090718 - NYNJ

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SEPT EM BER 7-13, 2018 Volume 11 - No. 46 • 2 Sections – 16 Pages

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Also published in LOS ANGELES, ORANGE COUNTY/INLAND EMPIRE, LAS VEGAS, NORTHERN CALIFORNIA

DATELINE

Inflation hits 9-year high

USA

by MAYVELIN

CARABALLO ManilaTimes.net

FROM THE AJPRESS NEWS TEAM ACROSS AMERICA

million sacks of rice and the distribution of permits to import more fish. August inflation exceeded the 5.9 CONSUMER prices zoomed to a fresh nine-year high at 6.4 percent in percent forecasts of the Bangko SenAugust, going “beyond the acceptable tral ng Pilipinas (BSP) and the Departrange” because of food price shocks ment of Finance and the 5.8 percent that the central bank said could not average forecast of economists polled be addressed through interest rates by The Manila Times. Some analysts expect the BSP’s alone. The August figure forced eco- policymaking Monetary Board to hike nomic managers to review their infla- interest rates for a fourth time this tion forecast and take extraordinary year to contain inflation. BSP Gov. Nestor Espenilla Jr. howmeasures such as the release of the government’s entire inventory of 4.6 ever said the government must take

Kavanaugh declines to answer views about abortion in second day of hearing The second round of questioning centered around Roe v. Wade and presidential self-pardons AFTER a raucous first day of Senate confirmation hearings for Brett Kavanaugh, President Donald Trump’s nominee for the Supreme Court, senators interviewed the nominee in the second day of hearings on Wednesday, Sept. 5, about his views on a broad range of issues. The first day brought an onslaught of outrage and motions to delay the proceedings after a representative from the Bush White House Library released 42,000 official documents from Kavanaugh’s time at the White House under George W. Bush as a staff secretary and an associate of the White House Counsel. Democrats of the Senate Judiciary Committee for weeks have been requesting the release of these documents before the hearings for review and after Monday’s release of the documents, tried to adjourn and postpone the hearing to no avail. After a preliminary hearing that prompted protests and Democrats to try to disrupt the hearing for these unreleased documents,

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DOJ criticizes Harvard University over alleged discrimination of Asian Americans Groups including Asian Americans pledge support to the Ivy League university’s affirmative action policy

THE U.S. Department of Justice this week came out against Harvard University’s admission practices by announcing its support of an anti-affirmative action group that sued the Ivy League university for allegedly discriminating against Asian American applicants in its admission policies. In a Statement of Interest filed in federal court Thursday, August 30, the Justice Department backed the Students for Fair Admissions group in claiming that Harvard University “has failed to show that it does not unlawfully discriminate against Asian Americans.” The lawsuit dates back to 2014 when Students for Fair Admissions sued the university

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stronger action to tame consumer price hikes, saying August inflation was driven by “an unfortunate confluence of cost-push factors.” “Much of it has to do with food supply shocks. Rice in particular. These warrant more decisive non-monetary measures to fully address,” he told reporters. Producers, traders taking advantage – BSP While rising fuel prices and the weak peso were also to blame, “it is

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Duterte orders Trillanes’ arrest Makati RTC sets hearing, DOJ files hold departure order by AJPRESS THE Makati Regional Trial Court (RTC) on Wednesday, September 5, scheduled the hearing on Senator Antonio Trillanes IV’s arrest for September 13. This follows the motion filed by the Department of Justice (DOJ) requesting for the issuance of an alias warrant of arrest and hold departure order against the senator. Presiding Judge Andres Bartolome Soriano set the hearing despite the statements of state prosecutors deeming it unnecessary. “Recall that there were previous commitment orders issued by this Honorable Court in September 2003 and on November 29, 2007. Thus, this application for an alias warrant of arrest no longer needs a hearing,” the motion read. The court gave Trillanes five days to answer the motion, as reported by The Philippine Star. Several uniformed officers flocked the Senate on Tuesday, September 4, after President Rodrigo Duterte

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DUTERTE IN ISRAEL. President Rodrigo Duterte, assisted by daughter and Davao City Mayor Sara Duterte-Carpio, leads the wreath-laying ceremony at the Yad Vashem Holocaust Memorial Center in Jerusalem, Israel, on Monday. Malacañang Photo

$82.9-M in business deals inked DILG exec: Boracay can only between Philippines and Israel accommodate 55,000 per day by CATHERINE

S. VALENTE ManilaTimes.net

THE Philippines has secured $82.9 million in investments from President Rodrigo Duterte’s historic trip to Israel, Trade Secretary Ramon Lopez said on Wednesday. Filipino and Israeli businessmen signed three memoranda of agreement (MoA), 11 memoranda of understanding (MoU), and seven letters of intent during a forum with Duterte in Jerusalem President Rodrigo Roa Duterte, in his speech during the ceremonial exchange on Tuesday. of business agreements between the Philippines and Israel at the King David President Rodrigo Roa Duterte, Hotel in Jerusalem on September 4, 2018, assures the Israeli companies that the Philippines will provide them a corruption-free business environment. in his speech during the ceremoManiaTimes.net photo

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by AJPRESS DEPARTMENT of Interior and Local Government (DILG) Undersecretary for Operations Epimaco Densing III confirmed on Monday, September 3, that Boracay Island can only accommodate 55,000 people daily. Prior to its rehabilitation in April, the internationally-known resort island takes in an average of 70,000 people daily. This means that the 1,032-hectare island in Aklan welcomed 15,000 more individuals than it can possibly handle. “There was an average of

70,000 people on the island per day, meaning there was a 15,000 overcapacity,” Densing said. The said figures were from DILG Secretary Eduardo Año who noted that the three-village island in Malay town has a carrying capacity of only 19,000 for tourists and 36,000 for residents and workers. The data was based on the study of the Department of Environment and Natural Resources (DENR)Ecosystems Research and Development Bureau and the University of the Philippines Los Baños. Densing clarified that the figures were only a draft and are still

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Manny Villar’s fortune triples, climbs to 2nd spot in Forbes’ rich list by IAN

NICOLAS CIGARAL Philstar.com

MANILA, Philippines — Real estate tycoon Manuel “Manny” Villar is now the Philippines’ second richest man after his wealth tripled over the past year, according to Forbes magazine’s 2018 ranking of the country’s 50 wealthiest people, amid a construction boom in the Philippines that has boosted the fortunes of the country’s business magnates. Meanwhile, retail magnate Henry Sy of the SM Investments Corp., one of the Philippines’

largest conglomerates, has remained the country’s richest man for eleven years in a row. The net worth of Villar, 68, is now $5 billion from $1.7 billion in August last year, Forbes said, dislodging 92-year-old JG Summit founder John Gokongwei Jr., whose net worth dropped to $4.4 billion as of September 2018 from $5.5 billion in end-August last year. Villar is the chairman of Starmalls, one of Philippines’ largest mall operators, and Vista Land & Lifescapes, one of the country’s leading integrated property developers.

In the first half of 2018, Vista Land registered a 17 percent growth in net income to P5.2 billion. On the other hand, shares in the Villar group-led memorial park developer Golden Bria Holdings Inc. leapt a staggering 1,300 percent in the first quarter, Forbes reported. On the top spot of this year’s richest list was Sy, 93, who managed to grow his net worth to $18.3 billion as of September 2018 from $18 billion last year through his diversified businesses. But Sy’s fortune as of this month was lower than the $20

billion he earned in March this year. Sy’s SMIC, the holding company of the SM Group, has interests in retail, property and banking. In the first half of 2018, SMIC reported a net income of P18.1 billion, up 9 percent from P16.6 billion in the same period last year despite high inflation that has tempered consumer spending in recent months. As of endJune 2017, total assets of SM grew 8 percent to P985.9 billion. “The 50 ranking had an unusually volatile year, with 19 seeing net worths shift 20 percent or

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Retail magnate Henry Sy of the SM Investments Corp., one of the Philippines’ largest conglomerates, has remained the Philippines’ richest man for eleven years in a row. Graphics by RP Ocampo/Philstar.com


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