<![CDATA[https://www.manilatimes.net]]> (2024)

The Philippine Heritage Society, a devoted group of individuals dedicated to safeguarding the country's cultural legacy, continues to support and collaborate with organizations and individuals who champion the cause of preserving Philippine native arts, culture and history.

With this, the Philippine Heritage Society, together with the Filipinas Heritage Foundation, the Intramuros Administration and the Admiral Hotel will present "Santa Cruz de Mayo 2024" within the historic walled city on May 19.

"It is our goal to showcase this beautiful traditional and religio-historical pageant to a new generation of Filipinos and tourists alike," PHS said in a statement.

The Santacruzan is a processional activity that usually takes place across the country in the month May. It honors the search of the Holy Cross as Reyna Elena, the mother of Emperor Constantine the Great.

Young women traditionally participate in the procession, representing various biblical and historical figures. The participants are called "sagalas."

For the upcoming Santcruzan in Intramuros, mother and daughter Zsa Zsa Padilla and Karylle Padilla Yuzon-Tatlonghari will walk as Reyna Emperatriz and Reyna Elena respectively.

Here's the complete name of sagalas and their positions: Jaclyn Vista as Banderada, Robyn Mariel Hernandez Abueg as Dalagang Bukid, Chloe Gonzales as Divina Pastora, Alethea Ambrocio as Reyna Fe, Lovely Gervacio Tajan as Reyna Esperanza, Syrla Nunez as Reyna Caridad, Aileen Garalde as Reina Madre, Mikaela May Hernandez Abueg as Hagar, Chanel Sun as Reyna Sheba, She Alday as Reyna Justicia, Crystelle Espalana as Reyna Judith, Barbie Arcache as Reyna Sentenciada, Sierra May Manalo as Reyna Ester, Sophia Yara as Reyna Ruth, Maricar Threadgill as Reyna Rebecca, Joanne Agudo as Reyna Deborah, Lot Urquico as La Samaritana, Romina Gosamo as Veronica, Heaven Penaflorida as Maria Salome, Marivic Aquino as Maria Magadalena, Sylvia Torecis de la Vega as Rosa Mistica, Coucou Sun as San Macario, Joanna Marie Razon as Reyna Mora, Charo Calalo as Reyna de la Paz, Rach Aurelio as Reyna de los Angeles, Zsa Zsa Padilla as Emperatriz, and Karylle Tatlonghari-Yuzon as Reyna Elena.

Also included are Althea Dayaodao, Lesley Geronimo, Xianelle Beatriz de la Rosa, Amalia Maniquez, Myrtelle Umahag, Althea Dayaodao, Patricia Gaton, Kristina Gaton, Lesley Gerinomo and Joash Humphrey Medito.

Star Magic hosted its first ever "Mamamagic Day," dedicated to honoring the incredible mothers within its family. Held at the Brittany Hotel Villar City in Cavite, the pre-mother's celebration was a hosted by VJ Ai dela Cruz.

Star Magic mothers Dimples Romana, Vina Morales, Desiree Del Valle, Nikki Valdez, Jolina Magdangal, Dimples Romana, Elisse Joson, Melai Cantiveros, and Janella Salvador illuminated the venue with their presence.

Young and new moms Pamu Pamorada, Hasna Cabral, Mika Pajares, and Riva Quenery, along with their adorable little ones, also joined the celebration.

The evening witnessed soul-stirring performances by the 'TNT Kids' Aliyah, Dylan and Kim, together with Klarisse de Guzman.

During the event, Star Magic moms also shared profound insights and pieces of advice emphasizing happiness, discipline, and the importance of self-care to better nurture their families.

Reflecting on her lived experience of motherhood, Dimples Romana declared, "I'd rather have happy kids than successful kids."

Nikki Valdez said, "Never be sorry or guilty for disciplining your kids... For me, discipline equates to tough love."

Elisse Joson, meanwhile, gave a poignant reminder to mothers everywhere to prioritize taking care of themselves the way they take care of their families. "We're still 'us' before we became mothers. When we take care of ourselves, we become more present for our family and our children."

Jolina Magdangal shed light on the magic a mother naturally possesses, saying, "When you become a mommy, you realize you can do things you never thought you could."

When asked for advice for new moms, Janella Salvador highlighted the value of learning from their children. "I think that's the best advice I can give — as much as we [moms] love to teach our kids new things, I think it's a learning process for us as well."

Relive the moments and watch the Mamamagic Day on Starmagicphils YouTube Channel.

MOTHERS play endless roles in the family. They are the glue that holds it all together, juggling multiple responsibilities with a nurturing spirit.

Mothers attend to everyone's needs while putting their own on the back burner far too often. Yet, in their selfless dedication to taking care of others, they cannot afford to let their own health and well-being take a backseat on their endless to-do lists.

With busy schedules and multiple roles to fill, they must also be intentional about their health.

This is what a mother's life looks like for Loida Macaling and Regina Abalain, beneficiaries of the recent medical mission of SM Foundation at SM City Marilao.

Years of hard work as a factory worker and house helper have taken a physical toll on Macaling, a mother of three.

For months, she has endured a sharp, persistent pain in her heel, aggravated by the demands of walking and standing for extended periods. Mornings have been especially difficult for her as she struggles to take her first steps.

At the SM Foundation's medical mission, a weight has been lifted off Macaling's shoulder. She is attended to by volunteer doctors, who have provided her with essential medical care along with much-needed medications and vitamins.

Abalain has also faced similar challenges. With expenses for her current pregnancy, she is relieved that her eldest son has received a free dental and medical checkup, medications and vitamins without additional financial burden.

Multi-channel retailer Puregold once again demonstrated its commitment to supporting micro, small, and medium enterprise (MSME) owners by hosting the highly-anticipated Negosyo Convention 2024. The event, which is taking place at the World Trade Center in Pasay City and runs until today, May 18, welcomed an unprecedented number of over 12,000 members of the Tindahan ni Aling Puring program.

The program, now celebrating its 20th anniversary, has been a cornerstone of Puregold's efforts to empower MSMEs across the country. Tindahan ni Aling Puring caters to small business owners such as sari-sari stores, karinderyas, bakeries, mini-groceries, food catering services, and other food service enterprises.

"This year we are commemorating significant milestones, because first, we are just four doors away from reaching 500 Puregold stores. And second, because 2024 marks the 20th year of our Tindahan Ni Aling Puring program! Mga Ka-Asenso, dalawampung taon na tayong magkasama sa 'Always Panalo' na pagne-negosyo ("Mga Ka-Asenso, we have been together for twenty years in our 'Always Panalo' business endeavor), said Susan Co, chairman of Puregold Price Club, Inc.

"'Panalo' is not just a goal to be achieved, but a mindset to live by. Be assured that Puregold will continue to innovate and inspire all Ka-Asensos in the next decades to come," she added.

Several celebrities added to the excitement of the three-day convention, drawing cheers from the thousands in attendance.

On Day 1, May 16, stars such as Belle Mariano, Marian Rivera, Bianca Umali, and Anthony Jennings, along with music artists Agsunta, Andrew E., and Orange and Lemons, took the stage.

Day 2 featured Alden Richards, Joshua Garcia, Joseph Marco, Barbie Forteza, Judy Ann Santos, Sunkissed Lola, Bini, Nik Makino, and Lola Amour.

Finally, today on Day 3,attendees will be treated to appearances by Angelina Cruz, Yassi Pressman, Arra San Agustin, Joshua Garcia, Paulo Avelino, Unique, and Dilaw.

The Negosyo Convention also serves as a platform for Puregold to showcase its dedication to supporting its nearly one million MSME members. The event features more than 120 partner brands, including Monde Nissin, Nestlé, Procter & Gamble, Unilever, Universal Robina, Alaska Milk, Century Pacific Food, Coca-Cola Beverages, Colgate-Palmolive, GCash, Nutri-Asia, and Rebisco.

"The solid participation of global and local brand partners, along with the impressive turnout of Aling Puring members at our annual Sari-Sari Store Convention, reflects the trust and confidence our suppliers and members place in us," said Ferdinand Vincent Co, President of Puregold Price Club, Inc.

"We will aggressively equip and supply our Aling Puring members with the best prices and assortment of goods so they can serve their communities better," he added.

Through exclusive value deals and bulk promotions, the convention offers commodities and goods that enable business owners to maximize their budgets and enhance their operations.

With aggressive cost-saving initiatives and pioneering programs, Puregold remains true to its promise to help Filipinos across the country grow their businesses every step of the way.

TO kick off Makati Medical Center (MakatiMed)'s 55th anniversary, the institution proudly celebrated its rich history of medical breakthroughs, compassionate care and unwavering dedication to the community through an event, titled "A celebration of milestones and triumphs."

Held last April 29, the event presented remarkable cases that shaped the landscape of Philippine health care.

Navigating through decades of medical milestones and challenges, the hospital organized the event as a tribute to its community and the patients that trusted MakatiMed.

Medical Director and Co-Interim President and Chief Executive Officer Saturnino Javier emphasized the significance of this gathering in his opening remarks.

"From this vast multitude of clinical scenarios, there are stories that are deeply told and reviewed, there are lessons that need to be shared, victories that need to be held and memories that need to be remembered," Saturnino stated.

The celebration featured presentations, highlighting milestone cases that underscored MakatiMed's commitment to excellence and quality patient care. From groundbreaking surgeries to innovative treatments, each case exemplified the spirit of innovation and collaboration that defined the institution.

HILTON Manila proudly opens its bridal fair, "Ever After: A journey through time," set to take place from May 18 to 19 at the hotel's ballroom. This year's theme celebrates weddings and the enduring milestones of love that follow from 10-year anniversaries to golden wedding celebrations and vow renewals.

The bridal fair will feature top industry suppliers such as Amady, Foreveryday Photo, Got Music and GDV, offering guests a chance to explore a wide range of offerings to elevate their celebrations.

From venue styling to floral arrangements, expect exciting offers from both suppliers and Hilton Manila, promising to transform weddings into timeless memories.

Attendees will also have the opportunity to witness a captivating fashion show, revealing the latest bridal couture trends, providing couples with inspiration while being mesmerized by a stunning display of luxury bridal cars, ensuring fairy-tale entrances and unforgettable journeys.

"We are thrilled to invite couples on this enchanting journey through time, celebrating not only the day of their union, but the beautiful journey that follows," says Hilton Manila General Manager John Lucas.

To register for the bridal fair, visit www.hiltonmanila.com or email hiltonmanila_events@hilton.com.

THE Philippine Retailers Association (PRA) is set to deliver an unparalleled series of sessions to equip retailers with tools that can maximize available avenues and trends to meet the evolving needs and desires of consumers at the 30th National Retail Conference and Expo (NRCE) with the theme, "Retail today, empowering tomorrow," at the SMX Convention Center Manila from August 29 to 30.

Diverse businesses are emerging across various platforms and channels, introducing new formats tailored to meet the needs of consumers across different age groups.

To usher in a new era of retail, the PRA ensures that retailers stay ahead of the curve with a robust arsenal of strategies to propel their businesses forward.

Leading the charge with insights into "Life trends 2024: Emerging trends in business" is Stephan Alba, managing director for Enterprise and Industry Technologies at Accenture Technology in the Philippines.

Alba's expertise promises invaluable guidance for retailers, shopping center developers and suppliers alike. By understanding and harnessing these trends, attendees will be empowered to adapt, innovate and thrive in the evolving retail landscape.

Complementing this session is "Innovating forward: The next generation's impact on retail," featuring the country's foremost next-gen leaders: Jerald Sze, founder and chief executive officer (CEO) of Straightforward; Glenda dela Cruz, CEO of Brilliant Skin Essentials; and Lui Clavano, owner of Izakaya Geronimo.

Secure seats at http://www.nrce-ph.com.

Through the vision of Former Department of Tourism, Wanda Tulfo-Teo, coupled with creative genius of Renee Salud and the skilled Mindanao Weavers, we were able to reignite the emergence of neo-ethnic fashion as we bought to life the second leg of Mindanao Tapestry held on May 9 at the prestigious Okada Manila. This is a testament to the power of collaboration, innovation, and cultural presentation, inspiring us to continue showcasing the rich heritage of our country through modern and captivation designs.

The runway showcase aims to illuminate Mindanao's brilliance and to celebrate its rich cultural heritage. The masterpieces on display vividly depict the stories of the diverse tribes that have made Mindanao the Land of the Promise. It's testament to the endless possibilities that await those who seek to unravel the tales of this beautiful island.

One of the highlights of the event featured 39 talented young designers who drew inspiration from the traditional Tennun Textile of Basilan into their innovative designs.

It's truly amazing to see what can be achieved with the help of the kind and generous supporters.

Lastly, the success of the fashion event in Manila has paved the way for Mindanao Tapestry II x Renee Salud to be presented globally. This year, the exquisite creations will be showcased in the countries of Portugal, Italy and Canada in collaboration with the cities of Basilan and Maguindanao.

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Meanwhile, love was in the air as guests gathered at RJ Bistro in Dusit Hotel for a show filled with favorite love songs and heartfelt performances. Atty. Larry Gadon, Atty. Mike Toledo, and Consul David Ackerman took the stage, enchanting everyone with their renditions of classic love songs that have stood the test of time. Their heartfelt performances resonated with the audience, evoking feelings of love, nostalgia, and joy.

Adding to the enchanting atmosphere were the performances by Gwyn Dorado and the Anacrusis Band. Gwyn Dorado's captivating voice and emotional delivery brought the audience to their feet, while the Anacrusis Band's musical prowess created a mesmerizing backdrop for the evening's festivities.

The show was a night to remember, filled with music, laughter, and love.

STAY cool this summer without the need to go far at Kingsford Hotel Manila in Entertainment City.

Quench your thirst with tantalizing co*cktails at Frost By The Pool Bar on the sixth floor. From fizzy, fruit-based drinks such as Harri's Hula Haze, Kingsford's Drink of the Month, to chocolatey-sweet shakes, everyone can have a cool treat under the sun.

Bring the family over and munch on savory snacks under the blue skies.

Watch the bad vibes melt away as guests dip in the overlooking pool, relaxing with a panoramic setting of the city. Time stops upon entering the Deluxe Room, diving into comfort on a queen or twin bed with a stunning backdrop of the Entertainment City.

When the night gets cold, sizzle it up at Kingsford Cafe's Weekend Dinner Buffet. Fire up Fridays and Saturdays with mouthwatering, delectable dishes and desserts that one's sweet tooth can't resist. Feast on a variety of selections and fill up to one's heart's content.

Spend a cool summer adventure at Kingsford Hotel Manila. For room reservations, visit kingsfordmanila.com. For dinner buffet reservations, email dine@kingsfordmanila.com.

TAIPEI – Taiwan's Lai Ching-te, a steadfast defender of the island's democracy, will be sworn into office Monday as Beijing intensifies military and diplomatic pressure on Taipei.

Eight heads of state will be among the 51 international delegations attending the inauguration of Taiwan's new leader, Taipei said Friday.

The eight leaders attending the inauguration include President Santiago Pena from Paraguay — Taiwan's only ally in South America — as well as Marshall Islands President Hilda Heine, Palau President Surangel Whipps Jr., and new Tuvalu Prime Minister Feleti Teo.

A total of 51 high-level delegations — including the United States, Japan and Canada — will be part of the ceremony as a show of support for Taiwan's democracy.

China, which claims Taiwan as part of its territory, has branded Lai a "dangerous separatist" who will bring "war and decline" to the self-ruled island.

Lai will succeed Tsai Ing-wen in a ceremony that will be closely watched by China and the United States, the island's key partner and weapons provider.

Beijing has intensified military and diplomatic pressure on Taiwan during Tsai's eight years in power over her Democratic Progressive Party's (DPP) rejection of China's claims on the island.

Lai, who hails from the same party, has previously described himself as a "pragmatic worker for independence."

In recent years, Lai and the DPP have toned down past rhetoric pushing for formal independence, arguing that since Taiwan is already self-ruled, there is no need for a declaration that would enrage Beijing.

Given the high stakes, Lai is expected to "maintain the responsible policies of his predecessor," Amanda Hsiao of the International Crisis Group said.

His inaugural speech will be scrutinized for clues of how he will handle the delicate relationship.

Lai has made repeated overtures to Beijing, indicating a wish for a resumption of high-level communications, which China severed after Tsai took office.

"We will work to safeguard the status quo on both sides," Lai told a democracy summit on May 14.

"I will not rule out dialogue with China on the principles of mutual respect, mutual benefits, and dignity, with no preconditions."

Eight heads of state and around 50 foreign delegations are expected to attend the inauguration, including from the United States and Canada, in a show of support for the island's democracy.

Total opposition

China's Taiwan Affairs Office, which handles cross-strait issues, said Wednesday it has always "resolutely opposed Taiwan independence."

"Taiwan independence and peace in the strait are incompatible like water and fire," spokesman Chen Binhua said.

China's growing assertiveness in pressing its claims on Taiwan and over the South China Sea has raised concerns of a potential military conflict that could draw in the United States and its allies.

Many fear that a regional war, while not thought to be imminent, would devastate the global economy.

Taiwan is located on a maritime gateway connecting the South China Sea and the Pacific Ocean — a key route for international trade — and is a major supplier of semiconductor chips, which have been called the "lifeblood" of the modern world.

Taiwan and China have engaged in a diplomatic tug-of-war to lure allies in the Pacific region, offering generous aid packages and assistance in agricultural and educational development.

Only 12 states, including the Vatican, fully recognize Taiwan, and China does not maintain relations with any country that recognizes Taipei.

After Lai's election win in January, the tiny South Pacific nation of Nauru severed diplomatic ties with Taiwan in favor of China.

Taipei has also seen daily cyberattacks targeting its government agencies increase from 1 million to 2.5 million since the polls.

'Dangerous'

Lai will also have to contend with domestic challenges as he seeks to reverse growing disillusionment with the DPP.

While the party won an unprecedented third term in the last election, it lost its majority in parliament.

With wages stagnating and the cost of living rising, some voters are frustrated with the DPP's handling of relations with China.

"It's dangerous," retiree Chou-ta Chung, 66, told AFP of Lai's policy on China and the United States.

"The DPP focuses too much on the United States... you must strike a balance between the two sides."

BEGINNING on May 13, World co*cktail Day, and running until June 13, MGallery will showcase the art of mixology. All of the brand's establishments will proudly bear the colors of World co*cktail Month. This international event will include local activations and an unprecedented co*cktail list.

As preferred meeting spots for creatives from around the world, MGallery hotel bars attract both travelers and locals alike. Communities connect, ideas are exchanged and thrive.

Mixology resonates with this inspiring dynamic, embodied by mixologists, trained over a period of 6 months to 1 year.

This brand expertise highlights the creativity of those found behind every MGallery bar, continuing to animate the spaces while fostering exclusive relationships with those who gather to enjoy it.

For the occasion, mixologist Matthias Giroud has concocted a collection of 10 co*cktails and mocktails, each echoing a key MGallery destination through its flavors and presentation.

"MGallery and I wanted to create a flavorful journey, inspired by the raw ingredients of each country. Each of our signature co*cktails and mocktails will embark you on a multisensory experience," says Giroud.

Each week, MGallery hotels will hold events to celebrate World co*cktail Month. Local guests and travelers may opt for master classes.

This World co*cktail Month is also an opportunity to anchor MGallery in a responsible approach even behind the bar. Zero-waste mixology will be introduced by using whole products, reducing packaging, composting organic waste, and prioritizing local and seasonal ingredients.

SEOUL – Kim Yo Jong, the influential sister of North Korean leader Kim Jong Un, has dismissed accusations that Pyongyang is shipping weapons to Russia, the state media Korean Central News Agency reported on Friday.

The United States and South Korea have repeatedly accused North Korea of supplying weapons to Moscow, despite United Nations (UN) sanctions on both countries that would ban such arms transfers.

Analysts have also warned that ramped-up testing and production of artillery and cruise missiles by the nuclear-armed North could be in preparation for shipments to Russia for use in Ukraine.

Kim Yo Jong, however, said Pyongyang had "no intention to export our military technical capabilities to any country," according to a statement carried by the KCNA.

She further accused Seoul and Washington of "misleading the public opinion with a false rumor that the weapon systems produced by... (us) are 'for export to Russia.'"

"What is most urgent for us is not to 'advertise' or 'export' something, but to make the war readiness and war deterrent of our army more perfect in quality and quantity," she said.

The largely isolated North has recently bolstered military ties with Moscow, and Pyongyang thanked Russia last month for using its UN Security Council veto to block the renewal of a panel of experts that monitored international sanctions on Kim's regime.

South Korea asserted in March that North Korea had shipped around 7,000 containers of arms to Russia for its war with Ukraine, transfers Seoul believes began around last July.

Washington and experts have said Pyongyang was seeking a range of military assistance from Russia in return, such as satellite technology and upgrading its Soviet-era military equipment.

The North last week said the country would equip its military with a new 240 mm multiple rocket launcher starting this year, adding a "significant change" for the army's artillery combat capabilities was under way.

On Tuesday, leader Kim Jong Un inspected a new tactical missile weapons system and called for an "epochal change" in war preparations by achieving arsenal production targets.

"Tactical weapons, including multiple rocket launchers and missiles shown by us recently, are produced to discharge the only one mission," Kim Yo Jong's Friday statement said.

"We don't conceal the fact that such weapons will be used to prevent Seoul from inventing any idle thinking."

Inter-Korean relations are at one of their lowest points in years, with Pyongyang declaring South Korea its "principal enemy."

It has abandoned agencies dedicated to reunification and threatened war over "even 0.001 mm" of territorial infringement.

PHILIPPINE monetary authorities could start lowering key interest rates ahead of the US Federal Reserve (Fed) and are not worried about the possible impact on the peso.

"Yes, we will cut ahead. We can cut ahead of them," Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. told reporters on Thursday.

Earlier in the day, the central bank chief had said that cuts could start by the third quarter after the BSP's policymaking Monetary Board (MB) decided to keep interest rates unchanged for a fifth consecutive meeting.

Based on the MB's schedule, this will likely be on August 15. The US central bank's Federal Open Market Committee, meanwhile, is currently expected to announce the start of easing when it meets on September 17 to 18.

Lowering interest rates ahead of the Fed would put additional pressure on the peso, which recently fell to a 17-month low against the dollar. Remolona, however, said the impact would be mild as the "market is watching the forward guidance, not the policy rate."

"That's how it was before, right? Last year, they were already focusing on forward guidance," he added.

The BSP chief said there could be one or two rate cuts in the second half of the year, with a "range of between 25 and 50 [basis points] for the rest of 2024."

Security Bank Corp. chief economist Robert Dan Roces, in a Viber message, said that Remolona was either more "confident in the stability of the domestic economy and the anchoring of inflation expectations, or that it may be worried about the potential impact of prolonged elevated rates to the economy."

"[I]n sum, it is a positive signal, indicating that the BSP believes the Philippine economy is well-positioned to handle a slight divergence from the Fed's monetary policy stance," he added.

Roces still warned of the potential impact on the peso.

"When a central bank lowers interest rates while other major central banks maintain higher rates, it can make the currency less attractive to foreign investors seeking higher yields," he explained.

The narrower interest rate differential could result in capital outflows and a weaker peso, he added.

"As for the potential impacts on the broader economy, a rate cut ahead of the Fed could provide a boost to domestic demand and help alleviate the burden on businesses and households struggling with high borrowing costs," Roces continued.

"[T]he challenge to the BSP will be the need to carefully balance the benefits of lower rates with the risks of capital outflows and currency depreciation."

The central bank's policy rate currently stands at 6.5 percent, the highest since 2007, following 450 basis points of rate hikes beginning May 2022 as inflation started surging in the wake of Russia's invasion of Ukraine.

The Fed's benchmark rate, meanwhile, is at 5.25-5.5 percent and has been unchanged since July of last year. Officials have said that it was too early to start cutting as inflation remains above the 2.0-percent target.

An easing in April to 3.4 percent, however, has raised expectations of an easing in September.

Inflation in the Philippines, meanwhile, has returned to the 2.0- to 4.0-percent target range but is again threatening a breach. Remolona has said that cuts will only be considered once the rate — at 3.8 percent last month — remains firmly within the range.

The Monetary Board on Thursday lowered its risk-adjusted inflation forecast for 2024 to 3.8 percent from 4.0 percent. That for 2025, however, was raised to 3.7 percent from 3.5 percent.

The baseline forecast for 2024 was also trimmed to 3.5 percent from 3.8 percent while the 2025 projection was raised to 3.3 percent from 3.2 percent.

MANILA Fifth District Councilor Raymundo "Mon" Yupangco, president of Community Chest Foundation Inc. (ComChest), graced the belting ceremony of the "Wellness program: Free karate training," a joint project of ComChest and Sikaran-Karate Association of the Philippines (Sikap) at ComChest Center on May 2, 2024.

Yupangco awarded the certificate of promotion to the newly promoted green belters, who successfully passed their 3 months rigid karate training with flying colors together with Manny Inserto, national president and training instructor of Sikap, and Cindy Dollente Ang, executive director of ComChest.

These karatekas were Francis Nathan Tajanlangit, Riefer Liam Zapico, Lyle Angelo Celemin, Lloyd Tristan Celemin and Marco Jake de Asis.

Their completions of Mael-into, the basic karate drills from numbers 1 to 12, were exemplary. This enabled them to advance to the next higher belts to brown and black belts in their outstanding execution of pinan and kata as the final requirements for their promotions.

Other officials of Sikap, who graced the occasion, were Homer Mesina, secretary general; Boy Eli Jr., second dan black belter and vice president for Luzon; Tony Dacalos, first dan black belter and assistant vice president for Luzon; and Roseller Martinez, black belter and instructor.

JAKARTA – Hundreds of people living near an erupting volcano in eastern Indonesia have been evacuated after authorities raised its alert status to the highest level, an official said Friday.

Authorities raised the alert status for Mount Ibu, located on remote Halmahera island, to the highest level of a four-tiered system on Thursday after recording two huge eruptions for the second day in a row.

Residents in seven villages near Ibu — which spewed ash and smoke 5,000 meters (16,400 feet) into the sky — began evacuating to several shelters late Thursday after authorities raised the alert status, local disaster mitigation agency official Muhammad Ade Fabanyo told AFP.

"Until today, the evacuees continue to arrive and as of this morning, the preliminary data that we have is around 400 people (evacuated)," Ade said Friday.

He said the evacuation was a "preventive" measure taken by authorities since the residents were living around seven kilometers from the volcano — within the exclusion zone set by officials.

Ibu erupted again on Friday morning, spewing a tower of volcanic ash 4,000 meters above its peak, the country's geology agency head Muhammad Wafid said in a statement.

Authorities advised residents and tourists to stay out of the 4-to-7-kilometer exclusion zone and to wear a face mask in case of falling ash.

Ibu is one of Indonesia's most active volcanoes, erupting more than 21,000 times last year.

More than 700,000 people lived on Halmahera island as of 2022, according to official figures.

Indonesia, a vast archipelago nation, experiences frequent seismic and volcanic activity due to its position on the Pacific "Ring of Fire."

Last month, Mount Ruang in North Sulawesi province erupted more than half a dozen times, forcing thousands of residents of nearby islands to evacuate.

Its status has since been lowered to the second-highest alert level.

BANK reserve requirements should be substantially lowered but the timing will be critical, Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. said on Friday.

"[W]e would like to reduce the reserve requirement by quite a bit, because I think it's distorting financial intermediation," he said in a Bloomberg interview.

The reserve requirement for big banks currently stands at 9.5 percent following a 250-basis-point (bps) cut last June. Remolona, however, said that this was still one of the highest in the region and should be slashed to 5.0 percent.

Lowering reserve requirement ratios (RRR) — the percentage of deposits and deposits that banks must keep and not lend out — will free up money that can be used for productive activities and grow the economy.

Aside from the 250-bps cut for big banks, the BSP also lowered the RRR for digital banks by 200 bps to 6.0 percent and that for thrift banks by 100 bps to 2.0 percent. A 100-bps cut was also implemented for rural and cooperative banks, whose RRR fell to 1.0 percent.

Remolona has previously said that further cuts were likely and that timing was important.

On Friday, he said that monetary authorities "don't want to do it while we're still hawkish."

The BSP's policymaking Monetary Board on Thursday kept the benchmark rate at 17-year high of 6.5 percent with inflation still to settle firmly within target.

Remolona told reporters later that day that an easing could start in August, ahead of an expected September cut by the United States Federal Reserve.

TAIPEI – Incoming Taiwanese leader Lai Ching-te said the most effective strategy to prevent China from seizing the self-ruled island will likely be to bolster an agile defensive "porcupine" approach by spending more on missiles and drones.

Lessons learned from Russia's war in Ukraine about how rapidly developing drones can outfox traditional heavy weaponry suggest that Lai Ching-te will boost Taiwan's production of modern military technology after assuming leadership on Monday.

"Taiwan is taking the Chinese military threat more seriously," said Raymond Kuo, Taiwan Policy Initiative director at RAND Corp.

"It has ramped up its production of anti-ship missiles, tested new anti-air missiles, and is on track to manufacture several thousand military drones," he said.

"I would expect those efforts to continue (under Lai) alongside purchases of US equipment and development of large platforms like the indigenous submarine."

Washington switched diplomatic recognition from Taipei to Beijing in 1979, but it has remained Taiwan's most important partner and biggest arms supplier.

'Light, agile and lethal'

Beijing maintains a near-daily presence of fighter jets, drones and naval ships around the island in what experts call "grey zone" actions — tactics that fall short of an act of war.

US Secretary of State Antony Blinken asked Beijing during a visit to China in April to avoid "provocative" measures during Lai's inauguration on Monday.

Taiwan authorities have detected dozens of Chinese aircraft near the island in recent days.

Beijing, which regards Lai as a "dangerous separatist," is expected to intensify that military pressure in the coming years, underscoring the security challenges facing his administration.

"This reality means that a key measure of success of the Lai administration will be how far he can push forward the necessary reforms to improve Taiwan's ability to defend itself and deter Chinese aggression," Amanda Hsiao of the International Crisis Group (ICG) told AFP.

Washington approved a huge military aid package for Taipei last month in the face of an increasingly assertive China, including $1.9 billion for replenishing its military equipment and training.

Another $2 billion will be used for "foreign military financing" for countries in the region.

Taiwan is under pressure to increase its own defense spending and adopt a "porcupine" strategy to deter an attack from China, said Richard Hu, a military expert at National Chengchi University.

"With lessons learned from the Russian-Ukraine war, the defense ministry will try to switch from buying expensive and heavy weapons systems to some light, agile and lethal arms and equipment, such as battle-tested UAVs (drones) and Javelin missiles," Hu said.

Lai has appointed National Security Council chief Wellington Koo, a lawyer with no military rank, to head the defense ministry and oversee the transformation, but there has been pushback, said Hsiao.

"Not everyone in the relevant government agencies is convinced of this strategy," Hsiao added.

Deadly serious

Chinese military pressure on Taiwan escalated during Tsai's presidency, with Beijing holding its largest military drills around the island in 2023.

However, Taiwan has seen a shift in China's actions in recent months.

Aerial incursions have decreased but Taiwan's outlying island of Kinmen has seen a pick-up in regular patrols by Chinese coast guard and other vessels.

"China's use of grey zone tactics is shifting from military brinkmanship to more law enforcement," political scientist Wen-ti Sung said.

That may "involve more direct contact between civilian personnel from both sides and carry more complicated potential for political escalation."

China's goal of eventually seizing Taiwan remained the same, said Steve Tsang, director of London-based SOAS China Institute.

"(President Xi Jinping) is deadly serious about taking Taiwan and is building up the capacity to do so," Tsang said.

"Taipei, the US and others concerned must use the time to work to pre-empt or deter a Chinese attack."

THE peso and stock market both closed the week on a negative note, with the currency snapping a three-day winning streak and the bourse threatening a return to the 6,500 level.

The peso weakened by 15-and-a-half centavos to P57.62 against the dollar while the benchmark Philippine Stock Exchange index (PSEi) shed 9.51 points, or 0.14 percent, to end the day at 6,618.69.

The broader All Shares index ended basically flat, dipping 0.01 percent, or 0.37 points, to 3,524.15.

The peso opened at P57.53 against the greenback and ranged from P57.53 to P57.75. Volume reached P1.757 billion, lower than the P1.760 billion recorded in the previous session.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the currency weakened after less hawkish signals from the Bangko Sentral ng Pilipinas (BSP), which kept key interest rates unchanged on Thursday and indicated an easing in August.

A slight upward correction by the dollar against major global currencies also weighed on the peso, he added.

Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said "last-minute selling pressure wiped out all intraday gains on the local bourse, with investors reacting to [Thursday's] policy meeting."

Claire Alviar, research associate at Philstocks Financial Inc., said the PSEi traded in the green for most of the session following the BSP's "signal to cut interest rates as early as August."

"However, negative cues from abroad weighed on the market, prompting investors to sell shares at the last minute," she added.

Market participation was strong, resulting in a net value turnover of P6.13 billion.

Sector indices had mixed results, with property leading gainers with a 1.39-percent rise and services dropping the most by 1.6 percent.

Advancers edged out decliners, 93 against 91, while 67 were unchanged.

TRADE in agricultural goods posted a deficit of $2.62 billion in the first three months of the year as gains in exports failed to offset a decrease in imports, the Philippine Statistics Authority (PSA) reported.

On Friday, the PSA said the $2.62-billion deficit represented a 6.5-percent drop from the $3.01 billion posted in the same period last year.

The country's agricultural trade increased by 2.6 percent to $6.07 billion in the first three months of the year compared to the same period last year.

It was a turnaround from the 0.8-percent annual decrease in the previous quarter and the 8.4-percent decline a year earlier.

Agricultural exports rose to $1.72 billion, a 10.7-percent increase from $1.56 billion a year earlier. The exports accounted for 28.4 percent of the country's total trade during the period.

Imports of farm goods, meanwhile, dropped by 0.3 percent to $4.34 billion from $4.36 billion last year.

Edible fruits, and nuts and peels of citrus fruit melons accounted for the largest share of agriculture exports during the first three months of the year at $517.96 billion, up by 10.3 percent from the previous year's $439.97 million.

Animal or vegetable fats and oils, and their cleavage products; prepared edible fats; and animal or vegetable waxes increased by 21.79 percent to $423.30 million from the year-earlier $347.54 million.

Preparations of vegetables, fruit, nuts or other parts of plants were valued at $183.59 million, 0.85 percent lower from the $185.18 million recorded a year earlier.

Rounding up the country's top five agricultural exports for the first quarter were preparations of meat, fish and crustaceans, mollusks and other aquatic invertebrates at $139.07 million and shipments of tobacco and manufactured tobacco substitutes at $120.52 million.

The top 10 commodity groups in terms of export value contributed $1.66 billion or 96.5 percent of the country's agricultural export revenues for the quarter.

As for agricultural imports, cereals accounted for the biggest share of the country's total trade at 27.0 percent or $1.17 billion, an increase of 27.8 percent from $916.9 million a year earlier.

Residues and waste from food industries and prepared animal fodder followed at $595.84 million; miscellaneous edible preparations at $448.44 million; meat and edible meat offal at $367.96 million; and animal or vegetable fats and oils, and its cleavage products, and prepared edible fats, animal or vegetable waxes at $272.48 million.

Among Association of Southeast Asian Nations member countries, Malaysia remained the top buyer of the Philippines' agricultural exports at $75.72 million.

The Netherlands, meanwhile, was the top destination for Philippine agricultural commodities valued at $317.32 million among the European Union member countries.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., attributed the increase in the agricultural exports to better weather conditions during the latter part of 2023.

"This also reduced the need for agricultural imports with marginal decline year on year," he said.

However, he added that the risk of the El Niño and La Niña would remain up to the second quarter of 2024, which could reduce domestic agricultural production.

"This could also lead to some pick up in rice imports and also in other agricultural products," he said, adding that government policies and other nonmonetary measures will help augment local supplies.

THE Department of Finance (DoF) has successfully hosted the Green Climate Fund's (GCF) four-day mission to the Philippines, allowing the country to benefit from the Fund's new program grant worth $10 million that can help the government address climate hazards.

The four-day mission was held on May 7 to 10.

GCF Director German Velasquez announced the possible grant support of $10 million to the country that would help address climate hazards, in addition to the Fund's ongoing programs.

Finance Secretary Ralph Recto expressed his gratitude for the grant, saying it will secure a "resilient and sustainable future for the generations to come."

"It is our desire that this partnership with the GCF will deliver a powerful message and serve as a promising model to the international community in striking collective action in addressing climate change," Recto said.

"The projects that will be developed with the GCF will not only have a lasting impact on our local communities but also globally in building a more secure and sustainable world," he added.

The grant, the Finance Department said, will bolster the government's efforts in carrying out climate-resilient projects in sectors such as agriculture, energy, environment, transportation and waste disposal.

This will be in collaboration with the Philippines' Direct Access Entities to the GCF — the Land Bank of the Philippines, Development Bank of the Philippines and Foundation for the Philippine Environment.

Meanwhile, the People's Survival Fund — focuses on adaptation, risk financing, and loss and local level damage implementation — is also being considered to utilize the potential of the grant.

So far, the country has received funding from GCF for two single-country and six multiple-country projects, and five readiness grants valued at $139.9 million.

Also, four priority project proposals were said in the pipeline estimated at $188 million for GCF funding, leveraging at least $119 million worth of co-financing from the government and other partners.

"Through our partnership with the Department of Finance, we are committed to unlocking the full potential of climate finance in the Philippines," Velasquez said.

"Our focus is on identifying and supporting projects that not only address climate challenges but also promote sustainable development and resilience," he added.

BANGKOK – Thai Prime Minister Srettha Thavisin on Friday confirmed the deaths of two Thais taken hostage in the October 7 attack on Israel, and whose bodies were being held by Hamas.

The Israeli army said late Thursday that it had informed the families of the deaths of the two men, who were identified as "kidnapped Thai citizens" and earlier believed to be alive in the Gaza Strip.

There are now six Thai hostages being held in Gaza, according to an AFP tally based on Israeli figures.

"I am deeply saddened to learn that the two Thai hostages in Gaza, namely Mr. Sonthaya Oakkharasri and Mr. Sudthisak Rinthalak are now confirmed deceased," Srettha said on social media platform X.

"I offer my deepest condolences to both their families," he added.

"The Thai Government will continue to do our utmost to secure the release of the remaining hostages."

The Israeli army said Thursday that the two Thais had worked in agriculture in plantations near Beeri kibbutz, one of the communities hardest hit in the October 7 attack by Palestinian militant group Hamas on southern Israel.

Their bodies are being held by Hamas, Israeli army spokesman Daniel Hagari said.

Thailand has about 30,000 citizens in Israel, most of whom work in the agricultural sector, where they earn significantly higher salaries as farm laborers than they would at home.

Hamas's October 7 attack resulted in the deaths of more than 1,170 people, mostly civilians, according to an AFP tally of Israeli official figures.

Israel's military retaliation has killed at least 35,272 people, also mostly civilians, according to the health ministry in the Hamas-run Gaza Strip.

About 30 Thais were among the estimated 250 people taken hostage by gunmen during the cross-border raids into Israel.

Israel estimates 128 hostages remain in Gaza, including 38 the military says are dead.

17 Thai hostages were released and returned to the kingdom in November last year.

Another six returned home in early December.

THE Department of Trade and Industry (DTI) is eyeing a large-scale partnership with the Qatari Baladna, a Qatari agricultural firm, to boost dairy self-sufficiency in the Philippines.

Trade Secretary Alfredo Pascual met with officials of Baladna and discussed potential investment in building a fully integrated dairy processing facility in the Philippines. The meeting was held on Thursday, May 16, during Pascual's official visit to Qatar.

"The Philippine government stands ready to support Baladna to realize its planned investments in the country. Through a whole-of-government approach, the DTI and the Board of Investments are ready to facilitate business-to-business meetings and introductions to potential joint venture partners for Baladna," Pascual said in a statement on Friday.

He added that they are working with the Department of Agriculture (DA) on identifying locations suitable for the proposed dairy facilities. Baladna said that it remains committed to bringing fresh and nutritious food choices to its consumers.

"We look forward to the realization of this landmark investment. We are confident that together, we can Make It Happen in the Philippines," said Pascual.

He added that they are working with DA to craft policies to create a level playing field for all milk and dairy producers in the country.

Baladna supplies over 95 percent of Qatar's fresh dairy products and is also known for its milk, dairy, juice and food brand. It has also been known for its progressive product research and innovation, aiming toward a healthier and more sustainable future.

The Qatari firm also extended its expertise and resources to countries such as Malaysia, Uzbekistan, Algeria and the Philippines through strategic partnerships and knowledge-sharing.

Moreover, Pascual emphasized the increasing demand for dairy products in the Philippines, with imports nearing P3 billion. He cited that addressing this demand while supporting local production is a key priority for the current administration.

The delegation also outlined regulatory support for labeling fresh milk, ultra-high temperature milk and imported frozen milk concentrate, emphasizing the clear definitions provided by the Philippine National Standard.

Earlier this year, the National Dairy Authority (NDA) announced that they are aiming to hit half of the country's milk production and sufficiency target, which is at 5 percent, by next year.

NDA Officer in Charge Gavino Alfredo Benitez said that by 2025, Philippine milk production is estimated to reach 40 million liters, which is halfway through the goal of 80 million liters by 2028.

The said volume is in line with the Philippine Dairy Industry road map from 2020 to 2025.

PARIS – Beijing has no interest in abandoning its backing for President Vladimir Putin despite Western calls on China to reduce its support for Moscow's war against Ukraine by limiting supplies of dual-use materials and weapons components to Russia, analysts said.

Although China does not want to upend its ties with the West, and insisted it is not sending lethal weapons to Moscow, Washington has stressed that Russia would struggle to sustain its assault on Ukraine without Beijing.

On Thursday, Putin arrived in China on a two-day visit, as Moscow is seeking more support from President Xi Jinping for the war effort in Ukraine following multiple rounds of Western sanctions.

The high-profile talks follow Xi's summit last week in Paris with French President Emmanuel Macron, who welcomed "commitments" of China to "control strictly" the exports of dual-use goods while also evoking concern about "information that we may have" about violations by certain Chinese companies.

European Commission President Ursula von der Leyen, who also joined those talks, said that "more effort is needed to curtail delivery of dual-use goods to Russia that find their way to the battlefield."

"Providing Russia with dual-use components rather than finished weapons has allowed China to provide support for Russia while claiming plausible deniability," wrote Nathaniel Sher, a senior research analyst at Carnegie China.

"Even if Beijing curtails dual-use exports in order to avoid further sanctions, its strategic interest in Russia remaining a stable partner will persist."

Citing customs data, Sher said that every month, China is exporting over $300 million worth of dual-use products identified by the United States, the European Union, Japan and the United Kingdom as "high priority" items necessary for Russia's weapons production.

Such items refer to 50 dual-use products such as microelectronics, machine tools, radars and sensors, that are essential for manufacturing weaponry like missiles, drones and tanks, according to the think tank.

Jet parts to Russia

The Center for Strategic and International Studies (CSIS) said that according to some estimates, Beijing's overall share in Russian imports of machine tool parts jumped to 80–90 percent in 2023.

"Throughout the war, China has sold millions of dollars' worth of semiconductors, chips, ball bearings, navigation equipment, parts for fighter jets, and other components to Russia," the Washington-based think tank said in a recent report.

"This has ultimately enabled the Kremlin to speed up its weapons production, including armor, artillery, missiles, and drones, and put up an effective defense against Ukraine's 2023 counteroffensive."

Western officials have repeatedly expressed concern about transfers of dual-use materials from Chinese businesses to Russia.

In a visit to China in April, US Treasury Secretary Janet Yellen warned Chinese officials of the consequences of supporting Russia's military procurement efforts.

"However, Beijing has done little to prevent such transactions, given the rise in dual-use trade with Russia," said Sher."Increasingly deep links between the Chinese party-state and private firms make it difficult to imagine a scenario in which Beijing would not have foreknowledge of dual-use transactions with Russia, especially in highly sensitive domains," he said.

'Overreliance' on China

The scale of Chinese aid puts Russia in a delicate position.

"Such overreliance makes Russia critically dependent on maintaining good relations with China," the CSIS said in the report.

Putin, who has become a virtual pariah in the West, has little choice.

Marc Julienne, director of the Centre for Asian Studies at the French Institute of International Relations (IFRI), said Beijing needed to perform a careful balancing act.

Its relationship with Moscow serves its geostrategic interests, but it is not in China's interests to allow Russia to become "too weakened" and rely solely on China, he said.

"Beijing now benefits much more from staying out of the conflict than from getting directly involved," Julienne told AFP.

While China has emerged as Russia's most important partner, Moscow has been relying on other countries in its war effort as well.

A Ukrainian government website called War & Sanctions has a database of components found in Russian weaponry originating from over 30 countries.

In Kyiv, AFP journalists have been shown a Russian drone carburetor inscribed with "Made in Ireland" and Japanese camera lenses from a Russian Cartograph reconnaissance drone.

Nearly all of the top suppliers of microelectronics into Russia are based in China and Hong Kong, with one outfit based in Turkey, according to the CSIS.

TYCOON Enrique Razon Jr.'s Trident Water Co. Holdings has acquired the Ayala Group's remaining stake in Manila Water Co. Inc. (MWC) for approximately P14.5 billion following regulatory approval.

In a disclosure on Friday, Ayala Corp. said that it and subsidiary Michigan Holdings had completed a special block sale of about 578 million MWC common shares to Trident Water, a unit of Razon-led Prime Infrastructure.

Ayala unit Philwater Holdings Co. also executed a deed of absolute sale with Trident Water for the sale of 872.5 million MWC preferred shares.

The MWC common shares were priced at P22.361 per based on a 30-day volume-weighted average price as of May 16 closing, while the preferred shares were priced on a negotiated basis of P1.844 apiece.

The transaction between Philwater and Trident Water will be settled via annual payments from 2024 to 2029, consisting of a down payment upon execution of the deed of absolute sale and five equal payments for the next five years.

The latest deals, Ayala said, are part of efforts to rationalize the conglomerate's portfolio and raise P50 billion in proceeds, which will be used to pare down debt and bankroll future investments.

"With these transactions, the total proceeds raised from [Ayala's] portfolio rationalization initiatives will be [around] P51.5 billion," it said.

Upon completion of these transactions, Ayala will no longer hold common shares in MWC. Its voting stake will be nil "as a result of the block sale and voting proxy to be issued in favor of Trident vis-a-vis the participating preferred shares."

Through the preferred shares, however, Ayala will retain an effective 12.08-percent economic stake in the water concessionaire, which will eventually drop to zero once the preferred shares are fully paid in 2029.

Market analysts said that Ayala's latest move was expected after it lost a controlling stake in MWC last year. They added that the divestment was a "good exit" for the group, which had spent decades to build a profitable water utility operation.

"This is a good exit for Ayala, as it will enable them to rechannel resources to core businesses and pursue investments with higher potential upside," China Bank Capital Managing Director Juan Paolo Colet said.

Luis Limlingan, managing director at Regina Capital Development Corp., said the transaction was not a "shock, as [Ayala] has been very vocal about their plans to divest."

Japhet Tantiangco, senior research analyst at Philstocks Financial Inc., said "[Ayala] could be seeing better investment options as compared to staying in the waterworks industry."

Ayala Chief Finance Officer Albert de Larrazabal has said that the group was looking to close a $1-billion divestment target from the sale of noncore assets.

Apart from the MWC stake, the conglomerate also plans to sell its minority stake in Light Rail Manila Corp., which operates and maintains the LRT 1 line.

Shares in Ayala closed 1.31 percent higher at P620 each on Friday while MWC's share price fell 1.48 percent to P26.60.

The benchmark Philippine Stock Exchange index, meanwhile, edged lower by 0.14 percent.

LISTED builder Megawide Construction Corp. on Friday said a double-digit revenue growth in the first quarter helped the company achieve a turnaround with a net income of P183.4 million, rebounding from a P7.4-million net loss a year earlier.

Consolidated revenues were said to have grown 19 percent year-on-year to P5.2 billion, coming from existing and newly secured projects during the period.

"The results of the first three months of the year reflect the impact of a normalizing operating environment, allowing our businesses to thrive," Megawide Chairman and CEO Edgar Saavedra said in a statement.

He added that Megawide's current construction order book remained "on-track" and that the real estate business was slowly regaining ground along with landport operations and office developments.

"All these factors are expected to contribute to a stronger 2024 and sustain the gains from the previous year," Saavedra said.

The construction business contributed P4.9 billion in revenues, up 16 percent from a year earlier and accounting for 95 percent of the topline.

Megawide said the segment benefited from the growing accomplishments of existing projects, including the Malolos Clark Railway and Urban Deca developments.

Going forward, Megawide plans to further build up its order book, which stood at P44.6 billion at the end of March 2024, well within track of a P50-billion annual level.

For its landport operations, the Parañaque Integrated Terminal Exchange notched a 19-percent year-on-year increase in revenues to P107 million, driven by sustained higher foot traffic that hit an average of 120,000 daily.

The office segment, which includes government offices, transport services, and travel agencies as new tenants, also contributed to Megawide's recovery following a healthier occupancy rate during the period.

Real estate arm PH1 World Developers Inc. saw revenues reach P146.9 million from January to March, propelled by ongoing development and recent launches.

"The segment is expected to contribute more significantly to consolidated revenues in the next two years, as recently launched projects steadily increase construction accomplishment," Megawide said.

The company's shares closed up 3 centavos, or 0.99 percent, to P3.05 apiece on Friday.

(UPDATE) CHINA has empowered its coast guard to detain foreigners "illegally" sailing into parts of the South China Sea it claims as part of its territory, according to media reports.

The new regulation, which was reported by the Hong Kong-based newspaper South China Morning Post, takes effect in June.

The regulation was issued days after a fleet of civilian boats sailed into the Bajo de Masinloc or Scarborough Shoal to deliver fuel and food to Filipino fishermen there.

Bajo de Masinloc is within the West Philippine Sea, although Beijing also claims ownership of the shoal.

Under the ruling, trespassers can be held for up to 60 days without trial.

In a press briefing, China's Foreign Affairs Ministry spokesman Wang Wenbin stressed that Beijing has indisputable sovereignty over Bajo de Masinloc and the waters around it.

Wang said China had made a gesture of goodwill in 2016 by allowing a limited number of Filipino fishermen to enter the shoal.

"If the Philippines abuses China's goodwill and infringes upon China's territorial sovereignty and jurisdiction, we will defend our rights and take countermeasures under the law. Relevant responsibilities and consequences shall be borne solely by the Philippines," he said.

When the convoy of the Atin Ito coalition headed off to Bajo de Masinloc earlier this week, Sen. Risa Hontiveros warned China to "keep your hands off our vessels and people. Not one of the Atin Ito participants should be harassed or intimidated. Not one of our compatriots should fear for their safety."

A 10-man advance party of the fleet made it to the shoal, while the main group ran into a blockade of Chinese ships.

Atin Ito was able to deliver 1,000 liters of fuel and 200 food packs to Filipino fishermen in the area.

The head of the advance party also noted that pipes were being installed in the middle of the shoal.

Team leader Mark Figueras said during a press briefing Thursday that Filipino fishermen told him that before the pipes were laid out last April, they could sail as close as 50 to 100 meters to the shoal during low tide.

"Now, they have been kicked out, they are no longer allowed there because there has been an activity inside," Figueras said.

He did not say what the pipes were for.

Philippine Coast Guard (PCG) Commandant Admiral Ronnie Gil Gavan commended the crew of the coast guard vessels escorting Atin Ito's second supply mission for their professionalism.

Gavan had ordered the BRP Bagacay and BRP Panglao to escort four fishing vessels that were part of the mission.

The Coast Guard Aviation Command (CGAvCom) also sent up a plane to monitor the situation at Bajo de Masinloc.

The Bagacay reported that from May 15 to 16, three China Coast Guard ships shadowed the civilian convoy.

The four fishing boats arrived back in Subic, Zambales, on Thursday.

The Federation of Free Workers (FFW) also congratulated the Atin Ito mission for their "inner strength against a giant power like China."

In a statement on Friday, the FFW called the mission a "noble initiative" in asserting Philippine sovereignty over the West Philippine Sea.

The group also said the supply mission "sends a strong message of resilience and unity" among Filipinos.

"This shows that Filipinos are not shaken in front of the Chinese and that we stand firm in defending our rights and supporting our fellow countrymen," FFW Women Network President Maria Victoria Bellosillo said in a statement.

In a related development, charges of insubordination and subversion are being prepared by a Manila-based think tank against the PCG spokesman for the West Philippine Sea, Commodore Jay Tarriela, following his announcement of the resumption of the assertive transparency strategy by the Philippines in its long-standing dispute with China.

In a press briefing on Friday in Quezon City, Herman Tiu Laurel, Asian Century Philippines Strategic Studies Institute (ACPSSI) president, said Tarriela's declaration ran counter to the pronouncement of President Ferdinand Marcos Jr. of a "paradigm shift" and the President's call for a "more peaceful" way to manage the West Philippine Sea.

Citing mainstream media reports in December 2023, Laurel said Marcos, as the chief architect of the country's foreign policy, set the foundation for the "new model" arrangement between the Philippines' and China's maritime security authorities "to peacefully manage the situation in the Ayungin Shoal about the Rotation and Resupply (RORE) missions to the BRP Sierra Madre and related issues.

The President made the declaration that sea clashes between Philippine and Chinese maritime security forces escalated, he said.

Laurel quoted Marcos as saying that he does not want to see the disputes reaching a point where there are incidents that might trigger violent conflict.

"Mr. Marcos was clear when he stated that he has to bring all of the ideas together and to change the direction that these incidents have taken us, to stop going that way and to disengage and find ourselves a more peaceful road to go down."

Foreign Affairs Secretary Enrique Manalo and China's Foreign Minister Wang Yi responded to the President's call when they noted the importance of dialogues in addressing these issues, Laurel said.

But on February 13, Tarriela said at a forum in Makati City that the assertive transparency initiative "remains to be the same, how aggressive we are, how we started until now it remains to be the same."

Assertive transparency refers to the systematic and purposeful use of visual evidence, such as photographs and/or videos, to expose harassment of legal activities, illegal incursions into other countries' waters, and intimidation measures to the public.

"This is insubordination by Tarriela," said Laurel. "He did not cite any basis for his announcement of the resumption of the [assertive] transparency initiative, it was as if he had taken over the role of the chief architect of foreign policy."

He said that while no one has any documentary evidence from the Department of Foreign Affairs or the Office of the President enunciating the assertive transparency strategy, it has been in operation for over a year, though suspended between January and February 2, 2024, and resumed arbitrarily by Tarriela.

THE HAGUE – Israel will on Friday respond in the United Nations' top court to claims from South Africa that it has escalated a campaign of "genocide" with its military operation in Rafah.

Pretoria has urged the International Court of Justice (ICJ) to order a stop to the Israeli assault on Rafah, which Israel says is key to eliminating Hamas militants.

Israel has previously stressed its "unwavering" commitment to international law and described South Africa's case as "wholly unfounded" and "morally repugnant."

Prime Minister Benjamin Netanyahu ordered the Rafah offensive in defiance of US warnings that more than a million civilians sheltering there could be caught in the crossfire.

Netanyahu argued Wednesday that "we have to do what we have to do" and insisted that mass evacuations there had averted a much-feared "humanitarian catastrophe."

Israel's Defense Minister Yoav Gallant said Thursday that the operation in Rafah "will continue as additional forces will enter" the area.

On Thursday, judges listened to allegations against Israel from lawyers representing Pretoria, including mass graves, torture and deliberate withholding of humanitarian aid.

"South Africa had hoped, when we last appeared before this court, to halt this genocidal process to preserve Palestine and its people," said top lawyer Vusimuzi Madonsela.

"Instead, Israel's genocide has continued apace and has just reached a new and horrific stage," added Madonsela.

'Protection from genocide'

In a ruling that made headlines around the world, the ICJ in January ordered Israel to do everything in its power to prevent genocidal acts and enable humanitarian aid to Gaza.

The court stopped short of ordering a ceasefire, and South Africa's argument is that the situation on the ground — notably the operation in the crowded city of Rafah — requires fresh ICJ action.

The Rafah campaign is "the last step in the destruction of Gaza and its Palestinian people," argued Vaughan Lowe, a lawyer for South Africa.

"It was Rafah that brought South Africa to the court.

"But it is all Palestinians as a national, ethnical and racial group who need the protection from genocide that the court can order," he added.

The orders of the ICJ, which rules in disputes between states, are legally binding, but it has limited ways to enforce them.

It has ordered Russia to halt its invasion of Ukraine, to no avail.

South Africa wants the ICJ to issue three emergency orders — "provisional measures" in court jargon — while it rules on the wider accusation that Israel is breaking the 1948 UN Genocide Convention.

It wants the court to order Israel to "immediately" cease all military operations in Gaza, including in Rafah, enable humanitarian access, and report back on its progress on achieving these orders.

PHILIPPINE Airlines (PAL) has inked a temporary wet-lease agreement with Wamos Air, one of Europe's leading charter and wet lease carriers, to ensure smooth operations during an upcoming peak travel period.

The Lucio Tan-led airline said the temporary lease agreement would take effect on June 1, 2024.

In a wet lease arrangement, the lessor provides aircraft, crew, maintenance and insurance to another airline for a specified period.

PAL is leasing two Airbus A330-200s with a dual-class configuration to operate its Manila-Sydney-Manila and Manila-Melbourne-Manila flights for a five-month period.

It said that passengers would receive comparable amenities and the same on-ground and inflight services available on PAL flights. PAL cabin crew members will also be on board to ensure the delivery of the flag carrier's trademark service.

"We have additional maintenance requirements during this period due to global supply chain issues that continue to impact the industry," Stanley Ng, PAL president and chief operating officer, said.

"We see the need to temporarily add these aircraft to ensure that we have sufficient capacity to meet the demand that we are anticipating across our network," he added.

"We chose Wamos Air because of their track record as one of Europe's leading charter carriers. We are working closely with the carrier to ensure that our passengers will continue to receive the service quality they can expect from Philippine Airlines."

Wamos Air was said to be certified by the International Air Transport Association's Operational Safety Audit and also successfully completed wet-lease operations for over 50 airlines.

Philippine Airlines operates daily flights to Sydney and five times weekly services to Melbourne.

PAL operator PAL Holdings Inc.'s shares rose five centavos to P5.89 on Friday.

ABOITIZ Power Corp. (AboitizPower) said Friday it had officially completed the acquisition of an additional 15.6-percent stake in Mindanao coal plant operator STEAG State Power Inc., a subsidiary of German firm STEAG GmbH.

In a disclosure, the company said that it signed, on May 15, the deed of absolute sale of shares for the acquisition of more than 48 million common shares and more than 25 million redeemable preferred shares of STEAG State from STEAG GmbH for a total purchase price of $11 million.

With the closing of the deal, AboitizPower now effectively owns an 85-percent equity interest in the coal plant operator.

STEAG State operates a 210-megawatt coal-fired power plant, including the transmission line and related facilities, at the Phividec Industrial Estate in Misamis Oriental, Mindanao.

AboitizPower said the acquisition would result in the expansion of attributable net income without adding new coal capacity to the grid.

The company's shares were unchanged on Friday at P35.45 each.

OSLO – The last piece of privately owned land in the strategic Svalbard archipelago in the Arctic is up for grabs, a property likely to entice China, but which Norway does not intend to let go without a fight.

The archipelago is located halfway between mainland Norway and the North Pole, in an Arctic region that has become a geopolitical and economic hotspot as the ice melts and relations grow ever frostier between Russia and the West.

For 300 million euros ($326 million), interested parties can acquire the remote Sore fa*gerfjord property in southwestern Svalbard.

Measuring 60 square kilometers (23 square miles) — about the size of Manhattan — the property is home to mountains, plains, a glacier and about 5 kilometers of coastline, but no infrastructure.

"It's the last private land in Svalbard, and, to our knowledge, the last private land in the world's High Arctic," said lawyer Per Kyllingstad, who represents the sellers.

"The Chinese are naturally potential buyers since they've been showing a real interest in the Arctic and Svalbard for a long time," he told AFP, adding that he had received "concrete signs of interest" from the country.

Special pact

Since China's 2018 white paper on the Arctic — a sign of its interest in the region — the country has defined itself as a "near-Arctic state" and plans to play a growing role in the region.

Svalbard is governed by a 1920 international treaty that leaves ample room for foreign interests.

It recognizes Norway's sovereignty over Svalbard, but citizens of all signatories — including China — are equally entitled to exploit the region's natural resources.

Russia, for example, has maintained a coal mining community on Svalbard, via the state-run company Trust Arktikugol, for decades.

But times have changed.

Keen to protect its sovereignty, Norway would not look kindly on the Sore fa*gerfjord property falling into foreign hands.

Especially hands in China, which Norway's intelligence services say poses the biggest security risk to the Scandinavian country after Russia.

Norway's Attorney General has therefore ordered the owners — a company controlled by a Russian-born Norwegian, according to local media — to call off the planned sale.

"The land can't be sold without the Norwegian authorities' approval," Trade and Industry Minister Cecilie Myrseth told AFP.

"Nor is it possible to hold negotiations about the property," she added.

That argument is based on clauses of an old loan granted by the state in 1919.

Kyllingstad insists the clauses' statute of limitations has expired.

'Red flag'

The Norwegian state owns 99.5 percent of Svalbard and has declared most of the land, including the Sore fa*gerfjord property, protected areas where construction and motorized transport, among other things, are prohibited.

But the sellers don't see things that way and cite the 1920 treaty.

"All parties (who signed the treaty) have the same rights," stressed Kyllingstad, noting that Norway had built housing, an airport and a harbor in Longyearbyen, the archipelago's main town.

"Imagine if Norway now adopted rules limiting the activities of Russian holdings," he said. "It would be World War Three."

According to Andreas Osthagen of the Fridtjof Nansen research institute, the Sore fa*gerfjord land has "minimal" economic value and its possible sale does not represent "a huge threat" to Norway.

Meanwhile, any mention of possible Chinese interest in Svalbard property raises "a red flag to force the Norwegian authorities to do something."

SAVING lives is one of the most meaningful things a person can do. Making our roads safer will save many thousands of lives annually — it should be a top priority. And yet, the issue of road safety gets very little attention from public servants and elected officials.

Imagine a plane crash with 30 persons killed and hundreds injured. What if this happened every single day for years? It would be a national emergency. It would be on the front page of every newspaper and the top news story every morning. The President would be calling Cabinet meetings to solve this crisis. Road crashes kill and injure similar numbers of Filipinos daily.

On average, around 12,000 Filipinos die every year on our roads — over 30 lives taken daily. Worse, many of the victims are young Filipinos in their prime. According to the Philippine Statistics Authority, road crashes are the leading cause of death among Filipinos ages 15 to 29. These tragedies are preventable. Concerned officials can begin saving lives today by taking several steps.

Develop safe and sufficient infrastructure

The Philippines is a country that has a severe deficit in active transport (walking and cycling) infrastructure. Only 6 percent of Filipino households are car owners while all of us are pedestrians (because every trip starts and ends with walking). Nearly all our roads, however, are designed to mainly serve the needs of those inside automobiles. Most roads have missing, dilapidated or extremely narrow sidewalks that are peppered with obstructions and hazards. In the absence of sidewalks, young Filipinos risk their lives daily, mixing in the same space with fast-moving motor vehicles.

Globally, it is estimated that about 15 percent of the population has some form of disability. Although every one of us, at some point in our lives, will experience disability, our need for accessible infrastructure has been largely ignored. It is very difficult to find a sidewalk in the Philippines that is smooth, spacious and accessible for persons with disabilities. When infrastructure is inaccessible, people are deprived of mobility and denied their basic rights and freedoms. This is a glaring injustice affecting millions of Filipinos.

Every year, the spending on infrastructure by national and local agencies exceeds a trillion pesos — but the largest part of the budget, for roads and bridges, goes to serve the small minority of Filipinos traveling in four-wheeled motor vehicles. Very little addresses the safety and mobility needs of Filipinos without cars. This negligence and severe budget imbalance needs to be corrected urgently. Road and bridge infrastructure still needs to be built, but with the needs of the majority of Filipinos in mind.

In whatever government organization you work in, please find out how much of your infrastructure budget is for accessible sidewalks and protected bike lanes. It is probably zero. Please ensure that meaningful amounts are being allocated in the coming budget year for improving the mobility of vulnerable road users.

Push for a fair share of road space

Roads are safer (and the air is cleaner) when there are fewer private cars and more people riding public transport or on foot, bicycles or light mobility devices (e-bikes, e-scooters, e-trikes). To enhance road safety, the strategy should be to make sustainable travel modes as available and attractive as possible. Unfortunately, the incentives are currently in the opposite direction.

Road space is prioritized for private motor vehicles, leaving other travel modes generally unsafe, uncomfortable or unattractive. Under the current mobility environment, people are motivated to shift to private motor vehicles as soon as they can afford to and to abandon public transportation, walking and cycling.

On both national and local roads, there is a mistaken presumption that four-wheeled motor vehicles have a prior or superior claim on road space. This presumption is reinforced by policies and performance measures that encourage increased private motor vehicle use. For example, agencies like the Department of Public Works and Highways (DPWH) and the Metropolitan Manila Development Authority have objectives and targets that reward faster vehicle speeds on roads.

When the utility of a road is measured by vehicle flow rather than that of people and goods, there is a built-in bias that favors those in cars instead of persons on foot, on bicycles or using public transport. This leads to decisions that disadvantage pedestrians: for example, pedestrian crosswalks are often removed or replaced by footbridges in order to enable cars to flow without stopping and sidewalks are narrowed or removed in order to create more lanes for motor vehicles.

Such decisions increase the travel time and effort of persons on foot. Those unable to climb the stairs of a footbridge face an insurmountable barrier. This is grossly unjust. Moreover, Filipinos without cars who represent the vast majority also pay taxes for building and maintaining road and bridge infrastructure. Roads should be placed at their service.

Roads need to be redesigned and transformed so that they provide a safe and comfortable travel environment for all. This means devoting some of the existing road space to exclusive lanes for public transport and to protected spaces for pedestrians and cyclists. If this enables motor vehicle owners to leave their cars or motorcycles at home and shift to a more sustainable and safer mode of travel, everyone gains.

Introduce low speed limits

Because vehicle speed affects not only the risk of a road crash but also the severity of the resulting injuries, speed is the biggest contributing factor to the number of road deaths. If you are hit by a vehicle traveling at 60 kilometers per hour (kph) while you are crossing the road, there is only a 25-percent chance that you will survive the crash. If the car is traveling at 30 kph, there is a 90-percent chance that you will survive the crash.

The Land Transportation and Traffic Code, passed in 1964, sets the maximum allowable speed limit for passenger cars and motorcycles at 80 kph on open country roads without any blind corners or nearby residences; 40 kph on through streets or boulevards with no blind corners; 30 kph on city and municipal streets with light traffic; and 20 kph on crowded streets that pass school zones, stationary vehicles, intersections with blind corners or similar dangerous circ*mstances.

These apply on national roads under the control of the DPWH as well as on local roads under the responsibility of local governments, but have been largely ignored. Implementing low speed limits — at most 30 kph in all urban areas — will save many thousands of lives yearly.

If you are a public official with some responsibility or influence over infrastructure or transportation at a national or local level, your efforts to provide safe pedestrian and cycling infrastructure; reorganize road space to prioritize public transport, pedestrians and cyclists; and lower speed limits will save many lives, possibly many thousands, annually. For those officials who continue to pursue faster motor vehicle travel, please be aware that you are complicit in the deaths of many young Filipinos.

Robert Y. Siy is a development economist, city and regional planner, and public transport advocate. He is a co-convenor of the Move As One Coalition. He can be reached at mobilitymatters.ph@yahoo.com or followed on Twitter at @RobertRsiy.

VATICAN CITY – The Catholic Church has a long and controversial history of the faithful claiming to have had visions of the Virgin Mary, of statues that purportedly wept blood tears and stigmata that erupted on hands mimicking the wounds of Christ.

On Friday, the Vatican will announce new norms to help determine whether and when these seemingly supernatural events are authentic.

It's stepping in amid a boom in claims and concern that apocalyptic prophesies are spreading online faster than ever before, causing confusion among the faithful.

When confirmed as authentic by church authorities, these otherwise inexplicable divine signs can lead to a flourishing of the faith, with new religious vocations and conversions.

That has been the case for the purported apparitions of Mary that turned into enormously popular pilgrimage destinations. Church figures who claimed to have experienced the stigmata wounds, including Padre Pio and Pope Francis' namesake, St. Francis of Assisi, have inspired millions of Catholics.

A plaster statue of the Madonna that purportedly wept blood in the garden of a family in the Italian city of Civitavecchia counted St. John Paul II as a devotee, even though the event was never officially confirmed as authentic.

The phenomena can also become a source of scandal.

That was the case when the Vatican in 2007 excommunicated the members of a Quebec-based group, the Army of Mary, after its foundress claimed to have had Marian visions and declared herself the reincarnation of the mother of Christ.

Francis himself has weighed in on the phenomenon, making clear that he is devoted to the main church-approved Marian apparitions, such as Our Lady of Guadalupe, who believers say appeared to an Indigenous man in Mexico in 1531, and Our Lady of Fatima, who believers say appeared to three illiterate shepherd children in 1917.

But about more recent events, including claims of repeated messages from Mary to "seers" at the shrine of Medjugorje, in Bosnia-Herzegovina, even while to take place there.

"I prefer the Madonna as mother, our mother, and not a woman who's the head of a telegraphic office, who sends a message every day at a certain time," Francis told reporters in 2017.

On Friday, the Vatican's doctrinal office will issue a revised set of norms for discerning apparitions "and other supernatural phenomena," updating a set of guidelines first issued in 1978.

Those guidelines largely left it in the hands of the local bishop to investigate purported visions or supernatural events to determine if they were worthy of belief among the faithful, and tended to err on the side of caution.

"I say we have to believe in these apparitions that they're possible, but we also have to have a type of healthy skepticism," said Robert Fastiggi, who teaches Marian theology at the Sacred Heart Major Seminary in Detroit, Michigan and is an expert on apparitions.

There has been no shortage of controversy surrounding reported apparitions or other supernatural phenomena.

In 1951, Pope Pius XII confirmed a decision by the then-Holy Office that purported visions of the Madonna at a Carmelite convent in Lipa, Philippines, which were said to have been accompanied by a shower of rose petals, had "no sign of supernatural character or origin."

The Vatican came to that decision after the convent prioress confessed to having participated in the "deception" at Lipa, and some of her nuns testified that they had seen deliveries of roses to the convent and had received orders from the prioress to burn the petal-less stems.

For decades, Filipino bishops glossed over the definitive nature of the Vatican ruling, suggesting in their communications to the faithful that the jury was still out on whether the apparitions were authentic or not, according to documentation made public last year by the Filipino bishops conference.

As a result, some Filipino faithful have continued to venerate the image of the Madonna at Lipa, prompting the Vatican in a series of increasingly exasperated decrees to demand that the Lipa archbishop heed the original 1951 ruling and put an end to the devotional events.

LOS ANGELES – The Minnesota Timberwolves overwhelmed the Denver Nuggets, 115-70, on Thursday (Friday in Manila) to force the defending NBA champions to a decisive Game 7 in their Western Conference semifinal series.

Anthony Edwards shook off an injury scare to finish with 27 points, four rebounds, four assists and three steals as the young, hungry Timberwolves fended off elimination against Nikola Jokic and the Nuggets, who had won the previous three games to take charge of the best-of-seven series.

Jaden McDaniels scored 21 points and Karl-Anthony Towns had 10 points and 13 rebounds. Minnesota finished with a 62-43 advantage in rebounds and the Timberwolves reserves outscored the Nuggets bench 36-9.

The Nuggets will host the winner-take-all game seven on Sunday.

"I'm super-pumped for it," 22-year-old Edwards said of the chance to eliminate the Nuggets on their home floor.

But McDaniels cautioned that the Nuggets would be ready as well.

"It's not over," McDaniels said. "We're just going to try to keep this intensity for the next game."

With their backs against the wall, the Timberwolves absorbed an early punch, falling behind 9-2 before exploding for a 20-0 scoring run.

They outscored the Nuggets 31-14 in the first quarter, dominating in the paint and winning the rebounding battle 19-9.

Denver went nearly six minutes without scoring, the crowd at the Target Center in Minneapolis growing more frenzied as the Timberwolves' lead grew.

Another surge by Denver to open the second quarter was quickly repelled with a 13-0 Minnesota run that featured back-to-back baskets from Naz Reid and a three-pointer from Edwards.

Every time the Nuggets looked to be gaining momentum Minnesota responded — their energy rewarded once again as McDaniels grabbed the rebound from a Reid miss for a second-chance basket at the halftime buzzer, giving the Timberwolves a 59-40 lead at the break.

Timberwolves coach Chris Finch was pleased with a bounce-back performance from his team.

"There were two responses," Finch said. "There was the response to the last three games, but the most important response was when we got down 9-2. And we did a really good job of focusing and coming back with the right energy."

It was more of the same in the third, with Minnesota taking a 66-42 lead when Edwards came up with a steal and threw down a dunk.

Moments later, however, he took a frightening fall under the basket, landing hard and rolling to face the floor before gesturing to his lower back.

Edwards said he banged his tailbone, but would be ready for Sunday.

A step-back three-pointer by Mike Conley — back after missing game five with a calf injury — pushed the Timberwolves' lead to 29 late in the third quarter.

When Minnesota pushed the lead to 30 on Rudy Gobert's layup early in the fourth, Denver coach Michael Malone pulled his starters, the Nuggets falling behind by as many as 50 before it was over.

Denver coach Michael Malone said he told his team at halftime "the reason we're getting our ass kicked is we're not taking care of the ball, you're not rebounding, we're playing with no physicality and no toughness.

"They hit us first, they hit us second, they hit us third. They did what they needed to do to keep this series alive," added Malone.

WE'VE been taught as children to live a life of truth and integrity. However, it is increasingly difficult to remain honest, especially when you run a business. In the Philippines where morality comes at a price, it is oftentimes more profitable to go back against your word than it is to keep it.

For example, in franchising, one complaint against franchisors is, they'd leave you hanging after receiving your franchise fee. It may be that you're paying a significantly higher price for your cost of materials than the market. A popular milk tea brand charged their franchisee almost a day of sales for using plastic bags bought elsewhere. Sure, I can understand that financial penalties are an easier way to maintain order within your franchise fiefdom. However, fees must be reasonable, too.

After paying the hefty franchise fee, the royalties and the higher cost of goods sold, sometimes you wonder if you've invested money merely to profit the franchisor, instead of you, the investor. Was it a business partnership gone bad or did you enter an unfavorable franchising contract, which placed you at a huge disadvantage from the get-go? I believe it was the latter. Not surprisingly, many of the milk tea's franchises shuttered their doors. It doesn't make sense to operate a business if a major portion of your income only profits one party, leaving you dry. What is legal often does not make things morally and ethically right.

There are also many scammers in construction. Contractors would often quote low and ask for more money upfront. However, in the middle of the project, they'll ask for more cash to finish. I've had contractors provide shoddy work or switch the quality of materials just to save a buck, costing me more money to repair. At the end of the day, if the economy is still good enough, it's easier to find new clients to scam, than to fix a back job.

The lack of honesty in the Philippines initially frustrated me.

I kept on asking, "Why? Why were there so many liars, cheats and thieves in the Philippines? Why is it so hard to do business here the honest way?"

Corporate life was easier. At the very least, employees can approach the Department of Labor and Employment and win what was owed. Unfortunately, Philippine entrepreneurs do not enjoy such protection. If you were scammed because you were stupid or ignorant, that's on you, an understandable risk of doing business.

Later on, I realized my questions were unhelpful. Instead of feeling constantly frustrated about the dishonest way people do business here, I changed my mindset and rephrased my question.

Instead of asking, "Why am I always the sucker?" I asked, "What can I change within myself to stop being the sucker?"

Rephrasing made a world of difference ― The first one dripped of negativity without actually solving anything. The latter puts the control back to us, opening our mind to be more proactive in problem-solving. It challenges us to be better. Sure, there are liars and cheaters everywhere, but how can you learn and arm yourself to prevent bad things from happening again?

For example, with construction, a way to combat scammers is to be more hands-on with renovations. Take every project as a learning opportunity. The more self-sufficient you are, the less likely you're going to get tricked. Don't just follow "experts" who unprofessionally lead you astray. Instead, learn the trade and use your more informed judgment to make better decisions.

There is also an advantage in doing business in a world of dishonesty. While other businessmen may lie, cheat or steal, those who do not shine brighter and build their reputations solidly over time.

Sustainable, honest entrepreneurship still holds promise. If you think you're in business for the long run, you'll be more on hand with your tasks every year, every project and every mistake. You will do business more honorably and strive to make your business a win-win proposition for both parties even if others don't.

Sure, scammers may seem to "win" short term. However, people talk. Those who deceive others will eventually have their reputation catch up to them. If you're dishonest, fewer customers, suppliers and employees would want to work with you. If you guard your reputation and play the long game, you'll inevitably win. At the end of the day, those who are more reliable, honest and easier to work with will win repeat businesses, which snowballs to larger future success.

Tina Khoe Ang is a retail entrepreneur, managing 29 branches in Metro Manila and the master franchisor of Rita's Italian Ice, an American frozen treat brand. She is a co-admin at the Philippines HR Group on Facebook and a co-host at The HR Cafe: Usapang Trabaho, Buhay, Atbp webshow every Sunday at 3pm. You can email her at tinakhoe@gmail.com.

(UPDATE) THE Philippines has agreed to buy five coast guard patrol ships from Japan in a deal worth more than $400 million, Manila said Friday, as the Southeast Asian country faces growing Chinese pressure in the South China Sea.

Japan will loan the Philippines 64.38 billion yen ($413 million) to buy the five 97-meter Multi-Role Response Vessels and pay for the "development of the required support facilities," the Department of Foreign Affairs (DFA) said in a statement.

"This will support the PCG in improving its capabilities for maritime operations, particularly in addressing transnational crimes," the statement said, referring to the Philippine Coast Guard.

Tokyo is a top provider of overseas development assistance to the Philippines.

The Philippine Coast Guard currently has two 97-meter patrol vessels as part of a fleet seen as inadequate for patrolling waters around the vast archipelago nation.

In recent months, its vessels have been involved in several collisions with Chinese coast guard ships around disputed reefs in the South China Sea, which Beijing claims almost entirely.

Philippine Coast Guard boats have also been fired on with water cannons by the China Coast Guard, with the latest incident happening on April 30 near the China-controlled Scarborough Shoal.

The triangular chain of reefs and rocks that make up Scarborough Shoal lies 240 kilometers west of Luzon and nearly 900 kilometers from Hainan, the nearest major Chinese land mass.

Japan invaded and occupied the Philippines during World War II, but the two countries have since grown closer due to trade and investment, and more recently, to counter China's assertiveness in the region.

As part of efforts to deepen their security cooperation, Manila and Tokyo are negotiating a defense pact that would allow the countries to deploy troops on each other's territory.

Leaders of Japan and the Philippines — both longtime allies of the United States — were in Washington last month for a trilateral summit with US President Joe Biden.

Tensions over the South China Sea, combined with saber rattling over China's claims to the self-governing island of Taiwan, have prompted Biden to boost alliances in the region.

Beijing claims most of the waterway, brushing off rival claims from other countries, including the Philippines, and an international ruling that its assertion has no legal basis.

Last Wednesday, the Philippines and US held the annual Land Power in the Pacific (Lanpac) Symposium and Exposition in Honolulu, Hawaii, to further boost training in territorial defense capabilities.

The event, which brings together government, academic and industry representatives, is organized by the Association of the United States Army (AUSA).

Philippine Army Public Affairs Chief Col. Louie Dema-Ala said the event was attended by 2,000 representatives from 30 countries, including 13 army chiefs from around the world.

Philippine Army Vice Commander Maj. Leodevic Guinid, representing Army Chief Lt. Gen. Roy Galido, together with US Army Pacific Deputy Commander Lt. Gen. James Jarrad, US Navy Jeromy Williams, and retired US Army general Lt. Gen. Mick Bednarek, discussed cooperation and partnership among different land powers from across the region.

BEIJING – Chinese industrial production picked up in April but consumption slowed, official figures showed on Friday, as woes in the property sector and elsewhere continued to weigh on economic recovery.

Industrial output rose 6.7 percent year on year last month, according to the National Bureau of Statistics, building on a 4.5-percent increase in March.

The figure was higher than the 5.5 percent tipped in a Bloomberg forecast of economists.

However, retail sales growth China's key gauge of consumer spending continued to slow, expanding just 2.3 percent down from 3.1 percent in March and lower than forecasts.

The sales figures are "depressed by low consumer prices and further contraction in housing sales," said Dan Wang, chief economist at Hang Seng Bank China.

"Business and consumer confidence will remain low without policy support directly targeting family income and durable goods," she added.

China's economy is charting an uneven economic recovery, with a heavily indebted property market, sluggish consumption and high unemployment particularly among youth among the challenges facing policymakers.

Official figures show that property prices and sales in the country continued to slip in April, adding further pressure on the debt-ridden real-estate sector.

The central government has recently signaled plans to step up support, announcing earlier this week the sale of an initial batch of long-term sovereign bonds a move expected to boost annual growth.

Authorities are set to gather in Beijing on Friday for a key meeting to discuss potential further relief for the ailing property sector, according to Bloomberg News.

Reacting to the latest figures, Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, said in a note that "the strong manufacturing sector is likely driven by external demand, evidenced by the growth of export volume."

But falling property prices and other macro indicators "may push the policymakers to take stronger actions to boost domestic demand," said Zhang, adding that the likelihood of an interest rate cut in the second quarter is "rising."

TEAM Philippines vowed to put on a show when it battles Team Chinese Taipei in the 2024 CPBA 9-Ball Teams Invitational tournament on May 27-29 in New Taipei City, Taiwan.

Leading the charge for the Philippines in the "Asia Supremacy" showdown are Carlo Biado, Johann Chua, James Arañas, Jeffrey Ignacio and Bernie Regalario.

"We hope to do well in this event. It is big honor to represent the country in the Asia Supremacy billiards match," said Biado, who won the World 9-Ball Championship in 2017 and the World 10-Ball Championship in 2024.

Chua is a two-time All Japan Championship winner and a member of the Philippine team that won the 2022 World Team Championship along with Biado and Rubilen Amit. He also topped the 2023 World Cup of Pool along with Arañas.

Arañas also ruled the 2019 Super Billiard Expo Championship.

Ignacio topped the 2024 Indonesia International 10-Ball Open in Jakarta, Indonesia held in January.

Regalario placed runner-up to Biado in the 2nd Chinese Taipei Open 9-Ball Pool Championship held in January. He also became popular after he defeated world No.1 Francisco Sanchez Ruiz of Spain, 5-4, in the Premier League Pool in Connecticut, United States on March 19, 2024.

Chinese Taipei, on the other hand, will be fielding a solid team composed of Ko Ping Chung, Chang Jung Lin, Chang Yu Lung and Wu Kun Lin and Ko Pin Yi, who won three world titles in 2015, including the World Ten-ball Championship where he defeated Biado in the finals, 11–9.

Supporting Team Philippines are JR Velasco and Marvin Paringit of Marboys Billiards.

"They're all ready," Velasco said.

The winning team gets $15,000 and the losing team will take home $7,500 in this 9-ball tournament presented by Fullcan Sports and Marboys Billiards.

"It will be tough but we will try our best," added Paringit. "That's our challenge."

The Chinese Taipei Team is supported by Marvin Wang and Jackie Ku of CPBA and Fullcan Sports.

Fullcan Sports is a subsidiary of the CPBA Group, mainly responsible for hosting international billiards events.

Marboys Billiards, on the other hand, handles and manages the career of pool players from the Philippines.

Marboys Billiards, meanwhile, will send its players to the World Pool Championship in Jeddah, Kingdom of Saudi Arabia on June 3-8; the China 9-ball tournament from June 28 to July 5 in China; and the Bandung Indonesia on July 10-14.

WASHINGTON, D.C. – US factory output was flat in April, missing analyst expectations of a third straight monthly increase, according to Federal Reserve (Fed) data released on Thursday.

Industrial production was steady last month, cooling from a revised 0.1-percent uptick in March, the Fed said in a report.

Analysts have been looking toward a gradual recovery in the manufacturing sector, but the latest report did not provide such reassurances.

Manufacturing output dropped 0.3 percent from the month prior, reversing two earlier months of growth, the Fed said.

In particular, the sector was bogged down by noticeable declines in the indexes for motor vehicles and parts, and electrical equipment and appliances.

Output in mining fell by 0.6 percent, while that of utilities rose 2.8 percent.

The manufacturing sector has been squeezed by rapid interest rate hikes by the Fed in recent years, with the US central bank holding rates at a high level now to combat inflation.

Compared with April 2023, overall factory output was 0.4 percent lower, according to the latest data.

"The manufacturing sector continues to face headwinds from higher borrowing costs and tighter credit conditions," said High Frequency Economics chief US economist Rubeela Farooqi.

She added that a delay in rate cuts will likely weigh on factory activity in the near-term.

"However, an eventual reduction in interest rates as well as an onshoring of supply networks should provide some support to factory activity over time," she said in a note.

(UPDATE) CARLOS Yulo claimed his first-ever gold medal in the individual all-around competition of the Men's Artistic Gymnastics Asian Championships in Tashkent, Uzbekistan, on Friday, as he steps up his preparation for the Paris Olympics.

Yulo totaled 84.931 points in the floor exercise, pommel horse, still rings, vault, parallel bars and horizontal bar for the gold.

The 24-year-old Filipino won the silver medal in the 2022 and 2023 editions of the Asian Championships individual all-around held in Qatar and Singapore, respectively.

He was runner-up to Shi Cong of China in 2022 and Shinnosuke Oka of Japan in 2023.

This time, Yulo bested Milad Karimi of Kazakhstan, who settled for the silver with 84.632 points, and local favorite Abdullah Azimov, who placed third with 82.431.

Last year in Singapore, the two-time world champion captured gold in the vault, floor exercise and parallel bars while placing third in the horizontal bar.

This time, Yulo is also looking to dominate the floor exercise, pommel horse, still rings, vault, parallel bars and horizontal bar when he competes on Saturday.

The pride of Leveriza, Manila, advanced to the championship round of the floor exercise and still rings, which is set on Saturday in Manila.

Yulo's teammate John Ivan Cruz will also compete in the final of floor exercise, where Yulo finished first during the qualifications and Cruz finished third.

Only the top eight performers in each apparatus can make it to the championship round.

The 4-foot-11 Yulo also made it to the final of the vault, parallel bars and horizontal bar, which is to be played on Sunday.

In the qualification round, Yulo placed first in vault, while compatriot Juancho Miguel Besana ranked third.

Yulo was fourth in the parallel bars qualifications and seventh in the horizontal bars.

Yulo's younger brother Karl Eldrew is competing in the juniors category.

Prior to this Asian Championships, Yulo claimed the gold in the parallel bars and the silver in the vault in the Doha leg of the FIG Artistics Gymnastics World Cup series last month.

UNIVERSITY of Perpetual Help System Dalta aims for its fourth straight championship as NCAA Season 99 begins its best-of-three men's volleyball finals on May 19 at the Filoil EcoOil Center in San Juan City.

Game time is 11:30 a.m.

Standing between the Altas Spikers and their record-setting 14th overall NCAA men's volleyball title are the Generals of Emilio Aguinaldo College (EAC) who defeated the Letran Knights in the final stage of the stepladder semis, 30-28, 25-25, 19-25, 28-26.

Perpetual Help swept the elimination round and gained an outright berth in the finals.

Multi-titled coach Sammy Acaylar wants Perpetual Help to be aggressive in Game 1 right away and not allow EAC to gain momentum in the finals.

"While waiting for our opponent in the finals, we practiced hard and we studied the opponent's set plays and we also made many plays for our attack and conditioned the first six and the second six for the finals," said Altas team captain and last season's Most Valuable Player Louie Ramirez in an interview during their practice at their home gym in Las Piñas City.

The Altas defeated the Generals in the elimination round, 25-23, 25-23, 25-23, but Acaylar does not want his boys to be complacent in the finals, knowing that the Generals, who ranked second in the elims, are also capable to pulling the rug from under his team.

"We prepared well for this Game 1. I don't want the players to be complacent at the start of the series, I want high intensity and I know my team is prepared physically, mentally, emotionally and spiritually," Acaylar said.

Perpetual Help and Letran currently share the lead for the most number of men's volleyball championships in the NCAA with 13 apiece.

EAC, on the other hand, is looking for its second title after claiming the crown in 2015.

In the women's division, defending champion College of Saint Benilde will take on Letran at 2 p.m.

NEW YORK – Boeing's annual meeting on Friday comes amid an exceptionally difficult period for the crisis-ridden company, creating potential for drama at an event that is usually a snooze-fest.

The company, under heavy regulatory scrutiny following recent safety and quality control problems, has defeated shareholder proposals at past annual meetings that usually have lasted an hour or less.

While Boeing brass no doubt wishes for another low-key affair on Friday, the company faces at least a greater chance of a shareholder rebuke following recommendations from leading shareholder advisory firms that take aim at outgoing Chief Executive Officer (CEO) Dave Calhoun.

Calhoun, who has faced tough questioning in the wake of a near-catastrophic Alaska Airlines flight in January, will step down as CEO at the end of 2024, but has been renominated to the board of directors.

But the advisory services firm Glass Lewis wants shareholders to reject Calhoun's nomination, while Investor Shareholder Services has recommended a "no" vote on Calhoun's compensation package, which came in at about $33 million for 2023.

A recent Boeing presentation highlighted the broadened role of new chairman Steve Mollenkopf, the former head of Qualcomm who will oversee the CEO search.

"We are committed to ensuring every Boeing airplane meets the highest safety and quality standards," said a Boeing shareholder presentation that reiterated support for Calhoun and his pay package.

Sending a message

Glass Lewis said shareholders should use the annual meeting to send a message to Boeing.

"We have significant concerns regarding the board's oversight of the Company's safety culture and attempts to overhaul it," said a report that urged investors to vote against the reelection of Calhoun and Akhil Johri and David Joyce, who chair the audit and aerospace safety committees, respectively.

The board "will understand the implication of shareholders voting against the company's outgoing CEO and key directors with oversight of the safety culture and risks," the report said. "Shareholders will be sending a clear indication of discontent regarding the Company's recent oversight and handling of safety issues and safety culture."

The Glass Lewis report recognized that other Boeing board members on the safety committee have "extensive, critical expertise in risk management and aviation safety" and that voting down the whole group "would not be conducive to long-term shareholders' interests."

ISS, meanwhile, urged a no vote on Calhoun's executive pay package.

Under the plan, Calhoun received a base salary of $1.4 million, plus more than $30 million coming in stock awards. Calhoun declined a potential $2.8 million bonus in light of the Alaska Airlines accident, the company said in a securities filing.

In setting Calhoun's package, Boeing alluded to earlier crises he navigated as CEO, including winning regulatory approval to return the 737 MAX to the skies after two fatal crashes and the upheaval of the Covid-19 pandemic.

"While the Alaska Airlines Flight 1282 accident shows that Boeing has much work yet to do, the Board believes that Mr. Calhoun has responded to this event in the right way by taking responsibility for the accident, engaging transparently and proactively with regulators and customers, and taking important steps to strengthen Boeing's quality assurance," Boeing said in the filing.

But ISS said the executive pay package should be rejected because it included an increase in Calhoun's potential long-term incentive award for the third consecutive year.

Boeing said the boost was "designed to focus our leadership team at a pivotal moment in our Company's recovery," including enabling Boeing to meet its long-term financial targets.

But ISS dismissed the argument as "not particularly compelling... especially given two other recent increases since Calhoun became CEO in 2020."

BACOLOD CITY – Two policemen assigned in Negros Occidental are now being investigated for allegedly receiving protection money from financiers of illegal gambling in the province.

LtCol. Arnel Solis, spokesman of the Police Regional Office 6 (PRO-6), said on Thursday that the two policemen were relieved from their respective assignments in Negros Occidental and have been transferred to the Regional Personnel Holding Accounting Unit (RPHAU) at Camp Martin Delgado in Iloilo for further investigation.

Solis, however, refused to identify the two policemen.

Another police personnel assigned at the Aklan Police Provincial Office is also being investigated for alleged involvement in illegal gambling.

He now joins the two Negros Occidental police commissioned officers at RPHAU, Solis said.

The relief of the three policemen for allegedly receiving protection money from illegal gambling financiers comes amid the stern warning issued by BGen. Jack Wanky, regional police director of Western Visayas, that he will "not spare anybody in the intensified campaign against all forms of illegal gambling."

In Negros Occidental, the widespread operations of Small Town Lottery "bookies," which is not sanctioned by the Philippine Charity Sweepstakes Office, has been the subject of a complaint from legitimate STL operator in the province.

The bookies or collectors are allegedly part of a big syndicate that operates the illegal numbers game in Negros Occidental, using STL draws of the PCSO.

While Wanky did not impose a quota for the arrest of illegal gambling violators, Solis said they were instructed to "verify the existence of illegal gambling operations in their respective areas, which are to be validated by a team from PRO-6."

For the month of April, the intensified campaign against illegal gambling in Negros Occidental, including the highly urbanized Bacolod City, led to the apprehension of 246 persons.

Among the six provincial and two city police offices in Region 6, the Negros Occidental Police Provincial Office topped the anti-illegal gambling drive for the month of April this year with 205 arrests in 71 operations.

Last month, a policeman and a personnel of the Bureau of Fire and Protection in Iloilo were arrested and charged in court for their alleged involvement in illegal gambling.

"I have been telling my personnel not to engage in illegal gambling as they will face stricter sanctions should evidence warrant action against them. I ordered these three officers relieved while the investigation was underway," Wanky said in a press briefing at Camp Martin Delgado in Iloilo City.

He added that the immediate superiors of the three police personnel would also be investigated "for command responsibility."

(UPDATE) PRESIDENT Ferdinand Marcos Jr. called for an investigation of Bamban, Tarlac Mayor Alice Guo, saying no one among the province's politicians knows her.

Questions over Guo's nationality have surfaced and even prompted a Senate inquiry.

"I know all the politicians from Tarlac. No one knows her. That's why we are wondering where she came from. How did this happen? That's why it should be investigated," the President said during a media interview in Cagayan de Oro City on Thursday.

The President said the Bureau of Immigration and other concerned agencies should check Guo's identity.

The mayor has also been linked to one of two Philippine Offshore Gaming Operators (POGOs) in Bamban.

"We've been investigating them (POGO). That's why we caught them. We raided the hub in Bamban, and we saw the documents. We then questioned if these documents are real, and how was she able to run for mayor?" Marcos said.

It was not clear if the President was referring to a recent raid on a POGO compound in Bamban.

Guo's possible links with two POGOs in her city surfaced during the Senate investigation led by Sen. Risa Hontiveros.

Several documents, including electric bills, manpower services, and a luxury sports utility vehicle seized during the raid were all under her name.

It was also learned that Guo facilitated the entry of another POGO hub that was raided in February 2023. The two gaming operators shared the same compound.

Guo has denied any involvement with the POGOs.

Her case is also being linked to the influx of Chinese nationals into the country.

Asked if he sees the presence of foreign nationals with questionable backgrounds like Guo as a security threat, the President said, "I think so."

But he added: "We are not sure, so we need to look into this closely. But there's a possibility that it is a security threat."

The President said there will be no "stricter" visa rules for Chinese nationals.

"There are no stricter rules against a specific group. The same rules apply to all our friends. The problem is it's very clear there are reports there are those abusing it. That is why we are guarding against this," Marcos said.

The government just needs to strictly enforce rules on visa applications and for converting tourist visas to student visas, he said.

He said some foreign nationals acquire visas so they can buy properties "while pretending they are Filipinos."

"That's why we're going to make sure that if there's someone who wants to enter the country that they're doing it the right way," he added.

The Department of Foreign Affairs (DFA) has said it is tightening its rules for Chinese nationals applying for Philippine visas amid the spike in criminal activities involving POGOs.

The DFA made it clear that the change in the policy on Chinese nationals "is not necessarily related to other national security concerns."

The DFA said visa applicants will be required to submit a social insurance certificate as proof of their identities.

Other requirements include bank statements, a notarized letter of support from a host in the Philippines, if applicable, and hotel and airfare bookings.

Congress is also investigating the influx of Chinese students in Cagayan.

Based on Immigration Bureau records, over 1,500 Chinese nationals were granted student visas in Cagayan last year, all endorsed by a major Philippine university.

As of April, only 485 of the Chinese nationals with student visas were enrolled, and only 96 of them are studying on-site.

NATIONAL University volleyball players Bella Belen and Alyssa Solomon did not give clear answers as to whether or not they will play for the Philippine national team in the AVC Challenge Cup slated from May 22-29 at the Rizal Memorial Coliseum.

Both players, however, were listed on the national team lineup for the competition.

Belen, the UAAP Season 86 women's volleyball Best Outside Spiker and Most Valuable Player, and Solomon, the Best Opposite Spiker and Finals MVP, also have no answers on whether they will stay for one more year with the Lady Bulldogs or apply for the upcoming rookie draft of the Premier Volleyball League (PVL).

"I don't know yet. As far as I know Ate Aly [Alyssa] will have her old injury checked up. We will report at our school first and enjoy this championship," said Belen, whose Lady Bulldogs captured the UAAP Season 86 women's volleyball crown last Wednesday.

"I like the idea of playing for one more year because who wouldn't want to team up with a tough-fighting and hardworking team like NU. I'm happy to have teamed up with them in my career," Belen added.

Solomon, meanwhile, said that they are cautious of joining the national team in the AVC Challenge Cup since the Lady Bulldogs have just finished the UAAP Season and need time to recover from minor injuries.

"We're going to think about it because it would be nonstop volleyball [for us, if we joined]. Our bodies also need to rest so we're not yet sure if we're going to join," said Solomon who scored 27 points in Game 2 of the Finals against University of Santo Tomas.

"I ran into Ate Jia [de Guzman] earlier and she asked me if I'm going to play for the national team. I told her that nothing's sure yet and she told me that she thought we'd be teammates already."

As for turning pro and leaving the UAAP behind, the 6-foot-2 spiker has this to say: "I'm not thinking about it yet because right now my focus is UAAP. PVL is not in the picture yet."

The PVL will hold a rookie draft for the first time next month.

WASHINGTON, D.C. – US lawmakers attacked the head of a top financial regulator for a second consecutive day on Thursday over accusations his agency failed to deal with workplace misconduct, including reports of discrimination and sexual harassment.

Republicans on the Senate Banking Committee called on Federal Deposit Insurance Corp. (FDIC) Chairman Martin Gruenberg to step down after an independent report found that the agency, set up to protect bank deposits, had failed to tackle workplace misconduct issues going back years.

Gruenberg has led the FDIC on and off since 2005, under both Republican and Democratic presidents, and was recently reappointed to the regulator's top job by Joe Biden.

"You should resign," Republican Sen. Tim Scott told Gruenberg. "Your employees do not have confidence in you."

"This is not a single incident," added Scott. "This spans over a decade-plus of your leadership of the FDIC."

Democrats on the committee also criticized Gruenberg's leadership but stopped short of calling for his resignation accusing Republicans of playing politics.

"Chairman Gruenberg, the Republicans who have called today for your resignation are engaged in a purely political exercise," Sen. Elizabeth Warren said, accusing her colleagues of looking to replace Gruenberg with a Republican appointee.

Harassment, discrimination

"Your resignation would do nothing to improve the toxic culture at the FDIC, but it would give Republicans a veto over bank policy," she added.

The FDIC commissioned the independent report, which was released last week, following allegations about its workplace practices in a series of articles by the Wall Street Journal.

"For far too many employees and for far too long, the FDIC has failed to provide a workplace safe from sexual harassment, discrimination and other interpersonal misconduct," the report's authors found.

They said a "patriarchal, insular and risk-averse culture" contributed to persistent workplace misconduct at the FDIC and that a "widespread fear of retaliation" had led to underreporting of misconduct.

The report noted a few examples, including one employee who said she feared for her physical safety when a colleague who had been stalking her continued to text her even after she complained about him.

Some FDIC employees from underrepresented groups reported being told they were "token" hires to fill a quota, while other employees said they had heard supervisors making hom*ophobic statements.

"Management's responses to allegations of misconduct, as well as the culture and conditions that gave rise to them, have been insufficient and ineffective," the report's authors said, adding that "cultural and structural change" was needed.

Gruenberg 'committed' to reforms

The report also looked into reports that Gruenberg had a reputation within the FDIC for having a temper and found some employees "continued to experience deeply unsettling exchanges during which he was extremely 'harsh,' 'aggressive' and 'upset.'"

The report's authors said that while Gruenberg's conduct was not "a root cause of the sexual harassment and discrimination in the agency," workplace culture "starts at the top."

The report overshadowed Gruenberg's preplanned appearances in Congress this week to discuss US bank regulation.

"I accept the findings of the report, and as chairman I take full responsibility," Gruenberg told lawmakers Thursday, while rebuffing calls for his resignation.

Gruenberg said he was "personally committed" to addressing the issues raised in the report and implementing its recommendations.

"Our employees are extraordinarily dedicated to the agency and its mission," he said. "They deserve to have a workplace where all feel safe, valued and respected."

HOME loans amounting to P28.09-billion were released by the Pag-IBIG Fund for the first quarter of 2024, the highest amount released for such a period.

Department of Human Settlements and Urban Development Secretary Jose Rizalino Acuzar, who also heads the 11-member Pag-IBIG's Board of Trustees, said the achievement was in line with the government's efforts to ease the country's housing backlog.

Agency officials made the announcement on home loan releases during the North Luzon leg of the Stakeholders Accomplishment Report (StAR) on May 10.

In a statement, Pag-IBIG said the January to March home loans were higher by P520.81 million than the P27.57 billion released during the same period in 2023.

Acuzar said 19,817 members were able to acquire their own homes out of the amount released.

"Pag-IBIG Fund's performance for the first quarter of 2024 now stands as the highest in our history," he said.

"This means that Pag-IBIG Fund continues to serve more Filipino workers over the years, enabling their members to have homes that they can call their own," he said.

Pag-IBIG Chief Executive Officer Marilene Acosta was at the forefront of the semi-annual stakeholder engagement events held in key regions aimed at updating members, employers and partner-developers on the state of the fund.

Aside from first-quarter accomplishments, the agency also had another banner year in 2023, releasing P126.04 billion in shelter financing — a 7-percent jump from the P117.85 billion in 2022.

"We thank our stakeholders, namely the business community, for the timely remittance of their employees' monthly savings and loan payments, our partner developers in building and delivering quality housing projects and accounts, our members who continue to save with us and choose our loan programs, and our borrowers for their prompt payment on their loan obligations," Acosta said.

ILOILO CITY – Inflation rate in Western Visayas spiked to 4.1 percent in April this year, continuing the upward trend in the prices of goods and services since the beginning of the year.

The Philippine Statistics Authority (PSA) announced in a press conference on May 16 that the region's headline inflation rose to 4.1 percent in April 2024, up from 3.1 percent in March 2024.

This brings the regional average inflation rate since January to 3.0 percent.

The April inflation rate this year, however, is lower than the 8.2 percent recorded in the same month last year, the PSA said.

The increase in the region's inflation rate was primarily driven by higher annual growth in the index of food and nonalcoholic beverages, which reached 7.3 percent in April 2024, up from 5.5 percent the previous month.

The PSA also reported that lower inflation rates were observed in meat and other parts of slaughtered land animals, which decreased to 12.5 percent in April from 12.7 percent in March.

"This possibly means that production is improving [...] in our pork products that greatly affect prices, maybe in the latter days of April, there is an improvement in production," said Miguel Gallego II, PSA statistical specialist.

Gallego added that the low inflation rate in meat products may also be attributed to the shipments from neighboring provinces which affected the retail prices of pork in the market.

He also noted that, based on first-quarter data, there was a 53.21 percent decrease in this year's first-quarter pork production compared to the same period last year.

"Last year was the time we were battered by African swine fever, which depleted our swine production inventory and significantly increased the prices of hog products," he added.

The PSA also reported that five of the six provinces in Western Visayas, except Guimaras, recorded increases in inflation rates in the previous month.

While the inflation rate in Guimaras declined from 7.2 percent in March to 6.8 percent in April, the island province still has the highest inflation rate in the region.

The PSA added that both highly urbanized cities in the region recorded upward trends in their inflation rates.

Gallego further reminded the public to strategize their spending amid the rising prices of goods.

"Prioritize the most important things you need to purchase. Perhaps you can reduce the volume of your usual purchases or find alternatives so your budget could cope with the rising cost of goods," he said.