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Del Monte beckons, homegrowns ready

CLYDE MONDILLA and Reymon Jaraula know it will take far more than familiarity with the course for either of them to again dominate the International Container Terminal Services Inc. Del Monte Championship.

The homegrown aces finished 1-2 the last time the Philippine Golf Tour (PGT) visited the mountain-top layout in Bukidnon in 2023 and heading into the P3.5 million event, which fires off Tuesday, both are tempering expectations with a blend of caution, confidence and competitive hunger.

‘I’m comfortable with the course which I play often, but you can’t underestimate Del Monte,’ said Mondilla, who made a thrilling comeback two years ago with a pair of eagles on Day 1 and three closing birdies in the final round to edge Jaraula by one.

Now gunning to defend his crown, the former Philippine Open champion knows that course knowledge is only part of the equation.

‘Each round would be different, you get to learn everyday,’ he said. ‘So I make sure I’m focused each time and respect the course.’

If Mondilla is taking it methodically, Jaraula enters with quiet confidence to flip the script.

‘I’m familiar with this course and hopefully use this to my advantage,’ said the three-time PGT winner whose local roots remain a strong motivational anchor.

They are eager to put on a show at home especially after contrasting finishes in the previous leg at Marapara-Mondilla rallying late to tie for second and Jaraula settling for a share of 18th place.

But even with their intimate knowledge of Del Monte, the field is anything but predictable.

Veteran Frankie Miñoza, a living legend and Del Monte icon, returns to action after a long layoff.

Although well-versed in every inch of the course, Miñoza, too, understands that success hinges as much on form and mental fortitude as it does on familiarity.

Challenging the homegrown talents is a loaded field that includes red-hot contenders, decorated champions, rising stars and a wave of foreign threats.

Leading the charge is Keanu Jahns, who has strung together an impressive PGT run-winning twice and placing runner-up twice in six starts.

Although his three-peat hopes were derailed by Rupert Zaragosa at Marapara, the big-hitting Filipino-German remains a prime threat.

‘Same as always, take it one shot at a time and stick to my routine,’ said Jahns of his game plan. ‘Del Monte’s tighter layout may favor accuracy more than length, so I’ll adapt accordingly during the practice round.’

Zaragosa, the crafty and confident shotmaker who thrives on tree-lined courses, is another player to watch-he’s fresh off a dominant win at Marapara he sees similarities in Del Monte’s setup, a scenario he hopes to exploit.

‘My game thrives in tree-lined courses,’ Zaragosa said. ‘To win again, I need to stay committed to my process, trust my instincts and the results will follow.’

Veteran campaigners Tony Lascuña and Jhonnel Ababa, both eager to hit their stride before the final two legs of the P10.5 million Mindanao swing in Davao, are poised to strike.

Forest Hills winner Guido van der Valk, Zanieboy Gialon, Michael Bibat, Ira Alido and Nilo Salahog round out a formidable local cast.

Young guns Ryan Monsalve, Russell Bautista, Kristoffer Arevalo, Elee Bisera and John Michael Uy are also looking to make a breakthrough.

The foreign challenge is equally potent-American Collin Wheeler and a formidable Korean contingent composed of Jisung Cheon, Tae Soo Kim, Jaehyun Jung and Taewon Ha and along with Japanese standout Atsushi Ueda are all primed to spoil the locals’ homecoming.

DOST: No man-made cause behind recent earthquakes

THE recent series of earthquakes recorded across the Philippines was not caused by manmade activity or foreign research programs, the Department of Science and Technology (DOST) clarified.

Science Secretary Renato Solidum Jr. said no human-made technology exists that can release the same level of energy produced by an earthquake, addressing circulating claims that the tremors were linked to the High-Frequency Active Auroral Research Program (HAARP) in Alaska.

‘There is no human-made thing that can match the energy released when an earthquake occurs,’ Solidum said in Filipino during a media forum on Monday.

‘The earthquakes are very deep, originating kilometers away.so it’s difficult to speculate that the earthquakes that occurred in the Philippines are manmade,’ he added.

He explained that a magnitude 6 earthquake releases energy equivalent to that of a Hiroshima atomic bomb, making it scientifically implausible for any existing human technology to trigger such events.

The HAARP facility, often cited in online rumors, is a scientific research center in Alaska that studies the ionosphere-an area of the Earth’s upper atmosphere that is exposed to cosmic and solar radiation-and its effects on radio communications. Solidum emphasized that it cannot cause seismic activity.

‘For example, the 7.4-magnitude earthquake that struck Davao Oriental was located about 20 kilometers below the surface,’ he said. ‘It is impossible for any instrument to influence such a deep portion of the Earth’s crust.’

The statement followed consecutive earthquakes that shook various parts of the country recently.

On October 10, twin quakes struck Davao Oriental, recording magnitudes of 7.3 and 6.8 near Manay town. The following day, tremors were also reported in Isabela, Zambales and Surigao del Sur.

A separate quake occurred in La Union on October 9, while a magnitude 6.9 earthquake hit off Bogo City in Cebu on September 30.

Solidum reiterated that these events were the result of tectonic activity along active faults and trenches that run across the Philippine archipelago.

The country, located within the Pacific Ring of Fire, experiences frequent earthquakes due to its complex network of geological faults.

He urged the public to rely on verified information from the Philippine Institute of Volcanology and Seismology (Phivolcs) and the Office of Civil Defense (OCD), rather than unverified online claims, to ensure accurate understanding and preparedness.

Preparing for ‘The Big One’

Solidum also took the opportunity to remind Filipinos about the importance of earthquake preparedness, clarifying misconceptions about ‘The Big One.’

‘Earthquake scenarios are not predictions,’ he said in Filipino. ‘They are estimates of the possible damage or loss of life if we do nothing, based on the state of our homes, buildings and preparedness.’

‘The Big One’ refers to a hypothetical large-magnitude earthquake that could occur along the West Valley Fault, which runs through the eastern portion of Metro Manila. Historical records show that the fault experiences major movements every 400 to 600 years.

The science chief, however, clarified that ‘The Big One’ concept applies differently across regions.

‘Every place in the Philippines-region, province, town, or city-has its own ‘big one. The scenario is different in Davao Oriental, different in Cebu, different in Metro Manila, different in Iloilo,’ he explained.

Further, there is a need for continuous preparedness measures, including structural assessments, community drills, and public education, to minimize casualties and damage in future seismic events, he said.

The Philippine Institute of Volcanology and Seismology (Phivolcs) continues to issue bulletins and monitor the country’s major faults and trenches through its seismic stations and early warning systems.

Halting circulation of ?1K bill to do more harm-Remolona

DEMONETIZING high-value banknotes to stave off corrupt practices would do more harm than good by inconveniencing ordinary Filipinos, according to Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr.

In a chat with reporters on Monday, Remolona said the proposal to demonetize, or to officially halt the circulation of banknotes, such as the P500 and P1,000 bills, is ‘tantalizing’ but is not so simple.

‘To me, it’s like, you know the saying: ‘you cut off your nose just to spite your face’? You’re doing more damage than [provide benefits],’ Remolona said.

Citing his global experience, particularly working for the New York Federal Reserve, where officials debated removing the $100 bill, Remolona said the idea, while motivated by anti-corruption concerns, would not effectively deter illicit activities.

The central bank governor said while the C-note is the preferred denomination by drug dealers to move money around, it’s also often used by regular citizens.

‘Just to slow down a little bit what drug dealers do, you’re going to make it very difficult for many Americans. So it’s not that easy, the issue [of demonetization],’ Remolona said, adding that the plan was eventually abandoned.

He said that in the Philippines, the P1,000 bill is heavily used in daily transactions.

‘For a small inconvenience for.corrupt contractors, you’re going to make life hard for many people.’

Meanwhile, Remolona noted that the BSP’s latest directive to financial institutions to limit large cash withdrawals to P500,000 per day has been ‘very effective so far.’

According to that directive, withdrawals of more than P500,000 must be made through check payment, fund transfer, direct credit to deposit accounts, and/or other forms using the digital payment platform of a bank or financial institution.

‘There are complaints and we’re listening to those complaints. But for now, I think it’s a good measure,’ Remolona said.

Moreover, the circular mandates banks to submit Covered Transaction Reports (CTRs) for cash or non-cash dealings worth P500,000 or more, and Suspicious Transaction Reports (STRs) for cases that appear inconsistent with a person’s income or usual activity.

‘It’s easier for us to connect the dots. Essentially, you use that to connect one bank account, many bank accounts to one, or one bank account to many,’ Remolona said.

Banks have welcomed the new withdrawal limit, as it allows them to justify stricter screening measures for clients.

‘They love it,’ the BSP chief told reporters. ‘They’ve always been suspicious of some transactions, but couldn’t refuse them before. Now they can say, ‘BSP yan eh,’ and it makes their life easier.’

Moreover, Remolona said the central bank is working with the Anti-Money Laundering Council to analyze millions of STRs through a combination of human expertise and artificial intelligence (AI).

‘We’re looking for the right AI and data scientists to make full use of the STRs,’ he said noting that the number of suspicious transactions is ‘more overwhelming’ now compared to the ‘Bangladesh bank heist.’

The ‘overwhelming’ challenge tacks on factors that have truncated hopes for the local economy. The BSP now projects the country’s economic growth will likely be at the low end of the government’s targets at 5.5 percent this year and 6 percent next year and in 2027.

Remolona said this growth outlook was affected by governance concerns surrounding public infrastructure spending, which has weighed on business sentiment.

The BSP’s decision to reduce the key policy rate by 25-basis point to 4.75 percent came amid allegations of widespread misuse of flood-control funds that have fueled public anger and rattled markets.

The BSP’s move, which came as a surprise, was seen as an effort to cushion the economy from the potential slowdown in government spending as authorities scrutinize infrastructure projects.

Remolona noted that there were days when both the stock market declined and the peso depreciated at the same time, which signified that investors were leaving.

SEC bags award for wellbeing, diversity

The Securities and Exchange Commission (SEC) on Monday said it secured awards for wellbeing and diversity by the Investors in People (IiP) Philippines,

The SEC was named the winner for the award for Wellbeing and runner-up for the award for Diversity and during the IiP Awards 2025.

‘At the SEC, we’ve always believed that our greatest strength lies in our people. They are at the heart of our progress, the trust we’ve earned, and the reforms we’ve led,’ SEC Commissioner Javey Paul D. Francisco said during the awards ceremony.

‘Integrity, service, and accountability live through them every day. And because they are also the future of the SEC and of the capital markets we are building, we are committed to helping them grow and realize their full potential.’

Held under the theme ‘Inspire to Excel,’ the IiP Awards gathered leaders from the IiP community to showcase people-centered practices and how the IiP standard-setting framework continues to shape organizational growth.

‘Once a year, we gather together as a community with guests to be able to celebrate excellence. That’s the reason why we have adopted the theme for tonight, the phrase ‘Inspire to Excel’,’ IiP Philippines CEO Gerry A. Plana said.

The SEC has been consistently recognized by the IiP Philippines for ’employing best practices in promoting the welfare of its employees through engagement, communication, and organizational culture.’

In 2023, the SEC received the Standard Accreditation, making it the first agency in the government financial sector and the third national government agency to receive the international recognition for people management.

Last year, the SEC was recognized both locally and internationally, through a Special Citation for People Investor of the Year from IiP Philippines and the Overseas Employer of the Year Award from IiP International.

Most recently, the SEC achieved the Silver Accreditation, becoming the first national government agency in the financial sector to receive such designation.

‘The Commission’s participation in the IiP Philippines Awards underscores its belief that empowering people is central to building a stronger institution and to advancing the integrity and resilience of the Philippine capital market,’ Francisco said.

Malayan Insurance cites growth drivers

MALAYAN Insurance Co. credited its ‘synergy’ within the Yuchengco Group of Co., advanced analytics tools and strong underwriting capabilities as the drivers of its ‘consistent’ top performance over the past two years.

As of December last year, Malayan’s net premiums written increased to P5.36 billion from the previous year’s P4.78 billion. While gross premiums written slightly dipped to P15.07 billion from P15.4 billion, the company retains its high ranking for two years in a row.

Malayan Insurance Chief Underwriting Officer Adelo A. Abeleda said last Monday that the company’s sustainable growth is ‘shaped by internal strengths and external market dynamics.’

‘Internally, Malayan benefits from strong underwriting and distribution capabilities, enhanced by its affiliation and synergy with YGC. With YGC’s deep market relationships, financial strength, and strategic guidance, Malayan is well-positioned to seize growth opportunities while managing risks effectively-a combination that has strengthened its standing in a competitive industry,’ Abeleda said.

‘Externally, Malayan benefits from the overall growth of the Philippine insurance industry and the country’s economic expansion, which drives demand for new insurance products,’ he added.

Malayan’s key performance indicators reflect sustained business growth in a highly competitive market.

‘The company’s rising NPW highlights its financial strength and ability to meet obligations. This growth suggests that the company is actively engaged in the market through proper selection and has the financial capability to manage a larger volume of policies, reinforcing its reliability and capacity to serve,’ Abeleda said.

The bottom line, Abeleda said the numbers aren’t just about size; it’s about stability.

‘And in an unpredictable world, that’s exactly what you want from your insurer.’

He said Malayan has been improving its underwriting profitability and risk evaluation by utilizing modern risk modeling platforms and risk assessment tools available in the market, including the innovative Moody’s RMS Risk Modeler which enables risk analysis of potential disasters.

Rising concerns over economic uncertainty, climate change and cybersecurity will continue to drive the demand for non-life insurance. On the other hand, tighter regulatory requirements and the need for advanced risk modeling tools will keep the market competitive.

‘For Malayan, the competitive edge will likely keep evolving around three pillars: data-driven underwriting, disciplined risk selection, and the strength of its partnerships. With continued investments in advanced analytics, technology, and talent, the company is well positioned to offer more tailored solutions, respond faster to client needs, and maintain a solid balance sheet-all of which are crucial in a rapidly changing environment,’ Abeleda said.

Founded in 1930, Malayan Insurance is celebrating its 95th anniversary this year.

All indications point to Bisera as player to beat

FLORENCE BISERA prefers a path she’s always taken in past tournaments as she chases another crown in the International Container Terminal Services Inc. Del Monte Championship that starts Tuesday.

‘I just want to maintain the game that made me win in the past-control my emotions, go pressure-free and enjoy the game,’ said Bisera as she shared the mindset that fueled her recent success in the Ladies Philippine Golf Tour (LPGT).

The rising Davaoeña star has quickly emerged as a formidable force, snatching the Negros Occidental crown from Korean standout Kim Seoyun before clinching an overseas breakthrough win in Thailand last month.

Those back-to-back triumphs boosted her confidence and sharpened her focus heading into the 54-hole event organized by Pilipinas Golf Tournaments Inc.

‘The wins make my confidence high, but I don’t pressure myself,’ she said. ‘I expect my approach and strategy to put me in a good position in the next three days.’

Bisera’s return to Del Monte carries added intrigue-she placed third the last time the tour visited the tricky par-72 layout in 2023, a tournament won by Daniella Uy.

Since then, she has taken major strides and earned a local breakthrough at South Pacific late last year and added the Match Play Championship at The Country Club to her resume.

But a stacked lineup stands in her way.

Leading the charge is Uy herself, along with this season’s LPGT leg winners Mafy Singson (Eagle Ridge) and Chanelle Avaricio (Forest Hills)-veterans Sarah Ababa and Chihiro Ikeda are also coming in battle-ready.

Also under the spotlight is Harmie Constantino, who, despite dominating the LPGT circuit last year with four victories, has yet to regain her groove this season, making her both a contender and a wildcard in this P1 million championship sponsored by ICTSI.

Korean rookie Tiffany Lee, who impressed with a strong pro debut at Splendido Taal in 2024, will also be aiming for redemption after a string of underwhelming finishes.

Local hopefuls Pamela Mariano, Velinda Castil and amateur Zero Plete are also determined to defend home turf, while Marvi Monsalve returns to LPGT play seeking a strong showing. Promising young gun Kayla Nocum, meanwhile, is eyeing a breakthrough performance to claim her first professional win.

Despite the field’s depth, all signs still point to Bisera as the player to beat.

After her Thailand win, she flew straight home to Davao to resume training and step up preparations for the three-leg Mindanao swing, which concludes at South Pacific Golf and Residential Estates-her home course.

President to take part in Gaza Peace Summit, a clear recognition of Cyprus’ upgraded role Spokesman says

President of Cyprus, Nikos Christodoulides, departs today for Sharm el-Sheikh, Egypt, following an invitation by the US President and the President of Egypt, to attend the signing ceremony of the agreement for a ceasefire in Gaza and the release of the hostages.

According to a written statement by Government Spokesman Konstantinos Letymbiotis, the participation of the Republic of Cyprus in the Sharm el-Sheikh Peace Summit constitutes a clear recognition of Cyprus’ upgraded role as a reliable interlocutor and a bridge of cooperation between Europe and the Middle East.

The Spokesman notes that the agreement for Gaza is a historic step towards ending a tragedy that has shocked humanity and restores hope for peace and stability in the Middle East.

The heads of state and government will be welcomed by President of Egypt, Abdel Fattah al-Sisi, and at 15:00 a family photo will follow.

The signing ceremony of the Sharm el-Sheikh Agreement to End the War in Gaza will take place five minutes later, while at 15:15, the Summit will begin with the opening remarks of the President of Egypt and the intervention of the US President.

“The Republic of Cyprus is among the European states that were jointly invited by President Trump and President Sisi to attend the ceremony. This event confirms the international appreciation for the contribution of Cyprus to regional humanitarian and diplomatic initiatives, in particular through the “Amalthea” Initiative,” the Spokesman stresses, referring to the humanitarian aid sea corridor to Gaza, an initiative by the Republic of Cyprus.

He adds that President Christodoulides’ presence at the Summit underlines the responsible and coherent foreign policy of the Republic of Cyprus, which has strengthened the country’s diplomatic footprint internationally, through the building of relationships of trust.

The Spokesman also refers to the EU, noting the importance of its role both as regards the implementation of the agreement as well as the next phase of the humanitarian and development support for Gaza.

Cyprus, he points out, due to its geographical proximity and operational capabilities, can act as a natural bridge for European action in the region, especially in view of the Cypriot Presidency of the Council of the EU in 2026.

The ceremony will be attended, among others, by the President of the United States, the President of Egypt, the leaders of Qatar, Jordan, the United Arab Emirates, Saudi Arabia, the United Kingdom, France, Greece, Germany, Italy, India, Pakistan, Indonesia, as well as the President of the European Council, the UN Secretary-General and the General Secretary of the Arab League.

The President of the Republic will be accompanied by Minister of Foreign Affairs Constantinos Kombos, the Government Spokesman, Deputy Minister for European Affairs Marilena Raouna, Director of the President’s Diplomatic Office Doros Venezis and other officials.

BoC’s ‘IBU India Hub’ offers specialised experience to clients from India

Bank of Cyprus announced the launch of the ‘IBU India Hub’, a new strategic initiative aiming to enhance its service offering and specialization to businesses and individuals connected to India.

“This is an important step towards strengthening our international presence and leveraging new opportunities. IBU India Hub is a dedicated service unit designed to meet the needs of Indian businesses and professionals establishing their presence in Cyprus”, a press release reads.

The India Hub will focus on two main pillars: specialisation on service offering to customers related to India and promoting Cyprus as an attractive destination for Indian entrepreneurs and High Net-Worth Individuals (HNWIs)

PRESS RELEASE – EUROPEAN COMMISSION

Commission finds State aid rules on guarantees still relevant but can be updated

The European Commission has found that the State aid rules on guarantees are still relevant as they increase predictability and legal certainty, but that some improvements and simplification are necessary. In a Staff Working Document (‘SWD’) published today, the Commission finds that there can be improvements regarding estimating aid amounts, complexity for SMEs, and passing-on of risk benefits.

The SWD summarises the findings of its evaluation of the Commission Notice on the application of Articles 87 and 88 of the EC Treaty to State aid in the form of guarantees (‘Guarantee Notice’), which describes how the Commission assesses State guarantees on loans and other financial instruments. Launched in August 2022, the aim of the evaluation was to assess whether the Guarantee Notice, which has not been revised since 2008, remains ‘fit for purpose’ and to identify any existing shortcomings as well as any scope for improvement and simplification.

As part of the evaluation, the Commission gathered evidence to understand how the Guarantee Notice has functioned since its adoption. This evidence includes feedback obtained from a public consultation and a targeted consultation, a workshop with bodies that administer and grant guarantees, as well as information provided by Member States. The Commission has also commissioned an external study conducted by a consortium of independent experts. The final report of the external study has also been published today.

Main findings of the evaluation

The evidence gathered in the evaluation has shown the following:

The Guarantee Notice has a clear added value, as it provides a framework within which the Commission can approve guarantee methodologies developed by Member States. The Guarantee Notice has therefore increased predictability and legal certainty and ensured a level playing field between Member States.

The Guarantee Notice remains relevant as it describes the conditions for ensuring that a State guarantee is awarded on market terms and hence is free of aid. The continued relevance of the Guarantee Notice is also clear from the increasing number of Member States’ (pre-)notifications of guarantee methodologies.

The evaluation also shows that the Guarantee Notice could be improved in the following specific areas:

Due to developments in the financial markets, the evolution of interest rates, and the changes in capital requirements applicable to lenders since 2008, the implementation of the Guarantee Notice may result in an underestimation of the aid amount (i.e. the premium charged for a State guarantee may be too low). However, for the simplified approach that can be applied for State guarantees to smaller companies (the so-called ‘safe harbour option’), there may be an overestimation of the aid amount (i.e. the premium charged may be too high), especially for State guarantees targeting riskier SMEs.

It may be the case that lenders do not fully pass through to borrowers the risk-reduction benefits they obtain through the State’s guarantees, although this effect is insufficient for lenders to achieve any statistically significant aggregate gains.

Compliance with the provisions of the Guarantee Notice can be complex and costly, especially for smaller measures and smaller Member States. In addition, there is insufficient availability of reliable data on approved guarantee measures, which demonstrates that the reporting framework of the Guarantee Notice is not functioning as intended. This could be due to the costs involved.

The Guarantee Notice contains elements that are incoherent with the broader State aid framework. Most notably, there are some inconsistencies over the use of market benchmarks and the mechanisms for ruling out aid to lenders, which are both established under the Commission Notice on the notion of State aid as referred to in Article 107(1) TFEU (‘Notice on the Notion of Aid’).

Next steps

The Commission intends to launch a review of the Guarantee Notice in the first quarter of 2026 with the aim to address the issues identified in the evaluation. Stakeholders will have the possibility to comment on the call for evidence which will be published for feedback. The revision is currently estimated to be finalised by June 2027.

Background

To ensure that a State guarantee involves no aid, the guarantee premium paid to the State should be in line with what a market operator would expect to receive as remuneration for that guarantee under normal market conditions. The Commission’s market conformity assessments therefore focus on whether the transaction’s compliance with market conditions can be directly established through transaction-specific market data or, in cases where such data is unavailable, whether other methods could be used.

The most direct way to rule out aid is for the State to set the guarantee premiums equivalent to those charged by private operators. If there is no equivalent transaction, market conformity may instead be established using market benchmarks from comparable market transactions on that company or on a sample of comparable companies. In practical terms, most of the Commission’s assessments of guarantee measures focus on a situation where the State acts alone, and where no reliable or consistent market benchmarks exist. In those cases, the Member States may develop their own methodologies to calculate market proxies for the guarantee premium. The Guarantee Notice sets out conditions for ruling out aid. The Guarantee Notice also helps Member States set up measures involving an aid element, by providing conditions on how to accurately calculate the aid amount in the State guarantee. Under the Guarantee Notice, Member States can, subject to the Commission’s approval, set up methodologies that achieve market conformity by taking into account the specific risk and cost elements that are typically considered by market operators. Simplified options, including a safe-harbour option, are also provided to for small and medium-sized enterprises (SMEs).

For More Information

More information on the Guarantee Notice and its evaluation is available on the Commission’s competition website and on the dedicated Guarantee Notice evaluation webpage.

Quote(s)

Our evaluation shows that the Guarantee Notice remains a useful tool to help Member States provide guarantees in line with EU competition rules. At the same time, financial markets have evolved and we identified several areas where it should be updated to reflect market developments and simplified to reduce complexity. We will now work to address these issues to ensure the rules remain clear, consistent, and fit for today’s economy.

Teresa Ribera, Executive Vice-President for Clean, Just and Competitive Transition

Joint press release: 23rd EU Week of Regions and Cities showcases cohesion policy’s impact

Today, the Executive Vice-President for Cohesion and Reforms, Raffaele Fitto, and the President of the Committee of the Regions, Kata Ttto, launched the 23rd European Week of Regions and Cities.

Under the motto ‘Shaping tomorrow, together,’ this three-day event brings together 6,500 participants from all over the EU, including policymakers, practitioners, project promoters, civil society, and researchers. ‘Cohesion and Growth for the Future,’ ‘Right to Stay: Unlocking the Potential of Every Territory,’ and ‘Cities Building Tomorrow’ are the three focal topics of the week’s over 200 sessions.

Executive Vice-President for Cohesion and Reform Raffaele Fitto said: ‘The European Week of Regions and Cities offers a great opportunity for dialogue on the most important issues for our citizens. Representatives from all over the European Union give us the possibility to work on tailor-made solutions and ensure a place-based approach. Cooperation and partnership are key for the success of cohesion policy. We are committed to improve the lives of our citizens, reducing disparities and promoting territorial development in all regions.’

President of the Committee of the Regions, Kata Ttto said: ‘The European Week of Regions and Cities provides a unique platform for all those who work every day to make Europe stronger on the inside, thanks to EU’s cohesion policy. Facing multiple crises, regions and cities invest cohesion funds to stabilise and innovate regional economies, counter industrial decline, fight poverty and increase our communities’ preparedness and resilience. The European Commission is our crucial partner in this endeavor and we must preserve this strategic, daily cooperation in the future, as regional and local leadership can make a difference for the EU to achieve its objectives, including on new priorities as internal safety and international competitiveness.’

Cohesion policy: A proven catalyst for progress

Discussions will be framed by three evaluation reports published today by the Commission on the 2014-2020 cohesion programming, the 2021-2027 mid-term review and the Covid crisis repair and recovery fund REACT-EU. These evaluations offer concrete evidence of the policy’s achievements and impacts despite the numerous challenges of the past years:

In 2014-2020, cohesion policy supported over 2.5 million SMEs, the creation of 370,000 jobs and childcare facilities for 24 million children.

Over pound 66 billion were invested in climate-related projects, while the EU’s capacity for renewable energy production increased by more than 6,000 Megawatts, and 8 million households got access to broadband.

Cohesion policy contributed to boosting the EUs GDP by 0.6%, as well as job growth and mitigation of regional disparities.

The evaluations show that to maximize effectiveness, the policy must be supported by robust governance, strong administrative capability, and a conducive economic and business environment.

Advancing towards a modern and adaptive cohesion policy

Cohesion policy’s recently approved mid-term review increased flexibility and simplicity by allowing Member States and regions to reallocate funds towards strategic priorities such as competitiveness, defence, affordable housing, water resilience, and energy transition. It also aligned with the objectives of the ‘Strategic Technologies for Europe Platform’, which has already supported investments over pound 12.2 billion in critical technologies, including clean tech, deep tech, and biotech.

Unlocking every territory’s unique potential

Addressing regional and social disparities remains central to the EU’s agenda to ensure that, irrespective of location, citizens have the right to remain and grow within their communities. Through 2021-2027, cohesion policy has and will continue to provide substantial support to that end, including pound 7.2 billion for healthcare and long-term care, pound 5.6 billion for education and training, pound 7.5 billion for housing, and pound 40.5 billion for enhanced connectivity and access to efficient transport systems.

A new EU Agenda for Cities

The Commission has also released the ‘EU Social Progress in Cities and Urban Areas’ study, highlighting both opportunities and challenges in areas such as affordable housing and sustainable mobility. To address these challenges, a new EU Agenda for Cities is set for adoption later this year.

Background

The European Week of Regions and Cities, co-organised by the European Commission and the European Committee of the Regions, is the biggest Brussels-based event dedicated to cohesion Policy.

The programme highlights include the REGIOSTARS Awards celebrating the excellence in EU-funded projects in EU regions and the Megalizzi-Niedzelski prize for aspiring journalists showing a strong attachment to EU values.

More information

European Week of Regions and Cities website

Quote(s)

The European Week of Regions and Cities offers a great opportunity for dialogue on the most important issues for our citizens. Representatives from all over the European Union give us the possibility to work on tailor-made solutions and ensure a place-based approach. Cooperation and partnership are key for the success of Cohesion policy. We are committed to improve the lives of our citizens, reducing disparities and promoting territorial development in all regions.

Raffaele Fitto, Executive Vice-President for Cohesion and Reforms

The European Week of Regions and Cities provides a unique platform for all those who work every day to make Europe stronger on the inside, thanks to EU’s cohesion policy. Facing multiple crises, regions and cities invest cohesion funds to stabilise and innovate regional economies, counter industrial decline, fight poverty and increase our communities’ preparedness and resilience. The European Commission is our crucial partner in this endeavor and we must preserve this strategic, daily cooperation in the future, as regional and local leadership can make a difference for the EU to achieve its objectives, including on new priorities as internal safety and international competitiveness.

Kata Ttto, President of the Committee of the Regions

Statement by President von der Leyen on the release of hostages and on the agreement ending the war in Gaza

The return of the Israeli hostages is a moment of pure joy for those families.

And a moment of relief for the entire world.

It means that a page can be turned. A new chapter can begin.

Europe fully supports the peace plan brokered by the United States, Qatar, Egypt, and Trkiye.

The finalisation of the agreement ending the war today in Sharm el-Sheikh will be a historical milestone.

We stand ready to contribute to its success with all tools at our disposal.

In particular, by providing support on governance and for the reform of the Palestinian Authority.

We will be an active force within the Palestinian Donors Group. And we will provide EU funding for the reconstruction of Gaza.

Statement by President von der Leyen at the joint press conference with Albanian Prime Minister Rama

Dear Edi,

What a pleasure to be back in Albania and begin my traditional annual tour of the Western Balkans in Tirana.

My first message is very clear: Albania is on the right track towards the European Union. You have come a long way, you have made progress. And I want to emphasise that there has been a stunning and outstanding record speed acceleration in the last three to four years. Five of six negotiating clusters are already open. We plan to open the last one this autumn. I know the personal effort you, Prime Minister, and your team, have invested in this journey. Your goal is to close negotiations by 2027. This is ambitious but we like ambition. And let me assure you: we will be with you every step of the way.

Because the geopolitical momentum is now. Russia’s aggression against Ukraine has reshaped our continent. Every European nation must choose its place. Albania has made its choice, very clearly. You are fully aligned with the European Union’s foreign and security policy. Together we are acting as one.

My third message is that getting closer is not only about geopolitics. It is also smart business. We will discuss this at the investment conference later today. Two years ago, we launched the Growth Plan for the Western Balkans. The principle is very straightforward. Your economy gains access to our Single Market and new EU investments. In exchange, you deliver on key reforms. This is how you get a level playing field with the EU. The door of areas of our Single Market is open to your companies and our companies gain a bigger common market. Everybody wins.

The Growth Plan has the potential to double the economy of the Western Balkans in this decade. And it is already delivering. Let me give you three precise examples. First, you have made strong progress in key reforms. Thanks to this, I am glad to announce the disbursement of nearly EUR 100 million. Now it is about implementation and you I know you are well on track. This is how you can get all the money from your Growth Plan. We are talking about almost one billion. Second, the Single Euro Payments Area, SEPA. Two years ago, we first spoke about Albania joining the SEPA. At that time, this looked as an extremely ambitious and challenging project. But you have made it happen in record time. Since last week, transfers of money between Albania and the EU are safer and especially much, much cheaper. A big advantage for the citizens and the companies. My third example is roaming. In 2023 here in Tirana, we achieved a landmark agreement with operators. You remember that. Next year, we will abolish roaming charges between Albania and the EU. This is good for business, good for tourism, and especially good for bringing our people together.

Dear Edi,

My final message is this. Perhaps the strongest case for enlargement is not economic or geopolitical. It is the will of the people. Albanians want Europe. A recent poll shows that if a referendum were held today, 92% of Albanians would vote for EU membership. And across our continent, young Europeans are with us and with you. Two-thirds of those aged 15 to 40 support enlargement. This is the clearest signal of all. Our young generations want to live in a stronger, safer, united European Union.

So dear Edi, I wish you every success as you continue on your EU path. You can count on me to support you every step of the way.