Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 7643

Free Speech vs Fake News

Article III, Section 4 of the Constitution provides that “no law shall be passed abridging the freedom of speech, of expression, or of the press, or the right of the people peaceably to assemble and petition the government for redress of grievances.” Thus, the right to freely express one’s thoughts is not without basis.

In fact, the freedoms of expression and speech rank high in the scheme of constitutional values, as stated by the Court in Diocese of Bacolod v. Commission on Elections, G.R. No. 205728, Jan. 21, 2015. However, in Chavez v. Gonzales, G.R. No. 168338, Feb. 15, 2008, the Supreme Court explained that freedom of expression is not an absolute nor an unbridled license that gives immunity for every possible use of language and prevents the punishment of those who abuse this freedom. As such, certain types of speech such as slander or libel, lewd or obscene speech, and “fighting words” are subject to regulation, which is justified under the police power of the State.

The COVID-19 pandemic has become a matter of public concern. Information about the disease and its effect on society have been made conveniently available over the internet. Who would have thought a simple touch of the screen would be a gateway to an abundance of information? Now more than ever, the reliance of the people on the internet for information has increased.

While an abundance of information is encouraged under the concept of the marketplace of ideas, the exercise of the right to free speech and expression must be exercised responsibly, more especially in the time of a public health emergency. Unverified information about the pandemic can bring about dangers that may prove to be injurious more than it is helpful.

Justified by the police power of the State, the government has laid down policies to curb the proliferation of “fake news.”

Under Article 154 of the Revised Penal Code (RPC), as amended Republic Act No. 10951, any person who by means of printing, lithography, or any other means of publication shall publish or cause to be published as news any false news which may endanger the public order, or cause damage to the interest or credit of the state shall be imposed with the penalty of arresto mayor and a fine ranging from P40,000 to P200,000.

Circulating fake news through the internet is dealt with more heavily. Under Republic Act No. 10175 or the “Cybercrime Prevention Act of 2012,” a penalty one degree higher than that provided by the RPC shall be imposed whenever the crimes defined and penalized by the RPC are committed by, through, and with the use of information and communications technologies.

For the purpose of promoting and protecting the collective interests of all Filipinos in the time of the COVID-19 pandemic, Congress passed the Republic Act No. 11469 or the “Bayanihan to Heal as One Act,” which punishes individuals or groups creating, perpetrating, or spreading false information regarding the COVID-19 crisis on social media and other platforms, such information having no valid or beneficial effect on the population, and are clearly geared to promote chaos, panic anarchy, fear, or confusion.

These laws tending to regulate freedom of speech and of expression are now being put to the test. The National Bureau of Investigation (NBI) became the subject of headlines when news circulated regarding an individual against whom a subpoena was issued for alleged violation of Article 154 of the RPC in connection with a publicly posted article on alleged misuse of government funds.

NBI’s power to investigate and to issue subpoena is not without basis. Under Republic Act No. 10867 or the “National Bureau of Investigation Reorganization and Modernization Act,” the President or the Secretary of Justice is authorized to direct the NBI to undertake the investigation of any crime when public interest so requires. The NBI has, beyond question, the power to investigate the circulation of fake news, more so when it concerns COVID-19 and its incidents, which could possibly be a matter of life or death.

However, neither the RPC nor the Bayanihan Law provides a definition of what constitutes “fake news.” This determination is thus left to the authorities, without a set of clear guidelines. In Disini v. Secretary of Justice, G.R. No. 203335, Feb. 18, 2014, the Supreme Court enlightens on the effect imposed by vague or overbroad laws on free speech: “a person who does not know whether his speech constitutes a crime under an overbroad or vague law may simply restrain himself from speaking in order to avoid being charged of a crime. The overbroad or vague law thus chills him into silence.”

The freedom of expression and of speech must be treated with the highest regard. This preference is justified by the fact that the preservation of all other rights depends upon its free exercise. However, this should not be taken as a license to its arbitrary practice, because the possession of rights carries with it an obligation to its responsible exercise. As with all other rights, one must properly exercise the right to free speech and expression so as not to cause injury to others having equal rights.

This article is for informational and educational purposes only. It is not offered and does not constitute legal advice or legal opinion.

 

Kris Sarah M. Jeruta is an Associate of the Litigation and Dispute Resolution Department (LDRD) of the Angara Abello Concepcion Regala & Cruz Law Offices or ACCRALAW.

(632) 8830-8000

kmjeruta@accralaw.com

The real danger with $26.5 trillion of US debt

By James Clark

AS THE US Treasury Department’s Deputy Assistant Secretary for Federal Finance during the Obama administration, I spent a lot of time talking to the major buyers of our nation’s debt. When I left my job overseeing the government’s finances in 2017, the unpaid tab for the first 240 years of the “American Experiment” was $20 trillion. In less than four years, that number has risen to $26.5 trillion, the result of essential outlays on pandemic relief and completely non-essential tax cuts for the wealthy.

When my team and I met with the biggest buyers of US debt, our conversations centered on the way in which our government functioned. The cost of servicing the debt and the structure of our portfolio took a back seat to questions about how our government operated. After the debt limit crisis of 2013 and 2015, our creditors focused almost exclusively on how we would correct a problematic system that turned fulfilling our financial commitments into a domestic political bargaining chip.

How we spent their money mattered, too. Repairing the damage from the 2008 financial crisis, buttressing housing, building infrastructure, and expanding access to healthcare were rightly understood by our creditors to pay dividends over the long haul. Borrowing costs are inversely proportional to the faith in the integrity and competency of the governments seeking cash, and it’s why America can borrow so cheaply, Argentina pays a steep price, and Venezuela can find practically no lenders at all.

It’s for these reasons that I’m now worried. Creditors’ confidence in the US government is being tested on an almost daily basis. President Donald Trump’s tax cuts were supposed to “pay for themselves” and help the middle class, but cost $1.9 trillion and contributed to greater income inequality. Although a few cases of fraud have been uncovered, the full extent of fraud and misuse of funds within the Paycheck Protection Program is unknown, as the vast majority of the recipient names have not been released. Of the data that has been made public, analysis shows that many recipient companies have “retained” far more workers than they even employ.

When the public reads about individuals who are profiting from the Trump administration’s programs, such as one Treasury official who doubled the value of his family’s investment company with the very program he designed, they lose trust in the system — and so do those who buy our debt. Given that we have a President who has fired numerous independent inspector generals tasked with oversight, refused to comply with Congressional inquiries, and refused to commit to accepting the results of the 2020 election, I fear that their trust is in short supply.

The Trump administration’s lack of leadership has not only resulted in tragic and unnecessary loss of life, but also prolonged our economic pain and placed a formidable burden of debt on future generations, leading Fitch Ratings to cut its outlook on the US’s credit to “negative.” Still, with 5.5 million COVID-19 cases and 10.2% of workers unemployed, now is not the time for government austerity, just as belt tightening made no sense after the 2008 financial collapse.

More important than the size of our debt for our creditworthiness is the manner in which our political system operates. We must address the suffering and economic damage through fiscal policy while demonstrating the integrity, procedural safeguards, and transparency that our lenders value. The political polarization that prevents an agreement on further fiscal support and the Trump administration’s lack of leadership, integrity, and competency is far more problematic for US creditworthiness than any additional debt.

Rebuilding confidence in our democratic institutions and transparently demonstrating that any stimulus package is used productively is the best way to ensure the sustainability of our national debt, no matter its size. Should the next round of fiscal stimulus be provided in the opaque and self-serving manner that has defined the Trump administration, Fitch won’t be the only institution with a “negative” outlook on US credit.

BLOOMBERG OPINION

Pharma rivals are fighting COVID together. Why stop there?

By Max Nisen

PANDEMICS make for strange bedfellows and behavior in the pharmaceutical industry.

The world is relying on drugmakers’ expertise to get us out of the COVID-19 (coronavirus disease 2019) crisis — initially with treatments to help lessen the risks from contracting the virus, and then ultimately with a vaccine. The high pressure, enormous need, and global attention are leading companies to try new things on the fly. Just last week, Regeneron Pharmaceuticals Inc. signed a pact with its erstwhile rival Roche Holding AG aimed at substantially boosting supplies of a potential treatment for COVID-19; it even made some monetary sacrifices to do so. And that’s only the latest example.

Much of what’s happening represents a war-time type response to a unique situation, and it may not be repeated. These are for-profit companies, after all, and they will act accordingly. But from an unprecedented vaccine hunt to international manufacturing deals, the drug industry’s response shows the possibilities of what a more collaborative medicine market could bring. 

Take the Regeneron-Roche deal, under which Regeneron will sell its promising antibody therapy in the US, and Roche will handle the rest of the world. The companies will carry their own manufacturing and distribution costs and divide development expenses and profit. Roche’s muscle could more than triple capacity, according to Regeneron.

Typically, Roche would pay a hefty price for a cut of a promising drug’s potential sales. In this case, Regeneron is forgoing that customary upfront payment and surety in favor of maximizing supply during the pandemic. Regeneron won’t be able to satisfy global demand on its own, and Roche is a giant in the field of antibody drugs. The bigger company has a lot of incentive to scale up manufacturing; it will receive between 40% and 50% of gross profit.

Regeneron will get nothing but some of its costs covered if it doesn’t pan out. However, the company can’t sell medicine that it can’t make. Picking volume and patient access over a higher profit margin — a tactic drugmakers too rarely embrace — makes sense from a humanitarian and business perspective.

While the Regeneron-Roche deal focuses on antibody manufacturing, uncommon partnerships and arrangements are forming in other areas as well to meet various pressing needs. Here are just a few:

Ensuring worldwide supply: Gilead Sciences, Inc., the company behind remdesivir —  one of the few COVID-19 treatments available — freely gave away a license so that several generic drugmakers can make a low-cost version for developing countries, something that generally doesn’t happen for a brand-new medicine and will dramatically boost the drug’s availability.

Collaborating on a vaccine: Fierce competitors Sanofi and GlaxoSmithKline PLC formed a historic partnership under which one will provide the core of a vaccine, and the second a type of booster called an adjuvant.

Pricing for access: Instead of leaving prices to the free market as it often does, the US is behaving like other countries that manage to keep drug costs at a reasonable level by negotiating the price of hundreds of millions of doses of vaccine before they reach the market. It’s been helped by non-profit pledges from AstraZeneca PLC and Johnson & Johnson, who are developing two leading candidates. However, the prices negotiated with companies that aim to make a profit are lower than the private-market norm for new shots. Uncle Sam is buying the doses and the first wave of vaccines will be free for Americans. It’s a sharp contrast to ordinary times, where the world’s highest drug prices lead to financial hardship and skipped treatments.

Risk-sharing: At least one of the US government’s Operation Warp Speed vaccine deals includes risk-sharing structures I’ve never seen in a government contract. The US will pay less for Moderna Therapeutic Inc.’s vaccine if the company is slow to deliver it. The company also has an opportunity to get a $600 million chunk of money early if it can meet ambitious manufacturing timelines.

Fixing a broken market: Infectious disease research, the neglected and unprofitable stepchild of drug development, is being lavished with money and attention. The US alone has committed or promised over $10 billion to six companies and many more are working on novel vaccines. Hopefully, the large sums will convince companies to continue to invest.

It’s great that companies and the government are stepping up. But the moment will be wasted if everything snaps back post-pandemic. Better pricing, more focus on patients and public health, and less duplication of effort are all possible and should be the expectation even when there isn’t a crisis.

BLOOMBERG OPINION

PHL recovery seen V-shaped, 9.5% rise in 2021 — J.P. Morgan

THE Philippine recovery is expected to be V-shaped as the economy reopens in the second half of the year, after a record gross domestic product (GDP) contraction at the height of the lockdown, J.P. Morgan said.

The record contraction of 16.5% in the second quarter will bring the bank’s full-year growth forecast for the Philippines to -8%, downgraded from -4.4% previously, it said in a report issued Monday.

The Philippines is thus poised to post the worst economic contraction in Emerging Asia, followed by Malaysia, whose economy is expected to retreat by 7.7%, followed by Hong Kong (-7.4%), Thailand (-7.3%), India (-6.5%) and Singapore (6.2%). Meanwhile, China and Taiwan are expected to expand by 2.5% and 1% this year.

J.P. Morgan said it expects a “more pronounced V-shaped” recovery for the country, with a “large rebound” seen in the last two quarters of 2020 as quarantine rules ease and the output “returning to pre-COVID levels next year.”

It increased its 2021 growth forecast to 9.5% from 7.3% previously, which it said will be among the strongest in the region, assuming the uninterrupted further reopening of the economy.

“While we do expect a strong GDP growth rebound in the Philippines compared to its regional peers, this is premised on the knock-on impact on the economy of this week’s ending of stricter containment measures in the National Capital Region (NCR) following the recent acceleration in cases,” it said.

“The Philippine economy recorded the worst quarterly contraction on record last quarter, in part reflecting the imposition and subsequent extensions of COVID-19 containment measures. Given the 2Q GDP outturn, we now expect GDP to contract 8.0% y/y in FY2020, down from a previous forecast of -4.4%,” according to the report.

The economy plunged into recession after contracting by 16.5% in the second quarter, which included the months when the lockdown was at its strictest. The bank noted a collapse in demand, led by private consumption and investment.

However, there has been a “U-turn in the trajectory of economic activity and manufacturing production” after the second quarter, Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua said Tuesday.

“We are starting to see a U-turn in the trajectory of economic activity and manufacturing production. While we are not yet in positive territory, we are hoping that we can continue to manage this recovery as best as we can,” Mr. Chua was quoted as saying in a statement.

The bank said government borrowing has surged recently, but state spending “has not kept pace” with the growth in debt.

“As a result, the cash balances in the national government accounts have risen sharply, which implies that while public investment has not resumed at full capacity, a quick recovery may be attainable and could lead to a more material widening of the current deficit than we have incorporated in our forecasts,” it said.

It forecast headline inflation to settle at 2.6% this year, slightly higher than the 2.5% in 2019 but still within the 2-4% target set by the government.

Meanwhile, Mr. Chua said the multiplier effects of infrastructure spending and the additional funds allowed by the Bayanihan to Recover as One Act (Bayanihan II) will help with the country’s economic recovery.

Economic managers projected this year’s GDP to shrink by 4.5-6.6%. — Beatrice M. Laforga

ADB approves P6-billion loan for medical gear, protective equipment

THE Asian Development Bank (ADB) has approved a $125-million (P6 billion) loan to the Philippines for the procurement of medical equipment and personal protective equipment (PPE).

In a statement Wednesday, the bank said the loan will help the Department of Health (DoH) maintain a supply of such equipment and fund training programs for health workers.

“This project will help improve the preparedness and resilience of the country’s health systems at the national and local levels in handling current and future public health threats. It will also contribute to the Philippines’ efforts toward implementing universal health coverage,” ADB Vice-President Ahmed M. Saeed was quoted as saying.

The program that the loan will be supporting is known as the Health System Enhancement to Address and Limit (HEAL) COVID-19 Project.

HEAL will also help the government boost its capacity to testing, detect, and prevent threats to public health, according to Sakiko Tanak, a principal social sector specialist for Southeast Asia at the ADB.

The loan will fund the acquisition of electrocardiography machines and defibrillators for 17 major hospitals; ventilators for 17 DoH hospitals and 20 local government hospitals; computed tomography (CT) scan machines for 33 hospitals; test kits, chemicals, and reagents for at least 10 government molecular laboratories; and PPE for health workers and laboratory technicians.

“Health workers will also learn how to provide psycho-social support to patients and families, including pregnant women and other vulnerable groups affected by COVID-19,” it added.

In April the bank provided initial loans for the government’s COVID-19 (coronavirus disease 2019) response worth $1.5 billion.

As of Aug. 5, the government has obtained $8.131 billion via loans, global bond issues and grants from external sources to fund its pandemic expenses. The ADB was the top source among multilateral partners, lending $2.6 billion so far.

The ADB’s lending program for the Philippines this year will be a record $4.2 billion. Next year, it aims to lend another $4.118 billion, including a standby loan of $1 billion for the Bataan-Cavite Bridge project.

The bank is the country’s second biggest source of official development assistance. — Beatrice M. Laforga

ADB urges Philippines to cut reliance on remittances

DEVELOPING COUNTRIES like the Philippines should look into sovereign wealth funds or “diaspora bond” issues to offset possible declines in remittances when major crises disrupt the overseas labor market, the Asian Development Bank (ADB) said.

As “over-reliance on remittances” exposes economies to external shocks and volatility, Matteo Lanzafame and Irfan A. Qureshi, economists at ADB’s Economic Research and Regional Cooperation Department, urged countries to take precautions that will help them stay resilient if cash from overseas workers dries up suddenly.

They said countries could park a portion of any taxes collected on remittances into a fund that will help cushion the blow of reduced remittances as the population ages and fewer people go overseas to work.

“This is particularly relevant for countries such as the Philippines, which have typically had large shares of population migrating abroad at a young age but returning when they retire. Financial instruments akin to the so-called “diaspora bonds” appear suitable as a means to promote intergenerational sharing of the benefits from remittances,” Mr. Lanzafame and Mr. Qureshi said in a blog on Monday.

They said diaspora bonds are aimed to channel the savings of migrant workers “in the adoptive countries towards capital markets in the home economy.”

They cited Norway’s oil-based sovereign fund which serves as a buffer against fluctuating prices of commodities.

“Remittance-dependent economies can consider instruments to hedge against sudden shortfalls in remittance flows,” they added.

The Philippines is among the top recipients of remittances in Asia and the Pacific.

During the financial crisis in 2008-2009, they said remittances were not spared when the global economy slowed down, causing cash sent home to drop by 5%.

“Remittances failed to play their typical role as a stabilizing mechanism since not only recipients but also senders were affected — and it appears this will be the case for the COVID-19 pandemic as well,” they said.

The ADB projected overseas Filipino remittances to drop up to 20.2% this year assuming a one-year normalization period after the crisis.

Remittances rose 7.7% in June, after a 19% drop in May. In the first half, remittances fell 4.2%.

“Countries must therefore adopt a multi-pronged strategy to deal with shortfalls in remittance flows during critical times, such as the current crisis,” they said.

They said governments can also roll out a more urgent support to mitigate the impact on remittance-reliant families through cash handouts and low-interest loans. — Beatrice M. Laforga

DoF cites Small Business Wage Subsidy as model for digitized cash aid

FINANCE SECRETARY Carlos G. Dominguez III said the government’s various cash aid initiatives can follow the lead of the Small Business Wage Subsidy (SBWS) program in adopting electronic fund transfers, which he said reduces opportunities for corruption.

At a recorded meeting aired Tuesday, Mr. Dominguez said the (SBWS) was implemented in April-June and resulted in the transfer of P46 billion in cash aid via the Social Security System (SSS) to help small firms retain more than 3.1 million workers.

He said future subsidy programs should be digitized starting at the application level, with funds handed out via banks or electronic wallets (e-wallets). He added that implementing agencies should partner with private entities if possible.

“We think all subsidy programs in the future should be digitized. In other words, go through digitalization of all transactions. And number two, the direct distribution of aid should be through banks or e-wallet accounts of the intended beneficiaries,” he said.

“And one of the most important factors that made this a relatively successful program, is close administration oversight of the critical steps of the program,” he added.

President Rodrigo R. Duterte said at the same meeting he is in favor of digitizing  subsidy programs to reduce corruption as it eliminates human intervention.

SBWS was jointly implemented by the Department of Finance, the SSS and the Bureau of Internal Revenue (BIR).

The government also tapped banks and private entities to help with the release of cash, including mobile wallet PayMaya, Union Bank of the Philippines, Inc. (UBP) and remittance center M Lhuillier Financial Services.

“So you have a problem, bring in the private sector to help you and you can solve it very quickly. But (it is important) that every day you’re on top of the situation. Do not let any problem grow big. Kasi pag malaki na, mahirap ng i-correct (because if the issue grows, it is harder to resolve),” Mr. Dominguez said.

The subsidy program used the database of the BIR and the SSS to verify the eligibility of employers and the authenticity of beneficiaries. Upon verification, the names and details of the recipient workers were sent electronically to the Development Bank of the Philippines, which facilitated the payouts through PESONet to banks and other channels.

The government was able to approve the applications of 113,449 employers for the program. — Beatrice M. Laforga

PHL should look beyond infrastructure as supply chains shift — Moody’s

THE Philippines is a potential beneficiary of shifting supply chains after the pandemic, but it needs to look beyond its infrastructure focus and leverage its strong fiscal position to develop its human capital, Moody’s Investors Service said.

The Philippines and Indonesia were fast-growing prior to the pandemic due to their young populations, but developing human capital will be more significant as suppliers reconfigure their manufacturing networks.

“Greater traction on the government’s infrastructure development program and initiatives to improve human capital development will bolster the country’s long-term growth outlook as well as investment prospects,” according to Deborah Tan, an Associate Vice-President and Analyst at Moody’s Credit Strategy and Research Group, said in an e-mail Wednesday.

She added that in other factors considered by manufacturing locators, like trade policy, regulation, wage costs and logistics, the Philippines is at a disadvantage relative to ASEAN.

The Philippines was focused on building up its infrastructure prior to the pandemic and is banking on such spending to drive its recovery in 2021. The government-backed Build, Build, Build program includes 92 infrastructure projects worth P4.4 trillion.

Moody’s said in a note that the Philippines, with a 66% enrolment rate in secondary education, is trailing other emerging-market economies like Indonesia (76%), Poland (93%), and Brazil (82%).

Moody’s added that ASEAN could take advantage of the shift in manufacturing locations by further boosting its own trading networks within the region.

“As its middle-class population grows, household purchasing power will rise and become a significant driver of consumption and investment. But the region will need to address structural challenges to harness its full potential,” Moody’s said.

The Philippines’ main attraction to investors is the young and growing workforce and strong policy position, Ms. Tan said.

“The country also has a stronger fiscal position relative to some of the ASEAN economies — that gives the government more space in terms of supporting policy reforms and encouraging private-sector investment,” she said. — Luz Wendy T. Noble

Energy experts urge expedited transition to renewable power

THE Philippines must pick up the pace of its transition to clean power if it wants to make unacceptably risky for developers to build facilities running on fossil fuel, according to energy industry experts.

With renewable power now making up most of the Philippines’ new generating capacity, the risk grows for builders of baseload coal-fired plants, whose facilities could become stranded assets over the next decades, according to Alberto R. Dalusung III, the energy transition advisor of non-profit group Institute for Climate and Sustainable Cities.

“We have to move quickly and recognize that the (energy) transition is happening,” he said in a virtual briefing.

In 2019, President Rodrigo R. Duterte ordered the Department of Energy (DoE) to accelerate the development of renewable energy. The department nevertheless maintained its technology-neutral stance in augmenting power capacity coming from various resources — from dirty ones to cleaner sources.

The grid is now being increasingly powered by clean energy, while the use of coal is dwindling, Sarah Jane Ahmed of the Institute for Energy Economics and Financial Analysis (IEEFA) noted.

“I believe we already are and we see many transitions taking place. We’re seeing a transition in island grids to micro-grids with a portfolio of energy, including renewables. And on the main grid, we’re seeing that coal utilization rates are going down because of renewables coming onto the grid,” the analyst said.

“It is important that the government and the regulator get in front of this to help the country navigate this transition,” Ms. Ahmed added.

Electricity tariffs in the Philippines are among the most expensive in Southeast Asia, IEEFA said. It blamed this on inflexible contracts with baseload fossil fuel-fired plants.

In 2019, coal still accounted for 10,417 megawatts (MW) with renewable power at around 7,400 MW or 29% of the total, which the DoE said is well above target for clean energy in the region. — Adam J. Ang

Rice farmer incomes, yields improve due to RCEF — study

RICE farmers’ incomes and yields are rising as a result of programs supported by the Rice Competitiveness Enhancement Fund (RCEF), according to a survey conducted by the Philippine Rice Research Institute (PhilRice).

PhilRice surveyed more than 4,000 RCEF beneficiaries across 55 provinces who harvested an average of 4.14 metric tons (MT) per hectare.

Respondents reported an additional yield of 440 kilograms per hectare were realized after farmers used certified inbred seed distributed by PhilRice under the RCEF program.

PhilRice’s Socio-Economics Division Chief Jesusa C. Beltran said the increase in output, assuming an average price of P17 per kilogram of dry palay, translates to nearly P7,500 per hectare in additional earnings.

Ms. Beltran said that due to higher income, farmers and their families have been able to weather the financial difficulties caused by the coronavirus disease 2019 (COVID-19) pandemic.

PhilRice said 97% of respondents reported receiving additional information about farming methods provided by PhilRice during the seed distribution activities.

Between March and July, PhilRice distributed more than two million bags of certified inbred seed to 750,000 farmers, who were tilling more than 855,000 hectares.

“With more farmers reached this wet season, a more positive outlook in rice production is expected this second semester under favorable weather conditions,” PhilRice RCEF Program Management Office Director Flordeliza H. Bordey said.

Citing data from the Philippine Statistics Authority, PhilRice said palay production during the first half rose 1.5% year on year to 8.39 million MT.

Agriculture Secretary William D. Dar said the findings are evidence that farming, with the right inputs and technology, can be profitable.

“We believe our joint efforts — in partnership with farmers, local government units and the private sector — are paying off, and thus we will vigorously implement the RCEF program in the succeeding years through 2025,” Mr. Dar said. — Revin Mikhael D. Ochave

China’s Xi warns of ‘turbulent change’ as external risks rise

BEIJING — Chinese President Xi Jinping warned that the world’s second-biggest economy is facing a period of ‘turbulent change’ and that rising external markets risk required policy makers to increasingly rely on domestic demand to spur growth.

Mr. Xi, chairing a seminar on Monday with a group of policy advisors and state economists, discussed the country’s mid- to long-term economic trends in preparation for the drafting of the 14th Five-year plan.

The five-yearly economic blueprint is expected to be unveiled in the annual parliament meeting next year, and Mr. Xi said China must be prepared for “a period of turbulent change” as the coronavirus pandemic has accelerated protectionism, hammered the world economy and disrupted supply chains.

“In the coming period, we will face more and more headwinds in the external environment, and we must be prepared to deal with a series of new risks and challenges,” he said, according to comments released by state news agency Xinhua late Monday night.

Mr. Xi said the domestic market will “dominate the national economic cycle” in the future, but vowed to further open up China’s economy.

While Mr. Xi didn’t make direct references to intensifying US-China tensions, he signaled China’s willingness to work on issues with the US.

“We must actively cooperate with all countries, regions and enterprises who are willing to cooperate with us, including states, localities and enterprises in the United States,” he said.

The US and China have been engaged in nearly two years of tit-for-tat tariffs and angry rhetoric, with tensions between the two economic superpowers spilling into other areas.

The US has sanctioned companies and individuals linked to a security crackdown in Hong Kong and human rights, banned a Chinese owned video app, penalized Chinese academics and closed Beijing’s consulate in Houston in recent months.

Mr. Xi also stressed the importance of technological innovation, adding without elaborating that China must “make breakthroughs in key core technologies as soon as possible.” — Reuters

Trump, Republicans paint dire portrait of America under Biden

CHARLOTTE, N.C. — President Donald Trump and his fellow Republicans opened their national convention on Monday by painting a dire portrait of America if Democrat Joe Biden wins the White House in November, arguing he will usher in an era of radical socialism.

Mr. Trump set the tone early in the day when he addressed Republican delegates in Charlotte, North Carolina, after formally securing the party’s nomination for another term, and claimed without evidence that Democrats were trying to steal the election.

Republicans had vowed to offer an inspiring, positive message in contrast to what they characterized as a dark and gloomy Democratic convention last week. But the first night’s prime-time program featured speakers who peppered their remarks with ominous predictions if Democrats win power.

“They’ll disarm you, empty the prisons, lock you in your home and invite MS-13 to live next door,” US Representative Matt Gaetz, one of Mr. Trump’s staunchest backers in Congress, said, referring to an international criminal gang.

The four-day convention got under way at a critical juncture for Mr. Trump, who trails Biden in national opinion polls during a pandemic that has killed more than 176,000 Americans, erased millions of jobs and eroded the president’s standing with voters.

Mr. Trump has focused on a “law and order” message in response to widespread protests following the police killing of George Floyd, a Black man in Minneapolis, and he has pushed schools and businesses to reopen despite the pandemic. Both messages represent the campaign’s effort to win back suburban voters, especially women, who have abandoned the Republican Party in droves during the Trump era.

Donald Trump, Jr., the president’s oldest son, portrayed the ongoing civil unrest as violent assaults on small businesses by anarchists and said Democrats would fail to keep neighborhoods safe.

The convention’s opening night also laid out what promises to be a central theme of the week: that Biden, a former vice president, and his running mate, US Senator Kamala Harris, will merely be puppets of radical left-wing activists.

Multiple speakers accused Mr. Biden of wanting to defund the police and ban fracking, though he has rejected both positions.

Another frenetic day for Mr. Trump threatened to overshadow his attempt to recalibrate the campaign, however. In Washington, congressional Democrats examined US Postmaster General Louis DeJoy, a Mr. Trump donor, over whether he was deliberately sabotaging mail service to harm voting by mail, while one of Mr. Trump’s closest advisers, Kellyanne Conway, prepared to depart the White House.

The New York attorney general’s investigation into Trump’s family business deepened on Monday, while the National Guard was deployed in Wisconsin following unrest after a Black man was shot in the back by police.

A Reuters investigation revealed a sex scandal involving evangelical leader Jerry Falwell, Jr., a high-profile Trump supporter, whose tenure at the Christian university he runs appeared in limbo.

In contrast to the Democratic convention, which featured three former presidents, the Republican event does not include former Republican President George W. Bush, who has declined to endorse Trump’s reelection.

Mr. Biden, 77, and his fellow Democrats portrayed Mr. Trump, 74, as a force for darkness, chaos and incompetence during their convention, while stressing the Democrats’ diversity and values like empathy and unity.” — Reuters         

1...7,6427,6437,644...12,727Page 7,643 of 12,727
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube