MARCOS JR. SIGNS MAHARLIKA INVESTMENT FUND INTO LAW

MANILA — President Ferdinand Marcos, Jr. has signed Republic Act No 11954, creating the Maharlika Investment Fund, despite concerns raised by other groups. The law establishes the Maharlika Investment Corporation, which will be managed by a board of directors chaired by the finance secretary.

The fund aims to drive economic development, promote growth, and prevent the government from being burdened by debt for infrastructure projects. The law allows the fund to leverage existing government funds and attract other investments without additional borrowing.

Marcos emphasized the importance of maintaining the fund's integrity by keeping political considerations out of its decision-making process. The board includes representatives from the Land Bank of the Philippines and independent directors from the private sector.

Senate President Juan Miguel Zubiri described the law as "constitutionally sound" and clarified that only minor changes were made in Congress regarding the penalties and their implementation. The government hopes that the establishment of the Maharlika Investment Fund will support the country's economic transformation and recovery from the COVID-19 pandemic.

DOF EYES FINALIZING MAHARLIKA IRR BY SEPTEMBER

MANILA - The Department of Finance said on Tuesday the drafting of the implementing rules of the newly signed Maharlika Investment Fund would be done by September this year.

President Ferdinand Marcos Jr on early Tuesday signed R.A. No. 11954 or the Maharlika Investment Fund (MIF) Act of 2023, a landmark measure that will establish the country's first sovereign investment fund.

"The drafting of the MIF Act’s implementing rules and regulations (IRR) is currently underway and will be finalized by September 2023," the DOF said in a statement.

Under the law, a Maharlika Investment Corp, which will be responsible for the overall governance of the fund, will also be created. The MIC will likely be operational by end of 2024, the DOF said.

"The Maharlika Investment Corporation (MIC) will be created to serve as the investment body responsible for the overall governance and management of the Fund and is expected to be fully operational by end-2024," it added.

The DOF said the country's first sovereign investment fund would accelerate economic growth.

“The Fund is an additional vehicle that would allow the government to tap surpluses that cannot be utilized under current legal frameworks. It will also be open to co-financing with foreign investors and multilateral institutions to facilitate the financing of capital-intensive big-ticket infrastructure," Finance Secretary Benjamin Diokno said.

It is also in line with the administration goals outlined in its Medium-Term Fiscal Framework Agenda and the Philippine Development Plan (PDP) 2023-2028, it added.

The DOF said it would be an additional source of funding that would eventually reduce reliance on official development assistance in funding big-ticket projects.

PRESIDENT: SONA TO REPORT ADMIN’S PERFORMANCE, SIGNIFICANT PROGRESS

President Ferdinand Marcos Jr. on Monday said he would report on the progress the country has made under his leadership during his second State of the Nation Address (SONA) next week.

“It’s really very simple. It’s just a performance report for Filipinos to see if the many pronouncements and words said were relevant or were just mere words,” the President said during an interview.

“We’ll see. That’s what I want to explain to people, that we have made significant progress. We can see the difference now, not only in terms of how the systems work, how the government works, it is also how we are seen or judged in the international community. That’s equally important,” he added.

“My SONA is a report to the people. We will show the things we discussed last year, this is what we have accomplished, and these are the things we still need to do,” Marcos said.

The Philippine National Police (PNP) on Monday said it has yet to detect security threats to the President during his SONA on July 24.

Similarly, the Quezon City Police District (QCPD) has yet to receive any application from groups that will hold protest actions, but it anticipates the presence of various groups on the day of the SONA.

MARCOS CONDOLES WITH S. KOREA

President Ferdinand Marcos Jr. on Monday expressed his deepest condolences to the South Korean government following flooding that claimed the lives of at least 39 persons.

“We extend our deepest condolences to the people of South Korea for the devastating loss of 39 lives resulting from the recent floods and landslides,” Mr. Marcos said in a tweet.

“The Filipino people are with you, offering our steadfast support during this challenging time,” he added.

The death toll from flooding after days of torrential downpours in South Korea had risen to 40 on Monday. Among those who died were a dozen people found inside a bus on a submerged underpass in Cheongju, 110km south of the capital Seoul.

South Korea’s President Yoon Suk Yeol vowed Monday to “completely overhaul” the country’s approach to extreme weather from climate change.

PHIVOLCS SEES LAST OF MAYON ERUPTIONS IN NEXT FEW WEEKS

The Philippine Institute of Volcanology and Seismology (Phivolcs) on Monday said Mayon Volcano might calm within a few weeks.

Meanwhile, the Department of Health (DOH) said a vaccine rollout in Albay will continue despite the threat of Mayon eruptions.

Phivolcs placed Mayon under Alert Level 2 last June 5, then upgraded it three days later to Level 3 which remained unchanged until now.

“From our computations around 16 million cubic meters of volcanic materials have been released. Compared to the 2009 eruptions which spewed some 20 million cubic meters of volcanic materials, there is now a slight difference, so we could wait for a little more time before it is finally over,” Phivolcs resident volcanologist Paul Alanis explained.

BI WARNS VS. ILLEGAL RECRUITMENT OF OFWS

The Bureau of Immigration (BI) has expressed alarm over the recurring illegal recruitment scheme targeting former overseas Filipino workers (OFWs).

BI Commissioner Norman Tansingco cited the recent interception of a 37-year-old Filipina at the Ninoy Aquino International Airport (NAIA) Terminal 1 who tried to board a Philippine Airlines flight bound for Doha, Qatar, with a layover in Dubai.

Immigration officers requested verification of the victim’s documents with the Department of Migrant Workers (DMW), and discovered discrepancies, prompting subsequent cancellation of her departure clearance.

Investigation by BI personnel revealed that the woman was illegally recruited to work as a household helper in Dubai.

“The modus operandi of these unscrupulous individuals involves using the records of legitimate contracts to facilitate their departure under false pretenses, while actually redirecting them to work illegally in a different country,” Tansingco said.

The victim said that she does not have a confirmed employer yet, and that her documents will be processed upon arrival in Dubai.

A similar case was reported last July 12 at the NAIA Terminal 1, wherein a female OFW claimed she is a returning worker in Riyadh, and is merely transiting via Dubai.

Records show that she has been recruited through a similar modus, through an advertisement she saw on Tiktok.

The case has been turned over to the Inter-Agency Council Against Trafficking (IACAT) for legal action against the recruiters responsible for the said scheme.

P20/K RICE STILL A GOAL

President Ferdinand Marcos Jr. said the government is doing everything it can to make good his campaign promise to cut the price of rice to P20 a kilo.

At the nationwide launch of his administration’s Kadiwa ng Pangula program in San Fernando, Pampanga, Mr. Marcos acknowledged they have yet to achieve his dream of P20-a-kilo rice.

“As to our dream of achieving rice prices of P20 per kilo, we’re not there yet, but we are doing everything we can,” the President said.

The Palace said all 81 provinces in the Philippines joined the simultaneous launch as they opened their own Kadiwa centers—government stores where people can buy agricultural produce at a lower cost by providing a venue for farmers to sell their produce directly to consumers.

“Kadiwa is good because we have a system where consumers can purchase cheaper products,” the President said.

The President signed a memorandum of agreement that formalizes the partnership of several executive agencies—led by the Department of Agriculture (DA) which he heads—to collaborate and support the local government units in establishing Kadiwa stalls in their respective localities.

CHINA'S XI MEETS WITH EX-PRESIDENT DUTERTE IN BEIJING

MANILA — Former president Rodrigo Duterte on Monday met with Chinese President Xi Jinping, during which the latter expressed hope the previous Philippine leader will continue to promote "friendly cooperation" between the two countries, Chinese officials said.

The meeting took place at the Diaoyutai State Guesthouse in Beijing, Chinese media reported.

"President Xi said he appreciates the strategic choice Mr. Duterte made to improve relations with China during his presidency and his important contributions to friendly exchanges between the two countries," said Hua Chunying, spokesperson of the Chinese Ministry of Foreign Affairs.

The official said China values its relations with the Philippines, with the Asian giant "ready to work" with Manila in sustaining the "growth of bilateral relations."

Chinese media reported Xi as saying he hopes Duterte, who was president from 2016 until 2022, "will continue to play an important role in the friendly cooperation between the two countries."

They said Duterte thanked China for its "valuable support to the Philippines' economic and social development," saying that the friendly relations between the two countries serve the best interest and "conforms to the aspirations of the majority of the Filipinos."

Duterte, now 78, forged friendlier relations with China during his term in favor of economic assistance and investments amid the latter's continuing incursions in the West Philippine Sea.

"I just simply love Xi Jinping. He understands my problem. He's willing to help. I'd like to say thank you, China (Mahal ko si Xi Jinping. Naiintindihan niya ang suliranin ko at handa siyang tumulong. Maraming salamat sa Tsina)," he said in 2018.

‘PH WON’T ENFORCE ARREST WARRANT IF ICC ISSUES ONE’

Justice Secretary Jesus Crispin Remulla of the Philippines stated that the country would not comply if the International Criminal Court (ICC) issues arrest warrants for individuals involved in deaths resulting from President Rodrigo Duterte's war on drugs. Remulla argued that the ICC should provide evidence to the Philippines so that they can prosecute those responsible for crimes within their own justice system. He expressed opposition to ICC investigators entering the country, emphasizing that the Philippines is a sovereign nation and does not want interference in its justice system. Remulla warned that if the ICC denies the Philippines' plea to stop the investigation, the ICC will not be welcome in the country. He accused the ICC of being used by those with political agendas in the Philippines and stated that the ICC is more needed in countries without an existing justice system. Remulla emphasized the need for respect for Philippine sovereignty.

OTS CONFIRMS STRICT IMPLEMENTATION OF FOOTWEAR REMOVAL IN AIRPORT

MANILA — The Office for Transportation Security (OTS) said Monday the footwear removal policy is being strictly implemented among travelers at the airport's final security screening checkpoints nationwide.

"This policy remains to be effective in detecting prohibited items including explosives and other dangerous materials that may be concealed inside the footwear. This shall be the norm regardless of the security condition level, and even when the threat is low," OTS Administrator Undersecretary Ma.O Aplasca said in a statement posted on the agency's Facebook account.

"We have to be proactive. Hindi na natin dapat hintayin na magkaroon pa ng threat before we implement it."

While the policy is a long-standing one, some travelers aired out their confusion as they note there were times it was not implemented.

"Noong papunta ng Singapore, pinatanggal ['yung sapatos]. Nagulat nga rin ako ba't pinatanggal... noong 2014 at 2019, wala namang ganoon," said Jeck Agulto, a frequent traveler.

The policy is not exclusive to international travelers as even domestic flyers, such as Alicia Brady who arrived in Manila from Davao, were subjected to the policy.

Aplasca appealed to the public to bear with them so that they could "achieve what we are ought to do, securing the global transportation system with our international counterparts."

The OTS urged the public to wear easily removable footwear "to avoid complex lacing or buckling to expedite the screeening process."

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LTO TO DELIVER 5,000 DRIVER’S LICENSE CARDS BEFORE SONA

MANILA — At least 5,000 driver’s license cards will be produced before the second State of the Nation Address of President Marcos, the Land Transportation Office (LTO) announced yesterday.

LTO officer-in-charge Assistant Secretary Hector Villacorta said the agency expects Banner Plasticard Inc. to produce up to 30,000 driver’s license cards daily within 10 days as part of its commitment to deliver one million cards in the next 60 days.

Villacorta said the first batch of license cards would be distributed to overseas Filipino workers and new driver’s license applicants.

“Actually, the priority are the OFWs and student driver’s permit that mature into non-pro or professional license,” he said.

Villacorta said driver’s license holders may access the electronic copies of their cards through the Land Transportation Management System portal.

The electronic driver’s license would be accepted during apprehension by traffic enforcers, he said.

In a related development, the Commission on Audit had earlier reported that 1.797 million pairs of license plates already paid for by registered car owners for P808.702 million remain undelivered since 2015.

CAAP LAUNCHES 5-DAY TECHNICAL EXERCISE

The Civil Aviation Authority of the Philippines (CAAP) on Monday began its five-day technical mission to further improve its Air Traffic Management (ATM) and Aeronautical Information Services /Aeronautical Information Management (AIS/AIM) system.

The activity being conducted from July 17 to 21 is being supported by the International Civil Aviation Organization (ICAO).

CAAP spokesman Eric Apolonio said the mission’s primary purpose is to conduct an analysis of the ATM and AIS regulatory structure, service delivery-level organization, operating environment and processes in the Philippines, and to provide recommendations on priority areas for consideration.

“The activity will involve the conduct of observations and recommendations in the form of discussions between the Philippines and the ICAO Asia Pacific Regional Office, and aimed to assist the Philippines in the implementation of Standards and Recommended Practices, Procedures for Air Navigation Services, and Regional Plans,” he said.

12 PAMILYA NAWALAN NG TIRAHAN SA SUNOG SA LAS PIÑAS

Nasunog ang 6 na bahay sa isang residential area sa Barangay Talon Uno, Las Piñas alas dos bente Martes ng madaling araw.

Ayon sa Bureau of Fire Protection, nag-umpisa ang sunog sa bahay na inuupahan ng isang Edwin Garcia.

Mabilis na kumalat ang apoy sa katabing limang bahay kung saan isa dito ay imbakan ng mga karton.

Umabot sa ikatlong alarma ang sunog bago naapula mag-aalas kwatro ng madaling araw.

Kwento ng isa sa nasunugan na si Rheame Latoza, nagising sila na malaki na ang apoy sa kanilang lugar. Labingapat sila nakatira sa bahay kaya mabilisan na lang sila umalis at wala nang naisalba.

Walang nasawi sa sunog pero may isang residente ang nagtamo ng minor injuries.

Pansamanatalang manunuluyan sa covered court ang labingdalawang pamilyang nabiktima ng sunog, ayon sa barangay.

1 NANALO NG P42.9-M MEGA LOTTO JACKPOT

Nasungkit ng isang mananaya ang P42.9 milyong jackpot prize ng 6/45 Mega Lotto ng Philippine Charity Sweepstakes Office (PCSO) nitong Lunes.

Mag-isa niyang natamaan ang winning combination na 31-13-10-37-34-18.

May 24 na mananaya namang mag-uuwi ng 2nd prize na P32,000.

Wala namang nakakuha ng mga panalong numero na 55-35-42-23-11-01 sa Grand Lotto na may premyong P29.7 milyon.

WOMAN'S CORPSE WRAPPED IN TAPE FOUND STUFFED INSIDE BOX IN CEBU

CEBU — Residents of Barangay Tisa, Cebu City were shocked to see that a dead woman’s body was stuffed inside a cardboard box on Monday.

Local police told ABS-CBN News that the victim's corpse was found after passersby noticed flies swarming the box.

Just when they thought it was an abandoned package, they saw a hand protruding and later notified authorities of the body.

When police opened the box, they saw the body wrapped in packaging tape and covered in a white blanket.

Both the dead woman's hands and feet were tied with wire.

“The eye was already bloated and there is a marking on the neck, possibly choked to death,” Maj. Angelito Valleser of the Cebu City Police said, noting that the victim may have died a "gruesome" death.

Valleser also noted that the victim may have been tortured before her death after police found bruises on her body.

The victim's body was also already in an advanced state of decomposition.

Police also said the victim was wearing a black jacket and denim shorts. A tattoo was found on one her limbs but is difficult to identify.

Valleser admitted that they have yet to find leads on the victim's identity, calling on the public to check if they had family members missing.

Authorities were also trying to trace who left the box by the side of the street.

ENTERTAINMENT & LIFESTYLE

ROMANCE FILM 'PAST LIVES' HEADING TO PH CINEMAS IN AUGUST

The critically acclaimed romance film "Past Lives" is set to screen in Philippine cinemas starting August, its local distributor announced late Monday.

On its social media pages, film company TBA Studios posted the trailer for "Past Lives," saying it would start showing in local cinemas on August 30.

The film, which stars Greta Lee and Yoo Teo, tells the story of childhood friends Nora and Hae Sung, who are separated after Nora's family emigrates from South Korea.

"Two decades later, [Nora and Hae Sung] are reunited in New York for one fateful week as they confront notions of destiny, love, and the choices that make a life, in this heartrending modern romance," A24, the American production company behind the film, wrote on its website.

The film was written and directed by Korean-Canadian screenwriter Celine Song.

"Past Lives" is also a joint production behind A24, which is behind award-winning films like "Minari" and "Everything Everywhere All at Once," and South Korean entertainment giant CJ ENM.

INDICATORS

FOREX $1 = P 54.38

THOUGHT FOR THE DAY

With courage you will dare to take risks, have the strength to be compassionate, and the wisdom to be humble. Courage is the foundation of integrity. - Keshavan Nair