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Peso rebounds on profit taking

PHILIPPINE STAR/WALTER BOLLOZOS

THE PESO appreciated against the dollar on Wednesday due to profit taking after the local unit ended at the P58 level for the first time in more than 18 months in the previous session.

The local unit closed at P58.06 versus the greenback on Wednesday, strengthening by 21 centavos from its P58.27 finish on Tuesday, Bankers Association of the Philippines data showed.

Tuesday’s finish was the peso’s worst finish in more than 18 months or since its P57.275-per-dollar close on Nov. 8, 2022.

The peso opened Wednesday’s session stronger at P58.15 against the dollar. Its intraday best was its close of P58.06, while its weakest showing was at P58.235 versus the greenback.

Dollars exchanged went down to $1.29 billion on Wednesday from $1.62 billion on Tuesday.

“The peso strengthened due to profit taking by market participants after the local currency hit an 18-month low,” a trader said in an e-mail.

The peso could have been supported by intervention from the Bangko Sentral ng Pilipinas (BSP) after its sharp depreciation on Tuesday, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

BSP Governor Eli M. Remolona, Jr. on Tuesday said the central bank will participate in the foreign exchange market if necessary to smoothen excessive volatility.

For Thursday, the trader said the peso could weaken further due to potentially dovish signals from the US Federal Reserve meeting minutes to be released overnight.

The trader sees the peso moving between P57.90 and P58.15 per dollar on Thursday, while Mr. Ricafort expects it to range from P57.95 to P58.15. — A.M.C. Sy

Top NPA member convicted

A TAGUIG court has found a member of the communist New People’s Army (NPA) guilty of rebellion for attacks against military personnel and communication facilities in Quezon.

In a 56-page decision, Judge Marivic C. Vitor of the Taguig City Regional Trial Court Branch 266 sentenced the woman NPA member to a minimum of 10 years to maximum of 17 years and four months in prison.

“Positive identification were categorical and consistent and without any showing of ill motive on the part of the eyewitness testifying on the matter,” the decision said in convicting the woman who led several attacks against military forces that resulted in some deaths and injuries.

The woman pleaded not guilty to rebellion, saying in her testimonies she wasn’t in the vicinity or near Quezon Province when the attacks between Nov. 19 and 25, 2005, happened.

Despite this, witnesses recognized her and some members of the group during the prosecution.

“We stood united once again in the face of sinister terrorists and conquered this menace by our resilience and unity. We will never back down against such evil who continue to destabilize the government and sow discord and division. This is the very guarantee we can give our country and people,” said Justice Secretary Jesus Crispin C. Remulla in a statement. — Chloe Mari A. Hufana

CHED quizzed over Chinese influx

A PHILIPPINE congressman on Wednesday shifted blame for the influx of Chinese students in Cagayan province from the Bureau of Immigration (BI) to the Commission on Higher Education (CHED).

During the House panel hearing on the potential national security implications of having 5,334 Chinese students enrolled in Philippine schools, Cagayan de Oro Rep. Rufus B. Rodriguez said the BI “cannot be faulted” for the entry of these foreigners.

“They (immigration authorities) are merely converting the visa already issued by the DFA (Department of Foreign Affairs),” said Mr. Rodriguez, who then berated the CHED for its role in the situation.

“Does CHED monitor?” he asked, as he impressed upon CHED officials the Philippines’ problem with China which is “trying to usurp our sovereign rights in the West Philippine Sea.”

“Based on our data… it is [the] NCR (National Capital Region) with the highest number of Chinese nationals followed by Region II,” CHED Executive Director Cinderella Filipina Benitez-Jaro said.

Cagayan Province is located in Region II, the administrative region of Cagayan Valley. The province hosts two EDCA sites — Lal-lo Airport and Naval Base Camilo Osias.

Asked why Chinese students are interested in studying in Cagayan Province, Ms. Benitez-Jaro said: “Based on our data, the general categories [are responsible] for pursuing international studies here in the Philippines.”

The “general categories” that attract foreign students into the country include English being a medium of instruction, the quality of schools, and its affordability, she said. — Kenneth Christiane L. Basilio

Gender perception shifting — study

OVER 80% of men from Maguindanao and Lanao del Sur want the next generation to have a different expectation of manhood and gender roles, according to a report released on Wednesday.

Conducted by the Sasakawa Peace Foundation and the Philippine Legislators’ Committee on Population and Development Foundation, Inc. (PLCPD), the study showed that about 80.4% of men from Maguindanao and about 97% of those from Lanao del Sur believe the next generation’s concept of masculinity should change as perceptions on gender have evolved from purely physical considerations.

“Post-conflict transitions have enhanced women’s socioeconomic opportunities and improved men’s awareness of the harmful impacts of some expectations of being a man,” the study said.

“Post-conflict masculinities are centered around marriage, being the decision-maker, breadwinner, and protector of the family and a good father,” it added.

Masculinities in the post-war areas of Muslim regions in Aceh and Maluku in Indonesia and the Bangsamoro Autonomous Region of Muslim Mindanao (BARMM) in the Philippines are complex and shifting, the study said.

Despite this, it added that gender norms and inequalities persist, preventing the transformation of gender norms after conflict.

Research Consultant of the Sasakawa Peace Foundation and Associate Professor at the Mindanao State University Rufa Cagoco-Guiam during the launch said patriarchy is still strong in BARMM.

One key finding of the study said women in polygamous or unregistered marriages experience poorer levels of mental health. They are also more prone to sexual assault.

On the sidelines of the launch on Wednesday, Ms. Cagoco-Guiam told reporters that mental health support for women in the areas stated is still considered “taboo.”

“Women often do not report violence due to cultural stigma and patriarchal gender norms that assign primary responsibility for preserving family honor and marriage status to the wife,” the study said.

Women’s opportunities are still constrained by men’s need to uphold traditional family structures and to exercise economic and decision-making control, it found.

“While men accept women leaders and decision-makers, male gatekeeping–preventing women’s economic and political opportunities–persists because they need to uphold the masculinity ideals that prioritize men’s roles as a family protector and breadwinner,” the study added.

Another finding showed family, religious, and customary institutions are important but overlooked for influencing masculinity and transforming gender inequalities post-conflict.

“This highlights the important role of women as mothers and spouses, and of fathers, as the most influential people in socializing gender roles,” it said.

Women made important contributions to peace, the study found. However, this has not been translated into widespread influence or changed perceptions about their leadership.

In BARMM and Aceh, women are commonly perceived by both women and men to be more emotionally driven in their decision-making.

The research recommended focusing on private spaces, such as households and communities, to transform violent masculinities.

An emphasis on trauma healing was also recommended.

“Men and women who have conflict-related trauma were more likely to endorse the use of violence. A trauma-informed approach to peacemaking can ameliorate this risk,” it said.

“Targeted training programs focused on peacebuilding, gender equality, and transitional justice, and which incorporate a strong masculinities lens, should be made widely available,” it added.

Lastly, it recommended more sustained financing for women’s community-level activities and organizations that require long-term and easy-to-access financial and political resources. — Chloe Mari A. Hufana

Filipino joins int’l climate case against oil company

A FILIPINO has joined seven other citizens of multiple nations in filing a transnational criminal case against the world’s sixth-biggest carbon emitter.

Frank Nicol M. Marba, 29, of Dinagat Islands, is among the multi-national plaintiffs suing an oil company’s board and main shareholders for contributing to climate change and its devastating effects on lives.

The petition is suing the company for deliberately endangering the lives of others, involuntary manslaughter, neglecting to address a disaster, and damaging biodiversity. Each offense is punishable by at least one year of imprisonment and a fine.

“We demand [the company] to pay not just for the destruction of our properties, but more importantly for the loss of our livelihood and the trauma that we are still dealing with up to now,” Mr. Marba said in a statement.

Mr. Marba claimed that his family’s house was damaged and that his grandmother got sick after super typhoon Odette in 2021.

It is the second most destructive typhoon to hit the Philippines after typhoon Yolanda in 2013.

About P3.9 billion in damages to infrastructure and agriculture were recorded with 34,000 families adversely affected.

The other plaintiffs are from Pakistan, Zimbabwe, France, Belgium, Greece, Australia, and Mexico. The case was filed in Paris, France last May 21.

Despite the International Energy Agency recommending the stop to new fossil fuel projects since 2021, the international oil company kept opening oil and gas sites around the planet, Greenpeace said.

“Oil and gas companies must take accountability for their role in abetting the climate crisis,” it said. — Chloe Mari A. Hufana

Another bloody clan war settled in Basilan

COTABATO CITY — Army officials and local executives in Basilan settled amicably another clan war in the province that resulted in bloody clashes and the displacement of thousands of innocent villagers.

Basilan Gov. Hadjiman Hataman Salliman and the director of the Bangsamoro regional police, Brig. Gen. Prexy D. Tanggawohn, separately announced on Wednesday the reconciliation of the feuding Lajid and Jakilan clans in Al-Barka town.

The end to the their clan war was sealed through the efforts of Brig. Gen. Alvin V. Luzon, commander of the Army’s 101st Infantry Brigade, and local executives.

Lleaders of both clans, among them Al-Barka Mayor Jaydeefar D. Lajid and Mujib K. Jakilan, signed a covenant for peace during a symbolic rite on Tuesday at the headquarters of the 101st Infantry Brigade in Barangay Tabiawan, Isabela City, Basilan.

The event was witnessed by Major Gen. Ignatius N. Patrimonio, commander of the military-led anti-terror Task Force Orion covering Basilan, Sulu and Tawi-Tawi, Bangsamoro Parliament Member Muslimin D. Jakilan and the Islamic theologian Abdulmuhmin Alyakanie Mujahid.

The two clans, whose encounters had exacted fatalities on both sides, also turned in nine assault rifles and a .45 caliber pistol to authorities as a goodwill gesture that sealed their peace compact. — John Felix M. Unson

Abra fisherfolk to benefit from FishCoRe Project

XAVIER SMET-UNSPLASH

BAGUIO CITY — Abra fisherfolk expect a boost from the Bureau of Fisheries and Aquatic Resources – Cordillera (BFAR) Cordillera, with a new program — Fisheries and Coastal Resiliency (FishCoRe) — to be implemented nationwide.

BFAR-Cordillera Regional Director Lilibeth Signey said one of FishCoRe’s province-beneficiaries is Abra.

The project is funded by the World Bank, which is part of the support to fisherfolk affected by maritime territorial disputes in Philippine-claimed areas of the South China Sea.

Ms. Signey said that Abra was included in the project since the water of the Abra River flows to Ilocos Sur coast towards the Lingayen Gulf and then to the WPS.

She said the P100-million project will be implemented for seven years.

The preparation of the FishCoRe project started last year and its implementation is expected this year.

Ms. Signey said that the fisher folks of Tubo, Lagangilang and Lagayan towns in Abra stand to benefit from the project which entails the distribution of fingerlings, the establishment of hatcheries, and the granting of assistance on post-harvest facilities. — Artemio A. Dumlao

House censures former speaker Alvarez

PANTALEON D. ALVAREZ — PHILIPPINE STAR/BOY SANTOS

DAVAO del Norte Rep. Pantaleon D. Alvarez got a slap on the wrist from his peers on Wednesday after calling on President Ferdinand R. Marcos, Jr. to step down supposedly to ease tensions with China.

The House of Representatives voted to censure the former Speaker for conduct unbecoming of a congressman following an ethics committee probe.

In a 186-5-7 vote, congressmen agreed to reprimand Mr. Alvarez over his statements made against the President earlier this year.

An ethics complaint was lodged by Tagum City Mayor Rey T. Uy against Mr. Alvarez for his alleged chronic absences at the House of Representatives, libelous statements, and anti-government remarks he made at a political rally.

The House Ethics Committee initially unanimously voted to levy a 60-day suspension against the former Speaker. However, Camiguin Rep. Jurdin Jesus M. Romualdo moved to reduce the penalty to being censured instead of a two-month suspension.

“The severity of a 60-day suspension appears disproportionate to the nature and context of his misconduct,” he said in plenary. “Censure would suffice in addressing the misconduct without being excessively harsh.” — Kenneth Christiane L. Basilio

US looking into nickel ore processing projects in PHL

REUTERS

THE US government is looking into opportunities to process nickel ore in the Philippines, the US Trade and Development Agency (USTDA) said.

At an online media briefing late Tuesday, USTDA Director Enoh T. Ebong said the US is currently working on critical minerals projects in the Philippines.

“We are working in the Philippines currently through a project with Eramen Minerals, seeking to modernize and increase processing of nickel ore here,” Ms. Ebong said. 

“We will always look for opportunities for more, but it is a sector that we are working in and look forward to doing more,” she added.

US Senior Official for Asia-Pacific Economic Cooperation Matt Murray said that there have been a number of economic engagements between the Philippines and the US, including the Trade and Investment Mission led by Commerce Secretary Gina M. Raimondo.

“And I think through that there is certainly going to be expanded discussions on a whole range of issues, including critical minerals, and we look forward to continuing to have those engagements both bilaterally and in some of these regional mechanisms like IPEF (Indo-Pacific Economic Framework) and APEC (Asia-Pacific Economic Cooperation),” Mr. Murray said. 

The Department of Trade and Industry (DTI) said that the Philippines has proposed to accede to the US-Japan Critical Minerals Agreement instead of entering a bilateral critical minerals agreement with the US.

“This has been part of our discussions … We are already included in the CHIPS and Science Act, so that area is open for us. In terms of critical minerals, we are still looking for a way to do it without a bilateral agreement,” Trade Secretary Alfredo E. Pascual said on the sidelines of the Indo-Pacific Business Forum on Tuesday. — Justine Irish D. Tabile

Luzon Economic Corridor committee holds first meeting, plans to convene quarterly

BW FILE PHOTO

A COMMITTEE overseeing infrastructure investment and development along the Luzon Economic Corridor held its inaugural meeting on Tuesday, the first of what are planned to be quarterly sessions.

The US State Department said on Tuesday that the first Luzon Corridor Steering Committee meeting took place on the sidelines of the Indo-Pacific Business Forum in Manila.

The meeting was chaired by US Senior Advisor to the President for Energy and Investment, Amos Hochstein, and Acting Special Coordinator for the Partnership for Global Infrastructure (PGI) and Investment, Helaina Matza. 

It was also co-chaired by Secretary Frederick D. Go, senior advisor to the President for Investment and Economic Affairs, and Ishizuki Hideo, Japanese Foreign Affairs Ministry director general of the International Cooperation Bureau.

“The steering committee aims to implement the Trilateral Leaders’ commitment in April to develop the Luzon Economic Corridor under the PGI Indo-Pacific Economic Framework Investment Accelerator,” the State Department said, referring to the recent meeting of US, Japanese, and Philippine leaders.

“The partners discussed priority sectors for engagement and reviewed potential projects and areas of interest, committing to future meetings on a quarterly basis,” it added.

The Luzon Economic Corridor is the first PGI economic corridor in the Indo-Pacific region and is expected to support connectivity projects linking Subic Bay, Clark, Manila, and Batangas.

The economic corridor also aims to attract investments in rail, port modernization, agribusiness, clean energy, and semiconductor supply chains.

At the Indo-Pacific Business Forum, the US government also announced new support initiatives for the Indo-Pacific region, which includes a grant from the US Trade and Development Agency (USTDA) to Philippine company Responsible Internet Sustainability Effort, Inc. (RISE).

The grant funds a feasibility study that will help internet service providers in the Philippines advance the expansion of carrier-neutral internet exchange infrastructure.

“USTDA partners with companies like RISE to improve access to affordable and reliable internet connectivity for underserved communities in the Indo-Pacific. Planning the deployment of innovative technology is part of our strategy to promote inclusive economic growth,” according to Enoh T. Ebong, USTDA’s director.

“USTDA is pleased to launch this project at the Indo-Pacific Business Forum. It is just one demonstration of our unwavering commitment to promote trade, investment, and economic cooperation with the Philippines,” she added.

The USTDA also approved funding to support the modernization and buildout of electricity transmission and distribution networks in the Philippines.

To advance this initiative, the US government will bring a Philippine delegation of government and private sector utilities officials to observe innovations and best practices in smart grid technology. — Justine Irish D. Tabile

AIIB approves $1-B loan for Bataan-Cavite bridge

DPWH

THE Asian Infrastructure Investment Bank (AIIB) has approved a $1.14-billion loan to finance the construction of the Bataan-Cavite Interlink Bridge.

“The approval of the AIIB loan for the Bataan-Cavite Interlink Bridge project signifies a significant step towards realizing our vision of fostering inclusive and sustainable growth within the Greater Manila Area,” Rajat Misra, AIIB acting vice-president for Investment Operations for Region I, said in a statement.

“By prioritizing climate-resilient infrastructure and leveraging technology, we aim to not only enhance connectivity but also contribute to the region’s economic development while mitigating and adapting to environmental impact,” he added.

The 32.15-kilometer marine bridge connects Central Luzon to the Southern Tagalog regions. The Asian Development Bank (ADB) is co-financing the project.

The bridge is expected to cut travel time from Mariveles, Bataan to Naic, Cavite to 1.5 hours from 5 hours. It is expected to be one of the longest marine bridges in the world.

The first phase of the project is expected to require funding of $350 million.

“This marks a milestone support to the Marcos administration’s Build Better More Program, encouraging enhanced connectivity and promoting sustainable infrastructure development within the greater Manila area,” Beijing-based AIIB said.

The bridge will also help “unlock the potential of Bataan and Cavite in facilitating trade and serving as viable tourist destinations.”

The bridge features energy-efficient street lights and climate resilient bridge alert systems, the AIIB said.

“By adapting to natural hazards, incorporating green building criteria and utilizing lower carbon concrete and asphalt, the project emphasizes environmental responsibility while ensuring long-term resilience,” it added.

Last year, the ADB approved a $2.11-billion loan to finance the Bataan-Cavite Interlink Bridge. — Beatriz Marie D. Cruz

Broader tariff exemptions for ‘green’ vehicles seen helping Philippines meet sustainability goals

EREN GOLDMAN-UNSPLASH

THE expansion of tariff exemptions to more types of electric vehicles (EVs) and hybrids will help the Philippines meet its sustainability goals and promote investment, the Department of Finance (DoF) said.

“This strategic move puts the Philippines at the forefront of green technology, attracting more sustainable investment,” Finance Secretary Ralph G. Recto said in a statement.

“It will spur the creation of high-quality jobs, foster innovation, and offer Filipinos more eco-friendly vehicle choices. Ultimately, it will bring us closer to reaching our goal of reducing greenhouse gas emissions by 75% in 2030,” he added.

The National Economic and Development Authority Board last week approved the expansion of the coverage of Executive Order No. 12, which had temporarily reduced tariffs on EVs to zero until 2028.

It now grants zero tariffs to e-motorcycles, e-bicycles, nickel metal hydride accumulator batteries, e-tricycles and quadricycles, hybrid EVs and plug-in hybrid EV jeepneys or buses.

The DoF said that the expansion of the tariff exemption will “further enhance the ease of doing business in the Philippines, advance the country’s climate ambitions by promoting more sustainable investments, and generate more jobs in the area of green technology for Filipinos.”

“With the expanded measure, EVs will be more accessible and affordable to consumers, thereby accelerating the country’s transition to environment-friendly transportation solutions,” it added. — Luisa Maria Jacinta C. Jocson