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NexGen to tap ESG equity funds to finance RE expansion

PEXELS-PIXABAY

NEXGEN Energy Corp. on Tuesday said it is in talks with Environmental, Social, and Governance (ESG) equity funds to help finance its renewable energy (RE) expansion program.

“The company is in discussions with several international ESG funds, and we are open to discussions with government-owned and controlled corporations,” NexGen President Eric Y. Roxas said in a statement.

The Pure Energy Holdings Corp. unit is planning an initial public offering (IPO) of its shares worth as much as P579.6 million as it seeks to develop solar and wind power projects with a capacity of more than 2,350 megawatts (MW).

It aims to offer 300 million shares with an overallotment option of 45 million shares at P1.68 each.

The proceeds will be used to partially finance the equity portion for the development of the 5-megawatt (MW) Palauig 2 Solar Plant, an expansion of the company’s existing 5-MW solar plant in Palauig, Zambales.

The company also seeks to use the proceeds to partially finance the equity portion for the development of its 100-MW Silang Maragondon Onshore Wind Power Plant in Quezon province, and its 40-MW Asisan Onshore Wind Power Plant.

NexGen aims to develop 1,683 MW of ground-mounted and floating solar plants, and onshore and offshore wind projects in the next five years.’

“NexGen also believes that climate-controlled indoor farms would be the next generation farming technology and NexGen would like to be at the forefront of supporting the power requirements for these projects,” Mr. Roxas said. — Sheldeen Joy Talavera

Mary Poppins songwriter Richard Sherman, 95

THEWALTDISNEYCOMPANY.COM

RICHARD SHERMAN, 95, a man behind famed Disney songs that delighted generations, such as “It’s a Small World (After All)” and Mary Poppins’ songs ““Supercalifragilisticexpialidocious,” “Chim Chim Cher-ee,” and “Spoon full of Sugar” died on Saturday, the Walt Disney Co. announced on its website.

He passed at a Beverly Hills California, hospital. The cause was only listed as an “age-related illness,” a Disney obituary said.

Mr. Sherman was one half of the famed songwriting team “the Sherman Brothers” along with his late brother Robert Sherman, and he was regarded as part of Walt Disney’s inner creative circle.

Among non-Disney movies, the Sherman Brothers wrote songs for the hit 1968 children’s film Chitty Chitty Bang Bang.

The brothers were lauded as among the most prolific composer-lyricists of the era. They wrote more than 200 songs and garnered nine Academy Award nominations, won two Oscars and three Grammy Awards, and also earned 24 gold and platinum albums over a decades-long career.

“Richard Sherman was the embodiment of what it means to be a Disney Legend, creating along with his brother Robert the beloved classics that have become a cherished part of the soundtrack of our lives,” Walt Disney chief executive officer  Bob Iger said in a statement.

Before his career in songwriting, he majored in music at Bard College and served a stint in the US Army, where he was a conductor for an Army band and glee club in the early 1950s.

In 2005, the brothers were inducted into the Songwriters Hall of Fame. Three years later, they were awarded the National Medal of the Arts, presented at the White House.

He was preceded in death by Robert Sherman in 2012.

Mr. Sherman is survived by his wife of 66 years, Elizabeth, his son Gregory and numerous other relatives. Plans for a public service were not announced. — Reuters

Making revenge travel more accessible for every Juan: The New Philippine Passport Act

LANCE KATIGBAK-FLICKR

After being held back by virtue of the global pandemic, “revenge travel” is a consequential trend resulting from border openings as well as lifting of travel restrictions. Filipinos, as a matter of course, will maximize this window of opportunity.

To aid in easing travel for Filipinos, Republic Act No. 11983 (An Act Providing for a New Passport Law, Repealing for the Purpose Republic Act No. 8239, otherwise known as the “Philippine Passport Act of 1996,” as amended, and Providing Funds Therefor), or The New Philippine Passport Act, for brevity, was enacted on March 11, which aims to streamline the processes for the issuance and renewal of Philippine passports.

Before the effectivity of the New Philippine Passport Act up to the present, applications for the issuance and renewal of passports in the Philippines were submitted in person in any of the Department of Foreign Affairs (DFA) consular offices or satellite offices. To be able to submit an application, it is required that an online appointment be made prior via the DFA website. Once the applicant chooses their preferred DFA consular office or satellite office, and the date and time of their visit, they must bring the complete documentary requirements, both original and photocopies.

Seeing the resulting circumstances brought about by the revenge travel influx, among the key provisions of the New Philippine Passport Act are: Section 18, which introduces the concept of an Online Application Portal and an Electronic One-Stop Shop; and Section 19, which is the establishment of offsite and mobile passport services in areas other than the consular offices and foreign service posts. The intention of both is to, hopefully, make passport services more accessible, even to the remotest of communities.

Pursuant to the new law, the DFA is mandated to establish an online portal and an Electronic One-Stop Shop to streamline and simplify the gathering and submission of documents for passport applications. A personal appearance of the applicant is still required, but only for biometric and biographic data capturing, which is done after the submission and evaluation of the documents. While these measures are still in their infancy and constantly undergoing refinement, we are expecting to see shorter and faster queues during personal appearances for passport applications because of the addition of offsite and mobile passport services.

The New Philippine Passport Act is also geared to make passport applications more accessible and inclusive by expanding the list of those eligible to use the courtesy or special lanes. Previously, courtesy or special lanes only accommodated senior citizens, persons with disability, pregnant applicants, minors aged seven years and below, solo parents, overseas Filipino workers, and applicants with exceptional and emergency cases. With the new law, the DFA is tasked to also arrange accommodations for Muslim Filipinos who intend to participate as pilgrims to the four-month long annual Hajj pilgrimage, commencing from the date provided in the official request by the National Commission on Muslim Filipinos.

Finally, in an effort to curb the proliferation of fake or fraudulent passports, to safeguard Filipino passport holders from illegal confiscation, identify theft and forgery, and to prevent illegal possession of Filipino passports, the New Philippine Passport Act has updated and increased the penalties for such offenses.

Any person or entity who, without any legal authority, confiscates or withholds a duly issued Filipino passport shall suffer the penalty of imprisonment from 12 years and one day to 20 years and shall pay a fine ranging from P1 million to P2 million. Offenses relating to forgery, counterfeits, mutilation, and improper use of passports shall suffer imprisonment of not less than six years and one day to 15 years and a fine ranging from P100,000 to P250,000. Offenses for illegal issuance of passports, false statements relating to passport applications, affidavits for lost or destroyed passports, are punishable with imprisonment of not less than six years and one day to 12 years and a fine ranging from P100,000 to P250,000.

As a new inclusion of the law, offenses pertaining to unfair or discriminatory practices committed by the authorized passport-issuing authorities and personnel of the DFA shall be punished with administrative liability with six months suspension for the first offense. For the second offense, they shall suffer administrative and criminal liability of dismissal from service, perpetual disqualification from holding public office, forfeiture of retirement benefits, and imprisonment of 18 months and one day to six years, with a fine ranging from P100,000 to P250,000.

The New Philippine Passport Act is a meaningful step towards modernizing the travel documentation process in the country. By aligning with international standards and concurrently tightening security measures, we hope to see a more streamlined and efficient Philippine passport processing to give more Filipinos the opportunity to travel and explore the world.

This article is only for general informational and educational purposes and is not offered as and does not constitute legal advice or opinion.

 

Christianna manami Y. Salud is an associate of the Immigration Department of the Angara Abello Concepcion Regala & Cruz Law Offices (ACCRALAW).

cysalud@accralaw.com

(632) 8830-8000

India’s space startup calls off maiden rocket launch for a fourth time

AGNIKUL COSMOS

BENGALURU — India’s Agnikul Cosmos called off a test flight of its first rocket on Tuesday seconds before it was due to launch — the fourth such cancellation in the last three months.

Launches of India’s second privately built rocket, and first using a combination of gas and liquid fuel, had been aborted three times before because of technical issues, including one flight that was canceled about 90 seconds before lift-off.

The launch, scheduled for 5:45 a.m. IST (0015 GMT) on Tuesday, was first delayed less than six minutes before lift-off “due to a technical glitch in the countdown activities,” and officials set a new lift-off time of 9:25 a.m.

Only five seconds before lift-off, however, the launch was put on “temporary hold to check igniter performance,” then was called off altogether.

The mission was expected to last two minutes and test the new “semi-cryogenic” engine and 3D-printed parts. If successful, it would have represented a technological step for India, whose Indian Space Research Organisation (ISRO) has not yet successfully flown a semi-cryogenic engine, which uses a mix of liquid and gas for propellant.

Agnikul Cosmos’ Agnibaan rocket is a customizable, two-stage launch vehicle that can take up to 300 kg (about 660 lb) of payload to orbits about 700 km in altitude (435 miles), the company said. SpaceX’s Falcon Heavy can put up to 63,500 kilos to low Earth orbit.

India’s first privately developed rocket, from the company Skyroot, was flown from ISRO’s launch site in 2022.

Founded in 2017, Agnikul — whose name is derived from the Hindi and Sanskrit word for fire — runs the country’s first private launchpad and mission control center, while ISRO operates all other launchpads. — Reuters

Philippines places 69th in WEF’s travel and tourism index

The Philippines inched up a spot to 69th out of 119 economies in the 2024 edition of Travel & Tourism Development Index (TTDI) by the World Economic Forum (WEF). The TTDI measures the set of factors and policies that enable the sustainable and resilient development of the travel and tourism (T&T) sector, which in turn contributes to the development of a country. With an overall TTDI score of 3.84 (7 is best), the Philippines was one of the laggards in the region.

Philippines places 69<sup>th</sup> in WEF's travel and tourism index

PSEi member stocks performed — May 28, 2024

Here’s a quick glance at how PSEi stocks fared on Tuesday, May 28, 2024.


Philippines’ first storm in 2024 kills 7; Marcos allots P600M for Aghon victims

PHILIPPINE STAR/MIGUEL DE GUZMAN

By Kyle Aristophere T. Atienza, Reporter

AT LEAST seven people were killed during the onslaught of typhoon Aghon, the first storm to hit the Philippines this year, as President Ferdinand R. Marcos, Jr. set aside over P600 million to aid some 36,000 victims, authorities said on Tuesday.

As of 5 p.m. Tuesday, the typhoon was spotted 535 kilometers (km) east of Basco, Batanes north of the capital Manila, with sustained winds of up to 130 km per hour (kph) and gustiness of up to 160 kph.

In its situational report, the National Disaster Risk Reduction and Management Council (NDRRMC) said a 14-year-old female from Misamis Oriental died after strong winds toppled a tree. Another student was injured.

In a separate report, Reuters quoted police Maj. Elizabeth Capistrano telling local radio station DWPM that there had been six deaths due to Aghon, including two men who drowned.

The NDRRMC said eight more people were injured and 36,143 people or 12,436 families in Calabarzon, Mimaropa, Bicol, Central Visayas, Eastern Visayas and Metro Manila were adversely affected by Aghon’s weekend wrath.

It also reported that 16,426 people or 4,076 families sought temporary shelter at evacuation centers, while 5,614 other displaced residents stayed with friends or relatives as floodwaters rose in many areas.

Before departing for Brunei Tuesday morning, Mr. Marcos said the social protection agency had already given out P1.35 million worth of assistance to typhoon victims.

The government also put 841 search and rescue retrieval teams from the Philippine military, coast guard, and fire agency on standby, said the President, who is currently on a two-day state visit to Brunei.

Over 400 transportation assets and 400 emergency telecommunications equipment were set to be used for relief efforts, he said.

Aghon has affected 60 seaports, 13 of which were still non-operational as of 8 a.m., according to the NDRRMC, which reported that the number of stranded passengers had hit over 400.

It said 11 domestic flights and one international flight had been canceled so far.

The NDRRMC said the government had provided P3.66 million in assistance to affected families.

PAGASA, meanwhile, reported that Aghon is unlikely to directly bring significant rainfall within the next three days.

However, the southwesterly windflow will bring moderate to heavy rains over Western Visayas and the western portions of Northern, Central, and Southern Luzon until Friday.

“With the lifting of all hoisted wind signals, possible impacts from severe winds of Aghon within the forecast period are becoming unlikely.”

Marcos in Brunei; deals on tourism, maritime and food security signed

PHILIPPINE STAR/KRIZ JOHN ROSALES

THE PHILIPPINES and Brunei have signed deals aimed at bolstering cooperation in the areas of tourism, maritime, and food security, the Palace reported Tuesday, as President Ferdinand R. Marcos, Jr. began his two-day state visit in the neighboring Southeast Asian nation.

Mr. Marcos arrived in Brunei Darussalam before noon and later met with Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah Yang Di-Pertuan.

The two leaders immediately sealed the economic partnerships ahead of Mr. Marcos’ scheduled departure for a two-day working visit in Singapore, where defense leaders from dozens of nations are gathering.

In a press release, his office said the Philippines and Brunei signed a memorandum of understanding (MoU) on maritime cooperation to boost information sharing, skills training, and research. 

The two countries also signed a letter of intent “to explore further cooperation and collaboration on the field of agriculture for food security and sustainable agriculture.”

They also signed an MoU to “generate cooperative tourism projects and increase tourist arrivals between the two countries.”

The tourism deal seeks to boost ties in Islamic tourism and the promotion of Muslim friendly destinations.

The two countries also signed an MoU to allow mutual recognition of national certificates.

Mr. Marcos is set to fly to Singapore on May 30 to deliver a keynote address at the 21st Edition of the IISS Shangri-La Dialogue, Asia’s premier defense summit.

In his departure speech, he said he would articulate the Philippines’ “perspectives and outlook on defense and diplomacy” and highlight his country’s “commitment to a rules-based international order and constructive multilateralism” amid geopolitical challenges.

Before leaving Manila, Mr. Marcos’ government had to deal with China’s unilateral fishing ban in the South China Sea, which Beijing claims almost in its entirety including waters that are well within the Philippines’ exclusive economic zone.

Early in May, Beijing approved a policy allowing its coast guard to detain foreigners it suspects of violating its exit-entry rules “in the waters under the jurisdiction of China” for up to 30 days — and in some cases for as long as 60 days — without a trial.

Raymond M. Powell, a fellow at the Gordian Knot Center for National Security Innovation at US-based Stanford University, said in an X message: Mr. Marcos should raise concerns over the new China regulation, which will take effect next month, at the security dialogue.

“My visit to Singapore is part of the series of high-level exchanges between the Philippines and Singapore which began at the start of the year,” Mr. Marcos said, noting the need to renew ties with Singapore after Lawrence Wong was sworn in on May 15 as its new prime minister.

Mr. Marcos said he will invite Singapore’s president and its new prime minister to visit the Philippines “as a testament to our strengthening bonds.” — Kyle Aristophere T. Atienza

Gov’t urged to prioritize improved tax administration over new taxes

PHILIPPINE STAR/EDD GUMBAN

By John Victor D. Ordoñez, Reporter

THE GOVERNMENT must push for stricter and more efficient tax administration and collection over imposing new taxes to fund the Marcos administration’s flagship projects, a strategy economists favor in order to avoid fanning inflation.

“A more efficient tax administration will yield higher revenues to fund the government’s flagship projects,” Terry L. Ridon, a public investment analyst and convenor of think tank InfraWatch PH, told BusinessWorld over the weekend.

He echoed the sentiment of new Senate President Francis “Chiz” G. Escudero, who stated last week that he favored improving tax collection and prevent leakages in government spending before considering new taxes.

“Senate President Escudero’s commitment to supporting improved tax collection instead of imposing new taxes provides a welcome respite to a nation confronting continuing economic uncertainties due to inflation, joblessness and a weaker peso,” Mr. Ridon said in a Facebook Messenger chat.

“This has been the policy priority of the government in recent months to increase recurring sources of revenues through intensified tax collection based on existing tax laws, instead of new taxes or higher taxes (as a final option) that may increase prices and overall inflation,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The Bureau of Internal Revenue (BIR) aims to collect about P2.6 trillion in taxes this year. It collected about P2.53 trillion in taxes last year, missing its target of P2.64 trillion.

The agency also eyes collecting about P599.2 billion in value-added tax this year, 11% higher than the P538.1-billion goal for 2023.

Upon his appointment as Finance chief last March, Secretary Ralph G. Recto, also a former senator and congressman, shunned new taxes under the administration of President Ferdinand R. Marcos, Jr., saying higher tax rates could worsen smuggling and illegal trades.

However, Leonardo A. Lanzona, who teaches economics at the Ateneo de Manila University, said opposing new taxes would limit the government’s responsiveness to new social and economic issues.

“Selective, judicious new taxes are viewed as a necessary governing tool for institutional adaptability to changing social and economic conditions,” he said in a Facebook Messenger chat.

“Taxes are responses to externalities that need to be addressed to achieve social goals, and lead to social benefits far beyond simply improving tax revenue generation.”

IMO whitelisting seen to boost global hiring of Filipino seafarers

MARINA.GOV.PH

THE PHILIPPINES’ inclusion in a global whitelist of countries with high global certification standard compliance would make it easier for Filipino seamen to get hired, according to the Department of Migrant Workers (DMW).

Last week, the International Maritime Organization (IMO) included the Philippines in the whitelist after scrutinizing Filipino seafarers’ compliance to the Standards of Training, Certification, and Watchkeeping convention.

“This milestone paves the way for secure employment and continued employability for Filipino seafarers,” the DMW said in a statement on Tuesday.

“Inclusion in the IMO whitelist is a testament to our ongoing efforts in refining and elevating the skills of our maritime workforce,” Migrant Workers Chief Hans Leo J. Cacdac said in the same statement.

Last week, the Department of Transportation (DoTr) said IMO’s whitelisting of the Philippines recognizes the country’s “commitment to maintaining high standards in maritime education, training and certification for Filipino seafarers.”

Last year, money sent home by Filipino seafarers reached $6.85 billion (P380 billion).

The DMW said Filipino seafarers account for about 30% of the global maritime workforce, with 570,959 being deployed last year.

“The DMW is firmly committed to supporting the welfare and well-being of our brave Filipino seafarers. We will work with all partner agencies and stakeholders to ensure their competence, safety and protection,” it said. 

The IMO is an attached agency of the United Nations that aims to set global standards for the safety, security, and environmental performance of international shipping.

Last year, the European Commission (EC) decided to continue recognizing seafarer certificates issued by the Philippines.

In 2022 the EC warned that some 50,000 Filipino seafarers working in European vessels could lose their jobs if deficiencies flagged by the European Maritime Safety Agency in March that year were not addressed. — John Victor D. Ordoñez

DBM approves 5,000 school administrative positions to ease burden of teachers

DEPED.GOV.PH

By Beatriz Marie D. Cruz, Reporter

TO SET teachers up for the big task of ensuring quality education in public schools, the Department of Budget and Management (DBM) announced Tuesday funding approval for the hiring of 5,000 non-teaching staff to ease teachers’ workload.

“Our educators already have their plates full,” said Budget Secretary Amenah F. Pangandaman, citing the Department of Education’s (DepEd) proposal to lessen teachers’ administrative tasks so they could focus on teaching.

“By approving the creation of 5,000 non-teaching positions, we aim to relieve teachers of administrative tasks and allow them to focus on quality instruction,” she said.

The non-teaching positions would be considered Administrative Officer II positions with Salary Grade 11 or a minimum salary of P27,000. The positions would be assigned to different schools nationwide.

Funding for the new positions will be sourced from the Miscellaneous Personnel Benefits Fund under the 2024 national budget, while the Retirement and Life Insurance Premium would be chargeable against the automatic appropriations.

“This move will significantly benefit our educators and enhance the country’s education system,” the Budget Secretary said.

Administrative tasks are bloating teachers’ workload, affecting the quality of their lectures and their well-being.

“Under the Bagong Pilipinas, we will continue to prioritize the welfare of our teachers and students. After all, they are at the heart of our national development goals,” she said in mixed English and Filipino.

In January, Vice President and Education Secretary Sara Z. Duterte-Carpio mandated the removal of administrative tasks of public school teachers under DepEd Order No. 002.

Administrative tasks cited by the DepEd include personnel administration, property or physical facilities custodianship, general administrative support, financial and records management, and program management like feeding programs.

“These extra duties are often the result of understaffed schools being unable to provide sufficient support services,” according to the Order.

5 for divorce, 5 against in Senate

SENATE.GOV.PH

SENATE President Pro-Tempore Jose “Jinggoy” P. Estrada revealed on Tuesday that based on his conversations with colleagues, five senators are in favor of the divorce bill and five others are against it — himself included.

In a Viber message to reporters sent by Mr. Estrada’s team, those reportedly in favor of the measure are Senators Ana Theresia N. Hontiveros-Baraquel, Mary Grace N. Poe-Llamanzares, Maria Imelda “Imee” R. Marcos, Pia Juliana S. Cayetano, and Ferdinand “Robin” C. Padilla.

On the other hand, Mr. Estrada, Senate President Francis “Chiz” G. Escudero and Senators Francis N. Tolentino, Emmanuel Joel J. Villanueva, and Ronald M. dela Rosa are against it.

The senator said he surveyed his colleagues following the approval of the bill by the House of Representatives last week. A counterpart divorce bill, the proposed Dissolution of Marriage Act, is pending on second reading before the Senate. 

Besides Vatican City, the Philippines is the only country in the world that bars divorce, which outlawed it almost a century ago.

“I have been and still am not in favor of legalizing divorce in our country,” Mr. Estrada said. “Instead of pushing for an absolute divorce law, which is proscribed by the Constitution, perhaps a bill with a well-defined ground nullifying a marriage would be a much-welcomed alternative.”

Under the approved House bill, grounds for absolute divorce include psychological incapacity, marital abuse, and irreconcilable differences, among others. — John Victor D. Ordoñez