Senate resolution commends Filipinas for historic FiFa performance

— the senate adopted on monday, August 7 a resolution congratulating and commending the Philippine Women’s National football team, dubbed as filipinas, for their historic win at the fIfA Women’s World Cup.

senate resolution No. 80, sponsored by senator Pia Cayetano, was adopted during the plenary session held monday, taking into consideration resolution Nos. 715, 720, and 722.

Cayetano said the team did their best during the 2023 Women’s World Cup. this led to their historic first goal and first win against New Zealand with a full-time score of 1-0 at the Wellington regional stadium last July 25.

“this triumphant achievement resonates deeply with the filipino people, as it not only showcases the team’s prowess on the global stage but also symbolizes the resilience and indomitable spirit of the Philippines,” the resolution states. senate President Juan miguel Zubiri and senators Joel Villanueva, Alan Peter Cayetano, and ramon revilla also stood up to co-sponsor the resolution. meanwhile, all members of the chamber were named coauthor. n

30 reported deaths due to Typhoon Egay - NDRRMC

by John eric MenDoza Inquirer.net

mANILA — the number or reported deaths linked to typhoon egay has risen to 30 after one more death was reported, according to the National Disaster risk reduction and management Council’s report on monday,

August 7. of the reported deaths, four were confirmed while 26 are still for validation. meanwhile, 171 were injured and 10 remain missing due to the combined effects of egay, typhoon falcon and the southwest monsoon or “habagat”. these weather disturbances affected 3,249,796 people including 239,258 who were displaced in 551 evacuation centers nationwide. the typhoons and the “habagat” resulted in damage to infrastructure pegged , so far, at P3.6 billion while damage to the agriculture sector was estimated at P3 billion. n t he upcoming fund would provide the means to fund projects and securities that are fairly long-term in nature, she said. “It’s also a balance to make sure that you meet minimum hurdles and invest in whole gamut of investment options, not just infrastructure projects to ensure proper portfolio diversification.” ortiz will sit on the board of m aharlika Investment Corp., the sole vehicle for the purpose of mobilizing and utilizing the mIf, which will have an initial capitalization of P125 billion out of the P500-billion authorized capital stock.

Asked whether she’s happy with the way Congress has structured the fund, ortiz said, “I think a lot of safeguards have been put in place.”

“Abiding by the santiago Principles is very critical, and so is disclosure and transparency and integrity in asset management, making sure that you have the right people, professionals who have the qualifications, the credentials and good standing in the investor community. I think those are all in the law,” she said. the santiago Principles refer to the 24 generally accepted principles and practices endorsed by the International forum of sovereign Wealth funds members. Among others, the principles aim to ensure that sovereign wealth funds invest on the basis of economic and financial risk and return-related considerations, and have in place a transparent and sound governance structure that provides adequate operational controls, risk management and accountability.

Asked whether Landbank will divert part of its government securities portfolio investment to put up maharlika Investment Corp., ortiz said, “Cash is fungible, as you know. We do have liquidity that we will allocate for this investment.” ortiz, the first filipino country head of standard Chartered Bank Philippines, has over three decades of experience in banking and finance. she had held leadership roles in risk management, treasury, corporate finance and capital markets. the law mandates her as Ceo of Landbank to sit on the nine-member board of maharlika Investment Corp. for us who will be sitting on the board, we will ensure that there are proper policies for governance and that strategic objectives of the fund are really carried out,” she said.

According to the law, the objective of m I f is to “promote socioeconomic development,” which will be achieved by “making strategic and profitable investments in key sectors to preserve and enhance long-term value of the fund.”

It also aims to obtain “optimal absolute” return and “achievable financial gains” as well as to “satisfy the requirements of liquidity, safety/security and yield in order to ensure profitability.” on the lineup of projects, ortiz noted that f inance s ecretary Benjamin Diokno, who will chair the maharlika corporate vehicle, had relayed that there were 194 infrastructure projects to choose from.

“I think that requires study when the board comes together. t here’s an advisory body and there will be key officers in the fund,” ortiz said.

“for the maharlika Investment Corp. and for the fund itself, it will have to assess the most viable investment based on a risk/return criteria. What’s important and critical will be the team installed to run the fund and the appropriate portfolio allocation and strategy that they will establish,” she said.

While the government has yet to decide who will run the fund, ortiz said there were many filipinos with immense talent, both global and local, to choose from.

“I have no doubt that the advisory body will vet the right person and recommend for the President’s approval. We all know that the leadership of the fund, the Ceo including the chief investment officer, the chief risk officer, and all who will sit on the board — will be very critical for the fund to be successful,” she said.

While the national government and certain government financial institutions like Landbank will put up the initial capital of maharlika Investment Corp., ortiz said the fund could eventually source external equity like the Indonesian and malaysian sovereign wealth fund models. she noted that singapore’s temasek, on the other hand, also goes to the market to offer bonds. to be able to attract all that will be through the articulation of the fund’s objectives and portfolio strategy, risk appetite and risk management policies,” ortiz said. “It’s still a long way to go, but it’s the right direction.” t he national government’s contribution will be sourced from dividends paid out by the Bangko s entral ng Pilipinas, share in the income of the Philippine Amusement & Gaming Corp. and privatization proceeds. t he law gives room for the resulting fund to source investments from “reputable private and state-owned financial institutions and corporations.” n

Aside from Landbank, the national government itself will provide P50 billion to capitalize m aharlika Investment Corp., while Development Bank of the Philippines will contribute P25 billion.

Military aggression

UNLIKE the coast guards of the Philippines and other countries, which are civilian agencies, the China Coast Guard is under the command of its Central Military Commission. The CMC, chaired by President Xi Jinping himself, controls all of China’s military branches along with the Rocket Force, the Joint Logistic Support Force and the Strategic Support Force that handles cyber and space security. Unlike civilian coast guards, the CCG is authorized to use lethal force against foreign vessels.

Any hostile act of the China Coast Guard against Philippine vessels must therefore be regarded as a military action. And blasting any Philippine Coast Guard vessel with a water cannon within the West Philippine sea cannot be considered a friendly action by the CCG. It is Chinese military aggression conducted within Philippine sovereign waters, as defined under the 2016 arbitral ruling of the Permanent Court of Arbitration in the hague – a ruling based on the United Nations Convention on the Law of the sea. on Aug. 5, a CCG ship used a water cannon on PCG vessels escorting civilian boats on a resupply mission to the BrP sierra madre in Ayungin or second thomas shoal. the shoal is one of the features in the south China sea that was specifically mentioned in the arbitral award, over which the Philippines has sovereign rights and exclusive maritime entitlements. the arbitral ruling also

Babe’s Eye View

from what we hear, the meeting that took place between President ferdinand marcos Jr. and former President rodrigo Duterte last Wednesday, August 2 was very good and cordial, and one of the issues discussed was the recent meeting of former president Duterte with Chinese president Xi Jinping in Beijing last July 17.

President Bongbong had earlier expressed hopes that the meeting between President Xi and the former president would include the recent developments in the West Philippine sea. the president was clever to recognize that the rapport between Xi and his predecessor could be another open line of communication in finding ways to resolve issues in a peaceful manner. It seems the former president is confident enough in his relationship with Xi to ask China to “look kindly to the Philippines” on the WPs issue, as told by senate President migz Zubiri.

Virtual Reality

oN July 27, 2023, two U.s senators, elizabeth Warren (Democrat, massachusetts) and Lindsay Graham (republican, south Carolina) announced a bill seeking to rein in Big tech by creating a Big Cop to regulate the online activities of America’s largest, richest and most powerful technology companies.

the companies include: Amazon ($134 billion in second quarter 2023 revenues, up 10 percent, and $6.75 billion in profits, up 433 percent); Apple ($81.8 billion in second quarter revenues, down 1 percent, and $19.88 billion in net, up 2 percent); Alphabet ($74.6 billion in quarterly revenues, up 7 percent, and $18.37 billion in net, up 15 percent); microsoft ($56.19 billion in quarterly revenues, up 8 percent, and $20.08 billion in net, up 20 percent) and meta ($32 billion in quarterly revenues, up 11 percent, and $7.79 billion net, up 16 percent). In June this year, Apple was the first company to reach a market capitalization of $3

Editorial

invalidated China’s sweeping ninedash-line claim over nearly the entire south China sea.

the Philippines has filed multiple protests againt illegal Chinese Coast Guard activities in the West Philippine sea, including swarming of CCG and militia vessels to block filipino fishing boats, and aiming a powerful laser beam at a PCG ship. so far, Beijing has shrugged off the protests. the latest incident occurred just days after CmC supreme commander Xi Jinping and his top foreign affairs team welcomed former President rodrigo Duterte to Beijing, with the marcos administration kept in the dark about the visit. Despite Duterte’s meeting with President marcos days after the trip, details provided to the media about what transpired with Xi remain vague, except for the reiteration of China’s message of friendship with the Philippines. friends don’t train water cannons at the other’s ship, especially one on a resupply mission. friends don’t drive away the other’s fishing boats from its own waters. And friends don’t prevent freedom of navigation and flight beyond their domains as defined under international rules. the Philippines needs to recalibrate its responses to the activities of the CCG, including drawing on its alliances with other countries for a more effective response to Chinese military aggression. (Philstar.com)