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Man-made disasters cost Philippines 164.87 mln USD in 2023
MANILA, March 26 (Xinhua) -- Man-made disasters caused the total damage in the Philippines worth 9.29 billion pesos (164.87 million U.S. dollars) in 2023, the Philippine Statistics Authority (PSA) said Tuesday. The agency said that out of the total annual damage, 4.93 billion pesos (87.5 million dollars), or 53.1 percent, was due to the oil spill. "The reported oil spill in various regions resulted in dam.....»»
Philippines accuses Chinese coastguard of firing water cannons at supply boats
Manila [Philippines], March 23 (ANI): The Philippines has accused China's coastguard of firing water cannons at one of its supply boats in South China Sea, Al Jazeera reported. The Armed Forces of the Philippines said that BRP Cabra managed to manoeuvre and reach Unaizah May 4 to provide assistance to the Philippine supply boat, which had sustained "significant damage."According to the Philippine military, the confrontati.....»»
Philippines resupply boat heavily damaged
Again, using water cannons and executing dangerous maneuvers, the Chinese coast guard made another attempt yesterday to block Filipino vessels from resupplying a military outpost on the BRP Sierra Madre in Ayungin Shoal, causing “major damage” and triggering condemnation from the US, the European Union and Japan......»»
Philippines accuses Chinese coastguard of firing water cannons at supply boats
Manila [Philippines], March 23 (ANI): The Philippines has accused China's coastguard of firing water cannons at one of its supply boats in South China Sea, Al Jazeera reported. The Armed Forces of the Philippines said that BRP Cabra managed to manoeuvre and reach Unaizah May 4 to provide assistance to the Philippine supply boat, which had sustained "significant damage."According to the Philippine military, the confrontati.....»»
China coastguard uses water cannons against Philippine ships in South China Sea
MANILA/SHANGHAI (Reuters) -China’s coastguard said it had taken measures against Philippine vessels in disputed waters of the South China Sea on Saturday, while the Philippines decried the moves, including the use of water cannons, as “irresponsible and provocative”. China’s actions led to “significant damage” and injury to personnel on a civilian boat hired to resupply.....»»
Philippines resupply boatheavily damaged
Again, using water cannons and executing dangerous maneuvers, the Chinese coast guard made another attempt yesterday to block Filipino vessels from resupplying a military outpost on the BRP Sierra Madre in Ayungin Shoal, causing “major damage” and triggering condemnation from the US, the European Union and Japan......»»
Losses to Philippine agriculture due to El Nino reach 31 mln USD
MANILA, March 20 (Xinhua) -- The El Nino dry spell and ensuring drought have caused over 1.75 billion pesos (roughly 31 million U.S. dollars) in damage to Philippine agriculture, a senior government official said Wednesday. This year's losses due to El Nino are still low compared to 2009 when the damage to agriculture reached 17 billion pesos (302 million dollars), Presidential Communications Office Assistant Se.....»»
Flesh and blood
Perhaps in all the years in this lifetime that Israel has been at war, we Filipinos never made enough sense of what it is really about. Not until we learned, since 7 October, how cruel and bitter it can be — in the photos of a grown man forever captured screaming into the air over his dead nephew’s body; of shrouded bodies that may never be identified; or a clip of a father holding plastic bags of his kids’ remains. And the babies. And the burned bodies. And the blood splattered all over a bomb shelter. No one — unless it is you or yours — can imagine how it truly feels. If you can feel rage and grief at seeing images alone, how much more can your heart take if it were happening right before you? “We are all human,” a father said on Tiktok. It was he who posted about that father with the plastic bags. “There is no difference between me and this man. When we talk of kids getting killed, bombed, or put on fire, it doesn’t really matter what you believe in, where you come from, or what religion you follow. This is never acceptable! You just have to be a human being to stand up and say stop.” Now I am not sure whether this man was genuine (heaven knows there has been plenty of fake and biased news) or if it was propaganda designed to turn sympathy toward a specific cause. But what he said about being human was true. Amid all the atrocious crimes we have seen in the war raging in Gaza, we need to view the whole situation through our humanity. When Gaza struck Israel the way Hitler hit the Jewish people — with extreme violence and a detailed plan to eliminate the enemy in very specific ways — we recoiled. We remembered. But when Israel defended itself, many condemned it. Why? Many immediately concluded that the war was a Palestinian issue, or about Israel’s attempt at occupation or conquest. It is not. So, while it is natural to react the way we do over civilian casualties and collateral damage — likely letting our emotions get the better of us — we need to muster the sense to take it all in with the correct perspective. We must know more, learn more. Shooting from the hip or erupting without understanding — well, wouldn’t that be just as bad as the perpetrators of the war? What is fact and what is fiction? We must seek the truth in light of the misinformation being deliberately spread on social media. One such claim was debunked on Associated Press recently, about the bombing of a hospital in Gaza supposedly by the Israeli military. This was spread in a social media post written in Arabic. AP said, “No such post exists on the military’s actual social media pages and its top Arabic-speaking spokesperson confirmed his office had issued no such statement.” To think this is but one aspect of the entire issue. Let’s begin with the fact that Hamas is a terrorist organization. It is not about Palestine, it is about pushing Islamic supremacy through force. Israel, if you think about it, has “no quarrel with Palestinians,” as Israel Ambassador to the Philippines Ilan Fluss, himself emphasized in a talk with DAILY TRIBUNE on Monday. “We are in a war against Hamas, not Palestinians — we have to defend our citizens,” he said. It is a “war of survival,” he added. Israel has long been fighting against Islamic forces that want to see it obliterated from the planet. “We don’t have a choice. We will fight. We will win.” The ambassador added, “The charter of Hamas calls for the destruction of the State of Israel. And it says that there is no political agreement…no political agreement can be reached with Israel. Israel has to be eliminated, and Israelis and Jews have to be killed. That’s the agenda of their philosophy. It has to be an Islamic land. “So, when people ask me today, what is the political future here? I say this is a question that you have to ask Hamas or the Palestinians, because in Israel, we have a government that makes decisions, makes a lot more, and when we sign a document, we respect it, and we can negotiate. We’re a political entity. “Hamas is not in a negotiating position. It is in a war position to eliminate Israel. Very simple. And you see the history. I’m not going into the long history, but Israel had pulled out of Gaza since 2005. We are not controlling Gaza. We are on the international border. So, it’s not about a few patients. It is about an organization that, every few years, initiates again an attack against Israel. This time it was the biggest…” However, the ambassador admits, on a personal level, that a solution seems hazy “because it is continuing and we are living in a complicated neighborhood,” he told this columnist. The enemies are “fundamentalists that are promoting these Islamic states, promising these fundamentalistic terror agenda…” Ambassador Fluss may be keeping it all real as a diplomat, but what he may not ever say is that this war is about all of us, too — humans and families and connected lives. When a Filipino caregiver refuses to leave her ward, sacrificing her own life to the end, that is humanity. But to believe that life is only worth living if another race or culture is removed, where is the humanity in that?.....»»
Bourse unwraps shorting rules
Bourse operator Philippine Stock Exchange Inc., or PSE, issues its approval yesterday for the immediate implementation of the Guidelines for Short Selling Transactions. PSE said critical components of securities borrowing and lending, or SBL provisions were also approved. Short selling can only function with an SBL program in place. PSE announces effectivity of short selling guidelines, other relevant SBL developments. Weak market buffer PSE announced SEC’s approval of offshore collateral for SBL in May 2023 while the Bureau of Internal Revenue accepted the filing and registration of the Global Master Securities Lending Agreement, or GMSLA, in September 2023. Short selling happens when a trader borrows shares and sells them in the hope that the price will fall after, so they can buy them back cheaper. The process can help traders profit from downturns in stocks and protect themselves from losses. “We are grateful to the SEC and BIR for their approvals on important regulatory aspects of SBL and short selling. This development brings us a step closer to the full adoption and implementation of these much-awaited programs,” PSE president and CEO Ramon Monzon said. The PSE also updated the eligible securities in its short selling guidelines to include members of the PSE midcap and PSE dividend yield indices. Initially, only securities comprising the PSE index and exchange traded funds, or ETFs, were considered eligible securities for short selling. The post Bourse unwraps shorting rules appeared first on Daily Tribune......»»
New mission: BuCor reform
Following his tenure as chief of staff in the Armed Forces of the Philippines in 2015, retired four-star General Gregorio Pio Catapang chose to settle in Pampanga. Here, he embraced a simpler life as a farmer, relishing in the delights of native chicken, fresh produce, and the serene natural surroundings. “I am an environmentalist, so I decided to stay in Arayat, Pampanga, to be a farmer upon my retirement in October 2015, and I prayed, ‘Lord, it has been mission accomplished, so give me a new mission,’” Catapang narrated. The former military chief, the AFP’s 45th from July 2014 to 2015, is not a stranger to close encounters with mortality. Throughout his extensive service in the Philippine Army, from graduating from the Philippine Military Academy in 1981, he has endured several clashes with enemies, even more than one could count with the fingers. He held major positions in the AFP as commander of the 2nd Infantry Division — the Army’s largest unit, 7th Infantry (Kaugnay) Division, 703 Infantry Brigade, and 28th Infantry Brigade, among others. He also served as the Deputy Chief of Staff for Operations, J3, of the Armed Forces of the Philippines. His rise to prominence was not without hitches because he barely survived nine brushes with death. His strong faith in the Lord enabled him to be alive today. “The first incident that I encountered that almost ended my life was when I fell from the second floor of our house when I was just a kid; the second was when I was in the field where a provincial bus liner rammed the car I was in,” Catapang said. He was airlifted from Basa Airbase to V. Luna General Hospital and eventually transferred to Quezon City Medical City as he continued to bleed due to his severe injuries. “The doctor told me not to sleep because I might turn into a coma. So I fight on as the doctors continue to treat me,” he added. While still recovering, with his facial wounds still not yet fully healed, he was called by his commander to report back to work. “Nakangiwi pa ako dahil sa sugat (I was still grimacing in pain), but as a soldier, I followed the order, and that was then I realized that he was teaching me how to become chief of staff,” Catapang said, adding that as a good soldier, he had to endure the pain. He recalled that a chopper ride in the mountains of Cagayan also nearly took his life as it flew at 1,000 feet and traveled 18 knots. “The chopper is already old. I just have to make the sign of the cross as the chopper made a low-altitude flight due to poor visibility. We plunged downward, and I thought it was the end for me. But thankfully, the chopper normalized, and we safely landed,” he said. While in a restaurant in Angeles, Pampanga, Catapang said he was informed that NPA (New People’s Army) rebels would ambush him. “We ate at a chicken restaurant in Angeles and received information that I would be ambushed on returning to our camp. It was retaliation for the death of eight commanders of the NPA after movement patterns were detected based on information from barangay chairpersons,” he said. He cannot forget, too, that during the Pinatubo eruption in 1991, the roof of the building they were occupying collapsed due to the accumulated volcanic ash. Catapang, named after two generals — Gregorio del Pilar and Pio del Pilar — led his soldiers in helping the indigenous peoples in the area, giving them food, clothing, and other necessities. “The natives very loved us because of that,” he added. He said he is thankful to have emerged victorious and alive from the all-out war against Muslim secessionists in Mindanao. It almost ended his life, but he survived with solid faith in the Lord. Throughout his life, he consistently believed that prayers are always answered, particularly when reciting the rosary. Proof was when he fervently prayed to the Lord to allow him to marry his first girlfriend, and his request was granted. He married Maria Lourdes and has three children. Catapang’s early life lacked the excitement it later encompassed. He was a typical teenager. He attended high school at the Claret School of Quezon City. Shortly after graduating from PMA, he pursued graduate courses at the University of the Philippines. He is the second of four children of Gregorio Catapang Sr., a lawyer for the Securities and Exchange Commission, and Lourdes Punzalan, an accountant at the Department of Finance, from whom he learned the value of public service. As a military officer, Catapang rallied the troops to strictly adhere to the AFP’s slogan of “Kawal DISIPLINADO, bawal ABUSADO, dapat ASINTADO” — three key words that spell out the Do’s and DON’T’s to become proficient in fire and maneuver and avoid collateral damage; be respectful of human rights, adhere to international humanitarian law and the rule of law, and the rules of engagement. Catapang moved on with his career and retirement life, carrying an excellent performance standard, exemplary leadership and a keen vision. Answered post-retirement prayer After retiring from active military service spanning 34 years, he received a divine blessing through a new mission. Following seven years of working as a farmer, he experienced a life-altering moment on the evening of October 19, 2021. Justice Secretary Jesus Crispin “Boying” Remulla gave him an offer to lead the Bureau of Corrections. Unaware of the challenges that awaited him within the BuCor, especially at the New Bilibid Prison, he accepted the offer. It was only later that he discovered the appalling issues of corruption among the prison staff and the dire condition of the overcrowded facilities. Under the guidance of Secretary Remulla, Catapang’s mission to reform the BuCor is yielding positive results. They are actively organizing culminating activities to release eligible individuals who have been deprived of their liberty. To alleviate the overcrowding in the jail facilities, the BuCor is actively organizing and implementing various reforms. The main goal is to transfer all persons deprived of liberty from the maximum security compound of the NBP to new facilities outside of Metro Manila. Catapang is confident plans will come to fruition, as they have already presented their long-term reform plan to President Ferdinand Marcos Jr. for approval. “At present, the reformation of BuCor is in full swing. I am confident we will accomplish and make things happen,” he said. The NBP, he said, is undergoing a significant transformation. The plan is to shut down the NBP in Muntinlupa and repurpose the area into a new business district similar to Bonifacio Global City in the southern part of Metro Manila. Explaining the reason behind the decision, he said high-end residential communities surround the current location of the NBP in Muntinlupa. To align with the surrounding environment, the intention is to close down the NBP and relocate all inmates to regional jail facilities nationwide. Catapang shared plans to dedicate eight hectares of land within the NBP to improve the living conditions of the settlers and provide them with opportunities for reintegration into society. “We will build condominium units for the settlers at the NBP, complete with amenities like a swimming pool, multipurpose facilities, and the like. Repair of residential houses is no longer possible, including power lines, so we decided to allocate the lands for them,” he added. The government will optimally use the land area by developing it into a business and government center, aligning with the DoJ’s plan. To support the food security initiatives of the President, he said they have already started the cultivation of approximately 10 hectares of land at the Iwahig Penal Colony. The aim is to grow rice and high-yield crops, contributing to the government’s long-term food security plans. “Hopefully, this will be done also to other penal farms of BuCor because we have ample lands for cultivation,” Catapang said. For the BuCor Director General who refused to be defined by limitations and setbacks, the relentless spirit and passion for reforms radiate triumphs against the most formidable odds. The post New mission: BuCor reform appeared first on Daily Tribune......»»
Online lending worse than 5-6
During his term, former President Rodrigo Roa Duterte declared his intention to eradicate the 5-6 system, which ensnares our fellow Filipinos in perpetual debt bondage. True to his word, in 2016, he initiated a crackdown on the 5-6 lending scheme and issued warnings to foreigners involved that they would face arrest and deportation. The 5-6 lending scheme offers small loans at a hefty interest rate of 20 percent per month until fully paid. It is primarily attractive to poor people and small businesses because it requires no collateral or other stringent requirements. The name 5-6 originates from lending P5,000 and expecting P6,000 in return after one month. Although some criticize this practice, it has aided numerous small and medium-sized enterprises, as our banking system often makes it exceedingly challenging to secure loans. This has made the government realize the importance of providing easier access to formal sources of credit. This has become a battle cry to the banking and financial sectors in collaboration with the government. This financial inclusion as an aspect of governance will be discussed in a different article. Enter today’s online lending services. I can readily say they are far worse than 5-6, with interest rates reaching 30-40 percent in just seven days. These rates are difficult to repay and keep borrowers in perpetual financial bondage. As an Undersecretary of the Department of the Interior and Local Government, I have received complaints from my fellow citizens regarding this practice and its illegal collection methods. These violate the Financial Products and Consumer Protection Act, the Lending Company Regulation Act, and the Data Privacy Act. These criminal offenses can incur fines of up to P2,000,000. Apart from the unethical and sometimes outright criminal tactics these online companies employ to collect debts, we need to emphasize the excessive interest rates they impose. One example shared with me provides the following details: Loan Terms: Credit Amount P12,000 Period 180 days Assessment Fee P840 Platform Fee P1,560 Payment Expense P960 Transfer Charge P25 Amount Received P8,615 Total Interest P1,764 Payment upon Due Date P13,764 In the illustration above, despite stating a loan period of 180 days, the due date is only within seven days, with a nominal fee of 100 pesos due in 180 days, which is waived if you pay the total amount within seven days. From the above illustration, when you borrow P12,000, you receive an amount of P8,615, and within seven days, you are required to repay P13,764, which is an additional 37.4 percent of the received amount. This online borrowing scheme makes the 5-6 system appear far less obnoxious. It even makes the latter system seem reasonable. Upon further inquiry, I discovered that when you download these types of online apps, you must grant permission for them to access your location, contacts, and camera. In addition to contacting emergency references during debt collection, some lenders even send collection messages to those in your contact list, which may include your friends. This is deeply concerning. The practice could be more intrusive and unnecessary. On top of the data protection, cybercrime, and privacy issues it legally straddles, the ethical considerations alone are worth noting. This is only the beginning of my investigation into this issue, and I hope that, with the assistance of our government, we can crack down on illegal and heartless lending practices that are plaguing our country, leading to the closure of these predatory lending companies and the imprisonment of their owners. The post Online lending worse than 5-6 appeared first on Daily Tribune......»»
MSMEs good payers — SB Corp.
The micro, small and medium entrepreneurs are being extolled by Small Business Corporation, an attached agency of the Department of Trade and Industry, for being good payers even though some of them have already closed shop because of the global contagion three years ago. During his guest appearance at the Daily Tribune’s digital show Straight Talk on Wednesday, SB Corp. president Robert Bastillo said almost one-third of the lenders catered to by SB Corp. have closed their businesses during the height of the Covid-19 pandemic. “The good thing is that these MSME lenders are still paying their debts even if their businesses were shuttered. These are indeed entrepreneurs as they want to have a good reputation and a good track record when it comes to debt. That is important for us. But still, the majority of the lenders are good payers even though some are delayed,” he said. The past-due rate of SB Corp. during the pandemic was 30 percent, considering that most funds in its portfolio were released during the pandemic. Past due rate manageable The past-due rate refers to the lenders who are delayed in their payments. Currently, the past-due rate of SB Corp. is from 20 to 25 percent, considered by Bastillo as healthy, considering that the country is just coping with the pandemic crisis. From 2019 to date, Bastillo said SB Corp.’s total direct MSME lenders are now at 55,000, while those courses through cooperatives, micro-finance institutions, and private financing companies — or what they call loan conduits — are now reaching 300,000. “SB Corp. lenders can borrow from P30,000 up to P20 million maximum. Lenders up to P5 million do not need collateral, but first-time borrowers can only borrow up to P3 million. If they are good payers, they can expand their loan after six months,” he said. No stringent requirements required In terms of process, SB Corp. does not require stringent requirements for MSMEs if they are only lending up to P100,000. “We only require other requirements, such as a Mayor’s Permit, among others if they are already asking more than P100,000. We have credit scoring in place based on the lender’s assets or annual sales. That’s a discipline in lending and a risk management procedure,” he said. SB Corp.’s fund being ushered to MSME lenders is coming from its corporate equity, being a corporation. Inadequate revolving fund “We have a capital of P10 billion, but what has been given to us for the past 28 years, was P2 billion. It’s a revolving fund that is not enough. The P10 billion was given in full in the last pandemic, but those are meant for dying MSMEs. It’s hard during that time,” according to Bastillo. He said even the salaries of their employees are coming from the revolving funds, as they are given by the government annual appropriations because they are a corporation that is supposed to earn money. “We live within what we earn. It is difficult in the sense that it is also challenging. How do you help and keep yourself afloat when everybody around you is struggling? That is our problem during the pandemic. But we are happy to say that despite that, we have a modest income, and we were able to serve MSMEs very fast,” he said. According to Bastillo, MSMEs with P100,000 to P3 million worth of assets are considered micro, MSMEs that have an asset of P3 million to P15 million are considered medium, while those with 100 million assets are considered large entrepreneurs. The country’s MSMEs dominate the entrepreneurial environment, accounting for more than 99.5 percent, 80 percent of which are micro. The SB Corp. is a government financial institution created in January 1991 under Republic Act 6977 or the Magna Carta for Small Enterprises, amended by RA 8289 in 1997 and RA 9501 in 2008. It has the primary responsibility of implementing comprehensive policies and programs to assist MSMEs in all areas, including but not limited to finance and information services, training and marketing. The post MSMEs good payers — SB Corp. appeared first on Daily Tribune......»»
Solon pushes farmers’ protection
To protect the country’s farmers from usurious lenders, marked by excessive loan interest rates and unauthorized lending practices, Davao City First Congressional District Representative Paolo Duterte has filed a bill intended for the institutionalization of the accepted interest rates on the loans of farmers and providing sanctions for those who will violate the measure. “It is disheartening that regardless of the invaluable contribution of the farmers to the country’s food security, they remain to be living below the poverty line,” Duterte said. The lawmaker added that the lack of access to formal credit facilities and excessive interest rates charged by predatory and opportunistic lenders remain as one of the primordial issues faced by the agricultural sector. House Bill 9094 or the Anti-Usury Against Farmers Act of 2023 aims to safeguard farmers not to become victims of usurious lenders and to their unauthorized lending practices. Duterte stressed that several factors have forced the poor farmers to the brink of debt, which include natural calamities, worsening climate change, fluctuating economic forces and unforeseen global pandemic that resulted in the ballooning prices of farming capital and the exposure of agricultural lands to dilapidation. “As a result, the country’s farmers are faced with unabated losses and financial burden which results in their increased financial vulnerability. It left them with no other choice but to obtain more and more credit from loan sharks in order to secure short term relief with the hopes of mitigating their losses from the effects of devastating calamities, disrupted economies, and exorbitant farming capital,” said Duterte. He also cited reports from the Philippine Institute of Development Studies showing that despite the availability of government-directed credit programs and the significant amount of government funds spent for its implementation, farmers or the intended target beneficiaries still do not have access to credit and are still dependent on informal lenders who charge unreasonable interest rates due to lack of collateral to secure loans and lack of awareness or familiarity with the processes and requirements needed. Under the proposed measure, interest on loans to farmers whose landholding does not exceed seven hectares, whether with collateral or without, shall not exceed an effective interest rate of six per cent per annum. The same rate will likewise apply to forbearance of any money, good or credit, and in judgments. Any figure above this shall be considered usurious and illegal. Violators would be fined or penalized with imprisonment. The post Solon pushes farmers’ protection appeared first on Daily Tribune......»»
Group presents gold as divine-guided fiat
The founder of the Global Gold Monetary Fund understands that attaining the goal of reintroducing gold as a monetary standard and medium of exchange faces huge challenges. In a briefing in Intramuros, Manila during the debut of the Global Gold Monetary Fund, Allain De La Mottez, founding member of GGMF, said “he and his group will surely face attacks to discredit and devalue the effort.” “The attacks might outweigh the benefits. But if God is with us, then who can be against us?” he said. De La Mottez said choosing the Philippines as the launching pad for the gold-backed monetary system will give the country a critical role in the new order. He said the goal is to make gold a global currency, whereas a piece of gold in the Philippines will have the same value in the United States, providing parity in contrast to the fiat currency’s volatility and uncertainty. Further, Mottez said as the GGMF prepares to commence its gold-backed monetary system by January 2024, it will welcome members from other countries by “offering them the opportunity to partake in the promising future it envisions.” Being GGMF members, countries will have access to a suite of benefits, including the Gold Collateral System, in which GGMF will distribute securely stored physical gold among members through 50-year trust certificates, renewable as per the Jubilee principle; Debt Forgiveness Program: GGMF assumes member countries’ liabilities, including those in local and foreign currency, following the 50-year jubilee principle for structured debt relief; and New Monetary System, in which members participate in a revolutionary platform with dedicated unit trusts backed by Bailment Agreements, and receive initial Gold Unit allocations, bolstering and sustaining global economies. Movement turns global “This marks an extraordinary opportunity for individuals and entities alike to become part of a global movement aimed at reshaping the future of finance through the time-tested brilliance of gold,” Mottez said. With the use of modern technology, Mottez said GGMF offers global banking services, advocating decentralized systems and the intrinsic value of gold. “With our mission deeply rooted in the belief that gold is a divine asset meant to serve humanity, GGMF aspires to pave a new path toward financial stability and independence for all who embrace its vision, guided by the principles of faith in gold’s enduring value,” he said. Mottez said, to date, GGMF had been in talks with 249 countries with the goal of making gold a legal tender. “We have this unwavering commitment to revitalizing gold as a pivotal medium of exchange at the core of financial transactions. Unlike fiat paper currencies, gold cannot be wiped out. It boasts intrinsic value and, most importantly, belongs to God,” according to Mottez. The post Group presents gold as divine-guided fiat appeared first on Daily Tribune......»»
Dutch ‘Indiana Jones’ art sleuth recovers stolen Van Gogh
A Dutch art detective has recovered a precious Vincent van Gogh painting that was stolen from a museum in a daring midnight heist during the coronavirus lockdown three-and-a-half years ago, police said Tuesday. Arthur Brand took possession of the missing painting, the 1884 "Parsonage Garden at Nuenen in Spring", worth between three and six million euros ($3.2 and $6.4 million), at his Amsterdam home on Monday, stuffed in a blue IKEA bag. Brand, dubbed the "Indiana Jones of the Art World" for tracing a series of high-profile lost artworks, told AFP that confirming the painting was the stolen Van Gogh was "one of the greatest moments of my life." "Arthur Brand, in cooperation with the Dutch police, has solved this matter," Richard Bronswijk of the Dutch police arts crime unit confirmed to AFP. "This is definitely the real one, there's no doubt about it." Brand told AFP that frequent calls by him and the Dutch police to hand back the stolen artwork finally paid off when a man, whose identity was not revealed for his own safety, handed Brand the painting in a blue IKEA bag, covered with bubble-wrap and stuffed in a pillow casing. A video clip supplied by Brand showed him unpacking the painting in his lounge and gasping in astonishment when he realized what it was. "I couldn't believe it," he said. 'Massive headache' The painting was burgled from the Singer Laren Museum near Amsterdam on 30 March 2020 in a heist that made headlines around the world. Dutch police released video images shortly after the burglary showing a thief smashing through a glass door in the middle of the night, before running out with the painting tucked under his right arm. In April 2021, police arrested a man named in Dutch media as Nils M. for the theft. He was later convicted and sentenced to eight years behind bars. M. was also convicted for stealing another masterpiece by Frans Hals called "Two Laughing Boys" in a separate heist. "After a few months I heard from a source in the criminal world who had bought the Van Gogh," from Nils M, said Brand, who has gained fame for his remarkable recoveries of stolen art, including the "Hitler's Horses" bronze statues, a Picasso painting and a ring that once belonged to Oscar Wilde. This man, identified by Dutch media as Peter Roy K., was currently behind bars for a separate case involving the large-scale import and export of cocaine, Brand said. K. wanted to use the painting as collateral to negotiate a reduction in his sentence. Brand confirmed Peter Roy K.'s identity, stressing he had said before that "no deal for a reduced sentence would be made." The whereabouts of the Van Gogh however remained unknown until two weeks ago when a mysterious man contacted Brand saying he wanted to return it. After some negotiation, Brand persuaded the man -- who had "nothing to do with the theft", according to the art detective -- to hand back the artwork. "The man told me 'I want to return the Van Gogh. It has caused a massive headache'" because it could not be used as a bargaining chip, Brand said. "In an operation done in close coordination with the Dutch police, we got the painting back," he said. The painting, which comes from relatively early on in Van Gogh's career, before the prolific artist embarked on his trademark post-impressionist paintings such as "Sunflowers" and his vivid self-portraits, has already been handed back to the director of the Groninger Museum, from where it was on loan to the Singer Laren Museum. "At first there was disbelief. Staff were asking themselves 'can this be true'?" said Karina Smrkovsky, head of communications at the Groninger museum. "Then, when it was confirmed, our disbelief turned into delight. We are incredibly happy that it has been been returned," Smrkovsky told AFP. "We are incredibly thankful to Arthur Brand for getting it back." Smrkovsky said however that the painting would not be on public display immediately, most probably only next year. "We are delighted that art lovers from all over the world once again will be able to see this wonderful painting," said Evert van Os, museum director at Singer Laren. Meanwhile Frans Hals' "Two Laughing Boys" remains missing -- but Brand said he hoped it would also be returned soon. The post Dutch ‘Indiana Jones’ art sleuth recovers stolen Van Gogh appeared first on Daily Tribune......»»
Even Indian lenders drawn to SBCorp’s P3
A high-ranking official of a Department of Trade and Industry-attached agency has revealed that even traditional Indian lenders based in the Philippines want to avail of the Pondo sa Pagbabago at Pag-Asenso, or P3, Program of the government. Small Business Corporation or SBCorp president and CEO Robert Bastillo made the revelation when he guested on the second Daily Tribune’s Asian Innovation Forum on Tuesday. He said half of the funds allocated to P3 are meant for cooperatives, micro-finance institutions, and private financing companies that have members that can easily access micro-entrepreneurs, particularly those who own sari-sari or small stores. “P3 was conceptualized to combat loan sharks or informal money lenders. When we visited a cooperative in a municipality in Bicol recently, we discovered that Indian lenders were now lowering their interest rate to 5 percent per month,” Bastillo said. “Surprisingly, some Indian lenders even wanted to avail themselves of our P3 program. If that is the case, it means the program has an impact,” he added. He explained that SBCorp is ready to provide funding to micro and small entrepreneurs to eventually expand operations in the long run or when banking institutions are not yet ready to provide MSE loans to them due to a lack of a banking track record. “That is why we are asking Congress to add more funds to SBCorp. The current fund is not enough to help MSMEs in their entrepreneurial journey,” he said. SBCorp estimated that there is a P300 to P400 billion financing gap in the country, which means that banking institutions, even cooperatives, and microfinancing institutions are not able to respond to the needs of MSE lenders. “We are asking for P50 billion for our total capital, including our current fund. While for the P3, we are aiming to make it a full-fledged law for it to have automatic appropriations. We aim that 10 to 15 percent of the current financing gap will be given to us, enough to serve MSEs and cooperatives, among others,” he said. In March 2023, the House of Representatives approved on third and final reading of House Bill 7363, or the proposed P3 Act, with an overwhelming 278 votes. The “P3 Act aims to provide an affordable, accessible, and simple financing program for MSEs, especially those in the poorest populations and underserved areas. HB 7363 mandates the creation of the P3 Fund, which shall be lent out to qualified MSEs under such terms and conditions that will meet the purposes of the Act. The P3 Fund shall be accessible through the SBCorp. and accredited partner financial institutions such as rural banks, thrift banks, development banks, cooperative banks, cooperatives, non-stock savings and loan associations, microfinance non-government organizations and lending companies. Currently, the P3 Program, with an annual allocation of P1.5 billion from the national government, is intended to provide micro-entrepreneurs with an alternative source of financing that is easy to access at a reasonable interest rate, that is in a safe environment away from dubious practices of informal lenders, and that is sustainable as delinquent borrowers are effectively barred from borrowing in the next loan cycle. Under the P3 Program, a microenterprise can borrow between P5,000 and P200,000, depending on its business status and repayment capacity, with no collateral requirement. Interest rates and service fees, all in, do not exceed 2.5 percent monthly. The post Even Indian lenders drawn to SBCorp’s P3 appeared first on Daily Tribune......»»
Lasers, drones vs China
If you may remember, the Afghans beat back the superior Russians from Afghanistan by secretly obtaining portable heat-seeking missiles from the US, which eventually changed the tide of the war. The missile device was so portable, it was smuggled by donkey to remote mountains. It was so user-friendly, even ordinary foot soldiers could use it. The missiles destroyed dozens of Russian warplanes, and eventually forced the Russians to withdraw from Afghanistan. We can use the same tactic in the West Philippine Sea against the superior Chinese warships and warplanes. If Marcos Jr. can somehow obtain lasers and drones, not necessarily from the US, not necessarily in secret, for the Philippine Coast Guard, Chinese warships may think twice before bullying us with their lasers and water cannons. China is currently harassing Filipinos in the Ayungin Shoal, triggering diplomatic protests. This aggression is virtually an act of war. Responding with legal arguments for China to respect the UNCLOS and The Hague court decision is useless. Social media exposés and campaigns cannot solve the problem. We have to face them in our territory in the West Philippine Sea. If we do not, we might as well concede. If we do, are we ready for the consequences of escalation? Has China secretly discovered oil in Ayungin, so it has to keep Filipinos away? Another strategy is to get a US firm as a partner in oil exploration in the Ayungin Shoal, escorted by US warships. Let’s get to the oil before China does. If there are competing explorations and oil rigs, this will prevent war. There is, however, a risk of a full-blown US-China naval confrontation. If we up the ante, China may back out or resort to an unpredictable escalation. Can we handle the escalation? Are we ready to go into this new stage of war, not just physically in terms of possible collateral damage, but also spiritually in terms of the political will to fight? This remains to be seen. Asymmetrics as a Game Changer “Asymmetric” weapons refer to small cheap high-tech weapons that can take out big expensive weaponry. For example, hypersonic missiles taking out aircraft carriers, killer drones neutralizing an entire naval base, super lasers shooting down satellites in outer space, silent electro-magnetic pulse bombs jamming an enemy assault. This is called the equalizer, the use of asymmetrics against far superior foes. Lasers and drones on our coast guard ships are asymmetrics. Asymmetrics are becoming popular. Ukraine is using them against Russia, and Iran against the US in the Strait of Hormuz. China is now able to jam the electronic signals of US warplanes in the WPS. These new sophisticated asymmetrics have evolved as powerful game changers in modern warfare in favor of the underdog. The Vietnam Model Vietnamese water cannons faced Chinese water cannons, forcing the latter to abandon an oil rig close to the Vietnamese shore. We can learn from the Vietnamese, adopt its warrior ways, its spiritual orientation of defiance and belligerence. But we must be cautious as there may be consequences we are not yet ready for. Vietnam has been fighting China for centuries. China respects Vietnam’s audacity while it looks down on Filipinos whose leaders can easily be offered quid-pro-quo deals (Duterte) and whose tin can coast guard vessels they can easily step on. Can we change China’s attitude through a new type of belligerence using asymmetrics? Vietnam is the epitome of David defying Goliath, two Goliaths, in fact, the French and the Americans. France surrendered its colonization of Vietnam in the battle of Dien Bien Phu. The Americans gave up Vietnam after a 20-year guerrilla war, an embarrassing blow for a superpower falling to its knees to a “lowly” Third World country. Centuries before that, at its birth, Vietnam defied and splintered from the powerful Chinese Empire. Viet means south, nam means kingdom — the kingdom south of the empire. From where does Vietnam draw its strength? Vietnam is monolithic, one solid land mass. The Philippines is granulated, a scattered archipelago. It took more than 10,000 years of slow migration (the so-called Austronesian Dispersal) for Malays in improvised boats (balanghays) to populate the Philippines. While this was happening, Vietnam was growing in strength by defying the Chinese empire. Vietnam is a single neutral gray, the Philippines a rainbow. Vietnam has one central language, the Philippines 125-odd dialects. Except for the Hmong, Vietnam has few ancient ethnic groups. We have 85 ethnic groupings. Anthropologically, Vietnam and the Philippines are complete opposites. The Vietnamese is a natural warrior, the Filipino a natural adventurer. The French and the Americans failed to colonize Vietnam. The Filipino was conquered by the Spaniards, Americans and Japanese. The Vietnamese was defiant, the Filipino subservient. The Filipino absorbed colonization and foreign culture, the Vietnamese kept its culture intact. The post Lasers, drones vs China appeared first on Daily Tribune......»»
Protective trade policies causing high food prices – MAP
Protective trade policies such as implementing high tariffs in the agriculture sector are causing unwanted collateral damage to consumers as it results in high prices of food, a business group said, as it called for uniform tariffs across domestic industries......»»
Poe warns impact of India’s rice export ban
The Philippines should brace for the impending impact of the recent rice export curb by India, Senator Grace Poe warned Wednesday. Poe, who chairs the Senate panel on economic affairs, said the export ban was “unfortunate” coming at a time when hectares of Philippine rice fields were flooded due to the typhoons and monsoon rains. “We cannot blame India for their decision. They have an obligation to prioritize their 1.4 billion citizens,” she said in a statement. India, the world’s largest rice exporter, announced on 20 July it was banning non-basmati white rice exports to stem domestic inflation. On Tuesday, President Ferdinand Marcos Jr., the concurrent secretary of the Department of Agriculture, expressed concern about the negative effect of typhoon “Egay” on the country’s rice production. Agriculture Undersecretary Mercedita Sombilla earlier revealed the government’s plan to import 1.3 million metric tons of rice. The National Food Authority on Tuesday reported that the rice stockpile is good for only two days, which falls short of the minimum inventory requirement to help the Philippines ride through calamities. The NFA added that its buffer stock as of 30 June is 1.22 million bags or 60,819.95 metric tons or MT. It is just enough for two days based on a daily rice consumption rate of 679, 670 bags or 33,983.5 MT. According to the Philippine Statistics Authority, the Philippines is only 81.5 percent rice self-sufficient, which means the rest of its requirement is imported. “The reasons for such high import dependence are too many to discuss here. Simply put, our agriculture sector is not blessed with either good geography or good governance,” Poe said. Last year, the country imported 3.79 million MT of rice, including 3.16 million MT from Vietnam. The next largest import partners were Myanmar, Pakistan, and Thailand. From India, the Philippines imported a mere 10,045 MT. “But this does not exclude us from the collateral impact of their decision. The decline in global supply from the biggest rice exporter is expected to cause a spike in global rice prices because of speculation,” Poe said. Data showed that non-basmati rice, the category subject to the ban, accounts for roughly 81.2 percent of India’s total rice exports. “This means that in one fell swoop, India has created a 17.86-million MT shortage in the global rice market. Those who will fill that gap can certainly charge a premium,” Poe said. She added that Vietnam, which supplies more than 90 percent of the Philippines’ rice imports, has increased its price to $600 per MT compared to the previous $500 per MT. The post Poe warns impact of India’s rice export ban appeared first on Daily Tribune......»»
Global wearable firm moves to Vietnam
The government should work harder in pursuing a free trade agreement, or FTA, with the European Union, or else the wearables sector will be “collateral damage” in the tough competition against ASEAN neighbors. This is after the Confederation of Wearable Exporters of the Philippines or CONWEP executive director Maria Teresita Jocson-Agoncillo revealed that a global brand has already folded and packed things up to transfer to Vietnam. “It is because Vietnam has an FTA with the European Union. They enjoy zero tariffs because their exports are Europe bound. Here, they are paying 12 percent duties,” Jocson-Agoncillo said on the sidelines of the EU-Phl FTA press briefing on Tuesday at the Board of Investments. Asked for the name of the brand, the CONWEP executive did not divulge the brand, as she is a signatory of a non-disclosure agreement with the said brand. Aside from not having an FTA with the EU, workers in ASEAN competitors, such as Vietnam and Cambodia, have significantly low wages compared to the Philippines. Double-digit declines Further, Jocson-Agoncillo said their industry has experienced double-digit declines in 2022. “There are three reasons, the market, the global market, is slowing down. After the surge last year, I’m really getting fewer orders. We’re getting to be very uncompetitive. We just had a recent wage hike. So, there’s another one coming our way. Compared to Cambodia, and Vietnam, we’re reaching $8 minimum wage already. My competitors are at six and seven dollars a day. I have another wage hike coming,” she told reporters. On Tuesday, Trade Secretary Alfredo Pascual said his department will make sure that the EU-PHL FTA will be realized under the term of President Ferdinand Marcos Jr. Benefits of EU-FTA Further, Jocson-Agoncillo said an increase of 300 percent in their exports is expected if the proposed free trade agreement with the EU is realized in the coming years, which can be leveled with the exports they are making to the United States. “We’re doing $200 million now for the European market. So easily, we can move forward to $600 million in the first two years. It can push on to a $800 million to $1 billion performance per year, the fourth or fifth year of implementation of the EU-FTA. I am now at $900 million for the US,” she said. Further, Jocson-Agoncillo stressed that export expansion would also result in more jobs for Filipinos in factories that produce wearables, namely clothing, footwear, textile and bags. “We can create about 120,000 to 250,000 new jobs,” she said. Aside from garments and wearables, BoI managing head Ceferino Rodolfo said other export products that would benefit are in the sector of agriculture. “Of course, there are also other sectors, in particular in the agricultural sector. If you look at the value profile of most advanced economies, the highly protected sectors would be the resource base. So, in particular agriculture, and then the garments are highly protected,” Rodolfo said. The post Global wearable firm moves to Vietnam appeared first on Daily Tribune......»»