KUWTT: PH is ‘next big thing in Asia’ | Sept. 21, 2022

Good day. Here are the top stories of The Manila Times for Wednesday, Sept. 21, 2022.

READ: PH is ‘next big thing in Asia’

NEW YORK: The country’s business group believes that the Philippines is “the next big thing in Asia,” assuring American investors that the Philippine economy has a “massive” potential under the “inclusive and collaborative leadership” of President Ferdinand “Bongbong” Marcos Jr. In his address at the New York Stock Exchange (NYSE), businessman Sabin Aboitiz, lead convenor of the President’s Private Sector Advisory Council (PSAC), underscored Marcos’ efforts “to assure you of the integrity, stability and solidarity of his administration and of the Philippine economic system… and to unlock the massive economic potential our country has to offer, with the help of good friends like you.” Aboitiz, president and chief executive officer (CEO) of the Aboitiz Equity Ventures, told American investors that with the pandemic now largely out of the way, the Philippines is”back on the fast track accelerating out of recovery mode and on to the promising possibilities of the future.”

READ: Marcos in talks with US nuclear firm

PRESIDENT Ferdinand “Bongbong” Marcos Jr. on Monday (Tuesday in Manila) met with top executives of US-based NUscale Power, signaling his determination to bring nuclear power to the Philippines. Marcos, who is in the US for a six-day official visit, held a series of dialogues with three American-based companies in New York, including NuScale Power, an American energy firm that offers advanced nuclear technology. Founded in 2007, NuScale aims to provide scalable advanced nuclear technology for the production of electricity, heat and clean water. Philippine Ambassador to the US Jose Manuel Romualdez had said that the country will look into the possible use of modular nuclear power plants, claimed to be the future of clean energy.

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READ: The world is in great peril, UN chief warns

UNITED NATIONS: Warning that the world is in “great peril,” the head of the United Nations said leaders meeting in person for the first time in three years must tackle conflicts and climate catastrophes, increasing poverty and inequality and address divisions among major powers that have gotten worse since Russia invaded Ukraine. In speeches and remarks leading up to the start of the leaders’ meeting Tuesday, Secretary-General Antonio Guterres will deliver his “state of the world” speech at Tuesday’s opening of the annual high-level global gathering. UN spokesman Stephane Dujarric said it would be “a sober, substantive and solutions-focused report card” for a world “where geopolitical divides are putting all of us at risk.”

READ: How many ants are on Earth? 20 quadrillion – study

THERE are at least 20 quadrillion ants on Earth, according to a new study that says even that staggering figure likely underestimates the total population of the insects, which are an essential part of ecosystems around the world. Determining the global population of ants is important for measuring the consequences of changes to their habitat — including those caused by climate change. Ants play a significant role, dispersing seeds, hosting organisms, and serving as either predators or prey. Some studies have already attempted to estimate the global ant population, but they resulted in a far smaller number than 20 quadrillion, which is 20 million billion. For this new attempt — published Monday (Tuesday in Manila) in the journal Proceedings of the National Academy of Sciences (PNAS) — researchers analyzed 465 studies that measured the number of ants locally in the field.

READ: ‘State of the Art in Real Estate’ up at Manila Times forum

The “State of the Art in Real Estate” is this Wednesday’s topic on The Manila Times Online Business Forum. Sheila Lobien, chief executive officer of Lobien Realty Group, and AJ Rocero, executive director of PropTech Consortium of the Philippines Inc. are guests at the 10 a.m. forum to be moderated by TMT Build and Design editor Aaron Ronquillo and TMT editor Dafort Villaseran.

Topping Business

READ: Slower Q3 GDP growth seen

GROSS domestic product (GDP) growth for the Philippines in the third quarter this year is seen slowing down to the 5.9-percent to 6.6-percent range. The Bangko Sentral ng Pilipinas said in its latest Monetary Policy Report that the country’s GDP growth would settle within the revised 6.5- to 7.5-percent target set by the Cabinet-level Development Budget Coordination Committee. Michael Ricafort, chief economist at Rizal Commercial Banking Corp said that the risk factors for his 6-percent year-on-year estimate for third-quarter GDP growth include higher inflation and prices caused by the Russia-Ukraine war that started earlier this year. China Bank chief economist Domini Velasquez attributed the slower growth projection of 6.6 percent to the impact of higher prices on consumption. Ruben Carlo Asuncion, chief economist at Union Bank of the Philippines (UBP), said he does not expect the economy to fall into a recession as he sees fourth-quarter GDP growth to be at 5.1 percent.

READ: Peso hits new record low at P57.48 against US dollar

THE Philippine peso fell to a new low of P57.48 against the United States dollar on Tuesday. According to the Bankers Association of the Philippines, the peso opened trading against the dollar at P57.4. The local currency also traded between P57.355 and P57.5, and lost 0.8 centavos from Monday’s closing price of P57.4. Tuesday’s total volume of transactions reached $967 million from $508.4 million Monday.

In Sports

READ: Pacquiao to fight unbeaten French boxer

FORMER eight-division world champion Emmanuel “Manny” Pacquiao attempts to rekindle his glory days inside the boxing ring and perhaps remain relevant as a sporting and political icon. The 43-year-old Pacquiao will battle French superstar Jaber Zayani in an exhibition match that was formally signed early last week at the former senator’s house in Makati City. Zayani said Pacquiao, through the help of Luis “Chavit” Singson, agreed to the non-sanctioned 8-round bout using the regular 8-ounce gloves. The event was tentatively set mid-February at the King Fahd Stadium in Riyadh, Saudi Arabia. A native of Saint-Martin-d’Hères, Isère, France, the 31-year-old Zayani once served as Pacquiao’s sparmate when the Filipino boxing icon trained for his 12-round world welterweight bout opposite Keith Thurman in July 2019.

READ: UAAP to play all 60 events, 21 sports in Season 85

THE University Athletic Association of the Philippines (UAAP), which held five events from two sports in Season 84, will play all 60 events from 21 sports in Season 85, UAAP Executive Director Rebo Saguisag and UAAP President Fr. Aldrin Suan of host school Adamson University announced on Tuesday at the Philippine Sportswriters Association online forum. Suan said that even the UAAP high school events, which were shelved for more than two years, will also be back. Season 85 will unfold on October 1 with the customary opening ceremony at the Mall of Asia Arena. It will be followed by the men’s basketball game between Adamson and University of Santo Tomas and capped by the University of the Philippines versus La Salle duel. According to Suan, the UAAP will also hold basketball games at the Smart Araneta Coliseum in Quezon City and the Ynares Center in Antipolo.

READ: US parades strong squad at Presidents Cup

CHARLOTTE: An American squad with 11 of the world’s 18 top-ranked players arrived Monday (Tuesday in Manila) at the Presidents Cup as huge favorites for a ninth consecutive victory over a depleted Internationals lineup. Top-ranked Masters champion Scottie Scheffler, No. 4 Patrick Cantlay, fifth-ranked Tokyo Olympic champion Xander Schauffele and multiple major winners Justin Thomas, Jordan Spieth and Collin Morikawa lead the 12-man US team into Quail Hollow. The Americans, who feature six rookies including Scheffler, own an 11-1-1 edge in the all-time rivalry, taking the past eight from the global squad. Their only loss came at Melbourne in 1998.They face an Internationals team with a record eight rookies, their youngest-ever lineup averaging 28.8 years after defections to the Saudi-backed LIV Golf Series denied them British Open winner Cam Smith of Australia and top-25 players Joaquin Niemann of Chile and Abraham Ancer of Mexico.

READ: Editorial/Opinion

In today’s Editorial, the Times suggests that govt should build on the success of its 4Ps ‘graduation’ program. Read its full version on print, subscribe to the paper’s digital edition or listen to The Voice of The Times. Featured columnists on the front page are Rigoberto Tiglao and Fr. Ranhilio Aquino. Tiglao recalls how the Supreme Court upheld the legality of mrtial law; Aquino on youngsters and self-destruction.

For more news and information, get a copy of The Manila Times on print, subscribe to its digital edition or log on to www.manilatimes.net. Follow us on Twitter, Facebook or Instagram and Keep Up With The Times.

This is Kim Dignadice reporting.

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