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PHL raises P2.08 trillion from domestic sources, nears 2025 fundraising target after 11 months

BW FILE PHOTO

THE National Government (NG) raised P2.08 trillion from domestic sources in the year to date, the Department of Finance (DoF) said, approaching its full-year fundraising target.

“We have raised P2.08 trillion, nearly the entire P2.11 trillion domestic issuance program for 2025, through a combination of regular Treasury bill and Treasury bond auctions and special issuances, as of yesterday,” Finance Secretary Frederick D. Go said.

Mr. Go’s Nov. 25 remarks were contained in a speech delivered by Undersecretary Karlo Fermin S. Adriano during the 128th Anniversary of the Bureau of the Treasury and the awards ceremony for outstanding Government Securities Eligible Dealers.

Based on the 2026 Budget of Expenditures and Sources of Financing, government’s overall borrowing program was set at P2.6 trillion this year, rising to P2.68 trillion in 2026, with the bulk to be raised from domestic sources.

Domestic borrowing targets in 2025 include P2.05 trillion in fixed-rate Treasury bonds and P60 billion in Treasury bills.

Gross domestic borrowing is set to fall to P2.05 trillion in 2026.

The government relies on domestic financing sources to minimize foreign currency risk.

Mr. Go, addressing the securities dealers, said: “We look to you to help us replicate this success as we raise funds for next year’s P6.79-trillion budget.”

“Managing the national passbook — that I learned does not actually physically exist — and raising 90% of our borrowing requirements to support our programs are no easy tasks. But they are foundations of a stable and prosperous country,” Mr. Go said. — Aubrey Rose A. Inosante

PhilATOM law IRR expected early next year

PNRI.DOST.GOV.PH

THE implementing rules and regulations (IRR) for the law establishing the nuclear regulator are expected to be released early next year, according to the Philippine Nuclear Research Institute (PNRI).

“We’re working on it,” PNRI Director Carlo A. Arcilla said, adding that the IRR would likely be released by March.

Signed on Sept. 18, Republic Act No. 12305, or the Philippine National Nuclear Energy Safety Act, establishes the Philippine Atomic Energy Regulatory Authority (PhilATOM), an independent agency responsible for overseeing all nuclear and radiation-related activities in the country.

PhilATOM is required to promulgate the rules and regulations 180 days from the effectivity.

The new body’s leadership will consist of a director general, appointed by the President for a five-year term, supported by four deputy directors-general.

“The main purpose of PhilATOM is safety, security and safeguards. That’s why it should be independent,” Mr. Arcilla said.

The new authority will consolidate regulatory functions from other agencies and serve as the national counterpart to the International Atomic Energy Agency (IAEA).

The Philippines was elected to the board of governors of the IAEA for the 2025-2027 term, a move that could advance the country’s plans to incorporate nuclear energy into the national energy mix.

The Department of Energy (DoE) aims to introduce nuclear power by 2032, with at least 1,200 megawatts (MW), gradually increasing to 4,800 MW by 2050.

“The fact that the Philippines is there allows the country to shape the policies, to mark the orientation of what the IAEA priorities are,” IAEA Director General Rafael Mariano Grossi said.

Earlier this week, the Asian Development Bank (ADB) and the IAEA signed a memorandum of understanding to strengthen cooperation on the peaceful, safe, and sustainable use of nuclear energy in Asia and the Pacific.

The ADB updated its energy policy by recognizing nuclear power as an alternative to fossil fuels for baseload generation, lifting its self-imposed ban on financing for nuclear energy.

Mr. Grossi said the partnership between IAEA and the ADB paves the way to support the financing of nuclear energy prospects in the Philippines.

“Now that we have this agreement… our technical teams are going to be moving into specific cases, and countries that have real prospects, and the Philippines is among those,” he said on the sidelines of a briefing.

Mr. Grossi is hoping that the access to financing will help the Philippines pursue the technology to support its power needs given its archipelagic nature.

“You have an archipelagic morphology which is very adapted, for example, to small reactors. You have islands far away, and you cannot connect unless you have submarine cables —  then you have a nuclear reactor that gives you a lot of autonomy,” Mr. Grossi said.

“So it’s incredibly interesting for the country. So we hope that having now access to finance, this could be facilitated. I really hope so,” he added.

Asked to comment, Energy Secretary Sharon S. Garin said the ADB’s openness to financing nuclear energy would help lower the cost of development.

“We’re so happy with that if they are willing to finance nuclear power plants,” Ms. Garin said. — Sheldeen Joy Talavera

FEU’s Janrey Pasaol edges DLSU’s Mike Phillips to snatch MVP award

JANREY PASAOL — UAAP

THE final playdate of the UAAP Season 88 men’s basketball proved to be more than just a rumble for the final ticket.

In a surprising turn, Janrey Pasaol stole the thunder from league leaders in the nick of time to claim the Most Valuable Player (MVP) honor as a consolation prize to Far Eastern University’s (FEU) exit at the end of the two-round eliminations.

Mr. Pasaol finished with 81.5 statistical points to snatch the award from De La Salle University’s (DLSU) Mike Phillips and National University’s (NU) Jake Figueroa behind a solid performance in the FEU Tamaraws’ 81-79 win against the University of Santo Tomas Growling Tigers to finish at fifth place with a 7-7 slate.

The brother of PBA player and UAAP great Alvin delivered a double-double of 13 points and 11 assists laced by six rebounds and five steals, proving enough to propel him to No. 1 in the statistical race from No. 3. entering the final game.

Mr. Pasaol, who’s set to be crowned as the first Tamaraw MVP since Terrence Romeo in 2013, was the league’s best floor general with a league-best 7.5 assists on top of 15.43 points, 4.14 rebounds and 2.14 steals.

Before FEU’s last assignment against semis-bound Santo Tomas, Mr. Pasaol was sitting at third with 79.154 points behind Mr. Phillips (79.231) and Santo Tomas foreign-student athlete (FSA) Collins Akowe (82.231), who however is ineligible for MVP award due to the new UAAP ruling.

Mr. Phillips and Mr. Akowe went on to finish with only 80.429 and 79.286 points, respectively.

Mr. Figueroa, as the captain of league-leading NU, led majority of the second round but settled for three points, two rebounds, two assists, one steal, and one block in the Bulldogs’ 80-71 loss to the Growling Tigers to miss out with 77.286 points.

The three joined Mr. Pasaol to the Mythical Five, now rebranded as the Elite Team, including Santo Tomas’ Nic Cabañero who finished seventh in the race with 66.643 points.

University of the East’s (UE) Precious Momowei (74.214) and FEU’s Mo Konateh (74.786) were ahead of Mr. Cabañero but only one FSA could make it to the Top Five.

New UAAP ruling has a separate MVP award for locals and Best FSA award for foreign players but since there was no top FSA in the statistical race with Mr. Akowe settling for third behind locals Messrs. Pasaol and Phillips, no such plum will be awarded this season.

High school sensation Mr. Akowe will have the Rookie of the Year instead after winning the MVP and Best FSA awards in his final two junior seasons with the NU Bullpups before committing for the Growling Tigers in the collegiate ranks.

In women’s division, NU’s Karl Ann Pingol (93.571) ended the back-to-back MVP reign of Ateneo’s Kacey dela Rosa (91.429) as Santo Tomas’ Kent Pastrana (88.643), NU’s Kristine Cayabyab (73.571) and Angel Surada (71.714) completed the Elite Team.

UE’s Goodluck Okebata clinched the MVP plum in the U16 division with 96.214 points. Joining him in the Elite Team were Santo Tomas’ Rowie Cabañero (95.643), FEU’s Dwyne Enriquez (89.286), NU’s Moussa Diakite (85.143) and FEU’s Prince Cariño (84.769). — John Bryan Ulanday

Dasma Monarchs, Biñan close in on MPVA finals

DASMA MONARCHS

Games on Tuesday
(Alonte Sports Arena, Biñan, Laguna)
4 p.m. – Negros vs Dasma
6 p.m. – Quezon vs Biñan

UNBEATEN Dasma Monarchs and Biñan Tatak Gel Arellano University Lady Chiefs scored contrasting wins to move on the verge of arranging a finals duel in the 2025 Maharlika Pilipinas Volleyball Association (MPVA) on Wednesday night at the Alonte Sports Arena in Laguna.

Dasma hardly broke a sweat against the fourth-ranked Negros ICC Blue Hawks, 25-15, 25-15, 25-16, while the third-seeded Lady Chiefs banked on homecourt to stun reigning champion and No. 2 seed Quezon Tangerines, 17-25, 25-21, 15-25, 26-24, 15-13, for 1-0 leads in the best-of-three semifinals.

Another win by both squads in Game 2 on Tuesday at the same venue would seal the finale, also under a race-to-two format for the coveted crown of the regional volleyball league founded also by Maharlika Pilipinas Basketball Association Chairman Manny Pacquiao.

Natasha Kaye Bombita fired 11 points to lead a balanced attack anew as Dasma needed only 80 minutes to extend its perfect campaign to 15 games after sweeping the two-round eliminations.

Vange Alinsug and Celine Marsh added nine and eight points, respectively, as eight more players barged into the scoreboard for the Monarchs, represented by three-time UAAP and four-peat SSL champion National University (NU) Lady Bulldogs.

NU, under the watch of new mentor Regine Diego, is looking to add the MPVA to its treasure and it’s definitely in prime position to do it via sweep behind the coverage of super rookie Sam Cantada, Alexa Nichole Mata and Minierva Maaya with seven points each.

In the other pairing, Biñan clawed back from a 1-2 deficit via slimmest of margins in the final two sets to finally beat Quezon in the rematch of last year’s finalists of the MPVA backed by Mikasa, Asics, Spurway Enterprises, Gerflor, Smart Communications and XIV Apparel.

Laika Tudlasan stamped her class anew with 17 points as the Lady Chiefs avenged their 0-2 finals loss to the Tangerines last season.

She drew solid support from Crisanta Servidad and Keisha Alexa Abitria with 13 and 11 points, respectively, as Biñan’s edge at home played a huge factor.

Zam Nolasco, Clydel Catarig, Camila Amor Bartolome and Shekaina Lleses had 16, 15, 14 and 12 points, respectively, but the Tangerines still fell short to lose steam at a title retention bid.

Gelah Lopez, with 10 points, was the lone silver lining for Negros looking to force a sudden death Game 3 in the MPVA organized by the Volleyball Masters of the Philippines. — John Bryan Ulanday

Gilas Pilipinas eyes World Cup, Olympics in clash with Guam

Game on Friday
(Calvo Field House, Guam)
7 p.m. (5 p.m. Manila Time) – Guam vs Philippines

THE ROAD to the 2027 FIBA World Cup — and long-term, the 2028 Olympics — starts in this Guam stop.

And so this is foremost on the minds of Gilas Pilipinas as it takes on Guam on Friday at the Calvo Field House in the Asian side of the World Cup Qualifiers.

The 7 p.m. game (5 p.m. in Manila) touches off a two-way swing that brings the two protagonists to the Blue Eagle Gym, the Nationals’ new home venue, on Monday for the return leg.

“Our number 1 goal is to get to the Olympics. If we don’t win this window, then we don’t make the World Cup. If we don’t make the World Cup, we can’t make the Olympics,” Gilas coach Tim Cone said in emphasizing the value of the twin opening matches in Group A.

The Top 3 teams in the bracket will advance to the second round of the qualifiers and with reigning three-time FIBA Asia Cup titlist and world No. 6 Australia and 25th ranked powerhouse New Zealand around, the No. 37 Philippines and No. 81 Guam are expected to battle it out for the third slot.

Gilas faces the Boomers and the Tall Blacks in succeeding windows next year.

“These two games (against Guam) are the most important games we play. And Guam knows that they’re the most important. They’re looking at New Zealand and Australia, and saying: we can’t beat them, but maybe we can beat the Philippines,” said Mr. Cone.

“Home court means something and that’s why this Friday game is really crucial to us. We’ve got to come with our best foot forward. We can’t take anything for granted with them being at home in front of their home crowd,” he added.

Mr. Cone added two new faces in big man Quentin Millora-Brown and guard RJ Abarrientos to Gilas’ regular crew of Justin Brownlee, Dwight Ramos, June Mar Fajardo, Scottie Thompson, AJ Edu, Carl Tamayo, Chris Newsome, Kevin Quiambao, Japeth Aguilar and CJay Perez for this mission.

“We had a really good camp. I was really impressed by the way the guys came,” he said.

“We took a little different approach this time. We really pushed much harder than we normally have done in the previous windows. We kind of wanted to play with a more aggressive style,” he added.

Expected to lead Guam are Fil-Guamanian Jericho Cruz, post-up specialist Tai Wesley, 6-foot-10 Jonathan Galloway and shooter Takumi Simon. — Olmin Leyba

Federal Land opens first FIFA-standard football field in Marikina City

ALMIRA LOUISE S. MARTINEZ

By Almira Louise S. Martinez, Reporter

THE Federal Land, Inc. (FLI) on Wednesday said that it seeks to encourage a more active lifestyle and bring new opportunities to Marikina City through its first football field aligned with the standards of the Fédération Internationale de Football Association (FIFA).

“We believe that football brings people in, so it increases foot traffic, and in turn supports nearby businesses, and it creates an active environment,” FLI Senior Project Development Manager Caryl S. Rodolfo told BusinessWorld in an interview.

“We want the community to stay active, play together, and enjoy sport,” she added.

The football turf, which is currently working towards obtaining FIFA certification, measures 106 meters by 76 meters, with a playing area of 100 by 68 meters.

A FIFA quality mark is awarded to football fields that have undergone field and laboratory testing by FIFA-accredited institutes.

Ms. Rodolfo noted that the football field plays a vital role in the Marikina Town Center initiative that promotes the city as an emerging hub for business, employment, and leisure.

“Our vision really is for Marikina Town Center to be a hub for families and residents, and we believe that the football field is a step towards that vision,” she said.

“We want Marikina Town Center to be a place where people can not just eat and shop but also to play and connect with other people,” she added.

According to City Mayor Marjorie Ann Ang-Teodoro, the world-class pitch will help drive economic growth in the city.

“This is an opportunity for economic growth, especially here in Marikina. Facilities like this are something new here in Marikina,” she told BusinessWorld at the sidelines of the launch.

“We know that other athletes or people from other towns will go here and visit Marikina; they will rediscover what Marikina is,” she added.

Apart from the football field, the town center features commerce and leisure spaces that could boost local businesses within the area.

“We have 17 hectares of this prime location in Marikina,” FLI President Jose Mari H. Banzon said at the launch. “We’re still going to do much, much more.”

“What we’re doing is that we’re trying to develop it to be a complete community. That’s why we’re building this football field to complement the residential development,” he added.

The Blue Wave Mall, which is under the FLI, is also set to finish its renovation in 2026. The new features of the mall include sports and lifestyle facilities, such as basketball, badminton, and pickleball courts.

“We take advantage of the opportunity to renovate it by developing a sports center,” Mr. Banzon said. “Our vision for our Marikina development is to be the center for wellness and recreation.”

James picks his spots

The latest meeting between the Lakers and Clippers functioned both as spectacle and as affirmation of the pecking order. The final score in favor of the purple and gold comes off as a whipping on surface, punctuated by scoring bursts from marquee names. At the same time, clarity lies beyond the numbers: Roles, rhythms and resolve have clearly coalesced for the winners and unravelled for the vanquished.

From the jump, the Lakers moved with purpose. Luka Doncic erupted for 24 of his 43 points in a first half that disabused the Clippers of any notion of competitiveness. LeBron James — still getting back to shape after a prolonged absence to start the season — moved with an air of authority and assurance, his 25, six, and six underscoring his willingness to cede the limelight (yes, even to undrafted Austin Reaves) and pick his spots. And when the battlesmoke cleared, with victory came validation.

For the Lakers, what mattered wasn’t just who scored; it was when and how. Notwithstanding their pronounced preference for isolation sets when pressed, they operated in sync. If nothing else, the outcome of the set-to against their crosstown rivals proved their capacity to threaten for the hardware when healthy. Meanwhile, the Clippers looked lost on the court and unable to get any reprieve off it.

In the aftermath, beleaguered Kawhi Leonard stressed the need for the Clippers to acquire “more talent” and “better talent.” And while he may not have been wrong, his colorful injury history effectively deprived him of any moral ascendancy to make the call. A supposed leader making public demands after an embarrassing loss rarely offers solace. Far more often, it leads to diminished confidence in the status quo.

Against this sobering truth, the Lakers stand tall. Their net rating is barely in the black, but there can be no denying that they find ways to prevail. Their brand of dominance may not reflect ebullience, but it is no less effective. It whispers in timing, unifies in purpose, and defines itself in unmistakable efficiency. But will it be enough against more pronounced opposition? Only time will tell.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and human resources management, corporate communications, and business development.

US ordered diplomats to lobby gov’ts against mass migration, cable says

A “Make America Great Again” hat is seen on display on the trading floor at The New York Stock Exchange. — REUTERS

WASHINGTON — The Trump administration last week ordered US diplomats abroad to lobby against pro-migration policies and raise concerns over what it says are migrant populations committing violent crimes, according to a State Department cable seen by Reuters.

The cable, sent on Friday to dozens of US embassies across Europe, Canada and Australia, argues that crime and human rights abuses linked to mass migration and “individuals of a migration background” were a significant concern in Europe and the West. It says these incidents threaten public safety and social cohesion around the world.

It instructs US missions to report to Washington on such crimes and abuses and to provide analysis of how the host country reacts, while pushing the governments to reform migration policies and limit any programs that enable mass migration.

“We encourage your government to ensure that policies protect your citizens from the negative social impacts of mass migration, including displacement, sexual assault, and the breakdown of law and order,” reads one of more than a dozen talking points the State Department provided to US diplomats in the cable, which was first reported by the New York Times.

Anti-immigration was a major part of Donald J. Trump’s presidential campaign. After taking office, he launched an aggressive enforcement campaign, surging troops to the southern border and pledging to deport millions of immigrants who were in the US illegally.

The Republican president has repeatedly blamed migrants in the US illegally for fueling violent crime, although studies show immigrants are not more likely to commit crimes.

The administration has also worked to internationalize its restrictive approach. In September, top officials urged other nations to join a global campaign to roll back asylum protections, a major shift that would seek to reshape the post-World War II framework around humanitarian migration.

Late last month, Mr. Trump slashed the limit on refugee admissions for fiscal 2026 to a record low 7,500 from the 100,000 who entered under then-President Joseph R. Biden in fiscal 2024. Mr. Trump said his administration would focus on bringing in white South Africans of Afrikaner ethnicity.

A State Department spokesperson, asked for comment on the cable, said mass migration was a human rights issue and that it regularly led to a rise in violent crimes. The spokesperson did not provide any data to support the assertion.

The cable, which quotes Mr. Trump as saying that “a nation without borders is not a nation,” also asks governments to resist practices that “disproportionately favor migrant populations at the expense of local communities, including displacement, legal consequences for criticizing mass migration.” — Reuters

Hong Kong fire kills 44; hundreds missing as police blame ‘grossly negligent’ building firm

A DRONE view shows flames and thick smoke rising from the Wang Fuk Court housing estate during a major fire in Tai Po, Hong Kong, China, Nov. 27. — REUTERS/TYRONE SIU

HONG KONG — A huge fire still burning in a Hong Kong apartment complex that has killed at least 44 people and left nearly 300 missing may have been caused by a “grossly negligent” construction firm using unsafe materials, police said on Thursday.

Almost a full day after the fire began, firefighters were struggling to reach residents potentially trapped on the upper floors of the Wang Fuk Court housing complex due to intense heat and thick smoke from the fire that erupted on Wednesday afternoon.

Police said in addition to the buildings being covered with protective mesh sheets and plastic that may not meet fire standards, they discovered some windows on one unaffected building were sealed with a foam material, installed by a construction company carrying out year-long maintenance work.

“We have reason to believe that the company’s responsible parties were grossly negligent, which led to this accident and caused the fire to spread uncontrollably, resulting in major casualties,” said Eileen Chung, a Hong Kong police superintendent.

Three men from the construction company, two directors and one engineering consultant, had been arrested on suspicion of manslaughter over the fire, she added.

Police officers searched the housing estate’s building maintenance company on Thursday morning, seizing documents that mention of Wang Fuk Court, local media reported. The company did not immediately respond to a request for comment.

The tightly packed complex in the northern Tai Po district has 2,000 apartments in eight blocks that are home to more than 4,600 people in a city struggling with chronic shortages of affordable housing.

By Thursday morning, authorities said they had brought the fire in four of seven blocks under control, with operations continuing in three blocks. Video from the scene some 22 hours after the blaze started showed flames still leaping from at least two of the 32-story towers sheathed in green construction mesh and bamboo scaffolding.

The bamboo scaffolding is a mainstay of traditional Chinese architecture but has been subject to a phaseout in Hong Kong since March for safety reasons.

A firefighter was among the 44 killed, with 45 people in hospital in critical condition, Hong Kong police told a press conference before dawn on Thursday.

“The priority is to extinguish the fire and rescue the residents who are trapped,” Hong Kong leader John Lee told reporters. “The second is to support the injured. The third is to support and recover. Then, we’ll launch a thorough investigation.”

Some 279 people were uncontactable, and 900 were in eight shelters, he added.

The death toll is now the highest in a Hong Kong fire since 1948, when 176 people were killed in a warehouse blaze.

SEARCHING FOR RELATIVES
The latest fire has prompted comparisons to the Grenfell Tower inferno that killed 72 people in London in 2017. That fire was blamed on firms fitting the exterior with flammable cladding, as well as failings by the government and the construction industry.

“Our hearts go out to all those affected by the horrific fire in Hong Kong,” the Grenfell United survivors’ group said on social media. “To the families, friends and communities, we stand with you. You are not alone.”

Harry Cheung, 66, who has lived at Block Two in one of the complexes for more than 40 years, said he heard a loud noise about 2:45 p.m. (0645 GMT) and saw fire erupt in a nearby block.

“I immediately went back to pack up my things,” he said.

“I don’t even know how I feel right now. I’m just thinking about where I’m going to sleep tonight.”

A woman surnamed Ng, 52, was distraught as she looked for her daughter outside a shelter.

“She and her father are still not out yet. They didn’t have water to save our building,” she sobbed, carrying her daughter’s graduation photo.

Another long-time resident, a woman surnamed Chu, said she still had not been able to contact her friends who live in the next block. After staying over at a friend’s place on Wednesday night, the 70-year-old came back to see her home still burning.

“We don’t know what to do,” she said.

An online app showed missing persons reports submitted through a linked Google document that detailed residents of individual towers and rooms.

It includes descriptions like “mother-in-law in her 70s, missing” or “one boy and one girl” or “Rooftop: 33-year-old male.”

One description simply says “27th floor, room 1: He is dead.” Reuters could not independently verify the information on the app.

CHINA’S XI URGES ‘ALL-OUT’ EFFORT AGAINST FIRE
Many residents took to social media to criticize what they saw as negligence and cost cutting as a cause of the fire. One video showed several construction workers smoking on the bamboo scaffolding surrounding one of the complex’s blocks during the renovation process.

From the mainland, China’s President Xi Jinping urged an “all-out effort” to extinguish the fire and to minimize casualties and losses, China’s state broadcaster CCTV said.

Hong Kong’s Transport Department said that a number of roads would remain closed in the area on Thursday morning and 39 bus routes have been diverted, while nearby schools have been closed.

Hong Kong’s government started phasing out bamboo scaffolding in March, citing worker safety after 22 deaths involving bamboo scaffolders between 2019 and 2024. It announced that 50% of public construction works would be required to use metal frames instead.

Hong Kong’s sky-high property prices have long been a trigger for social discontent in the city, and the fire tragedy could further stoke resentment towards authorities ahead of a city-wide legislative election in early December.

Wang Fuk Court is one of many high-rise housing complexes in Hong Kong, one of the most densely populated areas in the world. Tai Po, located near the border with mainland China, is an established suburban district with some 300,000 residents.

Occupied since 1983, the complex is under the government’s subsidized home ownership scheme, according to property agency websites. According to online posts, it has been undergoing renovations for a year at a cost of HK$330 million ($42.43 million), with each unit paying between HK$160,000 and HK$180,000. ($1 = 7.7779 Hong Kong dollars). Reuters

Australia set to overhaul environment laws in deal with Greens

STOCK PHOTO | Image by beasternchen from Pixabay

SYDNEY — Australia will overhaul its environment laws in long-awaited reforms after the Greens party agreed to back the center-left Labor government’s legislation on the final day of parliament for the year, Prime Minister Anthony Albanese said on Thursday.

The reforms will establish an independent National Environment Protection Agency to strengthen compliance and enforcement, impose higher penalties for major breaches of the law, and remove exemptions from the legislation for “high-risk land clearing and regional forest agreements.”

The Greens said Labor’s plan to allow coal and gas projects to use fast-tracked approvals based on “national interest” would also be dropped.

“This is a landmark day for the environment in this country. It is also a good day for business in this country by providing more certainty, reducing delays and making sure that we get better outcomes and improved productivity,” Mr. Albanese told reporters.

After pledging to set up an independent environmental protection agency in its 2022 election manifesto, Labor has battled criticism from all sides in its efforts to overhaul environmental law in a way that would better protect nature but also speed up the approvals process for projects in sectors such as critical minerals, renewable energy and housing.

The bill drew criticism from Australia’s conservative opposition, the fossil fuel industry, and farmers, while mining groups expressed concern about increasing regulation.

Liberal Party leader Sussan Ley accused the Greens of being “at war with gas.”

Lobby group Australian Energy Producers said the bill would hamper new gas supply to tight domestic markets and was “simply not in the national interest.”

Labor, which lacks a Senate majority, had been negotiating separately with the conservative Liberal-National coalition and the Greens to secure support for the legislation.

The Greens said while the bill remained “woefully short” of what was needed to address the climate crisis, their negotiations had improved the legislation.

“Greens pressure made this bill better than the weak laws we have now, and infinitely better than if the government had done a deal with the climate deniers in the Coalition,” said Greens Senator Larissa Waters.

She said the party had secured stronger safeguards for native forests, closed loopholes on land-clearing, and prevented Labor from fast-tracking coal and gas projects.

The Clean Energy Council, which represents the renewable energy industry, welcomed the reforms, which will speed up approvals for renewable energy projects that have struggled with complex procedures at both state and federal level.

In early August, Australia’s Productivity Commission called for the simplification of renewable energy projects to hit its target of 82% renewable energy in the grid by 2030. ($1 = 1.5344 Australian dollars). Reuters

Euroclear warns EU loan plan using Russian assets could raise debt costs, FT reports

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

BELGIAN SECURITIES depository Euroclear warned that a European Union (EU) plan to back a €140-billion loan for Ukraine with frozen Russian assets could be viewed as “confiscation” and increase borrowing costs for member states, the Financial Times (FT) reported on Thursday.

Euroclear said the proposal risks damaging Europe’s investment climate and raising sovereign bond spreads, according to a letter seen by the FT.

Reuters could not immediately verify the report. Euroclear did not immediately respond to a Reuters request for comment.

The depository holds about €185 billion ($215 billion) of Russian assets immobilized in Belgium, while an estimated additional €25 billion of Russian state assets are frozen in EU banks in various countries, mainly in France and Luxembourg.

European Commission President Ursula von der Leyen told the parliament on Wednesday that the commission is ready to present a legal text on the loan plan supporting Ukraine’s efforts.

Euroclear Chief Executive Officer Valerie Urbain said the plan could lead to retaliation and potential legal challenges and urged that Euroclear should be covered for such action, the FT report added.

Belgium raised similar concerns, saying that it wants other EU countries to guarantee it would not be left alone to cover the expense and financial fallout which may stem from this scheme.

Although EU leaders failed to agree on the loan at their October summit, officials close to the talks between the commission and Belgium are confident that all concerns can be addressed. ($1 = 0.8618 euros). Reuters

The POCO Pad M1 plays the multimedia tablet balancing act  

RICHARD JAMES MENDOZA

POCO has been known for finding the sweet spot between specs, features, and pricing. The new POCO Pad M1 tries to walk the line between the two use cases of a full-sized tablet: content consumption and content creation. It’s a balancing act that a manufacturer like POCO has been known to execute well with its phones. But does it succeed with its newest tablet? 

At first glance, the hardware gives the impression of a more premium device with its all-metal build. Whether you hold it in vertical or landscape orientation, handling the unit is a cinch because of its finely rounded edges. Putting it in a case is optional. 

When it comes to the case design, POCO went for the minimalist route with just the brand’s big yet still understated typeface logo the back. The only other prominent feature at the back is the rear camera lens and LED light which are mounted on a slightly raised platform. The quad stereo speakers are optimally mounted for landscape use. With support for Dolby Atmos, the speakers deliver the goods when it comes to sound quality. It can get pretty loud with minimal distortion at near max volume. There’s still a dedicated headphone jack near the charging port for those who want to use a wired headset.  

With its 16:10 screen ratio, it’s definitely a multi-media centric tablet. At 12.1 inches, it’s suited for watching marathon movie and TV show sessions as well. Browsing, reading ebooks, comics, and graphic novels is a satisfying experience on the 2.5K resolution IPS LCD panel with a max brightness of 600 nits. Packed with a 12,000 mAh battery, the tablet lasts long enough for more than half a day of mixed usage. Ultrafast charging would’ve been ideal for a tablet this size but with 33W charging, expect around 3 hours to charge from zero to full. 

The Snapdragon 7s Gen 4 chipset plus the 8GB ram keeps everything, well, snappy with ample storage space with 256GB onboard with the option to add up to 2TB expandable memory. When used for gaming, Pad M1 users can expect to crank everything up to medium settings for most graphics-heavy games.  

As a stand-in for a laptop, the tablet works best with an add-on keyboard. You can adequately perform most tasks such as writing emails, content creation for social media, editing online documents, and even mobile-based graphics and video editing. Main connectivity is only via Wi-Fi6 so you have to keep that in mind when taking the tablet out for internet-heavy tasks.  

At 610g, the tablet is easy to toss and lug around. Even without a case, the matte finish of the rear metal panel makes gripping it with one or two hands easier. The rear is resistant as well to smudges. Another must-have accessory should be the POCO Smart Pen which can be purchased separately. We didn’t have a unit during the review period but on paper, it’s an ideal drawing and sketching companion with 4,096-level pressure sensitivity and 240hz touch sampling rate. 

On the software side, the tablet runs Xiaomi HyperOS v2.0. There’s practically no bloatware with only essential apps installed. Apart from standard Google apps, Gemini is also pre-installed to provide basic AI-features. 

The POCO Pad M1 is now available at POCO’s official Shopee store for P12,999 (launch price) until Dec. 9 with a free keyboard/case bundle. SRP is P15,999. — Ed G. Geronia Jr.