Tag: East Timor

$10 Billion Financial Aid For Asian Nations Confirmed by Japanese Prime Minister

$10 Billion Financial Aid For Asian Nations Confirmed by Japanese Prime Minister

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With many nations in Asia already struggling with the very expensive prices of fuel related to the conflicts in the Middle East, their respective economic struggles are only getting worse. That said, they are very fortunate to have Japan on their side as Prime Minister Takaichi Sanae officially announced that her government will provide them financial support worth $10 billion, according to a Kyodo News report.

To put things in perspective, posted below is an excerpt from the news report of Kyodo News Some parts in boldface…

The Japanese government said Wednesday it will provide a total of $10 billion in financial support to other Asian nations to help them secure crude oil supplies as prices soar amid the Middle East conflict, aiming to ensure that petroleum-derived products made in those countries keep flowing into Japan.

The aid, announced by Prime Minister Sanae Takaichi following an online meeting with her counterparts mainly from the Association of Southeast Asian Nations, is aimed at beefing up energy supply chains across the region such as through loans for procuring crude oil and petroleum products as well as expansion of stockpiles.

“Japan is closely interconnected with each Asian country through supply chains and mutually dependent with them,” Takaichi told reporters, adding that oil shortages or supply disruptions in Asia could have a “significant negative impact” on her nation’s economy and society.

The planned financial aid is equivalent to up to 1.2 billion barrels — about one year of crude oil imports by ASEAN countries, she said.

Japan imports petroleum-derived products from Southeast Asia, including items used at medical facilities. Many countries in the region maintain limited oil reserves, so there have been concerns that supply shortages could eventually affect shipments to Japan.

The surge in oil prices on the back of the war that led to a blockade of the Strait of Hormuz, a key waterway for global energy transportation, has raised concerns in some Southeast Asian countries over their ability to pay for imports.

Tokyo aims to address the risks through financial support, including loans via the government-backed Japan Bank for International Cooperation, according to government sources.

The Japanese prime minister emphasized that the latest supportive scheme does not include direct crude oil provisions from Japan’s reserves and therefore will not negatively affect domestic supplies.

Given its high dependence on the Middle East for crude oil imports, Japan keeps abundant oil stockpiles in the country.

The other nations that joined the Japan-led, leaders-level virtual gathering were Australia, Bangladesh, Brunei, Cambodia, East Timor, India, Indonesia, Laos, Malaysia, the Philippines, Singapore, South Korea, Sri Lanka, Thailand and Vietnam.

Let me end this piece by asking you readers: What is your reaction to this development? Do you think the $10 billion assistance of Japan will be sufficient for the Asian nations for their oil and energy needs? Do you think the Islamic terrorist regime of Iran will eventually stop harming its neighbors now that American forces have blocked all the Iranian ports to allow other ships to pass through the Strait of Hormuz safely? Do you think the ASEAN member nations have learned their lessons about depending excessively on the Middle East for importing oil?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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35,000+ expected to sign up for SEA Games this year

35,000+ expected to sign up for SEA Games this year

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As the anticipation for the 30th Southeast Asian Games (30th SEA Games) grows, the Philippine Southeast Asian Games Organizing Committee (PHISGOC) announced on September 18 that they expected more than 35,000 people to sign up for the biennial sports meet which will open on November 30 and last until December 11.

Logo

According to Alona Quintos (director for accreditation and uniforms), the PHISGOC has received close to eleven thousand applications for accreditation from athlete and officials of the eleven nations participating in the big event.

Already 9,552 have been screened while more than eight thousand personnel have been granted access to the SEA Games. The organizers have been paying close attention to security to make sure that each and every person who got accredited is cleared. Quintos added that pre-valid accreditation cards or PVACs of the eleven national Olympic committees will start printing on September 30.

With regards to media, close to 1,500 personnel composed of journalists, photojournalists, videographers and broadcasters have applied to cover the 30th SEA Games.

So far, the preparation for the SEA Games here in the Philippines is looking good. In fact there were technical delegates from various sports who lauded the local organizers for the preparation and the venues. For one thing, Valson Cuddikotta (technical delegate for athletics) cited the track-and-field stadium in New Clark City as a world-class facility and noted PHISGOC’s efforts to come up with such fantastic venues. Cuddikotta believes the Philippines can conduct any event of the highest magnitude.

Historically speaking, the Philippines hosted the SEA Games in 1981, 1991 and 2005. The very first SEA Games were held in Thailand way back in 1959.

Tickets to the Games

For those who want to watch the SEA Games in person here in the Philippines, the organizers have teamed up with SM Tickets and tickets are being sold at www.SMtickets.com

For SEA Games venue references, click here.

For the official Facebook page of the 30th SEA Games, click here.