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The World Tonight Livestream | Full Episode Replay | June 8, 2023
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00:00.0
In the Philippine province of Albay, residents near the volcano have been told to evacuate.
00:06.0
The Philippine court handling the drug case of former Senator Laila de Lima ordered to resolve the case within nine months.
00:16.0
A rift widens between Philippine Vice President Sala Duterte and House Speaker Martin Romualdez.
00:23.0
And U.S. presidential hopeful Mike Pence lashes out at former President Trump for his role in the deadly 2021 Capitol riots.
00:32.0
Good evening, I'm Tony Velasquez. And I'm Pia Guterres.
00:52.0
On our broadcast tonight, Philippine authorities on alert for the possible eruption of two volcanoes.
00:58.0
We begin with the Mayon volcano in Albay province.
01:01.0
Volcanologists are urging nearby communities to evacuate as Mayon shows signs of an impending hazardous eruption.
01:08.0
Irene Perol has tonight's top story.
01:16.0
Bayan patroller Miriam Binlayo Boholano witnessed thick smoke coming from the crater of Mayon early Thursday morning.
01:24.0
This video was taken from their house in Barangay San Roque in Malilipot, Albay.
01:31.0
On the same day, the Philippine Institute of Volcanology and Seismology raised Mayon's alert status to Level 3
01:38.0
after consecutively recording rockfall events and pre-volcanic earthquake for the past few days.
01:44.0
From June 5 to June 8, PHIVOCS recorded a total of 267 rockfall events, which usually indicate an eruption is imminent.
01:53.0
Pyroclastic density currents were also recorded in Bunga, Gali, located in the southeast and Basud, Gali, in the eastern part of the volcano.
02:23.0
Alert Level 3 means the volcano is at the critical stage and that magma is close to the crater or its mouth.
02:54.0
Because of this, PHIVOCS has recommended the immediate evacuation for those inside the 6-kilometer permanent danger zone.
03:02.0
Residents living within the 7- to 8-kilometer extended danger zone should also be prepared to evacuate.
03:09.0
Albay's cluster team conducted an emergency meeting Thursday to discuss a possible evacuation.
03:16.0
Approximately 2,400 families, or around 10,000 individuals, will be forced to evacuate starting Friday morning.
03:24.0
All government agencies are now on alert as the evacuation preparation is estimated to take up to two days.
03:31.0
Right now, any area inside the 7-kilometer permanent danger zone should be evacuated.
03:40.0
But right now, the preferred direction of the volcanic materials, where they are going, is to the south and southeast of the volcano.
03:49.0
So the barangay, the upper slopes of the volcano, should be evacuated.
03:59.0
Authorities say no people should be inside the 6-kilometer permanent danger zone beginning tomorrow since the volcano's alert level could be raised further.
04:09.0
In the meantime, the provincial government of Albay has allocated Php 30 million in aid for the evacuation.
04:18.0
The agency says it has 52,000 relief packs on hand and an additional 50,000 food packs are expected to arrive to 52,000 families.
04:28.0
The agency says it has 52,000 relief packs on hand and an additional 50,000 food packs are expected to arrive to 52,000 families.
04:39.0
The agency says it has 52,000 relief packs on hand and an additional 50,000 food packs are expected to arrive to 52,000 families.
04:48.0
Aileen Perol, ABS-CBN News, Albay.
04:53.0
The Philippine province of Batangas joins a nationwide earthquake drill while it prepares for a possible eruption of Taal Volcano.
05:02.0
The details from Dennis Datu.
05:08.0
This is a mass disaster scenario as part of the nationwide earthquake drill.
05:14.0
Emergency responders and other participants were told that a magnitude 8.2 earthquake hit the town of Laurel, Batangas and caused severe damage.
05:24.0
Some people are trapped inside buildings and fire has broken out.
05:28.0
Authorities showed how they will respond to this kind of catastrophe.
05:32.0
The office of the Civil Defense in Calabasan said while the drills were meant for earthquake preparedness,
05:38.0
the actions and protocols of participating government agencies will be relevant in dealing with a worst-case scenario concerning the Taal Volcano.
05:47.0
In the past few days, the Taal Volcano has been continuously showing abnormal activity.
05:52.0
It has been releasing tons of volcanic smog or fog which is posing a health hazard to nearby communities.
05:59.0
Mag-iiba lang po siguro dahil yung paggamit ng maso, evacuation site at the same time.
06:03.0
Pero kung maita nyo po yung pagtaas ng alerto mula ng munisipyo, pag-activate ng kanilang contingency plan,
06:09.0
kita natin yung si mayor nag-activate yung base sa worst-case scenario.
06:14.0
Ganun din po yung mangyayari kapag nagkaroon ng pagputok ang Taal Volcano.
06:18.0
Among those who are preparing for possible evacuation is Maricar Maso who is four months pregnant and asthmatic.
06:25.0
Meron po kaming mga naka-embark na pagkain.
06:28.0
Dahil pag naranasan po namin na nag-evacuate po kami sambeses, wala po talaga kaming makain kasi wala po talaga kaming dala.
06:35.0
Ngayon, ang ginagawa po namin, naka-embark po kami mga isang kilo ng bigas, dilata, mga noodles.
06:42.0
According to Batangas PDRRMO, even though there's no recommendation to relocate yet under Alert Level 1,
06:49.0
they are worried about the health risks brought by exposure to the vag,
06:53.0
which is why the Provincial Disaster Office is studying the merits of a pre-emptive evacuation.
07:00.0
Kinukuha po natin ang tala ng mga nagkasakit sa vaga, ng mga nagre-reklamo,
07:05.0
at siguro naman po ay pag nakuha natin ang total, na yan ay makikipag-usap na po tayo sa PHO,
07:12.0
at saka po sa PSWDO, sa mga concerned, at baka po magka-meron tayo ng paglikas.
07:19.0
Pwede naman po natin silang ilikas kung gusto po nila.
07:22.0
Kaya lang po alam po natin, yung mga nando doon, ang akinabubuhay po nila ay nasa lawa.
07:28.0
So, after po na sila po ay ating kausapit through our MDRRMO, ay pinipili po nilang manatili doon.
07:38.0
Batangas disaster officials have toured the towns of Talisay, Laurel, Agoncillo, and San Nicolas
07:43.0
to assess the effects of VAG.
07:45.0
They also distributed about 10,000 N95 face masks.
07:49.0
The OCD Kalimbar Zone also says it is reviewing their contingency plans in case the Al Volcano erupts again.
07:56.0
Bibisitahin din natin yung Lagunan Cavite kung paano naman natin matutulungan yung sa Batangas.
08:03.0
Tatulad doon ang nangyari nung huling pagpotok na naging apektado dahil marami rin napunta sa Cavite, Laguna.
08:09.0
Sisiguraduhin natin na handa rin at mabibigyan natin ng augmentation kung kinakailangan.
08:15.0
Around 80 police personnel are also on standby for quick deployment to Batangas if the situation worsens.
08:21.0
Maaga yung preparations natin so that worse situation worse, mabilis yung response ng ating kapulisan.
08:31.0
We are more than ready dahil may mga experience na kami before, yung Bulusan, Mount Mayon.
08:39.0
Batangas residents, particularly those near Taal Volcano, are reminded to stay alert and constantly monitor the news and announcements of local officials.
08:48.0
Dennis Datu, ABS-CBN News, Laurel, Batangas.
08:53.0
Lawyers for detained former Philippine Senator Laila de Lima will appeal a court decision that denied her bail petition.
09:01.0
De Lima says she's seeking vindication, not mercy. Robert Mano tells us more.
09:09.0
Disappointed but will not lose hope.
09:11.0
That was the reaction of former Senator Laila de Lima following the dismissal of her plea for temporary release
09:18.0
by Montilupa RTC Branch 256 while her drug case is being heard.
09:23.0
Early Thursday, de Lima met with her legal counsel to discuss their next course of action.
09:29.0
She also issued a statement read by her legal counsel.
09:32.0
The court's denial of my bail application is most unfortunate.
09:37.0
My lawyers will be filing a motion for reconsideration to raise the issue on the credibility of the inmate witnesses and their testimonies anew.
09:47.0
With the hope that the judge is not yet closed to the perspective that their word, uncorrupted as they are, by more acceptable evidence, is utterly unreliable and therefore completely not credible and unworthy of belief.
10:05.0
De Lima's camp can file a motion for reconsideration until Tuesday next week.
10:10.0
We are preparing a motion for reconsideration with the hope that the judge will be able to see the wisdom of our arguments on why Senator Laila and the rest of the accused should be given temporary liberty pending the hearing of this case.
10:31.0
Despite the dismissal of the petition, the defense has no intention of following the suggestion of Justice Secretary Jesus Crispin Trimulia to include De Lima's health and age as grounds in their petition.
10:43.0
According to Senator Laila, she is seeking vindication and she is not seeking mercy.
10:51.0
She knows that she is innocent and she believes that soon the time will come when truth and justice will prevail.
10:59.0
The hearing on June 19 will proceed wherein three inmates will testify for the first time on the witness stand.
11:06.0
The Office of the Court Administrator has given Montilupa RTC Branch 256 a maximum of nine months to decide on De Lima's case.
11:15.0
Meanwhile, according to De Lima's spokesperson, the ongoing case and her continued detention are attempts to silence her on various issues.
11:25.0
We are not completely surprised because the context of this case right from the very start is the political persecution of Laila De Lima so that she will be silenced.
11:34.0
She will not be out to actually secure justice or to talk about the drug war and to fight for human rights.
11:43.0
So this is actually a continuous attempt to silence Laila De Lima.
11:48.0
Opposition Senator Risa Ontiveros was also disappointed by the court's decision.
11:53.0
Many of these false witnesses have already recanted their accusations against Laila.
11:59.0
So why is her case still caught in the incredible lies and deception woven by these drug lords?
12:07.0
Several human rights groups are also dismayed because they believe that De Lima's drug case was fabricated and the witnesses lack credibility.
12:16.0
Robert Mano, ABS-CBN News.
12:19.0
A rift between the Philippine Vice President and the House Speaker appears to be widening further.
12:26.0
Recent veiled remarks by Vice President Sara Duterte seem to express her disenchantment with Speaker Martin Romualdez.
12:34.0
This story from RJ Cruz.
12:38.0
Talks of a coup at the House of Representatives had started to simmer down by the time that 19th Congress adjourned Sinedye last May 31.
12:47.0
But the apparent peace was shattered again less than a week later with the latest remark of Vice President Sara Duterte during an event of her office.
12:55.0
On Monday, Duterte reaffirmed in her speech at the Pasidungog, a tribute to the OVP's partners and supporters in Pasay City, her love and friendship with President Ferdinand Marcos Jr.
13:06.0
But not before a remark that caught the attention of the supporters of the President's cousin, Speaker Martin Romualdez.
13:12.0
Before anything else, I would like to acknowledge the all-out support of President Ferdinand Marcos Jr. to the office of the Vice President.
13:27.0
Hindi ko nabanggitin ang middle initial niya.
13:38.0
Two days later, Cavite Rep. Elpidio Barzaga would begin what would eventually be a series of pro-Romualdez press statements by six congressmen.
13:46.0
But while Reps. Elrey Villafuerte, Johnny Pimentel, and House Majority Leader Manuel Jose Dalipe would skip any direct reference to Duterte
13:54.0
and stick to extolling Romualdez's achievements as Speaker while calling for an end to political bickering,
13:59.0
Barzaga pointedly claimed in his press release that Romualdez has a role in Duterte's vice presidency.
14:05.0
Barzaga's press release, which referred to him as a former president of the National Unity Party,
14:10.0
pointed out that Romualdez tremendously helped in pushing for the vice presidential candidacy of Duterte, who was eventually recruited to join La Casa.
14:18.0
It also said that Romualdez became close to the vice president because he was among those who convinced her to run for the post under the Uniteam ticket,
14:26.0
which was headed by his cousin, who is now the president.
14:29.0
That was after Barzaga pointedly referenced Duterte's remark at her speech last Monday,
14:33.0
where she mentioned she will no longer mention the president's middle initial, R, meaning Romualdez,
14:39.0
and name the president and the speaker's share as they are first cousins.
14:42.0
But by the end of the day on Wednesday, Duterte would fire back, especially at Barzaga.
14:46.0
Duterte came out to say that the speaker had no role in her decision to run for vice president,
14:51.0
calling the claim that Romualdez tremendously pushed for her candidacy acutely inaccurate and an insult to her supporters.
14:58.0
The VP also revealed that it was Senator Amy Marcos and eventually the president himself who were in discussions with her to be the president's running mate.
15:06.0
Netizens meantime dug up Duterte's speech back in June 2022, where she thanked Romualdez for his efforts as her campaign manager.
15:16.0
I would like to publicly thank Congressman Martin Romualdez for taking me in, in Lakas CMD,
15:25.0
and accepting the challenge to be my campaign, one of my two campaign managers during the last election.
15:34.0
It was not without irritations and challenges, but you did very well.
15:44.0
In her statement Wednesday, Duterte would go on to score the behavior of what she called sycophants in recent political developments,
15:51.0
as she also maintained her support for the president.
15:53.0
On Thursday, Santa Rosa Representative Dan Fernandez opted for a softer approach to Duterte, appealing to her for unity,
16:00.0
while Dalipe and Pimentel would reiterate calls to end the bickering while extolling Romualdez with no reference to Duterte.
16:06.0
For his part, Senior Deputy Speaker Aurelio Don Gonzalez stuck to praising Romualdez.
16:11.0
Through it all, Romualdez has kept quiet. In his own press release on Thursday, Romualdez's office would only talk about how he welcomed the latest World Bank forecast,
16:20.0
indicating the Philippine economy is poised to expand faster than expected this year,
16:24.0
before talking about how he intends to remain focused on his work and discussing his achievements as Speaker.
16:30.0
RG Cruz, ABS-CBN News.
16:32.0
Philippine President Marcos Jr. denies he's pushing away China while he's boosting ties with other countries.
16:42.0
Marcos spoke at an event hosted by a group that aims to promote better Philippine-China relations.
16:48.0
The president insists these relations remain fundamentally unchanged, despite recent maritime tensions between the two countries.
16:56.0
He notes Beijing has agreed to establish communication lines with Manila to tackle their disputes in the West Philippine Sea.
17:26.0
Marcos Jr.'s remarks followed his earlier statement declaring his administration's neutral foreign policy.
17:37.0
He reminded newly appointed envoys on Wednesday they should not subscribe to any notion of a bipolar world.
17:44.0
He told the ambassadors they should only side with the Philippines and not with the US, China or Russia.
17:52.0
Philippine Defense Chief Gilbert Teodoro says China needs to earn the trust of Filipinos.
17:58.0
He says China has an obligation to be magnanimous and show it can be trusted since it is the stronger country.
18:06.0
Teodoro believes this can be done if China recognizes international laws, particularly the United Nations Convention on the Law of the Sea.
18:16.0
As a stronger country, it has the bigger obligation to be magnanimous and show trust.
18:22.0
And to earn the trust of the Filipino people by conforming its activities to recognize norms of international law, which in our case is UNCLOS.
18:36.0
We're talking about the arbitral award. It has already been stated by our two past presidents that our rights and our territory are defined by UNCLOS.
18:47.0
And it has been stated too that this cannot be frittered away or bargained away by passages of administration or passage of time.
18:58.0
A Philippine Coast Guard spokesperson recently spoke at a defense forum in Singapore to question the disconnect between Beijing's words and its aggressive actions in the West Philippine Sea.
19:13.0
Philippine Defense Secretary Gilbert Teodoro rejects any revival of a security accord that one of his predecessors scrapped with the University of the Philippines.
19:23.0
He says the 2021 decision of then-Defense Chief Delfin Lorenzada was justified.
19:29.0
The agreement had prohibited any police and military presence in the UP campus except during special circumstances.
19:36.0
But Teodoro assured that the state university's autonomy will always be respected by the government.
19:43.0
Nagawa na ng aking predecessor yan for a valid reason. And I don't see any reason na buhayin uli ang issue na yan.
19:51.0
Tutal di rerespeto naman natin kahit walang kasulatan ang autonomy ng UP.
19:57.0
Bilang alumni ng UP, ako na mismo ay very very cautious and mindful na ito'y sa kanyang independence.
20:11.0
But I do not see any reason to declare any place in the Philippines a sacred territory for any crime.
20:18.0
Suspended Philippine lawmaker Arnulfo Tevez Jr. urges President Marcos Jr. to fire his justice secretary.
20:27.0
Tevez said Jesus Crispin Remullia should be sacked if his recent claims are proven to be false.
20:34.0
Remullia claimed last week that Tevez joined a group of 13 people who traveled to Timor-Leste on a private jet.
20:42.0
Tevez denies this. The suspended congressman also calls for a probe into alleged attempts to bribe witnesses
20:49.0
to the murder of Negros Oriental Governor Roel Digamo in which Tevez is alleged to be the mastermind.
20:59.0
Ngayon ang panahon na i-assess ni BBM ang integridad ng tao niya.
21:08.0
Kung hindi masagot ni Boyeng Remullia ang aking pinaka-importanting dalawang tanong, sa tingin ko dapat sibakina siya ni BBM.
21:22.0
Ibabalik ko ang aking tanong, paano nagkasha ang 13 na tao sa isang 9-seater na aeroplane?
21:35.0
Paano nagkasha ang 6 na tao sa isang 5-seater na helicopter?
21:46.0
Dahil kung hindi nila masagot yun, then sinungaling yung pronouncement nila ngayon.
21:58.0
Remullia dismissed the lawmakers there and urged him to face the accusations against him instead.
22:08.0
I don't have to prove anything here. Siya yung kailangan niya i-prove na kaya niya humarap sa charges.
22:15.0
Umuwi na na siya. Doon siya magpaliwanag sa Korte. Sa DOJ. Wag sakin dito.
22:20.0
Philippine Health Secretary Ted Herbosa borrows a page from President Marcos Jr. and appeals for unity in the Health Department.
22:31.0
He made a call for cooperation as he offered an apology for his previous hurtful comments.
22:41.0
Philippine Health Secretary Ted Herbosa made the rounds and visited employees of the agency.
22:47.0
He also joined Thursday's earthquake grill and attended mass on his second day at the DOH headquarters.
22:54.0
Speaking on ANC Head Start, Herbosa apologized for the hurt caused by his previous statements, including a tweet about protesting healthcare workers.
23:03.0
I'm a Taurus. I'm passionate. I get mad immediately. I say things out of my emotion.
23:09.0
And my past history, you know that. I've gotten into trouble because of that persona.
23:14.0
And I apologize if I hurt people because of the things I say or tweet.
23:18.0
But I think now I have to be careful. Suddenly, that came to me that I have to control my persona.
23:25.0
Herbosa also appealed for unity and said that his office is open to all, including the opposition.
23:31.0
According to Herbosa, one of his main goals is to make universal healthcare a reality.
23:37.0
This president has called for unity. And I think, Karen, the best place to have unity is in healthcare.
23:43.0
I'm calling all the campings and the opposition. This is healthcare. This is the health of our fathers, our mothers, our grandparents, our children.
23:52.0
Herbosa also vows to improve access to medicines and quality healthcare for the poor and the marginalized,
23:58.0
digitize processes in the agency for efficiency, and ensure that health workers receive their due benefits.
24:06.0
I really want to fulfill that promise. That's a promise I made when I stepped in.
24:10.0
I'm going to do my best to actually make sure that DBM provides that.
24:15.0
To fill thousands of nursing positions in government, Herbosa wants to look into the possibility of hiring nursing graduates who have not yet received their licenses.
24:25.0
We have several nurses that don't pass the board examinations and doesn't have a license.
24:30.0
In government, you cannot work without a license. But I'm willing to take them if they have a diploma.
24:35.0
I have 4,500 unfilled nursing positions.
24:40.0
He is open to speak to lawmakers if the law needs to be amended.
24:44.0
Who will oppose that? I can provide nurses now to your constituents because they are graduates. Why can't we take care of people who are sick?
24:53.0
For Filipino Nurses United, it is better to prioritize registered but unemployed nurses.
24:59.0
The group is open to discuss with the new health secretary.
25:02.0
I hope that we can discuss with her how she will do that.
25:08.0
Because we have been hearing about it for a long time from the Department of Health.
25:13.0
So how will the concrete steps be done?
25:17.0
The Alliance of Health Workers for its part challenged Herbosa to follow through on the agency's promises.
25:22.0
Because we are tired of having protest rallies every time.
25:28.0
And the DOH officials are asking for a dialogue. But it's repetitive and nothing changes.
25:38.0
In the meantime, Herbosa says he is appointing Undersecretary Maria Rosario Vergere as chief of undersecretaries overseeing the agency's operations in the regions.
25:50.0
While Undersecretary Eric Tayag will be named chief information officer who will also help in the digitalization of the agency.
25:58.0
Willard Cheng, ABS-CBN News.
26:02.0
Debris suspected to be part of a Chinese rocket is recovered in the waters near the Philippine province of Bataan.
26:10.0
The Philippine Coast Guard says the wreckage resembles the top section of China's Tianzhu rocket.
26:16.0
The debris is now in the safekeeping of the Coast Guard in Limay, Bataan.
26:21.0
China launched its Long March 7 rocket on May 10 in Hainan province.
26:26.0
The Philippine Space Agency had warned rocket debris might fall into the waters near Zambales province.
26:35.0
Up next, former U.S. Vice President Mike Pence launches his White House campaign by denouncing his former boss Donald Trump.
26:43.0
More stories when The World Tonight returns.
26:47.0
Up next, former U.S. Vice President Mike Pence launches his White House campaign by denouncing his former boss Donald Trump.
26:53.0
More stories when The World Tonight returns.
26:57.0
Up next, former U.S. Vice President Mike Pence launches his White House campaign by denouncing his former boss Donald Trump.
27:08.0
We're back on The World Tonight.
27:09.0
U.S. Presidential vet Mike Pence lashes out at his former boss Donald Trump for his role in the January 2021 attack on the U.S. Capitol.
27:18.0
Pence spoke in Iowa at the launch of his presidential bid.
27:22.0
The former vice president had rejected Trump's orders to stop the certification of Joe Biden's victory in the 2020 election.
27:29.0
Pence said he had no constitutional authority to meddle with the election results.
27:36.0
I believe that anyone who puts themselves over the Constitution should never be President of the United States.
27:42.0
And anyone who asks someone else to put them over the Constitution should never be President of the United States again.
27:53.0
Pence and Trump could be headed to a potential face-off for the Republican presidential nomination.
28:01.0
Ukrainian President Volodymyr Zelensky visits the southern region of Kherson on Thursday, which is flooded after a dam breach.
28:09.0
He met with local officials to discuss emergency and evacuation operations.
28:14.0
The president has ordered an assessment of the damage so funds can be allocated for affected residents and businesses.
28:21.0
Kherson's governor had said 600 square kilometers of the region is underwater.
28:27.0
Moscow and Kyiv accused each other for the destruction of the Khovka Dam on Tuesday.
28:36.0
Hundreds of uncontrolled forest fires in Canada forced thousands to evacuate and are now threatening critical infrastructure.
28:43.0
Wildfires are common in Canada's western provinces, but this year's blazes have spread rapidly in the country's east,
28:50.0
making it the worst ever start to the season.
28:53.0
About 3.8 million hectares have already burned, some 15 times the 10-year average.
28:59.0
The warm and dry conditions are expected to persist for months.
29:02.0
Smoke from the Quebec fires have spread far and wide and are choking the capital Ottawa and are prompting air quality alerts in Toronto.
29:13.0
Smoke from Canada's wildfires have also blanketed cities in the U.S. east coast.
29:19.0
More than 100 million people are under air quality alerts, including those living in New York, Boston, and Washington, D.C.
29:27.0
The mayor of New York City urges residents to stay indoors.
29:31.0
U.S. President Joe Biden also calls on Americans to listen to local authorities as they experience what he called dangerous air pollution.
29:40.0
The U.S. has sent hundreds of firefighters to Canada to help them respond to the wildfires.
29:48.0
Philippine shares failed to sustain gains from the previous trading session in anticipation of rate hikes in the United States.
30:01.0
Michelle Ong reports.
30:05.0
Asian risk assets retreated Thursday as investors reassessed the risks from inflation and the probability of more rate hikes coming.
30:13.0
The Bank of Canada, the first developed country to hit pause, surprised markets with a rate hike on the heels of the Reserve Bank of Australia's own hike earlier this week.
30:21.0
Traders now boosting wagers on the Fed, pausing next week but hiking again by a quarter point come July.
30:28.0
While the Philippine central bank might be forced to adjust to protect its currency.
30:33.0
For the day, the PSC index falling by four-tenths of one percent to close at 6539 on very thin trade at below four billion pesos.
30:42.0
John Carlo Lim, partner of Jollibee and Mang Inasal billionaire Stoney Tancartiong and Injapsia of Dragonfly Security says while there is still a downward bias, the moment to be extremely bearish has passed.
30:55.0
It's undervalued especially relative to the earnings power.
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It's underpinning the market.
31:01.0
Having invested in the financial markets for the past 20 years, the financial market really works that way, right?
31:07.0
It is until it isn't.
31:08.0
So people have this recency bias always comparing over the past decade the performance of the Philippine Stock Exchange versus let's say the U.S. equity markets.
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If you go back in time and you look at 2001 to 2010, the Philippine Stock Exchange actually outperformed the S&P 500 by seven percentage points per annum.
31:28.0
It's just a reversal of fortunes.
31:30.0
In corporate stories, Far East Holdings, a private company associated with Ramon Ang's family, buying more of Top Frontier.
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It is subscribing to 45 million common shares of Top Frontier for 241.42 per share or an aggregate amount of 10.8 billion pesos to be fully paid in cash on or before the end of June.
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Top Frontier is the parent company of conglomerate San Miguel Corporation of which Ramon Ang is the president and CEO.
31:58.0
Meanwhile, Vulcan Industrial and Mining Corporation set to issue and offer 550 million new private placement shares at one peso each to comply with the PSC's 20% public float requirements.
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This will result in the increase of the subscribed and issued capital stock to 7.18 billion shares.
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Proceeds will be used for operations and repayment of advances and or acquisition of mining rights.
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Still with Vulcan, it is also officially changing its stock symbol from VUL to ECVC meaning East Coast Vulcan Corporation.
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Remember back in 2021, mining firm East Coast Mineral Resources officially took over Vulcan in an asset for share swap.
32:40.0
And finally, the Philippine Stock Exchange says Gilbert Giboteodoro has tendered his resignation as an independent director of the PSC effective immediately after his appointment as Secretary of National Defense.
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Our final word tonight is a quote from Carlos Wallace.
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We never lose friends, fake ones are exposed.
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And that is The World Tonight, the 8th of June, 2023. I'm Tia Guchevitz.
33:11.0
I'm Tony Velasquez from the Philippines. Thank you. Mabuhay!
33:34.0
Thank you.