MANILA – The local stock market sustained its rally for four straight days while the peso closed near the 57-level Wednesday.
The benchmark Philippine Stock Exchange index (PSEi) gained 16.69 points to 6,241.69 while broader all shares also increased by 8.11 points to 3,368.25 level.
“Still, PSEi remained on bargain levels despite the lingering risks in the economy, and investors took this opportunity to buy at attractive prices,” Philstocks Financial, Inc. research associate Claire Alviar said.
Alviar said the National Economic and Development Authority’s plan to temporarily cut rice tariff to slow down domestic prices boosted the sentiments of investors despite concerns about rising inflation.
“The mining and property sectors were in the red, down by 1.07 percent and 0.33 percent, respectively. Meanwhile, the Holdings sector had the biggest gain, increasing 0.72 percent. Among the index members, Puregold Price Club, Inc. was at the forefront, up by 3.39 percent, while Metro Pacific Investments Corp. dropped the most by 1.96 percent to PHP5.00,” she said.
Total value of trade reached PHP3.84 billion.
Decliners slightly outpaced advancers at 95 to 91, while 40 issues were unchanged.
Meanwhile, the peso nearly touched the 57-level as it shed 0.14 on mid-week’s trading.
It finished 56.94 to a US dollar from last day’s closing of 56.80.
The local currency started weak this day at 56.90 compared to Tuesday’s kick-off at 56.70 to a dollar.
It traded between 56.80 and 56.99, bringing the average level for the day at 56.94 to the greenback.
Volume of trade declined to USD1.36 billion from previous day’s volume of USD1.52 billion. (PNA)
MANILA – Serbia advanced further into the FIBA World Cup after romping Lithuania, 87-68, at the start of the final phase on Tuesday night at the SM Mall of Asia Arena in Pasay City.
After a tight first quarter that even saw Lithuania take a 25-24 lead, Serbia ripped Lithuania in the second quarter to spark the breakaway, outscoring them, 25-13, for a 49-38 halftime lead.
Serbia’s domination continued in the second half en route to the rout.
Serbian guard Bogdan Bogdanovic led his team, which will face the winner of the Wednesday night clash between Canada and Slovenia in the semifinals on Friday night, with 21 points, four rebounds, three assists and two steals.
Bogdanovic dedicated the win to teammate Boris Simanic whose kidney was removed after getting a bad foul during the game against South Sudan in the elimination phase.
“We were nervous yesterday, moving to another hotel, I was especially nervous, because I was always losing to Lithuania in my young age. I was so nervous. And then I see the message from Borisa, he was saying, ‘Guys, I’m good, don’t worry. Let’s win tonight!’ For him just to think about us after everything that happened to him (losing a kidney), he united us, and that’s an amazing guy. This is for him,” Bogdanovic said.
Tadas Sedekerskis led Lithuania, which was relegated to the classification games for fifth-eighth places, with 14 points, nine rebounds and two assists.
USA moves on to semis
In the second game, USA whipped Italy, 100-63, making it to the semi-finals after missing it in 2019. The win booked them the second Final Four slot after Serbia in the earlier match and will face the winner between Germany and Latvia on Sept. 8.
Mikal Bridges top scored with 24 points and hauled down 7 rebounds.
USA’s full-court zone press tortured Italy and scored 46 points in the first half, opening up a 22-point lead and from then on controlled most of the second half.
“It was our best defensive effort of the tournament to this point, and that’s what it’s going to take to win two more games,” said USA head coach Steve Kerr.
“You always wanna respond to a loss with a competitive effort, and the joy and competitiveness go hand in hand when you compete and play with that kind of force and energy,” he added, referring to the loss against Lithuania in the tournament’s second round.
With this win, the USA qualified for the semi-finals for the eighth time in the FIBA World Cup.
The 37-point margin is the second highest ever in a FIBA World Cup quarter-final game, after USA vs. Slovenia in 2014 (43-point margin, 119-76).
This 37-point loss was Italy’s heaviest ever in a FIBA World Cup game.
Lithuania and Italy will play in the Classification 5-8 game on Sept. 7. (PNA)
NAIROBI, Kenya – In a powerful address at the African Climate Summit in the Kenyan capital Nairobi, Tuesday, UN Secretary-General Antonio Guterres called for decisive climate action in addressing escalating extreme weather challenges.
Guterres urged global leaders to unite in their commitment to climate resilience, highlighting its critical role in mitigating the devastating impacts of climate change.
“I make a very strong appeal to the large emitters, the G-20 countries that are responsible for 80% of the emissions that will be meeting this week in New Delhi, India. Assume your responsibilities,” Guterres said.
He underscored the urgency of addressing these challenges through decisive climate actions, warning that Africa is suffering the most.
“An injustice burns at the heart of the climate crisis, and its flame is scorching hopes and possibilities here in Africa.”
Guterres pointed to his Climate Solidarity Pact and Acceleration Agenda as guiding principles for these actions.
He also pressed for a decisive shift away from fossil fuels, calling for credible plans to phase out coal by 2030 for OECD (Organization for Economic Co-operation and Development) countries and by 2040 for the rest of the world.
Speaking at the summit attended by 16 heads of states and over 10,000 delegates, Gutteres emphasized the importance of climate justice, urging developed nations to present clear and credible roadmaps for doubling adaptation finance by 2025.
Guterres called for the realization of the promised funding for climate support to developing nations.
“They must also keep their promise to provide $100 billion a year to developing countries for climate support, and fully replenish the Green Climate Fund,” he said.
In terms of financing, Guterres highlighted the necessity of reforming the global financial system to support accelerated climate action within the framework of sustainable development.
The reforms include the establishment of an effective debt-relief mechanism, providing longer lending terms and lower interest rates.
Turning to Africa’s vast potential in renewable energy and green growth, Guterres emphasized the continent’s abundant renewable energy resources, including critical minerals crucial for green technologies.
He stressed the need for sustainable and transparent production and trade of these resources.
Guterres applauded the African leadership for their role in renewable energy, citing hydropower projects in Ethiopia, Kenya, and Sudan, as well as wind and solar initiatives across the continent. (Anadolu)
MANILA – The Energy Regulatory Commission (ERC), Department of Energy (DOE) and the Department of Social Welfare and Development (DSWD) have extended the registration of eligible beneficiaries for the lifeline rate program until next year.
In a tripartite advisory on Tuesday, the agencies said the full implementation of the new lifeline rate program has been moved to January 2024.
“Starting 1 January 2024, only those who have approved applications shall be entitled to avail of the subsidy provided under the Lifeline Rate Program,” the advisory read.
The agencies said they have also observed “a noticeable increase in the number of qualified marginalized end-users (QMEs)” that registered for the program.
According to DOE, 47,171 QMEs have registered as of Aug. 30 from only 1,816 consumers that applied for the program last July 10.
“All distribution utilities (DUs) are directed to exert more aggressive promotion efforts to disseminate information on the Lifeline Rate Program and to continue processing and accepting applications,” the advisory said.
The power subsidy is provided under Republic Act (RA) No. 11552, or an Act Extending and Enhancing the Implementation of the Lifeline Rate, Amending the Purpose Section 73 of RA 1396, or the Electric Power Industry Reform Act (EPIRA).
The policy extended the electricity rate discounts to DSWD’s Pantawid Pamilyang Pilipino Program (4Ps) beneficiaries for 50 years. (PNA)
MANILA – Australian Prime Minister Anthony Albanese launched its economic strategy to bolster trade and investments with Southeast Asian nations, including the Philippines, by 2040.
Albanese presented the report Wednesday in Jakarta, Indonesia on the sidelines of Association of Southeast Asian Nations (ASEAN) meetings.
A report for the Australian government by Australian Special Envoy to Southeast Asia Nicholas Moore AO, “Invested: Australia’s Southeast Asia Economic Strategy to 2040” outlines required actions to realize commercial potentials between Australia and Southeast Asia, which include raising awareness, removing blockages, building capacity and deepening investment.
“The strategy we outline today reflects an enduring truth: this is where Australia’s economic destiny lies,” Albanese said in his speech at the ASEAN Indo-Pacific Forum.
“In 2022, ASEAN accounted for nearly 15 percent of Australia’s overall trade —greater than our two-way trade with Japan or the US. But Australia’s economic engagement with the region has not kept pace with the growth of Southeast Asian economies. Australia should be a larger trade and investment partner for Southeast Asia,” he added.
In a press conference at the Australian Embassy here before the launch of the report, Australian Embassy in the Philippines Deputy Head of Mission Moya Collet said Southeast Asia’s share in Australia’s total trade for the past 20 years did not expand.
She said the region only gets 3.4 percent of Australia’s total investments overseas.
To grow Australia’s trade and investment in Southeast Asia, its economic strategy for the region focuses on 10 priority sectors, such as agriculture and food, resources, green energy transition, infrastructure, education and skills, visitor economy, healthcare, digital economy, professional and financial services, and creative industries.
Collet said these 10 priority sectors are all applicable in the Philippines, and the country should realize improving trade and investments with Australia with the launch of the strategy.
“A key finding of the Strategy is that Australia’s trade and investment with Southeast Asia could be more substantial,” Collet said at the Embassy on Tuesday. “And the Philippines, this is definitely the case: we have a huge potential for growth in the two-way trade and investments.”
The economic strategy projected that the region will surge its gross domestic product (GDP) by 383 percent between 2022 and 2040 from USD3.6 trillion to USD13.86 trillion, with Indonesia expected as the largest economy in the region, followed by Thailand and Vietnam.
The report also forecast that the Philippines will have the second largest number of households with disposable income of more than USD15,000 per annum by 2040, jumping from 5.6 million households in 2022 to 30.2 million households in 2040.
“It’s all about harnessing the potential of Southeast Asia’s economic dynamism, as Southeast Asia is one of the world’s fastest-growing regions. According to the analysis we have received, the region has a compound average growth rate of 4 percent through 2040, while other developed economies grow at 1 to 2 percent at most. So we really recognize the deep potential in Southeast Asia, and the Philippines is a big part of this,” Collet added. (PNA)
MANILA – The Philippine Navy (PN) is set to receive two brand-new missile corvettes from 2025 to 2026, an official said on Wednesday.
“Marami po tayong parating na barko. Pagdating po ng 2025 tsaka 2026, we will be receiving two brand-new corvettes. Galing po ito sa (South) Korea. Bago po ito (We have a lot of naval ships coming. In 2025 and 2026, we will be receiving two brand-new corvettes from [South] Korea. Both of these ships are new),” PN vice commander Rear Adm. Caesar Bernard Valencia said in an interview with DZBB.
Valencia said these brand-new corvettes are expected to backstop the two Jose Rizal-class missile frigates – the BRP Jose Rizal and the BRP Antonio Luna that are in service.
He was referring to the corvette acquisition program of the Department of National Defense (DND), which was formally awarded to South Korean shipbuilder Hyundai Heavy Industries (HHI) on Dec. 28, 2021.
These corvettes are worth PHP28 billion and are designed to be capable of conducting anti-ship, anti-submarine and anti-air warfare missions.
Valencia noted that from 2026 to 2028, the PN would also start receiving six brand-new offshore patrol vessels (OPVs) worth PHP30 billion and awarded to HHI on June 28, 2022.
“At pagdating po ng 2026-2028, we expect to receive six more brand new OPVs. Ang OPV, ang pinaka main purpose po niya ay magpatrulya sa karagatan (Come 2026-2028, we expect to receive six more brand new OPVs, the main purpose of the OPV is to patrol the seas),” he added. (PNA)
MANILA – Key stakeholders from the agriculture sector in Mimaropa and Eastern Visayas regions have expressed their support on the issuance of Executive Order (EO) No. 39 by President Ferdinand R. Marcos Jr., which sets price ceilings on rice in the whole country.
EO 39, signed by the President and issued on Aug. 31, takes effect Tuesday and sets the price for regular milled rice in the market nationwide at PHP41 while the price cap for well-milled rice is PHP45.
Bantay Buklura ARBs and Farmers’ Association President Lilian Macalood said they support the decision of Marcos to implement the mandated price ceilings on rice as they hope that prices of rice will remain consistent.
“Sumusuporta ako sa desisyon ng ating Pangulo na hanggang doon lang ‘yung price ceiling at sana ay hindi na tumaas dahil sa sobrang taas na halos hindi na makaagapay ang ating mga mamamayan at lalong-lalo naman na ang mga nagtatanim ng palay o magsasaka (I support the decision of our President that the price ceiling is only up to that and I hope it will not increase because it is so high that our citizens can hardly keep up, especially those who grow rice or farmers),” Macalood said.
Macalood added that they are greatly affected by the surge of prices of rice in the market.
“Kaya sana ‘yang tinakdang presyo ng ating Pangulo ang masunod at hindi itatago ng mga retailer o nag-seller nang huwag nang taasan ‘yan kasi hindi na talaga makaagapay ang mga mamayan sa sobrang taas. Bakit nagkakaganoon? (I hope that the price set by our President will be followed and that the retailers will not hide it and not increase it because the people will not be able to cope with such a high price. What is that happening?)” she quipped.
Palawan ARC Cooperative Federation General Manager Reymundo Imaysay also expressed his support for the implementation of the mandated rice price caps in the market as he sees the good intention of the executive order, especially when successfully enforced.
Reymundo believes Marcos’ order will eliminate the unhealthy competition among rice traders who are taking advantage of the situation and will also get rid of the abusive cartels who are playing big in the price manipulation of rice.
“Magiging outcome nun ay makabenepisyo ‘yung ating mga magsasaka at the same time kung ang presyo ng ‘yung price ceiling na ‘yan ay hanggang doon lang, so ibig sabihin makabenepisyo rin ‘yung ating mga mamimili, makabili sila ng murang mga produkto o bigas na ibebenta ng ating mga kooperatiba o kaya mga magsasaka (The outcome will be that our farmers will benefit at the same time if the price of that price ceiling is only up to that, so it means that our consumers will also benefit, they will be able to buy cheap products or rice which will be sold by our cooperatives or farmers),” Reymundo said.
Carolina Pacheco Joson, member of the Malsada Pisco farmers’ group in Leyte, echoed the sentiments of Macalood and Reymundo as she thanked Marcos for coming up with the executive order since consumers will now be able to buy their products at a reasonable price.
“Malipayon na an mga parag-uma tungod kay aadi na ha amon mapalit an mga consumers ha amon han bugas didi ha Malsada Pisco. Damu nga salamat hini nga higayon nga guin hatag ni President ngadi han mga parag-uma. (The farmers are now happy because the rice consumers will now buy our products in Malsada Pisco. Thank you very much to President Marcos for the opportunity you have given us, farmers),” Joson said.
Other members of farmer groups such as the San Isidro Organic Farmers Association of Brgy. San Isidro Sta. Fe, Leyte, the Yabong Kabuhayan ng Gatud (Yakag) DARPO-Oriental Mindoro of Gatud, Calapan City, Oriental Mindoro, the Genero ARB MPC of DAR-Occidental Mindoro and the Dubduban Farmers and Fisherfolks have also expressed their support for the new order.
“Kami nasuporta han mandated price ceiling han bugas kay daku ini nga bulig ha amon nga mga parag-uma. Damu ng salamat President Marcos han imo bulig ha amon. (We support the mandated price ceilings on rice because this is a big help for us farmers. Thank you, President Marcos, for this big help to us),” the San Isidro Organic Farmers Association said.
Before departing for Jakarta, Indonesia on Monday to participate in the 43rd ASEAN Summit and Related Summits, Marcos has committed to provide aid for rice retailers who would be adversely affected by the imposed price ceiling on rice. (PND)
MANILA – President Ferdinand R. Marcos Jr. has encouraged the Association of Southeast Asian Nations (ASEAN)-member states to motivate developing countries to firm up their climate action commitments.
He made the call during his intervention at Tuesday’s plenary of the ongoing 43rd ASEAN Summit in Jakarta, Indonesia, noting that “the most urgent threat to our progress is the impact of climate change.”
“It is a looming reminder of the injustice of disproportionate impact on our people,” he told chief executives and other officials of ASEAN countries.
He said ASEAN, during the upcoming COP28 “must call on developed countries to heighten the implementation of their commitment.”
Among these pledges are climate finance, technology development and transfer, and capacity building, all of which “drive ASEAN’s capabilities to prevent, mitigate, manage and adapt to the impacts of climate change.”
Marcos said the Philippines, being one of the most disaster-prone countries in the world, will carry on with international tie-ups aimed at making the region climate-smart and disaster-ready.
“In achieving food security, we must build on cooperation that will harness the transformative potential of our agricultural sector to ensure that food production is responsible and will be of benefit for future generations,” he said.
“The continued effectiveness of our community-building efforts rests on a clear assessment of our strengths. The Philippines will continue to champion for change that will strengthen our institutions, improve our decision-making, and uphold ASEAN Centrality,” he added. (PNA)
MANILA – The release of confidential funds worth PHP221.424 million to the Office of the Vice President (OVP) in 2022 was based on Special Provision No. 1 of last year’s Contingent Fund, the Office of the Executive Secretary said Tuesday night.
The OES, in a statement, said disbursement of the said fund “was done pursuant to Special Provision No. 1 under FY 2022 Contingent Fund.”
“Under Special Provision No. 1, the President is authorized to approve releases to cover funding requirements of new or urgent activities of NGA (national government agencies), among others, that need to be implemented during the year,” it said.
The statement explained that President Ferdinand R. Marcos Jr. recognized the need to release the said budget to help in the OVP’s initiative and after the recommendation of the Department of Budget and Management (DBM).
“Vice President Sara, who was newly elected then, needed funds for her new programs for the remaining period of 2022. The President supported this initiative and released the funds, with the favorable recommendation of DBM,” it said.
The OVP requested the said amount to finance maintenance and other operating expenses (MOOE) items such as the financial assistance/subsidy (PHP96.424 million) and confidential funds for the newly-created satellite offices (PHP125 million), a news release from the Presidential News Desk said.
On Aug. 28, House Deputy Minority leader and ACT Teachers party-list Rep. France Castro said the OVP spent around PHP125 million in confidential funds in the last month of 2022, even though the said fund was released only on Dec. 13, 2022. (PNA)
The Philippines secured a fourth-place finish in the U18 Women’s Softball Asia World Cup.
In the bronze medal match, they faced China and fell short with a score of 1-6.
This outcome meant that the team supported by Cebuana Lhuillier missed the opportunity to secure one of the three available slots for the U-18 Women’s Softball World Cup in 2024.
However, Jean Henri Lhuillier, the president of the Amateur Softball Association of the Philippines (Asaphil), remains optimistic despite the setback.
He emphasized that this young team gained valuable experience during the tournament and praised their dedication.
Lhuillier expressed pride in both the players and the coaches, highlighting their representation of Philippine softball on the world stage.
He also expressed enthusiasm about the team’s potential for future success.
Notably, four Cebuana Lhuillier-backed squads achieved historic qualification for various World Cup events organized by the World Baseball Softball Confederation (WBSC) this year.
These include the Women’s Softball World Cup, Co-Ed Slow Pitch Softball World Cup, Women’s Under-15 World Cup, and the Men’s Softball World Cup.
In the final match, Japan emerged victorious by defeating Chinese Taipei with a narrow score of 1-0, earning them the championship title.
The two finalists, along with the bronze medal-winning China, will advance to the U18 Women’s Softball World Cup. (ai/mnm)
Four teams are now vying for coveted spots in the FIBA World Cup semifinals.
After ten days of intense competition, encompassing two rounds and classification phase games, the FIBA Basketball World Cup has entered its thrilling knockout stage.
The quarterfinal line-up includes the basketball powerhouses of the USA, Italy, Serbia, and Lithuania, alongside Germany, Latvia, Canada, and Slovenia.
All eyes are fixated on the youthful and exceptionally talented American team, a crowd favorite, as they prepare to take the court for the first quarterfinal match at the Mall of Asia Arena today.
In the marquee event of the double-header, the USA will face Italy at 8:40 p.m., while Lithuania and Serbia will kick off the proceedings at 4:45 p.m.
The American squad’s resilience will be put to the test following their first tournament loss, a hard-fought 104-110 defeat to Lithuania on Sunday. Coach Steve Kerr sees this setback as a valuable learning experience as they strive to surpass their country’s quarterfinal finish in the 2019 edition of the tournament.
The USA secured the second spot in Group J with a 4-1 record, trailing the undefeated Lithuania at 5-0. Kerr acknowledged the strength of their opponents, saying, “It’s a great game for us to experience. This is FIBA. There are great teams that have continuity, that understand what they are doing, they execute. Lithuania was brilliant tonight, they deserved to win.”
Kerr, a nine-time NBA champion, is not accustomed to losing and admitted, “I hate losing, I’ll probably won’t sleep much tonight.” However, he emphasized the importance of using this defeat as a catalyst for improvement, saying, “But for us to get better, we needed to feel this, we needed to bond the way we did. And the next game, we have to start the way we did in the second half. We can’t ease into the game at all. So I’m hoping that this is a lesson and we get better from this.”
Lithuania capitalized on their efficient three-point shooting and size advantage in the paint, led by New Orleans Pelicans center Jonas Valanciunas. Despite a spirited comeback led by Minnesota Timberwolves’ Anthony Edwards, the Americans fell short in the final quarter.
Looking ahead to their match against Italy, the USA aims to avoid another sluggish start. Italy, making their first quarterfinal appearance in 25 years, has undergone a significant transformation since the 1998 World Cup, where their current coach, Gianmarco Pozzecco, was still a player.
Pozzecco remarked, “There is no comparing 1998 and now. It was totally different. I have so much respect for all my teammates who played for me or I played with them. And coach Bogdan Tanjevic, who is one of the best people I have ever met. But there is nothing to compare.”
Italy secured their place in the quarterfinals with a convincing 73-57 victory over Puerto Rico on Sunday at the Smart Araneta Coliseum, marking a memorable 200th game for veteran Gigi Datome with the Italian basketball team. Italy topped Group I with a 4-1 record.
While the Italians savor their first quarterfinal appearance in a quarter-century, they have their sights set on going even further in this World Cup, hosted by the Philippines. Giampaolo Ricci, a forward for Italy, expressed their collective aspirations, saying, “We want to just enjoy the moment because in the last 25 years it’s never happened. We will enjoy this moment but we will keep dreaming.”
Forward Nicolo Melli added, “It’s a big achievement, so we have a day to enjoy it. And then we will refocus and get ready for the next game.” (ai/mnm)
SEVEN of the players who saw action in the FIBA World Cup are on the Team Philippines’ list for men’s basketball to the Hangzhou 12th Asian Games.
The lineup, according to Philippine Olympic Committee (POC) president Rep. Abraham “Bambol” Tolentino, was submitted along with those of the 39 other sports or disciplines where Filipino athletes are competing in the Games that start September 23.
Any changes, Tolentino said, would have to be appealed to the Hangzhou Asian Games Organizing Committee.
“The deadline for the Entry by Names [EBN] was last July 25 and whatever list a national Olympic committee submitted is deemed official,” Tolentino said.
Tolentino also said that Justin Brownlee and Ange Kouame, both naturalized, are eligible for the Asian Games for the simple rule that they only need to show a valid Philippine passport.
“Only the passport,” Tolentino said.
The Samahang Basketbol ng Pilipinas (SBP) list had World Cup veterans Kiefer Ravena, Scottie Thompson, Roger Pogoy, June Mar Fajardo, JR Perez, Japeth Aguilar, and Jamie Malonzo.
Also on the roster are Chris Newsome, Calvon Oftana, Brandon Rosser, and naturalized players Justin Brownlee and Ange Kouame.
Dwight Ramos, Renz Abando, Kai Sotto, and naturalized player Jordan Clarkson as well as AJ Edu, are not on the Asian Games roster.
The EBN also listed Chot Reyes and Tim Cone as head coaches and assistant coaches.
The SBP and Philippine Basketball Association (PBA) are expected to announce the final lineup for Hangzhou on Thursday. (ai/mnm)
MANILA – The Philippine Basketball Association (PBA) is expected to meet with the Samahang Basketbol ng Pilipinas (SBP) on Tuesday to discuss who will join Gilas Pilipinas for the Asian Games.
PBA commissioner Willie Marcial said on Monday that he wanted the meeting to happen as soon as possible, even saying he wanted it to happen on the same day.
“It’s either tonight or tomorrow (Tuesday). It should be ASAP,” Marcial said. “Pipilitin kong (I will persuade them to have the meeting) tonight or tomorrow.”
At the moment, only one player has assured himself of a spot in Gilas’ Asian Games team — resident Ginebra import Justin Brownlee, the national team’s naturalized player.
However, with Chot Reyes announcing on Saturday night that he is “stepping aside” from Gilas head coaching, the uncertainty remains, all the more after a rumor surfaced that Magnolia has been tapped to make up the core of Gilas for the Asian Games.
If confirmed, it could be some sort of a reward for the Hotshots, who dominated the PBA on Tour after going 11-0 in the pre-season event.
One thing is for sure, though. The Japan B.League players, including Rhenz Abando and Dwight Ramos who saw action in the FIBA World Cup, have ruled themselves out of the Asian Games.
Marcial, however, admitted that the PBA is just focusing currently on the Asian Games and is not thinking about the FIBA Asia Cup Qualifiers just yet.
“For now, ang usapan namin ay (our agreement is just) for the Asian Games,” he said.
The first window of the FIBA Asia Cup Qualifiers will take place in November, right in the middle of the season-opening PBA Commissioner’s Cup.
SBP yet to discuss Chot’s resignation
Meanwhile, SBP president Al Panlilio said they would tackle Reyes’ apparent resignation only right after the FIBA World Cup.
“We want to first complete the World Cup. We have been focusing on the World Cup,” Panlilio said in an interview with News 5’s Martie Bautista.
Being the main host of the first-ever multi-nation hosting of the FIBA World Cup, the SBP wants to first concentrate on the tournament’s knockout stages, which begin on Tuesday night at the SM Mall of Asia Arena.
“We have this week to run the most important phase of the tournament, which is the Final Phase,” Panlilio said. “That’s the main focus first for us: finish that first.”
The Asian Games will begin on Sept. 23, just 19 days away. (PNA)
MANILA – Molten has officially unveiled the ball that will be used in the championship game of the FIBA Basketball World Cup on Sunday.
The ball is similar in design to the one currently used during the World Cup, but the difference is that the FIBA World Cup Final ball is specifically designed for the occasion.
Unlike the regular ball, the Naismith Trophy has been embedded in the ball as well as the date of the final, which is Sept. 10, and even the serial number.
The championship ball is also purely gold-plated.
“The BG5000 FIBA World Cup 2023 official game ball represents a perfect synergy of cutting-edge technology and the timeless essence of basketball. We made sure that the design and performance pay homage to the sport’s rich history which pushes the boundaries of what a game ball can achieve,” Noa Hasegawa, Molten’s head of marketing, said during the ball’s official launch on Monday night at the SM Mall of Asia Music Hall in Pasay City.
FIBA Secretary General Andreas Zagklis, Sonak Chief Executive Officer Anil Buxani and Philippine Basketball Association Commissioner Willie Marcial joined Hasegawa in revealing the World Cup Final ball.
Sonak exclusively distributes Molten products in the Philippines.
Unlike the non-final ball, the special edition ball has been made available publicly, but only 1,200 pieces are up for grabs.
Filipino fans can avail of the ball only through Molten Philippines’ website at www.molten.com.ph. (PNA)
JERUSALEM – Israeli scientists have identified a protein that could potentially unlock treatments for neurodegenerative diseases by facilitating nerve cell repair in the peripheral nervous system.
A chance discovery by a team of researchers at the Weizmann Institute of Science sheds new light on regeneration in the nervous system and opens up exciting possibilities for combatting diseases like Alzheimer’s, Parkinson’s, and ALS (amyotrophic lateral sclerosis) that have long remained incurable.
Regeneration is more widely known among certain species of lizards, salamanders and frogs — among other animals — whose tails or limbs can grow back if broken off.
The peripheral nervous system, responsible for connecting our brain and spinal cord to other organs, possesses a remarkable ability to regenerate damaged nerve cells.
In contrast, the central nervous system, comprising the brain and spinal cord, exhibits limited regenerative capabilities, leading to the irreversible and incurable nature of neurodegenerative diseases.
Until now, scientists have focused on understanding why the peripheral nervous system can regenerate so effectively.
PTBP1, a protein known to decrease sharply as embryonic cells differentiate into adult nerve cells, has been a point of interest in regenerative research.
Previous studies were aimed to replicate this process in non-neuronal cells by reducing PTBP1 levels, hoping to generate new neurons in the brains of individuals with neurodegenerative diseases.
However, a recent study led by Dr. Stefanie Alber and doctoral student Pierluigi Di Matteo in Prof. Mike Fainzilber’s laboratory at the Weizmann Institute in Rehovot revealed that PTBP1 is not limited to embryonic cells.
Surprisingly, it is also expressed in adult neurons of the peripheral nervous system, challenging conventional wisdom.
The team’s findings were recently published in the peer-reviewed Science Advances.
The research, initially focused on understanding the regulation of KPNB1, a protein responsible for delivering messages within neurons, stumbled upon PTBP1’s presence in the adult cells.
According to the researchers, KPNB1 serves as a “mail van” for transporting messages from the neuron’s distant branches to the nucleus, where regeneration signals are initiated.
PTBP1 binds effectively to the RNA messenger molecules that carry instructions for creating these messenger “vans.”
To determine PTBP1’s impact on neuron function and regeneration, the researchers studied the response of neurons to injuries. They observed that PTBP1 levels in cells increased three days after injury, peaking at one week.
Concurrently, nerve cells in the branches began regenerating.
Sequencing of messenger RNA molecules bound to PTBP1 revealed its interaction not only with KPNB1 but also with RNA molecules encoding other proteins crucial for nerve cell regeneration, such as RHOA, a significant regulator of cellular growth.
To further investigate PTBP1’s role in adult cells, the scientists silenced its expression through genetic engineering. This manipulation resulted in reduced regeneration of nerve cells responsible for transmitting pain sensations in the peripheral nervous system.
Additionally, muting PTBP1 increased sensitivity to mechanical stimuli and heat, underscoring its role in nerve cell health and regeneration.
According to the World Health Organization, 55 million people suffer from dementia, mostly due to Alzheimer’s, making it the most common neurodegenerative disease.
Parkinson’s disease is the next most common with 8.5 million. (TPS)
WASHINGTON – US First Lady Jill Biden tested positive for Covid-19 late Monday, her communications director said.
“She is currently experiencing only mild symptoms. She will remain at their home in Rehoboth Beach, Delaware,” Elizabeth Alexander said in a statement.
President Joe Biden also underwent a Covid-19 test but it came back negative.
“The President tested negative. The President will test at a regular cadence this week and monitor for symptoms,” White House Press Secretary Karine Jean-Pierre said in a statement. (Anadolu)
MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual has ordered the creation of a Special Task Force to ensure that the Executive Order (EO) No. 39, mandating price ceilings on rice, will be implemented.
In a statement Monday evening, Pascual said establishing the Special Task Force is one of the initiatives of the agency to efficiently implement the EO 39 signed by President Ferdinand R. Marcos Jr.
“To my DTI colleagues who are assigned to the rice task force, let’s work together to perform our duties properly and efficiently,” said Pascual, who is in Jakarta for the ASEAN meeting.
Marcos has ordered the rollout of assistance for retailers and wholesalers, including small supermarkets that will be affected by the price cap.
The DTI said the aid would be in the form of financial assistance, loan programs, logistics support
and market linkages and support.
Member agencies of the task force also agreed to conduct the profiling and validation of rice retailers who can receive assistance from the government in coordination with the Department of Agriculture, local government units, and the Local Price Coordinating Councils.
The DTI will also mobilize associations to submit the list of retailers to identify the potential beneficiaries of the assistance.
“Currently, we are working with other government agencies to facilitate the profiling and validation of retailers, which shall be the basis for the distribution of financial aid by DSWD (Department of Social Welfare and Development) as early as next week,” DTI Assistant Secretary Teodoro Uvero said.
The financial aid that will be facilitated by the DSWD will cover the difference between the cost of the currency inventory of rice and the price ceiling of PHP41 and PHP45 per kilogram for regular- and well-milled rice, respectively.
The government will also give logistics support by providing transportation to deliver rice from traders to retailers to cut logistics costs.
The public sector will also assist in linking local farmers with supermarket chains and other retailers, and promote bulk buying or advance purchase of supermarkets, restaurants, hotels, resorts and other commercial establishments.
“We are also set to conduct visits in warehouses in various locations to ensure that there is enough supply and discourage hoarding. As instructed by DTI Secretary Fred Pascual, the task force will ensure that consumers are protected and retailers will receive the assistance they need as the EO takes effect,” Uvero added. (PNA)
MANILA – Headline inflation accelerated to 5.3 percent in August from 4.7 percent in July, the Philippine Statistics Authority (PSA) reported on Tuesday.
Last month’s inflation however was lower than the 6.3 percent recorded in August last year.
In a briefing, National Statistician Dennis Mapa said the uptrend was mainly due to the higher year-on-year increase in the heavily weighted food and non-alcoholic beverages at 8.1 percent in August from 6.3 percent in July this year.
Core inflation, which excludes volatile oil and food items, however, was down to 6.1 percent from 6.7 percent in July.
Mapa said the main contributor to the higher inflation of food and non-alcoholic beverages was the faster increase in the prices of cereal and cereal products, particularly rice with an inflation of 8.3 percent from 5.9 percent in July; vegetables, tubers, cooking bananas, and tomatoes (31.9 percent inflation from 21.8 percent); and fish and other seafood (6.9 percent from 4.5 percent).
For rice alone, inflation surged to 8.7 percent in August from 4.2 percent in July.
The annual growth of transport at 0.2 percent during the month, from -4.7 percent in July 2023, also contributed to the uptrend.
Year-to-date headline inflation stood at 6.6 percent, still outside the Bangko Sentral ng Pilipinas’ 2 percent to 4 percent target range.
Inflation in the National Capital Region (NCR) accelerated to 5.9 percent in August from 5.6 percent in July.
For areas outside the NCR, overall inflation also quickened to 5.2 percent from 4.4 percent the previous month.
Inflation for the bottom 30 percent of households, meanwhile, increased to 5.6 percent from 5.2 percent in July this year.
In a statement, the National Economic and Development Authority (NEDA) said the government would strengthen its measures to ensure food security, protect consumers and provide assistance to farmers.
“Despite the ongoing challenges we encounter, such as severe weather conditions and trade limitations imposed by other nations, our objective remains to achieve an inflation rate between 2 (percent) and 4 percent by the year’s end,” NEDA Secretary Arsenio Balisacan said.
Balisacan said the expected reduction in rice production due to El Niño and the export ban recently imposed by major rice exporters, such as India and Myanmar, led to higher international rice prices.
He added that the alleged hoarding incidents, artificial shortage and speculative business decisions of market players may have put further upward pressure on the domestic retail price of rice.
Balisacan cited the importance of providing comprehensive assistance to rice and vegetable farmers to help them raise their production.
He added that the Department of Agriculture and the National Food Authority should augment support to farmers in the drying and milling of palay in the upcoming harvest season.
NEDA also recommended the faster implementation of programs to facilitate the swift recovery of production in typhoon-affected areas.
Balisacan said the government also needs to accelerate the Food Stamp Program rollout, which would provide PHP3,000 worth of food credits to target beneficiaries each month for six months.
The DSWD will provide PHP15,000 to small-scale rice retailers affected by Executive Order No. 39 through the Sustainable Livelihood Program, Balisacan said.
The government will also provide assistance in transporting rice sacks from farmer cooperatives and traders to retailers and wholesalers.
The Office of the President will augment the funding needed to ensure assistance to retailers.
Other government support to consumers includes the continued implementation of Kadiwa stores, targeted cash transfers and the Department of Trade and Industry’s (DTI) Diskwento Caravan.
Balisacan also called for a review of the existing tariff levels on rice to help reduce the cost of this staple for consumers while considering the impact of this intervention on local producers.
“To partially counterbalance the rise in global prices and alleviate the impact on consumers and households, we may implement a temporary and calibrated reduction in tariffs,” he said.
To ensure the availability of affordable food and reduce transport costs, President Ferdinand R. Marcos Jr. recently approved the three-year food logistics action agenda of the DTI.
The program aims to ensure available, accessible and affordable food for consumers by upgrading food terminals and developing an efficient logistics system.
“Using policy levers on multiple fronts, we are confident in our ability to overcome the obstacles arising from domestic and international factors as we safeguard the interests of Filipino consumers and producers,” Balisacan said. (PNA)
MANILA – The Philippines and the United Arab Emirates (UAE) have reaffirmed their commitment to strengthen their economic ties.
The Department of Trade and Industry (DTI) said Tuesday that Secretary Alfredo Pascual and UAE Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi met on the sidelines of the ASEAN Economic Community Council Meeting in Jakarta, Indonesia on Sept. 3.
“During the meeting, both sides acknowledged the need to further enhance Philippines-UAE bilateral trade, investments, and economic cooperation,” the DTI said in a statement.
The agenda during their meeting includes the Comprehensive Economic Partnership Agreement (CEPA) and the Investment Promotion and Protection Agreement (IPPA).
The IPPA was concluded by the Philippines and UAE during the country’s National Expo Day at Expo 2020 Dubai in February last year.
It is a modern, business-friendly and comprehensive agreement covering the promotion, facilitation and protection of investments between the Philippines and UAE.
On the other hand, the CEPA is a bilateral free trade agreement (FTA) that is still being negotiated by the two countries.
The CEPA is also seen as the country’s first FTA with a Middle Eastern country.
“Further, both trade ministers discussed exploring possible investments and cooperation in areas like renewable energy, research and development, and skills development,” it added. (PNA)
MANILA – The Davao Consumer Movement (DCM) and the Tagum City Chamber of Commerce and Industry (TCCCI) anticipates drastic improvement in the power service in Davao once House Bill (HB) No. 6740 is passed into law.
This bill seeks to expand the franchise of AboitizPower unit Davao Light Power and Company, Inc. (DPLC) to the municipalities of Asuncion, Kapalong, New Corella, Sam Isidro and Talaingod, and in Tagum City and Island Garden City of Samal, all in Davao del Norte; and in Maco, Davao de Oro.
Authored by Pwersa ng Bayaning Atleta (PBA) Party-list Rep. Margarita Nograles and co-authored by Ilocos Norte 1st District Rep. Sandro Marcos, Camiguin Lone District Rep. Jurdin Jesus Romualdo and Davao del Sur Lone District Rep. John Tracy Cagas, HB 6740 also seeks to amend the existing franchise of Northern Davao Electric Cooperative, Inc. (Nordeco) by reducing its franchise.
“We are very happy to see our leaders – despite their political leanings – unite to support legislation that will only bring good to the people of Davao del Norte. We hope that we can work together in pushing this bill until it is approved by the President,” TCCCI president Aerol Conde said in a statement shared to the Philippine News Agency (PNA) Tuesday.
The bill was refiled after President Ferdinand R. Marcos Jr. vetoed HB 10554, with the same intention of extending and expanding the franchise term and areas of DPLC, citing “legal and/or constitutional challenge due to the apparent overlap and possible infringement into the subsisting franchise, permits, and contracts previously granted” to Nordeco.
“I remain committed to the pursuit and attainment of this objective in a vigorous and systematic manner, with utmost respect for the concomitant rights of the public service entities engaged in supplying electric service,” Marcos said in his veto letter to Congress in July.
He noted that with Nordeco’s franchise ending in 2023, “House Bill 10554, aims to kill the (electric cooperative’s) franchise,” a violation of Section 27 of Republic Act No. 9136 or the Electric Power Industry Reform Act (EPIRA) of 2001 that allows franchises to continue operating over their full terms.
“During the committee hearing on Aug. 14 on House Bill Nos. 6740, 5077, 7047, and 6995 which seek to expand the franchise area of Davao Light to parts of Davao del Norte and Davao de Oro, we saw how our leaders united for the common good of their constituents,” DCM convenor Ryan Amper said.
The consumer and business groups in Davao are looking forward that more areas in Davao del Norte and Davao de Oro will benefit from the lower power rates of DLPC at PHP8 per kilowatt hour compared to Nordeco’s rate of PHP14 per kWh.
“Over the years, Nordeco has suffered from losses and conflicting factions within the cooperative which have led to inadequate infrastructure, piling debts to service providers including power suppliers, canceled power supply contracts, excessive systems losses, and failure to energize parts of its franchise area even up to this time. The local government units of the franchise area reached out to the Nordeco Board of Directors to improve their service, and the problems of Nordeco persisted,” read HB 6740’s explanatory note. (PNA)