BusinessMirror September 29, 2023

By Cai U. Ordinario @caiordinario

SIlvEr lInIng

arn El Man Dal yields to china’s jiang haidong in wushu’s men’s şanda final for the country’s first silver medal medal in the 19th asian games as alex Eala is full of adrenalin on her way to settling for bronze in women’s singles of tennis. Story on B7. No N i E R E y E S (C

TRA cki N G t he global dollar cycle and financial disruptions, such as the collapse of c r edit Suisse, allows governments to prevent crises from hurting their economies, according to the Bangko Sentral ng Pilipinas (BSP). i n a pr esentation at the EagleWatch economic briefing on Thursday, BSP Governor Eli M. Remolona Jr. said the global dollar cycle has led to several crises, such as the Latin American crisis in the 1980s, which also affected the Philippines, as well as the Tequila crisis.

The cycle also caused the Asian Financial c r isis of 1997-1998, which counted among its victims the Philippines and other Asean economies, as well as the global financial crisis and the Euro debt crisis.

i think you have to worry about the global dollar cycle, its a real cycle, and it can lead to crises. Of course, you have to worry about disruptions, [collapse of] c r edit Suisse and Silicon Valley Bank, and then you have to worry about inflation. And then, beyond just worrying, you have to build resilience at home,” Re -

molona said.

“ i n bu ilding resilience, you don’t just strengthen our financial system, you also have to hold ample reserves,” he added.

Remolona said, however, that the effects of disruptions or contagion caused by the likes of c r edit Suisse, Silicon Valley Bank, and even the c h ina Evergrande Group have been limited.

“At the first sign of trouble, heightened risk aversion spreads quickly, leading to a sudden stop,” Remolona said in a slide presentation. “Slow-burn contagion works through common lenders

who have to repair their balance sheets.”

On Thursday, Rizal c o mmercial Banking c o rp. c h ief Economist Michael Ricafort said the stock price crash of Evergrande may not have a direct impact on the Philippine economy. i f t here will be an impact, Ricafort said, this may happen through c h ina’s stock, bond, and currency markets. He also said global and regional financial markets may have already factored in this disruption.

See “Tracking,” A2

At the EagleWatch economic briefing on Thursday, BSP Governor Eli M. Remolona Jr. said the present RRR is currently at 9.5 percent and was still high by the region’s standards.

“The reason we have such a high reserve requirement is when we were still very old school, it was a way to control money supply [but] nobody does that anymore.

Right now it’s just a distortion in financial intermediation, it drives a wedge between lending rates and deposit rates unnecessarily,” Remolona explained.

Remolona said “when the time is right” the BSP will cut the RRR further. This may happen in 2024 given that the BSP is keeping a hawkish stance and is expected to raise rates in November.

“For 2023, its [RRR cut] off the table. Maybe the soonest will be 2024,” Remolona told reporters on the sidelines of the briefing.

The last time the BSP cut the RRR was in June 2023, when it slashed it by as much as 250 basis points, bringing down the effective ratios across banks to a single digit, as it seeks to ensure “stable” domestic liquidity and credit conditions. This was the first RRR reduction made by the BSP since 2020, when it cut the ratio by 200 basis points to the present 12 percent.

By Lorenz S. Marasigan @lorenzmarasigan

GLOBAL seaborne trade, which experienced a marginal contraction of 0.4 percent in 2022, is poised for a recovery in 2023, the United Nations c o nference on Trade and Development (Unctad) said on Wednesday.

According to its report titled “Review of Maritime Trade 2023,” the global shipping industry, though still grappling with challenges from the pandemic and disruptions in supply chains, is “showing resilience amidst shifting trade patterns.”

The report said the industry underwent “significant challeng -

es,” including the lingering effects of the global supply chain crunch, a softening container shipping market, and the impact of the war in Ukraine on shipping patterns.

Despite these, Unctad projects a 2.4-percent growth in maritime trade volume for 2023.

Meanwhile, coming from a 3.7-percent decline in 2022, containerized trade is expected to grow by 1.2 percent this year and over 3 percent between 2024 and 2028, according to Unctad.

This, however, is still below the long-term average growth rate of around 7 percent as observed in the previous 30 years.

Furthermore, Unctad noted that container shipping may also be “grappling with overcapac -

ity,” leading carriers to employ strategies like vessel idling or even demolition to manage supply levels.

it s aid the “most pressing challenge” that the industry is facing is the need to “transition towards decarbonization while sustaining economic growth.”

“Undoubtedly, the key challenge for the sector is that the maritime industry must embark on a transformative journey towards decarbonization while sustaining economic growth. Balancing environmental sustainability, regulatory compliance and economic demands is vital for a prosperous, equitable and resilient maritime transport future,” the report read.

By Andrea E. San Juan @andreasanjuan

THE i ntellectual Property Office of the Philippines ( i P OPHL) said Filipinos need to develop a mindset that “continuously” innovates to challenge the norm despite the improvement in the Philippines’s ranking in the 2023 Global i n novation i ndex (Gi i ).

The Philippines is one of the middle-income economies that posted a significant improvement in the Gi i ranking of the World i ntellectual Property Organization (W i P O).

“The improvement of the Philippine innovation ranking is a welcome development. But we have to continue being dissatisfied—dissatisfied not just in our current posture in the global innovation map but in the current way of things around us, whether products, solutions, systems, processes or practices,” i P OPHL Director General Rowel Barba said in a statement on Thursday.

The Bangko Sentral ng Pilipinas (BSP) is keen on cutting the reserve requirement ratio (RRR) next year, as the “old-school tool” could lead to a distortion of financial intermediation.

Far MWO r K Er S skillfully wield sickles as they harvest palay on a roadside farm in calauan, laguna. Meanwhile, the cost of essential Filipino staples, including rice, continues to rise despite government efforts to implement price caps on rice. BERNARD TESTA

The BSP reduced the RRR of universal and commercial banks by 250 basis points to 9.5 percent.

Last week, BSP said it intends to raise interest rates anew in its next meeting and maintain this rate until the end of the first semester of next year.

The BSP maintained its Target Reverse Repurchase (RRP) Rate at 6.25 percent. Accordingly, the interest rates on the overnight deposit and lending facilities were retained at 5.75 percent and 6.75 percent, respectively.

When asked whether the BSP is considering to hike rates in November, Remolona said “Well, honestly, yes.”

The Monetary Board decided to maintain key policy rates for now, but raised its inflation outlook for this year and next year.

Only the inflation expectation for 2025 was kept at 3.4 percent.

Average inflation is now seen to reach 5.8 percent in 2023 from 5.6 percent previously, while the forecast for 2024 likewise rose to 3.5 percent from 3.3 percent.

UNWTO data: 700M tourists traveled the world in Jan-July

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

Data from the United Nations World Tourism Organization (UNWTO) showed the arrivals figure was 43-percent higher than the same period last year. The Middle East, Europe and Africa led the global recovery of the tourism sector.

Arrivals in the Asia Pacific region, to which the Philippines belongs, reached 215.58 million, just 39 percent below the 360.1-million arrivals in the same period in 2019. But the UNTWO remained hopeful, saying, “The reopening of China and other Asian markets is expected to continue boosting travel in the region and to other parts of the world. On August 10, China announced the resumption of outbound group tour services to a third batch of 78 countries, including the US, Japan, the Republic of Korea, Australia, India and most European

countries. The number of countries has expanded from 60 in April to 138 in August.”

But the organization recognized that “the recovery of international travel to and from China has been hampered by still limited flight connectivity and visa backlogs.”

‘Prioritize green investments’ ACCORDINg t o the UNWTO Tourism Dashboard, the Philippines recorded a 39-percent drop to 2.94 million in international arrivals during the reference period versus the same in 2019, while visitor receipts in real terms slipped by 17 percent to US$4.08 billion from January to June 2023, compared to the same period in 2019.

While many Filipinos are on revenge tourism mode, UNWTO data

showed their travel expenditures abroad reached just US$2.9 billion in the first half of the year, or 50-percent below the $5.75 billion recorded in the same period in 2019.

In a statement, UNWTO Secretary- g eneral Zurab Pololikashvili said: “UNWTO data once again shows how tourism is recovering strongly in every part of the world. But as our sector recovers, it also needs to adapt. The extreme weather events we have witnessed over recent months as well as the critical challenges of managing increasing tourism flows underline the need to build a more inclusive, sustainable and resilient sector and ensure recovery goes hand-in-hand with rethinking of our sector.”

According to the latest UNWTO Confidence Index, prospects for international arrivals from September to December 2023 point toward “continued recovery, though at a more moderate pace following the peak travel season of June-August.”

40 destinations recovered visitors

A SURv E y of a panel of experts indicated, however, the “challenging economic environment could weigh on spending patterns over the remainder of the year, with tourists increasingly seeking value for money, traveling closer to home and making shorter trips,” said the UNWTO. Specifically, “persisting inflation and rising oil prices have

translated into higher transport and accommodation costs. The combination of inflation and rising interest rates continue to put pressure on household budgets and confidence levels, and increase the cost of living,” it said.

The International Monetary Fund recently projected global economic growth slowing to 3 percent this year, from 3.5 percent in 2022. Central banks are expected to continue increasing their key interest rates to flight inflation, which will weigh on economic activity. As per the IMF, global inflation is predicted to fall to 6.8 percent this year, from 8.7 percent in 2022. However, there remain risks that inflation rates will remain high or rise further. These include uncertainty from the continued aggression by Russia against Ukraine and other growing geopolitical tensions, as well as the resurgence of Covid-19 cases, according to the IMF.

The UNWTO’s survey also showed 37 percent of the respondents believe their respective countries will likely post a recovery in their tourism sector by 2024, while 27 percent said they already reached 2019 tourism levels. As per UNWTO data, 40 world destinations recovered pre-pandemic visitors in January-July 2023, including both large and smaller destinations, including several islands. These countries represent 16 percent of the world’s international arrivals, based on 2019 figures.

Barba highlighted that the country’s innovation inputs improved for the first time since 2020, jumping by seven spots to 69th from 76th in 2022 and by 13 spots from 82nd in 2018—the year before the Philippine Innovation Law and Philippine Startup Act came into law.

According to the IPOPHL chief, the rise in innovation inputs could mean that the fundamental resources and conditions that make a “vibrant” innovation ecosystem are close within the Philippines’s reach.

“Our ranking in the Credit subpillar—which moved out from being a weakness last year—soared by 57 spots this year [from 115th to 58th], reflecting improved accessibility and availability of financing which had been the primary obstacles to startups. Investments grew by four rungs [from 55th to 51st] as more venture capitalists invested in the country, raising venture capital deals received both in number and in value,” he said.

“Innovation linkages also rose by 12 spots [from 91st to 79th], encouraging stronger collaboration across the innovation terrains and highlighting the bigger role our Innovation and Technology Support Offices [ITSO] Program will play as the University-Industry R&D Collaboration indicator grew by seven spots [from 64th to 57th],” the IPOPHL chief added.

With this, Barba said Filipinos need to “urgently” produce more knowledge assets that positively impact markets and society, in effect, reversing the decline of the country’s innovation outputs to 52nd from 51st in 2022 and 40th in 2021.

Barba, meanwhile, recognized that innovating in these times will also be challenging amid high inflation, monetary tightening policies and geopolitical tensions as raised by WIPO Director g e neral Daren Tang as “causes for caution.”

“China also tends to come up with measures to mitigate the effects of these developments, as seen in many years [or] decades, being a controlled economy,” Ricafort told the BusinessMirror

Meanwhile, Jonathan L. Ravelas, senior adviser at professional services firm Reyes Tacandong & Co., told this newspaper that the stock price crash may affect the Philippines through “a risk-off condition.”

Should a fallout happen, Ravelas said investors may remain

By Claudeth Mocon-Ciriaco

The Department of h e alth (DO h ) o n Thursday denied that Nipah virus has already reached the country following the suspension of classes in Cagayan de Oro City on Wednesday due to the flu-like symptoms experienced by students and teachers.

“There are no Nipah virus cases in the nation,” the DO h Center for h e alth Development Northern Mindanao said.

“Although there have been instances of both faculty and students here in Cagayan de Oro who are exhibiting the signs and symptoms of the viral illness, it is not yet clear whether a particular virus is to blame,” the DO h added.

h o wever, the DO h said, it is not clear whether this is caused by the said virus “because their signs and symptoms are common with other viral infections also.”

e a rlier, the DO h assured that it has established a surveillance system to determine if additional cases will appear.

“But to date, no similar health events have been detected,” the DO h said.

Additionally, the DO h said, it continues to strengthen its public health in -

sidelined for at least six weeks.

“Losses on bonds and equity will happen but not enough to trigger a similar event unless it is accompanied by another similar type from the US Or Europe.”

On Thursday, a CNN report stated that shares of Evergrande g r oup fell by 19 percent to 4 US cents causing its market cap to decline to only $539 million. This meant that the company has lost 99.9 percent of its value at its peak in October 2017. Cai U. Ordinario

terventions as part of its 8-Point Action Agenda which places emphasis on disease prevention through health promotion and communication as well as Infection-Prevention-Control (IPC) measures to reduce the transmission of infections, including the Nipah Virus.

Nipah virus is a zoonotic virus transmitted from animals to humans and can also be transmitted through contaminated food or directly between people.

The case fatality rate is estimated at 40 percent to 75 percent. This rate can vary by outbreak depending on local capabilities for epidemiological surveillance and clinical management.

In infected people, the World h e alth Organization said, it causes a range of illnesses from asymptomatic (subclinical) infection to acute respiratory illness and fatal encephalitis.

The virus can also cause severe disease in animals such as pigs, resulting in significant economic losses for farmers.

Although Nipah virus has caused only a few known outbreaks in Asia, it infects a wide range of animals and causes severe disease and death in people, making it a public health concern.

This, he said, is evident in the report that after a boom in 2021, innovation finance through venture capital investments declined by 40 percent last year while international patent applications recorded the slowest rate of increase since 2009, although still achieving a record 280,000 applications.

Moving forward, as a member of the National Innovation Council and ex-officio member of the Philippine Creative Industries Development Council, the IPOPHL chief said the agency will continue to innovate its systems and practices to make the IP protection process much more efficient and accessible for rights holders.

“We will continue to expand the reach of our services, development assistance and awareness campaigns so that more Filipinos across the regions could take advantage and be part of our fastimproving innovation environment,” Barba said.

In this year’s edition of the g I I rankings, the Philippines ranked 56th out of 132 countries, from 90th in the 2013 edition.

Among the 37 lower middleincome economies, the Philippines ranked 4th, trailing behind India, v i etnam and Ukraine. (Full story here: https://businessmirror.com. ph/2023/09/28/phl-climbs-to-56th-spotin-global-innovation-rankings/)

According to IPOPHL’s statement on Thursday, “The g I I serves as a tool for action and rich analysis to help economies further their innovation agenda, the Index ranks the innovation capabilities and results of world economies. It measures innovation based on criteria that include institutions, human capital and research, infrastructure, credit, investment, linkages; the creation, absorption and diffusion of knowledge; and creative outputs.”

GLOBAL tourism has recovered to 84 percent of its pre-pandemic levels from January to July 2023, with 700 million individuals traveling the world during the period.

‘PHL remains free from Nipah virus’

China unleashes J-20 stealth jet fighters in SCS–US Defense exec

By Malou Talosig-Bartolome

DESPITE previous commitments not to militarize the seven artificial islands in the South China Sea (SCS), China has converted them into military bases, equipped with advanced anti-ship cruise missiles, longrange surface-to-air missile, and J-20 stealth fighter jets, a US defense official said. This information is scheduled to be shared by Lindsey Ford, Deputy Assistant Secretary of Defense for South and Southeast Asia of the Department of Defense, during the hearing of a subcommittee of the US House of Representatives Foreign Relations Committee in Washington, D.C., on Thursday 2 p.m. (Friday 2 a.m. Philippine time).

“Over the past decade, the PRC [People’s Republic of China] has added more than 3,200 acres of land to its seven occupied outposts in the Spratly Islands, which now feature airfields, berthing areas, and resupply facilities to support persistent PRC military and paramilitary presence in the region. Since early 2018, we have seen the PRC steadily equip its Spratly Island outposts—including Mischief Reef, Subi Reef, and Fiery

Cross—with an increasing array of military capabilities, including advanced anti-ship cruise missiles, long-range surface-toair missile systems, J-20 stealth fighter jets, laser and jamming equipment, and military radar and signals intelligence capabilities,” Ford said.

J-20 is China’s most advanced stealth fighter jet, rivaling the F-22 and F-35 jets of the US and Su-57 of Russia. Chinese Air Force claims that radars cannot detect J-20’s stealth.

The US defense official said the expanded artificial islands support the operations of the People’s Armed Forces Maritime Militia (PAFMM) vessels, People’s Liberation Army Navy (PLAN) deployments, and China Coast Guard (CCG) in the South China including “routine harassment” of vessels and maritime assets of the Southeast Asian countries patrolling the area.

“We’ve witnessed a sharp uptick in coercive and risky operational behavior by the PRC, threatening the safety not only of US forces, but of allied and partner forces operating in the South China Sea,” Ford’s text of the opening remarks said.

She cited the cases when China has conducted risky behavior in the recent years:

n Sinking of Vietnamese fishing vessels

n Harassment of Malaysian offshore energy exploration

n Cutting across the nose of Australia’s P-8 fighter jets conducting freedom of navigation patrols

n Flying within 20 ft of US aircraft

n Deployment of water cannons and military-grade lasers to block and target Philippine supply boats heading towards the Ayungin (Second Thomas) Shoal.

“These are not isolated incidents. These actions demonstrate a pattern of increasingly risky and coercive behavior, a manifestation of the PRC’s growing willingness to use its military instrument of power to achieve its foreign policy objectives,” she added.

Aside from Ford, other officials who were invited to attend hearing of the US House foreign affairs subcommittee on IndoPacific are Vice Admiral Andrew Tiongson, Commander of the US Coast Guard Pacific Area, and Dr. Jung Pak, Assistant Secretary for Multilateral Affairs of the US State Department.

California Rep. Young Kim chairs the Indo-Pacific subcommittee hearing. She was led the US congressional delegation who went to Manila and consulted Philippine officials on the South China Sea last month.

₧3.6-B shabu seized in Mexico, Pampanga

By Joel R. San Juan @jrsanjuan1573

JUSTICE Secretary Jesus Crispin Remulla announced Thursday the seizure of 530 kilos of methamphetamine   hydrochloride or shabu with an estimated value of P3.6 billion in San Jose Malino, Mexico City, Pampanga.

At a news briefing, Remulla said there were individuals arrested, including foreign nationals, during the operation but withheld their identities pending further investigation and ongoing operations to arrest the other persons involved in the drug shipment.

“We have a list of people to be arrested. It is being worked on by the NBI [National Bureau of Investigation]. NBI is on the job now pursuing these people. This is a very intricate operation planned months ago,” Remulla said.

He added the NBI task force against illegal drugs, through its undercover operative, managed to penetrate the drug syndicate responsible for the shipment of the illegal drugs, which arrived at Subic Port, Subic Bay Metropolitan Authority (SBMA) on September 18, 2023 from Thailand on board vessel Sitc Shekou.

Remulla noted that the operation started in 2020 and ended last Wednesday when the combined elements of the NBI, Philippine Drug Enforcement Agency (PDEA) and the National Intelligence Coordinating Agency

(NICA) seized the illegal drugs after determining the identities of the personalities involved in the shipment.

Prior to the seizure of the illegal drugs, the NBI, PDEA, NICA and Bureau of Customs (BOC) under Remulla’s guidance conducted a controlled delivery operation of 530 kilos of methamphetamine hydrochloride or shabu to its destination at Gate 1, Empire 999 Realty Corporation, Purok 5, San Jose Malino, Mexico, Pampanga on September 24, 2023.

Upon inspection, it was discovered that the illegal drugs were concealed in 59 brown boxes of 530 mixed red tea bags and golden tea bags.

Each box carried with it a plastic bag of chicharon or dried fish to conceal the illegal drugs along with cases of soft drinks and sacks of feeds with markings in the Thai language.

Remulla said the NBI is now preparing the filing of charges with the National Prosecution Service against those involved in the shipment for violation of Republic Act 9165 or the Comprehensive Drugs Act of 2002.

The NBI will also conduct a financial investigation together with the Anti-Money Laundering Council against the corporations being used as conduits to smuggle the illegal drugs into the country.

Likewise, Remulla said authorities are now closely monitoring the activities in Subic port in light of

the seizure of the illegal drugs.

He said they have received information that smuggling activities are rampant in Subic, including the smuggling of agriculture products.

“Actually we have also pinpointed Subic as the source of agricultural smuggling and many other smuggling activities that’s why we have to watch over Subic and from then on we have to watch over our ports,” Remulla added.

Remulla also said targeting the sources of illegal drugs in the country will be one of the strategies under the present administration’s anti-illegal drug campaign.

He said government agencies concerned in the campaign against illegal drugs met on Wednesday to review and explore other approaches to address the problem.

“One of the things discussed yesterday was that we would prefer search warrants to buy bust operations because this is where convictions are really done and honest to goodness surveillance is conducted so that cases are build-up properly,” Remulla said.

He assured that government prosecutors would file strong cases against those involved in illegal drugs to secure a conviction.

“The only way we can deter the commission of crime in the country is to make sure that these criminals are charged and convicted…So that’s the deterring factor that we are after.”

Pasig-Potrero Bridge on SCTEX reopens to all vehicle classes on Friday, Sept. 29

NLEX Corp., the concessionaire and operator of the Subic-Clark-Tarlac Expressway (SCTEX), is set to officially reopen the Pasig-Potrero Bridge to all vehicle classes on Friday, September 29.

According to Nlex President Luigi Bautista, the reopening of the bridge will help improve travel convenience for those commuting between Clark and Subic.

“We are happy to announce that we are reopening the Pasig-Potrero Bridge to traffic after undergoing rehabilitation works. Travel will again be more convenient and seamless as this will alleviate traffic for motorists coming from Clark to Subic, and vice versa,” he said.

He noted that even with the reopening of the bridge, rehabilitation efforts would continue to “further strengthen the structure.”

The Pasig-Potrero Bridge was temporarily closed on July 16 due to an emergency safety inspection prompted by heavy rains brought by the southwest monsoon and typhoon “Dodong.”

A thorough assessment conducted by a third-party bridge expert revealed that closure was necessary to ensure motorist safety, as certain portions of the bridge were affected by the heavy rains and strong river flow.

Nlex has since implemented emergency substructure strengthening works, but changing weather conditions and the high water levels in the area became “challenges.”

“It was very challenging whenever heavy rain starts to pour. As much as we wanted to expedite the works, the heavy river flow and high water level in the area made it difficult for the team to proceed. There were times where we had to temporarily stop and wait for the weather to improve and water level to recede before we were able to resume,” he said.

Lorenz S. Marasigan

THE House of Representatives has created a “small committee” to receive and evaluate amendments to the proposed 2024 P5.768 trillion General Appropriations Act.

This was after lawmakers approved on third and final reading the national budget without amendments.

T he small committee will be composed of House Committee on Appropriations chairman Rep. Elizaldy Co, Appropriations Senior vice chairperson Rep. Stella Luz Quimbo, Majority Leader Manuel Jose Dalipe, and Minority Leader Marcelino Libanan. They will review all the amendments before submitting the national budget to the Senate.

T he amendments are expected to include confidential and intelligence funds (CIF) from government agencies, including the Office of the Vice President and the Department of Education. The amendments will augmen t the budgets of intelligence and security forces tasked with addressing escalating threats in the West

Visiting IMF team projects faster 2023 and 2024 growth for PHL Data link rice production cost to poverty incidence

By Jovee Marie N. Dela Cruz  @joveemarie

AVISITING team from the International Monetary Fund (IMF) told House leaders on Thursday that growth for the Philippine economy would pick up its pace in the second half of 2023 and even faster next year.

Speaker Ferdinand Martin G. Romualdez, in a statement, expressed satisfaction over this projection of the visiting IMF team.

During a meeting with the lower chamber last Wednesday, Romualdez said the IMF, led by mission chief Mr. Jay Pereis, claimed the Philippine economy has the potential to catch up in the second half of the year and faster growth in 2024, despite signs of a global slowdown compared to 2023.

The moderate pace of 4.3 percent of the country’s gross domestic product (GDP) in the second quarter brought real GDP growth to 5.3 percent for the first semester of the year, but economic managers are confident the target growth rate of 6-7 percent remains attainable.

“This forecast is not only encouraging but also a testament to the resilience and hard work of our nation’s people, as well as the sound economic policies and reforms implemented by the administration of President Ferdinand R. Marcos Jr.,” said Romualdez.

“This positive outlook from the IMF should serve as motivation for us all to redouble our efforts in revitalizing our economy. It is a reminder

Philippine Sea.

Deputy Majority Leader Rep. Marlyn Primias-Agabas said the creation of a small committee to receive and resolve all individual amendments to HB 8980 or the General Appropriations Bill, was “consistent with our parliamentary precedent.”

House Assistant Minority Leader and Gabriela Rep. Arlene Brosas of Gabriela voted “no” on the passage of the proposed 2024 budget of P5.768 trillion, “which was passed on final reading without a clear discussion of amendments.”

“The theme is said to be ‘Agenda for Prosperity,’ but it is actually an agenda for the selective prosperity of the few, especially those who will be blessed with confidential funds. This is a national budget that will ensure violence, kickbacks on infrastructure projects, standby pork, and debt payments,” she said.

Also, Kabataan Rep. Raoul Manuel, Act Teachers Rep. France Castro, and Albay Rep. Edcel Lagman called for the abolition of all CIF in the national budget for 2024.

that our nation has the potential to rebound and emerge stronger from any adversity,” he added.

Among others, Romualdez said the IMF team cited the expected early enactment of the 2024 national budget as well as various laws providing an improved competitive edge to the country in terms of attracting foreign direct investments.

The IMF team said, “the early passage of the budget could make a big difference” as funds for infrastructure projects and social amelioration can be frontloaded in the first quarter to offset the effect of low government spending.

Among the key factors cited by the IMF team for the positive outlook are the passage of the following laws to attract more foreign direct investments: the Foreign Investment Act— allowing first-time foreign investors to fully own domestic enterprises in the Philippines; the Retail Trade Liberalization Act—reducing the minimum paid-up capital requirements for foreign retail enterprises; and the Public Services Act—whereby foreign investors can now own 100 percent of public services projects in the country.

According to the Office of the Speaker, the IMF team also noted the impending enactment of other measures meant to make the country an ideal destination for foreign direct investments: amendments to the Build-Operate-Transfer (BOT) law and the Fiscal Regime for the Mining Industry Act.

The IMF team said the measure,

“Remove the CIF from agencies whose respective principal mandates have no affinity with or nexus to these secret funds. Reallocate the CIF to education, health, and other social services. Limit the amount of CIF even in the agencies entitled to such funds,” said Lagman.

Work

MEANWHILE , Speaker Ferdinand Martin G. Romualdez authorized all standing and special committees to hold hearings during the congressional break from September 28, 2023, to November 5, 2023.

Romualdez said he instructed House leaders to hold committee hearings during the break to ensure the expeditious passage of noteworthy and meaningful legislative measures, including those aimed at addressing the high prices of basic commodities.

“ While we already passed almost all of our priority bills listed under LEDAC [Legislative-Executive Development Advisory Council] and SONA [State of the

which gives the government a fair and increased tax take from mining while ensuring the competitiveness, attractiveness, and sustainability of the country’s mining industry, can greatly contribute to the country’s economic growth.

The Philippines is the fifth most mineralized country in the world, with an estimated $1 trillion in untapped reserves of copper, gold, nickel, zinc, and silver.

However, the Speaker said the country must improve its processing capability and not just export raw ore. Meanwhile, the IMF team said it would be a “very good idea” for the Philippines to train and capacitate its workforce for the increasing use of artificial intelligence, particularly in the business process outsourcing industry, where the country has a competitive advantage.

In addition, the IMF team recommended further improving regulations to hasten the processing of permits and documentation required for investments and businesses, as well as the implementation of laws against money laundering.

“We understand that there is still work to be done to ensure this projection becomes a reality. The government will continue to focus on policies that promote economic stability, job creation, and sustainable growth,” Romualdez said.

“We will also work to improve the investment climate and further enhance our economic resilience in the face of external shocks,” he added.

Nation Address], we want to accelerate the passage of other House priority legislation,” Romualdez said.

“We still have a lot on our legislative table, and other urgent measures are in various stages of deliberation,” Romualdez said.

Under his leadership, Romualdez said they would continue to work hard and focus on shepherding the priority legislation of President Ferdinand R. Marcos Jr. to address and serve the needs of the people during these challenging and difficult times.

Romualdez said House members “have been diligent in our parliamentary duties not only because it is expected of us, but also because we continue to be a faithful and dependable partner of the Executive Department in bringing about policies that enhance the wellbeing of our fellow Filipinos and strengthen the capacities of both the national and local governments.”

Romualdez reported the 100-percent approval of LEDAC 20 priority bills three months ahead of time.

Jovee Marie N. Dela Cruz

By Cai U. Ordinario @caiordinario

PALAY (unmilled rice) production cost was the highest in regions where poverty incidence was above 10 percent, according to the latest data released by the Philippine Statistics Authority (PSA).

PSA said the average cost of producing palay in the Philippines was P14.98 per kilogram in 2022. However, Central Visayas, Calabarzon, and the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) posted the highest production cost in palay.

The cost of palay production was highest at P22.43 per kilo in Central Visayas, which had a poverty incidence of 26.8 percent, followed by P20.13 per kilo in Calabarzon with a poverty incidence of 10.6 percent and P19.01 per kilo in BARMM with a poverty incidence of 39.4 percent.

“Net profit-cost ratio averaged 0.20. This means that farmers earned an average of P0.20 for every peso invested in palay farming. Among the regions, the highest net profit-cost ratio was recorded in Northern Mindanao at 0.44, followed by Central Luzon at 0.41, and SOCCSKSARGEN

at 0.31,” PSA said. On a per hectare basis, PSA said the average cost of palay production in 2022 at the national level was P54,373. The highest average cost was recorded in Cagayan Valley at P69,537, while the lowest was observed in Eastern Visayas at P40,033.

Average gross returns in palay production amounted to P65,209 per hectare. Central Luzon had the biggest gross returns at P86,158 per hectare followed by Cagayan Valley at P85,033 per hectare.

PSA said the lowest gross returns amounting to P43,102 per hectare were registered in Central Visayas, where palay production cost was the highest.

Returns after deducting all production costs amounted to P10,836 per hectare. Central Luzon recorded the highest average net returns at P25,002 per hectare.

PSA said Northern Mindanao followed this with an average net returns of P24,627 per hectare and Cagayan Valley with P15,496 per hectare.

The 2022 Survey on Costs and Returns of Palay Production was conducted by the Philippine Statistics Authority, with funding support from the Department of AgricultureBureau of Agricultural Research.

ministers to visit PHL this year–Palace

By Samuel P. Medenilla @sam_medenilla

SEVERAL French ministers are set to visit the country this year to discuss possible new bilateral cooperation on the priority agenda of the Marcos administration, including infrastructure and agriculture, the Palace announced on Thursday.

This after President Ferdinand R. Marcos Jr. extended the invitation to French President Emmanuel Macron to host the delegates from France during the telephone call between the two state leaders last Wednesday.

T he country will be pursuing the bilateral talks, which were initiated during the 10th Philippine-France Joint Economic Committee Meeting last June.

“ Many of the businessmen from France were able to speak to our ministers and some of the local businessmen as well [in the meeting],” Marcos told Macron in their phone conversation.

“And so if your ministers will come to visit the Philippines then that will be the next step from that beginning,” he added.

Among the ma tters, which were tackled in the joint Philippines-France economic committee meeting were infrastructure

BOI: JAPANESE INVESTORS

UPBEAT ON PHL ECONOMY

Continued from A16

Fondevilla said these actions will result in “considerable” increase in job generation and a market economy that can compete with the international community.

During the meeting, BOI said the representatives from various government agencies addressed the issues and concerns raised by the Japanese investors on the Value-Added Tax (VAT) refund system, tax incentives for special economic zones under the CREATE Act, streamlining the application process for the transfer of assets in an ecozone; Green Lane structure and operation, easing regulatory restrictions for the Philippine Contractors Accreditation Board, the Mactan-Cebu Airport Expansion Plan, and the Export controls for the mining sector.

The investment promotion agency also told the Japanese investors that the One-Stop-Action-Center for Strategic Investments (OSAC-SI) is now accepting applications for green lanes.

Signed by President Ferdinand Marcos, Jr. this year, Executive Order (EO) 18 designated the BOI as the OSAC-SI, which will serve as the single point of entry for all projects that qualify as strategic investments.

EO 18 also mandated the establishment of Green Lanes across all government

and transportation, aeronautics, energy, agriculture, electronics, maritime industry, and shipbuilding.

These include the government’s proposed pact with the French national space agency Centre National D’Etudes Spatiales and with the French civil aviation authority Direction Générale de l’Aviation Civile.

As part of the government’s efforts to strengthen its partnership with France, Marcos invited Macron to visit the country so they can continue their “fruitful meeting during the AsiaPacific Economic Cooperation [APEC] Economic Leaders’ Meeting in Bangkok last year.”

“Well, we have been working assiduously trying to make sure that what we discussed we follow up and we come to a good conclusion,” the Chief Executive said. H e also thanked Macron for supporting the country’s position of making international law, especially the United Nations Convention on the Law of the Sea (UNCLOS), as the basis for resolving territorial issues in the West Philippine Sea.

“It has been of great help the messages of support and even when you sent French vessels to come and patrol. So I have to thank you, Mr. President, and France,” the Chief Executive said.

agencies to expedite and streamline the processes and requirements for the issuance of permits and licenses of Strategic Investments endorsed by the OSAC-SI.

The Philippines-Japan Economic Partnership Agreement (PJEPA) is a comprehensive economic agreement between the Philippines and Japan.

“It was ratified by the Philippine Senate and was implemented starting December 11, 2008. Since then, both countries have benefited in many ways in the areas of investments, trade in goods and services, cooperation and trade facilitation, movement of natural persons, intellectual property and customs procedure,” BOI said.

The PJEPA Sub-Committee on the Improvement of Business Environment is one of the 12 Sub-Committees under the PJEPA. Under Chapter 13 (IBE) of the agreement, both parties will promote cooperation to improve the business environment in the area of the parties, according to the BOI.

The sub-committee holds consultative meetings to discuss issues and concerns on business environment covering the following: newly introduced laws and regulations, improvement of country logistics, tax related concerns, consistency of investment framework, human resources, development in industrial sectors, final withholding tax on ODA projects and other related and relevant matters for the improvement of the business environment in the Philippines and Japan.

French

‘Small committee’ tapped to evaluate amendments on ₧5.768-T budget bill

Philippine creative industries see double-digit growth in next 3 yrs

By Andrea E. San Juan @andreasanjuan

R afaelita M. Aldaba, Undersecretary for DTI’s Competitiveness and Innovation Group said during her speech at the Philippine Creative Cities and Municipalities Competitiveness Congress on Thursday that the Philippine creative industry is

“large, diverse, dynamic, and growing.”

C iting data from the Philippine Statistics Authority (PSA), Aldaba divulged that the creative economy in 2022 amounted to P1.6 trillion, contributing 7.3 percent to the economy.

A ccording to the PSA, this represents an increase of 12.1 percent from the P1.43 trillion recorded value in 2021.

M oving forward, the Trade official told reporters on the sidelines of the said event, “‘ Yung estimates based on our forecast, talagang what we are seeing is double-digit growth for creative industries in the next three years.”

A ldaba also noted that the Philippine creative industries generated 6.98 million jobs in 2022.  She added, “The sector also plays a significant role in Philippine trade with creative goods and services amounting to $7 billion, which was 6.6 percent of our trade.”

Fu rther, she noted that the Philippines ranked first in Asean in terms of creative services exports.  “ All these show that the

Philippine creative industries are not just about creativity, they are about jobs, businesses, and economic growth. They preserve our cultural heritage and shape our future,” Aldaba said.  “ They are vital for our economy contributing significantly to our gross domestic product, creating jobs, and fueling innovation,” she added.

At the same event, Trade Secretary Alfredo E. Pascual encouraged local government units (LGUs) to take part in the development of the Philippines’s creative sector.

Cities and municipalities are more than just centers of art and culture; they are dynamic hubs that bring together diverse talents, industries, and ideas to drive sustainable development. Let us work hand in hand to transform our cities and municipalities into

beacons of progress and prosperity,”

Pascual said in his speech.

“ The time is now to unleash the full potential of our nation and create a brighter future for every Filipino,” he added.

The Trade chief underscored that LGUs play a “pivotal” role in the country’s growth and prosperity as their respective local participation contributes to the overall growth and resilience of the Philippines.

Pascual also challenged LGUs to “consistently push their limits” to achieve higher ranking in the Cities and Municipalities Competitiveness Index (CMCI).

T he CMCI is an important tool in assessing the competitiveness of localities, providing external stakeholders with valuable insights into the potential of the Philippine cities.

Just for ‘self-amusement,’ China says on PHL removal of barrier

By Malou Talosig-Bartolome @maloutalosig

BEIJING simply dismissed as “nothing more than self-amusement” the claim of Manila that its Coast Guard cut the floating barrier installed by the Chinese maritime authorities in Bajo de Masinloc (Scarborough Shoal) off Zambales.

Th is is the second time Wang

Wenbin, spokesman of the Chinese Foreign Ministry, spoke on the floating barrier in Bajo de Masinloc during his daily news conference.

Wang was asked if China had indeed removed the remnants of the floating barrier in Bajo de Masinloc, which China refers to as Huangyan Dao.

“ I would like to reiterate than Huangyan Dao has always been China’s territory. What the Philip -

pines did looks like nothing more than self-amusement,” Wang said Thursday.

O n Wednesday, Wang also said, “this is what the Philippines tells itself”—that its Coast Guard has already removed the Chinese floating barrier in Bajo de Masinloc. He did not directly answer question by media if China will continue to install floating barriers in the future.

China will continue to safeguard our territorial sovereignty and maritime rights and interests over Huangyan Dao,” he said.

China’s resolve in safeguarding its sovereignty and maritime rights and interests over Huangyan Dao is unwavering. We call on the Philippines not to make provocation or stir up trouble,” he added.

The Philippine Coast Guard (PCG)

Go backs removal of shoal barrier

SENATOR Christopher Lawrence “Bong” Go, vice chairperson of the Senate National Defense Committee, stressed in an interview on Tuesday, September 26, the need to protect the sovereignty and territorial integrity of the Philippines in light of the removal of a Chinese-installed floating barrier at Scarborough Shoal. My previous position d’yan, kung ano po ang atin ay atin. What is ours is ours. Ipaglaban po natin kung ano po ang atin,” Go declared. F or years, the Scarborough Shoal, located 200 kilometers away from the Philippines, has been a contentious area due to disputes over territorial claims and fishing rights. It is administered as a political subdivision of Zambales province.

showed videos of a PCG diver swimming toward one of the buoys and cutting the rope with a knife in Bajo de Masinloc. Other PCG personnel lifted what appeared to be an anchor.

Commodore Jay Tarriela, spokesman of the National Task Force on West Philippine Sea, said the barrier posed a hazard to navigation and prevented the Filipino fishermen from fishing in Bajo de Masinloc.

PN war ship conducts another ‘show the flag’ mission in WPS

MISSILE frigate BRP Antonio Luna (FF-151) conducted another “show the flag” mission in the West Philippine Sea (WPS) on Friday, September 22.

I n a Facebook post Thursday, September 28, the Philippine Navy (PN) said that during this maritime patrol mission, the ship

also embarked Western Command (Wescom) Vice Admiral Alberto Carlo who conducted an inspection on the islands of Pagasa, Parola, Likas and Lawak, which are occupied by Filipino troops.

Vice Admiral Alberto Carlos, embarked on a routine yet important visit and inspection of the

Philippine-occupied islands of Pagasa, Parola, Likas, and Lawak in the WPS on board BRP Antonio Luna, the country’s latest and state-of-the-art PN vessel currently deployed in the Wescom joint operations area on September 22,” the post stressed.

C arlos also told troops manning

these remote islands how important their role is in safeguarding the country’s territorial integrity and sovereignty.

He also expressed his gratitude for their unwavering dedication in performing their duties despite their challenging circumstances..

“Your dedication and commitment

are truly commendable, embodying the strength and resolve of our nation,” the Wescom chief stressed.

The PN also said BRP Antonio Luna’s role in the patrol and island visits highlights the country’s determination to maintain a strong and credible maritime presence in the region. Rex Anthony Naval

Senators push sustained funding for SRDP amid sea dispute

By Butch Fernandez @butchfBM

CITING the “continuing foreign harassment and recent incursions on Philippine waters and within [the Philippine] Exclusive Economic Zone,” the chairman of the Senate defense panel on Wednesday pushed for sustained funding and support for the country’s Self-Reliance Defense Posture (SRDP) program.

I n sponsoring in plenary the committee report on the SRDP, Senator Jinggoy Estrada said, “it is imperative that we build up our arsenal and naval fleet—not to provoke further hostilities—but to maintain a respectable and credible defense posture that can effectively deter aggression and defend our territorial domain.”

He got solid backing from Senate President Juan Miguel Zubiri, who made a manifestation that “90 percent of our defense needs have to be bought abroad,” in batting for more indigenous investments in the defense sector. While Philippines’ allies have been helpful in past crisis, “We can’t depend just on our allies,” said Zubiri, noting how then President Rodrigo Duterte had to “beg” for military hardware to fight the terrorists who laid siege to Marawi in 2017.

A s chair of the Senate Committee on National Defense and Security, Peace, Unification and Reconciliation, Estrada pushed

for “important legislation that will fortify our defenses against present and future security challenges and provide the essential and meaningful support to our valiant men and women who risk their life and limb to preserve peace and secure our territory.”

S enate Bill No. 2455 under Committee Report No. 153 authored by Zubiri, Senate President Pro Tempore Loren Legarda, Majority Floor Leader Sen. Joel Villanueva, Sen. Ramon Bong Revilla Jr., Sen. Imee Marcos and this Estrada is a priority measure identified under the Philippine Development Plan 2023-2028 and by the Legislative Executive Development Advisory Council or LEDAC.

T he Self-Reliant Defense Posture bill aims to ensure adequate defense assets and hardware for the country through domestic production and manufacturing, the development of a national defense industry, and lessening our dependence on foreign and overseas suppliers, Estrada explained.

He cited testimony at the Senate hearings by the Department of National Defense (DND) that “majority of our defense acquisitions are governmentto-government procurements.”

In 2022, he added, militaryrelated imports amounted to $305 million, while arms-related exports amounted only to $85 million.

“ We aim to cure this significantly lopsided trade imbalance by providing incentives and government support to local defense industry, and in the process stimulate job generation, promote transfer of advanced technologies, and expand our exports sector.”

He added: “As we have all learned from this pandemic, the safest and most reliable source of the nation’s needs is the domestic one.”

“ This representation firmly believes that we have enough resources we need in our midst— manpower assets, natural resources, and Filipino ingenuity forged by our long history and tradition of seafaring and craftsmanship. No doubt, we have the capability to develop our own. We just have to throw our full support and lay down policies that will catalyze its growth, and exercise political will and strategic foresight to sustain its development.”

T he Philippines’ Southeast Asian neighbors like Indonesia and Singapore, “already have their own defense industries, and their relatively modest militaryindustrial complexes are slowly expanding with heavy investments, and finding their niche in the global defense market,” Estrada pointed out. Others, he added, “found renewed interest and saw the wisdom behind nurturing their own indigenous arms manufacturing, in

the face of regional tensions and political realignments.”

T he SRDP program is actually not new. The pending Senate measure seeks to revitalize the SRDP program, which was initially conceived and implemented during the 1970s. Estrada quoted his committee’s vice chair, Sen. Ronald “Bato” dela Rosa, as saying in the hearings that in his younger years as cadet, the country already had a facility for making missiles, mini cruisers, and indigenous military transport.

S en. Imee Marcos, in submitting her own version of the SRDP bill, “also remembered with much pride that her father’s SRDP program was able to manufacture armaments such as M16 rifle, 60mm Mortar tube, 81mm Mortar Tube and gun barrels, ammunitions, hand grenade MKII, and 81mm Mortar ammunition, and that the country was able to produce vehicles like the jiffy jeeps, mini cruisers, hovercraft, speed boats, and whale boat,” Estrada said.

T he early years of the SRDP program successfully met the basic requirements of the Armed Forces of the Philippines (AFP) through joint ventures and partnerships with the private sector. It produced all-terrain light vehicles, radio for the operating troops, rifles, pistols and small arms ammunition, and textile industry that supplied close

to 100 percent of AFP’s clothing requirements.

I n the 1980s, “SRDP had contributed significantly in improving the fill-up of AFP’s basic weapons, ammunitions, tactical communication sets, and mobility equipment.”

However, the senator lamented, the program was eventually hobbled by “tightened defense appropriations, lack of prescience, and discontinuity of long-term horizon planning.”

Under the Senate bill, the SRDP program shall be designed to:

P rioritize local employment and contribute to foreign currency exchange savings; I ncentivize manufacturers to establish or relocate production or assembly of materiel in the Philippines, while ensuring protection of local counterparts against unfair competition;

• P romote technology transfer;

• D rive proactive research and development efforts and the adoption of innovative technologies; and

• P romote the export of locally made materiel to other countries.

F inally, the bill “proposes rationalization of defense acquisition by providing preferential terms to domestic suppliers and in-country enterprises, under the ambit of Filipino First policy,” Estrada said.

R ecently, the Philippine Coast Guard (PCG) carried out a special operation to dismantle the floating barrier that had been hindering Filipino fishermen.

“ Trabaho po ’ yun ng ating mga nasa gobyerno, sa Executive department… I’m sure alam nila ang kanilang ginagawa ,” Go said, expressing confidence in the government’s actions.

Go also addressed the issue of barriers that had been removed but were still causing concerns.

“Na -clear na ba? Dapat lang. Kung ano nga po ang atin ay atin ‘yun, ‘wag nating hayaang nakaharang d’yan ang mga barriers. Kung agrabyado naman tayo, kung ano nga po ang atin, ipaglaban po natin. What is ours is ours,” he emphasized.

E liminating the barrier has heightened tensions between the Philippines and China, with the latter asserting ownership of more than 90 percent of the commonly referred to as “South China Sea.”

Go also expressed support for President Ferdinand Marcos Jr.’s order to remove the barrier.

P reviously, Go criticized the series of reported harassments by China particularly in the disputed waters of Ayungin Shoal. He elaborated on the need for a unified stance to protect the country’s rights and rightful claims to its territories and Exclusive Economic Zone.

Two Singaporeans yield P76.1-M cocaine at Naia

TWO Singaporean nationals were nabbed while allegedly trying to sneak in some P76.1 million worth of suspected cocaine at the Ninoy Aquino International Airport (Naia) in Pasay, the Philippine Drug Enforcement Agency (PDEA) reported on Thursday.

B ased on initial reports, the suspects were identified as Siti Aishah Awang, 63, and Nur Alavuyah Binti Hanaffe, 39.

The two came from Doha, Qatar aboard Qatar Airways Flight QR 928.

The Singaporean suspects were arrested by the operatives of NAIA Inter-Agency Drug Interdiction Task Group (Naia-IADITG) at the Customs International Arrival Area, Naia Terminal 3 in Pasay City at around 1 a.m. Thursday.

Seized from their possession were some 14,360 grams of suspected cocaine with an estimated value of P76,108,000 concealed in a green luggage.  Appropriate charges are now being prepared against them. Rex Anthony Naval

THE Philippines is seeing a double-digit growth in the creative industries in the next three years, according to an official of the Department of Trade and Industry (DTI).

NOTICE OF FILING OF APPLICATION/S FOR ALIEN EMPLOYMENT PERMIT/S (AEP/S)

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

ABILITY

TRAINING CENTER, INC. Unit 215, 2nd Floor, Crosstown Mall, 8005 National Road, Pulong Santa Cruz, City of Santa Rosa, Laguna

2 AICE PHILIPPINES ICE CREAM INC. Block 9a, Lots 1-3, Lima Technology Center, San Lucas, City of Lipa, Batangas

3 BLUEBERRY BIOTECHNOLOGY CORPORATION

No. 09, Sitio Peterson, Pinugay, Baras, Rizal

4 FURUKAWA AUTOMOTIVE SYSTEMS LIMA PHILIPPINES, INC.

Lot 3, Blk. 2, Ph. 2A, J.P. Rizal Ave., Lima Technology Center, Bugtong Na Pulo, City of Lipa, Batangas

XIN, FEI Finance Supervisor

Brief Job Description: Develop and establish financial markets, trends and regulation for company

LI, SHUN General Manager

Brief Job Description: Oversee daily business operations; Develop and implement growth strategies

SHIMADA, RYOTA Quality Control Department Manager

Brief Job Description: Oversee the investigation of customer claims and the formulate counter measure

Basic Qualification: Must have 5-8years of experience in the same field

Salary Range: Php30,000 - Php59,999

Basic Qualification: Degree in Business Management or a Master’s in Business Administration

Salary Range: Php30,000 - Php59,999

Basic Qualification: Must be a graduate of any Engineering course, 5 years work experience in quality assurance and must have N2 Japanese language proficiency

Salary Range: Php90,000Php149,999

5 KODO (PHILIPPINES) INC. Bldg. 1, Panorama Compound 5, Blk 3, Lot 5, Laguna Technopark Annex, Poblacion, City Of Biñan, Laguna

KOTANI, AKIKAZU Vice President

Brief Job Description: Oversee the function and progress of strategic business development, profitability of the company and the whole organization

Basic Qualification: Must have strong communication, interpersonal and leadership skills, and with excellent management

Salary Range: Php500,000

The World

Editor: Angel R. Calso • www.businessmirror.com.ph

Russian VIP plane in Pyongyang stokes concerns of arms deals

By Jon Herskovitz & Danny Lee

AN unscheduled Russian military VIP plane touched down in Pyongyang this week, days after North Korean leader Kim Jong Un made a rare trip to his neighbor for talks the US said likely focused on arms transfers.

Tracking data from FlightRadar24 shows the Russian Air Force Ilyushin IL-62M flying from Moscow to Pyongyang, arriving on Tuesday morning. The tail number on the plane indicates it was the same aircraft Russia sent to North Korea in August, just days after Defense Minister Sergei Shoigu traveled to Pyongyang and was

guided by Kim through a collection of his country’s latest weaponry.

Data from FlightRadar24 also indicates the plane returned to Russia on Thursday after having been on the ground in North Korea for about two days. North Korean state media has made no mention of the plane and the Russian Defense Ministry did not respond to a

request for comment sent by email.

Specialist service NK News, which spotted the plane’s arrival, said the silence surrounding the flight could indicate there were military officials on board for talks on weapons or technology transfers.

North Korea has had almost no international air traffic since it closed its borders at the start of

the pandemic in early 2020. The arrival in Moscow of two flights in the space of less than two months highlights cooperation between the two countries, which have drawn closer as the US and its partners tried to isolate them with international sanctions.

“It seems that Russia has rediscovered the strategic value of

North Korea against the backdrop of North Korea’s support in the war and the formation of the US-South Korea-Japan trilateral alliance,” said Jeh Sung-Hoon, head of the department of Russian Studies at Hankuk University of Foreign Studies.

See “Russian,” A13

The World

Taiwan unveils first domestic submarine to fend off China

By Jennifer Creery & Cindy Wang

TAIWAN unveiled a prototype of its first submarine assembled at home as it prepares to stave off a potential invasion by China, a feat only made possible with the secretive help of other countries.

The Taiwanese Defense Ministry on Thursday staged the first sea trial of the diesel-electric vessel at its shipbuilder CSBC Corp.’s Kaohsiung dockyard. The submarine— named “Hai Kun”—is one of eight new vessels being developed under a multibillion-dollar program to bolster Taiwan’s naval defenses in the event of war with China.

“The national submarine program is an important tool in protecting Taiwan’s maritime borders,” President Tsai Ing-wen said in a speech at Thursday’s unveiling ceremony. “In supporting the national defense industry, Taiwan will be more capable of defending itself and more competitive globally when it comes to industrial development.”

China has sharply increased the number of military vessels it sends into the waters around Taiwan over the past year. Taiwan’s plan to update its aging fleet highlights rising concerns over China’s threat, including the potential for its People’s Liberation Army warships to encircle the island.

Beijing views Taiwan as part of its territory and has pledged to bring the island under its control someday, by force if necessary.

Taiwan’s government has rejected China’s claim, insisting the island is a de facto sovereign nation.

The submarine program was “squandering” the Taiwanese people’s money and would only “undermine peace and stability in the Taiwan Strait,” Chinese Foreign Ministry spokeswoman Mao Ning

said at a briefing later Thursday.  International assistance

THE submarine program draws on a coalition of expertise and parts around the world. In addition to sourcing technology from countries including the US and the UK, Taiwan also hired engineers, technicians and former naval officers from Australia, South Korea, India, Spain and Canada, according to a Reuters report—a milestone for diplomatically isolated Taiwan. China vehemently opposes countries maintaining ties with Taiwan, including arms sales, prompting governments to keep much of their business with Taipei under the table.

Taiwan’s navy currently has only four submarines: two World War II-era vessels from the US used for training and two bought from the Netherlands in the 1980s.

Taipei launched its program to build its own submarines after Tsai came into power in 2016 following years of failed attempts to update its fleet.

“In the process of building this submarine, the most difficult task was to secure all kinds of equipment and spare parts because we do not have this industry,” said Cheng Wen-lon, chairman of CSBC. “From the very beginning of this undertaking, we encountered this problem so we paid a lot of attention to obtaining as much equipment and as many spare parts in Taiwan as possible.”

Almost 1,000 people and 100 Taiwanese manufacturers were involved in manufacturing and procuring parts for the vessel, 40 percent of which was produced locally, according to Cheng.

After sea trials, the “Hai Kun” is scheduled to be delivered to the Navy before the end of next year. With assistance from Philip Glamann and Lucille Liu/Bloomberg

China’s Defense minister skips first event since graft reports

CHINESE Defense Minister Li Shangfu mysteriously missed a key meeting attended by President Xi Jinping, bolstering reports he’s being investigated for corruption and has been removed from his role.

Li, who also holds the title of state councilor, wasn’t among the participants of a Politburo study session on Wednesday, according to video footage of the gathering on state broadcaster CCTV.

W hile China’s five state councilors don’t always attend the typically monthly sessions of the Communist Party’s topdecision making body, three other officials in that role were present. Li attended a similar meeting on June 30.

Q in Gang, who has kept his state councilor status after being removed as foreign minister

Oil pushes closer to $100, stoking inflation worries

By Alex Nicholson & Julien Ponthus

OIL prices pushed closer to $100 a barrel, stoking expectations interest rates

global markets.

The US benchmark oil price briefly surpassed $95 a barrel for the first time in more than a year and Brent traded near $97 after a drop in stockpiles at a major storage hub underscored a widening global deficit.

The potential feed-through to inflation kept the 10-year Treasury yield around 4.6 percent, the highest since 2007. The dollar was little changed after its longest run of gains in a year. In Europe, the Stoxx 600 slipped 0.4 percent and US futures posted modest declines.

“The combination of oil prices bursting and rising rates, that’s of course not good for stock markets,” said Arnaud Girod, head of economics and cross-asset strategy at Kepler Cheuvreux. “This needs to calm down. It’s a toxic cocktail.”

Hawkish commentary from central banks has dashed hopes for a pivot toward lower rates any time soon, making September the worst month for global stocks in a year and the weakest for global bonds since February.

At the same time, Neel Kashkari, Minneapolis Federal Reserve President, said a potential

year into his third term. That’s been a concern for investors already worried about China’s economic slowdown, volatile relationship with the US and a growing government focus on national security.

US government shutdown and the effects of the autoworker strike may slow the economy, requiring less aggressive moves from the central bank.

“If these downside scenarios hit the US economy, we might then have to do less with our monetary policy to bring inflation back down to 2 percent,” Kashkari said in an interview on CNN.  Fed Chair Jerome Powell and a handful of other central bank officials are set to speak later Thursday. Data due include US gross domestic product and initial jobless claims ahead of the personal consumption expenditures price on Friday, the Fed’s preferred inflation gauge.

Global stocks also face the risk of further selling linked to a large options position held by a JPMorgan Chase & Co. equity fund. Tens of thousands of protective put contracts held by the fund will expire Friday at a strike price not far below the current level of the S&P 500, creating the potential for market dislocations.

In China, mainland shares

edged lower ahead of an extended break for onshore markets, which will close Friday before reopening October 9. Chinese developers extended losses after falling to levels not seen since 2011 on Wednesday. Trading in China Evergrande Group was suspended in Hong Kong and bondholders of Country Garden Holdings Co Ltd said they had yet to be paid a coupon due Wednesday.

Meanwhile, West Texas Intermediate briefly popped above the threshold after jumping 3.6 percent on Wednesday, its biggest gain since early May. Inventories at Cushing, Oklahoma—the delivery point for the US benchmark— dropped just below 22 million barrels, the lowest since July 2022 and close to operational minimums.

“My fear in this market is we have de-stocked so much inventory,” Amrita Sen, co-founder and head of research at consultant Energy Aspects, told Bloomberg TV. “Right now, what’s going on in the US—Cushing is dry.”

Overall US crude stockpiles fell more than expected, according to official data released Wednesday, providing evidence of how rapidly the market is tightening due to supply cuts from Saudi Arabia and Russia. WTI has jumped by around a third since the end of June, and is on track for the biggest quarterly gain since early 2022, fueling inflation and causing fresh headaches for central banks.

Earlier this month, Opec forecast a deficit of as much as 3 million barrels a day of crude in the

fourth quarter. With demand in the US and China proving resilient, many in the market now see $100 oil as inevitable, even as the dollar rallies and worries about high global interest rates persist.

“It’s only a matter of time before Brent breaks $100 a barrel,” said Warren Patterson, head of commodities strategy at ING Groep NV. “However, we believe any breakout will be relatively shortlived, given the growing pressure that will likely be put on Opec+ to ease supply cuts.”

The physical tightness is being reflected in oil’s futures curve. WTI’s prompt spread has surged to $2.44 a barrel in the bullish backwardation structure from just 61 cents in the middle of last week. Options trading is also showing concerns about bigger price swings.

Stockpiles at Cushing have dropped for seven straight weeks and many traders consider them to already be at the lowest levels that allow the tanks to operate normally. Last-minute supplies from the hub are becoming increasingly expensive and American crude is getting too pricey for overseas buyers.

Nevertheless, demand appears to be holding up despite the higher prices. Global consumption of transport fuels picked up last week, lifted by Chinese trucking activity and an increase in the country’s international travel ahead of the Golden Week holiday, JPMorgan Chase & Co. said. With assistance from Richard Henderson/Bloomberg

in July without explanation, was also absent from Wednesday’s meeting. State councilors rank just below vice premier in China’s political system, and do not automatically hold a seat on the Politburo.

Li ’s absence marked the first time he’s missed an event he was expected to attend since US officials earlier this month said they had intelligence indicating he’d been removed from his post. China hasn’t commented on the former aerospace engineer’s status, but authorities are probing the military equipment procurement department for a date range overlapping with Li’s tenure as its head.

T he defense chief hasn’t been seen in public since August 29, adding to signs of turbulence in Xi’s government less than a

McConnell weakens McCarthy’s leverage in govt shutdown talks

By Laura Litvan

SENATE GOP Leader Mitch McConnell distanced himself from House Republicans’ government shutdown demands, underscoring the divide within the party and weakening Speaker Kevin McCarthy’s negotiating leverage as Washington barrels toward an October 1 federal funding lapse.

Emerging from a closed-door meeting Wednesday of Senate Republicans, McConnell defended a bipartisan Senate plan to temporarily keep open the government until mid-November and provide $6 billion in new assistance to Ukraine. The measure has stirred fierce criticism from conservative hardliners in the House.

The proposal, including the Ukraine aid, “makes sense for the Senate, also

think it makes sense for the country,” McConnell said.

“The Senate and the House are quite different, and I think in the Senate we’re going to continue to try to reach agreement that can pass on a bipartisan basis and hopefully keep the government open,” he added.

The stance is another indication that McConnell and his fellow Senate Republicans won’t stand with McCarthy in the event the government closes down Sunday and payments stop to federal employees and contractors.

McCarthy has struggled to get enough votes in the Republican-controlled House for temporary government funding even with provisions requiring deep spending cuts, as well as border and asylum policy changes that are anathema to most

As defense minister, Li’s job involves liaising with foreign militaries. The 65-yearold was sanctioned by Washington in 2018 for allegedly aiding the transfer of Russian weapons to China. Those sanctions have prevented Li from meeting US Defense Secretary Lloyd Austin, with China making their removal a condition for any such exchange.

Li’s disappearance and Qin’s ouster—along with the replacement of the two most senior leaders in the People’s Liberation Army’s Rocket Force overseeing China’s nuclear arsenal—have been fodder for Xi’s critics.

“President Xi’s cabinet lineup is now resembling Agatha Christie’s novel And Then There Were None,” the US ambassador to Japan, Rahm Emanuel, wrote on X, formerly known as Twitter. Bloomberg News

Democrats.

President Joe Biden told reporters Wednesday afternoon he hadn’t given up hope of averting a shutdown that seems increasingly likely.

“I don’t think anything is inevitable in politics,” Biden said during a meeting with his science and technology council in San Francisco.

The Senate late Tuesday cleared an early procedural vote on its bipartisan plan, with passage expected over the weekend.

McCarthy groused to House Republicans during a meeting Wednesday morning about Senate Republicans’ unwillingness to stick to the demands of their House counterparts, several people at the meeting said. One lawmaker, Representative Bob Good of Virginia, said McCarthy told his rank and file that he won’t allow a House vote on the Senate temporary funding plan.

McCarthy told reporters afterward that he wants a meeting with President Joe Biden to talk about border-policy demands. With assistance from Zach C. Cohen, Erik Wasson and Jennifer Jacobs/loomberg

Spain inflation jumps, backing higher-forlonger ECB rates

By Alonso Soto

SPANISH inflation accelerated for a second month, demonstrating the persistent price pressures that the European Central Bank’s higher-for-longer approach to interest rates is seeking to stamp out.

September’s reading of 3.2 percent was due to electricity and fuel costs, the national statistics institute said Thursday. That compares with 2.4 percent a month earlier is just shy of the 3.3 percent median estimate in a Bloomberg survey of economists.

Bloomberg Economics’ nowcast suggests that another jump to 3.6 percent is due for October and the Bank of Spain predicts it will continue to quicken next year.

A measur e of underlying pressures that excludes energy and fresh food costs fell more than anticipated, to 5.8 percent.

The ECB lifted borrowing costs for a 10th straight meeting this month—a move economists and investors think was the final hike in an unprecedented campaign to drag inflation back to 2 percent. Some policymakers agree: Bank of Spain Governor Pablo Hernandez de Cos has said price gains should return to that target if rates are kept at current levels for a prolonged period. Others, like Austria’s Robert Holzmann, warn that shocks such as oil hitting $100 a barrel could yet warrant additional monetary tightening.

The euro was little changed on Thursday at around $1.05, near its weakest level this year. It’s slumped about 7 percent from a high in July as an end to the ECB’s hiking cycle started coming into view, and with traders now turning their attention to eventual easing in the second half of 2024.

With assistance from Ainhoa Goyeneche, Joel Rinneby, Rachel Graham, Andrej Sokol (Economist), Constantine Courcoulas and James Regan/Bloomberg

Continued from A12

“Since the interests of both countries are aligned, North Korea-Russia cooperation should move forward quickly,” Jeh said.

Kim spent about a week in Russia this month where he held a summit with Vladimir Putin at Russia’s Vostochny Cosmodrome space center. He received pledges from the president of assistance in building satellites and firing them off on Russian rockets.

The US for months has accused Kim of providing arms and ammunition to aid Putin’s war in Ukraine, with a Pentagon spokeswoman saying it’s a sign of desperation for the Kremlin to be turning to North Korea for help.

The US has said while weapons such as artillery shells and rockets will help Russia, they aren’t likely to alter the battlefield. The sales could also provide North Korea with a new stream of revenue for an economy isolated from much of world trade.

During his visit to Russia, Kim toured military facilities including plants that make fighter jets.

US Secretary of State Antony Blinken said the visit highlighted an “increasingly dangerous” two-way street between Russia and North Korea. In a speech Monday in Washington, he said there’s a situation playing out with “Russia desperate to find equipment, supplies, technology for its ongoing aggression against Ukraine, but also a DPRK that is looking for help

to strengthen and advance its own missile programs.”

North Korea might be looking at technology transfers of dual-use materials that could be delivered under the guise of helping its civilian space and nuclear programs in accordance with international norms. But those items could also be used to further North Korea’s ability to build missiles and nuclear bombs — in violation of United Nations Security Council resolutions.

The next official visit between the two is expected in October, when Russian Foreign Minister Sergey Lavrov is set to make a visit to Pyongyang.

There had not been any official envoys since early 2020 when North Korea shut its borders due to the pandemic until July. That’s when a delegation led by Shoigu and another from China led by Li Hongzhong, who sits on the Communist Party of China’s 24-member Politburo, traveled to North Korea to attend celebrations marking the 70th anniversary of the end of fighting in the 1950-1953 Korean War.

“To what degree Russia is willing to circumvent UN Security Council resolutions is another big question,” said Jaewoo Shin, an analyst at the Open Nuclear Network.  “Russia and North Korea’s public displays of their willingness to strengthen military ties, in particular, appear to suggest there is more to come soon, and it won’t necessarily all happen behind closed doors,” he said. With assistance from Sangmi Cha/Bloomberg

will stay higher for longer and keeping pressure on

Pushing back against China’s aggression

The United Nations Convention on the Law of the Sea defines an archipelagic state as an island country that consists of an archipelago. The Bahamas, Fiji, Indonesia, Papua New Guinea, and the Philippines are the five original sovereign states that obtained UNCLOS approval. Currently, the list of countries that qualified as archipelagic states has expanded to 22, and China is not one of them.

One of the benefits of archipelagic status is that the waters between islands are considered internal waters. Other countries have no right to transit these waters without permission. This archipelagic status is conferred through the United Nations, and only 22 nations claim it. And China is not one of them.

In an article published by the Lowy Institute—How China is bending the rules in the South China Sea—Oriana Skylar Mastro said that China flagrantly violates international law, but it does so while simultaneously creating a veneer of legal legitimacy for its position.

“While China has not been specific about the extent of its claims, it uses a ‘ninedash line’ which ‘swoops down past Vietnam and the Philippines, and towards Indonesia, encompassing virtually all of the South China Sea,’ to delineate its claims. On the surface, it appears that Chinese leaders are relying on a historical argument to buttress their claims—China traces its interaction with the South China Sea back to the Western Han Dynasty. Thus, Beijing’s narrative about its claims begins as early as the 2nd century BCE, when Chinese people sailed in the South China Sea and discovered some of the region’s land features,” Mastro said. However, the UN Convention for the Law of the Sea does not grant signatories the right to make claims based on historical legacy, and the concept of “historic claims” has no basis in international law.

“But this is not actually how China lays claim to 90 percent of the South China Sea. China’s abuse and misapplication of international law is a bit more complex. There are levels that build on one another,” Mastro said.

“First, China claims it has the same rights as archipelagic states. Then it drew straight baselines around the Paracel Islands and claimed the waters between the islands to be internal waters. Beijing has not done this explicitly for the Spratly islands area, but its reaction to the activities of other countries suggests that is its interpretation. China then claims a 12-nautical-mile territorial sea from the Paracel baseline, not from the individual islands, and in the Spratlys from many features that under international law are not awarded this right, such as artificial islands. Moreover, China’s interpretation of the territorial sea is that the state has the exclusive right to make, apply and execute its own laws in that space without foreign interference.”

But UNCLOS says that all ships, civilian or military, enjoy the right of innocent passage through other states’ territorial seas. Moreover, the contiguous zone is considered part of international waters, and states do not have the right to limit navigation or exercise any control for security purposes.

Lastly, China claims 200 nautical miles from the end of the territorial sea as its exclusive economic zone, where it claims to have the right to regulate military activity. The US insists that freedom of navigation of military vessels is a universally established and accepted practice enshrined in international law—in other words, states do not have the right to limit navigation or exercise any control for security purposes in EEZs.

Through these three positions alone on internal waters, territorial seas and EEZs, China lays claim to approximately 80 percent of the South China Sea. Then China uses the nine-dash line to cover the remaining territory and provide redundancy by claiming “historic waters,” a view that has no basis in international law.

Mastro said Washington’s ongoing refusal to ratify UNCLOS undermines the general effectiveness of pushing back against Beijing with legal tools of statecraft. “Additionally, Washington squandered an opportunity to support the Philippines in enforcing the international legal tribunal’s 2016 ruling in its favor, further reducing the attractiveness for other claimants to challenge Beijing on legal grounds.”

By ordering a special operation to dismantle the floating barrier that China installed at the Scarborough Shoal, President Marcos sent a strong signal to Beijing that henceforth, he will push back against China’s aggression. That he is prepared to stop China’s misapplication of international law in Philippine waters and exclusive economic zone to protect Philippine territories from Chinese encroachment. It would do well for the Marcos administration to use all the tools of statecraft at its disposal to defend our territorial integrity and protect Philippine sovereignty.

Reviving the UPPEJA Fellowship for Education Reform

sonny M. angara

Better Days

SePTemBer 24 this year marks what would have been the 89th birthday of my father, former Senate President edgardo Angara. It has been five years since he passed away and our entire family still misses him badly. We are constantly reminded of his countless accomplishments and the impact he has made on the lives of Filipinos through the landmark laws that he introduced and the numerous programs that he spearheaded for the benefit of our country and its people.

One such program is the University of the Philippines President Edgardo J. Angara (UPPEJA) Fellowship awards that was revived this year after a hiatus of several years. UPPEJA was established by the UP Board of Regents on September 29, 2008 and was named after my father, who served as the State University’s president from 1981 to 1987 and as concurrent Chancellor of UP Diliman from 1982 to 1983.

The initial batch of fellows was named in 2011 and they are among the most distinguished individuals in the country: Professors Raul Fabella, Raul Pangalangan, Ramon Pedro Paterno, and Gerardo Sicat. Other notable fellows that came after the first batch include Herman Joseph Kraft (2013), Clarissa David (2015), Stella Luz Quimbo (2015), Caesar A. Saloma (2015), Lucia P.

Tangi (2015), and Aileen San Pablo Baviera (2015)—some of the brightest minds of our country.

Last September 26, 2023, we witnessed the announcement of the latest batch of 23 UPPEJA fellows, who will be tasked to conduct research studies on 10 priority areas on education reform as identified by the Second Congressional Commission on Education (EDCOM 2). The 2023 UPPEJA fellows are as follows: National Scientist Dr. Carmencita Padilla; Commission on Population and Development Executive Director Dr. Lisa Grace Bersales; Dr. Michael Alba, immediate past president of the Far Eastern University; Dr. Luis Rey Velasco, former chancellor of UP Los Baños; Dr. Elizabeth King; Dr. Rosario Manasan; Dr. Dina Ocampo; Kenneth Isaiah Abante, Riza Supreme Comia; Dr. Cleve Ar-

guelles; Joel Mendoza; Dr. Krista Danielle Yu; Dr. Michael Cabalfin; Dr. Assunta Cuyegkeng; Dr. Geoffrey Ducanes; Dr. Ma. Regina Hechanova-Alampay; Dr. Enrique Niño Leviste; Dr. Ma. Glenda Lopez Wui; Carolyn Medel-Añonuevo; Dr. Maria Mercedes Rodrigo; Dr. Luis Sison; Dr. John Paul Vergara; and Dr. Felicia Yeban.

Dr. Cynthia Rose Bautista, who serves as a member of EDCOM 2’s advisory council and the UPPEJA Fellowship Committee, recalled how my father envisioned the program as a way for fellows to deliberate on policy issues on education.

Prior to his passing, my father, who was co-chairman of the first EDCOM in 1990, manifested his desire for the fellowship to shift towards education reform in response to the needs of the present times. Plans were already drawn up to implement this shift but according to Dr. Bautista, this was disrupted by the pandemic, just as it did every aspect of our daily lives for over two years.

Fast forward to July 2022, Republic Act 11899 was enacted, paving the way for the creation of EDCOM 2, whose mandate is to conduct a comprehensive national assessment and evaluation of the performance of the education sector for the purpose of recommending transformative, concrete and targeted reforms in the sector with the end in view of making the Philippines globally competitive in both education and labor markets in the next three years, from 2023

to 2025. The timing of the revival of the UPPEJA Fellowship awards now is perfect because the results of the research of the new batch of fellows will help the EDCOM 2 in the performance of its mandate on education reform.

Senator Sherwin Gatchalian, who serves as one of our co-chairpersons in EDCOM 2, noted that the UPPEJA Fellowship awards “carries forth the spirit of EDCOM 1.” EDCOM 2 Executive Director Karol Mark Yee sees the partnership between UP and EDCOM as a way to succeed in the challenges that have long prevented the Filipino youth from reaching a brighter future. In his own remarks, UP President Angelo Jimenez said the work of the UPPEJA fellows will focus on what ails the Philippine education system and finding solutions with the help of best practices here and abroad.

It was a very special day for our family. In my brief remarks at the event, I noted that the torch has been passed to all of us and it is up to us to carry that torch, to keep the flame burning because we live in a time when pragmatism sometimes overcomes idealism. I believe there is room for both.

Senator Sonny Angara has been in public service for 19 years—9 years as Representative of the Lone District of Aurora, and 10 as Senator. He has authored, co-authored, and sponsored more than 330 laws. He is currently serving his second term in the Senate.   E-mail: sensonnyangara@yahoo.com| Facebook, Twitter & Instagram: @sonnyangara

Marcos bid to challenge China on disputed shoal pressures US

By Philip J. Heijmans

PhILIPPINe President Ferdinand marcos Jr. spent the first 15 months of his term working with the US and its allies to counter China’s incursions in the South China Sea. Now, his government is taking the fight more directly to Beijing in a move that could force the US to make some tough choices.

Marcos this week ordered a “special operation” in which his coast guard removed a barrier installed by China at the entrance of the Scarborough Shoal, a chain of reefs and rocks the two sides claim as their own.

Footage posted by the Philippine coast guard shows a knife-wielding man in scuba gear slicing through a rope connecting buoys that they say threatened fishermen and was “a clear violation of international law.”

The move, Philippine coast guard says, is part of a strategy developed over several months to retake the area—a traditional fishing ground for the Philippines and its neighbors—which Beijing has effectively controlled since 2012 after a weekslong standoff with Manila. China Foreign Ministry spokesman Wang Wenbin on Tuesday warned the Phil-

ippines “not to make provocations or seek troubles,” while the nation’s coast guard later accused the Philippines of “making up a story” and said it actually removed the barrier itself on September 23—a day after installing it to prevent entry of a Philippine ship.

Either way, the Philippine coast guard said it intends to sustain patrols in the shoal, though neither Marcos nor his senior defense, military and foreign affairs officials made any statements on the plan on Scarborough Shoal. Questions remain about how far Manila is willing to go and whether the US—which has remained quiet on the latest developments—would really have its back if the situation escalates. America’s muted response to a crisis over the same shoal more than a decade ago

preceded China’s takeover of the area.

“Our mutual defense treaties would lose most if not all of their credibility if we stayed out of it,” said Carl Schuster, a former operations director at US Pacific Command’s Joint Intelligence Center. “The US cannot leave the Philippines in the lurch.”

Officials at the US State Department didn’t respond to an e-mailed request for comment.

One thing is clear: the barrier’s removal—and the coast guard’s suggestion of more action to come—all but closes the chapter on an era of

foreign policy under former President Rodrigo Duterte that veered toward China. And with tensions rising in the South China Sea, it represents a growing assertiveness in the Philippines’ bid to protect its sovereignty from a far bigger and more powerful foe.

“What it marks is a clear change from the Duterte approach of being nice to China and hoping that that would protect the Philippines from problems,” said Bill Hayton, author of The South China Sea: The Struggle for Power in Asia. “That the Americans clarified its mutual defense treaty means that there’s a bit more willingness on the Philippine side to go toe-to-toe.”

The Scarborough Shoal, in particular, is a sore point in the Philippines’ alliance with the US. Duterte’s Foreign Affairs Secretary Teodoro Locsin would years later blame the Obama administration for failing to stop China from seizing the shoal in 2012 after the standoff.

At that time, the Philippines withdrew its vessels from the waters surrounding the reef following negotiaSee “Marcos,” A15

A review of policy issues in Philippine mining EaGLE

Perpevina C. Tio

WaTCH

Conclusion

MiNiNg has gotten back on track with the relatively vigorous promotion of corporate social responsibility at all levels to increase acceptability of mining with help from the home state of a company through lobbying and development assistance to host countries.

Meanwhile, various countries have been coalescing as a network to promote transparency and accountability as a standard of good governance in the extractive industry.

t he people behind this transparency network are stakeholders in mining activities. t he stakeholders are representatives of the public sectors (various levels of government), the extractive sector (the mining industry), and the CSOs or the civil society organizations. t his network called the ex tractive Industries transparency Initiative (eItI) started in 2002 through former Prime Minister tony Blair and is aimed to increase the transparency of payments made by companies in extractive industries to the host government. t he CSOs, whose advocacies counter against extractive industries, are natural allies of communities who say no to mining. t he transparency component of the network promotes the contribution of the mining industry to the economy.

While transparency in the amount that mining actually pays the government is important, the value of good governance helps break distrust between communities and the mining company. Good governance manifests through efficient utilization of revenues from mining to achieve development results. t he same paper points out corruption as the weakness of governments that rely heavily on natural resources, and this becomes a chokepoint in advancing economic development.

t hus, adoption of good governance as a framework will create strong institutions that utilize revenues from mining to economic activities that benefit the general population, minimize hazards from mining, create safeguards.

Mining contributes to government revenues for poverty alleviation, but it has also been recognized by some government officials that there is a need to regulate the industry to curb the damages and potential danger of the operation to the environment. Studies also state that there should be sound mining policy with corresponding appropriate standards, mechanisms, and capacities before any mining project should be allowed to operate. t here is a need to properly understand mining because it is such a high-risk activity. even with the economic benefits it contributes, these would not be enough to forego attendant risks.

t he contributions of mining to the economy is very important because the Philippine Mining Act has been created the way it is to attract local or foreign investors. Its guiding policy is partnership with the

Marcos

continued from A14

tions that included the US. Duterte had said China, in turn, didn’t honor an agreement to also pull its ships, and instead occupied the area. t he episode helped entrench his broader skepticism about the longstanding alliance between the US and the Philippines, and also served as a precursor to President Xi Jinping’s move to build military installations throughout the South China Sea.

Since Marcos took office last year, Washington and Manila have expanded defense cooperation, with

“private sector in order to enhance national growth in a way that effectively safeguards the environment and protect the rights of the affected communities.” t herefore, it is in line with the national government’s policy that mining operations will not be derailed on the ground to sustain mining contractors’ interest to invest in the country.

t he efforts of the national government to push mining as another revenue source has never stopped and it has continuously searched for ways on how to increase the sector’s payments. However, there might be a need to caution policymakers against increasing taxes on mining, especially mining companies that are already paying above industry standard.

Nevertheless, there might also be a need to scrutinize the flaw in the current schedule of taxes imposed over the mining sector. Inasmuch as these taxes become the government’s revenue, the government stands to gain more if the taxes imposed on the mining industry will intentionally be differentiated from other industries that are also subjected to the same tax schedule. t he ownership of mineral resources belongs to the state; therefore, those involved in mining activities should pay for having extracted these minerals by way of royalty, aside from the taxes that are existing under the law.

t hus far, the national government receives 5 percent royalty (from the market value of the gross output) only from mining operations within areas declared by the government as mineral reservation. t he Philippine Mining Development Corp. (PMDC) has sole jurisdiction over two mineral reservation projects:

(1) the Diwalwal gold mine in Compostela Valley province, and (2) the Dinagat ChromiteNickel mining Caraga region, while other declared mineral reservation areas are in Zambales, Surigao del Norte and Surigao del Sur. Mining is an industry where the effects are irreversible (i.e., ecology in an open-pit mining will forever vanish), and the landscape where the area of extraction can never be remotely restored to its original form. As a hazardous industry not only for its workers but to its immediate environment and contiguous areas, mining poses risks where it operates. t herefore, for the Philippine government to allow this sector to continue its business, there should be serious trade-offs that benefit local economies and the economy as a whole.

Surfacing nationalism

Tito Genova Valiente annoTaTions

You know the persistence of online posts—an old photo receives a comment and that image long inactive comes up to the surface again, like some flotsam pushed by errant waves. There is this case of an old photograph dated 1899, which shows five individuals—two men on either side and in the middle, three women. one woman carries a child on her hip; the two men are not wearing trousers, instead one can assume they are using a strip of cloth attached to a waistband, which is covered by a shirt that covers the thighs. one man wears a cone-shaped headgear while the other man carries it with him. on the lower right corner of the photograph were the captions: “Natives of Albay southeast Luzon.

For any student of anthropology or Philippine culture, he would immediately doubt the label. t hat suspicion, in fact, was what fueled the debate on the post. Some were accepting, saying how authentic the photo was because it showed how the people of Bikol peninsula looked a long time ago. t here were others who doubted the label as they posited their own theory—that these persons belonged to another tribe, perhaps from the mountains but certainly not Bikolanos. t here were educated guesses indicating the illustrations showing how the Bikolanos looked during the turn of that century and this photo was not one of those. Weren’t we one of the most colonized places in the country? t hey could not be the indigenous people of the region, the reader articulating his point that the mountain people of Bikol were Aetas, who were always perceived as similar to pygmies, and these people, the men in particular, were tall. Amusing even were those who denied the ethnicity of those persons because we were “not that backward.”

t he attention given to that single photograph went from strong

to focused to intense: online readers were interested in identities more so if they come in the form of a photograph that cannot be ignored. Or because the proof was ancient—1899.

Caught in the issues brought about by that photograph, I opted to do a bit of online research. I posted these two words: “1899 + Albay natives.” t he result came quickly. I wrote about it in this column, Annotations, titled “Memories of Identities, on April 16, 2021. l et me quote my own report:

t he photo came from the vast and amazing collection of photographs of John tewell. In his curating of the photos, he would always warn about how dates and identifications are never conclusive. Indeed science—anthropology, archival research, and cultural studies—is never about certainty but about the discipline of critical questioning.”

Further research disclosed that this photo of “Albay natives” had

additional comments that did not appear anymore on the post.

I checked the same photo and below it was the comment, which countered the label of “Albay natives,” referring to them as “ ti ngguian mountain men.” I went deeper and searched for Fay-Cooper Cole, one of the early experts on this group. His book is available under Project Gutenberg: The Tingguian. Social, Religious and Economic Life of a Philippine Tribe t here was another discovery:

tingguian is an exonym, a name given by an outsider; these people called themselves Itneg and they occupied what is now the present-day Abra.

Why the brouhaha, if you may allow me this truly pedestrian term?

t he photo should have been classified as an artifact of culture, one that belonged to a specific point in history. t he tinguians cannot live forever, in a sense, for us lowlanders.

t hey died with the old narratives.

regionalist/nationalist resists being in a group whose identity is pre-modern. t hose who praise the material for providing a glimpse of the true Bikolano romanticizes identity as always marked by ancientness or brooding in primitivism.

t he photo may have surfaced again but it is dead. Nothing about identity can be summoned when readers debate about these people’s origin. No nation as a concept or an active frame for self or family can be incurred in our conflict of opinions or misunderstanding of the images.

Can we ever have a nation by appraising individuals like the Itneg and relating to them? t he words of Benedict Anderson, oftentimes bandied around for their attractiveness, can be useful here with this photo when he defined a nation as “an imagined political community— and imagined as both inherently limited and sovereign.” He articulates the idea further: “It is imagined because the members of even the smallest nation will never know most of their fellow-members, meet them, or even hear of them, yet in the minds of each lives the image of their communion.”

If they still live, they have become part of a new population or, more problematically, “race.” Or they are in a book, print, or painting. As an imaginary.

t he problematic point about the photo is labeling them as Bikol natives. even if the document is clearly dated to the 19th century, the critic/

t he photo, the error in naming notwithstanding, fails to account us either as kin or as being present in the thread of history, which the Itneg obviously is a part of, and which we also assert we are a significant element in. t hey will not see us and we do not see them anymore, believing that they are long gone, and no imagination shall connect us with each other. except online, in a debate of phantasms and superiority through histories.

E-mail: titovaliente@yahoo.com

A last-minute deal averting government shutdown is unlikely

By Erik Wasson & Michelle Jamrisko

Al At e deal to avert a US government shutdown beginning this weekend isn’t likely—with House Speaker Kevin McCarthy making big demands of President Joe Biden and bringing little leverage to the clash.

t he Republican leader counts as one his proudest achievements an agreement on long-term spending cuts he extracted from Biden in last spring’s showdown over a potential US debt default and now he wants to use a shutdown to get more concessions.

“I want to sit down with the president to secure that border,” McCarthy told reporters Wednesday, as he and Republican hardliners demanded a resumption of construction on Donald tr ump’s border wall, stricter new asylum and immigration policies, no new aid to Ukraine and deeper federal spending cuts in return for temporarily keeping the government open.

t hat Oval Office negotiation isn’t materializing for one simple reason: Biden and other Democrats aren’t afraid this time. For starters, shutdowns don’t

carry the risk of immediate financial turmoil that an unprecedented US default on government debt would have. t h e nation has weathered plenty of previous shutdowns and, despite the disruption to public services and federal employees’ pay, the economic damage is initially mild and builds incrementally.

Republicans are also divided this time, on whether to shut down the government as well as what they want to stop it.

Senate Republican leader Mitch McConnell, who publicly stuck by McCarthy throughout the debt limit battle, this time is backing a bipartisan plan to avoid a shutdown now making its way through the Senate. And he has publicly separated himself and Senate Republicans from House Republicans.  “ t he Senate and the House are quite different, and I think in the Senate we’re going to continue to try to reach agreement that can pass on a bipartisan basis and hopefully keep the government open,” McConnell said in a press conference Wednesday.

McConnell has also clearly indicated that he shares a widely held view that Republicans will be blamed

by the public for a government shutdown and ultimately have to capitulate. On the Senate floor he framed the choice for Republicans as agreement on temporary funding “or we can shut the government down in exchange for zero meaningful progress on policy.”

McCarthy, who won a House vote for a debt-limit increase tied to specific demands well ahead of a potential default, this time can’t get GOP lawmakers to agree on an initial offer. He and his lieutenants want to make the approaching shutdown about the surge of migrants coming across the southern US border, but they have been unable to unite the party on an opening bid. even a 31day spending bill with a 27 percent cut to domestic spending and asylum law changes still lacks the votes to pass the House.  Biden offered hope Wednesday afternoon that a shutdown might be avoided.

“I don’t think anything is inevitable in politics,” Biden told reporters during a meeting with his science and technology council in San Francisco.

But the president and his advisers have made clear they consider the new demands for spending cuts to

be reneging on the deal on spending levels that McCarthy made during the default standoff.

t he fact is that I think that the speaker is making a choice between the speakership and American interests,” Biden said at a campaign fundraiser on Wednesday.

Bloomberg economists Anna Wong and Alexander Isakov, citing a presidential-election model, suggest that the longer a lapse in government funding continues “and the further any post-resolution ‘bounce back’ is pushed into 2024—the better it will be for President Biden’s chances.”

t hey, add, however, that if the Democrats agree to significant spending cuts, that could well “weigh on the economy next year—something for which voters tend to blame the incumbent party.” t h e shutdown came up only briefly during Wednesday night’s Republican presidential debate in California with former New Jersey Governor Chris Christie saying that voters ought to blame “everybody who’s in Washington, D.C., they get sent down there, to do the job. And they’ve been failing at doing the job, for a very long time.” With assistance from Jennifer Jacobs / Bloomberg

American forces able to access military outposts including some near ta iwan. Defense Secretary l loyd Austin in July reiterated the US’s “ironclad commitment” to defend the Philippines, saying the 1951 Mutual Defense treaty covers coast guard vessels in the South China Sea. t he two sides are considering even more access for US troops and are planning joint exercises. t he Philippines has also sought new partnerships with US allies like Japan and Australia and is even reportedly weighing the creation of artificial islands to install new command posts.  t hat hasn’t stopped Beijing from

asserting ownership over nearly all of the resource-rich sea. Nor has the fact those claims were refuted by an international arbitration panel at t he Hague in 2016. t he run-ins have been rising along with a record number of incursions by Chinese ships. In 2022, China’s coast guard maintained near-daily patrols in the Second t homas Shoal in the Spratly Islands, where the Philippines maintains a garrison.

t he removal of structures such as a barrier isn’t a new phenomena in the long running dispute between competing Asian claimants, with the dismantling of objects including sovereignty markers more of a com-

mon occurrence in the 1990s. Yet the Philippines’ latest move risks angering China, which now has the world’s largest navy by number of warships.

‘Megaphone diplomacy’

W HetHeR China is “sending more ships or being more aggressive, there should be an anticipation of a response,” said Rommel Ong, a retired rear admiral in the Philippine Navy.

“ t his shows what we wanted to do in the last six years but couldn’t do before. It’s going beyond the megaphone diplomacy that we usually do.” to be sure, Foreign Affairs Secretary enrique Manalo this week said the South China Sea issue is not the

only factor in the country’s relationship with China, but that the Philippines seeks to manage dispute peacefully and through the rule of law.

Beijing too, won’t be rash, according to Dongshu liu, assistant professor specializing in Chinese politics at the City University of Hong Kong.

“China will probably issue a strong statement, but isn’t likely to take strong action,” the professor said.

“China wants to make sure that the conflict is under control.”

t he Philippines’ newfound assertiveness can be explained, in part, by Southeast Asia’s inability to take a tough stance on the maritime issue, despite countries from

Vietnam to Indonesia facing similar situations. China and Southeast Asia have been working on a code of conduct meant to resolve confrontations, though talks have dragged on for two decades.

Coast Guard Commodore Jay tarriela, who’s among those at the frontlines of the Philippine operations in South China Sea, expressed confidence in their bid to retake the shoal.

Ms. Perpevina C. Tio is a graduate student at the Department of Economics of Ateneo de Manila University.

‘Digital payments will grow by double digits until 2025’

By Cai U. Ordinario @caiordinario

T he report, which contained the views of Bain & Company, Google, and Temasek, estimated that the compounded annual growth rate (CAGR) of digital transactions will reach 10 to 13 percent in Vietnam, Indonesia, and the Philippines until 2025.

I n the country, the report estimated that digital financial services revenues will grow by 20 percent to $2.9 billion by 2025 from only $1 billion in 2019.

The total amount of digital loans in these three countries (Vietnam, Indonesia, and the Philippines) is expected to grow by more than 50 percent CAGR to 2025— compared with 17 percent in Singapore,” the report stated.

T he report said digital lending, including non-housing consumer loans and small and medium en -

terprise loans, is poised to grow 33 percent annually to reach $18 billion by 2025.

“(This will replace) digital payments as the largest contributor to the digital financial services revenue pool. The growth in nonhousing consumer loans and SME loans will be accelerated by three major factors,” the report said.

T hese factors include new business models; automated loan origination processes which are among the financial service products embedded in online shopping and travel; and the availability of funding from banks.

In this regard, the report said Indonesia and the Philippines are “promising markets” as both lag in the region in terms of non-housing consumer debt-to-household incomes.

Earlier, the Bangko Sentral ng Pilipinas (BSP) said high-interest rates caused outstanding loans extended by universal and commercial banks (U/KBs) to slow in July 2023.

Data showed outstanding loans, net of reverse repurchase (RRP) placements with the BSP, expanded 7.7 percent year-on-year in July from 7.8 percent in June.

On a month-on-month seasonally-adjusted basis, outstanding uni -

BOI: JAPANESE INVESTORS UPBEAT ON PHL ECONOMY

By Andrea E. San Juan @andreasanjuan

THE Board of Investments (BOI) said Thursday that

ment in attracting foreign investors,” he said in his remarks.

versal and commercial bank loans, net of RRPs, rose by 0.6 percent, the same rate it posted in the previous month.

C onsumer loans to residents grew by 22.6 percent in July from 23.7 percent in June, driven mainly by the increase in credit card and motor vehicle loans.

Outstanding loans to non-residents rose by 6.2 percent in July from 4.8 percent in the previous month.

15 Japanese investors are upbeat on the Philippine economy due to the government’s promotion of liberalization and fair trade amid rising protectionism.

The agency said the Japanese investors had committed to work “more closely” with Philippine officials to create more jobs in the country. The commitment was made during the 10th Consultative Group meeting for the Philippines-Japan Economic Partnership Agreement (PJEPA) Sub-Committee on Improvement of the Business Environment (SC-IBE).

R epresenting the Japanese delegation, Daisuke Nihei, Minister for Economic Affairs, Embassy of Japan in the Philippines (EOJ) commended the Philippines for putting in place “gamechanging measures” to liberalize the country’s economic policies such as the amendments to the Foreign Investment Act (FIA), Retail Trade Liberalization Act (RTLA), Public Service Act (PSA) as well as the Renewable Energy Act, said the BOI.

“

We saw the strong commitment of the Philippine govern -

M eanwhile, Nobou Fujii, Vice President of the Japanese Chamber of Commerce and Industry of the Philippines, Inc. (JCCIPI), said the Japanese business group is looking to create more investments and employment opportunities in the Philippines.

E xecutive Director Bobby Fondevilla of the BOI’s Investment Assistance Centre (IAC) said the meeting was an opportunity for them to adopt measures to simplify the application procedures to accelerate business in the country.

“

We highlight the importance of furthering bilateral economic relations through the introduction of improvements through this consultative meeting,” Fondevilla told the members of the consultative group.

T he BOI official said the commitments to be made after the said meeting will improve “two-way business” to enable both sides to gain “parity” or more preferential commitments with each other’s FTA partners, adding that this will “ultimately translate to commercial gains for both parties.”

Builders must decarbonize–CCC

By Samuel P. Medenilla @sam_medenilla

THE real estate and construction industry will play a crucial role in reducing the country’s contribution to global carbon emissions, according to the Climate Change Commission (CCC).

I n his speech during the Chamber of Real Estate and Builders’ Association Inc.’s (CREBA) 50th National Convention and House Expo last Wednesday, CCC Vice Chairperson and Executive Director Robert E.A. Borje called for “decarbonizing” the building and construction sectors. With the implementation of “climate-smart standards in buildings and construction,” he said greenhouse gas emissions will be “greatly reduced.”

Collaboration throughout the building sector’s lifecycle, involving everyone from architects and designers to contractors and operators, is vital to the success of these efforts,” Borje said. I n 2019, the United Nations Envi -

ronment Program released a report indicating that close to 40 percent of the world’s greenhouse gas emissions come from buildings.

CCC also said that with the growing frequency of extreme weather caused by climate change, it noted the construction sector must also come out with “climateresilient and green communities.”

It noted that typhoons alone have caused P673.30 billion in damages to the homes and livelihoods of Filipinos.

“ Therefore, measures for climate change adaptation and mitigation must consider this fundamental human right,” Borje said.

Government initiatives

HE said CREBA must rally its members to ensure such reforms will be implemented.

Every brick we lay, every beam we set, carries the hopes and dreams of our nation. As leading figures in the real estate sector, you possess both the influence and the responsibility

to mold a brighter, eco-conscious future. Let us pledge to shape a greener, more sustainable tomorrow for every Filipino,” he added.

T he measures, he said, will complement the initiatives of the government to address the impact of climate change, which includes the National Adaptation Plan (NAP).

N AP is the government’s longterm support mechanism to enhance community resilience and reduce vulnerability to climate change impacts.

In a related development, President Ferdinand R. Marcos, Jr. ordered the creation of an inter-agency committee tasked to oversee preparatory and organizing activities for the Asia-Pacific Ministerial Conference on Disaster Risk Reduction (APMCDRR), which will be hosted by the country next year.

He issued Administrative Order No. 9 that mandated the creation of the committee. The APMCDRR is the main regional platform for promoting the Sendai Framework for Disaster Risk Reduction in the Asia-Pacific Region.

DIGITAL payments nationwide are expected to post double-digit growth until 2025, according to a study by international think tank Bain & Company.

BOOK LAUNCH Just in time to celebrate Public Relations month in September and Communications

SENATE Minority Leader Aquilino “Koko” Pimentel accepts a plaque of appreciation during the weekly meeting of the Rotary Club of Manila (RCM) at the Manila Polo Club in Makati City. The award is presented by RCM District Governor Jackie Rodriguez (left) and RCM Vice President Reginald T. Yu. NONOY LACZA

Editor: Jennifer A. Ng

Friday, September 29, 2023

DOE exhorts local energy firms to bet on geothermal

By Lenie Lectura @llectura

“There are 145 geothermal areas in the country, while only 7 fields are in operation. We want these potential capacities to be developed and we need your support as a national organization to further explore the potential of geothermal energy in the country,” DOE Undersecretary Rowena Guevara said during the two-day Philippine International Geothermal Conference which concluded last Thursday.

This year, three geothermal energy projects are under construction and expected to be online by December. These are the 17-megawatt (MW) Tiwi Binary Geothermal Power Plant, 29 MW Palayan Binary Power Plant, and 2MW Biliran Geothermal Power Plant.

The remaining 5.6 Bago Binary Geothermal Power Plant and the 20MW Tanawon Geothermal Power Plant, meanwhile, will be online by 2024. There is also a total of 381 MW potential capacity from projects that are undergoing pre-feasibility studies, added Guevara.

The Philippines has been developing geothermal power since the 1970s and has been the second largest producer of geothermal energy in world until Indonesia outranked the country in 2018. Currently, the Philippines is considered as the third largest producer, next to Indonesia and the United States.

The development and utilization of geothermal energy slowed down since 2007 and only 86 MW

was added despite the enactment of the Republic Act 9513 or the Renewable Energy Act of 2008.

Despite of the slowdown in the development of geothermal energy, its contribution to the country’s power requirement remains strong as it provides 10,000 gigawatt hours, Guevara pointed out.

“The bottomline here is that we are confident that RE [renewable energy] development in the Philippines is accelerating and we will meet our targets. But we cannot do it alone. We need the expertise and innovation of our RE developers, particularly the geothermal energy developers.

This path to greener geothermal generation will have its challenges, but it is a path that we will walk together so we can build a future when clean energy is not just a necessity, but a legacy of responsible stewardship for generations to come,” added Guevara.

The DOE, for its part, has implemented projects to accelerate the development of geothermal energy. These, she said, are meant to assess the economic feasibility of small-scale geothermal power projects for local power needs and prepare the comprehensive data

Fernando Zobel de Ayala returns to board of AC

By VG Cabuag @villygc

package showcasing the type of geothermal resource for future private investor participations.

In a recent study titled “Geothermal Play Fairway Analysis —the Department’s New Tool for Geothermal Exploration,” which was produced by the DOE and the Great Basin Center for Geothermal Energy and funded by the US Department of State, Guevara said the northwest sector of Luzon Island was selected as one of the “most promising” geothermal areas.

The results of Play Fairway Analysis (PFA) over northwest Luzon could open a new door of opportunities for the geothermal future of the Philippines, she said. A PFA is a resource assessment tool that uses geological, geochemical, and geophysical data which aims to reduce geothermal exploration risk and identify the most prospective areas for further exploration and development.

Geothermal energy is a form of RE produced by heat from the earth. It is considerably safer than most other energy sources. Unlike fossil fuel plants, geothermal power does not produce greenhouse gases that are harmful to the environment.

Fernando Zobel de ayala has been elected as a member of the board of director of ay ala Corp. (aC ) in his return to the conglomerate following his medical leave last year.

Zobel replaced the company’s trusted adviser, Mercedita S. n o lledo, who will now focus on her roles in the different business units of the ay ala group. n o lledo will continue to serve as a member of the board of trustees of ay ala Foundation Inc. and b PI Foundation Inc. She is also a member of the b PI advisory council.

Zobel, meanwhile, has been appointed chairman of the sustainability committee and member of the risk management and related party transactions committee and the personnel and compensation committee.

“I look forward to working with the board, the senior management of ay ala Corp., and our chief sustainability officer Jaime Z. Urquijo in providing oversight and guidance on the company’s e S G strategy,” Zobel said.

Zobel previously served as ay ala’s president and C eo from a p ril 2021 to September 2022 and board director from May 1994 to September 2022. d ur ing his term as C e o, Zobel took the lead in strengthening ay ala’s sustainability commitment.

In 2021, ay ala committed to achieve net zero greenhouse gas emissions by 2050, becoming the first publicly listed company in the Philippines to make such a commitment.

“The ay ala community welcomes Fernando back to the b o ard of ay ala Corporation,” Cezar Consing, ay ala’s president and C eo,

said. “Fernando brings with him a wealth of experience, and we look forward to his guidance and oversight as we continue to ramp up our e S G initiatives.”

ay ala’s board elected Consing, former b PI chief executive, as the company’s president and C e o in September 2022, following the step down of Zobel from the post.

Consing was re-elected as president and C eo during the board’s organizational meeting after the company’s annual stockholders meeting in a p ril.

ay ala Chairman Jaime au gusto Zobel de ayala thanked 82-year-old no lledo for her contributions during her tenure as board director from September 2022 to September 2023.

“I would like to thank e d ith n o lledo for her consistent support and guidance through the many years she worked with the ay ala group as an executive and a member of the b o ard,” he said. Since late 2022, Fernando has transitioned from his executive roles to focus on his governance functions in various boards within the aya la group.

The Department of energy (DOe) strongly urged geothermal energy firms to develop 138 geothermal areas in the country, which are mostly in the northwest sector of Luzon.

Fern Ando Zobel de AyAl A

SEC, Gcash operator ink deal against online fraud

By VG Cabuag @villygc

THE Security and Exchange Commission (SEC) and GCash operator G-Xchange Inc. entered into an agreement last Thursday to use their respective resources to go after perpetrators involved in online fraud, e-scams and other cybercrimes.

The agreement noted an increase rise in online scams, investment fraud and various cybercrimes that occurred with regularity during the lockdowns in 2020 as more consumers embraced the digital space for daily transactions and investments.

The SEC’s Enforcement and Investor Protection Department said victims of these cybercrimes typically use online money transfer services, such as e-wallets, for their transactions.

“As the country’s investor champion, we must think of ways for fintech companies like GCash to thrive. Financial services offered by GCash will further the cause for financial inclusion and bring the capital market to more Filipinos.

The MOA entered into today allows efficient cooperation between EIPD and GCash. Through this MOA, the EIPD can request vital information from GCash to build better cases in its fight against fraud,” SEC chairman Emilio B. Aquino said.

Through the agreement, GXchange vows to provide the SEC with “relevant” information and data in accordance with prevailing laws, rules and regulations in investigating financial fraud.

“By continuously working with the government in combating scams, fraud, and other cybercrimes, we want our users to have peace of mind and confidence to transact in the digital space. After all, at GCash, the security of our users is our utmost priority. Together with the SEC, we will continue to improve and innovate in order to protect our customers against cyber threats and other types of scams,” G-Xchange CEO Oscar A. Reyes Jr. said.

To recall, the G-Cash system was compromised nearly six months ago through a suspected phishing scam wherein funds were transferred to various accounts registered with Asia United Bank Corp. and East West Banking Corp.

In the agreement, G-Xchange expressed seriousness in upholding its trust and security mandate by building close coordination and partnerships with law enforcement authorities.

BTr reduces Oct borrowings target

By Cai U. Ordinario @caiordinario

The BTr said it will float P105 billion worth of debt papers in October lower by 41.67 percent compared to the P180 billion borrowing plan for

September.

The government intends to auction P15 billion-worth of Treasury bills (T-Bills) and P90 billion-worth

of Treasury bonds (T-Bonds) next month.

Based on the data, the government will issue P5 billion each of the 91-day, 182-day, and 364-day T-Bills on October 4, 11, 18, and 25.

As for the T-Bonds, the BTr said it will issue P30 billion each of 5-year, 7-year, and 10-year bonds on October 12, 19, and 26, respectively.

The decline in the borrowing plan stemmed from the reduction of the T-Bond offerings. The government plans to float T-bonds thrice next month instead of the usual four times per month.

Deloitte acquires PHL financial advisor

DELOITTE Touche Tohmatsu Ltd. expects its acquisition of Philippine-based financial advisory firm Primeiro Partners Inc. (Primeiro) would stamp its leadership in the end-to-end mergers and acquisitions (M&A), restructuring and financing space, both in the country and in the wider Southeast Asia region.

The global professional services group didn’t disclose the amount of acquisition.

A statement issued by Deloitte read that its Southeast Asia CEO Eugene Ho believes Primeiro and Founder and Managing Partner Stephen Sieh “will enable Deloitte to have an advantageous position in the aggressively growing Philippine market.”

“The Philippines is a very important market in our plans to scale up our practice across Southeast Asia,” Ho was quoted in the statement as saying. He added he believes that Sieh’s and his team’s “expertise in advising clients in their most critical decisions, and their keen understanding of industry dynamics and the macroeconomic environment will enhance our already strong capa-

bility and give us an innovative edge to the way we go to market.”

Deloitte said Sieh would head the financial advisory practice of Navarro Amper & Co. (Deloitte’s Philippine office).

“It is clear that Primeiro’s strengths and expertise complement Deloitte’s broad range of services, thought leadership, and global presence and network,” Sieh was quoted in the statement as saying. He added he looks forward “to working together to shape a comprehensive and unparalleled approach to the marketplace, anchored by our people focused on providing our clients with the highest levels of execution, ensuring successful outcomes, enhanced reputations and longstanding business relationships.”

Sieh considers Southeast Asia as “the world’s fastest growing economic region.”

“And there is an immense amount of opportunity for corporations and investors to create value,” he added.

“With increased demand for expansion and innovation, clients’ need for a trusted, end-to-end advisor to help explore and execute critical strategic, financial, and operational

imperatives are rapidly increasing.”

Deloitte expressed optimism “about what their new Philippine partner can bring to the table.”

“Primeiro’s exceptional reputation as an independent advisor will complement and extend our existing practice locally and regionally,” Jiak

See Ng, Deloitte Asia Pacific Financial Advisory Leader, was quoted in the statement as saying. Ng added that “there is strong respect in the market” for Sieh and the Primeiro team, “which has had an impressive record over the years.”

Ng, however, didn’t provide details of this record.

“This high regard will continue with Deloitte and will underpin the next phase of the team’s growth, while retaining the agility, vibrancy and esprit de corps for which they are known,” Ng added.

Sieh said he considers the acquisition as “hugely driven by our united commitment to help bring transformative advancement and growth to the Philippines and Southeast Asia.”

Since 2012, Primeiro now has a track record of originating and advising on over 40 transactions, according to Deloitte.

BPI to boost warchest thru ₧5-B bonds issue

THE Bank of the Philippine Islands (BPI) will be issuing P5 billion worth of bonds to boost its capital-raising activities.

In a statement issued last Tuesday, BPI said it intends to offer and issue the Peso Fixed-Rate Bonds set to mature in 2025. The offer has an option to upsize, as the second tranche of its P100-billion bond program was approved by its Board of Directors on May 18, 2022.

The bonds will have a tenor of one and 1.5 years. The debt papers will be offered at a minimum investment amount of P1 million, and in additional increments of P100,000.

“The net proceeds of the offer will be used for general corporate purposes, including funding source diversification,” BPI said.

BPI said the offer period, which commenced last October 17, will end on November 3. The Bonds are expected to be issued and listed with the Philippine Dealing and Exchange Corp. on November 10.

BPI Capital Corp. (BPI Capital) and ING Bank NV-Manila Branch (ING) are the joint lead arrangers and selling agents of the offer.

The lender said it and the joint lead arrangers have the right to update the offer terms and the pe-

PNB awarded on SSS's 66th anniversary

THE Social Security System (SSS) announced that it gave Philippine National Bank (PSE: PNB) two awards—”Best Collection Partner” for the Overseas Bank category and “Best Disbursement Partner” for the Universal Bank category—during the “Balikat ng Bayan” (nation’s partner) Awards (BBA) 2023 held last September 8 at the SSS Main Office in Quezon City.

According to the lender, the BBA is an annual event celebrating the anniversary of SSS, which is in its 66th year as of date. “Awardees are honored for their adherence to the Social Security Law’s requirements for benefit coverage and distribution, accuracy and promptness in reporting to SSS and participation in SSS programs” a statement from PNB read.

“It is an honor for PNB to be recognized by the Social Security System,” PNB Executive Vice-President and Head of Global Banking and Markets Sector Roberto D. Baltazar was quoted in the statement as saying. “PNB values the 66 years of partnership with SSS and it is our thrust to deliver improved experience and efficiency to Filipino workers not only within the country but also

for PNB. Photo courtesy PhiliPP ne national Bank

around the globe.” According to PNB, the “Best Disbursement Partner” award is given to PESONET-member financial institutions that have the highest number of transactions and highest amount of disbursements to pensioners, employers, and individual accounts. It added that the “Best Collection Partner” distinction is given to

riods and dates prescribed above, as deemed appropriate and with due notice.

Last January, BPI issued the “Reinforcing Inclusive Support for MSMEs” bonds that bore an interest rate of 5.75 percent per annum and paid quarterly.

Applications to purchase these bonds will have a minimum investment amount of P1 million and additional increments of P100,000.

The bonds will allow investors the opportunity to support MSMEs, which the bank sees as significant contributors to the Philippine economy. Cai U. Ordinario

Earlier, the BTr said the Marcos Jr. administration failed to borrow the full P225 billion from the domestic market this month as investors’ asking yields across tenders have been unfavorable for the national government. (See https://businessmirror.com. ph/2023/09/28/ng-fails-toraise-programmed-borrowingsfor-september-as-investorssought-high-yields/)

BTr data showed that the state was only able to borrow nearly 80 percent of its programmed amount for August or about P179.165 billion.

Treasury data showed that 61.52

percent of the money borrowed were from the auction of T-bonds with a total amount of P110.235 billion.

The Treasury was only able to award 73.49 percent of its P150 billion programmed amount for Tbonds tender.

For the whole year, the national government plans to borrow P2.207 trillion with a 75:25 mix in favor of domestic sources.

About P1.653 billion of this year’s programmed borrowings would come from domestic sources, bulk of which being T-bonds at P1.599 billion followed by Treasury bills at P54.050 billion.

Neuroscience and associations

WHEN Ben Ampil, a Filipino neuroscience coach, told me he will conduct a neuroscience webinar for my organization, the Philippine Council of Associations and Association Executives (PCAAE), I was taken aback. Why will associations and association leaders be interested in neuroscience? I accepted his offer with an open mind and was pleasantly surprised of the webinar content and praise from the attendees.

If you Google neuroscience, the simplest definition you will get is that it focuses on the brain and its impact on behavior and cognitive functions. Ben has an easier-to-remember definition, which he nicknamed “Batman”—Brain Acts and Thinks so as to MANage behaviors.

Associations can benefit significantly from applying principles and findings from neuroscience to enhance member engagement, optimize learning experiences, and improve overall effectiveness.

1. Understanding the brain’s learning processes. Neuroscience has revealed essential information about how the brain processes and retains information. Associations can leverage this knowledge to design more effective educational programs and training initiatives. For instance, incorporating spaced repetition, active learning techniques, and real-world application of knowledge can improve the retention and application of information among members.

2. Emotional engagement and connection. The brain is highly responsive to emotional stimuli, and emotions play a significant role in decision-making and memory formation. Associations can use this knowledge to cultivate emotional engagement and connection among their members. Creating meaningful experiences that evoke positive emotions, fostering a sense of belonging and community, and recognizing individual achievements can all enhance emotional engagement within the association. Emotional connections lead to increased member loyalty and motivation to actively participate in association activities.

3. Effective communication strategies. Neuroscience sheds light on the importance of effective communication strategies. The brain processes information more efficiently when it is presented in a clear, concise, and visually appealing

manner. Associations can use this insight to improve their communication materials, ensuring that key messages are delivered in an engaging and memorable way. Additionally, understanding the brain’s inclination towards storytelling can help associations communicate their mission and impact more effectively. Narratives that evoke emotions and present real-life examples of success can resonate with members and stakeholders, inspiring them to support the association’s goals.

4. Motivation and incentives. Neuroscience has provided valuable insights into the brain’s reward and motivation systems. Associations can use this knowledge to design incentive programs that encourage desired behaviors among members. Offering rewards or recognition for active participation, contributions, and achievements can boost engagement and drive positive actions within the association.

5. Stress and well-being. Neuroscience research highlights the impact of stress on cognitive function and overall well-being. Associations can take this into account when designing events and programs, ensuring that members have access to resources and support for managing stress and maintaining well-being.

By embracing the lessons from neuroscience, associations can unlock their full potential in serving their members, driving positive change, and making a lasting impact within their communities. As neuroscience continues to advance, associations have an exciting opportunity to integrate cutting-edge research and innovation into their practices, ensuring continued relevance and effectiveness in the years to come.

Octavio Peralta is currently the executive director of the Global Compact Network Philippines and founder and volunteer CEO of the Philippine Council of Associations and Association Executives, the “association of associations.” PCAAE will hold its 11th Associations Summit at the PICC on December 6, 2023. E-mail: bobby@pcaae.org.

CIS Bayad Center, Tala Financing ink agreement to boost mobile services

By Rizal Raoul S. Reyes @brownindio

FINANCIAL technology (fintech) companies CIS Bayad Center Inc. (Bayad) and Tala Financing Philippines Inc. (Tala) officially sealed last Tuesday a partnership the firms expect would further enhance their respective mobile services in the country.

Since 2017, Tala has been providing financial tools that help its customers manage their household expenses and help them navigate opportunities to invest in small businesses. Tala has recently reached one million wallet users on its mobile application since its official launch earlier this year.

“We continue to strengthen our digital footprint by co-creating payment innovations with forwardthinking fintech institutions like Tala,” Bayad President and CEO Lawrence Y. Ferrer said. “We are one with Tala as we help boost the financial well-being of our kababayans [compatriots].”

Ferrer added the firm is keen “on expanding our biller ecosystem as we bring our one-stop bills payment solution in the Tala app.”

“With this, Tala will also soon be able to accept payments for other electric and water utilities, telecommunications, cable, internet, insurance, online shopping, and many others,” the CIS Bayad Center executive said.

two financial institutions that are consistently among the top with the highest collections, biggest volume of transactions and widest coverage.

Instituted in 1995, the SSS’s BBA acknowledges the valuable contributions of individuals and organizations in helping SSS deliver quality service and programs to its members, the PNB’s statement read.

Through its partnership with Bayad, Tala now enables Meralco bill payments in its mobile application, while also offering quick and easy ways to pay loans, allowing its customers to settle their bills on time.

Tala Chief Business Officer Jori Pearsall said its customers can now pay their bills in real time using their credit of up to P25,000 all within the Tala app. With its flexible credit terms, Pearsall said customers have the freedom to choose when to repay within 61 days, aligning with their respective income cycles.

“We believe everyone deserves access to financial services, regardless of their background or circumstances,” Pearsall was quoted in a statement as saying. “As the Philippines is Tala’s innovation hub, and its largest market in Asia, we view this collaboration with Bayad as part of our ongoing commitment to financial inclusion as we step up to help revive our economy.”

Ferrer said CIS Bayad Center is still looking for more partners to enable more Filipinos to access their services such as end-to-end support services for efficient payment and collection processing.

THE national government has decided to scale down its borrowing plan for October, according to data released by the Bureau of the Treasury (BTr).

Just two in 10 employees have work ‘best friend’

BY LEANNE ITALIE The Associated Press

NEW YORK—Crystal Powers began a new job remotely in February 2022 as a medical records supervisor. She has yet to meet two of the five people who report to her in person and has found it challenging to bond with her fellow managers online.

“I was used to that face-to-face of going into people’s cubicles and talking with them one-onone. It just doesn’t translate as well to a remote environment,” said the 42-year-old Powers, who lives in Madison, Wisconsin.

Just two in 10 adult US employees say they definitely have a “best friend” at work, according to a quarterly Gallup survey done in June 2022. The percentage under age 35 dropped by 3 points when compared to pre-pandemic 2019, to 21 percent from 24 percent, said Gallup workplace and well-being researcher Jim Harter. There was no such change for workers 35 and up, he said.

Having a best friend at work has become even more important since the dramatic rise in remote and hybrid employment, Harter said.

“We’re seeing in the data that younger people in general are feeling more disconnected from their workplaces,” he said. “You can attribute some of that potentially to remote work. If they’re less connected to their workplace, they have fewer opportunities to connect with other colleagues and to develop those kinds of friendships that they might have had in the past.”

For many employees during the pandemic, particularly parents, educators and frontline workers, such friendships offered social and emotional support at a critical time, Gallup said. They also benefited employers. Gallup found a strong link between workers with best friends on the job and profitability, safety, inventory control and retention.

Employees who have a bestie at work are significantly more likely to engage customers and internal partners, get more done in less time, support a safe workplace with fewer accidents, and innovate and share ideas, according to the research.

Karen Piatt started a new job with a medical relief nonprofit just a few weeks into the pandemic lockdowns of 2020. She did all of her interviewing for the post online and works remotely full time.

“It’s the first time in my 25-year career that I was hired for a job without meeting the hiring manager in person,” said the 52-year-old Piatt, who lives just outside Seattle. “It was nearly two years until I met my colleagues face-to-face.”

When she finally did, at a retreat last year, “it was really special,” she said. “We hugged and talked as if we had known each other for years. In fact, we had.”

Best friends on the job are just one piece of the puzzle when it comes to workers’ well-being and added value to employers, Harter said. Without strong positive feelings for an employer, “You can have friendships at work that are likely to be dysfunctional and probably turn into gripe sessions.”

Powers said her team is mostly nearing retirement age. One is younger than she is. She is the only manager hired since the pandemic who is handling a full-time remote staff. Team building has been challenging.

“They’re not super-interested in doing icebreakertype stuff or things like trivia get-togethers,” she said. Most of her staff live about 45 minutes away from the office and were commuting in before the pandemic. Powers knows her team has casual, digital get-togethers without her. She does biweekly checkins with each.

“It’s been more challenging than it has been in past positions to get buy-ins on things and earn the trust in me as a supervisor, because they still don’t really know me,” she said.

Yet Powers likes working remotely.

“I’m hopeful that over time we’ll come up with

HOROSCOPE

Eugenia

CELEBRITIES BORN ON THIS

DAY: Halsey, 29; Kevin Durant, 35; Roger Bart, 61; Bryant Gumbel, 75.

HAPPY BIRTHDAY: Pay it forward.

Give what you no longer use to someone who’s in need. Declutter, and embrace the freedom that letting go can offer. Pay attention to your needs and live life your way. Put a cap on spending, and discover the joy of doing things that aren’t costly. Taking a walk with someone you love, embracing nature or spending downtime with people who stimulate your mind will ease stress. Your numbers are 6, 14, 21, 25, 33, 37, 42.

ARIES (March 21-April 19): Energy is mounting and needs positive directing to avoid a clash. Compatibility is necessary if you want to get things done on time. Refuse to let persuasive people interfere with doing what’s right and best for ★★★

TAURUS (April 20-May 20): Focus on pastimes that make you think and inspire you to direct your talent toward something desirable. Bring about change that gives you more control over your life and time management. Use your intelligence to outmaneuver anyone who gets in your ★★★

GEMINI (May 21-June 20): Don’t let a smooth talker lead you astray. Trust your instincts, look at the facts and resist temptation. Fix up your space to serve your needs and simplify your life. Make self-improvement a priority and kindness your calling ★★★★

CANCER (June 21-July 22): Be smart, assess situations and choose a practical route that offers stability and less stress. Say no to people offering drama, chaos and temptation. Claim your spot and stick to what makes you happy. Surround yourself with supportive people. ★★

LEO (July 23-Aug. 22): Do your own thing. If you follow someone else, you won’t have control over your destiny. Use your experience to filter through what’s best for you, and set your sights on something that makes you feel good about yourself and your accomplishments. ★★★★★

strategies to better engage both with our colleagues and with our subordinates to make it successful,” she said.

Henry Crabtree, 26, in London, said that when you have work friends, “You’re not only working with each other but for each other.”

He was hired in December 2021 onto a small marketing team for a software company that has workers around the globe.

“Seeing each other outside work, especially when colleagues are over from other countries, really helps forge these friendships,” he said.

Harter draws a distinction between levels of trust among work besties and more casual work friends.

“It’s a lot more difficult to establish close kinds of relationships when you’re more distant,” he said.

Johnny C. Taylor Jr., president and CEO of the Society for Human Resource Management, cites many benefits to work friends from all standpoints. Worker retention is on the top of his list.

“Secondly, what we found is it fosters workplace harmony. I’m not talking about sexual relationships.

SEE

CDC, locators donate medical devices to Metro Clark residents

THE Clark Development Corp. (CDC), in collaboration with various Clark locators, recently provided essential assistive and medical devices to residents in the Metro Clark area. A total of 83 assistive and medical equipment items were distributed recently during the event held at the Clark Skills and Training Center Auditorium under the theme “Wheelchair at Saklay Kaagapay sa Bagong Buhay.” Beneficiaries from Angeles City, Capas, Tarlac, and Candaba,

Pampanga, received these devices.

The initiative, led by the External Affairs Department under Assistant Vice President Rommel Narciso, aims to assist underprivileged individuals who require mobility aids like wheelchairs, canes, crutches and various medical devices, in line with the Magna Carta for Disabled Persons (RA 10524). The donated items included wheelchairs, sphygmomanometers, nebulizers, oxygen

tanks and crutches. CDC’s CSR initiative extends beyond the provision of medical devices; it is dedicated to empowering recipients by facilitating their access to job opportunities within Clark, in alignment with locators’ commitment to integrating Persons with Disabilities (PWDs) into their workforce. Several locators participated in this initiative, including Hilton Clark Sun Valley, Asurion, ICS- Integrated Computer Inc., iQor Philippines Inc., DH Philippines

Electrical Corp., TRS Phils. Corp., The Medical City-Clark, and Amertron Inc. CDC remains committed to spearheading various initiatives including those related to health, education, livelihood, partnerships and special projects. Through these efforts, the organization and its partners are working together to build a future based on compassion, empowerment and inclusive development.

VIRGO (Aug. 23-Sept. 22): Examine how you earn and handle money. Don’t let your emotions interfere with spending and investing. An encounter will impact how you think and live. Consider your options and make plans to improve your domestic situation. ★★★

LIBRA (Sept. 23-Oct. 22): Take everything around you in stride. Be observant, and don’t feel you have to jump on someone else’s bandwagon. Pay attention to personal growth, longterm goals and saving for the future. ★★★

SCORPIO (Oct. 23-Nov. 21): Get in the game, have fun, expand your mind and show how passionate you are about life, love and being true to yourself. Set high standards and look for unique solutions to problems, and the success and happiness you desire will be yours. ★★★

SAGITTARIUS (Nov. 22-Dec. 21): Don’t get trapped in a verbal battle with someone trying to take advantage of you. Walk away and put your energy into something that matters to you. Hone your skills, keep up with the times and make success your revenge. Do your own thing. ★★★★★

CAPRICORN (Dec. 22-Jan. 19): Refuse to let emotional issues interfere with your plans. Take care of business and make personal improvements that set your mind at ease and attract the people you want to have in your life. Interact and make a difference, and satisfaction will be yours. ★★

AQUARIUS (Jan. 20-Feb. 18): Refuse to get tangled up in someone else’s dilemma. Pay attention to money matters, how you live and the goals you set. Take control of partnerships and lay down fair ground rules that protect you and those you want by your side. ★★★★

PISCES (Feb. 19-March 20): You can go the distance if you stay focused on what’s important to you. Adding structure to your life where handling money is concerned will help you obtain the security you need to feel at ease about the lifestyle you desire. ★★★

BIRTHDAY BABY:

You are sensitive, impatient and responsive. You are inspiring and fashionable.

‘change your tune’ BY ELLA DERSHOWITZ

• Edited by David Steinberg/Anna Gundlach/Jared Goudsmit

Show BusinessMirror

Great films and other flames in our midst

The artist must create a spark before he can make a fire and before art is born, the artist must be ready to be consumed by the fire of his own creation.

—Auguste Rodin

THERE is a short film I had the opportunity to view and it has that ever-consuming element—fire. It is there in its Hiligaynon title, Ang Kalayo sa Gintung-an (officially translated A Flame in Our Midst); it is there as well in what the film by way of its narrative speaks—the flame in us that will kill the king who enslaves us. In this wondrously dense film of Elvert Bañares, there is a king and there’s us, “mere blank spaces,” a water placid despite the presence of a floating figure, and a flame that recurs over and over again—on mountains, on the calm stream, in the heart of a man who devours our heart. There is also the screen that turns dark and brilliant, a universe that is either exploding or imploding. Who knows what happens next in this fantasy world conjured by Bañares, whose fantasy functions because it is about the social facts. No assurance is given at all except that nothing is certain.

The filmmaker has sent in a synopsis: “Elhanan, a sighted and discerning slave, gets enraged by the evil occurrences in the shadowy kingdom of Dumalángto. He awaits the right moment when he can get hold of the tattooed winged horse to attack the one-eyed king and fuel the flames of the masses to rebel against the dominion.”

As one begins to get assaulted by the images and sensation they bring with them, it becomes apparent what this short film is all about—a meta incursion into the origins of oppression, religion, and the freedom one derives from not having institutionalized faith.

All of these notions do not remain ponderous, for the filmmaker has produced not ideas but forms and phantasms. The quotidian is subverted as lamina after lamina of shadows and light refract beings and processes: from the belly of a man shoots up a flame, but that fire seems to flare from the water. The king brings to his mouth his bloody hand; giant horses appear on the horizon. A man whose stolid face opens this film becomes the figure on whose back grows wings; he gallops as he finds the horse that will let him fly. And flight means seeing, for blindness is to believe in this cruel god.

The visualization of the filmmaker references old books and old religions. The apocalypse is represented with the horseman giving the death blow to the king. The burning bush becomes the disguise of this king in as much as the dictator imbues himself with the sacrality of a throne given to him by destiny. At the end of the film, we listen to a familiar prayer: “In the name of...” In the name of our ancestors. In the name of wise men and women who were beheaded—a harking back to the many Ages of Man, when

Sophia Loren after leg-fracture surgery:

ROME—Sophia Loren is expressing gratitude for all the affection she received following surgery needed after the film star fractured a hip and thigh bone in a bathroom fall, her agent said on Tuesday.

Andrea Giusti quoted the actress, who is 89, as saying: “I thank everyone for the closeness and affection that they are showing me. I am better, just have to do rehabilitation and give myself a period of rest.”

Loren had the surgery for the fractures on Sunday, the same day she fell in her villa near Lake Geneva.

The movie legend has lived in Switzerland for decades. Earlier this month, she appeared, looking radiant, with Italian designer Giorgio Armani in Venice at a fashion show. AP

intelligence was demonized and the development of science paralleled witchcraft. The prayer goes on: the name of the newborn who were buried before they saw the light of day of the oppressed—the prayer has become a protest. the subtitle and the sound that emanates from the one who reads them, then it is the null and the void, from which springs a tension between creation and destruction. What we sense all throughout in this piece are the enunciations of the narrator and the photographic technologies employed such as long exposures, distortions and multiple exposure, multiple reflection in one frame, superimpositions, etc. Already the film has won awards in film festivals abroad. It won Best Experimental Short Film in the 10th FICLAPAZ—La Paz International Film Festival (Plurinational State of Bolivia). It also was recognized for Best Editing in the 2nd Brazil New Visions Film Festival (Brazil). The film so far has garnered two nominations, for Best Score, 2nd Brazil New Visions Film Festival (Brazil) and as Best International Fantastic Short Film in the 7th BCN Fantastic Film Festival (Spain).

It is good to note that this short film was completed during the global lockdown brought about by the Covid-19 epidemic. According to the directorial notes on the film, A Flame in Our Midst was “created during the pandemic lockdowns and released in 2023. “ He described the film as “this dark fantasy film collage”

HARDWORKING STARLET

THE male starlet is well-loved in his home network because he is hardworking and a devoted and loyal son. Even his girlfriend’s mom is kind to him. The starlet was born to a poor family and he really struggled when he came to Manila to try his luck in show business. There was a time when he barely had anything. Even eating was a problem and he had to make do with very very cheap food that can’t even be called meals. His co-stars would even make fun of his non-branded clothes. The starlet’s priority is to help his family and he’s done that with whatever little he has. He isn’t a big star yet but he does get some projects that help him save money and send some to his family in the province.

MAKING A SCENE

WHILE it is true that the powerful person made a scene at a recent party, it is not true that he was very abusive toward another guest. The powerful person is someone who’s known to be a war freak when he is drunk. Everybody, including his

uprisings and all forms of rebellion. While pandemics

HOST Dingdong Dantes

Feud’ returns to GMA with new season this October

akong tao pero kapag nasa Family Feud stage ako, ito ’yung space ko na maging maingay at magulo. It’s also very therapeutic for me kasi in a way, hosting is also a performance. Nai-enjoy ko itong ginagawa ko because kakaiba ang energy na nakukuha ko sa contestants. I always look forward to Family Feud days sa isang linggo.”

achievement, with percussive sounds inducing anxious anticipation. The musical score and the theme song is by Kabuwanan (JJ Muniz’s moniker when he composes and performs), recalling Led Zeppelin’s plaintive pieces and the popularized Gregorian chant. A Flame in Our Midst has been invited to some 12 festivals dedicated to the fantastic and the horror genre. This includes 7th Panama Horror Film Festival (Panama); 21st Asheville Fringe Arts Festival (USA); 14th Montevideo Fantástico (Uruguay); 15th International Documentary & Short Film Festival Kerala (India); the 9th Festival Internacional de Cine en las Montañas (Colombia); the 19th Festival Transterritorial De Cine Underground, Argentina, and many others. n

wife, knows that. During the party, it was noted that the wife ignored her husband while he was making a scene. It’s not that she’s indifferent. She knows that if she tries to stop her husband, he would turn on her so she just let him be. During the party, the husband trying to pick a fight with another guest, who completely ignored him. So the scene didn’t become a big deal. Rumors saying otherwise are just idle talk.

NOT PERFECT

TO the public eye, the actress-host and her husband have the perfect marriage but nothing could be further than the truth. The husband has cheated on the actress several times, even before they were married, but she has turned a blind eye to his infidelities because she’s so in love with him. There was a time when he had a mistress that he kept in rented townhouse. But that’s over now. He’s said to be flirting with another girl, someone who’s way younger than him. The husband, who’s also a celebrity, is known for his preference for younger girls.

STAGE MAMA

WHO is the stage mother who is fuming because her daughter’s rival has been given a title? She believes that the title belongs to her daughter. The stage mother has been badgering her daughter’s management team about this. It’s not the other actress’ fault that her drama is a big hit. The stage mothers daughter has been given a number of breaks. She seems to be the management’s favorite because they believe that she’s classier than her rival. However, none of her projects has been successful. She has actually gotten better projects then her rival. The stage mother’s daughter is a actually a nice girl and seems genuinely embarrassed when her mom makes a scene.

Aside from his dynamic interaction with the players and the audience, Dingdong highlighth is favorite aspect of the show: “Kaya siya special because we really give value sa charity component. Kung bibilangin natin ’yung P20,000 a day na nado-donate ng winning groups sa foundations, talagang isang mahalagang aspeto ’yun ng buong program. That’s why every episode is unforgettable for me.”  Family Feud will now feature special episodes with kids as contestants—a first in the history of the world’s favorite family competition. Celebrity kids aged seven to 12 years old will have fun guessing the top answers to various survey questions answered by 100 children of the same age.

Moreover, the new season gives viewers the chance to become studio contestants. There will be episodes where teams of Filipino workers and professionals compete for a chance to win the coveted cash prize. Stay tuned as the audition mechanics will be released soon. Even the studio audience will have a chance to answer survey questions for fun in their interaction with Dingdong.

Catch the new season of Family Feud this October 2, and the show airs Mondays to Fridays at 5:40 pm on GMA Network (www.gmanetwork.com). Global Pinoys can also catch the program via GMA Pinoy TV.

Best friend...

Continued from B4

When you’re at work, we have an interest in ensuring that ‘family’ life is calm, peaceful and doesn’t have drama. So from an employee relations standpoint, when I get heated and upset about something, that person sitting next to me who’s my bestie can say, ‘Johnny, chill out.’”

He, too, draws a distinction between close friendships and more distant ones at work.

“If there’s a disagreement between besties, time will usually heal,” Taylor said. “That’s not always true for other friendships.”

Gallup found that workers sometimes “need the OK” from leaders to develop close friendships on the job. Taylor agrees.

More companies, he said, are actively encouraging friendships. His organization, with nearly 500 employees around the world, is one of a growing number of employers that buy lunches for people who invite somebody they’re not close with to a meal as a way to foster new ties.

“From a diversity, equity and inclusion standpoint, we’re trying to get people together who have different sets of experiences, lived experiences, backgrounds, etc.,” Taylor said.

“The idea is, you go to lunch with a stranger and make them a friend.” n

‘Thanks for all the affection, I’m better,’ just need rest

‘Family

Newport World Resorts’ Hakan Dagtas inducted into industry hall of honor

RENOWNED industry leaders from across the Asia-Pacific region gathered at the country’s premier lifestyle and entertainment destination for the inaugural IAG Academy Summit. Founded by Inside Asian Gaming, the IAG Academy advances professionalism and education within the land-based Integrated Resort (IR) industry. The multi-day summit held at Newport World Resorts culminated with the IAG Academy IR Awards to honor the region’s key players for their excellence and contributions on September 13, 2023

The night ended with Newport World Resorts Chief Operating Officer Hakan Dagtas being inducted into the Hall of Honors as an Industry Icon. Dagtas, a true leader in the Philippines’ IR landscape, joined the distinguished roster of honorees for his legacy as an accomplished IR professional with over 30 years of experience in both land-based and cruise-line industries. During his tenure, Newport World Resorts’ portfolio grew from a single

structure gaming complex to a fully integrated leisure destination.

During a panel that brought together representatives of various IR operators from all over Asia to discuss the state of the industry, Hakan spoke of the importance of innovation for longevity, “The name of the game is innovation. Constantly elevating offers and innovating services to bring the customers to you and build

Dermclinic Megamall: Bigger, Better and Fuller

loyalty to sustain growth.”

This new accolade added to Newport World Resorts’ roster of industry awards and recognitions shine a global spotlight on the brand as it celebrates 14 successful years in the industry. This milestone anniversary also marks one year since it opened up a newer and bigger world of epic experiences as it transitioned towards a new brand.

Celebrating 35 Years of Transformation with Aboitiz Foundation

IT’S the 35th anniversary of Aboitiz Foundation’s work in co-creating resilient, empowered, and sustainable communities. In the Aboitiz Group’s journey to become the Philippines’ first techglomerate, Aboitiz Foundation represents what lies at the heart of this Great Transformation: People. The Foundation optimizes the synergies of Aboitiz business units and its partners nationwide to create more value for its beneficiaries, its communities, and the environment.

The Group’s commitment to corporate citizenship traces back to over a century ago when its founder, Don Ramon Aboitiz, began his corporate philanthropy efforts to better the welfare of his employees.

Founded in 1988, Aboitiz Foundation has evolved beyond traditional charity,

harnessing innovation to drive change and shape the future of underserved communities. With investments totaling more than P5 billion, Aboitiz Foundation has partnered with some 600,000 individuals and institutional partners and implemented over 5,000 corporate social responsibility (CSR) projects.

Over the years, Aboitiz Foundation has provided resources, facilities, and scholarships to Filipino students and young professionals, especially those in remote areas who have less access. The Foundation made a US$10 million donation to the Asian Institute of Management (AIM) for the Aboitiz School of Innovation, Technology & Entrepreneurship (ASITE) to help address the demand for talent in data science in the country through worldclass teaching and research.

The Foundation is also onboarding partners to scale Aurora PH, a project that aims to provide access to electricity, internet connectivity, and digital tools to accelerate the learning of students in last-mile schools. Focusing on STEM (science, technology, engineering, and mathematics) and entrepreneurial fields, the Foundation’s aims aim to empower the nation’s future leaders with opportunities to drive change for the generations to come.

In an ever-changing economic landscape, Aboitiz Foundation adopts an agile approach in its development programs. It finds ways to leverage technology to upskill Filipinos so they can excel in the digital economy. In 2022, over 6,000 beneficiaries, including MSMEs and cooperatives, received support and training through the foundation’s programs. Byaheng Digiskarte equips MSMEs and microentrepreneurs with the digital tools and skills they need to successfully grow their businesses.

Similarly, the Elevate AIDA (Artificial Intelligence and Data Annotation) program provides data annotation and other technical training for homemakers and mothers that will enable them to earn a living while taking care of their families. With these new capabilities, more and more Filipinos can shape the future for themselves and their communities.

Since its inception, the Aboitiz Foundation has been committed to protect the environment. The Foundation has invested in sites such as the Aboitiz Cleanergy Park, which serves as a sanctuary for endangered wildlife, built entirely of recycled materials. Last year, Cleanergy Park released some 8,000 hawksbill turtle hatchlings and planted more than 19,000 mangroves. A-Park is another nationwide project towards reforestation and nature-based carbon capture solutions. The Foundation also works with various government, academic, and non-profit partners to implement systems that will develop more climate-resilient, climate-smart communities.

This journey over the years has been guided by an emphasis on the “S” in ESG, in which Aboitiz Foundation takes a people-centric approach and pairs with technology-driven solutions to drive positive change. As Aboitiz Foundation forges ahead, it carries a renewed commitment to expand flagship programs, foster global collaborations, and harness innovation to continue transforming — all in its unwavering mission to shape a brighter future for its communities, and for the nation.

THE Dermclinic SM Megamall branch has been successfully renovated and is now donning a new look and feel. With dominant streaks of bright pink, the clinic houses complete amenities for patients with skin and hair concerns. Dermclinic is known for having highly skilled and well-trained dermatologists at all times, giving every customer the guarantee that every treatment is being handled with utmost professionalism and expertise.

Since 1971, Dermclinic has been providing their very own holistic skin and hair treatments that have been developed by their team of dermatologists, as led by their founder, Dr. Vinson B. Pineda. After 50 years in the industry, the company is now being led by his children, Dr. Angela D. Pineda and Arnold D Pineda. Equipped with years of mentoring and corporate training under their father, and with a Masters Degree in Business Administration, they are eager to take the company towards greater heights.

“My brother (Arnold Pineda) and I wanted to mark our 51st year by giving back, because we’ve received a lot of support and blessing, even back then from my dad’s clients. Now it’s the time to celebrate goodness. We want to multiply the goodness

through our patients, first and foremost, and to be more present through The Good Derma. We want to reach people where they’re at.” Dr. Pineda concluded.

The renovation of the SM Megamall highlights Dermclinic as being the brand that has been loved by its loyal customers for over 50 years and also highlights The Good Derma. The Good Derma honors the legacy of their father in providing Filipinos with dermatological excellence for 50 years and aims to increase the capacity to reach more and more Filipinos across multiple generations in different regions of the world.

Dermclinic introduces The Good Derma in order to provide accessible, well-researched, innovative and sustainable skin and hair care products for you. Right inside the clinic is a specialized pharmacy area with a complete line-up of skin and hair products making every visit a time saving one. No need to go to the drugstore since its very own pharmacy has been made available to customers after consultation or treatment.

You may call 0917-5906167 for appointments and consultations. Dermclinic SM Megamall branch is located at the 5th floor, Building A, Brgy Wackwack, Mandaluyong City

THIS year sees Emirates, the world’s largest international airline, celebrating 15 years of operating the Airbus A380. Operating to 50 destinations* worldwide, Emirates is the largest carrier of this iconic aircraft, with a total of 116 of the aircraft in its fleet.

To celebrate 15 years of the Emirates A380, below are 15 fun facts about the remarkable aircraft that you may not know:

Making History: When the A380 first began flying in 2008 many airports had to overhaul their runways and air bridge to accommodate, as the aircraft can weigh up to 575 tons, equivalent to two and a half times the weight of New York’s Statue of Liberty.

Largest Ever Capacity: With space for as many as 615 passengers in a two-class configuration, the A380 is the largest passenger aircraft ever made, with over 550 square meters of usable floor space across two full-length decks. There up to 24 Emirates crew on every A380 flight Widebody Wings: The A380’s wingspan is a whopping 79.8 metres – which is as wide as 32 double-decker buses or an Olympic size swimming pool.

First Class Luxury: The A380 also offers some of the world’s best in-flight experiences, with signature amenities in First Class such as the Shower Spa, which features Emirates Private Collection Bvlgari amenity kits.

Suite Deal: There are 14 fully-enclosed Private Suites available in the A380’s First Class, where guests can enjoy an experience that gets as close as it comes to having their own private jet. You can select your own meal and bedtimes, with fine dining at any time. A short walk away is the on-board Shower Spa, as well as the ultimate Onboard Lounge.

High-End Gastronomy: Some 1,800 chefs create more than 12,000 recipes a year to cater for Emirates’ fleet including the A380, catering for more than 43 million dine-in guests travelling on flights every year.

Tasting the Stars: Emirates is the only commercial airline in the world officially serving Moët & Chandon, Veuve Clicquot and Dom Pérignon onboard, with exclusive agreements in place until 2024. Moët Hennessy Champagnes have been available for Emirates passengers onboard for over 30 years, with First Class guests enjoying unlimited champagne and caviar during their flight.

Shortest and Longest: With a flight

duration of under two hours 50 mins each way, the shortest route on the Emirates A380 is Dubai to Jeddah. The longest Emirates A380 route meanwhile is Dubai-Auckland, with an estimated flight time of over 17 hours.

A Whole Lot of Luggage: The Emirates A380 can carry up to 20,000 kilograms in baggage allowance. The A380’s vast cargo capacity also means the aircraft carry a host of items for export including flowers, fresh meat and fish, luxury goods, and pharmaceuticals.

Entertainment for Hours: Emirates’ award-winning ice inflight entertainment system allows passengers to choose from 6,500 channels of movies, TV shows, live sports and breaking news, alongside inflight Wi-Fi. Films available on ice that were released when Emirates first launched the A380 in 2008 include The Dark Knight, Vicky Cristina Barcelona, and Mamma Mia!.

In It For The Long Haul: The A380 is one of the longest-range aircraft in the world, capable of flying distances of up to 15,000 kilometres between take-off and landing.

Towering Above: With a cruising altitude of 43,100 feet, the A380 flies at over 15 times the height of the world’s tallest freestanding building, the Burj Khalifa and over 42,000ft above The Shard. The vertical tail fin stands at an impressive 24m tall, capturing attention wherever it goes.

Superpowered: The Emirates A380 is typically powered by four Engine Alliance GP72000 engines, with the over 290,000 lb of take-off thrust across the wing providing the horsepower equivalent of around 2,600 cars at 110hp each.

Soft landing: Each wheel from the 22 that make up the A380’s full landing gear supports around 26 tonnes of weight, equivalent to just over one and a half fully loaded articulated trucks. These allow it to complete a 180-degree turn within a width of 56.6m.

Overhauling: Emirates is in the process of carrying out a US$2 billion retrofit program, fully refreshing cabins across 67 A380s to include the latest products and interiors across all cabins, including new Premium Economy seats. There is also a new livery, which was unveiled on the first A380 in March 2023. It takes over 4,000 litres of paint to cover the entire 38,000sq ft surface of the aircraft.

Filipino customers flying through Emirates’ global hub in Dubai and beyond* can experience all that the iconic Emirates A380 has to offer, from the world-class customer service to in-flight features that continue to redefine luxury air travel as we know it.

To book a flight, visit http://www. emirates.com/ph/english/.

RIGHT at the corner of Dermclinic Megamall branch is a pharmacy that contains wide array of skin and hair products readily available for its customers.

To mark 15 years of service, here are 15 facts you may not know about the Emirates Airbus A380

NEWPORT World Resorts Chief Operating Officer Hakan Dagtas (center left) inducted into the Hall of Honors as an Industry Icon at the IAG Academy IR Awards.

ABOITIZ Foundation provides scholarships and financial aid to students nationwide so they can seize opportunities for further education, employment, and entrepreneurship.

ABOITIZ Foundation’s Byaheng Digiskarte is a mentoring program that empowers MSMEs to enhance their business operations and expand their market reach through developing digital skills.

THE Aboitiz Cleanergy Park promotes biodiversity conservation, serving as a sanctuary for pawikans and dozens of rare bird species so they can thrive in a safe, secure environment.

Editor: Jun Lomibao

After worlds, Yulo returning to Tokyo to say bye to friends

By Josef Ramos

CARLOS “CALOY” YULO will fly to Tokyo after his world championships campaign in Antwerp not to resume training but to say goodbye to his friends and fellow athletes.

“

He’ll fly back there so say goodbye,” Gymnastics Association of the Philippines president Cynthia Carrion-Norton told BusinessMirror from Belgium where she’s accompanying Yulo for the world championships.

Yulo bolted his Tokyo training and cut ties with Japanese coach Munehiro Kugiyama who’s significantly responsible for honing him to two world titles and a stint in the Tokyo Olympics.

Yulo in the process forfeited his scholarship at the Teikyo University in Itabayashi where he has one year left to complete his Literature degree.

W hat many are apprehensive about though is Yulo losing his sponsors.

C arrion-Norton was quick to defend the former vault and floor exercise world champion.

As long as he’s winning, sponsors will always be there for him and it’s coming in,” CarrionNorton said. “They’re still with him like Toyota, they still support Caloy.”

“But we do not accept anything for the meantime until he’s not winning yet,” she added.

C arrion-Norton, meanwhile, said it’s Yulo and Kugiyama who parted ways.

“ Everything is okay with us [GAP] because coach Mune is still connected with us by helping our grassroots program,” Carrion-Norton said.

ALEX EALA is working doubly hard in the Asian Games and her effort is working wonders.

NONIE REYES (CANON EOS R6)

BACHMANN AIRS CONFIDENCE

skateboarding—with two silvers and 15 bronzes in the games’ 18th edition in Jakarta and Palembang five years ago.

Tops on Bachmann’s list is Ernest John “EJ” Obiena whose 6.0 meters in men’s pole vault stands as the Asian record. The world No. 2 cleared the height twice only weeks ahead of the games.

SILVER LINING FROM WUSHU

By Jun Lomibao

HANGZHOU—Arnel Mandal couldn’t solve a tough veteran from China to settle for second place in men’s sanda of wushu—an accomplishment that provided a silver lining for the Philippine campaign in the 19th Asian Games on Thursday.

M andal lost, 2-0, to China’s Jiang Haidong in the men’s 56 kgs final at the Xiaoshan Guali Sports Centre to highlight the most productive day so far for Team Philippines five days into the games that the host are surely to dominate with their insatiable desire for gold.

Do-or-die,” Mandal said. “It was a gold medal fight and I did everything I could but he was just too strong and too tough.” Sanda bouts are short—two-minute two-rounders—thus

“ But I’m still happy with this silver, who would have thought that I’ll be a silver medalist in my first Asian Games,” said the 27-year-old from Barangay Calaparan in Arevalo District, Iloilo City, who’s bound to receive a P1 million incentive for his silver from the government through the Philippine Sports Commission.

The Philippines went 0-2-5 in gold, silver and bronze medal Thursday with young tennis ace Alex Eala losing—but with a tough stand—to China’s Zheng Qinwen, 6-2, 6-7 (6), 6-3, in a women’s singles semifinal match.

Wushu’s Guideon Fred Padua and Clemente Tabugara Jr. formally claimed their bronze medals Thursday also in wushu’s sanda in men’s 60 and 65 kgs, respectively.

Padua reinjured his nose in an impressive quarterfinal win over Turkmenistan’s Agajumageldi Yazymov on Tuesday night and was advised to withdraw from a semifinal bout against

round also of wushu.

The silver medal put weight on PSC chairman Richard “Dickie” Bachmann’s confidence on Filipino athletes eventually winning gold medals in the days to come.

I’m confident that we can still surpass previous achievement of four gold medals in Jakarta in 2018.”

The Philippines won four gold medals—two in women’s golf and one each in weightlifting and skateboarding—with two silvers and 15 bronzes in the games’ 18th edition in Jakarta and Palembang five years ago.

EALA GUARANTEED OF 2ND BRONZE

ALEX EALA got a bronze medal in her first foray in the Asian Games following a 1-6, 7-6 (7-5), 3-6 defeat to top seed Zheng Qinwen of China on Thursday.

RICHARD

B achmann also said boxing could deliver.

on his list and the other weightlifters Vanessa Sarno, Rosegie Ramos and Elreen Ando.

You still have your weightlifting. Hopefully, they can add,” said Bachmann, whose been making the rounds of the venues to boost the morale of Filipino athletes with his executive director Paulo Tatad.

HANGZHOU—Philippine Sports Commission (PSC)

chairman Richard “Dickie”

Bachmann is hopeful and confident that the country’s first gold medal in the 19th Asian Games would come sooner or later.

I’m still hoping,” Bachmann told Filipino reporters covering the Asian Games that are into its fifth day since the opening ceremony last Saturday. “I’m confident that we can still surpass previous achievement of four gold medals in Jakarta in 2018.”

T he Philippines won four gold medals—two in women’s golf and one each in weightlifting and

Petecio starts Asiad campaign

HANGZHOU—Nesthy Petecio climbs the ring Friday in her first bout in the 19th Asian Games where she’s not only after a gold medal but a return trip to the Olympics.

Petecio, 32, fights women’s 57 kgs top seed Lin Yu Ting of Chinese Taipei who she beat at the Tokyo Olympics on her way to a silver medal two years ago.

It will be a clash of favored boxers in the division at the Hangzhou Gymnasium with the winner advancing to the quarterfinals.

We’ll know who’s the better boxer here,” said national coach Ronald Chavez of the highly-anticipated bout.

Petecio edged the Taiwanese, 3-2, in the round of 16 in Tokyo to pave her way to the final where she eventually lost to gold medalist Sena Irie of Japan.

But the Asian Games are an entirely new episode for the two protagonists—

Lin already owns an Asian Games bronze from the 2018 edition at 51 kg while Petecio is a former world champion who has yet to rule in the Asiad.

It’s always in the quarterfinals,” said Petecio, who couldn’t advance further than the last eight in Jakarta 2018 Incheon 2014. “So this is a big challenge for me.”

The Asian Games boxing competitions are qualifiers to the 2024 Olympics but only the gold and silver medalists will reach Paris.

Heavyweight John Marvin was the latest Filipino fighter to advance after scoring a Referee Stopped Contest (RSC) victory against Rabin of Nepal late Wednesday night.

He joined Olympic medalists Carlo Paalam (silver) and Eumir Felix Marcial (bronze) in the next round.

Somnuek Thananya of Thailand meanwhile, won by walkover against Rizza Pasuit, who’s not with the Philippine team here, but was listed by organizers in the games’ official website. Jun Lomibao

I was with [boxing chairman] Ricky Vargas last night and he told me that they can get at least two medals,” he said.

Four boxers remain in contention including Tokyo Olympics silver medaslists Nesthy Petecio, who debuts Friday, and Carlo Paalam and bronze medalist Eumir Felix Marcial, John Marvin and Marjon Pianar. A lex Eala was also on Bachmann’s list but the young tennis ace settled for a bronze medal after yielding to China’s Zheng Qinwen, 6-1, 7-6 (5), 6-3, on Thursday.

“ I’m looking at EJ Obiena and other athletes who can pull off a surprise,” he said, adding Olympic gold medalist Hidilyn Diaz-Naranjo is

I try to move around as often as I can, say five to six venues a day,” said Bachmann, who’s into his first Asian Games as chairman of the government sports agency. What we’re doing now is going around, watching a full game, be it no medal or medal chances,” he said. “We’re here to show support.”

The Philippines has so far clinched one silver medal through wushu’s Arnel Mandal and five bronze medals courtesy of Eala, Patrick King Perez in taekwondo and Jones Inso, Gideon Fred Padua and Clemente Tabugara Jr. also in wushu.

M argielyn Didal didn’t defend her skateboarding gold medal and wound up last among eight finalists, while former Canadian swimmer and Olympic medalist Kayla Sanchez groped in the pool. Jun Lomibao

Gilas survives Thais’ 4th-quarter run to book 2nd consecutive victory

HANGZHOU—The Philippines survived Thailand’s fourthquarter uprising to score an 87-72 victory and go unscathed in two games in men’s 5x5 basketball at the 19th Asian Games on Thursday.

Gilas led by as many as 19 points in the third period but a torrid shooting by the Thais cut that advantage to only five.

The Filipino dribblers managed to regroup and stave off their Southeast Asian Games rival to remain unbeaten in Group C and more importantly, gain momentum ahead of a Rondae HollisJefferson-led Jordan side they face next this weekend.

G ilas head coach Tim Cone said regardless of how they took care

of the Thais, what’s important was they nailed the win.

We’re not here for pogi points,” Cone said. “We’re not here to try and win by 50 and impressed everybody. No, we’re a team that came together quickly and our expectations are to win each game by one point. That’s it.”

Cone added: “If we win a game by one point, that’s all we care about. And it felt like a one-point win today.”

Justin Brownlee, playing hurt from a surgically-repaired foot that hasn’t fully healed, had 29 points but worked hard the entire game to keep Gilas’s offense going and defense rough enough to parry the three-point baskets from Thailand, specifically from Tyler Lamb and

Frederick Lish, who poured 28 and 22 points respectively.

CJ Perez had 16 points for Gilas while June Mar Fajardo had 9, Calvin Oftana 8 and Scottie Thompson 7 points, including two free throws in the last 51.6 seconds that sealed the win, 84-72.

He was definitely hurting, his leg, his foot was bothering him,” Cone said of Brownlee. “I’d say he was about 80 percent today, 85 percent at the most; there were times he was coming down the floor, he was limping.”

“But he is such a trooper and he’s playing through it for only one reason: because he’s on the national team,” he said. “If he’s not playing for the national team, he wouldn’t be playing. So give him credit.” Jun

Lomibao

Malixi in medal race; Mondilla 4 shots off men’s leaderboard

a frontside 35 with bogeys on Nos.

HANGZHOU—Rianne Malixi held fort against some of the world’s best and delivered a solid round that put her in the medal race at the start of women’s golf in the 19th Asian Games Thursday.

M alixi shot two birdies in each nine of the West Lake International Golf Country Club in Xihu District to preserved a bogey-free 68 that netted her a share of seventh place with 39 others in individual play of the 72hole tournament.

C hinese Ruoning Yin outshot

Malixi by one to join four others at second with 67s behind Japanese top amateur Saki Baba, who flourished with a 65.

The 16-year-old Malixi’s gritty performance spoke well of the caliber of the player making her debut in the continent’s premier sporting competitions.   C lyde Mondilla, meanwhile, put

together a bogey-free seven-under 65 to tie for ninth place after the first 18 holes of men’s play also on Thursday.

I n top form coming off a series of tournaments on the Philippine Golf Tour, Mondilla joined five others in the top 10, including India’s Anirban Lahiri, Taichiro Ideriha of Japan, Chinese’Taipei’s Chien-Yao Hung, Macau’s Ngai Si and veteran Siddikur Rahman of Bangladesh. Teeing off at the back, Mondilla, 29, birdied Nos. 12 and 17 and built on that start to produce five more birdies at the front, including three straight from No. 4.

But he stood four strokes off a hot-starting Yubin Jang of Korea, 21, who led the assault on the par-72 layout with an 11-under 61 behind a frontside 29 for a one-stroke lead over Hong Kong’s Taichi Kho, 22, who flourished with a 62.

I played well today [Thursday]. It’s a great start,” Malixi said. “I made a lot of great shots and good putts and really just opened doors for birdies. Even if I did a couple of mistakes, I was able to recover it for par.”

A fter two pars, she hacked a superb tee-shot and birdied the par-three No. 3, gained a stroke on the par-4 fifth and dominated the par-5 10th to go threeunder. She missed a couple of chances in the next five holes but flashed another solid iron play to birdie the last short hole on the 16th.

Te ammate Lois Kaye Go, however, failed to a sustain

14 and 15. Though the Cebuana recovered with back-to-back birdies from No. 16, she holed with another miscue to finish with a 72 for joint 21st. Jun Lomibao

But Eala, 18, still had another shot at a gold medal after she and Francis Casey Alcantara beat Thailand’s Luksika Kumkhum and Maximus Parapol Jones, 6-4, 6-4, on Thursday night to advance to the mixed doubles semifinals for a guaranteed bronze medal and a potential gold.

Those two bronzes already matched Cecille Mamiit’s haul at the Doha 2006 Games, the last time the Philippines medaled in the Asian Games.

Several inches shorter than the Chinese ace, the 5-foot-8 Eala recovered from a sluggish start with a dominant performance in the second set.

Fatigue, however, caught up with Eala—she’s been playing singles in the morning and doubles later in the day for the past three days at the HOC Tennis Centre.

E ala looked headed to stunning the 21-year-old Zheng, who packs dozens of matches against the world’s best in the majors.

The Filipino took a 3-1 lead in the third set in a game she capped with a sizzling return, but her magic suddenly disappeared and was limited to just four points the rest of the way.

But while Eala looked tired and weary, the Chinese, ranked No. 23 in the world, got her momentum back and bombed the Filipina with wicked forehand winners to snatch the win

Thirty-three of the 45 country’s which fielded athletes in the games have clinched at least one bronze medal with China continuing to dominate with 84 golds, followed by South Korea with 20 and Japan with 18.

A t the bottom of the medal tally with one bronze medal each were Bangladesh, Iraq, Lebanon and Turkmenistan.

“DICKIE” BACKMANN is confident the gold medals will come sooner or later.

JUSTIN BROWNLEE is playing hurt from a surgically-repaired foot that hasn’t fully healed. NONIE REYES (CANON EOS R6)

Henry Ford Awards

Best Motoring Section

2007,2008,2009,2010

2011 Hall of Fame

B8 Friday, September 29, 2023

Motoring

ALL-NEW HONDA CR-V MAKES PHILIPPINE DEBUT

Story & photos

by Randy S. Peregrino

AFTER its global reveal last year, the highly-anticipated sixthgeneration Honda CR-V recently made its Philippine debut. Since it arrived in 1997, the Honda CR-V has achieved over 70,000 units sold locally. Globally, over 13 million units have been sold since its introduction in 1995.

Honda Cars Philippines (HCPI) presented the All-New CR-V in three fresh variants with two powertrain options. The top-spec 2.0 RS e:HEV E-CVT (full hybrid system) represents the brand’s commitment to sustainable mobility solutions towards zero environmental impact.

On the other hand, the two different variants are fitted with the enhanced 1.5-liter VTEC turbocharged engine. Moreover, the proven and tested Honda SENSING comes standard with the newest Honda CONNECT telematics system.

Refined and redefined

BASED on the grand concept of “Blown Away CR-V,” the All-New Honda CR-V is bigger in overall dimensions, including the wheelbase.

Exterior-wise, the All-New Honda CR-V is now aligned with the brand’s design language. The fresh look features a prominent front grille with keen-looking headlamps. Its more muscular, bolder lines and sleek roofline emphasize the frame.

The interior is all about touches of high quality, toughness, and versatility, making the latest generation model the most premium and sophisticated yet. Honda claims that the new look projects Honda’s vision of making this model the ultimate all-rounder vehicle.

2.0 RS e:HEV E-CVT (full hybrid system)

THE e:HEV full hybrid system highlights the e:Technology, which is Honda’s high-efficiency electrification solution for a carbon-neutral society. It is applied in a broad range of Honda products in automobiles and motorcycles, power products, and motorsports.

The top-spec model’s full hybrid system has a powerful combination of two electric motors (the Traction Motor and the Generator Motor) and a new four-cylinder, 2.0-liter Direct

Injection Atkinson Cycle engine. Power-wise, the engine alone generates 146 hp and 183 N-m of torque, while the electric motors dish out 181 hp and 335 N-m of torque. While the motor operates throughout the low- to highspeed range, e:HEV relies on the gasoline engine alone for high-speed cruising.

T he e:HEV full hybrid system also intelligently switches between three operating modes in various driving situations. The EV Drive Mode allows the vehicle to run solely on battery power. At the same time, the Hybrid Drive mode shifts power between the electric motor and the engine, and Engine Drive Mode utilizes the gasoline engine alone. Still available is the Drive Mode Switch between Sport Mode, Normal Mode, and Econ Mode.

The e:HEV system also self-charges via the regenerative braking system and traction

motor (harvesting energy from braking and deceleration). Battery charging is also done by the gasoline engine, serving as a generator. Honda claims a fuel efficiency of 29.4 KM/L in urban driving based on the United Nations Regulation 101 uniform provisions concerning the measurement of fuel consumption of vehicles with positive-ignition and compression-ignition engines and electric power trains.

Exclusive to the top-spec 2.0 RS e:HEV E-CVT is the RS design grille, panoramic sunroof, piano black side mirrors with turn signals, gloss black finished door sash, front, and rear LED fog lamps, body-color rear spoiler with piano black accents, piano black shark fin antenna, and RS design 18-inch piano black alloy wheels.

Inside, available features are piano black and brushed metal trims, a new Honda Smart Key Card Entry, a head-up display, and a Bose Premium Audio System with 12 speakers. Also available are Intelligent Dual-Zone Automatic, black leather seats with red stitching, 4-way power lumbar support, two-row seating, up to 1,064 liters of cargo space, and a Power Flow Meter.

i-VTEC Turbo editions

ANOTHER first in the All-New Honda CR-V

Chinese conquest

THE Chinese conquest in the motoring industry is now for real. It used to be only BYD (Build Your Dreams) and Foton that mostly represented China in the local automotive business.

The energetic Mark Tieng had set the tone for BYD’s landing on Philippine soil and the mild-mannered Rommel Sytin for Foton. T hese dudes symbolized youthful, gung-ho idealism from the very beginning. Today, their companies have become almost a byword here.

B YD is fast gaining a foothold in vehicle electrification. W hat struck me from the start with BYD was Warren Buffett’s generous investment into the outfit. Buffett, of course, is the master of wading into bold business ventures with the highest percentage of success.

connect users and their cars seamlessly via a smartphone application. The Honda CONNECT enables vehicle communication, status checks, and even alert notifications via a smartphone. Automatic Collision Detection automatically detects collisions and calls for help to ensure timely assistance whenever required. Security Alarm Detection sends an alert when the alarm is triggered, while Speed Alert allows the owner to maintain a safe speed and receives notifications if the limit is exceeded.

Other features are Find My Car, Geofencing Alert, and Emergency Call. Find My Car assists owners in locating their vehicles by sending a pin location to their mobile device. Geofencing Alert, meantime, notifies the owner of being beyond a set area limit, while Emergency Calls makes it easier to access emergency contacts through the app.

Honda SENSING

(Philippine market) is a turbocharged gasoline engine. The 1.5 V Turbo CVT and 1.5 VX Turbo CVT AWD variants are fitted with the 1.5-liter Direct Injection DOHC VTEC engine featuring a new high-efficiency, high-response turbocharger, and enhanced exhaust system. The result of these upgrades is 187 hp and 240 N-m of torque power outputs. Fuel efficiency-wise, 16.4 km/l in extra-urban driving conditions was achieved based on the United Nations Regulation 101 uniform provisions concerning the fuel consumption of vehicles with positiveignition and compression-ignition engines and electric power trains.

The CR-V 1.5 V Turbo and 1.5 VX Turbo AWD variants feature a newly designed front grille in Piano Black (VX Turbo AWD) and Honeycomb with Chrome (V Turbo). There are also LED headlights/daytime running lights, sequential front turn signals, front fog lamps, and taillights. Also available is a Power Tailgate with Walk Away Close, a shark fin antenna, dual stainless-steel exhaust finishers (1.5 VX CVT Turbo AWD), retractable side mirrors with turn signals, and 18-inch silver alloy wheels. The cargo space available is up to 840 liters.

Honda CONNECT

ALSO new to the CR-V is the Honda CONNECT, which uses smart telematics technology to

From a virtual nobody at the start, Foton has become a giant in the all-too-competitive automotive business. From cars to heavycargo trucks, Foton has been dominating.

But the duo are now joined by a slew of Chinese car companies that, together, they have shaken—continue to shake—the nation’s established pacesetters from their comfort zones.

In the last few years alone, BYD and Foton—OK, include JAC, BAIC and Kaicene— have been joined by such alien-sounding Chinese brands joining the country’s mobility revolution with as much zeal in the mold of conquistadores. Among them, as Inquirer columnist Nikko David notes, are Geely, GAC, Maxus, MG, Great Wall Motors, Changan, Haima, Chery, Weltmeister, Hongqi and Wuling. Soon, Omoda and Jaecoo will join the fray.

They have crowded the whole motoring landscape—and have they started nibbling away at the market share?

If the established br ands shudder at the thought, no surprise there.

But as things stand , Toyota remains the sole established leader sure of its perch atop the leaderboard, what with its consistent top-rating 50-plus percent share of the market through sales in passenger cars, pickups and vans and the combined revenues of all three.

T he rest have accepted that telling truth for the longest time but then, they may soon feel the sting of a new challenge: China brands.

As the of t-repeated saying goes: “For

ALL variants have the latest Honda SENSING driver-assistive technology, with a new front sensor camera and radar system. The new camera has a wider field of view than before, from 50 degrees to 90 degrees. Meanwhile, the radar mounted behind the Honda logo on the grille now has a field of view of 120 degrees, up by 70 degrees from the previous generation. Cars, motorcycles, bicycles, and pedestrians are now better detected.

Honda SENSING functions include Collision Mitigation Braking System (CMBS), Lane Keeping Assist System (LKAS), Road Departure Mitigation System with Lane Departure Warning (RDM with LDW), Adaptive Cruise Control with Low-Speed Follow (ACC with LCF), Lead Car Departure Notification System (LCDN), and Auto High Beam (AHB). For the first time, the Adaptive Driving Beam (ADB), exclusively for the RS e:HEV CVT variant, is an intelligent LED headlight that helps enhance visibility and adjust the height of the light beam to avoid dazzling the car in front and pedestrians.

Pricing and new color

A new Canyon River Blue Metallic color is available, while the Platinum White Peal is still available for a P20,000 premium. The AllNew CR-V 2.0 RS e:HEV E-CVT variant retails at P2.590 million, the 1.5 VX Turbo CVT AWD at P2.280 million, and the 1.5 V Turbo CVT at P2.1 million. The 2.0 RS e:HEV E-CVT variant, available in October, also comes with an eightyear or 200,000-kilometer battery warranty (whichever comes first).

when God rested on the seventh day, China took over.”

Wallet App

EVERYBODY’s talking about myTOYOTA Wallet app. Listen to Shaina Mae Semana: C ustomers can now simply download the myTOYOTA Wallet app from Google Play or App Store. They must register and apply for an upgraded account by submitting a government-issued ID and a selfie, then wait for verification process to be completed. Once upgraded, customers may cash-in using their BPI deposit account.

To get the P300 rebate, customers must pay for their Toyota transactions using their e-money stored in their myTOYOTA Wallet account, at any Toyota dealership nationwide. Promo runs up to October 31, 2023, per DTI Fair Trade Permit No. FTEB-171252.

PEE STOP

The fast-breaking news from Nagoya, Japan, as per Nikkei report, is that Toyota Motor Corporation plans to triple its electric vehicle production in 2025 from its 2024 plan, as Toyota steps up its electrification push to catch up to rivals, including Tesla and BYD... Yvonne Linchangco reports that Isuzu Philippines Corporation (IPC) recently opened its Isuzu Dasmariñas, becoming the second dealership operated by Iconic Dealership Inc. (IDI) after Isuzu Bacoor, causing the closure of Isuzu Imus. “ The Isuzu brand has always been a jewel within IDI. The opening is very timely, since the industry is expecting to reach pre-pandemic levels by the end of the year, hopefully fully recovered by next year,” said IDI President Toti Zara.

HONDA’S e:HEVsystem has a powerful combination of two electric motors (the Traction Motor and the Generator Motor) and a new four-cylinder, 2.0-liter Direct Injection Atkinson Cycle engine

THE All-New Honda CR-V 2.0 RS e:HEV E-CVT (full hybrid system) represents the brand’s commitment to sustainable mobility solutions towards zero environmental impact

THE interior is all about touches of high quality, toughness, and versatility, making the latest generation model the most premium and sophisticated yet