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PSEi climbs further after June remittance data

REUTERS

PHILIPPINE SHARES rose on Wednesday on continued bargain hunting and positive remittances data, with the market also waiting for the central bank’s monetary policy meeting on Thursday.

The Philippine Stock Exchange index (PSEi) rose by 74.18 points or 1.17% to close at 6,410.09 on Wednesday, while the broader all shares index went up by 25.54 points or 0.75% to end at 3,426.41.

“Bargain hunting continued in the local bourse as it gained by 74.18 points this session to 6,410.09. The sentiment received an added boost from the first half’s 2.9% growth in cash remittances, even though its slightly missed the… target of 3% growth for the year,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

“Meanwhile, many investors remained on the sidelines… as investors awaited the meeting of the Bangko Sentral ng Pilipinas (BSP),” Ms. Alviar added.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan likewise said the market went up on the back of bargain hunting and the remittance growth seen in June.

Cash remittances coursed through banks rose by 2.1% to $2.81 billion in June from $2.75 billion in the same month in 2022, central bank data showed.

The June cash remittance inflows are at the highest level since the $3.16 billion in December 2022.

However, the 2.1% annual growth in cash remittances was the slowest in 13 months or since the 1.8% rise seen in May 2022.

For the first six months of 2023, cash remittances rose by 2.9% to $15.79 billion from $15.35 billion in the comparable period last year.

The central bank expects remittances to grow by 3% this year.

Meanwhile, a BusinessWorld poll last week showed that 13 of 15 analysts see the BSP’s Monetary Board keeping its policy rate steady at a near 16-year high of 6.25% at its meeting on Thursday.

On the other hand, two economists expect the BSP to hike borrowing costs by 25 bps to match the move of the US Federal Reserve last month. This would bring the key rate to 6.5%.

Almost all sectoral indices went up on Tuesday, except for financials, which fell by 3.51 points or 0.18% to 1,900.92.

Meanwhile, mining and oil rose by 181.11 points or 1.85% to 9,966.52; holding firms climbed by 103.97 points or 1.74% to 6,074.37; industrials increased by 127.44 points or 1.43% to 8,989.21; property went up by 21.19 points or 0.8% to 2,655.59; and services gained 11.76 points or 0.76% to end at 1,559.95.

Value turnover declined to P3.86 billion on Wednesday with 385.87 million shares changing hands from the P24.82 billion with 472.74 million issues seen on Tuesday.

Advancers narrowly outnumbered decliners, 92 versus 89, while 45 names closed unchanged.

Net foreign buying inched down to P100.99 million on Wednesday from the P107.17 million on Tuesday. — AHH

China waging psywar to push sea claim vs Philippines, analysts say

THE BRP SIERRA MADRE, a marooned transport ship which Philippine Marines live in as a military outpost, is pictured in the disputed Second Thomas Shoal, part of the Spratly Islands in the South China Sea. — REUTERS

By Kyle Aristophere T. Atienza, Reporter

CHINA has been waging psychological warfare to assert its expansive claim in the South China Sea and alter the status quo without military force, geopolitical analysts said on Wednesday.

China has accused the Philippines of failing to honor a supposed promise to remove a grounded warship from the Second Thomas Shoal, which Philippine President Ferdinand R. Marcos, Jr. has debunked.

“For the past decades, China has been steadfast in its attempts to alter the status quo through disinformation and psychological warfare,” Don Mclain Gill, who teaches foreign relations at De La Salle University in Manila, said in a Facebook Messenger chat.

“Beijing seeks to intimidate the Philippines in its own waters to slowly twist the status quo in its favor without using overt military force,” he added.

The Chinese Embassy in Manila did not immediately reply to a Viber message seeking comment.

China’s psychological warfare lies in “the consistency and patience to take over territory that legitimately belongs to other states,” Mr. Gil said.

It uses the so-called cabbage tactics, first termed by Rear Admiral Zhang Zhaozhong of the People’s Liberation Army to refer to the strategy of seizing control of an island by surrounding and wrapping it in successive layers of Chinese naval and coast guard ships and fishing boats.

“This cabbage strategy is continuously being incorporated today, he added.

Victor Andres C. Manhit, president of think tank Stratbase ADR, said China’s narrative is shaped by coercive and antagonistic attempts to disrupt the rule-based international order.

“We should not allow ourselves to be dictated by this,” he said via Messenger chat. “We must hold on to our arbitral victory in the West Philippine Sea and do our part in defending our sovereignty.”

A handful of Filipino troops are stationed at BRP Sierra Madre, a rusty World War II-era US ship that the Philippines intentionally grounded at the Second Thomas Shoal in 1999 to assert its claim.

China has repeatedly asked the Philippine government to honor its supposed commitment by towing away the outpost. This was days after the Chinese Coast Guard used water cannons against Philippine vessels trying to bring food and other supplies to the outpost.

Mr. Marcos last week said he was not aware of an agreement to remove BRP Sierra Madre from Second Thomas Shoal. “And let me go further, if there exists such an agreement, I rescind that agreement now,” he said.

Chester C. Cabalza, founder of Manila-based International Development and Security Cooperation, said the “symbolic presence” of BRP Sierra Madre for 24 years is an eyesore to the dominant Chinese armada in the South China Sea.

“It is a reminder of their naval weakness, especially now that the Philippines has a stronghold in the contested shoal, strategically located within its exclusive economic zone,” he said via Messenger chat. 

‘DISRESPECT’
He said China would use all sorts of verbal and nonverbal intimidation to get rid of the vessel, including “using unwritten promises supposed vowed to them by their Filipino counterparts to support its claims.”

Removing BRP Sierra Madre from Second Thomas Shoal would allow the Chinese Coast Guard and People’s Liberation Army Navy to access other important maritime features of the Philippines such as Reed Bank and Thitu Island, Mr. Cabalza said.

“Immediately, they would reclaim, expand and militarize Ayungin Shoal, which is very close to Mischief Reef — the first maritime feature they stole from us in 1995.”

Cagayan de Oro Rep. Rufus B. Rodriguez urged the Department of Foreign Affairs to summon Chinese Embassy Deputy Chief of Mission Zhou Zhiyong, who parroted China’s claim during a media forum hosted by a Filipino businessman at the weekend.

“His insistence amounted to disrespect and an insult because President Marcos had declared days earlier that he had made no such promise and that he was scrapping any such commitment, if one was made by any of his predecessors,” Mr. Rodriguez said in a statement. “Mr. Zhou and his government should have just accepted the President’s declaration.”

Second Thomas Shoal is about 200 kilometers (124 miles) from the Philippine island of Palawan and more than 1,000 kilometers from China’s nearest major landmass, Hainan Island.

“Who are they to tell us to abandon our own maritime territory?” the congressman asked.

At the forum, the Chinese envoy lamented that the Philippines had not responded to China’s repeated requests for dialogue on Second Thomas Shoal.

“You do not negotiate with anyone encroaching on your backyard,” Mr. Rodriguez said. “You exert effort to drive him away.”

The lawmaker said the Philippine could not meet China halfway about the shoal “because that Ayungin area belongs to us.”

“Why should we involve China in managing our town maritime territory? They should leave that area and the sea features they have seized, including Mischief Reef, also off Palawan in the south, and Scarborough Shoal near Zambales and Pangasinan in the north,” he added.

The Philippines should continuously challenge Chinese propaganda by “cementing its position in the West Philippine Sea while also pushing for consistent joint patrols in these areas to set the norm,” Mr. Gill said.

“Once the norm has been set, it will be difficult for China to push its own propaganda, but such norm-setting requires consistency and coordination,” he said. “Beijing will always be willing to exploit gaps in policy inconsistencies.”

Political analysts earlier said they expect China to fire more water cannons at Philippine vessels as the Marcos government pursues legal steps against Chinese aggression and forms security ties with its allies.

China used water cannons against Filipino fishermen at Scarborough Shoal in 2014 after the Philippines under the late President Benigno S.C. Aquino III filed an arbitration case in the Hague in 2013.

China used the same tactic in 2021 against a Philippine resupply mission at Second Thomas Shoal.

The Philippines and the US are set to hold joint sea patrols in the South China Sea before the year ends.

SC issues writ versus Brooke’s Point mining

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THE SUPREME Court (SC) has issued an order against mining activities at Brooke’s Point, an ancestral domain in Palawan province in western Philippines.

In a statement, the high court said it had issued a so-called writ of kalikasan against the Department of Environment and Natural Resources (DENR), Mines and Geosciences Bureau (MGB), Celestial Nickel Mining Exploration Corp. and Ipilan Nickel Corp.

It said the mining operations in the protected ancestral area of Mount Mantalingajan might cause irreparable damage to the environment.

The court ordered the mining companies to provide evidence to dispel the potentially harmful impact of their mining activities on the environment.

“The court found that there is a possibility of serious and irreversible harm to the environment and the inhabitants of Brooke’s Point located in the Mt. Mantalingajan mountain range,” it said.

The mountain range covers the municipalities of Batarza, Brooke’s Point, Sofronio Española, Quezon and Rizal in Palawan.

A writ of kalikasan is a legal remedy that protects citizens from environmental damage that threatens their life, health or property in two or more cities.

In 1993, the Philippine government, Celestial Mining, and Ipilan signed a shared mineral production deal to conduct mining operations at Brooke’s Point, which would be in effect for 25 years.

The members of the indigenous community of the area, who sought the writ, said the mining companies are barred from operating on the mountain range since it is protected under the National Integrated Protected Areas System, which preserves specific areas from “destructive human exploitation.”

In 2018, Ipilan continued its mining activities in the area despite failing to secure consent from the National Commission on Indigenous Peoples, which was a condition of the mining agreement’s renewal, the tribunal said.

Two years later, DENR renewed the mining agreement until 2025, which led to the lawsuit before the high court.

“The mining operations of Ipilan Nickel Corp. and Celestial Mining, as exacerbated by the lack of action by the DENR and MGB, place the residents of Brooke’s Point in peril,” the court said.

It said DENR and MGB inaction to address the mining activities showed “indifference to the rights of the indigenous cultural communities to a balanced and healthful ecology.”

In June, the tribunal issued a kalikasan writ against DENR, MGB and Altai Philippines Mining Corp. over harmful mining activities in Sibuyan Island, Romblon. — John Victor D. Ordoñez

Philippine Defense dep’t studying proposal to escort drilling ships

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THE DEPARTMENT of National Defense (DND) on Wednesday said it is studying a proposal for US ships to escort Philippine vessels during resupply missions at Second Thomas Shoal.

“It is a possibility,” Defense Undersecretary Irineo C. Espino told a Senate foreign relations hearing. “We are exploring all possibilities and options on the rotation and resupply of personnel at Second Thomas Shoal and as of now, we can still handle the situation.”

He was responding to Senator Rafael “Raffy” T. Tulfo’s question on the feasibility of ex-Supreme Court Justice Antonio T. Carpio’s suggestion.

The former magistrate on Tuesday said Manila should hold joint patrols with the United States and seek the help of the Philippine Navy when it launches exploration activities at Reed Bank.

He said it is urgent for the country to explore oil and gas deposits at Reed Bank amid rising energy costs and the drying up of the Malampaya natural gas field.

“We have no choice but to get the gas in Reed Bank [otherwise] our economy will suffer tremendously,” Mr. Carpio said.

The Philippines and US are set to hold joint patrols in the South China Sea this year.

The late President Benigno S.C. Aquino III ordered a halt on exploration activities at Reed Bank in 2012 amid rising tensions with China.

His successor, Rodrigo R. Duterte, lifted the suspension in 2020, resuming drilling activities in the disputed water, including Reed Bank, and advancing a 2018 deal with China for joint oil and gas exploration.

Reed Bank may hold as many as 5.4 billion barrels of oil and 55.1 trillion cubic feet of natural gas, according to a 2013 report from the US Energy Information Administration.

At the hearing, Senator Ana Theresia “Risa” Hontiveros-Baraquel asked Mr. Espino whether China could have informants on Philippine resupply missions at Second Thomas Shoal, as claimed by Philippine Coast Guard spokesperson Jay Tristan Tarriela.

“We are thinking that when we load our supplies to our ships, there are already informants present,” Mr. Espino said.

He said there are as many as 200 Chinese militia ships at Second Thomas Shoal. “Even if we escort our vessels for resupply at Second Thomas Shoal, we can hardly counter the number of vessels from China.”

China’s coast guard last week released a video of its ship shooting jets of water at a smaller Philippine boat near Second Thomas Shoal, saying it had handled the incident according to law.

The Aug. 5 video showed the water barely hitting the makeshift Philippine boat that was trying to deliver food and other supplies to Filipino troops stationed at the shoal.

Mr. Tarriela on Monday said China had every intent to block the supply mission, dismissing claims that the Chinese Coast Guard had allowed one of the two Philippine boats to reach its outpost.

A handful of Filipino troops are stationed on a rusty World War II-era US ship that the Philippines intentionally grounded at the shoal in 1999 to assert its claims.

China claims more than 80% of the South China Sea, which is believed to contain substantial oil and gas deposits and through which billions of dollars in trade passes each year. A United Nations-backed arbitration court in July 2016 voided China’s claim to more than 80% of the sea based on a 1940s map.

China has ignored the ruling, which has failed to stop its island-building activities in areas also claimed by the Philippines, Vietnam, Brunei, Malaysia and Taiwan.

Meanwhile, Foreign Affairs Assistant Secretary Jose Victor C. Gonzaga told the same hearing the agency had talked to the US Embassy about a US aircraft that landed at the Ninoy Aquino International Airport unannounced in June.

“We have already called the attention of the US embassy to this,” he said. “They have provided us assurances that they will try, as much as possible, not to make this happen again.”

The Foreign Affairs official said the Boeing C-17 had a landing permit but failed to coordinate with the ground handler and the airport. — John Victor D. Ordoñez

Locsin named special China envoy

PHILSTAR

PRESIDENT Ferdinand R. Marcos, Jr. has appointed former Foreign Affairs Secretary Teodoro L. Locsin, Jr. As his special envoy to China, Malacañang said on Wednesday.

He would continue in his role as Philippine ambassador to the United Kingdom, Presidential Communications Office Secretary Cheloy Velicaria-Garafil told reporters in a Viber message.

The appointment of Mr. Locsin, ex-President Rodrigo R. Duterte’s top diplomat, comes amid China’s increasing assertiveness in the South China Sea.

Mr. Duterte led a foreign policy pivot to China in 2016 in exchange of investment pledges, few of which had materialized.

He met with Chinese President Xi Jinping last month, during which he reportedly asked the Chinese leader to look kindly on the Philippines.

The sea dispute between the two nations was never brought up during the meeting, Senate President Juan Miguel F. Zubiri said last week, citing Mr. Marcos.

The President met with Senate leaders early this month after meeting with Mr. Duterte at the presidential palace, the senator said.

There were proposals from his Senate allies to make him a special envoy to China, citing his “good standing” with Beijing.

Mr. Locsin filed a number of diplomatic protests against China as chief of the Department of Foreign Affairs (DFA) from October 2018 until the end of Mr. Duterte’s term in June 2020.

In 2021, he tweeted expletives against Beijing after DFA protested the “illegal presence of hundreds of Chinese vessels inside the Philippines’ exclusive economic zone.”

Last week, Manila protested against Beijing after its coast guard blocked and fired water cannons at Philippine boats on a resupply mission at Second Thomas Shoal, which the Philippines calls Ayungin.

Mr. Locsin is the son of the late journalist Teodoro Locsin, Sr., who was among the thousands detained during the late dictator Ferdinand E. Marcos’ martial rule in the 1970s.

The younger Locsin served as a speechwriter and legal counsel of the late President Corazon C. Aquino, who rose to power after a popular uprising in February 1986 forced the Marcoses to go into exile in the United States. — Kyle Aristophere T. Atienza

House expels Teves for ‘disorderly behavior’ 

PHILIPPINE STAR/ MICHAEL VARCAS

THE HOUSE of Representatives expelled on Wednesday Negros Oriental Rep. Arnolfo A. Teves, Jr. for “disorderly behavior,” citing his continued absence without permission in Congress. 

With 265 yes votes, zero no votes, and three abstentions, the lawmakers adopted Committee Report No. 717 of the House Ethics and Privileges panel.  

“The main basis for this recommendation is his continuous absence without leave in the House of Representatives by his persistent pursuit of political asylum in Timor Leste,” House ethics panel chairman, party-list Rep. Felimon M. Espares, told the plenary. 

Mr. Espares said Mr. Teves violated Section 141 of the House rules or the Code of Conduct. 

The committee also reprimanded Mr. Teves for a video posted in his Facebook page showing him dancing only in undergarments, “which reflects discredit on the House of Representatives and diminishes the stature of the position,” Mr. Espares said.  

“As a public officer and legislator, Rep. Arnolfo A. Teves, Jr. is held to higher ethical standards especially when the acts… violates the very same laws our Congress has arduously passed,” he added.

The committee also said it considered the government’s terrorist designation of Mr. Teves in its decision, drawing a negative reaction from his camp. 

In a statement, Mr. Teves’ lawyer Ferdinand S. Topacio said: “The final recommendation shows that there was never a bona fide intention to consider the evidence in favor of Mr. Teves.”

The Anti-Terrorism Council (ATC) designated Mr. Teves and 11 others as terrorists under Resolution No. 43 issued on August 1. 

Prosecutor General Benedicto A. Malcontento reiterated on Tuesday that murder charges have been filed against Mr. Teves for three killings that happened in Negros Oriental in 2019. 

Meanwhile, the committee report mentioned that the Office of the Secretary General has not received any request for travel authority or any extension from Mr. Teves since its expiration in March 2023.   

Although Mr. Teves never publicly disclosed his whereabouts, the Department of Justice said in May that he had sought asylum in Timor Leste. 

Mr. Teves has repeatedly sought to justify his refusal to go home by citing supposed threats to his life. — Beatriz Marie D. Cruz 

Marcos travel expenses 10 times bigger 

PHILIPPINE STAR/KRIZ JOHN ROSALES

THE OFFICE of the President’s (OP) traveling expenses increased by tenfold in 2022, the Commission on Audit (CoA) revealed in its audit report released last Tuesday.  

State auditors said the OP spent P403.09 million for traveling expenses in 2022, from only P36.79 million in 2021, increasing by over P366 million.  

“[The] significant increase… is due to the official travels related to the foreign summits and state visits in Singapore, Indonesia, United States, Cambodia, Thailand, and Belgium,” the CoA said.   

Local travels, though, decreased by 6.26% to P10.78 million in 2022 from P11.54 million in 2021.  

In a statement, Presidential Communications Office chief Cheloy Velicaria-Garafil said travel expenses in 2021 were expected to be lower due to pandemic restrictions.   

Last December, the Marcos administration justified that the President’s foreign trips has earned the country $23.6 billion in investment pledges. 

Trade Secretary Alfredo E. Pascual previously said that around $88 million (around P4.83 billion) worth of investment pledges are expected to materialize this year. — Beatriz Marie D. Cruz

Cotabato Airport still under repair 

BANGSAMORO officials inspect repairs on the Cotabato Airport runway on Tuesday, disputing some radio reports that flights are set to resume on Aug. 18.

COTABATO CITY — It will take about nine more weeks for commercial flights to resume in this city, the Bangsamoro region’s Ministry of Transportation and Communications determined last Tuesday after inspecting ongoing airport repairs.

Lawyer Paisalin Pangandaman Tago was among the members of the Bangsamoro parliament who expressed dismay over the slow pace of the runway repairs done by the Koronadal City-based construction company contracted by the Civil Aviation Authority of the Philippines (CAAP). “We are urging the contractor of this runway repair to work faster,” he said.

Since the airport was shut down in the last week of June, all travelers and goods in and out of the city have to be transported by land or diverted to the airports in General Santos and Davao Cities.

Yesterday, Harold Dimacisil Torres who chairs the Bangsamoro Business Council voiced out hopes that commercial flights connecting the city to other parts of the country could resume much sooner to help Central Mindanao’s economy bounce back. — John Felix M. Unson

Reclamation report out in 10 days 

PHILIPPINE STAR/EDD GUMBAN

THE DEPARTMENT of Environment and Natural Resources (DENR) will seek to submit a complete report on its review of reclamation projects in Manila Bay to the House of Representatives in 10 days. 

During yesterday’s hearing on the budget of the department, Environment Secretary Antonia Yulo-Loyzaga said: “There will be some deliberation and some investigation that will be required in order for us to complete. We hope to be able to complete the report within the next 10 days.”

Quezon City Rep. Salvador A. Pleyto had asked Ms. Yulo-Loyzaga for an update, citing the presidential directive issued on Aug. 4 that required the DENR and the Philippine Reclamation Authority to submit a status report on the compliance of the proponents within five days.  

President Ferdinand R. Marcos, Jr. earlier announced the suspension of all 22 reclamation projects in the Manila Bay area pending a review of their compliance with environmental regulations. 

Ms. Yulo-Loyzaga faced the House Appropriations Committee during its deliberations for the P5.768-trillion 2024 national budget. — Sheldeen Joy Talavera

Philippine patrols continue 

BAGUIO CITY — Territorial defense via air and surface patrols continue along the Philippine maritime borders north of the country, monitoring a total of 22,474 foreign and domestic vessels traversing the area since January, the Northern Luzon Command (Nolcom) reported.  

Lt. Gen. Fernyl Buca, Nolcom chief, said these findings were the result of 60 air patrols and 30 surface patrols conducted by the Area Task Force-North, an inter-agency coordinating body operating under the umbrella of the National Task Force-West Philippine Sea.

Mr. Buca said these routine patrols cover the resource-rich maritime area of Bajo de Masinloc (Scarborough Shoal) in the West Philippine Sea, the uncontested Philippine Rise (Benham Rise), and the Batanes Strait “to ensure the safety of our fellow Filipinos, especially our fishermen and protect our marine resources for the benefit of current and future generations.” — Artemio A. Dumlao

Bomb attack kills village chief 

COTABATO CITY — A bomb explosion rocked Shariff Saidona Mustapha town in Maguindanao del Sur Wednesday morning, killing a barangay chairman and wounding another village official.

The Shariff Saydona Municipal Police Station identified the fatality as Datu Manot Silongan, chairman of Barangay Penditen in nearby Datu Salibo town. The wounded victim was Salik Datua, a councilman in Barangay Ganta, Shariff Saydona Mustapha.  

Investigators believe the improvised explosive device (IED) was planted on the roadside near the Ganta Barangay Hall entrance and detonated from a distance using a mobile phone just as the two victims passed by.

They also theorized that Mr. Silongan was the target of the bombing, following the murder of his brother, Councilor Demson Silongan of Datu Salibo, who was gunned down within the premises of the municipal government center last April 17. — John Felix M. Unson

NEDA: Imports temporary, focused on raising output

OFFICIALGAZETTE.GOV.PH

THE National Economic and Development Authority (NEDA) said the government’s strategy for the economy is ultimately geared towards raising domestic production, adding that it is temporarily resorting to imports to stabilize prices.

NEDA Secretary Arsenio M. Balisacan, speaking before a Senate panel, was addressing remarks by Senators on the need to reduce reliance on imports.

“Our trade policy is used to enhance the workings of the economy in such a way that we can stabilize prices, create employment, and make our local products more competitive,” he said before the chamber’s finance committee as he delivered a Development Budget Coordination Committee (DBCC) briefing on the proposed 2024 budget.

“Looking longer-term and for the rest of this medium-term plan, our priority is to improve productivity,” he added.

Senators Ana Theresia N. Hontiveros-Baraquel, Maria Lourdes Nancy S. Binay, and Juan Edgardo M. Angara, who chairs the committee, had asked Mr. Balisacan to explain the government’s efforts to encourage domestic production.

Mr. Balisacan said the government supports enhanced research and is coordinating agency efforts to raise productivity.

“We need to supply our domestic producers with the equipment and farming materials they need,” Ms. Hontiveros-Baraquel said during the DBCC session before the committee.

“We just have to do it and take out the other blocks and exacerbating factors along the way including smuggling.”

She said the proposed P5.768-trillion national budget for 2024 should also incorporate “safety nets” for producers and those vulnerable to the effects of inflation.

Mr. Balisacan said the government must not see imports as a permanent solution, citing the need to invest in logistics and provide technological support to farmers.

“This is a time of crisis, and the 2024 national budget should reflect that fact in the form of greater assistance to our people,” Ms. Hontiveros-Baraquel said.

Finance Secretary Benjamin E. Diokno, also at the briefing, disputed Ms. Hontiveros-Baraquel’s characterization that the economy is in crisis.

“The International Monetary Fund and the World Bank admire the way we have handled the Philippine economy,” he said.

“The credit rating agencies, despite the massive downgrades of economies all over the world, have maintained the Philippines’ credit rating.”

Last week, Japan-based Rating and Investment Information, Inc. (R&I) upgraded its investment rating outlook on the Philippines to “positive” from “stable.”

According to R&I, the Philippine economy has been performing well in the face of global uncertainty. Gross domestic product grew 7.6% in 2022, and 6.4% in the first quarter of 2023.

The Philippines currently falls short of an “A”-level rating, with Moody’s Investors Service rating the country at “Baa2,” S&P Global Ratings “BBB+,” and Fitch Ratings at “BBB.”

Mr. Angara said the government should take advantage of its resources to empower its industries, especially agriculture.

In July, Senate President Juan Miguel F. Zubiri said Congress will focus on passing a measure that will devise a multi-year strategy enhancing the global competitiveness of Philippine companies.

The Tatak Pinoy Bill, written by Mr. Angara, is expected to help the Philippines achieve its goal of becoming a middle-class economy by 2040.

“Let’s use the government and its vast resources over markets to help industries be more competitive,” he told the same briefing.

Senator Cynthia A. Villar, who heads the Senate agriculture committee, called for the modernization of agriculture via collaboration with the farm machinery manufacturers.

“That’s the idea of mechanization; we have to modernize,” she said, calling the days of manual farming over. — John Victor D. Ordoñez