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Thai economy has not reached full potential

REUTERS

BANGKOK — Thailand’s economic growth has not reached its full potential, though there are some signs of recovery, a caretaker deputy finance minister said on Wednesday.

Southeast Asia’s second largest economy is likely to grow between 2.3% and 2.8% this year, Paopoom Rojanasakul said at a business forum.

He said the growth rate had not reached its full potential due to complex factors, including global geopolitical tensions, volatilities in global financial markets and domestic factors such as the political situation and delays in budget spending.

“Despite these challenges, we have confidence in the resilience and adaptability of the Thai economy, and we are seeing signs of economic recovery,” Mr. Paopoom said.

New investment is needed to maintain the country’s competitiveness, he added. 

Southeast Asia’s second-largest economy grew at a faster pace of 2.3% in the April-June quarter from a year earlier, beating analysts’ expectations.

Last year’s growth of 1.9% lagged regional peers. —  Reuters

‘Nature is punishing us’: Drought imperils farmers and bees in Mexico’s north

MIKEERSKINE HZ0-UNSPLASH

BUENAVENTURA, Mexico — In the northern Mexican state of Chihuahua, residents and farmers have anxiously watched and waited for clouds to bring rain to refill dried-out dams, water wells and lagoons. They’ve waited so far in vain.

The largest state of Mexico has a dry or semi-dry climate at the best of times, but has faced unusually low rainfall levels in recent years. Near the town of Buenaventura, the Las Lajas dam is near empty and the little water left is infested with dead fish.

“The situation is bleak,” said Rogelio Pacheco Flores, the municipal president of Buenaventura. “This dam is practically without water. We see total devastation, the truth is that nature is punishing us.”

Cattle from nearby farms have come to cool off in the little wet mud that remains, but the depleted dam has meant many farmers have suffered, unable to irrigate their crops.

In previous planting seasons, the wells helped water the land, but amid the drought farmers have decided to leave land unplanted or use the scarce water to keep long-standing groves of walnut trees from dying.

“The levels of our farming wells are dwindling,” said local farmer Angel Rueda Solorio. “We are no longer able to sow our crops due to the lack of water. We have already had several years, two consecutive years without rain.”

Local beekeepers have also been hit. Bees are dying in huge numbers because the lack of rain has drastically reduced wild flower blooms, causing the bees to go looking for pollen in the crop fields, where herbicides kill them as well as pests.

“There is almost no vegetation in the landscape right now, due to the drought,” said Adan Rascon Ramos, a beekeeper in the area for around 30 years.

As water levels have fallen, the local tourist trade has dried up, along with fishing, leaving producers hoping that conditions will improve in the months ahead.

“I have been working here for a year now at the dam and I have seen how the number of people who come to walk around the dam has decreased since last year,” said Daniel Alberto Rubi, a fisherman who gives boat tours to visitors.

“This year things are very dry. The dam is at like 20% capacity and it keeps going down.” — Reuters

Ukraine’s drones set oil depot in Russia’s Rostov ablaze, Russian Telegram channels say

UKRAINE and Russian flags are seen through broken glass in this illustration taken March 1, 2022. — REUTERS

Ukraine’s drones set several oil tanks on fire at the Glubokinskaya oil depot in Russia’s Rostov region, several Russian Telegram channels reported on Wednesday.

Rostov’s governor, Vasily Golubev, said in a Telegram post that four Ukraine-launched drones were destroyed over the region, but made no mention of an attack on an oil depot.

The Baza Telegram channel, which is close to Russia’s security services, said that three tanks were burning after two drones fell on the territory of the oil depot.

Reuters could not independently verify the reports. There was no immediate comment from Ukraine.

The attack comes while tanks were still on fire at another Rostov’s oil depot, in the Proletarsk district, some 10 days after the depot was attacked, Russian Telegram channels report.

Separately, Alexander Gusev, the governor of the Voronezh region that also borders Ukraine said that debris from a Ukraine-launched drone over the region sparked a fire “near explosive objects.” Gusev added that there was no detonation.

The fire has since been extinguished, Gusev said on Telegram, and residents from two settlements who were temporarily evacuated were returning to their homes.

Russian officials often do not disclose the full extent of damage inflicted by Ukrainian attacks.

Both sides deny targeting civilians in the 30-month-old war that Russia launched with a full-scale invasion on its smaller neighbor. Kyiv says that its air attacks aim to destroy energy, transport and military infrastructure that’s key to Moscow’s overall war effort. – Reuters

Pacific island states endorse $271 mln regional policing plan

PACIFIC ISLANDS FORUM/FORUMSEC.ORG

SYDNEY – Pacific Island states have endorsed an Australian-funded A$400 million ($271 million) plan to improve police training and create a mobile regional policing unit, Australia said on Wednesday, as Canberra looks to reduce China’s security footprint in the area.

The Pacific Policing Initiative will set up four police training centers across the Pacific as well as a separate hub in Brisbane, Australian Prime Minister Anthony Albanese said after the plan was agreed by consensus during a meeting of Pacific Islands leaders in Tonga.

The initiative will also create a multi-country policing force that can be deployed to countries in the region in the event of major events or crises.

“The first task of an international leader is to look after the security and safety of our residents and that is what this is about,” Albanese told a press conference in Tonga. “Making sure that by working together, the security of the entire region will be much stronger and will be looked after by ourselves.”

China has been a major infrastructure lender in the region and is now seeking a greater role in the military and policing, as well as digital connectivity and media.

Australia has previously said there should be “no role” for China in policing the Pacific Islands. Wednesday’s initiative seeks to reduce the need for countries in the region to turn for help to China, which already has police operating in Solomon Islands and Kiribati.

Beijing hosted visits by the leaders of Fiji, Vanuatu and Solomon Islands in the weeks before the forum meeting, highlighting its ability to provide development assistance, and its security goals. – Reuters

China holds 2nd day of talks on Taiwan, fentanyl with top Biden aide

ALEJANDRO LUENGO-UNSPLASH

BEIJING – US President Joe Biden’s national security adviser Jake Sullivan started his second day of meetings with top Chinese officials in Beijing on Wednesday, aimed at quieting tensions between the two superpowers ahead of the Nov. 5 U.S. election.

Sullivan, China’s top diplomat Wang Yi and others are meeting for talks from Tuesday to Thursday as the two countries are at odds over the Middle East and Ukraine, Chinese territorial claims from Taiwan to the South China Sea and trade.

The two continued talks after meetings and a dinner on Tuesday night at a lush resort on the northern outskirts of the Chinese capital.

“Over the past few years, bilateral relations have gone through twists and turns,” Wang told reporters on Tuesday.

“We’ll delve into a wide range of issues, including issues on which we agree on and those issues on where there are still differences that we need to manage effectively and substantively,” said Mr. Sullivan.

In the final months of his presidency, Mr. Biden has pushed direct diplomacy to influence Chinese President Xi Jinping and keep those tensions at bay; US Vice President Kamala Harris, the Democratic candidate in November’s election, would likely pursue a similar strategy.

However many analysts aligned with Republican former President Donald Trump see that approach as too soft, in the face of China’s increasingly assertive foreign policy.

Mr. Sullivan wants to expand military-to-military talks down to the theatre command level, a step that Washington hopes could prevent conflict in specific areas like the Taiwan strait.

The US also wants China to take more action at home to prevent the development of chemicals that can be made into fentanyl, the leading cause of U.S. drug overdoses, and reach an understanding about safety standards for artificial intelligence.

Beijing plans to express its disapproval over US tariffs on a range of manufactured goods and export controls targeting Chinese chip makers, and talk about its claims of sovereignty over democratically ruled Taiwan.

US CDC reports 21 Oropouche cases among travelers returning from Cuba

The U.S. Centers for Disease Control and Prevention (CDC) said on Tuesday that a total of 21 Oropouche virus disease cases among US travelers returning from Cuba have been reported as of Aug. 16.

The Oropouche virus is spread primarily through bites from midges as well as from some mosquitoes. Symptoms of the disease include headache, fever and muscle aches and joint pains, but the virus is rarely fatal.

Most patients returning from Cuba reported their symptoms between May and July.

Overall, three patients were hospitalized, and no deaths were reported, the agency said in its Morbidity and Mortality Weekly Report.

A dire economic crisis in Cuba has made it difficult to control the spread of Oropouche. Frequent power outages mean many sleep with windows open during the hot Caribbean summer. Few Cubans have access to insect repellent, and fumigation efforts have been stymied by fuel shortages.

Health officials in Cuba first began to report cases of the virus in May, and say it has spread quickly from rural areas to urban centers, including the capital Havana, a top tourist destination.

Cuba’s health ministry said last week it had registered more than 400 cases of Oropouche on the island this year, though reports around Havana suggest a marked increase in recent weeks.

Earlier this month, the CDC issued a health alert to notify clinicians and public health authorities of an increase in the disease in the Americas region that has caused two deaths so far this year.

Authorities in Bolivia, Brazil, Colombia, Cuba and Peru have reported at least 8,000 locally acquired cases since late last year.

Currently, there are no specific treatments or vaccines available for the disease. – Reuters

Japan braces for Typhoon Shanshan, heavy rain and strong winds forecast

STOCK PHOTO | Image by Luda Kot from Pixabay

TOKYO – Japan on Wednesday braced for Typhoon Shanshan, with heavy rain and strong winds forecast, forcing airlines and railways to cancel some services over the coming days.

Shanshan is expected to strike Japan’s southwestern Kyushu island over the next few days, and the Japan Meteorological Agency (JMA) said it may issue a special warning to Kagoshima prefecture.

“Maximum caution is required given that forecasts are for strong winds, high waves and high tides that have not been seen thus far,” the JMA warned.

The typhoon is expected to approach Japan’s central and eastern regions, which includes the capital Tokyo, around the weekend, according to JMA.

ANA Holdings plans to cancel 110 domestic flights on Wednesday slated to leave or arrive in southwestern Japan, affecting around 4,200 passengers, public broadcaster NHK said. Rival Japan Airlines plans to cancel 80 domestic flights from Wednesday to Friday, according to the report.

Some Shinkansen bullet train services in the area are expected to be cancelled on Wednesday and Thursday, NHK said. – Reuters

Front-of-package warning labels can help prevent obesity and NCDs – Imagine Law

STOCK PHOTO | Image by Jeremy Smith from Pixabay

A bill that would mandate front-of-package warning labels (FOPWL) on food products with unsafe levels of “nutrients of concern” is being pushed by a public law group to curb rising rates of obesity and non-communicable diseases (NCDs) in the Philippines. 

“The bill seeks to reduce the risk of developing obesity, overweightness and NCDs, as well as establishing a food environment that is conducive for healthier diets,” Mikhael Laurence C. Millan, project manager of Imagine Law said in an interview.  

The FOPWL bill will make it easier for Filipino consumers to identify food products that are high in “nutrients of concern,” including sugars, sodium, saturated fats, trans fats, and cholesterol, Mr. Millan said. 

Excessive intake of these nutrients poses various health risks, according to the World Health Organization (WHO).  

It can lead to overweight/obesity and contribute to the development of NCDs such as diabetes, high blood pressure, and vascular, heart, brain, and kidney diseases. 

NCDs account for 68% of the total deaths in the Philippines, WHO said.  

Imagine Law advocates for the use of octagonal “stop sign” warnings, which are found to be the most intuitive way to warn consumers when they purchase unhealthy food products.  

“When we place information sa harap (in front) in a much simpler manner, yung consumers po natin (our consumers), they become more mindful of what they eat,” Mr. Millan said.  

Currently, five bills supporting FOPWL are in progress, with one Senate bill being referred to the Committee on Health.  

Meanwhile, four bills in the House of Representatives are pending scheduling for a joint committee hearing with the Committees on Health and Trade. 

By supporting these bills, Mr. Millan believes that all Filipinos can now have more informed healthier food choices.  

“Lahat po ng Pilipino ay magbe-benefit sa bill dahil lahat po tayo ay bumibili ng pre-package food products (All Filipinos will benefit from the bill because all of us do purchase pre-packaged food products),” Mr. Millan said.  

“This bill will establish a healthy food environment… lahat po tayo kaya ng gumawa ng (all of us can create a) healthier (and) informed food choices.’  

Mr. Millan also believes that the push for the FOPWL bill will shift Filipino consumer behavior, eventually prompting the food and beverage industry to reformulate their products to a safer nutrient level. – Edg Adrian A. Eva

Whole-of-nation approach needed to combat human trafficking in PHL

Screenshot from SAICT Facebook post

The Department of Justice (DOJ) plans to intensify its campaign against human trafficking to protect “children, women, elderly and other vulnerable persons forced to be victimized because of poverty.”

“Human trafficking cannot be solved by the whole-of-government approach only, it must be a whole-of-nation approach,” Justice Undersecretary in-charge for the IACAT Nicholas Felix L. Ty said in Filipino on July 17 in a news release.

For nine consecutive years, the Philippines has maintained a Tier 1 ranking in the US State Department’s 2024 Trafficking in Persons (TIP) Report. This top-tier status reflects the country’s compliance with the minimum standards set by the US Trafficking Victims Protection Act of 2000 for combating human trafficking. 

“We will further intensify our campaign to stop trafficking in persons by bringing the perpetrators to justice and identifying and assisting victims,” Jose Manuel G. Romualdez, Ambassador to the US said.

In line with the ongoing work to combat trafficking and online sexual abuse or exploitation of children (OSAEC), the three-day initiative program headed by the Department of Justice (DOJ), the Special Action and Intelligence Committee for Transportation (SAICT) actively participated in the Barangay Inter-Agency Council Against Trafficking (IACAT) 2.0 activities from August 22 to 24. 

Video presentations, lectures, roundtable discussions, fellowship gatherings, motorcades, and information campaigns would be utilized as a multi-faceted approach to equip local officials and citizens with knowledge and tools to prevent Trafficking-in-Persons (TIP) within their communities. 

Public areas such as transport terminals, ports, bus stations, and airports are often targeted by human traffickers, according to the SAICT.

The SAICT encourages the public “to remain vigilant report suspicious activities, and protect children from traffickers.” – Almira Louise S. Martinez

Classes suspended in Metro Manila and nearby areas amid Habagat.

STOCK PHOTO | Image by Sourabh yadav from Pixabay

Metro Manila and nearby provinces have announced the suspension of classes on Wednesday due to continuous heavy rains brought by the Southwest Monsoon (Habagat). 

The National Disaster Risk Reduction and Management Council (NDRRMC) has announced the suspension of classes and government work in Metro Manila due to heavy rains and the potential risk of flash floods. 

Meanwhile, classes at all levels in both public and private schools were also suspended in nearby provinces, including Taytay, Rizal, as well as in towns in Cavite such as Noveleta, Kawit, and Imus City. 

The weather bureau has issued a “yellow rainfall” warning in areas of Zambales, Bataan and Metro Manila, indicating heavy rainfall with a potential risk of flooding in low-lying areas in the next two hours. – Edg Adrian A. Eva

NG budget gap widens to P642.8B

Workers go about with the on-going construction at the Clark Depot of the North-South Commuter Railway Extension Project at the Clark FreePort Zone in Mabalacat, Pampanga Province, Aug. 12, 2024. — PHILIPPINE STAR/MIGUEL DE GUZMAN

By Beatriz Marie D. Cruz, Reporter

THE NATIONAL Government’s (NG) budget deficit widened in the first seven months of the year as spending growth outpaced revenues, the Department of Finance (DoF) said.

Finance Secretary Ralph G. Recto told the Senate Finance Committee that the budget gap ballooned by 7.2% to P642.8 billion as of end-July from P599.5 billion in the same period a year ago.

This accounts for less than half (43.32%) of the NG’s P1.48-trillion deficit ceiling for this year.

“We are on track to meet our fiscal program for the year with the robust performances of the Bureau of Internal Revenue (BIR), the Bureau of Customs (BoC), the Bureau of the Treasury, and our GOCCs (government-owned and -controlled corporations),” Mr. Recto told the hearing.

In the first seven months, government spending jumped by 13.2% to P3.25 trillion from P2.87 trillion a year ago. This accounted for 21.9% of gross domestic product (GDP).

Meanwhile, revenues climbed by 14.8% to P2.61 trillion during the January-to-July period from P2.27 trillion last year. This was equivalent to 17.1% of GDP.

Broken down, tax revenues rose by 11% to P2.24 trillion during the seven-month period from P2.02 trillion a year ago. This accounted for 14.6% of GDP.

“This strong revenue performance placed us among Asia’s top revenue-to-GDP ratios of 17.1% for the first half of the year, and this is above our full-year target of 16.1%,” Mr. Recto said.

Mr. Recto said BIR collections went up by 12.7% to P1.68 trillion as of end-July, while Customs collections rose by 5.8% to P535.9 billion.

Tax revenues from other offices increased by 14.9% to P20.4 billion in the first seven months from P17.8 billion last year.

On the other hand, nontax revenue collections jumped by 44.5% to P368.8 billion as of end-July from P255.3 billion in the same period last year.

This was driven by higher GOCC dividends in the first seven months of the year, Mr. Recto said.

As of end-July, BTr collections jumped by 27.8% to P183.8 billion, while nontax revenue collections from other offices surged by 66% to P185 billion.

The Finance chief attributed the government’s strong revenue performance to intensified digitalization and enhanced collection strategies.

Jonathan L. Ravelas, senior adviser at professional service firm Reyes Tacandong & Co., said the wider deficit can be attributed to higher debt servicing costs and increased spending to address the impact of natural disasters.

“The likely reasons for the widening budget deficit in July include increased government spending, higher debt servicing costs, and the impact of natural disasters. These disasters led to unexpected expenses for disaster response and recovery,” he said in a Viber message.

In a Viber message, Union Bank of the Philippines, Inc., Chief Economist Ruben Carlo O. Asuncion said the government is continuing its major push for infrastructure in the third quarter as seen with the faster spending.

In the first half of the year, state spending on infrastructure increased by 20.6% to P611.8 billion from P507.2 billion a year ago, according to the Budget department. This exceeded the P545.3-billion program for the period by 12.2%.

The NG aims to spend 5-6% of GDP yearly for infrastructure through 2028.

To address the widening deficit, the government must increase revenue collections, reduce spending, and promote economic growth, Security Bank Corp. Chief Economist Robert Dan J. Roces said.

Meanwhile, the DoF expects a 10.3% average annual revenue growth in the medium term as it ramps up its digitalization strategies, Mr. Recto said.

These strategies include border security enhancement, revenue collection and revenue-base protection, adaptive regulations and compliance monitoring, vigilant enforcement operations and vigorous intelligence gathering activities, and effective engagement with stakeholders as well as interagency cooperation.

Revenues as a percentage of GDP are expected to increase to 16.15% in 2025, 16.21% in 2026, 16.59% in 2027, and 16.96% in 2028.

For this year, the government’s budget deficit ceiling is equivalent to 5.6% of GDP. The government wants to reduce the deficit-to-GDP ratio to 3.7% by 2028.

Budget deficit data for July will be released on Wednesday, the Treasury bureau said.

AMLC aims to comply with FATF action items by October

REUTERS

By Luisa Maria Jacinta C. Jocson, Reporter

THE ANTI-MONEY Laundering Council (AMLC) is eyeing to address by October the remaining action items set by the Financial Action Task Force (FATF) in order to exit the “gray list” of jurisdictions under increased monitoring for money laundering risks.

“We are hopeful that we will comply with all these action items by October of this year,” AMLC Executive Director Matthew M. David told a Senate budget hearing on Tuesday.

“If we comply with the action items by October this year, by early next year, which is January, there is a big probability of an on-site visit,” he added.

The on-site visit is one of the steps in the FATF’s mutual evaluations, where it assesses the implementation of a country’s measures against anti-money laundering and counter financing of terrorism (AML/CFT).

After the on-site visit, the assessors will draft a report that will then be presented at the FATF’s next plenary.

The remaining action items that the Philippines must address include “demonstrating that supervisors are using AML/CFT controls to mitigate risks associated with casino junkets.”

It must also address deficiencies that concern “applying cross-border measures to all main sea/airports including detection of false declarations of currency and confiscation action in line with risk; and demonstrating an increase in the prosecution of terrorism financing cases in line with risk.”

“Those are the only remaining action items. If you remember, in June 2021, there were 18 recommended action items imposed by FATF through the joint group. But now, it’s only three,” Mr. David said.

The action item on terrorism financing prosecution will require more filing of cases, he said.

“We need to file more terrorism financing cases until the end of this cycle, which is this month,” he said.

As of the first half of the year, the AMLC has secured 19 freeze orders, 17 bank inquiry orders and four petitions for civil forfeiture. In addition, 64 complaints have been filed with the Justice department while 12 cases were filed in court.

Mr. David said that the action item on casino junkets will depend mainly on Philippine Amusement and Gaming Corp. as the AMLC has already turned over the supervision of casinos and junket operators to the gaming regulator.

He said there are around 12 land-based casinos and approximately 40 junket operators.

Meanwhile, the item on cross-border measures will require the cooperation of the Bureau of Customs.

“Actually, the issue there is about our submission of the Customs declaration and it’s because of our e-travel system. Now, that’s up and running,” Customs Commissioner Bienvenido Y. Rubio said.

In its June update, the FATF kept the Philippines on its gray list for a third straight year.

BSP Governor Eli M. Remolona, Jr. earlier said the country could exit the gray list by next year.

ARTIFICIAL INTELLIGENCE
Meanwhile, AMLC said it is also planning to integrate artificial intelligence (AI) in its operations as soon as next year.

“In the AMLC, the AI project is already under development. We’re about to complete it within this year. We already procured suppliers more than a year ago,” Mr. David said.

“It will be completed this year, but it will be operational early next year, provided that we will procure the subscription,” he added.

Under the AMLC’s proposed P346-million budget for 2025, more than P50 million will go to the procurement of the subscription of the AI system.

“Because if you develop an AI, you need subscription also annually. That’s the biggest chunk of our information and communication technologies (ICT) products that we are procuring for next year,” he said.

AMLC plans to use AI tools to process covered transaction reports (CTRs) and suspicious transaction reports (STRs).

“We have big data from the CTRs and STRs. Last year, we received 15 million CTRs and STRs. CTRs are transaction reports from banks and among other covered persons. We have 14,000 covered persons, that’s why there are many transaction reports submitted. How will you manage big data like that without the assistance of the AI?”

Mr. David said AMLC has only around 30 analysts that process the data. “We need the assistance of technology and machine learning,” he added.

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