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In the name of the Father 

By Menchu Aquino Sarmiento 

MOVIE REVIEW

Maid in Malacañang 

Directed by Darryl Yap 

The Big Reveal in the controversial and much-talked-about Maid in Malacañang (MIM) comes in Chapter 8, also titled “Maid in Malacañang.” All the months of buzz had it that this account of the last 72 hours of Pamilya Marcos Sr. in the Palace, would be told from the POV of three faithful kasambahay (maids) who were there and saw it all. Turns out, it is Senator Imee Marcos, the creative and executive producer, who is the real “Maid in Malacañang.”  

The movie has 10 chapters, so try to be awake for this one. Chapter 8 features Imee’s (played by Christine Reyes) big heart-to-heart with her dad (Cesar Montano) as they await the US contingent which will escort them to Ilocos Norte — or so they think. In another effortful attempt to humanize him, Marcos Sr. croaks his concern that all the “little people” working for them as domestics might become collateral damage as the People Power crowd outside the Palace walls grows increasingly restive. Then, he warmly praises Imee, his “genius girl,” for always serving him and the nation selflessly, and to the best of her ability, dubbing her the true “Maid in Malacañang.” In turn, she assures him that history will judge him rightly: not as a monster, but as a true soldier and loving leader of the Filipino people. So, that’s what this is really all about. 

When Imee was quoted last June, as saying: “Ang importanteyung maahon namin ang pangalan naminang apelyido naminna ’yung legacy ng tatay ko babalikan at titingnan ng maigi. ’Yun ang importante. (What is most important is that we clear our family name, that my father’s legacy will be re-examined truthfully and fairly. That is foremost.)” And that’s exactly what she set out to do in this movie. 

MIM opens and ends with mahjong. The tiles might symbolize the forces amassing against them. In the opening Singapore hotel lobby sequence, Imee, with a baby on her hip, looks on with consternation, as the players shuffle the red tiles. Note: wala siyang yaya o bodyguards (she has no nanny or security) — so much for the stories about PAL’s flight schedules gone haywire just to bring her expressed breast milk to her firstborn Borgy while she holidayed in London, and of hordes of her close-in security disrupting performances in London’s West End. Anyway, the red mahjong tiles might symbolize Defense Secretary Juan Ponce Enrile, General Fidel V. Ramos, and the Reform the Armed Forces (inexplicably renamed the Military Reform Movement in the film) who have mounted a military coup against them. She rushes back to their hotel room where Borgy, a budding psychic or just a little war freak, is drawing military helicopters and tanks. She’s just in time for a phone call from her father the President who tells her to return immediately to Manila. In any crisis, he needs his “genius girl” by his side. 

Imee’s being indispensable to Marcos Sr. is repeatedly stressed. A larger Olympian origin story prevails: Imee sprang like Athena from Marcos/Zeus’ head. They are like-minded, kindred spirits. She is his confidante, consigliere and rightful heir-apparent. Upon her arrival from Singapore, she enters a large foyer crammed with unsealed balikbayan boxes, packed to the brim with wads of cash. With Imee away, her siblings failed to distribute these tokens of appreciation for all those poll-watchers and teachers who had ensured Marcos Sr.’s win in the Snap Elections. Imee frets over the delay: “Paano na tayo uulit? (How can we call on them to help us out again?)” That’s meant to counter reports like Los Angeles Times’ March 1986 story, that for their Great Escape, Pamilya Marcos brought “22 crates containing $1.2 million in Philippine pesos, apart from $7.7 million in cash and valuables into their suitcases when they fled to Hawaii last month, according to a US Customs Service inventory made public Monday. 

Marcos Sr. immediately summons Imee to a closed-door meeting, leaving Imelda (Ruffa Guttierez) and her siblings waiting in the hallway. Notwithstanding the Office of the President’s vast communications and intelligence resources, the maid Biday (Beverly Salviejo) is tasked with giving Imee the current situationer. Her turgid-tongued Bisayan accent guarantees easy laughs. For comic relief throughout the film, Salviejo fluctuates between Ilocano, Bisaya, and Batangueño accents. The absurdity of Manang Biday giving intelligence briefings might lull us into forgetting about the dreaded NICA (National Intelligence Coordinating Agency), which is now part of the even bigger and more powerful NTF-ELCAC (National Task Force to End Local Communist Armed Conflict). 

Despite the millions of pesos literally lying around the Palace, and dozens of uniformed kasambahay protected by countless PSG (Presidential Security Group) to do their bidding, MIM would have us believe that those evil Cory supporters surrounding Malacañan for the last two days made it nearly impossible for them to go out and replenish their dangerously low food supplies. After just two days, Pamilya Marcos with their guards and retainers, were in danger of starving to death. Wala pa kasing Grab o Food Panda noon. (They couldn’t order online delivery back in 1986.) Youngest sister Irene’s (Ella Cruz) hubby Greggy Araneta, of the billionaire clan, returns from a grocery run with a tiny paper bag. His car was supposedly bombed. The kasambahay must resort to begging for food scraps from kind-hearted neighbors living around Malacañan. The director-scriptwriter Darryl Yap is unable to keep up this farce with a straight face. He can’t resist showing that the last breakfast of Pamilya Marcos and household is caviar on melba toast. 

Yap’s forte is over-the top comedy, not historical retelling. His concession to straight drama is to insert a hysterical rant at the end of every sober narrative chapter or sequence. Christine Reyes plays Imee as perpetually on the edge, her face as tightly clenched as fingernails scraping across a blackboard. To show her concern over her father, Imee imagines another assassination attempt on him. She claims there had already been seven such, right in the Palace, as well as 12 previous coup attempts. There’s no record of these though in the Official Gazette. 

Imee is overcome by paranoia, demanding to see the IDs of random PSG while shrieking in their faces: “Ilocos o Leyte?” (Ilocos province or Leyte province). Taking a page from the Faye Dunaway-Mommie Dearest school of acting wire hanger scene (a queer camp favorite), she vents her suspicions on the dialysis nurse, and hurls trays of medicine about, in search of poison. “You’re too nice!” she yells at her nonplussed father. Unlike the ruthlessly scheming and grasping halves of the Conjugal Dictatorship they have been portrayed to be, this ultimate power couple took off their shoes and tiptoed along the hallway to their bedroom, just to avoid disturbing the kasambahay Santa (Karla Estrada) who had fallen asleep there, believe it or not. 

In the interest of equal time, Imee’s brother, here called Bonget, and younger sister are given their own moments of high (melo)drama too. For Bonget, whom Imee ridicules for playing toy soldier and never taking off his army fatigues (“You can’t wear that during the press con,” she warns him), it’s a teary exchange with dear old dad. He’s remorseful about his clubbing days and party boy ways. He just wants daddy to be proud of him, and is ready to lay down his life fighting for his family. Awww… The only bed scene in the movie is shared between Bonget and his mother. He assures her that even if they have to leave now, they will return, and the camera ominously closes up on the sole of a rhinestone-bedazzled sandal with the catalogue no. IRM 2022. 

The bit in the trailer where Marcos the dictator thoughtfully asks if he was a bad person is in Irene’s (Ella Cruz) sequence. The actress has shown in interviews that she can really turn on the waterworks which she does so straight off in the film. It’s just one long tiresome whine from there, even as her dad explains that the powerful hate the Marcoses because they are poor provincial hicks — with a Congressman (Mariano Marcos) and a Supreme Court Justice (Norberto Romualdez) as their immediate ancestors. Inured to all the untrammeled hysteria and cringe-worthy drama, we are ready to doze off. If only Yap had the buxom Ms. Cruz take off her top, as the more nubile of his Vincentiments Facebook page YouTube starlets are wont to do when their emotions run high, that might wake us up enough to pay attention. 

The director-writer’s and producers’ true sentiments about the Malacañan kasambahay are made clear in the chapter titled “Palamunin” (Worthless Freeloaders). Here, the help are instructed to pack up their belongings and wear street clothes in preparation for the fall of Malacañang to an angry mob. Manang Lucy (Elizabeth Oropesa) praises Marcos for his refusal to respond with violence against the rallyists or the putschists, and exhorts the hired help to die for their masters. There is a chorus of weeping as the kasambahay cannot imagine an existence other than servitude. The stupid servant continues to be a staple in Philippine performing arts. 

As the take-charge panganay (eldest daughter), Imee orders her husband Tommy to phone the US Embassy to come and get them (“para sunduin na tayo.”) as though despite the yellow T-shirted, torch-bearing mob from a pre-WWII Frankenstein movie who had wandered inside the Palace, Pamilya Marcos had decided to leave Malacañang of their own volition. Robin Padilla has a cameo as a loyal officer who sees them to safety. That surreal scenario is like the popular Vincentiments “Kung Puede Lang” shorts, where the protagonist acts out his fantasies in his head — mostly anti-social cursing, threatening mayhem, and disrobing. In MIM, the fantasy is that on Feb. 25, 1986, it was Pamilya Marcos’ choice to leave the Palace with a US military escort, while his successor Corazon C. Aquino, her hair mockingly done up with curlers, played mahjong (this time with yellow tiles) with the Carmelites. 

Despite MIM’s attempts to portray Marcos Sr. as a kindly, ailing, misunderstood dotard, history shows it was he, not his “genius girl,” negotiating with the US during the Pamilya Marcos’ final days in Malacañang, and shortly before they were hustled out by the US Air Force:  

“At 15:00 PST (GMT+8) on Feb. 25, 1986, Marcos talked to United States Senator Paul Laxalt, a close associate of the United States President Ronald Reagan, asking for advice from the White House. Laxalt advised him to “cut and cut cleanly,” to which Marcos expressed his disappointment after a short pause. In the afternoon, Marcos talked to Enrile, asking for safe passage for him and his family, and included his close allies like General Ver. Finally, at 9 p.m., the Marcos family was transported by four Sikorsky HH-3E helicopters to Clark Air Base in Angeles City, about 83 kilometers north of Manila, before boarding US Air Force C-130 planes bound for Andersen Air Force Base in Guam, and finally to Hickam Air Force Base in Hawaii where Marcos arrived on Feb. 26. When he fled to Hawaii by way of Guam, he also brought with him 22 crates of cash valued at $717 million, 300 crates of assorted jewelry with undetermined value, $4 million worth of unset precious gems contained in Pampers diaper boxes, 65 Seiko and Cartier watches, a 12 by 4 feet box crammed full of real pearls, a three-foot solid gold statue covered in diamonds and other precious stones, $200,000 in gold bullion and nearly $1 million in Philippine pesos, and deposit slips to banks in the US, Switzerland, and the Cayman Islands worth $124 million, which he all amassed during his dictatorship. 

“Initially, there was confusion in Washington as to what to do with Marcos and the 90 members of his entourage. Given the special relations Marcos nurtured with Reagan, the former had expectations of favorable treatment. However, Reagan was to distance himself from the Marcoses. The State Department in turn assigned former Deputy Chief of Mission to Manila, Robert G. Rich Jr. to be the point of contact. The entourage were first billeted inside the housing facilities of Hickam Air Force Base. Later on the State Department announced the Marcoses were not immune from legal charges, and within weeks hundreds of cases had been filed against them.” 

At maniwala po kayo sa Wikipedia, iyan po ang tunay na pangyayari. Bow. (And you can believe Wikipedia: that’s what really happened. Word.) 

MG Mall of Asia joins MG Philippines’ nationwide dealership network, and is the first MG dealership to feature a unique MG ‘Carffé’ coffee shop

MG Mall of Asia (MG MOA) is the latest dealership to join MG Philippines’ continuously expanding nationwide dealership network, bringing the total number of MG dealerships up to 42. MG MOA is strategically located within the SM Central Business Park in Pasay City: a bustling, mixed-use, commercial and lifestyle locale. SM Mall of Asia is also ranked among the largest shopping malls in the world; it attracts a plethora of visitors who now also have a chance to see the latest MG vehicles up close and personal at the new MG MOA dealership.

The lifestyle-themed MG MOA facility offers a 2-car display floor and is located along Marina Way—one of the major arteries within the SM Mall of Asia complex. MG MOA operates under Philadelphia Business Initiatives, Inc. (PBII.)

One unique facet of MG MOA is that it features an MG “Carffé” which is a play on the words “car” and “café.” MG MOA, aside from showcasing the latest MG vehicles, also makes designer coffee brews available for purchase. Clients can choose to enter MG MOA with the intent to buy and enjoy a cup of coffee and, while doing so, can choose to take a tour around the display floor to learn more about the latest MG cars and offers. The MG Carffé has likewise been adopted in many global MG markets including Europe, greater Asia, Australia, the Middle East, and South America. The MG Carffé located at MG MOA is the first of its kind in the Philippines, while other local MG dealerships begin to ramp-up with MG Carffé’s of their own.

“Through our partnership with SM Mall of Asia, we believe that we are offering a unique experience and true value for our MG customers,” says, Mrs. Jessica Lee-Sy, President of PBII.

“We have partnered with Yardstick Coffee to bring you the best MG experience. You may view our cars whilst you drink coffee and enjoy our scrumptious pastries.”

From left to right: Jessica Lee-Sy, President, Philadelphia Business Initiatives, Inc._ Atty. Alberto B. Arcilla, President and CEO, MG Philippines_ Rex Impuesto, Sales Manager, MG MOA.

Interested clients may also opt to take their preferred MG on a test drive at MG MOA, with demo units readily available. “Not only can our customers view our cars and enjoy excellent coffee, but we have a designated test drive site where customers can test run our units right there,” says Mrs. Lee-Sy. Clients who purchase their units from MG MOA and are in need of aftersales services can bring their units and direct their concerns to MG Greenhills: MG MOA’s sister branch, which likewise operates under PBII.

MG MOA offers the latest promos available from MG Philippines on all locally available MG vehicle units, and offers dealer-specific freebies on new car purchases. MG MOA also fulfills MG Philippines’ host of after sales complements, including 5-year or 100,000km (whichever comes first) vehicle warranty; MG HERO Services, which provides 24/7 roadside support through the MG Philippines hotline (+632 5328 – 4664); and the My MG mobile app which allows clients to easily schedule vehicle servicing appointments from the convenience of their smart devices. Customers can also use the My MG App to reserve genuine spare parts and even book a visit from MG Philippines’ Mobile Garage service caravan that provides MG owners with vehicle home service for major technical issues.

The addition of MG MOA strengthens MG Philippines’ nationwide dealership portfolio with a fresh, new location that is geared to reach a wider audience and will bring the MG brand closer to even more Filipinos. 

Visit MG Motor Mall of Asia, located along Marina Way at the SM Mall of Asia complex in Pasay (located opposite the entrance of IKEA.) MG MOA’s operating hours are daily from 9:00am to 9:00pm. Contact MG MOA via their official Facebook account, mgmallofasia.

To learn more about MG Philippines, visit MGMotor.com.ph and follow their official Facebook (OfficialMGPhilippines) and Instagram (mg_philippines) accounts.

 


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July inflation rose 6.4%, highest since October 2018

A jeepney driver receives payment from a commuter in Metro Manila. — PHILIPPINE STAR/WALTER BOLLOZOS

Headline inflation quickened to its fastest pace in nearly four years in July, mainly due to soaring prices of food and higher transport costs. Preliminary data from the Philippine Statistics Authority (PSA) showed the consumer price index (CPI) at the national level climbed 6.4% year on year in July, from 6.1% in June and 3.7% a year ago. This was higher than the 6.2% median estimate in a BusinessWorld poll conducted last week. It also settled at the upper end of the 5.6-6.4% forecast range of the Bangko Sentral ng Pilipinas (BSP) for that month.

Headline inflation rates in the Philippines (July 2022)

July was also the fourth consecutive month that inflation went above the BSP’s 2-4% target range. The July inflation print was the fastest growth in 45 months, or since the 6.9% logged in October 2018. Month on month, inflation picked up 0.8%.  Stripping out seasonality factors, month-on-month inflation inched up by 0.6% in July. In the seven months to July, inflation averaged 4.7%, lower than the 4% seen in the same period a year ago. This was also lower than the BSP’s revised 5% inflation forecast. At a press briefing on Friday, National Statistician Claire Dennis S. Mapa said that the July inflation was fueled by soaring prices of food and non-alcoholic beverages, transport, and restaurant services. “Out of 13 commodity groups, eight of them showed a faster increase in prices in July,” Mr. Mapa said. Accounting for almost 40% of the theoretical Filipino consumer basket, prices of food and beverages accelerated 6.9% year on year in July from 6% in June. The food-alone index surged 7.1% annually last month from 6.4% in June. Prices of meat rose 9.9% in July from 8.1% in June, while fish and other seafood jumped 9.2% from 6.7% the previous month. Flour, bread, and other bakery products also went up 6.8% from 5.7% previously. Alcoholic beverages and tobacco also increased 8.5% from 7.8%. Transport, which accounts for nearly a tenth of the total consumer basket, likewise rose to 18.1% year on year in July from 17.1% in the prior month.  A hike in jeepney fares took effect in July, which pushed the price of other passenger transport by road up 7.1% from 2.7% in June. This was partially offset by lower prices of gasoline (45.4% from 53.9%) and diesel (91.3% from 92.5%). In July, oil companies cut pump prices for gasoline by P11.1 per liter, and diesel by P12.95 per liter. Other commodities that saw increases were restaurants and accommodation services (3.4% in July from 2.8% in June); recreation, sport, and culture (2.2% from 1.9%); clothing and footwear (2.5% from 2.2%); furnishing, household equipment, and routine household maintenance (3.1% from 2.9%); and personal care, and miscellaneous goods and services (2.8% from 2.6%). Meanwhile, information and communication, education services, and financial services steadied at 0.5%, 0.6%, and 0%, respectively. On the other hand, the index of housing, water, electricity, gas, and other fuels slowed to 5.7% in July from 6.6% the previous month. Health also eased to 2.4% from 2.6% the month prior. Inflation as experienced by the poor households, under 2012 prices, rose 5.9% in July, faster than the 5% in June and 4.4% last year. UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion attributed the higher inflation rate in July due to the supply chain disruptions caused by the Ukraine-Russia war and ongoing pandemic. “The main driver that I see is the higher fuel prices translating to higher inputs and/or transport costs. We also see further pass-through effects of, as mentioned, elevated fuel costs due to higher global crude oil prices,” Mr. Asuncion said in an e-mail interview. He expects the inflation rate to remain elevated, with a 5% forecast for the third quarter. “We still see inflation rising to 5.1% this 2022 and that third quarter 2022 inflation print may be seen still above 5%. Nevertheless, with easing global oil prices, (inflation) may ease further but remain elevated,” Mr. Asuncion said. In a Viber message, Bank of the Philippine Islands (BPI) Lead Economist Emilio S. Neri, Jr. said the hike in jeepney fares and daily wages, coupled with the sharp depreciation of the peso, were likely the key drivers of higher July inflation. The minimum fare in traditional jeepneys was raised to P11 from P9 and P10 starting last month. Modern public jeepneys also hiked minimum fares covering the first four kilometers to P13 from P12. “Our full year estimate is still at 5.2% with headline print likely to peak close to 7%,” Mr. Neri said. The BSP raised interest rates by a total of 125 basis points (bps) so far this year, including a surprise off-cycle hike of 75 bps last month, as it sought to contain broadening inflationary pressures. BSP Governor Felipe M. Medalla earlier signaled they were ready to hike rates by 25 or 50 bps at its Aug. 18 meeting.  “The BSP is prepared to take all necessary policy action to bring inflation toward a target-consistent path over the medium term,” it said. — MIUC

What makes Parkway Corporate Center unique among other green office buildings?

One of the important lessons that the COVID-19 pandemic has reinforced is that the health and wellbeing of employees should be a top priority – because they are, after all, the backbone that keeps a company going.

An important factor in prioritizing employee wellbeing are work spaces found in green building developments. While many developers are already going towards this direction – with 35 percent of the new offices in Metro Manila seen to acquire green building certifications from 2022 to 2025, according to Colliers Philippines – Parkway Corporate Center in Filinvest City, Alabang is still a cut above the rest.

Parkway Corporate Center, a LEED-certified office building, is situated in Filinvest City, the first CBD in the country that is both a LEED Certified Neighborhood and recipient of PhilGBC BERDE 3-Star Certification.

Long before the pandemic, Parkway Corporate Center has been forward-thinking, foremost, with its location in Filinvest City, which is a LEED (Leadership in Energy and Environmental Design) Certified Neighborhood and a recipient of PhilGBC BERDE 3-Star Certification. Filinvest City is the first central business district in the Philippines, and one of the largest in SouthEast Asia to earn such recognition and surpass the world’s most rigorous sustainable neighborhood rating system.

Parkway Corporate Center’s strategic location already makes it an ideal address as it provides professionals with mobility, and easy accessibility to lifestyle and essential establishments: lifestyle centers like Festival Mall, Westgate, and Commerce Center, luxury hotels such as Crimson Hotel to essential establishments including public and private hospitals like Asian Hospital, Ospital ng Muntinlupa, and government institutions like the Research Institute for Tropical Medicine.


Spacious and fully equipped meeting rooms at Parkway Corporate Center are designed for business meetings and corporate events.

But apart from its location, Parkway Corporate Center is also progressive in its design and modern amenities. It is designed by one of the country’s top architectural firms, H1 and Design to give the building a modern look and premium to your business. Within the building, workers can enjoy its modern features and amenities which include an elegant lobby for a dignified welcome to your employees and clients, modern business centers for productive meetings and other functions, high-speed elevators, the Podium Deck Garden where employees can relax, take a quick breather, socialize, and enjoy the fresh air while getting the best view of the Filinvest City skyline.

Select unsold units at Parkway Corporate Center are available for leasing.

Now ready for occupancy, Parkway offers flexible and combinable office units to suit each business’ office space requirements or to make office expansion easier. It ranges from typical units of 36 square meters, corner units of 55 square meters to 252 square meter units. Adding to its business-friendly terms, business owners or investors may opt to fully own an office unit or lease certain unit/s at Parkway.

So for business owners or investors who are looking for office spaces that offer everything that companies and employees need to boost work productivity while supporting their health and wellbeing can find all that and more at Parkway Corporate Center.

To know more, visit parkwaycorporate.com.

 


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Pag-IBIG members save record-high P38.82B in H1 2022, up 23%; MP2 surges to P19.40B up 47%

Pag-IBIG Fund members collectively saved P38.82 billion in the first six months of the year, an increase of P7.23 billion or 23% compared to the P31.59 billion collected during the same period last year. This set a record for the highest amount saved by members with the agency for any January to June period.

“I am happy to note Pag-IBIG Fund’s excellent performance in its members’ savings collections. Our strong collections mean that we have funds to finance our programs and continue providing affordable home and cash loans for our members. This is our contribution to the call of President Ferdinand R. Marcos, Jr. to resolve the country’s housing backlog and provide a better life for Filipinos,” said Secretary Jose Rizalino L. Acuzar, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.

Driving the double-digit growth is the continuing popularity of the agency’s voluntary Modified Pag-IBIG 2 (MP2) Savings. MP2 Savings amounted to a record-high P19.40 billion in the first half of the year, growing 47% from the P13.23 billion collected during the same period last year.

Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy Moti, meanwhile, attributes the agency’s record-high collections to the trust of members in preferring to save with Pag-IBIG Fund, and the support of the business community for the proper and on-time remittance of their employees’ Pag-IBIG Savings.

“The continued growth of our members’ savings is truly remarkable. We are grateful to the business community for responsibly remitting the Pag-IBIG contributions of their employees on time, and to our members for their continued trust in saving with Pag-IBIG, particularly in the MP2 Savings. Should the upward trend in our collections hold, we expect another record-high in terms of total members’ savings by the end of the year. More importantly, with our robust fiscal position, we are confident that we can continue to finance the increasing demand for our loans while keeping interest rates low. This is one of our ways of bringing Tapat na Serbisyo, Mula sa Puso to our members,” Moti said.

 


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NG debt rises to record P12.79 trillion

BW FILE PHOTO

The National Government’s (NG) outstanding debt rose to a record-high P12.79 trillion at the end of June, beating the previous high of P12.76 trillion in April.

Preliminary data from the Bureau of the Treasury (BTr) showed outstanding debt inched up by 2.4% from end-May’s P12.49 trillion “due to the net issuances of domestic and external loans as well as currency adjustments.”

Year on year, the debt stock jumped by 14.6% from P11.16 trillion.

National government outstanding debtThe BTr said the debt pile has risen by 9.1% since the year started, after the government borrowed P1.06 trillion more.

Of the outstanding debt, the bulk or 68.5% was obtained domestically, while the rest was from foreign creditors.

As of end-June, outstanding local borrowings reached P8.77 trillion, higher than the P8.67 trillion logged in May.

The BTr attributed the increase to the P96.3 billion it borrowed through government securities, as well as the P5.36 billion impact of peso depreciation against the dollar.

The peso depreciated against the greenback from P52.412 as of end-May to P54.970 as of end-June, the BTr said.

Domestic debt was 10.4% higher than the P7.94 trillion a year earlier, and 7.3% higher than the end-December 2021 level of P8.17 trillion.

Most of the domestic debt stock still came from government securities with P8.77 trillion in June, up 18.5% year on year, and 1.2% month on month.

Meanwhile, outstanding external debt jumped by 24.7% year on year to P4.02 trillion at end-June. It inched up 5.1% month on month, and increased by 13.1% from the end-December 2021 level.

Broken down, it consisted of P1.8 trillion in foreign loans and P2.23 trillion in global bonds.

“The increment in external debt was attributed to the impact of local currency depreciation against the USD amounting to P186.94 billion and the net availment of external financing amounting to P43.18 billion; offsetting the P35.72 billion effect of net depreciation against the US dollar on third-currency denominated obligations,” the Treasury said.

Meanwhile, overall guaranteed debt rose month on month by 3.6% to P413.93 billion as of end-June, but 5.6% lower than the P438.6 billion as of June 2021.

This was attributed to P9.34 billion in net availment of domestic guarantees and the impact of local currency depreciation amounting to P10.44 billion.

“These offset the effect of third-currency fluctuations amounting to P4.60 billion and net repayments on external guarantees amounting to P0.97 billion,” the BTr said.

The government borrows from local and external sources to help fund a budget deficit capped at P1.65 trillion this year, equivalent to 7.6% of gross domestic product.

The country’s debt level reached 63.5% of gross domestic product (GDP) at the end of the first quarter, from 54.6% as of end-2020 and 39.6% as of-end 2019.

It is expected to steadily drop to 61.8% by end-2022, and to 52.5% by 2028. — Diego Gabriel C. Robles

BSP ready to act as inflation seen below 4% in 2023

REUTERS

MANILA – The governor of the Philippine central bank on Friday reiterated its readiness to act to combat inflation, which it said could fall below 4% next year.

At a business forum, Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla said there was a chance for inflation to return within the central bank’s 2-4% target next year despite data showing the consumer price index rose to a near four-year high in July. — Reuters

Pelosi visits Japan after Taiwan trip sparked outsized military drills by Beijing

US House of Representatives Speaker Nancy Pelosi will meet Japanese officials in Tokyo on Friday, following a visit to Taiwan that Beijing answered with unprecedented military drills and missile launches including five that landed within Japan‘s exclusive economic zone.

Ms. Pelosi’s brief trip to Taiwan, where she arrived unannounced with a congressional delegation late on Tuesday and left on Wednesday, marked the highest-level U.S. visit to the self-ruled island, which China claims as its own, in 25 years.

It also came as Tokyo, one of Washington’s closest allies, has been increasingly alarmed about China’s growing might in the Indo-Pacific and the possibility that Beijing could take military action against Taiwan.

Ms. Pelosi lauded Taiwan’s democracy and pledged American solidarity. Beijing responded with military drills that a state broadcaster said would be the largest by China in the Taiwan Strait, including live firing on the waters and in the airspace around the island.

Five missiles landed in Japan‘s exclusive economic zone (EEZ), prompting Tokyo to lodge a strong protest through economic channels. Read full story

Japan, whose southernmost islands are closer to Taiwan than Tokyo, has warned that Chinese intimidation of Taiwan is an escalating national security threat. Read full story

Prime Minister Fumio Kishida’s Liberal Democratic Party (LDP) has also pledged to double military spending to 2% of GDP.

Tensions between Japan and China ramped up a notch on Thursday when China announced that a meeting between the two nations’ foreign ministers, set to take place on the sidelines of an ASEAN meeting in Cambodia, had been called off due to its displeasure with a G7 statement urging Beijing to resolve Taiwan tension peacefully. Read full story

Ms. Pelosi arrived in Japan following a visit to South Korea on Thursday, where she vowed support to denuclearize North Korea. Read full story

In Tokyo, she and Kishida met for discussions on Friday morning. She is also expected to meet her Japanese counterpart Hiroyuki Hosoda, speaker of the more powerful lower house of parliament.

While visiting Japan in May, US President Joe Biden said he would be willing to use force to defend Taiwan – a comment that appeared to stretch the limits of the US policy of “strategic ambiguity” towards the island. Read full storyReuters

Tesla shareholders broadly follow board recommendations at annual meeting

Logo of Tesla, Inc.

Tesla Inc. shareholders voted for board recommendations on most issues at the company’s annual meeting on Thursday, including re-electing directors, approving a stock split, while rejecting proposals focused on environment and governance.

Votes on three of the 13 proposals did not follow board recommendations, according to preliminary tallies presented at the annual shareholder meeting in Austin, Texas.

Over board opposition, shareholders passed an advisory proposal that would increase investors’ ability to nominate directors.

Two board proposals – cutting directors’ terms to two years and eliminating supermajority requirements – did not receive supermajorities necessary to pass.

Dressed in black, Chief Executive Elon Musk heavily influenced the voting and spoke to an enthusiastic crowd after the vote. He owns 15.6% of Tesla, according to Refinitiv data, after selling millions of shares last year. Read full story

Investors approved a three-for-one stock split. While a split does not affect a company’s fundamentals, it could buoy the share price by making it easier for investors to own the stock.

Shareholder proposals that failed included ones arguing for endorsing the right of employees to form a union, asking the company to report its efforts in preventing racial discrimination and sexual harassment annually, as well as reporting on water risk.

A proposal asking directors to enable large and long-term stockholders or groups with at least 3% of the shares to nominate directors, cleared objections from the board. The board had earlier said a proposal like this could create opportunities for special interests to skew Tesla plans.

Mr. Musk said the company aimed to hit a production run rate of 2 million vehicles per year by the end of 2022 and would continue building factories.

Tesla has factories in California and Shanghai and is ramping up two more in Austin, Texas and Berlin. Mr. Musk said Tesla might be able to announce an additional factory this year and he expected eventually to have 10-12 so-called gigafactories. – Reuters

Twitter rejects Musk’s claims that he was hoodwinked

REUTERS

Twitter Inc. on Thursday dismissed Elon Musk’s claims in a Delaware court filing that he was hoodwinked into signing the deal to buy the social media company, saying that it was “implausible and contrary to fact.”

Mr. Musk made the claims in a countersuit filed under seal last Friday, which was made public on Thursday.

“According to Musk, he — the billionaire founder of multiple companies, advised by Wall Street bankers and lawyers — was hoodwinked by Twitter into signing a $44 billion merger agreement. That story is as implausible and contrary to fact as it sounds,” the filing released by Twitter on Thursday said.

Twitter‘s filing is the latest salvo in what is building up to be an increasingly acrimonious legal showdown between the world’s richest person and the social media giant.

The two sides head to trial on Oct. 17 after Mr. Musk sought to abandon his deal to acquire Twitter over what he says is a misrepresentation of fake accounts on the site.

The San Francisco-based company is trying to force Mr. Musk to follow through on the deal and accuses him of sabotaging it because it no longer served his interests.

A representative for Mr. Musk did not immediately respond to a request for comment.

In the counterclaims made public Thursday, Mr. Musk accuses Twitter of stepping up efforts to conceal the true number of its users, as the market plummeted.

“As a long bull market was coming to a close, and the tide was going out, Twitter knew that providing the Musk Parties the information they were requesting would reveal that Twitter had been swimming naked,” the counterclaims say.

Twitter counters that Mr. Musk has not “pleaded a shred of evidence” for these “fact-free” allegations.

 

‘FACT-FREE’ ALLEGATIONS

Mr. Musk also claims that “Twitter’s misrepresentations run far deeper than simply providing incorrect numbers” about its spam or false accounts.

While “Twitter touts having 238 million ‘monetizable daily active users,’ those users who actually see ads” is roughly 65 million lower, Mr. Musk says in the counterclaims.

Twitter maintains that its SEC disclosures about monetizable daily active users were accurate.

Mr. Musk, the chief executive of electric car company Tesla Inc., offered to buy Twitter for $54.20 per share in April, saying he believed in its potential as a global platform for free speech.

But he soured on Twitter as its stock price lagged his takeover bid, and began expressing skepticism that bot and spam accounts represented less than 5% of users.

Mr. Musk sought to back out on July 8 without paying a $1 billion breakup fee, citing Twitter‘s failure to provide details on bot and spam accounts. Twitter sued him four days later.

Earlier this week, Twitter issued dozens of subpoenas to banks, investors and law firms that backed Mr. Musk’s takeover bid, while Musk issued subpoenas to Twitter‘s advisers at Goldman Sachs and JP Morgan over their work. Read full story

Legal experts have said Twitter‘s requests suggested the company wanted to know why Mr. Musk turned against it, or whether he reneged on his obligation to obtain sufficient financing. – Reuters

Airlines scrap, reroute flights as China fires live missiles in drills near Taiwan

STOCK PHOTO | Image from Pixabay

Airlines have cancelled flights to Taipei and rerouted others to avoid airspace nearby that has been closed to civilian traffic during Chinese military exercises sparked by US House of Representatives Speaker Nancy Pelosi’s visit to Taiwan.

China deployed scores of planes and fired live missiles near Taiwan on Thursday in its biggest-ever drills in the Taiwan Strait, set to run until noon local time (0400 GMT) on Sunday in six zones encircling much of the island. Read full story

The airspace involved is comparatively small, but the disruption from the largest military exercises by China in the area since it fired missiles off the coast in 1996 is hampering travel between Southeast Asia and Northeast Asia.

Temporary airspace closures and route changes during major military exercises occur regularly around the world.

This situation is unusual in that China’s exercises bisect Taiwan‘s claimed 12 nautical miles (22 kilometers) of territorial waters – something Taiwanese officials say challenges the international order and amount to a blockade of its sea and airspace. Read full story

Korean Air Lines Co Ltd and Singapore Airlines Ltd said they had cancelled flights to and from Taipei on Friday due to the exercises, with the Korean carrier also cancelling its Saturday flights and delaying Sunday flights.

Japan’s ANA Holdings Inc and Japan Airlines Co Ltd are still operating flights to Taipei as normal, spokespeople for the airlines said, but are avoiding the affected airspace on those flights, as well as on routes to Hong Kong and Southeast Asia.

Hong Kong’s Cathay Pacific Airways Ltd and Philippines Airlines said their flights were avoiding designated airspace zones around Taiwan, in a move that could lead to more flying time for some flights, while Vietnam’s aviation regulator warned its airlines to avoid the area. Read full story

Flight tracking service FlightRadar24 showed Taiwanese carriers China Airlines Ltd and EVA Airways Corp were still flying to and from the island as of Friday morning, as were cargo carriers FedEx Corp and United Parcel Service Inc, though avoiding the areas affected by the military drills.

Emirates, United Airlines Holdings Inc and Turkish Airlines had flights en route to Taipei on Friday morning local time, Flightradar24 showed.

Taiwan, along with mainland China and Hong Kong, is one of the few places in the world that still requires quarantine for arrivals because of COVID-19, triggering reduced demand for travel to the island that means there are far fewer flights than before the pandemic.

OPSGROUP, an aviation industry cooperative that shares information on flight risks, said the exercises would affect major routes between Southeast Asia and Northeast Asia, leading to re-routings that could take longer and burn extra fuel.

The airspace involved, however, is minor in its impact on the global aviation industry compared to the decision by most airlines to bypass overflight of other places like Russia, Ukraine, Afghanistan, North Korea, Iraq and Syria.

The avoidance of Russian airspace, for example, has led to a near four-hour increase in flight times between Finland and Japan. Read full story

Taiwan said on Wednesday it was negotiating with neighboring Japan and the Philippines to find alternative aviation routes, the official Central News Agency (CNA) reported. Read full story Reuters

Three grain ships set to leave Ukraine; NATO chief says Russia must not win

Army soldier figurines are displayed in front of the Ukrainian and Russian flag colors background in this illustration taken, Feb. 13, 2022. — REUTERS/DADO RUVIC/ILLUSTRATION

Three ships carrying a total of 58,041 tonnes of corn have been authorized to leave Ukrainian ports on Friday as part of a deal to unblock grain exports, as a Russian offensive forced Ukraine to cede territory in the east.

The first vessel carrying Ukrainian grain allowed to leave port since the start of the war set sail from Odesa on Monday bound for Lebanon, under a safe passage deal brokered by Turkey and the United Nations.

The Joint Coordination Centre in Istanbul, which groups Russian, Ukrainian, Turkish and UNt personnel, said two ships would leave from Chornomorsk and one from Odesa on Friday.

“The three outbound vessels are estimated to depart in the morning from their respective ports,” it said.

From Chornomorsk, the Polarnet would leave for Karasu in Turkey with 12,000 metric tons of corn and the Rojen would take 13,041 tons of corn to Teesport in Britain.

From Odesa, the Navistar would take 33,000 tons of corn to Ringaskiddy in Ireland.

The Turkish bulk carrier Osprey S, flying the flag of Liberia, was expected to arrive in Ukraine‘s Chornomorsk port on Friday, the regional administration of Odesa said. It would be the first ship to arrive at a Ukrainian port during the war.

As of Thursday afternoon, Osprey S was anchored in the Sea of Marmara, around 1 km (0.62 mile) off Istanbul’s Asian coast, along with other ships waiting to cross the Bosphorus in to the Black Sea, according to a Reuters journalist.

Russian President Vladimir Putin sent troops into Ukraine on Feb. 24, sparking the biggest conflict in Europe since World War Two and causing a global energy and food crisis. Ukraine and Russia produce about one third of global wheat and Russia is Europe’s main energy supplier.

 

EASTERN FIGHTING ‘HELL’

After five-months of fighting, Ukrainian President Volodymyr Zelenskiy this week described the pressure his armed forces were under in the eastern Donbas region as “hell”.

Moscow is seeking to control the largely Russian-speaking Donbas, comprised of Luhansk and Donetsk provinces, where pro-Moscow separatists gained control of territory after the Kremlin annexed Crimea to the south in 2014.

Mr. Zelenskiy spoke of fierce fighting around the town of Avdiivka and the fortified village of Pisky, where Kyiv has acknowledged its Russian foe’s “partial success” in recent days.

The Ukrainian military said on Thursday Russian forces had mounted at least two assaults on Pisky but had been repelled.

Ukraine has spent the last eight years fortifying defensive positions in Pisky, viewing it as a buffer zone against Russian-backed forces who control the city of Donetsk about 10 km to the southeast.

Ukrainian General Oleksiy Hromov told a news conference his forces had recaptured two villages around the eastern city of Sloviansk, but had been pushed back to the town of Avdiivka after being forced to abandon a coal mine regarded as a key defensive position.

The Russian defense ministry confirmed its offensive.

Reuters could not immediately verify either side’s assertions.

The Ukraine war has displaced millions, killed thousands of civilians, and left cities, towns and villages in rubble. Kyiv and its Western allies have accused Russian forces of targeting civilians and war crimes, charges Moscow rejects

 

NATO CHIEF WARNS PUTIN

Human rights group Amnesty International on Thursday said Ukraine was endangering civilians by basing troops in residential areas. Read full story

Mr. Zelenskiy hit back at Amnesty saying the organization was trying to “shift responsibility from the aggressor tot he victim.” Read full story

The White House said on Thursday that it expected Russian officials to try and frame Ukrainian forces for an attack on the front-line town of Olenivka last week that killed prisoners held by Moscow-backed separatists. Read full story

Russia‘s deputy UN ambassador responded in a Twitter post, saying US-made High Mobility Artillery Rocket Systems were used in the attack.

UN Secretary General Antonio Guterres said on Wednesday he will launch a fact-finding mission after Russia and Ukraine both requested an investigation. Read full story

Mr. Putin says he launched his “special military operation” in Ukraine to ensure Russian security and protect Russian-speakers in Ukraine. Kyiv and the West describe Russia‘s actions as an unprovoked imperial-style war of aggression.

NATO Secretary-General Jens Stoltenberg said on Thursday the war was the most dangerous moment for Europe since World War Two and that Russia must not be allowed to win. Read full story

Amid fears among some politicians in the West that Russia‘s ambitions may extend beyond Ukraine, Mr. Stoltenberg warned Mr. Putin that the response to such a move from the Western military alliance would be overwhelming.

“If President Putin even thinks of doing something similar to a NATO country as he has done to Georgia, Moldova or Ukraine, then all of NATO will be involved immediately,” Mr. Stoltenberg said.

The war has led previously non-aligned Finland and Sweden to seek NATO membership, with the request so far ratified by 23 of the 30 member states, including the United States. – Reuters