BusinessMirror September 20, 2023

Seldom told: Vietnam beats PHL in per capita GDP

By Cai U. Ordinario @caiordinario

VIETNAM has already overtaken the Philippines in terms of per capita GDP in 2020, according to local economists, including a former Socioeconomic Planning Secretary.

In a recent forum of the Philippine Center for Economic Development (PCED), former Secretary of the National Economic and Development Authority (Neda)

Dante B. Canlas said Vietnam overtaking the country is a story that is seldom told.

Canlas said the per capita GDP of the Philippines was at

$3,598.61, still higher than Vietnam’s $3,288.35 in 2019. However, the country’s per capita GDP declined to $3,195.54 in 2020 while Vietnam’s increased to $3,352.06.

“I call it ‘a story seldom told.’

Vietnam overtook the Philippines in per capita GDP in 2020. And up to now the per capita GDP, going by the World Bank indicators, Vietnam continues to surpass the Philippines,” Canlas said.

“There are major challenges [for the Philippines]. One is the stabilization as well as the need for a strong public health system. And in the long run, we have to industrialize and make sure that we’re able to engage in energy

development to be able to come up with affordable electricity rates,” he added.

This finding was confirmed by former Philippine Institute for Development Studies (PIDS) President Josef T. Yap who said his study took into consideration 2021 data, and this showed the country’s current per capita increased to $3,550 while constant per capita GDP was at $3,328.

These numbers still paled in comparison to Vietnam’s current per capita GDP of $3,590 and constant current per capita GDP pegged at $3,409 in 2021.

This latest development, Yap said, is a pattern that started as

far back as the 1960s. He said the first Asian country to overtake the Philippines was Korea in 1964, followed by China in 1998.

The Philippines has also been overtaken in terms of per capita GDP by its Asean peers starting with Thailand in 1985; Indonesia in 1993; and Vietnam in 2020.

Yap attributed this to a “doublewhammy” that hit the country at a time when, despite the good intentions of the government, prevented it from advancing the economy forward.

“First aspect of the double whammy is FDI [foreign direct

DOF BUCKS HALT TO VAT AND EXCISE TAX ON OIL

By Jonathan L. Mayuga @jonlmayuga

ADVANCED countries like the United States, Australia, China, and the United Kingdom are now looking at the Philippines with keen interest in mining, particularly nickel, an official of the Department of Environment and Natural Resources (DENR) said.

Interviewed at the sidelines of the Mining Philippines 2023 Internationational Conference and Exhibition, DENR Undersecretary for Integrated Science Carlos Primo David said that while a few mining companies are fairly advanced already in developing the processing part of nickel, the DENR saw the need to further develop the downstream processing industry.

“The economics of it arguably should be studied because if it will not be worthwhile, why will we do it?  There’s already a study—one

By Jasper Emmanuel Y. Arcalas @jearcalas

ALEADER of the House of Representatives said on Tuesday that the lower chamber is studying a tax approach to help Filipinos with the impact of increasing petroleum products, but cautioned that lawmakers should be careful with the proposed excise tax suspension.

the tax by P2 when the price is below $45.

“As I said in interviews, we have to be careful with the excise tax suspension because, while world oil prices go up and down, fiscal credibility is difficult to restore,” he said.

“Any of the proposals will adversely affect our economic and fiscal recovery, our international credit ratings, and our overall debt management strategy, while benefiting primarily the rich and without providing lasting

inflation relief,” Finance Secretary Benjamin E. Diokno said in a statement on Tuesday as a response to lawmakers’ proposal of suspending both the value

See “Tax,” A2

Like in the 18th Congress, House Committee on Ways and Means Chairman Joey Sarte Salceda said he proposed to reduce the excise tax by P3 when the average Means of Platts Singapore price exceeds $80 for three months and increase

“The additional revenues during periods of low prices can be used for fuel subsidies when prices are high. The leadership is studying this approach. A highly volatile and socially sensitive commodity should not have such an inflexible tax regime,” he added.

See “Oil,” A2

USPENDING taxes on oil products would do more harm than good as it would hike the national government’s budget deficit and debt-to-GDP ratio while derailing the country’s fiscal recovery, the Finance department said on Tuesday, amid rising calls for such a halt.

PISTON , a federation of public transport groups, staged a picket rally along EDSA in Caloocan City on Tuesday to protest consecutive oil price hikes. They are campaigning for the suspension of fuel VAT and excise tax and the repeal of the Oil Deregulation Law. NONOY LACZA

DICT seeks ₧5.6B more, cites big task in fighting cybercrime

By Lorenz S. Marasigan @lorenzmarasigan & Butch Fernandez @butchfBM

THE Department of Information and Communications Technology (DICT) is seeking an additional budget of P5.6 billion, and going without it “would affect our operations significantly,” its chief said.

Senators initially sounded cool to the idea, noting the agency’s low utilization rate, but signaled they could change their mind as they acknowledged the serious concern about rising cybercrime and the DICT’s central role in fighting it. In fact, the security aspects of DICT’s work was so concerning that senators repaired to an executive session at 2:30 pm after the budget hearing.

During the Senate Finance subcommittee hearing on the budget in the morning, DICT Secretary Ivan Uy said the additional funding will help maintain some of the operations of the department.

Continued from A1

investments] from Japan. We missed the rising tide. Our boat was weighed heavily by different factors such as the rising tide from the Japanese FDI. The Philippines didn’t benefit as much as Malaysia, Thailand, and eventually, China and Indonesia,” Yap said.

ICT Undersecretary Heherson

M. Asiddao explained that the additional budget will comprise the following: P747 million for general administration and support services, P3.22 billion for e-government initiatives, and P1.64 billion for cybersecurity, national ICT plans, policies, and standards, and the ICT industry development.

The department, under the National Expenditure Program (NEP), was only allotted a total of P8.73 billion.  Uy signaled that this is not enough to fund the department’s programs.

“We’re seeking consideration on our request for additional funding that would affect our operations significantly if not provided. If granted, this will allow the DICT to sustain or even just maintain some of the services that the DICT provides in its operations,” he told Senators.

Low utilization rate HOWEVER , Senator Grace Poe questioned the request, citing the low budget utilization rate of the department.

“The second aspect of the double whammy is we embarked on an economic liberalization program from a position of weakness, plus we had a fixation on repaying the external debt. I sometimes say that we protected too long and liberalized too fast,” he added.

Canlas said, however, the Philippines can still go back to where it was in 2019. Such, he said, will require addressing

Currently, the department has a 2023 budget utilization rate of 25 percent.

“Here’s the problem, your utilization rate is too low, and yet you’re asking for additional budget. You’re trying to tell this panel that by the end of this year, you will have been able to utilize about 70 percent of your budget, but right now, we’re already at the ‘ber’ months—how will you be able to do that?” she said.

Asiddao noted that the department has already obligated P3.5 billion of its P13.9-billion 2023 budget and is “already in active procurement” of the remaining items on its budget, with “some already awarded.”

Focus on cybercrime DESPITE their concern with the low utilization rate, senators said they were inclined to support DICT on the assurance it will use its fund well to fight the rising threat of cybercrime.

Senate President Pro Tempore Loren Legarda asked officials of Cybercrime Investigation and Coordinating Center (CICC) what the country needs

challenges in the post-pandemic era; implementing the universal health care act (UHCA); making energy affordable; transforming through industrialization; and ending the rise in income inequality. Addressing post-pandemic era challenges means having a sound deficit financing and public debt management program. These efforts must help reduce the deficit-to-GDP ratio to 3 percent and

Tax.

to do to take the Philippines out of the list of most attacked countries by web threats.

Legarda expressed alarm over the recent Kaspersky Security Network online security report that the Philippines moved two places up in the rankings in 2022, just behind Mongolia.

“Are they attacking us economically in terms of military security or other dimensions?” Legarda asked, adding: “You know that, of course. You are taking this seriously and you are doing all those efforts that you’re doing. What should we do to take us out of this [list]?”

The senator then requested for an executive session on the matter.

At the same time, Senator Joseph Victor Ejercito promptly affirmed support to increase the budget of DICT to improve its capability in going after cyber criminals.

Ejercito aired willingness to support the agency’s request for confidential funds to combat hackers and online scammers, who have become the “bigger enemy” of Filipinos.

debt-to-GDP ratio to less than 60 percent by 2028.

However, Canlas noted that reducing the budget deficit must be done while protecting Filipino values in health, education, and shelter as well as modernizing and expanding infrastructure.

Implementing the UHCA, meanwhile, is needed to minimize the scarring effects of the pandemic that affect Filipinos and labor productivity in the country. This will help reduce morbidity and absenteeism in the workplace and increase youth employment through health investments. This also involves providing sufficient financing for PhilHealth and making sure that these funds are used with integrity. Canlas said the Neda should improve its monitoring and evaluation efforts, particularly on health programs by implementing mid-course corrections through the Social Development Committee, one of the Neda Board’s interagency committees.

In terms of affordable energy costs, Canlas said the Philippines should accelerate the cost competitiveness of renewables in an emission constrained economy and migration of climate change effects.

Strategies to transition from coal to renewables should be implemented. These include placing natural gas in the mix over a predetermined period; rolling out a program for clean transport; and revisiting the Electric Power Industry Reform Act of 2001.

Canlas said the government should also consider peak-load pricing in electricity use for better demand management.

These measures in the energy sector can help the Philippines transition to become an industrialized society. This means increasing productivity in all sectors, including agriculture as well as providing incentives for sectors who feature learning by doing as well as increasing returns to realize economies of scale.

The former Neda Chief said the country must invest in expanding educated manpower and managers as well as entrepreneurial classes that offer specialized education and training.

The government must also reduce electricity rates paid by household and industry users and adopting a modern industrialized policy that encourages inclusive growth.

Aiming for inclusive growth augurs well in terms of ending rising income inequality in the Philippines. Canlas said studies show that widening income inequality is bad for economic growth.

“Let’s try to break the $4,000 middleincome barrier. That’s the definition of the World Bank as the middle-income threshold and then see if we can overtake Indonesia and Vietnam,” Canlas said.

Continued from A1

added tax (VAT) and excise taxes on oil products.

The latest push came from Senate Minority Leader Koko Pimentel, who prodded the Marcos government to provide a “lifeboat” to countless Filipinos struggling with skyrocketing fuel prices.

“Every week, our fellow Filipinos face the challenge of ever-increasing fuel prices,” the senator said, stressing that “they need a lifeline now.“

Still, the senator held out hope that “the government understands the gravity of the situation and the urgency of intervention to alleviate their hardship.”

The think tank Infrawatch also sought more decisive government action as people continue to be whipped by the impact of rising fuel costs, negating hopes of easing inflation.

However, Diokno pointed out that the government will lose about P72.6 billion in revenues in the fourth quarter alone if the VAT and excise taxes on petroleum products are lifted. This is broken down to P41.4 billion in excise taxes and P31.2 billion in VAT.

The reduction in government collections would drive the state’s deficit-to-GDP to increase from 6.1 percent to 6.4 percent while public debt-to-GDP ratio would hike to 61.7 percent from 61.4 percent, according to the DOF’s estimates.

The DOF’s calculations also showed that the state’s full-year revenue loss from the suspension of the VAT and excise taxes on oil products could reach P280.5 billion (P168.2 billion in excise taxes and P112.3 billion in VAT) or about 1.1 percent of GDP.

This would translate to a higher budget deficit of 6.2 percent from 5.1 percent and debt-to-GDP ratio to 61.3 percent from 60.2 percent next year, according to the DOF.

DOF maintained that the projected revenues from the oil products are already programmed under the 2023 budget.

Risk of downgrade

“WITH the deterioration in the fiscal picture, we run the risk of an international credit rating downgrade. This will increase the risk premium for government borrowings, consequently another round of higher debt servicing,” Diokno warned.

“Private sector borrowings will become costlier and have a negative impact on private investment and economic growth,” Diokno added.

Diokno argued that the proposals being floated by lawmakers would only “benefit the top 10 percent of households who consume around 49 percent of total fuel consumption.” Diokno noted that the bottom half of households consume only around 10 percent.

The finance chief said it would be best to just provide targeted subsidies to the poor who are affected by the high fuel prices such as jeepney operators, farmers, and fisher folks.

“Removal of taxes is a popular move for politicians. But legislation takes time. Once the elevated oil prices subside, it may not be easy to restore taxes on oil products. It is politically unpopular,” he said.

“That’s the political economy of tax legislation. This has serious implications on fiscal sustainability,” he added. P imentel, however, drew attention to the direct impact on people if the situation is allowed to continue without government intervention: “If the sky-high prices of fuel products are not promptly addressed, the country can expect inflation rates to soar, further impacting the economic well-being of every Filipino.”

Pimentel said he remains open to proposals to suspend the excise tax on imported oil and bio-ethanol as immediate measures to bring down the prices of fuel in the country.

Policy think tank Infrawatch PH called for immediate and decisive action from the government as the nation faces yet another significant oil price hike today.

Starting at midnight, oil companies have again increased gasoline and diesel prices by PHP2.00 and P2.50 per liter, respectively, pushing the cost per liter well beyond the P70.00 mark.

C umulatively, gasoline prices have increased by P11.85 over the past 10 weeks, while diesel prices have increased by P17.30 over the past 11 weeks.

“Today’s oil price hike is not just a statistic; it’s a severe blow to Filipino households already stretched thin,” said Infrawatch PH Convenor Terry Ridon. “The government must act before the situation spirals out of control.”

Infrawatch PH noted that Speaker Ferdinand Martin Romualdez’s dialogue with oil executives on Monday is unprecedented, as no House Speaker has ever confronted oil price hikes with the same level of urgent intervention.

H owever, the thinktank said that the current situation calls for more immediate measures.

The former House energy committee member also supported Speaker Romualdez’s suggestion to open the Oil Deregulation Law-Republic 8479-for congressional review.

“This 25-year-old law has long outlived its usefulness. Initially enacted in 1998, the law has led to frequent and unregulated price adjustments, affecting everything from public transportation to the cost of basic commodities. This law has given oil companies free rein over pricing, and the public pays the price,” Ridon explained. With a report by Butch Fernandez

condition is no longer present or after a year. A ccording to Salceda, the chamber should exhaust all measures before “we touch our taxes, which are the lifeblood of the state.”

One proposal in Congress grants the President the authority to suspend or reduce the excise tax on fuel.

Under the pr oposal, the President, on recommendation of the Development Budget Coordination Committee, may suspend or reduce excise taxes on fuel through an executive order provided that the average Dubai crude oil based on the Means of Platts Singapore for three consecutive months reaches or exceeds $80 per barrel. Provided that such suspension or reduction of excise taxes shall be automatically lifted when the above

Mining.

Continued from A1

mine in Zambales...has commissioned an extensive study with the government of US,” he bared.

H e said the study attempts to identify what type of processing, and scale of processing are feasible, as well as the potential partner-companies.

“What is exciting to me [is that], even non-traditional mining companies like the United States are now interested in looking at mining in the Philippines. Of course, there’s China and Australia,” he said.

Critical minerals development is also attracting the attention of the US, as well as the UK, said David, a licensed geologist and environmental science expert.

“Because everyone now realizes that the next resource that will be

“To help the most adversely affected, we need fuel discounts for farmers, fisherfolk, and the transport sector. We have P9 billion in excess VAT revenues to use for this,” he said.

To increase mileage and reduce the pump price, Salceda said the government is allowed by law to reduce the bioethanol requirement of 10 percent to 5 percent in gasoline.

That will reduce the total price by P3.1 per liter for gasoline,” said Salceda. Jovee Marie N. Dela Cruz

important in energy production would be so mineral-intensive and it goes away from traditional sources of energy like coal and petroleum,” he said.

“You will now need these critical minerals and who owns it. We are number 3 in nickel. We have the second largest copper deposits in the world,” he stressed.

According to David, the Philippines is a recipient of a US$1-million grant from the US for the study of nickel processing in Zambales.

Roughly, he said the DENR is eyeing the establishment of three downstream processing facilities within the Marcos administration, on top of the two existing nickel processing facilities.

Target areas include one each in Zambales, Palawan, and Surigao. In Z ambales, he said the supply from five nickel mining companies should be enough. “If they can agr ee [to consolidate the supply], definitely, the volume that can produce [would suffice.]”

New ISR plane to beef up PHL’s capability to protect territory

THE newly-transferred Cessna C-208B

“Grand Caravan” of the Philippine Air Force (PAF) will boost the military’s capability to secure the country’s territory and sovereign rights.

This was emphasized by Armed Forces of the Philippines (AFP) chief Gen. Romeo Brawner Jr. on the sidelines of the C-208B acceptance, turnover and blessing ceremonies held at Clark Air Base, Mabalacat, Pampanga Tuesday.

“This aircraft will boost our capability of patrolling our maritime seas, [and] this aircraft will boost our capability in making sure that we secure our territory and our

sovereign rights,” he added. Brawner’s views were shared by PAF commander Lt. Gen. Stephen Parreño who was also present in the event.

“This brand new aircraft is [a] very welcome addition to our intelligence, surveillance and reconnaissance [ISR] capability: it will also boost our capability in missions of law enforcement, terrorism and maritime domain awareness,” he added. With this latest C-208B now in the PAF inventory, the number of this type of aircraft in its service is now at three.

Parreño also said the C-208B will also be useful in rapid damage assessment missions

during the aftermath of calamities or disasters.

“And during humanitarian assistance and disaster response, this aircraft will also be useful particularly in aftermath [of] disasters...and so that we could assess the damage during calamities,” the PAF chief noted.

This C-208B is a grant from the US and is described as an ISR plane.

The 208B has a cruising speed of around 170 knots and has a range of over 1,000 nautical miles and is capable of transporting eight to nine persons, including the pilot.

The first two C-20Bs were turned over to PAF on July 27, 2017 and are part of a $33 million package through the US National Defense Authorization Act Building Partnership Capacity Program.

This program seeks to provide equipment and training to improve Philippine counterterrorism response capability.

Rex Anthony Naval

‘No room for leniency’: PBBM bares zero tolerance policy vs corrupt, abusive cops

By Samuel P. Medenilla @sam_medenilla

PRESIDENT Ferdinand R. Marcos Jr. on Tuesday vowed to enforce a “zerotolerance” policy for corruption and human rights abuses within of the ranks of the 220,000-strong Philippine National Police (PNP).

“Mark my words: There will be no room for leniency for those who engage in acts that tarnish the reputation of our police and jeopardize the safety of our people,” the Chief Executive said during the oath-taking ceremony of the newly promoted star-rank officers of PNP in Malacañang.

NBI nabs 3 suspects selling registered SIM cards online

THE National Bureau of Investigation (NBI) announced Tuesday the arrest of three individuals in Pasay City after they were allegedly caught selling registered subscriber identity module (SIM) cards on social-media platform Facebook.

The suspects were identified as Beverly Cruz, Keone Gabrielle Lebumfacil and Aljon Christian Reyes. C ruz was presented for inquest proceedings before the Office of the City Prosecutor of Pasay, while Lebumfacil and Reyes were presented for inquest before the Office of the City Prosecutor, Las Piñas City.

They are facing charges for alleged violation of Sec.7 of RA 11934 (SIM Registration Act) in relation to Sec.6 and Sec.4 (a) (5) (i) (aa) of RA 10175 (Cybercrime Prevention Act of 2012).

They were arrested in an operation conducted by NBI authorities based on information that several individuals were selling registered SIM cards on Facebook, particularly on the SIM Card Philippines Buying and Selling Group.

T he NBI said registered SIM cards are allegedly being used for fraudulent purposes,

such as online scams.

In the said Facebook group, the NBI said a person using the account name Nopce Naldz commented to one of the post saying that he was selling 1,000 pieces of registered SIM cards.

In a negotiation with an NBI poseur customer, Nopce Naldz said that he had 2,100 pieces of registered SIM cards at the price of P10 each.

The poseur customer agreed to meet with the said person at a convenience store in Clemente Jose Street Apelo Cruz Extension, Malibay, Pasay City.

It was Cruz who arrived at the meeting place to transact with the poseur buyer.

C ruz gave the poseur buyer three SIM cards for verification but only one was found to be registered, while the other two were unregistered.

C ruz told the poseur buyer that she brought only 560 SIM cards and considering that some SIM cards were found to be unregistered, she opted for a partial payment of P1,000 to be sent to her GCash account.

After confirming receipt of payment, the NBI-Cybercrime Division placed Cruz under arrest.

Meanwhile, another Facebook account with

the name Armando Samling made several posts advertising thousands of registered SIM cards for sale.

In a conversation with the poseur customer, Samling said that he has 5,000 pieces of registered SIM cards on hand at P30 each. After reaching an agreement, Samling told the poseur buyer that he would only deal with a delivery rider for the pick up of the SIM cards and would not meet with the buyer.

The poseur delivery rider was sent to Pilar Road, Las Piñas City where Lebumfacil and Reyes were placed under arrest after receiving P2,000 as payment for the registered SIM cards.

A total of 1,023 SIM cards from different telco networks were seized in the said operations.

S ome were verified to be registered, while some were unregistered, deactivated, or expired.

The SIM Card Registration Act, which was signed into law on December 10, 2022 was enacted to curb cybercriminal activities associated with unregistered SIM cards, such as text frauds, smishing, phishing, identity theft and others. Joel R. San Juan

He made the assurance following the government crackdown against officials of the Philippine National Police (PNP) with alleged links to illegal drugs earlier this year.

During the previous administrations, the PNP was also hounded with claims of engaging in extrajudicial killings as part of the government’s anti-illegal drugs campaign.

Mar cos said he wants to restore the reputation of PNP as a professional and responsive organization.

“I ur ge the PNP to be free from any form of corruption and abuse, so it could earn and maintain the trust, the confidence, and the admiration of our people,” the

SENATOR Christopher Lawrence “Bong” Go, chairperson of the Senate Committee on Health and Demography, has been steadfast in his commitment to improving health-care access for Filipinos, particularly for the less privileged.

On Friday, September 15, he attended the launch of the country’s 159th Malasakit Center at Bislig District Hospital in Bislig City, Surigao del Sur. This new addition brings the total number of Malasakit Centers in the Caraga Region to seven, and to 40 across Mindanao.

The Malasakit Center initiative, a program close to Go’s heart, aims to provide a seamless and expedited process for particularly poor and indigent patients to access government medical assistance programs.

“As Chairman ng Committee on Health, prioritykotalaga itong Malasakit Center para mayroon kayong nalalapitan sa inyong pagpapaospital,” Go emphasized during the inauguration.

He further elaborated that these centers serve as a onestop-shop for healthcare, consolidating various government agencies such as the Department of Health, Department of Social Welfare and Development, Philippine Health

President said.

A t otal of 57 PNP officials took their oath before the President last Tuesday.

T hey include four Police Lieutenant Generals, 10 Police Major Generals, and 43 Police Brigadier Generals.

Marcos challenged the newly promoted officials to become “agents of positive change.”

“You are the face of our police force so I expect you to fulfill your duties with utmost competence, integrity, and responsibility. This, in a huge part, entails the communication of the Administration’s agenda on security, justice, and peace,” the President said.

Insurance Corporation, and Philippine Charity Sweepstakes Office under one roof.

This approach eliminates the need for patients to make multiple visits and fill out extensive paperwork, thereby making healthcare more accessible for Filipinos.

The recent launch at Bislig District Hospital showed the steady progress of health-care accessibility in the Caraga Region. The Butuan Medical Center in Butuan City, Agusan del Norte, was the first to open in the region on October 12, 2018. It was followed by the Caraga Regional Hospital in Surigao City, Surigao del Norte, on March 1, 2019.

The year 2021 marked a surge in the program’s expansion, with new centers at the Siargao Island Medical Center in Dapa, Surigao del Norte, on July 3; the Lianga District Hospital in Lianga, Surigao del Sur, on July 10; and two more inaugurated on July 31 at the Democrito O. Plaza Memorial Hospital in Prosperidad, Agusan del Sur, and the Adela Serra Ty Memorial Medical Center in Tandag City, Surigao del Sur.

Go said that these centers serve as a testament to the government’s commitment to health-care accessibility. Each center is strategically located to serve the healthcare needs of the local population, particularly those who are less privileged.

Seven Malasakit Centers now operational in Caraga Region, 40 in Mindanao–Sen. Go

PBBM bares plan to increase rice buffer stock in NFA warehouses

By Samuel P. Medenilla @sam_medenilla

demand for the food staple.

Last month, NFA reported its existing buffer stock dwindled to just 60.819.95 MT, which will only last for two days.

On Monday, Marcos announced NFA would start replenishing its buffer stock using a new buying price range for farmers.

Under the new price range, NFA will pay P19 per kilo to P23 per kilo for dry palay (unhusked rice) and P16 to P19 per kilo for wet palay.

Aside from a high buffer stock, Marcos, who is also the concurrent Agriculture Secretary, said the government would boost local rice production.

In his speech during the distribution of confiscated smuggled rice in Zamboanga City, the Chief Executive mentioned he wants the National Food Authority (NFA) to raise the volume of its rice buffer stock, were rice is tapped in times of emergency.

“We will add more. We will have a

higher buffer [rice] stock so that we will have—we will not see a sudden spike in price [of rice],” Marcos said in Filipino. NFA traditionally tries to maintain 300,000 metric tons (MT) of rice buffer stock, which will be sufficient for about 9 days based on the country’s

He noted the said interventions are necessary since the droughts from El Niño next year will greatly reduce farm production.

“We will closely monitor the needs of our citizens so no one can say they suffered hunger due to insufficient

‘Fed rate hikes, weak China to impact Asian economies’

Continued from A24

rice supply,” Marcos said.

Several countries, including China, Indonesia, Thailand, and Singapore are bracing for the effects of El Niño by buying rice to fill up their reserves causing a spike in the price of the food staple in the global market, according to the President.

The government implemented a P41 per kilogram (kg) price cap for regular milled rice (RMR) and P45 per kg for well-milled rice (WMR) to stabilize the local price of the food commodity.

It also started the distribution of confiscated smuggled rice last Tuesday to beneficiaries of the Pantawid Pamilyang Pilipino Program (4Ps) of the Department of Social Welfare and Development (DSWD).

This includes the 1,500 sacks of premium quality rice, which were part of the 42,180 smuggled sacks of rice worth P42 million forfeited by the Bu

reau of Customs-Port of Zamboanga.

Fuel price hikes may persist until Dec, DOE exec predicts

LOCAL pump prices may continue to increase until December this year, and there is no immediate measure—other than the government’s Pantawid Pasada Program—to help ease the impact on consumers.

“An immediate solution that government can do is spend for Pantawid Pasada to support the drivers. The rest, basically, they are advised [to adopt] cost cutting measures…Let’s bear it out ‘till next three months,” said Department of Energy (DOE) Undersecretary Sharon Garin during a radio interview.

Representatives of oil companies, lawmakers and DOE officials met the other day to discuss solutions to address the spiraling fuel prices. Cumulatively, the 10 straight weeks of oil price increases now amount to P11.85 for gasoline, P16.55 for diesel and P15.45 for kerosene.

The continued upward adjustments were attributed to the tightness in global crude supply due to Saudi Arabia’s production cuts as well as the positive

expectations on demand for fuel from China.

“We are expecting increases in oil prices until the end of the year,” said DOE—Oil Management Bureau Director Rino Abad.

During the meeting, an appeal for oil firms to hold off or reduce price increases for the next three months was raised.

“It’s just three months. If government can make a sacrifice maybe oil firms can also help. This is only an appeal. We can’t force them…Maybe, they can lessen the pump price increase. It’s a short-term sacrifice.

I think it’s a very good appeal,” Garin said.

However, the representatives of the oil firms said this matter would need to be discussed internally.

“This was not an appeal from the DOE. But I do agree, if possible, oil companies offer discounts until December because our projection is fuel prices will continue to go up,” Garin added.

Other suggestions raised during the meeting include suspension of excise tax, revisit oil deregulation law, curb oil smuggling, and consider fuel aggregation. However, Garin said these

are all medium or long-term solutions.

If the imposition of excise tax is suspended, gasoline prices could be reduced by P10 and diesel by P6.

Meanwhile, policy think tank Infrawatch PH called for immediate and decisive action from the government.

“Today’s oil price hike is not just a statistic; it’s a severe blow to Filipino households already stretched thin,” said Infrawatch PH Convenor Terry Ridon. “The government must act before the situation spirals out of control.”

Infrawatch PH noted that Speaker Ferdinand Martin Romualdez’s dialogue with oil executives on Monday is unprecedented, as no House Speaker has ever confronted oil price hikes with the same level of urgent intervention.

However, the think tank said that the current situation calls for more immediate measures.

“While we commend Speaker Romualdez for leading the talks in finding a win-win solution to the oil price hikes, we do not have the luxury of time. Urgent action unencumbered by the legislative mill should be pursued,”

Ridon said.

The former House energy committee member also supported Speaker Romualdez’s suggestion to open the Oil Deregulation Law—Republic 8479—for congressional review.

“This 25-year-old law has long outlived its usefulness. Initially enacted in 1998, the law has led to frequent and unregulated price adjustments, affecting everything from public transportation to the cost of basic commodities. This law has given oil companies free rein over pricing, and the public pays the price,” Ridon explained.

The group also urged President Ferdinand Marcos Jr. to issue an executive order to fast track the suspension of valueadded tax on oil products. It also called on the Department of Budget and Management (DBM) to expedite the release of the fuel subsidy it promised the transport sector.

Earlier this month, DBM announced that it had approved the release of P3 billion for the fuel subsidy program, targeting 1.36 million beneficiaries in the transport sector affected by the fuel price surge.  Lenie Lectura

“It’s likely that inflation won’t return to its old pace, largely because some supply-side bottlenecks may take time to ease. The main risk in the short term appears to be rising food and energy prices,” it added.

In the Philippines in August, inflation again increased to 5.3 percent as successive typhoons have caused commodity prices to surge with vegetables like tomatoes and the country’s staple, rice, leading the charge.

The poorest Filipinos experienced an even higher rate of inflation at 5.6 percent as food inflation for the bottom 30-percent income households at the national level moved at a faster pace of 7.7 percent in August 2023 from 6.1 percent in July 2023 and 7.1 percent in August 2022.

The PSA explained that the impact of more expensive food items is greater among the poor because a larger part of their income is allocated for food. This does not mean the poor eat more, but this is a function of their small incomes.

I t added that paying for the same goods that richer households pay for at the same prevailing prices means a larger part of the poor’s meager income goes to food expenses.

Speaker: MIF passage followed charter

Continued from A24

They noted that the presidential certification of the Maharlika Bill in the House and in the Senate did not comply with the requirements under Article VI, Section 26 of the Constitution, which include: the existence of a public calamity or emergency; the necessity of the immediate enactment of a law to meet such a public calamity or emergency; and such “immediacy” that would justify the doing away of the necessary legislative requirement of three readings on separate days.

Under Article VI, Section 26(2) of the 1987 Constitution, a bill becomes a law only if it passes three readings on three separate days, except if Malacanang certifies it as an urgent measure.  Jovee Marie N. Dela Cruz

Hotels report occupancies grew during FIBA WC 2023

Continued from A24

The shorlisting was driven

primarily by proximity to the venues, ergo, both TRYP by Wyndham and Microtel by Wydham MOA had strong advantages.”

A source in Conrad Manila, speaking on background, added “The accreditation was done one year ago, but there were already discussions prior to the pandemic. We bid to be one of the hotels of FIBA through the SBP.” SBP, which led the campaign for the Philippines to co-host the games, also headed the local organizing committee in Manila.

Visitor arrivals

THE DOT claimed higher visitor arrivals because of the FIBA tourney.  “Out of the 20 countries with teams that competed...almost half registered a growth rate of more than 100 percent in terms of visitor arrivals to the Philippines from July 1 to September 12 versus the same period in 2022. Among these countries with notable growth rate in arrivals to the Philippines during the specified period include: Dominican Republic (700 percent);  Latvia (600 percent), China (595.85 percent); Lithuania (444.58 percent); and Serbia (429.07 percent).” The agency did not disclose the actual number of arrivals for these countries during the FIBA tournament period, but latest data showed total visitor arrivals  from January to September 18 reached 3.86 million. Of the arrivals during the ninemonth period, 165 were from the Dominican Republic; 792 were from Latvia; 184,171 were from China; 1,382 were from Lithuania; and 787 were from Serbia.

The DOT, however, didn’t address the lack of tour bookings by visitors for the FIBA event due to their lack of accreditation by the international sporting federation. (See, “PHL fails to score on local tours for FIBA tournament,” in the BusinessMirror , September 8, 2023.)

“FIBA Basketball World Cup 2023 has brought to the fore our excellent hospitality and the distinct Filipino virtues of familial welcome and warmth for our guests,” said Tourism Secretary Christina Garcia Frasco. “The country’s undisputed love for basketball also shone from our united support for our Gilas Team to the record-breaking attendance on opening day. This winning feat also manifested in tourism, with teams, basketball fans, families, and members of country delegations enjoying our accommodation and hospitality industries, and discovering our local destinations,” she added.

She said the DOT is committed to further develop sports tourism as a major program. Ma. Stella F. Arnaldo

THE looming tight supply of rice in the global market next year due to the El Niño phenomenon prompted President Ferdinand R. Marcos Jr. to announce on Tuesday the government’s plan to increase the country’s stockpile of the food staple.

NOTICE OF FILING OF APPLICATION/S FOR

Notice is hereby given that the following companies/employers have filed with this Regional Office application/s for

55 FASTOCK WAREHOUSING INC.

2nd Floor, UMPI Main Bldg., Nissan Technopark, Pulong Santa Cruz, City of Santa Rosa, Laguna

56 FASTOCK WAREHOUSING INC.

2nd Floor, UMPI Main Bldg., Nissan Technopark, Pulong Santa Cruz, City of Santa Rosa, Laguna

57 HIRATA PRECISION PHILIPPINES INC.

Building A, Panorama Compound 1, Block 3, Lot 1, Phase IV, Technology Ave., Laguna Technopark, Biñan, City of Biñan, Laguna

JIANG, YIZHOU Mandarin Operations Supervisor

Brief Job Description: Oversee all activity of all department or area in the

ZHANG, TAO Mandarin Warehouse Manager

Brief Job Description: Supervise the daily activities of receiving, storing and distributing products

SAKAMOTO, TATSUHIKO

Basic Qualification: Has an excellent managerial experience

Salary Range: Php60,000 - Php89,999

Basic Qualification: Has an excellent managerial experience

Salary Range: Php60,000 - Php89,999

117 MOA CLOUDZONE CORP.

Island Cove II, Covelandia Road, Pulvorista, Kawit, Cavite

118 MOA CLOUDZONE CORP.

Island Cove II, Covelandia Road, Pulvorista, Kawit, Cavite

119 MOA CLOUDZONE CORP.

Island Cove II, Covelandia Road, Pulvorista, Kawit, Cavite

HUA, VAN GIAP Vietnamese Customer Service Representative Brief Job Description: Manage incoming calls and customer service inquiries

HUA, VAN THONG Vietnamese Customer Service Representative Brief Job Description:

Manage incoming calls and customer service inquiries

KHOU, VI QUOC Vietnamese Customer Service Representative

Brief Job Description: Manage incoming calls and customer service inquiries

- Php59,999

Basic Qualification: Able to speak, read and write Chinese and Vietnamese language Salary Range: Php30,000 - Php59,999

Basic Qualification: Able to speak, read and write Chinese and Vietnamese language Salary Range: Php30,000 - Php59,999

Basic Qualification: Able to speak, read and write Chinese and Vietnamese language Salary Range: Php30,000 - Php59,999

PHL can play a key role in global clean energy market–DENR exec

By Jonathan L. Mayuga @jonlmayuga

THE Philippines can be in a unique position to be an important player in the global clean energy market and provide sustainable solutions to the climate crisis, an official of the Department of Environment and Natural Resources (DENR) said, underscoring the links among climate change, environment, biodiversity, inclusive resilience and sustainable development and mineral resource development. S peaking during the kick-off ceremony of Mining Philippines 2023 International Exhibition and Conference at the Edsa ShangriLa in Mandaluyong City, DENR Undersecretary for Environment

and Integrated Science Carlos

Primo David, who represented DENR Secretary Maria Antonia Yulo-Loyzaga, said today’s climate emergency is driving the global clean energy transition, which involves the generation of renewable energy, the need for energy storage and other new technologies, such as those related to the supporting infrastructure and manufacture of electric vehicles.

These projects are highly mineralintensive and their accelerated adoption will significantly increase the demand for critical and strategic minerals. These include copper, chromium, and nickel,” David, a geologist and an expert in environmental science, said.

“ What this means is that the Philippines can be in a unique position to be an important player in the global clean energy market and provide

sustainable solutions to the climate crisis. This demand for minerals comes at a time when the mining sector is expected to help generate government income to bolster our economic recovery,” he said.

David, however, said that while the minerals development sector grows, global studies have shown that responsible mining that marries financial viability with environmental sustainability and social development can ensure a longer life of mining sites, greater acceptability, and license to operate and sectoral stability.

He said mining companies, hence, are now, more than ever, expected to address issues of environmental protection and rehabilitation, social equity, climate action, and disaster risk reduction in their core business value cycles and in their environmental social and

governance (ESG) programs.

A responsive and responsible mining industry that delivers both corporate and national dividends and abides by the guidelines of the Task Forces of Climate and Naturerelated financial disclosures is what we envision for the country,” he said.  Organized by the Chamber of Mines of the Philippines, the event gathered a diverse assembly of participants, including government officials, private sector representatives, academics, indigenous communities, and mining host communities.

C onference participants are expected to chart a path toward maximizing the potential of the mining sector, while addressing market dynamics, industry trends, internal capabilities, environmental concerns, and economic impacts.

The event saw the mining industry’s

big players reigniting discussion on the future of mining in the Philippines after a four-year hiatus, reinvigorated by public policy pronouncements from President Ferdinand R. Marcos Jr. who previously underscored the importance of developing critical minerals needed for renewable energy transition and a pitch towards value-adding through downstream processing.

“ Mining, which was treated for years like a pariah because of its environmental impact is now an indispensable part in the fight against climate change and energy transition,” Mike Toledo, COMP chairman said.

I n his speech, Toledo expressed optimism for the future of mining under the Marcos administration.

Th ree large copper-gold projects that were stymied by the policy roadblocks—Tampakan, Silangan,

and King King—are now in a better position to proceed with development.  If we can establish stable mining policies over the long term, we can see more projects coming on stream. The industry’s potential will grow even more over time. And the Chamber of Mines is extremely hopeful that stability is just around the bend,” Toledo added. M ore importantly, he said, mining’s hope is magnified by another positive change—a government that has clearly expressed qualified support to the industry. The administration of President Bongbong Marcos, through the pronouncements of several Cabinet officials in various forums— including two who were invited to speak here today—acknowledges mining as a priority sector with a high growth potential that will help our economy recover,” he said.

25.

language support to local teachers, train local teachers in Mandarin language, and help in communication between parents, students, and teachers.

LI, CHENJIE Mandarin Language Specialist

Brief Job Description: Provide Mandarin language support to local teachers, train local teachers in Mandarin language, and help in communication between parents, students, and teachers.

LIN, LAN Mandarin Language Specialist

Basic Qualification: Has previous experience in a related field, College graduate and expert in Mandarin language and English.

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

Basic Qualification: Has previous experience in a related field, College graduate and expert in Mandarin language and English.

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

26.

Brief Job Description: Provide Mandarin language support to local teachers, train local teachers in Mandarin language, and help in communication between parents, students, and teachers.

XIE, CHUNYAN Mandarin Language Specialist

Basic Qualification: Has previous experience in a related field, College graduate and expert in Mandarin language and English.

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

27.

Brief Job Description: Provide Mandarin language support to local teachers, train local teachers in Mandarin language, and help in communication between parents,

BTr awards T-bonds as yields ease on inflation

By Jasper Emmanuel Y. Arcalas @jearcalas

THE Bureau of the Treasury (BTr) marked last Tuesday its first full award of P30-billion Treasury bonds (T-bonds) this month as average yield eased below the secondary market level and its original coupon rate.

The Treasury saw average yield for the reissued 10-year T-bonds settling at 6.42 percent, lower than its secondary market benchmark counterpart of 6.441 percent and original coupon rate of 6.625 percent.

The government security fetched rates between 6.35 percent and 6.448 percent. The Treasury saw the demand for the government security reaching P66.719 billion, about 2.2 times over the programmed amount.

“With its decision, the committee raised the full program of P30.0 billion, bringing the total outstanding volume for the series to P60.0 billion,” the Treasury said.

The easing of rates comes as the Monetary Board member is expected to meet this week to decide on the country’s policy interest rate, which some pundits noted would be kept at the same level of 6.25 percent for the fourth straight month.

Rizal Commercial Banking Corp.

Chief Economist Michael L. Ricafort noted that the country’s improving inflation print is providing support to the easing trend in the yield of government securities. This is the first time that the Treasury was successful in raising its full intended amount from the auction of T-bonds after two consecutive weeks of partial awards.

With the latest tender, the Treasury has already raised P106.064 billion for the national government since the start of September.

The amount, however, was just 78.56 percent of the P135 billion programmed amount across six auctions of T-bonds and Treasury bills (T-bills) so far this month.

For this month, the national government plans to borrow a total of P180 billion from the domestic market through the tender of government securities, according to the Treasury.

New fiscal regime for mining looms

By Jovee Marie N. dela Cruz @joveemarie

This was after lawmakers approved through viva voce voting late Monday House Bill (HB) 8937. The measure seeks for an “Act Enhancing the Fiscal Regime for the Mining

Industry,” amending for the purpose Section 34(B), and creating new sections 151-a, 151-b, 151-c, and 151d, all under Republic Act (RA) 8424 (National Internal Revenue Code of

Factors affecting decisions

IAM sometimes appalled at why c ertain people come up with decisions that would seem irrational. Thinking about this thought process, it is easy to understand that making decisions is not the same for different people. On the most basic level, decisions are made based on a risk-versus-reward basis. People will evaluate the type of risk or cost they are taking against the potential reward or gain that they stand to make.

An example is a criminal who will steal something, will only do it if the item being stolen is of value and there is a chance he will not get caught. Most certainly the crime will not happen if the item being stolen is worthless because the criminal has nothing to gain, or there is a 100-percent chance he will get caught, thereby making the cost too high.

The key to why people come up with different decisions is based on their perception, desire and available knowledge. If their perception or assessment tells them that the risk is worth taking for the potential reward or return, they will do it. Is it worth spending a few pesos to buy a lottery ticket? Many people think so, which is why even though to the more rational thinker, the odds of winning are so infinitesimally small, the few pesos at risk is also so small in comparison to what you could win. This small risk, big return makes many

people willing to take the gamble.

Desire is another huge motivating factor to decide to do something. People will decide to work super long hours in the hope that they catch the eye of the boss and get promoted. It could also be that the overtime pay is so much that some people want the money. Wanting to be the champion in a sport also pushes athletes to train on a superhuman level of intensity and duration. The burning desire of certain people to succeed in something affects their decision to give up family, comfort and make so many sacrifices that many people may not find acceptable.

People have different levels of knowledge, skill, education and training, therefore, their decision on what action to take is also based on these. For example, I love playing golf and I certainly am aware of my skill level and the chances of making a good shot will sometimes tell me just to play safe rather than risk the ball landing in the water or

1997, as amended).

HB 8937 seeks to enhance the equitable share of the government in the utilization of resources while implementing a rationalized fiscal regime for large-scale metallic mines. The measure also seeks to promote transparency and accountability in the management of resources derived from extractive industries.

The bill mandates for large-scale metallic mining operations within mineral reservations to be subjected to a royalty rate of 4 percent of the gross output of the minerals or mineral products extracted or produced by metallic mining operations, exclusive of all other taxes.

The measure moves for large-scale metallic mining operations outside

ravine. For lawyers, knowing the law and how it works, enables them to properly counsel their clients on the proper course of action that they should take.

In reality, we still come across situations that the risk reward equation is totally ignored. These would be people that would have suicidal inclinations; that the risk factor is no longer a consideration but the achievement of a goal is the only objective. Examples of these would be the Kamikaze pilots of World War II, suicide bombers and mass shooters. I suppose, it is possible that these people have been conditioned to accept what they are doing for the greater good of their country, cause or order. Free will is what is given to us. It is up to us to use this free will to make the proper decisions that are good and fair. It is our responsibility to know the truth and to make decisions accordingly.

The views and comments of Dr. George S. Chua are his own and not of the BusinessMirror or the Financial Executives Institute of the Philippines (Finex). The author was 2016 Finex president, 2010 to 2020 FPI president and currently an active entrepreneur with investments in fintech, broadcast, media, telecommunications, properties. He is also a regular member of the National Press Club. Dr. Chua is also a Professorial Lecturer at the University of the Philippines Diliman Campus and BGC Campus. Comments may be sent to georgechuaph@yahoo.com.

STATE-RUN Philippine Amusement and Gaming Corp. (Pagcor) announced last Tuesday its partnership with the Development Academy of the Philippines (DAP) as the government-owned and –controlled corporation (GOCC) transitions to a purely regulatory role.

Pagcor chairman and CEO Alejandro H. Tengco said the DAP has the expertise to help the gaming agency to comply with the requirements of the Governance Commission for GOCCs (GCG) in the implementation of its “compensation and position classification system,” or CPCS. The CPCS, Tengco said, is required prior to the privatization of Pagcor’s casino assets, which he earlier noted is set to be completed by 2025, paving the way for the agency’s purely regulator mandate.

After expressing gratitude to the DAP “for being a prime mover of com-

STATE-RUN Land Bank of the Philippines Inc. (LandBank) announced last Tuesday it shall resume distributing the national government’s fuel subsidy to transport beneficiaries as soon as the Land Transportation Franchising and Regulatory Board (LTFRB) secures an exemption on the election spending ban.

Citing the Commission on Elections (Comelec) Resolution 10994, Landbank said the releasing of public funds for social welfare projects are prohibited from September 15 to October 30 in light of the Barangay and Sangguniang Kabataan Elections next month.

“The Land Bank of the Philippines as-

petency building in government,” Tengco said on Tuesday that Pagcor needs “their help to comply with the

sures the fast and timely crediting of fuel subsidies and distribution of cash cards to intended transport beneficiaries nationwide once the prohibition to distribute in compliance to the election spending ban is lifted,” the lender’s statement read. The LandBank said that the Land Transportation Franchising and Regulatory Board (LTFRB) is currently working on the exemption from the Comelec to resume the distribution under the Fuel Subsidy Program (FSP). The Comelec announced last week that it would immediately approve the exemption of fuel subsidy from the election spending ban once the LTFRB applies for such.

(documentary) requirements of the GCG and in our efforts to eventually implement the CPCS.”

The LTFRB, meanwhile, announced that it has started releasing this year’s fuel subsidy to public utility vehicle (PUV) operators, tricycle drivers and delivery service riders last September 13.

The roll-out process for the fuel subsidy started earlier this month after the the Department of Transportation (DOTr) sought the release of the budget for the program from the Department of Budget and Management (DBM).

The DBM said the subsidy would benefit approximately 1.36 million operators and drivers, broken down as follows: 280,000 public utility vehicles, 930,000 tricycles, and 150,000 units related to

mineral reservations to be subjected to a margin-based royalty on income from metallic mining operations.

Pursuant to Section 13 of the People’s Small-Scale Mining Act of 1991, there shall be levied onetenth of one percent of the gross output of the minerals or mineral products extracted or produced by small-scale metallic mining operations, the bill read.

HB 8937 also requires small-scale miners to register with the Mines and Geosciences Bureau and the Mining Board of the concerned local government unit and encourages them to organize into cooperatives to qualify for the awarding of a people’s smallscale mining contract.

With the expected congressio-

nal approval of a new tax system for mining, plus the roadshows being conducted abroad, Finance Secretary Benjamin E. Diokno said there will be renewed interest in the industry.

Last week, companies belonging to the Chamber of Mines of the Philippines (COMP) flagged the current mining tax regime as “regressive” and “not competitive.”

Yet the industry continues to be faced with a clamor for higher taxes, particularly on those operating outside Mineral Reservations (MRs), according to the COMP. (See https://businessmirror.com. ph/2023/09/14/miners-say-taxes-regressivehobble-investmentsgrowth/)

EU tariffs to decarbonize Asean exports–Unesco

By Cai U. Ordinario @caiordinario

SOUTHEAST Asian countries

exporting products to the European Union (EU) may be forced to pay higher tariffs if their shipments do not meet the strict environmental standards that will take effect in the region next month, according to an expert from the United Nations Educational, Scientific and Cultural Organization (Unesco).

In a presentation at the 9th Annual Public Policy Conference of the Philippine Institute for Development Studies (Pids), Unesco Science Report Editor-in-Chief Susan Schneegans said this is one of the pressing concerns that should prompt Asean countries to decarbonize.

Starting in October, the EU will implement its “carbon border adjustment mechanism” that imposes higher duties on carbon-rich imports. The mechanism aims to make European companies commit to decarbonization.

“The idea is two-fold. It’s to buffer European companies that commit to decarbonization from unfair foreign competition and to make carbon rich imports pay higher customs duties and tariffs,” Schneegans said last Tuesday.

Nonetheless, Balisacan said, the shift to an environmentally sustainable economy “can only be effective if we craft the required climate, environmental and energy policies in a manner that upholds social justice and advances human development.”

The state’s chief socio-economic planner said the Philippines has not been remiss in its efforts to go green and digital. Balisacan said the country intends to leverage on its favorable position in the green metals industry regarding the green transition.

“The country is a top supplier of nickel, which is integral in manufacturing electric vehicle batteries. It is also one of the top cobalt producers in the world and possesses a steady supply of copper,” the Neda chief added.

Further, Balisacan said promoting smart greenhouses and controlled-environment farming practices are also encouraged. In fostering the adoption of the esoteric “Industry 4.0” technologies, the plan seeks to co-locate businesses with other industries, service providers and educational institutions.

DAP President and CEO Engelbert C. Caronan Jr. also thanked Pagcor “for their trust and confidence in this partnership.”

“We are ready to provide the necessary technical services to make the agency GCG-compliant and help it carry out its reorganization efforts,” Caronan said. The DAP is a government-owned and controlled corporation mandated to assist agencies and local government units in their development efforts “by acting as a change catalyst and as capacity builder.”

Pagcor and DAP officials signed the memorandum of agreement for the former’s reorganization last September 12 in Manila. The agreement was signed by Tengco, Caronan, Pagcor Vice President for Human Resource and Development Group Angelito J. Domingo and DAP Vice President for Mindanao Mark Lemuel L. Garcia. Jasper Emmanuel Y. Arcalas

delivery services.

“The initiative aims to bring some respite to these transportation stakeholders who are currently grappling with the repercussions of heightened fuel prices,” it added.

Under the fuel subsidy program, modern public utility jeepney and modern UV express drivers will receive P10,000, according to the DOTr. Meanwhile, the drivers of other modes of transport shall receive a P6,500 fuel subsidy.

Furthermore, the DOTr said tricycle and delivery riders will receive P1,000 and P1,200, respectively. Jasper Emmanuel Y. Arcalas

Schneegans said products that will be immediately affected are imports of cement, iron and steel, aluminum, fertilizers and electricity. Later, the mechanism will impact hydrogen, organic chemicals and polymers like plastics.

“(This is) aligned with World Trade Organization rules (and) may be emulated by Canada, China and Japan, etc.” she said.

This mechanism, Schneegans said, is part of recent efforts made by the EU—the European Green Deal 2021 to 2027—that aims to prioritize the green transition and digital transition of the region.

Under the industrial strategy for the “Green Deal” are the following: creation of new markets for climate-neutral and circular products; pour 1 trillion euros on a Sustainable Europe Investment Plan; and, the “just transition mechanism,” which is a fund that can help cushion job losses from the phase out of polluting technologies and industries.

The “Green Deal” also includes research strategies that are geared toward the creation of 100 climatesmart cities by 2050 and the identification of next-generation technologies as well as upscaling start-ups.

Required policies

VIA live video feed during the Pids forum, National Economic and Development Authority (Neda) Secretary Arsenio M. Balisacan said Manila has “long recognized that dealing with the issues associated with climate change has no one-sizefits-all solution.

“Each region grapples with unique environmental, economic and social circumstances necessitating tailored approaches,” he added.

Balisacan also said enterprises will also receive incentives to develop eco-friendly technologies and establish facilities to recover, reuse and recycle waste.

Green elements

THE Neda chief also said the government is incorporating green elements in housing and community planning, such as renewable energy sources, greywater recycling systems and green construction materials, per the Green Building Code.

Balisacan also said construction firms are encouraged to engage in research and development to adopt green architectural practices and additive manufacturing to reduce production costs.

The Philippine Development Plan, he said, also promotes initiatives for labor and employment, including implementing the Green Jobs Human Resource Development Plan.

This includes the creation of a database of green jobs and efforts to strengthen and integrate green competencies into technical and vocational education and training programs and the education curriculum.

In terms of digitalization, the Neda chief said the digital economy has contributed significantly to the country’s income in the last five years, as the industry’s gross value added reached 9 to 10 percent of the country’s GDP.

He said ICT is also an important source of jobs for Filipinos by accounting for 12 to 13 percent of the country’s workforce as well as 48.5 percent of Philippine goods exports and 21.8 percent of imports in 2021. Balisacan said digitally deliverable services accounted for 77.8 percent of the country’s services exports and 54 percent of services imports in 2021.

The new fiscal regime for the mining sector nears fruition after the house of Representatives approved on second reading a priority measure of the Marcos administration.

DAP to help Pagcor ease into pure-regulatory role

LBP fuel subsidy to resume after poll-ban free pass

Finex FRee enteRpRise

George s. Chua

This september 12, 2023, photo shows Philippine Amusement and Gaming Corp. Chairman and CEO Alejandro h Tengco speaking after signing an agreement with the Development Academy of the Philippines for the reorganization of Pagcor. CREDIT: Ph l PPInE AmusEmEnT AnD GAmInG CoRP

Canada, India expel envoys in tit-for-tat diplomatic expulsions over Sikh’s killing

By Krutika Pathi & Rob Gillies The Associated Press

In a statement, India’s Ministry of External Affairs wrote that “the decision reflects government of India’s growing concern at the interference of Canadian diplomats in our internal matters and their involvement in anti-India activities.”

The dueling expulsions come as relations between Canada and India are tense. Trade talks have been derailed and Canada just canceled a trade mission to India that was planned for the fall. Protests by pro-Sikh independence groups in Canada have angered the Modi government.

India’s move came after Canada expelled a top Indian diplomat as it investigates what Prime Minister Justin Trudeau called credible allegations its government may have had links to the assassination in Canada of a Sikh independence activist, an accusation that India rejected as “absurd” on Tuesday.

Trudeau said in Parliament on Monday that Canadian intelligence agencies have been looking into the allegations after Sikh leader Hardeep Singh Nijjar was gunned down on June 18 outside a Sikh cultural center in Surrey, British Columbia.

Nijjar was organizing an unofficial referendum in India for an independent Sikh nation at the

time of his death. Indian authorities announced a cash reward last year for information leading to Nijjar’s arrest, accusing him of involvement in an alleged attack on a Hindu priest in India.

The Sikh independence, or Khalistan, movement is banned in India, where officials see it and affiliated groups as a national security threat. But its movement still has some support in northern India, as well as countries like Canada and the United Kingdom which are home to a sizable Sikh diaspora.

Trudeau told Parliament that he brought up the slaying with Indian Prime Minister Narendra Modi at the G-20 last week. He said he told Modi that any Indian government involvement would be unacceptable and that he asked for cooperation in the investigation.

“Any involvement of a foreign government in the killing of a Canadian citizen on Canadian soil is an unacceptable violation of our sovereignty,” he said. “In the strongest possible terms I continue to urge the government of India to cooperate with Canada to get to the bottom of this matter.”

On Tuesday, India’s foreign ministry released a statement dismissing the allegation as “absurd and motivated.” The ministry’s added that Trudeau had made

similar allegations to Modi.

“Such unsubstantiated allegations seek to shift the focus from Khalistani terrorists and extremists, who have been provided shelter in Canada and continue to threaten India’s sovereignty and territorial integrity,” the statement noted, referring to the proposed name of a Sikh homeland.

Canadian Foreign Minister Mélanie Joly said a top diplomat, who she said was the head of Indian intelligence in Canada, has been expelled as a consequence.

“If proven true this would be a great violation of our sovereignty and of the most basic rule of how countries deal with each other,” Joly said. “As a consequence we have expelled a top Indian diplomat.”

At the G-20 meeting, Modi expressed “strong concerns” over Canada’s handling of the Punjabi independence movement among the overseas Sikhs during a meeting with Trudeau at the G-20, according to India’s response, released by India’s Ministry of External Affairs.

The statement described the Sikh movement as “promoting secessionism and inciting violence” against Indian diplomats. It called on Canada to work with India on

UN chief says people are looking to leaders for action, way out of current global ‘mess’

By Edith M. Lederer

The Associated Press

UNITED NATIONS—Leaders of a world

fractured by war, climate change and persisting inequality gather under one roof Tuesday to hear the UN chief summon them to take united action on humanity’s huge challenges—and to start delivering their own assessments on the most global of stages.

“People are looking to their leaders for a way out of this mess,” Secretary-General Antonio Guterres said ahead of the annual gathering of presidents and premiers, ministers and monarchs at the General Assembly. He said the world needs action now—not merely more words—to deal with the worsening climate emergency, escalating conflicts, “dramatic technological disruptions” and a global cost-of-living crisis that is increasing hunger and poverty.

“Yet in the face of all this and more,” Guterres said, “geopolitical divisions are undermining our capacity to respond.”

This year’s weeklong session, the first full-on meeting of world leaders since the Covid-19 pandemic disrupted travel, has 145 leaders scheduled to speak. It’s a large number that reflects the multitude of crises and conflicts.

But for the first time in years, US President Joe Biden, who will speak soon after the UN chief, will be the only leader from the five powerful veto-wielding nations on the UN Security Council to address

the 193-member assembly. China’s Xi Jinping, Russia’s Vladimir Putin, France’s Emmanuel Macron and Britain’s Rishi Sunak are all skipping the UN this year. That should put the spotlight on Ukraine’s President Volodymyr Zelenskyy, who will be making his first appearance at the assembly’s podium later Tuesday, and on Biden, who will be watched especially for his views on China, Russia and Ukraine.

The absence of leaders from the four Security Council powers has sparked grumbling from developing countries who want major global players to listen to their demands—including for money to start closing the growing gap between the world’s haves and have-nots.

what New Delhi said is a threat to the Canadian Indian diaspora.

Protests by pro-Khalistan groups in Canada have angered the Modi government, prompting it to summon the Canadian High Commissioner in New Delhi in March.

Canada has a Sikh population of more than 770,000, or about 2 percent of its total population.

Public Safety Minister Dominic LeBlanc said Canada’s national security adviser and the head of Canada’s spy service have travelled to India to meet their counterparts and to confront the Indian intelligence agencies with the allegations.

He called it an active homicide investigation led by the Royal Canadian Mounted Police.

Joly said Trudeau also raised the matter with US President Joe Biden and UK Prime Minister Rishi Sunak.

“We are deeply concerned about the allegations referenced by Prime Minister Trudeau,” White House National Security Council spokesperson Adrienne Watson. “We remain in regular contact with our Canadian partners. It is critical that Canada’s investigation proceed and the perpetrators be brought to justice.”

Joly also said she would raise

But it reaffirms more than a dozen times, in different ways, leaders’ commitment to achieve the SDGs, reiterating their individual importance.

the issue with her peers in the G-7 on Monday evening in New York City ahead of the United Nations General Assembly.

Canadian opposition New Democrat leader Jagmeet Singh, who is himself Sikh, called it outrageous and shocking. Singh said he grew up hearing stories that challenging India’s record on human rights might prevent you from getting a visa to travel there.

“But to hear the prime minister of Canada corroborate a potential link between a murder of a Canadian citizen on Canadian soil by a foreign government is something I could never have imagined,” Singh said.

British Columbia Premier David Eby said he’s received a briefing from Canada’s spy agency about the “assassination” of Nijjar and he’s “deeply disturbed” by what he was told.

The World Sikh Organization of Canada called Nijjar an outspoken supporter of Khalistan who “often led peaceful protests against the violation of human rights actively taking place in India and in support of Khalistan.”

“Nijjar had publicly spoken of the threat to his life for months and said that he was targeted by Indian intelligence agencies,” the statement said.

Nijjar’s New York-based lawyer, Gurpatwant Singh Pannun, has said Nijjar was warned by Canadian intelligence officials about being targeted for assassination by “mercenaries” before he was gunned down.

Janice Stein, a political scientist and international relations expert at the University of Toronto, said to kill a Canadian citizen on Canadian soil is astounding.

“It’s tragic for Canada because we have issues of foreign interference with the two largest economies in Asia, China and India. And

we have two very large diaspora from both countries. This is not what we want,” Stein said.

Indian authorities have targeted Sikh separatism since the 1980s, when an armed insurgency for an independent Sikh state took off in Punjab state.

In 1984, Indian forces stormed the Golden Temple in the state’s Amritsar city to flush out Sikh separatists, who had taken refuge there. The controversial operation killed around 400, according to official figures, although Sikh groups estimate the toll to be higher.

The prime minister who ordered the raid, Indira Gandhi, was killed afterwards by two of her bodyguards, who were Sikh. Her death triggered a series of anti-Sikh riots, in which Hindu mobs went from house to house across northern India, pulling Sikhs from their homes, hacking many to death and burning others alive.

Modi’s government has intensified the pursuit of Sikh separatists. When farmers camped out on the edges of New Delhi to protest agriculture laws in 2021, Modi’s government initially tried to discredit Sikh participants by dismissing their concerns by calling them “Khalistanis.” Police also arrested a 22-year-old climate activist for supporting the farmers and accused her of being in touch with Sikh independence supporters.

Earlier this year, supporters of the Khalistan movement vandalized Indian consulates in London and San Francisco.

In April, Indian police arrested a leader who had become popular for speeches that called for an independent Sikh homeland after a month-long hunt.

G illies reported from Toronto. Associated Press journalist Aamer Madhani contributed to this report from New York.

Brazil’s Lula pitches his nation as fresh leader for Global South

The G77, the major UN group of developing countries that now has 134 members including China, lobbied hard to make this year’s global gathering focus on the 17 UN goals adopted by world leaders in 2015. Those are badly lagging at the halfway point to their 2030 due date.

At a two-day summit to kick-start action to achieve the goals, Guterres pointed to grim findings in a UN report in July. He said 15% of some 140 specific targets to achieve the 17 goals are on track. Many are going in the wrong direction, and not a single one is expected to be achieved in the next seven years.

The wide-ranging goals include end extreme poverty and hunger, ensure every child gets a quality secondary education, achieve gender equality and make significant inroads in tackling climate change—all by 2030.

At the current rate, the report said, 575 million people will still be living in extreme poverty and 84 million children won’t even be going to elementary school in 2030— and it will take 286 years to reach equality between men and women.

Guterres told leaders at Monday’s opening of the summit he called to rescue the 17 sustainable development goals, or SDGs, that they promised in 2015 to build “a world of health, progress and opportunity” for all people—and to pay for it.

Soon after he spoke, leaders from the 193 UN member nations adopted a 10page political declaration by consensus that recognizes that the goals are “in peril.”

The declaration is short on specifics, but Guterres said he was “deeply encouraged” especially by its commitment to improving developing countries’ access to “the fuel required for SDG progress: finance.” He pointed to its support for an SDG stimulus of at least $500 billion a year, aimed at offsetting challenging market conditions faced by developing countries.

At the summit, leaders were then supposed to make pledges to meet the SDGs.

As an example, Nepal’s Prime Minister Pushpa Kamal Dahal, who chairs the UN group of least developed countries, said they need “massive scaling up of affordable finance” including through the SDG stimulus. He said foreign investment to the least developed countries fell about 30% in 2022 compared to 2021, and he urged developed countries to be more generous in helping the world’s poorest countries.

There are also hundreds of side events during high-level week.

The European Union’s top diplomat Josep Borrell told reporters after a closed meeting to try to revive the decades-old peace process between Israel and the Palestinians that there was “a strong commitment to the two-state solution.”

He said there were 60 participants at the meeting organized by the EU, the Arab League and several other countries, and called it “a good starting point.”

There was “an injection of new political will,” Borrell said, and three senior-level working groups were established to examine what Israeli-Palestinian peace would look like. He said they will start work in a month in Brussels.

By David Biller The Associated Press

UNITED NATIONS—“Brazil is back.”

That has been Luiz Inacio Lula da

Silva’s refrain for the better part of the last year, with the president deploying the snappy slogan to cast Brazil—and himself—as a leader of the Global South no longer content to abide the world’s outdated workings.

Last year, Lula thwarted the reelection bid of the far-right Jair Bolsonaro, who showed little interest in geopolitics or diplomacy during his four years in office.

Lula, by contrast, has crisscrossed the globe and visited 21 countries in recent months, from the United States to China, Italy to India, Argentina to Angola. He has sought to boost Brazil’s cred with each state visit and speech, one multilateral forum after another.

On Tuesday, his address at the UN General Assembly will mark his return to that rostrum for the first time since 2009, the last year of his previous presidency’s second term.

“We will see references to the ‘Brazil is back’ narrative, as Brazil seeks to more broadly project itself as a country that not only wants to preserve, but also lead the reforms of the multilateral system in the coming years,” said Oliver Stuenkel, an associate professor of international relations at the Getulio Vargas Foundation, a university in Sao Paulo. That will also serve to contrast himself with Bolsonaro, who wasn’t seen as a reliable supporter of multilateralism.

Lula’s election victory last year was the narrowest in Brazil’s modern history, and the danger of fierce polarization in Brazil’s young democracy was evident even after he took office. Bolsonaro supporters stormed the capital in an attempt to oust him from power.

Many thought Lula would need to stay home to focus exclusively on domestic issues and healing a riven society. But he has simultaneously pursued a whirlwind of international touring more typical of a president’s second term.

Pushing for global governance–Brazil-style

DURING Lula’s travels, he has pushed for global governance that gives greater heft to the Global South and advocating diminishing the dollar’s dominance in trade. He has made clear that Brazil has no intention of siding with the United States or China, the world’s two largest economies and Brazil’s two biggest trading partners.

And he has refused to join Washington and Western Europe in backing Ukraine’s fight against Russia’s invasion, instead calling for a club of nations to mediate peace talks. After the International Criminal Court issued a warrant for Russian President Vladimir Putin’s arrest, Lula said he would review Brazil’s membership in the court.

A P reporters Eleónore Hughes contributed from Rio de Janeiro and Aamer Madhani from Washington. David Biller is Brazil news director for The Associated Press, based in Rio de Janeiro.

NEW DELHI—India expelled a senior Canadian diplomat Tuesday, in a tit-for-tat response after Ottawa accused India of links to the killing of a Sikh activist in Canada and ordered an Indian diplomat to leave.

CANADA Prime Minister Justin Trudeau delivers a statement in the House of Commons on Parliament Hill in Ottawa, Ontario, on Monday, September 18, 2023. SEAN KILPATRICK/THE CANADIAN PRESS VIA AP

UNITED Nations Secretary-General Antonio Guterres arrives to the SDG Summit at United Nations headquarters on Monday, September 18, 2023. AP/SETH WENIG

Political divide emerges on US Ukraine aid package as Zelenskyy heads to Washington

By Kevin Freking The Associated Press

President Joe Biden is seeking an additional $24 billion in security and humanitarian aid for Ukraine, in line with his promise to help the country for “as long as it takes” to oust Russia from its borders.

But ratification of Biden’s request is deeply uncertain thanks to a growing partisan divide in Congress about how to proceed.

Republican House Speaker Kevin McCarthy has told reporters that he wants more Ukraine aid to be debated on its own merits as a standalone bill, rather than attaching it to other priorities like government funding.

But the Senate has other ideas. Leaders in the chamber would like to combine the Ukraine aid with other priorities, such as a shortterm spending bill that will likely

be needed to avoid a shutdown at the end of September.

The differing approaches threaten to become a stalemate that could easily delay future rounds of American assistance to Ukraine, raising the stakes for Zelenskyy as he makes his first visit to the United States since his surprise address to Congress at the end of 2022. In that speech, Zelenskky thanked “every American” for support as then-House Speaker Nancy Pelosi, D-Calif., and Vice President Kamala Harris dramatically unfurled a Ukrainian flag behind him.

Nine months later, with Republicans now in control of the House majority, there is growing wariness among voters about continued support for Ukraine as Russia turns its invasion into a

costly war of attrition. In Congress that skepticism is concentrated among House Republicans, where many share former President Donald Trump’s “America First” approach and want to halt the aid entirely.

The US has approved four rounds of aid to Ukraine in response to Russia’s invasion so far, totaling about $113 billion, with some of that money going toward replenishing US military equipment sent to the frontlines. Most members of the House and Senate support the aid, viewing defense of Ukraine and its democracy as a global imperative.

McCarthy has stressed the need for oversight of Ukrainian assistance but has also been critical of Russia, criticizing the country’s “killing of children” in a speech

this summer. But he is juggling a desire to help Ukraine with the political realities at home, which include a demand from many in his party to slash government spending.

In some ways, attaching Ukraine aid to other pressing matters could improve the odds of passing it quickly. Some lawmakers will be more inclined to vote for Ukraine assistance if it gets included with say, disaster relief for their home state.

But the maneuver would also deeply divide House Republicans and is sure to inflame critics of McCarthy who are threatening to oust him from the speakership.

“I don’t know why they would want to put that onto a CR,” McCarthy said, using Washington parlance for a short-term continu -

ing resolution that keeps agencies funded. “I think it should be discussed on its own.”

Meanwhile, Senate Republican leader Mitch McConnell has put Ukraine aid at the top of his to-do list, and has been speaking from the Senate floor for weeks about the urgency he sees to act.

He brought in inspectors general last week to brief GOP senators on how US aid is being tracked to address concerns about waste and fraud. And in one of his speeches on the Senate floor, McConnell responded to critics who say that the US has borne too much of the burden on Ukraine by pointing to the assistance also flowing from European nations.

“In fact, when it comes to security assistance to Ukraine as a share of GDP, 14 of our European allies are actually giving more,” McConnell said.

Senate Majority Leader Chuck Schumer, D-N.Y., and McConnell have called for senators to meet with Zelenskyy on Thursday morning.

Sen. Thom Tillis, R-N.C., said he believes aid should be provided as soon as possible, and the legislative vehicle for that is unlikely to be a stand-alone bill.

“I for one think we ought to go ahead and get it done,” Tillis said. “We have to get the Ukraine funding done in a time that doesn’t produce a lapse, at least a perceived lapse, because I think that’s a strategic win for Putin and I don’t ever want Putin

to have a strategic win.”

But Rep. Ken Calvert, R-Calif., warned against adding Ukraine aid to the short-term spending bill. He said the focus needs to be on first passing an overall defense spending bill as well as the other spending bills.

“We can’t divert attention outside of that,” Calvert said. “There’s significant munitions within Ukraine right now I think to get through the end of the year.”

Rep. Mike Garcia, R-Calif., said he’s not necessarily opposed to more Ukrainian assistance, but he said the average American doesn’t know how the war is going, and the average member of Congress can’t say, either.

“Tell us what you’re doing with the money, and let’s have a debate on the floor about this funding and not ramming it down our throats,” Garcia said.

House Republicans hope to bring up for a vote this week a stopgap spending bill that doesn’t include Biden’s aid package for Ukraine.

“I cannot think of a worse welcome for President Zelenskyy who visits us this week than this House proposal, which ignores Ukraine entirely,” Schumer said.

Still, Rep. Michael McCaul, the top Republican on the House Committee on Foreign Affairs, voiced confidence that Ukraine aid will continue.

“It has to pass. What I hear from our NATO allies...is that if the United States is not in, the whole thing falls apart,” McCaul said.

5 Americans detained in Iran walk free, released in deal for frozen Iranian assets

By Jon Gambrell, Lujain Jo & Matthew Lee

The Associated Press

DOHA, Qatar—Five Americans detained for years in Iran walked off a plane and into freedom Monday, most arm-in-arm, as part of a politically risky deal that saw President Joe Biden agree to the release of nearly $6 billion in frozen Iranian assets owed by a third country, South Korea.

The successful negotiations for the Americans’ freedom brought Biden profuse thanks from their families but heat from Republican presidential rivals and other opponents for the monetary arrangement with one of America’s top adversaries.

“Today, five innocent Americans who were imprisoned in Iran are finally coming home,” Biden said in a statement released as the plane carrying the group from Tehran landed in Doha, Qatar. A plane carrying the Americans home to the United States was due to land Monday night.

Iran’s hardline President Ebrahim Raisi, on hand for the United Nations General Assembly in New York, suggested Monday’s exchange could be “a step in the direction of a humanitarian action between us and America.”

“It can definitely help in building trust,” Raisi told journalists.

However, tensions are almost certain to remain high between the US and Iran, which are locked in disputes over Tehran’s nuclear program and other matters. Iran says the program is peaceful, but it now enriches uranium closer than ever to weapons-grade levels.

The prisoner release unfolded amid a major American military buildup in the Persian Gulf, with the possibility of US troops boarding and guarding commercial ships in the Strait of Hormuz, through which 20% of all oil

shipments pass.

After the plane slowed to a stop in Doha, three of the prisoners walked down the stairs. They hugged the US ambassador to Qatar, Timmy Davis, and others.

The three—Siamak Namazi, Emad Sharghi and Morad Tahbaz—then threw their arms over one another’s shoulders and walked off to a building in the airport.

In a statement issued on his behalf, Namazi said: “I would not be free today, if it wasn’t for all of you who didn’t allow the world to forget me.”

“Thank you for being my voice when I could not speak for myself and for making sure I was heard when I mustered the strength to scream from behind the impenetrable walls of Evin Prison,” he said.

The United States did not immediately identify the other two freed Americans, all of whom were released in exchange for five Iranians in US custody and for the deal over the frozen Iranian assets. The Biden administration said the five freed Iranians pose no threat to US national security.

Two of the imprisoned Americans’ family members, Effie Namazi and Vida Tahbaz, who had been under travel bans in Iran, also were on the plane. The women, too, clasped arms and kissed on the tarmac in Qatar.

Iranian Foreign Ministry spokesman Nasser Kanaani said two of the Iranian prisoners will stay in the US. Meanwhile, Nour News, a website believed to be close to Iran’s security apparatus, said two of the Iranian prisoners were in Doha for the swap. Nour News identified the two released Iranians in Doha as Mehrdad Ansari, an Iranian sentenced by the US to 63 months in prison in 2021 for obtaining equipment that could be used in missiles, electronic warfare, nuclear weapons and other military gear, and Reza Sarhangpour Kafrani, an

Iranian charged in 2021 over allegedly unlawfully exporting laboratory equipment to Iran.

The $5.9 billion in cash released to Iran represents money South Korea owed Iran—but had not yet paid—for oil purchased before the US imposed sanctions on such transactions in 2019.

The US maintains that, once in Qatar, the money will be held in restricted accounts to be used only for humanitarian goods, such as medicine and food. Those transactions are currently allowed under American sanctions targeting the Islamic Republic over its advancing nuclear program.

Iranian government officials have largely concurred, though some hardliners have insisted, without evidence, that there would be no restrictions on how Tehran spends the money.

The planned exchange comes ahead of the convening of world leaders at the U.N. General Assembly this week in New York, where Raisi will speak.

The deal has already opened Biden to fresh criticism from Republicans and others who say the administration is helping boost the Iranian economy at a time when Iran poses a growing threat to American troops and Mideast allies. That could have implications in his re-election campaign.

Former President Donald Trump, currently the lead Republican challenger in the polls against Biden’s 2024 re-election bid, called it an “absolutely ridiculous” deal on the Truth Social social media site. Senate Minority Leader Mitch McConnell accused Biden of “rewarding and incentivizing Tehran’s bad behavior.”

Biden held what the White House described as an emotional phone call with the families of the freed Americans after their release.

In his statement, Biden urged Americans not to travel to Iran and demanded more information on what happened to Bob Levinson, an American who went missing

years ago. The Biden administration also announced fresh sanctions on former Iranian President Mahmoud Ahmadinejad and the Iranian Ministry of Intelligence.

The US government, the prisoners’ families and activists have denounced the charges against the five Americans as baseless.

The Americans included Namazi, who was detained in 2015 and later sentenced to 10 years in prison on spying charges; Emad Sharghi, a venture capitalist sentenced to 10 years; and Morad Tahbaz, a BritishAmerican conservationist of Iranian descent who was arrested in 2018 and also received a 10-year sentence.

In a statement, Sharghi’s sister, Neda, said she “can’t wait to hug my brother and never let him go.”

“This is my brother, not an abstract policy,” she added. “We are talking about human lives. There is nothing partisan about saving the lives of innocent Americans and today should be a moment of American unity as we welcome them home.”

US Secretary of State Antony Blinken thanked Qatar, Switzerland, South Korea and Oman for helping make the deal happen. Biden pledged in a statement to keep pressing for “accountability for Iran and other regimes for the cruel practice of wrongful detention.”

Iran and the US have a history of prisoner swaps dating back to the 1979 US Embassy takeover and hostage crisis following the Islamic Revolution. Their most recent major exchange happened in 2016, when Iran came to a deal with world powers to restrict its nuclear program in return for easing sanctions.

The West accuses Iran of using foreign prisoners—including those with dual nationality—as bargaining chips, an allegation Tehran rejects.

Negotiations over a major prisoner swap faltered after then-president Trump unilaterally withdrew America

from the nuclear deal in 2018. From the following year on, a series of attacks and ship seizures attributed to Iran have raised tensions.

Iran also supplies Russia with the bomb-carrying drones Moscow uses to target sites in Ukraine in its war on Kyiv, which remains another major dispute between Tehran and Washington.

G ambrell reported from Dubai, United Arab Emirates, and Lee from Washington. Associated Press writers Nasser Karimi and Amir Vahdat in Tehran, Iran; Paul Haven in New York; Ellen Knickmeyer, Eric Tucker and Farnoush Amiri in Washington, and Aamer Madhani and Michelle Phillips in New York contributed.

WASHINGTON—Ukrainian President Volodymyr Zelenskyy’s visit to Washington this week comes at a critical juncture for his alliance with the United States as Republican leaders in Congress diverge on how to send more military and humanitarian aid to the country.

UKRAINIAN President Volodymyr Zelenskyy addresses a joint meeting of Congress on Capitol Hill in Washington on December 21, 2022. Zelenskyy’s visit to Washington this week comes at a critical time as Republican leadership in the House and Senate diverge on the best way to get more military and humanitarian aid over the finish line. AP/CAROLYN KASTER

Importers can trust PHL tropical fruits

THe Chinese believe that all good things come in pairs so they consider the number two, despite being the smallest even number, as auspicious. even before the Ghost Month ended on September 14, the Philippine farm sector witnessed two developments that bode well for fruit exporters. These developments involved Australia and South Korea—two members of the G-20, which consist of the world’s largest economies.

In its statement on September 8, the Department of Agriculture announced that the Philippines has started exporting fresh mangoes again to Australia. The initial shipment consisted of 1,500 kilograms or 1.5 metric tons of Carabao mangoes. According to agriculture officials, the shipment marked the first fresh mango export from the Philippines to Australia in a decade.

Another G-20 country that will start purchasing fruits from the Philippines is South Korea. Manila had announced on September 13 that the Philippines’s commercial shipment of Hass avocado to the Republic of Korea will start by the end of this month. This after Seoul finally approved the grant of market access to the Hass avocado exports from the Philippines.

The market access of Hass avocado to Korea was first requested by Manila in 2009 but was put on hold due to the one-at-a-time policy for Pest Risk Analysis. The PRA for Hass avocado resumed after the Philippines’s success in securing market access for okra exports to Korea in 2021. Hass avocado for export to South Korea will initially be sourced from orchards accredited by the government and packing houses of Dole Philippines in Mindanao.

The twin developments are significant for the Philippines because the two G-20 countries have stringent sanitary and phytosanitary (SPS) standards. For instance, banana exporters are still trying to regain their access to the Australian market. Seoul had planned to implement stringent residue limits on some pesticides used for bananas seven years ago. (See, “S. Korea retains rules on PHL banana exports,” in the BusinessMirror, December 4, 2016).

That the Philippines has been able to start the shipment of fruits to Australia and South Korea is a testament to the ability of Filipino exporters to meet the SPS requirements of importing countries. This also signals to the other buyers that they can trust tropical fruits from the Philippines.

The country is badly in need of new farm export winners as the latest data from the Philippine Statistics Authority (PSA) showed that earnings from agricultural exports fell by nearly a quarter to $1.61 billion, from the previous year’s $2.134 billion. The country has long relied on coconuts, pineapples, and bananas to drive agricultural exports; it is time to develop other commodities that have the potential to beef up the Philippines’s export earnings.

We hope that Manila can take full advantage of the latest trade developments and assist local producers in accessing the export market. The current administration wants the Philippines to become an export powerhouse by 2028 and diversifying farm exports would give a boost to Manila’s efforts to achieve its trade ambitions. (See, “PHL exports boost seen as PBBM signs PEDP 2023-2028,” in the BusinessMirror, June 7, 2023).

Secretive group of holdout creditors is key to Evergrande’s fate

By Pearl Liu and Alice Huang

ALARGe but secretive group of creditors is emerging as one of the last major roadblocks to a historic restructuring of China evergrande Group.

Identified only as “Class C” creditors by Evergrande, the group is the second-biggest of its kind with $15 billion of claims—and among the only two that didn’t provide sufficient backing for the troubled developer’s debt plan based on its last public disclosure. Evergrande, which has about $328 billion of liabilities, will have to win them over at key creditor meetings on September 25 and 26 as it tries to avoid liquidation.

Still at the epicenter of China’s property crisis, Evergrande is under pressure to finalize a blueprint for what is set to be one of the country’s most complex debt restructurings. The Class C creditors pose a particular challenge, with their wide variety of borrowings and the prevalence of private debt making it hard for outsiders to identify the members and assess their attitudes.

“Failing to gather enough support for the Class C might drag the whole restructuring process,” said Zerlina Zeng, senior credit analyst with CreditSights. “We expect

the debt restructuring of Chinese developers with a large amount of unfinished home projects such as Evergrande to be lengthy and with large uncertainties.”

Evergrande, the world’s most indebted developer, has left investors in the dark about the support level from Class C creditors since April, when it disclosed that those holding more than 30 percent of that category of debt have endorsed the debt plan, according to people familiar with the matter who requested anonymity discussing private information.

That figure is far below the 75 percent needed from each creditor class to implement restructuring through what’s known as a scheme of arrangement.

Class C support is crucial as it’s one of two classes under China Evergrande Group’s own scheme—the dominant part of the overall debt plan. The other one, labeled Class A and accounting for $17 billion of claims, already delivered a support level of over 77 percent as of the

By Yousef Marud & Jack Jeffery | The Associated Press

DeRNA, Libya—Officials warned Monday that a disease outbreak in Libya’s northeast, where floods have killed thousands, could create “a second devastating crisis” as adults and children fell ill from contaminated water.

In a statement, the United Nations Support Mission in Libya said it was particularly concerned about water contamination and the lack of sanitation after two dams collapsed during Mediterranean storm Daniel, sending a wall of water gushing through the eastern city of Derna on September 11. The death toll has varied, with government officials and aid agencies giving tallies ranging from about 4,000 to 11,000 dead.

Nine UN agencies responding to the disaster are working to prevent diseases from taking hold and creating another crisis in the devasted country, which is receiving 28 tons (25 metric tons) of medical supplies from the World Health Organization, the mission said.

Haider al-Saeih, head of Libya’s Center for Combating Diseases, said in televised comments Saturday that at least 150 people—55 of them children— suffered diarrhea after drinking contaminated water in Derna.

The disaster has brought some

Failure by Evergrande to carry out a comprehensive debt overhaul will likely send ripples through China’s $60 trillion financial system and further weaken investor confidence in the housing sector, where a crackdown on financial leverage and three years of strict Covid controls have triggered record waves of defaults.

April filing.

Evergrande units

T HE company’s restructuring also includes two other schemes which cover debt owed by units Scenery Journey Ltd. and Tianji Holding Ltd.

Evergrande’s group-level scheme can go ahead without creditor approval for the units, according to people familiar with the matter.

The two units’ own schemes, however, are dependent on each other’s success in securing creditor approval, they added, asking not to be identified speaking on private discussions.

Scenery Journey had a support level of more than 91 percent, while Tianji delivered more than 64 percent as of the April filing.

Evergrande didn’t immediately offer comment when reached by

Bloomberg News.

The Class C creditor group is under close scrutiny both because of its weight and the diverse and often opaque nature of lending it has provided to Evergrande over the years.

It comprises 14 debt obligations, ranging from offshore guarantees for creditors of onshore borrowings to margin loans, and repurchase obligations tied to bets on a yet-to-materialize stock listing by the builder’s online home and car sales platform. Little is known about the identities of the group’s members.

One of their debt claims is a $712 million item marked as Evergrande’s repurchase obligation for FCB Group, the online home and car sales unit also known as Fangchebao. Evergrande raised HK$16.4 billion ($2.1 billion) selling a stake in 2021 ahead of a planned US listing for the unit, with the investors holding 10 percent after the sale.

Top Shine Global Limited of Intershore Consult (Samoa) Ltd., a strategic investor that participated in Evergrande’s stake sale, filed a winding-up petition against the developer more than a year later. Based on the original arrangement, Evergrande’s online unit is required to repurchase the shares with a 15

See “Secretive,” A23

rare unity to oil-rich Libya, which has been divided between rival administrations since 2014. Both are backed by international patrons and armed militias whose influence in the country has ballooned since a Nato-backed Arab Spring uprising toppled autocratic ruler Moammar Gadhafi in 2011.

The opposing governments have both deployed humanitarian teams to the port city and other affected areas, but poor coordination, difficulty getting aid to the hardest-hit areas and the destruction of Derna’s infrastructure, including several bridges, have hampered their efforts.

On Monday, protesters gathered outside the al-Shabana mosque in central Derna, in a show of anger against authorities.

Hundreds of Libyan men gathered outside, and atop, the mosque before a man read a list of demands at the building’s entrance. The man called on authorities to expedite their investigation into the disaster, for the

The International Organization for Migration said Monday that about 40,000 people have been displaced across northeast Libya, including 30,000 in Derna. Residents from the nearby cities of Benghazi and Tobruk have offered to put up the displaced, while volunteers search for survivors buried beneath the rubble.

UN to set up an office in Derna, for urgent reconstruction of the city and for compensation for those affected by the flood. After he finished, the hundreds gathered began chanting: “Libya, Libya, Libya.”

On Saturday, Libya’s general prosecutor, al-Sediq al-Sour, opened an investigation into the collapse of the two dams, built in the 1970s, as well as the allocation of maintenance funds. Derna’s mayor, AbdelMoneim al-Gaithi, was suspended pending an investigation into the disaster.

Later Monday evening, the former mayor said his home was set on fire by protesters. He told the AP that neither he nor any of his family members were hurt in the attack but gave no further information.

The same evening, the White

House said in a statement that the US will provide an additional $11 million of aid to local and international organizations responding to humanitarian needs.

The International Organization for Migration said Monday that about 40,000 people have been displaced across northeast Libya, including 30,000 in Derna. Residents from the nearby cities of Benghazi and Tobruk have offered to put up the displaced, while volunteers search for survivors buried beneath the rubble.

When the flood struck, Mraje Kdour and his three brothers managed to escape the second floor, but his sister didn’t make it.

“We got so close to the ceiling. We were barely able to breathe,” Kdour told The Associated Press.

The health minister from Libya’s eastern government, Othman Abduljaleel, said Sunday that his ministry had begun a vaccination program “against diseases that usually occur after disasters such as this one” but didn’t elaborate.

Libya’s Red Crescent has said at least 11,300 people have been killed and an additional 10,000 are missing. After earlier reporting that same death toll, the U.N. Office for the Coordination of Humanitarian See “UN,” A23

spark ‘a second devastating crisis’

on international inspectors

By Edith M. Lederer | The Associated Press

UnITed nATIOnS—The U n nuclear chief said Monday he asked to meet Iran’s president on the sidelines of the Un General Assembly to try to reverse Tehran’s uncalled for ban on “a very sizable chunk” of the agency’s inspectors.

Rafael Grossi stressed that the Iranian government’s removal of many agency cameras and electronic monitoring systems installed by the International Atomic Energy Agency also make it impossible to give assurances about the country’s nuclear program.

Grossi said he wrote to President Ebrahim Raisi telling him it is “very important” to meet about Tehran’s targeting of inspectors, including “some of the best and most experienced.”

“I’m waiting for an answer,” Grossi said in an interview with The Associated Press on Monday.

He also warned that escalating fighting is increasing the danger of a nuclear accident at Europe’s largest nuclear plant in Ukraine. Grossi said he is seeking to re-establish a dialogue with North Korea, which expelled UN nuclear weapons inspectors in 2009.

And he invited China to see how the IAEA tests treated water released from Japan’s Fukushima Daichi nuclear plant, which led Beijing to ban Japanese seafood.

Why Iran is putting up roadblocks to inspection

T HE IAEA chief said Iran has the right to determine who enters the country, but he said he didn’t understand why Tehran was withdrawing authorization for a “good number” of inspectors, which is “making my job much more difficult.” He called it a step in the wrong direction.

“It’s very difficult to get the expertise to go to very sophisticated uranium enrichment facilities with thousands of [centrifuge] cascades, lots of tubing and piping, and it requires…a lot of experience,” he explained. “So, when you start limiting that…I have to say, this is not good. Stop it!”

Iran has denied impeding the work of IAEA inspectors though it has also been years since its experts have been able to examine surveillance footage.

The Vienna-based IAEA reported earlier this month that Iran had slowed the pace of enriching uranium to nearly weapons-grade levels. That was seen as a sign that Tehran was trying to ease tensions after years of strain with the United States, and one that took place as the rivals were negotiating a prisoner swap and the release of billions in frozen Iranian assets—which all took place Monday.

Since Iran started limiting the actions of IAEA inspectors a little over a year ago, Grossi said, the agency hasn’t been able to see how many centrifuges and parts needed to assemble them are being produced.

So when the IAEA has to draw a baseline of where Iran’s nuclear program is, he said, “How do I do it?”

Update on other nuclear hot spots

GROSSI said military operations are increasing near Ukraine’s Zaporizhzhia nuclear power plant, which is on the front line of the Ukrainian

continued from A22

Affairs is now citing far lower numbers, with about 4,000 people killed and 9,000 missing.

Abduljaleel said at least 3,338 bodies had been identified and buried as of Monday night. He didn’t give a figure for how many bodies had been retrieved but previously tallied the figure at 2,000 Thursday.

Last week, Derna’s mayor said the toll could reach 20,000 dead.

The IAEA chief said Iran has the right to determine who enters the country, but he said he didn’t understand why Tehran was withdrawing authorization for a “good number” of inspectors, which is “making my job much more difficult.” He called it a step in the wrong direction.

counteroffensive. The June 6 destruction of the Kakhovka Dam in Russian-controlled territory led to deadly flooding, ruined crops in one of the world’s breadbaskets and lowered the level of water used to cool Zaporizhzhia’s reactors.

“Complications are adding up,”

Grossi said, “and making the safety of the plant very, very fragile.”

Initially he said he urged both sides to adopt a no-fire zone outside the plant. That became impossible. So he has been urging the Ukrainians and Russians not to attack any nuclear plant.

Zaporizhzhia is in a Russiancontrolled area but is staffed mainly by Ukrainians. There are also some Russian experts and IAEA inspectors who from time to time have acted as “a buffer” and defused some tense situations, Grossi said.

The IAEA chief called North Korea’s growing nuclear program “one of the most difficult issues we have in front of us.” Since the expulsion of IAEA inspectors in 2009, Grossi said, the agency has followed what Pyongyang has done from afar.

“North Korea has become a de facto nuclear weapon possessor state,” he said, and that is “not a good development.”

Grossi said North Korea’s program, including enrichment and construction of new reactors, has been growing without international monitoring or assessment of its safety. He wouldn’t say who the IAEA is engaging with to try to “turn the page” with North Korea but did say: “I am optimistic.”

As for China’s concerns about the water being discharged from Japan’s Fukushima Daichi nuclear plant, Grossi said IAEA daily monitoring shows the level of tritium, a radionucleide that could be problematic, is extremely low.

The IAEA chief said South Korea also had concerns about the water being discharged from Fukushima, which was damaged by a massive earthquake and tsunami in 2011. He said he spoke to the president and foreign minister, and South Korea sent experts to see how the monitoring of the discharged water is being carried out.

Grossi said he wrote to Chinese Foreign Minister Wang Yi a few days ago making a similar offer to explain the IAEA’s activities. He expressed hope that he could meet Wang in New York “to dispel doubts.” Said Grossi: “I’m eager and available.” Edith M. Lederer, chief UN correspondent for the AP, has been covering international affairs for more than 50 years.

Meanwhile, the floods have raised concerns about the ruins of Ceyrene, an ancient Greco-Roman city roughly 37 miles (60 kilometers) east of Derna that is one of five Libyan UNESCO World Heritage sites.

“UNESCO is in contact with archaeologists on the ground and its satellite imaging team is also trying to establish what the damage might be,” the agency said Monday in a statement sent to the AP. Jeffery reported from London. Associated Press journalists Patricia Simona contributed to this report from Derna Samy Magdy from Cairo, and Jamey Keaton from Geneva.

EPR moratorium needed to give businesses, consumers a breather

Dr. Jesus Lim Arranza

MAKE SENSE

Under the extended Producer responsibility (ePr) Law of 2022 and its implementing rules issued in January, companies categorized under obliged enterprises now have to account for their plastic footprint and show proof of a minimum 20-percent recovery rate for the year 2023 or face stiff penalties. They can comply in three ways: recover on their own the plastic packaging that they used, join other Oes to form a “Collective”, or engage the services of a Producer responsibility Organization (PrO).

Reporting of the programs initiated by these OEs to recover their plastics—called the EPR Compliance Audit Report—for 2023 will be made in July 2024, vetted by a third party.

These OEs will also be made to reduce their plastic footprint gradually through R&D so they can tweak their product designs and choice of materials.

All these three—recovery of plastic wastes, audit with third-party vetting, and reduction of plastic usage through research and development—naturally lead to one thing that businesses and their customers dread—higher cost. When there is additional cost, what is the first step that enterprises normally take? You’re right, they pass it on to con-

Isn’t it ironic that a garbage problem that the government failed to solve in decades is now being passed to the private sector? How do you expect us in the private sector to do it in three or four years when solving this problem is not really a part of our main competencies?

with the law, perhaps determine which options will be effective at a lesser cost.

However you look at it, the government, which has the right machinery and facilities, training and know-how down to the municipalities, barangays, and sitios, is still the one best suited to do the job.

This is also why we in the private sector are paying taxes, including garbage collection fees, so the government can relieve us of that burden and allow us to concentrate growing our business to create employment.

The fees and taxes associated with the EPR Law are already a form of double taxation.

sumers. This is inflationary. Every Juan will again see their purchasing power diminished.

An impeccable timing, albeit in the negative sense I should say, with the world just emerging from the Covid-19 pandemic and the continued rise in petroleum products and other goods and services. Fortunately, companies using plastics are still there, employing people, and paying taxes.

So, here is my plea to the government, how about a moratorium for at least a year in the EPR Law implementation. We all need a breather, don’t we?

This lull in the EPR implementation will also give OEs more time to study how they can better comply

Remember that garbage collection as a whole has been the responsibility of the government, and for decades it has failed miserably to effectively implement its Reduce, Reuse, Recycle (3Rs) programs.

Honestly, after failing for decades to address the problem, the government does not have the moral ascendancy to tell or teach the private sector the proper collection of plastic wastes.

Have the concerned government agencies reviewed why they failed to solve solid waste management in the past 20 years? Please, let us know.

Isn’t it ironic that a garbage problem that the government failed to solve in decades is now being passed to the private sector? How do you expect us in the private sector to do it in three or four years when solving this problem is not really a part of our main competencies?

So, on behalf of my members at the Federation of Philippine Industries, may we request PBBM to suspend the EPR Law’s implementation? Perhaps we can also review the law and come up with something simpler other than creating another a private garbage collector on top of the mandated government garbage collector.

We support the circular economy concept, but let’s do it right.

Let’s review every step involved, from collection to handling and recycling, and study ways that will lessen the impact on business and consumers. We want an effective system that is not inflationary.

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.

Speaker McCarthy is running out of options to stop a shutdown as conservatives balk at new plan

By Stephen Groves & Lisa Mascaro | The Associated Press

WASHInGTOn Speaker Kevin McCarthy was running out of options Monday as he pushed ahead with a plan to keep the federal government from shutting down, but even including hardline border security provisions wasn’t enough to appease the far-right flank in his republican House majority.

The speaker is trying to convince his Republican conference that there will heavy political fallout from a shutdown as he plows toward a vote to pass a stopgap measure, called a continuing resolution, that would keep government offices open past the September 30 deadline. GOP leadership is preparing for a vote by Thursday, but McCarthy is warning he’ll keep House lawmakers in Washington into the weekend. Regardless, many are already bracing for a weeks-long shutdown.

“I’ve told all of Congress you’re not going to go home. We’re going to continue to work through this,” McCarthy said Monday at the Capitol. “Things that are tough sometimes are worth it.”

He also suggested that time is still on his side and panned the idea of compromising with Democrats as he tries to pass the annual spending measures on his own, saying there were “a lot of good ideas” still coming from Republicans.

“This isn’t the 30th—we’ve got a long ways to go,” he said.

There is also no hope of passing all of the appropriations bills on Congress’ agenda before then. Even a Defense appropriations bill—usually an easy lift with Republicans— has stalled in the House as they resist more money for Ukraine.

The speaker on a Sunday night call with House Republicans pitched the one-month funding bill that was negotiated between the hard-right House Freedom Caucus and a group of pragmatic-minded conservatives known as the Main Street Caucus, according to those with knowledge

Secretive

continued from A22

percent premium if it doesn’t complete an IPO within 12 months of the stake sale. The clock is ticking for Ever-

of the call.

McCarthy called the package a “bottom-up” approach. It was intended to win support from the conservative wing of the Republican Conference by cutting last year’s overall spending levels by 1 percent, and including a slew of Republican proposals for border security and immigration. But in order to protect current spending levels for Republican priorities of defense, veterans and disaster relief, it slashes other spending by more than 8 percent.

Senate Majority Leader Chuck Schumer in a floor speech said the proposal from the House “can be boiled down to two words: slapdash, reckless.”

“Slapdash, because it’s not a serious proposal for avoiding a shutdown, and reckless because if passed would cause immense harm to so many priorities that help the American people,” he said.

With the Senate controlled by Democrats who, along with some Republicans, will not accept the conservative options, the best hope McCarthy has at this point is to simply pass a measure to kickstart debate with the other chamber. But even that route is doubtful with time dwindling and McCarthy struggling to push his conference to avert a shutdown.

“There’s quite a few people that are against it right now,” said Rep. Kevin Hern, R-Okla., leader of the Republican Study Committee, the largest conservative faction in the House, about the latest proposal, adding that he was still considering it. He said a lot of work was happen-

grande to secure backing for its restructuring plan. After the creditor vote next week, it will face a hearing at a Hong Kong court of the winding-up petition scheduled on October 30.

Failure by Evergrande to carry out a comprehensive debt overhaul

With the Senate controlled by Democrats who, along with some Republicans, will not accept the conservative options, the best hope McCarthy has at this point is to simply pass a measure to kickstart debate with the other chamber. But even that route is doubtful with time dwindling and McCarthy struggling to push his conference to avert a shutdown.

ing “behind the scenes” to get the votes to pass it.

Leadership, as well as members of some of the so-called “five families”—the various conservative factions that make up the House Republican majority—convened later Monday behind closed doors in the speaker’s office.

McCarthy, staring down just eight working days in session before funding runs out, appeared ready to press towards votes this week on both a continuing resolution and the Defense appropriations bill, even if they can’t pass.

“The best path forward—to get conservative solutions, to reduce spending, to hold this administration accountable, to get solutions on the border—is by moving forward with what these guys have put together,” said Rep. Garrett Graves, a Louisiana Republican who is one of McCarthy’s top lieutenants.

Though McCarthy still contends he has days to maneuver before the government’s fiscal year ends, he has also tried to warn his party that a government shutdown is likely to backfire on Republicans politically.

“I’ve been through shutdowns and I’ve never seen somebody win a shutdown because when you shut down, you give all your power to the administration,” McCarthy said in a Fox News interview on Sunday.

will likely send ripples through China’s $60 trillion financial system and further weaken investor confidence in the housing sector, where a crackdown on financial leverage and three years of strict Covid controls have triggered record waves of defaults.

“How are you going to win your arguments to secure the border if the border agents don’t get paid? How are you going to win the arguments to get wokeism out of the Department of Defense? If even our own troops aren’t being paid? You have no strength there.”

But McCarthy is facing a cadre of Republicans who are prepared to endure a prolonged shutdown. A handful of GOP lawmakers swiftly took to X, the platform formerly known as Twitter, shortly after the Sunday call to criticize the proposed package, even with spending cuts and border measures, as woefully insufficient.

One of the Freedom Caucus lawmakers who helped craft the proposal, Rep. Byron Donalds, R-Fla., said he answered phone calls coming into his office Monday and he heard frustration from people critical of the package, pushing him to hold out for more conservative cuts.

He was also unbothered by the prospect of a shutdown.

“People can live without our government for a period of time,” he said. “The sun comes up every day. People live their lives. Life goes on.”

But the US Chamber of Commerce issued a memo Monday to the business community warning that a prolonged shutdown could cause disruptions across the country.

“Individuals and businesses rely on the discretionary functions of government on a daily basis,” the Chamber wrote. “From passports and permits to clinical trials and contractors, a well-functioning economy requires a functioning government.”

The Biden administration is also highlighting the potential damage from a funding stoppage. Treasury Secretary Janet Yellen said on CNBC Monday, “We’ve got a good, strong economy and creating a situation that could cause a loss of momentum is something we don’t need.” Associated Press writer Fatima Hussein in Washington contributed reporting.

The developer’s crisis is entering a new phase, now that authorities have detained some staff of its money management unit. The detentions come as China started a campaign against illegal fundraising to protect consumers. With assistance from Dorothy Ma / Bloomberg

‘Stop it!’ UN’s nuclear chief pushes Iran to end block

A24 Wednesday, September 20, 2023

‘Fed rate hikes, weak China to impact Asian economies’

By Cai U. Ordinario @caiordinario

ployment numbers showed there were 7.1 million underemployed Filipinos in July 2023.

T his is higher by 562,000 than July 2022 and by 900,000 compared to April 2023; and represented an underemployment rate of 15.9 percent.

B ased on classification, there were 3.585 million visible underemployed Pinoys and 3.519 million who were considered invisible underemployed.

V isible underemployment categorizes workers who work for less than 40 hours and want to add more work hours to increase their incomes.

in the broader economy, are likely to struggle,” Oxford Economics said.

What’s more, debt among lower-income households has rapidly increased, especially in Thailand. For these reasons, we maintain our view that Southeast Asian domestic demand will turn soft for a relatively prolonged period,” it added.

T his will be exacerbated by high inflation. Oxford Economics said inflation may not return to preCovid rates even if the rise in commodity prices have slowed.

SPEAKER Ferdinand Martin G. Romualdez on Tuesday defended the enactment of Republic Act (RA) 11954, or the Maharlika Investment Fund Act of 2023, stressing that its passage in Congress was done in compliance with the 1987 Constitution.  Romualdez made a statement after Sen. Aquilino “Koko” Pimentel III, together with former representatives of the Bayan Muna Party-list group Neri Colmenares, Carlos Isagani Zarate and Ferdinand Gaite, filed a petition before the Supreme Court on Monday seeking to declare unconstitutional the Maharlika Investment Fund Act of 2023.

of driving economic growth, addressing poverty, and creating job opportunities for Filipinos.

The certification of the bill as urgent was determined with this vision in mind,” he added.

“ We trust the wisdom of the Supreme Court to evaluate the merits of the petition and to arrive at a just and fair decision,” he said.

R omualdez said Congress is prepared to cooperate fully with the Supreme Court and to provide any necessary clarifications.

In an economic brief, Oxford Economics said China’s economy is losing steam and also faces risks of a real estate slump. Chinese consumers, the think tank said, are also more risk-averse and are saving more.

O xford Economics said the full impact of the US Federal Reserve’s 550- basis point increase as well as its spillover effect on Asian interest rates have not yet been felt.

To varying degrees, we expect all Asian economies to slow over the last two quarters of this year and for growth to be soft for most of 2024,” Oxford Economics said.

In our view, the greater part of a growth slowdown for Asia lies

ahead. Most Asian economies are currently at an inflection point, but headwinds are starting to increase,” the think tank also said.

Apart from China and the US Federal Reserve, Oxford Economics also warned that informal jobs are increasing and this could indicate that the pain of the slowdown has spread.

There’s an anomaly here as hours worked have declined even though the number of employed has been supported. The share of precarious, non-formal jobs has also risen. This implies that the pain is being spread out,” Oxford Economics said.

I n the Philippines, the latest em-

I nvisible underemployment covers Filipinos who work for 40 hours and above, but still want to have more hours or more jobs in order to earn a higher pay.

T he Philippine Statistics Authority (PSA) said between July 2023 and July 2022, year-on-year, there was a 1.25-million increase in invisible underemployment.

O n a quarterly basis, PSA reported a 1.9-million increase in invisible underemployment in July 2023, compared to April 2023.

Eventually, budgets pose a constraint on consumption. Over the next year, real wages are likely to see limited growth as labor markets, which somewhat lag changes

T he think tank forecasts that Southeast Asia’s Consumer Price Index (CPI) inflation will be 3.5 percent this year – down from 4.6 percent in 2022 – before it falls to 2.4 percent in 2024.

B ut the slowdown in inflation may not be sustained on the back of rising food and energy prices. Part of the reason for this is the El Niño phenomenon.

“One issue is whether falling inflation will be sustained over the medium term. It’s an open question, but one thing we can be relatively certain about is that returning to old inflation levels will require a lower growth trajectory – perhaps significantly lower,” Oxford Economics said.

Continued on A4

BETTER tax design and stronger public institutions could allow emerging and low-income countries like the Philippines to finance their development goals and their climate transition, according to the International Monetary Fund (IMF).

I n a blog, IMF’s Director of the Fiscal Affairs Department Vitor Gaspar; Division Chief in the Fiscal Affairs Department, Mario Mansour; and Charles Vellutini, economist in the Fiscal Affairs Department, said trillions of dollars are needed by these countries to meet their development needs.

It is estimated that emerging and low-income countries need $3 trillion annually through 2030 to finance their goals and a transition to a green economy.

Our new research finds that many countries have the potential to increase their tax-to-GDP ratios—enabling them to provide critical government services—by as much as 9 percentage points through better tax design and stronger public institutions,” the authors said.

T he IMF said that the average tax-to-GDP ratio of these countries has increased by 3.5 to 5 percentage points since the early 1990s. However, since 2010, tax revenues among emerging and low-income countries have stagnated.

T he IMF said that despite the introduction of new tax measures, half of emerging countries and twothirds of low-income countries had a tax- to-GDP ratio of below 15 percent as of 2020.

“ Countries have considerable room to collect more revenue based on their tax potential—the maximum a country can collect given its economic structure and institutions,” IMF said.

B ased on their estimates, they found that low-income countries could raise their tax-to-GDP ratio by as much as 6.7 percentage points

“ We respect the democratic process and the right of every individual to seek legal redress. The House of Representatives, under my leadership, has always prioritized the observance of legislative procedures and adherence to the Constitution,” he said.

Regarding the amendments, it is not uncommon for bills to undergo changes as they pass through the legislative mill, but we ensure these are done within the bounds of our Constitution and established procedures,” he added.

A ccording to Romualdez, the Maharlika Investment Fund Act was passed with the intention

In these times, it is more crucial than ever that we focus on what will uplift and benefit the Filipino people. Let us keep the best interests of our nation at heart,” he added.

In seeking to declare RA 11954 unconstitutional, the petitioners raised the following arguments: it is void because it was passed in violation of Section 26(2) Article Vi of the 1987 Constitution; the test of economic viability as mandated under Section 16 of Article XII of the Constitution was not complied with prior to the creation of the Maharlika Investment Corporation; and that the said law violates the independence of the Bangko Sentral ng Pilipinas as provided under Section 20 of Article XII of the 1987 Constitution.

Continued on A4

on average.

T he IMF said improving public institutions in these countries through efforts such as reducing corruption would lead to an additional 2.3-point increase in tax revenues.

It added that the total revenueraising potential, at 9 percentage points of GDP, is a staggering twothirds increase relative to their taxto-GDP ratio in 2020.

F or emerging market economies, the IMF said they can raise their tax-to-GDP ratio by 5 percentage points on average, while improving their institutions to the average of advanced economies could raise an additional 2 to 3 percentage points.

“ Some policymakers hope for additional revenue from the ongoing international collaboration on taxing profits of large multinational corporations. But the direct revenue impact of this initiative is likely to represent only a tiny fraction of the overall revenue needs,” IMF said.

I n order to create better tax policies, the IMF recommended that countries improve the design and administration of core domestic taxes such as value-added taxes, excises, personal income tax, and corporate income tax.

VAT revenues could double even without an increase in rates, IMF said, if these are implemented without “preferential treatments.” Using digital technologies will also lead to higher tax collections.

E fforts such as rationalizing tax expenses and implementing a more neutral taxation of capital income as well as better use of property taxes will also improve revenues.

“ This multi-pronged approach, over the long term, can balance equity and efficiency considerations—the Achilles’ heel of managing the political economy of tax reforms,” IMF said.  Cai U. Ordinario

SEVERAL hotels in Metro Manila saw higher occupancy rates during the FIBA Basketball World Cup 2023, which the country co-hosted with Indonesia and Japan, from August 25 to September 10, 2023.

I n a news statement, the Department of Tourism (DOT) said: “Conrad Manila reported a 100 percent average hotel occupancy….Other hotels in Pasay also saw a higher average hotel occupancy, including Hotel101Manila and Microtel MOA (Mall of Asia) which both reported 92 percent, Hilton Manila with 91.8 percent, and TRYP [by Wyndham] MOA with 91 percent. Meanwhile, Grand Hyatt Manila in Taguig also reported an impressive 96-percent hotel occupancy rate during the same period.”

Hotel 101-Manila, Microtel by Wyndam MOA were earlier designated by FIBA organizers as official media hotels, along with Seda Vertis North in Quezon City, and as such, were promoted in the event’s media kit. Organizers had also designated Conrad Manila and Edsa Shangri-La, Manila as official hotels for the basketball teams, Novotel Manila in Cubao and Hilton Manila were for FIBA officials and staff, while Sofitel Philippine Plaza and TRYP by Wyndham hosted VIPs, the FIBA secretariat, and FIBA organizers.

Hotel Sales and Marketing Association president Loleth So told the BusinessMirror , “The official FIBA team accommodations [were] booked directly with the official hotels.”

I ndustry officials said many official hotels had worked “as early as one year ago” for their official FIBA designation.

Jose Mari del Rosario, president and CEO of Phinma Microtel Hotels Inc. and Phinma Hospitality Inc., said it was the Samahang Basketbol ng Pilipinas (SBP)  that “took an active role in screening/ shortlisting [the official hotels].

THE end of China’s “post-pandemic bounce” and the full impact of the United States Federal Reserve’s monetary tightening will weigh down GDP growth in Asian economies, including the Philippines, this year and most of next year, according to Oxford Economics.

‘Better tax design key to funding devt goals of countries like PHL’ Hotels report occupancies grew during FIBA WC 2023

SPEAKER: MIF PASSAGE FOLLOWED CHARTER

Editor: Jennifer A. Ng

Companies

Wednesday, September 20, 2023

GHI hikes capital stock in unit

By VG Cabuag @villygc

in its disclosure, Greenergy said it will increase its subscription to Winsun to P500 million from the previous P20 million. t he P500 million will be divided into 500 million shares, with a par value of P1 per share. t he said subscription will come from the increase in the authorized capital stock of Winsun.

“

t he increase is subject to the approval by the Securities and exchange Commission,” Ghi’s disclosure read.

Ghi said it will initially pay P185 million upon subscription with the balance of P295 million to be paid within 60 calendar days from subscription.

Meanwhile, Greenergy said the

resignation of its chairman, Martin C. Subido, is "effective immediately."

t he company said Subido resigned due to personal reasons, but he will remain as a director of Ghi Subido will be replaced by edgardo G. l acson, currently a board of director of the company. l acson’s appointment took effect on Monday.

Ghi also said Stephen a nthony t CuUnjieng was elected as an independent director of the company last Monday. he will fill the vacancy created by the resignation of Maylyn Z. Dy.

CuUnjieng is currently an independent director in various publiclylisted companies in the Philippines. he has over 30 years career in investment banking including serving as the chairman of evercore a sia ltd. and as a senior managing director of a new York-based firm.

Prior to serving as chairman of

evercore, he was also the vice-chairman a sean and a senior managing director at Macquarie Capital a sia. he also held managing director or director level positions at Merrill ly nch, Salomon Brothers and Morgan Grenfell.

CuUnjieng obtained his Bachelor of a r ts degree and Juris Doctor from the ateneo de Manila University. he also holds a Master of Business ad ministration in Finance from the Wharton School of Business of the University of Pennsylvania and is a Director of the School’s executive advisory Board for a sia.

he is also a member of the international advisory Board of the new York Philharmonic. “ t he election of CuUnjieng as independent director is subject to his acquisition of qualifying shares within 5 days from the date of his election,” the company said.

ICTSI: App to go live in other countries

International Container terminal Services inc. (iC tSi) is making its mobile app available to more territories with Croatia, Papua ne w Guinea, nigeria, and the Democratic republic of Congo in the pipeline.

Christian r Gonzalez, iC t S i eV P, said the iC tSi app will “soon be available” for customers of the ad riatic Gate Container terminal in Croatia, South Pacific international Container terminal and Motukea international terminal in Papua new Guinea, onne Multipurpose termi-

nal in nigeria, and Matadi Gateway terminal in Congo.

t he app enables port users and cargo owners to monitor the status of their shipments that are loaded and offloaded from a vessel, and those that are hauled in or out of the port.

“We understand the challenge businesses face when it comes to managing their shipments effectively. o u r response is to develop an app that provides our clients with real-time data that could help them improve their logistics planning. By being able to track their shipments,

our customers can generate datadriven insights to streamline their operations and lower their logistics costs,” he said.

Currently, the iCtSi app has close to 29,000 users.

Gonzales said the iC tSi app has three main features that promote visibility and transparency—vessel monitoring, container tracking and truck tracking.

t h e vessel monitoring feature lets users track the container vessel that’s transporting their cargo and receive updates on the expect-

ed arrival and departure from a port. i t also provides insights on pre-advice, loading and payment cutoffs—information that would help businesses align their logistics activities accordingly to avoid potential delays.

B1

Winford unveils signature diner

SoMethinG exciting was brewing at Winford resort & Casino Manila (W rCM) on Monday with the grand opening of its newest dining outlet, the Winford Café, located on the second floor of the luxury hotel in San l a zaro, Manila.

Conveniently situated just outside the casino, it is the ideal venue for a quick sip, light bite, or full meal. on offer are a selection of hot and cold coffee or tea, ice-blended drinks, pastries, all-day breakfast, and a variety of comfort food prepared fresh daily in our kitchen.

“if a cup of coffee signals the start of a brand new day, then Winford Café represents the beginning of Winford’s new era in this next normal we now live in. t his would not have been possible without the joint expertise of our hotel director Mr. James olivar; F&B manager edmond De Jesus; and the culinary expertise of Chef Patty.”

Lorenz S. Marasigan

Container tracking informs users of the real-time status of their containers from the moment they arrive at the port up to their departure. t his helps cargo owners manage their shipments more efficiently to ensure they reach the end destinations as planned.

tod ay, the launch of Winford Café proves that life has returned to normal for valued guests like yourselves, and for all of us here at Winford who have always taken pride in serving you,” said Jeffrey evora, President & Chief operating of ficer, W rCM.

a mong the dishes served at the launch were some of Winford Café’s specialties such as pesto chicken pasta, kimchi fried rice, calamansi muffin, tes leches, dulce de leche cake, pistachio croissant, and refreshing Spanish bombon, to name a few. Winford Cafe is open from 10:00 a.m. to 12:00 a.m. Monday to t hursday, and from 10:00 a.m. to 1:00 a.m. Friday and Sunday. W rCM is located in San l a zaro tourism & Business Park, Santa Cruz, Manila.

The board of Greenergy holdings Inc. (GhI) has approved the increase in its investments in wholly-owned unit Winsun Green Ventures Inc., which it created to handle its renewable energy (Re) ventures.

Winford resort & Casino Manila (WrCM) President and Chief operating officer Jeffrey Evora (left) and WrCM Hotel operations director James olivar at the grand opening of Winford Cafe. Contributed photo

Just start swimming

IGREW up near the beach, but I never learned how to swim. Elders would always warn us about the dangers of the undercurrent and people being pulled out to sea. It was only when I took up swimming in college that I learned how to swim. But it was only when I swam to enjoy that I truly appreciated it. Looking back, there were so many life lessons I learned from swimming.

One of the significant things I learned is that if I want to achieve a goal, I have to start somewhere. Figuratively and literally speaking, I had to get my feet wet. I had to trust my swim coach that he knew what he was doing. I realized that my willingness to do the hard work will depend on how much I wanted it. Similarly, my goals at work can be fueled by my own personal motivations and goals, and how much I really want them. Much like in life, if you really want something, you will do everything you can to achieve it.

I have also learned to trust the process. Learning how to swim cannot be learned overnight. One of the first things my coach taught me was how to breathe while swimming and the different ways to float. Then, I was taught how to do the different kicks while holding on to the sides of the pool, and the arm movements for each swim stroke. My coach consistently stressed the importance of doing every part correctly the first time. Once I mastered a move, new movements were added easily. At first, I struggled with doing everything all at once but when I practiced more, it became easier. Just like everything else in life, you need to learn the basics before you can be proficient at anything.

Swimming also taught me persistence and determination to succeed. At first, it was awkward putting together the arm and leg movements for the basic crawl, but with enough practice and a few gulps of water, I learned how to keep myself afloat and move a few meters. It took more focus and concentration to learn the breaststroke and butterfly because they were more complex. Eventually I became better at them, but it took days of practice and persistence. Just

like in life, I learned to appreciate small wins and use them to motivate myself to become better. This brings me to another lesson: finding your own lane and discovering where you are good at. I used to think that there was only one swimming stroke, which is the crawl. For a long time, that was the only stroke I knew. When I was taught the other strokes—breastroke, butterfly, and backstroke—I went through another round of uncoordinated movements and more gulps of pool water. I thought I would excel best in the crawl, but I discovered I was better in doing the breastroke. Similarly, you can only discover where you are good at if you try. At work, you need to expose yourself to every facet of your work but expect that you will excel in a few. Capitalize on those and leverage on your strengths to reach your personal and professional goals.

Swimming also taught me self-discipline especially on days when I did not feel like swimming. There were days when I felt that even my personal goals and motivations were not enough to push me to swim, so I just had to drag myself to the pool and swim even for a while. There will be many instances at work when it will be mundane and routinary, but work has to be done. Swimming taught me the mental determination to stick to what I needed to do and keep

TODAY’S HOROSCOPE By

Eugenia Last

CELEBRITIES BORN ON THIS

DAY: Phillip Phillips, 33; Kristen Johnston, 56; Gary Cole, 67; Sophia Loren, 89.

HAPPY BIRTHDAY: A positive change will help you fulfill your dreams. Get on the information highway and discover what’s possible. Add to your skills, knowledge and insight by looking into what’s trending. You’ll be a step ahead of the competition. Use this year to broaden your scope and find your niche. Participate in life instead of watching it pass you by. Make health a priority. Your numbers are 6, 10, 24, 29, 35, 41, 49.

ARIES (March 21-April 19): Socializing will offer an intro to someone who can show you a diverse way to use your skills to get what you want. Get whatever you agree to in writing to avoid fighting for what you want when it’s too late. ★★★★★

TAURUS (April 20-May 20): Keep busy, finish what you start and initiate a change that helps you gain momentum in your race to the top. An open mind and compassionate heart will be your passage to new beginnings and openings perfect for the skills and qualifications you offer. ★★★

GEMINI (May 21-June 20): Domestic, professional and relationship issues are priorities. Maintain a positive and flexible dialogue to avoid confusion and disappointment. Keep up with the changes around you, and don’t feel obligated to follow the crowd. ★★★

moving. When I felt like giving up in the middle of a lap, I had to keep my eye on the other side of the pool and swim steadily toward it. The nearer I got, the more motivated I got that I could make it. Also, just like in swimming, the moment you stop, you will start sinking. If I really want to get to where I want to be, I need to have the tenacity to keep moving. When I started out swimming, I could not even finish a lap and I had to swim along the side of the pool so that when I felt tired, I could just hold on to the sides. Eventually, I could finish a lap and I went on to do more laps every day. I kept reminding myself that any progress, however small, is still progress. It was also a lesson for me to look back at what I had accomplished compared to where I was when I was just starting to swim. Similarly, if you improve only 1% everyday, think of how much you can progress in a year. The key is to keep moving and working on your goal because as Confucius said, “It does not matter how slowly you go as long as you do not stop.”

But of course, I also learned to rest and to catch my breath. There were times when I just had to stop and regulate my breathing after several laps. When I was still starting out, I was so focused on swimming

The 2023 Ramon Magsaysay Awardees announced

THE 65th Ramon Magsaysay Awards Festival Season has announced the 2023 Ramon Magsaysay Awardees on August 31, the birth anniversary of the Philippine President after which Asia’s premier prize and highest honor is named.

In a statement, Ramon Magsaysay Award Foundation (RMAF) chairman Aurelio R. Montinola III said, “August 31 is a very important date for the Ramon Magsaysay Award Foundation as it is the birth anniversary of President Ramon Magsaysay, one of the most outstanding global leaders of his time.

To celebrate this important date, the foundation will be announcing globally this year’s recipients of the Ramon Magsaysay Award at 11 am Philippine Time. It was livestreamed on the Ramon Magsaysay Award’s Facebook page and YouTube channel.”

“Now in its 65th year, the Ramon Magsaysay Award, Asia’s premier prize and highest honor, hopes to tell more stories of transformative leadership and greatness of spirit across Asia. While defining greatness of spirit can be subjective, the Board of Trustees has seen it with the works of the Magsaysay Laureates from 1958 to present who have demonstrated the same greatness of spirit that then-President Ramon Magsaysay embodied throughout his life.

From visionaries to innovators to pioneers to artists to humanitarians to peace-builders, this year’s 65th batch of awardees are no different—we believe that these four individuals share the same unwavering courage and compassion for the common man that we have been pushing for since then.”

Celebrated as Asia’s premier prize and highest honor, the Ramon Magsaysay

Award has been given to outstanding Asian leaders, some of whom are His Holiness the Dalai Lama, Akira Kurosawa, Muhammad Yunus, Ela Bhatt, and Sir Fazle Abed who have since become global icons after receiving the award.

“Asia deals with numerous daunting social issues on a daily basis. Yet amid these seemingly insurmountable challenges, we have witnessed individuals and organizations who share the same vision with the foundation. This year, we proudly honor the four Magsaysay Awardees who fearlessly tackle these problems, employing a practice of empathy and a solution-oriented approach that bring about transformative change in their communities,” shared Montinola.

The 65th Ramon Magsaysay Awards Festival Season will showcase the significant

and extraordinary influence of the works of the 2023 Ramon Magsaysay Awardees to the world.

RMAF president Susanna B. Afan shared: “This year serves as a milestone year as the foundation celebrates its 65th anniversary. The foundation anchors its theme with ‘Transforming Asia, Inspiring the World’ as we strive to share more stories of remarkable global leadership aligned with our hopes to continuously transform Asia and inspire the world.

The 65th Ramon Magsaysay Awards Festival Season began on August 31 with the announcement of the 2023 Ramon Magsaysay Awardees, and conclude on November 11 with the formal Presentation Ceremonies to be held in the Metropolitan Theater in Manila, Philippines, followed by the launch of the book Greatness of Spirit on November 12.

CANCER (June 21-July 22): A challenge is apparent and must be dealt with gracefully and with dignity. Put positive energy into the process and you’ll have an impact on both participants and onlookers. Don’t be afraid to be different; make a statement. ★★★

LEO (July 23-Aug. 22): Keep life simple, drama-free and running smoothly. Now is not the time to cause upset or make costly or unnecessary changes. Make your health and wellbeing your focus and how you present yourself to the world a priority. ★★

VIRGO (Aug. 23-Sept. 22): Check your availability before wasting time on something implausible. You may desire a change, but timing is crucial if you want to be successful. Get everything in order first and refuse to let your emotions lead the way when intelligence and reason are necessary. ★★★★

LIBRA (Sept. 23-Oct. 22): Actions speak louder than words, and putting effort behind your promises will give you the necessary edge to impress people. Spend time with someone who lifts your spirits, excites your soul and is respectful when you say no to temptation. ★★★

SCORPIO (Oct. 23-Nov. 21): Address serious issues directly. Don’t let anyone negotiate on your behalf. You know what you need and want, and you can convince anyone you encounter to see things your way. Your aim to stabilize your personal or professional life will pan out. ★★★

SAGITTARIUS (Nov. 22-Dec. 21): Control is necessary to make things happen. Take the initiative to strengthen your connections to people with skills to help you reach your goal. Learn from the experience and treat similar situations with class, dignity and confidence. ★★★

CAPRICORN (Dec. 22-Jan. 19): Put a budget, project guidelines and an exercise routine in place, and it will improve your thinking, attitude and lifestyle. Organize your time strategically to avoid letting anger or stress work its way into encounters and conversations. Choose peace over friction. ★★★

AQUARIUS (Jan. 20-Feb. 18): Take a moment to clear your head and assess whatever situation you face. Don’t feel the need to accommodate someone who asks for too much. Put your energy into what matters, and take care of unfinished business to alleviate stress. Romance is favored.

PISCES (Feb. 19-March 20): Someone will use emotional manipulation to throw you off guard. You’ll create a dilemma if you let your emotions clash with your responsibilities. Choose to do what’s right, and clarify your position to anyone trying to take advantage of you. ★★

BIRTHDAY BABY:

You are persistent, structured and detailed. You are sensitive and understated.

‘working through it’ BY JOSH KAUFMANN

The Universal Crossword • Edited by David Steinberg/Anna Gundlach

‘Nun 2’ narrowly edges ‘A Haunting in Venice’ over quiet weekend in movie theaters

TRANSFERING SOON

HOW true is the rumor that an actress, who is known to be very loyal to her network, is contemplating a transfer to the other side? This is allegedly because her ex-husband is planning to return to the country now that the pandemic is over, and she doesn’t want to bump into him whether personally or for work. The actress is happy with her career and she’s also financially stable. With the rumored transfer, she may be taking a pay cut and her status may not be like it is now but it will also not make her a target of speculations and rumors in relation to her ex-husband. She would rather live and work peacefully because it’s not like she’s a struggling starlet.

WARDROBE MALFUNCTION

A SINGER recently had a wardrobe malfunction during a recent performance, and you would think that she and her handlers have learned their lesson after this. During a recent press conference for a new endorsement, the singer’s gown had a slit that revealed more than she should reveal when sitting down. It’s not that the dress was too sexy; it was that the singer wasn’t paying attention to how she was sitting. The singer was also an hour late for her own press conference and later on, reporters complained that she was either drunk or answering their questions, too, flippantly that she appeared intoxicated.

REAL GF OR HOAX?

CERTAIN showbiz observers have noticed that a sexy influencer and a matinee idol seem to be together in Europe. So if they are together, what happens to matinee idol’s favorite screen partner and rumored girlfriend? This is not the first time that the influencer has been involved with an actor. Her former boyfriend is an actor who starred in Korean drama adaptation. The matinee idol’s siblings and even his father also follow the influencer on Instagram. The influencer is also very close to the matinee idol’s other relatives. Of course, the matinee idol also follows the influencer, and this is what strengthens the rumor that they are indeed a couple for real. But until proven otherwise, the rumor remains unfounded.

REQUEST TO EDIT

FOR a recent photo shoot with a magazine, the actress had to tell the creative staff to edit whatever unflattering angles her body had. The actress has always struggled with her weight and while she looks good, she is insecure especially now that she is older. So she went on a diet and she did lose some weight. Since then, however, some of the weight she lost has returned and she’s too proud to show the world her real body. Thus the request for some editing.

Swimming...

Continued from B4

fast and reducing my lap time, until my coach pointed out that I was so intent on swimming fast that I was forgetting to breathe properly. He reminded me that if I want to swim well, I need to find my pace in doing the correct form and breathing. Similarly, work should include times to catch your breath because you can be more productive if you take small packets of rest.

Just like any task, I have a renewed confidence in myself for accomplishing something. Studies have shown that making your bed in the morning helps improve your mood because you gain a sense of accomplishment from doing it. Similarly, swimming can boost your happy hormones, not just from the exercise, but also from the sense of hurdling a task.

When I was young, I was afraid to swim because there were dangers of swimming in the open sea. In a pool, conditions are controlled, and you have a relatively safer environment to make mistakes and learn. While swimming at the beach, I realized that while the conditions are different, I know enough of the basics to save myself. It made me realize that I should take advantage of learning opportunities so that when I face problems in the real world, I know what to do. Swimming has taught me that life does not give us challenges that we are not prepared for. All we need is to trust that life may be hard at times, but it can only get better if we persist and overcome. n

By Jake Coyle The Associated Press

NEW YORK—The Nun 2 and Venice virtually tied for the no. 1 spot in US and Canadian theaters over the weekend, with a slight edge carrying the horror sequel over the Hercule Poirot mystery, according to studio estimates on Sunday.

In its second weekend of release, Warner Bros.’ Nun 2, a spinoff from the studio’s lucrative franchise, grossed $14.7 million. If numbers hold, that will give The Nun 2 (up to $56.5 million total and $158.8 million worldwide) the top spot at the box office for the second straight week.

Very close behind was A Haunting in Venice Branagh’s third Agatha Christie adaptation following 2017’s Murder on the Orient Express and 2022’s the Nile. It opened with $14.5 million.

Final box-office figures will be released on Monday.

After the successful run of Murder on the Orient Express ($352.8 million worldwide against a production budget of $55 million) and the less-stellar global haul of Death on the Nile ($137.3 million against a $90 million budget), the sluggish start for A Haunting in Venice may have signaled the death knell for Branagh’s detective.

The 20th Century Studios film, released by the Walt Disney Co., grossed $22.7 million internationally. And it cost less than its predecessor, carrying a production budget of about $60 million.

The Equalizer 3, starring Denzel Washington, dropped to third place with $7.2 million. In three weeks, it has grossed $73.7 million domestically and $132.4 million worldwide. Fourth place went to My Big Fat Greek Wedding 3 with $4.7 million in its second weekend of release. It’s grossed $18.5 million domestically.

It was one of the quietest weekend in movie theaters this year, as Hollywood—which has spent much of the last two weeks promoting its films at the Venice, Telluride and Toronto film festivals—treads water in between the summer smashes of Barbie and Oppenheimer and awaits its top fall movies. Some of those, like Dune: Part Two, have already postponed until next year due to the SAG-AFTRA and WGA strikes.

One anticipated fall film, Sony’s Dumb Money, opted for a platform release, debuting in eight theaters

over the weekend before expanding next weekend and going wide September 29. The film, a rollicking dramatization of the GameStop stock frenzy, grossed $217,000, for a per-location average of about $27,000. And Barbie also remains in the picture. For the ninth straight weekend, Greta Gerwig’s box-office sensation ranked in the top five films. It added $4 million to bring its domestic total to $625 million and its global haul to $1.42 billion. Meanwhile, Oppenheimer has reached $912.7 million, making it the highest grossing biopic ever, passing Bohemian Rhapsody

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

1. The Nun II, $14.7 million

2. A Haunting in Venice, $14.5 million

3. The Equalizer 3, $7.2 million

4. My Big Fat Greek Wedding 3, $4.7million

5. Barbie, $4 million

6. Jawan, $2.5 million

7. Blue Beetle, $2.5 million

8. Gran Turismo: Based on a True Story, $2.4 million

9. Oppenheimer, $2.1 million.

10. Teenage Mutant Ninja Turtles: Mutant Mayhem, $2 million. n

With Hollywood on strike, Biden leans on Broadway stars in his hunt for 2024 campaign cash

NEW YORK—President Joe Biden’s reelection campaign is getting some big-name fundraising help on Monday from Broadway’s top stars.

With members of the Writers Guild of America and actors from SAG-AFTRA on strike, Biden is avoiding Hollywood for now and turning to the theater, with Sara Bareilles, Lin-Manuel Miranda and Ben Platt among those scheduled to appear at a fundraising concert on behalf of the president.

Theatrical work in the US is overseen and contracted by the Actors’ Equity Association, whose some 51,000 American actors and stage managers remain on the job. Both Biden and first lady Jill Biden will attend the event, with tickets ranging from $250 to $7,500. Biden will also take part in another private fundraiser in Manhattan on Monday.

Biden, who is set to address the UN General Assembly on Tuesday, arrived in New York on Sunday evening so he could squeeze in the fundraisers as the end of the quarter for federal election reporting on fundraising nears. The early arrival also allowed him to attend a birthday celebration for one of his grandchildren at a swanky downtown restaurant.

Writers have been on strike for 4 1/2 months over issues including pay, job security and regulating the use of artificial intelligence. SAG-AFTRA members

went on strike on July 14. Southern California, the home of extraordinary wealth and the engine of the film and television industry, has historically served as an ATM for the Democratic Party.

Since at least Bill Clinton, Democratic presidents have cultivated intimate ties with powerful figures in the Hollywood entertainment industry. Biden himself raised roughly $1 million during an early 2020 campaign fundraiser at the home of Michael Smith and James Costos, a former HBO executive. That event was attended by former DreamWorks co-founder Jeffrey Katzenberg, now a Biden campaign co-chair.

The ongoing actors and writers strike has ground that to a halt. At least for now.

Biden is the most vocally pro-union president in decades, and is mindful of staying on the right side of labor, a key constituency. As long as the strike goes on, he has been advised by Katzenberg to steer clear, according to three people with direct knowledge of the guidance who insisted on anonymity to discuss internal planning details.

Biden has kept a tepid fundraising schedule since announcing he reelection campaign in April, worrying some donors who believe the president needs to start stockpiling massive amounts of cash now for the brutal campaign that lies ahead. AP

THE word in the country’s theater scene is out. It was no less than Parokya ni Edgar frontman Chito Miranda who dropped Newport World Resorts’ upcoming musical title, Buruguduystunstugudunstuy. One look and 1990s

OPM enthusiasts will instantly recognize the musical’s title as the band’s sophomore album that spawned some of their smash hits. The tongue-twister of a title, Buruguduystunstugudunstuy: Ang Parokya ni Edgar Musical is set to rock its way to the Newport Performing Arts Theater’s marquee.

Lead rocker Miranda made the announcement on the NWR Musicals social media pages on September 11.

The post further revealed that the musical, developed by Newport World Resorts’ production outfit Full House Theater Company, is slated to make its epic debut on the grand stage next year.

A nationwide casting call is now underway for the new musical. Auditions are open for males and females, ages 18 to 50 years old, who can sing and dance. Those interested must submit their CV, including an audition video singing 16 bars of any Parokya ni Edgar track. Submissions are open until October 1 and can be emailed to PNE2024@gmail.com

Following the round of online submissions, a three-day in-person audition will take place from October 16 to 18. Aspirants who passed the initial screening will receive an invitation for the final callback auditions on October 24 to 26. Escape the ordinary at Newport World Resorts. For more information on Buruguduystunstugudunstuy: Ang Parokya ni Edgar Musical, visit www.newportworldresorts. com and follow @newportworldresorts and @nwr.musicals on Facebook, Instagram, and TikTok, and @nwresorts on Twitter. Use the hashtags #Buruguduystunstugudunstuy, #AngPNEMusical, #NWRMusicals. Consumers can make the most of their visit by signing up for an Epic Membership or download the Epic Rewards Mobile App for free at the Apple App Store and Google Play Store.

PLDT Group, sponsors welcome global delegates to ACC 2023

Lamentillo to Launch ‘Night Owl: A Nationbuilder‘s Manual‘ in Ilocano, Bisaya, Hiligaynon very soon

“NIGHT Owl: A Nationbuilder’s Manual” translated in our local languages—Ilokano, Bisaya, and Hiligaynon—will soon be available, according to its author Anna Mae Yu Lamentillo, Department of Information and Communications Technology (DICT) Undersecretary and former Build, Build, Build committee chair.

Lamentillo said that the Ilokano and Bisaya editions will also serve as an ode to two leaders— former President Rodrigo R. Duterte, a Bisaya, whose vision made possible the completion of 29,264 kilometers of roads, 5,950 bridges, 11,340 flood mitigation structures, 222 evacuation centers, 150,149 classrooms, 214 airport projects, and 451 seaport projects in the span of five years; and President Ferdinand R. Marcos Jr., an Ilocano, who is keeping his promise to continue the infrastructure projects of the previous administration.

Meanwhile, the Hiligaynon edition is a homage to Lamentillo’s home province of Iloilo.

She said that translating Night Owl into local languages helps spread the importance of infrastructure development to a wider Filipino audience.

“It is worth sharing how through Build, Build, Build, we were able to improve people’s

lives and uplift communities, especially those who previously did not have access to or had difficulty accessing schools, markets, hospitals, livelihood opportunities, and basic services,” she stressed.

Night Owl, authored by Lamentillo and published by the Manila Bulletin Publishing Corporation, narrates the country’s journey to improved lives and abounding opportunities brought about by former President Duterte’s Build, Build, Build. It also narrates how the Department of Public Works and Highways, under the leadership of then Secretary Mark A. Villar, was able to overcome the challenges of right-of-way, ghost projects, and unmet deadlines by using technology and strengthening transparency and accountability measures. Also included is a chapter on the digital infrastructure program of President Marcos Jr. under the Build Better More thrust which builds on the gains of Build, Build, Build while incorporating a strong digital infrastructure program to ensure that all Filipinos will have access to affordable and reliable Internet and which will provide Filipinos not only opportunities to learn new technologies but also access to online learning, telemedicine, online banking, and other digital services.

THE island province of Cebu took center stage in the telecommunications industry as it proudly hosted the prestigious ACC 2023. This annual event helps shape the future of the telecommunications sector in Asia and draws in industry leaders, innovators, and experts from across the world. With its vibrant culture, strategic location, and state-of-the-art facilities, Cebu provides the most ideal backdrop for both business and leisure for its anticipated nearly 1,000 delegates flying in from all over the globe.

Now on its 19th year, ACC has long been recognized as an essential networking hub for professionals in the telecommunications sector and promises to be more exciting this year. Industry leaders, including CEOs, CTOs, and other top executives, converged on Mactan Island, Lapu-lapu City, Cebu to engage in discussions, share insights, and forge partnerships that will drive the industry forward.

This year’s conference theme, “Accelerate. Challenge. Connect.” underscored the importance of collaboration in navigating the rapidly evolving telecommunications

landscape, in particular, to discuss rising technologies including artificial intelligence (AI) in its plenary program “The Pros and Cons of AI: Balancing Innovation and Ethical Considerations” - a 360-degree look into how AI will change the industry from two of the world’s top futurists: Erica Orange and Jeremy White.

ACC also showcased the newest products and developments from the different IT companies participating at the event’s exhibit from the latest business efficiency solutions to new equipment enabling the latest in communications technology.

One of the highlights of the conference was the exhibition of cuttingedge technologies and solutions. Telecom companies, service providers, and technology vendors including the Philippines’ largest telecommunications company PLDT, its wireless unit Smart Communications (Smart), data center pioneer and leader ePLDT, Huawei, Bankai, PCCW Global, and many others, showcased their latest innovations in areas such as 5G deployment, Internet of Things (IoT), cloud computing, and cybersecurity.

Delegates had the opportunity to witness firsthand the transformative potential of these advancements, which are poised to revolutionize the way we connect and communicate.

While the conference itself is a focal point, Cebu offered attendees a unique cultural experience. Known for its rich history, beautiful beaches, and delicious cuisine, the province allows delegates to unwind and explore during their downtime. From historic landmarks like Magellan’s Cross at the Basilica del Sto. Nino to the province’s newest attraction and engineering marvel, the Cebu-Cordova express link, for a delightful blend of tradition and modernity.

The five-day conference in Cebu was a pivotal event for the telecommunications industry in Asia. Beyond the business opportunities, it was a celebration of innovation, collaboration, and cultural exchange. As delegates gather to discuss the future of connectivity in Asia, Cebu stands as a symbol of progress and diversity, embodying the very essence of the telecommunications industry’s evolution.

VP Duterte, schools, gov't offices, NGOs release turtle hatchlings at Cleanergy Park in Davao City

hawksbill sea turtles live on coral reefs and eat the overgrown sponges that suffocate slow-growing corals, resulting in a healthy reef. They also help prevent the overpopulation of jellyfishes in the ocean.

“We are honored that VP Sara joined the event and showed her support to pawikan (turtle) conservation efforts,” said Davao Light Reputation Enhancement Department Head Fermin Edillon.

Edillon added that it was DuterteCarpio, when she was still Mayor of Davao City, who signed a joint memorandum of agreement with DENR - Region XI and Davao Light establishing Aboitiz Cleanergy Park as a pawikan rescue center in the Davao region.

Former DOH chief continues advocacy with upcoming edition of Wellness Index national health survey

HOW do different generations of Filipinos approach some of life’s most important issues like health, workplace wellness, sex, content consumption, and media preference?

The next Wellness Index survey of healthcare industry leader Philcare, being developed under the guidance of former Department of Health Secretary Dr. Enrique Ona, will seek the answers in the hopes of finding learnings and insights that may help shape national policies on health and wellness.

“As different generations have grown up in different social, economic, and technological contexts, their values, communication styles, and preference vary significantly,” Dr. Ona says. “By understanding these differences, businesses and government agencies can tailor their policies and initiatives to effectively engage and resonate with each generation.”

This marks the second time Dr. Ona is sharing his time and expertise with the groundbreaking study. He took the chairman role in developing the “2021 Wellness Index: The Philippine Roadmap to the Next Normal” to help Filipino workers, businesses, policymakers, and other stakeholders transition to the post-pandemic era.

He notes, “As someone who continues to champion the cause of public health, I see the Wellness Index as an innovative endeavor that underscores the potential of data-driven approaches in contributing to healthcare reforms and the overall wellbeing of Filipinos.”

Recognized as one of the country’s best in the field of vascular surgery and organ transplantation, Dr. Ona served as DOH Secretary from 2010 to 2014. Previously, he held the position of executive director at the National Kidney and Transplant Institute (NKTI). Under his leadership, NKTI

transformed from a fire-ravaged government hospital into the first ISO-certified health institution in the Philippines in 2002.

Launched by PhilCare in 2014, the Wellness Index is the Philippines’ first nationwide study that seeks to determine the attitude and practices of Filipinos towards health and wellness. The second study came out in 2019, and the third called 2020 Community Quarantine Wellness Index was released at a time when COVID-19 lockdowns were in effect.

Based on the findings of the first Wellness Index, PhilCare delivered another innovation with the introduction of the country’s very first prepaid health plans that cover different health needs and can be used in over 500 hospitals nationwide. This was especially designed to meet the healthcare needs of people who don’t have corporate plans.

The 2020 Wellness Index won Top Division Award for Communication Research at the 2021 Quill Awards, while the 2021 Wellness Index got the Top Award in Communication Research from Quill in 2022 and was honored as Thought Leadership Campaign of the Year at the 2022 Stevie Awards.

ABOITIZ Power Corporation (AboitizPower) subsidiary Davao Light and Power Co., Inc. (Davao Light), with the participation of Vice President (VP) and Education Secretary

Sara Duterte-Carpio, oversaw the release of 152 hawksbill sea turtle hatchlings at Aboitiz Cleanergy Park in Punta Dumalag, Matina Aplaya, Davao City.

The released turtle hatchlings came from the third of five nests found this year at the park. In total, over 7,993 hatchlings have been released from the area since 2014.

Besides the Office of the Vice President, the distribution utility was joined by the Department of Environment and Natural Resources (DENR), the Philippine Coast

Guard, non-governmental organizations or NGOs, and schools and universities, who had their students do the releasing.

“Most adult turtles that we get from the seas have problems because they inadvertently consume plastic [waste].

That is why it is important to have children understand the life cycle of turtles and the difficult lives they have,”

Duterte-Carpio explained.

While only a few will survive into adulthood, conservation efforts and proper waste management remain important to ensure that these endangered creatures can thrive in the oceans.

According to the World Wildlife Fund, sea turtles help maintain the health of seagrass beds and coral reefs. In particular,

Currently, there are seven rescued adult pawikans of varying species under the care of Aboitiz Cleanergy Park. These include five hawksbill sea turtles, as well as a green sea and an olive ridley turtle. They are provided with veterinary care and are being observed at the facility until they are fully recovered and can be released back into the wild.

The eight-hectare ecological preserve and biodiversity conservation site is managed by Davao Light and Aboitiz Foundation Inc. Since its launch in 2014, it serves as a protected nesting ground of the critically endangered hawksbill sea turtle and a home to more than 100 species of endemic and migratory birds and other marine life.

Aboitiz Cleanergy Park also actively promotes decarbonization in an urban area, showcasing a mangrove reforestation site, nursery, and botanical garden for the propagation of multiple native tree species.

REPRESENTATIVES from the Makati Business Club and Shell Pilipinas Corporation recently turned over 24 bike racks to Quezon City.

QC Assistant City Administrator Albert Kimpo led the turnover, emphasizing the role of the private sector in promoting active transport: “Very few [establishments] have bike facilities, and we’re elated to see the desire to participate coming from the private sector, since we will need to install these at private establishments.”

by

Head Cora Medes who

mentioned that the LGU has recorded over 22,000 cyclists in 17 areas in QC.

“It’s important for people to get to work where they want to go, and to go home to their families. Only four percent have cars, only 41 percent have motorcycles, everyone else relies on active or public transport. Thirtysix percent have bicycles, and that’s the market we’re serving.” said MBC Executive Director Coco Alcuaz.

The bike racks will be installed at Quezon Memorial Circle and Amoranto Sports Complex, benefiting 56 cyclists at a time. The inverted-u design of the bike racks is recommended by the US Department of Transport for the design’s capacity to fit different types of bicycles and scooters.

Project lead and Shell Pilipinas Corporation VP for Corporate Relations Serge Bernal was also present.  “Our bike racks represent the evolution of Shell, that we take care of not just our friends who own vehicles but also the commuting public.” He continued, “Shell is here to share the vision of like-minded organizations and institutions especially on safety and sustainability. We’re here to help power progress together, leveraging our experience on energy and mobility.”

Philippine Vice President Sara Duterte-Carpio (center), along with Davao Light and other Davaoeños, watch over the youth as they release hawksbill sea turtle hatchlings at Aboitiz Cleanergy Park.

LEADING the ceremonial opening are, from left, Director of Huawei Carrier Network Business Group Wang Ye, PLDT Global President and Albert Villa-Real, Lapu-Lapu City Mayor Junard Chan, PLDT FVP and Head for Enterprise and International Business Groups Mitch Locsin, ePLDT President and CEO Victor Genuino, and Bankai Chief Business Development Officer for Asia, Middle East, and Oceana Aayush R. Barot.

Youth sector drives growth in rFo market

By Rizal Raoul S. Reyes

Being a well-informed, digitally savvy, and highly-literate consumers, JLL Philippines believes the youth market composed of millennials, generations Y and Z are going to be a major source of growth for the Ready-for-Occupancy (RFO) condominium units. JLL Philippines adds this market will prefer projects close to Metro Manila’s business districts. Moreover, students who choose to study in the major cities have also been a growth driver as they opt to stay in the big cities so they can be near their respective schools’ campuses.

According to a blog post in https://www.vistaresidences.com. ph/blog/life-investments-foryoung-adults-to-secure-for-a-better-future young professionals in the Philippines and many other countries prefer investing in real estate. Although investing in real estate is a huge undertaking, real estate is regarded as one of the best investment plans to have. “After all, why not buy the property if the cost of rent and a monthly mortgage is comparable? An important investment, owning a home should not be taken lightly,” the blog said.

Good choice for the RFO market

VistA R esidences, a top-tier condominium builder of Vista Land & Lifescapes i n c., is well-positioned to be a leader in the RFO market having a diverse portfolio of RFO units that ensure privacy and feature cleverly planned interior layouts, good ventilation, and a meticulous attention to safety and security.

“All aspiring homeowners deserve the chance to live their best lives and those who earnestly seek it should be able to move in right away,” te resa tu mbaga, Division Head of Vista Residences, declares. t h is explains why we want to make it easy for them by offering flexible payment options.”

to reach out as much as possible to many buyers, Vista Residences has condominium projects in Quezon City, Mandaluyong, Pasig, Makati, and ta guig, as well as in university hubs like Katipunan and the Manila UBelt, putting homeowners at the heart of the action. tu mbaga also points out tghat potential condo investors may likewise consider Vista’s proximity to government infrastructure projects that are

nearing completion—and their impact on land and property values.

to s weeten the pot, Vista Residences is offering attractive discounts to prospective buyers of its Ready-for-Occupancy (RFO) properties in Quezon City and Cagayan De Oro. tu mbaga assures the payment promos will entice investors to seal the deal so they can move straight to their brand-new homes once the paperwork is done.

t hose who opt for a one-time cash payment will enjoy a hefty 15 percent discount—a big step towards much-coveted homeownership. Vista Residences likewise offers a 10 percent discount with a down payment spread over 4 months or an alternative 4 percent discount option with a 3-month down payment plan. Meanwhile, those who are eyeing Vista’s properties in Mandaluyong, Pasig, Makati, ta guig, and the

University s e ries can look forward to the same three- and four-month payment plans, while spot-cash buyers will be offered a 12 percent discount. t h ese payment schemes will be available until the end of s e ptember 2023.

Current Vista condo owners also speak of the manifold advantages future residents will enjoy: a competent property management team; enhanced security measures; walkable paths and land -

scaped spaces; and upscale amenities such as swimming pools, fitness centers, children’s play areas, and clubhouses for weekend or holiday celebrations.

“We don’t just build condo homes and sell them,” tu mbaga asserts. “Vista Residences is committed to providing exceptional customer service and experience, a mandate that firmly establishes it as a reputable player in the highrise property sector.”

SMDC, RLC Residences win big at Dot Property Awards 2023

By Roderick L. Abad

tWO of the country’s key developers were the biggest winners at the Dot Property Philippines Awards as they bagged half of the 32 accolades, each collecting 8 honors, including the two major categories.

t he sy -family owned sM Development Corp. (s MDC) was named the Developer of the Year 2023, the highest distinction it also won during the local and s o utheast Asian editions of this award-giving body last year.

s e veral projects of the residential arm of the s M Prime Holdings were also feted, such as the Zeal Residences cited as Best Affordable Condominium Development; s a nds Residences, Best Lifestyle Condominium Development; i ce to wer, Best Mixed-Use Development (Office and Modern Residential); Hope Residences, Best i nvestment Property s outh Luzon; Joy Residences, Best i n vestment Property Central Luzon; Mint Residences, Best Condominium Architectural Design; and Leaf Residences, Best Condominium Landscape Design.

“We’re very proud and very thankful to Dot Property for giving us this recognition amidst a very strong field of participants and contestants. We appreciate the hard work of our executives and employees, and the support that we get from our principals,” s MDC

President Jose Mari H. Banzon told the BusinessMirror in a sideline interview during the awarding ceremony held at t he Peninsula Manila last s e ptember 14. t h e top executive attributed such recognition to their commitment to property development in the Philippines and prime objective to provide a home for every Filipino. He said: “ t h is has given us the drive to do better in each project that we launch so that our residents will have a dignified lifestyle and achieve their dream of owning their own homes.”

RLC Residences, on the other hand, was t h e Philippines People’s Choice Award for Project of the Year 2022 for its Le Pont Residences.

“ t h is project has the dubious distinction in RLC Residences of having the most number of thesis defenses with my boss Frederick Go-Pe. [it w ithstood] nine detailed reviews. s o w e can imagine our relief when it was launched because quite sadly it went against a lot of what RLC Residences stood for in the past,” said RLC Residences s e nior Vice President John Rich -

ard s o telo.

t h e residential business unit of listed Robinsons Land Corp. (RLC), likewise, was proclaimed the Best Developer in Metro Manila and Cebu, and given the s pecial Recognition Award for i n novation.

i t s various vertical projects also earned various distinctions like the Le Pont Residences, which won as Best Luxury Condominium Development; s Y NC, Best s m art Home Condominium Development; Mantawi Residences, Best High End Lifestyle Condominium

Development; and s i erra Valley Gardens, Best s m art Urban Community.

Other awardees were Brittany Corp. and Pueblo de Panay, i n c. as Best Developer for Luzon and Visayas, respectively. t he other celebrated outstanding projects were Amaia st eps Alabang from Amaia Land Corp., which was cited as Best st arter Home Condominium; Primeworld District from Primeworld Land Holdings, i nc Best Mid Range Condominium Development; My Enso Lofts from PH1 World Developers i n c., Best Loft ty pe Condominium Development; PHirst Park Homes Batulao from PHirst Park Homes i n c., Best Affordable Housing Development; and Provence by Vista Estates from Vista Land & Lifescapes i n c., Best to wnship Development.

t he Best i nvestment Properties or high-quality projects that give investors with growth opportunities were as follows: Park One from Golden to pper for Metro Manila, Primeworld Enclave from Primeworld Land Holdings for North Luzon, Royal Oceancrest Panglao 2 from Primary Homes i n c. for Bohol, and City Clou from Golden to pper for Cebu.

Feted with the Philippines’ Best Real Estate Agencies 2023 title were Pinnacle Real Estate Consulting s e rvices i n c., Luxe Realty and Development Corp., Palawan Real Property PRP Real Estate Development i n c., and 88 Victorious Real

Estate Consultancy s e rvices i n c. Kondo Ko Property Management was the Philippines’ Best Property Management Company. t he re is genuine excitement around the Philippines real estate market. t h e Dot Property Group platform has been a significant year-on-year rise in search for property within the Philippines from both domestic and overseas property seekers,” said Dot Property Group Director for Events and i nternational Markets Adam s utcliffe.

According to him, the winners were honored for their pivotal role in the real estate market’s rebound and growth, stemming from their close attention to the changing demands of property buyers. s h aring the same sentiment with him, Dot Property Philippines Country Manager ta nya Peralta-Yu agreed that their hard work and efforts help elevate the entire industry, hence, they deserve such recognitions.

it w as also wonderful to come together and celebrate once again. t h e Dot Property Philippines Awards have become an event everyone looks forward to, and it’s great that this year we have been able to crown more winners than ever before,” she stressed.

s o me of the winners will represent the Philippines in the t he Dot Property s outheast Asia Awards to be held in December in Bangkok, t h ailand.

The country’s 68-million strong population of young adults is going to be a growth driver for the property market, according to major property consulting firm JLL Philippines.

SM Development Corp. (SMDC) President Jose Mari H. Banzon (8th from left) is flanked by his other colleagues from the SMDC as they pose for posterity after winning the highly-coveted title of Developer of the Year 2023 at the Dot Property Philippines Awards 2023 held at The Peninsula Manila on September 14.

YO u n G adults have created a strong, robust market for Readyfor-Occupancy (RFO) condominium units.

has placed

convenience, and accessibility.

Sports

B8 Wednesday, septemBer 20, 2023

mirror_sports@yahoo.com.ph

Editor: Jun Lomibao

Tenorio now cancer free–Cone

DESPITE issues bugging the country’s basketball campaign in the Asian Games, national team coach has one important reason to smile.

We have a really good news, LA [Tenorio] is now cancer-free,” said Cone, breaking the tense mood in Tuesday’s press conference at the Philippine Basketball Association’s Quezon City office where league and basketball officials made important announcements on the Hangzhou 19th Asian Games participation.

His last PET [Positron Emission Tomography] scan he took today was great. He’s cancer free and he’s still in Singapore,” Cone said. “He finished all of his chemotherapy sessions and he’s been declared cancer-free.”

Cone said Tenorio could be back in Ginebra San Miguel uniform for PBA’s 48th season that starts next month.

“ He was informed by his doctors that he can start practising in three to four days,” he added.

C one wanted to bring Tenorio with him to Hangzhou as one of his assistants but his top point guard is not accredited.

“ The only problem is LA is not on

Monsanto wins 3 gold medals in ROTC Games

AIR Force cadet Glyzzel Anne

Monsanto ruled the women’s 100 meters in breakaway fashion Tuesday to cap a fruitful campaign as the first triple gold medalist in the Reserved Officers Training Corps (ROTC) Games Luzon leg at the Cavite State University oval in Indang, Cavite.

Monsanto won in 14.0 seconds, nearly four seconds ahead of teammate Hannah Trisha Viloria (16.1) as both  students from Fullbright College in Puerto Princesa City made it a 1-2 finish in the competition organized by the Department of National Defense and Commission on Higher Education.

A lso a long jump and triple jump specialist, Monsanto ruled the 200 (28.6) and powered her Fullbright College teammates Viloria, Hazel Gerelina Anas and Jean Claire Agawin to 4x100-meter relay (1:01.2) gold medal on Monday.

A rmy cadet Jesylmay Licup, running out of University of Baguio, shared the spotlight with her own sprint double after she won the 100 meters in 13.2 seconds in the meet supported by the Philippine Sports Commission and the Office of Senator Francis Tolentino.

A ir Force cadet James Borja of Quirino State University also won

the list [coaches],” Cone said. “We cannot include you in the national team. But I would have put him in the Asian Games team, he knows our system more than anybody.”

Tenorio was diagnosed with Stage 3 colon cancer last March, forcing him to take a break from basketball. He’s being treated in Singapore. Josef Ramos

LA TENORIO

will again be in a Gin King uniform soon.

WE’LL CONTINUE FIGHTING–ASP

By Josef Ramos

BASKETBALL

chief Al S. Panlilio vowed to send a fighting national team to the 19th Asian Games despite difficulties in convincing the Hangzhou organizers that the country is fielding players with legitimate credentials.

“Despite the difficulties, we will continue to fight despite the handicapped situation,” Samahang Basketbol ng Pilipinas (SBP) president Al Panlilio told a press

conference on Tuesday at the Philippine Basketball Association offices in Libis, Quezon City.

“ We are thankful to the PBA and to the team owners, and we appreciate the sacrifice, unconditional love that they gave,” added Panlilio, also known in the basketball community with his initials ASP.

T he Hangzhou Asian Games Organizing Committee (Hagoc) denied an appeal to include Calvin Abueva, Mo Tautuaa, Jason Perkins and Terrence Romeo in the country’s final 12 for the 5x5 competitions, saying they’re neither in the original Entry by Names nor do they satisfy the continental games’ regulations on residency.

Taking their place are Chris Ross, Arvin Tolentino, CJ Perez

and Kevin Alas.

R epresentatives from the Philippine delegation painstakingly engaged the Hagoc to a long-drawn delegation registration meeting, or DRM, on Sunday and Monday, but almost to no avail.

Philippine Olympic Committee (POC) president Rep. Abraham “Bambol” Tolentino already flew to Hangzhou on Tuesday—three days ahead of the opening ceremony on Saturday and six days off the 5x5 basketball tip-off between the Philippines and Bahrain.

We in constant communication with POC President Abraham Tolentino regarding this matter… every day,” Panlilio said.

Head coach Tim Cone stressed in the same press conference that it’s not only the SBP and PBA which

are deadest at fielding a competitive team despite the minimal preparation window. “ The players really want to play for the country at any cost,” said Cone, who immediately motored to the Inspire Sports Academy in Calamba where the nationals set up camp.

Team manager Alfrancis Chua also hasn’t given up hope on the four players denid by Hagoc.

There is still a small chance that Terrence, Calvin, Jason and Mo will make the Ffnal 12,” Chua said. “They are still waiting for an approval from Hagoc that could come in the next 24 to 48 hours.”

W hile awaiting the Hagoc to make its decision official, Cone has been practicing all the players at his disposal.

They are practicing even if they are going to be in the lineup or not,” said Cone, referring to Ross, Tolentino, Perez and Alas.

Cone also said that San Miguel Beer gunner Marcio has replaced Roger Pogoy, who’s not available for a medical reason.

PBA chairman Ricky Vargas and Commissioner Willie Marcial and Terrafirma team governor and league vice chairman Bobby Rosales also attended the press conference.

two gold medals—men’s 100 and 4x100-meter relay.

I didn’t expect to win three gold medals because I stopped training during the pandemic and it’s only for the ROTC Games that I became serious again,” said Monsanto, 22, an Education senior.

L icup was also ecstatic of her victory.

I’m so happy because it’s not only the Army that I gave pride and honor, but also my school, University of Baguio,” said Licup of her golden double in the meet also backed by the Tagaytay City Mayor and Philippine Olympic Committee president Abraham “Bambol” Tolentino.

I n online, San Sebastian CollegeRecoletos de Cavite swept its three matches in Call of Duty Mobile to capture the gold medal of the Army division of the Luzon qualifiers also supported by the Indang Mayor Perfecto Fidel.

B atangas State University-

Alangilan won twice to top the Navy division while Tanauan Institute emerged victorious the Air Force bracket also in Call of Duty Mobile.     The 1-2-3 finishers in the athletics events will vie in the national finals, while only the gold medalists in the other sports will advance, according to organizing committee member Rachel Dumuk.

Original Penguin takes big swing at golf

WITH the golf industry continuing to be a constantly evolving space, Original Penguin shifted its focus to golf apparel with an eye on backing tournaments in all levels in the future.

“ We plan on promoting the golf line through special retail setups and partnerships with golfers and tournaments down the line,” said Original Penguin CEO Chery Lee when asked of the top clothing line’s involvement in the sport during its launch via a fun 9-hole match dubbed Par-Tee golf event at Power Plant Mall’s North Court at the posh Rockwell Center in Makati Monday.

Although nothing has been set yet, we have been receiving positive feedback from our patrons and new customers discovering golf,” Lee said. “We are excited to see how the golf collection and the sport grow in the Philippines.”

The mini-golf setup featured nine personality tandems with each pair going head-to-head in various putting obstacles.

Celebrity Sam Godinez-Valenciano and brother Mikel Godinez topped the event and won P20,000 worth of Original Penguin products plus

PLDT-Smart Foundation president Ma. Esther Santos (third from left), Quezon City Mayor Joy Belmonte (center) and Quezon City Second District Councilor Mikey Belmonte (right) are joined by representatives from MVP-led companies in support of the initiative.

Woes continue to hound Gilas

ALREADY hampered by inadequate preparation, Gilas Pilipinas suddenly finds itself hindered by player eligibility issues just barely seven days before the squad starts its Asian Games bid.

R eports say Calvin Abueva and Jason Perkins can’t join Gilas to Hangzhou, China, because they allegedly lacked citizenship documents.  Their fathers are Americans.

A dd to the woes of Gilas is, more than half of the squad that just played in the recently-ended Fiba World Cup in Manila are out as they need to fulfill their contract obligations overseas.

Brothers Kiefer and Thirdy Ravena are back in the Japanese B. League, together with Ray Parks, Dwight Ramos, Kai Sotto and AJ Edu.  That means they are out of the Asiad campaign.

K iefer, Ramos, Sotto and Edu practically formed the nucleus of the Gilas team in the Worlds together with Jordan Clarkson, June Mar Fajardo, Rhenz Abando, RR Pogoy and Scottie Thompson, among others.

PARTICIPANTS in the 9-hole fun match Par-Tee golf event pose after the launch of Original Penguin’s latest golf collection at Power Plant Mall last Monday. They are (standing, from left) Paul Hizon, Patricia Bermudez Hizon, Robbie Dinglasan, Sam Godinez Valenciano, Jeanette Ong, Sofia Jahrling, Anthem Group chairman Ericson Lee, Gita Gumabao, Chelsea Robato, Ben Alves, Pauline Verzosa, Andrei Felix, Rizza Diaz, Nick Demusis, and Sari and Charles Tiu; (seated, from left) Cheenie Buenvenida, Mikel Godinez, Anthem Group CEO Cheryl Lao Lee and Stevie Eigenmann.

trophy. Sports anchor Andrei Felix and sports reporter Pauline Verzosa placed second while the duos of director Robbie Dinglasan and RJ Maclang, and content creators Sofia Jahrling and Jeanette Ong tied for third.

O thers who took part in the

packed gathering were College of Saint Benilde head coach Charles Tiu and wife Sari; news anchor Rizza Diaz and cager Nick Demusis; sportscaster Patricia Bermudez-Hizon and her son, Paul Hizon; celebrities Benjamin Alves and Chelsea Robato; and

content creator Stevie Eigenmann and model Gita Gumabao.

W hile Lee said that Original Penguin collections focus on sports such as golf, tennis and pickleball, they are already planning to have an Original Penguin sports store in the near future.

“ The sports store will just carry golf, tennis and pickleball. But that is going to happen one or two years from now,” said Lee.

For more than six decades, Original Penguin Golf by Munsingwear, a division of Perry Ellis International, has been a guiding force for golf masters, leisure enthusiasts and sports aficionados, instilling the spirit of being in the zone and primed for the greens through its latest golf collection.

Bringing youthful exuberance and a defined yet subtle retro touch to the American classics, the collection breathes enthusiasm into pro golfers and hobbyists alike with designs taken from the brand’s 70s and 80s archives. These have been re-worked with modern fabrications for a more comfortable fit that complements the needs of the modern sportsman, including some of the re-interpreted styles seen on Aussie ace and chief endorser Cameron Smith, the 150th Open champion, further underscoring the collection’s testament to golfing excellence.

PLDT-Smart, QC govt advocate for youth sports development

PLDT-Smart Foundation (PSF) continued to advocate for youth development and wellness with the recent turnover of an Obstacle-ina-Box to the Second District of Quezon City during the Bahay at Buhay: Solo Parents Caravan.

Apart from programs focused on education, disaster response and recovery, PSF also advocates for health and wellness,” PSF President Esther Santos said.

Santos said that PLDT chairman

Manuel V. Pangilinan and President and CEO Al Panlilio champion sports as part of nation building.

“ We continue to support projects that help improve overall health and wellness of Filipinos in urban communities, especially the youth, through sports,” Santos added.

The 12-in-1 Obstacle-in-a-Box aims to introduce obstacle sports and build safe spaces for fitness and recreation in Quezon City communities.

C larkson is back in Utah where he is a Jazz mainstay, while Abando has also commitments to play in Korea.

But while Justin Brownlee is more than an apt replacement for Clarkson, Ange Kouame and Mo Tautuaa need to redouble their efforts when they take chores previously handled by Sotto and Edu.

Terence Romeo will be replacing Kiefer at the point and, hopefully, the San Miguel Beer regular is fully recovered from injuries that saw him spend months on the bench.

Chris Newsome, the last one removed from the Worlds, will be back to take on Ramos’s crucial role as a dead shot wingman.

W ith jelling as another major headache—eight newcomers added to the four holdovers (Fajardo, Pogoy, Thompson and Japeth Aguilar)—I can only wish Tim Cone good luck for his herculean task of medal-hunting in China.

I f it’s any consolation, Gilas gained a huge ego-booster after it routed China in the Worlds—a win that also shoved the country to the Olympic Qualifying Tournament in July

This Obstacle-in-a-Box donated by PSF targets to improve youth development in our district through sports,” Quezon City Second District Councilor Mikey Belmonte said.

Q uezon City Mayor Joy Belmonte and Councilor Belmonte led the ceremony joined by representatives from PLDT, Smart, Metro Pacific Health, Maynilad, Meralco, MVP Sports Foundation and the Pilipinas Obstacle Sports Federation.

2024 after a 1-4, win-loss Fiba Cup windup in Manila. O ur medal quest in the Asian Games begins on September 26 when Gilas battles Bahrain, followed by Thailand and Jordan.

The last time Cone coached our team, he snatched a bronze with a win over Kazakhstan for third place in the 1998 Asian Games in Bangkok.

I w as right there covering the epic battle.  But that’s another story.

THAT’S IT Here’s a glass to Olympic chief Bambol Tolentino for adding P1 million pesos as incentive to any Filipino gold medalist in the Asian Games blasting off on September 23 in Hangzhou, China—making it a total of P3 million.  I’m sure this will inspire our 396 athletes competing in 40 sports to work harder and, hopefully, surpass the four gold medals we won in the 2018 Asian Games in Indonesia.

AIR Force cadet Glyzzel Anne Monsanto wins almost unchallenged.

HEAD coach Tim Cone (third from left) talks to media with (from left) Commissioner Willie Marcial, San Miguel Beer governor Alfrancis Chua, basketball chief Al S. Panlilio, Philippine Basketball Association chairman Ricky Vargas and vice chairman Bobby Rosales.