Moody’s: Pension reform important

By Julito G. Rada

and

Vince Lopez

GLOBAL credit watchdog Moody’s Investors Service on Friday highlighted the importance of reforming the pension system for military and uniformed personnel (MUP), saying this would be a vital part of the country’s fiscal repair in the long run.

In an interview over ANC, Moody's Investors Service Sovereign Risk Group Senior Vice President Christian de Guzman said military pension reform could be one of those things that would put the country’s fiscal path “on a more sustainable trajectory."

"This does not cause immediate risk in

Chinese...

From A1 satellite photo of Mischief Reef from Aug. 4, where you can see many smaller vessels ‘rafted’ together and probably not broadcasting on AIS [Automatic Information System]," he said in an email to the Manila Standard

The SeaLight director also said that he noted three departures of Chinese Coast Guard vessels back to Hainan Island, where ships involved in the Aug. 5 incident may have originated. He said three of the ships involved in the Aug.5 incident have gone dark by turning off their AIS transponders, but may still be in the area.

Powell, in his post at the SeaLight, said that the resupply mission blockade had been planned.

"The China Coast Guard's 5 August water-cannon assault on the Philippines' resupply mission didn't just happen. Things didn't just get out of hand," he said.

PBBM:...

From A1

“The rice situation is manageable and stable. There is enough rice for the Philippines up to and after El Niño next year,” Mr. Marcos said.

Leo Sebastian, Department of Agriculture Undersecretary for riceindustry development, said the initial harvest from the three provinces would help stabilize the country's supply.

Sebastian said farmers from these provinces were able to plant early in May or earlier than other riceproducing areas.

Isabela, Nueva Ecija, and North Cotabato are able to produce an estimated 900,000 metric tons of rice during its start.

"Palay harvest will peak in late September to October, contributing largely to the country's second semester (July to December) production, estimated at more than 11 million metric tons (MMT),” he said.

DOE:...

From A1

Romero said this is attributed to the economic slowdown of China and the gradual decline in demand, signs of a resurgence of US inflation, and the stronger dollar.

"All these, according to analysts, are overshadowing the effects of the big draw in US Inventories [that signify an increase in demand]," Romero said.

On August 15, oil companies implemented an increase of P1.90 per liter for gasoline, P1.50 per liter for diesel, and P2.50 per liter for kerosene.

These price adjustments resulted in a year-to-date net increase ofP13.40 per liter for gasoline, P8.60 per liter for diesel, and P5.14 per liter for kerosene.

The consecutive increase in pump prices has prompted at least fourpublic transport groups to seek a P2 fare hike for all PUVs nationwide.

The Land Transportation Franchising and Regulatory Board responded with a commitment to distribute fuel subsidies ranging from P1,000 for tricycle drivers to P10,000 for modern jeepneys and modern UV Express drivers and operators within the month.

Joel Bolano, LTFRB Technical Division head, said they are just waiting for the Department of Budget and

First...

From A1 also lauded for heroically rescuing an elderly neighbor.

"We found him carrying just a pillow and a flashlight," Gudao said of the elderly man they rescued.

"I asked him what he brought and what clothes he had. He said he only had his clothes on. He had no belongings," she added.

The elderly man is now with his family in California.

2023 or 2024, but as you go out, as these pensions start to escalate over time, that is going to weigh on the government's ability to get that debt back down,” De Guzman said.

“So I'm not sure if we're talking about a crisis in 2023 or 2024… but clearly, it's an important part of the fiscal repair," he said.

In a recent hearing at the House of

The SeaLight director also noted that China has allowed their forces back to Hainan, and the Chinese presence is now less than it was in the region.

"This seems to have been a temporary surge specifically to contest the last resupply, and since that date, they have allowed some of these forces to recover back to Hainan Island, so their presence now is less than it was,” he said.

SeaLight says they use commercially available technology to shed light on the maritime “gray zone”—that is, things that happen at sea that someone would rather the public not know about.

“Common gray-zone activities we track and report include: Harassment of legal activities such as responsible fishing, security operations or hydrocarbon exploration within a nation’s own exclusive economic zone, Illegal incursions into other countries’ waters, intimidation measures such as vessel swarming, outpost and artificial island building and Illegal, unreported and unregulated fishing,” the website said.

DA...

From A1 the closed fishing season," Briguera added.

In June, Briguera said the fish catch in the West Philippine Sea saw a decline of 7 percent last year at 275,872 metric tons (MT) from 295,332 MT in 2021.

Data from BFAR showed the WPS accounted for 7.28 percent of the total fisheries production in the country, producing an average of 318,040 metric tons annually from 2016 to 2020.

The area also serves as a fishing ground for 318,297 fisherfolk from Region I, Region II, National Capital Region, Region IV-A, and Region IV-B.

“Whatever hindering factors are happening right now if it will be gone, this means we can better take advantage of the resources in the West Philippine Sea," he said.

“Is it possible that the production in WPS will increase if not for these issues?

I would say, yes,” Briguera added.

Management to download the P3 billion allocation that will benefit some 1.3 million operators and drivers of PUVs.

Under the scheme, traditional jeepneys and taxis as well as TNVS andschool, shuttle, and tourist services will get a subsidy of P6,500 while delivery drivers will get P1,200.

LTFRB Executive Director Robert Peig earlier said drivers regulated by the agency would receive their subsidies through fuel cards whilethose under local government units, the Department of Information and Communications Technology, and the Department of Trade and Industry will get the funds through e-wallets.

In a letter to LTFRB chairperson Teofilo Guadiz III, the Liga ng Transportasyon at Operators sa Pilipinas (LTOP), Pagkakaisa ng mga Tsuper at Operators Nationwide (Piston), Stop & Go Transport Coalition, and the Federation of Jeepney Operators and Drivers Association of the Philippines (FEJODAP) requested the P2 fare increase nationwide for the first four kilometers.

The LTFRB committed to resolving the fare hike petition but said it will temporarily shelve an earlier petition for a P1 rush hour fare hike, particularly between 4 a.m. to 8 a.m. and 5 p.m. to 8 p.m.

“The LTFRB Board will still, however, resolve the first petition while prioritizing the most recent one filed due to oil price hike,” the LTFRB said.

Espina expressed gratitude for the outpouring of support from the Filipino community.

"The Filipino community here in Hawaii is hospitable. They are concerned about us. We're the first Filipinos to become teachers in Maui, so they're concerned about us," she said.

The Maui Filipino Chamber of Commerce earlier reported that hundreds of Filipinos were among the more than 1,000 missing in the wildfires that started last week.

The Philippine Consulate General

Representatives, Finance Secretary Benjamin Diokno said a pension reform bill was urgently needed to establish an adequate, fair, dignified, and financially sound pension system for soldiers, policemen, and other uniformed personnel.

He said the core objective of the government’s efforts to reform the pension system for military and uniformed personnel was to address the unsustainability and uncertainty of the current pension system.

He said the current MUP pension system’s dependence on full government funding exposed it to economic and fiscal downturns and compromises its stability and reliability.

Pension arrears in the past few years

Meanwhile, the Department of Foreign Affairs (DFA) said Friday that the Philippines does not recognize China’s annual ban on fishing in some parts of the disputed West Philippine Sea.

In a statement, the DFA stressed the fishing ban imposed by China from May 1 to Aug. 16 has been the subject of the country’s diplomatic protests.

“We will continue to register our formal opposition to it. It is an illegal exercise of state authority insofar as they cover the Philippines’ maritime zones,” the department said.

China has imposed the ban each year since 1999.

The Philippines has been calling on China to take active measures at its ports to prevent its fishing fleets from entering the country’s territorial sea and exclusive economic zone.

“The Philippines is ready to take law enforcement measures on illegal fishing activities in its waters,” DFA said.

In 2013, the Philippines challenged China’s legal basis for its vast claim in the alone amounted to P3.7 billion in 2021, P32.6 billion in 2022, and P5.2 billion in 2023, and are projected to reach P4.8 billion in 2024.

“At the core of our reform package is the creation of separate pension funds that recognize the unique nature of military service, and provide retirement benefits that reflect the sacrifices by the military and uniformed personnel,” Diokno said.

He also assured soldiers, policemen, and other uniformed personnel that while the reform bill would require them to give a contribution, this is beneficial to them because it gives them full ownership and vested rights over the pension fund. (See full story online at manilastandard.net)

South China Sea before the Permanent Court of Arbitration in The Hague, Netherlands.

The Philippines won the case in a landmark arbitral ruling in 2016 after the tribunal invalidated China’s massive claims over the South China Sea.

However, Beijing continues to defy the PCA’s arbitral ruling.

Also on Friday, the Presidential Communications Office said President Ferdinand Marcos Jr. and Australian Prime Minister Anthony Albanese will meet in the Philippines to discuss defense and maritime affairs on Sept. 7 and 8.

In a statement, PCO said that the President is pleased to welcome the Australian Prime Minister to the country as the Philippines and Australia share a "rich history of friendship and collaboration."

The PCO said Mr. Marcos and Albanese are expected to discuss key issues in their partnership, particularly in key sectors such as defense and security, trade, economic development, and maritime affairs.

Illegal fishers in WPS will be arrested—DFA

THE Department of Foreign Affairs said Friday that the country will arrest illegal fishers who will venture into Philippine territorial waters and exclusive economic zone after the end of China's fishing ban in the South China Sea.

Local fishermen are concerned that Chinese fishing fleets will enter Philippine waters and its exclusive economic zone with the end of China's fishing ban, which also covers the West Philippine Sea.

"The Philippines is ready to take law enforcement measures on illegal fishing activities in its waters," DFA spokesperson Ambassador Teresita Daza said on Friday in a TV report.

The Philippines did not recognize China's fishing ban which has been the subject of its diplomatic protests.

"We will continue to register our formal opposition to it. It is an illegal exercise of

‘Bamboo...

From A1

Council’s (PSAC) Job Sector Group have discussed several initiatives aimed at generating more than 2 million direct jobs by 2028.

In a fourth meeting convened by Marcos at the Palace on Thursday, the PSAC - Job Sector Group presented its proposed actions and recommendations that could help create more employment opportunities for Filipinos.

The “Buong Bansa Magtanim (BBM) ng Kawayan” program aims to create livelihoods in the countryside.

Savellano has been leading consultations on the concept of Bamboo Villages, which he has been pushing for as an inclusive, community-based approach to job creation and agricultural development.

“With bamboo growing abundantly in the Philippines, we can tap a rich economic resource if we only have a national program to develop it as an industry as what our neighbors have already invested in,” Savellano said.

A week ago, the DA undersecretary led a consultation in Manolo Fortich, Bukidnon on proposed legislation allocating 5 percent of the budget of various government agencies for bamboo propagation. He noted that an institutionalized bamboo program will be needed to consolidate different government programs on bamboo that are now scattered across agencies.

“We need to harmonize our programs in Honolulu said it was receiving a rising number of calls and emails inquiring about the status of Filipinos and Filipino-Americans missing due to the wildfires.

"Queries received by the Consulate requesting assistance in locating missing individuals and family members have increased," Consul General Emilio Hernandez said.

There are 200,000 Filipinos living in Hawaii, 60 percent of whom are American citizens, according to the DFA.

The wildfires raged the dry grasslands into the historic resort town