How PSEi member stocks performed — December 15, 2023
Here’s a quick glance at how PSEi stocks fared on Friday, December 15, 2023.
Philippines, Japan agree to rush talks for mutual defense pact
By Kyle Aristophere T. Atienza, Reporter
STRONG allies, the Philippines and Japan have agreed to quicken talks on a possible deal that would give Japanese security forces easier access to facilities in the Southeast Asian nation.
President Ferdinand R. Marcos, Jr. and Japanese Prime Minister Fumio Kishida “concurred to continue coordination to reach an early conclusion of the negotiations of the Reciprocal Access Agreement (RAA),” the Japanese Foreign Ministry said in a statement following the two leaders’ meeting on the sidelines of a Japan-ASEAN summit in Tokyo.
“The two leaders also agreed to enhance cooperation between the coast guards of the two countries,” the ministry added.
The Philippine leader said the possible reciprocal agreement will give his country “greater capability in terms of not only security, but also in terms of disaster preparedness and alleviation.”
“That is something that really is very, very significant to us and will bring to us a greater capacity to maintain the peace in the South China Sea,” he told Mr. Kishida.
In early November, the two countries agreed to begin formal talks on the proposed RAA, which is similar to Manila’s Visiting Forces Agreement with the United States and the Status of Visiting Forces Agreement with Australia.
Also on Sunday, Mr. Marcos and Mr. Kishida witnessed the signing of a memorandum of cooperation between the Philippine Coast Guard and the Japanese Coast Guard, which came on the heels of China’s intrusions into Philippine waters in the South China Sea.
In addition, a memorandum of cooperation was also exchanged between the two countries’ environmental agencies.
PHL MUST BRACES FOR MORE AGGRESSIVE CHINA – EXPERTS
The Philippines should brace for a more aggressive China as it tests the limits of the Manila’s mutual defense treaty with Washington, experts said on Sunday following an unusual swarming of Chinese ships inside Second Thomas Shoal last week.
“China’s actions and its rhetoric indicate they will continue to escalate this situation in the belief that Manila’s resolve will break,” Raymond M. Powell, SeaLight director at the US-based Gordian Knot for National Security Innovation, said in an X message.
From increasing the strength of its blockade, stationing vessels inside the shoal, to Chinese media articles advocating for a more muscular policy, “it seems clear that Beijing has not yet reached the point at which it is looking for off-ramps.”
Mr. Powell reported last week that as many as 11 Chinese maritime militia vessels were inside Second Thomas Shoal while dozens more were clustered in the periphery on Dec. 11, just a day after the Chinese coast guard fired water cannons at Philippine resupply boats in the same waters.
He then described the Dec. 11 incident as an “unusual invasion of the shoal’s interior,” which he said “appeared to have been a calculated show of force by Beijing.”
But on Dec. 15, the Philippine military’s western command said the intensified swarming of Chinese vessels in Second Thomas Shoal cannot be considered an “invasion” yet.
While there was a continuation of Beijing’s “swarming tactics” in the area where the BRP Sierra Madre is grounded, it may be premature to call it an invasion, the command’s spokesperson, Ariel Joseph Coloma, said.
“As far as we are concerned, what we are seeing on the ground are the same old swarming tactics employed by the Chinese,” he told reporters.
But on Sunday, Mr. Powell said the actions of China have been “pushing the limits of ‘armed attack’ on Philippine public vessels, which would invoke Article IV of the Mutual Defense Treaty.”
The 1951 Mutual Defense Treaty compels both countries to defend each other in case of an armed attack on their armed forces, vessels, and aircraft, among other assets.
The US and its former colony in May agreed on new guidelines for the treaty, with new provisions stating that the mutual defense commitments would be invoked if there were an armed attack on either country “anywhere in the South China Sea.”
The new guidelines also specified that coast guard vessels are covered by the treaty.
The two countries need to consider “asymmetric, hybrid and irregular warfare and grey zone tactics,” according to the new guidelines.
Chinese coast guard and maritime militia vessels have been banking on non-military means, including blockades and dangerous maneuvers, to assert the expansive claims of Beijing in the South China Sea that a United Nations tribunal invalidated in 2015.
Mr. Powell said the Philippines and the US need to discuss means of making clear to China the “real risks of continuing its escalation.”
China wants to show that “it can get away with its belligerence in Philippine waters,” Don Mclain Gill, who teaches international relations at De La Salle University, said following the unusual swarming of Chinese vessels in Second Thomas Shoal.
“It also wants to prove how the Philippines-US alliance is unable to address its assertiveness and provocations in the West Philippine Sea,” he said in a Facebook Messenger chat.
Mr. Gill said China might also be trying to bend Manila’s “reinvigorated political will” to stand up for its national interest.
“It is likely that Beijing will continue this strategy of trying to wear down its victim.”
Armed Forces of the Philippines (AFP) Chief of Staff Romeo S. Brawner, Jr. and AFP Western Command chief Alberto B. Carlos were on board the small and wooden “Unaizah Mae 1” when it was rammed by the Chinese Coast Guard on Dec. 10 while the Philippine side was delivering food and supplies for its troops stationed on BRP Sierra Madre.
The incident, in which China used water cannons that seriously damaged a Philippine vessel, prompted discussions on whether or not Beijing had committed an act of war.
Following the Dec. 10 stand-off, the Philippine security sector said Manila was eyeing a new national strategy in the South China Sea to include “some adjustments.”
“We have to make some adjustments given the recent developments and we hope to be able to present this to the President very soon,” National Security Council Assistant Director-General Jonathan E. Malaya said last week.
BRP Sierra Madre, a World War II-era vessel, was grounded in Second Thomas Shoal in 1999 to serve as an outpost for Filipino troops following China’s seizure of Mischief Reef three years earlier.
Victor Andres C. Manhit, president of Manila-based think tank Stratbase ADR Institute, called for national attention on the condition of BRP Sierra Madre, saying the Philippines would lose its control of the shoal once the ship becomes uninhabitable.
“As the primary outpost in the West Philippine Sea, it is critical for the Philippines to refurbish BRP Sierra Madre,” he said in an e-mail.
The restoration of BRP Sierra Madre was among the highlights of the proposed P5.768-trillion 2024 national budget, which was ratified by Congress on Dec. 11, months after the House of Representatives stripped several non-security departments of their confidential and intelligence funds to bolster the Philippines’ presence in the South China Sea.
In August, Senator Francis Joseph “Chiz” G. Escudero said he would push for the allocation of at least P100 million for the restoration of BR Sierra Madre.
Peso may appreciate on dollar weakness, remittances
THE PESO could strengthen this week amid the dollar’s continued weakness, and supported by the seasonal increase in remittances.
The local unit closed at P55.655 per dollar on Friday, strengthening by 14 centavos from P55.795 on Thursday, based on Bankers Association of the Philippines data.
Week on week, however, the peso weakened by 35.5 centavos from its P55.30 close on Dec. 7.
The peso opened Friday’s session at P55.73 against the dollar. Its intraday best was at P55.65, while its weakest showing was at P55.75 versus the greenback.
Dollars exchanged fell to $846.7 million on Friday from $1.49 billion on Thursday.
The peso appreciated on Friday as the dollar weakened amid expectations of rate cuts by the US Federal Reserve in 2024, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
The US central bank kept the fed funds rate steady at the 5.25%-5.5% range for a third straight time during its Dec. 12-13 meeting, with Fed Chair Jerome H. Powell saying they are likely done hiking borrowing costs.
It raised rates by a total of 525 basis points (bps) from March 2022 to July 2023.
Mr. Ricafort added this could be matched by the Bangko Sentral ng Pilipinas (BSP) next year.
The BSP on Thursday kept its policy rate steady at a 16-year high of 6.5% for a second straight meeting but said it remained cautious amid lingering upside risks to inflation.
The Monetary Board has raised benchmark interest rates by 450 bps since it began its tightening cycle in May 2022.
For this week, the peso may continue to strengthen as the dollar’s weakness persists and as remittances continue to rise amid the holiday season, Union Bank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said in a Viber message
“USDPHP (US dollar-Philippine peso exchange rate) may continue to track the USD weakness like that of today. Though the recent global market rallies wane, the USDPHP will be driven by peaking remittance inflows,” he said on Friday.
In October, cash remittances from overseas Filipino workers (OFWs) rose by 3% year on year to $3 billion, as migrant Filipinos sent more money home ahead of the holiday season.
The amount of money sent by OFWs was the highest in 10 months, or since the $3.16 billion in end-2022, data from the BSP showed.
Month on month, the 3% growth in cash remittances was faster than the 2.6% seen in September and marked the fastest remittances have risen since 3.7% in April.
For this week, Mr. Asuncion expects the peso to move between P55.40 and P55.90 per dollar, while Mr. Ricafort sees the peso ranging from P55.25 to P55.75. — Aaron Michael C. Sy
Shares seen to move sideways amid profit taking
PHILIPPINE shares are expected to move sideways for the trading week as analysts are projecting investors to book profits after the market’s strong finish last week.
On Dec. 15, the Philippine Stock Exchange Index (PSEi) improved by 67.96 points or 1.06% to 6,478.44 while the broader all shares index jumped by 14.59 points or 0.43% to 3,409.55.
Compared with the earlier week, the main index climbed by 243.67 points from its 6,234.77 close on Dec. 7.
Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message that the local bourse was carried by strong trading activity.
“The local market had a good run last week, particularly the last two trading days, which were backed by strong trading activity. The US Federal Reserve’s signal of three possible 25-basis-point rate cuts next year proved to be a strong catalyst that can spur market optimism,” Mr. Tantiangco said.
However, Mr. Tantiangco said the local bourse could move sideways during the upcoming trading week, warning of possible profit taking.
“Next week, the policy easing prospects of the Fed may still provide support to the local bourse. However, we advise caution as the market’s steep rally last week opens the possibility of profit-taking,” Mr. Tantiangco said.
Mr. Tantiangco also said that the latest policy move of the Bangko Sentral ng Pilipinas (BSP) could influence the market’s movement next week.
On Dec. 14, the BSP opted to keep its key rate unchanged at 6.5% for a second straight meeting but signaled a “tighter-for-longer” policy until inflation expectations have become more firmly anchored.
“Investors may also digest the results of the BSP’s latest consumer and business confidence surveys which have reflected less upbeat results with respect to sentiment on the economy’s future,” Mr. Tantiangco said, adding that the central bank’s “still tight policy outlook may weigh on sentiment.”
Online brokerage 2TradeAsia.com said in a market report that the local market was buoyed by the “dovish comments” of central banks for 2024.
“Bulls went on a buying spree, boosted by central banks’ dovish comments for 2024. The PSEi breached the 6,400 key resistance level. The BSP maintained rates as expected, and similarly positive outlook for next year should only support our overweight case for local equities,” 2TradeAsia said.
Last week, the US Fed kept its benchmark overnight borrowing rate at the 5.25% to 5.5% range amid easing inflation. It also hinted that there would be at least three rate cuts next year.
In its report, 2TradeAsia projected the immediate market support to range from 6,200 to 6,300, and the market resistance at the 6,600 level.
“Markets hyper-fixated on interest rate cycle shifts tend to gyrate heavily in tandem with macro headlines. Take advantage of rallies to make quick profit off short-term trades, but do not lose sight of 2024, which is shaping up to be a year with more meaningful and impactful recovery,” it added. — Revin Mikhael D. Ochave
Marcos pushes joint South China Sea oil drilling as Malampaya runs out
By Kyle Aristophere T. Atienza, Reporter
PRESIDENT Ferdinand R. Marcos, Jr. has cited the need to resolve “issues” in the South China Sea so that the Philippines could start joint exploration for gas and oil in the waterway before the depletion of the Malampaya gas field.
Speaking in Japan where he is attending a regional summit, Mr. Marcos expressed concern over increasing tensions in the South China Sea which he said have “increased rather than diminished” in recent months.
The Reed Bank, which falls well within the Philippine exclusive economic zone (EEZ) northeast of the Spratly Islands, is believed to hold up to 5.4 billion barrels of oil and 55.1 trillion cubic feet of natural gas.
The supply of liquified natural gas (LNG) has become “more important to the Philippines, particularly as it transitions to renewable energy,” Mr. Marcos said.
But he acknowledged that very little progress has been made since the country started negotiating with China for joint oil and gas exploration.
“We are still at a deadlock right now. It is in a conflict area. So, that’s another thing that we have to try and resolve to see what role any countries play,” he said.
“It’s still of course the position of the Philippines that this is not in a conflict area,” he said, stressing that the area being referred to “is very clearly within our exclusive economic zone.”
“[It is] within our baselines, within the maritime territory, the Philippines,” the President added.
In April, Foreign Affairs Secretary Enrique A. Manalo said the Philippines and China were set to hold “preparatory talks” in May on joint oil and gas exploration in the South China Sea, despite a Philippine Supreme Court ruling declaring that such an activity is unconstitutional.
The High Court ruled in January that the 2005 agreement for joint oil and gas exploration among the Philippines, China, and Vietnam was unconstitutional because it allowed foreign corporations to exploit natural resources belonging to the Filipino people.
As the energy landscape sees a global transition to cleaner fuel to meet carbon emission targets, the Philippines takes particular interest in LNG.
“We are seeing LNG as being the transition between purely fossil fuel, coal, to the more, bigger mix of renewables,” Mr. Marcos said, noting that his government’s push for a transition to renewable energy has not been easy “as we had hoped.”
“And so, we need a transition period to give ourselves time to bring the infrastructure and to allow the technologies to develop,” he added.
The Malampaya project, the country’s sole natural gas provider, is expected to be depleted by 2027.
The exploration of Recto Bank was put on hold in 2012 following an order from the late Benigno S. Aquino, III freezing all exploration activities in South China Sea areas belonging to the Philippines amid rising tensions with Beijing.
But his successor, Rodrigo R. Duterte, lifted the suspension in 2020, resuming drilling activities in the disputed waters, including the Reed Bank, and advancing a 2018 deal with China for joint oil and gas exploration.
In April last year, the Duterte administration suspended all local exploration activities in the disputed areas in the West Philippine Sea, effectively stopping the survey activities of local companies at two sites at Reed Bank.
The government said the decision was made because “under international law, a geophysical survey is perfectly legitimate activity in any disputed area.”
This was followed by an announcement in June 2022 that formal Philippine-China talks over joint energy exploration that began in 2018 had been terminated, with Manila’s foreign affairs agency citing constitutional constraints and issues of sovereignty.
Former Supreme Court justice Antonio T. Carpio has been leading the chorus of calls for the Philippines to start drilling for oil and gas at Reed Bank, asking the Marcos administration to conduct joint patrols with the United States and seek the help of the Philippine Navy when it launches exploration activities.
Philippines seeking ‘new solutions,’ security deals amid rising sea tensions
PHILIPPINE President Ferdinand Marcos, Jr. said over the weekend that the country seeks to find “new solutions” and forge more security deals with other nations as tensions in the South China Sea reach new heights.
Mr. Marcos said tensions in the South China Sea, which he described as the “most complex geopolitical challenge that the world faces,” require “new solutions.”
“I cannot say that we have found the answer yet. We are still trying to formulate that answer as we speak,” he said in an interview with Japanese media, based on a Palace statement.
“Things are moving quickly in many parts of the South China Sea and so there are changes in terms of approaches,” he added.
Mr. Marcos headed to Tokyo on Dec. 15 for the 50th anniversary of the Association of Southeast Asian Nations (Asean)-Japan Relations.
The Philippines and Japan in November started negotiations for a reciprocal access agreement, which would give Japanese troops easier access to the Southeast Asian nation.
Japan has also been concerned over an increasingly expansionist China, which has been claiming Senkaku Islands in the East China Sea.
Japanese troops have been annually observing joint US-Philippine war games, most recently in October 2022.
Mr. Marcos stressed the importance of “interoperability between different forces,” citing the trilateral security arrangement among Manila, Tokyo, and Washington.
“We really must get more of these kinds of arrangements in place,” he said. “I think that really is the pattern that we are seeing to emerge and that is how we are evolving.”
Meanwhile, ASEAN and Japan reaffirmed their commitment to keeping the Indo-Pacific region free and open.
“We affirm the shared view to promote a rules-based Indo-Pacific region that is free and open, embraces key principles such as ASEAN’s unity and centrality, inclusiveness, transparency, complements ASEAN community building process, guided by the shared fundamental principles as enshrined in the UN Charter and the TAC, including respect for sovereignty and territorial integrity, settlement of differences or disputes by peaceful means, and renunciation of the threat or use of force,” the two parties said in a joint vision statement.
They vowed to strengthen security cooperation, including maritime security ties, and work towards a nuclear weapon-free world.
They also committed to enhancing dialogue and cooperation to promote human rights, democracy and good governance, as well as the rule of law through legal technical assistance.
They also cited the need to increase collaboration in cybersecurity, countering terrorism, transnational crime and disinformation which were also agreed by the parties. — Kyle Aristophere T. Atienza
President to sign 2024 budget on Wednesday — Zubiri
By Beatriz Marie D. Cruz, Reporter
PRESIDENT Ferdinand R. Marcos, Jr. is set to sign his administration’s P5.768-trillion 2024 spending plan this Wednesday, Senate President Juan Miguel F. Zubiri said on Sunday.
“The budget for 2024 is one of the most progressive budgets that will help uplift the livelihood of the people,” Mr. Zubiri told DZBB radio.
Last Monday, Congress ratified the bicameral conference report on the proposed P5.768-trillion national budget for next year.
Mr. Zubiri said that the ratified budget has been sent to Malacañang for Mr. Marcos’ signature, noting that funding for the Department of National Defense (DND) increased by about P8.4 billion, which included funds for defense equipment.
He also said that P2.8 billion was added under the Philippine Coast Guard (PCG), which will include the construction of three vessels to be used for navigations in the South China Sea.
“There is an Australian company with a plant in Balamban, Cebu, [who are] also the manufacturers of ships for the Australian navy,” Mr. Zubiri said in Filipino. “They will create the three large boats here [in this plant,] with the hiring of 3,000 Filipino workers.”
Mr. Zubiri added that P2.4 billion was earmarked under the Health department’s Medical Assistance to Indigent Patients (MAIP) program.
The Senate President also assured that confidential and intelligence funds (CIF) have been removed from the budget as more agencies have been requesting for such.
Under the 2024 budget, the education sector has been allocated P924.7 billion, in which the Department of Education (DepEd) will receive P758.6 billion.
The budgets of the Technical Skills and Development Authority (TESDA), DepEd, the Commission on Higher Education (CHED), and state universities and colleges (SUCs) were increased by almost P30 billion,” Senate Majority Leader Emmanuel Joel J. Villanueva said last week.
The budget for the Department of Trade and Industry increased by about P686 million to boost the country’s domestic production and make local products more globally competitive.
An additional P25 billion was granted to the Department of Agriculture, and P40 billion was set for irrigation projects under the National Irrigation Administration.
Lawmakers also added P1 billion for the development of the Philippine General Hospital, National Kidney Center, Philippine Children’s Medical Center, and National Cancer Center.
APPROVED BILLS
The Senate passed a total of 31 measures this year, Mr. Zubiri said. “We passed a lot of bills of national importance.”
Some of the bills that the Senate passed include the Public-Private Partnership act, the Internet Transactions act, and a bill institutionalizing the magna carta for Filipino seafarers.
The Senate also approved the Tatak Pinoy bill, which seeks to link local products to global market chains, and the bill creates a self-reliant defense posture program.
In addition, senators passed on third reading a measure creating land use development infrastructure plan for state universities and colleges, as well as a bill allowing free college entrance examinations.
Jeepney drivers on strike even on Christmas
By Jomel R. Paguian
JEEPNEY drivers and operators protesting the Public Utility Vehicle Modernization Program (PUVMP) will extend their strike until Dec. 29, protesting even on Christmas Day.
Transport group Manibela told BusinessWorld that it intends to stage a protest outside Malacañang on Christmas Day to condemn President Ferdinand R. Marcos Jr.’s stance on the modernization program.
“On Christmas, we plan to march in protest up to Malacañang,” said Manibela chairman Mar Valbuena in an interview.
Manibela announced on Friday its coordinated strike with the Pagkakaisa ng mga Samahan ng Tsuper at Operator Nationwide (PISTON) until the government heeds their call to junk the PUVMP and its year-end deadline for franchise consolidation.
“From Monday (Dec. 18) until Dec. 29, our strikes will continue,” said Mr. Valbuena in Filipino. “Even on Christmas Day, we will not stop.”
PISTON said in a Viber message that Manibela’s announcement is part of their initial plan, and they have yet to announce finalized schemes for the coordinated strikes of the two groups.
Last week, the President affirmed the year-end deadline for franchise consolidation. He cited that 70% of public utility vehicle (PUV) operators had committed to consolidate, stating that striking groups are a “minority.”
But PISTON has asserted that approximately 60,000 jeepney drivers and 25,000 jeepney operators nationwide face impending job loss if the PUVMP pushes through. “Is this the ‘minority’ Marcos Jr. is talking about?” the group said in a statement last week.
Under the PUVMP, operators are mandated to surrender individual franchises for consolidation under a cooperative or corporation serving a specific route to pave the way for the purchase of new public transport vehicles. Striking transport groups argued that the policy is flawed, anti-poor, and favors big businesses.
PISTON started a two-day strike last week, which they claimed to have paralyzed 90% of public transport along major roads in Metro Manila. The group also mounted a protest camp directly outside the Land Transportation Franchising and Regulatory Board (LTFRB) office in Quezon City.
PISTON said they were invited to a meeting by LTFRB Chairman Teofilo E. Guadiz III on Thursday, but that the Board only emphasized the decision to postpone the franchise consolidation deadline is no longer in its hands because Mr. Marcos has already made his declaration about the matter.
“It is clear that the government of Marcos Jr. shows no concern for the thousands of livelihoods it will potentially jeopardize come January 2024,” said the group in a statement in Filipino.
PISTON also contested the Department of Transportation’s (DoTr) assertion that the strike would not disrupt the transport system. The department argued that only a few PUV drivers and operators participated in the previous strikes, as the majority had already consented to consolidating their franchises.
“Based on our observations in the previous strikes in November, we do not expect that there would be such a large number participating in the transport strike because many transport groups and cooperatives expressed their support for the PUVMP.” DoTr Undersecretary Timothy John R. Batan said in Filipino in an interview with state-funded media PTV on Thursday.
Despite these criticisms, PISTON said that the transport strikes have bear favorable results, citing the increasing public clamor to junk the modernization program. “It is clear in the protests undertaken by PISTON that it garners extensive support and sympathy from the public, especially from drivers and operators who may lose their livelihoods,” PISTON said in Filipino in a Viber message.
Storm threatens Mindanao
THE LOW-PRESSURE AREA (LPA) near Mindanao has intensified into tropical depression “Kabayan,” packing maximum sustained winds of 55 kilometers per hour (kph) and threatening to make landfall in Surigao del Sur or Davao Oriental on Sunday.
The Philippine Atmospheric, Geophysical, and Astronomical Services Administration (PAGASA) already raised tropical wind Signal No. 1 along the southern portion of Samar and Eastern Samar, Leyte, Southern Leyte, Bohol, and Camotes Islands in Visayas.
Signal No. 1 was also issued in Dinagat Islands, Surigao del Norte, Surigao del Sur, Agusan del Norte, Agusan del Sur, the northern portion of Davao Oriental, the northern portion of Davao de Oro, Misamis Oriental, Camiguin, and the northern portion of Bukidnon.
“The possibility of reaching tropical storm category pre-landfall is not ruled out,” said Christopher F. Perez, PAGASA assistant weather services chief. He said landfall was expected either Sunday night or early Monday.
Kabayan, whose gusty winds reaches 70 kph, was last seen 440 kilometers east of Davao City and moving slowly in a north northwestward direction.
Areas placed under storm signals are expecting wind speeds of 36 kph to 61 kph along with intermittent rains in the next 36 hours.
“Kabayan is forecast to weaken over land and the possibility of being downgraded into a low-pressure area while over land or after emerging over the sea is not ruled out,” it added.
Additionally, the weather bureau said that heavy rainfall may occur along the eastern portion of Southern Luzon on Sunday and over Eastern Luzon on Dec. 18 due to the Shear Line coinciding with the storm’s passage.
PAGASA has also hoisted a gale warning along the seaboard of Northern Luzon and the eastern seaboards of Visayas and Mindanao. It warned operators of small sea vessels to remain in port or seek safe harbor. — Adrian H. Halili
Group: Taiwan events affect PHL
TAIPEI — FILIPINOS should follow the events on the escalating tensions between China and Taiwan as the conflict would likely trickle down to the Philippines, which is only about a thousand kilometers away, a representative of a pro-democracy group said over the weekend.
“Taiwan is our neighbor to the north and anything that happens to Taiwan will eventually trickle down towards the Philippines, especially if China launches a very brash offensive,” Girard Mariano L. Lopez, a Filipino student in Taiwan and representative of the Asian pro-democracy group Milk Tea Alliance, told BusinessWorld.
He noted that a lot of Overseas Filipino Workers (OFWs) will be affected if a possible invasion of Taiwan occurs.
“There are more Filipinos that work in Taiwan than in mainland China itself,” said Mr. Lopez.
“Our kababayans’ loss of revenue or being able to fend for their family and their very lives [will be] endangered because bombs don’t discriminate when they land, as we see with the current Gaza crisis or with eastern Ukraine,” he added.
The Philippine government remains subscribed to the One China Policy, which recognizes Taiwan as part of China.
In April, Chinese Foreign Minister Qin Gang said that “those who play with fire on Taiwan will eventually get themselves burned.”
In the same month, Chinese Ambassador Huang Xilian asked the Philippines to oppose Taiwan’s independence if the country “cares genuinely” about the welfare of more than 150,000 overseas Filipino workers (OFWs) there. — Beatriz Marie D. Cruz
Students develop smart trash bin
BAGUIO CITY — Three computer engineering students in Baguio City are seeking help to finally finish developing their local innovation: a smart trash bin that encourages people to properly dispose of their garbage.
The three students — Kyle Russell Lucero, Aryk John Mosquete, and Samuel Sta Cruz, soon to be computer engineers from the University of the Cordilleras (UC) — unveiled their “Smart Garbage Bin” in June and installed it at the Rose Garden of Burnham Park.
Equipped with built-in sensors, the trash bin’s lid automatically opens every time a person comes near it. It will not close until one’s trash is put into the bin.
The trash bin also transmits signals to the smart command center at the Baguio Convention and Cultural Center when it is full and needs to be hauled, facilitating the timely collection of garbage.
The student innovators are asking the city government of Baguio, the Department of Science and Technology (DoST), and other agencies to help them produce more of these to help keep the city clean and environment friendly. — Artemio A. Dumlao