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Portugal’s Euro campaign still alive after 1-1 draw with Italy

GENEVA, Switzerland — A last-gasp equalizer by Portugal’s Diana Gomes against Italy in a thrilling 1-1 draw kept alive her country’s Women’s Euro campaign when her strike cancelled out a stunning second-half goal by Cristiana Girelli on Monday.

Le Azzurre thought they were through to the quarterfinals after Girelli scored in the 70th minute, shifting the ball to her right foot at the edge of the box before unleashing a curling shot into the top right corner that goalkeeper Patricia Morais had little chance of stopping.

The 35-year-old Girelli fought back tears after the goal.

But Gomes brought Portugal’s level in the 89th when a corner hit the bar and the team worked the ball back into the box for her to fire into the roof of the net, sending their raucous fans, who chanted and banged drums throughout the night, into utter delirium.

The draw spoiled Italy’s chance of clinching a berth in the knockout round on Monday, with Spain the only Group B team to have so far guaranteed a quarterfinal spot. — Reuters

PSEi up on extended trade talks, rate cut bets

REUTERS

Local stocks rose for a second straight session on Tuesday, buoyed by extended talks between the US and trade partners including the Philippines, as well as expectations of a dovish policy stance from the Bangko Sentral ng Pilipinas (BSP).

The Philippine Stock Exchange Index (PSEi) added 0.13% or 8.36 points to close at 6,433.6. The broader all-share index rose 0.11% or 4.24 points to 3,784.17.

“The local market extended its rise as investors continued to cheer the extension of the US reciprocal tariff deadline to Aug. 1, giving the Philippines more time to strike a trade deal with the US,” Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.

On Monday, US President Donald J. Trump signed an executive order moving the effectivity of reciprocal tariffs to Aug. 1 from the original July 9 deadline.

Starting Aug. 1, the US will impose varying tariffs — 25% on Japan, South Korea, Tunisia, Malaysia and Kazakhstan; 30% on South Africa and Bosnia and Herzegovina; 32% on Indonesia; 35% on Serbia and Bangladesh; 36% on Cambodia and Thailand; and 40% on Laos and Myanmar.

Shares also rose as the market was lifted by expectations of another policy rate cut by the Philippine central bank.

“Local shares closed higher, lifted by dovish expectations on the Bangko Sentral ng Pilipinas’ policy stance following soft June inflation data,” said Luis A. Limlingan, head of sales at Regina Capital Development Corp.

June inflation accelerated slightly to 1.4% from 1.3% in May, but below 3.7% a year earlier.

The BSP has cut interest rates twice this year, with the policy rate now at 5.25% after the latest 25-basis-point reduction on June 19.

Sectoral performance was mixed. Services rose 0.77% to 2,130.23, while holding firms gained 0.65% to 5,638.9.

On the other hand, mining and oil slipped 0.43% to 9,199.7, financials dropped 0.35% to 2,265.98, property shed 0.26% to 2,422.64, and industrials edged down 0.01% to 9,116.95.

Universal Robina Corp. led index gainers with a 4.33% jump to P94. ACEN Corp. was the biggest decliner, falling 2.26% to P2.60.

Trading value dropped to P6.96 billion from P7.8 billion on Monday. Winners beat losers 104 to 96, while 56 stocks were unchanged.

Net foreign selling stood at P168.05 million, reversing the P107.24 million net inflow on Monday. — Revin Mikhael D. Ochave

DFA summons Chinese envoy over sanction against former senator

FRANCISTOLENTINO.PH

By Chloe Mari A. Hufana, Reporter

THE DEPARTMENT of Foreign Affairs (DFA) summoned the Chinese Ambassador over Beijing’s move banning a former Filipino senator who sponsored the Philippine Maritime Zones Act, a declaration that Manila exercises sovereignty and jurisdiction over its territorial waters, Malacañang said on Tuesday.

In a press briefing, Palace Press Officer Clarissa A. Castro quoted Foreign Affairs Secretary Ma. Theresa P. Lazaro, saying that Ambassador Huang Xilian was summoned last Friday, July 4, to convey the Philippines’ concern over China’s sanctions against former Senator Francis N. Tolentino.

“The DFA conveyed to the Chinese side that, while the imposition of such sanctions falls within China’s legal prerogative, the imposition of punitive measures against democratically elected officials for their official acts is inconsistent with the norm of mutual respect and dialogue that underpins relations between two equal sovereign states,” Ms. Castro said, quoting Ms. Lazaro.

China’s Foreign Ministry on July 1 announced sanctions against Mr. Tolentino, barring him from entering mainland China, Hong Kong, and Macau. The ban, issued a day after his Senate term ended, cited his “egregious conduct on China-related issues,” specifically his strong anti‑Beijing stance and actions asserting Philippine territorial claims in the disputed South China Sea.

The Philippines, as a democratic country, upholds the principle of free speech and legislative independence, according to the DFA.

“The Department reminded the Ambassador that as a democracy, the Philippines values freedom of expression,” Ms. Lazaro added.

“In the Philippines’ adherence to the constitutional separation of powers among the three branches of government, it is the mandate of senators and other elected officials to inquire [into] matters of national and public interests.”

The top diplomat reiterated the Philippines remains committed to resolving differences peacefully through established diplomatic channels.

“The Department remains committed to addressing differences through diplomacy and dialogue and looks forward to continued constructive engagement with China to promote mutual understanding,” she said.

The Chinese Embassy in Manila in a Viber message to reporters argued that the sanction is “within China’s legal prerogative and there are consequences for hurting China’s interest,” as it claimed anti-China politicians driven by self-interests have made malicious remarks against it.

“Tolentino’s malicious smear against China and instigation of confrontation will only backfire, and ultimately harm the interest of the Philippines and Filipino people,” the Embassy said. Mr. Tolentino had called the sanction a “badge of honor.”

China’s expansive South China Sea claims overlap with the exclusive economic zones of the Philippines and several other Southeast Asian countries.

In 2016, an international arbitral tribunal ruled that Beijing’s sweeping claims in the area have no basis under international law — a decision that China rejects as it continues its operations in the disputed waters.

The department’s remarks demonstrate the government will promote the Philippines’ interest above its relations with China, Josue Raphael J. Cortez, diplomacy lecturer at De La Salle-College of St. Benilde, said in a Facebook Messenger chat.

“This move was geared towards reiterating our position as a peace-loving nation committed to ensuring that international norms and standards are promoted,” he said.

“At the same time, in line with international law, it is also the Philippines’ prerogative to ascertain that Filipinos — bounded to the country through its sovereign status — are not being subjected to policies and initiatives by other international personalities (states) which go against the norms we uphold as a democratic society.”

Climate disasters worsen PHL’s education crisis, says UNICEF

STUDENTS in Manila braved the rains after classes were suspended later on Tuesday. — PHILIPPINE STAR/EDD GUMBAN

CLASS SUSPENSIONS and damaged classrooms caused by climate-related events disrupt students’ learning and further exacerbate the country’s education crisis, the United Nations Children’s Fund (UNICEF) said.

“We see so many schools and classrooms have been damaged, and as a result, classes are suspended or closed, and children lose their learning opportunities and time. I think that also adds to this learning crisis,” UNICEF Philippines’ Education Chief Akihiro Fushimi said on Thought Leaders with Cathy Yang, on Tuesday.

“This learning disruption caused by climate-related events and disasters is a real challenge,” he added.

Citing data from the Second Congressional Commission on Education (EDCOM 2), Mr. Fushimi said 85% of schools in the country suspended classes during the previous academic year.

He also noted a report from the Department of Education (DepEd), which stated that at least 7,000 classrooms had been damaged due to natural disasters in the past few years.

“There’s a sense of urgency, I think, among the DepEd, UNICEF and other partners to tackle this crisis… to have better learning outcomes and improvement in the education system,” he said.

The Philippines has remained the most at-risk country worldwide since 2009, according to the World Risk Index (WRI), due to its high vulnerability to natural disasters such as typhoons, floods, earthquakes, and volcanic eruptions.

Last year, the Philippines was struck by 18 tropical cyclones, with six hitting back-to-back within 25 days during the latter part of the year.

This led the education sector to lose up to a month’s worth of school days during the first half of the academic year 2024 to 2025, EDCOM 2’s Year Two report showed.

Schools in Luzon suffered the most, with the Cordillera Administrative Region losing 35 school days, followed by Cagayan Valley with 33, and the Ilocos and Calabarzon regions with 31.

“We found that there’s huge gaps in terms of the infrastructure and in terms of the readiness of the schools and teachers and learners, for example, to have alternative modality for the learning continuity,” he said.

Mr. Fushimi commended the DepEd for having alternative delivery modes but noted areas without access to electricity, mobile devices and internet connectivity as a challenge.

“If you look at the most challenging environment, there’s no power, no devices, no internet connectivity, no materials and digital literacy. We need to really build those capacity systems and equipment and materials for the schools and for the LGUs (local government units) so they can be empowered and equipped with those learning disruptions.”

UNICEF pushed for climate-resilient education, which will include implementing evidence-based policies, integrating climate issues into the curriculum, and building safe and resilient school facilities. Mr. Fushimi highlighted its importance, particularly in conflict-afflicted areas like the Bangsamoro Autonomous Region in Muslim Mindanao.

“Children in BARMM are equally—if not more—susceptible to climate hazards… that’s why we’ve started training education officials to integrate disaster and climate lenses into their planning,” Mr. Fushimi said.

Meanwhile, the UNICEF education chief also underscored the need to prioritize mental health support for students and teachers in disaster-prone areas.

He noted that they are working with DepEd, the Department of Social Welfare and Development, and the Department of Health in this initiative.

“Several months after the typhoon, kids were still learning under tents or in corridors… but they are still very keen to come to school, to meet friends, to learn from teachers. That’s the kind of resilience we want to see — and support,” Mr. Fushimi said.

“Teachers are now thinking not just about lessons, but about how they can keep children safe… and supporting children’s mental health after disasters. They too need mental health support.” — Katherine K. Chan

Senator files bill to tighten policies on online gambling

REUTERS

A PHILIPPINE Senator on Tuesday filed a bill tightening policies on online gambling, including a ban on linking gaming platforms to electronic wallets and super apps, following calls from legislators to strengthen government regulations to curb gambling addiction.

“Phones are not casinos. It has become too easy to get addicted to gambling because it is so accessible through e-wallets and super apps,” Ms. Hontiveros said in a statement.

The proposed “Kontra E-Sugal bill,” filed on Monday, seeks to ban gambling within e-wallets and super apps. A counterpart in the House of Representatives was also filed by the Akbayan party-list on Monday.

The bill also sets the minimum betting age to 21 and requires identity verification to prevent underage gambling. It also orders the Philippine Amusement and Gaming Corp. (PAGCOR) to impose a betting and loss limit.

The measure also imposes a ban on advertisement of online gambling platforms in public spaces, tri-media, and social media.

“We will also put an end to all the billboards, commercials, and social media ads that encourage gambling. This vice should no longer be encouraged,” Ms. Hontiveros added.

About 10% of taxes from gambling will also fund treatment and rehabilitation of gambling addiction, public education campaigns against gambling, monitoring and enforcement programs, and research and policy evaluation.

“Let’s help our countrymen who are addicted to gambling recover and make sure no one else gets addicted to it,” she said.

It also imposes fines of up to P5 million or possible jail time of up to six months for those seen violating the proposed measure.

The proposed measure also seeks to establish a self-exclusion system, that would allow users or their families to be added to a registry that would block them from using online gaming platforms.

Gross gaming revenue (GGR) rose by 27.44% to P104.12 billion in the first quarter, according to PAGCOR. Electronic businesses generated P51.39 billion or 49.36% of GGR in the period.

The Palace said on Monday that President Ferdinand R. Marcos, Jr. is open to taxing online gambling activities or regulate its use, after the finance department said that they will propose a tax online gaming sites.

Also on Tuesday, Senator Joseph Victor “JV” G. Ejercito said he had filed a resolution urging a Senate probe on the rapid spread of online gambling in the country.

“We will have a hearing because there are a lot of senators who have already filed, just like myself, the measure on regulating or total ban of online gaming,” Mr. Ejercito told a news briefing.

“Let’s see if we consolidate it based on the outcome of the committee hearings that will be held, when we resume session,” he added.

In a resolution filed on Tuesday, Mr. Ejercito said that mobile phones have become “more than a one-stop-shop but a haven for online gamblers or player-bettors.”

He noted that e-wallets and digital financial services have become enablers for online gambling.

“Online lending companies that offer their services online, whether as a category within an e-wallet mobile phone application or as an app on its own, provide not only financial aid to the poor in need of assistance but also capi-tal to those who are addicted to online gambling,” Mr. Ejercito said.

The Senator also said that he is looking to regulate celebrity endorsers from promoting online gambling platforms.

“That will still depend on the outcome of hearings, if it can be proven that the endorsers have a big impact,” he added.

NO TO OUTRIGHT BAN

A congressman on Tuesday said he is not in favor of an outright ban over the online gambling industry and instead called for stricter regulations to curb misuse and addiction while still allowing the government to rake in funding from gambling activities.

Banning online gambling websites and applications could make the government miss out on billions worth of revenue from legal gaming operations, Negros Occidental Rep. Javier Miguel Benitez said.

“I fully support stricter regulations. Smarter, tighter controls to protect citizens and maximize public benefit,” he said in a Facebook post. “But outright bans only make matters worst.”

Mr. Benitez said about 40,000 Filipinos are employed at legal online gambling companies, and a ban would leave them jobless. Money raked in by the government from gambling activities also funds key sectors, such as healthcare and education, he added.

“History has proven repeatedly that prohibition simply doesn’t work,” he said, citing the US alcohol prohibition in the 1920s and attempts by the government to crack down on Jueteng, a numbers game famous in the Philip-pines.

“The reality is simple: Gambling is here to stay,” said Mr. Benitez. “The only question is whether we want it safely regulated and benefiting our communities or dangerously unregulated and controlled by criminals.”

Filipinos would likely turn to using internet tools like website proxies to bypass a sweeping online gambling ban if the government opts for that route, he said.

“Blocking something online is like trying to catch water with your hands, it slips through every time,” he said. “Instead of outdated bans, we need tech-smart, practical policies that reflect how people really behave online.”

Similarly, digital advocates asked the government to impose stricter rules on online gambling platforms to protect the public from harmful social and economic effects.

“As digital access becomes more widespread, Filipinos — especially the youth — are increasingly exposed to online gambling. There is an urgent need to impose stronger safeguards to address the growing social and psychologi-cal risks tied to gambling,” Digital Pinoys National Campaigner Ronald B. Gustilo said in a statement.

These include raising the minimum age for accessing online gambling platforms.

“Strict Know-Your-Client (KYC) protocols must be enforced to verify user identity and age — requiring a government-issued ID or national ID, for example,” Mr. Gustilo said.

State authorities should also set a high minimum buy-in amount to serve as a deterrent for casual or impulsive gamblers.

Online gambling ads and redirect links to digital platforms must be prohibited, Mr. Gustilo added.

“Social media, e-wallets, and superapps are used by people of all ages. These platforms should remain free from online gambling promotions to ensure they don’t become gateways to risky behavior,” he also said.

Finally, the government should restrict the linking of electronic wallets to online gambling services.

“Prohibiting the linking of e-wallets to gambling platforms can help cut off one of the most accessible means for people to engage in betting,” Mr. Gustilo said. — Adrian H. Halili, Kenneth Christiane L. Basilio, and Beatriz Marie

17 Pinoy seamen in Yemen safe

THE DEPARTMENT of Migrant Workers (DMW) on Tuesday said that Filipino seafarers that escaped an attack by alleged Houthi rebels last week have been safely accommodated in a hotel in Djibouti.

“17 Filipino seafarers and two other crew members on board a bulk carrier are now safe from harm after escaping an armed attack by alleged Houthi rebels on their ship while they were sailing in the Red Sea near Hodeidah, Yemen on July 6,” the DMW said in a statement.

Migrant Workers Secretary Hans Leo J. Cacdac said that the Filipino seafarers and the Romanian ship master and Vietnamese chief engineer were all accounted for and are now in a hotel in Djibouti.

The Liberian-flagged vessel MV Magic Seas came under assault from small boats with men armed with automatic weapons and rocket propelled grenades, when it was sailing about 51 nautical miles southwest of Yemen.

“The ship’s security team, composed of four armed personnel, was able to repel the attack by returning fire. This led to the escape of the ship’s crew, who were later rescued by the passing container ship Safeen Prism,” it added.

He said that the DMW remain in close coordination with relevant government agencies and the licensed manning agency Crewcare, Inc., “to facilitate the safe and swift repatriation of the affected Filipino seafarers.”

Separately, Mr. Cacdac said that another vessel, the MV Eternity C, was also assaulted by alleged Houthi rebels near Hodeidah, last Sunday. There were 21 Filipinos on board the ship.

“We are still confirming (the reports) at this hour. We are in close coordination with the manning agent, the principal, or the ship owner. We’re having difficulty communicating with them,” he said in a livestreamed brief-ing.

He added that there were two missing and two more crew members injured following the attack.

Mr. Cacdac said that the DMW had reached out to more than half of the seafarers affected. — Adrian H. Halili

Keep mum on VP trial, senators told

BW FILE PHOTO

SENATORS should refrain from commenting on the merits of Vice-President Sara Duterte-Carpio’s impeachment trial, a congressman said on Tuesday, urging them to limit their statements over concerns that they could sway public perception.

“Maybe let’s limit our statements to how the process should go about during the trial, and not on the substance, especially our position with regard to the impeachment and the articles of impeachment” Iloilo Rep. Lorenz R. Defensor, a member of the prosecution team for Ms. Duterte’s trial, told reporters.

It would be “unbecoming” for a senator to comment on the impeachment trial, he said, as issuing statements regarding the merits of the impeachment may “telegraph” their biases to the public.

Ms. Duterte, who emerged as a contender in the 2028 presidential election, was impeached by the House of Representatives in February, and is facing a slew of accusations ranging from budget anomalies to plotting the assassination of President Ferdinand R. Marcos, Jr., his wife and the Speaker. She has denied any wrongdoing.

The senators who would act as jurors for the trial are expected to hear Ms. Duterte’s trial in late July.

“I hope those senator-judges exercise some self-control,” Party-list Rep. Leila M. de Lima told reporters in Filipino. “They should be careful about what they say, because it reflects their prejudices, biases and predisposition on how they might decide the case.” — Kenneth Christiane L. Basilio

Climate research groups say increasing LNG imports could raise power prices

REUTERS

THE PHILIPPINES’ growing imports of liquefied natural gas (LNG), which is vulnerable to market shocks, in the next four years raises concerns over electricity prices as it may push up generation costs, according to climate research groups.

LNG imports in the Philippines could increase by 508% by 2029, according to a joint analysis of international research group Zero Carbon Analytics (ZCA) and Philippine-based Center for Renewable Energy and Sustainable Tech-nology (CREST).

The groups warned that the country’s increasing reliance on imported LNG “could worsen electricity affordability.”

Based on the analysis, the growth in LNG imports is set to cost the country an estimated $3.9 billion (P218 billion) by 2029.

“The cost of building five new LNG terminals for the imports will add an additional $1.5 billion (P83.7 billion), bringing the total investment for LNG imports to $5.4 billion (P301.5 billion) for the above period,” the groups said.

LNG imports are estimated to increase gas-fired power generation costs by 11-24%, which could impact generation costs — the cost of producing electricity accounting for over half of total electricity bills, the groups added.

“LNG is a globally traded commodity subject to market shocks. Price surges in the past three years, from geopolitical instability and increased European demand, have shown how vulnerable import-dependent countries can be,” the analysis read.

With the concerns raised, the groups said that the downward trend in the cost of generating power from solar and wind make it more cost-competitive than gas in the Philippines, which signals “a long-term structural advantage for renewables.”

“Renewables such as solar and wind are cheaper options than gas both in terms of the upfront costs and generation. Renewables are also a cleaner choice compared to LNG, a fossil fuel that emits significant amounts of green-house gases such as methane,” said CREST President Rei Panaligan.

Mr. Panaligan said that the country has the potential to generate enough indigenous renewable power to meet its own energy demands. “The Philippine government should invest further for more renewables and to start clos-ing permanently the door to fossil fuels.”

“Our analysis shows that importing more gas will likely raise those prices. Instead of importing LNG and building costly LNG infrastructure, the government should look instead to the country’s huge potential for solar and wind, which can now produce electricity more cheaply than gas,” said ZCA Asia Regional Researcher Yu Sun Chin. — Sheldeen Joy Talavera

PMA: ‘Continue trust in us’

FORT DEL PILAR, Baguio City — The Philippine Military Academy (PMA) is appealing for a continued trust in the country’s premier military officer training institution following the recent maltreatment of a fourth-class cadet that sent him to collapse and spend several months in the hospital.

PMA, through spokesman Philippine Navy Lt. Jesse Nestor B. Saludo, insists, “the professional institution steadfastly (is) committed to the highest standards of integrity, discipline, and excellence in the service of the.”

Mr. Saludo reiterated that PMA does not condone maltreatment. “Since 2018, we have implemented comprehensive reforms in training systems, policies, supervision, and monitoring mechanisms to prevent such incidents and foster a culture of respect, discipline, and professionalism among our cadets,” the PMA official statement, issued Monday, read.

The official PMA statement was issued after news already broke out on the complaint against cadets who allegedly physically harmed fourth-lass cadet Mauee Bumagat Maraggun for almost a month in September 2024 and made him perform heavy exercises which led to his collapse.

He was hospitalized at the V. Luna Medical Center in Quezon City and transferred to the PMA Hospital until his medical discharge on June 30.

Mr. Maraggun, 22, from Sta. Maria town in Isabela, filed a complaint before the Baguio City police on July 2 and was referred to the Office of the Baguio City Prosecutor on that day.

Mr. Saludo said the PMA has not seen a copy of the police report or formal complaint. “The victim is currently on indefinite leave while awaiting discharge orders based on AFP (Armed Forces of the Philippines) Medical Board findings unrelated to the injuries sustained.”

Appropriate punishments have been meted out against the three cadets, Mr. Saludo said, detailing, Mr. Maraggun’s upperclassman, in fact his squad leader, was meted out with 60 demerits, 210 touring hours and 210 confinement days in his room though he can still attend class, eat at the mess hall and perform official duties like parades and other tasks. Only his privileges were waived.

“This is the maximum punishment given to a class 1 offense,” Mr. Saludo explained.

The two other cadets, his own “mistahs” (classmates) and in fact roommates, were suspended for a year for “inflicting physical injuries to a classmate.”

The fourth was freed from any punishment because he was found not guilty of any offense. — Artemio A. Dumlao

5 more NPAs yield in Agusan del Sur

COTABATO CITY — Five more members of the now apparently weakened New People’s Army (NPA) have surrendered to a unit in Agusan del Sur province of the 4th Infantry Division.

Senior officials of the 4th ID and the 401st Infantry Brigade told reporters on Tuesday that the five NPA members agreed to return to the fold of law through the joint intercession of the commanding officer of the 75th Infantry Battalion, Lt. Col. Earl C. Pardillo, and local executives in different towns in Agusan del Sur in Region XIII.

The five NPAs, all from Barangay Bolhoon in San Miguel, Surigao del Sur, first turned over a light machinegun, four AK-47 Kalashnikov rifles and an M14 rifle to officials of the 75th IB, led by Mr. Pardillo, before they pledged alle-giance to the government during a symbolic rite on Sunday.

The five NPAs had told local officials that they want to get reintegrated into mainstream society, like what more than 300 of their companions, who yielded in batches to different units of the 4th ID in the past three years, did.

The five men had promised to help units of the 4th ID convince the few remaining members of the NPA in Agusan del Sur to avail of the government’s reconciliation program for communist insurgents for them to be reunited with their families and thrive peacefully in their hometowns. — John Felix M. Unson

Glencore to sell copper smelter to Villar family

MANUEL B. VILLAR, JR. — VISTARESIDENCES.COM.PH

Glencore Plc has agreed to sell its struggling copper refinery in the Philippines to the family of the country’s richest man as the smelting industry reels from the lowest processing fees on record.

The commodities trading giant is selling Philippine Associated Smelting and Refining Corp., or Pasar, to the Villar family, headed by real estate billionaire Manny Villar, Jr., according to people familiar with the matter, who asked not to be identified as the sale has not been made public yet.

A spokesperson for Glencore declined to comment. A representative for Mr. Villar didn’t respond to a request for comment.

Thanks to its location, Pasar has long been a key trading asset for Glencore. It’s an outlet to place copper concentrates from Pacific producers in Australia and Indonesia, while also taking distressed cargoes en-route from South America to China.

Still, smelters have been reeling from a collapse in the fees they get from miners as there’s too much refining capacity fighting for not enough feedstock.

Glencore has launched a sweeping review of its global copper and zinc smelting assets and has written down the value of its metal processing business.

The trading house has been exploring a sale of Pasar since at least late last year, and has already placed the copper refinery on care and maintenance earlier this year.

Mr. Villar, a former lawmaker worth over $23 billion, owns the largest home builder in the Philippines, as well as stakes in a shopping mall operator, a home-improvement chain and a supermarket chain. — Bloomberg

Japan, S. Korea face 25% tariffs as Trump ramps up trade war

REUTERS

WASHINGTON/BRUSSELS — US President Donald J. Trump on Monday ramped up his trade war telling 14 nations, from powerhouse suppliers such as Japan and South Korea to minor trade players, that they now face sharply high-er tariffs from a new deadline of Aug. 1.

The imposition of a levy of 25% on US importers of all goods rattled Wall Street, with the S&P 500 Index knocked back sharply, though markets in Asia were taking the news in their stride.

In letters so far to 14 countries, Mr. Trump hinted at opportunities for additional negotiations, even while warning that reprisals would draw a like-for-like response.

“If, for any reason, you decide to raise your tariffs, then, whatever the number you choose to raise them by, will be added on to the 25% that we charge,” Mr. Trump told Japan and South Korea in letters released on his Truth Social platform.

The higher tariffs take effect from Aug. 1, and notably will not combine with previously announced sectoral tariffs, such as those on automobiles and steel and aluminum.

Countries have been under pressure to conclude deals with the US after Mr. Trump unleashed a global trade war in April that roiled financial markets and sent policymakers scrambling to protect their economies.

Mr. Trump’s executive order on Monday extends to Aug. 1 the Wednesday deadline for negotiations.

Asked if the deadline was firm, Mr. Trump replied, “I would say firm, but not 100% firm. If they call up and they say we’d like to do something a different way, we’re going to be open to that.”

It was unfortunate that Mr. Trump was hiking tariffs on imports from Japan and South Korea, two of the closest US allies, but there was still time for a breakthrough in negotiations, said former US trade negotiator Wendy Cutler.

“While the news is disappointing, it does not mean the game is over,” added Ms. Cutler, the vice-president of the Asia Society Policy Institute.

Mr. Trump said the United States would impose tariffs of 25% on goods from Tunisia, Malaysia and Kazakhstan, with levies of 30% on South Africa, Bosnia and Herzegovina, climbing to 32% on Indonesia, 35% on Serbia and Bangladesh, 36% on Cambodia and Thailand and 40% on Laos and Myanmar. A deal with India was close, Mr. Trump added.

Japanese Prime Minister Shigeru Ishiba said some progress had been made on avoiding higher tariffs of up to 35% that Mr. Trump had suggested recently.

“We have received a proposal from the United States to swiftly proceed with negotiations towards the newly set August 1 deadline, and that depending on Japan’s response, the content of the letter could be revised,” Mr. Ishiba told a cabi-net meeting on Tuesday.

South Korea said it planned to step up trade talks with the United States, and that exemptions or reductions in auto and steel tariffs must be included in any trade deal.

Thailand said it was confident it can get a competitive tariff similar to those on other countries.

In neighboring Malaysia, the trade ministry said it acknowledged US concerns on trade imbalances and market access, while believing that constructive engagement and dialogue remained the best path forward.

In Indonesia, Southeast Asia’s largest economy, an official said Jakarta still had room to negotiate on tariffs, and its top negotiator would meet US trade representatives in Washington.

A Bangladesh team in Washington was scheduled to have further trade talks on Wednesday, an official said.

The US is the main export market for Bangladesh’s readymade garments industry, which accounts for more than 80% of its export earnings and employs 4 million people.

“This is absolutely shocking news for us,” Mahmud Hasan Khan, president of Bangladesh Garment Manufacturers and Exporters Association, told Reuters on Tuesday. “We were really hoping the tariffs would be somewhere between 10-20%. This will hurt our industry badly.”

South African President Cyril Ramaphosa said the 30% US tariff rate was unjustified, since 77% of US goods face no tariffs in his country. Mr. Ramaphosa’s spokesperson said his government would continue to engage with the United States.

MARKET DROP
US stocks fell in response to Monday’s news, with the S&P closing down about 0.8%, although Asian share markets were mostly resilient, with Japan’s Nikkei recouping early losses and South Korean stocks jumping 1.8%.

“There’s going to be a lot of volatility as the headlines start to emerge, as more of these letters come out, and as the negotiations really come to the fore ahead of that August 1 deadline,” said Tapas Strickland, head of market economics at National Australia Bank.

Earlier on Monday, US Treasury Secretary Scott Bessent said he expected several trade announcements in the next 48 hours.

Only two deals have been struck so far, with Britain and Vietnam.

China has until Aug. 12 to reach a deal with the White House to prevent Mr. Trump from reinstating additional import curbs after Washington and Beijing agreed in June on a tariff framework. On Tuesday, China warned the United States against reinstating tariffs on its goods, and said it could retaliate against countries striking deals with the US to cut China out of supply chains.

Vietnam and China agreed to boost trade and investment ties between the two countries during a meeting on the sidelines of the BRICS summit in Brazil, Vietnam’s government said on Tuesday.

TRADING BLOCS
The European Union (EU) will not be receiving a letter setting out higher tariffs, EU sources familiar with the matter told Reuters on Monday.

The EU still aims to reach a trade deal by Wednesday after European Commission President Ursula von der Leyen and Mr. Trump had a “good exchange,” a commission spokesperson said.

The EU has been torn over whether to push for a quick and light trade deal or leverage its economic clout for a better outcome.

Mr. Trump also threatened leaders of developing nations in the BRICS grouping meeting in Brazil, with an additional 10% tariff if they adopt “anti-American” policies.

The bloc includes Brazil, Russia, India and China among others. — Reuters

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