BusinessMirror May 07, 2024

BSP likely to keep rates, says gov

THE Bangko Sentral ng Pilipinas (BSP) said it is likely to maintain its key policy rates as inflation remains elevated, according to Governor Eli M. Remolona Jr.

Remolona told reporters on Monday that the BSP is “still hawkish” if the inflation rate may have settled to 4 percent in April and amid high inflation.

“There is still a leeway,” Remolona said on sustaining policy rates.

However, if inflation relaxed to 3 percent consecutively in the coming months and within the target “comfortably,” Remolona said the Monetary Board would have room to cut interest rates by 25 basis points (bps).

“One number won’t make a big differ -

ence. We need to look at a few months,” Remolona noted.

Remolona said that cutting rates by more than 25 bps would be a “hard landing,” resembling a recession, which he added the BSP does not see coming yet.

The BSP projected inflation in April 2024 to have settled within the 3.5 to 4.3 percent range, higher than the 2 to 4 percent inflation target this year.

“Continued price increases for rice and meat along with higher gasoline prices and the peso depreciation are the primary sources of upward price pressures for the month,” BSP said in its month-ahead inflation forecast.

Remolona said the depreciation of

the peso should not be worried about, adding that its movement is not stressed so far.

“We’d like to intervene significantly when there’s stress,” Remolona said.

As to the US Federal Reserve easing of tight monetary policies, Remolona said geopolitical tensions have been moderated, signaling the stabilization of the peso and other currencies.

Based on BSP data, as of May 6, the Philippine peso closed at P57.4110, while the inflation rate stood at 3.7 percent as of March this year.

The Monetary Board decided to maintain the Target RRP rate at 6.50 percent during its previous meeting on April 8.

BusinessMirror

4-MONTH N.G. REVENUE RISES 12.6%

By Reine Juvierre S. Alberto

REVENUES

generated by the national government through tax and non-tax revenues reached P1.418 trillion from January to April this year, exceeding what it collected in the same period a year ago.

The preliminary revenues in the first four months are higher by 12.63 percent, or P159 billion, than the P1.259 trillion recorded in 2023.

Finance Secretary Ralph G. Recto said on Monday that tax collections continue to grow alongside non-tax revenues which reached P206.4 billion as of end-April.

The Bureau of Internal Revenue (BIR) collected P912.9 billion, or an increase of 16.3 percent from the same period last year, according to the Department of Finance.

Meanwhile, the Bureau of Customs (BOC) said on Monday it surpassed its revenue targets for April, collecting P80.822 billion, with a surplus of P3.192 billion.

TTO P1.42T

By Cai U. Ordinario @caiordinario

BILISI, Georgia—The long history of resilience of countries in the region, including the Philippines, gives the Asian Development Bank (ADB) confidence that no amount of scaling back by multinationals of sustainability efforts can derail climate changerelated activities in Asia and the Pacific.

In an interview with the BusinessMirror , Ramesh Subramaniam, ADB’s Director General and Group Chief for the Sectors Group, said the region has gone through

many crises and the current “polycrisis”—that has sent interest rates, inflation and uncertainty rising both for the public and private sectors —is just one of these challenges. Bloomberg earlier reported that multinationals such as Unilever have decided to scale down their Environment, Social, and Governance (ESG) efforts given the high costs, especially in the prevailing high inflation environment. “If you look at it from a global perspective, we are actually very confident that obviously these crises are complex, they’re kind of multifaceted, but the global community

THE national government collected P88.3 billion in dividends from 47 government-owned and -controlled corporations (GOCCs) as of May 6, 2024, to earmark the state’s priority projects and programs without imposing new taxes.  The total dividends collected were higher by 1,100 percent, or an elevenfold increase, than the roughly P8 billion collected from GOCCs from January to May last year.

Finance Secretary Ralph G. Recto and President Ferdinand R. Marcos Jr. acknowledged the topremitting state-run corporations during the GOCCs Day at the Phil -

ippine International Convention Center (PICC) on Monday.  Recto underscored in his welcome remarks that GOCCs are “prime movers” of the country’s economic development, turning their profits and sharing their income with the government in the form of dividends.

“These dividends form a major source of non-tax revenues for the government, making possible our goal of raising more funds without the need to impose additional taxes on our people,” Recto said.  The Land Bank of the Philippines is the top GOCC that contributed more than P1 billion. See “11-fold,” A2

GDP in Q1 could grow 5.8%, Moody’s Analytics projects

By VG Cabuag @villygc

THE Philippine economy as measured by the country’s gross domestic product could grow 5.8 percent during the first three months of the year, Moody’s Analytics said.

The company that provides financial intelligence and analytical tools to its customers said the figure is an improvement from 5.6 percent in GDP growth during the previous quarter. The Philippine economy grew 5.5 percent for the entire 2023.

“Trade should make a good showing on account of stronger semiconductor shipments and climbing international arrivals,” the company said in a report.

“Private consumption will make modest gains, supported by robust labor market and healthy inflow

It gave P32.1 billion, followed by the Philippine Deposit Insurance Corporation at P10.7 billion and the Bangko Sentral ng Pilipinas at P9.2 billion.

The Philippine Ports Author -

of remittances, but high domestic borrowing costs will apply a speed limit on overall growth,” it said.

The Philippines will announce its GDP performance during the week, and inflation today (Tuesday).

Meanwhile, the Australia and New Zealand Banking Group Ltd. said it no longer sees any scope for rate cuts this year for the Philippines as inflation is running close to the upper bound of the official target owing to elevated rice and energy prices, both which are imported.

“Persistent currency weakness arising from monetary easing will

now potentially push up the landed costs of these imports,” it said.

The BSP’s benchmark lending rate, it added, will remain at 6.5 percent this year, but the cut will start in 2025 to 5 percent, an adjustment from the bank’s previous forecast of 6 percent.

“First, economies with weaker external positions will need to keep policy rates higher than they otherwise would have liked. Both Indonesia and the Philippines belong to this camp and are likely to have easing cycles that are shallower than we currently anticipate,” it said.

Diwa Guinigundo, former Bangko Sentral ng Pilipinas deputy governor and now country analyst for Global Source Partners, said the central bank has enough reason to keep monetary policy steady.

“Higher Inflation remains a big risk to corporate performance. Interest rates may be higher at this point, but without it, the risk is elevated inflation pulling back

ity also remitted P5 billion; the Philippine Amusement and Gaming Corporation with P4.6 billion; the Manila International Airport Authority (P3.5 billion); the Subic Bay Metropolitan Authority (P3 billion); the Philippine Charity Sweepstakes Office (P2.7 billion); the Philippine National Oil Company (P2.6 billion); the National Transmission Corporation (P2.2 billion); and the PNOC Exploration Corporation (P2.0 billion).

economic growth through its impact on consumer spending, public expenditure and investment,” Guinigundo said.

He estimated that the April inflation could skew closer to 4 percent, or the upper band of the BSP’s 2-4 percent target for the year.

“Given the unprecedented high temperatures, based on official government reports, huge agricultural damage is expected. Water shortage is serious in many parts of the country with rivers and other bodies of water drying up,” Guinigundo said.

“For this reason, food items which comprise more than 35 percent of the consumer basket could drive the April inflation much higher. Rice and corn alone account for over 10 percent of the basket. With delayed imports, it is difficult to sustain food security and stable prices. Moreover, power failure in a number of hydroelectric plants could restrain manufacturing and other business activities,” he said.

Other GOCCs that transmitted more than P1 billion are the Clark Development Corporation at 1.8 billion; the Philippine Economic Zone Authority (P1.4 billion); the Philippine Guarantee Corporation (P1.1 billion); the Bases Conversion and Development Authority (P1.1 billion); the Philippine Reclamation Authority (P1.0 billion); and the Metropolitan Waterworks and Sewerage System (P1.0 billion).

The remaining 16 state-run corporations remitted less than P1 billion, totaling P3.302 billion.

Recto said the government expects the total dividends to reach P100 billion by the end of the year while President Marcos Jr. expressed confidence it will breach the P100-billion target.

“If the amount remitted as of May 3, which is P88.56 billion, is any indication, then we are on track to meet that goal,” Marcos Jr. said in his speech after the presentation of certificates of recognition to GOCCs.

Recto broke down the expected P100 -billion dividend collection by year-end which would help build 1,600 kilometers of farmto-market roads, construct more than 8,000 new public classrooms, irrigate an extra 25,000 hectares of farmland, and extend a lifeline to more than 208,000 kidney 52,000 cancer patients with a month’s worth of free dialysis and chemotherapy treatments.

The Finance chief vowed that the DOF will “manage judiciously with utmost transparency and accountability” all contributions from state-run corporations.

“In turn, we expect all of our GOCCs to constantly strive for efficiency and the highest standards of corporate governance. We will not leave any room for incompetence and corruption,” Recto said.

To recall, the DOF has increased the mandated dividend remittance rate of GOCCs to the national treasury to at least 75 percent of their net earnings from the minimum 50 percent to improve non-tax revenue collections.

Under the Republic Act (RA) No. 7656 or the Dividend Law, all state-run corporations are required to declare and remit at least 50 percent of their annual net earnings, such as cash, stock or property dividends, to the national government.

Upon the recommendation of the Secretary of Finance, the President may adjust the percentage of annual net earnings to be declared by a GOCC “in the interest of national economy and general welfare.” Reine Juvierre S. Alberto

From January to April, the BOC generated a total of P299.674 billion in revenues, higher by 6.50 percent than the P281.382 billion collected in the same period in 2023.

“We expect both our tax and non-tax revenues to dramatically increase over the coming months as we intensify our revenue mobilization efforts,” Recto said.

With revenues settling at P1.4 trillion for the first four months, Recto said the government is quite hitting the revenue targets.

“Let’s see if it’s sustainable for eight more months,” the Finance chief added.

Recto said he doubts the revenue targets would be revised upward this year, adding that he will still meet both the BIR and BOC to discuss revenue collection targets for 2024 all the way to 2028. “For as far as I

working together will certainly continue to resolve them from a global perspective,” Subramaniam said.

“The global situation obviously is always very complex, but (if) you look at the crises that we have faced in the last 50 years, the region has been remarkably resilient in overcoming them,” he added.

Subramaniam said some of the crises in the last 50 years include the oil price shocks of the 1980s; the Asian Financial Crisis in 19971998; and a string of natural disasters in countries like Indonesia and the Philippines.

He added that the list includes the global financial crisis in 20082009; the global food crisis; geopolitical tensions; and the “continuing spate of disasters because of the impacts of climate change.”

“The region has done remarkably well. In fact, the resilience of the region has been getting better and better,” Subramaniam said, noting that “despite these challenges,” the region “has jumped back to the above-6 percent real GDP growth.”

When it comes to “our home, Asia and the Pacific, I’m not saying that we’re going to be able to do it. We have been looking at this, you know, very closely. We are super confident that the region will overcome this polycrisis,” he added.

ADB Philippines Country Director Pavit Ramachandran told BusinessMirror the Manilabased multilateral development bank recognizes the importance of these private sector contributions, especially when it comes to climate change adaptation and mitigation.

Ramachandran said this accounts for ADB’s efforts to “crowd in” private financing and the recent efforts have been significant. In the Philippines, he noted, ADB has worked with companies like Ayala Corporation on renewable energy projects.

These kinds of cooperation will be crucial if the country is to overcome its energy concerns. In April, the National Grid Corporation of the Philippines (NGCP) issued a red alert because the power supply cannot meet consumer demand and the transmission grid’s regulating requirement.

The first red alert for the Luzon grid this year was issued last April 16. As of April 25, the Luzon grid had been placed on red alert for 20 hours and 46 minutes and on yellow alert for 57 hours and 50 minutes. (See: https://businessmirror .com.ph/2024/05/01/ erc-suspending-wesm-duringgrid-red-alert/).

“I think it’s important to ramp up renewable capacity to reduce some of the pressure on the grid as well.

am able to collect what is targeted already,  masaya na ako nyan [I am happy with that],” he added. The government is tasked to collect a record-high P4.3 trillion in revenues this year, with the bulk, or P3 trillion, to be raised by the BIR while the remaining P1 trillion will come from the BOC. As to his expectations of a budget surplus or deficit for April, Recto said the government will always record a budget deficit since debt is also expected to increase this year.

“We want the government to spend also. We want to grow the economy,” he said.

Government recorded a P272.6billion budget deficit in the first quarter of the year, which was higher by by 0.65 percent than the P270.9-billion gap recorded in the same period in 2023.

So I think what we’re trying to do is to provide blended finance. [This means having] technical assistance wherever possible, concessional capital wherever possible, and really trying to crowd in private finance, commercial finance toward these kinds of more integrated solutions because that I think will address some of these costs of doing business issues,” Ramachandran said. Further, Subramaniam said the cost of ESG compliance has not increased and this is good news for all companies. In some cases, the cost of renewables has declined and case in point is the cost of solar panels. New technologies are also being developed and these efforts will also help bring down ESG costs further, he added. However, the ADB executive said the green transition is not going to be easy for Asia and the Pacific region.

One example is in the use of coal since the coal fleet of the region remains young or around 12 to 13 years old. This, Subramaniam said, represents the “baggage” problem that the region has in terms of greenhouse gas emissions.

“Clearly we need to address the stock problem. But that is something the private sector, including the global financial sector is hesitant [about] because of policy reasons that if they invest in, you know, even retiring coal, will that cause any problems with regard to their investors and so on,” Subramaniam said.

“So it’s kind of a lot of internal churning that is going on within the private sector as well as particularly the financial sector. But at the same time. we feel as a multilateral development institution that the stock problem needs to be addressed because if you don’t, then in many parts of Asia and the Pacific you will not be able to address the climate problem,” he added. In this regard, Subramaniam said the ADB commits to still be “fully ESG-compliant” in all its investments and will continue to work with its Developing Member Countries (DMCs) to create an enabling policy and business environment to encourage green investments.

The ADB, he said, is focusing its ESG efforts in DMCs such as Indonesia, Philippines, Vietnam, Kazakhstan, Pakistan, and Cambodia through 10 major initiatives. The initiatives include maritime decarbonization; logistics sector; transport sector; city planning, including addressing port congestion; and hard-to-abate sectors like the construction industry and manufacturing industry which together contribute about 20 percent of the global greenhouse gas emissions.

www.businessmirror.com.ph

Go lauds Guardians

SEN. Christopher Go joined thou -

sands of Universal Guardians Brotherhood (UGB) members at the Marikina Sports Center in Marikina City to celebrate the organization’s 48th Founding Anniversary on Saturday, May 4.

Established in 1976, UGB is a sociocivic service fraternity focusing on service. They uphold principles of brotherhood, unity, solidarity, and oneness. The celebration was a meaningful platform for the Guardians to reflect on their achievements and reinforce their commitment to societal welfare, drawing many attendees from various regions. Go started his address by acknowledging the presence and support of the people who have been pivotal in his journey, not just as a public servant but as a true Filipino dedicated to his roots and his country.

“Hindi n’yo po ako maririnig na mangangako na kayang gawin ito o kayang gawin ‘yan. Hindi po ako gano’n. Magtatrabaho lang po ako para sa kabutihan ng aking kapwa Pilipino,” he stated.

The senator emphasized the crucial role of organization like the Guardians in fostering compassion and service to communities in need of support.

“As your fellow public servant, I want to express my deepest appreciation to each of you—the courageous and diligent Guardians who empower and inspire our community,” said Go.

“Your unwavering dedication to service and charity is evident not just in the projects you undertake but also in your daily interactions with our fellow Filipinos,” he added.

Marcos nixes retaliation by water cannon

By Samuel P. Medenilla @sam_medenilla

& Jovee Marie N. dela Cruz @joveemarie

PRESIDENT Marcos on Monday rejected the use of force against the Chinese ships, which blasted Philippine Coast Guard (PCG) vessels and other maritine with their water cannons.

“We have no intention of attacking anyone with water cannons or any other such offensive...I would have to call them weapon because they are already causing damage,” the President told reporters partly in Filipino in an interview after the celebration of the Government-Owned or -Controlled Corporations (GOCCs) Day in Pasay City.

He said such counter-attack in will only worsen the tension in the West Philippine Sea (WPS), the part of the South China Sea within the country’s Exclusive Economic Zone.

“We will not follow the Chinese Coast Guard and the Chinese vessels down that road because it simply...it is not the mission of our Navy, our Coast Guard to start or to increase tensions,” Marcos said.

“Their mission is precisely the opposite, it’s to lower tensions,” he added.

Rather than using force, Marcos said his administration will use diplomatic solutions to address the situation.

“All we do is whenever there is a water cannon incident we send a démarche, or a letter to China and the other stakeholders,” Marcos said.

In March, China Coast Guard ships started using water cannons against

Philippine vessels to deter their movement on the West Philippine Sea.

The latest incident happened on April 30, 2024 when two large Chinese vessels fired water cannons against a PCG patrol ship that was escorting a Bureau of Fisheries and Acquatic Resources resupply vessel near the Panatag Shoal damaging both seacraft.

The President made the statement amid calls for the Philippines’s retaliation following a recent incident in the Bajo de Masinloc (Scarborough Shoal), where Chinese Coast Guard vessels blasted the Philippine Coast Guard’s BRP  Bagacay  and Bureau of Fisheries and Aquatic Resources’s BRP Datu  Bankaw  with water cannons.

Meanwhile, the BRP  Andres Bonifacio  one of the Navy’s three offshore patrol vessels, resumed service after an intensive upgrade of its communications and sensor equipment.

“Following the successful completion of its extensive upgrades, Philippine Navy patrol ship BRP  Andres Bonifacio  is back in action, resuming its naval operations with upgraded capability within the Naval Forces West and AFP [Armed Forces of the Philippines] Western Command area of operations,” the ship’s Facebook post said on Monday.

The West Philippine Sea is within the area of responsibility of Naval Forces West and the military’s Wescom.

Earlier, the Philippine Navy said some 1,000 civilian boats should be deployed in the resource-rich region to match the number of Chinese maritime militia vessels in the area.

However, the PCG said that fishermen and their boats should not be considered force multipliers.

Barbers hits China lies

THE senior congressman from Surigao del Norte on Monday condemned China’s “persistent deception and propaganda” regarding the WPS issue, asserting that Beijing’s actions are aimed at diverting attention from their covert activities, including espionage and encroachments on Philippine territory.

Rep. Robert Ace Barbers, who chairs the House of Representatives’ Committee on Dangerous Drugs, in a statement said he “stands firmly with Defense Secretary Gilbert Teodoro” in exposing what he calls the “charade orchestrated by a Chinese Embassy official.”

The Chinese diplomatic functionary earlier claimed the existence of a “new model” or gentlemen’s agreement to prevent conflict in the WPS, a claim vehemently refuted by Teodoro.

“The claim made by a Chinese Embassy official, I believe, is an outright and calculated lie and forms part of their propaganda intended or designed to veer away and/or deviate the Filipinos’ attention from their creeping invasion and maybe other evil designs in the Philippines,” he said.

Barbers highlighted the increasing presence of Chinese in the Philippines engaged in various suspicious activities, including espionage, money laundering, and the illegal drugas trade, often under the guise of legitimate endeavors.

“China, at first, claimed they had a verbal ‘gentlemen’s agreement’ with former President Rodrigo Duterte on the Ayungin Shoal in WPS. Now, under the present dispensation, the Chinese Embassy claims there exists a ‘new model’ of a gentlemen’s agreement confirmed by the AFP Wescom,

the DND chief, and the National Security Adviser. Secretary Teodoro has debunked all those claims,” he said.

“China is banking on its fabricated or non-existent verbal agreements to justify their presence, incursions in the WPS, bullying and water-cannoning of our Coast Guard and BFAR ships inside the Philippine territory.

China has been lying, and the Filipinos should always adopt extreme caution in whatever they say and do on the WPS issue,” he added.

On the real possibility that China may intrude and invade the “unguarded” areas in the country’s eastern border, Barbers said there is a strong and justifiable need to deploy naval forces or conduct military exercises in said seaboard to cover the Pacific Ocean.

“Considering the aggressiveness, intrusions, and bullying of Filipino troops in the WPS, China’s complete disregard of our diplomatic protests on the WPS issue, disregard of the UNCLOS decision, and adoption of fabricated or false narratives such as the gentleman’s agreement or ‘new model’ purportedly arrived at between PH and China on the WPS, the country should now adopt a proactive stance on those issues to protect our territorial waters,” he said.

Barbers and his brother, Surigao del Norte Governor Robert Lyndon Barbers, expressed support for government initiatives to establish a naval station or Enhanced Defense Cooperation Agreement (EDCA) site in the province. Such measures, they believe, will bolster security and protect against threats posed by drug trafficking, criminal syndicates, and foreign encroachment. With PNA

MORE than 7,300 schools suspended face-to-face classes on Monday owing to the hot weather, the Department of Education (DepEd) said. Out of 47,678 schools nationwide, a total of 7,372 are implementing alternative delivery mode (ADM) of instruction.

The DepEd said that these following regions have shifted to ADM: Ilocos-287 schools, Cagayan Valley-341, Central Luzon-978, Calabarzon-122, Mimaropa-467, Bicol-1,193, Western Visayas-1,740, Central Visayas-482, Eastern Visayas-80, Western Mindanao-676, Northern Mindanao-108, Southern Mindanao-12, Davao Region-366, Caraga-1, Cordillera Administrative Region (CAR)-262, National Capital Region-257 The DepEd Central Office has reiterated that school heads have the authority to suspend classes due to extreme heat brought by the El Niño phenomenon.

Claudeth Mocon-Ciriaco

Tuesday, May 7, 2024

Economy

DA sees delay in rice planting this year

Rfacilities, such as warehouses, grain storage facilities, and drying facilities.

De Mesa also said rice prices remain stable following the end of the harvest season.

Editor: Vittorio V. Vitug • www.businessmirror.com.ph

Addicted to Busyness? Yes or no?

By Ada Pelonia @adapelonia

ICE planting could be delayed in areas hit by El Niño, an agriculture official said on Monday.

This, following reports from the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) of a delayed rainy season owing to the weather phenomenon.

“Doon sa mga areas na apektado

ng El Niño posible talaga na magkaroon ng delays sa land preparations, sa land soaking [There may be possible delay in land preparations in areas affected by El Niño],” Agriculture Assistant Secretary and

Spokesman Arnel de Mesa told reporters. However, de Mesa stressed that planting in irrigated farmlands will be done as usual.

“Doon naman sa mga lugar na merong tamang patubig at hindi pa naman nagbabawas ng irrigation water doon sa ating mga major dams so tuloy-tuloy ang kanilang pag-prepare para sa susunod na taniman nitong darating na wet season [In areas with sufficient irrigation, there is continuous land preparation this incoming wet season for the next harvest],” he said.

De Mesa mentioned that among the areas that were less affected by the weather phenomenon are Central and Northern Luzon, parts of Eastern Visayas, and Mindanao. Amid calls to extend Rice Competitiveness

Enhancement Fund (RCEF), the DA official said amending the RTL will help planters cope with the ill effects of La Niña.

“Kapag La Niña kasi mas frequent ang bagyo, mas malalakas, at mas malaki ang damage sa agricultural sector kapag matindi ang pagbaha...so mas maganda kung merong ganitong provisions lalo na kung may emergency cases mas maganda kungmakaka-intervene. [La Niña can cause extensive damage to the agriculture sector so it’s good to have such provisions that can intervene during emergency cases],” de Mesa said.

Part of the DA’s proposed amendments to the RCEF is the construction and enhancement of postharvest and processing

Environment group lauds mayor for going after illegal lead smelters

TBy Jonathan L. Mayuga @jonlmayuga

PH has commended the local government of San Simon, Pampanga, led by its mayor for taking the cudgels up for the environment in going after erring companies accused of polluting a river near the Global Aseana Business Park.

Dhel Pulanco, executive director of SEEDS PH hailed the resolve of San Simon Mayor Abundio S. Punsalan Jr. to address the pollution of water bodies near a business park in San Simon town allegedly caused by the operation of lead smelters.

“While we are waiting for a more decisive action from Environment Secretary Maria Antonia Yulo-Loyzaga, we in the civil society are comforted by the resolve of the local government of San Simon to be a true champion of our environment. We hope that Mayor Punsalan will not give in to any pressure and influence-peddling and continue to stand for what is right,” Pulanco added.

On May 2, the local government of San Simon issued a “third and final notice” to illegal lead smelters in San Simon, to stop operating on pain of having their assets seized in addition to charges that will be

filed against them should they continue to operate despite the cease-and-desist order.

The notice of violation signed by Punsalan was issued to Energetically Battery Manufacturing, Ecoseal Metallic Manufacturing Corp., and Chilwee Metallic Manufacturing Corp., all located inside the Global Aseana Business Park in barangay Dela Paz, San Simon.

Two CDOs, the latest served on April 26, have been issued against these smelters for operating without a business permit and for violation of various laws, including the Clean Air Act, Clean Water Act, Hazardous and Nuclear Waste Act, and the Labor Code. The DENR has also issued notices of violation against the erring companies.

Despite these CDOs, these smelters continued to operate, prompting the municipality of San Simon to issue its “Third and Final Notice” highlighting issues surrounding their defiance, “including operating without a valid business permit and violations related to environmental/ hazardous waste disposal and health standards for employees.”

The closure of your establishment on April 26, 2024, was a direct result of your failure to rectify the situation following prior notices. However, it has come to our

“Very stable naman ang presyo ng bigas at P48 to P53 for regular at well-milled rice. This has been going on for the last three months or simula January...hindimasyadong magalawangpresyongbigas.[We have a very stable rice prices P48 to P53 pesos for regular and well-milled. This is occurring pa for the last three months. Rice prices haven’t moved too much since January],” he said.

According to the DA’s latest price watch report, the average weekly price of local commercial rice in the capital region is P49.44 per kilogram for regular and P51.81 per kg for well-milled while the imported commercial rice is P49.65/kg for regular and P52.60/kg for well-milled.

By: Henry J. Schumacher

attention that despite the enforcement action, operations persist,” Punsalan said.

To recall, SEED PH commissioned a DENRaccredited laboratory to test the river beside Global Aseana Business Park on February 9, which showed that the river upstream was free of traces of harmful chemicals and heavy metals.

However, a few meters away from Global Aseana’s discharge point, almost 70 percent of the 23 parameters that were measured already showed contamination.

Pulanco said there was already a significant presence of cadmium and nickel, which can cause cancer and liver failure.

The presence of lead in the water has already gone up to an alarming level and this could cause renal and cardio-vascular diseases.

The Biochemical Oxygen Demand and Chemical Oxygen Demand have considerably shot up, while the dissolved oxygen and water pH dropped tremendously.

The mayor said these are clear signs of water pollution and could trigger fish kills.

This was probably caused by dumping into the river of electrolytes from used lead acid batteries containing sulphuric acid and other toxic chemicals.

“Furthermore, there are concerns

regarding the health standards for employees at your establishment. Ensuring the well-being and safety of your workforce is essential to compliance with local regulations and fostering a responsible corporate environment,” Punsalan added.

“We hereby demand the immediate cessation of all business activities in your company until all violations are rectified and proper permits and certifications are obtained. Continued operation without compliance will result in further legal action, including but not limited to additional fines, penalties, and possible prosecution.”

The mayor stressed that operating without a valid business permit is a “blatant violation of local regulations” as mandated by Sections 143, 154, and 155 of the Local Government Code. These provisions, he said, give the local government the power to seize personal property used in the business as part of enforcement measures, aside from imposing fines, penalties, interests, and legal charges.

Punsalan said they have verified reports of environmental violations in the subject establishment particularly concerning the improper disposal of hazardous waste.

“It is imperative to adhere to environmental regulations to mitigate any adverse impacts on public health and the environment,” he added.

or when I check social media in the middle of writing an article, the interruption may give me the illusion of being busy. It will take longer to write the article because I keep breaking my state of flow. I will feel like I have worked all afternoon on something, when in reality just didn’t manage to focus enough to get it done quicker. By feeling constantly busy, I also don’t leave room for pure creative thinking— instead, I’m filling my brain with external stimuli to give it something to do. As the study I mentioned earlier shows, it feels good. We like being busy. It’s reassuring. But it doesn’t mean it’s good for us.

EVER since humans have learned to write, we have documented how special we are and how we differ from other animals. Imagination, morality, and culture are traits thought to only be found in humans.

Another aspect that seems to be uniquely human is the need to keep busy. Most animals would be happy if their basic needs are met: food, shelter, rest. In contrast, we humans don’t like to stay idle. Even if it means falling prey to the illusion of productivity.

The Need to Keep Busy

IN a research study about busyness and idleness, scientists asked participants to go deliver a survey in one of two locations which they could choose from.

The first option was nearby, allowing people to complete the task quicker, come back to the research center, and wait, doing nothing (the idle option); the second option was far away, with very little time to wait once they’d come back (the busy option).

Which option did people choose? Turns out, it depended on one small element: whether or not they had a justification— even if only specious—to choose the “busy” option.

The participants were told they were going to get a piece of chocolate as a reward.

If they were told the chocolate would be the same regardless of the option they picked, only 32 percent of participants chose the faraway location. But if they were told they would get milk chocolate at one location and dark chocolate at the other, 59 percent picked the “busy” option.

It doesn’t seem that groundbreaking at first, but the implications are profound: as humans, we tend to do whatever it takes and to use any justification to keep busy, even if the task is meaningless. In the words of the scientists behind the study: “Our research suggests that many purported goals that people pursue may be merely justifications to keep themselves busy.”

Busyness and the Illusion of Being Productive BEING busy does not equal being productive. When I get distracted by email notifications

Getting Off the Hamster Wheel BREAKING our addiction to busyness doesn’t have to be hard, but it does require a conscious mindset shift. Having more free time is something we say we want, but it’s going against our deeply rooted fear of being alone with our thoughts and facing the reality of our lives. That’s why it can be liberating, but also pretty scary. Here are some simple changes you can implement:

1 Change your perspective. First, stop saying “I don’t have time.” Instead, say “It’s not a priority.” Remind yourself that there is enough time in a day to do the things you care about.

2 Less doing, more achieving. Don’t measure productivity in terms of how many tasks you get done, but rather in terms of doing the ones that matter. Clean up your to-do list. Shift your focus from tasks to outcomes.

3 Start saying no. Don’t take stuff on just because someone asked you. Question whether this new task will translate into meaningful outcomes. It may be strange at first (you could say “not right now” instead of “no” if that’s easier) but it will help you better manage your time.

4 Make peace with inaction To help you get comfortable with doing nothing, schedule time with yourself for dedicated downtime. Reflect or take a short walk. Reclaiming your time to focus on what really matters can have a big impact on where you will be one year from now. All these moments we spend on irrelevant and meaningless tasks to avoid being alone with ourselves can be used for thinking, exciting work, or time spent with loved ones. It all adds up pretty quickly, so getting rid of the illusion of productivity is worth the initial discomfort of confronting our own thoughts. In conclusion, we must make the important decision whether we really want to be addicted to Busyness. I would love to hear from you where you see your future. Being busy and productive is certainly attractive; but Imagination, morality, and culture are traits also found in humans. Email me at hjschumacher59@gmail.com

Contact centers seen to grow 9% to $32.2B

By Andrea E. San Juan @andreasanjuan

THE country’s contact center sector is expected to grow by 9 percent to around $32.16 billion in 2024, according to the Contact Center Association of the Philippines (CCAP).

In a statement on Monday, CCAP said this “conservative” projection is based on a yearly average sectoral revenue growth of about 9 percent as indicated in an analysis by global industry research firm Everest Group.

CCAP, a subsector of the IT and

FMJr. wants

By Samuel P. Medenilla

T@sam_medenilla

HE mass cancellations of face-to-face (F2F) classes from the extreme heat caused by El Niño have prompted President Marcos to call on the Department of Education (DepEd) to bring back the old school calendar by next year.

Marcos said he already asked Vice President and Education Secretary Sara Duterte to submit the concrete plan for the measure.

“It appears to be needed already. So, yes. That’s part of the plan that we are trying to do to bring it back already to the old schedule.

I think it will be better for the kids,” Marcos told reporters in an interview on the sidelines of the Government-Owned or -Controlled Corporations (GOCCs) Day in Pasay City on Monday.

“Especially with the El Niño being what it is. Every day you turn on the news, F2F classes are cancelled, F2F classes have been postponed, etc.,” he added.

Business Process Management (IT-BPM) industry, has over 140 member-companies nationwide.

In 2023, the contact center and business process sector posted an annual revenue of $29.50 billion, up by 9 percent compared to the annual revenue of $27 billion in 2022.

CCAP noted that the sector’s yearly revenue accounted for 83 percent of the overall revenue posted by the country’s entire IT-BPM industry of $35.5 billion in 2023.

The IT-BPM industry is targeting to hit around $40 billion in revenues for 2024.

CCAP President Mickey Ocampo remained optimistic about the per -

old school

formance of the country’s contact center sector this year despite global headwinds and the rise of generative Artificial Intelligence (AI).

“The figures prove how resilient the sector has become, successfully overcoming the significant challenges that came its way, including stringent data privacy laws worldwide, the Covid-19 pandemic, global economic recessions, and now, the rise of generative artificial intelligence [AI],” he added.

The CCAP president also expressed confidence that the contact center sector could post an annual revenue of $49 billion by 2028. “This is aligned with the IT-BPM roadmap 2028 that

sked back by ’25

Since temperatures started to soar last month due to the extreme heat from El Niño schools started the F2F class suspensions and implemented Alternative Delivery Modes (ADMs) of instruction.

DepEd reported that 7,949 of the 47,678 schools nationwide have implemented ADMs as of May 3, 2024.

Last year, DepEd said it may take three to five years for it to gradually revert the start of school year to June with minimal disruptions to schools and the students.

Marcos, however, said he was convinced there is no need for such a long transition phase especially since there are no groups opposing the change.

“Hopefully by next year, yes. By next year it [the change in the school calendar] will be completed,” he said. The start of the school year was changed by DepEd to August in 2021 after it conducted extensive stakeholder consultations.

Class suspensions MORE than 7,300 schools

suspended face-to-face classes on Monday owing to the hot weather, the Department of Education (DepEd) said.

Out of 47,678 schools nationwide, a total of 7,372 are implementing alternative delivery mode (ADM) os instruction.

The DepEd said that these following regions have shifted to ADM: Ilocos—287 schools, Cagayan Valley—341, Central Luzon—978, Calabarzon—122, Mimaropa—467, Bicol—1,193, Western Visayas—1,740, Central Visayas—482, Eastern Visayas—80, Western Mindanao—676, Northern Mindanao—108, Southern Mindanao—12, Davao Region—366, Caraga—1, Cordillera Administrative Region (CAR)—262, Narional Capital Region—257.

The DepEd Central Office has reiterated that school heads have the authority to suspend classes due to extreme heat brought by the El Niño phenomenon. With C. M. Ciriaco

Palawan, Romblon beaches listed with world’s 50 best

By Ma. Stella F. Arnaldo @akosistellaBM Special

to the

BusinessMirror

TWO beaches off-the-beaten track in the Philipines made it to this year’s The World’s 50 Best Beaches, a popular online travel site set up by beach enthusiasts. Making it to number four is Entalula Beach, south of Miniloc Island in El Nido, Palawan, and at number 45 is Bon Bon Beach, a natural sand bar off Bangug Island in Romblon. Topping the list were: Trunk Bay in the Virgin Islands, Cala Mariolu in Italy, and Meads Bay in Anguilla. (https://tinyurl. com/3765p66c) Hidden Beach in El Nido was also named among the Best of the Best, considered a “hall of fame” of beaches, composed of beaches that topped the The World’s 50 Best Beaches in previous years, and a select few thought to be deserving. Describing it as “Palawan’s overlooked slice of heaven,” Entalula Beach is prized by visitors for its privacy, as they swim in its clear waters against a backdrop of dramatic limestone cliffs. “This beach is less frequented than others in the area, offering visitors a chance to escape the usual tourist spots and truly immerse themselves in nature. The water is remarkably clear, providing excellent conditions for both swim-

sets an industry yearly revenue target of $59 billion,” said CCAP.

On the adoption of AI, Ocampo is banking on the use of such tool in helping the sector perform better.

In fact, he said, the country’s contact centers have been “actively upskilling our people to equip them in handling their tasks more effectively.”

“What does not kill us only makes us better and we have proven many times how constantly upgrading skills can help call center firms and our industry as a whole, not just overcome the challenges of the times but also perform better in what we do,” Ocampo also noted.

He emphasized that industry fig-

ures were not negatively affected by the use of Generative AI amid debates and concerns over the use of the tool, which includes the fear of it resulting in job losses in the future.

“Generative AI, which was among the issues discussed in last year’s Contact Islands conference, did not affect the industry figures negatively. We have even generated more jobs,” Ocampo said, adding that the contact center sector’s 9.4-percent growth in employment for 2023 even outpaced the 8.6-percent employment growth posted by the IT-BPM industry.

Meanwhile, CCAP also noted that the industry continues to

provide jobs to more individuals outside Metro Manila.  A research by CCAP with its member-companies as respondents in May 2023 showed that 28 percent of call center firms indicated plans to establish sites in Cavite, while 23 percent said they will put up centers in San Fernando, Pampanga. Other areas being eyed by CCAP members include Rizal (21 percent), Batangas City (21 percent), Puerto Princesa in Palawan (21 percent), Laguna (18 percent), Iloilo (18 percent), Tarlac (15 percent), Cebu (15 percent), Davao (15 percent), General Santos City (15 percent), and Bacolod City (10 percent).

ming and snorkeling, where visitors can explore vibrant coral reefs just a short swim from the shore. Accessible only by boat, Entalula adds an element of adventure and exclusivity to any visit. Its striking natural features and tranquil atmosphere make it a coveted spot for relaxation and appreciating nature,” according to the site.

Madeleine of the  Simply Madeleine  blog, which entered the beach as a nominee, added, “Visiting Entatula Beach is like stepping into a real-life postcard. Imagine white sands and crystal-clear turquoise water framed by lush palm trees and towering limestone cliffs. It’s a true paradise!”

Bon Bon Beach is a sand bar visible during low tide, allowing visitors to walk across its shallow, clear waters to the neighboring Bangug Island. According to the site: “The beach itself is undeveloped, preserving its serene and unspoiled charm. The sand is fine and white, while the water is incredibly clear, providing lovely swimming conditions without big waves. As a lesser-known destination, Bon Bon Beach offers a quiet retreat compared to more tourist-heavy spots, so much so that often you could have this beach all to yourself.”

Meanwhile, Hidden Beach in El Nido is a cove “hidden” away behind steep limestone cliffs offering guests visitors pristine white sand and clear

shallow waters. “Hidden Beach is accessible only by boat, followed by a quick swim through a small opening, making for an adventurous beach experience. Surrounded by majestic limestone walls adorned with lush greenery and palms, it feels like stepping into a secluded paradise. Undoubtedly one of the best beaches in the world, its one-of-a-kind setting rightly earns it the title of one of The Best of The Best,” said the site.

Wrote David Ways of the travel site, The Longest Way Home, Hidden Beach is “A turquoise-blue lagoon hidden away from most of the world. It’s not the easiest to visit but most things this pristine are worth the adventure in getting there.”

After soliciting nominations from travel junkies, journalists and its Beach Ambassadors, the list of nominees is narrowed down with the final 50 chosen based on the beach’s uniqueness, wildlife, untouched state, “soundtrack of nature,” stressfree entrance, calm waters, privacy, and “frequently idyllic.”

“Sun, Beaches, Islands [or Sun, Sand, and Sea]” is among the primary tourism products of the Philippines, which attracted close to 2 million inbound tourists from January to April 15 this year.  (See, “Chinese, Japanese tourist numbers help lift PHL visitor arrivals in 4 mos,” in the BusinessMirror, April 22, 2024.)

Oil firms to roll back pump prices this week

LBy Lenie Lectura @llectura

OCAL fuel pump prices are going down this week, oil companies announced on Monday.

Starting Tuesday, gasoline prices will be slashed by P0.75 per liter, diesel by P0.90 per liter, and kerosene by P1.05 per liter.

Petron, Shell, Caltex, Total, Unioil, Seaoil, PTT, and Phoenix said they will implement the new fuel prices at 6:00 a.m. on Tuesday, May 7. Cleanfuel, for its part, said it will adjust prices at 12:01 a.m. Oil companies adjust prices every week to reflect movements in the world oil market.

global economic indicators like the shrinking of China’s CPI (consumer price index) and the decline in US durable goods data reading.

Director Rodela Romero of the Oil Industry Management Bureau domestic pump price adjustments are attributed to the easing Israel-Iran conflict, delayed US Fed rate cut, and

On April 30, oil companies implemented a per liter decrease in gasoline by P0.25, diesel by P0.45 and P0.90 for kerosene. This resulted in a year-to-date adjustment of gasoline, diesel and kerosene at a per liter net increase of P10.00, P5.60 and P0.25, respectively.

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

Israeli army tells Palestinians to evacuate parts of Rafah ahead of expected assault

By Sam Mednick & Josef Federman The Associated Press

JERUSALEM—The Israeli army on Monday ordered tens of thousands of people in the southern Gaza city of Rafah to begin evacuating, signaling that a long-promised ground invasion could be imminent. The announcement complicated last-ditch efforts by international mediators, including the director of the CIA, to broker a ceasefire. Hamas and Qatar, a key mediator, have warned that an invasion of Rafah could derail the talks.

Israel has described Rafah as the last significant Hamas stronghold after seven months of war, and its leaders have repeatedly said they need to carry out a ground invasion to defeat the Islamic militant group.

Lt. Col. Nadav Shoshani, an army spokesman, said some 100,000 people were being ordered to move to a nearby Israel-declared humanitarian zone called Muwasi. He said Israel was preparing a “limited scope operation” and would not say whether this was the beginning of a broader invasion of the city. But last October,

A PALESTINIAN woman mourns her relative, 7-month old baby Hani Qeshta, who was killed in an Israeli bombardment on a residential building with Qeshta’s family, at the morgue of Al Najjar hospital in Rafah, southern Gaza Strip on Sunday, May 5, 2024. AP/ISMAEL ABU DAYYAH

“Rafah,” A8

Russia announces nuclear weapon drills after angry exchange with senior Western officials

By The Associated Press

RUSSIA plans to hold drills simulating the use of tactical nuclear weapons, the Defense Ministry announced Monday, days after the Kremlin reacted angrily to comments by senior Western officials about the war in Ukraine.

The drills are in response to “provocative statements and threats of certain Western officials regarding the Russian Federation,” the Defense Ministry said in a statement.

It was the first time that Russia has publicly announced drills involving tactical nuclear weapons, though its strategic nuclear forces regularly hold exercises. Tactical nuclear weapons have a lower yield compared to massive warheads that arm intercontinental ballistic missiles intended to obliterate entire cities.

The announcement appeared to be a warning to Ukraine’s Western allies about becoming more deeply involved in the more than two-year war. Some of Ukraine’s Western partners have previously expressed concern about stoking the war amid fears it could spill beyond Ukraine and into a conflict between NATO and Russia.

French President Emmanuel Macron repeated last week that he doesn’t exclude sending troops to Ukraine, and UK Foreign Secretary David Cameron said Kyiv’s forces will be able to use British long-range weapons to strike targets inside Russia.

The Kremlin branded those comments as dangerous, heightening tension between Russia and NATO. The war already has placed significant strain on relations between Moscow and the West.

Tactical nuclear weapons include air bombs, warheads for short-range missiles and artillery munitions and are meant for use on the battlefield.

The ministry said the exercise is intended to “increase the readiness of non-strategic nuclear forces to fulfill combat tasks” and will be held on President Vladimir Putin’s orders. The maneuvers will involve missile units of the Southern Military District along with the air force and the navy, it said.

Meanwhile, Ukrainian drones hit two vehicles Monday in Russia’s Belgorod region, killing six people and injuring 35 others, including two children, local authorities said, in an area frequently struck by Kyiv’s forces in recent months.

One of the vehicles was a minibus that was carrying farm workers, Belgorod Gov. Vyacheslav Gladkov said. No other details were immediately available, and it was not possible to independently confirm the report from the border region.

While Ukraine’s army is largely pinned down on the 1,000-kilometer (600-mile) front line due to a shortage of troops and ammunition after more than two years of fighting, it has used its long-range firepower to hit targets deep inside Russia. The apparent aim is to disrupt Russia’s war logistics system by hitting oil refineries and depots, and unnerve the Russian border regions.

The Belgorod region was

a staging ground for Russia’s full-scale invasion of Ukraine in February 2022. It has come under regular attack ever since Russian forces retreated there from northeastern Ukraine early in the war following a counteroffensive by Kyiv.

In what has largely been a war of attrition, Russia has also relied heavily on long-range

missile, artillery and drones to wreak damage on Ukraine.

At the end of last year, Belgorod officials said 25 people were killed, including five children, and more than 100 were injured in a Ukrainian attack, and regular rocket and drone strikes have continued since then. The area can be reached by relatively simple and

mobile weapons such as multiple rocket launchers from forests on the Ukrainian side.

Russian authorities said in March they planned to evacuate about 9,000 children from the area because of continuous shelling, after Putin said he wanted to create a buffer zone to help protect border regions.

IN this photo released by the Russian Defense Ministry on March 19, 2024, a Russian tank fires at Ukrainian troops from a position near the border with Ukraine in Russia’s Belgorod region. RUSSIAN DEFENSE MINISTRY PRESS SERVICE VIA AP

Panama’s president-elect, José Raúl Mulino, was a late entry in the race

By Juan Zamorano Associated Press

PANAMA CITY—José Raúl Mulino said he was practically retired from politics just over six months ago.

Now, he’ll be Panama’s president for the next five years.

Standing before a pack of supporters Sunday night, Mulino said: “I never imagined this.”

In a historic and tumultuous election, preliminary results put Mulino on top to lead the normally sleepy Central American nation through a moment of political tension, historic migration and a struggling economy.

The 64-year-old lawyer, whose last position in politics was as minister of security in then President Ricardo Martinelli’s 20092014 administration, was initially tapped by the popular former leader to be his running mate after Martinelli’s wife declined.

But then Martinelli was disqualified from running after he was sentenced to more than 10 years in prison for a money laundering conviction. Mulino took his place, and ended up winning Sunday’s presidential election with 35 percent of the vote and a nine-point lead over his nearest opponent after dodging constitutional challenges to his own candidacy.

The president-elect got there with strong support from Martinelli, arguably the most important tool in Mulino’s campaign as he rode the fiery ex-leader’s popularity to victory.

While he lacks Martinelli’s charisma, the economic boom seen under his ally pushed many voters to support Mulino at a time that Panama’s economy has lagged.

The former president, who has been sheltering in the Nicaraguan Embassy since February after receiving political

asylum, said his trust for Mulino dates back 30 years.

“Mulino seems a little tough, but he is a good guy, serious, and is the only one prepared to take on this great challenge and knows how the economy works to lift the country,” Martinelli said in a video broadcast to supporters at Mulino’s campaign close.

A maritime law attorney who graduated from Tulane University in New Orleans, Mulino became known as a private business leader who took part in a civil movement against the dictatorship of Gen. Manuel Antonio Noriega, who was ousted by an American invasion on December 20, 1989. He acted as vice minister of foreign affairs in the 1989-1994 administration of President Guillermo Endara, who took office after the fall of Noriega and the end of the Panamanian military regime. Mulino

later remained in charge of the country’s international policy in the last part of that administration.

Mulino remained active in politics and more than a decade later backed Martinelli in the election that the supermarket magnate won in 2009. Mulino was appointed minister of the interior and justice, later taking the reins of the public security office.

Mulino says one of the achievements during that time was to “recover” a swath of Panama on the border with Colombia, known as the Darien Gap, which “was in the hands of the narco-guerrillas” of the neighboring country.

As president, he has promised to stop soaring levels of migration through the Darien jungles, where more than a half million people crossed last year, though experts question the viability of his plan due to the sheer quantities of vulnerable people traveling through the passage.

“I will make the effort to end this migratory crisis in our territory with respect for human rights and with sincere international participation,” Mulino said at the closing of his campaign last week.

As security minister, he was also the target of harsh criticisms following police repression of a protest of Indigenous banana growers in the northern provinces of Bocas del Toro and Chiriqui in 2010. The crackdown left two dead and more than 100 injured by pellet shots, among them some with eye injuries.

“He was quite severe in controlling social protests,” Panamanian political analyst Rodrigo Noriega told The Associated Press before the election. “There are a lot of unknowns about him.”

Israel did not formally announce the launch of a ground invasion that continues to this day.

The move comes a day after Hamas militants carried out a deadly rocket attack from the area that killed three Israeli soldiers.

Shoshani said Israel published a map of the evacuation area, and that orders were being issued through leaflets dropped from the sky, text messages and radio broadcasts.

He said Israel has expanded humanitarian aid into Muwasi, including field hospitals, tents, food and water.

Israel’s army said Monday on the social platform X it would act with “extreme force” against militants and urged the population to evacuate immediately for their safety.

Israel’s plan to invade Rafah has raised global alarm because of the potential for harm to more than a million Palestinian civilians sheltering there.

About 1.4 million Palestinians— more than half of Gaza’s population— are jammed into the town and its surroundings. Most of them fled their homes elsewhere in the territory to escape Israel’s onslaught and now face another wrenching move, or the danger of facing the brunt of a new assault. They live in densely packed tent camps, overflowing UN shelters or crowded apartments, and are dependent on international aid for food, with sanitation systems and medical facilities infrastructure crippled.

The United States, Israel’s closest ally, has repeatedly urged Israel not to carry out the invasion, saying it does not have a credible plan to protect civilians. But even as the US, Egypt and Qatar have pushed for a cease-fire agreement, Prime Minister Benjamin Netanyahu repeated last week that the military would move on the town “with or without a deal” to achieve its goal of destroying the Hamas militant group.

On Sunday, Defense Minister Yoav Gallant claimed Hamas wasn’t serious about a deal and warned of “a powerful operation in the very near future in Rafah.” His comments came after Hamas attacked Israel’s main crossing point Sunday for delivering assistance, killing three soldiers.

Shoshani would not say whether the upcoming Rafah operation is a response to Sunday’s killing. He said the incident would have no effect on the amounts of badly needed aid entering Gaza because other crossing points remain operational. He wouldn’t comment, however, on US warnings not to invade and wasn’t clear on whether the evacuation was coordinated with Egypt.

Egypt, a strategic partner of Israel, has said that an Israeli military seizure of the Gaza-Egypt border—which is supposed to be demilitarized—or any move to push Palestinians into Egypt would threaten its four-decade-old peace agreement with Israel.

In Rafah, people received flyers Monday morning in Arabic detailing which neighborhood blocks needed to leave and where humanitarian zones had expanded to. The flyers said that aid services would spread from Deir al Balah in the north to the center of Khan Younis city in the middle of the Gaza Strip.

Palestinians in Rafah said people gathered to discuss their options after receiving the flyers. Most said they did not want to move alone and preferred to travel in groups.

“So many people here are displaced and now they have to move again, but no one will stay here it’s not safe,” Nidal Alzaanin told The Associated Press by phone.

Alzaanin, a father of five, works for an international aid group and was displaced to Rafah from Beit Hanoun in the north at the start of the war.

He said people are concerned since Israeli troops shot at Palestinians as they moved during previous evacuation orders.

Alzaanin said he has packed his documents and bags but will wait 24 hours to see what others do before relocating. He said he has a friend in Khan Younis whom he hopes can pitch a tent for his family.

SUPPORTERS surround Jose Raul Mulino of the Achieving Goals party after winning on the day of the general election in Panama City on Sunday, May 5, 2024. AP/MATIAS DELACROIX

www.businessmirror.com.ph

Israel orders Al Jazeera to close its local operation, seizes some of its equipment

By Tia Goldenberg & Jon Gambrell

The Associated Press

TEL AVIV, Israel—Israel ordered the local offices of Qatar’s Al Jazeera satellite news network to close Sunday, escalating a long-running feud between the broadcaster and Prime Minister Benjamin Netanyahu’s hard-line government as Doha-mediated ceasefire negotiations with Hamas hang in the balance.

The extraordinary order, which includes confiscating broadcast equipment, preventing the broadcast of the channel’s reports and blocking its websites, is believed to be the first time Israel has ever shuttered a foreign news outlet operating in the country.

Al Jazeera went off Israel’s main cable and satellite providers in the hours after the order. However, its website and multiple online streaming links still operated Sunday.

The network has reported the IsraeliHamas war nonstop since the militants’ initial cross-border attack October 7 and has maintained 24-hour coverage in the Gaza Strip amid Israel’s grinding ground offensive that has killed and wounded members of its staff. While including on-the-ground reporting of the war’s casualties, its Arabic arm often publishes verbatim video statements from Hamas and other regional militant groups.

“Al Jazeera reporters harmed Israel’s security and incited against soldiers,” Netanyahu said in a statement. “It’s time to remove the Hamas mouthpiece from our country.”

Al Jazeera issued a statement vowing it will “pursue all available legal channels through international legal institutions in its quest to protect both its rights and journalists, as well as the public’s right to information.”

“Israel’s ongoing suppression of the free press, seen as an effort to conceal its actions in the Gaza Strip, stands in contravention of international and humanitarian law,” the network said. “Israel’s direct targeting and killing of journalists, arrests, intimidation and threats will not deter Al Jazeera.”

The Israeli government has taken action against individual reporters over the decades since its founding in 1948, but broadly allows for a rambunctious media scene that includes foreign bureaus from around the world, even from Arab nations. It also blocked the foreign broadcasts of the Hezbollah-affiliated, Beirut-based Al

See “Al Jazeera,” A13

Macron urges Xi Jinping to help end Ukraine war; discusses trade issues

By Sylvie Corbet The Associated Press

PARIS—French

President

Emmanuel Macron will seek to press China’s Xi Jinping to use his influence to move Russia toward ending the war in Ukraine during a two-day state visit to France. Both leaders were also expected to discuss trade disputes over electric cars, cognac and cosmetics.

Macron’s office said talks about diplomatic efforts to support Ukraine and put pressure on Russia are a top priority for France. Discussions will also include the Middle East, trade issues and global challenges including climate change. The European Commission president will join part of the meetings to raise broader EU concerns.

France is the first stop on a European trip by Xi aimed at rebuilding relations at a time of global tensions. After France on Monday and Tuesday, the Chinese leader will head to Serbia and Hungary.

France hopes discussions will help convince China to use its leverage with Moscow to ‘’contribute to a resolution of the conflict” in Ukraine, according to a French presidential official. Russian President Vladimir Putin recently announced plans to visit China this month.

Macron will press Xi over supplies by Chinese companies supporting the Russian war effort despite EU sanctions, he said. China claims neutrality in the Ukraine conflict.

France also wants China to maintain a dialogue with Kyiv, the official, who was not authorized to be publicly named according to presidential policy, added.

Last year, Macron had appealed to Xi to “bring Russia to

its senses”—but the call was not followed by any apparent change in Beijing’s stance.

“French authorities are pursuing two objectives that are ultimately contradictory,” Marc Julienne, director of the Center for Asian Studies at the French Institute of International Relations, wrote in a briefing note.

“On the one hand, to convince Xi that it’s in his interest to help Europeans to put pressure on Vladimir Putin to end the war and, on the other hand, to dissuade the Chinese president from delivering arms to his Russian friend.

“In short, we think that Xi can help us, but at the same time we fear that he could help Putin,” Julienne wrote.

As France prepares to host the Summer Olympics, Macron said he would ask Xi to use his influence to make the Games “a diplomatic moment of peace” and respect the Olympic Truce.

Macron, a strong advocate of Europe’s economic sovereignty, is expected to focus on trade too. He will raise French concerns about a Chinese antidumping investigation into cognac and other European brandy, and tensions over French cosmetics and other sectors.

In a recent speech, he denounced trade practices of both China and the US as shoring up protections and subsidies.

He has coordinated with German Chancellor Olaf Scholz, who recently visited China and came to Paris last week for a private dinner with the French president.

German government spokesman Wolfgang Buechner said Friday that Scholz in China had “clearly said that the question of over-capacity and competition though subsidies needs to be addressed.”

The EU launched an investigation last fall into Chinese subsidies and could impose tariffs on electric vehicles exported from China.

The discussions will also be closely watched from Washington, just one month before President Joe Biden is expected to pay his own state visit to France.

Xi’s visit to Paris marks the 60th anniversary of FranceChina diplomatic relations, and follows Macron’s trip to China in April 2023. Macron prompted controversy on that trip after he said France wouldn’t blindly follow the US in getting involved in crises that are not of its concern, an apparent reference to China’s demands for unification with Taiwan.

Several groups including International Campaign for Tibet and France’s Human Rights League urged Macron to put human rights issues at the heart of his talks with Xi. Protesters demonstrated in Paris

as Xi arrived Sunday, calling for a free Tibet.

Amnesty International called on Macron to demand the release of Uyghur economics professor Ilham Tohti, who was jailed for life in 2014 on charges of promoting separatism, and other imprisoned activists.

Macron said in an interview published Sunday that he will raise human rights concerns.

On Monday in Paris, Xi will first join a meeting with Macron and European Commission President Ursula von der Leyen.

A formal ceremony will then take place at the Invalides monument, before bilateral talks at the Elysee presidential palace. Macron and Xi will conclude a nearby French-Chinese economic forum and then join their wives for a state dinner.

The second day of the visit is meant to be a more personal moment.

Macron has invited Xi to visit Tuesday the Tourmalet Pass in the Pyrenees mountains, where the French leader spent time as a child to see his grandmother.

The trip is meant to be a reciprocal gesture after Xi took Macron last year to the residence of the governor of Guangdong province, where his father once lived.

The Associated Press writers Angela Charlton in Paris and Stephen Graham in Berlin contributed to the story.

Floods in Brazil kill at least 75 people over 7 days, with 103 people missing

By Eléonore Hughes The Associated Press

IO DE JANEIRO—Mas -

Rsive floods in Brazil’s southern Rio Grande do Sul state have killed at least 75 people over the last seven days, and another 103 were reported missing, local authorities said Sunday.

At least 155 people were injured, while damage from the rains forced more than 88,000 people from their homes. Approximately 16,000 took refuge in schools, gymnasiums and other temporary shelters. The floods left a wake of devastation, including landslides, washed-out roads and collapsed bridges across the state. Operators reported electricity and communications cuts. More than 800,000 people are without a water supply, according to the civil defense agency, which cited figures from water company Corsan.

by Defense Minister José Múcio, Finance Minister Fernando Haddad and Environment Minister Marina Silva, among others. The leftist leader and his team surveyed the flooded streets of Porto Alegre from a helicopter.

“We need to stop running behind disasters. We need to see in advance what calamities might happen and we need to work,” Lula told journalists afterwards.

fourth such environmental disaster in the state in a year, following floods in July, September and November 2023 that killed 75 people.

Weather across South America is affected by the climate phenomenon El Niño, a periodic, naturally occurring event that warms surface waters in the Equatorial Pacific region. In Brazil, El Niño has historically caused droughts in the north and intense rainfall in the south.

A rescue team pulled an elderly man in serious medical condition into a helicopter from a remote area in the Bento Gonçalves municipality, according to footage from military firefighters. Torrents of brown water poured over a nearby dam. On Saturday evening, residents in the town of Canoas stood up to their shoulders in muddy water and formed a human chain to pull boats carrying people to safety, according to video footage shared by local UOL news network.

a.m. local time, surpassing levels seen during a historic 1941 deluge, when the river reached 4.76 meters.

“I repeat and insist: the devastation to which we are being subjected is unprecedented,” state Gov. Eduardo Leite said Sunday morning. He had previously said the state will need a “kind of ‘Marshall Plan’ to be rebuilt.”

Brazilian President Luiz

The Guaiba river reached a record level of 5.33 meters (17.5 feet) on Sunday morning at 8

Inácio Lula da Silva visited Rio Grande do Sul for a second time on Sunday, accompanied

During Sunday mass at the Vatican, Pope Francis said he was praying for the state’s population. “May the Lord welcome the dead and comfort their families and those who had to abandon their homes,” he said.

The downpour started Monday and was expected to last through Sunday. In some areas, such as valleys, mountain slopes and cities, more than 300 millimeters (11.8 inches) of rain fell in less than a week, according to Brazil’s National Institute of Meteorology, known by the Portuguese acronym INMET, on Thursday.

The heavy rains were the

This year, the impacts of El Niño have been particularly dramatic, with a historic drought in the Amazon. Scientists say extreme weather is happening more frequently due to humancaused climate change.

“These tragedies will continue to happen, increasingly worse and more frequent,” said Suely Araújo, a public policy coordinator at the Climate Observatory, a network of dozens of environmental and social groups.

Brazil needs to adjust to the effects of climate change, she said in a Friday statement, referring to a process known as adaptation.

RESIDENTS evacuate from a neighborhood flooded by heavy rains, in Canoas, Rio Grande do Sul state, Brazil on Saturday, May 4, 2024.

May 07, 2024

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:

NO. ESTABLISHMENT

1 GLARION TECHNOLOGIES CORPORATION

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

2 MERIT LEGEND SOLUTIONS INC.

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

3 MERIT LEGEND SOLUTIONS INC.

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

4 MERIT LEGEND SOLUTIONS INC.

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

5 MERIT LEGEND SOLUTIONS INC.

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

6 MERIT LEGEND SOLUTIONS INC.

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

7 MERIT LEGEND SOLUTIONS INC.

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

8 MERIT LEGEND SOLUTIONS INC.

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

9 MERIT LEGEND SOLUTIONS INC.

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

NAME OF FOREIGN NATIONAL, POSITION AND BRIEF DESCRIPTION QUALIFICATION AND SALARY RANGE

ZHANG, WENLI

Chinese Customer Service Representative

Brief Job Description:

Manage incoming calls and customer service inquiries

LI, BOWEN

Chinese Customer Service Representative

Brief Job Description:

Manage incoming calls and customer service inquiries

LIN, CHUNLIANG

Chinese Customer Service Representative

Brief Job Description:

Manage incoming calls and customer service inquiries

LIU, WEI

Chinese Customer Service Representative

Brief Job Description:

Manage incoming calls and customer service inquiries

LYU, HUIHUANG

Chinese Customer Service Representative

Brief Job Description:

Manage incoming calls and customer service inquiries

MA, XIULAN

Chinese Customer Service Representative

Brief Job Description:

Manage incoming calls and customer service inquiries

QIN, ZHENXING

Chinese Customer Service Representative

Brief Job Description:

Manage incoming calls and customer service inquiries

SU, ZHIJIE

Chinese Customer Service Representative

Brief Job Description: Manage incoming calls and customer service inquiries

LAI, YINFENG

Chinese Customer Service Representative

Brief Job Description: Manage incoming calls and customer service inquiries

Basic Qualification:

Able to speak, read and write Chinese language

Salary Range:

Php 30,000 - Php 59,999

Basic Qualification:

Able to speak, read and write Chinese language

Salary Range:

Php 30,000 - Php 59,999

Basic Qualification:

Able to speak, read and write Chinese language

Salary Range:

Php 30,000 - Php 59,999

Basic Qualification:

Able to speak, read and write Chinese language

Salary Range:

Php 30,000 - Php 59,999

Basic Qualification:

Able to speak, read and write Chinese language

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

Basic Qualification:

Able to speak, read and write Chinese language

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

Basic Qualification:

Able to speak, read and write Chinese language

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

Basic Qualification:

Able to speak, read and write Chinese language

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

Basic Qualification: Able to speak, read and write Chinese language

Salary Range: Php 30,000

Covelandia

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

www.businessmirror.com.ph

Nervous about falling behind the GOP, Democrats wrestle with how to use AI

By Courtney Subramanian

The Associated Press

WASHINGTON—Presi -

dent Joe Biden’s cam -

paign and Democratic candidates are in a fevered race with Republicans over who can best exploit the potential of artificial intelligence, a technology that could transform American elections—and perhaps threaten democracy itself.

Still smarting from being outmaneuvered on social media by Donald Trump and his allies in 2016, Democratic strategists said they are nevertheless treading carefully in embracing tools that trouble experts in disinformation. So far, Democrats said they are

primarily using AI to help them find and motivate voters and better identify and overcome deceptive content.

“Candidates and strategists are still trying to figure out how to use AI in their work. People know it can save them time—the most valuable resource a campaign has,” said Betsy Hoover, director of digital organizing for President Barack Obama’s 2012 campaign and co-founder of the progressive venture capital firm Higher Ground Labs. “But they see the risk of misinformation and have been intentional about where and how they use it in their work.”

Campaigns in both parties for years have used AI—powerful computer systems, software or processes that emulate aspects

of human work and cognition—to collect and analyze data.

The recent developments in supercharged generative AI, however, have provided candidates and consultants with the ability to generate text and images, clone human voices and create video at unprecedented volume and speed.

That has led disinformation experts to issue increasingly dire warnings about the risks posed by AI’s ability to spread falsehoods that could suppress or mislead voters, or incite violence, whether in the form of robocalls, social media posts or fake images and video.

Those concerns gained urgency after high-profile incidents that included the spread of AI-generated images of former President

Donald Trump getting arrested in New York and an AI-created robocall that mimicked Biden’s voice telling New Hampshire voters not to cast a ballot.

The Biden administration has sought to shape AI regulation through executive action, but Democrats overwhelmingly agree Congress needs to pass legislation to install safeguards around the technology.

Top tech companies have taken some steps to quell unease in Washington by announcing a commitment to regulate themselves.

Major AI players, for example, entered into a pact to combat the use of AI-generated deepfakes around the world. But some experts said the voluntary effort is largely sym -

bolic and congressional action is needed to prevent AI abuses.

Meanwhile, campaigns and their consultants have generally avoided talking about how they intend to use AI to avoid scrutiny and giving away trade secrets.

The Democratic Party has “gotten much better at just shutting up and doing the work and talking about it later,” said Jim Messina, a veteran Democratic strategist who managed Obama’s winning reelection campaign.

The Trump campaign said in a statement that it “uses a set of proprietary algorithmic tools, like many other campaigns across the country, to help deliver emails more efficiently and prevent sign up lists from being populated by false information.” Spokesman Steven Cheung also said the campaign did not “engage or utilize” any tools supplied by an AI company, and declined to comment further.

The Republican National Committee, which declined to comment, has experimented with generative AI. In the hours after Biden announced his reelection bid last year, the RNC released an ad using artificial intelligence-generated images to depict GOP dystopian fears of a second Biden term: China invading Taiwan, boarded up storefronts, troops lining US city streets and migrants crossing the US border.

Tuesday, May 7, 2024

Chronic global housing shortages are crushing immigration-fueled growth

By Randy Thanthong-Knight, Swati Pandey & Tom Rees

ACROSS much of the developed world, one of the most dependable drivers of economic growth is faltering.

For decades, the rapid inflow of migrants helped countries including Canada, Australia and the UK stave off the demographic drag from aging populations and falling birth rates. That’s now breaking down as a surge of arrivals since borders reopened after the pandemic runs headlong into a chronic shortage of homes to accommodate them.

Canada and Australia have escaped recession since their Covid contractions, but their people haven’t with deep per-capita downturns eroding standards of living. The UK’s recession last year looked mild on raw numbers but was deeper and longer when measured on a per-person basis.

All up, thirteen economies across the developed world were in per-capita recessions at the end of last year, according to exclusive analysis by Bloomberg Economics. While there are other factors— such as the shift to less-productive service jobs and the fact that new arrivals typically earn less—housing shortages and associated cost-of-living strains are a common thread.

So is the immigration-fueled economic growth model doomed? Not quite.

In Australia, for instance, the inflow of roughly one million people, or 3.7 percent of the population, since June 2022 helped plug a chronic shortage of workers in industries such as hospitality, aged care and agriculture. And in the UK—an economy near full employment—arrivals from Ukraine, Hong Kong and elsewhere have made up for a lack of workers after Brexit. Skills shortages across much of the developed world mean more, not fewer, workers are needed. Indeed, the US jobs market and economy are running hotter than many thought possible as an influx of people across the southern border expands the labor pool—even as immigration shapes up as a defining issue in the November presidential election.

While the US has seen a widely covered surge in authorized and irregular migration, the scale of the increase actually pales in comparison to Canada’s growth rate. For every 1,000 residents, the northern nation brought in 32 people last year, compared with fewer than 10 in the US.

Put another way: Over the past two years, 2.4 million people arrived in Canada, more than New Mexico’s population, yet Canada barely added enough housing for the residents of Albuquerque.

Canada’s experience shows there’s a limit to immigration-fueled growth: Once new arrivals exceed a country’s capacity to absorb them, standards of living decline even if top-line numbers are inflated.

The Bank of Nova Scotia estimates a productivity-neutral rate of population growth is less than a third of what Canada

Continued from A11

A key Republican champion of AI is Brad Parscale, the digital consultant who in 2016 teamed up with scandalplagued Cambridge Analytica, a British data-mining firm, to hyper target social media users. Most strategists agree that the Trump campaign and other Republicans made better use of social media than Democrats during that cycle.

Democrats treading carefully SCARRED by the memories of 2016, the Biden campaign, Democratic candidates and progressives are wrestling with the power of artificial intelligence and nervous about not keeping up with the GOP in embracing the technology, according to interviews with consultants and strategists.

They want to use it in ways that maximize its capabilities without crossing ethical lines. But some said they fear using it could lead to charges of hypocrisy—they have long excoriated Trump and his allies for engaging in disinformation while the White House has prioritized reining in abuses associated with AI.

The Biden campaign said it is using AI to model and build audiences, draft and

saw last year, which would be more in line with the US pace.

So even as that record population growth keeps Canada’s GDP growing, life is getting tougher, especially for younger generations and for immigrants such as 29-year-old Akanksha Biswas. Biswas arrived in Canada in the middle of 2022, just as per-capita GDP started plunging amid the start of the postpandemic immigration boom and the Bank of Canada’s aggressive interest-rate tightening cycle.

The former Sydneysider moved to Toronto for what she believed would be a better life with a lower cost of living and greater career prospects. Instead, she faced higher rent, lower pay and limited job opportunities.

“I actually had a completely different picture in my mind about what life would be like in Toronto,” said Biswas, who works in advertising. “Prices were almost similar, but there’s a lot more competition in the job market.”

Canada’s working-age population grew by a million over the past year but the labor market only created 324,000 jobs. The upshot: The unemployment rate rose by more than a full percentage point, with young people and newcomers again the worst hit.

Biswas spends more than a third of her income on the monthly rent bill of C$2,800 ($2,050), splitting the cost with her partner. She’s dining out less and making coffee at home instead of going to the cafe. She’s also pushing back plans to have children or buy a home.

“I don’t see my future here if I want to raise a family,” she says.

While millions of Americans also face a housing affordability crisis, their real disposable income growth has stayed above the rise in home prices over much of the past two decades. Not so in Canada. The median price for homes in Toronto is now C$1.3 million, nearly three times that of Chicago, a comparable US city.

The chronic underbuilding of homes and decades of continuous rises in prices has drained funds from other parts of the economy toward housing. That lack of investment in capital—combined with firms’ focusing instead on expanding workforces due to cheaper labor costs—has driven down productivity, which the Bank of Canada says is at “emergency” levels.

Growing anxiety around the housing crunch forced Prime Minister Justin Trudeau’s government to scale back on its immigration ambitions, halting the increase of permanent resident targets and putting a limit on the growth of temporary residents for the first time.

Canada’s goal is now to cut the population of temporary foreign workers, international students and asylum claimants by 20 percent, or roughly by half a million people, over the next three years. That’s expected to slash the annual population growth rate by more than half to

analyze email copy and generate content for volunteers to share in the field. The campaign is also testing AI’s ability to help volunteers categorize and analyze a host of data, including notes taken by volunteers after conversations with voters, whether while door-knocking or by phone or text message.

It has experimented with using AI to generate fundraising emails, which sometimes have turned out to be more effective than human-generated ones, according to a campaign official who spoke on the condition of anonymity because he was not authorized to publicly discuss AI. Biden campaign officials said they plan to explore using generative AI this cycle but will adhere to strict rules in deploying it. Among the tactics that are off limits: AI cannot be used to mislead voters, spread disinformation and so-called deepfakes, or deliberately manipulate images. The campaign also forbids the use of AI-generated content in advertising, social media and other such copy without a staff member’s review.

The campaign’s legal team has created a task force of lawyers and outside experts to respond to misinformation and disinformation, with a focus on AIgenerated images and videos. The group is not unlike an internal team formed in the 2020 campaign—known as the “Malarkey Factory,” playing off Biden’s oft-used phrase,

an average of 1 percent in 2025 and 2026.

Meantime, Biswas and her partner are calling it quits on their Canada experiment and moving to Melbourne, where they reckon they can afford a two-bedroom apartment for less than what they paid for a one-bedroom space in Toronto.

But life won’t be easy Down Under either as many of the same strains are playing out, with Australia facing its worst housing crisis in living memory.

Building permits for apartments and town houses are near a 12-year low and there remains a sizable backlog of construction work, largely due to a lack of skilled workers. The government has tried to plug the labor supply gap by boosting the number of migrants, only to find that’s making the problem even worse.

Just like Canada’s experience, the ballooning population is not only exacerbating housing demand, it’s also masking the underlying weakness in the economy.

GDP has expanded every quarter since a short Covid-induced recession in 2020, yet on a per-capita basis, GDP contracted for a third consecutive quarter in the final three months of 2023—the deepest decline since the early 1990s economic slump.

In absolute terms, Australia’s percapita GDP is now at a two-year low—a “material under-performance” versus the US and an outcome that could spur higher unemployment, according to Goldman Sachs Group Inc.

Angst about the lack of housing, soaring rents and surging home prices has prompted Anthony Albanese’s ruling Labor government to crack down on student visas.

“It has been proven over many many years that there’s a positive to Australia from a high migration intake,” said Stephen Halmarick, chief economist at the nation’s biggest lender Commonwealth Bank of Australia. “But in the very near term, you can see that it’s putting upward pressure on rents, house prices and clearly that’s a

“What a bunch of malarkey.”

That group was tasked with monitoring what misinformation was gaining traction online. Rob Flaherty, Biden’s deputy campaign manager, said those efforts would continue and suggested some AI tools could be used to combat deepfakes and other such content before they go viral.

“The tools that we’re going to use to mitigate the myths and the disinformation is the same, it’s just going to have to be at a higher pace,” Flaherty said. “It just means we need to be more vigilant, pay more attention, be monitoring things in different places and try some new tools out, but the fundamentals remain the same.”

The Democratic National Committee said it was an early adopter of Google AI and uses some of its features, including ones that analyze voter registration records to identify patterns of voter removals or additions. It has also experimented with AI to generate fundraising email text and to help interpret voter data it has collected for decades, according to the committee.

Arthur Thompson, the DNC’s chief technology officer, said the organization believes generative AI is an “incredibly important and impactful technology” to help elect Democrats up and down the ballot.

“At the same time, it’s essential that AI is deployed responsibly and to enhance the

have been in Australia for 2 to 6 years earn more than 10 percent less than similar Australian-born workers.

“There are big costs from not making the best use of migrants’ skills,” according to CEDA’s senior economist Andrew Barker.

Over in Europe, its largest economy, Germany, also saw a per-capita recession that comes against a backdrop of rising political tensions over a large number of asylum seekers, housing shortages and a misfiring economy. Bloomberg Economics analysis shows that France, Austria and Sweden are also among those who have suffered per-capita recessions.

In Britain, too, record levels of migration have begun to weigh on the economy. A technical recession in the second half of last year saw headline GDP slip 0.4 percent, yet the slump was longer and deeper when adjusted for population. Per-capita GDP has contracted 1.7 percent since the start of 2022, falling in six out of the seven quarters and stagnating in the other.

concern for many and the demand for some services is seeing sticky inflation.”

Neighboring New Zealand is grappling with a similar headache.

The government there last month made immediate changes to an employment visa program, introducing an English-language requirement and reducing the maximum continuous stay for a range of lower-skilled roles, citing “unsustainable” net migration. The changes were part of a plan to “create a smarter immigration” that is “self-funding, sustainable and better manages risk,”

Immigration Minister Erica Stanford said in the statement at the time.

Calvin Jurnatan, 30, moved to Sydney from Indonesia in December to study construction design as a gateway to becoming a permanent resident. Months later, he still doesn’t have a job. One reason is that migrants face long and expensive processes to get their qualifications recognized.

Jurnatan’s failure to find a part-time role in construction comes despite the sector being high on the skills shortage list, especially after the government set an ambitious goal of building 1.2 million new homes by 2029. That target looks increasingly unachievable, industry players say.

Frustrated, Jurnatan has stopped looking for construction jobs and is instead scouting the retail sector where roles are easier to find. He’s doing some freelance photography to eke out a living and says he wouldn’t recommend Australia to his family and friends back home.

“People are struggling,” he said. “I’m struggling. It’s not cheap and everyone needs to work really, really hard here. So, when people call me and ask, ‘hey, how is living in Sydney right now?’ I tell them the truth.”

Independent think tank the Committee for Economic Development of Australia found in a recent report that the hourly wage gap between recent migrants and Australian-born workers increased between 2011 and 2021. On average, migrants who

work of our trained staff, not replace them. We can and must do both, which is why we will continue to keep safeguards in place as we remain at the cutting edge,” he said.

Progressive experiments PROGRESSIVE groups and some Democratic candidates have been more aggressively experimenting with AI.

Higher Ground Labs—the venture capital firm co-founded by Hoover—established an innovation hub known as Progressive AI Lab with Zinc Collective and the Cooperative Impact Lab, two political tech coalitions focused on boosting Democratic candidates. The goal was to create an ecosystem where progressive groups could streamline innovation, organize AI research and swap information about large language models, Hoover said.

Higher Ground Labs, which also works closely with the Biden campaign and DNC, has since funded 14 innovation grants, hosted forums that allow organizations and vendors to showcase their tools and held dozens of AI trainings.

More than 300 people attended an AIfocused conference the group held in January, Hoover said.

Jessica Alter, the co-founder and chair of Tech for Campaigns, a political nonprofit that uses data and digital marketing to fight

about ‘we can’t afford higher wages and so we have to have migrants so we can keep our existing wages.’”

The growing pressures on housing and stretched public services are prompting a backlash among voters against Rishi Sunak’s ruling Conservative government ahead of a general election expected later this year. It has hemorrhaged support to the right-wing populist Reform UK party, which is promising “net zero immigration,” while the Tories are polling in single digits among 18- to 24-year-olds who put housing as their second-most important issue. The opposition Labour party has promised a “blitz” of planning reforms to unlock construction, as well as restraint on immigration as it heads toward what’s widely anticipated to be a sweeping election victory.

With Britain close to full employment and over 850,000 dropping out of its workforce since the pandemic, immigration has helped employers fill widespread worker shortages, not least in the health and social care sectors.

“A very good bit of the growth that we saw through the 2010s was down to net migration,” said Paul Johnson, director of the Institute for Fiscal Studies. “In terms of the overall size of the economy, it’s been really important. What’s really hard to say is what impact the net immigration has had on the per-capita numbers.”

UK GDP has expanded 23 percent since the start of 2010. On a per-person basis, growth in output has been far less impressive at 12 percent.

Over the same period, the population has surged, growing an estimated 11 percent, or almost 7 million, to 69 million.

The Office for National Statistics expects it to hit close to 74 million in 2036 in updated population projections that now predict faster growth. Over 90 percent of the increase in the population expected between 2021 and 2036 will come from migrants, it said in January.

“If we hadn’t had such high immigration, housing would be cheaper than it is at the moment, possibly quite significantly,” Johnson said. “But the converse of that is that the problem has been that we simply haven’t built enough houses, given what we know is happening to the size of the population.”

The UK’s post-Brexit immigration system aimed to stop cheap labor from Europe and prioritize high-skilled workers. However, the government allows some foreign workers easier access if they are in shortage-hit sectors.

“Those shortages really are pretty much always caused by poor paying conditions, although the employers will tell you it’s all skills,” said Alan Manning, labor market economist at the London School of Economics. “Then they start complaining

extremism and help down-ballot Democrats, ran an AI-aided experiment across 14 campaigns in Virginia last year.

Emails written by AI, Alter said, brought in between three and four times more fundraising dollars per work hour compared with emails written by staff.

Alter said she is concerned that the party might be falling behind in AI because it is being too cautious.

“I understand the downsides of AI and we should address them,” Alter said. “But the biggest concern I have right now is that fear is dominating the conversation in the political arena and that is not leading to balanced conversations or helpful outcomes.”

Hard to talk about an ‘AK-47’

REP. Adam Schiff, the Democratic frontrunner in California’s Senate race, is one of few candidates who have been open about using AI. His campaign manager, Brad Elkins, said the campaign has been using AI to improve its efficiency. It has teamed up with Quiller, a company that received funding from Higher Ground Labs and developed a tool that drafts, analyzes and automates fundraising emails.

The Schiff campaign has also experimented with other generative AI tools. During a fundraising drive last May, Schiff shared online an AI-generated image

A shortage of properties for the bigger population has sent house prices to over eight times average earnings in England and Wales, and 12 times in London. In 1997, they were 3.5 times earnings and four times, respectively. A lack of supply has also caused rental costs to rocket at a record pace in the last 12 months, worsening a cost-of-living crisis for young Britons especially.

Official figures show that 234,400 homes were added to the UK housing supply in 2022-23, well below the levels needed to meet huge demand and the 300,000-a-year target the Tories promised to reach by the mid-2020s at the last election.

“If we’re looking to grow GDP by throwing more people at it, then we need more housing,” said Peter Truscott, chief executive of FTSE 250 housebuilder Crest Nicholson.

However, UK housebuilders and the government have struggled to boost construction of new homes to the levels needed. A restrictive planning system has been used by Nimbys—“not in my back yard”—to block local developments and efforts to overhaul the system by the ruling Conservatives were scuppered by concerns of a backlash in their rural southern heartlands.

“We have a completely utterly dysfunctional planning system in the UK,” said Truscott. “Forty years in house building, it’s never been so bad, and the rate of decline in planning has been quite incredible over the last couple of years.”

While encouraged by Labour plans, he cautions that it will take two parliamentary terms to make a difference as supply chain constraints will prevent an instant “flood” of new homes.

The longer voters in the UK, Australia, Canada and similar economies see their living standards go backwards, the more their opposition to rapid immigration programs will harden. A lasting fix requires government policies, especially in housing, that convince both would-be migrants and the existing populations of the benefits of immigration-led economic growth. With assistance from Laura Dhillon Kane, Jay ZhaoMurray and Alyssa McDonald/Bloomberg

of himself as a Jedi. The caption read, “The Force is all around us. It’s you. It’s us. It’s this grassroots team. #MayThe4thBeWithYou.” The campaign faced blowback online but was transparent about the lighthearted deepfake, which Elkins said is an important guardrail to integrating the technology as it becomes more widely available and less costly.

“I am still searching for a way to ethically use AI-generated audio and video of a candidate that is sincere,” Elkins said, adding that it’s difficult to envision progress until there’s a willingness to regulate and legislate consequences for deceptive artificial intelligence. The incident highlighted a challenge that all campaigns seem to be facing: even talking about AI can be treacherous.

“It’s really hard to tell the story of how generative AI is a net positive when so many bad actors—whether that’s robocalls, fake images or false video clips—are using the bad set of AI against us,” said a Democratic strategist close to the Biden campaign who was granted anonymity because he was not authorized to speak publicly. “How do you talk about the benefits of an AK-47?” The

OFFICIAL figures show that 234,400 homes were added to the UK housing supply in 2022-2023, well below the levels needed to meet huge demand. CHRIS RATCLIFFE/BLOOMBERG

Al

.

Mayadeen news channel at the start of the war.

A law passed last month allows the government to take action against Al Jazeera, Netanyahu’s office said.

leaders in exile in Doha.

Bank or Gaza Strip, where Israel wields control but which are not sovereign Israeli territory.

“We finally are able to stop Al Jazeera’s well-oiled incitement machine that harms the security of the country,” Karhi said. His office said it would bar Al Jazeera from operating in Israel for at least 45 days, a measure that can be renewed.

The ban did not appear to affect the channel’s operations in the occupied West

Israeli Communication Minister Shlomo Karhi later published footage online of authorities raiding a hotel room Al Jazeera had been broadcasting from in east Jerusalem, which the Palestinians hope to one day have for their future state. He said officials seized some of the channel’s equipment there.

The decision threatens to heighten tensions with Qatar at a time when the Doha government is playing a key role in mediation efforts to halt the war in Gaza, along with Egypt and the United States.

Qatar has had strained ties with Netanyahu in particular since he made comments suggesting that Qatar is not exerting enough pressure on Hamas to prompt it to relent in its terms for a truce deal. Qatar hosts Hamas

The sides appear to be close to striking a deal, but multiple previous rounds of talks have ended with no agreement.

In a statement Sunday, Hamas condemned the Israeli government order, calling on international organizations to take measures against Israel.

The Foreign Press Association in Israel criticized the order.

“With this decision, Israel joins a dubious club of authoritarian governments to ban

the station,” it said. “This is a dark day for the media.” The New York-based Committee to Project Journalists similarly warned the move represented an “extremely alarming precedent for restricting international media outlets working in Israel.”

Omar Shakir, Human Rights Watch’s Israel and Palestine director, criticized the Israeli order as “an assault on freedom of the press.”

“Rather than trying to silence reporting on its atrocities in Gaza, the Israeli government should stop committing them,” he added. Israel has long had a rocky relationship with Al Jazeera, accusing it of bias. Relations took a major downturn nearly two years ago when Al Jazeera correspondent Shireen Abu Akleh was killed during an Israeli military raid in the occupied West Bank.

Gambrell reported from Jerusalem. Associated Press writers Jack Jeffrey in Jerusalem and Melanie Lidman in Tel Aviv contributed.

Editor: Angel R. Calso

editorialStrengthening the fight against counterfeit drugs

The alarming statistics released by the World health Organization (WhO) regarding the devastating consequences of counterfeit medicine should serve as a wake-up call to governments and policymakers worldwide. The estimated number of children who lose their lives due to counterfeit drugs is staggering, and the implications extend far beyond pneumonia and malaria-related deaths. It is evident that urgent action is required to address this pressing issue and safeguard public health.

The call for stricter penalties for individuals involved in the production, sale, and possession of fraudulent pharmaceutical products, as proposed by Rep. Brian Raymund Yamsuan, is a step in the right direction. House Bill 3984, which seeks to categorize these acts as economic sabotage, can play a significant role in fortifying the fight against counterfeit pharmaceuticals. (Read the BusinessMirror report: “Legislator seeks heavier penalties for trafficking of fake medicines,” May 1, 2024).

One of the critical aspects of HB 3984 is its comprehensive definition of “counterfeit pharmaceutical products.” By including products that do not contain the claimed ingredients, possess the wrong ingredients, lack active ingredients, or have reduced efficacy due to expiration, the legislation covers a wide range of deceptive practices. This broad definition is crucial in countering the increasingly sophisticated methods used by counterfeiters.

The proposed administrative and criminal penalties outlined in the bill are essential for deterring counterfeiters and ensuring the integrity of the healthcare system. The fines and license revocations will hit counterfeiters where it hurts the most—their pockets. Additionally, the prison terms prescribed for those found guilty of counterfeiting, ranging from not less than six months and one day to 15 years, send a strong message that such crimes will not be taken lightly.

Of particular significance is the provision in HB 3984 that deems counterfeiting pharmaceutical products worth at least P1 million as an act of economic sabotage, punishable by life imprisonment and hefty fines. This acknowledgment of the severity of the offense is a crucial step in combating the organized networks behind the production and distribution of counterfeit drugs.

Moreover, the legislation recognizes the grave implications of counterfeit medicine resulting in fatalities. The proposed penalties of life imprisonment and substantial fines in cases where the counterfeit product is determined to be the cause of death demonstrate the commitment to protecting lives and holding those responsible accountable for their actions.

The rising trend of counterfeit medicines emphasizes the need for a comprehensive and coordinated approach to tackle this problem effectively. The collaboration between the government and the pharmaceutical sector, as exemplified by the partnership between the Intellectual Property Office of the Philippines and the Pharmaceutical and Healthcare Association of the Philippines, is commendable. However, it is crucial to ensure that these efforts are complemented by robust legislation that provides the necessary tools to combat counterfeit medicine effectively.

Like many other countries, the Philippines faces unique challenges due to its porous borders and the accessibility of online markets. These factors make it particularly susceptible to the entry and use of counterfeit products, endangering the health and well-being of Filipinos. By enacting legislation such as HB 3984, the government can demonstrate its commitment to protecting the population and send a clear message that counterfeiters will face severe consequences for their actions.

The consolidation of HB 3984, along with similar measures, into a substitute bill submitted to the House Committee on Health for approval is a crucial step towards addressing the issue comprehensively. The involvement of other congressmen, including Camarines Sur Reps. Luis Raymund Villafuerte, Miguel Luis Villafuerte, and Tsuyoshi Horibata, highlights the importance placed on this matter by various stakeholders.

To effectively combat the proliferation of counterfeit medicine, it would do well for the government to prioritize legislation that ensures stringent penalties, enhances surveillance and enforcement mechanisms, and promotes public awareness. Additionally, international cooperation and collaboration between countries can play a pivotal role in addressing the global nature of this problem. By enacting and enforcing legislation such as HB 3984, the government can take a significant step towards curbing the production, sale, and distribution of counterfeit pharmaceuticals. It is imperative that lawmakers swiftly pass this legislation to protect the lives of their constituents and send a clear message that counterfeit medicine will not be tolerated.

BusinessMirror

John Mangun

The religions of investment OUTSIDE THE BOX

IF you want to vigorously discuss religious doctrine with a person who is Catholic—Roman or Orthodox—the response will usually be something like “Yeah. Whatever.” Followers of Islam and evangelical/Born-Again Christians, however, become very upset if you disagree with them. Caution is advised.

Hindus and Buddhists—I have one of each in my family—do not seem to be at all troubled by “nonbelievers,” which brings me to think that perhaps the herb in their tea came from one of my Rastafarian brothers.

To draw a parallel to my investment world, equity traders are like the Catholics. If you ask for advice, they will give it to you but we will never go out of our way to encourage you to buy stocks. Anyone who does say that you should/must invest in the stock market is a “Guru.”

A guru is a person who wants you to buy some sort of magic profit amulet that they are selling, be it a book or trading method.

Yes, for years I did offer for fee my technical analysis, which you can now get for free from most online brokers. I do still have a quantity of my “Magic Profit Wall Hanging,” now discounted, shipping not included.

RThat elite and small group of individuals who trade the bond markets follow the Old Norse religion, with their All-Father no longer Odin, but whoever is the Chair of the Federal Reserve of the United States, currently Jerome Powell. The Norse being Ymir, ancestor of all jötnar (or trolls), fed from rivers of milk that flowed from the teats of the primordial cow, Auðumbla. Bond traders are fed from the teats of Quantitative Easing and Modern Monetary Theory. Commodity traders are the Hindus and Buddhists of investments who understand that everything in the universe is all tied together such as a dry spell in Ethiopia or Brazil affecting Starbucks profits in Seattle, Washington.

In religion there is always an end goal. Heaven, Paradise, or Valhalla will come when the god/s are pleased with your performance and

decisions. Others are looking for ‘moksha’ or an end to the ‘samsara’ cycle of ‘birth, death, and rebirth’ or as we in the investment world say, “Buy Low, Sell High, Buy Low” again. The only way to get to investment Heaven, Paradise, or Valhalla or attaining ‘moksha’ is a large amount of accumulated profits in your bank account or under the bed, whichever you think is more sheltered and protected.

The Crypto-currency traders are on a mission from their god “Satoshi Nakamoto,” whose purpose is to save the world from the “Evil Ones” better known as the Central Banks. You cannot come to salvation except through “Bitcoin” or one of its more than 23,000 (according to CoinMarketCap) minor gods.

Many Crypto-currency investors are less concerned, if at all, with realized “in-your-hand” monetary gains. It could be compared to the eschatological position held by some fundamentalist Christians of an end-time event: the Rapture. This is the coming of a new money as a decentralized, secure, and transparent digital alternative to traditional forms of currency and payment sys-

tems, that will be eventually adopted all over the world.

There is another group of investors that might be called the “Atheists.” No comparison to real-life atheists is intended except to mean that these individuals are not caught up in any of the traditional investment religions. They sort of believe that there is no need or no possibility that they can substantially influence their personal wealth creation other than by working. As in real life, there are many more beliefs in the investment world. However, the above are the most traditional in that like traditional religions they are organized, have a structure of practice and procedure through the formal markets, and are regulated one way or another by governments. Definitely even crypto. “The man sometimes called “Bitcoin Jesus” did not pay capital gains on hundreds of millions of dollars he raised in selling bitcoin in 2017 after he gave up US citizenship and set up businesses and secured citizenship in St. Kitts and Nevis.” Your personal investment religion will give you harmony and satisfaction if you learn and follow its rules. But as in real life, break the commandants and you suffer investment Niflheim, Jahannam, Naraka, or the inferno.

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

uSSIA’S oil and gas industry has been crucial for bankrolling the invasion of ukraine, giving the Kremlin the funds to keep fighting even as the conflict drags on through its third year. But the industry is facing a shortage of manpower as the full mobilization of Russia’s economy for war exacerbates a longstanding demographic crunch.

In a nation where Gazprom PJSC’s “Dreams Come True” slogan has long summed up the career aspirations of many citizens, high-paying energy companies now find themselves having to compete for workers against the Russian army and weapons manufacturers, according to analysts and recruiters working with the industry. The sign-up bonus alone for a soldier fighting in Ukraine may be equivalent to nearly a year’s salary for an average oil and gas field worker.

This problem isn’t entirely new— Russia has faced a shrinking working-age population for almost two decades. The collapse in birth rates in the 1990s was a root cause and the Covid pandemic added to the challenge, but the invasion of Ukraine

has made it much more acute.

Lack of personnel is now hitting businesses across all parts of the economy, according to recent reports from Russia’s central bank. While the oil and gas industry appears to be ticking along smoothly, there may be a longer-term impact.

“Staff shortages have affected even the wealthy industries,” said Alexei Zakharov, president of online recruiter Superjob.ru. “The oil and gas sector can afford to attract employees with higher salaries, but the state competes by offering military contracts.”

Russia’s oil and gas sector lacks some 40,000 employees this year, according to estimates from Moscowbased Kasatkin Consulting, formerly Deloitte’s research center in the re-

gion. The industry raised the number of online job listings in the first quarter by 24 percent compared to a year before, looking not just for qualified personnel but also low-skilled workers, show data from major Russian recruitment platform hh.ru.

“This industry has open vacancies for electricians, drivers, mechanics, welders, machinists, general workers, sales managers, design engineers, salesmen,” said Anna Osipova, head of regional external communications at hh.ru. Russia’s Energy Ministry didn’t respond to Bloomberg request for comment.

The oil and gas industry has long been one of Russia’s highest-paying employers, offering a wage that exceeded the national average by at least two thirds since 2017, according to Bloomberg calculations based on data from the Federal Statistics Service. In January and February, the monthly nominal salary in the industry—including workers in oil and gas production, services, refining, pipeline shipments and storage—averaged some 125,200 rubles

($1,340). That sum no longer competes with what the Russian army is offering to contract soldiers. In addition to the flat nationwide sign-on bonus of 195,000 rubles, each Russian region offers its own one-time payment to a new recruit, rising to as much as 1 million rubles.

“Competition with salaries in the armed forces and military industrial complex has certainly had an impact” on workforce availability for the Russian oil and gas industry, said Dmitry Kasatkin, a partner at Moscow-based Kasatkin Consulting. If a worker doesn’t want to fight in Ukraine—where the UK Ministry of Defence estimates more than 450,000 Russian soldiers have been killed or wounded since President Vladimir Putin decided to invade in February 2022—there are also lucrative contracts available with military manufacturers. Demand for tanks, armored vehicles and weapons has soared and arms factories have been searching for workers in the tight labor market.  See “Russia,” A15

www.news.businessmirror@gmail.com

Gas stove pollution harms poor and minority Americans most, study finds

By Alicia Clanton

cOOkIng with gas poses a health risk, but new research shows that risk isn’t evenly distributed. Poorer americans and racial and ethnic minority groups are disproportionately exposed to harmful gas stove pollutants, scientists at stanford University, Harvard University and the central california asthma collaborative found.

Previous studies have shown gas stoves emit nitrogen dioxide and carbon monoxide—pollutants that can cause respiratory issues—at levels deemed unsafe by the US Environmental Protection Agency and the World Health Organization. The new findings in Science Advances are the first to measure gas stove nitrogen dioxide (NO2) pollution across home types, race, income and cooking habits, and then calculate the cost of preventable childhood asthma cases.

To conduct the study, the researchers constructed a model to estimate gas stove NO2 concentrations combining a federal indoor air quality model with field measurements collected from over 100 homes of varying sizes in five US states. They then applied their model to 7,632 houses with gas, propane and mixed-fuel stoves included in the US Energy Information Administration’s 2020 Residential Consumption survey. After dividing those homes into 24 distinct groups based on floor plans ranging from studios to multibedroom homes, they estimated the intensity of NO2 exposure.

The researchers found that American Indian and Alaska Native households face the most long-term exposure to NO2, at levels 60 percent greater than the national average. Black, Hispanic and Latino households follow, suffering 20 percent more exposure than the average. Stoves alone expose each of these groups to more NO2 pollution than is safe, according to WHO.

Households making under $10,000 per year experience double the exposure to gas stove pollution compared to households making more than $150,000, the study found. The race- and income-based disparities are due in part to differences in home size. However, the scientists noted there could be other relevant factors not measured in their model, including social differences in cooking behavior, ventilation and time spent indoors.

Using established epidemiological relationships, the researchers also estimated that gas and propane stoves contribute to as many as 19,000 adult deaths annually in the US, as well as 200,000 childhood asthma cases and $1 billion in societal harm.

“Most of us spend 90 percent of our time or more inside,” said Rob Jackson, professor of earth system science at the Stanford Doerr School of Sustainability and the study’s principal investigator. “We need to take ownership and act to clean up people’s air because it’s the air most

. . Continued from A14

Last year, Russia’s state defense corporation, Rostec, raised salaries by an average 17.2 percent. “We still need people,” Chief Executive Officer Sergey Chemezov told Vladimir Putin in August. “Many of our facilities have been working on the weekends, on bank holidays, and at night.”

Demographic crunch

PUTIN S decision to mobilize Russia’s economy for war has worsened a longstanding demographic problem.

In the 1990s, the economic turmoil after the breakup of the Soviet Union sent fertility rates plunging. Between 2007 and the end of 2021, the nation’s working-age population shrank by 5.8 million people, according to statistical

VAT on reimbursements under EOPT

sThe researchers found that American Indian and Alaska Native households face the most long-term exposure to NO2, at levels 60 percent greater than the national average. Black, Hispanic and Latino households follow, suffering 20 percent more exposure than the average. Stoves alone expose each of these groups to more NO2 pollution than is safe, according to WHO.

people breathe and we’ve ignored it for decades.”

Annie Carforo, climate justice campaigns manager at the Manhattan-based group WE ACT for Environmental Justice, said the findings are in line with what the group observed during a study of gas stove pollution in New York City public housing. She said people of color and low-income individuals are more likely to live in smaller, older apartments that have poor ventilation, ineffective or broken range hoods and dated appliances that leak more gas.

“This is a massive injustice that builds on itself, and that’s why you see much higher rates of asthma in communities of color and low-income communities,” Carforo said. She added that the new research “gives us more leverage to call for interventions and programs and policies that are going to intervene in low-income households first.”

The study’s authors said removing gas and propane stoves is the best solution for individuals. Those who cannot afford an immediate replacement or do not have the option as renters can buy a portable induction burner, use an air filter, open windows when they cook and use range hoods that circulate the kitchen air outdoors. But they also acknowledged cost can be a barrier.

While tax credits in the Inflation Reduction Act can help reduce the price of an electric stove, the researchers said stronger regulations are needed to help households switch and keep gas out of new buildings. Gas stove bans have fueled a culture war in the US, though.

“Our biggest problem is the political unreality of the whole situation,” said Kevin D. Hamilton, a registered respiratory therapist and senior director of government affairs at the Central California Asthma Collaborative. “All we can do is hope that researchers provide as much hard data as we possibly can to get some sanity into the conversation.” Bloomberg

data. The pandemic exacerbated the issue. From 2020 to 2022, almost 750,000 people died in Russia with Covid-19 listed as the main cause, according to Federal Statistics Service data.   The share of employees under 30 years in the Russian labor market dropped to 14.9 percent in 2022, the lowest since early 1990, according to estimates of audit and consulting firm FinExpertiza.

Another consequence of Russia’s military aggression against Ukraine has been to limit the flow of laborers from abroad. International sanctions have weakened the ruble, boosted inflation and complicated international money transfers, making Russia less attractive for migrants from ex-Soviet countries. Last year, the official net inflow of foreign migrants into the country was almost 110,000 people, just a quarter of the level in 2021, the last year of statistics

fulvio D. Dawilan

Tax Law for Business

Ince the enactment of the ease of Paying Taxes (eOPT) act, a lot of articles have been written regarding its effect on our tax system. similarly, the proper implementation of the new law has been discussed in a number of fora, such as seminars and webinars on taxation conducted both by our tax authority and the private sector. I also understand that there will be roadshows to further inform our taxpayers for proper compliance. Hence, the dissemination of the important provisions of the law is not wanting.

There is, however, one important amendment introduced by the EOPT that had not caught much attention. I am referring to the modification of the definition of gross sales for value added tax (VAT) purposes on sales of services. The EOPT modified the definition of “gross sales” to specifically exclude “those amounts earmarked for payment to third party or received as reimbursement for payment on behalf of another which do not redound to the benefit of the seller.”

Actually, Revenue Regulations No. 04-07 had already excluded payments to “unrelated” third parties and reimbursements of “advance” payments made on behalf of another from the VATable “gross receipts.” The regulations limited the exclusions though to amounts earmarked for payments to “unrelated” third parties and reimbursements of “advance” payments made on behalf of another.

This clarification made by the EOPT is actually nothing new. The concept of excluding from the VAT base amounts received by service providers that are intended to third parties or as reimbursements had

already been part of our VAT system. There are also old court decisions that are still relevant and support this treatment for tax purposes. In the case of Commissioner of Internal Revenue v. Manila Jockey Club, Inc., GR L-13887 and L-13890, June 30, 1960, the Supreme Court emphasized that the money which the owner of an amusement place receives but earmarked for other persons should not be included as part of the taxable gross receipts. Similarly, in the case of Commissioner of Internal Revenue v. Tours Specialists Inc., GR 66416, March 21, 1990, the Supreme Court ruled that gross receipts subject to tax under the Tax Code do not include monies or receipts entrusted to the taxpayer that do not belong to them and do not redound to the taxpayer’s benefit. The Court even stated that it is not necessary that there must be a law or regulation that would exempt such monies and receipts within the meaning of gross receipts under the Tax Code.

While these decisions involve different types of taxes, they had been applied by our authorities for other types of taxes—income tax,

With the amendment introduced by EOPT, I hope that the rule on the exclusion from the taxable gross sales of amounts received by taxpayers that do not redound to their benefit, because they are mere return for payments made in behalf of another or that they are to be paid to another, has become permanent.

VAT, withholding tax. In fact, even the tax bureau itself had used them to rule on the tax-exempt treatment of transactions of similar nature or with the same arrangements. In most of these cases, reimbursement of expenses had been considered as return of capital and therefore not subject to tax.

In essence, it had always been the rule that amounts received by taxpayers that are intended to third parties or that serve as reimbursements for payments made in behalf of another do not form part of the taxable base, including for VAT purposes.

Having said that, our tax authority had not been consistent on this matter. For instance, Revenue Memorandum Circular Nos. 089-12 and 016-13 require the cash deposits and advances received by a taxpayer from its clients/customers to be booked as income and form part of the gross receipts subject to taxes, such as VAT. Accordingly, all documentations and recording should follow this tax treatment. And this is without regard to the use to which the deposits or advances are intended to. In effect, this is disregarding the concept that amounts received that are earmarked for third parties or that serve as reimbursements for expenses incurred or to be incurred by the recipient on behalf of another are non-taxable. With the amendment introduced

by EOPT, I hope that the rule on the exclusion from the taxable gross sales of amounts received by taxpayers that do not redound to their benefit, because they are mere return for payments made in behalf of another or that they are to be paid to another, has become permanent. But I also hope that our tax authority will release a circular to clarify its implementation, recording, and documentation. And more importantly—what constitutes a mere reimbursement? Certainly, there are disbursements made by taxpayers while providing services to clients/customers. Should these form part of the gross sales when billed to customers? It would depend. I believe that expenses that are necessarily incurred by taxpayers so that they can do the required services may not qualify as mere reimbursements. They may just be costs of doing business and reimbursements for these should form part of fees (gross sales), even if they are separately billed from the fees and billed based on actual costs. On the other hand, costs that necessarily pertain to the customer/client but paid by or through its service provider may qualify as non-taxable when reimbursed to the latter. In other words, there should be clear parameters in determining what constitutes nontaxable and taxable reimbursements.

The author is a managing partner of Du-Baladad and Associates Law Offices (BDB Law) (www. bdblaw.com.ph),

legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at fulvio.dawilan@ bdblaw.com.ph or call 8403-2001 loc 310.

Israel raids Al Jazeera’s offices after banning broadcaster

By Galit Altstein

IsraelI officials seized a l Jazeera equipment on sunday, hours after the nation’s cabinet approved a decision to shutter the Qatarbased TV news network’s operations in the Jewish state—an unprecedented step toward an international media outlet.

Inspectors from the communications ministry, accompanied by police, arrived at Al Jazeera offices in Jerusalem, confiscated equipment and cut off access. Al Jazeera’s broadcasts and access to its website have been blocked throughout Israel.

Shlomo Karhi, Israel’s communications minister, posted a video clip of the raid on X, formerly Twitter, where the inspectors can be seen and heard naming the equipment they found.

Karhi has been a key advocate for the termination of the network’s activity within Israel. He’s also called Kan, Israel’s public broadcaster, biased and threatened to cut its budgets.

Al Jazeera denounced Israel’s move, calling it a “criminal act that violates human rights in access to information.” The Association for Civil Rights in Israel (ACRI) has petitioned the move to Israel’s Supreme Court.

“This is a dark day for the media and a dark day for democracy,” Isra-

before the war started.  That level of immigration is just a drop in the ocean compared with Russia’s demand for labor. At the end of March, the nation needed 1.86 million extra workers, according to data from Federal Statistics Service based on companies’ requests to job centers.

Employee perks

T HE northern regions are starving for more workforce, there are just not enough people,“ said Denis, a 41 yearold who left the Russian energy industry last August to pursue another career in Moscow. As salaries alone are not enough to attract a new workforce, Russian oil and gas companies, which often run their core operations in remote areas with harsh climates, have been offering further perks.

A field worker doing monthly shifts somewhere in Siberia or the Arctic can

el’s Foreign Press Association said in a statement. “Israel joins a dubious club of authoritarian governments to ban the station.”

The association expressed concern that Israel’s government “may not be done” as the prime minister now has the authority to target other foreign media he deems to be “acting against the state.”

Several ministers from Benny Gantz’s National Unity Party abstained from Sunday’s vote and criticized its timing, underlining escalating tensions between the various factions of Prime Minister Benjamin Netanyahu’s government.

Gantz’s party said that while it supports shutting down Qatariowned Al Jazeera, Israel’s war cabinet had agreed to postpone any decision at the request of security officials, including the head of Mossad, to avoid harming cease-fire negotiation efforts now under way in Egypt.  Israel and Hamas, through inter-

expect “hot meals three times a day” and regular medical check-ups covered by the employer, according to job listings at hh.ru. Some employers also throw in Soviet-style incentives such as “NewYear presents for kids” and trips to corporate resorts, according to recent listings on the site.

To widen the circle of potential employees, some companies have introduced a policy of “bring your friend and get paid,” offering around $50 to $100 per new hire. That’s not much by western standards, but in Russia it’s enough to buy the minimum level of food necessary for one person for a month.

All those perks are still not enough to lure the most desirable young skilled workers to the energy industry. That’s forcing companies to turn to older workers.

“The oil industry used to encourage people to retire on time—You are close to

White House spokeswoman Karine Jean-Pierre criticized the move at the time as “a concerning step.” The US supports the work of journalists around the world, including those working in Gaza, she said.

mediaries, continue to work toward a deal that would involve the release of Israeli hostages held in Gaza and Palestinian prisoners in Israel. Qatar has been a dominant mediator since the war in Gaza broke out following Hamas’s October 7 attacks on Israel.

The idea of shutting down the news channel has been circulating within Netanyahu’s cabinet, comprised mostly of hard-right, nationalist and Jewish Orthodox parties, since the early days of war.

Al Jazeera was blamed by Israel for what were termed false reports that heavily relied on what was thought to be Hamas propaganda.

In late March, the channel ran a story claiming that Israeli soldiers had raped and murdered women at Gaza’s Al Shifa hospital, which the Israel Defense Forces denied. It was later removed from all of Al Jazeera’s platforms.

A law allowing foreign media out-

the retirement age? Here’s a big bonus for you and we’ll see you off with honor, to make room for the younger generation,” said Superjob.ru’s Zakharov. Now the companies are phasing these programs out and encouraging the personnel “to work as long as possible,” he said.

Key industry

SINCE the invasion of Ukraine, Russia’s oil and gas sector has been targeted by an ever tightening net of international sanctions designed to curb the flow of petrodollars. Yet the industry has continued to operate smoothly, giving Moscow the funds needed to keep sending soldiers to the front line and purchase weapons to attack Ukrainian cities and infrastructure.

Last year’s oil-production drilling rates set a post-Soviet record, while Russia’s crude exports remain robust even as the country makes output cuts

lets to be shuttered in Israel was approved by the nation’s parliament, the Knesset, in early April. It would give Israel’s premier the power to instruct the communications ministry to act against any foreign media entity deemed to be “harming the country,” pending the opinion of at least one security official and the approval of the cabinet or security cabinet.  The media outlet can then be subject to a range of actions, including:  n Shutting down its offices in Israel.

n Confiscation of broadcast equipment.

n Prevention of broadcasts by the channel’s reporters.

n Removal of the channel from Israeli cable and satellite companies. n Blocking of its websites in Israel.

“Al Jazeera harmed Israel’s security, actively participated in the October 7 massacre, and incited against IDF soldiers,” Netanyahu said when the law was passed. “It is time to remove the voice of Hamas from our country.”  White House spokeswoman Karine Jean-Pierre criticized the move at the time as “a concerning step.” The US supports the work of journalists around the world, including those working in Gaza, she said. Bloomberg

in partnership with the Organization of Petroleum Exporting Countries. The country’s natural gas production is rebounding after a sharp drop in 2022 and 2023 when pipeline flows to Europe were mostly halted. The government expects pipeline exports of the fuel to recover by almost a fifth this year due to higher flows

MARCOS JR.: RTL AMENDMENT VITAL TO TAMING RICE PRICES

By Samuel P. Medenilla @sam_medenilla

PRESIDENT Ferdinand

R. Marcos Jr. said he

will certify as urgent the proposed legislation amending Republic Act (RA) 11203 or the Rice Tariffication Law (RTL) to allow the government to tame high rice prices.

“Yes, I think it justifies the urgent certification,” the chief executive said in an interview with reporters after the commemoration of the 2024 Government-Owned or -Controlled Corporations (GOCC) Day in Pasay City, when asked about his position on the RTL amendment.

He said the reform is necessary to provide government the tool to lower the market price of rice.

“The problem, which is causing the price of rice to rise, are the competing traders. They raise the price in the procurement of palay [unmilled rice] and we have no control on that,” Marcos said in Filipino.

“If there will be amendments in the NFA [National Food Authority] charter and the Rice Tariffication Law, we will be able to control or

influence the pricing in the procurement of unmilled rice and the selling of rice,” he added.

Congress is considering restoring NFA’s power to buy and sell rice at a price cheaper than commercial retailers, but with certain conditions such as prioritizing the procurement of locally-produced rice over imports.

The RTL removed such power from NFA together with the quantitative import restriction on rice, when it was passed into law in 2019.  This allowed private rice traders to import any volume of rice.

Lawmakers made the proposed amendment to the RTL as rice inflation accelerated to 24.4 percent in March from 23.7 percent in February.

Based on the latest price monitoring of the Department of Agriculture (DA), the weekly average price of wellmilled rice from April 22 to 27 was P51.81 per kilogram (kg); while for regular milled, it was P49.44 per kg.

House Speaker Ferdinand Martin G. Romualdez said the price of rice can be reduced by P10 to P15 if the RTL amendment is enacted.

US customs sourcing rules, recalls, spur garments layoff

By Andrea E. San Juan @andreasanjuan

OVER 5,000 workers in the garments industry have been laid off due to pulled-out orders and the US Customs and Border Protection’s (CBP) sourcing requirements which posed “unforeseeable” difficulties for some industry players’ operations, according to the Confederation of Wearable Exporters of the Philippines (Conwep).

Conwep Executive Director Maritess Jocson-Agoncillo told reporters in a Viber message that 5,007 workers in the garments industry have already lost their jobs from January to April 2024. Of these, 4,577 have been retrenched and 500 in forced leave.

The Conwep official said these workers were retrenched/put on forced leave for “varying reasons” such as the market being “soft,” orders being pulled out because it’s cheaper in other countries, and detention of exports.

However, 2,000 workers were retrenched by a single industry player alone while the 3,077 workers were from 9 factories reported.

Luenthai Philippines, the largest apparel exporter under Conwep, announced it has laid off 2,000 workers after the US Customs and

Border Protection’s (CBP) sourcing requirements posed “unforeseeable” difficulties for its operations.

In a statement on Monday, L&T Clark announced that despite its “strict adherence” to Uyghur Forced Labor Prevention Act-compliant sourcing practices, the firm is currently being required by the CBP to prove the origin and production practices of all elements to its supply chains.

This, Luenthai Philippines in Clark noted, has led to “prolonged delays in clearing recent US shipments, causing significant business interruption and order losses.”

“These developments directly impact our workforce, necessitating the implementation of forced leave for many employees in the previous months,” Luenthai said.

Given the “extended and unanticipated” time period for deter -

minations on the exporter’s shipments by CBP, Luenthai said it has become “unsustainable to maintain full capacity without causing undue hardship to our employees.”

As such, L&T Clark said it was compelled to implement a retrenchment program. “This challenging decision is made with our employees’ well-being in mind, to spare them from uncertainty and prolonged forced leave,” the apparel exporter said.

Based on its LinkedIn page, L&T International Group Philippines Inc. or Luenthai Philippines has manufacturing facilities in Clark, Pampanga, Cebu, Tarlac and Bataan. Meanwhile, it is also present in China, Cambodia, Vietnam, Indonesia, Bangladesh, India, Thailand, Myanmar, Hong Kong as well as key cities in the United States (New York and New Jersey).

Luenthai said the retrenchment program was coordinated with the Department of Labor and Employment (DOLE) to ensure transparency, fairness, and adherence to legal standards, underscoring its dedication to ethical business practices.

“All affected employees received comprehensive severance packages that meet legal standards. The retrenchment was executed smoothly

and peacefully. Further, we are open to address any future clarification that the retrenched employees may file before the labor office,” Luenthai noted.

According to the website of the US Customs and Border Protection, the Uyghur Forced Labor Prevention Act, or the UFLPA, directs the Forced Labor Enforcement Task Force to develop a strategy for supporting enforcement of the prohibition on the importation of goods into the United States manufactured wholly or in part with forced labor in the People’s Republic of China, especially from Xinjiang.  Jocson-Agoncillo told reporters at a virtual briefing on Monday that as of February 2024, the actual cost of the detained shipments of the cotton product exporter has already reached nearly $5 million.

“These were shipments due for November...December, it was supposed to be in the stores, I think, last February. Imagine early November it started getting detained. So these shipments were already in a way detained, cancelled and you know for restructure, renegotiation with the buyers, so close to about 5 million [dollars] for the Luenthai group of companies alone,” JocsonAgoncillo added.

Administrative Officer (Mandarin-Speaking) will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long-term goals. Basic Qualification: Proven experience as Administrative Officer (Mandarin-Speaking), excellent communication, interpersonal and presentation skills.

DENGKE Mandarin Speaking Customer Service

Brief

16. LIM, JINHOON Mandarin Speaking Customer Service

17. MIN, MYEONGGI Mandarin Speaking Customer Service

Brief

and service questions.

18. WANG, YANGYANG Mandarin Speaking Customer Service

Brief Job Description: Attracts potential customers by answering product and service questions.

19. YIMCHAROEN, KHWANRUTHAI Mandarin Speaking Customer Service

Brief Job Description: Attracts potential customers by answering product and service questions. Basic Qualification: Can speak in Mandarin language.

C’EST LA VIE EVENT MANAGEMENT INC. 230, Narra Street, Marikina Heights, City Of Marikina

20. SHANGGUAN, MIN Field Sales Consultant

Brief Job Description:

53.

Brief

54.

Brief

55. QIAN, LIHENG Chinese Speaking Data Entry Clerk

Brief

56. SU, GUIYANG Chinese Speaking Data Entry Clerk

Brief Job Description: Gather

57. TAO, YUANLYU Chinese Speaking Data Entry Clerk

Brief Job Description: Gather data and capture the information into databases.

58. TIAN, QIANQIAN Chinese Speaking Data Entry Clerk

Brief Job Description: Gather data and capture the information into databases.

59. XU, LEI Chinese Speaking Data Entry Clerk

Brief Job Description: Gather data and capture the information into databases. Basic

60. YU, QIUXIA Chinese Speaking Data Entry Clerk

Brief Job Description: Gather data and capture the information into databases.

61. YU, YAOQIANG Chinese Speaking Data Entry Clerk

Brief Job Description: Gather data and capture the information into database.

62. ZHANG, WENLI Chinese Speaking Data Entry Clerk

Brief Job Description: Gather data and capture the information into databases.

63. ZHANG, YUNXIAO Chinese Speaking Data Entry Clerk

Brief Job Description: Gather data and capture the information into databases.

64. ZHU, GAOZHAN Chinese Speaking Data Entry Clerk

Brief Job Description: Gather data and capture the information into databases.

65. ZHU, HUIGUANG Chinese Speaking Data Entry Clerk

Brief Job Description: Gather data and capture the information into databases.

66. ZHU, YANFEI Chinese Speaking Data Entry Clerk

Brief

Basic

Basic

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

Basic

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

102. AN, JUGYEONG Korean Account Specialist

Brief

103. YANG, LILI Principal Staff Officer

Brief

GLARION TECHNOLOGIES CORPORATION 4th-11th Flr. Nexgen Tower, C4 Rd. Edsa Ext., Barangay 76, Pasay City

104. HUYNH VAN TAN Call Center Agent

Brief Job Description: Customer service.

105. LIU, MINGYUE Call Center Agent

Brief Job Description: Customer service.

106.

112. BUI, THI DIEM QUYNH Customer Service Representative

Brief

143.

Brief

145.

Brief

146.

147. CHIA CHEE KEONG Chinese Speaking Business Development Associate

Brief Job Description: Identify and maintain new business opportunities and existing partners.

148.

149.

Brief

185.

Brief

186.

RIDGE OUTSOURCING SERVICES INC. 46/f Pbcom Tower,

Provide remote multi-language support for the userbase and work closely with the Global teams. Basic Qualification: College graduate. With previous work experience in a similar role. Salary Range: Php 60,000 - Php 89,999

193. LEE, YONG JUN Customer Service Representative - Korean Language

Brief Job Description: Provide remote multi-language support for the userbase and work closely with the Global teams.

VEHICLE MASTER SERVICE CORP. #27, T. Santiago St., Canumay West, City Of Valenzuela

194. LU, WENZU Chinese Mechanical Specialist Brief Job Description: A Chinese Mechanical Specialist installs, maintains, repairs, and troubleshoots various types of mechanical equipment and systems.

Editor: Jennifer A. Ng

Overseas operations buoy ICTSI Q1 financial results

By Lorenz S. Marasigan @lorenzmarasigan

InternatIonal Container terminal Services Inc. (ICtSI) on Monday reported that it booked a 36-percent increase in profits in the first quarter.

ICTSI Chairman e nrique K. r azon said the company recorded $209.88 million in net income attributable to equity holders, higher than the $154.61 million it posted the year prior. r evenue from port operations reached $637.65 million or 11 percent higher than the $572.25 million in 2023, as its ports handled 3.09 million twenty-foot equivalent units (T e Us), flat versus last year.

o ur international portfolio performed exceptionally well, and the group continues to benefit from geographic diversification spanning 19 countries which has enabled us to deliver growth, despite regional economic headwinds,” r azon said in a statement.

o ur balance sheet is robust and cash generation has been very strong, with free cash flow up 46 percent during the

quarter further reinforcing our ability to invest and capitalize on growth opportunities.”

Consolidated cash operating expenses in the first quarter was six percent higher at $172.48 million compared to $163.14 million for the same period in 2023 due to government-mandated and contracted salary rate adjustments, various repairs and maintenance of port equipment, and unfavorable foreign exchange effect. Furthermore, consolidated financing charges and other expenses during the period rose by 14 percent to $46.35 million from $40.78 million.

ICTSI is spending $450 million in capital expenditures this year to complete the expansion of its ports and develop new terminals. w e look to the future with confidence, and with our highly

disciplined business model we remain strongly positioned to continue to deliver financially and operationally for all our stakeholders,” r azon said.

The company announced last September 2023 that it secured a $750-million loan from the

Metropolitan Bank & Trust Co. (Metrobank) to expand its international operations.

ICTSI said proceeds of the 6-year loan facility will help global port operators refinance its shortterm obligations and fund strategic mergers and acquisitions.

MerryMart income declines in 2023

MerryMar T Consumer Corp. said its income last year fell 28 percent to p406.81 million from the previous year’s p569.75 million as its wholesale business recorded lower margins. The company said its wholesale e-commerce business “has significantly grown with tighter margins” but with a higher transaction value.

The company said it continues to invest in parts of its business that is important as it expects to significantly grow its market share with improvements in distribution centers, logistics and systems upgrade. r evenues grew 18 percent to

REDC net income hits

epower energy Development Corp., a subsidiary of pure energy Holdings Corp., reported a net income of p172.8 million last year from p168 million in 2022 as revenues grew by 19 percent year-on-year. revenues stood p456.6 million in 2023 from p382 million a year ago. re DC attributed its strong performance to the commissioning of its two new power plants and the steady generation from its existing portfolio of run-of-the-river hydropower plants.

o ur consistently strong financial performances give us a strong base to continue growing our potential for the development and acquisition of other hydropower plants. This is so we can grow our portfolio to further increase shareholder value,” reDC p resident eric peter r oxas said. Lenie Lectura

SM Prime profit rises on strength of malls in Q1

By VG Cabuag @villygc

Small operator SM

Inc. on Mon

day said its income grew 11 percent to p 10.5 billion in the first quarter from the previous year’s p 9.4 billion. r evenues for the period rose by 7 percent to p 30.7 billion from the previous year’s p 28.6 billion, while consolidated operating income grew 6 percent to p 14.7 bil

lion from p 13.8 billion last year.

“ we are encouraged with the performance of all our businesses this first quarter of 2024. we are particularly bullish with our malls business as we plan to open a new mall this month of May, and another three within the year.

For the residential business, our focus remains in addressing housing backlog within the socialized and economic segments,”

SM p rime president Jeffrey C. Lim said.

SM p rime’s shopping mall business, which accounts for 59 percent of the consolidated revenues, recorded a 7 percent growth to p 18.2 billion. Mall rental income reached p 15.8 billion, an 8-percent increase from last year’s level, while other revenues, which includes cinema and event ticket sales, reached p 2.5 billion.

Its primary residential business group reported p 8.5 billion revenues in the first three months of 2024, higher by 10 percent than

last year’s p 7.7 billion. This accounts for 28 percent of the company’s consolidated revenues.

The company’s reservation sales hit p 26.5 billion, it said. r evenues of SM p rime’s other business segments, which consist of offices, hotels and convention centers, went up by 9 percent yearon-year to p 3.4 billion. The company’s office business unit reported p 1.8 billion in revenues, while the hotels and convention centers business unit recorded p 1.6 billion.

Last February, SM p rime reported that its income in 2023 jumped by 33 percent to p40 billion from the previous year’s p 30.1 billion.

Consolidated revenues came in at p 128.1 billion, some 21 percent higher than the p 105.8 billion recorded in 2022. Consolidated operating income grew by 24 percent to p 61.3 billion from the previous p49.2 billion.

SM p rime will allot p 100 billion for its capital expenditure program for 2024, or p 10 billion more from the previous year’s committed amount of p 90 billion.

p6.97 billion from the previous year’s p5.88 billion.

“ we are glad that MerryMart has delivered revenue growth from its current business lines continuously gaining market share and investing in the foundation of any business is like laying down sturdy roots for a mighty tree,” MerryMart Chairman edgar Sia II said.

“ w ith a strong foundation in place, MerryMart will be better equipped to weather challenges and scale operations efficiently in the future. we are making strategic decisions that prioritize long-term sustainability above all, laying the groundwork for the future success and growth of MerryMart to delight

PBy Jonathan L. Mayuga @jonlmayuga

eTValue philippines, the country’s first bottle-to-bottle, food-grade recycling facility in General Trias City, Cavite said it recycled its first 1 billion peT bottles. This milestone, according to pe TValue p hilippines, underscores the impact of “strong collective action toward a fully circular economy.”

pe TValue is a joint venture between Coca-Cola Beverages philippines Inc. (CCBpI) and Indorama Ventures, a global sustainable chemical company. Its facility in General Trias turns used post-consumer clear pe T bottles—fully recyclable packaging—into new food-grade recycled pe T (rpe T) bottles, thus closing the “make-use-recycle” loop for plastic packaging.

The p 2.28-billion multi-phased joint venture investment uses the most advanced bottle-to-bottle pe T recycling technology in the

the customers today as well the next decades.”

In July, the company said it will open its largest stand-alone fullsized supermarket that sits on 4,032 square meters of prime land located in ayala Land’s Cresendo estate in Tarlac.

This new stand-alone full-sized supermarket design of MerryMart Grocery will be the format for locations in sprawling horizontal communities.

It is intended to be an eco-friendly supermarket with roof solar panels, LeD lighting fixtures, and use of power efficient equipment with bicycle slots and electric car charging provisions. The format will carry the

full line of grocery, pharmacy, personal care and other basic essential products.

The company’s various formats include MerryMart express, MerryMart Market, MerryMart Grocery and MerryMart w holesale. Its unit MM Consumer Technologies Corp. with MBoX Smart Lockers is the first in its consumer technology portfolio that is expected to add and complement to the ecosystem of the MerryMart Group.

Under its “Vision 2030,” the company is targeting to expand its store network to 1,200 branches and generate p 120 billion in systemwide recurring consumer sales revenue. VG Cabuag

country and has generated about 200 direct jobs for Filipinos.

Indorama Ventures is a world leader in peT recycling as the world’s largest producer of recycled resin used in plastic beverage bottles.

The Board of Investments (B oI) granted pe TValue pioneer status in 2020 for its processes to create new recyclable pe T packaging.

The recycling facility officially launched its operations in a ugust 2022 and can process approximate -

ly 2 billion pieces of pe T plastic bottles annually.

“Creating an accessible collection system for local waste sectors and communities is crucial to the operations of recycling facilities such as pe TValue.”

Coca-Cola said it diverts plastic waste to the facility, through initiatives deployed across the philippines and collaborations with local governments that need assistance rerouting their recyclables.

PETValue in General Trias, Cavite utilizes the country’s most advanced bottle-to-bottle PET recycling technology. Contributed photo

PhoTo shows Manila International Container Terminal, ICTSI’s flagship operations. From www.iCtsi.Com

Banking&Finance

‘High earnings no license to increase fees’

By Samuel P. Medenilla @sam_medenilla

PRESIDENT Ferdinand R. Marcos Jr. said the high dividend remittances from government-owned or -controlled corporations (GOCC) should not translate to higher fees for their clients.

speech during

Breaking free from the ‘I’ll Start Saving Tomorrow’ Mindset

IT’S all too easy to fall into the trap of procrastination, especially when it comes to saving money.

As Filipinos, we often find ourselves uttering the familiar phrase, “Bukas na lang mag-iipon” (I’ll start saving tomorrow), believing that tomorrow will be a better day to start saving. But as the days turn into weeks, and the weeks into months, we realize that tomorrow never truly arrives. It’s a cycle many of us are all too familiar with, but it’s a cycle we can break.

Understanding the procrastination trap

WHY do we continuously put off saving for tomorrow? Perhaps this is rooted in our culture, where we prioritize present enjoyment over future security. Growing up, we’ve witnessed our parents and elders live paycheck to paycheck; always struggling to make ends meet. The concept of saving for the future may seem foreign or even unattainable in such circumstances. And so, we adopt the same mentality, perpetuating the cycle of procrastination.

Consequences of procrastination

BUT what are the consequences of this perpetual delay? We may not realize it at first, but each day we postpone saving, we’re robbing ourselves of financial freedom and security. We miss out on the opportunity to grow our wealth and secure our future and that of our loved ones. The dream of owning a home, traveling the world, or retiring comfortably feels like a distant fantasy when we’re trapped in the cycle of procrastination.

Creating awareness

IT’S time to break free from this cycle and take control of our financial destiny. The first step is to acknowledge and become aware of our tendency to procrastinate when it comes to saving. By recognizing the habits and behaviors that hold us back, we can begin to challenge them and make positive changes in our lives.

Setting clear goals

SETTING clear and achievable financial goals is crucial in overcoming the procrastination trap. Whether it’s building an emergency fund, saving for a down payment on a house, or planning for retirement, having a concrete goal gives us something to work towards. Start small if you must, but make sure your goals are specific, measurable, and realistic.

Implementing strategies

ONCE we’ve set our goals, it’s time to put a plan into action. There are various strategies we can employ to overcome procrastination and start

“The established canon in setting fees and charges that common citizens pay remain inviolable: That they should only be enough to recoup the expenses made in rendering these services and should not be a pretext for profit,” Marcos said.

He noted GOCC should generate additional revenue from the improved efficiency of their operations.

“Our call for higher earnings is a call for efficiency, and this goes especially to the agencies that deal directly with the people. This should not be taken as a license to hike

the fees that they pay,” the President said.

“To the GOCCs who by their mandate precludes them from remitting incomes to the public coffers, you can actually help the people by reducing the taxpayer subsidy that you require,” he added.

The Department of Finance (DOF) has instructed GOCCs to raise their dividend remittances from a minimum of 50 percent to 75 percent of their 2023 earnings to help increase the country’s nontax revenues.

With the implementation of the new policy, total dividends from 52 GOCCs last year reached P100.74 billion, which is 47-percent higher than the P68.34 billion collections in 2022.

Marcos led in the recognition ceremony of the GOCCs, which contributed to the higher dividend remittances last year.

The President is confident the GOCC dividends for this year will surpass that of 2023. This after DOF reported GOCCs have already remitted P88.56 billion as of May

3, 2024. The President assured the dividends from GOCCs will be used by the national government for initiatives to achieve socio-economic development.

“It will be invested back to growthinducing activities that create jobs and harness opportunities,” Marcos said.

“In the end, these dividends will yield more dividends, unleashing a virtuous cycle that lifts up those we serve to a higher standard of living,” he added.

NG fully awards debt papers as auction yields ease

By Reine Juvierre Alberto

THE national government made a full award of Treasury bills (T-bills) on Monday as average auction yields eased for the second straight week.

The Bureau of the Treasury (BTr) successfully raised P5 billion each from the sale of 91-day T-bills, 182day tenor, and 364-day government securities, which totaled P15 billion.

“With its decision, the Committee raised the full program of P15.0 billion for the auction,” the Treasury said in a statement.

saving today. One effective method is to automate our savings by setting up automatic transfers from our paycheck to a savings account. This way, we’re less tempted to spend the money and more likely to stick to our savings goals.

Building discipline

BUT saving money isn’t just about setting aside a portion of our income; it’s about developing discipline and consistency in our saving habits. It requires saying no to impulsive purchases and prioritizing our long-term financial well-being over short-term gratification. It won’t always be easy, but with determination and perseverance, we can build the discipline needed to achieve our financial goals.

Seeking accountability

SEEKING support from friends, family, or a financial advisor can also help us stay accountable to our saving commitments. By sharing our goals with others, we not only gain encouragement and motivation but also feel a sense of responsibility to follow through. Surrounding ourselves with a supportive community can make all the difference in staying on track towards financial liberation.

Celebrating progress

FINALLY, it’s essential to celebrate our progress along the way. Every milestone, no matter how small, is a step closer to our ultimate goal of financial freedom. Treat yourself to a small reward or indulge in a moment of gratitude for how far you’ve come. Celebrating progress not only boosts morale but also reinforces positive saving habits for the future.

Conclusion

BREAKING free from the “I’ll Start Saving Tomorrow” mindset is not an easy feat, but it’s a journey worth embarking on. By understanding the procrastination trap, setting clear goals, implementing strategies, building discipline, seeking accountability, and celebrating progress, we can overcome the barriers that hold us back and achieve financial liberation. Remember, the power to transform our lives lies not in the distant tomorrow, but in the actions we take today. So, let’s seize this moment, break free from the chains of procrastination, and pave the way towards a future of abundance and security.

Janice Sabitsana is a registered financial planner of RFP Philippines. The views she expressed in this column do not necessarily reflect those of the BusinessMirror. To learn more about financial planning, attend the

The total amount tendered per tenor was P19.037 billion for the 91-day, P16.310 billion for the 182day, and P17.600 billion for the 364day T-bills.

The auction was 3.5 times over -

Add’l

Tsubscribed, with total demands reaching P52.9 billion across the board, according to the Treasury.

For the 91-day T-bills, investors’ average yield slightly decreased to 5.780 percent, versus the previous tender’s 5.869 percent. Bids for the 91-day T-bills also inched down, ranging from 5.770 percent to 5.790 percent.

The 182-day T-bills saw its yield averaging down to 5.930 percent compared to last auction’s 5.988 percent. The government security rates were between 5.893 percent and 5.954 percent.

Investors’ average rate for the 364-day T-bills, meanwhile, was at 6.056 percent with a yield range of 6.000 percent to 6.065 percent. Tbills’ yields averaged 6.081 percent in the Treasury’s previous tender

last April 29.

The Treasury said the average rates of the T-bills ended lower from the previous auction and prevailing secondary market rates.

According to Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort, the T-bills average auction yields are similar to the slight declines week-on-week in the comparable short-term PHP BVAL yields.

Ricafort pinned the easing of yields to the “mostly softer” US jobs data that some analysts believe could lead to possible rate cuts by the US Federal Reserve later this year.

The RCBC executive added that the “T-bill average auction yields also again corrected lower after global crude oil prices moved to new 1.5-month lows amid easing Israel-

Iran tensions for more than two weeks already.”

Ricafort also pointed to the recent downward correction in US Treasury yields, with the benchmark yields at a three-week low at 4.51 percent, down from the immediate high of 4.74 percent posted on April 25. For the month of May, the Treasury aims to raise as much as P60 billion from the sale of T-bills. It is also targeting to raise P150 billion from the sale of Treasury bonds, with the combined sale totaling P210 billion. The state also aims to borrow, following a 75:25 mix in favor of domestic sources, a total of P1.853 trillion from the domestic market through the sale of T-bills and Tbonds this year, based on state budget documents.

P5B sought to expand RCEF as RTL nears end

By Ada Pelonia

HE Department of Agriculture (DA) proposed the increase of the Rice Competitiveness Enhancement Fund (RCEF) to P15 billion from the current allocation of P10 billion.

In his report to the House of Representatives Committee on Agriculture last Monday, Agriculture Secretary Francisco P. Tiu Laurel Jr. said the Rice Tariffication Law (RTL) provided “the platform and infrastructure to increase the productivity and incomes of farmers even as competition arising from freer importation stands to benefit consumers.”

“We recognize that much needs to be done to ensure that we attain the best possible outcome vis-a-vis identified targets under RTL given the remaining time we have before the law expires,” Tiu Laurel said as the RTL is set to lapse this year.

In a draft bill presented by National Rice Industry Development Program Undersecretary Christopher V. Morales, the proposed fund would remain earmarked for farm mechanization (P7.5 billion), seeds (P4.5 billion), rice credit assistance (P900 million), and rice extension services (P900 million).

“On the mechanization component, we want to expand the scope to include the construction and enhancement of postharvest and processing facilities, which includes warehouses, grain storage facilities, and drying facilities,” Morales said.

“For the seed component, we would like to expand the scope to distribute preferred rice seeds, so clustered rice farmers’ preference either inbred rice seeds or locally produced public hybrid rice seeds,” he added.

Morales also proposed having the principal and interest payments on loans be re-deposited to the fund and made available for new loans, establishing some sort of a revolving fund.

Other components, he said, would also be included such as the soil health improvement (P600 million), pest and disease management (P300 million) and the Rice Industry Development-Program Management Office (P300 million). The latter would be created “to ensure a holistic approach of rice concerned agencies and industry players,” Morales explained.

The DA’s proposal also includes a review of the allocation or percentages in the third year with preferential attention granted to rice farmers, cooperatives, and associations.

“The president may reallocate the RCEF fund with recommendations from the Secretary of agriculture and the RCEF Program Steering Committee to adjust kung ano yung nangyayari sa ating industry [to adjust if there are changes in the industry],” Morales said.

Moreover, the DA official proposed that tariff revenues in excess of P15 billion be allocated to certain programs subject to the DA Secretary’s approval.

“We put a provision stating that if the RCEF collection falls short of P15 billion, the Department of Budget and Management (DBM) should augment the funding requirement of RCEF,” he said. According to the Bureau of Customs, the country’s rice tariff collections reached nearly P29 billion in 2023.

The DA’s proposed amendment would also allow the National Food Authority (NFA) to secure buffer stocks through alternative schemes if the available supply is insufficient.

“The NFA should be given option to purchase a certain percentage of the rice brought in by accredited importers at the CIF landed price declared by the importer based on customs documents and, the last resort, to purchase from other countries, subject to explicit authorization from the DA Secretary,” Morales said.

Tiu-Laurel said “critical modifications” are needed to strengthen RTL and ensure the optimum impact in its implementation.

President Ferdinand R. Marcos Jr. earlier said he would certify the proposed amendments to the RTL as urgent in a bid to lower rice prices.

In his

the commemoration of the 2024 GOCCs’ Day in Pasay City last Monday, the chief executive said GOCCs should prioritize public service over profit generation.

Art

European court upholds Italy’s right to seize prized Greek bronze from Getty Museum, rejects appeal

BY NICOLE WINFIELD

The Associated Press

ROME—A European court on Thursday upheld Italy’s right to seize a prized Greek statue from the J. Paul Getty Museum in California, ruling that Italy was justified in trying to reclaim an important part of its cultural heritage and rejecting the museum’s appeal.

The European Court of Human Rights, or ECHR, determined that Italy’s decades-long efforts to recover the Victorious Youth statue from the Malibu-based Getty were not disproportionate.

Victorious Youth, a life-sized bronze dating from 300 B.C. to 100 B.C., is one of the highlights of the Getty collection. Though the artist is unknown, some scholars believe it was made by Lysippos, Alexander the Great’s personal sculptor.

The bronze, which was pulled from the sea in 1964 by Italian fishermen and then exported out of Italy illegally, was purchased by the Getty in 1977 for $4 million and has been on display there ever since.

The Getty had appealed to the European court after Italy’s high Court of Cassation in 2018 upheld a lower court’s confiscation order. The Italian legal rulings were part of the country’s yearslong campaign to recover antiquities looted from its territory and sold to museums and private collectors around the globe.

The Getty had argued that its rights to the statue, under a European human rights protocol on protection of property, had been violated by Italy’s campaign to get it back.

The European court ruled on Thursday that no such violation had occurred. And it went even further, affirming in an online, English judgement what Italy’s Cassation had determined: that the statue was part of Italy’s cultural heritage, that international law strongly supported Italy’s efforts to recover it, and that the Getty had been at best negligent when it bought it without properly ascertaining its provenance.

“This is not just a victory for the Italian government. It’s a victory for culture,” said Maurizio Fiorilli, who as an Italian government attorney had spearheaded Italy’s efforts to recover its looted antiquities and, in particular, the Getty bronze.

The Getty has long defended its right to the statue, saying Italy had no legal claim to it. The museum vowed Thursday to continue the legal battle to keep it.

Despite Thursday’s ruling, “we believe that Getty’s

nearly 50-year public possession of an artwork that was neither created by an Italian artist nor found within the Italian territory is appropriate, ethical and consistent with American and international law,” the museum said in a statement.

Among other things, the Getty has argued that the statue is of Greek origin, was found in international waters and was never part of Italy’s cultural heritage. It has cited a 1968 Court of Cassation ruling that found no evidence that the statue belonged to Italy.

Italy argued, and the Cassation court later found, that the statue was indeed part of its own cultural heritage, that it was brought to shore by Italians aboard an Italian-flagged ship and was exported illegally, without any customs declarations or payments. Thursday’s decision by the Strasbourg, France-based ECHR was a chamber judgment. Both sides now have three months to ask that the case be heard by the court’s Grand Chamber for a final

decision and Getty said it was considering such recourse. Italy has recently ceased cooperation with foreign museums that don’t recognize Italian confiscation orders, banning loans to the Minneapolis Institute of Art following a dispute over an ancient marble statue believed to have been looted from Italy almost a half-century ago.

The Victorious Youth, nicknamed the Getty Bronze, is a signature piece for the Getty. Standing about 5 feet (1.52 meters) tall, the representation of a young athlete raising his right hand to an olive wreath crown around his head is one of the few life-sized Greek bronzes to have survived.

Italy has successfully won back thousands of artifacts from museums, collections and private owners around the world that it says were looted or stolen from the country illegally. It recently opened a museum to house them until they can be returned to the regions from where they were looted. ■

Filipino Deaf youth hone artistic, creative skills in workshop

FILIPINO Deaf students were immersed in various artmaking techniques to strengthen their imaginative skills and foster artistic empowerment.

The event was offered to senior high school students to pursue their passion for creativity through interactive projects. It provided them the opportunity to first-hand experience college classes at the De La Salle-College of Saint Benilde (DLS-CSB).

Dubbed as Editions, the initiative was a series of talks and workshops conducted by Benilde’s School of Arts, Culture and Performance. During the sessions, the Grade 9 learners from the Benilde Deaf School (BDS) explored the basics of monotype printmaking. It is a unique method which applies ink and design in a flat medium such as plastic. Visual artist and Fine Arts in CultureBased Arts Program chairman Hershey Malinis

and a 2021 Cultural Center of the Philippines (CCP) 13 Artists Awardee and educator Mars Bugaoan guided the participants to the proper use of printmaking tools such as plexiglass, offset printing ink, brayer, and etching press. The industry experts continued to lead the attendees to arrange their designs. They accompanied the pupils in transferring the imprints from their matrices.

The crowd produced a wide range of textures and effects in the final prints. This gave them a sense of experimentation and freedom to explore different inventive possibilities. Several volunteers from the program and Senior High School Arts and Design Track provided assistance.

Editions, likewise, held digital portfolio and sculpture seminars with Benilde Senior High School and De La Salle University (DLSU) Integrated School Arts and Design talents.

TODAY’S HOROSCOPE

By Eugenia Last

GEMINI

CANCER (June 21-July 22): Work in conjunction with people who think like you. Together you can make a difference or achieve an objective that will improve your life and surroundings. A family project will bring you closer. Romance is in the stars. ★★★★★

LEO (July 23-Aug. 22): Put your energy into something that will make a difference. Work alongside people who share your opinion and concerns. Don’t take sides or waste time on nowin situations. Avoid shared expenses and indulgence. Walk away from unstable conditions. ★★★★★

VIRGO (Aug. 23-Sept. 22): Make plans with a friend, relative or lover. You don’t have to spend money to have fun. A lifestyle change will boost your ego and give you the confidence to share your feelings and intentions. Romance will enhance your day. ★★★

LIBRA (Sept. 23-Oct. 22): Think about what you want. Find out what’s entailed if you’re going to avoid costly mistakes. Make a point to finish what you start. Stick to a plan and budget. Use your intelligence in order to avoid an argument. ★★★

SCORPIO (Oct. 23-Nov. 21): Uncertainty will leave you at odds regarding a situation with a friend, relative or colleague. Don’t do anything that might jeopardize a meaningful relationship or your living arrangements. Put everything in order.

SAGITTARIUS (Nov. 22-Dec. 21): Protect your home and possessions. Be thoughtful about the information you share. Look for a way to stabilize your position, and bring unity and security to you and your loved ones. Keep a level head when faced with temptation. ★★★★★

CAPRICORN (Dec. 22-Jan. 19): Home improvements will cost more than anticipated. Don’t try to get everything done all at once. Bide your time and budget wisely. You may want to impress or please someone you love, but be realistic; you can’t buy love.

AQUARIUS (Jan. 20-Feb. 18): You’ll face opposition from a friend, relative or colleague. Listen to suggestions, but don’t let anyone force you into something you don’t want to do. Keep your life, plans and relationships with others friendly and straightforward. A positive attitude will ease tension.

PISCES (Feb. 19-March 20): Use your imagination, and you’ll come up with a plan to manipulate a situation that will improve your life and your relationship with someone special. Charm, intellect and romance will bring you one step closer to your dream. ★★★

BIRTHDAY BABY: You are changeable, entertaining and thorough. You are motivated and persistent.

‘themeless sunday 84’ BY ADRIAN JOHNSON

The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Adrian Johnson/Jared Goudsmit

Madonna’s biggest-ever concert transforms Rio’s Copacabana beach into a massive dance floor

By Eléonore Hughes

The Associated Press

RIO DE JANEIRO — Madonna put on a free concert on Copacabana beach on Saturday night, turning Rio de Janeiro’s vast stretch of sand into an enormous dance floor teeming with a multitude of her fans.

It was the last show of The Celebration Tour, her first retrospective, which kicked off in October in London. The “Queen of Pop” began the show with her 1998 hit “Nothing Really Matters.” Huge cheers rose from the buzzing, tightly packed crowd, pressed up against the barriers. Others held house parties in brightly lighted apartments and hotels overlooking the beachfront. Helicopters and drones flew overhead, and motorboats and sailboats anchored off the beach filled the bay.

“Here we are in the most beautiful place in the world,” Madonna, 65, told the crowd. Pointing out the ocean view, the mountains and the Christ the Redeemer statue overlooking the city, she added: “This place is magic.” Madonna performed her classic hits, including “Like A Virgin” and “Hung Up.” For the introduction to “Like A Prayer,” her head was completely covered in a black cape, a rosary gripped in her hands.

The star paid an emotional tribute to “all the bright lights” lost to AIDS as she sang “Live to Tell,” with black and white photos of people who died from the illness flashing behind her.

Later, she was joined on stage by Brazilian artists Anitta and Pabllo Vittar.

Rio spent the last few days readying itself for the performance.

An estimated 1.6 million people attended the show, G1 reported, citing Rio City Hall’s tourism agency. That is more than 10 times Madonna’s record attendance of 130,000 at Paris’ Parc des Sceaux in 1987. Madonna’s official website hyped the show as the biggest ever in her four-decade career.

In recent days, the buzz was palpable. Fans milled outside the stately, beachfront Copacabana Palace hotel, where Madonna is staying, hoping to catch a glimpse of the pop star. During the sound check on the stage set up in front of the hotel, they danced on the sand.

By midday Saturday, fans crowded in front of the hotel. A white-bearded man carried a sign saying, “Welcome Madonna you are the best I love you.” Flags with “Madonna” printed against a background of Copacabana’s iconic black and white waved sidewalk pattern hung from balconies. The area was packed with street vendors and concert attendees kitted out in themed T-shirts, sweating under a baking sun.

“Since Madonna arrived here, I’ve been coming every day with this outfit to welcome my idol, my diva, my pop queen,” said Rosemary de Oliveira Bohrer, 69, who sported a gold-colored cone bra and a black cap.

“It’s going to be an unforgettable show here in

JUST when more and more televiewers were getting hooked on the twists and turns of the GMA weekday series Makiling, the show came to a close a few days ago, registering very high ratings. While the narrative revolved on the complexity of the female characters, it was the men of Makiling who left such indelible marks that kept the viewers consistently glued to their screens.

Derrick Monasterio continues to elevate his brand of acting with every new role entrusted to him by his mother studio, as proven by his amazing characterization and performance in the well-loved series. “I have learned to take every role seriously. Like many second-generation actors in the industry (his mom is 1970s actress Tina Monasterio) , there is a lot more for us to prove since we were basically thrown into this world where our parents were part of during their time. Makiling gave me more reason to

Copacabana,” said Oliveira Bohrer, a retired civil servant who lives in the area.

beach to ensure that all attendees can hear the hits. Her two-hour show started at 10:37 p.m. local time, nearly 50 minutes behind schedule.

City Hall produced a report in April estimating that the concert would inject 293 million reals ($57 million) into the local economy. Hotel capacity was expected to reach 98% in Copacabana, according to Rio’s hotel association. Fans hailing from across Brazil and even Argentina and France sought out Airbnbs for the weekend, the platform said in a statement. Rio’s international airport had forecast an extra 170 flights during May 1-6, from 27 destinations, City Hall said in a statement.

work harder, since a lot of the our cast members are established and revered actors, like Mon Confiado and Lotlot de Leon,” he shared. In Makiling, Monasterio was again paired with his real-life girlfriend Elle Villanueva and it made work so much easier since they know each other very well— quirks, temperament and all. Now that the series has wrapped up airing, Monasterio plans to enjoy the rest of his summer, while waiting for his next big acting assignment. He is also promoting his underwear endorsement with Bench since summer is the perfect time to do so. “I plan to have short vacations and enjoy the hot weeks ahead, before the rainy season comes, perhaps explore places I’ve never been to,” he told us.

Another actor who made a mark in Makiling is Royce Cabrera, whose “coming out as a gay man” scene impressed a lot of viewers. Known for supporting many indie projects in the past, Cabrera took the plunge and signed with the management arm of GMA network to go mainstream.

“I am happy with the roles I get. I am 28 but not in a hurry. I think the best roles are the supporting roles that allow the actors to experiment and explore our range. I believe there are no small roles, and I am happy that I am getting meaty assignments lately!” Cabrera said.

Another Makiling actor who is often underrated and underutilized is Kristoffer Martin, who despite his playful demeanor is a serious and compelling actor. Not many know that Martin is an award-

upturned bottle cap resembling a crown.

Heineken wasn’t the only company seeking to profit from the excitement. Bars and restaurants prepared “Like a Virgin” cocktails. A shop in the downtown neighborhood famed for selling Carnival attire completely reinvented itself, stocking its shelves with Madonna-themed costumes, fans, fanny packs and even underwear.

Organization of the mega-event was similar to New Year’s Eve, when millions of people gather on

winning actor who also sings very well.

We first saw his huge promise in the Cinemalaya movie Oros and Martin caught our attention again in the CBN Asia-produced Holy Week drama special Buyonero. We look forward to see more of him and we hope GMA will cast him in major supporting roles after Makiling Makiling’s high-power antagonist, the inimitable Mon Confiado, is all praises for his experience with the Public Affairs team which produced the series.

“The production took very good care of me and my coactors, and we worked wonderfully well as a team. Of course, there is some sort of [separation anxiety] now that the series is over because it was always a happy set, every single work day.”

The much sought-after Confiado will next be seen in Dreamscape’s High Street, a sequel to the high rating Senior High series, which starts airing on May 13. His evil character Governor Acosta is expected to unleash more iniquities and wickedness, so trust Confiado to bring out the many facets of his character as the story unfolds. As the summer sizzles, the men of Makiling are expected to spread their wings, so expect Derrick Monasterio, Royce Cabrea, Kristoffer Martin and Mon Confiado to continue to fly to higher altitudes and scale more heights.

Copacabana for its fireworks display, local authorities said. That annual event often produces widespread thefts and muggings, and there was some concern such problems might occur at Madonna’s show.

Rio state’s security plan included the presence of 3,200 military personnel and 1,500 civilian police officers on stand by. In the lead-up to the concert, Brazil’s navy inspected vessels that wished to position themselves offshore to follow the show.

A number of huge concerts have taken place on Copacabana beach before, including a 1994 New Year’s Eve show by Rod Stewart that drew more than 4 million fans and was the biggest free rock concert in history, according to Guinness World Records. Many of those spectators also came to see Rio’s fireworks show, though, so a more fitting comparison might be to the Rolling Stones in 2006, which saw 1.2 million people crowd onto the sand, according to Rio’s military police, the newspaper Folha de Sao Paulo reported at the time.

Ana Beatriz Soares, a fan who was at Copacabana on Saturday, said Madonna has made her mark across the decades.

“Madonna had to run so that today’s pop artists could walk. That’s why she’s important, because she serves as an inspiration for today’s pop divas,” Soares said.

“And that’s 40 years ago. Not 40 days, 40 months. It’s 40 years,” she said. n

JC Regino unveils ballad ‘wala na’

singeR-songwRiTeR JC Regino bares his soul in his latest single “wala na,” his third track under gMa Music. This emotionally charged ballad will resonate deeply with listeners as it talks about heartbreak and unrequited love. Ito pong ‘Wala Na,’ para po ito sa mga heartbroken. Para sa mga taong baliw sa pag-ibig na kahit na pinagpalit na sila humahabol pa rin, na kahit nasaktan na sila, umaasa pa rin sila na maibabalik pa rin ang dati, pero wala na. Ang hirap tanggapin, pero wala na. Ganun po ang tema ng kanta, sobrang sakit, kaya maraming makakarelate dito,” he shares. “wala na” marks a departure from Regino’s previous releases under gMa Music. while “idolo” and “Tama na sa’kin ikaw” celebrated themes of gratitude and devotion, “wala na” talks about the darker and sadder side of love, exploring the pain of loss and the struggle to move on. This single is also his first song without the voices of his uncles Jimmy and Ringo of the april Boys. Reflecting on his journey and experience in music, Regino shares a piece of advice to aspiring singersongwriters. “Huwag kayong tumigil sa passion ninyo. Lagi lang kayong mangarap at ibigay hindi lang 100 percent ninyo kundi 200 percent kung kaya,” he says. looking ahead, Regino continues to create more songs and dreams of having his own album. He also wants to collaborate with other gMa singers, like Julie anne san Jose. wala na” by JC Regino was released on april 30 on digital platforms worldwide. More information is available at www.gmanetwork.com.

Janeiro,

CloCkwise: derrick Monasterio, kristoffer Martin, Royce Cabrera and Mon Confiado.

Affluent Americans driving US economy and likely delaying need for Fed rate cuts

By Christopher Rugaber Ap Economics Writer

WASHINGTON—Since retiring two years ago, Joan Harris has upped her travel game.

Once or twice a year, she visits her two adult children in different states. She’s planning multiple other trips, including to a science fiction convention in Scotland and a Disney cruise soon after that, along with a trip next year to neolithic sites in Great Britain.

“I really have more money to spend now than when I was working,” said Harris, 64, an engineer who worked 29 years for the federal government and lives in Albuquerque, New Mexico.

Back then, she and her nowex-husband were paying for their children’s college educations and piling money into savings accounts. Now, she’s splurging a bit and, for the first time, is willing to pay for first-class plane tickets. She plans to fly business class to Scotland and has arranged for a higher-level suite on the cruise.

“I suddenly realized, with my dad getting old and my mom dying, it’s like, ‘No, you can’t take it with you,’ “ she said. “I could become incapacitated to the point where I couldn’t enjoy something like going to Scotland or going on a cruise. So I better do it, right?”

Older Americans like Harris are fueling a sustained boost to the US economy. Benefiting from outsize gains in the stock and housing markets over the past several years, they are accounting for a larger share of consumer spending—the principal driver of economic growth—than ever before.

And much of their spending is going toward higher-priced services like travel, health care and

RBy Stephen Stapczynski

USSIA’S fortress economy has proved remarkably resilient to an onslaught of Western sanctions. Two years after the Kremlin’s invasion of Ukraine, it continues to fund a costly war and to prop up President Vladimir Putin. But there’s at least one spot where the pain is very real.

The Novatek PJSC-led Arctic LNG 2 facility, on the icy Kara Sea, is a key part of Moscow’s plans to boost exports and replenish coffers. For months now, it has been ready to ship liquefied natural gas to new markets, alternatives to the oncelucrative European pipeline trade. And yet, the vast new $25 billion operation is sitting virtually idle, the first piece of Russia’s energy production complex to be effectively curbed by US restrictions. Russia has long sought to increase its share of the global LNG market, but the war and the subsequent sharp drop in overland exports to Europe have reinforced the importance of these ambitions. Moscow wants to expand LNG output three-fold by 2030, adding at least $35 billion in annual revenue.

Thanks to older operations, Russia is currently the fourth-largest LNG exporter globally, but restrictions on the flagship Arctic LNG 2 are crimping its aspirations to go further. More worrying for Moscow, they’ve provided a blueprint for any future Western efforts to rein in the Kremlin’s gas income by targeting operations like Yamal or Sakhalin II in the Far East—still delivering to customers in Europe and Asia.

entertainment, putting further upward pressure on those prices— and on inflation. Such spending is relatively immune to the Federal Reserve’s push to slow growth and tame inflation through higher borrowing rates, because it rarely requires borrowing.

Affluent older Americans, if they own government bonds, may even be benefiting from the Fed’s rate hikes. Those hikes have led to higher bond yields, generating more income for those who own such bonds.

The so-called “wealth effect,” whereby rising home and stock values give people confidence to increase their spending, is a big reason why the economy has defied expectations of a sharp slowdown. Its unexpected strength, which is contributing to stickier inflation, has forced a shift in the Fed’s plans. As recently as March, the Fed’s policymakers had projected that they would cut their benchmark rate three times this year. Since then, though, inflation measures have remained uncomfortably high, partly a consequence of brisk consumer spending. Chair Jerome Powell made clear recently that the Fed isn’t confident enough that inflation is sustainably easing to cut rates.

When the Fed meets this week, it is sure to keep its benchmark rate unchanged at a 23-year high, the result of 11 rate hikes. The Fed’s hikes have forced up borrowing costs across the economy—for everything from home and auto loans to credit cards and business loans.

“US sanctions are working surprisingly well,” said Malte Humpert, founder of the Arctic Institute, who has been monitoring Russia’s expansion in the region for over a decade. “Here, they’re really ahead of the curve. They blocked Arctic LNG 2 before it even started production, blocked the vessels before they could be delivered. With everything else, like oil or the shadow fleet, it’s always reactive.”

Since the Biden administration imposed sanctions on the Arctic LNG 2 facility last year, buyers in China and India—places that have bought and traded Russian oil, working around existing constraints—have refused to buy even discounted LNG. Lawyers in Singapore and London, meanwhile, have recused themselves from involvement in the project.

Even shipbuilders have been tangled in the curbs, with vessels worth hundreds of millions of dollars currently stuck at dry docks in South Korea. No one can buy or lease them. The gas, meanwhile, remains trapped at the facility.

Unlike oil exports, which have continued to flow despite a price cap and other limitations with help from a vast “shadow fleet”, LNG is trickier to keep moving, in large part because of the more complex technology required to load and ship the super-cooled fuel.

Now the European Union, which still leans on Russian LNG and has been reluctant to restrict imports, is preparing to roll out some measures of its own. Europe isn’t outright prohibiting the fuel, but the bloc’s discussions signal that gas is no longer off limits as the war enters a third year.

Even as the Fed has jacked up borrowing costs, stock and home values have kept rising, enlarging the net worth of affluent households. Consider that household wealth grew by an average of 5.5 percent a year in the decade after the 2008-2009 Great Recession but that since 2018, it’s accelerated to nearly 9 percent.

Stock prices, as measured by the S&P 500 index, are about 72 percent higher than they were five years ago. Home values soared 58 percent from the end of 2018 through 2023, according to the Federal Reserve.

All told, Americans’ wealth has ballooned from $98 trillion at the end of 2018 to $147 trillion five years later. Adjusting for inflation, the gains are less dramatic, but still substantial.

“People have had significant wealth gains in stocks, significant wealth gains in fixed income, significant wealth gains in home prices, significant wealth gains even in crypto,” said Torsten Slok, chief economist at the Apollo Group, an asset manager. “All that adds up to still a very significant tailwind.”

The gains are hardly universal. The wealthiest one-tenth of Americans own two-thirds of all

household wealth. Still, wealth for the median household—the midpoint between the richest and poorest—rose 37 percent from 2019 to 2022, the sharpest rise on record since the 1980s according to the Fed, to $193,000.

Wealth is also disproportionately held by older Americans. People ages 55 and over now own nearly three-quarters of all household wealth, up from 68 percent in 2010, according to the Fed. In percentage terms since the pandemic, household net worth has also surged for younger households. But because younger adults started from a much lower level, their gains haven’t been anywhere near enough to keep pace with older Americans.

“The baby boomers are the richest retiring generation we’ve ever had,” said Edward Yardeni, president of Yardeni Research. “Not everybody is well-off, but we’ve never had a retiring generation with this much wealth. That’s one of the major reasons why the economy is strong.”

That said, many older Americans face significant financial challenges. One-quarter of Americans over age 50 have no retirement savings, according to a sur -

Up for debate is a plan to ban the use of EU ports to re-export Russian supplies destined for third countries. That matters because Russian LNG plants in the Arctic region are exceptionally remote, so the fuel is usually first delivered to Belgium or France for re-export to Asia or another European port. Restricting this practice will stretch Russia’s shipping fleet to breaking point.

The White House’s National Security Council began turning its attention to crippling Russia’s LNG expansion plans in 2023, about a year into the war, according to people with knowledge of the strategy. Officials there teamed up with the US State Department and Department of Defense to pick a target, eventually homing in on the Arctic LNG 2 project. They then brought it to the Treasury. Now, as part of a wider plan to stop

Russia from developing any new energy projects that might contribute significant revenue, the US wants to ensure the Arctic venture is “dead in the water,” as Geoffrey Pyatt, Assistant Secretary of State for Energy Resources, told a conference last month.

There are good reasons for White House officials to target the facility, co-owned by the Japanese government, Chinese state-owned oil companies and France’s TotalEnergies. While it certainly irks important allies, freezing Arctic LNG 2 has the benefit of hurting Moscow while causing only limited ripples in global natural gas markets. No less important for the Biden administration as an election nears, the fallout for US consumers is contained. There are other advantages for Washington. LNG trade requires expensive

vey by the AARP.

Even so, as the huge baby boom generation has aged and, on average, has accumulated more assets, they have accounted for a rising share of consumer spending.

Americans ages 65 or over supplied nearly 22 percent of consumer spending in 2022, the most recent year for which data is available. That’s the highest such figure on records dating to 1989, up from about 16 percent in 2010.

One result of the Fed’s higher rates has been a kind of bifurcated economy, by age. Older, wealthier Americans who already own homes and cars have been much less affected by the Fed’s rate hikes. By contrast, younger Americans are enduring a combination of expensive home prices and high mortgage rates, making it much harder to buy a first home.

Harris, for one, sees this divide in her own family: Her home and car are paid off, and higher interest rates have had little effect on her finances. She recently visited a home in her neighborhood that she was surprised to see priced at $500,000. She bought hers, which she thinks could fetch a higher price, for $162,000 in 1991.

Her 25-year-old daughter, Ruby, had a vastly different experience during a recent visit to an open house near her boyfriend’s apartment in the Boston area. An older two-bedroom apartment was on sale for $800,000; it sold within a week.

Ruby considers herself fortunate to have a well-paying job as a materials engineer. But that apartment price still seemed astronomical. She loves the area, especially for its walkability, but doubts she’ll ever be able to afford a house there.

Research by Michael Brown, an economist at Visa and others has also found that significant stock market wealth typically boosts spending on discretionary items such as restaurants, travel and entertainment—sectors of the economy where spending is surging and inflation remains elevated.

The Conference Board, a business research group, asks Americans in its monthly survey of consumer confidence whether they plan an overseas vacation in the next six months. Slok noted that more than one in five households say they are—a record-high proportion on records dating to 1967.

The cruise provider Royal Caribbean just reported blowout earnings and strong demand, “leading to higher pricing for all our key products,” CEO Jason Liberty told investors. “Customer sentiment remains very positive, bolstered by resilient labor markets, wage growth, stabilizing inflation and record-high household net worth.”

Last week, the Fed’s preferred inflation gauge, excluding volatile food and energy costs, rose 2.8 percent from a year earlier, a sign that inflation remains sticky. Solid consumer spending, particularly on services, was one key factor. In one measure of services inflation that the Fed watches closely, prices climbed 3.5 percent from a year earlier, far higher than is consistent with its 2 percent inflation target.

“In the long term, it probably won’t be affordable to stay here,” she said. “Whereas the Midwest is more affordable but won’t have the neighborhoods that I like.” Economists calculate that while the wealth effect generally has a relatively modest effect on spending, it may be larger now. That’s because retirement-age Americans, who are more likely to spend out of their wealth, constitute a larger proportion of the nation: Americans ages 65 and over make up about 17 percent of the population, up from 13 percent in 2010. And people with stock holdings can now easily access their account balances online, increasing their awareness of increases in their net worth.

specialized ships that can be tracked with satellite data, making the creation of an alternative fleet nearly impossible. While there are roughly 7,500 oil tankers today of varying sizes, the entire LNG industry is closer to 700.

Then there’s the fact that Arctic LNG 2 requires a unique type of ship that can glide through thick ice. There were 21 iceclass tankers ordered for the operation, including vessels owned by South Korea’s Hanwha Ocean Co. and Mitsui OSK. These are now struggling to find new owners. Of course, Russia can bring in its own capacity and LNG carriers are being built at the Zvezda shipyard—but even those have been delayed by sanctions.

“The biggest single constraint on the development of Arctic LNG 2 is the availability of tankers. That’s the weak spot in the Russian overall strategy,” said Thane Gustafson, a professor at Georgetown University who has monitored Russia’s fossil fuel expansion for decades.

“The longer term outlook is clouded by the fact that the primary mission, which was to develop LNG for East Asia across the Northern Sea Route, is at this moment not possible.” Russia holds the world’s largest share of natural gas, with about 20 percent of proven reserves, but it still needs to turn that into revenue. New pipelines are simply not being built fast enough to reroute sales, leaving only LNG—which Putin himself has identified as the future of the fuel.

The Kremlin says it wants to export over 100 million tons of LNG per year by 2030, up from about 31 million last year—with or without sanctions. Arctic LNG 2 is not the first project to be hit with restrictions, and limits on technology transfer and hydrocarbon exploration equipment back in 2014 have spurred some local alternatives. Yet even the government is beginning to recognize the scale of the challenge as sanctions accumulate and technology proves slow to replicate. Figures in an Economy Ministry document published earlier this year and seen by Bloomberg suggest that production could in fact stagnate through 2027 under a conservative scenario, levels that would imply Arctic LNG 2 may not rapidly ramp up. None of the traders and analysts surveyed by Bloomberg expected the facility—which has only completed construction (and started) one of three production trains—would reach full capacity while sanctions remain in place. Novatek, the company behind it all, is pressing on. Founder Leonid Mikhelson, Russia’s fourth-richest person and a close Putin ally, succeeded in completing construction of the first stage of the Arctic LNG 2 project last year—defying industry expectations that missing technology would hold it back. New supply chains were built after companies like France’s Technip Energies left the project, with parts and equipment were brought in from engineering yards in China. “The fact that we have become a target of sanctions is a signal of how they

FEDERAL Reserve Chair Jerome Powell participates in a Washington Forum on the Canadian Economy, together with Tiff Macklem, Governor of the Bank of Canada on Wednesday, April 16, 2025, in Washington. Powell cautioned Tuesday that persistently elevated inflation will likely delay any

Lomibao

Kentucky Derby winner Mystik Dan uncertain for Preakness Stakes

LOUISVILLE, KENTUCKY—The second jewel of horse racing’s Triple Crown could be missing 150th Kentucky Derby winner Mystik Dan and other co-stars, quashing hopes for a rematch after the thrilling three-wide photo finish in the milestone race. Trainer Kenny McPeek and the horse’s ownership wouldn’t commit to whether the colt would race in the Preakness on May 18 in Baltimore, which requires a quick two-week turnaround. Mystik Dan will travel to Saratoga, New York, before they

UNIVERSITY of Santo Tomas

(UST) pulled off a 21-15 21-17 win over Far Eastern University-Diliman Sunday night to rule the UAAP Season 86 High School Girls Beach Volleyball Tournament at the Sands SM By The Bay.

Khy Progella, Cameron Grace Villaluz, and third player Grithney Jhyn Dadang added to UST’s haul after the school earlier bagged its ninth women’s title and eighth men’s crown in November.

Progella was named the season MVP, while Dadang took home the Rookie of the Year honors.

It was still a great season for Love Lopez, Sheena Cafe, and Frenchie Premaylon, as the Baby Tamaraws

decide whether to enter him in the 1 3/16 mile Preakness.

“We’re not committed to the Preakness, not yet,” McPeek said Sunday morning outside his barn at Churchill Downs. “I ran him back once in two weeks and it completely backfired on me.... So, we’ll just watch him over the next week. It’ll be one of those [situations] where we’ll probably take it up to the last minute.

“We’ll let him tell us.”

Trainer Bob Baffert has told Pimlico officials that he is sending Muth and Imagination to Baltimore for the Preakness.

placed second after missing the podium last year.

The Adamson Baby Falcons clinched third place yesterday after a 21-17, 21-12 win over of the Bullpups in the girls’ division. In the boys division, Rain Skyler Gemarino and and John Wayne Dionela of National University rallied from a set down to beat FEU, 15-21, 21-16, 15-12. Gemarino was named the tournament MVP. The Baby Tamaraws’ Kyle Tandoc and Amet Bituin won the title last season.

The Junior Tigers Sands outlasted the Baby Falcons, 18-21, 21-13, 15-10, to reach the podium in the boys’ side.

By Erwin M. Mascariñas

Muth won the Arkansas Derby on March 30, when Mystik Dan finished third. Imagination was second behind Stronghold in the Santa Anita Derby on April 6.

Baffert has won the Preakness eight times, including last year with National Treasure.

Saratoga in upstate New York will host the Triple Crown’s final race for the next three years while Belmont Park is being reconstructed. The Belmont has also been shortened to 1 1/4 miles, matching the Derby distance that Mystik Dan won by a nose over Sierra Leone and Japanbred Forever Young in the closest three-way finish since 1947.

The five-week gap follows a more normal race schedule for many horses and some trainers might opt to head to Saratoga to acclimate horses sooner.

Chad Brown said Sierra Leone will skip the Preakness and leave on Monday to train at Saratoga and run in the Belmont.

“He’s a real laidback horse but when we brought him out, was a little more tired than he normally is after

Flying Titans look to flip script in sister act

CREAMLINE looks to extend its dynasty as Choco Mucho seeks redemption and its first title.

After splitting their two encounters in the conference, the teams clash again with the Premier Volleyball League All Filipino Conference title at stake.

The best-of-three series is set on Thursday at the Araneta Coliseum.

The Cool Smashers aim for a third straight All-Filipino crown and an eighth overall championship. The Flying Titans, meanwhile, yearning for their first-ever league title after falling short in their previous attempt against their arch-rivals.

Leading the charge for Choco Mu cho is the electrifying Sisi Rondina, whose dynamic play has endeared her team to fans. Supported by a formidable roster including Royse Tubino, Isa Molde, Maddie Madayag, Cherry Nunag, Mars Alba, Maika Ortiz and the charismatic Deanna Wong, the Flying Titans have bucked the continued absence of Kat Tolentino, Des Cheng and Aduka Ogunsanya, exuding a sense of purpose and determination that’s impossible to ignore.

On the other side of the net, the Cool Smashers boast a myriad of stars and a dedicated fan base.

With Tots Carlos, Jema Galanza

FORMER unified world champion

Marlon “The Nightmare” Tapales makes a comeback on Friday when he faces Thailand’s Nattapong

Jankaew for the vacant World Boxing Council (WBC) Asia Continental super bantamweight belt at the Midas Hotel in Pasay City.

After losing his two belts—International Boxing Federation (IBF) and World Boxing Association (WBA)— against Japanese two-time world undisputed champion Naoya Inoue via 10th-round knockout in Tokyo last December, Tapales said he is very excited to return to boxing.

CHOCO Mucho hopes to finish on top in the championship rematch against sister team Creamline.

and Alyssa Valdez at the helm, backed by a lineup of seasoned players and rising talents including Pangs Panaga, Michele Gumabao, Bea de Leon, Bernadette Pons, Risa Sato, Kyle Negrito, Mafe Galanza, Kyla Atienza and Denden Revilla, Creamline oozes confidence and composure in the face of adversity.

his races,” Brown said. “I think giving him the five weeks to the Belmont is definitely the right thing to do.”

Trainer Brad Cox is watching Catching Freedom (fourth) and Just A Touch (20th) before deciding their next steps. Forever Young and fellow Japan-bred T O Password (fifth) are headed home on Tuesday. That could leave the Preakness without some Derby star power at first glance, though it won’t lack for plotlines with a number of well-rested horses expected to compete at Pimlico.

As McPeek and the owners ponder a decision, he and jockey Brian Hernandez Jr. basked in a wash of congratulations for a Derby victory that put them in exclusive company.

Saturday’s win helped both claim rare weekend sweeps of the Derby and Kentucky Oaks for fillies. McPeek is just the third trainer to do that and first since Ben Jones (who did it twice) in 1952, while Hernandez is the eighth rider to achieve the feat and first since fellow Louisiana native and Hall of Famer Calvin Borel in 2009. Meanwhile, Mystik Dan just stood calm and unfazed as a cluster of onlookers took photos and selfies as workers bathed him outside the barn. He was then draped with the winner’s blanket signifying his Derby win before being led back to his stall with a WWE-style title belt laying on an outer wall. Oakswinning filly Thorpedo Anna also made a brief appearance and soaked in the attention. AP

semifinals and was voted PVL Press Corps Player of the Week citation for April 30 to May 5.

Rondina got all 16 votes from the writers covering the league. The other players on the ballot were Alyssa Valdez and Jema Galanza of Creamline, and Petro Gazz’s Brooke Van Sickle and Jonah Sabete.

The 27-year-old outside hitter averaged in double figures as Choco Mucho completed a sweep of the round-robin semifinals to secure a second straight championship appearance.

Rondina had 32 points on 30 attacks, one block, and an ace along with nine digs and seven receptions to beat Petro Gazz, 23-25, 26-24, 25-19, 25-20, to formally claim a finals berth in front of a crowd of 17,834 on Sunday at the Smart Araneta Coliseum. Choco Mucho set up a second title duel with defending champion and sister team Creamline. The best-ofthree series starts on

For Choco Mucho, it’s a testament to coach Dante Alinsunurin’s motivational prowess, crafting a championship-caliber system and transforming his players into one cohesive unit driven by a shared goal.

Rondina gets unanimous vote RONDINA came up with solid performances in the round-robin

But beyond individual talents, it’s the collective spirit and resilience of each team that truly sets them apart. For Creamline coach Sherwin Meneses, it’s a journey marked by unity and the ability to rise to the occasion when it matters most.

“I started to return to training a few months ago. I’ve been given a clean bill of health after my fight with Inoue,” Tapales told BusinessMirror over the weekend in General Santos City. “My priority is to win my comeback fight so I can go to world title contention.”

Jankaew, 27, is no easy match. The former WBA Asia bantamweight champion holds a 12-3 win-loss record with eight knockouts.

“Facing a fighter of Marlon Tap ales’ caliber is a tremendous honor. I have the utmost respect for his accomplishments and skills in the ring, but I have no fear. I am prepared to leave everything

in the ring to emerge victorious in what promises to be the biggest fight of my career,” Jankaew said.

“I am fully aware of Marlon Tapales’ strength and skill as a fighter, which is why I am pushing myself to the limits in training. I am leaving no room for complacency and am determined to showcase my best performance on fight night,” he added. The 32-year-old two-division world champion is not counting out his Thai opponent.

“We never belittle our rival, we take them seriously,” Tapales, who holds a 37-4 record with 19 knockouts, said.

MYSTIK DAN edges out Sierra Leone and Forever Young to win the 150th Kentucky Derby by a nose in the closest 3-horse photo finish since 1947. AP

BIELLA, ITALY—It only took Tadej Pogačar until the second day of his Giro d’Italia debut to make a mark on the Italian grand tour. And the Slovenian star did it despite a puncture and a tumble, 11 kilometers from the end of the tricky second stage on Sunday, on the approach to the final climb.

Pogačar swiftly made his way back to the peloton and then attacked on his own 4 kilometers from the end to secure victory on the top-category uphill finish to Santuario di Oropa and the leader’s pink jersey.

Pogačar raised his arms and screamed in delight as he crossed the line, finishing 27 seconds ahead of Daniel Martínez and Geraint Thomas at the end of the undulating 161-kilometer (100-mile) route from San Francesco al Campo, that featured three categorized climbs.

“I just wanted a stage win today and some gap, to test the legs a little bit. And, yeah, the dream was to take the pink jersey,” Pogačar said. “Now I can relax a little bit the next few days with the team and we’ll stay safe in the sprints.” The UAE Emirates cyclist took over the maglia rosa from Jhonatan Narváez, who had surprisingly edged Pogačar at the end of the opening stage on Saturday. Pogačar moved 45 seconds ahead of last year’s runner-up Thomas, who is likely to be his main challenger, and Martínez.

“Nothing new that, is it?” Thomas said. “We expected it. I was hoping to follow but I knew if I tried to keep going like that I would completely blow up.

“It’s OK for the second day... obviously Tadej is, well, he’s Tadej.” Rarely has the Giro had such an overwhelming pre-race favorite as Pogačar, with the two-time Tour de France winner targeting a Giro-Tour double.

There was a heart-stopping moment when Pogačar’s front tire blew and he tumbled slowly to the ground. The incident had echoes of one of Marco Pantani’s famous exploits, 25 years ago almost to the day, when the Italian cycling great also had a mechanical problem at the foot of the climb to Oropa but recovered to solo to stage victory. AP

B8

Tuesday, May 7, 2024

mirror_sports@yahoo.com.ph

Editor: Jun Lomibao

Abueva on how Magnolia can stop Ginebra Triple effort, pray 10 times

FACING a twice-tobeat armed Barangay Ginebra San Miguel in the quarterfinals, Magnolia needs divine intervention to overcome the odds in the Season 48 Philippine Basketball Association Philippine Cup, according to Calvin Abueva. “We will be facing a Ginebra team with a twice-to-beat advantage in the quarterfinals, so we have to pray 10 times to beat them,” Abueva told BusinessMirror

quarterfinals starting Friday.

Abueva, who averaged 6.8 points, 7.5 rebounds and 2.5 assists in eight games in the elimination round, is a devotee of the Black Nazarene and although considered one of the bad boys of the pro league.

“Aside from prayers, we really need to give our best on Friday. And if we surpass it, we have to triple our best in the next game to neutralize their twiceto-beat advantage to clinch a semifinal spot,” Abueva added.

Abueva, who played through hip injury in Magnolia’s 93-98 loss to TNT Tropang Giga last Sunday, added that Barangay Ginebra remains a force to reckon with despite missing forward Jamie Malonzo after clinching the No. 2 spot and twice-to-

beat bonus with 7-4 win-loss record.

“They are stronger than us right now because they also have a twiceto-beat bonus. Whatever they say, they got the upper hand.”

Magnolia had a shot at a better position in the quarterfinals but that loss to TNT and Ginebra’s 72-76 defeat to NLEX also on that day pushed the Hotshots to No. 7 with 6-5 win-loss record to end up with a showdown with Ginebra.

Abueva is hoping to fully recover from the hip injury come Friday start of the quarterfinals. He scored only seven points against TNT in his comeback after missing two games from that injury.

“I really need to play against TNT, but we didn’t get the win. I hope I’ll

be fully okay against Ginebra.”

Oranza leads star-studded cast in Lumba Tamo Zambales 2024

CAMBODIA Southeast Asian Games double bronze medalist Ronald Oranza leads a star-studded cast that Governor Hermogenes Ebdane will flag off for the second edition of the Lumba Tamo Zambales 2024 on Tuesday in front of Maloma’s Barangay Hall in San Felipe town. The race—covering 150 kilometers and finishing at the Zambales Sports

Complex in Iba—features 85 riders representing the national team and top clubs Philippine Navy-Standard Insurance, 7-Eleven Roadbike Philippines, Excellent, Army, Go For Gold, Victoria Sports Pro Cycling Team aand D’Reyna in the Elite category that will race starting at 6 a.m.

Ebdane will also also award the winners of the multi-category race

sanctioned by the PhilCycling headed by Philippine Olympic Committee president Abraham “Bambol” Tolentino and a major sports component of the province’s world-class celebration of the Dinamulag Mango Festival 2024.

A total of 245 riders are competing in the Junior category, while 221 cyclists are seeing action in the Youth class of the race that also serves as a

prelude to Ebdane and Zambales’s hosting of the PhilCycling National Road Team Training Camp starting Monday. Zambales’s pride Jan Michael Pulidu will lead

Bordeos, Ian Valeriano Timbang, Mervin Corpuz, Rustom Lim and Ismael Gorospe Jr.

RONALD ORANZA and other top Filipino riders battle for the title in the Elite category.