the money sent to Ukraine on economic development in Latin America.
“They (the US) don’t do anything,” he said Friday. “It’s more, a lot more, what they authorize for the war in Ukraine than what they give to help with poverty in Latin America and the Caribbean.”
He called Friday for the US “to remove blockades and stop harassing independent and free countries.” He said there should be “an integrated plan for cooperation so the Venezuelans, Cubans, Nicaraguans and Ecuadorans, Guatemalans and Hondurans wouldn’t be forced to emigrate.”
There has been a surge in Venezuelan migrants moving through Mexico in recent weeks in a bid to reach the US border. Many of the migrants say deteriorating economic and political conditions in their home country led them to make the journey.
Mexico has condemned the Russian invasion of Ukraine but has adopted a policy of neutrality and has refused to participate in sanctions. Mexico also continues to buy 2020-vintage Covid vaccines from Russia and Cuba.
ABIPARTISAN group of US senators hopes to meet President Xi Jinping in China next week, as a flurry of diplomacy bolsters expectations of a leaders meeting between the two superpowers.
Senate Majority Leader Chuck Schumer and his Republican colleague Senator Mike Crapo will raise the issue of Micron Technology Corp.’s ability to do business in the country during their trip, according to people familiar with the preparations. The company faces an ongoing probe by the Chinese government’s cybersecurity administration.
The senators also plan to meet with the US business
community in Shanghai, among other groups, and discuss concerns about the investment climate for US companies, the people said, asking not to be identified to discuss details of the visit that aren’t yet public.
“The purpose is for us to engage with them, just like you’ve seen some of the senior administration officials, on the broad array of issues that we have,” Crapo said in an interview, declining to comment on specific matters the senators will discuss. “We really believe that the more engagement we have, the more opportunity and potential there is to resolve conflict.”
He added that the group is seeking a meeting with Xi, but noted such an engagement hasn’t been confirmed. While Xi did meet with congress
leaders in 2015 during a state visit to the US, typically senior American officials sit down with Chinese ministers on trips to Beijing rather than the president.
The senators’ trip follows several China visits by highlevel officials in President Joe Biden’s administration seeking to smooth ties after months of escalating tensions.
The US is hoping to open the door to a potential November meeting between Biden and Xi at the Asia-Pacific Economic Cooperation summit in San Francisco. Beijing hasn’t confirmed whether the Chinese leader will attend.
The White House is aware of the senators’ trip plans and encouraged them to go, people familiar with the matter said. A spokeswoman for the National Security Council didn’t respond
to a request for comment.
Micron, headquartered in Boise, Idaho, is currently building a major chipfabrication plant in upstate New York, making its business issues home-state concerns for both Crapo and Schumer, who represent those states. Micron has said the cyber probe has put half of its China sales at risk. Schumer’s office has previously confirmed that he was planning a trip to China, South Korea and Japan but hasn’t released details. A Micron spokesperson declined to comment on the trip. Commerce Secretary Gina Raimondo raised issues on behalf of Micron and other American firms when she visited China in August. With a ssistance from Steven T. Dennis and Alan Wong/Bloomberg
KUALA LUMPUR, Malaysia— Malaysia’s government has reassured the country that enough rice is available and urged people not to hoard locally produced rice after recent panic-buying led to empty shelves in supermarkets and grocery stores nationwide.A MALAYSIAN Muslim woman checks on rice grain in a mall outside Kuala Lumpur, Malaysia on August 18, 2015. Malaysia’s government said Monday, October 2, 2023, the country has enough rice available and urged people not to hoard locally produced rice after recent panic-buying led to empty shelves in supermarkets and grocery stores nationwide. AP/JOSHUA PAUL
Calamansi or calamondin is a popular citrus fruit in the Philippines. according to the Department of agriculture (Da), it can grow in backyards and can thrive in a wide variety of environmental conditions. it is a small tree with a height ranging from 2 meters to 7.5 meters at maturity.
Like its relatives, such as the mandarin, pomelo, and sweet orange, the calamansi is rich in phosphorous, calcium, iron, and Vitamin C. It can be used as flavoring ingredient in desserts or as an additive in various food preparations, such as fish steak. Pinoys who love to eat inihaw would almost always dip barbecued meats in soy sauce with calamansi and chili.
It is a versatile fruit, just like the coconut, as it is used in making beverages, syrups, concentrates and purees. The peel, according to the DA, is made into jams, candies and marmalade. Because of its unique flavor and health benefits, it probably did not come as a surprise for Filipinos who participated in a recent food fair in China that calamansi juice became an immediate hit among the Chinese.
An official of the Department of Trade and Industry (DTI) disclosed that Chinese consumers who flocked to the recent ChinaAsean Expo (Caexpo) had fallen in love with the citrus fruit. The Chinese became big fans of calamansi juice and were also partial to other food items sold by exhibitors like banana chips and soft candies made of durian. The calamansi juice was so popular among the visitors that one buyer ordered 32 container vans of the healthy drink. (See, “Supply woes prevent PHL from hiking fruit exports to China,” in the BusinessMirror , September 21, 2023).
Unfortunately, the Filipino exhibitor could not commit to delivering the 32 container vans because of supply issues. DTI officials said capacity constraints are making it more difficult not only for calamansi juice sellers, but also for other makers of fruit-based food items to deliver the requirements of the Chinese who have developed a taste for these products.
Trade exhibits like Caexpo give local suppliers, particularly small and medium enterprises, a chance to offer their products to an international audience. However, the opportunities that they gain from their exposure to such events become missed chances if Philippine exporters and suppliers could not provide the requirements of prospective buyers. At a time when Filipino businessmen need other sources of revenue, it is disheartening to hear that they cannot fill the orders of potential customers just because they could not source enough calamansi, bananas or durian in their own country.
The calamansi, for one, can be grown all-year round, which means local producers should be able supply the volume requirements of exporters. Dollar earnings from products such as the calamansi juice would translate into more jobs for a country that is aspiring to achieve upper middle-income status in two years. It would do well for concerned agencies to work together with producers to determine the next steps that would enable our local businessmen to take full advantage of the opportunities presented by international trade exhibits such as Caexpo.
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QUanTiTaTiVE easing, the policy tool deployed across the Group of seven to stimulate economies through the financial crisis and pandemic, is rapidly falling out of favor in Britain.
From politicians to economists and a former Bank of England governor, many are cooling rapidly on the merits of the tool as its cost to taxpayers and side effects become apparent. The result is likely to make it more difficult for the UK central bank to pull the QE lever in the same way again if the economy sours.
What’s changed is that the BOE’s QE program, now that it’s winding down rapidly, has absorbed blame for stoking the worst bout of inflation in four decades, deepening inequality and forcing the Treasury to fund the scheme’s losses at a time when the public finances are strained.
Economists are calling for the tool to be dramatically reined in for future crises and question what role it stands to play in a world of higher inflation. Their thoughts underscore the end of an era of cheap money and
a return of more normal central bank tools to manage the economy, namely interest rates.
“Quantitative easing played a very successful role in stopping panics where people were turning to cash,”
Charles Goodhart, a former BOE rate-setter, said. “What it wasn’t ever really was a useful tool for dealing with low inflation, and since we’re not going to have low inflation, it’s not going to be used for that ever again. But it could still be used for panics and people rushing into cash.”
The BOE this week begins a second year of sales from the QE program, a process dubbed quantitative tightening. The bank built up its Asset Purchase Facility to a peak of £895 billion in 2021. It will divest about £100 billion of assets through sales and allowing debt to mature from this month, up from £80 bil-
lion in the last period. The total APF stood at £757 billion last week.
Central banks adopted QE as an experimental tool to give markets and the economy a boost once they cut interest rates to near zero, buying bonds to push down long-term interest rates in financial markets.
The Bank of Japan was first to use it in 2001. The US Federal Reserve joined during the global financial crisis in 2008, the BOE followed in 2009 and the European Central Bank started in 2015.
The BOE, ECB and Fed are now unwinding their QE purchases, but the UK central bank is being the most aggressive in reversing the process.
There’s also been criticism of bond-buying programs elsewhere, notably in Germany where there is skepticism over the ECB’s purchases.
In the US, Republican lawmakers have periodically proposed legislation to restrict the Fed’s bond-buying activities over the past decade. Florida Senator Rick Scott introduced a bill in July that would cap the size of the central bank’s balance sheet at 10 percent of US gross domestic product.
Still, Fed officials have faced little opposition to asset purchases and haven’t given any indication that they are unlikely to return to such tools in the future as warranted. It’s Britain that’s had sharpest recent domestic backlash against QE.
Former BOE Governor Mervyn King and Conservative members of Parliaments blame the BOE for stoking double-digit inflation through excessive QE purchases that only finished in late 2021.
Many economists now oppose keeping central bank balance sheets inflated for such long periods and argue against QE’s use outside of times of extreme market stress, instead backing it as more of a tool for financial stability. There may also be less need for QE if permanently higher inflation reduces the risk that the BOE will run out of firepower from interest rate cuts.
“The risks of the tool are using it during a normal business cycle,” said Tomasz Wieladek, chief European economist at T. Rowe Price and an ex BOE economist. “It is much more
See “Britain,” A13
KYiV, Ukraine—The European Union’s foreign policy chief on monday led a delegation of top diplomats on an unannounced visit to Kyiv and dismissed concerns about political tension in the bloc over its long-term support for Ukraine’s fight against Russia.
Though largely symbolic, the informal meeting between EU and Ukrainian diplomats demonstrated the EU’s “clear commitment” to Ukraine in its 19-month-long war, Josep Borrell said.
“The EU remains united in its support to Ukraine…I don’t see any member state folding on their engagement,” Borrell told a news conference in the Ukrainian capital. The gathering was the first time EU foreign ministers have met outside the bloc—and in a war zone, according to Borrell.
The talks took place after the weekend election victory in EU member Slovakia of former Prime Minister Robert Fico, whose pro-Russian agenda has increased the question marks about the EU’s continued support for Kyiv.
The small eastern European country could bring more tension to the EU’s discussions on Ukraine, as has happened with Hungary’s at-times cool attitude toward Kyiv. Budapest has maintained close re-
lations with Moscow and argued against supplying arms to Ukraine or providing it with economic assistance. Slovakia operates a key rail line used to transport western military hardware to Ukraine. The EU, the United States and the United Kingdom have provided massive military and financial support to Ukraine, enabling it to stand up to the Kremlin’s attack. The assistance is crucial for Ukraine’s weakened economy and has so far been open-ended. But uncertainty has set in over how long Kyiv’s allies will keep sending aid worth billions of dollars (euros).
US President Joe Biden on Sunday reassured allies of continued US financial support for the war effort, after Congress averted a government shutdown by adopting a short-term funding package that dropped assistance for Ukraine in its battle against Russia. White House press secretary Karine Jean-Pierre said Monday that Biden had rallied more than 140 countries to condemn Russia’s invasion and
built a coalition of more than 50 countries to provide aid to Ukraine. Meanwhile, Russia’s finances are deteriorating in part over sanctions.
“There is a strong, very strong international coalition behind Ukraine,” Jean-Pierre said. And if Russian President Vladimir Putin “thinks he can outlast us, he’s wrong.” Many US lawmakers acknowledge that winning approval for Ukraine assistance in Congress is growing more difficult as the war grinds on.
Borrell, at his news conference, insisted the EU is devoted to “sustained engagement” with Ukraine. “Our resolve…is firm and will continue,” he said.
He ticked off a list of ongoing commitments the 27-nation EU has made and hopes to make, including proposed military aid of 5 billion euros ($5.3 billion) next year, a target to train some 40,000 Ukrainian troops and possible joint arms industry ventures between EU and Ukrainian defense companies.
Other signs of the EU’s commitment include help with cyber defense, a demining program to enable Ukraine’s postwar recovery and the reform of Ukrainian law enforcement to crack down on corruption, Borrell said.
But the EU’s “strongest security commitment” for Ukraine is to grant it membership of the bloc, he said.
Ukraine is bent on becoming a member of the EU, and EU officials have encouraged that course, even though it could take years amid a war of attrition with no end in sight.
“With every village, with every meter that Ukraine liberates, with every meter in which it rescues its people, it is also paving its way to the European Union,” German Foreign Minister Annalena Baerbock told reporters in Kyiv.
“Both Ukraine and the European side are determined to move forward at maximum speed, taking into account all the reforms that Ukraine has carried out, is currently carrying out and will continue to implement,” Ukrainian Foreign Minister Dmytro Kuleba said. Kuleba also offered reassurances about the country’s allies after the US Congress left Ukraine aid out of its funding package.
Kuleba told reporters that Ukraine held discussions with representatives of both parties in Congress to ensure more help will arrive.
“The decision was taken as it was, but we are now working with both sides of the Congress to make sure that it does not repeat again under any circumstances,” Kuleba said. associated Press writers raf Casert in brussels, Geir moulson in berlin, Yuras Karmanau in Tallinn, Estonia, Jill Lawless in manchester, England, and Josh boak in washington contributed to this story.
KARACHI, Pakistan—Authorities in one Pakistan province are turning to a controversial new tactic in the decades-long initiative to wipe out polio: prison.
Last month, the government in Sindh introduced a bill that would imprison parents for up to one month if they fail to get their children immunized against polio or eight other common diseases.
Experts at the World Health Organization and elsewhere worry the unusual strategy could further undermine trust in the polio vaccines, particularly in a country where many believe false conspiracies about them and where dozens of vaccinators have been shot and killed.
Adding to the problems faced by experts trying to persuade people of the vaccines’ safety: The oral vaccines themselves now cause most polio cases worldwide.
WHO’s polio director in the Eastern Mediterranean warned the new law could backfire.
“Coercion is counterproductive,” said Dr. Hamid Jafari.
He said health workers have typically succeeded in raising immunization rates in vaccine-hesitant areas by figuring out the reasons for people’s refusal and addressing those concerns, like bringing in a trusted political or religious leader to talk with people.
“My own sense is that Pakistan wants to have this legislation in their back pocket in case they need it,” Jafari said. “I would be surprised if there’s a willingness to actually enforce these coercive measures.”
Pakistan and neighboring Afghanistan are the only countries where the spread of polio has never been stopped. The potentially fatal, paralyzing disease mostly strikes children up to age 5 and typically spreads in contaminated water.
WHO and its partners have administered billions of vaccine doses since they first began trying to eradicate the disease in 1988. The effort costs nearly $1 billion a year and is largely funded by donor countries and private organizations including the Bill & Melinda Gates Foundation.
The immunizations, given to children as drops in the mouth, have reduced polio cases by more than 99%. But in very rare cases, the live virus in the vaccine can cause polio or mutate into a strain that triggers a new outbreak.
So far this year, there have been seven cases of polio caused by the wild virus—all in Pakistan and Afghanistan. Meanwhile, more than 270 cases have been caused by a virus linked to the vaccine in 21 countries across three continents.
In January, roughly 62,000 parents, mostly in Pakistan’s Sindh province, refused polio vaccinations for their children, prompting authorities there to propose the new law with penalties.
The bill is in the final stages of becoming law after the provincial assembly approved it in August. It would punish parents with up to a month in prison for failing to vaccinate their children against certain diseases; they could also be fined up to 50,000 rupees ($168). Officials said their primary aim was to boost polio immunization rates, though diseases including measles, pneumonia and pertussis are also in the legislation. Rukhsana Bibi, a health worker in Karachi, hopes the new law will reduce vaccine refusal rates and protect
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powerful in certain situations when the market is disrupted.
“The big mistake with QE was that balance sheets stayed so large for such a long time. Central bankers adopted this view that r*, or the neutral interest rate, has fallen so low that this fiscal transfers issue is not going to be an issue in the future,
health workers. Karachi is considered at high risk for a polio resurgence.
Bibi noted that in the past, abusive or threatening parents have been detained by police. They were released on the condition that they have their children immunized, and that they help the polio team with outreach efforts.
There are multiple factors fueling vaccine hesitation in Pakistan.
Many people are suspicious of the outside entities funding the vaccines and of the Pakistan government itself.
Some “fringe elements” believe in a false conspiracy theory—that the vaccines are part of a plot by Western outsiders to sterilize people, Bibi acknowledged. But many parents would prefer that the government provide better health care, food or financial assistance.
“Parents believe that’s because the government gets grants and donations for such vaccines, so it keeps focusing on [the polio vaccines] instead of providing basic health care,” Bibi said. “It makes parents suspicious.”
The public’s already-shaken confidence in vaccine drives also took a dive in 2011, when the US Central Intelligence Agency set up a fake hepatitis vaccination program in an attempt to gather intel on former al-Qaida chief Osama bin Laden. Militants have also gunned down health workers distributing vaccines and sent suicide bombers to blow up the police vehicles protecting them.
Heidi Larson, director of the Vaccine Confidence Project at the London School of Hygiene and Tropical Medicine, said it was disheartening that people were so mistrustful of the government that they didn’t believe the polio vaccine was in their children’s best interests.
“I don’t think in this kind of situation that throwing parents in jail is going to help,” she said. “Not only does it not work, but it’s likely to ramp up the anger.”
Larson drew a comparison to Covid-19 vaccine mandates implemented in countries including Australia, Britain, France and the US.
“It’s a challenge because when you’re talking about a [vaccine] that comes with a risk, even if it’s a very small one, can you force this and make people take it?” Larson asked.
In some parts of Sindh province, the refusal rate for the polio vaccine is as high as 15 percent, according to a government official who was not authorized to comment publicly and spoke to The Associated Press on condition of anonymity. To eradicate polio, more than 95 percent of the population needs to be immunized. The Sindh official said parents would be penalized for refusing the vaccine, but doses wouldn’t be administered to their children without their consent.
Dr. Paul Offit, director of the Vaccine Education Center at the Children’s Hospital of Philadelphia, said it would be extremely challenging to rebuild trust with punitive measures. Cheng reported from London.
and that turned out to be obviously completely wrong.”
Jagjit Chadha, director of the National Institute of Economic and Social Research, said there may be a case for using QE to intervene in times of market disruption but the BOE should not be “holding those bonds for a very long period.”
“As soon as the market is able to absorb those bonds, you should sell them back,” Chadha said. “If you do it that way, what you’re actually going
Two Saturdays ago in our program “Dito sa Bayan ni Juan” aired over the various platforms of SMNI, including TV and social media, we discussed the planned reclamation projects in Manila Bay.
The discussion focused more on the possible negative effects of the reclamation, including flooding and vehicular traffic.
After the program, I received an e-mail from Dr. Edgardo Alabastro, a consultant of the Federation of Philippine Industries’ Environmental Committee. In his message, Dr. Alabastro shared his views on the Manila Bay projects, which he said would hopefully enlighten the public on the truth and consequences of reclamation. His opinion is based on his more than 10 years of participation and involvement in various reclamation projects.
In the interest of fairness and balanced journalism, let me share with you some of Dr. Alabastro’s key points:
Floodings, a common concern, are caused by clogged or blocked rivers, streams and esteros. Irresponsible discharges by households, especially the informal settlers, of domestic wastes including plastics are the culprits to flooding. In some cases the esteros are constricted because of occupancy as place of dwellings by some settlers. Soundly designed reclamation projects ascertain that the reclamation islands do not block these streams, rivers and esteros and in fact provide adequate channels to prevent flooding. Storm surges or “daluyong,” another concern, are caused by climate change, which induce strong waves towards the coasts. Reclama-
tions do not and cannot cause storm surges. In fact the reclaimed land provides a sheltering effect against storm surges by clocking the waves towards the coast and dissipating the waves’ energy. Sea level rise is also caused by climate change and not in any way by reclamation. A common perception that when sea body is replaced by land, the water level rises is without scientific basis. Not only are the reclamation areas very small compared to the 199,000 hectares of the Manila Bay but more importantly, even the miniscule sea level rise dissipates towards the South China Sea. “Water seeks its own level.”
Liquefaction, earthquakes and ground movements are other fears by some stakeholders. The reclamation projects are well outside the alignment of the “Big One”, the West Valley Fault scenario. The Metropolitan Manila Earthquake Impact Reduction Study (MMEIRS) support this statement Equally important are (a) Sound engineering design and construction on which Filipino engineers are recognized and are undertaken (b) Private sector investors would not pump huge money in the billions of pesos into projects than run the risks of being damaged and (c) Pope Francis, US President Obama and other heads of states stayed in a reclaimed land during their respective visits to Manila. Land subsidence, or the sinking of land, is indeed experienced
in certain parts of Metro Manila. However, this is due to over extraction of ground water on land and not at sea. In fact Former NWRB Director Ramon Alikpala restricted underground water extraction. As to the reclaimed land itself, prior to construction of vertical structures on the finished reclaimed land, this undergoes soil stabilization to ensure that no localized land subsidence would occur.
Traffic is a curse in Metro Manila, one of the worst traffic-congested cities in the world. During the construction phase of a reclamation project, i.e. the formation of reclaimed land, traffic is confined to the sea due to movement of sea vessels. Only very few trucks are involved during the construction stage, like bringing materials (e.g. sands and gravel) from shore to the reclamation site.
Reclamation, in fact, is a solution to traffic. Without reclamation, the needed land would have to be provided onshore. Assuming that there are indeed available contiguous lands for development, traffic would be a nightmare if development were to be carried out on an equivalent area situated on existing lands. At a reclaimed land, traffic could be easier managed; the road networks would be much better designed and constructed.
The southern port of Manila, Cebu Reclamation, was created through reclamation, Changi’s Singapore Airport, Copacabana Beemster Polder Lake Beemster (in Netherlands) are among the reclamation projects deemed successful.
Reclamation is not just the formation of land at sea but the subsequent developments, e.g. construction of buildings, structures and other developments after the land shall have been formed.
Public values including livelihood, employment, and other socio benefits shall accrue to the constituents of the LGU hosting the reclamation project.
It is a project done at no financial cost to the government, and all risks are on the shoulders of the private sector. And given the country’s current economic challenges of inflation, high prices of food and energy, reclamation projects are a boost to the country’s economy.
The view of the beautiful sunset that Manila Bay is known for will not be obstructed by the structures that will be constructed in the area. I think Dr. Alabastro made several valid points that should be looked into for further consideration by our policymakers and the various stakeholders, including the public. Let’s delve also on the advantageous side of reclamation, and there are so many good things that may come out of it. Look at Singapore, they have been reclaiming and their ports now have deep waters that can accommodate big vessels.
I’m sure these reclamation projects will be hosting soundly master-planned communities. The expansion of the land as well as the buildings and other structures that will rise in the reclaimed areas may actually save the nearby residents from storm surges, strong winds, and huge waves. The sea will be farther while the structures can also serve as seawalls and cushion the impact of wind gusts.
Sometimes you have to make sacrifices in the interest of development and progress, in the same way farmlands and forested areas are giving way to road systems and communities.
Of course, we need to balance everything, as much as possible, taking into consideration the truth and consequences of any activity.
Dr. Jesus Lim Arranza is the chairman of the Federation of Philippine Industries and Fight Illicit Trade; a broad-based, multisectoral movement intended to protect consumers, safeguard government revenues and shield legitimate industries from the ill effects of smuggling.
SAN JUAN, Puerto Rico—The UN Security Council voted Monday to send a multinational armed force led by Kenya to Haiti to help combat violent gangs, marking the first time in almost 20 years that a force would be deployed to the troubled Caribbean nation.
The resolution drafted by the United States and Ecuador was approved with 13 votes in favor and two abstentions from China and the Russian Federation.
The resolution authorizes the force to deploy for one year, with a review after nine months. The nonUN mission would be funded by voluntary contributions, with the US pledging up to $200 million.
The vote was held nearly a year after Haiti’s prime minister requested the immediate deployment of an armed force, which is expected to quell a surge in gang violence and restore security so Haiti can hold long-delayed elections. Haiti’s National Police has struggled in its fight against gangs with only about 10,000 active officers in a country of more than 11 million people.
“More than just a simple vote, this is in fact an expression of solidarity
to do is make some money because you’re going to be buying the bonds when they’re artificially low in price and selling them back when they’ve gone higher.”
Former Reserve Bank of India Governor Raghuram Rajan also previously urged for the tool to put back on the shelf until policymakers can study the risks better. “I do not think the benefits outweigh the costs,” he warned in June.
Almost 15 years after the first QE
with a population in distress,” said Jean Victor Généus, Haiti’s foreign affairs minister. “It’s a glimmer of hope for the people who have been suffering for too long.”
A deployment date has not been set, although US Secretary of State Antony Blinken recently said a security mission to Haiti could deploy “in months.”
Kenyan Foreign Affairs Minister Alfred Mutua said last week that the force could deploy within two to three months, or possibly early January. He also noted that key officers are being taught French.
Hours after the vote, Haitian Prime Minister Ariel Henry thanked the U.N. Security Council, the UN’s secretary general and Kenya and other countries who agreed to join the force, saying, “The bell of liberation sounded.... We couldn’t wait any longer!” It wasn’t immediately clear how big the force would be. Kenya’s government has previously proposed sending 1,000 police officers. In addition, Jamaica, the Bahamas and Antigua and Barbuda have pledged to send personnel.
Vassily Nebenzia, the Russian Federation’s UN ambassador, said he did not have any objections in principle to the resolution, but that sending an
salvo from the BOE, its impact is still hotly contested. The BOE rebuffs the criticisms and claims that QT has had little upward impact on borrowing costs. In April, Deputy Governor Ben Broadbent pushed back against monetarists, saying that their claims that rapid growth in the money supply led to excessive inflation are “not well supported by the evidence.” He pointed to periods where broad money grew rapidly but inflation was
armed force to a country even at its request “is an extreme measure that must be thought through.”
He said multiple requests for details including the use of force and when it would be withdrawn “went unanswered” and criticized what he said was a rushed decision. “Authorizing another use of force in Haiti… is short-sighted” without the details sought by the Russian Federation, he said.
China’s UN ambassador, Zhang Jun, said he hopes countries leading the mission will hold in-depth consultations with Haitian officials on the deployment and explained his opposition to the resolution.
“Without a legitimate, effective, and responsible government in place, any external support can hardly have any lasting effects,” he said, adding that a consensus for a transition is urgently needed as well as a “feasible and credible” timetable. “Regrettably, the resolution just adopted fails to send the strongest signal in that regard.”
Généus said he’s grateful the resolution was approved because a foreign armed force is essential, but noted that it’s “not enough.”
“Socioeconomic development must be taken into account to take
close to the BOE’s 2 percent target.
Later in July, Deputy Governor Dave Ramsden defended QT, arguing that it is having “a very slight impact on the economy” and providing only a small lift on gilt yields. He said reducing the balance sheet will boost the headroom the BOE has if it needs to use the stimulus again.
Even so, the BOE has signaled it’s ready to make interventions in markets on a big scale if needed. A year ago, it stepped in with billions
care of extreme poverty,” he said, adding that it is the source of many of Haiti’s problems and has created fertile ground for the recruitment of young people by gangs.
About 60 percent of Haiti’s more than 11 million people earn less than $2 a day, with poverty deepening further in recent years as inflation spikes.
The deployment of an armed force is expected to restore peace and security to Haiti so it can hold longawaited general elections that have been repeatedly promised by Prime Minister Ariel Henry after the July 2021 assassination of President Jovenel Moïse.
Haiti lost its last democratically elected institution in January after the terms of 10 remaining senators expired, leaving not a single lawmaker in the country’s House or Senate. Henry has been ruling the country with the backing of the international community.
The president of the UN Security Council, Brazil’s Sérgio França, noted that without a Haitian political solution based on free, transparent and fair elections, “no...aid will guarantee lasting success.” Associated Press reporters Evens Sanon in Port-au-Prince, Haiti, and Evelyne Musambi in Nairobi contributed to this report.
of liquidity during a crisis, and last week it said officials are working on a tool to help pension funds and insurers in times of strain.
The debate over QE may soon rise up the agenda as recession warning lights begin to flash red.
The BOE has guided markets to expect rates to remain their current high level of 5.25 percent for a prolonged period but some economists believe it would have to respond to a downturn. Bloomberg
ing assets to monitor unlawful fishing activities and conducts resupply missions in collaboration with government agencies, particularly the Philippine Coast Guard,” it said.
These missions provide essentials such as engine oil, drinking water, and ready-to-eat snacks to Filipino fisherfolk engaged in fishing activities in the WPS,” it added.
T he additional budget, the BFAR said, would complement its existing livelihood project for local fishermen who are catching fish in WPS.
THE Commission on Elec -
tions is conducting an investigation into allegations of bribery against former Comelec chief Andres Bautista.
and capacity-building programs to residents of Pag-asa Island in Kalayaan, Palawan, under the LAYAG-WPS project. The assistance included Fiber Reinforced Plastic (FRP) boats, fish aggregating devices, and rain catchers, among others, according to BFAR.
C omelec Chairman George Garcia created a “chairman’s task force” to check whether the procurement of the automated election system used in the 2016 national and local polls was rigged.
I n a statement on Tuesday, BFAR, an attached agency of the Department of Agriculture, said the proposed additional budget expected from the realignment of confidential funds by lawmakers is a welcome development.
“ This initiative would empower our agency to strengthen and enhance our existing monitoring, control, and surveillance activities in the WPS and other fishing grounds to ensure the sustainable
use of our marine resources and safeguard the livelihoods of our fisherfolk,” BFAR National Director Demosthenes R. Estoco was quoted as saying in a press statement on Tuesday.
BFAR explained that the additional budget would go to beefing up its current assets and resources in combating illegal, unregulated, and unreported (IUU) fishing in Philippine waters.
“ The Agency employs float -
For one, it disclosed that it started this year the P80-million Livelihood Activities to Enhance Fisheries Yields and Economic Gains from WPS (LAYAG-WPS) that seeks to provide fishermen with necessary gears and training to improve their catch in the WPS.
The program seeks to provide local fisherfolk with essential tools, knowledge, fishing gears and paraphernalia, and post-harvest training to help them fish more effectively in the WPS and reduce their post-harvest losses,” it said.
BFAR said it delivered almost P5 million worth of livelihood inputs
The DA-BFAR respects the wisdom of our lawmakers in determining the need for budget augmentation,” Escoto said. “Nevertheless, the DABFAR remains committed to combating IUU fishing and empowering Filipino fisherfolk with our existing assets and resources. We want to ensure they can fish peacefully, productively, and sustainably in our waters, especially in the WPS, which rightfully belongs to Filipinos,” he added.
L ast week, the House of Representatives leadership decided to reallocate confidential and intelligence funds (CIF) to agencies tasked to protect the country’s sovereignty in the WPS, which included BFAR. (Related story: https:// businessmirror com.ph/2023/09/28/lawmakers-commit-to-reallocate-cif-toagencies-protecting-wps/)
We want to know where this started. Are the accusations true? What pieces of evidence does America have? And who are the people involved in the allegations?” said Garcia, speaking in Filipino.
Garcia added that should the investigation find it “rigged,” then there must be other people involved as it could not be possibly done by one person only.
G arcia, however, stressed that they are not accusing anyone and are only acting out of “diligence.”
“
But as an act of diligence, kailangan tayo ay mag step up din para maipakita na wala tayo tinatago at pinagtatakpan (we need to step up to show that we are not hiding anything and protecting anyone),” he said.
T he investigation was initiated following the charges
against Bautista, who was accused of money laundering and conspiracy by the US Department of Homeland Security. A ccording to the US Department of Homeland Security, Bautista received a bribe from a poll automation company during the 2016 polls.
Garcia said he personally selected the members of the task force based on credibility and involvement in the previous process. The task force will review all documents from offices involved in the 2016 polls. He said that the findings of the investigation would be out before yearend, and the en banc will file the case.
Meanwhile, Bautista said in his social media account he “did not ask nor receive any bribe money.”
TRADE groups are hoping that “definitive” sanctions will be imposed on local government units (LGUs) that do not comply with the measure that prohibits the collection of passthrough fees on national roads and enjoins LGUs to suspend the collection of fees on vehicles transporting goods.
E xecutive Order (EO) No. 41 was signed by President Ferdinand R. Marcos Jr. last September 25,2023, but only took effect last Thursday after it was posted in the Official Gazette.
W ith the measure “prohibiting” the collection of the logistics fees on national roads and only “urging” local government units to suspend the collection of fees, trade groups are banking on the will of relevant government agencies such as the Department of the Interior and Local Government (DILG) and Malacañang to sanction erring LGUs.
M anifesting the hopes of the exporters, Philippine Exporters Confederation Inc. (Philexport) President Sergio R. Ortiz-Luis Jr. said the suspension of the passthrough fees would definitely ease the burden on exporters and micro, small and medium enterprises (MSMEs) because they see this as an additional cost that is just being passed on to them by truckers.
However, the head of the umbrella organization of Filipino exporters said government will is required to successfully implement this measure.
“ If the government has the will to implement it, then suspend it outright...they can simply state that DILG can suspend those who will not comply. As long as the message is clear, they will all follow,” OrtizLuis told the BusinessMirror via viber message on Monday.
A s to the trade group’s no-frills recommendation, the Philexport chief stressed, “Our recommendation is simply for the DILG to issue a statement that the LGUs will be sanctioned, be suspended by DILG. That’s all. No ifs and buts....”
R epresenting the truckers group, Rina Papa, Vice President of Alliance of Concerned Truck Owners and Organization (ACTOO) highlighted the need to impose “definitive sanctions” for non-compliant LGUs, considering that they had been “adamant” in the past.
“ Urging, pleading whatever it takes for the LGUs to comply with several measures had been taken on this in the past, but LGUs had been adamant [in refusing to lift pass-thru fees]. So yes, [we hope for a] definitive sanction...for noncompliance,” Papa told the BusinessMirror in a viber message on Tuesday.
W ith the truckers group’s hope to be part of the technical working group being developed for the implementing rules and regulations (IRR) of EO 41, Papa hopes the IRR will insert a provision taking into consideration “to cover roads leading to points crucial to trade and distribution of goods such as warehouses, factories, storage facilities, container yards, even department stores.”
A t a recent forum in Quezon City, she noted that since the distribution of goods would have an implication on the entire nation and not just one municipality, the LGUs, through this EO, should consider the “general impact of imposing taxes, levies, permits, et cetera even under local roads.”
W hile she only dropped estimates, Papa revealed that the road use taxes being imposed by the local government on truckers could cost about P2,000 to as high as P2,500 per truck, per month.
T his, she said, translates to around P30,000 additional cost to logistics per truck, annually.
MALACAÑANG has called on national government agencies (NGA) and instrumentalities to participate in the celebration for the 2023 Elderly Filipino Week (EFW) led by the National Commission of Senior Citizens (NCSC).
I n Memorandum Circular No. 34, Executive Secretary Lucas P. Bersamin said the events will highlight the important role of senior citizens to nation building.
“All NGAs and instrumentalities, including GOCCs (government-owned or -controlled corporations), GFIs (government financial institutions) and SUCs (state universities and colleges) are hereby directed, and all LGUs are hereby encouraged, to extend full support for and cooperation with the NCSC in the conduct of relevant activities and programs for senior citizens during the annual celebration of the Elderly Filipino Week,” Bersamin said in his two-page issuance.
T he celebration of the EFW, every first week of October, is pursuant to Proclamation No. 470 (series of 1994).
T his year’s EFW started last Sunday with the National Centenarian Recognition Day.
A mong its highlights was the launching of the Philippine Plan of Action for Senior Citizens (PPASC) 2023-2028 to promote an “agefriendly” society on October 3, 2023.
T he EFW celebration also includes free art class for seniors, a tree planting activity, and medical/dental missions, beach cleaning.
T he week-long celebration will be capped by the conduct of the Sampung Ulirang Nakakatanda Awards. Samuel P. Medenilla
THEBureau of Fisheries and Aquatic Resources (BFAR) said the reallocated confidential funds that it would receive will boost its efforts in monitoring not just the West Philippine Sea (WPS), but also other fishing grounds nationwide.GARCIA Editor: Jennifer A. Ng
t he agency said tuesday it has successfully conducted the opening of bids applications for the 4th Open and Competitive Selection Process (OCSP4) for hydropower, geothermal, and wind energy resources with a total of 25 applications received for 13 out of 20 PdA s.
t he 25 offers are from QuadRiver energy Corp., Regenerative Sustainable Projects Inc., Paragon green energy de velopment Corp., King
energy g e neration Inc., energy d e velopment Corp., Mainstream Renewable Power Philippines, PacificWind Renewables Corp., First gen visayas energy Inc., wpd Philippines Onshore Inc., gigawaWind2 Inc., L MOR e 44 Construction OPC, South Luzon Sustainable energy Inc., and Freya Renewables Inc. Most of them submitted more than one application. PdA s where no bid was received
may be declared open for direct application pursuant to the existing guidelines.
t he OCSP is being adopted as a mode for the selection and award of R e contracts particularly for identified PdA s through a bidding process. PdA s refer to locations with potential R e resources, as supported by sufficient technical data, and are suitable for further development.
under the OCSP4, the dOe offered 20 PdA s, with 3 PdA s for geothermal resources with a total potential capacity of 160 MW, 14 PdA s for hydropower resources with a total potential capacity of 87.96 MW, and 3 PdA s for wind resources.
t his is the first OCSP round to offer PdA s for wind projects, resulting from the recently completed resource assessment for wind energy in the Philippines.
Some of the companies’ offers were marked incomplete. t he dOe
allowed them to file for a motion for reconsideration.
t he OCSP4 Review and evaluation Committee (R eC), presided by its Chairperson Assistant Secretary Mylene Capongcol, conducted the opening of bids and determination of completeness of bid submission with on-site and virtual attendance of the bidders last September 28.
Currently, the R eC is reviewing the motion for reconsideration from 4 bidders, of which 2 are bidders for hydro and another 2 for wind PdA s. Based on the prescribed timelines, the legal, technical, and financial evaluation of all bids is expected to be completed on October 12, while the awarding of R e contracts is targeted on November 24.
All R e developers whose applications were accepted are required to settle the processing fees within three days from receipt of the order of payment.
Budget carrier AirAsia Philippines is targeting to sell 500,000 seats for its Asia Pacific (APAC) flights in the fourth quarter, citing a huge demand for Asian destinations over the last few months.
AirAsia Philippines Communications and Public Affairs Country Head Steve da ilisan said as of October 2, taipei, Incheon, Osaka, Narita, Hong Kong, and Bangkok remain the top destinations for Filipinos with over 300,000 seats sold for travel in the next 90 days.
“AirAsia Philippines continues to herald the return of international tourism through affordable and convenient flights. In fact, we see our performance on international flights increasing to half a million seats sold before the end of d e cember 2023 which further underscores that more and more travelers are now making the choice of flying with the World’s Best LowCost Airline. We hope to flourish in the APAC next year as we open more destinations following the increase in aircraft fleet.”
AirAsia Philippines opened the month of October with its Manila to Bangkok, Hong Kong, ta ipei, Seoul,
By VG Cabuag @villygctokyo, and Macao flights commencing daily from the Naia terminal 3. Manila to guangzhou and Shenzhen on the other hand continues to fly out of Naia terminal 3 4 times weekly while flights to Kota Kinabalu, Kaohsiung, and Shanghai fly continue to depart and arrive thrice weekly.
Aside from increasing the frequency of flights from the Naia terminal 3, AirAsia plans to open additional routes to Japan and China via the Clark International Airport, Mactan-Cebu International Airport, and Kalibo International Airport, da ilisan added.
“We invite our guests to take ad-
vantage of ongoing sales as tickets bought under existing promos will no longer be affected by any future fuel surcharge.”
Last december, AirAsia painted a rosy outlook for the company for this year as it closed on “a high note.”
AirAsia Philippines CeO Ricky Isla said as of december 19, 2022, the carrier’s load factor was at 93 percent with top performing destinations Zamboanga, Puerto Princesa, and Roxas driving the trend.
Meanwhile, Bangkok topped the list of most booked international destinations with a 92 percent load factor, while Incheon comes in second with a 90 percent load factor.
Seve N t Y Filipino entrepreneurs stand to benefit from a specialized initiative that can help and guide them navigate the most challenging aspects of starting and running a business.
t he Bridge for Billions Incubation Program of Payoneer is open to independent gig workers, freelance agencies, and small- and medium-sized information technology-business process management (It-BPM) firms operating in any sector in the digital economy in the Philippines. t he company said its innovation-based entrepreneurship methodology is inspired by the Massachusetts Institute of technology’s disciplined entrepreneurship concept.
“Since the beginning, we’ve been supporting the small to medium sized businesses. So that will include independent gig workers. We think that they’re the best profile for this program because usually they’re a one-man team—from acquiring their clients [to] building their portfolio, [or] like doing their finances,” Payoneer Marketing Lead for Asia Pacific’s emerging Markets
Jen San Antonio told reporters during their media launch in taguig City last tuesday.
“In terms of [agency] freelancers themselves, they have the same needs as any other type of small business. t hey’re entrepreneurs. t hey’re growing their business. t hey’re trying to connect with other stakeholders across their ecosystem or crossborder. So it’s our desire to make sure they’re included, given the right set of tools, and empowered to grow,” added Payoneer Senior vice President for Asia Pacific Nagesh devata.
t he company will receive applications until december. t hereafter, the selection process and announcement, as well as onboarding calls and mentor matching will follow in February 2024.
for their venture will vie in a pitch competition. t he first placer will win $2,000; second placer, $1,500; and third placer, $1,000.
On the mentors’ part, they must be Filipino experts and professionals based here or abroad. As an adviser, they can generate a network of earlystage innovators with whom they can work with in the future. Onboarding the program also exposes them to upcoming industry trends and positions their brands within the innovation and entrepreneurship ecosystem globally. t hey just need to commit at least one-and-a-half to two hours a week.
In the past 8 years, Bridge for Billions has run 270 incubation programs in 134 countries, matching 3,029 mentors with 3,709 entrepreneurs. Of these business people,94 percent rated the program as important to their success, and many saw their revenues jump up to 2.4 times.
“Seventy-five percent of those entrepreneurs registered their business formally two years after the program, and then 65 percent of those have created an average of five jobs during the same period. So this is the same impact that we’re expecting for this program with us, Payoneer, and Bridge for Billions,” San Antonio said.
“Both mentees and mentors of this incubation program can also have their share in nation-building, thus promoting innovations and economic prosperity in their respective industries.”
FRuI tA S Holdings Inc., a food and beverage kiosks operator, said its unit is acquiring the cloud kitchen equipment previously owned by food delivery services provider Foodpanda.
t he said equipment is being purchased by Fruitas unit Fly Kitchen Inc., which operates Hatid Pinoy, Jade ex press, Kanin at Sabaw, among others.
t he company’s dedication to superior quality and creativity in the cloud kitchen market is expected to be accelerated by this strategic initiative,” Fruitas said in its disclosure.
“We are pleased to announce this tactical purchase of top-quality kitchen equipment from Foodpanda. t his decision reflects our dedication to providing outstanding gastronomic experiences to our patrons,” Lester Yu, Fruitas president and CeO, added.
t he company, hwoever, did not disclose the acquisition cost.
“ t he acquisition price is below materiality level and paid from the company’s internal cash.”
t he company said it is prepared to expand its capabilities with the acquisition of the culinary equipment which Foodpanda previously utilized. With the advanced kitchen technology, Fly Kitchen is now able to expand its menu with new methods, processes and flavors, it said. VG Cabuag
TH e Philippine Stock e xc hange Inc. (PS e ) said its guidelines for short selling transactions took effect immediately after regulators have given their go signal for the critical components of securities borrowing and lending (SBL).
Short selling can only function if an SBL program is in place, the PS e said.
t h e PS e announced S e C ’s approval of offshore collateral for SBL in May while the Bureau of Internal Revenue accepted the filing and registration of the g l obal Master Securities Lending Agreement in September.
“We are grateful to the S e C and BIR for their approvals on important regulatory aspects of SBL and short selling. t h is development brings us a step closer to the full adoption and implementation of these much-awaited programs,” PS e President and C e O Ramon S. Monzon said.
t h e PS e also announced that it updated the eligible securities in its short selling guidelines to include members of the PS e MidCap and PS e d i vidend Yield indices. Initially, only securities comprising the PS e index and exchange traded funds were considered eligible securities for short selling.
t h e PS e will make a separate announcement on the official launch date of the short selling program, it said.
t h e S e C earlier said it is banking on the potential of short selling to boost trading activity in the country’s equities market.
“We are pushing to align the short selling environment with the major Asian markets, which has the potential to promote liquidity, stabilize the market, protect investors and further unlock the value of shares of Philippine corporations,” S e C Chairman e m ilio B. Aquino said.
t h e S e C has paved the way for short selling in the country by issuing the relevant rules as early as 2018, when it approved the PS e ’s guidelines on short selling transactions.
It has since worked together with the PS e and market participants towards ensuring that they are ready for the implementation of the guidelines.
Recently, the S e C has looked at the adoption or non-adoption of existing practices in other markets to advance short selling in the Philippines. In Asia, short selling is allowed in Singapore, Hong Kong, Malaysia, t h ailand and Indonesia.
t he Se C is also considering requiring the submission of a regular report on all short selling and securities borrowing and lending activities and their compliance with current rules and policies, to better guide the Commission on policies on short selling moving forward.
“We will balance our role as regulator and market innovator, imposing the necessary restrictions and safeguards while ensuring that they will not stifle investors and trading participants from fully taking advantage of this trading strategy,” Aquino said.
t he incubation proper will run from March to June 2024, wherein the selected 70 participants will be matched with an expert in their field for one-on-one mentorship (7 to 8 hours a week) to hone their ideas and progress. t hey will also join in expert-led group discussions on relevant industry topics, as well as get introduced to a vibrant community of like-minded peers and mentors.
After four months, each of them will have to submit their business cases to succeed post-program.
Around 15 to 20 of those who develop a solid and concrete business plan
t he It-BPM industry closed 2022 with revenues of $32.5 billion and 1.57 million employees. Freelance revenues, meanwhile, grew by 208 percent courtesy of 1.5 million gig workers in 2020.
According to the e-Conomy Southeast Asia 2022 report jointly published by g o ogle, te masek, and Bain & Company, the Philippines, along with v i etnam, is leading the charge as the fastest-growing digital economies in Southeast Asia. t he region is well on its way to becoming a $1 trillion digital economy by 2030.
Roderick L. AbadDAt A plays a key role in refining the strategies to level up a company’s customer experience, a futurist said during g l obe te lecom Inc.’s thought leadership event dubbed g Summit on tu esday. d u ring her talk titled “Refinement Phase: g r ounding d e cisionMaking to be Customer-Focused,” customer experience futurist
Blake Morgan said organizations should put premium in enhancing their customer experience by leveraging “the right data.”
“It’s paramount that we consistently deliver enhanced and elevated customer experiences. So it is necessary to refine strategies and decision-making with our customers in mind. Leveraging the right data, understanding it, and acting upon it is fundamental in acquiring and retaining our valued customers,” said Morgan.
g l obe mounted the event to “push Filipino businesses to break barriers, seize opportunities to incorporate the best IC t solutions that complement connectivity, embrace change, and forge ahead with resilience and sustainability at the core.”
g Summit aims to share cutting-edge best practices on digital transformation, guiding businesses towards sustainability and resilience.
“ t his whole summit aims to encourage and enable enterprises and MSMes in creating opportunities and overcoming barriers with the right digital solutions—a key element that globe Business is more than ready to provide, as we’re committed to empowering businesses of all sizes and helping them achieve long-term success and sustainability,” K d di zon, Head of globe Business, said. Lorenz S. Marasigan
The Department of energy (DOe) has received 25 offers to explore, develop and utilize renewable energy (Re) sources in 13 predetermined areas (PDAs).
MORE assets of Loyola Plans Consolidated Inc. will now be sold to pay its obligations to its members and debtors after it was placed by the Insurance Commission (IC) under liquidation.
The IC issued on October 2 a notice to the public, disclosing that Loyola Plans has been under liquidation since September 29.
In its notice, the IC said it appointed Atty. Dionne Marie M. Sanchez of San Diego Ycasiano Macias Estorco Castaneda Sanchez Law Office as the liquidator of the pre-need company.
The IC advised that parties that have claims against the company to file their claims under oath to Sanchez no later than April 18, 2024.
The claims must be filed together with supporting documents and pertinent details such as basis and amount of each and every claim to be considered in the company’s liquidation, according to the IC.
“Claims filed after 18 April 2024 shall be barred from the normal liquidation proceedings but instead shall be referred to the company for reconsideration in its dissolution and winding up proceedings. Hence, all claimants are reminded to file their claims on time,” the IC said.
Under existing laws and regulations, the IC can place a pre-need company under liquidation after it determined that the firm is already insolvent.
“In case of liquidation of a preneed company, after payment of the cost of the proceedings, including reasonable expenses and fees incurred in the liquidation to be allowed by the court, the Commission shall pay all allowed claims against such company, under order of the court, in accordance with their legal priority,” according to Republic Act 9829 or the Pre-Need Code of the Philippines.
The liquidation order on Loyola Plans Consolidated Inc. came a few months after it was placed under receivership by the IC. (Related story: https://businessmirror. com.ph/2023/06/13/ic-placesloyola-plans-under-receivership/)
In 2019, the LPCI was placed by the IC under conservatorship as the company was unable to comply with the minimum unimpaired paid-up capital and trust fund requirements. (Related story: https://businessmirror.com. ph/2019/07/29/ic-puts-loyolaplans-on-conservatorship/)
During that time, the IC determined that the LPCI’s trust fund was only at P932 million as against its total preneed reserves (liability) of P1.48 billion.
Earlier this year, the IC put up for sale the various assets of Loyola Plans Consolidated Inc. that include land lots, hotel units, buildings, town house, condominium units and club shares among others, worth at least P1.557 billion.
In August 2022, the IC published a notice of sale for land owned by the pre-need company with an estimated area of 203,083 square meters. The property had a minimum offer price of P1.177 billion, according to the IC’s notice of sale.
Loyola Plans Consolidated Inc.’s total capital deficiency at the end of 2020 stood at P963.11 million, according to the company’s audited financial statement published on its website.
Meanwhile, the pre-need firm’s comprehensive loss widened to P571.624 million in 2020 from P499.684 million in 2019, according to the company’s documents.
Loyola Plans had a P3.44-billion worth of assets in 2020.
By Jovee Marie N. dela Cruz @joveemarie
government’s efforts to solve the ransomware attack as she urged the House of Representatives to conduct its own probe.
“It is alarming that PhilHealth only confirmed the leak of personal information of PhilHealth contributors weeks after the Medusa ransomware attack on September 22,” Brosas said. “This should prompt an urgent independent investigation by the House to put concerned agencies to task and identify the perpetrators of the data breach.”
The lawmaker added that “the personal information obtained by hackers can be used to commit other crimes against PhilHealth members,
CREDIT rating agency A.M. Best Rating Services Inc. downgraded the long-term issuer credit ratings (ICR) of Malayan Insurance Co. Inc. to “bbb” from “bbb+” as it sees the insurance firm’s capital adequacy to “remain under negative pressure.”
In a recent statement, A.M. Best said the downgrade reflects the insurance firm’s “weakened” balance sheet strength fundamentals.
“The company’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), has weakened in recent years due to heightened credit risk following recent catastrophe events,” the credit rating agency said.
“Prospective capital adequacy is expected to remain under negative pressure with the increase in its net retention and the company’s heightened sensitivity to natural catastrophes following changes to its reinsurance programme in 2023,” it added.
A.M. Best also noted that Malayan continues to have an “elevated” exposure “to counterparties that are
non-rated on an international credit rating scale.”
“Malayan’s balance sheet strength also remains exposed to notable investment risk arising from its sizable equity investments; however, the company has made ongoing progress to de-risk its investment portfolio in recent years,” it said. Nevertheless, the long-term ICR of bbb is still equivalent to “good,” according to A.M. Best’s rating standards.
Meanwhile, A.M. Best affirmed Malayan Insurance’s financial strength rating at B++ (Good), reflecting the firm’s “strong” balance sheet.
The credit rating agency also assigned an aa+.PH or Superior Philippines National Scale Rating to Malayan Insurance. A.M. Best noted that its credit ratings outlook for Malayan Insurance is “stable.”
“These ratings reflect Malayan’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
In addition, the ratings factor in the neutral impact from the company’s ultimate owner, Pan Malayan Management and Investment Corp.,” it explained.
For his part, Paolo Y. Abaya, Malayan Insurance President and CEO, said the latest credit ratings of the company serve as a “proof” of its “claims-paying ability and capability to meet debt obligations.”
“We take great measures to ensure that our company is always in the best financial health. To maximize our clients’ experience, we continue to offer innovative products and services that address their current needs and concerns,” Abaya said on Tuesday. Malayan Insurance posted P4.504 billion in net premiums written and P4.32 billion in premiums earned last year, based on latest Insurance Commission (IC) data.
IC data also showed that Malayan Insurance’s net worth at the end of 2022 was at P2.86 billion while its net income settled at P294.409 million.
Jasper Emmanuel Y. Arcalassuch as identity theft.”
“That’s why it is baffling for PhilHealth to downplay concerns at the onset of the cyber attack,” Brosas said. Citing PhilHealth, Brosas said personal information of members, such as name, address, birth date, phone number, and PhilHealth ID number, was stolen by the Medusa ransomware group.
“The implications of this cyber attack might be worse in magnitude, considering the belated admission of PhilHealth and the pendency of investigations by concerned agencies such as the National Privacy Commission (NPC). Unfortunately, we have yet to hear from Malacañang
on this issue,” Brosas said.
The Gabriela Women’s Party lawmaker said the House Committee on Information and Communications Technology can conduct an urgent motu proprio investigation on the Medusa ransomware group attack during the congressional break. Brosas is also asking the NPC to furnish the lower house with a copy of its findings over the cyber attack. Earlier, PhilHealth requested a joint task force composed of members of the NPC, the Department of Information and Communications Technology and law enforcement agencies to look into the recent cyberattack.
THE number of credit cards issued by a subsidiary of the Rizal Commercial Banking Corp. (RCBC) has breached a million with the lender citing its efforts to acquire and deepen engagements with cardholders.
RCBC Bankard Services Corp.
President and CEO Arniel Vincent
B. Ong said the lender’s subsidiary will continue to offer innovative products and solutions based on the ever-changing needs of cardholders.
“As we celebrate this remarkable milestone, we [would] further strengthen our commitment to provide our customers with the best products, solutions, and deals as well as the tools and support to secure their financial future,” Ong said.
RCBC Bankard reported that the number of RCBC credit cardholders increased because of the services and
travel perks for customers. This includes their promotional lowest FX Conversion Fee of just 1.68 percent, complimentary travel insurance and protection, exclusive lounge access, and much more. It is also helping its customers manage and maximize their cards. Through its digital app, the bank said, cardholders can pay, manage cash flow, settle utility bills and secure their card with a lock-and-unlock feature, among others.
In addition to these benefits, card users enjoy offers from a selection of top local and international establishments, which come in handy with the upcoming holiday season. Based on the quarterly survey of the Credit Card Association of the Philippines (CCAP), which comprises the 17 major credit card issuers in the country including RCBC Bankard, there are a total of 12.2 million credit cards issued in the Philippines as of the second quarter of 2023.
THE Bangko Sentral ng Pilipinas (BSP) is at the forefront of fostering awareness about Islamic banking and finance in the entire country. Since the 2018 enactment of Republic Act (RA) 11439, otherwise known as the Islamic Banking Act of the Philippines, the BSP has been actively promoting a sustainable Islamic finance ecosystem throughout the archipelago.
BSP Assistant Governor Arifa A. Ala said Islamic banking and finance is not exclusively for Muslim clients but also for non-Muslims, whether local or foreign. “The objective of the government is to establish a level playing field for both conventional and Islamic banking systems,” Ala disclosed after receiving the 2022 “WOMANi Professional Award” from the Cambridge Institute of Islamic Finance during a ceremony held in Jakarta, Indonesia.
In 2022, the BSP created the Shari’ah Supervisory Board (SSB) in the Bangsamoro Autonomous Region in Muslim Mindanao (Barmm). The SSB’s primary function is to issue Shari’ah opinions on Islamic banking transactions and products in the Barmm, composed of the provinces of Basilan, Lanao del Sur, Maguindanao del Norte, Maguindanao del Sur, Sulu and Tawi-Tawi.
However, investors are hesitant to put up businesses in the newlycreated province of Maguindanao del Norte because of a governance issue: it has two officials claiming the position of provincial governor.
One is Acting Governor Fatima Ainee Limbona-Sinsuat, who was an elected vice governor of the undivided Maguindanao province prior to its split-up into two provinces by virtue of RA 11550, which was ratified through a plebiscite held in October 2022. The other is OIC Governor Abdulraof A. Macacua, who was appointed by President Ferdinand R. Marcos Jr. in April 2023. The Supreme Court, in a decision
promulgated in June 2023, declared that Sinsuat is the rightful governor based on the provisions of RA 11550 passed by Congress in 2021.
The Barmm Governors’ Caucus, composed of five out of the six Barmm provincial governors, supports the ruling of the highest court in the land. But if the decision is not followed by the Barmm regional government and Malacañang, it could set a dangerous precedent whereby the executive branch undermines the balance of power enshrined in the Philippine Constitution—thereby going on a collision course against the legislative and judicial branches.
To prevent a full-blown constitutional crisis, it is imperative that all parties involved should approach the issue with restraint and respect for the rule of law. The national government must address the underlying concerns about political interference and the potential for conflicts of interest in future appointments, particularly in regions like Barmm with a history of armed conflict. This will serve as a litmus test on the strength of our democratic institutions, which may ultimately determine whether our economy can attract more investments or lose out to other countries.
Evolution of online gaming INTERACTIVE Entertainment Solutions Technologies Inc. (IEST), a subsidiary of Philippine Stock Exchange-listed firm Diversified Financial Network Inc. (DFNN), has partnered with a European company, Evolution Malta Holdings Ltd., to raise the online gaming experience
in the Philippines. Headquartered in the United Kingdom, Evolution is a global leader in the live casino industry.
IEST’s online platform, InPlay.ph, will integrate Evolution’s suite of live games through this strategic partnership. According to DFNN Vice President for Marketing Jacob Edel, “this partnership will enable us to enhance our offering and provide players with access to the finest live casino games available globally. We are confident that our players will appreciate the immersive and interactive nature of Evolution’s live dealer games.”
InPlay.ph is the leading platform in the Philippine online gaming industry, of which it is the first mover.
Its collaboration with Evolution’s professionally trained dealers and state-of-the-art technology is poised to cement IEST’s position as an industry pioneer that will set new benchmarks for the local gaming sector.
As DFNN continues to execute its strategic vision of diversifying into cutting-edge technologies, it recently announced the appointment of California-based Nicholas Te as a member of its board of directors. In a media interview, he explained that “DFNN’s storied experience with gaming, digital commerce, cyber security and artificial intelligence will greatly benefit our navigation of these untested waters.”
Te is an engineer at Tesla Inc. who graduated from the University of California at Berkeley with a degree in materials science and engineering. He believes that DFNN’s foray into space technology will create a platform for investments in weather communication, land development and mineral resource technologies.
Joseph Gamboa is the vice-chairman of the Financial Executives Institute of the Philippines (Finex) Ethics Committee and director of Noble Asia Industrial Corp. The views expressed herein do not necessarily reflect the opinion of these institutions and the BusinessMirror #FinexPhils www.finex.org.ph
THE dollar’s relentless rally has finally toppled the last Asian currency standing, with the Indonesian rupiah joining regional peers in erasing this year’s gains against the greenback.
The rupiah succumbed via a modest weakening Tuesday, even after the central bank said it intervened to shore up the exchange rate. All other Asian currencies have already retreated this year against their US peer, which has advanced in 10 of the last 11 weeks.
“Higher US yields and stronger
➜ CIAC’s accounting office cited
dollar have been the key driver of the rupiah’s recent weakness,” said Vijay Kannan, a macro strategist at Societe Generale SA in Singapore. “This should continue to be a headwind for bond flows and the rupiah.” While most emerging Asia benchmark interest rates are seen at or near their terminal levels, there is a chance the Federal Reserve will hike even more. Like all the other currencies in the region, the rupiah has now become a victim of the higher-for-longer rate mantra which has given the dollar a new lease of life. Bloomberg News
THE Clark International Airport Corp. (CIAC) announced it was recently cited for being one of the country’s “Outstanding Accounting Offices for 2022” by the Association of Government Accountants of the Philippines Inc. (AGAP). A statement quoted CIAC President Arrey A. Perez as saying the office was “recognized for its financial management proficiencies and commitment to uphold transparency and good governance.” Perez is himself a certified public accountant and holds a post-graduate diploma in Urban Planning, a Master’s degree in Public Administration, and an executive training certificate on public-private partnerships at the Harvard Kennedy School. The AGAP cited the CIAC’s “quality, timeliness, and accuracy of (its) CY 2022 financial reports, as well as (its) financial performance for the same year.”
➜ SECB named participant to AI project
Security Bank Corp. (PSE:SECB) announced it has been selected to participate in the “Early Access Program (EAP)” for a pilot project of Microsoft Corp. SECB announced last October 2 that it is one of only two Philippine-based organizations invited to join the program that was rolled out to an initial wave of 600 leading customers worldwide last September 26. “This demonstrates the bank’s innovation and forward-thinking approach in the market,” the lender said. It added that its “early adoption of the ‘Microsoft 365 Copilot’ is another step in its digital transformation journey, building on investments to elevate its banking services for retail, corporate, commercial and clients.”
➜ B2B platform operator partners with firms
THE operator of the Packworks business-to-business (B2B) platform announced entering into partnerships with financial service providers to target 270,000 microscale retail stores across the country. ThePack Solutions Inc. announced in a statement it inked deals with Cebuana Lhuillier Services Corp. and 1Sari Financing Corp. to provide sari-sari stores access to “secure, reliable, and affordable microloan services.” Through these partnerships, Packworks aims to offer sari-sari stores various financial services to further promote financial inclusion and empowerment, which could expand their businesses, the firm said. “Sari-sari stores significantly contribute to the economic fabric of the Philippines,” CEO Krishna Tan-Ayuso was quoted in the statement as saying. “Our objective is to enhance financial inclusion, tap into untapped growth potential, and fortify the foundation of our retail industry.”
ApArty-list lawmaker called last tuesday for a congressional probe into the recent cyberattack that pushed the philippine Health insurance Corp. (philHealth) to implement a temporary system shutdown.
SaleFollowing the admission by PhilHealth of a serious data breach, Gabriela Women’s Party Rep. Arlene D. Brosas raised concerns about FInEx FrEE EntErprISE
THE young actor is beleaguered by rumors and this has had an adverse effect on his career. One of the rumors is that of his alleged cheating on his girlfriend with a lovely starlet. After that story broke, he lost many fans. Another rumor circulating about his alleged past involves a gay man, who is said to be a past benefactor. Screenshots of conversations regarding this have been released on a social media platform and this, again, has affected his career. He still has projects because he is a good actor but many of his fans now call him a “cheater” and don’t support his projects. Even his gay fans, who you’d think would be supportive, aren’t.
FIRST, it was her boyfriend’s relatives. Now, the starlet is fighting with another starlet and she (first starlet) isn’t even hiding it. The starlet is known for playing kontrabida roles and it appears that she’s the same way in real life. Her boyfriend’s relatives don’t like her because she is a domineering girlfriend. Her boyfriend’s mother feels that the starlet was instrumental in him changing his attitude toward his family. He is no longer close to his sister and mother. If they had a choice, they would make sure she’d be out of the picture but the guy very much in love with her and will believe no one but her.
RICH BENEFACTOR
THE actress hasn’t had any work in years but she still living the life that so many people are wondering where she gets the money. Well, according to rumors, the actress has a rich benefactor who funds her travels and extravagant lifestyle. She doesn’t mind that she doesn’t have work and isn’t looking for anything. She’s just content with her life right now. This isn’t the first time that the actress has had a sugar daddy and it’s not like there is a shortage of men who would love to date her. But the actress likes her men very very rich and preferably old. Her current boyfriend is a foreign businessman based in the Philippines.
KEEPING QUIET
THE influencer has been a disappointment to her family, if they’re pronouncements are to be believed. One family member took to social media to express their disappointment over her life choices, even if she is already an adult who is in a relationship with a good and responsible man. The influencer listened to her family members talk about why they don’t approve of the relationship. She didn’t reason with them because she knows it would be futile. At the end of the day, she went home to her boyfriend who has taken care of her and love her with all sincerity.
But the 10th Saw doubled back on gore and brought back Tobin Bell as the serial killer Jigsaw. It came away with the franchise’s best opening weekend in more than a decade and strong audience scores.
The $13-million production was also the widest Saw release yet, playing in 3,262 theaters. Since James Wan’s 2004 original, the Saw franchise—the flagship series of so-called torture porn—has made more than $1 billion worldwide.
Eugenia Last
CELEBRITIES BORN ON THIS
DAY: Alicia Silverstone, 47; Liev Schreiber, 56; Christoph Waltz, 67; Susan Sarandon, 77.
HAPPY BIRTHDAY:Live life your way. Fulfill your dreams and follow your heart. Using experience and knowledge, you must broaden your awareness and make decisions that bring you closer to your desired life. A passionate, intense step forward will place you in a new environment with plenty to discover about yourself and what’s possible this year. Trust your instincts and do what makes you happy. Your numbers are 7, 16, 20, 29, 32, 37, 48.
ARIES (March 21-April 19): Get the grunt work out of the way before you move on to something more enjoyable. If you leave your responsibilities unfinished, you will face criticism or hidden costs. Pay attention and avoid temptation. Superfluity is the enemy, not an opportunity. ★★★★
NEW YORK—After several quiet weeks in movie theaters, four films entered wide release over the weekend. PAW Patrol: The Mighty Movie came out the top dog, with $23 million in ticket sales, according to studio estimates on Sunday.
The performances of all four films—PAW Patrol: The Mighty Movie, Saw X, The Creator and Dumb Money told a familiar story at the box office. What worked? Horror and animated franchises. What didn’t? Originality and comedy.
PAW Patrol, from Paramount Pictures and Spin Master, had timing on its side. The film, a sequel to the 2021 PAW Patrol movie adapted from the Nickelodeon TV series, was the first family animated movie in theaters since Teenage Mutant Ninja Turtles: Mutant Mayhem was released in early August.
The first PAW Patrol, released during the pandemic, debuted with $13 million while simultaneously releasing on Paramount+, and its success in both arenas was a contributing factor in leading Nickelodeon chief Brian Robbins to be named head of Paramount. A third PAW Patrol movie has already been green-lit.
Paw Patrol: The Mighty Movie, which cost $30 million to make, added $23.1 million in overseas sales.
Saw X, the 10th release in the long-running horror series, managed to bounce back from a franchise low with an opening weekend of $18 million for Lionsgate. The previous Saw movie, 2021’s Spiral, starring Chris Rock, debuted with $8.8 million and totaled $23.3 million domestically.
DISNEY and Pixar’s Elemental made its streaming debut in a blaze of glory.
Elemental is the most watched movie premiere of the year on Disney+ and among its Top 10 movie premieres of all time, earning 26.4 million views in its first five days of streaming. Directed by Peter Sohn, produced by Denise Ream, and executive produced by Pete Docter, the original feature film is set in Element City, where Fire-, Water-, Earth- and Air-residents live together.
The story follows the quick-witted and fiery Ember (voiced by Leah Lewis), whose friendship with the sappy and go-with-theflow Wade (voiced by Mamoudou Athie) challenges not only her beliefs about the world they live in, but the person she wants to be.
In its first five days of streaming,
Elemental has become the most viewed
animated movie premiere since Disney and Pixar’s Turning Red was released in March 2022, as well as the most viewed Disney+
The Creator, an $80 million movie financed by New Regency and distributed by Disney’s 20th Century Studios, was easily the biggest film to launch in theaters over the weekend but struggled to catch on. It grossed a modest $14 million at 3,680 theaters while adding $18.3 million internationally.
The film, directed by Gareth Edwards, stars John David Washington as an undercover operative in an AI-dominated future. The Creator drew mostly positive reviews and a “B+” CinemaScore from audiences.
Sony Pictures’ Dumb Money, expanded nationwide after two weeks of limited release but failed to ignite the kind of populist movement it irreverently dramatizes. The film, directed by Craig Gillespie, came away with a disappointing $3.5 million in 2,837 locations.
Dumb Money, starring an ensemble of Paul Dano, Pete Davidson, Seth Rogen, American Ferrera and Anthony Ramos, turns the GameStop stock frenzy into a ripped-from-the-headlines underdog tale of amateur traders rattling Wall Street. While all of the weekend’s new releases were hampered by the ongoing SAG-AFTRA strike, Dumb Money would have especially benefitted from its cast hitting late-night shows and other promotions. Made for $30 million, Dumb Money wasn’t a massive bet. But it represented the kind of movie—a mid-budget, acclaimed original mostly targeted at adults—that Hollywood seldom makes anymore.
As the industry enters an awards season a year after many high-profile contenders (among them Tár and The Fabelmans) failed to catch on in theaters, the results for Dumb Money may be cautionary for films queuing up. The weekend’s other notable success came from a
saw theatrical success, earning $484 million worldwide with a 93 percent Rotten Tomatoes Verified Audience Score and an “A” CinemaScore.
In the US, the film generated $154 million—more than five times its domestic opening weekend of $30 million, a rare feat for any theatrical release and the second-highest multiple behind Disney and Pixar’s Toy Story (1995). Internationally, the film brought in $330 million and had a particularly strong showing in South Korea, becoming Pixar’s most-seen film in the country.
TAURUS (April 20-May 20): Don’t estimate how much things cost. Review numbers and figure out what’s doable. If you let your heart get involved in a deal, you will overpay or do too much. A problem with one of your peers will escalate if you renege. ★★★
GEMINI (May 21-June 20): Keep an open mind, but don’t believe everything you hear. Refuse to pay for someone else’s mistake. Offer advice, but don’t take on the costs of letting someone use you. Put your effort into participating in events that offer beneficial connections. ★★★
CANCER (June 21-July 22): Move forward with eyes wide open. Listen carefully and change what’s necessary and factual. If you’re gullible, someone will lead you astray and take advantage of you. Protect your reputation, possessions and ideas while you put things in place. ★★★
LEO (July 23-Aug. 22): Temptation will result in underestimating the outcome. Think before making physical changes that are unnecessarily costly. Take care of debts before signing up for something you can’t afford. Stick to simple plans that ward off trouble and ease stress. Focus on fitness and health. ★★★★
VIRGO (Aug. 23-Sept. 22): Take on a challenge that can set you free. Enforce changes that are positive, opportunity-driven and based on facts, figures and what you know you can do to reach your goal. Surround yourself with people who share your perspective. ★★
LIBRA (Sept. 23-Oct. 22): Changes at home will depend on how you handle your finances. A hands-on approach to investments will lead to privileged information. Don’t share details that might jeopardize the results you anticipate. Keep your finger on the pulse. ★★★★★
SCORPIO (Oct. 23-Nov. 21): Dig in and get things done. Don’t be afraid to take a different path if it will give you a unique perspective on something or someone. A change is overdue, but choose moderation as your guide before you begin. Too much of anything will confuse you. ★★★
SAGITTARIUS (Nov. 22-Dec. 21): Put your heart into whatever you do and follow through. Don’t leave anything undone or rely on others to finish what you start. Avoid those who aren’t honest regarding their intentions. Focus on self-improvement and personal growth. Put your energy into worthwhile prospects. ★★★
CAPRICORN (Dec. 22-Jan. 19): Take a tally of your to-do list and make the necessary changes to improve your status quo and investment prospects. Search for different applications for your skills that will result in greater cash flow. ★★★
AQUARIUS (Jan. 20-Feb. 18): Look for the less obvious outcome in order to gain insight into the possibilities. Trust your instincts and rely on yourself. Focus on your passion and you’ll be happy with what you achieve. Discipline and hard work will help you overcome temptation. ★★★★★
movie premiere of all time in Latin America, just ahead of Turning Red Released in June, the film also
The
The Elemental screenplay is by John Hoberg and Kat Likkel and Brenda Hsueh, with story by Sohn, Hoberg and Likkel, and Hsueh. Ronnie del Carmen, Shila Ommi, Wendi McLendon-Covey, Catherine O’Hara, Mason Wertheimer and Joe Pera round out the film’s voice cast.
PISCES (Feb. 19-March 20): Dreams can come true if you follow through. Show your strengths and use your skills to bring about change and opportunities that help you build equity and worthwhile connections. ★★
BIRTHDAY BABY:
You are intuitive, underrated and curious. You are romantic and upbeat.
‘Elemental’ most viewed movie premiere on Disney+ of 2023
‘PAW Patrol’ shows bark at box office while ‘The Creator’ and ‘Dumb Money’ disappoint
THE recently concluded Revive and Renew Upcycling Fashion Competition hailed young artist Darius Jireh Juson as the top designer for his project which transformed discarded queensized bed linens from ukay-ukays into capsule wardrobes. A project of JCI Manila, a premiere leadership development organization dedicated to creating positive change, the event encouraged the next generation of ecoconscious designers to showcase their ingenuity and passion through modish ensembles from discarded materials.
Juson, a homegrown talent from the Fashion Design and Merchandising (FDM) Program of the De La Salle-College of Saint Benilde (DLS-CSB), took inspiration from the Lady of the Lake, a mythological character from the legend of King Arthur and His Knights of the Round Table. He reimagined her into a modern muse of second chances.
“She was awakened by the urgency to warn the world of climate emergency,” he shared. “She had the ability to grant anyone’s mission creating an impact on the environment.”
Motivated by the message of duality and redemption of the enchantress, Juson converted queen-sized cotton bedsheets into a two-piece set, complete with a draped multistrap bodice and a free-sized and modular detachable train.
“It is a capsule wardrobe with functionality and versatility in mind,” he explained. “The top skirt can be worn separately, either elevated for a formal look or dressed down for a casual feel,” he added. “It can be integrated for an errand look, resort wear, or even bridalwear.”
MOST people at work will become the go-to person of the team for a particular skill or process. While this is a significant acknowledgement of your knowledge and skill, it is rare for a person to be promoted or given a raise because of just one particular talent. Success can come at a price especially when people only remember you for that one distinct skill set. Being pigeonholed into a particular talent can limit not only your professional development but also your personal goals.
To avoid being pigeonholed, take on projects where you will learn something new. You might be an expert in one aspect of your work, but there will come a time when you will need someone in your team, and they might not be available. Find time to learn the different processes and deliverables by your team so that when push comes to shove, you can do the work without dependencies.
If you feel you have learned everything you can in your team, ask to be assigned to a different department for a time so you can understand other parts of the organization. You can start by volunteering to be part of a cross-functional committee to be exposed to other groups. This will help you develop a network of colleagues you can tap for organization-wide events. And they might even give you the opportunities to learn a new skill, or even ask you to join their team in the future.
You can also start by volunteering in your own team especially when a team member needs help. You do not need to be an expert to help. Start by asking what they need you to do and from there, you can learn the ropes of the other tasks. This will show that your team can depend on you, and it shows your willingness to learn new things. Your team will not just think of you as someone who is an expert on just one task, but someone who is also dependable.
to learn something new. The mere fact that your manager is assigning you to a project means that they know you are capable of doing it. It also means that since they assigned it to you, they will be obliged to support you to its successful completion. Take it as an opportunity to learn more about your organization, and at the same time learn a new skill.
If your manager is not giving you new projects, talk to them about your professional aspirations. Your manager cannot help you take on new projects and responsibilities unless you tell them what you need. People often say that since they are the managers, they ought to know what you need. But managers are not mind-readers. You need to tell them what you want and need so that they will think of you when there are incoming projects and opportunities. Being relegated to one particular task can also be because of your own doing. Talk to your manager so you can broaden your horizon.
your knowledge and skill. Maybe the dependency on you as the only subject matter expert is because you are not sharing your expertise or process to others. Some people think that being the only one in the team who knows the skill or process makes them indispensable. While this may be true some of the time, you can become a liability especially if you have bad behavior. Instead of keeping it to yourself, you can document what you are doing, improve the process, and then teach others how to do it themselves. This shows that you can manage yourself and others, thus opening new opportunities for more responsibilities, or even a leadership role.
Juson likewise highlighted the importance of diverse styling options to prolong the life of the garment with the enduser. “I approach sustainability like a circular framework by reintegrating post-consumer waste in the cycle,” he stated.
It goes without saying that you need to look out for new and emerging trends in your profession. Technology, regulations, and ways of working constantly evolve toward improving productivity, efficiency and quality of working conditions. Reading and attending conferences can help keep your ear to the ground for new developments so you can introduce best practices to your team. They will start to discover that you are not just a one trick pony, but someone who is invested in developing every facet of your profession.
When your manager gives you a new project which is outside your comfort zone, take it as an opportunity
If your manager is not giving you learning opportunities, take the initiative to learn something new. Find out from your human resource department where you could go for training or available learning resources within the organization. You can also look for a leader who is willing to mentor you and help you learn more about your industry. There are also various online resources that you can use to learn a new skill or even a new hobby. The opportunity for learning only stops when you do. You can also get out of your pigeonhole by sharing
If your role is too specialized that you cannot be replaced and there is no room to advance your career, you might need to look for new work especially when it is impinging your goals. It is never too late to shift career or look for opportunities to advance other skills especially when your current job no longer supports your goals. You just have to take calculated risks so that you can align your job to your goals and have more opportunities to improve your skills.
The finished output likewise bagged the Bingo Plus Foundation Special Award.
The jury was composed of esteemed industry professionals and advocates. These included include stylist, menswear and streetwear designer Bang Pineda, Interior undersecretary and Professional Models Association of the Philippines (PMAP) president Atty. Marge Gutierrez, fashion designer Kristine Ordinario, and author, journalist, entrepreneur and public servant Brian Poe Llamanzares, PhD.
Juson is no stranger to sustainable fashion. The staunch advocate, together with fellow Benilde FDM alum and business partner Allesandra Gutierrez, is set to relaunch their social enterprise REPAMANA. Grounded on the principles of circular economy, the brand treats waste—from rejected fabrics to floral scraps—as the primary source of materials.
“REPAMANA breathes new life and higher value to the end product and gives them modern translation with endless styling possibilities,” Juson expounded.
With an equal focus on creativity and community, it likewise aims to employ female persons deprived of liberty as seamstresses to give them a renewed sense of purpose and dignity in their work.
“Through these intentional choices, every stitch, every fabric selection, and every hand involved in REPAMANA supports the story of second chances toward a more meaningful connection with our garments,” Juson concluded.
Continued from B4
The Jonathan Demme film has surpassed $3 million thus far. Indie distributor A24 promised it will “have audiences dancing in the aisles around the world for a very long time to come.” AP
IN times of stress or loneliness, having someone to go through those tough moments is considered a blessing. It’s a different kind of joy to have a companion as loyal, loving and supportive as pets, and a better way of reciprocating appreciation and love for pets is by having them blessed.
All creatures big and small, together with their petparents, flocked to Eastwood City’s annual pet blessing event last October 1 at Eastwood Mall Open Park in Quezon City.
Hundreds of pets, from dogs to rabbits, were prayed over and blessed with Holy Water by the priest, ahead of the feast day of St. Francis of Assisi, the patron saint of animals.
This year’s event “Royaltea Pawty” got the pets and even their companions dressed like British royalty with their costumes such as grand and glamorous gowns finished off with sparkly tiaras. They were shown off by their fur-parents on the red carpet during the Pet Fashion Show, which followed shortly after the blessing. Dalbong, the adorable Pembroke Welsh Corgi who
won the prestigious World Dog Show 2023, also delighted everyone with his charm as the country’s first dog to win the title.
Since Dalbong was from South Korea, he was named after a character from the Korean drama What Happens to My Family. His owner Wency Villanueva shared their journey in joining local and international dog shows, with the intention of not competing but showing their love for Dalbong.
When asked about what Dalbong means to him, Villanueva said, “Happiness. Siya yung nagbi-bring ng saya every day. Uuwi ako from work tapos siya ’yung sasalubong sa akin. [Dalbong brings happiness every day. When I get home from work, he’ll greet me.]”
“Every time na malungkot, may pinagdadaanan, ’yung aso, kailanman hindi ka iiwanan n’yan para bigyan tayo ng happiness sa life [Every time we’re sad or going through something, our dog will never leave us to give us happiness in life],” Villanueva told the crowd. Dalbong also had the honor of becoming the inaugural
recipient of the Eastwood Paw of Fame.
Other activities for the pets and their whole family were featured in the event. The Purrfect Grazing Table offered a delectable spread of treats from gourmet pet-friendly delicacies to homemade goodies, while the SuPAWmarket was the one-stop shop for all pet needs, such as event goodies, toys, keepsakes and more.
The pets were treated to an ultimate spa experience at Pamper Your Pal, where they enjoyed grooming sessions and pet massages.
At the Vet Doc Is In, free vaccinations, check-ups, and consultations were given to ensure the health and wellness of their beloved animals. All these precious moments were captured at the Strike a Paws photobooth.
Being pigeonholed does not mean that you are only good at one task. It is an acknowledgment of how good you are, but you need to show them you also have other skills. Your team needs to understand that you are more than what meets the eye, especially when all they remember is that one thing about you. You need to show them that while you are good at one thing, they can also depend on you for other things. n four-decade-old concert film. The 4K restoration of the Talking Heads concert film Stop Making Sense made $1 million on 786 screens, and surely led all movies in the number of dancing moviegoers.
All pets deserve the same love and care, no matter their breed or history. Rescue pets in search of new homes and families are also up for adoption at Friend Fur Life.
Megaworld Lifestyle Malls are a pioneer of pet-friendly shopping experiences, with the pet blessing event as the country’s first and longest-running pet blessing event.
❶ DALBONG and his owner Wency Villanueva accepts the honor of becoming the recipient of Eastwood Paw of Fame.
❷ A PRIEST blesses the pets with Holy Water at the pet blessing, in commemoration of the feast of St. Francis of Assisi, the patron saint of animals.
series, “Sosi 2nd Edition,” debuts different subjects of characters with precisely placed branded accessories, fashionforward outfits, and, of course, expressive over-the-top couture poses mimicking TikTok and Instagram posts.
We are at the peak of the social media age, which has created a culture rooted in the incessant need to stay relevant. Thus arose this obsession to seek validation from the digital world, often through displays of luxurious goods and activities. And it begs the question of its long-term impact.
“WHAT you see before you is 10 percent of the painting; the 80 percent is why it was created.”
A graduate of the University of the Philippines Fine Arts who earned multiple scholarships and grants, Jeff Dizon, earned high praises from some of the most highly respected artists for his profoundly gifted mind and hands.
“I paint ideas, not things.” George Frederick Watts
Bold and unafraid, Jeff dared to use art as his medium to question the world and its ideologies and philosophies through a series of profoundly created works of highly decorated figures in overemphasized poses.
The Good, the Bad, and the Luxurious Entering the contemporary art scene in style, Jeff Dizon uses his skill, keen observation, and artistic prowess to express his reaction to the “Flex Culture.” His latest
Flex culture might have started as a movement to inspire people to seek goals and inspiration, but anything in excess can be unhealthy. Every day, we are exposed to thousands of influencers flocking to our newsfeed of high-end brands and services, creating a world of commercialism. Vulnerable to the constant inception of wanting and flaunting things in excess, Jeff Dizon calls on our self-awareness and realizes the thin line between what is refined and what is vulgar. Sosi 2nd Edition will be exhibited exclusively on October 11, 2023 at the Art Circle Booth in Manilart Art Fair 2023
FIRST Metro Securities Brokerage Corporation (FirstMetroSec), a subsidiary of First Metro Investment Corporation and the stock brokerage arm of the Metrobank Group, recently received recognition for its operational excellence and innovation from UK-based financial publications Global Economics and Global Business Outlook.
FirstMetroSec was named Best Stock Brokerage House and Most Innovative Online Broker at the Global Economics Awards 2023. These awards recognize outstanding market players in their respective industries and highlight companies that have demonstrated dedication to fostering a positive work culture while contributing to regional and global economies.
The company also won Best Online Trading Platform and Most Innovative Brokerage House at the Global Business Outlook (GBO) Awards 2023. The GBO Awards celebrate exceptional achievements in various industries by businesses and leaders worldwide.
FirstMetroSec’s President Gonzalo Ordoñez expressed his gratitude, saying, “We are honored to receive these prestigious awards, which reflect our continuous effort to innovate and provide the best online trading experience to our clients.”
These awards from Global Economics and Global Business Outlook underscore
the company’s commitment to making investing a positive and rewarding experience through its advanced and userfriendly trading platforms.
One notable platform, FundsMart, an online funds supermarket, demonstrates the company’s advocacy to making investments accessible to all Filipinos. With a minimum investment of just P1,000, anyone can start investing in peso- and dollar-denominated mutual funds and Unit Investment Trust Funds (UITFs).
In July of this year, FirstMetroSec was also recognized at the prestigious International Finance Awards 2023, where it received awards for Best Online Trading Platform and Best Online Broker, marking the sixth consecutive year of recognition.
WOMEN entrepreneurs helping each other is a beautiful thing to witness. By fostering a supportive ecosystem and prioritizing social impact, they are driving positive change on multiple fronts. These women are the inspiring mompreneurs of Madiskarte Moms (MMPH), an online community of Filipino mothers who want to learn, start, and grow their online home businesses while enjoying their home life.
At the second annual Gawad Madiskarte, which recognizes mompreneurs with creative and innovative businesses, eight women stood out for creating successful businesses that made a transformative impact not only in their own lives, but also in the communities around them.
PLDT Home first launched Gawad Madiskarte in 2022 to celebrate mompreneurs and to encourage more women to act on their dreams of becoming entrepreneurs.
The audience at the awards luncheon — many of them also tireless and hardworking mompreneurs—was inspired to hear the winners talk about their struggles and successes, many with tears in their eyes. It was also heartwarming to hear how Madiskarte Moms PH, the tight-knit community of local mompreneurs honored by Gawad Madiskarte, was the catalyst that changed their lives for the better.
Six winners from the Start Up and Scale Up categories received P100,000 each, three Special Award winners received P50,000 each from PLDT Home, and a trophy by worldclass sculptor Ram Mallari. Each winner also received a one-year PLDT Home Fiber subscription, a laptop from ASUS, and a oneyear Canva Pro subscription.
IN the Start Up category, Diskarteng Angat was awarded to Catherine K. Fabello of Cami Candles; Diskarteng Digital went to Eraiza Camille A. Ramos of Eleira’s Crochet; and Diskarteng May-Puso went to Joelle Dianne F. Venegas of Golden Pots Agriculture. Ramos learned to crochet because she didn’t have the money to buy nice clothes for her newborn daughter. When she started posting monthly photos of her baby wearing crochet headbands, hats, socks, and dresses on Facebook, her inbox was flooded by mommies inquiring whether she was selling them online. “I started and grew my business online,” she said as her cute products were flashed on the screen behind her.
Today, Eleira’s Crochet sells crocheted baby clothes and accessories, dolls and toys, and even Christmas ornaments. The young mom has truly embraced digital tools to help her business grow.
Mom of three boys Fabello of Cami Candles said that during the pandemic,
COMMUNICATION
THE CENTERSTAGE. Meralco Vice President and Head of Corporate Communications Joe R. Zaldarriaga shared his expertise on the importance of authentic and purposeful communications to faculty and researchers of the De La Salle University – The Jesse M. Robredo Institute of Governance last September 24, 2023. The activity was part of “Communicating with Clarity and Confidence: A Media Relations Workshop for Academics,” a two-day training that aims to equip the academe with knowledge and skills to communicate with the public effectively. Zaldarriaga joined seasoned journalist Lynda Jumilla for the session on the Art of the Interview held at the Hotel Benilde in Manila.
she experienced anxiety and couldn’t sleep. Instead of allowing her mental health to deteriorate or passively wait for the pandemic to be over, she leapt into action.
“Why not make something out of the problem I’m currently dealing with?” she said. The solution for her was to make aromatic candles. “I also wanted to help others who were experiencing the same thing, lalo na yung mga mahirap makapag-relax,” she added.
Remember the plantito and plantita craze that reached its peak during the pandemic?
Venegas of Golden Pots Agriculture started selling plants knowing that people found them relaxing to have around in their houses and gave them something to physically care for.
“Then I discovered that there was a better product with fewer competitors—organic fertilizers,” she narrated. For the first two years she sold only one type of organic fertilizer but has since expanded and focused on seeds, herbs, and other organics.
“As a mother, I realized that it’s important to teach children environmental protection, and that we can reconsider our lifestyle choices to ensure that we have a bright future,” she said. Special Awards GAWAD Madiskarte also gave special awards to three mompreneurs. Diskarteng Malikhain went to Ayn Stephanie Buyco Angeles of HERS by Godfather; Diskarteng Pasulong was awarded to Jazel T. Gallaza of Kapekoh; and Diskarteng Homebiz to Eraiza Camille A. Ramos of Eleira’s Crochet.
Gallaza, mother of two, is a former OFW and creator of Kopekoh corn coffee. During the pandemic, she found herself unemployed and without income. She was torn between going back to working on a cruise ship or staying in the Philippines and putting up a business.
Jazel said she prayed to God for a sign on what to do. Despite the uncertainties, the latter option won in her heart. “Nagkasakit ako ng acid reflux, and I thought, what did my lolo give us kapag sumasakit ang tiyan namin? That gave me the idea to make corn coffee, and we had to go to Bukidnon to source the corn.”
Kapekoh proves that even an old idea (corn coffee is common in the provinces) can become new again to a whole new market.
Angeles said that 95 percent of their clients for handcrafted shoes by HERS by Godfather are online. The Marikina-made shoes are loved by their clients from different parts of the Philippines and abroad. Her brand has become synonymous with quality, good design and craftsmanship.
Angeles said that entrepreneurs need to shut out the “noise and discouragement of other people and focus on themselves, their dreams, and their products.”
THE Univet Nutrition and Animal Healthcare Company (UNAHCO), the leading #AnimalHealth and nutrition company in country, will headline #Agrilink2023, slated from October 5 to 7, 2023 at the World Trade Center, Pasay City. Entrance to the exhibit and seminars is free, and visitors can pre-register at agrilink.com.ph/preregistration.
For 56 years now, UNAHCO has been manufacturing and distributing quality and affordable veterinary and #AnimalFeed products under the brands Univet, Pigrolac, Early Wean, Mamapro, Sarimanok Poultry, Thunderbird, GMP, and WingMaster.
UNAHCO also caters to commercial swine and poultry farms through its commercial farm groups, which carry products categorized into the farm shield #biosecurity range, and immunobuild range, nutritional supplements, antimicrobials, and #FarmScience macros.
UNAHCO has also ventured into the #PetFood and #PetWellness business with Yum Yum Dog Food and Doggiessentials as its banner brands. UNAHCO also distributes #CropProtection products, including herbicides, molluscicides, fungicides, and insecticides under Unagro PH. For more details about UNAHCO, visit https://unahco.com.
For more than two decades now,
UNAHCO has been actively supporting the FRLD in mounting the annual AgriLink FoodLink AquaLink event.
UNAHCO President and COO Ricardo C. Alba believes in FRLD’s mission to gather under one roof all #agriculture, food, and #aquaculture stakeholders to establish linkages and facilitate information and technology transfer to expedite the growth of the agriculture and animal industries. This is UNAHCO’s humble way of helping uplift the agricultural and animal industries and in supporting government’s drive to achieve food safety and security for all Filipinos. Visit agrilink.com.ph for more info about the triple exhibit.
8 Mompreneurs win big at Gawad Madiskarte 2023 for their hard work, creativity, innovationGAWAD Madiskarte 2023 Winners are, from left to right, Joelle Dianne F. Venegas of Golden Pots Agriculture, Jazel T. Gallaza of Kapekoh, Irene D. Herrero of Jacob’s Gourmet Food, Eraiza Camille A. Ramos of Eleira’s Crochet, Catherine K. Fabello of Cami Candles, Erica Joana Angela Redrico of Produkto PH, Rojerette May Martin-Pimentel of Moms@Work Management Consultancy Firm and DigiTalent, and Ayn Stephanie Buyco Angeles of HERS by Godfather
“The New Gateway Mall 2 was conceptualized, designed, and built with an out-of-the-box approach to take advantage of its unique location and to provide features and amenities that make it indeed a mall like no other— from the seamless integration of entertainment, dining, and shopping to the unique features like the Sagrada Familia Church, Quantum SkyView, and the Lagoon, to the interconnectivity to and from other properties within the Gateway Square. We put in all efforts to make it a ‘must-visit’ destination,” Rowell Recinto, senior management consultant, AIC told the BusinessMirror in an email interview.
Being its flagship mall, Gateway Mall 2 is being positioned to be a game-changer in modern urban malling. Gateway Mall 2 enables AIC to scale up with more than 200,000 sq m of additional choices for shopping, dining, entertainment, and leisure spread over the multilevel mall.
The Gateway Mall 2 introduces a comprehensive array of over 400 brands, offering the latest
concepts in fashion, technology, gaming, entertainment, leisure, health, and wellness. With about 150 restaurants and food outlets, Gateway Mall 2 is designed to be an adventure for food lovers. Aside from Palenque by Claude Tayag, other sought-after brands such as a mano, Mamou, Grace Park, Wolfgang’s Steakhouse, Shake Shack, Abe, Tung Lok Seafood, Manam, Boteyju, Burgoo, Classic Savory, Vikings, and Tim Ho Wan will be there to satisfy the cravings of the foodies.
Rebranding it to Araneta City from Araneta Center, Recinto said AIC wants to emphasize the scope of coverage and signify the expansion of Araneta City into upscale territory, which includes Gateway Square (comprising the Smart Araneta Coliseum, Novotel Hotel, Gateway Tower, Gateway Office, Gateway Mall, Parking Garage South Building, and the Gateway Mall 2 and soon-to-open ibis Styles Hotel).
The two Gateway malls seek to address the lifestyle preferences of an upscale market which has been dominated by the likes of Ayala
Land Inc. and Rockwell Land.
“The new Gateway Mall 2 is part of Araneta Group’s plan to build a community that delivers a unique live-work-play experience. It serves as a foundational con -
PROPERT y G uru, Asia’s leading real estate award-giving body, recently announced the winners of this year’s Philippines Property Awards in a gala dinner held September 22 at Shangri-La The Fort in Taguig City.
RLC Residences received the Best Lifestyle Developer recognition, while its mother company Robinsons Land got the coveted Developer of the ye ar citation, along with the Best Developer Visayas award—three of the most prestigious titles given during the night.
“Thank you, PropertyGuru, for these awards. Speaking on behalf of RLC Residences, we launched the brand in 2021—smack in the middle of the pandemic. Despite the challenges, the whole team made all the efforts to bring RLC Residences to where it is now and is continuously bringing the idea to life. So to the whole RLC Residences team, thank you for all the hard work and congratulations to us. Looking forward to more years to come,” said RLC Residences Senior Vice President and Business Unit General Manager John Richard Sotelo in
his acceptance speech.
Apart from these prestigious titles, RLC Residences’ developments also received awards. Sierra Valley Gardens situated within a destination estate in Cainta, Rizal won the Best Condo Development in Luzon. Woodsville Crest, located at Merville, Parañaque City, received the Best Smart Home Development accolade in recognition of the safety and security technological features found within the development. “This came very timely, as we had just recently launched the third building of Woodsville Crest. So to the team behind Woodsville Crest, congratulations. This makes all the hard work worth it,” mentioned Sotelo.
The Residences at The Westin Manila, an upscale development in Ortigas Center developed in partnership with Marriott International, was hailed the Best Luxury Condo Development in Metro Manila. The property is home to generously sized living spaces outfitted with branded and signature deliverables and fourlevel amenities anchored on Westin’s Six Pillars of Well-Being. Meanwhile, S y NC
development
cated along C5 Road in Pasig, City –received a Highly Commended citation under the Best Integrated Work-FromHome Development for its unique features and amenities designed for working professionals.
“We are truly honored to be recognized along with the best in the country and be one of its representatives in the regional awarding ceremony in Bangkok. We are also equally proud to be part of Robinsons Land and its quest to bring to life world-class real estate developments here in the country. We dedicate this success to all hardworking and passionate members of RLC Residences and our clients who have been inspiring us to deliver beautiful and well-designed homes,” shared Sotelo.
Now in its 11th year, PropertyGuru Awards recognizes the finest in real estate in Asia and annually celebrates the extraordinary achievements of different developers at a domestic and regional level.
Learn more about RLC Residences and its award-winning properties across the country by visiting rlcresidences.com or following them on Facebook and Instagram.
nection to other properties in the Gateway Square and ultimately, in Araneta City, offering opportunities for an experience that can be personalized in a contemporary environment,” Recinto said.
Earlier, Lorna Fabian, vice president for leasing of the Araneta group, pointed out that the Gateway 2 development project covering 190,000 square meters will have 11 levels of additional choices for shopping, dining, entertainment, and leisure in Araneta City
“Gateway Mall 2 promises to be like no other mall in the world. This is the latest in our ongoing efforts to keep providing more memorable firsts in the City of Firsts,” Fabian explained.
Eyeing the privileged youth market
A F TER establishing a niche in the luxury market for the professional sector, Shang Properties Inc. recently introduced Laya and is now targeting the youth who have the money and capability to invest in upscale residential projects.
Laya also offers a well-curated ecosystem of indoor and outdoor amenities, including fitness and yoga studios, co-workspaces, swimming pools, and verdant gardens, enhancing the quality of life within the community.
Situated in the heart of Pasig City, Laya has over 1,200 studio, one-, two-, and three-bedroom units ranging from 33 to 149 square meters, maximizing space and comfort. Its flexible living spaces cater to young professionals, families, and individuals with various needs and lifestyles. Unit prices start at P10M and are slated for completion by 2028.
Olive Garden F OR t he Bistro group, a classy location plays an important role in attracting the right market.
In a separate email interview, Bistro group chief operating officer RC Tiongson Bistro Group said establishing a presence in a first-class mall to attract the right market. “We are always looking for mall locations, we prefer in-call or lifestyle development, with a mix market, combination of residential and offices, Tiongson said.
Moreover, Tiongson said the location should be aligned to the brand/s market, mostly the A, B and upper C markets.
The Bistro group recently opened the third branch of Olive Garden in the Verve, Bonifacio Global City. Other branches of Olive Garden are in the Mall of Asia and Glorietta 3, Ayala Center. “Our choice of locations have been good for the Bistro group,” she said.
PUBLICL y - LISTED Shang Properties, Inc. said that it’s halfway through and on track to meet the initial sales target for LAyA , it’s newest residential development in Pasig City focusing on the next generation of trendsetters and trailblazers.
Conveniently located in Brgy. Oranbo, this luxurious 66-storey condominium project has an inventory of 1,283 studio, one-, two-, and three-bedroom units, ranging from 33 square-meters (sq m) to 149 sq m. Prices start at P10 million. Project completion and turnover of units will be by 2028.
According to Shang Properties Senior Director for Group Sales Rose O. Morales, the pacing of sales of this 66-storey condominium is in line with the progress of its development, such that only 120 units were initially released for pre-selling during the soft launch last July.
“This is actually a strategy of Shang Properties where we do not open all of the units on launch because it also helps us to optimize the value even for the early buyers;
gives them more opportunities for higher gain in the future,” she told reporters during the project’s recent launch in Ortigas City.
“So right now, we’ve actually released a total of about 240 units. More than 100 units have already been committed for both local and international buyers,” she said of the current takeup visa-vis their previously disclosed sales target of 200 units by end of this year.
“We see a lot of demand for LAyA b ecause of the compact unit sizes that we offer and, of course, the potential value appreciation given that it’s very near Ortigas City,” she added.
Since one-third of their sales now would come from foreign investors, the premium developer will further promote LAyA a broad, per Morales.
“We will be having a series [of sales and marketing] to support our international efforts,” the top executive said. “So we are actually sort of launching it also in Tokyo as one of our scale models is actually there right now.”
LA y A promotes independent living and empowers prospective
buyers to unleash their creativity through its carefully built spaces designed with substance and longevity in mind.
It offers an in-house amenities ecosystem suited to modern needs and lifestyles of future residents, such as fitness and yoga studios, a library and co-workspaces, a kids’ playroom, game- and party rooms, and a viewing room. Outdoor, there are swimming pools for both kids and adults, and a landscape area with lush gardens and open spaces.
“LA y A by Shang Properties is our answer to today’s generation’s need for their own space. With the new profiles of property investors, LA y A s erves the youth’s desire for independence, value for privacy and time for self, and drive to achieve professional and personal goals,” said Shang Properties Executive Director Wolfgang Krueger.
“We believe that LAyA’s brand philosophies of self-expression, human connection, and cultural enrichment resonate with Millennials and Gen Zs as they grow and as we adapt to the changing real estate landscape,” he added.
To be able to keep pace with the intense competition among the high-end malls in Metro Manila, the Araneta group is banking on the P5-billion Gateway 2 to give the competitors a run for their money.
By Josef Ramos
ALEAH FINNEGAN pulled off a modest performance at the world championships in Antwerp on Tuesday that qualified her for the Paris 2024 Olympics.
Finnegan is the first Filipina to earn qualification in the Olympics after Maria Luisa Floro and Evelyn Magluyan, who competed almost half a century ago in the 1964 Tokyo Summer Games.
It’s a dream come true,” Finnegan told the Olympic Channel. “I am very thankful for the Philippines for giving me the opportunity.”
Finnegan is a 20-year-old FilipinoAmerican from St. Louis Missouri.
She’s the third Filipino to qualify early for Paris after fellow gymnast
Carlos Yulo and world No. 2 pole vaulter Ernest John “EJ” Obiena.
Gymnastics Association of the Philippines president Cynthia Carrion confirmed Finnegan’s qualification to BusinessMirror on Tuesday.
Finnegan amassed 51.366 points to land at No. 32 in women’s all-around in Antwerp, enough for her to secure the ticket to Paris and a second reserve in the world championships’ final.
F innegan tallied 13.00 points for 18th place in vault, 12.433 for 73rd spot in the uneven bars, 12.700 for 38th position in the balance beam and 12.833 for 34th spot in the floor exercise.
She bagged one of the 14 Olympic berths staked in the world championships.
I have one in men’s and another one in women’s Carrion said.
HANGZHOU—
The Philippines survived a major, major scare from Iran to escape with an 84-83 victory in men’s 5x5 basketball action on Tuesday in the 19th Asian Games at the Zhejiang University Gymnasium.
A nother Filipino-American, Kylee Kvamme, finished 63rd in the women’s all-around qualification with a total score 49.432 built around her 13.4 points in vault and 12.266 in uneven bars (both 76th place), 12.300 in balance beam (59th) and 11.466 in floor exercise (128th).
HANGZHOU—Indonesia beat the Philippines, 21-15, 24-25, 17-19, in Tuesday’s semifinal of sepak takraw’s men’s quadrant action at the Jinhua Sports Centre Gymnasium.
It was one loss that would go down in Philippine sepak takraw history— it’s the first medal, a bronze, for the country in the sport indigenous to the Asian Games.
We’re happy to contribute a medal to the country’s campaign,” said sepak takraw association head Karen Tanchanco Caballero, also one of four deputy chiefs of mission of Team Philippines. “The athletes worked hard for this.”
It was the ninth bronze medal for Team Philippines in the Asian Games that are down to five days of competition.
The Philippines still had one gold medal to show courtesy of Ernest John “EJ” Obiena’s Asian Games recordbreaking performance in men’s pole vault with wushu’s Arnel Mandal contributing a silver in wushu’s sanda.
R heyjey Ortouste, Jason Huerte, Vince Alyson Torno and Mark Joseph Gonzales couldn’t sustain the
THE Philippines’ men’s 4x400 meters relay team—(from left) Joyme Sequita, Frederick Ramirez, Michael del Prado and Umajesty Williams—pose beside the race clock that shows their new national record. AP
HANGZHOU—The Philippines advanced to the final of the men’s 4x400 meters relay in the 18th Asian Games behind the son of a local athletics and a new Filipinoheritage runner on Tuesday.
Fi lipino-heritage athlete
Umajesty Williams and Michael del Prado, son of Project: Gintong Alay star Isidro in the 1980s, led the Philippine quartet’s charge as they topped Heat 2 at the Hangzhou Olympic Centre Stadium. Williams was fastest for the team at 44.16 seconds, while del Prado checked in at a second-fastest time of 45.88.
J oyme Sequita and Frederick Ramirez clocked 46.74 and 49.37, respectively, as the Philippines ruled the heat with a new national record of 3:06.15.
T hat was enough for the quartet
momentum from their first-set win as the Indonesians leveled up on their play and forced the Philippines to share of the bronze medal with Japan.
China will be a runaway overall champion of the games it is hosting for the third time—after Beijing 1990 and Guangzhou 2010—with 156 gold medals, way ahead of second-running Japan with 33 golds and South Korea with 32.
The rest of the 45-nation games are settling for crumbs—India and Uzbekistan have 13 gold medals each, followed by Chinese Taipei with 12, Thailand with 10, North Korea with seven and Hong Kong and Bahrain with six each to round up the top 10 in the medal tally board. Jun
LomibaoG ilas Pilipinas led by as many as 21 points in the third quarter but suffered a huge meltdown amid the Iranians’ torrid shooting in the payoff period and top scorer Justin Brownlee getting boxed in by a tough Persian defense. But time wasn’t on Iran’s side and the nationals held fort in the final seven seconds to secure the win and earn a trip to the semifinals.
B ut waiting for Gilas in the semifinals is China, a team reeking with vengeance from a horrible 96-75 loss to the Philippines in last month’s classification phase of the FIBA World Cup.
H ead coach Tim Cone said he wasn’t surprised by the Iranian uprising.
In the international game, things can turn on a dime, and this did happen in the fourth quarter,” Cone said. “Luckily we had a big lead. We should have never put ourselves in that position, but that’s the way this kind of games are.”
Justin Brownlee was near flawless in the first and led Gilas with 36 points. He made the game-winning basket in the fourth quarter by a box-and-one defense thrown by the Iranians that cuffed him through most of the second half.
from the national team of the Philippine Athletics Track and Field Association headed by Terry Capistrano and supported by the Philippine Olympic Committee and the Philippine Sports Commission to reiterate their reputation as the best among the Southeast Asian Games countries.
The reigning SEA Games champions will have a repeat showdown in the final set 8:35 p.m. on Wednesday against Cambodia runner-up Thailand, which also reset its national record at 3:06.96.
A lso in the final all setting their
national records are Iraq (3:07.58), Bahrain (3:06.2), South Korea (3:04.03), India (3:03.81) and Qatar (3:01.00). Sri Lanka also advanced with (3:06.60).
A lso on Wednesday, the women’s 4x400 Philippine team of Filipinoheritage athletes Lauren Hoffman, Robyn Brown, Angel Frank and Maureen Maureen Schrijvers clash with fellow Southeast Asian rivals Thailand and SEA Games champion Vietnam in the final slated at 8:15 p.m. T he Filipinas clash against India, Bahrain, Sri Lanka and Mongolia.
Jun Lomibao
M argielyn Didal placed a dismal seventh among eight entries, losing her skateboarding crown she won in the 2018 Asiad in Jakarta.
H idilyn Diaz-Naranjo nosedived to a crude fourth, fumbling in a new weightlifting division as her old throne she had captured in 2018 was unceremoniously scrapped in the 19th edition of the quadrennial Games.
I was actually more shocked than stunned seeing Didal falter, especially when it was revealed—she admitted it—that she was still nursing an injury when she plunged to action.
It was totally out of order for Didal to be competing. This is not an inter-barangay event, where even unfit contestants can join, and are allowed to mix it up for all the world to care.
Th is is the Asiad mind you, where only the continent’s best compete on the highest level ever. That is why the Asian Games is considered the Olympics of Asia, where 45 nations are presently entered. Further, more than 12,500 athletes are in China
“ I think we did a good job in the first three quarters. But when they threw a wrench into our plans with that box-and-one, we just kinda struggled,” Cone said. “I think the Iranian coach did a great job bringing his team back.”
It feels great,” Brownlee said. “Never say die, right?
HANGZHOU—Eumir Felix Marcial squares off with a brawler from Syria hoping to nail a victory that won’t only guarantee him a 19th Asian Games silver medal but as importantly a return ticket to the Olympics in Paris in 2024.
The 27-year-old Marcial, unscathed in four fights since he turned pro in 2020, faces Ahmad Ghousoon in semifinal of the light middleweight (80 kgs) at 3:15 p.m. the Hangzhou gymnasium.
“ He has the advantage over the Syrian,” said national team coach of Marcial,who advanced to the semifinals with victories over Mon-
golia’s Dalai Ganzorig and Nguyen Manh Cuong, both 5-0, in his first two fights and a convincing second round knockout win in the quarterfinals three days ago over Thailand’s Weerapon JongJoho, considered as the Tokyo Olympics bronze medalist’s worthiest opponent in the division.
M arcial appeared to be settling in his new weight class at light-heavy with that knockout of the Thai—his comfort zone is at middleweight (75 kgs), the division where he medaled in Tokyo but was scrapped from the Paris program.
It’s really my dream to win that
We just kept fighting.”
Fajardo, whose two free throws held Iran at bay 80-76 with 2:17 to go, had 18 points with 8 rebounds while
Scottie Thompson added 11 points with 6 rebounds.
Gilas faces host China, which routed South Korea 84-70, in another quarterfinal matchup.
A place in the gold medal play awaits the winner of the semifinal encounter at 8 p.m. on Wednesday.
T he loser falls into the battle for the bronze medal, a podium finish that would allow the Philippines to duplicate its third place in the 1998 Bangkok Games, also under Cone.
Th at was the Philippines’ last medal in the Asian Games.
A ttacked by the Iranians with a barrage of three-pointers, June Mar Fajardo and Brownlee came to the rescue with clutch hits in the closing minutes.
The nationals held a precarious 84-83 lead after Matin Aghajanpour hit three triples in the fourth quarter and was complimented with conversions from Mohammandsina Vehedi and Navid Razaeifar that gave them their only taste of the lead at 81-80 and 83-82.
But Gilas rose to the challenge and with a Fajardo putback, got the lead back at 82-81. Brownlee than made a difficult baseline jumper for an 84-83 with 41 seconds remaining.
T hen came an open three-point shot by Aghajanpour, who miserably missed leaving 17 seconds to go in the game clock.
G ilas called time and Cone set up a four-corner offense to run out the clock.
Cone was behind the Iranian shooter when he launched the potential gamewinning three.
Olympic gold medal,” said Marcial, who was supposed to climb the ring in the US for his fifth professional fight but was given the chance to chase his life-long goal.
Ghousoon comes from a family of boxers and was Syrias during the parade of athletes during the games’ opening ceremony.
He’s an aggressive fighter and doesn’t back down, a style, Chavez said, which suits Marcial. He’s an attacker,” said Chavez describes the 27-year-old Syrian, a 5-0 winner against Taijikistan Shabbos Negmatulloev in the quarterfinals. M arcial clinched a bronze medal in the Jakarta Asian Games in 2018.
B oxing is one of nine sports in these Asian Games that are qualifiers for Paris. The others are archery, artistic swimming, breaking, hockey, modern pentathlon, sailing, tennis and water polo. Jun Lomibao
GILAS SUPPORT Senator Christopher Lawrence “Bong”
competing in no less than 48 disciplines—a colossal jump from only six sports played in the 11-nation, 1951 Asiad inaugurals in New Delhi.
A nd why the high and mighty Hidilyn was thrust into new territory was something out of this world?
She gallantly gave us our first Olympic gold in almost a century in the 2020 Tokyo Olympics, crafting the stunner in the 55-kilo event.
But as sudden as the crack of thunder after a flash of lightning, Hidilyn’s comfort zone was removed in the Asiad. The warrior that she has always been, she plodded on.
I k now she did it, will continue to do it, if only to prove to her compatriots that she is not a quitter. Since her golden triumph in Tokyo, she keeps saying she did it for the Filipino people.
In fact, despite adding four deadly kilos to her new 59-kilo event in China, Hidilyn will compete in two more qualifiers in her tedious bid to make it to the 2024 Paris Olympics.
We can only pray and next hope that she completes the miracle. I say miracle because time seems not to be on her side; she is turning 33 next year.
A nd, yes, if Hidilyn makes it to Paris 2024, that’d be her fifth straight Olympiad. A record. Omigosh!
THAT’S IT The Arayat Football Club that won silver behind Thailand in the recent 7-nation, LaLiga Youth Tournament in Malaysia featured Anaiah Sotto, the lone girl in the Philippine U12 Team. For her exploits, Anaiah, the team’s co-captain with Angelo Fernando, was drafted to join the Kaya Women’s Team to become, at 12, the youngest ever to play alongside women double her age in the Philippine Football Federation Women’s League. With the likes of Anaiah showing signs of greatness this early, the future looks bright for Philippine women’s football. “Anaiahmania” coming? Proud father Wahoo Sotto, take a bow.