Catholic church leads rally against family planning in Philippines



MANILA // Philippine Roman Catholic Church leaders led a rally Saturday against a proposed law that would provide government funding for contraceptives and introduce reproductive health and sexuality classes in schools.

The House of Representatives is to decide next week whether to end debate on the bill and bring it to a final vote.

Archbishop Socrates Villegas of Pangasinan province said in a statement read to about 10,000 people at the rally that contraceptives corrupt moral values and promote the view that "babies are a nuisance."

The Philippines has one of the fastest-growing populations in Asia. President Benigno Aquino III has expressed support for the right to contraception, while the Roman Catholic Church hierarchy opposes artificial birth control.

Aquino called for passage of the bill during his annual address to Congress last month.

Socrates mocked Aquino's campaign to eliminate poverty by fighting corruption.

"You heard our president during his campaign say, `If there is no corruption, there will be no poverty,"' Villegas said. "Birth control, they say, means more food, more classrooms, more houses and better health for mothers. If more babies are the cause of poverty, are we now saying, `If there are no children, there will be no poor?"'

The bill being considered by the House would require the government to provide information on family planning methods, make contraceptives available, and hold reproductive health and sexuality classes from grade 5 through high school. It also seeks to raise AIDS awareness and help couples determine the right number of children and birth spacing.

House members are to vote Tuesday on whether to continue debate on the bill. The Senate still has not passed its own version. Any bill approved by Congress must be signed into law by Aquino.

In a statement Saturday, the Human Development Cluster - 20 government agencies dealing with poverty and development - cited Aquino as saying there is an "urgent need for responsible parenthood to counter the country's soaring population growth and the disturbing social consequences."

Church officials in the predominantly Roman Catholic country have blocked passage of family planning laws in the past, saying they would erode moral values and encourage promiscuity and early pregnancies.

On Friday, Manila Archbishop Luis Antonio Tagle called for lawmakers to reject the bill because it "is not the solution to our many problems as individuals and as a country as it will even give rise to many other problems more pernicious and pervasive than the ones we face in the present."

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Company profile

Name: Infinite8

Based: Dubai

Launch year: 2017

Number of employees: 90

Sector: Online gaming industry

Funding: $1.2m from a UAE angel investor

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Barcelona: Coutinho (6'), Messi (37', 81', 84')

Company%20Profile
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Engine: 2.0-litre turbocharged inline four-cylinder (X2); 3.0-litre twin-turbo inline six-cylinder (X3)

Power 192hp @ 5,000rpm (X2); 355hp @ 5,500rpm (X3)

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COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
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