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Gov’t fully awards Treasury bill offer even as yields inch higher

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THE GOVERNMENT made a full award of the Treasury bills (T-bills) it offered on Monday as all tenors’ average rates remained below secondary market levels despite rising slightly from the previous week.

The Bureau of the Treasury (BTr) raised P20 billion as planned from the T-bills it offered on Monday as total bids reached P43.185 billion, or more than twice the amount placed on the auction block.

Broken down, the BTr borrowed P6.5 billion as programmed from the 91-day T-bills as tenders for the tenor reached P14.18 billion. The three-month paper was quoted at an average rate of 5.698%, 1.2 basis points (bps) above the 5.686% seen last week. Accepted rates ranged from 5.65% to 5.724%.

The government likewise made a full P6.5-billion award of the 182-day securities, with bids reaching P15.56 billion. The average rate for the six-month T-bill stood at 5.968%, inching up by 0.9 bp from the 5.959% fetched last week, with accepted rates at 5.92% to 5.995%.

Lastly, the Treasury raised the planned P7 billion via the 364-day debt papers as demand for the tenor totaled P13.445 billion. The average rate of the one-year debt increased by 2.3 bps to 6.073% from the 6.05% quoted last week. Accepted yields were from 6.03% to 6.095%.

At the secondary market before the auction, the 91-, 182-, and 364-day T-bills were quoted at 5.7152%, 5.9669%, and 6.0848%, respectively, based on PHP Bloomberg Valuation (BVAL) Service Reference Rates data provided by the Treasury.

“Treasury bill average auction yields were again slightly higher week-on-week, but still slightly lower and already closer to the comparable short-term PHP BVAL yields, as consistent signals on possible local policy rate cut of 25 bps as early as August and possible 50 bps in rate cuts in 2024 led to some greater investor demand for longer-dated bonds and other fixed-income securities to lock in still relatively higher interest rates before the rate cuts happen,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Secondary market yields mostly went down last week as slower-than-expected June headline inflation strengthened the case for a Bangko Sentral ng Pilipinas (BSP) rate cut as early as August.

Philippine headline inflation rose 3.7% year on year in June, easing from 3.9% in May and 5.4% in the same month a year ago. This was below the 3.9% median estimate in a BusinessWorld poll of 14 analysts.

The June consumer price index (CPI) was within the BSP’s 3.4-4.2% forecast for the month, and also marked the seventh straight month that inflation settled within the central bank’s 2-4% annual target.

For the first six months, the CPI averaged 3.5%, slightly faster than the central bank’s 3.3% full-year forecast.

The BSP last month kept its policy rate at a 17-year high of 6.5% for a sixth straight meeting.

BSP Governor Eli M. Remolona, Jr. has said the Monetary Board may deliver its first rate cut in over three years at its Aug. 15 review — the only policy meeting scheduled in the third quarter — as they expect inflation to continue easing this semester.

The BSP may slash borrowing costs by 25 bps in the third quarter and by another 25 bps in the fourth quarter, he added.

On Friday, Mr. Remolona said the central bank may kick off its easing cycle by next month even if inflation exceeds the BSP’s 2-4% goal anew in July.

The central bank earlier said the CPI could pick up and overshoot their annual target from May to July amid a low base, but inflation remained below 4% in May and June.

“The awarded T-bill rates moved higher in anticipation ahead of US Federal Reserve Chair Jerome H. Powell’s US congressional testimony this week,” a trader added in an e-mail.

Mr. Powell is scheduled to deliver his semiannual monetary policy report to the US Congress on July 9-10.

On Tuesday, the BTr will offer P30 billion in reissued 20-year Treasury bonds (T-bonds) with a remaining life of seven years and nine days.

The Treasury is targeting to raise P215 billion from the domestic market this month, or P100 billion from T-bills and P115 billion via T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.48 trillion or 5.6% of gross domestic product for this year. — AMCS

Meralco sees generation charge hike for July

MERALCO.COM.PH

MANILA Electric Co. (Meralco) is anticipating an increase in the generation charge this month as it begins to collect the previously deferred estimated payment of P0.77 per kilowatt-hour (kWh).

“We may expect strong pressures for the generation charge to increase this July,” Meralco Vice-President and Head of Utility Economics Lawrence S. Fernandez said in a statement on Monday.

This follows a reduction in June due to an Energy Regulatory Commission (ERC) directive, with charges from the Wholesale Electricity Spot Market (WESM) expected to normalize.

In June, Meralco reduced its rate to P9.4516 per kWh from P11.4139 per kWh in May, reversing an earlier announced hike.

The generation charge decreased by P1.8308 per kWh, contrary to the previously announced increase of P0.3466 per kWh.

Previously, the ERC mandated distribution utilities to stagger the collection of charges related to WESM purchases over a four-month period starting from June to September.

Meralco, along with Quezon Power (Philippines) Ltd., San Buenaventura Power Ltd. Co., and South Premiere Power Corp., deferred the collection of P500 million in generation costs last month to mitigate the impact of higher pass-through charges.

This deferred amount will be recovered from customers over the July-to-September billing cycle.

In addition to the normalization of WESM charges, there will be an impact from the amortization of deferred charges, estimated at 77 centavos per kWh, Mr. Fernandez said.

He noted that WESM charges were affected by red alerts on the Luzon grid early in the June supply month, but expects this impact to be mitigated by reduced demand during the rainy season.

In June, the average WESM price system-wide declined by 25.2% to P6.15 per kWh due to decreased demand, according to the Independent Electricity Market Operator of the Philippines.

Meralco’s majority owner, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

BDO looks to raise at least P5B from sustainability bond issue

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BDO UNIBANK, Inc. is looking to raise at least P5 billion from the sale of 1.5-year peso-denominated ASEAN Sustainability Bonds, it said on Monday.

Proceeds from the notes will be used to finance or refinance eligible assets under the bank’s Sustainable Finance Framework and diversify its funding sources, BDO said in a disclosure to the stock exchange.

This marks its third peso-denominated sustainability bond issue, it added.

The bank has the option to upsize the issuance, it said.

The 1.5-year bonds carry a coupon rate of 6.325% per annum.

BDO is offering the bonds at a minimum investment amount of P500,000 and in increments of P100,000 thereafter.

The offer period began on Monday and is set to run until July 19, unless adjusted by the lender.

The bonds will be issued, settled, and listed on July 24, BDO added.

ING Bank N.V. Manila Branch was tapped as the sole arranger for the issuance. ING Bank is also a selling agent along with BDO.

Meanwhile, BDO Capital & Investment Corp. was appointed the financial advisor for the transaction.

BDO said the Securities and Exchange Commission (SEC) has confirmed that the issuance complies with requirements under the ASEAN Sustainability Bond Standards and the SEC ASEAN Sustainability Bond Circular.

The bank in January raised P63.3 billion from its second offering of ASEAN Sustainability Bonds, above the P5-billion target, amid strong investor demand. The 1.5-year notes carry a coupon of 6.025% per annum.

It also borrowed P52.7 billion from its first ASEAN Sustainability Bond issue in January 2022.

BDO’s net income grew by 12.12% year on year to P18.5 billion in the first quarter as its core businesses remained strong.

Its shares went up by P6.20 or 4.47% to close at P145 each on Monday. — A.M.C. Sy

Marupok A+ gives unique spin on trans struggles

Based on a true story of catfishing, Cinemalaya film looks for mainstream audience

FOCUSING on a transgender woman who falls into a trap in the world of online dating, the queer comedy-thriller Marupok A+ is set to shed light on how transphobia can manifest in modern times.

It follows Janzen Torres (played by EJ Jallorina), a transgender college student who matches with a handsome young man named Theo (played by Royce Cabrera) on a dating app. Though everything appears normal and headed towards romance, she later discovers that she is being catfished — in other words, lured into an online romantic relationship by someone using a fictitious online persona or fake identity — by the twisted ad director Beanie Landridos (played by Maris Racal).

In this film, which is based on true events, the character of Beanie gives a unique insight into the psyche of someone who hates transpeople and will actively undermine them, in this case by catfishing Janzen.

Director Quark Henares said at a July 4 press conference in Makati that doing right by the trans community was a conscious effort on his part.

“I’m a cis-het (straight heterosexual) privileged Filipino, so my lived experience is different,” he said, crediting various consultants for helping with the film’s accuracy. “The love scene, for example, was directed by Rod Singh. We also spoke with the real-life Janzen the whole time, from script to shoot.”

TIMELY LGBTQ+ DISCUSSIONS
As a trans woman herself, motivated by the increased awareness Filipinos have of LGBTQ+ (lesbian, gay, bisexual, trans, queer plus) issues today, Ms. Jallorina said that Marupok A+ was a way to garner support.

“Even outside the community, there are people who want to tell our stories. Importante iyon kasi nagkakaroon kami ng work at hindi lang iilan lang (It’s important because we get to work and not just a few) who are LGBTQ+ performers and actors,” she said.

For Ms. Racal, who plays the antagonist, she had mixed feelings to giving a likeable voice to a terrible person.

“Of course, gusto namin magalit sila sa amin (we want people to get mad at our characters),” she said. “We’re grateful for the crowd at Cinemalaya in 2023 who gave good feedback on our performances.”

BALANCE OF THEMES
While the film is a comedy-thriller, its goals and its message remain simple and reflective of harsh realities, according to Mr. Henares.

“My last movie was in 2015, so when I make one, it really means something,” he said. Reading the 2020 Twitter thread of the real Janzen that the movie was based on flipped a switch in his mind: “I think one of the things that drew me to the story was, bakit nila gagawin iyon (why would they do that)? That’s really what we tried to solve while writing the film.”

He credited the cast with pulling off such tricky material. “There was no question that it would be EJ playing the lead. I think, for Maris, known for wholesome roles, it was great to see her become evil personified.”

Mr. Cabrera’s role, meanwhile, entailed playing cute, and being caught in between the manipulator and the victim. It also gave rise to a growing fanbase among the gay and trans communities.

“I’m thankful for all the support. As an ally, ginagamit namin ang platform na ito para maihayag ng tama ang laban na meron kayo (we’re using this platform to rightly portray the community’s struggles),” he said.

A NEW AUDIENCE
Having filmed the movie in 2020, months after the real Janzen posted her viral Twitter thread, Marupok A+ now finds a large Filipino audience at last. It premiered at the Slamdance Film Festival in the US in early 2023 and opened the Cinemalaya Independent Film Festival in August that year.

“It’s interesting to see how various audiences react to the film. It’s a difficult topic, but even those from other countries can understand the Philippine context and the online context,” said Mr. Henares.

Though four years have passed since the true events of the film took place, the realities that transgender Filipinos face “still remain pressing.”

“I think we have to be accountable for and vigilant of hate crimes. There’s still a lot of work that needs to be done,” he said.

On how the film deals with the pressure of depicting LGBTQ+ issues, Ms. Jallorina told the press that it is just one portrayal of many more up ahead.

Ayaw namin dalhin ang buong community kasi hindi lang isa ang dapat nagbubuhat. Ang laban ay dapat buong community pa rin (We’re not supposed to represent the whole community because we shouldn’t be the sole bearer of that weight. The fight belongs to all of us).”

Marupok A+ will premiere exclusively in Ayala Malls Cinemas on July 10. — Brontë H. Lacsamana

Is scale the only solution to sustainability?

PHILIPPINE STAR/ WALTER BOLLOZOS

A non-economist, like myself, always wants to see out-of-the-box solutions. Why is our solution so traditional that “economies of scale” is the answer to every agriculture issue?

Let us look at various suggestions that are out-of-the-box:

ON RICE AND VEGETABLES
Did you know that if we ate less rice per person, we could stop importations of the staple grain we all love? I was told that our per capita consumption is 120 kilos per year while Vietnam’s is only 80 kilos/year. That is because Vietnamese eat more vegetables, instead of rice. But Filipinos will say vegetables are expensive. We can choose local varieties, instead of imported lettuce that go into expensive salads. Lettuce also can wilt faster than kangkong, talbos ng kamote, and pechay (swamp cabbage, sweet potato leaves, and Chinese cabbage).

Second, let us not encourage “eat all you can” or “unli rice” in restaurants. It not only causes a propensity to develop diabetes early in life, it also causes obesity. Moderate your rice intake and you will not only be healthier, our country’s dollar reserves will also get a boost from lower imports.

DIRECT TRADE
Pundits will argue that this is just a romantic idea. Letting farmers meet chefs, they claim, is just scratching the surface of “access to markets” but it indeed is a start. When we started talking about Slow Food and traceability, many detractors said the idea would not work. But 10 years later, chefs are going to farms to get their produce, they talk to producers to give their specifications, and both sides are happier after the conversations. Add to that the mandate of corporations now about ESG (environmental, social, and governance) scorecards — every big corporation now wants traceability of their procured ingredients. They now must do direct trade to have traceability and sustainability points. Or pay expensive certifications to ascertain the sources of their ingredients.

BUY LOCAL
With the peso devaluation, it has become more expensive to import anything, from vegetables to rice to coffee. This is why we need to buy closer to point of use —, or simply practice Locavorism. We have been saying this since 2012 when we spoke at a seminar in Coron, Palawan on Sustainable Tourism. Being locavores, we use what is literally in our backyard rather than importing monggo (mung) beans, for example, from China. But I still see imports, even of stones and rocks for gardens — yes we import these bagged landscaping supplies. How crazy is that? Unless these “fillers” are brought into the country to mask other expensive merchandise in the same shipment. Why would we import rocks? Sustainability means buying more local produce and pushing the use of local ingredients.

KNOW YOUR FARMER
If you do not have a chef, you probably cook at home. Have you checked where your produce comes from? Going around farms near your home may be the first thing to do. You may even try backyard gardening to know the source of your pechay or upland kangkong. We egged a writer, Paula Aberasturi, to publish a book, Backyard Gardening, in 2017. It is an easy read and hopefully will be reprinted by Anvil Publishing.

We got hooked on backyard farming during the pandemic because we had the time and we could not visit other suppliers. Up to today, we can harvest various vegetables from our own little patch of land for home use. We got chickens to roam around the farm to give us a week’s supply of organic and free-range eggs. Seasonal fruits are surprises — we have duhat (Java plum), avocado, guavas, and lots of mangoes even if they are the Indian (a.k.a. non-commercial) variety. Bananas and coconuts are available year-round.

BE THE FARMER
I am sure our readers have some funds to spare to start a small 500 sq.m. to 1,000 sq.m. farm. You can start a small garden behind the house or even in your corporate premises where even your security guards know how to grow moringa or malunggay, pechay, and eggplants. There is no reason not to have funds, and resources, to grow your own food.

We are looking to write a guide on sustainability through backyard farming soon. Along with experienced farmers who are also scientists, but not economists, we are writing down the basics of a sustainable farm, a sustainable community, and eventually help a country be self-sufficient at least for basic food and staples (rice is already suggested above).

Entrepreneurs are usually not economists, and economists have a difficult time being entrepreneurs. So the guide to a “non-economist” view must be written by creative people who do not follow the book but make their own playbook, as today’s popular term suggests. It is a playbook created by creatives, not math wizards. Accountants also have a hard time thinking of business plans because of “analysis paralysis,” to borrow a term from another accountant I spoke with from AIM. Entrepreneurs do accounting in a different way. A friend who is an entrepreneur says it another way — “Boundary na ako” (I have reached my “boundary”) referring to a jeepney or taxi driver who has to raise a certain amount after which everything earned is his free to take home. “Boundary” is that hurdle. Entrepreneurs do their own math and after making the “boundary” can even give away stuff for free. Accountants will never allow such vague or blurred computations.

 

Chit U. Juan is co-vice-chair of the Management Association of the Philippines’ Environment Committee. She is also the president of the Philippine Coffee Board, Inc. and Slow Food Manila (www.slowfood.com).

map@map.org.ph

pujuan29@gmail.com

CTA: PAL entitled to P27-M tax credit certificate

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THE COURT of Tax Appeals (CTA) has ordered the Bureau of Internal Revenue to refund or issue a tax credit certificate to Philippine Airlines, Inc. (PAL), amounting to over P27 million, representing the airlines’ erroneously paid excise tax on its wine and liquor importations for its international flights.

In its decision penned by Associate Justice Corazon G. Ferrer-Flores and released on June 27, the CTA’s Second Division ruled that PAL incorrectly paid excise taxes totaling P27,275,640.48, which is refundable under the National Internal Revenue Code of 1997.

The tribunal said that PAL’s exemption from excise taxes on alcohol and tobacco imports for its transport operations, granted under Presidential Decree No. 1590, remains valid and was not repealed by RA No. 9334.

“[PAL] remains exempt from taxes, duties, royalties, registrations, licenses, and other fees and charges, provided it pays corporate income tax as granted in its franchise agreement; the payment of which shall be in lieu of all other taxes, except VAT, and subject to certain conditions provided in its charter,” it said.

The CTA acknowledged PAL’s compliance with two of the three conditions for excise tax exemption: payment of corporate income tax and importation of supplies for transport operations and related activities.

However, PAL failed to substantiate the third condition regarding the non-availability of locally sourced tobacco products at reasonable quantity, quality, or price.

“Petitioner failed to submit, at the very least, price lists of tobacco products which indicate the local market prices of the said products,” the decision said, explaining why PAL was only eligible for a P27-million refund.

PAL initially sought a P43,667,566.35 refund. — Chloe Mari A. Hufana

Security Bank starts peso bond offer

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SECURITY BANK Corp. is targeting to raise at least P5 billion from its offering of five-year peso-denominated bonds launched on Monday.

The notes have a tenor of five years and one month and are priced at 5.7% per annum, Security Bank said in a disclosure to the local bourse.

The bank has the option to upsize the issue, it added.

“We’re excited about this peso bond offering, which will support our strategic initiatives and diversify our funding sources. We’re confident this offering will deliver value to our clients looking to invest in a high-quality instrument with attractive returns,” Security Bank Executive Vice-President and Financial Markets Segment Head Arnold Q. Bengco said.

Proceeds from the issuance will be used for lending and expansion of Security Bank’s funding base, the lender added.

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

Security Bank will offer the bonds at a minimum investment amount of P100,000 with additional increments of P10,000.

The offer period began on Monday and will run until Aug. 13, unless adjusted by the bank. The lender said it will list the bonds on the Philippine Dealing and Exchange Corp. on Aug. 20.

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 fixed-rate corporate bonds due in 2025.

The bonds were priced at 6.425% per annum.

Proceeds from the issue will be used to diversify the bank’s funding sources and support its lending activities, the listed lender earlier said.

Security Bank’s net income rose by 11.4% year or year to P2.63 billion in the first quarter amid growth in the bank’s retail and micro, small, and medium enterprise businesses.

Its shares closed at P62.75 apiece on Monday, declining by 25 centavos or 0.4% from the previous day’s finish. — AMCS

Safeguarding funds for national defense

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ACCORDING to a working paper from the Ateneo Policy Center entitled, “Toward Increased and Stable Investments in National Security in the Philippines”: “Policymakers tacitly accepted that with the US presence in the country, coupled with the PH-US Mutual Defense Treaty; America has assumed the role of our security guarantor against a potential external adversary.”

This ironclad dependence on the United States (US) is deeply ingrained in how Filipinos conceive of national security and has fostered complacency amongst its political leaders with regards to national defense. Indeed, over-reliance on the former colonial master has made establishing a self-reliant defense force extremely challenging.

Pertinently, the paper also asserts that, “The departure of the American forces revealed the Philippines’ poor external defense capability. This was underscored when the Chinese took over the Philippine-occupied Mischief Reef in 1995, which compelled President Fidel Ramos to push for the Republic Act 7898 or the AFP Modernization Act.”

The modernization of the Armed Forces of the Philippines (AFP) is an ongoing project. Significantly, President Ferdinand “Bongbong” Marcos, Jr., in his keynote address at the Shangri-La Dialogue in Singapore a few weeks ago boldly declared:

“Under our Comprehensive Archipelagic Defense Concept, we shall develop our capacity to project our forces into areas where we must, by constitutional duty and by legal right, protect our interests and preserve our patrimony.”

At this point, it must be emphasized that according to Article II, Section 3 of the 1987 Constitution:

“The Armed Forces of the Philippines is the protector of the people and the State. Its goal is to secure the sovereignty of the State and the integrity of the national territory.”

The urgency of the AFP Modernization program is obvious given the troubles in the West Philippine Sea. And President Marcos’ declaration could not have come at a better time as this initiative has been significantly slowed down by economic crises and recurring political turmoil. But for the upgrading process to really take a massive step forward, graft and corruption in the military must be confronted directly.

In 2011 the Philippine Center for Investigative Journalism (PCIJ) ran a three-part series on corruption in the AFP. This passage from the first part aptly summarizes this grim problem:

“But reforming the military has proven to be an even more difficult task. In the last few weeks, in fact, the stigma of corruption has hung over the armed forces, with the highest levels of command accused as the predators, and troops of the lowest ranks and taxpayers, their prey.”

Corruption in the military was so rife then that the late Senator Miriam Defensor-Santiago sarcastically rebranded the AFP as “predators of the people and the State” in a privilege speech, a scathing twist on the constitutional prescription cited earlier. Unfortunately, the specter of corruption has hounded the AFP ever since.

During the administration of President Benigno “Noynoy” Aquino III, top defense and military leaders were accused of scuttling a weapons deal that was meant to be the Philippines’ primary defense against Chinese incursion in the West Philippine Sea, in favor of purchasing helmets, night goggles, body armor, and radios to be used in the counter-terrorism effort.

A close aide of then President Rodrigo Duterte became the subject of a legislative inquiry on allegations that he intervened to favor a supplier of a combat management system for the two navy frigates to be purchased by the government. Nothing was proven and no cases were filed, and the aide was elected to the Senate.

It must be stressed however, that the rapacious appetite of public officials to steal from the public coffers wreaks havoc in every nook and cranny of the government. As per the seminal paper, “Grand corruption scandals in the Philippines”:

“Despite governance reforms through decades of restored democracy, many government institutions are still easily influenced by powerful vested interests.”

This extract from part two of the PCIJ series is a painful reminder of the AFP’s vulnerability to these “powerful vested interests”:

“But the Philippines’ post-1986 presidents not only tolerated the corruption in the AFP, friends and associates of some of them are said to have even pushed some big, questionable contracts onto the military.

“Beginning 1986, vested political interests started cornering AFP projects particularly in the acquisition of aircraft, boats, munitions, vehicles, and communications equipment.”

Unfortunately, the long list of government corruption scandals just naturally engenders fear that the funds dedicated for national security will be compromised. And even though corruption in the military may no longer be as rampant as it was during the administration of President Gloria Macapagal-Arroyo, severe anxiety still hounds the $35-billion budget that President Marcos has set aside for the modernization program.

Clearly, the operational and logistical decisions on how this money will be spent must be geared towards improving the AFP’s capability to defend an archipelagic state like the Philippines and to protect a potentially high yielding maritime economy. Therefore, the procurement process, no matter how protracted, must never deviate from this goal. Otherwise, the Philippines stands to lose more than its battle to defend the West Philippine Sea.

The reality is Beijing will continue to display its naval superiority. And it will not cease employing dangerous and unprofessional maneuvers in the West Philippine Sea. But this fact should not be used as a justification for reviving our over reliance on the US for external defense. In fact, the Mutual Defense Treaty should serve as an uncomfortable reminder of the failure of successive administrations to establish a self-reliant defense posture for the Philippines.

The primary objective must unequivocally be to become a maritime powerhouse in the region. Every major state staking a claim in the South China Sea has a robust and respectable naval force, except the Philippines. If this does not change, then malicious and aggressive incursions by foreign ships in the West Philippine Sea will persist.

The David versus Goliath metaphor that is constantly being used to rationalize the disparity between the navies of China and the Philippines is really not helpful. The David in the current context will never beat Goliath with just smarts and unshakeable faith. He must be a Goliath himself to secure the victory he so desperately needs.

Thus, today Filipinos face the supreme challenge of making sure that the military leadership make decisions based on national defense requirements and nothing else. And, of course, that gargantuan task of protecting the AFP Modernization program from graft and corruption. Voters must take to heart that the failure to do so would be utterly catastrophic for future generations of Filipinos.

 

Michael Henry Yusingco is a law lecturer, constitutionalist, and senior research fellow at the Ateneo Policy Center.

A woman who blindly conformed or feisty creator of her own story? What we know about the real Lady Jane Grey

“HISTORY REMEMBERS Jane as the ultimate damsel in distress — known for her death, rather than her life. Fuck that! What if history were different?”

So says the promo for My Lady Jane, an alternative history about Lady Jane Grey who was Queen of England, France and Ireland for little more than a week in July 1553. (The series is currently showing on Amazon Prime Video. — Ed.)

This avowedly “alt-universe of action, history, fantasy, comedy and steamy romance” series, as the press release calls it, takes all sorts of liberties, but in some ways, it may be closer to the mark than we might imagine. These fictional women are almost as feisty as the historical Jane and her cousin, Mary, who would become Queen Mary I.

Jane has often been portrayed as a tragic figure. In this, the French painter Paul Delaroche has a lot to answer for. His 1833 visual melodrama, The Execution of Lady Jane Grey, remains a powerful image attached to her history.

Delaroche’s romanticized vision seemed to capture the pathos of a young woman blindly following expectations and sacrificed to dynastic politics — establishing its own influential alt-history.

SO WHAT DO WE KNOW ABOUT LADY JANE GREY?
The great-granddaughter of Henry VII and great-niece of Henry VIII, Jane had access to an unusually rich humanist education for a woman of her time and demonstrated an exceptional ability to make use of it, writing letters in Latin and Greek and learning Hebrew. This made her the talk of Protestant Europe.

For Jane, studying seemed an escape from the pressures of her parents. She told one scholar she found studying with her tutor a relief from being in the presence of an exacting mother and father, time when “I think myself in hell.”

Jane’s commitment to Protestantism saw her writing to one of continental Europe’s leading reformers, Zurich-based Heinrich Bullinger, before she was 14.

But Protestantism in England was under threat. By mid 1553, 15-year-old King Edward VI was dying. Edward’s heir was his Catholic, older half-sister Mary, who, if she were to reign, looked set to undo the Protestant kingdom.

At stake for Mary and Jane, two strong-willed women, were competing visions of faith for the kingdom of England. Under Mary, England would return to the Catholic Church. Under Jane, England would continue along the course of Protestantism, launched by her great-uncle Henry VIII.

Edward’s solution was to disinherit his sisters, and to pass the crown to Jane and her future male heirs.

But Edward’s draft plan for his succession suggests there was some uncertainty about whether placing Jane as queen was the right idea. After all, England had no history of successful ruling queens. He had first written that the crown would go to “L Janes heires masles,” and then amended it to read “L Jane and her heires masles.”

When Edward died on July 6, 1553, the letters patent issued regarding his will bore the signatures of more than 100 of the kingdom’s leading men. Supporters of the Protestant vision for England held almost all key positions of power.

On July 9, Jane, aged only 15 or 16, was informed of Edward’s death and her new status. On July 10, she was proclaimed Queen, signing herself “Jane the Quene” on official documents.

But Mary was not giving up. She had been gathering supporters in the days before Edward’s death. On July 10 she wrote to the Privy Council, England’s leading body of men advising the monarch, informing them she was queen and expected their obedience. She had gathered a large army behind her, and what likely sealed her success was the work of a faction combining Catholics and conservatives in the Privy Council who flipped the council’s allegiance to Mary.

Jane’s support rapidly collapsed. The kingdom’s powerful men must have weighed their prospects in the two regimes, and most could likely find a place to operate in either.

WINNER TAKES ALL
As she took the throne, Mary needed a way to explain away Jane. She was to be tried for high treason, but she was also a relative.

A Jane misguided by others was a convenient version of history.

At first, Mary spared the execution warranted by the guilty verdict for both Jane and her equally youthful husband, Guildford Dudley. But further attempts at rebellion in January 1554, led by Jane’s father, pushed Mary to carry out the sentences.

Even then, Mary postponed Jane’s execution date to allow her time to convert to Catholicism. Jane refused, expressing her resolve for the same beliefs that had guided her decisions and actions.

On Feb. 12, 1554, Jane stood on the scaffold. She gave a speech that claimed both her innocence and her guilt.

Perhaps, as she saw Mary’s version of history increasingly take root, she wanted to assert her own.

And so we are left with a story of the tragic teen queen vs bloody Mary. As the promo says: “there is always power, if you know how to play the game” — and this game didn’t end with Jane’s death.

 

Susan Broomhall is the Director of the Gender and Women’s History Research Center, Australian Catholic University. She receives funding from the Australian and Swedish Research Councils.

Allied Care Experts (ACE) Malolos Doctors, Inc. to conduct Annual Stockholders’ Meeting on July 29

 


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Robinsons Land eyeing to launch 2 residential projects in second half

GOKONGWEI-LED property developer Robinsons Land Corp. (RLC) will likely launch at least two new residential projects in the second half of the year, a company official said on Monday.

“We’ll probably launch one to three projects for the rest of the year, depending on the location,” said RLC Senior Vice-President and RLC Residences General Manager John Richard B. Sotelo on the sidelines of the Economic Journalists Association of the Philippines-San Miguel Corp. Economic Forum 2024.

Mr. Sotelo said the company is considering launching two to three towers in Cainta, Rizal as it has already launched four towers.

“So we’re thinking of launching maybe two to three more because demand has been very good. If we launch another one after that, we’ll see. Depends on how the market goes,” he said.

Mr. Sotelo said the company is considering launching two to three towers in Cainta, Rizal, having already launched four towers.

“Demand has been very good. If we launch another one after that, we’ll see. It depends on how the market goes,” he added.

He also said that RLC is optimistic about the prospects of the residential market following its sales performance of approximately P21 billion worth of projects launched in the past four months.

“We just launched the second tower of Le Pont last July 4… If you combine that with Mira, which we launched in April, we’ve already launched roughly P21 billion worth of inventory in the past four months,” Mr. Sotelo said.

“The market response has been good, which honestly, we expected to be good but not this good. Because, whatever you say, it’s still a high-interest-rate environment, and inflation is still a bit high, but the response has been quite good,” he added. — Sheldeen Joy Talavera

FMIC appoints Ocampo as president, director

FIRST METRO Investment Corp. President Antonio R. Ocampo, Jr.

FIRST METRO Investment Corp. (FMIC) has appointed Antonio R. Ocampo, Jr. as its new president and director effective July 1, it said on Monday.

Mr. Ocampo succeeds Jose Patricio A. Dumlao, who retired from the Metrobank Group’s investment banking arm on June 30 after heading it for four years, FMIC said in a statement.

“We are delighted to welcome Anthony Ocampo at First Metro. With Anthony’s extensive experience in investment and corporate banking and deep understanding of relationship management, we are confident that he can steer the company to achieve sustained growth and develop robust relationships with our clients,” FMIC Chairman Mary Mylene A. Caparas said.

Mr. Ocampo has over 30 years of experience in corporate and investment banking, FMIC said. He was previously president and director at ORIX METRO Leasing and Finance Corp., ORIX Rental Corp., and ORIX Auto Leasing Philippines Corp. He also led Metropolitan Bank & Trust Corp.’s (Metrobank) Corporate Banking group.

ORIX METRO is a joint venture between Metrobank and Japan’s ORIX Corp. that provides leasing and financing services for movable equipment.

Meanwhile, before he joined the Metrobank Group, Mr. Ocampo was Global Network Banking head at Deutsche Bank AG’s Corporate and Investment Bank group. He also had other relationship management roles at Deutsche Bank, International Exchange Bank, and Equitable PCI Bank, FMIC added.

FMIC’s listed parent Metrobank saw its net income rise by 14.45% year on year to P11.997 billion in the first quarter.

The bank’s shares climbed by 10 centavos or 0.15% to close at P65.10 apiece on Monday. — AMCS