Facebook Instagram Linkedin X Youtube
Home Blog Page 1348

BCDA building P360-M dorm for student-athletes in Clark

BCDA.GOV.PH

The Bases Conversion and Development Authority (BCDA) is starting the construction of a P360-million student-athlete dormitory in New Clark City, Capas, Tarlac.

“The presence of the National Academy of Sports (NAS) in New Clark City reflects BCDA’s belief that investing in our youth is essential to nation-building,” BCDA President and Chief Executive Officer Joshua M. Bingcang said in a statement over the weekend.

“By equipping our young athletes with world-class resources and facilities, we are not only developing champions in sports — we are nurturing the future leaders of our country,” he added.

To be developed in partnership with the Department of Budget and Management (DBM), the 1,500-square-meter dormitory can house up to 400 student-athletes and is targeted for completion in 2026.

It will feature 28 rooms, an atrium, a dining hall, recreational spaces, a kitchen, a dishwashing area, administrative offices, and laundry and utility rooms.

“Our student-athletes deserve nothing less than a world-class environment where they can train harder, dream bigger, and shine brighter,” Budget Secretary Amenah F. Pangandaman said.

“Thanks to BCDA, every part of this campus — from classrooms to courts — was built not only to inspire, but to demonstrate our commitment to helping young athletes realize their full potential,” she added.

Aside from the dormitory, the BCDA is also constructing a new gymnasium and a dedicated gymnastics floor.

“Currently, NAS is home to 270 student-athletes enrolled in various academic and athletic disciplines,” BCDA said.

“With the addition of new facilities, New Clark City continues to emerge as a premier destination for world-class sports infrastructure—shaping not just athletes, but future champions of the nation,” it added. — Justine Irish D. Tabile

Turning protection gaps into growth opportunities for insurers

IN BRIEF:

• Global insurers have shown resilience and strong performance, positioning themselves for growth in both established and emerging markets.

• There is a rising demand for essential protection and value-added services, alongside new opportunities in risk assessment and pricing.

• By focusing on innovation investments to address protection gaps, insurers can secure a competitive edge in the market.

Insurers have a unique opportunity to drive innovation and growth by addressing protection gaps in the market. In the Philippines, growth in the country’s insurance penetration rate is at 1.89% in the first quarter this year from 1.78% in the same period in 2024. While the momentum is expected to carry throughout the remainder of the year, it is still below the global rate of 6%. As reflected in the insurance premium expense per capita growth to P1,094.94 from P965.56, insurance density also improved 13.4%. Per Statista, the insurance industry in Southeast Asia is forecast to grow 3.5% annually until 2029. This optimistic forecast is attributable to the global silver tsunami expected to triple by 2050.

The “silver tsunami” refers to the significant demographic shift as the Baby Boomer generation reaches retirement age, which will drive demand for financial planning services, life insurance, and health insurance with integrated wellness programs.

Despite promising growth, geopolitical tension and trade wars are also expected to result in economic shocks this year, requiring strategic and operational flexibility from insurers. Coupled with increasing risks from cyber threats, climate change, and demographic shifts leading to a growing retirement savings gap, insurers are called to rethink their strategies.

According to the 2025 Global Insurance Outlook, significant protection gaps exist, particularly in cyber and climate-related risks, where a staggering 99% of cyber losses and 60% of natural disaster losses remain uninsured, according to Munich Re’s Cyber Survey 2024 and Swiss Re research unit Sigma, respectively. In 2024, the World Bank reported that natural disasters affected $3.5 billion in Philippine assets yearly while direct losses to both public and private assets topped 1% of gross domestic product (GDP). Additionally, the growing retirement savings shortfall presents further avenues for value creation. A strategic focus on enhanced data utilization and modernized technology is essential for insurers to capitalize on these opportunities.

DEVELOPING TARGETED PRODUCTS
The most significant protection gaps, particularly in retirement savings and climate-related risks, are expected to widen. According to Swiss Re, the global retirement savings gap is projected to increase from $106 trillion in 2022 to $483 trillion by 2025. With longer life expectancies and aging populations, there is a pressing need for products that provide income for older adults. Insurers can enhance financial security by offering innovative solutions.

While the neighboring ASEAN countries are currently experiencing the silver tsunami, the Philippines is expected to have an aging population by 2032 of 7%. Overall, the country’s young demographic occupies a bigger share of the insurance market. Insurers must clearly communicate their value propositions to increase awareness about the need for protection from growing wellness concerns and cater to shifting priorities by focusing more on health and family protection instead of investment growth. 

To foster climate-related solutions, the Philippine government under the Disaster Risk Finance and Insurance (DRFI) strategy has tapped contingent financing from the World Bank and other partners to provide immediate liquidity to help manage the financial impacts of disasters. The government secured over $14 billion in risk transfer protection to improve fiscal resilience, including through a catastrophe bond, a parametric insurance program for local government units, and the 2024 National Indemnity Insurance Program (NIIP), which protects more than 130,000 schools.

To implement this comprehensive risk layering strategy, public and private partnerships should be strengthened and strong ownership ensured to continue protecting more people in the coming years.

PERSONALIZING OFFERINGS TO INCREASE CUSTOMER ENGAGEMENT
Implementing usage-based products, customizable features, and tailored pricing can demonstrate a commitment to meeting consumer needs, fostering loyalty and engagement. AI tools can facilitate personalized messaging, precise pricing, and expedited underwriting processes. On-demand coverage and real-time risk prevention are additional avenues for enhancing value through personalization. Advanced analytics can help identify high-potential customers for bundled offerings that maximize customer satisfaction.

The impact of technology is significant, with insurers experiencing a 10 to 25% increase in operating profits when employing effective data and analytics strategies, according to Gartner (2023). Furthermore, generative AI-enabled automation can enhance underwriting capacity by 35%, as reported by Willis Tower Watson.

PURSUING SCALABLE INNOVATION
By adopting a lean and automated operational model, insurers can expand low-margin products to new market segments through partnerships and ecosystems. The rise of embedded offerings illustrates the potential for growth. According to Swiss Re, parametric insurance, which pays out based on specific events, is gaining traction and is projected to grow from $11.7 billion in 2021 to $29.3 billion by 2031. This model has applications in agriculture, natural disaster protection, and can also be extended to business interruptions and cyber threats.

LEVERAGING REGULATION
The evolving regulatory landscape, particularly in Europe, presents both challenges and opportunities for insurers. While 61% of insurers identify regulatory changes as a primary operational challenge, those who embrace compliance as a strategic advantage can derive business value, as noted by Mercer. The upcoming EU Financial Data Access (FiDA) legislation, set to take effect in 2025, will enable consent-based data sharing across various insurance sectors, offering firms a chance to broaden their service offerings. Additionally, participation in government pension schemes will necessitate improved data sharing capabilities.

ADOPTING A COMPREHENSIVE DATA STRATEGY
Success in the digital era requires a unified data strategy that is comprehensive and led by top management. Enhanced data utilization is crucial for innovation, and the CEO should spearhead the data and technology agenda rather than relegating it to the IT department. A robust data strategy must harness AI and advanced technologies, ensuring a flexible infrastructure and establishing strong governance models to maintain data quality and trust.

FOCUSING ON UNDERSERVED MARKETS
The potential to attract millions of new customers lies in developing solutions for the underserved. According to Insurance Asia, cultural and economic factors limit insurance growth in the Philippines. Significant reduction can be noted in the poverty incidence among the population of 15.5% in 2023 from 18.1% in 2021. However, despite this, the poverty rate is still high while pressing concerns about income inequality and inflation mount. A substantial market opportunity for insurers currently lies with the potential growth of the younger generation, expanding middle class, vibrant labor market, and its demographic sweet spot.

Innovative products that are affordable and easy to access, such as microinsurance and tailored policies for small businesses, can create significant value for these segments. Insurers in emerging markets are already offering health and life insurance for as little as $0.20 per month, highlighting the need for strategic thinking to meet the demands of underserved populations.

CREATING VALUE THROUGH INNOVATION
According to Insurance Asia, the Philippines has demonstrated stronger growth in insurance penetration, with a remarkable increase of 30%. This is way above the 15% growth in the ASEAN region from 2023 to 2024, presenting a significant pivotal moment for the country that can be capitalized upon. However, insurers are still hindered by outdated IT systems, fragmented data/geographies, and complex organizational structures that could impede innovation.

While 73.7% of the investments of insurance companies are planned to be allocated for artificial intelligence (AI) and machine learning, 40.6% of Philippine companies cite legacy IT infrastructure as a key challenge to digital transformation, which is above the ASEAN average per the 2024 ASEAN Enterprise Innovation Survey.

AI adoption comes with challenges that can be addressed by the careful evaluation of data infrastructure, having the right talent, and customizing solutions based on the local landscape. By utilizing AI-driven technology effectively and enhancing data management capabilities, insurers can deliver personalized products and services, ultimately benefiting a broader range of customers and communities.

As the industry adapts to new realities, those who strategically target investments in innovation can enhance their market presence and contribute to societal resilience against emerging risks.

This article is for general information only and is not a substitute for professional advice where the facts and circumstances warrant. The views and opinions expressed above are those of the authors and do not necessarily represent the views of SGV & Co.

 

Bernalette L. Ramos is an assurance partner and the insurance sector leader, and Charisse Rossielin Y. Cruz is a business consulting partner and the insurance sector deputy leader, both of SGV & Co.

Eala shifts focus to bigger and brighter stage of Wimbledon

ALEX EALA — LTA.ORG.UK

THERE is no rest for the weary — and wounded — as Alexandra “Alex” Eala shifts her full focus in a quick turnaround to a bigger and brighter stage of Wimbledon this week.

Still licking the wounds of a first finals heartbreak, Ms. Eala promises to get better and stronger from here starting with the clash against the sport’s giants on the tough London grass Tuesday until July 11.

Game time is still to be announced but Ms. Eala is raring to go to Centre Court for the first time ever of a major main draw against no less than reigning Wimbledon champion and world No. 17 Barbora Krejcikova of the Czech Republic.

“This is the first. I’ll work hard to do more. Wimbledon’s next so hopefully I forget about this match soon enough,” said Ms. Eala after a three-set heartbreaker against Australia’s Maya Joint in the Lexus Eastbourne finals over the weekend.

“It’s been a crazy year so I’ll remember this week and this moment forever.”

Ms. Eala and Ms. Krejcikova came from different paths in the same Eastbourne tourney, making it an intriguing battle in the Wimbledon opener.

While Ms. Eala made it all the way to the Eastbourne finale, Ms. Krejcikova pulled out in the quarterfinals against France’s Varvara Gracheva due to a thigh injury but she’s back in training over the weekend to brace for an anticipated tough title defense.

Good thing for Ms. Eala, she will have an extra motivation and momentum to bank on in a hercuelan bid to land an upset ax on the heavy favorite Czech with a new career-best ranking in the Women’s Tennis Association (WTA).

Ms. Eala scored six wins in Eastbourne, starting from the qualifiers, to reset her previous career-best (No. 69) thrice in the past week alone.

The 20-year-old Filipina is now No. 56 with 1,041 points from No. 74 to start the week then to No. 68 and No. 64 in three straight days at Eastbourne.

She could have barged inside the Top 50 and delivered the country’s first-ever WTA title if not for the stinging defeat to fellow rising star Joint, now WTA No. 41, with four championship points wasted.

And now a bigger battle awaits. — John Bryan Ulanday

December SEA Games in Thailand and 2028 LA Olympics are priorities for PSC’s Patrick Gregorio

PSC CHAIRMAN PATRICK GREGORIO — BW FILE PHOTO/PHILIPPINE ROWING ASSOCIATION

NEWLY INSTALLED Philippine Sports Commission (PSC) Chair Patrick “Pato” Gregorio will take over the government sports-funding agency hoping to accomplish one goal in mind — ride on the momentum of Philippine sports’ golden era.

“Let my leadership inspire as I have been inspired by the sheer potential in Philippine sports—to build and to strengthen this proud nation,” said Mr. Gregorio, who has recently taken over Richard Bachmann as PSC chief.

Mr. Gregorio thanked President Ferdinand R. Marcos, Jr. and vowed to reciprocate the latter’s faith in him.

“It is my honor and privilege to serve as the chair of the PSC. I am grateful for the president’s trust and will do right by it,” he said.” It is an honor to serve the country and the national athletes.

Mr. Gregorio said he would officially report for duty on Tuesday and one of his first things he would do is to immediately give up his post as Philippine Rowing Association head as to avoid conflict of interest.

“I need to give up the rowing presidency,” said the former PBA chair and Manny V. Pangilinan Sports Foundation president.

He is also mulling bringing in people to help him in charting the country’s program for the future.

“Need to review the present organization before we bring in new faces to help us,” he said.

Some of the tasks that should be a priority for Mr. Gregorio are the country’s campaign in this December’s Southeast Asian Games in Thailand as well as the 2028 Los Angeles Olympics where the country hopes to rake in more gold medals.

He will also come in at a time when the country is experiencing its finest hours in sports having produced world and Olympic champions in weightlifter Hidilyn Diaz and gymnast Carlos Yulo and world class athletes like pole-vaulter EJ Obiena, the country’s boxers headed by Nesthy Petecio and, most recently, Alex Eala, who had a historic runner-up finish in Lexus Eastbourne Open, a strong WTA event, a day ago.

Philippine Olympic Committee Chief Abraham Tolentino, for his part, welcomed the appointment of Mr. Gregorio, whom he worked with as co-chef de mission of the Nationals that saw action in the Paris Games last year.

“I see a sports community that works harmoniously,” said the Tagaytay City Mayor and PhilCycling chief. — Joey Villar

‘I really want to win’: Confident Carlos Alcaraz targets rare Wimbledon three years in a row

CARLOS ALCARAZ — REUTERS/ANDREW COULDRIDGE

CARLOS ALCARAZ is chasing a slice of tennis immortality as he arrives at Wimbledon’s pristine lawns, where he has the opportunity to join an illustrious but short list of men who have won the grasscourt Grand Slam three years in a row.

The Spaniard could join an elite club of just four men — Bjorn Borg, Pete Sampras, Roger Federer and Novak Djokovic — who have claimed three consecutive Wimbledon titles in the Open era.

Yet the 22-year-old Alcaraz, radiating confidence that belies his youth, says the only thing on his mind is the trophy itself and not its legacy.

“I’m coming here thinking that I really want to win the title, I really want to lift the trophy, not thinking about how many players have won three Wimbledons in a row,” Alcaraz told reporters on Saturday.

“I just want to be ready, to prepare myself in the best way possible to start the tournament with a lot of confidence. Obviously I feel a lot of confidence right now,” he added with a smile.

“Two weeks could be really long in a Grand Slam but right now I’m not thinking about who I could join if I win three Wimbledons in a row.”

Such confidence is not misplaced, after he cemented his status as the Prince of Clay when he won a 5-1/2 hour epic to beat Jannik Sinner in the French Open final earlier this month.

The world number two is now seeking to extend his reign on the grasscourts as well, warming up for Wimbledon by winning the Queen’s Club Championship for a second time.

Once billed as a claycourt specialist as he climbed up the rankings, Alcaraz now speaks of grasscourts with the reverence of a true convert, saying that the “most beautiful tennis that we can watch” is on grass.

“The style that the people bring to the court when they play on grass, I think is so beautiful. The sound of the ball, the movement is really tough — but when you get it, it’s like you’re flying,” he said.

“It’s just pretty to me because I really want to hit slices, dropshots, go to the net all the time and play aggressively. I think on grass it’s the style that you have to play, so that’s what I like the most.”

What truly sets Alcaraz apart from other players is his fearlessness in the face of adversity, evident from how he saved three championship points against Sinner to eventually lift a second straight title at Roland Garros.

“When I’m playing without thinking about anything else, but just playing or just thinking about the enjoyment, I think I get that freedom to play whatever I like — I just enjoy,” he explained.

“When that happens, I always show my best tennis, my best level. So far I’m feeling the most freedom that I’ve played.” — Reuters

Late goals binge lifts Chelsea over short-handed Benfica

CHRISTOPHER NKUNKU scored the go-ahead goal in the 108th minute to lift Chelsea to a wild 4-1 win over 10-man Benfica in Charlotte, N.C., on Saturday to advance to the quarterfinals of the Club World Cup.

With Benfica pressing for the equalizer, Pedro Neto made it 3-1 in the 114th minute and Kiernan Dewsbury-Hall added a goal in the 117th on a breakaway.

Benfica went down a man in the second minute of extra time when Gianluca Prestianni was shown a second yellow card for a late challenge on Levi Colwill.

The English Premier League’s Chelsea will play Palmeiras of Brazil on Friday in Philadelphia. They defeated Botafogo 1-0 on a 100th minute goal by Paulinho on Saturday.

After a James Reece goal in the 64th minute gave Chelsea the 1-0 lead and a one-hour, 55-minute weather delay in the 86th minute, Benfica got their miracle goal to tie it when Angel Di Maria converted a penalty in the sixth minute of stoppage time.

He made it 4 for 4 from the spot in the tournament when Malo Gusto was called for a handball after a restart.

It was the fifth goal scored from a direct free kick in this Club World Cup.

The extra session featured some end-to-end action with Cole Palmer forcing a save by Trubin before Di Maria immediately raced to the other end before being denied by Sanchez, all in the 104th minute.

Chelsea led in shots (22-8), shots on target (12-5) and fouls (21-14) in a match that took 4:38 to complete with a smattering of fans remaining to the end. — Reuters

Kelsey Mitchell sparks Caitlin Clark-less Fever past Wings

KELSEY MITCHELL had 32 points and seven assists as the visiting Indiana Fever overcame the absence of Caitlin Clark to defeat the Dallas Wings 94-86 on Friday night.

Aliyah Boston scored 21, Natasha Howard had 15 points and 13 rebounds and Aari McDonald scored 13 for the Fever (8-8), who improved to 3-4 overall without Clark as she missed her second consecutive game due to a left groin injury.

Paige Bueckers scored 27, Arike Ogunbowale had 15 and Aziaha James added 14 to lead the Wings (4-13).

Bueckers scored the first six points and NaLyssa Smith scored the last five as the Wings started the third quarter with a 16-6 run that got them within 62-59.

Sophie Cunningham stopped the run by making a 3-pointer and Boston added two field goals to help the Fever rebuild the lead to nine. Ogunbowale scored four points and James had the final two to help Dallas get within 74-69 at the end of the third quarter.

Bueckers made a jumper and a 3-pointer and assisted on JJ Quinerly’s three-point play to give the Wings, who trailed by as many as 23 points, their only lead of the game, 80-79, midway through the fourth quarter.

Mitchell answered with a 3-pointer, a layup and an assist to direct a 12-2 run that gave Indiana a 91-82 lead with 2:24 remaining. — Reuters

Kansas City Royals top Los Angeles Dodgers, 9-5, to snap 11-game home skid

KANSAS CITY’S offense woke up after Shohei Ohtani exited from tossing two scoreless innings and the Royals snapped their 11-game home losing streak with Saturday’s 9-5 victory over the Los Angeles Dodgers.

Vinnie Pasquantino led Kansas City with a three-run homer and five RBIs. Bobby Witt Jr. and Jonathan India each had four hits for the Royals, who scored one more run than they did while losing their previous six games overall.

Royals pitcher Seth Lugo (5-5) allowed four hits and five walks while striking out eight over 5 2/3 scoreless innings. Daniel Lynch IV yielded a solo homer to Freddie Freeman, who had three hits, in the seventh, Dodgers did not threaten until a four-run ninth.

After going an inning in each of his first two 2025 starts, Ohtani was stretched to two innings Saturday. He allowed a first-inning single to Witt and walked Maikel Garcia but got Pasquantino to hit into a 4-6-3 inning-ending double play. The right-hander then retired the side in the second, completing his 27-pitch performance.

As he had done in Ohtani’s first two starts, Ben Casparius (6-2) came on in the third, and the Royals wasted no time getting to the right-hander. He walked Drew Waters, allowed a two-out single to India, followed by Witt’s flare double near the right-field line. Then Garcia sent a drive off the top of the left-field wall, just over the glove of a leaping Michael Conforto, for a two-run double. — Reuters

Heartbreaking finish

The other day, Alex Eala came close to claiming the biggest singles title of her young career at the Eastbourne Open. She fell just short, bowing in the final set following a 22-point tiebreaker that saw Maya Joint ultimately validating a 14-place superiority in world rankings. That said, it was a match that showcased her growth, maturity, and resilience in the sport — and particularly on a surface she has yet to master. For nearly two and a half hours under overcast skies and breezy conditions, she proved up to the task mentally and physically. Never mind that it was her first appearance in a final at the ATP 250 level; if nothing else, it showed just how far she has come.

Eala was tentative in the first set, but knew well enough to make adjustments en route. She found her rhythm in the second, breaking Joint three times and taking full control of the exchanges. Her footwork improved, her timing sharpened, and she began dictating play with the confidence of a tour regular. She may be only 20, but she looked composed under pressure, drawing on the same skill set and self-confidence that powered her deep run at the Miami Open earlier this year.

In the third set, Eala once again built momentum and even served within striking distance of the title; at both 5-4 and 6-5, she was two points from a podium finish. However, Joint was equally resolute, and a tiebreak followed — tense, back-and-forth, and full of big moments. She held her ground, showing grit and composure, and, in fact, had four chances to win. In retrospect, it was a heartbreaking finish, but one that highlighted her promise all the same.

Though visibly emotional after the match, Eala had every reason to hold her head high. She went toe-to-toe with a WTA champion, handled the pressure of a high-stakes final, and proved that her game continues to evolve at the international level. Grass remains tricky for many players, especially those still relatively wet behind the ears, but Eala showed she could adapt quickly. With Wimbledon now on the horizon, she brings with her a steely determination backstopped by valuable experience. If her performance at the Devonshire Park Lawn Tennis Club is any indication, she’s more than merely knocking on the door; she’s getting ready to walk through it.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and human resources management, corporate communications, and business development.

Analysts urge Manila to curb Chinese fish imports to send strong signal

PHILIPPINE STAR/ MIGUEL DE GUZMAN

By Kenneth Christiane L. Basilio, Reporter

THE PHILIPPINES should consider restricting fish imports from China to assert its sovereignty claims in the South China Sea, defense analysts said at the weekend.

Limiting fish imports — or banning them outright — would send a strong signal against Chinese harassment of Philippine ships and illegal fishing activities in areas claimed by the Philippines, they added.

“A restriction on Chinese fish imports gathered from illegal and unregulated fishing in the South China Sea is highly encouraged, as these fishes being sold to the Philippines probably came from the West Philippine Sea,” Chester B. Cabalza, founding president of Manila-based think tank International Development and Security Cooperation, said in a Facebook Messenger chat, referring to waters within Manila’s 200-nautical mile (37 kilometers) exclusive economic zone.

China’s coast guard and naval vessels have been present around contested features, leading to maritime clashes as the Philippines resists Beijing’s expansive maritime claims.

China claims nearly all of the South China Sea via a U-shaped, 1940s nine-dash line map that overlaps with the exclusive waters of the Philippines and neighbors like Vietnam and Malaysia.

A United Nations-backed tribunal in 2016 voided China’s sweeping claims for being illegal, a ruling that Beijing does not recognize.

Some fishing vessels linked to China have also been flagged for illegal, unreported and unregulated fishing activities within the Philippines exclusive economic zone, fueling concerns over the sustainability of marine resources within Philippine waters, according to a 2024 Overseas Development Institute report.

Each ton of fish illegally caught in Philippine waters could shrink the Philippine economy, with losses estimated at about 0.02% of economic output, it said.

Limiting Chinese fish imports could signal a stronger diplomatic stance against China’s activities in the South China Sea, said Josue Raphael J. Cortez, a diplomacy lecturer at De La Salle-College of St. Benilde.

“It may imply a stronger diplomatic stance, but only to a certain extent,” he said via Messenger chat, noting that Philippine-China trade relations go beyond Chinese fish imports.

The Philippines imported about $310 million (P17.5 billion) worth of fish from China in 2023, according to a report by The Diplomat in April.

“Although China is our largest source of imported fish, it is merely a part and parcel of our economic ties with Beijing,” Mr. Cortez said.

China was the Philippines’ biggest source of imported goods in May at $3.15 billion, or 30% of the Southeast Asian nation’s total imports, according to the local statistics agency.

Restricting Chinese fish imports could boost the local fishing industry, Mr. Cortez said. “This will lead to a shift towards a more inward-looking approach in fish production.”

The Philippines’ fishery bureau might focus on strengthening the domestic fishing industry to help offset a potential ban on imports from one of the country’s biggest fish suppliers, he added.

“The Bureau of Fisheries and Aquatic Resources and other agencies must monitor our fish stocks and nurture self-sufficiency in boosting food security,” Mr. Cabalza said.

Mr. Cortez said the Philippines could deepen fishery trade ties with regional neighbors such as Vietnam and Indonesia to help cushion the impact of a ban on Chinese fish imports.

House minority backs proposal to make 2026 budget bicam public

PHILIPPINE STAR/PAOLO ROMERO

THE House of Representatives minority bloc on Sunday backed a proposal to open bicameral conference meetings on the 2026 national budget to the public amid calls to make the deliberations more transparent.

This would deter “last-minute” fund insertions, “closed-door arrangements” and promote fiscal discipline, while also enabling greater public scrutiny, Party-list Rep. Marcelino C. Libanan said in a statement.

“Allowing the public to witness the bicameral discussions upholds the principle that citizens have the right to know how their money is being allocated,” the House minority leader said.

“It must be debated and finalized not behind closed doors, but in full view of the people whose lives will be most affected by it,” he added.

Most bicameral conference committee meetings, where senators and congressmen reconcile conflicting provisions of their bills, are normally held behind closed doors.

Budget proceedings last year were criticized after the bicameral panel increased unprogrammed funds fourfold to more than P500 billion, aside from blank line-items, fueling concerns that the budget was tweaked after Congress ratified it.

President Ferdinand R. Marcos, Jr. later struck down P168 billion worth of projects under standby appropriations, noting that some line items were inconsistent with his government’s priorities.

Speaker Ferdinand Martin G. Romualdez last week said he supports moves to open the budget’s bicameral committee proceedings to scrutiny, citing the need to restore public trust in the budget process.

“We fully support the Speaker’s initiative to shine a light on one of the most crucial and sensitive phases of the budget process,” Mr. Libanan said. “Once we open the door, let’s make sure it stays open.”

“A more transparent process elevates the quality of debate and negotiation and serves as a strong safeguard against the misuse of public funds,” he added.

The Development Budget Coordination Committee has proposed a P6.793-trillion national budget for 2026, equivalent to 22% of economic output and 7.4% higher than  this year’s budget.

The budget process for next year’s spending plan is expected to kick off in August after the Executive branch submits the budget proposal to the House, according to a Budget department briefer.

Under the 1987 Constitution, Malacañang must transmit the proposed budget within 30 days after the opening of the regular session of Congress, which begins on July 28.

The budget bill is initially heard by the House committee on appropriations for months before moving to plenary debates. To fast-track the process, the Senate finance committee concurrently starts budget hearings with agencies. — Kenneth Christiane L. Basilio

Palace says P9.4-B illegal drugs completely destroyed

PRESIDENT Ferdinand R. Marcos, Jr. led the incineration of seized illegal drugs in Capas, Tarlac on June 25. — PHILIPPINE STAR/NOEL B. PABALATE

NO TRACE of illegal drugs was found in the final residue of P9.4 billion worth of illegal drugs burned in Capas, Tarlac during an event led by President Ferdinand R. Marcos, Jr. last week, according to the presidential palace, citing a report from the  Philippine Drug Enforcement Agency (PDEA).

Authorities said all four ash samples had tested negative for crystal meth, marijuana, cocaine and ecstasy, it said in a statement on Sunday.

The tests, which included chemical analyses backed by photographic documentation, were conducted to ensure scientific validation and accountability in drug disposal.

Last week, Mr. Marcos witnessed the chemical testing of random samples from more than 1,500 kilos of seized drugs before their incineration at Clean Leaf International Corp., a waste management firm in the northern Philippine province of Tarlac.

Among the narcotics destroyed was a large cache of methamphetamine recently recovered by fishermen off the coast of northern Luzon.

The government is advocating for a “balanced, humane and evidence-based” campaign against illegal narcotics, citing the need to gain public trust in the government’s enforcement efforts.

Mr. Marcos on Tuesday touted his government’s “bloodless” war against illegal drugs, noting that about P62 billion worth of crystal meth had been seized since he started in office in June 2022.

The confiscation prevented the illegal drugs from being peddled on the streets, sparing countless Filipinos from addiction, he said during an inspection of recently recovered drugs along the coast of northern provinces worth P8.87 billion.

“We saved many of our countrymen,” he said in Filipino. “If these got circulated, many more people will get addicted, many more will die of overdose and many more lives will get destroyed.”

During the inspection at the PDEA headquarters in Quezon City last week, the President said the contraband, which weighed more than 1,300 kilos, were found by local fishermen floating in the sea from Ilocos to Zambales provinces in the country’s north.

No cases have been filed, and not one suspect has been apprehended in connection with the floating drugs.

Authorities remain uncertain about the origin of the drugs or the identities of the smugglers, citing the lack of direct evidence or witness accounts.

The President inspected the illegal drugs as he renewed his government’s push for a “bloodless” but relentless campaign against the illegal drug trade.

The President reaffirmed his directive for law enforcement agencies, including the PDEA, Dangerous Drugs Board and Philippine National Police to sustain their crackdown on narcotics syndicates, but under a rights-based framework.

“It has been described as a bloodless war on drugs, and this is what we are aiming for,” he said. “But nonetheless, despite the fact that we do not kill people that are just suspected of having anything to do with drugs… we are handling the drug problem in a different way.”

His predecessor Rodrigo R. Duterte is now under the custody of the International Criminal Court and will be tried in September for crimes against humanity in connection with his drug war that killed thousands of drug suspects. — CMAH

1...1,3471,3481,349...14,215Page 1,348 of 14,215
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube