In April, inflation-adjusted wages were 16.5% to 24.2% lower than the current daily minimum wages across the region in the country. Meanwhile, in peso terms, real wages were lower by around P73.25 to P115.09 from the current daily minimum wages set by the Regional Tripartite Wages and Productivity Board.
There are heroes that walk in our midst and my husband Vic Ladlad and I were privileged to have walked with one of them in arduous journeys.
On April 24, former Senator Rene Saguisag passed away at 84. Together with Kapatid, our support group for political prisoners, Vic and I pay the highest homage and respect to Rene who walked the talk as a human rights lawyer, nationalist, statesman and servant of the people.
We thank him with all our hearts for every bit of help that he extended, especially to the political prisoners from the period of martial law until his last breath on earth. As “Cory Jr.,” which is what Rene called himself with characteristic humor when he served as the presidential spokesperson of newly installed Cory Aquino, he was instrumental in the release of all political prisoners in February 1986.
“We were in the barricades one day, and the next, we were in power,” wrote Rene in a column that I kept on file. “We had no transition period. But, a commitment was a commitment. We forgave crimes with a ‘political complexion.’ The detainees were released.”
Vic was one of them. Today, 38 years later, at age 75, Vic is back in jail as a political prisoner for planted firearms and explosives. He wrote this short piece in his cell in Camp Bagong Diwa, Bicutan, Taguig City in personal tribute:
“I will always remember Rene Saguisag and will forever be grateful to him.
“Atty. Saguisag did not know me personally when I was arrested during martial law on Feb. 21, 1983. But he did not hesitate to join Joker Arroyo and Fely Aquino and other lawyers from the Free Legal Assistance Group (FLAG) in filing a petition for habeas corpus at the Supreme Court on my behalf.
“It had been more than a week after my arrest by the Southern Tagalog Philippine Constabulary, but the authorities flatly refused to even acknowledge that I was in their custody.
“Upon order by the Supreme Court, the PC presented me in an en banc session. It was there that I first met Rene.
“Attorneys Joker Arroyo and Rene Saguisag argued my case in that Supreme Court hearing. Consequently, my mother and lawyers were able to see me in Camp Nakar, Lucena City.
“I was among the many victims of human rights violations who benefited from Rene’s human rights lawyering. Mabuhay ka Atty. Rene Saguisag. Ang iyong huwarang tapang, katapatan at dedikasyon ay ang pinakadakilang pamana mo (Long live Atty. Rene Saguisag. Your exemplary courage, loyalty and dedication are your greatest legacy).”
Indeed, there is no counting Rene’s good deeds, particularly for the political prisoners. One indelible memory of him was when he would join us during court hearings on the Case of the Traveling Skeletons in RTC Branch 32 at the Manila City Hall.
That case about corpses that sprung out of one graveyard in 2000 and surfaced in another graveyard in another town in Leyte six years later is straight out of the martial law dictionary of legal hocus-pocus.
Vic was a political prisoner in Camp Nakar, Lucena throughout the time period of that case yet he was dragged in as a respondent to those bogus charges.
“This is martial law all over again,” Rene remarked, like what his contemporary Joker Arroyo said in open court. Joker, Vic’s chief counsel during his political imprisonment during martial law, was Vic’s principal witness for the Leyte case.
What particularly drew Rene’s attention were Wilma and Benito Tiamzon during those court hearings he attended in 2016. Both had been arrested and brought to court. Rene was delighted to find out that, like him, the Tiamzons were products of Rizal High School.
I noted that Wilma and Benny were at the top three of their graduating batch, which I read in a Bulatlat article. Benito finished salutatorian and Wilma was the first honorable mention. Rene, a scholar himself, was most impressed. “Ang galing! Alam mo ba, pinakamalaking high school ’yan sa buong mundo,” he said. (Very good! Did you know, it’s the largest high school in the world.)
Indeed, no mean feat in what the Guinness Book of World Records lists as the “largest secondary school in the world” until 1993 (current population: over 14,000). “Dito rin nag graduate si Uncle Jovy (Uncle Jovy also graduated from there),” Rene proudly told us, referring to former Senator and another fierce martial law opponent whom he considered his “idol,” Jovito Salonga.
Rene had his differences with the Left, but he respected and admired them for their bravery and idealism, which were not unlike his. “The Left must have a place under the sun,” he told Vic.
It must have pained Rene to learn that in August 2022, Wilma and Benito were arrested by military forces and died somewhere in Leyte. Their captors tried to make it appear that they were killed in a boat explosion. But they were reportedly tortured first and their lifeless bodies dumped in a motorboat which was then detonated.
Let me end this eulogy to greatness with Rene’s own words, penned for the Kapatid re-founding assembly on June 15, 2019 to wish it “every success.” His statement is a mirror of his own “purity of commitment” and the passions of a life well lived, which include his beloved wife Dulce:
“It’s tough to lose a loved one, as I did in 2007, but at least there was some kind of closure. Not so in the case of desaparecidos, where one hopes that the next shadow in, or knock on, the door is that of the missing beloved.
“In the case of political detainees, I can only admire the purity of their commitment, and the reminder that they continue to be ready to give their all to the Motherland, the physical and psychological torment notwithstanding. They continue to love Her with that kind of passion that whips the blood, and hang the costs and consequences.
“Keep going.
“As Ted Kennedy said in 1980, ‘For all those whose cares have been our concern, the work goes on, the cause endures, the hope still lives, and the dream, shall never die.’”
Fides Lim is a writer, editor and spokesperson of Kapatid–Families of Political Prisoners, and a fellow of Action for Economic Reforms.
SM Prime Holdings, Inc. said it targets to operate 100 malls as early as 2026.
“Right now, we have 85 malls; we are opening four this year, one [this] week, and three for the balance of the year, probably in September, October, and November,” Steven T. Tan, president of SM Supermalls, told reporters in a chance interview.
“Next year, we will open four or five malls depending on the finishing of the construction, and in the year after we have six malls that are opening, so we hope to hit the 100 mark either at the end of 2026 or early 2027,” Mr. Tan added.
SM Supermalls, or Shopping Center Management Corp., is the mall management unit of SM Prime. As of the end of 2023, the company has 85 malls in the Philippines and eight malls in China, which in total have a gross floor area of 10.8 million square meters.
Earlier this year, SM Prime earmarked P100 billion for its capital expenditure for 2024, the bulk, or 60%, of which will be used for the enhancement of its malls and the development of residential properties, hotels, and convention centers.
The remaining 40% of the earmarked amount will be used for property acquisition and coastal developments.
SM Investments Corp. (SMIC), through SM Prime, is developing a 360-hectare reclamation project in Pasay City worth around P100 billion. Previously, the company shared that it is planning the initial public offering of its real estate investment trust to fund the reclamation project.
In the first quarter, SM Prime booked a 10.8% growth in attributable net income to P10.46 billion from P9.44 billion in the same period last year.
The property developer’s first-quarter consolidated revenues also increased 7.3% to P30.72 billion compared with P28.63 billion in 2023.
On Friday, the company’s shares dropped 0.74% or 20 centavos to P26.75 apiece. — Justine Irish D. Tabile
THE BANGKO SENTRAL ng Pilipinas (BSP) is widely expected to extend its policy pause for a fifth straight meeting this week as inflation risks remain. Read the full story.
WASHINGTON — The Biden administration said it will provide nearly $200 million to fight the spread of avian flu among dairy cows, in the government’s latest bid to contain outbreaks that have fueled concerns about human infections with the H5N1 virus.
The virus has been detected among dairy cattle in nine states since late March. Scientists have said they believe the outbreak is more widespread based on US Food and Drug Administration (FDA) findings of H5N1 particles in about 20% of retail milk samples.
The US Department of Agriculture (USDA) will make $98 million available to provide up to $28,000 per dairy farm for efforts to contain the spread of the virus between animals and humans and for testing milk and animals for the virus, the agency.
“USDA is doing the work to track and eliminate H5N1 in the dairy cattle herd,” said Agriculture Secretary Tom Vilsack on a call with reporters.
The Department of Health and Human Services (HHS) said it will provide $101 million through the FDA and US Centers for Disease Control and Prevention (CDC) to protect public health and the nation’s food supply.
“The risk to the public from this outbreak remains low,” HHS Secretary Xavier Becerra said on the call.
The money includes $34 million through the CDC for testing efforts and supporting public health labs, $8 million for vaccines, and $3 million for wastewater surveillance.
While the CDC has said the public health risk is low, scientists are closely watching for changes in the virus that could make it spread more easily among humans.
The FDA also will provide $8 million to ensure the safety of the commercial milk supply. “At this stage there’s no concern about the safety of the commercial milk supply or beef supply,” Mr. Vilsack said on the call.
Health experts have cautioned against the consumption of raw milk but said pasteurization appears to kill the virus.
One dairy farm worker in Texas tested positive for the virus and reported conjunctivitis, commonly known as pink eye.
To limit transmission in cattle, the USDA on April 29 started requiring lactating dairy cows to test negative before being shipped across state lines.
In the first week of the order, USDA laboratories reported 905 tests, of which 112 were presumptive positives, said an agency spokesperson.
The figure could include samples that were tested more than once or those collected for other purposes like research studies, the spokesperson said. — Reuters
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REVENUES at Italian luxury group Salvatore Ferragamo fell 16.6% at constant exchange rates in the first quarter (Q1), with China proving difficult and amid a general slowdown in sales in all geographies and channels.
“Over the quarter, our performance was impacted by continued volatility in the Chinese market, as well as a persisting weakness in wholesale and travel retail, further compounded by an unfavorable comparison,” Chief Executive Officer (CEO) Marco Gobbetti said in a statement on Thursday.
Revenues totaled 227 million euros ($244.5 million) in the first three months of the year, below analyst expectations of 237 million euros according a LSEG consensus.
In April, sales in the direct-to-consumer channel were slightly negative, but the trend was improving, Mr. Gobbetti said in a conference call with analysts, adding that the revenues in the February to April period for that channel were broadly flat.
However, the CEO, who said he wanted to prioritize top-line performance, does not see the gross margin getting worse.
“We are seeing a difficult demand in China, customers are rather worried about the macroeconomic situation,” he said, adding that the sales trend in March and April in Greater China was overall quite negative.
Mr. Gobbetti added that on a brighter note, the direct-to-consumer sales trend in Europe was improving. — Reuters
MERCEDES-BENZ PHILIPPINES recently introduced the refreshed versions of the brand’s CLA compact car and GLB compact SUV.
The CLA 200 Progressive coupe (P3.99 million) gets a flat rear end, redesigned front apron, high-performance LED headlamps, and Adaptive Highbeam Assist. It rolls on 18-inch multi-spoke light alloy wheels.
Inside, it has an MBUX Multimedia System, platformed on a 10.25-inch touchscreen and an all-digital instrumental display “delivering not just connectivity, but also clarity in essential information,” said the company in a release. The vehicle offers expanded storage options, including a spacious center console compartment, complemented by a 12V socket and USB interface for added convenience. The CLA’s ambient lighting comes with 64 color options.
Dynamic Select allows the customization of the driving experience into four distinct modes: Comfort, Eco, Sport, and Individual. Safety features include Active Brake Assist, Attention Assist, and Guard 360 anti-theft alarm, ensuring optimal protection and security for all occupants.
This CLA is powered by a turbocharged in-line-four engine, delivering 163hp and 270Nm, and paired to a seven-speed transmission.
Meanwhile, the Mercedes-Benz GLB 200 AMG compact SUV (P4.59 million) is equipped with a four-cylinder engine with an output of 165hp 270Nm, mated to a seven-speed transmission.
It boasts a seven-inch digital display, MBUX Multimedia System, convenient center console storage, and generous cargo hold with a maximum luggage space of up to 1,812 liters with the second- and third-row seatbacks down. The vehicle gets 19-inch AMG five-twin-spoke light-alloy wheels, and high-performance LED headlamps.
The GLB’s second-row seats can slide, recline, or fold in a convenient 40/20/40 split configuration. Effortless entry also provides access to the available 50/50-split third-row seating.
SYDNEY — Australian Treasurer Jim Chalmers said on Sunday he expected this week’s federal budget would help ease the country’s stubbornly high inflation, as many Australians continue to grapple with cost-of-living pressures.
“We do expect the budget, as I said, to put downward pressure on inflation rather than upward pressure on inflation,” Mr. Chalmers said in an Australian Broadcasting Corp television interview aired on Sunday.
Reserve Bank of Australia economists forecast consumer inflation, which was 3.6% in the first quarter, to pick up to 3.8% by June and stay there until the end of the year, underlining the home-grown inflation challenge.
The central bank has fought the persistently high inflation by raising interest rates 425 basis points since May 2022 to a 12-year high of 4.35%.
Chalmers said the budget, to be handed down on Tuesday, would have a “primary focus on inflation but not a sole focus.”
“The budget will be a responsible budget, it will ease cost-of-living pressures and it will invest in a future made in Australia,” the treasurer added.
Officials said on Tuesday the budget would have a big focus on housing, as rising rents, interest rate hikes and surging living costs in recent years have inflamed what was already among the world’s least affordable housing rental markets.
Mr. Chalmers has said the government will chart a responsible middle path with the budget, putting a second surplus within reach despite more spending measures. — Reuters
On July 12, 2016, a tribunal of five judges at the Hague-based Permanent Court of Arbitration issued a highly anticipated and unanimous award in Republic of Philippines v. People’s Republic of China, a case filed in 2013 by Manila concerning maritime entitlements and the status of features in the South China Sea, among other issues.
“The Tribunal’s award is highly favorable to the Philippines, ruling that China’s nine-dash line claim and accompanying claims to historic rights have no validity under international law; that no feature in the Spratly Islands, including Taiwan-occupied Itu Aba (or Taiping Island), is an island under the United Nations Convention on the Law of the Sea (UNCLOS); and that the behavior of Chinese ships physically obstructing Philippine vessels is unlawful. Perhaps the most significant finding — and the one most likely to disturb China — is the Tribunal’s award that China’s nine-dash line and claim to historic rights in the South China Sea are both invalid under international law.”
But China totally rejected and refused to follow the Tribunal ruling (thediplomat.com, July 12, 2016).
The basic rulings are:
1. Whatever historic rights were claimed by China to resources in the waters of the South China Sea were extinguished and superseded by the exclusive economic zones (EEZ) established by UNCLOS.
2. Chinese reclamation activities in the Spratly Islands, where the country has built seven artificial islands, are illegal under UNCLOS Article 121.3.
3. Through its large-scale land reclamation activities in the Spratly Islands, China had “caused severe harm to the coral reef environment and violated its obligation to preserve and protect fragile ecosystems and the habitat of depleted, threatened, or endangered species.”
4. Scarborough Shoal, Johnson Reef, Cuarteron Reef, and Fiery Cross Reef are high-tide features and Subi Reef, Hughes Reef, Mischief Reef, and Second Thomas Shoal, submerged at high tide in their natural condition, and are part of Philippine EEZ. Gaven Reef (North) and McKennan Reef are high tide features, and have their own 12 nautical mile EEZ.
“Chinese activities in the Spratlys are illegal, based on its finding that Mischief Reef, Second Thomas Shoal, and Reed Bank ‘form part of the exclusive economic zone and continental shelf of the Philippines.’”
Note that while the Tribunal stated that these features comprised the Philippines’ lawful continental shelf under UNCLOS, it did not consider the sovereignty of individual features in the South China Sea. Questions of territorial sovereignty are outside of the scope of the UNCLOS, the international treaty forming the basis for adjudication in this case (Ibid.).
Political analysts pointed out that the award’s affirmation of Scarborough Shoal as a rock and Second Thomas Shoal as a low-tide elevation suggests the status quo, where China can continue to occupy Scarborough and the Philippines can continue to treat BRP Sierra Madre, the grounded ship at Second Thomas Shoal, as an outpost (Ibid.).
China has always been hot on the removal of the BRP Sierra Madre. A now rust-filled World War II-era landing ship tank, the BRP Sierra Madre plays a crucial role in preserving the country’s claims in those waters. The ship was intentionally grounded there by the Philippine Navy in 1999 after China seized Panganiban (Mischief) Reef in 1995 and transformed it from a fishermen’s shelter into a massive military outpost (Philippine Daily Inquirer, April 15, 2024). In November 2021, Chinese coast guard ships blocked and blasted water cannon at Philippine supply boats en route to the BRP Sierra Madre. The Philippine Navy and Coast Guard did not retaliate to the many succeeding attacks from China, despite Filipino sailors on resupply missions being injured and their ships damaged.
Why has the Philippines not been firm enough in exacting the Arbitral rulings on China? A Rappler analysis, “Duterte belittles Hague ruling: ‘I’ll throw it in waste basket’,” (May 6, 2021) quoted then-President Rodrigo Duterte denigrating the historic 2016 legal victory of the Philippines against China’s claims to its waters, saying the decision should end up in the trash bin. Duterte had earlier said, “In the play of politics, now, I will set aside the arbitral ruling. I will not impose anything on China,” when asked about China’s construction of anti-aircraft and anti-missile systems, on all seven of the artificial islands it had built in the South China Sea (philstarlife.com, March 24, 2021).
Retired Senior Associate Justice Antonio Carpio has long advocated for Philippine sovereignty in the West Philippine Sea. On the TV show Headstart (March 20, 2021) he reiterated that China’s incursion in Julian Felipe Reef was not the first time it had done so and that China was lying about why its vessels were there. “President Duterte from the very start of his administration has befriended China, and has considered China his best friend. In fact, Duterte said, ‘I love Xi Jin Ping’ but that love has not been reciprocated” (Ibid.).
But China called on this declared love by Duterte, and exacted its “privileges,” until Duterte’s term of office as president finished in May 2022. Ferdinand “Bongbong” Marcos, Jr. is now president of the Philippines, veering obviously away from China, and declaring a renewed fight for the rights of the country as affirmed by the 2016 Arbitral Award.
And so, it’s now “Kiss and Tell” by China, blackmail for what Duterte “did for love.”
In April, after the March 23 water-cannon attack by China on the BRP Sierra Madre, former President Duterte admitted that during his term, he entered into an informal agreement with China not to bring construction materials to Ayungin and other Philippine outposts in the West Philippine Sea to prevent tensions from escalating further, confirming what his former spokesperson Harry Roque had revealed earlier. The deal did not cover the removal of the BRP Sierra Madre, he added.
The Chinese Embassy in Manila brought up the “gentleman’s agreement” with Duterte, insisting that the Philippines “repeatedly broke its promise and went back on its word” by sending construction materials to the BRP Sierra Madre and insisted that there was a promise to tow the ship (Ibid.).
To add insult to the “Kiss and Tell” expose and betrayal, China had all the while been busy creating islets for itself on the sandbar of Pag-asa Island, a municipality of Palawan province, while it was threatening and intimidating the Philippines over the BSP Sierra Madre removal from Second Thomas Shoal. Heaps of crushed corals have been dumped onto live coral on Pag-asa Cays 1, 2, and 3 to create mounds “taller than a man’s standing height” that are now exposed during high tide. National Security Council Spokesperson Assistant Director General Jonathan Malaya said that the motive behind the dumping of crushed corals was to not merely drive away Filipino fishermen in the area, but to change its geological feature and create a low-tide elevation that could generate maritime entitlements (unitednews.net.ph, May 7, 2024).
Justice Carpio, who spearheads the continuing fight for Philippine rights under UNCLOS, warned in a “Statement on former President Duterte’s ‘temporary special arrangement’ with China” (dated May 4, 2024) that “the motive of China in piling those rubble is obvious: to create a high-tide geologic feature, that is, one that is exposed at high tide, between Pag-asa and Subi Reef. This will reverse the finding in the Arbitral Award of July 12, 2016 that the submerged Subi Reef is part of the territorial sea of Pag-asa.
“The result is that Subi Reef, which is now an artificial island hosting a huge Chinese air and naval base, will no longer form part of the territorial sea of Pag-asa, whose territorial sea will be reduced by about one-third.
“However, a high-tide elevation is entitled to a 12-nautical mile territorial sea only if it is naturally formed and not man-made. A man-made high-tide feature or artificial island is not entitled to a territorial sea. That is why the dead coral rubble in Cays 1, 2, and 3 are being surreptitiously piled by China so that it will appear as naturally formed and not man-made.
“The Philippines must be prepared to bring to an UNCLOS arbitral tribunal this illegal artificial island building of China,” Justice Carpio said.
And now Defense Secretary Gilbert Teodoro, Jr. has called on the Department of Foreign Affairs to investigate how unnamed people in the Chinese embassy in Manila allegedly recorded a supposed phone conversation between a Chinese diplomat and a top Armed Forces official discussing a so-called new model agreement on rotation and resupply missions to Ayungin Shoal in the West Philippine Sea last January (Philippine Star, May 9, 2024).
More “Kiss and Tell”?
Amelia H. C. Ylagan is a doctor of Business Administration from the University of the Philippines.
SHARES in SM Prime Holdings, Inc. dropped last week despite a robust first-quarter (Q1) earnings report and a strategic partnership to address the country’s energy crisis.
Data from the Philippine Stock Exchange (PSE) showed 57.68 million shares worth P1.17 billion exchanged hands from May 6 to 10, making the listed property developer the sixth most actively traded stock in the local bourse last week.
Shares in the Sy-led property developer finished trading at P26.75 on Friday, 2.4% lower than a week earlier. For the year, the stock fell by 18.7%.
Luis A. Limlingan, head of sales at Regina Capital Development Corp., said that price action movement in the financial markets has been primarily driven by the earnings season and significant economic indicators data such as gross domestic product (GDP) and consumer price index (CPI).
He added that there have been speculations about how the results of the MSCI rebalancing will impact the constituents of various indices, both positively and negatively.
Despite a good earnings report, Jeff Radley C. See, head trader at Mercantile Securities Corp., said that sentiment in the property sector remains bearish due to the high-interest-rate environment.
However, Mr. See noted that investors remain optimistic about a potential rate cut by the US Federal Reserve later this year.
In the first quarter, the Philippine economy expanded by 5.7%, faster than the 5.5% in the previous quarter but slower than a year earlier. Inflation in April quickened for the third straight month to 3.8%, still settling within the Bangko Sentral ng Pilipinas’ (BSP) 2-4% target range.
Meanwhile, the central bank’s Monetary Board maintained its policy rate at 6.5%, nearly a 17-year high, after hiking benchmark interest rates by 450 basis points from May 2022 to October 2023.
SM Prime reported steady growth in the first three months of 2024. Attributable net income grew by 10.8% to P10.46 billion from P9.44 billion a year earlier. Consolidated revenues also increased, reaching P30.72 billion, up 7.3% against P28.63 billion in the same three months last year.
Additionally, SM Prime signed an agreement with MORE Power Iloilo, the main electric distribution utility in Iloilo City, last April 30 for the Interruptible Load Program. This partnership will help alleviate the severe energy crisis affecting the Visayas grid in the Philippines.
The agreement was a timely and critical move to address the current energy crisis in the country.
Mr. Limlingan said that investors are now looking forward to BSP’s future guidance on policy rates as the price has reflected the impact on earnings. He added that the listed property developer is already a major index member and has shown solid earnings growth despite the challenging environment.
If there is any weakness from the MSCI rebalancing this month, this may be an opportunity for bottom fishing, Mr. Limlingan said. He also expects earnings to improve in the second half of the year if rates fall and inflation moderates.
Support is at P26 and resistance at P27.80, he said.
For Mr. See, support levels are P25.60 and P24.50 while resistance levels are P27.70 and P29.30. — Abigail Marie P. Yraola
NET INFLOWS of foreign direct investment (FDI) in February soared to its highest level in over two years, data from the Philippine central bank showed. Read the full story.
