Home Blog Page 10056

National government debt at P7.7 trillion in first 11 months

THE national government’s outstanding debt declined 2.5% month-on-month to P7.709 trillion in the 11 months to November due to net redemptions of government securities, the Bureau of the Treasury (BTr) reported Thursday.

However, outstanding debt rose 7.2% year-on-year.

Of the total, 66.4% came from domestic sources, or P5.115 trillion, which was up 8.7% year-on-year.

Domestic debt fell 3.6% compared with the P5.304 trillion recorded in the 10 months to October.

“For November, domestic debt decreased mainly due to the net redemption of government securities amounting to P189.15 billion and the P0.01 billion effect of peso appreciation on onshore dollar bonds,” the BTr said in a statement.

Meanwhile, the remaining 33.6%, equivalent to P2.594 trillion, was borrowed from foreign lenders, up 4.3% year-on-year and 0.3% lower from the end of October.

“For November, the decline in external debt resulted from the combined effect of local and third-currency foreign exchange adjustments which decreased the value of foreign debt by P0.56 billion and P6.18 billion, respectively,” the BTr said, adding that month saw a net repayments of external loans worth P0.53 billion.

The government is operating on a budget deficit as it rollouts big-ticket infrastructure projects. It borrows from domestic and foreign lenders to fund programs that are not covered by its revenues, which is capped at 3.2% of gross domestic product of 2019.

The government has set a 73-27 borrowing mix target in favor of domestic sources this year as it manages the country’s exposure to fluctuating external risk.

Meanwhile, total guaranteed obligations rose 0.7% year-on-year to P474.997 billion, down 0.6% compared with end-October.

“The lower level of guarantees was due to foreign exchange movements which reduced the value of external guarantees by P1.61 billion. In addition, net repayment of domestic and external guarantees further trimmed P0.33 billion and P0.72 billion, respectively,” it said. — Beatrice M. Laforga

Sugar production falls over 27% as of early Dec.

THE Sugar Regulatory Administration (SRA) said sugar production as of the first week of December fell 27.48% year-on-year.

The agency reported that in the first week of December, sugar production was 311,617 metric tons (MT), down from 429,680 MT the previous year. This is equivalent to 6.232 million 50-kilo bags.

The crop year for sugar starts every September and ends in August.

Demand for raw sugar declined 6.13% to 343,597 MT.

Total sugarcane milled decreased 24.27% year-on-year to 3.712 million MT.

Refined sugar production fell 29.90% year-on-year to 110,654 MT, equivalent to 2.213 million 50-kilo bags.

The millgate price rose 3.47% year-on-year to P1,514 per 50-kilo bag, while retail prices ranged from P45 to P50 per kilo, down from P54 to P62.

The SRA target is to produce 2.096 million MT of sugar this crop year, down 5% from the previous year’s target due to unfavorable weather, reduced land area planted to sugarcane, and a shift to planting other crops.

Fitch Solutions Macro Research said sugar production in the Philippines for the crop year is expected to decline to 2.1 million MT, downgrading its previous projection of 2.2 million MT, citing labor shortages and rising competition from cheaper imported sugar. — Vincent Mariel P. Galang

House panel also declares POGO probe a priority

THE House Committee on Games and Amusements said it will also give priority to an investigation into the Philippine Offshore Gaming Operators (POGOs) industry when the Congressional session resumes, its chairman said.

“We still have to verify the exact date to ensure that most if not all members will be present but definitely it will be our priority” Representative Eric G. Yapof ACT-CIS Party List told BusinessWorld in a text message last week.

The Committee started its inquiry on Dec. 10; among its preliminary findings are that government agencies regulating the industry have no unified estimates on POGO employee numbers.

The panel said the Philippine Amusement and Gaming Corp. (PAGCOR), Department of Labor and Employment (DoLE), the Bureau of Immigration (BI) and the Bureau of Internal Revenue (BIR) failed to coordinate their efforts in monitoring the industry.

The next inquiry hopes to propose measures to help the government agencies regulate POGOs and to address various issues surrounding the industry, including tax evasion and unregistered workers.

Three House Resolutions have been filed with the House Committee on Games and Amusements and one with the House Committee on Labor and Employment to investigate the offshore gaming operators.

Meanwhile, a bill that seeks to tax alien individuals working in offshore gaming firms has been declared a priority by the House Committee on Ways and Means.

The committee, chaired by Rep. Jose Maria Clemente S. Salceda of the second district of Albay, endorsed for plenary approval House Bill 5777 on Nov. 19. The measure is expected to generate P20 billion to P50 billion worth of revenue for the government.

Congress is currently on a month-long recess and is expected to resume session on Jan. 20. — Genshen L. Espedido

BI reminds registered foreigners of personal appearance requirement by end-February

THE Bureau of Immigration (BI)has instructed foreigners registered with the bureau to report in person to the nearest immigration office by the end of February, as required by law.

In a statement, Commissioner Jaime H. Morente said failure to comply with the annual report requirement within the first 60 days of the start of the year, which is required under the 1950 Alien Registration Act, may result in fines, cancellation of visas or deportation.

“Foreigners who are out of the country during the annual reporting period may make the report within 30 days from the date of their return to the country, provided they have valid re-entry permits,” Mr. Morente was quoted as saying.

Registered foreigners may report at the main office in Intramuros, Manila or the nearest BI field, satellite or extension office.

Lawyer Jose Carlitos Z. Licas, chief of the BI’s alien registration division, said the foreigner must report the original alien certificate of registration identity card (ACR I-Card) and a valid passport, and pay the P300 annual report fee and P10 legal research fee.

Parents or guardians of foreigners aged 14 and below may report on their behalf while foreigners aged 65 years and above and persons with disabilities are excused from making a personal appearance and may authorize representatives by executing a Special Power of Attorney.

Mr. Licas also called on the foreigners to report early and avoid the deadline rush.

“The deadline is not extendible as the law clearly provides that the reporting period should last only for 60 days,” he said. — Vann Marlo M. Villegas

Philippines, Laos sign IP cooperation agreement

THE Intellectual Property Office of the Philippines (IPOPHL) said it signed a memorandum of cooperation (MoC) with the Lao People’s Democratic Republic’s Department of Intellectual Property (DIP) to mutually promote and improve intellectual property systems.

The MoC is the first bilateral cooperation deal between the two countries.

In a statement Thursday, IPOPHL said that the two sides signed the MoC on the sidelines of the 2019 Association of Southeast Asian Nations-Republic of Korea Commemorative Summit in Busan, South Korea in November.

The two intellectual property offices are expected to exchange information, including intellectual property best practices.

“Such would require developing processing schemes for administrative procedures in a timely manner through initiatives such as DIP’s utilization of search and examination results of IPOPHL,” the statement said.

The deal may include the Laos IP office’s designation of IPOPHL as a competent international searching authority (ISA) and international preliminary examining authority (IPEA) under the Patent Cooperation Treaty.

The Patent Cooperation Treaty provides a single procedure to apply for a patent protection in multiple countries, doing away with the need for several national or regional applications.

IPOPHL started operating as an ISA and IPEA to conduct search and preliminary examination of international applications in May 2019.

The MoC sets the framework for the two countries’ capacity-building initiatives for intellectual property. They plan to develop a streamlined information exchange mechanism.

“Capacity building activities will encompass search and examination procedures for IP application and IP education and awareness-raising, particularly for micro, small and medium enterprises,” IPOPHL Director General Josephine R. Santiago said. — Jenina P. Ibañez

ADB approves new $400-M loan to back Jobstart program

THE Asian Development Bank (ADB) approved a $400-million loan for the second subprogram of the Facilitating Youth School-to-Work Transition Program, which will support the Department of Labor and Employment’s (DoLE) Jobstart scheme for at-risk youth.

JobStart is a five-year-old DoLE program to enhance employability via one-on-one career coaching, technical skills training, and paid internships with private sector employers.

Its beneficiaries include Jundelyn Baylosis Sato, 23, a person with disability (PWD) who visited her local government unit’s (LGU) Public Employment Service Office (PESO) in Kidapawan City in 2017, the ADB said in a statement.

“JobStart… didn’t reject me despite my condition, but instead they helped me build my confidence. I even gained friends through JobStart,” said Sato, a 2016 graduate from the University of Southern Mindanao with a Bachelor of Technical Teachers’ Education degree. She eventually found work as a vocational teacher.

In 2011, the Philippine government, through DoLE, requested assistance from the ADB to explore ways to improve government employment facilitation systems, which led to the establishment of PESOs as the LGUs’ frontline office for employment information and services.

The ADB helped design and implement the JobStart pilot project to assist the school-to-work transition of at-risk youth — those who are out of school, unemployed, and not getting any training.

There are now 35 LGUs administering the program nationwide. The ADB and the government of Canada helped fund the pilot program.

“Young people struggling to find jobs after they leave school is still a persistent problem in the Philippines. Our studies show it can take the average Filipino youth up to four years to find a wage job,” said ADB Country Director for the Philippines Kelly Bird.

“Creating wage jobs for the youth is critical to helping reduce poverty and income inequality in the country. We are committed to continuing ADB’s strong partnership with DoLE in youth employment programs,” he said.

In 2016, the law institutionalizing the nationwide implementation of JobStart took effect, guaranteeing the sustainability of the program with regular government funding after a successful pilot.

More than 200 employers have so far partnered with the government under the JobStart program, benefiting more than 20,000 out-of-school youths about three-fifths of whom are women and more than two-thirds coming from low-income households.

Peso weakens versus the dollar on corporate demand, stock market

THE PESO weakened on the first trading day of the year on the back of the losses in the stock market and as some investors stock up on their dollar ahead of the uncertainties throughout the year.

The local unit closed at P50.685 versus the greenback on Thursday, depreciating by five centavos from its finish of P50.635 per dollar on Dec. 27, according to data from the Bankers Association of the Philippines’ website.

The peso opened the year’s first trading session at P50.60 against the dollar. It dropped to as low as P50.715, while its intraday best was at P50.565 versus the greenback.

Dollars traded dropped to $944.55 million from the $1.33 billion on Friday last week.

A depreciation of the local unit will be a trend as a new year comes, according to a trader.

“The peso was weaker on the back of some demand as corporates were buying the dollar given the start of the year. The dollar usually goes up during the start of the year as some clients would buy already to hedge against other uncertainties,” the trader said in a phone call.

Although the peso’s close on Thursday is “a good start” given that it is still within its typical range from the past days, the trader said continued uncertainty in the US-China trade talks and profit taking is also to blame for the slight weakness in the local unit.

On Dec. 31, Reuters reported that US President Donald J. Trump said the Phase 1 of the trade deal with China would be signed on Jan. 15 at the White House, although he did not speak much of the details of the agreement which left some confusion for the market.

The US president wrote in a tweet that he would sign the deal with “high level representatives of China” and that he would later travel to Beijing to begin talks on the next phase.

Despite the peso’s depreciation, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso-dollar exchange rate on Thursday is still among its “strongest in the past two weeks and in nearly two years.”

“Peso was also weaker today after the net foreign selling at the local stock market at -$16.9 million, after the previous trading day’s -$16.1 million…amid regulatory risks on water utilities and TV network recently,” he said via text on Thursday.

For today, the trader expects the peso to play around the P50.60-50.90 range, while Mr. Ricafort thinks the local unit will move around the P50.55-50.80 levels. — L.W.T. Noble with Reuters

Index declines on outflows due to China RRR cut

PHILIPPINE STOCKS tanked on the first day of trading for 2020 as money flew to China following its central bank’s decision to reduce banks’ reserve requirement ratio (RRR) and as uncertainty continues to hover on water stocks and ABS-CBN Corp. due to a rift with the government.

The benchmark Philippine Stock Exchange index gave up 72.73 points or 0.93% to close at 7,742.53 on Thursday, while the broader all shares index lost 30.92 points or 0.66% to 4,618.75.

“Investors flocked to China as the PBoC (People’s Bank of China) reduced the required reserve ratio by 50 basis points, effective Jan. 6, releasing more than 800 billion yuan of long-term liquidity to the banking sector,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile message Thursday.

“Technically, the RRR cut will help smooth liquidity conditions with the upcoming tax payment season in the second half of January and the Spring Festival period… Given the sudden announcement, both Chinese and Hong Kong markets traded higher, while regional counterparts including the Philippines ended the first day of the year lower,” he added.

China’s Shanghai SE Composite index closed Thursday’s trading session up 1.15% while Hong Kong’s Hang Seng index jumped 1.25%. This drained money out of other Asian markets, where Japan’s Nikkei 225 and Topix indices shed 0.76% and 0.68%, respectively, and South Korea’s Kospi index removed 1.02%.

For Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco, the decline of the local market was due to renewed concerns over water concessionaires following the latest tirades from President Rodrigo R. Duterte.

“The latest remarks from the government against Manila Water (Co., Inc.) and Maynilad (Water Services, Inc.), and even on ABS-CBN raised regulatory risks again causing investors to sell their positions,” he said in a text message.

Shares in Manila Water fell 6.37% on Thursday, while shares in Maynilad investor Metro Pacific Investments Corp. went down 3.45%. ABS-CBN, for its part, lost 0.63% yesterday.

Sectoral indices also recorded losses on Thursday. Financials lost 31.64 points or 1.69% to 1,832.01; industrials gave up 147.60 points or 1.53% to 9,487.47; mining and oil declined 82.02 points or 1.01% to 8,009.96; holding firms dropped 74.54 points or 0.98% to 7,517.53; and property went down 9.40 points or 0.23% to 4,145.12.

The sole gaining sub-sector was services, climbing 3.20 points or 0.20% to 1,534.30.

Thursday ended with some 945.64 million issues worth P4.48 billion changing hands from last Friday’s 565.493 million issues worth P6.60 billion.

Decliners outpaced advancers, 111 against 60, while 66 names were unchanged.

Net foreign selling grew slightly to P852.24 million on the first trading day of 2020 from P817 million last Friday. — Denise A. Valdez

The 2010s wrecked the planet. Don’t despair yet

By David Fickling

THE PAST DECADE hasn’t done much to inspire optimism about the future of the planet.

Emissions from burning fossil fuels and land-use changes since the start of 2010 have been equivalent to about 407 billion tons of carbon dioxide. About one-sixth of all carbon emissions in human history happened in the past decade alone.

Depending on the estimates used, emissions can continue at such a pace for 10 or at best 20 more years before all hope of avoiding more than 2° Celsius of global warming is gone. The path that keeps the world closer to 1.5°C is already almost impossibly narrow — and the trend is still going in the wrong direction.

“Energy-related emissions hit another historic high in 2018,” the International Energy Agency wrote in the latest edition of its annual energy outlook. There’s a persistent gap between “expectations of fast, renewables-driven energy transitions and the reality of today’s energy systems in which reliance on fossil fuels remains stubbornly high.”

Yet, while that’s true, there’s a surprising amount of evidence that the needed transformation has started to play out — especially in power generation, which accounts for the largest slice of emissions.

To see why, compare current activities with the scenarios of future emissions the IEA first put out just over a decade ago, in 2009. These modeled two different futures: A “reference scenario” that assumed no new policies to limit carbon; and a “450 scenario”* that assumed efforts would be rapidly stepped up to restrict the Earth to 2° of warming.

It’s hard to argue we’re in a 450 world. That model imagined all rich countries joining an international carbon market by 2013, with binding emission-reduction targets for 2020. All other major economies would join a similar market by 2021, while separate international agreements would limit emissions from the transport and industrial sectors. In the wake of the failure of last month’s Madrid climate conference, such a degree of global cooperation looks fanciful. Only in Europe have we seen anything of the sort.

Yet despite all that, power generation appears to be tracking closer to the 450 than the reference scenario. Electricity generators pumped about 13.6 billion metric tons of carbon dioxide into the atmosphere in 2017, according to the IEA’s latest report on global emissions. Even if pollution continues to grow at 10-year average rates this year and next, that should leave the world about 842 million tons short of the reference scenario, and only 258 million tons above the 450 scenario.

That’s impressive. Apart from the lack of policy action, unsubsidized renewables weren’t able to compete on price with fossil-fired power until the middle of the 2010s. Nowadays, they’re starting to undercut even existing thermal plants. On top of that, the past decade saw a nuclear shutdown after 2011’s Fukushima accident that added about 2.4 billion tons of carbon emissions over six years. Had Fukushima not happened, grid emissions could now be tracking more or less in line with the IEA’s rosiest 2009-vintage expectations.

The improving economics of renewables and the deteriorating outlook for coal-fired power suggest the dynamic could move in an even more positive direction during the 2020s.

So much for the good news. The bad news is that while the power sector is shifting in the right direction, it accounts for less than half of global fossil-fuel emissions — and things look worse, not better, elsewhere. While the pace of growth in industrial and transport emissions has slowed, they’ve not only failed to bend toward the IEA’s 450 scenario — they’re actually emitting more carbon than the dirtier reference projection. Total emissions of 33.1 billion tons in 2018 look likely to end up closer to the 34.5 billion ton reference scenario for 2020 than the 30.7 billion ton 450 version.

On top of that, the 2009 estimates have been invalidated by pollution pumped since then. We’re already overdrawn on our carbon budget. We’ll need to work even harder over the coming decade just to get back to balance.

Still, what’s happened in the power sector offers encouragement. A decade or so ago, the idea of economically competitive low-carbon power looked like science fiction. “Most unit energy costs seem likely to remain higher than fossil fuels,” Nicholas Stern wrote in his influential 2006 review of the economics of climate change, “and policies over the next 25 years should be based on this assumption.”

That forecast ultimately proved too pessimistic. As with previous global action to tackle sulfur and ozone emissions, reducing carbon emissions from power generation appears to be a surprisingly tractable problem. If the world can start a similar transformation in transport and industry throughout the 2020s and advance on the progress with electricity over the past 10 years, it may still be possible to rein in humanity’s carbon addiction before it’s too late.

 

*“450” refers to the 450-parts-per-million atmospheric concentrations of carbon dioxide thought to be consistent with two degrees of warming.

 

BLOOMBERG OPINION

Entry and access denied

In another demonstration of unpresidential pique, President Rodrigo Duterte has ordered the Bureau of Immigration to stop United States Senators Richard Durbin and Patrick Leahy from entering the country. Messrs. Durbin and Leahy were the most instrumental in the decision to include in the 2020 US budget act, which Duterte phone pal Donald Trump has signed into law, a provision ordering the Secretary of State to deny entry into the US anyone in Philippine officialdom involved in the persecution, arrest and detention of opposition Senator Leila de Lima.

They defended China’s Hong Kong enclave when it denied entry to former Foreign Affairs Secretary Albert del Rosario and former Ombudsman Conchita Morales-Carpio last June. But in this instance, Mr. Duterte’s fellow Sinophiles and masters of double talk and the double standard were outraged enough to describe the 2020 US budget provision as “ brazen” interference in Philippine domestic affairs, “weaponizing” human rights, and “shocking,” among other epithets. Presidential Spokesperson Salvador Panelo even trashed Senators Durbin and Leahy by calling them “imperious, uninformed, and gullible.”

Because of his possible inclusion in the State Department list of those bureaucrats responsible for Senator De Lima’s imprisonment, it was only a matter of time before the Philippines’ own truly imperious President did something cheeky — thus the ban on the two US senators, and even talk of requiring visas of US citizens to enter the Philippines.

Apparently no one told Mr. Duterte that the most likely to be affected by such a visa requirement are US citizens of Filipino extraction who regularly visit the country. As for Senators Durbin and Leahy, neither is likely to come visiting, or to even consider doing so. The Philippines is, in their perspective, just another backward, corruption-wracked Third World country under the bootheels of a petty tyranny — and where, they and the rest of US officialdom are fully aware, some 20% of the population would rather be elsewhere.

“Elsewhere” is mostly the United States, where immigrants of Philippine origin already comprise the fastest growing minority group. The US is also the one country those they’ve left behind most dream of living, working, and enjoying First World amenities in.

Those dreamers aren’t limited to nurses and doctors fleeing the vagaries of the Philippine health system. They also include members of the most incompetent and most corrupt political class in Asia. A number of them have secretly acquired the green cards that legally allow holders to stay in any of the 50 states of the American Union, and some are even US citizens.

The Philippines is to them nothing more than an airport from which they can take the next plane out to New York, San Francisco, Los Angeles, Seattle, or Honolulu. But unlike the many who’ve managed to escape the wretchedness of this country and the bleak future it has in store for their children, the creatures spawned by the putrid swamp of Philippine dynastic politics have stolen enough from the public treasury to have the means to make sure they won’t have to mop floors at McDonald’s or work at three jobs in the US to make their car and home payments once they retire or flee the country.

With a certain family as their role model — a family whose members have enough billions in the US, Switzerland, and elsewhere to last them several lifetimes — they too have put their ill-gotten wealth into real estate, jewelry, artwork, and million-dollar bank accounts elsewhere rather than in the country of their birth. Their clueless online trolls, print and broadcasting hacks and other bought-and-paid-for defenders can’t account for it, but their patrons’ having stowed away much of their loot in the US explains the shock and awe with which they reacted to the possibility of their being banned from entry into that country, where they have been planning to retire in guilt- and penalty-free comfort.

The US has long served as the haven of choice of the former dictators, human rights violators, and assorted villains it supported. It has welcomed them with open arms, as it did Ferdinand Marcos and company in 1986 during the Ronald Reagan Presidency. But a US law, the Magnitsky Act, is attempting to correct the US’ providing human rights violators and other wrongdoers the impunity they have long enjoyed.

Passed in 2012 when Barack Obama was President, the Magnitsky Act was supported by both Democrats and Republicans in the US Congress. It was in response to the arrest, detention, torture, and death while in Russian government custody of tax accountant Sergei Magnitsky. The bill applies globally and empowers the State Department to ban the entry into the US and to freeze the assets of human rights violators such as those responsible for the persecution of government critics, dissenters, and human rights defenders. The Act was invoked by Senators Durbin and Leahy when they included in the 2020 US budget the instruction to the Secretary of State to prevent the entry into the US of those responsible for the imprisonment of Mustafa Kassem in Egypt and Leila de Lima in the Philippines.

But wait, can’t the worthies affected — whoever they may be — still access their assets from any country that will accept them? Once frozen, those assets will be inaccessible anywhere on the planet. A number of other countries, among them Canada, the United Kingdom, and even the former Soviet Republics of Latvia, Lithuania, and Estonia have also passed their own versions of the Magnitsky Act. It further shrinks their world and limits the options not only of those whom the US State Department will identify as responsible for the persecution of Senator De Lima, but also others who will abuse their power and use the so-called justice system against their critics and political rivals. Other countries are also contemplating the passage of a similar law, among them the European Union, Australia, and Ukraine.

There is, of course, imperialist China, the leaders of which can at the very least repay the Duterte government for putting their country’s strategic, political, and economic interests ahead of the Philippines’ own by welcoming their toadies into their vast homeland. But that option is about as attractive to this country’s bogus patriots as lunar exile, that country’s language, culture, traditions and way of doing things being as alien to them as those of Alpha Centauri. Curse the US as they and their boss of bosses might, it is still, as decades of colonial and imperial indoctrination have implanted into their uncritical brains, the one country they believe to be the embodiment of the best of all possible worlds and in which they will be most at home.

Senator De Lima has already named not only Mr. Duterte but also his past and present yes-men and accomplices in the executive, legislative, and judicial branches of government as responsible for her “politically motivated” imprisonment. But it is still up to the US Secretary of State to decide who to ban from the US and whose assets to freeze. Whether short or long, the final list of names will send to despots and their accomplices everywhere the message that nothing is forever. Even more crucially can it also be one more stone removed from the Great Wall of impunity that for far too long has shielded the despoilers of this country from the penalties they so richly deserve, and denied their victims the justice that is everyone’s right.

 

Luis V. Teodoro is on Facebook and Twitter (@luisteodoro).

www.luisteodoro.com

For here or to go?

By Tony Samson

NOT ALL the food you ordered or got as gifts end up on the holiday table and fully consumed by your guests. Always, there is an embarrassment of calorific riches left untouched. The household is faced with limited refrigerated space and the need to decide what to keep and what to give away — for here or to go?

Holiday leftovers, which by today can more properly be described as “remains of the day,” challenge the homemaker. What does she do with leftovers from guests who did not show up, perishable gifts, and assorted meals from Christmas Past (a culinary version of Scrooge’s ghosts)?

Fortunately, local cuisine is hospitable to leftovers. Is this a function of our culinary culture where the idea of wasted food, including those left on the plate, seems obscene?

Certain dishes, adobo for one, do not seem as tasty when freshly cooked, achieving a kind of parousia, or second coming after being stored for days. The flavor (mostly vinegar) seeps through and marinates the meat to offer a higher level of gustatory delight.

Some dishes specifically require leftovers as main ingredients like the lechon paksiw. For this particular dish, only a leftover version exists as one cannot go straight to the vinegared concoction without getting through the roasted stage. Even the inferior lechon with a tough skin achieves redemption in its resurrected state.

While clothes can be consigned to garage sales or businesses specializing in “previously owned” attire, perishable stuff like food can only be given away prior to their “best before” date.

Aside from the usual second version of a viand, here are some Martha Stewart types of ideas from someone who neither followed her show nor attended her lecture when she dropped by Manila.

Organize a Three Kings party. While this festival, still celebrated in Spain as the occasion for exchanging gifts, has fallen into disuse locally, having been stripped of its status as a Holy Day of Obligation, it still serves as a calendar milestone as the day for taking down Christmas décor, to signal the end of the long holiday. So, why not have a party where only recycled leftover food is served? This post-holiday event can serve as the last day before the New Year’s resolution for losing weight from the party-filled holidays kicks in.

Put leftovers in different containers with expiry dates. This categorizes the leftovers by their shelf life, the last day of which is defined as when the meat starts to host a colony and emit a distinct smell. Clearly, the longer lasting leftovers (like ham and cheese) can be consumed later, maybe Easter.

Give it all away. Forwarding food like messages from a Viber group that one has received is considered recycling. Leftovers do not fall in this category, and the farther away from freshness and the Version 1 state, the more difficult it is to give them away. The key factor in such a donation is edibility and timeliness. The older the food is in terms of carbon dating, the more embarrassing it is for the donor to unload to anyone, even those lower in the food chain.

Leftovers do not only refer to food.

If consumption rises at an unusually high rate in the holiday season, clearly a lot of it goes beyond normal usage. How many of those umbrellas, stationeries, desk diaries (these you now must buy as they are not included in the corporate giveaway list anymore), and candy trays are used by the gift recipient? Cash and gift certificates pose no problem.

The law on Christmas gifts states: “The more powerful a person is, the greater the volume of useless gifts he receives.” There is a larger asymmetry between supply and usefulness the higher the socio-economic level of the gift recipients. The difference can be classified as leftovers.

The problem of leftovers arises only out of abundance. Those in the opposite situation are merely left out. While this simultaneous situation of the have-too-much and the have-too-little seems a perfect match, the desired symmetry seldom takes place.

Still, the best leftovers deal with the immaterial. Warm memories of reunions and friendships are the best leftovers from the holiday season. These have no expiry dates and can be consumed over and over in photos sent to the cloud… of one sort or another.

 

Tony Samson is Chairman and CEO, TOUCH xda.

ar.samson@yahoo.com

Photos of black holes will blow our minds again in 2020

By Faye Flam

THE SEEMINGLY impossible, paradoxical news that astronomers had taken a picture of a supermassive black hole captured our imaginations in 2019 for good reason. What they actually showed us was a sort of shadow — a spherical blackness surrounded by a cosmic hurricane of matter and energy — but that was enough to qualify as a sign of real human progress.

And so the April announcement rose above other, less hopeful science-related news in 2019 — global warming, plastic overload, disinformation, drug overdoses and unaffordable medicine. Science, Nature, and Science News all flagged the photo of the supermassive black hole — weighing an estimated 6.5 billion suns — as breakthrough of the year.

Getting that now-iconic image relied on technology that did not exist at the turn of the millennium. The leaders of the project said they counted on Moore’s Law to bring the electronic advances they needed. The image was constructed from radio waves picked up at eight far-flung telescopes — from France to Hawaii to the South Pole.

And it was just the beginning. Insiders now say they are on the verge of announcing a second image from this array — now consisting of 10 telescopes — which is collectively called the Event Horizon Telescope. In 2020, we will get an image of the supermassive black hole known to be lurking at the center of our own Milky Way galaxy.

The black hole image from 2019 is located in a distant galaxy, called M87, and while our black hole is much closer, it is also a factor of 1,000 smaller. In subsequent months and years, the team plans to create sharper, more accurate, less noisy images. They call these early shots rough cuts.

Despite all the bright stuff surrounding black holes, it’s impossible for any single existing or planned telescope to see that central shadow because it’s tiny on a cosmic scale. For M87, that bright ring is about the diameter of our solar system. Getting that image from 55 million light years away was, the astronomers say, the equivalent of resolving the shape of a donut on the moon.

The bigger a telescope’s mirror, the smaller the objects it can resolve, and to see that distant donut would require a mirror about the size of Earth. But there’s a trick, by which astronomers can coordinate an array of telescopes so that they act as pieces of one big telescope. That’s why it makes sense to call this disparate array the Event Horizon Telescope. (The name refers to the theoretical limit beyond which light can’t escape a black hole’s pull, though the distorting effect of the black hole itself makes the visible shadow a bit bigger than this.)

Einstein himself was skeptical of the existence of black holes, even though people used his general relativity theory to predict that a big enough star might collapse to a point of infinite density and shroud itself behind a boundary even light couldn’t escape.

By the 1990s, astronomers had proved that black holes existed in the real universe. They did it by observing stars whipping around invisible companions — the motion suggesting an unseen mass too big to be any sort of ordinary matter. Around the same time, astronomers used the Hubble Space Telescope to view stars and other stuff swirling near the centers of galaxies, and calculated that the most likely explanation for their motions was the pull of a supermassive black hole.

Scott Tremaine, an astrophysicist at the Institute for Advanced Study in Princeton, says he’s excited to see the image of our galaxy’s own black hole, called Sagittarius A*, because other kinds of observations have hinted that it’s spinning with a certain orientation. Will the image bear this out? He’s interested in whether the mass calculated from the image matches the mass estimated with other methods. And there’s always the hope that the shadow won’t be a perfect sphere as predicted, but some anomalous shape requiring new ideas to explain.

It’s still not well understood how these supermassive black holes form, says Erin Bonning, an astrophysicist at Emory University. There’s not quite enough time in the age of the universe for the most massive of them to form unless they started from some large seeds — perhaps bigger than the kind of black hole formed by a collapsed star.

We should get more information from the James Webb Space Telescope, which promises to see out in space — and therefore back in time — to the cosmic dawn when the very first stars and galaxies were taking shape. It will also promise to extract all sorts of information about planets orbiting other stars, including which ones have atmospheres with water vapor, methane, carbon dioxide, or oxygen and are therefore most likely to be harboring life.

The good news is that the so much is within the reach of 21st century technology. The bad news is the telescope, like so many ambitious projects, is billions over budget, and years behind schedule. No matter how advanced we humans become, some things never change.

 

BLOOMBERG OPINION

ADVERTISEMENT
ADVERTISEMENT