BusinessMirror April 12, 2025

BSP ‘MORE DOVISH’ NOW IN POLICY STANCE – GOV

By Reine Juvierre S. Alberto

DESPITE the risks from Donald Trump’s tariff swings, the Bangko Sentral ng Pilipinas (BSP) is becoming “more dovish” in its policy stance for this year.

In an interview with Bloomberg Television on Friday, BSP Governor and Monetary Board Chairman Eli M. Remolona Jr. said there will be “a few more” reductions in the key policy rate this year.

“Our forward guidance says that we’ve become somewhat more dovish now than a week ago,” Remolona said.

On Thursday, the BSP’s Monetary Board lowered the Target Reverse Repurchase (RRP) rate by 25 basis points to 5.50 percent. The interest rates on the overnight deposit and lending facilities were also reduced to 5 percent and 6 percent, respectively (See: https://businessmirror.com.ph/2025/04/11/ bsp ­ lowers ­ key ­ rate ­ by ­ 25 ­ bpsmore­ cuts­ seen/).

As risks to the inflation outlook have eased, Remolona said the BSP is reviewing the government’s inflation target of 2 to 4 percent until 2028, which he deemed to be “a bit high.”

“Maybe 2.5 percent is a better

[inflation] target, but that’s for next year,” Remolona said. Most other central banks have a 2-percent inflation target, while the Philippines has a midpoint target of 3 percent, the governor added.

The BSP has reduced its riskadjusted inflation forecast to 2.3

percent for 2025 from 3.5 percent. The Central Bank’s forecast for 2026 and 2027 also declined to 3.3 percent and 3.2 percent, respectively.

“The lower inflation rates that we’re looking at give us more degrees of freedom,” Remolona said after the reduction of key policy rates on Thursday.

However, he did not dismiss the impact of higher United States tariffs on the Philippines’ neighboring countries despite the country being slapped with a 17-percent reciprocal tariff.

“In general, we’re looking at lower growth because of the uncertainty [and] volatility in the markets, as well as the prospective tariffs,” Remolona said.

While Trump announced a 90day pause on reciprocal tariffs, except for China, Remolona said this could be “bad” for the Philippines due to that country’s being the Philippines’s top source of imports.

The China factor “WHAT happens to China affects us. We don’t know exactly how at this point, but we know there will be some effect,” Remolona said.

“We see trade shrinking and shrinking trade adds to inflation. It’s reducing supply. So that would be somewhat inflationary, as well as a negative for growth,” the governor added.

Remolona said the Central Bank is more concerned about risks to growth and prospective inflation rather than the peso exchange rate as it intervened less in the market.

While local inflation is seen to cool, unlike the rest of the world, Remolona had said the Philippine economy will slow down like the rest of the world due to the impact of tariffs.

The Monetary Board still has four monetary policy meetings left this year.

“We don’t think we will cut between meetings. So we’re not sure how many more cuts, but I would say a few more this year. It depends on the data,” Remolona said.

The key policy rate, at the moment, is still “somewhat above” the Goldilocks rate, or the ideal level, according to Remolona.

“We’re somewhat restrictive still and we’re moving towards a neutral stance,” he said.

“We want to get to the neutral rate smoothly. We don’t want to go too much below it, because that would be inflationary. So we’re looking at the numbers just to make sure we don’t overdo the easing,” he added.

Investor jitters push down FDI net inflows in January

ECONOMIC uncertainties caused investors to scale down their funding on the Philippines’ debt instruments at the start of the year, as foreign direct investment (FDI) net inflows slumped.

THE French minister delegate in charge of foreign trade arrived in the Philippines late Thursday, at a time when the United States is planning to impose sweeping tariffs across the globe and potentially disrupting global trade. Laurent Saint-Martin, French Minister Delegate for Foreign Trade and French Nationals Living Abroad, said the timing of his visit to the Philippines “could not be more appropriate.”

In a question-and-answer interview with the BusinessMirror’s Malou Talosig-Bartolome, Minister Saint-Martin elaborated on the agenda of his Manila trip. See related story on A3, News.

1. What is the purpose of your visit here?

The Philippines is a key diplomatic, economic and commercial partner of France in Southeast Asia. Our two countries share common interests in supporting a rules-based international order, trade and investment, regional and global security, including stability and economic development. We share the same ambition to keep on developing our partnership.

The timing could not be more appropriate. As tensions are running high in an increasingly polarized global environment, France is offering nothing less than a mutually beneficial opportunity for most needed political, economic and strategic diversification. Look at the global landscape today: established value chains are entering times of uncertainty. Some are tempted to leverage trade and investment relationships to further their own geopolitical goals. Let me be clear: that is not the French way. That is not the European way. In an environment this challenging, “derisking” is becoming the key word, and we all need friends we can trust and partners upon whom we can safely rely. I am here today because France sincerely believes that the Philippines are such a friend and partner, as evidenced by the discussions between Presidents Macron and Marcos Jr.

“The decline in FDI inflows [may] be attributed to economic uncertainty, especially with the onset of trade wars,” according to Reinielle Matt M. Erece, economist at Oikonomia Advisory & Research Inc. Erece said investors are “unwilling” to invest in capital and instead hold safer assets, such as gold or treasuries, to maintain liquidity amid the “risky” economic environment.

FDIs are investments that are made by foreign players in the Philippines in the hopes of long-term return. These investments can be in the form of equity capital, reinvestment of earnings and borrowings. BSP data further showed nonresidents’ reinvestment of earnings increased by 36 percent to $125 million in January 2025 from the $92-million level

Data from the Bangko Sentral ng Pilipinas (BSP) showed longterm investments made by foreign investors amounted to $731 million in January 2025, lower by 20 percent from the $914 million recorded in January 2024. The Central Bank traced the decline in FDI net inflows to the decrease in nonresidents’ net investments in debt instruments: it was down by 37.7 percent year-on-year to $519 million from $833 million. However, the BSP said this was tempered partly by the shift in nonresidents’ net investments in equity capital—other than reinvestment of earnings—which turned to net inflows of $88 million from net outflows of $11 million.

in January 2024. Equity capital placements in January 2025 originated primarily from Japan, the United States, Singapore, and Malaysia. These investments were channeled mostly to the manufacturing, financial and insurance, and real-estate industries. Broken down, equity capital

placements during the month were sourced mostly from Japan at 48 percent; the United States, 23 percent; Singapore, 13 percent; and Malaysia, 8 percent.

Investments were channeled mainly to the manufacturing (48 percent); real estate (17 percent); financial and insurance (20 percent), and others (15 percent).

Since these are in the country for a longer term compared to their short-term counterpart, the foreign portfolio investments (FPI), FDIs usually create jobs for Filipinos and have a multiplier effect on the economy.

Reluctant investor sentiment is expected to continue in the coming months as trade conflict escalates between the United States and China, among of the Philippines’s largest trading partners, Erece said.

Special to

are heading off to major leisure destinations here and abroad for the Holy Week, which begins on April 13, Palm Sunday. According to carriers Cebu Pacific (CEB) and Philippines Air Asia (PAA), among the popular local destinations next week are Caticlan, Cebu, and Palawan, encouraging them to increase flight frequencies between certain routes. International destinations also remain popular such as Hong Kong, Japan, and South Korea.

Continued on A2

By Ma. Stella F. Arnaldo

the BusinessMirror

LAURENT SAINT-MARTIN, French Minister Delegate for Foreign Trade and French Nationals Living Abroad

BSP Governor Eli M. Remolona Jr., on effects of trade tensions: “In general, we’re looking at lower growth because of the uncertainty [and] volatility in the markets, as well as the prospective tariffs.”

FRENCH MINISTER SAINT-MARTIN:

In time of crisis, friendships beckon

It is my ambition to enhance our cooperation in key sectors, such as transportation and infrastructures, to name but a few. French companies are ideally positioned to meet the high expectations of our Filipino partners. Their expertise is world-renowned. Their track record is unmatched. They are committed to high social and environmental standards, and they create value and jobs locally. They are reliable, long-term partners. I am traveling with a strong delegation of French companies showcasing the breadth and depth of our know-how. New business opportunities arise with the resumption (in December 2024) of direct flights between Paris and Manila operated by Air France inaugurated by the Philippine Secretaries of Tourism and Transportation last December 2024. The connection of the two air hubs—Paris Charles de Gaulle Airport (CDG) and Ninoy Aquino International Airport (NAIA)—consolidates France’s role as a gateway to Europe for the Philippines, which was the only major Southeast Asian country without a direct connection to the European Union. This marked a significant step in the strengthening of bilateral relations between France and the Philippines, offering new opportunities for mobility, and economic, tourism, cultural development, and student exchange.

2. What is your reaction to the reciprocal tariffs that US President Trump has imposed on the EU and other trading partners? We stand united with our Euro -

pean partners. We are determined to defend our interests and our companies. We will stand firm and retaliate if need be. Let me be very clear: neither France nor the European Union want a trade war with the United States. It would be a lose-lose situation. We will always be ready to open negotiations with our American partners, but we will not back down under pressure.

3. What areas in bilateral trade relationship does France and the Philippines need to improve on? Is it high time for the Philippines and France to have a bilateral FTA? Or is it more prudent to just wait for the EU-Philippines FTA?

The trade relationship between France and the Philippines has strong potential for growth. The Philippines is only the EU’s 40th largest trading partner and France’s sixth-largest Asean trading partner—an indicator of untapped opportunities that we must seize together.

The resumption of the EU-Philippines Free Trade Agreement represents a significant step forward. This agreement could provide meaningful opportunities to deepen access to our respective markets, while taking into account sustainable development. It will also create opportunities to strengthen our relations on key topics, such as energy and raw materials.

4. French companies in the Philippines are heavily invested in infrastructure and transportation. Are you seeing more French investments coming to the Philippines soon? If yes, in what sector/s?

Following the signature of the intergovernmental agreement for the granting of mixed loans [G2G] in June 2024, we hope that our economic cooperation will grow stronger and that France will become the Philippines’ key European partner.

In support of the “Build Better More” program, France contributes its expertise to major railway networks, large-scale construction projects, urban development, and engineering excellence. From metro systems to bridges and smart city solutions, we are committed to deliver world-class infrastructure that supports the Philippines’ long-term growth ambitions.

I am also thinking of the energy sector, where French expertise is second to none all along the value chain, and of course I am thinking about the airspace sector, where we lead the global competition.

5. France’s Indo-Pacific Strategy is new to many. How do you think your office can promote the 2nd pillar on economy, connectivity, and innovation, especially in the Philippines?

For France, the Indo-Pacific space is a geographic reality. France is an Indo-Pacific Nation via its overseas territories and more than 90 percent of our Exclusive Economic Zone is located here. Besides, preserving the stability of the region is crucial to our two countries, not least because the bulk of global maritime trade, and nearly 75 percent of the European Union’s exports, transit through it. This is why we decided as early as 2018 to launch

our Indo-Pacific strategy, which is key in our foreign policy.

France has created significant economic links with the Indo -Pacific. Trade with the Indo -Pacific represents more than a third of French trade in goods outside of the EU, and is dynamic. It has grown by 49 percent in 10 years. France is mobilized to address the needs of the region with its export support instruments and development assistance.

We put a strong emphasis on economic cooperation of course, but also on connectivity, research and innovation.

At a regional level, France is carrying out, in partnership with the EU, the Global Ports Safety (GPS) initiative. We are thrilled that the port of Manila is one of the 12 beneficiary ports. The GPS project dating back September 2024 and which benefits from financial support from France and the EU (total of 8.5 million euros), seeks to strengthen the safety and resilience of 12 major ports in South and SouthEast Asia (Bangladesh, Cambodia, Indonesia, Malaysia, Philippines, Sri Lanka, Thailand, Vietnam). The GPS project aims at developing a resilient and sustainable connectivity between the EU and Asia and between Asian countries in the context of global trade expansion and energy transition. Its main objectives include building local capacity in risk prevention and safety management, as well as establishing

a network of experts across the IndoPacific.

France supports the involvement of multilateral development banks (World Bank, ADB and AIIB) in the region, that carry out several public procurement operations, including for infrastructure, that are open to French businesses. As such, the Asian Development Bank (ADB), based in Manila, is a vital actor in economic development in the region.

6. I read in your portfolio that you wrote a parliamentary report about “the consequences of extraterritorial law on French nationals born in the United States.” Can you tell us briefly about it? I’m interested because we also have around 4.5 million Filipinos in the US. Maybe we can learn a thing or two from your report.

In my parliamentary report, I examined the impact of US extraterritorial tax laws, such as the Foreign Account Tax Compliance Act (FATCA), on French citizens born in the United States. These individuals, often referred to as “Accidental Americans,” face significant challenges due to their dual citizenship status. They are subject to US tax obligations despite having little or no ties to the country. This situation leads to complex and often costly compliance requirements, potential double taxation, and difficulties in maintaining banking relationships in France, as financial institutions may be reluctant to engage with clients who

Semana Santa…

SM Hotels and Conventions Corp. (SMHCC) said it is also registering higher bookings in many of its properties across the country.

This developed as the New Naia Infrastructure Corp. (NNIC) projected passenger traffic at the Ninoy Aquino International Airport (Naia) to rise by 14 percent to 1.19 million during the Semana Santa, from Palm Sunday to Easter Sunday, April 20. Based on historical data, 54 percent of the total will be domestic passengers, while the rest, at 46 percent, are international passengers.

In a news conference on Thursday, following his inspection of Naia terminals 1-3 with other government agencies’ heads and representatives, Transportation Secretary Vivencio B. Dizon noted the improvements made to key facilities at the airport, such as restrooms and lounge areas, to enhance the travel experience of holidaying Filipinos and tourists.

‘Choose DOT-accredited establishments’

HE said in a mix of Filipino and English, “It’s really all about passenger experience. We’re happy that NNIC and MIAA [Manila International Airport Authority] have very good plans to improve the Naia.” There are now shower facilities and massage chairs for travelers to use during their downtime at the airport, as well enhancements to immigration and security procedures, he added.

From April 13 to 20, Naia is expected to welcome more than 1.19 million passengers—a 14.23-percent increase from last year’s 1.04 million. Flight movements are also projected to rise, from 6,537 in 2024 to 6,724 this year. Good Friday, April 18, is expected to be the busiest day, with 851 flights, while Tuesday, April 15, will see the lightest traffic at 818 flights—still higher than any single day during Holy Week last year.

“This is a team effort involving not just NNIC, but also our government partners, airline operators, and the entire airport community. Everyone is working hard to keep things running as smoothly as possible as we prepare for the Holy Week rush,” said NNIC General Manager Angelito Alvarez. “We ask for the public’s patience and cooperation in the days ahead, as we work together to make the travel experience better for everyone.”

DOT projection IN a separate news statement, the Department of Tourism (DOT) projected

30 million domestic and international travelers during the Lenten break. Intramuros, one of Manila’s most visited heritage and faith tourism sites, is also seen welcoming 2.4 million visitors this season, up from 2.2 million in 2023 driven by cultural attractions and Holy Week traditions such as the Visita Iglesia.

Tourism Secretary Christina Garcia Frasco advised travelers to “choose DOT-accredited establishments as we prioritize tourist safety and convenience. These accredited establishments have undergone a thorough accreditation process, ensuring that visitors receive truly high-quality experiences.”

Meanwhile, CEB spokesperson Carmina Reyes-Romero said in a Viber message to the BusinessMirror that its popular domestic routes next week are Cebu, Davao, Boracay, Puerto Princesa, and Iloilo. “Our passengers are either returning home or spending the long break in vacation spots easily within reach,” she said.

To help accommodate the demand, she said CEB increased flights between Cebu and Puerto Princesa, now operating 15 times weekly from the usual 13.

Short getaways abroad

FOR its international routes, CEB named Hong Kong, Taipei, Tokyo (Narita), Seoul (Incheon), and Singapore as its top destinations. “These cities continue to attract Filipino travelers looking for both short getaways and longer holidays abroad,” said Romero. Peak travel days during the Lenten break are usually on Holy Wednesday/ Maundy Thursday and Easter Sunday/ Monday.

CEB currently operates flights to Hong Kong from Clark, Cebu, Iloilo, and Davao, while Singapore is accessible from Clark, Cebu, and Iloilo— giving a wider range of passengers the option to fly direct from hubs outside Manila. With the widest domestic network in the Philippines and international flights available from key hubs outside Manila, CEB is helping make travel more accessible and convenient this Holy Week break, said Romero.

For his part, PAA spokesperson Steve Dailisan said, “For domestic routes, it is still leisure routes such as Caticlan (Boracay), Panglao, Puerto Princesa and Cebu driving strong demand. Likewise, for international, our top destinations are Narita, Osaka and Incheon due to the Spring/Sakura (Cherry Blossom) season.”

He added that the carrier increased its Manila-Narita frequencies to two times daily, and for Kota

have US tax liabilities. The report highlights these issues and calls for policy measures to alleviate the unintended consequences faced by this group.

7. The French community here in the Philippines is quite small, but like the Philippines, you have a quite a French diaspora overseas. Kindly share your policies regarding their welfare: for instance, was there political representation for them, etc.

More than 3 million French people live abroad, which is a real opportunity for France! Through my actions, I want to help showcase their talents and entrepreneurial spirit, in order to energize our country and strengthen its influence in the world. That’s why I’ve launched a communications campaign to raise awareness of their realities among the French in mainland France.

For our compatriots living abroad, I have three main priorities: to ensure their safety, wherever they are in the world; to facilitate their administrative formalities by modernizing consular services and focusing on remote procedures; and to help the most disadvantaged French citizens, through social assistance or schooling. Being close to our fellow citizens is the DNA of our consular network. Simplification and modernization of administrative procedures go hand in hand with attention to everyone, especially the most disadvantaged.

Kinabalu, flights were increased to four, from seven a week. For domestic routes, flights to Caticlan, the gateway to Boracay Island, were increased to 60 per week from 56; Bacolod, to 34 from 31; and Cagayan de Oro, to 18 from 14.

Higher occupancy for Pico Sands FOR both carriers, the additional flight frequencies for the Holy Week will be maintained for the rest of the peak summer travel season. For SMHCC, “The most popular properties for the Holy Week are both Pico Sands Hotel [in Nasugbu] and Taal Vista Hotel [in Tagaytay] for local staycations. Pico Sands is above pace in bookings compared to the same time last year, about 5-percentage points more in occupancy,” said company Vice President-Commercial Agnes Caparas Pacis.

“Our city hotels like Lanson Place, Conrad, Radisson Blu Cebu, and Park Inn by Radisson hotels in North Edsa, Clark, Bacolod, Iloilo and Davao enjoy a good share of city-bound staycationers too,” she added, but did not disclose specific increases in bookings.

Based on its records last year, the DOT said other top destinations during the Holy Week also include Baguio, Batangas, Ilocos Norte and Sur, Pampanga, Pangasinan, and Puerto Galera.

“Emerging destinations such as Camiguin, Siquijor, and Cagayan de Oro are also gaining traction, while tourist arrivals in Mindanao—particularly in Davao and Sarangani—continue to grow,” said Frasco.

Continued from A1

“One of the ways to offset this negative market sentiment is to boost the domestic economy, which may prove to be resilient amidst international trade tensions,” the economist said. The Philippines should also establish trade agreements with other countries, especially with the United States, to help the country maintain a “relatively stable outlook” on the trade sector. In December 2024, the flow of foreign investments in the Philippines sank to its lowest level in 11 years, registering only $110 million. This plummeted by

www.businessmirror.com.ph

French trade minister: Fast-track EU-PHL FTA as trade war tack

By Malou Talosig-Bartolome

VISITING French trade minister Laurent Saint-Martin said the Philippines and France have agreed to speed up work in increasing business together in the face of a potential global recession brought by the uncertainties of trade war.

“In all the meetings that I have with ministers and the President and with corporations, we share the same views [that] what we do is fine, but it is below the potential.

“So, we have to accelerate, and the current international context and situation should make us accelerate,” Saint-Martin said during a press conference Friday afternoon.

The French Minister Delegate for Foreign Trade and French Nationals Living Abroad was in Manila for a two-day official visit to ramp up French trade and investments in the Philippines.

He met President Ferdinand Marcos Jr. in Malacañang Thursday afternoon; and economic ministers and Filipino business leaders on Friday during a forum sponsored by the French Chamber of Commerce and Industry.

Bilateral trade between France and the Philippines totaled US$1.54 billion in 2024, with the Philippines running a US$733-million trade deficit. The Philippines imported US$1.13 billion from France, mainly airplanes and helicopters, making France its 19th largest trading partner.

Saint-Martin said one way the Philippines and France can increase trade would be to conclude the negotiations for the Philippine-European Union free trade agreement.

Trade Undersecretary Allan Gepty said the next round of Philippine-EU FTA talks would be this June.

He said the Philippines hopes the FTA would be concluded “as soon as possible,” in time before the Philippines becomes ineligible for the EU’s Generalized System of Preference Plus (GSP+), a special zero-tariff duty privilege that has been extended to 6,274 Philippine-made products.

Saint-Martin said Friday’s business

forum was also a good way to introduce business opportunities for French companies who would like to set up shops in the Philippines.

“We all agreed that we work below the line, we work below the potential so what we have to is to work, to make our companies more aware of what we can do to each and our potential,” he said.

During his visit to Manila, Saint-Martin also took time to check on the Light Rail Transit Line 1 (LRT-1). The extension of LRT-1 was constructed by French consortium ALSTOM, BOUYGUES-TIP, Systra and RATP Dev.

Prior to the press conference, SaintMartin and Transportation Secretary Vince Dizon signed a letter of intent to advance the partnership between France and the Philippines in supporting the country’s rail, maritime and airline capacity.

The French foreign trade minister and Dizon also witnessed the signing of other agreements:

n Contract for the maintenance of Philippine Coast Guard vessels between PCG and OCEA, one of the global leaders in the shipbuilding industry

n Memorandum of Understanding between DOTR and Hydrogéne de France on decarbonization of transport sector

n Letter of Intent between Ascendance and Philjet on new generation of green helicopters

n Agreement between Cebu Pacific and Air France Industry KLM Engineering and Maintenance for the component support for the A320/A321 family fleet

n Exchange of documents between French Development Agency and CIRAD to implement the €1-million grant supporting climate-related reforms in the Philippines

Saint-Martin also had separate bilateral meetings with Trade Secretary Cristina Aldeguer-Roque, Information and Communications Technology Secretary Henry Aguda, and Special Assistant to the President for Investment and Economic Affairs Frederick Go.

OBITUARY: Mercury Drug president and health care pillar Vivian Que dies

By VG Cabuag

VIVIAN Que-Azcona, the president of Mercury Drug Corp., has died. She was 69 years old.

“With heavy hearts, we announce the passing of our beloved president. We kindly ask for your prayers for the eternal repose of her soul,” Mercury Drug Corp. said on its Facebook post. She died on April 5. No other details were given.

Que was an alumna of the University of Santo Tomas Faculty of Pharmacy.

Born on September 1, 1955, Que was one of the eight children of Estelita Que and Mariano Que, the founder of Mercury Drug, now the country’s biggest drug store chain, in 1945.

Que earned her degree in pharmacy with cum laude honors from UST, according to the Varsitarian, the official publication of UST.

She became a licensed pharmacist and joined the family business in 1977 as a staff assistant and was promoted to assistant general manager in 1980. She was later appointed vice president and general manager of Mercury Drug in 1984. In 1988, Que became the president of the drugstore, a role in which she was credited with modernizing its operation and weathering the changes in the business environment.

In 2020, she became the first recipient of the honorary degree, Doctor of Science, by De La Salle Medical and Health Sciences Institute.

“Que received various accolades from UST, including the 1996 Outstanding Thomasian Alumni Award for Business and Management and the 2010 Outstanding Thomasian Alumni Business Leader Award,” the Varsitarian said.

Que donated a pharmaceutical care

Neda’s transformation into DEPDev signed into law

By Andrea E. San Juan

PRESIDENT Ferdinand R. Marcos Jr. has signed the law which reorganizes the National Economic and Development Authority (Neda) into the Department of Economy, Planning, and Development (DEPDev).

In a statement on Friday, Neda said with its transformation into a “full-fledged” executive department, its reorganization into the DEPDev enables the agency to function “more effectively, enhancing its ability and authority to ensure policy continuity and coherence through long-term strategic planning and foresight.”

“The DEPDev is mandated to ensure the alignment of institutionalized national and regional plans, the integration of long-term strategies into the budgeting process, and the pursuit of proactive approaches toward addressing

emerging challenges,” Neda said.  “It is also tasked to strengthen the capacities of national and local government agencies in planning and policymaking to ensure equitable access to economic opportunities,” it added.

On April 10,2025, Marcos signed the Economy, Planning, and Development Act (Republic Act [RA] No. 12145), legislating the DEPDev’s charter.

According to Neda, the new law strengthens the agency’s mandate, “institutional independence,” and capacity as the country’s primary policy, planning, coordinating,

and monitoring arm of the Executive branch on the national economy.

“The establishment of the DEPDev contributes to sound economic governance by bridging past and future development strategies, ultimately ensuring our upward development trajectory and that economic progress is sustained, remains resilient, and is beneficial to all Filipinos,” said Neda Secretary Arsenio M. Balisacan.

RA No. 12145 aims to institutionalize the DEPDev’s mandate to conduct “futures thinking and scenario planning exercises” to enable the government to better anticipate and respond to technological shifts, economic disruptions, and global uncertainties.

“Through long-term strategic policymaking, the agency will ensure the sustainability of economic progress and the resilience of the nation’s development trajectory despite economic disruptions and political administration changes,” Neda noted.

“Another key reform under the law is the institutionalization of the Planning Call, which seeks to further strengthen the linkages

BTr, DOST work together on asset, hazard data integration

By Reine Juvierre S. Alberto

THE Bureau of the Treasury (BTr) and the Department of Science and Technology (DOST) collaborated to integrate asset and hazard data systems to protect over P2 trillion worth of government assets from natural disasters.

laboratory and provided scholarship grants to UST pharmacy students, the publication said.

“She was a visionary leader and a dedicated partner who has left an indelible mark on the Mercury Group of Companies,

See “Mercury,” A4

In a statement on Friday, the Department of Finance (DOF) said the Treasury and DOST signed a memorandum of agreement to share and exchange data through the

GeoRiskPH platform and National Asset Registry System (NARS).

“By enabling interoperability between these two vital systems, we are not only strengthening our ability to manage financial risk and deliver better services—we are also laying the foundation for long-term, sustainable asset management,” Finance

Secretary Ralph G. Recto was quoted as saying.

GeoRiskPH is a multiagency initiative led by the Philippine Institute of Volcanology and

Seismology (Phivolcs), funded by DOST.

The platform serves as the central resource of information on natural hazards and exposure and risk assessment to help people, communities, local governments, and national agencies prepare and plan to reduce risks.

Meanwhile, NARS is the central repository of strategically important and critical non-financial assets of the national government.

According to the DOF,

between planning, budgeting, and M&E by establishing clear standards, guidelines, and accountability mechanisms,” said Neda. It further explained that this initiative “streamlines the integration of development priorities into the budgeting process, reducing inefficiencies and delays, promoting transparency and accountability in government decision-making, and ensuring that public resources are channeled to programs and projects most responsive or proven impactful to the country’s development needs.”  Balisacan said institutionalizing the DEPDev also means the country is committing to a “future-ready, well-coordinated, and institutionally robust” system for economic governance.

“We thank President Ferdinand R. Marcos Jr., as well as our partners in Congress, for passing this reform as we reach a new milestone in our nation’s economic history,” the Neda secretary said.  The law will take effect 15 days after its publication in the Official Gazette or in a newspaper of general circulation.

NARS contain assets worth over P2 trillion and is being used by 59 government agencies and instrumentalities.

“The protection and effective management of our assets are critical to our nation’s economic health. I commend both agencies for spearheading this best practice,” Recto said.

National Treasurer Sharon P. Almanza said the Treasury and DOST have been longstanding partners in our country’s goal to be more resilient to disasters.

“We are constantly seeking to expand the capabilities of the NARS, so it is our priority to utilize all available tools and resources to improve the system,” Almanza said.

Chiz issues show-cause order to witness detained by Imee, hours after freeing him

By Butch Fernandez

HOURS after being ensnared in a word war with Sen. Imee

Marcos over her unilateral order to arrest and detain a witness in Thursday’s hearing by her committee, Senate President Francis “Chiz” G. Escudero signed a show-cause order against Special Envoy on Transnational Crime Markus V. Lacanilao, directing him to explain why he should not be cited in contempt for “testifying falsely and evasively” at a public hearing of the Committee on Senate Foreign Relations.

The Senate President asked Lacanilao to respond within five days after receiving the show cause order in relation to the contempt citation recommended by the Senate Committee on Foreign Relations on April 10, 2025, upon the motion of Senator Ronald “Bato” Dela Rosa.

“Ambassador Lacanilao is hereby ordered to show cause within a period of five [5] days from receipt of this order why he should not be ordered arrested and detained at the Office of the Sergeant-at-Arms,” the Senate chief said.

He also instructed the Office of the Sergeant-at-Arms to report to the Office of Senate President within 24 hours after the show-cause order has been served.

“This show cause order is a necessary step to ensure accountability and reinforce the principles of transparency and justice that guide our work,” the Senate leader earlier said. “I shall decide on whether or not to sign his arrest and detention only thereafter.”

Earlier, a full-blown war of words ensued as Senator Imee Marcos ordered a witness’s arrest on Thursday without the clearance of Escudero, who rescinded the arrest and detention hours later.

The slight verbal jabs between the Senate leadership and senators pushing the inquiry into the arrest and transfer to The Hague of former President Rodrigo Roa Duterte erupted into a full-blown conflict with Escudero’s move to revoke an arrest order on a witness unilaterally issued by Senator Marcos—in contravention, the Senate president stressed, of Senate rules.

On Friday morning, Escudero issued a statement explaining why he rescinded the order by Marcos—as Senate foreign rela -

tions committee chair—to have Lacanilao detained in the Senate Thursday night for alleged uncooperativeness.

Escudero said, “All members of the Senate are fully aware that under the Rules of the Senate, the power of a committee chairperson to order the arrest or detention of any resource person cited in contempt is subject to the approval of the Senate President. This safeguard exists to ensure that the powers of the Senate are exercised prudently with due regard for the rights of all and not wielded for personal or political ends.”

Escudero also shot back at Marcos for saying his move to rescind her order had set a dangerous precedent. Her violation of established Senate rules, by going over the Senate President’s head, is the one that sets a bad precedent, noted Escudero.

“For reasons unknown, Senator Imee Marcos appears to have disregarded this longstanding rule or conveniently forgotten it that the approval of the Senate President is not automatic nor ministerial simply because she desires it,” the Senate chief stressed.

He added: “For the record, did not

refuse to sign the contempt order of Ambassador Markus Lacanilao. Senator Marcos released her statement and flaunted to the media her signed arrest and detention order even before I could see, much less, receive a copy of it.

“Ambassador Lacanilao was ordered detained without the requisite approval and due process. No less than Chief Justice Alexander G. Gesmundo has succinctly pointed out in his concurring opinion in the Ong case that witnesses accused by Congress of ‘giving false or evasive testimony’ must be accorded stricter due process requirements, none of which was apparently accorded to Ambassador Lacanilao before he was ordered detained.”

After several hours of Lacanilao’s “unauthorized detention, I directed his release, both as a matter of regularity and out of humanitarian consideration as his grandfather is to be laid to rest today,” said Escudero.

However, Escudero said that, “In order to comply with the requisites of due process, I am, issuing a show-cause order today for Ambassador Lacanilao to explain within 5

PH Army eyeing to expand ties with Vietnamese counterparts

TBy Rex Anthony Naval

HE Philippine Army (PA) is looking to boost up its defense capabilities with the cooperation of its Vietnamese counterparts.

This was emphasized by PA commander

Lt. Gen. Roy Galido following his April 7 to 10 official trip to Vietnam where he met with ranking Vietnam People’s Army (VPA) officials.

“Army chief Lt. Gen. Roy Galido committed to stronger ties between the PA and the Vietnam VPA and explored points of convergence towards enhancing both Armies’ defense capabilities,” PA spokesperson Col. Louie Dema-ala said in a statement.

During his visit, Galido also made a courtesy call on Gen. Nguyen Tan Cuong,

chief of the general staff of the VPA, followed by a bilateral meeting with Lt. Gen. Nguyen Van Nghia, deputy chief of the general staff, at the Ministry of Defense Headquarters in Hanoi.

“Lt. Gen. Galido also observed a capability demonstration at the VPA’s Special Forces Academy and toured the Viettel High Tech Company, a leading technology provider which plays a key

role in enhancing Vietnam’s military technology and defense capabilities,” Dema-ala said.

He added that the PA chief’s official visit aims to foster camaraderie and strengthen bilateral engagements between the two armies by building upon the foundation established by the 2015 Joint Statement on the Establishment of a Strategic Partnership between the Philippines and Vietnam.

Business groups outraged by new KFRs, slay of bizman Que, driver conspirator, and enabler of this evil to account” and for the wheels of justice to turn faster, “and let their verdicts echo as a warning to those who would dare repeat such infamy.”

BUSINESS groups have deplored what they dubbed as the heinous, barbaric kidnapping and brutal murders of businessman Anson Que and his driver.

“These acts are not merely crimes; they are an assault on the soul of our nation, a grotesque violation of humanity itself, and a declaration of war against the principles of justice, decency, and peace that bind us as a society,” said the Philippine Chamber of Commerce and Industry (PCCI), Federation of Filipino Chinese Chambers of Commerce and Industry, Inc. (FFCCCII), Philippine Exporters Confederation (PhilExport). They were joined in their statement by other major Filipino Chinese business, civic and cultural federations that expressed outrage and grief following the killings of Que and his driver, Armanie Pabillo.

The bodies of Que and Pabillo were discovered on

a roadside in Rodriguez, Rizal, and the Department of the Interior and Local Government (DILG) confirmed on Thursday that they belong to the businessman and his driver.

The business groups noted that the killings of Que and Pabillo came after the recent kidnapping of a young Chinese student in an international school and the killing of his driver.

“Their lives were not taken; they were stolen.

Their futures were not ended; they were defiled. This is not tragedy—it is atrocity. We reject—utterly and absolutely—empty platitudes, the hollow theories, the bureaucratic inertia that too often follow such horrors. No more excuses. No more deflection with side stories,” they said They also demanded “action—swift, unrelenting, and transparent—to bring every perpetrator,

“We call for an unyielding reinforcement of the rule of law—not through rhetoric, but through resolute, systemic reform,” they said as they called on the strengthening of the law enforcement agencies with resources, training, and accountability.

They also demanded the eradication of the culture of impunity that emboldens predators.

“Restore faith in our institutions by proving, through deeds, that no one is above the law. The safety of every citizen, every visitor, every resident, every child playing in the streets in the whole Philippines must become non-negotiable,” they added.

They warned that an attack on the Philippines’ peace and order is an “attack on the stability of our society and our ideals as a democracy.”

“To the families of Anson Que and Armanie Pabillo: Your anguish is ours. Your loss is a wound carved into the heart of our whole Filipino nation. We pledge to you—their memories will not be buried with them. We will honor them by fighting, unceasingly, for the justice they deserve and the peace they were denied,” they lamented.

They added,” Let us be unequivocal: These heinous acts are not isolated incidents. They are symptoms of a festering rot that threatens to erode the foundations of our nation. When criminals believe they may kidnap and slaughter with impunity, when the innocent are sacrificed on the altar of greed and lawlessness, we are no longer merely a society in crisis—we are a society in peril.

Implications

THEY expressed worries that among the implications are waning investor confidence.

“Tourism reels. Families tremble behind locked doors,” they said.

“Let this be our covenant: From this day forward, let cowardice and cruelty meet not with silence, but with the thunderous roar of a people united. Let the Philippines be known not for the crimes that stain its soil, but for the unshakeable resolve of its citizens to reclaim their dignity, their security, and their future.”

Claudeth Mocon-Ciriaco

days why he should not be cited in contempt as requested by Sen. Imee Marcos.

He assured the public “that I will review the committee proceedings and that I will exercise my duty and discretion in accordance with the law to determine their propriety devoid of political agenda or motivation, and with the best interest of our people, country, and the Senate as an institution in mind.”

However, Escudero stressed, “I will not allow the Senate nor the Office of the Senate President to be used to further petty partisan interests, especially by those actively seeking reelection in coming May midterm polls. The Senate is an institution of reason and rule; it is not a tool to be leveraged for propaganda or self-promotion.”

In a dig at the president’s sister, he said, “Senator Marcos says that this episode sets a terrible precedent, and I concur, but for different reasons. I believe it is a dangerous precedent to allow senators to flout the Senate’s own rules for personal gain.

the healthcare industry, and the country,” Unilab group said in a statement. It added that Que “lived with purpose and passion, ensuring only the best healthcare is accessible to Filipinos. We are grateful for the longstanding partnership with the Mercury Group of Companies for 80 years and for the privilege of having worked alongside Ms. Que-Azcona, whose integrity and care for Filipinos have been an inspiration to those around her.”

For when procedures meant to safeguard due process and institutional integrity are ignored for media mileage or political ambition, that is when the credibility of the Senate is threatened.” In closing, he urged “Senator Marcos to refrain from using the Senate as a platform for her own personal political objectives and to instead use her name, title, and influence as a bridge toward unity, not a wedge for division. Our people and our country expect and deserve no less.”

The word war between the two senators follows last week’s public jabbing over the issuance of subpoenas for resource persons who skip committee hearings. See earlier B usiness M irror story: https://businessmirror.com.ph/2025/04/04/escuderoexplains-caution-on-subpoena-asimee-laments-total-snub-of-hearing/ Reacting to Marcos’ show of impatience after he first sent to Senate lawyers her requests for subpoena before signing them, Escudero reminded her that the Senate has twice lost out to the Executive in the two cases where it questioned executive privilege in the Supreme Court. To prematurely subpoena Executive officials invoking executive privilege could subject the Senate to a third judicial defeat, Escudero said, by way of explaining why Senate lawyers should first study the matter well.

Risa hails PBBM veto of citizenship bill for Li Duan, bizman linked to POGO

THE President’s decision to veto a proposed law granting Li Duan Wang’s Filipino citizenship “is a necessary and welcome move” that “shows our government’s commitment to protecting the sanctity of our Filipino citizenship,” Sen. Risa Hontiveros said Friday, after the Palace rejected a bill granting citizenship to the businessman linked to operations of banned POGO entities.

In a statement, Hontiveros, who has played an active role a three-year Senate inquiry that culminated in President Ferdinand Marcos Jr’s declaration banning Philippine Online Gaming Operators (POGOs) by December 31, 2024 said, “the President’s veto is demanded by the weight of available evidence.”

From the very beginning, Hontiveros recalled she voiced strong opposition to Wang’s naturalization “because the facts were deeply alarming: the Chinese national holds multiple taxpayer IDs, is linked to illegal POGO operations, and is affiliated with a group reportedly tied to the Chinese

Communist Party.” These, added Hontiveros, “all reflect bad faith on the part of the applicant.” She stressed that the issues raised against the businessman are “not small issues or minor technicalities. Rewarding Wang with Filipino citizenship, despite these red flags, would have sent the wrong message and set a dangerous precedent.”

The senator added: “I firmly believe that rejecting Li Duan Wang’s application is a firm stand for our national interest.” Meanwhile, she said, “we must continue to investigate and bring to justice other abusive personalities in the POGO industry who may be exploiting our laws and putting our security at risk.

“It is in this spirit that I welcome and appreciate the President’s decision.” Recently, Hontiveros renewed her warning against granting citizenship to Wang, following confirmation by Philippine officials that he was spotted in the same building where a major POGO-like operation was unearthed and raided. Butch Fernandez

Lacson: Task forces a good first step, but not enough to fight KFR cases

COMEBACKING senator Panfilo “Ping”

M. Lacson said Friday a task force against kidnap for ransom cases is a good first step, but not yet enough to curb the resurgence of new cases.

A former chief of the Philippine National Police(PNP) before his election as senator, Lacson had in the eighties and nineties been credited with pulling off some of the most successful rescues of KFR victims in the country.

He said boosting a task force to fasttrack the investigation into the kidnapping and killing of Chinese businessman Anson Que is a good first step, but “not quite enough to curb kidnap-for-ransom [KFR] cases.” Lacson is a 2025 senatorial candidate under the administration’s Alyansa ng Bagong Pilipinas. Lacson said the “only way that the Chinese-Filipino community and the public can be mollified amid the recent KFR cases is if the PNP actually solves the case and brings the perpetrators to justice.”

He added: “It is commendable that the PNP formed a task force headed by P/Lt. Gen. Edgar Allan Okubo and P/Maj. Gen. Nicolas Torre III. These are very good officers who are used to anti-crime operations. Okubo worked under me at the Presidential AntiOrganized Crime Task Force, he is a very good operator against crime. I hope they can gather enough leads that could result in a positive conclusion, so KFR cases will not happen again.”

Lacson said in Filipino in an interview with a local radio that the formation of the task force and the removal of P/Brig. Gen. Elmer Ragay as PNP Anti-Kidnapping Group

(AKG) chief are “not enough” by themselves since no less than a positive resolution will address the public’s fears.

“Not enough. What is needed is a positive resolution of KFR cases. That is the important thing,” Lacson said. He said that if the kidnapping case, especially of Mr. Que is not solved, more kidnappings will occur as gangs involved in this will be emboldened.

Citing information reaching him, Lacson said three KFR cases occurred in the past five to six weeks. Two of the three cases had some “similarities”—including brutality and huge dollar-denominated ransom demands—that could indicate the same modus operandi and possibly perpetrated by one and the same gang. Lacson agreed on “the need for the police to also work on the public to still trust our law enforcers and the criminal justice system.”

Moreover, he suggested that victims coordinate with nongovernment organizations like the Movement for the Restoration of Peace and Order founded by civic leader Teresita Ang-See, whose members are former kidnap victims.

“The important thing to do is cooperate with the police. Without that, the victims will be at the mercy of the kidnappers,” he said. Lacson said that should he earn a seat in the Senate in May, he would push for a bigger budget for the PNP to acquire enough technical equipment to deal with KFR and other crimes.

“In this modern age of IT, we should be able to cope with the prevailing situation,” he said. Butch Fernandez

Time BusinessMirror Our

Editor: Angel R. Calso Saturday, April 12, 2025 A5

DSWD urges stronger community protection for elderly after mocking incident in Antipolo

Omnia culpa: A nation’s soul on trial

For every atom belonging to me as good belongs to you.

Walt Whitman

And so finally he was read his rights then whisked away in the dark of night the man, supposedly untouchable hunched, looking weak and frail, isolated in a cell to be tried, judged and sentenced in Humanity’s court.

Who among us without sin will now cast the first stone?

Who among us harbors no violence deep in his heart? Let him be the first to loudly declare “j’accuse!”

Kian begged for his life before getting shot.

Tama na po, may exam pa ako bukas.”

He was later found in fetal position with gunshot wounds to his head.

“All it took was a false accusation to murder my son. They did not bother to investigate, they did not bother to verify. They just killed him.”

We deadened our ears to the lamentations of mothers, wives, children, suddenly without husbands, fathers, sons, brothers.

Point a finger three fingers point back at you. Every accusation is a confession.

No man is an island, said the poet In the same way, no sin is isolated for everyone is responsible for our neighbor’s sins.

When Fate gave us a choice we chose a death dealer, the way of the executioner.

We found the longed-for Godmocking axman who would do the head chopping for us so we could live our lives unperturbed so as good Christians we could go to church like always professing to behold Christ in our neighbor yet knowing Christ not in the least.

To deceive our conscience we turned to a “baal,” a god substitute which had to be appeased by human blood.

We called it the “common good,” “love of country,” “peace and order,” “national security” and other names.

As long as there was this “god,” everything was allowed: the cursing, the blaspheming, the ranting and the killing and the killing and the killing. º We nonchalantly looked away as streets became rivers of blood.

They brought him to a dark lot, men taunting Raymart. “Run! Run!”, they said. But the 19-year old couldn’t even if he wanted to—he was club footed. They shot him twice in the head.

We etherized ourselves from knowing the executioners were the beasts in us the avatars of our dark urges and impulses. For the hands that held the guns were our hands the fingers that pulled the triggers were our fingers.

We are all dirtied one way or the other.

We all bear the weight of guilt.

Let therefore the anguish of families left behind be our 39 lashes our collective scourging at the pillar.

Let our penitent hearts now turn towards that all-encompassing force of Love whose desire is unceasing to bring us the grace of salvation and forgiveness.

To be saved is to look into our own black hearts to encounter our fallenness and acknowledge who and what we are.

“...the kingdom of heaven suffereth violence, and the violent bear it away.”

As men of violence continue to attack heaven it is for us to transform the power of violence in our fallen human hearts into a passionate love, spiritual awakening and conversion for only those who are “passionate with the love of God” can bear heaven away.

Never again shall we allow deceitful evil voices to lead us astray from the living God.

“You shall not take vengeance or bear a grudge against the sons of your own people, but you shall love your neighbor as yourself.”

“Go and sin no more.”

THE Department of Social Welfare and Development (DSWD) on Wednesday appealed for stronger community structures to protect the elderly following the recent incident in Antipolo, Rizal where an elderly person with disability was mocked by four men.

“Let this incident be a reminder to all that our senior citizens have rights that are protected by the State. It is unacceptable for them to be made fun of or mocked just because they cannot defend themselves anymore,”

Assistant Secretary Irene Dumlao said in a news release.

Dumlao encouraged local government units (LGUs) to replicate the agency’s Reporting System and Prevention Program for Elderly Abuse Cases (ReSPPEC) to safeguard the elderly and address cases of abuse.

The ReSPPEC is a communitybased program that aims to protect the rights and safety of older persons

by strengthening partnerships and networks among the senior citizens’ sector, stakeholders, and LGUs.

Although not prevalent, there are reported situations wherein older persons suffer greatly either from family members or from strangers, Dumlao said.

Under the ReSPPEC, a holistic system is put into place at the community level, which provides for the reporting, investigating, intervening, and monitoring of the elderly, especially in cases of abuse.

Dumlao said ReSPPEC was pilottested in San Carlos, Pangasinan; Lambunao, Iloilo; Maco, Davao de

Oro; and Valenzuela City, the National Capital Region. The pilot areas established a Protective Committee for Senior Citizens and an Elderly Help Desk. Other components of the program include the creation of a referral network for services, the development of a reporting mechanism for elder abuse; the conduct of an elder abuse awareness advocacy program; and

capability building of stakeholders.

Dumlao said the DSWD is willing to provide guidance and technical assistance to the LGUs wanting to replicate the ReSPPEC in their communities to prevent abuse of the elderly and provide adequate interventions to those at risk.

“We need to give due respect to the elderly and prevent the Rizal incident from happening again,” she said. PNA

₧399.66 million in social pensions distributed to over 133,000 senior citizens in W. Visayas

By Nanette Guadalquiver

BACOLOD CITY—The Depart-

ment of Social Welfare and Development in Western Visayas (DSWD-6) on Monday said 133,221 indigent senior citizens in the region received a total of P399.663 million in social pensions for the first quarter of 2025.

Each beneficiary received P1,000 per month or a total of P3,000 as provided under the Republic Act (RA) 11916 or An Act Increasing the Social Pension of Senior Citizens.

“The Social Pension Program reflects the DSWD’s commitment to supporting the well-being of senior citizens, ensuring they have the resources to live with dignity and security,” the DSWD-6 said in a statement.

As of March, the target beneficia-

Retirees

ries, consisting of 52,407 men and 80,814 women, have received their full payment for the first quarter, it added.

In Negros Occidental, 15,318 beneficiaries received a total payout of P45.954 million; Aklan—11,088 beneficiaries, P33.264 million; Antique—1,463 beneficiaries, P4.389 million; Capiz—22,308 beneficiaries, P66.924 million; Guimaras—1,838 beneficiaries, P5.514 million; Iloilo Province—61,587 beneficiaries, P184.761

Bacolod City— 5,972

P17.916 million; and Iloilo City—13,647 beneficiaries, P40.941 million. The social pension was initially offered as a monthly stipend of P500, then increased to P1,000 starting January 2024 under RA 11916. The program prioritizes frail, sickly, or disabled individuals without pensions or permanent sources of income and who do not receive financial assistance from relatives to meet their basic needs. PNA

worry about impact of US trade war

By Heather Hollingsworth & Jamie Stengle The Associated Press

KANSAS CITY, Mo.—When retired school counselor

Don Herneisen meets up with friends each week for breakfast at a hole-in-the-wall restaurant, the conversation often turns to the economy. With financial markets in turmoil as President Donald Trump unveiled his latest tariffs this week, the popularity of that topic is unlikely to change anytime soon.

“There’s political uncertainty, there’s economic uncertainty, and if you’re retired, you don’t much like uncertainty at this point,” said Herneisen, 77, as he and his wife made a stop at Union Station in Kansas City, Missouri, on Friday while visiting family.

Stock markets worldwide careened even lower Friday after China matched Trump’s big raise in tariffs in an escalating trade war. The sweeping new tariffs, on top of previous levies and retaliation worldwide, are also expected to increase prices for everyday items.

Herneisen, who lives in Lancaster, Pennsylvania, and his wife, Cathy Herneisen, a 74-year-old retired Verizon worker, are living on a mix of

pension, Social Security and an individual retirement account, or IRA. He said that for now they aren’t cutting back, but his wife clarified that even holding steady means cutting back.

“Prices are higher, but I am still spending the same amount of money,” she said. “I am sticking with the grocery budget, and that means that I’m cutting back on prepared food, so I’m buying the products themselves so it is hurting people who run a small business that sell their pre-made food.”

They live in a Republican-leaning area of the swing state but neither voted for Trump, who has said Americans may feel “some pain” because of tariffs, but that the long-term goals, including getting more manufacturing jobs back to the US, are worth it.

Chad NeSmith, a portfolio manager at Tobias Financial Advisors in Plantation, Florida, just outside of Fort Lauderdale, said that they’d been fielding calls from clients for the last couple of days and the calls were increasing on Friday.

“Fear is really picking up, especially since we have the retaliatory tariff from China,” he said.

NeSmith said most clients just had general questions, checking up on what they should be doing with their portfolios. “We’re taking it on

a call-by-call basis,” he said.

NeSmith said retirees generally have a little bit less risk in their portfolios and bonds have been performing well in the volatility.

“The overall theme that we’re really getting at is you really have to be aware of your risk tolerance and your financial plan, and you needed to do that going into this so that way you can ride through this volatility that we’re seeing right now,” he said.

Colleen Power, a 57-year-old payroll specialist from Kansas City,

Missouri, is hopeful the market will recover before she retires.

“We have our things situated in a way that we will probably survive,” she said. “Now, in general, yes, I am definitely worried for the country. But I mean, on a personal level, I don’t have a whole lot of stress about that at the moment.”

But Power, a Democrat, finds the situation frustrating nonetheless.

“None of this is in any way surprising on any level, in any way, and all I can do is do the best I can in my local area and hope for the best,” she said.

Paul Brahim, an advisor at Wealth Enhancement Group in Pittsburgh, said, “Uncertainty is frightening, not knowing is scary and people are asking the same question all the time: ‘Am I going to be OK?’” He said that for a recent retiree who hasn’t started taking Social Security yet and is living off the cash flow from assets, watching that value decline in just a few days is “frightening.”

But, he said, if they have prepared well, there should be reserves in place. “We should have cash in reserve that we can use while we allow that portfolio to heal,” he said. Stengle contributed to this story from Dallas.

DAVAO City octogenarians and nonagenarians receive their cash gifts at the Davao City Recreation Center on February 26, 2025. The Department of Social Welfare and Development on Wednesday, April 9, 2025, appealed for stronger community structures to protect the elderly from abuse and provide adequate interventions to those at risk. PNA

DON Herneisen, a 77-year-old retired school counselor from Lancaster, Pennsylvania, spoke in Union Station in Kansas City, Missouri, while visiting family in the area.

Samsung Bespoke AI appliances try to make house chores seem less daunting

SAMSUNG showcased its latest Bespoke AI side-by-side refrigerators and washing machines as part of its new Bespoke AI lineup during a launch a few days ago. The appliances have been created to make the lives of users easier.

By users, Samsung isn’t just targeting the millennial who’s always busy and needs efficient home appliances. The Korean brand’s Bespoke AI appliances may have also been designed for people who would otherwise require special assistance, such as grandmothers who may have difficulty opening refrigerator doors. “At the heart of everything we do at Samsung is our goal to make the lives of our customers better and easier with our technology,

including our home appliances,” said Ramon Medina, head of digital appliances for Samsung Electronics Philippines. “We are proud that our newest Bespoke AI appliances are a testament to Samsung’s deeper commitment to integrating AI across the connected experience to cater to diverse lifestyles.”

The Bespoke AI appliances have been designed to save time and effort. With SmartThings, you can connect and control multiple devices quicker and easier. SmartThings allows you to monitor and control smart devices, home appliances, TVs, and speakers registered on the server.

The Samsung Bespoke AI Laundry All-in-One Combo, for one, has the largest capacity with 5.3 cu. ft. of space and fastest cycle time at 98 minutes. This wash-and-dry cycle, according to Samsung, is based on using a Super Speed cycle with an 10lb DOE load (cotton 50 percent + polyester 50 percent). The dryer has a Residual Moisture Content of 48 percent after a wash cycle. The machine also features improved drying efficiency and performance with a patented Venting System, Auto Open Door, and Auto Cleaning for easy maintenance.

The Samsung Bespoke AI Laundry All-in-One Combo automatically dispenses up to 47 loads of detergent, or up to 34 loads of softener and 25 loads

0917 Lifestyle unveils new Sanrio Collection

KNOWN for bringing passion and creativity to everyday essentials, 0917 Lifestyle is rolling out the 0917 Sanrio Collection, the latest must-have collaboration that blends nostalgia, fashion and function. As Globe’s premier online shop for apparel and tech accessories, 0917 Lifestyle has partnered with global icons such as Disney, Marvel, Star Wars, Spongebob, SM Entertainment and more to bring fans high-quality collectible items.

Expanding its legacy of successful collaborations, 0917 Lifestyle teams up with Sanrio, the renowned Japanese company behind Hello Kitty, the beloved little girl with a red bow that has been capturing hearts since 1974.

Sanrio is also home to many other beloved characters such as My Melody, Kuromi, Little Twin Stars, Cinnamoroll, Pompompurin, Gudetama, Aggretsuko, Chococat, Bad Badtz-Maru, and Keroppi, making it a natural fit for 0917’s ever-expanding selection of exclusive partnerships.

The excitement kicks off with a wave of adorable fashion, as the first drop of the 0917 Sanrio Collection brings Hello Kitty-themed apparel to the spotlight. As the collection grows, fans can look forward to even more unique finds, including gadget accessories designed to add a pop of personality to everyday tech.

“Partnering with Hello Kitty allows us to bring a fresh and nostalgic experience to our customers,” said Ramdy Arcilla, head of 0917 Lifestyle.

“This collection embodies the joy and creativity that both brands stand for, offering fans a unique way to celebrate their favorite characters through trendy and functional pieces.” With 12 delightful designs, this collection is a

of detergent. If you are leaving your home with the machine running, the Auto Open Door opens at the end of the drying cycle so your clothes will be dry and fresh. Meanwhile, AI Bubble creates a cleansing foam that seeps into fabrics for an effective wash and the power of steam lets you gently remove stains without any pre-treatments or pre-soaking.

Samsung also introduced the Bespoke AI Top Load Washer with new 25-inch, 24-inch or 21-inch capacity top load washers. This is the first time Samsung is introducing AI technology to its top load washer category. Thus, the machines come with the three AI functions: AI Wash, AI Energy Mode, and AI Vibration Reduction Technology Plus (VRT+).

Samsung also introduced its Bespoke AI Side-bySide Refrigerators. The Samsung Family Hub 21.5’’ Side-by-Side Refrigerator comes with a display screen where you share pictures, videos, and drawings with Google photos, control your smart appliances and devices, as well as get all the benefits of Alexa/Bixby built-in and quickly add items to your shopping list. Every corner of the Samsung Bespoke AI refrigerators is evenly chilled, thanks to the All-around Cooling feature.

More information can be found at tinyurl. com/3b7w4k29. ■

Kids under 16 will no longer be allowed to livestream on Instagram without parental consent

I

permission. They also need permission to “turn off our feature that blurs images containing suspected nudity” in direct messages, Meta said in a blog post. In another major update, Meta said it’s extending the teen account safeguards to its Facebook and Messenger platforms.

These will include protections already in place for teen Instagram users, including setting teen accounts to private by default, blocking private messages from strangers, strict limits on sensitive content like fight videos, reminders to get off the app after 60 minutes and notifications that are halted during bedtime hours.

“Teen Accounts on Facebook and Messenger will offer similar, automatic protections to limit inappropriate content and unwanted contact, as well as ways to ensure teens’ time is well spent,” Meta said. The company said at least 54 million teen accounts have been set up since the program launched in September. AP

REAFFIRMS COMMITMENT TO FOSTERING EMPOWERED EMPLOYEES, GENDER-INCLUSIVE WORKPLACE TEN years ago, the story of Tala, the world’s first fintech company for the global majority, started with

77 percent of leadership positions are held by women, and more than half of the total employees are female. This International Women’s Month, Tala celebrates its initiatives to support the women in its workforce and honor their valuable role as agents of change for Filipino consumers. Tala Philippines president and head of

Charisse Alvarez

with

and

Shaped by

“I

by

in

to

by

and

of

to

and

is

voice is heard and I also make a conscious effort to mentor and uplift others, especially women in finance,” she said. This collaborative leadership style is supported by Tala Philippines’ comprehensive benefits program, which is designed to address the diverse needs of its employees.

As a solo parent and primary provider for her family, Carissa Sta. Ana is grateful for the remote-first work setup at Tala that enables her to fulfill her responsibilities as a Customer Care Advocate, while actively guiding her son’s growth.

To ensure the well-being of its employees, Tala provides access to free teleconsultations for mental, financial and physical wellness, learning and development programs, 32 days of paid time off annually, and HMO coverage from Day 1, among others. More importantly, it maintains gender pay equity, ensuring there is no significant gender pay gap across departments and levels within the organization. By championing inclusivity, Tala is able to create a safe space for employees to express their true selves and thrive in the professional setting.

It also has policies in place that are dedicated to providing a respectful workplace with zero tolerance for discrimination and harassment, and with equal employment opportunities. Raven Herrera, Senior Customer Recoveries

A6 Saturday, April 12, 2025 • Editor: Gerard S. Ramos

BusinessMirror

From Tokyo to Naia: No app? No problem with JoyRide’s Super Taxi

FOR a country with such an efficient transportation system, I was surprised that Japan also has a great taxi service to match. With bullet trains running like clockwork and subways connecting nearly every corner of the city, taxis might seem unnecessary. But Japan’s premium airport taxis were in a class of their own— sleek, spacious, and operated with the same level of precision and courtesy as the rest of their transport network.

I wasn’t able to try one during my trip, but one look and I could already imagine what it would be like: picture a pristine, high-roofed vehicle gliding through Tokyo’s streets, bringing you comfortably to your hotel or homestay.

So, imagine my surprise when we landed back at Ninoy Aquino International Airport (Naia) Terminal 3 late at night from Taiwan and stumbled upon a similar service: JoyRide’s new Super Taxi Airport Transfer Lounge.

I was tired from the flight and dreading the usual airport grind—long taxi queues, unreliable metered cabs, or the app-matching roulette of ride-hailing services. But this new setup felt...different. Familiar, yet modern. Convenient, yet personal.

I figured the “local version” of those premium airport taxis in Japan would be more affordable, so I gave it a try.

At first, I assumed I’d need to book a ride through my app and wait for a driver to arrive. That’s just how we’ve been conditioned to move around in this ondemand world. But surprisingly, no app was required. A friendly JoyRide assistant approached me, asked where I was headed, typed the destination into their system, and gave me a quick, reasonable quote. No haggling, no guessing, no surge pricing.

Once I confirmed, a trained, uniformed driver was already waiting outside, ready to assist with my luggage. The Super Taxi, clearly marked and parked

at the nearby loading bay, was ready to go—no lines, no delays. That alone was a game-changer. Within minutes, I was seated in a top-spec Toyota Veloz, cruising away from the airport in comfort. This wasn’t your ordinary Veloz, either. It was the Veloz V, the premium trim loaded with creature comforts: a nine-inch touchscreen head unit, Apple CarPlay, multiple charging ports, automatic climate control, and even ambient lighting—really living up to its “Super” name.

It felt more like a private airport car service than a taxi. The vehicle could fit up to seven passengers.

And I haven’t even mentioned the efficiency. From the moment I exited immigration to the time I was on the road, it took less than 20 minutes. No waiting outside. No wondering if my app was glitching or the internet was slow. Most importantly, no worries about cancellation. It was all very smooth—eerily so, for Naia.

JoyRide launched the Super Taxi Airport Edition in December 2024 with a dedicated fleet of 70 Super Taxi-branded Toyota Veloz units and 150 professionally trained drivers, all stationed at Naia Terminal 3. The service was designed specifically for walk-in passengers who need a guaranteed, reliable ride without fumbling through apps or battling crowds during peak hours.

In one of the interviews with Noli Eala, senior vice president for corporate affairs at JoyRide, he said the company aims to set a new benchmark for airport transportation.

“We are setting a new standard for airport transfers,” Eala said. “With JoyRide Super Taxi, we’re offering the same level of convenience you’d expect from top international airports.”

And to be fair, he’s right. There’s something deeply reassuring about having an actual, physical Airport Transfer Lounge, where people are ready to assist you—no call centers, no automated responses, just helpful humans.

Of course, if you prefer to plan your airport commute in advance, JoyRide also offers “HatidSundo” rides via the JoyRide Superapp and www. joyride.com.ph, covering Naia Terminals 1, 2, and 3. This feature is perfect for travelers who like everything sorted ahead of time, especially if you’re coordinating with balikbayans, early morning flights, or corporate travel.

Safety is also top of mind. Every Super Taxi is GPStracked, fitted with dash cams, and monitored in realtime by JoyRide’s control center. There’s even a 24/7

concierge team at the lounge to assist with concerns or special requests. It’s all part of the company’s ongoing #SafeKaSaJoyRide campaign, which prioritizes both safety and service across all their offerings.

And the future looks bright. Currently exclusive to Naia Terminal 3, JoyRide is already working with the New Naia Infrastructure Corporation (NNIC) to bring Super Taxi to Terminals 1 and 2, with plans to expand to other major airports nationwide.

It’s also worth mentioning that this isn’t just a one-off innovation. JoyRide has been steadily transforming mobility in the Philippines, from its early days as a motorcycle taxi platform, to becoming a full-fledged mobility superapp—offering car rides,

Anime using AI gets mixed reactions after first episode release

BY PATRICK VILLANUEVA

WORLD’S first anime that predominantly used AI, Twins Hinahima by KaKa Creation released its first episode on March 28 and had the community divided in response.

But if you’re unfamiliar with the show and the story behind its controversy, here’s a quick rundown: It is an original anime produced by KaKa Creation and directed by Beni Nakano. According to their website, they want to showcase the idea of “Supportive AI,” wherein they treat AI as “merely a supporting tool for creator’s creative activities.”

So how exactly did they use AI in the production? Their website’s translation summarized the work as 1) The characters were hand drawn using Clip Studio Paint; 2) The backgrounds used photographs, which are then converted to anime style using AI, then retouched by the art staff; 3) Logos were hand drawn using Adobe Illustrator; 4) Special effects were made in Adobe Photoshop and After Effects. As for the screenplay, it remained human with Yu Shinada as the writer.

CONTROVERSY

ANIME fans online expressed their concern about the use of AI in the production way before its release. On several Reddit thread discussions a few months ago, they claim to “not support” the effort, or that it will be “bad” and “soulless.” A user in the subreddit r/anime commented: “Absolutely disgusting. I don’t care if the result is good or not, the method is already questionable, especially with how unethically sourced the entire tech is. I hope the Japanese find it as revolting as I do.” Other concerns were about the animators’ jobs possibly being put in jeopardy because of the technology. “I care more about the workers than if it was made by [AI] or not. Most of the problem I have with [AI] is how compan[ies] use workers as stepping stone[s] so that they can automate the work and fire them or give them even less wages,” a commenter said. Still, many were optimistic about the technology. “It looks kind of rough. But if AI will allow people to create completely fluid 2D-style animation, it could be an unstoppable revolution for the industry. It looks better than 3D CGI anime at least,” a user commented.

parcel delivery, bus tickets, and now premium airport transport.

For years, we’ve tolerated the chaos of airport pickups, relying on patchy service and luck. But now, there’s finally a service that puts comfort, convenience and care front and center.

JoyRide’s Super Taxi Airport Edition not only fills the gap but redefines the standard.

Sometimes, the best innovations are the ones that simply make things easier. And JoyRide proves that even in a world of apps and AI, there’s still something powerful about keeping things personal. With Super Taxi, JoyRide reminds us that even a taxi ride can be...well, a joy ride. ■

FIRST EPISODE WITH Twins Hinahima’s first episode release, a thread discussion on MyAnimeList (MAL), the biggest social network site for anime fans, provided mixed reviews from users. On the positive reviews, they praised its possibilities for getting aesthetic value for low-budget films and how decent it looked despite being “AI.” “This looks pretty well done, anyone who says this is slop is just a blindfolded hater unwilling to recognize how good AI generated content can be,” a MAL user said.

Another user compared it to computer-generated imagery (CGI), which was introduced by studios a few decades ago.

“Has everyone forgotten that [AI] just laid the foundation for the art and humans fixed it up? Not all that different than CGI really,” the comment said. Still, negative reviews continued to pile on. One user claimed “most of these wouldn’t pass through the style guides of most agencies.” Another commenter said “AI ‘art’ is not art.” Others pointed out its inconsistencies and uncanny looks in some frames of the anime.

FUTURE OF AI IN ANIMATION

IN an interview provided and translated in the official website of the anime, Makoto Tezuka, Japanese film director and animator, said that AI is just going to be a tool for people to use in making art.

“In movies and entertainment, the result is everything, so as long as the person who receives it is amused, it doesn’t matter whether it’s a human or a program, that’s my way of thinking. Every magic trick has a trick,” Makoto stated.

Additionally, he made the case of CGI in the industry when it was first introduced and how it instead moved the industry forward while filmmakers still kept their jobs.

He said, “There was a lot of resistance to this at the time, and people who felt a sense of crisis even said things like, ‘Are we going to no longer need actors and stuntmen?’ and ‘Are we going to no longer need directors?’ But that hasn’t happened yet.”

Nevertheless, the first move has been made for AI in Japanese animation and everyone will just have to wait on the results that it will bring in the future.

Australia-educated Pinoys: Shaping a more innovative, resilient and prosperous future

THE Australia Alumni Excellence Awards recently recognized exceptional contributions of of outstanding Filipinos educated in the “Land Down Under” to innovation, education and key industries.

Amb. HK Yu PSM FCPA (Aust) presented the awards, which showcase talented change-makers, quiet achievers as well as established leaders. There, she emphasized the significant contributions of Australia-educated learners from the Philippines to the Strategic Partnership of both countries.

“When I travel across the Philippines and meet our alumni, I am often moved deeply by the impact they are making with their Australian education. Their passion and purpose lifts both the Australian and Philippine flags higher in the sky,” said Yu. “Together, we are building a legacy of excellence under the proud banner of the Australia Alumni network.”

Dr. Jaime Manalo IV won the “Alumnus of the Year” for his pioneering agricultural education and campaign. His initiative trained young people on modern rice cultivation practices that empowered them to share the knowledge with their farmer-parents.

The “infomediary campaign” has reached over 200 schools and 4,000 youth in remote rice-farming communities nationwide. It has led to increased rice yields and reduced pesticide use that contribute significantly

to the country’s food security and climate-resilience goals.

He developed the campaign during his Australia Awards Master’s scholarship at the University of Queensland, where he also earned his Doctor of Philosophy.

Meanwhile, Dr. Santiago Peña Jr. received the “Excellence in Innovation” award for his advanced agricultural solutions in the Philippine pig industry. He established the Visayas State University Boar SemenLAB (Semen Laboratory Applications and Biotechnology) in Baybay City, Leyte to improve hog productivity and conserve local swine genetics.

“Our work…is crucial for the economic viability and food security of the Philippine swine industry,” said Dr. Peña, who completed his Master’s degree in Tropical Veterinary Science and Doctor of Philosophy at James Cook University in Queensland as an Australia Awardee.

Also, Ramon Carlo Pio Roda was accorded the “Young Achiever” citation for creating the first financial technology or fintech course at the University of the Philippines-(UP) Diliman’s School of Business. The course,

according to him, was designed to “equip students with the skills needed to thrive in a highly competitive global job market.”

He developed the course during his Master of Commerce studies at the University of New South Wales under an Australia Awards scholarship.

This year was the first time an “Ambassador’s Award for Maritime Excellence” was awarded. Yu hailed three alumni for their contributions to civil maritime security and marine conservation: Prof. Porfirio Aliño of the UP-Marine Science Institute (Doctor of Philosophy, James Cook University), Atty. Fretti Ganchoon of the Department of Justice (Law of the Sea Masterclasses, University of Wollongong), and Philippine Coast Guard Cdte. Adm. Ronnie Gil Gavan (Master of Maritime Studies, University of

Wollongong).

This year’s awards received 47 nominations from Filipino alumni across the country. According to the embassy, the Australia Alumni community in the Philippines continues to grow, representing senior government officials, entrepreneurs, academics, and industry leaders. Collectively, they are a powerful force that is shaping a more innovative, resilient and prosperous future.

Filipino leaders interested in pursuing postgraduate studies in Australia—and are committed to contributing to Philippine development on their return—can apply for the prestigious Australia Awards Scholarships. Applications for the 2026 intake are open until April 30, 2025. For details, visit www.australiaawardsphilippines.org/ scholarships.

Maynilad sees record participation in 2024 wastewater education campaign

WEST Zone concessionaire

Maynilad Water Services Inc.

(Maynilad) has recorded an 84-percent increase in student engagement for its 2024 wastewater education campaign as it reached 4,636 participants—the highest to date.

The surge reflects a growing awareness of wastewater management’s importance, coupled with Maynilad’s strengthened efforts in educating communities across Metro Manila.

With 32 schools in Manila, Quezon City, Muntinlupa, Valenzuela, Pasay and Parañaque covered, the campaign was conducted in close coordination with local officials of the Department of Education (DepEd), as it maximized school participation and ensured effective knowledge dissemination.

Maynilad enhanced the learning sessions through animated educational videos, which captivated young audiences by simplifying complex wastewater management concepts. Interactive “questionand-answer” segments further deepened the students’ understanding, with many surprised at learning that wastewater undergoes treatment before being released, and that communities play a vital role in ensuring ideal sewerage and

sanitation, which are key to protecting public health and the environment.

Recognizing the youth as key influencers in their families and the next generation of Maynilad customers, the campaign seeks to empower students in making informed decisions that support environmental sustainability and public health. By equipping them with knowledge on proper wastewater management, the concessionaire enables them to influence their households and communities toward more responsible water usage and sanitation practices.

“By making wastewater education more engaging and accessible, we em -

AN exciting collection of loosely connected stories that push the boundaries of form and genre blending realism, speculative fiction and experimental narrative by awardwinning Filipino short fiction writer Victor Fernando Ocampo was recently launched before select members of the media. Published by Vibal Foundation Inc., The Infinite Library and Other Stories is part of a new catalog of

tasy, science fiction and horror tales celebrating Filipino creativity, simultaneously anchored in the ‘here and now,’ while soaring to far-flung futures and diving deep into the mythic past.” Award-winning author, Philippine speculative fiction pioneer and Filipino Critics Circle chair Dean Francis Alfar served as editor at large of the collection. In a review, he said that ”Ocampo’s strengths are beautifully evident” in this collection, with “an eye for the smallest of details that contribute to a powerful sense of place, an ear for dialogue that emanates from the hearts of his characters, [plus] a passion-fueled

power students to appreciate its impact on the environment and the importance of proper treatment,” said Engr. Mel Grabillo, who is the head of Maynilad’s Wastewater Management Division.

Since 2016, Maynilad’s wastewater education program has reached some 12,000 students from 207 schools. Further expanding its impact, it is proposing a wastewater-treatment module for teachers through DepEd-National Capital Region to ensure wastewater education becomes a sustainable part of the curriculum.

Maynilad is the largest private water concessionaire of Metropolitan Water

works and Sewerage System (MWSS) in the Philippines in terms of customer base. Its service area includes the cities of Manila (all but portions of San Andres and Sta. Ana), Quezon City (west of San Juan River, West Avenue, EDSA, Congressional Avenue, Mindanao Avenue, the northern part starting from the Districts of Holy Spirit and Batasan Hills), the cities of Makati (west of South Super Highway), Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas, and Malabon, all in Metro Manila; and cities of Cavite, Bacoor and Imus, as well as the municipalities of Kawit, Noveleta and Rosario in the province of Cavite.

published across various prestigious collections and journals over several years, showcasing the author’s evolution as a writer. Notable works include “Mene, Thecel, Phares,” which first appeared in Philippine Speculative Fiction Volume 10 (2016), edited by Dean and Nikki Alfar.

During the media launch, Ocampo narrated his arduous writing journey: “It was a tedious process and an emotional journey including a lot of selfdoubt and rejection from local editors who preferred more traditional forms of storytelling.”

He noted that, “ultimately, it was Vibal that secured the publication rights, resulting in a definitive edition of ‘The Infinite Library…’ This edition symbolizes the culmination of our efforts and experiences, finally allowing my transnational Filipino characters who navigate complex cultural and existential spaces to come home to their intended audience.”

UERTO PRINCESA’S

Ppride Yves Gabriel Cabrera Po recently joined an elite crop of upand-coming global gastronomical talents with a podium finish at the “11th International Young Chef Olympiad [YCO]” in India.

Out of 50 rising stars across the world, the sole Philippine delegate from the De La Salle-College of Saint Benilde garnered a bronze medal in the world’s largest student chef competition hosted by the International Institute of Hotel Management (IIHM). Po shared the limelight with England’s Kamran Taylor and Armenia’s Arsen Armenakyan, who clinched gold and silver, respectively.

In a state of disbelief, Po shared that “I was super proud of myself that I was able to represent my country and [show the whole world that this is what Filipinos like me can do in competitions such as] this…in the culinary industry.”

The graduating Culinary Arts Management student at Benilde’s School of Hotel, Restaurant and Institution Management (SHRIM) was a late bloomer in culinary arts but decided to follow his heart upon entering college.

“Back then, I dreamt of becoming an engineer,” Po shared. “I started in Benilde knowing nothing at all…as in, from scratch… [I learned cooking basics, my attitude in the kitchen, my discipline… They] shaped me into who I am today: a young chef.”

His burning passion for cooking became known in the pressure-packed worldwide tilt as observed by Dean Gabriel Chan Ng Tio who aside from being Po’s mentor is a chef, part-time faculty member at Benilde, and the operations manager of his family-owned businesses.

“Yves portrayed a different aura. He was very cool, calm and positive before the competition started,” Tio recalled. “I believe [those are] what made him different from other competitors, which also translated to his strength was his confidence.”

For the initial round, Po prepared a vegetarian dish and a choux pastry dessert. The dish consisted of a lentil puff, carrot puree with tomato, and turnip relish topped with coffee vinaigrette. Meanwhile, the confection was an eclair with pumpkin and tofu mousse with lemon basil curd topped with candied almonds.

During the finals in the city of Kolkata, Po whipped up a delectable main course: bhetki paupiette filled with shrimp mousse topped with parsley crust and paired with walnut and date risotto, pickled carrots, and green grapes, plum sauce and garnished with crispy fish skin.

His winning dessert was “Chocolate Food for the Gods.” It was paired with lemon ganache quenelle, walnut crumble and passionfruit compote.

“It’s a delicate balance of

technique and taste,” Benilde’s Culinary Arts Management Program chair Chef Margarita Isabel Marty noted. “It cannot just be delicious but too simple, or we will get point deductions for technique. If too technical or complicated, even if the student executes it well but the taste is not good, there are more deductions.”

Aside from Chef Marty, Po and Tio were backed by Benilde’s culinary team as consultants who included Chef Richmond Ingco, Chef Kannan Jayaprakash Sreedevi, Chef Jester Arellano and Chef Thomas Edward Chua, in the pre-tournament training and conceptualization of recipes.

“It was basically a team effort. We would not have curated perfect dishes if it were not for their assistance,” Tio stated.

“I advise other aspiring chefs to listen to their mentors. Be open to feedback and criticism,” Po said. “Do not be scared of trying new things. It is when you step outside your comfort zone, [there you will know if you have made progress].”

Working in uncharted kitchen setting, as well as facing a language barrier with his student-aides during the contest, tested the creativity and composure of the 22-year-old aspirant. These hurdles did not deter him though from getting his goal.

“It is really hard because it is not the equipment [that I use in] school. But at the same time as a chef, [I need to adapt to the tools that they have, and the ingredients that were provided], he shared. “I always have to find a way.”

Po, who bagged the additional “Best Ambassador Award,” also had the chance to mingle and develop new connections with other young chefs from diverse cultural backgrounds: “[I thought I will not be able to make friends because it is a competition, so everyone is a rival]. In the end, I got to meet other people from different countries like the Netherlands and Switzerland. I did not expect that I would create a bond with them.”

This memorable feat in India has taught Po the value of being patient and savoring the journey, which he wants to impart to other talented hopefuls. He claimed that things will come if they are meant to be: “[I just made the most out of my experience and enjoyed the process; it was a once-in-a-lifetime opportunity.”

For more information about Benilde’s Culinary Arts Management Program, visit benilde.edu.ph/undergraduate-culinary-arts/.

Editor: Mike Policarpio

Young Filipino chef captures bronze in culinary Olympiad

AMB. HK Yu (second from right), with Australia Alumni Excellence Awards honorees (from left):

Dr. Santiago Pena Jr., Dr. Jaime Manalo IV and Ramon Carlo Pio Roda

MAYNILAD’S Wastewater Management team with students from Dr. Josefa Jara Martinez High School

Tourism Editor: Edwin P. Sallan

PILGRIMAGE TO RIZAL EXPLORING THE PROVINCE’S CENTURY-OLD CHURCHES

OStory & photos by Gelyka Ruth R. Dumaraos

NE of the tangible reflections of Rizal province’s rich history lies in the centuries-old churches nestled throughout its towns.

From the Antipolo Church in the capital city to the distinctive churches across the rest of its towns, these sacred places invite both Rizaleños and visitors to deepen their spirituality and take a meaningful walk back in time.

Before becoming a province, Rizal was part of the larger province of Manila, which was later divided into several provinces. Named after national hero Dr. José Rizal, the province was established in 1901 and lies just east of the metro.

With 13 municipalities and one city, Rizal is home to numerous churches, many of which were built during the 16th and 17th centuries, a time when the country was under the 300-year Spanish colonization.

With fresh air from the Sierra Madre and a scenic Laguna de Bay backdrop, this province offers pilgrims a peaceful retreat that is just an hour away from the city.

Historic churches across Rizal STARTING from Antipolo City, one can start their visit at the National Shrine of Our Lady of Peace and Good Voyage popularly known as Antipolo Cathedral. It enshrines a venerated 17th-century Roman Catholic wooden Black Madonna image of the Blessed Virgin Mary that has gathered millions of visitors through the years.

At the foothills of Sierra Madre and along the coast of Laguna de Bay, you’ll find yourself in Binangonan. It has the Santa Ursula Parish Church, commonly known as Binangonan Church, established in 1621 and was overseen by the Franciscans, Jesuits, and Augustinians throughout its history.

Being one of the churches recognized as a National Cultural Treasure by the National Commission for Culture and the Arts

72 HOURS IN BATANES

(NCCA), Binangonan Church is known for its unique architectural features, including dual retablos—one Baroque and another Neoclassical—and its historical significance as a site administered by three different religious orders.

On the next stop is another heritage site, Saint Jerome Parish Church in Morong, established in 1578, which is another historical landmark known for its Baroque and Chinese architectural influences. Rebuilt in stone in 1615, it features a stunning facade, an octagonal bell tower, and a rich incorporation of artistic elements. Renovated in the mid-1800s, it retains significant details despite wartime damage.

One of the oldest Rizal churches can be found southeast of Antipolo, in the municipality of Baras. The Diocesan Shrine and Parish of St. Joseph is a historic church that dates back to 1686 and was originally built by Franciscan missionaries.

Known for its simple yet beautiful Baroque-style architecture, it features exposed wooden trusses and a brick-andstone facade. In 2021, it was declared a diocesan shrine, marking its significance in the community and its role in celebrating the 500th anniversary of Christianity in the Philippines.

A drive farther east is the Pililia Church, or Saint Therese of the Child Jesus Parish Church, a charming church initially constructed in 1583. It features a beautiful mix of Baroque and Neo-Romanesque architectural styles with a spacious facade.

While in Pililia, a tourist should never miss a glimpse of the Pililia Wind Farm or go up close to its 27 wind turbines.

Just before heading towards the elevated part of Rizal, you can stop by Tanay’s town

count

AFTER accomplishing my goal of visiting all 195 UN-recognized countries, I’m now embarking on a new long-term mission—to explore every city and municipality in the Philippines. No matter how many countries I’ve visited, there’s always something special about coming home and rediscovering the beauty of my own country. Where to head first? Batanes. Batanes, with its dramatic landscapes, rich culture, and warm-hearted locals, has captured my heart like no other place. It’s not just a destination—it’s a feeling. It’s that gasp of wonder when you first see the rolling hills, the serenity of watching the waves crash against the rugged cliffs, and the warmth of the Ivatans who welcome you like family. With just 72 hours to explore this northern gem, you’ll want to soak in every moment. Here’s how to make every second count in this paradise up north.

Day 1: South Batan—History, Culture, and Endless Views THE moment you step off the plane at Basco Airport, you’ll feel it—the crisp, clean air and the absence of noise pollution. No honking cars, no city rush—just the sound of the wind and the waves. First stop? San Carlos Borromeo Church in Mahatao. More than just

plaza and visit San Ildefonso Parish Church. Completed in 1783, the church has Baroque architecture, including its grand facade and intricate interiors. Inside, there is a stunning display of the 14 handcrafted Stations of the Cross, considered one of the most beautiful in Asia.

Another treasured possession is a relic containing a fragment of bone from San Ildefonso, housed in a monstrance gifted by Felipe Pedraja in October 2006. The monstrance was sent from Zamora, Spain, the resting place of the patron saint. NCCA recognized it as a National Cultural Treasure in 2011, joining 25 other churches across the Philippines in receiving this prestigious distinction.

Now heading further into the mountain range via Sampaloc Road and into Marcos Highway popularly known as Marilaque, you’ll reach the highlands of Tanay. With its cool weather and a line of restaurants

with a view, it is a perfect pit stop after a whole day of hopping from one town to another.

For a relaxing coffee break, head over to Kape Natividad. Here you can enjoy local coffee, Filipino favorites, and delicious brick oven pizza. Another great option is Tanay Highland, a full-service restaurant that invites diners to enjoy a captivating view of Laguna de Bay and a distant view of Pililia Windfarm.

Before driving back to Antipolo City, take a detour to the Old Boso-Boso Church, or the Nuestra Señora de la Annunciata Parish Church tucked northeast of the city center. This secluded church was built by Jesuit priests in 1700 and features a Romanesque design. In 2023, it established a Spiritual Twinning with the Basilica of the Annunciation in Nazareth, Israel.

Another option is the church of San Mateo, although it may be a bit off the beaten

a stunning heritage site, this church is a silent witness to centuries of Ivatan faith. Right next door is the Blank Book Archives, where travelers like you leave heartfelt messages in blank journals—your chance to become part of Batanes’ history. A quick ride away, the House of Dakay stands as the oldest surviving Ivatan stone house, weathering storms and time since 1887. Across the way, the Castaño Ruins tell stories of old Ivana, before leading you to one of the most unique places in the country—the Honesty Coffee Shop. There’s no cashier here, just a box where you drop your payment. In Batanes, honesty isn’t a policy, it’s a way of life. Next, head to Nakurang Viewpoint for a quick snack with a view—Sabtang Island in the distance, the deep blue sea stretching endlessly before you. Then, visit the Alapad Rock Formation, where the famous “Blow UR Horn” sign reminds you that even nature’s beauty can be rugged and wild. The day ends with a special dinner at the National Museum of the Philippines - Batanes, complete with cultural performances that tell the Ivatan story through song and dance.

Must-Visit Cultural Gems of South Batan:

1. San Carlos Borromeo Church— A silent witness to centuries of Ivatan faith and resilience.

2. Blank Book Archives— Leave a heartfelt message and become part of Batanes’ history.

3. House of Dakay—The oldest surviving Ivatan stone house, standing strong since 1887.

4. Castaño Ruins— Remnants of old Ivana, whispering stories of the past.

5. Honesty Coffee Shop – Experience the Ivatan way of life—paying without supervision.

6. Nakurang Viewpoint— A breathtaking snack stop with views of Sabtang Island.

7. Alapad Rock Formation— Rugged beauty with the iconic “Blow UR Horn” sign.

8. National Museum of the Philippines - Batanes— Cultural performances that tell the Ivatan story through song and dance.

Day 2: Sabtang Island—Time Travel to Simpler Days

with the rest of Rizal’s municipalities, as you need to go through Marikina City first. However, if you have extra time or have another day to spare, a visit to Nuestra Señora de Aranzazu Parish Church can be a great way to revel in the beauty of Baroque architecture. First built in 1715, the church is known for the image of Our Lady of Aranzazu, and the only sister-parish of the Basilica of Aranzazu in Spain.

Restful stops and local snacks

A WHOLE day of hopping from one town to another may leave one tired and weary. An overnight stay can be a good idea, especially if you want to fully appreciate how ideal Rizal can be as a quick weekend escape. Loreland Farm Resort in Antipolo offers a place to unwind for families while Luljetta’s Hanging Gardens provides a garden-inspired spa to relax and catch panoramic vistas of the Sierra Madre mountains.

WAKE up early, because Sabtang Island waits. A short, thrilling faluwa boat ride from Radiwan Port in Ivana brings you to a place that feels frozen in time. The first stop, Chavayan Village, is straight out of a postcard. Traditional Ivatan houses with cogon roofs line the narrow streets, and the quiet reminds you to slow down and savor the moment.

Then, there’s Morong Beach, home to the famous rock arch, a natural masterpiece shaped by time and tides. After some beach time, a leisurely lunch awaits at Lukuy Beach, where you can dip your toes in the clear waters while enjoying a freshly cooked meal. Back in Basco by afternoon, wrap up the day with sunset at Basco Naidi Lighthouse. As the sky turns gold and pink, and the cool wind tousles your hair, you’ll understand why people call Batanes magical. The evening’s themed all-white dinner adds a touch

of elegance to the experience, set against the lighthouse’s dramatic backdrop.

Sabtang Island’s Timeless Charms and Sunset Wonders

1. Radiwan Port to Sabtang Island A thrilling faluwa boat ride to a place frozen in time.

2. Chavayan Village— Traditional Ivatan houses and narrow streets that take you back in history.

3. Morong Beach— Home to the famous rock arch, shaped by time and tides.

4. Lukuy Beach— A leisurely seaside lunch with crystal-clear waters.

Alternatively, Boso-Boso Highlands Resort is also a great option. It offers cool mountain air and spacious accommodation options.

No visit would be complete without picking up some local goodies. Along Marilaque, you’ll spot strategically placed tents with ladies waving at you, offering delicious treats like Antipolo suman (ibos), suman sa lihiya and kasuy. You’ll also find seasonal fruits at makeshift fruit stands along the way. For a wider selection of local delicacies, head to Sumulong Highway in Antipolo or the Pasalubong Center near Antipolo Cathedral. Close the trip with a moment of reflection and gratitude as the urban buildings appear in sight on the way back to Manila. This pilgrimage through Rizal harmonizes the mind, soul, and spirit—a journey that deepens spirituality and cultivates discoveries.

AERIAL view of Saint Therese of the Child Jesus Parish Church in Pililia with Laguna de Bay from a distance

ANTIPOLO Cathedral

OLD Boso-Boso Church

PARISH of St. Joseph in Baras

EXPOSED wooden trusses inside Parish of St. Joseph in Baras

INSIDE Boso-Boso Church

ANTIPOLO suman (or Ibos) is one of the city’s best local delicacies

GET local delicacies like suman sa lihiya and kasuy

Photos by Kach Medina Umandap

AT the Chavayan Village in Sabtang, Batanes

MARLBORO Hills in Mahatao, Batanes

April 12, 2025

Markets in free fall as Trump’s trade war sparks fears of global economic meltdown

By Bailey Lipschultz, Natalia Kniazhevich, Isabelle Lee & Alexandra Semenova

LESS than 24 hours after President Donald Trump backtracked on his once-ina-century trade war to prevent a meltdown in financial markets, frantic selloffs hit US stocks, bonds and the dollar yet again as fears of a worldwide recession engulfed Wall Street.

The S&P 500 Index ended the day down 3.5 percent as investors seized on Wednesday’s historic rebound to sell. Long-term Treasuries sank, sending yields soaring after a brief respite. The dollar tumbled for a third day as traders liquidated US assets in favor of haven currencies like the Swiss franc, which surged by the most in a decade. Meanwhile, oil prices fell further.

In a measure of how volatile markets have become since Trump announced his plan to impose punitive tariffs on dozens of America’s trading partners, the S&P 500’s gyrations in the past two trading days have rivaled those unleashed by the pandemic and the 2008 financial crisis.

The moves, in the end, all pointed toward the same sobering conclusion: Trump’s chaotic tariff rollouts—regardless of where they eventually settle—is rapidly undermining confidence in the US economy and threatening to keep markets on edge for the next three months as traders wait to see how it will all play out.

“The reality of this being over quick and us returning to happy days quickly is very, very low,” said Bill Smead, chief investment officer at Smead Capital Management. “This is the beginning of a monstrous bear market.”

That fear is indicative of how much sentiment has shifted less than three months into Trump’s second term, one that Wall Street

once wagered would fuel the stock market’s bull run by slashing taxes, rolling back regulation and driving the economy’s growth.

But those expectations have rapidly reversed as Trump moved to fire tens of thousands of employees, withheld federal aid and moved to single-handedly rewrite the rules of global trade in America’s favor.

“I definitely see investors taking money off US assets and looking for safe haven, which might be more cash/gold than anything else,” said Xin-Yao Ng, Singapore-based investment director at Aberdeen Group Plc. “I heard even in US Treasuries, many investors have no conviction.”

As much as the tariffs themselves, concerns have deepened because of the president’s approach—including on-and-off again rollouts, unusual formulas used to set them, an unorthodox objective, and his decision to keep escalating the conflict with China, which instead of being exempted from Wednesday’s reprieve was hit with another round of retaliation.

That’s made it difficult for Wall Street analysts to forecast how it will all play out, much less reckon what it will ultimately mean for the prices of stocks, bonds and commodities.

Developing-nation status

“EVEN in emerging markets we have an idea what policies are,”

said Kim Forrest, chief investment officer and founder of Bokeh Capital Partners. “But here in the US we can no longer do a fundamental analysis of some of the best companies.”

That’s erupted in six dizzying days of trading since Trump announced his latest tariffs in the White House Rose Garden. The initial shock unleashed deep stock selloffs that erased more than $10 trillion of value. It also strained bond markets from Japan and Australia, to the UK and the US, as investors dumped government debt to raise cash.

In the US, the selloff sowed speculation that the Federal Reserve would need to step in and

stabilize the market as yields kept marching higher, threatening to deal the economy another jolt by pushing up the cost of borrowing across the financial system. When that drove him to call off some of the steepest tariff hikes that had just kicked in for many countries, the 30-year Treasury yield slid as markets appeared to pull back from the brink.

But in the background, the trade war is still threatening to break supply lines, cut cross-border trade and deliver another inflation shock to US consumers as imports grow more expensive. All of that has left Wall Street increasingly worried that the economy will stall.

“We will get a recession, because that is what the trade war will create,” Que Nguyen, chief investment officer of equity strategies at Research Affiliates. “And he won’t back off unless we get to the brink of a depression. So equity markets are rationally pricing in a recession.”

That view made relief shortlived. When stock markets reopened on Thursday, prices swooned sending the S&P 500 down more than 6 percent before it recovered part of the decline. The VIX—known as Wall Street’s “fear gauge”—fell by the most ever as stocks soared after Trump announced a 90day pause on some tariffs. On Thursday, it has popped back above 40, a sign of increasing jitters in the market. In the Treasuries market, longdated debt tumbled again, even after the results new bond auctions over the last two days eased concerns about demand. But other worries have continued to drag on the market, including the risk of rising inflation, a pullback by overseas buyers, or a swelling US deficit if growth stalls.

“It’s hard to imagine the worst is behind us,” said Jamie Patton, co-head of global rates at the TCW Group Inc. “Risk assets don’t like uncertainty and volatility. And that’s exactly what this administration is giving us.” With assistance from Ye Xie and John Cheng/Bloomberg)

Trump’s trade agenda: What’s next in US tariff talks with 75 nations?

By Josh Boak

The Associated Press

ASHINGTON—In the aftermath of this week’s tariff whiplash, President Donald

Trump is deciding exactly what he wants out of trade talks with as many as 75 nations in the coming weeks.

Trump is also figuring out next steps with China. He upped his tariffs on Chinese goods to 145 percent after China placed retaliatory taxes of 84 percent on imports from the US. While his 90-day pause on other tariffs caused the stock market to rally on Wednesday, countries still face a baseline 10 percent import tax instead of the higher rates announced on April 2.

“There will be a transition cost and transition problems,” Trump said at Thursday’s Cabinet meeting. “But in the end, it’s going to be a beautiful thing.”

Kevin Hassett, director of the White House National Economic Council, told Fox News’ “Fox and Friends” on Thursday that the administration already has “offers on the table from more than 15 countries.”

Hassett said the next step will be determining exactly what Trump wants out of the negotiations.

“We have a meeting today with all the top principals where we’re going to present to the president a list of what we think his priorities might look like,” Hassett said. “And I’m sure he’s going to, you know, have his own ideas about where to move things.”

Here’s a look at where Trump’s tariffs showdown stands:

HE financial markets can tame Trump

TWith $28.9 trillion in publicly held debt, the US government can still be beholden to the investors who lend it money. Trump might be willing to run roughshod over political rivals, judges he dislikes and a host of political norms, but the bond market showed that it can temper his plans.

Going into Wednesday, the interest

rate on a 10-year US Treasury note was increasing and approaching 4.5 percent.

That meant the US government was having a tough time finding possible buyers for its debt, as market participants were wondering if Trump’s tariffs had caused foreign buyers to sour on the US government. Higher interest rates for the government could trigger even higher mortgage rates and auto loans for consumers, among other problems.

Trump on Wednesday said investors were getting “yippy,” but after his tariff pause, he described the bond market as “beautiful.”

The tariff drama is far from done

THE S&P 500 stock index jumped 9.5 percent after the pause was announced. But reality crept back in Thursday and the S&P 500 slumped nearly 3.5 percent as interest rates on 10-year US Treasury notes rose. Sure, Trump was no longer going to put a 20 percent tariff on goods from the European Union, a 24 percent tariff on Japan or 25 percent on South Korea. But those nations still have imports taxed at an elevated 10 percent, Trump’s new baseline as trade talks begin. And tariffs went up against China, locking the world’s two largest economies in a trade war.

Plus, the trade war has expanded with China, and 25 percent tariffs still apply to imported autos, steel and aluminum. Imports from Canada and Mexico, the two largest US trading partners, still face tariffs of as much as 25 percent. And Trump still plans tariffs on pharmaceutical drugs, lumber, copper and computer chips.

“While we appreciate the pause, the reciprocal tariff of 10 percent still represents more than double the tariff on imports of leather footwear from countries like Vietnam and Cambodia,” said Tom Florsheim, CEO of the Weyco Group, a footwear company. “Even at this level, it means a significant cost increase that will impact consumers.”

Because tariffs are taxes paid by importers, the costs generally get passed along to consumers and businesses in the form

of higher prices. The Budget Lab at Yale University estimated Thursday that even with the pause, Trump’s current tariff regime would pull down a household’s average disposable income by $4,364.

What Trump really, really wants TREASURY Secretary Scott Bessent said any trade agreements will be “bespoke” deals, rather than some overarching pact among a group of countries. Trump has laid out a series of grievances and goals regarding tariffs, but Canadian and European counterparts have said the actual asks from administration officials have been vague so far.

Trump has said he wants to eliminate the $1.2 trillion trade deficit, which means he no longer wants the US to import more goods than it exports to other nations. He also wants revenues from tariffs to offset his income tax cut plans. The president has also said he wants the tariffs to bring back factory jobs and raise workers’ wages.

Aides have said Trump wants other nations to scrap regulations and other policies, such as Europe’s value-added taxes, that he deems to be a barrier to US goods, an ask that would require other countries to change their laws. Commerce Secretary Howard Lutnick has said the goal is to get other nations to “respect” Trump. His goals might not necessarily be in line with what other nations want.

European Commission President Ursula von der Leyen posted on X that she’s “consistently advocated for a zero-for-zero tariff agreement between the European Union and the United States.” Lori Wallach, director of the Rethink Trade program at the American Economic Liberties Project, said Trump needs to be more publicly forthright about what he wants out of trade talks and tariffs.

“Absent transparency about what is being demanded, we could end up with the worst of all outcomes—a bunch of bad special interest deals, all of the economic damage caused by tariff uncertainty and no trade rebalancing, US manufacturing capacity or goods jobs,” she said.

TRADERS work on the floor of the New York Stock Exchange on April 10. MICHAEL NAGLE/BLOOMBERG

China tech faces worry beyond tariffs after $350 billion wipeout

By Charlotte Yang

EVEN as China’s tech stocks begin to recoup some of their recent big losses, some investors and analysts are eyeing looming concerns that may have a worse impact than Donald Trump’s tariffs.

The Hang Seng Tech Index has shed more than $350 billion in market value since a March high, though it has gained more than 10 percent over the past four sessions. While China’s rapid AI development remains a key positive, heightened geopolitical tensions are at the forefront at the moment.

US actions against China such as restrictions on financial holdings or further sanctions are a “serious risk,” according to Bush Chu, an investment manager at Aberdeen Investments. There has also been unverified chatter over potential forced delistings of Chinese stocks from US exchanges, and some fear further restrictions on technology access.

Such measures could cause a “sharp selloff” of heavily foreignowned China tech stocks, Chu said. “I think a lot of things are not yet priced in,” he said, also highlighting the broader impact on demand if tariffs weaken China’s overall economy.

China’s economy may suffer broadly from Trump’s aggressive hike in tariffs to 145 percent and the decoupling of the two nations. At the same time, the sector’s high index weightings and foreign ownership have broad ramifications for China’s markets.

With the US raising tariffs applied to small parcels that were previously exempt from duties, Chinese e-commerce firms have been hit hardest. American depositary receipts of Temu owner PDD Holdings Inc. have slumped 25 percent since the start of April. ADRs of Alibaba Group Holding Ltd., the largest Chinese firm listed in the US, are down 21 percent.

The direct tariff impact is seen as small outside of online shopping, with the majority of China tech’s revenue and profits coming from domestic business. But non-tariff means may be deployed as well as tensions ramp up.

In February, the Trump administration released a policy memo that potentially calls into doubt the mechanism for Chinese listings in the US. That reminded investors of episodes in 2021 and 2022, when the specter of mass delistings from US exchanges dragged on China’s markets.

“Given how high Trump already has pushed up tariffs against China, we believe delisting is moving up in the list of retaliatory options,” TD Cowen analyst Jaret Seiberg wrote in a note dated Wednesday. “That means risk is higher this week than last week for action.”

The US Department of Defense has already blacklisted Tencent Holdings Ltd., China’s largest company by market cap, and others. While the Pentagon’s list carries no specific sanctions, it discourages US companies and agencies from dealing with these Chinese firms.

The options market shows investors are nervous. The cost of hedging against declines in Chinese tech giants like Tencent and Alibaba remains near multi-year highs, after soaring the most among Hang Seng China Enterprises Index companies in the recent rout.

China’s tech stocks had been all the rage earlier this year as DeepSeek’s success drove investors into the nation’s listed AI plays. The worsening trade war has shifted attention back to US efforts to limit Chinese access to the most cutting edge tech.

“While we are not sure whether the US plans to announce any new restrictions on chip export, there have been concerns that tech companies that have cloud services and proprietary AI foundation models/capability could be under scrutiny and sanction,” Citigroup Inc. analysts including Alicia Yap wrote in a note. This could put pressure on Tencent, Alibaba and Baidu Inc., they added.

The sector still has valuation appeal, with the Hang Seng Tech Index trading at 15 times estimated forward earnings, below its three-year average level of 19 times and the Nasdaq 100 Index’s current level of 24 times.

The cohort’s heavy reliance on domestic demand also puts them in line to gain from Beijing’s efforts to support the economy.

“Chinese tech leaders are still relatively attractive,” said Aberdeen’s Chu. “Whether investors want to get into China stocks right now just to capture the AI opportunities...they may pause a bit for now given the great uncertainties, and they might re-enter if they obtain more clarity on the tariff, on the global economy.”

Top tech stories

BYTEDANCE Ltd.’s revenue jumped 29 percent to $155 billion in 2024, after online video phenom TikTok drove a worldwide expansion that helped offset an economic downturn back home in China.

For US President Donald Trump, there would be few bigger victories than having a domestically produced version of the iPhone, one of the most popular tech products in history. Such a prize would validate his tariff plan and campaign promise to bring manufacturing jobs back to America.

The Chinese-born entrepreneur at the center of a Singapore servercomputer fraud case helps to run more than a dozen companies with ties to tech leaders including AI-chip provider Nvidia Corp., serving clients in the island state and markets such as Malaysia. With assistance from Cecile Vannucci/Bloomberg

Treasuries suddenly trade like risky assets in warning to Trump

By Ye Xie, Liz Capo McCormick & Michael Mackenzie

BILLED on Wall Street as so rocksolid safe they’re risk-free, US Treasury bonds have long served as first port of call for investors during times of panic. They rallied during the global financial crisis, on 9/11 and even when America’s own credit rating was cut.

But now, as President Donald Trump unleashes an all-out assault on global trade, their status as the world’s safe haven is increasingly coming into question.

Yields, especially on longerterm debt, have surged in recent days while the dollar has plunged. Even more disconcerting is the pattern of the recent market moves. Investors have often dumped 10and 30-year Treasuries—pushing prices down and yields up—at the very same time they frantically sold stocks, crypto and other risky assets. The inverse is also true, with Treasuries rising in unison with them.

They are trading, in other words, a little like a risky asset themselves. Or, as former Treasury Secretary Lawrence Summers says, like the debt of an emergingmarket country.

Even if this dynamic was to fade as swings in stocks eventually normalize, as most analysts expect, a message has been delivered to policymakers in Washington: Investor confidence in US bonds can no longer be taken for granted— not after a years-long borrowing binge that swelled its debt load and not with a president in the White House hell-bent on rewriting the rules at home and abroad and antagonizing, in the process, many of the country’s biggest creditors.

This has profound implications for the global financial system. As the world’s ‘risk-free’ asset, Treasuries are used as a benchmark to determine the price of everything from stocks to sovereign bonds to mortgage rates, while serving as collateral for trillions of dollars of lending a day.

Treasuries and the dollar get their strength from “the world’s perception of the competence of American fiscal and monetary management and the solidity of American political and financial institutions,” said Jim Grant, founder of Grant’s Interest Rate Observer, a widely followed financial newsletter. “Possibly, the world is reconsidering.”

Stocks, bonds and the dollar all tumbled together Thursday, adding to concerns that foreign investors are retreating from US assets en masse. Thirty-year Treasury yields surged 13 basis points to 4.87 percent, while the dollar plunged against the euro and Swiss franc by the most in a decade. The widespread selloff extended on Friday.

“Treasuries are not behaving as a safe haven,” said ING rates strategist Padhraic Garvey. “If we were to slip into recession there is a path there for yields to revert lower. But the here and now is painting Treasuries as a tainted product, and that’s not comfortable territory. Treasuries have proved to be a pain trade too.”

‘Vicious spirals’

NOT everyone is convinced that investors are losing faith in the

safety of US government debt.

Benson Durham, head of global asset allocation at Piper Sandler and a former Federal Reserve economist, has done his own analysis comparing key Treasury-market metrics to those in Europe. Some measures suggest investors have demanded less of a premium to own US debt relative to German and UK bonds in recent days, he said.

“People are right to kind of worry about this general economic management,” Durham said. But “it’s not clear to me, at least not yet, that this is an episode where people are particularly penalizing US assets.”

Others say more technical factors are behind the recent selloff in the long-end. There are signs that hedge funds have been unwinding leveraged trades that capitalize on price differences between Treasuries and interest-rate swaps or futures contracts.

Treasury Secretary Scott Bessent backed that view in an appearance on Fox Business earlier this week.

“I believe that there is nothing systemic about this—I think that it is an uncomfortable but normal deleveraging that’s going on in the bond market,” said Bessent, who previously advertised lower 10-year borowing costs as an ambition.

An auction of 30-year bonds on Thursday also saw investors snap up $22 billion of the debt, supporting the argument that Treasuries continue to be attractive even during the selloff.

That’s not to say that markets are behaving as usual, however.

US stocks have plunged 7 percent since Trump announced plans to ramp up tariffs on dozens of countries on April 2. Since then, rather than tumble, 30-year yields have actually risen around 40 basis points, only the fifth time in data going back to the 1970s that moves of this magnitude

have occurred simultaneously.

The surge in yields poses a risk to Trump’s stated goal of cutting taxes while reining in the budget deficit, and was at least in part behind his decision Wednesday to announce a 90-day pause on higher tariffs for dozens of countries.

“Long-term interest rates are gapping up, even as the stock market moves sharply downwards,” Summers, who is also a paid Bloomberg contributor, wrote this week in a social media post. “We are being treated by global financial markets like a problematic emerging market,” he said, adding that “this could set off all kinds of vicious spirals, given government debts and deficits and dependence on foreign purchasers.”

If foreign investors do decide to continue retreating from US assets, the pain could be substantial. They hold about $7 trillion in Treasuries, $19 trillion of equities and $5 trillion of corporate debt, accounting for about 20 percent to 30 percent of the total market, according to Torsten Slok, chief economist at Apollo Global Management Inc.

If recent history is any guide, a buyers’ strike may have longlasting repercussions for US borrowing costs.

Just three years ago, investor pushback against UK Prime Minister Liz Truss’ unfunded tax cuts fueled a surge in yields the country has yet to recover from, while the pound never bounced back from 2016’s Brexit vote.

“There is a distrust by the market created by the on-off tariffs, and that definitely adds an uncertainty premium,” said Shamil Gohil, a portfolio manager at Fidelity International. “Large fiscal deficits will lead to continued concerns on debt sustainability which will likely require some risk premium to hold Treasuries.” Nathan Thooft, a senior portfolio manager at Manulife Investment Management, said Treasuries still dominate global markets in terms of quality and depth, but acknowledged that recent events have chipped away at investor confidence.

“Much of the challenge we have seen over the last decade have been policy dynamics or geopolitical dynamics that were driven outside of the United States,” he said. “It’s a different dynamic this time, which is causing people to be less confident in US assets, both on the equity side and on the fixed-income side. There has probably been some permanent damage.”

It’s also different this time because the Fed, worried about how tariffs could fuel a jump in inflation, is less likely to bail out the bond market by lowering rates anytime soon.

“You can’t count on” long-term Treasuries as a hedge, said Russell Brownback, a portfolio manager at BlackRock Inc. “That is the fixedincome regime we are in now.” With assistance from Alice Atkins, Anya Andrianova and James Hirai/Bloomberg

THE New York Stock Exchange. Stocks, bonds and the dollar all tumbled together Thursday, adding to concerns that foreign investors are retreating from US assets en masse. BLOOMBERG

Spain Prime Minister Sanchez sticks to China pivot, ignores US warnings

By Daniel Basteiro

SPANISH Prime Minister Pedro Sanchez repeated calls for the European Union to deepen ties with China, brushing aside warnings from the US that it would be detrimental to do so.

It’s “necessary to build a positive relationship between Spain and China,” Sanchez said in a press conference in Beijing Friday after meeting with Chinese President Xi Jinping. “Spain and the European Union defend the same principals, the same values and the same interests.”

Earlier this week, US Treasury Secretary Scott Bessent warned the EU against seeking to pivot toward China and away from the US, singling out Sanchez’s push to deepen ties with Beijing. “That would be cutting your own throat,” he said.

President Donald Trump’s bid to dismantle the global trading system has forced countries to rethink relations with the US and diversify supply chains in the face of the uncertainty triggered by Washington. The EU has said that it’s seeking new trade partnerships with countries that share its commitment to the “free and open exchange of goods.”

Top EU officials are planning

to meet with Xi as part of an EUChina summit later this year, according to people familiar with the matter.

The trip will likely take place in July, said the people, who spoke on condition of anonymity. The plans have not yet been finalized, one of the people said.

The annual summit was originally meant to take place in Brussels as the previous one was held in China but Xi would not have attended so European Commission President Ursula von der Leyen and European Council President Antonio Costa have agreed to a repeat visit, another person said.

The South China Morning Post first reported the plans. “We need mutually beneficial relations and to promote balanced trade and investments,” Sanchez said in introductory remarks ahead of his meeting with Xi. “Spain is a deeply proEuropean country and sees China as a partner of the EU.”  Xi praised Sanchez for his fre -

quent visits to China and said Beijing is willing to build bilateral ties with “more strategic determination and more vitality” amid “changes and chaos in the international situation.”

He also called for a joint effort to oppose “isolationism, unilateralism and decoupling,” taking what appeared to be a veiled swipe at the US. A stable development of China-Spain relations is especially important given the turbulence sweeping the world, Xi said.

Sanchez has used his China trip, his third to the Asian nation in two years, to push for deeper trade ties with Beijing, and has called the US levies “unjustified, unjust and harmful for everybody.”

Thanking Xi for the meeting, Sanchez said it “shows that China and Spain want to have good dialog at the highest level.” Spain’s head of state, King Felipe VI, will make a state visit to China this year, he said.

Spain is more open to the idea of China as a partner than some of its EU peers, who tend to consider the country more as a rival and competitor. Prior to China, Sanchez visited Vietnam, one of the world’s most trade-reliant nations.

European officials have warned that Trump’s 145 percent tariffs on China could cause a flood of cheap products to be diverted to the EU. French President Emmanuel Macron, in a post on X on Friday, said that the EU needed to start work to protect

itself “to prevent flows from third countries from disrupting our market.”

As ties with the US spiral, Chi -

na has courted Europe in an attempt to find common cause over Trump’s tariff threats. China’s Commerce Minister Wang Wentao

called on the EU to deepen trade ties to “inject more stability and certainty” into the world at a meeting with EU Trade Commissioner Maros Sefcovic on Tuesday.   Separately, the EU and China have agreed to discuss cooperation in their electric vehicle supply chains, a person familiar with the matter said. Those talks would include Chinese investments but it’s essential that the investments go beyond simply assembling vehicles in Europe but are based on adding value and transfers of know-how and technologies, the people said. During a trip to China late last month, Sefcovic and his Chinese counterparts also agreed to renew efforts to explore so-called price undertakings as an alternative to the tariffs the EU imposed on EVs from China, the people added. The people cautioned that EVrelated discussions are at an early stage and that talks over using a mechanism to control prices and volumes of exports used to avoid tariffs had stalled before, and needed Beijing to move on its stance to progress.

Other issues discussed included long standing EU grievances over Chinese overcapacity, data access and intellectual property rights as well as access to markets, including pharmaceuticals and several technologies and agri-goods. The two sides are also exploring ways to update a customs cooperation agreement, the people said. With assistance from Jing Li, Alberto Nardelli and Jorge Valero/Bloomberg

US, Iran meet in Oman for nuclear talks as sanctions relief hopes rise

By Eric Martin, Golnar Motevalli & Jonathan Tirone

OFFICIALS from the US and Iran are set to meet Saturday in Oman for the highest-level talks on the Islamic Republic’s advancing nuclear program since 2022, a sign of Tehran’s eagerness for sanctions relief and to avoid the crippling military attack that President Donald Trump has threatened.

Each side’s distrust of the other runs deep, even complicating the path to having their emissaries sit down together. Trump has insisted the talks will be “direct,” while Iranian officials just as assertively maintain they’ll be “indirect.”

Although both sides want a deal, there’s a gap between what they want and will accept, raising the odds that Trump will deliver on his warning of an attack on Iran if no accord comes together. Trump told reporters Wednesday that he’d “absolutely” consider using military action. Israel, he said, would be “very much be involved, the leader of” any military action.

“We don’t have much time because we’re not going to let them

have a nuclear weapon,” Trump said. “And we’re going to let them thrive, I want Iran to be great. The only thing that they can’t have is a nuclear weapon.”

Tensions have risen since Israel’s multifront war against Iranian proxy militias began 18 months ago, a conflict that’s included Iran and Israel — the US’s main ally in the Middle East — twice firing missiles at each other. The US has also been striking the Houthis in Yemen daily since mid-March in a bid to stop that Iran-backed group’s ship attacks in the Red Sea. The US assaults, Trump has said, are also designed to send a message to Iran.

The bad blood between the two sides dates back to Trump’s previous term. He withdrew in 2018 from a multinational deal intended to restrain Iran’s nuclear program and imposed crushing sanctions. Two years later, he ordered a drone strike that killed Qassem Soleimani, the favorite general of Supreme Leader Ayatollah Ali Khamenei.

“It’s very clear that the messaging from the Iranian side and to an extent the United States is to downplay expectations” for a

quick breakthrough, said Nicole Grajewski, a fellow in the nuclear policy program at the Carnegie Endowment for International Peace in Washington.

Tehran is likely to make a deal if the US agrees to lift nuclearrelated sanctions and respects the Islamic Republic’s right to enrich uranium, in line with the terms of the Nuclear NonProliferation Treaty, according to Hossein Mousavian, a former spokesman for Iran’s nuclear negotiating team. That bedrock agreement that prohibits weapons development.

In return, Iran will probably accept curbs on its uranium enrichment and a guarantee that it won’t try to weaponize its nuclear work, said Mousavian, who’s now a Middle East nuclear and security policy specialist at Princeton University.

Sanctions’ toll

IRAN desperately wants sanctions relief. Its economy is struggling with inflation running at around 30 percent, according to the International Monetary Fund, and a currency that has lost almost 95 percent of its value against the dollar since Trump

abandoned the nuclear deal, reached under President Barack Obama, and expanded sanctions.

“The Iranians are weaker than they have been probably at any moment since the creation of the Islamic Republic in 1979,” said Danielle Pletka, a senior fellow in foreign and defense policy at the conservative American Enterprise Institute in Washington. But getting a deal “depends on what Trump asks for, and the Iranians will do their best to whittle down what they have to give.”

Although Iran has decades of experience adapting to trade restrictions and financial isolation, a major fuel and power crisis last winter showed the devastating effects of its lack of investment in infrastructure. President Masoud Pezeshkian has so far failed to win the sanctions relief that he promised to pursue when he took office last July.

Foreign Minister Abbas Araghchi said in a Washington Post oped this week that Iran wants investment from around the world, touting it as a “trillion-dollar opportunity.”

On Wednesday, Pezeshkian said Iran is prepared to provide “any

necessary guarantees” that it’s not interested in developing a nuclear weapon. The question is whether the US would be willing to accept such assurances despite the likely staunch opposition to any compromise from its ally Israel.

“The ball is now in America’s court,” Araghchi said in his op-ed.

“If it seeks a genuine diplomatic resolution, we have already shown the way. If, instead, it seeks to impose its will through pressure, it must know this: The Iranian people respond decisively to the language of force and threat in a unified way.”

Although the Islamic Republic insists its nuclear program is purely for peaceful ends, experts point out that it’s now producing the equivalent of one bomb’s worth of highly enriched uranium a month. And whatever the outcome of negotiations, it will be impossible to erase the knowledge that Iranian scientists gained working on the nuclear program, underlining the importance of enforcing any deal.

Rather than checking Iran’s ambitions, China and Russia have built new supply chains in recent years to foster trade. The three countries last month held joint military drills

near the Strait of Hormuz, a critical oil transit bottleneck that Iran has threatened to close if there’s a conflict with the US.

This weekend’s meeting is taking place as the runway for a diplomatic solution rapidly shortens. International Atomic Energy Agency investigators have been ordered to publish a special report by June on alleged Iranian violations of its obligation to fully declare nuclear activities. That could lead to strict United Nations sanctions being snapped back into place in October, and to Iran withdrawing from the Nuclear Non-Proliferation Treaty. Still, US State Department spokeswoman Tammy Bruce told reporters Tuesday that this weekend’s meeting isn’t an actual negotiation but rather a conversation for “determining what’s possible” if the nations do enter into formal talks.

“Iran’s goal is to come out of the conversation showing its intent to continue negotiations,” predicted Sanam Vakil, director of the Middle East and North Africa Programme at Chatham House in London. With assistance from Stephanie Lai and Hadriana Lowenkron/Bloomberg

CHINESE President Xi Jinping walks with Spanish Prime Minister Pedro Sanchez to a press conference. BLOOMBERG

Britain announces military support for Ukraine’s fight against Russia as Kyiv’s Western backers meet

By Lorne Cook

The Associated Press

BRUSSELS—Britain on Friday announced a “surge” of military support to Ukraine, as the warravaged country’s Western backers gathered to drum up more weapons and ammunition to fight off Russia’s invasion and a US envoy flew to Moscow amid ongoing ceasefire efforts.

Britain said that in a joint effort with Norway just over $580 million would be spent to provide hundreds of thousands of military drones, radar systems and antitank mines, as well as repair and maintenance contracts to keep Ukrainian armored vehicles on the battlefield.

On the eve of the meeting at NATO headquarters in Brussels, Ukrainian Defense Minister Rustem Umerov said a key issue was strengthening his country’s

air defenses. “Ukraine needs a sufficient number of modern systems like Patriot” missile systems, he said in a post on social media. “A political decision is needed to supply these systems to protect our cities, towns, and the lives of our people—especially from the threat of Russian ballistic weapons. Our partners have such available systems,” Umerov said.

President Volodymyr Zelenskyy has renewed his appeals for more

Patriot systems since 20 people were killed a week ago, including nine children, when a Russian missile tore through apartment buildings and blasted a playground in his home town.

“Ukraine needs at the very least 10 systems that are sufficiently effective specifically against Russian ballistic missiles, and this is where Patriots are second to none,” he said on his Telegram channel ahead of the meeting. “We are counting on decisions.”

Zelenskyy joined Friday’s meeting by video link.

Russia holds off agreeing to ceasefire

RUSSIAN forces hold the advantage in Ukraine, with the war now in its fourth year. Ukraine has endorsed a US ceasefire proposal, but Russia has effectively blocked it by imposing far-reaching conditions.

The Russian delay in accepting Washington’s proposal has frustrated US President Donald Trump and fueled doubts about whether Russian President Vladimir Putin really wants to stop the fighting while his bigger army has momentum on the battlefield.

“Russia continues to use bilateral talks with the United States to delay negotiations about the war in Ukraine, suggesting that the Kremlin remains uninterested in serious peace negotiations to end the war,” the Institute for the Study of War, a Washington think tank, said in an assessment late Thursday.

Kremlin spokesman Dmitry Peskov said that Trump’s envoy Steve Witkoff was back in Moscow on Friday but he didn’t confirm whether he will meet with Putin. Witkoff has been pressing the Kremlin to accept a truce.

Washington remains committed to securing a peace deal, even though four weeks have passed since it made its ceasefire proposals, State Department spokeswoman Tammy Bruce said.

“It is a dynamic that will not be solved militarily. It is a meat grinder,” Bruce said Thursday about the war, adding that “nothing else can be discussed…until the shooting and the killing stops.”

Observers expect a new Russian offensive UKRAINIAN officials and military

analysts believe Russia is preparing to launch a fresh military offensive in coming weeks to ramp up pressure and strengthen the Kremlin’s hand in the negotiations.

German Defense Minister Boris Pistorius said that his country would provide Ukraine with four IRIS-T short- to medium-range systems with missiles, as well as 30 missiles for use on Patriot batteries.

The Netherlands plans to supply a Hawkeye air defense system, an airborne early warning aircraft.

Estonian Defense Minister Hanno Pevkur said that his country is monitoring the world armaments market and sees opportunities for Ukraine’s backers to buy more weapons and ammunition.

Pevkur said he believes Putin might try to reach some kind of settlement with Ukraine by May 9—the day that Russia marks victory during World War II—making it even more vital to strengthen Kyiv’s position now.

“This is why we need to speed up the deliveries as quickly as we can,” he said.

Friday’s meeting is the 27th gathering of the Ukraine De -

fense Contact Group. It’s being chaired by Britain and Germany. Defense Secretary Pete Hegseth will be absent from a forum that the United States created and led for several years, although he was due to take part via video.

Hegseth spent the first part of this week in Panama and returned to Washington on Wednesday night.

At the last contact group meeting in February, Hegseth warned Ukraine’s European backers that the US now has priorities elsewhere—in Asia and on America’s own borders—and that they would have to take care of their own security, and that of Ukraine, in future.

Asked about the US stepping back from its leadership role on Ukraine, Pistorius declined to comment, saying only that “it’s a decision of the new administration in Washington.”

“We are here to take over the lead,” he told reporters, “and we are willing and determined to do that with full responsibility and together with our allies.”

AP reporter Lolita Baldor in Washington contributed to this story.

NYC sightseeing chopper plunges into river, killing 6 including Spanish family and pilot

By Michael R. Sisak, Jennifer Peltz & Ted Shaffrey

The Associated Press

NEW YORK—A New York City sightseeing helicopter broke apart in midair Thursday and crashed upside-down into the Hudson River, killing the pilot and a family of five Spanish tourists in the latest US aviation disaster, officials said.

The victims included Siemens executive Agustin Escobar, his wife, Mercè Camprubí Montal, a global manager at an energy technology company, and three children, in addition to the pilot, a person briefed on the investigation told The Associated Press. The person could not discuss details of the investigation publicly and spoke on condition of anonymity.

Photos posted on the helicopter company’s website showed the couple and their children smiling as they boarded just before the flight took off.

The flight departed a downtown heliport around 3 p.m. and lasted less than 18 minutes. Radar data showed it flew north along the Manhattan skyline and then back south toward the Statue of Liberty.

Video of the crash showed parts of the aircraft tumbling through the air into the water near the shoreline of Jersey City, New Jersey.

Witnesses describe the helicopter’s plunge into the Hudson

A WITNESS there, Bruce Wall, said he saw it “falling apart” in midair, with the tail and main rotor coming off. The main rotor was still spinning without the helicopter as it fell.

Dani Horbiak was at her Jersey City home when she heard what sounded like “several gunshots in a row, almost, in the air.” She looked out her window and saw the chopper “splash in several pieces into the river.”

The helicopter was spinning uncontrollably with “a bunch of smoke coming out” before it slammed into the water, said Lesly Camacho, a hostess at a restaurant along the river in Hoboken, New Jersey.

On air traffic control radio, an NYPD helicopter pilot can be heard saying, “Be advised, you do have an aircraft down. Holland Tunnel. Please keep your eyes open for anybody in the water.”

About five minutes after that, someone asks, “Hey Finest,” a reference to the NYPD’s call sign, “what’s going on over there by the Holland Tunnel?”

“The ship went down,” someone else responds.

Rescue boats circled the submerged aircraft within minutes of impact near the end of a long maintenance pier for a ventilation tower serving the Holland Tunnel. Recovery crews hoisted the mangled helicopter out of the water just after 8 p.m. using a floating crane.

The bodies were also recovered from the river, Mayor Eric Adams said.

The flight was operated by New York Helicopters, officials said. No one answered the phones at the company’s offices in New York and New Jersey.

A person who answered the phone at the home of the company’s owner, Michael Roth, said he declined to comment. Roth told the New York Post he was devastated and had “no clue” why the crash happened.

“The only thing I know by watching a video of the helicopter falling down,

that the main rotor blades weren’t on the helicopter,” the Post quoted him as saying. He added that he had not seen such a thing happen during his 30 years in the helicopter business, but noted: “These are machines, and they break.”

E-mails seeking comment were sent to attorneys who have represented Roth in the past.

The Federal Aviation Administration identified the helicopter as a Bell 206, a model widely used in commercial and government aviation, including by sightseeing companies, TV news stations and police. It was initially developed for the US Army before being adapted for other uses. Thousands have been manufactured over the years.

The National Transportation Safety Board said it would investigate.

Tragedy strikes a family from Spain

ESCOBAR worked for the tech company Siemens for more than 27 years, most recently as global CEO for rail infrastructure at Siemens Mobility, according to his LinkedIn account. In late 2022 he briefly became president and CEO of Siemens Spain. In a post about the position, he thanked his family: “my endless source of energy and happiness, for their unconditional support, love...and patience.”

Escobar regularly posted about the importance of sustainability in the rail industry and often traveled internationally for work, including journeying to India and the UK in the past month. He also was vice president of the German Chamber of Commerce for Spain since 2023.

“We are deeply saddened by the tragic helicopter crash in which Agustin Escobar and his family lost their lives. Our heartfelt condolences go out to all their loved ones,” Siemens said in a statement early Friday. Camprubí Montal worked in Barcelona, Spain, for energy technology company

Siemens Energy for about seven years, including as its global commercialization manager and as a digitalization manager, according to her LinkedIn account.

The Associated Press reporters Mike Balsamo and Philip

Marcelo in New York, Hallie Golden in Seattle and Joseph Wilson in Barcelona, Spain, contributed to this report.

Trump’s tariff push won’t bring iPhone manufacturing to the US, analysts say

By Mark Gurman

FOR US President Donald Trump, there would be few bigger victories than having a domestically produced version of the iPhone, one of the most popular tech products in history. Such a prize would validate his tariff plan and campaign promise to bring manufacturing jobs back to America.

And the administration clearly feels this is an achievable goal, especially in the face of the 145% tariffs that it aims to impose on imports from China, Apple Inc.’s current manufacturing hub. The company also has vowed to invest $500 billion domestically over the next four years.

This week, the White House made its stance clear: Trump wants Apple to begin building the device in the US. “If Apple didn’t think the United States could do it, they probably wouldn’t have put up that big chunk of change,” White House Press Secretary Karoline Leavitt told reporters.

But the reality is far different. Apple is unlikely to move iPhone production to the US in the foreseeable future for a variety of reasons, including the shortage of facilities and labor needed to produce the devices. Moreover, the country lacks the rich ecosystem of suppliers, manufacturing and engineering know-how that—for

now—can only be found in Asia.

The company also is more focused on turning India into its new source of US-bound iPhones. Apple’s partners are building the world’s second-largest iPhone plant in that country, decreasing the company’s reliance on China.  Apple’s biggest FATP facilities—short for final assembly, test and pack-out—are massive and incomprehensible to many people outside of Asia. They are almost towns themselves, with several hundred thousand people, schools, gyms, medical facilities and dormitories. One major iPhone factory, a complex in Zhengzhou, has even been dubbed iPhone City.

“What city in America is going to put everything down and build only iPhones? Because there are millions of people employed by the Apple supply chain in China,” said Matthew Moore, the cofounder of a startup and a former Apple manufacturing engineer.

“Boston is over 500,000 people. The whole city would need to stop everything and start assembling iPhones.”

A representative for Cupertino, California-based Apple declined to comment.

The development of new iPhones and other products still starts at Apple’s labs in Silicon Valley. But working with Asia-based component suppliers and other partners begins long before a product actually hits the market. Apple engineers and operations experts spend months or years working closely with Foxconn Technology Group, Pegatron Corp. and other suppliers to customize assembly of new devices.

In addition to its lock on the manufacturing operations, China is home to millions of people educated in operating machinery and the skills needed to build iPhones—a process that still requires a lot of manual work.

“The engineering support to run a factory is not in America,” Moore said. There just aren’t enough students studying STEM, or science, technology, engineering and math, he said.

Chief Executive Officer Tim Cook laid out the reasons for relying so heavily on China during a Fortune magazine event in 2017, saying it wasn’t because of low labor costs.

“China stopped being the low labor cost country many years ago,” he said. “The reason is because of the skill and the quantity of skill in one location.”

You could fill multiple football fields with state-of-the-art tooling engineers in China, Cook said. “In

the US, you could have a meeting of tooling engineers and I’m not sure we could fill the room.”

One popular counterpoint is that Apple should use its cash hoard to buy thousands of acres in the US and create a fully robotic and automated iPhone manufacturing facility. That would remove any human-related challenges from the manufacturing process.

Commerce Secretary Howard Lutnick said as much in an interview with CBS, suggesting that “the army of millions and millions of human beings” is going to be automated.

But that’s not yet realistic, according to supply chain experts and people who have worked on Apple product manufacturing. China has access to lower-cost automation and hasn’t been able to make such a vision work.

The pace of iPhone development

also makes it harder to automate processes because they can frequently change, they said. Much of the equipment needed for production is made in China as well.

While the look of the iPhone hasn’t changed meaningfully in years, new materials and internal components—and even the smallest of tweaks to the design—require the company to retool the assembly lines overseas.

“You design the thing, rebuild the factory, and then you only have six months to sell it,” according to a person with knowledge of Apple’s supply chain who asked not to be identified. “The pace of change makes it so much harder to automate.”

Though Apple has indeed diversified production of iPhones, reducing the share made in China to below 90%, it’s difficult to duplicate the process in other

countries. Apple production hubs in Thailand, Vietnam, Malaysia and Indonesia are focused on devices like Macs, AirPods, smartwatches and iPads.

So far, the biggest attempt to create an iPhone manufacturing center outside of China has been in India. And that’s taken a decade to come together. Though Apple has a small iPhone manufacturing line in Brazil, that operation is focused on less-advanced models.

For now, at least, the Indian factories will help Apple avoid the Chinese tariffs. Already the company has been filling its US channels—its biggest single market—with iPhones made in India, Bloomberg News previously reported. That country could also be enough, at least for now. The estimated 35 million units it’s now making a year could cover a large portion of its needs in the US. Apple sells more than 220 million iPhones a year and currently offers seven models, which are all sold in multiple colors and storage capacities. That makes the manufacturing process even more complex and the scale offered in China even more important.

According to Moore, simpler products with less frequent changes—like iMacs and iPads—could be easier. Already, Apple handles final assembly of Mac Pro desktops in Texas. But the parts being pieced together are mostly made in China anyway. Moreover, Apple only sells thousands of those computers annually and doesn’t update them for years at a time.

“IPhones are a different animal,” Moore said. Bloomberg News

THE iPhone’s frequent updates—and variety of models—make it harder to automate production. BLOOMBERG

EU funds fuel €25 billion rail project to connect southern Italy with Europe

By Alessandra Migliaccio

EAST of Naples near the town of Telese, engineers are cutting into the foothills of the southern Apennine mountains. The straight lines and white gleaming concrete of new high-speed train tunnels and overpasses contrast with the swerving roads and ancient stone walls of the nearby countryside.

When it is completed in 2028, the high-speed rail line will run coast-to-coast between Naples and Bari in just two hours, and connect Italy’s underdeveloped south with the wealthier parts of the peninsula and the rest of Europe. The Italian government hopes the new rail links will finally open up opportunities for business, education and tourism in the south. Earlier this week, Ferrovie Dello Stato, the rail company, broke through two key tunnels that will allow part of the line to come into service by the end of the year, cutting more than an hour from the travel time between Italy’s Adriatic and Tyrrhenian coasts.

The line is being funded with part of €25 billion ($27.6 billion) in loans and grants that the Italian government has allotted to Ferrovie from the EU’s Recovery and Resilience Facility, a more than €700 billion instrument created to help member states invest in projects to drive post-pandemic economic growth. Its success means it’s also a rare high point for the European Union’s joint financing mechanisms — and for Italy, which has historically struggled to source and spend money from the bloc due to tangled bureaucracy and administrative hurdles.

“In this case we’ve spent Europe’s money well,” said Carlo Alberto Carnevale Maffe, a professor of business at Milan’s Bocconi University. “And we’re giving the country infrastructure which is useful, and remains with us for decades to come.”

The economic problems of the so-called Mezzogiorno — the area south of Naples, known as the land of the midday sun — have bedeviled every government since Italy was first unified in the 19th century. Northern Italy’s gross domestic product is around €1.1 trillion, according to Istat, Italy’s National Statistics Institute. The south’s is just €430 billion.

The south’s population is currently less than half of that of the industrial north, and depopulation has become a growing concern. The inland Irpinia region, which is about 100 km (62 miles) from Naples, saw births fall 40% from 1999 to 2023, according to Istat. Transport has been a perennial challenge. South of Naples, the infrastructure peters out into a network of local roads and winding older railroads that leave millions of people isolated, hours away from the main centers of economic activity.

The previous government under Mario Draghi, and the current administration headed by Giorgia Meloni, have jumped at the chance to funnel EU funds into the Mezzogiorno. Italy is the biggest re -

cipient of the EU’s pandemic aid, with 40% of the country’s nearly €200 billion recovery program earmarked for the development of the southern regions.

The new route between Bari and Naples overcomes barriers that have hampered Italy since the Romans ventured south to build the Appian way over 2000 years ago, with tunnels cut through the Apennine Mountains that run down the spine of the Italian peninsula.

Once it starts operating, the line will halve the travel time between the two cities to around two hours, with trains travelling at up to 250 km per hour. Tourists and businesspeople will be able to take coast-to-coast daytrips between two of the area’s biggest cities, and also have access to fast trains heading to Rome, Milan and northern Europe. The works include 16 new stations for regional and freight travel, connecting rural communities with cities.

It is a huge undertaking. The track will pass through one of Italy’s longest tunnels, at 27 km in length. Some of the tunnels are being dug in wet soil, meaning that engineers have had to pump compressed air into the works, according to Daria Pone, a 34-year-old engineer and project manager for the Frasso TelesinoTelese part of the line. Workers on those segments have to go through a pressure chamber to adapt to the hyperbaric atmosphere, and decompress on their way out.

“It’s not just a pure high-speed line, it goes deep into these territories with a double track, regional trains and freight trains as well,” Pone said speaking onboard a train travelling through a 4 kmlong tunnel cutting into the Monte Aglio mountainside.

The investment is huge, but the potential benefits to the region could be too. Connecting the region’s cities with one another could turn them into a contiguous economy, with commuters able to move to formerly declining towns and still access jobs and education in the cities, or even as far away as Rome. When a Rome to Naples link opened in 2005, the one-hour trip meant that commuters could live in Naples and work in Rome, and vice versa, helping to spur a revival in Neapolitan real estate.

“Better transport networks reduce economic disparities by enhancing accessibility and fostering local opportunities,” Rosamaria Bitetti, an economist and lecturer in public policy at Rome’s LUISS University. “The caveat is that results can be mixed if not accompanied by other pro-growth measures.”

The promise of the new network has energized locals. Federica Barile, who lives in the town

of Cerreto Sannita, 70 km away from Naples, had to rent a place in the city when she enrolled there as a student. She was fortunate enough to have the money to do so, she said, but others didn’t. The improved links will cut the travel time from upwards of two hours to 40 minutes. “It’s a real potential change in quality of life,” she said.

Angela Lombardi, a 29-year-old project assistant from the town of Savignano Irpino, lives much further inland, about 120 km from Naples. Currently it takes a car journey, a bus and two trains to get to the city, taking three to four hours if there are no delays.

“The possibility of getting on a train and going directly into these big cities is an absolute novelty for this territory,” Lombardi said. “Being able to work elsewhere but still live in your heartland is an incredible opportunity… you could really repopulate entire areas because not everyone wants to move away, they are forced to.”

Italy has historically found it hard to spend money from the EU, mainly because of an accumulation of red tape at the national and local government level. Projects need multiple layers of authorizations, and sometimes regional or municipal administrations don’t have the capacity to apply for, or spend, funds.

Nonetheless, Italy has been a major recipient of funds from the Recovery and Resilience Facility instrument, which has itself struggled to get money out of the door because of bureaucratic hurdles in member states.

So far, Italy has received  more than €122 billion in grants and

loans from the fund. Regulatory barriers, such as environmental authorizations, and the sometimes slow processes of local administrations mean that only around half of that money has actually been spent, but it marks a huge improvement compared to the past.

“Ferrovie is a particularly virtuous spender because it has a structure in place that can funnel the funds and it has a history of dealing with local administrations, authorizations and all the issues that usually slow down the process and block spending,” Carnevale said.

Another catalyst for change has been in the way that the EU has managed its investment. In the past, major European projects have ended up being bogged down

by small regulatory or administrative hurdles, or other inefficiencies that have been allowed to fester.

To address this, the EU has set incremental targets and milestones within the recovery fund architecture, ranging from the award of contracts, to new regulations, to the creation of digital governance systems, which recipients have to meet to unlock funds. That means countries need to find solutions to problems, on a deadline, if they want to keep receiving money.

This approach has proven effective in Italy, which has had to meet more than 200 milestones and hit 300 targets, and has so far been keeping mostly to deadline — although it has had to revise its plans a few times. In speeches and interviews, Meloni has often

touted the Recovery Plan as proof of Italy’s reliability.

Posting on social media on Thursday, Tullio Ferrante, Italy’s undersecretary for infrastructure and transport, said that the government is totally committed to completing strategic infrastructure “against the anathema of delays and defeatism.”

For the EU, it is important that the RRF has some high-profile successes. The bloc is working on mechanisms to boost defense spending including the possibility of raising €150 billion from EUbacked loans on capital markets.

As Eurasia Group senior analyst Federico Santi said: “On the purely political side, the need to present the Recovery Fund as a success prevails.” Bloomberg News

DARIA PONE on the platform at Valle di Maddaloni station. STEPHANIE GENGOTTI/BLOOMBERG

Search called off as death toll rises to 221 in Dominican Republic nightclub collapse

By Martín Adames Alcántara & Dánica Coto

The Associated Press

SANTO DOMINGO, Dominican Republic—A merengue icon, a baseball star and others killed when a cement roof collapsed at a popular nightclub in the Dominican Republic were buried Thursday, as authorities called off the search for bodies with the death toll at 221.

Mourners clad in black and white streamed into Santo Domingo’s National Theater, where the body of singer Rubby Pérez lay inside a closed coffin. Pérez had been performing on stage at the packed Jet Set club early Tuesday when dust began falling from the ceiling and, seconds later, the roof caved.

President Luis Abinader and first lady Raquel Arbaje arrived at the theater and stood beside Pérez’s coffin for several minutes. Some mourners doubled over in tears as a recording of

Pérez singing the national anthem played. Renowned Dominican musician Juan Luis Guerra was among those gathered to pay their respects.

Pérez, 69, had turned to music after a car accident left him unable to pursue his dream of becoming a professional baseball player. He was known for hits including “Volveré,” which he sang with Wilfrido Vargas’s orchestra, and “Buscando tus besos” as a solo artist.

After a five-hour memorial, mourners released dozens of white balloons outside the theater and

spontaneously sang “Volveré” in unison. One woman put her hand over her heart and patted it as she cried.

At the cemetery, Zulinka Pérez, one of his daughters, said: “I knew he was loved but I never imagined this.”

The search for answers JUST blocks from the memorial for Pérez, heavy equipment began withdrawing from the site where Jet Set once stood and rescue crews packed up their equipment.

Meanwhile, a group of prosecutors arrived.

It is still unclear what caused the roof to collapse or when the building was last inspected. The government has said it will launch a thorough investigation, and the club’s owners have said they are cooperating with authorities.

Juan Manuel Méndez, director of the Center of Emergency Operations, broke down as he addressed reporters.

“Thank you, God, because today we accomplished the most difficult task I’ve had in 20 years,” he said, moving the microphone away from his face as he cried. Other officials patted him on the back as he continued, “Please forgive me,” before passing the microphone to an army official.

Officials said 189 people were

rescued alive from the rubble. More than 200 were injured, with 23 of them still hospitalized, including eight in critical condition.

“If the trauma is too great, there’s not a lot of time” left to save patients in that condition, said Health Minister Víctor Atallah. He and other doctors said some of the injured suffered fractures to the skull, femur and pelvis.

Exasperated families wait

MANY people have been anxiously waiting for news of their loved ones, growing frustrated with the drip-drip of information provided by hospitals and the country’s forensic institute.

At least 146 bodies have been identified, authorities said Thursday.

María Luisa Taveras told TV station Noticias SIN that she was looking for her sister.

“We have gone everywhere they have told us,” she said, her voice breaking.

Taveras said the family has spread out, with a relative stationed at each hospital and at the National Institute of Forensic Pathology. Dozens of people waited at the institute Thursday, wearing face masks and complaining about the smell as they demanded the release of their loved ones’ bodies.

“The odor is unbearable,” said Wendy Sosa, who has been waiting since Wednesday morning for the body of her cousin, 61-year-old Nilka Curiel González. Sosa told The Associated Press by phone that the situation there was “chaotic,” and that officials had set up a refrigerated container to handle the volume of bodies being delivered.

She wept as she described her cousin as gracious, authentic, and “very empathetic.”

‘Life is but a breath’

VICTIMS identified so far include former MLB players Octavio Dotel and Tony Enrique Blanco Cabrera; and Nelsy Cruz, the governor of the northwestern province of Montecristi whose brother is seven-time Major League Baseball All-Star Nelson Cruz.

Dotel was buried Thursday in Santo Domingo. Hundreds of people attended his wake on Wednesday, including Hall of Famer David Ortiz, formerly of the Boston Red Sox. Ortiz said the number of people who attended Dotel’s wake spoke volumes.

“He was a person whom everyone loved,” Ortiz told reporters. “It’s very hard, very hard, truly.” MLB Hall of Famer Pedro Martínez attended another wake Thursday.

“There are no words to describe

the pain we are all feeling,” said Martínez, adding that he knew more than 50 of those who died.

“Life is but a breath.”

Also killed was a retired United Nations official; saxophonist Luis Solís, who was playing onstage when the roof fell; New York-based fashion designer Martín Polanco; the son and daughter-in-law of the minister of public works; the brother of the vice minister of the Ministry of Youth; and three employees of Grupo Popular, a financial services company, including the president of AFP Popular Bank and his wife. More than 20 victims came from Haina, Rubby Pérez’s hometown, just southwest of Santo Domingo.

The governor held a communal wake, setting up 10 stands for coffins beneath a banner that read: “Haina bids farewell to her beloved children with immense sorrow.”

Among the mourners was Juancho Guillén, who lost his wife three months ago and whose brother, sister and brother-in-law died at Jet Set.

“This family is in shock, is devastated,” he told Noticias SIN. “We’re practically dead too.”

Coto reported from San Juan, Puerto Rico.

Second Passover since Hamas attack brings mixed emotions for families of Gaza hostages

NBy Melanie Lidman The Associated Press

AHAL OZ, Israel—Relatives of hostages in Gaza say they feel the absence of their loved ones acutely during Passover, which commemorates the Exodus of the Israelites from Egypt and their liberation from slavery.

Jews around the world will mark the beginning of the weeklong holiday Saturday night, gathering for a meal called a Seder that features symbolic foods and rituals to help recount a biblical story about bitter times, a flight from tyranny and, eventually, freedom.

In Israel, the second Passover since Hamas’ October 7, 2023, deadly attack stirs up a mix of complicated emotions—especially for those whose family members are among the 59 still in captivity in Gaza. Last year, many families left an empty seat at their Seder tables to remember those killed or taken hostage on October 7.

A Seder without ‘daddy Omri’ LISHAY Miran Lavi recalls Passover two

years ago as if it were a different life. In 2023, Passover fell four days after she gave birth to her second daughter, Alma. “We were a full family then, two parents, two daughters,” she said.

Her husband Omri Miran, who turned 48 on Friday, is one of the 24 hostages in Gaza still believed to be alive.

April brings a host of difficult days for the Miran family: Alma’s second birthday, Omri’s birthday, and the Passover holiday. They mark all the milestones because Miran Lavi wants her daughters to experience some joy. But each time the family gathers to blow out the candles on a birthday cake or sing songs during their Passover meal, it only sharpens Omri’s absence.

Each night before bed, Roni leads Alma in wishing their father goodnight, telling him what they did that day, what they learned at school and the things they want to do with Omri when he comes home. Alma, who knows Omri only through photos and videos, doesn’t really understand what a father is, Miran Lavi said.

“She knows that she had a father that is named Omri, and she calls him daddy

Omri,” she said. Alma was six months old when Hamas militants burst into their home on Kibbutz Nahal Oz, forcing Lishay, Omri, Alma, and their then 2-year-old daughter, Roni, into their neighbors’ home. Militants, who had just killed their neighbors’ 18-year-old daughter, broadcast a Facebook livestream of everyone being held hostage in the kitchen, before kidnapping the fathers, Omri and Tsachi Idan, to Gaza.

Idan’s body was released during the last hostage exchange. Hamas killed around 1,200 people and abducted 251 during its cross-border attack. Since then, Israeli bombardment of Gaza has killed more than 50,000 Palestinians, according to Gaza’s Health Ministry, which says women and children make up more than half the fatalities but does not distinguish between civilians and fighters.

Miran Lavi says she was shocked, then furious, when Israel ended a ceasefire last month that had facilitated the release of more than two dozen hostages. She can’t help but think about how if the ceasefire and the hostage releases had continued,

Omri would have been home by now. Watching the return of other male hostages, emaciated and pale, Miran Lavi is terrified for her husband’s condition. Recently released hostages said they had seen Omri in captivity, but Miran Lavi has no details about his current condition. “I know this is the time Omri needs to come out,” she said.

For one family, it is too painful to celebrate VIKI COHEN said her family has not marked any Jewish holidays since her 20-year-old son, Nimrod, a soldier, was taken by militants from his tank in southern Israel.

“We don’t gather as a family, because it reminds us how much he is missing, and that he’s not with us, and it’s very hard for us,” she said. The only time the extended family gathers is at protests. But Cohen found a way this year to help keep hostages’ memories alive during Passover. She illustrated a children’s Haggadah,

See “Passover,” A17

www.businessmirror.com.ph

Ethiopia’s Amhara region gripped by chaos as Fano rebel group challenges government

By Amir Aman Kiyaro The Associated Press

BEFORE he was a rebel, Asres

Mare Damte was a lawyer.

Today he fights for the Fano, a loose collection of groups taking on Ethiopia’s military in one of its most populous and powerful regions.

The conflict in Amhara has simmered largely out of sight, with access limited by authorities and insecurity. But a rare interview with Asres, deputy of an influential Fano faction, and others on the ground give a sense of its impact. Ethiopia’s federal government has long been challenged to hold together a potent mix of ethnic groups and interests. Sometimes, as recently in the Tigray region, it explodes into war.

The Amhara, Ethiopia’s second-largest ethnic group, once dominated national politics. Many among the rebels want to see them in power again. But they also claim the Amhara are under attack, citing ethnic-based violence in parts of Ethiopia where they are a minority.

The extent of the Amhara fighting has been difficult to measure since the Fano emerged during anti-government protests in 2016.

Alliances in Ethiopia can be shifting. During the Tigray conflict, the Fano fought alongside Ethiopian forces. Afterward, angered by certain terms of the peace deal, the rebels turned against the federal government once again.

Before taking up arms, Asres said he coordinated peaceful demonstrations to protest the killing of Amharas. He was arrested twice and fled in 2022 after a third warrant was issued.

These days, he and fellow fighters live in fear of drone strikes by Ethiopian forces. He

Passover. . .

Continued from A16

the text laying out the rituals and story recited during the Seder.

She sprinkled colorful references to the hostages throughout the Haggadah to help spark discussions about them—a scorpion for Ohad Yahalomi, who loved the desert; a bushy mustache for Shlomo Mansour; cactuses lovingly tended by Oded Lifshitz; Batman symbols for Ariel Bibas; and a Rubik’s cube for her son, who was obsessed with the puzzle and left one behind in his tank on the day he was abducted.

Cohen says her heart clenches when she sees other families gathering for Passover or taking trips abroad. She worries that as time passes, Israelis are beginning to normalize the unresolved hostage crisis.

“People are returning to their lives, but what about us?” said Cohen, who is opposed to Israel’s decision to halt humanitarian aid to Gaza because it hurts both hostages and Palestinians.

She encouraged everyone attending a Passover meal around the world to “adopt” one hostage to talk about during their gathering, and to ask themselves what they can do to pressure the Israeli government to reach a deal to free the remaining hostages.

After captivity, some are back in Israel for this year’s Seder LAST year, many families of hostages couldn’t imagine marking the holiday, explained Meirav Leshem Gonen, whose

makes bullish, unverified claims.

“We have fought thousands of battles,” he told The Associated Press from Amhara’s Gojjam area, which has seen some of the heaviest battles. He claimed that the Fano control over 80% of Amhara, a mountainous region of over 22 million people, and has captured “many enemy troops.”

In a statement last month, Amhara’s deputy head of security said the government had “freed” 2,225 of Amhara’s 4,174 subdistricts. It was not clear how many more were under Fano control.

Fighting has escalated since mid-March, with the Fano launching an offensive across Amhara. The military has claimed it “crushed” the offensive and killed 300 Fano fighters, but reports of clashes persist.

Amhara’s large population has long created pressure to expand, and the ethnic group has claimed the western part of Tigray. The Fano and Amhara regional forces seized it during the Tigray conflict, but they were left out of peace negotiations. They were angered to learn that western Tigray’s fate might be left up to a referendum, which has not been held.

It is “not a genuine peace,” Asres said.

After several months of smallscale skirmishes, Amhara saw open rebellion in July 2023, when Fano groups launched a coordinated offensive and briefly seized control of several towns.

daughter, Romi, was released in January after 15 months in Gaza.

“Her absence was so strong, even just sitting around the table, not to hear her voice, her laughter, it was unimaginable and impossible,” she said.

This year, the family is reunited but painfully aware of the thousands of homes across Israel where families are grappling with absences—the families of 59 hostages still in captivity or those killed in the war, or others who were wounded or are still serving in the reserves, Leshem Gonen said.

They retreated to the countryside and have waged a hit-and-run guerrilla campaign since then, setting up checkpoints on key roads and often entering major urban areas.

“One week you’re ruled by one, one week you’re ruled by the other,” said a mother of three in the southern town of Debre Markos, referring to the rebels and Ethiopia’s military. She spoke on condition of anonymity for fear of reprisals.

The monitoring group ACLED recorded 270 battles between Fano and government forces between Oct. 27 of last year and Jan. 31, as well as over a dozen attacks targeting health facilities and doctors in Amhara since last April.

Residents and observers say some local officials have fled their posts for fear of assassination, while police struggle to maintain control.

The regional education office says over 3,600 schools across Amhara are closed, with many looted or damaged, depriving 4.5 million children of schooling. The government said 2.3 million people needed food aid in 2024, many in hard-to-reach areas.

“You can’t travel from one city to another safely. Work has stopped,” said Tadesse Gete, a barber based in Ethiopia’s capital, Addis Ababa, but from North Gondar, one of the fighting’s hot spots. He said his family fled for safety.

Extrajudicial killings, enforced disappearances

RIGHTS groups have accused Ethiopia’s military of abuses including extrajudicial killings, drone strikes against civilians and enforced disappearances of alleged Fano sympathizers.

Human Rights Watch last year said it had documented attacks by Ethiopian soldiers and allied militias in at least 13 Amhara towns since August 2023.

The bloodiest known episode was in February 2024 in Merawi, 30 kilometers (18 miles) south of Amhara’s regional capital, when

She hopes the holiday can encourage more unity within Israel.

“It’s a holiday about liberation and working together, and a nation’s strength when they work together,” she said.

It’s traditional for families retelling the Passover story to find ways to make it relevant to today—a task that has extra meaning for Michael Levy, whose 34-yearold brother, Or Levy, was released from captivity in February.

“This is the Exodus from Egypt for the modern days,” he said.

Ethiopian troops went door-todoor rounding up and executing civilians following a Fano attack, according to Human Rights Watch and Amnesty International. The state-appointed human rights commission said at least 45 civilians were killed.

“The Ethiopian authorities have taken no meaningful steps to hold perpetrators accountable,” said Haimanot Bejiga, a researcher for Amnesty International.

A government spokesperson

denied the allegations at the time, saying “not only would civilians never be targeted, even surrendering combatants would not be killed.”

On March 31, soldiers rounded up and killed civilians in the town of Brakat after clashing with local forces, two witnesses told the AP, speaking on condition of anonymity for fear of retaliation.

One described seeing soldiers killing four women. “They ordered them to kneel down and they shot

them from behind,” he said. “After the soldiers left that area, I counted 28 dead bodies.”

The government has restricted access to Brakat and has not commented.

The government did not respond to AP questions. It has accused the Fano of “terrorizing the people”. But it has also formed regional peace councils, and Prime Minister Abiy Ahmed last year said his government had been in talks for “a while” with Fano groups. They have not made significant progress. Abiy has said the rebel’s diffuse structure and lack of a coherent leadership has made negotiating difficult.

Amhara youth recruited THE Fano continues to draw recruits from disillusioned Amhara youth and from soldiers deserting the military. They include 25-year-old Andrag Challe, who believes that joining the rebellion is the only way to protect the Amhara and bring political change to Ethiopia.

The military “serves the interests of the ruling party,” not the people, he said.

ASRES MARE DAMTE , a Fano militia member, poses for a photo in the Amhara region of northern Ethiopia, Tuesday, February 11, 2025. AP

Rose steals Masters show with 3-shot lead after 65 over Scheffler

UGUSTA,

Aat the Masters With a round that was nearly nine shots better than the field Thursday, the 44-year-old Rose managed to steal the spotlight from the Masters dominance of Scottie Scheffler and the endless quest of Rory McIlroy to complete the career Grand Slam. Rose felt his seven-under 65 had the potential to be something special.

And even with a bogey on the final hole, it was every bit of that. He opened with three straight birdies. He ran off three in a row around the turn. And he wound up with a three-shot lead over Scheffler, Ludvig Aberg and Corey Conners. “When I have been playing well, I feel like I have been competing at a high level,” Rose said. “My consistency maybe has not been as high this year. But my good is good

again. So I’m excited about that.”

Scheffler did his part  in his bid to win a third Masters green jacket in four years, playing a bogey-free round of 68.

McIlroy, so desperate to win this major and complete the career Grand Slam, was right there with him until the end. He took a pair of double bogeys late in the afternoon with careless mistakes and had to settle for a 72. It was the seventh straight time

CREAMLINE served, spiked and blocked itself to familiar territory and will try to extend its dynasty against a Petro Gazz crew dead-set at erecting its own pedestal as the Premiere Volleyball League AllFilipino Conference Finals go down to a winner-take-all Game 3 on Saturday at the PhilSports Arena.

The no-tomorrow match will be played at a smaller venue starting at 7 p.m. but expect the intensity and electricity inside and outside the Pasig City facility to be much, much bigger as the PVL plays a final match that could go down as one of the classic encounters in league history.

“Heart of a champion!” declared Bernadeth Pons, the best player in Game 2 where she scattered 22 points with with 12 excellent receptions and nine excellent dig in a non-stop two-hour, 14-minute thriller the Cool Smashers won in five sets, 25-15, 16-25, 25-21, 15-25, 15-9.

“It’s all about the team’s mantra— never stop until it’s over,” Pons said. “Even though we lost sets and saw them grab the lead, we stood our ground, we kept on fighting.”

THE San Juan Knights banked on Orlan Wamar and Dexter Maiquez to subdue the Batangas City Tanduay Rhum Masters, 72-63, on Thursday and extend their hot streak in Manny Pacquiao presents 1xBet-Maharlika Pilipinas Basketball League 2025 Season at the FilOil EcoOil Centre in San Juan City. Wamar clustered eight points, spiked by back-to-back triples, while Maiquez also poured eight as they outscored the entire Rhum Masters, 16-15, in the fourth quarter and powered the Knights to their fifth straight win in the round-robin elimination phase of the 30-team tournament. San Juan, the 2019 champion, only trails Nueva Ecija (7-0) and is ahead of fellow unbeaten teams Muntinlupa (3-0) and Pasig (1-0), and reigning titlist Pampanga, Abra, Zamboanga, Rizal Province and Quezon Province, all with 5-1 slates, in the race for playoff slots. Batangas stayed within sight, 6167, but Wamar knocked in a triple and Maiquez hooked a shot with 49.9 seconds left to pull down the Rhum Masters, the MPBL inaugural titlist, to a 3-4 card. Wamar wound up with 16 points and 10 assists to clinch best player honors over Maiquez, who posted

he failed to break 70 in the opening round of the Masters.

He declined to speak to the media after his round.

Rose set one Masters record: The fifth time he has had at least a share of the 18-hole lead, breaking the mark held by Jack Nicklaus. The glaring difference, of course, is Nicklaus has six of those green jackets. It also was the eighth time Rose has had at least a share of the lead after any round at Augusta National, something only five others have done. All are Masters champions. “I feel like I’ve played well enough to win this tournament,” said Rose, whose best chance was a playoff loss to Sergio Garcia in 2017. “I just feel like

Cool Smashers or Angels?

Before a predominantly pro-Creamline crowd of more than 11,000 in Game 2 on Thursday night, the Cool Smashers delivered a decisive 3-1 swing led entirely by Pons—a burst of action that broke a 5-all count into an 8-6 Cool Smashers advantage they never relinquished. Pons scored all three points during that stretch—a powerful hit, a push off a loose block by the Angels

18 points and four rebounds, and Michael Calisaan with 15 points and nine rebounds and veteran Reynel Hugnatan who contributed nine points and five rebounds.

Batangas got 12 points, four rebounds and four assists from Jong Baloria, 11 points and three steals from Levi Hernandez, 10 points and six rebounds from Kenneth Ighalo and eight points and 13 rebounds from Dawn Ochea.

The Bataan Risers struck from afar and showed more cohesion in a 94-77 demolition of the Imus Braderhood in the opener. With Dom Vera sinking five triples, Rhinwill Yambing three and Jeff Santos two, the Risers surged ahead, 38-18, and proceeded to snap a threegame slide and climb to 2-5.

The Risers pooled 14 triples from 32 tries against the Braderhood’s 3 out of 20, proving to be the big difference. In addition, the Risers handed more assists, 31-18, to compound the Braderhood’s problems and pull them down to 4-3.

Vera posted 20 points, followed by John Lorenz Capulong with 10 points and 10 rebounds, Jamil Gabawan with nine points and nine

and Yves

and a blast on her second attempt that negated Brooke Van Sickle’s rolling shot.

Jema Galanza also made her presence felt early in Game 2 and finished with 13 points, while Pangs Panaga and Michele Gumabao provided solid support with in 12 and 11 points, respectively.

With 10 titles under their belt, including a sweep of the first three All-Filipino crowns and four straight championships since late 2023 that capped off a historic Grand Slam season, the Cool Smashers are just familiar with the setting.

The setting is where coach Sherwin Meneses draws from his deep playbook of brilliance that molded the Cool Smashers—all armed with experience and poise and looks that are never below dangerous.

Creamline has always delivers in winner-take-all situations but Petro

Gazz won’t be on the opposite side of the court to fold that easily.

Despite Thursday’s gut-wrenching fifth-set setback that forced an epic Game 3, the Angels remain unfazed—that defeat may have snapped their six-game win streak that began in the quarterfinals, but it didn’t shake their belief.

The Angels are a squad that clawed back from the brink of elimination, punched the first ticket to the Finals and won Game 1 over the reigning champions.

They’ve beaten Creamline twice before and they know they can do it again.

Expect Petro Gazz to come out swinging with Van Sickle likely to bring more heat than her 18-point outing last game and MJ Phillips expected to reestablish control in the middle.

Myla Pablo and Jonah Sabete will also aim to break through from the wings, providing firepower alongside Van Sickle

and Phillips—and don’t count their bench out, too, as Joy Dacoron, Aiza Pontillas, Marian Buitre, Nicole Tiamzon, Ranya Musa and skipper Remy Palma could explode anytime.

Expect seasoned setters Chie Saet and Djanel Cheng to orchestrate a diverse, dynamic offense, keeping Creamline’s defense on its toes with every rotation.

Creamline? It has Pons, Galanza and Tots Carlos, plus the middle might of Panaga and Bea de Leon and the clutch depth from Michele Gumabao, Alyssa Valdez and Lorie Bernardo.

Kyle Negrito has kept the team humming since the Jia Morado era, and coach Meneses can count on her to keep the plays crisp and steady.

Choco Mucho and Akari, meanwhile, also go sudden-death in the battle for third place in the 3 p.m. match.

Villaraza Cup golfest underscores ‘Pancho’s’ legacy

VILLARAZA & Angangco (V&A Law) recently marked its 45th anniversary with the inaugural Pancho Villaraza Cup—a tournament that honored both the firm’s 45-year legacy and late founder and former chairman and CEO F. Arthur “Pancho” L. Villaraza.

The Pancho Villaraza Cup brought together more than a hundred players and golf enthusiasts—including clients, colleagues and friends of the firm—for a day of camaraderie, competition and celebration at the West course of the Wack Wack Golf and Country Club.

Artie L. Villaraza, brother of the late Pancho Villaraza, V&A Law chairman and CEO Raoul R. Angangco and V&A Law Senior Partner Bienvenido I. Somera Jr. hit the ceremonial balls.

House Speaker Ferdinand Martin G. Romualdez graced the lunch and awarding ceremony with Deputy

House Speaker David “Jayjay” C. Suarez and former Ambassador of the Philippines to India and Nepal Ramon “Dondon” Bagatsing S. Jr. The event followed the success of several initiatives in line with V&A Law’s celebration of its 45th Anniversary which includes the first Inter-Pacific Bar Association (IPBA) Southeast Asia Regional Conference in Manila, a Blood Drive in Collaboration with the Philippine Red Cross, an Orphanage Outreach Program, and a Firm-wide Bowling Tournament, underscoring the Firm’s commitment to fostering strong connections within its community.

Coming up in V&A Law’s 45th Anniversary events series are special dinners for clients and the muchawaited annual V&A Law Sportsfest.

The Pancho Villaraza Cup was supported by Creative Ventures Travel and Tours as a Diamond Sponsor, along with Platinum

Sponsors PAGCOR, Jolliville Holdings Corporation, Digipay (FSG Technological Ventures Inc.), Robinsons Land Corporation and IPM Holdings Inc.  Among the Gold Sponsors of the event are BDO, Burlington, Datatrail, Dyna Drug, Lakan Heritage Liquors, Madrigal Bayot Development Corporation, Okada Manila, and RCBC. Other sponsors of the event were Silver Sponsors Descorp Inc., DITO CME Ventures Inc., EDOTCO Group, Emperador Distillers Inc., John Clements Consultants Inc., Lloyd Laboratories Inc., Mapúa Malayan Colleges Laguna, Malayan Insurance, Bricolage Philippines Inc. (Mr. DIY), SGV and Co., Super Candy Corporation, and TGP Pharma Inc.

Four hole-in-one prizes were also up for grabs courtesy of Creative Ventures Travel and Tours, Cocogen Insurance, Getgo Golf Carts and V&A Law.

It’s a ‘grenade,’ no longer a gun this time for Ja

EMPHIS, Tennessee—Ja Morant got in trouble again for aiming an imaginary gun to celebrate threepointers, so he has gone to a different make-believe violent way to mark a long-distance shot.

The Memphis Grizzlies leading scorer, who was fined $75,000 recently for mimicking pointing a long gun after a basket from outside the arc, acted like he was pulling the pin and tossing a grenade in Thursday night’s 141-125 loss to the Minnesota Timberwolves

Morant, who was 5 of 13 from 3-point range, in some cases even covered his ears after the windmill-like hurl of the invisible explosive.

“That’s my celebration now until somebody else has a problem with it, and I’ll find another one,” Morant said after Thursday’s shootaround. The league handed down the $75,000 fine on April 4 after Morant twice made what was considered an “inappropriate” imaginary gun-aiming gesture on the court. He was previously warned by the league office that this gesture could be interpreted in a negative light. The gestures that drew the fine were made by Morant during the Grizzlies’ 110-108 victory over the Miami Heat on April 3, but it first drew the league’s attention in an April 1 home game against the Golden State Warriors. That led to the investigation and the warning before Morant did it again against Miami. The fine was the culmination of several questionable incidents involving firearms. Morant was suspended for 25 games at the start of the 2023-24 season after he was seen on video waving a gun in a car. He previously was suspended eight games after he was seen with a gun in a Denver-area nightspot.

“I wasn’t surprised,” Morant said of the latest fine, “just for showing people what’s pretty much been evident for the last two years.” Teammate Vince Williams

rebounds

Sazon with nine points that made him the MPBL’s second 2,000-point man after Nueva Ecija’s John Wilson.

JUSTIN ROSE feels his seven-under 65—a round that was nearly nine shots better than the field Thursday—has the potential to be something special and even with a bogey on the final hole, it’s every bit of that. AP

ORLAN WAMAR winds up with 16 points and 10 assists to clinch best player honors in San Juan’s victory over Batangas.

THE Pancho Villaraza Cup brings together more than a hundred players and golf enthusiasts—including clients, colleagues and friends of the firm—for a day of camaraderie, competition and celebration at the West course of the