PBBM’s Import Policy Elevation Propels Stock Market, Strengthens Peso

MANILA - The stock market saw a modest uptick and the peso ended stronger on Monday, following a directive by President Ferdinand R. Marcos Jr. to facilitate the importation of agricultural products.

According to Philippines News Agency, assistant research manager Claire Alviar noted that easing import restrictions is expected to alleviate short-term supply issues and subsequently help curb inflation pressures stemming from these shortages.

The Philippine Stock Exchange index (PSEi) nudged up by 1.08 points or 0.02 percent, closing at 6,444.08, while the All Shares index also experienced gains, rising by 0.12 percent to 3,425.71. Sector performance was mixed; Mining and Oil surged by 3.10 percent to 8,477.15, followed by Property, which increased by 1.66 percent to 2,458.37, and Industrial, which rose by 0.28 percent to 8,399.44. Conversely, sectors like Services, Holding Firms, and Financial saw declines, though none exceeded 0.67 percent.

Alviar highlighted that despite the positive market reaction, overall investor participation remained cautious. This was evidenced by a net market value turnover of only PHP3.41 billion, which is significantly lower than the month-to-date average of PHP5.16 billion. In terms of market breadth, advancers outnumbered decliners, with 96 stocks advancing, 82 declining, and 47 remaining unchanged.

The peso also exhibited strength, closing at 57.54 against the US dollar, a slight improvement from Friday’s close of 57.65. This strength was noted despite an opening weaker than the previous week’s start. The peso fluctuated between a low of 57.41 and a high of 57.60 throughout the day, with the weighted average resting at 57.51 against the dollar. Trade volume for the peso was lower than the previous week, totaling USD1.16 billion compared to USD1.85 billion.

NEDA Proposes Doubling of Innovation Fund to PHP200 Million for 2025

QUEZON CITY - The National Economic and Development Authority (NEDA) announced plans on Monday to request an increased budget for its Innovation Fund for the coming year, aiming to expand it to PHP200 million.

According to Philippines News Agency, speaking at the 2024 National Innovation Day Celebration at Novotel Manila Araneta City, the proposed budget increase is intended to support broader initiatives, including a new innovation competition.

The agency plans to use part of the increased funds to launch the Presidential Philippine Innovators Award, an ambitious program aimed at recognizing outstanding innovations across the country, including contributions from micro, small, and medium enterprises (MSMEs). Edillon detailed that the award structure would be modeled on high-profile global competitions, featuring finalists and semi-finalists, with the awarding slated for next year after a year-long preparation.

NEDA Secretary Arsenio Balisacan elaborated on the significance of innovation for national growth and sustainable development, highlighting the ongoing development of guidelines for both national and regional innovation competitions. He emphasized that these efforts are crucial for enhancing the country's performance in global innovation rankings.

The Philippines has shown progress in the Global Innovation Index, moving up three places to 56th among 132 economies in 2023. This improvement aligns with the targets set in the Philippine Development Plan 2023-2028, which aims for the country to reach the 43rd position by 2028.

Qatar’s Amir Praises Filipino Community’s Role in National Development

MANILA — The Amir of Qatar, Sheikh Tamim Bin Hamad Al Thani, expressed his appreciation for the Filipino community in Qatar, highlighting their significant contribution to the country's development. This commendation was made during a bilateral meeting with Philippine President Ferdinand R. Marcos Jr. at Malacañan Palace on Monday.

According to Philippines News Agency, the nearly 243,000 Filipinos residing in Qatar have played an integral role in the Arab nation's progress. The meeting also coincided with discussions of strengthening the bilateral ties between Qatar and the Philippines, which have been formally established since May 5, 1981. In 2022, remittances from Qatar to the Philippines totaled USD895.33 million, underscoring the economic connections fostered by the Filipino community.

During the meeting, both leaders witnessed the signing of several agreements and memoranda of understanding aimed at enhancing relations and increasing communication between the private sectors of the two countries. Sheikh Tamim emphasized the importance of the Philippines as a trading and economic partner and expressed his aspirations to improve these relationships further.

President Marcos reciprocated the sentiments, noting that the discussions with Sheikh Tamim are expected to lead to stronger collaboration across various fields of mutual interest. He stressed the potential for enhanced cooperation at commercial, governmental, and people-to-people levels, highlighting the significant potential benefits for both nations.

The meeting underscored a shared commitment to leveraging the strong community and economic ties between Qatar and the Philippines for mutual growth and development.

‘Datang Saja Tanpa Diundang’ Open House Tradition Celebrates Community and Sharing

As Syawal enters its second week, the tradition of open houses continues to foster community spirit and family ties. One notable practice, 'Datang Saja Tanpa Diundang' or 'Just Come Without Invitation,' highlights this season's communal gatherings. This open house concept, embraced by residents such as Awang Haji Jahri alias Azahari bin Awang Gamok, aged 73, allows for a spontaneous and inclusive celebration.

According to Radio Television Brunei, This approach to the open house not only facilitates a generous sharing of sustenance and joy but also aims to garner blessings, according to Awang Haji Jahri. He emphasizes that this tradition enhances family bonds and fosters a harmonious atmosphere among relatives, close friends, and neighbors, embodying the spirit of togetherness that is central to the festivities.

Carlos Yulo Wins Gold at Doha World Cup, Levi Jung-Ruivivar Qualifies for Paris Olympics

DOHA - Philippine gymnast Carlos Yulo triumphed in the men's parallel bars at the International Gymnastics Federation's World Cup held in Doha, Qatar, taking home a gold medal with a top score of 15.200. This victory adds to his impressive performance at the event where he also claimed a silver in the vault competition.

According to Philippines News Agency, Yulo's winning score in the parallel bars outpaced competitors from Chinese Taipei and Brazil, firmly establishing his prowess in the discipline. Additionally, his compatriot, 17-year-old Levi Jung-Ruivivar secured her participation in the upcoming Paris Olympics by clinching a silver medal in the uneven bars, marking a significant milestone as she will join Yulo and another teammate in the global games set for July 26 to August 11.

The World Cup in Doha not only highlighted individual talents but also added to the Philippines' growing list of athletes qualified for the Paris Olympics, now totaling ten across various disciplines. The country's representatives include figures from gymnastics, athletics, boxing, and weightlifting, illustrating a diverse and talented team poised for the next summer games.

Massive Seizure of Unlicensed Firearms and Drugs in Central Luzon

CENTRAL LUZON — Police operations across Central Luzon this past month resulted in the confiscation of over 200 unlicensed firearms and the seizure of PHP2 million worth of illegal drugs. The operations were part of a targeted crackdown on violations of firearm and drug laws in the region.

According to Philippines News Agency, the "Oplan Katok" initiative, which ran from March 19 to April 19, 2024, involved police officers visiting the residences of individuals who had failed to renew their firearm licenses. PRO 3 Director Brig. Gen. Jose Hidalgo Jr. emphasized the operation's success, noting the variety of firearms of different calibers recovered. Hidalgo remarked on the responsibility that comes with firearm ownership and the necessity of adhering to legal provisions.

Concurrently, authorities in Pampanga province intensified their efforts against drug trafficking, leading to significant drug seizures and arrests. In Angeles City, the local Drug Enforcement Unit apprehended two suspects during a buy-bust operation along Kalayaan Road in Barangay Cutcut on Friday. The suspects were found with 55 grams of suspected shabu valued at PHP374,000.

Further operations in the City of San Fernando resulted in additional arrests. On Saturday, police arrested two suspects in Barangay Del Pilar and seized 215 grams of suspected shabu worth approximately PHP1,462,000. Another operation in Barangay San Isidro led to the capture of a suspect and the confiscation of PHP612,000 worth of suspected shabu.

In a related but separate incident in Bulacan, a Philippine Army soldier was fatally shot inside his office. Bulacan Provincial Police Office’s Col. Relly Arnedo identified the victim as Maj. Dennis Moreno, who was attacked by an unidentified assailant wielding a short firearm. The incident occurred in Moreno's office in Barangay San Roque, Angat. Following the shooting, the suspects reportedly escaped on a black motorcycle. A special investigation task group has been activated to resolve the case.

Mount Ruang Eruption in North Sulawesi Damages Hundreds of Homes and Public Facilities

SITARO ISLANDS DISTRICT - Following the recent eruption of Mount Ruang, the National Disaster Mitigation Agency (BNPB) has reported significant damage across the Sitaro Islands District in North Sulawesi, with nearly 500 houses and several public facilities affected. The eruption has disrupted the lives of thousands of local residents and caused widespread property damage.

According to Philippines News Agency, the head of BNPB's Disaster Data, Information and Communication Center, a detailed assessment carried out on April 20 revealed that 135 houses suffered minor damage, while 363 homes experienced moderate to severe damage. Additionally, two churches and an elementary school in the Tagulandang area have also been impacted. "This data was compiled from reports by the disaster emergency management team immediately following the eruption," Muhari stated.

The BNPB has also disclosed that approximately 11,624 residents from 12 villages within the Tagulandang Sub-district have been affected by the disaster. Many of these individuals have been evacuated to safer locations such as emergency shelters, places of worship, and relatives’ homes to escape the aftermath of the eruption.

Furthermore, specific measures have been taken for vulnerable groups; for instance, 31 patients from the Tagulandang Regional General Hospital were moved to the Bethel Paninteang Church for safety. The BNPB has initiated a relief operation, deploying essential supplies including tents, food packages, and medical equipment to support the displaced residents and aid in their recovery efforts.

Philippines Praises G7’s Rejection of China’s Claims in South China Sea

MANILA – The Philippines has publicly expressed its gratitude for the Group of Seven's (G7) firm opposition to China's claims in the South China Sea, highlighting the perceived threats to its vessels and sovereignty.

According to Philippines News Agency, the G7's stance reinforces the rule of law and the maritime order based on the 1982 United Nations Convention on the Law of the Sea (UNCLOS). The G7, which includes Canada, France, the United States, Germany, Italy, Japan, and the United Kingdom, issued a communiqué on Friday opposing China's aggressive actions in the region, including the use of coast guard and maritime militia in dangerous maneuvers.

The DFA underscored the importance of the 2016 Arbitral Award, which it views as a significant milestone for peaceful management and resolution of maritime disputes. The statement also recounted a recent incident on March 5, when a Chinese Coast Guard vessel, supported by a militia ship, attacked a Philippine supply vessel with water cannons near Ayungin Shoal, causing significant damage and injuring crew members. This incident, among others, has drawn global criticism.

The Philippines aligns itself with the G7's vision of maintaining stability and security in the Indo-Pacific region and advocates for a peaceful South China Sea, free from interference. The DFA also voiced readiness to cooperate with the G7 on economic initiatives to bolster growth within the region and beyond.

President Marcos Cites Filipino Hospitality as Key to Boosting Tourism and International Relations

MANILA - In a recent vlog, President Ferdinand R. Marcos Jr. emphasized the role of Filipino hospitality in driving the nation's tourism and fostering economic growth. He encouraged citizens to maintain their reputation for warm welcomes to enhance the Philippines' international relationships.

According to Philippines News Agency, discussions with foreign dignitaries often reveal their admiration for the innate hospitality of the Filipino people, which has become a cornerstone of the country's tourism industry. "This inherent warmth is a trait we have long been known for and should continue to cultivate as we strive towards a new Philippines," he stated in the video.

Marcos also shared insights from his experiences hosting international leaders, explaining how the Philippines goes to great lengths to ensure visitors feel at home. This commitment to hospitality has led to initiatives such as the renovation of old buildings within the Malacañang compound to provide convenient lodging for dignitaries, thereby avoiding the inconveniences of traffic and scheduling conflicts.

The renovation project includes historical sites like the Goldenberg and Laperal mansions and is a collaboration between several governmental offices, including those of the President, the Social Secretary, and the First Lady. These efforts, Marcos noted, are part of a broader strategy to make guests feel valued and to strengthen diplomatic ties.

This approach was recently on display during a visit by New Zealand Prime Minister Christopher Luxon, with discussions on various strategic collaborations, and will continue with the upcoming visit of the Amir of Qatar, Sheikh Tamim Bin Hamad Al Thani.

NIA Pushes Forward with Major Irrigation Project in Mindanao to Counteract El Niño Effects

MIDSAYAP, NORTH COTABATO — The National Irrigation Administration (NIA) is accelerating the development of a significant irrigation project in Mindanao, aimed at bolstering sustainable agriculture in the face of the ongoing El Niño phenomenon. The project, known as the Malitubog-Maridagao Irrigation Project - Stage II (MMIP-II), is nearing completion, with substantial progress reported in enhancing local farming capabilities.

According to Philippines News Agency, the MMIP-II, under the direction of Administrator Eduardo Eddie Guillen, has achieved an overall weighted physical accomplishment of 99.56 percent as of March. The project, valued at PHP5.133 billion, is located in Barangay Villarica, Midsayap, North Cotabato, and extends its reach to neighboring areas in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).

The MMIP-II draws water from the Maridagao River and serves approximately 9,528 hectares of agricultural land across Aleosan, North Cotabato, and the towns of Pangalungan and Datu Montawal in Maguindanao del Sur. It benefits 4,043 local farmers, who are set to receive the irrigation system following a series of successful test runs conducted on March 18.

Furthering the project's goals, the installation of solar sump pumps along the dike is planned to aid dried-up areas with a convertible facility for enhanced water management and agricultural production. If successful, this approach is intended to be replicated in Liguasan Marsh, potentially transforming it into a significant economic zone in Southern Mindanao.

The MMIP-II not only focuses on agricultural development but also aims to sustain peace and order in the region through social and agricultural advancements. This effort aligns with President Ferdinand R. Marcos Jr.’s broader agenda for national unity and progress, as well as the 5-Point Peace, Reconciliation, and Unity Agenda aimed at fostering healing and reconciliation in the Bangsamoro.

In addition to MMIP-II, the NIA plans to launch another irrigation initiative worth PHP2.1 billion in Lower Malitubog, covering an additional 800 hectares, further underscoring the agency's commitment to enhancing the BARMM's irrigation infrastructure and agricultural productivity.

NIA also collaborates with the Office of the Presidential Adviser on Peace, Reconciliation, and Unity and BARMM ministries to promote enduring, sustainable, and peaceful communities throughout the region. This collaboration was highlighted during the January launch of the Master Development Plan at Camp Abubakar in Barira, Maguindano del Norte, which is set to include housing, infrastructure, and community facilities to transform the area into a zone of peace and development.

Philippines’ Board of Investments Registers PHP607 Billion in Early 2024, Approaching Half of Last Year’s Total

MANILA - The Philippines' Board of Investments (BOI) has reported a substantial increase in investment commitments for the first quarter of 2024, recording PHP607.22 billion in new projects from January to mid-April. This figure represents nearly 50% of the total investments logged throughout 2023.

According to Philippines News Agency, the early 2024 investments not only surpass the PHP527.24 billion documented in the same period last year by 15% but also account for 40% of the BOI’s PHP1.5 trillion target for the entire year. "These commitments from 117 projects, primarily sourced locally, underscore a robust start to 2024," Recolizado explained during a Friday press briefing.

Significantly, 81% of these pledges were made by Filipino investors, highlighting a strong domestic confidence in the nation’s economic prospects. Trade Secretary and BOI Chair Alfredo Pascual emphasized the importance of domestic investments. "Encouraging local capital allocation within the Philippines is crucial for our economic strategy, rather than seeing potential investments go overseas," he stated.

Among the major projects approved this year are two significant renewable energy initiatives. The largest is the PHP297-billion Pakil Pumped Storage Hydroelectric Power Plant by Ahunan Power, Inc., expected to generate 1,400 megawatts of clean energy in Laguna province. This project is entirely funded by Filipino interests.

The second major project is the Frontera Bay Wind Power Project in Cavite, developed by Ivisan Windkraft Corp. It is a joint venture between Singaporean and Filipino investors, planned to produce 450 megawatts of wind energy.

Turkish Study Finds Microplastics in Human Brain Cells

ANKARA – A groundbreaking study by scientists in Turkey has discovered the presence of microplastics in human brain cells, raising concerns about potential links to neurological diseases.

According to Philippines News Agency, research led by Emrah Celtikci at Gazi University Medical School's Neurosurgery Department and Sedat Gundogdu from Cukurova University's Fisheries Faculty, these findings could illuminate the role of everyday plastic use in the development of conditions such as Alzheimer's disease, multiple sclerosis, stroke, and cerebral hemorrhage. Their work was recently highlighted in both a Canadian documentary and an article in The New York Times.

The study investigates how tiny plastic particles, invisible to the naked eye, could bypass the body's defenses, including the blood-brain barrier—a protective shield that prevents certain materials in the blood from reaching the brain. Celtikci explained, "Not everything in the blood passes exactly to the brain. There is filtering even in the transmission of blood in the brain."

In their research, Celtikci and Gundogdu focused on brain cells from patients with stage four brain tumors, which typically disrupt the blood-brain barrier. By comparing areas where the barrier was intact versus where it was damaged, they found microplastics were present in both. This suggests that these particles can penetrate the brain’s defenses.

The study's initial findings have garnered international attention, leading to further research collaborations with institutions in the US and Canada. Celtikci shared that the study's results have been submitted for publication in an international medical journal and were featured in the documentary "Plastic People," aimed at raising awareness of plastic pollution.