Pinoys’ income must grow 6.8% to attain Umic dream
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NCOMES of Filipinos need to grow by almost 7 percent in order for the Philippines to become an Upper Middle Income Country (Umic), according to the Asean+3 Macroeconomic Research Office (Amro). In an e-mail, Amro Group Head and Principal Economist Runchana Pongsaparn told BUSINESSMIRROR the country’s per capita Gross National Income (GNI) must grow 6.8 percent to become an Umic and by 231 percent or more than triple to become a high income country (HIC). This is based on the World Bank’s estimate of the country’s GNI at $4,230 in 2023. To become an Umic, the country’s GNI per capita must increase to $4,516 using the 2023 estimates while becoming an HIC means seeing a per capita GNI of $14,005. “The Philippines is likely to become an up-
per middle-income country under the World Bank classification in the next couple of years. The steady GDP growth and robust remittance growth underpin the country’s GNI growth,” Pongsaparn told BUSINESSMIRROR. “We expect GDP growth to rise from 5.5 percent in 2023 to 5.8 percent in 2024, and accelerate to 6.3 percent in 2025, mainly benefiting from the pickup in the economy,” she added. Pongsaparn also said that to become an HIC by 2050, the Philippines must maintain an average growth of 4.54 percent in its GNI per capita in constant US dollar estimates in the next few decades. “While there will be challenges for the Philippines to attain high-income country status in the next few decades, it is still possible if the country can implement a suitable long-term growth strategy,” Pongsaparn said.
“To ensure strong growth over the long term, the Philippines has to overcome the scarring effects of the pandemic and implement a strategy for enhancing the country’s competitiveness,” she also stressed in her e-mail. Reducing the scarring effects of the pandemic on the country’s long-term growth potential entails being able to attract more investment and improve the availability of access to financing, Pongsaparn said. Access to financing should be focused on micro, small, and medium enterprises (MSMEs) who have “impaired” balance sheets due to the pandemic. The Philippines, Pongsaparn added, should also raise its productivity, as this will help improve job quality, as well as undertake measures to upskill its labor force. The AMRO economist said the country also needs to undertake “sufficient infrastructure in-
vestment” through a rigorous selection process conducted to find projects that will secure the country’s sustainable long-term growth. It is also imperative for the country to continue addressing its vulnerabilities from climate change by attracting more foreign direct investments that could help develop a sustainable economy. Earlier, a London-based think tank said the additional rate cuts to be implemented by the Bangko Sentral ng Pilipinas (BSP) will not be enough to boost the Philippine economy this year due to a projected slowdown in household consumption and remittances. Capital Economics sees Philippine GDP growing by 5.8 percent in 2025, a projection that is “below consensus.” For 2026, GDP exS “U,” A
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STILL AN INFLATION RISK B C U. O
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@caiordinario
UST when expectations began to emerge that inflation is already on a downtrend, a US-based think tank warned that expensive rice may again become a culprit for the faster increase in commodity prices. In an economic brief, Global Source Partners Country Analyst Diwa Guinigundo said this could make 2025 “problematic” and, as such, means monetary policy will be insufficient to address rising commodity prices. Guinigundo noted that the Bangko Sentral ng Pilipinas (BSP) adjusted its inflation forecasts for the year to 3.4 percent this year and 3.7 percent in 2026 on the back of expectations that higher domestic food prices could not be ignored. “With the BSP’s risk-adjusted inflation forecasts, we have an idea that the BSP itself realizes that risks could not be dismissed,” Guinigundo said. “With these risks, the Government ought to do something that works rather than the usual stuff.” S “E,” A
ROAST AND SHINE, IT’S 2025!
Lechon sellers in Parañaque City fire up the grill as demand for this iconic Filipino dish remains high at the start of 2025. Lechon, a slow-roasted whole pig known for its crispy skin and tender meat, is a beloved tradition in Filipino celebrations. From Noche Buena to New Year’s feasts, lechon symbolizes prosperity and shared joy, making it a staple of gatherings and festivities across the Philippines. NONIE REYES
Economy ‘promising’ amid headwinds IN NATL TAX ALLOTMENT: DBM T T BARMM SEES 14.36% DIP
HE Bangsamoro Autonomous Region of Muslim Mindanao (BARMM) saw a double-digit decline in National Tax Allotment (NTA) shares, according to the latest memorandum released by the Department of Budget and Management (DBM). Based on Local Budget Memorandum 90-A, while there was no change in the total NTA allocation in the budget, there were changes that included lower shares for almost all regions, led
by BARMM, the NTA of which declined by 14.36 percent. The changes also included a 21.39-percent increase in the NTA share of Zamboanga Peninsula. The other region that received an increase was Metro Manila or the National Capital Region (NCR) with a 0.015-percent increase in its NTA share. The DBM said the adjustments in the NTA shares of regions took into consideration the enactment S “BARMM,” A
B C U. O @caiordinario
HE Philippine economy remains “very promising” in 2025, despite headwinds that include external uncertainties in the Middle East and the United States, according to the National Economic and Development Authority (Neda). In an interview, Socioeconomic Planning Secretary Arsenio M. Balisacan told BM that the “world is watching,” particularly on how true Donald Trump will be to his campaign promises of
raising tariff rates. Balisacan also said “lingering problems” in the Middle East as well as the Russia-Ukraine war and their impact on the global economy are enough reasons to convince the economic team to monitor these developments. “I think [the Philippine economy is] very promising,” Balisacan told this newspaper. “Opportunities abound despite the challenges next year [2025].” On Trump, Balisacan said when campaigning, all politicians will make promises just to get the most votes and win the elections. But
when they win, he said, it becomes a more complicated matter. Balisacan said these politicians will realize that there is a need to perform balancing acts to reconcile “conflicting” interests to “move the economy” forward. “It’s not just your political survival but you’re now running a country with all these kinds of conflicting interests. And so you are in a business where you try to do balancing, which you don’t do when you’re in a political campaign,” Balisacan explained. On the Middle East as well as Europe, Balisacan said, these prob-
lems are not diminishing and have, to some extent, widened in scope, involving more countries. With this, Balisacan sees a higher chance that the impact would be far wider and could eventually spillover to the global economy. Seeing that the Philippines trade relations extends to beyond the region, the economy could also experience some of these spillovers. “Those are the ones that can be more threatening to the global economy. And whether we like it or not, we are part of that,” Balisacan S “E,” A
PESO EXCHANGE RATES US 58.0140 ■ JAPAN 0.3672 ■ UK 72.6799 ■ HK 7.4684 ■ SINGAPORE 42.6919 ■ AUSTRALIA 36.0847 ■ SAUDI ARABIA 15.4539 ■ EU 60.4738 ■ KOREA 0.0396 ■ CHINA 7.9498 Source: BSP (December 27, 2024)
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Thursday, January 2, 2025
DTI HELPS LOCAL FOOTWEAR SECTOR TO USE FTAS, GET SHARE IN GLOBAL MARKET C A
“So Filipino shoes like Marikina shoes and others made in the ecozones will be fully competitive,” said Marcos, who chairs the Senate Committee on Foreign Relations. (See: www. businessmirror.com.ph/2024/09/20/ free-trade-agreement-between-southkorea-and-phl-to-benefit-local-footwear-first/)
This was echoed by Philippine Economic Zone Authority (PEZA) Director General Tereso O. Panga, who emphasized that the said free trade deal bodes well for the local manufacturing of apparel, leather goods and footwear. “This is in keeping with the Department of Trade and Industry’s [DTI] inclusive growth strategy in providing jobs for more Filipinos and facilitating the integration of [micro, small and medium enterprises] MSMEs into the ecozone value chain,” Panga said in late September 2024. “This will contribute as well to the upgrading of our shoe manufacturing industry as it participates in the export trade, particularly to Korea with the impending ratification of RPKorea FTA,” he added. Panga earlier revealed to the BUSINESSMIRROR that there are currently zero registered business enteprises (RBEs) under the manufacturing of footwear within the economic zones in the country. “Our footwear manufacturing has closed shop.” (Full story here: businessmirror.com.ph/2024/09/25/fta-withsokor-seen-to-revive-shoe-industry/) Andrea E. San Juan
www.businessmirror.com.ph
Housing shift, docu issues bug 4PH projects, cause delay
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@blessogerio
HE Department of Human Settlements and Urban Development (DHSUD) revealed that the rollout of the Pambansang Pabahay Para sa Pilipino (4PH) Program faced a two-year delay due to two main factors: the transition to vertical housing projects and delays in the submission of required documents.
In a statement from DHSUD, housing czar Jose Rizalino Acuzar clarified that the shift to condominium-style housing was nec-
essary for maximizing land use, though it demanded major adjustments in both planning and construction.
Experts...
This was amid the alleged presence of rice cartels and hoarders, which, Guinigundo said, remains a challenge for the government to address along with the President’s campaign promise to reduce rice prices to P20 per kilo. “This announcement raises some serious questions about the ability of Government to ensure the sufficiency of rice supply in the
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Guinigundo said they deemed concerning the earlier disclosure by the Department of Agriculture (DA) that it was “contemplating on declaring a ‘food emergency’” in 2025 to help contain rice prices.
With these challenges, Acuzar assured that the department is now seeing the results of its efforts, with the housing program moving forward. “In the coming weeks, we expect a continuous turn over to our beneficiaries,” Acuzar said. Currently, over 1,000 applications under the 4PH are being processed, alongside the development of 56 housing projects nationwide. Home Development Mutual (Pag-Ibig) Fund is actively backing the projects in Palayan City, Nueva Ecija; Bacolod City, Negros Occidental; and Bocaue, Bulacan. The Social Housing Finance Corporation (SHFC), meanwhile, is nearing completion of two major projects at Crystal Peak Estates in San Fernando, Pampanga, and People’s Ville in Davao City.
JOSE RIZALINO ACUZAR
market from production to harvest to marketing to retail,” Guinigundo said. “It would be useful for the DA to report on the use of the proceeds of rice import tariffs in encouraging greater agricultural output and moderating rice prices,” he added. Guinigundo also noted that it was difficult to understand how the return of the National Food Authority (NFA) to the rice market or allowing state corporations like the Food Terminal Inc. (FTI) to import rice would lead to lower rice prices. He said this could only “drown” rice stocks purchased by the NFA in the market, while allowing corporations such as FTI to import rice would only lead to the same effect if NFA will be the one to import the country’s staple. However, Guinigundo said, the only difference at this time is the lower tariff rates—these were reduced to 15 percent from 35 percent. Even with the reduction, the impact was also cited as minimal. “Even in the past, [the NFA] failed to temper rice prices and inflation. Buffer stocks at NFA would just be drowned in the market. How the NFA could exercise flexible pricing of its stocks without losing money should be clarified,” he said. In the Murang Pagkain Supercommittee hearing at the House
of Representatives in December, Neda Agriculture, Natural Resources, and Environment Staff (ANRES) Director Nieva T. Natural said lower rice tariffs reduced farmgate prices by 16.8 percent between June and October 2024. The Neda report, shared by Natural, also showed the lower rice tariffs had a more limited impact on retail prices as there was only a reduction of 1.7 percent in the prices of the commodity. Based on the PSA, farmgate price by region per commodity is computed as the arithmetic mean of the average prices of the provinces. This is the price set by farmers for their produce—in this case, rice. Landed cost, meanwhile, is the cost of imported goods when they arrive in the Philippines, while retail prices are the prices of goods when these are finally sold to the general public. Given the larger impact on farmgate prices, which could be disadvantageous to the country’s farmers, Natural said a more nuanced analysis may be required to explain what happened to the prices. Nonetheless, the Neda said in its report that it is possible that a lack of competition in the rice market may have prevented a greater reduction in retail prices compared to farmgate prices.
BARMM...
In June 2024, Finance Secretary Ralph G. Recto had expressed confidence that the national government can finance the increased budget for LGUs on the back of increased budget and revenues.
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of laws creating new municipalities and barangays. Six new municipalities were created in BARMM: Kadayangan, Nabalawag, Kapalawan, Malidegao, Tugunan and Ligawasan. These municipalities were created based on the Bangsamoro Autonomy Act Numbers 42 to 48. The new barangays that were created included Barangay Guinhalinan, in Barobo, Surigao del Sur which was created under Republic Act Number 11986. Six other barangays were also created under RA No. 11993, namely, Barangays 176 A through F under the City of Caloocan. Given this, DBM said the 2025 NTA shares of LGUs, which amounted to P1.034 trillion, now covered 43,634 local government units (LGUs). This is broken down according to 83 provinces; 149 cities; 1,491 municipalities; and 41,911 barangays nationwide. Initially, based on Local Budget Memorandum 90, there were only 1,485 municipalities and 41,905 barangays. “All LGUs are hereby enjoined to adopt the appropriate measures resulting from the herein adjustments in their respective FY 2025 NTA shares, in accordance with the pertinent provisions of RA No. 7160 and other budgeting rules and regulations,” the DBM said.
NTA for LGUs to be funded–Recto
“THE National Tax Allotment [NTA] for LGUs is mandatory. We can fund it. The budget next year will have roughly a P400-billion increase, while revenues will increase by roughly P500 billion,” Recto told the BM in a Viber message on Monday. This, after the Department of Budget and Management (DBM) issued Local Budget Memorandum No. 90 stating the total NTA shares of LGUs for fiscal year 2025 shall be P1.034 trillion. This is higher by 18.73 percent or P163.229 billion than the P871.38 billion NTA share this year. The funding will be based on the actual collections of national taxes of the Bureau of Internal Revenue (BIR), the Bureau of Customs (BOC) and by other agencies certified by the Bureau of the Treasury (BTr) in the fiscal year 2022. The government raised P3.545 trillion in revenues in 2022, of which P776.559 billion came from the BIR, P258.003 billion from the BOC and other agencies, P41.355 billion. (See: https://businessmirror. com.ph/2024/06/18/recto-govt-canfund-lgus-25-nta-despite-18-7-hike/). Cai U. Ordinario
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told BM. “But while we are tired of resiliency, I think that what I want to see is not resilience, it’s really the diversifying economy, as I keep saying,” he also said. Balisacan said the Philippines need to strengthen and ignite other aspects of the economy apart from public and private consumption as well as services. He said the country must also direct its gaze at other pillars of the economy such as investment, particularly those made by Filipinos themselves. Balisacan said “there’s so much [private sector] resources out there” that can be tapped to boost the economy’s growth. The country’s Chief Economist said one example of the resources is the investments of private individuals in treasury bonds and treasury bills. These funds, Balisacan said, are invested in these instruments instead of in factories that have the potential to create decent jobs. “So it’s that confidence in the economy that you would want to continue building. So that that kind of portfolio mix will change toward investments that create jobs,” Balisacan stressed. The latest data from the Bangko Sentral ng Pilipinas (BSP) showed that the debt paper issuances of the national government led to a double-digit increase in the country’s external debt. The BSP said the country’s external debt rose to $139.64 billion as of end-September 2024 from the $118.83 billion posted at the end of September 2023. The central bank said this represented a 17.5-percent increase or an addition of $20.81 billion in September 2024 compared to the same period last year. (See: https:// businessmirror.com.ph/2024/12/23/ debt-paper-issuances-fuel-17-5-external-debt-hike/)
Meanwhile, amid the improvement in the country’s employment data, the number of Filipinos looking for better jobs grew in October 2024, according to the Philippine Statistics Authority (PSA). Last month, the PSA said the number of Filipinos looking for jobs declined to 1.97 million in October 2024 from the 2.09 million posted in October 2023 and from the 2.38 million posted in July 2024. However, the number of underemployed Filipinos increased to 6.08 million in October 2024 from the 5.6 million posted in October 2023 and 5.78 million in July 2024. Of the 6.08 million Filipinos who are underemployed, 3.43 million are considered visibly underemployed and 2.65 million are invisibly underemployed. Visibly underemployed are Filipinos who are working less than 40 hours a week. Invisible underemployed is the category for those Pinoys who, despite working 40 hours a week or more, still desire more hours of work to increase their incomes. Invisible underemployment increased by 350,000 or 15.2 percent compared to the 2.3 million posted in October 2023. Visible underemployment, meanwhile, increased by 136,000 or 4.1 percent from the 3.3 million posted in October 2023. (See: https://businessmirror.
com.ph/2024/12/07/underemployment-dims-better-jobs-numbers/)
PSA...
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and Davao Region (1.03 hectares per farm). The PSA said these results are based on the 2022 Census of Agriculture and Fisheries (CAF) conducted among households and non-household entities that operated agriculture activities from January 1 to December 31, 2022. It added that household interviews for the 2022 CAF were conducted in September to November 2023, while non-household interviews were conducted in May to July 2023.
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Thursday, January 2, 2025
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DOH: 340 injured by firecrackers since Dec. 22 By Claudeth Mocon-Ciriaco
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@claudethmc3
HE Department of Health (DOH) logged a total of 340 firecracker-related injuries from December 22, 2024 to January 1, 2025, lower by 34 percent as compared to the 519 cases recorded in the same period last year. Based on the report from 42 (out of 62) sentinel sites, the DOH said that 141 cases were recorded on New Year’s Eve and the first day of 2025, 64 percent lower compared to the cases recorded in the same period of 2024. The DOH said that 239 of those
injured are below 19 years old. Most of the victims are male at 299 cases. Fifty-nine percent or 202 cases were caused by boga, 5-star, and piccolo. T he Nationa l Police (PNP) meanwhile said this year’s revelry
was generally peaceful. “As of 6 a.m. of January 1, ang report sa atin ay generally peaceful naman yung naging pagsalubong sa Bagong Taon. Wala tayong natanggap na report na [reports reaching us indicate that New Year’s day was generally peaceful. We did not receive any report of] any significant untoward incident. Mayroon tayo [We have] 1,360 recorded cases ng illegal possession, use and sale of firecrackers,” the PNP spokesperson and information chief, Brig. Gen. Jean Fajardo, told reporters. Fajardo said a total of 593,094 illegal firecrackers have been seized with an estimated value of P3,922,678 while 73 individuals were arrested. The police also recorded 27 cases of indiscriminate firing that resulted in five injuries, while 21 persons were appre-
hended and 17 firearms were confiscated. Of the 21 persons arrested, 18 were civilians while the rest are a security guard, a police officer from Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon), and an officer of the Bureau of Corrections in Zamboanga Peninsula, said Fajardo. There were also six stray bullet injuries, 340 firecracker-related injuries, and one death due to firecrackers. Fajardo noted that the 27 cases of indiscriminate firing is higher than the 20 recorded last year, though the number of injuries was down to five from seven last year. The PNP chief, Gen. Rommel Francisco Marbil, previously ordered all police units to prioritize public safety during the New Year celebrations. With PNA
2024 arrivals breach 14M mark, BI reports By Joel R. San Juan @jrsanjuan1573
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HE Bureau of Immigration (BI) has recorded a total of 14,550,533 arrivals from January to December of 2024, almost half of them were foreign nationals. The figure was slightly higher compared to 2023, which recorded a total of 12,681, 231 arrivals. Immigration Commissioner Joel Anthony Viado attributed the increase to the resurgence of international travel and the continued effort of the Department of Tourism to re-invite foreign tourists back, the country being a premier destination. Out of the 14,550,533 arrivals, 7,922,052 were Filipinos while 6,618,481 were foreigners. The BI, on the other hand, recorded a total of 15,050,236
depar tures, which inc lude d 8 , 3 4 8 , 2 8 3 Fi l ip i no s a nd 6,701,853 foreigners. “These figures reflect a thriving travel industry and highlight the Philippines’ growing reputation as a global hub for tourism and business,” Viado said. “As we enter 2025, we will focus on modernization through advancements in technology and legal reforms to simplify immigration processes and improve overall efficiency,” he added. The BI cited the successful implementation of label-free processing at electronic gates as among its biggest accomplishments last year. It provides faster access and electronic travel confirmation for Filipino travelers. Viado said the program, which has enhanced efficiency at key airports, is set to expand with the procurement of additional e-gates
next year. It also said that due to BI’s vigilance, the Philippines has maintained its Tier 1 status in the 2024 US Department of State Trafficking in Persons Report. The agency said among the illegal trafficking schemes that it was able to detect include fake pilgrimages, mail-order brides, and illegal surrogacy. The Immigration Protection and Border Enforcement Section (I-Probes) reported a total of 998 trafficking victims referred to the Inter-Agency Council Against Trafficking (Iacat), as well as 215 Filipinos referred to the Department of Migrant Workers (DMW) for illegal recruitment. Likewise, the BI said it was able to prevent the entry of 140 sex offenders in 2024. Also last year, the BI launched report mechanisms such as the
Commissioner’s helpline, as well as the Makabata Helpline 1383 of the Council for the Welfare of Children (CWC) was launched to report cases involving foreign nationals suspected of crimes against children. Other achievements of the Bi include, the inauguration of three additional forensic document laboratories at major international airports which will enhance enhance border security by ensuring the authenticity of travel documents and support immigration offices nationwide. It also launched The Cruise Visa Waiver to streamline entr y processes for international passengers. “As we move forward, the Bureau of Immigration is committed to modernization, efficiency, and ensuring the safety of every traveler,” Viado said.
Cardinal Advincula opens Jubilee Year with call for shared hope By Justine Xyrah Garcia
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ITH the opening of the Jubilee Year on Monday, Manila Archbishop Jose Cardinal Advincula reminded the faithful that true hope cannot be stolen or lost, for it is a gift from God. In his homily, Advincula emphasized that this hope—rooted in God’s grace–can offer a source of st reng t h for t he fa it h f u l throughout their life’s journey. “Hindi ito mawawala o mananakaw sapagkat ang ating pag-asa ay galing sa Diyos. Ito ay handog niya sa atin upang hindi tayo panghinaan
ng loob sa ating paglalakbay sa buhay,” he added. Advincula’s words stem from the recent Social Weather Stations (SWS) survey which showed a sharp drop in the hope of Filipinos as they enter 2025. According to the survey, only 90 percent of respondents expressed optimism about the coming year, down from 96 percent in the previous year. This is the lowest hope rate for Filipinos since 2009. SWS also reported that the percentage of Filipinos feeling fearful about the future also increased by 10 percent—a seven-
percentage-point increase from 2023’s 3 percent. Despite these statistics, Advincula called on the faithful to find strength in God’s words, which he described as the guiding light for their lives. “Kung paanong tinaglawan ng haligi ng apoy ang bayan ng Israel sa kanilang paglalakbay tungo sa Lupang Pangako, hayaan natin na ang Salita ng Diyos ang tumanglaw at magtimon sa ating paglalakbay,” he explained. Advincula pointed out that the theme for the 2025 Jubilee Year, “Pilgrims of Hope,” is a timely call to embrace hope despite adversi-
Ex-MILF fighters soon to have houses By Manuel T. Cayon @awimailbox
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AVAO CITY—Former Moro combatants will soon have houses in their former camps, a decade after their leaders signed a peace agreement with government and after a third of them turned their weapons in a continuing disarmament program. The housing programs were launched last week in Camp Abubakar Assidique, the once largest encampment of the Moro Islamic Liberation Front (MILF) in the northern fringes of Maguindanao, and in Camp Bilal in the southern edge of Lanao del Norte. The latter hosted the base command that was then led by a Commander Bravo, one of two
MILF commanders who mounted large-scale attacks on government positions in 2008 in resentment to the Supreme Court ruling that trashed a major document on ancestral domain. Commander Bravo, the nom de guerre of Abdullah Macapaar, later adhered to the MILF peace pact and entered politics as a member of parliament. He joined Secretary Carlito G. Galvez, the Presidential Adviser on Peace, Reconciliation, and Unity in the groundbreaking program on December 25 in Munai, Lanao del Norte, which forms part of Camp Bilal. Maguindanao del Norte Gov. Abdulraof Macacua and Galvez witnessed the similar groundbreaking program in Barira, which
is part of the sprawling Camp Abubakar Assidique, a day earlier. The Office of the Presidential Adviser on Peace, Reconciliation, and Unity (Opapru) said the housing and resettlement proje c t for de com m i s s ione d M I L F combat a nt s a nd t he i r families will be implemented under its Payapa at Masaganang Pamayanan (Pamana) program. It said the “atmosphere was festive in this hinterland Central Mindanao town (of Barira) that is located within the heart of the biggest MILF camp, once the bastion of the former revolutionary group’s armed struggle.” “Such an occasion would be unimaginable years ago, as this sprawling camp was once the site
ty—especially after a year marked by challenges, including the onslaught of natural calamities, political and economical issues, and disputes among countries. “Marami sa atin ang nahihirapang makita ang mas maayos na bukas o kalagayan sa buhay. Kailangan natin ng pag-asa. Kailangan nating palakasin ang loob ng bawat isa sa pamamagitan ng pag-asang galing kay Hesus,” he said. He added that hope must be shared with others, especially those who are suffering. “Kailangan nating palaguin ang See “Cardinal,” A4
of fierce encounters between government troops and MILF forces. But after the signing of the Comprehensive Agreement on the Bangsamoro (CAB in 2024), peace has finally dawned in this area,” Galvez said. He said the two camps, along with four other identified camps spread across central Mindanao, “are now considered a show window of peace and development.” The Opapru said the housing project is a key component of the Camps Transformation Plan (CTP) which aims to transform six previously government-acknowledged MILF camps into peaceful, productive and resilient communities. It did not say how many houses will all be constructed in the two camps and in the rest of the other camps. See “Milf,” A4
Military renews commitment to defend country, people
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ITH the start of 2025, the Armed Forces chief of staff, Gen. Romeo Brawner Jr., said that the military will use the New Year to reiterate its commitment to protect the nation and its people. In his New Year’s message, Brawner said the New Year will also allow the AFP to enhance its goals and aspirations as an organization. “Let us move forward with unity and determination, embracing innovation, strengthening partnerships, and remaining steadfast in our resolve to protect the Filipino people and our nation’s future,” he added. And as he wished a better and more prosperous year for all Filipinos, Brawner expressed hope that
2025 will bring closer to the vision of a strong, secure, and progressive Philippines. “As we welcome the New Year, I extend my heartfelt gratitude and congratulations to the brave men and women of the AFP for your unwavering dedication and tireless service to our nation,” Brawner said. He added that the past year has been a testament to the AFP’s collective strength, resilience, and professionalism. “Together, we have faced challenges with courage, fulfilled our missions with excellence, and made significant strides in safeguarding our sovereignty and promoting peace and security,” the AFP chief concluded. Rex Anthony Naval
Weather bureau sees first 2025 typhoon to enter PAR this month
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NE tropical cyclone that w ill be named Auring may enter the Philippine Area of Responsibility (PAR) this month, the state weather bureau reported. Benison Estareja, a weather specialist at the Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) said Auring may eventually make landfall in the Visayas or Mindanao. However, he said there is also a chance that the tropical cyclone may deviate and not enter PAR. This week, he said the state weather bureau sees no incoming tropical cyclone or the possibility of a typhoon. However, he said three weather systems are currently affecting the Philippines, causing the rains that occurred during the turn of the New Year from Tuesday to Wednesday—the northeast monsoon, shear line, and intertropical convergence zone. The rains brought by the three weather systems affecting the country may trigger flooding and landslides occur in low-lying areas and landslide-prone areas, the state weather bureau added. Meanwhile, one person was killed, two remain missing, while 20 others were injured in Davao Occidental owing to heavy rains spawned by an ITCZ since last week, the Office of the Civil Defense in Davao Region (OCD-11) reported on Tuesday night. On December 26, persistent rains caused by the ITCZ caused
f looding and landslides in several towns of the Davao region, particularly in Davao Occidental, Davao del Sur, and Davao Oriental. In a statement, OCD-11 said bad weather has affected 6,476 families or 28,686 persons, as one road section and three bridges in Davao Occidental remain impassable. Heavy rains and flooding in the province also partially damaged around 321 houses, and 238 others were destroyed. As for infrastructure damage, 21 were recorded in Davao Occidental and two in Davao del Norte at an estimated cost of P215 million. Given the situation, Malita town in Davao Occidental has been placed under a state of calamity. OCD-11 also reported that on December 30, an initial 1,107 hygiene kits were given to Davao Occidental for the families and individuals affected by the flooding caused by the prevailing ITCZ. The kits worth P941,582 have been transported to the province with assistance from the Department of Public Works and Highways-11 to the Provincial Disaster Risk Reduction Management Office in Malita town. “T he OCD -11 continues to monitor the developments, even as it prepares to mobilize additional relief items and other resources to aid the local government units in addressing their needs at this time,” the agency said in a statement. Jonathan L. Mayuga and PNA
Use of mercury in skin products still rampant By Jonathan L. Mayuga @jonlmayuga
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TOXICS watchdog group reiterated its call for concerted action to break the illegal trade of imported skinlightening products contaminated with mercury already banned in the Philippines. The EcoWaste Coalition said these products continue to flood the online and physical markets, as it revealed the list of 35 skin-lightening products found containing mercury. The group cautioned customers seeking a lighter skin tone from using these unauthorized products that have been found to have high levels of mercury, a poisonous element that effects the nervous, digestive, and endocrine systems, as well as the kidneys, lungs, and the skin itself. For the information and guidance of consumers, as well as e-commerce admin-
istrators and dealers, the group released a list of skin-lightening products that it had purchased and screened for mercury, the majority of which were subsequently banned in 2024 by the Food and Drug Administrations (FDA) of two countries, the Philippines and Thailand. The list includes 35 skin-lightening products from China, Indonesia, Pakistan and Thailand consisting of 23 brands, which are being sold to local consumers, mainly through online shopping and social media platforms. The list also provides information about the mercury content of the products in parts per million (ppm) based on the screening conducted by the EcoWaste Coalition using an X-ray fluorescence (XRF) chemical analyzer. Of the 35 products analyzed, 15 had mercury way above 10,000 parts per million (ppm). See “Mercury,” A4
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Veto on part of DPWH budget will not affect infra projects, Marcos assures By Samuel P. Medenilla @sam_medenilla
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ESPITE the P26-billion vetoed portion of the budget of the Department of Public Works and Highways (DPWH) this year, President Marcos said government infrastructure projects will remain one the main drivers of the country’s economic growth.
In his veto message for Republic Act 12116 or the 2025 General Appropriations Act, Marcos said
infrastructure spending will be accelerated and be maintained at 5 to 6 percent of the gross
domestic product. “This will have a multiplier effect on the economy, improve the ease of doing business, and facilitate the creation of more jobs,” Marcos said. “It will also support efforts to modernize agriculture and agribusinesses, promote trade and investments, reinvigorate services, and advance research and development,” he added. The government currently has 185 infrastructure flagship projects. Under the 2025 GAA, the DPWH will have a P1.007 trillion budget this year, which makes infrastructure to have the second highest spending from the government
after education. This after the P26 billion allocation for more than 180 public works projects, which are still not ready for implementation, were removed from the 2025 GAA by Marcos through his veto power. Aside from using government revenues, Marcos said the said projects will also be financed through loans. He said his administration is pushing for a better credit rating for the country this year by keeping spending and debt of the government in check so it can secure lower interest loans to “support infrastructure development and other growth-enhancing pro-
grams and projects.” E xerc isi ng m a x i mu m pr udence, he said, is necessary to prevent the government from derailing its development agenda. Last Monday, Marcos signed the P 6.326-trillion 2025 GAA, which was lower than the P6.352 trillion under the 2025 National Expenditure Program (NEP). The President vetoed P194billion worth of line items, including those related to infrastructure, from the proposed 2025 budget for “not being consistent with the programmed priorities” of his administration. Most of the vetoed items were unprogrammed appropriations.
Senator: Rural electrification given major boost by 2025 natl govt budget By Butch Fernandez @butchfBM
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HE approval of the 2025 General Appropriations Act (GAA) ensures significant progress in the government’s rural electrification program, paving the way for its completion “in the next couple of years,” Sen. Sherwin Gatchalian said. “We hope that the budget allocation for the National Electrification Administration for 2025 would help push the rural
electrification program to its completion in the next couple of years,” Gatcha lian said in reaction to the signing by the President of the 2025 GA A on December 30. Under the approved P6.352 trillion budget, NEA has been allotted a government subsidy of P1.87 billion to provide electricity for approximately 22,000 households through the implementation of its strategic rural electrification. NEA had earlier claimed that
inadequate government subsidy has been the biggest challenge to the attainment of 100 percent rural electrification. Gatchalian said an estimated 4.214 mi l l ion households throughout the country were still without electricity as of June 2023. The government’s target is to reach total electrification in the country by 2028. While the five-year plan to achieve 100 percent electrification by 2028 has been progressing, the government needs to
Solaire moves to fill vacuum left by Pogos
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HE Razon-led Solaire Resort & Casino is recruiting for its online gaming team, in what is believed to be the company’s move to fill the gap left be the departure of Philippine Overseas Gaming Operators. A company’s post on LinkedIn late last week said positions were open
for “director of online gaming – product,” “director, online gaming – retention marketing,” “head of online casino and bingo,” “product owner,” “online gaming host” and “technical support representative.” Solaire has casinos at the Entertainment City in Parañaque and at Vertis,
Quezon City. Social media post did not describe the format of the casino’s online-based product. A post in the gaming newsletter GGRAsia said Solaire already runs online gaming aimed at domestic players and tied to physical casino inventory, including via a Philippine Inland Gaming
Cruise ship arrivals to boost Subic tourism By Henry Empeño
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UBIC BAY FREEPORT—Visitor arrivals in this popular tourist destination is expected to increase further in the new year with a reinvigorated cruise ship tourism program as a major attraction, officials of the Subic Bay Metropolitan Authority (SBMA) said on Tuesday. SBMA Chairman and Administrator Eduardo Jose L. Aliño voiced this very optimistic scenario, as the Subic Freeport community
Mercury. . . Continued from A3
Under the Association of Southeast Asian Nations (Asean) Cosmetic Directive, mercury as a heavy metal contaminant cannot exceed the maximum limit of 1 ppm. Out of the following 35 mercury-laced skin lighteners discovered and reported by the EcoWaste Coalition to the health authorities, the FDA-Philippines had banned 15 adulterated products and FDA-Thailand banned 12. From China (seven products): BL Vterly Day & Night Cream, 1,701 ppm; Feique 2 in1 Lemon Whitening Anti-Wrinkle Face Cream Set, 311 ppm (day), 1,965 ppm (night); Feique Cucumber Whitening & Freckle-Eliminating Cream, 1,333 ppm (day), 3,100 ppm (night); Feique Green Tea Whitening Nourishing Anti-Freckle Set, 4,223 ppm (day), 5,487 ppm (night); Feique Herbal Extract Whitening Freckle Removing
ensure that such a target will be achieved through budgetary support, the senator emphasized. According to Gatchalian, economic development, particularly in rural areas, would be difficult to achieve without electricity as it is a major factor in attracting investments and in the operations even of micro and small business enterprises. “Electricity is a basic need, especially for various businesses in remote places that provide jobs and help grow the economy,” he
Operator (Pigo) licence. Its online offering includes live slot games, live table games and e-games. The newsletter added that the banking group Morgan Stanley mentioned in a note in early December that Bloomberry was planning to launch an “online gaming app in the third quarter of 2025, likely using a different brand than Solaire to target different clientele.” The
welcomed the MV Silver Dawn, a Bahamas-flagged luxury cruise ship which carried 596 passengers and 411 crew members. Aliño said it was the first time in the port of Subic for MV Silver Dawn. The 212-meter long vessel is the third in the Muse-class series of high-end passenger vessels operated by Silversea Cruises, which is part of the prestigious Royal Caribbean Group, the ultra-luxury and expedition travel brand based in Monaco. The212-meterlong,40,855-gross
tons vessel is the third in the Museclass series of Silversea’s small luxury ships designed for onboard ambiance, with its 298 spacious allsuite cabins a distinctive feature in the cruise landscape. “We can expect the 596 passengers, as well as 411 crew members of the ship, to spend the New Year’s Eve here,” Aliño said. “We hope the people of Subic Bay will welcome them during their stay,” he added. SBMA Senior Deputy Administrator for Port Operations Ronnie Yambao said that two other cruise
ships have so far confirmed their schedule in Subic next year. The first is MV Blue Dream Star, which will arrive here on April 11, May 3, and July 8 with more than 1,000 passengers each trip. The second is Villa Vie Odyssey, a ship owned by the US-based Villa Vie Residences that specializes in “residential cruising.” It is booked here on September 23, bringing in 924 passengers at double occupancy, along with 370 crew members, Yambao said. Yambao, who also chairs the SBMA Cruise Ship Industry Committee, said Ex-MILF fighters soon to have houses.
Cream, 11,320 ppm; Feique Snail Liquid Whitening Anti-Freckle Set, 8 ppm (day), 73 ppm (night); and Hua Shu Li Miracle Whitening & Anti-Freckle Set, 1,836 ppm (day), 2,132 ppm (night). From Indonesia (four products): Dr. Gold Super Quality +SPF30 , 213 ppm; Fair & Lovely Day & Night Cream, 221 ppm; La Bella Day Cream , 245 ppm; and La Bella Night Cream, 400 ppm. From Pakistan (eight products): Aima Gold Beauty Cream, 19,020 ppm; Armena Gold Beauty Cream, 11,940 ppm; Faiza Beauty Cream, 7,110 ppm; Goree Gold 24K Beauty Cream, 25,700 ppm; Pure Pearl Beauty Cream, 27,200 ppm; Sandal Beauty Cream, 12,580 ppm; Zartaaj Beauty Cream, 14,130 ppm; and Zoya Gold Beauty Cream, 19,170 ppm. From Thailand (16 products): 88 Whitening Night Cream (5 grams), 16,070 ppm; 88 Whitening Night Cream (20 grams), 3,521 ppm; Dr. Yanhee, 19,200 ppm (purple cream), purple plastic box container; Dr.
Yanhee, 19,000 ppm (green cream), green plastic box container; Dr. Yanhee, 11,830 ppm (beige cream), gold plastic box container; Dr. Yanhee, 9,460 ppm (pink cream), pink plastic box container; Dr. Yanhee, 8,600 ppm (burnt orange cream), transparent plastic box container with blue label; Dr. Wuttisak, 17,950 ppm (cream #3), 15 ppm (cream #2) and 10 ppm (cream #4), blue label; Dr. Wuttisak, 11,200 (cream #3), 11 ppm (cream #2) and 9 ppm (cream #4), green label; Lady Gold Seaweed/Gluta Super Gluta Brightening, 44,540 ppm (beige cream); Meyyong Seaweeds Super Whitening, 3,784 ppm (green cream); Polla Gold Super White Perfects, 3,653 ppm; Pumepine Total White Underarm Cream, 2,248 ppm; Q-nic Care Whitening Night Cream, 4,113 ppm; Q-nic Care Underarm Whitening Cream, 6,109 ppm; and Snow White Armpit Whitening Underarm Cream, 3,042 ppm. The EcoWaste Coalition warned that aside from allowing mercury to seep into
their skin, people using these adulterated cosmetics are also exposing anyone at home, including young children, to mercury vapors, which can be inhaled and thus creating a two-fold exposure scenario through skin absorption and mercury vapor inhalation. People living together in places with poor ventilation are at greater risk when they breathe air and touch blankets, clothes, pillows, and towels contaminated with mercury, the group said. As stated by the World Health Organization (WHO), the “adverse health effects of the inorganic mercury contained in skin lightening creams and soaps include kidney damage, skin rashes, skin discoloration and scarring, reduction in the skin’s resistance to bacterial and fungal infections, anxiety, depression, psychosis and peripheral neuropathy.” Women, who are principally targeted for cosmetics that claim to lighten the skin tone, remove age spots, blemishes, freckles, and wrinkles, and treat acne and other skin woes, are highly susceptible to the harmful
said. As of 2023, electrification in the country stood at 89 percent, and is expected to rise to 91 percent this year. Based on the five-year electrification plan, the government aims to increase coverage to 94 percent by 2025, 97 percent by 2026 and achieve 100 percent by 2027. As of August 2024, NEA was able to energ ize 1,153 sitios through government subsidy provided the previous year. With Lenie Lectura
bank mentioned a customer segment with an average revenue per user of “P1,500 [about US$26] per month.” Pogos were banned by President Marcos effective December 31, 2024. These are online gambling companies that operated in the Philippines but catered to customers outside the country. They are licensed by the Philippine Amusement and Gaming Corporation (Pagcor).
SBMA employees welcome the luxury cruise ship MV Silver Dawn as it docked in the Subic Bay Freeport early Tuesday morning, December 31. SBMA
effects of mercury exposure, especially if they are of childbearing age. Numerous cases of mercury intoxication due to the use of mercury-laced cosmetics have been documented such as the case of a woman in California who fell into a coma in 2019, a woman in Minnesota who suffered from partial vision loss in 2022, and a woman in Hong Kong who was found in 2024 with proteinuria (presence of excess proteins in urine) caused by prolonged use of skin lightening products with mercury content. To protect users and non-users against multiple health problems linked to mercury exposure via contaminated cosmetics, the EcoWaste Coalition appealed to customs, health, and trade regulators, as well as administrators of e-commerce and social media platforms, to undertake concerted action to stop the illegal entry, distribution, and sale of adulterated cosmetics. “The unabated production and trade of contraband skin-lightening products with
Cardinal. . . Continued from A3
ating pag-asa. Katulad ng pananampalataya at pag-ibig, hindi ito magaalab o magniningas kung pababayaan natin ang ating mga sarili na kumapit sa mga bagay na hindi maasahan,” Advincula explained. As part of this year’s Jubilee observances, Advincula urged the faithful to organize pilgrimages, visit persons deprived of liberty and the sick, and focus on building hope within their families, especially among the youth and the elderly. The Jubilee Year is a rare event in the Catholic Church, celebrated approximately every 25 years. Since its institution in 1300 by Pope Boniface VIII, the Church has observed 26 Ordinary Jubilee Years, with this year marking the 27th celebration.
MILF. . . Continued from A3
In Barira, Galvez said “the day that we have all been waiting for has finally come.” “We, in the Opapru, believe that the home is where the seeds of peace are first planted. The American novelist, Kathleen Norris, said it best that Home is another name for Peace. Ang bahay ay kumakatawan ng kapayapaan sa atin,” he added. Macacua thanked government for “steadfast support and dedication to bring meaningful projects and programs to the Bangsamoro region” and said Galvez was “instrumental in bringing peace to the area.” “If there is a military general that brought solution trusted by the Bangsamoro, it is [retired General Galvez],” Macacua said. Galvez was a career military officer who retired as a full general. He spent most of his career in Mindanao. Member of Parliament Ali Salik, co-chairman of the MILFJoint Task Force on Camps Transformation, said that the project “represents a significant step in addressing the housing needs of our community. It is a testament towards our commitment to address the roots of conflict.
high mercury content that may classify them as mercury waste or hazardous waste, which should be disposed of in an environmentally sound manner, is a stark reminder of the unfinished job of eliminating these poisonous cosmetics,” the EcoWaste Coalition said in a statement. “Concerned governments, which are parties to the Minamata Convention on Mercury, need to act with resolve and bring the persistent production, export, and import of mercury-added cosmetics to a close this 2025 to protect human health and the ecosystems.” “We can stop the illicit and unethical trade of cosmetics containing mercury and put an end to the racist notion that equates beauty, cleanliness, and success with ‘whiteness,” the group added. In August 2024, the group urged the FDA-Philippines to convene a solutionsfocused summit involving various stakeholders to tackle and solve the unlawful trade of mercury cosmetics.
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Despite 6.1% growth projection, PHL faces significant challenges in 2025 By Rizal Raoul Reyes @brownindio
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OTWITHSTANDING that the economy is projected to grow 6.1 percent in 2025, the Center for People Empowerment in Governance (CenPEG) pointed out the government still needs to hurdle several challenges. “The country is expected to retain its status as the largest global rice importer, reflecting vulnerabilities in domestic
agricultural production. Poverty rates are also likely to deepen due to inflationary pressures and uneven economic recovery,” CenPEG said in a press statement. Furthermore, the Philippines faces several obstacles towards a successful rice production program. These are climate change, extreme weather events, rising temperatures, aging farming population, low participation rate from the youth sector in agriculture, land degradation, high production
costs, competition from imports, among others. CenPEG also warned that the political rift between President Marcos and Vice President Sara Duterte will continue to deepen, with implications for national governance. It also pointed out that the discord disrupts the administration’s policy coherence and hampers legislative initiatives, particularly with the upcoming midterm elections in May
Marcos’ US trip to meet Trump remains unconfirmed–Palace By Samuel P. Medenilla @sam_medenilla
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RESIDENT Ferdinand Marcos expected visit to the United States this year to meet with Presidentelect Donald Trump is still not confirmed, according to Malacañang. Presidential Communications Office Secretary Cesar B. Chavez
issued the brief statement to Palace reporters last Sunday amid reports that Marcos was not invited in the inauguration of Trump on 20 January 2025. “There is no confirmation regarding whether the President will visit the US to meet with President Trump in the early months of 2025,” Chavez said. The Palace official said that Philippine Ambassador to the
US Jose Manuel Romualdez will represent President Marcos at the inauguration. “The Palace confirms that the Secretary of State, on behalf of the Joint Committee on Inaugural Ceremonies, invited the Chiefs of Diplomatic Missions, along with their spouses, to represent their respective heads of state and their governments at the principal inaugural events,” Chavez
Thousands of illegitimate children born to underage mothers in 2023 By Cai U. Ordinario @caiordinario
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HOUSANDS of illegitimate children were born to mothers under 15 years old and more than a hundred were born out of child marriages in 2023, according to the latest data released by the Philippine Statistics Authority (PSA). The PSA data showed there were 3,343 children born to mothers who were 15 years old and younger in 2023. Of this number, PSA said 3,225 children were born out of wedlock while the remaining 118 children were born to 15 year old and under mothers who were already married.
The data also showed that on top of the thousands born to child mothers, PSA said 129 children were also born to fathers who were also 15 and under. This brings the total of children born to mothers and fathers who were children themselves to 3,472 in 2023. “Adolescent mothers, particularly those under 15 years old, recorded the highest proportion of non-marital births, with 96.5 percent of their total births classified as nonmarital,” PSA said. Among those children born to mothers who were under 15 years old, PSA said 3,318 children were first born while 25 were children born out of repeat pregnancies.
Among those mothers who are 15 years old and under, the data showed 56 of them were married and residing in the Bangsamoro Autonomous Region of Muslim Mindanao (BARMM) and 37 were also married and living in Soccskargen region. The data also showed eight of these married mothers live in Zamboanga Peninsula; five each live in Northern Mindanao, Mimaropa, and Calabarzon; and one each reside in Central Luzon and Metro Manila. For those who gave birth out of wedlock, the top three locations are Calabarzon where 474 young mothers live; Central Luzon, 421; and Metro Manila or the National Capital Region (NCR), 323.
2025, which are expected to serve as a proxy battle between the Marcos and Duterte factions. “The political instability arising from this feud poses challenges to effective governance, potentially affecting the administration’s ability to address pressing national issues and undermining public confidence in political institutions,” CenPEG said. As a result, the rivalry between the Duterte and the explained. “In this case, Ambassador Jose Manuel Romualdez will represent PBBM at the inauguration,” he added. In a scheduled phone call last November, Marcos disclosed his plan to revisit the US this year to personally meet with Trump after he was elected for a second term in the 2024 US Presidential polls. During the phone conversation, Marcos and Trump talked about strengthening Philippine-US relationship as well as the former’s mother, former First Lady Imelda R. Marcos and the Filipino-Americans, who voted for Trump. These were followed by Northern Mindanao where 270 of these mothers usually reside; Central Visayas and Davao regions, 246 each; Soccskargen, 178; Bicol region, 159; Cagayan Valley, 153; Western Visayas, 149; Zamboanga Peninsula, 144; Ilocos region, 137; Mimaropa region, 114; and Eastern Visayas, 103. The three regions where there were less than 100 of the young mothers who gave birth out of wedlock reside in the Cordillera Administrative Region with 55; Caraga, 43; and BARMM, 10. Overall, more than half or 58.2 percent of registered live births representing 842,728 babies in 2023 were born to unmarried parents. The three regions with the highest number of nonmarital births, based on usual residence of the mother were CALABARZON at 16.4 percent; NCR, 13.4 percent; and Central Luzon, 11.6 percent.
Go brings New Year cheer to families at SPMC Bahay Pahulayan in Davao under his compassionate outreach
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ENATOR Christopher “Bong” Go, chairperson of the Senate Committee on Health and a staunch advocate of health reforms, continued his annual tradition of visiting the Southern Philippines Medical Center (SPMC) Bahay Pahulayan on New Year’s Eve, December 31, During his visit, Go not only distributed gifts but also delivered a heartfelt message of hope and compassion to patient watchers staying at the facility. “Ang bisyo ko talaga ay magserbisyo, lalo na para sa ating mga nangangailangan,” the senator shared during the event. “Kaya taun-taon, ginagawa ko ang lahat ng makakaya ko para maipakita ang malasakit sa mga kapwa nating Pilipino.” The Bahay Pahulayan, a
haven for patient watchers who often come from distant provinces, was bustling with families and hospital staff who received holiday gift packs, meals, and practical tokens such as calendars and keychains. To encourage recreation and camaraderie, Sen. Go also donated basketballs and volleyballs to the facility. Go emphasized the importance of supporting not just the patients but also the families who accompany them. “Hindi lang ito tungkol sa gamot o operasyon—mahalaga din ang pagdamay sa mga bantay ng pasyente dahil sila ang nagbibigay ng lakas at suporta sa mga nagpapagaling,” he said. This year, about 100 individuals—comprising
families housed in Bahay Pahulayan 1 and 2, as well as facility staff—benefited from Go’s outreach. Acknowledging their sacrifices, the senator personally distributed meals, fare, and Christmas gift packs while sharing words of encouragement. “Hindi ko man maibigay ang lahat, sisiguraduhin kong maipadama sa inyo ang aking suporta, malasakit at serbisyo sa ganitong mga pagkakataon sa abot ng aking makakaya,” Go added. The senator also took the opportunity to thank those who work tirelessly behind the scenes at Bahay Pahulayan, including House Supervising Steward Dawn Banzon and staff member George Lomantas. Their
dedication ensures the facility remains a safe and welcoming space for families during difficult times. “Alam kong mahirap ang trabaho ninyo, pero dahil sa inyong malasakit, mas nagiging madali ang pag-aalaga sa mga bantay ng pasyente,” Senator Go said, expressing his gratitude to the team. As part of his health reforms crusade, Senator Go has consistently advocated for improved healthcare access across the country. Programs like the Malasakit Centers, which he principally authored and sponsored through Republic Act No. 11463 (Malasakit Centers Act of 2019), continue to serve millions of Filipinos seeking medical assistance.
Marcos camps will continue to shape the national political narrative, potentially affecting alliances ahead of the midterm elections. CenPEG said the rivalry of these two political dynasties aim to expand their respective political base at the risk of democratic governance. “The discord disrupts the administration’s policy coherence and hampers legislative initiatives, particularly with the upcoming midterm elections in May 2025, which are expected to
serve as a proxy battle between the Marcos and Duterte factions,” CenPEG said. As expected, CenPEG said political parties are likely to realign in preparation for the May 2025 midterm elections. CenPEG said there would be a possible shifting of loyalties as candidates position themselves for key Senate and House races. “Real political parties with clear and tangible platforms remain among the progressive bloc,” it said.
Labor group to push for wage hike and job security in 2025 By Justine Xyrah Garcia
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S THE new year begins, a labor group reaffirmed its efforts to secure the long-awaited legislated wage hike, ensure job security, and improve working conditions for Filipino workers. In its statement on Monday, the Trade Union Congress of the Philippines (TUCP) argued that current wage levels remain insufficient to meet the rising cost of living—leaving many minimum wage earners struggling to afford basic needs. “The TUCP will continue the fight for the across-the-board P150 legislated wage hike in the House of Representatives as an urgent priority and non-negotiable measure,” the group said. While the Regional Tripartite Wages and Productivity Boards approved increases in daily minimum wages in 2024, ranging from P21 to P75, the TUCP stressed that these adjustments remain inadequate. The group said these wage increases fell short of lifting workers above the poverty threshold. “Workers are forced to make hard choices between food, rent, utilities, and healthcare. This situation cannot continue, especially amid major emergencies or crises,” it added. The TUCP is also pushing for the passage of the Security of Tenure bill, which seeks to end the widespread practice of contractualization. The bill, still pending in Congress, seeks to prohibit the repeated hiring of workers on short-term contracts to avoid granting them regular employment status and benefits. “We want regular jobs, not mere ‘Ber Months’ jobs amid double-digit underemployment since before the pandemic,” TUCP emphasized, referring to the seasonal nature of many contractual positions. Beyond the private sector, the TUCP is also advocating for stronger protections for government workers, particularly those on contractual status. The group is pushing for automatic civil service eligibility and plantilla positions for workers who have served at least three years in government. “The government should lead the way by passing the TUCP bill on civil service equivalency,” it added.
Decent work for all
ENSURING decent work for all Filipinos has become increasingly challenging amid the rapid growth of the gig economy. While this emerging sector offers flexibility and autonomy, TUCP said that it has also created vulnerabilities for workers. A study by DOLE’s Institute for Labor Studies highlighted key gaps in policies affecting gig workers. For instance, dispute resolution mechanisms primarily apply to traditional employer-employee relationships, leaving gig workers without recourse. Gig workers must also independently shoulder social security costs, adding financial strain. “We have laws that protect traditional employees, but they don’t comprehensively address the unique needs and vulnerabilities of gig workers,” said Miraluna Tacadao, a division chief at the labor institute, during an October forum. The ILS also pointed to the absence of reliable government data on the gig economy, making it difficult to regulate the sector and craft policies that ensure fair treatment and adequate protections for workers. Building on these concerns, TUCP renewed its call for decent work and fair wages across all sectors, including the gig economy. The group decried the precarious conditions faced by many gig workers, citing unstable incomes, lack of benefits, and unsafe working environments. “Every Filipino deserves decent work—not entry-level starvation wages, precarious slave-like contractual setups, death trap workplaces, and exploitative gig, freelancing, and platform work,” TUCP said, adding that flexibility should not come at the cost of workers’ rights and security.
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Death and destruction continue in Gaza as Israeli strikes kill 12 By Wafaa Shurafa & Samy Magdy
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The Associated Press
EIR AL-BALAH, Gaza Strip— Israeli strikes killed at least 12 Palestinians in the Gaza Strip, mostly women and children, officials said Wednesday, as the nearly 15-month war ground on into the new year with no end in sight. One strike hit a home in the Jabaliya area of northern Gaza, the most isolated and heavily destroyed part of the territory, where Israel has been waging a major operation since early October. Gaza’s Health Ministry said seven people were killed, including a woman and four children, and at least a dozen other people were wounded. Another strike overnight in the built-up Bureij refugee camp in central Gaza killed a woman and a child, according to the AlAqsa Martyrs Hospital, which received the bodies. The military ordered people to evacuate an area near Bureij overnight, saying it would strike there in response to recent rocket fire by Palestinian militants. A third strike early Wednesday in the southern city of Khan Younis killed three people, according to the nearby Nasser Hospital and the European Hospital, which received the bodies. The war began when Hamas-led militants attacked southern Israel on October 7, 2023, killing some 1,200 people and abducting around 250. About 100 hostages are still held in Gaza, at least a third of whom are believed to be dead. Israel’s air and ground offensive has killed over 45,000 Palestinians, according to Gaza’s Health Ministry. It says women and children make up more than half the fatalities, but does not say how many of those killed were militants. The Israeli military says it only targets militants and blames Hamas for civilian deaths because its fighters operate in dense residential areas. The army says it has killed 17,000 militants, without providing evidence. The war has caused widespread destruction and displaced some 90 percent of Gaza’s population of 2.3 million, many of them multiple times. Hundreds of thousands are living in tents on the coast as winter brings frequent rainstorms and temperatures drop below 10 degrees Celsius (50 F) at night. At least six infants and another person have died of hypothermia, according to the Health Ministry. American and Arab mediators have spent nearly a year trying to broker a ceasefire and hostage release, but those efforts have repeatedly stalled. Hamas has demanded a lasting truce, while Israeli Prime Minister Benjamin
Netanayhu has vowed to keep fighting until “total victory” over the militants. Military blames ‘weakening of discipline’ in death of archaeologist who entered Lebanon with troops In a separate development, the Israeli military blamed “operational burnout” and a “weakening of discipline and safety” in the death of a 70-year-old archaeologist who was killed in southern Lebanon along with another soldier while visiting a combat zone in November. According to Israeli media reports, Zeev Erlich was not on active duty when he was shot, but was wearing a military uniform and had a weapon. The army said he was a reservist with the rank of major and identified him as a “fallen soldier” when it announced his death. Erlich was a well-known West Bank settler and researcher of Jewish history. Media reports at the time of his death said he entered Lebanon to explore an archaeological site. The family of the soldier who was killed with him has expressed anger over the circumstances of his death. The military launched an investigation after they were killed in a Hezbollah ambush. A separate probe is looking into who allowed Erlich to enter. The military said the entry of civilians who are not military contractors or journalists into combat zones is not widespread. Still, there have been multiple reports of Israeli civilians who support a permanent Israeli presence in Gaza or Lebanon entering those areas.
Dozens of patients evacuated from Gaza for treatment
DOZENS of patients and the wounded have been evacuated for treatment outside the war-ravaged Gaza Strip, where the United Nations says Israel’s attacks on and around hospitals have pushed health care to the brink. The 45 patients left the European Hospital in the southern city of Khan Younis early Tuesday and traveled through the Kerem Shalom Crossing into Israel, Palestinian health officials said. They will receive treatment in the United Arab Emirates. Among them was a 10-year-old boy, Abdullah Abu Yousef, suffering from kidney failure. He was accompanied by his sister after
ISRAELI soldiers carry the flag-draped casket of 1st Sgt. Yuval Shoham, who was killed in a battle in the Gaza Strip, during his burial at the Mount Herzl military cemetery in Jerusalem on Monday, December 30, 2024. AP/MATIAS DELACROIX
the Israeli authorities rejected his mother’s application to join him. Israel says it screens escorts for security. “The boy is sick,” said his mother, Abeer Abu Yousef. “He requires hemodialysis three to four days a week.” The Health Ministry says several thousand Palestinians in Gaza need medical treatment abroad. Israel has controlled all entry and exit points since capturing the southern city of Rafah in May. Israel’s offensive, launched after Hamas’ October 7, 2023, attack has gutted the territory’s health care system and forced most of its hospitals to close. Those that remain open are only partially functioning.
from operating in the country. UNRWA denies the allegations, saying it is committed to neutrality and acts quickly to address any wrongdoing by its staff. The UNRWA commissionergeneral reiterated his call for independent investigations “into the systematic disregard for the protection of humanitarian workers, premises and operations” in Gaza. “This cannot become the new standard, and impunity cannot become the new norm,” he stressed. Lazzarini said the rules of war are clear: Humanitarian workers and civilian infrastructure, including hospitals and U.N. buildings, can’t be targeted; civilians must be protected; and hostagetaking is prohibited.
UN agency aiding Palestinians says at least 745 have been killed in its shelters
World Central Kitchen complies with Israeli security checks of its employees
UNITED NATIONS—The head of the UN agency helping Palestinian refugees says that since the war in Gaza began at least 745 people were killed and more than 2,200 injured in its shelters where they had sought United Nations protection. Philippe Lazzarini said in a post on X on Tuesday that nearly 650 incidents were recorded against buildings and facilities belonging to the agency, known as UNRWA, and over two-thirds of its buildings and schools have been damaged or destroyed. Since Israel began its retaliation for the October 7, 2023, Hamasled attacks in southern Israel, 258 UNRWA staff members have been killed and at least 20 are in Israeli detention centers, Lazzarini said. He said the agency continues to receive reports that Hamas and other Palestinian armed groups have used UNRWA facilities, and it has verified the occupation of its premises by Israeli Defense Forces on several occasions. UNRWA provides essential services to millions of Palestinians across the Middle East and has underpinned aid efforts in Gaza throughout the Israel-Hamas war. Israel has accused UNRWA of being infiltrated by Hamas supporters and it passed legislation on October 28—which takes effect in 90 days—banning the U.N. agency
NICOSIA, Cyprus—World Central Kitchen said an Israeli security check of its employees in Gaza has prompted the charity to make changes so that it can continue feeding people in the Palestinian territory. The charity said it “felt this step was necessary to protect our team and operations” following a Nov. 30 Israeli airstrike on a car in Gaza that killed five people, including a WCK worker. Israeli authorities said the WCK worker took part in the October 7, 2023, Hamas attack on Israel that sparked the IsraelHamas war. After the airstrike, Israel publicly demanded an investigation into WCK’s hiring practices in Gaza, including security checks through COGAT, the Israeli department in charge of humanitarian aid to Gaza. WCK said it made “changes in Gaza” after Israeli authorities handed over the results of their security check. WCK didn’t explicitly say if it has terminated any employee who Israeli authorities had flagged. The charity said that prior to receiving the COGAT results, “we had no reason for concern regarding any of these individuals and, because Israel does not share intelligence with aid organizations, we do not know the basis for Israel’s decision to flag these individuals.”
Editor: Angel R. Calso • www.businessmirror.com.ph
US and Boeing investigators examine cause of fatal South Korea plane crash By Hyung-Jin Kim The Associated Press
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EOUL, South Korea—A team of US investigators including representatives from Boeing on Tuesday examined the site of a plane crash that killed 179 people in South Korea while authorities were conducting safety inspections on all Boeing 737-800 aircraft operated by the country’s airlines. All but two of the 181 people aboard the Boeing 737-800 operated by South Korean budget airline Jeju Air died in Sunday’s crash. Video showed the aircraft, without its landing gear deployed, crash-landed on its belly and overshoot a runaway at South Korea’s southern Muan International Airport before it slammed into concrete fence and burst into flame. The plane was seen having an engine trouble, and preliminary examinations also say the pilots received a bird strike warning from the ground control center and issued a distress signal as well. But many experts say the landing gear issue was likely the main cause of the crash. The South Korean government has launched safety inspections on all the 101 Boeing 737-800s in the country. The Transport Ministry said authorities are looking at maintenance and operation records during five days of safety checks that are to run until Friday. The ministry said that a delegation of eight US investigators—one from the Federal Aviation Administration, three from National Transportation Safety Board and four from Boeing—made an on-site visit to the crash site on Tuesday. The results of their examination weren’t immediately available. Kim E-bae, Jeju Air’s president, told reporters Tuesday that his company will add more maintenance workers and reduce flight operations by 10% to 15% until March as part of efforts to enhance the safety of aircraft operations. John Hansman, an aviation expert at MIT, said the crash was most likely the result of a problem with the plane’s hydraulic control systems. He said that would be consistent with the landing gear and wing flaps not being deployed “and might indicate a control issue which would explain the rush to get on the ground.”
The B oeing 737-800—an earlier version of 737 than the Max—is a widely used plane with a good safety record, according to Najmedin Meshkati, an engineering professor at the University of Southern California who has studied aviation safety. He said the failure of the plane’s system for broadcasting location, operating its landing gear and extending the wing flaps to slow down indicate a widespread problem that affected electrical and hydraulic systems. He is confident that investigators will learn what went wrong by analyzing information from the flight data and cockpit voice recorders. “These are really the two pillars f o r a cc i d e nt a n a l y s i s a n d a cc i d e nt reconstruc tion,” Meshkati said. Like other aviation experts, Meshkati also questioned the location of a solid wall just a few hundred feet (meters) past the end of the runway, given that planes occasionally do overshoot runways. “Having such a big concrete barrier over there was really very bad luck for this particular airplane,” he said. South Korean officials have said they will look into whether the Muan airport’s localizer—a concrete fence housing a set of antennas designed to guide aircraft safely during landings—should have been made with lighter materials that would break more easily upon impact. The crash was the deadliest disaster in South Korea’s aviation history in decades. A seven-day national mourning has been declared until Jan. 4. The Transport Ministry said Tuesday that authorities have identified 175 bodies and are conducting DNA tests to identify the remaining five. Bereaved families said that officials told them that the bodies were so badly damaged that officials need time before returning them to relatives. O n Tu e s d a y, Pa r k H a n S h i n , a representative of the families, accused the government of failing to provide freezers on time as promised and said there are worries that the bodies could decompose. “The last dignities of the victims are seriously hurt. We strongly criticize authorities for failing to keep its promise,” Park said. The Associated Press writer David Koenig in Dallas contributed to this report.
Taiwanese president vows to strengthen defenses amid escalating Chinese threats By Huizhong Wu & Taijing Wu
The Associated Press
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AIPEI, Taiwan—Taiwanese President Lai Ching-te pledged to strengthen the island’s defenses in the face of escalating Chinese threats, saying in a New Year’s address on Wednesday that Taiwan was a crucial part of the “line of defense of democracy” globally. China claims Taiwan, a self-ruled democracy, is part of its territory and has vowed to annex the island by force if necessary. “Authoritarian countries such as China, Russia, North Korea and Iran are still collaborating to threaten the international order that is based on rules. This has severely influenced the Indo-Pacific region and the world’s peace and stability,” Lai said in his address. Beijing has used a variety of tactics in recent years to increase pressure on Taiwan, from sending warships and fighter jets toward the island on a near-daily basis to pressuring Taiwan’s diplomatic allies to switch their recognition to China. In response, Taiwan has been reforming its military and buying weapons from the United States, its biggest unofficial ally.
“Taiwan must be prepared for danger in times of peace. It must keep increasing the national defense budget to strengthen its defense capabilities in order to show the determination to defend the country. Every single person has the duty to protect Taiwan’s democracy and security,” Lai said. Lai also issued a warning about the need to uphold democracy domestically, addressing recent political controversies in Taiwan. The Kuomingtang-led opposition passed three bills last month after legislators got into a physical tussle over them. The bills are designed to make recall votes for politicians more difficult and change the budget allocation for the central government. Critics said another of the bills would paralyze the Constitutional Court. Lai’s party has said the bills, which still need to be accepted by the executive branch, are a threat to democracy. “Domestic competition among political parties is a part of democracy. But domestic political disputes must be resolved democratically, within the constitutional system. This is the only way democracy can continue to grow,” Lai said. Wu reported from Bangkok
Thousands march in Bangladesh calling for ousted prime minister’s prosecution By Abdur Rahman Jahangir The Associated Press
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HAKA, Bangladesh—Thousands of people led by students rallied in Bangladesh’s capital on Tuesday, calling for the prosecution of ousted Prime Minister Sheikh Hasina and those responsible for hundreds of deaths in a mass uprising against her government in July. The Anti-Discrimination Student
Movement organized the “March for Unity” at the Central Shaheed Minar, a national monument in Dhaka. Protesters chanted slogans calling for Hasina’s trial and the banning of her Awami League party. Hasina fled to India on Aug. 5 after weeks of violence in which authorities say hundreds of people were killed and thousands more injured on orders of her government. The uprising ended the 15-year-rule of the country’s longest-serving prime minister, who
began a fourth consecutive term in January following an election boycotted by the major opposition parties. Last week, Bangladesh sent a formal request to India to extradite Hasina. She faces many court cases over the deaths of protesters, including some on charges of crimes against humanity. “Since August 5, we have no more enemies in Bangladesh. Our only enemy is the Awami League,” Hasnat Abdullah, convener of the
student movement, said while addressing the crowd. Protesters also urged the interim government headed by Nobel laureate Muhammad Yunus to issue a formal proclamation by Jan. 15 detailing the events of the uprising. The student leaders want the proclamation to include two key demands: a new constitution after the 1972 charter, which was enacted under Hasina’s father, has been abolished, and
a ban on the Awami League party. Hasina’s Awami League had ruled Bangladesh for 15 years, since 2009. The Dhaka-based International Crimes Tribunal has already issued arrest warrants for Hasina and her close aides, and the government has sought help from the international police organization Interpol in seeking her arrest. Speaking from the US, Hasina’s son, Sajeeb Wazed, has questioned credibility of
the tribunal and called charges against her a “political witch hunt.” Meanwhile, the interim government has promised to try Hasina and others in her administration for alleged crimes involving the deaths of protesters and has invited the United Nations to help investigate the killings. Hasina also has called for an investigation, saying many deaths may have involved others beyond security agencies.
Thursday, January 2, 2025
A7
PHL banks on copra meal to cut feed costs By Ada Pelonia
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Los Baños (UPLB) Biotech Center, which enhances copra meal’s protein content to about 45 percent. This percentage is comparable to soybean meal which is a crucial component in animal feeds. It added that the enriched copra meal has been “successfully” incorporated into the diets of finfish and shrimp, with feeding trials showing that including 200 kilos of PECM per metric ton (MT) of finfish feed and 100 kilos per MT of shrimp feed leads to a 3.9 percent and 0.4 percent reduction in feed costs, respectively, compared to conventional commercial feeds. “While Covid-19 has passed, the Russia-Ukraine conflict continues to disrupt global feed ingredient supply chains, keeping prices for essential commodities like soybean meal, feed wheat, and corn elevated,” the DA said. Russia and Ukraine account for about 30 percent of the global feed grain supply, further exacerbating the pressure on feed prices. The agency said the PECM project is a collaboration between the DA, the Department of Science and Technology-Philippine Council for
@adapelonia
HE Department of Agriculture (DA) has expanded its copra meal project to Western Visayas to provide a cheaper protein source alternative for animal feeds in the region. Agriculture Secretary Francisco Tiu Laurel Jr. said he ordered the expansion of the Protein-Enriched Copra Meal (PECM) commercialization project to the region to boost local livestock production. He said this development is expected to benefit local farmers and feed producers in the region who have been grappling with rising prices for traditional feed ingredients. “The program not only helps reduce feed costs but also supports the local economy by creating new markets for coconut by-products, which are often underutilized,” Laurel said in a statement.
The PECM project was initially rolled out in Calabazon and Soccsksargen in 2022 as a response to supply disruptions caused by Covid-19 and the ongoing RussiaUkraine war. It was designed to temper the rising costs of animal feed by using copra meal--a byproduct of coconut farming--as a cheaper substitute for imported soybean meal, which has become increasingly expensive due to global supply chain issues. The agency said PECM was engineered through a solid-state fermentation process, developed by the University of the Philippines-
PHOTO FROM WWW.UP.EDU.PH
FAO will set up local youth hub to promote farming
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HE Food and Agriculture Organization of the United Nations (FAO) will organize a youth hub in the Philippines this year as part of efforts to engage young people in agriculture. FAO Representative in the Philippines Lionel Dabbadie said part of the initiatives that the organization works on at the global level include activities on agrifood systems, which are related to innovations, indigenous peoples, and the youth. “We are at the stage of organizing an event here in the Philippines probably at the beginning of (2025) on the youth hub for agrifood systems,” Dabbadie told the BusinessMirror in an interview.
He noted the “huge demand” for reconnecting with nature, agrotourism, and digital technology in farming as ways that could draw the youth into the sector. “We can promote the new agriculture [which involves] digital technologies for which the youth are the best.” He said FAO is checking at possible areas for agrotourism, a niche that bridges tourism and agriculture by engaging visitors in agricultural enterprises, which has a “big demand” in the country and “for which the youth can see benefits.” “We have visions that can attract the youth on this sector, and maybe we don’t have the quantity yet in terms of youth attracted by farming,
but I think we have the quality.” In June, Senate President Francis Escudero sounded the alarm over the static average age of Filipino farmers, noting the need to prove that it is possible to earn in the agriculture sector. The Department of Agriculture (DA) earlier disclosed that the average age of farmers in the country was 49 to 50 years old, based on the agency’s registry system. “For a long time, the new generation has not replaced our aging farmers,” Escudero said in Filipino. The lawmaker added that as long as it could not be proven that it would be possible to earn sustainably in the agriculture sector, the
average age of farmers and fishermen will keep rising and the quality of production will continue to suffer. Data from the Philippine Statistics Authority (PSA) revealed that farmers and fishers still have the highest poverty incidences among the basic sectors in 2021, with farmers at 30 percent and fisherfolks at 30.6 percent. “I think agriculture in the Philippines is still an aging activity, but I see a growing interest from part of the youth to invest in the sector,” Dabbadie said. “What we need to do is give the youth attractive conditions,” he added, noting that this could be done by creating activities and livelihood for the people.
Ada Pelonia
Agriculture, Aquatic, and Natural Resources Research and Development, UPLB, and various farmers cooperatives and associations (FCAs). “By expanding the copra meal initiative, the DA aims to strengthen food security, improve local feed production, and promote more efficient use of agricultural by-products in livestock farming.” Citing data from the Philippine Statistics Authority (PSA), the DA said that only hog production in Western Visayas saw a decline last year, when it dropped by 23 percent to 158,471 metric tons (MT). It added that carabao production rose by 3.9 percent to 17,159 MT, while cattle production inched up by 0.1 percent to 19,007 MT. Goat production jumped by 11 percent to 7,105 MT. Meanwhile, chicken production in the region last year went up by 4.8 percent to 131,926 MT, while chicken egg output rose by 7.9 percent to 40,015 MT. Duck production, however, declined by 1.9 percent to 2,722 MT, and duck egg production fell by 5.4 percent to 4,306 MT.
Agri damage from Kanlaon eruption reaches ₧33.5-M
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HE eruption of Mt. Kanlaon on Dec. 9 has so far caused P33.5 million worth of damage to agriculture in Western Visayas, the National Disaster Risk Reduction and Management Council (NDRRMC) said Tuesday. The affected crop areas totaled 298.05 hectares, where 34.54 hectares were classified as “having no chance of recovery” while the remaining 263.51 hectares were tagged as “partially damaged” or with a chance to recover. Around 830 farmers and fisherfolk in Western Visayas were affected by the volcano’s unrest, the NDRRMC said. The Sugar Regulatory Administration (SRA) was on alert last September due to possible lahar flows which could threaten sugar plantations near the restive Kanlaon Volcano. Kanlaon straddles the provinces of Negros Oriental and Negros Occidental— the country’s top sugar producer.
The SRA said the volcanic ash from Mt. Kanlaon’s eruption last June increased acidity in sugarcane leaves and ground soil in affected areas. About 23,000 hectares in four sugar mill districts might have been affected by the volcanic eruption, SRA said. The agency noted the pH level which would indicate the level of acidity revealed a 4.14 pH on sugar cane leaves and 5.06 pH in the soil the morning after the ash fall. This showed acidity as compared to the 6.48 pH from the ground testing it conducted prior to the ash fall. In the same update, 12,043 families or 46,259 persons residing in 26 villages in Western Visayas and Central Visayas were affected. Of this, 4,420 families or 14,441 individuals are being aided in 34 evacuation centers while another 2,192 families or 6,977 persons are being helped outside. PNA and Ada Pelonia
Cocoa ends 2024 with huge gains amid supply fears and thin trade
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OCOA is finishing 2024 as the topperforming major commodity, its massive annual gain driven by supply fears and market volatility. On track for a 172-percent gain over the past 12 months, cocoa’s tear has been driven by a series of poor harvests in Ivory Coast and Ghana, where the majority of the crop is grown. Dwindling global stockpiles are putting pressure on both buyers and chocolate makers. Record prices have thinned out liquidity to the lowest in over a decade, as margin calls climbed and positions became increasingly costly to hold. That low futures liquidity added to the wild swings, with prices moving more than a thousand dollars on some of the most volatile trading days. On Tuesday, futures in New York fluctuated following the largest daily gain since May in the previous session. The London market also moved between small gains and losses. Weather conditions, including the dry and dusty Harmattan winds, are expected to remain challenging for West Africa’s ongoing cocoa season. “Harmattan wind speeds should be near average, but the low humidity, abundant sunshine and wind will stress some trees,” analysts at ADM Investor Services wrote in a note on Monday. Prices of the premium arabica coffee have also soared, gaining around 67 percent in New York in 2024 to break past the highest levels in more than 40 years on fears that a drought in top supplier Brazil will hurt
output next season.
Soy losses
MEANWHILE, soybeans take the spot as the worst-performing major commodity in 2024. Ample production in the United States and Brazil, combined with a slowdown in Chinese demand, drove prices down about 24 percent this year—the biggest annual drop in two decades. US President-elect Donald Trump has also promised to raise tariffs on Chinese imports, potentially setting up soybeans for trade disruptions in the coming year, similar to the dispute during his first term.
Biofuel expansion
INDONESIAN consumers, fuel retailers and palm oil producers are facing higher costs from the government’s plan to expand its biofuel program after the price of the tropical oil surged. The nation plans to increase the volume of palm oil used in its biofuel mix from the start of the new year, and the government typically subsidizes sales of biodiesel to support its blending mandate. However, the jump in palm oil prices has made the cost of the biofuel much more expensive. To pay for the subsidies, funds are collected from levies on palm oil exports, but that’s likely to fall short given current prices, according to Dida Gardera, part of the steering committee that directs the Oil Palm Plantation Fund Management Agency. The group manages the funds collected from levies.
Indonesia plans to raise the export levy, local news reported earlier this month, and Gardera said the agency was “still preparing the revision.” The nation is raising the volume of palm oil used in its biofuel mix to 40 percent from 35 percent, as the government seeks to reduce the import of fossil fuels. Gardera added that B40 biodiesel will only be subsidized for the public service
sector—about 7.5 million kiloliters— given the higher cost. That means fuel retailers will have to absorb the cost or pass it on to consumers.
European gas
EUROPEAN natural gas prices rose to the highest level since November 2023 in anticipation of a halt in Russian flows via Ukraine on New Year’s Day, as a transit
agreement between the two nations expires. Gas for February advanced as much as 4.5 percent on Tuesday, hitting €50 a megawatt-hour. A five-year deal between Moscow and Kyiv to move Russian gas to central Europe is set to lapse when the clock runs out on 2024, with no arrangement yet in place to avert a stoppage in supplies. U k r a i n i a n P re s i d e n t Vo l o d y m y r
Zelenskiy rejected any deal that would keep Russian gas flowing and financially benefit the nation’s war adversary. Uncertainty over these supplies—which meet about 5 percent of total European gas demand— has caused price volatility, with benchmark futures up more than 50 percent this year. The expected halt in supplies serving Slovakia and a group of other central European states comes as the region is set to face freezing weather in January. Inventories are also being depleted faster than usual, making it more challenging to reach storage targets for next heating season. Slovakia has increased pressure to keep the gas flowing, with Prime Minister Robert Fico threatening to cut power supplies to Ukraine if the shipments stop. The premier in recent days called on the European Commission to urgently address the looming halt, which he said would increase energy prices throughout Europe. There is “a political layer” to the debate over the expiring agreement, said Dmytro Sakharuk, chief executive officer of Ukraine’s D.Trading, in an interview Tuesday. “But fundamentally, from a commercial point of view, from physical point of view, we don’t expect big problems.” Europe is prepared to withstand the halt in supplies and termination of the transit deal is already reflected in prices, he said, adding that the volume currently flowing via Ukraine isn’t enough to disturb the regional market and cause a deficit in supplies. Bloomberg News
A8 Thursday, January 2, 2025 • Editor: Angel R. Calso
Opinion BusinessMirror
www.businessmirror.com.ph
editorial
Budget cuts expose a deeper ill: Bicam’s unaccountable power
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he recent uproar over the 2025 national budget, particularly the significant cuts to education, healthcare and social services, has inadvertently highlighted a far more fundamental issue: the unchecked power of the Bicameral Conference Committee (bicam). While the public debate rightly focuses on the budgetary allocations, the underlying question of the bicam’s authority to fundamentally alter legislation passed by both houses of Congress remains largely unaddressed. This oversight represents a dangerous erosion of democratic principles and warrants immediate attention. (Read the BusinessMirror article: “Lawlessness in lawmaking,” December 29, 2024). The 1994 Supreme Court decision on the Expanded VAT Law, while upholding the bicam’s power to amend bills, revealed a deep constitutional fissure. The dissenting opinion of then-Chief Justice Reynato S. Puno powerfully articulated the inherent flaw: an ad hoc committee, lacking independent constitutional mandate, wielding the power to effectively rewrite legislation already approved by the elected representatives of the people. This, as Justice Puno argued, is not merely a procedural anomaly; it is a direct assault on the sovereignty of the people. The process is troubling. Both the House and the Senate, after extensive deliberations, pass their respective versions of a bill. These bills, representing the will of their respective chambers, are then sent to the bicam. The bicam, however, is not limited to reconciling differences; it possesses, according to the majority Supreme Court ruling, the power to create an entirely new bill, so long as it’s germane to the original subject matter. This effectively allows a small group of legislators to override the decisions of the entire Senate and House, undermining the very foundation of representative democracy. The argument that this practice is long-standing and accepted does not legitimize it. Tradition cannot supersede constitutional principles. The fact that the bicam can introduce provisions not previously debated or voted upon by the two houses of Congress introduces an element of opacity and potential for manipulation that is deeply concerning. The 24 insertions and deletions cited by Senator Arturo M. Tolentino in his 1994 Supreme Court challenge to the Expanded VAT Law stand as a clear example of the potential for misuse and manipulation. Tolentino highlighted the substantial deviation between the final law text approved by the bicam and the original deliberations and approvals in both houses of Congress, raising concerns about transparency and accountability. The Supreme Court’s majority opinion in the 1994 case, while acknowledging the need for compromise, failed to adequately address the fundamental issue of the bicam’s power exceeding its mandate. Justice Puno’s dissenting opinion correctly identifies this as a “constitutional monstrosity.” The power to legislate rests with Congress, but the current system allows for backroom deals and the potential for special interests to influence legislation without the transparency and accountability demanded by a representative democracy. A fresh appeal to the Supreme Court is long overdue. The issue of the bicam’s authority needs to be re-examined, especially in the broader context of its implications for the entire legislative process. The current system allows for a dangerous concentration of power in an ad hoc body, undermining the democratic principles enshrined in the 1987 Constitution.
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Looking backward to look forward John Mangun
OUTSIDE THE BOX
“If you don’t know where you came from, then you don’t know where you are, and if you don’t know where you are, then you don’t know where you’re going.” —Sir Terry Pratchett
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hat is good advice as we exit “The Year of Uncertainty” into “The Year of Greater Risk.” In 2024, the global economy experienced significant turbulence driven by a series of pivotal events that shifted economic policies, influenced inflation and interest rates, weathered political drama, and shifting geopolitical dynamics and maneuvers. The year was marked by economic shifts and challenges, each with its own unique implications. How strange was 2024? Two events stand out. Bitcoin reached its long awaited and long anticipated “Holy Grail” price of $100,000 at the close on December 12th. A week later, in return for an IMF’s $1.4 billion loan, (and another promised $3.5 billion) El Salvador capitulated to the IMF making BTC private sector acceptance voluntary, with taxes to be paid in US dollars and government involvement in Chivo wallet gradually phased out. Despite all the hype from President Nayib Bukele, an October survey revealed that 92 percent of Salvadorans do not use Bitcoin for transactions anyway. Number two on the list of 2024 weirdness occurred in South Korea. On December 27, acting president Han Duck-soo was impeached, only
10 days after President Yoon Suk Yeol was impeached. This has had a direct impact on its economic stability, affecting global supply chains due to South Korea’s significant presence in technology and automotive manufacturing. In the US, the re-election of Donald Trump has introduced another layer of complexity to international trade and may indicate a new era of economic policy with a focus on protectionism. Trump has proposed significant tariffs on imports from major trading partners Canada, China, and Mexico (Europe to be targeted shortly), affecting not just bilateral trade but the entire global trade dynamic. To address its struggling economy, China announced its largest economic stimulus since the 2008
How strange was 2024? Two events stand out. Bitcoin reached its long awaited and long anticipated “Holy Grail” price of $100,000 at the close on December 12th. A week later, in return for an IMF’s $1.4 billion loan, (and another promised $3.5 billion) El Salvador capitulated to the IMF making BTC private sector acceptance voluntary, with taxes to be paid in US dollars and government involvement in Chivo wallet gradually phased out. financial crisis. This massive injection of funds into the economy was aimed at countering domestic economic slowdowns. Not in the headlines but crucial to that decision is China’s need to handle the debts from its Belt and Road Initiative, moving towards debt restructuring to manage repayment challenges from its client countries. Some are in “economic distress.” The US Federal Reserve lowered its interest rate three times in 2024, failing the expectation of as many as seven rate decreases. But as the Fed benchmark rate dropped from 5.5 percent to 4.5 percent, the US 10year bond rate went higher from 3.6 percent to 4.5 percent. Who are you going to believe about the trend of US inflation: The Fed or The Market? The market said this in 2024. In a year marked by economic policy upheavals and geopolitical volatilities, financial markets decided to defy gravity. Stocks and the finan-
cial markets reached unprecedented highs. Even gold soared, reflecting a cocktail of wealth effects, accommodative monetary policies, and investor optimism in the face of adversity. However, these highs stand in stark contrast to the growing concerns about rising public debt and the looming shadow of a potential economic slowdown in the US and Europe. There was no “looming shadow” in the military conflict arena in 2024. Israel continued to decimate its adversaries Hamas and Hezbollah. Rebel leader and now de facto head of Syria Ahmed al-Sharaa had a $10 million US bounty on his head as a terrorist. Now the Biden administration is saying the US received “positive messages in talks.” What a difference a day or two makes and the fact that al-Sharaa leads the Sunni Islamist political organization Hay’at Tahrir al-Sham and Iran (Russia’s partner in the region) practices Shi’i Islam. In summary, 2024 was a year where the economic landscape was as complex as a chess game with multiple players. From the Fed’s dance with interest rates to the persistent challenge of managing inflation, the year was a masterclass in economic strategy, successful or not. Geopolitics was even more so. All these events not only shaped the economic narrative of the year but set the stage for the challenges and opportunities that lie ahead. E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.
China raises salaries for govt workers to boost spending
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hina has awarded a range of civil servants across the nation their first significant pay rise in years, according to people familiar with the matter, as policymakers try to boost morale and spur spending. The basic salaries of many government employees have been bolstered by at least 500 yuan ($68.51) per month, according to people who asked not to be identified discussing sensitive matters. That wage hike has been backdated to July, they said. The percentage increases varied depending on the base salary, with one of the people saying it amounted to a raise of roughly 5%. China last publicly hiked civil servants’ wages in 2015, when some 40 million staffers got an average lift of 300 yuan per month. Social media users suggested salaries were also boosted in 2018 and 2021, but the government never confirmed the hikes and the percentage increases are unclear. The Communist Party hasn’t published a public announcement on this month’s wage hikes, making it
hard to determine the scope of the program or who will foot the bill. But the unexpected increase extends to teachers, policemen and bureaucrats from around the nation of 1.4 billion people, the people said. For some, the pay rises appeared without explanation. A police officer in southwestern China said he saw a 3,500 yuan lump sum in his December payslip labeled “back payment,” though he wasn’t owed any money. His colleague said it was a raise going back to July, according to the officer, who asked not to be named discussing a private matter. China’s State Council Information Office and Ministry of Human Resources and Social Security didn’t reply to faxed requests for comment. President Xi Jinping has declared boosting domestic consumption the top priority for 2025, as his govern-
The basic salaries of many government employees have been bolstered by at least 500 yuan ($68.51) per month, according to people who asked not to be identified discussing sensitive matters. That wage hike has been backdated to July, they said.
ment ramps up efforts to bolster a slowing economy battling its longest deflationary streak since 1999. Officials so far have relied on rate cuts and housing sector support to encourage spending, refraining from nationwide cash handouts for consumers. Lump sum payments to government workers will put money in their pockets right before the New Year and Spring Festival holidays. Pay rises for civil servants alone, however, risk sparking a backlash from private sector workers struggling with wage declines. While the initial impact likely won’t be huge given the limited num-
ber of civil servants, it could raise hopes of authorities extending support to a broader population, said Eric Zhu of Bloomberg Economics. “If more households in the nonpublic sector—such as low-income groups or parents with children— can benefit from cash support, that would be a bigger boost to consumer confidence and spending,” he added. Officials are ramping up support for lower income groups to ensure social stability, after economic pressures coincided with a spate of fatal attacks this year. Shanghai announced Tuesday it will boost subsidies and housing support for families with multiple children, while the government recently urged local authorities to issue more handouts to those struggling with the cost of living. It’s unclear if regional authorities can afford to do so. Civil servants have been complaining over the past year of slashed bonuses, falling wages and delayed salary payments, after See “China” A9
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Crypto’s $205 billion stablecoin market set to go mainstream
Opinion BusinessMirror
A refresher on the new tax laws in 2024 Atty. Rodel C. Unciano
By Muyao Shen
W
hile Bitcoin’s surge above $100,000 captivated the headlines in 2024, many financial firms were more focused this year on a different type of cryptocurrency whose price is never meant to rise—or fall for that matter.
Mainstream players such as Visa, PayPal Holdings Inc., Stripe Inc. and others are making investments in projects involving stablecoins, which are crypto tokens typically designed to be pegged to the value of the US dollar or another traditional currency. This sub-sector of the digital-asset space has proven to be a lucrative business, now that issuers are able to invest reserves backing stablecoins in short-term US Treasuries with attractive yields. And unlike Bitcoin and other tokens prone to price volatility, use of stablecoins as actual currencies in transactions is gaining popularity around the world. “We’ve seen significant growth in demand from some of the largest companies in the world that participate in under-served payment verticals like global contractor and employee payouts, trade finance, and remittance,” said Rob Hadick, a general partner at digital-asset venture firm Dragonfly. “There is both significant demand from end users in receiving US dollars, which can be near impossible using non-stablecoin rails, but also from senders who want to bypass the correspondent banking system which can be slow, costly, and have high failure rates.” The coming year is poised to see competition ramp up in stablecoins, which collectively have grown to about $205 billion in market capitalization, according to tracker DeFiLlama. While Tether Holdings Ltd.’s USDT extended its lead in the market this year, reaching a current market capitalization of about $140 billion, headwinds to its dominance are emerging as the calendar flips to 2025. The European Union’s Markets in Cryptoassets rules require all stablecoins listed on centralized exchanges to be issued by an entity with a socalled e-money license. Circle Internet Financial Ltd., Tether’s main competitor, received such a permit in July. Tether has yet to apply for one, meaning the token risks being delisted by exchanges. Several crypto exchanges operating in the EU have already delisted USDT. Meanwhile, several US companies are getting into the business. Visa launched a new platform called Visa Tokenized Asset Platform for banks to issue stablecoins and other tokens. The financial-technology company Revolut is considering issuing its own stablecoin, Bloomberg reported in September. Stripe, the payments company founded by billionaire brothers Patrick and John Collison, has acquired fintech platform Bridge, which specializes in stablecoin transactions. PayPal already has its own dollar-tracking cryptocurrency called PYUSD that was created in collaboration with New York-based Paxos. Stablecoin “issuance is an attractive business model today,” said Augustus Ilag, investment partner and head of Asia at CMT Digital. “Many players have woken up to just how attractive this can be, off the back of the success of companies
China. . .
continued from A8
the property crash created a debt crisis for local governments. That’s left the foot soldiers Xi relies on to boost growth “lying flat,” with even the nation’s richest provinces seeing a slowdown. One teacher in eastern China said that while her pay had increased in December, with a lump sum going back to the summer, when taking
This sub-sector of the digitalasset space has proven to be a lucrative business, now that issuers are able to invest reserves backing stablecoins in short-term US Treasuries with attractive yields. And unlike Bitcoin and other tokens prone to price volatility, use of stablecoins as actual currencies in transactions is gaining popularity around the world. like Circle and Tether. By launching stablecoins, companies gain a new revenue stream, a compelling addition for many businesses looking to diversify their offerings.” Because stablecoins are running on blockchains, it reduces the transaction costs and improves overall efficiency to move money, added Ilag. Johann Kerbrat, crypto general manager at Robinhood, said his company is working with stablecoin issuer Paxos to be part of an open network for stablecoin usage called Global Dollar Network. “We have a lot of money moving around the platform, like between Robinhood and market makers or other entities,” he said. “So you can see that the stablecoins have tons of value.” Of course, stablecoins are not without risks. TerraUSD, which was an algorithmic stablecoin that used a parallel floating-rate currency, Luna, to keep its fixed $1 value, failed in spectacular fashion in 2022. Its collapse set up a broader selloff that wiped $200 billion from crypto’s total market value. Several digitalasset companies later also went bankrupt partly because of Terra’s blowup. More than two years later, there’s currently no unified federal regulatory regime for stablecoins in the US, despite efforts by lawmakers and regulators to push for a comprehensive framework. In the European Union, however, the new MiCA rules to oversee the crypto industry have set clear guidance on stablecoin regulations and led to a rush of adoption by Europe-based companies and startups. “European governments want fintechs to be more like banks and have Basel-like requirements, which basically kills them relative to other banks since fintechs are like narrow banks,” said Tarun Chitra, general partner of venture fund Robot Ventures. “Stablecoins avoid many of those issues, which also make the process automated.” With the crypto markets enjoying a state of euphoria after Donald Trump’s victory in the US election, many are optimistic that the industry will flourish further in 2025 after this year’s recovery. Stablecoins may offer the path of least resistance for non-crypto companies looking to get in on the action with digital assets. “Stablecoins allow them to get into crypto without touching the risky aspects of securities and scammy parts,” said Anna Yuan, founder of stablecoin project Perena. Bloomberg into account the deep bonus cuts of recent years her wages hadn’t actually risen. Another civil servant said the bump amounted to far less than several rounds of pay cuts he’d endured. Recognizing the problem, China’s 24-man Politburo earlier this month vowed action to get cadres “motivated” to engineer the nation’s economic recovery. That marked a change in tune from Xi’s warning just a year ago that cadres should “get used to belt-tightening.” Bloomberg
Thursday, January 2, 2025 A9
Tax Law for Business
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S we usher in 2025, let’s revisit some key aspects of the 2024 tax legislation that have significantly transformed the taxation landscape in the Philippines.
We welcomed the year 2024 with the signing into law of the Ease of Paying Taxes (EOPT) Act in January, followed by the Real Property Valuation and Assessment Reform Act (RPVARA) towards the middle of the year, then the imposition of value-added tax (VAT) on digital services in October, and the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) in November. And to cap the year, a short but touristwelcoming piece of legislation was passed and signed into law, which created a VAT refund mechanism for non-resident tourists. With the effectivity of Republic Act (RA) 11976 or the EOPT Act, we now have a uniform use of VAT invoice for both sale, barter, exchange, or lease of goods or properties, and for every sale, barter, or exchange of services. So, for VAT compliance and for the purpose of claiming input tax credit, only VAT invoice is the acceptable proof to substantiate the claim for input tax credit, whether it is a purchase of goods or purchase of services. While invoice is now the primary document supporting sale of both goods and services, the taxpayer is not precluded from issuing supplementary document other than sales or commercial invoice. But for purposes of VAT, supplementary documents are not valid proof to support the claim of input taxes by the buyers/purchasers of goods and/or services. All VATregistered persons and those required to register for VAT are now required to issue VAT invoice as the principal
document and are required to comply with the amended invoicing requirements under the EOPT Act. On the other hand, RA 12001, or the RPVARA has modified the real property valuation system in the country through the development and maintenance of a just, equitable, impartial, and nationally consistent real property valuation based on internationally accepted valuation standards, concepts, principles, and practices. With the signing of the RPVARA into law, we should now follow a single valuation based on matters of imposition of real property taxes and relevant national taxes on transactions involving real properties. While the valuation of real properties still remains with the concerned local government units, the same is now subject to review and approval by the Bureau of Local Government Finance and the Secretary of Finance to ensure that the valuation is in accordance with the national valuation standards. In October, RA 12023 was likewise passed into law imposing VAT on digital services. As defined, the term “digital service” shall refer to any service that is supplied over the Internet or other electronic network with the use of information technology and where the supply of the service is essentially automated. It includes online marketplace or e-marketplace and online platform, among others. Meanwhile, RA 12066, or the CREATE MORE has reformed the bundle of tax incentives available to Registered Business Enterprises
We welcomed the year 2024 with the signing into law of the Ease of Paying Taxes Act in January, followed by the Real Property Valuation and Assessment Reform Act towards the middle of the year, then the imposition of valueadded tax on digital services in October, and the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy in November. And to cap the year, a short but tourist-welcoming piece of legislation was passed and signed into law, which created a VAT refund mechanism for nonresident tourists.
(RBE) duly registered with the Fiscal Incentives Review Board (FIRB) and other Investment Promotion Agencies (IPA). Subject to certain conditions and period of availment, the types of incentives that may be granted to registered projects or activities include 1) Income Tax Holiday (ITH), 2) Special Corporate Income Tax (SCIT) Rate, 3) Enhanced Deductions Regime (EDR), 4) Duty exemption on importation of capital equipment, raw materials, spare parts, or accessories, 5) VAT exemption on importation and VAT zero-rating on local purchases, and 6) RBE Local Tax. ITH is an exemption from income tax on registered project or activity and is available for both export and domestic market enterprises. The SCIT is a tax equivalent to five percent of gross income earned and is in lieu of all national and local taxes and local fees and charges. Only registered export enterprises may avail themselves of SCIT. Under CREATE MORE, EDR has been made a separate tax regime where qualified enterprises shall be taxed at a rate equivalent to 20 percent of taxable income derived from registered projects or activities. This is in addition to the enhanced deductions enumerated under the law.
US Treasury is latest victim of most ‘persistent’ hacking threat By Jake Bleiberg
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growing roster of political figures, US government agencies and companies that provide critical services have one thing in common: They have allegedly been hacked by China.
The latest victim is the US Treasury Department, which disclosed on Monday that Chinese statesponsored hackers had breached its network via a third-party provider, accessing some unclassified documents. While details of the hack remain scant, cybersecurity experts say it confirms what US intelligence officials warned earlier this year, that China is the “most active and persistent cyber threat to US government, private-sector and critical infrastructure networks.” “The Russians get a lot of attention because of the use of disruptive cyberattacks,” said Adam Segal, director of the Council on Foreign Relations’ Digital and Cyberspace Policy Program, referring to Russia-linked hacks on the largest fuel pipeline in the US and a satellite network in Ukraine. “But the Chinese are the longer-term threat because of their technology and the scope and scale of their operations.” Chinese officials have long denied US allegations of state-sponsored cyberattacks, and a Chinese Foreign Ministry spokesperson called the claims that it’s behind the Treasury hack “unwarranted and groundless.” “China opposes all forms of hacking, and in particular, we oppose spreading China-related disinformation motivated by political agenda,” spokeswoman Mao Ning told reporters during a news conference in Beijing.
US officials, however, have been increasingly pointed in their criticism of China’s cyber threats and have vowed further punitive actions. Just days before the Treasury hack was publicized, a White House official said the US had identified a ninth telecommunications company that was impacted by a vast spying campaign blamed on China. Not all the victims have been publicly identified but AT&T Inc. and Verizon Communications Inc. acknowledged being hit as part of the spying campaign. The hackers accessed communications belonging to a “limited number” of people in government and politics that included then presidential candidate Donald Trump, his running mate Senator JD Vance and Vice President Kamala Harris’ campaign staff. China was also accused in 2023 of breaking into the e-mail accounts of key government officials including Commerce Secretary Gina Raimondo and, according to the Wall Street Journal, US Ambassador to China Nicholas Burns. “It remains one of the most serious problems in this relationship,” Burns said in an interview with Bloomberg News earlier this month, adding that Chinese officials echo their public statements in closed-door meetings. “They deny there’s any Chinese cyber aggression undergoing, and that is absolutely not the case.” Cui Hongjian, a former Chinese diplomat who teaches at Beijing For-
The hackers accessed communications belonging to a “limited number” of people in government and politics that included then presidential candidate Donald Trump, his running mate Senator JD Vance and Vice President Kamala Harris’ campaign staff. eign Studies University, said hacking accusations between the US and China reflect a lack of mutual trust. “From China’s view, the US is accusing China more and more frequently and deliberately ‘smearing’ China’s image,” he said. “While both sides attach importance to cybersecurity and see the other as a major threat, cyberattacks are more like a ‘scraping’ accident than a head-on collision in other policy areas, such as Taiwan, so the situation remains manageable,” he said. Cybersecurity experts disagree on whether the frequency of Chinese hacks has gone up in recent years, or if more are simply being detected and publicly acknowledged. But many agree that China’s cyber capabilities have vastly improved and that its focus has shifted. Nearly a decade ago, for instance, Chinese state-sponsored hackers stole personal data on millions of government employees from the US Office of Personnel Management, according to authorities. China was also accused of hacking Equifax, Marriott hotels and the health insurance company Anthem to amass huge troves of data on Americans — information with economic and intelligence value that “can feed China’s development
The RBE local tax may be imposed by the concerned local government unit through an ordinance issued by the concerned Sanggunian, at a rate of not more than two percent of an RBE’s gross income during the ITH and EDR. This shall be in lieu of all local taxes and local fees and charges imposed by the local government unit. RBE local tax shall not be imposed on RBEs under SCIT. As regards duty exemption, CREATE MORE modified the rules such that the exemption shall now apply to the importation of capital equipment, raw materials, spare parts, or accessories directly attributable to the registered project or activity of RBEs, including goods used for administrative purposes, unlike the old provision where the exemption applies only to those exclusively used in the registered project or activity. For VAT, the exemption on importation and VAT zero-rating on local purchases shall only apply to goods and services directly attributable to the registered project or activity of a registered export enterprise, or a registered high-value domestic market enterprise, including expenses incidental thereto. Finally, with the signing into law of RA 12079, a non-resident tourist shall now be eligible for a VAT refund on locally purchased goods if the goods are purchased in person by the tourist in duly accredited stores, the goods are taken out of the Philippines by the tourist within 60 days from the date of purchase and that the value of goods purchased per transaction is equivalent to at least P3,000.00. Happy New Year! The author is a partner of Du-Baladad and Associates Law Offices (BDB Law) (www.bdblaw.com. ph), a member-firm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at rodel.unciano@ bdblaw.com.ph or call 8403-2001 local 380.
of artificial intelligence tools,” then US Attorney General William Barr said in 2020. US officials also blamed China for stealing intellectual property from US companies in agriculture, biotech, health care, aviation, robotics and semiconductors, some of it via cyberattacks. More recently, US officials have warned that Chinese hackers are trying to burrow into networks of companies that service critical parts of the economy, positioning for “disruptive or destructive” cyberattacks in event of a major crisis or conflict with the US. China’s hacking capacity has been helped by building a talent pipeline running through world-class cybersecurity schools, said Dakota Cary, a consultant focused on China at the cybersecurity firm SentinelOne. “China now has many more hackers than it did a decade ago, allowing the state to carry out more attacks against a wider array of targets,” Cary said. Segal, of the Council on Foreign Relations, said China’s hackers used to be like a burglar knocking on every door in the neighborhood to see which one is open. These days, he said, they can bypass home security, enter a house and lurk undetected. “Financial, energy, and water companies will continue to feel the brunt of these attacks as China attempts to exploit vulnerabilities and plant malicious code to be executed at a later date,” said Brian Harrell, the former assistant secretary for infrastructure protection at the US Department of Homeland Security. “Many intrusions have been discovered, but I will guess that most have not.” With assistance from Jamie Tarabay and Colum Murphy/ Bloomberg
A10 Thursday, January 2, 2025
2nd Front Page BusinessMirror
www.businessmirror.com.ph
FARMS INCREASING, BUT PHL semicons told: Watch PHL FARM SIZE SHRINKING–PSA for tweaks in US strategy B A P @adapelonia
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@andreasanjuan
HE Philippine semiconductor industry should brace for the impact of the possible tweaking of the semiconductor diversification strategy under a new administration in the United States, as this could strip away benefits from the local chips industry.
The advice comes from the Asean+3 Macroeconomic Research Office (Amro). “In the medium term, if the new US administration modified the semiconductor diversification strategy under the current administration (such as the CHIPS Act) to a more inward-looking one, the Philippine semiconductor industry would no longer benefit from the upgrading of technology and labor skills as well as the higher FDI from the US,” Runchana Pongsaparn, Amro’s Group Head and Principal Economist, told the BM in an e-mail. Pongsaparn said this is one of the two aspects in which the change in the US leadership could dim Philippine semiconductor export growth. Another angle to look at, the Amro economist noted, is the possibility of the new US administration slapping higher tariffs on its
trading partners. “In 2025 and 2026, the global demand may be weakened if the new US administration imposes higher tariffs or other trade barriers on its trading partners,” Pongsaparn also told this paper. The Philippines is one of the six countries that would benefit from the US International Technology Security and Innovation (ITSI) Fund. It is appropriated under the Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act of 2022. The CHIPS Act of 2022 provides the US Department of State with $500 million or $100 million per year over five years, “to promote the development and adoption of secure and trustworthy telecommunications networks and ensure semiconductor supply chain security and diversification,” according to the website of the US Department of State.
Semiconductor and Electronics Industries in the Philippines Foundation Inc. (Seipi) President Danilo C. Lachica earlier told reporters that for the program’s first year in 2024,the Philippines got about $13.9 million grant from the US ITSI Fund. “Essentially that intent is to upgrade the assembly, test and packaging capability in the Philippines,” the Seipi chief noted. (See: https://
businessmirror.com.ph/2024/11/06/ sans-fta-with-us-phl-semiconductorand-electronics-industry-losing-millions/)
Outlook sans headwinds
MEANWHILE, without considering the weak external demand due to headwinds such as the possible US trade policy changes and geopolitical tensions, Pongsaparn explained that “In 2025, the electronics export performance is expected to improve with the completion of the inventory correction process and the base effect.” Recently, Seipi revised the 2025 forecast for electronics exports from a 5-percent growth to a flat outlook, due to the weak external demand, the Amro economist noted.
Pongsaparn explained that compared to its regional peers, the Philippines has not benefitted from the upturn of the global tech cycle in 2024, and electronics exports are expected to drop before recovering in 2025. The Amro economist said the weak performance was mainly due to the inventory correction process that aims to reduce the excess-inventory from last year and the issue of its low-end product mix. “With an emphasis on businessrelated and low-end chip products, the Philippines did not benefit from the 2024 upturn in the global tech cycle which was favorable to countries producing high-end or AI-related chips,” Pongsaparn said. The Philippines specializes in the “relatively low value-added, back-end process [assembly, test, and packaging] and electronic manufacturing services,” she added. Data from the Philippine Statistics Authority (PSA) showed that electronics exports in the January to September 2024 amounted to $20.11 billion. This is the same as the $20.11-billion earnings from electronics shipments in the 9-month period in 2023.
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HE country’s average farm size is shrinking, but the number of farms is increasing, based on the census of the Philippine Statistics Authority (PSA). In its latest report, the PSA said the average farm size in the Philippines shrank by 77 percent to 0.83 hectares in 2022, from 3.61 hectares in 1970. “Comparing 2022 to previous years underscores the extent of this decline,” the agency said. Despite the increase in the number of farms, the PSA said the total area of farms has steadily declined since 1991. Figures from the agency showed that the total farm areas in 2022 plunged by 38.2 percent to 6.16 million hectares from 9.97 million hectares in 1991. It added that farm area in 2022 “remains substantially smaller” even when compared to earlier years, such as the 9.73 million hectares recorded in 1980 and 8.49 million hectares in 1970. The number of farms, however, grew as of 2022, according to the PSA. The agency said 7.43 million farms with a crop farm and/or a livestock and poultry operation were recorded from Janu-
ary 1 to December 31, 2022. This was higher than the 5.56 million farms in 2012. Among regions, the PSA said Western Visayas reported the highest number of farms in 2022, with 779,000 farms covering a total area of 454,000 hectares. Central Visayas trailed behind as it had 722,000 farms spanning 305,000 hectares. The National Capital Region (NCR) recorded the least number of farms, with only 34,000 farms and an area of 15,000 hectares. The PSA noted that the top three regions with the highest farm area were Soccsksargen with 600,000 hectares, Bicol Region with 519,000 hectares, and Cagayan Valley with 514,000 hectares. Across regions, the agency said Soccsksargen reported the largest average area of farm at 1.26 hectares per farm in 2022. It added that five more regions reported an average farm area of over one hectare. This includes Cagayan Valley (1.16 hectares per farm), Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) (1.10 hectares per farm), Central Luzon (1.05 hectares per farm), Caraga, (1.04 hectares per farm), S “PSA,” A
DTI helps local footwear sector to use FTAs, get share in global market
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HE Department of Trade and Industry (DTI) has started to equip local footwear manufacturers and exporters with tools and knowledge to utilize free trade agreements (FTAs) as well as to capture a “meaningful share” in the expanding global footwear market. In a recent statement, DTI said it concluded its Trade Education and Advocacy (TEA) Campaign for the Marikina footwear industry. This happened shortly before the Philippines-Korea Free Trade Agreement (FTA) entered into force on December 31, 2024. The Philippines-Korea FTA grants Philippine-made footwear duty-free access to Korea’s market upon the trade deal’s entry into force. Held in Marikina City which is dubbed the “shoe capital” of the Philippines, DTI said the activity “reinforced” the agency’s “commitment to empowering local industries and improving the utilization of FTAs.” DTI said in a statement, “The campaign focused on equipping stakeholders—including manufacturers, artisans, micro, small, and medium enterprises, and exporters—with the tools and knowledge to leverage FTAs.” In particular, the agency noted that participants learned how to source cheaper raw materials and access preferential export markets through the Philippines’s various FTAs. Moreover, the campaign provided trade remedies, such as safeguards and anti-dumping measures, to address the sudden surge of import competition or unfair trade practices, DTI noted. According to DTI, the TEA campaign explored a wide range of “relevant” topics including opportunities for the Philippine footwear industry under existing FTAs, market access to the European Union market, intellectual property protection and enforcement, export procedures, and rules of origin. DTI Undersecretary for International Trade Group Allan B. Gepty earlier told the BusinessMirror that 52 tariff lines of Philippine footwear exports will be able to enter Korea’s market duty-free upon entry into force of the trade deal. “For footwear, Philippine exports for all tariff lines in chapter 64 [52 tariff lines in HS 2017] will be able to enter Korea’s market dutyfree upon entry into force of the FTA—from
6401100000 to 6406909090,” Gepty told this newspaper. He said these tariff lines include footwear, footwear articles, and parts of footwear articles—specifically, footwear made of rubber, plastic and leather, as well as parts of the same such as toe-caps, outer soles and heels, in-soles, heel cushions, and gaiters made of other materials like metal, wood, copper, or aluminum. For her part, Bureau of Import Services Director Maria Guiza Lim highlighted that “The Philippine footwear industry, anchored on the exceptional craftsmanship of Marikina, is not only a cultural legacy but also an economic driver with immense potential for international growth.” Lim underscored that the Philippines can capture a “meaningful share” of the expanding global footwear market. DTI said the TEA campaign is a “strategic series” of education and advocacy sessions under the DTI’s initiative to bolster the export competencies of local industries. “This initiative aligns with the objectives of the Philippine Development Plan 2023-2028 and the Philippine Export Development Plan 2023-2028, both of which aspire to position the country as an agile export powerhouse in key industries,” said DTI. The TEA Campaign in Marikina was participated in by the Bureau of International Trade Relations, Bureau of Import Services, Export Marketing Bureau, Intellectual Property Office, Bureau of Customs, Tariff Commission, and the ARISE+ PH Project. When the fate of the ratification of the free trade deal with South Korea was still in the hands of Philippine senators in September 2024, Senator Imee Marcos had pointed out that the local footwear industry will be more competitive once the FTA between South Korea and the Philippines enters into force. “The shoes item, it appears, will be zero immediately upon effectivity of the treaty. Shoes—whether rubber, plastic, leather, etc. All footwear,” said Senator Marcos, the chief sponsor for Senate Resolution No. 1188, the resolution concurring in the FTA between the Philippines and South Korea. C A
HOLIDAY CHEERS, CLEANUP TEARS Mountains of garbage piled up on the bustling Carriedo Street in Quiapo, Manila, mark the aftermath of New Year’s Eve celebrations on January 1, 2025. The scene reflects a recurring challenge of managing waste generated during holiday revelry, as cleanup crews race to restore order amid the festive chaos. RUDY ESPERAS
Tag pork barrel ‘For Later Release’–Drilon P RESIDENT Ferdinand Marcos Jr. is being prodded to freeze a move to release congressional pork barrel funds and to “reclassify” such funds to prevent “election misuse.” In a statement, Former Senate President Franklin Drilon urged Marcos Jr. on Wednesday to classify all Congress-introduced amendments in the 2025 General Appropriations Act as “For Later Release” (FLR) to protect billions of pesos from being used for elections. Drilon noticed that Marcos’s vetoes of some items in the 2025 national were largely “cosmetic,” as they barely touched the “pork barrel” of legislators, principally lodged in the bloated budget of the Department of Public Works and Highway (DPWH). “In my view, the pork barrel of lawmakers has not been redressed. A huge chunk of pork barrel remains lodged in the [2025] General Appropriations Act, Drilon said in a radio interview, speaking partly in Filipino. “The 2025 budget is considered an election year budget. Hence, we must be vigilant. The budget should not be a tool in aid of the 2025 elections,” Drilon said in a separate statement on New Year’s
Day. “The President should put all Congress-introduced amendments that fall under what we call ’pork barrel’ into FLR. This is to prevent the budget from being perceived as a tool for election-related spending,” he stressed. Drilon clarified that his proposal aims to protect the budget from being perceived as a tool for election purposes and ensure compliance with the Omnibus Election Code. The Omnibus Election Code prohibits the release, disbursement, or expenditure of public funds for public works, as well as the delivery of construction materials, starting March 28, 2025—or 45 days before Election Day. The FLR mechanism is a practice implemented by the Department of Budget and Management (DBM) during the previous administration. Under this approach, Congress-introduced amendments that are not part of the President’s National Expenditure Program (NEP) are classified as FLR, requiring compliance with specific conditions before funds are released. By subjecting Congress-introduced amendments to the FLR classification, Drilon argues, the
public will be assured that government funds will not be used as leverage for election purposes. This, as Drilon pointed out that while P26 billion worth of DPWH projects were vetoed, leaving a total of P263.9 billion in congressional insertions, the overall amount of insertions across the budget remains significant at P347 billion. Drilon tagged the President’s vetoing of P168 billion in Unprogrammed Fund (UF) allocations, as “cosmetic” because, he explained, these standby appropriations lack funding anyway, unless additional revenues are generated. With only P26 billion reverted to the Treasury, that means only that amount is available to restore the funding of de-funded projects in the National Expenditure Program (NEP), according to Drilon. This, he stressed, leaves key programs like the P74.4- billion subsidy for PhilHealth and the P50 billion for the 4Ps unlikely to be restored. “It also means that the pork insertions are generally intact,” he added. “The veto of unprogrammed activities will not create a source of financing for de-funded projects like the PhilHealth subsidy.
These projects remain unfunded and will likely have to wait until the 2026 budget,” he explained. “How will the real priority projects get funded? If they are still in the Unprogrammed Fund, they may get funded only if the government generates new taxes or collects excess revenues—an unlikely scenario.” Butch Fernandez
Umic...
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pansion will be faster at 6.5 percent. The projected growth for 2025 is also below the government’s target of 6 to 8 percent, as per the latest assumptions made by the interagency Development Budget Coordination Committee (DBCC). Capital Economics said the government’s own fiscal policy will serve as a drag on economic growth. The think tank noted that paring down the country’s deficit-toGDP ratio will limit the budget’s impact on the economy. The DBCC aims to reduce the country’s budget deficit-to-GDP ratio to 5.3 percent next year, 4.7 percent in 2026, 4.1 percent in 2027, and 3.7 percent in 2028. Cai U. Ordinario
Companies BusinessMirror
Editor: Jennifer A. Ng
Thursday, January 2, 2025
B1
seen holding SEC aims to bolster capital Govt more green energy market via new guidelines auctions this year
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By VG Cabuag
@villygc
he Securities and Exchange Commission (SEC) said it is preparing new guidelines that seek to expand fundraising and investment opportunities in the country’s capital market and strengthen the protection of investors and other financial consumers. Before the year 2024 ended, the agency released for public comment the proposed amendments to rules governing registrars of qualified institutional and individual buyers; the draft guidelines on crypto-asset service providers; the draft guidelines on Philippine Green Equity; the draft rules providing the definition of seasoned issuers and extension of shelf registration; and the draft rules for the issuance and disclosure of Sukuk bonds. The SEC issued the second exposure draft of the amendments to the Rules Governing Registrars of Qualified Institutional and Individual buyers. The proposed amendments are expected to reinforce the agency’s authority to verify the procedures of
authorized registrars in accrediting qualified buyers to ensure that they maintain regulatory oversight and compliance with market regulations. The current rules provide that an authorized registrar will have to establish its own internal procedures to guide its personnel in evaluating the qualifications of applicants for qualified buyer status. The amendments specify the requirements for the initiation and cessation of a qualified buyer’s function as a registrar, its responsibilities and requirements to retain its registration, among others. Meanwhile, the proposed SEC rules on crypto asset providers aim to enhance the oversight and supervision powers of the commission over businesses that involve the offering and trading, as well as other activi-
ties of innovative financial products. The draft rules take into account the growth and development of new crypto-asset markets, services and business models, as the SEC wants to establish an affirmative legal framework to provide protection against consumer harms and systemic risks. It also aims to provide consumers the choice of engaging in crypto-asset activity with licensed and authorized intermediaries. All interested parties have until January 18 to submit their comments on the draft SEC Rules on Crypto-Asset Service Providers. Meanwhile, the SEC released the draft guidelines for Philippine Green Equity which seek to promote the visibility and attractiveness of companies that actively support green activities and initiatives. Green equity is a complement to sustainable debt instruments, expanding the range of sustainable investment products in the market and further support the transition towards a net zero carbon economy. By identifying and recognizing businesses aligned with environmental and sustainability objectives, the green equity label aims to direct capital flows toward enterprises that contribute to building a climateresilient and low-carbon economy, thereby supporting the country’s broader goals for sustainable development. Interested parties have until Jan-
uary 25 to submit their comments and inputs on the draft guidelines. The commission likewise released the proposed amendments to the Securities Regulation Code (SRC) covering the definition of seasoned issuer and enhanced shelf registration, respectively. The draft guidelines will update the definition of terms such as seasoned issuer, which will be identified as any issuer designated by the SEC as having demonstrated its compliance with requirements on size, listing history, and track record. The proposal covers the extension of shelf registration granted to seasoned issuers, allowing them to extend the offering period for additional tranches of securities under beyond the original three-year period. The agency also released the proposed guidelines on the issuance and disclosure of Sukuk bonds. The guidelines seek to further the administration’s agenda to promote the development of Islamic banking and finance in the country and “to create the opportunity for other Philippine issuers to access the sukuk market in the future.” Sukuk or Islamic bond is the most popular financial instrument in the Islamic capital market, representing an important avenue for international fundraising and investment activities generating significant cross-border flows globally.
Aboitiz completes warehouse project By Lorenz S. Marasigan @lorenzmarasigan
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boitiz Construction Inc. said it has completed the construction of five warehouses for the Fast Logistics Group in Cebu. The project, encompassing a total floor area of 17,315 square meters, was completed in less than a year, Aboitiz Construction COO Ramez Sidhom said. The construction arm of the Aboitiz Group said newly built facility comprises five ambient warehouses and ancillary buildings constructed in two phases. “At Aboitiz Construction, we take pride in delivering infrastructure
that enables businesses to grow and communities to thrive. The completion of the Fast Logistics Group’s warehouse complex in Consolacion, Cebu, reflects our steadfast commitment to operational excellence and effective collaboration with partners,” Sidhom said. The company employed pre-engineered building (PEB) steel materials and a steel formwork system to ensure durability and efficiency in construction. Approximately 300 workers were employed for the project, with 80 percent sourced locally from Cebu. The project also achieved over 800,000 safe man-hours. The warehouse complex was de-
veloped in partnership with MVC Development Corp. and project management consultant Hearn & Hearn Consulting. Last October, conglomerate Aboitiz Equity Ventures Inc. (AEV) said its net income in January to September 2024 reached P18.8 billion, some 4 percent higher than the P18 billion recorded in 2023. For the third quarter alone, its net income fell 4 percent to P7.3 billion, from the previous year’s P7.6 billion. Power accounted for 64 percent of the total net income contributions for the nine-month period, while banking and food and beverage units each accounted for 19 percent.
Net income contribution from real estate was at 4 percent while that of infrastructure contracted by 4 percent. “Our third-quarter results reflect not only the strength of our diversified businesses but also the positive momentum we are seeing in the broader economy. With inflation moderating and recent rate cuts providing relief, we are optimistic about the opportunities ahead. These improving macroeconomic conditions will allow us to continue to create long-term value for our stakeholders and to contribute to the economic growth of our country,” AEV President and CEO Sabin M. Aboitiz said.
TV’s shrinking world pits networks against stations in fee fight
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ederal Communications Commission (FCC) member Brendan Carr fired a broadside at Walt Disney Co. Chief Executive Officer Bob Iger last month, urging him to reach more economical contract terms with local TV stations affiliated with the company’s ABC network. Carr, who has been nominated to be chairman of the FCC by Presidentelect Donald Trump, accused ABC of trying to “siphon more and more money away from local broadcast TV stations” even as Disney shifts marquee programming to its streaming services. The loss of revenue may hurt local news coverage at a time when Americans’ trust of the media is at a low, Carr wrote in a December 21 letter. “I want you to know that I will be monitoring the outcome of your ongoing discussions with local broadcast TV stations to ensure that those negotiations enable local broadcast TV stations to meet their federal obligations to serve the needs of their
Photo from www.fcc.gov
local communities,” Carr wrote. Disney didn’t respond to a request for comment. So-called retransmission fees, which companies like Charter Communications Inc. and DirecTV pay to station owners, have been a huge source of profit for the TV industry. The fees have tripled over the past 10 years, and broadcasters like Nexstar
Media Group Inc. and Sinclair Inc., two of the largest station owners, get more money today from those payments than they do from advertising. But the revenue flowing to local stations is expected to decline to $7.2 billion in 2025 from $7.4 billion in 2023, according to estimates from S&P Global and Bloomberg Intelligence. With pay-TV audiences
shrinking, the total paid by cable operators is growing only slightly, and S&P projects the share of retransmission fees flowing to networks like ABC and NBC will rise to around 52 percent, up from the historical 50-50 split. While Carr’s letter focused on ABC, all of the broadcast networks are seeking higher fees from their local affiliates, according to Hank Price, a former station manager and now columnist for TVNewsCheck, an industry publication. “The anger out there is extreme,” said Price, who talks to local TV executives. In some cases, the networks have negotiated a flat fee for programming that is greater than what the local stations collect from distributors, Price said. Flat fees are particularly onerous because they don’t drop when customers cancel their cable service and the revenue that stations collect from cable providers shrinks. Continued on B2
Photo from www.spnec.ph
By Lenie Lectura @llectura
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fter putting in place the policies and framework meant to achieve the country’s renewable energy (RE) goals, the umbrella organization of all renewable energy (RE) associations in the country is expecting more green energy auctions to take place this year. The Developers of Renewable Energy for AdvanceMent Inc. (DREAM) said 2024 was “a banner year” for the Philippine energy sector in terms of numerous policies and regulatory issuances, all geared towards attracting more foreign investments, especially in renewable energy. DREAM President Jose Layug Jr. said the Department of Energy (DOE), in coordination with the National Grid Corporation of the Philippines, Philippine National Oil Co. and other government agencies, has placed emphasis on transmission network upgrades and expansion of ports to ensure stable and resilient energy supply. “In 2025, it is time to follow through these policies with actual programs.” These include the conduct of Green Energy Auctions for onshore and offshore wind; ground-mounted, floating and rooftop solar; biomass and waste-to-energy resources; geothermal; run-of-river and impounding hydro; integrated renewable energy storage systems opportunities; and natural gas utilization, both through liquefied natural gas (LNG) and exploration of indigenous gas resources. Moreover, Layug said that with almost 60 percent of energy consumption coming from transportation and households, decarbonizing these sectors would require concerted government efforts, including the in-
creased use of biofuels, higher targets for electric vehicles, installation of more solar rooftop systems and increased adoption of energy efficiency and conservation measures. “DREAM fully supports the government’s goal of a more dynamic and sustainable energy future that benefits communities, drives economic growth and improves well-being of Filipino consumers.” The much-anticipated green energy auction 3 (GEA3) will take place this year. For this round, the government will offer impounding hydro, pumped storage hydro, runof-river (ROR) hydro and geothermal contracts with a combined capacity of 4,475 megawatts. Among these facilities, ROR hydro is the only technology eligible for feed-in-tariff (FIT), a policy that offers guaranteed fixed payments for emerging RE sources. The Energy Regulatory Commission (ERC) must first issue the green energy auction reserve (GEAR) price for GEA3 before the actual auction takes place. It was supposed to happen last month, but the ERC said further review should be done as “there is still unsubscribed capacity for FIT for this technology (ROR hydro), yet there is additional capacity allocated for GEAP,” said ERC Chairman Monalisa C. Dimalanta. “This may confuse stakeholders and may render one policy in conflict with the other,” Dimalanta said, referring to the parallel implementation of FIT and GEAP for ROR hydro. “We are asking the DOE on the way forward considering that we are also reviewing the FIT rate for ROR hydro.” The GEA is designed to trigger the expansion of the country’s RE capacity to support the government’s target of expanding the share of renewables in the energy mix to 35 percent by 2030 and 50 percent by 2040.
Sangamo plunges after Pfizer ends pact for hemophilia drug
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angamo Therapeutics Inc. shares fell the most in 16 years after Pfizer Inc. ended the two companies’ partnership to develop a new gene therapy to treat hemophilia A. Sangamo is considering “all options” to continue developing the drug, including finding a new partner, the company said in a statement Monday. The experimental medicine met its goal in a pivotal late-stage trial, and Sangamo said Pfizer had previously indicated that it expected to file for US and European approval in early 2025. “We were extremely surprised and very disappointed” by Pfizer’s change of heart, Sangamo Chief Executive Officer Sandy Macrae said in a phone interview. The company
learned of the decision on December 22, he said. Shares of Sangamo fell as much as 56 percent when markets opened on Tuesday in New York, their biggest drop since November 11, 2008. That plunge was tied to disappointing results from a drug to treat diabetic nerve damage. The stock had quadrupled this year before Sangamo disclosed Pfizer’s decision. Sangamo has struggled with liquidity issues, and had $39.2 million in cash and cash equivalents as of September 30. The company had been in line for up to $220 million in milestone payments under the agreement for the drug, called giroctocogene fitelparvovec, according to Macrae. The company’s market value was just below $500 million before the Pfizer news hit. Bloomberg News
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Companies BusinessMirror
Thursday, January 2, 2025
PSE STOCK QUOTATIONS
December 27, 2024
Net Foreign Stocks Bid Ask Open High Low Close Volume Value Trade (Peso) Buy (Sell) FINANCIALs
ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK CITYSTATE BANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK PHILTRUST SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL DOMINION HLDG FIRST ABACUS NTL REINSURANCE PHIL STOCK EXCH
61.5 144 6.7 121.6 62.8 10.02 9.83 72 9.6 27.6 58.1 114 85.85 35.5 0.95 1.62 1.55 0.61 0.67 163.7
62 144.5 6.75 122 63.5 12.52 9.85 73 10 27.7 58.25 120 87 36 0.99 1.63 1.6 0.65 0.69 164
61.5 145.1 6.75 124.3 62 12.52 9.85 75.05 9.9 27.2 60 99 86.5 36 0.94 1.67 1.59 0.65 0.69 161
62.75 146.9 6.75 124.3 63.5 12.52 9.85 75.05 10 27.7 60 119 87 36 0.99 1.69 1.6 0.65 0.69 164
61.5 143 6.7 120.5 62 12.52 9.8 72 9.6 27.2 58.15 99 83 35.3 0.94 1.62 1.59 0.65 0.67 160.3
61.5 144 6.75 122 63.5 12.52 9.85 72 9.7 27.7 58.2 119 87 36 0.99 1.65 1.6 0.65 0.69 164
8,470 2,429,510 7,900 2,202,300 1,355,950 1,000 203,600 2,191,180 72,000 2,904,600 1,010 1,650 414,920 15,300 94,000 124,000 10,000 1,000 738,000 20,840
523,874.50 350,710,026 53,195 268,056,406 85,693,058 12,520 1,995,940 159,992,187 698,000 80,323,500 58,901.50 194,850 35,485,669.50 547,810 91,120 207,490 15,970 650 503,820 3,408,647
-166,260 -156,891,613 -49,670,803 56,959,506 12,520 -11,819 -107,504,494.50 2,442,515 -12,936,095 -7,200 3,268
INDUSTRIAL ACEN CORP 3.99 4 3.96 4.08 3.95 4 18,114,000 72,377,570 -4,202,910 ALSONS CONS 0.445 0.46 0.46 0.46 0.46 0.46 10,000 4,600 ALTERNERGY HLDG 1.19 1.2 1.17 1.2 1.17 1.2 9,642,000 11,477,120 -64,800 ABOITIZ POWER 37.6 37.7 37.7 37.9 37.35 37.7 753,000 28,382,040 -245,875 RASLAG 1.02 1.05 1.03 1.03 1.03 1.03 43,000 44,290 BASIC ENERGY 0.137 0.14 0.14 0.14 0.14 0.14 10,000 1,400 CITICORE RE 3.21 3.26 3.26 3.26 3.21 3.21 98,000 314,670 FIRST GEN 16.12 16.7 16.76 16.98 16.12 16.12 214,500 3,500,110 -957,030 FIRST PHIL HLDG 58.5 59 59.9 59.9 58.4 59 9,350 547,788.50 JOLLIVILLE HLDG 5.34 6.79 6.5 6.79 6.5 6.79 48,700 330,157 MERALCO 478.8 488 480 488 472.4 488 86,870 42,170,114 10,908,002 MANILA WATER 26.9 27 26 27 25.95 27 1,598,600 42,771,885 6,987,995 PETRON 2.43 2.44 2.44 2.45 2.43 2.43 176,000 429,070 REPOWER ENERGY 5.03 5.1 5.05 5.1 5.01 5.1 23,600 118,635 SEMIRARA MINING 34.2 34.9 34.3 34.9 33.7 34.9 3,040,900 105,498,550 72,740,845.00 SYNERGY GRID 9.8 9.84 9.41 9.85 9.3 9.8 2,703,800 25,968,398 15,035 SHELL PILIPINAS 7.49 7.5 7.47 7.52 7.47 7.5 84,900 636,219 -565,165 SPC POWER 9.01 9.03 9.02 9.03 9.01 9.01 15,200 137,053 SP NEW ENERGY 1.02 1.04 1.03 1.05 1.02 1.02 7,021,000 7,265,500 961,750 AGRINURTURE 0.5 0.51 0.51 0.53 0.48 0.51 3,135,000 1,571,740 1,840 AXELUM 2.03 2.59 2.05 2.59 2.05 2.59 1,583,000 4,004,180 -178,710 CNTRL AZUCARERA 10.68 11.2 11.02 11.2 11 11.2 500 5,524 CENTURY FOOD 41.2 41.95 41.35 42 41.1 41.95 1,224,800 50,972,080 -5,345,780 DNL INDUS 6.06 6.09 6.02 6.09 6.02 6.09 247,800 1,501,417 853,938 EMPERADOR 17.9 18.06 18.06 18.06 17.84 18.06 402,500 7,257,360 1,304,586 SMC FOODANDBEV 52.5 52.75 53.05 53.05 52.2 52.75 12,110 637,448 -235,856 FIGARO COFFEE 0.86 0.87 0.85 0.87 0.85 0.86 3,081,000 2,645,280 -60,390 ALLIANCE SELECT 0.36 0.39 0.38 0.38 0.38 0.38 10,000 3,800 FRUITAS HLDG 0.63 0.64 0.61 0.64 0.61 0.64 140,000 87,060 -20 GINEBRA 273 275 275 276 274 275 5,350 1,473,904 -492,560 JOLLIBEE 268.2 269 263 269.4 263 269 498,640 133,180,280 72,432,736 KEEPERS HLDG 2.22 2.23 2.23 2.23 2.2 2.23 1,082,000 2,399,160 1,087,390 LIBERTY FLOUR 17.52 17.92 18 18 17.5 17.92 19,000 336,228 MACAY HLDG 7.52 8.49 7.52 7.52 7.52 7.52 2,000 15,040 MAXS GROUP 2.61 2.67 2.68 2.68 2.67 2.67 6,000 16,040 -2,670 MG HLDG 0.089 0.094 0.091 0.094 0.091 0.094 20,000 1,850 MONDE NISSIN 8.5 8.6 8.23 8.6 8.16 8.6 3,275,900 27,725,264 333,528 SHAKEYS PIZZA 7.86 7.99 8.2 8.2 7.86 7.99 1,154,600 9,075,596 786,000 ROXAS AND CO 2.75 2.79 2.7 2.85 2.62 2.72 100,000 273,900 -18,900 RFM CORP 3.87 3.9 3.85 3.9 3.85 3.87 70,000 272,070 -101,400 SWIFT FOODS 0.056 0.058 0.055 0.058 0.055 0.058 260,000 15,030 UNIV ROBINA 78 79 79.6 79.75 77.2 79 721,980 56,793,898.50 -2,372,015 VITARICH 0.53 0.54 0.53 0.54 0.53 0.54 821,000 441,070 CEMEX HLDG 1.78 1.79 1.79 1.8 1.78 1.78 1,038,000 1,852,020 -511,360 EC VULCAN 0.29 0.31 0.3 0.31 0.3 0.31 560,000 169,750 EEI CORP 3.52 3.59 3.7 3.7 3.6 3.6 38,000 139,450 MEGAWIDE 2.4 2.44 2.43 2.43 2.4 2.43 60,000 145,610 24,300 PHINMA 17.9 18.8 18 19 18 19 37,200 671,378 -1,878 CROWN ASIA 1.71 1.74 1.78 1.78 1.71 1.71 164,000 280,970 EUROMED 0.83 0.88 0.79 0.82 0.78 0.82 7,000 5,620 -3,980 MABUHAY VINYL 5.1 5.39 5.19 5.7 5.1 5.39 9,000 47,950 PRYCE CORP 10.58 10.68 10.68 10.68 10.5 10.68 3,400 36,088 CONCEPCION 13.38 13.5 13.36 13.5 13.36 13.38 1,300 17,426 GREENERGY 0.19 0.191 0.194 0.195 0.19 0.19 610,000 116,190 INTEGRATED MICR 1.49 1.51 1.52 1.52 1.49 1.49 13,000 19,650 IONICS 0.84 0.85 0.85 0.86 0.84 0.84 156,000 132,110 -11,890 PANASONIC 5.08 5.47 5.4 5.48 5.4 5.48 1,200 6,492 CIRTEK HLDG 1.28 1.32 1.32 1.32 1.31 1.32 67,000 88,430 STENIEL 1.49 1.58 1.45 1.57 1.45 1.57 7,000 10,310 -80
HOLDING & FRIMS
ABACORE CAPITAL AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ANGLO PHIL HLDG ATN HLDG A ATN HLDG B COSCO CAPITAL DMCI HLDG FILINVEST DEV FJ PRINCE A FJ PRINCE B GT CAPITAL HOUSE OF INV JG SUMMIT KEPPEL HLDG A KEPPEL HLDG B LODESTAR LT GROUP MABUHAY HLDG PACIFICA HLDG PRIME MEDIA REPUBLIC GLASS SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP TOP FRONTIER ZEUS HLDG
0.52 599 33.8 8.95 13.4 0.42 0.51 0.52 5.37 10.7 4.51 2.11 1.91 651.5 3.36 20.55 14.22 16.24 0.27 10.48 0.161 1.37 2 2.75 0.96 882.5 85 63.1 0.065
0.53 600 34.35 9 13.68 0.46 0.53 0.53 5.38 10.82 4.94 2.5 2.3 658 3.6 21 16.44 18.84 0.28 10.5 0.175 1.6 2.13 3.8 1.03 899 86 67.8 0.072
0.53 611 34.4 9.07 13.5 0.45 0.51 0.5 5.37 10.76 4.94 1.99 2.53 660 3.45 21.6 16.46 18.84 0.28 10.5 0.161 1.59 1.99 2.75 1.04 892 83 63.1 0.072
0.53 611 34.45 9.1 13.68 0.45 0.52 0.52 5.38 10.82 4.94 2.5 2.53 660 3.45 21.6 16.46 18.84 0.28 10.5 0.161 1.6 2.14 2.75 1.04 899 86 63.1 0.072
0.52 598 33.5 8.93 13.5 0.45 0.51 0.5 5.35 10.64 4.94 1.99 1.91 642 3.38 20.55 16.46 18.84 0.28 10.44 0.161 1.59 1.99 2.75 0.93 880 82.5 63.1 0.072
0.53 599 34.35 9 13.68 0.45 0.52 0.52 5.38 10.82 4.94 2.5 1.91 658 3.38 20.55 16.46 18.84 0.28 10.5 0.161 1.6 2.13 2.75 1.03 899 86 63.1 0.072
1,064,000 162,440 775,600 3,182,700 10,500 10,000 1,340,000 638,000 77,600 1,114,700 5,000 95,000 14,000 29,900 30,000 892,000 100 100 90,000 1,382,300 10,000 4,000 183,000 1,000 201,000 420,860 193,850 50 70,000
559,130 97,835,880 26,483,520 28,610,754 143,220 4,500 695,400 331,740 416,608 11,995,008 24,700 222,870 31,700 19,600,110 101,610 18,559,970 1,646 1,884 25,200 14,491,524 1,610 6,390 381,880 2,750 192,500 375,502,735 16,463,219.50 3,155 5,040
-27,683,150 -7,085,840 -16,642,701 -278,720 72,507 -1,844,540 4,126,850 -10,609,075 -1,341,248 1,900 43,808,330 -1,614,194.50 -
PROPERTY ARTHALAND CORP 0.35 0.365 0.365 0.365 0.365 0.365 20,000 7,300 ANCHOR LAND 4.05 5.28 4 4.8 4 4.8 3,000 12,810 0 AYALA LAND 26.1 26.2 26.5 26.6 25.8 26.2 11,547,900 301,564,145 -107,534,095 AYALA LAND LOG 1.66 1.7 1.66 1.7 1.66 1.7 819,000 1,380,840 ALTUS PROP 8.33 8.62 8.32 8.32 8.32 8.32 300 2,496 ARANETA PROP 0.5 0.52 0.52 0.52 0.51 0.51 86,000 43,900 AREIT RT 37.9 37.95 38 38.1 37.9 37.95 717,400 27,256,935 10,573,205 A BROWN 0.54 0.56 0.54 0.56 0.54 0.56 53,000 29,140 CITYLAND DEVT 0.65 0.68 0.68 0.68 0.68 0.68 101,000 68,680 CROWN EQUITIES 0.055 0.056 0.057 0.057 0.055 0.056 80,000 4,490 CEB LANDMASTERS 2.65 2.66 2.65 2.68 2.64 2.65 563,000 1,493,360 13,250 CENTURY PROP 0.405 0.42 0.425 0.425 0.42 0.42 2,060,000 865,500 CITICORE RT 3.04 3.05 3.04 3.06 3.03 3.05 984,000 2,996,070 70,390 DOUBLEDRAGON 10.12 10.2 10.08 10.28 10.08 10.2 4,600 46,604 -7,140.00 DDMP RT 1.03 1.04 1.03 1.04 1.02 1.03 698,000 722,630 DM WENCESLAO 5.49 5.52 5.4 5.52 5.4 5.52 22,700 124,005 -1,080 EMPIRE EAST 0.12 0.122 0.12 0.12 0.12 0.12 310,000 37,200 EVER GOTESCO 0.234 0.255 0.235 0.255 0.234 0.255 50,000 12,340 FILINVEST RT 2.94 2.95 2.9 2.95 2.9 2.95 3,148,000 9,272,260 -7,511,280 FILINVEST LAND 0.72 0.73 0.72 0.73 0.71 0.73 3,069,000 2,213,470 -886,790 GLOBAL ESTATE 0.63 0.64 0.61 0.64 0.6 0.64 1,645,000 1,028,350 8990 HLDG 9.09 9.1 9 9.1 8.54 9.09 3,600 32,179 -6,861 GOLDEN MV 2,120 2,300 2,240 2,250 2,240 2,250 225 505,900 KEPPEL PROP 2.8 2.98 2.79 2.97 2.79 2.79 22,000 62,300 CITY AND LAND 0.68 0.69 0.68 0.69 0.67 0.68 44,000 29,770 MEGAWORLD 2.05 2.06 2.06 2.06 2.04 2.05 10,290,000 21,092,480 -4,216,340 MRC ALLIED 0.82 0.84 0.82 0.84 0.81 0.84 11,604,000 9,741,510 -73,920 MREIT RT 13.34 13.44 13.36 13.46 13.3 13.34 252,300 3,371,952 -84,282 PHIL ESTATES 0.255 0.27 0.255 0.255 0.255 0.255 30,000 7,650 PREMIERE RT 2.16 2.21 2.18 2.22 2.16 2.21 719,000 1,574,630 PRIMEX CORP 1.81 1.9 2 2.14 1.8 1.81 323,000 624,270 9,100 RL COMM RT 5.85 5.89 5.86 5.93 5.85 5.85 1,567,200 9,209,951 -151,920 ROBINSONS LAND 13 13.3 13 13.3 12.98 13.3 2,100,600 27,512,006 -3,492,828 ROCKWELL 1.49 1.51 1.51 1.51 1.51 1.51 1,000 1,510 SHANG PROP 3.86 3.94 3.89 3.94 3.85 3.94 34,000 131,500 STA LUCIA LAND 2.81 2.9 2.89 2.9 2.89 2.9 56,000 161,950 SM PRIME HLDG 25.15 25.2 25.35 25.45 25 25.15 6,480,600 162,805,875 -23,919,895 SOC RESOURCES 0.183 0.185 0.183 0.184 0.183 0.184 200,000 36,700 SUNTRUST RESORT 0.86 0.89 0.9 0.9 0.9 0.9 1,000 900 PTFC REDEV CORP 41 60 50 55 50 55 5,910 324,549.50 VISTA LAND 1.48 1.53 1.52 1.54 1.48 1.48 2,436,000 3,671,470 -100,080 VISTAREIT RT 1.87 1.89 1.85 1.9 1.83 1.89 1,045,000 1,928,770 -358,670 SERVICES ABS CBN 4.19 4.2 4.2 4.24 4.2 4.2 65,000 273,040 GMA NETWORK 6.11 6.34 6.47 6.48 6.09 6.11 892,300 5,541,938 MLA BRDCASTING 6.4 6.99 6.02 6.4 6.02 6.4 500 3,162 GLOBE TELECOM 2,176 2,184 2,102 2,184 2,100 2,184 104,030 225,115,340 147,632,950 PLDT 1,275 1,295 1,298 1,303 1,272 1,295 42,860 55,144,520 -28,102,675 APOLLO GLOBAL 0.0039 0.004 0.0036 0.004 0.0036 0.004 795,000,000 3,053,900 8,600 CONVERGE 16.14 16.18 16.28 16.28 16.06 16.14 896,200 14,474,256 -2,539,676 DFNN INC 2.6 2.85 2.7 2.86 2.7 2.85 1,773,000 5,054,910 -258,750 DITO CME HLDG 1.63 1.64 1.63 1.65 1.61 1.64 16,627,000 27,001,300 -946,300 NOW CORP 0.59 0.6 0.6 0.6 0.55 0.59 917,000 526,210 TRANSPACIFIC BR 0.135 0.137 0.133 0.138 0.133 0.135 1,530,000 206,490 -170,040 ASIAN TERMINALS 16.98 17 17.04 17.42 17 17 368,100 6,285,856 -5,440,616 CHELSEA 1.25 1.31 1.25 1.31 1.25 1.31 202,000 263,150 CEBU AIR 28 28.25 28 28.5 28 28.25 127,700 3,591,320 -1,614,010 INTL CONTAINER 385.2 386 394 397.6 384 386 1,426,430 552,378,502 495,636 LBC EXPRESS 10.26 11.82 11.82 11.82 11.82 11.82 200 2,364 MACROASIA 5.44 5.45 5.22 5.46 5.22 5.44 1,623,100 8,746,457 1,517,119.00 METROALLIANCE A 0.75 0.8 0.79 0.83 0.79 0.83 26,000 21,010 PAL HLDG 4.57 4.95 4.99 4.99 4.95 4.95 10,000 49,560 HARBOR STAR 0.59 0.62 0.61 0.62 0.59 0.62 140,000 83,680 18,290 ACESITE HOTEL 1.67 1.78 1.7 1.78 1.7 1.78 3,000 5,260 BOULEVARD HLDG 0.074 0.078 0.075 0.078 0.073 0.074 11,210,000 852,170 2,250 GRAND PLAZA 5.5 5.91 5.92 6.5 5.9 5.91 10,800 63,958 520 CENTRO ESCOLAR 13.38 13.8 14.2 14.38 13.38 13.8 1,800 25,246 FAR EASTERN U 720 735 720 735 720 735 240 174,900 -21,800 IPEOPLE 6.31 6.79 6.31 6.79 6.3 6.79 66,800 420,989 -96 STI HLDG 1.34 1.36 1.33 1.37 1.32 1.34 5,472,000 7,324,970 56,340 BELLE CORP 1.66 1.67 1.66 1.68 1.66 1.66 160,000 267,080 0 BLOOMBERRY 4.57 4.58 4.54 4.65 4.5 4.58 7,216,000 33,149,270 -13,458,030 PACIFIC ONLINE 2.56 2.65 2.65 2.65 2.57 2.65 50,000 130,970 PH RESORTS GRP 0.54 0.55 0.56 0.56 0.54 0.54 4,249,000 2,317,900 -776,220 DIGIPLUS 27.1 27.15 26.8 27.2 26.7 27.15 2,662,100 72,163,415 23,717,880 PHIL RACING 6.9 7 5.55 7 5.55 7 16,600 100,265 PHILWEB 1.38 1.4 1.39 1.4 1.39 1.4 97,000 135,630 ALLDAY 0.131 0.133 0.13 0.133 0.129 0.133 1,050,000 136,980 BERJAYA 9.79 9.8 9.28 9.8 9.25 9.8 97,700 932,722 ALLHOME 0.63 0.64 0.62 0.64 0.62 0.64 484,000 306,100 -1,260 METRO RETAIL 1.19 1.2 1.2 1.2 1.19 1.2 18,000 21,580 -18,000 PUREGOLD 30.65 30.85 30.9 31 30.65 30.85 586,900 18,073,180 -3,220,245 ROBINSONS RTL 35.85 36 36.7 36.75 35.65 36 226,600 8,157,300 -1,841,270 PHIL SEVEN CORP 67.8 69.95 68.5 69.95 67.8 67.8 2,200 152,798.50 -103,000 SSI GROUP 3.12 3.18 3.13 3.18 3.12 3.18 66,000 208,200 -28,290 UPSON INTL CORP 0.65 0.68 0.66 0.69 0.65 0.68 146,000 95,820 680 WILCON DEPOT 13.96 14.3 13.9 14.3 13.8 14.3 533,400 7,511,066 4,351,616 APC GROUP 0.181 0.185 0.182 0.185 0.181 0.185 880,000 159,330 IPM HLDG 3 3.14 2.5 3 2.5 3 217,000 650,000 -263,000 MEDILINES 0.3 0.31 0.31 0.31 0.31 0.31 20,000 6,200 PAXYS 1.6 1.7 1.48 1.7 1.48 1.7 24,000 39,440 PRMIERE HORIZON 0.175 0.18 0.174 0.174 0.174 0.174 40,000 6,960 SBS PHIL CORP 4.95 5 4.4 5 4.4 4.95 169,000 809,320 MINING & OIL ATOK 5.25 5.44 5.1 6 5.1 5.44 320,100 1,841,796 -1,100 APEX MINING 3.42 3.45 3.43 3.48 3.39 3.45 1,241,000 4,257,890 68,100 ATLAS MINING 4.24 4.38 4.1 4.38 4.1 4.38 600,000 2,599,160 -31,500.00 BENGUET A 3.72 3.97 3.71 3.99 3.71 3.97 108,000 423,780 BENGUET B 3.53 3.94 3.89 3.99 3.89 3.94 64,000 252,260 -23,340 CENTURY PEAK 2.5 2.7 2.53 2.97 2.5 2.5 1,229,000 3,260,110 3,126,870 FERRONICKEL 1.03 1.04 1.03 1.04 1.03 1.04 1,250,000 1,299,330 -1,231,350 LEPANTO A 0.066 0.067 0.066 0.067 0.066 0.067 2,050,000 135,770 LEPANTO B 0.061 0.068 0.067 0.067 0.067 0.067 2,820,000 188,940 MANILA MINING A 0.003 0.0031 0.003 0.003 0.003 0.003 1,000,000 3,000 MARCVENTURES 0.71 0.75 0.74 0.75 0.7 0.75 560,000 408,060 NIHAO 0.385 0.45 0.39 0.39 0.385 0.385 50,000 19,400 NICKEL ASIA 3.21 3.49 3.21 3.49 3.19 3.49 15,383,000 50,028,200 11,329,880 OCEANAGOLD 14 14.02 13.94 14.1 13.94 14.02 998,600 13,977,398 188,136 ORNTL PENINSULA 0.41 0.44 0.44 0.44 0.44 0.44 20,000 8,800 PX MINING 2.74 2.79 2.76 2.79 2.74 2.79 1,918,000 5,261,760 1,370,000 ENEX ENERGY 4.8 5 4.99 5 4.8 5 16,100 79,618 ORNTL PETROL A 0.007 0.0074 0.0068 0.0074 0.0068 0.0074 31,000,000 227,500 ORNTL PETROL B 0.0069 0.0075 0.0075 0.0075 0.0074 0.0075 4,000,000 29,900 PHILODRILL 0.0074 0.0075 0.0076 0.0076 0.0075 0.0075 37,000,000 278,700 PXP ENERGY 2.8 2.84 2.82 2.88 2.75 2.87 1,217,000 3,412,380 PREFFERED ACEN PREF A 1,050 1,055 1,030 1,050 1,021 1,050 1,790 1,860,950 ACEN PREF B 1,065 1,080 1,075 1,075 1,056 1,056 65 69,590 AC PREF AR 2,550 2,600 2,590 2,600 2,550 2,550 35 90,500 AC PREF B3R 2,052 2,080 2,080 2,080 2,032 2,052 1,065 2,185,460 ALCO PREF D 464.4 472.2 464.4 464.4 464.4 464.4 2,140 993,816 BRN PREF A 97 98.95 98.95 99 96.5 96.5 880 86,759 -21,769 CEB PREF 34.5 34.75 35 35 34.5 34.5 26,400 918,170 CPG PREF B 99.5 101 101 101 101 101 890 89,890 DD PREF 97 97.2 96.95 97.9 96.5 97.2 73,370 7,122,122 EEI PREF A 95.2 99 98.95 99 98.95 99 130 12,866.50 EEI PREF B 98 98.9 98 98.9 98 98.45 8,110 799,433 GTCAP PREF B 959 990 987 990 975 990 420 414,580 -19,770 JFC PREF B 954 984 969.5 984 969.5 984 190 185,090 MWIDE PREF 2B 95 97.8 97.85 97.85 95 95 850 81,177.50 MWIDE PREF 4 97 97.95 97 97.95 97 97.95 10,300 999,109.50 MWIDE PREF 5 100.8 103 100.8 100.8 100.8 100.8 10,000 1,008,000 PCOR PREF 3B 1,028 1,038 1,028 1,030 1,028 1,030 2,180 2,243,440 PCOR PREF 4A 1,000 1,010 1,005 1,005 1,005 1,005 110 110,550 PCOR PREF 4B 995 1,020 1,020 1,020 1,020 1,020 40 40,800 PCOR PREF 4C 1,035 1,043 1,035 1,043 1,035 1,043 2,040 2,123,400 PCOR PREF 4D 990 1,050 1,020 1,050 1,020 1,050 1,005 1,025,250 PCOR PREF 4E 1,050 1,069 1,069 1,069 1,020 1,050 1,335 1,394,220 SMC PREF 2F 73.1 73.3 73 73.3 73 73.3 55,060 4,031,927 7,320 SMC PREF 2I 71.8 72.75 72.8 72.8 72.25 72.25 19,110 1,385,103 SMC PREF 2K 70 71.4 71.5 71.5 70 70 29,030 2,032,135 SMC PREF 2L 77.65 78.35 77.65 77.65 77.65 77.65 43,900 3,408,835 SMC PREF 2N 78.4 81 79.7 79.7 79.7 79.7 26,600 2,120,020 SMC PREF 2O 81.3 82.3 82.3 82.3 82.3 82.3 3,000 246,900 TECH PREF B2D 44 46.1 43 46.1 43 46.1 1,800 82,050 9,220 VLL PREF 2A 100 102 102 102 102 102 5,500 561,000 VLL PREF 2B 101.4 102.5 102.5 102.5 102.5 102.5 900 92,250 -
PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR
3.64 4.99 3.72 3.8 3.72 3.8 10,000 37,600 5.1 6.26 6.25 6.28 6.25 6.26 5,400 33,834
SMALL, MEDIUM & EMERGING
BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS MAKATI FINANCE MERRYMART XURPAS NEXGEN ENERGY
0.35 0.65 1.03 1.26 1.59 0.58 0.166 2.41
0.36 0.67 1.05 1.29 1.99 0.6 0.182 2.47
EXHANGE TRADE FUNDS FIRST METRO ETF
105.6
105.8
-37,600 -
0.36 0.36 0.36 0.36 10,000 3,600 0.63 0.73 0.63 0.65 2,585,000 1,706,890 1.04 1.05 1.04 1.05 530,000 551,250 1.26 1.3 1.26 1.3 2,000 2,560 1.79 1.99 1.79 1.99 28,000 52,970 0.6 0.6 0.58 0.6 364,000 215,920 -13,570 0.171 0.183 0.17 0.182 2,560,000 445,520 2.46 2.49 2.46 2.47 136,000 335,370 24,900 105.2 105.8 105 105.6 11,650 1,227,877 4,220
www.businessmirror.com.ph
Sustainability seen driving demand for office space
G
oing green is the way to go in 2025 as sustainability will spur the demand for office space from multinational companies and large Filipino firms, according to property management and consulting firm Colliers Philippines.
Occupying healthy and sustainable office space will play “a crucial role” in stoking demand in the Metro Manila office sector starting 2025, Colliers added. As of the third quarter of 2024, Colliers estimates that there’s about 2.6 million square meters of vacant office space in Metro Manila. The Makati City-based firm added that it will probably take about five years for this vacant space to be occupied by the Metro Manila market. “Colliers projects that Metro
Manila’s office vacancy will reach 20.5 percent in 2024, a record high. Despite this, green, healthy, and sustainable office space will likely dominate new office supply in Metro Manila from 2025 to 2027.” From 2025 to 2027, Colliers estimates that about 61 percent of the new supply in Metro Manila will have green building certifications. Furthermore, Colliers sees the completion of about 1.2 million sqm of new office space in Metro Manila from
Mazda poised for a record-breaking year
M
azda Motor Corp. is wrapping up a banner year in an overall sluggish auto market, and its US sales chief expects that momentum to extend into 2025— even without a fully electric vehicle in its line-up. Buoyed by demand for its gas-powered compact crossovers and mid-size SUVs, the Japanese company is on track to deliver more than 420,000 vehicles in 2024, a 16-percent rise, said Tom Donnelly, president of Mazda’s North American operations, breaking a record set in 1986. It aims to sell 450,000 vehicles in 2025, he said. “We’re growing our business in what has largely been a stable industry” in terms of volume, he said in an interview, crediting the popularity of Mazda’s mainstay compacts and the inroads made by its mid-sized SUVs. Overall new car sales in the United States are set to grow 2.3 percent in 2024 to about 15.9 million vehicles, Cox Automotive’s Kelley Blue Book has projected. Mazda’s US volume tops luxury brands such as BMW and Mercedes-Benz, but still well below peers like Subaru, Kia and Nissan. This year’s surge marks a major turn-around since 2019 when sales hit a six-year low of 278,552 vehicles.
Mazda has tiptoed into the hot market for gas-electrics with three models: a standard hybrid version of the CX-50 compact crossover and plug-in variants of its CX-70 and CX-90 SUVs. The CX50 hybrid uses technology from strategic partner Toyota Motor Corp. and all three have received mixed reviews. Donnelly said Mazda plans to develop a new in-house system for an expanded range of hybrids and test the waters with a fully battery-electric vehicle by 2027—its first in the US since the short-lived, limited distribution MX-30 EV. “BEV penetration is at 10 percent right now and, given recent events, not likely to accelerate much beyond that,” he said. “We’re not a brand that is out there making a bold proclamation about 100 percent by any particular time frame.” Import-heavy Mazda’s biggest seller in the US is one of its oldest vehicles: the CX-5 compact crossover model manufactured in Japan, which Donnelly said is due for a makeover in the next 12-24 months. That’s closely followed by its smaller, Mexicanmade CX-30 subcompact hatchback and the CX-50, which is produced in Alabama at a plant jointly owned with Toyota. Bloomberg News
2025 to 2027. About 722,000 sqm have green building certifications. In January to September 2024, nearly half of office transactions in Metro Manila were in green-certified buildings. Aside from providing safe and healthy office spaces, Colliers Philippines urged landlords to help tenants entice more employees to report onsite by highlighting their buildings’ amenities and facilities. “Developers should also explore ways to differentiate themselves in the market amid a move to adopt green and sustainable offices. In our opinion, the incorporation of green and sustainable features will play an important role in occupier retention and attraction strategies post-Covid.” From 2025 to 2027, Colliers Philippines projects about 61 percent of the new supply will be Leadership in Energy and Environmental Design (LEED) or WELL-certified buildings. “Most of the buildings due to be completed will offer lower density
ratios, curtain wall systems with thermal insulations, touchless access in elevators, vertical gardens, UV disinfection lifts and filtered air circulation systems to ensure a healthy and efficient workplace for traditional and outsourcing occupiers.” Colliers Philippines told landlords to offer spaces that protect their employees’ health and well-being which could be in the form of occupying spaces in buildings which have LEED certification, Building for Ecologically Responsive Design Excellence for “Well” certifications. From 2025 to 2027, Colliers projects about 61 percent of the new supply in Metro Manila will have green building certifications. “Most of the green and sustainable buildings likely to be completed during the period will come from Makati Fringe, Ortigas Fringe and Quezon City. These include Innoland Altaire, Araneta Cyberpark Tower 3, SM North EDSA Towers 4 & 5, GBF Center Tower 2 and The Yuchengco Center.” Rizal Raoul Reyes
MUTUAL FUNDS
December 27, 2024
NAV
One Year Three Year
per share
Five Year
Return*
Y-T-D Return
Stock Funds Primarily invested in Peso securities (shares) Growth Fund, Inc. -a 220.273.68%-1.26%-2.74%
ALFM
-1.59%
4.53%
ATR AM Alpha Opportunity Fund, Inc. -a 1.7953
23.93%
2.89%
5.43%
0.94%
21.9%
ATR AM Philippine Equity Opportunity Fund, Inc. -a
2.991
0.43%
-2%
-4.14%
-3.66%
0.7431
6.87%
-0.42%
1.56% Climbs Share C apital Equity Investment Fund Corp. -a
-3.82%
n.a 9.93% First Metro Consumer Fund, Inc. -a 0.632
1.04%
-6%
-5.82% n.a
1.02%
First Metro Save and Learn Equity Fund, Inc. -a
4.6495
-0.08%
-3.03%
-2.75%
-1.68%
0.6933
-0.24%
-3.34%
-4.14%
-7.22% n.a
0.42% First Metro Save and Learn Philippine Index Fund, Inc. -a n.a 0.12% MBG Equity Investment Fund, Inc. -a 71.08
-15.72%
-9.03%
PAMI Equity Index Fund, Inc. -a 43.78761.23%
-2.43%
-3.18% n.a
2.05%
Philam Strategic Growth Fund, Inc. -a 464.19
2.84%
-1.89%
-2.8%
-1.42%
-16.44% 3.76%
Philequity Dividend Yield Fund, Inc. -a 1.3859
15.84%
1.31%
1.41%
1.06%
14.98%
Philequity Fund, Inc. -a 35.09943.69%-0.74%
-1.6%
-0.48%
4.36%
Philequity MSCI Philippine Index Fund, Inc. -a
0.8932
2.27%
-1.03%
-2.65% n.a
Philequity PSE Index Fund, Inc. -a 4.6412.09%
-1.52%
-2.41%
-0.25%
2.9%
Philippine Stock Index Fund Corp. -a 771.06
1.94%
-1.69%
-2.5%
-0.32%
Soldivo Strategic Growth Fund, Inc. -a 0.7141
3.22%
-1.2%
-3.53% n.a
4.14%
Sun Life Prosperity Philippine Equity Fund, Inc. -a
3.5034
3.68%
-1.86%
-3.7%
-1.38%
0.8734
1.82%
-1.9%
-2.76%
3.03% 2.74%
4.13% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a n.a 2.63% United Fund, Inc. -a 3.17512.23%-2.11%-2.86%
-0.15%
2.71%
Primarily invested in Peso securities (units) Equity Index Unitized Mutual Fund, Inc. -a
1.0837
COL
1.87% n.a n.a n.a
2.66% COL Strategic Growth Equity Unitized Mutual Fund, Inc. -a,2
1.057
4.79% n.a n.a
-3.5%
0.05% n.a
0.99%
2.03% n.a n.a n.a
2.82%
n.a 5.21% Philequity Alpha One Fund, Inc. -a 1.0291
1.89%
Philippine Stock Index Fund Corp. -a 936.75
Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 0.34%
105.385
2.59%
-1.17%
-2.13%
3.38%
Primarily invested in foreign currency securities (shares) ATR AM AsiaPlus Equity Fund, Inc. -b $0.8392
3.78%
-9.36%
-3.89%
-1.48%
Sun Life Prosperity World Voyager Fund, Inc. -a
$1.9452
18.34%
2.05%
7.25% n.a
2.48%
17.05% Balanced Funds Primarily invested in Peso securities (shares) Philippine Balanced Fund, Inc. -a 2.1362-4.27%
-1.79%
ATR AM Unicapital Diversified Growth Fund, Inc. -a,4 1.5677
ATR AM
-0.47%
-0.86%
-3.49%
3%
-2.1%
0.01%
-1.99%
0.56%
-1.86%
-0.91%
-0.95%
0.2173
14.55%
1.76%
-1.16%
0.78%
1.88%
3.78% First Metro Save and Learn Balanced Fund, Inc. -a
2.5188
0.89% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a n.a 14.13% NCM Mutual Fund of the Phils., Inc. -a 1.9908
2.51%
-0.09%
0.28%
PAMI Horizon Fund, Inc. -a 3.70113.52%-0.19%
-0.52%
-0.01%
3.96%
Philam Fund, Inc. -a 16.17473.37%-0.98%-0.99%
-0.29%
3.95%
Solidaritas Fund, Inc. -a 2.11113.58%0.23%
-0.22%
0.46%
4.35%
Sun Life of C anada Prosperity Balanced Fund, Inc. -a 3.5022
2.54%
-0.95%
-2%
-0.6%
2.55%
-0.39%
-1.04%
-0.58%
2.76% Sun Life Prosperity Dynamic Fund, Inc. -a
0.929
2.73% Primarily invested in Peso securities (units) Life Prosperity Achiever Fund 2028, Inc. -a
Sun
0.9635
2.28%
-0.59%
-1.1% n.a
0.8615
1.16%
-2.47%
-2.91% n.a
0.8433
1.55%
-2.76%
-3.27% n.a
2.47% Sun Life Prosperity Achiever Fund 2038, Inc. -a 1.7% Sun Life Prosperity Achiever Fund 2048, Inc. -a 2.14% Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03227
-2.89%
-5.28%
-3.3%
-0.68%
PAMI Asia Balanced Fund, Inc. -b $0.9729 8.69%
-2.94%
-1.18%
0%
6.91%
Sun Life Prosperity Dollar Advantage Fund, Inc. -a
$4.773
12.2%
0.01%
4.15%
-2.8%
5.3%
-2.54%
0.34% n.a
4.11%
11.21% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $1.0895 4.66% Bond Funds Primarily invested in Peso securities (shares)
TV’s shrinking world pits networks against stations in fee fight Continued from B1
CBS, part of Paramount Global, and Fox Corp.’s Fox network have been the most aggressive in seeking higher fees, according to Price. Fox, which doesn’t have a general interest streaming service like the other media giants, has told local station owners they should pay more because the network’s programming, including college and pro football games, is exclusive to its stations. The networks have also sought to shorten the length of their contracts with local stations, which typically run from two to five years, according to one industry official who asked to not be identified discussing private terms. The rising cost of sports rights is often cited as the driver of higher fees. And yet more sports program-
ming is migrating to streaming services such as the CBS-affiliated Paramount+, Disney’s ESPN+ and NBC’s Peacock, encouraging customers to cancel cable. “The networks are trying to find their future business model and we’re trying do the same,” said Catherine Badalamente, chief executive officer of Graham Media Group, which owns seven local stations. On December 30, Gray Media Inc., another large station owner, announced that it reached a new agreement with ABC. Kevin Latek, Gray’s chief legal and development officer, said his company hadn’t been in contact with Carr about its negotiations, but is happy with the terms it got. “We’re very pleased to renew with ABC for four more years,” he said. “They’re good partners.” Bloomberg News
ALFM
Peso Bond Fund, Inc. -a 403.093.28%2.5%2.41%
2.37%
3.21%
ATR AM Corporate Bond Fund, Inc. -a 1.9058
-0.13%
0.38%
0.05%
-0.23%
-0.16%
Cocolife Fixed Income Fund, Inc. -a 3.4692
4.3%
2.28%
2.18%
3.68%
3.93%
Ekklesia Mutual Fund, Inc. -a 2.36623.66%
1.71%
1.25%
1.61%
3.64%
2.4932
1.42%
0.95%
1.11%
First Metro Save and Learn Fixed Income Fund, Inc. -a 1.34%
1.48%
Philam Bond Fund, Inc. -a 4.45013.35%0.44%
0.35%
1.06%
3.49%
Philam Managed Income Fund, Inc. -a 1.4504
5.61%
3.18%
2.92%
2.31%
5.87%
Philequity Peso Bond Fund, Inc. -a 4.1618
3.15%
1.53%
1.96%
1.69%
3.16%
Soldivo Bond Fund, Inc. -a 1.07742.66%1.57%
2.25% n.a
2.64%
Sun Life of C anada Prosperity Bond Fund, Inc. -a
3.4245
3.38%
2.43%
2.18%
2.42%
1.71%
1.36%
1.78%
2.86%
3.37% Sun Life Prosperity GS Fund, Inc. -a 1.82 2.87%
Corporate Debt Vehicle (units) ATR AM Unitized Corporate Debt Vehicle, Inc. -a,3
1.0088
0.27% n.a n.a n.a
0.12% Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $510.073.1%
1.38%
1.74%
2.25%
2.98%
ALFM Euro Bond Fund, Inc. -a Є219.072.43%
-0.13%
-0.06%
0.62%
2.37%
ATR AM Total Return Dollar Bond Fund, Inc. -b
$1.037
-0.37%
-4.82%
-2.98%
-0.24%
$0.025
0.81%
-1.3%
-0.63%
-0.56% First Metro Save and Learn Dollar Bond Fund, Inc. -a 0.33%
0.4%
PAMI Global Bond Fund, Inc. -b $0.8630.84%
-5.53%
-4.62%
-2.73%
0.35%
Philam Dollar Bond Fund, Inc. -a $2.3206
0.48%
-2.57%
-0.69%
1.13%
0.03%
Philequity Dollar Income Fund, Inc. -a $0.0622119
2.16%
-0.07%
0.61%
1.3%
2.13%
-2.87%
-5%
-2.88%
-0.19%
Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.7406 -3.28% Money Market Funds
Primarily invested in Peso securities (shares)
AIB
Money Market Mutual Fund, Inc. -a,51.1311 n.a n.a n.a n.a n.a ALFM Money Market Fund, Inc. -a 142.364.08%
2.77%
First Metro Save and Learn Money Market Fund, Inc. -a
2.51%
2.34%
4%
1.1523
4.04%
2.89%
2.27%
3.65%
2.71%
2.43%
2.38%
n.a 3.96% Sun Life Prosperity Peso Starter Fund, Inc. -a
1.4251
3.59% Primarily invested in Peso securities (units) Money Market Fund, Inc. -a 109.114.43% n.a n.a n.a
ALFM
4.27%
Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a
$1.141
4.07%
2.47%
1.93% n.a
3.94% Feeder Funds Primarily invested in Peso securities (units) Global Multi-Asset Income Fund, Inc. -a 44.6066
3.27% n.a n.a n.a
Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a
1.7831
22.88%
ALFM 3.47%
9.51% n.a
n.a 21.37% Sun Life Prosperity World Income Fund, Inc. -a,1
1.0571
6.58% n.a n.a n.a
5.93% Primarily invested in foreign currency securities (Units) ALFM Global Multi-Asset Income Fund, Inc. -a
$0.7966
-0.9%
-6.35%
-4.25% n.a
-0.43% a - NAVPS as of the previous banking day. 1 - Launch date is August 22, 2023.
b - NAVPS as of two banking days ago.
2 - Launch date is October 6, 2023.
c - Listed in the PSE.
3 - Launch date is May 25, 2023.
4 - Renaming was approved by the SEC last May 21, 2020 (formerly, ATR AM Dynamic Allocation Fund, Inc.) 5 - Launch date is February 15, 2024. “While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www.pifa.com.ph to see the latest NAVPS/NAVPU.”
www.news.businessmirror@gmail.com
Banking&Finance
Riskier bonds lure traders in lackluster year for EMA
D
ollar bonds from some of the world’s weakest economies have emerged as the bright spot in what’s otherwise been yet another lackluster year for emerging-market assets. While many developing-world assets ended the year with gains, their returns pale in comparison to those on Wall Street. Among emerging currencies tracked by Bloomberg, only three have managed to strengthen in the face of a rising US dollar. The Brazilian real sank 21 percent, while the Mexican peso posted its worst year since the 2008 global financial crisis. An MSCI Inc. index of EM stocks has notched a 5-percent return—its second-straight year of gains—but that trails a 17-percent gain on global
equities and 20 percent-plus on the S&P 500 Index. In fact, developingnation equities trade near their lowest-ever level relative to the S&P 500 since the late 1980s. Emerging-market equities and local-currency bonds “underperform their US peers by default whenever the US dollar strengthens,” said Simon Quijano-Evans, chief strategist at Gramercy Ltd. in London. He said the asset class’s performance next year hinges now on President-elect Donald Trump’s policies, “and what they mean for the US dollar.” Equities outperformed in Argentina, Pakistan, Sri Lanka and Kenya, while China’s stock index rose almost 15 percent, its best annual advance since 2020, thanks to Beijing’s stimulus efforts. Bloomberg News
Pinoys know cryptocurrency but don’t understand it–poll By Rizal Raoul S. Reyes @brownindio
C
RYPTOCURRENCY awareness is exceptionally high in the Philippines, with 96 percent of respondents having heard of it, according to blockchain and Web 3 software company Consensys Software Inc. (Consensys). Nevertheless, the company’s annual study pointed out that only 46 percent understand how it works. The Fort Worth, Texas, USA-headquartered firm added that Filipinos generally view crypto with the “future of money” (45 percent) and an alternative to traditional financial systems (36 percent), though concerns about misuse are increasing, with 20 percent linking it to crime and money laundering. At present, Vietnam and the Philippines are tied at third in terms of crypto ownership at 54 percent behind Nigera (73 percent) and South Africa (54 percent) Meanwhile, India is at the fourth spot with 52 percent. More respondents in Asia and Africa plan to invest in crypto assets in the next 12 months. It noted there was also an increase in of global participation in Web3 activities, such as minting NFTs, owning tokens, and using wallets this year, one-third of those familiar with Web3 now use wallets, the understanding of Web3 remains limited globally. Nigeria (61 percent) and South Africa (48 percent) lead in familiarity, showing significant growth, while awareness is lowest in Japan, South Korea, and Europe. In the Philippines, awareness of Web3 (a decentralized Internet) and non-fungible tokens (NFT) also remain low at 28 percent and 37 percent, respectively. Although blockchain is generally understood more than Web3 or NFTs, a lot of respondents think it is still a challenging concept for many. A significant 80 percent of respondents globally believe that web2
companies have too much power, with Nigeria (11 percent) and Japan (8 percent) being notable exceptions. Despite this, familiarity with the concept of decentralization remains low worldwide. In the US, however, more than half of respondents (58 percent) are very familiar with decentralization, and other countries that report high levels of understanding include the Philippines (53 percent), India (66 percent), Indonesia (51 percent), Nigeria (80 percent) and South Africa (74 percent). When asked how decentralization relates to cryptocurrencies, blockchain, and web3, only Nigeria, South Africa, and Indonesia showed notable familiarity. Nonetheless, over one-third of respondents globally believe that social media platforms and international banking could benefit from decentralization. This shows a unique disparity between a desire to integrate blockchain into modern traditional systems, despite a perceived lack of understanding, and suggests that the education gap persists. As a follow-up to the initial report published in 2023, Consensys expanded the scope of the survey, reaching over 18,000 individuals aged 18-65 in 18 countries, including the Philippines. With a mix of identical questions from the previous survey designed to gain an understanding of changing sentiment, and new questions aimed at addressing current themes and trends, the survey explores topics such as data privacy, awareness, ownership and web3 activity, decentralization, timely news events like the approval of spot crypto ETFs, and the intersection of artificial intelligence (AI) and blockchain. The results, broken down to showcase geographic trends, offer valuable insights into the public’s understanding and perceptions of web3, crypto, and decentralization while revealing ongoing challenges and opportunities for education and adoption.
BusinessMirror
Editor: Dennis D. Estopace • Thursday, January 2, 2025
B3
High Tribunal a recourse for Philhealth fund issue
G
By Cai U. Ordinario
@caiordinario
ROUPS composed of those in the healthcare industry and other professionals are gearing up to take to the Supreme Court (SC) their opposition to the zero budget of the Philippine Health Insurance Corp. (PhilHealth) this year. Last Wednesday, Medical Action Group (MAG) Co-Chairman Juan Antonio Perez III told the BusinessMirror that while the group and the Action for Economic Reforms (AER) has not yet met with its legal team, they aim to file a motion to the High Tribunal this quarter. Both the MAG and AER maintained that the 2025 General Appropriations Act (GAA) violates the Universal Health Care (UHC) Act and the Sin Tax Reform laws. They also argued that the GAA is unconstitutional since “an appropriations law cannot amend a statute.” “We may have to hear from (the) SC on this matter before we file a motion. (We) have not had a chance
to meet with legal team yet,” Perez told the BusinessMirror. He added that discussions on filing the motion would be held “sooner” than March, “right after [the] hearing in mid-February.” In the statement the organizations issued this week, the MAG and the AER said the non-allocation for PhilHealth in the GAA will impact on the ability of the government to provide healthcare financing for Filipinos which will affect health outcomes. The MAG and the AER said that without the GAA allocation, the only budget of PhilHealth this year will be sourced from the contributions of the direct contributors.
These are coming from the working class, which amount to P202 billion and will not be able to provide for the premiums of the 25.28 million indirect contributors, the groups said. The MAG and the AER also stressed that PhilHealth should explain how it intends to register 25 million indirect members and their 16 million dependents when they have not provided for them in the 2025 Corporate Operating Budget. “The insistence of a zero budget because PhilHealth has reserves to spend will further delay any significant rollout of the primary care benefit package–the Konsulta package– that supports the key mandate of the UHC to register all Filipinos with a primary care provider,” according to the MAG and the AER. Konsulta, according to the organizations, has not yet been fully implemented even after its approval in 2022. As such, it has only provided reimbursement for only a percent of the Philippine population. The MAG and the AER said the full implementation of the Konsulta will cost PhilHealth P194 billion annually in order to provide a P1,700 primary care package for each of the 114 million Filipinos. The groups also noted that the
zero budget also comes at a time when maternal care, newborn care, and tuberculosis packages of PhilHealth have only been able to serve a small proportion of the vulnerable population. “The poor public health outcomes will worsen, and the country will be unable to meet its Sustainable Development Goals Commitments by 2030,” they groups said. “In effect, the zero budget for PhilHealth means that the government is leaving the burden of funding PhilHealth to the workers,” they added. In August, the Philippine Statistics Authority disclosed that the Household out-of-pocket payment had the highest contribution among the health care financing schemes in 2023, with 44.4 percent share to the total current health expenditure. The data showed total out of pocket expenditure of households amounted to P550.19 billion in 2023, an 8.5 percent growth from the P506.94 billion spent by Filipinos in 2022. This was followed by Government schemes and compulsory contributory health care financing schemes with 42.6 percent share and Voluntary health care payment schemes with 13 percent.
Dollar gains as Fed rate-cut rethink fuels best year in 9
T
HE US dollar rose last Tuesday, capping its strongest yearly advance in nearly a decade as the solid US economy and President-elect Donald Trump’s tax-cut and tariff policies promise to keep interest rates elevated. The gain drove the Bloomberg Dollar Spot Index to the highest since November 2022. It has risen 8 percent this year, the most since 2015, after the surprisingly resilient expansion drove traders to dial back expectations for how much the Federal Reserve will ease monetary policy.
Analysts have indicated that the dollar rally has room to continue into early next year after Fed officials signaled caution about further interestrate reductions, breaking with other central banks that are expected to dial back rates more quickly. That’s given investors an incentive to shift cash to the US, which has pushed up the currency. The dollar advanced against all of its major peers in 2024, with the New Zealand dollar, Norwegian krone and Japanese yen weakening the most against the US currency.
“Many of Trump’s initial policies will be bullish for the dollar in early 2025,” said Jayati Bharadwaj, a currency strategist at TD Securities. “In the second half of next year, we expect the Fed to resume easing which can provide a pivot for the dollar strength, especially if other central banks are already on pause.” A group of market players—including hedge funds and asset managers—have increased aggregate bets on the dollar’s rise to some $29.8 billion, according to data compiled by Bloomberg. That’s the most bullish
positioning toward the US currency since April. Still, there’s some doubts about how much further the dollar will run, given the scale of its gains and the fact that the slower pace of interest-rate cuts is largely priced into the market. “We are moderately bullish the greenback,” said Sarah Ying, head of currency strategy at CIBC Capital Markets in Toronto. “Most of the Fed path is already priced in and we suspect dollar momentum should lose some steam in the second quarter.” Bloomberg News
Citigroup leaving global climate-banking alliance
C
itigroup Inc. and Bank of America Corp. said they’re leaving a global climate-banking group, becoming the latest Wall Street lenders to exit the coalition in the past month. In a statement, Citigroup said while it remains committed to achieving net zero emissions, it’s exiting the Net-Zero Banking Alliance. Bank of America said separately on Tuesday that it’s also leaving NZBA, adding that it will continue to work with clients on reducing greenhouse
gas emissions. The banks’ departure from NZBA follows Goldman Sachs Group Inc. and Wells Fargo & Co. The largest US financial institutions are under increasing pressure from Republican lawmakers to distance themselves from industry groups that support reducing carbon emissions. NZBA is part of the Glasgow Financial Alliance for Net Zero, a UN-backed umbrella group of climate alliances. Citigroup and Bank of America are founding members
of GFANZ. Earlier Tuesday, GFANZ said it’s making changes that will “redouble its efforts to mobilize private capital” to support the energy transition. Bank of America Chief Executive Officer Brian Moynihan and Citigroup CEO Jane Fraser are part of GFANZ’s Principals’ group, which sets priorities for GFANZ, according to the alliance’s website. Citigroup said in its statement that the bank plans to support GFANZ during its new phase. The
company added that it will “continue to work with our clients on their transitions to a low-carbon economy while helping ensure energy security, given the range of transition pathways that are being pursued across our global network.” Citigroup is the world’s No. 4 underwriter of green bonds since the start of the decade, trailing BNP Paribas SA, JPMorgan Chase & Co. and Credit Agricole SA, according to data compiled by Bloomberg. Bank of America ranks eighth. Bloomberg News
US Treasury is latest victim of ‘persistent’ hacking threat, suspects China
A
growing roster of political figures, US government agencies and companies that provide critical services have one thing in common: They have allegedly been hacked by China. The latest victim is the US Treasury Department, which disclosed last Monday that Chinese statesponsored hackers had breached its network via a third-party provider, accessing some unclassified documents. While details of the hack remain scant, cybersecurity experts say it confirms what US intelligence officials warned earlier this year, that China is the “most active and persistent cyber threat to US government, private-sector and critical infrastructure networks.” “The Russians get a lot of attention because of the use of disruptive cyberattacks,” said Adam Segal, director of the Council on Foreign Relations’ Digital and Cyberspace Policy
Program, referring to Russia-linked hacks on the largest fuel pipeline in the US and a satellite network in Ukraine. “But the Chinese are the longer-term threat because of their technology and the scope and scale of their operations.” Chinese officials have long denied US allegations of state-sponsored cyberattacks, and a Chinese Foreign Ministry spokesperson called the claims that it’s behind the Treasury hack “unwarranted and groundless.” “China opposes all forms of hacking, and in particular, we oppose spreading China-related disinformation motivated by political agenda,” spokeswoman Mao Ning told reporters during a news conference in Beijing. US officials, however, have been increasingly pointed in their criticism of China’s cyber threats and have vowed further punitive actions. Just days before the Treasury hack was publicized, a White House
official said the US had identified a ninth telecommunications company that was impacted by a vast spying campaign blamed on China. Not all the victims have been publicly identified but AT&T Inc. and Verizon Communications Inc. acknowledged being hit as part of the spying campaign. The hackers accessed communications belonging to a “limited number” of people in government and politics that included then presidential candidate Donald Trump, his running mate Senator JD Vance and Vice President Kamala Harris’ campaign staff. China was also accused in 2023 of breaking into the email accounts of key government officials including Commerce Secretary Gina Raimondo and, according to the Wall Street Journal, US Ambassador to China Nicholas Burns. “It remains one of the most serious problems in this relationship,” Burns said in an interview with Bloomberg
News earlier this month, adding that Chinese officials echo their public statements in closed-door meetings. “They deny there’s any Chinese cyber aggression undergoing, and that is absolutely not the case.” Cui Hongjian, a former Chinese diplomat who teaches at Beijing Foreign Studies University, said hacking accusations between the US and China reflect a lack of mutual trust. “From China’s view, the US is accusing China more and more frequently and deliberately ‘smearing’ China’s image,” he said. “While both sides attach importance to cybersecurity and see the other as a major threat, cyberattacks are more like a ‘scraping’ accident than a head-on collision in other policy areas, such as Taiwan, so the situation remains manageable,” he said. Cybersecurity experts disagree on whether the frequency of Chinese hacks has gone up in recent years, or
if more are simply being detected and publicly acknowledged. But many agree that China’s cyber capabilities have vastly improved and that its focus has shifted. Nearly a decade ago, for instance, Chinese state-sponsored hackers stole personal data on millions of government employees from the US Office of Personnel Management, according to authorities. China was also accused of hacking Equifax, Marriott hotels and the health insurance company Anthem to amass huge troves of data on Americans — information with economic and intelligence value that “can feed China’s development of artificial intelligence tools,” then US Attorney General William Barr said in 2020. US officials also blamed China for stealing intellectual property from US companies in agriculture, biotech, health care, aviation, robotics and semiconductors, some of it via cyberattacks.
More recently, US officials have warned that Chinese hackers are trying to burrow into networks of companies that service critical parts of the economy, positioning for “disruptive or destructive” cyberattacks in event of a major crisis or conflict with the US. China’s hacking capacity has been helped by building a talent pipeline running through world-class cybersecurity schools, said Dakota Cary, a consultant focused on China at the cybersecurity firm SentinelOne. “China now has many more hackers than it did a decade ago, allowing the state to carry out more attacks against a wider array of targets,” Cary said. Segal, of the Council on Foreign Relations, said China’s hackers used to be like a burglar knocking on every door in the neighborhood to see which one is open. These days, he said, they can bypass home security, enter a house and lurk undetected. Bloomberg News
Envoys&Expats BusinessMirror
B4
Thursday, January 2, 2025
envoys.expats.bm@gmail.com
E. Union meet anew for good Australia and Japan vow to back PHL, governance, rule of law, human rights PHL amid latest bullying events T
T
WO countries have vowed to continuously support the Philippines amid continuous aggression and bullying incidents in the West Philippine Sea/South China Sea (WPS/SCS).
The Australian and Japanese envoys to the Philippines made their commitments during the recent “Pilipinas Conference 2024,” organized by the Stratbase Group on its 20th anniversary. In her speech, Amb. Hae Kyong Yu PSM, FCPA said Canberra has boosted its bilateral civil-maritime investments to the Philippines: “I’m very pleased to announce that [Australia will double the size of its funding] to P656 million. It’s pretty good... Collectively, these investments expand government and institutional cooperation on practical maritime activities.” Yu said the Australian government is also honored to join vessels from other states in various maritime cooperative activities in the Philippines. “We will continue to do so [since] these activities build habits of cooperation and trust. As we have made clear: Australia remains concerned about the pattern of dangerous and aggressive conduct by China—including against Philippine vessels at Second Thomas Shoal and Sabina Shoal,” she explained. “We want a region where we can all cooperate, trade and thrive because that’s what it’s all about…” Meanwhile, Amb. Endo Kazuya also said Japan will continue to be supportive to the Philippines in enhancing its maritime law-enforcement capabilities: “[We highly appreciate the national] government’s efforts, including its commitment to the 2016
Philippine-China arbitral award.” “We recognize the critical importance of the secure maritime domain for both our nations and the broader region,” Kazuya added. “Our dedication to deepening security cooperation with the Philippines is resolute, and we are also committed to strengthening trilateral partnerships with the Philippines and the United States.” Prof. Victor Andres Manhit, who is Stratbase Group’s president, emphasized that collaboration with like-minded states is key, amid significant increase in tensions caused by “unlawful and coercive actions of a hegemonic neighbor.” “We believe that peace and stability are every country’s business. As a rising middle power in the Indo-Pacific, the Philippines cannot address these challenges on its own. The strategic thing to do for a country like ours is to [build our external defense capabilities and strengthen our relations with likeminded partners simultaneously],” Manhit explained, then added that “collective action is not just ideal—it is necessary.” Aside from Australia, Japan and US, the Stratbase executive said the Philippines is a staunch advocate of multilateralism manifested in the country’s engagements this year with Canada, the European Union, New Zealand, Norway, Poland, South Korea, Vietnam, and many others. “The Philippines needs trust-
worthy partners who respect international law and sovereignty. Our friendships and partnerships with countries that share our democratic values magnify our efforts from asserting our rights in the [WPS] to defending our cyberspace, all in accordance with the rule of law,” he said. Similarly, Philippine ambassador to the US Jose Manuel Romualdez recognized the importance of upholding multilateralism by reinforcing partnerships across the globe. “By strengthening ties with like-minded nations and regional organizations, we simplify or amplify our call for adherence to the international law and to the international rules-based order, and countering unilateral actions that undermine legal norms,” said Romualdez. “Through maritime dialogues and cooperation, we continue to expand our political consultation and mechanisms with countries where we have diplomatic [ties, with maritime cooperation as the situation in the WPS/SCS] as a staple agenda item.”
Top brass weigh in
MILITARY officials also participated in Pilipinas Conference 2024, where they expressed the importance of strategic collaboration with likeminded partners. For Gen. Romeo Brawner Jr., who is the Armed Forces of the Philippines’ (AFP) chief of staff, the country’s success in countering threats in the disputed waters and even in cyberspace—the “modern battleground”— rely on collaboration. “As we strengthen our cyber-defense capabilities and build resilience against disinformation, we must work hand-in-hand with our allies, other government agencies, the private sector and civil society,” Brawner said in a speech read by MGen. Rommel Cordova, who is AFP’s deputy chief of staff for Plans.
“The security challenges we face today do not exist in isolation; they are part of a larger, interconnected global security environment,” Brawne explained. “By fostering greater cooperation, sharing intelligence, and building collective defenses, we can effectively address these issues.” Spokesperson RADM Roy Vincent Trinidad for the WPS said the Philippines has conducted 10 multilateral maritime cooperative activities with ships from Australia, New Zealand, Japan, Vietnam, Canada, US, UK, France, and others last year. He said that the Philippines has more being planned right now, and “we have noticed a slight change in the behavior of the People’s Liberation Army’s Navy, with those maritime militia, each time we have a multilateral maritime activity.” In the Philippine airspace, BGen Leo Fontanilla, who is commander of the 5th Fighter Wing, also highlighted the importance of strategic collaboration with allied nations: “Strengthening our partnerships with allied nations and bolstering regional cooperation will be critical in addressing shared security concerns and ensuring safe and secure skies for all.” Commodore Jay Tarriela, who is the Philippine Coast Guard spokesperson for the WPS, also cited the valuable support of friendly nations not just in upholding Philippine sovereignty in the disputed waters, but also in addressing the misinformation and disinformation being proliferated by its neighbor. “We have garnered significant support from like-minded nations within the international community, whether through diplomatic condemnation of China’s actions, economic assistance to help us diversify our trade in anticipation of potential economic cooperation, or military engagement to strengthen our security cooperation,” he said. Rizal Raoul S. Reyes
Taiwan reaffirms its solidarity with rice donation for Pinoys
R
EP. Wallace Chow of the Taipei Economic and Cultural Office (TECO) in the Philippines has underscored Taiwan’s unwavering support for the Filipino people at a turnover event of 500 metric tons of rice donated by Taiwan. According to TECO, it is “a form of aid for communities affected by recent natural disasters in the Davao Region.” Speaking at last month’s ceremony in Davao, Chow highlighted enduring ties with the Philippines, as he cited the importance of solidarity in addressing shared challenges: “This rice donation is a tangible expression of love from Taiwan.” The TECO representative also expressed appreciation for the efforts of the Department of Social Welfare and Development, as he acknowledged its “prompt and tireless response in distributing aid to the affected families.” To date, 1,500 metric tons of rice donated by Taiwan has already been delivered and distributed to the most vulnerable families. It included those severely affected by Typhoon “Kris-
REP. Wallace Chow and MECO chair Cheloy Garafil TECO IN THE PHILIPPINES
tine” (international name: Trami) earlier this year. Chow reiterated Taiwan’s promise to stand “shoulder-to-shoulder
with the Philippines in overcoming challenges.” He also extended his gratitude to Chairperson Cheloy Garafil of the Manila Economic
and Cultural Office or MECO for her steadfast support in facilitating the smooth importation and transfer of the rice.
Switzerland celebrates Filipino innovators in digitalization, sustainability & prosperity
T
HE second edition of the Swiss Innovation Prize Competition culminated in a grand awarding ceremony on November 21, where nine exceptional groups of 23 individual finalists were recognized for their groundbreaking contributions to three innovation strands: digitalization, sustainability and prosperity. Said groups exceeded expectations out of the 163 applications submitted. The Embassy of Switzerland in
the Philippines, in collaboration with the Swiss Cultural Fund, organized the three-day competition. Finalists experienced immersive site visits to leading Swissowned companies, including Franke Foodservice Systems in Batangas, Ivoclar Vivadent in Laguna, Holcim in Bulacan, and La Rose Noire in Pampanga. The visits offered participants valuable exposure to modern innovation practices and
engagement opportunities with esteemed leaders of the local Swiss business community. The awarding ceremony began with inspiring welcome remarks from Deputy Head of Mission Thimon Fürst of the Swiss Embassy. Messages from the Philippine government were delivered by Usec. Leah Buendia of the Department of Science and Technology, Dir. Imelda Legaspi of the Commission on Higher Education,
Asst. Sec. Leonila Baluyut of the Department of Trade and Industry, and Atty. Ann Claire Cabochan who is the Intellectual Property Office’s deputy director general. Head of the Economic and Trade Advisory Kent Marjun Primor highlighted the journey of the 2024 competition, while Novartis Philippines president Joel Chong reflected on the importance of innovation in fostering societal progress.
HE “Fourth Subcommittee Meeting on Good Governance, Rule of Law and Human Rights” recently convened in Manila, under the Philippines-European Union Partnership and Cooperation Agreement (PCA). According to the co-chairs, the meeting provided a valuable platform for dialogue on ways to sustain and further strengthen cooperation between the country and the union in their mutual pursuits of peace and prosperity for all Filipinos and EU citizens, based on their shared values of democracy, human rights and the rule of law that are in-line with the essential elements of the PCA. The EU and the Philippines reaffirmed their shared commitment to promoting, protecting, fulfilling and respecting human rights, as they cited achievements made in addressing relevant issues, while naming challenges that remain and must be tackled. As this year’s host, the Philippines emphasized that it continues to adhere to international standards of human rights and remains open to constructive engagements with international bodies of the United Nations (UN) and the Asean Intergovernmental Commission on Human Rights (AICHR). The bloc welcomed the recent visits of UN special rapporteurs, and recognized the Philippines’ constructive engagements with them, and the country’s acceptance of 215 out of 289 recommendations during the 2022 Universal Periodic Review, which urged continuous efforts for their implementation. At the meeting, the EU noted the creation of the Special Committee on Human Rights Coordination via an administrative order to sustain gains from the UN Joint Programme for Human Rights, and for ensuring involvement of the Commission on Human Rights, nongovernment organizations and civil-society groups in its work.
Results
THE bloc and the country reaffirmed their commitment to the rule of law, due process and human rights. Both recognized the relevance of reported human-rights violations and humanitarian laws globally and, in times of rising geopolitical tensions, they pointed out the collective responsibility to uphold and promote the UN Charter’s principles. The two states committed to continue protecting humanrights defenders from violence and harassment, while ensuring civil society freedom. Both sides underscored the challenges posed by “red-tagging” and recognized the Philippines’ efforts to address it through the Supreme Court’s decision. They pointed out the importance of protecting human-rights defenders. The EU expressed concerns about reports of enforced disappearances and the need to swiftly investigate all alleged cases, while the Philippines informed about its efforts to address such allegations through its legislation. The former called on the country to sign, ratify and implement the “International Convention for the Protection of All Persons from Enforced Disappearance.” The two engaged in extensive discussions on the freedom of opinion and expression, media and information pluralism— both online and offline—and digital rights. The Philippines informed about its efforts to review and adapt the libel and
cyber libel laws in accordance with international human-rights law. Commitments were made to taking proactive steps to respect, protect and promote these rights, ensuring that media practitioners can operate in a safe and supportive environment. The EU noted updates provided by the Philippines on the cases of Percy Lapid and Maria Ressa. The EU and the Philippines agreed on the importance of human-rights based approaches to combating illegal drug use. The latter pointed out its opposition to and condemnation of alleged extrajudicial killings, and underscored its efforts to provide remedies for victims, fight impunity and hold perpetrators accountable. The union welcomed positive developments regarding former senator Leila de Lima’s case, then noted the updates provided on the case of Diego Bello. The co-chairs acknowledged the collaborative efforts of both states in improving access to justice for all through the “GOJUST II” initiative—the program which aims to strengthen the local justice sector including its criminal justice system, bolster effective justice institutions, ensure vulnerable groups’ access to justice, address possible misuse of the law, reduce prison congestion and promote evidence-based approach to justice. The country and the union reiterated their mutual and continuing compliance to the second “Optional Protocol to the International Covenant on Civil and Political Rights” on prohibiting the death penalty, as the EU encouraged the Philippines to accelerate and finalize work to establish a national preventive mechanism against torture. Both also tackled other key issues of mutual concern that cover climate change; environmental sustainability; as well as the rights of women, children, youth, persons with disabilities, the LGBTQI community, indigenous peoples, migrants and refugees. They committed to boost their work to promote and protect in their societies’ freedoms of association and assembly, labor rights covering trade unionists’ and workers’ protection within the Generalized Scheme of Preferences Plus framework. The EU and the Philippines emphasized the importance of combating human trafficking and acknowledged their common efforts to fight corruption.
More elements
OTHER issues of common interest reviewed included cooperation in the context of peacebuilding in Mindanao, the right to development, business and human rights, environmental sustainability, climate change and its impact on human rights. The latter covered the protection of environmental and land defenders, climate-finance adaptation, mitigation, as well as addressing loss and damage. They agreed to strengthen cooperation on humanitarian assistance and disaster preparedness, then noted the usefulness of tools such as the Copernicus satellite. The meeting was jointly chaired by Assistant Secretary for European Affairs Maria Elena P. Algabre of the Department of Foreign Affairs, and Deputy Managing Director for Asia and the Pacific Paola Pampaloni of the European External Action Service. Representatives of EU member-states and Philippine government agencies joined them. The next sub-committee meeting is set to take place in Brussels in 2025.
Editor: Anne Ruth Dela Cruz
Health&Fitness BusinessMirror
Thursday, January 2, 2025 B5
Scientist attests to cannabis’ healing properties
Dr. Shiksha Gallow says it’s time to legalize medical marijuana in the Philippines since it’s a plant with numerous benefits
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By Pocholo Concepcion | Contributor
he time to allow Filipinos access to safe, effective and affordable medicine via cannabis is now, says Dr. Shiksha Gallow, a top scientist and clinician who travels worldwide to talk about her knowledge on the therapeutic applications of medical marijuana. Gallow, a resident of South Africa, knows whereof she speaks, having seen first-hand how cannabis healed her husband who figured in a motorcycle accident with her. He broke his neck, hip, and arm, underwent surgery and was initially told by doctors he may never walk again. She herself administered cannabis oil to her husband and saw how he responded and eventually healed from the ordeal. Gallow engaged in a series of talks in Manila as Senate Bill 2573, authored by Sen. Robin Padilla, proposes to create a regulatory framework for medical cannabis and create a path to access for patients suffering from a variety of illnesses. Its counterpart bill in the House of Representatives was approved by an overwhelming majority earlier this year. BusinessMirror had an email chat with Gallow.
What was your line of work before getting involved in cannabis research and treatment? My background is in clinical pa-
thology, where I was actively involved in numerous clinical trials, including studies on the HIV vaccine.
What made you interested in cannabis as medicine? Coming from a background in pathology, I often questioned why medical science focuses so heavily on treating symptoms rather than truly healing patients. This curiosity led me down a rabbit hole where I discovered cannabis and its remarkable healing properties. I learned how it interacts with the endocannabinoid system to restore balance and bring the body back to homeostasis.
Which came first, you and your husband’s motorcycle accident, or you leading the first cannabis clinical trials in South Africa? Or were they interconnected? Our accident occurred first; however, by that time, I had already completed the clinical trial protocol and was awaiting ethics approval.
Tell us briefly about you and your husband’s healing process
from the accident by using cannabis oil. What specific steps were taken, where did you source the cannabis, and how did you determine the amount to be administered? After breaking his neck, hip, and arm, he underwent surgery. However, we wanted to accelerate his recovery and approached his doctors about using cannabinoids instead of opioids for pain management. We started him on a 1:1 cannabis spray containing equal parts THC or Tetrahydrocannabinol and CBD or Cannabidiol, along with a high concentration of CBG or cannabigerol and specific terpenes tailored for pain relief. The medicine was sourced from a GMP-certified (good manufacturing practices) laboratory. He was microdosed for pain, beginning with 10 mg of CBD and 10 mg of THC, taken three times a day and as needed.
You studied cannabis extensively and started applying your findings to help people heal from various ailments. What are these ailments and how would you explain the healing properties of cannabis? The primary conditions we treat include chronic pain associated with autoimmune diseases such as multiple sclerosis, rheumatoid arthritis, fibromyalgia, as well as cancer-related bone pain and metastasis. The endocannabinoid system in the human body plays a vital role in regulating various functions, including immune response, sleep, pain perception, appetite, bone de-
Dr. Shiksha Gallow velopment, memory, cardiovascular health, digestion, and more. Its central function is to restore and maintain the body’s state of homeostasis.
Tell us about your clinic, Holistic Healing, and your team which includes medical doctors. Our clinic offers safe and effective plant-based medicines and nutraceuticals, including cannabis, Ayurvedic remedies, ethnomedicine, and African traditional treatments. In addition, we provide special formulated Vitamin cocktail IV drips and acupuncture services. We operate clinics in South Africa located in East London and the V&A Waterfront in Cape Town, as well as in Costa Rica and Thailand. Some 50 countr ies, including South Africa, have legalized medical cannabis.
What is your opinion on the effect of this legalization on the health of people worldwide? The legalization of medical cannabis has the potential to positively
impact the health of people worldwide by offering alternative treatments for various conditions, reducing reliance on harmful opioids, and improving quality of life for some patients. However, its effectiveness and safety depend heavily on proper regulation, education, and research. The positive effects have been found in effective management of chronic pain, providing a safe and effective treatment. Patients show improvement when treated with medical cannabis for epilepsy, sleep, cancer and palliative care.
including recreational, is medical in nature? It’s dependent on dosing. Recreational users chase a higher THC, and medical patients can be treated with a full spectrum cannabis with much lower doses of THC. Cannabis is a natural remedy. Some proponents argue that, as a plant with centuries of medicinal use, it can have positive effects on the general well-being of individuals, even when used recreationally. They claim that consuming cannabis helps with relaxation, stress relief, and improving mood, which can be considered therapeutic benefits in their own right.
The Philippines itself is on the way to legalizing it. What would you suggest to the government on how to support cannabis research and production once it’s legalized?
What is the most important thing people should learn about cannabis?
The time is now, we need to allow Filipinos access to safe, effective and affordable medicine. Furthermore, the legalization of medical cannabis in the Philippines could have a profound impact on healthcare and the economy. To ensure that its benefits are fully realized, the government must take a proactive role in regulating and supporting cannabis research and production. By establishing a clear and supportive regulatory framework, investing in research, promoting public education, and creating opportunities for local farmers and businesses, the Philippines can position itself as a leader in medical cannabis use while safeguarding public health and ensuring responsible use.
Medical cannabis is a safe and effective treatment option, with an addiction rate of around seven to nine percent which is lower than that of caffeine, alcohol, opioids (both at 20 percent), and tobacco (30 percent). Unlike other substances, patients cannot overdose on whole-plant medical cannabis, as its effects are limited by the number of receptors that influence the brain’s respiratory center. It’s crucial that we provide patients with access to this healing remedy, and that the stigma surrounding medical cannabis be eliminated. The misconceptions about cannabis have largely been based on misinformation and political agendas, and it’s time to correct those false narratives.
What can you say to the view that all manner of cannabis use,
Visit https://www.hihealing.co.za/ team/dr-shiksha-gallow
Look after your heart this holiday season–DOH Lessen risk of noncommunicable By Claudeth Mocon-Ciriaco
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elebrate the holiday season without compromising your heart health. This was the reminder of the Department of Health (DOH), warning the public of “Holiday Heart Syndrome” or HHS which, obviously, usually occurs during the holiday season. HHS s a condition that occurs when healthy people experience an irregular heart rhythm (atrial fibrillation) after excessive alcohol consumption.
“Ang ‘Holiday Heart Syndrome’ ay kombinasyon ng atrial fibrillation [abnormal na pagtibok ng atrium o bahagi ng puso] kasunod ng binge drinking [sobrang pag-inom ng alak] [The Holiday Heart Syndrome is caused by a combination of an irregular heart rhythm and consuming excessive amounts of alcohol],” the DOH warned. But alcohol is not the sole culprit of HHS. Stress is also one of the reasons as everyone is busy shopping for gifts and preparing for the festivities. Additionally, a change in diet during the holidays where people
tend to eat more dishes that are high in sugar and fats can also have an impact on the cardiovascular system.
PHA reminders The Philippine Heart Association (PHA) has been constantly reminding the public about the HHS, including: Avoid overindulging. Don’t overwork your heart, and practice moderation in your diet and exercise. Learn CPR. Learn how to perform CPR to increase the victim’s chance of survival. Be aware of the risk. The risk of
heart attack is higher during the holidays, and cardiac arrest can happen to anyone at any time. “Ang binabantayan ng DOH ay ang acute complications of noncommunicable diseases [NCDs]. Ito ang stroke, acute coronary syndrome [ACS], at bronchial asthma [The DOH is currently monitoring the acute complications brought about by noncommunicable diseases and these are stroke, acute coronary syndrome and bronchial asthma],” the DOH said, revealing that from December 21 to 25, 2024, a total of 47 stroke cases were recorded in the country.
More adults below 50 prone to stroke due to stress, unhealthy eating habits By Rory Visco | Contributor
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he belief that stroke only happens among older adults may not be true anymore. While older people are more likely to suffer from a stroke, those below 50 years of age are fast catching up as the proportion continues to rise each year. A study by the American Heart Association revealed that chances of suffering a stroke among young adults have risen by about 40 percent over the past few decades. While there are factors and conditions like injuries, blood clotting, infections, heart defects, including auto-immune conditions, that can cause a stroke, more common problems, essentially those that happen among older people like high cholesterol, high blood pressure and diabetes, can also have a devastating impact on the health of young adults.
Stroke risk factors MANY people may have probably grown tired of constantly hearing about the various types of strokes, whether temporary ischemic strokes or what is called “mini strokes,” or the intracerebral hemorrhage (ICH) strokes, which happens when a blood vessel bursts and causes bleeding in the brain. The latter, as bared by a 2022 study
in the US, is happening more frequently among young patients. But medical professionals are one in saying that many of the other stroke risk factors are based on one’s lifestyle and are more controllable, such as hypertension, and even diabetes, cholesterol, and obesity, all of which are largely manageable through appropriate medical care. Aside from these more known risk factors, other factors are fast emerging such as stress and daily diet, particularly those high in sugar, fat, and salt. The increasing prevalence of strokes among young people is a concerning trend that has been observed worldwide. Doctors suggest avoiding the consumption of processed foods, those high in salt, sugar, and unhealthy fats, as they contribute to obesity, high cholesterol, and hypertension. Medical professionals encourage more mobility, even if for a few minutes daily in order to avoid a sedentary lifestyle and development of cardiovascular conditions. Given that more people are inclined to consume alcohol, smoke, or even use recreational drugs because of their present lifestyle, they are more likely candidates to suffer from stroke. Many of today’s younger adults are also prone to stress and other mental health is-
sues such as anxiety and depression which in turn may contribute to elevate blood pressure. Seeking professional help is recommended on how to properly cope with stress in order to avoid health-related ramifications.
BE FAST THE Stroke Society of the Philippines (SSP) continues to push for more awareness and information on how to spot symptoms of a stroke by applying the “BE FAST” approach. “B” is about Balance, which involves finding out if the person has difficulty in walking and seems out of balance, lacks coordination and is likely to fall; “E” or the Eyes, like finding out if there are noticeable changes in one or both eyes like loss of or blurry vision; “F” is for the face, if is is somewhat drooping and the person has difficulty smiling. Best test is to ask the person to smile and compare both sides of the face; “A” or Arm Weakness. Does the arm feel weak or numb, especially on one side of the body? The person may be asked to lift the affected arm to see if there is weakness; “S” or Speech, like problems, difficulties, or changes when speaking or understanding words. The person may be asked to speak to check if there are problems in speaking; and finally, “T” or Time to Call and ask for
help and bring the patient to the nearest hospital once the symptoms are present. In a paper called “Current State of Stroke Care in the Philippines” published in the National Library of Medicine, the world’s largest biomedical library, it noted a low awareness about stroke in several regions in the country, while noting that “patient awareness must also be improved as it is crucial in ensuring an efficient stroke care system.” It also cited the SSP Guidelines for the Prevention, Treatment, and Rehabilitation of Stroke, where it said a community survey reported that “only 34.4 percent were knowledgeable on stroke, and respondents even misconstrued the disease as a heart attack.” The paper stated that community education through a range of health promotion strategies on primary and secondary stroke prevention “are crucial information in ensuring the prevention and management of stroke.” Aside from that, it emphasized that “knowledge of the signs and symptoms and potential initial response can be lifesaving to patients…and can decrease the time gap before taking action and result in the timely patient presentation to the available healthcare facilities for treatment or management.”
diseases through culinary wellness By Anne Ruth Dela Cruz
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he Philippine Statistics Authority reported that from January to April 2024, the top three causes of death were ischemic heart diseases, neoplasms (cancers) and cerebrovascular and these are all classified as noncommunicable diseases (NCDs). The World Health Organization says NCDs, also known as chronic diseases, tend to be of long duration and are the result of a combination of genetic, physiological, environmental and behavioral factors. The main types of NCDs are cardiovascular diseases (such as heart attacks and stroke), cancers, chronic respiratory diseases (such as chronic obstructive pulmonary disease and asthma) and diabetes. There is one risk factor that is common in these NCDs and that is unhealthy eating. “Did you know that 68 percent of deaths in the Philippines are due to NCDs? Obesity, cardiovascular diseases, cancer. All these are caused by unhealthy diets. The question is how do we make our diets healthy?”
Emerging field THAT was the question raised by Dr. Veritas “Tawie” F. Luna, Chancellor of Center for Culinary Arts (CCA), who gave a talk on “Culinary Wellness” to mark the 28th year anniversary of CCA at Urban Farmers Philippines in Bonifacio Global City. According to wellnesstourism.com, culinary wellness is an emerging field that recognizes the immense potential of food as a means of enhancing overall well-being. It goes beyond traditional concepts of nutrition and healthy eating as it incorporates elements of culture, creativity and mindfulness. In her talk, Dr. Luna shared three tips on how to achieve culinary wellness. The first tip is to enjoy the process of cooking and to respect culinary traditions. “We’re lucky today because of technology. We get access to a variety of cultural traditions, particularly with food. You can have Indian food, Persian food, Greek food, Ilocano food or even dishes from Basilan. But we
Dr. Veritas Luna, Chancellor of CCA Manila
should also respect their palates,” she said.
Immerse in the culture SHE emphasized the need to immerse in the culture behind the food and to “remember that food isn’t just for nourishment but is also for diplomacy. “Through food, we can relate to and connect with others,” she said. The second tip is skillful preparation. Use cooking techniques that preserve nutrients and enhance flavor. “Frying at temperatures close to 400 degrees destroys most nutrients. Healthier methods like steaming, sauteing or gentle heating retain nutrients better,” Dr. Luna said. Third tip is hydration and to consume everything in moderation. While it is important to keep hydrated, Dr. Luna said it is also imperative that we cut down on sugary drinks. “Sweet sugary beverages are silent killers nowadays. We should also try to cut down on processed foods. Whenever possible, choose whole foods, less canned goods and less skewered meat,” she said. If possible, purchase and consume items that are ethically sourced from farmers who adopt environmentally sustainable methods. It would also be healthier to source seasonal, local and organic ingredients. “Culinary wellness supports healthy eating, and healthy eating means living longer and safer lives,” Dr. Luna concluded.
B6 Thursday, January 2, 2025
Let’s make it #TAPush PhilHealth Benefits Development Protocol cited by ASEAN Social Security Association
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HE PhilHealth Benefits Development Planning Protocol has been awarded with the “Continuous Improvement Recognition” during the recently concluded 41st ASEAN Social Security Association (ASSA) meetings. The Benefits Development Planning Protocol was acknowledged for its significant contributions and transformative impact in ensuring that PhilHealth benefit packages are equitably designed and developed, while also providing responsive benefits that translates to adequate financial protection to members against health risks.
PhilHealth expressed gratitude to ASSA for this recognition and reaffirmed its commitment to continuously improve healthcare benefits for all Filipinos, both domestically and internationally, in fulfillment of the objective of the Universal Health Care Law. The annual ASSA Board Meeting serves as a platform for member institutions and experts from regional
and international organizations to share insights, experiences, and updates on social security matters. This collaborative effort aims to strengthen the social security network and enhance social security management and services in its member countries, including Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
Have you TAPushed anything lately?
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RELATIONSHIP maybe. Or a school paper. Probably a drama? Each one of us has definitely TAPushed something, sometime in our lives. And this is one of the ways Tolak Angin, the liquid herbal supplement, would like Filipinos to remember it for. You want a heartbreak out of your system, push. You want a stress out, push. You want dizziness stopped, push. The power to push away negative things out of your body is in your control, with the help of a steady, ready supplement. The brand new and more now campaign, Tolak Angin Push! or simply - T.A.Push! is a statement that with all things negative, Tolak Angin can be your reliable partner to bring relief. And this does not come empty, because Tolak Angin has 12 natural herbal ingredients that work together to bring the “ginhawang hagod” that you and I want and I need. To bring the campaign closer to the people, Tolak Angin partnered with the longest running noontime show in the Philippines, Eat Bulaga! Thus, more people
are able to experience on a daily basis the #TAPush feels. Sido Muncul President David Hidayat flew in from Tolak Angin Indonesia Headquarters over the weekend and was happy to see how the Filipinos are receiving its revitalized campaign, and more importantly, how they are experiencing the benefits of Tolak Angin. Tolak Angin comes in 15ml sachets at P12. Available at all leading supermarkets, drugstores and convenient stores nationwide. For more details on Tolak Angin email admin.ph@sidomuncul.co.id or call 09165927558.
COCONUTPhilippines Trade Fair Concludes with Resounding Success
Maya Champions Unified QR Ph, Simplifying Payments Across PHL
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ILIPINOS are moving away from cluttered counters of competing QR codes as the new unified QR Ph system simplifies payments nationwide. Behind this shift is Maya, the Philippines’ leading Digital Bank and Payments Processor, which has captured 45 percent of the market share in peer-to-merchant (P2M) QR Ph transactions as of October 2024. “As the first to adopt QR Ph for Peer-to-Peer (P2P) and P2M, we’re fully behind the move to a universal QR Ph. It’s the foundation for an inclusive digital economy,” said Shailesh Baidwan, Maya Group President and Co-Founder of Maya Bank. “More than simplifying payments, QR Ph is a gateway to financial services, enabling Filipinos to access credit and other essential tools for their financial journey.” Introduced by Bangko Sentral ng
Pilipinas (BSP), QR Ph unifies fragmented payment systems to streamline both consumer and business transactions. Before its implementation, businesses struggled to manage multiple proprietary QR codes, often leading to a cumbersome checkout experience. Now mandated by the Philippine Payments Management, Inc. (PPMI), all merchants are required to use a unified QR Ph standee, easily identified by its white background, blue, yellow, and red logo, and “SCAN NA ALL!” tagline. Consumers can pay at any participating store using any banking or e-wallet app. Universal Compatibility: QR Ph works with over 30 financial apps, giving consumers the freedom to choose how they pay. No Fees: Payments are free for both consumers and merchants.
Security: Regulated by the BSP, QR Ph ensures the same level of security as cash or card payments. This move is significant in a country where, as per BSP’s 2021 Financial Inclusion Survey, over 90% of Filipino payors still use cash for instore purchases. By offering a universal digital payment system, QR Ph marks a step toward a more inclusive financial ecosystem. Maya has been an early adopter and advocate for QR Ph in P2M transactions, using its leadership in this space to drive cashless adoption and bring more businesses into the digital economy. Its platform empowers everyone— from micro-entrepreneurs to large enterprises—to accept payments both online and offline, eliminating the complexity of managing separate QR systems. In addition to simplifying transactions through QR Ph, Maya utilizes transaction insights generated solely from its own customers’ QR Ph payment activities. By combining this data with AI-driven models, Maya assesses the creditworthiness of its users and extends loans to underserved sectors, addressing broader challenges in financial access. This approach has enabled Maya to extend credit to over 1.4 million borrowers, 50% of whom are receiving their first formal loan through the platform. By September 2024, Maya reported cumulative loan disbursements of P67 billion, underscoring its growing role in fostering financial inclusion.
Consunji Awarded Honorary Doctorate in Management
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SIDRO A. Consunji, Chairman of DMCI Holdings, Semirara Mining and Power Corporation, and Cemex Holdings Philippines, received an Honorary Doctorate in Management from the Asian Institute of Management (AIM) on December 8, 2024. This prestigious honor celebrates his exceptional management acumen and visionary leadership, which have established DMCI Holdings as a highly diversified organization, recognized for its sustainable success and significant impact on society. In his address, Consunji imparted invaluable lessons drawn from his 50 years of what he describes as “on-the-job training.” He highlighted the significance of cultivating the right attitude, building strong partnerships, taking responsibility for mistakes, and embracing challenges. Additionally, he shared his bold and unconventional approach to business—acquiring distressed companies and transforming them into thriving, profitable enterprises. “Business, at its core, is a tool—a powerful one. It can solve problems, create opportunities, and leave the world better than we found it,” Chairman Consunji told the AIM Class of 2024.
CONFERMENT of the honorary doctorate to DMCI Group Chairman Isidro A. Consunji. From left, front are Augusto Antonio Serafica, Jr., Prof. Olivier Roche, Prof. Christopher Monterola, Dr. Jikyeong Kang, Dr. Isidro Consunji, Dr. Erramon Aboitiz, Mr. Eugene Acevedo, Prof. Felipe Calderon, Prof. Jamil Paolo Francisco, and Mr. Marcelo Fernando, Jr. From left, back are Prof. Rico Camus, Mr. Jaime Zobel Urquijo, and Prof. Dominik Balthasar.
PRESIDENT at the 1st COCONUTPhilippines Trade Fair Opening Ceremony were, from left, DTI-BMDPO Director Marievic Bonoan, PCA Administrator Dr. Dexter Buted, DTI Secretary Cristina Aldeguer-Roque, and Congressman Christopher de Venecia.
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HE first-ever COCONUTPhilippines Trade Fair, held from December 2 to 4, 2024, at the SM Megamall Megatrade Hall, concluded with resounding success, marking a significant leap forward for the Philippine coconut industry. Organized by the Department of Trade and Industry (DTI) through its Bureau of Market Development, Promotions and OTOP (BMDPO), in collaboration with the Philippine Coconut Authority (PCA) and 14 other implementing agencies, the event served as a dynamic platform to showcase the vast potential and innovation within the country’s coconut sector. The trade fair drew significant attention, highlighting the Philippines’ position as one of the leading producers of high-quality coconut products. A total of 100 exhibitors from across Luzon, Visayas, and Mindanao proudly displayed a diverse range of coconutbased products, encompassing virgin coconut oil, coconut sugar, coco coir, charcoal briquettes, innovative food and beverage creations, cosmetics, and ecofriendly packaging solutions. The 53 CFIDP-vetted and approved beneficiaries of the program participated in the event and received special tokens, reassuring them of the government’s commitment to uplifting the lives of Filipino coconut farmers and entrepreneurs. Adding a festive touch to the event, a Christmas tree crafted entirely from coconut materials stood as a centerpiece, symbolizing the resilience, versatility, and enduring spirit of the Philippine coconut industry. This unique creation of the coconut palm as a ‘tree of life’ served as a powerful reminder of the industry’s potential to bring prosperity and joy to the nation, particularly during the holiday season. It was adorned with Christmas ornaments bearing the names of the 14 implementing agencies, signifying their commitment to bring a brighter future to all Filipinos through the benefits of the CFIDP program. “The COCONUTPhilippines Trade Fair is a testament to the collective effort of the government, farmers, and industry stakeholders to revitalize the Philippine coconut industry,” said DTI-BMDPO Director Marievic Bonoan as head of the organizing team. “This event has successfully showcased the ingenuity and diversity of our coconut products, paving the way for increased market access and global recognition.” PCA Administrator Dr. Dexter Buted echoed this sentiment, emphasizing the importance of collaboration in driving the industry forward. “The success of this trade fair underscores the power of a unified approach in implementing the Coconut Farmers and Industry Development Plan (CFIDP). By working together, we can unlock the full potential of the coconut sector and uplift the lives of our coconut farmers,” he stated.
Key highlights of the COCONUTPhilippines Trade Fair included: Debut of the COCONUTPhilippines Brand and CocoMania Mascots: The event marked the official launch of the COCONUTPhilippines brand, a unified brand identity designed to strengthen the global presence and competitiveness of Philippine coconut products. This brand will serve as a guarantee of quality, sustainability, and innovation, boosting consumer confidence and market penetration. At the same time, the introduction of the CocoMania mascots, CocoMania Buko and CocoMania Niyog, added a festive and engaging element to the launch, symbolizing the vibrancy and versatility of the coconut industry. Championing Sustainability and Innovation: The trade fair emphasized the industry’s dedication to sustainable practices and innovative product development. Many exhibitors showcased eco-friendly products and cutting-edge technologies, demonstrating the sector’s commitment to environmental responsibility and value creation. Facilitating Business Linkages and Market Access: The event fostered valuable business connections and networking opportunities, enabling local producers to engage with potential buyers, distributors, and investors from both domestic and international markets. This facilitated crucial partnerships and opened doors to new markets for Philippine coconut products. Generating Substantial Economic Impact: Initial assessments indicate that the trade fair generated significant interest and facilitated business deals, injecting a much-needed boost to the Philippine coconut industry and contributing to its overall growth and development. The COCONUTPhilippines Trade Fair is a crucial component of the Coconut Farmers and Industry Development Program (CFIDP), mandated under Republic Act No. 11524, the Coconut Farmers and Industry Trust Fund Act. This comprehensive program, implemented through the collaborative efforts of 14 key agencies, underscores the government’s commitment to revitalizing the coconut industry by empowering coconut farmers, diversifying income sources, expanding market reach, and alleviating poverty. The resounding success of the inaugural COCONUTPhilippines Trade Fair signals a promising future for the Philippine coconut industry. With heightened global recognition, enhanced market access, and sustained growth, the industry is poised to make significant contributions to the country’s economic development and uplift the lives of millions of Filipinos. For updates on the trade fair and other DTI initiatives, follow the DTI-BMDPO on social media. For inquiries, please contact Director Marievic M. Bonoan at bmdpo@ dti.gov.ph.
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Filipino sign language advocate receives Gawad Parangal for civic involvement, volunteerism IN commemoration of the National Volunteer Month, Filipino Sign Language (FSL) advocate William Sidayon, a hearing ally for the Deaf, was recently recognized by the Pasig City Government with the prestigious Gawad Parangal sa Natatanging Pasigueño 2024 for Civic Involvement and Volunteerism. Spearheaded by the Philippine National Volunteer Service Coordinating Agency (PNVSCA) through Presidential Proclamation No. 55 and established in 1994, the distinction recognizes the accomplished Pasigueños from various fields whose lives and achievements inspire the younger generations. Presented during the celebration of the 451st founding year of the municipality, the 2024 awards hailed the exemplary individuals who embody shared values of innovation, compassion, and commitment. Sidayon, a resident of Pasig, currently serves as the social responsibility and outreach program coordinator of the Center for Deaf Esteem and Formation under the De La Salle-College of Saint Benilde School of Deaf Education and Applied Studies (SDEAS). Through his role, he develops and implements educational programs focused on social issues. He likewise guides Deaf learners to earn a better understanding of their social responsibilities and adopt a culture of volunteerism and active citizenship. On a broader scale, Sidayon is an active member of the PNVSCA-National Volunteerism Resource Pool, wherein he plans, facilitates and monitors college conscientization on social issues through educational programs tailored to the Filipino Deaf Youth. He likewise develops research studies and benchmark initiatives to provide additional knowledge in areas of social responsibility, outreach and volunteerism. In 2015, Sidayon was identified as an Award Leader under the Duke of Edinburgh International Award for Young People. Through this function, he was able to move forward with his advocacy to guide, inspire and encourage the Deaf youth to gain valuable skills and confidence, improve their prospects, and integrate them more into society. This designation likewise allowed him to raise awareness about the needs and potential of Deaf individuals and foster a more inclusive environment. He likewise received the Gawad Lasalyano in 2020 in acknowledgment of his passion and contribution to leadership excellence and community engagement. In the same year, together with fellow Benilde associates, he brought Benilde to the finals of the global hackathon UAE Emirates Foundation Volunteer Virtual Ideathon.
A look at the past and new beginnings A
S we are a few days in to 2025, I find myself looking back on the year that just passed, as well as the many chapters of my past. I am thankful for my journals that I started since I was in first grade. Flipping through them, I’m reminded of varied moments of joy, heartbreak and growth. It also made me reflect on my most memorable moments of new beginnings. In January 2006, I was over five months pregnant with my first child. I was very grateful that my pregnancy allowed me to continue my regular activities without much difficulty. I was in sales, marketing and operations at the time, as well as taking my MBA. Mentally, however, I remembered how overwhelming it was to handle so many things at one go. In my journal, I found that I actually wrote a priority list for the New Year that year to keep me guided and calm: 1. My Pregnancy & My Baby 2. Work 3. Study 4. My Family 5. Personal Tim This New Year, I found a photo of my daughter’s first Christmas, as well as her photo when she arrived in Manila a week ago. As we talked and laughed so much these past few days, it made me thank the blessing of the new beginnings of being a new mom some 18 years ago. I realize how pivotal moments, although at the time brought so much fear and
anxiety, actually taught me the value of pausing, reassessing and choosing what truly matters. I also saw how those priorities I listed before had changed in rank and evolved, but remained rooted in the same foundation of love for relationships and passions. Welcoming a baby in 2025, whether it’s your first or your fifth, carries the same profound promise. It’s a time to celebrate for a new blessing and new beginning in our life. It’s also a time to realign your life, to prepare not just for the physical arrival of a child but for the emotional journey of parenthood. For those expecting this year, I encourage you to create your own list of priorities, and take things one day at a time. Let it remind you of what’s most important when life gets overwhelming. It would be great to also start journaling or to journal more so that you will be able to read through your own emotions with absolutely no self-judgment. As you identify these emotions, you can research through them with resources available both online and in bookstores. As you openly work though them, you gain confidence and calmness in handling what comes ahead. During the free days ending December, I also went through many of my year-end entries. There were many resolutions. I also saw how holiday memories brought joy but also deep sorrow. I saw how meticulously I “felt”; how deeply I allowed people to enter my life; and how difficult it was to let go. And yet I am also grateful that these brought me “emotional wisdom”. I learned the ability to simplify happiness… that even in the tightest of situations, I am able to identify even a sliver of joy and appreciate each day for what it is. I have learned that life is not about striking a balance. It is about accepting the “wobble” and trusting the imperfection, because today is only a part of our bigger journey ahead. I am a big fan of K-drama. I recently watched Dinner Mate on Viu for the fourth time. Again, that scene of the lead, as a boy, eating alone moved me to tears. I watched Family by Choice for the first time, and it evoked so many tears seeing the boys’ childhood. It brought back many a poignant and painful memory as a child, but it also brought me to a place of gratitude
For school lunch, why not a date insect or cucumber penguin? By Mark Kennedy The Associated Press NEW YORK—When it comes to packing lunch for their kids, moms and dads have reliable favorites like PB&Js, bananas or maybe a bagel. Jenny Mollen has an unusual go-to—candy eyes. The writer and actor has learned that a pair of edible eyeballs attached to anything she sends will do wonders, making her children snigger as they swallow goofy slices of bell peppers, kiwis or dates. “Honestly, first of all, just buy yourself some candy googly eyes. They’re tried-and-true,” she said. “You lose something nutritionally having to give them the candy eyes, but you gain so much because they’re going to actually eat more because it’s entertaining.” Mollen’s tricks—at the intersection of food and craft—are contained in her new cookbook Dictator Lunches, from the HarperCollins imprint Harvest. She offers 40 recipes from breakfasts to dinner, with a special emphasis on what to pack for school lunch. She uses the term “dictator” in loving respect to Sid and Lazlo, her sons with actor-husband Jason Biggs, who have been known to object to some foods on occasion. But cucumber penguins and Babybel
Editor: Gerard S. Ramos • Thursday, January 2, 2025
Pokémon delight even the most picky eaters. There is an edible insect made from a pitted date filled with sunflower seed butter and legs made from pretzels and, of course, candy eyes. There’s also Rice Pandas, with cooked white rice from last night’s Chinese food delivery put in a mold and decorated with eyes, mouth, ears and paws cut out from sheets of dried seaweed. “I also love piping yogurt into fruit, whether it’s strawberries or raspberries,” she says. “If I pipe some yogurt in, they suddenly look like parfaits. And if I sprinkle a little granola on top, it’s so easy for me— takes 2 seconds—but for them, they think they won the lottery.” The adorable edible art isn’t as hard to pull of as it might seem. Mollen says you need a few tools—a vegetable peeler, various molds and cookie cutters, a pumpkin carving knife, a repurposed syringe used to administer Benadryl—and then use leftovers in the fridge or items in your pantry. “It’s really a way for me to sublimate my guilt because I’m a working mom and not the mom doing pick up and drop off. I’m not with them at the park after school every day. I’m usually working. So this feels like a way for me to instill them with a sense of
constancy, even when I’m not there, because it’s still so infused with my tone,” she says. Sarah Pelz, her editor and also a working mom with two school-age picky eaters, says the book is a game-changer, making lunch planning less of a chore, especially the yogurt-into-fruit trick. “I used to dread packing their lunches, but now I actually enjoy it. I love that Jenny has this kind of philosophy that packing these lunches is an act of love, but it’s also an opportunity to encourage kids to try food or different combinations of foods in a way that they might be resistant to at home,” she says. Mollen hopes that by inspiring kids to eat their vegetables early, they’ll grow up to appreciate healthy foods later. Same thing for international flavors. And if they need to be tricked sometimes, so be it. “A lot of it is just trying to cram as many vegetables in them as possible and hope for the best because at some point, I’m going to have zero control, right? This ends with a giant insurrection. So that’s how I have to fight the good fight and hope something lands. “I wanted people to understand that you can sort of go that extra mile without really having the skill set. You just have to have the willingness to show up and just take a stab at it.”
for the people who have shown me such unconditional love and care, even though they were not even obliged to. It is a perennial lesson for me to see my past, not as a source of deep pain, but as that gateway that brought about such meaningful relationships and experiences in my life. As we step into 2025, I’m reminded that life is a journey of discovery. Sometimes, we are saddned by what we have lost or what is beyond our own will to keep. But every ending leads to a new beginning, every question to a new path. This new year, I choose to embrace what is in front of me, free of the past’s baggage. I choose to trust that every step, every turn, is part of God’s providential plan. As I reflect on the journey ahead, these words come to mind: Life steps Life hides I fear I weep I feel I know Love lingers Love thrives In a heart that gives In a heart that leaps This 2025, let’s welcome the new year with open hearts and open hands. Let’s prioritize what matters most—our families, our health, our passions, and our emotional well-being. For parents, especially those expecting new additions to their families, may this year be one of discovery, joy and growth. May new parents maximize this chance to see life through fresh eyes, to nurture love in its purest form, and to grow alongside your child. As we celebrate the arrival of 2025, let’s carry forward the lessons of the past and the hope for the future. Let’s embrace life’s wobble and trust that we are exactly where we need to be. Here’s to a year of love, gratitude and new beginnings. Happy New Year, everyone! n
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FROM left: 5-year-old me on New Year’s Day; self-made poster about Time is the Gift of Beginnings; Meagan’s very first Christmas.
POC paves path for 1st Winter Olympics medal G By Josef Ramos
OLD medal(s) in the Summer Olympics, done. Up next? Medal, or medals, in the Winter Olympics. “We’ve already accomplished the dream in the Summer Olympics— three gold medals in consecutive games,” said Philippine Olympic Committee (POC) president Abraham “Bambol” Tolentino on New Year’s Day Wednesday. “And that dream we want to also achieve in the Winter Olympics.” A total of 20 athletes are competing in the ninth edition of the Asian Winter Games that China is hosting for the third time from February 7 to 14 in the winter resort city of Harbin.
And the mission, Tolentino stressed, is to the stage for a first-ever Winter Olympics medal for the Philippines. “Our athletes are competing in six of the 11 sports on the Harbin program,” Tolentino said. Curling, now one of the mostwatched winter sports discipline, will have the most number of athletes in Harbin with 10 athletes—Marc Angelo Pfister, Enrico Gabriel Pfister, Christian Patrick Haller, Alan Beat Frei, Jessica Pfister, Benjo Delarmente, Kathleen Dubberstein, Leilani Dubberstein, Sheila Mariano and Anne Marie Bonache. The Curling Winter Sports of the Philippines was established late last year to organize the discipline’s ranks with the new group joining
Philippine Skating Union and Philippine Ski and Snowboarding Association in the POC roster. The other members of Team Philippines managed by chef de mission Richard Lim are Paolo Borromeo, Aleksandr Korovin, Cathryn Limketkai, Isabella Marie Gamez and Sofia Lexi Jacqueline Frank in figure skating; Francis Ceccarelli and Talullah Proulx in Alpine skiing; Laetaz Amihan Rabe in freestyle skiing; Peter Joseph Groseclose in short track speed skating and Adrian Tongco in snowboarding. Weightlifter Hidilyn Diaz-Naranjo won the Philippines’ first Summer Olympics gold medal in Tokyo 2020 and gymnast Carlos Yulo captured two gold medals in Paris 2024, both under Tolentino’s watch at the POC.
There are no available accurate records as to how many Filipino winter sports athletes competed in the first eight editions of the Asian Winter Games, but Tolentino believed the team to Harbin should be the biggest thus far. “The Winter Olympics are as extremely tough as the Summer Olympics, but we have proven that it could be done,” Tolentino vowed. Italy will host the 25th edition of the Winter Olympics in Milan and Cortina d’Ampezzo from February 6 to 22 next year. Sixty-four events will be contested in Harbin, which was host in 1996, the second time after Changchun 2007 where China first organized the games. Japan has been the dominant team in the games, followed by China and Kazakhstan.
Preparations go fever-pitch for country’s first-time hosting of FIVB men’s worlds DJOKOVIC
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Adding confidence to a potentially best-ever edition of the FIVB MWCH 2025 is Malacañang’s commitment that was forged during the first top level organization meeting at the Palace on April 30, 2024, that was presided over by First Lady Liza Araneta Marcos and William Vincent “Vinny” Araneta Marcos, co-chair of the Local Organizing Committee (LOC) with Senator Alan Peter Cayetano, also PNVF chairman emeritus, and Tourism Secretary Christina Garcia Frasco. The commitment was broadened in last September’s One-Year Countdown and Drawing of Lots at Solaire that was followed immediately by the “Concierto sa Palacio,” a night of music held at the Malacañang grounds with no less that President Ferdinand R. Marcos Jr., First Lady Marcos and the young Marcos hosting top FIVB and LOC officials. Then FIVB secretary-general now president Fabio Azevedo praised President Marcos and the First Family for their enthusiasm in volleyball and sports as a whole. “It was fantastic to see how committed the President [Marcos] is in promoting volleyball and it’s as fantastic to see
the volleyball euphoria in the Philippines,” said Fabio, who gifted President Marcos a painting by Slaven Dizdarevic, an Olympian decathlete from Slovakia, during the “Concierto.” Government’s high-level involvement in the world championship also got rolling with the first InterAgency Technical Working Group Meeting initiated by the Philippine Sports Commission (PSC) last November at the Rizal Memorial Sports Complex. The Local Organizing Committee for the FIVB MWCH 2025 is also composed of Senator Pia Cayetano, Manuel V. Pangilinan, Philippine Olympic Committee president Abraham “Bambol” Tolentino and PSC chairman Richard Bachmann. Significant activities will precede the world championship, including the International Road Show spread over the first half of the year and Mascot Contest and Launch, Trophy Tour, Media Broadcast Conference, Team Managers Meeting, Test Event and 100-Day Countdown in June.
Playing through despite breast cancer
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ORMER US Open women’s doubles champion Gabriela Dabrowski revealed on Tuesday she had played through 2024 after undergoing treatment for breast cancer. She delayed part of that treatment so she could compete at Wimbledon where she reached the doubles final. “I know this will come as a shock to many, but I am OK and I will be OK,” the 32-year-old Canadian said on social media. “Early detection saves lives. I can wholeheartedly agree with this.” Dabrowski, ranked third in women’s doubles, said in an Instagram post that she received the diagnosis in April. She did not play that month and in May because of surgery, but returned to the courts in June. Dabrowski said there was “a slight delay in further treatment” so she could compete at Wimbledon—where she and New Zealand’s Erin Routliffe lost the final in July to Katerina Siniakova and Taylor Townsend—and the Paris Olympics, where she won the bronze medal in mixed doubles with Felix Auger-Aliassime. Dabrowski said she had found a first lump in the second half of 2023 and was initially told not to worry about it.
“It all seems surreal,” Dabrowski wrote, saying she now has a “better grasp” of her treatment and side effects. “For a long time I wasn’t ready to expose myself to the possible attention and questions I’d have gotten before. I wanted to figure everything out and handle things privately with only those closest to me in the loop.” Dabrowski and Routliffe won the Women’s Tennis Association Finals at the end of this season. The pair also won the US women’s doubles title in 2023. “My mindset shifted from ‘I have to do this (play tennis and not waste my skills)’ to ‘I get to do this.’ Through this lens I find it so much easier to find joy in areas of my life I previously viewed as a heavy weight,” she said. Dabrowski ended her post by aiming an expletive at cancer, while adding “but also, thank GABRIELA DABROWSKI says she’s you.” AP okay despite her condition. AP
hursday, January 2, 2025 mirror_sports@yahoo.com.ph Editor: Jun Lomibao
Another 5 to 7 years for LeBron? Djoko, Andy set big plan in 2025
REPARATIONS shift to the next higher gear on New Year’s Day Wednesday as the countdown dwindles to nine months for the Philippines’ first-ever solo hosting of the FIVB Men’s World Championship (MWCH) 2025. Thirty-one of the world’s top volleyball nations in the 32-team roster will descend on Philippine soil for the September 12 to 28 world championship set at the SM Mall of Asia Arena and Smart Araneta Coliseum. “This is the time when the preparations and organization start to be meticulous every single day, it’s the world championship year of the FIVB and as host country for first time—and solo host at that—the mission borders from an excellent to almost perfect hosting of the event,” said Ramon “Tats” Suzara, head of the Philippine National Volleyball Federation who in 2024 was elected president of the Asian Volleyball Confederation and executive vice president of the FIVB. “We’ve done it before and we’re expected to do it again,” added Suzara, who was on top of the country’s cohosting of the FIBA World Cup in 2023 as its chief implementor.
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PHILIPPINE Olympic Committee president Abraham “Bambol” Tolentino is determined to extend the dream—and accomplishment—to the Winter Olympics.
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FIRST Lady Liza Araneta Marcos and William Vincent “Vinny” Araneta Marcos (seventh and sixth from left) with (from left) Philippine National Volleyball Federation (PNVF) vice president Ricky Palou and secretary-general Donaldo Caringal, Philippine Sports Commission chairman Richard Bachmann, Tourism Secretary Christina Garcia Frasco, Senator Alan Peter Cayetano, Volleyball World CEO Finn Taylor, PNVF president Ramon “Tats” Suzara and national team mainstay Bryan Bagunas make the victory sign after the first organizational meeting for the world championship in Malacañang on April 30, 2024.
Sports BusinessMirror
RISBANE, Australia—After winning just one tournament in 2024—a Paris Olympics gold medal—former No. 1 Novak Djokovic says he, and with new coach Andy Murray’s input, has a plan to take on the game’s newcomers. Nothing radical, he says, but enough to give him a chance against the likes of 23-year-old top-ranked Jannik Sinner, who won the Australian Open and US Open last year, and No. 3 Carlos Alcaraz, who is 21 and who won the other two Grand Slam tournaments, Wimbledon and the French Open. The 37-year-old Djokovic said after his first-round win at the Brisbane International that he will spend the days ahead of the Australian Open, which begins January 12, with Murray viewing match videos of his younger rivals. The seventh-ranked Djokovic began his quest for a 100th Association of Tennis Professionals title with a 6-3, 6-3 defeat of Australian wild-card entry Rinky Hijikata. A win in Brisbane would be an ideal set-up for a record 25th Grand Slam singles title in Melbourne for the already 10-time Australian Open champion. Djokovic said he would use a second meeting with rivalturned-coach Murray to make small tweaks in his game. “I’m not looking to transform my game completely...I’m not going to be Giovanni [rising 21-year-old French star Giovanni Mpetshi Perricard] serving two first serves and coming in to the net,” Djokovic told Australian Associated Press. “But I definitely am looking to improve, even if it’s the slightest percentage, every single shot that I have in my game, and maybe something that people don’t necessarily see is this court positioning, the transition play, the tactics.” And he’s prepared to put in time on the practice court. “Physically, mentally, as well and ready to compete, whatever it takes, however
many hours it takes with the youngsters,” he said. “The week before Australian Open [we will] do a lot of video analysis of my main opponents, top guys, trying to understand how my game matches up.” AP
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L SEGUNDO, California— LeBron James celebrated his 40th birthday last Monday with gratitude for his basketball longevity and optimism about his future with the Los Angeles Lakers. And when James was asked how he’ll know when it’s finally time to retire, the top scorer in National Basketball Association history offered a frank assessment of his stillformidable skills. “To be honest, if I really wanted to, I could probably play this game at a high level for about another—weird that I might say this—but about another five or seven years, if I wanted to,” James said. “But I’m not going to do that.” James already has one of the longest careers in NBA history, but he knows it’s nearing an end. He has repeatedly said he won’t overstay his welcome in basketball, yet that moment clearly hasn’t arrived: James is still a dominant force for the Pacific Division-leading Lakers, averaging 23.5 points, 9.0 assists and 7.9 rebounds this season. “It’s kind of laughable, really, to know where I am, to see where I am still, playing the game at a high level,” James said. “Still being such a young
man, but old in the scheme of how many years I’ve got in this profession. [I] just think back to when I came into the league. That’s like the first thing I thought about. You came in as an 18-year-old kid, and now you’re sitting here as a 40-year-old, a 22-year vet, with a 20-year-old in the NBA as well. It’s pretty cool.” James is already in his 22nd NBA campaign—more than any player except Vince Carter, who also played 22 seasons—and he will join the slightly larger list of NBA players to suit up after their 40th birthdays on Tuesday night when the Lakers host the Cleveland Cavaliers. The Akron, Ohio native won Cleveland’s only major pro sports championship with the Cavs in 2016. James said he reacted to his milestone birthday with a disbelief familiar to anybody whose life odometer has rolled over to a number they still haven’t processed. “I had a decade of the 30s, so to just wake up and just be like, ‘Oh shoot, oh damn, you’re 40?’” James said with a grin. James said he already felt the march of time two months ago when he and his son, Bronny, became the first father and son to play in the NBA together. LeBron is also encouraged by a solid season so far with the Lakers, who have looked livelier in their first year under new coach JJ Redick. Los Angeles got tougher and deeper Sunday when it traded D’Angelo Russell to Brooklyn for veteran wing defender Dorian Finney-Smith and guard Shake Milton. AP LEBRON JAMES turned 40 last December 30 and said he already feels the march of time. AP
Bigger RnR Manila leg up in this year
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HE Rock ‘n’ Roll Running Series Manila has AIA as its new title sponsor and is set to deliver an unparalleled experience in its fourth staging on November 30. The event fuses running, music and community in a vibrant celebration and will serve as the eighth event in the global series’ nine-leg program. The Manila leg will also continue the legacy of 27 years of dynamic start lines, milestone moments and musical camaraderie with a global community of over 2.5 million runners.
AIA, a multinational leader in insurance and financial services, extends its commitment to promoting health and wellness through its long-time support of sports events, including the Ironman series since 2018. “AIA has had a longstanding involvement with The Ironman Group since 2018, and we are thrilled to extend our partnership as the title sponsor of the 2025 Rock ‘n’ Roll Running Series Manila,” said Melissa Henson, AIA Philippines Chief Marketing Officer. The 2025 AIA Rock ‘n’ Roll Running Series Manila will take participants on a music-filled route through Manila’s historical landmarks. Beginning at Rizal Park, the World Athletics and Association of International Marathonscertified course. The event features races in the marathon, half-marathon, 10 kms and 5 kms and registration opens during this year’s run week festivities, allowing early enthusiasts to secure their slots. For details, visit www. runrocknroll.com/manila. For details, press and group registration, e-mail sai.mayol@ironman.com. “AIA Philippines has been an exceptional partner, and we’re delighted to welcome them as the naming rights sponsor for the 2025 event,” said Princess Galura, General Manager of The Ironman Group Philippines. PRINCESS GAMURA (left) sign the deal with Melissa Henson.