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7 dead after Davao City Mayor Duterte declares war vs. drugs
DAVAO CITY (MindaNews / 26 March) – Two more drug suspects died in separate buy-bust operations in Toril District here before dawn Tuesday, after they allegedly resisted arrest, a police official said. This brought the number of fatalities to seven since Davao City Mayor Sebastian “Baste” Duterte declared a “war” on illegal drugs last March […].....»»
ICC can t probe Philippines drug war, Marcos tells Germany s Scholz
MANILA, The Philippines: This week, Philippine President Ferdinand Marcos Jr. told German Chancellor Olaf Scholz the International Criminal Court (ICC) has no authority to probe the bloody war against drugs conducted by his predecessor. Marcos discussed the Hague-based ICC's probe during a bilateral meeting with Scholz while visiting Germany. Former President Rodrigo Duterte officially withdrew from the i.....»»
Case closed: Obiena doping accuser says sorry
The wife of the Olympic gold medalist who accused Asian Games gold medalist pole vaulter EJ Obiena of doping has apologized......»»
Meta quarterly profit jumps but it sees volatility in ad market
Meta on Wednesday reported that its quarterly profit more than doubled from last year's figure as it looks ahead at a volatile ad market and lawsuits accusing it of profiting from "children's pain." "Meta earnings looked pretty good," said independent tech analyst Rob Enderle. "They have clearly cut back on the bleeding surrounding their metaverse efforts and the company appears to be on a more even keel right now." The tech giant said it made a profit of $11.6 billion as ad revenue climbed 23 percent to $34 billion when compared to the same period a year earlier. "We had a good quarter for our community and business," said Meta chief executive Mark Zuckerberg. The number of people using Facebook monthly rose slightly to 3.05 billion in a year-over-year comparison while monthly active users of Meta's "family" of apps was 3.96 billion a 7 percent increase from the same quarter in 2022, the company reported. Meta said it had trimmed costs, with layoffs and other belt-tightening measures started last year providing "greater efficiency." Meta had suffered a rough 2022 amid a souring economic climate and Apple's data privacy changes, which allowed users to block ad targeting, the pillar of Meta's business. Meta's vow of austerity on spending brought an unprecedented round of cost-cutting that saw the company lay off tens of thousands of workers since last November. Meta shares, which closed the formal trading day down, fell more than three percent further in after-hours trades to $289.50. Chief financial officer Susan Li said during an earnings call that Meta is seeing "volatility" in an ad market that started to soften when the conflict between Israel and Hamas began. "It's hard for us to attribute demand softness directly to any specific geopolitical event," Li said. "We have seen broader demand softness follow other regional conflicts in the past, such as in the Ukraine war, so this is something that we're continuing to monitor." Lawsuit peril Analyst Enderle maintained that Meta is at risk from lawsuits poised to damage its image and its wallet. Dozens of US states this week accused Meta of profiting "from children's pain," damaging their mental health and misleading people about the safety of its platforms. "In seeking to maximize its financial gains, Meta has repeatedly misled the public about the substantial dangers of its Social Media Platforms," argued a joint lawsuit filed in federal court in California. The states accused Meta of exploiting young users by creating a business model designed to maximize time they spend on the platform despite harm to their health. In total more than 40 states are suing Meta, though some opted to file in local courts rather than join in the federal case. Meta said the states were singling it out unfairly instead of working with social media companies to develop universal standards for the whole industry. "This landmark lawsuit could herald a seismic shift in how social media platforms approach product features and user engagement," said Insider Intelligence principal analyst Jeremy Goldman. "That said, even as tech stocks face uncertainty, Meta's consistent performance cements its leadership in the digital realm." Meanwhile, the European Union is seeking details on measures Meta has taken to stop the spread of "illegal content and disinformation" in light of the conflict between Israel and Hamas. The AI race The tech giant is putting artificial intelligence into digital assistants and smart glasses as it seeks to gain lost ground in the AI race. "I'm proud of the work our teams have done to advance AI and mixed reality with the launch of Quest 3, Ray-Ban Meta smart glasses, and our AI studio," Zuckerberg said in the earnings release. The second-generation Meta Ray-Ban smart glasses made in a partnership with EssilorLuxottica have a starting price of $299. "Smart glasses are the ideal form factor for you to let AI assistants see what you're seeing and hear what you're hearing," Zuckerberg said. Meta has taken a more cautious approach than its rivals Microsoft, OpenAI, and Google to push out AI products, prioritizing small steps and making its in-house models available to developers and researchers. "The majority of the world's population will have their first experience of generative artificial intelligence with us," Meta chief technology officer Andrew "Boz" Bosworth told AFP in a recent interview. Meta recently unveiled AI-infused chatbots with personalities, along with tools for creating images or written content using spoken prompts. The post Meta quarterly profit jumps but it sees volatility in ad market appeared first on Daily Tribune......»»
Handwritten letters a lifeline in war-devastated Darfur
With no cell service or phone calls, people in Sudan's war-ravaged western region of Darfur are resorting to a bygone means of communication: handwritten letters, carried by taxi drivers. Ahmed Issa, 25, sits on a plastic chair in a roadside cafe, penning a message to relatives he left behind in Nyala, the capital of South Darfur state. In the safety of El Daein, 150 kilometers (93 miles) southeast, he told AFP the letters are often the only way to get news in and out of his hometown, the second-biggest city in Sudan and the site of brutal battles between the regular army and the paramilitary Rapid Support Forces. "Even at the start of the fighting, it was hard to get in touch with people in other neighborhoods inside Nyala," he said, nearly five months after the war began. The situation has only grown worse since, with horrific violence reported across Darfur, a region the size of France that is home to around a quarter of Sudan's 48 million people. They remember all too painfully the years-long war and atrocities that began in 2003. Hundreds of thousands were killed and more than two million displaced after the government of Omar al-Bashir unleashed the Janjaweed militia in response to a rebel uprising. Hunched forward in a black patterned shirt and a neat crew cut, Issa carefully folds his letter over and over. "You wait a week for the letter to arrive, and you don't know for sure if they'll get it," he told AFP. "And if they do, there's no guarantee they can send one back" through the treacherous roads in and out of Nyala. Three months ago, the West Darfur state capital of El Geneina seemed to be the nucleus of the fighting, becoming a symbol of the return of ethnic violence in Darfur. Western countries and the UN linked the violence to the RSF and its allies. It triggered the International Criminal Court to open a new investigation into alleged war crimes. Now Nyala is the centre of clashes between the army and the RSF. On one day last week 39 civilians, most of them women and children, were killed when shelling hit their homes in Nyala, medics and witnesses said. Over 10 days in August, more than 50,000 people fled Nyala's violence, according to the United Nations. Water and electricity networks quickly failed, compounding threats in a city where one in four people already needed humanitarian aid before the war, the UN said. The messenger Residents on Sunday looked up to see a new escalation of the violence: Air Force fighter jets -- whose strikes have been largely limited to the capital Khartoum -- were flying overhead. Their bombs struck both RSF bases and the residential neighborhoods they inhabit, witnesses told AFP. People will do anything to make sure their loved ones are alright, according to human rights defender Ahmed Gouja, who left Nyala but is trying to inform the world of the gruesome violence unfolding. Last week, he reported on Twitter, which is being rebranded as X, that five entire families were "killed in one day". He himself spent 16 days "with no info" about his family in Nyala, before finally reaching "one of my brothers who arrived at El Daein, searching for an internet signal". "We die every moment that passes while we are deprived" of news of loved ones, he wrote. For weeks, Suleiman Mofaddal has seen families like Gouja's walk through his El Daein office, a small room with yellow walls, anxious for news of those who cannot or refuse to leave their homes in Nyala. On his desk sits a pile of small, neatly folded paper rectangles, each with a name scrawled in blue ink. Some have a phone number, just in case the recipient gets cell service for even a moment. All wait to be handed to drivers on Mofaddal's team, who will carry the letters on their way to Nyala. "Most often, the recipient immediately writes a response and hands it back to the driver before he leaves," Mofaddal told AFP. Then the driver heads back out, hoping the road ahead won't be closed -- by either the bombs, militia checkpoints, or the downpours of Sudan's rainy season. The post Handwritten letters a lifeline in war-devastated Darfur appeared first on Daily Tribune......»»
Dela Rosa: Amend cybercrime law to check suspects’ mobile data
The Senate Committee on Public Order and Dangerous Drugs is eyeing amendments to Republic Act 10175 or the Cybercrime Prevention Act of 2012 to allow the disclosure of computer data, including the content of calls or text messages by individuals who are subjects of case investigations. This suggestion came during Monday’s public hearing on the ambush of Aparri Vice Mayor Rommel Alameda in Nueva Vizcaya last 19 February, where Lt. Col. Christopher Luyun, officer in charge of the Philippine National Police-Anti-Cybercrime Unit of Cagayan Valley cited restrictions provided in RA 10175 as among the hurdles hampering the probe into the ambush of Alameda and five others. "We applied for a warrant to disclose computer data doon sa number ni Mayor Chan based sa affidavit ni Mrs. Alameda. However, noong una, sinagot ng (telecommunications firm) Globe na they don't have the equipment to save ‘yung traffic data. Pero nung inamend ‘yung warrant, nag-reapply kami Sir, nag-submit naman ‘yung Globe pero walang content" (At first, Globe responded saying they didn't have the equipment to save traffic data. But when we amended the warrant and reapplied, Globe submitted but there was no content), Luyun told the committee chaired by Sen. Ronald "Bato" Dela Rosa. Aparri Mayor Bryan Chan was among the persons of interest in the attack on Alameda and his five companions in Purok 5, Sitio Kinakao, Baretbet, Bagabag, Nueva Vizcaya. Under Section 14 of RA 10175, “law enforcement authorities, upon securing a court warrant, shall issue an order requiring any person or service provider to disclose or submit, within 72 hours from receipt of such order, subscriber’s information, traffic data or relevant data in his/its possession or control, in relation to a valid complaint officially docketed and assigned for investigation by law enforcement authorities, and the disclosure of which is necessary and relevant for the purpose of investigation.” Traffic data or non-content data refer to any computer data other than the content of the communication, including, but not limited to the communication’s origin, destination, route, time, date, size, duration or type of underlying service. "So maybe i-amend natin ‘yang batas na ‘yan na pagdating sa investigation ng isang krimen ay dapat obligado ang service provider like Globe to disclose to the investigating agencies ‘yung contents ng kanilang cellphone" (Maybe we should amend that law when it comes to the investigation of a crime, so service providers like Globe should be required to disclose to the investigating agencies the contents of their cellphone), Dela Rosa said. The committee also tackled several measures requiring the installation of closed-circuit television, the proposed Law Enforcement Body-worn Camera Act and the Checkpoint Regularization Act. The post Dela Rosa: Amend cybercrime law to check suspects’ mobile data appeared first on Daily Tribune......»»
Insurance from a Muslim perspective (2)
The prevalent concept about insurance among Muslims is that it is “haram” or prohibited by the religion. Muslim jurists or “ulamas” classify it as a form of “riba” or usury and dependent upon the happening of uncertain events. Usury and gambling are specifically mentioned in the Holy Koran as mortal sins which Muslims should shy away from. It is a fraudulent undertaking, they say. People are lured by marketing agents’ promises of big benefits. Moreover, it is viewed as a scheme that eats up people’s money excessively and unjustly enriches insurance companies, which is taboo in Islam. The flip side of the coin is that insurance is a scheme that alleviates the pain of loss or personal tragedy. The school of thought that is fast gaining currency among Muslims is that insurance under certain circumstances is allowed if done along the tenets and jurisprudence of Islamic Shari’ah. In Malaysia, Egypt, and other Muslim countries, they justify insurance through the concept of Takaful or Islamic insurance, which is based on “shared responsibility within a community” and is not profit-driven. A group of people contributes money to a common pool, not for anyone’s benefit or advantage but to provide a resource they can draw from when a member most needs it, like during a sickness, an accident, etc. “Alims” or Muslim scholars point to the custom of yore in an Islamic society where the tribes shared in the payment of blood money to amicably settle a social infraction committed by a tribe member. It sought to mitigate the tragedy or loss by pooling resources in a community fund from which they could immediately draw funding support. This is basically halal or permissible. One contributes to a common fund so that when one meets an accident resulting in fractured limbs he is gifted with the contribution of the community members. They concede that while there is an element of uncertainty in takaful insurance, it is far outweighed by the economic benefits that it will bring to the recipient and the community. There is now a sweeping reshaping of established cultural and religious norms in the Muslim world. Social transformation which was unthinkable before is now finding its way to acceptance. Muslims are drawing inspiration from the recent transformation of once closed-culture and ultra-conservative Saudi Arabia (thanks to Crown Prince and Prime Minister Mohammad bin Salman) into an open society with the easing of cultural and religious restrictions without sacrificing fundamental tenets of Islam. The dividends of this wave of reforms are now palpable with the Kingdom turning into a major political and economic power player not only in the Middle East region but globally. Perhaps what is needed is a clear explanation about insurance as “halal” or permitted by Shari’ah. Maybe there is a need for the government or insurance companies to wage a campaign for information and clarification about the concept of insurance in Muslim areas. And for this purpose, they should bring the issue to Muslim jurists or organizations like the Ulama Council of the Philippines for support with the possible issuance of a “fatwa” or decree making insurance permissible, albeit there are already existing “fatwas” for its permissibility. This field is a possible motherlode for the insurance industry. If explored properly and successfully, a sector of Philippine society that has lingering doubts about its religiosity can now accept the industry. This is perhaps a job cut out for the new Insurance Commissioner, who has the vision to reboot the industry as part of the engine of growth of the Philippine economy. He can devise a strategy to embark on a campaign to engage Muslims for a better understanding of the concept. He can dialogue with Islamic bodies to draw assurances of the acceptance of “takaful” insurance as a scheme that can provide relief to Muslims in case of emergencies. Proper packaging and marketing of the concept might persuade Muslims to abandon their mindset that has become passé in light of its acceptance in other Muslim countries. *** amb_mac_lanto@yahoo.com The post Insurance from a Muslim perspective (2) appeared first on Daily Tribune......»»
‘I miss the sun’: Journalist detained in China issues rare message
Jailed Chinese-Australian journalist Cheng Lei has described the bleak conditions she faces in detention in a rare public message released on Thursday ahead of the third anniversary of her imprisonment by Beijing. "I miss the sun," reads the message, described as a "love letter" to Australia dictated to officials on a consular visit. "In my cell, the sunlight shines through the window but I can stand in it for only 10 hours a year." The message was shared with Australian news outlets and on the social media platform X by Cheng's partner, Nick Coyle, on Thursday evening. Cheng, a former anchor for Chinese state broadcaster CGTN, is formally charged with "supplying state secrets overseas", though no further details have been supplied. Her detention came as relations between Australia and China cratered, raising speculation it was politically motivated. Last year Coyle said he had serious concerns about a "range of health issues" Cheng faced behind bars. In Thursday's poignant message, the mother of two said she hadn't seen a tree in three years and spoke of her longing for Australia and the outside world. She said her bedding in jail was only taken out to air once a year. "When it came back last time, I wrapped myself in the doona (quilt) and pretended I was being hugged by family under the sun," the message read. "Most of all I miss my children," it ended. Cheng has been detained since August 2020 but was only formally arrested in February 2021. She was tried last March behind closed doors, with even Australia's ambassador to China blocked from entering the court to observe proceedings. The court deferred the verdict and Cheng's sentence, which could extend to life in prison. "She has missed her daughter going to high school. Her parents aren't getting any younger and Lei is their only child. So time is getting more and more precious," the Sydney Morning Herald quoted Coyle as saying on Thursday. Last month Australia's foreign minister said she had again raised Cheng's case when she met China's top diplomat Wang Yi on the sidelines of an ASEAN summit in Jakarta. Ties between the two sides have been improving since the election of Australia's center-left Labor government in May last year. Last week, China announced it was removing extra tariffs on Australian barley imposed in 2020 at the height of the dispute. The post ‘I miss the sun’: Journalist detained in China issues rare message appeared first on Daily Tribune......»»
US police drop Cardi B mic throw probe
Cardi B will not face criminal charges over an incident in which she threw her microphone at a member of her audience, police in Las Vegas said Thursday. Detectives launched a battery probe into the "WAP" star's actions after she retaliated when a concert-goer chucked a liquid at her. Footage posted on social media shows the "Money" singer recoiling after someone close to the stage splashed the contents of a cup in her direction. In the clips, Cardi B can be seen pausing briefly, before flinging the microphone back in the same direction. However, some videos online appear to show the mic making contact with a different member of the audience. Las Vegas Metropolitan Police Department said Monday that a woman had contacted them to report a battery and that they had begun an investigation. But on Thursday, they confirmed that the probe had been dropped. "After a thorough review of this case and with the consultation from the Clark County District Attorney’s Office, this case has been closed as having insufficient evidence," a statement said. "No charges will be filed in relation to this case." Meanwhile, a listing on bidding site eBay for a microphone purported to be at the center of the drama had reached $99,900 by Thursday afternoon. TMZ reported the seller, Scott Fisher, works for a company that provides audio kit for Las Vegas clubs. The entertainment outlet reported Fisher as saying the proceeds from the sale, which ends Tuesday, would be split between two charities -- the Wounded Warrior Project and Friendship Circle Las Vegas, which helps teens and young adults with special needs. The mic-hurl episode was the latest involving performers being the target of objects from the audience. In June a man threw a phone at Bebe Rexha during a concert in New York, landing the singer in hospital. The same month an audience member threw a bag purportedly containing the ashes of their mother at the stage while singer Pink was performing in London. And last year Harry Styles good-naturedly paused a New York concert after someone threw a chicken nugget in his direction. In December, Guns N' Roses frontman Axl Rose pledged to stop throwing his microphone into the audience at the end of a show after a fan was reportedly hurt in Australia. The post US police drop Cardi B mic throw probe appeared first on Daily Tribune......»»
French war photographer Marie-Laure de Decker dead at 75
Marie-Laure de Decker, the French model who stepped behind the camera to become an internationally recognized war photographer, has died at the age of 75, her family said Saturday. She died in hospital on Saturday following a long illness, her family said. Born in Algeria -- when it was still a French colony -- she started her career as a model before deciding to branch out into photography. In the late 1960s, she took memorable shots of the artists Man Ray and Marcel Duchamp and the writer Philippe Soupault. She covered the Vietnam War early in her career and met with success despite her relative lack of experience. "I said to myself: people are going to see that I'm not a real photographer," she wrote in a 1985 memoir. She only had an old Leica camera with her, she recalled. "In fact, I realized afterwards, this old Leica was a marvel." She faced particular challenges working as a female war photographer, she said. "If you're a woman, you're never taken seriously." On the other hand, she added: "There is an advantage to being a woman, as was the case in South Africa -- they don't kill you right away, they give you a chance." Chad Moussa Faki, current chair of the African Union Commission, paid tribute to her Saturday, speaking of his "great sadness" at the news of her death. Her images, he wrote on Twitter, "immortalized part of the history of Chad". De Decker spent much of her career at the Gamma photo agency: from 1971 until it closed down in 2009. Their association ended on bad terms. When she asked to get her photos back, she only got the black-and-white shots and not the color ones and she lost a subsequent legal bid to recover them and have her copyright recognized for their digital versions of the photos. Marie-Laure de Decker is also known for her photos of celebrities such as French singer Serge Gainsbourg, Caroline of Monaco, and France's former president, Valery Giscard d'Estaing. She had two sons with lawyer Thierry Levy. The post French war photographer Marie-Laure de Decker dead at 75 appeared first on Daily Tribune......»»
Wagner chief to leave Russia in deal to ease crisis
The chief of the rebel Wagner mercenary force will leave Russia and won't face charges after calling off his troops' advance on Saturday, Moscow said, easing Russia's most serious security crisis in decades. The feud between Wagner chief Yevgeny Prigozhin and Russia's military brass came to a violent head in the past day, with his forces capturing a key army headquarters in southern Russia and then heading north to threaten the capital. Within hours of Prigozhin's about-face, the Kremlin announced he would leave for Belarus and Russia would not prosecute either him or the group's members. It had been a dramatic day of developments, with President Vladimir Putin warning against civil war, Moscow telling locals to stay off the streets and Kyiv revelling in the chaos engulfing its enemy. The tide shifted suddenly when Prigozhin made the stunning announcement that his troops were "turning our columns around and going back to field camps" to avoid bloodshed in the Russian capital. Prigozhin, who has feuded bitterly with Moscow's military leadership even as his outfit led parts of Russia's Ukraine offensive, said he understood the importance of the moment and did not want to "spill Russian blood". - Wagner troops cheered - By early Sunday Wagner had pulled fighters and equipment from Rostov-on-Don, where they had seized the military headquarters, said the regional governor. But before they left, dozens of residents were cheering and chanting "Wagner! Wagner!" outside the military headquarters they had captured. Authorities in the southern Lipetsk region announced the lifting of restrictions after earlier reporting Wagner fighters in their territory, where the local capital is just 420 kilometres (260 miles) south of Moscow. Belarusian leader Alexander Lukashenko said he had negotiated a truce with Prigozhin, drawing thanks from Moscow. Kremlin spokesman Dmitry Peskov later told reporters that the "criminal case against him (Prigozhin) will be dropped. He himself will go to Belarus." Peskov also said that members of Wagner who had taken part in what authorities termed an "armed rebellion" will not be prosecuted. "Avoiding bloodshed, internal confrontation, and clashes with unpredictable results was the highest goal," Peskov added. Kyiv revelled in the chaos that engulfed its enemy. "Prigozhin humiliated Putin/the state and showed that there is no longer a monopoly on violence," presidential aide Mykhailo Podolyak said on Twitter. While Russia claimed the rebellion had no impact on its Ukraine campaign, Kyiv said the unrest offered a "window of opportunity" as the nation pressed its long-awaited counter-offensive. - Moscow's warning - The United States and its allies publicly stayed on the sidelines as officials waited to see how the revolt would play out. US President Joe Biden spoke with the leaders of France, Germany and Britain amid concerns that Putin's control over the nuclear-armed country could be slipping. Moscow issued a stiff warning to the United States and allies to stay back. "The rebellion plays into the hands of Russia's external enemies," the foreign ministry said. Before Prigozhin's climbdown, Russian regular forces had launched what one regional governor called a "counter-terrorist operation" to halt the Wagner advance northwards up a main highway towards Moscow. In the capital, the mayor urged Muscovites to stay indoors and declared Monday a day off work. Security was tightened in the city centre, with armed men in flak jackets guarding the parliament building and Red Square closed off to the public. "I don't know how to react. In any case it's very sad this is happening," 35-year-old Yelena told AFP, declining to give her last name. The measures came after Prigozhin announced his troops had taken control of the military command centre and airbase in the southern city of Rostov-on-Don, the nerve centre of Russia's offensive in Ukraine. - 'A blow to Russia' - Responding to the challenge in a televised address, Putin accused Prigozhin of a "stab in the back" that posed a threat to Russia's very survival. "Any internal turmoil is a deadly threat to our statehood and to us as a nation. This is a blow to Russia and to our people," Putin said, demanding national unity. "Extravagant ambitions and personal interests led to treason," Putin said, referring to Prigozhin, who began building his power base as a catering contractor. Another Putin ally, Chechen strongman Ramzan Kadyrov, declared that he had dispatched his own units to help quash the Wagner rebellion. Armed Wagner fighters deployed around administrative buildings in Rostov and tanks were seen in the city centre. As the insurrection force headed north through Voronezh and Lipetsk towards Moscow, the capital's mayor announced that "anti-terrorist" measures were being taken. Critical facilities were "under reinforced protection", TASS reported, citing a law enforcement source. While Prigozhin's outfit fought at the forefront of Russia's offensive in Ukraine, he repeatedly blamed Defence Minister Sergei Shoigu and Valery Gerasimov, chief of the general staff, for his fighters' deaths. bur-jmm/jj © Agence France-Presse The post Wagner chief to leave Russia in deal to ease crisis appeared first on Daily Tribune......»»
Unveiling the shabu bust scandal
On 13 June, Secretary Benhur Abalos of the Department of the Interior and Local Government announced that criminal charges have been filed against 50 police officers, including Gen. Benjamin Santos, former PNP-Drug Enforcement Group chief, and Brig. Gen. Narciso Domingo. The investigation leading to the charges was conducted jointly by the National Police Commission and the Philippine National Police’s Special Investigation Task Group which uncovered the officers’ alleged involvement in a coverup in the seizure of 990 kilograms of shabu worth around P6.7 billion in October 2022. They were charged with violating the Anti-Graft and Corrupt Practices Act, the Dangerous Drugs Act, the Revised Penal Code (specifically, falsification, perjury, false testimony, and malversation of public property), and Presidential Decree 1829, which deals with obstruction of justice. Much of the evidence was obtained from closed-circuit television camera footage which captured the alleged involvement of police officers in the attempt to pilfer 42 kilograms from the total 990 kilograms of shabu seized at WPD Lending, a finance company owned by Master Sgt. Rodolfo Mayo. The CCTV footage taken on 8 October 2022 corresponded to the day Mayo was apprehended during a drug operation at WPD Lending which resulted in the seizure of the 990 kilograms of shabu. What appeared to be a momentous victory for the PNP, however, quickly turned into a massive scandal seemingly straight out of the big screen. On 10 April, Secretary Abalos stepped forward to unveil a complex syndicated coverup surrounding the shabu bust. For the first time in public, he presented the CCTV footage that revealed a stark disparity between the reports filed by the PNP regarding the arrest of Mayo. This revelation, coupled with multiple reports, prompted Abalos to issue a statement exposing the “massive attempt to cover up” Mayo’s arrest and implicating certain PNP officials in the process. Subsequently, the House of Representatives Committee on Dangerous Drugs and the Senate Committee on Public Order and Dangerous Drugs initiated separate inquiries into the anomalies surrounding the drug bust. Mayo and several PNP officials were summoned to shed light on the matter during these investigations. During the congressional hearings, Congressmen Barbers and Acop were able to spot several conflicting details from the PNP officials ranging from the date, time, and place of the arrests of Mayo and his alleged accomplice, Ney Atadero. Among those questioned about the conflicting details were Brig. Gen. Narcisco Domingo Jr., Lt. Col. Julius Olonan, and Capt. Jonathan Sosongco. The three officers were among the 10 ranking officers who were placed on leave after an alleged attempt to cover up Mayo’s arrest was uncovered by the National Police Commission’s fact-finding board. Olonan claimed that only Atadero was arrested at 1 p.m. at WPD Lending in Tondo, while Mayo was arrested in Bambang. Sosongco said both Mayo and Atadero were captured at around 4 p.m. at the Western Police District. The CCTV footage, however, showed that on or about 1:40 p.m. at WPD Lending, Mayo appeared in handcuffs as he alighted from a grey SUV while being escorted by the team of Sosongco who were followed by a black sedan from which Sosongco alighted. This was in stark contrast to what was reported by the PNP that Mayo was arrested by a Captain Piñon. The CCTV footage further showed several PNP officers entering and exiting WPD Lending, carrying suitcases that were loaded into vehicles and on a motorcycle. These vehicles and the motorcycle were then driven to a nearby establishment suspected to belong to another PNP official named Jimenez, where the suitcases were believed unloaded. This Jimenez was a subordinate of Colonel Ibañez of the PNP Drug Enforcement Group Special Operations Unit 4A, who was also listed in the Drug Watch list along with Mayo and Jimenez, whom Ibañez specifically asked to be part of his team. Domingo denied a coverup and said that the senior officers seen in the CCTV footage were discussing their next moves. He said efforts were being made to identify other cohorts of Mayo, recover the pilfered drugs, and cooperate with the Department of Justice in building a case against the suspects. The ramifications of these revelations led former president Rodrigo Duterte to accuse the PNP of being the “gatekeeper” of the illegal drug trade and challenged its personnel to resign. He expressed concern about the significant volume of drugs allegedly passing through the hands of the police, even reaching the level of the generals. Secretary Abalos assured Duterte and the public that they were taking action on the issue of alleged drug ties among police officers and that they were actively carrying out their responsibilities and conducting investigations into the matter. As we delve further into the shabu bust scandal, it is crucial that we remain focused on our ultimate objectives: purging the PNP of corruption, rebuilding public trust, and upholding the rule of law. He should be applauded for his courage in exposing the complicity of senior PNP officials, despite the potential risk to his personal safety from both internal and external syndicates. His unwavering resolve to root out drug connections in the PNP and restore its damaged reputation is truly commendable and deserving of our admiration. The post Unveiling the shabu bust scandal appeared first on Daily Tribune......»»
DPWH activates Quick Response Assets amid Mayon unrest
The Department of Public Works and Highways in the Bicol region on Wednesday announced the activation of quick response teams amid the continuing volcanic activity in Mayon Volcano. Public works chief Manuel Bonoan said that Disaster and Incident Management Teams and Quick Response Assets have been assigned to monitor the integrity of national infrastructure and access to roads that will be used to deliver the needed resources during disaster response activities. DPWH Region V’s QRAs consist of 340 individuals and 30 equipment. The agency has also set up a rerouting plan for motorists traveling Legazpi-Sto. Domingo-Tabaco Road and Daang Maharlika once such areas have become impassable and risky for access to vehicles. “In the event that the Legazpi-Sto. Domingo-Tabaco Road will be impassable, motorists may take Ligao-Tabaco Road as an alternative road. In case the Camalig Section of Daang Maharlika will be closed, the Camalig-Comun-Gapo-Peñafrancia Road may be an alternate route,” DPWH said in a statement. Lava flow and rockfall have been reported amid the unrest of the famed Mayon Volcano, which prompted the Philippine Institute of Volcanology and Seismology to raise the warning to Alert Level 3. As of Tuesday, the Albay Public Safety Emergency and Management Office reported 4,286 families or 15,241 individuals who have moved out of the danger zones around Mayon due to Mayon’s volcanic activity. ### The post DPWH activates Quick Response Assets amid Mayon unrest appeared first on Daily Tribune......»»
Raps vs 50 cops in P6.7-B shabu haul now with Ombudsman
Criminal charges against 50 policemen involved in the 990-kilo shabu shipment worth P6.7 billion that was intercepted on 8 October 2022 were already filed with the Office of the Ombudsman, Interior and Local Goverment Secretary Benjamin Abalos Jr. reported yesterday. In a press conference at the DILG main office in Quezon City, Abalos and National Police Commission Vice Chairman Alberto Bernardo said the charges were based on the investigation conducted by the Philippine National Police Special Investigation Task Force and the parallel investigation by the NAPOLCOM's fact-finding committee. The 12 commissioned officers charged include former PNP Deputy chief P/Lt. Gen. Benjamin Santos Jr., former PNP Drug Enforcement Group head P/Brig. Gen. Narciso Domingo, P/Col. Julian Olonan, P/Lt. Col. Arnulfo Ibanez. P/Lt. Col. Glen Gonzales, P/Major Michael Salmingo, P/Lt. Jonathan Sosongco, P/Lt. Col. Dhefrey Punzalan, P/Lt. Jefrrey Padilla, P/Lt. Randolph Pinon, P/Lt. Silverio Bulleser II and P/Lt. Ashrap Amerol. Bernardo said the 38 non-commissioned officers charged include P/SMS Jerrywin Rebosora, P/MSG Lorenzo Catarata, P/SMS Roman Jimenez, P/SMS Marian Mananghaya, P/MSG Bryan Rodas, P/SSG Clitton de Leon, P/SSG Arnold Tibay, P/SSG Ronnie Alonzo, Pat. Joe Marie Cristobal, P/MSG Carlo Bayeta, Pat. Dennis Carolino, Pat. Rommar Bugarin, Pat. Hassan Kalaw, Pat. Hustin Peter Gular, P/CMS Emmanuele Docena, P/CMS Jerry Barit, P/MSG Alejandro Flores, P/CPL Jose Joey Igana IV, P/CPL Joan Franceslynn Taradji, P/CPL Joshua Ivan Baltazar, P/CPL Jhon Roland Gelacio, Pat. Adrian Florie Sanchez, Pat. Nathaniel Gomez, Pat Windel de Ramos, Pat. Mario Atchuela Jr., Pat. Jayson Tomas, Pat. Rommel Fabian, Pat. Kyhke Ramilo, Pat Nemar Baylon, Pat. Maico Bien Baldeo, Pat. Mara Magaway, Pat. Ivan Jay Calcetas, Pat Abigail Tumanguil, Pat. Dhonna May Facton, Pat. Melvin Barbo, Pat. James Osalvo, Pat. Darious Camacho and P/MSG Rodolfo Mayo Jr. According to Abalos, the charges lodged against them are for violations of Republic Act 3019 or the Anti- Graft and Corrupt Practices Act, R.A. 9165 or the Comprehensive Dangerous Drug Act, the Revised Penal Code for falsification and perjury, malversation of public property and Presidential Decree 1829 for Obstruction of Justice. “Aside from the criminal charges filed against these police officers, the NAPOLCOM is conducting administrative proceedings. The NAPOLCOM has completed its pre-charge investigation against the 48 PNP officers and members that appeared in the video and expects to issue its resolution after about 15 days," Abalos said, explaining that a “pre-charge investigation” is similar to a preliminary investigation under a fiscal. “If the counter-affidavits of the respondents are found insufficient, the NAPOLCOM shall proceed to file formal charges against them. The possible formal charges include grave misconduct, gross neglect of duty, serious irregularity in the performance of duty, conduct unbecoming of a police officer, and dishonesty, among others. The penalties include dismissal from service, forfeiture of benefits and disqualification from public office." Last April, Abalos made public closed-circuit television footage showing police officers allegedly attempting to pilfer 42 kilograms of the 990 kilograms of shabu seized. “Of these 50 respondents, 48 appeared on the CCTV video and an additional two officers have been charged on the basis of conspiracy,” he said. Abalos said they are optimistic about the developments in the case, which aims to weed out erring cops from the PNP and help clean the organization’s image. “The NAPOLCOM and the (PNP) SITG have gone through everything -- the testimonies, the evidences, maraming nakita talaga dito. Pinagsama-sama nila at iyan ang dadalhin natin sa korte,” he added. Two other cohorts were said to be involved in the illegal drug deal, but while the PNP and the NAPOLCOM decided to include the two in the criminal case, Bernardo opted not to name the police officials, saying they will let the Office of the Ombudsman name them during the course of the case. The post Raps vs 50 cops in P6.7-B shabu haul now with Ombudsman appeared first on Daily Tribune......»»
UBS completes Credit Suisse takeover
UBS finalized the takeover of its former rival Credit Suisse on Monday, clearing the way for the Herculean task of integrating two of the world's most important banks. UBS, Switzerland's leading bank, was forced into the marriage on March 19 to prevent its closest domestic rival from going under -- which potentially could have had catastrophic consequences for the global financial system. "UBS has completed the acquisition of Credit Suisse today, crossing an important milestone," the bank announced. "Credit Suisse Group AG has been merged into UBS Group AG and the combined entity will operate as a consolidated banking group." UBS chairman Colm Kelleher said he was pleased to have closed the transaction in under three months, "bringing together two global systemically important banks for the first time. "We are now one Swiss global firm and, together, we are stronger," he said. The technically- and politically-complex merger has created a megabank bigger than anything Switzerland has seen before -- and its size has some politicians worried, fearing it could not be rescued if it too got into trouble. No other option "We consider the merger to be a massive task with substantial executions risks," said ING senior sector strategist Suvi Platerink Kosonen. For Thomas Jordan, chairman of Switzerland's central bank, there was no other solution. "Of course, it's a pity there is only one (big bank) left. But I am sure that if the takeover by UBS hadn't succeeded, there would have been an international financial crisis," the Swiss National Bank chief told the SonntagsZeitung weekly newspaper. UBS chief executive Sergio Ermotti said Monday that "instead of competing, we'll now unite as we embark on the next chapter of our joint journey. Together, we'll present our clients an enhanced global offering, broader geographic reach, and access to even greater expertise." But he warned Friday that the coming months are likely to be "bumpy", saying the operation would require "waves" of difficult decisions, particularly regarding employment. At the end of 2022, the two giants had around 120,000 employees worldwide, including 37,000 in Switzerland. Ermotti told public broadcaster SRF that around 10 percent of the Credit Suisse workforce had left in recent months. "It helps in part to mitigate the social costs a bit, which we're pleased about," he said while adding that it showed there was competition in the sector, and "people who are willing to hire employees". Just the beginning For the time being, the two banks will continue to operate separately under the UBS umbrella. But UBS has already created a new board of directors for certain Credit Suisse operations, headed by current UBS vice-chairman Lukas Gaehwiler. Credit Suisse risked collapse when its share price plunged more than 30 percent during trading on March 15, after three US regional lenders folded. A series of scandals had undermined confidence in the 167-year-old bank. The Swiss government, the central bank, and the financial regulators FINMA stepped in and strongarmed UBS into a quickfire $3.25 billion takeover announced on March 19. The deal includes guarantees for UBS in case there are any nasty surprises in the Credit Suisse cupboards, and liquidity to facilitate the takeover. In an internal memo to staff, seen by AFP, UBS executives welcomed Credit Suisse workers, calling for "patience" from all employees while concrete details are worked out. "The most crucial phase is just beginning," Kelleher and Ermotti said. Clarity and stability According to the Financial Times newspaper, UBS will impose red lines on Credit Suisse staff on the type of business they can do while waiting for the integration to be completed. And UBS executives have been careful to highlight their conservative approach to risk, saying the integration cannot be compromised. The outline of UBS's plans should become clearer when it publishes its second-quarter financial results. The bank has pushed the publication date back by more than a month to August 31. FINMA said the merger completion "marks the end of a phase of great uncertainty" and "creates clarity and stability". "FINMA welcomes UBS's strategic focus, which foresees a rapid reduction of risk in investment banking," it said in a statement, referring to the most troubled part of Credit Suisse's operations. UBS expects its CET1 capital ratio, which compares a bank's capital to its risk-weighted assets, to be around 14 percent in the second quarter of 2023. Monday marks the last trading day for Credit Suisse shares on the Swiss stock exchange. Shareholders will receive one UBS share for every 22.48 Credit Suisse shares. The post UBS completes Credit Suisse takeover appeared first on Daily Tribune......»»
Chasing rainbows, case of GOCCs
Government-owned or controlled corporations are classified as public enterprises but have not built an image of passing the test of economic viability — the underlying reason for their creation. Not few have closed shops, gone bankrupt, were abolished or merged, bailed out, privatized. If the government has to be run like a business, why parcel out state-owned enterprises that are already into investment for value maximization or other profit-oriented undertakings? Theoretically, the mandatory transfer or farming out of capital assets from Large Bank A, Large Bank B, State-Run Casinos/Lotteries, Government Financial Institutions, or GFIs to put their wealth together sans airtight guarantee that the awesome sums of money will generate a profit of unsurpassed proportion — sounds like skating on thin ice. Even worse, the use of the money as bait to lure foreign investments as if the government has a deep reservoir of capital accumulation and on a sustained basis is a mere bubble somewhat mimicking the Chinese style of “shadow banking.” At ground level, the promise of a grand payoff is too good to be true. It should be recalled with caution that then President Ferdinand Marcos Sr. introduced this “SOE economy” and even rose to prominence when he declared martial law in 1972. In 1970, we only have 65 SOEs but the same grew to 303 in 1985 (source: understated report) and breached 604 as of August 2010. Is this not a repeat of history when this time around, the young Marcos will do an old Marcos as if to follow a trick in the playbook? Martial law opened the door for the then-president to “commandeer” with the semblance of lawful authority even private enterprises in the guise of national interest and run these utilities or industries to rake revenues. Note further that in 2009, SOEs’ assets totaled $125 billion which exceeded the national government’s assets of 65 billion US dollars. Is it the same case today that the total assets of SOEs or GOCCs are about double that of the national government’s assets? As available factual data stand, it should be noted that in 2020 or during the administration of then-President Rodrigo Duterte, the total national budget is pegged at P4.1 trillion while the total assets of all GOCCS amounted to P10.3 trillion although only 31 or less than a third of the Philippines’ 108 government-owned or controlled corporations accounted for P9. 37 trillion. To quickly draw the positive implication of these figures, it simply means that if from the GOCCs’ total assets, it will have to finance the national budget, it will still have 60 percent in remaining assets sustainable enough to generate another quantum of annual revenues. The matter of a Maharlika Investment Fund is a linguistic game in that they define it as a sovereign wealth fund even when there is no surplus value to really speak of. In fact, the increase in the number of agencies not to mention administrative expenditure and the extension of their autonomy has significantly changed the organizational architecture of governments; in this case, another created corporation manages and operationalizes its financial affairs. The fact that they plan to lure private investments, domestic or foreign, has it not become privatized in principle and therefore its affairs should be left to market forces? No wonder then that a former Treasurer has argued, viz: “In particular, the issue of privatization of GOCCs brings to the fore the intermeshing interests of public and private sector groups, transnational corporations and the World Bank-International Monetary Fund group. The challenge, therefore, is to make GOCCs a truly public sector.” We can begin to ask what kind of creature the MIF has become and for whose interests? What is the bottom line where motives that push the creation of GOCCs are either overt or covert? Doesn’t the latter subvert the “development” objectives of GOCCs, convert them into instruments for the transfer of public resources to private hands?” Crony capitalism? The post Chasing rainbows, case of GOCCs appeared first on Daily Tribune......»»
NBI seeks parallel probe on broadcaster’s slay
The National Bureau of Investigation has been ordered by Department of Justice Secretary Jesus Crispin Remulla to conduct a “parallel investigation” on the case of Calapan City, Oriental Mindoro radio blocktimer Cresenciano Bunduquin who was killed last 31 May. Emerging from more than two hours of closed-door meeting with Remulla on Thursday, Presidential Task Force on Media Security executive director Paul Gutierrez said the decision to let the NBI conduct a parallel probe was made to further hasten the resolution of the case. It also aims to clarify the involvement of other personalities in Mindoro potentially linked to the killing of Bunduquin and prevent a potential “whitewash” of the case. Although under the Office of the President, Gutierrez reports directly to Remulla and Presidential Communications Office Secretary Atty. Cheloy Garafil as both are co-chairs of the PTFoMS. The PTFoMS had earlier announced that aside from the gunman — identified as Isabelo Lopez Bautista — information gathered indicated that at least three personalities in Mindoro, one of them a police major assigned at the PRO4-B (Mimaropa) Police Office, may be involved in the attack on Bunduquin. Another is a provincial official belonging to a prominent political clan in Mindoro while the other is a long time, big time operator of a perya with close links to many local officials and has a close association with the police major. “From the stream of information, the PTFoMS is now getting from other reliable sources in the government that other persons may also be involved. Thus, Secretary Remulla deemed it best to order the NBI to conduct a parallel probe for us get a clear picture of what happened and who are the other persons or ‘mastermind’ behind the attack on Bunduquin,” Gutierrez said. “Let me emphasize that the government is determined to solve this incident and to render full justice to the victim’s family by unmasking and prosecuting all those involved. No one should take this determination lightly,” he added. He also reiterated his earlier statement that the filing of murder and attempted murder charges against Bautista by the SITG Bunduquin would not mean a closure to the case. “As Secretary Remulla directed, the motive for the killing of Bunduquin must not be limited to the ‘personal grudge’ of the suspects against him. All angles must be explored to the full. The emerging motive is the proliferation of illegal gambling in the province using perya as a cover and politics as both were severely criticized by Bunduquin in his radio program,” said Gutierrez. A radio blocktimer at the local Kalahi News FM, Bunduquin was shot dead by two motorcycle-riding armed men around 4:20 a.m. in front of his rented store in Barangay Sta. Isabel, Calapan City. The gunman was later identified as Bautista while his cohort, identified as Narciso Ignacio Guntan from Roxas town, died after their motorcycle crashed when it hit a metal road barrier during their escape. According to information, both suspects are workers in the local peryahan scene in Mindoro and Bautista had also worked as a driver and doing other odd jobs to some influential individuals in the province. The post NBI seeks parallel probe on broadcaster’s slay appeared first on Daily Tribune......»»
BFP: Central Post Office fire not arson
Case closed. Not an arson. This was the finding of the Bureau of Fire Protection's Intelligence and Investigation Section, to the blaze that ate up the Manila Central Post Office a week ago, according to a reliable source who wished not to be named told the Daily Tribune Tuesday. The source who was not authorized to talk about the matter to the media said the IIS found "no evidence that will suggest an arson and described it as an accidental fire." The official however added that IIS noted the finding is without prejudice to the re-opening of the case should there be any new developments that would prove otherwise. Foul play has circulated after the blaze as several accounts of individuals who witnessed the fire when it broke out at around 11:45 pm on Sunday at the basement where the Mega Manila Storage Room is located. Stocks there, the source said were supplies of thinners, cans of paints were said to have been piled near car batteries that triggered the explosion heard by an employee before the fire quickly spread. The IIS report, he added, stated that the combustibility of the load contents and its enclosed set-up greatly influence heat build-up that explains the explosion and subsequent conflagration, leading to the full development of fire and subsequent damage of the nearby structures. A car battery stored along with office supplies, thinners, paints and cans in the basement of the Manila Central Post Office building exploded, causing the May 22 fire that gutted the historic structure, the Bureau of Fire Protection ruled in its investigation on the blaze. This was also indicated in the fire clearance the bureau had issued to the Philippine Postal Corp. that the fire originated in the southern part of the basement, where the general service section (GSS0 and the Mega Manila Storage Room is located. Moreover, the presence of the internal short circuit, the hydrogen and the volatile gases contained in the battery, and the presence of oxygen as the oxidizing agent initiated the ignition. The contributory factors and the combustibility of materials fueled and sustained the ignition sequence," the report read. The post BFP: Central Post Office fire not arson appeared first on Daily Tribune......»»
Lebanese ambassador in France accused of rape, violence
Lebanon's ambassador to France, Rami Adwan, has been investigated for rape and intentional violence following complaints by two former embassy employees, informed sources said Friday confirming a Mediapart report. A first woman, aged 31, filed her complaint in June 2022 for a rape she says was committed in May 2020 in the ambassador's private apartment. According to her deposition seen by AFP, she made clear her lack of interest in having sex and that she screamed and burst into tears. The woman, who was working as an editor, had already reported to police in 2020 that Adwan, in his post since 2017, had struck her during an argument in his office. She did not, however, file a complaint as she did not wish to "break the life of this man," married and a father. According to the complaint, she had a "loving relationship" with the ambassador who carried out "psychological and physical violence with daily humiliations". The second woman, aged 28, had for her part embarked on a relationship with the ambassador shortly after she arrived as an intern in 2018. She made a complaint last February following an alleged series of physical attacks she says resulted after she turned down sexual relations. The second woman claims Adwan tried to hit her with his car after an argument on the sidelines of last year's Normandy World Peace Forum. She further accused the ambassador of trying to strangle her at her home last December by pressing her face to her bed. "My client contests all accusations of aggression in any shape or form: verbal, moral, sexual," Adwan's lawyer Karim Beylouni told AFP. "Between 2018 and 2022, he had with these two women romantic relationships punctuated by arguments and breakups," Beylouni said. An informed source said the Paris judicial police had closed the case. Asked by AFP to comment, the Paris prosecutor's office said it was not immediately in a position to do so. In addition, Adwan enjoys diplomatic immunity. The post Lebanese ambassador in France accused of rape, violence appeared first on Daily Tribune......»»
Taking MIF slow, steady
With the period of interpellation on the controversial Maharlika Investment Fund bill ending abruptly early Tuesday, a long list of clarificatory questions by the minority bloc remained unanswered. Voting has been set this week before the senators adjourn sine die on Friday. With the minority having been outvoted again, does this mean the MIF bill, considered a priority measure of the Marcos administration, has a good chance of making it? A House panel, as we know, already approved last Monday amendments to the bill pushing for the creation of a sovereign wealth fund. The committee members agreed during a closed-door executive session to revise some provisions of the bill to ensure there are safeguards in the handling of funds and jail time for those who will violate its stipulations. But what really is the MIF and why does it seem that our lawmakers are such in a hurry to pass it? Economic managers are one in saying that the MIF is aimed at supporting the country’s economic growth and development. Its establishment, proponents say, can generate positive sentiment among international investors, signaling stability and long-term economic planning. This could potentially attract foreign direct investment and stimulate economic growth. The MIF, they claim, can allocate funds for infrastructure projects that can foster regional development and create employment opportunities. A sovereign wealth fund, according to its backers, allows for the diversification of the country’s assets by investing in a variety of sectors and asset classes, such as stocks, bonds and real estate. Diversification mitigates risk and can generate higher returns, bolstering the overall financial stability of the nation. At a cursory glance, it looks like the MIF is indeed the answer to our country’s financial woes. But such is not the case. A lot of critics, including the President’s own sister, Senator Imee Marcos, look at the bill with cynicism, claiming Senate Bill 2020 is still vague and she would not allow its immediate passage. The present form of the Senate version of the MIF bill, she said, is still in the process of amendments. “I will not allow it if ever it will be approved immediately because it’s a huge sum of money, “ she said. “Our children will be buried in debt. It is something that should not be fast-tracked.” One of the concerns in the establishment of a sovereign wealth fund is the need for fiscal discipline and transparency in its management. There is a risk of mismanagement or corruption, which could undermine the fund’s intended purpose and erode public trust. Analysts believe investing a significant portion of the country’s funds in a sovereign wealth fund could divert resources away from other pressing needs, such as education, healthcare, and poverty alleviation. It is crucial, they say, to strike a balance between long-term investments and immediate social and developmental priorities. As with most financial instruments, sovereign wealth funds are not immune to market volatility and risk. Economic downturns or adverse global events can result in significant losses, affecting the value of the fund and potentially impacting the nation’s overall financial stability. Without a doubt, the MIF bill has the potential to bring significant economic benefits to the Philippines, including attracting foreign investment, fostering infrastructure development, and diversifying the country’s assets. However, it also carries inherent risks, such as the need for fiscal discipline, opportunity costs, and market volatility. To maximize the bill’s positive impact, it is crucial to implement robust governance frameworks, prioritize social development, and adopt effective risk management strategies. By carefully addressing these challenges, the Philippines, analysts believe, can harness the potential of a sovereign wealth fund to promote sustainable growth and secure the country’s long-term economic prosperity. It would do well for our solons, therefore, to look at the bill from all angles and see where it will lead us. As Aesop once said, “SLOW AND STEADY WINS THE RACE.” The post Taking MIF slow, steady appeared first on Daily Tribune......»»