BATAC, Philippines: Philippine President Rodrigo Duterte Sunday hailed late dictator Ferdinand Marcos as a “hero” to many Filipinos, brushing aside a history of corruption and rights abuses under the former strongman.
Duterte is stepping up efforts to rehabilitate the image of Marcos, who was ousted in an army-back popular revolt in 1986 and died in exile, as the Marcos family and their allies prepare to hold celebrations Monday marking a hundred years since his birth.
The outspoken Duterte, who has previously hailed Marcos as the country’s best-ever president, has declared the anniversary a holiday in Marcos’ home province of Ilocos Norte where his family still wields political power.
“He was a president. To the Ilocanos, he was the greatest president. Why do we have to debate on that?” Duterte said late Saturday.
“As far as the Ilocanos (are) concerned, Marcos is a hero,” he added, calling criticisms of the former leader “hogwash” and “garbage.”
Duterte, who has himself faced accusations of major human rights abuses, is a friend of the Marcos family and has played a key role in bolstering their efforts to regain the top echelons of political power.
Marcos was accused of embezzling billions of dollars from state coffers, with anti-corruption watchdog Transparency International in 2004 naming him the second most corrupt leader of all time, behind Indonesian dictator Suharto.
The dictator also oversaw widespread human rights abuses to maintain his control of the country and enable his plundering, with thousands of people killed or tortured, previous Philippine governments said.
This culminated in a popular revolt that toppled Marcos, sending him and his family fleeing into exile in Hawaii in 1986. He died in 1989.
No member of the Marcos clan has ever gone to prison and the family has made a stunning political comeback in recent years.
They have hosted various events in Ilocos in recent days showcasing the rule of their patriarch, including a Catholic mass and an event to unveil a plaque on Sunday at the family’s ancestral home in the city of Batac.
Batac resident Lita Lampitoc, 72, summed up the adulation, saying: “We are Ilocanos so we are all for Marcos.”
Asked about the opposition to Marcos, she said: “They do not know Marcos, we know Marcos. We don’t know anything about those angry at Marcos.”
Duterte stunned the nation last November by allowing Marcos to be buried at the national “Heroes’ Cemetery” despite widespread outcry.
Philippines’ Duterte says dictator Marcos is a “hero”
Philippines’ Duterte says dictator Marcos is a “hero”
Closing Bell: Saudi main index slips to close at 11,590
RIYADH: Saudi Arabia’s Tadawul All Share Index ended lower on Wednesday, losing 145.28 points, or 1.24 percent, to close at 11,590.79.
The benchmark index saw a total trading turnover of SR6.02 billion ($1.6 billion), with 65 stocks advancing and 168 declining. The Kingdom’s parallel market, Nomu, also experienced a decline, dropping 438.11 points, or 1.43 percent, to close at 30,164.72, as 30 stocks advanced and 52 retreated. The MSCI Tadawul Index fell 22.41 points, or 1.52 percent, to finish at 1,451.98.
Tamkeen Human Resource Co. was the best performer of the day, with its share price rising 30 percent to SR65. Other notable gainers included United International Transportation Co., whose stock rose 6.54 percent to SR76.60, and Anaam International Holding Group, which saw a 5.98 percent increase to SR1.24.
On the other hand, Saudi Cable Co. recorded the biggest loss, falling 6.67 percent to SR90.90.
SHL Finance Co. also saw a decline of 4.74 percent, closing at SR16.90, while Filing and Packing Materials Manufacturing Co. dropped 4.12 percent, ending the day at SR43.
On the announcements front, Saudi Awwal Bank announced the launch of its riyal-denominated additional tier-1 sukuk offering.
The terms and amount of the sukuk will be determined at a later stage, based on market conditions. The minimum subscription is set at SR1 million, with a par value of SR1 million.
The return will also be determined later, depending on market conditions. The targeted investors are institutional and qualified clients in accordance with the Capital Market Authority’s rules. HSBC Saudi Arabia has been appointed as the sole lead manager for the sukuk issuance. The bank’s stock closed down 2.95 percent at SR32.15.
Tamkeen Human Resource Co. also released its interim financial results for the period ending Sept. 30, reporting a net profit of SR69.1 million for the first nine months of 2024. This marks a 40.7 percent increase compared to the same period in 2023.
The growth was primarily driven by a 40 percent rise in revenues, a 28 percent increase in gross profit, and a SR10.3 million rise in general and administrative expenses. Non-operating income also grew by SR10.1 million, highlighting the company’s strong financial performance and effective management of its operations and risks.
Israel-Hezbollah ceasefire holds in first hours, Lebanese civilians start to return home
- Families return to their homes in the most heavily bombed ares of Lebanon
- Lebanon’s army says it was preparing to deploy to the south of the country as part of ceasefire agreement
BEIRUT: A ceasefire between Israel and Lebanese armed group Hezbollah held on Wednesday after the two sides struck a deal brokered by the US and France, a rare feat of diplomacy in the Middle East wracked by two wars and several proxy conflicts for over a year.
The agreement ended the deadliest confrontation between Israel and the Iran-backed militant group in years but Israel is still fighting its other arch foe the Palestinian militant group Hamas in the Gaza Strip.
Lebanon’s army, tasked with ensuring the ceasefire lasts, said it was preparing to deploy to the south of the country, a region Israel heavily bombarded in its battle against Hezbollah, along with eastern cities and towns and the armed group’s stronghold in the southern suburbs of Beirut.
Cars and vans piled high with mattresses, suitcases and even furniture streamed through the heavily-bombed southern port city of Tyre, heading south. Fighting had escalated drastically over the past two months, forcing hundreds of thousands of Lebanese from their homes.
Israel’s military said on Wednesday its forces were still on Lebanese territory and urged residents of southern Lebanese villages who had been ordered to evacuate in recent months to delay returning home until further notice from the Israeli military. Israeli troops have pushed around 6 km (4 miles) into Lebanon in a series of ground incursions launched in September.
Israel said it identified Hezbollah operatives returning to areas near the border and had opened fire to prevent them from coming closer. There were no immediate signs that the incident would undermine the ceasefire.
The agreement, which promises to end a conflict across the Israeli-Lebanese border that has killed thousands of people since it was ignited by the Gaza war last year, is a major achievement for the US in the waning days of President Joe Biden’s administration.
Diplomatic efforts will now turn to shattered Gaza, where Israel has vowed to destroy Hamas, which led the Oct. 7, 2023, attacks on Israeli communities.
Israel has said its military aim in Lebanon had been to ensure the safe return of about 60,000 Israelis who fled from their communities along the northern border when Hezbollah started firing rockets at them in support of Hamas in Gaza.
In Lebanon, some cars flew national flags, others honked, and one woman could be seen flashing the victory sign with her fingers as people started to return to homes they had fled.
Many of the villages the people were likely returning to have been destroyed.
Hussam Arrout, a father of four said he was itching to return to his home.
“The Israelis haven’t withdrawn in full, they’re still on the edge. So we decided to wait until the army announces that we can go in. Then we’ll turn the cars on immediately and go to the village,” he said.
Announcing the ceasefire, Biden spoke at the White House on Tuesday shortly after Israel’s security cabinet approved the agreement in a 10-1 vote.
“This is designed to be a permanent cessation of hostilities,” Biden said. “What is left of Hezbollah and other terrorist organizations will not be allowed to threaten the security of Israel again.”
Israel will gradually withdraw its forces over 60 days as Lebanon’s army takes control of territory near its border with Israel to ensure that Hezbollah does not rebuild its infrastructure there after a costly war, Biden said.
He said his administration was also pushing for an elusive ceasefire in Gaza.
Hamas official Sami Abu Zuhri told Reuters that the group “appreciates” Lebanon’s right to reach an agreement which protects its people, and hopes for a deal to end the Gaza war.
National security adviser Jake Sullivan said the US would start its renewed push for a Gaza ceasefire on Wednesday.
But without a similar agreement yet in Gaza, many residents said they felt abandoned.
“We hope that all Arab and Western countries, and all people with merciful hearts and consciences...implement a truce here because we are tired,” said displaced Gazan Malak Abu Laila.
Egypt and Qatar, which along with the United States have tried unsuccessfully to mediate a ceasefire in Gaza, welcomed the Lebanon truce. Qatar’s foreign ministry said on Wednesday it hoped it would lead to a similar agreement to end the Gaza war.
Iran, which backs Hezbollah and Hamas as well as the Houthi rebels that have attacked Israel from Yemen, said it also welcomed the ceasefire.
Israel has dealt a series of blows to Hezbollah, notably the assassination of its veteran leader Hassan Nasrallah.
The Israeli military said on Wednesday Israeli forces fired at several vehicles with suspects to prevent them from reaching a no-go zone in Lebanese territory and the suspects moved away.
Defense Minister Israel Katz said he instructed the military to “act firmly and without compromise” should it happen again.
Hezbollah lawmaker Hassan Fadlallah said that the militant Lebanese group would retain the right to defend itself if Israel attacked.
The ceasefire would give the Israeli army an opportunity to rest and replenish supplies, and isolate Hamas, said Prime Minister Benjamin Netanyahu.
“We have pushed them (Hezbollah) decades back. We eliminated Nasrallah, the axis of the axis. We have taken out the organization’s top leadership, we have destroyed most of their rockets and missiles,” he said.
Culture Ministry selects 20 research proposals for camel studies grant
- Grant targets researchers interested in camel-related studies, with a focus on boosting cultural research output
- Out of 405 applications from 15 countries, the ministry chose 20 research proposals that met the necessary criteria
RIYADH: Saudi Arabia’s Ministry of Culture has completed the assessment and selection process for the camel studies grant, introduced last June in collaboration with the Ministry of Environment, Water and Agriculture, as well as King Faisal University.
This grant targets researchers interested in camel-related studies, with a focus on boosting cultural research output in areas connected to cultural, social and economic aspects through scientific exploration across diverse specialized fields within the camel sector.
Out of 405 applications from 15 countries, the ministry chose 20 research proposals that met the necessary criteria, the Saudi Press Agency reported on Wednesday.
The selected researchers will receive financial and scientific assistance throughout their work, which will lead to the publication of scientific papers.
The grant is part of activities carried out under the “2024, The Year of the Camel” initiative, which coincides with the UN General Assembly declaring 2024 as the International Year of Camelids.
The grant aims to encourage the study of the camel as a cultural symbol of Saudi Arabia, preserve national cultural heritage, highlight the intangible heritage linked to camels in Saudi Arabia, strengthen national identity, and promote Saudi culture internationally.
The grant covers six key areas: Historical, cultural, social, economic, environmental, and health dimensions. The objective is to examine relevant subjects with modern concepts, theories and methodologies.
The historical dimension includes studies comparing the importance of camels across civilizations, analyzing camel-related traditions, and exploring methods to preserve this heritage.
The cultural dimension focuses on the artistic and literary representation of camels in Arabic and Saudi literature, children’s books and various artistic media, including visual arts, cinema, engravings and sculptures.
The social dimension explores the role of camels in Arab and Islamic societies, including their social impact, traditions linked to ownership, and the influence of camel events on local and global communities.
The economic dimension examines the financial contributions of camels, including the use of camel wool and leather in fashion and furniture, the sustainability of camel products, and the financial impact of camel festivals.
The environmental dimension covers research on sustainable grazing practices, carbon emissions and camels’ role in maintaining ecological balance in arid regions.
The health dimension focuses on the medical applications of camel products, technologies for measuring camel meat quality, and the preservation of camel breeds through genetic mapping.
Saudi Arabia looks to non-oil growth for a stronger, more stable future
RIYADH: Saudi Arabia is focused on achieving high-quality growth through sustainable non-oil activities, aiming to boost private sector dynamism and productivity, while ensuring continued economic progress that goes beyond short-term expenditures, a minister stated.
Speaking during a panel discussion at the Budget Forum 2025 in Riyadh, Minister of Economy and Planning Faisal Al-Ibrahim highlighted that Saudi Arabia's growth rate has consistently ranged from 4 percent to 6 percent in recent years and is expected to continue at a similar pace in the years ahead.
“We aspire for more than just numbers. We also aim for high-quality growth — growth that is based on sustainable non-oil activities, not dependent on temporary expenditures that stop when the spending stops,” Al-Ibrahim said.
He further added: “The growth we expect for non-oil activities by the end of this year is approximately 3.9 percent, and for next year, it is projected to be 4.8 percent. These figures will be adjusted as estimates improve.”
Saudi Finance Minister Mohammed Al-Jadaan also emphasized that Vision 2030 is focused on establishing stable, sustainable public finances by reducing reliance on volatile revenue sources like oil.
“This is to guarantee the sustainability of funding for sectors that require a long-term horizon to achieve stability,” he said.
Al-Jadaan continued: “The difference between then and now is that spending is now sustainable and continuous because we have diversified the economy, diversified income sources, and utilized major fiscal policies.”
Al-Ibrahim stressed the importance of economic diversification in Saudi Arabia, pointing to tourism as a key example. He explained that without the deliberate focus on expanding the tourism sector and related industries, the country’s economic performance today would be significantly weaker.
“The growth we’re seeing in other sectors would not have compensated for the global changes affecting traditional sectors we used to rely on, such as the voluntary oil production cuts,” Al-Ibrahim said.
He added: “The role of tourism in the economy’s composition today is a testament to the strength and value of economic diversification.”
The minister also discussed the prioritization of economic transformation, with diversification at the top of the agenda.
“However, we’ve highlighted two key sectors: tourism and industry, along with their sub-sectors. Tourism helps us achieve rapid diversification and creates swift job opportunities. It also establishes a soft infrastructure for long-term investments, ideas, visitors, and industries,” Al-Ibrahim explained.
Al-Ibrahim emphasized that Saudi Arabia views the defense sector as a strategic priority and will continue investing in it for both national security and economic reasons.
“We have spent on defense and will continue to invest in it for several reasons, and its returns are strategic. Local content in the sector was at 4 percent, and today it has reached approximately 13 percent to 20 percent, with a target of 50 percent by 2030,” the minister said.
This focus on local content will prioritize complexity, as “many countries are now reinvesting in military sectors to meet strategic needs,” and the Kingdom is part of this global trend, focusing on peaceful objectives and long-term economic returns.
Al-Jadaan further explained that sustainable economic growth in Saudi Arabia heavily relies on maintaining stable and responsible public finances. To achieve consistent economic growth, the government must manage its financial resources effectively and direct them toward sectors that drive economic development and diversification, such as non-oil industries.
“Enabling public finance to support economic diversification is crucial. If public finance fails to allocate resources to the targeted sectors, or if it lacks commitment and consistency, the efforts may falter,” Al-Jadaan said.
He continued: “Fiscal policies consist of two components: government spending and the tax burden on the economy. These two policies are used to control and support the economy.”
Al-Jadaan acknowledged the importance of the structural reforms introduced at the start of Vision 2030, recognizing the challenges involved.
“Some of these reforms were considered painful,” he said, referring to difficult decisions such as reducing subsidies, introducing taxes like the value-added tax and excise tax, and imposing specific fees.
“These measures could have caused significant shocks in other economies, but the Saudi economy managed to overcome them,” he noted.
Al-Jadaan clarified that these reforms were not about imposing taxes and fees for their own sake, but about ensuring public finances could sustainably support the economy.
Reflecting on Saudi Arabia’s economic history, Al-Jadaan acknowledged that during the decades when oil dominated the economy, the country experienced rapid growth.
“The past 40-50 years were not wasted; we built a very strong infrastructure. However, this growth was not sustainable,” he said.
He explained that in the past, spending would rise and projects would be launched during periods of high oil revenue, but spending would stop, and projects would face delays when revenues fell.
Al-Jadaan also highlighted the evolution of Saudi Arabia’s fiscal policies. “We did not previously use debt instruments as we do today. Now, we use them to balance revenues and ensure continuous and sustainable expenditures. This allows for proper planning—not just for government entities and targeted sectors, but also for the private sector,” he said.
The shift toward sustainable spending has had significant benefits, Al-Jadaan emphasized, including improved services for citizens across various sectors such as health, education, and transportation.
“Sustainable spending supports a sustainable economy, which translates into better services for our citizens,” he said.
Shoura Council, EU officials discuss strengthening ties
RIYADH: Saudi Arabia’s Shoura Council Vice Speaker Mishaal Al-Sulami met in Riyadh with an EU Political and Security Committee delegation, led by its chair Delphine Pronk, the Saudi Press Agency reported on Wednesday.
The delegation included ambassadors from the 27 EU member states, the EU Special Representative for the Gulf Luigi Di Maio, and the EU Ambassador to the Kingdom Christophe Farnaud.
Al-Sulami highlighted the Shoura Council’s oversight and legislative roles and emphasized the importance of parliamentary diplomacy in strengthening cooperation.
The delegates praised the Kingdom’s significant developments and the ambitious Saudi Vision 2030, SPA reported.
The talks addressed the strong relations between Saudi Arabia and the EU, ways to enhance collaboration between the Shoura Council and the European Parliament, and other topics of mutual interest.
Earlier, the EU delegation visited the Global Center for Combating Extremist Ideology in Riyadh, where they discussed ways to counter extremism.
The delegation also visited the Gulf Cooperation Council headquarters in Riyadh, where they discussed joint efforts to tackle global challenges.
