ECONOMIC TEAM SHOCKED BY RICE PRICE CAP – DIOKNO

Finance Secretary Benjamin Diokno revealed that the economic team, including himself, was not consulted before the Philippine government imposed a price cap on rice. The cap was put in place to address rising rice prices, but Diokno expressed shock at its sudden announcement. He emphasized that price controls are not effective under ideal market conditions, and their impact on inflation remains uncertain. Diokno suggested that the price cap should be temporary, lasting around a month, and lifted when conditions, such as the upcoming rice harvest season and rice imports, change. He also called for measures to combat non-competitive behavior in the rice industry.

PH, AUSTRALIA OKAY WORK VISA FOR VACATIONERS

The Philippines and Australia have inked a memorandum of understanding (MOU) establishing a "Work and Holiday" visa arrangement. This initiative permits citizens of both nations to seek employment while on vacation, helping to cover their travel expenses.

Under the MOU, both countries will issue multiple entry visas that allow their citizens to work during their stay for a non-extendable period of up to one year. Eligible participants will be granted a "Work and Holiday" visa, enabling them to live and work in the host country.

The arrangement is open to Filipino and Australian nationals aged 18 to 31 who have completed tertiary education or at least two years of undergraduate or post-secondary education. Applicants must also meet health, character, and national security requirements and maintain medical and health insurance during their stay.

The 12-month period begins from the date of the first entry, and participants may leave and re-enter the host country during that time. All participants must adhere to the laws and regulations of the host country during their stay.

The MOU, effective next year, will remain in force until either country terminates it through diplomatic channels.

MAHARLIKA BOARD SHOULD BE HEADED BY FILIPINO: DIOKNO

Department of Finance (DOF) Secretary Benjamin Diokno clarified that the President and CEO of the Maharlika Investment Corporation (MIC), the governing body of the Maharlika Investment Fund, must be a Filipino citizen. Diokno emphasized this requirement following the Bureau of Treasury's announcement of openings for senior members of the MIC.

While the nationality requirement isn't specified in the Maharlika Investment Fund law's implementing rules and regulations, it is mandated under the Government Commission for Government-owned or Controlled Corporations (GCG).

The MIC is in need of a President and CEO, two regular directors, and three independent directors according to the Maharlika Investment Fund's implementing rules and regulations.

The deadline for applications is September 27, and a selection process involving an ad hoc technical committee and an advisory body will determine the final appointments.

Diokno aims to have the MIF operational before the end of 2023.

DOF EYES ZERO TAX ON IMPORTED RICE

The Department of Finance (DOF) is considering a temporary reduction in the tariff on imported rice from 35 percent to either 0 percent or a maximum of 10 percent to ensure an affordable rice supply. Rising rice prices contributed to a recent 5.3% inflation rate, particularly affecting the poorest 30% of households. Regular milled rice prices rose 8.9% YoY to P43.34 in August 2023, while well-milled rice increased by 8.1% to P47.63. Finance Secretary Benjamin Diokno mentioned various measures to counter inflationary pressures, including price controls, timely private sector rice imports, and efficient processing. Other steps include exempting trucks carrying agricultural goods from toll rate increases, addressing hoarding and smuggling, monitoring imported rice prices, and supporting vulnerable sectors and low-income households. The government will utilize funds like the Quick Response Fund (QRF) and National Disaster Risk Reduction and Management Fund (NDRRMF) to assist the agricultural sector during disasters. Despite recent inflation, Diokno remains optimistic that the year-to-date decline in inflation indicates progress toward meeting the 2024 target.

SARA DUTERTE THANKS ALLIES FOR DEFENDING 2022 CONFIDENTIAL FUNDS

MANILA — Vice President Sara Duterte expressed gratitude to President Ferdinand Marcos Jr. and her political allies for supporting the transfer of P125 million in confidential funds to her office in 2022. She labeled the criticisms as "lies" without elaborating.

Critics argue that there was no item for confidential funds in the OVP's 2022 budget, deeming the transfer improper. They reference a Supreme Court ruling stating that augmenting funds cannot be used for non-existent budget items. However, Executive Secretary Lucas Bersamin defended the transfers, asserting they complied with Special Provision No. 1 under the 2022 contingent fund.

Duterte also thanked Marikina Rep. Stella Quimbo, who faced criticism for her comments on the matter. She criticized members of the Makabayan bloc, ACT Teachers party-list Rep. France Castro, and Sen. Risa Hontiveros, calling their actions an "indignity" to Congress and the Senate.

FILIPINOS CAN FISH IN SCARBOROUGH, BUT NEED GOV‘T ASSISTANCE—AFP

Filipino fishermen can continue fishing at Scarborough Shoal, but they must be accompanied by government personnel, clarified Armed Forces of the Philippines spokesman Col. Medel Aguilar. This statement followed earlier remarks in which Aguilar said that Filipino fishermen were being prevented from accessing the area by Chinese Coast Guard and militia vessels.

Aguilar noted that fishermen are still able to fish at Scarborough Shoal with the assistance of agencies like the Philippine Coast Guard, Bureau of Fisheries and Aquatic Resources, and the National Intelligence Coordinating Agency. He acknowledged his previous statement as a mistake.

While there are other fishing areas available to Filipino fishermen, Scarborough Shoal, known as Panatag Shoal or Bajo de Masinloc, remains a contentious location due to the presence of Chinese maritime militias and Coast Guard vessels. The situation is a source of concern for the Philippines, given the disputed territorial claims in the area.

'A SOUND PROPOSAL': DIOKNO AGREES BALISACAN FIT FOR AGRI CHIEF POST

MANILA — Finance Secretary Benjamin Diokno has expressed support for the suggestion to appoint National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan as the head of the Department of Agriculture (DA). President Ferdinand Marcos Jr. currently holds the position of acting DA Secretary, but critics argue that a dedicated leader is needed to address persistent issues like rising food prices contributing to inflation.

Diokno described the proposal as "sound" and highlighted Balisacan's background in agricultural economics. Economist Cielito Habito also endorsed Balisacan, citing his experience as an undersecretary in the Department of Agriculture and his expertise in rural poverty and policy-making economics.

Balisacan has served as NEDA Secretary twice, under former Presidents Benigno “Noynoy” Aquino III and Ferdinand Marcos Jr. He has also held roles in the agriculture sector during the Estrada administration and chaired the Philippine Competition Commission, where he monitored competition across various sectors of the economy.

'QUAKE SIMILAR TO MOROCCO'S WOULD LEAVE 34,000 DEAD IN METRO MANILA'

A magnitude 7.2 earthquake similar to Morocco's recent tremor could result in catastrophic consequences for Metro Manila, warns Phivolcs Director Teresito Bacolcol. He estimates that such an event would lead to at least 34,000 fatalities and 114,000 injuries. The West Valley Fault, which last moved in 1658, is capable of generating this magnitude earthquake.

According to an Earthquake Impact Reduction Study funded by the Japan International Cooperation Agency, a 7.2-magnitude quake could cause the collapse of 13 percent of residential houses, resulting in thousands of casualties and injuries. Ground ruptures would be felt at intensity 8, and retrofitting buildings for earthquake resilience could reduce casualties.

The recent Moroccan earthquake killed over 2,000 people and was estimated at magnitude 7.2 by Moroccan authorities, while the United States Geological Survey measured it at magnitude 6.8.

GOV'T TO DISTRIBUTE BILLIONS IN FUEL SUBSIDY 'IN THE NEXT 2 DAYS'

The Department of Transportation is set to distribute billions of pesos in fuel subsidies to 1.36 million drivers nationwide affected by 9 straight weeks of oil price increases.

Transportation Secretary Jaime Bautista said the P3 billion in fuel subsidy will be distributed "within the next 2 days, the latest would be September 15."

He said the subsidies will be distributed to about 6,000 Modernized Public Utility Jeepney operators, 150,000 jeepney drivers and operators, 500 Modernized Utility Vehicle Express operators, 20,000 utility van express operators, 930,000 tricycle drivers and operators, 150,000 food delivery riders, and many more.

The Land Transportation Franchising and Regulatory Board is now working with LandBank, the Department of the Interior and Local Government, Department of Trade and Industry, and Department Of Information And Communications Technology for the distribution of the subsidy.

The Department of Budget and Management earlier set the following amounts as subsidy to be received by drivers:

Modernized Public Utility Jeepney (MPUJ): P10,000

Modernized Utility Vehicle Express (MUVE): P10,000

Traditional PUJ: P6,500

Traditional UVE: P6,500

Public Utility Buses (PUB): P6,500

Minibuses: P6,500

Taxis: P6,500

Shuttle Services Taxis: P6,500

Transport Network Vehicle Services: P6,500

Tourist Transport Services: P6,500

School Transport Services: P6,500

Filcabs: P6,500

Tricycles: P1,000

Delivery Services: P1,200

Bautista said the fuel subsidies are provided for under the 2023 General Appropriations Act.

PHILIPPINES DOLES OUT P4.5-M AYUDA TO RICE RETAILERS

The Department of Social Welfare and Development has distributed P4.5 million in financial aid to 300 rice retailers in 3 cities in Metro Manila who were affected by the price cap on rice.

DSWD Secretary Rex Gatchalian said the department distributed financial aid to roughly 300 micro and small rice retailers in Quezon City, San Juan and Caloocan since Saturday.

Another 400 rice retailers in Paranaque, Navotas and Zamboanga region will each receive P15,000 in financial aid starting today.

Gatchalian said the government is setting aside P1 billion for the livelihood program.

President Ferdinand Marcos Jr. earlier approved the recommendation to impose mandated price ceilings on rice in the entire country following an alarming increase in its retail prices in the market.

The prices of rice and palay are "expected to stabilize" as the harvest season for the Filipino staple begins this month, Malacañang said.

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OIL PRICES RISE FOR 10TH STRAIGHT WEEK

MANILA — Oil prices are rising for the 10th straight week, firms said on Monday.

The following oil companies announced their respective price hikes effective Tuesday, September 12.

PILIPINAS SHELL (from 6 a.m.)

Gasoline - P0.20/L increase

Kerosene - P0.20/L increase

Diesel - P0.40/L increase

CLEANFUEL (from 4:01 p.m.)

Gasoline - P0.20/L increase

Diesel - P0.40/L increase

From July 11 to September 9, diesel prices have increased by a total of P14.40 per liter, while gasoline prices rose by P9.65 per liter, and kerosene went up by P13.74 per liter.

Oil prices jumped after Russia and Saudi Arabia extended cuts to supplies.

Russia said it would extend its oil export cuts of 300,000 barrels per day until the end of the year, while Saudi Arabia said it would maintain its production cut of 1 million barrels per day to year end as well.

TEACHERS SEEK LOWER RETIREMENT AGE TO ‘RELISH BENEFITS ON QUALITY TIME’

In conjunction with World Teachers' Month, organized public school teachers are urging the government to lower the optional retirement age to 57. They emphasize the need to reduce the retirement age so that teachers can fully enjoy their retirement benefits without needing to spend it on medical expenses.

Around 200 teachers held a motorcade in Mandaluyong City to highlight this demand and raise other issues, including salary increases, reduced working hours, improved medical benefits, and hazard pay.

In January, the House of Representatives passed a bill lowering the retirement age for state workers from 60 to 56 years old. Camarines Sur Rep. Luis Raymund Villafuerte expressed optimism that the Senate would also support this measure. The bill, a consolidation of related measures, aims to amend the Government Service Insurance System Act of 1997 and allow government employees, including public school teachers, to retire at 56 instead of 60. Compulsory retirement remains at 65 years.

AFAB FOSTERS SAFETY IN THE WORKPLACE

The Authority of the Freeport Area of Bataan (AFAB) vigorously promotes safety in the workplace.

“Kabilang sa mga pangunahing prayoridad ng Authority of the Freeport Area of Bataan  ang pagtiyak sa kaligtasan at buhay ng ating mga manggagawa sa FAB. Sa pagkamit nito, kinikilala natin ang mahalagang papel na ginagampanan ng ating mga safety officers (One of the main priorities of the AFAB is to ensure the safety and lives of its workers. To attain this, we recognize the important role of our safety officers),”AFAB said in statement.

A one-day seminar was held on September 6 to improve the knowledge of safety officers of locators inside the Freeport.

Avie Training Consultancy and Services Training Director Raymond Blanco  tackled proper handling of chemicals and the law that applies to it.

AFAB said reinforcing the knowledge of safety officers improves their capability to ensure safety of Freeport workers.

DOH WARNS HIV CASES DOUBLED TO 50 A DAY

The Department of Health (DOH) is alarmed by the doubling of HIV cases in the country compared to last year's daily average. DOH Secretary Teodoro Herbosa expressed concern about the rising cases, particularly among a younger demographic, with individuals as young as 15 years old testing positive.

"Last year, we had an average of only 22 new cases per day. This year, we're seeing 50 new cases daily," Herbosa reported.

To address this issue, the DOH plans to focus on educational efforts aimed at raising awareness about HIV among students and teenagers to make them more informed about the risks associated with the virus.

Herbosa also highlighted that urban centers have a higher incidence of HIV cases compared to other areas, based on DOH data. He called on the government to improve the distribution of HIV medication, as supplies are currently concentrated in main hubs.

Project Red Ribbon, an HIV and AIDS advocacy foundation, shares these concerns and believes that the increase in HIV testing rates may be contributing to the rise in cases.

"We still don't know the full extent of the epidemic due to the stigma and discrimination related to HIV testing. The number of cases has doubled because the testing rate is increasing," said Ico Johnson, president of Project Red Ribbon.

Johnson also pointed out that innovations and increased acceptance of HIV screening in communities and homes are contributing to better monitoring of the HIV situation in the country.

As of January 1984, the Philippines has reported a total of 116,504 HIV cases.

ENTERTAINMENT & LIFESTYLE

JM DE GUZMAN, ALESSANDRA DE ROSSI’S ‘WHAT IF’ IS TOP MOVIE ON NETFLIX PH

MANILA - The romantic drama “What If,” starring JM de Guzman and Alessandra de Rossi, is currently the top movie on Netflix in the Philippines.

It outranked other foreign movies including “The Italian Job,” “The Pope’s Exorcist,” “Jack Reacher,” and “The Grinch,” among others.

The movie revolves around the story of a recently married couple who becomes stranded on a secluded island.

Caught in a storm during their island honeymoon, they are forced to confront harsh realities that could lead to their breakup.

Directed by Emmanuel Quindo Palo, the movie also features Angie Castrence, Soliman Cruz, and Jett Pangan.

The movie is co-produced by Viva Films and A World Of Our Own, with Vic del Rosario Jr. as executive producer.

SPORTS

FIBA: GERMANY OVERCOMES SERBIA TO BECOME WORLD CUP CHAMPIONS

MANILA — For the first time ever, Germany has won the FIBA Basketball World Cup.

This, after Deutschland defeated Serbia, 83-77, in the tournament’s gold medal match on Sunday at the Mall of Asia Arena in Pasay City.

Dennis Schroder delivered a huge performance, putting up 28 big points and two rebounds, helping the Germans clinch their first-ever FIBA World Cup gold medal.

The veteran guard also delivered the knockout blow, scoring a clutch layup with 21 seconds left that gave Germany an 81-77 lead.

German young star Franz Wagner also was vital in the win, posting numbers of 19 markers and seven boards as Germany tallied its eighth-straight win in as many contests.

Despite the heartbreaking end to their campaign, Bogdan Bogdanov still balled out and delivered 17 points and three boards.

Serbia will end their impressive run at the World Cup by enduring its second defeat in eight games, while also mirroring their silver-medal finish from the last time that they competed in the tournament’s finals in 2014.

DJOKOVIC DOWNS MEDVEDEV AT US OPEN TO WIN RECORD-TYING 24TH SLAM

NEW YORK — Novak Djokovic secured his 24th Grand Slam singles title by defeating Daniil Medvedev in straight sets at the US Open, underlining his status as one of the greatest tennis players ever. Djokovic won 6-3, 7-6 (7/5), 6-3, becoming the oldest men's champion in New York's Open era and matching Margaret Court's all-time record.

Djokovic, visibly moved, said, "It obviously means the world to me. It's hard to describe. I'm really living my childhood dream to compete at the highest level in this sport. I never imagined I would be standing talking about 24 Grand Slams, but the last couple of years I've felt I have a chance and a shot at history."

The victory marked Djokovic's fourth US Open win and added to his earlier victories at the Australian and French Opens this year. Djokovic is the first man to win three Grand Slam events in the same season four times.

Medvedev, who has now lost four out of five Grand Slam finals, praised Djokovic's incredible achievements and humorously asked him when he plans to slow down.

Djokovic's victory comes after his loss at Wimbledon in July, marking another historic moment in his tennis career.

THOUGHT FOR THE DAY

Ideas cannot be fought except by means of better ideas. The battle consists not of opposing, but of exposing; not of denouncing, but of disproving; not of evading, but of boldly proclaiming a full, consistent and radical alternative. – Ayn Rand