BusinessMirror December 11, 2024

Trade gap widest in 26 mos, hits $5.8B in Oct

THE country’s trade gap in October worsened to its widest level in 26 months, according to the latest data from the Philippine Statistics Authority (PSA). However, a World Bank economist signalled this was not a big concern, because the economy is growing and financing conditions “are not adverse.”

On Tuesday, PSA said the country’s trade deficit reached $5.8 billion in October 2024. This was the largest trade gap since the $5.99 billion posted in August 2022. The trade deficit widened by

FBy Cai U. Ordinario

OREIGN direct investments

(FDIs) received by the Philippines in September 2024 were the lowest since the height of the pandemic, according to the latest data released by the Bangko Sentral ng Pilipinas (BSP). Analysts cited, as possible reasons for such, the slowdown in growth and the wait-and-see attitude of investors as vital reforms were still hanging in Congress that time.

The data showed net FDIs amounted to $368 million in September 2024, the lowest since the $314 million posted in April 2020. In terms of year-on-year growth, net FDIs contracted 36.2 percent in September 2024, the steepest decline since the 76.1-percent contraction in December 2022.

“The relatively lower FDI could be largely brought about by a waitand-see stance by some foreign investors/FDIs/locators while waiting for the CREATE MORE to be passed into law—already passed into law on November 11, 2024,” Rizal Commercial Banking Corporation Chief Economist Michael L. Ricafort said.

Apart from this, Philippine Institute for Development Studies (PIDS) Senior Research Fellow John Paolo R. Rivera also told reporters that the slowdown in the country’s economic growth in the third quarter may have also “raised concerns among foreign investors.”

36.8 percent, larger than the 29.4 percent recorded in the trade deficit in October 2023 but smaller than the 43.7-percent expansion posted in September 2024.

“In principle, a trade deficit that increases may be a source of concern if you have no way of financing it, and if it is coming because saving is falling, because consumption is booming, without the economy growing,” World Bank Lead Economist Gonzalo Varela said in a briefing on Tuesday.

“But if the trade deficit is happening because investment is

growing, then you have a different story. So there are a number of things you need to look at,” he added.

Factors to consider AMONG the factors that should be considered, Varela said, include whether countries are able to finance their trade gaps and what the financing conditions are.

It is also important to consider the underlying reason for the trade deficit, on whether it is leading to an investment boom or if it is just being driven by consumption but

is not enough to boost growth.

“So here [in the Philippines] what we have is an economy that is growing [and] financing conditions that are not adverse, so temporary changes in trade deficit are not [a concern],” Varela said. In October 2024, the country’s total export sales in October 2024 amounted to $6.16 billion, indicating an annual decrement of 5.5 percent from the $6.52 billion total export sales in the same month of the previous year.

By VG Cabuag @Villygc

ANUEL B. VILLAR

MJr., the Philippines richest man, has joined the list of Asians who have contributed to philanthropy in the region for the past year.  Villar was the only Filipino in the unranked list that comprise 15 Asia-based individuals collated by Forbes Asia magazine for its 19th Heroes of Philanthropy list.

Pagcor: Some banned Pogo operators going underground

By Reine Juvierre S. Alberto @reine_alberto

In citing Villar, chairman of the Villar group that includes Vista Land and Lifescapes Inc., Forbes Asia citd his donation in October to build a church and school inside Provence, a residential community about 40 kilometers north of Manila being developed by his company.

“The tycoon’s gift to the local Catholic Church consisted of 1.2 hectares of land, valued at P613 million, and the rest

WITH Philippine offshore gaming operations (Pogo) set to be eliminated in the country as early as December 15, the Philippine Amusement and Gaming Corporation (Pagcor) warned that some entities have started guerilla-style operations after the planned ban.

At the Pogo forum organized by Stratbase ADR Institute and the United States Institute of Peace on Tuesday, Pagcor Chairman and Chief Executive Officer Alejandro H. Tengco said 17 Pogos remaining today will all seize operations by

December 15.

“By the end of December, all of them will have all their licenses canceled,” Tengco said.

From a peak of 298 licensed Pogos in 2019, the number has significantly declined to 48 operators this year, as 250 were declared illegal operators and Pagcor canceled or discontinued granting their licenses.

Tengco said the ban will also close internet gaming licensees (IGLs), which have been renamed after Pogo, who are accredited and issued a license to operate and conduct legitimate business in the Philippines.

@caiordinario

Teves likely to appeal PHL extradition with Timor-Leste

TIn thethird quarter, the Philippine Statistics Authority (PSA) said the economy slowed to 5.2 percent, the slowest since the second quarter of 2023.

BSP said this was mitigated by the 3.6-percent growth in nonresidents’ reinvestment of earnings to $84 million from $81 million in September 2023.

By Joel R. San Juan @jrsanjuan1573

HE camp of former Negros Oriental Representative Arnolfo Teves Jr. is likely to appeal the decision of the TimorLeste Court of Appeals granting the Philippine government’s bid to have him extradited and face trial for the killing of Negros Orientsl Gov. Roel Degamo and several others in March 2023.

In an interview, Teves’s legal counsel Ferdinand Topacio told reporters that Teves remains “in good spirit” despite the setback.

“The ball is in the court of our lawyers in Timor Leste. But of course, I am almost certain that we’ll file an appeal and the

Pagcor. . .

Continued from A1

“Pogos have become a breeding ground for criminal activities, from online scams and money laundering to more serious crimes like prostitution, human trafficking and even murder,” Tengco said.

To assure the public, Tengco said the Island Cove Pogo hub in Cavity will open its doors in the third week of December to

appellate process will be underway pretty soon,” Topacio said.

Department of Justice Undersecretary Margarita Gutierrez earlier said that an appeal is still available for Teves.

“He has 30 days to file an appeal. Only after the appeal has been resolved could the determination be made on when he can be brought home,” Gutierrez said. The initial extradition request by the DOJ was invalidated by the Timor Leste’s CA due to procedural issues raised by Teves’s camp. The request underwent new proceedings which eventually ruled in favor of the Philippine government.

“Fortunately, the judicial system of Timor Leste Court has

show that operations have already stopped.

D espite the ban, Tengco warned thatbig-time operators with their licenses canceled have “mushroomed” and are now operating “guerilla-style” in smaller groups. Tengco said some have gone to different provinces, renting out resorts and hotels to conduct operations.

“F or the owners of these resorts, there’s no more high or low season. These resorts have complete facilities already,” Tengco said, noting that there are private rooms,

been consistent with the tenets of fair play and justice considering the positive development in this case,” the DOJ said earlier.

When asked to comment on the DOJ’s statement that the Timor Leste’s CA would likely affirm Teves’ extradition, Topacio said: “They have been saying that for the longest time. They have been saying that for two years, but the fact remains that Congressman Teves is still in Timor-Leste and the fact remains that all of their predictions have been proven wrong.”

Topacio said Teves’s fate should be left to the judicial processes available to Teves in Timor-Leste

Topacio, on the other hand, said Teves is no longer under house arrest but cannot leave

function rooms to set up their equipment and restaurants to accommodate them.

“Simply er adicating Pogos is not enough. We need to come together to develop comprehensive, long-term solutions to this growing crisis. This includes strengthening governance, improving regulation and addressing the root causes that have allowed these criminal networks to thrive,” Tengco added.

T he Pagcor chief said this is when law enforcement agencies and the public

Timor-Leste since his passport has been cancelled.

“But they cannot deport him because he entered the country legally and he has committed no crimes under Timor-Leste law,” he said.

Aside from the Degamo murder case, Teves is also facing trial for the killing of three individuals from March to June 2019 in Negros Oriental, violations of the Comprehensive Firearms and Ammunition Regulation Act, and violations of the law on Explosives following the discovery of high-caliber weapons and ammunition in his family’s compound.

The Anti-Terrorism Council has also tagged him as a terrorist resulting in the cancellation of his passport.

should step in, to become more vigilant and report what they see around their respective places, Tengco said, pertaining to foreigners.

Tengco noted that in the next six months, during the period of adjustment, it is highly possible that underground Pogo firms will be caught.

‘No effect on revenues’

AT the sidelines of the forum, Tengco told reporters the ban on Pogos in the country will have no effect on Pagcor’s revenues.

There are other revenue streams. The electronic gaming environment is improving,” he said.

T he DOF’s cost-benefit analysis showed net costs of allowing offshore gaming operations will amount to P99.25 billion annually. Total economic benefits are worth P166.49 billion while economic costs are valued at P265.74 billion.

“The operations of Pogo are providing more harm than good,” Department of Finance (DOF) Assistant Secretary Karlo Fermin Adriano said in the forum.

On the part of the DOF, Adriano said they will ensure that the tax liabilities of these companies after their closure will be paid or else they will file charges against these entities.

The DOF proposed that certain interventions and assistance such as reselling or upskilling may help laid-off workers to transition to other jobs in other industries, such as the business processing outsourcing (BPO) sector.

996.9 thousand metric tons (TMT), a 12.2-percent decline from the arrivals in the second quarter.

In the fourth quarter, rice imports are expected to reach 1,254.78 TMT. Out of this figure, some 867.19 TMT have arrived as of November 21, 2024.

The Neda noted that between July and October 2024, the Bureau of Plant Industry (BPI) issued a total of 4,129 Sanitary and Phytosanitary Import Clearances (SPSICs) with an expected volume of 3,290.92 TMT.

The report was presented to the Supercommittee, which is also termed the Quinta Committee. It is composed of the Committees on Ways and Means, Trade and Industry, Agriculture and Food, Social Services, and the Special Committee on Food Security.

(See: https://businessmirror. com.ph/2024/11/08/climaterisks-to-agri-infra-to-hurtgrowth/)

“Investors often prefer safe-haven assets in advanced economies under these conditions. Heightened geopolitical tensions and economic uncertainties may have also further dampened investor confidence globally,” Rivera said.

“I have also reiterated before the challenges in the ease of doing business including bureaucratic inefficiencies and regulatory uncertainties, remain structural barriers to attracting FDIs,” he added.

For the first nine months of 2024, BSP said FDI net inflows settled at $6.7 billion, a growth of 3.8 percent from the $6.4-billion net inflows recorded in JanuarySeptember 2023.

The BSP said the decline in FDI net inflows in September 2024 was due largely to the 32.8-percent decline in nonresidents’ net investments in debt instruments to $277 million from $413 million.

The data also showed nonresidents’ net investments in equity capital (other than reinvestment of earnings) fell by 91.2 percent to $7 million from $83 million.

In September 2024 and October 2023, the total export sales registered annual declines of 7.6 percent and 15.8 percent, respectively.

The PSA said year-to-date annual total value of exports, that is, from January to October 2024, amounted to $61.83 billion.

This represented an annual increase of 0.4 percent from the year-to-date annual total export value of $61.6 billion in January to October 2023.

The total imported goods in October 2024 amounted to $11.96 billion. This indicated a growth of 11.2 percent from the $10.76 billion import value in the same month of the previous year.

In September 2024, PSA said the import value recorded an annual increment of 10.1 percent, while an annual decline of 2.4 percent was registered in October 2023.

“Bulk of the equity capital placements in September 2024 were sourced from Japan, the United States, and Singapore. Said investments were channeled mainly to the [1] manufacturing, [2] real estate, [3] information and communication, and [4] wholesale and retail trade industries,” BSP said. BSP said its FDI data are compiled based on the Balance of Payments and International Investment Position Manual, 6th Edition (BPM6). FDI includes (a) investment by a nonresident direct investor in a resident enterprise, whose equity capital in the latter is at least 10 percent, and (b) investment made by a nonresident subsidiary/associate in its resident direct investor.

Net FDI flows refer to nonresidents’ net equity capital (i.e., placements less withdrawals) + reinvestment of earnings + debt instruments (i.e., net intercompany borrowings). The BSP FDI statistics are distinct from the investment data of other government sources. BSP FDI covers actual investment inflows. In contrast, the approved foreign investments data that are published by the Philippine Statistics Authority (PSA), which are sourced from Investment Promotion Agencies (IPAs), represent investment commitments, which may not necessarily be realized fully, in a given period.

in cash,” Forbes Asia said.

“In 2019, Villar donated more than 2 hectares of land to Manila’s Saint Jude Catholic School and completed the donation of 5 hectares to the University of the Philippines, his alma mater, with a combined value of P8 billion,” the magazine said. Villar was joined on the list by Xiaomi cofounder Lei Jun who donated 1.3 billion yuan (US$182 million) to Wuhan University late last year to fund research in math, physics and computer science, and to help support talented students.

F orbes also cited Uniqlo founder Tadashi Yanai’s $31 million in October to fund

Other top export markets were Japan with $940.98 million or 15.3 of total export earnings; China, $853.52 million or 13.9 percent of the total; Hong Kong, $592.23 million or a 9.6 percent share; and Thailand, $304.96 million or a share of 4.9 percent. In terms of imports, goods purchased from China amounted to $3.07 billion or 25.6 percent of the country’s total imports in October 2024.

Other top import sources were Indonesia with $1.01 billion or 8.5 percent of total imports for October 2024; Republic of Korea, $989.72 million or a share of 8.3 percent; Japan, $926.80 million or 7.7 percent of the total; and the US, $754.16 million or 6.3 percent of the total. Cai U. Ordinario

The year-to-date annual total import value—from January to October 2024—amounted to $107.05 billion. This represented a growth of 1.7 percent from the year-to-date annual total import value of $105.25 billion in January to October 2023. US top export market MEANWHILE , in terms of markets and import sources, the United States remained the country’s top export market in October while the People’s Republic of China was the country’s largest supplier of imported goods. Exports to the US had an export value of $995.26 million or a share of 16.2 percent to the country’s total exports in October 2024.

the study of Japanese humanities at the University of California, Los Angeles. The Meta Platforms cofounder Eduardo Saverin and his wife Elaine were also on the list. Forbes Asia noted the couple’s SGD$20 million ($15 million) donation to the Singapore American School (SAS) in September for new labs for science, technology, engineering and mathematics (STEM) education at the school, a Chinese immersion program, play spaces and a new elementary school that is under construction.

“B etween September and November, venture capitalist Solina Chau, through her H.S. Chau Foundation, gave HKD$3,300 [$424] cash handouts to more than 18,000 high school girls to help pay their university entrance exam fees. In April, the foundation pledged HK$60 million to the initiative after the government said it would no longer waive fees as it had done over the past five years,” Forbes Asia meanwhile said of Chau.

Govt deploys aid as thousands flee Kanlaon

PBy Jonathan L. Mayuga @jonlmayuga

RESIDENT Marcos on Tuesday said government has deployed aid for the thousands of people who were preemptively evacuated following the eruption of Mount Kanlaon on Negros Island on Monday.

Marcos said Social Welfare Secretary Rexlon T. Gatchalian already flew to Negros Oriental to oversee government relief operations.

“We know what to do and we have already started to send food packs, and we already started to send all of the things that we bring to the—to those who are in evacuation centers,” the President said.

He said the evacuees were from the six-kilometer-danger zone around Mt. Kanlaon.

People urged to evacuate

SECRETARY of National Defense (SND) Secretary Gilberto Teodoro Jr., called on residents of La Castellana and Canlaon City in Negros Oriental to evacuate immediately as they are within the six-kilometer danger zone. There are 54,000 people residing in these localities.

With the explosive eruption of Kanlaon, the defense chief said the town of La Castellana and Canlaon City are the most affected by the declaration of Alert Level 3 which translates into a six-kilometer danger zone.

Teodoro said that this alert level can be reduced or increased depending on any future action or movement of the restive volcano.

As of 8:00 a.m. Tuesday, the NDRMC Emergency Operations Cen -

ter reported that a total of 1,686 families, comprising 5,400 individuals, have been evacuated from eight barangays in La Castellana, Negros Occidental.

In total, 2,880 families and 9,403 individuals have been affected in five towns and 17 barangays.

Immediate needs have been identified, particularly in La Castellana, based on the rapid damage and needs assessment (Rdana) report.

These includes food packs, noodles, and canned goods for an estimated 34,000 individuals. Additional needs include chlorinators, aqua tabs (20,000), wash kits (1,000), hygiene kits (5,000), first aid kits (20), portlets (10), bathing facilities, modular tents (3,000), kitchen sets (500), sleeping kits (500), tarps (50 rolls), folding beds (500), bedding (2,000), and face masks. Furthermore, Bago City requires face masks and water.

Food pack distribution

IN a statement, the DSWD said Gatchalian arrived on Negros Island on Monday and visited the cities of Bago and La Carlota, as well as the town of La Castellana.

Marcos said DSWD is using the stockpile of food packs from the Guihulngan Warehouse in Negros Oriental to provide aid to the evacuees, which will be augmented by the additional 5,000 family food packs to be produced by DSWD’s Visayas Disaster Resource Center in Mandaue City in Cebu.

Marcos noted that the Department of Environment and Natural Resources (DENR) and the Department of Science and Technology (DOST) are also

No Philippine warships at WPS

PBy Samuel P. Medenilla

@sam_medenilla

RESIDENT Marcos on Tuesday

said the Philippines will not deploy any warships in disputed areas at the West Philippine Sea (WPS), to avoid escalation of the tension with China.

“It [sending of warships] will be provocative and will be seen as an escalation. We don’t do that. The Philippines does not escalate tensions. Quite the opposite, the Philippines always tries to bring down the level of tension,” Marcos told reporters.

“We are not at war. We don’t need Navy warships [at the WPS],” he added. During the weekend, the Coast Guard (PCG) said the President can send Navy ships to help maintain order in the WPS as China continues to deploy its warships in the area. Chinese ships at the WPS continue to harass ships belonging to the PCG and the Bureau of Fisheries and Aquatic Resources, as well as Filipino fishermen.

The latest incident happened last week, when a China Coast Guard ship fired water cannons and rammed PCG and BFAR vessels near the Escoda Shoal. PCG and BFAR were responding to the calls for help by Filipino fishermen.

Despite the said incidents, Marcos assured the country will continue to protect its territorial rights and the Filipino fishermen in the WPS.

“We are going to continue to perform our mission. We will never be

PBy Samuel P. Medenilla

RESIDENT Marcos on Tuesday ordered all agencies involved in the repatriation of Indonesia death-row convict Mary Jane Veloso. Marcos issued the order after the Jakarta requested Manila to defer making further comments related to Veloso.

monitoring the air quality around Mt. Kanlaon to ensure the safety of the evacuees from the toxic gases released by the volcano.

The President said he also received assurance from the Department of Budget and Management (DBM) that the government still has sufficient funds to respond to the effects of the Mt. Kanlaon eruption.

Timely assistance

GATCHALIAN assured that all families affected by the restive Mt. Kanlaon will receive timely assistance from the government until the situation stabilizes.

Gathalian gave the assurance in line with Marcos’ directive to ensure that food, access to clean water, and other needed assistance would be extended to the affected population.

“The DSWD, upon the instruction of President Ferdinand Marcos Jr., is ready to supply assistance like food, water, and other needs for evacuees as long as they need it,” Gatchalian told local reporters during his visit to an evacuation center in Bago City, Negros Occidental.

“We, on behalf of the DSWD, are working with your local governments to ensure that there is enough food, water, and shelter in the evacuation center. Let’s make sure that your needs inside the evacuation center will be met,” Gatchalian said.

Based on the 6:00 a.m. report by the DSWD-Disaster Response Operations Management, Information, and Communication (Dromic) the agency has so far extended over P620,000 worth of relief aid consisting of food and non-food items (FNFIs).

part of an escalation in the situation in the West Philippine Sea,” Marcos said.

Philippine Fleet exercise

THE Navy’s Philippine Fleet (PF) has completed the inaugural unilateral “Pagbubuklod, Pagsasama and Pagsisikap” interoperability exercise on a series of training activities both on land and at sea.

The PF public affairs office chief, Lt. Giovanni Badidles, said the training showed the commitment to defending national sovereignty and enhancing regional stability by integrating traditional naval warfare skills with cutting-edge technology and well-coordinated strategies.

“Highlight of the exercise was the sea phase that saw the conduct of intricate maneuvers and live-fire drills, highlighting tactical precision and the operational synergy of different naval capabilities, including the newly acquired capability in unmanned aerial system,” Badidles said.

The exercises, held from November 28 to December 6, were designed to strengthen coordination and improve the interoperability of assets and components of the Navy.

The training focused on encompassed intelligence, surveillance, and reconnaissance, over-the-horizon targeting, swarming tactics and choke point defense, anti-surface warfare, anti-submarine warfare, electronic warfare, replenishment-at-sea approaches, gunnery exercise, anti-air warfare, mine warfare, and submarine warfare.  With PNA

“We were asked by the Indonesian government not to make any announcements until everything is settled. So, let’s respect that request,” Marcos told reporters at the sidelines of the inauguration of the

Gatchalian reiterated that the department is well-equipped to meet the relief requirements of affected families, citing the prepositioning of 80,000 FFPs in Negros Island ahead of the eruption.

“Our response efforts are continuous. If you remember, we always say we have prepositioned goods. So, that will be used by) of affected families so we are more than ready to meet the requirements,” he said.

Aside from his visit to the evacuation center, the DSWD chief met with Negros Occidental Vice Governor Jeffrey Ferrer, Bago City Vice Mayor Ramon Torres, and provincial council members to discuss the ongoing relief operations and coordinate steps for the agency’s augmentation support to local governments.

Gatchalian was accompanied by DSWD Undersecretary for Disaster Response Management Diana Rose Cajipe, Field Office (FO) 6-Western Visayas Regional Director Arwin Razon, and FO-7 Central Visayas Director Shalaine Marie Lucero.

The DSWD’s Visayas Disaster Resource Center (VDRC) in Mandaue City, Cebu is now busy producing 5,000 family food packs (FFPs) bound for Negros Oriental.

DSWD Field Office 7–Central Visayas Regional Director Shalaine SunLucero reported that on the side of Canlaon City in Negros Oriental, 50 families are currently staying in two evacuation centers after the eruption of Kanlaon Volcano

3,207 families evacuated THE National Disaster Risk Reduction and Management Council (NDRRMC)

reported on Tuesday that more than 3,200 families were preemptively evacuated away from the restive Kanlaon Volcano following its eruption on Monday afternoon.

Including those who voluntarily fled the wrath of Kanlaon Volcano, a total of 3,905 persons were displaced and are now sheltered in 14 different evacuation centers.

The NDRRMC also said a total of 2,680 houses have been damaged by the volcanic eruption.

NDRRMC said that so far, 2,341 farmers and fishermen have been affected, with some 1,595.81 hectares of crops sustaining damage.

Explosive eruption

ACCORDING to the Philippine Institute of Volcanology and Seismology (Phivolcs), the explosive eruption occurred at the summit vent of the volcano at 3:03 p.m. and lasted three minutes and 55 seconds.

In its 3:30 a.m. update issued on December 10, Phivolcs said the eruption produced a voluminous plume that rapidly rose to 4,000 meters above the vent and was bent and drifted by strong winds to the west-southwest.

Immediately after the explosion, ashfall was reported over several barangays in various towns and provinces west of the volcano.

Smell of sulfur

PHIVOLCS said residents of several barangays in La Carlota, La Castellana, Bago City, and Murcia in Negros Occidental, to as far as Bago City, reported smelling sulfur Following the explosion, the Department of Health (DOH) has height -

ened the alert of its satellite offices in the region. The NDRRMC said a total of 17,371 families or 57,563 persons in 24 barangays across 6 cities in Negros Occidental and Negros Oriental were affected by Kanlaon’s eruption. Also known as Mount Kanlaon, the active stratovolcano straddles the provinces of Negros Oriental and Negros Occidental.

DOH springs into action THE Department of Health-Central Office (DOH-CO) directed its Centers for Health Development (CHDs) or regional offices to enhance surveillance, prepare for potential disruptions, and increase coordination with local governments and other agencies. Likewise, the health agency’s central office reminded its CHDs to ensure an adequate supply of N95 masks, eye protection or goggles, water purification tablets or filters, medicines, hand sanitizers, and antiseptic wipes. CHDs will also be implementing a cluster approach to delivering emergency services for medical and public health; water, sanitation, and hygiene (WaSH); nutrition, and mental health and psychosocial support (MHPSS).

Prioritize pregnant women

THE department reminded hospitals and health facilities near Kanlaon to prioritize the admission of pregnant women in their third trimester, particularly those at risk of complications. Hospitals were also reminded to activate their surge capacity plans as needed. With Samuel Medenilla, Claudeth C. Mocon and Rex Anthony Naval

Panel to PSA on 2k recipients of Sara’s OVP confi, intel funds: Who are these?

By Jovee Marie N. dela Cruz @joveemarie

THE House Committee on Good Government and Public Accountability has once again requested the Philippine Statistics Authority (PSA) to verify civil registry records, this time for 1,992 individuals connected to the alleged misuse of P500 million in confidential funds by the Office of the Vice President (OVP) under Vice President Sara Duterte. In a December 9 letter addressed to National Statistician and Civil Registrar General Claire Dennis Mapa, the panel chairman, Manila Rep. Joel Chua, made the request in the wake of a recent PSA report revealing significant discrepancies in an earlier batch of names tied to P112.5 million in confidential funds spent by the Department of Education (DepEd) during Duterte’s tenure as secretary in 2023. Of the 667 names examined, 405 had no birth records, 445 lacked marriage certificates, and 508 had no death records.

“May we request for the verification of the Civil Registry Documents [birth, marriage, and death] of the names in the attached list relative to the investigation being conducted by the committee?” Chua asked the PSA head.

The current batch of names appears on acknowledgment receipts (ARs) submitted by the OVP to the Commission on Audit (CoA) to justify confidential fund expenditures from late 2022 to the third quarter of 2023. Chua stressed the importance of

PSA verification in uncovering irregularities.

“A certification that these names are not in the PSA database would bolster suspicions that they do not exist and that the ARs were fabricated to justify confidential fund expenditures by the OVP and DepEd under Vice President Duterte,” Chua said.

The ARs, which serve as documentation for the distribution of funds, are now under intense scrutiny after discrepancies in the records pointed to potential fabrication.

Adding to the controversy is the discovery that “Mary Grace Piattos,” a name listed in the ARs, does not exist in the PSA database.

The unusual similarity of the name to a popular restaurant and a snack brand raised public suspicion and became a symbol of the alleged irregularities.

Lawmakers suspect that many, if not all, of the names may be fictitious, pointing to what they believe is a systematic misuse of public funds.

‘Pocketed’

DUTERTE is accused of allocating P612.5 million in confidential funds to questionable recipients, including individuals with fictitious identities, and allegedly pocketing a portion of the funds.

This was the conclusion reached by members of the House Committee on Good Government and Public Accountability during an investigation into the alleged misuse of confidential funds by the Office of the Vice President (OVP) and the Department

By Justine Xyrah Garcia

Tof Education (DepEd) under Duterte’s leadership in 2022 and 2023.

The committee uncovered irregularities summarized by Vice Chairman Rep. Jefferson Khonghun and committee members Deputy Majority Leader Paolo Ortega, Assistant Majority Leader Mika Suansing, and Assistant Majority Leader Pammy Zamora.

“Two Christmases have passed, and she, along with her accomplices, squandered the people’s money. It’s as if she played Santa Claus for the OVP and DepEd, handing out funds earned through the hard work of taxpayers,” Ortega, who represents La Union said.

“But she wasn’t just handing it out—it seems she was pocketing some of it as well. In short, VP Sara and her associates grew richer while many continued to struggle just to survive. Even a small portion of this money from the supposedly charitable programs could have eased the suffering of the people, especially the majority who desperately need help, had she not pocketed it. This is a crime of the highest order,” Ortega added.

According to Ortega, this is not only a culpable violation of the Constitution but a betrayal of the trust of the people that had been given to her.

The committee did not recommend the impeachment of the Vice President, but Chua, Ortega, and other panel members noted that its initial findings in the course of its inquiry were cited by impeachment petitioners in the complaints they filed with the House of Representatives.

For her part, Assistant Majority Leader Mika Suansing outlined key irregularities discovered during the investigation like bogus acknowledgment receipts (ARs) used to justify expenses, “copy-paste” liquidation reports across multiple quarters, P53 million allegedly spent on OVP “safehouses,” distribution of funds to 103 recipients in a single day on December 23, 2024, P125 million spent in just 11 days, duplicate signatures on ARs signed under different names and cities, and a fabricated name, “Mary Grace Piattos,” listed as a recipient despite having no records in the Philippine Statistics Authority.

“If Piattos did not exist, where did the money go?” Suansing asked. Also, Assistant Majority Leader Pammy Zamora noted a parallel pattern of misuse in the DepEd. She pointed to individuals close to Duterte, including Edward and Sunshine Fajarda, who were tasked with handling confidential funds but allegedly misused them. Zamora also highlighted inconsistencies in liquidation reports, where certifications supposedly issued by the Armed Forces (AFP) were used despite the AFP’s denial of receiving funds.

Meanwhile, Chua informed his panel that the AFP has informed him that it is conducting an “internal investigation” into the alleged receipt of millions of CIFs from OVP and DepEd by a colonel who heads the OVP security group and another colonel who was the education department’s security officer.

A4 Wednesday, December 11, 2024

SRA to probe drop in millgate prices

low,” he said partly in Filipino.

TEditor: Nonnie Pelayo •

DTI refutes vape firms’ full compliance claim

By Andrea E. San Juan @andreasanjuan

By Ada Pelonia @adapelonia

HE Sugar Regulatory Admin -

istration (SRA) said it is ready to investigate the plunge in millgate prices despite the low supply of sugar.

SRA Administrator Pablo Luis Azcona issued the statement after Negros Occidental Rep. Emilio Bernardino Yulo recently called on the government to take action and stabilize sugar prices that have dropped to the detriment of sugarcane farmers.

Azcona explained that the lowest millgate price on record was P2,400 per 50-kilo bag, which amounts to less than P50 per kilo.

The SRA chief noted that the stock level of raw sugar stood at 150,000 metric tons (MT) while refined sugar was 300,000 MT.

He said these numbers were higher than raw and refined sugar stocks two years ago at 178,000 MT and 228,000 MT, respectively. However, millgate prices during that time settled at over P3,000 per 50-kilo bag.

“We have to remember [that] 85 to 90 percent of our farmers are small farmers of one to two hectares [...] the current pricing is at breakeven or even lower than their cost to produce,” Azcona told reporters on Tuesday.

“We are coming from bad weather, higher [production] costs, lower yield, and yet our prices are exceptionally

Azcona explained that the ideal pricing should range from P2,650 per bag to P2,728 per bag, offering planters a slightly better margin.

The SRA chief floated the concern that farmers would shift to planting other crops if the chance to gain a better profit margin did not come.

“The whole industry will basically dwindle and disappear if we no longer have sugarcane. Globally, the sugar supply is also decreasing. So we cannot be dependent on outside sources all the time,” Azcona said.

‘Bitter Christmas’ YULO recently noted the “staggering decline” in millgate prices during his privileged speech, which he said began

Neda pushes creation of water department

TBy Cai U. Ordinario @caiordinario

HE devastation brought by the recent typhoons prompted the need for the creation of the Department of Water (DWR), according to the National Economic and Development Authority (Neda).

In a statement, Socio-economic Planning Secretary Arsenio M. Balisacan said the DWR can help address the country’s persistent challenges in flood management and agricultural productivity.

Balisacan in the statement said this is because “the DWR aims to integrate the country’s governance and regulation of water resources. This will also result in the country’s achievement of comprehensive water security.”

“The recurring devastation caused by heavy typhoons necessi -

tates that we prepare for our country’s future and safety. The DWR will be mandated to coordinate with relevant agencies on the construction of water projects, which will improve our irrigation and flood management,” said Balisacan. Balisacan earlier underscored the vital role of the DWR Bill in the 7th meeting of the LegislativeExecutive Development Advisory Council (Ledac). He highlighted that the bill will establish a central agency to efficiently manage and develop the country’s water resources, addressing issues such as the current institutional fragmentation of the sector. The establishment of the DWR and the accompanying Water Regulatory Commission is listed as one of the top priority bills under the Ledac Common Legislative Agenda (CLA). It is targeted for passage before the

at P2,850 per bag at the start of the milling season and plunged to P2,470 per bag last week.

He said this was “alarming” considering that the pricing had fallen below the production cost.

“Despite relatively low supply and an expected surge in demand for sugar this Christmas season, prices continue to drop,” Yulo said last Monday.

“Christmas is supposed to be sweet, but for thousands of sugar farmers, their Christmas this year will be bitter.”

The prevailing price of refined sugar in selected Metro Manila markets is P80 per kilo while washed sugar is P75 per kilo, based on the Department of Agriculture’s (DA) latest price monitoring report.

Simbang Gabi. . .

Continued from A3

end of the 19th Congress.

The Council also reviewed progress on other CLA bills, including the Amendments to the Electric Power Industry Reform Act, the Magna Carta of Barangay Health Workers, and the National Government Rightsizing Program.

President Marcos earlier signed Republic Act 12078, or the Amendments of the Agricultural Tariffication Act.

This law, also part of the Ledac CLA priority bills, aims to strengthen the country’s rice industry by providing greater support to local rice farmers and enhancing agricultural productivity, thus contributing to the country’s food security objectives. Currently, 29 of the 64 bills under CLA have been signed into law.

The Ledac, which is chaired by the President and is composed of the Senate President, the Speaker, and representatives from the Senate, the House of Representatives, and the Cabinet, is a high-level advisory body that sets the government’s legislative priorities. Neda serves as the Principal Secretariat for Ledac.

Veloso. . .

Continued from A3

to death by an Indonesian Court in 2015, but her execution was later indefinitely suspended.

After Prabowo Subianto became Indonesia’s new president last October, Marcos said he has received word that Veloso will soon be coming home.

such as the Gloria—they will be sung or recited during all Simbang Gabi masses, with white vestments used to signify the joyful nature of the season.

On Sundays, while regular Sunday readings and prayers are used, the use of white vestments and the singing of the Gloria will continue for Aguinaldo masses.

The circular also emphasized that masses held outside traditional parish venues, such as in chapels or workplaces, require explicit permission from the Archbishop to maintain the solemnity of the celebration.

“On Christmas Eve, the vigil mass of Christmas may be celebrated from 6:00 in the evening. The last mass on the evening of December 24 would take the liturgy of the midnight mass of Christmas. The dawn mass of Christmas is celebrated on the early morning of December 25,” it added.

To deepen the spiritual significance of Advent and Christmas, the Archdiocesan Liturgical Commission had also prepared family prayer guides.

These include blessings for Advent wreaths, belen, parols, Christmas trees, and homes, encouraging families to pray together during these seasons of faith.

Advincula, in the circular, described Simbang Gabi as a profound expression of faith, stating that it is a time to “await in joyful hope the celebration of the Nativity of the Lord Jesus.”

He urged the faithful to approach this tradition as an opportunity for spiritual renewal and to strengthen their relationship with God and the community.

“Let us encourage our parishioners to pray together as families so that the seasons of Advent and Christmas will be occasioned by meaningful encounters with the Lord,” the Cardinal added.

THE Department of Trade and Industry (DTI) has refuted misleading social media posts from vape companies FLARE and SHFT for falsely claiming full compliance with regulations and with SHFT improperly sharing unauthorized photos of DTI staff.

“These posts misrepresent the Department’s role and violate consumer protection laws, including RA 7394 or ‘The Consumer Act of the Philippines’, which prohibits false, deceptive, or misleading advertisements,” DTI said in an advisory on Tuesday.

Under Department Administrative Order 2 (2007), false, misleading information, or concealing material facts is also prohibited, DTI said.

DTI said only the following brands with valid Philippine Standard (PS) Licenses are authorized to sell in the Philippine market: DON BARS, KLIQ, ONE BAR, PHANTOM VAPE, RELX, TOMORO, TRUEZ, VAGEND, and X-VAPE.

In an advisory posted on the DTI website on November 26, the agency said it has lifted the Preliminary OrderPreventive Measure Order of FLARE, NIXX, and VAPENGIN vape products.

However, DTI said the sale of these products remain prohibited until their respective Philippine Standard (PS) Licenses are issued.

Meanwhile, DTI officially lifted the suspension of trading activities for vape products manufactured by AEROGIN and RELX.

Last September, DTI issued preliminary

orders and preventive measures to suspend the trade of several vape brands while a formal investigation was ongoing. The vape brands which faced trade suspension were: SHFT & DR FREEZE, AEROGIN, CHILLAX, BLACK ELITE and LOST MARY. In addition to the trade suspension, DTI said it suspended the Philippine Standard licenses of SHFT, DR FREEZE, AEROGIN, and CHILLAX.

“This action is in response to the formal charges filed against these brands for violating Section 4(d) of Republic Act 11900, or the Vaporized Nicotine and Non-Nicotine Products Regulation Act,” DTI noted in a statement last September.

With this, the agency is urging vape businesses to secure and maintain valid PS Licenses to ensure that products meet safety and quality requirements before being distributed.

According to DTI, the penalties for selling or trading these products are P2 million for the first offense, P4 million for the second offense, P5 million and cancellation of licenses for the third offense. Under the provisions of Republic Act 11900 or the “Vaporized Nicotine and NonNicotine Products Regulation Act,” and its related issuances, the Office for the Special Mandate on Vaporized Nicotine and NonNicotine Products, their Devices, and Novel Tobacco Products (OSMV) has the authority, upon due process to order the immediate withdrawal, restriction, or confiscation of Vaporized Nicotine and Non-Nicotine Products, their Devices or Novel Tobacco Products that are non-compliant with legal and regulatory guidelines, DTI noted.

Manila Water, Mspectrum sign solar energy PPA

MANILA Water, the concessionaire of the Metropolitan Waterworks and Sewerage System (MWSS) for the so-called East Zone of Metro Manila, recently signed a power purchase agreement (PPA) with solar power company Mspectrum as part of the company’s sustainable energy consumption program.

In a statement, Manila Water said the PPA, which involves MSpectrum installing the Phase 2 solar power project of Manila Water at ten facilities, is part of the water company’s efforts to meet its Environment, Social, and Governance (ESG) goals and to align with its Energy Masterplan and Outlook. MSpectrum’s construction of the solar power facilities will start in the first quarter of 2025.

The 4.271-megaWatt power (MWp) solar project is expected to generate 6.2 million kilowatt-hours (MkWh) annually. These renewable power systems will effectively reduce Manila Water’s grid demand to the equivalent consumption of 2,600 households (at 200 kilowatt-hours per month).

Signing the agreement held at Manila Water’s Main Office in Balara, Quezon City were Manila Water President and Chief Executive Officer (CEO) Jocot de Dios, Manila Water East Zone Chief Operating Officer (COO) Arnold Mortera, MSpectrum President and CEO Cecilia Domingo, and MSpectrum

Chief Operating Officer Patrick Panlilio.

“About two and a half years ago, we started trying to germinate the idea of having solar [energy] inside the fence because it’s the responsible thing to do. It makes sense not just for the environment and sustainability, but because power is a very large component of our operating expenses,” de Dios said during the signing ceremony.

This move to add more solar power to the company’s energy mix is projected to mitigate around 4,400 tons of carbon dioxide emissions annually, highlighting Manila Water’s commitment to sustainable and renewable energy.

Earlier this year, Manila Water started the installation of Phase 1 solar power systems at three facilities: the Cardona Treatment Plant, the East La Mesa Treatment Plant, and the San Juan Compound. With a total capacity of 2.5 MWp, the estimated solar power generation of these installations is 3.6 MkWh/year. These facilities will not only deload the power grid; they will also reduce greenhouse gas emissions by approximately 2,564 tons of CO2 equivalent (CO2e) annually.

A member of the Meralco Group, MSpectrum is a renewable energy company in the Philippines that provides market-leading solar solutions to partner organizations. Jonathan L. Mayuga

4.

15.

RAJAGOPAL, AMULRAJ

Assistant Manager, GBO-GPCO

Brief Job Description: Management of Deposits related transactions to ensure that they are accurate, as per the prescribed service delivery standards and as per the SLA with the sites.

BROOKING, GAVIN JAMES

Head Of Securities & Prime Processing Operations

Brief Job Description: Within CIB Operations and the COCE (Client Operating Center of Excellence), the Global Market Operations (GMO) Securities & Prime Processing in Philippines operates settlements activities on global Securities Products (Equities, Bonds, Structured Securities…) on cash & financing transactions (SLAB, REPO), as well as accounting control framework, and complex operations.

16. MYSANI, GEETHA Manager, CEP-Client Referential Brief Job Description: Ensure correct alignment and allocation of resources across regions. Ensure all tasks/activities re processed as per SLA. Basic Qualification: Team player with a collaborative mindset. Results-oriented approach to tasks and projects.

49. ZENG, GUODA Marketing And Sales Agent

Brief Job

50.

Brief

Brief

52. WANG, MINGHUAI Senior Marketing Specialist

Brief

BusinessMirror

Basic

81. BHULLAR, LAKHBIR SINGH Hindi Marketing Analyst

Brief Job Description: Gathers data from sales, consumers, and competitors. Analyze, visualize, and communicate the interpretation in an interesting and logically connected method.

82. BUTA SINGH Hindi Marketing Analyst

Brief Job Description: Gathers data from sales, consumers, and competitors. Analyze, visualize, and communicate the interpretation in an interesting and logically connected method. Basic Qualification: Any

83. SUKHJINDER SINGH Hindi Marketing Specialist

Brief Job Description: Gathers data from sales, consumers, and competitors. Analyze, visualize, and communicate the interpretation in an interesting and logically connected method.

84. NI, ANHANG Mandarin Account Supervisor

Brief Job Description: Stay on top of clients and campaigns, making sure everything will be executed perfectly.

85. LIU, BO Mandarin Sales Specialist

Brief Job Description: Establish and maintain effective customer relationships with customers, and assist in day-to-day operational responsibility.

86. SANDEEP SINGH Translator (Indian Hindi)

Brief Job Description: Translate written documents, audio recordings, or spoken conversations accurately and efficiently from one language to another.

SKYWORTH (PHILIPPINES)

www.businessmirror.com.ph • Editor: Vittorio V. Vitug

New Air Canada direct flight to MNL will hike tourists from N. America

By Ma. Stella F. Arnaldo Special to the BusinessMirror

THE commencement of Air Canada’s new nonstop flights between Vancouver (YVR) and Manila next April is expected to be a game changer for the tourism industry, helping boost visitor arrivals from North America.

“This has been in the works from many years. We are glad that it’s finally pushing through. North America is still an opportunity market and this added access can only increase visitor arrivals from that market,” said Rajah Tours Philippines president Jose C. Clemente, in a message The BusinessMirror.

“That said, we can only capitalize on this opportunity if the appropriate marketing resources are allocated to it. If we want to sustain these flights, we must be able to generate passenger traffic to and from the Philippines,” he stressed. Rajah Tours organizes the annual Winter Escapade tour for Filipino-Canadians for the Department of Foreign Affairs, an offshoot of the latter’s popular Ambassadors, Consuls General, and Tourism Directors Tour (now called the Very Important Pinoy Tour) launched in 2005. The VIP Tour now primarily targets overseas Filipinos from the United States. (See, “‘Strategic expansion’ | Air Canada to fly direct Vancouver-Manila starting April 2, 2025,” in the BusinessMirror, December 6, 2024.)

In 2019, arrivals from Canada reached 238,850 making it the seventh top source market for tourists in the Philippines. From January to November 30, 2024, data from the Department of Tourism (DOT) showed arrivals from Canada at 195,549, putting it in sixth place. In turn, Filipinos traveling to Canada reached 119,809 from January to November 30, 2024.

Fam tours for Canadians

TOURISM Promotions Board (TPB) Chief Operating Officer Maria Margarita Montemayor Nograles also welcomed the new Air Canada (AC) direct flights between Vancouver and Manila. “I am excited that the new AC flights will help boost bookings to the Philippines since air connectivity is one of the major considerations for long-haul travelers,” she told this reporter. The TPB is the marketing arm of the DOT. Speaking to marketing concerns,

Nograles stressed, “Our work program next year focuses on familiarization tours in partnership with Travello Travel Group, Canada’s leading host agency servicing nearly 1,000-plus travel professional throughout Canada.” The Travello Travel Group has consistently won awards from world-renowned travel brands and tourism boards, one of which is the Circle of Excellence from AC.

“Through this familiarization trip we aim to provide Canadian agents with firsthand experience what the country can offer as a tourism and MICE (Meetings Incentives Conventions Exhibitions) destination to help them develop and enhance tour packages that they can offer to Canadian travelers,” she added.

The Philippines will also attend the annual International Tourism and Travel Show (ITTS) in Montreal, Canada in November next year, said the TPB chief. ITTS is mostly attended by mainstream Canadians, particularly the FrenchCanadians, a market TPB wants to expand beyond the regular Filipino-Canadians who make the regular balikbayan trips.

“ This year we did very well at the ITTS. We generated over P662.22 million in sales leads this year,” said Nograles.

PAL unfazed

ACCORDING to Canada’s census, there are some 958,000 Canadian residents of Filipino descent as of 2021. The Philippines is the third largest source of immigrants for Canada after India and China, official data sources show. Most Filipino-Canadians live in Toronto, Vancouver, Calgary, Winnipeg, Edmonton, and Montreal.

Meanwhile, flag carrier Philippine Airlines (PAL) is unfazed by AC’s announc ement: “Philippines-Canada is a strong and growing market where PAL is the market leader,” said president and chief operating officer Capt. Stanley Ng. He was confident “the market will accommodate both carriers…. Generally, the Filipino diaspora in Canada has been growing, and more Filipinos travel to Canada to visit family or tour Canadian cities — significantly aided by the easing visa restrictions for Filipinos.”

T he carrier flies MNL-YVR daily, and MNL-Toronto, three times weekly, or a total 10 times weekly, and connects passengers beyond Vancouver to “ interior points in Canada” via WestJet and AC.

PHL leads Asia-Pacific’s new social contract talks

By Justine Xyrah Garcia

THE Philippines hosted a twoday regional conference starting Tuesday to tackle the need for a new social contract in Asia and the Pacific in response to a “rapidly changing world.”

Organized by the International Labour Organization’s Bureau for Workers’ Activities (ACTRAV), the conference discusses strategies to address the region’s pressing labor challenges and explore ways to create a more inclusive and just workforce.

ACTRAV Desk Officer Alex Castro described the event as a “critical intervention” for a region grappling with disruptions to work

and social systems.

“What we see is the changing patterns of globalization, the rapid technological change, and challenges linked to the climate crisis and also the intensifying geopolitical tensions. These factors are actually affecting the world of work and [are] threatening sustainable economic development and social cohesion in the Asia-Pacific region,” he said.

The discussions are expected to be anchored on the concept of a “new social contract,” a framework that redefines state-society relations to ensure inclusivity and justice in economic and labor policies.

According to the ILO, this involves aligning social and economic priorities to provide decent work, social protection, and equity in development.

The need for a new social contract arises from systemic gaps in current frameworks, particularly in addressing the needs of workers in vulnerable employment.

In the Asia-Pacific, where rapid economic transformation often outpaces regulatory reforms, existing social contracts are under pressure as it fail to provide adequate protections for all.

For ACTRAV Director Maria Helena André, trade unions play a major role in renewing these systems.

“It is an ample opportunity to evaluate the involvement of the labour movement in the agenda 2030, and to discuss the way forward, including their continued participation in the multilateral system to shape public policies for renewing the social contract,” she said.

The conference will feature sessions on the effects of macroeconomic policies on labor, challenges to fundamental labor rights such as collective bargaining and freedom of association, and critical need for policy coherence and social dialogue in creating a just labor system.

Beyond regional dialogue, the labour organization also expects the conference to prepare delegates for the Second World Summit for Social Development in 2025, where labor’s role in shaping the future of work will be a central theme.

Marcos says completion of NLEX Candaba   viaduct to boost Central Luzon’s economy

By Samuel P. Medenilla @sam_medenilla

RESIDENT Ferdinand

PMarcos said the timely completion of the P7.8billion North Luzon Expressway (NLEX) Candaba 3rd Viaduct will help reduce traffic congestion and spur economic growth in Central Luzon.

The chief executive said the latest project of Metro Pacific Tollways Corporation, which operates NLEX through its subsidiary, will promote countryside development by enhancing the 5-kilo -

meter bridge of NLEX connecting the towns of Pulilan, Bulacan, and Apalit, Pampanga.

“By improving the movement of goods, services, and of people, we steer economic growth, expand opportunities for trade and tourism, and drive regional development,” Marcos said in his speech during the inauguration of the new viaduct in Bulacan last Tuesday.

The viaduct was initially scheduled to be completed in February 2025, but was finished ahead of schedule by Metro Pacific.

Marcos lauded the comple -

tion of the project in time for the Christmas holidays, when the number of users of NLEX surged.

“The timing of this milestone could not be more opportune. As we enter the holiday season, a period marked by heightened activity and an influx of holiday travelers, this bridge becomes even more crucial,” Marcos said.

He assured the Department of Transportation and the Toll Regulatory Board will also be implementing measures to ensure smooth travel of motorists during the upcoming holidays.

Initially built with just two via -

ducts each with two lanes in 1977. In 2017, it underwent an expansion with each viaduct receiving an additional one lane each thus able to accommodate 80,000 motorists every day.

With the completion of its new enhancement, NLEX now has three viaducts in Candaba thus able to accommodate more vehicles.

“Built to withstand the challenges of nature and the demands of our time, it is poised to serve our people for decades, offering them not only convenience but also security as they traverse this route,” Marcos said.

By Claudeth S. Mocon-Ciriaco @claudethmc3

N ADDITIONAL

AP23.75 million financial aid will be given by the city government of Makati to 46 disasterstricken local government units (LGUs), Mayor Abigail Binay said on Tuesday.

“The City of Makati recognizes the continuing need for financial support among localities severely damaged by strong typhoons. They need all the help they can get to recover and rebuild,” Binay said, following the approval of the release of the P230,750,000 allocation for the localities affected by tropical cyclones Kristine, Leon, Marce, Nika, Ofel, and Pepito. Each be receiving cash aid ranging from P250,000 to P1 million based on the number of families affected.

Of the P23.75 million, Binay said that P16.5 million will be distributed to 32 LGUs affected by the combined effects of Kristine and Leon. This includes P1 million each for Ilagan in Isabela, Bacoor in Cavite, San Pedro, Biñan, Calamba, and Santa Rosa in Laguna, and Donsol in Sorsogon;  Meanwhile, P750,000 each for Calauag in Quezon, Santa Cruz in Laguna, and Daet in Camarines Norte; P500,000 each for the City of Sorsogon in Sorsogon, Viga in Catanduanes, Dolores and Canavid in Eastern Samar, Malinao in Albay, Cabusao and Milaor in Camarines Sur, and Paracale in Camarines Norte.

P250,000 each for Batangas City and Bauan in Batangas, Macalelon and Polillo in Quezon, Pagsanjan and Siniloan in Laguna, Cardona in Rizal, Pola in Oriental Mindoro, Pilar in Sorsogon, Gainza in Camarines Sur, Bagamanoc in Catanduanes, Basud in Camarines Norte, and Canaman in Camarines Sur.

A total of P1 million will be given to local governments affected by tropical cyclone Marce, of which P750,000 will go to Pagudpud in Ilocos Norte and P250,000 to Gonzaga in Cagayan.  Also, a total of P6,250,000 will also be given to 12 LGUs affected by the combined effects of tropical cyclones Nika, Ofel, and Pepito. These areas include Maddela in Quirino, Santiago in Isabela, and Virac in Catanduanes with P1 million each; Baggao in Cagayan, Dilasag in Aurora, Caramoan and Viga in Catanduanes with P500,000 each; and Dingalan in Aurora, Licab in Nueva Ecija, Bagamanoc, Bato, and Panganiban in Catanduanes with P250,000 each.

Binay on December 9 led a ceremonial distribution of cash aid for the initial batch of recipients of the P51-million financial assistance granted earlier to localities affected by tropical cyclones Aghon, Butchoy, Carina, Ferdie, Gener, Helen, Igme, Julian, and Kristine.

The event was attended by some 60 local officials representing the beneficiary LGUs. Calabanga Mayor Eugene Severo delivered an appreciation message for the City of Makati on their behalf.  Makati allocates ₧23.75 million in aid for

OSG loses case vs alleged Dragon Wu drug ring

TBy Joel R. San Juan @jrsanjuan1573

HE Office of the Solicitor General (OSG) has lost its plea before the Court of Appeals (CA) to reverse the October 2023 ruling issued by a lower court dismissing the drug charges against the alleged members of Dragon Wu drug syndicate who were allegedly behind the operations of several shabu laboratories in the country.

In a 23-page ruling penned by Associate Justice Florencio Mamauag Jr. , the CA’s Eight Division did not give merit to the grounds raised by the OSG in seeking to overturn the ruling issued by the Regional Trial Court, Branch 87, Rosario, Batangas.

T he trial court, in the said ruling, exonerated the accused namely Tian Baoquan, Guo Zixing, Xie Jiangsheng, Hong Dy, Jiang Mingshan, Hong Liangyi, Amancio Gallarde, Rosaleo Cesar, Sanny Baguio, Eduardo Lorenzo and Nestor Baguio for violations of Section 11 and 8, Article II of Republic

Continued from A14

PhilHealth has not been receiving the entirety of the earmarked funds mandated in the Sin Tax Law. Section 14 of Republic Act 11346 mandates that 80 percent of 50 percent of the total revenue from tobacco and sweetened beverages shall be allocated to PhilHealth to implement the UHC Act.

3. Protect and strengthen the mandate of the Health Technology Assessment Council (HTAC) in the implementation of the UHC Act. Disallow any insertion in the

Act 9165 or the Comprehensive Dangerous Drugs Act of 2002.

Section 11 penalizes the illegal possession of dangerous drugs while Section 8 imposes the penalty of life imprisonment and a fine ranging P500,000 to P10,000,000.00 against any person who will be found to be involved in the manufacture of any dangerous drugs.

The trial court held that the prosecution failed to present evidence that would prove their direct involvement in the commission of the crime.

There trial court also noted that lack of evidence to show that the accused had freely and consciously possessed the illegal drugs seized.

It also pointed out that no equipment, machineries, apparatuses and other tools found at Hingoso Farms indicate that there was an ongoing production, preparations or processing of shabu or any dangerous drugs.

It however, found Yue Hailong, one of

2025 GAA that will bypass health technology assessment. “We oppose any attempt to insert a Special Provision in the Medical Assistance to Indigent and Financially Incapacitated Patients (MAIFIP) budget that will allow the purchase of medicines not approved by HTAC and not included in the Philippine National Drug Formulary. This violates Section 34 of the UHC Act, which mandates that the determination of entitlements such as drugs, medicines, pharmaceutical products, and other devices, procedures and services shall have undergone a fair and transparent HTAC process. The goal of HTAC is to ensure that

the accused guilty of violation of Section 26 in relation to Section, Article II of R.A. 9165 and sentenced him to 15 years of imprisonment and to pay a fine of P500,000.

It was established that Hailong personally supervised the unloading of the wooden crates, drums, boxes and other articles which contained safrole, a controlled precursor under R.A. 9165.

The charges stemmed from the raids conducted by agents of the Philippine Drug Enforcement Agency (PDEA) on a warehouse-like structure and a farm-house structure at the compound of Hingoso Farms on April 6, 2018 in Ibaan, Batangas, which turned out to be shabu laboratories.

The operation also resulted in the seizure of 60 liters of methamphetamine hydrochloride, also known as shabu.

In seek ing the reversal of the court’s ruling, the OSG held that the trial court committed grave abuse of discretion when its grossly misappreciated the facts and evidence presented by the prosecution.

health care that is being provided to Filipino patients is safe, effective, efficient, fair, affordable and responsive.

The OSG added that the trial court erred when it ruled that no equipment, apparatuses or other tools found in Hingoso Farms when the record is clear that the said items were recovered and seized. H owever, the CA said the trial court did not commit grave abuse of discretion in exonerating the accused.

“H ence, guided by these precedents, the Court finds no reason to annul the judgment of acquittal as there is no showing that there was a blatant disregard of material prosecution evidence and outward bias in favor of the defense that constitutes grave abuse of discretion resulting in violation of the State’s right to due process,” the CA declared.

“It is clear tha t the People was given ample opportunity to present their evidence and there is simply no proof of a mistrial or that the trial was a sham,” it added.

Aside from the Hingoso Farms, the syndicate was also tagged as the operator of a clandestine laboratory that was raided in Malabon City in April 2023.

The group’s statement concluded: “In the event that Congress does not heed this call and passes a degraded PhilHealth budget in the 2025 GAA, the petitioners will be compelled to once again seek redress from the Supreme Court and the protection of our Constitution. We reiterate that the 2025 GAA’s PhilHealth provision violates the Universal Health Care Act and the Sin Tax Law. It is unconstitutional for Congress to insert riders in the GAA and to have the GAA amend these statutes. Considering its negative impact to our social health insurance program and the protection that it is supposed to guarantee for our people, we assert that 2025 GAA’s debasing of PhilHealth violates the constitutional right to health of all PhilHealth members—the Filipino people.” Besides Pimentel, the other petitioners are: Ernesto Ofracio, Junice Melgar, Cielo Magno, Minguita Padilla, Dante Gatmaytan, Ibarra Gutierrez, Sentro ng mga Nagkakaisa at Progresibong Manggagawa (SENTRO), Public Services Labor Independent Confederation Foundation, Inc. (PSLINK) and the Philippine Medical Association (PMA).

Wednesday, December 11, 2024

Escalation in Ukraine-Russia conflict as Biden rushes more aid before Trump’s inauguration

By Ellen Knickmeyer, Illia Novikov & Aamer Madhani The Associated Press

WASHINGTON—The grinding war between Ukraine and its Russian invaders has escalated ahead of Donald Trump’s inauguration, with President Joe Biden rushing out billions of dollars more in military aid before US support for Kyiv’s defenses is thrown into question under the new administration.

Russia, Ukraine and their global allies are scrambling to put their side in the best possible position for any changes that Trump may bring to American policy in the nearly 3-year-old war. The president-elect insisted in recent days that Russia and Ukraine imme -

diately reach a ceasefire and said Ukraine should likely prepare to receive less US military aid.

On the war’s front lines, Ukraine’s forces are mindful of Trump’s fast-approaching presidency and the risk of losing their biggest backer.

If that happens, “those people who are with me, my unit, we are not going to retreat,” a Ukrainian strike-drone company commander, fighting in Russia’s Kursk region with the 47th Brigade, told The Associated Press by phone.

“As long as we have ammunition, as long as we have weapons, as long as we have some means to defeat the enemy, we will fight,” said the commander, who goes by his military call sign, Hummer. He spoke on condition he not be identified by name, citing Ukrainian military rules and security concerns.

“But, when all means run out, you must understand, we will be destroyed very quickly,” he said.

The Biden administration is pushing every available dollar out the door to shore up Ukraine’s defenses before leaving office in six weeks, announcing more than $2 billion in additional support since Trump won the presidential election last month.

The US has sent a total of $62 billion in military aid since Russia invaded Ukraine in February 2022. And more help is on the way.

The administration is on track to disperse the US portion of a $50 billion loan to Ukraine, backed by frozen Russian assets, before Biden leaves the White House, US officials said. They said the US and Ukraine are in “advanced stages” of discussing terms of the loan and close to executing the $20 billion of the larger loan that the US is backing.

Biden also has eased limits on Ukraine using American longerrange missiles against military targets deeper inside Russia, following months of refusing those appeals over fears of provoking Russia into nuclear war or attacks on the West. He’s also newly allowed Ukraine to employ antipersonnel mines, which are banned by many countries.

Biden and his senior advisers, however, are skeptical that allowing freer use of the longer-range missiles will change the broader trajectory of the war, according to two senior administration officials who spoke on condition of anonymity to discuss internal deliberations.

But the administration has at least a measure of confidence that its scramble, combined with continued strong European support, means it will leave office having given Ukraine the tools it needs to sustain its fight against Russia for some time, the officials said.

Enough to hold on, but not enough to defeat Russian President Vladimir Putin’s forces, according to Ukraine and some of its allies.

Even now, “the Biden administration has been very careful not to run up against the possibility of a defeated Putin or a defeated Russia” for fear of the tumult that

could bring, said retired Gen. Philip Breedlove, a former supreme allied commander of NATO. He is critical of Biden’s cautious pace of military support for Ukraine.

Events far from the front lines this past weekend demonstrated the war’s impact on Russia’s military.

In Syria, rebels seized the country’s capital and toppled Russia-allied President Bashar Assad. Russian forces in Syria had propped up Assad for years, but they moved out of the way of the rebels’ assault, unwilling to take losses to defend their ally.

Biden said it was further evidence that US support for Ukrainian President Volodymyr Zelenskyy was wearing down Russia’s military.

Trump, who has long spoken favorably of Putin and described Zelenskyy as a “showman” wheedling money from the US, used that moment to call for an immediate ceasefire between Ukraine and Russia.

And asked in a TV interview— taped before he met with Zelenskyy over the weekend in Paris— if Ukraine should prepare for the possibility of reduced aid, Trump said, “Yeah. Probably. Sure.”

Trump’s supporters call that pre-negotiation maneuvering by an avowed dealmaker. His critics say they fear it shows he is in Putin’s sway.

Zelenskyy said Monday that Russian forces’ retrenchment from outposts worldwide demonstrates that “the entire army of this great pseudo-empire is fighting against the Ukrainian people today.”

“Forcing Putin to end the war requires Ukraine to be strong on the battlefield before it can be strong diplomatically,” Zelenskyy wrote on social media, repeating neardaily appeals for more long-range missiles from the US and Europe.

In Kursk, Hummer, the Ukrainian commander, said he notices Russian artillery strikes and shelling easing up since the US and its European allies loosened limits on use of longer-range missiles.

But Moscow has been escalat -

Elon Musk set to become political enforcer for Trump’s second term

By Thomas Beaumont, Juliet Linderman & Martha Mendoza The Associated Press

DES MOINES, Iowa—A week after President-elect Donald Trump’s victory, Elon Musk said his political action committee would “play a significant role in primaries.”

The following week, the billionaire responded to a report that he might fund challengers to GOP House members who don’t support Trump’s nominees. “How else? There is no other way,” Musk wrote on X, which he rebranded after purchasing Twitter and moving to boost conservative voices, including his own.

And during his recent visit to Capitol Hill, Musk and entrepreneur Vivek Ramaswamy delivered a warning to Republicans who don’t go along with their plans to slash spending as part of Trump’s proposed Department of Government Efficiency.

“Elon and Vivek talked about having a naughty list and a nice list for members of Congress and senators and how we vote and how we’re spending the American people’s money,” said Rep. Marjorie Taylor Greene, R-Ga.

Trump’s second term comes with the specter of the world’s richest man serving

as his political enforcer. Within Trump’s team, there is a feeling that Musk not only supports Trump’s agenda and Cabinet appointments, but also is intent on seeing them through to the point of pressuring Republicans who may be less devout.

One Trump adviser, speaking on condition of anonymity to discuss internal political dynamics, noted Musk had come to enjoy his role on the campaign and that he clearly had the resources to stay involved.

The adviser and others noted that Musk’s role is still taking shape. And Musk, once a supporter of President Barack Obama before moving to the right in recent years, is famously mercurial.

“I think he was really important for this election. Purchasing Twitter, truly making it a free speech platform, I think, was integral to this election, to the win that Donald Trump had,” said departing Republican National Committee co-chair Lara Trump, the president-elect’s daughter-in-law. “But I don’t know that ultimately he wants to be in politics. I think he considers himself to be someone on the outside.”

ing its offensives in other ways in the past six months, burning through men and materiel in infantry assaults and other attacks far faster than it can replace them, according to the Institute for the Study of War.

In Kursk, that includes Russia sending waves of soldiers on motorcycles and golf carts to storm Ukrainian positions, Hummer said. The Ukrainian drone commander and his comrades defend the ground they have seized from Russia with firearms, tanks and armored vehicles provided by the US and other allies.

Ukraine’s supporters fear that the kind of immediate ceasefire Trump is urging would be mostly on Putin’s terms and allow the Russian leader to resume the war when his military has recovered.

“Putin is sacrificing his own soldiers at a grotesque rate to take whatever territory he can on the assumption that the US will tell Ukraine that US aid is over unless Russia gets to keep what it has taken,” Phillips O’Brien, a professor of strategic studies at Scotland’s University of St. Andrews, wrote on his Substack channel. Putin’s need for troops led him to bring in North Korean forces. Biden’s decision to allow Ukraine to use longer-range missiles more broadly in Russia was partly in response, intended to discourage North Korea from deeper involvement in the war, one of the senior administration officials said.

Since 2022, Russia already had been pulling forces and other military assets from Syria, Central Asia and elsewhere to throw into the Ukraine fight, said George Burros, an expert on the RussiaUkraine conflict at the Institute for the Study of War.

Any combat power that Russia has left in Syria that it could deploy to Ukraine is unlikely to change battlefield momentum, Burros said.

“The Kremlin has prioritized Ukraine as much as it can,” he said.

Novikov reported from Kyiv, Ukraine.

Musk’s donation to RBG PAC—a name that invokes the initials of former Supreme Court Justice Ruth Bader Ginsburg, a champion of abortion rights—wasn’t revealed until post-election campaign filings were made public Thursday.

Musk has said he hopes to keep America PAC funded and operating. Beyond that, he has used his X megaphone to suggest he is at least open to challenging less exuberant Trump supporters in Congress. Another key Trump campaign ally has been more aggressive online. Conservative activist Charlie Kirk, whose group Turning Point Action also worked to turn out voters for Trump, named Republican senators he wants to target. “This is not a joke, everybody. The funding is already being put together. Donors are calling like crazy. Primaries are going to be launched,” Kirk said on his podcast, singling out Sens. Joni Ernst of Iowa, Jim Risch of Idaho, Mike Rounds of South Dakota and Thom Tillis of North Carolina as potential targets. All four Republican senators’ seats are up in 2026.

Linderman reported from Baltimore and Mendoza from Santa Cruz, California. Associated Press congressional correspondent Lisa Mascaro in Washington contributed to this report.

During the presidential campaign, Musk contributed roughly $200 million to America PAC, a super PAC aimed at reaching Trump voters online and in person in the seven most competitive states, which Trump swept. He also invested $20 million in a group called RBG PAC, which ran ads arguing Trump would not sign a national abortion ban even as the former president nominated three of the justices who overturned a federally guaranteed right to the procedure.

PHL’s elusive quest for rice self-sufficiency: Milestones, challenges, and the path forward

TH e Philippines nearly became self-sufficient in rice in 2013, six years before Congress approved a measure that would transform the local rice industry. That year, the self-sufficiency ratio of rice hit nearly 97 percent, which means domestic production was able to supply almost all the requirements of citizens. The second-highest rice SSR in the last 14 years was recorded in 2016, the year President Duterte assumed office.

Data from the Philippine Statistics Authority (PSA) showed that unmilled rice output in 2013 reached 18.439 million metric tons, more than 2 percent higher than the previous year’s output of 18.032 MMT. Palay production almost reached a record 19 MMT in 2014, when it jumped to 18.967 MMT. As production fell drastically in 2015, the rice SSR also slipped to below 90 percent, mainly due to the impact of the El Nino event, which lasted until the next year and destroyed $325 million worth of crops, according to the Food and Agriculture Organization. These production milestones were achieved despite the absence of mechanisms, such as the Rice Competitiveness Enhancement Fund (RCEF), which consisted of tariffs from imported rice purchases. What is remarkable is that the country saw significant increases in palay production—nearly 1 MMT in 2011 and almost 1.3 MMT in 2012 – sans a dedicated fund for the rice sector. The country would reach another production milestone in 2017, when rice harvested hit an all-time high of 19.27 MMT, two years before the implementation of a policy that removed the quantitative restrictions on the staple and halted the government’s intervention in the domestic market.

The next major production milestone was reached last year, when the Philippines saw a record output of 20.059 MMT. This happened four years after the government started implementing a new rice policy and created the RCEF, which bankrolled several interventions that sought to increase the productivity of farms and boost the income of planters. RCEF was created by virtue of the Rice Tariffication Law, which mandated the national government to set aside P10 billion of tariffs collected from imports to be earmarked for the fund.

While the jubilation of some quarters over the increase in allocation for RCEF to P30 billion in the next six years is understandable, the higher amount is not a guarantee that there will be a significant jump in the productivity of rice farms (see “More of cheap Kadiwa rice to be sold with bigger RCEF,” BusinessMirror, December 10, 2024). Based on data from the PSA, palay production in 2022 had even fallen by 1 percent. That year, the rice SSR of the Philippines fell to a historic low of 77 percent, which means the country imported 23 percent of its rice requirement.

The nation is now awaiting the implementing rules and regulations of Republic Act 12078 signed by the President last Monday. It is our hope that aside from the judicious use of a bigger RCEF, policymakers also have a viable plan for expanding the production of the nation’s staple amid global warming, which has become a major threat to the Philippine agriculture sector.

BusinessMirror

Founder

Timely adjustments

WTHE BUILDER

e’R e barely two weeks away from Christmas. as they say, it is the season to be jolly and spend the holiday season with our loved ones.

For many Filipinos, it is time to spend and buy gifts ahead of Christmas day. Spending the special day in the provinces to be reunited with other relatives is also an option. But for some in the corporate world and the government sector, the season toward the end of the calendar is a busy schedule. It is the time to reflect on the year that is about to pass. It is also the time to plan ahead and make some adjustments based on what just transpired to achieve corporate and economic targets.

Companies will surely make adjustments on their short-term and mid-term goals, cognizant of the changing preference of consumers and the evolving global economic environment.

For our government economic planners, the adjustments on the macro level are always a work in progress.

Our economic planners, clustered under the Development Budget Coordination Committee, bared some adjustments in their medium-term macro-economic assumptions,

growth targets and fiscal program from 2024 to 2028 to reflect emerging domestic and global developments.

The adjustments give a peek on what to expect in the coming year. Such revised economic targets are very helpful to the private sector. They serve as guide to inflation, interest rates and the general direction of the economy in 2025 and beyond ― and reconcile their own figures with government expectations.

The tinkering with targets is necessary. The DBCC made the adjustments after the Philippines’ gross domestic product (GDP) expanded 5.8 percent in the first three quarters of 2024, making our country among the fastest-growing economies in Asia, ahead of Malaysia (5.2 percent), Indonesia (5.0 percent), China (4.8 percent) and Singapore (3.8 percent).

The DBCC adjustments give us reasons to be optimistic for the coming year. Our economic managers are obviously upbeat about our economic prospects.

They are confident of still reach-

ing the growth target for the year of 6.0 percent to 6.5 percent in spite of domestic challenges. They see the Philippine economy bouncing back in the last quarter, given the anticipated increase in holiday spending, disaster recovery efforts, low inflation and a robust labor market.

The economic cluster, however, slightly revised downward the earlier forecast of 6 percent to 7 percent for 2025. But on a broader perspective, our economic team is projecting a target band of 6 percent to 8 percent for 2025 to 2028 to reflect the anticipated impact of structural reforms as well as domestic and global uncertainties.

I am glad to learn that our economic managers are sticking to government’s plan to accelerate infrastructure investments, enhance the ease of doing business and boost national competitiveness.

Attracting investments in the Philippines that generate jobs will also remain the priority of President Ferdinand Marcos, Jr.

Per the DBCC, the government will soon implement one of the country’s growth-enhancing legislative measures—Republic Act 12066 or the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy [CREATE MORE].

This will support businesses, attract foreign investments and spur higher economic growth.

The price outlook, meanwhile, is improving. The DBCC expects the inflation rate to average 3.1 percent to 3.3 percent this year, significantly lower than the average inflation rate

of 6.0 percent last year.

Price stability is one of the commitments of this administration.

The DBCC affirmed that the government would maintain price stability by keeping inflation low and stable amid easing monetary conditions, improving labor market conditions and productivity-enhancing structural reforms.

For 2025 to 2028, the DBCC is aiming to control inflation at 2.0 percent to 4.0 percent. This is a piece of good news for our workers and Filipino households. High prices eat into the pockets our workers and every Filipino. It is important to preserve the purchasing power of every Filipino.

Another positive development is government’s commitment to keep infrastructure investment as the centerpiece for sustaining the country’s high growth trajectory. It is maintaining infrastructure spending at 5.0 percent to 6.0 percent of the GDP annually over the entire plan period.

The Marcos administration, in addition, will invest heavily in human capital and in programs and projects that promote social and economic transformation.

The revisions and updates in government’s economic targets will keep us attuned with the changing dynamics in the local economy and global developments. The adjustments are necessary and serve to suit the needs of a growing population.

For feedback e-mail to senatormarkvillar@ gmail.com or visit our web site: https://markvillar. com.ph

Chinese exports climb as firms rush to get ahead of US tariffs

CoMPanieS in China rushing to ship goods to the US before new tariffs drove exports higher in november, while imports unexpectedly fell in another sign of continued weakness in the domestic economy.

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Exports rose almost 7 percent to $312 billion in November from a year earlier, the customs administration said on Tuesday. Shipments to the US hit their highest level since September 2022, while exports to Southeast Asia surged to a record, likely as Chinese firms aimed to have goods processed there and then shipped to the US before Jan. 20, when Donald Trump returns to the White House. Exports are also benefiting from Chinese companies turning to overseas markets to make up for weak domestic demand. While their strong sales have been a bright spot for the economy, this has also led countries to raise or consider trade barriers against the influx of Chinese products.

China’s economy has been reliant on manufacturing and exports this year, with domestic demand remaining weak due to the property crisis and low consumer confidence. Most government stimulus has been

focused on producers and infrastructure, especially in sectors like electric vehicles, solar and batteries.

With Trump’s return and his threat of imposing additional 10 percent tariffs on goods from China, economists are urging Beijing to adopt more consumer-focused policies. Top leaders on Monday made their strongest pledge in years to revive growth, vowing “more proactive” fiscal and monetary policies next year to expand domestic demand and increase consumption.

The unexpected drop in imports shows just how weak Chinese demand is, with inbound shipments falling almost 4 percent, the largest contraction since February, when the country was on holiday for Lunar New Year.

“Going forward, frontloading by US importers on expectations of tariff hikes on Chinese goods could keep exports buoyant in coming

months—a pattern seen before the first wave of tariffs during Donald Trump’s first term as president. The economy will need the support—a bigger-than-expected drop in imports in November suggests domestic demand has yet to respond to stronger stimulus,” said Bloomberg economist Eric Zhu.

Given the softness in domestic demand, as seen in imports and the recent inflation data, “the market is anxiously waiting for details on what exactly the government will do,” said Zhiwei Zhang, chief economist at Pinpoint Asset Management.

The benchmark CSI 300 Index climbed as much as 3.3 percent on Beijing’s stimulus pledge before paring gains. China’s sovereign bond yields sank to a record low.

China’s trade surplus reached $97.4 billion in November, the second highest on record. So far this year, the country has racked up a $327 billion trade surplus with the US, a figure likely to grow in the coming months ahead of the tariffs.

In recent months, the volume of exports has risen faster than their value, a reflection of price cuts by

firms both at home and abroad. Prices at the factory gate dropped in November for the 26th straight month despite the government’s attempts in recent months to stabilize the economy and boost demand. If deflationary pressure intensifies, it may push more countries to raise tariffs to protect their domestic industries from Chinese competition. A widening trade imbalance may make this more likely. China now sells more goods to almost 170 countries and economies than it buys from them, the highest since 2021.  Even without the threat of tariffs, exports typically pick up in November as overseas importers rush to stock up on goods before the holiday season. The volume of containers processed by Chinese ports has been rising for months, and international air cargo flights reached a record in mid-November, suggesting increased demand for high-value goods. In addition, the low-cost Chinese shopping apps Temu and Shein saw strong sales growth in the US in November, likely indicating a jump in small parcel shipments across the Pacific. bloomberg

Ambassador Antonio L. Cabangon Chua

Mark Villar

Israel’s Smotrich says Trump offers chance to overthrow Iran

By Galit Altstein

Bez A lel SmoTr ich, israel’s finance minister and inner security cabinet member, said the inauguration of Donald Trump next month offers israel a chance to pursue several strategic goals: overthrow the government of iran, prevent the establishment of a Palestinian state, and stop the rebuilding of lebanese villages along israel’s border.

“We need to deal with the octopus head and eliminate the Iranian regime,” he said in an interview with Bloomberg, his first with an international news organization since taking office nearly two years ago. “We should join hands on this with the new Trump administration. The Western world cannot afford a dictatorial regime which strives for nuclear weapons and threatens to destroy it.”

It’s unclear whether Trump would back such a move, especially if it entailed US military action. For all that the former president is staunchly pro-Israel and tightened sanctions against Tehran in his first term, his team has said he won’t seek the Iranian government’s overthrow and will avoid another Middle Eastern war.

The interview took place before the fall of the Assad regime in Syria.

Asked by phone on Monday about that, Smotrich said it should inspire the Iranian people to rise up and overthrow their government.

“My message to the Iranians is: break the barrier of fear,” he said. He went on to say, “The alternative is a war that will leave Israel no choice but to crush the Iranian economy, including the oil and energy facilities.”

While Smotrich is a key player in the government of Prime Minister Benjamin Netanyahu, he’s more hawkish than the premier who hasn’t made such a threat.

On Israel’s $525-billion economy, Smotrich was bullish. Fourteen months into the war triggered by Hamas’s October 7 attacks, he said Israel’s economy remains strong, beyond expectations. He pushed back against other projections that 2025 won’t reflect a robust rebound.

A West Bank settler who chairs the National Zionism party, Smotrich, 44, is often paired with Itamar Ben Gvir as the religious nationalist anchors of Netanyahu’s coalition. He holds eight seats in parliament, enough to topple the government if he chooses.

Over 90 minutes last week in his defense ministry office—he holds a second title as a minister there and oversees Jewish settlements in the West Bank—Smotrich said the incoming Trump administration “understands the obligation to ensure the future existence of Israel” and that involves scrapping the idea of a two-state solution for Israelis and Palestinians. Trump himself hasn’t spoken about this recently and his likely approach is being fiercely debated.

A Palestinian state, he said, is not in the cards even as part of a normalization deal between Israel and Saudi Arabia. “If that’s a deal breaker, the deal will sink,” he said.

While Smotrich and Netanyahu’s differ on some things, they share a hawkish rejection of Palestinian statehood, as does a majority of the Israeli electorate since October 7, 2023. Saudi Arabia and Israel were close to a US-led agreement before the war in Gaza. Since then, the kingdom’s Crown Prince Mohammed bin Salman has said he won’t recognize Israel unless it takes s teps toward accepting Palestinian statehood.

On a ceasefire in Gaza, Smotrich, like Netanyahu, said Israel shouldn’t allow the Palestinian Authority—a secular rival to Hamas which runs parts of the West Bank—to take control of any part of Gaza once fighting ends. And that, they agree, won’t happen until Israel has destroyed Hamas as a governing body.

Trump is on collision course with EU over big tech crackdown

TSaudi Arabia and Israel were close to a US-led agreement before the war in Gaza. Since then, the kingdom’s Crown Prince Mohammed bin Salman has said he won’t recognize Israel unless it takes steps toward accepting Palestinian statehood.

But even then, Smotrich says, “Israel will stay in Gaza for many years to assure its security just as we do in the West Bank.” Where Netanyahu stands on that is unclear.

Hamas killed 1,200 people and took 250 hostage when its fighters raided southern Israeli communities and a music festival. Israel’s subsequent air and ground offensive has killed more than 44,000 people, according to Gaza’s Hamas-run health ministry.

Discussing the ceasefire in Lebanon, which is now in the second week of a 60-day transition period, Smotrich said Israel will work to convince its allies to impose a ban on the rebuilding of houses destroyed in Lebanese villages along the border.

“The agreement says that Hezbollah can’t rebuild its military infrastructure and that’s the reason we destroyed those houses,” he says. “Any structure used to conceal a tunnel shaft, a bunker or a missile is military infrastructure.”

As finance minister, Smotrich last week submitted the 2025 budget to Parliament for final approval. It totals 619 billion shekels with the largest outlay, 107 billion, being defense spending. That’s like last year but almost 70 percent higher than before the war.

To allow for this, a package of fiscal adjustments totaling around 37 billion shekels (almost 2 percent of GDP), was put together and needs to be approved alongside the budget. It’s comprised mostly of higher taxes and curbs on civilian expenditures and Smotrich expressed confidence they’d be approved.

“It’s important to me that our partners, investors in Israel and abroad, know our hands are firmly on the wheel,” he said.

Many outside are skeptical. The International Monetary Fund as well as banks and rating agencies project a higher deficit next year and a much lower growth projection than the finance ministry’s.

“They are misreading the Israeli economy,” insisted Smotrich. He noted that the shekel has strengthened by around 8 percent against the dollar as of Friday since the war started, making it the best performer in a basket of expanded major currencies tracked by Bloomberg.

He also noted that the stock market is doing well. This became apparent in the last few months, especially once a Lebanon ceasefire looked likely. Hi-tech funding in October came to $9 billion year-onyear, fourth only to Silicon Valley, New York City and Boston.

“The economy’s working much better than might have been expected,” he argued.

He said that the 160,000 Palestinian workers in Israel banned after the Hamas attack wouldn’t be returning despite the view of many, including Israel’s central bank governor, Amir Yaron, that they should. In fact, it’s precisely because the economy needs such workers that some are skeptical of a very strong rebound.

“It will be a difficult year or two but eventually the construction sector will emerge with better building technologies and productivity,” he said. Bloomberg

By Gian Volpicelli & Samuel Stolton

he european Union’s multiyear clampdown on some of the largest American companies is set to force President-elect Donald Trump to decide which bothers him more: europe or Big Tech.

In the coming months, Apple Inc., Alphabet Inc.’s Google, Meta Platforms Inc., and the X platform owned by Trump confidant Elon Musk, could face billions in fines or even mandatory divestment orders from dozens of separate ongoing EU investigations.

For Trump, who last week accused the tech sector of “using its market power to crack down on the rights of so many Americans,” that might be welcome. Except he has repeatedly accused Europe of treating the US badly and said he won’t accept that.

His relationships with America’s tech titans are also complex. He has publicly feuded with Meta chief Mark Zuckerberg and Google over the years. But he’s had a closer relationship with Apple CEO Tim Cook, while Musk is now a fixture of his inner circle at Mar-a-Lago.

The European Commission has long insisted that its powerful new laws like the Digital Services Act, which governs social-media content, and the Digital Markets Act, which targets abuses of dominance, aren’t aimed at Silicon Valley.

“This is not something that we do against anyone or against any nationality,” Teresa Ribera, the EU’s new competition chief, told Bloomberg last week in an interview. “I don’t think that when we are paying attention to eventual distortions in competition in this sector, we are thinking in national terms.”

She also noted that some of the cases related to US tech firms began during Trump’s first term, and that regulators on both sides of the Atlantic coordinated some of their actions at the time.

Here are some of the biggest fights that lay ahead:

The Musk dilemma THE most immediate dilemma for the EU may be how to approach the X platform. Musk was a key backer of Trump’s campaign, dumping more than $274 million into supporting Trump and his allies, while harnessing X to amplify their supporters. Since the election, he has frequently dined with Trump and even sat in on some of his early phone calls with world leaders.

In the EU, X faces fines of up to 6

percent of the firm’s global revenue under the DSA for failing to tackle illegal content. EU watchdogs are considering whether to calculate the fine based on Musk’s personal wealth, but with Musk’s White House role, the decision risks exposing the bloc to new forms of retaliation.

“It’s unlikely the ongoing investigations into Musk’s X will change as a result of Trump’s election win, and there could soon be an outcome unfavorable to Musk,” said Mark Scott, a senior resident fellow at the Atlantic Council. But, he added, “the political rhetoric around this decision in particular will be high.”

In September, Trump’s running mate JD Vance even suggested that the US could halt Nato funding if the EU goes after X, as he reacted to a warning letter sent to the company by Thierry Breton, who at the time was the bloc’s digital boss.

Apple’s sway

A PPLE which the EU has hit with fines, tax decisions and costly orders, faces another potentially significant fine in a case targeting its hugely profitable App Store under the DMA. Watchdogs are readying a fresh penalty as they near a March deadline for a decision.

It’s facing extra scrutiny under the DMA into its iOS operating system, iPadOS, and Safari, as well as how it allows makers of rival hardware such as smart watches and headphones access to its iPhone system.

In the US, the company is facing an antitrust suit alleging it’s illegally blocking rivals from accessing hardware and software on its iPhones.

Trump has spoken openly about his chats with Apple boss Cook, who was a frequent visitor to the White House during the first term. Cook was able to persuade Trump to grant Apple relief from some of his tax and tariff plans.

“I found him to be a very good businessman,” Trump told Bloomberg in July.

In October, Trump said Cook called him to complain about the EU’s efforts to claw back allegedly unpaid tax from the company—€13 billion ($13.6 billion)—as well its decision to fine the firm €1.8 billion for suffocating competition on its App Store.

The European Commission has long insisted that its powerful new laws like the Digital Services Act, which governs social-media content, and the Digital Markets Act, which targets abuses of dominance, aren’t aimed at Silicon Valley.

He also revealed in a podcast that he told Cook he wouldn’t let the EU “take advantage of our companies.”

Constraining Google

W HEN Ribera took office last Monday, she inherited a sweeping antitrust investigation into Google’s advertising technology empire that could end with a formal breakup order. “It’s something that is of course on the table,” she told Bloomberg TV last week.

The EU’s probe runs in parallel with a US case where the Justice Department under President Joe Biden proposed a partial breakup of Google, including a forced sale of its Chrome browser. The case was originally launched under Trump’s first stint in the White House, a sign of his more contentious relationship with Alphabet.

In an interview conducted by Bloomberg Editor-in-Chief John Micklethwait in October, Trump said it may not be necessary to break up Google, while adding, “They do treat me very badly.”

Ribera also takes the reins after her predecessor Margrethe Vestager fought Google on three separate cases through the EU courts, which had hit the Mountain View, California, firm with over $8 billion in fines.

Separately, Google’s search business is also being probed under the DMA in a case that could lead to more fines further down the line.

Zuckerberg’s transformation

ZUCk ERBERG, whom Trump had once threatened to jail, congratulated the president-elect straight after his victory, and more recently has been dining with him at his Mar-a-Lago estate in Florida. Zuckerberg has also been a strong critic of the EU’s political leadership in recent years.

Just weeks before Vestager’s departure from Brussels, the EU hit Meta with a €798 million fine for harming competition against classified ad platforms. The Facebook parent has vowed to challenge that penalty in court.

The company has dispatched its

top public affairs official—former U k deputy Prime Minister Nick Clegg—to criticize the bloc’s digital antitrust rules, which have also subjected Meta to a probe over its “pay or consent” model for Instagram and Facebook.

The social media giant is also facing a DSA investigation into how it protects minors using its platforms, and has alleged that EU data protection laws are stymieing its artificial intelligence ambitions in the bloc.

Other targets

J EFF BEZOS, whose e-commerce behemoth Amazon.com Inc. didn’t get an EU antitrust fine during Vestager’s reign in Brussels, could see the firm he founded under scrutiny. Amazon could face an investigation under the DMA next year into how it may favor its own-brand products across its online marketplace. The firm said it is “compliant” with the rules and has “engaged constructively” with the commission over the laws.

Bezos, who has had a contentious relationship with Trump in recent years, barred the Washington Post, which he owns, from endorsing Trump’s rival k amala Harris.

Microsoft Corp.’s Satya Nadella was another executive who met Trump’s victory with applause. In Brussels, the company is currently subject to an antitrust probe into its productivity software, Teams.

The Redmond, Washington, firm, however, is expected to avoid heavy scrutiny under the bloc’s DMA rules —at least for now. Its investment into OpenAI has piqued the interest of antitrust investigators in the EU capital, who have quizzed customers and rivals about any damaging effects of the deal.

If Trump heeds the warnings of Big Tech over the EU’s regulatory charge, the bloc could soon face his ire. With new executive powers taking their seats on both sides of the Atlantic, decision-making in both capitals could spark broader tensions.

“Instinctively, Trump won’t be in favor of EU bureaucrats regulating US tech,” said Cristina Caffarra, cofounder of the Competition Policy Research Network. “The question is what leverage the EU would have if Trump took that path. Brutally, not much.”

She added, “Trump, in contrast, holds many cards: he has tariffs, NATO, defense. The commission will have its work cut out.” With assistance from Michael Shepard and Max Ramsay /Bloomberg

Putin’s Syria setback threatens key Russian military bases

TBy Henry Meyer

HE fall of Bashar al-Assad in Syria represents a personal defeat for Russian President Vladimir Putin and a potentially serious strategic setback for his military that undermines Moscow’s global ambitions.

While Putin gives asylum to Assad in Moscow, Russia is facing the loss of its naval base in Syria—its only hub on the Mediterranean Sea—and an airfield used to supply its operations in Africa. Both installations have been key to the k remlin’s projection of strength on the world stage and its attempts to rebuild its Cold War-era influence—those efforts, and the bases, now look worthless as Russia’s attention is consumed by its invasion of Ukraine.

Moscow will make every effort to retain its Syrian bases, though there’s no guarantee it will succeed, said two people close to the k remlin, asking not to be identified discussing policy matters. It’s likely that Russian forces will have to withdraw from the bases, according to a third person.

With opposition groups now in control of the Middle East country, the k remlin is scrambling to establish contacts with Syrian armed factions it had dismissed as “terrorists” and was targeting with air strikes just days ago. Their sudden takeover came more than nine years after Putin sent Russian forces to Syria in

2015 to bolster Assad’s regime and turn the tide against rebel forces.

Russia gained 49-year leases in 2017 to the naval base in the city of Tartus and the airfield at k hmeimim that supplies its African operations.

There’ll have to be a “serious conversation” about the future of the bases with whoever comes to power in Syria, though it’s too early to discuss this now, k remlin spokesman Dmitry Peskov told reporters on Monday, the Interfax news service reported.

There’ll be “tough negotiations” ahead to safeguard Russia’s interests, said Elena Suponina, a Moscowbased Middle East expert.

Putin’s Syria intervention helped restore Russia’s standing in the Middle East that had been eroded after the Soviet Union’s collapse. His inability or unwillingness to save Assad this time underscored how much Russia’s military is being depleted by the war in Ukraine.

Assad’s sudden defeat shows that “Moscow doesn’t have the military forces, influence and authority to effectively intervene militarily outside the former Soviet Union,” said Ruslan Pukhov, head of the Moscow-based Center for Analysis of Strategies and Technologies, a defense think-tank. The quick turnaround in Syria mirrors the Taliban’s takeover in Afghanistan and the chaotic evacuation of USled forces, he added.

“Russia has lost its key ally in the Middle East,” the kommersant newspaper headlined its top story Monday.

African air bridge

THE k remlin has also spent years rebuilding its Soviet clout on the African continent, where it supports military juntas and other leaders cut off from Western aid in Mali, Burkina Faso, Niger and the Central African Republic.

The k hmeimim base is key to Russia’s ability to send supplies and military hardware to those governments. Its loss would have profound implications for Russia’s African clients who may be forced to recalibrate their partnership with Moscow.

The airbase has served as a logistics hub for flights to Libya, Central African Republic and Sudan, according to two senior Western diplomats based in Africa with knowledge of the situation.

Russia has started to remove equipment from k h meimim and to withdraw warships from Tartus, Ukrainian military intelligence reported Sunday on its Telegram channel, without indicating how it knew this.  Rebel forces in Syria’s coastal regions where the two bases are located haven’t entered the facilities, the Russian state news service Tass reported Monday. The Russian Foreign Ministry

said Moscow is maintaining contact with “all Syrian opposition groups,” in a statement on Sunday. While Russia’s Syrian bases are on high alert, there’s no serious threat to their security at the moment, it said.

The head of the HTS militant group that led the lightning campaign to oust Assad, Ahmed AlSharaa, better known by his nom de guerre Abu Mohammed Al-Jolani, told CNN in a recent interview that he wants foreign forces out of Syria. Both Turkey and the US also have a military presence in the country.  Turkey, which backed the rebel forces, may hold the key to whether Russia is able to keep hold of its military assets in Syria. While Putin and Turkish President Recep Tayyip Erdogan backed opposing sides in the Syrian war, they also sought for years to reach a resolution to the conflict that protected their countries’ interests.

“Even if Russia maintains some or all of its bases in Syria, it is a major geopolitical loss for Moscow as Russia’s continued basing in Syria will be at the mercy of Syrian opposition groups,” the Washington-based Institute for the Study of War said in a report Sunday. The incoming administration of US President-elect Donald Trump may see an opportunity to reduce Russian influence in the Middle East. With assistance from Simon Marks / Bloomberg

Neda: Lower rice tariffs led to decline in farm-gate price

By Cai U. Ordinario @caiordinario

THE National Economic and Development Authority (Neda) disclosed that while the lower rice tariffs reduced the landed cost of imports of the staple, this also caused a double-digit decline in farm-gate prices.

In the Murang Pagkain Supercommittee hearing at the House of Representatives on Tuesday, Neda Agriculture, Natural Resources, and Environment Staff (ANRES)

Director Nieva T. Natural said lower rice tariffs reduced farm-gate prices by 16.8 percent between June to October 2024.

The Neda report, shared by Natural on Tuesday, also showed the lower rice tariffs had a more limited impact on retail prices as there was only a reduction of 1.7 percent in the prices of the commodity.

“The significant decrease in landed costs [-17.8 percent per kilogram of Vietnam rice] exhibits

a minimal passthrough in retail prices [-1.7 percent per kilogram of regular milled rice] but a significant transmission in farmgate prices [-16.8 percent] between June and October 2024,” Natural read from the report. Based on the PSA, farm-gate price by region per commodity is computed as the arithmetic mean of the average prices of the provinces. This is the price set by farmers for their produce, in this case, rice.

Landed cost, meanwhile, is the cost of imported goods when they arrive in the Philippines while retail prices are the price of goods when these are finally sold to the

general public.

Given the larger impact on farmgate prices, which could be disadvantageous to the country’s farmers, Natural said a more nuanced analysis may be required to explain what happened to the prices.

Nonetheless, the Neda said in its report that it is possible that a lack of competition in the rice market may have prevented a greater reduction in retail prices compared to farm-gate prices.

“In a highly competitive market, a decrease in tariff rates would be expected to increase the quantity of imports. This would increase the quality of rice supplied in the market and lower retail prices,” Natural read from the report.

“Subsequently, because of lower demand for locally produced rice, the derived demand for local palay falls, and farmgate prices would be expected to fall. Therefore, if markets were sufficiently competitive, the data should show that the reduction of the tariffs would cascade in both retail and farmgate markets,” the report also said.

The Neda report also went on to state that if markets were insufficiently competitive, “lower rice tariffs would cause dominant play -

GOVT INITIATIVES ON CHILD RIGHTS MERGED IN MAKABATA

By Samuel P. Medenilla @sam_medenilla

ers to substitute locally produced rice for imported rice until the cost of acquiring locally produced rice equals the cost of acquiring imported rice.”

If this happens, Neda said the demand for palay would fall and a subsequent reduction in farm-gate prices will be observed.

“Since dominant market players can set prices above competitive market prices, the transmission to retail prices would be minimal. This means that the price dynamics currently observed in the market are more consistent with what would be observed in a noncompetitive market structure,” the Neda report said.

Neda also noted that an indepth investigation should be conducted to determine competition issues at various stages of the rice supply chain.

This includes the level of importers and traders or consolidators who may be few but are large enough to be considered dominant players in the rice sector.

The report added that following the implementation of lower rice tariffs in July 2024, total rice imports in the third quarter reached

See “Neda,” A2

PRESIDENT Ferdinand Marcos Jr. has issued Executive Order (EO) No. 79 integrating all of the government’s initiatives related to child rights violation in the newly created Mahalin at Kalingain ating mga Bata (Makabata) Program.

Under EO 79, the Department of Social Welfare and Development (DSWD) will lead the Makabata program to serve a “one-stop system” for the needs of children in need of special protection (CNSPs).

The Council for the Welfare of Children (CWC) will become the program’s monitoring and coordinating body. The issuance defined CNSPs as persons below 18 years old or those 18 years old and over but are unable to fully take care of themselves because of physical or mental disability or conditions, and are vulnerable to, or are victims of abuse, neglect, exploitation, cruelty, discrimination, violence, and other similar circumstances.

The CNSPs includes victims of online sexual abuse and exploitation of children (Osaec), child sexual abuse or exploitation of materials (CSAEM), child trafficking as well as conflict with the law,

Pimentel-led petitioners in PhilHealth fund case warn vs new ‘violations’

WHAT’S going on in the bicameral conference committee on the General Appropriations Bill for 2025?

The group who filed a petition to the Supreme Court to declare unconstitutional the transfer of PhilHealth funds to the national government, wants to know.

The group, led by Senate Minority Leader Aquilino “Koko” Pimentel III, has issued a new statement, this time against the defunding of PhilHealth.

The bill for the Fiscal Year 2025 national budget, which the bicameral panel is currently deliberating on, proposes a much-reduced allocation for PhilHealth, according to the group. It is way below the amount needed to cover the minimum premium for all PhilHealth indirect contributors.

The bill also violates the earmarking of revenues from the Sin Tax Law because it allocates an amount much lower than what must be earmarked for PhilHealth, based on the Sin Tax Law provision.

In their new statement, the petitioners affirmed they strongly believe that the budget bill’s provisions for PhilHealth, as they currently stand, violate key relevant laws such as the Universal Health Care Act (UHC Act), the Sin Tax Law, and above all, the people’s Constitutional Right to Health.

If the 2025 budget bill passes a PhilHealth budget that violates said laws, the petitioners, backed by a constituency of civil society organizations, may again be compelled to seek redress from the Supreme Court, according to civil-society groups backing them.

The Pimentel-led group’s new statement says: “We, the group that petitioned the Supreme Court to declare unconstitutional the transfer of PhilHealth funds to national government, once again raise our grave concern over the action of both the Executive and Congress to

children living in alternative care, and children living with human immunodeficiency virus.

The Makabata program has four components: reporting, rescue and relief, rehabilitation, and reintegration.

To enhance the monitoring component of the Makabata program, EO 79 also institutionalized Makabata 1383 Helpline, which was established by the CWC in 2022.

“All concerns received through any of the communication platforms of the Makabata Helpline 1383 shall be immediately acted upon or referred, directly or indirectly, to concerned government agencies and instrumentalities, including LGUs and private sector partners, for appropriate action and/or intervention,” Marcos said in the six-page issuance.

Both DSWD and the CWC were tasked to develop the Makabatao Program Handbook; constitution of the Makabata Multi-Disciplinary Teams, as may be necessary; and create the data collection system or database management system of the Makabata Program.

Marcos issued EO 79, dated 6 December 2024, through Executive Secretary Lucas P. Bersamin upon the recommendation of DSWD.

OFW Hospital can provide treatment for cancer

defund the State health insurer as manifested in the 2025 budget bill that the Bicameral Conference Committee [Bicam] is deliberating. As we will explain, the budget bill’s provisions for PhilHealth, as they currently stand, violate the Universal Health Care Act [UHC Act], the Sin Tax Law, and above all, the people’s Constitutional Right to Health.”

The group made an urgent call on the members of the Bicameral Conference Committee on the 2025 Budget from the House of Representatives and Senate to immediately act on the following:

1. Restore PhilHealth’s budget to provide the full premium coverage of indirect contributors based on the correct rate. For Fiscal Year (FY) 2025, PhilHealth requested a budget of P150.92 billion to cover the premiums of 25.28 million indirect contributors. However, this has been radically reduced in the National Expenditure Program (NEP) to P53.13 billion.

“The significant defunding of the PhilHealth budget, which also occurred in the FY 2024 national budget, adversely impacts the benefits to be provided for all the PhilHealth members. Reducing the PhilHealth budget allocation meant for the premium of the indirect contributors destroys the whole nature of PhilHealth as a social health insurance. It harms the whole membership; not only does this degrade the membership of indirect contributors, but it also makes the direct contributors, majority of whom are from the working class, bear a much heavier burden of providing the financial risk protection of all,” the group said

2.Fully allocate to PhilHealth the premium of indirect contributors the earmarked funds from Sin Tax reform laws. Provide the exact allocation for the premium of indirect contributors in the 2025 budget, as mandated by the law. Since 2023,

See “PhilHealth,” A9

THE Overseas Filipino Workers (OFW) Hospital in San Fernando City, Pampanga can soon provide cancer treatment with the construction of its new specialty center, according to the Department of Migrant Workers (DMW).

On Tuesday, President Ferdinand Marcos Jr. led the groundbreaking ceremony for the Bagong Pilipinas Cancer Care Center (BPCCC) at the second flood of the OFW hospital.

The P80-million expansion, expected to be completed by 2025 and operational in 2026, will initially provide OFW Hospital patients access to chemotherapy.

However, DMW Secretary Hans J. Cacdac said they plan to expand the available cancer treatments from the facility as well as increase the number of its personnel so it can accommodate more patients.

“We will work towards providing higher image diagnostic and radiotherapy in the future to truly embody the one-stop healthcare center facility that the President has envisioned,” Cacdac said.

Aside from the BPCCC, Marcos cited ongoing efforts to build two more cancer centers at the University of the Philippines Philippine General Hospital Cancer Center in Maynila and in Quezon City.

Justifying the building of the cancer centers, he noted that cancer remains one of the country’s leading causes of death.

Aa report from the Philippine Institute for Development Studies (PIDS) showed there are 25,000 reported cases of cancer in the country each year.

“Aggressive as this terrible disease is, we need to be equally aggressive in providing treatment for our patients—to give them hope, to provide them with care, make them feel at home, at the time when they need it the most,” Marcos said in his speech during the groundbreaking ceremony of the BPCCC.  Samuel P. Medenilla

Editor: Jennifer A. Ng

Meralco: Dec rates to rise

By Lenie Lectura @llectura

The Manila electric Co. (Meralco) is increasing power rates in December by P0.1048 per kilowatt hour (kWh), bringing the overall rate to P11.9617 per kWh from the previous month’s P11.8569 per kWh.

The upward adjustment translates to an increase of P21 for residential customers consuming 200 kWh per month.

Meralco attributed the higher power rate to an increase in generation charge by P0.1839 per kWh.

“This month’s increase was largely due to higher generation charge, which goes to our power suppliers,” said Meralco Vice President and Head of Corporate Com-

munications Joe R. Zaldarriaga during an online press briefing.

The upward adjustment in generation charge, which makes up the bulk of a consumer’s monthly electricity bill, was brought about by an increase in the power purchased from the Wholesale Electricity Spot Market (WESM) and power supply agreements (PSAs).

WESM charges went up by P0.2531 per kWh with the tighter

supply conditions in the Luzon grid as average capacity on outage increased by around 396 MW.

Charges from PSAs increased by P0.1050 per kWh due to the peso depreciation, which affected around 51 percent of PSA costs, and lower average PSA dispatch.

The P0.0410 per kWh decrease in charges from independent power producers (IPPs), meanwhile, mitigated the generation charge increase. The impact of peso depreciation, which affected around 98 percent of IPP costs, was more than offset by higher average IPP dispatch with the return to normal operations of First Gas Sta.

Rita Modules 20 and 30 from their scheduled outage.

WESM, PSAs, and IPPs accounted for 31.4 percent, 40.2 percent, and 28.3 percent, respectively, of Meralco’s total energy requirement for the period.

Transmission charge, mean-

while, went down by P0.0940 per kWh due to lower ancillary service charges from the reserve market.

Taxes and other charges meanwhile rose by P0.0149 per kWh.

Meralco said pass-through charges for generation and transmission are paid to the power suppliers and the grid operator, respectively, while taxes, universal charges, and feed-in tariff allowance (FIT-All) are all remitted to the government.

The company’s distribution charge has not moved since the P0.0360 per kWh reduction for a typical residential customer in August 2022.

The utility firm urged customers to practice electrical safety to avoid any possible untoward incident during the holiday season.

“Rest assured that our crews are ready to respond to any concern on electricity service 24/7,” Zaldarriaga said.

Ayala teams up with DepEd, Khan Academy

THE Ayala Group of Companies has partnered with the Department of Education (DepEd) and Khan Academy to boost the key competencies of learners in the country. Ayala Corp., Ayala Foundation, Globe Telecom Inc. and iPeople, together with iPeople schools Nation-

al Teachers College and University of Nueva Caceres, formalized their partnership through a memorandum of understanding with DepEd and Khan Academy last week.

IPeople is the education joint venture between Ayala and iPeople majority owner House of Investments of the Yuchengco Group. VG Cabuag

‘PLDT aims to lead AI revolution in PHL’

By Lorenz S. Marasigan @lorenzmarasigan

PLDT Inc., through its ICT arm ePLDT Inc. and data center subsidiary VITRO Inc., wants to cement its market leadership with the launch of new products and services which will capitalize on the Philippines’s growing adoption of artificial intelligence (AI) and highdensity workloads.

The company, which currently holds a 60-percent market share in data center capacity, is implementing initiatives to maintain its dominance amid a rapidly evolving digital landscape.

Speaking at a press conference on Tuesday, Victor S. Genuino, president and CEO of ePLDT and VITRO, outlined the company’s ambitions to lead the AI revolution in the Philippines.

He said the company will launch the first Graphics Processing Unit-as-a-Service (GPUaaS) offerings in the Philippines.

This service provides enterprises with on-demand access to high-powered resources optimized for AI, including Generative AI and Large Language Models (LLMs).

“AI-readiness is our key prior-

ity in 2025 as we provide both our public and private sector customers access to High-Performance Computing (HPC) using our AI-ready data center infrastructure where we will also host our soon-to-launch Graphics Processing Unit-as-a-Service (GPUaaS) offerings. It is also our aspiration to be the first end-toend AI services provider in the country.”

He said GPUaaS is designed to enable customers to handle complex and high-compute tasks without the need for substantial upfront investments. This not only drives top-line revenue but also reduces operational costs. The GPUaaS initiative is expected to empower both large enterprises and government agencies by providing scalable, cost-effective AI solutions that enhance efficiency and productivity.

Customers will pay only for what they consume, a model that promotes financial flexibility while unlocking cutting-edge technological capabilities.

Central to this vision is VITRO Santa Rosa (VSR), recognized as the country’s most advanced hyperscale data center, designed to handle high-performance workloads from day one.

Filipinos see paying loan, debt difficult

MORE Filipino households are expected to experience difficulties in paying their bills and loans in full, based on the results of the fourth quarter 2024 consumer pulse study by Transunion Information Solutions Inc..

Based on the data, some 42 percent of respondents expect difficulty in fully paying their bills and loans that, according to Transunion, indicates a cautious financial outlook among households. The data also see that bills and loan payments are expected to increase alongside a rise in incomes, which indicates “further financial strain” for households in the coming months, according to the credit-reporting business.

“These findings underscored the caution of Filipino consumers regarding financial resilience–possibly suggesting broader implications for household spending and debt management in the coming year,” read a statement Transunion issued last Tuesday.

The data showed that four in every five Filipinos or 79 percent expect their incomes to increase next year; but 49 percent expect their bills and loan payments to follow suit. Transunion said the respondents who indicated that they expected their bill and loan payments to increase was higher in the fourth quarter this year compared to the 43 percent recorded last year.

Weihan Sun, the firm’s principal of research and consulting for Asia Pacific, said that given “sustained financial pressure,” consumers are likely to adjust their spending and saving behavior.

“These behaviors reflect a tendency to prioritize immediate financial flexibility over long-term security as households attempt to bridge shortterm financial needs in a high-cost environment,” Sun was quoted in the statement as saying.

“This might elevate default risks in certain debt categories which lenders should be cautious of. Additionally, these financial behaviors highlight the need for further credit education among a population where most consumers are relatively new to credit,” he added.

Meanwhile, over three in every five Filipinos or 64 percent said access to credit is highly important to achieving their financial goals. This was higher than the 58 percent recorded last year.

Transunion said this trend was led by Filipinos belonging to the “Gen Z” segment with 68 percent of them seeing the crucial role of credit access. However, Filipinos believe that access to credit remained limited as only 42 percent of consumers felt they were adequately served and a quarter of all respondents reported insufficient access. Based on the data, some 34 percent of Gen Z felt they were considered the most underserved.

Despite this, Transunion said overall interest in new credit was strong with 53 percent planning applications for new credit or refinancing existing credit in the next year. Credit that they intend to secure are expected to be used largely for personal loans, buy now, pay later and credit cards next year.

“These findings signal opportunities for lenders to meet the demand for accessible products especially among younger Filipinos eager to leverage credit for better financial flexibility,” Transunion said.

Alongside holding more favorable perceptions about credit, the data showed Filipinos are monitoring their credit reports more frequently as well. More than seven in 10 or 71 percent now check their credit report at least once a month. This was slightly higher than the 67 percent posted last year. The data also showed 74 percent also viewed credit monitoring as highly important.

“This shift towards proactive monitoring suggests consumers are becoming more mindful of their credit health and responsibilities,” according to Transunion.

However, despite this positivity, the data showed 16 percent of consumers did not monitor their credit at all, which indicates that further education is needed in a rapidly growing credit market. Cai U. Ordinario

Banking&Finance

EOPT to help govt shore up revenues–WB

By Cai U. Ordinario @caiordinario

ENABLING more people to pay their taxes hassle-free will help the government shore up revenues to finance the county’s economic growth, according to the World Bank.

In a briefing last Tuesday, World Bank Senior Economist Jaffar AlRikabi said even if the government eschew raising taxes, it has several methods to improve tax administration that would be beneficial to economic growth.

The economy is expected by the World Bank to post an average growth of 6 percent between 2024 and 2026. The lender of last resort has revised the growth in gross domestic product (GDP) downward for 2024 to 5.9 percent from the initial 6 percent. The World Bank, nonetheless, expects growth to hit 6.1 percent in 2025 and 6 percent in 2026.

“We all know that when something is hard to do, most of us are less likely to do it or to do it well or

to do it on time. So the easier you make paying taxes, the more likely citizens are going to comply, the more likely they’re going to pay on time,”

Al-Rikabi said.

“If you make it very easy to pay on your mobile, if you make it very easy to file electronically, these type of revenue administration reforms of easing the way you pay taxes can mobilize more revenue and that doesn’t require introducing any new taxes right,” he added.

Al-Rikabi also said that in cases when people willfully avoid paying taxes, tax reforms can include data and other tools to improve “compliance management.” This can also help close gaps in tax collections.

He added that there may also be

What I like about Christmas

THERE are people who find no joy in many situations, including the Christmas season.

Perhaps it is a great idea to talk about the nice things that happen during this time of the year. The following are the top five on my list and not arranged in any particular order.

First is the wonderful weather! This is the start of the best time of the year when the weather turns a bit cooler and the rainy season takes a break. We are all spared from the sweltering heat and get to enjoy the cool evening breeze. With this milder temperature we can enjoy having dinner outdoors and a more pleasant round of golf and other sports activities.

Second is the cascading effect of the 13th month pay. Unleashing this together with the annual bo-nus given to high performers results in more disposable income to spend. This seasonal increase in purchasing power adds to the festive atmosphere where retailers have nicer displays, clearance sale and other promotions. Do you also notice that as people have more money, they tend to be happier and in a better mood?

Third is the back-to-back Christmas parties and events. Everything from Christmas golf tournaments, office parties, class reunions and family get togethers nearly on a daily basis. Seeing your old family and friends, officemates and classmates gives you a chance to catch up on each other and lots of photos to remember the occasion. With the extended family and friends you get to meet new peo-ple, some of who may have the same interests as you do or may even be a celebrity!

Fourth is the perfect excuse to do anything! You need to make up to someone, break the ice or make the first move, Christmas is a great reason to send a gift, call

FINex Free eNterprIse

someone, make an invite or schedule a visit. Your chances of a more positive response is probably not going to get any better than during the Christmas season. Not only do people tend to me more generous during Christmas, they also tend to be more forgiving! This is also a golden opportunity to buy yourself a gift without to much criticism from your spouse, provided you also get her something nice! You can also indulge yourself in doing something you have always wanted to do.

Fifth is the opportunity for spiritual renewal and cleansing. Perhaps we think more about our mortality the older we get and start rethinking about our priorities in life. Setting our affairs in order and doing what is right and leaving a positive memory of our lives. Having a clean conscience will make us sleep better at night and prepare us for when it is time for us to move on.

Merry Christmas and God bless you all!

The views and comments of Dr. George S. Chua are his own and not of the BusinessMirror or the Financial Executives Institute of the Philippines (Finex). The author was 2016 Finex president, 2010 to 2020 FPI president, an active entrepreneur in fintech, broadcast, media, telecommunications, properties and a regular member of the National Press Club. Dr. Chua is also a professorial lecturer 2 at the University of the Philippines Diliman and BGC Campus, a trustee of the Finex Foundation and the vice chairman of the Market Governance Board of the Philippine Dealing and Exchange Corp. Comments may be sent to georgechuaph@yahoo.com or gschua@ up.edu.ph.

TBy Jonathan L. Mayuga @jonlmayuga

HE Department of Agrarian Reform (DAR) announced recently it issued Certificates of Condonation with Release of Mortgage to 6,300 agrarian reform beneficiaries (ARBs) from the province of Cagayan, effectively condoning a

room to remove policies and even taxes that make taxation difficult or do not contribute significantly to the growth of the economy.

“It’s always advisable that you evaluate the effectiveness of these tax expenditures, these tax incentives, and phase out the ones that are not effective because if they’re not supporting the economy they’re not doing what they’re supposed to do then this is just revenue lost so this is another way that you could collect more revenue and there are many more ideas,” Al-Rikabi said. Faster growth is what will bring the country closer to its aim of becoming an Upper Middle Income Country (Umic). The challenge in reaching this income classification is ensuring human capital development, which requires financial resources.

Al-Rikabi said investing in human capital is crucial for the Philippines to sustain its growth and seize the opportunity for a ‘demographic dividend,’ which will only last for the next 20 years to 25 years.

The Philippines, he said, stands out as one of the few East Asian nations that can potentially achieve prosperity before its population ages significantly.

The World Bank said the ‘demographic dividend’ refers to the economic growth potential that arises when the labor force is growing more rapidly than the population dependent upon it.

To realize that potential, the World Bank said countries must implement policies that invest in human capital (i.e., education, health, nutrition, and skills) and enable employment of the growing workforce in good-paying jobs.

In its “Philippine Economic Update” report, the World Bank said private consumption, which refers to the amount of money that people spend on everyday needs like food, clothing, and entertainment, is expected to remain the main engine of growth over the medium term (2024-2026).

The report stated that this will be fueled by low and stable inflation, steady inflows of remittances from overseas workers, and higher employment rates that boost incomes.

The World Bank noted that improvements in credit availability, along with falling interest rates, will support the growth of private consumption. The Philippine government is also well positioned to attract

higher investments from the private sector, both foreign and local, after recently liberalizing investment rules and lowering interest rates. The services sector will keep growing thanks to higher local spending, the ongoing recovery of both local and international tourism, and the continuing strength of the business process outsourcing industry.

However, the PEU flags local and global risks that could hamper growth in the near term. Of particular note are geopolitical tensions and weaknesses in China’s economy, which could weaken global trade, manufacturing, and tourism, especially for countries with significant economic ties to China.

Further, the World Bank said substantial uncertainty exists with respect to trade distortive measures introduced by large economies that may affect global trade. Within the Philippines itself, higher inflation could erode people’s incomes and constrain private consumption if it is not well managed. Adverse weather conditions may also hamper farm production and cause disruptions for tourism, construction, and industrial activities.

PHL climate action receives EU funding

By Andrea E. San Juan

THE European Commission has committed an additional EUR 10.7 million to the Climate Investor Two (CI2) Fund of investment manager Climate Fund Managers B.V. (CFM) to support the Philippines’s climate mitigation and adaptation efforts.

In a statement last Tuesday, the CFM said a portion of the funding will support the development of the Isabela project, a state-of-the-art bioenergy facility in San Manuel, Isabela, due to start construction in the fourth quarter of 2025.

According to the blended-finance investment manager, the project includes a 10-megawatt (MW) biomass plant and a 4-MW biogas plant that will produce renewable electricity and gas for local consumption or sale to the grid, reducing emissions by 40,000 tCO2eq annually.

The CFM said it is “co-developing” the said project through BioAsia Energy Holdings, its joint venture with bioenergy developer Anvirya Ventures Pte. Ltd., and La Suerte Rice Mill Corp. (LSRM), one of the largest paddy-milling operators in Isabela.

“The EU commitment will be channeled through FMO, the Dutch Entrepreneurial development bank, development finance institution, as an EU pillar-assessed entity,” said the The Hague, Netherlands-registered CFM.

Adaptation efforts

CFM Senior Investment Manager Jeb Victorino pointed out that communities in the Philippines are among the “most impacted” by global warming.

“Only with public sector commitments like the EU’s can we unlock private investment at a sufficient scale to drive meaningful change,” Victorino said.

He believes the fund from the EU will enhance CI2’s capacity to mobilize private sector investment in critical sectors, including “transformative circular economy” projects like the Isabela bioenergy facility, while supporting vulnerable communities and advancing the Philippines’s green energy transition.

“This funding will catalyze climate mitigation and adaptation efforts in the

Philippines, a nation acutely affected by climate change, driving long-term socioeconomic growth and climate resilience,” the CFM said.

Necessary contribution

MEANWHILE, European diplomats emphasized that the EU is committed to support the world’s most vulnerable regions, underscoring that the Philippines is one of the countries most affected by climate change.

“The (EU) is steadfast in its support for the world’s most vulnerable regions.

In the Philippines, communities face extreme weather events, rising sea levels and water scarcity on an increasing basis,” Ambassador of the EU to the Philippines Massimo Santoro said.

Santoro noted that this additional commitment “enables essential investments in projects like the Isabela facility that mitigate these challenges, building climate resilience that will benefit the Philippines for generations.”

Ambassador Marielle Geraedts of the Netherlands, meanwhile, said the CI2 is a “showcase example” of how the public and private sector can work together, each optimally using its added value.

The CI2 Fund is a $1-billion blendedfinance facility focused on water, waste and oceans infrastructure in emerging markets. “Public funding will contribute to project development and de-risking where necessary, facilitating private sector investment,” Geraedts said.

Deliver solutions

FOR his part, La Suerte Rice Mill President Richard Tan said this initiative will help in addressing the challenges of the region on agricultural waste and renewable energy generation.

“This initiative represents a significant step forward in sustainable energy development for our region, addressing the dual challenges of agricultural waste and renewable energy generation. By working together, we can create a lasting impact for the farmers and communities of Isabela, while contributing to the Philippines’ broader climate resilience and renewable energy goals,” Tan said.

The CFM explained that it raises and deploys blended climate finance funds, working in partnership to deliver “climate-resilient” solutions at scale and pace.

“With over $2 billion in assets under management and targeting an additional $6 billion, CFM’s private equity and private credit facilities address key areas of climate change mitigation and adaptation, including renewable energy, green hydrogen, energy transmission, water and sanitation, and biodiversity and oceans infrastructure,” the CFM said.

The CI2 fund was formed in partnership with the Dutch Fund for Climate and Development and the European Commission to mobilize private sector investment at scale in water, waste and oceans infrastructure in Latin America, Africa and Asia, territories where the CFM operates in. The CI2 is supported by multiple public and private sector organizations including development finance institutions, multilateral finance institutions, public sector banks and institutional investors from across the globe, according to the CFM. Investments, funding THE recent commitment from the European Commission brings the fund, which reached its third close at $875 million in November 2023, to a total of $885 million, the CIM said adding that the CI2 is on track to achieve a final close of $1 billion in the first quarter of 2025.

The CFM said that, to date, the CI2 has committed $262 million to 19 projects in 16 countries, including wasteto-energy platforms in South Africa and Thailand, water treatment plants in Vietnam, desalination initiatives in Kenya and Thailand and pan-Africa and Intra-Asia green shipping companies.

The CI2 has also been tapped to implement the world’s largest debtfor-nature conversion in Ecuador to protect one of the planet’s most important ecosystems: the Galapagos Islands, according to the CFM. In September 2024, the CFM announced a minority stake investment in Tubig Pilipinas Group Inc., a clean water platform providing essential water access to communities outside Metro Manila. It also recently commenced operations for CN Green Roof Philippines Inc., its utility-scale solar photovoltaic joint venture with the Norwegian Government Investment Fund for Developing Countries (Norfund).

total debt of P392,675,939 from land awarded by the government covering 6,303 hectares of land through the Comprehensive Agrarian Reform Program (CARP). Senator Imee R. Marcos said during the distribution last Monday that farmers have no more debts to worry about through these certificates. “Wala na kayong kailangan bayaran sa lupang ipinagkaloob sa inyo ng pamahalaan. Bukod pa dito, tuluy-tuloy pa nating tutulungan ang mga magsasaka patungo sa pagpapaunlad ng kanilang mga lupain,” Marcos said at the Municipal Gymnasium of Solana. The distribution of the certificates fulfills the mandate of Republic Act (RA) 11953 (New Agrarian Emancipation Act), which condones all loans, including interests, penalties, and surcharges incurred by ARBs from land awarded to them under Presidential Decree 27, RA 6657 and RA 9700. The law covers more than 1.7 million hectares of agricultural reform lands nationwide, and around 610,054 farmers benefit, making them debt-free from P57.65 billion agrarian arrears. During this activity, 570 land titles were also given to 477 ARBs from the same province and cover 444.883 hectares. A ceremonial turnover of five farm-to-market roads, located in the towns of Amulung, Abulug, and

George s. Chua

Show BusinessMirror

CAUGHT IN THE ACT

THE TV host and an industry personality are at war and no one knows what happened, except that one of them has been posting intriguing stuff on TikTok, including a claim that they have evidence that will bring the other down. The two share a common friend but they hate each other and all of this is because of a man. The TV host allegedly tried to seduce the former boyfriend of the industry personality. We don’t know if he was successful doing this but what we know is that the latter caught the TV host.

MORE SCREENSHOTS

EVERYONE is talking about screenshots. The husband of a sexy celebrity has also posted screenshots of an SMS conversation between his wife and presumably a man. It seems the husband is implying that the conversation is between his estranged wife and her alleged lover. However, what the public had seen of the screenshots has made them believe that the wife was talking to a gay friend. The wife, a sexy star and comedian, is known to be friends with a lot of gay men so that really isn’t surprising. What’s surprising is the hate the husband seems to have for his estranged wife.

SUGAR BABY

THE starlet’s branding is that she comes from a very rich family when, in fact, all the riches she is displaying come from her sugar daddies. The original sugar daddy of the starlet used to be the benefactor of a beautiful girl who is now married to an actor. The starlet’s relationship with her original sugar daddy did not last long because he reportedly grew tired of her. But the starlet moved on to another older rich man and their romance lasted a few years until she found the new guy (also older and rich) she’s with now. All the sugar daddies are, of course, married.

NEW GIRL

AFTER his romance with a controversial celebrity, the politician has moved on to a young woman who is an influencer. The woman is known to go for older men with money and the politician, who is old but single with kids, has lots of it. Actually the politician prefers them young so his relationship with the controversial celebrity was surprising. The current affair with the young woman seems more up his alley. The politician seems very proud to be with his new girl, who is quite gorgeous, as he’s been making comments on her social media posts.

‘Wicked’

named best film, Daniel Craig best actor by National Board of Review

NEW YORK—The National Board of Review put its full support behind Jon M. Chu’s Wicked, naming the lavish musical the best film of the year, Chu best director and awarding its stars, Cynthia Erivo and Ariana Grande, a prize for their collaboration, in awards announced on Wednesday.

Already a box-office force, Wicked is also embarking on an awards campaign expected to make it a major Academy Awards contender. The National

NINA CAMPOS BAGGED FIRST PLACE AT EURO POP SINGING CONTEST

Board of Review, a long-running New York-based organization comprised of film enthusiasts and academics founded in 1909, has no correlation with the film academy. But the win hands Wicked some early momentum ahead of Monday’s Golden Globe nominations, where it should perform well.

“Wicked represents the pure magic that movies can bring to audiences,” said Annie Schulhof, NBR president. “Every detail is beautifully crafted and designed, the actors are all exceptional and the music is second-to-none—together it adds up to a transporting experience like no other.”

Best actor went to Daniel Craig for his performance in Luca Guadagnino’s William S. Burroughs’ adaptation Queer

don’t get your facts straight before standing up for someone else. Avoid risky situations. ★★★★

LEO (July 23-Aug. 22): Refrain from getting tangled up in the hustle that the festive season inevitably fosters. Take a moment to breathe deeply, rethink your strategy and organize your day accordingly. Your aim should be helping others during this frantic time of the year and reducing the onus of buying love with gifts. ★★

VIRGO (Aug. 23-Sept. 22): Situations will escalate quickly if someone close to you overreacts, spends or indulges in an unhealthy manner. Establish boundaries and set a good example through your actions and invitations to participate in healthy activities and intelligent lifestyle choices. ★★★★★

LIBRA (Sept. 23-Oct. 22): Traveling, attending gettogethers or fixing up your space for upcoming festivities will stimulate your mind and encourage positive personal change that updates your look and appeal. Someone from your past will impact how you raise your profile or lifestyle. Explore the possibilities. ★★★

SCORPIO (Oct. 23-Nov. 21): Your actions will not go unnoticed. Be fair and honest and live up to your promises to avoid upsetting someone you love or depend on for help. Rely on your creative imagination to use what’s available to brighten your surroundings and reflect this time of the year. ★★★

Nicole Kidman took best actress for Halina Reijn’s Babygirl, in which she plays a high-ranking executive who has a romance with an intern (Harris Dickinson).

Philippines, is the first-place winner at the Euro Pop

EPC, or Euro Pop Contest, is an international singing competition for young singers between 10 to 24 years old held annually in Berlin, Germany, by the non-profit organization Music Accuracy and Veranstaltulgen eV since 2003.

Nina Campos competed under the category of 18 to 24 years old among 18 countries. Her soulful rendition of the popular song “Home” brought home the bacon for Philippine pride.

Nina Campos mentors included Jex De Castro, a grand prix winner in London last 2023, as well as Rose Marielle Mamaclay who was top 5 in X Factor Malta. Nina Campos was brought to the EPC by Vega Entertainment Productions and Euro Talent Festival spearheaded by international celebrity Charie Vega. The competition aims to promote the talents of young performers. Youths with singing prowess come on their first stage to the big world of pop music.

The Euro Pop Singing Contest was held from November 21 to 25.

The supporting acting winners were Kieran Culkin for A Real Pain, and Elle Fanning for A Complete Unknown. The NBRs add to the recent run of prizes dished out this week, including the Gotham Awards on Monday, the New York Film Critics Circle on Tuesday and the Spirit Awards nominations announced Wednesday.

The NBR Awards will be handed out in an untelevised gala January 7, 2025 in New York hosted by Willie Geist.

The full list of 2024 National Board of Review winners:

■ Best Film: Wicked

■ Best Director: Jon M. Chu, Wicked

■ Best Actor: Daniel Craig, Queer

■ Best Actress: Nicole Kidman, Babygirl

■ Best Supporting Actor: Kieran Culkin, A Real Pain

■ Best Supporting Actress: Elle Fanning, A Complete Unknown

SEE “WICKED,” B5

SAGITTARIUS (Nov. 22-Dec. 21): Dismiss anyone interfering in your affairs or limiting what you can do or say. Pay attention to how you present your ideas and develop your skills. Remember what’s trending, but refuse to buy into an idea or plan benefiting someone else more than you. Make fitness a priority. ★★★★★

CAPRICORN (Dec. 22-Jan. 19): Intelligence and charm will help you march forward with less interference. Pay attention to what others are going through while offering kindness and easy solutions; you will win favors in return. A secretive approach to domestic change will help you achieve your objective. ★★★

AQUARIUS (Jan. 20-Feb. 18): Dodge a bullet and avoid situations that promote emotional mayhem. Set your sights on changes you can implement that make life more convenient and that mellow out the personalities of those you encounter daily. Keeping the peace will encourage others to pitch in and help instead of standing in your way.

PISCES (Feb. 19-March 20): Source information carefully and share only what’s verified. Investigate your options and consider how to use your skills to do something that you feel is more exciting or lucrative. Be careful not to let your emotions take over when dealing with money matters or trying to buy love. ★★★★

BIRTHDAY BABY: You are energetic, playful and bold. You are resourceful and disciplined.

DANIEL CRAIG in his acclaimed performance in Queer

Finland-based art curator trailblazes in Manila

A FREE public lecture by Helsinki-based Kohta director Anders Kreuger “Interesting and Important: Curatorial Practice as Artistic Practice” is scheduled on December 16. The theme refers to the two unavoidable value judgments in any discussion about art or artists, writers, or curators: if what they do and say is neither interesting nor important, why should we care to look, listen, or read?

Organized by the Museum of Contemporary Art and Design (MCAD) of the De La SalleCollege of Saint Benilde (DLS-CSB), the talk will introduce the attendees to the larger-scale and longer-running projects of Kreuger. These include overviews of his in-depth collaborations with artists from all over the world.

The writer, editor and educator will likewise share his insights on why curatorial practice is and should be a form of art. He clarifies this does not mean that the curator must self-identify as an artist. But he does imply the impact or the results of curatorial work should be subjectively evaluated rather than assessed according to criteria aspiring to objectivity.

Upon the completion of his studies in his homeland Sweden, Kreuger directed the Information Office at the Nordic Council of Ministers in Vilnius, Lithuania. He then directed the Nordic Arts Centre and founded the Nordic Institute for Contemporary Art in Helsinki. He has been an active independent curator since 1999 alongside his other positions. He served as the director of the Malmö Art Academy and exhibitions curator at the Lunds Konsthall Museum. He likewise acted as senior curator at the Museum of Contemporary Art Antwerp (M HKA) in Belgium. Kreuger has taught at institutions across Europe, from the Royal Academy of Art in Denmark and the Trondheim Art Academy in Norway, to the Salzburg International Summer Academy in Austria and the Royal College of Art in the UK.

He has published numerous essays and reviews about contemporary art and artists and edited several books. He is currently chairing the board for the Oslo-based online art journal Kunstkritikk He was also a member of the editorial team of the London-based art journal Afterall He also participated as a member of the Programme Team of the European Kunsthalle in Cologne, Germany.

“Interesting and Important: Curatorial Practice as Artistic Practice” is free and open to the public. It will be held at the 12th Floor, Screening Room of the Benilde Design + Arts Campus, 950 Pablo Ocampo Street, Malate, Manila.

Interested participants may register through forms.gle/R2iyy3iPSTbVHcJJA.

Wicked...

Continued from B4

n Best Ensemble: Conclave

n Breakthrough Performance: Mikey Madison, Anora

n Best Directorial Debut: India Donaldson, Good One

n Best Original Screenplay: Mike Leigh, Hard Truths

n Best Adapted Screenplay: Clint Bentley & Greg Kwedar, Sing Sing

n NBR Spotlight Award: Creative Collaboration of Cynthia Erivo & Ariana Grande

n NBR Freedom of Expression Award: No Other

Land

n Best Animated Feature: Flow

n Best International Film: The Seed of the Sacred Fig

n Best Documentary: Sugarcane

n Outstanding Achievement in Cinematography: Jarin Blaschke, Nosferatu

n Outstanding Achievement in Stunt Artistry: Furiosa: A Mad Max Saga AP

Embracing growth through non-linear career paths

TRADITIONALLY, career paths have long been a predictable progression—starting in entry-level roles, advancing to mid-level management, and then ultimately climbing to senior leadership. While this linear approach has its merits, today’s dynamic workplace sometimes demands more flexible and innovative career development strategies. One of these is adopting a non-linear career pathway which emphasizes skill diversification, personal fulfillment, and adaptability over hierarchical progression.

Non-linear career pathways challenge the traditional corporate ladder by encouraging employees to explore diverse roles, prioritize skills over titles, and redefine success on their own terms. These paths often involve lateral moves, crossfunctional roles, or entirely new directions aligned with personal interests and organizational goals. Many companies adopt this approach to develop wellrounded leaders, exposing high-potential employees to various areas of the business. This experience equips them with a deep understanding of operations which helps develop strong decision-making skills.

Non-linear career development also encourages employees to explore roles beyond their core expertise, like a marketer working in product development or customer support. These lateral transitions broaden skills, deepen organizational understanding, and foster growth without the immediate pressure of promotion. By prioritizing skill-building over titles, employees engage in stretch assignments, mentorships and training that align with personal and organizational goals. This approach helps individuals build a versatile portfolio of experiences, preparing them to adapt to industry changes and succeed across different roles.

Offering flexible career options boosts employee retention by addressing the needs of employees who value growth, variety and work-life balance. Providing opportunities for lateral moves, crossfunctional roles, and personalized career paths enhances job satisfaction, reduces turnover rates and helps organizations retain top talent.

Flexibility also enhances resilience in a rapidly evolving job market, enabling employees to acquire diverse skill sets and adapt to new roles or shifting industry demands. Moreover, employees who have worked across different functions gain a deeper understanding of the challenges faced by various departments. This broader perspective develops empathy, strengthens collaboration, and enhances organizational cohesion, ultimately driving a unified and effective workplace.

Organizations can foster non-linear career development by establishing internal mobility programs that encourage employees to explore roles in different departments without the fear of stigma or career stagnation. Cross-training and rotational

assignments provide employees with hands-on experience beyond their primary roles through shortterm projects, temporary transfers, or structured rotations.

Such programs create a supportive culture where employees feel empowered to pursue new opportunities and diversify their skills without jeopardizing their careers. Clear pathways for internal transitions, accompanied by transparent policies and guidance, promote exploration and professional growth while aligning individual aspirations with organizational goals.

To support non-linear career paths, organizations can implement flexible performance reviews that value achievements such as skill acquisition, adaptability and contributions to cross-functional initiatives which detract from traditional key performance indicators. Redefining success in this context shifts the focus from titles and salary increments to personal fulfillment, meaningful contributions and adaptability in a constantly evolving workplace.

This approach empowers employees to take ownership of their careers while enabling organizations to build a resilient workforce. Nonlinear career pathways also represent a forwardthinking approach to professional development. They empower employees to pursue diverse opportunities, expand their skill sets and redefine success on their own terms. For organizations, these pathways offer a strategic advantage by fostering innovation, enhancing collaboration and preparing teams for the future of work. Embracing this model not only benefits individual growth but also strengthens the organization’s adaptability and resilience in an everchanging world. n

Do weighted blankets help you sleep better? Here’s what to know

NEW YORK—Rhonda James was skeptical when her husband ordered a weighted blanket for her online. But five minutes after she wrapped it around her body, she zonked out.

“It felt like a really big hug,” said James, a banker in Charleston, South Carolina. As outside temperatures grow chilly, weighted blankets can be a popular choice to warm up. Some people say the added pressure helps them soothe the worries of the day and get to sleep faster. But research on the effectiveness of weighted blankets is limited. Here’s what to know.

WHAT IS A WEIGHTED BLANKET?

WEIGHTED blankets come with extra heft in the form of glass beads, pellets, cotton or another filling. Scientists haven’t studied exactly how the blankets work, but they have a few ideas. The blankets’ firm touch may calm the brain’s fight-or-flight response, said Dr. Neal Walia, a sleep medicine expert at UCLA Health.

“The evenly distributed weight on you tells your body, ‘Hey, you’re in a calm environment,’” he said.

The extra pressure also may signal the brain to release what’s called the love hormone, also known as oxytocin. It’s produced during bonding and cuddling, and can also lower anxiety, Walia said.

HOW DO I USE A WEIGHTED BLANKET?

FOR most healthy adults, experts say to choose a blanket that is about 10-percent of their body weight. So a 150-pound person may opt for a 15-pound blanket. Weighted blankets are not recommended for babies or toddlers since they can hinder movement and breathing.

People with sleep apnea, sleep-related disorders or respiratory problems should check with a doctor before using a weighted blanket.

The blankets aren’t for everyone and each person gets the best out of their blanket differently. For example, some may find them too hot to use during warmer months.

And the extra swaddling comes at a cost: quality weighted blankets can range from $50 to over $300 depending on the size, weight and material.

James takes hers out of the closet to unwind when she’s watching TV or sipping a glass of wine. Lucy Taylor, a freelance writer from Wales, uses her blanket to fall asleep when her anxiety spikes during the winter. “If my body’s relaxed, my mind follows suit,” she said.

CAN WEIGHTED BLANKETS IMPROVE SLEEP?

There isn’t a ton of research on whether weighted blankets actually work, and the studies that do exist

are on small groups. Most studies don’t focus on the average sleeper. Instead, they investigate whether weighted blankets can help people with chronic sleep problems, mental health conditions or developmental disorders.

There are some hints that weighted blankets can help with anxiety, chronic pain and sleep. But the research isn’t conclusive.

A study on 120 people with insomnia found that the weighted blankets helped them sleep better compared to a light blanket. Another study on 67 children with autism found the weighted blanket didn’t affect their sleep at all—but the children and their parents preferred it to a regular blanket.

And a third study on 94 adults with chronic pain found that a heavier weighted blanket didn’t affect sleep, but was better at reducing pain compared to a lighter one.

Even though there’s not yet strong evidence to back up the benefits of weighted blankets, sleep experts say there’s no harm in giving them a try if you’re willing to splurge.

Dr. Daniel Barone, a sleep medicine expert at Weill Cornell Medicine, suggests it to his patients after other traditional therapies and medicines.

“If it doesn’t hurt and it may help, it’s worth a shot,” he said. AP

CURATOR, writer, editor, educator, and Kohta director Anders Kreuger. PHOTO COURTESY OF OSCAR CHAN YIK LONG

MASHAV Israel Celebrates Christmas, Children’s Month with Nueva Ecija Kids

ISRAELI Ambassador to the Philippines Ilan

Fluss, together with the Shalom Club, marked the holiday season by bringing joy to daycare children across Licab, Nueva Ecija during the 2024 Ngayong Pasko, Salo Tayo and Municipal Children’s Month festivities.

“These children are the future leaders; this is why we invest on them,” Fluss shared. “Shalom means peace, and with Hanukkah and Christmas approaching, the State of Israel through the Shalom Club of Nueva Ecija wishes to bring peace, prosperity, and positivity to everyone today.”

Fluss extended his gratitude to the Shalom Club of Nueva Ecija for organizing the year-end initiative and encouraged them to continue creating impactful projects that benefit Filipinos. “Let us build more bridges of partnership between our nations, especially in education,” he added.

A total of 355 daycare children from the 12 barangays in Licab, Nueva Ecija received food and gifts from MASHAV Israel and toys donated by Ronald McDonald House Charities. Renowned Filipino artist “AmangPintor” Elito V. Cira also entertained the children with his hand-painting performance.

AMBASSADOR Ilan Flus gives gifts to celebrate Hanukkah, Christmas, and Municipal Children’s Month.

The event was held on November 28, 2024 and was graced with the presence of Mayor Eufemia Domingo of Licab, Nueva Ecija, faculty members and representatives from the local government unit, Shalom Outreach Focal Dr. Eugenia Baltazar, President of Shalom Club Nueva Ecija Ms. Lorna Mae Vero, and other members and

officers of the club.

The Shalom Club of Nueva Ecija is composed of MASHAV alumni from the city who have participated in various training programs in Israel. This event is part of the annual volunteer program under MASHAV, Israel’s official international development cooperation initiative.

Bright beginnings to 2025 with grand New Year’s Eve celebration at Okada Manila

OKADA Manila is ushering in the new year with its dazzling “Bright Beginnings to 2025” celebration. This spectacular New Year’s Eve lineup promises unforgettable experiences, featuring worldclass performances, vibrant entertainment, and breathtaking fireworks displays. Every corner of the resort will be aglow with the excitement and joy of welcoming 2025.

A night of stars

EXPERIENCE an evening of elegance and exceptional entertainment at “A Night of Stars: The Ultimate New Year’s Eve Dinner Concert” at Okada Manila’s Grand Ballroom. The event is headlined by Asia’s Nightingale, Lani Misalucha, known for her iconic vocals, alongside Zsa Zsa Padilla, Christian Bautista, and Mitoy Yonting with The Draybers.

Adding to the energy is DJ Cammy V, while the Okada Manila Entertainment Group (OMEG) delivers a breathtaking set. Hosted by the charming Daiana Menezes, this dinnerconcert promises music, fun, and revelry.

Tickets include a sumptuous buffet dinner, countdown festivities, and access to a spectacular line-up of performances. Prices are P12,000 for Tier 3, P15,000 for Tier 2, and P20,000 for Tier 1. Doors open at 7 pm.

Unleash 2025

CELEBRATE the arrival of 2025 with an electrifying Year-End Party at Cove Manila, featuring high-energy beats and euphoric vibes. Headlined by DJ Quintino, one of the

world’s top DJs, the event will also showcase performances by DJ Phillip Japor, DJ Xiao Yunnah, DJ Arra Gunio, and MC Smurff, and the Okada Manila Entertainment Group (OMEG).

Exclusively for guests aged 18 and above, this epic party offers cabanas, couches, and cocktail tables. Doors open at 9 pm, with tickets starting at P1,500.

Symphony of lights

CELEBRATE under the stars at The Fountain, where live music, magic, and fireworks come together in a grand revelry. Performances by top artists Darren Espanto and Jona, accompanied by New Flame and the Okada Manila Entertainment Group (OMEG), will set the stage for an unforgettable night. Hosted by Patricia Reyes, the event culminates with a stunning fireworks display at midnight,

Eilluminating the skies and reflecting on the iconic Fountain. Open to all guests, the festivities begin at 8 pm.

Midnight Magic

GATHER family and friends at The Garden to witness another spectacular fireworks display in a serene and picturesque setting. This relaxed outdoor celebration is perfect for welcoming the new year under the stars. Doors open at 8 pm

Extended festive offers

OKADA Manila extends its holiday magic with exclusive deals.

The Enchanting Winter Escape Package, available until January 15, 2025, offers themed room arrangements, lounge access, and fun family activities. For more details on Okada Manila’s holiday experiences, visit okdmnl.ph/EnchantingCrystalWinter.

Welcome 2025 with spectacular dining experiences at Okada Manila, featuring the Fabulous Feasts, Bright Beginnings menu with globe-spanning cuisines at Medley Buffet, holiday-inspired delights from The Lobby Lounge and Pastry Shop, traditional Italian flavors at La Piazza, classic merienda traditions at Kiapo and more amazing deals from other outlets. For inquiries and reservations, contact +632 8555 5799 or send an email to RestaurantReservation@ okadamanila.com.

Tickets for “A Night of Stars: The Ultimate New Year’s Dinner-Concert” and “Unleash 2025: Epic NYE Party at Cove Manila” can be purchased at www.okadamanila.com/brightbeginnings-to-2025.

XPERIENCE a remarkable Christmas at Seda BGC. Honoring traditions with a contemporary twist, the hotel presents delightful ways of celebrating the Season to give you remarkable experiences you will treasure for always.

The hotel’s signature Artisanal Honey-Glazed Ham is a delicious way of sweetening up the holiday table. Boasting of a juicy, meaty interior and a crunchy, sweet crust glazed with honey, it is minimally processed and free of harmful chemicals, perfect for family dinners, parties or gift-giving (P1,700).

Suzuki Philippines Introduces the Limited Jimny Rhino Edition

GEAR up for the ultimate adventure as Suzuki Philippines proudly announced the arrival of the highly anticipated Jimny 3-Door Rhino Edition. Previewed to enthusiastic acclaim at the 9th Philippine International Motor Show (PIMS), this bold, rugged limited edition brings the iconic Jimny toughness to a whole new level.

The Jimny 3-Door Rhino Edition will hit Suzuki dealerships nationwide starting the 4th week of November 2024. Available in three exciting colors: White, Solid Jungle Green and Solid Medium Gray, the Jimny Rhino Edition is sure to capture the hearts of off-road enthusiasts and style-savvy adventurers alike. With exclusive Rhino-inspired decals and a suite of Suzuki Genuine Accessories, the Jimny Rhino Edition amplifies the iconic toughness and adventurous spirit of the Jimny nameplate now equipped with key enhancements like chrome front grille, front bumper under garnish, side under garnish, mud flaps and Rhino Edition decal and badge

This special edition model maintains Jimny’s legendary off-road capability with the robust 1.5-liter gasoline engine delivering 102 PS and 130 Nm of torque, mated to a four-speed automatic transmission. The Jimny 3-Door Rhino Edition AT is priced at P1,331,000. With a rugged design, exceptional accessories,

and the iconic Jimny performance, this limited edition model is expected to sell out fast. Interested customers are encouraged to visit their nearest Suzuki dealership to inquire and reserve their unit.

The Jimny Rhino Edition is now here to dominate the urban jungle and conquer the toughest terrains. Make your move now –adventure awaits!

For more information, you may check out any authorized Suzuki Auto dealerships nationwide or visit http://suzuki.com.ph/auto/.

For daily updates on Suzuki, please like Suzuki Auto PH’s Facebook page at https://www. facebook.com/SuzukiAutoPH, follow them on X at https://x.com/suzukiautoph and Instagram at @suzukiautoph.

A Magical Christmas Awaits at Disney Store

THIS Christmas season, Disney Store by SM is bringing the holiday cheer with a special treat for every shopper. For every single-receipt transaction of P5,000, you’ll receive an exclusive Christmas postcard. Collect all three limited-edition designs and make your holiday cards extra special. Hurry, this offer is only available until December 31, 2024.

It’s never too early to prep for the most magical time of the year! Visit the Disney Store at Level 1 North Main Mall, SM Mall of Asia and check out some of our top gift ideas for the season.

Serve a little magic with every meal with the Mickey Mouse and Friends Holiday Serving Platter. With festive all-over holiday art, the Mickey and Minnie Mouse Christmas Tree Stacking Measuring Cup set with lid and base is sure to be the not-so-secret-ingredient that adds a little magic to all your baking.

Enjoy some holiday cheer with a steaming, warm beverage from Santa’s helper Mickey Mouse and his sculpted ceramic mug. Hot cocoa anyone? Making Christmas Magical is as easy as serving up family favorites on these Mickey Mouse and Friends holiday plates. This set of four stoneware plates feature Mickey, Minnie, Goofy and Donald bearing gifts in colorful designs that dish up festive fun.

The Disney Once Upon a Story collection celebrates the power of imagination and storytelling with beloved characters depicted in their youthful years.

The poseable five inch doll assortment includes eight animated heroines wearing colorful costumes in one boxed set with carry handle.

Capture the wonder of the festive season with the Belle 2024 Holiday Special Edition Doll. Designed by Disney artists, this 2024 festive keepsake is sure to be treasured by collectors and fans alike in celebration of the most magical time of the year.

Three of Toy Story’s leading figures are all set for the holidays with the Toy Story Holiday Plush Set festive plush set. Jessie, Buzz Lightyear and Woody have dressed for the occasion!

Featuring the famous logo spelled out in festive letters and topped with puff print snow. From the holly ‘’M’’ to the stocking ‘’L,’’ and all the colorful Christmas lights in between, the cottonblend Marvel Holiday T-shirt is part of any super powered holiday season.

Celebrate the classic Star Wars saga with the Star Wars Sketchbook Ornament Set of six fully depicting familiar characters and starfighter vehicles as traditional toys. Bring both sides of the Force to your family tree this holiday season. Follow @DisneyStorebySM on Facebook, Instagram, Twitter, and TikTok, for updates and join us in spreading the excitement using #DisneyStorePH and #DisneyStorebySM.

Editor: Tet Andolong

Construction industry offers growth potentials in 2025

ABy Rizal Raoul S. Reyes @brownindio

s the Philippine economy continues to deliver a stellar performance in 2025, expect the local property sector to benefit from it. Although it continues to face headwinds, Colliers Philippines research director Joey Roi Bondoc is confident that tailwinds are likely to support the market’s growth in 2025.

“Developers should continue exploring growth areas outside Metro Manila given the tepid office and residential take up in the capital region. This is a good opportunity for firms to line up recovery strategies next year,” he said.

Optimism in the air

SHERA Philippines, a subsidiary of Bangkok, Thailand-based SHERA Public Company Limited, is bullish in the Philippine construction industry as it is a continuously growing market that positively impacts the overall economy of the country.

“As it grows, so does the demand and requirements shift. From conventional infrastructures, the new era is embracing more modern designs and technology to improve the products, output and overall experience of the public,” said SHERA Philippines Country Head Thunnop Jumpasri in an email interview with the BusinessMirror

SHERA developed the FyberTec technology, a patented technology for SHERA, to address the ever changing needs of the market.

“This durability not only enhances efficiency and minimizes material waste but also reinforces the sus -

tainability and economic viability of infrastructure projects, making FyberTec indispensable for the nation's evolving architectural and construction landscape,” Jumpasri said.

SHERA developed FyberTec technology for the local market because it understands the real challenges Filipinos are facing in construction. From unpredictable weather and heavy rains to the constant threat of fire and termite damage, he said these issues can cause stress and financial strain.

FyberTec was created to be a reliable solution—strong, durable, and resilient—ensuring that homes and buildings can stand up to these everyday challenges.

Jumpasri said FyberTec technology was developed with global environmental challenges in mind and help in pushing for a more ecofriendly and sustainable construction sector. In fact, the FyberTech technology was awarded with international and local green certificates including the European Standards and US Green Building Council. Amidst climate change and global warming, Jumpasri said the FyberTec technology offers the con -

Have you been dreaming of finally carving out a space

relaxation, and productivity.

va lley g a rdens offers modern layouts and energy-efficient features, perfect for personalizing your home. i ncorporating smart home technology like smart locks, lighting, and audio-video intercoms will elevate your

experience, offering convenience while amenities like the residence lounge, pools, and

struction industry a vital solution by ensuring buildings withstand extreme weather, heat, and environmental stress. Its durability and resilience make it an essential material for creating long-lasting, sustainable structures in an era of unpredictable climate conditions.

Being a disaster prone country, Jumpasri said the SHERA Board Pro offers Filipino builders and contractors a range of practical benefits such as durability and resistance, easy installation, and value for money.

“Our eco-friendly materials align with global sustainability trends, supporting energy-efficient designs that comply with regulatory standards. With their low environmental impact during production, SHERA products enable us to meet consumer demands while contributing to sustainable property development,” he pointed out.

Upward momentum in 2025 F I LIPI n O - O W n E D con struction consultancy firm JCV & Associates Project Management and Development Inc. (JCVA) also believes 2025 will also be rosy for them because of a robust project pipeline, according to its CEO Engr. Jason Valderrama announced at a recent media roundtable.

pet park enhance your lifestyle.

Tip: Plan your setup with decor ideas that maximize space and reflect your personality. Minimalist designs are great for smaller areas and for those who aim to live a more productive life.

Step 3: prioritize location for growth

lO c aT i O n is key to maintaining a balance of independence and accessibility. Your ideal home should connect you to career opportunities, social hubs, and daily conveniences.

Sierra val ley g ar dens ticks all these boxes! l ocated along Ortigas a v enue e x tension, it provides access to Metro Manila’s key establishments. With the upcoming MRT l ine 4, commuting will soon be even more convenient.

For young professionals and first-time homeowners, this property’s strategic location offers the best of both worlds: staying close to people and places that matter while enjoying the freedom of having your own space.

Tip: l o ok for properties near infrastructure, lifestyle hubs, and future developments to boost your investment’s value and enhance daily living.

Your solo living journey begins with one bold step—take it now and redefine independence on your own terms as you step into 2025 with confidence.

v i sit rlcresidences.com or contact our sales team to learn more about Sierra valley gardens and begin your journey today.

According to Business Monitor International’s latest Infrastructure Report, the Philippine construction industry is expected to grow by 8.2 percent annually through 2028.

“Our team has laid strong groundwork for 2025, with several major projects secured,” Valderrama said. “We’re looking forward to bringing our techforward solutions to both local and multinational companies across various industries.”

JCVA integrates digital solutions such as the Building Information Modeling (BIM) to create digital project models, enabling teams to collaborate remotely and identify potential issues before construction begins.

Further, it also uses an AI-powered platform that provides 360-degree documentation of construction sites in realtime. Moreover, it deploys drones for larger projects spanning several hectares for comprehensive site monitoring.

The firm’s clients also have full visibility of project progress through JCVA’s proprietary cloud-based platform

called “Agile + Vault,” which makes project monitoring a more efficient experience. The platform enables the clients to access real-time updates on schedules, budgets, and construction progress, including daily site photos and walkthrough videos.

JVCA is currently handling eight projects that meet international green building standards, with a flagship exclusive project management partnership with one of the major global sports retailers, whose locations in the Philippines are all EDGE certified.

JCVA is a sustainability consultant for a 10-hectare warehouse distribution center in Calamba, Laguna. For 2025, Valderrama identifies logistics, healthcare, and tourism as three key growth areas for Philippine construction because they have high growth potentials.

SHera philippines Country Head

Sports loaded with money oddities, etc. Sports BusinessMirror

B8 | Wednesday, decemBer 11, 2024 mirror_sports@yahoo.com.ph

Editor: Jun Lomibao

By Josef T. Ramos

ROY ROSARIO

TCoach Tim on Troy: Finally, he’s with us

is expected to debut for Barangay Ginebra when the Gin Kings battle NLEX in the Season 49 Philippine Basketball Association Commissioner’s Cup on Wednesday night at the Ninoy Aquino Stadium.

The game starts at 7:30 p.m.

After losing to TNT Tropang Giga in the Governors’ Cup finals last month, the Gin Kings picked up free agent Rosario to bolster their frontline composed of Japeth Aguilar in the conference highlighted by imports with unlimited height.

Troy [Rosario] is one of those guys I have watched from a distance and said to myself that I would love to have him on our team. Now the reality is true,” Ginebra coach Tim Cone said, who will be parading Justin Brownlee anew as import this conference.

Rosario, 32, will be expected to fill the shoes left by big man Isaac Go, who is still recovering from a knee injury.

The one-time PBA champion and nineyear veteran last played for Blackwater, averaging 13.5 points and 6.0 rebounds in the Governors’ Cup but could not lead the Bossing to the playoffs.

E ven with the acquisition of

Rosario, the Gin Kings face tall odds against the Road Warriors who have won three straight.

R obert Bolick fired 39 points and nine assists as NLEX downed San Miguel Beer, 104-99, for a 3-1 win-loss record.

Import Mike Watkins had 17 points and grabbed 28 rebounds in that game.

Magnolia and TNT Tropang Giga clash at 5 p.m.

The Hotshots, who lost the last two games after opening with a victory, meet the winless Tropang Giga (0-2) who will be playing without veteran Kelly Williams and Jayson Castro, still taking a break after their title win last conference.

JP Erram will return to active duty after being suspended one game due to a flagrant foul penalty 2 during TNT’s game against the Hong Kong Eastern.

By Tim Reynolds The Associated Press

LOOK—$1

“Thank you Uncle Steve,” Mets outfielder Brandon Nimmo wrote on social media. Some of the numbers around the sports world, when broken down by accomplishment, are simply eye-popping in this era.

M agnolia (1-3) is hoping to bounce back after losing its game against Converge, 93-91, and NorthPort, 107-103.

TN T’s import Rondae HollisJefferson will take on Magnolia’s reinforcement Ricardo Ratliffe.

Ajido, Mojdeh, Team PHL capture 8 medals in SEA age group swimfest

JAMESRAY MISHAEL AJIDO bagged gold while Micaela Jasmine Mojdeh earned two silver medals in the 46th Southeast Asian Age Group Championships at Assumption University in Bangkok.

Ajido, from Antipolo, won the boys’ 14-15 age group 50-meter butterfly in 25.53 seconds, erasing the five-yearold meet record of Vietnamese Nguyen Hoang Khang.

Mojdeh earned the silver medal in the girls 16-18 age group 200-meter butterfly, clocking two minutes and 21.43 seconds behind Thi Thuy Trang of Thailand, who finished in 2:18.55. She earlier placed second in the 100m butterfly event, clocking 1:03.40. I vo Nikolai Enot, 18, bagged silver in the boys 16-18 50m backstroke in 26.86 behind Indonesia’s Jason Donovan Yusuf (26.40) and claimed bronze in the 100-m backstroke.

Artistic swimming contributed with a silver as Carmina Sanchez Tan placed second in the women’s solo free.

The 12-man junior team formed by the Philippine Aquatics, Inc. through intensive national tryouts had a total hual of one gold, six silver medals, and one bronze.

“Our youth program is like a gift that keeps on giving, and the PAI is truly proud of our young athletes for keeping the winning spirit alive despite huge and tough challenges. To our young team, thank you for ending our year on a high note,” said PAI Secretary General and Batangas 1st District Congressman Eric Buhain.

“The year 2024 is a good one for PAI and the rest of the aquatics community. With solidarity in place and our relationship with the community getting stronger by the day, we believe Philippine aquatics will have a banner year 2025,” added Buhain.

Escamis escaping soon?

TALKS are rife that Clint “Eastwood” Escamis might either turn pro next year or accept a lucrative offer from a team either from Japan or South Korea.

As the undisputed star in the just-ended National Collegiate Athletic Association (NCAA) seniors basketball tournament won by Mapua over Saint Benilde via a 2-0 count in the best-of-three Finals, Escamis, the chief Cardinal, can become the next target of scouts grappling, scurrying, for his attention.  And why not?

After earning Rookie-Most Valuable Players honors in NCAA Season 99 for his stellar performance following a much-decorated high school stint as a champion Mapua Robin, Escamis shone bright anew this year in powering Mapua to the championship. His heroics from virtually all aspects of the game finally fueled Mapua’s sixth NCAA seniors title that snapped a 33year title drought.

he’d get $671,053 for every extra-base hit. Or $46,322 every time he swings the bat no matter if he misses, hits a tapper stands after driving one out at Citi Field. Of course, that’s assuming Soto remains as healthy and productive as he was in 2024. If he misses significant time, those rates just go up.

Villa reigns, Velus stuns seeded foes in Cebu netfest

UEEN VILLA lived up to her billing while unranked Juvels Velos stunned his seeded rivals in the Varac Cebu City National Juniors Tennis Championships at the Villa Aurora Raquet Club in Cebu City over the weekend.

The top-seeded Villa demonstrated her dominance in the girls’ categories, overcoming Danica Diamante, 6-4, 6-4, in the semifinals then decisively defeating Molly Tan, 6-2, 6-0, for the girls’ 16-and-under crown.

The rising star from La Carlota City, Negros then clobbered Davanee Velasco, 6-0, 6-2, to reign in the premier 18-and-U division of the Group 2 event presented by Dunlop.

Velos, on the other hand, bucked the odds, stunning No. 1 Aaron Tabura, 6-1, 6-4, in the quarterfinals, blasted past Chris Villarin, 6-1, 6-2, in the semifinals, then drubbed second seed Matthew Morris, 6-1, 6-2, to clinch the boys’ 16-and-under trophy.

The Danao City talent then shocked top seed Carl Miasco, 6-4, 6-2, in the semis, and mastered No. 2 and doubles partner RB John Lataza, 6-4, 6-2, in the 18-and-under finals to share the MVP honors with Villa in the five-day tournament which served as part of the country’s longest talent-search initiated by Palawan Pawnshop president and CEO Bobby Castro.

O ther winners in the event, sanctioned by Philta and supported by Universal Ranking Tennis and ICON Golf & Sports, were Bogo City’s Enzo Niere and Claudwin Toñacao, Morris from Dumaguete City, and Diamante and Thea Castro, both from Tuburan, Cebu.

Niere thwarted Nino Lambating, 5-4(2), 4-2, in the

Although he lost this year’s MVP plum to 6-foot-5 Allen Liwag of Saint Benilde, the 5-foot-10 Escamis more than made up for that by pocketing the coveted MVP trophy in the win-twice championship series.  For sure, Escamis, if he decides to stay, would be a cinch to lead Mapua anew in next year’s tournament—and possibly give his school another strong chance of making it to the Finals. A side from Escamis, Mapua’s core of players are expected to be readily available, including the likes of JC Recto, Cyrus

boys’ 10-and-under unisex class, Toñacao smothered James Estrella, 6-1, 6-0, for the boys’ 12-and-under crown, Morris foiled Jhunreal Espinosa, 6-2, 6-4, in the boys’ 14-andundeer finals, Diamante routed Michaella Esmero, 6-0, 6-1, to claim the girls’ 12-and-under title, and Castro downed Tan, 6-2, 6-2, in the girls’ 14-under championship.

Niere later teamed up with Dale Diamante to defeat Marius Go and Nino Lambating, 8-3, in the boys’ 10-and-U doubles, Morris and Espinosa trounced Gil Niere and Villarin, 8-2, and Danica Diamante and Tan overpowered Nadine Diamante and Esmero, 8-2, in the 14-and-under doubles.

Velos and Lataza, on the other hand, stamped their class turned back John Jumamoy and Gio Manito, 8-4, and Villa and Castro trounced Samantha Ortega and Velasco, 8-2, in the 18-and-under doubles.

and 2024 Rookie

stint with Mapua next year.

“I badly wanted this championship,” Escamis told the Inquirer’s June Navarro after Saturday’s victory, when pressed to comment on his future plans. “Let’s just first enjoy the moment.”

R henz Abando comes to mind when we talk of Escamis’s situation.

A bando left Letran after helping it win the NCAA title in Season 97, eventually abandoning stints with the Philippine Basketball Association in favor of a heftier sum of money playing in Japan.

O ther past collegiate stars like Thirdy Ravena of Ateneo and Ray Parks of National University are still playing in Japanese ball clubs—all because of the color of money. It’s all understood, of course.  Moolah traps.

The last to leave, if memory serves, is SJ Belangel,

per point.

Leon Draisaitl, Oilers HE’LL start a contract next year that will pay him an average of $14 million a season over eight seasons. At his current rate of scoring, he’d be earning roughly $119,393 for every goal or assist over that span. Igor Shesterkin, Rangers IGOR SHESTERKIN just got the richest extension for a goalie, $92 million over eight years. At his current averages, every time he makes a save, he’ll be earning $5,084.

Lionel Messi, Inter Miami BASED just on his Major League Soccer guaranteed salary, Messi got just over $1 million per goal this season ($20.4 million, 20 goals). Again, just counting the MLS salary—his full deal with Inter Miami is worth at least $150 million for 2 1/2 years—Messi made $229 for every second he was on the field during the 2024 regular season.

Scottie Scheffler, PGA SCOTTIE SCHEFFLER’S official earnings in 2024 were $29,228,357 (plus an Olympic gold medal, which is priceless). And that doesn’t include $34,037,500 million in bonuses and unofficial earnings, including $25 million for winning the FedExCup. Add it all up, and that meant the world’s No. 1 player earned about $11,243 per shot he took this season.

Cuenco, Yam Concepcion, Lawrence Mangubat

Hubilla.

QUEEN VILLA (left) and Juvels Velos (right) pose with Varac coach Alain Rey Lao.

WHAT do Juan Soto, Shohei Ohtani and Stephen Curry have in common? Lots and lots of dollars. AP