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Biden leads US tech push in Vietnam
President Joe Biden and senior executives from top US tech firms including Google and Intel met Vietnamese business leaders Monday after the two countries agreed to deepen cooperation as Washington seeks to counter China's growing clout. Biden and Vietnam's ruling Communist Party chief -- the country's paramount leader -- struck a "comprehensive strategic partnership" as Washington pushes to boost its network of allies around Asia and the Pacific. The United States sees manufacturing dynamo Vietnam as an important part of its plan to decrease reliance on China for supplies of strategic resources, and the new pact includes agreements on semiconductors and rare earths. Executives from tech behemoth Google, chip makers Intel and GlobalFoundries, and aviation giant Boeing joined Biden and Secretary of State Antony Blinken for an "innovation and investment summit". They held talks with senior figures from a host of leading Vietnamese tech and manufacturing companies including electric car maker VinFast, internet firm VNG and digital wallet Momo. At the talks, Biden announced that flag-carrier Vietnam Airlines had agreed a $7.8-billion deal with Boeing to buy 50 medium-haul 737 airliners. Other deals announced include Microsoft developing a "generative AI-based solution tailored for Vietnam" and NVIDIA teaming up with local companies to deploy artificial intelligence in the cloud, automotive and healthcare sectors. Semiconductor security The new partnership includes an agreement on semiconductors, with the United States committing to help Vietnam develop its capabilities and expand production, including by funding workforce training. Tiny semiconductors are vital to modern life, found in every electronic device from children's toys and smartphones to electric cars and sophisticated weapon systems. Biden moved last month to restrict US investment in Chinese technology in sensitive areas including semiconductors, quantum computing and AI. With Washington looking to diversify and strengthen its supply chains after a series of shocks hit the global economy, it is increasingly looking to Vietnam, which has the world's second-largest deposits of rare earths -- another strategically vital resource -- after China. The White House highlighted US investment in chipmaking in Vietnam, pointing to a new $1.6 billion factory near Hanoi due to start operations soon. China difficulties Biden insisted Sunday that he did not want to "contain" China, but accused Beijing of seeking to change the rules of the international order. And in their joint statement, Biden and Trong launched a fresh broadside at Beijing in the sprawling, multi-state territorial row over the South China Sea. They warned against "threat or the use of force", days after the latest clash involving Chinese vessels, and insisted the competing claims to the strategic waterway must be settled under international norms. Beijing claims almost the entire sea, through which trillions of dollars in trade passes annually, and has ignored an international court ruling that its assertion has no legal basis. The president met Chinese Premier Li Qiang -- the country's number two leader -- on the sidelines of the G20 summit in Delhi on Sunday. Biden said the major economic problems Beijing was wrestling with would limit its scope for action, particularly on Taiwan -- which China regards as a renegade province. "China has a difficult economic problem right now for a whole range of reasons that relate to the international growth and lack thereof and the policies that China has followed," he said, pointing to high youth unemployment and real estate issues. "I don't think it's going to cause China to invade Taiwan. As a matter of fact, the opposite -- it probably doesn't have the same capacity that it had before." Vietnam has its own squabbles with Beijing, notably over the contested South China Sea. Hanoi's state media on Monday hailed the deal with former war foe the United States as "historic". Biden will end his visit by paying his respects at a memorial to his friend John McCain, the former US Senator shot down in Hanoi as a pilot during the Vietnam War. The post Biden leads US tech push in Vietnam appeared first on Daily Tribune......»»
Ex-ally sues Monaco’s ruler in ‘Rock Files’ scandal
A former confidant of Monaco's ruler Prince Albert II is suing the monarch in an unprecedented and potentially damaging court case triggered by the release of leaks that have rocked the usually placid Mediterranean playground for the rich and famous. Claude Palmero was for over two decades in charge of managing the palace's assets, first for Albert's father Rainier III, the husband of the US actress Grace Kelly, and then their son Prince Albert when he became ruler in 2005. But now Palmero is asking for around one million euros ($1.1 million) in damages from the palace, according to a complaint seen by AFP, over losing his job after becoming embroiled along with other former senior palace officials in unverified allegations posted in the "Dossiers du Rocher" ("Rock Files", referring to Monaco by its nickname) website from 2021. The website hosted videos, confidential email conversations and hostile articles dealing with property development in the principality. The controversy has roughed up the usually calm waters around Monaco, a tiny principality surrounded by French territory which attracts ultra-rich residents –- like tennis star Novak Djokovic and formula 1 champion Lewis Hamilton -- due to its favourable tax regime. With a population of barely 40,000, Monaco neither imposes income nor wealth taxes. Among the material published by Dossiers du Rocher were email exchanges between four people close to Albert, including Palmero, accusing them of collusion in an alleged financial scam. As well as Palmero, Albert's chief of staff Laurent Anselmi also lost his job in June. 'From another age' In charge of the crown assets, Palmero was known as a Monegasque eminence grise, who was tasked with strategic issues including taking a stake in Nice's airport and buying property, as well as being a keeper of palace secrets. He lodged an appeal against his dismissal in the case before Monaco's constitutional court, known as the Supreme Tribunal, that his lawyer filed on 13 July. "No reason has ever been given to justify these decisions that come from another age and manifestly violate the principle of legality," said the complaint filed by one of his lawyers Pierre-Olivier Sur and seen by AFP. "Prince Albert II during his reign has congratulated himself in front of his subjects and the whole world that Monaco is a state of law. "Alas, there are circumstances where this principle is sadly forgotten by him and favour the violence of arbitrariness," it added. Palmero is seeking the condemnation of the prince to repair "the immense moral damage, injury and disruption to living conditions", claiming the one million euros and his reinstatement. Albert's lawyer Jean-Michel Darrois said in response: "This is a discretionary decision by the royal house as is the case with several other monarchies." But the controversy is deeply unwelcome for Albert, who has already been under intense scrutiny over his marriage to Princess Charlene, the former South African Olympic swimmer in 2011, in French and international media in recent months. Charlene only returned to Monaco in March 2022 after a months-long absence for medical treatment. Raids and infighting The case, which is set to be heard in the coming weeks, comes as judicial authorities launched a series of searches in mid-July at the four former confidants of the prince accused in the Dossiers du Rocher. All those involved deny the allegations put forward by the Dossiers du Rocher, which published their private correspondence and whose origins remain a mystery despite investigations by the French and Monaco authorities. Patrice Pastor, a Monegasque construction entrepreneur, has filed a complaint over alleged influence peddling against them. But while they suspect him of being behind the website the businessman strongly denies this. The purported motive of Pastor, whose group is worth up to 30 billion euros, is alleged by his enemies to have wanted to maintain control over lucrative real estate transactions in the principality, which Palmero and his allies sought to limit. According to official figures, 88 new apartments were sold in 2022 in Monaco, for a stratospheric total amount of 1.2 billion euros. The Pastor group is particularly involved in the Mareterra project, six hectares of luxurious buildings looking out to the Mediterranean. First reported by France's Le Monde daily, the searches targeted, in France and Monaco, the homes and offices of Claude Palmero, the law firm of Thierry Lacoste, childhood friend of the prince, Laurent Anselmi, and Didier Linotte, president of the Supreme Tribunal, who is about to leave office. Monaco's prosecutor general refused any comment. The four men do not deny being in touch with each other but insist it was to deal with regular business of Monaco. Two other men are also reported to be part of the group: former Monaco government chief Michel Roger, who is said to have formed it, was left a paraplegic after an accident in 2015. The sixth man was Jean-Francois Renucci, former head of the court of cassation in Monaco, who died in a car accident between Monaco and Nice in 2021 just as the Dossiers du Rocher scandal was erupting. The four allege that Pastor has now won the favor of the prince but this was denied by a palace aide. "This prince does not take sides," the aide, who was not named, told Le Figaro daily. The post Ex-ally sues Monaco’s ruler in ‘Rock Files’ scandal appeared first on Daily Tribune......»»
Fortman Cline declared Best M& A Advisory Team in SE Asia
Fortman Cline Capital Markets was recently named the Best Mergers and Acquisitions Advisory Team in Southeast Asia for 2023 by Capital Finance International, a premier London-based print journal and online resource for business, economics and finance. In recognition of FCCM’s work as a corporate finance advisory and consulting firm, CFI wrote that the firm has “demonstrated a track record on assisting entrepreneurs and family businesses achieve transformational growth via joint ventures, external fund-raising placements, and inorganic acquisitions.” “In addition, it has assisted a number of entrepreneurs monetize their businesses via strategic transactions with responsible partners that could transform businesses towards a larger scale. The team has also developed specialized practices in healthcare, consumer businesses, infrastructure, and logistics. It has complemented its workforce with industry professionals,” CFI further said. The CFI award program aims to demonstrate “the many ways in which the economies of the world are converging” and the awards are given to individuals and organizations “that truly add value.” This is the second time that CFI has bestowed the recognition to FCCM. The first time was in 2019. That same year, FCCM was also given the Most Innovative Solutions Provider Award from International Finance, Inc. FCCM has been ranked as one of the top M&A firms in the Philippines by Bloomberg and in Southeast Asia by Thomson Reuters. “Having meaningful dialogues with our clients over a company’s lifecycle is very important. This develops customer loyalty, and annuity like revenue streams vis-à-vis a transaction-oriented approach to business,” said FCCM president and co-founder Daniel D. Ibasco. FCCM acted as one of the two financial advisers of Professional Services Inc., the company that owns The Medical City, as it recently sealed the deal with Luxembourg-based CVC Capital Partners. The deal will involve a control entry by CVC over the hospital’s Philippine assets and operations through a combination of convertible notes and secondary share purchases via an ongoing tender offer. FCCM has also assisted PSI in refinancing $146 million worth of guaranteed obligations of its subsidiary in Guam with non-recourse long-term debt from a syndicate of South Korean lenders. FCCM has assisted TMC grow into one of the largest healthcare networks in the Philippines through a series of multiple transactions performed for TMC over the last 10 years. In November 2022, FCCM advised TMC on the issuance of up to P12.7 billion of convertible notes to Universal Healthcare Services, Pte., Ltd., which is managed by CVC. The move is part of the hospital’s recapitalization program. “The current industry environment is ripe with opportunity driven by a demand for quality healthcare services, an increase in healthcare spending, and a growing middle class population,” Ibasco said. Prior to the CVC-TMC deal, FCCM advised Mang Inasal Philippines Inc. on its sale of a 70-percent stake to Jollibee Foods Corporation, and All First Equity Holdings on its acquisition of a 60-percent equity stake in Philippine Geothermal Production Company, Inc. from Chevron Geothermal Philippines Holdings, LLC (USA). The firm was also the financial advisor of San Miguel Corporation’s acquisition of Citra Tollways’ interest in the Southern Luzon Expressway, the sale of Air 21 Group to AC Logistics Holdings Corporation, the sale of 51% of The Generics Pharmacy to Robinson Retail Holdings, Inc., Bounty Fresh Food Inc.’s $300 million acquisition of Tegel Foods Ltd. in New Zealand, Fernwood Holdings, Inc.’s acquisition of a 100-percent stake in Liquigaz Philippine Corporation, and more. Before founding FCCM along with Gary P. Cheng in 2007, Ibasco headed Asian Capital Markets and Southeast Asian Investment Banking for Bear Stearns and Co. in Singapore and Hong Kong. He has over 30 years of experience in investment banking, debt and equity capital markets, private and venture equity and special situations, specializing in emerging markets and Southeast Asia. Cheng, on the other hand, is currently the Managing Director of FCCM. He was the president and CEO of Amalgamated Investment Bancorporation and has worked with J.P. Morgan in New York, Hong Kong, and London. Ibasco and Cheng are joined in the top executive positions by Clarisse T. Tan and Michael C. Tiutan, Executive Directors for the Investment Banking Group. Earlier in the year, FCCM established a management consulting arm under the leadership of Francis S. Del Val, who has more than three decades of global executive experience. The post Fortman Cline declared Best M&A Advisory Team in SE Asia appeared first on Daily Tribune......»»
Aggregation brings power
In a 5 July meeting at the Palace, Prime Energy officials presented to President Ferdinand “Bongbong” Marcos Jr. a process that would prevent the cost of electricity from zooming up amid the depleted natural gas supply. The President was convinced the proposed gas aggregation strategy Prime Energy proposed would result in stable and cheaper energy in the country. “It seems that this gas aggregator idea is the key. Again, we have work to do,” Marcos said during the meeting. At the meeting, Prime Energy presented its grand plan for the revitalization of the Malampaya natural gas field, but there would be a lag between the start of the exploration to find reserves and the development of new wells, which would be a critical period. Prime Energy indicated that it will begin drilling two deep wells in the last quarter of 2024, with additional production from the Malampaya field expected to start only by the first half of 2026. The proposed solution is to import liquefied natural gas but the high cost is the problem, meaning that consumers’ monthly power bills may spike when LNG is fed to the lineup of power plants in Batangas. Aggregation involves the blending of gas from Malampaya with imported gas, thus softening the impact of the high cost of LNG. Energy supply firm First Gen Corp. of the Lopez Group will provide the blending facility for Prime Energy through a lease deal. First Gen is currently developing an LNG and regasification terminal at its complex in Batangas City. It said the lease of its LNG terminal is part of the gas aggregation proposal that would connect to existing Malampaya gas facilities, which are now being operated by a consortium led by the Enrique Razon group’s Prime Energy. The aggregation framework would then tap the Malampaya consortium’s expertise in the natural gas market for the proposed fuel blending. Nearly all the technicians and personnel of Shell Petroleum Exploration who had been running the facility for the past 21 years were retained by the consortium. First Gen incidentally runs four gas-fired power plants with a combined capacity of 2,017 megawatts and which have been getting their supply from Malampaya for many years. The way that the partners explained their project was that it is intended to make it possible to blend currently declining volumes of indigenous Malampaya gas with imported LNG to ensure a least-cost solution for consumers, enhance energy security and provide a competitive power generation market. Such will be undertaken while exploration activities leading to the commercial development of new indigenous natural gas fields are undertaken. All these activities are in response to the national government’s urgent call for significant investments to ensure national competitiveness, according to First Gen. The Malampaya project needs to keep its share in the energy supply since it accounts for 20 percent of Luzon’s electricity needs. President Marcos signed the Renewal Agreement of Malampaya Service Contract 38 on 15 May, extending the life of the contract until February 2039. Drilling activities will cover the Camago and Malampaya East fields that are near the existing Malampaya platform. An extended contract freed at least $600 million worth of investments that will be used to drill two wells and construct subsea facilities. President Marcos’ signing of the extended deal removed the uncertainties that had saddled the project in the previous administration. It particularly silenced the opportunists who wanted to scuttle the contract and secure for their principal another deal at a huge discount. The post Aggregation brings power appeared first on Daily Tribune......»»
2 ecozone firms close, 4,100 workers lose jobs
At least 4,100 workers lost their jobs with the closure of two locators inside the Mactan Economic Zone in Lapu-Lapu City, Cebu. Department of Labor and Employment in Central Visayas Regional Director Lilia Estillore said Mactan Apparel Inc. and First Glory Philippines Inc. have decided to cease operations due to high production and logistics cost. Mactan Apparel will retrench 3,500 workers while First Glory, a logistics company, will retrench 600 workers. Estillore said the 4,100 workers are to receive separation pay on 25 July as mandated by law. The amount will depend on the number of years that they have worked in their respective companies. Instead of paying them half month's salary per year of service, the two companies are giving their employees compensation equivalent to 18 days per year of service, according to Estillore. In addition, the retrenched workers will be paid their compensation for the entire month of July even if they will no longer be asked to report for work until the end of the month, the DoLE official added. DoLE-7 can release P10,000 to P30,000 as livelihood grant for the said workers. Its "writeshop" will teach the workers how to create a project proposal that would make them qualify to avail of the agency's livelihood assistance, she said. Meanwhile, Labor group Partido Manggagawa denounced the retrenchment and asked the multinational company Adidas to explain why its supplier factories are closing down. "These are factory closures, not just mass layoffs. Even though the economy is growing, workers are suffering. More than 4,000 breadwinners have lost their jobs and their families will now have to deal with all the difficulties of joblessness," Dennis Derige, PM-Cebu Chapter spokesperson, said. Derige said there are three factories in MEZ that make sportswear exclusively for the global brand Adidas and is part of the Sports City conglomerate, the biggest MEZ employer that supplies global garment brands. The closure of the two MEZ factories resulted in the third wave of mass layoffs at Sports City. In September 2020, some 4,000 workers were retrenched while another 4,000 were displaced in September 2022. The post 2 ecozone firms close, 4,100 workers lose jobs appeared first on Daily Tribune......»»
Biggest-ever airliner order marks first day of Paris Air Show
European aircraft maker Airbus got the Paris Air Show off to a soaring start on Monday with the announcement of the biggest-ever order for civil aircraft, as the French president joined a big crowd for the event's return after a four-year Covid hiatus. The 500-plane deal with low-cost Indian carrier IndiGo kicked off what organizers have billed as the "recovery airshow" after the coronavirus ravaged the sector and the biennial trade fair was canceled in 2021. Fighter jets and civilian aircraft streaked across the sky while suited and uniformed delegations, including Ukrainian military officials and President Emmanuel Macron, toured the stands. This year's airshow has a new focus on defence following Russia's invasion of Ukraine, as well as the industry's efforts to reduce its carbon footprint, with French President Emmanuel Macron arriving in a helicopter partly using sustainable aviation fuel. Macron called for "restraint" to protect the environment but said measures for aviation should be "reasonable" rather than "punitive", adding that the world shouldn't "give up on growth". Huge traffic jams around Le Bourget airport outside Paris were a testament to the interest in this year's show, as aircraft makers field hundreds of orders and airlines brace for a near-record number of passengers this year. The Ukraine conflict has also prompted countries to boost military spending, which could benefit aerospace defense firms. While Russia has been excluded from the event, Ukrainian military officials toured the huge exhibition space at Paris-Le Bourget airport, some taking photos of missiles on display. Passion for air hasn't disappeared Macron announced that Belgium is to be admitted as an observer to the French-German-Spanish Future Combat Air System program, which is seeking to develop the next generation of air combat technology. Macron, closing a ministerial conference on European air defense, called it a " major development". The FCAS is due to come into service by 2040 but has already suffered numerous delays. Also on the military front, Macron said that France, Estonia, Hungary, Belgium, and Cyprus are to jointly purchase Mistral short-range surface-to-air missiles. "This is a very fine example of sovereign cooperation between Europeans on a range that is entirely relevant and that was not sufficiently covered", the French leader said. There was star turns for the Rafale fighter made by France's Dassault and the American F-35 jet, with hundreds of visitors turning their phone cameras skyward and some plugging their ears against the deafening flypasts. Le Bourget offers a forum to announce deals with some 2,500 firms lining up to show off their latest planes, drones, helicopters and prototypes such as flying taxis. With 125,000 square meters (1,350,000 square feet) of exhibition space -- the equivalent of nearly 18 football pitches -- around 320,000 visitors are expected during the week-long event. "Passion for the air hasn't disappeared, that's good news," said Bertrand Godinot, easyJet's Netherlands and France director. Big deals Along with the Farnborough airshow in England, which takes place in even-numbered years, Le Bourget is a key sales event for the civil and defence industries. Airbus and rival Boeing compete fiercely in announcing orders for aircraft running into the billions of dollars. Monday's IndiGo-Airbus deal covers A320 family planes at a list price of $55 billion. Although closely held actual sale prices are usually lower, it marks the largest ever civil aviation order by volume, hailed by Airbus chief executive Guillaume Faury as "an enormous milestone". Airbus and Boeing are also battling to solidify supply chains as they increase production to meet growing demand. The United States has a strong presence with 425 exhibitors, while firms from 46 other nations are present. China, which lifted Covid restrictions only at the beginning of this year, is also represented. However, Beijing is not displaying its first homegrown medium-haul passenger jet, the C919, built to compete with the Airbus A320neo and Boeing 737 MAX. Flying taxis The airshow also hopes to open a window into the future as projects for flying taxis and other vertical take-off aircraft abound. Several prototypes will be on display as part of a "Paris Air Mobility" exhibition to showcase the latest innovations that developers hope will change how people travel. Macron arrived aboard Airbus' latest helicopter, the H160, in a flight fuelled with 30 percent sustainable aviation fuel before visiting the European group's stand where it laid out its net-zero-by-2050 plan. Macron had on Friday announced $2.2 billion to help develop technologies to reduce aircraft emissions. Air travel accounts for nearly three percent of global CO2 emissions but serves only a small minority of the world's population. With the industry targeting net zero emissions by mid-century, firms are turbocharging efforts to achieve it. The initial focus is on SAF, made from sources such as municipal waste and agricultural waste. But companies are also working to develop battery- and hydrogen-powered aircraft. The post Biggest-ever airliner order marks first day of Paris Air Show appeared first on Daily Tribune......»»
Genesis of graft, corruption
Graft and corruption grow luxuriantly in infertile soil. Sounds like an odd contradiction but Senior Undersecretary Domingo Panganiban, who is facing a complaint before the Ombudsman for his buy-now, authority-to-follow -later scheme, would surely understand this. Sounds cryptic? Let me explain. Just a few months after he was appointed by President Ferdinand “Bongbong” Marcos Jr. as senior undersecretary at the Department of Agriculture, he announced that 50,000 metric tons of fertilizer which the government would purchase on a government-to-government deal would be arriving sometime in October 2022. The shipment must have gone to Timbuktu because not a pound of it has arrived to this day. That volume of fertilizer should have substantially addressed the low productivity of rice and sugarcane. The same held true for rice farmers in the Cotabato provinces and elsewhere in Mindanao. This, plus the unjust and manipulative buying price of palay, is the basic reason we have run short of these consumer commodities. This is indeed a national shame considering that for a long period, we were exporting huge volumes of sugar and occasionally we, too exported rice. Panganiban served under the late President Ferdinand Marcos Sr. when both rice and sugar production was at an all-time high. I surmised this could have been the reason PBBM got him to serve as his alter ego at the DA. After all, the success of the Masagana 99 program was partly attributed to him. However, he has outlived his usefulness or maybe was hopelessly overruled by some shady characters in the Palace who wanted to make a fast buck. Executive Secretary Lucas Bersamin owned up to Panganiban’s unusual rush to fast-track the huge shipments of sugar ahead of orders from the proper authorities. As a former Chief Justice of the Supreme Court, Bersamin saw no legal impediment to Panganiban’s order to proceed with the importation. The complainants, however, saw it differently so let’s wait and see whether the Ombudsman will indict him or not. Whether the importation of sugar is legit or not is another story. Failure to respond to the more compelling need to address the low productivity in sugar and rice is a mortal sin. Importing these commodities as a solution is the height of idiocy and is actionable in hell. And this contributes significantly to the uptick in inflation that the country faces today. The late President Marcos Sr. left a template for agricultural productivity. It would take another column to explain that in detail, but PBBM should have looked into that first when he took up the job of Secretary of Agriculture on top of being President. Nearly a year in office and yet there is no indication whatsoever that PFEM’s legacy in the field of agricultural productivity has invited the curiosity of the new appointees in the Department of Agriculture. There is no hint this government is going to revive the National Food Authority, and nobody talks about the resuscitation of Food Terminal Incorporated. This is indicative of the ignorance, incompetence, and nonchalance of Marcos’ subalterns in the DA. If agriculture is indeed the backbone of the Philippine economy, then we are in for some trouble ahead of us unless PBBM overhauls the department and installs someone competent to handle the job. I cannot fault PBBM though since, as a kid growing up in those days of the agricultural bonanza, boys his age were fancying girls in miniskirts and Elvis Presley. But again, Panganiban is aware of it all except that these days his interests and priorities had taken a different turn and were misplaced. Importation and abetting of smuggling have been the order of the day and our law enforcers look on in what seems like a happy acquiescence. Such is the genesis of graft and corruption. The post Genesis of graft, corruption appeared first on Daily Tribune......»»
Palace: LGUs free to buy vaccines
Malacañang said Tuesday the national government was not building any monopoly on the procurement of COVID-19 vaccines, after some lawmakers pushed for local governments and private firms to be allowed to deal directly with drug makers......»»
No conditions in China’s move to prioritize PH as vaccine recipient — Sta. Romana
China has not imposed any condition when it included the Philippines as among the priority nations to gain access to its potential coronavirus vaccine, according to a Filipino diplomat. Amb. Jose Santiago Sta. Romana Philippine Ambassador to China Jose Santiago Sta. Romana said China instead reminded the country to prepare its cold storage facilities amid the highly anticipated breakthrough in vaccine development. China will hopefully announce its mass production of the coronavirus vaccine before the end of the year or early next year, Sta. Romana said during an online Palace press briefing. “Hopefully, mass production and distribution will happen in the near future, as early as November and December in terms of production. And it will depend on our capability to receive the vaccines in terms of our facilities, in terms of distribution,” he said. “The prospects are bright in terms of a breakthrough in vaccine,” he added. Sta. Romana made clear that the cold storage facilities for the potential COVID-19 vaccines are not conditions set by China but simply a reminder to ensure effective distribution of the vaccine. “It’s just a reminder that if you get the vaccine and you don’t have cold chain storage, then it’s useless so you have to prepare,” he said, citing information from Chinese drug companies. He said even if the Philippines is in the “priority list,” the distribution of the vaccine will be a challenge. He said the vaccines must be stored in “freezing conditions” to keep its efficacy. “If exposed to tropical weather or to normal weather conditions, the vaccine could lose its effectiveness,” he said.So far, Sta. Romana said the vaccines being developed by Chinese pharmaceutical firms have entered phase 3 of the clinical trials. One of the potential vaccines have been approved for emergency use for health workers and other government frontliners. “The Chinese will make an announcement in the near future and then they’ll start their mass production. And once there is the mass production, then I think there will be distribution. Hopefully, before the end of the year; but surely by the first quarter of next year,” he said. Asked if China has imposed any condition on the Philippines in exchange for the vaccine supply, Sta. Romana said: “No, not at all. Actually, we’re the ones, our condition is that it should pass our local requirements.” When asked if Beijing has pledged the amount of vaccines and if these will be given to Manila for free, Sta. Romana said the matter would entail more discussion. “I cannot give you a definitive answer right now but definitely in terms of number, you know, how they will do it kasi it depends on the—they’re talking of hundreds of millions in terms of production dito sa China. So, the question is iyong distribution and deployment,” he said. “They’re preparing their manufacturing facilities for the mass production of vaccines the moment approval is announced,” he added. Budget Secretary Wendel Avisado has assured that the government has funds that will be needed for the establishment of the cold storage facilities for the coronavirus vaccines. “Surely, as the sun rises in the east, there will be funds for that because the President will never allow that we will run short of the requirements to make sure that we have the storage facilities for all of these vaccines,” he said in the same online press conference. Last week, President Duterte expressed confidence about the safety of the vaccines being developed by China, citing the Asian neighbor is a modern country. He said the government has funds for the vaccine purchase, adding he was just waiting for China or Russia to contact him. “I’d be glad to open up my sleeves because I am confident with their vaccine,” he added......»»
Aboitiz Infra lures more firms in Batangas industrial estate
Aboitiz InfraCapital Economic Estates has lured more foreign investors into the country as more locators continue to set up production hubs in its industrial estate in Batangas......»»
Eastern Samar monitoring mining firms’ operations, compliance with rules
The provincial government of Eastern Samar has formed an inter-agency group to better monitor the operations of mining companies and ensure their compliance with the Mineral Production Sharing Agreement issued by the Department of Environment and Natural Resources......»»
Stock markets dip as US inflation comes into view
Stock markets drifted lower on Monday as investors eyed the release this week of key US inflation data that could guide Federal Reserve plans for interest rates going into the new year. Oil prices fell nearly two percent before bouncing higher and then sliding back lower as dealers awaited a delayed meeting of OPEC and its allies to decide over output levels. With Wall Street seeing little action at the back of last week owing to the Thanksgiving break, traders had few catalysts to drive action, though analysts were upbeat about the end of the year. "Although there isn't much buying interest at the moment, it's more notable that there still isn't much selling interest," said Briefing.com analyst Patrick O'Hare. The retreat in equities comes after a recent run-up across world stock markets fuelled by bets the US central bank has finished lifting interest rates as inflation comes down and the jobs market comes off the boil. Expectations that the Federal Reserve is done with hiking rates continued to weigh on the dollar Monday. The main focus this week is the release Thursday of the personal consumption expenditures (PCE) price index, the Fed's preferred gauge of inflation. "These numbers will be closely scrutinized for insights into inflation trends and their potential implications for monetary policy decisions," said SPI Asset Management's Stephen Innes. "While the current backdrop does not signify 'mission accomplished' in terms of addressing inflation, policymakers must now focus on planning for the next phase of the economic battle." Still, observers were upbeat about the outlook, with the latest weakness blamed on traders taking a breather after a strong month. Tony Sycamore, at IG Group, said early December could see some selling as investors "rebuild energy and (look) to set up for the end-of-year fireworks". Others said a drop in Wall Street's VIX "fear gauge" -- a measure of equity volatility -- to its lowest since January 2020 suggested investors were getting their mojo back. Eyes are also on developments at OPEC after the group and its allies, notably Russia, delayed a meeting aimed at agreeing production quotas, with some African countries said to be baulking at Saudi Arabian calls for more cuts. The group is thought to be close to reaching an agreement that could see the Saudis and Russia extend output reductions into the new year. OANDA analyst Craig Erlam said the OPEC+ group has shown in the past it usually can get a deal done, even if Saudi Arabia and Russia need shoulder bigger cuts. "But the question is how far they'll push it, given the recent trend in oil prices and increasing concerns around global growth next year," said Erlam. Crude prices have fallen in recent weeks as demand is seen coming down owing to slowing economies, particularly China's, and the Middle East conflict appears to not have expanded to include other countries in the region. Key figures around 1630 GMT New York - DOW: DOWN 0.2 percent at 35,338.58 points London - FTSE 100: DOWN 0.4 percent at 7,460.70 (close) Paris - CAC 40: DOWN 0.4 percent at 7,265.49 (close) Frankfurt - DAX: DOWN 0.4 percent at 15,966.37 (close) EURO STOXX 50: DOWN 0.4 percent at 4,354.41 (close) Tokyo - Nikkei 225: DOWN 0.5 percent at 33,447.67 (close) Hong Kong - Hang Seng Index: DOWN 0.2 percent at 17,525.06 (close) Shanghai - Composite: DOWN 0.3 percent at 3,031.70 (close) Euro/dollar: UP at $1.0935 from $1.0922 Pound/dollar: UP at $1.2611 from $1.2585 Euro/pound: DOWN at 86.70 pence from 86.79 pence Dollar/yen: DOWN at 148.94 from 149.56 yen West Texas Intermediate: DOWN 0.1 percent at $75.44 per barrel Brent North Sea crude: DOWN 0.3 percent at $80.36 per barrel .....»»
Steps gaining exporter status under RCEP outlined
Exporters wishing to avail themselves of preferential tariffs under the Regional Comprehensive Economic Partnership can apply with the Bureau of Customs to become an approved exporter, according to a customs official. Gina German, head of the Preferential Rate Unit of the BoC Port of Manila, is encouraging Filipino exporters to start leveraging the RCEP’s benefits, foremost of which is being allowed to source materials and products from the 14 other member parties of the mega free trade agreement at lower duty rates. Study and comply German also urged companies to study and comply with the RCEP’s rules of origin (ROO), a requirement to get preferential tariff treatment under the world’s biggest trade deal. Essentially, the ROO can be regarded as a passport for products, a way to determine the country of origin of a product and establish its eligibility for preferential tariff treatment. It can help businesses reduce costs and boost their competitiveness within the regional market. Under RCEP, originating goods are those falling under three categories: wholly obtained in the RCEP party or member state of the agreement; those produced in a party exclusively from originating materials from one or more of the parties; and those produced in a party using non-originating materials, provided the good satisfies the applicable requirements set out in Annex 3A (Product-Specific Rules). Documentary requirements German said applicants seeking “approved exporter” status under RCEP should submit the following documentary requirements: • Duly accomplished application form • BoC’s Certificate of Registration • Product Evaluation Report or PER, if applicable Meanwhile, traders applying for approved exporter status, should submit a producer’s declaration indicating the originating status of the good for which the trader will be completing a declaration of origin and stating the producer’s readiness to cooperate in verification. “If you are a trader, you need to know who produces the good or you still have a declaration that it is originating in the Philippines so that you will be ready during the retro verification or verification of the importing country,” said German during her talk last month at a Department of Trade and Industry webinar. In addition applicants have to submit a list of the authorized signatories of the DO and their respective specimen signatures. The application form should be submitted in both hard copy and electronic Portable Document Format to the deputy commissioner of the Assessment and Operations Coordinating Group through the Customer Care Center or CCC. The Export Coordination Division or ECD will then evaluate the application based on the following criteria: Exporter is a legitimate exporter who must have been transacting with the BOC for at least one year prior to the date of application Exporter must have been exporting products to at least one RCEP party for at least one year • Exporter must have good compliance measured by risk management of the BOC • Exporter must have a sound bookkeeping and recordkeeping system • Exporter must have responsible officers or persons authorized to sign the DO, who must have sufficient knowledge, competence in ROO application • Exporter must be willing to be subjected to regular monitoring and inspection to determine correctness of its declaration with respect to the goods exported. Written authorization After evaluation the ECD will grant the status of approved exporter to the successful applicants by issuing a written authorization with its corresponding authorization code within 14 working days. From there, the BOC will input the details of the approved exporter in its Approved Exporter Database for circulation among the RCEP parties. RCEP came into effect officially for the Philippines on June 2, 2023 after the Senate finally ratified the agreement in February this year. The Philippines was the last country to ratify RCEP, a free trade pact among the 10 members of the Association of Southeast Asian Nations — Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam — and the five ASEAN FTA partners Australia, China, Japan, South Korea, and New Zealand. The post Steps gaining exporter status under RCEP outlined appeared first on Daily Tribune......»»
Phl, Saudi ink $4.26-B investment agreements
RIYADH, Saudi Arabia — Malacañang on Friday said that business delegations from the Philippines and Saudi business leaders inked investment agreements worth $4.26 billion. In a statement, Marcos was said to be present at the agreements' signing earlier this week, which took place on the fringes of a conference of Gulf and Southeast Asian countries in Saudi Arabia. Malacañang said that EEI Corp. of the Philippines and Samsung Engineering of Saudi Arabia have reached a deal for the export of construction services valued at $120 million. Al-Jeer Human Resources Company (ARCO) also inked a $3.7 billion human resource services contract with the Association of Philippine Licensed Agencies for the Kingdom of Saudi Arabia, the Palace added. A $191 million agreement for human resource services was also inked by Maharah Human Resources Co. of Saudi Arabia, Staffhouse International Resources of the Philippines, and E-GMP International Corp. of the Philippines. President Marcos acknowledged the valuable contributions of the companies that took part in the effort to strengthen the bilateral ties between the Philippines and Saudi Arabia, which served as home to over one million Filipino migrant workers. “To our current and future business partners, I hope that this meeting has served as an excellent platform for building greater and closer partnerships between the Philippines and the Kingdom of Saudi Arabia,” President Marcos said. President Marcos also assured the business community that the Philippines will remain steadfast in its commitment to continuously support current and prospective Saudi investors as he emphasized that the Philippine government has amended existing laws to further open its economy to foreign investments. The post Phl, Saudi ink $4.26-B investment agreements appeared first on Daily Tribune......»»
Marcos offers Namibia agri boost help
President Ferdinand Marcos Jr. said the Philippines can significantly help Namibia in advancing its agricultural industry's growth, Malacañang said on Friday. In a statement, the Palace said Marcos made the offer during the acceptance of credentials from Namibia's Non-Resident Ambassador to the Philippines, Herman Pule Diamonds, at Malacañan earlier this week. Marcos told Diamonds that the Philippines possesses its own rice institute and educational institutions specializing in agricultural research and development. "We take pride in the fact that many of the agriculturists and agronomists around Southeast Asia trained with us and we can claim credit for some of the success that they are enjoying now. So, I think that is something that we could certainly look into," he added. Marcos also discussed matters of trade and industry and technical cooperation as Namibia and the Philippines try to fortify bilateral ties. "What is left to us now is for us to find those complementarities. Those areas that we can help each other," Marcos said. In response, Diamonds expressed Namibia's interest in broadening its trade and investment portfolio and acknowledged that the Philippines possesses technological advancements that its country still needs to acquire. “So, my task is to see how we can perhaps, maybe turn this around and make most space for us to cooperate [in terms of] trade and investment. So, this is the reason why we are here … So, I was the one saying look here we have to diversify. And that is precisely what I’m looking at coming,” Diamonds said. “So, we are mostly in those areas. We also have the same challenges. As the Philippines [there are] technologies, which we do not have. So, this is also an area where we can see technical cooperation,” he added. The Ambassador also expressed his appreciation for the Philippine government in ensuring the welfare of the overseas Filipino workers (OFWs) and the Filipino community in Namibia. Responding to Namibia’s observation about Filipino workers abroad, President Marcos took pride in the Filipinos’ hospitality as he emphasized that they are very industrious employees around the world. “We’re very proud of our overseas workers. They do a great deal for our country and they have polished and made our reputation all over the world and again, we’re very proud of them,” Marcos said in response to Diamond’s remarks about the OFWs. The post Marcos offers Namibia agri boost help appeared first on Daily Tribune......»»
NIA, DENR to promote advanced water security in Phl
The National Irrigation Administration and the Department of Environment and Natural Resources agreed to strengthen the water rights of NIA and further promote water security in the Philippines, Malacañang said on Thursday. In a statement released by the Palace, Environment Undersecretary Carlos Primo David underscored that the government will ensure water security through various government agencies. "(This) is a convergence between several government agencies with water-related functions … we are able to plan and coordinate our efforts together and I'm referring to the DENR, which I represent, the National Water Resources Board, and everyone here in Malacañang," David said. This means that NIA's irrigation water will not only be used for the agricultural sector but will also be utilized for power production, bulk water supply, aquaculture, recreation, tourism, and other purposes. DENR has been given the directive to protect the country's water resources to meet its needs, as mandated by the law. In connection with this, the Office of the Executive Secretary has encouraged the NIA, the National Water Resources Board, and the Water Resources Management Office to be more responsive to the country's needs in the use and development of water resources. The DENR, through the National Water Resources Board and the Water Resources Management Office, will have the responsibility of safeguarding and preserving water resources to meet the evolving requirements as outlined in the existing laws governing water management and utilization. In a similar vein, Senior Deputy Executive Secretary Hubert Guevarra encouraged the NIA, NWRB, and the WRMO to be more adaptable to the changing needs of the nation in how they use and develop water resources, aligning their actions with the fundamental principles of the water code and the President's objective of achieving water security. This memorandum of agreement aligns with President Ferdinand R. Marcos Jr.'s Executive Order No. 22, which established the WRMO under the DENR, tasked with coordinating and harmonizing all government initiatives and regulatory activities to ensure the sustainable management and availability of water resources throughout the entire country. Also in attendance at the event were Assistant Secretary Jason Alba from the Office of the Senior Deputy Executive Secretary, Department of Finance Undersecretary Catherine Fong, and NIA Acting Civil Works Design Section Chief Engr. Roald Marck Revellame. The post NIA, DENR to promote advanced water security in Phl appeared first on Daily Tribune......»»
More than 75,000 US health care workers begin 3-day strike
Tens of thousands of healthcare workers in the United States walked off the job Wednesday, beginning one of the sector's largest strikes in recent history, as America's year of labor discontent rolled on. The walkout of more than 75,000 workers at Kaiser Permanente, the country's largest non-profit healthcare organization, comes as surging inflation has spurred industrial action across the US, from Hollywood actors to Detroit auto workers. People on the picket lines in Los Angeles on Wednesday said they were underpaid and overworked. "Ever since the pandemic hit, we lost a lot of members and we never recovered them," X-ray technician Armando Velasco told AFP. "And now we're at the brink, we're at the precipice." Nurse Kathy Lozoya said the rocketing cost of living in southern California was making life very difficult. "Kaiser Permanente has reported billions of dollars in profits, so all we're asking from Kaiser CEOs is to share those profits with the frontline workers," she said. "All we're asking is a fair contract so that we can be able to live." Fellow nurse Scarleth Rocha said she feared a staff shortage was not good for patients. "Working 12-hour shifts, working with 26 patients per one nurse is not ideal, and it's not safe for nurses to work with that many patients in one place," she said. Kaiser Permanente locations in California, Colorado, Oregon, and Washington state were expected to be affected by the three-day strike. A small number of workers in Washington, DC, and Virginia were set to walk out for 24 hours. Kaiser said centers would remain open, but warned there would be "longer-than-usual" wait times. A Kaiser spokesman told journalists on Tuesday that talks were continuing. "Several agreements over specific provisions have been reached" with the Coalition of Kaiser Permanente Unions, the spokesman said, adding negotiators were prepared to meet around the clock "until we reach a fair and equitable agreement." The union, which says this will be the largest healthcare worker strike in US history, is pushing for pay increases and protections against subcontracting and outsourcing of labor. It has threatened to engage in further strike action in November "if Kaiser continues to commit unfair labor practices." Inflationary pressures Wednesday's strike comes during a year in which the US has seen an unusually high level of industrial action as workers struggle with inflation levels not seen in a generation. Higher prices have reduced the purchasing power of shoppers across the country, while the rise of generative artificial intelligence (AI) has led to concerns about the automation of growing numbers of jobs. Industrial action is ongoing in Detroit, where the United Auto Workers (UAW) union is engaged in its first-ever joint strike action against the "Big Three" automakers -- GM, Ford, and Chrysler maker Stellantis -- in a push for higher pay and better working conditions. More than 25,000 workers are on strike in 21 states -- around 17 percent of UAW's 146,000 members -- as talks continue. In Hollywood, a months-long joint strike by writers and actors brought California's lucrative film industry to a halt, stopping production and broadcast of major movie and TV productions. While the writers have since agreed on a deal to return to work, actors represented by the SAF-AFTRA union were on the picket lines Wednesday, even as their negotiators met with studios for a second full day of talks. The post More than 75,000 US health care workers begin 3-day strike appeared first on Daily Tribune......»»
More than 75,000 US health care workers begin 3-day strike
Tens of thousands of healthcare workers in the United States walked off the job Wednesday, beginning one of the sector's largest strikes in recent history over what they say is a staffing shortage, as America's year of labor discontent rolled on. The walkout of more than 75,000 workers at Kaiser Permanente, the country's largest non-profit health care organization, comes as surging inflation has spurred industrial action across the US, from Hollywood actors to Detroit autoworkers. "Kaiser executives are refusing to listen to us and are bargaining in bad faith over the solutions we need to end the Kaiser short-staffing crisis," vocational nurse Jessica Cruz, who works at Kaiser Los Angeles Medical Center, said in a union statement. "I see my patients' frustrations when I have to rush them and hurry on to my next patient. That's not the care I want to give. "We're burning ourselves out trying to do the jobs of two or three people, and our patients suffer when they can't get the care they need due to Kaiser's short staffing." Kaiser Permanente locations in Washington DC, Virginia, California, Colorado, Oregon and Washington state were expected to be affected by the three-day strike. Kaiser said centers would remain open, but warned there would be "longer-than-usual" wait times. A Kaiser spokesman told journalists on Tuesday that talks were continuing. "Several agreements over specific provisions have been reached" with the Coalition of Kaiser Permanente Unions, he spokesman said, adding negotiators were prepared to meet around the clock "until we reach a fair and equitable agreement." The union, which says this will be the largest healthcare worker strike in US history, is pushing for pay increases and protections against subcontracting and outsourcing of labor. It has threatened to engage in further strike action in November "if Kaiser continues to commit unfair labor practices. Inflationary pressures Wednesday's strike comes during a year in which the US has seen an unusually high level of industrial action as workers struggle with inflation levels not seen in a generation. Higher prices have reduced the purchasing power of shoppers across the country, while the rise of generative artificial intelligence (AI) has led to concerns about the automation of growing numbers of jobs. Industrial action is ongoing in Detroit, where the United Auto Workers (UAW) union is engaged in its first-ever joint strike action against the "Big Three" auto makers -- GM, Ford and Chrysler maker Stellantis -- in a push for higher pay and better working conditions. More than 25,000 workers are on strike in 21 states -- around 17 percent of UAW's 146,000 members -- as talks continue. And in Hollywood, a months-long joint strike by writers and actors brought California's lucrative film industry to a halt, stopping production and broadcast of major movie and TV productions. While the writers have since agreed on a deal to return to work, actors represented by the SAF-AFTRA union were on the picket lines Wednesday, even as their negotiators met with studios for a second full day of talks. The post More than 75,000 US health care workers begin 3-day strike appeared first on Daily Tribune......»»
US sanctions China-based drug network over fentanyl
The United States announced sanctions Tuesday on a China-based network for producing and distributing chemicals used to make drugs including those fueling a deadly national fentanyl crisis. President Joe Biden's administration has made the fight against fentanyl a priority, with the synthetic opioid blamed for tens of thousands of deaths in recent years. The sanctions targets include 25 individuals and entities based in China, alongside three other parties in Canada, the Treasury Department said in a statement. In a separate notice, the Justice Department announced eight indictments charging China-based chemical manufacturing firms and staff with crimes related to drug production and distribution. "We know that this global fentanyl supply chain, which ends with the deaths of Americans, often starts with chemical companies in China," Attorney General Merrick Garland told a press briefing. He said it was "critical" that Beijing stops the "unchecked flow" of precursor chemicals coming from the country, adding that US officials will also raise the manufacturing and trafficking of fentanyl with their Mexican counterparts. Tuesday's actions are aimed at exposing and disrupting a network "responsible for manufacturing and distributing illicit drugs," said Deputy Treasury Secretary Wally Adeyemo. The China-based network is "responsible for the manufacturing and distribution of ton quantities of fentanyl, methamphetamine, and MDMA precursors," according to the Treasury. The parties designated are also allegedly involved in trafficking xylazine -- a veterinary sedative known as "tranq" -- and nitazenes, which are often mixed with fentanyl or other drugs, posing a higher risk of a fatal overdose. Via Mexico cartels US authorities have noted that fentanyl is often coming from Mexican drug cartels that use precursor chemicals from China. The Biden administration has imposed sanctions on cartels, although some politicians call for tougher actions. Among the individuals designated on Tuesday are Wang Shucheng and Du Changgen -- members of a Chinese "syndicate" -- as well as their affiliates. Wang was said to have directed others to establish companies used as cover to move pharmaceutical goods globally, while Du maintains the most influence over the organization, Treasury said. The network is the "source of supply" for many US-based narcotics traffickers, dark web vendors, virtual currency money launderers and Mexico-based criminal organizations, Treasury added. "Du Changgen and persons operating under him have been responsible for approximately 900 kilograms of seized fentanyl and methamphetamine precursors shipped to the United States and Mexico," the department said. Companies Du owns have also been designated. Hanhong Pharmaceutical Technology Co, found to be linked to several members of the network, was targeted -- alongside three representatives who were involved in its sale of fentanyl precursors and protonitazene. Among others impacted were punch and die manufacturer Jinhu Minsheng Pharmaceutical Machinery and its part-owner, as well as other illicit drug distributors. The United States has also blocked over a dozen virtual currency wallets. The sanctions effectively stop those named from using the US financial system, and US citizens are barred from transacting with them. The post US sanctions China-based drug network over fentanyl appeared first on Daily Tribune......»»
Marcos: Free rice distribution to continue until prices normalize
President Ferdinand Marcos Jr. on Friday said the government will continue to distribute rice for free to Filipinos until prices stabilize, but that the goal is to normalize the situation so that market forces can take over. In a media interview with reporters after the distribution of rice in Siargao, Marcos said that the government has implemented various measures to stabilize rice prices, including price controls and the buying price set by the National Food Authority. "We will just have to – if we are able to stop all smuggling and hoarding, then there will be no need for us to provide it for free because prices will stabilize and remain stable, following the natural seasonal fluctuations," Marcos told reporters. After rice prices soared due to supply shortages, the government began distributing confiscated rice to Filipinos in several parts of the country for free. The President said the government is also implementing other measures to stabilize prices, such as price controls and purchasing rice from local farmers at a higher price. "All of these efforts are aimed at normalizing the situation to ensure that rice remains relatively affordable for Filipinos," Marcos said. "So, if we ever run out of seized and smuggled rice, that would actually be a positive sign, indicating that there is less smuggling and hoarding, and prices can be controlled." Marcos said that the government is also working on long-term solutions to ensure a stable supply of rice in the country. These include increasing rice production by expanding the area planted with rice and investing in new technologies, and reducing post-harvest losses. "We are also working on improving our rice storage and distribution system," Marcos said. "We want to make sure that rice is always available to Filipinos at a reasonable price." Meanwhile, Marcos said that distributing smuggled and hoarded rice to poor Filipinos is one of the steps the government is taking to alleviate hunger among Filipinos nationwide. "I am sure that you, the beneficiaries, will go home happy because you will receive a sack of 25 kilograms of rice each," Marcos said in his speech in Siargao. "This is something different, and I'm not sure if you've heard about it because, as the Secretary of the Department of Agriculture, it is my duty to improve food supply and ensure that even though the supply is sufficient, the prices are fair so that the people are not burdened," Marcos added. Marcos also announced the launch of the "Walang Gutom" program, a food assistance program that will provide good, nutritious food to Filipinos. "We are also working to enhance rice production," Marcos said. "Not only rice but also corn, vegetables, high-value crops, all of these to make our food supply more resilient for our countrymen." The President also discussed the government's efforts to address the problems of smuggling and hoarding. "We have strengthened enforcement because these activities drive up the price of rice," Marcos said. "This has resulted in many warehouse raids where they couldn't prove the legality of their rice imports, so the government took over them, and the Bureau of Customs handled it. After that, since no legal proof of importation was provided, the rice was donated to the DSWD, which is now distributing one sack to each of you." Marcos said that the government is continuing to work to help Filipinos who are still struggling to recover from the pandemic and other challenges. The distributed rice in Siargao Island is part of the more than 42,000 bags of Jasmine rice seized by the BOC during its warehouse raid in Zamboanga City last May, which was later donated to the DSWD for distribution to the “poorest of the poor”. The post Marcos: Free rice distribution to continue until prices normalize appeared first on Daily Tribune......»»