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Philippine Airlines Interclub golf team championship returns after two-year hiatus

MORE than 1,500 players representing 178 squads will converge next week for the 74th Philippine Airlines Interclub golf team championships in Cebu City.

Canlubang starts its defense of its Seniors’ crown on Tuesday, Feb. 22 against a host of challengers led by rival Luisita. The Seniors’ event has drawn a total of 100 teams, nearly half coming from the United States, Canada, the Middle East, and Malaysia, among others.

Alta Vista and Club Filipino de Cebu will play host to the four-round event that uses the Molave scoring system that awards three points for par. A regulation round is equivalent to 54 points.

Each team is allowed to field a maximum of four players per round with only the top three scores counted. Each player is limited to two rounds.

After a three-day break, the regular Men’s Division tournament kicks off on March 1 with defending champion Manila Southwoods gunning for its seventh crown.

Hosting the regular Men’s event are Cebu Country Club and Club Filipino de Cebu.

A maximum of five players can be fielded by each team but only the top four scores count. A player is also limited to two rounds.

The 74th staging of the event is supported by platinum sponsors ABS-CBN Global, Asian Journal, Airbus, and NuStar Resort and Casino.

Gold sponsors include Radio Mindanao, Mastercard, Primax, University of Mindanao Broadcasting Network, PLDT/Smart, and Konsulta MD. Silver sponsors are Philippine National Bank, Biocostech, and VISA. Minor sponsors are Bollore Logistics, Manila Standard, Tanduay Brands International, and Asia Brewery while donors are Department of Tourism, Ogawa, Newport World Resorts, Rolls Royce, and Boeing.

Embiid reaches 10,000 points in win over Cavs

JOEL EMBIID had 29 points and 14 rebounds, James Harden added 19 points and 12 assists and the host Philadelphia 76ers held off the Cleveland Cavaliers 118-112 in the final game for both teams before the All-Star break on Wednesday.

When Mr. Embiid converted a three-point play with 7:34 remaining in the first quarter, he eclipsed 10,000 points in his career. He became the fastest player in franchise history to reach the milestone, getting there in 373 games, five fewer than Allen Iverson.

De’Anthony Melton contributed 17 points, Tyrese Maxey scored 16 and Tobias Harris had 13 for the Sixers, who had a 28-point lead just before halftime whittled to four in the final minute of the game. P.J. Tucker added 10 points. Philadelphia won its fourth game in a row.

After the Cavaliers closed within 116-112 with 21.1 seconds left on a dunk by Evan Mobley, Mr. Melton knocked down two clutch free throws to seal the win for the Sixers.

Donovan Mitchell led the Cavaliers with 33 points and Darius Garland added 27. Mr. Mobley had 23 points and nine rebounds, but the Cavaliers had their seven-game winning streak snapped. Jarrett Allen chipped in 12 points and seven boards.

With Cleveland trailing 112-103, Mr. Mitchell banked in a three-pointer and Allen grabbed an offensive rebound and scored to get within 112-108 with 1:30 minutes to go.

It looked like a blowout late in the second quarter when Mr. Harden dropped in a 3-pointer with 49 seconds remaining to cap an 11-0 run for a commanding 63-35 lead.

Danny Green, who just signed with the Cavaliers earlier Wednesday, hit a trey with 4.7 seconds left, but the deficit was 63-38 at halftime.

The Sixers made their first six 3-pointers and finished 8-of-15 by halftime.

Mr. Garland paced the Cavaliers with 13 in the half, but they went 4-of-17 from long range.

Mr. Allen threw down consecutive dunks and Mr. Mobley added a dunk to try to spark the Cavaliers, yet they still found themselves down 18, 77-59, with 4:44 left in the third quarter.

The Sixers stagnated offensively and Mr. Mitchell hit a driving layup to cap a 13-0 Cleveland spurt to trim the deficit to 14.

Mr. Melton responded with a 3-pointer from the corner and the Sixers went ahead 80-63 with 2:22 left.

The Sixers led 87-70 at the end of the third thanks to Mr. Maxey’s trey with 1.7 seconds to go. — Reuters

Billionaire Najafi set to launch $3.75-billion takeover bid for Spurs

HZH

IRANIAN-American billionaire Jahm Najafi, chair of MSP Sports Capital, is set to launch a $3.75-billion takeover bid for Premier League soccer club Tottenham Hotspur, a source familiar with the matter told Reuters on Wednesday.

Tottenham declined to comment when contacted by Reuters.

Earlier, the Financial Times reported MSP Sports Capital is working with a consortium of investors to structure the bid and that it is weeks away from formally approaching the club’s owner Joe Lewis and chair Daniel Levy.

The report said that the Najafi and MSP-led offer would value Tottenham, who are fifth in the Premier League, at approximately $3 billion before adding about $750 million of debt on the club’s books.

It added that MSP and its partners will put forward 70% of the purchase price, while backers from the Gulf, mainly from Abu Dhabi, will contribute the rest 30%.

Mr. Najafi is also a minority shareholder in the National Basketball Association team Phoenix Suns.

Tottenham, currently managed by Antonio Conte, have 39 points after 23 games in the league this season and sit two points outside the top four.

The north London club last won a trophy in 2008 when they lifted the League Cup.

Other Premier League clubs such as Manchester United and Liverpool are also seeking investment, with Qatari investors preparing to make a bid to buy United while Jim Ratcliffe’s company INEOS formally entered the bidding process last month. — Reuters

‘I play to win’

Tiger Woods didn’t really say anything new in his presser at the Genesis Invitational the other day. As he has done countless of times since he turned professional in late 1996, he faced members of the media and noted, with utter confidence, that he was teeing off to win. “I’m not playing 50,” he argued. “As a competitor, if I’m playing the event, I’m going to try and beat you.” It didn’t matter that, this time around, he would be swinging his clubs after a long — make that very long — layoff; last year, he managed to make use of his cleats for only nine rounds, what with complications off multiple surgeries on his right leg and foot compelling him to limit his exposure to three Grand Slam events.

To be sure, Woods was nothing if not candid. He admitted that he was “rusty,” and that he may encounter difficulty with his “endurance” in navigating the Riviera Country Club course. Never mind that the pride of Pacific Palisades, California, is mostly flat, with just the steep elevation heading to the first hole and the length of the walk away from the 18th after a rigorous round posing as challenges to his body.

In any case, Woods isn’t merely aiming to triumph. En route to hopefully meeting his objective, he will also attempt to gauge his capacity to take in one more stop before the Masters. Make no mistake: He’s angling to make a splash at Augusta National, so everything between now and then will effectively be prep work. He’s making no secret of his plans even as he acknowledges the vast difference between shaping shots in a controlled environment and doing so in active competition.

Creditably, Woods did manage to negotiate 16 holes yesterday without the benefit of a cart. It also helps that he knows the terrain, although it hasn’t been kind to him in the past. Riviera just so happens to be where he made his tour debut as a 16-year-old high school sophomore; he missed the cut then by a whopping six strokes. In 13 appearances there, the best he has done is a runner-up and three Top 10 finishes. Which is to say he’ll give his all, but it may well not be enough — not in his condition, not at this stage of his career.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and human resources management, corporate communications, and business development.

PHL seen to join Shanghai, SG, Tokyo as region’s top data center hub

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The Philippines is likely to join Shanghai, Singapore (SG), and Tokyo as the region’s top data center destination, according to real estate expert Santos Knight Frank (SKF), citing increasing digital consumption in the country and government support.

With information technology (IT) capacity in Metro Manila estimated at 163 megawatts (MW), the Philippines is seen as a strong candidate for hyperscalers looking to expand, SKF Chairman and Chief Executive Officer Rick M. Santos said at a briefing on Thursday. 

Hyperscalers are big technology organizations with massive network, power, and space requirements. 

“The country has high digital consumption due to rapid e-commerce adoption and Filipinos being one of the top social media users in the world. Data centers are looking for hubs where most of their users are at, and that’s the Philippines,” Mr. Santos said.  

In Asia, the powerhouses are Shanghai with a capacity of 1183MW, Singapore with a 1065-MW capacity, and Tokyo with a 998-MW capacity. 

With the current ban on data centers in Singapore, other markets are being looked at, with Manila’s capacity for IT, land, and engineering-trained talent regarded to be strong for Southeast Asia. 

“There’s government support as well, with the Department of Information and Communications Technology encouraging use of the cloud for the development of infrastructure,” Mr. Santos said.

The growth in e-commerce and logistics has also created a lot of demand for construction material storage and warehouses, according to the SKF’s analysis. With this, the growth of logistics space outside of the Philippine capital is expected to continue as data centers are built.  

The expansion of industrial parks in other areas like North Luzon will “benefit the industrial sector,” said Mr. Santos.  

Morgan McGilvray, SKF’s senior director for occupied strategy and solutions, added that the office market has a similar optimistic provincial outlook. The key driver for this is companies expanding into regional locations like Iloilo, Davao, Bacolod, and Clark.  

“This is seen among business process outsourcing companies looking to establish various headquarters,” he said.  

SKF also noted that the annual Metro Manila office space supply saw a healthy jump to 10.4 million square meters (sq.m.) in 2022, from 7.6 million in 2021.   

“This is a mixture of spillover from construction delays during the pandemic and developers building and supplying more space again,” Mr. McGilvray noted. — Brontë H. Lacsamana

Honorable Senators of the Republic

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Let me share through this column my letter to the Philippine Senate regarding my position as a former public servant at the Bangko Sentral ng Pilipinas on the proposed Maharlika Investment Fund. I argue that “there is nothing in Senate Bill 1670 to promote economic growth and social development that is not presently undertaken by existing public institutions in collaboration with the private sector.” Thus, an investment fund is not worth undermining our existing institutions. I thank Mr. Calixto Chikiamco, President of the Foundation for Economic Freedom, for submitting it to the Philippine Senate during the public hearing on the issue by the Commitee on Banks, Financial Institutions and Currencies chaired by Senator Mark Villar on Feb. 15, 2023.

Thank you for allowing us to speak our mind on the Maharlika Investment Fund (MIF). I fully subscribe to the position paper of the Foundation for Economic Freedom, jointly issued with the Management Association of the Philippines and the UP Alumni Association. However, as a former public servant at the Bangko Sentral ng Pilipinas (BSP), I wish to underscore a few basic points.

There is nothing in Senate Bill (SB) No. 1670 to promote economic growth and social development that is not presently undertaken by existing public institutions in collaboration with the private sector. In fact, President Bongbong Marcos himself declared when he approved the 2023 National Budget of P5.268 trillion that the budget “will provide the government with a tool to transform the economy, as well as in carrying the needed structural changes toward realizing the administration’s goals.” Aside from the annual national budget worth P5.268 trillion for 2023, Public-Private Partnership and Build-Operate-Transfer arrangements have long been used to promote economic growth and social development. Likewise, government financial institutions (GFIs) extend credit and invest in agriculture, infrastructure and various industries.

Honorable Senators, the MIF is many things. One, it is untimely; two, its method of sourcing funds could destabilize public finance and ultimately raise our national debt; three, the BSP could be compromised as an autonomous and independent monetary authority; and four, it could further worsen governance and patronage. In other words, there is a great likelihood for market failure.

One, creating the MIF is untimely. Governments create wealth or investment funds to pursue special goals when they enjoy balance of payments surpluses, official foreign currency operations, proceeds from privatizations and fiscal surpluses, and windfall receipts from commodity and metal sales. Putting up the MIF simply as an “additional investment platform” is a costly undertaking for the government.

The Philippines is no recipient of any of these surpluses. Instead, what we have are serious balance of payments deficit, large fiscal deficit reaching historical highs in excess of 6% of GDP and as a result of huge borrowing due partly to the pandemic, a debt-to-GDP ratio exceeding 60%. We have nothing to invest at this point.

Two, the proposed alternative sources of funding are most destabilizing. SB No. 1670 proposes instead to source the funding from the GFIs such as the Development Bank of the Philippines (DBP), and the Land Bank of the Philippines (LBP), as well as from government-owned and -controlled corporations (GOCCs) other than the pension funds.

a. Diverting funds from GFIs and GOCCs to establish the MIF is self-defeating. The MIF is proposed to be funded by investment from GFIs and GOCCs; the same GFIs that needed public support during the pandemic. Diversion of funds from the GFIs to MIF for investment purposes would force the National Government to borrow funds to compensate for the loss of these earmarked funds to sustain governmental operations. This is also true when GOCC funds are used.

b. Using GFIs’ funds for MIF could affect their financial health and may result in potential bank run and systemic risks. GFIs’ investible funds earmarked to MIF are deductible from their regulatory capital. Therefore, these GFIs could be constrained from both lending to key areas of the economy and investing in other infrastructure and social development projects. This could then lead to contagion and trigger a series of bank runs especially now that the banking system’s balance sheets have arguably weakened due to the pandemic.

c. Mandating GFIs as contributors also distorts the regulatory environment. For instance, measures to safeguard deposits might need to be eased to facilitate their proposed contributions to the MIF. Doing such would introduce unfair competitive implications for the other banks. Likewise, this excessive regulatory forbearance may lead to undercalculation of their overall risk profile and may adversely affect the safety and soundness of their operations. This spells bad news for millions of depositors who, when apprehensive, can cause bank runs and financial instability.

d. MIF can constrain GFIs’ flexibility in their investment and lending strategy. By mandating GFIs to invest in MIF, their flexibility to diversify their portfolio could be affected. By allowing future exposure to MIF in the form of debt securities could result in overconcentration of loans and affect the loan portfolio of GFIs because they will be guaranteed by the government. Banks adhere to best practices and good governance because it is the right thing to do, and the BSP requires compliance with them. The General Banking Law of 2000, for instance, limits government banks equity ceilings to ensure diversification of their portfolio and mitigate their risk exposures. GFIs should be given the flexibility to determine their overall investment strategy consistent with their business model, target market and strategy for keeping their competitiveness and profitability.

Three, another fundamental objection to the MIF is the inclusion of the BSP as among those that will contribute to the MIF. This could put the country’s sole monetary authority’s independence and credibility at risk because it preempts the use of its declared income to the MIF rather than to building up its equity base as prescribed by its amended charter. This would be problematic since the BSP’s ability to perform its mandate of safeguarding price and financial stability is also determined by the adequacy of its financial resources. With lower capitalization, the BSP’s conduct of monetary policy could be seriously impaired.

Some argue that even with a mere P50-billion capitalization, the BSP has succeeded in maintaining price and financial stability by expanding its balance sheet. Given the on-going pandemic, the large fiscal deficit and higher public debt, coupled with the sustained uncertainty in the global markets, it is important to ensure that the BSP’s balance sheet remains appropriately disciplined.

Four, without proper safeguards, the MIF could be a potential channel for corruption and bad governance. So-called Sovereign Wealth Funds (SWFs) succeed in an environment of good governance, rules-based public management, and the absence of special interest groups. Experiences from other countries show that without good governance, SWFs are prone to mismanagement. The Papua New Guinea’s former Mineral Resource Stabilization Fund, Ecuador’s Stabilization Fund for Investment and Debt Reduction, and Nauru and Tonga funds started well but because of mismanagement and incompetent investment decisions were all abolished. Malaysia’s experience with 1MDB is another cautionary tale of how SWFs can be abused.

It bears noting that SB No. 1670 proposes to exempt the MIF from the GOCC Governance Act of 2011, Government Procurement Reform Act and the Salary Standardization Act; and payment of taxes and customs duties on any imports of supplies and equipment. These laws ensure adherence to good governance, and therefore exempting the MIF from such laws is like giving it a blanket authority to abuse. The BSP, for example, demands “a higher standards of knowledge and expertise in the field of finance, economics, risk and governance,” on top of bank regulation and supervision and yet, no law has been passed by Congress to exempt it from most of these laws, in the spirit of good governance. Finally, instead of requiring this special body to remit its earnings directly to the government, the Senate bill mandates that 25% of all of its earnings should go to “families falling below the poverty threshold as determined by the Philippine Statistics Authority” in the form of poverty and subsistence subsidies. Is Congress abdicating its power over the budget?

This is hardly the best time to create the MIF. Earmarking resources for funding the budget deficit could drive the government to incur higher borrowing or impose higher taxes, or both. An investment fund is not worth undermining our existing institutions. We have managed to grow all these years and we have also charted the next six years to achieve robust and resilient economic growth in the new development plan, all without this costly investment fund.

Thank you very much.

Sincerely yours,
Diwa C. Guinigundo
Former Deputy Governor for the Monetary and Economics Sector
Bangko Sentral ng Pilipinas Fellow, Foundation for Economic Freedom

 

Diwa C. Guinigundo is the former deputy governor for the Monetary and Economics Sector, the Bangko Sentral ng Pilipinas (BSP). He served the BSP for 41 years. In 2001-2003, he was alternate executive director at the International Monetary Fund in Washington, DC. He is the senior pastor of the Fullness of Christ International Ministries in Mandaluyong.

Real problems need real solutions

PHILIPPINE STAR/ WALTER BOLLOZOS

Most if not all Filipinos when asked will say that they value education because it assures the employability of their children. Education is for them either a way out of want and poverty, a means of continuing to live in the middle-class manner to which they have been accustomed, or, if they are among the very rich, merely something that would go well with the credentials of their sons as the future CEOs of their company.

Its role in the making of a democratic, humane, and just society does not usually figure in their calculations, and neither does its being equally crucial to each individual’s development and productivity as a citizen and as a human being. But there is also the widespread and quite disturbing view that education has its limits — that one can be “too learned” and therefore deserving of the dismissive “masyadong marunong” epithet, which is usually reserved for the critical and questioning, such as, say, student activists.

However, whatever their views on education may be and whatever their class differences, most Filipinos, if not all, do their utmost to start their children young. The wealthy and even some middle-class families enroll them in the most expensive and presumably best schools. Their poorer counterparts put them in public schools, which in the more remote areas of the country can mean the children’s walking for kilometers in sun and rain, sometimes across rivers, hilly terrain, and along mountain trails.

They all know that education begins with such fundamentals as reading and writing, and adding, subtracting, dividing, and multiplying sums. But already in crisis for decades — haunted by shortfalls in classrooms and teachers as well as books and equipment — the basic education system of the Philippines fell even further behind that of other countries during the two-year-long pandemic lockdown.

Learners, parents, and teachers struggled with a host of problems in the 2021 “new normal” Department of Education (DepEd) policy of limited face-to-face classes in November that year. Schools reopened in 2022, but the system continued to lag behind that of most countries for a number of reasons, one of them the Duterte policy of keeping schools closed until a vaccine became available.

In the first year of the lockdown, the basic education system (K-12) failed to develop effective programs for remote learning, mixed, or blended teaching. Because of the economic downturn, more than 25% of pre-school to high school students also failed to enroll, and nearly 2,000 public and private schools were forced to close.

The Economic Policy Institute identified in September 2020 as a “critical opportunity gap” in online learning the uneven access to computers and the internet. That “digital divide” affected not only learners but also their parents and teachers who had problems in adjusting to the different teaching methods the pandemic had forced on teachers. It also further marginalized students with special needs.

But the ills of the educational system are even more disturbing than those caused by government ineptitude during the pandemic. The World Bank (WB) July 2021 assessment of the state of the country’s education mentioned a host of problems that have been plaguing the educational system even before COVID-19. It found that more than 80% of Filipino students could not meet minimum levels of proficiency in reading, writing, and mathematics even before the pandemic lockdown.

The most that then Education Secretary Leonor Briones could do in 2021 was to demand an apology from the World Bank for not alerting Department of Education (DepEd) on the release of the study: she did not dispute its findings. The Duterte administration itself showed little to no interest in education. While DepEd continued to receive the biggest share of the national budget, its allocations were still insufficient in addressing such problems as the classroom and teacher shortages.

The same administration pointedly raised police and military salaries while ignoring the long-standing need for similar increases in teacher wages. It instead militarized the bureaucracy while increasing its own 2022 confidential, intelligence, and contingency funds.

If there is anything that demands a comprehensive, “whole-of-nation” approach to its problems, it is education. What is needed is to identify the priority issues in it that demand solutions, and to craft the relevant policies. But no sense of urgency drove the past regime to address the perennial problems of the educational system. Neither was it even remotely interested in looking into how other countries remedied or mitigated the negative impact of the pandemic on their own educational systems.

The crisis in education demands urgent solutions. But Briones’ successor at DepEd has so far done little to address the above issues. Vice-President Sara Duterte’s Basic Education Report (BER) showcased her supposed commitment to solving the problems of the system which she had earlier crowed she could solve within six years.

During a public forum in which she presented the BER last January, VP-cum-DepEd Secretary Duterte described herself as “a mother of four learners” who is at the same time responsible for 28 million others, making her “interest in the future of Philippine education… very personal.” She admitted that Filipino students are not “academically proficient.” But her BER, though long in rhetoric, was far short in the specifics of how exactly she would address it.

She provided information that has long been conventional knowledge, such as the shortage in classrooms and resources, which she described as the “most pressing issue” in education; the low literacy and numeracy levels of learners that the 2018 report of the Program for International Student Assessment (PISA) found; the cluttered K-12 program’s failure to assure the employability of graduates; and the lack of training and support systems for teachers.

She did mention plans to address these problems, such as revising the K-12 curriculum and providing more training programs for teachers and school administrators. Duterte’s statements on these deficiencies were welcomed by education experts, but her report neither presented data nor described what steps DepEd would take to solve the many other problems she admitted have hounded the educational system for decades.

Among them, certainly, is the need to address the salary and staffing problems that have long been a factor in the dismal state of Philippine education. But she did not mention anything about raising teachers’ salaries or increasing the number of the guidance counselors and teaching assistants that are needed to reduce the burdens on teachers.

Neither did her report reveal the progress of DepEd’s K-12 review, in which, incidentally, the involvement of such stakeholders as teachers’ and parents’ groups has been minimal, if at all. There is as well the need to assure language proficiency as a fundamental requirement for better learning, to achieve which a number of strategies are available. But the Duterte BER had nothing to say about it. Improving teacher training should similarly be in the agenda. It should ideally consist of improving access to research facilities, books and competent instructors at the formal schooling stage, and providing continuing teacher education after. But the Duterte BER provided little detail about it.

Unless the real problems of Philippine basic education are addressed with real solutions, it will continue to be the less than reliable foundation for the making of the employable citizens millions of parents hope their children will be. Least of all will it be the sound basis for their contributing to the development of the society of progress, peace, justice, humaneness and freedom that has long eluded these troubled isles.

 

Luis V. Teodoro is on Facebook and Twitter (@luisteodoro).

www.luisteodoro.com

Signals of nature

NICOLE AVAGLIANO-UNSPLASH

The currents of change are confusing, distracting, turbulent.

The world events are spinning and counter-spinning. The terrifying disasters — upheavals, earthquakes, tsunamis, and volcanic eruptions are threatening the safety of the inhabitants of our planet. These are warning signals that we should protect the environment and respect Mother Nature.

For a change in mood, one seeks the spiritual solace of silence, art and music, and the mental stimulation of books. During the period of meditation, one can relish prolonged moments of solitude, seek inspiration. It is a chance to immerse oneself in images — fleeting dreams or memories. One can shut out the angst and turmoil of the outer world. A period of creative idleness is slowly transformed into a fountain of energy.

One of the most spectacular sights in the world is sunset. On a breezy afternoon, the clouds dissipate in the powder blue sky and the golden orb commands attention. It changes from hot yellow to fiery orange as it slowly descends into the horizon. Then the cobalt sky has streaks of vermillion. The rippling ultramarine sea has glinting reflections of burnished gold like a river moving over the waves.

Afterglow is peach, tangerine, and violet. Then the vast night sky becomes a dramatic stage. The luminous moon glows brightly as the stars recede into the indigo background. Like a pantomime play at a curtain call, the constellations blink, curtsy and fade into the wings.

A cool, misty dawn breaks over the silhouette of a distant mountain against a slate gray, lavender sky. The treetops shimmer and shiver with dewdrops as the wind ruffles the leaves.

In a solitary aerie parched above a park, the unfolding panorama is mesmerizing.

The early morning sky is a wash of watercolors blending into a precious painting. A distant rainbow completes the heavenly tableau.

It is a rare luxury to watch a sunrise.

The palest pink, blush, mauve, lilac hues merge into translucent blue gauze. Fine brushstrokes of iridescent rays appear in the hazy horizon as the sun climbs tentatively.

It is a dazzling burst of power as the solar ball switches on. The cerulean blue sky has translucent cotton cirrus clouds. On the sea, the horizon blends with the sky so that it could be a sunrise or sunset depending on the intensity of the colors.

The city stirs, reluctantly.

During the period of reflection, one draws from divine grace and inner resources. It builds up slowly until the dreams are transferred onto the canvas. The process of creation is unhurried in the subconscious. One waits patiently for art to unfold. Sometimes, it comes as a sudden burst of colors.

Here are quotes from Oscar Wilde on human nature and art.

“Every single work of art is the fulfillment of a prophecy.” — “De Profundis”

“Art never expresses anything except itself.” — The Decay of Lying

“Music is the perfect type of art. Music can never reveal its ultimate secret.”

“For a dreamer is one who can only find his way by moonlight, and his punishment is that he sees the dawn before the rest of the world.”

“Life is simply a mauvais quart d’heure made up of exquisite moments.” — The Critic as Artist

“Nothing refines but the intellect.” — A Woman of No Importance

“The only way to get of a temptation is to yield to it.”

“Questions are never indiscreet. Answers sometimes are.”

“We are all in the gutter, but some of us are looking at the stars.”

“When the gods wish to punish us, they answer our prayers.”

“The only difference between a saint and a sinner is that every saint has a past, and every sinner has a future.” — An Ideal Husband

 

Maria Victoria Rufino is an artist, writer and businesswoman. She is president and executive producer of Maverick Productions.

mavrufino@gmail.com

The future of Catholicism is with the Traditional Latin Mass

JOSH APPLEGATE-UNSPLASH

For some inexplicable reason, the Traditional Latin Mass has become the villain.

This amidst allegations that some prominent or influential members of the Catholic clergy have been caught or accused of sexual improprieties, generally with young men. One was famously caught using the dating app Grindr. Still another was accused of abusing nuns about a decade ago.

Church corruption is also in the news, with this or that report of clerical persecution in China, while the Vatican Bank is again being hounded by charges of financial manipulations.

Take those within the context that, since Vatican II, attendance at Mass (e.g., attendance by Filipino Catholics has fallen to 56%), those availing of the sacrament of confession, marriages and baptisms (e.g., 57% of newborn Filipinos are illegitimate, with teenage pregnancies and marriage annulments on the rise) have steadily deteriorated. Even belief in the core teaching of Transubstantiation fell significantly:

A “new Pew Research Center survey finds that most self-described Catholics don’t believe this core teaching. In fact, nearly seven-in-10 Catholics (69%) say they personally believe that during Catholic Mass, the bread and wine used in Communion ‘are symbols of the body and blood of Jesus Christ.’ Just one-third of US Catholics (31%) say they believe that ‘during Catholic Mass, the bread and wine actually become the body and blood of Jesus.’

In addition to asking Catholics what they believe about the Eucharist, the new survey also included a question that tested whether Catholics know what the church teaches on the subject. Most Catholics who believe that the bread and wine are symbolic do not know that the church holds that transubstantiation occurs. Overall, 43% of Catholics believe that the bread and wine are symbolic and also that this reflects the position of the church. Still, one-in-five Catholics (22%) reject the idea of transubstantiation, even though they know about the church’s teaching.” (“Just one-third of US Catholics agree with their church that Eucharist is body, blood of Christ,” August 2019, https://pewrsr.ch/3I1ekn3).

Priestly ordinations are also down: “After skyrocketing from about 27,000 in 1930 to 58,000 in 1965, the number of priests in the United States dropped to 45,000 in 2002. By 2020, there will be about 31,000 priests — and only 15,000 will be under the age of 70. Right now there are more priests aged 80 to 84 than there are aged 30 to 34.” (“The Stark Fruits of Vatican II,” Michael Davies, The Stark Fruits of Vatican II (catholicapologetics.info))

There is one area — aside from the vibrant faith of the Catholics in Africa — where Catholic churches are filled to the brim, where the faithful do take the time to study and speak out on the teachings of the Church, where Mass attendance is robust, and young couples are marrying more and more and — equally importantly — having more and more children to be later baptized into the Catholic faith.

That is the Traditional Latin Mass community.

And that — sadly and ironically — is what is seemingly being suppressed by Church authorities.

For non-Catholics, a short note: the Traditional Latin Mass isn’t a Mass merely said in Latin. Today’s “ordinary Mass” (i.e., the Novus Ordo) can also be celebrated in Latin. Instead, as Pope Benedict XVI pointed out: “the two forms of the Mass [are] as follows: The Novus Ordo is the ordinary form of the Roman Rite, and the Latin Mass is the extraordinary form. Both are valid, and any qualified priest can celebrate either form.” (See peterboroughdiocese.org).

After the incredibly gracious release of the Apostolic Letter Summorum Pontificum, which allowed priests and the faithful greater freedom to celebrate the Mass in its pre-Vatican II form, came the quite puzzling Traditiones Custodes, which — a mere 14 years later — abrogated substantially the freedoms granted by the former.

But the logic of Summorum is quite beautiful in its simplicity and correctness: what was true and valid for 2,000 years could not all of a sudden be considered otherwise and discarded just like that.

And this is not a view shared by “Tradicals” alone:

“The Traditional Latin Mass isn’t just extraordinary in its form — its attendance among 18- to 29-year-olds bucks the downward trends in religiosity among that demographic.

“Pew Research data shows that only around a quarter of Catholics between the ages of 18 and 29 attend church once a week or more, compared to 98% of Latin Mass goers in the same demographic, according to research published by the Priestly Fraternity of St. Peter.

“The research also shows that young people’s move toward tradition is largely self-motivated rather than the outcome of outside influence: ‘We can see that personal preferences (reverence, curiosity, solemnity, and music) account for 58% of the total, while peer influences (friends, spouses) account for 18% of the total. Thus, to the tune of 76%, the impetus to attend the Latin Mass among 18- to 39-year-olds seems to be largely coming internally from within their own generation, rather than being inherited from previous generations’.” (“3 Reasons Why the Latin Mass Is So Attractive to Young People (According to a 22-Year-Old),” NCRegister, August 2021).

And indeed, many of today’s prominent (and quite pious) Catholics have been drawn to the serene glories of the Traditional Latin Mass: from famous theologian and Opus Dei faithful Scott Hahn, to US Supreme Court Justices Clarence Thomas and (the late) Antonin Scalia, to political commentator Michael Knowles, to recent Super Bowl game winning kicker Harrison Butker.

Unfortunately, many senior members of the clergy seem determined to put down the Traditional Latin Mass, calling the younger priests and younger laity that expressed enthusiasm for the Extraordinary Form of being out of touch, “dinosaurs,” or stuck in the past.

But, as respected philosopher and exorcist Fr. Chad Ripperger pointed out, it is precisely the older clergy that is out of touch: stuck in the pop culture sounds and look of the 1960s and 1970s, of hippy ecumenism, and the “if it feels good, do it” movement.

And this is precisely borne out by the younger generation that prefer the Traditional Latin Mass: “Felt banners, open-concept churches, guitar masses, and basically every hymn written after 1968 that were once ‘pastoral’ and ‘inclusive’ are now ‘boomer’ and ‘cringe’.”

For the young, our future, they read it accurately: the Traditional Latin Mass (TLM) is a rebellion against modernism, of shallow change for the sake of change. The TLM represents both an anchor and compass, it — more than anything else seen — embodies the idea of a Church eternal and forever new.

If the argument against the TLM is that it attracts schismatics or “sede vacantists,” then that is highly fallacious: first because it assumes a causality, second it creates a strawman, and third it confuses a problem with a wrong message, as well as defective induction. If the problem is the schismatics, then address that without having to destroy something validly recognized by the Church for two millennia. There is simply no need to throw the baby out along with the bath water.

The Traditional Latin Mass is simply beautiful and embodies what a sacrament should be. That it appeals to our senses should not be discounted because that is precisely one reason why a sacrament was made in the first place. The sights and sounds, the smells, even taste and touch — are all geared to make us pay attention not to the priest but to the proper center of our worship: God.

Equally importantly, the Traditional Latin Mass addresses a long felt need amongst the faithful for piety and solemnity, which is getting harder and harder to find despite the generally available Novus Ordo Masses around.

A false calumny against the TLM is that it is elitist. Not so. Attend a TLM and you will see faithful from all walks of life, rich or poor, educated and the simple, from the more mature and many of the young. It is common to know of the faithful traveling many miles just to attend a TLM Mass. It is a congregation of varying personalities and backgrounds but sharing in common a love for God and the eternal and inherent truths taught by the Church.

If by “Catholic” is meant universality, then the foregoing, read alongside consideration of Mass attendance trends, show the Traditional Latin Mass is fully Catholic indeed.

Finally, the Traditional Latin Mass ultimately embodies and fulfills our desire for obedience to the Church. That we surrender our ego and constant need for novelty and change in respect to all the millions of faithful that have gone before us and those still to come. That in worshipping God, we do it not how we want it but in united communion with all the faithful, seen or unseen.

GK Chesterton insightfully wrote: “Do not be so open minded that your brains fall out.” And that: “the object of opening the mind, as of opening the mouth, is to shut it again on something solid.” Or, to paraphrase a great Catholic, Flannery O’Conner, if in the end all religion or beliefs are the same, then “to hell with it.” Because a Church open to everything, willing to compromise on anything, ultimately stands for nothing.

Indeed. As St. Josemaria Escriva plainly put it: “Holy intransigence is not bigotry.” Because true charity can only be with truth.

And because of that, it may very well be that the future of the Catholic Church lies in the “intransigence” of those gathering persistently to hear the Traditional Latin Mass.

 

Jemy Gatdula is a senior fellow of the Philippine Council for Foreign Relations and a Philippine Judicial Academy law lecturer for constitutional philosophy and jurisprudence

https://www.facebook.com/jigatdula/

Twitter @jemygatdula

China says US balloons flew over Xinjiang, Tibet

CARLOS DE SOUZA-UNSPLASH

BEIJING — Diplomatic friction festered between the United States and China on Wednesday as Beijing charged that US high altitude balloons flew over its Xinjiang and Tibet regions and said it would take measures against US entities that undermine Chinese sovereignty.

Washington and Beijing are locked in a tussle over flying objects after the US military this month shot down what it called a Chinese spy balloon over the coast of South Carolina. Beijing says its balloon was a civilian research vessel mistakenly blown off course, and that Washington overreacted.

This week, China countered that US balloons had flown over its airspace without permission more than 10 times on round-the-world flights since May 2022.

“Without the approval of relevant Chinese authorities, it has illegally flown at least 10 times over China’s territorial airspace, including over Xinjiang, Tibet and other provinces,” Chinese Foreign Ministry spokesperson Wang Wenbin told a regular daily briefing on Wednesday.

The White House has disputed China’s allegations.

Washington has added six Chinese entities connected to Beijing’s suspected surveillance balloon program to an export blacklist.

“The US has abused force, overreacted, escalated the situation, and used this as a pretext to illegally sanction Chinese companies and institutions,” Mr. Wang said.

“China is firmly opposed to this and will take countermeasures against relevant US entities that undermine China’s sovereignty and security in accordance with the law,” Mr. Wang said, without specifying the measures.

The balloon dispute has delayed efforts by both sides to try to patch up frayed relations, although US President Joseph R. Biden has also said that he does not believe ties between the two countries were weakened by the incident.

US Secretary of State Antony Blinken, who postponed a planned trip to Beijing over the balloon, is considering meeting China’s top diplomat, Wang Yi, in Munich this week, sources have said.

US Deputy Secretary of State Wendy Sherman said later on Wednesday that communication with China had not stopped, but gave no details about any future high-level meetings.

“We hope when conditions make sense that we will be seeing each other face-to-face again. No announcements today,” she said

Ms. Sherman reiterated that China’s claims about US balloons were false.

“They have now said that there have been a gazillion balloons by the US over China. That is absolutely not true. There are no US government balloons over China,” she told an event at the Brookings Institution in Washington. — Reuters

Turkey quake could result in loss of up to 1% of country’s GDP in 2023

PEOPLE inspect the damage as rescuers search for survivors in the aftermath of a deadly earthquake in Hatay, Turkey, Feb. 8. — REUTERS

LONDON — The potential economic effects of the earthquake in Turkey could result in a loss of up to 1% of the country’s gross domestic product (GDP) this year, the European Bank for Reconstruction and Development (EBRD) said in a report published on Thursday.

The bank added this is a “reasonable estimate” due to the expected boost from reconstruction efforts later this year, which will offset the negative impact to infrastructure and supply chains.

“The earthquake affected to a large extent agricultural areas and areas where there is light manufacturing, so spillovers to other sectors are limited,” EBRD chief economist Beata Javorcik told Reuters.

Turkey and neighboring Syria have been rocked by a devastating earthquake on Feb. 6 which has killed more than 41,000 people and left millions in need of humanitarian aid, with many survivors having been left homeless in near-freezing winter temperatures.

Growth for Turkey, the single biggest recipient of EBRD funds, has been revised down to 3% from 3.5% in 2023, without considering the impact of the earthquake in the estimates.

The bank added that growing external financing requirements and political uncertainty associated with elections in 2023 create significant economic vulnerabilities.

Turkey’s earthquake has thrown into disarray plans for elections to be held by June, sparking frantic debate within President Tayyip Erdogan’s government and the opposition over a possible delay.

“As depreciation of the Turkish lira outpaced inflation since 2015, Turkey’s exports have been growing fast, benefiting from lower costs expressed in US dollars,” the report added.

Turkey’s lira hit a fresh record low on Wednesday. — Reuters

David Malpass surprises with early exit from World Bank

IMAGE VIA WORLD BANK / GRANT ELLIS / CC BY-NC-ND 2.0

WASHINGTON — World Bank President David Malpass on Wednesday said he would leave his post well before his term ends, months after running afoul of the White House for failing to say whether he accepts the scientific consensus on global warming.

Mr. Malpass, appointed by former President Donald Trump, will depart the multilateral development bank, which provides billions of dollars a year in funding for developing economies, by the end of June. His five-year term was due to end in April 2024.

The former investment banker informed US Treasury Secretary Janet Yellen of his decision on Tuesday, a source familiar with the matter said.

Mr. Malpass, who survived multiple calls for his resignation last fall and was not expected to be offered a second term, gave no specific reason for the move, saying in a statement, “after a good deal of thought, I’ve decided to pursue new challenges.”

Mr. Malpass has been under pressure from Ms. Yellen in recent months to accelerate reforms aimed at changing the way the World Bank operates to ensure broader lending to combat climate change and other global challenges.

Ms. Yellen thanked Mr. Malpass for his service in a statement, saying: “The world has benefited from his strong support for Ukraine in the face of Russia’s illegal and unprovoked invasion, his vital work to assist the Afghan people, and his commitment to helping low-income countries achieve debt sustainability through debt reduction.”

The US Treasury chief said the United States would soon nominate a replacement for Mr. Malpass and looked forward to the bank’s board undertaking a “transparent, merit-based and swift nomination process for the next World Bank president.”

Ms. Yellen last month declined comment when asked if the United States would support a second term for Mr. Malpass.

Mr. Malpass is expected to stay at least through the April meetings of the World Bank and International Monetary Fund, but could leave his post before the end of June, given the timeline for nominating and confirming a successor, one source said.

By long-standing tradition, the US government selects the head of the World Bank, while European leaders choose the leader of its larger partner, the International Monetary Fund (IMF).

Nadia Daar, who heads the Washington office of Oxfam International, said the process should be opened to more candidates to improve the credibility of the institution.

“If shareholders really want to ‘evolve’ the @WorldBank, Malpass’ successor must be hired based on an open and merit-based selection process,” she said on Twitter.

Mr. Malpass took up the World Bank helm in April 2019 after serving as the top official for international affairs at US Treasury in the Trump administration. Before that, he served as the chief economist for the now-defunct investment bank Bear Stearns for more than a decade.

In fiscal 2022, the World Bank committed more than $104 billion to projects around the globe, according to the bank’s annual report.

Leaving at the end of the fiscal year at the end of June was a natural time to step aside, a source familiar with Mr. Malpass’ thinking said. Doing so will give his successor time to put their imprint on the reforms before the joint meetings of the World Bank and the IMF in Morocco in October.

Two of the top contenders for the post are Samantha Power, who currently leads the US Agency for International Development (USAID) and served as US ambassador to the United Nations under President Barack Obama, and Rajiv Shah, former USAID administrator under Obama and currently president of the Rockefeller Foundation, a philanthropic group.

The World Bank’s governors are expected to approve the bank’s “evolution roadmap” for reforms incorporating US-requested changes, such as balance sheet adjustments that free up an additional $2 billion for lending in fiscal 2024, at the spring meetings of the IMF and World Bank set for mid-April.

FEELING THE HEAT ON CLIMATE
Pressure to shake up the leadership of the World Bank to pave the way for a new president who would reform the Bank to more aggressively respond to climate change has been building for over two years from the United Nations, other world leaders and environmental groups.

In November 2021, Special Adviser to the U.N. Secretary-General on Climate Change Selwin Hart called out the World Bank for “fiddling while the developing world burns” and called the institution an “ongoing underperformer” on climate action.

Pressure on Mr. Malpass was reignited last September when the World Bank chief fumbled answering a question about whether he believed in the scientific consensus around climate change, which drew condemnation from the White House.

Environmental groups cheered his departure. “This is great news. It is hard to think of a worse fit for World Bank President than an alleged climate denier and the chief economist of Bear Stearns ahead of the 2008 recession,” said Bronwen Tucker, Global Public Finance Campaign Co-Manager at Oil Change International.

According to the bank’s 2021 annual report, Mr. Malpass earned $525,000 in annual net salary that year, and the bank made more than $340,000 in annual contributions to a pension plan and other benefits. — Reuters