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NBA expansion verdict due in 2026

A DECISION on possible NBA expansion is due next year, and Las Vegas and Seattle are at the head of the line should the league open the door to new franchises, commissioner Adam Silver acknowledged on Tuesday.

Silver spoke ahead of the NBA Cup final in Las Vegas.

“It’s not a secret we’re looking at this market in Las Vegas,” Silver said. “We are looking at Seattle. We’ve looked at other markets, as well. I’d say I want to be sensitive there about this notion that we’re somehow teasing these markets, because I know we’ve been talking about it for a while.”

The NBA last expanded in 2004 with the arrival of the Charlotte Bobcats as the 30th team. Charlotte previously had a team, the Hornets, that relocated to New Orleans. — Reuters

TNT, Meralco gun for twice-to-beat edge against separate foes

Games on Friday
(Ninoy Aquino Stadium)
5:15 p.m. – TNT Tropang 5G vs Blackwater
7:30 p.m. – Meralco vs San Miguel

THE playoff cast is complete but the derby to the two more bonuses remains wide open in the PBA Season 50 Philippine Cup.

And make no mistakes, the TNT Tropang 5G and Meralco want to stay in the thick of the race and control what they can amid all the possible complications against separate foes on Friday at the Ninoy Aquino Stadium.

The Tropang 5G take on the also-ran Blackwater Bossing at 5:15 p.m. followed by the Bolts’ key clash against titleholder San Miguel Beermen (SMB) at 7:30 p.m. with major stakes on hand.

TNT currently sits at third with a 6-3 slate while Meralco is at fifth with a 6-4 record but all other teams like Converge (7-4), Magnolia (6-4) and Ginebra (6-4) are still in the thick of contention for the two remaining bonuses.

Ginebra on Thursday morning banked on Scottie Thompson’s game-winning trey to escape with a 102-100 win over Rain or Shine, which in spite of the defeat was already assured of a Top-4 finish at 8-3, and seal the last quarterfinal ticket.

Reigning champion San Miguel (8-2) is the other team so far to clinch a bonus and is already a lock for the No. 1 seed, leaving only two spots left up for grabs among five squads. NLEX, without Robert Bolick due to Southeast Asian Games duty with Gilas Pilipinas, completes the quarterfinal cast but is already out of the top 4 picture after a 107-95 overtime loss to Converge on Wednesday night.

That makes it a must-win set-to for both TNT and Meralco if they wish to stay on course.

TNT is a heavy favorite to take care of business against Blackwater, eliminated already at 1-9, but has to win against Magnolia as well in the final game on Sunday to clinch an outright bonus at 8-3 and dodge complications.

For the Bolts without a clear path to clinching, it would be a steeper mountain to climb — needing to beat the mighty Beermen and hope for a multiple tie at 7-4 that would trigger a quotient system.

The charges of coach Chot Reyes will ride on a 119-100 win against the skidding Road Warriors last Saturday to elude any upset ax from the Bossing in a bid to score a graceful exit from a nine-game losing skid.

Meralco has a hotter run to lean on, stringing three straight wins including a 105-84 dismantling of Converge last Sunday to formalize its playoff entry and prime up for tall order against SMB. — John Bryan Ulanday

NBA Cup

In the neon-soaked corridors of T-Mobile Arena, the New York Knicks validated a blueprint en route to claiming the NBA Cup. By dismantling the Spurs in the final, they provided a resounding response to skeptics who questioned their capacity to win given their supposedly uneven lineup. And, if nothing else, their tournament victory in Las Vegas was a statement of intent for the remaining grind of the season.

At the heart of the campaign was, needless to say, Jalen Brunson. Rightly named the NBA Cup Most Valuable Player, he has moved past the conversation of being an “overachiever” and firmly into the realm of superstars who stamp their class with uniqueness and purpose. Against the Spurs, who fought valiantly throughout the title set-to, his was the steady hand that guided the Knicks. His ability to navigate high-pressure moments remains his greatest asset, and proves the front office’s faith in him as a franchise pillar.

For all intents, the contest served as a microcosm of the “new” Knicks. Their physicality and depth overwhelmed the Spurs, never mind that generational talent Victor Wembanyama was emotionally handicapped by the death of his grandmother. New head coach Mike Brown brought polish that complemented predecessor Tom Thibodeau’s relentless and suffocating style.

That said, the NBA Cup found itself under a microscope in the face of evident spectator fatigue. The Knicks and Spurs delivered a compelling final, but the high-level play on the court wound up being overshadowed by travel demands and the artificial atmosphere of a neutral arena. Of course, those logistical grumbles matter little for the champions; they head back to the East Coast with silverware and a significant boost in confidence for conquering Sin City distractions and the pressure of a “win-or-go-home” environment.

Bottom line, the NBA Cup has served its purpose: it gave all and sundry a glimpse of postseason intensity in December. And if the last two weeks are any indication, the Knicks mean business.

 

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.

In holiday speech, Trump highlights victories amid sinking approval ratings

REUTERS

WASHINGTON — In a rare evening address from the White House, US President Donald J. Trump boasted on Wednesday of his accomplishments and blamed his Democratic predecessor for soaring consumer prices as his party braces for a tough midterm election next year.

“Eleven months ago, I inherited a mess, and I’m fixing it,” Mr. Trump said in a speech that lasted less than 20 minutes and was delivered at a jarringly rapid-fire pace.

The Republican president, who regularly protests that he does not get credit for his accomplishments, offered few new policy initiatives to address high costs. The speech instead was delivered with a pronounced sense of grievance, with Mr. Trump complaining about migrant invasions, violent crime and transgender rights in the White House’s Diplomatic Reception Room festooned with holiday decor.

He placed blame at the feet of former President Joseph R. Biden, previous trade deals, immigrants and what he described as a corrupt system.

At the same time, Mr. Trump touted his administration’s work this year on a range of issues from reducing border crossings to bringing down prices of some goods. And he promised the nation would be stronger next year.

Among the few policy initiatives, Mr. Trump announced his administration would send a “warrior dividend” of $1,776 to 1.45 million US service members in the coming week. He also backed a Republican proposal to send cash directly to the public to offset the cost of health insurance rather than provide subsidies through the Affordable Care Act. That proposal has yet to receive enough support in Congress.

“I want the money to go directly to the people so you can buy your own healthcare,” Mr. Trump said. “The only losers will be the insurance companies.”

Surprisingly, he spent little time addressing foreign affairs, a subject that occupied much of his first year back in office. He made a passing reference to the war in Gaza but made no mention of the war in Ukraine or the brewing conflict with Venezuela.

TRUMP GETS POOR MARKS ON ECONOMY
The address offered an opportunity for the President to address people’s concerns about affordability, an issue that Mr. Trump has repeatedly referred to as a Democratic hoax.

While casting blame on Mr. Biden’s presidency, Mr. Trump conceded that prices remain high, but argued the nation was “poised” for an economic boom.

“I am bringing those high prices down and bringing them down very fast,” he said.

He pledged conditions would improve in the coming year, citing his tax policies, tariffs and plans to replace the chairman of the US Federal Reserve, Jerome Powell.

That timetable would come as welcome news to Mr. Trump’s fellow Republicans, who are seeking to maintain control of the House of Representatives and Senate in November elections next year. Nearly a year before elections, Democrats are already highlighting affordability concerns and differences over healthcare policy.

Mr. Trump campaigned on the economy, effectively leveraging the high inflation of Mr. Biden’s presidency to beat former Vice President Kamala Harris in last year’s election.

As president, Mr. Trump’s tariff policies this year have created uncertainty and lifted prices in an economy that has now been overseen by his administration for nearly a year — and Mr. Trump, like Mr. Biden before him, has been struggling to persuade Americans that the economy is healthy.

A new Reuters/Ipsos poll on Tuesday showed just 33% of US adults approve of how Mr. Trump has handled the economy.

After the speech, Democrats contended Mr. Trump had offered Americans few solutions to their concerns.

Senator Mark Warner of Virginia called the address “a sad attempt at distraction,” while California Governor Gavin Newsom, a potential 2028 presidential contender, simply posted the word “Me” — referring to Mr. Trump — more than 700 times.

‘HOTTEST COUNTRY ANYWHERE’
In his remarks, Mr. Trump said he had attracted $18 trillion in investments that will create jobs and open factories. He credited his tariff policy as a leading factor: “One year ago our country was dead… Now we’re the hottest country anywhere in the world.”

The speech came just a day before a closely watched update on inflation from the Bureau of Labor Statistics. After touching a four-year low of 2.3% in April just three months into Mr. Trump’s second term, annual inflation since then has been grinding higher.

Broadly, recent government data has shown that the economy’s growth has rebounded somewhat after it contracted during the first few months of the year. Yet it also shows that job growth has slowed during Mr. Trump’s second term, unemployment has risen to its highest level in four years, and consumer prices remain high. — Reuters

EU leaders to agree Ukraine financing in 2026-27, Belgium’s approval key

A EUROPEAN UNION’S flag flutters outside the European Commission headquarters in Brussels, Belgium, Oct. 15, 2020. — REUTERS

BRUSSELS — European Union (EU) leaders will decide on Thursday how to finance Ukraine in 2026 and 2027 to keep it fighting Russia’s invasion, with the use of Russian assets frozen in the EU the preferred option but hinging on Belgium’s uncertain approval.

The EU wants to keep Ukraine financed and fighting because it sees Russia’s war as a threat to its own security. EU leaders are also keen to show European countries’ agency and strength after US President Donald J. Trump last week called them “weak.”

With US financial help for Kyiv drying up under the Trump administration and EU national budgets already under strain, the EU is looking to use the €210 billion of Russian central bank assets frozen in the bloc as a basis for a loan to Ukraine.

The stakes are high because without the EU’s financial help Ukraine will run out of money in the second quarter of next year and most likely lose the war to Russia, which the EU fears would bring closer the threat of Russian aggression against the EU.

“If we do not find an answer to that question (of how to finance Ukraine in 2026 and 2027), we will not enable Ukraine to defend itself,” a senior EU diplomat said. “That would have severe implications… for the security of the rest of Europe.”

“It would also have severe implications for the credibility of Europe and underline that we are as weak as Trump apparently thinks we are,” the diplomat said.

REPARATIONS LOAN IS ‘ONLY GAME IN TOWN’
One of the financing options could be for the EU to borrow the needed amount against the security of the EU budget and then lend the money on to Ukraine, but such a move would require unanimity among the 27 EU countries and Moscow-friendly Hungary has already said it would veto it.

Another option would be for each willing EU country itself to raise money on the market and pass it on to Kyiv, but that would mean a rise in the already high debt and deficit levels and a lack of longer-term financing certainty for Ukraine.

Diplomats said the use of the Russian assets was therefore in practice “the only game in town” and favored by most countries because it ensured a large sum for Ukraine without increasing national debts or any immediate fiscal effort.

But to use it, EU leaders first need to convince Belgium, which holds €185 billion of the total €210 billion frozen in Europe, that they will not leave it alone with the bill if Russia successfully sues in international courts over the plan.

Most EU countries are willing to give such guarantees. But Belgian Prime Minister Bart de Wever has argued that because damages awarded to Russia in a successful court case could far exceed the amount held by Belgium and the trial could take place many years from now, he effectively needs a blank check from other governments for an indefinite period.

“There are limits to the guarantees member states could give,” another senior EU diplomat said.

“De Wever seems to want indefinite guarantees, and no EU member state can offer indefinite guarantees. No EU government can go to its own parliament and ask for indefinite guarantees for indefinite amounts of euros. That’s simply not possible,” the senior diplomat said.

The discussions among leaders on Thursday will therefore focus on narrowing down the scope of the guarantees to a form that would also be acceptable to other EU countries, diplomats said, stressing a financing solution for Ukraine will be found.

“This is not a European Council where we can part ways on Friday and not have anything,” a third senior EU diplomat said.

“So a solution will be available on Friday morning.” — Reuters

India streamlines visa rules in boost for Chinese professionals

SHRESHTH GUPTA-UNSPLASH

NEW DELHI — India has reformed its business visa regime to ease movement of foreign engineers and technicians, the government said in a statement, which will be a boost to local firms leaning on Chinese professionals for manufacturing services.

India’s Department for Promotion of Industry and Internal Trade said late on Wednesday it had launched a new digital platform last month for companies to generate sponsorship letters to invite foreign professionals, has simplified visa forms and will no longer ask relevant ministries for additional recommendations.

The visas have been eased for factory installation, commissioning, maintenance, and production, among other functions. Indian businesses predominantly depend on Chinese professionals for such services and to train local staff, especially in factories that deploy Chinese machinery.

Reuters reported last week that India has cut red tape to speed up visas for Chinese professionals in signs of improved ties between the two nations.

India had blocked virtually all Chinese visits after the nuclear-armed neighbors clashed on their Himalayan frontier in mid-2020, widening its vetting of business visas beyond the home and foreign ministries.

The removal of red tape comes after Prime Minister Narendra Modi visited China this year for the first time in seven years, meeting Chinese President Xi Jinping and discussing ways to improve ties.

In the face of punishing US tariffs, Mr. Modi has cautiously rekindled ties with Beijing.

Think tank the Observer Research Foundation estimates the tougher scrutiny on visas led to production losses of $15 billion over four years to Indian electronics makers, which import key machinery from China.

Major Chinese electronics companies, such as Xiaomi, have also struggled to get visas. Industry executives have said such curbs hit their plans to expand in India, while the solar industry was also hit by shortages of skilled labor. — Reuters

US approves $11.1-B arms package for Taiwan amid military pressure from China

A Taiwan flag can be seen on an overpass ahead of National Day celebrations in Taipei, Taiwan, Oct. 8, 2025. — REUTERS/ANN WANG

TAIPEI/WASHINGTON — The United States on Wednesday approved $11.1 billion in arms sales to Taiwan, the largest ever US weapons package for the island which is under increasing military pressure from China.

The Taiwan arms sale announcement is the second under US President Donald J. Trump’s current administration, and comes as Beijing ramps up its military and diplomatic pressure against Taiwan, whose government rejects Beijing’s sovereignty claims.

The proposed arms sale covers eight items, including HIMARS rocket systems, howitzers, Javelin anti-tank missiles, Altius loitering munition drones and parts for other equipment, Taiwan’s defense ministry said in a statement.

“The United States continues to assist Taiwan in maintaining sufficient self-defense capabilities and in rapidly building strong deterrent power and leveraging asymmetric warfare advantages, which form the foundation for maintaining regional peace and stability,” it added.

The ministry said the package is at the congressional notification stage, which is where Congress has a chance to block or alter the sale should it wish, though Taiwan has widespread cross-party support.

In a series of separate statements announcing details of the weapons deal, the Pentagon said the arms sales serve US national, economic and security interests by supporting Taiwan’s continuing efforts to modernize its armed forces and to maintain a “credible defensive capability.”

Pushed by the United States, Taiwan has been working to transform its armed forces to be able to wage “asymmetric warfare,” using mobile, smaller and often cheaper weapons which still pack a targeted punch, like drones.

“Our country will continue to promote defense reforms, strengthen whole-of-society defense resilience, demonstrate our determination to defend ourselves, and safeguard peace through strength,” Taiwan presidential office spokesperson Karen Kuo said in a statement, thanking the United States for the sales.

Taiwan President Lai Ching-te last month announced a $40-billion supplementary defense budget, to run from 2026 to 2033, saying there was “no room for compromise on national security.”

China’s foreign ministry did not immediately respond to a request for comment.

Rupert Hammond-Chambers, president of the US-Taiwan Business Council, said weapons like the HIMARS, which have been used extensively by Ukraine against Russian forces, could play an essential role in destroying an invading Chinese force.

“This bundle of congressional notifications, a record in US security assistance for Taiwan, is a response to the threat from China and the demand from Mr. Trump that partners and allies do more to secure their own defense,” he added.

FOREIGN MINISTER’S US VISIT
The announcement followed an unannounced trip by Taiwan’s Foreign Minister Lin Chia-lung to the Washington-area last week to meet US officials, according to two sources who spoke to Reuters on condition of anonymity.

Reuters was unable to determine the agenda of the meetings and Taiwan’s foreign ministry declined to comment.

Washington has formal diplomatic ties with Beijing, but maintains unofficial ties with Taiwan and is the island’s most important arms supplier. The US is bound by law to provide Taiwan with the means to defend itself, though such arms sales are a persistent source of friction with China.

Mr. Trump’s penchant for dealmaking and his planned visit to Chinese President Xi Jinping next year, have kindled fears in the region of weakening US support for Taiwan.

But US officials told Reuters at the outset of Mr. Trump’s second term this year that they had plans to ramp up weapons sales to Taipei to a level exceeding Mr. Trump’s first term as part of an effort to deter China.

The Trump administration’s national security strategy unveiled earlier this month said the US aimed to deter conflict over Taiwan by “preserving military overmatch” against China in the region, language welcomed in Taipei.

The strategy also highlighted Taiwan’s strategic importance due to its location dividing “Northeast and Southeast Asia into two distinct theatres.”

China views Taiwan as its own territory, a position Taipei rejects. — Reuters

China voices support for Venezuela amid US blockade, but makes no aid pledges

VENEZUELAN FLAG flutters outside the Torrejon de Ardoz Air Force Base outside Madrid, Spain, Sept. 8, 2024. — REUTERS

BEIJING — China opposed what it said was “unilateral bullying” after Washington ordered a blockade of sanctioned tankers entering and leaving oil-rich Venezuela, but did not say exactly how it would come to the South American country’s aid or offer any refuge for its embattled leader.

Earlier this week, US President Donald Trump ordered a complete blockade of all sanctioned oil tankers attempting to leave Venezuelan waters, and those arriving, as Washington massed troops and warships in the region.

China is the biggest buyer of Venezuelan crude, which accounts for roughly 4% of its imports, with shipments in December on track to average more than 600,000 barrels per day, analysts have said.

Beijing opposes all forms of “unilateral bullying” and supports countries in safeguarding their sovereignty and national dignity, Chinese Foreign Minister Wang Yi told his Venezuelan counterpart Yvan Gil on a phone call on Wednesday.

Mr. Wang did not name the United States or Mr. Trump in the official readout of the call. Mr. Wang also did not elaborate on the form or extent of the support that China might or could offer to Venezuela, with which Beijing previously said it had forged an ironclad friendship.

The US is squeezing Venezuela’s principal source of revenue in its attempt to target terrorism, drug smuggling, and human trafficking, according to Mr. Trump. Last week, the US Coast Guard seized an oil tanker off the coast of Venezuela.

President Nicolas Maduro has said the US wants the OPEC nation’s crude oil resources, and the military build-up was to overthrow him. In an interview with Politico, Mr. Trump said Mr. Maduro’s days were “numbered”.

For years, China has extended credit lines to Venezuela under loans-for-oil deals. In a meeting with Chinese President Xi Jinping in Moscow this year, Mr. Maduro told Mr. Xi that Venezuela was looking forward to expanding cooperation in trade and energy.

At the same time, Beijing has been making an intense effort to co-exist with the US, its most important trading partner. After months of acrimonious dispute over trade and tariffs, Mr. Trump and Mr. Xi in October managed to hammer out a consensus on how to handle thorny trade issues.

China says it opposes any acts that violate the UN Charter or encroach on the sovereignty and security of other countries.

“China believes the international community understands and supports Venezuela’s position in defending its legitimate rights and interests,” Mr. Wang said.

‘US AGGRESSION’
United Nations Secretary-General Antonio Guterres has urged the de-escalation of tensions, asking the US and Venezuela to honor their obligations under international law, including the UN Charter and any other applicable legal framework to safeguard peace in the region.

The presidents of Mexico and Brazil have also urged restraint and dialogue.

Russian President Vladimir Putin, in a phone call to Mr. Maduro last week, “reaffirmed his support for the policy of N. Maduro’s government, aimed at protecting national interests and sovereignty in the face of growing external pressure.”

Venezuela on Wednesday requested the UN Security Council meet to discuss the “ongoing US aggression”, according to a letter to the 15-member body seen by Reuters.

China supports Venezuela’s request for an urgent meeting of the council, a Chinese foreign ministry spokesperson said on Thursday, when asked at a regular news briefing what role China, as a “responsible” major power, would play.

Asked whether what Caracas has described as US “aggression” could put China and the US on a collision course in the region, the spokesperson reiterated Wang Yi’s comments and did not say more. — Reuters

EU must reform or risk irrelevance, Blair and Dimon say

A EUROPEAN UNION’S flag flutters outside the European Commission headquarters in Brussels, Belgium, Oct. 15, 2020. — REUTERS

LONDON — The European Union must reform or risk becoming irrelevant as the rivalry between China and the US sparks a new era without precedent, posing challenges on security, energy, technology and trade, a report led by Tony Blair and Jamie Dimon says.

Based on conversations with government, business and civil leaders, the report sets out how a convergence of structural shifts is reshaping nations, markets and institutions, threatening those countries and groupings that once relied on the US for security while growing trade ties with China.

Mr. Blair, British prime minister from 1997 to 2007, and Mr. Dimon, the head of JPMorgan Chase, said Europe needed to integrate further to prioritize defense and economic growth.

“If it cannot stand on its own against Russia, it will be even less able to manage systemic competition with the US or China,” their report said. “Reform is not optional; it is required to remain relevant.”

EU HAS SAID IT MUST TAKE RESPONSIBILITY FOR OWN SECURITY

The blunt summary comes as the EU hosts a summit to discuss funding for Ukraine and how it can respond to the “changed landscape for rules-based economic relations”, and as US President Donald Trump heaps pressure on the bloc, including with a new National Security Strategy.

The head of the EU Commission, Ursula von der Leyen, has said that Europe must reform and be responsible for its own security. Supporters of the bloc would note that while Europe’s share of global GDP is declining, the US is on the same path.

The report also set out the challenge posed to middle powers such as India and the Gulf states from the new dynamic, as part of a broad overview of how geopolitics, artificial intelligence, and political populism were upending the world order.

NEW WORLD ORDER IS LIKE A 3D CHESS BOARD
Alexander George, an author of the “World Rewired: Navigating a Multi-Speed, Multipolar Order” report, said people had previously been able to look to moments in history for guidance.

“We’re really living in a new world which has never actually existed before,” he said. “It’s like this 3D chess board.”

The report said the US retained enduring power but faced its greatest threats at home where political volatility makes it harder to tackle high debt, while China’s trajectory will hinge on whether it can maintain growth despite demographic and debt constraints.

On middle powers it said the steep US tariffs on India in retaliation for its purchase of Russian oil showed the limitations to a multi-alignment approach, while the UAE’s move to strengthen US technology ties showed that countries were having to choose between the US and China on tech.

The report was produced by Mr. Dimon’s JPMorgan Chase, which has launched a $1.5 trillion, decade-long plan to support industries deemed vital to US economic security and resilience, and the Tony Blair Institute for Global Change.

Mr. Blair is the chair of JPMorgan’s international council which advises the firm on strategy and geopolitics. — Reuters

LTFRB implements ‘compensatory adjustment’ in pickup fares following call from TNVS group

The Land Transportation Franchising and Regulatory Board (LTFRB) will implement a “compensatory adjustment” in the pickup fares for Transport Network Vehicle Service (TNVS) from Dec. 20 to Jan. 4, in response to the appeal of the TNVS Community Philippines (TCP).

The agency’s decision follows TCP’s strong stance against the planned reduction of the surge cap, especially during the peak holiday rush when traffic is expected to worsen and lengthen commuter travel times.

According to a TCP released by Spokesperson Lisza Redulla, they continuously engage in dialogue with regulators and TNCs to promote the welfare of drivers. The group has been active in coordinating with the LTFRB to maintain the implementation of the surge, particularly during the agency’s consultation last December.

Hindi maaring basta na lamang bawasan ang surge — lalo na sa holiday rush kung saan malala ang traffic na nagpapahaba ng biyahe ng bawat booking. (The surge cannot simply be reduced — especially during the holiday rush when traffic is severe, extending the travel time of every booking),” the TCP stated.

The compensatory adjustment in pickup fares has long been advocated by the group to balance the expenses of TNVS drivers and prevent them from incurring losses amid any surge cap reduction. The aim is to ensure drivers can continue providing service to the commuting public this Christmas season.

Nagpapasalamat tayo sa LTFRB sa pagdinig sa ating hinaing. Gayunpaman, hindi dito nagtatapos ang laban. Pagkatapos ng Kapaskuhan, haharapin pa rin natin ang hamon ng inflation at tumataas na operational costs sa pamamasada. Mananatiling nakatutok ang TCP sa pagsulong ng patas na kita at propesyonal na pamantayan sa ating industriya,” the statement said.

 


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Pag-IBIG Fund, Megawide partnership to build over 7,000 socialized homes

Pag-IBIG Fund has entered into a partnership with Megawide Construction Corp. to accelerate the delivery of 7,143 housing units in medium-rise residential developments under the government’s Expanded Pambansang Pabahay para sa Pilipino Program, or Expanded 4PH. Pag-IBIG Fund said the homes are expected to be priced below typical market prices for comparable units, bringing them within the socialized housing range, with amenities more commonly found in higher-priced developments, and be available within two to three years.

The partnership will cover two initial sites in Dasmariñas, Cavite, consisting of 4,185 housing units in the Dasmariñas-Salitrán site and 2,958 housing units in the Dasmariñas-Paliparan site, supporting the National Government’s push to scale socialized housing through greater private sector participation and faster project delivery.

Department of Human Settlements and Urban Development Secretary Jose Ramon P. Aliling, chair of the Pag-IBIG Fund Board of Trustees, said the partnership is designed to expand the supply of socialized homes while enabling faster construction and more accessible pricing for Filipino families.

“This approach supports the directive of President Ferdinand R. Marcos, Jr. to widen access to practical homeownership options for Filipino families by enabling the private sector to build faster and at scale under the Expanded 4PH,” Mr. Aliling said. “By strengthening partnerships that increase housing supply, we help create more opportunities for Filipino workers and their families to move closer to homeownership. We hope this will further stimulate private sector participation in building affordable homes.”

Megawide is a leading Philippine engineering and construction company and a strong government partner in public-private partnerships, with extensive experience and track record in delivering large-scale projects.

Under the partnership, Pag-IBIG Fund will invest up to P10 billion through a subscription to preferred shares in the project company, to be funded in three tranches: P5 billion for the first tranche, and P2.5 billion each for the second and third tranches. The preferred shares carry 9% annual cash dividends, payable annually, with a step-up to 18% if the shares are not redeemed.

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta said the investment advances Pag-IBIG Fund’s twin mandate to expand homeownership opportunities for Filipino workers and to prudently manage members’ savings so these continue to earn and grow.

“Every peso our members save with Pag-IBIG Fund represents their hard-earned money and their hope for a better future,” Ms. Acosta said. “By supporting the development of thousands of housing units while securing investment returns, we strengthen Pag-IBIG Fund’s capacity to serve more members, grow their savings and promote homeownership.”

Ms. Acosta added that the partnership model aims to demonstrate how structured and secured investments can encourage broader private sector engagement in housing, helping accelerate project rollouts and expand the inventory of affordable, ready-for-occupancy homes.

 


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Australia promises crackdown on hate as Bondi Beach shooting victim Matilda is laid to rest

People gather at the floral tribute at Bondi Beach to honor the victims of a mass shooting targeting a Hanukkah celebration on Sunday at Bondi Beach in Sydney, Australia. — REUTERS

SYDNEY — Australian Prime Minister Anthony Albanese on Thursday promised a crackdown on hate speech in the wake of an attack on a Jewish holiday event at Sydney’s Bondi Beach, as the youngest of 15 victims was laid to rest.

Yellow toy bees topped the coffin of 10-year-old Matilda, who was remembered as a ‘ray of sunshine’ who loved animals and dancing.

Matilda’s middle name was Bee, which inspired attendees to wear bee stickers, and bring bee-themed toys and balloons, while some mourners wore yellow. Matilda’s family has asked the media not to use their surname.

“The tragic, so totally cruel, unfathomable murder of young Matilda is something to all of us as if our own daughter was taken from us,” said Rabbi Yehoram Ulman.

“Matilda grew up like a child would, loving what children love. She loved the outdoors, animals. She went to school, she had friends, everybody loved her.”

The alleged father-and-son gunmen opened fire as hundreds of people celebrated Hanukkah on Sydney’s famous Bondi Beach on Sunday. The attack, which shocked the nation and led to fears over rising antisemitism, appears to have been inspired by the Islamic State, authorities say.

The line outside the hall where Matilda’s funeral was held in Sydney’s eastern suburbs snaked down the street. Many mourners who could not get in watched the service on a screen outside the building.

Some were angry at the government, saying it had not done enough to combat a rise in antisemitism since the start of the war in Gaza.

“It’s like your heart’s been ripped out. It’s terrible … no one wants this,” said Jae Glover, 25, as he handed out bee stickers.

“It’s a feeling, it could have been avoided. Antisemitism has now been brewing in Australia for over two years.”

As Matilda’s small white coffin was carried to a hearse at the end of the funeral, people crowded around to say their final goodbyes.

“As the coffin was driving away, I was just whispering, ‘I’m so sorry, my baby. I’m so sorry, my baby’, because I have five babies. We failed this baby,” said Chana Friedman, 37.

Elena Marguleva said the service was “heartbreaking and devastating”, and that she had not been eating or sleeping since the attack. “I can’t come to terms with how this could possibly happen.”

GOVERNMENT PLEDGES ACTION ON HATE SPEECH
Mr. Albanese said the government will seek to introduce legislation that makes it easier to charge people promoting hate speech and violence. Penalties would be increased, cancelling or refusing visas would be made easier and a regime for targeting organizations whose leaders engage in hate speech would be developed, he said.

“Australians are shocked and angry. I am angry. It is clear we need to do more to combat this evil scourge much more,” Mr. Albanese told a news conference announcing the reforms.

Mr. Albanese’s government has said it has consistently denounced antisemitism over the last two years. It passed legislation to criminalize hate speech and in August it expelled the Iranian ambassador after accusing Tehran of directing two antisemitic arson attacks in the cities of Sydney and Melbourne.

Still, antisemitic incidents are mounting. A 19-year-old Sydney man was charged and will face court on Thursday after allegedly threatening violence towards a Jewish person on a flight from Bali to Sydney on Wednesday.

“Police will allege the man made antisemitic threats and hand gestures indicating violence towards the alleged victim, who the man knew to be affiliated with the Jewish community,” Australian Federal Police said on Thursday.

PHILIPPINES, ISLAMIC STATE LINKS INVESTIGATED
Police allege the attack was carried out by Sajid Akram, 50, and his 24-year-old son Naveed. Sajid was shot dead by police at the scene, while Naveed Akram was charged with 59 offenses including murder and terror charges on Wednesday after waking from a coma. His case has been adjourned until April 2026, the court confirmed on Thursday.

The center-left Labor government has ruled out holding a Royal Commission, a high-level inquiry with judicial powers, into the shootings for now.

On Wednesday, the leader of New South Wales where the attack took place said he would next week recall the state parliament to pass urgent reforms on gun laws.

Police are looking into Australia-based Islamic State networks as well as the gunmen’s alleged links to militants in the Philippines.

The Philippines’ National Security Council on Wednesday said that while Sajid Akram and his son had been in the country for a month in November the pair had not engaged in any military training.

Islamic State-linked networks are known to operate in the Philippines and have wielded some influence in the south of the country.

“There is no valid report or confirmation that the two received any form of military training while in the country and no evidence supports such a claim at present,” Philippine national security adviser Eduardo Año said in a statement.— Reuters

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