DESPITE billions in foregone revenues that will result from enacting the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (Create More) Act, Finance officials said anticipated investments flowing into the Philippines will eventually offset these losses. Finance Secretary Ralph G.
to the National Economic and Development Authority (Neda).
In a statement, Socioeconomic Planning Secretary Arsenio M. Balisacan said growing the middle class is the key to achieving the AmBisyon Natin 2040.
Balisacan also highlighted the importance of policies that support the transition of Filipinos into the middle class and protect them from economic shocks.
“Our first and important step is to address the poverty in the country. Once individuals rise above poverty, we must focus on
mitigating their vulnerabilities to risks by enhancing the resiliency of our jobs and other income opportunities to prevent them from falling back into poverty,” Balisacan said. Neda Undersecretary for Policy and Planning Group Rosemarie G. Edillon emphasized the holistic set of priorities that the government must focus on.
Edillon earlier said a middle class lifestyle costs about P194,000 a month for a family of four and could be “too much” for many Filipinos to afford. (See: https://businessmirror.com.ph/2024/09/05/ neda-pinoy-middle-class-lifestylecosts-p194000-a-month/).
BSP tells e-wallet operator to resolve deductions mess
TBy Cai U. Ordinario @caiordinario
HE Bangko Sentral ng Pilipinas (BSP) mandated G-Xchange, Inc. (GXI), the operator of GCash e-wallet, to immediately resolve the unauthorized deduction on the wallets of GCash users. Over the weekend, GCash users were shocked to find that their wallet balance was significantly depleted. Among the notable clients was actress Pokwang who claimed to have lost P85,000 on the mobile e-wallet, according to reports. One journalist reported losing P16,000.
On Monday, the BSP said GXI should swiftly complete the process of refunds that it has initiated. The central bank also required the
company to regularly update the BSP on the matter.
“BSP will investigate the incident further to identify possible vulnerabilities and review compliance with regulations and policies,” the BSP said in a statement.
Based on the initial report of GXI to the BSP, the incident was attributed to a system error. GXI, however, assured that all accounts of GCash users remain secure and that they are now in the process of refunding the deductions.
“BSP encourages affected users to coordinate with GXI for the immediate resolution of their complaint. If not satisfied with GXI’s handling, consumers may escalate concerns to the BSP Online Buddy [BOB] through BSP Facebook
Messenger at @BangkoSentralngPilipinas [and] BSP Website at www. bsp.gov.ph,” the BSP said.
On Monday, BusinessMirror said the government‘s Cybercrime Investigation and Coordinating Center (CICC) is advising victims to report incidents directly to the Inter-Agency Response Center (IARC) rather than posting on social media.
MEANWHILE , the Bank of the Philippine Islands (BPI) again became a hot topic on social media as the BPI App went offline, which some netizens claimed, prevented them from performing online
the Philippine economy to post a growth of 5.8 percent in 2024 before posting a 6-percent growth in 2025.
transactions for a few days.
On Monday, BPI posted on its Facebook page a recognition of the offline status of the BPI app and assured its customers that they are working on it.
However, the bank said that by mid-afternoon, BPI clients were already able to access their accounts.
The bank also assured that they will provide updates on the app.
“The BPI app is temporarily unavailable as we are upgrading our backend capability,” the bank said.
“Rest assured that we will provide updates as soon as the BPI app is back online.”
The bank said clients who still cannot access the BPI app may use BPI online for select transactions.
These transactions include
domestic economic headwinds which could impact on their local consumption and trade relations.
bills payment, card control, password reset, and funds transfer to their own BPI accounts.
The bank also said VYBE by BPI app is also available for funds transfer to another BPI account or another bank.
It can be noted that in 2023, a glitch also affected BPI clients causing the phrase “Hoy BPI” to trend on the Twitterverse.
The tweets were accompanied by screenshots of the account holder’s negative balance.
Fortunately, BPI was able to immediately resolve the glitch and by late afternoon of the same day, the Ayala-led bank was able to return the lost funds to their grateful consumers. By nightfall, the issue had already been resolved.
deemed “expansionary.”
BMI Country Risk & Industry Research, a Fitch Solutions Company, has already revised downward its growth forecast for the year to 5.8 percent from the initial 6 percent in light of the latest developments.
“Unsurprisingly, the external
sector is the largest pain-point for the economy, with exports subtracting 0.6 percentage point from the headline figure,” BMI said. “And we think that it will offer little relief over the coming quarters.” Moody’s Analytics also expects
The 5.2-percent GDP growth posted in the third quarter was below their expectation of 5.7 percent. It noted that exports was also among the reasons for the weakness in economic growth.
BMI noted that the country’s major trade partners, the United States and China, are encountering
“Monetary policy easing will support private consumption and investment growth, and bright spots for trade will emerge when global demand gains momentum. Strong growth is necessary to repair pandemic-era damage,” Moody’s Analytics, however, said.
Given this, BMI said the Bangko Sentral ng Pilipinas (BSP) is expected to continue its easing cycle. It expects the BSP to deliver a 200 basis point reduction in key policy rates.
This reduction in rates will bring the BSP’s Target Reverse Repurchase (RRP) Rate near the 4.5-percent level recorded during the prepandemic interest rates. The BSP entered its easing cycle in August when it delivered a 25-basis-point reduction in rates and followed this with another 25 basis point reduction in rates in October 2024.
This reduction in rates as well as the government’s plans to continue spending will help boost the local economy. BMI said the P6.35 billion budget for 2025 is
Continued from A1 Continued from A1
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collecting today. Hopefully, Create More will attract more investments and create jobs. By doing so, we will collect additional revenues,” Recto said to this newspaper.
This comes after President Ferdinand R. Marcos Jr. signed into law Republic Act (RA) No. 12066 or the Create More on November 11, 2024.
“As we open new doors of opportunity, we drive businesses to reinvest their capital, build upon the workforce, and initiate a ripple effect that will be felt across generations,” Marcos Jr. said.
Based on government’s estimates, about P5.9 billion in revenue losses are expected from 2025 to 2028 due to the Create More Act aimed at broadening tax incentives to attract investments and spur job creation.
The reduction of the corporate income tax rate to 20 percent from 25 percent for registered business enterprises (RBEs) under the Enhanced Deductions Regime (EDR) will spell P4.065 billion in foregone revenues.
The law also increased to 100 percent from 50 percent the additional deduction on power expenses to cut costs for the manufacturing sector. This will cost the government P926.82 million in revenue losses.
An additional 50 percent deduction for expenses on trade fairs and tourism reinvestments provided until 2034 will reduce P601.89 million in the government’s revenue collection.
Also, P290.57-billion foregone revenues are estimated from the Net Operating Loss Carry-Over
She said this could greatly be reduced to around P92,000 a month, if reforms on economic and social policies are introduced. She said ensuring the resilience of the middle class to various shocks is the path toward attaining the AmBisyon 2040.
“To sustain a middle-class living standard, Filipinos need adequate income and substantial savings. The government must continue to implement policies that reduce poverty, keep commodity prices low and stable, increase employment opportunities and improve the employability of Filipinos, as well as build resilience by strengthening social protection,” Edillon said. In the same forum, World Bank Lead Economist Gonzalo Varela highlighted the necessity of creating quality jobs and promoting higher productivity sectors. This means, Varela said, the country must reduce barriers to entry, enforce competition, and open key enabling sectors for faster productivity growth. He added there is a need to reduce trade and investment costs is essential to outward-oriented growth.
BMI also said the country will see the budget deficit widen to 5.9 percent on our projections from 5.6 percent in 2024.
“While this represents around a 0.1 percentage point increase in public spending, the bigger story here is that coordinated fiscal loosening and easing will edge growth up to 6.3 percent in 2025,” BMI said.
Earlier, the growth of the economy slowed to 5.2 percent, according to the Philippine Statistics Authority. (See: https://businessmirror.com. ph/2024/11/08/climate-risks-toagri-infra-to-hurt-growth/).
This is slower than the 6.4-percent growth in the second quarter and the 6-percent growth recorded in the third quarter of last year.
This is the slowest growth of the Philippine economy since the 4.3 percent growth posted in the second quarter last year.
Balisacan said this placed the country’s GDP growth at 5.8 percent in the first three quarters of 2024. This is “slightly below” the government’s full year target of 6 percent this year.
(NOLCO) to be carried out as a deduction from gross income within the next five consecutive taxable years after the last year of the project’s income tax holiday entitlement period.
Deduction for reinvestment allowance to the tourism industry during the EDR period will also cause P14.95 million in revenue loss.
Advocacy group Action for Economic Reforms (AER) said enacting Create More shows the government is “willing to roll back structural reforms” and “erode much-needed revenues to bend to the will of vested interests.”
‘Vested interest’
“CREATE More carries with it a number of issues sure to worsen the country’s fiscal state,” it said, emphasizing that the measure will not necessarily bring in additional investments and will instead shrink revenues needed for development.
Moreover, the law grants the President authority to decide on incentives at their discretion. The Fiscal Incentives Review Board (FIRB), responsible for regulating tax incentives, has its oversight powers transferred to the Investment Promotion Agencies (IPAs), which it is meant to oversee.
“Rather than crafting cohesive economic policies to support fiscal recovery, the government has regressed to a broader incentive system vulnerable to abuse.
Under the business as usual scenario, Neda said a “matatag, maginhawa, at panatag na buhay” includes owning a car which could cost P25,000 a month; enough money for daily needs, P50,000; and amortization for a mediumsized home, P26,000. The list also includes private education of children that could cost P30,000 a month; income taxes, P45,000; relaxation with family and friends, P10,000; and occasional trips around the country, P8,000. But, Edillon said, this could be reduced through the correct policies. A good means of transport could only cost P5,000; daily needs, P40,000; and owning a medium-sized home, P12,500. Policies that bring down the cost of education could downgrade private education costs to P5,000; tax reform could bring down income taxes to P22,500; better parks could reduce relaxation with family and friends to P2,000; and cut the cost of trips to around the country to P5,000.
Cai U. Ordinario
Structural reform, not revenue catcher DELOITTE Philippines Global Investment and Innovation Incentives Leader Senen Quizon told the BusinessMirror that while Create More may have a negative impact on revenue collections in the short term, it will lay the foundation for driving more investments, generating employment and strengthening the country’s fiscal position for sustained growth.
“Create More was designed not as a revenue collection measure but as a structural reform aimed at creating a more favorable investment climate, boosting investor confidence by addressing their pain points and removing impediments that prevented the inflow of investments to the Philippines,” Quizon said. Despite the expected increase in tax revenues brought by foreign direct investments into the country, Rizal Commercial Banking Corporation (RCBC) Chief Economist Michael L. Ricafort told the BusinessMirror there is still a need to intensify tax collections from existing taxes. New taxes and other fiscal reform measures, as seen in recent years, should also be taken into consideration, Ricafort added.
“Create More will open the floodgates of more highimpact investments both from our international investors and domestic enterprises. This will not only attract new investments and grow existing businesses to make more money but also enable us to create more high-quality jobs, increase our people’s income, and reduce poverty,” Recto said.
This is a reflection of the broader trend of fiscal mismanagement, where key reforms are sidelined and political motivations take precedence over sound economic policy,” the AER said.
House committee cites 4 OVP execs in contempt
By Jovee Marie dela Cruz @joveemarie
THE House Committee on Good Government and Public Accountability on Monday cited four Office of the Vice President (OVP) officials for contempt and ordered their detention after they repeatedly ignored summons to appear in an inquiry into the alleged mishandling of government funds by Vice President Sara Duterte.
The officials involved are OVP Assistant Chief of Staff and Bids and Awards Committee Chairman Lemuel Ortonio, Special Disbursing Officer Gina Acosta, and former Department of Education (DepEd) Assistant Secretary Sunshine Charry Fajarda, along with SDO Edward Fajarda, who transferred to the OVP after Duterte’s resignation as Education Secretary in July.
During its fifth hearing, the committee, chaired by Manila Rep. Joel Chua, cited the officials in contempt following a motion by Deputy Speaker David Suarez, who underscored their “continued defiance” in refusing to attend.
The committee had issued subpoenae to the officials after multiple invitations to appear.
In response the committee vice chairman, Antipolo Rep. Romeo Acop, called for their detention on House premises until the inquiry concludes and the committee report is ready for submission to the House plenary.
Meanwhile, four other OVP officials attended Monday’s hearing, including Administrative and Financial Services Director Rosalynne Sanchez and Chief Accountant Julieta Villadelrey. However, OVP Undersecretary and Chief of Staff Zuleika Lopez was absent, having left the country on November 4—a day before her scheduled appearance. Lopez submitted a letter explaining her absence, claiming she was in the US to accompany an ailing relative for medical care.
Santa Rosa City Rep. Dan Fernandez questioned Lopez’s explanation, calling it a “clear evasion” and urged validation of her claim.
“The testimony of Ms. Zuleika Lopez is crucial. If we allow her excuse, other
resource persons might follow,” he warned, adding, “They can run, but they cannot hide anymore.”
Despite these concerns, the committee approved Acop’s motion to reissue a subpoena to Lopez, citing “humanitarian considerations.”
Regarding the four OVP officials cited in contempt, Chua called their excuses “unacceptable.”
In letters to the committee, Ortonio, Acosta, and the Fajardas said they were unable to attend due to OVP activities in Caraga, Panay Island, and Negros Island requiring their personal presence. Official travel orders were attached to the letters.
The inquiry centers on the handling of P612.5 million in confidential funds allocated to the OVP and DepEd.
Decline
IN a related development, OVP Legal Affairs Department Chief Emily Torrentira, representing the Office of the Vice President, declined to take the customary truth-telling oath before the committee. Torrentira’s refusal mirrored an earlier instance when Vice President Duterte herself refused to take the oath during her appearance in September.
The committee ultimately excused Torrentira from the hearing following a motion by Abang Lingkod Rep. Joseph Stephen Paduano, who highlighted her lack of authorization and her failure to take the oath.
The refusal of Torrentira to take the oath prompted the panel to dismiss her.
Torrentira is not among seven OVP officers the investigating committee is seeking to explain adverse audit findings in the use of the P625-million OVP and Department of Education confidential funds.
Torrentira defended her stance, claiming she was not a subpoenaed resource person but had appeared to clarify the OVP’s handling of subpoenas.
Despite her explanation, Suarez questioned her authorization, and Torrentira ultimately lacked documentation authorizing her presence.
Suarez clarified that her dismissal was due to her uninvited status, lack of an oath, and absence of formal authorization.
Escudero tells govt to prepare for impact of Trump 2.0
By Butch Fernandez @butchfBM
AS analysts are in a frenzy projecting the possible impacts of a Trump 2.0 on the Philippines, Senate President Francis G. Escudero has a simple word of advice to all: The country “must be one step ahead” of whatever policy shifts that US President-elect Donald Trump has vowed to implement once in office. Escudero said that “beyond sending congratulatory words,” the government should start “drawing up scenarios in the Trump era and preparing a response to each.”
Describing Trump as “a major macroeconomic assumption,” Escudero said the government must simply approach the possibilities under his return to the White House the way it assesses various premises when forecasting economic performance in a fiscal year.
Chief accountant of OVP: ₧500M confidential fund unprecedented
THE chief accountant of the Office of the Vice President confirmed Monday that the P500 million in confidential funds allocated to Vice President Sara Duterte represents an unprecedented amount for the country’s second-highest office.
The confirmation came as Deputy Speaker David Suarez questioned OVP Chief Accountant Julieta Villadelrey, a veteran of the office since 1990, regarding the significant increase in confidential funds under Duterte’s administration.
“Since Vice President Laurel’s time, this is the first instance that the OVP has been granted such a significant amount in confidential funds, correct?” Suarez asked Villadelrey, referring to her tenure beginning with the late Vice President Salvador Laurel, who served under the late President Corazon Aquino.
“As I recall, your honor, that is correct,” said Villadelrey, acknowl-
Occidental Mindoro’s
By Jonathan L. Mayuga @jonlmayuga
THE United Nations Development Program (UNDP) recently named former Occidental Mindoro Rep. Josephine Ramirez-Sato as Biofin (Biodiversity Finance Initiative) “Champion of Change” for her biodiversity conservation advocacy.
Sato’s name appeared in the United Nations Development Program (UNDP) Biofin Workbook 2024: Finance for Nature, released in October.
Along with three other global leaders who have prominently figured in the campaign for biodiversity finance, Sato was recognized for her work not only as a legislator but also as a former governor of Occidental Mindoro.
edging that no previous vice president had handled such a budget for confidential activities.
Villadelrey also disclosed that the P500 million was distributed in four installments of P125 million each, starting in the fourth quarter of 2022 and continuing through the first three quarters of 2023. These funds, she said, were allocated under the OVP’s Good Governance Program, but she was unaware of the specifics of their use.
Batangas Rep. Gerville Luistro further inquired about past allocations, with OVP Budget Office Chief Administrative Officer Kelvin Gerome Teñido confirming that no confidential funds were
given to Duterte’s predecessor, former Vice President Leni Robredo.
“There was no confidential fund during the time of Vice President Leni Robredo,” Teñido said, noting that he has been with the OVP since 2014, during then-Vice President Jejomar Binay’s term.
Asked whether Binay had ever requested confidential funds, Teñido recalled “a series of correspondences” related to confidential funds but noted that there were also orders to return these funds.
Luistro cited information that Binay had made only one request for such funds.
In a prior hearing, it was revealed that Duterte, known for utilizing large confidential funds as Davao City mayor, continued the practice in the OVP despite its lack of mandate to manage these funds.
Luistro pointed out that Duterte’s preference for confidential funds began during her tenure as Davao City mayor, where allocations steadily rose: P144 million in 2016, P294 million in 2017, P420 million in 2018, and P460 million annually from 2019 to 2022.
Luistro further noted that these
ex-congresswoman named UNDP’s
funds were handled by former Davao City officials Zuleika Lopez and Gina Acosta.
Lopez, now Duterte’s chief of staff at the OVP, and Acosta, her special disbursement officer, were both absent from Monday’s hearing.
Lopez is reportedly in the United States caring for her ailing aunt, while Acosta and three other OVP officials have been cited in contempt and ordered detained by the committee for repeatedly ignoring summons.
Last month, the House of Representatives reduced the OVP 2025 funding from P2.03 billion to P733 million.
The reduction was prompted by audit findings that OVP’s Financial Assistance (FA) schemes, such as the distribution of burial, educational, medical, and transportation funds, were redundant and duplicated similar programs efficiently being implemented by the Department of Social Welfare and Development (DSWD) and Department of Health (DOH).
The House realigned the entire P943 million FA fund of the OVP to the DSWD and DOH.
Jovee Marie N. dela Cruz
‘Champion of Change’
Among the criteria for selecting Champions of Change is the candidate should be involved in the Biofin Process from an early stage. In the Philippines, Biofin was started in 2014.
Ever since, Sato has been part of Biofin Philippines, advocating for an increased budget and pushing for laws to enhance biodiversity protection and conservation.
Sato facilitated the approval of the Expanded National Protected Areas System (E-Nipas) Law for the Philippines, which increased the number of legislated protected areas from 13 to 107. As a result, new protected areas became eligible to access public funding estimated between US$1 million and USS10 million per year.
operation of mining on Mindoro Island and expanding the coverage of marine protected areas (MPAs) including the Apo Reef Natural Park located in Sablayan, Occidental Mindoro.
The Philippines is among the 17 megadiverse countries with 228 recognized key biodiversity areas home to 855 globally important species of flora and fauna. In a statement, Sato underscores the enormous benefits and services biodiversity provides and Filipinos largely depend on it for survival and the country’s sustained growth, and development.
“From trade to security to immigration, what he said he plans to do, some on day one of his administration, would certainly impact us,” Escudero asserted. If Trump pushes through with his pronouncement to carry out the greatest mass deportation in US history, for instance, “then how many of the estimated 300,000 undocumented Filipinos in the US will be in the first wave of expulsion?” Escudero asked. He invited the economic managers to study as well how Trump’s supposed plan to erect high tariff walls would affect the Philippine economy, “given the fact that almost $1 in every $7 of our export earnings come from our trade with the United States?”
The former lawmaker is the only Asian leader accorded the title by the UNDP for her advocacy to increase the budget of protected areas and for the protection and conservation of the Philippine tamaraw, also known as the Mindoro Dwarf Buffalo and its habitat, the Mounts Iglit-Baco Natural Park (MIBNP) on Mindoro Island.
Biofin is an initiative working with governments and the private sector to narrow the financing gap for biodiversity conservation by promoting investments in biodiversity to protect nature, create jobs, reduce pandemics, and combat climate change.
The other leaders named as Champion of Change are Doris Rios Rios, vice president of the National Indigenous Board of Costa Rica (MNICR); Sergio Graf Montero, former Minister of Environment in the State of Jalisco in Mexico; and Mutumboi Mundia, a pivotal figure in Zumbia’s biodiversity finance landscape and capital market development.
UNDP Biofin Champions of Change recognizes individuals who play a catalytic role in policy processes and act as true agents of change.
If the dollar strengthens because of him. What would be the effect of that on the peso weakening? The size of our foreign debt will swell,” Escudero said.
Mental health package, birthing clinic win ‘trailblazer’ awards for Mati City
By Manuel T. Cayon @awimailbox
DAVAO CITY—A mental health package and a birthing facility for patients in hard-to-reach areas earned for Mati, the capital city of Davao Oriental, two prestigious awards for trailblazing health programs.
The Mati City Health Office was recognized with two Trailblazer Awards in implementing the Universal Health Care during the PhilHealth Regional Event recently.
Cyclone
THE state weather bureau on Monday raised Tropical Cyclone Wind Signal 4 in seven areas in Northern Luzon as Nika, international code name Toraji, further intensified while traversing the Philippine Sea before making landfall in Dilasag, Aurora.
tion (Pagasa), said winds stronger than 118 kilometers per hour up to 184 km/h may be expected in at least 12 hours. The impact of the wind may bring very heavy damage to high-risk structures, and heavy damage to medium-risk structures.
“As a Biofin Champion, Congresswoman Sato continu es to support tamaraw conservation within congressional fora, as well as site-level work in the province of Occidental Mindoro through the Together for Tamaraws crowdfunding campaign,” the citation for the former lawmaker read.
Mindoro is one of the key biodiversity areas (KBA) that harbors some of the most unique and diverse flora and fauna in the Philippines.
During Sato’s stint in the House of Representatives from 2013-2019, she authored several bills which promoted biodiversity protection and conservation across the Philippines, such as the banning of the
More cyclones threaten Luzon
“Our forests, rivers and streams, the trees and the animals that thrive in the forest, as well as the rich marine wildlife in our coastal and marine environment need to be protected. To do this, we need to put our money where our mouth is and find ways to finance biodiversity,” Sato said. While the Philippine Biodiversity Strategy and Action Plan 2015-2028 has been put in place, to implement it, at least, P24 billion or USD$ 530 million is needed. But the current level of spending on biodiversity was only P5 billion (USD$ 100 million) per year, which leaves an 80 percent financing gap.
Biofin identifies, accesses, combines, and sequences various sources of biodiversity funding to meet national needs and targets.
The second Trailblazer Award recognized the city’s GIDA Paanakan as the first accredited safe birthing facility in Region 11, catering to geographically isolated and disadvantaged areas (Gida).
During the Handog Pasasalamat event held by PhilHealth Regional Office 11, the City of Mati received commendation for its impactful strides in UHC. Mayor Michelle Nakpil Rabat credited the City Health Office’s dedication to promote equitable and accessible healthcare, reinforcing Mati’s role as a
The first accolade marked its achievement as the region’s inaugural PhilHealthaccredited health facility for the Outpatient Mental Health Package, providing muchneeded mental health support to the community.
Nika, the 14th severe weather disturbance to hit the country this year, is now traversing Northern Luzon and was last spotted hovering over the Cordillera Autonomous Region.
Placed under Signal 4 were the northernmost portion of Aurora, the central and southern portions of Isabela, Kalinga, Mountain Province, the northern portion of Ifugao, and the northern and central portions of Ilocos Sur.
Signal 4 in 7 Northern Luzon areas, two more coming monitored. It was last located 3,280 km. east of southeastern Luzon, outside PAR. PMSEA’s ‘Pusong Minero’ ready for Nika RESPONDING to the call of the Mines and Geosciences Bureau (MGB) to miners to activate their respective disaster response teams and prepare for the worst impact of Nika, the Philippine Mine Safety and Environment Association (PMSEA) said it is poised to coordinate disaster relief and rescue operations among mining players. The voluntary dispatch of search, rescue, and relief operations by emergency response teams or ERTs of mining companies during calamities are under PMSEA’s Pusong Minero program.
Strong wind, expected impacts
SIGNIFICANT to severe impacts from galeforce winds are possible within any of the areas under Wind Signal 4.
The Philippine Atmospheric, Geophysical and Astronomical Services Administra -
The operations of 14 seaports in typhoon-affected areas were suspended, stranding close to 300 passengers on Sunday and Monday, the National Disaster Risk Reduction and Management Council (NDRRMC) reported in its First Situation Report on the impact of Typhoon Nica.
By 2:00 p.m. Monday, the center of the eye of the typhoon was located in the vicinity of Lagawe, Ifugao. It is moving west-northwestward at 25 kilometers per hour and it is packing maximum sustained winds of 130 kmh near the center and gustiness of up to 215 kmh.
The typhoon is expected to weaken as it passes through land mass. Nika will move west-northwestward over the West Philippine Sea and exit PAR by Tuesday night or Wednesday morning.
AS Nika moves out of the country, however, another tropical cyclone is entering PAR on Tuesday. Once it enters PAR, it will be named Ofel and will be counted as the 15th severe weather disturbance to affect the country. Weather forecaster Chris Perez said the tropical cyclone is likely to make landfall over Northern Luzon. As of 11 a.m. Monday, the cyclone is packing a strength of maximum sustained winds of 55 kph near the center and gustiness of up to 70 kph. Pagasa forecast the cyclone to intensify and reach the typhoon category on Wednesday. According to Perez, with Ofel, Northern Luzon areas are at risk of heavy rainfall, severe wind, and, possibly, storm surge inundation. The eastern portions of Central and Southern Luzon may also be affected by similar life-threatening conditions. Meanwhile, Perez said another tropical cyclone with the international name Man-yi is being
“PMSEA has been working closely with DENR and MGB, as well as the Office of Civil Defense, since Typhoon Kristine,” PMSEA president Luis R. Sarmiento said in a statement. Mining companies are in the thick of the action in Batangas because of Kristine and they are now wrapping up to shift focus in northern Luzon, following the advisory of the MGB. Jonathan L. Mayuga with PNA
Senate, House leaders hail signing of law expected to boost economic recovery
By Butch Fernandez @butchfBM
Cruz @joveemarie
SENATE leaders on Monday said the enactment of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (Create More) Act, which further tweaks the government’s system of fiscal incentives, will bring in more investors and thus create more jobs.
Sen. Sherwin Gatchalian, principal author and sponsor of the law that was signed on Monday by President Marcos, said its enactment is expected to create a ripple effect in the country’s economic development.
“With more foreign direct investments that Create More is expected to generate, more Filipinos will have better employment opportunities that will, in turn, redound to stronger domestic consumption, one of the major drivers of the local economy,” said Gatchalian, chairman of the Senate Committee on Ways and Means and principal author and sponsor of the measure.
Biggest piece of pro-labor legislation
LEADERS of the House of Representatives at the same time referred to the newly-signed Create More Act as the largest piece of pro-labor legislation in recent history, with an estimated one million jobs created by its passage.
Speaker Ferdinand Martin Romualdez and Albay Rep. Joey Sarte Salceda, chairman of the Committee on Ways and Means, said the new law on corporate tax is expected to boost investor confidence and create more jobs.
Romualdez, one of the principal authors of the new law, said the Create More Act seeks to resolve confusion and ambiguities that have arisen on tax incentives the Create Law had granted to local and domestic corporations since its enactment in March 2021.
He said the principal feature of the original law was the reduction of corporate income tax from 25 percent to 20 percent in line with global trends.
However, even if the law is just three years old, there have been complaints from a number of investors on the alleged ambiguity of some provisions, particularly those on value-added tax incentives, Romualdez said.
“To resolve these issues and to encourage these investors to remain in the country and keep their workers employed, we found it necessary to already amend the law,” he added.
He pointed out that the Create More Act incorporates inputs gathered during the recent investment missions of Marcos abroad “by adding tax income deductions and streamlining VAT-related procedures.”
Romualdez noted that the President’s foreign trips were expected to generate more than P1 trillion worth of investments.
The House leader said the changes introduced in the Create Law do not reverse
gains from the reduction of corporate income tax and the grant of other tax incentives.
He said one complaint raised by investors was about certain discrepancies in the original law and its implementing rules (IRR).
He said VAT incentives meant for registered business enterprises, including economic zone locators, exporters, and local businesses classified as “preferred industries,” were granted in the IRRs only to registered export enterprises.
The Create More Act clears up confusion on this provision and resolves similar issues in the implementation of the original legislation, he added.
More stable, predictable tax incentives
THE more stable and predictable tax incentives regime seen to be in place under Create More spells new investors and more local jobs,
Senate President Francis G. Escudero said.
Gatchalian said numerous incentives provided under Create More are expected to enhance the country’s competitiveness in attracting foreign investors.
He pointed out that Create More aims to provide clarity on the application of VAT zerorating on local purchases and VAT exemption on importation of goods and services.
The measure also introduces a fixed 2-percent Registered Business Enterprise Local Tax, or RBELT, based on gross income to simplify the tax process for businesses.
“When the businessmen we are courting to do business here see their ventures growing, this spells better quality of life, most affordable cost of living and better infrastructure for all,” he said in Filipino.
With Create More, he sees projects and activities with remarkable impact on life—like food-security-related activities, green ecosystems, health-related activities, and defense-related activities—getting support and incentives. “When these sectors grow, such will yield good results for all communities. From lower prices to creating jobs for our people, we will see the positive impacts of CREATE MORE on our daily life,” he added.
For his part, Escudero said, “the bottomline is that it will create a more favorable investment climate that will create more jobs, spur progress without harming our revenue base. The only thing businessmen want are clear, coherent, consistent rules subject to uniform interpretation and implementation,” he said.
The corporate income tax rate of local and foreign companies will be reduced to 20 percent from 25 percent under the enhanced deductions regime, as Create More increases the deductions in power expenses of registered business enterprises (RBEs) to 200 percent.
“The Philippines has among the highest power rates in the region so this will help us in becoming competitive in bringing in investors,” Escudero said.
What is happening around us? Two developments that could affect us here!!
By Henry J. Schumacher
IWOULD like to present two developments in Europe that could affect your business also.
I hope you will find this interesting!
1. Are we working too much or too little?
ARE we actually working too much or too little?
The focus has shifted from just money to flexibility and leisure. Meanwhile, Greece is introducing the option of a six-day workweek, and Germany proposes tax-free overtime pay, arguing that Germans work too little. Who can make sense of it all?
It’s time to stop ignoring the new realities and to respond appropriately to the current situation.
But what does this mean for the contentious
issue of working hours? What constitutes good working conditions and how time sovereignty can function heavily depends on the company and the qualifications of the employees. There can be no uniform solution or individual wish list that satisfies both employees and employers. Nonetheless, changes are necessary. Companies are implementing flexible shift schedules and offering four-day work
opportunities with the same weekly hours and productivity. Some will want to seek new jobs, while others may need to find new employment.
One thing is certain: for the transformation to succeed, everyone must adapt, and discussions should move beyond fingerpointing.
2. Is the EU saving the world from dangerous AI?
JANUARY 2025 is going to be a rough month for AI companies in Europe. That's when the EU AI Act kicks in, requiring every AI model to prove it’s safe, ethical, and compliant with the new regulations.
According to new research from ETH Zurich (a public university in Switzerland), not a single major model today would make the cut. Are we Shocked (not really…).
Here’s what happened: the researchers from Zurich built COMPL-AI, the first framework for evaluating whether language models meet The EU AI Act’s requirements. Basically, it’s a report card for scoring language models against EU regulators.
The researchers tested 12 major AI models—we’re talking GPT-4, Claude 3, Llama 3—checking everything from how well they resist hackers to whether they're biased against certain groups.
The results? Mixed…
n GPT-4 Turbo scored highest on Ethical Principles and Technical Requirements. n Meta’s Llama 2-7B Chat scored lowest. n “...almost all examined models” struggled with non-discrimination and fairness.
One million jobs
SALCEDA said the law aims to boost investments in the Philippines, ultimately benefiting Filipino workers through increased job opportunities and higher wages.
He said the new law directly addresses some of the most significant economic barriers faced by the country, particularly the high cost of power that has discouraged foreign investments.
“It increases the demand for labor by encouraging more investments. This is the only way to truly sustain higher wages,” Salceda noted, underscoring the need for greater labor demand to drive up wages sustainably.
Salceda highlighted a critical provision in the law that offers a “double deduction” for power expenses, aimed at offsetting the high cost of electricity in the Philippines, particularly for those under the enhanced deduction regime.
“This lifts the largest roadblock to foreign direct investments in the country. By encouraging investments from outside, we increase the bargaining power of the Filipino worker, who are currently in the chokehold of a few domestic players who get to set wages,” he emphasized.
He added that foreign investors, particularly in export industries, often pay significantly higher wages compared to local employers, stating that their compensation can be “as much as 47 percent higher than the average employee elsewhere.”
Even the star pupils (GPT-4 + Claude 3) only scored about 83 percent, and every single model failed some basics, like including watermarks to track AI content.
The big AI startups might want to launch a group chat with Meta, Google, and Amazon to chat through dealing with EU fines. Those three have already racked up multiple big Euro penalties! My take: Europe gave AI companies a two-year heads up about what would be on the test—and with only a few months to go, even the most advanced models in the world are struggling to pass the practice exam.
And what happens next will determine whether these companies can keep doing business in one of the world's largest markets. Now get this: the AI industry criticizes the EU’s AI Act as going too far— accusing the Act of turning Europe into overregulation.
But when Hacker News readers dug into the details, most agreed they actually pretty much make sense?
I hope you find these to “stories” interesting, as both may affect your business.
The EU’s AI Act will definitely affect the BPO industry. look forward to your comments; please contact me at hjschumacher59@ gmail.com.
Trump. . .
He added that even if Trump’s proposed pivot on the diplomatic front will reduce global tensions and settle wars, “these wins will still impact our fiscal position.”
“The inconvenient truth is cheaper oil will reduce tax collections on oil, upon which government spending on social programs is pegged,” Escudero reminded the experts.
Another important aspect of the US-RP relations that should be revisited by the Philippine side is the military alliance boosted by the Biden administration, said Escudero.
“On the security front, will a second Trump administration be hawkish or dovish against China? Dapat handa tayo kung sakaling may bagong posisyon ang [We should be prepared in case there’s a new policy in] Washington,” he said. He said Trump has loudly telegraphed to the whole world what he would do if American voters decide to bring him back to the White House. “These things were never a secret because he made them known during the campaign and they were part of what made him win.”
So having
Mati. . .
Continued from A3
Continued from A3 model for progressive health initiatives across the region.
She said she was elated by Mati City paving the way to promote a sustainable and inclusive health care system for its citizens.
The awards came only a few weeks when the city was also recognized at the 2024 Peace and Order Council (POC) and AntiDrug Abuse Council (Adac) Performance Awards for its commitment to maintaining peace and order, as well as its dedication to anti-drug programs.
Mati City was acknowledged for its outstanding performance, achieving a score of 95.3 percent in the POC Functionality Audit and 95 percent in the Adac Performance Audit.
“These high scores demonstrate Mati’s excellence in governance, especially in implementing programs aligned with peace and anti-illegal drug initiatives,” Rabat said.
Regional Director Abdullah V. Matalam of the Department of the Interior and Local Government said local governments like Mati have advanced national goals of public safety and community well-being to ensurie safe and drug-free communities for its residents.
Church to push for climate accountability at COP29
By Justine Xyrah Garcia
THE Philippine Catholic Church is set to advocate for greater climate accountability at the 29th Conference of the Parties (COP29) in Baku, Azerbaijan, scheduled from November 11 to 22.
Diocese of San Carlos Bishop Gerardo Alminaza, who also serves as the vice president of Caritas Philippines, will represent the sector at the summit, hoping to bring attention to the concerns of the climate-vulnerable communities in the Philippines.
In a statement, the bishop said that concrete actions to address the climate crisis are necessary.
“Our participation in COP29 represents more than just attendance at an international conference. It is a crucial opportunity to advocate for our communities who bear the brunt of climate change impacts while having contributed the least to this crisis,” Alminaza added.
Aside from calling for climate accountability, the Church will also advocate for three key issues: a “just energy transition” that
considers the needs of vulnerable communities, supporting debt cancellation for developing nations facing climate-related challenges, and endorsing the fossil fuel non-proliferation initiative.
Alminaza also emphasized that the Church’s participation in COP29 reinforces its steadfast commitment to climate action, particularly given the urgency of the climate crisis.
Its engagement directly aligns with the teachings of Laudato Si’, the 2015 encyclical by Pope Francis, which calls on Catholics and all people of goodwill to care for the environment and pursue social and ecological justice.
The encyclical emphasizes the moral imperative of addressing climate change and its disproportionate impact on the poor. It also urges a collective response to safeguard the planet for future generations.
COP29, which will take place over the next two weeks, is expected to be a platform for nations to negotiate on policies aimed at mitigating climate change and investing in a “livable planet for all.”
School facilities, digitalization programs in Leyte scrutinized
By Claudeth Mocon-Ciriaco @claudethmc3
AS part of the Department of Educa -
tion’s (DepEd) efforts to address challenges from the ground, Education Secretary Juan Edgardo “Sonny” Angara monitored schools in Leyte to check the implementation of digitalization programs and assess gaps in school building facilities. Angara, along with the agency’s Executive and Management Committee (ExeCom) Members convened with the teachers at Leyte National High School in Tacloban City. The said school is considered the biggest secondary school in Eastern Visayas, catering to 8,954 learners.
Likewise, DepEd officials visited St. Francis Elementary School, which was gravely affected by Typhoon Yolanda in 2013.
The said school is currently experiencing gaps in school facilities and classrooms as they are currently housing 547 learners in Temporary Learning Spaces.
In coordination with the Provincial Government of Leyte under the leadership
of Gov. Jericho “Icot” L. Petilla, the officials tracked the implementation of the digitalization program of the Leyte Provincial Government in Cogon Elementary School. Angara capped off the Leyte school visit to Alang-alang National High School to witness the Khan Academy demonstration as part of the agency’s project for the upcoming Programme for International Student Assessment.
Education hub MOREOVER , the DepEd also observed the first and only education hub for the Alternative Learning System in the Girls’ Education Center in Palo, Leyte.
The initiative is part of the “Better Life for Out-of-School Girls to Fight Poverty and Injustice in the Philippines” project by DepEd, the United Nations Educational, Scientific and Cultural Organization, and the Korea International Cooperation Agency.
Angara and the rest of the ExeCom members will then convene with the Regional Directors to discuss various DepEd programs today (November 12) in Tacloban City.
New rules set for summary, preliminary investigations
JUSTICE Secretary Jesus Crispin Remulla on Monday signed new rules on proceedings to expedite summary and preliminary investigations.
In a statement, the Department of Justice (DOJ) said the National Prosecution Service (NPS) rules will build upon earlier procedures in the investigation of crimes where the penalty prescribed by law is six years or below.
Last May, the Supreme Court en banc recognized the authority of the DOJ to promulgate its 2024 DOJ-NPS Rules on Preliminary Investigations and Inquest Proceedings, which governed crimes where the imposable penalty is six years and one day and above.
“More than mere procedural updates, this circular embodies the Department’s steadfast resolve to address delays in case preparation, to strengthen prosecutorial engagement in investigations, and to expedite the justice process. It provides structure, consistency, and efficiency in handling cases swiftly, thus ensuring our legal actions are both fair and solidly grounded in evidence with a high likelihood of conviction,” Remulla said.
The new rules expand the application
Peza: Perks under new law to spur domestic manufacturing
Tof innovations introduced by Remulla, calling for more active collaboration by prosecutors with law enforcement agencies in case buildups, and adopting a policy to ensure that only trial-ready and evidence-supported cases will be filed in the courts, among others.
Remulla urged regional prosecutors, Metro Manila prosecutors and their deputies, as well as senior prosecutors from the main office, who attended the event not only to celebrate the rules as a procedural document but as a testament to DOJ’s commitment to justice and reform.
“Every reform we introduce, every guideline we clarify, and every procedure we update is a step closer to a justice system that is prompt, effective, and trustworthy. Our goal remains steadfast: To guarantee that every investigation yields a fair and just outcome, that every indictment is supported by the required quantum of evidence, and that our nation’s trust in the legal process remains unshaken,” he said. The new rules shall become effective after 15 calendar days from its publication in the Official Gazette or in two newspapers of general circulation. PNA
By Ada Pelonia @adapelonia
HE enactment of CREATE
More will spur domestic production and give the Philippines an edge in terms of attracting foreign direct investments, according to the Philippine Economic Zone Authority (Peza).
President Marcos Jr. signed the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE More) bill into law on Monday.
The Peza said a crucial aspect of the law was creating parity with the neighboring countries in Southeast Asia in terms of the reduced regular corporate income tax rate that the Philippines can now offer to businesses.
“However, with the enhanced fiscal incentives under the CREATE More, the Philippines now has the most generous tax and investment perks for investors among ASEAN economies,” Peza said in a statement.
“The domestic market enterprises will benefit as well from the new incentive regime. This should stimulate domestic production by local manufacturers including foreign investors going into import substitution activities to cater to our growing domestic market,” it added.
Peza also said CREATE More is a “pivotal law” that would strengthen the ability to attract foreign direct investments (FDI) and position the country as a competitive destination for export-driven industries.
“This legislation directly supports Peza’s core mandate to drive investment growth, create jobs, and promote sustainable
development, especially in the countryside,” the investment promotion agency said.
It also added that this would boost the efforts of all the investment promotions agencies like Peza in securing investments that lead to the creation of more jobs for Filipinos across the country.
“With these new policies in place, coupled with the positive attributes already presented by our country and the various advantages like a communications-ready skilled workforce, high GDP growth rate, a conducive business environment
and a whole-of-government approach, it is without doubt that new investors will come in and old investors will choose to stay for the long haul.”
According to the investment promotion agency, the CREATE More Act empowers Peza even more to support FDI-driven exports, job creation, and sustainable economic growth, which would help build a globally competitive and inclusive Philippines.
“We look forward to working with stakeholders to maximize these benefits and drive transformative impact across the nation,” it said.
Patronage isn’t always trusting, study shows
By Bless Ogerio
FILIPINOS often engage with institutions out of necessity rather than genuine trust, according to the 2024 Philippine Trust Study (PTS).
Presented on November 5, the study explained that trust generally stems from familiarity, with the respondents describing it as a cautious expectation that others will act reliably.
PTS identified three key drivers of trust: familiarity, goodness, and consistency. They added that the people value competence, ethical behavior, and transparency, especially in sectors with serious wellbeing implications. Factors that erode trust include dishonesty, broken promises, and indifference toward vulnerable groups.
In the digital age, local users have become more discerning, according to Ateneo Development Studies assistant professor Kevin Go.
“There are few that do that (Filipinos who consume information based on who posted and what their algorithm shows), pero mas maingat sila ngayon (magtiwala). Meron na ‘kahit kaibigan ko yan, titignan ko pa rin,” he said during the open forum.
In terms of government trust, Filipinos have a strong belief in local leaders. The local government units (LGUs) scored a 95.4 percent trust rating, while national entities like the Office of the President and Congress rated slightly lower at 82.3 percent and 81.6 percent, respectively. Agencies such as the Depart -
ment of Education (97.7 percent) and PhilHealth (94.6 percent) scored high, though entities like the Department of Trade and Industry (75.1 percent) and Bureau of Internal Revenue (78.8) received lower trust due to consumer protection concerns.
For businesses, Filipinos trust industries that are consistent in quality and transparency.
Pharmaceutical manufacturers topped business trust at 93.9 percent, followed by renewable energy providers (91.4 percent) and remittance centers (92.2 percent).
However, sectors like digital payment apps and real estate developers had lower trust ratings. Product quality, good employer reputation, and sustainability are significant trust drivers, while
dishonesty, unclear terms, and scams erode business trust, the study said. PTS suggested that trustbuilding requires visible competence and consistency. Further, they indicated that government leaders must prove their promises through action, while businesses gain trust through quality and transparency. To ensure long-term trust, they encouraged institutions to focus on systemic reliability rather than personality-based trust. The study titled “The Accountability Revolution: Why Filipinos Demand Proof Before Trust in 2024,” was conducted by public relations firm EON Group and Ateneo de Manila University Department of Development Studies, involving 1,800 respondents.
BuCor chief to push for incorporation of assets to Luzon Economic Corridor
BBy Joel R. San Juan @jrsanjuan1573
UREAU of Corrections (BuCor) Director
General Gregorio Pio Catapang Jr. said he would push for the incorporation of the bureau’s assets in Mindoro covering 9,000 hectares into the Luzon Economic Corridor, alongside those in Palawan.
Catapang disclosed the plan during the start of the BuCor’s weeklong 119th Founding Anniversary celebration, Monday.
The BuCor chief noted that the
DISGRACED Kingdom of Jesus Christ leader Apollo Quiboloy has been in a hospital since Friday after complaining of chest pain and irregular heartbeat, the National Police confirmed on Monday.
In a news conference held at Camp Crame in Quezon City on Monday, PNP information chief and spokesperson Brig. Gen. Jean Fajardo said Quiboloy, a detainee at the PNP Custodial Center, is confined at the Philippine Heart Center (PHC) for a
9,000-hectare Sablayan Prison and Penal Farm (SPPF) in Occidental Mindoro, can play a role in ensuring the country’s food security.
The official said he would relay his proposal to the National Economic Development Authority, which he considers as “a proactive step towards harnessing the potential of these facilities for economic development and societal benefit.”
“Through strategic partnerships and innovative approaches, the vision of a more robust and progressive BuCor is gradually taking shape, paving the way for a brighter
thorough examination. She
future for all stakeholders involved,” Catapang stressed.
Catapang noted that the 27,000-hectare Iwahig Prison and Penal Farm (IPPF) in Puerto Princesa, being developed with the assistance of the Philippine Economic Zone Authority (PEZA), is similarly situated in Luzon, aligning with the Batangas Luzon Economic Corridor plan.
These locations fall within the scope of this corridor, which includes Subic, Manila, and Batangas, Catapang explained.
Catapang also noted that the BuCor is
currently collaborating with the Department of Agriculture (DA) in the conduct of agricultural activities at SPPF. On the other hand, agri-aqua projects are being implemented at IPPF while PEZA is at the early stage of transforming it to become an eco-industrial township. Catapang pointed out that this initiative aims not only to create employment opportunities for persons deprived of liberty (PDLs) but also to contribute to enhancing food security and fostering new urban development.
THIS BusinessMirror file photo shows workers at a semiconductor factory in Laguna. PHOTO BY NONIE REYES
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Israeli strikes kill dozens in Lebanon and isolated northern Gaza while Netanyahu and Trump speak
By Wafaa Shurafa, Samy Magdy & Kareem Chehayeb
The Associated Press
DEIR AL-BALAH, Gaza Strip—Israeli strikes killed dozens of people including children on Sunday in Lebanon and
isolated northern Gaza, as the world watched for signs of how the US election might affect the wars between Israel and Iranian-
backed militant groups Hamas and Hezbollah.
Israeli Prime Minister Benjamin Netanyahu said that he has spoken three times with Donald Trump since Tuesday’s election and they “see eye-to-eye regarding the Iranian threat and all of its components.” Israeli President Isaac Herzog is scheduled to meet with US President Joe Biden on Tuesday.
The Israeli airstrike in Lebanon killed at least 23 people, including seven children, in Aalmat village north of Beirut, far from the areas in the east and south where Hezbollah has a major presence. There was no Israeli evacuation warning. Israel’s military said that it hit a Hezbollah site used to store weapons, and the strike was under review.
Hezbollah began firing rockets, drones and missiles into Israel after war broke out in Gaza, in solidarity with the Palestinians and Hamas. Israel retaliated, and a series of escalations have led to all-out war.
In northern Gaza, an Israeli strike on a home sheltering displaced people in the urban refugee camp of Jabaliya killed at least 17 people, including nine women, according to Dr. Fadel Naim, director of Al-Ahly Hospital in Gaza City.
Israel’s military said that it targeted a site where militants were operating, without providing evidence. It said the details of the strike were under review.
A separate strike hit a house in Gaza City, killing Wael al-Khour, a minister in the Hamas-run government, as well as his wife and three children, according to the Civil Defense first responders who operate under the government.
Israel strikes deeper into Lebanon ISRAEL has struck deeper inside Lebanon since September, when it killed Hezbollah leader Hassan Nasrallah and most of his top commanders. Hezbollah has expanded its rocket fire from northern to central Israel. The fighting has killed more than 3,100 people in Lebanon, according to the Health Ministry, and more than 70 people in Israel.
After Israel’s strike in Aalmat, around 40 kilometers (25 miles) north of Beirut, legislator Raed Berro denied that any Hezbollah personnel or assets were in the
building hit.
“Everyone can see, in front of cameras, that what is being pulled from under the rubble are women, children and elderly people who have nothing to do with weapons or rocket warehouses,” Berro said.
Hassan Ghaddaf, who lived next door and was slightly wounded while heading to his balcony with morning coffee, said displaced people were in the building.
“I had seen them and got to know them the other day,” Ghaddaf said.
“They were peaceful. On the contrary, they had someone from the Lebanese Internal Security Forces that works for the state, and we saw their garb and clothes in the rubble.”
In Syria, an Israeli airstrike hit a residential building in the Damascus suburb of Sayyida Zeinab, and the Defense Ministry said that seven civilians were killed, state news agency SANA reported. Britain-based opposition war monitor The Syrian Observatory for Human Rights suggested that Hezbollah was targeted. Israel didn’t immediately comment.
Fears of famine in northern Gaza
THE mid-month deadline is approaching for the Biden administration’s ultimatum for Israel: Allow more aid into Gaza or risk possible restrictions on US military funding.
Israeli forces have encircled and largely isolated Jabaliya and the nearby northern Gaza towns of Beit Lahiya and Beit Hanoun for the past month, allowing only a trickle of humanitarian aid. Experts from a panel that monitors food security say famine is imminent or may already be happening.
The northern third of Gaza, including Gaza City, has suffered the heaviest destruction of the 13-month war. Israel has sent forces back in, saying Hamas has regrouped.
Israeli strikes often kill women and children. The military says it only targets militants, whom it accuses of hiding among civilians.
Also on Sunday, Israel’s military released what it called footage of Hamas abusing detainees. The soundless footage, dated from 2018 to 2020, appears to show hooded detainees chained in stress posi -
Drones strike Moscow as top UK official highlights Russian casualties in Ukraine
By Susie Blann & Joanna Kozlowska The Associated Press
KYIV, Ukraine—A massive drone strike rattled Moscow and its suburbs overnight into Sunday, injuring several people and temporarily halting traffic at some of Russia’s busiest airports, officials reported.
Meanwhile, a huge nighttime wave of Russian drones targeted Ukraine.
This came after Russian President Vladimir Putin signed into law a pact with North Korea Saturday night, obliging the two countries to provide immediate military aid using “all means” if either is attacked. The agreement marks the strongest link between Moscow and Pyongyang since the end of the Cold War.
Earlier this week, Ukraine reported that its troops engaged for the first time with North Korean units. US officials earlier confirmed the deployment of at least 3,000 North Korean troops to Russia, while Kyiv has repeatedly said the number is far higher. This has fueled concerns of a marked escalation in Moscow’s war on Ukraine, and tensions spilling over into the Asia-Pacific.
UK estimates Russian troop losses at 700,000 BOTH Moscow and Kyiv have kept a tight lid on casualty figures since the start of the full-scale war despite regular reports of Russian forces taking huge losses following “human wave” attacks that aim to exhaust Ukrainian defenses.
However, the chief of the UK defense staff, Tony Radakin, told the BBC that Russian forces had suffered their worst month of casualties in October since the full-scale invasion of Ukraine in February 2022. He said Moscow’s troops suffered an average of 1,500 dead and wounded per day, bringing their total losses in the war to 700,000.
According to Radakin, ordinary Russians were paying “an extraordinary price” for the war, even as a grueling, monthslong Russian offensive in Ukraine’s industrial east continues to eke out gains. He did not say how UK officials had calculated the Russian casualty figures.
“There is no doubt that Russia is making tactical, territorial gains and that is putting pressure on Ukraine,” he said. But he added that they were “tiny increments of land,” and Moscow’s mounting defense and security
tions. In some clips, men beat or poke them with batons. It wasn’t possible to independently verify the videos, which the military said that it recovered during operations in Gaza.
Rights groups have long accused the Hamas-run government in Gaza and the Western-backed Palestinian Authority in the occupied West Bank of abusing detainees and violently quashing dissent. Israel has been accused of similar abuses, especially since the start of the war. Israeli prison authorities say they follow relevant laws and investigate allegations of wrongdoing.
The toll of war THE war in Gaza began when Hamas-led militants stormed into southern Israel on Oct. 7, 2023 and killed around 1,200 people, mostly civilians, and abducted about 250. Around 100 hostages are still inside Gaza, about a third believed to be dead.
Israel’s offensive has killed more than 43,000 Palestinians, according to local health authorities who don’t distinguish between civilians and militants in their count, but say more than half the dead were women and children.
Israeli bombardment and ground invasions have left vast areas of Gaza in ruins and displaced around 90 percent of the population of 2.3 million people, often multiple times. Hundreds of thousands live in tent camps with few if any services.
Cease-fire talks mediated by the United States, Qatar and Egypt have repeatedly stalled, as have parallel efforts by the US and others to halt the fighting between Israel and Hezbollah.
Qatar, a key mediator with Hamas, said Saturday that it had suspended its efforts and would resume them when “the parties show their willingness and seriousness to end the brutal war.”
Some Palestinians in Gaza responded with frustration.
“The Arab silence that controls the Arab capitals, that’s because of the fear of the American administration and Israel,” said Akram Jarada, displaced from Gaza City.
Samy Magdy reported from Cairo and Chehayeb from Beirut. Lujain Jo in Aalmat, Lebanon, and Melanie Lidman in Tel Aviv, Israel, contributed to this report.
spending was putting an increasing strain on the country.
Radakin insisted that Ukraine’s Western partners should stand by it for “as long as it takes” to beat back Russian aggression, even as allies of US President-elect Donald Trump have signaled that Kyiv may have to cede territory to seek peace.
Russia is cautiously optimistic about Trump’s forthcoming presidency ON Sunday, the Kremlin’s official spokesman voiced cautious optimism about Trump’s upcoming presidency, saying: “At least he talks about peace. … He does not talk about confrontation.”
“The signals are positive. Trump, during his election campaign, said that he perceives everything through deals, that he can make deals that will lead everyone toward peace,” Dmitry Peskov told reporters at a briefing.
“He does not talk about a desire to inflict a strategic defeat on Russia, and this favorably distinguishes him from the current (US) administration,” Peskov said.
But Ukrainian President Volodymyr Zelenskyy on Sunday insisted that “strong decisions” from Kyiv’s Western partners are needed to stop the “terror” of Russian drone See “Moscow,” A11
Japan’s Prime Minister Ishiba reelected despite election setback and rising opposition challenge
By Mari Yamaguchi
The Associated Press
TOKYO—Japan’s parliament reelected Prime Minister Shigeru Ishiba on Monday after his governing coalition suffered the worst election loss in more than a decade.
Ishiba’s ruling Liberal Democratic Party and its junior partner Komeito together lost their majority in the 465-seat Lower House, the more powerful of Japan’s two-house parliament, in the October 27 election due to continued voter outrage over financial misconduct by his party and its lukewarm response.
A special parliamentary session convened Monday to pick a new leader in a vote required within 30 days of a general election. In the past, these votes did not attract as much attention because an LDP leader was virtually assured to be prime minister. Ishiba beat top opposition leader Yoshihiko Noda 221-160 in the first runoff in 30 years.
Most of his previous Cabinet members will be reappointed, but Ishiba will have to replace three who lost their seats or were affected by the election results.
Since the election loss, Ishiba has refused to step down, saying he is willing to cooperate with additional coalition partners to boost stability and help him
pursue his party’s policies. Noda, head of the centrist opposition Constitutional Democratic Party of Japan, has sought to form an opposition coalition—but so far unsuccessfully.
Ishiba will struggle in the coming months as he must gain consent from the opposition on policies, including the budget and other legislation.
He is eyeing a rising smaller, conservative opposition, the Democratic Party for the People, whose seats quadrupled to 28 under its popular leader Yuichiro Tamaki.
A Harvard-educated former Finance Ministry bureaucrat, Tamaki has proposed raising the basic tax-free income allowance and increasing take-home wages, ideas that attracted low-income earners and younger voters in the election. He only wants to cooperate with Ishiba’s party on policy—not as part of a coalition—since he wants to use his leverage to increase his party’s standing ahead of the next election. Tamaki was recently stung by a magazine article exposing an extramarital affair, which he admitted to on Monday, adding to political uncertainty.
Ishiba’s government is preparing for his trip later this month to Asean and Group of 20 summits, as well as a possible meeting with US President-elect Donald Trump on his way home.
China’s Singles’ Day shopping festival loses luster as consumers turn cautious amid economic woes
By Zen Soo Ap Business Writer
HONG KONG—Merchants and consumers alike found the Singles’ Day shopping festival Monday less shiny than in years past as e-commerce firms look abroad for growth.
The annual event named by the numeric form of its Nov. 11 date was started by ecommerce platform Alibaba, which offered attractive discounts to entice shoppers to spend big. The extravaganza has since expanded to other platforms like JD.com and Pinduoduo in China as well as abroad.
While Singles’ Day was previously a oneday event, shopping platforms in China now kickstart the festival weeks ahead to drum up sales volume. The festival has also traditionally been regarded as a barometer of consumer sentiment.
But amid China’s lagging domestic economy, dragged down by a real estate crisis and deflationary pressures, consumers no longer go all out on purchases during the shopping extravaganza.
“I only spent a few hundred yuan on daily necessities,” said Wang Haihua, who owns a fitness center in Beijing.
Wang said that the prices offered on ecommerce platforms during Singles’ Day are
not necessarily cheaper than usual.
“They’re all tricks and we’ve seen through it over the years,” she said. Zhang Jiewei, a 34-year-old who runs a barber shop in Xi’an city, echoed Wang’s sentiments, saying that he no longer trust Singles’ Day promotions as some merchant tend to raise the usual price of a product before offering a discount, giving consumers the illusion they are getting a deal.
“I used to buy a lot two or three years ago and I even purchased a mobile phone (during Singles’ Day),” he said.
“I stopped doing that following the pandemic because of less income. I am not going to buy anything this year,” Zhang added.
Some experts say that Beijing’s recent stimulus measures have had little impact to boost consumer confidence.
“People are not interested in spending and are cutting back on big-ticket items,” said Shaun Rein, founder and managing director of China Market Research Group in Shanghai.
“Since October 2022, the weak economy means that everything has been on discount year-round, 11.11 is not going to bring in more discounts that the month before.”
The Associated Press researcher Yu Bing in Beijing contributed to this report.
Climate talks in Azerbaijan: A race against time for funding and action
By Seth Borenstein & Melina Walling The Associated Press
BAKU, Azerbaijan—Soaring rhetoric, urgent pleas and pledges of cooperation contrasted with a backdrop of seismic political changes, global wars and economic hardships as the United Nations annual climate talks began Monday and got right to the hard part: money.
In Baku, Azerbaijan, where the world’s first oil well was drilled and the smell of the fuel was noticeable outdoors, the two-week session, called COP29, got right to the major focus of striking a new deal on how many hundreds of billions—or even trillions—of dollars a year will flow from rich nations to poor to try to curb and adapt to climate change.
The money is to help the developing world transition their energy systems away from planetwarming fossil fuels and toward clean energy, compensate for climate disasters mostly triggered by carbon pollution from rich nations and adapt to future extreme weather.
“These numbers may sound big but they are nothing compared to the cost of inaction,” the new COP29 president, Mukhtar Babayev, said as he took over. “COP29 is a moment of truth for the Paris Agreement,” which in 2015 set a goal of limiting warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) since preindustrial times.
This year, the world is on pace for 1.5 degrees of warming and is heading to become the hottest year in human civilization, the European climate service Copernicus announced earlier this month. But the Paris 1.5 goal is about decades, not one year of that amount of warming.
Signs of climate disasters abound
THE effects of climate change in disasters such as hurricanes, droughts and floods are already here and hurting, Babayev said.
“We are on the road to ruin,” Babayev said. “Whether you see them or not, people are suffering in the shadows. They are dying in the dark. And they need more than compassion. More than prayers and paperwork. They are crying out for leadership and action. COP29 is the unmissable moment to chart a new path forward for everyone.”
United Nations Climate Secretary Simon Stiell, whose home island of Carriacou was devastated earlier this year by Hurricane Beryl, used the story of his neighbor, an 85-year-old named Florence, to help find “a way out of this mess.”
Her home was demolished and Florence focused on one thing: “Being strong for her family and for her community. There are people like Florence in every country on Earth. Knocked down, and getting back up again.”
That’s what the world must do with climate change, especially with providing money, Stiell said.
“Let’s dispense with any idea that climate finance is charity,” Stiell said. “An ambitious new climate finance goal is entirely in the self-interest of every nation,
including the largest and wealthiest” because it will keep future warming from hitting 5 degrees Celsius, where he said the world was going before it started fighting climate change.
A backdrop of upheaval hangs over talks
IN the past year, nation after nation has seen political upheaval, with the latest being in the United States—the largest historic carbon emitter—and Germany, a climate leading nation.
The election of Donald Trump, who disputes climate change and its impact, and the collapse of the German governing coalition are altering climate negotiation dynamics here, experts said.
Initially, Azerbaijan organizers who were hoping to have nations across the globe stop fighting during the two weeks of negotiations. That didn’t happen as wars in Ukraine, Gaza and elsewhere continued.
Still, some attendees were hopeful.
“Within sight of the destruction lies the seed of creation,” Jacob Johns, a Hopi and Akimel O’odham community organizer said at a panel about Indigenous people’s hopes for climate action. “We have to realize that we are not citizens of one nation, we are
the Earth.”
Hopes for a strong outcome
THE financial package being hashed out at this year’s talks is important because every nation has until early next year to submit new—and presumably stronger— targets for curbing emissions of heat-trapping gases from the burning of coal, oil and natural gas. That’s part of the 2015 Paris agreement for nations to ratchet up efforts every five years. The long-term global average temperature is now 1.3 degrees Celsius (2.3 degrees Fahrenheit) above pre-industrial times, only two-tenths of a degree from the agreed-upon threshold.
For the world to prevent more than 1.5 degrees of warming, global carbon emissions must be slashed by 42 percent by 2030, a new United Nations report said. Instead, the world is now on path for 3.1 degrees (5.6 degrees Fahrenheit) of warming.
“We cannot leave Baku without a substantial outcome,” Stiell said. “Now is the time to show that global cooperation is not down for the count. It is rising to the moment.”
The Associated Press reporter Sibi Arasu contributed.
Haiti fires prime minister, marking more turmoil in democratic transition process
y Evens Sanon The Associated Press
PORT-AU-PRINCE, Haiti—A transitionary council created to reestablish democratic order in Haiti signed a decree Sunday firing interim Prime Minister Garry Conille and replacing him with Alix Didier Fils-Aimé, a businessman who was previously considered for the job.
The decree, to be published on Monday, was provided to The Associated Press by a government source. It marks even more turmoil in an already rocky democratic transition process for Haiti, which hasn’t held democratic elections in years in large part due to the soaring levels of gang violence plaguing the Caribbean nation.
Fils-Aimé is the former president of Haiti’s Chamber of Commerce and Industry and in 2015 ran an unsuccessful campaign
border, local Gov. Vyacheslav Gladkov reported. Five other people were injured in the Moscow suburb of Ramenskoe and a nearby village, according to local officials. Russian channels on the messaging app Telegram carried eyewitness reports of drone debris setting fire to suburban homes. Russia’s aviation authority
for Senate. The businessman studied at Boston University and was previously considered for the position as a private sector candidate for the post before Conille
took the seat.
Conille, a longtime civil servant who has worked with the United Nations, served as prime minister for only six months.
The AP on Sunday couldn’t reach Conille or a spokesperson for him.
The transitional presidential council was established in April, tasked with choosing Haiti’s next prime minister and Cabinet with the hope that it would help quell turmoil in Haiti. But the council has been plagued with politics and infighting, and has long been at odds with Conille. Organizations like the Organization of American States tried and failed last week to mediate disagreements in an attempt to save the fragile transition, according to The Miami Herald.
The process suffered another blow in October when three council members faced corruption accusations, from anticorruption investigators alleging that they
demanded $750,000 in bribes from a government bank director to secure his job. The report was a significant blow to the nine-member council and is expected to further erode people’s trust in it. Those same members accused of bribery, Smith Augustin, Emmanuel Vertilaire and Louis Gérald Gilles, were among those to sign the decree. Only one member, Edgard Leblanc Fils, did not sign the order. The move by the transitional council came under fire by some in Haiti like former Justice Minister Bernard Gousse, who told local media that Conille’s dismissal was “illegal” because the council was overextending its powers and because of the corruption allegations levered against them.
The Associated Press reporter Megan Janetsky contributed to this report from Mexico City.
MUKHTAR BABAYEV, COP29 President, speaks during the opening plenary session at
JAPANESE Prime Minister Shigeru Ishiba, center, attends a special parliamentary session of the lower house before a parliamentary vote for a new leader on Monday, November 11, 2024, in Tokyo. AP/EUGENE HOSHIKO
HAITI Prime Minister Garry Conille speaks during a joint press conference with Kenya’s President William Ruto at the State House in Nairobi, Kenya on October 11, 2024. AP/BRIAN INGANGA
PHL fortifies global chip market position with strategic moves
THe Philippines is embarking on a pivotal journey to strengthen its position in the global semiconductor industry, a move that holds the potential to reshape not only the country’s economic landscape but also its role in international technology supply chains. The kick-off sessions organized under the International Technology Security & Innovation Fund (ITSI Fund) are a testament to the country’s commitment to workforce development and the creation of a supportive public policy environment. (Read the BusinessMirror story: “PHL embarks on semiconductors labor development, public policy seminars,” November 9, 2024).
In a world increasingly reliant on semiconductor technology, the importance of fostering local talent and enhancing industry capabilities cannot be overstated. The collaboration between the US Department of State, Arizona State University (ASU), and the Philippine Board of Investments (BOI) signifies a strategic alignment of resources and expertise aimed at addressing the pressing challenges and opportunities within the semiconductor sector. With a generous $13.8 million investment from the US government, the initiative promises to empower the Philippines to not only participate but thrive in the global semiconductor supply chain.
Trade Undersecretary and BOI managing head Ceferino Rodolfo’s remarks highlight the significance of this initiative: it reinforces the Philippines’ connection with the US while positioning the country as a vital player in the semiconductor landscape. As other nations like Costa Rica, Mexico, and Vietnam also aim to enhance their semiconductor capabilities, the Philippines must seize this moment to develop a skilled workforce capable of meeting industry demands.
The workshops and training sessions are designed to cultivate talent across various educational institutions, from top engineering universities to vocational colleges. By equipping students and faculty with essential skills and certifications in semiconductor technology, the initiative lays the groundwork for a robust talent pipeline. This is crucial for attracting foreign investments and fostering innovation within the local industry.
Trade Secretary Cristina Roque aptly points out that the initiative’s impact transcends the semiconductor industry, serving as a catalyst for broader economic growth. The Philippines has the opportunity to emerge as a premier destination for semiconductor manufacturing, which can lead to job creation, increased exports, and enhanced technological capabilities.
In a region where competition for investment is fierce, the country must demonstrate not just a commitment to education and workforce development, but also a conducive business environment that encourages innovation.
Assistant Secretary Marvin Jason N. Bayang of the Office of the Special Assistant to the President for Investment and Economic Affairs says the emphasis on improving the ease of doing business and streamlining investment processes is particularly relevant. For the semiconductor sector to flourish, the government must implement policies that attract and retain investors, ensuring that the Philippines can become a hub for cutting-edge technology and manufacturing.
Moreover, the establishment of the ITSI Skills Accelerator portal represents a forward-thinking approach to education and professional development. By providing free courses and certification opportunities, ASU is helping to democratize access to knowledge in the semiconductor field, empowering a new generation of skilled workers.
As the global semiconductor market is projected to soar to over $2 trillion by 2032, the Philippines stands at a crossroads. By investing in its workforce and creating supportive policies, the country can not only enhance its role in this critical industry but also contribute to the resilience of the global semiconductor ecosystem. This initiative is more than just a response to current market demands; it is a strategic blueprint for the country’s future in an increasingly technology-driven world.
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Trump and ‘The Deal’
AJohn Mangun
OUTSIDE THE BOX
nyone writing about what newly elected US President Donald Trump is going to do on the world stage must have read Trump’s “The Art of the Deal.” If not, the writer is talking only from his or her own imagination and bias.
Everybody has an opinion on Trump. Our own local “Progressive Press” published this piece of nonsense back in 2021 after Trump lost to Biden. “Ultimately, I think Filipino-American support of Donald Trump boils down to two reasons: an undeveloped understanding of Christian faith and, more insidiously, our proximity to ‘Whiteness.’”
Now we have this. “[In This Economy] What a second Trump term might mean for the Philippines” reads the headline. The opinion starts with “Donald Trump’s victory in the 2024 US presidential election brought back memories of the traumatic win of Ferdinand Marcos Jr. in 2022. Just as it was unthinkable for another Marcos to step back into Malacañang, it was unthinkable for Trump to step back into the White House.”
It does not seem to be “unthinkable” as Trump scored a landslide
victory gaining 312 electoral college votes to Harris’ 226, with some 74+ million Trump votes and 5 million more votes than in 2016.
Further, more US states moved in Trump’s direction versus the 2020 election than for any other candidate since 1992. It was the best Republican Party showing among the 18 to 29-age cohort in 20 years, among Black voters in 48 years, and with Hispanic voters in 52 years. The last time Starr County in Texas, 97 percent Hispanic, went Republican was in 1892. It was also the best Republican Party showing in House of Representatives popular vote in a presidential general election year since 1928.
“Trump’s 2024 win is part and parcel of a global trend toward authoritarianism and populism.” “Progressives” are at least globally consistent. The results from the voting exercise of a democracy, the popular vote, al-
By Sidhartha Shukla
BITcoIn rallied past $81,000 for the first time, boosted by President-elect Donald Trump’s embrace of digital assets and the prospect of a congress featuring pro-crypto lawmakers.
Trump was declared the winner in Arizona, marking a clean sweep of the seven US battleground states. His decisive victory in the presidential election has prompted celebratory chest-thumping from the digital-asset industry, which spent over $100 million backing a range of cryptofriendly candidates.
The largest token climbed as much as 6.1 percent on Sunday and hit an unprecedented $81,497 early in Asia on Monday, before changing hands at $80,835 as of 9:30 a.m. in Singapore. Bullish sentiment lifted smaller coins too, including a surge in Dogecoin, a meme-crowd favorite promoted by Trump supporter Elon Musk.
“With the dust from Trump’s victory still settling down, it was only a matter of time before a run-up of
some sort occurred given the perception of Trump being pro-crypto, and that’s what we’re seeing now,” said Le Shi, Hong Kong managing director at market-making firm Auros.
Trump’s agenda
T RUMP vowed on the campaign trail to put the US at the center of the digital-asset industry, including creating a strategic Bitcoin stockpile and appointing regulators enamored with digital assets. Jubilant traders for the moment are paying little heed to questions such as the speed of likely implementation or whether a strategic stockpile is a realistic possibility. His broader agenda of stoking domestic economic growth, tax cuts and reducing red tape has fueled a buying spree across stocks, credit and
ways seems “unthinkable” when the “Progressives” lose. The immediate concerns for the Philippines, and for most of the world, is not related to the US domestic policies or even potential changes in American global economic policies but the geopolitical issues of the Ukraine war, war in the Middle East, and Chinese saberrattling in Asia.
Back to “The Art of the Deal.” Too often geopolitics comes down to faceto-face meetings. At the 1945 Yalta conference, Stalin agreed to nearly all of the post-war demands made by the US and the UK, only to later violate his promises. Stalin capitalized on Roosevelt’s declining health, and just two months after the conference, Roosevelt passed away. Trump argues that successful negotiations are not just about what you want, but more importantly about understanding what the other party desires or better yet, needs. Trump’s primary public negotiation method leans more toward the “stick” with his brute force tactics. But in private he prefers to use the “carrot” to achieve a win-win result.
Regarding Ukraine, Putin needs reduction of the economic sanctions and access to the global financial system. Zelenskyy needs to have his country rebuilt. The “stick” to bringing Putin to the table is more grinding war with Ukraine being supplied with weapons and money. To Zelenskyy the stick is a reduction in aid.
What Trump wants is that war to end and for Russia to curtail Iran and its proxies in the Middle East. For Israel, Trump wants Netanyahu to respond positively to any Russian pressure on Iran and to not take military advantage of it. The stick is obviously US aid to Israel. China needs the trade route of the South China Sea more than any other country and like it or not, still needs to export to the US as that is China’s largest market by far. China’s economy is in substantial trouble by every aspect. Now Trump increasing tariffs pose a bigger threat to China’s economy than in his prior administration. Back then, Chinese exports to the US decreased by 4 percent, while exports to non-US countries increased mildly by less than one percent. Trump needs to reduce tensions in the region. China needs better US trade relations.
Donald Trump is ultimately a businessman who understands like every business owner that a successful and prosperous “deal” must end with both the “buyer” and “seller” being satisfied and happy with the results. It is only in politics and war where the result must be a victorious “winner” and a defeated “loser.”
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.
crypto. The S&P 500 equity index last week hit its 50th record this year. Bitcoin has added about 93 percent so far in 2024, helped by robust demand for dedicated US exchangetraded funds and interest-rate cuts by the Federal Reserve. The rise in the token, which scaled fresh records after Tuesday’s US vote, exceeds the returns from investments such as stocks and gold.
The ETFs, powered by BlackRock Inc.’s $35 billion iShares Bitcoin Trust, posted a record daily net inflow of almost $1.4 billion on Thursday, according to data compiled by Bloomberg. A day earlier, the iShares ETF’s trading volume jumped to an all-time peak—all signs of how Trump’s victory is reshaping crypto.
Institutional demand
“WE believe a significant portion of the institutional market de-risked in the lead-up to the election and is now re-entering post Trump’s win, creating material buying pressure—this is likely to be ongoing for some time yet,” said Richard Galvin, founder
of crypto-focused investment firm DACM.
Trump’s stance contrasts with a crackdown on digital assets under President Joe Biden. Securities & Exchange Commission Chair Gary Gensler repeatedly labeled the sector as rife with fraud and misconduct. The agency turned the screws on crypto following a 2022 market rout and a litany of collapses, notably the bankruptcy of Sam Bankman-Fried’s fraudulent FTX exchange. Digital-asset companies spent heavily during the election campaign to boost candidates viewed as favorable to their interests. Against that backdrop, Trump did an about-face, becoming a supporter of an industry he once labeled a scam.
“Trump has promised supportive regulation, and the sweep of the House and the Senate makes the passage of crypto bills much more likely,” wrote Noelle Acheson, author of the Crypto Is Macro Now newsletter. with assistance from mumbi Gitau /bloomberg
Ambassador Antonio L. Cabangon Chua
Bond market on risky path as traders regroup from wild week
By Liz Capo McCormick & Michael Mackenzie
The bond-market selloff unleashed by Donald Trump’s presidential victory last week ended almost as quickly as it began.
Yet firms like blackRock inc., JPMorgan Chase & Co. and TCw group inc. have issued a steady drumbeat of warnings that the bumpy ride is likely far from over.
Trump’s coming return to the White House has significantly upended the outlook for the US Treasury market, where October’s losses had already wiped out much of this year’s gains.
Less than two months after the Federal Reserve started pulling interest rates back from a more than two-decade high, the likelihood that Trump will cut taxes and throw up large tariffs is threatening to rekindle inflation by raising import costs and pouring stimulus on an already strong economy.
His fiscal plans—unless offset by massive spending cuts—would also send the federal budget deficit surging. And that, in turn, has renewed doubts about whether bondholders will start demanding higher yields in return for absorbing an ever-rising supply of new Treasuries.
One scenario is “the bond market instills fiscal discipline with an unpleasant rise in rates,” said Janet Rilling, senior portfolio manager and the head of the Plus Fixed Income team at Allspring Global Investments.
She predicted the 10-year Treasury yield could rise back to the peak of 5 percent hit in late 2023, about 70 basis points above where it was Friday. That “was the cycle high and it’s a reasonable level if there is a full implementation of the proposed tariffs.”
There remains considerable uncertainty about the precise policies Trump will enact, and some of the potential impact has already been priced in, since speculators started betting on his victory well ahead of the vote. While 10- and 30-year Treasury yields surged Wednesday to the highest in months, they came tumbling back down again over the next two days, ending the week lower than they began.
There’s no cash Treasuries trading on Monday due to a US holiday. But the prospect that Trump’s policies will spur growth has driven traders to pare back expectations for how deeply the Fed will cut rates next year, dashing hopes that bonds would rally as it eased policy aggressively.
Economists at Goldman Sachs Group Inc., Barclays Plc and JPMorgan have shifted their Fed forecasts to show fewer reductions. Swaps traders are pricing in that policymakers will reduce its benchmark rate to 4% by mid-2025, a full percentage point higher than they were predicting in September. It’s in a range of 4.5 percent to 4.75 percent now.
The coming week’s economic data, particularly the latest reading on consumer and producer prices, may spark renewed volatility. Fed Chair Jerome Powell, New York Fed president John Williams and Fed Governor Christopher Waller are also set to speak, providing potentially fresh insights on their outlooks.
Federal Reserve Bank of Minneapolis President Neel Kashkari said Sunday the US economy has remained remarkably strong as the central bank progressed in beating back inflation, though the Fed was
By Ishika Mookerjee
Trump’s coming return to the White House has significantly upended the outlook for the US Treasury market, where October’s losses had already wiped out much of this year’s gains.
still “not all the way home.”
“Election trades are set for a bit of a breather as punters looks to recalibrate risk and sweep a bit of profit off the table. This is kind of what we saw in the aftermath of the election in 2016; after a big rally the day after, the S&P moved sideways for a few days before taking off again. The rise in Treasury yields was more consistent and pronounced, but then again the Fed was on the verge of restarting its rate-hike normalization, not in the midst of an easing cycle,” said Bloomberg macro strategist Cameron Crise.
Rick Rieder, BlackRock’s chief investment officer for global fixed income, has been telling investors they shouldn’t expect bond prices to rise from here. He said the recent backup is a chance to lock in elevated yields on short-term bonds, but he remains cautious about longer-term debt given the current uncertainty.
After the Fed meeting Thursday, he said in a note to clients that the previous day’s selloff had made short-term yields “extremely attractive.” But “venturing out to the wild blue yonder of longer-term interest rates,” he added, is “maybe not worth that excitement [or the volatility].”
Others see risk that the bond market has further room to fall.
JPMorgan’s Bob Michele, the chief investment officer and head of global fixed income at its asset management arm, is among those warning that 10-year Treasury yields may eventually climb back to 5 percent after Trump takes office. At Amundi SA, Europe’s biggest asset manager, CIO Vincent Mortier has flagged that point too, saying it’s a “real alert level” that could ripple into the equity market by driving investors to shift cash over to bonds.
After the Fed cut rates for its second straight meeting on Thursday, Powell declined to speculate on how Trump’s plans may affect the bank’s path and said it wasn’t clear that the recent rise in yields will hold.
But analysts widely expect the next Trump administration to worsen the federal deficit, which has already swelled under President Joe Biden. The Committee for a Responsible Budget last month estimated Trump’s plans would increase the debt by $7.75 trillion more than what’s currently projected through fiscal year 2035.
“At some point, an increasing deficit and debt servicing, all things equal, should lead to a higher yield premium,” said Ruben Hovhannisyan, fixed-income portfolio manager at TCW Group. “The question is the degree of how much more fiscal deficits will grow under this administration.” With assistance from Julien Ponthus and Ruth Carson /Bloomberg
VAT of RE developers
RTax law for business
enewable energy is the future. Fiscal incentives are given to promote and encourage the shift to sustainable energy, including value-added tax (VaT) incentives. but are R e developers aware of their rights and privileges and their local suppliers educated as to when these rights and privileges should be recognized?
The zero percent (0 percent) VAT on the sale of power generated from renewable energy sources is found under the Renewable Energy Law.
An RE Developer must be registered with the DOE and the BOI before they may be entitled to tax incentives. But Section 108(B)(7) of the Tax Code, as it stands alone, provides that sale of renewable energy is subject to 0 percent VAT, without any conditions. The RE Law is not an amendment to the provisions under the Tax Code. Thus, an RE Developer can still enjoy VAT zero-rating on their sale of renewable energy power, even if not registered with the DOE and the BOI.
In the recent case of CBK Power Company Limited v. Commissioner of Internal Revenue, the Supreme Court had held that sales of electricity generated through hydropower are subject to 0 percent VAT in accordance with Section 108(B)(7) of the NIRC despite the non-compliance with the requirements of the RE Law. The difference is in the treatment of the local sale or supply of goods and services to an RE Developer.
When is it subject to 0 percent VAT and when is it not?
Sale of goods and service qualified for VAT-zero rating under special laws includes sales to RE Developers, by virtue of the RE Law. But only local supply of goods, properties and services needed for the development, construction and installation of RE plant facilities is charged zero percent VAT. This applies to the whole process of exploring and developing renewable energy sources up to its conversion into power, including but not limited to the services performed by subcontractors and/ or contractors. In effect, local suppliers/sellers of RE Developers that are registered under the RE Law should not pass on 12 percent VAT on the latter’s purchases of goods, properties and services that will be used in the development, construction and installation of their power plant facilities, including the whole process of exploring and developing renewable energy sources up to its conversion into power.
But to qualify for VAT zero-rating, the RE Developers must register first
with the DOE, through the Renewable Energy Management Bureau. In addition, the RE Developers must also secure and present a Certificate of Registration with the BOI. In addition, the local suppliers must also secure the BIR Certificate of Registration of the RE Developers.
Since only local supply is subject to 0 percent VAT, RE Developers are still liable to pay 12 percent VAT on their importations.
A company that is registered under the RE law is entitled to VAT zero-rating on its local purchases of goods and services that are needed in the development, construction and installation of their plant facilities, including the whole process of exploring and developing renewable energy sources up to its conversion into power. With respect to these local purchases, the company cannot claim any VAT refund on these local purchases because they should not have allowed themselves to be passed on VAT in the first place. In case the company was charged with input taxes, the claim for input tax refund must be sought from its supplier or seller, and not with the BIR.
Thus, as far as local purchases are concerned, the company can only claim input tax refund from sources other than local purchase or supply of goods, properties and services needed for the development, construction and installation of their plant facilities, and exploration and development of renewable energy sources up to conversion into power.
What if the RE developer is not registered under the RE Law and consequently to the DOE and the BOI,
is it entitled to the same VAT incentives? It is not. VAT will be passed on to them even if their purchases are needed in the development, construction and installation of their plant facilities. However, they are entitled to refund all the input VAT that they incurred that are attributable to the sale of energy. Sometimes, the non-incentive is an advantage because companies do not need to make a distinction between a vatable and a non-vatable purchase in its claim for refund. On the other hand, an RE developer that is registered under the RE law is faced with some suppliers who insist that VAT must be passed on even if the purchases are needed in the development, construction and installation of plant facilities. If for business reasons the RE developer has chosen to absorb the VAT, they cannot recover the same from the government.
Thus, it is important for local suppliers to acknowledge the rights and privileges of RE developers that are registered under the RE law. RE developers on the other hand must insist on their rights and not allow their suppliers to pass on VAT to them if it is not due.
The author is a senior 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 irwin.c.nideajr@ bdblaw.com.ph or call 8403-2001 local 330.
Foreign firms pull more money from China’s slowing economy
FoR eign companies pulled more money from China last quarter, a sign that some investors are still pessimistic even as beijing rolls out stimulus measures aimed at stabilizing growth.
China’s direct investment liabilities in its balance of payments dropped $8.1 billion in the third quarter, according to data from the State Administration of Foreign Exchange released late Friday. The gauge, which measures foreign direct investment in China, was down almost $13 billion for the first nine months of the year.
Foreign investment into China has slumped in the past three years after hitting a record in 2021, a casualty of geopolitical tensions, pessimism about the world’s secondlargest economy and stronger competition from Chinese domestic firms in industries such as cars. Should the
IWRITE in relation to the article entitled: “CREATE hurting us— German cargo businessman,”
decline continue for the rest of the year, it would be the first annual net outflow in FDI since at least 1990, when comparable data begins.
Companies that have pulled back some China operations this year include automakers Nissan Motor Co. and Volkswagen AG, along with others like Konica Minolta Inc. Nippon Steel Corp. said in July it was exiting a joint venture in China, while International Business Machines Corp. is shutting down a hardware research team in the country, a decision affecting about 1,000 employees.
The prospect of an expanded trade war and deteriorating relations with Beijing during US President-
elect Donald Trump’s second term may further weigh on investment. “Geopolitical tension” is the topmost concern for members of the American Chamber of Commerce in Shanghai, according to the group’s chair, Allan Gabor.
“It makes it difficult to plan big investments, but on the contrary, we see a lot of members making small and medium-sized investments,” Gabor said in an interview with Bloomberg TV last week during the China International Import Expo. “It’s a much more surgical investment environment.”
Still, government efforts in late September to stimulate the economy has already benefited one group of foreign investors, with the value of stocks held by foreigners jumping more than 26% from August, according to separate data from the central bank. The Chinese benchmark stock
index gained almost 21 percent in September after the start of a coordinated stimulus effort, although it has since given up some of those gains. By contrast, outbound investment from China has been rising sharply. In the third quarter, Chinese firms increased their overseas assets by about $34 billion, according to the preliminary data from SAFE. That took outflows so far this year to $143 billion, the third-highest total on record for the period.
Chinese companies such as BYD Co. have been rapidly increasing their overseas footprint to secure raw materials and build up production capacity in foreign markets. That trend is likely to continue and expand, as more countries put tariffs on some Chinese exports such as steel and the US threatens to impose punitive tariffs on all Chinese goods. Bloomberg
published by BusinessMirror on its website on October 18, 2024.
While I appreciate the effort to discuss concerns on the recent changes in tax rules, it is necessary to clarify certain points for greater accuracy of the article.
In the said article, the author, Ms. Malou Talosig-Bartolome, wrote about the issues raised by Mr. Michael Kurt Raeuber, Chairman of the Board and Group Chief Executive Officer (CEO) of Royal Cargo, on the changes in taxation in the Philippines. Among the is -
sues raised is that “the recently passed revised Corporate Recovery and Tax Incentives for Enterprises (CREATE) is imposing additional taxes on freight and on Filipinos working for foreign investors based in the country xxx.”
As the Chairperson of the Committee on Ways and Means, I wish to clarify that that taxes on freight and on income of Filipinos working for foreign investors based in the Philippines were not amended nor touched upon in the Corporate Recovery and Tax Incentives for Enterprises to Maximize
Opportunities for Reinvigorating the Economy otherwise known as the CREATE MORE Bill. If at all, the CREATE MORE Bill seeks to enhance the tax incentives regime for registered business enterprises and clarify existing rules and policies on the grant and administration of fiscal incentives.
We hope you can consider these points and make the necessary changes. Thank you for your attention to this matter.
Win Gatchalian
atty. irwin C. nidea Jr.
Tuesday, November 12, 2024
Create More plugs tax perks gaps, seen drawing investors
By Samuel P. Medenilla @sam_medenilla
THE Philippines has now gained a competitive edge in attracting more investments with the signing of Republic Act 12066 or the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act by plugging the loopholes in the country’s tax incentive regime, according to Albay Second District Representative Jose Clemente “Joey” S. Salceda. With the passage of the new law, more foreign and local companies are now considering investing in the country.
On Monday, President Ferdinand Marcos Jr. signed the much-awaited new piece of legislation amending the National Internal Revenue Code (NIRC) of 1997 and enhancing the provisions of RA 11534 or the CREATE Act, which was signed in 2021.
“By building on the reforms initiated through the CREATE Act, we have enhanced our tax regime [and] incentive framework, and making it more inviting for investment—while remaining steadfast in the principles of fiscal prudence and stability,” Marcos said in his speech during the ceremonial signing of RA 12066.
In July, the Department of Finance (DOF) reported the CREATE
Act resulted in 1,239 projects with a committed investment capital of P1.2 trillion.
Bungled implementation SALCEDA , however, said the investments from the CREATE Act could have been much higher if the Bureau of Internal Revenue (BIR) did not “bungle” its implementation.
“Because what the BIR did was it disallowed many [of the tax incentives] from the previous locators....They did not respect the transitory provision [of RA 11534]. They disregarded it,” the lawmaker told Palace reporters in an interview.
He cited other issues which hampered the entry of more investments in the country: red tape, wherein businesses were required to negotiate with local government units (LGU) for their tax breaks; and the costly power rates in the country.
In its report released in August, the Senate Economic Planning Office (SEPO) issued a report, which showed the Philippines has the highest Corporate Income Tax (CIT) last year compared to its neighboring countries of Indonesia (20 percent), Malaysia (24 percent), Singapore (17 percent), Thailand (20 percent) and Vietnam (20 percent).
It also noted that Philippines has the most expensive power rates in the Southeast Asia SEPO said these factors make
bill, but ‘no’ voters warn of risks
THE Senate on Monday approved on third and final reading the bill to develop the natural gas industry, noting the urgency of bolstering the country’s energy mix for a rational transition from an over-reliance on fossil fuels.
However, the former energy panel chairman Win Gatchalian, and Deputy Minority Leader Risa Hontiveros cautioned against scuttling a key pillar of the Epira, which is the “least-cost” principle that she describes as the people’s best hedge against unreasonable power rates.
“This bill prioritizes indigenous natural gas, potentially undermining the ‘least-cost’ principle, which is a crucial safeguard for Filipino consumers against unreasonable electricity prices. This departure from the least-cost principle of EPIRA—as a principle and procedural guide—pertains to fuel selection by the aggregator and generators, generator selection by distribution utilities, and dispatch of generators by the WESM, and is simply unacceptable,” Hontiveros said, casting one of three negative votes. Under the bill, Hontiveros explained, the domestic natural gas sector would be under no pressure to match their selling price with what is available from regional and global markets. She said the Philippine energy sector would be required to purchase everything that the sector would produce and even the most inefficient wells will be guaranteed a market.
Cayetano stresses imperative HOWEVER , main sponsor of the bill Sen. Pia S. Cayetano defended the measure.
She thanked colleagues who supported the passage of Senate Bill No. 2793 or the Philippine Natural Gas Industry Development Act on third and final reading, with 14 affirmative votes and 3 negative votes.
According to Cayetano, the passage of the bill will benefit the country and the next generation because historically, indigenous natural gas has been cheaper. “This is a momentous step forward as we strive to achieve energy security and sustainable economic growth. This legislation supports our own and also international commitments to cleaner and more efficient energy production,” Cayetano said.
She reminded colleagues that, “natural gas is a transition fuel and our goal is to move to renewables. This means also protecting consumer welfare because with the entry, we promote the encouragement of more investments in natural gas. We will have energy security that will be able to provide for more accessibility to natural gas and consumers will be able to benefit from this.”
Gatchalian also voted against SB 2793. Gatchalian, former chairperson of the Committee on Energy, recognized that developing indigenous natural gas would boost energy security, but stressed that this must be balanced with the cost impact on consumers.
“Our foremost obligation is to ensure that the welfare of our people remains at the center of our legislative actions, especially when it comes to energy pricing, which has a direct impact on every Filipino household,” the senator said.
Gatchalian expressed concern over the provisions in the bill giving priority to indigenous natural gas over conventional source of energy even if the latter offers a lower bid; and, the absence of a competitive bidding or price discovery mechanisms for the procurement of indigenous natural gas. “Our responsibility to the Filipino people is to protect their interests and to act as guardians of consumer welfare. For these reasons, and with the goal of ensuring a fair and balanced energy market that puts consumers first, I cast my no vote on this bill,” he added.
Butch Fernandez
the country less attractive to foreign investments.
Streamlined tax regime
RA 12066, Salceda said, addressed the said issues through its streamlined and standardized tax regime.
Among the salient features of RA 12066 is it reduced Corporate Income Tax (CIT) rate to 20 percent from 25 percent; and raised the tax deduction on power expenses from 50 percent to 100 percent.
The new law also clarified the rules of availment of Value Added Tax (VAT) and duty incentives, and further extends its coverage to include non-registered exporters and high-value domestic market enterprises; restored to registered business enterprises (RBEs) eligibility for VAT incentives for costs that are directly attributable to the conduct of their business; and clarified local taxation during the Income Tax Holiday and Enhanced Deductions Regime.
To reduce red tape, CREATE MORE also raised the investment capital approval threshold for Investment Promotion Agencies from P1 billion to P15 billion; granted tax or duty exemption on donations of capital equipment, raw materials, spare parts, or accessories to the government; allowed registered business establishments (RBE) to implement Work-fromHome arrangements for up to half of their workforce without losing their
eligibility for incentives; and extended the maximum duration of tax incentives availment from 17 years to 27 years.
Marcos said he is hopeful the new provisions will attract more domestic and global investments.
“CREATE MORE sets the stage for a business landscape that empowers our enterprises and enhances their growth prospects,” he said.
Growing interest
SPECIAL Assistant to the President for Investment and Economic Affairs
Frederick D. Go said many foreign firms are now considering investing in the country with the passage of RA 12066.
“We have for electronics, we have in steel, we have in offshore wind, we have in renewable energy, other forms of renewable energy, a lot, shipyard building, so a lot of sectors,” Go said in an interview with Palace reporters.
He noted the interested companies come from Korea, China, Japan, Australia, United Kingdom, and the United States.
“Definitely, CREATE More will be our main investment, our main attraction tool now for FDIs [foreign direct investments],” Go said.
Philippine Chamber of Commerce and Industry (PCCI) Chairman George T. Barcelon disclosed there is also a similar interest from local companies across all industries.
“It will benefit all [sectors] , even local manufacturers,,” Barcelon said.
JOINT FOREIGN CHAMBERS CITE LAW’S IMPACT ON INVESTMENTS
THE signing of CREATE More into law will strengthen the Phillipines’s position as a competitive market for investments and business expansion, according to the Joint Foreign Chambers (JFC).
President Marcos Jr. signed the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE More) bill into law on Monday as part of the government’s bid to boost investments in the country.
“The enactment of the CREATE MORE Act is a significant milestone for the Philippines in its efforts to solidify its position as a competitive destination for investments and business expansion,” the JFC said in a statement.
It added that the legislation would “address the urgent need to review and revise the country’s investment incentive policies,” which would ensure that they remain aligned with international standards.
“We have been strongly supporting this bill to foster a business-friendly environment and spur economic growth. We commend the Philippine government for taking this important step, and look forward to the positive impact the CREATE MORE Act will have on the economy.”
According to JFC, key provisions of the CREATE More Act include the establishment of a simplified Value-Added Tax (VAT) refund system and a clarified VAT regime for registered businesses.
“The processing of claims for refund of taxes in the Philippines can take over 5 years. These measures are designed to streamline and reduce delays in tax processes and create a more attractive investment landscape,” it said.
The JFC also noted that the bill would lower the corporate tax rate to 20 percent from 25 percent for some categories of companies under the enhanced deductions regime to encourage investments.
German businesses
MEANWHILE the German-Philippine Chamber of Commerce and Industry Inc. (GPCCI) also expressed support for the law. It commended the government’s commitment to strengthening the business environment and promoting economic growth through comprehensive tax reforms.
“We share the goal of creating a more favorable business
By Lenie Lectura @llectura
MOTORISTS should brace for a big-time oil price hike this week.
Diesel prices are going up by more than P2 per liter while gasoline and kerosene will increase by more than P1 per liter each.
Petron, Shell, Caltex, Seaoil, Unioil, Total, PTT, Phoenix, and Jet-
ti said in separate announcements on Monday that gasoline products
will increase by P1.50 per liter, kerosene by P1.20 per liter, and gasoline by P2.10 per liter.
The new pump prices will take effect at 6a.m. of Tuesday, November 12.
Cleanfuel’s adjusted prices will be reflected at 4:01 p.m.
Oil firms adjust their pump prices every week to reflect movements in the world oil market.
Department of Energy(DOE) Oil Industry Management Bureau Director Rodela Romero cited the
following events as main reasons for this week’s hefty oil price hike. These are the impact of Hurricane Rafael on the US; the delayed plans of OPEC+, made up of the Organization of the Petroleum Exporting Countries and allies led by Russia, to increase oil production next month; and the US Federal Reserve plan to deliver another interest rate cut.
Other contributing factors are the depreciation of peso, the premium added to the purchase of the
petroleum products and the freight cost, the DOE official added. Last November 6, oil companies implemented a decrease of P0.20/liter for gasoline while diesel and kerosene have increased by P0.75/liter and P0.50/liter, respectively. This brought the year-to-date, total adjustment of gasoline and diesel at a net increase of P8.65/liter and P7.30/liter, respectively. On the other hand, kerosene has a total net decrease of P2.60/liter.
Editor: Jennifer A. Ng
MPTC set to invest ₧80B in toll road project in Jakarta
By Lorenz S. Marasigan @lorenzmarasigan
Jakarta, Indonesia—Metro Pacific tollways Corp. (MPtC) is investing P80 billion in the construction of a 21.6-kilometer toll road above the congested Jakarta Outer ring road (JOrr).
This infrastructure venture, known as the JOrr Elevated Toll road, will extend from Jatiasih in East Jakarta to Ulujami in South Jakarta, easing traffic congestion in one of Southeast Asia’s busiest urban hubs.
With a concession period of 45 years, the elevated route aims to serve over a million vehicles daily, addressing a critical need for enhanced traffic flow and connectivity.
The project is being developed through PT Margautama Nusantara, MPTC’s Indonesia-based subsidiary. MPTC controls PT Nusantara Tbk, the parent company of PT Margautama Nusantara, with a 96-percent stake.
According to PT Margautama Nusantara COO Joko Santoso, the
toll road construction is in the final stages of technical preparation.
“We awarded the P80-billion investment, and if things run smoothly, we anticipate breaking ground by the second half of next year,” he said in a round table interview.
This fully elevated design will feature dual two-lane roadways spanning the second, third, and fourth levels above the existing JOrr network, a route that currently sees between 450,000 vehicles and 570,000 vehicles daily.
Building on top of the existing JO rr presents unique challenges, especially with multiple concession holders interested in the JO rr ’s ongoing traffic flow, Santoso said.
“We are working on detailed en-
gineering designs that minimize the impact on existing contractors and ensure traffic safety.”
The construction will require advanced engineering techniques to manage the complex task of building directly above active roadways in a highly urbanized area.
Santoso said the company will finance the project through a mixture of debt and equity.
“We are considering a 70/30 financing split. We are yet to decide on the guidance of MPTC whether to opt for international or domestic or hybrid financing. The remaining 30 percent will be funded internally.”
The elevated toll road is expected to be completed in three to four years.
Currently, Jakarta’s JOrr operates at a “C” service level with a de -
gree of saturation above 0.8, leading to slower travel speeds and frequent congestion.
The elevated tollway will provide additional capacity, streamlining transit options for daily commuters and relieving pressure on the groundlevel network.
The JOrr Elevated Toll road is part of the Trans-Java Toll road, a network of 13 toll roads in the provinces of West Java, Central Java, and East Java.
The combined 676-kilometer long road is considered Indonesia’s “crown jewel” that allows the efficient flow of 850,000 vehicles daily across Indonesia’s economic powerhouse of Java Island.
MPTC recently invested $1 billion in the toll network with Singaporean partner GIC.
SM Prime 9-mo profit hits ₧33.9B
SM Prime Holdings Inc., the shopping mall operator led by the Sy-family, on Monday said its net income in January to September expanded by 12 percent to P33.9 billion from P30.1 billion last year.
Consolidated revenues reached P99.8 billion, 8 percent higher than the previous year’s P92.6 billion.
“Our 30th anniversary is shaping up to be a milestone year, with results indicating we’re on track to finish with yet another banner year,” SM Prime President Jeffrey Lim said.
“For the remainder of the year, we anticipate continued growth due to the recent opening of SM City J Mall and the upcoming holiday season.”
SM Prime’s consolidated net income in the third quarter alone rose by 11 percent year-on-year to P11.8 billion. Consolidated revenues reached P35.1 billion, up by 7 percent.
Singapore Air vows to expand capacity
SINGAPOr E Airlines Ltd. says it doesn’t plan to rein in expanding its capacity despite previously warning of a tougher outlook as competition from rivals intensifies. The airline does not intend to “hold back” on growth regardless of what its competitors are doing, Chief Commercial Officer Lee Lik Hsin said at a briefing in Singapore on Monday. It increased capacity 9.7 percent in the second quarter compared to a year ago.
Shares in the city-state flag carrier slumped as much as 6.2 percent in early trading in Singapore Monday, their biggest intraday fall since August 1, on a worse-than-expected second-half financial outlook. Shares later clawed back some of their early losses.
Singapore Airlines reported a 59-percent plunge in its net income in the second quarter on Friday as intensifying competition lowered airfares and eroded profitability. The airline warned earnings would remain under pressure through the end of the fiscal year. Bloomberg News
San Miguel 9-mo income up 19%
By VG Cabuag @villygc
CONGLOMEr ATE San Miguel Corp. (SMC) on Monday said its income in January to September rose 19 percent to P37.1 billion from the previous year’s P31.18 billion, despite challenges such as typhoons and currency fluctuations.
Consolidated revenues increased by 11 percent to P1.2 trillion from the previous P1.06 trillion, fueled by higher sales volumes in its power, fuel and oil, food and spirits businesses.
“Our commitment to sustainable growth and responsible cost management is at the core of everything we do. Our strong results reflect our ability to run our businesses efficiently, seize growth opportunities, and focus on building long-term value and excellence,” company chairman and CEO r amon S. Ang said.
Overall, the company’s strong performance demonstrated its ability to adapt to challenges and deliver consistent growth, SMC said.
In 2023, SM Prime reported a consolidated full year net income of P40 billion, the highest annual figure in its history.
SM Prime’s mall business, which accounts for 57 percent of the company’s consolidated revenues, reported P56.5 billion in total revenues in the nine months, 8 percent higher than last year. Mall rental income grew by 8 percent to P48.5 billion, while cinemas, event ticket sales, and other revenues increased by 4 percent to P8 billion.
SM Prime’s primary residential business reached P31.2 billion in revenues in the three quarters, 9 percent higher than in the same period last year.
SM Development Corp., the condominium builder, posted P47.0 billion in reservation sales.
SM Prime’s other key businesses, which include offices, hotels, and convention centers, recorded rev -
enues of P11 billion, 11 percent higher than P9.9 billion last year.
The two business segments posted revenues of P5.5 billion each.
The company has completed LEED Gold certification for seven of its properties year and continues to work on green certification of its other properties.
SM’s properties that have achieved LEED Gold since 2017 were SM Aura Premier in Taguig, Podium Complex in Ortigas, SM City Baguio, Mega Tower in Mandaluyong, Conrad Manila, SM North Tower, Quezon City and SM Three E-Com Center in the Mall of Asia Complex in Pasay.
Out of all the 42 LEED gold and platinum-recognized properties in the Philippines as of the first quarter of the year, SM accounts 15 percent to this with seven developments, composed of malls, offices and hotels recognized LEED Gold.
The LEED, or short for Leadership in Energy and Environmental Design, rating system, developed by the US Green Building Council is the world’s most widely used green building rating system. To achieve gold, the second highest level, a building goes through a rigorous review process that includes precertification, construction, and post-construction reviews.
“We continue to invest in sustainable designs in our properties. LEED Green certification is an affirmation by independent parties that we are building our properties right and adopting the highest standards.
Sustainability for us was never a fad we had to follow. It’s deeply embedded in our core,” said Liza B. Silerio, SM Supermalls vice president and program director for the environment at SM Cares, the corporate social responsibility arm of the SM Supermalls. VG Cabuag
PNOC teams up with Pertamina
THE Philippine National Oil Co. (PNOC) and Indonesia’s PT Pertamina (Persero) (Pertamina) will work together to advance collaborative development in the liquefied natural gas (LNG) market in the Philippines.
The state firm said it signed a Memorandum of Understanding (MOU) last November 7 with Indonesia’s state-owned oil and natural gas firm to also explore other possible cooperation and collaboration in energy sectors that may be mutually agreed by the parties. As part of the partnership, PNOC and Pertamina will explore the possibility of establishing “LNG and gas infrastructure” to meet rising energy demands in both countries.
“We must find every opportunity to collaborate-connectivity and complementation of strengths. We believe LNG can give us the energy security and make us more competitive. Pertamina is a huge corporation and one of the drivers of the Indone -
sian economy. With the extensive operations they have, we are excited to leverage the expertise of Pertamina on LNG,” said PNOC President Oliver B. Butalid.
The MOU also emphasizes knowledge exchange and joint market intelligence efforts between PNOC and Pertamina. Both companies will share information on topics such as LNG supply chain including commodity, sea transportation, regasification terminal, energy demand and supply trends in both countries. In addition to LNG initiatives, PNOC and Pertamina will explore potential commercialization opportunities in hydrocarbon products, biofuel, and sustainable aviation fuel production.
The collaboration also aims to see the opportunities for potential logistics and shipping cooperation to streamline the movement of energy products and materials. This study is intended to improve efficiency, re -
duce costs, and strengthen regional connectivity in the energy sector. Additionally, the partnership will also open the opportunities to focus on renewable energy advancements through joint studies that support environmental goals in both nations.
Earlier, Butalid said modular LNG generators may power its proposal to put up self-generating industrial park projects in off-grid islands.
During a budget hearing last month, Butalid said PNOC intends to pilot this concept in Tawi-Tawi and Dinagat.
“We want to create baseload capacity 24/7 there using LNG modular generators. In fact, we’ve had meetings already with both Petronas and Pertamina and they are willing to support this project by delivering small scale LNG if this project will proceed,” Butalid told the senators during the hearing.
The modular LNG generators would have a 4-megawatt capacity. Lenie Lectura
San Miguel Food and Beverage Inc.’s net income went up by 11 percent to P30.4 billion from the previous P27.48 billion, as growth were seen across its three major divisions.
San Miguel Global Power Holdings Corp. had a net income increase of 48 percent to P13.5 billion from the previous year’s P9.08 billion.
Offtake volumes rose 57 percent, supported by new capacities, including 1,200 megawatts from South Premiere in Ilijan, Batangas; additional BESS (battery energy storage system) ancillary services; and the start of commercial operations of Mariveles units 1 and 2. Consolidated revenues rose 23 percent to P153.6 billion from the previous year’s P125.21 billion. Petron Corp.’s net income fell 25 percent to P7.1 billion from last year’s P9.5 billion last year. Consolidated revenues rose by 12 percent to P657.9 billion from the previous year’s P587.27 billion, driven by sustained volume growth of 12 percent to 104.4 million barrels, from 93.6 million barrels last year. San Miguel Infrastructure, meanwhile, had consolidated revenues of P27 billion, up 8 percent from last year. The combined daily average traffic volume from all operating toll roads rose by 2 percent, reaching 1.02 million vehicles. The cement business, comprised of Eagle Cement Corp., Northern Cement Corp. and Southern Concrete Industries Inc., had a 3 percent increase in volume for the nine-month period, despite industry volume contracting by about 2 percent. It had consolidated revenues of P27 billion for period, down by 6 percent due to lower selling prices, influenced by the influx of imported traded cement.
NDC may invest ₧25M in startups by yearend
By Andrea E. San Juan @andreasanjuan
THE National Development Co. (NDC), the state-owned investment arm under the Department of Trade and Industry (DTI), is investing some P25 million in four startups.
NDC Assistant General Manager Alewijn Aidan K. Ong said the agency is targeting to release the funds to the startups by yearend.
“For the four startup companies for this year, we are hoping to deploy P20 million to P25 million subject to finalization of the commercial terms for the last company,” Ong told BusinessMirror via Viber last Sunday.
Ong said these startup firms are into health-related services and products, insurance claims processing using artificial intelligence, reducing landfill waste. He made this pronouncement after he told reports on the sidelines of the Business Manual GrowthCon 2024 last Thursday that most of the funding round came in the early part of 2024.
“So, towards the end of this year we’re looking at funding 4 more startup companies.”
For the next two years, Ong said the Philippines could attract more co-investment partners due to “increased confidence” in the country’s startup landscape.
“I think we’ll see more startup in-
vestments this coming 2025 to 2026 because I think they’re gaining more confidence because there’s more support, there’s better infrastructure, Philippine startup venture fund is there,” he said.
“For next year hopefully, we’ll be able to, with the change in strategy hopefully we’ll be able to more than double the number of startup companies that we’d be investing in. By next year, we’re looking at maybe about 6 to 7 new ones.” Ong, however, did not provide an exact size of the investments that will be allotted to these startup firms for 2025.
“The investment into these companies will be up for negotiation beginning December but we hope to accelerate the number by 2025 which we see to be rosier than the past two years,” he said.
“The 6 to 7 startups are what we target in the pipeline but now that the SVF [Startup Venture Fund] is becoming more known to the startup community, hopefully the number will likewise go up.” republic Act 11337 or the “Innovative Startup Act,” which was signed into law in 2019, led to the creation of the SVF.
According to the website of NDC, the SVF allows the Philippine government along with an accredited co-investment partner to invest in locally registered and based startups which will jumpstart the Philippine start ecosystem.
Photo from www.sanmiguel.com.Ph
Banking&Finance
BOC collection improves after Sept shortfall
By Reine Juvierre Alberto @reine_alberto
COLLECTIONS of the Bureau of Customs (BOC) rebounded in October with P89.502 billion in revenues that surpassed its collection target for the month, following a shortfall in September.
Based on data from the Bureau of the Treasury, the BOC’s revenue collection in October was 13.44-percent higher than the
Good debt in the Philippines
IF you find it difficult to make ends meet where expenses exceed income, you’re prone to accumulating debt.
Having high levels of debt leads to immense financial stress. There is a popular misconception in finance that all debt can be considered to be bad. However, there is such a thing called good debt and this is the type of debt that enables one to increase income and build net worth. It is, therefore, worthwhile to explore how good debt is applied within the context of a developing country like the Philippines.
Stephen Covey once advised that in everything that we do, we need to begin with the end in mind. Everything truly starts with defining goals. They determine how we live our lives. We need to formulate goals that are specific, measurable, ambitious, realistic and time-bound.
Having clear goals provides us with the opportunity to determine priorities in life. In this light, good debt can be used as a tool in order to achieve goals so long as they remain reasonable based on income capacity and interest rate levels.
One good debt is debt related to education. According to Benjamin Franklin, an investment in knowledge pays the best interest. With the escalating costs of education in the country and as many families struggle to send children to school, good debt can be the only option available. Having higher education allows one to develop professional and soft skills which are valuable in the chosen career. These skills help ensure sustainable cash inflows where both the income today and the projected income tomorrow are maximized.
One good debt is debt related to business. A good business idea can generate great personal and societal results. In the Philippines, there are three ways of using debt to have a business.
One option is to start a business from the ground. The second option is to purchase an existing business. The third option is to get a franchise. The business must be able to identify its target market through
good market research. With the hope of having a better future, the business must be all about people, planet and profit.
One good debt is debt related to agriculture. In the Philippines, agriculture seems to be the weak link of the economy given its sluggish performance that is brought about by low support from government and the private sector. Loans that can be extended to farmers can help increase yields. Loans that can be extended to promote integrated rural development in the countryside can help generate many economic multiplier opportunities where agriculture stakeholders in the countryside achieve sustained income.
One good debt is debt related to real estate. If real estate is used for investment purposes, the debt can lead to financial gains like continuous rental income and value appreciation. If real estate is used for utility like residential purposes, psychosocial fulfillment is boosted. Due diligence must be done in the selection of the real estate investment. The economic environment, reputation of the developer, plans of the developer and location are things to be considered when choosing appropriate real estate investments.
At the end of the day, good debt must be differentiated from bad debt. Good debt is the type of debt that allows one to have a better financial future. It is okay to borrow for prudent reasons. Hopefully, good debt becomes more accessible in the country so more dreams come true and the economy becomes stronger.
Genesis Kelly S. Lontoc is a Registered Financial Planner of RFP Philippines. To learn more about personal financial planning, attend the 109th RFP Program this January 2025. Inquire how to register at info@rfp.ph.
P78.897 billion collected during the same month in 2023. The BOC’s collection also surpassed its October target of P86.102 billion by 3.9 percent or about P3.4 billion.
The Bureau credited the increase in collection to the valueadded tax (VAT) refund program and the strict implementation of the fuel marking system. About P3.35 billion was also amassed from tax credit certificates, further boosting its overall revenue.
“This growth underscores the BOC’s dedication in ensuring accurate duty and tax collections through rigorous verification of
INTEREST rates of longer tenor Treasury bill (T-bill) climbed for six consecutive weeks as a Donald Trump presidency as investors anticipate protectionist policies that could drive inflation and dampen the mood by the United States Federal Reserve in rate cuts.
The Bureau of the Treasury (BTr) fully awarded all T-bills bids on Monday’s auction with P20 billion on offer. The auction was 2.9-times oversubscribed as total tenders for the government securities reached P59.425 billion; with the committee rejecting bids worth P39.425 billion.
Yield for the 91-day T-bill was set at 5.605 percent, unchanged from the previous auction’s average rate for the same tenor. Rates ranged from a low of 5.590 percent to a high of 5.620 percent.
The 91-day government securities, while sold at the full amount of P6.5 billion, attracted tenders amounting to P19.155 billion. The auction committee rejected P12.655 billion worth of offers.
The full P6.500 billion was awarded to the 91-day debt papers as bids amounted to P23.165 billion. The auction committee reject-
By VG Cabuag @villygc
THE Aboitiz-led Union Bank of the Philippines (PSE: UBP) announced having sold its shareholdings in its investment management business to ATR Asset Management Inc. (Atram) in exchange for a minority stake in the latter.
Upon completion of the transaction, UBP will hold a 27.5-percent ownership stake in Atram, while existing Atram shareholders will retain the remaining 72.5 percent.
The deal is worth P299.52 million, some P67.5 million of which will be paid by the lender to ATR KimEng AMG Holdings Inc. for the 25 million common shares in Atram. UBP will pay another P232.5 million for Atram’s 57.97 million common shares.
These transactions would result to the merger of Union -
THE Manufacturers Life Insurance Co. (Phils.) Inc. (Manulife PHL) and Manulife China Bank Life Assurance Corp. jointly announced having launched a new single-payment insurance plan that offers asset growth in seven years through a savings plan. The “Wealth Guarantee” brand is a medium-term wealth management product that offers yearly payouts of up to 4.5 percent over seven years with a 100-percent capital return. The product also includes a 125-percent life protection coverage during the plan’s seven-year term. A 4.1-percent payout rate for six years applies to single premiums between P500,000 through P3 million. The 4.5 percent payout rate for six years applies to single premiums from P3 million and above. Manulife PHL President and CEO
Rahul Hora was quoted in the statement as saying the insurer designed the product “to bring customers one step closer” to their “dream” of “achieving financial freedom.”
Hora added they believe the product would give the firm’s target market “an investment plan option that offers competitive guaranteed returns and valuable life insurance protection, enabling them to diversify their portfolio and gain financial security.”
He said the product suits investors interested in a medium-term savings plan as well as those “looking to build their legacies for future generations.”
The firms would, through Manulife financial advisors and financial sales associates based in China Bank branches nationwide, sell the “Wealth Guarantee” product for a
imported goods’ values and classifications,” read a statement the BOC issued last Monday.
“Enhanced partnerships with other government agencies played a key role, as well as streamlining procedures and supporting secure trade facilitation,” it added.
For the January-to-October 2024 period, the BOC accumulated a total of P784.54 billion in revenues. This amount represents an increase of 6 percent or P44.445 billion compared to the P740.095 billion collected during the first ten months of 2023.
The cumulative collection
ed P16.665 billion worth of offers.
Meanwhile, interest rate for the 182-day T-bill increased to 5.752 percent, 1.7 basis points (bps) higher than the 5.735 percent set at the previous auction for the security. The rate settled between 5.735 percent and 5.764 percent.
Bids for the 182-day tenor reached P14.615 billion with the auction committee awarding the full P6.500 billion and rejecting P8.115 billion.
Further, average annual rate for the 364-day T-bill inched up to 5.790 percent. This is higher by merely 0.4 bps compared to the 5.786 percent capped during the previous auction.
The 364-day T-bill was awarded a full P7 billion with bids reaching P21.645 billion. About P14.645 billion was rejected by the auction committee.
In the secondary market, yields for the three-month tenor are 5.508 percent, 5.765 percent for the sixmonth tenor and 5.737 percent for the one-year tenor, based on the Bloomberg Valuation Service Reference Rates as of November 11, 2024.
The T-bill yields increased after
Bank Investment Management and Trust Corp. with Atram Trust Corp., with the latter as the surviving entity.
“This merger represents a milestone for Atram as we align with [UBP]. Together, we will change the game and redefine the asset management landscape in the Philippines. Our clients will benefit from an expanded suite of investment solutions, enhancing the value and service we deliver,” Atram CEO Michael V. Ferrer said.
“This partnership allows UBP to strengthen its offerings and provide more tailored services to its customers, especially its larger Wealth client base. UBP is committed to ensuring that its customers have access to the best financial solutions,” the said the country’s ninthlargest lender in terms of assets.
UBP added that the merg -
THE Social Security System (SSS) announced 11 of its branch offices recently received multiple recognitions from the Anti-Red Tape Authority (Arta) for outstanding commitment to provide efficient, transparent, and accessible services as well as deliver responsible governance. Among the 860 government agencies evaluated for the 2023 “Report Card Survey (RCS) 2.0 Batch 1 Cycle,” SSS branches in Congressional, Pasay-CCP Complex, Santa Cruz, Naga, Cebu-NRA and Kalibo were given the Arta RCS Gold
exceeded the Cabinet-level Development Budget Coordination Committee’s (DBCC) target for the period set at P779.990 billion.
The BOC’s performance also resulted in a 0.6 percent surplus, adding P4.550 billion to its revenue target.
Last month, the BOC fell short by P3.046 billion of the DBCC’s target of P693.888 billion for the January to September 2024 period, collecting only P690.842 billion.
The dip was pinned on the reduced tariffs on rice and battery electric vehicles, which cost the
government P6.089 billion and P2.901 billion, respectively, in foregone revenues.
Nonetheless, Customs Commissioner Bienvenido Y. Rubio said the bureau remains “resolute” in its “commitment in strengthening our collection capabilities and promoting fiscal growth.”
“Our efforts are directed toward driving sustainable development and advancing our nation’s economic resilience,” Rubio added. The BOC targets to collect P939.7 billion in revenues this year, based on the DBCC’s fiscal program.
in T-bill rates
the market’s anticipation of fewer Fed rate cuts due to Trump winning the US presidential election, according to Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort.
“Possible protectionist policies [could] lead to higher import tariffs due to trade wars especially with China and other countries [and] higher wage inflation on tighter immigration rules [would all] lead to higher overall US inflation,” Ricafort added.
He explained that more tax cuts and economic stimulus under Trump’s presidency could widen the US budget deficit. The latter could push US Treasury yields higher, with the benchmark 10-year Treasury yield reaching recent highs of 4.30 percent, Ricafort said. The RCBC economist also cited that the US dollar’s strength against the peso has been rising at a 3-month high of P58.60 per dollar. Meanwhile, the Philippine government’s debt-to-GDP ratio rose to 61.3 percent, slightly above the 60-percent internal threshold.
Despite these inflationary pressures, the Fed recently reduced in-
er aims to “leverage the strengths of both organizations, creating a robust platform for growth and innovation in the asset and wealth management sector.”
The lender noted that, based on the latest data, the merger will create a player in the trust industry with combined assets under management of over P485 billion, significantly increasing scale and capabilities. By integrating UBP’s digital expertise with Atram’s asset management solutions, the partnership aims to provide clients with a diverse range of high-quality financial products, the companies said.
The UBP has about 15 million banking clients while Atram has democratized investing by providing access to more than two million retail investors through its digital platforms and partnerships.
Awards for achieving excellent ratings in a ceremony held on October 30. Meanwhile, presented with the ARTA RCS Silver Plaques of Recognition for obtaining very satisfactory ratings were the pension fund’s branches in Diliman, Navotas, Manila, Bacoor and Tabaco, according to the SSS. SSS Officer-in-Charge and Executive Vice President for Branch Operations Sector Voltaire P. Agas expressed the institution’s deep gratitude for having received six gold and five silver awards from
the ARTA. According to Agas, a lawyer, the recognition “is a testament to our dedication to optimizing our processes and ensuring that we provide better services to all SSS stakeholders.”
“These awards will certainly push us to always go above and beyond, and to work toward excellence. In addition, we plan to work on long-term solutions such as continuously digitizing our services to make it easier for our members to transact with us,” he added. According to the SSS, it considers the “RCS 2.0” as “an im -
terest rates by 25 bps on November 7, and signaled a similar cut for its policy-setting meeting on December 18.
“Softer GDP [gross domestic product] growth data at 5.2 percent in [the third quarter of] 2024 and still benign latest inflation data at 2.3 percent in October 2024 could still support [and/or] justify future local policy rate cuts that could at least match any future Fed rate cuts,” Ricafort added. Finance Secretary and Monetary Board member Ralph G. Recto said a local policy rate cut remains a possibility.
On November 18, the Treasury will auction P20 billion worth of T-bills. Meanwhile, it will offer five-year tenor Treasury bonds (Tbonds) amounting to P15 billion on November 12. This year, the government will raise P2.570 trillion, following a borrowing mix of 75:25. About P1.923 trillion will be raised domestically while P646.084 billion will come from foreign sources. As of end-September, government borrowings amounted to P1.875 trillion, according to the Treasury. Reine Juvierre Alberto
Both companies have been recognized with numerous awards and accolades for excellence in their respective fields.
“This partnership allows us to strengthen our offerings and provide even more tailored services to our customers, especially our larger Wealth client base as a result of the acquisition of Citibank Philippines’ consumer banking business. We are committed to ensuring they have access to the best financial solutions available while also creating broader career opportunities for our employees in a larger and very dynamic organization,” UBP President and CEO Edwin R. Bautista said.
Alphaprimus Advisors Inc. acted as financial advisor to ATRAM while Exchange Equity Partners Group Corp. served as financial advisor to UBP in the transaction.
portant tool for evaluating the effectiveness of the Citizen’s Charter in streamlining regulatory processes and improving government service delivery in accordance with Republic Act 11032.”
In 2023, the SSS garnered a satisfaction rating of 92.2 percent in ARTA’s “Harmonized Client Satisfaction Measurement” (HCSM) survey, well above the passing rate of 80 percent. The HCSM survey was conducted among members and employers who transacted with SSS either online or in-person at their branches in 2023.
D. Estopace
personal finance
Genesis Kelly s. lontoc
Climate conference in Baku confronts Trump’s looming shadow as Brazil prepares to host ‘Green COP’ in 2025
By Zahra Hirji & Simone Iglesias
THE United Nations climate conference COP29 commenced in Baku, Azerbaijan on Monday, where participants continue to address the re-election of former US President Donald Trump. Countries will try to find a path forward that bypasses Trump, who is hostile to emissionscutting policies and has vowed to pull the country back out of the Paris accord.
Yet even as delegates arrive in Baku, preparations are underway for the 2025 edition of the summit, in Brazil. COP30 will be the first COP held in the Amazon rainforest and will see the debut of a new global order on climate, with the US likely playing a much diminished role and China, possibly, a larger one. That raises the stakes, and the pressure on the host—which was already high.
“The challenge of being the leader of COP30 next year, in the heart of the Amazon forest, is huge,” said Marina Silva, Brazil’s environment minister and top climate diplomat, at an event on the sidelines of the World Bank and IMF meetings in Washington, DC, in late October. The event is already being talked about as “the green COP,” Silva added.
For two years in a row, COP has been hosted by oil-rich autocracies with climate plans that are “critically insufficient,” according to the research partnership Climate Action Tracker. Brazil is different. It may be among the world’s top 10 oil exporters, but it’s also a world leader in new wind and solar installations and has strong climate commitments. So observers hope that when Brazil hosts the talks, more aggressive goal-setting will be possible. Otherwise, the world will be in even deeper trouble.
2025 is the 10-year anniversary of the Paris agreement, when nearly 200 countries agreed to rein in warming from levels so catastrophic it could reshape the world map. But countries are decidedly not on track. Temperatures have already risen 1.3C compared to the preindustrial era. Despite progress in scaling up green energy worldwide, fossil fuel use hit a record high last year and emissions of carbon dioxide and other greenhouse gases are still rising at levels that the UN warns could result in “dire” warming of up to 3.1C. That means the time for talk is over. “If we are ambitious about announcing goals, we have to be ambitious about implementing them,” Silva said in an interview with Bloomberg Green. To that end, “Brazil’s COP has to be the COP for reducing CO2 emissions.”
Brazilian President Luiz
Inácio Lula da Silva (who is not related to Marina Silva) chose to host COP30 in Belém, a port city near the mouth of the Amazon River, so that tens of thousands of decision-makers can see the richness and fragility of the rainforest up close. One of the
most biodiverse places on Earth, the Amazon also stores massive amounts of CO2, making it an essential defense against climate change. But as this year has shown, the forest is itself vulnerable to warming. Hot, dry conditions have helped fuel thousands of fires, scorching millions of hectares of land and sending smoke as far as the capital of Brasilia and the financial hub of Sao Paulo.
The pressure for COP30 to deliver rests on Lula, and also on Silva. Born into poverty on a rubber plantation in a rural, forested part of northern Brazil, Silva didn’t learn to read or write until she was a teenager. After rising to prominence as an activist, she joined Lula’s government during his first term as president. Silva, 66, found success in politics not because of charisma but to a character that’s “demure,” “genuine” and “profoundly ethical,” people who have worked with her say. Her steadfast advocacy for the Amazon and its communities, and her willingness to draw red lines against policies she can’t support, have gained admiration not just in Brazil but also around the world.
Silva’s influence was critical to President Lula moving climate issues up his agenda after winning a third term in 2022. Brazil last year committed to a roughly 53 percent reduction in its emissions by 2030, compared to 2005 levels. It has pledged to end deforestation by 2030.
She “brought Lula around to appreciating the importance of protecting the Amazon, and Brazil taking environmental leadership in the world,” said Steve Schwartzman, associate vice president for tropical forest policy at the Environmental Defense Fund.
She is “always reminding” her colleagues that there’s no time to waste to tackle the climate crisis, said André Corrêa do Lago, secretary for climate, energy, and environment at the Brazilian Ministry of Foreign Affairs.
At COP29 and COP30, Silva can bring her credibility to bear on tense arguments over fossil fuel use, climate finance and other contentious issues. But whether that will be enough to get past long-standing political deadlock, largely between the developing and developed worlds, isn’t clear. Lula and Silva have known each other for decades, their relationship shifting from friendly, to estranged, to closely allied. Both were members of Brazil’s Workers’ Party early on.
In her twenties, Silva worked with rubber tapper and activist Francisco Alves Mendes Filho— better known as Chico Mendes— who fought for communities being driven off their lands by cattle ranchers’ hired guns. He was killed for it.
His assassination put a spotlight on the Amazon’s deforestation problem. Following in his footsteps, Silva became a prominent Amazon activist and ultimately proved successful at navigating politics. In 1994, at age 35, she became the youngest woman elected to the Brazilian Senate. By the time Lula won the Brazilian presidency, taking office in 2003, Silva was the obvious candidate for environment minister.
Under her watch, Brazil launched its first deforestation action plan. It’s credited with driving down deforestation more than 80 percent between 2004 and 2012, even as cattle herds
and soybean production grew. That showed clearing more trees wasn’t needed to develop these agricultural sectors.
But during Lula’s second term, Silva resigned. She was exhausted by the constant pushback against environmental regulations both inside and outside the government, and objected to large-scale development in the Amazon that Lula and other officials supported. Silva ran for president herself in 2010, 2014 and 2018, without success.
Then came President Jair Bolsonaro, who oversaw a systematic dismantling of the country’s forest protections. Deforestation surged.
Bolsonaro’s far-right agenda was what finally brought Lula and Silva back together. So when Lula took on Bolsonaro in the 2022 presidential election, Silva helped her former boss win.
Brazil epitomizes the onestep-forward, one-step-back
Brazilian President Luiz Inácio Lula da Silva chose to host COP30 in Belém, a port city near the mouth of the Amazon River, so that tens of thousands of decision-makers can see the richness and fragility of the rainforest up close. One of the most biodiverse places on Earth, the Amazon also stores massive amounts of CO2, making it an essential defense against climate change. But as this year has shown, the forest is itself vulnerable to warming. Hot, dry conditions have helped fuel thousands of fires, scorching millions of hectares of land and sending smoke as far as the capital of Brasilia and the financial hub of Sao Paulo.
nature of climate progress as a country that now gets 90 percent of its electricity from non-fossil sources but remains a major oil exporter. It’s unusual, however, in that the biggest source of its emissions is from changes in land use. Because of that, Silva advocated for, and Lula embraced, the goal of Brazil ending deforestation in just a few years. And it has made good progress, despite the government having to rebuild its capacity to thwart illegal deforestation after the Bolsonaro era.
Last year Brazil cut deforestation by 50 percent, according to government data, and this year it has dropped a significant amount again, Silva told Bloomberg Green.
By the time Lula’s term ends in 2026, she said, Brazil has to have policies operational to ensure “zero deforestation in 2030.”
In the Amazon, many poor families have cleared trees to grow sugarcane, soybeans or other crops as a matter of survival. If the country eliminates deforestation, rainforest communities will still need ways to survive and improve their living standards.
Corrêa do Lago said Silva has always been “very sensitive to the social dimension of environmental issues.” Beyond saving nature, he said, “she wants to take care of people.” So Silva splits her efforts between stamping out deforestation and trying to make conservation of the forest profitable.
One possible way to do that is through carbon credits. Lula’s government has introduced legislation to launch a staterun carbon market. The effort has stalled in Brazil’s congress, partly due to pushback from conservative lawmakers backed by the cattle and agriculture industries, which benefited the most from aggressive treeclearing.
There’s also the Amazon Fund. After Lula launched it in 2008, other countries began to give Brazil donations toward halting deforestation and
supporting the communities and industries reliant on the forest. Foreign donors stopped contributing in 2019 as deforestation increased under Bolsonaro. Lula later revived the fund, and it’s grown to roughly 4 billion reais ($710 million).
But speaking in Washington last month, Silva made clear that donations alone aren’t going to cut it. That’s why she will be talking about climate finance at COP29, as well as pitching a new Basel Accord, an international agreement on capital requirements for banks, on the sidelines of the forthcoming G20 meeting in Brazil. She also wants to see new financial instruments that embrace conservation.
Trump’s return can’t be allowed to hinder global progress, she said Nov. 6, and the US still has a big responsibility to reduce emissions: “We’re working hard, and obviously the world is going to make sure that no country makes any kind of stepbacks in relation to what we’ve achieved.”
“We have turned nature into money, and now we have to turn money into preserving, restoring and conserving nature,” Silva said. “This is the only way to make money in the future. Otherwise, it won’t work.”
There remains one big source of tension between Silva and Lula. The president has revived plans to expand offshore drilling, saying the proceeds can finance the energy transition. Silva has been adamant that Brazil and the world must abandon fossil fuels. Lula and Silva have not opposed each other publicly on the subject, though it could come to a head at COP30 or sooner.
Rising emissions could ultimately be ruinous for the Amazon, even if deforestation is halted. The grim possibility hangs over Silva. But the enormity of the challenge ahead won’t slow her down, she said: “I know the size of the responsibility, of the efforts— and I feel committed.”
AN overview of dense canopy and areas of deforestation in the Amazon rainforest outside Manaus, Brazil on June 4, 2008. PER-ANDERS PETTERSSON/GETTY IMAGES SOUTH AMERICA
Art BusinessMirror
A certain ‘je ne sais quoi’ about Stella Rojas’ ‘Pariscapes’
IN the 1995 remake of the classic film Sabrina, wherein Julia Ormond starred opposite Harrison Ford in the titular role played in the 1954 original by Audrey Hepburn, the main character Sabrina Fairchild says, “Paris is always a good idea.”
Visual artist Stella Rojas seems to concur. It’s as if the 62-year-old, Manila-born painter utters the same line every time she faces a blank canvas, thinking of a subject, before retreating to the city where she left her heart.
It was a classic case of enduring love at first trip for Rojas, whose initial visit to the French capital in 1989 left her coming back for more. She flies frequently to
Paris and created an oeuvre of dreamy paintings of Parisian sceneries she calls Pariscapes
“Since I set foot in Paris, I found the City of Lights not only cold and gorgeous but also electrically charged with the creative energy of the great men and women of the past who have walked its cobbled streets,” the artist said.
Rojas began painting when she was five. Art stayed with her all through high school at St. Scholastica’s College and at the tertiary level at the University of the Philippines, Diliman, where she graduated in 1989 as fine arts major. Nature and landscapes remain her favorite subjects, which she has presented in close to 50 solo and group exhibitions here and abroad, mostly in Paris.
In 1993, Rojas became a scholar of the French government. She was granted a large studio for three months at the École d’Art Aix-en-Provence, becoming the first Filipino artist to set foot on the premises of the prestigious art school. Capping off the historic French sojourn was her 7th solo exhibition at a gallery in rue de Seine at the Saint Germain Quarter. Rojas once again pays homage to her many travels to Paris in her latest solo exhibition. On view at Conrad Manila’s Gallery C as part of its long-running
Of Art and Wine series, the exhibit presents 33 of Rojas’ recent artworks. Flowers come alive on a balcony with the Eiffel Tower fading in the background, colors burst on a romantic autumn day, and the city’s romantic aura glows in full splendor at night. Elsewhere are statues, more flowers, and various landscapes of the Parisian outskirts. There are scenes, as well from the French countryside and other European countries.
The show’s title, Balade, is French for to stroll, travel, explore. Rojas channels the painters who once walked the streets of Paris and visualized its distinct energy, such as Gauguin in Tahiti, the Orientalists in Northern Africa, and Van Gogh in the South of France.
Although the series features scenes from Europe, Rojas maintains that the palette is decisively, distinctly Filipino. Her artworks reflect a Filipino’s perspective on breathtaking foreign landscapes, she said, that her identity, as well as her artistic sensibilities, remain rooted at home. After all, Rojas intends to invite viewers to see life as a journey and an experience for holistic growth and expansion.
Rojas’ Balade runs at Conrad Manila’s Gallery C until January 4, 2025. More information is available at www.conradmanila.com and 8833-9999. ■
CCP Art Collection on display at Senate Building
THE Cultural Center of the Philippines and the Senate of the Philippines present backto-back exhibitions, titled Impressions and Viewpoints, featuring selected prints from the CCP’s 21st Century Art Museum (CCP 21AM) Collection, on view until July 18, 2025. Displayed at the Ceremonial Hall and Conference Room, on the sixth floor of the Senate Building, Impressions features prints from the CCP 21AM Collection showcasing the different printmaking techniques practiced by generations of Filipino printmakers. Featured works serve as illustrative examples of relief (a printmaking process where the design is cut or etched on a printing surface), intaglio (printmaking style where lines that hold the ink are incised
below the surface of the plate and printing relies on pressing the matrix in a damp paper), and serigraph (a printmaking method that involves layering ink through a series of stenciled screens).
Exhibited at the second floor hallway, Viewpoints features a diverse selection of prints by Filipino contemporary artists. From abstractions to self-portraits and stilllife, the works in this exhibition explore a wide range of themes through various fine art printmaking techniques.
The exhibits intend to showcase notable visual artists’ works and carry on the mission of the CCP to make the art collection available to a larger public.
More information is available at www. culturalcenter.gov.ph.
By Eugenia Last
GEMINI
★★★★
CANCER (June 21-July 22): Take a stance; don't be afraid to do things differently. Refuse to let uncertainty slow you down. Sticking to a budget and timeline will make the difference between success and failure. Trust and believe in your capabilities, and you'll gain support. Don't jeopardize your health or reputation. ★★
LEO (July 23-Aug. 22): Sign up for something interesting. The connections you make will help you parlay your expertise or something you want to pursue into something tangible. Speak passionately, and you will command an audience's attention and contributions that help you gain momentum. Refuse to let the changes others make dismantle your plans. ★★★★★
VIRGO (Aug. 23-Sept. 22): Listen to your inner voice and head in the direction that offers opportunity. Aim for stability and distance yourself from anyone who may disrupt your plans. Choose to do the legwork yourself to avoid additional costs or setbacks. Get an explicit breakdown of events before starting something new. ★★★
LIBRA (Sept. 23-Oct. 22): Gather information, enlighten yourself in every way imaginable and voice your opinion and plans to those who may have something to contribute. Don't jeopardize your health or physical well-being. Question what others suggest you do and take the road that offers stability and progress. ★★★
SCORPIO (Oct. 23-Nov. 21): Mix socializing with business. How you relate to others will determine how well you do. A change of attitude, adopting an upbeat approach and following through with your promises will lead to success. If you are fun to be with, everyone will rally around to accommodate your needs. ★★★
SAGITTARIUS (Nov. 22-Dec. 21): Refuse to defer to someone trying to dictate what you can and cannot do. It's best to follow your heart and take a leadership position. Whether dealing with a domestic or professional situation, showing strength along with your beliefs and plans will weed out anyone trying to interfere.
CAPRICORN (Dec. 22-Jan. 19): Communication will help you find your tribe. Align yourself with someone who shares your enthusiasm and will go the distance alongside you. Refrain from letting emotions interfere with your decisions or the outcome. You're wasting your time if you must force someone to agree with you. ★★
AQUARIUS (Jan.
TRANSIENT Archipelago by Caroline Ongpin
SULYAP by Fil Delacruz
B6 Tuesday, November 12, 2024 • Editor: Gerard S. Ramos
www.businessmirror.com.ph
KING CHARlES III AND K ATE ATTEND REmEmbRANCE EVENT AS bOTH SlOwlY RETuRN TO DuTY LONDON—King Charles III led the nation on Sunday in a two-minute silence in remembrance of fallen service personnel in central London as the Princess of Wales looked on, a further sign that the royal family is slowly returning to normal at the end of a year in which two of the most popular royals were sidelined by cancer.
Remembrance Sunday is a totemic event in the UK, with the monarch leading senior royals, political leaders, including Prime Minister Keir Starmer and his eight living predecessors, and envoys from the Commonwealth countries in laying wreaths at the Cenotaph, the Portland stone memorial that serves as the focal point for honoring the nation’s war dead.
The service is held on the second Sunday of November to mark the signing of the armistice to end World War I “on the eleventh hour of the eleventh day of the eleventh month” in 1918. Across the UK, services are conducted at the same time in memory of the dead.
After the two-minute silence, buglers from the Royal Marines played the “Last Post,” and Charles led the wreath-laying part of the service.
The 75-year-old king, dressed in his Royal Navy uniform of the Admiral of the Fleet, laid a wreath of poppies at the base of the Cenotaph in recognition of the fallen from conflicts dating back to World War I. His eldest son and the heir to the throne, Prince William, left his own floral tribute—featuring the Prince of Wales’ feathers and a new ribbon in Welsh red.
Dressed in somber black, his wife, Kate, watched on from a balcony of the nearby Foreign, Commonwealth & Development Office, as is tradition. Queen Camilla, who would normally be standing next to the princess, wasn’t present as she recovered from a chest infection.
Following the wreath-laying, around 10,000 veterans, including those who have fought in wars this century, notably in Afghanistan and Iraq, marched past the Cenotaph. With the passage of time, there were only a handful of World War II veterans present.
Charles’ ceremonial role as commander in chief of the armed forces is a holdover from the days when the monarch led his troops into battle. But the link between the monarchy and the military is still very strong, with service members taking an oath of allegiance to the king and members of the royal family supporting service personnel through a variety of charities. Charles and William served on active duty in the military before taking up full-time royal duties. AP
Show
Highlights, high notes and higher grounds
IT will definitely be a November to remember for three performance artists that have our highest respect and admiration. Many, like us, are elated that highly-touted international actor Jake Macapagal will be back on the stage via Silver Lining Redux, an original Filipino musical that follows the journey of three buddies from their high school years to adulthood and being family men.
“I am thrilled to be back on the Philippine stage!” gushed Macapagal, adding, “It’s been some time and I have to admit that I have to get used to the adjustments quickly and it helps that the energy of our cast, especially the younger generation, is just amazing.”
For many years before he spread his wings overseas, we have witnessed how brilliant an actor Macapagal was. Local productions of Hedwig and the Angry Inch, Aspects of Love, West Side Story, Victor/ Victoria and Next to Normal proved that he was more than gifted. When he flew to Europe to be part of the original German cast of Miss Saigon, which led to him to being part of the UK National tour for the same musical, there was no stopping Macapagal.
He was recognized for his work in the UK film Metro Manila and he captured the hearts of HBO viewers in Asia when he was featured in the main cast of Halfworlds. Macapagal also bagged a major role in the Paramount Plus original UK drama series No
Escape. Being away for many years, theater fans are looking forward to see Macapagal onstage again in Silver Linings Redux, and it will surely give the musical the premium and highlight the show needs for it to be able to secure more performances in the future, perhaps even a tour.
The musical, directed by Maribel Legarda from the music and lyrics of Jack Teotico (who also serves as the executive producer), will run until November 17 at the Carlos Romulo auditorium of the RCBC Plaza in Makati City. It also stars Ricky Davao, Jaime Wilson and former Miss Saigon cast members Raul Montesa and Gina Respall, aside from a new generation of young actors from theater, television and film.
REDEFINING OPERA CROSSOVER
MULTI-GIFTED performing artist Al Gatmaitan is excited about his show on November 14 that will feature a rare Italian crossover repertoire.
Billed as Tra musica e sogno with highly touted pianist Dingdong Fiel, the show is a collaboration between Artes Organization and the Manila Pianos Artist Series, and will be held at the Ronac Lifestyle Center in Magallanes Village, Makati City.
“I’m thankful for the complete trust of my producers, because they allowed me to have full creative control of my repertoire. I was very aware that the concept is new and a bit tricky—imagine combining classical Italian compositions with the songs of Andrea Bocelli. The challenge is to make the repertoire as relatable to the local audience as possible since the majority of the songs will be in Italian,” shared Gatmaitan.
He added, “Some of the songs that I have included in my song list, mostly with high notes, have been in my system for many years now since I’ve been listening to them and quietly learning them by heart. I’m just happy that I’ll finally be able to perform and share these songs in the show.” Gatmaitan mentioned some of the titles to us: “Canto Della Terra,” “Romanza,” “Il Mare Calmo Della Sera” and “Sogno.”
‘Kapuso mo, Jessica Soho’: The first 20 years of taking flight
For the GmA Network Public Affairs team behind the hit newsmagazine Kapuso Mo, Jessica Soho, the best way to celebrate its first 20 years of storytelling is by making a promise to keep on flying high. Lumipad ang aming team”—the familiar spiel of award-winning host Jessica Soho that has tickled the fancy of Filipino audiences—has become a source of pride for the team, and a reminder of the show’s heritage of bringing stories with impact week after week.
“over the years, it has been our goal na maging paboritong kakuwentuhan ng mga Pilipino, that our audiences turn to us as a special friend who is always ready to listen and share stories,” Soho said ahead of the show’s 20th anniversary special episode on November 10. Soho added, “Bago ‘lumipad ang aming team,’ nadapadapa muna kami, hanggang sa tumayo, naglakad, tumakbo, at ’di na kami tumigil sa paghatid ng mga istorya.” Today, the show also known simply as KMJS is an undisputed ratings juggernaut as Philippine TV’s No. 1 program. It also dominates social media as the most followed Filipino show on Facebook, with a staggering 30 million followers. online viewership in 2024 alone is already at 1.4 billion views on Facebook, 1.2 billion on TikTok, and over 1 billion on YouTube.
In terms of recognitions, KMJS is the most awarded newsmagazine program in the country, winning the prestigious George Foster Peabody Award (2014), as well as three awards in the New York Film Festivals, including a gold medal last year, among other local and international awards. KMJS is also the sole Philippine program that has been featured in 60 Minutes Australia, BuzzFeed, and The New York Times. Its pilot episode aired at about 5:40 pm on November 7, 2004. Titled “Life is Beautiful,” the pilot featured
a social experiment on Filipino beauty standards. What the KMJS team later realized, however, that life on the show is not always beautiful, so to speak, because producing it is definitely challenging.
Airing on primetime, expansive range of topics with the goal of always reaching a wider audience. “We like telling the stories of Filipinos, our stories. Anything and everything interesting pagkuwentuhan,” Soho said. major news events, relevant issues, the funny, the peculiar, stories that give voice to the marginalized in remote areas, stories that make people reflect on things happening around them, among others, are all part of weekly menu for KMJS viewers.
Asked about some of the show’s more memorable stories, Soho recalled her field coverage duties for breaking news events, particularly disasters. She said these include her visits to ground zero in Leyte when Super Typhoon Yolanda struck in 2013; Bohol after it was jolted by a magnitude Cagayan when it was inundated by floods during the height of the pandemic; and Talisay, Batangas, as it was recently hit by a landslide amid Typhoon Kristine.
Integral to the story mix are lifestyle and pop culture stories on what’s trending with Pinoys, places to visit, food, Filipino traditions, love stories, unusual love stories, and even horror stories. All these come together in KMJS for a unique magazine show that has been part of Filipinos’ Sunday viewing habit.
Preparing for the show brings back wonderful memories to Gatmaitan when he was in Italy on a scholarship program, where he studied at a private university in Calabria, Italy.
“I had some of my most beautiful experiences as a music student in Italy and I will surely relive some of these priceless memories during the concert,” he shared.
HAPPY FORTY
RAyMOND LAUCHENGCO will celebrate 40 glorious years as a singer with a very special concert, dubbed Just Got Lucky, at The Theatre at Solaire on November 23. The title of the show is inspired by an upbeat tune of a British group from the 1980s named JoBoxers that was used as a dance promotional material for the teen-oriented movie Bagets where Launchengco was part of the main cast.
“Frankly, I have mixed emotions of excitement and gratitude, even butterflies as the concert date nears. Excitement because I get to do a full concert for the local audience which I haven’t done for quite some time, and gratitude because it’s been four decades and it’s a huge celebration of sorts for a musical artist to have reached this far. I have to admit that I’m also quite nervous but they say that it’s a good feeling because you make sure that you give a good performance since the audience deserves no less,” he said.
Lauchengco is now back in Manila after being part of Odette Quesada’s US concert tour that brought them to Hawaii, Atlantic City, Chicago and Houston.
“The audiences we had in the US were amazing, and they came in full force. Odette and I both had a wonderful time performing for them.”
For the meantime, Lauchengco is in the thick of rehearsals for this anniversary concert and a lot of surprises are expected, including celebrities that will show up, especially those that have been with Lauchengco in his four-decade journey as a performing artist. n
In telling these stories, the KMJS team learned and witnessed that stories have the power to change people’s lives. Its story on babies switched at birth and reunited with
From left: Al Gatmaitan, Jake macapagal and raymond Lauchengco
KATE, Princess of Wales (left), and Sophie, Duchess of Edinburgh, attend the remembrance Sunday service in London on Novermber 10. AP
‘Last Dance’ for Cavendish in Singapore
FIFA World Cup, LA28 Olympics and Trump
SINGAPORE—Mark Cavendish, one of the best road sprinters in cycling history, retired in style on Sunday by winning the Tour de France Criterium in Singapore.
The 39-year-old from the Isle of Man broke famed Belgian cyclist Eddy Merckx’s long-standing record for most career Tour de France stage wins with his 35th victory in July.
Fittingly, for his final race Cavendish wore No. 35 on his race jersey and won in a dash to the line for the 165th victory overall in his career.
“I’m quite emotional actually,” Cavendish said. “I realized in the last 5 laps that it was the last 15 kilometers of my career.” He finished just ahead of Belgian riders Jasper Philipsen and Arnaud De Lie.
“What an incredible day to share my last race with those riders,” Cavendish said. “With the future of sprinting, with this next generation of sprinters.”
Nicknamed the “Manx Missile,” Cavendish had planned to retire after the 2023 season but changed course and returned with the goal of passing Merckx›s Tour stage-win record. However, Cavendish was a pure sprinter and—being limited in the mountain stages—was never close to winning the Tour.
Cavendish also won stages at the two other Grand Tours—17 on the Giro d’Italia and three at the Spanish Vuelta—and became a world champion in 2011 in Copenhagen. AP
KBy Graham Dunbar
The Associated Press
GENEVA—The two biggest events in world sports are coming to America. And if President-elect Donald Trump is not thinking about them yet, organizers of the 2026 World Cup and 2028 Los Angeles Olympics certainly are. The World Cup and the Summer Games are rare globally shared cultural moments with potential for unifying people. But there are questions around issues like granting visas and providing security that will cross Trump’s desk. And that requires diplomacy. Soccer body FIFA seems in a better place to resume warm relations with Trump from his first administration compared to the International Olympic Committee (IOC) based on public reactions this week and previous interactions.
FIFA President Gianni Infantino used his Instagram account to congratulate Trump even before the Electoral College win early Wednesday. There has been a public silence from the IOC, though it follows a more formal protocol code.
AYL GONZAGA and Pete Bandala showcased their burgeoning tennis talents as they dominated the Governor’s Cup National Championships at the DAO Sports Complex in Pagadian City, Zamboanga del Sur, over the weekend. Gonzaga, a 14-year-old from Castillejos in Zambales, was unstoppable in her age group, dropping just five games in three matches to clinch the title with a decisive 6-1, 6-2 win over Vienna Cagas. She also reached the finals of the 16-and-undere division and narrowly lost to Lanao del Norte’s Anna Ragpala, 6-2, 4-6, 10-8, and finished runner-up in the premier 18-and-under category
By Josef Ramos
AI SOTTO will be just fine when the men’s national team starts practicing on Friday for the second window of the 2025 International Basketball Federation (FIBA) Asia Cup Qualifiers on November 21 and 24 at the Mall of Asia Arena in Pasay City.
“Kai Sotto will suit up,” Gilas Pilipinas team manager Richard del Rosario confirmed to BusinessMirror on Monday.
IOC President Thomas Bach made one visit to the White House in June 2017 that is part of Olympic lore for how badly it went.
“Pray for our world,” Bach was heard to say on a cellphone call later that day in Washington DC.
This summer, at a campaign rally, Trump falsely labeled two female Olympic champion boxers as men and pledged to “ keep men out of women’s sports.” It’s the type of issue that could arise from the Trump administration despite top-tier Olympic sports track and field, swimming and cycling already excluding from women’s competitions any athletes who went through male puberty.
FIFA, meanwhile, seems to have an open line of communication with Trump to talk through potential challenges such as Iran’s probable qualification to the men’s World Cup and the political implications it may bring.
Trump called Infantino “my great friend” at the World Economic Forum in Davos in January 2020.
Infantino also recently moved to Miami, just 70 miles south of Trump’s Mar-a-Lago estate The tradition for the head of state of a host nation is to present the trophy at the World Cup final and formally open the Summer Games.
Ceremonial duties for Trump at the World Cup—which the US is co-hosting with Mexico and Canada—and LA Olympics—held after Bach leaves office —in moments watched by hundreds of millions of viewers worldwide, are in some ways the easy bit.
“My personal view would be that Trump has a very astute appreciation of being on the world stage,” Michael Payne, an IOC insider since the 1984 LA Summer Games as a marketing executive and consultant, told The Associated Press.
“The challenge will be the year counting down to the events—how that doesn’t compromise the agenda of everybody turning up,” Payne said in a telephone interview.
Asking for and getting permission from the IOC and FIFA to host their sprawling, multi-billion dollar events requires federal government guarantees on security and letting athletes, team
against top-seed Sanschena Francisco from Sultan Kudarat, 6-3, 6-2. Bandala, 16, from Dipolog City, claimed the boys’ 16-and-under title with a solid 6-3, 6-2 victory over Deem Lanticse and reached the finals in the boys’ 18-and-under category, where he lost to top seed Vinz Bering, also from Lanao del Norte, 6-4, 6-4.
Despite falling short of double-title victories, Gonzaga and Bandala earned MVP honors in the country’s longest talent-search presented by Dunlop and held as part of the Palawan Pawnshop’s sports program initiated by president and CEO Bobby Castro.
officials and fans enter the country.
Trump’s first administration was involved in the bid campaigns—won in 2017 by LA and in 2018 by US soccer officials bidding jointly with Canada and Mexico—and likely was made aware that FIFA, the IOC and fans see the events as belonging to everyone.
“The World Cup and the Olympics, I was responsible for getting both of them, actually,” Trump told Bill Belichick this month on the Let’s Go podcast.
During those campaigns, when both American bid teams faced questions about a backlash by global voters against Trump’s rhetoric, US soccer and Olympic bid officials noted he wasn’t expected to be in office when the sports events opened.
Even Trump, in a meeting with Infantino at the White House in August 2018, didn’t factor in the possibility of losing the 2020 election, which opened the door for him to run again four years later and return to office in time for the 2026 World Cup.
“2026, I won’t be here,” said at the time.
Hosting games and races that make the world stop to watch, that create a rare sense of shared global experience, is seen as a privilege. Even when the athletes and teams come from countries that were insulted by President Trump, whose politics include travel bans and deportations
“That responsibility extends to making people feel welcome and that the visa regime is open,” said Piara Powar, executive director of anti-discrimination group Fare that works with FIFA to monitor offensive incidents at World Cup games.
Iran, a power in Asian soccer, is on track to qualify in March for its fourth straight World Cup. The Palestinian national team is still contesting one of the eight guaranteed places from Asia in the 48-nation tournament lineup. Trump has a history of support for Israel though has vowed to bring
the Philippine Basketball Association Governors’ Cup is over. Camp will be the Inspire Sports Academy in Calamba, Laguna. Former Ateneo Blue Eagle 6-foot-11 Ange Kouame, one of Gilas’s naturalized players, will also join the camp fresh from his stint as Meralco’s import in the East Super League on Wednesday against Busan KCC Egis. Kouame, who was on Cone’s team that won the gold medal last year at the Hangzhou 19th Asian Games, will provide an option for Justine Brownlee, who played an exhausting Finals for Ginebra in against eventual back-to-back champions TNT Tropang Giga. June Mar Fajardo, Chris Newsome, Scottie Thompson, Jamie Malonzo, CJ Perez, Calvin Oftana, Dwight Ramos, Kevin Quiambao and Carl Tamayo are also in Cone’s team.
AYL GONZAGA (center) and Pete Bandala (right) hold their trophies as they pose with Zamboanga del Sur Sports head Alfredo Cimafranca.
TWO major international sports events that the US is hosting could prove to be a challenge under Donald Trump’s forthcoming administration. AP
