MEDAL COUNT R
COUNTRY
G
S
B
T
1
United States of America People’s Republic of China Japan Australia France Netherlands Great Britain Republic of Korea Italy Germany New Zealand Canada Uzbekistan Hungary Spain Sweden Kenya Philippines
40 40 20 18 16 15 14 13 12 12 10 9 8 6 5 4 4 2
44 27 12 19 26 7 22 9 13 13 7 7 2 7 4 4 2 0
42 24 13 16 22 12 29 10 15 8 3 11 3 6 9 3 5 2
126 91 45 53 64 34 65 32 40 33 20 27 13 19 18 11 11 4
2 3 4
PARIS PASSES THE TORCH: A MISSION IMPOSSIBLE?
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Paris bid farewell to two and a half weeks of Olympic sports with a star-studded show at France’s national stadium, handing over the hosting duties to Los Angeles for the 2028 Summer Games. The city will become the third in the world to host the games three times as it adds to the storied years of 1932 and 1984. Hollywood star Tom Cruise descended from the stadium roof to the “Mission Impossible” theme, took the Olympic flag from gymnast Simone Biles, and rode out on a motorcycle. Paris set a high bar with its use of iconic landmarks like the Eiffel Tower as backdrops for competitions, leaving Los Angeles with the challenge of topping its unforgettable spectacle. AP PHOTOS
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Last updated: August 12, 2024 at 16:16 Source: olympics.com
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ANALYSTS: PHL GROWTH MAINLY A BASE EFFECT By Cai U. Ordinario
US DOJ to check ‘fake’ US accounts, says Garcia
@caiordinario
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HE economy’s performance in the second quarter benefited mainly from base effects, leading foreign analysts to estimate that fullyear growth will only reach the low end of the government’s targets.
BMI, a FitchSolutions company, lowered its growth outlook to 6 percent from its initial estimate of 6.2 percent while Citi Philippines upgraded its forecast to 6 percent from its earlier forecast of 5.9 percent. The Development Budget Coordination Committee’s (DBCC) targets a GDP growth of 6 to 7 percent this year before increasing to 6.5 to 7.5 percent next year and 6.5 to 8 percent between 2026 and 2028. “The latest growth outturn clearly showed that we have overestimated the health of the Philippine economy,” BMI stated. “The 6.3 percent growth outturn in Q2 [second quar ter] paints a misleading picture of the economy’s health, as this number was flattered by a favorable base of comparison,” it added. BMI noted that the Philippine economy only posted a growth of 0.5 percent quarter on quarter, which was the softest pace recorded since the second quarter of 2023. It noted that this was largely due to the “poor performance in the external sector.” Exports contributed 1.2 percentage points (pp) to headline growth. This halved the 2.4-percentage
By Samuel P. Medenilla @sam_medenilla
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NEWSWATCH PLUS PHL ON ALIW CHANNEL 23 Aliw Broadcasting Corporation will now air content from NewsWatch Plus Philippines on Aliw Channel 23. The content partnership agreement between the two media entities was formalized Monday at the Aliw Broadcasting Corporation Office in Pasig City. From left, Dennis L. Antenor Jr. Vice President for Business Development, Aliw Broadcasting Corporation; Atty. Mcneil R. Rante, Executive President-General Manager, Aliw Broadcasting Corporation; Cecilia R. Major, SVP-Commercial and Business Development, NewsWatch Plus Philippines and Leon H. Dy, Chief Finance Officer, NewsWatch Plus Philippines are seen at the contract signing between Aliw Broadcasting Corporation and NewsWatch Philippines. Standing from left are anchors Lois Calderon and Christine Jacob-Sandejas, Aliw Broadcasting Corporation President Benjamin V. Ramos, and anchors Menchu Macapagal, Tristan Nodalo and Paolo Abrera. Story on page A14. NONOY LACZA
EPRESENTATIVES from the United States (US) Department of Justice (DOJ) are expected to arrive in Manila this month to look into the alleged fake offshore bank accounts being linked to Commission on Elections Chairman George M. Garcia. In an interview with reporters on Monday, the poll chief said the US DOJ has already responded to his request for assistance to look into the deposits made in the US on his supposed offshore accounts. “This week we will have an online meeting. Before the end of the month, maybe they will visit the Philippines,” he said. Sagip Party-list Rep. Rodante D. Marcoleta has claimed his “volunteers” from the US were See “US,” A
MANILA, SEOUL SEEK ‘STRATEGIC’ TIES, FTA By Malou Talosig-Bartolome @maloutalosig
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HE Philippines and South Korea are rushing the negotiations to elevate the bilateral ties into strategic partnership as both countries face increasinggeopoliticaluncertainties in the Indo-Pacific region. Foreign Affairs Secretar y Enrique Manalo and South Korean Foreign Minister Cho Tae-yul also agreed to work for the early ratification of the bilateral free trade agreement (FTA). Manalo and Cho made these commitments during Manalo’s official visit to Seoul last week. During his three-day official
visit, Manalo paid a courtesy call on South Korean Prime Minister Han Duck-soo. Manalo also visited the Joint Security Area, the only area in the Demilitarized Zone (DMZ) where North and South Korean forces stand face-to-face. “Secretary Manalo and [South Korean foreign minister] Cho acknowledged the need to fasttrack the work on the Joint Declaration on the Strategic Partnership between the Republic of the Philippines and the Republic of Korea, which would guide the future direction of the two countries’ growing relationship. It was an important highlight of Secretary Manalo’s visit,” the DFA
said in a statement. The Korean Peninsula is one of the major flashpoints in the IndoPacific region. Tension between Seoul and Pyongyang has risen as North Korea fired medium-range intercontinental ballistic missiles (ICBM) since 2022. The Philippines, on the other hand, faces maritime threats from China’s growing aggression and island-building in the South China Sea. Manalo said he and Cho agreed to finish working on the text of the Joint Declaration within this year, hopefully in time for the visit of Prime Minister Han to Manila. See “Manila,” A
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PESO EXCHANGE RATES Q US 57.3080 Q JAPAN 0.3905 Q UK 73.1193 Q HK 7.3495 Q CHINA 7.9941 Q SINGAPORE 43.2873 Q AUSTRALIA 37.6685 Q EU 62.5746 Q SAUDI ARABIA 15.2683 Source: BSP (August 12, 2024)