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PBBM skips PCCI annual event’s end
President Ferdinand Marcos Jr. failed to attend the final day of the 49th Philippine Business Conference and Expo, or PBCE, sending Executive Secretary Lucas Bersamin instead. PBCE is the main assembly yearly of the country’s biggest trade group Philippine Chamber of Commerce and Industry. An incumbent president usually attends the second day of the PBCE to personally receive the business group’s resolution and suggestions on various issues. Malacañang did not give any detail on Marcos’ failure the biggest gathering of businessmen yearly. However, Vice President Sara Duterte attended the first day of the conference, in which she urged PCCI officials and members to join the Department of Education in reviewing the current senior high school system and provide valuable insights on skills matching in order to produce employable graduates. Besides the President, Trade Secretary Alfredo Pascual also did not make it which according to the Department of Trade and Industry communication’s chief, Undersecretary Kim Lokin, Pascual has not been feeling well since Wednesday. Cabinet officials, however, were in the event. They included Transportation Secretary Jaime Bautista, Information and Communications Technology Secretary Ivan John Uy, Energy Assistant Secretary Mario Marasigan and Internal Revenue Commissioner Artemio Lumagui Jr. Resolution submitted Bersamin received PCCI’s resolution, handed over by PCCI president George Barcelon and PBCE chairperson Felino Palafox. The resolution included the positions of various sectors, namely agriculture, energy and power; the environment and climate change; education and human resources development; industry and trade; ease of doing business and stability of rules and regulations; infrastructure, transport and logistics; innovation and digitalization; taxation, and tourism. Under the sectors of agriculture, energy and power, the business group urged the national government to develop a long-term plan to attain food security in agriculture and fishery through infrastructure support, technology transfer, product diversification, export enhancement, economies of scale, and adherence to the improvement of value chains and supply chains. For energy and power, the PCCI wanted the Marcos administration to ensure adequate and affordable power supply throughout the country by considering modern technology and harnessing renewable energy resources that meet the criteria of reliability and affordability. In terms of caring for the environment and climate change, PCCI officers and members also wanted the government to update and continue the execution of the National Framework Strategy on Climate Change (2010- 2022) which envisions a climate risk-resilient Philippines with healthy, safe, prosperous, and self-reliant communities and thriving and productive ecosystems. For education and human resources development, the government was urged to propel the Philippine education system to world-class status by harnessing new technologies, fostering innovation, and implementing comprehensive reforms that will prepare students for success in the digital age and the globalized world of work. Empowering businesses For industry and trade, the Marcos administration wanted to empower industries and enterprises by providing them with the necessary tools, resources, and support programs to enhance their competitiveness both in the domestic and international markets, contribute to economic growth, and promote innovation in the Philippines’ industrial and trade sectors. Furthermore, the government was also advised to provide a stable and predictable business environment by ensuring clear, consistent, and transparent regulations, streamlining and simplifying bureaucratic processes, reducing unnecessary red tape, and eliminating barriers that hinder business growth and development. Bersamin received PCCI’s resolution, handed over by PCCI president George Barcelon and PBCE chairperson Felino Palafox. Despite the ongoing Build, Better More infrastructure program, PCCI urged the government to implement a comprehensive national infrastructure, transportation and logistics master plan that outlines a long-term vision for connectivity and country-wide development. Together with the goal of urban decongestion, the strategy shall encompass the development of growth/business centers in different regions to create more employment opportunities and encourage people to relocate outside Metro Manila. The post PBBM skips PCCI annual event’s end appeared first on Daily Tribune......»»
Despite House vow, VP Sara’s confidential funds still ‘intact’
The confidential funds of the Office of the Vice President and the Department of Education totaling P650 million have yet to be transferred to security and intel agencies. Lawmaker Johnny Pimentel of Surigao on Thursday disclosed in an interview that the multi-million CF initially allocated to the OVP and DepEd remains within the purview of Vice President Sara Duterte, who governs the two agencies. Duterte sought P2.395 billion for OVP and P758.6 billion for DepEd in the proposed 2024 budget, including P500 million and P150 million in confidential funds, respectively. "At the moment [the OVP's and DepEd's CF is] not yet [transferred] because of time constraints. The budget was passed last night. The confidential funds allocated in each agency [are] still intact," he said. "However, there will be a small committee of four that will tackle the proposed amendment. It could be done there, or it could be done during the bicameral conference," he said. Pimentel was one of the party leaders in the House who decided to realign Duterte's P650 million to agencies involved in security and intelligence, such as the Philippine Coast Guard, National Intelligence Coordinating Agency, National Security Council, and the Bureau of Fisheries and Aquatic Resources amid China's persistent assertiveness in the West Philippine Sea. The most recent was the installment of a floating barrier in Bajo de Masinloc or Scarborough shoal off the coast of Zambales by the Chinese Coast Guard. The Senate leadership, according to Pimentel, concurs with the House's proposal and has expressed willingness to reallocate such funds to other agencies that most need them. "If you recall, Senate President Migz Zubiri also issued a statement that they will follow suit or follow the direction of the proposal of the lower house to reallocate the confidential intelligence funds," Pimentel said. "So, this will be up for discussions during the bicameral conference meeting or probably during the deliberations in the Senate," he added. The House leadership said it will reallocate Duterte's P650 million confidential funds following a consensus by the chamber's party leaders to augment funds for security and intel agencies to better safeguard Philippine territorial waters and guarantee Filipino fishermen rights and access to their traditional fishing grounds. House committee on appropriations chairperson Elizaldy Co confirmed on Wednesday that the lower chamber agreed to eliminate the confidential and intelligence of several agencies and that the OVP and DepEd were the first to be identified to received the budget cuts. "The country's safety and security are of paramount importance. To protect our territorial integrity from external threats, Congress is giving top priority to agencies directly in charge [of] protecting the country's safety and securing its borders," he stressed. "As discussed, we will realign the confidential funds of various civilian agencies. Now is the time to give our intelligence community the means to perform their duties, especially in these pressing times when we’re facing serious concerns in the West Philippine Sea," Co explained. Marathon deliberations in the proposed P5.768 trillion budget for 2024 have led to intense debates in the House, particularly on the grant of multi-million confidential funds to numerous civilian agencies, including the OVP and DepEd, that have nothing to do with surveillance. Last week's deliberations revealed that Duterte's office spent P125 million in confidential funds in 2022 in merely 11 days— not 19 days-- as initially claimed by some opposition lawmakers. The P125 million CF was part of the P221.42 million contingent fund of the OP transferred to the OVP in 2022, with the opposition claiming it was unconstitutional since there was no line item in the OVP's 2022 budget on confidential funds in the 2022 General Appropriations Act. The post Despite House vow, VP Sara’s confidential funds still ‘intact’ appeared first on Daily Tribune......»»
EU businesses ‘questioning their position’ in China — trade commissioner
European businesses in China are increasingly questioning their positions in the face of tough new security laws and a politicization of trade, an EU commissioner warned in Beijing on Monday. "European companies are concerned with China's direction of travel," Valdis Dombrovskis said in a speech at the capital's Tsinghua University. "Many are questioning their position in this country." He pointed to a new foreign relations law and a recent update to China's anti-espionage laws as being of "great concern to our business community". "Their ambiguity allows too much room for interpretation," he warned. "This means European companies struggle to understand their compliance obligations: a factor that significantly decreases business confidence and deters new investments in China," Dombrovskis said. The EU trade commissioner is on a multi-day visit to the world's second-biggest economy, where he is set to meet senior economic officials and press the bloc's case that it is not seeking an economic decoupling from China. His trip follows a report by the Chamber of Commerce of the European Union last week that showed business confidence was at one of its lowest levels in decades. "For decades, European companies thrived in China," the Chamber's president Jens Eskelund said. But, after three "turbulent" years, he said, "many have re-evaluated their basic assumptions about the Chinese market". And it comes in the face of mounting trade tensions between the EU and China, following Brussels' decision to launch a probe into Beijing's electric car subsidies. The investigation could see the EU try to protect European carmakers by imposing punitive tariffs on vehicles it believes are unfairly sold at a lower price. The day after that announcement, the Chinese commerce ministry hit back at the EU's "naked protectionism", and said the measures "will have a negative impact on China-EU economic and trade relations". Speaking in Beijing on Monday, Dombrovskis insisted China remained an attractive investment opportunity for European businesses. "The EU and China both benefited immensely from being open to the world," he said. "Trading and cooperating across borders helped to shape our economic and geopolitical strength." But, he said, growing challenges for business risked turning "what many saw as a 'win-win' relationship in past decades could become a 'lose-lose' dynamic in the coming years". Ukraine war China's refusal to condemn Russia's war in Ukraine also poses a "reputational risk", he said. Beijing's position "is affecting the country's image, not only with European consumers but also businesses", he said. China has sought to position itself as a neutral party in the Ukraine conflict while offering Moscow a vital diplomatic and financial lifeline as its international isolation deepens. Russian leader Vladimir Putin is due to visit China next month. "China always advocates for each country being free to choose its own development path," Dombrovskis said. "So it's very difficult for us to understand China's stance on Russia's war against Ukraine, as it breaches China's own fundamental principles." The post EU businesses ‘questioning their position’ in China — trade commissioner appeared first on Daily Tribune......»»
Starbucks opens $220 million plant outside Shanghai
US coffee behemoth Starbucks opened a $220 million development outside Shanghai on Tuesday, a sign established multinationals are still looking to China for growth despite its faltering post-Covid recovery. A survey released Tuesday by the American Chamber of Commerce in Shanghai reported optimism among US businesses in China was at a "record low", mainly blaming the sluggish economy and Washington-Beijing tensions. But Starbucks' "Coffee Innovation Park", which includes a roasting plant and distribution center, is the largest investment the company has made in any such project outside the United States, a news release said Tuesday. "Starbucks' best days are ahead in China," a spokesperson for the company told AFP by email when asked to comment on business sentiment in the country. "As Starbucks' largest and fastest-growing international market, we will continue to deepen our investment and reinforce our unwavering long-term commitment to the China market," CEO Laxman Narasimhan was quoted as saying in the release. Narasimhan visited China in May, when he met the mayor of Shanghai, according to state media. His trip took place as other CEOs of major multinational companies flocked to the world's second-largest economy to shore up business support post-Covid -- including Apple, Tesla, JP Morgan, and General Motors. Starbucks declined to give further details on the visit when asked. The company has more than 6,500 coffee shops in more than 250 Chinese cities and says that a new store opens in the country every nine hours. The new Coffee Innovation Park has been built to serve the company's China stores exclusively, the company said, with some beans used coming from southern Yunnan province. The post Starbucks opens $220 million plant outside Shanghai appeared first on Daily Tribune......»»
Zubiri: Coral destruction in WPS a global food security threat
The destruction of the marine ecosystem in the West Philippine Sea, particularly in the Escoda (Sabina) and Rozul (Iroquois) Reefs, threatens global food security, Senate President Juan Miguel “Migz” Zubiri warned. “This is a wanton destruction of our future food security areas. I am really angry with what they are doing,” Zubiri said in a statement. He made the comment following the report of the Armed Forces of the Philippines Western Command of missing and destroyed corals along Rozul Reef. The discovery of damaged corals came after the sightings of Chinese maritime militia vessels in the area. The report was confirmed by the Philippine Coast Guard, which found similar observations on the seabed of Escoda Reef, also in the West Philippine Sea. According to Zubiri, the destruction of marine ecosystems will have global consequences. “This is not a destruction only on the Philippine side, but for the whole world. It’s for the whole world because the species of fish that breed there are not only being harvested by Filipino fishermen, but also harvested by Malaysian fishermen, Vietnamese fishermen, even Chinese fishermen,” he pointed out. “So it is for the good of the world if our coral reefs are protected. That’s why I’m really very mad,” he added. He also made an appeal to the Chinese Embassy in Manila to “tell their militia vessels to put a stop on this wanton destruction.” ‘Marine ranger stations’ To safeguard the country’s marine resources in the West Philippine Sea, the Senate chief said the upper chamber would propose a P600 million budget to build marine ranger stations across the country. “We agreed to it already. We already spoke to Senator Sonny Angara. The P600 million is to build marine ranger stations in different parts of the Philippines, including the West Philippine Sea,” he said. He noted that the upper chamber is working closely with the Department of the Environment and Natural Resources in setting up marine ranger stations in key coastal areas nationwide. Aside from budget allocations for the establishment of marine ranger stations, Zubiri also vowed to fight for bigger allotments for the Philippine Coast Guard and the Philippine Navy in the national budget for 2024 to boost their capabilities to protect and monitor the country’s maritime zones. “This budget is a critical budget. This is the time that we have to put our money where our mouth is. This is the time that we need to increase the budget for ships, patrol crafts, and marine research centers,” he said. Under the proposed P5.768-trillion National Expenditure Plan for 2024, the PCG has been allocated with P24.014 billion, an increase of nearly 10 percent from its allotment of P21.92 billion this year. On the other hand, P40.97 billion has been set aside for the Navy, up from its current budget of P34.98 billion. The post Zubiri: Coral destruction in WPS a global food security threat appeared first on Daily Tribune......»»
Senators weigh in on Marcos’ Manila Bay reclamation suspension order
President Ferdinand Marcos Jr.'s latest directive halting reclamation works in Manila Bay gained mixed reactions from senators. In separate statements on Wednesday, lawmakers from the upper chamber expressed support for the recent directive on the Manila Bay reclamation activities which is linked to massive floodings in Metro Manila and nearby provinces. Senator Joseph Victor “JV” Ejercito, who earlier urged the Philippine Coast Guard and the Philippine Navy to inspect the Chinese vessels undertaking the reclamation in Manila Bay, backed the suspension order. “That is a very welcome development. I support the President’s decision 100 percent,” Ejercito said. Marcos ordered the suspension of all the reclamation projects in Manila Bay except one that he did not identify. Senator Risa Hontiveros also welcomed the chief executive’s suspension of reclamation projects in Manila Bay, particularly those handled by the China state-owned China Communications Construction Co. or CCCC. “We should not take risks with companies like the CCCC,” Hontiveros said in a separate statement. “The government should self-control on projects that destroy the environment. When there is a change in the natural resources, it will be difficult to fix,” she added. Earlier this month, the government of the United States, through its Embassy in the Philippines, expressed concerns over the “negative long-term and irreversible” impact on the environment of the ongoing reclamation projects in Manila Bay, particularly those linked to the CCCC. Of 32 ongoing reclamation projects in Manila Bay, China Communications Construction Co., or CCCC, is involved in two projects such as the Pasay Harbor City Reclamation Project and Manila Waterfront City Development Project. The CCCC is a firm that was added to the US Department of Commerce’s Entity List for its role in helping the Chinese military construct and militarize artificial islands in the South China Sea. “The company has also been cited by the World Bank and the Asian Development Bank for engaging in fraudulent business practices,” the embassy said. While many senators supported the President’s decision, Senator Robinhood “Robin” Padilla seems to be against the suspension of reclamation activities in Manila Bay. During the hearing of the Senate Committee on Public Works, where proposed measures including those on flood control projects were taken up, Padilla clarified that he is not against the reclamation activities in Manila Bay. “Reclamation is considered a sign of progress in a country. I am not against it,” he said. Citing many countries and territories such as The Netherlands, Singapore, Macau, Hong Kong, and Dubai that he visited which have reclamation projects, but are not marred by flooding, Padilla said the Department of Public Works and Highways must implement reclamation projects properly. “You in the DPWH should be aware that flooding has affected not just Bulacan but also Pampanga and Nueva Ecija, which are agricultural areas,” he said. “If flooding affects farmers and their produce, this will lead to importation, and our problems will never end,” he added. He continued: “We are all public servants. I repeat that I am not against reclamation, but I hope the problem of flooding can be solved.” The post Senators weigh in on Marcos’ Manila Bay reclamation suspension order appeared first on Daily Tribune......»»
Mga UNGA(s)
The United Nations General Assembly, or UNGA, is the “chief deliberative, policymaking and representative organ of the United Nations,” according to the UN’s official website. And says the website of the Department of Foreign Affairs, our country’s representative to the UNGA is a diplomat of ambassadorial rank appointed by the President. This is as it should be, for it is a doctrine beyond cavil that the President is the main architect of our country’s foreign policy, hence, the country’s delegate to the UNGA must act under the direction of our Chief Executive. Anyone who has gone through high school civics class and/or can use an internet browser would know that. In other words, while the Legislature has not been locked out of certain foreign policy considerations (such as the approval of treaties and the confirmation of ambassadors), its main function is to make laws. If memory serves, it’s called the separation of powers. But then, some members of our Senate — which Ferdinand Marcos Sr. wisely did away with in 1972 — specifically Senate President Zubiri and Senator Hontiveros, thought it would be politically expedient to pander to the growing throng of Filipinos constantly angered by the Chinese harassment of our fishermen. Thus, in aid of election (he to the vice presidency, she to the presidency, if the grapevine is to be believed), the two strange bedfellows shepherded through the chamber Senate Resolution 718, which practically dictated to the Department of Foreign Affairs, through a so-called five-pronged approach, how it should deal with the West Philippine Sea problem. Now, it, of course, shouldn’t be a problem for individual legislators to express their opinions as to how the WPS question should be handled by our government. After all, the members of Congress, even as citizens — and more so as elected representatives — have as much right as anyone to do so. But for the Senate, as an institution, to practically boss around the DFA on what to do, especially with regard to our actions in the UNGA, leaves a bad taste in the mouth, to be charitable about it. Chief Legal Counsel Juan Ponce Enrile was more blunt. He called it “stupid.” A Senate Resolution, although not law, expresses the sense of that body on a particular issue. It can be made to cut for good when the Senate throws its institutional weight behind a subject of national interest. But the mandate at large of the senators does not justify trenching upon the prerogatives of the President when it comes to conducting international policy. When that happens, the Senate’s sense, in that sense, becomes nonsense. There is a reason why the President is the one mandated by the fundamental law to lay down our foreign policy. By virtue of his being commander-in-chief of all the armed forces of the Philippines, as well as the head of government, he is privy to top secret information that all others — senators included — have no access to. And as head of state, he receives information from other heads of state — formally and through backchanneling, that aid him in determining the best strategy to adopt in our relations with other nations. Resolution No. 718 thus not only preempts the Chief Executive, it tries to embarrass him by publicly suggesting steps that he is “strongly urged” to take. Worse, it presumptuously gives the subtext that the Senate knows better than the President in matters of foreign policy. Not good. It was right for the DFA to diplomatically call out the Senate on its resolution by saying that the option of bringing the WPS brouhaha to a vote in the UNGA should be seriously studied. Knowing China’s diplomatic clout in view of its trade partnership with so many nations, if the WPS topic dies on the floor of the UNGA, then the Senate will look like a bunch of “mga ungas” (stupid or ignorant people). The post Mga UNGA(s) appeared first on Daily Tribune......»»
Escudero to gov’t: File petition before SC of Hague ruling over WPS
The Marcos administration can file a "Special Action for Recognition of Foreign Judgment" before the Supreme Court to formally recognize the ruling of the Permanent Court of Arbitration (PCA) as part of the law of the land, Senator Francis Escudero suggested Thursday. In a media briefing, Escudero noted that the Arbitral Ruling in 2016 reinforced the country’s claims over the West Philippines Sea while it invalidated China's nine-dash line—claiming almost the entirety of the South China Sea. He added filing a petition before the SC—to recognize the 2016 Hague ruling—will prevent future administrations from trying to amend the country’s triumph over China. Escudero said the government, through the Solicitor-General, should initiate the filing of the petition on recognition of foreign judgment before the SC. “The recognition of foreign judgment should be led by the Solicitor General as an official lawyer of the government,” he said. Escudero stressed a High Court’s recognition could be a “better alternative instead of bringing the WPS concerns” before the United Nations General Assembly—which he sees as having disadvantages. The senator said his suggestion could be one of the options in giving flesh to the intentions of Senate Resolution 718, which condemned China’s continued aggression in the WPS and urged the Philippine Government to “take appropriate action in asserting and securing the Philippines' sovereign rights over its exclusive economic zone.” While pushing for the “Special Action for Recognition of Foreign Judgment”, Escudero admitted that the Philippines has no case similar to the arbitral ruling. However, he cited a parallel analogy in Article 26 of the Family Code that “allows recognition of a foreign divorce obtained by the foreigner spouse abroad.” Once the SC decides that it recognizes the arbitral ruling, Escudero said it will become part of the country’s law, and even if Congress did not pass any measure related to this, the said portion, could not be altered or revisited. “The Constitution is part of the law of the land. The Constitution says all decisions, final and executory of the Court, whether it be the higher or lower court, shall form part of the law of the land,” he said. While the Senate has adopted Resolution 718 and presented it to Malacañang, Escudero lamented it will ultimately be up to President Marcos which direction to take insofar as the country's foreign policy is concerned. He admitted not supporting the resolution on the WPS should his colleagues in the chamber would insist on bringing the issue to the UNGA. While the government seeks a peaceful route to resolving the conflicting claims in the WPS, Escudero pressed that the Philippines should strongly assert its right over the WPS. “The Philippines should continue what it has been doing," Escudero said, referring to the government's consistent move of filing diplomatic protests every time a Chinese harassment incident occurs in the WPS. "Tatayuan natin at hindi natin bibitiwan ang ating karapatan at pagmamay-ari sa lugar na iyan habang hinahayaan natin magpatuloy ang iba't-ibang uri ng ugnayan at relasyon sa bansang Tsina na pinagkakasunduan naman ng dalawang bansa," Escudero said. "We can agree to disagree on certain points but we can also move forward and cooperate on points that we have agreed upon, such as trade. For me this is the best way to approach the issue," he added. Escudero noted that he already discussed this proposal with Senate Minority Leader Aquilino Pimentel III and Senator Risa Hontiveros prior to the approval and adoption of SR 718 last 1 August. The post Escudero to gov’t: File petition before SC of Hague ruling over WPS appeared first on Daily Tribune......»»
Guess who?
It is amusing, if not vexing, to see some high officials and members of the deliberative body competing with each other to call attention to themselves. They blabber inane remarks to the exasperation and vexation of the public. A few of them boxed in into any controversy that catches national intention and inflicts us with what obviously appears to be nonsensical, unthinking, and intelligent narratives, forgetting that they look ridiculous and comical in the process. A few others sponsor resolutions on matters not within their turf and expertise. They express their opinions without studying the subject matter and foist theories and ideas exposing their intellectual barrenness. They inject their unstudied take on foreign policy. They try very hard to upstage the Chief Executive in matters of foreign policy, particularly on the issue of our foreign relations with China and the United States. They also have the gumption to teach the President what to do about the enforcement of the arbitral ruling in favor of the Philippines rendered by the Permanent Arbitration Court vis-a-vis the conflicting claims in the West Philippine Sea, by giving him options on what to undertake either to enforce the favorable ruling or to rally the other countries to support the Philippines in putting to a halt the Chinese unlawful incursions to the former’s territory. They also input their pretended nationalism on the issue of human rights violations and the jurisdiction of the International Criminal Court. At least two of them contradict the President on many occasions in the matter of the ICC jurisdiction. Despite being called out on the nitwittery of their action they foolishly cling to it. Others initiate and pursue investigations on almost anything that fancies them or that will give them the opportunity to put them in the limelight for a free media mileage. A few numbers eyeing re-election in 2025 have started campaigning by advertising themselves in media outlets under the guise of asking the public to support a particular government program, introducing themselves completely with an accompanying campaign jingle heralding their names. Others use different tact, they shamelessly use their offices and positions and travel around the country using taxpayers’ money under the guise of official work but actually have slowly established a network of local government officials, for a shot at high national positions. Still others, do it brazenly, committing treasonous acts by plunging the dagger at the backs of their unsuspecting potential rivals for power. There are those, of course, who always make it a point to be on the side of the President in every official and social event that the latter attends, to make it appear they are close to him. They are always in praise of the principal in whatever he does, making themselves more popish than the Pope. Those whose exposure to the fourth estate brought them to where they are now, bring their pomposity and grandstanding in their official activities, acting as if they are still in their talk and public service shows. They browbeat and insult invited guests during inquiries believing their antics appeal to the peanut galleries. They strain themselves showing that they are smart and even scold cerebral academicians only to retreat and hide behind a growl while shifting to another topic in an attempt to camouflage their ignorance. There are also former government men who, in their desire to return to power and influence, the source of their ill-gotten wealth, ingratiate themselves to the present dispensation by publicly siding with the official pronouncements coming from the side of the Pasig River, always praising their bogus credentials. Finally, those who have managed to shockingly get appointments, delude themselves into believing that they were placed there because they deserved to be there, when in reality, it’s a political accommodation to pay off for their asinine pretended loyalty, using gutter language and indecency to get the support of the political followers of the presidential candidate. They have been unmasked as undeserving of the professions they used to belong to. Yes, you guess it right, they are the people being referred to in this article. The post Guess who? appeared first on Daily Tribune......»»
US-China cooperation in climate finance ‘critical’: Yellen
It is "critical" for Washington and Beijing to keep working together on climate finance, US Treasury Secretary Janet Yellen said Saturday, urging deeper cooperation in addressing the "existential threat" of global warming. Her comments, on a four-day trip to Beijing that follows Secretary of State Antony Blinken's visit, come as the United States seeks to cool tensions and stress areas of collaboration between the world's two biggest economies. "As the world's two largest emitters of greenhouse gases and the largest investors in renewable energy, we have both a joint responsibility –- and ability -– to lead the way," Yellen told a roundtable of experts in China, underlining a key area of cooperation despite tense bilateral relations. "Climate change is at the top of the list of global challenges, and the United States and China must work together to address this existential threat," she added. Saying that "climate finance should be targeted efficiently and effectively", she pressed China to support existing multilateral institutions like the Green Climate Fund, while urging for the inclusion of the private sector in transitioning towards net zero. "Both our economies seek to support partners in emerging markets and developing countries as they strive to meet their climate goals, and I believe continued US-China cooperation on climate finance is critical." China last year briefly said it was suspending talks on the climate after Nancy Pelosi, then speaker of the House of Representatives, visited Taiwan -- the self-ruling democracy claimed by Beijing. But there are signs that talks might restart again soon, with US envoy John Kerry due to travel to China soon to discuss cooperation on climate change, a US official said Friday. Besides working together on climate, Yellen said in a Friday meeting with Chinese Premier Li Qiang it was also key that Washington and Beijing closely communicate on global economic and financial affairs -- while making joint efforts on international challenges such as debt distress. 'Big ticket items' On Saturday, in addition to meeting people involved in climate finance, she is also expected to speak with women economists and see Vice Premier He Lifeng, a key Chinese economic official. And a key question is whether "big ticket items that are in the category of global challenges," like debt distress and climate cooperation, get bumped to the top of the agenda, said Lindsay Gorman, senior fellow for emerging technologies at the German Marshall Fund of the United States. Yellen's talks on Saturday follow meetings with US businesses, who have expressed a host of concerns ranging from level playing fields with the Chinese, reduced people-to-people exchanges, and an uncertain business climate in the face of a national security crackdown. "Anything that can help make the US-China relationship better, number one, will help the companies here, the investment sentiment and two, just give us more opportunity to cooperate," Michael Hart, president of the American Chamber of Commerce in China, told AFP. The post US-China cooperation in climate finance ‘critical’: Yellen appeared first on Daily Tribune......»»
US business titans flock to China despite fraying ties
From Elon Musk to Bill Gates and Apple's Tim Cook, some of the United States' biggest business titans have headed to Beijing, seemingly defying the barrage of doomsayer narratives around the US-China trade war. The stream of visits by some of the world's richest men began after China abruptly ended nearly three years of Covid isolation late last year. In Beijing, the American magnates have talked up their optimism about China's vast market and trade ties between the world's two largest economies. Landing in China in late May, Tesla owner Musk reportedly said that Beijing and Washington's interests were "intertwined, like conjoined twins, who are inseparable from each other". Apple CEO Cook also spoke of his firm's "symbiotic" relationship with China -- home to the world's largest iPhone factory. The biggest honor of all -- a meeting on Friday with Xi Jinping -- was reserved for Gates, whom the Chinese leader hailed as "our old friend", according to the state-run People's Daily. The visits come as US-China trade tensions deepen, and after trade between the two countries reached a record $690.6 billion last year, according to the US Department of Commerce. But businesses are worried about a slow in US exports to China, America's third-largest trading partner, with the drop strongly felt in the tech industry. Citing national security concerns, the United States in 2022 blocked exports to China of the most advanced semiconductors and the equipment needed to make them. China has hit back by vowing to accelerate its efforts to become self-reliant on semiconductors. "China-US trade was... once mutually dependent and beneficial," analysts at the Peterson Institute for International Economics wrote in a recent paper. "US exports to China are one more channel through which the bilateral relationship continues to deteriorate." 'Minority voice' The US government is engaged in high-stakes disputes with China over policy issues ranging from Taiwan to human rights, with no sign of tensions abating despite an upcoming visit to Beijing by US Secretary of State Antony Blinken. US businesses in China have long been at the forefront of advocating for engagement, arguing that a strong economic relationship could spur reform. The visits by the magnates show just how embedded some of the world's biggest firms are in China, despite the political tensions. With China growing more repressive under Xi, however, long-influential business lobbies are "increasingly a minority voice", according to Joe Mazur, an analyst at Trivium. "The business community is one of the last remaining pieces of ballast that is stabilizing the US-China relationship." Blinken visit The business community in China will be closely watching Blinken's visit this weekend, which analysts say is unlikely to ease the confrontation. "American business has substantial investments, thousands of employees, and still considers China a promising market," James Zimmerman, a Beijing-based former chairman of the American Chamber of Commerce in China, told AFP. But the US and Chinese governments, he said, "have hollowed out any level of collaboration and there is little room for developing even a pretense of goodwill". The US-China Business Council, long a key interlocutor between Beijing and Washington, feels left in the lurch, with its efforts against stricter trade curbs having failed to sway an increasingly hawkish Congress. "They have to make the case for continued engagement with China when the received wisdom in Washington is that the moment of engagement has passed," Mazur said. Is it worth it? Recent moves by Beijing to restrict overseas access to data and raids on consulting firms' offices have also spooked foreign companies -- adding to a sense that doing business in China is increasingly not worth the risk. "There's a shift in sentiment," said Claire Chu, a senior China analyst at defence intelligence company Janes. Many companies may "wonder maybe, even if I don't exit, I should start thinking about it", Chu added. "Dawn raids with little due process and the indefinite detention of employees without access to legal counsel has become the norm for both Chinese and foreign companies alike," Zimmerman said. Many top manufacturers are openly recalibrating their reliance on China: both Apple and Tesla are looking to move some of their production out of the country. "Much the same way that people said 10 years ago that you need to be in China to be relevant, now relevance will depend upon a strategic reshoring exercise," Zimmerman added. The post US business titans flock to China despite fraying ties appeared first on Daily Tribune......»»
Rody among Phl-China friendship promoters
Former President Rodrigo Duterte and former Special Envoy to China and chief executive officer of Liwayway Marketing Corporation Carlos Chan were chosen to receive this year’s Award for Promoting Philippines-China Understanding or APPCU. Duterte and Chan were chosen as the Hall of Famer of APPCU among more than 30 applicants, as the award-giving body recognized their “prestige and stature and immense effort of work that they have over time, as evidenced by the extent of reach, impact, and reception of their works by communities and societies.” Aside from them, other awardees for the APPCU’s Outstanding Contributions are former Ambassador to Greece and Cyprus, Rigoberto Tiglao and Jaime Cruz, former Special Envoy to the People’s Republic of China’s Trade and Investments. On the other hand, recipients of Major Contributions are Regina Rosa Tecson, the director of the Satellite Office of Vice President Sara Duterte in Davao City and Jose Ong Tajan, the former president of APCU Baguio and the former chairman of the Filipino Chinese Chamber of Commerce of Baguio City. The formal bestowing of the award will be on 8 June at the Manila Hotel. APPCU, an annual undertaking, is a joint project of the Association for Philippines-China Understanding, or APCU, and the Embassy of the People’s Republic of China in the Philippines. Though it is in its third year already, relatively speaking, it is a novel award-giving body that pays special tribute to Filipinos who have made efforts through time to strengthen friendly ties and promote mutual understanding between the Philippines and China using their respective advocacies and expertise in the various fields and disciplines of mass media and public service; trade and commerce; and arts, culture, and the sciences. APPCU was conceptualized and launched on 16 July 2021 by then-China State Counselor and Foreign Minister Wang Yi and former Philippine President Gloria Macapagal-Arroyo, during the inauguration of the Manila Forum for China-Philippines Relations. The primary rationale behind launching APPCU is to actively continue promoting friendship between China and the Philippines and enhancing people-to-people exchanges, noting that amity between people holds the key to sound state-to-state relations. Essentially, the award is locating people who made a mark and contributed much effort through time in the improvement and advancement of Philippines-China bilateral friendly relations and understanding. The award, in essence, promotes the spirit of friendship and understanding between the Philippines and China. Those eligible for the awards are Filipino citizens who have committed themselves to improving and advancing Philippines-China bilateral relations using their fields of discipline and areas of expertise. The post Rody among Phl-China friendship promoters appeared first on Daily Tribune......»»
US averts first-ever default with 11th-hour debt deal
US senators voted to suspend the federal debt limit Thursday, capping weeks of fraught negotiations to eliminate the threat of a disastrous credit default just four days ahead of the deadline set by the Treasury. Economists had warned the country could run out of money to pay its bills by Monday -- leaving almost no room for delays in enacting the Fiscal Responsibility Act, which extends the government's borrowing authority through 2024 while trimming federal spending. Hammered out between Democratic President Joe Biden and the Republicans, the measure passed the Senate with a comfortable majority of 63 votes to 36 a day after it had sailed through the House of Representatives. "No one gets everything they want in a negotiation, but make no mistake: this bipartisan agreement is a big win for our economy and the American people," Biden said in a statement posted to social media. He said he would sign the bill "as soon as possible" and address the nation Friday. Democratic Senate Majority Leader Chuck Schumer added that the nation could "breathe a sigh of relief" after avoiding a "catastrophic" economic collapse. "But, for all the ups and downs and twists and turns it took to get here, it is so good for this country that both parties have come together at last to avoid default," he said. The bill -- which now heads to Biden's desk to be signed into law -- ended a day of intense back-and-forth between party leaders and rank-and-file members who had threatened the bill's quick passage with last-minute gripes about the details. Democratic leaders had spent months underlining the havoc that a first default in history would have wrought, including the loss of millions of jobs and $15 trillion in household wealth, as well as increased costs for mortgages and other borrowings. 'Behind the eight ball' The late evening drama came after a series of failed ballots on amendments sought mainly by Republicans who were threatening at one point to hold up the process, dragging it deep into the weekend. Senators elected to offer 11 tweaks to the 99-page text, many objecting to funding levels for their pet projects -- from border control and Chinese trade to taxation and the environment -- and each requiring a vote. Defense hawks upset at Pentagon spending being capped at Biden's budget request of $886 billion threatened at one point to derail the bill's passage entirely. In the end, they fell in line after being offered a commitment to a separate bill providing cash for Ukraine's defense against the Russian invasion, and promoting US national security interests in the Middle East and in the face of Chinese aggression against Taiwan. "As currently written, this bill puts our military behind the eight ball... The first and most important dollars we allocate each year in the budget are those to protect and defend the United States and our interests," said South Carolina Republican Lindsey Graham. America spends more money than it collects through taxation, so it borrows money via the issuing of government bonds, seen as among the world's most reliable investments. Around 80 years ago, lawmakers introduced a limit on how much federal debt could be accrued. Politically toxic The ceiling has been raised more than 100 times since to allow the government to meet its spending commitments -- usually without drama and with the support of Democrats and Republicans -- and stands at around $31.5 trillion. Both parties see raising the debt limit as politically toxic, although they acknowledge that failure to do so would plunge the US economy into a depression and roil world markets as the government missed debt repayments. Republicans hoped to weaponize the extension to campaign against what they see as Democratic overspending ahead of the 2024 presidential election, although hikes in the debt ceiling only cover commitments already made by both parties. Kevin McCarthy, the top lawmaker in the Republican-led House, had touted the bill he spent weeks negotiating as a big victory for conservatives, although he faced a backlash from hardliners on the right who said he made too many concessions on spending cuts. He fell one short of the 150 votes -- two-thirds of his caucus -- he had promised to deliver in the lower chamber as he fought to quell a right-wing rebellion, and needed Democratic help to advance the bill to the Senate. On the other end of Pennsylvania Avenue, the vote was being touted as a major victory for Biden, who managed to protect almost all of his domestic priorities from deep cuts threatened by Republicans. "This legislation protects the full faith and credit of the United States and preserves our financial leadership, which is critical to our economic growth and stability," said US Treasury Secretary Janet Yellen. The post US averts first-ever default with 11th-hour debt deal appeared first on Daily Tribune......»»
TUCP: Employers’ stance against wage hike ‘overkill’
The Trade Union Congress of the Philippines, whose representative in the Lower House has filed a bill proposing a P150 wage increase for workers, blasted the statement made by eight business groups last week against the wage hike, calling it an "overkill on the poor workers." “It is unfortunate that both employers and economic managers are now ganging up in an 'overkill' on the poor workers' calls to bring up measly real wages to at least be within the poverty threshold. These employers and economic managers are now fearmongering widespread closure of MSMEs and scenarios of spiking inflation should a wage increase be granted,” TUCP vice president Luis Corral said. The statement in question was signed by the Philippine Chamber of Commerce and Industry, the Employers Confederation of the Philippines, Philippine Exporters Confederation Inc., Federation of Filipino-Chinese Chambers of Commerce and Industry, IT & Business Process Association of the Philippines, Philippine Hotel Owners Association, Foreign Buyers Association of the Philippines and the United Portusers Confederation of the Philippines, Inc. They insisted that only 16 percent of the labor workforce will benefit from a wage hike, while the remaining number of Filipino workers -- all in informal labor -- will demand more "ayuda" or government’ aid, and that it will also affect many businesses, especially micro, small and medium enterprises. Corral called such statements a "scare-mongering" tactic, and urged them to join in providing the needed help for workers amid challenging economic conditions. “The call for wage increase months ago should have been a wake-up call to the economic managers to save the rapidly deteriorating situation of a majority of the working poor,” Corral said. “Contrary to the argument of resultant MSME closures, the Barangay Micro Business Enterprises and certain retail enterprises are exempt from the minimum wage law. The truth is this 'massive closure' argument is actually camouflage to benefit big employers as there is enough support available for MSMEs, including the increase in consumption that comes with wage increase,” he added. The TUCP has already filed House Bill No. 7871 or the Wage Recovery Act of 2023, which seeks a wage hike that would recover from what it said was the more than three decades of no significant wage increase since the passage of Republic Act Number 6727 or the "Wage Rationalization Act." A Senate counterpart of the measure is Senate Bill Number 2002, filed by Senate President Juan Miguel Zubiri, which TUCP backed. The group also reiterated its other proposals such as having more Kadiwa outlets that would lessen food inflation, reducing the weighted average cost of capital in electricity sources by eight percent, and returning to the original return-on-rate-base in electricity value. The TUCP also proposed a P5,000 one-time government financial aid to minimum wage workers and the instatement of the emergency cost-of-living allowance. The post TUCP: Employers’ stance against wage hike ‘overkill’ appeared first on Daily Tribune......»»
Senators want review of NGCP’s franchise due to recent power outages
At least three senators on Monday expressed their openness to review the Congressional franchise given to the National Grid Corporation of the Philippines due to the recent power outages in several parts of the country. Senator Grace Poe, chair of the Senate Committee on Public Services, said that her panel is open to the review of the congressional franchise of the NGCP “as it concerns a critical need of Filipinos.” “The recurring power outages being experienced by millions of households amid the scorching months should not be the norm,” Poe said in a statement. “We must also exercise vigilance when it comes to our power lines, to ensure that electricity running from Luzon to Mindanao remains under the control of Filipinos amid security concerns raised by senators,” she added. Poe, who was among lawmakers that called on the Department of Energy and NGCP to immediately provide a long-term solution to the recurring power interruptions in Visayas, said that her panel will “thoroughly scrutinize the performance of the NGCP and see if it has remained faithful to its signed franchise or if violations have been committed.” Likewise, Senate Majority Leader Joel Villanueva supported the calls to review the franchise of the NGCP, stressing that it "makes a lot of sense." “Given the increasing occurrence of brownouts in the Philippines, the government should be more proactive in ensuring that there would be enough power supply in the country, especially with the imminent occurrence of El Niño,” Villanueva said. Senator Risa Hontiveros echoed the same sentiment, saying there is nothing wrong in the Upper Chamber taking a look at the franchise of the privately owned corporation. “Even during the previous Congress, we have started, in a way, the review of at least some provisions in the franchise because the government is not only one that has an obligation in this contract but the corporation itself,” she said in an interview. “There is nothing wrong if we would still require NGCP to let us see headquarters given that they have yet to resolve the problem which we earlier flagged,” she added. Citing security reasons, Hontiveros also supported calls to buy back China’s share in NGCP. “I maintain my position that transmission lines, which are a key backbone of the entire power industry, should not have been privatized in the first place,” she said. “For two primary reasons: One is national security; the other is government financial losses, including tax revenue.” “As a result, I wholeheartedly support Senator JV's proposal to reclaim control of the national grid, particularly from Chinese control,” she added. Based on testimony submitted during earlier Senate investigations, China acquired the upper hand in regulating the system of the grid because it owns 40 percent of the consortium. Earlier this year, Senator Joseph Victor “JV” Ejercito urged the government to reclaim control of the country’s power grid operator, which is currently co-owned by the State Grid Corporation of China. The post Senators want review of NGCP’s franchise due to recent power outages appeared first on Daily Tribune......»»
US chamber asks PH to exploit increased China tariffs
The US Chamber of Commerce asked the Philippines to maximize the advantages offered by the higher tariff imposed by the US on Chinese goods......»»
Ledaers of Southeast Asian countries confer with Chinese premier
Chinese Premier Li Keqiang attends the 23rd China-ASEAN leaders' meeting, which is held via video link, at the Great Hall of the People in Beijing, capital of China, Nov. 12, 2020. (Xinh.....»»
Update: Chinese premier raises four proposals to progress ties with ASEAN
Chinese Premier Li Keqiang attends the 23rd China-ASEAN leaders' meeting, which is held via video link, at the Great Hall of the People in Beijing, capital of China, Nov. 12, 2020. (Xinhua/Li Ta.....»»
Fil-Chinese chamber tapped for China expo promotions
The export promotions arm of the Department of Trade and Industry has partnered with the Federation of Filipino Chinese Chambers of Commerce and Industry Inc. to strengthen promotion efforts in an upcoming trade fair in China......»»
Fil-Chi business group nag-donate ng computer pang-online class
Nilunsad ng Manila Police District-Jose Abad Santos Police Station 7 at ng Federation Filipino Chinese Chamber of Commerce Inc (FFCCCII) ang computer on wheels project sa lungsod. The post Fil-Chi business group nag-donate ng computer pang-online class first appeared on Abante......»»