China Bank grows profits in third quarter
The Sy-led lender netted P3 billion during the July-September period, up 21% year-on-year......»»
Uganda seeks Chinese funding for oil pipeline project
Uganda is in the final stages of negotiations with Chinese financiers to help fund a controversial pipeline project after some Western partners pulled out, a senior official said Wednesday. "We are having final discussions with our Chinese partners to provide about half of the finances required for the construction of the EACOP (East African Crude Oil Pipeline)," Irene Bateebe, permanent secretary at the energy ministry, told AFP. "We should be concluding the arrangements with the Chinese financiers this coming month (October)," she added. French energy giant TotalEnergies is leading a multi-billion dollar project to develop Ugandan oilfields and ship the crude through a 1,445-kilometre (900-mile) pipeline to a port in Tanzania. But the scheme has come under fire from human rights groups and environmental campaigners who say it will harm fragile ecosystems and the livelihoods of tens of thousands of local people. The government has vowed to plough ahead despite the opposition, and TotalEnergies says those displaced by the project have been fairly compensated and measures have been taken to protect the environment. "This is a critical project for Uganda," Bateebe said. "Some of our international partners from Europe were forced to pull out from financing this project and as a country, we sourced for other friendly partners to finance the balance of the financing and we are on course." She said Uganda was speaking to two Chinese financiers, the Export-Import Bank of China and Sinosure. TotalEnergies has a 62 percent stake in the pipeline, with Ugandan and Tanzanian state-owned oil companies holding 15 percent each and China National Offshore Oil Corporation eight percent. The pipeline is part of a $10 billion project to develop oilfields in Lake Albert in northwestern Uganda and export the crude to international markets via the Indian Ocean port of Tanga in Tanzania. The lake lies atop an estimated 6.5 billion barrels of crude, of which about 1.4 billion barrels are currently considered recoverable. Uganda's first oil is expected to flow in 2025 -- almost two decades after the reserves were discovered -- and the project has been hailed by President Yoweri Museveni as an economic boon for the landlocked country where many live in poverty. The post Uganda seeks Chinese funding for oil pipeline project appeared first on Daily Tribune......»»
Merchandise exports to remain subdued
Philippine merchandise exports will stay subdued amid weaker economic prospects for major export markets, including the United States, Japan and the People’s Republic of China, according to a report by the Asian Development Bank. The Asian Development Outlook September 2023 also sees the current account deficit narrowing from 2022, supported by the strength in service exports and steady growth in remittances from overseas workers. The ADB report said net exports weighed on the Philippine gross domestic product (GDP) growth in the first half of 2023, as merchandise exports declined by 8 percent in real terms on weak external demand while merchandise imports also fell though to a lesser extent by 2.4 percent. Decline in merchandise exports It attributed the decline in merchandise imports partly to the subdued demand for raw materials and components for export-oriented manufacturing, as well as the slowdown in domestic demand. “Strong services exports (14.8 percent higher in H1 2023), driven by tourism and business process outsourcing partly cushioned the merchandise trade deficit,” it said. The report said services largely fueled the growth in GDP with broad expansion across major subsectors. Transport, accommodations and restaurants sustained double-digit growth on buoyant tourism. Growth in retail trade, accounting for nearly a fourth of total services, remained buoyant at 6.6 percent as well as in finance (6.9 percent) and professional and business services (7.2 percent), it added. Demand slowdown The ADB report said a slowdown in global demand is holding back exports in developing Asia’s economies, particularly for electronics and semiconductors. “Sales of semiconductors continue to decline, but the decline appears to be bottoming out. With the slowdown in global demand, semiconductor sales fell sharply in late 2022 and the trend has largely continued this year,” it said. The report cited the World Semiconductor Trade Statistics expecting a 10.3-percent contraction in global sales for this year, deeper than the 4.1 percent expected earlier this year, with the steeper-than-expected downturn in this market. However, the uptick in the growth of global semiconductor sales averaged over three months suggests the downturn started to bottom out in June, it added. The post Merchandise exports to remain subdued appeared first on Daily Tribune......»»
ADB warns ‘intensified’ risks for developing Asia
Developing Asia faces "intensified" risks from China's troubled property sector and high-interest rates around the world, the Asian Development Bank said Wednesday, as it trimmed its regional growth expectations. Gross domestic product is forecast to expand by 4.7 percent this year, the Manila-based lender said, slightly lower than its April estimate of 4.8 percent. It was faster than the 4.3 percent growth recorded last year. Developing Asia refers to the multilateral lender's 46 emerging member economies, stretching from Kazakhstan in Central Asia to the Cook Islands in the Pacific. "Risks to the outlook have intensified," the bank said in its latest update of forecasts for this year and next, noting weaknesses in China's property sector could "hold back regional growth". Other challenges included high-interest rates, threats to food security from the El Nino weather phenomenon, and export restrictions imposed by some countries. Inflation is also expected to drop to 3.6 percent this year from 4.4 percent last year, the ADB said, pointing to the slowdown in China. The bank slashed its China inflation estimate to 0.7 percent for this year, from its April forecast of 2.2 percent. There was a burst of consumer exuberance after China, the world's second-largest economy, lifted its strict zero-Covid policies late last year. However, weak consumption, a crisis in the massive property sector, and soft demand for China's exports have complicated the recovery. Official figures show China briefly slipped into deflation in July for the first time in over two years, with prices falling 0.3 percent, year on year. It rebounded the following month. The post ADB warns ‘intensified’ risks for developing Asia appeared first on Daily Tribune......»»
Reef harvesting being validated
Defense Secretary Gilberto Teodoro Jr. said Tuesday the government was validating if the reported coral reef destruction in the West Philippine Sea could be preparatory to China’s reclaiming land to build artificial islands. “We have to validate it because according to the arbitral award, that is a violation of an international treaty — the destruction of maritime life, particularly if the coral destruction is a cause of, or used for the reclamation of artificial islands,” Teodoro said. The Armed Forces of the Philippines and the Philippine Coast Guard had observed the destruction of the marine environment resources at Rozul Reef and Escoda Shoal amid the swarming of Chinese militia vessels as early as July. AFP WesCom chief, Vice Adm. Alberto Carlos, reported a “concerning resurgence” of Chinese vessels at Rozul Reef in August, a month after they drove away around 50 Chinese maritime militia vessels from the area. China has reclaimed land in the Spratlys Group of Islands, where it built airstrips and radar and missile stations. Carlos said about 40 Chinese fishing vessels were spotted in the area on 15 September. He noted that the latest figure was higher than the 33 vessels spotted on 24 August and the 24 monitored on 7 September. Swarming was also observed at Escoda Shoal, where five Chinese fishing vessels were spotted, and at Baragatan Bank, where two CFVs were seen. This was followed by a report that the once abundant coral reefs at Rozul Reef were “extensively” destroyed after the Chinese militia ships left the swarmed area. In August, Carlos reported that they monitored more than 400 fishing vessels in the entire WPS, with 85 percent believed to be Chinese-owned. The post Reef harvesting being validated appeared first on Daily Tribune......»»
BRICS seen overtaking G7
A political analyst at a known think tank disclosed that a rare event happened in world affairs only recently but which hardly merited mention in global publications. Austin Ong, political analyst at the think-tank Integrated Development Studies Institute, said Bloomberg forecasted that the new BRICS+ grouping would dominate the world’s GDP by 2050, overtaking the economic output of the top industrialized countries under G7. BRICS+ recently added six regional players, Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates, aside from the emerging Brazil, Russia, India, China and South Africa and around 20 more countries have expressed interest in joining. The analysis said developing economies desire a greater role in reforming global trade and financial architecture which was manifested in the recent expansion of BRICS. It said marginalizing the Global South is one of the structural flaws of the longstanding Western-built and led world order. The existing system had long given privileges to North America and Western Europe. Geopolitical experts said the industrialized countries failed to adjust to changing realities, notably the rise of a more multipolar world. Emerging and fast-developing countries will no longer beg or wait for a seat at the table if their appeals fall on deaf ears and trade barriers are put up to restrict them. 2006 foundation Ong said BRICS has come a long way since the meeting of foreign ministers of Brazil, Russia, India and China on the sidelines of the 61st UN General Assembly in 2006 which resulted in the forming of the group. The original BRIC convened their first leaders’ summit in Yekaterinburg, Russia in 2006. Developing economies desire a greater role in reforming global trade and financial architecture which was manifested in the recent expansion of BRICS. By 2010, South Africa had joined. In 2015, they created the New Development Bank, based in Shanghai. The group indicated openness to new members, which can bring vitality and expand the organization’s resources and influence. In contrast, the G7, which dates to 1973, remained stagnant since expelling Russia from a short-lived G8 in 2014. US-led Quad, founded in 2007 and revived in 2017 is also having a hard time taking off. The security quartet failed to induct new members despite overtures to other Indo-Pacific countries. “The obvious security focus of the grouping made regional countries edgy about formally joining the minilateral,” according to Ong. The post BRICS seen overtaking G7 appeared first on Daily Tribune......»»
Mediatrix controversy
Author’s note: In the last column, I wrote that the 1951 Pius XII decree that said the Mediatrix apparitions had “no supernatural character or origin” is not binding because it was never promulgated officially. Pope Francis recently appointed a new Prefect of the Dicastery, Cardinal-to-be Archbishop Victor Manuel Fernandez, SJ. Like his predecessor, Fernandez is a Jesuit and an Argentinian. He is the “theological alter ego” of Pope Francis. How will controversial Archbishop Fernandez handle the 70-year-old Mediatrix issue? Will the current Dicastery, which is vehemently anti-Mediatrix, under the helm of Archbishop Fernandez tone down its stance? As a background, there was a decree of the Dicastery but not of Pope Pius XII. The Dicastery of 1951, whose members have died, claimed Pope Pius XII directly approved its decision (not to recognize the Mediatrix apparitions), but it was never formally entered into the Acta Apostolicae Sedis, the official Vatican publication, a requirement of Canon Law for it to take effect. What are the implications if the 1951 Pius XII decree is in truth non-existent? Under the domino principle, this implies that technically all subsequent declarations and orders of the Dicastery for 70 long years are also not binding, including the latest, wherein Lipa Archbishop Gilbert Garcera was ordered by the Dicastery to ban all celebrations of the 75th anniversary of the Mediatrix apparitions. However, the Dicastery never authenticated the Mediatrix apparitions, so the apparition celebrations are rightfully banned. But there is a contradiction that must be resolved — since the original 1951 Pius XII decree is in question. The members of the Dicastery in 1951 were caught in a lie because then apostolic administrator Bishop Rufino Santos stated in his decree of 12 April 1951 that he was still awaiting the Vatican decision regarding Lipa — when the Dicastery reported in its Protocol 226/1949 that a decision had been made, contradicting Bishop Santos. Archbishop Fernandez has to resolve this issue because the evangelization of Asia, which is the focus of Pope Francis, is at stake. Pope Francis looks to the Philippines, the only Christian nation in Asia, as the launch pad for the evangelization of Asia and the “conversion” of China. Conversion means stopping the persecution and massacre of Christians in China, permitting churches there to open, reuniting the Underground Church (who are the target of assassinations) and the Vatican-led Church, and finally, changing China’s belligerence to benevolence in the South China Sea to prevent a full-blown US-China confrontation. The Virgin can bring peace to Asia better than any military solutions. A well-publicized message of Our Lady Mediatrix of All Grace was a warning about China: “Pray hard for China’s dream is to invade the whole world. The Philippines is one of its favorites.” (17 October 1949). There is a Mediatrix shrine in a chapel in a small village near Nanjing that was built by Metropolitan Bank when it was commissioned by the Chinese government to develop two villages. This “foothold” in China is evidence the Virgin Mediatrix is fulfilling her mission of evangelization and conversion. Archbishop Fernandez and Pope Francis must be informed of the history of the Mediatrix to sharpen their perspectives on its geopolitical ramifications. The continued suppression of Mediatrix devotion and of the entire Philippine Church may hamper the Church’s efforts to evangelize Asia. In truth, Satan is scared of the Mediatrix, that is why, in his panic, he tortured Mediatrix visionary Sr. Teresing Castillo, as she wrote in her second diary that the Vatican failed to destroy but which is now available on the Internet. Is Satan behind the suppression of the Mediatrix by using Cardinals in the Vatican without them knowing it? For centuries, Satan has been penetrating the sacred halls of the Vatican and using the Cardinals without their being aware of it. That Satan works in the Vatican is nothing new. Historically, the Spanish Inquisition in the Middle Ages beheaded on mere suspicion about a thousand “heretics.” The ongoing “apostasy” (civil war) within the Vatican, which Fatima prophesied, is another sign of Satan’s works. It is thus in the interest of the Vatican to consider the Marian evangelization that it is suppressing — to have a change of heart. In the end, the Virgin will triumph over the Vatican, if need be, as revealed in the Bible. The Lord said, “I will put enmity between you (Satan) and the Woman (Mary), and between your offspring (demons) and hers (Jesus). Her offspring will crush your head and you will bruise His heel.” Genesis 3:15. “A huge red dragon stood before the Woman about to give birth, to devour her Child. She gave birth to a Son destined to rule all nations. In utter rage, the serpent waged war against the rest of her offspring, those bearing witness to the Son born of Her womb.” Revelation 11:1-17 (excerpts). *** eastwindreplyctr@gmail.com The post Mediatrix controversy appeared first on Daily Tribune......»»
500 EDCA deals in 2024 pipeline
The United States has committed to more than 500 bilateral military engagements with the Philippines next year, which would primarily feature the stepping up of war games and joint sea patrols. An Armed Forces of the Philippines official described the engagements as encompassing exercises and high-level exchanges between the allied nations on security cooperation and strategic vision, including maritime security, information sharing, and capacity and capability development, among others. The commitments were made during last week’s annual Mutual Defense Board-Security Engagement Board meeting, said the AFP official, who requested anonymity. Meanwhile, AFP Public Affairs chief, Lt. Col. Enrico Gil Ileto, said highlights of the activities will include an increased “tempo” in the joint exercises. At the same time, projects under the Enhanced Development Cooperation Agreement will be scaled up. He said engagements with other key international partners will also be part of the new set-up. During the meeting, AFP Chief of Staff, Gen. Romeo Brawner Jr., and US Indo-Pacific Command Chief Admiral John Aquilino reaffirmed the “steadfast commitment of the Philippines and the United States to safeguard their respective nations and the Indo-Pacific region.” “The meeting was the culminating activity of the planning cycle that assessed previous activities and set out over 500 bilateral engagements for 2024,” Ileto said. Increasing the American role in the maritime conflict with China is expected to be matched by the latter through increased aggressiveness in staking its claim in the West Philippine Sea. Swarming by vessels resumes The AFP Western Command on Saturday expressed alarm over the heightened presence of Chinese maritime militia vessels and the massive coral harvesting at Rozul, or Iroquois, Reef, located within the Philippines’ exclusive economic zone and continental shelf. In a weekly news forum in Quezon City, Wescom commander, Vice Admiral Albert Carlos, reported the “resurgence” of swarming incidents in the West Philippine Sea, with about 40 Chinese fishing vessels spotted as of 15 September at Rozul Reef, which is located south of Recto Bank. Carlos said the latest figure is higher than the 33 vessels spotted on 24 August and the 24 tracked on 7 September. Swarming was also observed at Escoda (Sabina) Shoal, where five Chinese fishing vessels were spotted, and Baragatan (Nares) Bank, with two boats, according to a Wescom news release on 14 September. “But the good news is we also have our presence there,” Carlos said, referring to vessels of the Philippine Navy and the Bureau of Fisheries and Aquatic Resources. “So, we are addressing the issue of this swarming,” he added. Harmful harvesting Carlos noted that in July, the Philippine Navy deployed divers to conduct an “underwater survey” of the swarmed area and found “there were no more corals” at Rozul Reef. The military is coordinating with scientists and experts to assess the area, he said, adding that it specifically wants to verify the divers’ assessment that massive harvesting of corals happened just recently. “We saw that there were no more corals. The corals were damaged, and there was debris,” he said. “We are not making any conclusions at this time. It’s a work in progress, but we just want to report coral harvesting in the area where (the Chinese were) seen loitering and swarming.” Keeping the peace Carlos said government troops want to “keep the peace and avoid miscalculations” in the WPS despite the recent incidents. He, however, guaranteed a heightened military presence in the Philippines’ waters. “The presence (of Chinese vessels) is already alarming because we have the sovereign rights in our exclusive economic zone. Now, coral harvesting is still unverified. We are not saying that they are harvesting our corals. We suspect somebody is harvesting our corals, which means they are violating our sovereign rights. We have the exclusive right to exploit resources in the West Philippine Sea,” Carlos said. “For the Western Command, that is alarming, because it might appear that we are remiss in our duty to protect our territory, as well as the riches of our exclusive economic zone. So we are doubling our efforts on that. We are going to address that issue by increasing our presence there,” he said. Joint patrols assessed Carlos said the government is “carefully” studying offers by other countries to conduct joint patrols with Philippine forces. For now, the military is carrying out unilateral maritime patrols in the WPS, he said, adding that these are being “jointly conducted with the Philippine Coast Guard and the BFAR, not with any foreign country.” “We are in engagement with whoever offers to help us, whoever shares our desire, our objective to establish a rules-based international order. We are studying it carefully. All the offers are on the table,” he said. More EDCA projects Ileto said Brawner and Aquilino also agreed to hasten the completion of the EDCA projects. There were 32 projects approved. The two officials are eyeing 63 more EDCA projects. “More importantly, it reaffirmed the two nations’ commitment to the PH-US alliance as espoused in the 1951 Mutual Defense Treaty,” he said. The Philippines and the US military officials also agreed to jointly push for a free and open Indo-Pacific region “against a backdrop of a rules-based international order,” Ileto said. The post 500 EDCA deals in 2024 pipeline appeared first on Daily Tribune......»»
China Bank to infuse P2 billion in thrift bank arm
Listed China Banking Corp. is infusing an additional P2 billion to its thrift banking arm to bankroll sustained loan expansion and boost its ability to serve more segments of the banking population......»»
BRICS expansion: Boon or bane?
The BRICS alliance, comprised of Brazil, Russia, India, China and South Africa, has emerged as a significant player in the global geopolitical landscape since its inception in 2006. Over the years, BRICS has demonstrated its potential to influence international economic policies, trade agreements, and even security affairs. The proposal, therefore, to expand BRICS by incorporating six more nations, namely Mexico, Indonesia, Turkey, Nigeria, Egypt and Vietnam, is worthwhile as all of them are emerging economies with substantial influence in their respective regions. This expansion could enhance the economic and geopolitical clout of the BRICS alliance, bringing together a diverse group of countries with considerable resources, markets, and geopolitical importance. The inclusion of these six nations would significantly bolster BRICS’ economic power. Mexico, Indonesia, and Turkey, in particular, possess large and dynamic economies, adding greater diversity to the group’s financial portfolio. This expanded BRICS could collectively represent a substantial portion of global GDP, potentially rivaling the G7. The proposed expansion would give BRICS access to a broader range of natural and human resources. For instance, Nigeria and Egypt are rich in natural resources, while Vietnam offers a young and dynamic workforce. This resource diversity can stimulate economic growth and cooperation among member nations. The inclusion of these nations could strengthen BRICS’ influence in their respective regions. Indonesia, for instance, is a key player in Southeast Asia, while Nigeria holds sway in West Africa. This regional influence could help BRICS in pursuing its collective interests on the global stage. Expanding BRICS may enhance security and stability by providing a forum for member nations to collaborate on regional and global security issues. With increased representation, BRICS could become a more influential force in addressing challenges such as terrorism, cyber threats and regional conflicts. While the idea of BRICS expansion holds promise, it has its challenges and considerations. The inclusion of additional nations may lead to conflicting interests within BRICS. The current members already have diverse economic, political, and strategic goals, and adding more voices to the mix could complicate decision-making processes. Some proposed new members, such as Turkey, have complex geopolitical relationships with existing BRICS countries. Balancing these tensions while fostering cooperation will be crucial for the success of an expanded BRICS alliance. The existence of the G7 grouping adds another layer of complexity. The G7, consisting of economically advanced Western nations, has historically set the tone for global economic policies. The expansion of BRICS could create competition or cooperation between these two blocs, impacting global economic dynamics. The expansion of BRICS would undoubtedly significantly impact the world economy. With an enlarged membership, BRICS could exert greater influence over international economic policies, trade agreements, and financial institutions. This could lead to a more balanced and equitable global economic order. An expanded BRICS could challenge the dominance of Western-led institutions such as the International Monetary Fund and the World Bank. This may lead to the creation of alternative financial institutions that better represent the interests of emerging economies. BRICS’ expansion could facilitate increased trade and investment among member nations. This could create new business opportunities and stimulate economic growth, especially in regions with emerging markets like Africa, Southeast Asia, and Latin America. A larger BRICS alliance would have a stronger voice in global economic governance. This could result in more inclusive policies that consider the needs and priorities of developing nations. Therefore, the idea of expanding BRICS represents a compelling proposition with the potential to reshape global economic and security dynamics. While challenges and complexities exist, the benefits of an enlarged BRICS alliance, including financial strength, resource diversity, and enhanced regional influence, cannot be ignored. However, the success of such an expansion would depend on the ability of member nations to navigate divergent interests, manage geopolitical tensions, and effectively cooperate on a global stage. More importantly, the relationship between an expanded BRICS and the G7 will play a crucial role in shaping the future of global governance. In an era of evolving international relations, an expanded BRICS could be a key player in driving positive change on the world stage. The post BRICS expansion: Boon or bane? appeared first on Daily Tribune......»»
A Chinaman’s chance
(Lest anyone take quick offense, let me say at the outset that I am not a racist. My use of the term is simply for purposes of this column and for context.) Before people became overly sensitive about perceived racist remarks, we used to say — when someone had only a remote chance of succeeding at something — “he doesn’t have a Chinaman’s chance.” I was reminded of that phrase recently when Huawei, one of China’s biggest phone companies, released two weeks ago the Mate 60 Pro, its latest flagship phone, without much fanfare. And never had such a quiet launch made so much noise around the globe. For a bit of context, during the Trump administration, an oppressive trade sanction was put in place by the United States against the selling of advanced microprocessors to Chinese companies, in order to prevent the Chinese from catching up with the US in 5G technology. Not only was the ban imposed on American manufacturers, but pressure was also brought to bear on chip makers in other countries allied with the US. The first to dutifully comply was Korean electronics giant Samsung, which must have regretted its decision, seeing as how it lost 60 percent of its sales almost overnight. For a while, Huawei was in a panic, as it halted the production of 5G phones when stockpiles of the banned chips ran out; for a while, it was reduced to selling mobile phones with obsolescent technology. But the Americans and their cronies did not count on the resilience of the Chinese people, a relentlessness that has helped its civilization survive after more than 2,000 years of foreign intervention. Forced to do without imported chips, Huawei focused all its efforts on developing a substitute. In a couple of years, its team of hundreds of technology experts, mathematicians, engineers, and metallurgists did the seemingly impossible: They created a 5G chip without any help from anyone. One could, therefore, not fault Huawei for releasing its 5G phone at the very same time that US Commerce Secretary Gina Raimondo was in Beijing on an official visit — as if to say, “In your face, America!” This Chinese triumph is but one of many instances where US attempts to undermine Chinese trade backfired big time on America. In 2011, China was banned by the US Congress from joining the Space Station program of NASA. China promptly built its own space station, the Tiangong, 10 years later. Sometime after, when America was developing the Global Positioning System, it also shut out China, which then launched its own satellites to power its own positioning system. The West also demonized China for being the “world’s biggest carbon polluter,” so its factories started working on lithium-ion batteries (90 percent of whose raw materials are mined in China) and now it dominates the electric car market worldwide. Using the status of the dollar as a world currency, the West imposed other trade sanctions on China, thus impelling it to put up its own version of the World Bank and organizing the BRICS countries that will no longer use the dollar as a medium of exchange. A total of 721 big Chinese companies were blacklisted from trading with US corporations; the Chinese started trading with most of the emerging economies and became the second largest economy in the world. It would appear that it still hasn’t sunk in with the American leaders that their days of global hegemony are long over. There is a new challenger on the scene whose government is more committed to making it stronger economically, militarily, and diplomatically. As the new generation of Americans struggles with questions of pronouns, transitioning, decriminalizing robbery and drug use, and legalizing abortion, the young people of China are concentrating on mastering math and technology, becoming part of a disciplined army, building their GDP, and making their society orderly and crime-free. If this keeps up, it will be America that will, ironically, not have a Chinaman’s chance to prevail. The post A Chinaman’s chance appeared first on Daily Tribune......»»
A history of storytelling through art collections
Narrative art is art that tells a story. It uses visual images of a sequence of events unfolding over time or an ongoing story to evoke emotions and capture one’s aspirations or culture. Narrative art preserves the past for future generations across diverse cultures. One of the country’s top bankers, Edwin Bautista, president of Union Bank of the Philippines, and his wife, professor Aileen Beltrano Bautista, debuted their private collections at the Salcedo Auctions titled Private Art, Public Lives, featuring A Passion for Connections: Objects and their narratives from Edwin and Aileen Bautista collection. “It’s a full story,” said Edwin when asked about the collections’ narrative. “The exhibit starts with the pre-colonial era. Basically, (Ferdinand) Magellan. There’s a portion that shows trade with China. Some ceramic pieces and gold pieces of jewelry that ancient Filipinos wore. This is like telling the story of how life was before the Spaniards came. That portion ends with the arrival of Magellan and his death at the Battle of Mactan.” The Bautistas’ collection of pre-colonial art pieces illustrating historical events of life before the Western World discovered the Philippines brings our imagination to life and provides us insights into our ancestors’ sophisticated artistry and rich culture. Philippine birth certificate An interesting collection is the map section that tells the story of the Philippines through maps and how the Philippines was seen in the eyes of the Western World. The collections trace the evolution of the Philippines through maps, Edwin said. The first Philippine map, which is also called the Birth Certificate of the Philippines, shows the first time the whole archipelago was officially named the “Philippines.” According to Edwin, there are only about three or four copies of that map. Some of the original maps do not show the island of Luzon. “Remember it was only after the third expedition of (Miguel Lopez de) Legazpi that the Spaniards landed in Luzon. Before him, there was only the Visayas. So you have Magellan and then Villalobos.” One of the most important collections in that section is the Murillo Velarde map or the Carta Hydrographica y Chorographica de las Islas Filipinas (Hydrographical and Chorographical Chart of the Philippine Islands). The map was the first map made in the Philippines and first published in Manila in 1734 by the Jesuit cartographer Pedro Murillo Velarde, the engraver Nicolás de la Cruz Bagay and the artist Francisco Suárez. The Velardo map played a critical role in the Philippines case in The Hague for our claim over the West Philippine Sea islands as the 1734 map showed that the Spratly Islands, named Los Bajos de Paragua, and Scarborough Shoal, named Panacot, were part of “Las Islas Filipinas” constituting the Philippine archipelago during the Spanish regime. There were also old Philippine flags captured by the American soldiers during the Philippine-American war. But Bautista traced most of them and bought them from private collectors. Personal collections Edwin said all of the art pieces in the exhibit were from his and his wife’s own collection. They did not even know most of the artworks existed before they started their collection. His passion for the arts was ignited when he started collecting amulets (anting-anting). “My focus then was how to make the narrative full. It’s easy to collect amulets because there is an organized group of Filipinos who believe in them.” As for the source, he used to scour eBay, visit auction houses or even get tips from Buddhists and other religious groups. But for the Salcedo Auction exhibit, the Bautista couple commissioned well-known playwright and director Floy Quintos, who also owns the Art Gallery Deus in Manila. Floy shared: “The exhibition begins with two large ivory corpus that embody the very pinnacle of both Filipino craftsmanship and spirituality. It ends with contemporary folk amulets and carvings that speak for the enduring, resilient folk spirit of the Pinoy.” “In between these objects, many narratives have unfolded. The range of objects offers perspective and insights into our history, spirituality and creativity. The collection of Edwin and Aileen Bautista brings all these objects together to tell a story of our evolving nationhood. “From the blood, sweat, tears and passion of Edwin and Aileen Bautista comes the art collections worth preserving. The art pieces are the stars of our history, but the collectors connect all their stories to create a wonderful narrative. They inspire, educate and even entertain the public with their passion for the arts and gripping perspectives on our history and heritage.” The post A history of storytelling through art collections appeared first on Daily Tribune......»»
Banning Filipino fishermen in Scarborough is an insult — AFP spox
China's actions appear to be a form of disrespect towards the Philippines as they are preventing Filipino fishermen from fishing in the Scarborough Shoal, an Armed Forces of the Philippines (AFP) official said on Sunday. In a radio interview, AFP spokesperson Colonel Medel Aguilar expressed disappointment over the fact that Filipino fishermen are no longer able to engage in fishing activities at the resource-rich Scarborough Shoal. "It's regrettable (that the Filipinos cannot fish at the Scarborough Shoal), but let's see what happens next because we can't allow it to be like this forever," Aguilar said. "It's like they're insulting us with their actions, knowing well that their territorial claim has no basis," Aguilar added. While Filipino fishermen can fish in some areas, the military official said they cannot go near the Scarborough Shoal where the are more fish. Aguilar said the Filipinos can no longer access the Scarborough Shoal because the maritime militia and China Coast Guard vessels are already "blocking the shoal." The Philippine government sued China at The Hague-based Permanent Court of Arbitration in 2013. In July 2016, the Court delivered a verdict favoring the Philippines by rejecting China's nine-dash claim over the South China Sea. In the same judgment, the court designated Scarborough Shoal as a shared fishing area and prohibited China from taking aggressive actions against Filipino fishermen there, which included preventing their access to the shoal. Furthermore, The Hague Court affirmed that the Spratly Islands, Panganiban (Mischief) Reef, Ayungin (Second Thomas) Shoal, and Recto (Reed) Bank fall within the exclusive economic zone of the Philippines. Despite this ruling, Beijing has consistently refused to acknowledge or abide by it. However, China recently released an updated official map that reaffirmed its unlawful assertions over a significant portion of the South China Sea while introducing new claims along the West Philippine Sea. The Philippines lodged a protest against China's release of the 2023 edition of its regular map. The Philippine government urged China to exhibit responsible behavior and adhere to its commitments as stipulated in the United Nations Convention on the Law of the Sea and the 2016 arbitration decision. The post Banning Filipino fishermen in Scarborough is an insult — AFP spox appeared first on Daily Tribune......»»
China Bank leverages AI to hike work productivity
China Banking Corp. is leveraging artificial intelligence via the CHIB GPT, its first AI solution, to boost employee production as it marked its 103rd anniversary......»»
Biden boosts U.S. influence on G20, Vietnam
United States President Joe Biden arrives in India Friday for the Group of 20 summit and proceeds to Vietnam Sunday, both aimed at boosting US influence amid division caused by the war in Ukraine and territorial dispute in the South China Sea. Biden is hoping to seize on the absence of Chinese leader Xi Jinping and Russian President Vladimir Putin at the G20 summit. The US president said on X, formerly known as Twitter, that he was showing his country’s commitment to the G20 as a forum that can deliver. White House officials said Biden would in particular stress a plan to increase World Bank and International Monetary Fund lending power for emerging nations by some $200 billion as a better alternative to Beijing’s “coercive” Belt and Road Initiative. But the absence of Xi and Putin underscores the divisions in the G20 and could hamper Biden’s bid to keep the bloc as the leading forum of global economic cooperation. In Hanoi, Biden and ruling Vietnamese Communist party chief Nguyen Phu Trong are expected to sign a major upgrade in ties between the two countries, who have overcome the painful legacy of the Vietnam War to grow close. They are expected to sign off on a “comprehensive strategic partnership,” Hanoi’s highest level of diplomatic ties. Currently, Vietnam only has ties at the same level with Russia, India, South Korea and China. Biden is betting that Vietnam won’t mind being closer to Washington at a time when China’s sweeping maritime claims in the South China Sea have fueled tensions with its Southeast Asian neighbors. However, Vietnam won’t be keen to play a role in balancing Washington and Beijing, Nguyen Quoc Cuong, the Vietnamese ambassador to US from 2011 to 2014, said. WITH AFP The post Biden boosts U.S. influence on G20, Vietnam appeared first on Daily Tribune......»»
Yellen says US ‘carefully’ monitoring China economy
The United States is "carefully" monitoring China's challenges, US Treasury Secretary Janet Yellen said Friday, as the slowdown in the world's second-largest economy raises concerns for global growth. Many are worried about the Asian giant's struggles, with the threat of recession in Europe and high inflation in many major economies contributing to a plunge in demand for Chinese goods. "China faces a variety of both short and longer-term global challenges, economic challenges that we've been monitoring carefully," Yellen told reporters in New Delhi, ahead of a two-day G20 summit. "That said, China has quite a bit of policy space to address these challenges," she added. China's President Xi Jinping will miss the leaders' meeting at a time of heightened trade and geopolitical tensions with the United States and India, with which it shares a long and disputed border. China's challenges included "less of a pick up in consumer spending that had been anticipated in the aftermath of the Covid restrictions, as well as long-standing issues with respect to the property sector and... debt related to that", she said. G20 host India overtook its northern neighbor as the world's most populous country earlier this year, and Yellen added that China's "labor force is beginning to shrink". Xi's absence will impact Washington's bid to keep the G20 the main forum of global economic cooperation and its efforts towards a financing push for developing countries. That includes a plan to increase World Bank and International Monetary Fund lending power for emerging nations by some $200 billion as a better alternative to Beijing's "coercive" Belt and Road Initiative. While "aware of the risks to global growth", Yellen said she had "been surprised by the strength of global growth and how resilient the global economy has proven to be". "While there are risks and some countries that have certainly been affected, overall, the global economy has been resilient," she added. Yellen added that the "most important negative influence is Russia's war on Ukraine." The post Yellen says US ‘carefully’ monitoring China economy appeared first on Daily Tribune......»»
ASEAN summit ‘productive’, biz meetings net $22M investment pledges: Marcos
JAKARTA, Indonesia – President Ferdinand Marcos Jr. said that the 43rd Association of Southeast Asian Nations Summit demonstrated the commitment of countries in the region to regional cooperation and multilateralism. In his latest YouTube vlog on Thursday, Marcos said that the summit was a productive one, and that he was able to promote and highlight key interests of ASEAN. He said these interests include food and energy security, security, migrant workers protection, climate change, and digital transformation. "I was able to participate in 12-leaders level meetings, including with Australia, Canada, China, India, Japan, the Republic of Korea and the United States and the United Nations," Marcos said. "In these meetings, I promoted and highlighted key interests of ASEAN, such as food and energy, security, migrant workers protection, climate change and digital transformation --- issues that are of strategic importance to the Philippines," he added. Marcos also said that he had a productive meeting with the President of the World Bank Group, where they discussed ways to strengthen cooperation in areas such as climate change adaptation and mitigation, and sustainable development. On the sidelines of the summit, Marcos met with top executives of select Indonesian companies who are looking at the Philippines to expand their presence further. He said that these meetings resulted in $22 million in investment commitments in areas crucial for the Philippines' economic recovery efforts, such as agriculture and the digital economy. Marcos also witnessed the signing of the Philippine-Republic of Korea Free Trade Agreement (FTA), which he said would strengthen the Philippines' bilateral trade and investment relations with South Korea. "The FTA will generate jobs and contribute to the Philippine value proposition as an ideal regional hub for smart, sustainable investment," Marcos said. Marcos reiterated that the Philippines will chair the ASEAN in 2026 instead of 2027. He said that the Philippines stepped up to this role to ensure the continuity of its progress towards a people-oriented, people-centered, inclusive, and resilient ASEAN community. He also thanked and congratulated Indonesian President Joko Widodo for "his very able stewardship" as chair of ASEAN this year and for making ASEAN as important as it ever has been. "I also thank them for the very warm hospitality of the Philippine delegation, And I look forward to able leadership of Lao PDR when they host the ASEAN in 2025," he said. The post ASEAN summit ‘productive’, biz meetings net $22M investment pledges: Marcos appeared first on Daily Tribune......»»
Quo Vadis Gilas?
Over the past week, basketball crazy FIBA co-host Philippines has been the mecca for world basketball. Hordes of foreign basketball fans eager to support their teams have trooped to our country, and along with thousands of local fans, including yours truly, have endured the hardships of hours long traffic, bewildering weather of humidity, heat and massive rainfall melding intermittently all within the day enroute to the venues, just to witness live the World Cup’s top hoopsters. Despite what I felt were atrociously expensive tickets for the lower box sections, being an incorrigible basketball fanatic, I just felt that I could not pass up the chance to be part of the once in a lifetime World Cup experience, particularly since I would be in the company of family friends, businessman basketball-sportscaster Dominic Uy who shared his insightful off-court commentaries and who was responsible for getting us some great seats, my erstwhile golfing partner Cookie la’O who had partnered with me decades back to bag the prestigious Mango Tee Tournament championship in Alabang, and my son-in-law, noted New Balance shoe designer Gabe la’O, who flew all the way from New Hampshire to watch some top-notch games. Never mind that they are all as La Salle Green as can be but their youthful energies in cheering their hearts out for every basket, block, steal and mad breakaway was infectious. I watched the US-Greece and Gilas-Italy games live and the experience did not disappoint. The highlights of those games in consonance with the tremendous roars of the fans will be replayed in my memory bank over and over again for a long time to come. But, of course, like all true-blue basketball aficionados, recounting and analyzing the wows of a won game and the what-ifs of a heartbreaker and the future of Gilas is par for the course. So here goes. Despite the four heartbreaking defeats to the Dominican Republic, Angola, Italy and South Sudan, the last game of Gilas winning against the undisputed Asian champion, China, has given us a slight glimmer of hope, again, to have a chance to make it to Paris next year. Although the win was masterfully achieved as a team effort, undoubtedly it was Jordan Clarkson who practically carried Gilas on his shoulders with his hot 3-point shooting in the third quarter. Even China’s coach Sasha Dordevic and NBA star Li Kaier of the Minneapolis Timberwolves pointed to Clarkson as the main reason for their never-before lopsided loss to Gilas. Because of this win, Gilas is ranked 24th out of the 32 participating countries, enough to allow us to participate in the Olympic Qualifying Tournament and so the buzz over Gilas’ chances continues. What changes are needed? As far as the team composition is concerned, unless there are injuries, I believe the current line-up is as good as it can get. All are unquestionably standouts. On the other hand, as far as the coaching leadership is concerned, Chot Reyes already declared immediately after the win over China that he is stepping down because the incessant social media abuse from his critics has been “brutal” for him and his family. Kudos to Chot for his service to the country and for making this move rightly expected of any leader who has not delivered on the goals. The options, however, are limited. And worse, there is an extremely short timeline to make the choice because the Asian Games starts on 23 September. Tab Baldwin of course is the popular clamor, but the UAAP season begins as well this September and I don’t think he will leave the Blue Eagles coachless. Also it seems that there could be some pushback from certain SBA and PBA quarters who might not be too keen on Tab’s up front in your face style. Tim Cone is my own bet because not only is he an equally great coach but also for continuity since he is already in the Gilas coaching staff. Regardless of the choice, however, the problem of conflicting schedules of the players with their home teams will continue to be an obstacle to building a Gilas team that needs to be properly honed with significant playing time together. PBA and SBP will have to somehow firmly reach an understanding, otherwise Gilas fans will have to face up to the reality of more heartbreaks. Quo Vadis Gilas? Until next week… OBF! For comments, email bing_matoto@yahoo.com The post Quo Vadis Gilas? appeared first on Daily Tribune......»»
Gilas win over China stokes patriotic fervor
Senators were among the Filipinos who showed support for Gilas Pilipinas en route to its rousing 96-75 win over China in the FIBA World Cup at the Araneta Coliseum in Quezon City on Saturday night. Senate President Juan Miguel “Migz” Zubiri, Senate Majority Leader Joel Villanueva, and Senators Ronald “Bato” Dela Rosa and Christopher “Bong” Go was seen wearing matching black shirts with the print “West Ph Sea,” short for West Philippine Sea. “Congratulations Gilas Pilipinas! That’s the heart of the Filipino that you’ve shown fighting to the very end. I salute all the players, coaches, and fans because ‘our never-say-die attitude’ gave us the hope to score a victory in the FIBA World Cup,” Go, himself a prolific basketball player, said in Filipino. “While we were saddened by our not qualifying for the Olympics, Gilas did not disappoint the home crowd by showing a big potential for future competitions,” he added. He said the victory over a Chinese team boosts the morale of Filipinos amid the challenges the country is facing in the West Philippine Sea being claimed by Beijing as part of its territory. WPS ours! Asked about the WPS shirts he and the other senators wore during the game, Go said they were given to them to show their being one with the team and the country’s territorial sovereignty in the West Philippine Sea. “The West Philippine Sea is ours!” Go said. “This victory is also for all of us.” For Zubiri, the Philippines, even through basketball, was able to show it would not be bullied by China on the home court, seemingly referencing similarly gallant stands made by the Philippine Coast Guard and Navy in the WPS. “This was the most important game of all! For our pride and for our motherland, the Philippines,” Zubiri said. “We may not have won any of our games for the world championships, but this win was the sweetest of all.” Likewise, Villanueva described the Gilas Pilipinas’ victory over China as the country’s “best win.” Biggest game “Most important basketball game of the year! It feels like we won the championship! Yahoo!” he said. “Our Gilas Pilipinas fought well like each and every one of them knows the story of Ayungin, Recto Bank, Pag-asa Island, etc.” He added: “So proud of them! Everyone contributed! We saw a different Gilas Team; there’s fire in their eyes.” Zubiri explained that their matching shirts with the print “West Ph Sea” was their response to China’s new standard map which also included the exclusive economic zones of the Philippines. 10-dash line “They released a 10-dash line; we wore the T-shirt as a statement that the West Philippines Sea is ours. Mabuhay Gilas! Mabuhay ang Pilipinas!” he said. Meanwhile, Dela Rosa said they have worn the shirts to “awaken the patriotic spirit of our Gilas Pilipinas and motivate them to secure the victory which is symbolic for us Filipinos in light of the recent developments in the West Philippine Sea.” The post Gilas win over China stokes patriotic fervor appeared first on Daily Tribune......»»
Analysts predict inflation rate at around 5.0% for August
The country's inflation rate will remain above the government's 2 to 4 percent target band, said private sector economists who slightly upgraded their price-rise forecasts for August. A DAILY TRIBUNE poll of analysts over the weekend yielded a median estimate of 5.0 percent for August inflation, within the 4.8 to 5.6 percent forecast given by the Bangko Sentral ng Pilipinas (BSP) last Thursday. If the August number matches the poll consensus, the median estimate will be higher than the 4.6 percent print in July 2023 but lower than the 5.4 percent inflation rate in June 2023. The Philippine Statistics Authority is expected to release the August inflation data on Tuesday, 5 September. Bank of the Philippine Islands's lead economist Emilio "Jun" Neri Jr. said higher prices of liquefied petroleum gas (LPG), kerosene, diesel and vegetables likely drove the Consumer Price Index much higher month-on-month. "Lower electricity (and) other food items may offset some of this," Neri said in an email to Daily Tribune. Rizal Commercial Banking Corp. chief economist Michael Ricafort said that the country's higher local palay and rice prices are one of the "main catalysts" for the August inflation print due to weather disturbances in most Southeast Asian countries affecting rice exports. He added that the agriculture damages caused by tropical storms in Northern and Central Luzon likewise affected the prices in the country. Ricafort likewise attributed the higher fuel prices and depreciating Philippine Peso against the US Dollar to the slightly higher inflation rate for August. "However, these are offset by mostly softer economic data in China and other countries, as partly weighed by higher inflation that reduced household spending and higher interest rates that led to higher borrowing costs," Ricafort said in a Viber message. Security Bank's senior assistant vice president and chief economist Robert Dan Roces also shared the same insights with other economists, saying that the primary factors contributing to the slight increase in the August inflation print are fuel and food prices. "Although the current diesel pump price is significantly lower than the P75 per liter average recorded in June of the previous year, food and fuel prices remain the main drivers of inflation. Notably, farm gate prices of other food items decreased in August compared to July," Roces said in an email. Despite these factors, Roces said the retailers may either be reluctant to reduce current prices or the price reduction price may be taking some time. Roces also underscored that the current inflation increase is mainly driven by the price of rice, which has recently surged by up to P10 per kilo. "Looking ahead, we still see that inflation will fall into the Bangko Sentral ng Pilipinas (BSP) target range of 2 percent to 4 percent by the fourth quarter of this year, barring sustained spikes in rice and fuel in the remaining months of 2023," Roces said. China Banking Corp. chief economist Domini Velasquez said core inflation is expected to continue its downtrend to around 6.0 percent in August despite the projected higher headline rate. "If realized, we do not expect BSP to react immediately to the expected inflation print with higher policy rates. Shocks for August were largely supply-side but have not, so far, detailed the inflation path toward the target range in (the fourth quarter). We still expect inflation to fall within the BSP's target by November," Velasquez said. The post Analysts predict inflation rate at around 5.0% for August appeared first on Daily Tribune......»»
Magician Efren
Author’s Note. Back in my high school days, it was normal for us students to skip classes to play billiards at the “Pink House” along Katipunan Ave. across the Ateneo campus. Our dean of discipline, Mr. Vergara, whom we dubbed Garaver, would raid the Pink House regularly to round us back to the corral. So, I can rightfully say that I speak with authority on the subject of billiards. Efren can make billiards magic because he shoots with his mind, not his hands. In truth, billiards is more of a cerebral rather than a physical game, an intellectual game rather than plain geometry and angles. That is why Efren, the Magician is revered by everyone, especially global billiard pros and commentators. He would ponder silently while chalking his cue stick and his mind would be racing through complex possibilities with lightning speed before finally making his move without hesitation. Billiards is the merging of the physics of motion and momentum and the metaphysics of “feel” and psychic power. Especially in eight-ball, it requires analysis and strategy as to where to place the cue ball for the next shot, what Filipinos call “preparacion” — a Spanish word. This is the expertise of Efren the Magician, or Efren “Bata” (The Kid) Reyes, rightfully the greatest pool player in the world today, according to pool commentators and pros. He makes his “preparacion” with ease. This has made him the first non-American to win the US Open Pool Championship. TV anchors would normally predict how Efren would play his “preparacion,” but many times they would be wrong because Efren thinks out of the box. He would go for a complex three-rail bank shot with ease instead of the more obvious straight shot. Indeed, Filipino pool players, led by Efren, are noted worldwide for the unique way they play, and how they are changing the way pool is played on the global level. The great champions from Europe and America have started adopting the unorthodox way Filipinos play. There is today a radical Filipino pool culture respected in the global arena. Efren is especially noted for casually shifting from his right hand to his left to shoot, which is a unique Filipino playing style. He is an expert in masse, giving the cue ball enough of a spin to curve around or jump over an obstructing ball by hitting the cue ball at a steep angle using a shorter cue stick. Another expertise of Efren is the “safety shot,” hiding the cue ball from the target ball, if he has no open shot to make. Rather than risk a dangerous shot to pocket the ball, this defensive strategy often leaves the opponent with an impossible shot. Efren can maneuver and hide the cue ball from the target ball with ease. Efren’s charisma abroad is phenomenal. They all love the way he scratches his head when he makes a blunder. You would not know if he made a mistake or played his magic, because, either way, he has on this sheepish smile. He would giggle if he did a “tsamba,” a lucky accident of sinking a ball in an unintended pocket. He brims with humility even in his greatness. Filipinos are good at billiards partly perhaps because it is a poor man’s game, as Efren was as a kid. One can spend hours in the billiard hall. Time just melts away. It is called making “istambay,” a corruption of the English word “stand by.” Just hanging around the pool hall all day and learning lessons from the experts, like Efren did as a kid. In contrast, sports like basketball and swimming are essentially more expensive to go into. Billiards is an “easy” and “cheap” sport because it is essentially entertainment, but at the same time cerebral. It can be expensive only if you gamble. Efren is known as the richest pool player of all time. He has earned about $2 million or P100 million as of February 2023. He is in the Guinness World Records. He and Francisco Bustamante hold the records for the greatest number of victories in pool in 2006 and 2009, respectively; followed by Li Hewen and Fu Jianbo of China in 2007 and 2010, respectively. (Source: guinnessworldrecords.com) At the age of 68, Efren still has not retired. Unlike in boxing or basketball where great athletes retire early, in pool, which requires little physical effort, there are a few rare great pros who are septuagenarians. Wikipedia lists Efren’s titles and achievements at a phenomenal 137, as of this writing. The post Magician Efren appeared first on Daily Tribune......»»