Facebook Instagram Linkedin X Youtube
Home Blog Page 6444

Padios wins first Philippine gold in 31st SEA Games in pencak silat

MARY Francine Padios wins the Philippines’ first gold medal in the 31st Southeast Asian Games by ruling on Wednesday pencak silat’s women’s seni (artistic or form) tunggal single. —PHILIPPINE STAR/ RUSSEL PALMA

HANOI — Mary Francine Padios won the Philippines’ first gold medal in the 31st Southeast Asian (SEA) Games by ruling on Wednesday pencak silat’s women’s seni (artistic or form) tunggal single at the Bac Tu Lien Gymnasium.

Ms. Padios thus put the Philippines on the medals table Vietnam started to dominate on Wednesday, a day before this side of Asia celebrates its biennial multi-sport festival — proof that sports, and mankind for that matter, has started to champion its way over and above the pandemic that for more than two years stunted the entire world.

Ms. Padios, only 18, is now a guaranteed pride of her native Kalibo in Aklan. She improved on the silver she won in the Philippines 2019 edition, a feat she said inspired her to fulfill because of her dad Jerome’s misfortune just before Christmas.

“My dad has become my inspiration after he figured in a terrible car accident on her way home in Aklan just before Christmas,” said Ms. Padios, whose dad has fallen into a coma since. “He was so exhausted and drowsy from work he slept before the wheel and met the accident.”

“He’s been movitating me ever since,” said Ms. Padios, whose 9.960 score bested favorite Arum Sari of Indonesia who settled for silver with 9.945.

Ms. Padios’s gold medal kept the Philippine campaign rolling in these Games where she’s the reigning champion.

Helen Aclopen accounted for a silver medal in women’s — 48 kgs of kurash, which also produced bronze medals from Charlie Quelino and George Baclagan.

Vietnam is living up to expectations on its goal to snatch the overall title from the Philippines and has amassed a front-running haul of six gold, five silver and six bronze medals as of 3 p.m. (Hanoi time) on Wednesday.

Malaysia stayed in stride with its six-gold output but had less silver and bronze with one and four, respectively, followed by Indonesia (3-4-0 gold-silver-bronze), Singapore (1-3-3). and Thailand (1-2-3).

No other country in the 11-member SEA Games has won a gold so far.

Hotels looking forward to better times

THE Philippine Pavilion pavilion was designed by Budji Layug and Royal Pineda. — PHOTO FROM EXPO2020DUBAI.COM

HSMA launches 8th Virtus Award

SAYING that it is “time to snap out of the shackles of the ‘safe only’ discipline of the past years,” the Hotel Sales and Marketing Association (HSMA) is launching the 8th edition of its Virtus Awards, which honors outstanding sales and marketing professionals and institutions in the hotel industry.

Launched on April 28 at the Kingsford Hotel, nominations have been made open for candidates. The awards, slated for October of this year, will be the first to be held live after two years of the pandemic.

“It’s time to snap out of the shackles of the ‘safe only’ discipline of the past years and focus on better, livelier options that hotels and resorts can offer to families, gatherings for leisure and business,” Rose Libongco, Virtus Awards Chair, said. “HSMA will release the tension and tedious controls to serve new schemes, delights in pursuing fun, fantasy and new hopes to allow us to dream again,” she said.

The awards will honor the best Sales and Marketing Associate, Sales and Marketing Manager, and Sales and Marketing Leader. Meanwhile, the Institutional Award for Marketing Campaign looks for the best marketing campaign for the industry, taking into consideration the Campaign theme, objectives and content; implementation, results and returns on investment; and presentation.

In a speech during the event, Ms. Libongco said, “Walang kasing-sarap na makasama kayong muli. Hindi biro ang ating pinagdaanan ng mahigit na dalawang taon. (There is no greater pleasure than to see you all again. What we have gone through for the past two years has been no joke). We fought for health, life, and businesses and settled difficulties and differences and, yes, losses, with tenacity, resolve, poise and hope.

“Here is a turning point that is presented. We cannot afford not to take this chance to separate from the past, change the course and leap towards better and brighter,” she said.

REPORT FROM DUBAI
A highlight of the launch was the keynote speech of Assistant Secretary and concurrent OIC Undersecretary for Trade Promotions of the Philippine Department of Trade and Industry Rosvi Gaetos, who had just come back from Expo 2020 hosted by Dubai. Over 190 countries participated in the World Expo, including the Philippines. The event was held over six months, from Oct. 2021 to the end of March 2022.

The “constant, incessant movement of Filipinos all over the world up to this day” became the inspiration behind the Philippines’ presentation at the Expo, said Ms. Gaetos in a speech.

The Philippine Pavilion at Expo 2020 Dubai was named Bangkota (coral reef in Ancient Filipino). Explaining the theme, she said, “Like a coral reef where a single polyp can travel oceans, attach itself to other polyps, then grow into bigger corals; Filipinos travel and migrate, build vibrant communities anywhere they go, bringing with them their skills and talents, and contributing tremendously to the economies of countries where they settle.

“We had the biggest pavilion in the history of our participation in world expos, [and] it was the very first time that we had a self-built pavilion of such scope and magnitude where we had to built from desert, ground-up,” she said.

The pavilion was designed by Budji Layug+Royal Pineda, and measured 1,386 sqm. on a 3,163.25 sqm. lot.

“The Filipino community in the host country fully mobilized in the true spirit of bayanihan (mutual support in a community) to support the Philippine pavilion and drive up our final number to 1.4 million visitors at closing,” she reported. — J.L. Garcia

Philippines assured of silver in men’s beach handball

THE PHILIPPINES is assured of the silver medal in the 31st Southeast Asian men’s beach handball event, an improvement over its bronze medal finish in 2019. — VNA PHOTO/QUÝ TRUNG

VINH PHUC, Vietnam — As far as handball coach Joanna Franquelli is concerned, it’s a silver medal that glitters like gold. With one game to go, the Philippines is assured of the silver medal in the 31st Southeast Asian men’s beach handball event, an improvement over its bronze medal finish in 2019 when the country hosted the biennial meet in Subic.

“I am really proud of what the team has accomplished in two years that we were not able to train together because of the restrictions due to COVID-19 (coronavirus disease 2019), but we’re happy with the result,” Ms. Franquelli, a former national athlete in basketball and fencing, said a day after the national squad gave defending champion Vietnam fits before losing in a shootout 14-21, 18-12 (8-10).

The loss was the second in five games for the Filipinos in the double-round competition featuring two other countries — Singapore and Thailand.

“We exceeded expectations and no one expected us to get this silver. They were expecting Vietnam and Thailand to slug it out for the gold, but it turned out that we’re the one who fought for the gold and it was a close one,” Ms. Franquelli added.

On Wednesday at the Tuan Chau Resort Ha Long in Quang Ninh, the Philippines battled Singapore and Vietnam faced Thailand in non-bearing games on the last day of the event.

Vietnam was out to finish the tourney unscathed in six matches while Thailand, the silver medal winner in 2019, had the bronze wrapped up with a 2-3 card. Singapore went into the match against the Philippines with a 0-5 card.

Set to return home with silver medals are Daryoush Zandi, Dhane Varella, Josef Valdez, Rey Tabuzo, John Michael Pasco, Jamael Pangandaman, Manuel Lasangue, Andrew Michael Harris, Mark Dubouzet and Van Jacob Baccay.

ACEN reports lower income

AC ENERGY Corp. (ACEN) reported a 68% decline in first-quarter consolidated net income to P405 million due to higher costs of purchased power from the spot market after the preventive maintenance outage of a power plant.

“The company faced significant headwinds in the first quarter from the impact of natural disasters, extended plant outages, and elevated spot purchases,” ACEN Chief Finance Officer and Treasurer Maria Corazon G. Dizon said in a media release on Wednesday.

During the quarter, consolidated revenues rose by 29% to P7.4 billion, driven by new operating capacity, including two solar farms each in the Philippines and in India, and several wind farms in Vietnam.

Aside from the maintenance of South Luzon Thermal Energy Corp.’s (SLTEC) power plant, revenues were hit by the curtailed output of the company’s facilities in the Visayas because of a transmission line damage from Typhoon Odette and a previous damage to a subsea cable.

“However, we expect these issues to be resolved in the short to medium term, with the full rehabilitation of transmission lines damaged by [the typhoon], and supported by new operating capacity coming online in the next few months,” Ms. Dizon said.

ACEN said to date, most transmission and distribution lines had been restored, but curtailment is still expected for the 80-megawatt (MW) Islasol solar farm until yearend because of the subsea cable’s reconstruction.

“The company also incurred a one-time buyout expense related to a customer contract. Without the impact of these events, the company’s net income would have reached approximately P1.6 billion during the period, for a growth of 23% year on year,” the Ayala-led energy platform added.

Publicly listed ACEN said that although attributable output expanded by 4% to 1,161 gigawatt-hours, this was offset by the effects of the SLTEC outage and the output curtailment in the Visayas.

Meanwhile, international assets’ output rose by 62% to soften the impact of the decline in the Philippines.

Renewable energy (RE) contribution increased by 52%, bringing its share to 76% of total energy production.

“To help achieve its capacity expansion targets and return to a robust growth trajectory, ACEN recently entered into new partnerships,” the company said.

In March, it set up a joint venture with CleanTech Renewable Energy 4 Corp. to start building a 133-MW solar farm and transmission line in Lal-lo, Cagayan province.

A month later, ACEN and Germany-based ib vogt agreed to create a 1,000-MW solar asset platform in Asia.

In late April, ACEN partnered with US-based firms Pivot Power Management and UPC Solar & Wind Investments LLC “to pursue opportunities to acquire operating wind projects in the US and to explore strategies for extending their useful life through preventative maintenance and repowering.”

ACEN President and Chief Executive Officer Eric T. Francia said recent global events had shed light on the importance of energy security and had hastened energy transition worldwide.

“The recent conflict in Ukraine and supply chain disruptions have led to soaring prices of commodities and fossil fuels, highlighting the need for more indigenous and sustainable energy sources. ACEN’s aggressive RE portfolio expansion and geographical diversification allow us to capitalize on these developments in the long run,” Mr. Francia said.

ACEN, which aims to be the largest listed renewables platform in Southeast Asia, has around 3,800 MW attributable capacity in the Philippines, Vietnam, Indonesia, India, and Australia.

Of the figure, about 3,300 MW, or nearly 90%, is renewable. The company aims to install 5,000 MW of RE capacity by 2025.

At the stock exchange, shares in ACEN declined by 3.89% or 28 centavos to close at P6.92 each. — VVS

Celebrity stylist Fanny Serrano, 74

PHOTO COURTESY OF FACEBOOK.COM/FATIMAMAXINE.MIRANDA
PHOTO COURTESY OF FACEBOOK.COM/FATIMAMAXINE.MIRANDA

ARGUABLY one of the first celebrity makeup artists to become a household name, Fanny Serrano (né Felix Mariano Fausto, Jr.) has passed away. He was 74.

His ward, Maktin Miranda, shared on Facebook: “It is with a heavy heart [that I have] to share to everyone that my Father, Felix Mariano Fausto Jr., aka Fanny Serrano, has peacefully joined our creator last night, around 9 p.m. MNL, at the comfort of our home.”

“Ang prayer lang namin huwag siyang masyadong maghirap (our only prayer was that he would not suffer too much) and our Lord gave that to him, the blessing of moving on in his sleep,” his daughter Patpat Miranda told ABS-CBN News in an interview today.

In March 2021, one of his most famous clients — actress, singer, and political spouse Sharon Cuneta — announced that Mr. Serrano had suffered from a “massive stroke.”

“I am happy to tell you that TF (Tita Fanny) is now home, recuperating and on his way to a happy 100 more years!,” said Ms. Cuneta a few months later.

An IMDB page in his name lists film credits in styling and makeup, in classics such as Sharon Cuneta-starrers like P.S I Love You, Babangon Ako’t Dudurugin Kita, Madrasta, and Minsan, Minahal Kita. Being around celebrity faces such as Cherie Gil, Kris Aquino, and Maricel Soriano also lent him a bit of a showbiz career himself — he appeared on anthology drama series Maalala Mo Kaya, among others.

Born in Singalong, Manila, he started out as a helper in a small salon in Paco, Manila. His big break came, when he did the makeup for actress Celia Rodriguez, and from there expanding his celebrity clientele.

He went on to open a chain of salons, and created his own make-up line and clothing line.

Actress and comedian Kakai Bautista said on Facebook, “I still can’t express how grateful I am for your kindness and generosity.”

“A few years ago, ikaw na isang Fanny Serrano ang nagtanggol at binigyan ako ng inspiration na laging magtiwala sa aking ganda (You defended me and inspired me to always believe in my beauty).” — JLG

Olympic champion Diaz not looking past opposition

HIDILYN DIAZ (foreground) with the Philippine weightlifting team — HIDILYN DIAZ FB

VINH PHUC, Vietnam — Although she’s the odds-on pick to lift the gold in her division, Olympic champion Hidilyn F. Diaz refused to look past the opposition in the 31st Southeast Asian (SEA) Games weightlifting battle on May 19-22 at the Hanoi Sports Training and Competition Center.

It’s not for lack of training or desire. She just acknowledged the fact that on any given day, someone might just spring a surprise.

“Everyone of us can win a gold medal and I can’t cite names because all of us are doing our best to perform at the highest level,” said Ms. Diaz, refusing to make any prediction in the regional multi-sporting competition.

“I can’t make any prediction since all the athletes are capable of winning a gold medal,” added the 2021 Philippine Sportswriters Association Athlete of the Year who ended the country’s quest for a golden win in the Tokyo Olympics.

A day after arriving in Ho Chi Minh City, the 31-year-old Zamboangueña plunged into training at the Steel Saigon gym to prepare for her gold medal bid in the women’s 55kg category on May 20. She reigned supreme in her division in the 2019 Philippine SEA Games.

“I’ll train for one week here in Ho Chi Minh City to prepare myself,” said Ms. Diaz, one of several stars on the national team, the others being gymnast Carlos Yulo, pole vaulter EJ Obiena, teen tennis star Alex Eala, the boxers who won medals in the Tokyo Games, and the Gilas Pilipinas squad.

Helping Ms. Diaz reach topnotch form on competition day are members of the HD team who arrived with her last Tuesday in Ho Chi Minh City — head trainer Julius Naranjo, nutritionist Jeaneth Aro and sports psychologist Dr. Karen Trinidad.

Ms. Diaz’s teammates on the women’s team, who will fly to Hanoi on May 16 after their rigid training at the Rizal Memorial Sports Complex, are reigning Asian champion Vanessa Sarno (-71 kg), Tokyo Olympian Erleen Ann Ando (64 kg), 2019 SEA Games gold medalist Kristel Macrohon (+71 kg), 2019 SEA Games silver medalist Margaret Colonia, Asian Championships silver winner Mary Flor Diaz (45 kg) and Rosegie Ramos (49 kg).

The men’s team members are Rio Olympics bet Nestor Colonia (67 kg), Fernando Agad (55kg), John Dexter Tabique (-89kg), Rowel Garcia (61kg), John Kevin Padullo (+89kg), and Lemon Tarro (73kg). They will be joined by coaches Gregorio Colonia, Nicolas Jaluag, Gary Hortelano and Patrick Lee.

Ms. Diaz arrived in Ho Chi Minh City on Tuesday together with her Team HD composed of head trainer Julius Naranjo, nutritionist Jeaneth Aro and sports psychologist Dr. Karen Trinidad.

“I’ll train for one week here in Ho Chi Minh City to prepare myself,” the College of Saint Benilde BSBA Major in Business Management said.

Ms. Diaz, before winning the gold in Tokyo Summer Olympic Games last July, had already won the silver medal in 2016 Rio Olympics and a gold medal in the 2018 Asian Games in Jakarta, Indonesia.

URC income up 20% on higher sales, forex gains

UNIVERSAL Robina Corp. (URC) announced that its net income in the first quarter was higher by 20% to P3.6 billion from P3 billion, driven by higher sales and foreign exchange gains.

“Over the past months, countries in the region have opened up their economies as COVID transitions to an endemic phase, we see market recovery,” President Irwin C. Lee said in a virtual briefing.

In the same period, sales were up 22% to P35.8 billion from P29.4 billion, from strong growth.

Of this, URC said that its Munchy’s unit contributed 5% to topline growth.

In 2021, URC acquired Malaysian biscuits company Munchy’s and declared its divestments in Oceania.

“URC is uniquely strong with a wide and diverse portfolio of products, leading positions in all categories and markets. We have built distribution through the pandemic, improving physical availability and winning the customers even during the downturn,” Mr. Lee said.

“The markets we compete with have not yet recovered from COVID declines. However, across the categories we played in, URC has performed better than overall market situation,” he added.

In 2021, URC’s net income rose 23% to P13 billion, driven by foreign exchange gains, proceeds from the sale of idle assets, and tax savings.

At the stock exchange on Wednesday, URC shares fell by 0.88% or P1.00 to close at P113 apiece. — Luisa Maria Jacinta C. Jocson

Celebrity chef Mario Batali acquitted of sexually assaulting woman in Boston

The cover of one of Mario Batali’s many cookbooks.
The cover of one of Mario Batali’s many cookbooks.

BOSTON —  Chef Mario Batali was acquitted on Tuesday of sexually assaulting a woman at a Boston bar in 2017 while posing with her for fan “selfie” photos, with the judge doubting the credibility of the accuser in the latest #MeToo era trial involving a US celebrity accused of misconduct toward women.

In the non-jury trial, Judge James Stanton of Boston Municipal Court found Mr. Batali, 61, not guilty of a charge of indecent assault and battery brought in 2019.

Natali Tene, 32, had testified that Mr. Batali groped her breasts, buttocks, and crotch area and forcibly kissed her while drunkenly posing for selfies with her at a bar near Boston’s Eataly, the Italian market and restaurant he at the time part owned.

In announcing his verdict, the judge said he concluded that Ms. Tene had “significant credibility issues.”

Mr. Stanton said that while Mr. Batali “did not cover himself in glory on the night in question,” the photos themselves created reasonable doubt that an assault had occurred given the length of time Ms. Tene spent posing for them and the visible gaps between the two individuals. “Pictures tell a thousands words,” Mr. Stanton said.

Mr. Batali showed no visible reaction as the verdict was announced and left the courtroom surrounded by reporters without making a comment. If convicted, Mr. Batali could have faced up to 2-1/2 years in jail and registration as a sex offender.

“While we’re disappointed in the judge’s verdict, my office will not waiver in our support for the victim in this case,” District Attorney Kevin Hayden said in a statement. “It can be incredibly difficult for a victim to disclose a sexual assault.”

The trial was the only criminal case brought against Mr. Batali, once a fixture of the popular Food Network and a star of the ABC cooking and talk show The Chew, from among multiple #MeToo-era accusations made by women against the celebrity chef.

Ms. Tene said she was initially “embarrassed” about the incident and came forward only after the website Eater.com in Dec. 2017 detailed allegations by four other women who said Mr. Batali had touched them inappropriately over at least two decades.

“I want to be able to take control of what happened and come forward, say my piece, get the truth out there —  and everybody be accountable for their actions,” Mr. Tene testified.

Batali’s lawyer, Anthony Fuller, countered that the assault never occurred and said that Ms. Tene had lied to “cash in” through her pending civil lawsuit against the chef seeking more than $50,000 in damages. “She lied for fun and she lied for money,” Mr. Fuller told the judge in closing arguments.

Mr. Stanton also cited Ms. Tene’s “egregious” misconduct in an unrelated assault case as contributing to his doubts about her credibility. When filling out a questionnaire for jury duty in that other case, rather than choose the option of identifying as a crime victim to get out of jury service, Ms. Tene falsely claimed to be “clairvoyant,” according to Mr. Batali’s lawyers.

After text messages that Mr. Batali’s lawyers obtained showed Ms. Tene discussed the case with a friend and conducted outside research in violation of court orders, prosecutors in nearby Middlesex County charged her with contempt. Ms. Tene resolved that case last week.

Soon after the website Eater.com report, Mr. Batali was fired from The Chew and later cut ties with restaurants including New York’s Babbo and Del Posto that he partly owned. He denied allegations of sexual assault but apologized for “deeply inappropriate” behavior.

Mr. Batali and his business partner in July agreed to pay $600,000 to at least 20 former employees to resolve claims by New York’s attorney general that their Manhattan restaurants were rife with sexual harassment.

The 2017 explosion of the #MeToo movement exposed patterns of sexual harassment or abuse of women in multiple spheres of American life. US celebrities convicted in #MeToo-era criminal trials have included film producer Harvey Weinstein and comedian Bill Cosby, though Cosby’s conviction was overturned on appeal. — Reuters

Ateneo center Kouame crowned UAAP Most Valuable Player

ATENEO slotman Ange Kouame was crowned as the University Athletic Association of the Philippines (UAAP) Season 84 Most Valuable Player on Wednesday in the awarding ceremony before the highly-anticipated Game 2 of the men’s basketball tournament finals at the Mall of Asia Arena.

Mr. Kouame, also the Gilas Pilipinas naturalized player, posted steady numbers of 12.9 points, 11.4 rebounds and a league-best 2.4 blocks in 16 games for No. 1 Ateneo to secure the coast-to-coast victory.

Overall, the 6-foot-11 Mr. Kouame amassed 69.2 statistical points (SPs) to become the first Ateneo MVP since Kiefer Ravena captured back-to-back plums in 2014 and 2015.

Joining Mr. Kouame in the position-less Mythical Team were La Salle’s Justine Baltazar (63.0) and Michael Phillips (54.643) with UP’s Zavier Lucero (62.0) and Carl Tamayo (57.643), who claimed the Rookie of the Year honor.

Mr. Tamayo, the 6-foot-7 versatile forward, registered 13.0 points, 7.5 rebounds, 1.5 assists, and 1.3 steals in 17 games for the second-seeded Fighting Maroons.

He was the first Maroon to win the top freshman award since Juan Gomez de Liaño won it in 2017.

Messrs. Tamayo and Lucero formed the triple-tower combo with Maodo Diouf for UP, which had its best elimination record at 12-2 en route to the finals against three-time reigning champion Ateneo.

The 6-foot-6 Mr. Lucero averaged 13.1 markers, 8.1 boards, 1.7 assists, 14 steals and 1.0 block in 17 games for UP.

Mr. Baltazar, for his part, put up 12.6 points, 10.8 rebounds, 3.1 assists, 1.0 steal and 1.0 block in 15 matches with Mr. Phillips cashing in 8.7 points, league-high 12.8 rebounds, 1.3 assists, 1.1 steals and 1.4 blocks to lead La Salle’s Final Four finish.

Mr. Diouf, Far Eastern University’s Emman Ojuola, Ateneo’s Dave Ildefonso and Adamson’s Jerom Lastimosa were also contenders inside the Top 10 but missed the Mythical Team cut. — John Bryan Ulanday

Crown Asia earnings climb 38% on higher sales

CROWN Asia Chemicals Corp. announced that its net earnings in the first quarter grew 38% to P75.62 million, due to an increase in revenues across all its divisions.

Revenues rose by 25% to P514.64 million, the company said in a disclosure on Wednesday.

Crown Asia said during the past year, its pipes had been used in major railway systems such as the first phase of North-South Commuter Railway and Metro Rail Transit Line 3.

Its pipes were also used in completed flagship infrastructure projects, including the NAIA Expressway, Cavite–Laguna Expressway, Skyway 3, MRT-7 and Clark International Airport, it said.

Crown Asia manufactures pipes, premium PVC compounds and PVC roofing materials. Premium PVC compounds are used for various product applications, mostly for the manufacture of electrical wires and cables, and for packaging and footwear.

Crown Asia said that it is looking into complementary product expansions with its PVC septic tanks and bathroom essentials.

“More related products are in the planning board with the vision to offer complete line of products for the construction industry both infrastructures and private developments. To this end, business collaborations are constantly in various active stages to achieve the desired results,” the company said.

“The constancy and resiliency of Crown Asia rests on its corporate governance and ethical values in business dealings with all stakeholders. It is believed that the principled way of governance and compliance will carry Crown Asia to next generations to come,” it added.

At the stock exchange on Wednesday, Crown Asia shares went up by 3.35% or P0.06 to close at P1.85 each. — Luisa Maria Jacinta C. Jocson

Japan passes economic security bill to guard sensitive technology

TRUSTPAIR.COM

TOKYO — Japan’s parliament on Wednesday passed an economic security bill aimed at guarding technology and reinforcing critical supply chains, while also imposing tighter oversight of Japanese firms working in sensitive sectors or in critical infrastructure.

Measures in the legislation, which is primarily aimed at China, will be implemented over two years once it is enacted, according to the bill. It comes after United States imposed restriction on technology imports, such as semiconductors, amid growing tension Beijing.

The new law also arrives as the Russia’s invasion of Ukraine — Moscow calls its actions “a special operation” — adds pressure on Japan to do more to protect supply chains and infrastructure from hacking and cyberattacks, and ensure that technology critical to national security is not stolen.

It will give Japan’s government the power to order companies to notify it of software updates and vet some equipment procurement in 14 industries, including energy, water supply, information technology, finance and transportation.

The legislation also provides subsidies for companies to help them strengthen supply chains against disruption such as shortages of components shipped from overseas. It further establishes a system for government officials to make on-site inspections at firms.

The new security mechanism it sets out promises government money for research and development into key technologies deemed important for economic security.

It also establishes a system of secret patents kept in Japan to ensure technological breakthroughs are not used by other countries to development nuclear weapons or other military equipment. — Reuters

Reissued T-bonds fetch higher rates

BW FILE PHOTO

THE GOVERNMENT partially awarded the reissued Treasury bonds (T-bonds) it offered on Wednesday as markets again reacted to a hawkish US Federal Reserve and an expected tightening by the Bangko Sentral ng Pilipinas (BSP) at the next Monetary Board meeting.

The Bureau of the Treasury (BTr) raised just P25.10 billion via the reissued 10-year T-bonds it auctioned off, less than the programmed P35 billion, even as the offering attracted P55.29 billion in bids.

The debt papers, which have a remaining life of four years and 11 months, were awarded at an average rate of 5.772%, up by 258.7 basis points (bps) from the 3.185% quoted when the series was last auctioned off on June 22, 2021.

The average yield fetched for the debt papers was also higher than the 5.5844% quoted for the five-year tenor — the closest benchmark to the remaining life of the reissued debt papers, at the secondary market prior to the auction, based on the PHP Bloomberg Valuation Service Reference Rates published on the Philippine Dealing System’s website.

Had the Treasury made a full award of its offer, the reissued bonds would have fetched an average rate of 5.832%.

National Treasurer Rosalia V. de Leon said in a Viber message to reporters that the higher rates were due to expectations of “surging inflation,” which breached the government’s target band.

Headline inflation for April was at a three-year high of 4.9%, quicker than the 4% seen in March. It was the quickest pace since the 5.2% print in December 2018, and higher than the 4.6% median estimate in a BusinessWorld poll.

The headline figure also breached the central bank’s 2-4% target for the year and was near the upper bound of its 4.2-5% forecast for April.

The last time inflation went above the target was in September 2021 when it rose by 4.2%.

“It (rates) also tracks US Treasury upward movement as [the] Fed maintains [a] hawkish stance to battle with high inflation,” Ms. De Leon added.

The first trader in a Viber message likewise said that “dealers and investors continue to seek for a higher risk premium due to anticipated interest rate liftoff by both the US Fed and the BSP in the months to come,” mainly to rein in inflation.

Fed officials are now committed to a series of further half percentage rate hikes in its June and July meetings, in order to combat runaway inflation, which US President Joseph R. Biden described as his “top priority,” Reuters reported.

Last week, the Fed also hiked rates by half a percentage point. Further rate hikes throughout the year will still be determined.

Locally, BSP Governor Benjamin E. Diokno said last month policy makers would consider a rate hike in their June 23 review, more hawkish compared with his earlier statements that the central bank would only start normalizing its pandemic-driven easy policy by the second half of the year. Benchmark rates have been at record lows since 2020.

The second trader also said that market demand was muted due to a hawkish Fed and rising inflation, which may cause the central bank to hike rates sooner rather than later.

This could cause the central bank to tighten monetary policy sooner than expected.

The second trader also noted that the tenor up for auction was not “liquid,” which may have contributed to its weaker demand.

The BTr wants to raise P200 billion from the domestic market in May, or P60 billion via Treasury bills and P140 billion through T-bonds.

The government borrows from local and external sources to plug a budget deficit capped at 7.7% of gross domestic product this year. — Tobias Jared Tomas with Reuters

1...6,4436,4446,445...14,244Page 6,444 of 14,244
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube