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A positive difference
“The best way to find yourself is to lose yourself in the service of others,” Mahatma Gandhi once said. Marian Wright Edelman states, “Service is the rent we pay for being. It is the very purpose of life, and not something you do in your spare time.” Two memorable statements capture the essence of Attorney Kelvin Lester Lee, hailed by Dean Antonio La Viña of Ateneo School of Government as “one of the finest and most visionary individuals to have emerged from Ateneo Law School.” It’s no surprise that Atty. Lee became a Commissioner at the Securities and Exchange Commission in 2019. While his position may be formidable, those who have met him in person can attest to his kind-hearted nature and willingness to devote his time generously. When expressing his views, he displays a remarkable level of candor, always taking the time to carefully consider his words before speaking. Aside from his sense of humor, Lee possesses a remarkable ability to engage in meaningful conversations. When he speaks, he has a way of looking directly into your eyes, underscoring the significance of his words. Even in intense situations, he maintains a calm demeanor and is known to offer a comforting smile, lightening the atmosphere. In his role as Commissioner at the SEC, Atty. Lee assumes the responsibility of overseeing various crucial departments and divisions. These include the markets and securities regulation department, the information and communications technology department, the PhiliFintech innovation office dedicated to Philippine financial technology, and the international affairs and protocol division. Moreover, he holds authority over capital markets, sustainable finance, Fintech and information technology, and international affairs, ensuring their effective management and implementation. While the enormity of those tasks might induce vertigo in most individuals, Atty. Lee remains unfazed. “It is perhaps the best job I have ever had,” he admitted. “I enjoy making a positive change in the sector I am handling. I enjoy pushing innovations and encouraging improvements in the financial sector and capital markets.” With great responsibility, Lee adopts a heightened level of caution. Recognizing the potential impact of his words, he expressed the need to exercise carefulness in his public statements, as any statement he makes can influence the stock market. This awareness underscores his commitment to acting with prudence and considering the far-reaching implications of his words. Let’s delve into the life of Lee, who began his journey in the humble city of Davao, his birthplace. He embarked on his educational path at the Ateneo de Davao University for his grade school education, followed by his enrollment at Davao Central High School, then called Davao Chinese High School. After completing his schooling in Davao, he ventured to Beijing, China, where he pursued studies in the Chinese language and gained work experience with a foreign company. However, after two years, he returned to the Philippines and enrolled in Ateneo de Manila University to pursue a law degree. This journey showcases his diverse experiences and the foundation of his educational and cultural background. “The Ateneo de Manila entrance exam was the only one I could take that year when I came back from China,” he said, adding that he never dreamed of becoming a lawyer. “I just wanted to give it a try. And found I was a surprisingly good fit for it.” As a lawyer, he has five ideal lawyers. Only one is a foreigner: Sir Thomas Moore, an English lawyer, social philosopher, author, and statesman whom Roman Catholics venerated as Saint Thomas More. “He stood by his faith and principles,” he said. Fresh from hurdling the Bar exam, he worked at the Siguion-Reyna Montecillo and Ongsiako law firm, where he learned the importance of being enterprising and putting in a diligent effort to succeed. However, despite his professional growth, he decided to quit and return to his hometown of Davao, placing the deeply rooted value on family and prioritizing personal and familial responsibilities above career pursuits. As a father to two daughters, Atty. Lee expressed that fatherhood has had a profound impact on him, bringing about significant changes. He considers it one of the greatest blessings he could ever receive. According to him, the love that his children show him is genuine and unmatched. He believes that the love of young children is unparalleled. Experiencing this level of love is indescribable, knowing someone loves you unconditionally. This extraordinary bond makes fatherhood one of the most precious and fulfilling aspects of his life. “The love your kids show you is real,” he said. “You will never be as loved as you are by your young children. There is no feeling quite like it to know that someone loves you as much as that. That’s what makes it one of the best things.” Working in government “It is an honor to serve. Very few people get an opportunity to help the country and serve the president and the people,” said Lee, who is a former assistant secretary at the Office of the Executive Secretary in Malacañang, where he was also designated to sit on the Board of the Subic Bay Metropolitan Authority. Atty. Lee’s dedication to public service earned him well-deserved recognition in his field. In March this year, he received two international accolades for his role in driving the advancement of financial technology in the Philippine business sector, highlighting his visionary thinking and influential impact solidifying his reputation as a trailblazer in the field. In the 10th annual Asia-Pacific Stevie Awards, Lee was bestowed the Gold Stevie award for his outstanding contributions as a Thought Leader of the Year. These awards celebrate workplace innovation across all 29 countries in the Asia-Pacific region. From a vast pool of over 800 regional nominations, winners were selected in various categories, including the Award for Excellence in Innovation in Products & Services, the Award for Innovative Management, and the Award for Innovation in Corporate Websites, among others. “It feels great. It’s always wonderful to be recognized for all the hard work and changes you pursue at a government agency. And I was quite surprised to get the Gold Stevie Award, the highest level of the award for thought leadership. I feel so honored!” In the next decade, Atty. Lee, now 44, envisions continuing his career in law, possibly incorporating elements of technology, and hopes to stay actively involved in government work and make a significant impact by fostering meaningful transformation. “Working in government can be quite fulfilling. I encourage young lawyers and professionals to enter the arena and work in government to try and make a positive difference.” The post A positive difference appeared first on Daily Tribune......»»
Asian markets fall on rate fears as bond yields rise
Asian markets fell across the board Wednesday following Wall Street's lead after robust US employment data and rising Treasury yields exacerbated fears that interest rates will be higher for longer. The labor report, known as JOLTS, showed a surprise increase in the number of job openings to 9.6 million, a sign of continued tightness in the market and fuelling worries of a further rate hike by the Federal Reserve before year's end. The report comes ahead of Friday's highly anticipated September US employment report. Following the JOLTS report, 10-year US Treasury note yields climbed to levels last seen in 2007. Treasury bond yields are seen as a proxy for US interest rates and are closely watched. All three major US indices closed in the red, falling by more than one percent. "Stock market investors were sent reeling after US job openings unexpectedly rebounded in August, adding to concerns that the Federal Reserve could hike rates in November but unquestionably maintain elevated borrowing costs for an extended duration," said SPI Asset Management's Stephen Innes. Tokyo and Seoul, which resumed trade after a long holiday weekend, led the Asian selloff Wednesday, both falling around two percent, while Hong Kong, Taipei, Jakarta, Singapore, Sydney, and Wellington were all sharply lower in a sea of red. Markets in mainland China were closed for a week-long holiday. "It is difficult (for investors) to move towards bargain-hunting as yields in US Treasury notes keep climbing," analyst Shutaro Yasuda of Tokai Tokyo Research Institute said. On forex markets the yen was trading at 149.28 to the dollar after hitting 150.16 in London on Tuesday, its weakest level in a year. Japan's top finance officials declined to comment Wednesday on whether Tokyo had intervened to support the yen after it had breached the psychological 150 level. In recent months, the yen has plummeted against the dollar in part because of the widening gap in interest rates set by the Bank of Japan and the US Federal Reserve. The post Asian markets fall on rate fears as bond yields rise appeared first on Daily Tribune......»»
DITO passed 4th technical audit
DITO Telecommunity, a China-backed company that broke the industry duopoly of Globe and PLDT, has passed its fourth government-mandated technical audit that measures its compliance with network coverage and internet speed commitments. In a letter sent to DITO Telecommunity chief administrative officer Adel Tamano, the National Telecommunications Commission or NTC confirmed that it passed its fourth yearly technical audit. The independent audit is part of the conditions outlined in the Certificate of Public Convenience and Necessity or CPCN given to the company. The Independent Auditor’s Report of Factual Findings from the Conduct of Specified Procedures — Year 4 Committed Levels of Service dated 29 August submitted by R.G. Manabat & Co. to the NTC stated that DITO surpassed its target. As part of the issuance of its CPCN in July 2019, DITO Telecommunity needs to record 70.01 percent network reach with a minimum speed of 55 Mbps in the third year of its commitment period. Notably, the audit showed that DITO now covers 80.65 percent of national population coverage. Affordable Internet fulfilled Its minimum average broadband speed or MABS, meanwhile, clocked in at 74.97 Mbps for 4G and 639.32 Mbps for 5G for all sites with a combined MABS of 357.14 Mbps. “Despite all the challenges that we have faced, we continue to achieve our commitments to government and the Filipino people, to provide affordable world-class service and to serve the underserved. This is in support of the Marcos administration’s drive towards digitalization and Nation-building,” Tamano said. If DITO fails to fulfill its commitments on time, the government forfeits, in its favor, the P25.7 billion performance bond that DITO paid before construction activities. DITO has promised to cover 84 percent of the Philippines and offer a minimum average speed of at least 55 Mbps by the end of its commitment. DITO recently conveyed that unresolved interconnection issues with its rivals have been affecting its subscriber base expansion as well as its development of new products for users. The PCC affirmed DITO’s complaints last year over the alleged anti-competitive behavior of its rivals regarding their interconnection deals. PCC said it found “reasonable grounds to open a preliminary inquiry into the complaints filed by Dito Telecommunity against Globe Telecom and Smart Communications.” Under Executive Order 59 issued by late President Fidel V. Ramos in 1993, interconnection is a mandated and important component of the telco industry as it allows interoperability and exchange of calls, SMS, and other information from one network to another. The post DITO passed 4th technical audit appeared first on Daily Tribune......»»
On WPS conflict, ‘Trillanes cut deals’
Amid the guessing game started by China on who the unnamed President was who promised to remove the BRP Sierra Madre from Ayungin Shoal, Chief Presidential Legal Counsel Juan Ponce Enrile has pointed to a former senator as the culprit. “I haven’t heard from previous presidents that they promised to remove the Sierra Madre, but what I know is that the late President Benigno Aquino III did some backchanneling, and his backdoor agent was former Senator Antonio Trillanes IV,” Enrile said. He added: “Trillanes bypassed then Ambassador Sonia Brady in negotiating with China, and his only credential was he rode in a Philippine Navy boat when he was in the military service.” “The subject of the backchanneling was the Scarborough Shoal standoff, but Trillanes was deceived by the Chinese. The Philippine vessels withdrew from the area of the deadlock, but China stayed put,” he recalled. 2012 Senate skirmish Then-senator Enrile and Trillanes had a confrontation in September 2012 over the government’s covert negotiations with China that Aquino had assigned to Trillanes. In a face-off on the Senate floor, Enrile produced the so-called Brady notes, a report on the discussions between the ambassador and Trillanes on the backchanneling mission. During his several engagements with Chinese officials, Enrile quoted the Brady notes as saying that Trillanes indicated that Filipinos needed more interest in the conflicting claims in the region. Enrile said the Brady notes stated that Aquino was not made fully aware of the details of Trillanes’s actions, and there was a point when the President did not know the talks were suspended for two weeks and that Trillanes was acting on his own. “And for whom? Whose interest was he serving?” Enrile asked. While admitting that it was the prerogative of Aquino as Commander-in-Chief to resort to backchannel talks, designating Trillanes was a huge mistake, he said. “Trillanes should have been discreet, and he should have brought along an embassy representative to record the event. Trillanes thought he was James Bond. That should not have been allowed,” Enrile said. “A person entrusted by the President with a mission must first exercise discretion. When you go to a country to deal with a foreign power, you must notify the embassy,” he said. “Trillanes should have notified the embassy to alert them that he was there on a mission, and he should have brought along at least one responsible official,” he added. He continued: “Everybody should have known that international law already provided the way to settle the dispute, which was the United Nations Convention on the Law of the Sea, but which China did not respect.” “China based its claims not on international law but on its might. We should have a counter-balancing force,” according to Enrile. “We should not rely solely on the assistance of other nations; we should keep building up our military assets.” “We should also be prepared, and one way to do that is to require all young Filipinos to undergo training to defend the country.” “Only Filipinos can fight for their country; nobody else can do the fighting for you,” Enrile stressed. False narrative Meanwhile, China was accused of using deception in its sea maneuvers when it tried to block a resupply mission to Ayungin Shoal on 7 September. Armed Forces of the Philippines spokesperson, Col. Medel Aguilar, at the weekly Saturday News Forum in Quezon City, said the Philippine Navy offered to help a Chinese rubber boat in distress near Ayungin Shoal. “Our troops offered assistance, but the Chinese refused and another boat came to their rescue,” Aguilar said. He said one of the Chinese rigid hull inflatable boats had gotten entangled in a fishing line while it was tailing the Philippine vessels heading to Ayungin to resupply the troops there. Aguilar said that while the Chinese boat’s refusal to accept aid from Philippine forces was expected, what surprised the troops was Beijing’s radio call where they blamed the Filipinos for the incident. “They had the guts to challenge our radio message. ‘Philippine Coast Guard, because of your maneuvers, the Chinese Coast Guard vessel came into problem,’” he quoted the Chinese as saying. Aguilar said this was another narrative the Chinese would tell their people. “After this incident, they will come up with their narrative to tell their people about what happened,” Aguilar said. “We don’t want the truth to be drowned out by what really happened,” he added. Misplaced bullying Aguilar described the China Coast Guard’s behavior as “misplaced bullying” amid its continued aggression in Philippine territorial waters. “The CCG is a misplaced bully in the WPS,” Aguilar said. Meanwhile, Commodore Jay Tarriela, PCG spokesperson, said several CCG ships and maritime militia vessels tried to block the Philippine vessels and stop the resupply mission. “It is very important for the government, for us, to be more transparent about what is happening in the West Philippine Sea,” he said. “We face the media; we give them the true story. The media will play a very important role in curtailing this fake news that spreads every time the Chinese release their narratives.” He said China has been pushing the narrative that the Philippines is acting on behalf of the United States. Ayungin Shoal, which is part of the Kalayaan island group, is an integral part of the Philippines and is well within its exclusive economic zone and continental shelf, over which the country has sovereignty, sovereign rights, and jurisdiction. The BRP Sierra Madre has been grounded on Ayungin Shoal since 1999, where it stands as a symbol of Philippine sovereignty and on which a dozen Filipino Marines and sailors are holding the fort. The post On WPS conflict, ‘Trillanes cut deals’ appeared first on Daily Tribune......»»
China developer Evergrande plunges as Hong Kong trading resumes
Shares in troubled Chinese property giant Evergrande plummeted nearly 80 percent in Hong Kong on Monday after the end of a 17-month trading suspension. The resumption of trading came after the company said in a filing on Friday that it had met guidelines set out by the bourse, including belatedly publishing its financial results and complying with other listing rules. Once China's largest real estate firm, Evergrande defaulted in 2021 and is saddled with more than $300 billion in liabilities, becoming a symbol of the nationwide property crisis that many fear could spill over globally. Its shares plunged as much as 87 percent during morning trading, slashing its market value from a peak of more than $50 billion in 2017 to less than $600 million. It finished the day down 79.4 percent. The company on Sunday reported fresh losses for the first half of the year amounting to 33 billion yuan ($4.53 billion) -- an improvement on the 66.4 billion yuan in losses reported in the same period last year. But its cash assets fell from $2 billion last year to $556 million, reflecting its dwindling liquidity. China's property market "cooled down significantly" in the first six months of the year and saw new defaults in the sector, "further exacerbating the volatility in the market", Evergrande said. "Based on the principles of respecting international restructuring practices and treating the rights and claims of all creditors in a fair and equitable manner, the Company steadily pushed forward the work related to the restructuring of its offshore debts," the firm added. In March 2022, the Hong Kong stock exchange suspended trading in Evergrande shares after it failed to publish its 2021 financial results. Its earnings for 2021 and 2022 were published last month, showing a net loss of more than $113 billion over the two-year period. The company risked being delisted if its shares were suspended from trading for 18 months, according to Hong Kong stock exchange rules. Creditor meetings delayed Evergrande was supposed to hold creditor meetings on Monday on its offshore debt restructuring proposal, but it announced in the afternoon the meetings were delayed -- just hours before they were set to take place. The postponement of roughly one month will allow creditors to "consider, understand and evaluate" the plan, the company said in an exchange filing. The meetings will take place between 25 and 26 September, which the developer said was "in line" with the timetable creditors expected. Evergrande's plan offers creditors a choice to swap their debt into new notes issued by the company and equities in two subsidiaries, Evergrande Property Services Group and Evergrande New Energy Vehicle Group. Earlier this month, the company filed for bankruptcy protection in the United States, a measure to safeguard its US assets during its restructuring. It is also fending off winding-up petitions in Hong Kong courts, with one case adjourning its hearing to October. China's real-estate sector has proven to be a stumbling block as the world's second-largest economy tries to break out of a post-Covid slump. Fellow Chinese property developer Country Garden now risks defaulting on its bond payments next month, with the company saying there are "major uncertainties in the redemption of corporate bonds". The post China developer Evergrande plunges as Hong Kong trading resumes appeared first on Daily Tribune......»»
DA, DSWD accept 300MT rice donation from Japan for Mayon evacuees
Department of Agriculture Senior Undersecretary Domingo Panganiban on Saturday said the department has formally accepted the 300-metric ton milled rice donation by Japan’s Ministry of Agriculture, Forestry and Fisheries under the ASEAN Plus Three Emergency Rice Reserve (APTERR) Tier 3 Program on 17 August 2023 in Camalig, Albay. Panganiban said the donated rice is intended for the families affected by the Mayon Volcano eruption and was turned over by the Japanese Embassy in the Philippines Minister for Economic Affairs Nihei Daisuke to APTERR Secretariat General Manager Choomjet Kernjanakesorn. It was then accepted by Department of Social Welfare and Development (DSWD) Director Michael Christopher Mathay, and DA - National Food Authority (NFA) Special Assistant to the Administrator Roger Navarro. The officials also launched the distribution of the 300-MT milled rice stocks equivalent to 10,000 30-kilogram bags to the affected families identified by the DSWD. “We are not merely witnessing the ceremonial exchange of rice donation but more so the exchange of hope and support from our dependable partners in the ASEAN Region. This contribution is a testament to the unbreakable bond that binds us together as a global community,” Panganiban said. On behalf of the Philippine government, the DA official thanked the Government of Japan and the APTERR Secretariat for the donation that will benefit 10,000 families displaced by the calamity. The family beneficiaries in Daraga, Camalig, Guinobatan, Tabaco City, Malilipot, Sto. Domingo, and Ligao City will receive 30-kilogram bags of rice. From the 10,000 beneficiaries, at least 1,441 shall be granted rice assistance through the DSWD’s Food for Work Program in the affected areas. The APTERR is a regional cooperation scheme among 10 ASEAN member states plus three countries that include China, Japan, and South Korea. The cooperation aims at strengthening food security and reducing poverty in East Asia. Other officials present during the activity include APTERR Secretariat Japanese Expert and MAFF-Japan Representative Akinori Ando, Albay Governor Edcel Greco Lagman, Camalig Mayor Carlos Irwin Baldo Jr., and NFA Acting Assistant Regional Manager Gerard Lim. The post DA, DSWD accept 300MT rice donation from Japan for Mayon evacuees appeared first on Daily Tribune......»»
Country Garden: China’s under-pressure property giant
Concerns are mounting in China around Country Garden, a major property developer whose colossal debt raises fear of a bankruptcy that could spell wider economic turbulence, two years after the unravelling of its competitor Evergrande. Country Garden shares plunged by more than 18 percent in Hong Kong on Monday after it missed bond payments and warned of multibillion-dollar losses. Its billionaire boss Yang Huiyan has said the firm is "facing the greatest difficulties since our establishment". Here's what you need to know about Country Garden: Family business Country Garden is run by Yang Huiyan, who until recently was one of the richest women in China and Asia. Yang, now in her early forties, became a billionaire when she inherited shares from her father in 2005, two decades after he founded the company. But her fortune has dwindled since 2021 as China's real estate crisis dramatically weakened the sector. Yang, who lost nearly $29 billion in two years according to a Bloomberg ranking of billionaires, has an estimated wealth of $5.3 billion. To support Country Garden, she and her family have chipped in the equivalent of $4.9 billion in personal funds, according to the group. Real estate heavyweight The top seller of real estate in China last year, Country Garden was named in Forbes' list of the 500 largest companies in the world. Based in the southern Chinese city of Foshan, the group employed nearly 70,000 "full-time" staff members at the end of 2022, according to the most recent figures from the company, which has long been deemed financially solid. It also has operations abroad, including a gigantic real estate project in Malaysia involving artificial islands. Under pressure But recent sluggishness in the Chinese real estate market has caught up with the company. According to media reports, Country Garden was unable to make two bond payments on 6 August. It has a 30-day grace period, but if it does not pay within that time it risks default. Adding to the pressure, 31 billion yuan ($4.27 billion) in the firm's bonds are set to mature in 2024, according to rating agency Moody's. Another Evergrande? Like its competitor Evergrande, which owes more than $300 billion, any collapse of Country Garden would have damaging repercussions on the Chinese financial system and economy. It is due to publish its half-year results by the end of the month, and says it expects a net loss of 45 to 55 billion yuan (about $6.2 billion to $7.6 billion). And its situation is particularly precarious because around 60 percent of its projects are located in small Chinese cities, where property prices have fallen the most and where customers have weaker purchasing power. Country Garden announced over the weekend it would suspend trading of onshore bonds from Monday, a decision likely to cause concern in the markets as the company said that its debt was estimated at some 1.15 trillion yuan ($159 billion) at the end of 2022. Additional liabilities have brought other estimations of its overall debt as high as 1.4 trillion yuan ($193 billion), according to Bloomberg. Robotics In addition to its core focus on real estate, Country Garden has been developing robots for the catering industry since 2019. The firm has produced designs for different types of mechanized food processors, and last year it opened an expansive, fully automated restaurant in Foshan. The restaurant, which accommodates up to 600 people, is staffed by 20 robots that can prepare three types of dishes including Chinese hot pot, the firm said at the time. The post Country Garden: China’s under-pressure property giant appeared first on Daily Tribune......»»
PBBM hosts ‘casual dinner’ with senators in Malacañang
President Ferdinand Marcos Jr. hosted a “casual get-together” with senators on Wednesday night, following the upper chamber’s adoption of a resolution condemning China’s incursion in the West Philippine Sea. According to Senate President Juan Miguel “Migz” Zubiri, all members of the Senate attended the dinner at Bahay Pangulo inside of the Malacanang Compound except for Senate Minority Leader Aquilino “Koko” Pimentel; Senators Risa Hontiveros; and Francis “Chiz” Escudero. “We had a very casual and cordial dinner meeting with the President mostly just to catch up and bond with the members of the Senate,” Zubiri told reporters in a Viber message. He said that during their meal, they talked about a variety of subjects, including agriculture, the West Philippine Sea, and the recent floods in numerous areas in the country caused by Typhoon Egay. “But overall, it was a very relaxed mood and the Senators just wanted to catch up with the President,” he pointed out. In a separate interview, the Senate chief said that the president has been requesting to have dinner with senators. “The President’s been wanting to have this dinner for quite a while. It’s been a year since we started office and we’ve always said if we could host a dinner with all the senators to get together with all of them,” he said in a television interview. The post PBBM hosts ‘casual dinner’ with senators in Malacañang appeared first on Daily Tribune......»»
DITO packaging $1.17-B China loan
DITO Telecommunity Corp. expects to complete the renewal of its $1.175-billion loan from Bank of China and the China Minsheng Bangking Corp. this year. “The bridge facility is to be repaid and absorbed via a $3.9 billion project finance long-term facility currently being finalized by DITO Tel’s senior management, with target closing this year,” DITO parent company DITO CME Holding Corp. said in a stock report on Friday. Early this year, DITO said it will pursue capital infusions on top of cost-cutting measures to prevent losses from piling up. According to DITO, telecommunications is a capital-intensive business due to the required infrastructure for its network operations. With only three years in operations, the company is still not yet profitable given this nature. P27-B capex for year For this year, the company plans to only spend P27 billion to bankroll network buildup and commitments to the government. Although the capital expenditure allotted was way lower than the P50 billion spent last year, the company said it is still within the spending range committed to the government as the third telco. In September 2022, DITO passed its third government-mandated technical audit measuring its compliance with its network coverage and internet speed commitments. As part of the issuance of its Certificate of public convenience and necessity in July 2019, DITO needs to record 70.01 percent network reach with a minimum speed of 55 Mbps in the third year of its commitment period. If DITO fails to fulfill its commitments on time, the government forfeits, in its favor, the P25.7 billion performance bond that DITO paid before construction activities. DITO has promised to cover 84 percent of the Philippines and offer a minimum average speed of at least 55 Mbps by the end of its commitment. The post DITO packaging $1.17-B China loan appeared first on Daily Tribune......»»
Marcos, Biden to meet at White House on May 1
President Marcos will meet US President Joe Biden in Washington on May 1, in a sign of a warming bond between the two nations amid US tensions with China over Taiwan......»»
Biden to meet Marcos amid rising tension with China
United States President Joe Biden will welcome Philippine President Ferdinand Marcos Jr. to the White House on May 1 in a sign of a warming bond between the two nations amid US tensions with China over Taiwan. Biden will reaffirm Washington’s "ironclad commitment to the defense of the Philippines, and the leaders will discuss efforts to strengthen the longstanding US-Philippines alliance," White House Press Secretary Karine Jean-Pierre said. The White House announcement comes a week after the largest-ever joint US-Philippines military exercises in the disputed South China Sea in the face of China's growing assertiveness in the region, particularly over Taiwan, the self-governing island it claims as its own. Last week, the US secretaries of Defense and State met with their Philippine counterparts in Washington in a high-level summit, days after the US gained greater military access in the Philippines. Defense Secretary Lloyd Austin warned of "a troubling increase in coercion and dangerous operational behavior" in the South China Sea, an apparent reference to a three-day Chinese military exercise that simulated a blockage and targeted strikes against Taiwan. The White House statement said Biden and Marcos would discuss other matters including economic cooperation, clean energy and respect for human rights. "The two leaders will also discuss regional matters and coordinate on efforts to uphold international law and promote a free and open Indo-Pacific," the statement said. Manila earlier this month announced the locations of four more military bases it is allowing the US military to use on top of the five agreed on under the 2014 Enhanced Defense Cooperation Agreement, known as EDCA. The deal allows US troops to rotate through and store defense equipment and supplies. China warned last week the expanded military deal could endanger regional peace, and accused Washington of a "zero-sum mentality." The four additional bases include sites near the hotly disputed South China Sea and another not far from Taiwan. Marcos said China's reaction over the expanded military deal was "not surprising," but assured them the Philippines is only shoring up its territorial defense. "We will not allow our bases to be used for any offensive actions. This is only aimed at helping the Philippines whenever we need help," Marcos told reporters. "If no one is attacking us, they need not worry because we will not fight them." US-Philippines ties stalled under former president Rodrigo Duterte, who favored closer ties with China. But Marcos, who succeeded Duterte in June, has adopted a more US-friendly foreign policy. The post Biden to meet Marcos amid rising tension with China appeared first on Daily Tribune......»»
SEC approves local Del Monte’s P7.5-B bond offer
The Securities and Exchange Commission (SEC) has approved the public offering by Del Monte Philippines Inc. (DMPI) of fixed-rate bonds worth up to P7.5 billion. The Commission En Banc resolved to render effective the company’s registration statement for up to P5 billion worth of bonds, with an oversubscription option of up to P2.5 billion, subject to the company’s compliance with certain remaining requirements. DMPI will issue the bonds at face value, consisting of series A bonds due 2023 and series B bonds due 2025. They will be listed and traded on the Philippine Dealing & Exchange Corporation. The company expects to net P7.39 billion from the offer, assuming the oversubscription option is fully exercised. Proceeds from the offer will be used to repay the company’s existing debt, which are short-term and unsecured in nature. The fixed-rate bonds were assigned a PRS Aaa rating by the Philippine Rating Service Corporation. BDO Capital & Investment Corporation, China Bank Capital Corporation, First Metro Investment Corporation, and RCBC Capital Corporation were tapped as joint issue managers, joint lead underwriters, and joint bookrunners for the offer......»»
China Bank raises P15 billion from bonds
China Banking Corp. raised P15 billion as investors swarmed its bond offering, prompting the bank to end the fundraising activity ahead of schedule......»»
FIBA: Mighty Jimmy and the shot that introduced Gilas to the World
This story was originally published on Feb. 24, 2019 It’s Saturday night at Mall of Asia and the arena is absolutely rocking. Eternal basketball rivals in the Philippines and South Korea are delivering another classic. Gilas Pilipinas is down to the final minute of regulation against its longtime tormentor in the second of two semifinal games. The national team is up by two, 81-79. The Philippines is hosting the 2013 FIBA-Asia Championships where three tickets to the 2014 World Cup are at stake and the winner of this particular game gets one of those tickets. Given the rich history of both teams and what it would mean to the winner, this pivotal game has gone down the wire as everyone pretty much expected. Also knowing the history of both teams in international play, Gilas’ precarious two-point lead was not safe at all. A ghost was lurking in the background and a dreaded curse felt almost inevitable. Down to the final minute of the crucial grudge match between the Philippines and South Korea, guard Jimmy Alapag has the ball and a two-point lead. What he will do will help define not only his career but the legacy of the Gilas name as a national team. WAKE-UP CALL Even before the Philippines-Korea game, Gilas Pilipinas already had to go through one emotional game early in its homestand for the Asian Championships. In a preliminary round showdown against Chinese Taipei, the Filipinos collapsed in the fourth quarter, allowing the Taiwanese to steal a morale-boosting 84-79 win. In 2013, the relationship between the two countries hit a rough patch over the death of one Taiwanese fisherman. In an updated May 17 report by CNN’s Jethro Mullen, “Taiwan has reacted angrily after one of its fishermen was killed by a Philippine coast guard vessel.” Taiwan had frozen applications from OFWs seeking jobs in its territory and the government of then President Ma Ying-jeou demanded an apology, among other things, from the Philippines. While the national basketball teams of both countries never really had any prior animosity with each other, tension was naturally present as both teams squared off in Group A action. Gilas Pilipinas and Chinese-Taipei both entered the showdown with identical 2-0 records and the winner would take control of solo Group A lead heading into round 2. Taking a good lead into the fourth quarter, the Philippines was outscored by 18 in the last 10 minutes and the national team took its worst home loss in quite some time. “At the time, it was a huge game for us. We understood what was happening in Taipei during that particular time. We really wanted to win for what our kababayans were going through at that time,” guard Jimmy Alapag said on that first home loss in the 2013 Asian Championships. “We didn’t get the job done, and it was tough especially to lose a game like that, it was a very emotional and it was a game that we knew we needed,” he added. The crushing loss meant that the Philippines had little room for error in round 2. While Gilas didn’t have any world beaters lined up in the second round, anything less than a perfect run would have meant an early clash with Asia’s established powerhouse teams in the knockout stages. On the other side of the bracket, defending champion China, Iran, and South Korea were battling for position and were expected to finish in the top-3. That means if Gilas Pilipinas failed to finish no. 1 in its group, the national team would have faced one of those teams in the quarterfinals. Gilas picked up a crucial win over Qatar in the 6th of August and the day after, the Philippines got some help from those same Qataris as they beat Taipei in a close decision. At the end of round 2, all teams finished with identical win-loss records but Gilas Pilipinas would take over first place after all tiebreaks were considered, barely edging out Taipei. The Philippines ended up avoiding defending champion China, Iran, and South Korea and instead got Kazakhstan in the quarterfinals. No. 2 Taipei drew China and the third-running Qataris were matched up with the South Koreans. “I think that was the moment we grew up and grew closer. I think that was the lowest of the lows, just because of the atmosphere and what was going on between both countries. It kind of felt that we let our end of the bargain down, you know what I mean? We’re on our home soil and we didn’t take care of business. I think that was one of those moments where we had to really check ourselves and find a way to make it right,” forward Gabe Norwood said of the Taipei loss. “But it turned out to be a blessing in disguise. In tournaments like FIBA-Asia it’s important that you have short-term memory whether it was a win or a loss. We needed to let go of that game and continue to stay the course, keep our focus in the tournament,” Alapag added. On August 7, four days after Gilas lost to Taipei, the rift between the Philippines and Taiwan would reach a resolution and the latter country lifted its freeze hiring and other sanctions on the former. The Philippines also did issue on official apology over the death of the Taiwanese fisherman a couple of months prior and the National Bureau of Investigation in Manila recommended the pressing of homicide charges to erring members of the Philippine Coast Guard. DARK HISTORY If the word “rival” is to be defined as a, “person or group that tries to defeat or be more successful than another person or group” then sure, the Philippines and South Korea are rivals. Both countries are rivals in the Asian basketball scene and they have been going at it for a very long time. But if the word rival can also mean “equal” or “peer,” is the Philippines really a worthy basketball rival to South Korea? The Philippines’ history with South Korea in terms of basketball is dark. Very dark. Consider the most high-profile matches between the two countries and you’ll see that the Philippine national team is just not at the level of South Korea. Or at the very least, Koreans always seem to reach 120 percent of their potential when they play Filipinos and we barely bring out 80 percent of our abilities when matched up against our East Asian neighbors. The 1998 PBA Centennial team, arguably the greatest Philippine team ever assembled, was demolished by South Korea in the Asian Games. A national team set up for gold only settled for bronze. Speaking of a bronze medal game, the original Gilas Pilipinas team lost a podium finish to South Korea in the 2011 FIBA-Asia Championships. That team squandered a double-digit lead and collapsed late. Of course, who can forget the semifinals of the 2002 Asian Games in Busan when Olsen Racela had the chance to put the Philippines up four but missed two free throws. South Korea would win with a booming triple at the buzzer off a broken play and would later take down China to capture the gold medal. South Korea is the Philippines’ basketball nemesis for all intents and purposes. A worthy adversary that always seem to emerge victorious at our expense. Still, all that previous disappointment didn’t seem to bother Gilas Pilipinas six years ago. The team was not scared and instead, they were excited even. One factor to greatly consider was that fact that the game was in Manila. It makes all the difference to play at home. “We understood the bad history that we had with Korea. We haven’t been very successful with them in quite some time but we knew from Day 1 that if ever we got an opportunity to play them at home, then we have a great chance,” Alapag said. “Man, pre-game, it was just the focus. Everybody was up for the challenge, I don’t think anybody was really nervous, I think it was just the anxiety... we wanted to get out there and do it already,” Norwood added. Playing at home had its perks for sure, but it also had its drawbacks. For all the painful losses the Philippines suffered at the hands of South Korea, it would have been devastating if Gilas actually took a beating in Manila. Stakes were extra high in this particular chapter of this long, ongoing saga. “There was always pressure, it was something that we acknowledged early. Playing at home, it’s great having that support but at the same time, there is some added pressure because you wanna make sure that you make our home crowd proud of the team that they watch and ultimately, win games,” Alapag said, making sure to note that the national team knew of the disadvantages of playing at home even before the Korea game. “It was there but it was something that we acknowledged and we wanted to make sure that we took advantage of the opportunity playing at home,” he added. ALL FILIPINO, ALL HEART Once it was go time, the Philippines-South Korea game went about pretty normal, as you would expect any game from these two national teams. But even before halftime, an injury to Gilas center Marcus Douthit changed the complexion of the semifinals showdown. All of a sudden, the Philippines was without its anchor, without its best player. Sure, there were players on the Gilas bench that can come in and replace Douthit’s size but there was simply no one on the Gilas bench that can come in and replace his talent, production, and just overall presence. June Mar Fajardo was in that Gilas bench but it 2013, the would-be five-time PBA Most Valuable Player was just not at that level yet. It would have been easy for Gilas Pilipinas to fold like cheap furniture and succumb to the overwhelming pressure of trying to overcome South Korea to reach a stage very few Filipinos have reached before. Gilas didn’t fold and instead, the Douthit injury rallied the team even further. “Alam mo sa totoo lang, puso na lang yun eh. Nung nawala si Marcus talaga, sabi ni coach kailangan doble kayod tayo. Dahil sobrang dehado tayo kumbaga, wala na tayong import, wala tayong malaki,” forward Marc Pingris said. With Douthit gone, Ping ate up all of his minutes and worked by committee with guys like Ranidel De Ocampo and Japeth Aguilar to fill in the gaps. “As a player naman, kami nagusap-usap kami na kahit anong mangyari, lalaban kami. Yung time na yun, talagang patay kung patay,” Ping added. Despite losing its best player to an untimely injury, Gilas Pilipinas’ confidence in winning never wavered. With their collective backs against the wall, the Philippine national team played even better. Unlike the later iterations of Gilas Pilipinas, the 2013 team, aptly called Gilas 2.0, had the luxury of having actual preparation before the FIBA-Asia Championships. The amount of work that came before the tournament and the Korea game, the bond built over countless hours of training, all of that helped the national team avoid a monumental meltdown in front of a rabid Manila crowd. “We were such a close-knit team in terms of our chemistry, in terms of the talent that we had, so we felt confident even when Marcus went down early in the game. If you looked at our huddle, you had 11 more very confident guys, not just in themselves but more importantly, in each other,” Alapag said. “That just boiled down to the chemistry that we had. I don’t think any of us panicked, we were all confident in each other. We’ve all been into that situation with our PBA teams, having the ball in our hands and making a play. Knowing that we had five weapons on the floor that could make the winning play, I think it made us very confident and we were able to sustain our composure,” the former Gilas captain added. THE GHOST AND ITS CURSE Shin Dong Pa, Hur Jae, Lee Sang-min, Oh Se-Keun, TJ Moon, and Cho Sung-min are just some players from the South Korean national team that inflicted incredible damage to the Philippines over the course of decades. The dreaded Ghost of South Korea takes form in these players and its curse is to give Filipinos the most heart-crushing loss possible. In 2013, the Ghost was Kim Min-goo and his curse was to beat Gilas Pilipinas in Manila. Despite losing Marcus Douthit and trailing by three points at the break, the Philippines started to turn the tables in the second half. Gilas Pilipinas unleashed Jayson Castro and the Blur led a blazing offense in the third quarter, finding a way to take a 10-point lead over South Korea, the Philippines’ largest of the night. But as the dust settled and Gilas holding a 65-56 lead entering the final period, an ominous figure would make his presence felt. The Korean Ghost has arrived and his name was Kim Min-goo. His curse? Beat Gilas Pilipinas in Manila. Kim was 22 and a senior in college when he made the South Korean national basketball team as a backup shooter in 2013. In nine games in Manila, Kim would play well enough to make the tournament’s All-Star team, averaging 12.7 points, 4.1 rebounds, and 2.7 assists. He led Asian Championships with 25 three-point field goals, 10 came in the last two games and five came against Gilas Pilipinas. Kim drilled back-to-back triples to open the fourth quarter against the Philippines. Later, his fifth triple — a four-point play at that — pushed the Koreans to within a point, 72-73. South Korea would take over soon after as Lee Seung-jun dunked the basketball on a fastbreak. The Ghost has arrived and his curse is in effect. “Ako pumasok sa isip ko yun nung lumamang Korea, na putek ito na naman,” Pingris said. “Pero ang sabi ko, sayang yung opportunity, kaya naman eh. So sabi ni Jimmy samin, no matter what happens wag kami gi-give up. Pinaghirapan natin to at may goal tayo, this year aalis tayo,” he added, noting the team’s goal to get into Spain and compete with the world’s best national teams. Faced with the possibility of dealing with a devastating defeat, Gilas had enough mental fortitude to keep things going. Trust your system, trust your preparation, trust your crowd, trust your teammates, and more importantly, trust yourselves. “You’re never out of the game if you’re playing at home,” Norwood said as they stared a deficit late against their destined rivals. “I think that was our mindset, keep it close and just find a way,” he added. Jimmy Alapag found a way. BORN READY Down 73-75, Jimmy Alapag was under heavy duress when he let go of a three-pointer from the left wing just in front of his bench. It was good to go. The Philippines was back on top by one as Alapag somehow managed to get his team to snap out of an initial shock following Korea’s strong fourth-quarter rally. The stage is now set for a wild finish and Jimmy will star in the final act of what has been an incredible show by Gilas and South Korea. “In situations like that, as an athlete and as a pro, that’s the situations that you dream about,” Alapag said. “Those are shots that you practice when you were a kid. When the shot clock is winding down, to have an opportunity to knock down a shot. It’s a shot that I practiced thousands of times,” he added. After the Philippines and South Korea traded baskets for the lead, Alapag made perhaps the most underrated play in this crazy and emotional encounter between two basketball rivals. Tasked with inbounding the ball just near underneath his own basket, Alapag found his Talk ‘N Text teammate Ranidel De Ocampo for an open look at three. Swish. Gilas leads, 81-77, with 91 seconds to go. “Ranidel was my favorite target for a very, very long time in my career,” Alapag said on the play that most people probably don’t even remember. “Once I saw that he got open, I wanted to make sure that I gave him as great a pass as possible and Ranidel has been known for a long time to take care of the rest,” he added. THE EXORCIST “Yeah, I was right under the basket,” Gabe Norwood says with a laugh when asked if he remembers the shot that changed the course of Gilas Pilipinas as a national team. Late in the fourth quarter of what was essentially a heavyweight bout, the Philippines just landed two strong haymakers but South Korea would refuse to go down without a fight, beating the count of 10 each time. Down to the final minute of a crucial grudge match with a World Cup berth on the line, Jimmy Alapag had his hands on the basketball as Gilas would go to its halfcourt set. Jimmy will never let go of said basketball. Up two, Jimmy did what Olsen wished he could 11 years prior. Up two against South Korea in a pivotal semifinal game, Alapag received a screen from Marc Pingris, which was enough to momentarily shake off Kim Tae-sul. With some room, Alapag drifted to his left and let a three-point shot fly. Boom. Gilas leads, 84-79, with 54 seconds to go. The shot would later be remembered as the one that ended the Korean Curse, the one that finally exorcised the Ghost. “The first thought that came to my mind was don’t miss,” Jimmy said of the clutch jumper. “That last one, Ping sets a good screen and I got a clean look. It’s a shot that myself, and Jayson [Castro], and Larry [Fonacier], and Gary [David], and Jeff [Chan], all of us, we practice that shot time and time again after practice. So you know, it was a shot that I was confident in but in that moment, all you’re thinking about was don’t miss,” he added. It’s one thing to be confident in yourself and to be confidednt in your preparation. It’s a different thing to actually perform under such pressure. As soon as Alapag managed to shoot his shot, Gabe Norwood did what any other good teammate would do and got in position to get the offensive rebound. You know, just in case. Gabe got the ball alright, but he got it after it swished through the rim. “When he put the shot up, I tried to crash for the rebound but I basically knew that it was going in,” he said. “I had probably the best view, I was right under the basket. I think caught it after it went through too,” Norwood added. Alapag checked out moments later as the Philippines went to its defensive lineup in order to stop another Korean comeback. South Korea turned to its most effective shooter in Kim and as he rose up to try and answer Alapag’s triple, Norwood met him at the apex for the game’s most dramatic stop. Gabe blocked Kim and Gilas would finish things off with a final Marc Pingris basket on the other end. A historic 86-79 win was complete. “I still get chills thinking about it, to look up and see grown men just breaking down. My wife was trying to hold my kids and she was holding back tears. It was just an awesome moment, the bond that we had on that team, the stuff that we did to get prepare, I think we poured it all out in that game,” Norwood said on the monumental victory. “I think it probably didn’t hit me until the final buzzer sounded. Not just for me but for the entire team, when that final buzzer sounded, it was such a special group of guys and the fact that we could share that moment with not just with each other but the entire country, it’s something I’ll remember for the rest of my life,” Alapag added, savoring the moment of a Philippine win over Korea 28 years in the making. THE INTRODUCTION Gilas Pilipinas would lose to Iran the next day in the Finals of the 2013 FIBA-Asia Championships. The Philippines put up a fight but Hamed Haddadi would prove to be too powerful to stop. It would take another two years for Gilas to beat Iran but that didn’t really matter in the moment. The Philippines is headed to the World Championships for the first time in three decades. The Philippines has beaten South Korea and one singular shot has allowed the Gilas name to be known around the world. Jimmy wouldn’t say that though. At least not directly in that way. “For me, that shot was the biggest for my career. But really, it was our entire team. We’ve gone through so much and that was just one particular play that really culminated the entire game and all the contributions from other guys from Gabe’s defense, to Ping’s rebounding, to Japeth’s rim protecting, to Jayson and LA doing a lot of the legwork,” Alapag said. “Everybody had their part in contribution to the game. After the shot, after the buzzer sounded, it was just a very special moment for us as a team and for Philippine basketball to show that all of the sacrifices, all of the hard work, now it’s given an opportunity to re-introduce ourselves to the world,” he added. Jimmy wouldn’t say it, but his teammates would. That shot of his that beat South Korea in the 2013 FIBA-Asia Championships introduced the Gilas name to the world. It announced that the Philippines has finally arrived. Gilas’ breakthrough overtime win a year later in Spain against Senegal — a game Jimmy pretty much decided late as well — made it known that Filipinos are here to stay on the World stage. “I would say so, it got us to where we wanted to be in the World Cup. I think we shocked some people there as well. But just the work that went in, I think it showed the country that we can get back to where we want to be as long as you work together,” Norwood said. “Yung puso ni Jimmy, grabe naman. Makikita mo maliit pero gusto lang niya talaga manalo. Ang liit pero parang lion pag nagalit eh, nandoon yung tiwala namin sa kanya. Ano pa ba masasabi mo, Jimmy is Jimmy Alapag,” Pingris would add. [NOTES: At the time of original publishing, Gilas Pilipinas was fighting to make a return trip to the FIBA World Cup, this time in China in 2019. To secure its slot, the the Philippine national team needed to beat Kazakhstan in Astana plus a loss from Japan, Jordan, and/or Lebanon. One of the teams that can help Gilas is South Korea... ironically. Jimmy Alapag retired from national team play in 2014 and retired playing for good in 2016. He has since made himself a champion basketball coach in the ABL. Marc Pingris suffered an ACL injury in 2018 and is in the process of returning for his PBA team in the current 2019 season. Gabe Norwood is still in Gilas. He’s still an effective two-way weapon. He can still dunk and will stop your best player too.] [Updated Notes: The Philippines beat Kazakhstan to make the 2019 FIBA World Cup in China. Gilas got help from... South Korea. The Koreans beat Lebanon on the road, allowing Gilas to advance to the World Championships outright with a victory over Kazakhstan.] — Follow this writer on Twitter, @paullintag8.....»»
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