THE Philippines’s revenue collection is expected to reach P4.42 trillion at the end of the year—the highest in 27 years—and exceed the full-year target, according to the Department of Finance (DOF).
As a percentage of [gross domestic product], the emerging revenues will climb to 16.7 percent, the highest in the last 27 years or since 1997,” the DOF said in a statement on Monday.
Th e DOF has collected P3.77 trillion in total revenues from January to October. This is a double-digit increase of 16.8 percent from P3.22 trillion during the same period in 2023. Broken down, tax collections
amounted to P3.23 trillion from January to October, representing an 11.4-percent increase, while non-tax revenues expanded by 64.9 percent to P539.40 billion.
Th e revenue effort translated to a 17.5-percent share of GDP, up from 16.4 percent in the same period a year ago.
Th e Bureaus of Internal Revenue (BIR) and Customs (BOC) were also credited for their improved revenue administration by ensuring the ease of paying taxes as well as expediting their digitalization programs.
With no new taxes imposed this year, the DOF said it was able to collect more revenues from other sources to fund the nation’s
P5.768-trillion national budget. The DOF has hiked the mandated dividend contributions of government-owned and -controlled corporations by raising their remittance share to 75 percent from 50 percent of their earnings.
The excess funds of staterun firms, such as the Philippine Health Insurance Corporation (PhilHealth) and Philippine Deposit Insurance Corporation (PDIC), were also ordered for transfer to the Bureau of the Treasury.
A P 30-billion upfront payment was also received by the DOF from the Ninoy Aquino International Airport (NAIA) modernization project through a Public-Private Partnership.
Moreover, the DOF said the fiscal deficit, currently at P963.9 billion as of end-October, remains “manageable” at 5.1 percent of GDP for the first three quarters of 2024. This is lower than the 5.7 percent of GDP recorded in the same period last year.
The country’s debt also remains manageable at 61.3 percent of GDP as of the third quarter of 2024, with the majority, or around 68 percent of the portfolio sourced from the country’s robust domestic market,” the DOF added.
Th e Philippines’s outstanding debt breached the P16-trillion mark, hitting P16.020 trillion as of the end of October.
TBy Cai U. Ordinario @caiordinario
HE depreciation of the peso and severe flooding due to typhoons may have encouraged Filipinos to send in more remittances in October leading the central bank to record the second highest inflows this year.
In October, the Bangko Sentral ng Pilipinas (BSP) said cash remittances reached $3.079 billion, an increase of 2.7 percent from the $3 billion posted in October 2023. This is the highest since the $3.085 billion posted in July 2024, the highest since December 2023. T he cumulative remittances in JanuaryOctober 2024 increased by 3 percent to $31.49 billion from the $30.57 billion recorded in JanuaryOctober 2023.
University of Santo Tomas Research Center for Social Sciences and Education (RCSSED) Director Jeremaiah M. Opiniano noted that the peso depreciated to as low as P58 to the US dollar, similar to July. The month also coincided with typhoons that brought severe flooding in the Bicol region.
We saw three straight weather systems devastate rural areas, and loved ones abroad may be remitting more so that families at home address post-typhoon impacts [e.g., Daet flooding that’s worse than Metro Manila’s Ondoy; Catanduanes’ aftermath given Pepito],” Opiniano told BusinessMirror Remittances for loved ones at home thus act as a readily-accessible social protection mechanism after typhoons ravage the country,” he added.
By Ada Pelonia
PBy Samuel P. Medenilla @sam_medenilla
RESIDENT Ferdinand Marcos Jr. is confident the 2025 General Appropriations Act (GAA) will still be passed before Christmas despite their ongoing efforts to increase the budget of the Department of Education (DepEd) and trim the “bloated” 2025 funding of the Department of Public Works and Highways (DPWH).
W hile recognizing that the budget cuts were problematic, he shunned an option to use his line item veto power, as suggested by former senator Panfilo M. Lacson.
The chief executive also allayed the public’s fears that the decision
of Congress to scrap the P74-billion national government subsidy for the Philippine Health Insurance Corporation (PhilHealth) will disrupt the state insurers’ service delivery next year.
In an interview with Palace reporters in Malacañang on Monday, Marcos said the bicameral conference committee’s decision last week to reduce the proposed P748.65billion budget of DepEd for 2025 to just P737 billion is contrary to their goal to boost the quality of the country’s basic education, particularly in terms of its Science, Technology, Engineering, and Mathematics (STEM) development initiatives.
“Because it was reduced by
Cai U. Ordinario
PAGCOR, SMC IN NAYONG PILIPINO COMPLEX Philippine Amusement and Gaming Corporation (Pagcor) Chairman and CEO Alejandro H. Tengco (left) and San Miguel Corporation (SMC) Chairman Ramon S. Ang present the artist’s perspective of Pagcor’s new corporate office, set to rise on a two-hectare site within the Nayong Pilipino Complex in Pasay City. StoryonB3 PHOTO COURTESY OF PAGCOR
O n Monday, the Senate of the Philippines passed the measure on third reading. Currently, the lease period allowed for foreign businesses is only good for 50 years.
There is this pending legislation to also relax the, to extend the lease period in the Foreign Service, Foreign Investment Act, extending it to 99 years. So, this will be a welcome development by investors because they don’t have to invest upfront in buying,” Panga said. He noted that the measure is important given that land prices in the Philippines has been increasing. Allowing foreign entities to be able to lease the land they are operating in gives these investors some flexibility in their operations in the Philippines.
I n June 2024, Speaker Ferdinand Martin Romualdez and House Committee on Ways and Means Chairman Joey Sarte Salceda believe that allowing longer-term leases would make the Philippines more attractive to foreign investors.
By offering more extended lease terms, Salceda said foreign investors can develop long-term plans, which could boost investment inflows.
Envoy: 4 countries may join Luzon Economic Corridor
By Malou Talosig-Bartolome @maloutalosig
AT least four countries have expressed interest to join the Luzon Economic Corridor—an infrastructure-heavy initiative among the United States, the Philippines and Japan— that would connect Clark, Subic, Manila and Batangas.
US Ambassador to Manila
MaryKay Clarkson said the United Kingdom, Canada, Sweden and South Korea have participated in the past steering group meetings of the Luzon Economic Corrdior.
“Many of these countries are already doing work in this region.
So it simply makes sense to take a strategic approach so there’s no du-
toward a prosperous and sustainable agricultural sector,” Laurel said.
The DA noted that among the
plication of efforts,” Clarkson said during a press conference in her Makati residence.
The LEC was conceptualized in April during the trilateral summit in Washington DC between US President Joseph Biden, Philippine President Ferdinand Marcos Jr. and then Japanese Prime Minister Fumio Kishida.
key objectives of the partnership are trade promotion, strategic investments, empowering small and medi-
The three leaders agreed to help the Philippines improve connectivity between the sites of former US military bases Subic Bay and Clark, with Manila and Batangas.
“ This important corridor through which so much of the Philippines’s econommic activity is both generated here and flows through here, so that we can have a rail network and better logistics support to be able to form the groundwork for an expanding
um enterprises, and resolving issues like market access and tariffs.
It added that the initiative will involve private sector stakeholders, including the Philippine Exporters Confederation Inc., and the Philippine Food Processors and Exporters Organization Inc.
The agency also said that its Export Development Office has launched programs to boost exports of bananas, mangoes, seaweed, coconuts, and durian. Emerging crops like coffee and cacao are also being prioritized.
A s part of this collaboration, the DA said it will establish an Agri-Export Help Desk to manage export-related concerns and form commodity councils starting January 2025 to enhance coordination between government
economic base upon which the Philippines can grow its economy,” Clarkson added.
Investments in rail, port modernization, clean energy, semiconductor supply chains, agribusiness and civilian port upgrades are cited as priority areas.
S he said it is also in the interest of the US that other governments and the private sector are also interested in the Luzon economic hub.
and private businesses.
“ By improving market access and fostering innovation, the DA and DTI aim to position the Philippines as a global leader in food exports, benefiting farmers, fisherfolk, and other stakeholders across the value chain,” the DA said.
“ The strategic alliance is expected to unlock new opportunities and drive sector-wide growth.”
L aurel earlier said that the consultative councils tasked to boost the output of each commodity will start to convene by midJanuary next year.
He added that the councils of each agricultural commodity would bring together representatives from the agency, the private sector, farmers, and other key stakeholders.
Continued from A14
R izal Commercial Banking Corporation (RCBC) Chief Economist Micheal Ricafort said the US dollar/ peso exchange rate was mostly at the P56 to P58 levels, higher than the P55-P56 levels in September 2024.
R icafort noted that the depreciation “somewhat increased the peso equivalent of OFW remittances,” as well as partly slowed the year-onyear growth in OFW remittances in recent months.
“All the more that loved ones at home may need to subscribe to social protection ‘products’ such as health insurance, pension, savings in cooperatives and microfinance institutions, life insurance, property insurance (especially when houses get ravaged), short-term but secure time deposits, etc.,” Opiniano told BusinessMirror.
B SP data showed personal remittances from Overseas Filipinos (OFs) grew by 2.7 percent to $3.42 billion in October 2024 from the $3.33 billion registered in October 2023.
Given this, the cumulative remittances in January-October 2024 increased by 3 percent to $31.49 billion from the $30.57 billion recorded in January-October 2023.
The growth in cash remittances from the United States (US), Saudi Arabia, Singapore, and the United Arab Emirates (UAE) contributed mainly to the increase in remittances in January-October 2024.
Meanwhile, in terms of country sources, the US accounted for the largest share of overall cash remittances in January-October 2024, followed by Singapore and Saudi Arabia. Robust remittance market
JEFFREY NAVARRO, Country Manager for Visa Philippines, said the Philippines has a robust OFW remittance market, contributing approximately 8.5 percent of the country’s GDP.
These remittances are expected to increase during the holiday season, as many Filipinos abroad send extra funds to support family celebrations.
Much of these remittances are sent digitally, making the cost of sending money affordable and convenient. In 2023, Visa said 58 percent of the Filipinos who used digital money movement services prefered to use them more frequently going forward.
C arlson said the negotiations for a Philippine-US Open Skies Agreement ensures airlines of both countries to “operate effectively, efficiently.”
It just lays out the groundwork for how our airlines coordinate with the privatization of the airport here,” she said. “It ensures that flights are distributed more equitably among all aviation partners who are seeking to connect, in this case the United States and the Philippines.”
P10 billion, which will come from [DepEd’s] computerization item. So we’re working on it to make sure that we will restore it,” he said.
With the budget cut, DepEd will only have a P2-billion budget left from its proposed P12-billion computerization program.
The 2 billion [pesos] is only sufficient to maintain what we’re already doing when in fact we have to do more,” he added.
Education Secretary Juan Edgardo Angara had earlier expressed deep disappointment with the huge cuts on the DepEd digitalization program.
Budget review
THE President said he also wants a review of the “bloated” P1.13-trillion budget of DPWH, which he said relies heavily on unappropriated funds and the reserves, which cause delays in the government’s big ticket infrastructure projects.
He said he is asking lawmakers to “normalize” the funding for the projects by including the budget of such projects in the GAA instead.
So we are changing the way we do things to make its implementation faster. We’re what, as of the end of the year we’re two and a half years already. We have 3.5 years left. We have to get these things done. We
The US has an open skies agreement with 100 countries, including Singapore, Germany, Chile and Uganda.
have to get all the structures in place already,” Marcos said. We will look into the insertion in the public works and see which ones are absolutely necessary, and maybe we will determine if they are necessary, we’ll see,” he added.
Sufficient fund
AS for the expected zero government subsidy for PhilHealth, Marcos is confident the state insurer will still be able to provide its regular services even with the development.
“PhilHealth has a P500-billion reserve [fund[. And the cost to provide their services in 1 year is less than P100 billion. So their budget actually for expenditure is in the P260 plus billion. So there is still a reserve,” he said.
This is significantly higher, Visa said, compared to the 24 percent of these Filipinos who preferred to use traditional money movement services. Visa also said digital users also report fewer issues and greater reliability, underscoring the advantages of digitization in making remittances easier and more accessible.
He explained this was the reason the Department of Finance (DOF) tried to transfer PhilHealth’s P89.9billion unused fund to the Bureau of Treasury (BTr) until it was questioned before the Supreme Court. In October, the High Court issued a temporary restraining order stopping PhilHealth from transferring P29.9 billion of the fund to the BTr. Marcos stressed PhilHealth has sufficient funding, and that its current woes are the bottlenecks in its payment of claims from its beneficiaries, which can reach 200 per day in some provinces. He said they are planning to improve the payment processing capacity of PhilHealth through digitalization.
Bicameral discussions THE President made the remarks amid calls from former senators, including DepEd’s Angara. Malacañang was reported to be “fixing” the problems in the proposed 2025 GAA, which was approved by the bicameral conference last week. For his part, former senator Panfilo “Ping” M. Lacson urged the chief executive to exercise his power of implementing a line veto for the proposed 2025 GAA. Marcos said he is not considering using his veto powers to address the budget issues for now. We’re not yet there, we’re not yet at that point [of using the line veto power]. The process is still ongoing, we’re still finalizing because some of the details from the Bicam are still vague. So we’re returning to those and all those elements that are worrisome are something we’re trying to make sure will not become a disadvantage,” he said. He said he is still hopeful all of the issues on the proposed national budget next year will be resolved by next week though his discussions with leaders of the House of Representatives and the Senate. “ We will try to finish it by then [Christmas],” Marcos said.
Editor: Nonnie Pelayo
Senate approves RP-Japan military RAA
TBy Butch Fernandez @butchfBM
HE Senate, exercising its constitutional mandate to ratify treaties and international agreements, on Monday approved on third and final reading a resolution ratifying the Reciprocal Access Agreement (RAA) between Manila and Tokyo.
With Japan Ambassador Endo Kazuya present to receive a copy of the ratified agreement, the Senate voted unanimously with 19 yes, and zero objections and zero abstentions, in the resolution concurring in the Philippine ratification of the Reciprocal Access Agreement (RAA) between Manila and Tokyo.
Foreign Affairs Secretary Enrique Manalo and Defense Secretary Gilbert Teodoro also witnessed the Senate vote, sealing with finality what is deemed a historic accord between the two Asian neighbors that were bitter enemies in the last World War.
Kazuya was asked to receive a
copy of Resolution 236 from Senate President Francis Escudero shortly after the vote. The agreement facilitates access and cooperation between Philippine and Japanese defense forces, especially for humanitarian operations, even as senators noted the historical irony: the country’s invader over 80 years ago is now its staunchest ally in the region.
Sen. Imee Marcos, chairperson of the Committee on Foreign Relations and main sponsor of the resolution, thanked colleagues for giving the chamber’s concurrence in the Agreement Between the Republic of the Philippines and Japan Concerning the Facilitation of Reciprocal Access and Cooperation between the Armed Forces of the Philippines and the SelfDefense Forces of Japan (JSDF) or simply, the RP-Japan RAA. In endorsing Senate concurrence, Marcos earlier recalled that the Philippines and Japan signed the RAA in July 2024 and it was submitted to the Senate for its concurrence.
and exportation, consistent with domestic laws and regulations,” she added.
Sen. Juan Miguel Zubiri, a cosponsor of the resolution, said earlier that he had been pushing for the military agreement between the two countries way back in 2022, and describing the capability of the JSDF in disaster management and rescue operations as “unmatched.”
JAPAN Ambassador Endo Kazuya expresses gratitude for the Senate’s concurrence of the RPJapan Reciprocal Access Agreement (RAA), a copy of which he receives from Senate President Chiz Escudero. Endo expressed optimism that the agreement will facilitate the implementation of cooperative activities between the armed forces of the two countries, further promote security and defense cooperation, and firmly support peace and stability in the Indo-Pacific region. SENATE PRIB
The RAA aims to deepen defense cooperation between the two countries and enhance the interoperability between the armed forces of both sides providing the legal framework for carrying out mutually determined cooperative activities, according to her.
“The RAA will facilitate the
Duterte’s preference to impeachment ploy to
dodge accountability—solons
By Jovee Marie N. dela Cruz @joveemarie
ICE President Sara
VDuterte’s recent statement that impeachment is the “proper venue” to address allegations against her has sparked backlash from key leaders in the House of Representatives, who accused her of dodging accountability and refusing to address pressing concerns in existing forums.
Duterte said over the weekend that while impeachment proceedings would be an “inconvenience,” they provide a formal platform to respond to accusations against her.
However, House Assistant Majority Leaders Jay Khonghun and Jude Acidre assailed what they described as a continued pattern of evasion by the Vice President, citing her refusal to appear in congressional hearings and an ongoing investigation by the National Bureau of Investigation (NBI). Khonghun, who also chairs the House Special Committee on Bases
Conversion, accused Duterte of offering “lip service” on the issue of accountability, saying she repeatedly avoids opportunities to explain her actions.
“Once again, it’s all lip service from our Vice President. She’s been given many opportunities to clarify these concerns, but she chooses to remain silent,” Khonghun, who represents Zambales, said in a press briefing.
“She says she’s willing to explain through impeachment. Yet, we’ve seen her skip hearings in Congress, disregard summons from the NBI—she simply doesn’t show up. How can one explain when they avoid every opportunity to do so? It’s time for clarity of purpose,” he added. Acidre, the nominee of the party-list group Tingog, accused Duterte of portraying herself as untouchable and placing herself above mechanisms of accountability.
“It seems like the Vice President has always made it a point that she
is above the law. It seems like the law should apply to everyone except herself,” Acidre said.
Acidre urged Duterte to align her actions with her statements, emphasizing that public trust requires cooperation and transparency.
“Public trust demands sincerity and openness. If the Vice President says impeachment is where she’ll respond, then she must commit to answering fully and truthfully— not just use this as a tactic to delay or deflect scrutiny,” he said.
Deputy Majority Leader Francisco Paolo Ortega V further questioned Duterte’s sincerity, suggesting her remarks were more about deflection than resolution.
“Sure, she’s correct that impeachment is a venue. But what if impeachment never happens? Will she still not answer the public? It seems like this is just another excuse not to face the issues,” Ortega said. “Actions speak louder than words, and right now, what we see are empty words.”
Vice President Duterte is
Group holds annual ‘Iwas Paputoxic’ drive
crackers and fireworks.
Wconduct of more in-depth practical military cooperation and exercises, joint training, disaster relief and logistical support between the two countries,” the senator stressed.
“The agreement also outlines the privileges that will be accorded to the Visiting Forces and their Civilian Component in the context of entry and departure, importation
under fire for several controversies involving public funds and her leadership.
Two impeachment complaints have been filed against her, including allegations of misusing public funds and failing to defend the Office of the Vice President’s (OVP) budget before Congress.
The House Committee on Good Government and Public Accountability is investigating Duterte’s alleged misuse of P612.5 million in confidential funds allocated to the OVP and the Department of Education during her tenure as Education Secretary.
These funds were flagged for questionable disbursements and lack of proper documentation, but Duterte has repeatedly refused to address the allegations or respond to questions from lawmakers.
Adding to her woes, the NBI launched an investigation into Duterte’s threat to have President Marcos, First Lady Liza AranetaMarcos, and Speaker Ferdinand Martin G. Romualdez assassinated if she herself were to be killed.
Despite being subpoenaed twice, Duterte ignored the probe, forcing the NBI to resolve the case based solely on the available evidence.
Coalition.
“In this globalized age, we cannot afford to be insular. We cannot grow by keeping to ourselves, and refusing to expand our experience and our capabilities through engagement with other like-minded countries. In this spirit, I believe that we have to approach military cooperation with the same openness that we do with trade partnerships and cultural exchanges—only with stricter terms of engagement, in order to protect our people and our natural resources,” the former Senate President said.
Zubiri said the Philippines could look forward to heightened
interoperability for military vessels and equipment it had acquired from Japan and strengthen its modernization and capacity building efforts through joint military exercises with Japan. He said the Philippines could also boost its disaster preparedness efforts by learning from Japan’s experience.
“The JSDF is unmatched when it comes to disaster management and rescue operations, to the point where disaster response has become nearly as important function for them as external defense and security,” Zubiri added. He said the RAA would solidify the Philippines’ partnership with Japan and pave a way for an even deeper bilateral cooperation in the future. In her sponsorship speech, Marcos recalled her late father Ferdinand Sr., saying that the one you fight “most passionately” often becomes eventually your “best friend.” Sen. Joel Villanueva was also a co-sponsor and he thanked his colleagues.
Mt. Kanlaon continues to emit sulfuric dioxide, trigger quakes
By Jonathan L. Mayuga @jonlmayuga & Rex Anthony Naval
KANLAON Volcano remained restive, causing 12 volcanic earthquakes and continuously emitting sulfur dioxide in the last 24 hours, the Philippine Institute of Volcanology and Seismology (Phivolcs) reported on Monday.
The volcano, which straddles the provinces of Negros Oriental and Negros Occidental remained under Alert Level 3 status or Magmatic Unrest.
Kanlaon Volcano’s daily sulfur dioxide (SO2)emissions of 6,535 reached tons per day on December 15, Phivolcs added.
A stratovolcano, Kanlaon spewed weak smoke emissions 75 meters high, with continuous degassing and occasional ash emission, displaying southwest and south-southwest drift over the past 24 hours ending late Monday morning.
The OCD Western Visayas director and Regional Task Force Kanlaon chairman, Raul Fernandez, signed Memorandums 1 and 2, following a meeting on December 14 with local governments of Negros Occidental and Negros Oriental.
“Residents who have not yet evacuated are urged to comply with the order to avoid any risks associated with possible re-eruptions or a worst-case scenario of a violent eruption,” the OCD said.
Officials had repeatedly stressed that the potential for a violent eruption poses a significant threat to life and property.
Meanwhile, the task force is implementing a comprehensive evacuation strategy aimed at saving lives and minimizing suffering in the event of a catastrophic eruption.
New protocols
The volcano’s edifice remains inflated, indicative of magmatic activity underneath that could trigger another eruption, the state volcanology agency said.
With school principal Josepina Villareal and guests from the Department of Health, National Police, Bureau of Fire Protection, and the Ateneo School of Medicine and Public Health present, some 500 students staged a cheerful and lively countdown to New Year 2025 using household items that were repurposed to create sounds without causing injuries and toxic emissions.
Led by their student government leaders, the students also recited a pledge not to buy and use fire -
ITH Christmas and New Year drawing near, a local waste and pollution watchdog launched its annual anti-firecracker campaign in Manila to call for pollution-free and injury-free celebrations. At the launch of its campaign called “Iwas Paputoxic” at the General Vicente Lim Elementary School in Tondo, Manila, the environmental and health watchdog group encouraged the participating students and their teachers to go for alternative noisemakers to usher in the New Year to avert serious hazards to life, limb, property, and the ecosystems.
Among the alternative noisemakers featured in the event were piggy banks, pots and pans, coconut shells, maracas, and shakers using plastic beverage, ice cream, and cosmetic containers, as well as soap and toothpaste boxes, filled with the 4Bs (barya or coins, buto or seeds, butones or buttons, and bato or pebbles).
“Our time-honored practice to herald the New Year with a bang need not endanger the health of our children and the environment,” said Aileen Lucero, national coordinator of EcoWaste
DSWD launches drive vs involuntary hunger
THE Department of Social Welfare and Development (DSWD) on Monday launched “Walang Gutom Kitchen,” the agency’s latest program against involuntary hunger and food wastage. Social Welfare Secretary Rex Gatchalian, in his address, said the project shall serve as the agency’s open kitchen for reached-out families and individuals in street situations under its Pag-Abot Program, as well as those experiencing involuntary hunger.
The project will also be serving as a public-private partnership against food waste, as the food bank would be sourced from donations from private partners in the food industry. Private citizens are also welcome to donate goods. Gatchalian said the Walang Gutom Kitchen, which is housed in a former Philippine Offshore Gaming Operators (Pogo) hub later repurposed as a DSWD Pag-abot center, was unveiled just in time to bring in the spirit of Christmas, particularly to
the poor, marginalized, and vulnerable population.
First Lady Marie Louise Araneta-Marcos graced the event, joining Gatchalian, Undersecretary for Operations Pinky Romualdez, and Undersecretary for Innovations Eduardo Punay in distributing hot meals to beneficiaries.
Private sector partners instrumental in the success of the initiative were well represented at the event. These included representatives from Ronald
“By opting for alternative merriment sans firecrackers and fireworks, we can save our children and our pets, too, from life-threatening injuries and protect our Mother Earth from toxic pollutants at the same time,” she added.
“Aside from serious physical injuries, firecrackers and fireworks can contaminate the air with particulate matter and other environmental pollutants that can put the health of kids, the elderly, and those with pre-existing medical conditions at risk.
Hazardous air can trigger or
McDonald House of Charities, Jollibee Food Corporation, Coca-Cola Beverages Philippines Inc., Nestlé Philippines Inc., Century Pacific Food Inc., Monde Nissin Corporation, Philippine Business for Social Progress (PBSP), Unilever, the Philippine Hotel Owners Association, and others.
The “Walang Gutom Kitchen” aims to embody the DSWD’s mission of alleviating hunger through sustainable partnerships and innovative solutions, bringing the program to the forefront of efforts to uplift disadvantaged communities, Gatchalian said. Jovee Marie N. dela Cruz
More than 42,000 persons affected IN its situation report issued on Monday, the National Disaster Risk Reduction and Management Council (NDRRMC) reported that 10,232 families or 42,278 persons have been affected in 26 barangays.
The eruption of Mount Kanlaon on December 9 has so far displaced a total of 4,744 families or 15,859 persons who are now temporarily sheltered in 27 different evacuation centers, the agency said.
The displaced families are from Bago City in Negros Oriental as well as La Carlota City, La Castellana, Moises Padilla, Murcia. Pontevedra and San Carlos in Negros Occidental.
Mandatory evacuation KANLAON’s restiveness has prompted the Office of Civil Defense (OCD) to issue a mandatory evacuation order for residents within the sixkilometer permanent danger zone, with the evacuation to be completed by Monday.
THE task force established new protocols for the entry and exit of Internally Displaced Persons (IDPs) who may need to return for essential activities within the extended six-kilometer PDZ. These protocols include:
n Entry-Exit Window: A designated window for entry and exit will be allowed from 6 AM to 4 PM only. Strictly, no entry will be permitted after this hour.
n Emergency Pick-Up
Points: Local governments and law enforcement agencies manning border controls are to designate pick-up points for IDPs in case of a Kanlaon eruption or other emergencies.
n Barangay Assistance: Barangay officials will assist law enforcement agencies in validating the entry and exit of IDPs in the PDZ.
n Executive Orders
Encouraged: Concerned LGUs are encouraged to adopt the above protocols through the issuance of local policies, such as Executive Orders.
Also, an Access Pass template for IDPs will be provided to LGUs for reproduction and implementation. This Access Pass should be printed on A4sized bond paper. IDPs are also advised to bring valid IDs.
Tuesday, December 17, 2024
Editor: Nonnie Pelayo • www.businessmirror.com.ph
Upskilling, wage reform needed to address wage disparity-labor expert
By Justine Xyrah Garcia
WITH wage disparities
widening in the Philippines, a labor expert said addressing these inequalities requires a broader approach which would focus on expanding skills training opportunities and reforming the minimum wage system.
In an interview on Monday, Assistant Professor Benjamin Velasco of the University of the Philippines’ School of Labor and Industrial Relations explained that bridging the gap is not about cutting the wages of those at the top but rather improving the earnings of workers at the bottom.
Velasco said pay differences are largely driven by skills, education,
and seniority—attributes that employers associate with higher productivity.
“We don’t want to reduce the pay of higher-earning workers. What we want is to raise the pay of those at the bottom,” Velasco told the BusinessMirror.
The Philippine Statistics Authority’s October 2024 labor force survey showed that wage disparity across sectors stood at an average of P491.32.
Its data also revealed that workers in the agricultural, forestry, and fishery sectors earn the lowest wages, with their skilled workers receiving P378.15 per day in October 2024. This was an 11.3 percent drop from P426.25 in October 2023. In contrast, workers in armed
Are we too young, or old enough, or too old?
By Henry J. Schumacher
WE all remember being told those phrases by our parents again and again. You are too young to understand how this world really works, but you are old enough to be the responsible one in the house, look after your younger siblings, decide on the career you want or what kind of job you want.
What we are seeing in business today is that some managers are ‘getting too old’ to get along with the younger generations from millennials to centennials that have entered / are entering employment now. Both groups have very different expectations about life and about the way they want to work and the freedom they want in making decisions.
Even up to today, many companies / managers believe in a strict hierarchy and that decisions are made at the top and then are cascaded and implemented down the chain of command.
But in the digital age, where changes are happening at lightning speed, the organizations—ultimately its people— have to be more dynamic; decisions are to be made faster to avoid that the company falls by the roadside. In this kind of a scenario, it is imperative for companies to develop a dynamic workplace where decisions need not always come from the top. It is likewise ideal for the individuals to be able to work well in groups that can cut across disciplines and can be formed and reformed to specific needs.
I hear many companies complain about the unrealistic expectations of millennial and Gen-Z workers and that they are sometimes difficult to manage and likely to quit at a moment’s notice.
It is time for leaders of organizations
to stop debating the millennial problem, hoping that this supposedly exotic flock will get along with the programs and processes. Instead, I feel, they should see how questions and challenges from their younger employees can spark action to help their companies change for the better. It’s easy to say that young people haven’t matured enough to resign themselves to the reality of what’s possible. Yet, the young ones are asking an important question:
‘Why does it have to be this way?’ In the process of listening, leaders will soon realize that young people want the same things we all do.
Young professionals don’t want to be patronized; young people don’t want to be told what to do; they love to be given the chance to solve problems. We have seen in hackatons, that these young groups are coming up with surprising and workable solutions.
We need the right combination of hightech and high-touch in human relations to attract and keep the right people.
Regarding centennials, it is important to realize that they are socially and environmentally conscious. As such, companies need to show they are good corporate citizens and are contributing to the welfare of society to get most support. The young people don’t want to work for companies that are not in compliance with good governance. Integrity is a must!
Let us realize:
n The young ones want to become the biggest asset of our company; we like that;
n In dealing with them, be brave and think out of the box;
n Dream jointly, inspire a team, be different, question everything, take a risk and lead change.
And remember, the best way for an organization’s competitive edge is through the innovation of its people.
We are with you in desiring a better place for all of us to live in. We are trying to take charge of our future. All we ask is for you to respect us, like you expect us to respect you. If the youth aren’t allowed to think for themselves, how will they learn?
Feedback is welcome; you can contact me at hjschumacher59@gmail.com.
services and professionals earn the highest—with daily wages of P1,300.77 and P1,168.01, respectively.
When compared, agricultural workers’ wages are more than three times lower than those of workers in the highest-paying sectors.
The PSA also recorded the average minimum wage across sectors at P626.50, up from P600 during the same period last year.
Despite this increase, several sectors still fall below this figure, including elementary occupations (P413.11), skilled agricultural workers, service and sales workers (P525.35), craft and related trades workers (P552.74), and plant and machine operators (P583.22).
On the other hand, clerical support workers (P740.38), technicians and associate professionals (P826.09), and managers (P1,108.67) earn above the minimum.
For Velasco, upskilling is one key pathway to reducing such wage disparities.
He said the Technical Education and Skills Development Authority (Tesda) can be an essential resource for helping workers boost their skills and income potential.
Tesda currently offers skills training, scholarships, and partnerships with businesses, which can equip workers with the qualifications needed to secure betterpaying jobs.
Expanding these programs,
Velasco said, is crucial in improving wages, particularly for workers in low-wage sectors.
“We already have scaffolding for this in Tesda and in-house company trainings. We should still scale up,” he added.
Wage reform, unionization IN addition to upskilling programs, Velasco said that reforms in the wage-setting system and the promotion of unionization can also be beneficial.
“A national minimum indexed to inflation and anchored on the living wage mandate of the Constitution will significantly increase the pay of bottom rung workers,” he added.
“The two-tiered system of minimum wage plus optional productivity pay is not working. To ensure workers get a just share in the fruits of production, we need to strengthen collective bargaining,” Velasco said.
“Thus, we should find ways to promote unionism so that workers’ wages rise in alignment with productivity,” he added.
The labor expert also pointed out that there is a disconnect between the fruits of labor productivity and workers’ earning as real wages have largely remained flat, amid continuous rise in workers’ productivity. He said the current two-tiered wage system—comprising a minimum wage plus optional productivity pay—is ineffective in ensuring fair compensation for workers.
‘Hosting of Loss and Damage Fund bodes well for PHL’
By Jonathan L. Mayuga @jonlmayuga
THE selection of the Philippines as the host country of the Board of the Fund for responding to Loss and Damage (FrLD) is “very symbolic” and will showcase all the good work the government is doing toward climate change adaptation.
This was said by Ibrahima Cheikh Diong, the inaugural executive director of the Board of the FrLD, as he praised President Marcos for his vision and dedication to the climate fund’s success.
Diong is the head of the global fund that will support climatevulnerable countries, including the Philippines.
The Philippines, one of the countries most vulnerable to extreme weather caused by climate change, was selected as the Fund’s
“home” in Dubai last year.
Following COP29 in Baku, Azerbaijan, last month, the Board held its fourth meeting on December 2-5 at the Philippine International Convention Center.
The United Nations established the Fund with contributions from developed countries to assist vulnerable developing countries that have suffered losses and damages from climate change.
The Board, comprising 26 members from developed and developing countries, will manage and supervise the Fund, which has received over $700 million in pledges from developed countries, said Diong.
Diong also expressed hope that Marcos’ support would inspire other heads of state to become champions of the Fund.
“We are inspired by his vision, his [Marcos’s] dedication, and his
commitment to climate action,” Diong said.
The Board meeting came on the heels of last month’s 29th session of the Conference of Parties (COP), the international meeting focusing on climate change, the main decision-making body of the United Nations Framework Convention on Climate Change (UNFCCC).
The Fund aims to raise $1.3 trillion annually by 2035 with pledges coming from developed countries.
Diong cited the efforts of the Department of Environment and Natural Resources (DENR) team for the success of the recently concluded Fund Board meeting, describing as “remarkable” how it managed to mobilize the government, into believing in the Fund.
In Baku, Diong cited that the Philippines speaks eloquently
DepEd personnel to start getting ₧20k SRI Friday
By Claudeth Mocon-Ciriaco @claudethmc3
DEPARTMENT of Education personnel, both teaching and non-academic, will start receiving their P 20,000 Service Recognition Incentive (SRI), on Friday. This is the first time for the agency’s personnel to receive the maximum grant allowed, DepEd announced on Monday.
As instructed by President Marcos, Education Secretary Juan Edgardo Angara and Budget Secretary Amenah Pangandaman worked together to provide the full amount of P20,000 SRI for 2024.
Following the release of Administrative Order 27 by the Office of the President, DepEd started processing the requirements for the disbursement of the SRI 2024.
“This is a historic moment for DepEd, as we are able to grant the highest SRI ever for our workforce. We are deeply grateful to President Marcos for his steadfast support in prioritizing the welfare of teachers and staff who serve as the backbone of the education sector,” Angara said.
Angara reiterated his gratitude to Marcos and Pangandaman for ensuring that DepEd personnel are given the full SRI allowed for their unwavering commitment
Oil firms hike pump prices
T’S another week of oil price increase.
IOil firms on Monday announced that gasoline prices will go up by P0.80 per liter, diesel by P0.80 per liter, and kerosene by P0.10 per liter.
The new pump prices will be reflected on Tuesday, December 17.
Petron, Shell, Caltex, Total, Unioil, Seaoil, Jetti, PTT, Phoenix, and will adjust prices at 6:00 a.m.
Cleanfuel, for its part, will implement the new prices at 4:01 p.m.
Oil companies adjust prices to reflect movements in the world oil market weekly.
Last week, oil companies implemented a mixed adjustment on the price of petroleum products. Gasoline has increased by P0.90 per liter while diesel and kerosene have decreased by P0.20 per liter and P0.40 per liter, respectively.
This brought the year-to-date, total adjustment of gasoline and diesel at a net increase of P11.35 per liter and P9.55 per liter, respectively. On the other hand, kerosene has
in basic education.
“We also thank Budget Secretary Amenah Pangandaman for working with us to provide this incentive to our personnel. It is a testament to how much we value the dedication and sacrifices of our education frontliners, especially as they continue to ensure learning excellence amidst all challenges,” he added.
Following the release of a DBM Circular Letter and a DepEd Memorandum on FY 2024 SRI, the funding of SRI will be downloaded to Regional Offices (ROs) on December 20, 2024, for immediate disbursement, Angara said.
a total net decrease of P1.90 per liter.
Assistant Director Rodela Romero of the Oil Industry Management Bureau said ongoing conflict in the Middle East and an anticipated increase in demand by eight million barrels per day in 2025 are the main factors to this week’s oil price increase.
The Department of Energy, meanwhile, continues to monitor the compliance of the oil companies on the mandated 3 percent coconut methyl ester (CME) blend in all diesel fuel sold nationwide.
This blend will increase to 4 percent by October1, 2025, and further to 5 percent by October 1, 2026.
The DOE reminds that non-compliance with the 3 percent biofuels blend will result in penalties of P200,000. For repeat offenders, a fine of P300,000 will be imposed, which may lead to the revocation of their accreditation or registration. Lenie Lectura
Kanlaon. . .
Continued from A3
about its commitment to make the Fund a success.
He said that while progress has been made towards operationalizing the Fund since it was established last year, “we still have a long way to go” in converting the pledges into actual funding.
“We are moving slowly but surely on the pledges. We can do two things at the same time: converting the pledges and mobilizing additional resources so we can meet the demands of the vulnerable countries,” he added.
Diong said that being a member of the Board and host of the Fund is an added value for the Philippines.
“Being on the Board is an opportunity for the country to voice its concerns from the perspective of the Philippines. The other countries can learn from the Philippine example, and it can learn from other countries.”
worsen respiratory diseases and even cause heart arrhythmias and attacks,” said Dr. Percival Lao of the Ateneo School of Medicine and Public Health. To emphasize the oft-repeated warning that “firecrackers are not toys,” some students held placards alongside fake bloodied and injured hands. Also, the most creative noisemakers and the most persuasive slogans towards a New Year revelry safe from firecrackers and fireworks were duly acknowledged and given modest cash prizes during the animated event.
EcoWaste Coalition has been organizing the “Iwas Paputoxic” campaign since 2006 in support of the “Iwas Paputok” campaign led by the Department of Health (DOH) and backed by national and local government agencies. To date, “Iwas Paputoxic” events have been held in 15 schools. Amid the global triple crises of climate change, pollution, and biodiversity loss that affects all people, EcoWaste Coalition reiterated its appeal to all communities and families not to spend on firecrackers and fireworks, and to embrace a more ecological way of welcoming a new beginning with healthier bodies and a safer environment for all Jonathan L. Mayuga
Tuesday, December 17, 2024 A5
Marcos vows greater media openness in 2025 amid disinformation concerns
By Samuel P. Medenilla @sam_medenilla
PRESIDENT Ferdinand Marcos Jr. has vowed to be more open to the media next year to combat the expected rise in disinformation during the 2025 midterm polls.
In his speech at an event in Malacañang last Monday, the chief executive said he is eyeing to reduce his reliance on “structured” engagement with the media, wherein he relies on press statements to convey his position on issues so he can foster more trust and credibility from the public.
“Credibility is the only power that we have against all of this misinformation,” Marcos said.
“So I think from now on, I really would like to maybe, let’s start,
let’s start in the new year. We will try to make things less structured. And I will make myself more accessible,” he added. After over two years since he started his presidency, he noted he now has enough confidence in the discretion of the media to come out with accurate reports, even if sometimes it puts his administration in a bad light. Such reports, he said, translate to genuine public discourse and constructive inputs from the public. “I think that’s an important
part of keeping the public informed about what we’re trying to do and about how we’re going about it. And that we are accepting their insights, their opinions, their criticisms, to their support, all of these things,” Marcos said.
“So let’s develop this, let’s evolve. Let’s evolve the way we work together. And I think it will be just, it will be a benefit for the state to the government and to our citizens,” he added.
He noted such engagements will be crucial next year when many parties will try to spread disinformation during the 2025 National and Local Elections in an attempt to discredit traditional sources of information like the media.
“My response to fake news, disinformation, all of this is not to shut down. I have the opposite instinct. It’s not to shut down the sources of information. It’s to open the sources of information,” Marcos said.
“Now, it’s up to us. It is up to the consumer of that news to try and figure out what’s right and what’s wrong,” he added.
Comelec to start ballot printing by January
By Justine Xyrah Garcia
THE Commission on Elections (Comelec) is set to begin printing the 73 million ballots required for the 2025 national, local, and parliamentary elections on January 6.
In an interview, Comelec Chairman George Erwin M. Garcia said that the poll body will be needing a total of 77 days to complete the printing, with around 1.1 million ballots to be printed per day.
“Yun kasing pag i-imprenta ng balota, hindi ganoon kadali yun… alam niyo that’s 77 days mula January 6 hanggang April 14. Dapat ma-distribute namin ang mga balota, unang linggo ng Mayo nasa munisipyo at nasa bawat syudad na,” he explained.
(Printing ballots isn’t that simple. You know, it’s 77 days from January 6 to April 14. We need to distribute the ballots so that by the first week of May, they are already in the municipalities and cities.)
Originally scheduled for late December, the printing was moved to January to allow the resolution of all nuisance cases before finalizing the list of candidates.
Garcia noted that this adjustment was necessary to avoid perceptions of rushing the process.
“Kaya kami nag January upang mapagbigyan yung mga kaso. Pagka kasi minadali namin sasabihin nung mga ibang respondents, ‘eh kaya yan minadali dahil gusto nilang makapag print agad ng balota,” he added.
(We scheduled it for January to accommodate these cases. If we rushed it, respondents might claim, ‘They rushed it because they wanted to print the ballots immediately.)
Once printed, each ballot will go through verification to ensure the correct colors, timing marks, and alignment. The ballots will also be tested in automated counting machines to verify compatibility.
Defective or rejected ballots will be reprinted.
Socmed registrants
MEANWHILE , Comelec also announced that the registration of social media accounts for online campaigning has officially closed. The filing period, which lasted for almost three months, yielded a total of 13,723 registrations.
This figure represents around 31.8 percent of the total aspirants (43,033) who filed their certificates of candidacy and certificates of nomination and acceptance in October.
Of the registered accounts, 70 belong to senatorial aspirants, 13,416 to local candidates, and 237 to party-list groups, organizations, and coalitions.
The poll body emphasized that the registration of social media accounts is a key component of its efforts to monitor and regulate online campaign activities.
“Yun deadline sa socmed, wala tayo extension… Importante ang pag -register ng socmed accounts.
Gusto niyo maregulate ang inyong mga posts at maiwasan ang fake news, disinformation, at misinformation,” the Comelec stated.
(The deadline for social media registration will not be extended. It is important to register social media accounts to regulate your posts and prevent fake news, disinformation, and misinformation.)
Comelec said candidates and parties with unregistered online accounts may be subject to sanctions.
Cardinal Advincula calls on faithful to prepare for Jubilee year 2025
MANILA Archbishop Jose Cardinal Advincula urged Catholics to use the Advent season as an opportunity to prepare for the Ordinary Jubilee Year in 2025, with the theme “Pilgrims of Hope.”
In a recent circular addressed to clergy, religious communities, and lay leaders, Advincula said that Advent is a fitting time to reflect and ready oneself for the celebration of the Holy Year.
“I urge all of you to read the primer we have prepared which will provide comprehensive information for our celebration of the Holy Year,” he added.
The Archdiocese of Manila will approach the Jubilee using three key themes: Mukha ng Pag-asa (Face of Hope), Paglago sa Pag-asa (Growth in Hope), and Pagbibigay ng Pag-asa (Giving Hope). These dimensions will serve as the foundation for
activities and programs at all levels of the Archdiocese.
To enhance the faithful’s understanding of the Jubilee, catechetical videos have been prepared and made available online.
Cardinal Advincula strongly encouraged parishes, mission stations, and communities to make use of these materials, particularly during Simbang Gabi, to help the faithful grasp the significance of the Holy Year.
The official opening of the Jubilee Year is scheduled on December 30, Monday.
The celebration will begin at Plaza Moriones in Fort Santiago, Intramuros, at 3:00 p.m.
A pilgrimage from Plaza Moriones to the Manila Cathedral will follow, symbolizing the journey of hope undertaken by the Catholic faithful as “pilgrims of hope.”
“I hope that this invitation
may favor your enthusiasm and participation. May our hearts be filled with the light of Christian hope and illumine us to bear faithful witness in every part of the world,” the Cardinal said in a statement.
Further details about the Jubilee Year, including catechetical materials and updates, can be accessed via the official Facebook page Lakbay Pag-asa—Arkidiyosesis ng Maynila or through the Jubilee Year committee at jubileo2025@rcam.org.
The Jubilee Year is a rare event in the Catholic Church, celebrated approximately every 25 years.
Since its institution in 1300 by Pope Boniface VIII, the Church has observed 26 Ordinary Jubilee Years, with 2025 marking the 27th celebration. Justine Xyrah Garcia
Tuesday, December 17, 2024 A8
Israel will close its Ireland embassy over Gaza tensions as Palestinian death toll nears 45,000
By Wafaa Shurafa & Natalie Melzer The Associated Press
DEIR AL-BALAH, Gaza Strip—Israel said Sunday it will close its embassy in Ireland as relations deteriorated over the war in Gaza, where Palestinian medical officials said new Israeli airstrikes killed over 46 people including several children.
The decision to close the embassy came in response to what Israel’s foreign minister has described as Ireland’s “extreme anti-Israel policies.” In May, Israel recalled its ambassador to Dublin after Ireland announced, along with Norway, Spain and Slovenia, it would recognize a Palestinian state.
The Irish Cabinet last week decided to formally intervene in South Africa’s case against Israel at the International Court of Justice, which accuses Israel of committing genocide in Gaza. Israel denies it.
“We are concerned that a very narrow interpretation of what constitutes genocide leads to a culture of impunity in which the protection of civilians is minimized,” said Ireland’s foreign affairs minister, Micheal Martin.
Israeli Foreign Minister Gideon Saar’s statement on the embassy closure said, “Ireland has crossed every red line in its relations with Israel.”
Irish Prime Minister Simon Harris called the decision to close the embassy “deeply regrettable.” He added on X: “I utterly reject the assertion that Ireland is anti-Israel. Ireland is pro-peace, prohuman rights and pro-international law.”
Israeli strikes in Gaza kill a journalist and children
ISRAELI forces continued Sunday to pound Gaza, including the largely isolated north, as the Palestinian death toll in the war approached 45,000.
A large explosion lit up the southern Gaza skyline on Sunday night. An Israeli airstrike hit a school and killed at least 16 people in the southern city of Khan Younis, according to Nasser Hospital, where the bodies were taken. There was no immediate Israeli military statement.
In the north, an airstrike hit the Khalil Aweida School in the town of Beit Hanoun and killed at least 15 people, according to nearby Kamal Adwan Hospital where casualties were taken. The dead included two parents and their daughter and a father and his son, the hospital said.
And in Gaza City, at least 17 people including six women and five children were killed in three
airstrikes that hit houses sheltering displaced people, according to Al-Ahli Baptist Hospital. “We woke up to the strike. I woke up with the rubble on top of me,” said a bandaged Yahia al-Yazji, who grieved for his wife and daughter. “I found my wife with her head and skull visible, and my daughter’s intestines were gone. My wife was three months pregnant.” His hand rested on a body wrapped in a blanket on the floor.
Israel’s military in a statement said it struck a “terrorist cell” in Gaza City and a “terrorist meeting point” in the Beit Hanoun area.
Another Israeli airstrike killed a Palestinian journalist working for Al Jazeera, Ahmed al-Lawh, in central Gaza, a hospital and the Qatari-based TV station said.
The strike hit a point for Gaza’s civil defense agency in the urban Nuseirat refugee camp, AlAwda Hospital said. Also killed were three civil defense workers including the local head of the agency, according to al-Aqsa Martyrs hospital.
The civil defense is Gaza’s main rescue agency and operates under the Hamas-run government.
One of the bodies was covered with an orange work jacket marked “ambulance” in English.
“We, the civil defense, are carrying out humanitarian work like in any country in the world. Why are we being targeted?” said colleague Kerem Al Dalou.
Israel’s military said it struck a militant command center embedded in the civil defense offices.
The war in Gaza began after Hamas and other militants from Gaza stormed southern Israel on Oct. 7, 2023, killing some 1,200 people and taking well over 200 hostage.
Israel’s retaliatory offensive has killed almost 45,000 Palestinians, according to Gaza’s Health Ministry. The ministry’s count does not distinguish between combatants and civilians, but it says over half of the dead have been women and children.
Most of Gaza’s population of over 2 million has been displaced, often multiple times. The hospitals that are still functioning say they lack medicines, fuel and other basic supplies, while aid groups warn of widespread hunger.
The head of the World Food Program, Cindy McCain, told CBS on Sunday that the U.N. agency was able to get just two trucks of supplies into Gaza in November, citing insecurity there.
“We need a ceasefire, and we need it now,” she said. “We can no longer sit by and just allow these people to starve to death.”
Melzer reported from Nahariya, Israel. Associated Press writer Danica Kirka in London contributed to this report.
Yoon avoids investigators as Constitutional Court begins meeting to determine his fate
By Kim Tong-Hyung & Hyung-Jin Kim The Associated Press
SEOUL, South Korea—South Korea’s impeached President Yoon Suk Yeol dodged requests by investigative agencies to appear for questioning over his short-lived martial law decree, as the Constitutional Court began its first meeting Monday on Yoon’s case to determine whether to formally unseat or reinstate him.
A joint investigative team involving police, an anti-corruption agency and the Defense Ministry said it wants to question Yoon on charges of rebellion and abuse of power in connection with his ill-conceived power grab.
The team on Monday tried to convey a request to officials at Yoon’s office or residence but they refused to accept it, according to the Corruption Investigation Office for High-Ranking Officials.
Agency investigator Son Yeong-jo cited presidential secretarial staff at Yoon’s office as claiming they were unsure whether conveying the request to the impeached president was part of their duties. Son said his team had also mailed the request to Yoon, but declined to provide specifics when asked how investigators would respond if Yoon refuses to appear.
Yoon was impeached by the oppositioncontrolled National Assembly on Saturday over his Dec. 3 martial law decree. His presidential powers have been subsequently suspended, and the Constitutional Court is to determine whether to formally remove him from office or reinstate him. If Yoon is dismissed, a national election to choose his successor must be held within 60 days.
Yoon has justified his martial law enforcement as a necessary act of governance against the main liberal opposition Democratic Party that he described as “anti-state forces” bogging down his agendas and vowed to “fight to the end” against
efforts to remove him from office.
Hundreds of thousands of protesters have poured onto the streets of the country’s capital, Seoul, in recent days, calling for Yoon’s ouster and arrest.
It remains unclear whether Yoon will grant the request by investigators for an interview. South Korean prosecutors, who are pushing a separate investigation into the incident, also reportedly asked Yoon to appear at a prosecution office for questioning on Sunday but he refused to do so. Repeated calls to a prosecutors’ office in Seoul were unanswered.
Yoon’s presidential security service has also resisted a police attempt to search Yoon’s office for evidence.
The Constitutional Court on Monday met for the first time to discuss the case. The court has up to 180 days to rule. But observers say a ruling could come faster.
In the case of parliamentary impeachments of past presidents—Roh Moo-hyun in 2004 and Park Geun-hye in 2016—the court spent 63 days and 91 days respectively before determining to reinstate Roh and dismiss Park. Kim Hyungdu, a court justice, told reporters earlier Monday that the court will “swiftly and fairly” make a decision in the case. He said Monday’s court meeting was meant to discuss preparatory procedures and how to arrange arguments at formal trials.
Court spokesperson Lee Jean later said the court’s first pretrial hearing is set for Dec. 27.
Upholding Yoon’s impeachments needs support from at least six out of the court’s nine justices, but three seats are vacant now. This means a unanimous ruling by the court’s current six justices in favor of Yoon’s impeachment is required to formally end his presidency. Kim said
“Yoon,”
Editor: Angel R. Calso
China retail sales slow as consumers hold back despite stimulus measures, housing prices fall
By Elaine Kurtenbach Ap Business Writer
BANGKOK—Chinese retail sales slowed in November and housing prices fell, the government said Monday, with demand still lackluster despite a flurry of stimulus measures over the past few months.
The report came just a few days after top leaders ended an annual planning meeting in Beijing that produced no major new policy initiatives but included promises to do more to encourage people and businesses to spend more. Analysts said ruling Communist Party leaders were leaving room to do more if US President-elect Donald Trump delivers on his promises to raise tariffs on imports from China once he takes office.
The National Bureau of Statistics reported that the economy was stable, with the unemployment remaining at 5 percent.
“However, we must also see that the external environment is more complicated, domestic demand is insufficient, some enterprises are facing difficul -
ties in production and operation, and the foundation for the sustained recovery of the economy still needs to be consolidated,” Fu Linghui, a spokesperson for the National Bureau of Statistics, told reporters.
Retail sales rose 3 percent from a year earlier, down from October’s 4.8 percent increase and below the 3.5 percent annual rate in JanuaryNovember.
Consumers held back on spending on non-essentials like cosmetics, alcohol and clothing, though purchases of appliances and vehicles surged thanks to a government program to pay subsidies to entice people to replace older appliances and cars with newer, energy efficient versions and electric vehicles.
Auto sales rose 6.6 percent in November over a year earlier, but have fallen 0.7 percent yearon-year so far this year. Sales of appliances jumped more than 22 percent, and have climbed 9.6 percent so far this year.
The cash-for-clunkers and appliance recycling programs have helped keep factories humming, as has President Xi Jinping’s emphasis on building up high-tech industries for “high-quality” development. That has supported manufacturing: growth in factory output ticked up to 5.4 percent year-on-year from 5.3 percent in October.
Chinese leaders pledged to take a more proactive approach in pepping up the economy after their two-day planning meeting last week, but gave no details on stimulus measures.
Also Monday, the government announced a plan to upgrade the entire retail system in the coming five years, saying projects to revamp retail outlets would be rolled out across the country, providing “business landmarks” including shopping, food and entertainment venues.
The plans as outlined in state media make no mention of the key factors that economists say are leading many Chinese families to
scrimp and save rather than spend: insecurity about jobs, weaker prices for property and other assets and low incomes.
“Ultimately, consumption will be driven by income growth and the propensity to save,” Oxford Economics said in a report. “The outlook for the former is cautious and savings are being driven by concerns about the economic outlook.”
Investment in fixed assets like factories and in housing construction slowed in November. Property prices fell and home
WASHINGTON—Americans hoping for lower borrowing costs for homes, credit cards and cars may be disappointed after this week’s Federal Reserve meeting. The Fed’s policymakers are likely to signal fewer interest rate cuts next year than were previously expected. The officials are set to reduce their benchmark rate, which affects many consumer and business loans, by a quarterpoint to about 4.3 percent when their meeting ends Wednesday. At that level, the rate would be a full point below the four-decade high it reached in July 2023. The policymakers had kept their key rate at its peak for more than a year to try to quell inflation, until slashing the rate by a half-point in September and a quarter-point last month. The problem is that while inflation has dropped far below its peak of 9.1 percent in mid-2022, it remains stubbornly above the Fed’s 2 percent target. As a result, the Fed, led by Chair Jerome Powell, is expected Wednesday to signal a shift to a more gradual approach to rate cuts in 2025. Economists say that after cutting rates for three straight meetings, the central bank will likely do so at every other gathering, or possibly even less often than that.
“We’re on the cusp of a transition to them not cutting every meeting,” said David Wilcox, a former senior Fed official who is an economist with Bloomberg Economics and the Peterson Institute for International Economics. “They’re going to slow the tempo of cuts.” The economy has fared better than officials expected it would as recently as September. And inflation pressures have proved more persistent. The presidential election added a wild card, too: Presidentelect Donald Trump has promised to enact
policies—from much higher taxes on imports to mass deportations of people living illegally in the United States—that most economists say threaten to accelerate inflation.
“Growth is definitely stronger than we thought, and inflation is coming in a little higher,” Powell said recently. “So the good news is, we can afford to be a little more cautious” as the Fed’s officials seek to lower rates to what they consider a “neutral” level—one that neither spurs nor restricts growth.
On Wednesday, the policymakers will also issue their quarterly projections for growth, inflation, unemployment and their benchmark interest rate over the next three years. In September, they had collectively envisioned that they’d cut rates four times next year. Economists now expect just two or three Fed rate cuts in 2025. Wall Street traders foresee even fewer: Just two cuts, according to futures prices. Fewer rate cuts by the Fed would mean that households and businesses would
continue to face loan rates, notably for home mortgages, that would far exceed their levels before inflation began surging more than three years ago.
Some economists question whether the Fed even needs to cut this week. Inflation, excluding volatile food and energy costs, has been stuck at an annual rate of about 2.8 percent since March. A year ago, the policymakers had forecast that that figure would have fallen to 2.4 percent by now and that they’d have cut their key rate by three-quarters of a point. Instead, inflation has become stuck at a higher level, yet the Fed has lowered its benchmark rate by a full point.
Fed officials, including Powell, have said they still foresee inflation heading lower, however slowly, while their key rate is still high enough to restrain growth. As a result, reducing rates this week is more akin to letting up on a brake than stepping on an accelerator.
The potential for major changes to tax, spending and immigration policies under
Power Party criticized Lee’s
Trump are added reasons for the Fed to take a more cautious approach. Former Fed economists say the central bank’s staff has likely begun factoring the effects of Trump’s proposed corporate tax cuts into their economic analyses, but not his proposed tariffs or deportations, because those two policies are too difficult to assess without details.
Tara Sinclair, an economist at George Washington University who is a former Treasury Department official, suggested that the uncertainty surrounding whether Trump’s policy changes will keep inflation elevated—and necessitating higher rates—could also lead the Fed to cut rates more gradually, if at all.
“It seems easier to explain not cutting than to find themselves in a position where they would have to raise rates in this political environment,” Sinclair said.
Powell has said the Fed is seeking to lower its rate to the so-called “neutral” level. Yet there is wide disagreement among the policymakers about how high that rate is. Many economists peg it at 3 percent to 3.5 percent. Some economists think it could be higher.
And Richard Clarida, a former vice chair of the Fed who is a managing director at PIMCO, said that if inflation becomes stuck above the Fed’s target level, then the policymakers will likely keep rates above the neutral level.
During the July-September quarter, the economy expanded at a solid 2.8 percent annual rate. On Tuesday, the government will report the November retail sales figures, which are expected to show healthy consumer demand.
“There doesn’t seem to be any sign of weakness emerging overall,” said David Beckworth, a senior fellow at the Mercatus Center at George Mason University. “I don’t see in my mind the justification for rate cuts.”
sales also declined in most cities, the statistics bureau said, as China endures a downturn in its real estate market after regulators cracked down on excessive borrowing by developers that plunged the whole industry into crisis.
The disruptions to jobs and businesses during the Covid-19 pandemic have further weighed on the world’s second-largest economy.
“China’s economy appears to have slowed last month, despite tailwinds from recent policy
easing,” Julian Evans-Pritchard of Capital Economics said in a report. “Growth still looks on course to pick up this quarter, but the disappointing November data underscores the challenge policymakers face in engineering a sustained rebound in growth.” Chinese stocks had climbed recently on renewed hopes for a stronger dose of stimulus to help counter the weak consumer sentiment that has kept the economy growing this year at a rate slightly slower than the government’s official target of about 5 percent.
On Monday, Hong Kong’s Hang Seng index fell 1 percent while the Shanghai Composite index slipped 0.2 percent. The Hang Seng property index fell 1.3 percent. Evans-Pritchard said the impacts of a raft of policies to ease credit and support the economy would likely pick up in coming months.
“But we doubt that stimulus can deliver anything more than a short-lived improvement, not least because the current strength of export demand is unlikely to last once President Trump starts to put some of his tariff threats into action.”
The Associated Press researcher Yu Bing contributed.
Scholz faces confidence vote, early German election looms
By Geir Moulson The Associated Press
BERLIN—Chancellor Olaf Scholz faces a confidence vote in the German parliament on Monday that he’s expected to lose, paving the way for the European Union’s most populous member and biggest economy to hold an early election in February.
Scholz’s notoriously rancorous threeparty government collapsed on Nov. 6 when the chancellor fired his finance minister in a long-running dispute over how to revitalize Germany’s stagnant economy, and the minister’s pro-business party quit the coalition. That left the remaining two center-left partners without a majority in parliament.
Leaders of several major parties then agreed that a parliamentary election should be held on February 23, seven months earlier than originally planned. Post-World War II Germany’s constitution doesn’t allow parliament’s lower house, or Bundestag, to dissolve itself—so a confidence vote is needed to set in motion the early election.
What is likely to happen?
SCHOLZ’S Social Democrats hold 207 seats in the Bundestag and are expected to vote for the chancellor. Their remaining coalition partners, the environmentalist Greens, have 117 and plan to abstain. That should mean Scholz gets nowhere near the majority of 367 in the 733-seat chamber needed to win the confidence vote.
If Scholz loses, it will be up to President Frank-Walter Steinmeier to decide whether to dissolve the Bundestag. Steinmeier, who said last month that “this country needs stable majorities and a government that is capable of acting,” has 21 days to make that decision. Once parliament is dissolved, the election must be held within 60 days.
In practice, the campaign is already well underway.
Who is in the race?
AS he formally requested the confidence vote on Wednesday, Scholz said that voters will “decide in the election how we answer the big questions that we face.”
Those, he said, include whether Germany decides to “invest strongly in our future,” secure jobs and modernize its industry, keep pension levels stable and “come closer to a just peace in Ukraine without Germany being drawn into the war.” Germany has become Ukraine’s biggest military supplier in Europe, but Scholz also has refused to supply long-range Taurus cruise missiles over concerns of escalating the war with Russia.
Center-right challenger Friedrich Merz on Saturday predicted “one of the hardest election campaigns” in modern German history, as Scholz’s Social Democrats “have their backs to the wall.” He said that it’s crucial to make the economy more competitive, because “the competitiveness of our economy is the precondition for everything else.”
Polls show Scholz’s party trailing behind Merz’s main opposition Union bloc. Vice Chancellor Robert Habeck, whose Greens are further back, is also bidding for the top job. The far-right Alternative for Germany, which is polling strongly, has nominated Alice Weidel as its candidate for chancellor but has no chance of taking the job because other parties refuse to work with it.
Confidence votes are rare in Germany, a country of 83 million people that prizes stability. This is only the sixth time in its postwar history that a chancellor has called one. The last was in 2005, when thenChancellor Gerhard Schröder engineered an early election that was narrowly won by center-right challenger Angela Merkel.
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Ensuring transparency and accountability for unprogrammed funds editorial
ThE recent revelation that the government has inserted an additional P121.875 billion in unprogrammed funds into the 2024 national budget, pushing it to a record-high of P6.149 trillion, raises important questions about fiscal prudence and the prioritization of public spending. (Read the BusinessMirror story: “Unprogrammed funds bloat national budget,” December 13, 2024).
On the surface, the injection of these unplanned funds may seem like a positive move, providing much-needed support for critical infrastructure and social programs. The allocation of P86.037 billion to the Department of Public Works and Highways (DPWH) and P5 billion to the Department of Social Welfare and Development (DSWD) is a testament to the government’s commitment to address the country’s development needs. However, the significant increase in the national budget, well above the original program of P5.767 trillion, raises concerns about the government’s ability to effectively manage and account for public resources. Unprogrammed appropriations, by their very nature, are meant to be accessed only when revenue collections exceed targets or when new sources of funding become available. The fact that these adjustments have been made repeatedly this year, with an additional P65.173 billion added in September and P98.904 billion in October, suggest a lack of foresight or a departure from prudent budgeting practices.
It is crucial that the government strikes a delicate balance between addressing urgent priorities and maintaining fiscal discipline. While the infusion of funds for infrastructure and social programs is commendable, the long-term implications of this approach must be carefully considered. Excessive reliance on unprogrammed appropriations can lead to a lack of transparency, undermine the budgetary process, and potentially distort the allocation of resources away from more strategic planning.
While the increase in the national budget and the infusion of unprogrammed funds may signal a proactive approach to addressing pressing needs, they also highlight the importance of prudent fiscal management. The government must balance ambition with caution, ensuring that financial strategies are sustainable and that public funds are used judiciously. The focus should be on the real impact of these investments on the lives of Filipinos. The hope is that this record budget translates into meaningful progress and a more resilient economy for all citizens.
It would do well for the Department of Budget and Management to ensure that these additional funds are allocated in a transparent and accountable manner, with clear justifications for the changes and a comprehensive assessment of their impact on the overall fiscal framework. This may require strengthening the budgetary processes, enhancing public financial management systems, and improving coordination among different government agencies to ensure that resources are deployed effectively and in line with the country’s development agenda.
As the stewards of public resources, government leaders have the responsibility to exercise fiscal discipline, prioritize spending based on national priorities, and provide the public with a clear and comprehensive account of how their tax contributions are being utilized. The release of these unprogrammed funds, while addressing immediate needs, should not come at the expense of long-term fiscal sustainability and the efficient management of the national budget.
BusinessMirror
Trump 2.0 and the Philippines
YOUTSIDE THE BOX
ou can tell something about a country by what is on their supermarket shelves. Walking into a large market on the outskirts of Paris, one encounters an aisle stretching nearly the entire length of the store, dedicated solely to canned Pâté.
Pâté is a spread of chopped or pureed seasoned meat. The French Armed Forces rations have included tinned pâté for more than 100 years. The supermarket in France had at least a hundred different versions of locally produced canned Pâté, including some unusual Wild Boar Pâté from Corsica and Hake Roe Pâté.
Filipino Pâté is “a canned spread product made from pureed pork, beef, or chicken liver mixed with cereal and/or offal.”
Go into a Thailand supermarket and about the only locally produced spaghetti sauce will be Tom Yum, Green Curry, and Pad Kee Mao Spaghetti sauces. One Filipino food company, Clara Olé, has readymade spaghetti sauce in Chunky Tomato Basil, Pasta Sauce Negra, Ital-
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ian Style, Chunky Tomato 3 Cheese, Sweet Pasta, Filipino Style, Three Cheese, Red Pesto Pasta, Cheesy Pesto, and Carbonara.
Which country will be most affected the next time there is a spaghetti noodle shortage? Lately the discussion is “Trump 2.0.” However, a nation’s economy is like its supermarkets. They are not all the same.
Here we go again with Donald Trump back at the US presidential helm for a second term, or as I will call it, “2.0: The Economic Rollercoaster.” What may it mean for the Philippines? Grab your seatbelts because we’re about to have an economy shaped by tariffs and the “America First” policy. Are remittances at risk? Millions of Filipinos in the US send money
By Esha Dey
haT was supposed to be a comeback year for Boeing Co. has turned into its worst stock-market plunge since 2008, and if Wall Street is right, the planemaker’s shares may have only a modest recovery in store in 2025.
The stock is down 35 percent this year, placing it among the 20 biggest decliners in the S&P 500 Index. The shares have stabilized over the past month, but investors remain wary. They point to the string of crises in 2024 that shook their confidence in Boeing’s prospects and the risk that it will suffer should trade friction build anew under President-elect Donald Trump.
“Just staying out of the news would be a win for Boeing at this point,” said Eric Clark, portfolio manager of the Rational Dynamic Brands Fund.
Coming into 2024, the company seemed to be emerging from the aftermath of two fatal crashes of its jets in 2018 and 2019 and the collapse of global travel during the pandemic. Boeing had taken a big step toward thawing its strained relations with China, jet orders were surging and shares were the highest in nearly two years. Wall Street was overwhelmingly optimistic, without a single sell recommendation on the stock.
Things started to unravel in January, when a door plug on a Boeing aircraft blew off mid-air during an Alaska Air flight. Then came a public outcry and intense scrutiny of Boeing’s corporate practices and its culture, a management overhaul leading to the exit of the chief executive officer, serious allegations from whistle-blowers, a debilitating labor strike and a massive cash burn that the company says will continue in 2025.
The chain of events pummeled Wall Street’s profit expectations. Twelve months ago analysts on average expected Boeing to earn $4.18 a share this year, after four straight annual losses, data compiled by Bloomberg show. They now anticipate a loss of $15.89 per share, the worst since 2020. At the same time, estimates for 2025, 2026 and 2027 have collapsed by roughly 50 percent or more from year-ago levels. It all explains why analysts have dim expectations that the recent recovery in the jet-maker’s shares will
back home—our largest source— and it is a never-ending lifeline for our GDP. But with Trump’s return, we might see the immigration noose tighten. His first term hinted at a less welcoming America for foreign workers. Less dollars coming home means less spending power here, which could hit consumer spending and, by extension, our economy.
Our golden goose—the Business Process Outsourcing industry – could be subject to Trump’s protectionism. If he starts incentivizing companies to bring back jobs to the US, or penalize them for outsourcing, our call centers might start seeing fewer calls.
What about “trade winds” and Tariffs? For the Philippines, this could be a mixed bag. On one side, if Chinese goods face heavy tariffs in the US, Filipino exports might gain a competitive edge. But on the flip side, if global trade slows down due to these economic skirmishes, we are all in for a rough ride.
Investment is another area where Trump 2.0 could stir the pot. His policies might encourage US businesses to look homeward, but it is the uncertainty of his administration that could make investors think twice about FDI anywhere for a while.
Here is some genuine expert
analysis. “Trade policy uncertainty is set to surge much higher this quarter and over his second term. We estimate that trade policy uncertainty could depress US fixed investment by mid-2025. Our modeling suggests trade policy uncertainty will leave lasting scars in China.”
So, what does Trump 2.0 mean for our economy? It’s like trying to predict the weather in Manila during monsoon season—you know it is going to be wet, but how wet? We might see some benefits by leveraging any US-China fallout to our advantage. However, the risks are palpable in an economic environment where we need to be nimble, strategic, and perhaps lucky. My opinion is that local businesses are ready for Trump 2.0 having learned from 1.0 as they did from the Asian Financial Crisis when the Global Financial Crisis hit. For the government, I am fearful that “Maybe not so much.” As other columnists have highlighted, we all hope the Philippines can navigate through Trump’s economic storm with more skill than last time.
E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.
extend much further. Their average 12-month price target suggests potential for a roughly 7 percent gain from Friday’s close of $169.65. Boeing, which is based in Arlington, Virginia, declined to comment.
Turbulence ahead
“The top priority is to execute on this demand by building flawless aircraft at a gradually increasing pace,” JPMorgan Chase & Co. analyst Seth Seifman wrote in a report last month. “This is not easy and we won’t see immediate results, but we do see potential for Boeing to make progress in 2025 on the road to delivering long-term value.” Last week showed the potential for the shares. News that Boeing has resumed assembly of its bestselling aircraft—the 737 Max—helped spur its best weekly advance since mid-2023.
The company’s solid position in the market, as one of essentially two manufacturers, explains why it still commands a market capitalization over $125 billion. Boeing has more than $500 billion worth of aircraft in its backlog. It also raised $21.1 billion in a share sale this year, which should help stabilize its credit rating.
“Boeing’s position in the duopoly with Airbus ensures the company’s viability but doesn’t guarantee financial strength,” said Mark Malek, chief investment officer at Siebert. bloomberg
A M AJOR worry entering 2025 is that the company’s sprawling global supply chain leaves it exposed should Trump follow through on his tariff proposals. Boeing, along with American manufacturing behemoths like Caterpillar Inc. and Deere & Co., is widely seen as being on the front lines of any trade war that might ensue. Boeing’s biggest concern, however, is a production slowdown— first in an effort to improve quality after the Alaska Air incident, and then because of a strike that ended in November. The combination depresses cash flow and erodes its position versus rival Airbus SE, which commanded almost 60 percent of the global backlog of commercial aircraft last year, according to Bloomberg Intelligence. On top of that, it’s been decades since Boeing worked on an all-new aircraft, and CEO Kelly Ortberg has said that this is one of the key goals. Concrete signs that the company can produce quality aircraft at a steady pace is crucial for investors and analysts in 2025. There’s plenty of demand for planes globally — fueled in part by surging air travel in emerging markets.
John Mangun
Ambassador Antonio L. Cabangon Chua
Turkey says Syria’s new rulers agree to abolish Kurdish forces
By Selcan Hacaoglu & Beril Akman
TuRKEY said Syria’s new rebel government agrees with Ankara on the need to dismantle Kurdish military forces—a critical uS ally in the northern region of Syria—as countries rush to shape the future of the region after the downfall of the Assad regime.
Turkey and the US have long been at loggerheads over Washington’s military and logistical support to Kurdish forces in Syria. The issue remains a priority for a n kara amid talks on what Syria’s future will look like under Hayat Tahrir a l-Sham, which now controls Syria, with Turkish officials saying Kurdish presence at the border is a major security concern.
“In the new period, the PKK/YPG terror organization will be dissolved sooner or later,” Turkish Defense Minister Yasar Guler told reporters on Saturday. “both the new administration in Syria and we want this.” No formal agreement has been announced and Guler did not provide further details. It wasn’t immediately possible to verify the information with officials in the transitional government in Syria. While HTS, a former affiliate of al-Qaeda that’s designated a terrorist organization by the US, hasn’t explicitly commented on any discussions with the Turks over the Kurds, the group has repeatedly said religious minorities won’t be harmed under their rule.
Turkey, the US and the EU list the Kurdish militant group PKK, which has waged a decades-long armed campaign in Turkey’s southeast, as a terror group. b ut unlike the US, Turkey also sees the YPG, one of the main factions that make up the Washington-backed Syrian Democratic Forces, as an extension of the PKK.
The Kurdish issue topped the agenda during Secretary of State a ntony bl inken’s visit to a n kara earlier this week, when he met with President Recep Tayyip Erdogan and Foreign Minister Hakan Fidan. Turkish officials have urged the US to review its support of the Kurdish militia. The US, however, has relied on the SDF to prevent potential resurgence of Islamic State, especially in the posta ssad landscape.
Turkey wants the YPG to lay down
Can CREATE MORE avoid RMC 5-2024?
Vtheir arms as well as the departure of its foreign members from Syria, Guler said, in order to pave the way for their integration into a future Syrian security force. a ny heavy weapons in their hands should also be taken back, he said.
“It is out of the question for the Syrian people, or the new administration, or us to allow the PKK/YPG terrorist organization to act alone and create space for itself,” the minister said. “ou r priority is the PKK/YPG terrorist organization’s eradication. We expressed this clearly to our US friends. We expect them to reevaluate their positions.”
a ccording to Guler, Washington has yet to respond to a Turkish proposal to allocate three commando brigades to assume the responsibility of fighting IS and holding detainees in Syria as he downplayed the threat level posed by the group, also known as Daesh.
“Has anyone heard of Daesh terrorists attacking in Syria in the last three years?” Guler said. “We do not hear or see anything about Daesh right now.”
bl inken said Saturday that US officials had spoken directly with HTS, as well as other groups, on a set of principles the US and a rab partners want to guide Syria’s political transition. Turkey and the US were among the nations issuing a joint statement calling for an end to hostilities in Syria during a summit in Jordan over the weekend.
“We think it is necessary to see what the new administration will do and give them a chance,” said Guler, adding that the rebel government has assured its transparent cooperation with international institutions if they detect chemical weapons.
In response to a question on whether Turkey, which has Nato’s second largest army after the US, would agree to a potential military training and cooperation deal, he said: “We are ready to provide the necessary support if requested by the new management.” Bloomberg
Open global trade is only way to feed the world, WTO chief says
By Alessandra Migliaccio
Global poverty will increase if the world doesn’t work to maintain a stable and open trading system, World Trade organization Director General Ngozi okonjo-Iweala said. “We should keep our eyes on maintaining a stable, free, open and predictable trading system,” okonjo-Iweala said in an interview in Rome on Saturday where she also met Pope Francis. “You cannot feed the world without trade, that is just a fact. one in four calories consumed in the world is traded.”
The former Nigerian finance minister, who was recently reappointed to the post of global international commerce chief, is facing an uphill battle in championing free trade following the election of Donald Trump in the US.
“I know people are thinking about doom and gloom, that we’re going to have trade wars and so on and so forth, but there are opportunities within the challenges facing trade,” said okonjoIweala, who is the first woman to run the Geneva-based organization.
The WTo’s mission of fostering lower trade barriers is at odds with Trump’s threats of universal tariffs and his embrace of protectionism. The US contributes the largest share of the WTo s budget of any individual country, followed closely by China, according to the latest annual report.
okonjo Iweala, 70, recounted her youth during the Nigeria-bi afra war, saying her experience makes her aware of what’s at stake when trying to help people escape poverty and conflict.
“I’ve lived through a war, from the time I was 12 to 15. My parents lost ev-
erything, we had nothing, I couldn’t go to school during that time, we ran from place to place, and I know what it means to eat one meal a day, because that’s what we did, sometimes we didn’t even have one meal,” she said. “That accumulated knowledge of what it means to actually work to lift people up, that’s what my whole career has been about.”
okonjo-Iweala said the WTo needs to move ahead with reforms and push countries to keep dialogue open.
“The way out is that we need to talk to each other,” she said. “We need mulilateralism, we need cooperation as no one country can solve global problems alone.” a mong bright spots, okonjo-Iweala mentioned the growth in services trade which she said is increasing at a rate of 8 percent to 9 percent a year, and of green trade. The future is in services and digitally delivered services trade, which “is worth $4.25 trillion now. The other one is green trade, that’s another opportunity worth almost $2 trillion now, and with prospects to grow,” she said. “We have to give hope whilst not running away from the fact that the present is challenging.”
That compares to total global trade of about $30.4 trillion, according to the latest WTo data.
She said she discussed some challenges with Pope Francis in Rome who was particularly concerned about the number of conflicts and uncertainty in the world. The head of the RomanCatholic church has repeatedly spoken out against income inequality.
“He said children are searching for food in rubbish dumps and yet we are spending millions on arms,” okonjoIweala said. Bloomberg
atty. irwin C. nidea Jr.
Tax law for business
AT incentives have undergone significant changes over time. Prior to the CREATE Law, the cross-border doctrine was in effect. With the enactment of the CREATE Law, the principle of “direct and exclusive use” replaced this doctrine. Now, with the introduction of CREATE MORE, the concept of “directly attributable” has superseded the more stringent “direct and exclusive use” requirement.
l et’s take a closer look at how these changes have evolved and explore how some companies may be able to avoid the VaT implications of RMC 5-2024 as CRE aT E MoR E comes into effect.
b e fore the CRE aT E l a w, the cross-border doctrine governed companies registered in economic zones. These zones were treated as separate customs territory, akin to foreign countries. Therefore, when a company within an economic zone sold goods or services to a local company outside the zone, it was treated as though the sale occurred between a company in the economic zone and one in a foreign country, such as the Netherlands or France. Similarly, when a company within the economic zone made a purchase from a company outside the zone, the transaction was treated as an import from a foreign country, such as the Netherlands or France.
To address some inefficiencies in the previous system, where most transactions of an ecozone company were not subject to VaT, the government introduced the CRE aT E l aw. This law replaced the cross-border doctrine by limiting VaT zero-rating or exemptions to goods and services that are “directly and exclusively used for the registered activity of a registered export enterprise.”
Under this framework, only the purchase of raw materials necessary to produce a finished product qualifies for zero-rating. For instance, if
an ecozone company exports a car, only the parts required to manufacture the car, such as the engine and wheels, are exempt from VaT Services like finance, accounting, janitorial, and legal are not considered directly and exclusively used for the registered activity. Consequently, services such as accounting or finance-related digital services are subject to VaT, as they do not meet the criteria for direct and exclusive use in the registered activity.
What is the impact of this?
Ecozone companies often accumulate input VaT since their sales are primarily zero-rated. With no output VaT to offset the input VaT, their only option is to file for a refund. However, as you may be aware, filing for a refund in this country may take more than a while.
This is one of the reasons why the CRE aT E l aw was seen as insufficient, leading policymakers to introduce CRE aT E MoR E. CREaT E MoR E adopts a more flexible approach, introducing the concept of “directly attributable.” This concept strikes a balance between the broader interpretation of the crossborder doctrine and the “direct and exclusive” use principle. It allows for purchases to be considered zerorated even if they are not part of the finished product being exported.
For example, goods and services like legal, accounting, janitorial, and security services are now considered zero-rated. The more liberal inter-
CREATE MORE adopts a more flexible approach, introducing the concept of “directly attributable.” This concept strikes a balance between the broader interpretation of the cross-border doctrine and the “direct and exclusive” use principle. It allows for purchases to be considered zero-rated even if they are not part of the finished product being exported.
pretation of “direct attribution” suggests that the law’s intent is to treat nearly all goods and services as zerorated or exempt, similar to the VaT zero-rating and exemptions under the cross-border doctrine.
a s you can see, under CRE aT E MoR E, the key test is whether the goods and services are “directly attributable” to zero-rated sales, as opposed to the cross-border doctrine, where the focus is on territorial boundaries.
The next question is, who determines what is “directly attributable”? according to the law, it is the Investment Promotions a gency (IPa), such as the Philippine Economic Zone aut hority or the board of Investments, among others. but the bIR might oppose this and argue that since this is revenue activity, it is the bIR and not the IPa that has jurisdiction in determining what is “directly attributable” to a registered activity to be considered VaT zero-rated or exempt from VaT. The implementing rules must be categorical in saying that the determination by IPa s shall be binding upon the bIR.
Unlike the cross-border principle where zero-rating or exemption applies to all companies inside the economic zone, the VaT incentives under CRE aT E MoR E only apply to registered export enterprise (REE) and high value domestic market enterprise (HVDME) and not to an ordinary domestic market enterprise. based on the draft Implementing Rules of CRE aT E MoR E, an REE includes Information Technology (IT) or bu siness Process o utsourcing (bPo) resulting in the direct exportation, and/or sale of its manufactured, assembled, or processed product. It can also be an IT or bPo service to another registered export enterprise that will form part of the final export product or export service of the latter, of at least 70 percent of its total production or output. The definition of REEs and the VaT incentives provided under CREaT E MoR E offer an opportunity for REEs purchasing services from non-residents to avoid the VaT implications of RMC 5-2024. a s you may know, this RMC imposes VaT on payments for services rendered by non-resident foreign corporations (NRFCs), even if the services are provided entirely outside the Philippines, as long as the utilization or consumption occurs within the Philippines. With the advent of CRE aT E MoR E, it can be argued that if an REE (such as an IT or bPo company) “imports” digital or other services and can demonstrate that these services are directly attributable to its registered activities, such “importation” would be exempt from VaT. Please note that this may be possible because the current rule is based on the “directly attributable” framework, not the “directly and exclusively used” principle. “Imported” d igital or other services may be VaTexempt if purchased by IT and bPo companies classified as REEs. a side from this, there may be other tax saving opportunities that can be considered because of CRE aTE MoR E. The new law will open more possibilities as it gives more elbow room for businesses to grow.
The author is a senior partner of Du-Baladad and Associates Law Offices (BDB Law) (www. bdblaw.com.ph), a member-firm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at irwin.c.nideajr@ bdblaw.com.ph or call 8403-2001 local 330.
Yoon’s fall gives nemesis surprise path back to lead South Korea
By Sam Kim
hE impeachment of South Korean President Yoon Suk Yeol is giving his biggest political rival, Lee Jae-myung, a chance to finally take the top role in running the country.
o p position leader l e e has emerged as the most likely replacement for Yoon, who was stripped of his powers as head of state on Saturday after some of his own supporters broke ranks, giving his opponents the two-thirds majority needed to pass the impeachment bill.
It’s a dramatic turn of events for l ee, whose ambitions of leading the nation seemed all but over last month, when he received a suspended jail sentence for breaking electoral law—a ruling that could bar him from seeking office for years if his appeal is rejected. The seasoned labor activist has a history of bouncing back from challenges that include corruption allegations, a hunger strike, a factory injury and even being stabbed. He’s been compared to bernie Sanders for his ideals and Donald Trump for his populist style.
“Yoon’s own-goal has brought l ee back to life,” said Choi Young Jun, a public policy professor at Yonsei University. “l ee is the strongest candidate without a question to replace Yoon and will try to look the part as he prepares to run.”
l e e has appealed the ruling against him, which may buy him enough time to contest a snap presidential election. That vote can only happen once the Constitutional Court decides whether Yoon’s impeachment is valid, a process that could take weeks or even months.
l ee’s lifeline to power came about after Yoon shocked the world by suddenly declaring martial law on December 3, the first such move in South Korea for about four decades.
Yoon sent Special Forces by helicopter to storm the National a ssembly, accusing his political foes of “antistate” activities, and proclaimed a crackdown on a “den of criminals.”
Some 190 lawmakers rushed to the parliament building and unanimously voted to block the decree.
Even Han Dong-hoon, leader of Yoon’s People Power Party and a potential presidential rival to l ee, told the troops to disobey and retreat. The martial law ended after six hours.
The move angered millions of South Koreans who prided themselves on having built one of the world’s most robust democracies through years of bloody mass protests against decades of military rule.
It’s that pro-democracy sentiment that l ee will tap into if he runs for president again. He narrowly lost to Yoon in the 2022 election, in the closest race in South Korea’s history. This time, he may portray himself as a more moderate leader to appeal to voters from Yoon’s conservative camp, Choi said.
Surveys suggest l ee would easily win if the election were held today.
a n Embrain Public poll from Dec. 10 put his approval rating at 37 percent, while PPP leader Han received just 7 percent.
Raised in a working-class family, l ee worked in a factory as a teenager, where an accident caused his left arm to remain twisted to this day after it was pressed under a machine.
He entered politics in 2005 and became mayor of Seongnam in 2010, where he’s known for shutting down dog-slaughtering facilities and
Lee’s lifeline to power came about after Yoon shocked the world by suddenly declaring martial law on December 3, the first such move in South Korea for about four decades. Yoon sent Special Forces by helicopter to storm the National Assembly, accusing his political foes of “anti-state” activities, and proclaimed a crackdown on a “den of criminals.”
boosting social welfare. His policies such as free school uniforms and lunches helped him win a second term, while also drawing criticism for pandering to populist sentiment.
In a 2016 interview, lee described himself as a humble servant carrying out the will of the people. He led a campaign to oust then-President Park Geun-hye that year, and ran unsuccessfully against Moon Jae-in for the Democratic Party’s nomination in the 2017 presidential race to replace Park.
Despite his humble background, l ee has often been compared to Trump. both share a disdain for political elites and have survived assassination attempts. l ee was stabbed in the neck by an attacker in January this year.
He frequently turns to social media to communicate with his supporters and criticize his opponents. on the night of December 3, he livestreamed himself leaping over a wall to enter the National a ssembly. l ee likens himself to Sanders, the progressive senator who unsuccessfully sought the Democratic nomination for US president in 2016 and 2020. l ee has criticized income disparity and pushed for South Korea to become a sia’s first country to introduce universal basic income.
o n foreign policy, l e e’s likely to pursue a more conciliatory line with North Korea and push for more balanced ties with both the US and China. He has toned down his stance on Japan, after accusing it of showing too little contrition for occupying Korea in the early 20th century. “a good relationship is when you respect each other, understand each other, and find ways to benefit each other,” he said about the prospect of meeting with Japanese leaders, in an interview earlier this month. “Meeting a lot in a predatory relationship does not make it a good relationship.” lee staged a 24-day hunger strike last year to protest Yoon’s policies, including the latter’s support for Japan’s plan to release treated radioactive water from Fukushima into the ocean. It was the longest hunger strike by an opposition leader since 1983. What happens next for l ee depends on South Korea’s impeachment procedure. The constitutional judges have 180 days to deliver their verdict on Yoon’s removal from office. In a similar case in 2017, it took them 91 days to finalize the ouster of Park. If the court does rule against Yoon, a presidential election must follow within 60 days. If elected, l ee would be exempted from criminal prosecution while in office, unless he committed treason or an activity that threatens national security by collaborating with foreign enemies.
l ee accuses Yoon of treason. on Saturday, after the vote, he celebrated the impeachment as he spoke to the large crowd gathered in freezing temperatures outside the National a ssembly.
“We must continue to fight together to ensure that swift and stern accountability and the ouster of Yoon is achieved in the shortest possible time,” l ee said. Bloomberg
Peza investments may top P300B despite headwinds
By Cai U. Ordinario @caiordinario
THE Philippine Economic Zone Authority (Peza) may breach P300 billion in investments by next year despite geopolitical tensions and developments in the economies and governments of the country’s top investors.
In a briefing on Monday, Peza Director General Tereso O. Panga told reporters the target of the investment promotion agency (IPA) is to exceed the P311.9 billion recorded in 2012.
Panga said the pipeline of investments for 2024 could reach P215 billion, which is already the highest in seven years or since 2018. For next year, these investments could “easily” reach P250 billion. As soon as we breach that [P311.9 billion], that means we will be in serious contender [status] when it comes to FDI [Foreign Direct Investment] attraction in the region,” Panga said.
Panga noted that the CREATE
More could allow the Peza to see in-
vestments breach P300 billion. He noted that the newly enacted law will allow investors to take advantage of “generous incentives packages.”
These packages can grant maximum incentives to the infusion of P50 billion or more in investments. This is less than $1 billion, using the latest exchange rate which saw the peso close at P58.671 to the US dollar on Monday.
Panga also stressed that these investors can also avail themselves of 100-percent deduction on power expenses—which is crucial, especially for manufacturing firms which make up over 30 percent of Peza investments.
So we can be really competitive. In fact, we look at the recent power
ILO: Over half of global workforce lacks basic labor protections
By Justine Xyrah Garcia
WHILE global economies continue to grow, the International Labour Organization (ILO) has found that more than half of the world’s workforce remains uncovered by fundamental labor rights.
Th e ILO’s 2024 Social Dialogue Report highlighted the a larming gaps in protections for workers, with rights such as freedom of association and collective b argaining remaining inaccessible to millions.
Compliance with these conventions has fallen significantly, w ith a 7-percent decline recorded between 2015 and 2022.
Since 2020, compliance has worsened across all regions, particularly in the context of Covid-19 a nd the subsequent polycrisis,” the report emphasized.
Countries with single-employer bargaining systems reported t he lowest coverage, reaching only 15.8 percent of workers, compared to 71.7 percent in multi-employer systems.
Trade union density also showed stark inequalities, averaging 25.8 percent in highi ncome nations but only 16.2 percent in lower-middle-income countries.
ILO said these disparities leave millions of workers vulnerable, particularly in sectors with weak institutional frameworks.
The report also shed light on the disproportionate exclusion of women, informal workers, and youth from decision-making within national social dialogue institutions (NSDIs).
It noted that three in five worker respondents and half of employer respondents believe women have limited or no participation in NSDI decision-making.
Many employers and workers feel their organizations offer limit-
ed or no representation for workers a nd economic units in the informal economy,” ILO added.
Youth-sensitive policies have similarly declined since the pandemic, leaving young people’s concerns largely overlooked.
Role of social dialogue
THE ILO called for urgent action to address these gaps, emphasizing that strong and inclusive s ocial dialogue mechanisms are essential for creating a “renewed social contract” that prioritizes labor protections, gender equality, and youth representation.
Th e report underscored the importance of peak-level social dialogue (PLSD)—processes involving governments, employers, a nd workers—as a key tool for advancing decent work and reducing inequalities.
S uccessful PLSD initiatives include 80 tripartite social pacts signed globally between 2019 and 2024.
These agreements tackled issues such as tax reforms, pension systems, and the cost-of-living crisis, reflecting the transformative potential of well-functioning dialogue mechanisms.
In practice, PLSD is a catalyst for long-term inclusive change and decent work for all...decision-making based on PLSD can mitigate and even reverse the harmful effects of short-termist and non-inclusive strategies on workers, employers,” the report explained.
The ILO also urged governments and social partners to respect fundamental labor rights, invest in capacity-building, and ensure the inclusion of underrepresented groups such as women, youth, and informal workers.
“ The social partners also need to extend their membership base and outreach to groups that are often under-represented in social dialogue,” it added.
rates in Asean. If we compare ourselves to Vietnam, for instance, they’re doing 10 cents per kilowatt hour, oil is even subsidized. We can do 9 cents,” Panga said.
The Peza’s optimism also draws from the possible opportunity created for the Philippines given the higher tariffs that could be imposed on China-manufactured goods.
Panga said the country could become an alternative site for firms exporting to the US which are currently located in China or Vietnam.
A merica’s negative trade balance with the Philippines could become another argument in favor of the country to attract firms supplying or exporting to the US.
He added that innovations currently being used or manufactured in the country will be a key competitive advantage for the Philippines.
These include products such as biopolymers—deemed the nextwave technology for plastics and silicon carbide—which can bring down the time needed to charge electric vehicle batteries to 20 minutes from the current 4 to 8 hours.
We were the ones who brought in this nano-filtration
from Denmark. We had the chance to meet with them in Germany. When it was deployed, in one company, they were able to reduce the cost from P7 to P1. And now we gathered, the same technology will be utilized also by Aboitiz in Mactan and Batangas,” Panga explained.
The Peza earlier said it approved P186.09 billion in investments in the January to November 13, 2024 period, already surpassing the P175.71 billion in investment pledges recorded for full-year 2023.
In a statement, the IPA said the Peza Board greenlighted 222 new and expansion projects in the 11-month period.
According to Peza, these are projected to generate more than $3 billion in exports and “boost” employment with the creation of 60,000 direct jobs.
The P186.09-billion approved investments in the almost 11-month period is 32 percent higher than the investment pledges of P140.88 billion investments approved in the same period in 2023. (See: https://businessmirror.com.ph/2024/11/21/ peza-investment-approvalsfor-11-months-reach-p186b/).
FILIPINOS SEEKING U.S. VISAS MORE THAN EVER–CARLSON
By Malou TalosigBartolome @maloutalosig
THE Philippines and the United States have started negotiating for an open skies agreement that would increase more flights between the two countries, US Ambassador to Manila MaryKay Carlson said.
Th is, as the number of FIlipinos who applied for nonimmigrant visas rose to more than 300,000 in 2024, the highest ever in the history of US Embassy.
“ We broke records in our people-to-people ties, processing more visa applications this past year than ever before in the history of our relationship,” Carlson said.
She did not state, though, the number of applicants who were issued visas.
C arlson said there was also an uptick in the number of Filipinos who studied in US higher educational institutions for the past 15 years.
To accommodate an upsurge in the interaction between Filipinos and Americans, both countries started
the negotiations for a bilateral Open Skies Agreement.
Just last week, we kicked off open skies negotiations in Washington DC with the goal of modernizing our 40-year old aviation agreement that governs aviation connections between our two countries.
“ This will help families, tourists and businesspeople more quickly and affordably visit each other’s countries,” Carlson said.
The last US-Philippine air agreement was signed in 1995, and provides up to fifth freedom rights for US and Philippine flag carriers.
F ifth freedom is a right granted to airlines that allows them to fly and carry passengers to two foreign countries, with the flight originating from or ending in their respective home countries.
Under the Open Skies Agreement, airlines can freely fly international routes and compete openly with other airlines for passengers.
See “Filipinos,” A2
congestion and improve connectivity.
THE Philippine Economic Zone Authority (Peza) said concerns of their locators on the Value Added Tax (VAT) have already been addressed by the CREATE More Law.
In a briefing on Monday, Peza Director General Tereso O. Panga told reporters the investment promotion agency (IPA) is working closely with the Bureau of Internal Revenue (BIR) and the Fiscal Incentives Review Board (FIRB) on the Implementing Rules and Regulations (IRR) of the law.
“It’s now clearly spelled out in the law, in the Create More law. So we just want to make sure that the IRR will be aligned with the law. So in the law, it says that locators, especially export companies, will
not go through any VAT refund process,” Panga said.
T he law, Panga said, also removed six items in the foreign investment negative list (FINL) which will lead to a shorter negative list and allow more foreign businesses to locate in the Philippines.
A s early as January 2024, the National Economic and Development Authority (Neda) had given assurances of a shorter negative list in light of previous legislations that were passed by Congress. (See: https://businessmirror.com.ph/2024/01/04/ next-rfinl-briefer-to-reflectrecent-laws/).
Panga added that the BIR has also set up a one-stop action cen-
ter to deal with VAT issues, including for Peza locators. He hoped that recent changes will lead to the elimination of Peza locator issues, particularly on the VAT. Maybe the VAT issues will apply more to those companies who are exposed to VAT payments when actually they were not supposed to. It was not supposed to happen that way. It was at that time when there were inconsistencies between the IRR, the RMCs [Revenue Memorandum Circulars] versus the CREATE law,” Panga said.
L ast year, Panga said some locators had resorted to importing their materials as it was easier to avail themselves of tax perks and duty-free incentive
than sourcing the materials from the local market given the “gray area” in the BIR’s definition for direct and exclusive use in a registered activity. In April last year, the BIR issued its Revenue Regulation (RR) 3-2023 2023 to clarify the list of goods and services that will be zero-rated. (See: https://businessmirror.com.ph/2023/05/02/ vat-zero-rating-rules-a-fillipto-local-sourcing-peza/).
Meanwhile, other proposals that could complement the changes introduced by the Create More Law include the extension to 99 years the lease period for foreign investments.
See “Locators,” A2
MMDA Chairman Romando Artes, and Vice Mayor Angelo Agcaoili lead the ceremonial pass-through at the inauguration of the Greenhills-West Crame Connector Road on Monday, December 16, 2024. The P19-million project links Eisenhower Street in Barangay Greenhills
Editor: Jennifer A. Ng
ACEN: Several RE projects to start operations in 2025
SAlfredo Panlilio of PLDT is new MAP president
By Ada Pelonia @adapelonia
TBy Lenie Lectura @llectura
everal power projects of aCeN Corp., which will have a total capacity of 1.2 gigawatts, (GW), are up for commercial operations next year.
The power arm of conglomerate Ayala Corp. currently has 6.8 GW of attributable renewable energy (R e) capacity spanning operational, under-construction, and committed projects. Of which, 1.2GW of various R e projects will be operational soon.
Of the 6.8GW, 45 percent are operating, 34 percent are under construction and the rest are under the committed project list.
“We are now at 6.8 gigawatts that’s operational, under construction and committed. Committed means board approval,” AC eN P resident er ic Francia told reporters. “If you look at the projects, Stubbo, that’s 520 megawatts (MW). The Palauig 2, that’s around 300MW. Those are the two large projects,” Francia said.
Other projects that will start operations next year include the 146MW Monsoon wind in Lao PDR, 60MW solar in Pangasinan, 109MW Stockyard wind in Texas, 123MW solar hybrid in India, 160MW Pagudpud wind in Ilocos Norte, and 57MW Capa wind in Ilocos. ACeN is the publicly listed energy platform of the Ayala Group with a rapidly growing presence across the Philippines, Australia, Vietnam, India, Indonesia, Lao PDR, and the USA.
The company was named a winner at the Department of energy (DOe) Sustainable energy Awards 2024. This prestigious recognition highlights ACeN ’s significant con-
tributions to advancing clean energy solutions, particularly through its 81 MW North Luzon Renewables (NLR) wind project in Pagudpud, Ilocos Norte.
ACeN ’s project was recognized under the category of Renewable energy Projects in On-Grid Areas for its outstanding role in fostering a secure, reliable, clean, and resilient energy sector. The project generates approximately 205,000 MW hours of clean energy annually, powering around 50,000 homes and avoiding 144,000 metric tons of carbon emissions each year.
“This recognition is especially meaningful as it coincides with the 10th anniversary of NLR’s operations. The success of NLR reflects AC e N ’s unwavering commitment to sustainability and our vision of a renewable energy-powered future. This recognition from the DO e affirms the impact of our initiatives in addressing both environmental challenges and the socio-economic needs of our host communities,” Francia said.
A Benchmark for Sustainability and Community e m powerment
AC e N ’s North Luzon Renewables
wind project has emerged as a model for sustainable development, with its groundbreaking Conservation e state spanning 700 hectares. To date, the Conservation e state has sequestered 94 kilotons of carbon, equivalent to 345,000 tons of carbon dioxide, as certified under ISO14064-2-2019 by Carbon Check. This achievement not only supports climate mitigation but also has an impact equivalent to removing the greenhouse gas emissions of 82,000 cars annually, improving air quality and contributing to climate resilience.
The DO e Sustainable e n ergy Awards program, now in its inaugural year, celebrates the dedication and excellence of stakeholders in the R e sector. With categories spanning R e projects in on-grid areas, private institutions, and local government units, the awards aim to inspire continued innovation and collaboration in the energy transition.
For this year, the DOe reviewed 246 entries, selecting one winner for each category.
ACeN has an ambitious target to scale its renewable energy capacity to 20 GW by 2030.
Mapua opens school of medicine
By VG Cabuag @villygc
MAPúA University, the flagship educational institution of iPeople Inc., has launched its own school of medicine in collaboration with Arizona State University (ASU).
Its new school aims to provide “cutting-edge healthcare education” that equips future medical professionals with the skills, knowledge and resources necessary to improve health outcomes, the company said.
“We are empowering the next
New business value lifts
Allianz PNB’s net income
LIFe insurer Allianz PNB Life Insurance Inc. (AZPNBL) reported a double-digit increase in its net income amounting to P838.4 million in the third quarter of 2024.
In a statement on Monday, the company said its local net income rose by 47 percent to P834.4 million in the third quarter. AZPNBL’s gross written premium (GWP) also went up by 29 percent to P26.176 billion while its new business annual premium equivalent (NBAPe) g rew by 32 percent to P3.342 billion.
“This steady growth reinforced its industry standing, maintaining 4th place in GWP and improving its NBAPe ranking from eighth to seventh,” ANPNBL said, adding that the growth contributed to the Asia Pacific region’s upward trajectory.
As of the third quarter, Allianz Asia Pacific recorded a 161 percent surge in total business volume to eUR 6.5 billion and a 3 percent increase in total operating profit worth eUR 584 million, driven by the growth in life/health and property-casualty segments. Reine Juvierre Alberto
generation of healthcare professionals to lead with innovation. Our collaboration with Arizona State University enables us to provide students with interprofessional training, global exposure, and access to cutting-edge technology like AI and advanced immersive facilities, revolutionizing medical education to prepare them for the diverse challenges of modern healthcare,” Malaya Santos, dean of Mapúa University School of Medicine, said. IPeople is the education joint venture between majority owner house of Investments, the listed holding
company of the Yuchengco Group and Ayala Corp.
Mapúa students will be able to engage with faculty and peers from ASU and ASU-Cintana Alliance affiliated universities, as well as internships, exchange programs and international collaborative research projects, the school said.
These initiatives will instill in students a forward-thinking, global mindset and equip them with a quality education at par with world standards, a solid foundation for a global career, it said.
De Los Santos Medical Center in Quezon City will serve as the uni-
versity’s official base hospital. It provides essential clinical training, state-of-the-art facilities, mentorship, and research. AC health, a unit of Ayala Corp., gives students access to collaborative learning opportunities through its integrated network of healthcare services.
“Our launch of the Mapúa University School of Medicine, through our collaboration with Arizona State University, is a significant milestone for the university as we help improve the Philippines’ access to world-class healthcare education,” Dodjie Maestrecampo, president and CeO of Mapúa University, said.
AUB expands coverage for cross-border mobile pay
ASIA United Bank (AUB) has become the first Philippine bank with an e-wallet that has expanded coverage for crossborder mobile payments in at least five economies in the region.
In a statement, AUB said this became possible through its partnership with Alipay+. The partnership allows AUB’s e-wallet, helloMoney, to have wider acceptance in Japan as well as Singapore, South Korea, Malaysia, and hong Kong SAR. Through this, helloMoney users can enjoy seamless and secure payment and travel experiences at even more merchants in Japan this yearend travel season and beyond.
“We welcome the continued expansion of the Alipay+ network of partners as this enables AUB to bring helloMoney closer to more users, making mobile banking easier as well as helping more merchants grow their business globally,” said Wilfredo e Rodriguez Jr., AUB executive vice president and head of operations and information technology.
AUB said helloMoney users now pay via QR code in all merchants that carry the Alipay+ logo. In Japan, they
can also scan the PayPay QR codes to make payments at a wide range of merchant-presented mode (MPM) stores, even if the merchants have not yet displayed Alipay+ point of sale materials.
They can also look forward to special promotions during the upcoming Christmas and New Year travel peak seasons. Alipay+ will collaborate with PayPay merchants to launch a promotional campaign, which will run from December 20, 2024, to January 10, 2025.
AUB said Alipay+ recently expanded its partnership with PayPay, Japan’s top quick response (QR) payment operator.
By working with local partners including PayPay, Alipay+ will now connect over three million local merchants in Japan to its global
payment partners such as AUB’s he lloMoney.
AUB is currently the only Philippine bank that has a partnership with Alipay+, the cross-border mobile payment and digitalization solutions operated by Ant International.
The bank launched helloMoney in 2019, a year before the onset of the COVID-19 pandemic, to enable users to open an account without going to a physical branch and perform bankto-bank fund transfers.
Now on its fifth year, helloMoney now has a total customer base of more than six million and has expanded features that enable users to buy prepaid load, remit money through PeraPadala, pay via QR code, settle bills, withdraw via ATM, and shop online using the helloMoney’s very own virtual Mastercard. Cai U. Ordinario
he Management Association of the Philippines (MAP) said it has elected Alfredo S. Panlilio, chairman of Maya Bank and Director of PLDT/Smart, as its new president for 2025.
MAP noted that with PLDT as a long-time supporter of the Philippines’s digital transformation, Panlilio is among the founding members under the Digital Infrastructure pillar of the Private Sector Advisory Council (PSAC), which was formed in July 2022.
Panlilio served as president and CeO of PLDT from June 2021 to December 2023 and Smart from August 2019 to December 2023. he was the SVP and head of Customer Retail Services and Corporate Communications at Meralco from Sept 2010 to June 2019.
Under the Meralco Group, he served as chairman of Radius Telecoms, e-Meralco Ventures, Paragon Vertical Corp., Powersource First Bulacan Solar, and Pure Meridian hydropower Corp. he was also vice chairman of Aclara Meters Philippines, and Director of CIS Bayad Center, Corporate Information Solutions, Customer Frontline Solutions, Meralco energy, MRAIL, Meralco Industrial engineering Services Corp., Comstech Integration Alliance, and MSpectrum.
Panlilio is also an advocate of the value of sports in maintaining strong republic and international relations. he is a member of the FIBA Central Board and is the second VP of the FIBA Asia Board.
he is president of the Samahang Basketbol ng Pilipinas (SBP) and the MVP Sports Foundation. he is also
first VP of the Philippine Olympic Committee and Chair of the National Golf Association of the Philippines, and he headed the FIBA Basketball World Cup 2023 Philippine local organizing committee.
Panlilio holds a BSBA in Computer Information Systems from San Francisco State University and an MBA from J. L. Kellogg School of Management of Northwestern University and the h o ngkong University of Science and Technology.
Joining Panlilio on the MAP 2025 Board of Governors are Mike Toledo of Metro Pacific Investments Corp. as VP, Wilson Tan of SGV & Co. as Treasurer, Paolo Borromeo of AC health as Assistant Treasurer, and Gil Genio of GT Capital holdings as Secretary.
The other members of the MAP 2025 Board are Rene Almendras of Ayala Corporation, Noel Bonoan of KPMG R. G. Manabat & Co., Rex Drilon of Center for excellence in Governance, and Maan hontiveros of CeO Advisors.
The MAP initially elected Bonoan as its president for 2025 last November. (See: https://businessmirror.com. ph/2024/11/27/noel-bonoan-is-new-presidentof-map/).
Manila Water opens family sanitation facilities
MANILA Water Foundation (MWF), the corporate social responsibility arm of Manila Water Corp. recently inaugurated family sanitation facilities in Sitio Sapang Munti within the Ipo Watershed--a crucial water source located in Norzagaray, Bulacan.
The foundation completed its commitment to provide the first 30 family sanitation facilities for the community living in the critical watershed.
Manila Water said the family
sanitation facilities will be for the benefit of more than 500 adults and children and will prevent raw water contamination for millions of households and businesses in Metro Manila who rely on this major source of raw water supply. In partnership with the MWSS and Janji, a US-based sports apparel company, the project was handed over to the beneficiaries during the celebration of World Toilet Day, with the theme, Toilets: A Place for Peace. Jonathan L. Mayuga
Alfredo S. PAnlilio
Banking&Finance
Interbank transfer violators face fines–BSP
By Cai U. Ordinario @caiordinario
BANKS found violating the rules on Peso Real-Time Gross settlement (RTGS) Payment System would be charged anywhere from P2,000 (about US$34) to as much as P75,000 (around US$1,277) per incident, according to the Bangko Sentral ng Pilipinas (BSP).
Based on Memorandum M-2024039, the Monetary Board approved changes to the Peso RTGS rules under the Manual of Regulations for Payment Systems (MORPS).
“Depending on the gravity of the offense committed by a participant, the Bangko Sentral may impose penalties and sanctions, which may include fines, suspension of the participant’s privilege to avail of the Intraday Settlement Facility, and suspension or termination of the participant’s access to the Peso RTCS Payment System. Repeat offenders shall be meted with stiffer penalties and sanctions,” the BSP said. The central bank said it has recently identified 11 violations of the rules for interbank peso transfers.
These violations include the failure to properly manage liquidity position as manifested by queuing a transaction for over 15 minutes, rejection of more than three transactions per day due to insufficient balance of settlement account, and cancellation of more than three transactions per day.
Close of business
THIS violation will be meted out with monetary penalties of P75,000 per incident for Universal Banks (UBs) and Islamic banks (IBs); P65,000 per incident for commercial banks (KBs); P30,000 per incident for digital banks (DGBs) and thrift banks (TBs); and, P20,000 for Rural and Cooperative banks (RCBs) and Non-banks with Quasi-Banking Functions (N
BQBs)/ Non-bank Electronic Money lssuers (EMls)/ Other Participants Maintaining Settlement Accounts (OPMSAs) with the BSP.
Another violation is the habitual scheduling of bulk settlements near the close of business or 30 minutes or less before close of RTGS settlement window, to take undue advantage of funding from incoming payments in violation of Section 610 (c) on the required level of SA.
This will be meted out with monetary penalties of P10,000 per incident for UBs and IBs; P8,000 for KBs; P6,000 for DGBs and TBs; P4,000 for RCBs and NBQBs, Non-bank EMls and/or OPMSAs with the BSP.
The BSP said the failure to timely notify the central bank, through its appropriate department, of the participant’s placement under insolvency, bankruptcy or rehabilitation will be fined P20,000 for non-bank participants that are not quasi-banks.
“ln the case of bank and quasi-bank participants, the appropriate Bangko Sentral department is notified by the concerned Bangko Sentral supervising department,” the BSP said.
Allowable limit
THE BSP said the failure to follow the prescribed messaging standard, including mandatory message contents will be fined P5,000 per incident regardless of which bank is committing the violation.
Christmas on a budget: Enjoying the holidays without going over budget
CHRISTMAS is more than just a season in the Philippines; Filipinos celebrate it as early as September. It’s a time to enjoy family, culture and happiness. There is no denying that the holiday spirit is festive with all the bright lights, happy music and the smell of bibingka and puto bumbong filling the air.
But the fun often costs a lot, which makes many people wonder: how can we enjoy Christmas without spending too much? Here are some tips on how to have a meaningful Christmas season without breaking the bank.
1. Make a budget for the holidays.
Before you start celebrating, take a look at your budget. Figure out how much you can spend without going into debt or running out of money. Set aside certain amounts of money for travel, gifts, food, decorations and presents. For example, if you have a P5,000 budget, you could set aside P2,000 for food, P1,500 for gifts, P1,000 for flowers and P500 for other costs. Keep an eye on your spending to make sure you don’t go over these limits.
2. Give gifts that show you care but don’t break the bank.
Filipinos love giving gifts, but the value of a gift lies in how thoughtful it is, not how much it costs. Things that are personalized or made by hand, like picture albums, purses crocheted, or mugs painted by hand, can be meaningful and inexpensive. For big families, think about giving gifts that everyone can enjoy, like board games or karaoke microphone with built-in selections. A “Monito/ Monita” (Secret Santa) exchange is another way to keep the holiday mood alive and cut down on the number of gifts you need to buy.
3. Reuse and change up decorations. Christmas ornaments that are bright and cheery don’t have to cost a lot of money. Clean up or add some creative touches to old decorations to make them look new again. Do-it-yourself decorations made from cardboard or fabric that can be recycled can be good for the environment and won’t break the bank. Also, after-holiday deals are
a great time to buy a lot of things at low prices for the coming year.
4. Keep Noche Buena simple. Filipinos celebrate Christmas with the traditional Noche Buena feast; but it doesn’t have to be fancy to be important. Focus on making a few meals that everyone loves, like ham, fruit salad, or spaghetti. Having a potluck where everyone brings a dish can also help spread the cost and work.
5. Do things for free or very little money. The holidays aren’t just about spending money; they’re also about making memories. Take part in free events like Simbang Gabi, which is a spiritual and thoughtful way to enjoy. You can check out the Christmas lights in your area, watch a movie at home, or play games like “Pinoy Henyo.” These times bring people together without spending a lot of money.
6. Make smart travel plans. A lot of people fly for Christmas to be with their families and friends. If you want to save money on travel costs, buy your tickets early or think about carpooling to split the costs. If you can, try to travel during off-peak times to escape the holiday crowds and high prices.
7. Avoid the “holiday sale catch.”
Sales events like “12.12” can be fun, but they can also make you spend more than you should. Make a list of things you need to buy and stick to it. To make sure you’re getting the best deals, check prices both online and in shops. If you don’t want to get into credit card debt, pay with cash whenever you can.
8. Spread the giving spirit. The spirit of Christmas is giv-
Further, another violation is the request for allowable manual settlement/adjustment to correct erroneous transfers/transactions in excess of prescribed limits.
This will mean fines of P15,000 per adjustment for UBs and IBs; P10,000 for KBs and Financial Market Infrastructures (FMls)/Clearing Switch Operators (CSOs); P5,000 for DGBs and TBs; and, P3,000 for RCBs and NBQBs, Non-bank EMls, and OPMSAs with the BSP.
Meanwhile, non-compliance with settlement timelines set by the Bangko Sentral would be fined P50,000 per incident for UBs and IBs; P30,000 for KBs; P20,000 for DGBs, TBs, and FMls/CSOs; P10,000 for RCBs and NBQBs/ Non-bank EMls/ Other Participants Maintaining SAs with the BSP.
The central bank added that another violation is the failure to repurchase securities sold to the Bangko Sentral under an Extended Intraday Settlement Facility (lSF) availment in excess of allowable limit.
The fines set for the violation is P50,000 per incident for UBs and IBs; P30,000 for KBs; P20,000 for DGBs and TBs; and P10,000 for RCBs and NBQBs/ Non-bank EMls/ Other Participants Maintaining SAs with the Bangko Sentral.
Incidents
THE memorandum also provided
that the violation, non-compliance with the requirements for managing adverse incidents under Section 616 of the Peso RTGS Rules, will be meted out with monetary penalties.
These penalties could reach P10,000 per incident for UBs and IBs; P8,000 for KBs; P6,000 for DGBs, TBs, and FMls/CSOs; P4,000 RCBs and NBQBs/ Non-bank EMls/ OPMSAs with the BSP.
The failure to establish a resilient, documented, and tested Business Continuity Plan (BCP) under Section 617 of the Peso RTGS Rules will also receive monetary sanctions.
These penalties could reach P75,000 for UBs and IBs; P65,000 for KBs; P20,000 for DGBs, TBs, and FMls/CSOs; P10,000 for RCBs and NBQBs/ Non-bank EMls/ OPMSAs with the BSP.
Meanwhile, the non-compliance with system enhancement requirements under Section 618 of the Peso RTCS Rules will also receive monetary penalties.
These are P75,000 for UBs and IBs; P65,000 for KBs and FMls/ CSOs; P20,000 for DGBs and TBs; and P10,000 RCBs and NBQBs/ Nonbank EMls/ OPMSAs with the BSP.
Official Gazette
THE last violation is the non-compliance with testing requirements under Section 618 of the Peso RTGS Rules.
The monetary penalties for the violation is P15,000 for the failure to participate in each testing exercise by UBs and IBs; P12,000 for KB; P10,000 for TBs and DGBs; P5,000 for RCBs and FMls/CSOs; and, P2,000 NBQBs, Non-bank EMls, and OPMSAs with the BSP.
Meanwhile, the BSP also provided monetary penalties for delayed reports; erroneous reports and failure to submit reports surrounding the Peso RTGS.
For delayed reports, the fine could be anywhere from P200 to P500 per calendar day of delay while erroneous reports are more costly at P6,000 to P15,000, depending on which banks are committing the violation. For not submitting reports, an entity is meted with the highest monetary penalties of anywhere from P12,000 to as much as P30,000, depending on the bank or non-bank institutions that committed the violation.
“Cases of the same violation shall be subject to penalties and sanctions ranging from a fine of P5,000 to P100,000, and/or suspension or termination of participation in the ISF and the Peso RTCS Payment System,” the BSP said.
The Memorandum shall take effect 15 calendar days following its publication either in the Official Gazette or in a newspaper of general circulation.
BIR adds medicines for cancer, diabetes, mental health in list for VAT exemption
MORE medicines used for the treatment of cancer, diabetes and mental illness have been added to the list of value-added tax (VAT)-exempt drugs, according to the Bureau of Internal Revenue (BIR).
Internal Revenue Commissioner Romeo D. Lumagui Jr. issued Revenue Memorandum Circular 131-2024 on December 3, 2024, to include eight new medicines to the list of VAT-exempt medicines under Republic Act (RA) 11534 or Corporate Recovery and Tax Incentives for Enterprises (Create) Act.
ing and you don’t have to spend a lot of money to do it. Help out in the community by volunteering at a shelter or taking part in community outreach projects. Instead of giving cash, give things like food, clothes, or school materials to help people directly. You can also make a bigger difference by planning a gift drive with family or friends.
9. Make time for good things. Your time and attention are often the best gifts that can’t be bought with money. Plan things to do with your family, like a lunch in the park, a family game night, or a time to tell stories. Simple, meaningful moments like these make memories that last a lifetime.
10. Think about what Christmas is really about.
During the busy holiday season, take some time to think about love, gratitude and faith, which are at the heart of the season. Do family devotions, start a gratitude book, or do small acts of kindness like complimenting someone or helping them out. These acts show what Christmas is really about.
You don’t have to spend a lot of money to make Christmas special. You can have a happy and loving holiday season if you plan ahead, make creative choices and focus what really matters. Remember that the best times are spent with the people we love.
Have a wonderful and joyful Christmas!
Clyde Gamolo is a Registered Financial Planner of RFP Philippines. The views he expressed in this column do not necessarily reflect those of the BusinessMirror’s. To learn more about personal financial planning, attend the 109th RFP Program this January 2025. To inquire on how to join, please e-mail info@rfp.ph.
“The BIR supports the national government’s thrust of more affordable medicine and healthcare. The BIR will do its share in uplifting the lives of our fellow Filipinos,” Lumagui was quoted in the statement as saying.
As such, medicines for cancer such as degarelix, with dosage strength of 80 milligrams (mg) and 120 mg, and tremelimumab, with dosage strength of 25 mg/1.25 milliliter (ml) and 300 mg/15ml, were exempted from
12-percent VAT.
Drugs to treat diabetes, such as film-coated tablets Sitagliptin with dosage of 25 mg and Sitagliptin (as hydrochloride) + Metformin Hydrochloride with 50 mg/1 gram and 50 mg/850 mg doses were also added to the list.
Sitagliptin (as hydrochloride) with doses of 25 mg, 50 mg, 100 mg; sitagliptin (as hydrochloride monohydrate) with dosage strength of 25 mg and 50 mg; and, 5-mg linagliptin were also exempted.
Moreover, three medicines for mental illness that were also VAT-exempt are film-coated 25-mg clomipramine hydrochloride for obsessive compulsive disorder, chlorpromazine (as hydrochloride) tablets with 200 mg dosage strength for schizophrenia and 15-mg film-coated tablet midazolam for anxiety.
Meanwhile, chorionic gonadotrophin was delisted since the medicine is used for the treatment of anovula-
tory infertility or oligo-ovulatory and superovulation in women as well as treatment of hypogonadism, cryptorchism and delayed puberty and not for cancer.
The circular comes after the Food and Drug Administration (FDA) Director General Dr. Samuel A. Zacate endorsed updates to the list of VATexempt products under the Create Act and RA 10963 or the Tax Reform for Acceleration and Inclusion (Train) Law.
Both laws exempt medicines for the prevention and management of diabetes, hypertension, cancer, high cholesterol, mental illnesses, tuberculosis and kidney diseases as well as medicines and medical devices specifically used for the prevention and treatment of Covid-19 from VAT.
The Department of Health and the FDA identify which specific medicines are included in the List of VAT-Exempt Health Products and this list is transmitted to the BIR. Reine Juvierre Alberto
THE national government capped its last government securities auction on Monday, issuing a total of P896.9 billion in Treasury bills (T-bill) this year, data from the Bureau of the Treasury (BTr) showed.
The Treasury, through its auction committee, raised P896.9 billion from January to December, more than the programmed amount of P870 billion to be borrowed through T-bills.
The government’s preference of sourcing its funds domestically over borrowing externally due to peso volatility increased the issuance of T-bills this year, Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort told the BusinessMirror.
Ricafort said the wider budget deficits recorded in some months as well as increased debt servicing amid maturities of government securities also prompted the government to borrow more through T-bills.
“Declining interest rates [also] improved the risk appetite of T-bill and Treasury bond investors, by locking in relatively higher yields before going
down further amid possible further [US Federal Reserve] and [Bangko Sentral ng Pilipinas] rate cuts in the coming months,” the economist added.
At Monday’s T-bills auction, the auction committee made a full award of its P15-billion offering of shortterm securities despite interest rates rising for the eleventh straight week.
The yields were higher by 0.9 basis points (bps) to as much as 5.3 bps compared to their previous tender’s averages. Ricafort said the increased T-bill yields are similar to the slight weekly increase in the comparable short-term PHP BVAL yields, “amid some premium on crossing-the-year funds as the accounting year-end draws closer due to some window-dressing activities/ balance sheet management.”
The average yield for the 91-day Tbills rose to 5.818 percent by 4.4 bps from last week’s 5.774 percent. Rates ranged from a low of 5.700 percent to a high of 5.840 percent.
Meanwhile, investors’ average rate for the 182-day T-bills settled at 5.975 percent, 5.3 bps higher than last week’s 5.922 percent. Investors bid rates for the 182-day T-bills were between 5.900 percent and 5.990 percent.
The yield for the 364-day T-bills averaged at 5.977 percent, higher by
0.9 bps from 5.968 percent previously, with a rate range of 5.950 percent to 5.980 percent.
Despite higher investor’ asking yields, the auction was 3.1 times oversubscribed as total tenders reached P46.7 billion.
The 91-day T-bills were the most oversubscribed during the auction with total bids of P15.999 billion followed by the 364-day government securities at P15.700 billion. The 182-day government security fetched P15.041 billion in bids. Ricafort said T-bill yields “somewhat normalized” amid the widely expected Fed and BSP key policy rate cuts this week.
The BSP is seen slashing key policy rates by another 25 bps to 5.75 percent on December 19, a day after the widely expected 25-bps Fed rate cut on December 18. The RCBC executive also noted the volatility in the exchange rate of the greenback against the peso, now at P58.60, that could lead to higher importation costs and some pick up in overall inflation.
This, on top of the seasonal increase in demand for the Christmas holidays, could lead to fewer rate cuts, going forward, Ricafort added.
Show BusinessMirror
Julia and Julia
GRATITUDE is the common denominator of both Julia Barretto and Julia Montes this season of love and happy celebrations. Both actors have entries to the 50th edition of the Metro Manila Film Festival and they are thankful to close this year with a blaring bang.
Barretto is one of the two lead actors in Hold Me Close, a love story from Viva Films, her mother studio. Montes is the leading lady in the all-out violent movie Topakk, her first through and through action role. With Japan as its primary shoot location, Hold Me Close is a romantic drama infused with fantasy, and Barretto has the reliable Carlo Aquino for her leading man. “It’s been eight years since a film I am part of was included in the festival and I’m just glad Viva fielded this one and it made the cut this year.”
She added, “It’s been a good year and I am looking forward to a more exciting new year. I hope our movie will do well and people will go out to watch it, along with some of the good ones that are also entered this year.”
The new year looks brighter for Barretto as she is ready to work on her new series, titled What Lies Beneath. “The series is a far cry from the usual romantic projects I’ve always been assigned to do. I will be with Jake Cuenca, Bela Padilla, JM de Guzman and Jameson Blake for this new ABS-CBN series. I also have another good one on the line, titled Hello Heaven, with Antoinette Jadaone directing.”
Then there is a reality show called Artista Academy which Barretto also said yes to. “I will be taking on hosting chores, and let’s see how it goes,” she breaks into wild laughter, adding, “But seriously, it’s one field
where I feel really nervous about, but I am preparing and watching a lot of good hosts do their thing. I feel that I just have to be myself, be sincere and be as natural as I can, and everything will flow smoothly, fingers crossed!”
Meanwhile, another Julia is closing the year with a heart full of appreciation. Julia Montes is one of the lead characters in the Philippine adaptation of the Nippon TV drama series Mother, retitled locally as Saving Grace, where she pits talents with the megastar Sharon Cuneta. She is also in the thick of promoting the Richard Somes’ action-packed movie Topakk and she is loving it.
“It’s my first no-holds-barred action role and I am just so happy that I was able to pull through, thanks to my director, our producers and my co-actors, especially Sid Lucero and Arjo Atayde. One has to level up when working with these two actors. I still cannot believe I did what my character was required to do, amid the risks and potential danger involved
The Benildean reaps trifecta of wins in 46th CMMA
THE Benildean Press Corps (BPC) copped a triple victory in all its category nominations at this year’s 46th Student Catholic Mass Media Awards (CMMA).
“The heart of the Student Publications Unit centers on the elevation of campus journalism in all its forms—be it through writing, photography, filmmaking, art and design, and other related endeavors,” shared Benilde Student Publications unit head Dayanara Cudal.
BPC, the official student-journalists’ organization of De La Salle-College of Saint Benilde (DLS-CSB), took home the Best Student Organ award for the College Category through its magazine-journal The Benildean: Impulse.
The publication probed the repercussions of the impulsive choices made by the populace in the midst of
powerful propaganda campaigns, political controversies, and sociocultural trends. It also looked into the reality faced by Filipinos under the present administration as well as the lasting effect of former president Rodrigo Duterte’s legacy. Literary folio Shades of Gray: Crossroads clinched the Best Literary Publication distinction. The paper tackled the intricacies of making a life-changing decision and dealing with its aftermath. It also delved into the cyclic influence of fate and free will in life and how it paves the way for stories of tragic destiny or rekindled hope.
To complete the sweep, Beyond Her Words: A Mother’s Day 2023 Film directed by former BPC Video Producer Richard Soriano captured the Best Student Short Film honor.
The short film is a love letter to mothers and mother figures. With heartfelt storytelling and the use of a unique visual representation through cut-up photographs, it depicted maternal love and resilience from a child’s perspective.
The BPC has garnered a total of six praises in the CMMA since its first triumph in 2018, including last year’s Best Student Organ accolade.
“With BPC’s wins, we hope that Benildeans can be empowered to create and share their stories with more people. It is important that students are encouraged, nurtured and supported in their visions and goals, so they can be free to explore their works while also maintaining a sense of self, community and accountability. We owe it to the truth,” Cudal noted.
The CMMA was established by the late Manila Archbishop Jaime Cardinal Sin in 1978 to recognize outstanding media practitioners and institutions that foster Christian values through various platforms.
while shooting the movie.”
Montes is aware that she was not the first choice to play her character when the movie was first being planned. “I guess it’s destiny—you will get a role if you are meant to get it because in the end, what matters most is that you got it and you are the final actor to play the character. I am extremely thankful I got this role.”
The 30-year-old actress shared that her longtime partner Coco Martin gave her tips when she was shooting the film. “He was very supportive and would tell me how to go about some of the action scenes my character was required to do, and these proved helpful when I was shooting.”
All is well and happy in the universe of these two Julias, especially this Christmas season. Aside from landing very good projects, Julia Barretto’s relationship with Gerald Anderson is stronger than ever, while Julia Montes is more than happy being the light in her home with Coco and their family. ■
JAMIE
FOXX GETS STITCHES AFTER A GLASS IS THROWN AT HIM DURING DINNER IN BEVERLY HILLS
BEVERLY HILLS, California—Jamie Foxx required stitches after getting hit in the face with a glass while celebrating his birthday at a restaurant in Beverly Hills, California, a representative for the actor told the Los Angeles Times.
It wasn’t immediately clear what prompted the incident on Friday night at the celebrity hotspot Mr. Chow.
“Someone from another table threw a glass that hit him in the mouth,” a spokesman for the actor said in a statement to the newspaper.
“He had to get stitches and is recovering. The police were called and the matter is now in law enforcement’s hands.” The Beverly Hills Police Department said it responded around 10 pm on Friday to a reported assault with a deadly weapon and determined it was unfounded.
“Instead, the incident involved a physical altercation between parties,” said a department statement. “The BHPD conducted a preliminary investigation and completed a report documenting the battery. No arrests were made.”
A telephone message seeking details was left Sunday at Mr. Chow. In an Instagram post on Sunday morning, Foxx thanked those who had checked in on him.
Apparently referring to the Mr. Chow incident, he wrote, “The devil is busy...but I’m too blessed to be stressed.”
Foxx, who won an Academy Award for his portrayal of Ray Charles in 2004’s Ray, turned 57 on Friday. AP
By Eugenia Last
GEMINI (May
CANCER (June 21-July 22): Do what makes you feel good, and you will make headway. Taking a break from the hustle and bustle that comes with year-end activities and responsibilities will be rejuvenating and give way to a unique new outlook that can help you make better choices and leads to progressive action. ★★★
LEO (July 23-Aug. 22): It’s okay to get fired up about what’s happening in the world around you, but don’t let it consume you. Focus on doing something to make a difference. Pay attention to the ones you love and make a point to enjoy and be grateful for what you have. ★★★
VIRGO (Aug. 23-Sept. 22): Protect your home, your reputation, your position and your future. Don’t sit on the sideline waiting to see what happens. Jump in, size up your situation and change what isn’t working for you. The only way to gain ground is to control the outcome. Let your actions speak for you. ★★★
LIBRA (Sept. 23-Oct. 22): Cast your fate to the wind and do something you’ve always wanted. Explore the possibilities, step into situations and challenge yourself to do what makes you feel good about yourself and your future. Socialize and network, and doors will open. Love, romance and personal improvements are favored. ★★
SCORPIO (Oct. 23-Nov. 21): Stay focused on what you love to do most. Explore and express yourself creatively. Learn from past endeavors and picture the future you want to build for yourself and those you love. Don’t let frustration and stress take over when it’s up to you to create your future. ★★★★★
SAGITTARIUS (Nov. 22-Dec. 21): You can dream all you want, but action is necessary to make a difference or secure a spot that puts your mind at ease and allows you to grow. Use your insight, experience and knowledge to your advantage, and financial gain will follow. Update your appearance and embrace new beginnings. ★★★
CAPRICORN (Dec. 22-Jan. 19): Pin down an approximate budget for the remainder of the year and stick to it regardless of the temptations you encounter. A change at home that lowers your overhead will add to your mental and financial well-being. Don’t let uncertainty or someone’s power of persuasion disrupt your plans. ★★★
AQUARIUS (Jan. 20-Feb. 18): You’ll snap back quickly, so put yourself out there and accomplish your goals. Don’t fear criticism or let anyone deter you from pressing forward in a direction that’s meaningful to you. Don’t look back; satisfy your soul and do what’s best for you. ★★★
PISCES (Feb. 19-March 20): Take it upon yourself to make arrangements that you find exciting and that tempt you to engage in something unusual or personally satisfying. Discipline
JULIA BARRETTO (left) and Julia Montes
FROM left: Richard Soriano, Louis Layacan, Jorel Magistrado, and Dayanara Cudal. PHOTO BY JASPER GARCIA FOR THE BENILDEAN
Michael Cacnio, Septieme Rebelle: A resplendent collaboration
SCULPTURE and haute couture crossed paths in the recent art exhibition between visual artist Michael Cacnio and luxury fashion brand Septième Rebelle.
The exhibit, titled Resplendence, showcased the visionary talents of Cacnio, a master sculptor known for his regal forms, alongside Robbie Santos, the creative genius behind Septième Rebelle, renowned for its splendid silhouettes. Together, they presented a collection that broke through traditional boundaries.
Cacnio weaved captivating vignettes through fabric and metal, transforming these materials into a testament of elegance and sophistication. The exhibit featured both sculptural and wall relief works, highlighted by the monumental piece The Majestic. The artwork embodied the exhibit’s ethos: An exploration of dignity, grace and the beauty of hard-won artistry. While the use of fabric as a sculptural medium is hardly groundbreaking, Resplendence reimagined the concept with a fresh take. Cacnio’s innovative techniques and Septième Rebelle’s matchless style elevated the brass forms and structured subjects, creating a dynamic interplay between texture and form. The featured artworks served as testaments to the power of collaboration, showcasing how two distinct realms can converge to create something truly extraordinary.
Resplendence ran at Art Lounge Manila at Molito Lifestyle Center in Alabang from December 1 to 13. More information about Art Lounge Manila is available at www.artloungemanila.com, or follow the gallery’s social media pages with the handle @artloungemanila. For the collectibles, check out functional and wearable art at www.gfemporium.com.
GERMANY HANDS OVER AUSTRALIAN ANCESTRAL REMAINS HELD BY MUSEUMS FOR OVER 100 YEARS
BERLIN—Five sets of ancestral remains from Australia that had been in German museum collections since the 19th century were handed back at a ceremony on Thursday that a community representative described as a sad but “very joyful” moment.
The restitution is part of ongoing efforts by German museums and authorities to return human remains and cultural artifacts that were taken during colonial times.
In this case, three sets of remains that had been in Berlin since 1880 were handed over along with two other sets of remains held in the northwestern German city of Oldenburg. Four representatives of the Ugar Island community, part of the Torres Strait Islands off the northeastern tip of Australia, traveled to Berlin to honor their ancestors and accompany their remains on their journey home.
Art BusinessMirror
Manuel Baldemor revisits his affinity with France
EVERYTHING there is to know about Manuel Baldemor’s relationship with France lies in the title of his latest solo exhibition.
Somewhere in France, branded as a “visual journey” of the accomplished visual artist, alludes not to Baldemor’s indifference to naming particular locations, but underscores how the muchromanticized northwestern European country has inspired him over the decades. So much so that whatever artwork he creates in honor of the place—be it the landscapes, people, or culture—Baldemor is able to convey through his signature simplified geometric forms the vibe and very essence of France. The title’s vagueness, therefore, comes as a result of focusing on the concept rather than the particulars.
Fittingly, the ongoing show runs at Alliance Française de Manille Gallery (www.alliance.ph) in Makati City. Regarded as one of the most prominent foreign cultural institutions in the Philippines, the Alliance Française de Manille works to strengthen relations between Filipinos and the French through art and educational programs.
Somewhere in France presents a rare opportunity to delve deeper into the French-inspired works of Baldemor, spanning multiple decades of his career, from early travels to international acclaim. The exhibition highlights his enduring connection to France that began in the early 1970s.
Baldemor, then a promising mid-20s artist, was coming off back-to-back grand prize wins at the Art Association of the Philippines Art Competition
“These ancestral remains were never meant to be here,” said Hermann Parzinger, the head of the Prussian Cultural Heritage Foundation, which oversees Berlin’s state museums.
“They’re here because, during the colonial era and beyond, Europeans presumed to make other peoples and cultures the subject, or more often object, of their research— appropriating artifacts from cultures outside Europe on a scale that is almost unimaginable today and even desecrating the burial places of those communities in the process,” he said.
Around the turn of the 20th century, he added, Berlin museums set up a network of scientists, travelers, traders and others who sent back cultural items from around the world, and “in racing to compete with the other major European museums, they all too often disregarded the humanity and dignity of the peoples they encountered.”
The restitution of the remains from Berlin’s Ethnological Museum and the State Museum for Nature and Man in Oldenburg means that 162 sets of ancestral remains have now been returned to Australia from Germany, and about 1,700 from around the world, said Natasha Smith, Australia’s ambassador to Germany. She said the returns are “an extremely high priority” for Aboriginal and Torres Strait Islander communities and the government.
“It’s sad, but it’s a very joyful moment,” Ugar Island representative Rocky Stephen said at the ceremony honoring the ancestors.
“This is a process of healing that’s going to happen when they return back to us.” AP
Redefining art: The Met’s visionary wing overhaul
NEW YORK—The Metropolitan Museum of Art hosted an exclusive behind-the-scenes briefing for Foreign Press Center journalists, led by director and CEO Max Hollein. Held at The Met Fifth Avenue, the session unveiled key insights into the museum’s ambitious $2 billion capital investment plan, which includes the $550+ million transformation of the Modern & Contemporary Art wing into a global cultural hub and the extensive renovation of the Michael C. Rockefeller Wing.
During his on-the-record remarks, Hollein emphasized the museum’s commitment to global inclusivity and advancing cultural dialogues through innovative architectural and curatorial approaches. He also highlighted the role of Mexican architect Frida Escobedo in the visionary redesign of the Modern & Contemporary Art wing. The session included a rare behind-the-scenes tour of the ongoing renovation of the Michael C. Rockefeller Wing, which has been closed since 2021 and is set to reopen in May 2025. Journalists previewed the reimagined galleries dedicated to the Arts of Africa, the Ancient Americas,
and Oceania that will showcase over 1,800 works from across five continents.
The renovation plans for The Met highlight a transformative approach to celebrating global artistic traditions. The Arts of Africa galleries will feature 500 works spanning centuries, showcasing the richness and diversity of African artistic heritage.
Visitors can also explore new digital initiatives, including films and audio guides, developed in collaboration with international experts to deepen their understanding.
The Ancient Americas galleries will present 700 works from North, Central and South America, reflecting the latest contemporary scholarship. These exhibits will emphasize Indigenous artistry and heritage, with unique displays of textiles and featherwork that will be shown in the US for the first time. In the Oceania section, over 650 works will illustrate the interconnected creativity of Indigenous communities across the Pacific.
This area will benefit from new acquisitions and the integration of Indigenous perspectives, offering a more enriched and inclusive narrative of the region’s
artistry.
“The complete renovation of the Michael C. Rockefeller Wing reflects The Met’s profound commitment to—and deep expertise in—caring for and expanding understandings of the works in the Museum’s collection. Together with our collaborative and community-based approach to curating these collections, the transformation of these galleries allows us to further advance the appreciation and contextualization of many of the world’s most significant cultures,” said Max Hollein, The Met’s Marina Kellen French director and chief executive officer.
The galleries’ redesign will integrate sustainable practices and cutting-edge technology while maintaining a focus on accessibility, education and cultural preservation. Curators collaborated with international experts to provide fresh perspectives, offering visitors an enriched understanding of the featured collections.
The Met’s investment marks a pivotal step in redefining its role as a cultural and educational institution, ensuring that its spaces and narratives reflect the evolving global art landscape.
ONE of Michael Cacnio x Septième Rebelle’s artworks, titled Dignity Adorned presented at a recent exhibition at Art Lounge Manila in Molito Lifestyle Center, Alabang.
The Medical City Clinic opens 70th location in Bacolod City
THE Medical City Clinic (TMC Clinic) marked a historic milestone with the opening of its 70th clinic on November 27, 2024. The new facility, located at Ayala Mall Capitol Central in Bacolod City, signifies TMC Clinic’s commitment to providing hospital-quality care closer to home for every Filipino.
TMC’s 70th clinic is strategically situated on the second level of Ayala Malls Capitol Central to ensure convenient access for Bacolod City residents and nearby communities. It offers a comprehensive range of medical services, including general consultations, laboratory diagnostics, imaging services, 2D echocardiography, and annual physical and pre-employment medical examinations, among others.
The grand opening was celebrated with a ribbon-cutting ceremony attended by TMC Clinic President and CEO Roberto “Bob” A. Muñoz, Assistant Medical Director Dr. Robert SJ. Naval, Vice President for
Operations Josephine B. Reyes, and local government officials such as Councilor Kalaw Puentevella. Representatives from Ayala Malls Capitol Central, including General Manager Sharon Ciocon, and partners from the Bureau of Fire Protection also joined the event.
“The opening of our 70th clinic is more than just a milestone,” said Muñoz during his welcome remarks. “It represents our dedication to making healthcare accessible to every Filipino, regardless of location. We are proud to serve the people of Bacolod City with the same excellence and care that The Medical City brand has long been known for.”
True to its dedication to expanding reach and providing the healthcare needs of Filipinos wherever they are, this latest addition is the fifth TMC Clinic in Visayas. As the largest healthcare network in the Philippines, the ultimate goal of The Medical City’s expansion is to bring its hallmark clinical excellence and world-class care to communities across the nation. For appointments or inquiries about TMC Clinic Ayala Malls Capitol Central, call (02) 8396-9898, local: 6621 to 6627. Learn more about The Medical City Clinic’s growing network and services by visiting https://www.facebook.com/ themedicalcityclinic.
Admiral Hotel Manila – MGallery launches its Magic Tales Festive Offers 2024
ADMIRAL Hotel Manila – MGallery kicked off the festive season with its inaugural tree lighting ceremony on November 20, 2024, marking the beginning of “The Admiral’s Magic Tales.” This significant event celebrated the hotel’s achievements over the year, including its prestigious inclusion in the Michelin Guide recommendations for hotels and various international awards.
The hotel is now one of only six in the country recognized in the Michelin Guide and the only hotel in Manila to receive such an honor. This recognition brings the hotel closer to achieving a Michelin Key, an accolade awarded to exceptional hotels that meet high standards of service, operational excellence, design, and local engagement.
Additionally, the Admiral Hotel was recently named Asia’s Leading Design Hotel of 2024 by the World Travel Awards and is now nominated in the global category, and competed with renowned establishments such as the Armani Hotel in Dubai, Bulgari Resorts in both Indonesia and Dubai, and Raffles Hotel in Qatar.
The evening was enriched by the presence of Department of Tourism - Metro Manila Officers Ana Liza Lucas and Kim Darryl Menor, as well as the President of the Cultural Center of the Philippines, Kaye Tiñga. Guests were entertained by the Pamantasan ng Lungsod ng Maynila’s Presidential Committee on Arts, Culture, and Sports (PCACS) Chorale Group, along with a stunning quartet performance from the Philippine Philharmonic Orchestra, the country’s leading orchestra and is regarded as one of the top musical ensembles in the Asia-Pacific.
The event was made even more special with the announcement of the hotel’s meaningful collaboration with Childhope Philippines Foundation, Inc. and the Philippine Institute for the Deaf.
Staycation by the Bay ESCAPE to the city with your family and little ones with the Admiral. Book an overnight stay with up to two adults and two children in the room. Kids eat free on Admiral Club’s breakfast, lunch, and dinner buffet. Book and stay until December 29, 2024.
MGallery General Manager Matthieu Busschaërt, Department of TourismMetro Manila Officer Ana Liza Lucas, and Department of Tourism - Metro Manila Officer Kim Darryl Menor
nett
Cozy Little Christmas At El Atrio Lounge
December 24 to 25 | Special Christmas Ala Carte Dishes for Lunch and Dinner December 24 | Noche Buena Buffet | P1,500 nett
Enchanting New Year At El Atrio Lounge Special New Year Ala Carte Dishes with Complimentary Glass of Sparkling Wine | December 31
Magical Concoctions at Ruby Wong’s Godown and Coconut Grove Poinsettia | Santa’s Indulgences | Halaya Cocktails starts at P550 nett per glass
Al Fresco Kind of New Year at Coconut Grove
P5,988 nett per person Option to Magical New Year’s Eve Buffet at Admiral Club Manila Bay or Option to Open Bar and Unlimited Special New Year’s Bar Chow
Dine at Cabana for six to eight persons or Terrace for eight to 10 persons
Miss Ruby’s New Year’s Eve Bash P3,388 nett per person | Consumable with Complimentary Glass of Sparkling Wine
The Admiral’s Hamper Collection FEEL the spirit of the yuletide season with this ultimate hamper collection curated for luxe giftgiving. This beautiful travel bag is filled with premium goodies and blissful cheers.
Mahika | P3,999 nett
Hiraya | P5,999 nett
Kutitap P8,999 nett
Maharlika | P10,999 nett
Season of Gifting THE best gifts come in tiny packages! Bring style to your presents with these specially crafted gift certificates to celebrate #MemorableMoments with your loved ones.
Superior Room | P12,376 nett
Deluxe Room | P13,520 nett
Executive Room | P15,080 nett
Executive Bay Room with Club Lounge Access | P17,680
A bright Filipino night at Seda Manila Bay
AFESTIVITY rich in Filipino traditions and heartfelt bliss, Seda Manila Bay warmly kicked off the holiday season with an alluring Christmas tree lighting ceremony. The event brought together esteemed executives from AyalaLand Hospitality, valued media partners, and special guests to mark the beginning of the most wonderful time of the year. At the heart of the occasion stands Seda Manila Bay’s iconic Christmas tree brimming with gold and silver tones embodying timeless artistry and legacy. Dressed in vibrant parols, intricate handwoven accents, and local fabric patterns, it showcased the exquisiteness of Filipino craftsmanship. The tree also paid homage to its iconic location in the bay area with embellishments of nautical twists such as anchor and captain wheel decors, symbolizing the camaraderie and synergy of Seda Manila Bay’s organization.
Infusing a distinct Pinoy touch, the lighting of the Christmas tree was stimulated through a special button that transports every Filipino closer to the festive nights of Simbang Gabi – a puto bumbong station. This unique feature activated by Seda Manila Bay’s Director of Sales Luis Abellar, Seda Hotels’ Cluster General Manager Kennedy Kapulong, and AyalaLand Hospitality’s Chief Operations Officer Gustavo Morales, illuminated the tree and brought to life a Filipino yuletide spirit, evoking merriments filled with love and togetherness. The ceremony concluded with a holiday toast, using fine champagnes generously sponsored by Martini.
Curated by Seda Manila Bay’s remarkable culinary team, guests enjoyed a lavish buffet featuring all-time Filipino classics and favorites while being serenaded by a talented quartet performing beloved Filipino Christmas tunes. Highlights of the spread included a live station serving puto bumbong
and bibingka, bringing the flavors of holiday feasts shared with loved ones. The event also marked the official launch of Seda Manila Bay’s festive offerings from their cozy room accommodations to mouthwatering dining promotions such as Misto’s holiday-themed buffets, holiday goodies and hampers, Straight Up Bar’s yuletide dinner grill buffet, and New Year’s Eve Countdown Party. Explore more through qrco.de/Holidays2024_SedaManilaBay As the Christmas tree radiates at the heart of the bay, Seda Manila Bay underscores its grit in crafting exceptional holiday indulgences that celebrate Filipino heritage, festive joy, and heartfelt hospitality. For more information about the hotel, please visit manilabay.sedahotels.com or follow Seda Manila Bay’s Facebook page at www.facebook.com/sedamanilabay
Sizzle Your Senses: Kureji’s Innovative Japanese Cuisine
KUREJI is redefining the Japanese dining experience, one sizzling bowl at a time. Since 2018, this innovative restaurant has been captivating taste buds with its signature Sizzling Ramen. This unique dish combines traditional ramen flavors with a theatrical presentation, served on a sizzling hot bowl to enhance the aroma and flavor profile. Beyond its iconic Sizzling Ramen, Kureji offers a diverse menu featuring a range of Japanese favorites, from light and healthy salads to hearty fried dishes, sushi, and delectable desserts. Whether you’re craving a quick bite or a full-course meal, Kureji has something to satisfy every palate.
JAPANESE FOOD REIMAGINED
SIZZLING Tomato Seafood Ramen: tomato broth-based ramen topped with seafood
Cucumber Lime Cooler: a refreshing drink perfect for cooling down after a meal
Visit Kureji today and embark on a culinary journey like no other.
Kureji Store Locations: 1) Ground Floor, Foodlane, Ali Mall, Araneta City, Quezon City Tel. no.: (02) 8362-8845 / Mobile no.: 0917-577-7423
Opening date: October 2019
2) Upper Ground, Sunset Terraces, SM City Baguio, Baguio City Tel. no.: (074) 246-4077 / Mobile no.: 0917-635-1869
Opening date: February 2020
3) 25 Don A. Roces Avenue, Quezon City Tel. no.: (02) 7729-4909 / Mobile no.: 0917-855-7482
The Medical City Clinic in Ayala Malls Capitol Central is now ready to serve its community. EXHIBITOR AT IIEE EXPO
TREE lighting activation using puto bumbong station by, from left, Jose Luis Abellar, Seda Manila Bay Director of Sales; Gustavo Morales, AyalaLand Hospitality Chief Operations Officer; and Kennedy Kapulo, Cluster General Manager.
Illegal Chinese gold mine in Congo threatens protected United Nations World Heritage Site
By Sam Mednick The Associated Press
OKAPI WILDLIFE RESERVE, Congo—
Scattered along the banks of the Ituri River, buildings cram together, cranes transport dirt and debris scatters the soil. The patches of trees are a scant reminder that a forest once grew there.
Nestled in eastern Congo’s Ituri province, the Chinese-run gold mine is rapidly encroaching on an area that many say it shouldn’t be operating in at all—the Okapi Wildlife Reserve, an endangered World Heritage site.
The original boundaries of the reserve were established three decades ago, by Congo’s government and encompassed the area where the Chinese company now mines. But over the years under opaque circumstances, the boundaries shrunk, allowing the company to operate inside the plush forest.
The reserve was already on the endangered list, amid threats of conflict and wildlife trafficking. Now the rapid expansion of the Chinese mines threatens to further degrade the forest and the communities living within.
Residents and wildlife experts say the mining’s polluting the rivers and soil, decimating trees and swelling the population, increasing poaching, with little accountability.
“It is alarming that a semiindustrial mining operation is being given free rein in what’s supposed to be a protected World Heritage Site, that was already on the danger list,” said Joe Eisen, executive director, of Rainforest Foundation UK.
Spanning more than 13,000 square kilometers (5,000 square miles), the reserve became a protected site in 1996, due to its unique biodiversity and large number of threatened species, including its namesake, the okapi, a forest giraffe, of which it holds some 15 percent of the world’s remaining 30,000. It’s part of the Congo Basin rainforest— the world’s second-biggest—and a vital carbon sink that helps mitigate climate change. It also has vast mineral wealth such as gold and diamonds.
Mining is prohibited in protected areas, which includes the reserve, according to Congo’s mining code.
Issa Aboubacar, a spokesperson for the Chinese company, Kimia Mining Investment, said the group is operating legally. It recently renewed its permits until 2048, according to government records.
Congo’s mining registry said the map they’re using came from files from the ICCN, the body responsible for managing Congo’s protected areas, and it’s currently working with the ICCN on updating the boundaries and protecting the park.
The ICCN told The Associated Press that in meetings this year with the mining registry
the misunderstandings around the boundaries were clarified and the original ones should be used.
An internal government memo from August, seen by AP, said all companies in the Reserve will be closed down, including Kimia Mining. However, it was unclear when that would happen or how.
The document has not previously been reported and is the first acknowledging that the current boundaries are wrong, according to environmentalists working in Congo.
Rights groups in Congo have long said the permits were illegally awarded by the mining ministry based on inaccurate maps.
Shifting boundaries and rules
EASTERN Congo has been beset by violence for decades and the Okapi Reserve has endured years of unrest by local militia.
In 2012, in Epulu town, a local rebel group slaughtered several residents including two rangers, as well as 14 okapis, the latter were part of a captive breeding program.
The reserve has also been threatened by artisanal—smallscale—mining, by thousands of Indigenous peoples who live in and around the forest.
The Muchacha mine—the biggest in the reserve and one of the largest small and medium scale gold mines in the country—spans approximately 12 miles (19 kilometers) along the Ituri River and consists of several semi-industrial sites.
Satellite images analyzed by AP show consistent development along the southwestern section of the Reserve, since it began operating in 2016, with a boom in recent years.
Joel Masselink, a geographer specializing in satellite imagery, who previously worked on conservation projects in the forest, said the mining cadastral—the agency responsible for allocating mineral licenses—is using a version of the reserve’s maps in which the area’s been shrunk by nearly a third. This has allowed it to award and renew exploration and extraction concessions, he said.
The mining cadastral told the UN that the boundaries were changed due to a letter from the Congolese Institute for the Conservation of Nature, the body in charge of protected areas in Congo, but didn’t provide a copy, said a report from UN experts. The ICCN told the AP it’s never seen the letter and the boundaries used should be the original ones.
Heritage Site
boundaries needs to be approved by UNESCO experts and the World Heritage Committee, which analyze the impact of the modification, a spokesperson for the World Heritage Center told AP. The Center said no request to modify the Reserve’s boundaries had been made and that cases of boundary modifications to facilitate development were rare.
Civil society groups in Congo accuse some government officials of intentionally moving the boundaries for personal gain. “We all knew that Muchacha was within the reserve,” said Alexis Muhima, executive director of the Congolese Civil Society Observatory for Peace Minerals. He said the discrepancy over the park’s boundaries started when they realized the mine was producing large quantities of gold.
The UN report said mines are controlled by the military, and some members are under the protection of powerful business and political interests, with soldiers at times denying local
officials access to the sites. Residents, who once mined in the reserve, are infuriated by the double standard. “The community is worried, because the Chinese are mining in a protected area when it’s forbidden for the community,” said Jean Kamana, the chief of Epulu, a village inside the Reserve.
Despite being a protected forest, people still mined there until authorities cracked down, largely after the Chinese arrived. Kimia Mining grants limited access to locals to mine areas for leftovers, but for a fee that many can’t afford, say locals.
Muvunga Kakule used to do artisanal mining in the reserve while also selling food from his farm to other miners. The 44-year-old said he’s now unable to mine or sell produce as the Chinese don’t buy locally. He’s lost 95 percent of his earnings and can no longer send his children to private school.
Some residents told the AP there are no other options for
The reserve was already on the endangered list, amid threats of conflict and wildlife trafficking. Now the rapid expansion of the Chinese mines threatens to further degrade the forest and the communities living within. Residents and wildlife experts say the mining’s polluting the rivers and soil, decimating trees and swelling the population, increasing poaching, with little accountability. “It is alarming that a semi-industrial mining operation is being given free rein in what’s supposed to be a protected World Heritage Site, that was already on the danger list,” said Joe Eisen, executive director, of Rainforest Foundation UK.
work and have been forced to mine secretly and risk being jailed.
Losing land, animals and income
DURING a trip to the reserve earlier this year, Kimia Mining wouldn’t let AP enter the site and the government wouldn’t grant access to patrol the forest with its rangers.
But nearly two dozen residents, as well as former and current Kimia Mining employees from villages in and around the Reserve, told the AP the mining was decimating the forests and the wildlife and contaminating the water and land.
Five people who had worked inside Kimia’s mines, none of whom wanted to be named for fear of reprisal, said when the Chinese finished in one area, they leave exposed, toxic water sources. Sometimes people would fall into uncovered pits and when it rains, water seeps into the soil.
Employees and mining experts say the Chinese use mercury in their operations to separate gold from ore. Mercury is considered one of the top 10 chemicals of major public health concern by the UN and can have toxic effects on the nervous and immune systems.
One 27-year-old woman who worked as a cook for Kimia for six months and lives in Badengaido town, close to the mine, said the soil has become infertile. “(It’s) poisoned by chemicals used by the Chinese,” she said.
The AP could not independently verify her claim. However, a report from the University of Antwerp that researched the impact of conflict and mining on the Reserve said chemicals used to purify gold, such as mercury or cyanide, can enter the ecosystems and pollute the soil.
In the past, 15 kilograms (33 pounds) of peanut seeds would yield approximately 30 bags, but now it’s hard to get three, she said. The loss of income has made it challenging to afford school and medical care for her siblings.
Assana, a fisher who also worked in the mines and only
wanted to use his first name, said it now takes four days to catch the same amount of fish he used to get in a day. While doing odd jobs for the company last year, the 38-year-old saw the Chinese repeatedly chop swaths of forest, making the heat unbearable, he said.
Between last January and May, the reserve lost more than 480 hectares (1,186 acres) of forest cover—the size of nearly 900 American football fields— according to a joint statement from the Wildlife Conservation Society and government agencies, which said it was concerned at the findings.
Aboubacar, Kimia’s spokesperson in Congo, said the company respects environmental standards and pays tax to the government for reforestation. Mining is a crucial revenue stream for Congo and it “can’t place a higher value on the environment than on mining,” he said.
Kimia is supporting the population and has employed more than 2,000 people, said Aboubacar.
Conservation is an uphill battle CONSERVATION groups are trying to protect the reserve, but say it’s hard to enforce when there’s ambiguity on the legalities.
“On the one hand, Congo’s law clearly states that mining is illegal in protected areas. On the other hand, if a mine is operating with an official permit, then that creates confusion, and that becomes hard to enforce on the ground,” said Emma Stokes, Vice President of field conservation for The Wildlife Conservation Society.
The internal memo, seen by AP, outlines discussions by a joint task force between the ICCN and Congo’s mining registry, which was created to try and resolve the boundary issue. The document said it will trigger the process of stopping all mining within the Reserve and integrate the agreed upon map from the joint commission into the mining registry’s system.
UNESCO’s requested a report from Congo by February, to provide clarity on what will be done to resolve the problem. But this comes as little comfort to communities in the reserve.
Wendo Olengama, a Pygmy chief, said the influx of thousands of people into the Chinese-run mines has increased poaching, making it hard to earn money.
During the authorized hunting season, he could capture up to seven animals a day, eating some and selling others. Now it’s hard to get two, he said. Sitting in a small hut beside his wife, as she bounces their 3-year-old granddaughter on her lap, the couple says they want the Chinese company to provide business opportunities, such as cattle raising and teach people responsible hunting.
“If the situation persists, we’ll live in misery,” said his wife, Dura Anyainde. “We wont have food to eat.”
Go backs Angara multisport tilt in Mountain Province
SENATOR Christopher “Bong” Go again showed his commitment to empowering Filipino athletes and boosting grassroots sports development in his capacity as chair of both the Senate Committees on Youth and on Sports,
During the Alagang Angara Sportscup 2024 held December 13 to 15 in Mountain Province, more than 600 participants gathered to celebrate the unifying power of sports.
The event was supported by Go in partnership with the Philippine Sports Commission (PSC) and Education Secretary Sonny Angara.
The three-day event, hosted in Bontoc, was not merely a showcase of athletic prowess but also an embodiment of community spirit, inclusivity, and youth development.
Featuring representatives from the region and led by key local officials including Mayor Jerome Tudlong of Bontoc and Governor Bonifacio Lacwasan’s representative, June Pinayakan, the tournament highlighted the collective effort to promote sports at the grassroots level.
“Our goal is simple: to provide opportunities for the youth to grow and develop through sports,” Go said. “That’s why I always emphasize to the youth to take up sports and stay away from illegal drugs.”
The PSC, through Go’s advocacy, allocated support funding for the event, ensuring that resources were available for training, equipment and logistical support.
The event was also supported by the Office of Rep. Maximo Dalog as well as local institutions Mountain Province State University headed by President Dr. Edgar Cue, Dr. Geraldine Madjaco, Dr. Arel Sia-ed, Mr. Reynaldo Gayo Jr. and other officials.
The Sportscup is one of many events that reflect Go’s broader vision for a vibrant sports culture in the Philippines with his legislative track record including support to make sports programs accessible nationwide.
Go played a key role in creating the National Academy of Sports (NAS) by authoring and co-sponsoring Republic Act No. 11470—located in New Clark City in Capas, Tarlac, NAS combines secondary education with a sportsfocused curriculum, offering a dual path for student-athletes to excel in their sports and academic endeavors.
In addition to his efforts with NAS, Go principally sponsored and authored Senate Bill No. 2514, the proposed Philippine National Games Act. The Bicameral Conference Committee Report of this bill was ratified by the Senate on September 23. It seeks to institutionalize a structured national sports program that not only promotes grassroots sports but also provides opportunities for aspiring athletes to compete at the national level.
HD Spikers win over Crunchers in Spikers finale
CSports BusinessMirror
B8 Tuesday, decemBer 17, 2024
mirror_sports@yahoo.com.ph
Editor: Jun Lomibao
Not what KQ wanted; ‘Lebron’ redemption
FEU beats Ateneo on penalties to rule UAAP football
AR Eastern University (FEU) defeated top seed Ateneo de Manila University 5-4, on penalties to capture its second University Athletic Association of the Philippines men’s football title in three years on Sunday at the Rizal Memorial Stadium.
Rico Braga’s clincher and Mon Diansuy’s crucial save in the shootout gave FEU just enough of a boost to edge past Ateneo in the knockout final that ended 1-1 in regulation.
“It’s all about heart,” Diansuy said. “We missed first in penalty, but I was confident I could save one for us.”
The Tamaraws’ last championship came in Season 85 also at the expense of the Blue Eagles, 4-1, with the newly-crowned kings of the pitch bouncing back from a heartbreaking 0-1 loss to the University of the Philippines in last season’s final.
FEU now has 12 trophies in UAAP football.
S paniard Roman Oliver was also the first foreign coach to lead a team to a UAAP championship since Korean Kim Chul-Su, who guided FEU to back-to-back titles in Season 76 and 77.
“Everything was against us, even
IGNAL relied on its vast experience and poise under pressure to thwart Criss Cross, 25-19, 25-19, 26-24, and win the Spikers’ Turf Invitational Conference crown at the PhilSports Arena on Sunday night.
W hile the teams balanced on paper and execution, Cignal’s composure in clutch moments made all the difference.
For head coach Dexter Clamor, it was not just about executing plays, but it was about making the right adjustments during critical junctures.
“I thank my second stringers who stepped up,” Clamor said. “It was really a collective effort. We prepared hard for this match.”
Criss Cross seemed to have the psychological edge entering the finals with its impressive four-set semifinal triumph over the same Cignal squad, but Clamor’s brilliance enabled the HD Spikers to overcome their rivals’ momentum and reclaim dominance.
“Consistency was key throughout the game,” said Clamor, whose team also swept the King Crunchers in the Open Conference finals last May. “We addressed all the issues we faced in past games, even in training.” Down by four in the third set, the HD Spikers mounted
with some unfair decisions and losing some players,” Oliver said. “But despite all these challenges, we fought. We deserved the win.”
We had more chances than them in the 90 and 120 minutes,” he said.
“And then in the penalties, we missed the second, we were struggling, but we always came back.”
He added: “The gold is back home, so we’re very happy about that.”
Libarnes gave FEU the lead in the shootout with a left-side shot, but Leo Maquiling leveled for Ateneo, before
Braga stepped up and scored the decisive penalty.
F EU took the lead in the 65th minute behind Theo Jico Libarnes, but Ateneo’s veteran striker Leo Maquiling answered back in the 72nd minute.
FEU’s Ace Amita had a chance to reclaim the lead early in extra time, but his shot was deflected off the crossbar in the 94th minute.
FAR Eastern University goalie Mon Diansuy makes the crucial save during the shootout.
a comeback to tie at 17 and gained the lead after Nico Almendras’s attack error.
It was a thrilling seesaw battle from there with Cignal briefly regaining the lead at 20-19, only for Criss Cross to surge back ahead at 22-21.
It wasn’t a surprise when the set stretched to the distance, especially after Jude Garcia saved Criss Cross from championship point with a fiery back-row attack.
THE HD Spikers continue to cement their lofty stature in the Spikers’ Turf.
IBy Josef Ramos
T wasn’t the ending Kevin Quiambao wanted for his illustrious collegiate career at De La Salle, but it looked like a redemption for Francis “Lebron” Lopez from his disappointing performance in Game 2 of the University Athletic Association of the Philippines Season 87 men’s basketball Finals.
The Fighting Maroons won Game 3, 66-62, on Sunday night inside a jampacked Smart Araneta Coliseum to end a run of back-to-back bridesmaid finish in the league.
KQ off to Korean league BACK-TO-BACK Most Valuable Player Kevin Quiambao bade farewell to a colorful amateur career in a Green Archers jersey to go prio in the Korean Basketball League (KBL) starting next year.
It wasn’t the exit he wanted, but knowing his basketball ethics, he’s expected to be as effective with the Goyang Sono Skygunners in the KBL where fellow Filipinos Rhenz Abando, SJ Belangel, Juan Gomez de Liaño and Carl Tamayo are also playing.
But it’s not only an outstanding performance that he’s aiming while in Korea, but a potential stint in the National Basketball Association (NBA).
“My college career comes to an end, I will pursue my NBA dream and my journey starts by playing professional ball for Goyang Sono SkyGunners and developing my game even more,” said Quiambao in his social media post.
There’s no turning back for the national team mainstay, according to Green Archers team manager Terry Capistrano.
“He [Quiambao] called me early morning [Monday] about his decision to play in South Korea and I told him it is okay because he already served his school for three seasons,” Capistrano told BusinessMirror on Monday.
“It was not the kind of goodbye we wanted, but we were happy for him,”
Capistrano added. Quiambao, playing out of Bayanan in Muntinlupa City, is still eligible to play one last season for De La Salle, but opted to take the career path many young Filipino stars have taken. He averaged 16.4 points, 8.8 rebounds and 5.3 assists in Season 87. Lopez flushes criticisms GO-TO guy Francis “Lebron” Lopez proved
worked very hard everyday durin the season,” he said. “Thankful too to my coaching staff.”
Hernandez bound for World Jrs after topping national girls chess
ATENEO standout Lexie Grace Hernandez came out of nowhere to snatch the girl’s crown of the Philippine National Juniors Chess Championships at the PACE on Monday. Unfazed by a painful opening-round defeat, the 19-year-old Interdisciplinary Studies student went on a rampage and scored 5.5 points in six matches, including a 46-move final-round win over Jersey Marticio of a Caro-Kann duel. It sent the former Eastern Asia Youth standard and blitz gold winner into a tie for first with Daren dela Cruz, who beat Karol Jozef de Guia, with 5.5 points each but won the title title after the tiebreak, 25-21.5. The feat earned the Candaba (Pampanga) native the right to
represent the country in the World Juniors in Petrovac, Montenegro, in February next year plus the P15,000 prize. “I didn’t expect to win because I knew there were stronger players in the tournament,” Hernandez said. “I had a mindset to be contented with any result I get.”
Japeth at work Barangay Ginebra San Miguel’s Japeth Aguilar challenged the defense put up by Hong Kong Eastern’s Hayden Blankley during a Philippine Basketball Association Commissioner’s Cup game that the visitors won, 93-90, on Sunday night at the Ynares Sports Center in Antipolo City. Aguilar had 26 points in the game that saw the Gin Kings struggling from exhaustion.
LEXIE GRACE HERNANDEZ pulls off a stunning victory.
