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DND chief: EDCA sites’ proximity to Taiwan a ‘geographical accident’
Defense Secretary Gilberto Teodoro Jr. said the “proximity" of Enhanced Defense Cooperation Agreement or EDCA sites to Taiwan must be a “geographical accident”, emphasizing that these locations were identified for the country’s national interest. “You know what, its proximity to Taiwan is a geographical accident, and [if] other people are paranoid about it, it's their problem. For me, my concern is Philippine national interest and national security, and we will have to put bases, not necessarily EDCA, throughout our archipelago,” Teodoro told reporters in a chance interview during his visit on Thursday to Lal-lo Airport in Cagayan — where one of the additional EDCA sites is located — accompanied by Armed Forces of the Philippines Chief of Staff. Gen. Romeo Brawner Jr. Teodoro added that the defense department is now pursuing an archipelagic doctrine with baselines. “We have to protect that. The paranoia of other people may be, rightly so, taken into consideration, but national security is paramount in this country,” he said. The Philippines has already reassured other countries that it is not allowed by the Constitution to wage war or any offensive action “as an instrument of national policy.” “Now if they do not take our word for it, then how can we trust each other? Just like some people say they have pacific intentions, yet there are contrary actions,” he said. The defense chief maintained that the DND’s actions are anchored on the best interests of the country. “EDCA is not only for logistical support on the United States side, but it’s capability upgrade on the Philippine side and that’s what I’m making sure of,” he said. On the other hand, Teodoro said the development of all existing locations identified as EDCA sites should be expedited to address the “operational limitations.” An example of such limitation is refueling using the barrel method by Philippine and American aircraft engaged in disaster relief missions following the onslaught of the southwest monsoon and Typhoon "Egay". "Now you are noticing the operational limitation—as you can see they are using barrels for refueling for both Philippine assets and the United States air assets," Teodoro said. Citing the Lal-lo Airfield, Teodoro said developing or building more facilities will improve "operational tempo.” Considering the urgent demand for humanitarian assistance and disaster relief requirements in the Philippines, Teodoro pointed out the need to fast-track the construction of five initial EDCA sites with the US, including the Cesar Basa Air Base in Floridablanca, Pampanga; Fort Magsaysay Military Reservation in Nueva Ecija; Lumbia Airport in Cagayan De Oro; Antonio Bautista Air Base in Puerto Princesa, Palawan; and Benito Ebuen Air Base in Cebu, as well as the additional four, namely the Naval Base Camilo Osias in Sta. Ana, Cagayan; Lal-lo Airport in Lal-lo Cagayan; Camp Melchor Dela Cruz in Gamu, Isabela; and Balabac Island in Palawan. Teodoro said the areas where these EDCA sites are the most disaster-prone. These locations are also essential to the integrity of the country’s credible deterrent posture and Philippine territorial security, he added. "The EDCA is purely a logistical site of the United States to help us speed up operational tempo and response. These are non-offensive," Teodoro said, stressing that Filipino assets to be deployed or positioned in EDCA sites will remain as “Philippine national security items for our territorial defense.” The post DND chief: EDCA sites’ proximity to Taiwan a ‘geographical accident’ appeared first on Daily Tribune......»»
Asian markets struggle to match Wall Street as inflation data looms
Markets were mixed in Asia on Tuesday, with investors awaiting the release of key US inflation data later in the day that could play a big role in the Federal Reserve's keenly anticipated interest rate decision. Expectations are for the US central bank to hold fire at the end of its meeting Wednesday -- after 10 straight hikes -- as data suggested the economy remained healthy but was showing signs that the tightening measures are kicking in. Analysts said bets are on a pause for another increase next month, though they warned that a forecast-busting reading on the consumer price index could force officials to keep lifting. Optimism that borrowing costs will be held -- traders have priced in a 20 percent chance of a hike -- has helped push stocks higher this month, with the S&P 500 now in a bull market, having risen 20 percent from its October lows. "The committee is expected to skip the June meeting but still pair that with hawkish communications to counter any sense that a June pause trumpets the end of their hiking campaign," said SPI Asset Management's Stephen Innes. "However, a big upside surprise in today's CPI could move the rate hike needle for June up to and above 50-50." After a strong performance on Wall Street, Asia struggled to pick up the baton. Tokyo, Seoul, Wellington and Taipei rose but Hong Kong, Shanghai, Sydney, Singapore, Manila and Jakarta were in negative territory. The Fed decision comes as central banks around the world continue to struggle in their battle against inflation, which remains well above their two percent targets. The European Central Bank is expected to unveil another increase Thursday despite the eurozone dipping into recession, while the Bank of Japan is tipped to stand pat when it meets Friday. Canada and Australia announced increases last week. But China on Tuesday announced a small cut in its short-term lending rates as authorities try to kickstart a recovery in the economy, which has run out of steam after an initial burst seen after the lifting of zero-Covid restrictions. The move comes after figures showed inflation remained subdued and saw the yuan drop against the dollar. China's ongoing problems remained a weight on the crude market as investors fret over the impact on demand, even after Saudi Arabia's surprise decision to slash output by a million barrels a day next month. WTI is down about 15 percent this year Brent has lost around 13 percent. Both contracts edged up Tuesday but made little headway into the four percent losses suffered the day before as Goldman Sachs slashed its price forecast for the third time in six months. - Key figures around 0230 GMT - Tokyo - Nikkei 225: UP 1.6 percent at 32,946.49 (break) Hong Kong - Hang Seng Index: DOWN 0.6 percent at 19,296.53 Shanghai - Composite: DOWN 0.4 percent at 3,217.54 Euro/dollar: UP at $1.0772 from $1.0762 on Monday Pound/dollar: UP at $1.2522 from $1.2510 Dollar/yen: DOWN at 139.49 yen from 139.56 yen Euro/pound: UP at 86.04 percent from 86.00 pence West Texas Intermediate: UP 0.2 percent at $67.26 per barrel Brent North Sea crude: UP 0.4 percent at $72.11 per barrel New York - Dow: UP 0.6 percent at 34,066.33 (close) London - FTSE 100: UP 0.1 percent at 7,570.69 (close) dan/dva © Agence France-Presse The post Asian markets struggle to match Wall Street as inflation data looms appeared first on Daily Tribune......»»
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