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Saturday, August 24, 2024 Vol. 19 No. 312
P25.00 nationwide | 12 pages | 7 DAYS A WEEK
AS IT KEEPS CREDIT RATING How to live one life and benefit all
Jayanti Kirpalani of Brahma Kumaris, proponent of peace, speaks in free public programs about a brighter future
ANDRII YALANSKYI | DREAMSTIME.COM
JAYANTI KIRPALANI of the Brahma Kumaris: “Change is not about external solutions only; it has to be a change of hearts and awareness.”
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By Cai U. Ordinario
F the Philippines wants to see an upgrade in its credit ratings, the country must make greater headway in addressing its pandemic-related debts and register fast and sustained economic growth, according to Moody’s Ratings. On Friday, Moody’s Ratings affirmed the country’s investmentgrade credit rating of “Baa2” with a “stable” outlook. The Bangko Sentral ng Pilipinas (BSP) said maintaining the Baa2 rating is a recognition of the country’s economic reforms and fiscal consolidation efforts. “Upward pressure on the rating would develop if there are signs of a more rapid reversal of the deterioration in fiscal and government debt metrics stemming from the pandemic shock accompanied by a sustained pickup in economic growth, in a context of broad macroeconomic and financial stability. Such improvements would further bolster our assessments of macroeconomic and fiscal policy effectiveness,” Moody’s Ratings said. Moody’s Ratings pointed out, however, that the country’s ratings could be downgraded if there is a greater deterioration of its debt
metrics or the erosion of the country’s liquidity conditions, among others. “The reversal of reforms that have supported prior gains in economic and fiscal strength, as well as a substantial deterioration in institutions and governance strength, with signs of erosion in the quality of legislative and executive institutions, would also be credit negative,” Moody’s Ratings said.
Outlook on Sukuk Trust, BSP
THE credit watcher also affirmed the government’s foreign currency senior unsecured shelf rating at (P) Baa2, ROP Sukuk Trust’s backed senior unsecured rating at Baa2 and the senior unsecured ratings for the country’s central bank, BSP at Baa2. Moody’s believes that the credit quality of the Philippines’s Central Bank is closely aligned
BSP Governor Eli M. Remolona Jr.: “The BSP welcomes Moody’s affirmation of the country’s investment-grade rating, even as we work with the government to improve the country’s ratings.”
with that of the government. The outlook on ROP Sukuk Trust and BSP is stable. The Philippines’s local and foreign currency country ceilings are unchanged at A1 and A2, respectively. The local currency ceiling, four notches above the rating, reflects a small government footprint in the economy, moderate political risks and limited external imbalances. “The foreign currency ceiling, one notch below the local currency ceiling, primarily reflects potential constraints to capital account openness, despite limited evidence of transfer and convertibility risks given ample reserves and low external debt relative to peers,” Moody’s Ratings said. In its brief, Moody’s Ratings said the country’s sovereign credit ratings were maintained due to fis-
FINANCE Secretary Ralph G. Recto: “With our growth-enhancing fiscal consolidation plan in place, we ensure that we have adequate fiscal space to invest in infrastructure, education, human capital development, and social protection programs.”
cal consolidation to pare down the country’s debts from the pandemic. However, Moody’s Ratings also kept the country’s investment grade rating due to the rising cost of debt, weakness in the Philippine peso, geopolitical risks, and the country’s vulnerability to climate change. Moody’s Ratings expects debt affordability to weaken over the next two years; this, despite BSP’s recent decision to cut its policy rate to 6.25 percent on August 15. It noted that government funding costs remained elevated and the weaker Philippine peso will continue to drive the interest burden higher. Moody’s said interest payments will edge up to around 13 percent of general government
By Emmie G. Velarde
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ISITING meditation teacher Jayanti Kirpalani sees herself as “an instrument to clarify the teachings of the East and bring them to the West.” She says, matter-of-factly, “I think it was a Divine plan. There’s a plan for each one of us.” She never strayed from the path laid out in the plan with her name on it. Born in India, she was 8 when her family moved to London in 1957. Today she is one of the top three administrators of Brahma Kumaris, the world’s largest spiritual organization/university led by women, with a network of 4,500 centers in 110 countries. Over a million students of the university worldwide—men and women of all ages and ethnicities—look up to “Sister Jayanti,” although she is under five feet tall and is slight of build, almost fragile-looking. That is not nearly the most mystifying thing about her. This is: She spends a portion of every year at the main campus and headquarters in Mount Abu, Rajasthan, India, but is otherwise based in London at the Global Co-operation House, which is the BK international coordinating office. In her case, “based in” is not to be confused with “stay put.” She also directs the organization’s activities in the Middle East and around Europe. Merely catching glimpses of Sister Jayanti at work in the main campus can be very instructive. Every day is an exercise in purposeful time management. Every minute is accounted for, and there’s nary a fuss, although smiles are exchanged all around, often in silence. The best part is that all the work gets done. She explains: “I [am propelled by] values that I hold very dear— peace, love, truth, joy and purity. These are values that we all understand and wish to adopt in our lives… not just in an abstract way but in very real ways that bring about real change. If even a powerful minority follows these basic, fundamental spiritual laws, we can transform the world into a better place and light will return to the world.”
First a teacher
FIRST and foremost, she is a teacher. As such she has authored a wide collection of books about spirituality in daily life, and about Raja Yoga Meditation, centerpiece of Brahma Kumaris principles and practices. She has also recorded an extensive archive of meditation commentaries that have been used worldwide for many years now. There’s no way she is taking all the credit: “Spirituality gives you a very clear picture and a guideline of what you can do for yourself Continued on A2
Continued on A2
PHL set to host Sept gab on disaster risk reduction in Aspac By Jonathan L. Mayuga
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S the Philippines gears up for the country’s hosting of the 2024 Asia-Pacific Ministerial Conference on Disaster Risk Reduction 2024 (APMCDRR) next month, Environment Secretary Maria Antonia YuloLoyzaga underscored the need for the Philippines and other AsiaPacific countries to play catchup to hit their respective goals of achieving the 2030 ambitions of
the Sendai Framework for Disaster Risk Reduction. At a press conference highlighting the APMCDRR 2024 to be hosted by the Philippines from October 14 to 18, the chief steward of the country’s environment and natural resources—and chairper-
son of the 2024 APMCDRR—said the country will prioritize activities across several thematic areas to better understand the risks and hazards, and their complexities. “As a country that chooses to develop economically, socially, and the management of our ecosys-
tem, these cannot be separated. These must be inextricably linked in order for us to define the range of risks,” she said. To better understand risks, “We must take into consideration natural, technological, and indusContinued on A2
SM SUPERMALLS CELEBRATES DOUBLE VICTORY AT 2024 HR ASIA AWARDS
A double win for SM Supermalls at the prestigious 2024 HR Asia Awards, recognized for the 2nd consecutive year as one of the “Best Companies to Work For” and one of “Asia’s Most Caring Companies.” These awards are a testament to the hard work and passion of the entire workforce of SM Supermalls represented by the SM Supermalls team (from left): Hanna Carinna Sy, Assistant Vice President for Special Events and Tenant Marketing; Cheryll Ruth Agsaoay, Senior Vice President for Human Resources; and Joaquin San Agustin, Executive Vice President for Marketing. SM SUPERMALLS
PESO EXCHANGE RATES n US 56.4480 n JAPAN 0.3888 n UK 73.9130 n HK 7.2431 n CHINA 7.9169 n SINGAPORE 43.2452 n AUSTRALIA 38.0572 n EU 62.9395 n KOREA 0.0423 n SAUDI ARABIA 15.0456 Source: BSP (August 23, 2024)