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Dolmar Land eyeing Pampanga expansion with planned horizontal project

REAL ESTATE developer Dolmar Real Estate Development Corp. (Dolmar Land) is eyeing to expand into Mexico, Pampanga with a planned horizontal project to bolster the company’s presence in the affordable to mid-end segment.

“We’re also foraying into our first Pampanga location. The direction that we’re doing is to keep landbanking and to unlock the landbank that we already have to sustain not only the growth of the company but to serve more Filipinos. It is going to be horizontal community,” Dolmar Land Director of Operations Francis C. Tan said during a media briefing in Makati City last week.

According to Mr. Tan, Dolmar Land is eyeing to begin pre-selling for the 20-hectare Pampanga development within the year.

“We’re very excited to launch in the next weeks or months. What we’re trying to do is (to begin) pre-selling within the year. Between four to five years after land development, we’ll start turning over (the units),” he said. “Before, it is more focused in Bulacan. But now we feel like we are ready to introduce ourselves to many provinces that need housing in the Philippines. We try to be ahead of the curve,” he added.

Mr. Tan added that Dolmar Land strives to “always stay tuned to the evolving and changing needs of the Filipino property market.”

“Our challenge is to make sure that each new community that we develop is better than the one that came before it. We will always remain committed to build and serve for the future of our fellow Filipinos by developing more Dolmar Land communities and working together with our partners and clients,” he said.

Angelo D. Elispe, Dolmar Land vice-president for business development, said at the same briefing that the planned Pampanga development will have at least 1,500 units.

“Our (price) range will be around P2.5 million to P4 million for the Pampanga development,” he said.

Meanwhile, Dolmar Land Chairman and President Mariano John L. Tan, Jr. said during his opening remarks that the property developer has two residential subdivisions under development in Bulacan that would provide an additional 1,966 units for about 7,900 residents.

“The pipeline for future projects is already being prepared by scouting and investing in additional hectares of land in Metro Manila, Bulacan, and Pampanga,” he said.

Dolmar Land has delivered over 7,000 homes since its establishment in 1972. Its residential portfolio consists of Bella Vista, Northgrove Hills, Legacia, Golden Hills Panorama Bulacan, Golden Heights Cartagena, Barcelona, and Andalucia.

The company also has commercial properties such as the Dolmar Building in Mandaluyong, UN Avenue Manila, and Gold Tower Makati. — Revin Mikhael D. Ochave

UN’s pact to protect future generations will be undermined by Security Council’s veto and its use in cases of mass atrocity

World leaders will gather at the United Nations (UN) on Sept. 22-23, 2024, where they are set to adopt the Pact for the Future — an ambitious plan for how to best reform the UN, and other institutions, to address the current problems of the world and protect future generations.

It couldn’t come at a more pressing time. As presidents, prime ministers and top diplomats prepare to meet in New York, mass atrocities — genocide, war crimes, crimes against humanity and ethnic cleansing — are taking place or alleged in several countries around the world.

The pact and an accompanying Summit of the Future serve as an opportunity for the UN to make structural changes that will better empower the international body to prevent and respond to such crimes and protect populations under threat. As UN Secretary-General António Guterres noted, the summit is a “once-in-a-generation opportunity to reinvigorate global action, recommit to fundamental principles, and further develop the frameworks of multilateralism so they are fit for the future.”

As a scholar-practitioner of mass atrocities prevention and human rights, I share Guterres’ hope that the summit and pact can lead to a change. The existing frameworks have failed time and time again to prevent or end mass atrocities.

But to have a real chance of success, I believe the summit will have to look at reforming the UN’s principal body on peace and security: the Security Council. The council is not only unrepresentative, but its five permanent members —France, the United Kingdom, the United States, Russia, and China — all stand accused of being directly or indirectly complicit in some of the worst mass atrocities currently taking place.

A FORGOTTEN RESPONSIBILITY
The Summit for the Future comes nearly 20 years after the last major push for UN reform at the 2005 World Summit. Staged in the aftermath of genocides in Rwanda and Srebrenica, the summit saw 170 governments adopt the Responsibility to Protect, or R2P, pledging to take on individual responsibility to protect their own populations from mass atrocities.

States also accepted collective responsibility to protect people in other countries. In cases when a nation fails to prevent mass atrocities, or commits them directly, world leaders agreed to “take collective action, in a timely and decisive manner, through the Security Council.” Such actions could include everything from sanctions and arms embargoes to coercive military action.

Two decades on, it is clear that UN member states and the Security Council have failed to live up to their commitment to R2P. In the intervening years, the world has seen mass atrocities in Sudan, South Sudan, China, Ethiopia, Yemen, Myanmar, and Syria — with limited effective interventions by the UN.

PERPETRATORS OR PROTECTORS?
Part of the problem, I believe, is with the Security Council itself. Not only has this crucial body not ensured populations were protected, but that task is undermined by the fact that all five permanent members of the Security Council are either accused of directly committing or assisting mass atrocities.

China has been accused of committing genocide and crimes against humanity against its Uyghur ethnic minority. Russia has been accused of committing war crimes, crimes against humanity and genocide in Ukraine.

Both China and Russia supply arms to regimes in Syria and Myanmar — both accused of committing mass atrocities.

The United States, the United Kingdom, and France — the three permanent Western members on the council — have armed, and continue to arm, Israel, which has been accused of committing genocide, war crimes, and crimes against humanity in Gaza and the West Bank.

Such complicity undermines the authority of the Security Council as the UN body charged with taking action to prevent and respond to mass atrocities. Additionally, the five permanent members have veto power, unlike the 10 rotating nonpermanent members of the council. This means whenever one of the permanent members votes “no” on a Security Council resolution, it does not pass.

Since the Responsibility to Protect was adopted, the veto has been used to block action on mass atrocities several times. Russia and China have used their veto to block action in cases related to the crisis in Syria. Meanwhile, the US has repeatedly vetoed action over Israel’s treatment of Palestinians in the occupied territories.

The power to veto also acts as a deterrent, preventing issues from being brought before the Security Council. If member states believe a permanent member will block a resolution, they may decide not to bring the issue before the council for a vote.

VETOING THE VETO
The idea of reforming the council so that the five permanent members do not have veto powers on resolutions related to mass atrocities is not new.

It gained traction in 2013 after France’s then-President François Hollande addressed the UN General Assembly and stated that “whenever [the United Nations] proves to be powerless, it’s peace that pays the price.” Hollande called for a “code of good conduct” whereby the permanent members could decide to “collectively renounce their veto powers” regarding mass atrocities.

In 2015, Mexico joined France in formally calling for the suspension of veto powers in such cases. As of 2023, 106 states have expressed support for this effort.

Separately in 2015, the Accountability, Coherence and Transparency Group — 27 states that work to enhance the Security Council’s effectiveness — proposed a “Code of Conduct on Genocide, Crimes against Humanity and War Crimes.” It called on states to “voluntarily commit themselves not to vote against a draft resolution of the Security Council in which the Council takes measures to end these crimes.” The key difference between the two proposals is that the ACT Group’s code of conduct would apply to both permanent and nonpermanent members of the Security Council. As of 2023, 129 UN members and observers have signed.

The issue of the Security Council veto has come up during the drafting of the Pact for the Future.

An earlier version of the draft pact held that member states “encourage a collective and voluntary agreement among the permanent members of the Security Council to refrain from the use of the veto when the Security Council intends to take action to prevent or halt genocide, crimes against humanity or war crimes.”

But this paragraph was removed in a subsequent revision.

The latest version due to be discussed at the summit references the need to address veto reform and “intensify efforts to reach an agreement on the future of the veto, including discussions on limiting its scope and use.”

But achieving true veto reform has proven difficult in the past, as permanent members have been reluctant to relinquish this extraordinary power.

LESS REPRESENTATIVE, BUT NO LESS POWER
The veto debate forms part of a larger discussion that many states, especially in the Global South, want to have over the shape of the UN’s highest body.

Next year will mark the 80th anniversary of the founding of the United Nations. In the conferences that preceded the creation of the UN, the allied victors of World War II negotiated to give themselves permanent membership on the Security Council and veto power.

But the world looks very different today than it did in 1945. The five permanent members are no longer all allies, and membership of the UN has grown significantly from 51 original members to 193 members today.

As the UN has grown, it has added more members to the Security Council, expanding from 11 to 15 members in 1963.

But the number of permanent members has not changed. And while in 1945 they represented close to half the world’s population and 10% of member states, that has dwindled to about a quarter and 2.5%, respectively.

Despite becoming less representative, this five-member club still has the power — should it find the willingness to use it — to exert pressure to end many mass atrocities that are causing incredible suffering and death and driving the highest level of global displacement in history, with more than 120 million people forcibly displaced in 2024.

But it has failed to do so. And while there are several challenges that need to be addressed in the Pact for the Future, any efforts to safeguard the safety of peoples now and in the future will be undermined without reform of the Security Council and its veto powers.

THE CONVERSATION VIA REUTERS CONNECT

 

Mike Brand is an adjunct professor of Genocide Studies and Human Rights at the University of Connecticut.

For a show about witches, Agatha All Along has very little magic

By Esther Zuckerman, Bloomberg

TV Review
Agatha All Along
Disney+

ONDISNEYPLUS.DISNEY.COM

AGATHA HARKNESS, the Marvel witch played with fabulous flair by Kathryn Hahn, became a sensation largely thanks to the jaunty earworm “Agatha All Along,” which she performed in the seventh episode of Disney’s 2021 hit series WandaVision. A chorus asks: “Who’s been messing up everything?” To which Hahn winningly sings, in her best Broadway belt: “It’s been Agatha all along!”

Given that WandaVision was the first Marvel franchise to drop on streaming service Disney+, and that critics largely agreed the series felt like a creative leap forward (and away from the already tired Marvel Cinematic Universe), Hahn’s star turn all but guaranteed her a spinoff.

Three years later, Walt Disney Co. has made good with Agatha All Along, a nine-episode series stacked with a dream-team cast of divas and character actresses that also features another original, surprisingly good tune from songwriters Robert Lopez and Kristen Anderson-Lopez. To get to the good stuff, though, you’ll have to make it through an uneven story setup that makes you wonder whether the series will stick its landing.

The last time we saw Agatha in WandaVision, Wanda Maximoff (Elizabeth Olsen, absent from Agatha All Along thus far) trapped her in the town of Westview, leaving her powerless and hallucinating. The first episode of Agatha picks up where WandaVision left off, opening with a parody of an HBO drama: Still under Wanda’s spell, Agatha believes herself to be Agnes, a small-town detective hunting down the killer of a Jane Doe. It’s a not-so-subtle spin on Mare of Easttown, with Hahn doing her best bad impression of Kate Winslet (and a Saturday Night Live sketch).

Although it’s very funny, it also feels like filler leading up to the real action, which kicks off with a mysterious goth teenage boy (Heartstopper’s Joe Locke). He arrives in town and awakens Agatha from her stupor. Meanwhile she has another visitor: a vengeful witch from her past, Rio Vidal, portrayed with a sexy villainy by Aubrey Plaza. Rio warns that a menacing cohort known as the Salem Seven is on the way to kill Agatha, angry at a past offense.

It’s not until the second episode, which was released alongside the first on Wednesday, (after that it’s on a one a week schedule) that we get to the real meat of the plot. To fully regain her powers, Agatha has to assemble a coven and walk a dangerous magical byway that will end in either death or enhanced power. The path is known as the Witches’ Road, the route to which is summoned via a ballad on which the cast expertly harmonizes. (This isn’t the last time you’ll hear “The Ballad of the Witches’ Road,” which I found myself involuntarily humming the day after I watched the screeners.)

The coven is one I’d happily join. Theater legend Patti LuPone is magisterially kooky as Lilia Calderu, a brassy soothsayer who’s working as a cheap psychic when Agatha approaches. Former SNL cast member Sasheer Zamata’s Jennifer Kale is a potions master who’s taken to selling wellness items such as probiotic candles. And Ali Ahn is Alice Wu-Gulliver, a ne’er-do-well nepo daughter of a formerly powerful witch rock star who’s been reduced to working security at a Hot Topic-type store.

The other sorceresses are skeptical of Agatha’s intentions — as they should be, because she has only her own interests at heart. But despite their reservations, they team up with Agatha on her quest, all in need of their own type of fulfillment. They’re also joined by the nonwitch, suburban gardener Mrs. Hart (Debra Jo Rupp, a holdover from WandaVision), who thinks Agatha is inviting her to a party; in reality, Agatha needs someone with a green thumb to complete the coven. Eventually, Plaza’s Rio is also integrated back into the fold, bringing with her the brand of wide-eyed, alluring chaos in which the actress specializes.

In its initial episodes, Agatha All Along, created by Jac Schaeffer, offers up a lot of mysteries. The biggest one: Who is this goth boy whom Agatha simply calls “Teen,” since whenever he tries to say his own name a spell prevents him from doing so? Locke brings an adorable earnestness to the part, which one has to assume will somehow be complicated as the narrative progresses. Two other questions: Just who is Rio Vidal? And what is her history with Agatha? Plaza and Hahn’s scenes together bristle with a palpable chemistry that’s not entirely chaste, and therefore quite radical for a Marvel product (though we’ll see how far they actually take it).

The fun really begins when the ladies hit the literal road and are greeted with a series of magical trials that test their supernatural abilities. Without spoiling too much: Each trial comes with a variety of absurd costumes. The first includes a setup that plays like a Nancy Meyers movie gone horribly wrong. That’s followed by one with the cast in groovy 1970s wigs, forced to rock out to stop a curse.

If the rest of the series’ nine episodes follow this path, with each installment providing another goofy trial, Agatha All Along should be a swell, silly time. That said, the emotional stakes so far feel remarkably thin. It’s unclear why we should care whether Agatha regains her power, other than that it’s amusing to watch Hahn and her co-stars ham it up.

When Marvel premiered WandaVision, it was the start of a new era for the studio. It was less about introducing new superheroes and more about expanding the boundaries of what was possible within the medium, inflecting existing characters with real pathos. It was a Marvel product that transcended the Marvel baggage. Three years later, Agatha All Along arrives as a bit of an afterthought. It’s got its charms, but it feels haphazardly thrown together, and the magic isn’t fully there.

Aeon Luxe tops off 2 towers of Aeon Bleu Residences in Davao

DAVAO CITY — Aeon Luxe Properties, Inc. (ALPI) recently conducted a ceremonial topping off for the two towers of its condominium development, Aeon Bleu Residences.

The topping off ceremony, held on Friday last week, signified the completion of the structural frameworks for the two 26-storey towers, 20 months following the groundbreaking in December 2022.

The increase in inquiries and reservations reflects strong support from brokers, sellers, future residents, and investors, said Ian Y. Cruz, president and chief executive officer of Aeon Luxe Properties.

Situated on a 1.6-hectare property along Bacaca Road, Aeon Bleu Residences aims to set a new standard in upscale living in Davao City with its six medley-themed pools and exclusive Club Aeon amenities, according to the company.

“All designed to provide not just comfort but a true sense of community for our residents,” Mr. Cruz said.

The project is a six-tower mixed-use development, comprising two residential towers, one condotel, one corporate tower, Club Aeon, and one future development. The tallest buildings will be up to 26 storeys.

Towers 1 and 2 will house the residential flats of Aeon Bleu, while Tower 3 is a hotel-operated condotel equipped with revolutionary technology like a digital concierge, fiber optic backbone, and smart home features.

Mr. Cruz told Businessworld that Tower 3 will also reach its topping this year and is expected to bring more upscale hotel rooms for future guests.

The company is eyeing the turnover of the three towers in December 2025, he added.

The master plan includes Tower 4, a corporate tower with shared workspaces and private offices. 

Club Aeon at Tower 5, the crown jewel of the Aeon projects, features a luxury lobby, basketball court, fitness facility, children’s playroom, entertainment area, and a unique six-themed pool.

Tower 6, a premium residence, will offer the most luxurious units, an infinity pool, and large office spaces on its top floor. — Maya M. Padillo

Reserve Bank of Australia set to extend pause as housing crisis props up prices

REUTERS

AUSTRALIA’S record household debt was a key factor in the Reserve Bank of Australia’s (RBA) cautious approach to tightening, and now housing is an important consideration in the RBA becoming an outlier in the easing cycle and keeping interest rates on hold this week.

Housing costs, including rents, constitute roughly a fifth of Australia’s consumer basket and are the biggest driver of inflation after services. That helps explain Governor Michele Bullock’s hawkish rhetoric and why economists see the RBA holding the cash rate at a 12-year high of 4.35% on Tuesday — and keeping it there until at least February.

As the Federal Reserve kicked off its easing campaign last week, the RBA’s message had been clear: it’s “premature” to consider rate cuts. Underlying inflation in Australia is running at 3.9% — well above the 2-3% target — and the RBA expects it will only return to the band in late 2025.

“The Australian circumstance is perhaps no coincidence given that the RBA has been less aggressive than the Fed in raising the policy rate to tackle inflation,” said Stephen Miller, an investment strategist at GSFM. “The flip side is that it might need to exercise a little more patience when it comes to cutting.”

Many economists, including Westpac Banking Corp. and Goldman Sachs Group, Inc., expect the RBA will undertake a shallow easing cycle when it finally starts cutting, reflecting its cash rate peaking 1 percentage point below the Fed’s.

From the outset, the RBA has been concerned about how much tightening Australians could absorb given they are among the most indebted in the developed world. But it’s the supply side that has turned out to be the main problem as a surge in post-pandemic immigration and soaring residential construction costs triggered a housing squeeze. That sent rents soaring, adding to inflation, and kept property prices rising in a period of restrictive policy.

Mortgage lending, excluding refinancing, rose 3.9% in July from a month earlier, while home loans to investors jumped 5.4% to be up 35.4% from a year earlier, according to government data. The level of investor lending, at A$11.7 billion ($7.97 billion), is close to a January 2022 peak.

The strong demand for housing has come as build times for new projects have blown out since the pandemic by around 20% from approval to completion, while costs have risen by around 40%, according to Masters Builders CEO Denita Wawn.

“The government’s priority should be growing the building and construction workforce,” Wawn said, calling for a boost in the number of skilled migrants. “Domestically, we cannot fill this gap.”

Residential construction has the second-largest economic multiplier of all 114 industries that make up Australia’s economy, according to a government report. Underlining the sector’s importance, each A$1 million of residential construction output supports nine jobs across the economy.

Soaring input costs and a nationwide shortage of housing drove annual rental inflation to 7.3% in the June quarter, while home prices are at record highs in Sydney. The danger is that any rate cut will further fuel the property market.

Still, some economists reckon the RBA won’t wait for a cooling in housing before embarking on rate cuts.

The RBA’s rate hikes have slowed economic growth markedly, largely due to weak consumption while strong population gains and higher government spending have kept Australia out of recession. The labor market, meanwhile, remains surprisingly resilient with the unemployment rate holding at 4.2% in August.

Oxford Economics reckons Australia hasn’t really experienced this combination of anemic gross domestic product growth and very low unemployment in its recent history. Economist Sean Langcake pointed to weak productivity and a monetary-fiscal “policy mismatch” among factors making for a slow disinflation cycle. He expects rate cuts to only begin in the second quarter of next year.

Gareth Aird at Commonwealth Bank of Australia, the nation’s largest lender, says the outlook for housing inflation is “slowly improving,” as price pressures for both construction inputs and rents begin to cool.

“A firmer disinflationary pulse than the RBA expects in the third quarter of 2024 is a necessary ingredient to see the RBA commence an easing cycle this calendar year,” said Aird. “But the evolution of the unemployment rate will also play a big role when the central bank joins its global peers in cutting rates.” — Bloomberg

Philippines rises in 2024 Asia Power Index

The Philippines went up a notch to 15th out of 27 countries and territories in the 2024 Asia Power Index by the Lowy Institute. With an overall score of 14.7 points out of 100, the country was classified as a “middle power” in the region. The index measures resources and influence to rank the relative power of states in Asia through eight thematic measures (See Philippines’ 2024 profile).

Philippines rises in 2024 Asia Power Index

How PSEi member stocks performed — September 23, 2024

Here’s a quick glance at how PSEi stocks fared on Monday, September 23, 2024.

Philippines to continue patrols in disputed water

PHILIPPINE COAST GUARD PHOTO

By Kenneth Christiane L. Basilio, Reporter

THE PHILIPPINES will continue sending coast guard ships and reinforcement to Sabina Shoal in the South China Sea, where China is allegedly doing small-scale reclamation, a top security official said on Monday.

“We can send a ship, and we can send Air Force planes,” National Security Council (NSC) Assistant Director-General and spokesman Jonathan E. Malaya told BusinessWorld in an interview in Filipino.

“It’s really the Coast Guard who’s doing the maritime [patrols],” he added, noting that military assets would only be used to provide support.

Mr. Malaya said the Armed Forces of the Philippines (AFP) would always be just on the sidelines, “in the same manner that the Chinese Coast Guard is accompanied by the People’s Liberation Army Navy from afar.”

“We are using all our surveillance capacities,” he added.

BRP Teresa Magbanua on Sept. 14 left Sabina Shoal, which Manila used as a staging ground for resupply missions to Second Thomas Shoal, because it had accomplished its mission, the Philippines’ National Maritime Council said last week.

The Chinese Coast Guard confirmed the departure of the ship after lingering there since April in what China viewed as an “illegal action,” according to state-owned Xinhua News Agency.

China took measures against Philippine vessel 9701 in accordance with the law, while repeated Philippine attempts to organize replenishment of the vessel had failed, Xinhua quoted China Coast Guard spokesman Liu Dejun as saying.

The Southeast Asian nation’s sustained presence at the feature, aiming to monitor what it suspects to be China’s small-scale reclamation activities has angered Beijing, turning the shoal into their latest flashpoint in the contested waters.

Mr. Malaya, who attended a House of Representatives budget hearing for the NSC, said the Philippines had sent another ship to Sabina Shoal to replace BRP Teresa Magbanua, the Philippine Coast Guard’s (PCG) biggest ship, “because it’s part of our exclusive economic zone, and it’s our right to monitor what’s happening there.”

Mr. Malaya said the new vessel was sent there to check on China’s reclamation activities at the disputed shoal.

He said the PCG now has the capacity for long-term deployment, but from here on, Manila prefers not to broadcast its plans.

“We no longer want to disclose how long that ship will be there, the Philippine government has been criticized of being loud compared with China, which prefers to keep silent,” Mr. Malaya said. “So we also don’t want to telegraph our punches to China.”

The Philippine Foreign Affairs department this month said it had expressed its displeasure with Beijing over an Aug. 31 collision in which BRP Teresa Magbanua was hit thrice by a Chinese vessel.

The Chinese Coast Guard vessel had caused significant damage to the Philippine ship and endangered the lives of its personnel, a Philippine task force said.

The Chinese side made a similar claim, with Mr. Liu saying that the smaller PCG vessel “deliberately” collided with their ship.

Sabina has been a staging ground for Philippine resupply missions to Second Thomas Shoal, where Manila grounded a World War II era ship in 1999 to serve as an outpost for a handful of Filipino soldiers.

Manila and Beijing came up with a resupply deal in July after a June 17 standoff where Chinese forces threatened, using bladed weapons, Filipino troops delivering supplies to the Navy outpost, according to the Philippine military.

China claims sovereignty over most of the South China Sea, overlapping into maritime zones of Brunei, Indonesia, Malaysia, the Philippines, and Vietnam.

In 2016, a United Nations-backed tribunal in the Hague voided China’s expansive claims for being illegal. Beijing has ignored the ruling.

Sabina Shoal is about 140 kilometers (km) away from the Philippine island of Palawan and about 1,200 km from Hainan island, the nearest major Chinese landmass.

Marcos signs Magna Carta for Seafarers measure into law

PHILIPPINE President Ferdinand R. Marcos, Jr. poses for a selfie after signing into law the Magna Carta for Seafarers bill in a ceremony at the presidential palace. The law will protect Filipino seamen’s rights, ensure fair wages and safe working conditions, and boost their skills. — PPA POOL

PRESIDENT Ferdinand R. Marcos, Jr. on Monday signed into law a bill that seeks to improve the working conditions of Filipino seamen and provide incentives to the sector.

In a speech at the signing ceremony at the presidential palace, the President said the Magna Carta for Filipino Seafarers would protect Filipino seamen’s rights, ensure fair wages and safe working conditions and boost their skills.

“When we speak of protection, we speak of shielding our seafarers not only from the perils of the sea, but from exploitation and discrimination that have too often been tolerated,” he said. “Specifically, the magna carta will strengthen our legal framework to ensure that Filipino seafarers receive adequate training, secure contracts, just wages and fair benefits.”

“The law would help bolster and further the country’s status as the biggest supplier of seafarers worldwide,” Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said in a Facebook Messenger chat. “That, in turn, would further boost remittances from seafarers and lead to faster economic growth.”

The palace had yet to issue a copy of the signed law, but based on a government handout, the law will define government agencies’ and stakeholders’ roles in “achieving common goals to guarantee accountability, efficiency and clarity.”

Senate President Francis Joseph G. Escudero, who was present at the signing ceremony, in a statement said the law spells out the rights of seafarers including their right to just terms and conditions of work, right to self-organization and to collective bargaining, and right to educational advancement and training at “reasonable and affordable” costs.

It also spells out their right to safe passage and travel, consultation, free legal representation, immediate medical attention, access to communications, record of employment or certificate of employment, and fair treatment in case of a sea accident.

“The law also enumerates the duties of a seafarer, such as complying with the terms and conditions of the employment contract and being diligent in the performance of duties relating to the ship,” Mr. Escudero said.

The law would harmonize policies among several agencies including the Commission on Higher Education, Technical Education and Skills Development Authority, Department of Foreign Affairs, Department of Health, Philippine Coast Guard, Department of Labor and Employment, Department of Migrant Workers and Maritime Industry Authority (Marina), according to the Transportation department.

The law was signed more than a year after the European Commission cited deficiencies in the Philippines’ seafarer education, training and certification system.

Under the new law, Marina now has jurisdiction over maritime education, with powers to accredit, regulate and monitor education and training institutions offering maritime degree programs and technical courses.

“This requires Marina to come up with a different program for seafarers in domestic trade,” according to the handout.

The Philippines is the biggest source of seamen worldwide, accounting for over 20% of the total. Money sent home by sea-based Filipino workers inched up by 0.9% to $568 million (P31.8 billion) in July.

Speaker Martin G. Romualdez said the law would help the Philippines keep its status as the “largest supplier of seafarers in the world.” “Their remittances contribute significantly to keeping the economy on the high-growth path,” he said in a statement. — Kyle Aristophere T. Atienza

Senate body swiftly approves President’s 2025 budget

BW FILE PHOTO

THE Senate finance committee on Monday swiftly ended its hearing on the Office of the President’s P10.5-billion proposed budget for next year, after senators chose not to raise questions about its spending plan, citing “parliamentary courtesy.”

In under 10 minutes, Senate President Pro-Tempore Jose “Jinggoy” P. Estrada, Jr. moved to end the budget briefing “in the spirit of parliamentary courtesy” to the Executive branch.

Senators Maria Lourdes Nancy S. Binay-Angeles and Mary Grace Natividad S. Poe-Llamanzares backed the motion.

Ms. Llamanzares, who heads the finance committee, lauded the creation of a Presidential Office for Child Protection, which she said is crucial to the safety of Filipino children.

Under Executive Order 67, which President Ferdinand R. Marcos, Jr. issued last month, the body will oversee government programs on the prevention of online sexual abuse and exploitation of children.

It will submit policy recommendations to the President and work with agencies such as the Council for the Welfare of Children to come up with an updated National Plan of Action for Children.

Based on a 2022 International Justice Mission report, nearly half-a-million Filipino children were trafficked to produce pornography in 2022.

The United Nations Children’s Fund has said about 20% of children aged 12-17 were prone to online sexual abuse and exploitation, with 23% of children not telling anyone of the harm they had experienced.

The House of Representatives committee on appropriations on Sept. 9 also quickly approved the President’s budget, even as lawmakers questioned why confidential and intelligence funds make up half of the President’s budget.

Mr. Marcos’ office is seeking P4.56 billion in secret funds next year — P2.25 billion in confidential funds and P2.31 billion in intelligence budgets, based on the 2025 National Expenditure Program.

These funds are meant for surveillance and intelligence information-gathering activities, according to a 2015 joint circular between the Commission on Audit, Defense, Budget, and Interior and Local Government departments.

“In turn, it is our duty to support this commitment by approving the budget that will be the instrument for achieving our national goals,” Mr. Estrada said. “We trust in the transparent and accountable stewardship of public funds by the Office of the President.” — John Victor D. Ordoñez

CREATE MORE may improve Philippines’ credit rating and investment outlook

POLLOC FREEPORT AND ECOZONE — BARMM FACEBOOK PAGE

By Kenneth Christiane L. Basilio, Reporter

THE PHILIPPINES is expected to receive an “A-level” credit rating and improved investment outlook from credit rating agencies by 2028 once “pro-investment” policies, such as the measure seeking to lower taxes on domestic and foreign companies, take effect, a congressman said on Monday.

“The global environment is challenging. High energy and food prices persist – and overall sentiment is gloomy, especially with China’s slowdown and continuing challenges in Europe,” Albay Rep. Jose Ma. Clemente S. Salceda said in a statement.

“And yet, the country’s prospects remain strong. This is in large part due to the President’s decisively pro-investment and fiscally responsible policies,” he added, citing the Corporate Recovery and Tax Incentives for Enterprises Maximize Opportunities Reinvigorating the Economy (CREATE MORE) bill.

The bill, as ratified by both Houses of Congress, lowers taxes on domestic and foreign firms to 20% from 25%. It will also allow fuel suppliers serving tax-exempt entities to be eligible for tax refunds; and local government units to set the local tax for registered business enterprises at up to 2% of gross income.

Mr. Salceda, who chairs the House Committee on Ways and Means, added he is working with President Ferdinand “Bongbong” R. Marcos, Jr. and Congress to push for “reforms to boost the capital and investment markets. That will grow our base further.”

“I’m sure we will get an upgrade in rating or outlook from one of the Big Three next year,” he said, referring to S&P Global Ratings, Moody’s Ratings and Fitch Ratings.

Mr. Salceda’s outlook is also supported by the country’s growing balance of payments surplus, which stood at $88 million in July from $62 million in June, tamed inflation, and timely approval of the 2025 budget.

“I think, before the end of PBBM’s term in 2028, the country will be at the A-level ratings,” he added.

In August, Moody’s affirmed the Philippines’ investment grade rating of “Baa2” and outlook as “stable;” while Japan-based credit watcher Rating and Investment Information Inc. last month upgraded the Philippines’ credit rating to “A-” from last year’s rating of “BBB+” with a positive outlook.

“As our biggest lender, investor, and trading partner, Japan understands this country’s fundamentals better than any other country in the world. And I’m sure the Big Three will follow, especially if growth tracks targets this year,” he said.

While the CREATE MORE could boost foreign investment and stimulate economic growth, the government should also address its national debt management and look at further developing the country’s financial sector, Security Bank Corp. Chief Economist Dan J. Roces said in a Viber message.

“A comprehensive approach that addresses various factors, including debt management, financial sector development, and sustainable practices, is essential for long-term success,” he said.

The government would also need to support its manufacturing and agriculture industries to boost the country’s per capita income, improving efforts to achieve a higher credit rating, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Mpox poses low risk to SE Asia

AN ILLUSTRATION of mpox virus particles. — FRED HUTCH CANCER CENTER/HANDOUT VIA REUTERS

THE MPOX outbreak in Central and Eastern Africa poses low risks to Southeast Asian economies, but a major outbreak could hamper international travel, Fitch Solutions’ unit BMI said.

“Our view for Southeast Asia is that the risk is very low, for reasons including mpox being less contagious than other rapidly spreading infectious diseases, and availability of vaccines and other medical countermeasures,” Ben Yau, Pharmaceuticals & Healthcare Analyst at BMI, said in an e-mail.

World Health Organization Director-General Tedros Adhanom Ghebreyesus called mpox a “public health emergency of international concern” amid the recent surge of mpox cases in African countries.

Mpox can be transmitted through close contact, contaminated materials, or through infected animals.

Despite this, BMI noted that mpox is less contagious than diseases that spread globally like the coronavirus or the severe acute respiratory syndrome or SARS.

The mpox outbreak is also mainly contained in rural areas in Africa that are rarely traveled, it said.

“Travel to and from these regions is difficult and rare at the best of times, and local medical authorities have already launched screening efforts to prevent the spread of the disease to major urban centers (such as Kinshasa) or across international borders, BMI said in a report.

Further, policy makers now have access to vaccines and non-pharmaceutical interventions, decreasing risks of an mpox transmission, it added.

“Governments elsewhere in the world are in a much better starting position than they have been for previous health emergencies.”

However, a high-profile outbreak in major tourist destinations may still pose “greater economic costs,” BMI said, citing Morocco, Turkey, and the Gulf states as the most exposed.

“While widespread transmission outside of the currently affected areas is unlikely, it remains possible that a small but widely-publicized outbreak could cause some economic disruption by deterring international travel,” Mr. Yau said.

BMI noted that a large-scale outbreak in Qatar or the United Arab Emirates, which have direct flights to Rwanda and Uganda, may pose significant risk for economies dependent on international travel tourism, BMI said.

Other countries at risk of mpox exposure due to direct flights from African countries include France, Belgium, Egypt, United Arab Emirates, Netherlands, and India.

Local authorities’ response to a possible outbreak, as well as preexisting views on safety, would help prevent the transmission of mpox through travel, BMI said.

John Paolo R. Rivera, Senior Research Fellow at the Philippine Institute for Development Studies, said the Philippine government must bolster its information campaigns and review safety and hygiene protocols to prevent the spread of mpox.

“It (mpox) may hamper travel preferences and propensity as a reaction to the possibility of contracting the virus due to physical interaction,” he said in a Viber message.

The Philippines recorded 18 mpox cases as of Aug. 18, the Health Secretary Teodoro J. Herbosa said last week. — Beatriz Marie D. Cruz

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