Home Blog Page 1348

Private initiatives fostering marriage inviolability: Your Happy Marriage

JEONGIM KWON-UNSPLASH

(Part 5)

A very laudable initiative to help them deal with the conflicts that normally arise in the relationships between husband and wife from the mere fact that they are human and, therefore, fallible, is that by a married couple, Boni and Alice Belen.  They have written a three-part series of books (to be expanded to five parts in the future) entitled Your Happy Marriage.

Bonifacio D. Belen and Alice A. Belen have been happily married for 27 years. They have been very active in delivering courses and workshops under the Educhild banner, using the very effective “case method” teaching methodology that has been perfected in leading business schools like the Harvard Business School in the US, the IESE Business School in Europe and the Asian Institute of Management in the Philippines.

Rooted in deep philosophical and theological principles, the main thesis of this series of books, published by Central Book Supply, Inc., is that in a validly contracted marriage, there is no conflict that is “irreconcilable” as long as  the marriage partners concerned have the good will to employ readily available means to resolve their differences.

There are two ways of defining “human weaknesses” in the context of the present debate concerning the efforts of some lawmakers to introduce “absolute divorce” into the Philippines.  The first is that because of human weaknesses, one or both members of the couple in a valid marriage could commit offensive acts against the partner so that cohabitation is made very difficult or impossible. This problem, however, can be resolved by legal separation and does not justify absolute divorce.

Those who object to absolute divorce use the “human weakness” argument in the following sense: the very possibility of getting an absolute divorce would, through the human weaknesses of one or both of the partners, encourage lack of discernment, undue haste, precipitation, and carelessness in the decision to get married and in the choice of the right partner, thus opening the way to more incompatibilities and so-called irreconcilable conflicts.  This has been the empirically tested experience in the countries that allow absolute divorce.

By eliminating the possibility of dissolving a validly contracted marriage, those contemplating marriage will be a great deal more circumspect before actually deciding to get married and to whom. They would take more seriously all the means described in the preceding articles that are made available by countless private initiatives providing pre-nuptial or pre-Cana courses.

To be sure, it is also human weaknesses that lead to conditions that are grounds for annulment or declaration that no marriage bond actually existed. Among these are psychological incapacity, the non-existence of a marriage license, bigamous or polygamous marriage, the presence of sexually transmitted infection, fraud, lack of consent, unsound mind or the inability of one or both spouses to make a decision to marry due to a mental deficiency, impotence, mistaken identity, and the absence of essential requisites for a valid marriage. In these cases, however, there is no need to talk about irreconcilable conflicts because the spouses concerned are free to marry another person since there was no marriage in the first place. A law permitting absolute divorce in these cases would be irrelevant and unnecessary since there was no marriage at all. What is needed is the declaration of nullity which is already permitted under the laws of the Philippines.

We should heed the advice of some law makers to make the process of annulment cheaper or even costless for poor couples. If we apply the principle of progressive taxation, the rich can be charged an eye and a tooth to have their marriage annulled.

For couples going through very normal problems of conflicting ideas and behaviors, Boni and Alice’s book series is highly recommended.

They start the series with the most inspiring message of Pope Francis to married couples or those contemplating marriage, found in his Letter entitled “Amoris Laetitia” (the Joy of Love): “The love they pledge is more significant than any emotion, feeling or state of mind, although it may include all of these. It is a deeper love, a lifelong decision of the heart. Even amid unresolved conflicts and confused emotional situations, they daily reaffirm their decision to love, to belong to one another, to share their lives and to continue loving and forgiving. Each progresses along the path of personal growth and development.  On this journey, love rejoices at every step and in every new stage.” The five books planned in the series are: Book 1 (Beginning of the Journey); Book 2 (Failures of Expectations); Book 3 (Struggle for Dominance); Book 4 (Adjusted and Settled); and Book 5 (Enduring Commitment).

Book 3 is the most relevant to the issue of absolute divorce which we are discussing because it is the one that maintains that there are no irreconcilable conflicts if both of the spouses are willing to put in the necessary effort to resolve them. Book 3 is meant for those who have been married for about 12 to 30 years.   

The authors start by asserting that a psychologist told them that a troubled marriage is essentially the psychological or spiritual trouble of a person impacting on another, or the two individuals in the marriage colliding. A family therapist gives a more nuanced explanation: the problem in a troubled marriage does not exist in a person but in the chemistry between the spouses.  To address the marriage crisis, it is suggested that the husband and wife fix their intrapersonal troubles together.

There is no other way to fix a troubled marriage but to face squarely the intrapersonal differences. It takes two to quarrel and to make amends and reach an acceptable resolution. The efforts towards reconciliation will have to start from the more humble of the spouses, or the one more willing to give love a chance.  Earthly life is never simple. Our earthly journey is always messy. Marriage is even more. Even the seemingly most compatible unions — from the standpoints of family, religious, cultural, and educational backgrounds —will encounter difficulties at some point on the journey.

The ability to forgive is the key to a lasting union. Precisely because of human weaknesses, there will always be some fault, offence, imperfection, negligence, etc. of one of the partners to forgive. As Boni and Alice insist, from their personal experiences: “Marriage without forgiveness cannot last.  Suppose a couple do not learn to overlook little moments of friction resulting from moodiness and tiredness or disagreements over inconsequential and not-so-trifling matters. Suppose a couple get tired of forgiving the same repeated offenses, give in to bitterness and decide not to keep love in their hearts:  then the beginning of the end is near if not already there.”

Even pagans will concede that the root of moral evil can be found in three fundamental human weaknesses or evil tendencies: greed, lust, and pride. The most difficult to overcome is the last, pride, a super-ego which is the primary obstacle to the ability to forgive. That is why Book 3 of Your Happy Marriage has a sub-title, “Struggle for Dominance.” The original consent given at the time of marriage must be followed by a lifetime of commitment. As Boni and Alice end their Introduction to Book 3: “Commitment is consent renewed day-to-day, perseveringly day-by-day. In this Commitment, total and free, the wrestling for power gives way more quickly to the effort to let love, true love, take over instead of being overshadowed by conflicts in the struggle for dominance.”

Those interested in purchasing copies of the three books of Your Happy Marriage may send an e-mail to info@central.com.ph.

 

Bernardo M. Villegas has a Ph.D. in Economics from Harvard, is professor emeritus at the University of Asia and the Pacific, and a visiting professor at the IESE Business School in Barcelona, Spain. He was a member of the 1986 Constitutional Commission.

bernardo.villegas@uap.asia

BSP launches cyber resilience framework

BANGKO SENTRAL NG PILIPINAS

THE BANGKO SENTRAL ng Pilipinas (BSP) has launched a framework to enhance cyber resilience in the financial services sector.

The 2024-2029 Financial Services Cyber Resilience Plan (FSCRP) will serve as “the primary framework covering the high-level goals and strategies that aim to deepen the industry’s overall cyber resilience and maturity,” the central bank said.

“Our plan is not just a response to the threats we face, but a proactive strategy to anticipate and mitigate future risks,” BSP Governor Eli M. Remolona, Jr. said at the launch of the FSCRP on Tuesday.

“It’s our commitment to creating a robust, secure, and resilient financial system that can withstand cyber incidents and recover quickly from them,” he added.

The plan aims to create and promote defined and coordinated incident response protocols and mechanisms, active sharing and collaboration, strong cybersecurity culture and awareness, as well as holistic cybersecurity best practices and standards.

Some initiatives under the framework include establishing baseline industry incident response plans, developing scenario-based incident response playbooks and conducting industry-wide cyber testing exercises, according to the central bank.

It also seeks to expand and improve the Bankers Association of the Philippines’ Cybersecurity Incident Database, create cyber education programs, and push for policy reforms on digital security controls, among others.

“Cyber threats are evolving at an alarming rate, becoming ever more diabolical. As financial institutions embrace digital innovation, we also become prime targets for cyberattacks,” Mr. Remolona said.

Central bank data showed that nearly 60% of cyber fraud losses reported by BSP-supervised financial institutions (BSFIs) in 2023 was due to account takeovers, identity theft and phishing. This was also more than double the percentage reported in 2022.

The finance and insurance industry was the top most attacked sector in 2018 and 2020, and ranked second from 2021 to 2022, the BSP said, citing the IBM X-Force Threat Intelligence Index report.

“These attacks not only threaten the disability of individual institutions but also pose systemic risks to the entire financial system and undermine the trust in the system,” Mr. Remolona added.

The plan will be reviewed on a quarterly basis, the BSP said.

A council will also be established to oversee the implementation of the plan, which will include board and senior level officials from industry associations, BSFIs and senior management of the central bank. — Luisa Maria Jacinta C. Jocson

Inflation rates in the Philippines

HEADLINE INFLATION accelerated to a nine-month high in July, mainly driven by a spike in electricity rates and food costs, data from the Philippine Statistics Authority (PSA) showed. Read the full story.

Inflation rates in the Philippines

Smart partners with DTI to help 1M mom-and-pop stores

A man waits for customers at a sari-sari store in Quezon City, July 21, 2021. — PHILIPPINE STAR/MICHAEL VARCAS

THE Department of Trade and Industry (DTI) and Smart Communications, Inc. have signed a deal that seeks to bridge the digital divide by teaching more than a million mom-and-pop store owners in the Philippines to better manage their business.

In a statement on Tuesday, Smart said it would help the DTI in its Tindahan Mo, e-Level Up Mo Sari-Sari Store Advancement program, which holds free webinars for store owners.

“The sari-sari stores have been our key partner since day one, particularly in Smart electronic load distribution,” Jac N. Bocalan, vice-president and head of channel management at Smart, said in the statement.

She added that the PLDT Inc. wireless unit wants to support initiatives that could boost its electronic channel.

“Together with industry partners and the DTI, we share the mission of empowering our sari-sari store owners and customers by assisting them in their digital transformation journey.”

“The [program] adopts a multifaceted approach to uplift our micro retailers, focusing on digital transformation, financial literacy, sustainable business practices and consumer protection,” Trade Undersecretary Jose Edgardo G. Sunico said in the statement.

“Our goal is clear: to make our sari-sari stores more resilient, innovative and competitive in the digital economy,” he added.

Under the agreement, Smart and Maya representatives will take part in the program by teaching store owners how to expand capital through digital products and services, particularly Smart e-load.

Smart said its e-load platform is one of the fastest-selling products among mom-and-pop stores since it was launched in 2003.

Ms. Bocalan said they want to teach store owners how to level up and use digital devices with a smartphone to boost their income. “We are also looking forward to working with the DTI and industry partners to push forward these progressive programs that uplift the lives of Filipinos.”

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Justine Irish D. Tabile

Deadpool & Wolverine leads a pop culture cascade of F-bombs

IMDB

LOS ANGELES — What the f—? The F-word, once seen as the most shocking expletive in the English language, has become commonplace in pop culture.

Deadpool & Wolverine, the R-rated Marvel film from family friendly Walt Disney, features the word “fuck” more than 100 times. Taylor Swift sings it 18 times in just one song on her hit album The Tortured Poets Department, and many other pop stars utter it freely.

As its public usage has increased, the word has undergone what language experts call a “semantic shift,” or a change in meaning over time, said Roy Peter Clark, a writing teacher and author of several books on writing.

He points to a scene in My Lady Jane, a drama series on Amazon’s Prime Video streaming service. A girl who appears to be roughly 10 years old uses the word as her older sister is about to be beheaded under orders from Queen Mary.

“Fuck Mary,” the girl says.

Putting the F-word in the mouth of a child actor, Mr. Clark said, shows it has become less taboo over time.

“It’s used in so many different ways, some that are clearly very negative, and other ways that are humorous, and other ways that are mischievous and other ways that are emphatic,” said Mr. Clark, a senior scholar at the Poynter Institute, a nonprofit focused on media. “It has become less negative.”

A British study published in 2021 found that “fuck” was the most-used swear word and was particularly popular with teenagers and young adults. A 2023 study published in the Journal of Pragmatics sought to understand how its usage had evolved.

Comparing conversations among British teenagers in the 1990s and 2010s, researchers Robbie Love and Anna-Brita Stenstrom found less slinging of the F-word as an insult, or as a term for sexual intercourse.

The word was more likely to appear in phrases such as “what the fuck?” and “for fuck’s sake,” they found. Teens tossed the word around in friendly conversations.

Karen North, a psychologist and professor of digital social media at the University of Southern California’s Annenberg School, said habituation likely has made the word less jarring.

“Anything that you experience over and over and over again, you’re desensitized to,” Ms. North said. “If you’re in a room that smells very bad, then after a few minutes you don’t smell it.”

With language, “if you keep hearing the F-word, or any particular inflammatory or emotional thing over and over and over again, you’ll start desensitizing because your senses get used to it,” Ms. North said.

Many people still find the F-word highly offensive. Its use is often cited by politicians to ban books such as J.D. Salinger’s 1951 novel The Catcher in the Rye in schools and libraries, Mr. Clark noted.

At Disney, executives offered “nothing but support” after seeing the foul language in the new Deadpool movie, said Kevin Feige, president of Marvel Studios. They understood that the raunchy humor was a key to the success of two earlier Deadpool movies made by Fox.

When Disney bought the Deadpool character as part of a deal with Fox, Marvel filmmakers decided “we were going to stay true to the spirit of what Deadpool is,” Mr. Feige said.

Deadpool & Wolverine was rated R in the US and 15 in the United Kingdom, a signal to parents that it was not intended for young children. In the Philippines, it received a rating of R-16 from the Movie and Television Review and Classification Board. R-16 restricts viewership to those aged 16 and above, with the reviewers citing the film’s mature content as the reason.

Audiences embraced the movie, which racked up the biggest opening weekend of the year with $211 million at US and Canadian box offices. Total global sales reached an estimated $824 million through Sunday.

For the Deadpool character, the F-word “makes sense, and if it wasn’t there, it wouldn’t feel right,” said 22-year-old Marvel fan Gaige Johnson from Michigan.

Another Marvel fan, Diana Alvort from Mexico, laughed when asked if there was too much swearing in the film.

“Fuck that,” she said. “Come on, it’s a fun movie. Let’s not get so serious. You know, there’s moments for everything and so I don’t have a problem with that. Just enjoy it.” — Reuters

Transformative mindset of the new procurement law for good governance

FREEPIK

We’ve heard too many horror stories about procurement in government. Opaque processes, favored bidders, and rigged specifications — resulting in delayed, poor quality, and badly implemented projects — have often accompanied the way our agencies and local government units selected their suppliers or contractors in delivering government services.

As a result, people don’t get the quality of projects and services they deserve. Public funds are wasted and get into the hands of unscrupulous groups or individuals, and our aspirations toward good governance remain just that, aspirations.

A new law, enacted just on July 20 and which will take effect on Aug. 13, seeks to change this.

Republic Act 12009 or the New Government Procurement Act (NGPA), championed by Department of Budget and Management Secretary Amenah Pangandaman as the “biggest anti-graft and corruption law in modern history,” aims to promote transparency, competitiveness, efficiency, proportionality, accountability, public monitoring, procurement professionalization, and sustainability in government procurement.

According to President Ferdinand Marcos, Jr., it is “a testament to our unwavering commitment to build a government that truly serves the people by ensuring that every peso spent is accounted for and is used for the benefit of the Filipino people.”

This law was deemed a piece of priority legislation by the Legislative Executive Development Advisory Council because it includes key reforms aimed at putting an end to side deals, under-the-table agreements, uncompetitive behavior, corruption, and other criminal activities.

Before RA 12009, there was an existing procurement law enacted in 2003. But Republic Act 9184, or the Government Procurement Reform Act, needed to be reviewed and updated to become responsive to the many changes that have taken place since then and to address numerous gaps that still allowed irregularities in the procurement process.

There are several salient points and key features of the NGPA that make it more attuned to the demand of the present. For example, it includes an emphasis on value for money instead of mere low prices, introducing the “Most Economically Advantageous Responsive Bid” or MEARB as a new award criterion in addition to the existing Lowest Calculated Responsive Bid.  This new award criterion frees agencies from the obligation of selecting the lowest-priced bid, which sometimes ends up with the government getting the cheapest items but with the lowest quality, allowing them to choose the best deals that would result in the most optimized benefit for the item or service being procured.

It strengthens the procurement planning process that needs to use market scoping and strategies for best results, the use of emerging technologies and innovative solutions. All procurement shall be conducted with sufficient planning and preparation to ensure sound procurement decisions. The process will also be streamlined from three months to just 60 days.

Newer factors like environmental, social, and economic factors, life cycle, gender parity, poverty alleviation, and marginalized/vulnerable sectors must also be considered as procurement principles and practices. In the old law, there was no mention whatsoever of sustainability.

The principles of open government and participatory procurement, as well as beneficial ownership information, must be included in procurement decisions to enhance transparency and accountability.

It tries to prevent conflict of interest in the procurement process through the disclosure of relations between the bidder and procuring heads of agencies. There will be improved public monitoring through civil society observer participation and use of video recording for all procurement-related conferences.

Finally, procurement practitioners should be professionalized and developed into a skilled and competent workforce driven only by excellence and integrity.

The enactment of the NGPA is expected to significantly improve the execution of government projects. Its enactment is anticipated to foster trust among stakeholders, including local and international investors, by demonstrating the government’s commitment to ethical governance practices and to build a more transparent, accountable, and sustainable procurement system, ultimately benefiting the Filipino people.

However, the test of the new law — as is the tests of all laws — is its conscientious implementation. We at Stratbase hold the view that attempts at attracting and keeping investments and inducing technology-driven economic growth will not happen unless transparency in government transactions is normalized. The people have seen far too many instances of public officials promising to serve them and putting their interests above all, and yet, behind closed doors, rigging the bidding process so that it favors them and their conspirators.

This may not completely eliminate irregularities in the procurement process as there will always be devious minds who will continue to look for loopholes that they can exploit despite the safeguards established by the law.

This is where the watchful eyes of the other sectors must come to enforce transparency. It is good that the new law already provides additional means by which the public can observe and monitor the bidding process. Irregularities, after all, happen in the dark, under the veil of secrecy.

The law will take effect soon and we look forward to the consultative process that will ensue for the crafting of the Implementing Rules and Regulations. Here, the actual situations for the operationalization of the law will be discussed by those who actually know the technical and operational dynamics of government procurement. We are confident that under the leadership of Budget Secretary Pangandaman, the full implementation of this law will finally help curb corruption and institute good governance practices at all levels of national and local government, and according to its spirit and intent.

 

Victor Andres “Dindo” C. Manhit is the president of the Stratbase ADR Institute.

Security Bank closes offer of 5-year bonds

SECURITY BANK Corp. on Monday closed the offer period for its five-year peso-denominated bonds, more than a week earlier than the original plan, amid strong investor demand, it said on Tuesday.

“Security Bank Corp. has ended its bond offer period early as volume significantly exceeded target,” it said in a disclosure to the stock exchange.

“Prevailing market conditions also allowed the bank to augment its returns to its clients. Previously marketed at a fixed rate of 5.7000% per annum, the coupon has been adjusted to 6.0500% per annum,” the bank added.

Security Bank was looking to raise at least P5 billion from its offer of five-year bonds, with an option to upsize. It has yet to announce the final issue size.

“Proceeds of the offering will be used to support the bank’s lending activities and expand its funding base,” Security Bank said.

The offer period for the papers started on July 8 and was originally set to end on Aug. 13.

The lender will issue, settle, and list the bonds on the Philippine Dealing and Exchange Corp. on Aug. 20.

The bonds were offered in scripless form in denominations of P10,000 each for a minimum investment of P100,000.

The papers may be traded in multiples of P10,000 in the secondary market, the bank said.

The five-year bonds will be issued out of the bank’s recently upsized P200-billion peso bond and commercial papers program.

Philippine Commercial Capital, Inc. and SB Capital Investment Corp. were tapped as the joint bookrunners, joint lead arrangers, and selling agents for the issuance.

Security Bank last tapped the domestic bond market in July 2023, where it raised P18.5 billion from the issuance of 1.5-year fixed-rate corporate bonds.

The papers were priced at 6.425% per annum.

The listed lender’s net income rose by 11.4% year on year to P2.63 billion in the first quarter amid growth in its retail and micro, small, and medium enterprise businesses.

Security Bank’s shares closed unchanged at P64 apiece on Tuesday. — AMCS

How much did each commodity group contribute to July inflation?

HEADLINE INFLATION accelerated to a nine-month high in July, mainly driven by a spike in electricity rates and food costs, data from the Philippine Statistics Authority (PSA) showed. Read the full story.

How much did each commodity group contribute to July inflation?

Google hires top talent from startup Character.AI, signs licensing deal

REUTERS

STARTUP Character.AI has signed an agreement with Alphabet’s Google that grants the search engine giant a nonexclusive license to the chatbot maker’s large language model technology.

The deal, echoing ones struck by Microsoft and Amazon in the past few months, will see Character.AI co-founders Noam Shazeer and Daniel De Freitas rejoin Google, where they were formerly employees.

Those other deals are being scrutinized by regulators, reflecting a growing concern in both the US and Europe about how artificial intelligence (AI) deals are put together by tech giants who are funneling billions into bolstering their AI infrastructure and hiring the best researchers from startups.

Character.AI will get more funding as part of the deal with Google, the startup said in a blog, without disclosing the amount. Dominic Perella, Character.AI’s general counsel, will become its interim chief executive officer effective immediately.

“We’re particularly thrilled to welcome back Noam, a preeminent researcher in machine learning, who is joining Google DeepMind’s research team, along with a small number of his colleagues,” a Google spokesperson said in an e-mail.

In March, Microsoft paid $650 million to bring on the cofounders and dozens of staff from AI startup Inflection. In June, Amazon hired several cofounders and employees from Adept, another AI startup.

Character.AI earlier raised $193 million in venture capital from investors including Andreessen Horowitz. It was in talks to raise hundreds of millions of dollars from Google, Reuters reported in November.

Inflection and Adept raised $1.3 billion and $415 million, respectively.

Law firm Sullivan & Cromwell advised Character.AI on the deal. — Reuters

Ancient Egypt’s ‘screaming’ mummy woman may have died in agony

FRONTIERSIN.ORG

IT IS a startling image from ancient Egypt — a mummy discovered during a 1935 archaeological expedition at Deir el-Bahari near Luxor of a woman with her mouth wide open in what looks like an anguished shriek.

Scientists now have an explanation for the “Screaming Woman” mummy after using CT scans to perform a “virtual dissection.” It turns out she may have died in agony and experienced a rare form of muscular stiffening, called a cadaveric spasm, that occurs at the moment of death.

The examination indicated that the woman was about 48 years old when she died, had lived with mild arthritis of the spine and had lost some teeth, said Cairo University radiology professor Sahar Saleem, who led the study published on Friday in the journal Frontiers in Medicine.

Her body was well-preserved, being embalmed roughly 3,500 years ago during ancient Egypt’s glittering New Kingdom period using costly imported ingredients such as juniper oil and frankincense resin, Saleem added.

The ancient Egyptians viewed preservation of the body after death as crucial to secure a worthy existence in the afterlife. It was customary during the mummification process to remove the internal organs, aside from the heart, but this had not occurred with this woman.

“In ancient Egypt, the embalmers took care of the dead body so it would look beautiful for the afterlife. That’s why they were keen to close the mouth of the dead by tying the jaw to the head to prevent the normal postmortem jaw drop,” Saleem said.

But the quality of the embalmment ingredients “ruled out that the mummification process had been careless and that the embalmers had simply neglected to close her mouth. In fact, they mummified her well and gave her expensive funerary apparels — two expensive rings made of gold and silver and a long haired-wig made from fibers from the date palm,” Saleem added.

“This opened the way to other explanations of the widely opened mouth — that the woman died screaming from agony or pain and that the muscles of the face contracted to preserve this appearance at the time of death due to cadaveric spasm,” Saleem said. “The true history or circumstances of the death of this woman are unknown, hence the cause of her screaming facial appearance cannot be established with certainty.”

Cadaveric spasm, a poorly understood condition, occurs after severe physical or emotional suffering, with the contracted muscles becoming rigid immediately following death, Saleem said.

“Unlike postmortem rigor mortis, cadaveric spasm affects only one group of muscles, not the entire body,” Saleem added.

Asked whether the woman may have been embalmed while alive, Saleem added, “I don’t believe that this is possible.”

Saleem was unable to determine how the woman died, saying, “We frequently cannot determine the cause of death in a mummy unless there is CT evidence of fatal trauma.” Saleem cited evidence of a fatal head injury, slit neck, and heart disease in three royal mummies.

The “Screaming Woman” was found at the site of the ancient city of Thebes during excavation of the tomb of a high-ranking official named Senmut, the architect, overseer of royal works, and reputed lover of queen Hatshepsut, who reigned from 1479-1458 BC.

The mummy was inside a wooden coffin in a burial chamber beneath Senmut’s family tomb. Her identity has not been determined but her jewelry — the gold and silver rings with images of scarab beetles, a symbol of resurrection, made of the gemstone jasper — showed her socioeconomic status.

“She was likely a close family member to be buried and share the family’s eternal resting place,” Saleem said.

The study revealed details of her wig. Its spiral braids were treated with the minerals quartz, magnetite, and albite to harden them and provide the black color indicative of youth. Her natural hair had been dyed with henna and juniper oil.

A number of ancient mummies, in Egypt and the Americas, have been found with facial expressions resembling a scream — eerily similar to Norwegian painter Edvard Munch’s The Scream.

“I use this painting in my public lectures about the screaming mummies,” Saleem said. — Reuters

Transfer the sinking capital

PHILIPPINE STAR/ MIGUEL DE GUZMAN

Greenpeace studies in various regions in the ASEAN have indicated that Metro Manila is sinking by no less than 10 centimeters per annum. By simple calculation, this means that by 2050, or in 26 years, the National Capital Region (NCR) will be 2.6 meters below the level it is at now! Rapid urbanization and the extraction of underground water are reported to be the main causes. This is exacerbated by rising sea levels.

Outgoing Indonesian President Joko Widodo has boldly begun to hold office in Nusantara, South Kalimantan (Borneo Island) which he has designated as Indonesia’s new capital precisely because of similar concerns. Jakarta is like New York-DC, and LA in which business, government, and entertainment are all centered in one place. Metro Manila is the same. Traffic in Jakarta is unbelievably worse than in Metro Manila, if that is at all possible. And the quality of air is worse than in Metro Manila.

Today, with the destructive reclamation of Roxas Boulevard, floods are making the capital city unlivable. The destruction is not only to the physical infrastructure. Worse, it has ruined one of the most beautiful things about our National Capital Region — the awesome view of the sunset on Manila Bay. Driving along Roxas Boulevard back then was always a pleasant experience.  Now it is actually depressing! Especially when you see the disastrous reclamation of that fake dolomite beach. Environment and Natural Resources Secretary Maria Antonia “Toni” Yulo-Loyzaga has finally stopped further reclamations on Roxas Boulevard because she reveals that the extra land area slows down the exit of flood waters. So, now we discover this, after the trauma of Typhoon Carina!

Meanwhile — probably because our legislators and Cabinet officials live in the area — budget priorities continue to focus on dealing with the major symptom of overpopulation in the NCR: traffic.

So now billions are being invested in building a subway (and even a long bridge from Cavite to Bataan) — in a place that will be under water in 25 years!

Almost 30 years ago, when he was running for president, Lito “Promdi” Osmeña said that the capital should move to Clark.  If we had taken this seriously, we should have accomplished this by now. If Clark is found to be a good idea, since it already has an international airport, and nearby Subic has first class seaports, infrastructure investments to make it easier to travel to Clark from the current NCR should facilitate and expedite the transfer.

Other areas considered less prone to typhoons and other calamities are Palawan and Davao.

Then there is Dumaguete, a lovely city in Negros Oriental. It has preserved its four-lane seaside boulevard all the way from the provincial capital to Carlos City whence a ferry crosses to Toledo City in Cebu. It is a pleasant four-hour drive along the seawall. It is right in the center of the country. However, this university town might lose its precious gracefulness if it becomes the national capital.

Cebu City can continue to be a business hub, like New York.  But it is already too crowded to take in National Government and entertainment. Metro Cebu City already has 80% of the province’s population. But perhaps with the transfer of the provincial capital to western Cebu (in Balamban), there will be more breathing space in Cebu City which is in the east. The transfer is also expected to improve the economy of western Cebu where there is a lot of poverty.

Government and private land developers continue to invest in the NCR, making it more and more attractive to businesses and people who leave their provincial homes for better-paying jobs there. It is time for Government and these developers to consider the not-so-distant future. Are they putting more and more money to waste?

Negros Island is in the middle of our archipelago. Can we relocate the government center there?  Joko Widodo has chosen Nusantara as the new capital of Indonesia because, he says, it is central to their archipelago. The incoming president (in October) Prabowo Subianto Djojohadikusumo — who was endorsed by Widodo and whose vice-president is the son of Widodo — is likely to proceed with the ongoing transfer of the Indonesian capital.

If President Ferdinand Marcos, Jr. takes a look at Greenpeace’s and other studies on the sinking of Manila, he might, like Widodo, make some bold decisions while he is in power for four more years.  To ignore these studies can be truly disastrous for our country and our people.

 

Teresa S. Abesamis is a former professor at the Asian Institute of Management and fellow of the Development Academy of the Philippines.

tsabesamis0114@yahoo.com

PBB posts higher profit in the first six months

PHILIPPINE BUSINESS BANK, Inc.’s (PBB) net earnings climbed by 18.7% in the first semester, it said on Tuesday.

PBB’s net income grew to P1.032 billion in the first half from P869.2 million a year prior, it said in a disclosure to the stock exchange.

This translated to an annualized return on assets of 1.34% and a return on equity of 11.19%.

Its financial statement was unavailable as of press time.

“PBB performed well in the first half of 2024, generating a net income of P1 billion. This highlights the strength of PBB’s business model and underscores its effective recovery and growth strategies following the challenging pandemic years and the ongoing uncertainty in the economic conditions. PBB reached this milestone faster in 2024 than in previous years. In 2023, it took PBB nine months to reach P1.1 billion in net income, and eleven months in 2022,” PBB Chief Operating Officer Cynthia A. Almirez was quoted as saying.

“In the next six months, the bank is committed to sustaining our positive income momentum by continuing to enhance our product offerings and provide innovative solutions tailored to meet the evolving needs of its clients. The bank is looking forward to working together with our clients, shareholders, and employees in building stronger business communities,” Ms. Almirez added.

PBB noted that its profit before tax went up by 18.8% to P1.38 billion from P1.16 billion.

The bank’s interest income rose by 17.2% year on year to P5.18 billion in the first six months.

Core income stood at P1.71 billion, up by 21.4% from P1.38 billion in the same period last year, the lender added.

PBB’s loans and other receivables rose by 14.3% year on year to P118.7 billion at end-June.

On the funding side, deposit liabilities grew by 12.5% to P126.4 billion in the period.

The bank’s total resources expanded by 12.6% to P154.4 billion at end-June.

Total equity was at P18.4 billion in the period.

PBB’s capital adequacy ratio stood at 12.66% at end-June, while its minimum liquidity ratio was at 20.80%.

The bank has a total of 158 branches nationwide.

Its shares ended unchanged at P8.80 apiece on Tuesday. — AMCS