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Lanao provinces under tight guard

COTABATO CITY — State forces have tightened security at the border of Lanao del Sur and Lanao del Norte provinces to forestall possible retaliations by Dawlah Islamiya gunmen, following clashes last Sunday that exacted fatalities on both sides.

Muslim religious leaders and local officials in Lanao del Norte told reporters on Tuesday that seven Dawlah Islamiya terrorists and six Philippine Army soldiers from the 44th Infantry Battalion were killed in the two-hour gun battles in the village of Ramain in Munai town, right next to Lanao del Sur towns.

“We are not taking chances. We are guarding against possible retaliations by these terrorists. This group is known for attacking helpless people to avenge the deaths of companions in clashes with pursuing government forces,” Brig. Gen. Allan C. Nobleza, director of the Police Regional Office-Bangsamoro Autonomous Region, said.

According to local leaders, two of the wounded Dawlah Islamiya members were one “Monid” and another named “Ariado,” who are alleged cousins of Khadafi K. Mimbesa, earlier identified by authorities as the mastermind of the deadly bombing of a Catholic mass held at the gymnasium of the Mindanao State University Gymnasium in Marawi City last Dec. 3.

Mr. Mimbesa was one of the nine Dawlah Islamiya terrorists killed in an encounter with soldiers in Piagapo, Lanao del Sur last Jan. 26.

The soldiers killed in last Sunday’s clash were Corporals Rey Anthony K. Salvador, Reland F. Tapinit, and Rodel C. Mobida, Private 1st Class Arnel L. Tornito, and Privates Michael John G. Lumingkit and James N. Porras. — John Felix M. Unson

House OK’s financial literacy bill

PHILIPPINE STAR/MICHAEL VARCAS

THE HOUSE of Representatives has approved on second reading a proposed measure that requires employers to establish a financial literacy program for all their workers and employees.

During the plenary session on Tuesday, House Bill No. 9875, the proposed Personal Finance Education in the Workplace Act, was approved through voice voting.

As a proposed amendment to the Labor Code of the Philippines, the bill mandates that the program include topics on behavioral finance, savings, fund development, debt management, investment, insurance, and retirement planning.

In his sponsorship speech, Bukidnon Rep. Jose Manuel F. Alba said “enlightened and financially secure workers and employees contribute more effectively, fostering a more robust and stable economy.”

According to the Bangko Sentral ng Pilipinas’ (BSP) 2021 financial inclusion survey, only 2% of Filipinos can correctly answer basic financial literacy questions.

The poll showed that 7% have attended a financial literacy seminar or webinar, and around half of the respondents, or 54%, said they were interested in attending the BSP’s financial literacy training session.

Less than half of the respondents (42%) noted the impact of inflation to their purchasing power, the central bank said.

“A lack of financial acumen leads to debilitating debt, stress-induced decision making, and consequently, a ripple of negative outcomes,” Mr. Alba told the plenary.

He added that the lack of financial literacy results in poor work performance, increased absences, financial dissatisfaction, and even violence in the workplace or at home. — Beatriz Marie D. Cruz

Energy expected for W. Visayas

JEROME CMG-UNSPLASH

A TOTAL of 258 megawatts (MW) of capacity is expected to be generated from the committed generating plants located in the Western Visayas islands of Panay and Guimaras, the Department of Energy (DoE) said.

“Our committed projects to be coming in the next few years… most of these are renewable energy,” Irma C. Exconde, director of the DoE Electric Power Industry Management Bureau, said in a virtual forum on Tuesday.

Committed projects are those that are already in the construction phase or have a financial close in place.

Among the projects cited is the 40-MW Luca solar power project by the Apolaki Eight, Inc., which was one of the winning bids under the second round of the Green Energy Auction Program.

There is also the 13.2-MW wind power project of PetroWind Energy, Inc., with a second phase targeted to be completed by 2024.

“Panay and Guimaras areas have many potential wind resources and also other renewable energy,” Ms. Exconde said.

She said that potential wind power projects in Panay and Guimaras have a total capacity of 5,807 MW, while other renewable energy projects have 550 MW.

To recall, multiple power plants tripped on the second day of the year on Panay Island, causing a widespread power outage in the Western Visayas. Power was restored three days after. — Sheldeen Joy Talavera

PBEd offers digital skills to youth

THE PHILIPPINE Business for Education (PBEd) forged fresh partnerships with the local governments of Samar province and the municipality of Arteche in Eastern Samar to bridge the youth’s technology skills gap, particularly in artificial intelligence (AI) and machine learning.

Backed by the Citi Foundation, the JobsNext program was launched in these areas last year to train young Filipinos in digital skills that would help them adapt and contribute to a modern and environmentally sustainable workplace.

“Through the combined efforts and collaboration of the public and the private sector, the dream of empowering Filipino youth looking for employment has come true,” said Justine B. Raagas, PBEd executive director.

She noted that the program will be pursued for a second straight year after over 1,500 young participants were trained last year. This year, the program targets the upskilling of at least 1,000 in Eastern Samar and Samar provinces.

“At Citi, we have a long track record of using our resources and expertise to empower the communities we serve,” said Citi Philippines chief executive officer Paul Favila. “Through the efforts of Citi Foundation and Citi Philippines, we hope to continue to enable growth and economic progress in support of our Filipino youth.”

In a study released in May 2023, online job portal JobStreet said technology-based work remains in high demand among jobseekers in the Philippines and other countries in Southeast Asia, despite layoffs by tech companies.

The Philippines ranked 84th out of 134 economies in the 2023 Global Talent Competitiveness Index compiled by Institut Européen d’Administration des Affaires in collaboration with the Descartes Insitute for the Future and Human Capital Leadership Institute.

“If we do not engage with the demands of digitization, we will be left behind,” Samar Governor Sharee Ann T. Tan-Delos Santos said. “I hope our youth will take advantage of this opportunity.” — John Victor D. Ordoñez

Gov’t distributes farm equipment

THE PHILIPPINE Center for Postharvest Development and Mechanization (PhilMech) has distributed at total of P302 million worth of farming equipment to farmers’ cooperatives and associations (FCAs) in the provinces of Bohol in Central Visayas and South Cotabato in Mindanao.

The agency said P225 million worth of machines were distributed to 26 qualified FCAs in South Cotabato, while P77.5 million worth of farming equipment went to 41 FCAs in Bohol.

“These machines are poised to modernize traditional farming methods, offering mechanized solutions to every agricultural process,” a PhilMech statement said.

Among the machines distributed to farming communities were rice combine harvesters, four-wheel tractors, floating tillers, hand tractors, mobile rice mills, precision seeders, walk-behind and riding-type transplanters, combine harvesters, rice threshers, single-pass rice mills, and a recirculating dryer.

The agricultural equipment was funded under the Rice Competitiveness Enhancement Fund’s (RCEF) mechanization program, which is intended to modernize the rice industry.

In a related development, PhilMech said that a rice processing facility is set to be constructed in Bukidnon, which includes a multi-stage rice mill and two mechanical dryers. — Adrian H. Halili

Apex answers environmentalists blaming mining for Maco landslide

APEX Mining Co., Inc. has reiterated the findings of the Mines and Geosciences Bureau 11 (MGB 11) that attributed the Feb. 6 landslide in the mining town of Maco, Davao de Oro to “natural factors” and not the company’s mining operations.

Still, the company which has been operating in the town for over five decades, expressed willingness to cooperate with inquiries, underscoring their commitment to Maco’s welfare.

The company’s statement follows environmentalists’ calls for accountability over the incident which killed scores of people, many of them Apex Mining employees on their way home from work.

Last week, Interfacing Development Interventions for Sustainability, Inc. (IDIS), an environmental watchdog, urged authorities to hold both Apex Mining and government agencies accountable for the tragedy.

In response, Apex Mining stood behind the MGB 11’s assessment, which stated: “As has been reiterated by the Mines and Geosciences Bureau, the landslide was caused by natural factors.”

Geologists from MGB 11 highlighted rainfall and fault lines in Davao de Oro as major contributors to the Masara landslide. “It was rain-induced… steep terrain, weak geology due to materials in the area, and the Philippine fault zone penetrating Davao de Oro contribute to the province’s susceptibility to landslides,” said Capter John Tubo, supervising geologist at MGB 11.

Regarding the location of the landslide, Apex Mining clarified it occurred outside the mine operations area and serves as a vehicle terminal for employees and community members, approximately 500 meters from the company gate.

Last Friday, disaster authorities reported that the death toll in the landslide that struck Barangay Masara in Maco reached 96, with at least 18 more people still missing.

In light of the incident, Apex Mining disclosed operational adjustments, including reduced milling activities and limited capacity due to restricted access. The company affirmed its focus on disaster relief efforts and supporting provincial government-led search and rescue operations.

Meanwhile, IDIS’s previous statement highlighted concerns about mining activities in Masara, noting the area’s designation as a “no-build zone” since 2008 due to recurring landslides. The environmental group underscored the region’s susceptibility to geological hazards and fault lineation.

IDIS called for a halt to mining operations, criticizing Apex Mining for alleged inadequate compensation and emergency response programs. The group pointed out the company’s establishment of infrastructure in designated hazard zones, implying negligence in adhering to safety regulations. — Maya M. Padillo

Shares rebound on hopes of early BSP rate cuts

REUTERS

LOCAL SHARES rebounded on Tuesday amid hopes that the Bangko Sentral ng Pilipinas (BSP) would cut rates by May on expectations of easing inflation.

The Philippine Stock Exchange index (PSEi) rose by 0.82% or 56.05 points to finish at 6,854.66 on Tuesday, while the broader all shares index climbed by 0.53% or 19.09 points to close at 3,581.70.

“This Tuesday, the local market bounced back by 56.05 points to 6,854.66 as investors regained confidence after a two-day decline. The positive sentiment was fueled by rate-cut hopes from the Bangko Sentral ng Pilipinas after Pantheon Economics stated that the central bank may start to cut rates by May,” Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message.

The BSP is widely expected to gradually cut benchmark interest rates this year starting as early as May, with prices likely to be under control, analysts said.

Monetary authorities are becoming less hawkish based on their policy statement last week, Pantheon Economics Chief Emerging Asia Economist Miguel Chanco said in a note, with a potential pivot this year on the table.

The Monetary Board last week kept the policy rate at a near 17-year high of 6.5% for a third straight meeting, as expected by 15 of 17 analysts in a BusinessWorld poll. Interest rates on the overnight deposit and lending facilities were also left unchanged at 6% and 7%, respectively.

The BSP raised borrowing costs by 450 basis points from May 2022 to October 2023.

BSP Governor Eli M. Remolona, Jr. said in a statement that the central bank is ready to adjust its monetary policy settings as necessary amid upside risks to inflation.

“Additionally, investors cheered the recent moves by the People’s Bank of China wherein it held its short-term interest rates unchanged and cut its five-year loan prime rate by 25 basis points,” he added.

The PSEi recovered following a technical sell-off on Monday, Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

“Economic data from the previous week raised concerns that the Federal Reserve might delay interest rate cuts, prompting uncertainty among market participants,” he said.

Majority of sectoral indices closed higher. Services went up by 2.39% or 41.34 points to 1,766.85; financials increased by 0.83% or 16.46 points to 1,999.39; holding firms rose by 0.74% or 47.38 points to 6,391.33; and property climbed by 0.71% or 20.42 points to 2,897.50.

On the other hand, industrials fell by 0.85% or 78.27 points to 9,121.59, and mining and oil fell by 0.22% or 20.25 points to 8,803.58.

Value turnover rose to P4.94 billion on Tuesday with 520.65 million issues changing hands from the P4.22 billion with 637.72 million shares seen the previous day.

Advancers outnumbered decliners, 106 versus 78, while 46 names closed unchanged.

Net foreign buying rose to P666.48 million on Tuesday from P339.37 million on Monday. — R.M.D. Ochave

Peso strengthens after China rate cut

BW FILE PHOTO

THE PESO inched up against the dollar on Tuesday after China’s central bank cut its key loan rate.

The local unit closed at P56.035 per dollar on Tuesday, strengthening by 3.5 centavos from its P56.07 finish on Monday, Bankers Association of the Philippines data showed.

The peso opened Tuesday’s session weaker at P56.09 against the dollar. Its worst showing was at P56.135, while its intraday best was its closing level of P56.035 versus the greenback.

Dollars exchanged went down to $1.14 billion on Tuesday from $1.51 billion on Monday.

“The peso appreciated as the latest substantial policy rate cut from China signaled concerns on the Chinese economy,” a trader said in an e-mail.

China announced its biggest-ever reduction in the benchmark mortgage rate on Tuesday, as authorities sought to prop up the struggling property market and broader economy, Reuters reported.

The 25-basis-point (bp) cut to the five-year loan prime rate (LPR) was the largest since the reference rate was introduced in 2019 and far more than analysts had expected.

The five-year LPR was lowered by 25 basis points to 3.95% from 4.2% previously, while the one-year LPR was left unchanged at 3.45%.

Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages.

In a Reuters poll of 27 market watchers conducted this week, 25 expected a reduction to the five-year LPR. They projected a cut of five to 15 bps.

The deeper-than-expected cut also suggests Beijing is no longer as concerned about the negative effects of lower lending rates on the currency or banks as they were last year.

A central bank-backed newspaper said on Tuesday that the benchmark mortgage rate cut would not create a negative impact on banks’ net interest margins.

The peso strengthened on Tuesday amid the dollar’s recent weakness, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The local unit was also supported by the stock market’s rebound on Tuesday, he added.

The Philippine Stock Exchange index rose by 0.82% or 56.05 points to close at 6,854.66 on Tuesday, while the broader all shares index went up by 0.53% or 19.09 points to finish at 3,581.70.

For Wednesday, the trader sees the peso moving between P55.95 and P56.20 versus the dollar, while Mr. Ricafort expects it to trade from P55.93 to P56.13. — AMCS with Reuters

Gilas in first window of Asia Cup Qualifiers minus Fajardo and Edu

JUN MAR FAJARDO — FIBA.BASKETBALL

GILAS Pilipinas is counting on its adaptability and next-man-up mentality as it tackles the first window of the FIBA Asia Cup Qualifiers minus injured giants June Mar Fajardo and AJ Edu.

Mr. Fajardo is out two weeks due to a calf injury he sustained in last week’s PBA Commissioner’s Cup finals while Mr. Edu will only be back in action in April after tearing a meniscus last November.

This leaves Kai Sotto and stand-in Japeth Aguilar with the main task of patrolling the lanes against Hong Kong Thursday on the road and Chinese Taipei on Sunday at home with forward Carl Tamayo possibly being converted to center.

“We lost a lot of size losing June Mar (Fajardo) and AJ (Edu) so Japeth (Aguilar) is God-sent,” coach Tim Cone said of Mr. Aguilar, who was not a part of the Gilas 12 but was tapped to replace Mr. Edu and join the 11-man crew to the opening windows.

“Japeth (Aguilar) being able to back up Kai (Sotto) is going to be big for us. Carl Tamayo is our third-stringer center so he may have to be play out of position. These things happen to any basketball team all the time. You just have to roll with the punches and continue to deal with this.”

Mr. Sotto expressed readiness to take a bigger responsibility with the help of Mr. Aguilar, who is suiting up amid his wife’s delivery of his newborn daughter over the weekend, and the rest.

Mr. Fajardo, for his part, said he has big faith in the 7-foot-3 Mr. Sotto and the Nationals. — Olmin Leyba

PSC seeks Marcos help on WADA noncompliance accusation

PRESIDENT FERDINAND R. MARCOS, JR. — PHILIPPINE STAR/KJ ROSALES

THE PHILIPPINE Sports Commission (PSC) will seek no less than President Marcos’ help when it contests the non-compliance accusation of the World Anti-Doping Agency (WADA) that has now been elevated to the Court of Arbitration for Sport  (CAS) for resolution.

PSC Chair Richard Bachmann said during yesterday’s Philippine Sportswriters Association Forum at the agency’s Malate, Manila office that they have already set an appointment with Mr. Marcos.

“We have a meeting with BBM this Friday,” said Mr. Bachmann referring to the Chief Executive. “With everyone helping out from legislation to government, I’m confident we’ll be able to resolve the issue.”

WADA recently referred the matter to the CAS after the country challenged WADA’s allegations of non-conformities with WADA’s international standard for code compliance.

The Philippine National Anti-Doping Agency is confident it could meet all the necessary requirements to resolve the issue.

“Based on the code compliance, we basically need to conform with four requirements — open testing distribution program, athlete’s biological passport, registration testing pool and results management,” said PHI-NADO representative Nathan Vasquez. “We checked out on the first two, we’re halfway checking out the third and we’re now working on the fourth.”

“We’re still working on the corrective actions, as long as everything is checked off, everything is going to be well,” he added. — Joey Villar

Montemayor and Quiñones rule 7/11 Trail Cross-Country Marathon

EMMANUEL DAVE MONTEMAYOR went back-to-back in the men’s division as national team mainstay Eusebia Nicole Quiñones reigned supreme in the women’s side of the highly-anticipated 7/11 Trail Cross-Country Marathon over the weekend at the Timberland Heights in San Mateo, Rizal.

Mr. Montemayor, a Meycauayan, Bulacan native, defended his crown by finishing the dreaded 40-kilometer race in one hour, 42 minutes and seven seconds for a better campaign since his championship ride last year.

The 22-year-old rising star clocked in 1:47:20 last edition and covered the enduring up-and-down trail this year in style, including the newly-unveiled Timberland Bike Park, to best Mark Lowel Valderama (1:43:14) and Dave Rhoa (1:43:34).

Ms. Quiñones, who will celebrate her 23rd birthday next month, timed in 2:15:14 to dethrone fellow national team member Shagne Yao (2:15:17) in a photo finish for a fitting redemption after a third-place finish last edition. Adel Pia Sendrijas (2:15:45) finished third.

Mr. Montemayor and Ms. Quiñones took home P25,000 prizes apiece and the prestigious trophies as the conquerors of the challenging single-loop course that comprised a mix of road climbs, fire roads, and single tracks for both professional and amateur riders.

Eusebio “Eboy” Quiñones, father of Nicole and a former SEA Games gold medalist for the Philippine team, also won in the Male 55 and Above age-group category while his son Matthew Symon Quiñones finished 10th in the Male 19 to 24.

The Quiñones family headlined more than a thousand participants for this year’s 7/11 Trail Series that coincided with the 40th anniversary of the Philippine Seven Corp., the licensor of the renowned convenience stores in the country.

A total of 791 riders out of 1,041 registrants finished the tough race with a 16-year-old racer and a 69-year-old participant being the youngest and oldest finishers, respectively.

“I think we owe cycling a debt of gratitude. It teaches you patience, grit and fearlessness because you crash a lot, especially mountain biking,” said Jose Victor Paterno, president & CEO of Philippine Seven Corp., who himself participated in the race.

“We are beyond thrilled to introduce Timberland Mountain Bike Park as the focal point of this year’s 7-Eleven Trail. It definitely added an exciting dimension to the event, providing an opportunity for participants to experience a whole new thrill of mountain biking.” — John Bryan Ulanday

Meralco Bolts beat grand slam seeking TNT in PBA 3×3 Third Conference

THERE’S a transfer of power in the Philippine Basketball Association (PBA) 3×3.

Meralco rose to the throne after toppling grand slam-hunting and seven-peat-seeking TNT in a hard-fought Season 3 Third Conference finale, 21-17, Monday night at Ayala Malls Glorietta.

Always contending but falling short, the Meralco Bolts finally met their destiny as they outplayed the TNT Triple Giga, their conquerors in the championship of the previous conference, in a thrilling finish, 6-2.

After Joseph Sedurifa knocked down the clinching two-ball, the Patrick Fran-coached squad took its place among the elite of the three-a-side league.

The Bolts were only the fourth team to win a conference championship after TNT, which reigned supreme in the last six tournaments, and Limitless App and Pioneer Elastoseal, which ruled the First and Second Conference, respectively, of the PBA 3×3 inaugurals back in 2021.

The Bossing got on the hill and held a 20-17 cushion but the Bolts turned it around and got to 21 points first with a 4-0 salvo capped by Mr. Sedurifa’s clinching deuce.

Mr. Sedurifa shot eight in the title clincher with JJ Manlangit stepping up with seven, Alfred Batino accounting for five and Manday scoring one and producing several hustle plays. The Bolts banked P750,000 after this breakthrough triumph.

TNT’s Almond Vosotros (five), Ping Exciminiano (four), Gryann Mendoza (four), and Chester Saldua (four) netted P250,000 after settling for a rare silver and failing to post a second straight season triple crown.

Cavitex joined its two sister teams from the MVP Group in the podium as it drubbed Blackwater, 22-19. The third-placed Braves earned P100,000. — Olmin Leyba

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