Good day. Here are the top stories of The Manila Times for Thursday, June 30, 2022.
READ: Marcos takes power
FERDINAND Marcos Jr. will find himself back in Malacañang after he takes his oath as the 17th President of the Republic of the Philippines at noon today, June 30, 2022, 36 years after his father was ousted and forced out of the Palace.Marcos, 64, better known as Bongbong, takes the rein of power from President Rodrigo Duterte, with a promise to provide the country a unifying leadership.He will serve as president until 2028. Marcos, who ran under the Partido Federal ng Pilipinas, obtained 31,629,783 votes in the official tally for the 2022 presidential race. Having captured Filipinos' hearts with his campaign promise of unity, Marcos faces huge challenges as the country strives to recover from the debilitating effects of the pandemic and the war in Ukraine.
READ: Rappler to appeal SEC closure order
THE Securities and Exchange Commission (SEC) has affirmed its order shutting down the online news site Rappler, but its Chief Executive Officer Maria Ressa said that they will appeal the ruling. Ressa announced the SEC ruling in her speech at Hawaii's East-West Center international media conference late Tuesday. She said the move "effectively shuts down Rappler," claiming that the SEC's decision is "highly irregular" and not immediately executory, without the court's approval. She affirmed that Rappler's closure will depend on the verdict of the Supreme Court. The SEC first issued its order against Rappler in 2018. Its recent decision reiterates that the digital news organization allowed foreign investor Omidyar Network, an investment company owned by eBay auction site founder Pierre Omidyar, to hold Philippine Depositary Receipts (PDRs), a financial instrument that foreign entities can buy for financial returns in a local company but not in the form of dividends, which are tied to ownership. It violates a constitutional ban on foreign ownership in securing funding, as well as tax evasion.
READ: Pope Francis sends good wishes to BBM
POPE Francis extended his congratulations to Ferdinand "Bongbong" Marcos Jr. for his upcoming inauguration as the 17th President of the Philippines In his message shared by the Papal Nuncio to the Philippines, Archbishop Charles Brown, the pope said he is praying for Marcos as he takes over the mantle of leadership of more than 100 million Filipinos. Archbishop Brown had revealed the positive conversation he had with Marcos when he made a courtesy call on June 10. Their discussion centered on strengthening the relationship between the church and government. The Vatican representative in the Philippines said Marcos expressed his willingness to cooperate with the church.
READ: More investments sought for Visayas
WHILE growth has been faster, more inclusive and sustainable in the Visayas region, there remains a lot of investment areas that both the government and the private sector may look into to advance its regional economy, especially during these difficult times of the pandemic, top officials said. Among these attractive sectors that need more local and foreign investments are agriculture, tourism, and information technology and business process outsourcing (IT-BPO), said Philippine Chamber of Commerce Regional Governor Atty. Jobert Peñaflorida for Region 6 (Western Visayas) and Reynaldo "Cholo" Franco, president of Eastern Visayas Tourism Association Inc., during The Manila Times Online Business Forum titled "The Visayas: Regional direction, governance and progress" on Wednesday.
READ: 'The Manila Times 500 and the Next 500' rolls out
WEATHERING the pandemic storm, San Miguel Corp. (SMC) topped the 2021 edition of The Manila Times 500 and the Next 500, which rolls hot off the press today, June 30, 2022. With the theme "Thriving in the post-Covid economy: Outlook and trends," the annual magazine shows how SMC and Top Frontier Investment Holdings Inc. were the only two conglomerates that were able to hold on to the two primary positions. The Manila Times 500 and the Next 500 features reports by the government's economic managers and top business executives from the private sector.
In Business
READ: PH economy likely to grow by 6-6.5% in 2022
DESPITE the effects of the pandemic and the Russia-Ukraine war, the Philippine economy is projected to grow by 6 to 6.5 percent this year, economists said on Wednesday. Dr. Victor Abola, University of Asia and the Pacific (UA&P) director for Strategic Business Economics Program, said the country's gross domestic product (GDP) is forecast to grow by 6 percent this year but noted that inflation will continue to be above the government's 2- to 4-percent target driven by the continued increase in oil prices. ING Manila senior economist Nicholas Mapa agreed that economic growth outlook "still look very positive" but also noted that inflation will continue to be elevated in the near term. UA&P Center for Research and Communication Research Director Bernardo Villegas highlighted that moving forward, the next administration should put more focus on the agriculture sector. Inflation is expected to settle at 5 percent this year, 4 percent in 2023 and to 3 percent levels in 2024.
Topping Sports
READ: Meralco tests mettle of rejuvenated Blackwater
BLACKWATER is looking good this season and playing much better than last year. Once the team that posted the worst record by registering the longest losing skid in PBA history at 29 straight games, the Bossing have won four of their last five games, including their one and only victory at the end of the last season's Governors' Cup elims. The Bossing are now sitting at the No. 3 spot of the tournament and will have a chance to move a notch higher and join Barangay Ginebra in second place with a win against the Meralco Bolts today in the PBA Philippine Cup at the Smart Araneta Coliseum. Blackwater and Meralco slug it out at 5:15 p.m. right before the main game between the NLEX Road Warriors and the Phoenix Super LPG Fuel Masters at 7:15 p.m.
READ: Serena loses in Wimbledon comeback
Serena Williams tasted bitter defeat on her return to singles tennis at Wimbledon on Tuesday (Wednesday in Manila). Seven-time champion Williams went down to unseeded Harmony Tan of France, 7-5, 1-6, 7/6 (10/7), in her first singles encounter since an injury forced her out of her first-round match at Wimbledon last year. Williams, 40, won the last of her Wimbledon singles titles six years ago but reached the final in 2018 and 2019. Williams, the 23-time Grand Slam singles champion, was far below her imperious best on Tuesday, struggling from the start with her form and fitness in the 3-hour and 11-minute evening match that saw her log in 61 winners and 54 unforced errors.
READ: Opinion/Editorial
In its Editorial, The Times draws up a wish list for the Marcos administration. Read the full version in the Opinion Section on print and digital editions or listen to The Voice Of The Times. Featured columnists on the front page are Antonio Contreras, Yen Makabenta and Danton Remoto. Contreras writes about the presidency that trolled, rocked and lopsidedly divided the country; Makabenta on the need for unity among Christian people; and Remoto on what is 'truly Pinoy'.
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This is Christian Crow Maghanoy reporting.