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El Niño crop damage within acceptable parameters — DA

A dry field is seen in Bulalacao in Oriental Mindoro, which has been placed under a state of calamity due to the severe damage caused by the El Niño weather phenomenon. — PHILIPPINE STAR/EDD GUMBAN

THE Department of Agriculture (DA) said crop damage due to El Niño fell within the DA’s projections.

“Most of the affected crops were only partially damaged,” Agriculture Assistant Secretary and Spokesperson Arnel V. de Mesa added in a briefing on Monday.

In its final El Niño bulletin, the DA reported that overall crop damage was P15.3 billion, with lost volume tallied at 784,344 metric tons (MT).

According to the report, partially damaged crops with a chance for recovery accounted for 68% of the affected farmland of 270,855 hectares.

Mr. De Mesa added that only a third of the rice damage was classified as a total writeoff.

“Most of the damage was partial and recoverable. Those suffering total damage was about one-third corresponding with the loss estimates given by the Philippine Statistics Authority (PSA),” he said.

He added that the PSA had projected the lost rice crop due to El Niño at between 100,000 and 200,000 MT.

“We will have to wait for the final report from the PSA,” he said.

The DA is projecting palay (unmilled rice) production this year of 20.44 million MT (MMT) against 2023 production of 20.05 MMT.

As of the first half, palay production declined 5% year on year to 8.53 MMT.

“We are still hopeful of hitting the production target, because a 5% drop is still within the threshold projected for El Niño,” Mr. De Mesa said.

The DA had projected there would be a 10% drop in rice production due to El Niño.

El Niño began in June, with below-normal rainfall bringing drought and dry conditions throughout the country.

Last month, the government weather service, known as PAGASA (Philippine Atmospheric, Geophysical and Astronomical Services Administration), declared the end of El Niño though dry spells persisted in parts of the country. — Adrian H. Halili

Gov’t to forego P9.2B in H2 on lowered rice tariffs

PHILIPPINE STAR/KRIZ JOHN ROSALES

THE GOVERNMENT will forego P9.2 billion worth of revenue in the second half after lowering the tariff on imported rice, the Department of Finance (DoF) said.

“If we did not reduce the rice tariff, the collection for the July to December would be P17.3 billion, with the reduction equivalent to P9.2 billion,” Finance Secretary Ralph G. Recto told the House Committee on Appropriations on Monday.

In June, President Ferdinand R. Marcos, Jr. cut the tariff on imported rice to 15% from 35% previously, with the new rate in force until 2028.

For 2025, the government stands to forego P19.8 billion in revenue due to the reduced tariffs, and will end up collecting P20.3 billion.

The DoF projected rice tariffs collections of P25.5 billion in 2026, foregoing P20.9 billion.

Republic Act No. 11203 or the Rice Tariffication Law deregulated rice imports, and allowed private entities to import rice, though they initially had to pay a 35% tariff on Southeast Asian grain prior to the tariff cut to 15%, which was imposed as an inflation-containment measure.

The law also established the Rice Competitiveness Enhancement Fund (RCEF), which provides P10 billion a year to modernize the rice industry, with RCEF supported by tariff revenue.

Last week, the National Economic and Development Authority said it is working with the Department of Agriculture on a new tariff adjustment system for rice.

Meanwhile, Budget Secretary Amenah F. Pangandaman said P12.7 billion in leftover cash assistance from the RCEF in 2022 has been fully distributed to farmers. — Beatriz Marie D. Cruz

HSBC joins China pitches for PHL green projects

THE Board of Investments (BoI) said it and HSBC Group unit HSBC Philippines have pitched potential Chinese investors on Philippine “green” technology projects. 

In a statement on Monday, the BoI said it delivered a presentation on Philippine initiatives to promote sustainability in a webinar involving Chinese companies.

The BoI extended an invitation to Chinese firms to invest in renewable energy, electric vehicles, and green metal processing.

“The government is working closely with industry partners to deliberately build an ecosystem that would enable businesses to not only remain viable but also achieve their sustainable goals. Investments are therefore promoted across the supply chain,” BoI Executive Director for Industry Development Services Ma. Corazon Halili-Dichosa said.

HSBC Philippines Chief Executive Officer Sandeep Uppal said the Philippines’ competitive advantage is its growing economy, population, and economic reforms.

“Having been in the country since 1875, HSBC Philippines officials have witnessed enormous, world-class opportunities existing in the Philippines compared to when they started,” Mr. Uppal said.

BoI Executive Director for investment promotion services Evariste M. Cagatan also noted the government’s efforts to create a business-friendly climate and incentives available to investors.

Citing Bloomberg’s New Energy Finance Climatescope 2023, Ms. Cagatan said that the Philippines was among the top four emerging markets for renewable energy.

“(This is) mainly due to our green energy auctions, feed-in-tariffs, net metering schemes, and tax incentives,” Ms. Cagatan added. — Justine Irish D. Tabile

IFC, EU outline support for PHL green transition

THE International Finance Corp. (IFC) said it is working with the European Union (EU) to aid the Philippines’ “green” transition.

In a statement, the IFC said it allocated P308 million to participate in the Green Economy Programme for the Philippines (GEPP) until 2028, part of the EU’s new Global Gateway Initiative.

It will focus on adopting plastics recycling and waste management, decarbonization-related investments, “greening” supply chains, and accelerating the country’s energy transition.

The government is aiming to increase the share of renewable energy in the country’s power mix to 35% by 2030 and 50% by 2040.

“The private sector plays a pivotal role in the collective journey towards a sustainable and prosperous future, and the EU is pleased to partner with IFC to promote green growth in the Philippines,” EU Ambassador to the Philippines Luc Véron was quoted as saying in the statement.

“Our engagement in the country’s green transformation underscores our dedication to global climate action and sustainable development, which is aligned with the European Green Deal.”

The GEPP was launched in March by the EU and the Department of Environment and Natural Resources to improve waste management, promote a circular economy transition, bolster the use of renewables in the energy mix, and promote technology to improve energy efficiency.

“IFC is deeply committed to supporting the Philippines’ private sector in its ambitions to transition to a low-carbon future,” IFC Country Manager for the Philippines Jean-Marc Arbogast said. “Our partnership with the EU is a testament to our collective commitment to fostering resilient, green, and inclusive growth that benefits all Filipinos.” — Beatriz Marie D. Cruz

Underspending best addressed via early procurement, DBM says

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THE Department of Budget and Management (DBM) is seeking to address government underspending by maximizing the opportunities for early procurement, Budget Secretary Amenah F. Pangandaman said on Monday.

Speaking in Congress during a budget hearing, Ms. Pangandaman said: “We have measures that could resolve the problem of underspending… These include the early release of allotments through the General Appropriations Act… which means that as early as Jan. 1, allotment orders are released so departments and agencies can implement their projects.”

“Because we have passed the New Government Procurement Act… at the submission of the National Expenditure Program, departments can now conduct early procurement activities short of award,” she added.

The government has a spending target of P5.754 trillion this year. The government has spent P2.257 trillion or 39.22% of the target as of the end of May.

The DBM is set to launch a pilot program to roll out modernized procurement this year, Ms. Pangandaman said, focused on common-use supplies needed by all agencies.

At the same hearing, National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan said that an increase in cash grants to the poorest Filipinos will kick in starting 2026.

NEDA had recommended an increase of about P100 per cash benefit for the Pantawid Pamilyang Pilipino Program (4Ps), noting that the increases are needed to offset the effect of inflation on purchasing power. 

“We have produced a study and adjustment of the grant for inflation to ensure that purchasing power of the grant when it was created would remain the same,” he said.

“All in all, it’s an increase from P2,850 to P3,550, and that takes care of the inflation adjustment,” he added.

A total of P114.2 billion was proposed by the executive branch to implement 4PS in 2025, according to a summary from the DBM.

Speaker and Leyte Rep. Ferdinand Martin G. Romualdez said in his opening speech before the budget hearing that budget allocations should be sustainable and strategic in order to produce economic benefits that are felt by ordinary people.

“To harness (the budget’s) full potential, we must adhere to three fundamental principles: fiscal discipline, strategic allocation, and operational efficiency,” he added.

The DBM last week submitted to the House of Representatives its proposed budget for 2025, proposing increased allocations to education, infrastructure, and defense.

The P6.352-trillion budget is equivalent to 22.1% of gross domestic product, and 10.1% higher than the P5.768-trillion budget this year.

Deputy Speaker and Quezon Rep. David C. Suarez told BusinessWorld that the proposed budget should seek to boost the quality of education to keep the Philippines regionally competitive.

“I’m very biased towards human development, so I want to see how the education funds will be utilized, especially with how our children have been performing compared to (the rest of) ASEAN,” he said.

The government is seeking to strengthen early childhood education, according to Mr. Balisacan’s presentation. Pupils need to have access to learning resources to improve the quality of education, it added. — Kenneth Christiane L. Basilio

Tax refunds for dissolving companies

Have you ever purchased something and ended up paying too much for it, only to find out that the retailer won’t refund the difference? How do you feel about being stuck with the extra cost? Thankfully, that is not the case for taxpayers with excess creditable withholding taxes (CWT). The Tax Code provides remedies to recover such unutilized tax credits. This article will focus on how companies that are dissolving or ceasing operations can recover their excess CWTs.

The Bureau of Internal Revenue is committed to improving the tax refund process. Given the withholding tax rules in the Philippines, it is not uncommon for some corporations to accumulate excess creditable withholding tax. While the option to refund the excess CWTs can be exercised annually, most taxpayers opt to carry forward their excess CWTs in the hope of being able to fully utilize their CWTs without the tedious and sometimes costly refund process. However, when the corporation decides to close its business and undergo the dissolution process, it may be left with significant excess CWTs. Part of the action items in deciding to dissolve the corporation is an evaluation of how the corporation can recover the excess taxes.

Fortunately, several BIR issuances have provided rules specific to the refund of excess CWTs for dissolving corporations.

Section 5(B) of Revenue Regulations (RR) No. 5-2024 provides that in cases of dissolution or cessation of business, wherein carry-over of the excess income tax credit is no longer an option, the taxpayer is to file an application for refund of any unutilized income tax credit. This exempts the taxpayer from the irrevocability rule under Section 76 of the Tax Code.

The BIR has two years from the date of the dissolution or cessation of business to decide on the claim for refund. The two-year period starts with the submission of the Application for Registration Information Update/Correction/Cancellation (BIR Form No. 1905) together with the complete documentary requirements.

The approved refund, if any, is to be released only after the completion of the mandatory audit of all internal revenue tax liabilities covering the immediate preceding year, the short period return, and the full settlement of all tax liabilities.

On July 3, the BIR issued Revenue Memorandum Order (RMO) No. 25-2024 and Revenue Memorandum Circular (RMC) No. 75-2024 to set the guidelines, policies, procedures, and requirements in the processing of claims for tax credit or refund of excess/unutilized CWT. Discussed below are the salient provisions of the issuances.

ENHANCEMENTS THAT TAXPAYERS CAN TAKE ADVANTAGE OF
Annex A.2 of RMO 25-2024 lists the documentary requirements for taxpayers undergoing dissolution or cessation of business. Only applications with completed documentary requirements will be accepted by the BIR.

The required documents are: (a) application for tax credit/refund; (b) Attorney for registration information update/ correction/cancellation; (c) all Audited Financial Statements (AFS) with notes tracing back from the taxable period where the excess income tax commenced, if the AFS was not submitted to BIR eAFS; (d) all Certificates of Creditable Tax Withheld at Source (BIR Form No. 2307) or Withholding Tax Remittance Return for Onerous Transfer of Real Property Other Than Capital Asset (BIR Form No. 1606); (e) Board Resolution for the Shortening of the Corporate Term; (f) hard and soft copies (in MS Excel format) of Summary of Revenue/Income declared for all applicable Income Tax Returns (ITR) and the corresponding taxes withheld per BIR Form No. 2307/1606; (g) original copy of the duly notarized Taxpayer’s Attestations; (h) original copy of Notarized Secretary’s Certificate or Special Power of Attorney  for the authorized representative/s.

The list of requirements notably does not include tax returns or information that has already been filed with the BIR. Based on the RMO, it is now the assigned RO’s responsibility to secure/print copies of the documents from the records/database of the BIR. If the document or information are with another BIR office, that office must furnish the requesting processing office the requested document within 15 days from receipt of such a request. This is a huge improvement that can expedite the process, as the taxpayer need not spend time and effort submitting such voluminous documents.

However, despite the above, RMC No. 75-2024, states that the books of account and accounting records are to be presented by the taxpayer-claimant upon written request of the assigned Revenue Officers (ROs). Failure to present the books of account and accounting records relevant to the claims may be grounds for denial of the application for TCC/refund.

Additionally, the same RMC requires the taxpayer-claimant to fully cooperate and ensure the availability of all documents that may be requested by the assigned RO. Failure to cooperate or submit the requested documents may result in the full or partial denial of the claims.

The taxpayer claiming the income tax credit/refund must prove the authenticity and veracity of BIR Form No. 2307 or BIR Form No. 1606, whichever is applicable. This is without prejudice to the BIR establishing whether the withholding tax payments, which are the source of the claimed creditable taxes, have been declared and included in the Alphabetical List of Payees filed by the taxpayer-claimant’s respective withholding agents, and that the aforementioned withholding agents have also remitted the corresponding amounts to the government.

The RMO provided specific rules for the BIR to verify CWT claims from prior years. However, if any of the taxable years covered have been subject to audit of all internal revenue taxes, verification as to whether or not the taxes withheld are included as part of the gross income declared in the AITR of the taxpayer-claimant where the corresponding income is reported may no longer be necessary for the taxable year covered by the LOA.

The assigned RO needs only to attach printouts of the result of the audit, copies of the LOA, or the result of the audit and/or termination letter, if any.

For processing the claim for refund under Section 76(C) for dissolving taxpayers, the eLA or TVN, whichever is applicable, will be issued to authorize the mandatory audit of all internal revenue tax liabilities. The audit will cover the immediately preceding year and the short period return.

WHAT STILL NEEDS TO BE DONE
While there have been significant issuances released by the BIR to expedite the refund process, the BIR may still consider some further improvements to the system. 

The BIR can consider creating a separate division for the processing of refunds and imposing different Key Performance Indicators (KPIs) for this group. Right now, the most important focus of all BIR personnel is the collection of taxes, and every refund is anathema to them.

If the refund division’s KPI is focused on the expeditious processing of refunds, the refund system may become more reliable for the taxpayer. Taxpayers can now expect that their claims for refunds are processed properly and in a timely manner.

I am optimistic that the continuous actions of the BIR in issuing rules and regulations to expedite and streamline the refund process will restore taxpayers’ faith in the tax refund process. It will go a long way in encouraging businesses and attracting foreign investors to the Philippines.

Let’s Talk Tax is a weekly newspaper column of P&A Grant Thornton that aims to keep the public informed of various developments in taxation. This article is not intended to be a substitute for competent professional advice.

 

Charisse A. Datiles is a senior-in-charge of the Tax Advisory & Compliance division of P&A Grant Thornton, the Philippine member firm of Grant Thornton International Ltd.

pagrantthornton@ph.gt.com

Peso rebounds to P57 level on US recession fears

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THE PESO returned to the P57-per-dollar level on Monday, ending at an over two-month high, as weak US data fanned worries about the world’s largest economy.

The local unit closed at P57.90 per dollar on Monday, strengthening by 18 centavos from its P58.08 finish on Friday, Bankers Association of the Philippines data showed.

This was the peso’s first time to close at the P57 level in more than two months or since it ended at P57.97 on May 28. It was also the local currency’s best finish since its P57.62-per-dollar close on May 17.

The peso opened Monday’s session stronger at P57.85 against the dollar. It climbed to as high as P57.68, while its weakest showing was at P57.915 versus the greenback.

Dollars exchanged rose to $1.76 billion on Monday from $1.36 billion on Friday.

The peso strengthened following the weak US jobs report on Friday, a trader said in a phone interview.

The local unit was supported by a weaker dollar following the data, with the yen hitting a seven-month high on Monday, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Japan’s yen hit its highest levels against the dollar since January on Monday, as markets extended moves triggered last week by weak US labor data that stoked recession worries and expectations of deeper rate cuts by the Federal Reserve, Reuters reported.

The carry-funding favorite, the yen, strengthened as much as 3.4% to 141.675 per dollar at one point, before easing to 143.165. The currency was trading near its strongest level since early January.

The dollar dropped 0.5% against major currencies to trade at 102.62 — a near five-month low.

The US unemployment rate jumped to near a three-year high of 4.3% in July amid a significant slowdown in hiring, heightening fears the labor market was deteriorating and potentially making the economy vulnerable to a recession.

The increase in the unemployment rate from 4.1% in June marked the fourth straight monthly increase, the Labor department reported on Friday.

Its rise from a five-decade low of 3.4% in April 2023 to now the highest level since September 2021 all but guarantees a September interest rate cut from the Federal Reserve, with economists calling for a 50-basis-point (bp) reduction in borrowing costs. They argue that the US central bank is most likely behind the curve in easing monetary policy.

Nonfarm payrolls increased by 114,000 jobs last month, the Labor department’s Bureau of Labor Statistics said. That was well below the 215,000 jobs per month added over the last 12 months, and the at least 200,000 that economists say are needed to keep up with growth in the population, accounting for the recent surge in immigration.

Economists polled by Reuters had forecast payrolls would advance by 175,000 jobs. The establishment survey, from which payrolls are counted, also showed the economy created 29,000 fewer jobs in May and June than previously reported.

Fed fund futures reflected traders pricing a near 99% chance of a 50-bp cut at the central bank’s September meeting, according to LSEG data. Futures imply 127 bps of cuts this year.

The peso lost steam towards the end of Monday’s session amid renewed geopolitical worries due to the latest developments in the war in the Middle East, the trader added.

The US military is deploying more forces in the Middle East and Europe following threats from Iran and its allies Hamas and Hezbollah to respond to the killing of Hamas leader Ismail Haniyeh last week in Tehran.

For Tuesday, the trader sees the peso moving between P57.65 and P58.05 per dollar, while Mr. Ricafort sees the peso ranging from P57.75 to P58. — AMCS with Reuters

PSEi sinks to 6,400 level on US slowdown fears

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THE MAIN INDEX sank to the 6,400 level on Monday, hitting an over one-month low, as weak US jobs data stoked recession fears in the world’s largest economy.

The bellwether Philippine Stock Exchange index (PSEi) fell by 2.58% or 170.57 points to close at 6,434.73 on Monday, while the broader all shares index dropped by 2.23% or 80.43 points to finish at 3,516.47.

This was the PSEi’s worst close since it ended at 6,358.96 on July 2.

“Philippine shares fell back to the 6,400 territory as recession fears surrounding the US made investors worry over a hard landing,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

“Together with other Asian markets, the local bourse closed at 6,434.73, tumbling by 170.57 points (2.58%), as the disappointing jobs report raised fears that the Federal Reserve’s decision to keep interest rates unchanged could lead to a recession in the US,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar likewise said in a Viber message.

Stock markets tumbled on Monday and Japanese shares plummeted a gut-wrenching 13% as fears the United States could be heading for recession sent investors rushing from risk while wagering that rapid fire rate cuts will be needed to rescue growth, Reuters reported.

Japan’s Nikkei shed a staggering 13% to hit seven-month lows, a scale of losses not seen since the 2011 global financial crisis. MSCI’s broadest index of Asia-Pacific shares outside Japan lost 4.2%.

The worryingly weak July payrolls report saw markets price in a 78% chance the US Federal Reserve will not only cut rates in September, but ease by a full 50 basis points.

“Sentiment was further dampened as the inflation rate in July could potentially be higher than the preceding month’s figure,” Ms. Alviar added.

A BusinessWorld poll of 15 analysts yielded a median estimate of 4% for the July consumer price index. This matched the lower end of the Bangko Sentral ng Pilipinas’ forecast.

If realized, July inflation would be faster than 3.7% in June but slower than 4.7% a year earlier.

The Philippine Statistics Authority will release July inflation data today (Aug. 6).

All sectoral indices closed lower on Monday. Industrials dropped by 3.52% or 323.61 points to 8,849.73; property declined by 3.34% or 86.39 points to 2,493.60; mining and oil went down by 2.64% or 221.73 points to 8,167.55; holding firms slumped by 2.44% or 140.63 points to 5,622.45; financials retreated by 2.21% or 44.56 points to 1,966.39; and services lost 1.29% or 25.99 points to end at 1,975.84.

Value turnover rose to P5.64 billion on Monday with 638.56 million shares changing hands from the P4.98 billion with 529.96 million issues traded on Friday.

Decliners overwhelmed advancers, 175 versus 34, while 45 names were unchanged.

Net foreign selling climbed to P621.93 million on Monday from P189.04 million on Friday. — R.M.D. Ochave with Reuters

Yulo: I’m just grateful to God

CARLOS YULO — SCREENGRAB FROM ONE SPORTS YOUTUBE CHANNEL

PARIS, France — Maybe to many or for some, life is never clear.

Declaring he’s “Jesus believer,” Carlos Yulo is convinced he’s blessed with a wondrous skills set, and that there’s hope in pursuing a dream with a strong work ethic, purpose, belief and resilience. He had no doubt about it.

And molded and toughened by the crucibles of life, trusting the process and maintaining a positive attitude, Mr. Yulo hit his full potential and he’s now called King Carlos, King Caloy, Golden Boy, Olympic Champ, etc.

Mr. Yulo’s the best from the rest or the greatest from among all hopefuls the country had unleashed to compete in the pinnacle of all sporting wars. Count all of them from the country’s very first plunge in the Games back in 1924 to this day in the same adorable French capital.

Mr. Yulo wrote his name in the annals of Philippine sports with two magical moments in a weekend of Olympic gymnastics medal plays, claiming the floor exercise and vault championships at the Bercy Arena.

Before Mr. Yulo, there’s no Philippine bet who had won a gymnastics medal and no Philippine male athlete in any sport who had nailed an Olympic gold. Today, there’s no other who can answer to a call “Olympic Double-Gold Winner!”

“It’s just so overwhelming,” said Mr. Yulo.

But the nagging question is what makes Mr. Yulo different? What sets him apart from the rest?

It’s not thrown at him exactly in his hours of triumphs as he has always got a ready answer — enduring trials of life, making the most of his experiences and accepting anything God has to give.

“I did not give up on the challenges. I am thankful to the Lord that he gave me this experience, this life and this opportunity to play in such big competition,” said Mr. Yulo after winning his first gold.

“(I’ve gone through) lots of experiences that are pretty tough for me, not only in gymnastics but in personal life. I’m grateful that God gave me the power to enjoy this kind of journey,” Mr. Yulo shared after completing his amazing double-gold feat.

He’s in the zenith of sporting success and he’s automatically bound to receive millions in incentives, but there’s the sad part of his thorny relationship with his family. There’s also his split with his Japanese coach Munehiro Kugiyama.

All these that he’d rather not discuss.

“I’m just grateful to God. I’m grateful I didn’t stop and grateful He gave me hope and He gave me people who truly believe and trust me,” he said, making special mention of his partner Chloe San Jose and her family.

“I really need to work on my personality not just in gymnastics but on how I view life. I need to work on myself to learn and accept what I can do and trust the process for me and my mental health,” he added.

Redemption from the Tokyo slip?

“It’s not revenge anymore like in 2022. It’s more like ‘let’s do it and let’s find out,’” said Mr. Yulo.

He did it and found great success, ending his Paris campaign with two shining gold medals dangling on his neck.

At 24, Mr. Yulo is an Olympic double champ and world championship double-gold winner.

Hail King Carlos! — Nelson Beltran

Yulo’s historic double-gold feat celebrated by Marcos, Diaz, Pacquiao, millions of Filipinos

FOR the second straight night, the world stopped at the 11th hour in the Philippines.

And for the second straight time, the wait until midnight was worth it as destiny smiled twice on gymnast Carlos “Caloy” Yulo in the Paris Olympics to cement his stature as one of the greatest athletes the archipelago has ever produced.

The only difference was the louder chants, bigger magnitude, sweeter smiles and prouder hearts this time around from the millions of Filipinos back home and all over the world for Mr. Yulo’s historic double-gold feat.

From President Bongbong Marcos to legendary boxer Manny Pacquiao and the country’s first Olympic gold medalist Hidilyn Diaz, cheers overflowed for Mr. Yulo after ruling the vault on the heels of his championship in the floor exercise beforehand.

“No words can express how proud we are of you, Caloy. You have achieved gold for the Philippines not once, but twice. Filipinos all over the world stood united, cheering and rooting for you,” said Mr. Marcos.

Mr. Yulo’s milestone vaulted him as the greatest Filipino gymnast of all time — if not the greatest athlete already — with a breakthrough that also made him the only multi-medalist Pinoy in a single Olympics at only 24 years of age.

And for that, even the world’s only eight-division boxing champion and No. 1 Asian Athlete this millennium as per the ESPN was in complete awe as Mr. Yulo catapulted the Philippines to Top-20 in the Olympic medal tally for the first time after 100 years of participation.

“Another historic win for the Philippines. Congratulations again Carlos Yulo for winning your 2nd gold at the Paris 2024 Olympics. We, the Filipinos, are truly proud of you. Thank you, Caloy,” said Mr. Pacquiao.

Weightlifter Hidilyn Diaz, who snapped a 97-year wait for the Philippines, three years back in the Tokyo Olympics, also doubled down on congratulating Mr. Yulo after previously saying it out loud like her proud sister in real life.

In Paris, Mr. Yulo also did not lack a support system as the members of the 22-strong Team Philippines delegation backed him up to his last tumbling.

His teammate Aleiah Finnegan herself watched Mr. Yulo’s golden feat at the Bercy Arena, along with close pal and Team USA ace gymnast Suni Lee, a gold and two-bronze winner in Paris.

Count pole-vaulter EJ Obiena, who will try to hike the medal haul for the Philippines, trackster Kayla Sanchez, gymnast Levi Jung-Ruivivar, and boxers Nesthy Petecio and Eumir Marcial in that too following their greetings to Mr. Yulo.

“Yes sir!” said world No. 2 Mr. Obiena, out to defy the odds in the stacked final cast of pole vault led by reigning champion and world No. 1 Armand “Mondo” Duplantis of Sweden. — John Bryan Ulanday

Megaworld upgrades Yulo reward

LISTED property developer Megaworld Corp. has upgraded the reward for Carlos Edriel P. Yulo to a P32-million condominium unit and a P3 million cash bonus after securing two gold medals in the 2024 Paris Olympics.

The three-bedroom condo unit will be designed and fully-furnished with appliances, furniture, and fixtures, Megaworld said in an emailed statement on Monday.

The unit also has two balconies, a separate maid’s room, and a parking slot.

For the P3-million cash bonus, Megaworld said it is a special reward for “being the first Filipino athlete to get two gold Olympic medals.”

Team Philippines raring for more in Paris Games

PARIS, France — With still a full week of sporting battles ahead, Team Philippines has achieved its target and is raring to go for more in the 2024 Olympics.

“Answered prayers. We already broke the record in the Olympics, that’s it,” said Philippine Olympic Committee President Abraham “Bambol” Tolentino.

“This is destined for the Philippines, a destiny shaped by everyone’s efforts. Thanks to everyone’s support, the nation celebrates the milestones we’ve achieved,” said Philippine Sports Commission Chairman Richard Bachmann.

Carlos Yulo’s milestone two-gold blitzkrieg in artistic gymnastics sealed the deal, surpassing the Tokyo 2021 breakthrough from a 19-strong contingent that claimed one gold, two silvers and one bronze.

Tokyo 2021 carved a niche in history. Now the 22-strong Paris 2024 is making a bigger noise, churning out more special achievements and bound for a greater breakthrough.

“In just two days, Carlos Yulo brought home two gold medals, but we’re not stopping there,” said Mr. Bachmann.

Boxers Nesthy Petecio and Aira Villegas are in the thick of the fight for ultimate Olympic glory while EJ Obiena was to set out for battle in men’s pole vault final at the Stade de France Monday night (early Tuesday morning in Manila).

“Our weightlifters and golfers are equally eager to contribute. We commend everyone’s involvement in bringing the country back to glory. I am confident that all Filipinos are celebrating this special achievement like never before,” said Mr. Bachmann.

The newly minted double-gold winner Mr. Yulo will be cheering for his teammates. — Nelson Beltran