Home Blog Page 6452

Luxury horizontal enclave to rise in Lipa

ROBINSONS Land Corp. (RLC) recently unveiled its first premier luxury horizontal enclave in Lipa, Batangas.

Forbes Estates Lipa is a master-planned community with four types residential offerings, four different parks and various amenities.

It will have a sprawling Estate Park with 3,700 square meters composed of four different parks namely the Picnic Grove, Tranquility Garden, Pet Park and the Wellness Park.

“This shows our buyers and our property owners that the value we imbued in the land is not just for residential. It has a strong commercial potential in terms of value appreciation as well,” AJ de Leon, head of business development for Forbes Estates Lipa, Robinsons Land, said in a statement.

Forbes Estates offers ten prime corner Club Lots surrounding the Forbes Club, giving its residents easy access to the amenities.

Next to these lots is the Park Loop composed of eight lots adjacent to the Estate Park.

There are also inner or corner lots called Estate Lots, which have an average lot size of 500 square meters. These Estate Lots have wide roads with bike lanes and jogging paths.

Forbes Estates also offers six Courtyard Lots where residents can have their own semi-private park.

The developer allotted a one-hectare parcel of land for the Forbes Club, which is envisioned as “a haven for relaxation, community and sport.”

Amenities include a garden lounge, fitness center, grand ballroom, pool deck, children’s play park, tennis court and multi-sport covered court.

“Forbes Estates Lipa aims to be the home that caters to all your needs, giving you the luxury to live at your own pace and allowing you to enjoy things that really matter,” said Mico Racelis, business unit general manager of Robinsons Land.

Entertainment News (05/10/22)

Rivermaya

Rivermaya releases first single in five years

RIVERMAYA makes a comeback with “Casino,” the group’s first single since 2018’s “#SBN.” The band’s lead vocalist and drummer Marf Escueta mixed and co-produced “Casino” with musician-friend Paulo Zarate at Studio Z. Mike Elgar (vocalist/guitarist) recorded his guitar tracks at home, while Nathan Azarcon (vocalist/guitarist) went back and forth with the remaining elements of the song. Born through online collaboration and never jammed in one space, “Casino” sets the tone for what’s to come on Rivermaya’s future music-making endeavors. The band is targeting to finish an album’s worth of songs. “It’s been five years so we really miss putting out new music,” Mr. Escueta said in a statement. “It looks like we are gonna be able to do this a lot more often this year.” “Casino” is available on all digital music platforms worldwide.

Ben&Ben, SB19 release collaboration

THE NINE-PIECE band Ben&Ben and P-Pop group SB19 make a stand on the abuse of power and need for public service in the music video of the song “Kapangyarihan.”  “Theater is meant to be experienced live but we used its intrinsic quality in presenting the ‘Kapangyarihan’ music video,” music video director Dexter M. Santos said in a statement. “By infusing the music video with narrative, choreography, set, and costume design as well as video, we hope to deliver a sincere and emphatic performance.” The video is interspersed with snippets of historical context and stories that question leaders and call for a meaningful change.  “The audience is reminded that this is a performance — yet a call to action is demanded from them; that there are bigger and stronger issues that we have to address after watching the performance,” Ben&Ben said in a collective statement. The song marks Ben&Ben and SB19 second collaboration. They first worked together on the rousing pop ballad, “MAPA (Band Version).”  Kapangyarihan” is out now on all digital music platforms worldwide via Sony Music Philippines. Watch the music video at https://www.youtube.com/watch?v=yaGmwtpOyV0&t=2s.

FDCP holds acting workshop recital

THE RECITAL of Bubog at Karga: Acting Workshop on the Chubbuck Technique for Background Actors by the Film Development Council of the Philippines (FDCP) showcased performances in an event conducted in-person on May 5 at the Cinematheque Center Manila. The acting showcase was the culminating activity for the first batch of background actors who underwent an intensive 14-week online acting workshop and onsite rehearsals with the guidance of acting coach and director Rahyan Carlos.  The acting workshop series will have an upcoming workshop for writers, directors, and producers, and another for professional actors. The FDCP National Registry is still accepting applications. To sign-up as a member and receive updates on upcoming workshops and training, visit https://nationalregistry.fdcp.ph/signup.

New Warner Music Asia artist releases single

WARNER MUSIC Asia’s new artist, Valentina Ploy, dropped her first single of the year, “Bla Bli Blu.” The song features a love language created by the Thai-Italian artist to express her love in this track that she co-wrote with Richard Craker and Jackson Dimiglio. A glimpse into Valentina’s multilingualism, the pre-hook is a preview of her proficiency in Italian, French, and Spanish, as she professes her love in these languages before diving into a grand confession her own love language. Warner Music Asia announced in April that it has formed a strategic alliance with Thailand’s independent record company What the Duck by signing Valentina Ploy.  “Bla Bli Blu” is available on digital music streaming platforms worldwide.

Seafront Resources profit down 24%

SEAFRONT Resources Corp. reported that its net income last year fell by 24% to P20.13 million as its revenues during the period fell by 6.7% to P32.7 million.

The company said its dividend income dropped by 6.8% to P31.7 million due to lower dividends from Hermosa Development Corp. (HEDC), in which it holds an 11.3% interest as of end-2021.

In 1997, Seafront Resources entered into a project shareholders’ agreement with five other companies led by Investment and Capital Corporation of the Philippines and Penta Capital Investment Corp.

Through HEDC, the project aimed to develop 500 to 600 hectares of raw land in Hermosa, Bataan into a new township consisting of industrial estates, residential communities, a golf and country club and a commercial center.

HEDC started its land development in 2002 and has developed a total of 162 hectares in the industrial area. The remaining 323 hectares are allocated for leisure.

From 2017 to 2021, HEDC sold a total of 1,002,227 square meters (sq.m.) for a gross revenue of P3.46 billion.

HEDC has already declared and paid a total of P1.05 billion of dividends, where Seafront Resources received its share amounting to P119 million.

“The management of HEDC is taking all efforts to sell its saleable property, proceeds of which will be used to finance the development of the undeveloped portions of the property. Portions of the proceeds were also declared as dividends to its stockholders,” the company said in a report.

“The Philippine economy is still affected by the economic crisis, resulting in fluctuating foreign exchange rates and increased stock market uncertainties. Uncertainties remain as to whether the country will continue to be affected by regional trends in the coming months,” it added.

Being an investment holding company, Seafront Resources said it is “exposed to market risk or loss on future earnings due to volatility in financial instruments due to uncertainties in the capital market.”

The company said that its market risk emanates from its holdings in debt and equity securities.

“To address this, the company closely monitors the prices of its debt and equity securities as well as the macroeconomic and entity-specific factors which could directly or indirectly affect the prices of these instruments,” it added.

Seafront Resources said that there were also risks associated with the operations of HEDC.

“HEDC is a master planned township consisting of industrial estates, residential communities, and commercial centers. COVID-19 (coronavirus disease 2019) may affect the manpower and operating schedules of the locators in the ecozone, which may lead to negative financial impact in their businesses,” the company said.

“To mitigate this risk, Seafront Resources, together with its partners will work closely with HEDC administration to ensure that the locators have their respective business continuity plans in place,” it added.

Over the pandemic, the company said it is working to ensure that its business operations remain unhampered by the continuous lockdowns.

“The company has recognized the health and business risks posed by the virus to the general public and the need to join the collective effort in mitigating the spread of COVID-19,” Seafront Resources said.

“In the face of this global crisis, the company remains collected and vigilant as it operates and maintains mitigation efforts to help safeguard the health and safety of its employees. Considering the evolving nature of this outbreak, the company is continuously assessing at this time the impact to its financial position, performance and cash flows,” it added. — Luisa Maria Jacinta C. Jocson

Sideways trading seen ahead of election results

BW FILE PHOTO

STOCKS may move sideways this week as the market awaits the results of the national elections held on Monday.

The benchmark Philippine Stock Exchange index (PSEi) fell by 109.02 points or 1.58% to close at 6,759.90 on Friday while the broader all shares index shed 41.46 points or 1.13% to close at 3,621.70.

Philippine financial markets were closed on Monday as Filipinos voted for the successor of President Rodrigo R. Duterte and other national and local posts.

There are at least 65.7 million registered Filipino voters, aside from the 1.8 million overseas voters.

“If all goes well, a new president would have been elected by the time our next weekly note goes out. Power shifts tend to cause investor jitters in lieu of policy uncertainties and unwinding of execution risk, but also tend to benefit equity-holders in the medium term, owing to higher consumer spend and aggressive policy rollouts,” 2TradeAsia.com said in a report.

The online brokerage said this year’s polls are “starkly different” as the country is heading into the supposed tailend of the pandemic, in an inflationary global climate, and a rate sensitive investment community.

“In other words, there may be more pent-up anxiety tied to fundamentals than ever before. Sector-wise, while consumer cyclicals tend to outperform, brace for some aversion to highly-regulated sectors, particularly infrastructure, power, and mining,” it added.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort added that election-related spending could be a boon for the economy.

“The election campaign led to increased election-related spending, thereby could have boosted economic and business activities and could have also benefited some listed companies in terms of higher sales, net income, and valuations,” Mr. Ricafort said in an e-mail.

The economy likely expanded in the first quarter thanks to favorable base effects and election spending, but the surge in global oil and commodity prices may have dampened growth momentum.

A BusinessWorld poll of 17 economists conducted last week yielded a gross domestic product (GDP) growth median estimate of 6.7% for the first three months of 2022.

If realized, this would be a turnaround from the 3.8% decline logged in the January to March period last year. However, this would be slower than the revised 7.8% growth in the fourth quarter.

This is also below the government’s 7-9% target range this year.

The Philippine Statistics Authority is scheduled to report the first-quarter GDP print on May 12.

For the remainder of the week, RCBC’s Mr. Ricafort placed the PSEi’s immediate major support between 6,650 and 6,750, and resistance from 6,895 to 6,955.

Meanwhile, 2TradeAsia.com put the benchmark index’s immediate support between 6,650 to 6,700 and resistance at 7,000. — L.M.J.C. Jocson

A tale of spending during election years, 1982-2021

(Share to GDP Growth in Percentage Points, At Constant 2018 Prices)

Do elections provide an economic boost? A look at government data from 1982 to 2021 showed gross domestic product (GDP) growth averaging higher (4.8%) in election years than in non-election years (3.2%). Capital formation, which refers to investments in fixed capital like construction and durable equipment, among others, has been the biggest contributor to GDP growth during election years. In terms of growth, capital formation averaged by around 11.6% during the past 12 election years, higher than consumer spending’s 4.7% and government’s 3.9%.

A tale of spending during election years, 1982-2021

Marcos takes big lead in Philippine presidential elections

Presidential candidate Ferdinand "Bongbong" Marcos Jr. cast his vote at the Mariano Marcos Memorial Elementary school in Batac, Ilocos Norte on May 9, 2022. Photo by KJ ROSALES, The Philippine Star

Former Senator Ferdinand “Bongbong” R. Marcos, Jr. took an early lead in the Philippines presidential election, according to unofficial data from the Commission on Elections (Comelec).

Mr. Marcos, the son and namesake of the late dictator, secured 23,017,285 votes, based on data from the Comelec transparency server as of 10:30 p.m. on Monday.  Around 74% of election returns nationwide had been transmitted.

His main rival Vice President Maria Leonor “Leni” G. Robredo came in second with 10,915,045 votes.

Boxing champ Senator Emmanuel “Many” D. Pacquiao was a distant third with 2,152,579 votes, followed by Manila City Mayor Francisco “Isko” M. Domagoso with 1,485,030 votes.

Arjan P. Aguirre, a political science professor at the Ateneo De Manila University, said the results showed that the presidential election was basically a two-way race.

“We are still waiting for the total of 75% of the total votes to come in. The most decent one is 80%,” he said in a Messenger chat

Mr. Aguirre said since Mr. Marcos has already reached the 21-million mark, “it would be difficult for Leni to catch up.”

“We have to wait for the other provinces to send their results, especially those bailiwicks of Leni.”

“Marcos Jr’s massive lead in the unofficial election results may prompt investors to rethink their investment plans in the Philippines,” said Zyza Nadine Suzara, an economist and public finance expert.

She said his family’s history and “the lack of clear economic agenda” may not inspire confidence among local and foreign investors.

Mr. Marcos and his family were forced into exile in the United States in the 1980s after his father was ousted through a popular uprising that restored Philippine democracy.

Mr. Marcos, who had a wide lead in pre-election surveys, refused to participate in major debates, which experts said were necessary to determine the stances of candidates on key economic issues.

A recent poll conducted by Bloomberg showed that Filipino investors are lukewarm to  the prospect of a Marcos presidency, with Ms. Robredo emerging as their top pick to oversee an economic rebound.

Red Bull’s Max Verstappen claims inaugural Miami Grand Prix title

SUNDAY’s inaugural Miami Grand Prix Formula One race in Miami Gardens, FL, lived up to its billing as a heavyweight battle between the series’ two points leaders — Charles Leclerc of Ferrari and Max Verstappen of Red Bull.

Verstappen came away with the victory, the second in a row for the 2021 F1 drivers’ champion. His earlier wins had come in Saudi Arabia and Italy.

Leclerc, who led the championship by 27 points at the start on Sunday, had won in the season-opener in Bahrain and in Australia in Race 3.

He finished second on Sunday, 3.7 seconds behind Verstappen. Carlos Sainz finished third in his Ferrari while Sergio Perez was fourth for Red Bull. Fifth was George Russell in a Mercedes.

He was followed by teammate and seven-time champion Lewis Hamilton. Verstappen had started the race alongside teammate Perez in the second row behind the Ferraris of pole-sitter Leclerc and Sainz.

But the Dutch-Belgian Red Bull driver passed Sainz just after the standing start. He then tracked down Leclerc, caught him on Lap 8 and passed the Monaco driver on the first turn of Lap 9.

Verstappen worked his way out to a 4.6-second lead over Leclerc when the Ferrari driver pitted on Lap 25. The stop was a slow one. Verstappen pitted a lap later and responded with a quick stop. 

With stops completed, Verstappen’s lead had jumped to over 7 seconds. On Lap 41 of 57, Pierre Gasly in an AlphaTauri and Lando Norris in his McLaren made contact to bring out a safety car. The crash sent some teams scrambling to pit and move to different tire compounds.

Verstappen, Leclerc, Sainz and Perez stayed out, but suddenly tightly packed at the front of the field in that order when the safety car retired on Lap 47 of 57. Leclerc kept the pressure on Verstappen over the next seven laps until Verstappen pulled away over the final three laps.

The race was conducted on a purpose-built, 19-turn, 3.36-mile street circuit around the Hard Rock Stadium where the NFL’s Miami Dolphins play. The circuit did not get much love from drivers before the race because the surface proved extremely slippery on the portions that were not rubbered up, making for one-groove racing.

The racing turned out to be better than predicted. The two Aston Martin cars of Lance Stroll and Sebastian Vettel started the race from the pits. It was discovered that their fuel was too cold and they opted to start from the pits to avoid a penalty.

They had qualified 10th and 13th, respectively, and started last and second to last. The only American-based team, Haas F1 Racing, had a so-so day. Mick Schumacher appeared to be on the verge of collecting his first points but while running ninth, he made contact with Vettel and slipped to a 15th-place finish. Kevin Magnussen finished 16th for Haas. — Reuters

Dallas Mavericks bury 20 3-pointers, even series with Phoenix Suns

LUKA Dončić had a double-double, and Dorian Finney-Smith led a 3-point shooting barrage as the host Dallas Mavericks defeated the Phoenix Suns 111-101 on Sunday to even their Western Conference semifinal series at 2-2.

Dončić had 26 points and 11 assists, and Finney-Smith scored 24 points, making 8 of 12 3-pointers as the Mavericks finished 20 of 44 from beyond the arc.

Jalen Brunson scored 18 points, and Davis Bertans had 12, Maxi Kleber 11 and Spencer Dinwiddie 10.

Devin Booker scored 35 points, Jae Crowder had 15, Deandre Ayton added 14 and 11 rebounds, and Cameron Johnson scored 11 to lead the Suns, who made 9 of 25 3-pointers.

Suns guard Chris Paul played just 23 minutes, finishing with five points and seven assists before fouling out with 8:58 left.

Game 5 will be on Tuesday night in Phoenix.

The Mavericks led 87-78 when Paul returned to the game with five fouls and 10:28 remaining. The lead was still eight when he fouled out a minute and a half later.

Mikal Bridges’ basket got Phoenix within six points before Finney-Smith made consecutive 3-pointers to complete an 8-0 run that gave Dallas a 97-83 lead midway through the fourth quarter.

Dallas led by seven when Paul went to the bench after committing his fifth foul with 9:32 left in the third quarter.

Shortly after Paul’s departure, the Mavericks scored seven straight points for a 75-63 lead. Booker scored six points to help Phoenix trim the lead to four, but Dallas scored the last five points to push the lead to 87-78 at the end of the quarter. 

Finney-Smith and Bertans each made two 3-pointers as the Mavericks turned a 19-13 lead into a 37-25 advantage at the end of the first quarter.

Bertans made consecutive 3-pointers, and Dinwiddie added another as they built a 46-29 lead.

Crowder made back-to-back 3-pointers, and Paul added five points as Phoenix closed within 54-48.

Dončić made seven free throws in the first half for Dallas, which rebuilt the lead to 68-56 at half time. His last two free throws came after Paul committed his fourth foul with one second left. — Reuters

Celtics must contain Bucks’ Antetokounmpo in Game 4

GIANNIS Antetokounmpo will look to lead Milwaukee to a 3-1 series advantage when the Bucks host the Boston Celtics on Monday night in Game 4 of the Eastern Conference semifinals.

The two-time MVP led Milwaukee to a 103-101 win in Game 3 on Saturday, pouring in 42 points, 12 rebounds and eight assists. It was the sixth time he has scored at least 40 points in a playoff game.

“I just try to do whatever is in front of me. Play to my strengths as much as possible, and I know what my strengths are,” Antetokounmpo said. “As long as I play within my strengths, I’m going to be in a good place and I just try to take it a possession at a time.”

Jrue Holiday contributed 25 points and seven rebounds, and Brook Lopez went for 13 points and 10 rebounds.

Although Khris Middleton is still out with an MCL sprain, George Hill has returned to the Bucks’ rotation after dealing with an abdomen injury. Hill was quiet in his postseason debut in Game 3, as he was held scoreless in 11 minutes off the bench.

With Hill back in action, Milwaukee is hoping for more production from a bench that has averaged 22.0 points per game in this series.

Monday’s game on the defending NBA champions’ home floor is now essentially a must-win for the Celtics, who will host Game 5 on Wednesday night.

While no loss is easy to swallow, especially in the playoffs, Boston mounted a late-game surge that could give it some momentum heading into Game 4.

After trailing by 13 with 9:48 left to play in the fourth quarter, the Celtics stormed all the way back and eventually went ahead 100-99 after a pair of free throws from Jaylen Brown.

Following buckets from Antetokounmpo and Holiday that put the Bucks up by three, Boston’s Marcus Smart sank the first of two free throws before intentionally missing the second.

Robert Williams and Al Horford each missed putback layups.

“Didn’t even have to come down to that last play honestly. We were sloppy in the third and execution-wise at times,” Celtics coach Ime Udoka said. “Battled back well in the fourth, but can play a whole lot better.”

The Celtics were outscored 34-17 in the third quarter. Brown paced Boston with 27 points and 12 rebounds on 8-of-16 shooting. Al Horford supplied 22 points and 16 rebounds, and Derrick White posted 14 points off the bench.

Jayson Tatum struggled heavily on the afternoon and was held to just 10 points on a lackluster 4-of-19 shooting which included an 0-for-6 effort from 3-point range.

Smart is back with the Celtics after missing Game 2 with a thigh contusion, but Sam Hauser will be out on Monday with a right shoulder issue.

With Saturday’s loss, Boston is still searching for its first win in Milwaukee this season after it dropped both regular-season contests on the Bucks’ home floor. Reuters

Vote machines break down on ‘blockbuster’ day

PHILIPPINE STAR/ RUSSELL PALMA

FILIPINOS on Monday endured long queues as malfunctioning vote-counting machines caused delays on election day, which the local body tasked to oversee it called a blockbuster.

Long lines were seen at voting centers nationwide, while people ignored health protocols amid a coronavirus pandemic, election watchdog Legal Network for Truthful Elections (LENTE)  said in a statement.

LENTE also said it had received reports of some people handing out campaign flyers and sample ballots outside election precincts, which is illegal.

It also cited heated arguments and shooting incidents between mayoral candidates in several villages in Ilocos Sur province in northern Philippines.

“LENTE expresses its concern about these reports of violence on election day as they may instill fear or intimidate voters from exercising their right to vote,” the watchdog said.

“Blockbuster,” Election Commissioner George Erwin M. Garcia told reporters in a Viber message. Filipinos wanted to be heard and heard loudly.”

But LENTE’s election observers reported that in the first hour of voting in Zamboanga province in the nation’s south, paper jams in vote-counting machines had caused delays.

The Commission on Elections (Comelec) was prepared for any contingencies, including sending staff to repair vote machines on site, spokesman John Rex C. Laudiangco told a news briefing.

Election watchdog Kontra Daya urged the election body to extend voting hours past 7 p.m. to let everybody vote.

“The breakdown of vote-counting machines and the long lines, among other issues, have affected the turnaround time in voting,” it said in a statement. “Extending voting hours can help prevent disenfranchisement.”

Epi (not her real name), a 52-year-old laundrywoman from Manila, said their village captain started going from house to house on the eve of election day to give away P200 ($3.80) to every household.

“Isn’t that too little?” she asked, adding that she did not receive any money after being told she had not been registered in the city. “We will accept the money but we won’t vote for them.”

“In vote-buying incidents, the burden is always in the hands of witnesses because complainants will have to file cases in court,” said Maria Ela L. Atienza, a political science professor from the University of the Philippines.

“The process is tedious, which may just discourage complainants,” she said in a Viber message.

Vote-buying proves how weak Comelec is as an institution, said Jan Robert Go, who also teaches political science at UP. “It also proves that “laws are made to favor the interests of politicians.”

Election Commissioner George Erwin Garcia told reporters in a Viber message that common issues encountered on election day were paper jams, rejected ballots and vote-counting machines not printing returns properly.

He noted that as of 10 a.m., 1,867 machines encountered these “common issues,” which were promptly resolved.

As of noon, 143 vote-counting machines and 124 SD cards had to be replaced, Election Commissioner Marlon S. Casquejo told a news briefing. He added that Comelec had about 1,900 extra voting machines in case of technical difficulties.

“Our vote-counting machines are a bit old and every machine has a life-span,” he said. “We will change these machines in 2025.”

“As of now, nothing will justify the extension of voting past 7 p.m.,” Mr. Garcia told the same briefing.

Reports of a shooting in Buluan, Maguindanao province and altercations that led to the destruction of ballots in the Bangsamoro region went viral on social media hours into voting.

Mr. Garcia said Comelec had ordered the election director in the Bangsamoro region to investigate the quarrel between supporters and the tearing of ballots in Lanao del Sur.

The military was also investigating whether the shooting in Buluan was election-related, he added.

A voter in Ilocos Sur posted on social media claiming that his vote had been counted for another candidate. Mr. Garcia said the claim had not been backed by evidence.

Ballots between neighboring precincts in Maguindanao province had been inadvertently swapped, but this was fixed and voting proceeded as planned, Mr. Laudiangco said. 

ACTIVISM
John (not his real name), one of the more than 600,000 teachers hired to facilitate voting, said a faulty vote-counting machine at a Manila precinct delayed had caused delays.

Affected voters rejected the offer of local election officials for them to vote manually. “They waited for almost an hour because they were afraid that someone might steal their votes.”

Lawyer Ibarra M. Gutierrez III, a spokesman for Vice-President and presidential candidate Maria Leonor “Leni” G. Robredo, also reported a malfunctioning voting machine in his area.

“After more than four hours, voters in line were finally offered the option to vote manually then leave their ballots to be fed into the (hopefully) working machine later,” he tweeted at 10:56 am. “Some of us chose this option, but a substantial number of voters chose to wait.”

Reports of faulty voting machines were not yet a cause for alarm, said Myla Villanueva, chairperson of the Parish Pastoral Council for Responsible Voting. She called on voters to be patient amid long queues at some election centers.

These are computing systems,” she told reporters at a news briefing. “There will always be a certain percentage that will break down, but it’s not yet of an alarming level.”

Jean Encinas-Franco, another political science professor from UP, said active citizenship is needed given questions about Comelec credibility.

“Social media activism is very important during these times since Comelec cannot solely monitor irregularities,” she said in a Viber message.

“People should not be lining up under the summer heat for hours with the fear that the vote-counting machines will be out of order by the time they cast their votes,” Ms. Atienza said. “There should be reforms in the conduct of voting in the future.”

Mr. Go said social media could be a double-edged sword. “You can air sentiments and post observations, but it can also be an avenue for misinformation.”

The Comelec en banc on Monday afternoon convened as the National Board of Canvassers, which will tally the votes for senatorial and party-list candidates. — John Victor D. Ordoñez, Kyle Aristophere T. Atienza and Norman P. Aquino

Namfrel says voter turnout likely to exceed 2016 level

PHILIPPINE STAR/ WALTER BOLLOZOS

THE NATIONAL Citizens’ Movement for Free Elections (Namfrel) on Monday expressed confidence that voter turnout for this year’s elections would exceed the 81% level from 2016.

“That’s expected,” Namfrel Chairman Augusto Lagman said in an interview.

The election watchdog’s observers reported that in most election centers, voting took five minutes to an hour, though the average was probably 20 minutes.

Most election centers allowed as many as 10 voters inside at a time. More than 65 million Filipinos have registered to vote.

Many voters ended up ignoring social distancing because of the high turnout amid a coronavirus pandemic.

Many voting centers were overwhelmed, which led to their inability to enforce health protocols, especially physical distancing and wearing of face masks, Namfrel said.

Voters’ temperatures were also not consistently checked at the entrance.

The long queues were a “good sign,” Management Association of the Philippines President Alfredo E. Pascual said in a mobile phone message. “That’s good, indicating a high turnout of voters and making the results more reflective of the will of our people.”

“We applaud Filipinos for exercising their right to vote as well as remaining vigilant in this monumental moment,” European Chamber of Commerce of the Philippines (ECCP) President Lars Wittig said.

“We stand ready to work with the incoming set of government leaders in shaping a more inclusive and sustainable growth story for the Philippines.”

Investors expect to see credible elections “because that has happened in the past,” British Chamber of Commerce of the Philippines Executive Director Chris Nelson said. “What they are really looking for is after the elections are over, whoever wins, that the policy is continued.”

Health Undersecretary Maria Rosario S. Vergeire told reporters in a Viber message they were monitoring the situation to determine if a new coronavirus infection forecast was needed.

“We have updated projections for the end of May, assumed a 30% to 50% reduction in minimum public health standards,” she said in mixed English and Filipino.

“Namfrel will continue observing the different processes of the elections throughout the day and week, and will release another update soon covering the afternoon voting, counting, transmission of results and canvassing,” it said in a statement.

“NAMFREL will submit to Comelec a more comprehensive report with recommendations after it has gathered all observations from the field,” it added. — Alyssa Nicole O. Tan and Revin Mikhael D. Ochave

FDI growth momentum could dissipate due to RCEP delay

By Revin Mikhael D. Ochave, Reporter

GAINS made in building momentum for foreign investment are at risk if the Philippines further delays participation in the Regional Comprehensive Economic Partnership (RCEP) trade agreement, according to the Department of Trade and Industry (DTI).

Trade Secretary Ramon M. Lopez told BusinessWorld in a phone interview that not signing up to RCEP will result in missed opportunities for the Philippines.  

“We will waste our momentum on huge FDI growth during President Rodrigo R. Duterte’s administration. Our annual average foreign direct investment (FDI) from 2016-2021, even with the coronavirus disease 2019 (COVID-19) pandemic, is almost 3 times more (than in previous periods) at $9.1 billion. We are now ranked 4th in Southeast Asia as recipient of FDI, from 6th before 2016,” Mr. Lopez said.

“Investors will shift to RCEP participating countries which have better market access to RCEP markets (if the Philippines stays out), and this will affect job generation. The labor sector will be affected,” he added.

The Philippines is still not signed up for RCEP as after Senate failed to ratify the treaty before adjourning on Feb. 3 for the election break. President Rodrigo R. Duterte signed the trade deal on Sept. 2.      

The Senate is set to resume session on May 23, sitting until June 3 before it is replaced by the newly-elected legislators.

According to Mr. Lopez, the DTI has briefed various senators and their staff who had questions regarding RCEP.

“I think there’s just about a week for Senate session, starting May 23. We have given all the data and information and did the briefing,” Mr. Lopez said.

RCEP, which started taking effect on Jan. 1, is a trade deal involving Australia, China, Japan, South Korea, New Zealand and the 10 members of the Association of Southeast Asian Nations.

It is touted as the world’s biggest trade deal as its prospective members represent 30% of the world’s gross domestic product.