NGCP sees over 5% power demand growth
By Lenie Lectura @llectura
THE country’s power demand is expected to grow at an average annual compound growth rate (AACGR) of over 5 percent for 2024 to 2050, according to the 2024-2050 Transmission Development Plan (TDP) of the National Grid Corporation of the Philippines (NGCP).
The TDP outlines essential expansion and modernization projects for the transmission system to ensure the reliable and efficient delivery of electricity throughout the country. The NGCP, as the transmission concessionaire, has the responsibility to implement the TDP, which was developed in consultation with all industry stakeholders, both private and public.
“The power demand for the country is expected to grow at an AACGR of 5.60 percent for the period 2024-2030, 5.95 percent for 2026-2030, 5.36 percent for 2031-2040 and 4.82 percent for 2041-2050. It is projected that Visayas will have the highest
AACGR compared with the two other grids. Visayas is forecasted to reach an AACGR of 5.59 percent for 2024-2050 while the Luzon and Mindanao Grids at 5.10 percent and 5.47 percent, respectively,” the latest TDP stated.
NGCP presented its 2024-2050 TDP to various energy stakeholders during its recent annual nationwide public consultations.
The public consultations for North Luzon, South Luzon, Visayas, and Mindanao, gathered input and provided updates for the expansion and improvement of the nation’s power grid.
The Department of Energy (DOE), National Transmission Corporation (TransCo), Philippine Electricity Market Corporation (PEMC), Independent Electricity Market Operator of the Philippines (IEMOP), Meralco, and power generators and customers from Luzon, Visayas, and Mindanao were among the key stakeholders present during the consultations.
“Our goal is to build a more sustainable and efficient power grid system in the coming
years. The 2024–2050 Transmission Development Plan is a critical roadmap for achieving this, and we are committed to working closely with all stakeholders to ensure its successful implementation. These public consultations are an essential part of that process, allowing us to share our vision and gather valuable feedback,” NGCP said.
The updated TDP is designed to address the needs of the power grid, ensuring its reliability and stability to prevent transmission-related outages.
The public consultations also discussed NGCP’s ongoing and future grid developments, including upgraded project timelines, regulatory status, integration of renewable energy sources such as offshore wind plants, and the implementation of smart grid technologies for a more efficient and sustainable transmission system.
“These sessions provide detailed updates on the projects approved by the Energy Regulatory Commission [ERC], affected areas and provinces, and estimated target completion dates,” NGCP said.
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’25 GROWTH SEEN AT 6% ON CREATE MORE IMPACT
By Cai U. Ordinario @caiordinario
TAILWINDS from rate cuts and the impact of the recently passed CREATE to Maximize Opportunities for Reinvigorating the Economy (Create More) law will boost the economy’s growth next year.
This was according to Citi Research, which now expects the country’s full-year GDP growth to slow to 5.8 percent this year. Fourth quarter GDP growth is expected to be faster at 6 percent
compared to the 5.2 percent in the third quarter. Citi Economist for the Philippines and Thailand Nalin ChutchoSee “Growth,” A2
ECONOMISTS PITCH OPTIONS VS. RISING TRADE RESTRICTIONS
By Andrea E. San Juan @andreasanjuan
THE Philippine government should provide incentives and craft “comprehensive” policies and strategies for local exporters amid the significant increase in trade restrictions implemented by developed economies, according to Filipino economists.
“As other countries may have become more protectionist, the Philippines should find ways to produce more efficiently and to increase its scale of production, so that we can still access larger markets and benefit from trade,” Ateneo De Manila University Economist Leonardo
See “Da,” A2 See “Economists,” A2
DA: Serial typhoons to keep veggie prices at high levels
By Ada Pelonia
THE prices of vegetables will remain elevated due to successive typhoons that struck the country, according to the Department of Agriculture (DA).
Agriculture Assistant Secretary Arnel de Mesa said local farmers from vegetable-producing regions would be hard-pressed to recover despite the usual two-week recovery following the onslaught of a typhoon.
“We said earlier that vegetables can recover quickly, but because the storms have come one after the other, prices of vegetables remain elevated in the markets, and may even rise further as the sector struggles to recover,” De Mesa told reporters on
Monday, speaking mostly in Filipino.
He said areas most affected by the successive typhoons were Nueva Vizcaya, Cagayan Valley, Central Luzon, and Southern Tagalog. In particular, he noted major-producing areas of lowland vegetables such as Quezon, Laguna, and Batangas.
“These regions [Central Luzon] and Southern Tagalog have been hard hit, so most likely prices of vegetables will stay elevated,” he said, adding that it would “take some time” for local plantations of vegetables to recover.
Some lowland vegetables saw a spike in prices, particularly bitter gourd (ampalaya) ranging at P130-P200 per kilo as of November 15 from P80-P180
PHL, US defense chiefs ink GSOMIA on intel exchange
By Rex Anthony Naval
DEPARTMENT of Na -
tional Defense (DND)
Secretary Gilberto Teodoro Jr. and his American counter -
part, US Department Of Defense
Secretary Lloyd J. Austin III, on Monday formally signed the “General Security of Military Information Agreement” (GSOMIA)” allowing the exchange of classified military information between the two allies.
Signing of the agreement, which also calls for measures to protect the military intel sharing system, took place at the Armed Forces of the Philippines (AFP) Commissioned Officers’ Club in Camp Aguinaldo.
The agreement will allow the Philippines to access higher capabilities and big-ticket military items from the United States.
GSOMIA will also allow the Philippines to pursue similar agreement
per kilo last October 31, based on the DA’s price monitoring.
Eggplant prices also surged to
with other like-minded nations.
After the signing of the agreement, Austin was presented with the Outstanding Achievement Medal (OAM) for his leadership and commitment in strengthening the Philippine and United States defense alliance and advancing the shared values of the two nations.
“He has been instrumental in reinforcing the enduring partnership between our two nations, ensuring that our shared values of democracy, freedom, and peace continue to guide our cooperation in the Indo-Pacific Region. Under his stewardship, the Philippine-US defense alliance has been significantly bolstered. Secretary Austin’s remarkable contributions have not only strengthened the PhilippineUS defense relationship but have also played a central role in advancing regional stability and security,”
Austin’s OAM citation said.
After the signing of the key defense agreement, the two de -
P150-P200 per kilo from P110-P130 per kilo two weeks ago, while prices of tomatoes rose to P140-P230 per kilo
fense chiefs headed towards the Aduana Helipad for the groundbreaking for the Combined Coordination Center, which was described by AFP chief Gen. Romeo Brawner Jr. as “the dawn of a new era in collaboration and partnership” between the two nations.
“This groundbreaking represents not only the construction of a facility, but the solidification of our commitment to one another, ensuring that our forces stand united in the face of challenges.
The Combined Coordination Center will be a vital nexus for our joint operations, a gateway for information sharing and strategic coordination,” he added.
Brawner said the Combined Coordination Center will greatly enhance the capability of the two nations to coordinate during a crisis.
This is aside from fostering an environment where the strengths of the two nations com -
from P130-P210 in the same period, government data showed.
Despite this, De Mesa maintained that the increase in some vegetable prices would not stretch until the holiday season.
“We don’t think it will last un -
bine to safeguard peace and security in the region.
Austin, reiterated that this facility is part of what Washington has described as the US’s ironclad commitment to the Philippines and will allow real-time information sharing for a common operating picture.
It is also expected to further interoperability between the two militaries.
“And it will be a place where our forces can work side by side to respond to regional challenges,” the US defense chief added.
Meanwhile, Teodoro said the Combined Coordination Center is part of the “strategic approach” by the two countries in facing shared threats.
“So in this spirit, this groundbreaking ceremony will truly break ground, not merely in the center itself, but in our shared journey towards regional peace and stability,” he added.
til Christmas; that would be too long,” he said.
The DA official explained that the agricultural damage from typhoon Kristine to typhoon Nika has reached P10 billion. Of this, he said the rice sector sustained the most losses at over P6 billion, while the high-value crops sector trailed behind at more than P2 billion in recorded damage.
Amid the damages, the agency said it has provided affected farmers with several interventions such as agricultural inputs like rice, corn, and vegetable seeds; as well as drugs and biologics for livestock and poultry.
It added that available funds from the Philippine Crop Insurance Corporation (PCIC) would also be disbursed to indemnify affected farmers.
PCIC President Jovy C. Bernabe was quoted in a statement as saying that the PCIC has set aside an initial amount of P667 million for insurance payments to these affected farmers.
titham noted that the slowdown in the third quarter was mainly due to one-offs that are not expected to be repeated in 2025.
“We also maintain our expectation of 6-percent growth in 2025 but see some upside risks due to tailwinds from more rate cuts— we expect [a reduction of] 25bp in December 2024 and [another reduction of] 75bp in 2025,” Chutchotitham said.
Apart from this, Chutchotitham said the passage of Create More would help support the continuation of private sector investments and Foreign Direct Investment (FDI) growth.
She noted that this will be driven by the reduction in corporate income tax to 20 percent from the current 25 percent. While this will lead to a 0.002 percent of GDP in 2026 and by 0.004 percent of GDP in 2027, the lower tax rate places the country on a par with its Asean peers. The Citi economist also said the 100 additional deductions on power expenses, to a total of 200 percent for the manufacturing sector, would reduce costs for producers.
The new law will also benefit foreign investors by streamlining the Value Added Tax (VAT) refund process and simplifying local taxation into one single local tax of a maximum of 2 percent of gross income for foreign enterprises.
The new law also relaxed limits
of the earlier CREATE bill, namely, extension of strategic investment tax incentives by 10 more years from a maximum of 17 years. A 5-10 year extension may also be sought for labor-intensive projects.
“In response to the post-pandemic world, the Create More law allows firms in the special economic zones to implement flexible/ hybrid work arrangements while continuing to enjoy their other incentives,” Chutchotitham said.
Earlier, the growth of the economy slowed to 5.2 percent, according to the Philippine Statistics Authority (PSA).
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 posted in the second quarter last year.
Socioeconomic Planning Secretary Arsenio M. 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.
He said the economy needs to grow by 6.5 percent to attain the government’s targets this year. But the government is confident that holiday spending, among others, will help boost the country’s economic performance.
Continued from A1 Continued from A12 Continued from A1
Lanzona told the BusinessMirror in a Viber message on Monday.
Lanzona said this after the World Trade Organization (WTO) recently released a report on G20 Trade Measures.
According to the 166-member global international trade organization, the 31st WTO Trade Monitoring Report on G20 trade measures “arrives during difficult times for global trade.”
“Against a backdrop of geopolitical tensions and more frequent and serious climate change-related crises, there is increasing evidence of inward-looking and unilateral trade policy decisions creating uncertainty for the world economy,” WTO said.
The WTO report showed that between mid-October 2023 and midOctober 2024, the trade covered by new restrictions has “increased significantly” compared to the last Trade Monitoring Report in December 2023.
WTO emphasized that even if G20 economies have also continued to introduce “wide-ranging” measures that liberalize trade, industrial policies and other programs hold the potential to “widen” existing trade tensions.
Moreover, the Report showed that between mid-October 2023 and mid-October 2024, G20 economies introduced 91 new trade-restrictive and 141 trade-facilitating measures on goods. WTO added that most of these measures are import measures.
G20 economies comprise 19 countries and two regional bodies.
Some of these economies are the Philippines’s export destinations
Tulfo also underscored the need for online platforms such as Lazada and Shopee to explain how they verify the legitimacy of their offshore sellers and ensure that imported appliances meet ICC certification or other safety and quality standards.
For his part, Biron supported the manufacturers’ concerns, stating that these online sellers must comply with Philippine laws.
“We want to ensure that every Filipino business competes on a level playing field. Let us fight for fairness, for justice, and for the future of our industries and our people,” Biron said.
Moreover, Tulfo also criticized the platforms for enabling these
practices and called for stricter monitoring of imported goods. He urged the Department of Trade and Industry (DTI) and other agencies to take immediate action to protect Filipino consumers and businesses.
“We must ensure that every Filipino business competes on a level playing field,” he said. “Let us fight for fairness, for justice, and for the future of our industries and our people.” He said this inquiry aims to craft legislation that will address these issues, regulate online selling platforms, and provide a safeguard for local industries to thrive in a competitive yet fair marketplace. Jovee Marie N. dela Cruz
such as China, Japan, United States and the European Union.
As such, Lanzona said that one way to adapt to the more restrictive trade in the global arena is by crafting “a set of comprehensive policies and strategies from the government that will provide incentives and overall direction to our potential exporters.”
To continue to benefit from trade, he said the country needs to use its available resources, including labor.
Lanzona pointed out that the new restrictions “no longer makes it feasible” to base the country’s exports on imports, as this will not allow the country to achieve “substantial profits.”
With this, he said, “Our exports need to be more local product-intensive to gain comparative advantage.”
To secure such advantage, Lanzona recommended that the Philippines incentivize its universities and colleges to conduct researches that allow the country to “differentiate our products from the rest of the world.”
On top of leveraging the universities and colleges, the Atenean economist said the country should encourage more foreign companies to come in and engage it more in processing and manufacturing.
“As we compete in a more protectionist world economy, we can gain more by opening our markets to corporations that may have been hampered by these trade restrictions,” Lanzona told this paper. Build competitiveness—Oplas FOR her part, De La Salle Univer -
sity economist Maria Ella Oplas told the BusinessMirror that the Philippines should focus on building competitiveness amid a protectionist trading environment because “it is the rule of the game.” “If you have competitive products, nations will adjust for you,” Oplas told this paper. The DLSU economist also recommended that the Philippine government “double time on expanding trade partners,” adding, “It is always good to have more options but of course you can only do those if you have competitive products.”
Oplas also underscored the importance of entering into Mutal Recognition Agreements (MRAs) with other nations as these can lead to “enhanced trust, reduced trade barriers and increased market access.”
According to the WTO report, the “stockpile” of G20 import restrictions has grown steadily since 2009. For 2024, it noted that the trade covered by G20 import restrictions in force was estimated at $2.33 billion, representing 12.7 percent of total G20 imports or 9.4 percent of world imports.
Latest data from the Philippine Statistics Authority (PSA) showed that the United States is the Philippines’s top export destination as outbound shipments to the US amounted to $9.18 billion in the January to September 2024 period. Other top export destinations of the Philippines are Hong Kong, $7.8 billion; Japan, $7.71 billion; People’s Republic of China, $7.01 billion, among others.
Among these export destinations of the Philippines, only export earnings from Japan and China declined by 2.3 percent and 16.5 percent, respectively,in the nine-month period this year.
Lawmaker: Malaysia’s protest over maritime laws baseless
By Jovee Marie Dela Cruz @joveemarie
SENIOR lawmaker on Mon -
Aday dismissed Malaysia’s protest over two new Philippine maritime laws as baseless and urged the government to revive the country’s historic claim to Sabah if Malaysia continues to object.
Cagayan de Oro City Rep. Rufus Rodriguez made a statement following Malaysia’s objection to the recently signed Philippine Maritime Zones Act and the Philippine Archipelagic Sea Lanes Law.
The Malaysian government claimed that some reference materials used in crafting the laws reiterated the Philippines’s claim to Sabah.
“Malaysia has no basis for its pro -
test because the reference materials are not part of the two laws. The laws are to be taken in their import and the meaning of their provisions. They do not mention our country’s claim to Sabah,” he said.
“If Malaysia strongly protests our new maritime zones and archipelagic sea lanes laws, I suggest the Philippine government strongly revive our claim to Sabah, which rightfully belongs to the Philippines by historic right or legal title,” the Mindanao lawmaker added.
He pointed out that Malaysia used to pay annual rent for Sabah to the heirs of the Sulu sultanate.
Rodriguez stressed that the Maritime Zones Act and Archipelagic Sea Lanes Law “only pertain to our Exclusive Economic Zone, computed at
200 nautical miles from our baselines, which does not include Sabah.”
“Our new maritime laws strictly pertain to the seas surrounding the Philippine archipelago. They do not deal with land territories like Sabah,” he said.
He said the enactment of the two pieces of legislation “is fully in accordance with the United Nations Convention on the Law of the Sea.”
Rodriguez praised President Marcos for signing the two laws on Friday.
“Their enactment sends a strong signal to our neighbors and the world of our resolve to defend what is ours under international law and to preserve and exploit resources within our exclusive economic zone for the benefit of all Filipinos,” the lawmaker said. In signing the two laws, the Presi -
dent said they “emphasize the importance of our maritime and archipelagic identity.”
“With these pieces of legislation, we align our domestic laws with international law, specifically the UN Convention on the Law of the Sea, or UNCLOS, to improve our capacity for governance and reinforce our maritime policies for economic development and for national security,” he said.
“The Philippines reaffirms its sovereignty, sovereign rights, and jurisdiction in our waters. By defining and asserting our maritime zones, we project to the international community that we are staunchly committed to nurturing, cultivating, and protecting our maritime domain,” the President said.
House committee to Sara’s chief of staff: Show up or else
THE House Committee on Good Government and Public Accountability has warned Vice President Sara Duterte’s chief of staff, lawyer Zuleika Lopez, that she will face arrest if she continues to ignore the panel’s summons.
Committee members emphasized during a news conference on Monday that Lopez’s presence is crucial to their ongoing inquiry into the alleged misuse of P612.5 million in confidential and intelligence funds (CIF) allocated to the Office of the Vice President (OVP) and the Department of Education (DepEd) under Duterte’s leadership.
“We expect her attendance this Wednesday,” said Zambales Rep. Jay Khonghun, vice chairman of the committee. Khonghun added that Lopez has returned from the United States, where she attended to a family emergency.
“She has already received the subpoena, and we hope she honors the committee’s invitation to clarify the spending of OVP’s confidential funds,” Khonghun added.
Deputy Majority Leader Paolo Ortega V also reminded Lopez of her earlier promise to attend the hearing upon her return to the Philippines.
“She indicated in her reply letter that
she would return by November 14. She must honor this because she plays a key role in these hearings as the person responsible for releasing the confidential funds,” Ortega, who represents La Union, said.
Last week, the Committee on Good Government and Public Accountability, which is chaired by Manila Rep. Joel Chua, cited four OVP officers in contempt and ordered their arrest and detention for their repeated defiance of subpoenas for them to attend its hearings.
Lopez got a reprieve upon the motion of Deputy Speaker David Suarez, with the committee giving her a last chance to show
up on Wednesday or face the same penalty as her colleagues.
Those cited in contempt and ordered detained were Gina Acosta, OVP special disbursing officer; Lemuel Ortonio, OVP assistant chief of staff and Bids and Awards Committee chairman; Sunshine Fajarda, former DepEd assistant secretary; and her husband Edward Fajarda, former DepEd special disbursing officer.
Four other OVP officers attended the November 11 hearing. They were Rosalynne Sanchez, OVP administrative and financial
Legislators ask: Who is ‘Mary Grace Piattos’
LEADERS of the House of Representatives on Monday announced a P1-million reward for information on the identity of “Mary Grace Piattos,” a name that appears in suspicious liquidation documents tied to the alleged misuse of P612.5 million in government funds by Vice President Sara Duterte’s offices.
Assistant Majority Leader Jay Khonghun and Deputy Majority Leader Paolo Ortega V made the announcement during a news conference on Monday, urging the public to assist in uncovering the mystery behind the name.
“We in the Blue-Ribbon Committee and Quad Committee emphasize the importance of accountability, especially from those who signed acknowledgement receipts,” Khonghun, who represents Zambales, said. “We voluntarily decided to offer a P1million reward for anyone who can provide information about Mary Grace Piattos.”
“Mary Grace Piattos,” which resembles a combination of a popular restaurant and a local snack brand, has sparked both public curiosity and ridicule. However, lawmakers view the issue as a serious matter of accountability.
Khonghun pointed out that “Mary Grace Piattos” was listed as the recipient of the largest portion of the confidential funds disbursed by the Office of the Vice President (OVP) in December 2022.
“We want to set an example and uncover the truth. If Mary Grace Piattos is fictitious, it’s likely that other names on these receipts are also fabricated,” Khonghun explained.
At the center of the controversy are 158 acknowledgment receipts included in liquidation reports submitted by the OVP to the Commission on Audit (COA). Lawmak -
ers suspect these receipts were falsified to justify the rapid use of P125 million in confidential funds within just 11 days. Khonghun compared this to the infamous pork barrel scam orchestrated by Janet Lim Napoles, noting, “Napoles spent her funds in 60 days, but this scandal achieved it in just 11 days.”
Ortega, meanwhile, flagged the recurring fictitious names and repetitive handwriting on the receipts.
“We’ve been lenient in inviting resource persons to clarify these issues, but it’s time they appear and address the anomalies,” Ortega said. He quipped, “If we’re looking for ‘Mary Grace Piattos’, let’s also find Chippy McDonald and other fictitious entities mentioned in these questionable records.”
The Committee on Good Government and Public Accountability (blue-ribbon) is investigating how the OVP and the Department of Education handled a total of P612.5 million in confidential funds in 2022 and 2023 during Duterte’s tenure as Vice President and Education Secretary. 1-Rider Party-list Rep. Rodge Gutierrez previously described the receipts as “spurious and bogus,” highlighting identical handwriting, vague expense descriptions, and implausible dates. Some receipts reportedly listed expenses from November 2022, even though the funds were disbursed in December 2022.
Antipolo City Rep. Romeo Acop also raised concerns about the questionable entries, including the suspicious use of the name “Mary Grace Piattos.”
Lawmakers said the P1 million bounty underscores the importance of resolving the issue and ensuring accountability in government spending. Jovee Marie N. dela Cruz
DBM okays release of ₧5-B for DSWD’s AICS program
By Reine Juvierre Alberto @reine_alberto
T
HE Department of Budget and Management (DBM) has approved the release of P5 billion to the Department of Social Welfare and Development (DSWD) on November 15, to provide relief to disaster-stricken communities affected by the series of storms recently.
In a statement on Monday, the DBM said Budget Secretary Amenah F. Pangandaman has approved the release of the Special Allotment Release Order (Saro) and its corresponding Notice of Cash Allocation (NCA) for DSWD’s Assistance to Individuals in Crisis Situation (AICS) program.
The AICS program is a critical component of DSWD’s services, providing essential support to individuals and
families in crisis.
The program includes medical, burial, transportation, education, and food assistance, along with financial aid for other urgent needs of those affected.
The P5 billion funding for AICS was sourced from unprogrammed appropriations (UA). According to the 2024 General Appropriations Act (GAA), unprogrammed appropriations can be used for crucial social
Filipino food exporters told to consider product trends
PHILIPPINE food exporters are advised
to consider global product trends in 2025 to meet the needs of today’s consumers as they strengthen their position in the global market, the Philippine Exporters Confederation Inc. (Philexport) said.
In a statement, Philexport quoted Carl Francis Nichole Garing, the Department of Trade and Industry-Export Marketing Bureau (DTI-EMB) trade and industry development specialist as saying that the industry is experiencing a shift towards more “diverse and innovative” culinary experiences.
In particular, Garing said this is fueled by an increasing demand for global flavors, healthy options and convenient meal solutions.
Citing global market insights providers
Innova Market Insights and Mintel, Garing identified “longevity” staples as one of the global food trends shaping consumer choices in 2025.
“Ready-to-eat meals that can be stored for long periods, such as dehydrated soups and stews, are gaining popularity as people prepare for emergencies,” said Garing.
He also noted that longevity staples include “high- quality” canned foods like gourmet sardines and truffle-infused mushrooms, which are becoming pantry staples.
Philexport said Garing also noted that modern takes on classic dishes like mac and cheese with gourmet cheeses and truffle oil or updated versions of meatloaf with plant-based ingredients.
Moreover, he said chips made from fruits like jackfruit, dragon fruit and durian are becoming popular snack options.
In 2024, Garing said sustainable and “regenerative” agriculture, plant-based innovations and functional beverages have transformed the culinary landscape.
The DTI-EMB official said there is a “growing focus” on sustainable and regenerative farming to improve soil health and support environmental sustainability.
“The plant-based trend continues to evolve, with more innovative and delicious plant-based products becoming available, catering to both vegans and flexitarians,” he added.
In addition, Garing said drinks that offer health benefits beyond basic nutrition are gaining popularity, adding “the trend towards
and infrastructure programs.
This mechanism allows the government to tap into excess revenue collections or new sources of funding to address urgent needs, such as financial aid for indigent citizens. With only P1.284 billion remaining in the National Disaster Risk Reduction and Management Fund (NDRRMF), commonly known as the calamity fund, Pangandaman said other funding sources may
low-alcohol or non-alcoholic beverages is growing catering to those who want to enjoy a drink without the effects of alcohol.”
According to the study of Innova Market Insights titled “Top 10 Food and Beverage Trends 2025,” consumers are seeking ingredients with “elevated features” such as health benefits, nutrition, freshness and shelf life, and naturalness.
“Quality also can go hand in hand with value. Value has risen in importance as a result of inflation following the Covid pandemic,” the study of Innova noted.
As such, the global insights provider said manufacturers of private label products are boosting the quality of their products and ingredients to offer consumers a “costconscious” way to enjoy the products they love.
Another food trend to consider for next year, the study noted, is that majority of consumers are “proactive” about their health. Andrea E. San Juan
The Morality of Right and Wrong: Four portals that shape our moral universe
LBy Henry J. Schumacher
IKE many people, I spent my teenage years wrestling with questions about right and wrong. Unlike like most, I never stopped. As I have been specializing in ethics, I’ve discovered that these questions aren’t just academic puzzles—they’re at the heart of our daily decisions, from workplace dilemmas to family disputes. Recently, while mediating an argument between friends about a controversial social media post, I realized how often we confuse different types of
moral judgment. This inspired me to create a simple map of the four distinct “rooms” we enter when making moral decisions. Let me show you around.
Imagine entering a room with four doors. Each door bears one of these words: Ethics, Morality, Law, Religion. Many people open these doors randomly or confuse them with each other. Yet, each leads to its own clearly defined world—even though these worlds may overlap.
Let’s open these doors together and explore what lies behind them:
The first door: Ethics— contemplating the good life ETHICS is, in a sense, the science of right action. It is the systematic attempt not only to answer moral questions but also to justify them. While in everyday life we often make spontaneous judgments about what is “good” or “bad,” ethics takes a step back and asks: Why do we consider something good? By what criteria do we judge? Are these criteria convincing?
I believe, an ethicist is like an architect of moral thinking. Ethics doesn’t just ask, “What should we do?” but primarily, “How do we justify what we should do?”
The second door: Morality— the lived compass of values BEHIND this door, we find what people consider right and wrong. Morality is, so to speak, the operating system of our
coexistence—a system of values, norms, and beliefs that guides our actions. Unlike ethics, morality is not theoretical but highly practical. It manifests in daily life our feelings of guilt or pride, our spontaneous judgments about others’ behavior, and our habits and traditions. Morality evolves with society, with new insights and experiences. It is the product of our shared history and simultaneously the foundation of our future.
The third door: Law—the binding rules of the game LAW is, in a way, the “hardened” form of morality. It translates moral convictions into binding, enforceable rules. While morality tells us “You shouldn’t do this,” law says, “You must not do this—and if you do, these consequences will follow.” Law creates reliability and security in social coexistence.
Law is more precise than morality. It defines exactly what is permitted and what is not. It knows no shades of gray, only black and white—even though jurisprudence does allow for discretionary powers. Law is the minimum that a society must agree upon to function. In other words: the law must function for rich and poor!!!!
be tapped, such as the Contingent Fund, Unprogrammed Appropriations, and Local Government Support Fund (LGSF).
“Hindi natin maikakaila ang matinding epekto ng climate crisis dito sa Pilipinas. Dumaan ang bagyong Nika, Ofel, Pepito, at maraming pa ang parating. Ang dagdag pondong ito sa DSWD ay para sa ating mga kababayan na apektado ng krisis [This additional funding for DSWD is for our countrymen affect -
Quad. . .
Continued from A3
services director; Julieta Villadelrey, OVP chief accountant; Kevin Gerome Tenido, OVP chief administrative officer; and Edelyn Rabago, OVP budget division officer-in-charge.
They all testified that they have no personal knowledge of how the P500 million in OVP intelligence and confidential funds (CIFs) in 2022 and 2023 and the P112.5 million DepEd CIFs were used.
Rejected
LAWMAKERS rejected a Senate proposal to increase the OVP’s 2025 budget from P733 million to its originally requested P2.03 billion.
They cited inconsistencies in the OVP’s budget justifications and warned against “budol” tactics aimed at misleading the
The fourth door: Religion—the transcendent dimension
RELIGION adds another dimension to the previous ones: the connection to something supernatural, divine. It offers not only rules for coexistence but embeds these in a larger, meaning-giving context. Religion answers questions that go beyond this world and often gives moral concepts an absolute, God-given authority.
However, in modern societies, religion is only one of several possible sources of moral orientation. Ethical reflection, societal discourse, and legal regulations can function without religious foundation.
The interplay of the four areas THESE four areas are like different instruments in an orchestra. Each has its own voice, but together they create the full melody of human coexistence: Ethics provides the theoretical foundation and justifications
Morality offers practical guidelines for everyday life
Law sets necessary boundaries and creates binding rules
Religion can provide additional meaning and orientation
Understanding these differences allows us to think and speak more clearly about what is right and wrong. We recognize that behavior can be legal without being moral—or moral without being religiously justified. This
ed by the crisis],” Pangandaman said. “Through this, we are sustaining support for vulnerable and marginalized communities. We are bridging the resource gap required for extensive disaster recovery and sustained support throughout the nation,” Pangandaman added. This comes after President Marcos’s directive to address the needs of communities affected by natural disasters immediately.
public.
Ortega and Khonghun criticized the OVP for failing to justify its spending during budget hearings.
“They said before that they would defer to Congress regarding their budget. Now, they’re pushing for an increase,” Ortega noted.
He stressed that regional offices of agencies like the Department of Social Welfare and Development (DSWD) and the Department of Health (DOH) are already equipped to provide the services the OVP claims to address.
Khonghun underscored the lack of transparency in the OVP’s spending, pointing to issues such as the use of fictitious names like “Mary Grace Piattos” in liquidation documents.
“We don’t want another Mary Grace Piattos or Chippy McDonald appearing in their reports,” he said.
differentiation makes us more mature citizens of a complex society. The journey through these four doors shows us: There are no simple answers to life’s big questions. But there are tools that help us better understand and discuss these questions. The distinction between ethics, morality, law, and religion is one of these tools.
A practical tip for everyday life
IMAGINE finding a wallet on the street.
This simple situation activates all four areas:
n Law tells you it’s illegal to keep it—you must attempt to return it
n Morality reminds you how you would feel if you lost your wallet
n Ethics examines why returning it is right (respecting property, building trust in society)
n Religion might add that being honest pleases God or builds good karma.
Try this yourself: Next time you face a decision, ask which “door” you’re looking through. Are you following the law, your moral compass, ethical principles, or religious guidance? Often, they align—but sometimes they don’t, and that’s when conscious reflection becomes especially valuable. I would love to get your feedback regarding the “door” you may not want to open (and why); contact me at hjschumacher59@gmail.com
DHSUD cuts housing target by 2028 from 6 to 3 million
TBy Bless Aubrey Ogerio
HE government’s lofty promise for its housing program is now hitting reality.
President Ferdinand Marcos Jr. pledged in 2022 to build at least one million low-cost housing units annually until his term expires in 2028. The president’s cousin, House Speaker Martin Romualdez, insisted that the six-million target would be achievable.
Two years later, the Department of Human Settlements and Urban Development (DHSUD) revised its housing target to 3.2 million units, with a price tag of about P4 trillion.
During a Senate hearing on November 12, Sen. Risa Hontiveros, the sponsor of DHSUD’s budget for 2025, explained that the adjustment was based on the findings of a housing needs study with the National Economic and Development Authority. It indicated that as of December 2022, the housing deficit stood at 2.2 million units.
“I wish to confirm for the record that the target reduction from six (million) to 3.2 million units is aligned, at least with the preliminary findings of the study,” Hontiveros clarified during the hearing.
Senate Minority Leader Koko Pimentel raised concerns about the feasibility of the target, doubting if the housing agency’s revised target of 3.2 million units would be met given that only 162,000 units have
been started under the Pambansang Pabahay Para sa Pilipino (4PH) program so far.
In response, Hontiveros acknowledged the challenges facing the program, particularly its reliance on the private sector. She said delays in loan approvals and high interest rates were significant obstacles but emphasized that government guarantees could help accelerate construction.
Milestone set
THE housing agency aims to start construction on approximately 907,000 housing units by June 2028, bringing the total number of completed units to 1,108,924. The average cost per unit is approximately P1.5 million, according to Hontiveros.
Hontiveros pointed out that while 3.2 million units may be completed by 2028, the entire 6.9 million-unit deficit, as projected in housing studies, would require additional funding and resources.
According to DHSUD’s projections, units not completed under the 4PH program could be addressed by other existing programs, providing hope for long-term housing solutions even after the current administration ends.
Hontiveros reaffirmed the DHSUD’s long-term goals as its current leaders have about three years to go in their term.
“They (DHSUD) can only rightfully exercise that mandate until 2028 but maybe they will leave their track record, their
accomplishments by year 2028, lessons learned for the consideration of the next administration and the next department,” she said. “Leading the final decision in actual maintenance or revision of the strategy to that next administration.”
Condo housing focus
A SIGNIFICANT portion of the DHSUD’s revised housing target includes medium- to high-rise residential buildings.
Known as “vertical housing,” these developments depart from traditional singlefamily homes and employ a condominium model, where unit owners share common areas and upkeep costs.
According to Section 5 of Republic Act 11201, or the Department of Human Settlements and Urban Development Act, the agency is tasked with formulating housing policies and programs in collaboration with other government agencies to address the housing needs of homeless and underprivileged families.
The primary beneficiaries of these high-rise projects are low-income earners, which DHSUD aims to support through government-guaranteed financing.
Hontiveros explained that each unit owner would pay an estimated P2,600 per month, with interest subsidies available to reduce financial burden.
However, Sen. Cynthia Villar, whose family is engaged in real estate development, questioned this approach, arguing that
‘Minimum casualty’ reported as storm Pepito exits PAR
Continued from A12
Motorists are urged to avoid the affected areas and monitor advisories for updates on road conditions.
The Philippine Ports Authority (PPA) reported a total of 663 passengers remain stranded in various ports as of Monday morning due to the disruptions caused by the recent tropical cyclones. These include 321 passengers at the Port Management Office (PMO) NCR North, 253 in PMO Eastern Leyte/Samar, and 73 in PMO Agusan.
Humanitarian assistance, disaster relief
THE Philippine Air Force (PAF) saidall its personnel and aircraft are ready to conduct humanitarian assistance and disaster relief (HADR) missions.
In a statement, PAF spokesperson Col.
Ma. Consuelo Castillo said several air assets have been placed on “ standby alert” for HADR operations in connection with “Pepito”.
She said these air assets are transport aircraft like the C-130, C-295, F-27, NC-212i; utility helicopters like the Huey II, Super Huey, B-205A, UH-1H, S-70i “Black Hawk” and search-and-rescue-choppers like the S-76A and W-3A “Sokol”
Likewise, PAF Tactical Operations Groups (TOGs) across the country have activated their disaster response task unit (DRTU) teams, which remain on standby alert to provide immediate HADR operations as required. Castillo added that Tactical Operations
Group 8 (TOG-8) deployed two DRTU teams to Oras, Eastern Samar, and Catarman, Northern Samar.
These deployments are part of the Regional Disaster Risk Reduction and Management Council (RDRRMC) VIII Advance Composite Team, ensuring swift response to the needs of affected communities.
Meanwhile, Tactical Operations Group 4 (TOG-4) conducted preemptive evacuation operations in Lucena City in coordination with the Local Disaster Risk Reduction and Management Office.
Utilizing KM-450 and M-939 vehicles, TOG-4 rescuers safely transported 31 senior citizens, one adult, and two children to West 1 Elementary School in Barangay Iyam, Lucena City.
Guidelines for teachers, learners
THE Department of Education (DepEd) has issued guidelines, focusing on the safety and well-being of teachers and learners while ensuring learning continuity.
DepEd Memorandum No. 64, series of 2024 mandates field officials to coordinate with their local Disaster Risk Reduction and Management Offices (DRRMO) and immediately report any casualties or displaced teachers and learners.
The Memorandum, signed by Education Secretary Juan Edgardo “Sonny” Angara, instructed schools to activate their medical and DRRM teams, assess classroom and facility safety, and provide necessary interventions for affected individuals.
Bong Go joins Super Health Center rites
SEN. Christopher “Bong” Go, chairman of the Senate Committee on Health and Demography, attended the groundbreaking of the new Super Health Center in Barangay Kauswagan, Cagayan de Oro City, on Saturday.
To monitor the situation, Regional and Schools Division Offices are required to submit daily Situation Reports no later than 9:00 AM. School DRRM teams must complete and submit the Rapid Assessment of Damages Report (RADaR) within 72 hours, either via the RADaR application or the offline template.
For learning continuity, field offices and schools are mandated to implement Alternative Delivery Modes (ADMs) using the most suitable learning delivery methods, including the Dynamic Learning Program (DLP).
School officials are tasked with ensuring the availability of learning resources before deploying ADMs.
Field offices are also encouraged to collaborate with local government units for clean-up operations, minor repairs, and the establishment of temporary learning spaces where needed.
The National Disaster Risk Reduction and Management Council (NDRRMC), in its Situation Report on the combined impacts of Tropical Cyclones Nica, Ofel, and Pepito reported that a total of 295,576 families in 3,358 barangays in 269 cities and municipalities across 27 provinces were affected.
The heavy rainfall has caused flooding and affected 183 areas in Regions 1, 2, 3, and 5, damaging 7,838 houses. A total of 11 cities and municipalities were declared under a state of calamity. According to the NDRRMC, 412 hectares of crops were damaged with a total estimated cost of P8,640,199.46. With Claudeth Mocon-Ciriaco
During his speech, Go urged Cagayan de Oro City residents to take full advantage of the new facility once completed.
condominium housing is unaffordable for many low-income families.
“Ang condominium, ang mahal. It’s for the middle class. It’s not for the poor. Tapos paaalisin nila doon sa lupa ‘yong poor, lalagyan nila ng condominium, saan nila dadalhin ‘yong poor?” Villar said during the interpellation period. “Why will you insist on building them condominiums when you can distribute the land to them” at only a P500 monthly payment? she asked.
To address these issues, Hontiveros outlined additional housing programs beyond the 4PH initiative to further support those in need, with around P100 billion allocated for next year’s budget.
These initiatives include P23.86 billion for public rental housing, P238.17 million for housing in danger areas, and P34 billion for disaster-affected families.
Hontiveros pointed out that these, in addition to the vertical housing approach, provide a more inclusive and adaptable housing framework that can meet the needs of various communities across the country.
Austin tells PBBM: US giving $1-M typhoon aid
AMID ongoing rehabilitation efforts in areas devastated by six typhoons since last month, United States Secretary Lloyd James Austin III announced they will be donating US$1 million and providing military aid for disaster response to the Philippine government.
Austin made the remark during his courtesy call on President Ferdinand Marcos Jr. in Malacañang on Monday.
“Mr. President, I have authorized US troops and all the Philippine forces to provide life-saving aid to the Filipino people. The US have also secured another US$1 million in urgent humanitarian aid and that will enhance the work of the USAID (US Agency for International Development) and the World Food Programme,”Austin said in his speech at the meeting.
The aid is on top of the US$5.5 million provided by the USAID to the Philippines since September.
He said the US government will also deliver 100,000 pounds of supplies in typhoon-hit areas.
“Mr. President, I look forward to discussing this morning how we could make additional assistance at this time,” Austin said.
Austin extended his condolences and prayers to the thousands of victims from tropical cyclones “Kristine” (international name: Trami), “Leon” (international name: KongRey), “Marce” (international name: YinXing), “Nika” (international name: Toraji), “Ofel” (international name: Osagi), and “Pepito” (international name: Man-Yi).
Marcos thanked Austin for the additional support in the government’s effort to provide relief in areas affected by recent weather disturbances.
“Secretary Austin, thank you very much for making your way here, as I say, because of the weather, and welcome to Manila,” Marcos said.
“We can have check-ups, Konsulta package of the PhilHealth here since most Filipinos are members of PhilHealth. We can do primary care from Universal Health Care, and early disease detection to prevent ailments from becoming serious,” said Go. This, he said, will “decongest the hospitals because people can be treated here and give birth here. Dental, laboratory, x-ray, ultrasound can also be done here. And if a mayor, wants it, dialysis services can subsequently be provided as well,” the senator explained further.
Go emphasized the essential role of Super Health Centers in making government services more accessible to the grassroots and enhancing the quality of healthcare at the community level. He explained that the primary goal of these centers is to bridge the gap between the government and communities, particularly in remote and underserved areas. From early disease detection, medical consultations, and primary care services, Super Health Centers are designed to alleviate the burden on hospitals and ensure healthcare is more readily available to those in need within their localities.
The establishment of the Cagayan de Oro City center is part of a broader initiative, with more than 700 Super Health Centers funded across the country, including six in the city. These efforts of Go are in collaboration with the Department of Health (DOH) led by Secretary Teodoro Herbosa, local government units, and fellow lawmakers.
Go acknowledged several officials who supported the project, including Congressman Rufus Rodriguez, former Congressman Maximo Rodriguez, Mayor Klarex Uy, Vice Mayor Jocelyn Rodriguez, Barangay Captains Jan Lim and Joaquin Uy, DOH Regional Director Sulpicio Legaspi, among others.
He also recognized the role of the Enhanced Defense Cooperation Agreement (Edca) in the government’s typhoon response.
Signed in 2014, the Edca allows the US military to preposition assets and build facilities within bases of the AFP.
There are currently 9 Edca sites nationwide.
“They served as staging areas actually for, before, when we know that the storm is coming, we prepositioned as much, as many assets, material as we can, as close as possible as possible so as not to damage the actual resources that we have,” Marcos said.
“We were able to do a better job than we would have done otherwise because of the Edca sites [[from] which we conducted a great many of our aid missions to the benefit of those who had been isolated,” he added. Samuel P. Medenilla
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Brief Job Description: Tracks orders and shipments and assists with tracing as needed.
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Israeli strike in Beirut kills Hezbollah’s spokesman, while strike in Gaza kills 30
By Fadi Tawil, Bassem Mroue & Wafaa Shurafa The Associated Press
BEIRUT—A rare Israeli strike in central Beirut killed the Hezbollah militant group’s chief spokesman on Sunday, while
an Israeli strike in northern Gaza ‘s Beit Lahiya killed at least 30 people, a hospital director there told The Associated Press.
Mohammed Afif al-Naboulsi was killed in a strike on the Arab socialist Baath party’s office in Beirut, Hezbollah confirmed in a statement. He had been especially visible after all-out war erupted between Israel and Hezbollah in September.
Israel’s military in a statement said he “wielded significant influence over Hezbollah’s military operations” and “glorified and incited” attacks on Israel.
It was the latest targeted killing of a senior Hezbollah official. On Sunday night, another strike in central Beirut hit a computer shop, killing two people and wounding 22, Lebanon’s Health Ministry said. There was no immediate comment from Israel’s military.
The strikes happened as Lebanese officials considered a United States-led cease-fire proposal.
“This confirms the crimes of the Israeli enemy, and that it wants to negotiate under fire and is expanding and targeting safe and safer areas,” said a Lebanese member of parliament, Faisal Al Sayegh.
Israel also bombed several buildings in Beirut’s southern suburbs, where Hezbollah has long been headquartered, after warning people to evacuate.
Screams in central Beirut
THERE was no Israeli evacuation warning before the strike near a busy intersection that killed Afif. Four people were killed and 14 wounded including two children, the Health Ministry said.
“I was asleep and awoke from the sound of the strike, and people screaming, and cars and gunfire,” said witness Suheil Halabi.
After the second strike in central Beirut, firefighters struggled to control the blaze in the busy residential neighborhood of Mar Elias. Bystanders said they heard a second explosion and a car nearby appeared to be hit.
Hezbollah began firing rockets, missiles and drones into Israel the day after Hamas’ October 7, 2023 attack ignited the war in Gaza. Israel launched retaliatory airstrikes in Lebanon and the conflict steadily escalated.
Israeli forces invaded Lebanon on October 1. On Sunday, Israel’s military said mobile artillery batteries had crossed into Lebanon and began attacking Hezbollah targets, the first time artillery was launched within Lebanese territory.
More than 3,400 people have been killed in Lebanon, according to the Health Ministry, and over 1.2 million driven from their homes. It is not known how many of the dead are Hezbollah fighters.
Hezbollah has fired dozens of projectiles into Israel daily. The attacks have killed at least 76 people, including 31 soldiers, and caused some 60,000 people to flee. Israel’s Magen David Adom emergency service said a teenager suffered blast injuries Sunday in Upper Galilee.
Lebanon’s army, largely on the sidelines, said an Israeli strike on Sunday hit a military center in southeastern Al-Mari, killing two soldiers and wounding two others. There was no immediate Israeli comment.
In Gaza, an escalation
THE director of the Kamal Adwan hospital in Beit Lahiya, Hosam Abu Safiya, said dozens were wounded in the Israeli strike and other people likely were under the rubble.
Fleeing residents told the AP that houses were hit. An Israeli military statement earlier said it conducted several strikes on “terrorist targets” in Beit Lahiya, and that efforts to evacuate civilians from the “active war zone” continued.
Israeli forces have again been on the offensive in northern Gaza, saying Hamas militants have regrouped.
“Tonight we did not sleep at all,” said one fleeing Beit Lahiya resident, Dalal al-Bakri. “They destroyed all the houses around us. ... There are many martyrs.”
A woman, Umm Hamza, said the bombing escalated overnight. “It’s cold and we don’t know where to go,” she said.
Earlier, officials said Israeli strikes killed six people in Nuseirat and four in Bureij, two built-up refugee camps in central Gaza dating back to the 1948 war surrounding Israel’s creation.
Two people were killed in a strike on Gaza’s main north-south highway, according to Al-Aqsa Martyrs Hospital in the central city of Deir al-Balah.
Israel’s military said two soldiers were killed in northern Gaza on Sunday.
The war between Israel and Hamas began after Palestinian militants stormed into Israel on October 7 last year, killing about 1,200 people—mostly civilians—
and abducting around 250 others. Around 100 hostages remain in Gaza, about a third believed to be dead.
On Sunday, Israel’s Shin Bet internal security agency said it met with the heads of the army and intelligence to discuss mediation efforts to release the hostages. It was the first public word of any such effort since Qatar announced earlier this month it was suspending its mediation work.
Gaza’s Health Ministry says around 43,800 Palestinians have been killed in the war. It does not distinguish between civilians and combatants but has said women and children make up more than half the dead.
Around 90 percent of Gaza’s population of 2.3 million Palestinians have been displaced, and large areas have been flattened by Israeli bombardment and ground operations.
Pope Francis has called for an investigation to determine if Israel’s attacks in Gaza constitute genocide, according to excerpts released Sunday from an upcoming book. 3 arrested after flares fired at Netanyahu’s home
Israeli police arrested three suspects after two flares were fired overnight at Prime Minister Benjamin Netanyahu’s private residence in the coastal city of Caesarea. Netanyahu and his family were not there, authorities said. A drone launched by Hezbollah struck the residence last month, also when they were away.
The police did not provide details about the suspects, but officials pointed to domestic political critics of Netanyahu.
The prime minister has faced months of mass protests. Critics blame him for security and intelligence failures that allowed the October 7 attack to happen and for not reaching a deal with Hamas to release hostages.
His government also faces anger from the ultra-Orthodox community over military draft notices. Some protested Sunday in the ultra-Orthodox city of Bnei Brak near Tel Aviv after the government said 7,000 new notices would be issued.
Shurafa reported from Deir al-Balah, Gaza Strip. Associated Press reporters Natalie Melzer in Tel Aviv, Israel, Melanie Lidman in Jerusalem and Kareem Chehayeb and Abby Sewell in Beirut contributed.
Pope Francis calls for investigation to find out if Israel’s attacks in Gaza constitute ‘genocide’
RBy Giada Zampano The Associated Press
OME —Pope Francis Has Called For An Investigation To Determine If Israel’s Attacks In Gaza Constitute Genocide, According To Excerpts Released Sunday From An Upcoming New Book Ahead Of The Pontiff’s Jubilee Year.
It’s The First Time That Francis Has Openly Urged For An Investigation Of Genocide Allegations Over Israel’s Actions In The Gaza Strip. In September, He Said Israel’s Attacks In Gaza And Lebanon Have Been “Immoral” And Disproportionate, And That Its Military Has Gone Beyond The Rules Of War.
The Book, By Hernán Reyes Alcaide And Based On Interviews With The Pope, Is Entitled “Hope Never Disappoints. Pilgrims Towards A Better World.” It Will Be Released On Tuesday Ahead Of The Pope’s 2025 Jubilee. Francis’ Yearlong Jubilee Is Expected To Bring More Than 30 Million Pilgrims To Rome To Celebrate The Holy Year.
“According To Some Experts, What Is Happening In Gaza Has The Characteristics
Of A Genocide,” The Pope Said In Excerpts Published Sunday By The Italian Daily La Stampa.
“We Should Investigate Carefully To Determine Whether It Fits Into The Technical Definition Formulated By Jurists And International Bodies,” He Added. Last Year, Francis Met Separately With Relatives Of Israeli Hostages In Gaza And Palestinians Living Through The War And Set Off A Firestorm By Using Words That Vatican Diplomats Usually Avoid: “Terrorism” And, According To The Palestinians, “Genocide.” Francis Spoke At The Time About The Suffering Of Both Israelis And Palestinians After His Meetings, Which Were Arranged Before The Israeli-Hamas Hostage Deal And A Temporary Halt In Fighting Was Announced.
The Pontiff, Who Last Week Also Met With A Delegation Of Israeli Hostages Who Were Released And Their Families Pressing The Campaign To Bring The Remaining Captives Home Had Editorial Control Over The Upcoming Book.
The War Started When The Militant Hamas Group Attacked Israel On October 7, 2023, Killing
1,200 People And Abducting 250 As Hostages And Taking Them Back To Gaza, Where Dozens Still Remain.
Israel’s Subsequent Yearlong Military Campaign Has Killed More Than 43,000 People, According To Gaza Health Officials, Whose Count Doesn’t Distinguish Between Civilians And Fighters, Though They Say More Than Half Of The Dead Are Women And Children.
The Israel-Hamas Conflict In Gaza Has Triggered Several Legal Cases At International Courts In The Hague Involving Requests For Arrest Warrants As Well As Accusations And Denials Of War Crimes, Crimes Against Humanity And Genocide.
In The New Book, Francis Also Speaks About Migration And The Problem Of Integrating Migrants In Their Host Countries.
“Faced With This Challenge, No Country Can Be Left Alone And No One Can Think Of Addressing The Issue In Isolation Through More Restrictive And Repressive Laws, Sometimes Approved Under The Pressure Of Fear Or In Search Of Electoral Advantages,” Francis Said.
Russia launches one of its fiercest missile, drone attacks at Ukraine’s infrastructure
By Samya Kullab & Joanna Kozlowska The Associated Press
KYIV, Ukraine—A Russian strike on a nine-story building in the city of Sumy in northern Ukraine killed eight people and wounded dozens, an official said Sunday, as Russia launched a massive drone and missile attack described by officials as the largest in recent months.
Among the eight killed in Sumy, 40 kilometers (24 miles) from the border with Russia, were two children, said Ukraine’s Minister of Internal Affairs Ihor Klymenko.
More than 400 people were evacuated from the building.
The rescuers were checking every apartment looking for people who might be still in the damaged building.
“Every life destroyed by Russia is a big tragedy,” said Klymenko.
The drone and missile attack, which targeted Ukraine’s energy infrastructure, came as fears are mounting about Moscow’s intentions to devastate Ukraine’s power generation capacity ahead of the winter.
Also Sunday, President Joe Biden authorized for the first time the use of US-supplied long-range missiles by Ukraine to strike inside Russia, after extensive lobbying by Ukrainian officials.
The weapons are likely to be used in response to North Korea’s decision to send thousands
of troops to support Russia in the Kursk region where Ukraine mounted a military incursion over the summer.
It is the second time the US has permitted the use of Western weapons inside Russian territory within limits after permitting the use of HIMARS systems, a shorter-range weapon, to stem Russia’s advance in Kharkiv region in May.
The first reaction from Ukraine to the long-awaited decision from the US was notably restrained.
“Today, much is being said in the media about us receiving permission for the relevant actions. But strikes are not made with words. Such things are not announced. The missiles will speak for themselves,” said Ukraine’s President Volodymyr Zelenskyy in his nightly video address.
Earlier, Zelenskyy said that Russia had launched a total of 120 missiles and 90 drones in a large-scale attack across Ukraine. Various types of drones were deployed, he said, including
Iranian-made Shaheds, as well as cruise, ballistic and aircraftlaunched ballistic missiles.
Ukrainian defenses shot down 144 out of a total of 210 air targets, Ukraine’s air force reported later on Sunday.
“The enemy’s target was our energy infrastructure throughout Ukraine. Unfortunately, there is damage to objects from hits and falling debris. In Mykolaiv, as a result of a drone attack, two people were killed and six others were injured, including two children,” Zelenskyy said.
Two more people were killed in the Odesa region, where the attack damaged energy infrastructure and disrupted power and water supplies, said local Gov. Oleh Kiper. Both victims were employees of Ukraine’s
state-owned power grid operator, Ukrenergo, the company said hours later.
The combined drone and missile attack was the most powerful in three months, according to the head of Kyiv’s City Military Administration, Serhii Popko.
One person was injured after the roof of a five-story residential building caught fire in Kyiv’s historic center, according to Popko.
A thermal power plant operated by private energy company DTEK was “seriously damaged,” the company said.
Russian strikes have hammered Ukraine’s power infrastructure since Moscow’s all-out invasion of its neighbor in February 2022, prompting repeated emergency power shutdowns and nationwide rolling blackouts. Ukrainian offi -
North Korean leader calls for ‘limitless’ nuclear expansion amid rising tensions with US, allies
SBy Kim Tong-Hyung
The Associated Press
EOUL, South Korea—North Korean leader Kim Jong Un renewed his call for a “limitless” expansion of his military nuclear program to counter USled threats in comments reported Monday that were his first direct criticism toward Washington since Donald Trump’s win in the US presidential election.
At a conference with army officials on Friday, Kim condemned the United States for updating its nuclear deterrence strategies with South Korea and solidifying three-way military cooperation involving Japan, which he portrayed as an “Asian NATO” that was escalating tensions and instability in the region.
Kim also criticized the United States over its support of Ukraine against a prolonged Russian invasion. He insisted that Washington and its Western allies were using Ukraine as their “shock troops” to wage a war against Moscow and expand the scope of US military influence, the North’s official Korean Central News Agency said.
Kim has prioritized his country’s ties to Russia in recent months, embracing the idea of a “new Cold War” and displaying a united front in Russian President Vladimir Putin’s broader conflicts with the West.
He has used Russia’s war on
Ukraine as a distraction to accelerate the development of his nuclear-armed military, which now has various nuclear-capable systems targeting South Korea and intercontinental ballistic missiles that can potentially reach the US mainland.
Kim has yet to directly acknowledge that he has been providing military equipment and troops to Russia to support its war against Ukraine and the KCNA’s report didn’t mention whether Kim made any comments toward Trump, whose election win has yet to be reported in the North’s state media.
Kim met Trump three times in 2018 and 2019 in Trump’s first
presidency, but their diplomacy quickly collapsed over disagreements in exchanging the release of US-led sanctions and North Korean steps to wind down its nuclear and missile program. North Korea has since suspended any meaningful talks with Washington and Seoul as Kim ramped up his testing activity and military demonstrations in the face of what he portrayed as “gangsterlike US threats.” There’s concern in Seoul that Kim in exchange for his military support of Russia would receive Russian technology in return to further develop his arsenal.
Trump’s election win has touched off speculation about a
resumption of a summit-driven diplomacy with Kim, which was described by critics as a “bromance.” But some experts say a quick return to 2018 is highly unlikely, as too much has changed about the regional security situation and broader geopolitics since then.
While the North Korean nuclear problem was relatively an independent issue during Trump’s first term, it is now connected with broader challenges created by Russia’s war on Ukraine and further complicated by weakened sanctions enforcement against Pyongyang, Hwang Ildo, a professor at South Korea’s National Diplomatic Academy, wrote in a study last week.
North Korea’s nuclear and missile program is now much more advanced, which would increase Kim’s perception of his bargaining powers. Kim’s efforts to boost North Korea’s presence in a united front against Washington could also gain strength if Trump spikes tariffs and rekindles a trade war with China, the North’s main ally and economic lifeline, Hwang said.
Amid the stalemate in larger nuclear negotiations with Washington, Kim has been dialing up pressure on South Korea, abandoning his country’s long-standing goal of inter-Korean reconciliation and verbally threatening to attack the South with nukes if provoked.
cials have routinely urged Western allies to bolster the country’s air defenses to counter assaults and allow for repairs.
Explosions were heard across Ukraine on Sunday, including in the capital, Kyiv, the key southern port of Odesa, as well as the country’s west and central regions, according to local reports.
The operational command of Poland’s armed forces wrote on X that Polish and allied aircraft, including fighter jets, have been mobilized in Polish airspace because of the “massive” Russian attack on neighboring Ukraine. The steps were aimed to provide safety in Poland’s border areas, it said.
Russia’s Defense Ministry on Sunday acknowledged carrying out a “mass” missile and drone attack
on “critical energy infrastructure” in Ukraine, but claimed all targeted facilities were tied to Kyiv’s military industry.
Although Ukraine’s nuclear plants were not directly impacted, several electrical substations on which they depend suffered further damage, the U.N.’s nuclear energy watchdog said in a statement Sunday. According to the International Atomic Energy Agency, only two of Ukraine’s nine operational reactors continue to generate power at full capacity.
Ukrainian drones strike Russia A local journalist died Sunday as Ukrainian drones struck Russia’s embattled Kursk region, its Gov. Aleksei Smirnov reported.
Moscow’s forces have for months strained to dislodge Ukrainian troops from the southern province after a bold incursion in August that constituted the largest attack on Russia since World War II and saw battle-hardened Ukrainian units swiftly take hundreds of square miles (kilometers) of territory.
In Russia’s Belgorod province, near Ukraine, a man died on the spot after a Ukrainian drone dropped explosives on his car, local Gov. Vyacheslav Gladkov reported. Another Ukrainian drone on Sunday targeted a drone factory in Izhevsk, deep inside Russia, according to anti-Kremlin Russian news channels on the Telegram messaging app. The regional leader, Aleksandr Brechalov, reported that a drone exploded near a factory in the city, blowing out windows but causing no serious damage. A man was briefly hospitalized with a head injury, Brechalov said.
Geopolitical tensions overshadow G20 summit in Rio de Janeiro amid wars and Trump’s return By Eléonore
Hughes & Mauricio Savarese The Associated Press
RIO DE JANEIRO—With Brazil preparing to host the Group of 20 summit, it appears unlikely the leading rich and developing nations will sign on to a meaningful declaration regarding geopolitics: The meeting Monday and Tuesday in Rio de Janeiro is overshadowed by two major wars and Donald Trump’s recent election victory.
Heightened global tensions and uncertainty about an incoming Trump administration have tempered any expectations for a strongly worded statement addressing the conflicts in the Middle East and between Russia and Ukraine. Experts instead anticipate a final document focused on social issues like the eradication of hunger—one of Brazil’s priorities—even if it aims to include at least a mention of the ongoing wars.
“Brazilian diplomacy has been strongly engaged in this task, but to expect a substantively strong and consensual declaration in a year like 2024 with two serious international conflicts is to set the bar very high,” said Cristiane Lucena Carneiro, an international relations professor at the University of Sao Paulo.
After Brazil’s President Luiz Inácio Lula da Silva thwarted far-right former President Jair Bolsonaro’s reelection bid in 2022, there was some excitement in the international community at the prospect of the leftist leader and savvy diplomat—who Barack Obama once called “the most popular politician on Earth”—hosting the G20. Bolsonaro had little personal interest in international summits, let foreign policy be guided by ideology and clashed with several leaders, including France’s Emmanuel Macron. Lula took office and often quoted a catchphrase:
“Brazil is back.” Brazil under Lula has reverted to its decades-old principle of non-alignment to carve out a policy that best safeguards its interests in an increasingly multipolar world. That involves talking to all parties, which experts say gave Brazil a privileged position to host a summit such as the G20. But his administration’s foreign policy has at times raised eyebrows. A Brazil-China peace plan for Russia and Ukraine doesn’t call for Russia’s withdrawal from Ukraine and has been slammed by Ukrainian leader Volodymyr Zelenskyy. And Lula sparked a diplomatic incident with Israel after comparing its actions in Gaza to the Holocaust.
Donald Trump’s win in the US presidential election earlier this month and the imminent return of an America First doctrine may also hamper the diplomatic spirit needed for broad agreement on divisive issues.
“If we have one certainty, it is regarding Donald Trump’s skepticism towards multilateralism,” Carneiro said. Two officials from Brazil and one from another G20 nation say Argentine negotiators are standing in the way of a joint declaration. They spoke on condition of anonymity because they were not authorized to speak publicly. Two of them said Argentina’s negotiators have raised several objections to the draft. They most vehemently oppose a clause calling for a global tax on the super-rich—which they had previously accepted, in July—and another promoting gender equality.
Ambassador Mauricio Lyrio, Brazil’s key negotiator at G20, told journalists on Nov. 8 that the leaders’ final declaration should address the wars in Ukraine and the Middle East, but that diplomats were still discussing how to reach universally acceptable language.
The Associated Press writer Gabriela Sá Pessoa contributed from Sao Paulo.
Addressing Metro Manila’s parking and towing challenges editorial
Finding a parking space in Metro Manila’s bustling urban environment has become a major source of contention, symbolizing wider societal frustrations.
The recent decision by the Metro Manila Council (MMC) to penalize individuals who reserve parking spots by standing in them is a commendable step toward restoring order and civility. However, it also underscores a systemic failure to address a growing problem that has led to public altercations and escalating tensions. (Read the BusinessMirror story: “Reserving parking slots by ‘standing’ to be penalized,” November 15, 2024).
Claiming parking spaces by standing in them has become a contentious issue, often leading to shouting matches. Videos capturing heated confrontations over these coveted slots have proliferated on social media, highlighting the desperation and frustration felt by many drivers. The lack of existing regulations around this behavior has only exacerbated the situation, allowing individuals to claim spaces with no regard for others. The MMC’s proposed ordinance, as articulated by MMDA Chairman Romando Artes, is a necessary response to these alarming incidents. The urgency of implementing this policy cannot be overstated—it is essential to prevent potential tragedies from occurring in the heat of the moment.
As the MMC seeks to establish a uniform ordinance, it must also engage with stakeholders, including shopping mall management and local businesses. Collaborative efforts will be vital in ensuring that the new regulations are not only enforced but also respected by the community. The goal should be a harmonious coexistence, where drivers can navigate parking challenges without resorting to hostility.
In addition to addressing parking issues, the MMC’s recent approval of revised towing regulations signals a commitment to improving the overall experience for motorists in Metro Manila. The introduction of clearer guidelines and the professionalization of towing services are steps in the right direction. Complaints about towing operators—ranging from extortion to improper procedures—have long plagued vehicle owners. By mandating training and ensuring transparency in towing practices, the MMC is taking concrete measures to protect the rights of the public.
However, for these initiatives to be effective, they must be implemented with rigor and accountability. The MMDA’s commitment to a bidding process for towing services and the establishment of clear operational guidelines are commendable, but they must be followed through with consistent enforcement. The public deserves to know that they are not only protected from unjust practices but also treated fairly and respectfully. An information drive will be crucial in educating vehicle owners about their rights and the new procedures.
As Metro Manila grapples with its parking woes and towing challenges, the MMC has an opportunity to reshape the narrative surrounding urban mobility. By fostering an environment of cooperation and respect among motorists, businesses, and regulatory bodies, we can turn a crisis into an opportunity for improvement. Ultimately, the aim should be to create an urban mobility ecosystem that works for everyone—one built on understanding, not confrontation. With the right approach, the current parking and towing challenges can become a catalyst for building a more livable, sustainable Metro Manila.
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T. Anthony C. Cabangon
Lourdes M. Fernandez
Jennifer A. Ng Vittorio V. Vitug
Lorenzo M. Lomibao Jr., Gerard S. Ramos
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What’s in store under CREATE MORE?
ATax Law for Business
FTer a long wait, it is finally here. Corporate recovery and Tax incentives for enterprises to Maximize Opportunities for reinvigorating the economy, or CreATe MOre, is now a law.
CREATE MORE, at least in part, is the result of the clamor to clarify the confusion and inconsistencies brought about by the original CREATE and the manner it was implemented. Despite the intent of CREATE, much was left to be desired when it was implemented. CREATE MORE introduced amendments based on how CREATE fared.
We start with the revamped Enhanced Deduction Regime (EDR). The enhanced deductions are not really new, as it has been part of our Tax Code ever since it was introduced by the original CREATE. But back then it was just part of the incentive package and not a tax regime in its own right.
However, CREATE MORE placed it under the spotlight and established it as an entirely separate tax regime. Under EDR, registered business entities (RBE) would be entitled not only to additional enhanced deductions but also to a preferential income tax rate of 20 percent based on taxable income. This amendment is intended to address the global competitiveness of
Philippine tax incentives. With this, a question arises: Is it sufficient to strengthen, or at least maintain, our competitiveness amidst the recent international tax shake-up (i.e., the Two-Pillar Solution)? I’d wager that more must be done, especially considering that the key tax features of the Two-Pillar Solution were not addressed in CREATE MORE.
Aside from the new tax regime, CREATE MORE seeks to make the investment environment significantly better.
First, it was made clear that local government units (LGU) can no longer impose local fees and charges if RBEs elected either the 5 percent special corporate income tax (SCIT) or the 2 percent RBE Local Tax (RBELT). This laid to rest the question under CREATE whether LGUs may still impose local fees and charges despite the imposition of the SCIT.
Second, CREATE MORE gave us back “directly attributable” as a standard of measure for VAT-related concerns. The new law even went so far as to provide specific enumerations on
By Alberto Nardelli & Michael Nienaber
nOrTH Korea may deploy as many as 100,000 troops to aid russia’s war on Ukraine if the alliance between Pyongyang and Moscow continues to deepen, according to people familiar with assessments made by some group of 20 nations.
what may be considered “directly attributable,” which is normally something that is not common in a law.
In CREATE, the “directly and exclusively used” standard governed the applicability of VAT exemption on importation and VAT zero-rating on local purchases. However, inconsistencies arose when the related revenue regulations were issued. This resulted in difficulties and, eventually, frustrations for RBEs, which bore the brunt of the ill effects of these issues and inconsistencies.
Hopefully, to-be-issued revenue regulations to effect the VAT incentive provisions would stay true to the intent of the law.
CREATE MORE also provided revisions to the refund provisions. Among the changes is the introduction of another layer of remedy for taxpayers seeking refunds of VAT: the Request for Reconsideration to the Commissioner. But how effective would this remedy be? What more could be done in 15 days that could not have been done in the initial 90day period to process? Would this really benefit taxpayers, or would this just be another bureaucratic hoop for taxpayers to hurdle?
Fortunately, the new law also requires the BIR to publish relevant statistics relative to the processing of VAT refund claims. With this, the efficiency of the Request for Reconsideration and the entire VAT refund process, for that matter, may be evaluated using measurable factors. Another relevant amendment is the extension of periods of avail-
ment of the income tax-based incentives. For incentives granted by the investment promotion agencies (IPA), the availment period may last up to a total of 17 years, while those granted by the Fiscal Incentives Review Board (FIRB) may be availed for a total of 27 years. While it may seem that the powers of the FIRB may have been given a significant boost, the IPAs were likewise given an expanded role by enabling them to be the initial point of contact for foreign investment leads. These are just some of the major amendments introduced by CREATE MORE, and there is no shortage of possible nuances in its application. Too many, in fact, for us to go over all of them in a single article, but perhaps we can dabble upon it in future ones. Though all things considered, I would say that our lawmakers really did listen to the stakeholders when they crafted the amendments. I just hope that no major issue or inconsistency will develop when it is implemented. CREATE and CREATE MORE should be enough. We wouldn’t want to have a CREATE MOST, wouldn’t we?
The author is a junior 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 jomel.manaig@ bdblaw.com.ph or call 8403-2001 local 140.
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The analysis is one of several on the evolving partnership between Russian President Vladimir Putin and North Korean leader Kim Jong Un, said the people, speaking on condition of anonymity to talk about private discussions. They stressed that such a move wasn’t imminent and that military support at that scale—if it occurred—would likely happen in batches with troops rotating over time rather than in a single deployment. Ukraine’s ambassador to South Korea made a similar assessment earlier this month. Dmytro Ponomarenko said in an interview with VOA that Kyiv expected up to 15,000
North Korean troops deployed to fight in Russia’s Kursk region—and possibly in occupied areas of eastern Ukraine—to rotate every few months.
Spokespeople for South Korea’s Defense Ministry and Presidential Office didn’t respond to requests for comment.
Kim’s decision to send North Korean troops to join Russia’s fight against Ukraine has alarmed Kyiv’s allies, who’ve warned that it risks exacerbating what is already Europe’s largest conflict since World War II. They believe the deepening cooperation between Putin and Kim could also impact the security balance in
the Indo-Pacific region, where there’s mounting rivalry between China and the US.
The issue will be raised by several allies at the G-20 Summit in Brazil this week including by German Chancellor Olaf Scholz when he meets Chinese President Xi Jinping, Bloomberg previously reported. Scholz told Putin Friday in a rare phone call that the deployment of North Korean troops was a “grave escalation” of the war against Ukraine.
Scholz will press the Chinese leader at their meeting in Rio on Tuesday to use his influence over Russia and North Korea to avoid further escalation in the war, according to German officials.
The North Korean deployment shows the war is becoming globalized and Scholz and Xi will need to discuss this new dimension of the conflict, the officials said. Worries were also raised by al -
lies at the APEC gathering in Lima, Peru, this past week, another person said.
Xi has been the biggest benefactor to Putin and Kim in recent years, and sees both leaders as partners in pushing against the US-led world order. But his government has remained silent publicly on the dispatch of North Korean troops to Russia—a sign the Chinese president may be unhappy with the arrangement.
The Kim-Putin partnership risks adding economic pressure on China, just as Xi is bracing for potential disruption from tariffs threatened by US President-elect Donald Trump when he returns to the White House. It also undermines Beijing’s argument that the US shouldn’t have military alliances in the Indo-Pacific region. China doesn’t “allow conflict and turmoil to happen on the Korean Peninsula” and it
Cabangon Chua
2005
atty. Jomel n. Manaig
Ukraine supercharges mine-clearing push to revive war-torn farms
By Olesia Safronova & Kateryna Chursina
nIne months of Russian occupation left more than half of
Inna Boiko’s 50,000-hectare farm in southern Ukraine littered with shell craters, burnt-out equipment, and dangerous land mines. When she and hundreds of other farmers returned to their villages in the Mykolayiv region in november 2022, she was determined to clear the fields and plant again.
But in the early days of the war, Boiko was left to her own devices on how to make that happen, using makeshift drones and other DIY contraptions to remove hazards in what has become the world’s most heavily-mined country. Since then, Ukraine’s government has turbocharged its pitch for international help, attracting a rush of special machinery from Japan and funds from philanthropist Howard Buffett with astonishing results.
“We are now knocking on every door, talking about money, equipment—any possible way to support us,” Economy Minister Yulia Svyrydenko told reporters in October.
While Ukraine remains a major global crop supplier, its production downturn since the start of the war has tightened stockpiles of corn, wheat and sunflower oil. Russia also recently ramped up attacks on cargo ships in the Black Sea and a drought this year hampered the region’s farmers, adding to supply risks just as world food prices climb.
Safe access to farmland is essential for a country known as Europe’s breadbasket, and demining Ukraine could take decades. At the start of the invasion, more than 174,000 square kilometers of its territory became riddled with explosive mines, an area larger than Greece. But accelerated efforts have made about 20 percent of the land usable again as of this year—helping to maintain a critical resource for agriculture and jobs.
In Mykolayiv, where Boiko’s farm is located, clearing of just one hectare of land can result in four extra tons of grain, and stripping the whole region of mines would add 3 million tons—equivalent to all of Ukraine’s grain exports in October.
Since the start of Russia’s invasion, Ukraine has lost about a third of the land it previously used to cultivate grains and oilseeds. Regions stretching between Kharkiv in the northeast to Odesa in the southwest were badly damaged and partially occupied in the first year of the war, but were previously among the top sowing areas for grains.
The Howard G. Buffett Foundation joined the initiative on land clearing in 2022 and is one of the biggest donors providing technological solutions, including machinery. An experienced farmer, Buffett—who is Warren Buffett’s son—said he didn’t “invent anything new” and worked with engineers to turn bulldozers and tractors into equipment that can be operated remotely, or with drivers to survey and clear the land. “A lot of the senior leadership have said it’s the way that we can help farmers and the economy recover,”
North. . .
Continued from A10
when its strategic security and core interests are under threat,” Xi told US President Joe Biden at talks Saturday on the sidelines of the AsiaPacific Economic Cooperation summit in Lima.
North Korea has so far sent more than 10,000 troops to fight alongside Putin’s army in Russia’s Kursk region, where Ukrainian forces have occupied part of the border territory since a surprise incursion in August. In return, Russia is providing money and helping North Korea increase its capabilities.
South Korea has said there’s a “high chance” that North Korea will seek cutting-edge technology
Trump’s scoreboard is S&P
500, and it’s Wall Street’s best hope
IBuffett said in an interview in Kyiv. Companies like Deere & Co., Caterpillar Inc., Kinze Manufacturing Inc. and even the Illinois state police bomb squad have also stepped in to help, providing engineering expertise to design and test devices that run ahead of harvesters to absorb explosions. Countries including Canada, Switzerland, Germany and Japan have donated a total of about $1 billion of aid to help demining efforts.
Japan, in fact, is one of Ukraine’s largest providers of non-military financial aid. By the end of this year, a third of all demining machines in Ukraine will be Japanese-made, according to Ukrainian Prime Minister Denys Shmyhal.
Even so, Ukraine still needs more technologies and machines, according to Buffett, with mine contamination posing a problem “for decades.”
The experience of Ukrainian grain producer and trader Nibulon SA shows how challenging it is to stabilize the agricultural economy. The company had to clear about 5,000 hectares of cropland in the Mykolayiv region that was riddled with explosives, an effort that would have cost more than to simply purchase new unaffected land. It opted to develop a demining branch within the company, which also provides services for 3,500 small farmers who sell grain to Nibulon for export.
At the moment, the demining business is loss-making as farmers cannot afford paying for the services, Nibulon’s director for government relations Mykhailo Rizak said. But he believes one day it may become a market or even an export-oriented industry, he said, as new technologies are invented and scaled. Ukraine’s government plans to introduce compensation for demining, a measure which will likely help boost demand for Nibulon’s services, Rizak said. Boiko, the farmer from the Mykolayiv region, has also been making slow but steady progress. Most of her land is being used for planting again, supplying grains and vegetables to restaurants in Kyiv and elsewhere. But about 10 percent remains heavily contaminated and can only be cleared with the help of drones and heavy bulldozers.
“This is a long-term problem. This is decades and decades of work,” said Guy Rhodes, who coordinates the initiatives of two United Nations agencies, the World Food Program and the Food and Agricultural Organization, to help farmers and households get back to cultivating their land safely.
“You can’t clear every square meter of the country. It’s just not feasible. You need to prioritize where you put your assets,” he said. Bloomberg
transfers from Russia—including technology related to tactical nuclear weapons, intercontinental ballistic missiles, reconnaissance satellites and ballistic missile submarines.
As well as manpower, North Korea has also sent millions of rounds of artillery ammunition and other weapons to Russia. The Financial Times reported this week, citing Ukrainian intelligence, that Pyongyang has supplied Moscow with long-range rocket and artillery systems too. Ukraine has been asking allies for months to allow it to use Westernprovided long-range weapons to strike military targets deep inside Russia as a way to counter Moscow’s attacks including on energy infrastructure in the country. With assistance from Soo-Hyang Choi /Bloomberg
By Carmen Reinicke & Esha Dey
F Wall Street learned one thing during Donald Trump’s first term as president, it’s that the stock market is a way he keeps score. At various points he took credit for equities rallies, urged Americans to buy the dip, and even considered firing Federal Reserve Chairman Jerome Powell, who he blamed for a selloff.
Now he’s preparing for another stint in the White House, and the market is once again a key focus. The problem is he’s also bringing a series of economic policy proposals that many strategists say raise the risk of increasing inflation and slowing growth.
So for investors who’ve enjoyed the S&P 500 Index’s more than 50 percent jump since the start of 2023, the best hope for keeping the market rolling into 2025 and beyond may be Trump’s fear of doing anything to damage a rally.
“Trump considers the stock market performance as an important part of his scorecard,” said Eric Sterner, chief investment officer at Apollon Wealth Management. “He regularly started his speeches as president in his first term with the question, ‘How’s your 401K doing?’ when the markets were riding high. So he clearly does not want to create any policies that threaten the current bull market.”
The S&P 500 Index took off after Trump’s win on November 5, putting up its best post-Election Day session ever. A whopping $56 billion flowed into US equity funds in the week through November 13, the most since March, according to strategists at Bank of America Corp. using data from EPFR Global. And the S&P 500, technology-heavy Nasdaq 100 Index and Dow Jones Industrial Average have all hit multiple records since Election Day, despite last week’s pullback.
What makes the reaction notable is Trump’s campaign promises weren’t what you’d normally consider investor-friendly. They include: hefty tariffs that will potentially strain relations with key trade partners like China; mass deportations of low-wage undocumented workers;
tax cuts targeted at corporations and wealthy Americans, which are expected to increase the national debt and widen the budget deficit; and a general protectionist approach aimed at bringing manufacturing back to America, where costs are higher than they are overseas.
None of these risks is a secret; they’ve all been widely discussed in investing circles. So where’s the enthusiasm coming from? Simple. Wall Street doesn’t believe Trump will tolerate a declining stock market, even if it’s caused by one of his own proposals.
President pivot
“IF some of these policies start to impact his popularity, start to impact the stock market in a way that he perceives as being negative, I think that he’ll pivot,” Emily Leveille, portfolio manager at Thornburg Investment Management, said in an interview. Or, as Barclays strategists put it in a note to clients on Thursday: “We think the president-elect should be taken seriously, but not literally.”
The possibility of tariffs is what investors are most closely watching, since Trump regularly used them in his first term as negotiating tools, threatening to put them on and then just as quickly reversing course when markets sold off in response. Along the way, he whipsawed stocks as trade talks with China and Mexico dragged on and often played out on social media.
This time, Trump has proposed a 10 percent to 20 percent tariff on imports from all countries. Even at the lower end, that could lead to a 10 percent pullback in US equities and a mid-single digit decline in S&P 500 profits, according to a team of strategists at UBS. The universal tariff combined with a proposed 60 percent
The possibility of tariffs is what investors are most closely watching, since Trump regularly used them in his first term as negotiating tools, threatening to put them on and then just as quickly reversing course when markets sold off in response. Along the way, he whipsawed stocks as trade talks with China and Mexico dragged on and often played out on social media.
or higher levy on goods from China would shave 3.2 percent off S&P 500 companies’ earnings in 2025, according to Barclays strategists.
“Threatening tariffs to gain advantage in trade negotiations is one thing, but imposing them is another,” said Mark Malek, chief investment officer at Siebert, adding that Trump’s sensitivity to equity markets should, in theory, temper his approach.
Wall Street leaders like Jamie Dimon seem to agree, with the JPMorgan Chase & Co. chief executive telling the APEC CEO Summit in Peru on Thursday that he thinks the president-elect will want to avoid triggering a stock market selloff with his tariffs.
Nonetheless, investors are getting out in front of the risk, selling shares of companies that are expected to suffer from the levies. The Nasdaq Golden Dragon China Index, which holds firms that are listed in the US but do business in China, is down 8.9 percent since Election Day. CocaCola Co. and PepsiCo Inc. have lost around 5.5 percent apiece over the same period. And Hasbro Inc. has dropped 7.1 percent.
Not 2016 anymore
OF course, historical analogies may not matter because conditions when Trump first took office in 2017 were so different from what they are now. Back then, the S&P 500 was coming off a 9.5 percent gain in 2016 and a slight dip in 2015. This time, the index has been on a two-year tear,
leaping 53 percent since the end of 2022. In 2024 alone, it has notched more than 50 records.
Interest rates were also much lower in 2017, with the fed funds rate between 0.5 percent to 0.75 percent compared with a range 4.5 percent to 4.75 percent today. And Trump may not be getting much assistance from the Fed after Powell said on Thursday that there was no need to hurry with more rate cuts after reductions at the September and October meetings.
The high equity valuations and tight financial conditions could limit Trump’s ability to stimulate the economy and stock market like he did in his first term, when he passed a $1.3 trillion spending bill that increased expenditures on domestic programs as well as a $1.5 trillion tax cut.
“President Trump will not be able to replicate the fiscal stimulus from his previous term,” Marko Papic, chief geopolitical strategist at BCA Research, wrote in a note to clients last week. “Trump 2.0 will curb immigration and be forced to curb fiscal policy, the twin pillars of American outperformance relative to the rest of the world.”
The risks of this are mainly showing up more in the bond market, at least for now, as traders are betting on a selloff in Treasuries in the wake of Trump’s win. How much the market will tolerate is a key question, according to Ed Yardeni, president and chief investment strategist at Yardeni Research.
“If bond yields go up substantially here on fears of inflation and larger deficits, obviously the stock market’s getting it wrong,” he said. And the final risk, counter-intuitively, is if Trump is too sensitive to what markets are doing. Meddling can also be destabilizing, which typically isn’t beneficial for equity prices, according to Siebert’s Malek.
“Markets, as we all know, can be temperamental,” he said. “If Trump is too reactive to daily market moves as he was during some passages of his first term, he along with many others, may find themselves getting whipsawed.” With assistance from Alexandra Semenova /Bloomberg
Xi’s olive branch to Trump comes with warning on red lines
XI JInPIng used his final meeting with Joe Biden to send a clear message to Donald Trump: China wants to be friends, but is ready for a fight if necessary.
With Biden set to leave the White House in January, China’s leader took Saturday’s meeting as a chance to spell out his approach toward Trump. That entails finding a way for the world’s two biggest economies to get along, with Xi emphasizing that the US and China shouldn’t fight a “new Cold War,” and a conflict between them isn’t inevitable.
But he followed that up by reiterating China’s “four red lines,” signaling that Trump must avoid any moves to undermine the Communist Party’s grip on power, push the nation toward democracy, contain its economic rise or encourage independence in Taiwan. Chinese state media including CCTV seized on the reference to “four red lines,” saying it set the agenda for the future relationship.
“They must not be challenged,” Xi said in a statement after the meeting with Biden in Lima, Peru, where both leaders attended the APEC summit. “These are the most important guardrails and safety nets for ChinaUS relations.”
The lengthy statement from Xi after what was essentially a farewell chat with an outgoing US president shows that China is hoping for the best while preparing for the worst. Trump has threatened to hit Beijing with tariffs of 60 percent, and tapped several hardliners on China to lead his foreign policy team, including Marco Rubio as secretary of state and Mike Waltz as national security advisor—suggesting no sensitive areas are off limits.
“It’s as if Xi is trying to lock in the
current state of US-China relations, even as Biden is powerless to stop Trump from disrupting the status quo,” said Neil Thomas, a fellow for Chinese politics at the Asia Society Policy Institute’s Center for China Analysis. “That suggests Beijing is seriously worried about instability after the Trump administration takes office.”
While Trump has signaled major trade disruptions ahead, he’s also raised questions about just how much the US should support Taiwan and grown closer to Elon Musk, the chief executive officer of Tesla Inc., who has substantial business interests in China. In 2023, Musk said Taiwan is an “integral part of China,” drawing a rebuke from the island’s leaders.
It remains unclear if the tariff threat is a jumping-off point for negotiations similar to those in Trump’s first term, or if the Republican has grown more ideological in seeking to thwart a top US adversary.
At the APEC summit, JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon saw Trump’s warnings on tariffs as a way to get governments to the negotiating table and urged attendees to read the president-elect’s book The Art of the Deal.
In Peru, Xi sought to shore up ties with a range of US allies and partners, and he’s set to hold talks with more of them at the Group of 20 meeting starting Monday in Brazil. In a meeting with South Korean President Yoon Suk Yeol, Xi called for the nations to deepen exchanges and maintain stability, a sign of his displeasure with
The lengthy statement from Xi after what was essentially a farewell chat with an outgoing US president shows that China is hoping for the best while preparing for the worst. Trump has threatened to hit Beijing with tariffs of 60 percent, and tapped several hardliners on China to lead his foreign policy team, including Marco Rubio as secretary of state and Mike Waltz as national security advisor—suggesting no sensitive areas are off limits.
North Korea’s move to send troops to help Russia’s war in Ukraine.
Xi’s remarks after meeting Biden suggested China was open to talks on economic matters that didn’t touch his no-go areas—perhaps none bigger than Taiwan, the island democracy that Beijing has threatened to take by force if necessary. After the talks with Biden, Xi for the first time called out Taiwan’s leader by name, saying that the US should “see clearly the true nature of Lai Ching-te” in seeking independence.
On the flashpoints in the South China Sea, Xi warned the US to stay out of its territorial disputes with the Philippines, a US treaty ally, urging Biden not to aid any “impulsion for provocations” even though he didn’t name the Southeast Asian country. Xi also criticized the US policy of a “small yard and high fence,” using a term coined by US National Security Advisor Jake Sullivan to describe the US efforts to ensure China can’t access cutting-edge technology. On his warnings to avoid touch-
ing the issues of human rights and democracy, it was unclear exactly what Xi meant. But he’s long been concerned about what he sees as possible US attempts to foment dissent, and growing economic distress in China risks fueling anger at his government.
China often gives vague warnings, and they don’t necessarily mean any particular action will trigger a war. In a briefing after the meeting, Sullivan said those types of statements were typical of Beijing.
“The message of ‘choose wisely, not wrongly’ is a pretty standard, fair PRC statement that they’ve made repeatedly over the course of these past four years, the four years before that, and so on,” Sullivan said. “And that’s especially been true where the relationship has taken on a more competitive dynamic.”
A White House readout of the meeting said the two leaders “stressed the importance of responsibly managing competitive aspects of the relationship” as well as preventing conflict and keeping up communication.
Whatever Xi intends, he sought to characterize the US position toward China more than in the past. The Chinese readout included six “no’s,” compared with four after Xi met Biden in Bali: “The United States does not seek a new Cold War, it does not seek to change China’s system, its alliances are not targeted against China, it does not support ‘Taiwan independence,’ it does not seek conflict with China, and it does not see its Taiwan policy as a way to compete with China.”
The big question now is whether Trump and his cabinet members will agree that’s indeed the case. With assistance from Lucille Liu /Bloomberg
Tuesday, November 19, 2024
‘Minimum casualty’ reported as storm Pepito exits PAR
By Jonathan L. Mayuga @jonlmayuga
Lorenz S. Marasigan
@lorenzmarasigan
& Rex Anthony Naval
PEPITO (international name: Man-Yi) further weakened upon leaving the Philippine Area of Responsibility (PAR) on Monday with a minimal casualty count. Except for a lone fatality reported in the Bicol Region on Sunday, the National Disaster Risk Reduction and Management Council (NDRRMC) counted 11 persons injured.
The Philippine Atmospheric, Geophysical, and Astronomical Services Administration (Pagasa) said the threat of storm surge inundation has ceased as Pepito continues to move away from the country, further reducing the risks of land hazards to extreme Northern Luzon.
Pepito, the 16th weather disturbance to hit the country this year, left the Philippine Area of Responsibility (PAR) at exactly 12 in
the afternoon on Monday. Pepito, as a Super Typhoon, made landfall at around 3:20 p.m. on Sunday in Aurora province, hours after battering the Bicol Region in Southern Luzon with violent winds, heavy rainfall, and storm surges that hammered breakwater and seawalls in the coastal areas of Catanduanes and nearby provinces.
Tropical Cyclone Wind Signal No. 1 is was still hoisted over Ilocos Norte, Ilocos Sur, La Union, the western portion of Pangasinan (Burgos, Dasol, Sual, Mabini, Binmaley, San Fabian, Dagupan City, Lingayen, Labrador, City of Alaminos, Bolinao, Anda, Bani, Agno, Infanta, Bugallon, Mangaldan), and the western portion of Abra (Danglas, Bangued, Langiden, La Paz, Pidigan, San Quintin, San Isidro, Pilar, Peñarrubia, Villaviciosa, Lagayan) in PAGASA’s 11 a.m. Tropical Cyclone Bulletin.
In its heavy rainfall outlook, the state weater bureau said moderate to heavy rain (50 to 100 mm) is forecast over Batanes, where flooding is possible mainly in areas that are urbanized, low-lying, or near rivers. Landslide is possible in
highly susceptible areas, the state weather bureau said.
The center of Pepito was located 270 km West of Batac, Ilocos Norte, and is moving west-northwestward at 20 km/h. The storm is packing maximum sustained winds of 110 km/h near the center and gustiness of up to 135 km/h.
According to Pagasa, it will continue moving westnorthwestward over the West Philippine Sea until it exits the PAR region Monday afternoon.
Outside the PAR region, Manyi will turn more westward or west-southwestward on Tuesday under the influence of an incoming northeasterly wind surge.
Pepito may become a remnant low on Wednesday, which means it will further weaken and lose its tropical characteristics.
Infra damaged, road closed
THE Department of Public Works and Highways (DPWH) reported P516.73 million in infrastructure damage and 12 road closures across the Cordillera Administrative Region (CAR), Regions 2, 3, and 5 due to the combined impact of tropical cyclones
Nika, Ofel, and Pepito. Broken down, this entails P170.71 million in road damage in CAR and Region 2, P7.24 million in bridge damage in Region 2, and P338.79 million in flood control structures in Regions 2 and 3.
The DPWH Bureau of Maintenance identified major disruptions, including landslides along the Banaue-Hungduan-Benguet Boundary Road in Ifugao and the Catanduanes Circumferential Road.
Flooding in Quirino and Nueva Ecija rendered several roads impassable, while scoured bridge approaches and fallen trees caused closures in Cagayan and Nueva Vizcaya.
Partial access has been restored to two roads in Nueva Ecija, including the Jct PinagpanaanRizal-Pantabangan Road and San Jose City-Rizal Road, which are now passable only to heavy vehicles due to flooding.
Ongoing clearing operations aim to restore access to affected routes, but DPWH officials warn that adverse weather conditions and unstable terrain may prolong delays.
See “Casualty,” A5
SOLON HITS ONLINE SELLERS FOR FAILURE TO OBEY LAWS
ALEADER of the House of Representatives on Monday has taken a firm stand against three leading online platforms for allegedly failing to comply with Philippine laws, jeopardizing local businesses and workers.
During the congressional investigation led by the Committee on Trade and Industry, chaired by Iloilo Rep. Ferjenel Biron, House Deputy Majority Leader Erwin Tulfo criticized Lazada, Shopee and TikTok for selling small appliances that do not have the mandated Product Standard (PS) stickers.
“This is not just an issue of competition; it is an issue of fairness and survival,” Tulfo emphasized.
“Local manufacturers are being forced into an uneven playing field, unable to compete with unregulated goods that evade taxes and safety standards.”
The investigation stemmed from a complaint raised by the Small Appliance Manufacturers of the Philippines regarding the rampant sale of counterfeit and unsafe small appliances from China.
The group appealed for fair competition against foreign products being sold unfairly by the three online shops, high-
lighting the impact on Filipino manufacturers and the 300,000 workers they employ.
“PS stickers are important because they assure buyers that the products have undergone quality checks by the DTI and are safe to use,” Tulfo, the nominee of the party-list group ACT-CIS, said.
“These items are cheap because they come from China and their quality is questionable. In short, fake,” he added.
During the hearing, Tulfo revealed that products sold to local consumers through online platforms are not being taxed, in violation of the newly enacted Republic Act 11967, also known as the Internet Transaction Act, signed into law by President Marcos in December 2023.
Tulfo said the law aims to “protect online consumers and merchants by establishing a regulatory framework for e-commerce players to adhere to specific rules and regulations on promoting competition and innovation, ensuring environmental sustainability, and safeguarding electronic transactions between sellers and buyers.”
A2
Peza signs up 3 ecozone enterprises worth
TBy Andrea E. San Juan @andreasanjuan
HREE new ecozone enterprises which are into renewable energy development, manufacturing of chip power inductors, and IT services have recently registered with the Philippine Economic Zones Authority (Peza) with project cost of P98 million.
According to the investment promotion agency, Peza Director General Tereso O. Panga signed the registration of three new ecozone enterprises last November 14.
One of the ecozone companies that registered is Tsuneishi Green Energy Philippines Inc. with a project cost of P61.06 million.
As an ecozone utilities enterprise, Tsuneishi, through its roof-mounted solar facility at West Cebu Industrial Park in Balamban, Cebu will generate “clean, sustainable power for the industrial zone, advancing the region’s green energy goals,” Peza said. Peza said this initiative supports the agency’s commitment to green practices across economic zones.
“By backing renewable energy projects like Tsuneishi’s solar facility, Peza is advancing clean energy solutions, reducing carbon footprints, and promoting sustainability,
in line with its strategy to foster a green economy and attract ecofriendly investments,” Peza said in a statement on Monday.
Another ecozone enterprise that recently registered with the investment promotion agency is Tractebel Red Inc., an IT enterprise. The project cost for this firm is P24.37 million.
“As an ecozone IT enterprise, Tractebel Red will deliver export knowledge and computer-enabled services from its base in the Enterprise Center, Makati City,” Peza noted.
Peza said this investment promotes the Philippines as a hub for IT and tech-enabled services, contributing to job creation and innovation in the tech sector.
“Tactebel Red’s registration reflects the growing interest in the Philippines from British companies, further boosting the country’s appeal as an investment destination in the global tech and IT services market,” said the investment promotion agency.
Another enterprise that registered with Peza is Wenshan Electronics Philippines, Corp. which is expected to manufacture high-tech chip power inductors at the Light Industry and Science Park II in Santo Tomas, Batangas. Peza said the project cost for this is P13 million.
“This investment further strengthens the Philippines’ competitive position in electronics manufacturing,enhancing its capacity to support high-value production for the global market,” Peza noted.
With Tesla’s recent entry into the Philippines, the investment promotion agency noted that Wenshan’s local production of chip power inductors arrives at a “crucial moment,” adding that this will position the country as a key player in the electric vehicle (EV) and tech supply chain.
“This synergy boosts industry collaboration and attracts further foreign investments, advancing the Philippines’ role in sustainable tech innovation,” Peza underscored.
For his part, Peza’s DG Panga said “These new companies are set to create jobs, enhance regional economic activity, and contribute
“Peza
and
See “Solon,”
Editor: Jennifer A. Ng
B1 Tuesday, November 19, 2024
Topline maiden share sale delayed until 2025–exec
By VG Cabuag @villygc
Cebu-based fuel trader Top Line business development Corp. (Topline) on Monday said it has decided to postpone the offer period of its initial public offering (IPO) to the first quarter of 2025.
The company said it is putting on hold its maiden share sale this month as potential investors had said that they need more time to secure internal approvals to participate in it.
“While we initially planned to
proceed with our original offer period, we have received advice from potential investors to adjust our IPO timetable to accommodate their due diligence process. This strategic move provides them with the necessary time for their thor -
ough internal review and approval process,” erik Lim, the company’s chairman, president and C eO, said in a statement.
Topline had initially targeted an offer period of November 27 to December 3 with a listing on December 12, for the 12-12-24 symbolic date.
The new IPO timetable of the company will be announced soon following regulatory processes, it said.
Topline said it has gathered initial feedback from the market through qualified institutional buyers.
“We are happy with the reception from our engagement with qualified institutional buyers, reflecting the strong fundamentals and positive prospects for the fuel industry. With the adjusted timeta-
Pble, we will update our current prospectus to include the company’s year-to-date financial performance in the third quarter of 2024 which would demonstrate our consistent growth trajectory,” Lim said. The Cebu-based fuel retailer will offer up to 3.68 billion primary shares, with up to 368.31 million of over-allotment option shares. The IPO shares are priced at up to P0.78 apiece. The final offer price was scheduled on Monday, November 18.
It was supposed to list its shares on the main board of the Philippine Stock e xchange, using the symbol TOP.
Topline was supposed to be the first company from Cebu to ring the trading bell of the PSe again after eight years.
Power assets lift Alsons net income
ALCANTARA- L e D Alsons
Consolidated Resources
Inc. (ACR) posted a net income of P1.88 billion in January to September, up 6 percent from P1.77 billion in the same period a year ago
due to the strong performance of its power assets.
Revenues stood at P8.9 billion, slightly lower compared with last year’s level due to lower passed-on coal costs. Moreover, a unit of Alsons
Power, Sarangani energy Corp.-1 (SeC1), experienced forced outages starting in mid-December of the previous year, which continued through February 20, as a result of the earthquake that struck Saran-
ALC Group honored at the 2024 Asia’s Pinnacle Awards
The ALC Group of Companies was bestowed the title of “Asia’s Profound Company for Compassion and Resiliency” at the Asia’s Pinnacle Awards held at The Grand Ballroom of Okada Manila. The award was received by Mr. D. e dward A. Cabangon, President of the ALC Industrial and Commercial Development Corporation, on behalf of the ALC Group. The recognition was presented by Dr. Ronnel P. Ybanez, Founder and Chairman of Asia’s Pinnacle Awards, alongside Usec. Vidal Villanueva III, Deputy Director General of T e SDA and National Adviser of the Asia’s Pinnacle Awards.
In an interview, Dr. Ybanez commended the ALC Group, stating, “Nakita natin na napakalaki ng naging ambag sa ating lipunan ng ALC Group of Companies sa tulong at leadership ni Chairman D. e dgard A. Cabangon. Kung saan tunay na naging kasangkapan upang ng sa ganoon po ang ating kababayan ay magkaroon ng maayos na pamumuhay sa pamamagitan ng mga kumpanya nito.”
Founded by the late Ambassador Antonio L. Cabangon Chua,
the ALC Group remains steadfast in its mission to uplift the lives of the Filipino people. Comprising companies like BusinessMirror, PilipinoMirror, DWIZ 882 AM, 97.9 h ome Radio, Aliw Channel 23, Philippines Graphic, Isuzu Gencars, Inc., e ternal Gardens Memorial Park Corporation, Citystate Properties and Management Corp., and Fortune Life Insurance Company, among others, the group employs over 5,000 individuals across various industries.
The ALC Group champions the core value of “malasakit,” a legacy instilled by its founder. Its social responsibility initiatives highlight this commitment. At the height of the pandemic, the group converted its 10 hotels into quarantine facilities at no cost to the government, providing critical support for over a year. The group continues to honor its founder’s legacy by supporting church projects and extending aid to various communities. It is also a steadfast partner of Caritas Manila and recently launched the ALC Bayanihan program to assist typhoon victims, further cementing its role in nation-building and community support.
Mr. D. e dward A. Cabangon paid tribute to his father and the ALC Group’s visionary founder: “Ang guiding light kasi natin ay sundan natin kung ano yung vision na ibinigay ng aming ama, si Amb. Antonio L. Cabangon Chua. ‘Yung mga kumpanya, noong itinayo niya, solid ang vision niya, kaya ipinagpapatuloy at pinapaunland na lang natin.” h e expressed gratitude for the recognition, “Nagpapasalamat ako sa Asia’s Pinnacle Awards sa parangal na ito. Magandang ehemplo ito para sa buong ALC Group, para patuloy tayong mamotivate at ma-inspire. Ang award na ito ay patunay na tama ang ginagawa natin.”
Mr. Cabangon concluded, “Kahit wala na ang aming ama, tuloy pa rin ang pagtulong natin sa maraming tao. Mahal na mahal niya tayong lahat, at siguradong masaya siya dahil hindi natin pinapabayaan ang kanyang mga pinaghirapan.”
The ALC Group of Companies is currently chaired by D. e dgard A. Cabangon, who, along with his siblings, continues the legacy left by their father, Amb. Antonio L. Cabangon Chua.
gani in December 2023.
Continued on B2
ePSICO Inc. (Philippine Branch), the delisted local unit of the beverage giant, said it is optimistic that it can compete with other alcoholic ready-to-drink products in the country given the changing beverage landscape.
Ray Philip Pine, head of PepsiCo marketing, said consumer preferences are becoming “more diverse.”
“And I think for us specifically, what we are seeing is and what we learned is that people want variety. So, imagine when in the evening, when you’re trying to unwind or have a good time with your friends, I think what consumers are telling us is and the trend is that people don’t want to drink the same (beverage),” Pine said in an interview.
“Gone are the days when you order a bucket (of beer) and everyone drinks the same thing. So, I think now people have different preferences, individual preferences at that. That’s the trend, and that’s why a lot more RTD [readyto-drink], alcohol beverages are coming into the market.”
Pine said when PepsiCo introduced hard Mountain Dew, which contains 5 percent alcohol, in the middle of September, they were surprised by consumers’ reception to the product.
“The natural conversation about the product was very strong and positive among consumers. So, our online
presence, without us pushing it or seeding it, a lot of conversations, you know, were posted by consumers saying ‘Oh, I found this product;’ ‘What sorcery is this?’ ‘You know, this is the taste.’ ‘It tastes really good’.”
he said the initial pipeline of volume of sales signal that PepsiCo will be competitive in the country’s growing RTD alcohol category. hard Mountain Dew is currently being manufactured in the company’s Pampanga plant.
“Obviously, I’m not authorized to talk about the exact financial results. But all I could say in one word is that they’ve been ‘encouraging’ so far.”
The Philippines is the first country outside of the United States to introduce the brand. It was launched in the US in 2022. In the Philippines, Mountain Dew is PepsiCo’s biggest brand, according to Pine.
“A big chunk of loyal Mountain Dew drinkers who love the flavor, who identify with the brand, but they are seeking that, you know, buzz of alcohol at night, when they shift their routine from daytime at work to when they have fun at night,” he said.
“So, when we saw that, then the sweet spot of that is that; how do we then delight these Mountain Dew loyalists with something (suitable for) nighttime occasion? And that’s why we put alcohol in it.” VG Cabuag
The ALC Group of Companies receives the “Asia’s Profound Company for Compassion and Resiliency” award at the Asia’s Pinnacle Awards on November 15, 2024, at Okada Manila. Representing the ALC Group, Mr. D. edward A. Cabangon (center) accepts the award from Dr. Ronnel P. Ybanez, Founder and Chairman of Asia’s Pinnacle Awards (right), and Usec. Vidal Villanueva III, Deputy Director General of TeSDA and National Adviser of the Asia’s Pinnacle Awards (left).
Banking&Finance
IC allows insurers to invest in infra projects
By Reine Juvierre Alberto @reine_alberto
LIFE and non-life insurance com-
panies, as well as professional reinsurers, can now invest in equities and debt instruments to help finance the government’s priority infrastructure projects.
Navigating uncertainty: Risk management for first-time investors
ARE you hearing a lot of positive reports about investing? The recovery of the businesses after the pandemic gave some hope to investors that the market—may it be local or global will soon recover. However, the decision making of an investor should have both fundamental and technical analysis. If you’re new in investing, make sure to set parameters and study first the market.
The recent US-election may give knee-jerk effect in the global and local market. As a first-time investor in the Philippine markets, it’s essential to understand the importance of risk management. With market volatility, liquidity risks, credit risks and regulatory risks lurking around every corner, protecting your hard-earned money requires a well-crafted strategy.
Here are five key points to help you navigate the uncertainties of investing, manage risks and align these with your personal investing goals.
1. Understand your risk tolerance. Before investing, assess your risk tolerance and financial goals.
Consider your income, expenses, assets and liabilities to determine how much risk you can afford to take. Are you conservative, moderate, or aggressive? Knowing your risk profile will help you make informed investment decisions.
Risk tolerance may vary depending on your life stage. If you’re single with no dependents yet, there’s a high chance that you can be an aggressive investor. If you’re a breadwinner, you need to make calculated risks to mitigate investment losses.
2. Diversification is key. Diversification is still a powerful risk management tool, dividing your investments in different asset classes will help you spread the exposure. Spread your investments across: asset classes (stocks, bonds, mutual funds, etc.); sectors (equities, fixed income, etc.); and, geographies (Philippine markets, international markets, etc.).
3. Asset allocation and rebalancing. Regularly review and rebalance your portfolio to maintain optimal asset allocation annually or every 5 years depending on the time horizon of your investment and purpose/usage. This ensures alignment with your risk profile, maximization of returns and minimization of losses.
4. Stay informed and adaptable. Investor education is crucial in today’s fast-paced markets. Stay informed about market trends and analysis, economic indicators (GDP, inflation, interest rates, etc.) and specific investment products and regulations in a specific country. Be prepared to adapt your strategy as market conditions change.
and professional reinsurers to invest in infrastructure projects aligned with the Philippine Development Plan (PDP) for 2023 to 2028.
The regulated insurers or reinsurers invest in either or a combination of equities by investing capital in the project, and/or a debt investment debt investment, by which the regulated entity invests as a financier or a sponsor of an infrastructure project, read the circular that the IC issued on November 14.
Life insurance companies are
allowed to invest in infrastructure projects up to 40 percent of their admitted assets, based on their latest approved annual statements.
Similarly, non-life insurers and reinsurers may allocate up to 40 percent of their respective net worth, per their latest approved annual statements.
The IC also imposed a 9 percent risk charge for equity instruments and 6 percent for debt instruments to account for the inherent risks in such investments. However, debt instruments
5. Leverage risk management tools. To protect your investment, utilize risk management tools:
n Stop-loss orders: Automatically sell assets when they fall below a certain value.
n Hedging: Offset potential losses with opposing investments.
n Regular portfolio reviews: Monitor and adjust your investments.
By mastering the five key points above, you’ll be better equipped to navigate the uncertainties of the Philippine or even global markets.
If you’re a first time investor, here are the following tips that you might consider:
1. Start small and gradually increase investments. If you’re an employee, consider deducting your investment upon receiving of your salary. If you’re a business owner, consider allocating 10% of your profit/income to your investing goal.
2. Consider consulting a financial advisor. If you’re new to investing, access to a professional is an essential element for guided decisions since you’re investing your hard earned money.
3. Take advantage of dollar/ peso-cost averaging. Starting small will help you while being consistent as well. The cost averaging strategy has been a proven strategy locally and globally for long term investment horizon.
4. Monitor and adjust your risk management strategy regularly. If you think there are changes in your life season, always be flexible in making adjustments and strategy. By becoming part of a community of investors, you will continuously grow and adapt in the changing investment landscape.
Risk management is not a onetime task; it’s an ongoing process. By understanding your risk tolerance, diversifying your portfolio, allocating assets effectively, staying informed and leveraging risk management tools, you’ll be well-prepared to achieve your long-term financial goals in the Philippine markets.
Karlo Biglang-Awa
with high credit ratings from external agencies may qualify for reduced risk charges.
Further, the IC requires prior approval for any proposed infrastructure investments. A request shall be made in writing, together with the company’s board resolution approving the investment. Latest audited financial statements, government approval of the infrastructure project and detailed financial projections, including stress tests and scenario analyses to assess the company’s resilience against potential economic shocks,
must also be attached.
“With the issuance of the PDP for 2023 to 2028, there was a need for the Commission to review and update its guidelines on allowable investments in infrastructure projects under the PDP with the objective of aligning policy with the President’s agenda,” Insurance Commissioner Reynaldo A. Regalado said. The circular superseded previous policies, CL Nos. 2018-74 and 2019-19, which governed investments under the PDP for 2017–2022.
‘Paleng QR PH’ initiative gains traction in 151 LGUs
By Cai U. Ordinario @caiordinario
OVER 150 local government units (LGUs) have launched activities and/or issued policies on the Paleng-QR (quick response) PH Plus, according to Bangko Sentral ng Pilipinas (BSP).
Based on data obtained from the BSP, as of November 15, there were 151 LGUs that have digital payment policies and/launched Paleng-QR Plus in their respective locales. The latest LGUs that did so include the municipalities of Apalit in the province of Pampanga, Agoo in La Union and the province of Palawan. All three LGUs now have policies and have launched the Paleng-QR Plus.
“The BSP spearheaded Paleng-QR Plus because we wanted to go beyond creating policies, and help deliver the
last-mile, to make a tangible difference in people’s lives,” BSP Governor Eli M. Remolona Jr. was quoted in a statement as saying.
Para magawa natin ito, kailangan natin na magtulungan ang bawat indibidwal, manininda at mamimili. Hinihikayat namin ang lahat na gumamit ng digital payments,” Remolona added. [In order for us to do this, we need every individual, seller and buyer to work together. We encourage everyone to use digital payments.]
Based on the data from the BSP, 121 of the 151 LGUs have launched the Paleng-QR PH Plus while 30 have yet to pin a date on their launch. Of the 151 LGUs, the data showed, 83 localities already have policies and launched the Paleng-QR PH Plus.
The list also included 30 LGUs that
Bank compliance officers eye anti-fraud protection
FINANCIAL institutions now have another layer of fraud prevention mechanisms through a partnership between Tookitaki Holding Pte. Ltd. and the Association of Bank Compliance Officers (Abcomp).
In a statement, Abcomp said its partnership with the regulatory technology firm Tookitaki enhances anti-money laundering measures, fortifying initiatives to prevent fraud in the country.
According to the organization, the latter could be accomplished via Tookitaki’s Anti-Financial Crime (AFC) Ecosystem that, according to Abcomp, provides a technology-driven platform that connects global financial experts and institutions as well as draws from knowledge of chief compliance officers within the Philippine banking sector.
“This collaboration is not only timely but aligns directly with our national agenda,” Abcomp President Ma. Bernadette T. Ratcliffe said. “By partnering with Tookitaki, we are equipping our financial institutions with enhanced detection and prevention capabilities, which are critical for meeting FATF requirements and restoring global confidence in the Philippines’ financial system.”
According to Abcomp, the agreement with the Singaporean firm also establishes a framework for regular knowledge-sharing sessions and collaborative initiatives. Members will gain exclusive access to the library of anti-money laundering and fraud scenarios held by Tookitaki, the organization added. The library is regularly updated to reflect the latest trends and typologies and promotes the exchange of valuable insights and fosters a culture of continuous learning, according to Abcomp.
This collaboration emphasizes the importance of public-private partnerships in tackling systemic challenges, the organization added. Tookitaki will also support the development of a quarterly white paper to share key insights with the financial community and regulators, Abcomp said.
“Our shared goal is to create a more robust and effective approach to financial crime prevention in the Philippines,” said Abhishek Chatterjee who founded Tookitaki in 2014 prior to its acquisition by TTMFS Singapore Pte.
Ltd. (Thunes) two years ago. “By pooling our resources and expertise, we can make significant strides toward enhancing compliance and restoring confidence in the financial system.”
According to the Abcomp, financial crimes such as money-mule schemes and account takeover are on the rise. Money mule schemes often involve vulnerable individuals laundering illicit funds, with commissions up to P5,000. It added that account-takeover fraud, where cybercriminals use phishing and social engineering tactics to access accounts, has already caused more than P400 million in losses this year.
Additionally, investment scams targeting Overseas Filipino Workers have also caused devastating losses, estimated at over P100 billion in 2024, and deeply impacting families who rely on remittances.
Earlier, the Anti-Money Laundering Council (AMLC) said the Philippines is a step closer to exiting the Financial Action Task Force (FATF) grey list, the global anti-money laundering watchdog.
In a statement, the AMLC said the FATF found that the country has already addressed the 18 action plan items that had kept the country in the watchdog group’s “grey list” since June 2021.
FATF President Elisa de Anda Madrazo, who started her term on 1 July this year, said a site visit will be conducted to affirm the country’s progress and decide on its exit from the grey list. The visit will take place between now and February next year.
Madrazo explained that an onsite visit will entail the arrival of a group of experts to a country to verify the progress that was reported to the FATF. After verification, the FATF will decide whether the country’s efforts merit an exit from the grey list.
The FATF flagged the country for supposed inadequacies in the effectiveness of the targeted financial sanctions framework for both terrorism financing and proliferation financing.
Landing on the FATF grey list does not automatically result in sanctions kicking in, but could cause prolonged procedures in some financial transactions, which could affect not only Filipinos traveling abroad but also overseas Filipino workers and migrants.
Cai U. Ordinario
already have policies but have not yet launched while 27 have launched Paleng-QR PH Plus in their locales but have not issued policies.
“We’re excited to revolutionize daily payments in Apalit with the Paleng-QR Ph Plus program,” Deputy Governor Bernadette RomuloPuyat said adding that the QR PH makes payments “easy, secure and cashless.”
The Paleng-QR Ph plus program is a priority initiative under the National Strategy for Financial Inclusion 20222028, which supports the BSP’s thrust to boost financial inclusion through digitalization.
Given the latest launch, the BSP said more Apalit residents are expected to be onboarded to the formal financial system through widespread use of digital payments in public mar-
kets, transport, and other business establishments via QR codes, the national standard for QR payments.
Apalit Mayor Oscar D. Tetangco Jr. opened the launch ceremony and expressed the municipality’s support in promoting the Paleng-QR PH Plus program.
“We, in the LGU of Apalit, with the help of our partners and financial service providers will endeavor to promote QR Ph, not only to market vendors, but to our other business owners as well,” Tetangco said. Meanwhile, BSP and its Currency Exchange Partners, Guagua Rural Bank and BOF (A Rural Bank), also facilitated the exchange of unfit or mutilated banknotes and coins with clean money or e-wallet credits during the “Piso Caravan” at the Apalit Public Market.
Demand for T-bills low as rates’ rise sustained
THE Bureau of the Treasury (BTr) fully awarded and even upsized to P22.6 billion the Treasury bills (T-bill) it offered amid lower demand and continuous rise of interest rates across the board for the seven straight week.
On Monday’s auction, the Treasury raised P22.6 billion, exceeding the P20-billion programmed offering, from the sale of 91-day, 182-day and 364-day T-bills.
Demands for the short-term securities were slightly lower at P51.665 billion compared to the previous week’s bids worth P69.87 billion. Still, the auction was almost 2.6-times oversubscribed.
Average interest rate for the 91day T-bill settled at 5.631 percent, higher by 2.6 basis points (bps) from the 5.605 percent recorded in the previous auction’s average yield for the same tenor. Rates ranged from a low of 6.608 percent to a high of 5.650 percent.
Tenders for the 91-day tenor reached P20.095 billion, of which the auction committee awarded P9.1 billion in offer after doubling the accepted non-competitive bids.
The average yield for the 182day T-bill rose to 5.862 percent, 11bps higher than the 5.752 percent set at the previous auction for the security. The rate settled between 5.800 percent and 5.918 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.
The 182-day T-bills recorded P12.760 billion in demands with P6.500 billion being accepted and P6.26 billion rejected.
Moreover, the average interest rate for the 364-day tenor increased to 5.871 percent, 8.1 bps higher than the 5.790 percent capped in last week’s auction. The 364-day T-bill was awarded a full P7 billion with bids reaching P18.810 billion. About P14.645 billion was rejected by the Treasury.
In the secondary market, yields are also on the rise for the threemonth tenor at 5.576 percent, 5.821 percent for the six-month tenor and
5.826 percent for the one-year tenor, based on the Bloomberg Valuation Service Reference Rates as of November 18, 2024.
The increase in T-bill yields comes as the market priced in a Donald Trump presidency, Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said. According to Ricafort, the return of Trump in the White House “could lead to protectionist policies, as well as pro-economic growth and proUS business policies that could all lead” to higher inflation and wider budget deficit in the world’s largest economy.
Should US inflation and government borrowing increase, US Treasury yields would also rise, possibly reducing the chances of the US Federal Reserve cutting rates, he added. This, in turn, could also influence the Bangko Sentral ng Pilipinas (BSP) in its move, leading to fewer local policy rate cuts, Ricafort explained.
Despite the Philippine peso trading at its weakest in 4.5 months against the US dollar, the RCBC executive said global prices are near 3-year lows, which could help keep inflation within the BSP’s target range.
“[This] could fundamentally support inflation towards/within central bank targets and, in turn, could still justify future local policy rate cut/s,” Ricafort said. Finance Secretary and Monetary Board member Ralph G. Recto said a local policy rate cut remains a possibility.
On November 25, the Treasury will auction P15 billion worth of Treasury bills. Meanwhile, it will offer 5-year tenor Treasury bonds (T-bonds) amounting to P15 billion the next day, November 26. The government will raise P2.570 trillion in 2024, following a borrowing mix of 75:25, of which 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
Karlo Biglang-awa
Art
Polarities meet in Janos Delacruz’s ‘Balasa’
ASWEEPING sense of dichotomy defines the latest solo exhibition of visual artist Janos Delacruz. Here is a man who, amid a rollercoaster year, has dealt with the death of a mother and the birth of a child, presenting a show titled Balasa that alludes to the concept of fate while exploring the idea of free will.
Delacruz was laid back in a graphic shirt and a full beard when he sat down with us at Art Elaan in Ides Contemporay Art at Festival Mall, where Balasa opens
tomorrow. He articulated his approach to the show with eloquence, speaking like the teacher that he is, another layer to the duality that permeates the show, opposite to him being an award-winning visual artist. He was affable, smiling, pensive.
“I think for this particular year, while I was doing these artworks, I saw the worst and the very best,” Delacruz said. “It’s like realizing that one cannot experience true joy without feeling true sadness; that one cannot perceive true beauty without seeing something truly grotesque. It’s like seeing life through extremes.”
A TRIBUTE TO LIFE
DELACRUZ was a recipient of the Benavidez Award as an outstanding student of fine arts at the University of Santo Tomas in 2008. In 2018, the Muntinlupa-based artist won the prestigious CCP (Cultural Center of the Philippines) Thirteen Artists Awards.
Delacruz creates captivating visual narratives that combine his practice as a printmaker and as a painter. His art is a fine balance of both worlds, wherein the
subjects are stylized with the printmaking aesthetics of graphic, grayscale elements, splattered with color by his vibrant, painterly sensibilities. He describes the fusion as the convergence of the left and right sides of his brain, as well as a confluence of his two personas. First is the introvert printmaker who enjoys the introspection that the painstaking process affords. Second is the outspoken painter who recognizes that part of the job as an artist is to be out there, creating and fostering relationships.
Aside from his two-sided artistic discipline and social inclinations, Balasa is also a picture of polarity. Each artwork serves as a reflection of the artist’s dual perception. It’s about what we want and what we get. It’s expectation versus reality. He muses about how life was much simpler as children, when one dreams of a happy ending with a crush, only to experience so many heartbreaks later on that one grows content in living alone. Then, after meeting someone, the entire plan switches up again.
At Araneta City, it’s always art for all and all for art
BY FRANCINE MEDINA
ARANETA City, besides offering a number of dining and retail options, has always been a center for culture and the arts.
The old Cubao Expo, heavy with its bohemian vibe, is a favorite hangout among the young and the creative type for its art galleries, vintage shops, and one-of cafés and restaurants.
Meanwhile, inside Gateway Mall is the Gateway Gallery which has a permanent show, titled Sining Saysay, with 30 murals depicting the various periods of Philippine history.
The mall is also famous for its pop art exhibits which include the recent Demon Slayer exhibit featuring characters and scenes from the phenomenal manga series shown in the form of installation arts, LED screen projections and giant statues.
“Araneta City is known as ‘The City of Firsts’ and it has introduced a lot of firsts that other malls can’t beat. We’ll continue with that tradition, especially the tradition of the legacy of Don Amado Araneta, who founded the iconic Smart Araneta Coliseum to make everything accessible especially to the masa. And this is what we’re doing— we’re continuing to make art accessible for everyone,” said Gari Apolonio, curator of Gateway Gallery.
The recently concluded Gateway Art Fair is another game-changing first for the expanded property that now has two
additional structures, Gateway 2 and 3. At the event, artists and galleries congregated to offer what organizers describe as “affordable art.”
And they were not kidding as prices for small watercolor paintings and prints ranged from P3,000 and up (that would otherwise be tagged with five figures in major galleries and art fairs).
The art fair was launched in 2022 and has grown from 16 exhibitors during its maiden run to 30 at this year’s gathering.
Notable participants were National Artist for Music Ryan Cayabyab who is likewise establishing himself a painter; art teacher and former actor Jao Mapa; seasoned watercolorist Gerardo Jimenez; and the first
Filipino coin engraver of Bangko Sentral, Yannie Rumbaoa.
“The artist gets to engage with the people—whether they’re students, those who caught your art’s attention, or serious art buyers. This fair is a way of democratizing art, making it more accessible to the public and also democratizing the opportunities for artists,” Jimenez told BUSINESSMIRROR
The yearly art fair is mounted by Gateway Gallery and sponsored by the J. Amado Araneta Foundation (JAAF), which is the social development arm of the Araneta Group. Founded in 2002, JAAF’s main focus is giving grants under its various programs while continuing its art and history museum,
the Gateway Gallery. Apolonio added, “The art fair was created to address our advocacy. It’s the most accessible art fair in terms of location, admission of artists, admission requirements, and payouts—we don’t get commissions here. The vision, really, is to offer unique, timely and relevant public programs.” Ongoing until November 21, Gateway Gallery advocates the call to uplift and protect the rights of young girls and children through Munting Mundo ni Nene. An interactive exhibit in line with International Day of the Girl and National Children’s Month. The presentation is in partnership with Save The Children Philippines.
Eugenia Last
open your doors and help someone who needs direction or comfort. Don’t let uncertainty stand between you and something you desire. Do your research, and you’ll figure out the best way forward. Show your true colors, feelings and plans with kind gestures. ★★★★
LIBRA (Sept. 23-Oct. 22): Take a moment to digest what’s happening around you. Listen, absorb and observe how others react, and you’ll know how to handle situations to ensure you get what you want. Refuse to let an emotional dispute disrupt you at home or work. ★★
SCORPIO (Oct. 23-Nov. 21): Live in the moment, use your attributes to achieve your goals and trust in your ability to handle matters yourself. Stretch your imagination, and you will be satisfied with the results. Stick to the facts, budget and costs, and everything will fall into place. ★★★★★
SAGITTARIUS (Nov. 22-Dec. 21): Express yourself openly. Share your vision, but be willing to listen to the input you receive. Ultimately, you must do what’s best for you and allow others the same privilege. A financial change or new location will give you the momentum you require to outmaneuver a challenge you face.
CAPRICORN (Dec. 22-Jan. 19): You’ll make headway if you start a physical routine that ensures fitness, health or an appealing new look. Concentrate on being your best, and others will take notice. Recognize and use your attributes to dazzle someone you want to work with or are interested in getting to know better. ★★★
AQUARIUS (Jan. 20-Feb. 18): Avoid letting anyone push emotional buttons that set you off. Everyone is entitled to their opinion.
around’ BY KEVIN CURRY
Universal Crossword • Edited by David Steinberg/Anna Gundlach/Adrian Johnson/Jared Goudsmit/Taylor
JANOS
Show BusinessMirror
RICCIO Music & Artistry (RMA) Studio Academy invites everyone to Be Their Guests in their annual musical recital concert happening on December 1, 6 pm, at The Podium Hall. With the theme Be Our Guest, the concert will gather RMA Studio Academy’s students, families, celebrities, and other A-lister guests who will witness the diverse musical prowess and performances of RMA students in one grand concert event.
Established in 2020, RMA Studio Academy is the Philippines’ first all-in-one creative hub, with a mission of harnessing the unifying power of music and empowering individuals of all ages and backgrounds to explore their artistic potential.
Founded by Jade Riccio, an award-winning soprano, known as “Asia’s Jewel,” her nearly two decades of dedicating herself to performing both locally and internationally inspired her to create a community of excellence at RMA.
“Since our inception, RMA has flourished into a highly sought-after music academy, with a team of accomplished coaches and performers providing personalized lessons tailored to each student’s unique goals and aspirations,” says Jade Riccio.
The concert will highlight a repertoire that includes pop, OPM, K-pop, jazz, P-pop, classical, and unique fusion performances with a 15-piece orchestra.
This grand musical event of RMA Studio Academy will also show their versatility and commitment to providing a wide range of music lessons. “This concert is not just a showcase of talent; it demonstrates RMA’s dedication to artistic diversity and excellence,” explains Riccio.
“We are proud to include a wide range of performers, from students aged 6 to their 30s.”
This must-see event will not only highlight musicality but will also benefit children from two renowned organizations (ave the Children Philippines and Autism Society Philippines), with portions of the ticket sales being donated to these two organizations.
One of RMA’s distinguished students-artists, 2023 Miss Universe Philippines Michelle Dee, who serves as an ambassador for the Autism Society Philippines, makes this collaboration possible, adding a deeper significance to the event and reinforcing RMA Studio Academy’s belief in the power of music to create positive change.
“This concert will not only celebrate musical excellence but also contribute to causes that transform lives, demonstrating RMA’s dedication to both artistic and social responsibility,” adds Riccio.
“At RMA, we remain committed to nurturing and supporting all our students as they grow in their artistic journeys. We believe that with passion and hard work, they can achieve incredible things both on and off the stage. Also, I always believe in the power of collaboration. I like learning from others—not only with my fellow musicians but also with my students. That’s why I love teaching,” says Riccio. Riccio and the whole RMA team look forward to welcoming everyone to this event. “We’ll make sure to leave you inspired more than ever,” says Riccio. The concert is sponsored by Lily & Matilda, Trident Insurance, Lifestyle Anthology, Yupangco Music, Torre Lorenzo and media partners Manila Times, Malaya Business Insight and WheninManila. com. Tickets are available via SM Tickets. More information is available via Veronica Ramos-Baun at 0918-8133333.
Bulacan’s pride, the Philippines’ treasure
BY the time this piece comes out, there will already be a new Miss Universe.
The most sought-after pageant crown will be on the head of the lady who is destined to wear it. All the gorgeous, courageous and confident representatives of the participating countries have prepared so hard for this pageant, but only one is meant to win. And that is destiny unfolding.
So whether it is the destiny of the Philippines’ Chelsea Manalo or not, we just have to be happy that our country was very well-represented by this lovely lady from Bulacan who carried our national colors so proudly and vibrantly well in Mexico.
Manalo is the very first woman of black descent from the Philippines to ever represent the country in what is still the most prestigious international pageant. During the preliminary competition, Manalo walked the stage in a Manny Halasan creation. “I am living in the moment, living my dream. Forever grateful to Sir Manny for making me live this unforgettable moment, for being one of the many who has helped make my dreams come true.”
Halasan’s take: “This gown is envisioned to be a royalty dancing with the waves of the sea. Chelsea is graceful, she is calm, and she is enjoying every minute of it. The simple gown wants to show that a little girl’s dream can come true. To be able to walk on the stage as a queen in the Miss Universe pageant and to prove that faith, simplicity and authenticity are key to having fun.”
The Miss Universe experience has truly been a beautiful journey and a dream come true for Chelsea Manalo, the pride of Meycauayan, Bulacan.
BOCAUE REP IS MISTER GRAND PHILIPPINES
ANOTHER pride of Bulacan has just been crowned the new Mister Grand Philippines. Jonathan Pere, from Bocaue, bested 29 other hopefuls in a well-staged
program at the MetroTent Convention Center in Pasig.
We were part of the board of judges who selected the winner of the Mister Grand Philippines a few nights ago in a well-attended event.
Perez has been one of the heavy favorites going into the finals and he lived up to expectations, although it was a neck-to-neck battle between him and the candidates from Quezon (Jonas Harina), Zambales (Aljay Dado) and Caloocan (Mark Joseph Macalintal) who all bagged minor titles, too.
When asked how he will use his platform to promote positive change and empower the next generation through social media, Perez answered:
“I will use my platform to promote a more positive and healthier online environment, especially for the youth. As a Computer Science graduate, I know how important social media technology can be, that’s why I will develop programs on empowerment initiatives and promote digital literacy to maximize the use of
social media so as to help uplift and create a brighter future for the next generation.”
Perez will repesent the Philippines in a still unnamed country for the Mister Grand International pageant scheduled in April next year.
Meanwhile, Bulacan Governor Daniel Fernando is elated with the quality of pageant winners coming from the province. “I am extremely proud of the Bulacan victories in the pageant arena. It is heartening to know that the province has many treasures waiting to be discovered and honed. Chelsea Manalo has represented the Philippines very well and I am confident that this is just the beginning of many wonderful things for her. I am also happy for the big win of Jonathan Perez, and I am sure he will make the country, and Bulacan for that matter, proud when he competes in his international pageant next year. I wish them both continued success and happiness in the future.” n
Kim Atienza joins GMA Network’s anti-piracy campaign
VERSATILE host, triathlete, and wellness and biodiversity advocate Kim Atienza joins the growing roster of GMA Network stars in the fight against anti-piracy. On November 8, the popular host became the campaign’s latest Anti-Piracy Ambassador. Widely known by many fans as Kuya Kim, he hosts the nightly segment “#KuyaKimAnoNa” on GMA’s flagship newscast 24 Oras and the original countdown variety show TikToClock. He is also set to host an upcoming public affairs show.
Attending Kim’s oath-taking ceremony as the latest Anti-Piracy Ambassador of GMA Network were GMA first vice president and head of international operations Joseph T. Francia, first vice president for legal affairs Atty. Lynn Delfin, Intellectual Property Office of the Philippines (IPOPHL) director general Atty. Rowel S. Barba, and deputy director general Atty. Ann Claire C. Cabochan. Francia expressed confidence in Kim’s new role: “His experience and credibility make him the perfect advocate to bring awareness to the importance of intellectual property protection. With his voice,
Polarities meet in Janos
Continued from B4
All of a sudden, one finds himself in a stable, sevenyear relationship, with a child on the way. Balasa is a tribute to life,” Delacruz said. “It changes. It becomes a little bit more interesting.” It was never the artist’s intention to dig deep and get personal about the exhibit. The original concept was a “spiritual sequel” to his earlier solo exhibition in July, titled Tadhana, staged alongside a showcase by his father, renowned artist Fil Delacruz. In the show, Janos examined fate and the supposed predetermined end points of life: a structured start and a fixed finish. Balasa, then, was to focus on the in-between—that whatever happens between birth and death is our call to make; it is up to us how to play the cards we are dealt with.
That said, the artist emphasizes that there’s no such thing as a perfect hand. Mistakes happen, plans change, as are “the quirks of life,” he said. And these quirks manifested themselves while Delacruz was working on the 18 artworks featured in the show. He lived through the very concept of variability that he explored, with his mother passing earlier in the year,
followed by the birth of his child soon after.
“Life happened,” Delacruz said. “But [the concept] didn’t divert too far. Actually, [the events] complemented it, to the point that I find the finished collection really raw.”
One artwork shows a man with a slit in his belly. Titled Punla, the piece alludes to how men also bear their child, albeit spiritually, that they must now step up as the head of the family. The slit is also inspired by the omnipotent artifact called Vector Sigma, or the Allspark, which chose Optimus Prime to lead the Autobots in the popular sci-fi franchise Transformers. Thus, Punla may very well be a story of a boy growing into a man. Another piece tackles the concept of healing one’s inner child more directly.
Delacruz said that his artworks now favor the halffilled perspective. While darkness still forms part of his creations, he now focuses more on the optimism of life: now that he’s no longer a “single-celled amoeba,” now that he’s “part of a collective.”
Lahat ng paintings ko, it always has a positive message that tells a story of hope, reminding us that everybody has their own place in the world,” he said. “I wanted to create a show that captures this
particular moment in my life that, while there’s still fear, there’s a little bit of apprehension, there’s also optimism. I’m already in the stage of my career I want to create something fulfilling for me, which is why this show is about the love of life.”
ARTIST-TEACHER
WHILE Delacruz spoke with candor about his art, his eyes lit up when we asked him about his workshops. He comes from a long line of artists, but an even longer line of teachers. His father, grandmother, grandfathers from both sides, and great-grandfather, all educators.
Delacruz’s conducts art workshops here and abroad, teaching a broad range of students, ranging from white-collar workers looking to practice their passions to the youth of far-flung communities.
“The thing I love about workshops is that they allow me to do the two things I really enjoy, which is to create art and at the same time teach. There’s nothing more special than inspiring someone,” said Delacruz, pointing to the priceless moments of seeing his students’ eyes gleam from learning something new. “Also, I love the idea that they will remember
we believe that this campaign will reach more audiences far and wide, here and abroad, and in different age groups.”
As the latest Anti-Piracy Ambassador of GMA, Kim will take part in its ongoing “Stream Responsibly, Fight Piracy” campaign. He will join fellow ambassadors Ruru Madrid, Barbie Forteza, Miguel Tanfelix, Ysabel Ortega, Radson Flores, Matt Lozano and Rafael Landicho.
Kim expressed gratitude in his new role following his Isang malaking karangalan na ako’y napili.”
He also noted the challenges faced by the television, movie, and music industries in the wake of rampant piracy, and emphasized the importance of various sectors having to unite against the ongoing problem. Dapat magsama-sama, dapat magtulong-tulong. Napakaganda ng kampanya ng GMA could be preventive...puwedeng magbigay ng impormasyon kung bakit masama, bakit hindi dapat gawin, [illegally].”
More information about GMA Network’s anti-piracy www.gmanetwork.com.
you—it may not be the name but the experience, and that’s all that matters.”
This month alone, Delacruz has flown to Vietnam and Thailand to teach art. He also visits his parents’ hometown of Sultan Kudarat once a year to hold workshops in public schools and for IPs (indigenous people). To the latter, his lessons go beyond the basics of printmaking, since carving is already embedded in the culture. His lessons to IPs are geared toward making artworks for livelihood, and not just out of tradition. Delacruz said he doesn’t teach for the money. He doesn’t even consider himself a teacher.
“My father, my grandparents who dedicated their entire life to teaching, they’re the teachers. Ako, I just got lucky to choose whenever I teach. I just enjoy when my students learn something new; ’yung mata nila nagiiba, pati ’yung ngiti.” For all the dualities in Delacruz’s life, especially this year, the artist-educator said he never set any demarcation line between his roles.
“I never really separated me as the person and me as the artist,” he said. “Parang chef na ‘you put yourself on the plate.’ Ako, I put myself on the canvas. That’s me as a person and as an artist. They’re the same.” n
CHELSEA MANALO (left) and Jonathan Perez
Megaworld Hotels & Resorts celebrates major win at 27th Mabuhay Awards
THE Association of Human Resources Managers of the Philippines (AHRM) honored Trixie Tan of Megaworld Hotels & Resorts (MHR) as HR Leader of the Year at the 27th Mabuhay Awards held on November 4, 2024 at New World Makati Hotel. The award is a testament to MHR’s efforts in elevating the Philippines iconic service through its people.
The annual Mabuhay Awards is a premier event that honors outstanding HR leaders, managers, supervisors, and rank-and-file staff. This year’s theme, “PILI at PINO, Yan ang Pilipino,” raised the Filipino Brand of Service Excellence to the global stage.
Tan’s win follows the recognition of Cleofe Albiso, MHR Managing Director, as the Mabuhay Gold Awardee in 2022.
“At Megaworld Hotels & Resorts, our people are the heart of everything we do. We are incredibly proud to celebrate their achievements and recognize the values they bring to our organization. We keep our employees enthusiastic to keep our business thriving, which allows us to give back to our investors and attract the best talents in the industry. Our team’s success at the Mabuhay Awards speaks to the strength of our Circle of Happiness culture, which places employee well-being at the center, and our signature brand of hospitality – The Sampaguita,” Albiso said.
Tan, Corporate Assistant Director of People Management and Development,
received one of the night’s major recognitions: HR Leader of the Year Award. Tan has been instrumental in the creation and implementation of numerous policies and procedures that have significantly enhanced the operational efficiency, culture, and employee experience at MHR.
Her notable contributions to MHR are proof of her commendable leadership and her 15 years in the hospitality industry. Her influence and impact have been pivotal in MHR’s journey towards excellence, particularly in its recognition as a Filipino brand hotel to be certified as a Great Place to Work organization since 2023 until the present.
This year’s awards ceremony gathered 97 nominees from across the country with 25 MHR associates participating across all categories. Each contender brought award-worthy stories of passion and dedication. This accolade reinforces MHR’s strong workplace culture, recently acknowledged through its Great Place to Work® certification. The success also
highlights MHR’s ongoing commitment to its Circle of Happiness philosophy, which emphasizes that love for work and employee fulfillment lead to exceptional guest experiences.
This recent recognition builds on a year of achievements for MHR, including the group’s most recent win at the 10th Virtus Awards, and solidifies its position as the Philippines’ leading hotel group. The Mabuhay Awards win serves as further motivation to foster a work culture where passion and service excellence are recognized.
As MHR continues to expand its portfolio of properties and services, it remains steadfast in its mission to prioritize the well-being of its team members, understanding that their happiness and professional growth contribute directly to the satisfaction of every guest. Moreover, this milestone encourages all associates to continue pursuing excellence and to serve as proud ambassadors of the Filipino brand of service.
Rising from the Rubble: SM Scholars turn tragedy into triumph
ELEVEN years ago, Typhoon Yolanda, the super typhoon that reshaped countless lives, made landfall and changed the face of the Philippines. Tacloban City, at the heart of the storm’s devastation, bore witness to unimaginable loss and hardship.
Amidst this adversity, a group of young students rose resiliently from the wreckage, guided by hope and a renewed sense of purpose. Through the SM Foundation College Scholarship, they found not just financial support, but a stabilizing community that empowered them to rebuild and chase their dreams. For these survivors, the scholarship became more than just an opportunity; it became a lifeline to reclaim their future and uplift their families, allowing them to envision a life beyond the memories of Yolanda.
Mark Vincent Fuentes, a Bachelor of Science in Accounting Technology graduate, was among the students who received the SM scholarship posttyphoon Yolanda. He vividly recalls his family’s daily struggle to access basic necessities: food, clean water, and shelter. But beyond the physical hardships, the emotional toll left lasting scars.
“The trauma lingered,” Mark shared, “Whenever heavy rain fell, I’d feel a wave of fear come over me, leaving me paralyzed by memories of that day. Nights were the hardest. I would lie awake, haunted by the sound of the rain, terrified another storm might come. That fear was real, and even the safety of our own home sometimes wasn’t enough to shake it.”
For Mark, the SM Foundation scholarship became more than financial aid; it was a source of strength and belonging. “It felt like a haven,” he says. “Beyond the financial support, I gained a deep sense of community and solidarity with my fellow scholars. We helped each other academically and emotionally, whether sharing study notes or just offering encouragement when things felt overwhelming. We became a family united by a shared dream.”
Jessica Tacuyo, a graduate of Bachelor of Science in Accountancy, faced similar challenges. “There were days when we had no choice but to rely on neighbors just to eat a meal,” she recalls. “Clean water was scarce; if we couldn’t find bottled water, we’d boil water from a broken pipe that was leaking into the street. All 13 of us slept in the living room, the only livable part of our home.”
Now an accounting professional, she draws on the skills she developed in college to skillfully budget their combined household income. This allows them to allocate funds for their farmland as well as the education of her nieces and nephews.
Jessabelle de Paz
Animos, another SM Scholar who completed a Bachelor of Science in Accounting Technology, also echoed these sentiments. The typhoon took almost everything they had, from their livelihood
NutriAsia Foodservice Brings Taste of Success to Bohol Food Entrepreneurs
RESH from the successful kick off
Fthe previous week, NutriAsia’s Foodservice Team brought the muchanticipated Taste of Success Roadshow to the Jewel of the Philippines, engaging food entrepreneurs and social media influencers in an afternoon of meaningful discussion and insight sharing about the food service industry.
Held last October 23, 2024 at the Bluewater Hotel in Danao, Panglao, the second leg of the Taste of Success Roadshow gathered 44 restauranteurs from Bohol who share the same passion for delicious food and for creating magical Masarap, Masaya moments for their customers.
post-Yolanda
and basic needs to their home and other familiar surroundings that once offered security and stability.
Today, Jessabelle works remotely from the comforts of their home. She credits the SM scholarship, calling it a “lifeline and life-changing experience filled with growth.”
“The SM scholarship was not just financial support; it was a lifeline during a period when we were most vulnerable. Being an SM scholar gave me access to resources that eased the burden on my family and allowed me to fully focus on my studies. The program offered workshops, mentoring, and values formation, shaping me not only into a capable student but also a responsible and compassionate person,” she shared.
For Engr. Dian Agner, who pursued Civil Engineering, the journey back was steeped in loss. “Going back to school was challenging, I remember that it was months before we resumed classes. One of my classmates didn’t make it, including their whole family. Money had no value, we felt lucky to find even basic items, even if they cost three times the usual price,” she recalled.
Now an engineer, Dian helps her family meet daily needs and feels grateful to support them. “I can now afford to provide food, electricity, and other essentials that were once out of reach. I also support my sibling’s education, and she just passed her board exam on her first try. I assist my mother with finances for her small livestock business, and together, we’re saving to open the first bakery in our barangay” she shared.
In the face of overwhelming odds, these scholars forged a path forward, driven by a determination to rise above Yolanda’s devastation. Today, they not only support their families but also serve as symbols of resilience and hope, showing how education can empower those who have suffered to rebuild their lives and inspire their communities.
Setting the tone for the session, Jcarl Perez, Senior Distributor Business Manager of NutriAsia Foodservice, explained the rationale and objectives of the roadshow.
“At NutriAsia, we truly understand the flavor of success. Our products have become beloved staples in nearly every Filipino home. But our impact doesn’t stop there. Our renowned brands play a vital role in the creation of culinary masterpieces and in sustaining thriving food businesses across the country. We are very excited to share valuable insights with you that can help elevate your business and bring you even greater success.”
Zyra Arela, Distributor Channel Manager for VisMin, then presented the current foodservice environment.
“The restaurant industry has made an incredible comeback after the pandemic and is expected to grow by P1 Trillion by 2027 with some regions like Western Visayas, Central Luzon, Northern Mindanao and the Bangsamoro Autonomous Region
growing faster than others and reporting double-digit increases in business.”
Aimee Alinsod, Trade Marketing Specialist, then shared a detailed overview of NutriAsia and emphasized their unwavering commitment to quality and food safety.
“We prioritize quality and food safety above all else. We are proud to be FSSC 22000 Certified, Halal Certified, and FDA Certified. These certifications demonstrate our commitment to providing safe, high-quality food products that meet international standards.”
This was followed by a comprehensive overview of the prevailing consumer preferences and flavor trends by Maroux David, Key Accounts & Channel Development Group Manager. She highlighted the importance of understanding generational preferences as it is crucial for food businesses to effectively tailor marketing strategies and product offerings to meet the diverse needs and desires of consumers.
Capping the event was the muchawaited presentation by Chef Sau Del Rosario who took to the stage and wowed participants with his inspired culinary creations developed from years of travelling and discovering flavors and techniques as documented in his book, 20 Years of Love and Cooking.
Chef Sau then showcased his expertise as he created unique and on-trend recipes using Nutriasia products which was later on served for participants to experience.
Visit https://www.facebook.com/ NutriAsiaFoodservice/ to know the next stop in the 2024 Taste of Success Roadshow.
IN the photo are, from left, Divine Delos Reyes, VP of AHRM; Arturo Boncato, Group General Manager – MHR; Trixie Tan, Corporate Asst. Director of People Management & Development - MHR; Cleofe Albiso, Managing Director – MHR; Judith Imperial, Director of Global Relations & Partnerships/Human Resources – Lyceum of the Philippines.
JCARL Perez, Senior Distributor Business Manager of NutriAsia Foodservice, explains the rationale and objectives of the roadshow.
China working on nuclear-powered aircraft carrier with new reactor prototype, satellite images reveal
By David Rising & Didi Tang The Associated Press
BANGKOK—China has built a land-based prototype nuclear reactor for a large surface warship, in the clearest sign yet Beijing is advancing toward producing its first nuclear-powered aircraft carrier, according to a new analysis of satellite imagery and Chinese government documents provided to The Associated Press.
China’s navy is already the world’s largest numerically, and it has been rapidly modernizing.
Adding nuclear-powered carriers to its fleet would be a major step in realizing its ambitions for a true “blue-water” force capable of operating in seas far from China in a growing global challenge to the United States.
“Nuclear-powered carriers would place China in the exclusive ranks of first-class naval powers, a group currently limited to the United States and France,” said Tong Zhao, a senior fellow at the Carnegie Endowment for International Peace in Washington, D.C. “For China’s leadership, such a development would symbolize national prestige, fueling domestic nationalism and elevating the country’s global image as a leading power.”
Researchers at the Middlebury Institute of International Studies in California said they made the finding while investigating a mountain site outside the city of Leshan in the southwest Chinese province of Sichuan, where they suspected China was building a reactor to produce plutonium or tritium for weapons.
Instead they concluded that China was building a prototype reactor for a large warship. The project at Leshan is dubbed the Longwei, or Dragon Might, Project and is also referred to as the Nuclear Power Development Project in documents.
Neither China’s Defense Ministry nor Foreign Affairs Ministry responded to requests for comment.
Satellite images and public documents helped identify likely carrier project
There have long been rumors
that China is planning to build a nuclear-powered aircraft carrier, but the research by the Middlebury team is the first to confirm that China is working on a nuclearpowered propulsion system for a carrier-sized surface warship.
“The reactor prototype at Leshan is the first solid evidence that China is, in fact, developing a nuclear-powered aircraft carrier,” said Jeffrey Lewis, a professor at Middlebury and one of the researchers on the project. “Operating a nuclear-powered aircraft carrier is an exclusive club, one that China looks set to join.”
Drawing on satellite images and public documents including project tenders, personnel files, environmental impact studies—and even a citizen’s complaint about noisy construction and excessive dust— they concluded a prototype reactor for naval propulsion was being built in the mountains of Mucheng township, some 70 miles (112 kilometers) southwest of Sichuan’s provincial capital Chengdu.
The reactor, which procurement documents indicate will soon be operational, is housed in a new facility built at the site known as Base 909, which houses six other reactors that are operational, decommissioned or under construction, according to the analysis. The site is under the control of the Nuclear Power Institute of China, a subsidiary of the China National Nuclear Corporation, which is tasked with reactor engineering research and testing.
Documents indicating that China’s 701 Institute, formally known as China Ship Research and Design Center, which is responsible for aircraft carrier development, procured reactor equipment “intended
for installation on a large surface warship” under the Nuclear Power Development Project as well as the project’s “national defense designation” helped lead to the conclusion the sizable reactor is a prototype for a next-generation aircraft carrier.
Satellite mages from 2020 to 2023 have shown the demolition of homes and the construction of water intake infrastructure connected to the reactor site. Contracts for steam generators and turbine pumps indicate the project involves a pressurized water reactor with a secondary circuit—a profile that is consistent with naval propulsion reactors, the researchers say.
An environmental impact report calls the Longwei Project a “national defense-related construction project” that is classified “secret.”
“Unless China is developing nuclear-powered cruisers, which were pursued only by the United States and the Soviet Union during the Cold War, then the Nuclear Power Development Project most certainly refers to a nuclear-powered aircraft carrier development effort,” researchers wrote in a detailed 19-page report on their findings shared exclusively with the AP.
Jamie Withorne, an analyst at the Oslo Nuclear Project who was not involved in the research and reviewed the findings, said Middlebury’s team made a “convincing argument.”
“From the identifying reports, co-location with other naval reactor facilities, and correlating construction activity, I think it can be said that it is likely the Longwei Project is housed at Base 909, and it could potentially be located at the identified building,” she said.
The research does not, however, provide clues as to when a Chinese nuclear-powered carrier could be built and become operational, she said.
Sarah Laderman, a senior ana -
lyst with Open Nuclear Network, a program of the US-based NGO PAX sapiens foundation, said the findings were “carefully conducted and thoroughly researched.”
“Given the evidence presented here, I see a compelling case made that China seems to be working towards building a nuclear propulsion system for its naval surface ships (likely aircraft carriers) at this location,” said Laderman, who is based in Vienna and was not involved in Middlebury’s research.
Pursuit of a nuclear-powered carrier
CHINA’S first carrier, commissioned in 2012, was a repurposed Soviet ship, and its second was built in China but based upon the Soviet design. Both ships—named the Liaoning and the Shandong—employ a so-called “ski-jump” type launch method, with a ramp at the end of a short runway to help planes take off.
The Type 003 Fujian, launched in 2022, was the country’s third carrier and its first to be indigenously designed and built. It employs an electromagnetic-type launch system like those developed and used by the US Navy. All three carriers are conventionally powered.
Sea trials hadn’t even started for the Fujian in March when Yuan Huazhi, political commissar for China’s People’s Liberation Army Navy, confirmed the construction of a fourth carrier. Asked if it would be nuclear-powered, he said at the time that would “soon be announced,” but so far it has not been.
There has been speculation that China may begin producing two new carriers at once— one Type 003 like the Fujian and one nuclear-powered Type 004—something that it has not attempted before but that its shipyards have the capacity to do.
Matthew Funaiole, senior fel -
China’s navy is already the world’s largest numerically, and it has been rapidly modernizing. Adding nuclearpowered carriers to its fleet would be a major step in realizing its ambitions for a true “blue-water” force capable of operating in seas far from China in a growing global challenge to the United States.
low at the Center for Strategic and International Studies’ China Power Project, said he doubts China’s next carrier will be nuclear-powered. Instead, he said, he would expect the People’s Liberation Army Navy’s fourth carrier to focus on optimizing the existing design of the Fujian carrier with “incremental improvements.”
Nick Childs, senior fellow for naval forces and maritime security at the International Institute for Strategic Studies, said the Chinese “have taken an incremental approach to their carrier development with a number of ambitions that will evolve over time.”
“For now, their deployments have been relatively cautious, remaining largely within range of shore support, but projecting influence and to some extent coercion within their near waters.”
Eventually, however, “larger carriers more akin to their US counterparts will give them more options to project power,” Childs said.
It takes several years to build a carrier and bring it into operation, but developing nuclear propulsion for its next generation of warships would eventually give China more power to run advanced systems, such as electromagnetic launchers, radars and new technology weapons, Childs said.
“As well as obviating the need for the ship to refuel regularly and therefore giving it much greater range, nuclear power means that without the need to carry fuel oil for the ship there will be room aboard for fuel and weapons for its aircraft, extending their capabilities,” Childs said.
“Much will depend on what overall size the next carrier is, but the addition of nuclear power will represent a significant step further in China’s carrier development with a vessel more comparable to the US Navy’s carriers.”
Zhao, of the Carnegie Endowment for International Peace, said nuclear-powered carriers would provide the Chinese military “with greater flexibility and endurance to operate around strategic hotspots, especially along the First Island Chain, where most territories disputed by China are located,” said Zhao.
The First Island Chain includes the self-governed island of Taiwan, which China claims as its own and vows to annex it by force if necessary.
The US is obligated by a domestic law to supply Taiwan with sufficient weapons to deter invasion, and it could provide assistance to
the island from its bases in the Pacific in the event of an invasion or blockade. Tensions also have risen in the South China Sea between China and neighboring nations over territorial disputes and maritime claims.
“These carriers could also extend Chinese operations deeper into the Western Pacific, further challenging the US military’s ability to ‘intervene’ in regional matters that China views as best resolved by countries from the region only,” Zhao said.
US-China rivalry
CHINESE President Xi Jinping has tasked defense officials with building a “first-class” navy and becoming a maritime power as part of his blueprint for the country’s rejuvenation.
The country’s most recent white paper on national defense, dated 2019, said the Chinese navy was adjusting to strategic requirements by “speeding up the transition of its tasks from defense on the near seas to protection missions on the far seas.”
The People’s Liberation Army Navy is already the world’s largest navy with more than 370 ships and submarines. The country also boasts powerful shipbuilding capabilities: China’s shipyards are building many hundreds of vessels each year, whereas the US is building five or fewer, according to a US congressional report late last year.
However, the Chinese navy lags behind the US Navy in many respects. Among other advantages, the US currently has 11 carriers, all nuclear powered, allowing it to keep multiple strike groups deployed around the world at all times, including in the Indo-Pacific.
But the Pentagon is increasingly concerned about China’s rapid modernization of its fleet, including the design and construction of new carriers.
That aligns with China’s “growing emphasis on the maritime domain and increasing demands” for its navy “to operate at greater distances from mainland China,” the Defense Department said in its most recent report to Congress on China’s military. And China’s “growing force of aircraft carriers extend air defense coverage of deployed task groups beyond the range of landbased defenses, enabling operations farther from China’s shore,” the report said.
Tang reported from Washington D.C.
THIS satellite image from Planet Labs PBC shows the Nuclear Power Institute of China’s Site No. 1, also known as Base 909, in Mucheng Township, Sichuan Province, China on July 5, 2023. PLANET LABS PBC VIA AP
Bautista thrilled to don national colors in Harbin
By Josef Ramos
IGURE skaters Maxine Bautista
Fand Cathryn Limketkai will represent the country in the 2025 Asian Winter Games in Harbin in February with the Chicago-based Bautista expressing excitement over the opportunity that could pave her path to the 2026 Winter Olympics.
“Amazing,” Bautista told BusinessMirror after learning that she and Limketkai were picked by the Philippine Skating Union
(PSU) for the Harbin games.
“It’s really an honor and I am really so excited to go.”
Bautista scored 132.84 points to rule last week’s National Figure Skating Championships at the Mall of Asia rink with Limketkai finishing econd with 123.84 points—the duo booted out back-to-back champions Sofia Frank. The 23-year-old Bautista said the Harbin games gives her the opportunity to pour more effort to qualify for the Milano Cortina Winter Olympic Games in 2026.
“That’s one of my goals so hopefully this is like a stepping stone to reach that,” said Bautista, who trains under Ukrainian coach Alexander Ouriashev. But she admitted she’s got a lot of work to do on her overall skills and approach.
“Consistency with jumps obviously to compete in the highest level and then putting my jumps and the components together,” said the daughter of Filipino nurses Arnold and Victoria who are originally from Lian, Batangas.
“I must train harder and smarter to achieve my goals next year,” she said. The Asian Winter Games are set February 7 to 14. To qualify for Milano Cortina, both Bautista and the 18-year-old Limketkai must land in the top 24 quota for female singles after three important tournaments next year— the International Skating Union World Figure Skating Championships in Boston from March 23 to 30, Olympic qualifier in September and the Grand Prix in Nagoya in December. The Boston-based Limketkai has started to shine on the rink following her silver medal finish at the Reykjavik International Games last January in Iceland.
By Howard Fendrich
The Associated Press
the moment it begins Tuesday in southern Spain.
If that weren’t already obvious, just glance at the banner measuring 28,000 square feet (2,600 square meters)—about half the size of a football field—that wraps around the soccer stadium across the street from the arena hosting the tennis. The blue sign, visible from the highway leaving Malaga’s airport, is marked with large white letters that read, “GRACIAS, RAFA.” Between those two words is an image of Nadal toting a tennis racket in his left hand while wearing one of his trademark sleeveless shirts and his just-asever-present headband.
SAVI DAVIDSON tries to lead the PLDT High Speed Hitters to back-to-back victories as they take on the Galeries Tower Highrisers in the Premier Volleyball League All-Filipino Conference at the Ynares Center in Antipolo City on Tuesday.
Coach Rald Ricafort expects an even more explosive performance from the Filipino-Canadian standout, who impressed in their opening win against the Nxled Chameleons with 19 points and nine excellent receptions.
“It was a good start,” said Ricafort after the team’s four-set
Spain to Nadal: ‘Gracias’ Rafa
He is shown with his back to the world, walking away, symbolizing the 38-year-old Spaniard’s goodbye to the sport after a remarkable career.
“It’s going to be very exciting for everyone,” said tournament director Feliciano Lopez, a former player who faced Nadal 14 times on tour as an opponent in singles and also was his Davis Cup teammate. “Very emotional, at the same time.”
That sentiment likely applies to Nadal’s fans, other players, his family— his wife and their son have attended practice—and, quite understandably, the 22-time Grand Slam champion himself as Tuesday approaches. That’s when Spain faces the Netherlands on an indoor hard court at the Palacio de Deportes Jose Maria Martin Carpena.
“It’s amazing that it might be the last match that Nadal plays,” Dutch captain Paul Haarhuis said Sunday, “and we hope
victory they weaved despite losing the third set.
“Savi’s just returned and Angge’s [Alcantara] just been sent into the action,” he said. “We need to improve some more having lost a chance for a straight sets win.”
The Highrisers, meanwhile, face a tough challenge in the 6:30 p.m. clash as they aim to bounce back from two heartbreaking losses to the Akari Chargers and Choco Mucho Flying Titans. Despite showing flashes of brilliance, including a gritty five-set showdown against the Titans, Galeries
Eden Park recent memories
TNT Tropang Giga will retain Governors’ Cup Best Import
to give him a nice ‘Adios.’” Nadal had hip surgery in June 2023 and missed nearly all of that season. He dealt with a new hip muscle problem this year and an abdominal injury, part of a long series of issues that contributed to his body feeling like what he described as “a jungle” in May after losing in the first round of the French Open, the clay-court Slam he’s won a record 14 times.
That was his only Grand Slam appearance all year; Nadal played a total of just 23 official singles matches over the past two seasons combined. That includes going 12-7 in 2024. His last real matches came at the Olympics in early August, when he lost in the second round of singles to Novak Djokovic and in the quarterfinals of doubles alongside Carlos Alcaraz.
Spain’s captain, David Ferrer, the 2013 French Open runner-up to Nadal, has not yet told the world how he will employ the star in Malaga.
victories
Tower’s struggles with composure and execution have hindered their efforts.
Julia Coronel, Jewel Encarnacion, Ysa Jimenez, France Ronquillo and Andrea Marzan will need to elevate their game to compete against PLDT’s formidable lineup.
The High Speed Hitters, aiming to join the Chargers at the top, boast a star-studded roster that includes spikers Fiola Ceballos and Erika Santos, middle blockers Majoy Baron and Dell Palomata, and the dynamic playmaker Alcantara, who has added a fresh dimension to their attack.
Could be for singles, although Nadal said he’ll step aside if he doesn’t think he can win. Could be in doubles with his 21-year-old heir apparent, Alcaraz, in a renewal of their “Nadalcaraz” partnership. Could be both. If Spain gets past the Netherlands, it would face Germany or Canada in the semifinals on Friday.
“I really want him to retire with a title,” Alcaraz said.
Thursday’s quarterfinals feature the United States against Australia, and defending champion Italy—whose roster features No. 1-ranked Jannik Sinner— against Argentina. The winners of those matchups will meet in the semifinals on Saturday; the championship will be decided Sunday.
Suzuki, Sang, Cedo lead winners in Southwoods Chairman’s Cup
SHIN SUZUKI delivered a stellar performance with a five-under 67 to capture the men’s low gross title, while Sang Jin Lee claimed the seniors’ low gross trophy in the Manila Southwoods Chairman’s Charity Cup at the Legends and Masters courses in Carmona, Cavite, over the weekend. Anya Cedo emerged the low gross champion in the ladies division, while Vince Ngo edged Iggy Escaño in a thrilling battle to secure the Men’s I championship in the three-day tournament which introduced an innovative aggregate scoring format for team play.
Suzuki, a Southwoods team stalwart in inter-club competitions, dominated with 40 gross points in the marquee event, while Lee tallied 38 gross points and Cedo posted 35 gross points to top their respective categories.
Ngo and Escaño, both with 8 handicaps, matched gross 75s but the former grabbed the title with higher back nine points. The other individual winners were Bong Agojo (Men’s II), Felix Chua, Jr. (Men’s III), Alex Corrales (Men’s IV), Fred dela Cruz (Seniors I), Art Zuluaga (Seniors II), Bernie Basilan (Seniors III), Felix Cortez (Seniors IV), Mi Ae Kwak (Ladies I), Jeong Sim Ki (Ladies II) and Rachel Shah (Ladies III).
Agojo, with an 11 handicap, fired a gross 75 for net 43 points to best Rep. Roy Loyola (gross 80-net 42), Chua shot a gross 81 for net 43 and won by lower handicap index over Rudy Ragragio (gross 82-net 43), Corrales (gross 88-net 43) also won by lower handicap index against Nico Plana (gross 91-net 43), dela Cruz retained his crown with a gross 77 for a gross 39, defeating Marty Ilagan (gross 73-net 37), Zuluaga fired a gross 75 for net 44 to beat Ging Cadiz (gross 75-net 43), Basilan scored a gross 83 for net 43, thwarting Florene delos Santos (gross 80-net 41) via lower handicap index; Cortez turned in a gross 90 for net 44 to foil Yosuke Nishi (gross 90-net 43), also via lower handicap index, Kwak shot a gross 80 for net 37, nipping Abby Lapid (gross 84-net 36), Ki scored a gross 79 for net 41, beating Judy Xie (gross 83-net 38), and Shah carded a gross 85 for net 41, repulsing Rolebeth Kua (gross 92-gross
Zuluaga and Basilan ruled Division II with 87 points, and Nishi and Buboy Alvarez reigned in Division III with 80 points at Legends, while Agojo and Ruel Cabral assembled 81 points to clinch the Division I title at the Masters, with Terence Sy and Patrick Tanjangco claiming the Division plum with 83 points, and Philip Brodett and Enrique Brodett topping Division III with 82 points.
A MAN walks in front a banner reading in Spanish saying “Thank you Rafa” during the Billie Jean King Cup finals at the Martin Carpena Sports Hall in Malaga, Spain. AP
RONDAE HOLLIS-JEFFERSON will be TNT’s import in the Commissioner’s Cup.
PLDT’S Savi Davidson in action against Nxled’s Lyka Ebon in their previous match.