PNA.gov.ph – Page 18 – Author Carlo Carrasco

Chinese nationals – including a fugitive – arrested in Parañaque and Mandaue

May 7, 2024April 24, 2024carlocarrasco

In separate operations, agents of the Bureau of Immigration (BI) arrested two Chinese nationals in the cities of Parañaque and Mandaue, according to a Philippine News Agency (PNA) news article. One of them is wanted in China for contract fraud.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

The Bureau of Immigration (BI) on Tuesday said two Chinese nationals recently arrested in Cebu province and Parañaque City are now awaiting deportation.

Commissioner Norman Tansingco identified them as Zhu Yuanjiang, 25; and Ma MIngjie, 51, who were arrested last week in separate operations of the BI’s fugitive search unit (FSU).

Both are now detained at the BI detention facility at Camp Bagong Diwa, Taguig City while awaiting deportation.

Zhu was arrested on April 17 in Barangay Umapad, Mandaue City after the BI board of commissioners issued a warrant of deportation against him last year.

He was ordered deported for overstaying and for working in the country without proper permits.

Investigation showed that Zhu previously worked in Xinchuang Network Technology Inc., an online gaming hub in Pasay City that was raided by authorities in June last year for alleged engagement in various criminal activities such as human trafficking and cyber fraud.

Meanwhile, Ma was nabbed on April 19 at his residence in a subdivision in Parañaque City. He is wanted by Chinese authorities for contract fraud.

Ma has a warrant of arrest from the Jiangbei district sub-bureau of the Public Security Bureau in Chongqing, China issued on Dec. 6, 2017.

Chinese authorities alleged that Ma and his cohorts deliberately tampered with bank accounts and account names of a point of sale machine merchant which resulted in the unauthorized transfer of over 58 million yuan (more than USD8 million) from China Minsheng Banking Corporation to his altered bank account.

Let me end this piece by asking you readers: What is your reaction to this recent development? Are you concerned that there could be more Chinese criminals or fugitives living in your local community right now?

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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NTF-ELCAC points to NDF as the top “terrorist groomer” in the Philippines

May 6, 2024April 24, 2024carlocarrasco

In its continuing fight against Leftist and terrorist forces, the National Task Force to End Local Communist Armed Conflict (NTF-ELCAC) reminded the public that the National Democratic Front (NDF) is still the top “terror-groomer” in the country, according to a Philippine News Agency (PNA) news article.

To put things in perspective, posted below is an excerpt from the PNA news report. Some parts in boldface…

The National Democratic Front (NDF) remains the “foremost terror-groomer” among the various terrorist groups still operating in the country, the National Task Force to End Local Communist Armed Conflict (NTF-ELCAC) has said.

“Even in the CPP’s (Communist Party of the Philippines) 2016 Constitution, under Article 10, it shows that the NDFP (National Democratic Front of the Philippines) is an integral and inseparable part of the CPP-NPA (New People’s Army). It is the core and most consolidated group that provides support to the armed and organizational expansion of the CPP,” NTF-ELCAC executive director Undersecretary Ernesto Torres Jr. said in a statement Tuesday night.

Torres said the pervasive threat posed by the NDF, established 51 years ago on April 24, 1973, undermines the very fabric of Filipino society.

The NDF’s orchestration of worker strikes, student boycotts, and protests aimed at destabilizing the government underscores the imperative to confront their malevolent agenda, he added.

“These duplicitous organizations thrive on the suffering of the Filipino people, deceiving innocent individuals to join their corrupted cause and needlessly perish for it,” Torres said.

He added that the CPP-NPA-NDF has methodically recruited innocent Filipinos into their armed components, perpetrating terrorist activities nationwide through its deceptive facade of front organizations.

Torres also said the insurgents’ exploitation of vulnerable sectors and their manipulation of social issues have sown seeds of violence and anarchy in marginalized communities.

He noted that the targeted recruitment of vulnerable sectors, such as students and youth for terrorist grooming, is part of the “intricate dynamics” of the Underground Mass Organizations (UGMOs) of the CPP-NPA-NDF and their front organizations.

He emphasized the overarching authority of the NDF across diverse sectors within the CPP-NPA-NDF network nationwide.

Let me end this piece by asking you readers: What is your reaction to this recent development? Are you concerned that there could be members of your local community who might be undergoing brainwashing under the NDF or any Communist-filled organization? Do you think there are a lot of secretive Communists among the teachers in schools around the country right now? Are you ready to report any Leftist or terrorist agents to the NTF-ELCAC?

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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Australia and South Korea top elite contests of 2024 NTT Subic Bay International Triathlon (SuBIT)

May 5, 2024May 4, 2024carlocarrasco

Australia’s Luke Bate and South Korea’s Jeong Hye Rim respectively won the Men’s Elite and Women’s Elite titles of the 2024 NTT AST Subic Bay International Triathlon (SuBIT) inside the Subic Bay Freeport Zone yesterday, according to a Philippine News Agency (PNA) sports news report.

To put things in perspective, posted below is the excerpt from the PNA sports news report. Some parts in boldface…

Australian Luke Bate came up with an impressive performance to win the men’s elite title in the 2024 Subic Bay International Triathlon (SuBIT) here on Saturday.

The 25-year-old from Perth submitted the best aggregate time of 54 minutes and 25 seconds in the race held over 750m swim, 20km bike, and 5km run at the Subic Bay Metropolitan Authority (SBMA) Freeport Boardwalk.

Compatriot Christopher Deegan posted 54:32 for second place while Japan’s Amu Omuro (54:38) was third.

Australians Rory Thornhill (54:48) and Jack Chrome (55:00) came fourth and fifth, respectively, followed by Japanese Satoshi Iwamoto (55:13), Hokuto Obara, (55:28) and Kenshin Mori (55:34); Korean Kim Jusin (55:41); and Australian Samuel Mileham (55:47).

“I’ve been racing for eight years so I really wanted to win,” said the 6-foot-1 Bate, who resides in Wollongong City.

“It’s my first time in the Philippines, I’m glad I won,” said Bate, currently No. 8 in Australia. “I hope I can come back next year. It depends on my schedule.”

Cebuano Andrew Kim Remolino, who won two silvers in triathlon and one silver in duathlon at the South East Asian (SEA) Games, was the best finisher among the locals. He clocked 56:09 for 13th place, while province mate Matthew Justine Hermosa (56:38) was 16th.

Joshua Ramos of Baguio Benguet Triathlon (56:53) was 19th, and Filipino-Spanish Fernando Jose Casares, a two-time SEAG gold winner, was 23rd with a time of 57:44.

Meanwhile, South Korean Jeong Hye Rim registered 1:01:22 to secure the women’s title in the event presented by NTT and Asian Triathlon and organized by Triathlon Philippines in cooperation with SBMA.

Iceland’s Edda Hannesdottir (1:01:32) took the silver medal while Australia’s Chloe Bateup (1:01:47) settled for the bronze.

Indonesia’s Martina Ayu Pratiwi (1:02:11) was fourth followed by Japan’s Manami Hayashi (1:02:15), Filipino Raven Faith Alcoseba (1:02:20), Guam’s Manami Iijima (1:02:31), Japan’s Himeka Sato (1:02:38), and South Korea’s Kim Gyuri (1:03:19) and Kim Ji Yeon (1:03:50).

“It’s too hot, (but) except for the weather, I’m okay,” the 25-year-old Jeong said through an interpreter.

Jeong, who hails from Daejon City, was only hoping for a podium finish after placing 20th last year. She first joined in 2018.

“I did not expect to win. It’s been six years since I first joined the tournament, so I am very happy that I won the gold medal,” said Jeong, who pocketed the bronze medal in the junior division of the 2016 ITU World Triathlon Grand Final in Cozumel, Mexico.

Jeong debuted at the 2014 Incheon Asian Games where she won the silver medal in the mixed relay. At the 2022 Hangzhou Asiad, she was seventh in the individual event.

In the junior elite category, the top three finishers in the men’s division were Dayshaun Karl Ramos (1:02:05), Juan Miguel Tayag (1:02:40), and Darell Johnson (1:03:22).

The winners in the women’s division were Naomi Felicity Aytin (1:18:42), Edellaine Mae Diggs (1:18:36), and Maria Celinda Raagas (1:19:05).

To see the official results, click here for the Men’s Elite and click here for the Women’s Elite.

For Philippine triathlon updates, click https://www.facebook.com/TriPhil

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DTI reminds businesses that permits should first be secured for marketing stunts

April 26, 2024April 12, 2024carlocarrasco

In light of an April Fool’s Day promo that convinced a person to really take the challenge physically, the Department of Trade and Industry (DTI) reminded businesses that they should secure permits from them in order to do any marketing stunts, according to a Philippine News Agency (PNA) news article.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

Following the recent online uproar over takoyaki store’s marketing stunt on April Fool’s Day, the Department of Trade and Industry (DTI) reminded businesses to secure permits from the agency first before conducting such activity.

In an interview with Bagong Pilipinas Ngayon on Thursday, DTI Assistant Secretary Amanda Nograles said a marketing stunt falls under the definition of sales promotion because its purpose is to increase customers and sales, as well as to promote the brand.

“Under the regulations, DTI has the authority over that. They have to secure a permit (for sales promotion),” Nograles said in mixed English and Filipino.

To recall, takoyaki store “Taragis” posted on Facebook on April Fool’s Day a dare to tattoo Taragis’ logo on one’s forehead, and whoever will do it will receive a PHP100,000 prize.

A person commented on a photo of him with the store’s logo on his forehead and asking the business owner, Carl Quion, where to claim his prize.

Taragis’ Facebook page made another post that the establishment does not have any responsibility on what happened because the post had a disclaimer.

The event caused uproar online, and on April 6, the business owner admitted that it was all a marketing stunt and the person who tattooed the business logo on his forehead was an accomplice.

“The establishment admitted that it’s a marketing gimmick to lure (customers), promote the establishment, (so) it appears to be promotional in that sense,” Nograles said.

“If they don’t have the promo permit from DTI, they can be held responsible for the violation of conducting (the) promotion without securing first the sales of promo permit,” she added.

Nograles said the DTI has a team monitoring establishments on their conduct of sales promotion both onsite and online.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that all businesses here in the Philippines that intend to organize marketing stunts should contact the DTI first before executing such moves? Do you think that more Filipinos should understand that April Fool’s Day itself always comes with clever forms of deception and temptation?

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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Ultra Safe Nuclear Corp. (USNC) nuclear energy investment plan for Philippines moves forward

April 25, 2024April 12, 2024carlocarrasco

Recently the administration of Philippine President Ferdinand “Bongbong” Marcos, Jr., and top officials of the Ultra Safe Nuclear Corp. (USNC) met in Washington, D.C., and discussed the progress of the company’s nuclear energy investment plan in the country, according to a Philippine News Agency (PNA) news article.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

President Ferdinand R. Marcos Jr. on Friday (Manila time) hailed the developments in the planned nuclear energy investment of Washington-based Ultra Safe Nuclear Corp. (USNC) in the Philippines.

Marcos met with USNC’s top executives, led by its chief executive officer Francesco Venmeri, in the United States (US) to discuss the progress in the firm’s commitment to bring a reliable and clean energy source to the Philippines.

“We are delighted to share the progress of our ongoing collaboration with Ultra Safe Nuclear Corp. since our inaugural meeting in 2023. Their investment in Micro Modular Reactors (MMRs) promises a reliable and clean energy solution for the country,” Marcos said in a Facebook post after his meeting with USNC officials.

“This initiative ensures greater energy security, reduced reliance on fossil fuels, and holds the promise of substantial economic gains for the Filipino people.”

During the meeting with USNC executives, Energy Secretary Rafael Lotilla briefed Marcos about the ongoing legislative measures in Congress that would provide the legal framework for the company’s planned investment and operation in the Philippines.

Lotilla told Marcos that the regulatory framework has been passed by the House of Representatives.

On Nov. 22, 2023, the House approved House Bill 9293, or the “Philippine National Nuclear Energy Safety Act, ” and last March 4, it also approved HB 9876 or the “Philippine Nuclear Liability Act.”

Marcos expressed hope that the bill gets passed in the Senate so that the necessary legal requirements could be completed soon to commence the project.

“You’re done already in the House. Okay. So, the elements that need to be there, the provisions that need to be (included), we can do in the Senate and then there’s one of course, is the bicam down the road. So, that would be the process from the government side,” the President said during the meeting.

“We spoke about this before. We’re going to go ahead with the program, with (the) project.”

Marcos’ meeting with USNC officials is a follow-up of their initial meeting in the US in May 2023, followed by the signing of the memorandum of understanding (MOU) on nuclear cooperation in Nov. 2023, and the firm’s participation in the US Presidential Trade and Investment Mission to the Philippines in March 2024.

The USNC is a global leader and vertical integrator of nuclear technologies and services. Its major initiatives include the MMR, Fully Ceramic Micro-encapsulated (FCM) nuclear fuel, and nuclear power and propulsion technologies for space exploration.

The MMR is a fourth-generation nuclear energy system that delivers safe, zero-carbon, cost-effective electricity and heat to utilities, industry, and remote communities.

This will be USNC’s first investment in the country and it partnered with Meralco for an MMR study.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you feel confident that safe and secure nuclear energy in the Philippines will be realized before the decade ends? Are people in your local community knowledgeable about the potential benefits of nuclear energy?

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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Foreign direct investments (FDI) inflows jump almost 90% in February 2024

April 23, 2024April 10, 2024carlocarrasco

The data released by the Bangko Sentral ng Pilipinas (BSP) confirmed that foreign direct investments (FDI) net inflow went up by almost ninety percent in February 2024, according to a Philippine News Agency (PNA) news article. In terms of Dollar amount, the estimate was over $900 million.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

Foreign direct investments (FDI) net inflow went up by 89.9 percent in February this year.

Data released by the Bangko Sentral ng Pilipinas (BSP) on Wednesday showed that FDI net inflows during the month amounted to USD907 million, up from the USD478 million recorded in January 2023.

FDIs include investment by a non-resident direct investor in a resident enterprise, whose equity capital in the latter is at least 10 percent, and investment made by a non-resident subsidiary or associate in its resident direct investor.

The BSP said an FDI can be in the form of equity capital, reinvestment of earnings, and borrowings.

“The increase in FDI was supported mainly by the 173.2 percent expansion in non-residents’ net investments in debt instruments to USD820 million from USD300 million in January 2023,” said the BSP.

Reinvestment of earnings also increased by 16.4 percent to USD99 million from USD85 million. The BSP said top sources of FDIs during the month include Japan and the United States.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think there is enough momentum for FDI net inflow to exceed the $1 billion mark by the first few months of 2025? Do you think the government is doing a good job attracting foreign investments?

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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Philippines unemployment rate falls down to 3.5% in February 2024

April 23, 2024April 11, 2024carlocarrasco

Recently the Philippine Statistics Authority (PSA) confirmed that the unemployment rate of the nation fell down to 3.5% in February 2024, according to a Philippine News Agency (PNA) news article.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

Unemployment rate fell to 3.5 percent in February this year from 4.5 percent in January, the Philippine Statistics Authority (PSA) reported on Thursday.

In a briefing, National Statistician Dennis Mapa said based on the time series, the unemployment rate during the month was the second lowest on record since the 3.1 percent in December 2023. Unemployment rate in February last year was 4.8 percent.

Mapa said the number of unemployed Filipinos went down to 1.80 million from 2.47 million and 2.15 million unemployed persons in February 2023 and January 2024.

The Labor Force Participation Rate (LFPR), meanwhile, was at 64.8 percent or about 50.75 million Filipinos aged 15 years and above who were either employed or unemployed.

This is lower than the 66.6 percent LFPR seen in February last year with young people (-669,000) and women (-404,000) withdrawing from the labor force. 

“The needs of vulnerable groups, including women, youth, older people, and those with disabilities, remain our priority to encourage workforce participation. We will improve access to quality childcare, finance, and entrepreneurship opportunities to support women’s entry and retention in the labor market,” National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said in a separate statement.

Balisacan said the government will revisit the existing policy governing alternative work modes, such as the Telecommuting Act, and adapt it to the evolving work landscape to address the growing preference for remote work.

“The government will explore enhancing the potential of part-time work to help promote lifelong learning. A framework for part-time work and similar set-ups can allow workers to retool or upskill without leaving the workforce,” Balisacan said.

The country’s employment rate, meanwhile, went up to 96.5 percent in February from 95.5 percent in January and 95.2 percent in February this year.

The number of employed persons was registered at 48.95 million, higher than the recorded number of employed persons in February 2023 at 48.80 million and in January 2024 at 45.94 million.

Major industries with the largest increase in employment include construction (470,000), transportation and storage (444,000), administrative and support service activities (344,000), manufacturing (313,000), and accommodation and food service activities (210,000).

Underemployed persons – or those who expressed the desire to have additional hours of work in their current job or to have an additional job or to have a new job with longer hours of work – reached 6.08 million, down from last year’s 6.29 million.

The NEDA said the Marcos administration will continue to prioritize people-centered policies and attract job-creating investments to support the continued improvement of the Philippine labor market and enable Filipinos to earn higher wages from better jobs.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the nation’s economy and employers still have enough momentum to move forward and create more new jobs over the next twelve months?

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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Civilian arrested in Parañaque City for unauthorized wearing of PNP uniform

April 18, 2024April 9, 2024carlocarrasco

Recently in the City of Parañaque, another case of the usurpation of authority happened as a civilian was arrested by police officers at the Parañaque Integrated Terminal Exchange (PITX) for the unauthorized wearing of the Philippine National Police’s (PNP) athletic uniform, according to a Philippine News Agency (PNA) news article.

To put things in perspective, posted below is the excerpt from the PNA news article. Some parts in boldface…

Police officers apprehended a civilian clad in the athletic uniform of the Philippine National Police (PNP) while taking selfies in Parañaque City.

In a report Tuesday, Staff Sgt. Jeffrey Tupil of the Southern Police District (SPD) said he was aboard a bus when he saw the 38-year-old suspect, identified as alias “Jefferson,” along Coastal Road on Monday.

Tupas said the suspect was wearing the shirt of the PNP athletic uniform, jogging pants, and slippers and appeared to be taking selfies.

Upon reaching the Parañaque Integrated Terminal Exchange (PITX), Tupil approached the suspect and requested him to present his PNP identification card, which the suspect failed to show.

Tupil promptly contacted Sub-Station 2 of the Parañaque City Police, which immediately sent officers who apprehended the suspect and took him to the station for documentation and proper disposition.

“Unauthorized wearing of PNP uniforms is strictly prohibited and anyone caught will be criminally held liable for Usurpation of Authority under RPC (Revised Penal Code) Art. 177 (Usurpation of Authority of Official Function) and Art. 179 (Illegal Use of Uniforms and Insignias),” the SPD said in a statement.

Let me end this piece by asking you readers: What do you think about this recent development? If you are a resident of Parañaque, are you concerned that there could be more civilians who somehow acquired uniforms from authorities which they could use to fool and intimidate others? Are many people in your local community aware that the usurpation of authority is a serious crime?

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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DBCC revises Philippine economic growth targets for 2024 and 2025

April 17, 2024April 7, 2024carlocarrasco

As far as the Development Budget Coordination Committee (DBCC) is concerned, current domestic and global developments justified their recent revision of economic growth targets for the Philippines in 2024 and 2025, according to a Philippine News Agency (PNA) news article.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

The Development Budget Coordination Committee (DBCC) has adjusted its economic growth targets for 2024 and 2025 due to current domestic and global developments.

The DBCC revised downward its gross domestic product (GDP) outlook for 2024 to 6 to 7 percent from the previous range of 6.5 to 7.5 percent, Socioeconomic Planning Secretary Arsenio Balisacan said in a Palace press briefing on Thursday.

For 2025, the DBCC narrowed the GDP target to 6.5 to 7.5 percent from the previous 6.5 to 8 percent. Balisacan said the growth projection of 6.5 to 8 percent for 2026 to 2028 was retained.

The revised targets growth targets were initially discussed during the DBCC’s 187th meeting on March 22.

The DBCC took into consideration the latest trade outlook of the Bangko Sentral ng Pilipinas (BSP) and the International Monetary Fund (IMF) amid global trade disruptions and geopolitical tensions.

President Ferdinand R. Marcos Jr. approved the latest GDP outlook when he presided over the 16th full Cabinet meeting at Malacañan Palace in Manila on Wednesday.

Balisacan said the Marcos administration remains steadfast in its commitment to sustaining the robust growth trajectory of the Philippine economy.

“Robust macroeconomic fundamentals will support this growth trajectory. These growth targets will sustain the country’s position as one of the fastest-growing emerging economies in the Asia Pacific region,” Balisacan said.

“The government’s dedication transcends meeting statistical targets or numerical benchmarks. We direct our efforts toward realizing a strategic and compelling vision for our nation’s prosperity even as we navigate a global economic landscape marked by various challenges within and without,” he added.

Balisacan also assured the public that the government is still on track to achieving the upper middle income status by 2025.

Opportunities and risks – Balisacan said the country’s economic team discussed the possible opportunities and risk to growth outlook, adding that it identified several domestic and external challenges that are “on the horizon.”

These include climate change and extreme natural disasters such as El Niño that would “continue to pose risks to food security and the stability of food prices,” he said.

“Additionally, risks related to inflation, such as potential adjustments in transport fares, wages, and service utility fees higher than expected, could dampen household consumption,” he said.

Balisacan also cited that global economic slowdown may weaken external demand, while increasing geopolitical and trade tensions could disrupt supply chains.

He added that general elections in major economies could lead to political shifts that may disrupt trade and investment.

“Despite the anticipated risks, we remain optimistic about the country’s sustained growth momentum as we strive for better development outcomes. We aspire to position the Philippines as a frontrunner within our region and beyond—a beacon of inclusive progress and resilience,” Balisacan said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the economy of the Philippines will end up growing at a lower-than-expected pace?

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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HSBC remains committed to investing in the Philippines and supporting the government’s economic agenda

April 16, 2024April 5, 2024carlocarrasco

Recently the huge international financial firm The Hongkong and Shanghai Banking Corporation (HSBC) confirmed its commitment to investing in the Philippines and supporting the government’s economic agenda which President Ferdinand “Bongbong” Marcos, Jr., welcomed, according to a Philippine News Agency (PNA) news article.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

President Ferdinand R. Marcos Jr. on Thursday welcomed the commitment of the Hongkong and Shanghai Banking Corporation (HSBC) to support the government’s economic agenda and continue to invest in the Philippines.

HSBC Holdings Group officials, led by its Chairman Mark Tucker, paid a courtesy visit to the President at the Malacañan Palace and expressed its intention to continue expanding in the country.

“Today, we are left as one of the few international banks. But our commitment to the Philippines, and continuing to invest, continuing to work here remains absolutely intact,” Tucker told Marcos.

He added that HSBC, which has been operating in the Philippines for almost 150 years, is interested in expanding its investment in the Philippines, particularly on foreign direct investment (FDI), saying it “supports FDI by a number of different ways.”

For his part, the chief executive acknowledged the significant contributions of HSBC to the Philippine economy, pointing out the “interconnections” it has made in the country.

“Thank you again for HSBC’s continued interest. We continue to encourage (foreign investments). The economy, actually, we’ve tried to open it up, we put very, we put much (importance)… on the fact that private partnerships are necessary,” Marcos said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think HSBC’s commitment will encourage other international financial firms and foreign investors to support the national economy?

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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