Palace delays GAA ’25 signing
THE scheduled signing of the proposed P6.35-trillion 2025 General Appropriations Act (GAA) is now facing delay and line veto as it undergoes more “rigorous and exhaustive” review from President Ferdinand Marcos and his Cabinet, according to Malacañang.
In a brief statement issued to reporters on Wednesday, Executive Secretary Lucas P. Bersamin announced the postponement amid statements from senators Maria Imelda “Imee” R. Marcos, the President’s sister, and Juan Miguel “Migz” F. Zubiri that they were not aware of the changes in the pending national budget bill, which includes a controversial reduction of over
P10 billion in the budget of the Department of Education (DepEd) next year, while padding that of the Department of Public Works and Highways (DPWH). On Wednesday, Senator Marcos followed up on her public statements by delivering a long, scathing privilege speech denouncing “the process by which the Senate rati ed the bicameral conference committee report on the 2025 General Appropriations Act.”
She hailed the Palace move to reset the President’s signing of the budget bill, but sarcastically kept alluding to the sudden, unannounced changes by the bicameral panel by referencing a current local movie Himala (Miracle).
Marcos said she even wrote to Senate President Francis Escudero and Sen. Grace Poe, chair of the Finance Committee that is the main sponsor of the budget bill. She asked them to make “very transpar-
ent” the work of the BCC, and to consult vice chairs of the respective Finance subcommittees on substantial revisions they will make in the GAB—“na walang lihim, walang himala [with no secrets, no miracles]...” A caucus of senators would have been a good time to raise developments in the BCC so senators can keep track of key changes, but the budget bill was not raised, she lamented. No copy of the bicameral report was furnished her or the other senators before the date of the signing of the bicameral report, she stressed.
Lacson relieved RELATEDLY, former senator Pan lo Lacson hailed in a TV interview the Palace decision to defer signing of the budget bill while it undergoes review. Mabuti may pahayag si ES Bersamin di muna itutuloy
SUSTAINED domestic political conflicts may not only impact next year’s polls but also the country’s economic and fiscal performance, according to Fitch Ratings.
In its latest brief, Fitch Ratings said the country’s GDP growth could average 5.7 percent this year; 5.9 percent next year; and 6.2 percent in 2026.
“Domestic political con icts, which have escalated ahead of the May 2025 mid-term elections, could, if sustained, weigh on macroeconomic and scal performance, in our view,” Fitch Ratings said.
The Development Budget Coordination Committee (DBCC) targets GDP to grow to an average 6 to 6.5 percent this year and 6 to 8 percent between 2025 and 2028. Based on the DBCC targets, the government aims to pare down the country’s de cit-to-GDP ratio to 5.3 percent next year; 4.7 percent in 2026; 4.1 percent in 2027; and 3.7 percent in 2028. Along with this, revenues are targeted to reach 16.2 percent of GDP next year and in 2026; 16.6 percent in 2027; and 17 percent by 2028.
“Fierce public disagreements have erupted between President Marcos and Vice President Sara Duterte and their families. Ms. Duterte is under investigation for threats to the President and for misuse of public funds,” Fitch Ratings said.
“The support of Ms. Duterte and her father, former president Rodrigo Duterte, was instrumental in President Marcos’ landslide win in the 2022 election,” it added. Meanwhile, Fitch Ratings said in ation could average 3.2 percent this year and 3 percent in 2025 and 2026. Given this outlook, the
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@adapelonia
HE Department of Agriculture (DA) said it is fi nalizing agreements with envoys from Pakistan and India to secure commitments for the supply of a combined 2 million metric tons
(MMT) of rice. Agriculture Secretary Francisco Tiu Laurel Jr. said he had met with the Pakistani ambassador to discuss a memorandum of understanding (MOU), under which Pakistan would allocate the Philippines up to 1 MMT of rice annually. is is about 25 percent of the
country’s total rice import requirement.
According to Laurel, similar negotiations are also underway with India.
“ e intention is to create a level playing field among our rice-supplying nations,” Laurel said during a consultation meeting with rice
traders at the Intercity Industrial Estate in Bulacan.
“We want them to compete for our market,” he added.
e DA said this initiative aligns with President Ferdinand Marcos Jr.’s goal to diversify the country’s
RECTO: ADDITIONAL 25-BPS CUT TO ENCOURAGE INVESTMENTS
INANCE Secretary Ralph G. Recto believes another 25-basis-point (bps) reduction in the country’s policy rate this week would be beneficial to spur economic investments next year.
Recto, who also sits as a member of the Monetary Board, the highest policy-making body of the Bangko Sentral ng Pilipinas (BSP), told reporters he backed the market consensus for a 25-bps reduction in key policy rates ahead of ursday’s rate-setting meeting, the last for this year. e anticipated move of the Monetary Board to cut rates for the third time this year will bring down the Target Reverse Repurchase (RRP) Rate to 5.75 percent from 6 percent.
e BSP has reduced key policy rates since August by a total of 50 bps.
Recto said lowering interest rates will defi nitely boost investment inflows. “If your credit card interest rate was lower, you’d probably consume more too, right? So, more investment, more consumption.”
For next year, the Finance chief said he expects another
75-bps reduction in the benchmark rate to 5 percent, although his initial position was a 100-bps cut. Any decision to reduce key policy rates next year would depend on what happens, including the actions of the US Federal Reserve and infl ation trends.
“We have to wait for the infl ation numbers and see what the Fed does, I suppose,” Recto said, adding that how the rate cuts will be delivered, through small increments over time or one-time adjustment, would depend on the BSP. Headline infl ation slightly quickened to 2.5 percent in November 2024 from 2.3 percent in October 2024 due to higher food prices as weather disturbances disrupted the supply chain. is is still within the BSP’s forecast range of 2.2 percent to 3 percent for the month. Year-to-date infl ation of 3.2 percent settled in the middle of the government’s infl ation target range of 2 to 4 percent for the year.
Meanwhile, the Philippines’s economic growth slowed in the third quarter by 5.2 percent from 6.4 percent in the second quarter and 5.7 percent in the
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MARY JANE VELOSO reunites with her family at the Correctional Institution for Women in Mandaluyong City after 14 years of detention in Indonesia. Veloso, whose
Filipino Workers [OFWs],” added Villanueva.
at said, Villanueva urged the Department of Foreign Affairs and the Department of Migrant Workers “to continue to monitor the cases of our fellow Filipinos, particularly the 49 OFWs currently on death row, and ensure that they receive the necessary assistance from the government. is could also pave the way for our concerned government agencies to explore legal and diplomatic options, including possible commutation of sentence and allowing them to serve their sentence in the Philippines.”
Senate President Pro Tempore Jinggoy Estrada described as “near miraculous” Veloso’s case—narrowly missing by minutes her execution in Indonesia for being an unwitting drug mule and then fi nally being allowed to serve the rest of her sentence in her home country, and shows that, Veloso benefited from a last-minute reprieve made possible by the then Aquino government’s appeal for Jakarta to spare Veloso so she can testify against the international drug ring victimizing Southeast Asians.
He urged “the relevant authorities to thoroughly review her case and consider granting her the ultimate expression of justice and mercy—a pardon. Mary Jane deserves a second chance to rebuild her life, reunite with her family, and heal from the injustices she has endured.”
DBM issues guidelines on grant of medical allowance
CIVILIAN government employees, including public school teachers, will receive P7,000 in medical allowance as early as January next year, according to Budget Secretary Amenah F. Pangandaman.
Pangandaman issued Budget Circular No. 2024-6 which provided the guidelines on the grant of yearly medical allowance to civilian government personnel after President Ferdinand R. Marcos issued Executive Order No. 64 last August. All civilian government employ-
Growth...
debt watcher expects this will lead to 100 basis points of rate cuts in 2025.
Fitch Ratings noted that in October, the Bangko Sentral ng Pilipinas (BSP) already cut
ees in the national government agencies, including state universities and colleges and state-run corporations, whether regular, casual or contractual; appointive or elective; and on a full-time or parttime basis who rendered at least six months of service will receive the allowance.
rates by another 25 bps bringing interest rates down to 6 percent.
The next meeting of the Monetary Board is slated for this week and, according to Bloomberg reports, expectations made by analysts is for the BSP to deliver its third 25 bps rate cut this year.
“A credible in ation-targeting framework and exible exchange-rate regime contribute
However, military and uniformed personnel, contract of service or job order workers, job contract workers, student laborers and apprentices, and consultants are excluded from receiving the allowance. e allowance may be provided by government agencies as health maintenance organization (HMO) coverage or in cash to buy their own HMO coverage or renew an existing plan. In case the HMO-type product availed is below P7,000, the employee is not obligated to refund the excess amount to the government.
Meanwhile, employees in geographically isolated and disadvantaged areas with limited access to HMO providers or with no adequate HMO branch or office may be eligible for cash allowances instead.
to a sound economic policy framework and support the country’s rating,” Fitch Ratings said.
External risks
MEANWHILE, external risks such as Trump’s protectionist policies could further weaken the peso next year.
Fitch Ratings noted that the Philippine peso has already depreciated by nearly 5 percent as of the 11-month period this year.
The country’s remittances also remain vulnerable to Trump’s immigration policy. The bulk of the country’s cash remittances pass through US-based banks. “The policies of the incoming Trump administration in the US pose risks for the Philippines, as for other sovereigns. Further strengthening of the US dollar from trade protectionism could pressure the Philippine peso,” Fitch Ratings said.
Meanwhile, the BSP said Fitch Ratings still recognized sound monetary policy in the country that has helped in ation to slow down.
The BSP said it is enhancing the transmission of monetary policy in part by promoting capital market development.
The central has recently collaborated with the banking industry through the Bankers Association of the Philippines (BAP) to launch the Peso Interest Rate Swaps (Peso IRS).
All government employees who have been provided with a medical allowance must submit proof of enrollment with an HMO provider, such as a certified copy of the HMO agreement or identification card issued, certification of membership or official receipt of membership fee payment.
If the allowance was granted in cash, the employee must submit documents to support the use of the allowance for medical expenses, such as receipts of the medical services undertaken.
National government agencies, SUCs, and state-run corporations must submit to the Department of Budget and Management’s Budget and Management Bureau or Regional Office, not later than one month after every fi scal year, the annual report on the grant of the medical allowance.
“These and other initiatives of the BSP, the government, and the banking industry aim to boost trading and liquidity of local bonds and other instruments and make them more accessible not just to local but overseas investors as well,” BSP said.
However, the researchers and sta from the Washington-based Peterson Institute for Economics (PIIE) said Trump, while on the campaign trail, promised “tari s on all imports from 10 to 20 percent, with a special rate of 60 percent on all imports from China.”
This will a ect the trade of machinery, electronics, transportation equipment, and chemicals. In terms of consumer goods, this will lead to more expensive “electrical devices, toys and sporting goods, vegetable and meat products, and imported foodstu s.”
Given that, PIIE said, there were few alternative sources for the large-scale production of these consumer goods—which includes video gaming consoles and other consumer electronics—will lead to faster in ation in the US.
It may be noted that the mandate of the United States Federal Reserve “to promote maximum employment and stable prices for the American people.” As such, the Federal Reserve monitors and adjusts policy rates to respond to this dual mandate.
eyeing to sign the national budget for next year before Christmas next week despite the adjustments he wants to be implemented including raising the budget of DepEd.
morning, however, the veto seemed to be the rst option.
“While we cannot yet announce the date of the signing, we can now con rm that certain items and provisions of the national budget bill will be vetoed in the interest of public welfare, to conform with the scal program, and in compliance with laws,” Bersamin said.
Under the 1987 Constitution, the President may exercise line-item veto of an appropriation, revenue or tari bill. But it may be reversed by Congress if two-thirds of its members will vote against it.
The proposed 2025 GAA was supposed to be signed on 20 December 2024, but Bersamin said the President now wants more time to review its provisions since it will “determine the course of the nation for the next year.”
“The ongoing assessment is being led by the President himself, in consultation with the heads of major departments,” he added.
As of press time, the Palace has yet to announce a new date for the signing proposed 2025 GAA.
Last Monday, President Marcos said he is
He expressed concern on the signi cant reduction in the proposed budget of DepEd, which he said would hurt the agency’s e orts to improve the country’s quality of education through its computerization initiative.
The President also said he wants to trim the “bloated” DPWH budget for heavily relying on “unappropriated funds and the reserves.”
He said he wants to address the issues in the proposed 2025 GAA in his discussions with leaders of the House of Representatives and the Senate.
Later on Wednesday, Secretary Cesar Chavez of the Presidential Communications O ce (PCO) con rmed that the President met with Neda chief Arsenio Balisacan, ES Bersamin, Public Works Secretary Manuel Bonoan, Finance Secretary Ralph Recto and Budget Secretary Amenah Pangandaman, but he said they are “not ready” to report the other details of the meeting because there will be further discussions.
House backs deferment
THE House of Representatives has expressed full support for President Marcos Jr.’s decision to defer signing the 2025 General Appropriations Act (GAA) to allow a more thorough review of its provisions.
as the country’s source of
land was the second-largest supplier, accounting for 567,913.22 MT. The Philippines also imported from other countries, such as Pakistan (244,859.48 MT), Myanmar (199,512.75 MT), and India (22,572.82 MT).
The DA recently said the country’s rice import arrivals could reach a record-high 4.7 MMT by yearend. Earlier, Pakistani Ambassador to the Philippines Imtiaz Ahmad Kazi said his country’s Ministry of Commerce had oated the proposal for an MOU with Manila last year, which would guarantee the volume of rice that would enter the Philippines. (See: www. businessmirror.com.ph/2024/11/13/ pakistan-targeting-to-export-morerice-to-phl-envoy/)
The envoy noted that Pakistan is the third largest exporter of rice to the country after Vietnam and Thailand. Kazi said, however, that Pakistan accounts for only less than 6 percent of the Philippines’s total imports. He said his country is capable of exporting as much as 1 MMT of rice to the Philippines.
“We want to increase that share, provided we can also provide the stable, good supply of rice. And that depends on mutual conditions for each other, which means that the Philippines should guarantee us that they want this much rice every year.”
fi rst quarter. Since the country’s economic managers assumed the economy could not grow by 7 percent this year, they narrowed the target to 6 to 6.5 percent. Nevertheless, they remained optimistic that the economy will bounce back in the last quarter of the year, driven by increased holiday spending, continued disaster recovery efforts, low infl ation and a robust labor market.
House Appropriations Committee Chairman Zaldy Co, in a statement, commended the President’s commitment to ensuring that the P6.352 trillion budget aligns with the country’s priorities.
“This approach exempli es the strength of our democratic processes and the e ective system of checks and balances in our government,” he added.
According to Co, Congress is prepared to make any necessary re nements to the budget based on the outcome of the Palace’s deliberations.
“We stand prepared to work alongside the President to re ne the budget, ensuring it serves the best interests of all Filipinos,” he added. With Jovee Marie N. dela Cruz
to a lack of childcare services in destination countries, traditional gender roles, and workplace discrimination.
Migrant women are often con ned to informal jobs, such as domestic or care work, where they face lower wages and heightened risks of exploitation.
“Gender expectations often dictate certain roles and occupations deemed suitable for women, leading to the con nement of migrant women to speci c sectors and occupations that are typically characterized by lower wages and reduced job security,” the report noted.
Sectoral vulnerabilities
THE Covid-19 pandemic magni ed joblessness among migrant workers, especially in vulnerable sectors like tourism, which employs a signi cant proportion of migrants.
In Asia and the Paci c, tourism-related job losses were four times higher than in non-tourism sectors during the pandemic. The report emphasized the economic shocks that disproportionately a ected migrants, who are overrepresented in industries with limited job security.
Meanwhile, ILO also found that regional trends also vary signi cantly.
In sub-Saharan Africa, the unemployment rate for migrant workers remained high at 11.4 percent, re ecting the region’s limited capacity to absorb migrants into formal employment. Meanwhile, the Arab States showed improvement, with unemployment declining from 13.6 percent in 2019 to 8.2 percent in 2022, driven by post-pandemic recovery in construction and other labor-intensive sectors. The ILO emphasized the importance of creating inclusive labor policies to address these disparities.
“To reduce the unemployment di erences between migrants and non-migrants, inclusive social policies can be helpful, particularly active labour market policies and housing bene ts,” the report concluded.
manpower complement no longer apt for the operations of the agency; “preparation of planning documents as well as evaluation reports and supplier’s submission of billing documents takes time”; delays in the preparation and approval of budget estimates; difficulty in complying with Malacañang rules on foreign travel allowances, failed biddings, among others; and delays in the submission of billings by market representatives abroad. DOT management has said it will comply with the recommendations of COA in improving its budget utilization.
Editor: Nonnie Pelayo
BI: 8k foreign Pogo workers still in PHL
TBy Joel R. San Juan @jrsanjuan1573
HE Bureau of Immigration
(BI) on Wednesday said around 8,000 individuals previously employed by Philippine Offshore Gaming Operators (Pogos) have yet to comply with the government-mandated deadline to voluntarily leave the country by the end of the year.
At a press briefing, Immigration Commissioner Joel Viado
said the agency is expecting these Pogo employees to leave before the deadline expires to avoid being subjected to deportation proceedings and from being blacklisted.
Viado, on the other hand, said less than 1,000 Pogo employees have yet to be accounted for owing to their failure to comply with the requirement to downgrade their work visas to temporary visitor’s visas by October 18.
“After the expiration of the period to voluntarily depart, we
immediately canceled their visas and were ordered to leave. But, they still have until December 31 to downgrade and leave. Beyond December 31, if they fail to downgrade and leave they will be blacklisted and subjected to deportation proceedings,” Viado said.
As of Wednesday, Viado said around 24,000 Pogo employees have voluntarily left the country after the government imposed a total ban on Pogos owing to various illegal activities being linked to its
operations such as kidnapping, illegal detention, money laundering and human trafficking.
Foreign Pogo workers have only 20 days left to leave the country.
The BI has advised affected individuals to prepare for their travel arrangements promptly.
President Marcos earlier issued Executive Order 47 officially banning Pogos, including those with licenses issued by economic zones authority.
Bill imposes harsher penalties against illegal foreign workers
By Jovee Marie N. dela Cruz @joveemarie
LEGISLATOR has reiterat -
Aed his call for Congress to approve House Bill 1279, which imposes harsher penalties—including up to six years of imprisonment—on illegal foreign workers to deter their involvement in unlawful activities and protect jobs for Filipinos.
Bicol Saro Rep. Brian Raymund Yamsuan renewed his call following reports confirming the presence of Chinese nationals illegally working in mining sites in Eastern Samar and Camarines Norte.
The measure—HB 1279— would also help deter “guerilla”
Philippine Offshore Gaming Operators (POGOs) from thriving in the country, Yamsuan said.
Besides jail terms, HB 1279 also provides for a substantial increase on the fine imposed on foreigners found to be illegally working here—from the current P10,000 to P50,000 for every year, or a fraction thereof, of unlawful employment.
Under the bill, employers who hire foreigners to work illegally in the country face fines of up to P200,000 and the possible suspension or closure of their businesses.
“The measure aims not only to protect job opportunities for Filipinos but could also serve as a deterrent to make illegal foreign
workers think twice before deciding to take part in unlawful activities here,” said Yamsuan, who coauthored HB 1279.
“Foreign workers are certainly welcome if they are here legally and do not take jobs meant for Filipinos. But if they are involved in any unlawful activity, such as illegal mining and rogue POGO operations, they should be made to face the consequences of their actions before they are deported,” he added.
Yamsuan pointed out that the illegal mining operations uncovered in the town of Paracale in Camarines Norte and Homonhon Island in Eastern Samar may be “small-scale” at this time, but
even the Department of Environment and Natural Resources (DENR) has expressed concern over the possibility that foreign workers could be illegally working in other mining sites all over the country.
“They may come a time when this seemingly “small problem” in our mining industry could blow up and become a national security concern, just like what happened to the Pogo operations in the country,” said Yamsuan, the nominee of the Bicol Saro party-list group in the House of Representatives.
The DENR had uncovered in
Immigration launches online student visa application system
THE Bureau of Immigration (BI) on Wednesday launched its online student visa and permit application system in line with the government’s goal to make the Philippines as Asia’s leading education hub.
During the launching event held at Intramuros, Manila, Immigration Commissioner Joel Anthony Viado hailed the project saying that it is one step closer to the BI’s goal of modernization through automation of services.
“This is a priority project of the BI to make things easier and more secure for foreign students to apply for their visas and permits,” said Viado.
The system allows schools to apply directly to the BI, removing unnecessary paperwork and adding convenience by making applications online.
The service may be accessed through the BI’s e-services website at e-services.immigration. gov.ph.
The system, according to Viado, is the agency’s contribution to the country’s efforts to make
the Philippines a leading education hub in Asia.
BI spokesman Dana Sandoval assured the safety and security of its platform saying that it’s based on the result of various meetings and reviews made by the InterAgency on Foreign Students on the previous application system.
“In the said meetings we looked into the possible improvements that we have to introduce in terms of security. We have also established the aspects that we need to strengthen in terms of coordination with different government agencies involved in issuing permits for schools and foreign students as well,” Sandoval said. Furthermore, the BI said they have added an extra layer for security by tapping the assistance of the National Intelligence Agency in vetting foreign students to prevent the grant of visas to undesirable persons.
The BI said information pertaining to foreign student applicants will be forwarded to Nica for security assessment.
Joel R. San Juan
A4 Thursday, December 19, 2024
Editor: Nonnie Pelayo • www.businessmirror.com.ph
Cops join campaign vs agricultural saboteurs
By Rex Anthony Naval
THE National Police (PNP) is set to join the campaign against agricultural economic saboteurs like profiteers, hoarders and smugglers
Gen. Rommel Francisco Marbil on Wednesday said that the service will help in the implementation of Republic Act 12022 also known as the Anti-Agricultural Economic Sabotage Act. This is in line with ongoing government efforts to curb smuggling, hoarding, and profiteering of agricultural products, particularly rice, he added. Marbil reiterated the PNP’s commitment to collaborate with implementing agencies to arrest and prosecute those responsible for economic sabotage.
“The PNP is fully prepared to support the implementation of this law to protect our farmers and ensure that rice remains affordable for every Filipino household. Smugglers and hoarders must be held accountable for their role in undermining food security and jeopardizing the livelihoods of our farmers,” he added.
Republic Act 12022 aims to lower rice prices, protect Filipino farmers, and ensure consistent access to affordable food.
The Anti-Agricultural Economic Sabotage Act, a priority initiative of the Marcos Administration, designates smuggling, hoarding, profiteering, cartels, and financ -
Legislator seeks probe on drivers shouldering SC, PWD discounts
ALAWMAKER has filed a resolution urging a legislative inquiry into the alleged improper implementation of senior citizen and persons with disabilities (PWD) discounts by ride-hailing and food delivery companies.
In House Resolution 2134, Party-list Rep. Rodolfo Ordanes of Senior Citizens expressed concern over reports that ride-hailing platforms are passing the cost of the mandated 20 percent discount
onto their drivers instead of shouldering it themselves, as required by law and regulatory policies. Ordanes said these policies are a clear violation of the Land Transportation Franchising and Regulatory Board (LTFRB) policies. “This conduct by ride-hailing and food delivery applications is utterly deplorable, as it constitutes criminal and exploitative behavior,” Ordanes said, adding that these companies must be suspended if found guilty.
Citing Grab’s Public Affairs during a recent hearing of the Committee on Public Services, Ordanes said that drivers shoulder the 20 percent discount given to persons with disabilities, senior citizens, and students.
As per Memorandum Circular 2018-004 issued by the Land Transportation Franchising and Regulatory Board (LTFRB), Gregorio Ramon Tingson, Grab’s head of Public Affairs, stated, “In accordance with the law, it
Ilocos-Abra irrigation project’s new design to benefit three provinces
THE National Economic and Development Authority Board approved on Tuesday the revised design of the Ilocos Norte-Ilocos Sur-Abra Irrigation Project (Inisaip), addressing concerns over its previous plans.
During the 23rd Neda Board meeting at Malacañang, President Marcos confirmed that the updated design resolved issues related to the perceived bias toward Ilocos Norte and Ilocos Sur.
The new design now includes power-generating components
to be built in Abra and Nueva Era, Ilocos Sur, ensuring that all three provinces will benefit from the project’s hydropower feature.
“Kailangan kasama na sa design iyon. Kahit na hindi sa costing, basta kasama na sa design. Hindi naman natin puwedeng gawin lahat ito tapos lalagyan natin ng hydroelectric afterwards. Kailangan kasama sa umpisa. ‘Pag nagpatayo ng dam nandoon na,” Marcos said.
Valued at P37.5 billion, the Inisaip will involve the construc -
tion of an earth and rockfill dam, a Nueva Era afterbay dam, and link canals.
These will irrigate 14,672 hectares of farmland during the wet season and 13,256 hectares during the dry season.
The Palsiguan River will serve as the primary water source for the project, set to run from 2025 to 2030.
Beyond irrigation, the addition of hydropower facilities aims to address the region’s energy needs.
Once completed, the project is expected to benefit a total
ing such activities as economic sabotage, with penalties of life imprisonment and fines three times the value of the confiscated agricultural products.
Those involved in the transportation or storage of illegal goods face imprisonment of 20 to 30 years and fines twice the product’s value.
The law also mandates the creation of a Daily Price Index to monitor market irregularities and detect economic sabotage. It further establishes the Anti-Agricultural Economic Council and the Anti-Agricultural Economic Sabotage Enforcement Group to streamline enforcement efforts.
is the driver.”
Teofilo Guadiz, LTFRB chairman, rebutted Grab’s claim, stating that under their franchise, the Transportation Network Companies (TNCs) should shoulder the 20 percent discount.
Guadiz said the LTFRB will conduct an investigation by getting statements from Grab drivers and an explanation from Grab regarding this practice. If violations are confirmed, Grab’s franchise could be canceled, he warned.
“May I request a statement from the driver, and we will give them a show cause, and if the evidence warrants, we will issue an appropriate suspension of their franchise,” Guadiz said.
Jovee Marie N. dela Cruz
of 32,604 families in the three provinces.
Meanwhile, the Neda Board also approved the construction of seven bridges, viaducts, and 22 calamity response bridges under the Accelerated Bridge Construction Project for Greater Economic Mobility and Calamity Response (ABC Project).
The P25.6 billion ABC Project will be funded through Official Development Assistance and is scheduled for implementation beginning January 2025.
Marcos said the project will improve connectivity, alleviate traffic congestion, and enhance the country’s disaster response capabilities in line with Department of Public Works and Highways standards.
Justine Xyrah Garcia
More comfortable travel seen with new projects
By Justine Xyrah Garcia
PRESIDENT Marcos is banking on five new infrastructure projects in Central Visayas and Northern Mindanao to deliver more comfortable travel and boost economic activity. The projects, implemented by the Department of Transportation, include the construction and expansion of ports, transportation systems, and airports in Cebu, Bohol, Dumaguete, and Siargao.
During the signing ceremony at Malacañang on Wednesday, Marcos said these initiatives align with the country’s vision of modern and accessible transportation networks.
“Let us remember: These projects are not just structures, they are representative of every Filipino’s dream of more comfortable travel, better opportunities, and a clearer path towards their goals and dreams,” he added.
Among the most significant projects are the New Cebu International Container Port (NCICP) and the Cebu Bus Rapid Transit (CBRT), with respective budgets of P17 billion and P28.78 billion.
The NCICP is expected to ease congestion at the existing Cebu Base Port by providing a modernized facility capable of handling increased cargo volumes.
Meanwhile, the CBRT will establish a network of modern buses connecting key areas in Cebu, making daily commutes faster and more efficient.
to ensure proper financing and effective execution of the infrastructure developments.
In Bohol, the BoholPanglao International Airport will undergo a P4.53 billion two-phase expansion.
Once completed, the airport’s capacity is projected to reach 3.9 million passengers annually by 2030. This expansion is also expected to generate P15 million in revenue within its first five years and increase to P200 million annually by the end of the concession period.
Marcos said the expanded airport can support Bohol’s booming tourism industry and provide more jobs in sectors such as hospitality and services.
“This means we can provide seamless travel to a lot of tourists—which translates to more [jobs] for Boholanos, especially in the hotel and restaurant industries,” the President added.
Marcos also announced plans for new airports in Dumaguete and Siargao, each with an allocation of P11.6 million.
These projects, he said, will be developed to meet international standards, with the support of the International Finance Corporation to ensure world-class quality and execution.
Marcos added that these facilities will play a crucial role in boosting tourism, agriculture, and trade in the regions.
October an illegal mining operation in Paracale, Camarines Norte, where 11 Chinese posing as tourists were arrested, while the Bureau of Immigration (BI) reported last month that it had arrested 13 Chinese working in illegal mining sites in the Eastern Samar island of Homonhon.
“We should be proactive and prevent this problem from worsening. One way that Congress can act is to toughen existing laws against foreigners working illegally in our country,” Yamsuan said.
companies have already shut down, Remulla said.
Yamsuan said foreigners enticed to work for rogue Pogos following the total ban imposed by President Ferdinand R. Marcos Jr. on their operations might also be deterred by the stiff penalties provided under HB 1279. Interior and Local Government Secretary Jonvic Remulla recently said that despite the ban, illegal Pogos might continue to operate secretly. Those behind these “guerilla” operations are Pogo employees whose
Pogos usually employ foreign workers. The BI has already reminded foreign workers hired by Pogos to leave the country by the end of the year.
Yamsuan, a former DILG Assistant Secretary, backed Remulla’s move to issue a directive to local governments that will require them to report suspicious Pogo-like activities in their communities.
HB 1279 also penalizes nonresident foreign nationals who have secured employment per -
mits (EPs) but chose to transfer to another job or employer without notice to and approval of the Secretary of the Department of Labor and Employment (DOLE). They will be fined amounts ranging from P50,000 to P100,000. Upon the discretion of the court, an erring foreign worker shall also be punished with imprisonment of not less than six months but not more than six years. The same penalties will also be imposed on the foreign worker’s employer, according to the bill.
Moreover, the foreign worker shall be deported after complet -
The President said these projects will be implemented under a Transaction Advisory Services Agreement, which allows the government to partner with transaction advisors
ing his or her jail term. HB 1279 also provides for a labor market test to ensure that foreign workers are given EPs only after the determination of the non-availability of qualified Filipinos willing to perform the job required of these foreign workers.
“These projects shall allow our farmers to efficiently bring produce to new markets, tourists to discover more of the charms of these islands, and entrepreneurs to expand their businesses,” he said.
The measure also includes a provision that requires foreign nationals with EPs to transfer relevant skills and knowledge to at least two Filipino understudies in the enterprise where they are employed within a period prescribed by the DOLE.
Binay seeks tighter verification of residence certs
By Butch Fernandez @butchfBM
RESPONDING to mounting concerns over the abuse of barangay-issued residence certificates in voter registration, Sen. Nancy Binay has underscored the urgent need for legislative action to tighten residency verification using advanced biometric technologies.
According to Binay, with political will and technology, the Commission on Election (Comelec) will have an expanded capability to curb flying voters and fraudulent registrations.
“Comelec’s biometric technology has shown us that multiple registrations can be detected. As a matter of fact, Comelec has already identified around one million voters with double or multiple registrations in 2024 alone. This highlights the scale of fraud in spite of the efforts to address the problems in our present electoral system. I believe there’s the necessity of combining stringent legislation with modern technology to nip the problem in the bud,” Binay added. Comelec’s existing technological measures, such as the Automated Fingerprint Identification System (AFIS), have proven critical in addressing fraudulent voter registrations.
Comelec Chairman George Garcia has disclosed at a Senate hearing that they have found some barangay officials to have exploited their authority to issue certificates to individuals who do not meet residency requirements, enabling fraudulent registrations and transfers.
“Huwag nating hahayaang abusuhin
ng ilang mga politiko at opisyal ng barangay ang ganitong modus. We need to safeguard the integrity of our electoral process at the first point of registration. Stricter laws on residency verification coupled with advanced biometric technology is necessary to ensure the credibility of the elections,” Binay said.
The senator reiterated that the misuse of residence certificates undermines the electoral process and public trust, urging barangay officials to uphold their duties responsibly, emphasizing that accountability and adherence to the law are non-negotiable.
“Mabigat na kaso ang kakaharapin ng mga opisyal ng barangay na napatunayang lumabag sa election laws. Sad to say, transferees who make false declarations are likewise not exempt. We have to take note that both parties are under oath and may face criminal liability, including perjury, under the Revised Penal Code, and election offenses under the Omnibus Election Code,” she emphasized.
In Makati alone, Comelec has identified nearly 57,000 individuals who transferred their voter registration using barangay residence certificates to facilitate their transfers, some of whom to areas where they are not actual residents.
“Let this serve as a warning: election laws are in place for a reason. Anyone who manipulates the system will be held accountable,” Binay pointed out, adding that barangay officials and registrant transferees that a jail term of one to six years await those who violate election laws.
House okays bill postponing BARMM elections by one year to May 11, 2026
By Jovee Marie N. Dela Cruz @joveemarie and Justine Xyrah Garcia
THE House of Representatives on Tuesday approved on third and final reading a bill postponing the first regular elections in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) from May 12 next year to May 11, 2026, with 198 votes in favor and four against.
Speaker Ferdinand Martin G. Romualdez, the bill’s principal author, said the one-year postponement “would allow for more time for the promotion of broader participation from political parties and the electorate, and enhance their understanding of new electoral processes.”
It would also give the concerned authorities the chance to resolve emerging issues arising from the final decision of the Supreme Court (SC), excluding the province of Sulu from BARMM, Speaker Romualdez said.
BARMM ballot printing amid uncertainty THE Commission on Elections (Comelec) plans to delay the printing of ballots for the BARMM parliamentary elections as it awaits a final decision from Congress on whether to postpone the polls or not.
In an interview on Wednesday, Comelec Spokesperson Atty. Rex Laudiangco said that while the House of Representatives has approved the bill postponing the elections to 2026, preparations must continue as the Senate has yet to finalize its decision.
“Sa ngayon, wala pa kaming nakikitang certainty kaya ang paghahanda ng Comelec ay tuloy-tuloy lang. Kung magkaroon ng certainty, to be more economical about it, hihinto kami at some point para makabawas sa gastos,” Laudiangco told the BusinessMirror.
It can be recalled that the House and Senate filed separate bills last month seeking to postpone the first parliamentary elections.
Lawmakers pushing for the deferment argued that it would allow the region more time to address logistical and legal concerns, especially after Sulu’s exit from BARMM.
Laudiangco said they are hoping Congress can finalize BARMM’s electoral fate before Comelec begins printing ballots on January 6.
“Sana bago kami mag-imprenta ng balota… Kasi baka mamaya, dumating sa punto na sayang naman yung ma-imprenta namin,” he said.
The spokesperson noted that while the costs of producing the ballots and the automated elec -
tion system are bundled with the national and local elections, a lastminute deferral could still hurt the Comelec budget.
“Ang balota kasi natin ay parang P30 each, all in na ‘yun with configuration and all. Hindi pa naka-factor in diyan yung deployment. Kasi tandaan natin, pag nakapag-imprenta ka na, ipapadala na namin ‘yun doon at gastos din ‘yun. Yun ang magiging impact,” Laudiangco explained.
He added that—if necessary— the Comelec would delay printing BARMM parliamentary ballots to reduce potential losses, as the process would take only two weeks for the 2.4 million registered voters in the region.
Meanwhile, deployment of nonaccountable election forms, such as minutes of voting and statistical reports for teachers who will serve during election day, will still begin in March.
The leader of the 300-plusstrong House said such a decision has implications on the composition of the parliament of the autonomous region.
The postponement was also in response to the clamor of stakeholders, he added.
Under House Bill (HB) No. 11144, the first regular election in BARMM would be held on the second Monday of May 2026 and every three years thereafter.
Upon the effectivity of the postponement law, the term of office of the present members of the BARMM Transition Authority (BTA) shall be deemed expired.
President Ferdinand R. Marcos Jr. shall then appoint 80 BTA members who shall serve until their successors shall have been elected and qualified.
The BARMM government shall disburse the share of the province of Sulu from the annual block grant from the national government for its programs in 2025.
TheComelec,throughtheBangsamoro Electoral Office, shall promulgate rules and regulations for the conduct of the elections, and enforce and administer them pursuant to national laws, the BARMM organic law and the Bangsamoro Electoral Code.
The proposed postponement law shall take effect 15 days after its publication in the Official Gazette or in a newspaper of general circulation.
A counterpart bill that seeks to reset the BARMM elections also to May 11, 2026 has been introduced in the Senate by Senate President Francis “Chiz” Escudero.
If the regional polls are postponed, it would be the second deferment since May 2022, when the first regular elections in the autonomous region were originally scheduled to be held.
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23. LU, YUMEI Sales Account Manager
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24. NNOROM, VINCENT CHUKWUEBUKA Sales Account Manager
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25. TAN KUAN PEI Sales Account Manager
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26. UNG, GIAI LONG Sales Account Manager
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Govt bans buffalo meat from 3 states in India
TBy Ada Pelonia @adapelonia
HE Department of Agriculture (DA) temporarily banned the entry of Indian buffalo meat (IBM) from three states in India because of an outbreak of the highly contagious foot-and-mouth disease (FMD).
Agriculture Secretary Francisco Tiu Laurel Jr. signed Memorandum Order (MO) 59, which authorized the ban on IBM from Bihar, Maharashtra, and Telangana.
The DA decided to issue the ban after the Agricultural and Processed Food Products Export Development Authority (APEDA) submitted its official report of the FMD outbreak in Bihar and Telangana on August 22.
ordered the imposition of the ban and suspended the issuance of sanitary and phytosanitary import clearances (SPSICs) for IBM or carabeef.
He also noted that all shipments that are already in transit will be accepted provided that they test negative for the FMD virus.
“All previous approved SPS Import Clearance which have not yet left India after the issuance of this order are hereby revoked and therefore advised not to sail their shipments.”
The list of accredited Indian meat exporters includes the six companies that were initially approved in 2019 and have recently sought to renew their accreditation. The new accreditation will be valid for three years, which will expire on December 12, 2027.
Laurel said the accreditation of additional Indian meat exporters aligns with his broader vision of attracting more foreign companies to the Philippine market.
where active FMD outbreaks have been reported.
The DA has imposed an import ban from the said states, noting that shipments of carabeef from these regions will be prohibited until India’s National Competent Authority declares them free from FMD.
‘No heat-treated products’
by the Bureau of Animal Industry (BAI) and the NMIS.
“The audit assessed India’s compliance with the Philippines’ animal health and food safety standards,” it said.
The agency said the BAI team reviewed animal health protocols in seven Indian states— Uttar Pradesh, Punjab, Andhra Pradesh, Haryana, Maharashtra, Telangana, and Bihar wherein active FMD cases were found in the last three states.
“There is a need to prevent the entry of FMD-susceptible animals, their products, and byproducts originating from Bihar, Maharashtra, and Telangana to protect the health of the local livestock population,” the order read.
Following this report, Laurel
Additionally, the agency noted the DA inspection mission audit findings of confirmed outbreaks in Maharashtra affecting cattle and buffaloes.
ASF vaccines ready for commercial use by March ‘25–DA
THE vaccines against African swine fever (ASF) will be available for commercial use by March next year, according to the Department of Agriculture (DA).
Agriculture Secretary Francisco Tiu Laurel Jr. said the agency is currently distributing the 150,000 doses of ASF vaccines that have arrived in the country recently.
“If the 150,000 doses are used up, there will be mass trial results. Hopefully, we can start (its) commercial use possibly by March next year,” Laurel told reporters in an interview.
The agriculture chief also said the government has procured 490,000 doses, which will arrive on a staggered basis until the first half of 2025.
The DA started the governmentcontrolled inoculation of the ASF vaccine in Lobo, Batangas last August. The municipality was considered ground zero of the ASF outbreak in the same month.
Figures from the Bureau of Animal Industry (BAI) showed that 88 municipalities have active ASF cases as of December 6. Bird flu vaccine
MEANWHILE , the DA chief said vaccines against Avian Influenza (AI) will also be available by March next year.
“The vaccine for AI will probably come out also by March. We’re doing the trials now,” he said.
“If that comes out in March, we will have to (allot) P300 million for that.” Laurel said the amount will be
enough to procure 30 million doses.
He also said the agency will prioritize the vaccination of layers against bird flu. “The policy is still being formulated, but we can allot a budget for (the vaccination).”
BAI recently announced the first detection of the H5N2 strain of avian influenza in the Philippines.
The attached agency of the DA said the highly pathogenic avian influenza (HPAI) type A subtype H5N2 was found in a duck farm in Talisay, Camarines Norte.
“This is the first detection of HPAI H5N2 in the country and the first recorded avian influenza case in the province.”
Despite being the first detected strain of AI in the country, the DA and industry sources allayed concerns that it would cause a spike in the prices of chicken and eggs.
“It will not have an impact [on] prices,” Agriculture Assistant Secretary Arnel de Mesa said.
De Mesa said the H5N1 strain is more “virulent” and contagious compared to the H5N2 strain, adding that it is also “less likely” to be transmitted to humans.
“If you look at our cases, our bird flu incidences are easily controlled.
Once it is controlled, a declaration of bird flu-free status is also made for the area,” he said in Filipino.
De Mesa noted that the BAI is conducting an ongoing investigation to determine how the strain arrived in the country.
He also said culling operations on infected animals in the area have already been conducted.
Ada Pelonia
According to the World Organisation for Animal Health (WOAH), FMD is a highly contagious disease that affects cattle, swine, sheep, and goats, which could affect livestock production and disrupt regional and international trade.
Additional carabeef source
MEANWHILE , the DA said it has approved the accreditation of 34 Indian companies to supply frozen buffalo meat, which is locally known as carabeef.
“We do not intend to increase imports. What we want is to encourage more foreign companies to compete for our market, which will ultimately drive down the cost of imported agricultural products, benefiting consumers,” he said.
The agriculture chief confirmed that all 34 Indian exporters had met the requirements.
However, he added that 13 of these companies will not be immediately allowed to export carabeef to the Philippines, since their operations are based in Maharashtra, Telangana, and Bihar
Bad weather unlikely to dent
THE country’s unmilled rice production in the fourth quarter will be higher than the previous year’s level despite the onslaught of typhoons that struck the country in October and November.
Based on the Philippine Statistics Authority’s (PSA) survey of standing crops, paddy rice output in the fourth quarter could reach 7.44 million metric tons (MMT) due to an expansion in harvest area.
PSA said its data indicated that palay production from October to December may increase by 2.8 percent to 7.44 MMT, from last year’s actual output of 7.24 MMT.
However, the latest figure is 2.3 percent lower than the agency’s initial estimate of 7.61 MMT.
THE agency also clarified that it will not allow exemptions for heattreated products, since the accreditation pertains specifically to the trade in frozen carabeef.
However, Laurel stated that if India has a method of boiling carabeef to address FMD concerns, which is similar to the process Pakistan uses for buffalo meat it exports to China, then he would consider allowing such imports.
“If they can do that, I will allow it,” he said.
The DA said the accreditation follows a thorough verification process conducted by the agency, including an inspection mission
The NMIS team confirmed that all 34 companies seeking accreditation met international food safety standards, including good manufacturing practices, hazard analysis, and critical control points.
The Philippines imports around 40 percent of its carabeef needs because domestic production cannot fully meet market demand.
Carabeef is one of the raw materials used by local companies in manufacturing processed meat products.
PHL unmilled rice output
percent to 1.93 MMT from last year’s 1.96 MMT.
This figure is also 1.9 percent lower than the agency’s initial estimate of 1.97 MMT, based on PSA data.
The agency also said corn harvest area during the period may have contracted by 3.5 percent to 598,780 ha from the 620,420 ha recorded in the previous year while yield per hectare may have inched up by 1.9 percent to 3.22 MT from 3.16 MT.
The PSA said the total palay harvest area during the period may expand by 2.8 percent to 1.8 million hectares (ha) from the 1.75 million ha recorded in the same period last year. It added that the yield per hectare for the period remained at 4.13 metric tons (MT).
“As of 01 November 2024, about 988,950 hectares or 54.9 percent of the 1.80 million hectares updated harvest area of standing crop have been harvested. This translates to palay output of 4.18 million metric tons,” the PSA report read.
“Of the total area of 811,330 hectares of standing palay yet to be harvested as of 01 November 2024, 3.5 percent were at the vegetative stage, 30.4 percent at the reproductive stage, and 66.1 percent at the maturing stage.”
Meanwhile, PSA said the results of its survey showed that corn output may decline by 1.5
Manila bans cattle from Japan due to LSD outbreak
THE Department of Agriculture (DA) slapped a temporary ban on imported live cattle and buffalo from Japan following an outbreak of lumpy skin disease (LSD).
Agriculture Secretary Francisco Tiu Laurel Jr. signed Memorandum Order (MO) 57, which imposed the ban to prevent the entry of the LSD virus into the country and protect the health of the local cattle and water buffalo population.
The DA issued the ban after the National Institute of Animal Health (NIAH) National Agriculture and Food Research Organization confirmed an LSD outbreak in Maebaru, Fukuoka, Japan last November 5, which affected domestic cattle.
Cocoa supply crunch
THE outlook for top grower Ivory Coast’s cocoa harvest is souring, with bad weather and a virulent crop disease threatening to deepen a global supply crunch and add to the price rally that has blown past records. Production in the country, which accounts for more than a third of global production, is expected at 1.9 million tons in the 2024-25 season, according to an average of eight analyst and trader estimates compiled by Bloomberg. That’s down nearly
10 percent from a government outlook of about 2.1 to 2.2 million tons near the start of the season in October. Poor harvests in West Africa— the biggest cocoa hub—plunged the world into its largest-ever supply deficit last year, and waning prospects in Ivory Coast will now make rebuilding those stockpiles more tenuous. That could dampen traders’ earlier expectations for a small surplus and extend the dizzying streak for prices that’s hit both chocolate makers and con -
According to the order, the Japanese agency submitted its official report on November 15.
Following this, Laurel issued emergency measures for the importation of the commodity and its byproducts subject to the country’s import terms and conditions and regulatory requirements.
Under the order, live bovines and water buffaloes, including semen and embryos, are not allowed to enter the country. However, the following products are allowed under certain circumstances:
n Skeletal muscle meat, casings, gelatine and collagen, tallow, hooves, and horns since these are considered “safe
commodities” and are not included in the temporary restriction; n Nilk and milk products are allowed provided that there is additional attestation in the international veterinary certificate certifying that the said products were subjected to pasteurization; and n Meal and flour from blood, meat other than skeletal muscle, or bones from bovines and water buffaloes are also allowed under the order, but with additional attestation that these were processed using heat treatment and precautions were taken after processing.
Hides of bovines and water buffaloes will be permitted to enter the Philippines but with additional certification from the
“As of 01 November 2024, about 278,660 hectares or 46.5 percent of the 598,780 hectares updated harvest area of standing corn have been harvested, translating to a 1.00 million metric tons of corn output,” the PSA said.
“Of the total area of 320,120 hectares of standing corn yet to be harvested as of 01 November 2024, about 2.7 percent were at the vegetative stage, 42.1 percent at the reproductive stage, and 55.2 percent at the maturing stage.” Ada Pelonia
country of origin’s veterinary authority that the products were dry-salted or wet-salted for at least 14 days before dispatch; or treated for at least seven days in salt with the addition of 2 percent sodium carbonate; or dried for at least 42 days at a temperate of at least 20 degrees Celsius. The order indicated that other products of bovines and water buffaloes are allowed, provided that the products were processed to ensure the destruction of the virus.
According to the World Organisation for Animal Health (WOAH), the LSD virus is economically significant since it can cause a temporary drop in milk output, temporary or permanent infertility in bulls, hide damage, and, in some cases, death. Ada Pelonia
isn’t over yet as top grower’s crop
sumers. Cocoa futures surged to an all-time high of $11,925 a ton this week.
While climate change remains a top challenge, low farmer pay and swollen shoot virus—an incurable crop disease—continues to impact yields in Ivory Coast.
“The outlook for cocoa is still for a very tight market and very volatile market,” said Steve Wateridge, head of research at TRS by Expana. “As a company we’ve been disappointed with the lack of efforts to address the structural
issues that contributed to reduced output in the last season.”
Favorable weather during the development of the main-crop had fueled hopes of a better harvest with chocolate companies talking up the expected recovery in earnings calls. But that outlook has dimmed after heavy rains lashed farms, knocking down flowers and also hurting bean quality.
A spokesperson for Ivory Coast’s industry regulator, Le Conseil Cafe-Cacao, declined to comment. Now, the seasonal Harmat -
tan winds raise the risk of drying out soil and stressing the smaller mid-crop that is typically collected from April.
Soil moisture for the past month has been much lower than normal and lower compared to the last few years, according to Brandon Fox, operational meteorologist at weather forecaster Maxar Technologies Inc. Global stockpiles are also at the lowest in decades with inventories in exchange approved warehouses in the US shrinking daily.
falters
On the demand front, bean processing has been surprisingly strong so far this year, and the next quarterly figures due in January will give more clues on whether that has held up. “There is not going to be the surplus that everyone was anticipating,” said Julio Moscoso, commercial director at Latam Commodity Traders. “Prices will continue to rally as hedge funds re-enter the market but we will eventually see a vengeful correction in prices.” Bloomberg News
PHOTO FROM WWW.DA.GOV.PH
South Korea’s impeached President Yoon evades questioning, risks arrest amid constitutional crisis
By Shinhye Kang
SOUTH
KOREA’S impeached
President Yoon Suk Yeol
skipped questioning by a joint investigation team on Wednesday, according to local media reports, increasing the risk of his arrest.
Yoon didn’t appear for a scheduled 10 a.m. questioning by the joint team, which consists of the defense ministry, police and an anti-corruption investigative body, according to SBS. The investigators will consider sending a second summons, the broadcaster reported.
for him to appear on Saturday.
Yoon’s lawyer told the media on Tuesday that he has not completed assembling his defense team and will make a statement in the coming days about the investigation agencies’ request for his appearance. The lawyer also said investigative agencies appear to be competing to issue summons and attendance requests, and this situation needs to be addressed.
On Wednesday, the prosecutors’ office said it will transfer Yoon’s case to the anti-corruption investigative body to prevent duplicate probes, though the office will retain the authority to indict the president, according to Yonhap News.
Donald Trump’s inauguration.
dent,” Cho said. South Korea is working hard to restore the momentum as soon as possible under the constraints, he added.
Finance Minister Choi Sangmok said at the same briefing that the government seeks to frontload its budget spending in the first half of next year to bolster the economy amid the political turmoil.
South Korea’s parliament voted on Saturday to impeach Yoon, suspending him from office after his shocking declaration of martial law earlier this month sparked a constitutional crisis. Yoon vowed to never give up, signaling his intent to fight in court to retain his job and contending his martiallaw decree was within his constitutional powers.
Yoon rattled financial markets after imposing and then quickly retracting martial law earlier this month. His actions have sparked political uncertainty, which could add to economic risks as policymakers worry about the impact of Trump’s tariff plans on their trade-reliant economy. With assistance from Sam Kim and Elaine To/Bloomberg Thursday, December 19, 2024
Investigative officials are seeking to question Yoon over the opposition’s allegations that he committed treason. Another team, led by prosecutors, has also been trying to summon Yoon and requested
Americans’ trust in US judicial system hits record low amid political turmoil
By Lindsay Whitehurst The Associated Press
WASHINGTON—At a time of heightened political division, Americans’ confidence in their country’s judicial system and courts dropped to a record low of 35 percent this year, according to a new Gallup poll.
The United States saw a sharp drop of 24 percentage points over the last four years, setting the country apart from other wealthy nations where most people on average still express trust in their systems.
The results come after a tumultuous period that included the overturning of the nationwide right to abortion, the indictment of former President Donald Trump and the subsequent withdrawal of federal charges, and his attacks on the integrity of the judicial system.
The drop wasn’t limited to one end of the political spectrum. Confidence dropped among people who disapproved of the country’s leadership during Joe Biden’s presidency and among those who approved, according to Gallup. The respondents weren’t asked about their party affiliations.
It’s become normal for people who disapprove of the country’s leadership to also lose at least some confidence in the court system. Still, the 17-point drop recorded among that group under Biden was precipitous, and the cases filed against Trump were likely factors, Gallup said.
Among those who did approve of the country’s leadership, there was an 18-point decline between 2023 and 2024, possibly reflecting dissatisfaction with court rulings favoring Trump, Gallup found. Confidence in the judicial system had been above 60 percent among that group during the first three years of Biden’s presidency but nosedived this year.
Trump had faced four criminal indictments this year, but only a hush-
money case in New York ended with a trial and conviction before he won the presidential race.
Since then, special counsel Jack Smith has ended his two federal cases, which pertained to Trump’s efforts to overturn his 2020 election loss and allegations that he hoarded classified documents at his Mar-a-Lago estate in Florida. A separate state election interference case in Fulton County, Georgia, is largely on hold. Trump denies wrongdoing in all.
Other Gallup findings have shown that Democrats’ confidence in the Supreme Court dropped by 25 points between 2021 and 2022, the year the justices overturned constitutional protections for abortion. Their trust climbed a bit, to 34 percent, in 2023, but dropped again to 24 percent in 2024. The change comes after a Supreme Court opinion that Trump and other former presidents have broad immunity from criminal prosecution.
Trust in the court among Republicans, by contrast, reached 71 percent in 2024.
The judicial system more broadly also lost public confidence more quickly than many other US institutions over the last four years. Confidence in the federal government, for example, also declined to 26 percent. That was a 20-point drop—not as steep as the decline in confidence in the courts.
The trust drop is also steep compared with other countries around the world. Only a handful of other countries have seen larger drops during a four-year period. They include a 46-point drop in Myanmar during the period that overlapped the return of military rule in 2021, a 35-point drop in Venezuela amid deep economic and political turmoil from 2012 to 2016 and a 28-point drop in Syria in the runup and early years of its civil war.
The survey was based on telephone interviews with a random sample of 1,000 US adults between June 28 and August 1.
Two South Korean ministers held a joint briefing on Wednesday, with Foreign Minister Cho Tae-yul saying Yoon’s martial law declaration has made it difficult for the country to maintain its diplomatic momentum with the US ahead of
“This turmoil has weakened the political momentum that has been built up, and it will take time to recover,” Foreign Minister Cho Tae-yul said Thursday at a press conference.
Yoon has been suspended from office since the opposition-con -
The government will “mobilize fiscal resources including those for public institutions, private investment, policy financing and so on,” Choi said. “We will also prepare additional measures to support vulnerable populations.”
trolled parliament impeached him on Saturday, and the Constitutional Court is now reviewing the case.
Before his impeachment, Yoon led the reinforcement of security and economic ties with the US.
“It is also undeniable that there are certain constraints that come from the suspension of the presi -
Pressure mounts on Canadian PM to resign amidst growing criticism and party turmoil
TBy Rob Gillies The Associated Press
ORONTO—Canadian Prime Minister Justin
Trudeau faces growing pressure to resign from his own Liberal Party after his top minister abruptly quit and criticized his handling of the budget. Trudeau has led the country for nearly a decade, but has become widely unpopular in recent years over a wide range of issues, including the high cost of living and rising inflation.
There is no mechanism for Trudeau’s party to force him out in the short-term. He could resign, or his party could be forced from power by a “no confidence” vote in Parliament that would trigger an election that would very likely favor the opposing Conservative Party.
If his party were to survive a vote in Parliament—which seems increasingly unlikely—Trudeau could choose to stay on as prime minister until there is an election.
As rising numbers of Liberal lawmakers called Tuesday for Trudeau to resign, the country’s minister of natural resources, Jonathan Wilkinson, said “we all need to give him a little time to reflect.”
Here’s a deeper look at the possible paths for Trudeau and Canada.
Trudeau could resign and allow other liberals to vie for his office IF Trudeau resigns, which political analysts consider a likely scenario, the Liberals would need to choose
an interim prime minister to lead the country at least until elections are held.
It isn’t clear yet who the most likely candidate would be for any interim role.
Longer term, a person likely to seek power in the Liberal Party postTrudeau is Mark Carney, the former head of the Bank of Canada, and later the Bank of England. Carney has long been interested in entering politics and becoming prime minister.
Another possible candidate is Trudeau’s new finance minister, Dominic LeBlanc. The former public safety minister, and a close friend of Trudeau, LeBlanc recently joined the prime minister at a dinner with US President-elect Donald Trump at Mar-a-Lago.
Concerns about Trudeau’s leadership were exacerbated Monday when Chrystia Freeland, the former finance minister, quit his Cabinet. Freeland was highly critical of Trudeau’s handling of the economy in the face of steep tariffs threatened by Trump. Shortly before Freeland announced her decision, the country’s housing minister also quit.
“My guess is that if another minister or two goes, he’s toast, he will be forced to resign,” said Canadian historian Robert Bothwell.
Opposition parties could vote to topple Trudeau’s grip on power WITH voters deeply unhappy, Parliament has the authority to try to knock Trudeau’s Liberal
party from power by holding a “no confidence” vote that would trigger an early election. And if a majority of Parliament votes against his government, Trudeau would then be “erased in the election,” Bothwell said.
The walls are rapidly closing in on Trudeau.
Because Liberals don’t hold an outright majority in the Parliament, they have for years depended on the support of the leftist New Democratic Party to pass legislation and stay in power.
But that support has all but vanished—the NDP’s leader has called on Trudeau to resign—and that clears the way for Parliament to vote “no confidence.”
After Tuesday, Parliament will be shut for the holidays until late next month, and a “no confidence” vote could be scheduled sometime thereafter.
The Conservative Party, which has a commanding lead in the polls over the Liberals, has not publicly called for Trudeau’s resignation. And because of tactics the Liberal Party can deploy to delay a “no confidence” vote, Conservatives might not be able to force one for a couple of months, said Nelson Wiseman, professor emeritus at the University of Toronto.
A vote of no confidence would trigger an immediate election.
Trudeau could try to hang on to power
THE political winds are blowing
heavily against Trudeau, but he could theoretically cling to power a while longer.
While a growing number want him to resign, one longtime supporter, Liberal lawmaker James Maloney, said Trudeau has the support of his base in Parliament.
“Like most families, sometimes we have fights around the holidays. But of course, like most families, we find our way through it,” Trudeau said. “I love this country. I deeply love this party. I love you guys.” If Trudeau’s Liberal party survives no confidence votes in the coming months—an unlikely scenario—the latest the next federal election could be held is October 20.
The odds of an election much sooner than that have gone up.
“I expect an election in late spring, unless Trudeau decides to dissolves Parliament and dives into an election before then,” said Wiseman.
With Liberals’ grip on power fading, experts say the best they can hope for in the next election is to hold the Conservatives to a minority government that will be reliant on other parties to pass legislation. The latest polling from Nanos has the Conservatives leading the Liberals 43 percent to 23 percent, suggesting Conservatives could win a majority of the seats.
Rescuers dig for survivors of Vanuatu earthquake that killed 14 people and injured more than 200
By Charlotte Graham-Mclay
WThe Associated Press
ELLINGTON, New Zealand—Vanuatu’s capital was without water on Wednesday, a day after reservoirs were destroyed by a violent magnitude 7.3 earthquake that wrought havoc on the South Pacific island nation, killing at least 14 people and injuring hundreds, with the figure expected to rise. Frantic rescue efforts that began at the scene of flattened buildings after the quake hit early Tuesday afternoon continued 30 hours later, with dozens working in dust and heat with little water to seek those yelling for help inside. A few more survivors were extracted from the rubble of downtown buildings in Port Vila, also
the country’s largest city, while others remained trapped and some were found dead.
A near-total telecommunications collapse meant people struggled to confirm their relatives’ safety. Some providers began to reestablish phone service but connections were patchy. Internet service had not been restored because the submarine cable supplying it was damaged, the operator said. The earthquake hit at a depth of 57 kilometers (35 miles) and was centered 30 kilometers (19 miles) west of the capital of Vanuatu, a group of 80 islands home to about 330,000 people. A tsunami warning was called off less than two hours after the quake, but dozens of large aftershocks continued to rattle the country.
Of the casualties, four deaths were registered at the main hospital, six in a landslide and four in a collapsed building, a government notice said—but the figure had not been updated in more than 15 hours. More than 200 injured people were treated at Vila Central Hospital.
The Asia-Pacific head of the International Federation of Red Cross’ Katie Greenwood, speaking to The Associated Press from Fiji, said it was not clear how many people were still missing or killed.
“We have anecdotal information coming from people at the search and rescue site that are fairly confident that unfortunately those numbers will rise,” she said.
The capital’s main medical facility, Vila Central Hospital, was badly damaged and patients were moved to a military camp. Clement Chipokolo, Vanuatu country director at the prominent Christian relief agency World Vision said healthcare services, already strained before the quake, were overwhelmed. No water in Port Vila WHILE power was out in swathes of Port Vila, the biggest fear among aid agencies was the lack of water. Two large reservoirs serving the capital were totally decimated, the National Disaster Management Office said. A resident, Milroy Cainton, said people were joining large queues to buy water in stores, but could only purchase two or four bottles at a time. “People are not really concerned about electricity, they’re just concerned about water,” he said.
DEMONSTRATORS carry an effigy of Yoon Suk Yeol during a mass protest in Seoul on December 12. BLOOMBERG
Fed signals slower pace of key rate cuts, offering limited relief on borrowing costs
By Christopher Rugaber Ap Economics Writer
WASHINGTON—Federal
Reserve officials on Wednesday will likely signal a slower pace of interest rate cuts next year compared with the past few months, which would mean that Americans might enjoy only slight relief from still-high borrowing costs for mortgages, auto loans and credit cards.
The Fed is set to announce a quarter-point cut to its benchmark rate, from about 4.6 percent to roughly 4.3 percent. The latest move would follow a larger-thanusual half-point rate cut in September and a quarter-point reduction in November.
Wednesday’s meeting, though, could mark a shift to a new phase in the Fed’s policies: Instead of a rate cut at each meeting, the Fed is more likely to cut at every other meeting—at most. The central bank’s policymakers may signal that they expect to reduce their key rate just two or three times in 2025, rather than the four rate cuts they had envisioned three months ago. So far, the Fed has explained
UK’s accelerated clean power push risks raising energy bills
TBy Eamon Akil Farhat
HE UK government risks baking in higher energy costs for consumers as it pushes to meet a challenging—and upgraded—target to decarbonize the country’s power supply by 2030.
After bringing forward a deadline to deliver a clean power system—defined as one that relies on gas for less than 5% of supply—to 2030 from 2035, ministers may lock consumers into higher prices, according to energy analysts at Cornwall Insight, Carbon Tracker and Aurora Energy Research Ltd. That’s because the cost of raw materials and borrowing have increased, making it expensive to build new wind farms. Approving a wave of projects in a rush to meet the target could also kill off competition that drives down costs.
“Assuming renewables keep reducing in cost as manufacturing and installation costs fall, then installing more in the short-term could result in locking in higher costs, compared to installing the same capacity later when costs have fallen,” Cornwall’s principal modeler, Tom Edwards, said. He added that the more ambitious target risks reducing competition for new renewable projects, adding further to the price burden on consumers. A delicate balance is needed to keep costs under control and there’s a risk attached to accelerating the UK’s clean energy drive under the assumption that renewable energy is cheaper.
Prime Minister Keir Starmer and Energy Secretary Ed Miliband pledged during this year’s election campaign that their plan to slash greenhouse gases would reduce annual energy bills for consumers by as much £300 ($381) a year. Starmer’s spokesman, Tom Wells, said last week that ministers “stand by independent modeling based on pre-election prices which said that the savings could be £300 based on clean power by 2030.”
A push to reach net zero emissions in the power sector by 2030 would cost £11.4 billion more over the next 11 years than sticking to the 2035 deadline, according to Aurora Energy Research analysis from earlier this year. The government’s fiscal advisor, the Office for Budget Responsibility, has increased its forecast for UK expenditure on environmental levies through 2029 by £8.8 billion in total.
The government laid out plans last week to reform rules on planning and grid connection in a bid to spur the £240 billion of investment it says is needed by 2030 to transform the energy system and meet its decarbonization goal. The plan envisaged as much as 50 gigawatts of offshore wind power capacity by 2030, more than triple today’s level.
Most new wind farms are supported by government-backed contracts that fix prices for 15 years. The costs of building offshore wind has increased in recent years due to higher costs for financing and raw material costs as well as weather delays that have plagued projects. That means the UK will have to lock in new projects at a particularly expensive time.
To reach the targets quickly, “we will need to select some projects which are less economical and have higher costs,” said Lorenzo Sani, a power analyst at energy research firm Carbon Tracker.
Power prices are calculated by the most expensive megawatt of generation needed to meet demand. When gas is needed, it will push the price to a much higher level than on days when it’s windy or sunny. Under one scenario envisaged by the UK’s National Energy System Operator, gas would be setting the power price almost half of the time, exposing consumers to international commodity markets.
Gas plants “will contribute significantly to the overall cost of power as they will be setting the price during periods of scarcity,” said Cornwall’s Edwards.
Building a large amount of wind capacity in Scotland doesn’t fix everything. So far this year, the UK has spent more than £1 billion in congestion costs to turn off plants when it’s too windy because of grid constraints, and to switch on others. As more renewables come online, and storage solutions fail to keep pace, that wasted energy is set to quadruple under both scenarios set out by NESO.
To help cut wasted power, the UK aims to speed up grid expansion to better move green electricity from the windiest, often remote regions, to population centers in England. NESO identified 68 projects that could be delivered by 2030, and said that delaying even one of those could add an extra £500 million per year in constraint payments. With assistance from William Mathis/Bloomberg
its moves by describing them as a “recalibration” of the ultra-high rates that were intended to tame inflation, which reached a four-decade high in 2022. With inflation now much lower—at 2.3 percent in October, according to the Fed’s preferred gauge, down from a peak of 7.2 percent in June 2022—many Fed officials argue that interest rates don’t need to be so high. But inflation has remained stuck above the Fed’s 2 percent target in recent months while the economy has continued to grow briskly. On Tuesday, the government’s monthly report on retail sales showed that Americans, particularly those with higher incomes, are still willing to spend freely. To some analysts, those trends raise the risk that further rate cuts could deliver an excessively strong boost to the economy and, in doing so, keep inflation elevated.
On top of that, President-elect Donald Trump has proposed a range of tax cuts—on Social Security benefits, tipped income and overtime income—as well as a scaling-back of regulations. Collectively, these moves could stim -
ulate growth. At the same time, Trump has threatened to impose a variety of tariffs and to seek mass deportations of migrants, which could accelerate inflation.
Chair Jerome Powell and other Fed officials have said they won’t be able to assess how Trump’s policies might affect the economy or their own rate decisions until more details are made available and it
becomes clearer how likely it is that the president-elect’s proposals will actually be enacted. Until then, the outcome of the presidential election has mostly heightened the uncertainty surrounding the economy.
Either way, it appears unlikely that Americans will enjoy much lower borrowing costs anytime soon. The average 30-year mort -
gage rate was 6.6 percent last week, according to mortgage giant Freddie Mac, below the peak of 7.8 percent reached in October 2023. But the roughly 3 percent mortgage rates that existed for nearly a decade before the pandemic aren’t going to return in the foreseeable future.
Fed officials have underscored that they are slowing their rate reductions as their benchmark rate nears a level that policymakers refer to as “neutral”—the level that neither spurs nor hinders the economy.
“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 we try to find neutral.” Most other central banks around the world are also cutting their benchmark rates. Last week, the European Central Bank lowered its key rate for the fourth time this year to 3 percent from 3.25 percent, as inflation in the 20 countries that use the euro has fallen to 2.3 percent from a peak of 10.6 percent in late 2022.
Global demand spurring Indonesia’s mining boom comes at a cost for many communities
By Yusuf Wahil & Victoria Milko The Associated Press
KABAENA, Indonesia—The crystal blue waters that once surrounded Kabaena are murky brown now, and the octopi and colorful fish that locals used to catch nearby to eat and sell have fled. The lush seaweed they used to harvest is gone. And parents who grew up swimming happily in the Flores Sea now warn their children to stay out of the water for fear of itchy rashes or skin lesions.
The people of Kabaena—including Indigenous Bajau, a group that has traditionally lived near and relied on the sea—are among what experts estimate are thousands of communities around Indonesia where traditional ways of life have been devastated by the impacts of a rapidly expanding mining industry. Most of the materials mined in Indonesia fuel the international supply chain for stainless steel, electric vehicle batteries and more.
“All residents here have felt the impact,” said Amiruddin, 53, a fisherman who like many Indonesians uses only one name.
With the world’s largest known nickel reserves and rich deposits of cobalt, bauxite and other materials, Indonesia has been experiencing a mining boom on demand for stainless steel, electric vehicle batteries and more that are needed for the global energy transition. The island nation has sought to expand its mining and processing capabilities while facing backlash from international and local watchdogs for various environmental concerns.
Across Indonesia, nickel processing plants sometimes sprawl just a few minutes from the sea, and barges ready to carry away nickel ore often dot the water. Some mines operate near schools.
Local communities and the natural environments around
these mines can bear the burden of this intense demand. From 2001 to 2020, the world lost nearly 1.4 million hectares (about 3.5 million acres) of trees due to mining, with Indonesia having the highest loss, according to an analysis by the World Resources Institute.
On Kabaena, over 3,700 hectares (9,140 acres) of forest—including protected forest—were cleared by mining companies between 2001 to 2023, according to data analysis by international environmental organization Mighty Earth. That deforestation has devastated the environment and livelihoods on Kabaena, said Amanda Hurowitz, a senior director at Mighty Earth. Where fishers could once catch fish to sell or feed their families, the water is now filled with runoff sediment from mining activities and no fish are to be found. Fishers with boats must travel farther, using expensive petrol, and wind up with smaller catches that earn them less money. Those without boats often resort to eating the small shellfish they can find in the murky water around their homes.
“(I would) fish near there by setting a net,” Ilyas, 70, said while pointing in front of his home. “Now it’s far away before (fish) are found.”
Communities on land are experiencing the mines’ impact as well: Sugar cane, palm and clove trees cultivated for food and income don’t grow as well, with water sources used for crops tainted by mining activities, residents said.
“That’s the effect: The growth of the sugar palm trees will not be as good because of the influence of mining,” said Amal Susanto, 32, a palm sugar farmer in an area of Kabaena where exploration permits have been granted but mining has not yet begun. “I hope no mines around here, because our income will be impacted.”
Since the mines have opened, there’s been a spike in residents complaining of itchy skin, sore throats and other health issues. Villagers no longer want to bathe or wash clothes in the water; when they do, they get itchy skin and rashes said Nina, 33, an Indigenous Bajau resident of Kabaena.
Lab results from samples of rivers, sea water, dust and shellfish from Kabaena taken by Satya Bumi, a nonprofit environmental organization based in Indonesia, in July and November showed hazardous levels of nickel, lead and cadmium—common mining byproducts.
Exposure to these metals at the levels seen in the lab samples could lead to cancer, cardiovascular, kidney and other chronic diseases, said Kathrin Schilling, an assistant professor at Columbia University who researches molecular biology and reviewed the lab results.
“If people on this island are using the river water as drinking water—which has higher levels of the metals—and then if they are also eating the shellfish and breathe the air ... you cannot escape basically any of the exposure to those toxic metals,” Schilling told AP. The impact isn’t limited to Kabaena. Across the sea to the north, a nickel mine near the village of Torobulu pushes up against a tattered soccer field and nearby athletic courts.
The impacts and mining continue despite a March 2024 ruling by Indonesia’s constitutional court that small islands such as Kabaena require special protection from abnormally dangerous activities, including mining, as they threaten ecosystems in vulnerable areas. But Indonesia’s government is still issuing mining permits for small islands, said Sayyidatiihayaa Afra, a researcher at Satya Bumi. Since the constitutional court ruling, forest loss has continued on Kabaena, with 150 hectares (370 acres) cleared in areas approved for mining on the island since April 1, according to data analysis by Mighty Earth. Over half of the forest loss occurred in a concession owned by mining company Tonia Mitra Sejahtera.
Tonia Mitra Sejahtera did not respond to a request for interviews or comment. Mining company Anugrah Harisma Barakah—which caused the most deforestation on Kabaena, according to Satya Bumi—also did not answer the publicly listed phone number when AP made requests for interviews or comment.
Milko reported from Jakarta.
FEDERAL Reserve Board Chairman Jerome Powell speaks during a news conference at the Federal Reserve in Washington on November 7, 2024. AP/MARK SCHIEFELBEIN
MURKY brown water is visible near nickel mining activities that surround Baliara village on Kabaena Island, Southeast Sulawesi on November 15, 2024. AP/YUSUF WAHID
The urgent need for investment in early childhood care and development in PHL
IN a society striving for progress, the formatåive years of a child’s life must not be ignored or neglected. This is because the early stages of development are pivotal in shaping both the child’s future and the future of society as a whole. Therefore, it is essential to invest time, resources, and effort in providing quality education, care, and support to children during their formative years.
Education Secretary Juan Edgardo Angara’s recent emphasis on prioritizing Early Childhood Care and Development (ECCD) during the World Bank Philippines Economic Update Development Dialogue serves as a timely reminder of the importance of early investments in human capital. As the DepEd chief aptly stated, “We need to invest more in the early years of our people to ensure that every Filipino child born today has the chance to dream, to learn, to grow, and to contribute to our nation’s progress.” (Read the BusinessMirror story: “Government told to focus on early childhood care and development,” December 14, 2024).
The statistics presented by Angara are alarming. According to a January 2024 report from UNICEF, a staggering 78 percent of toddlers in the Philippines are not enrolled in early learning programs, with the situation even more dire in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), where 90 percent lack access to early childhood education. These figures highlight a critical gap in our educational framework and underscore the urgent need for systemic changes.
President Marcos’ directive for the DepEd, the Department of Health, and the Department of Social Welfare and Development to coordinate their efforts is a step in the right direction. However, the success of these initiatives hinges on local government units (LGUs) taking proactive roles. As Angara noted, empowering local governments with the necessary resources and authority to shape the lives of their youngest constituents is essential.
We have seen promising examples of local leaders who creatively allocate resources to improve children’s nutrition, construct daycare facilities, and support parents. This localized approach could very well be the key to addressing the disparities in ECCD access.
The 12 percent increase in the ECCD Council’s budget for 2025, amounting to about P277 million for the construction of National Child Development Centers, signals a commitment to building a robust ECCD infrastructure. However, financial investment must be complemented by a comprehensive strategy that realigns the ECCD curriculum to ensure smooth transitions for children into formal education.
Maria Montessori’s words strike a profound chord: “Early childhood education is the key to the betterment of society.” It is imperative that we nurture our children, as they are indeed the hope of our nation. By placing emphasis on Early Childhood Care and Development, we are not only investing in the futures of individuals but also in the advancement of our society as a whole.
As we move forward, let us advocate for sustained funding and innovative programming that make early childhood education accessible to every Filipino child. It is through such commitment that we can create a society where every child has the opportunity to thrive, ensuring a brighter future for everyone.
John Exter and the Philippines
JOHN
36. E-mail: news.businessmirror@gmail.com www.news.businessmirror@gmail.com Printed by brown madonna
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John Mangun
OUTSIDE THE BOX
ExTEr was an American economist, central banker, and financial consultant “known for his significant contributions to monetary theory aånd policy”. Interestingly, in 1948 he served as adviser to the Secretary of Finance of the Philippines on the establishment of the central bank.
Exter worked at the Federal Reserve Bank of New York as Vice President in charge of international banking operations from 1954 to 1959. Then at First National City Bank (later Citibank) where he became Senior Vice President until his retirement in 1972. His role involved international monetary advisory, focusing on relations with foreign banks and governments.
His most famous contribution to economic theory is “Exter’s Inverted Pyramid.” This model illustrates the hierarchy of asset classes based on risk and liquidity. At the bottom Base (Least Risky) of the upsidedown pyramid is physical gold and precious metals. At the top of risk are Derivatives such as futures, options, and swaps (dare we mention cryptos due to regulatory uncertainties, and speculative nature?).
These are often leveraged, speculative instruments that can result in significant losses due to their complexity and the high degree of
speculation involved. Highest risk assets are those that have no inherent purpose other than as a speculative vehicle for profit.
In between, from the bottom as we move up to the higher risk/liquidity levels are:
Cash/bank deposits followed by government and corporate bonds and stocks. Bonds typically offer predictable returns through fixed or variable interest rates and have short maturities, from a few months to a few years. Then we have Non-Monetary Commodities (logistics concerns like storage), Private Business (primarily due to liquidity challenges) and Real Estate in general.
The key concept to understand here is the Liquidity and Counterparty Risk. As you ascend the pyramid, assets become less liquid because they become more dependent on counterparties or promises to pay.
With the potential of rising sovereign debt defaults and declining
By Ellen Knickmeyer | The Associated Press
WASHINGTON—The State Department has carved out exceptions for close ally Israel that block a US law restricting foreign military support over human rights abuses, a lawsuit from a group of Palestinians in Gaza and American relatives asserted Tuesday.
Former State Department officials and crafters of the 1997 Leahy law were among those advising and backing the lawsuit.
The lawsuit details the barriers that it accuses the State Department of creating on Israel’s behalf to skirt enforcement and asks courts to intervene. That is after campus protests and moves by some lawmakers failed in their goal of limiting US military support to Israel over civilian deaths in Gaza during the war with Hamas.
“It’s really a modest set of goals here: There’s a US law. We’d like the federal government to adhere to US law,” said Ahmed Moor, a Philadelphia-based Palestinian American
who joined the lawsuit on behalf of cousins, uncles and aunts displaced and killed in the 14-month war.
The law bars US military assistance to foreign military units when there is credible evidence of gross human rights abuses.
Secretary of State Antony Blinken has denied that the department has given Israel a pass. “Do we have a double standard? The answer is no,” he said in April. The State and Justice departments declined to comment Tuesday.
Israel says it makes every effort to limit harm to Palestinian civilians in its military operations. The Biden administration has warned Israel
Exter believed central banks should concentrate on currency stability rather than expanding into fiscal policy roles or attempting to control economic cycles through monetary means. His tenure advising the Philippines’ finance ministry might have instilled these principles into the operations of the Bangko Sentral ng Pilipinas, leaving a legacy of cautious, stability-focused monetary and currency policy.
trust in public institutions, investors increasingly seek assets with no counterparty risk. Note that all investments that offer higher speculative returns depend on a counterparty willing to buy. Granted we might say the same about the stock market and real estate, but the investor still owns a tangible asset even if the market value is “intangible.”
But Exter goes a step farther. All assets are subject to the variations of economic cycles. Exter proposes that during economic booms, capital tends to flow up the pyramid towards riskier assets for higher returns. In downturns or crises, there’s a “flight to quality” where capital moves back down towards safer, more liquid assets. This obviously makes sense. Additionally, Exter’s pyramid highlights hidden financial risks.
Exter was cautious about the US dollar’s status as the world’s reserve
currency, noting the “exorbitant privilege” alongside the risks posed by potential loss of confidence in the dollar due to fiscal or monetary policy missteps. His foresight has shaped discussions around safeguarding the dollar’s global role while mitigating its inherent vulnerabilities.
Moreover, Exter was an early critic of derivatives, excessive leverage, and speculative bubbles, insights that gained validation after the 2008 financial crisis. He advocated for monetary policies that favored long-term stability over short-term economic boosts, critiquing central banks for potentially inflating bubbles through aggressive rate and money supply manipulations. He often criticized central banks for what he saw as overreach in manipulating interest rates and money supply to control economic cycles, suggesting that such interventions could lead to asset bubbles and subsequent economic crises.
Exter believed central banks should concentrate on currency stability rather than expanding into fiscal policy roles or attempting to control economic cycles through monetary means. His tenure advising the Philippines’ finance ministry might have instilled these principles into the operations of the Bangko Sentral ng Pilipinas, leaving a legacy of cautious, stability-focused monetary and currency policy.
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.
The lawsuit was filed under the Administrative Procedures Act. Groups ranging from immigration advocates, Medicare groups, petroleum giants and fishermen have used the law in the past to try to shape how US public agencies enforce laws.
to do more to spare civilians in the Gaza war, holding back one known weapons shipment of 2,000-pound bombs.
A State Department report in May concluded there was “reasonable” evidence that Israel’s use of US-provided weapons in Gaza violated international law that protects civilians but bypassed a decision on limiting arms, saying the war itself made it impossible for US officials to judge for certain. It also declined last month to hold back arms transfers as it had threatened over humanitarian aid to Gaza. Charles Blaha, a former State De-
partment official who helped oversee reviews under the Leahy law, argued that enforcing the law for Israel would have prevented much of the harm that civilians in Gaza are suffering.
“The secretary of state has made all the decisions so far on Israel and the Leahy law, and every single decision has resulted in those units being eligible” for continued US military support, Blaha said. “And that’s not the way the normal process works.” US military support to Israel in the light of Palestinian civilian deaths was a fraught issue in the presidential election. Republicans and many Democrats demanded unwavering military backing to Israel. The Biden administration’s refusal to limit support cost Democrats some votes from some Arab and Muslim voters and others.
Tuesday’s lawsuit is part of a last push on the outgoing Biden administration by Muslim Americans and See “Lawsuit,” A15
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Founder
Since 2005
For Waltz, advising isolationist Trump is Taiwan-sized challenge
By Jenny Leonard
During a trip to Taiwan last year, Florida congressman Mike Waltz stressed the uS needed to embrace “strategic clarity” and spell out to China that an invasion of the island would be met with a strong uS response.
Now that he’s president-elect Donald Trump’s incoming national security adviser, Waltz is beginning to see the value in ambiguity.
After more than 24 years in the Army, Waltz built his reputation in Washington as a China hawk, working on a House task force to coordinate policy toward Beijing. He introduced bills to prevent federal retirement funds from being invested in China’s military, decrease US dependence on critical minerals from China, and make the protection of Taiwan a specific goal for the US military.
And in an interview with Bloomberg News last year, Waltz, 50, argued that the biggest deterrent for Chinese President Xi Jinping would be for the US and its allies to clearly state that they would come to the island’s aid.
“I really think increasingly we need to move from strategic ambiguity to strategic clarity,” Waltz said in an April 2023 interview in Seoul. “If we don’t come to the aid of Taiwan, what does that then mean to Japan, South Korea and the Philippines? It means they start questioning their alliance with us and our commitment to them—and therefore, what I think it ultimately will mean is a nuclear Japan and a nuclear South Korea, because they will have to take matters into their own hands.”
There’s just one problem. Waltz’s new boss swept back to the White House as voters embraced his America First-branded approach to foreign policy, prioritizing domestic manufacturing and avoiding foreign entanglements.
That’s bad news for Taiwan, the self-governed island that has long been the biggest flashpoint between the world’s two superpowers, and home to massive semiconductor manufacturing facilities that Trump and Democrats alike are eager to return to US shores.
Now, Waltz faces the unenviable task of reconciling his views with that of his boss — under the watchful eye of an Indo-Pacific that has been shaken in recent years as Beijing sought to project its military might and test the US’s resolve with increased drills around the self-governed island.
A spokesperson for Waltz said in a statement that “President Trump will keep all options on the table in the Indo-Pacific and Rep. Waltz will carry out the policies that are in line with the president’s agenda.”
That comment is a notable departure from Waltz’s remarks during the congressional delegation trip to Taiwan, South Korea and Japan last year, when he stressed the importance of arming Taiwan more rapidly and selling the American people on the significance of defending it.
‘Race against time’
“I Feel like we’re in a race against time,” he told Bloomberg last year.
“The intelligence community is blinking red, yet the bureaucracy within our national security community is kind of plodding along.” Implicit in the tonal shift is an
. .
continued from A14
others to limit US military support to Israel, which is estimated to have reached $17.9 billion in the first year of the war—over its treatment of Palestinian civilians.
Two former Senate staffers, Tim Reiser and Stephen Rickard, were instrumental in crafting the law named for former Democratic Sen. Patrick l eahy and said the rising death toll in Gaza warranted the court case.
Australia sees wider budget deficits ahead as election looms
Aacknowledgment that Trump—who has described Taiwan as “the apple of President Xi’s eye”—largely sees the island as a mooch that stole a key industry while relying on the US for security.
“They did take about 100 percent of our chip business,” Trump said in a late June interview with Bloomberg. “Taiwan should pay us for defense. You know, we’re no different than an insurance company. Taiwan doesn’t give us anything.”
Trump’s comments spurred a frenzy in Taipei, where officials sought to clarify their intentions and the administration of President l a i Ching-te has since discussed ways to appease the incoming US president through weapons and energy purchases they plan to announce when Trump takes office, according to people familiar with the matter.
But Waltz’s tightrope act has already begun. l ast week, he met with Taiwanese officials at an event in Washington. People familiar with the conversation stressed that it was an informal gathering that wasn’t organized through the transition and that they did not have an in-depth policy discussion.
Still, one person familiar with the conversation expressed confidence that Waltz would maintain his proTaiwan stance and that Washington and Taipei will have open channels of dialogue on security cooperation.
The Taiwanese delegation included lin Fei-fan and Hsu Szu-chien of Taiwan’s National Security Council, and Vincent Chao, who used to run the political division at the Taipei economic and Cultural Representative Office in the US, the de facto embassy, people familiar with the matter said.
A spokesperson for the Taiwan representative’s office in Washington said that exchanges by national security teams from both sides are a routine part of their responsibilities and declined to comment further on their conversation.
One China policy
CeNTRA l to the brewing policy debate is whether to alter the so-called One China policy and the Taiwan Relations Act, which for decades have governed the US-Taiwan relationship by leaving ambiguous whether the US would come to Taiwan’s defense in the event of an invasion. China has said it wants to reunify the island with the mainland and Xi has not ruled out the use of force, if necessary.
President Joe Biden shook that equilibrium when he said more than once he would defend the island militarily if China invaded. Trump told the Wall Street Journal editorial board in October that he’d handle the issue by telling Xi he would impose 150%-200% tariffs on China if he went into Taiwan.
And when asked if he would use military force against a blockade of the island, he answered: “I wouldn’t have to, because he respects me and he knows I’m f—crazy.” With assistance from Yian Lee /Bloomberg
The nonprofit Democracy for the Arab World Now, an Arab-rights group founded by slain Saudi journalist Jamal Khashoggi, helped bring the lawsuit for five Palestinians and Palestinian Americans. The plaintiffs include a former Gaza math teacher and humanitarian worker now living in a tent after losing 20 family members and being uprooted seven times.
Hamas militants began the war with an October 7, 2023, attack in Israel, killing about 1,200 people and taking some 250 hostages, some of
By Ben Westcott and Swati Pandey
uSTr AliA’S budget is expected to slip deeper into deficit in the years ahead due to rising government spending and a weakening in key trade partner China, a mid-year fiscal update showed, with a national election due in less than six months.
While the budget shortfall is forecast to narrow slightly in the current fiscal year to A$26.9 billion ($17.1 billion), it then gapes to A$46.9 billion in 2025-26, or 1.6 percent of GDP, and holds at or above 1 percent of GDP in the following two years, according to the Mid-Year economic and Fiscal Outlook released Wednesday.
The anticipated deterioration in the books is a blow to Treasurer Jim Chalmers, who has sought to construct a l abor government narrative of sound economic management ahead of an election that must be held by May 17.
Treasury has also edged down expectations for economic growth this fiscal year and next as elevated interest rates drag on private sector activity.
The currency and government bond years were steady following the update.
“The market was pretty well prepped for the wider deficit scenario and this came within expectations,” said Damien McColough, head of fixed income research at Westpac Banking Corp. in Sydney. “Given there was some risk of a election-style big spending shift, there is probably
some relief that the worst case scenario did not eventuate.”
Having delivered back-to-back surpluses in his first two budgets, the first in almost two decades, increased outlays and a weaker Chinese economy have now hurt the bottom line for Chalmers.
With payments expected to rise faster than previously forecast, net debt is now seen climbing to 22.4 percent of GDP in 2027-28 compared with a May estimate of 21.9 percent.
“Australia’s structural budget deficit is the result of years of successive governments neglecting the economic and tax reform needed to create a more prosperous Australia,” said Cathryn l ee, a partner at Deloitte Access economics. “Significant economic and tax reform is the only way to stabilize Australia’s fiscal position.”
Opinion polls show voters are increasingly frustrated by the nation’s economic position with interest rates at a 13-year high of 4.35 percent and prices still rising. While the government has sought to cushion the blow with cost-of-living relief and tax cuts, electoral discontent persists.
Speaking in Canberra on Wednes-
Opinion polls show voters are increasingly frustrated by the nation’s economic position with interest rates at a 13-year high of 4.35 percent and prices still rising. While the government has sought to cushion the blow with cost-of-living relief and tax cuts, electoral discontent persists.
day, Chalmers dismissed suggestions that he should cut spending further.
“It would be madness in economic terms, given how little growth there is in the economy right now, to slash and burn in the budget,” he said.
“That would have been diabolical for an economy that is barely growing as it is.”
The wider deficits will also be a headache for the Reserve Bank as it tries to cool domestic demand and consumer prices. economists have repeatedly said the strong fiscal impulse is a key reason the central bank has resisted joining a global easing cycle. Money market pricing implies a first cut will occur only in April or May. High levels of post-pandemic immigration are expected to be a major factor in the 2025 election, with the budget update showing the government missed its target to reduce net arrivals by a substantial margin. estimates for net overseas migration this fiscal year were revised up to 340,000 from the 260,000 fore-
cast in May. It is then predicted to slow, helped in part by the government’s clampdown on international students.
China’s slowing economy is another area of concern for Australia, which exports more than 80 percent of its iron ore to the Asian giant. The budget update showed Treasury maintaining a conservative stance, forecasting the iron ore price to drop to $60 a ton by September 2025, well below the current price of around $100.
For the domestic outlook, Treasury sees headline inflation remaining within the RBA’s 2 percent to 3 percent target, reflecting energy rebates and other subsidies. The central bank is instead focusing on core inflation, which is currently running at 3.5% and isn’t expected to fall back within the band until late next year. Unemployment, which has remained very low despite high interest rates, is predicted to climb to 4.5 percent by June 2025, from 3.9 percent in November. The labor market has been one of the government’s strongest metrics.
“We are trying to manage a soft landing on a bumpy runway,” Chalmers told reporters in Canberra. “We know that the global economic environment is very difficult, we know that people are still under cost-ofliving pressure, we know that interest rates are still having an impact on the economy.” With assistance from Matthew Burgess /Bloomberg
Bitcoin rally pauses after scaling $108,000 for the first time
By Suvashree Ghosh
BiTCoin took a breather after scaling $108,000 for the first time as traders await an expected Federal reserve interest-rate cut and assess a wave of optimism from President-elect Donald Trump’s support for crypto.
The largest token touched $108,315 on Tuesday before falling back to $106,400 as of 8:15 a.m. Wednesday in Singapore. The overall value of digital assets came within a whisker of $4 trillion amid the rally, CoinGecko data show.
Trump has promised friendly regulations to allow the US to dominate the crypto sector and even backed the idea of a strategic national Bitcoin reserve. MicroStrategy Inc.’s upcoming inclusion in the Nasdaq 100 Index added to the positive
mood by opening up the possibility of more share-price gains for a company whose main activity is raising capital to invest in Bitcoin.
The Fed is widely expected to implement another quarter-point rate cut on Wednesday but there is less clarity on the policy outlook due to robust US economic growth and inflation risks from the presidentelect’s wider agenda.
“We expect this week’s FOMC to contribute to the market’s volatility,” K33 Research analysts Vetle lunde
The largest token touched $108,315 on Tuesday before falling back to $106,400 as of 8:15 a.m. Wednesday in Singapore. The overall value of digital assets came within a whisker of $4 trillion amid the rally, CoinGecko data show.
and David Zimmerman wrote in a note, referring to the Fed’s final monetary policy meeting of the year.
“Following the FOMC, quiet macro weeks await, potentially setting the stage for Bitcoin momentum to further materialize during the holiday season.”
Bitcoin is up more than 55 percent since Trump’s victory in the presidential election on November
5. Investors have flocked to US exchange-traded funds for the original cryptocurrency, setting aside warnings about the token’s history of volatility, signs of stretched momentum and crypto’s lack of traditional valuation tethers. On the Deribit options exchange, one of the biggest crypto derivatives platforms, the highest concentration of open interest for bullish wagers is at the $120,000 strike price. Open interest is the number of outstanding contracts.
There are reasons to be “cautious about chasing Bitcoin” at current levels, such as the round-trip in its price on Tuesday to the starting level of about $106,000 despite the intraday jump to an all-time peak, according to IG Australia Pty Market Analyst Tony Sycamore. Bloomberg
UK inflation jumps to eight-month high ahead of BOE decision
By Irina Anghel & Tom Rees
uK inflation rose to an eight-month high in november, drifting further above the Bank of England’s 2% target and effectively ending any hope of an interest rate cut at its final meeting of the year.
The consumer prices index increased 2.6 percent annually, up from 2.3 percent in October, the Office for National Statistics said on Wednesday, driven up by motor fuel and clothing prices. economists had expected CPI to come in at 2.6 percent, while the BOe forecast 2.4 percent.
The data did little to change the outlook for traders, who priced in less easing by the BOe next year after higher-than-expected wage data was published on Tuesday. The market is betting on two quarter-point cuts and sees a roughly 40 percent chance of a third reduction by the end
whom are still being held. The Gaza health ministry, which does not distinguish between combatants and civilians in its death tolls, said the war has killed 45,000 Palestinians. The lawsuit was filed under the Administrative Procedures Act. Groups ranging from immigration advocates, Medicare groups, petroleum giants and fishermen have used the law in the past to try to shape how US public agencies enforce laws.
It accuses State Department officials under President Joe Biden of creating a series of high barriers
of 2025. That’s up from a 25 percent chance on Tuesday but still far below the 90 percent implied probability seen earlier this week.
The pound edged marginally lower, trading 0.2 percent weaker at $1.269, holding within a narrow range. Some economists had feared a sharper jump in CPI, especially after wage growth accelerated for the first time in more than a year, in data released Tuesday. Inflation was held down by airfares, which saw the largest November drop since records began.
“Coming on the back of the stron-
when vetting Israel’s military for l eahy law violations. Former State officials, including Blaha, have accused the US of effectively exempting Israel from enforcement, and the lawsuit offers some details for the first time.
It claims obstacles include setting up a multimember committee from the State and Defense departments in 2020 solely to consider possible violations by the Israeli military and uniquely requiring the deputy secretary of state to sign off on any findings of violations.
ger-than-expected rebound in wage growth in yesterday’s release, there is almost no chance of the Bank of england delivering an early Christmas present with another interest rate cut tomorrow,” said Paul Dales, chief UK economist at Capital economics. This week’s data “mean that the Bank won’t be able to worry less about inflation for a while yet,” he added.
The figures will reinforce fears of so-called “stagflation”—a high inflation, low growth scenario that threatens to cause a major headache for Prime Minister Keir Starmer, whose labour government promised to boost living standards.
Services inflation—closely watched by BOe rate-setters for signs of lingering pressures—remained stubbornly high at 5 percent.
The BOe had expected 4.9 percent.
The November CPI print brings back memories of the cost-of-living
The process also carves out an additional loophole for Israel, the lawsuit says, giving its government alone a chance to stave off a restriction of militaåry support over a human rights abuses by showing it has addressed the problem. The State Deparåtment used that exception in August, saying it had decided against cutting off aid to an Israeli military unit in the West Bank over grave human rights abuses because it removed two responsible soldiers from combat and committed to special training and oversight of
crisis. This was the first back-to-back increase in the annual inflation rate in over two years when price growth peaked above 11 percent. Goods inflation—the main driver of the postCovid price spike—rose to 0.4 percent, turning positive for the first time since March, driven by motor fuel, clothing and processed food and tobacco. Separate figures showed pipeline inflation pressures remained subdued in November, with producer input and output prices falling from a year earlier amid falling crude oil costs. Fuel and raw materials were unchanged on the month—a 0.2 percent gain was expected. Output prices rose just 0.3 percent.
UK households already see inflation rising to 3 percent over the next year, the first increase in expectations since 2023, according to a BOe survey. With assistance from Constantine Courcoulas /Bloomberg
remaining members. The unit was accused in the death of a 79-yearold Palestinian American man it had taken into custody. On Monday, Blinken met at the State Department with the family of another American, 26-year-old Seattle resident Aysenur ezgi eygi, who was shot and killed after taking part in a demonstration in the West Bank in September.
Blinken told the family that Israel had recently informed the US it was wrapping up its investigation of her death, Miller said Monday.
2nd Front Page
Veloso home, finally; asks for executive clemency
OVERSEAS
Filipino worker (OFW)
Mary Jane Veloso on Wednesday pleaded for executive clemency upon her arrival in the country after spending almost 15 years in jail for drug trafficking charges in Indonesia.
Napakasaya ko nakauwi na ako sa bansa natin...Pakiusap ko sa Pangulo sana mabigyan na ako ng clemency. [I’m so happy that I’m now back in our country. I am appealing to the President that he hopefully give some clemency],” Veloso told reporters who covered her arrival at the Correctional Institution for Women in Mandaluyong where she would be detained to serve her jail sentence.
Department of Justice Undersecretary Raul T. Vasquez said Veloso is now subject to the rules and regulations covering persons deprived of liberty in the Philippines since the Indonesian government did not impose any condition for her transfer to the Philippine jurisdiction.
Vasquez added that Veloso is also entitled to all the privileges being accorded to PDLs by the Bureau of Corrections (BuCor), including the availment of credits under the Good Conduct Time Allowance (GCTA).
“Following her transfer to the Philippines, Veloso is now treated as an ordinary person deprived of liberty under our Philippine laws as well as rules and regulations,” Vasquez said.
It can be recalled that last September, the Supreme Court (SC) ruled with fi nality that persons convicted of heinous crimes are entitled to the benefits of Republic Act (RA) 10592, or the New Good Conduct Time Allowance (GCTA) law.
Vasquez said the SC decision would allow the grant of privileges under the GCTA to those convicted of heinous crimes, recidivist, escapees, habitual delinquents.
Veloso arrived at the Ninoy Aquino International Airport (NAIA) Terminal 3 at around 5:51 a.m. via Cebu Cebu Pacific Flight SJ 760.
She was escorted by a team formed under Oplan “Sundo-Nesia” led by Bureau of Corrections Director General Gregorio Pio P. Catapang Jr.
e fl ight, which departed from Soekarno-Hatta International Airport in Jakarta at 12:05 a.m., marked the end of a harrowing chapter in Veloso’s life. Veloso was sentenced to death after she was arrested upon her arrival in Indonesia for carrying 2.5 kilograms of heroin in her suitcase. She has denied the charges, claiming that she was tricked into smuggling the illegal drugs by her recruiter.
She was scheduled to be executed by a fi ring squad in April 2015 but Indonesian President Joko Widodo granted a reprieve to allow Philippine authorities to pursue criminal charges against her alleged illegal recruiters.
However, President Ferdinand Marcos Jr. earlier announced that an agreement has been reached between the Philippines and Indonesia for the turnover of Veloso’s jurisdiction to the Philippine government.
Tepid demand to dent Toyota parts exports
@andreasanjuan
THE Toyota Group expects receipts from the exports of auto parts to reach $1.21 billion by the end of 2024, a 3-percent decline from the $1.26 billion recorded in 2023 due to the slowdown in demand in the United States and Japan.
“Slight decline in projected export sales of [Original Equipment Manufacturer] OEM parts and components in 2024 compare to 2023 due to demand slowdown in US and Japan,” Toyota Motor Philippines Corp. (TMP) said in an email. However, TMP said Toyota Group is expecting overseas demand “to stabilize by 2025 as well as a continuously growing domestic automotive market fueled by strong local demand and favorable fi nancing.”
TMP President Masando Hashimoto said Toyota Group’s parts export sales are seen to grow by 6 percent to $1.28 billion in 2025.
TMP and Toyota Group export suppliers recently convened to update the Philippine Economic Zone Authority (Peza) on its export performance. Peza revealed recently in a social media post that while locators within the Toyota Special Economic Zone (TSEZ) shared their “bright” company outlook for 2025, it noted that the fi rms laid
raised concerns about their export operations and logistics.
“Among the concerns raised were CREATE MORE incentives, clarification on VAT, digitalization of processes and request for Peza to support TMP’s advocacies with the Department of Trade and Industry [DTI],” the investment promotion agency said.
In a Viber message sent to the BM , Peza said TSEZ locators also raised issues related to the Comprehensive Automotive Resurgence Strategy (CARS) program. e agency, however, did not reveal their concerns.
“It’s confidential so we’re not at liberty to disclose. But some issues include VAT and the CARS program,” Peza said.
e CARS program is a government stimulus program that aims to revive the country’s declining manufacturing sector by specifically targeting the automotive industry, given its strong linkages to other industries.
e TSEZ, which houses Toyota Motor Philippines Corp. (TMP), Aichi Forge Philippines Inc., Toyota Aisin Philippines Inc., Philippine HKR Inc., and TRP Inc., has already generated P18 billion in investments and hired over 3,000 workers as of November 2024, according to Peza. (See: https://businessmirror. com.ph/2024/12/16/investments-intsez-hit-%e2%82%b118b-peza/)
Catapang said Veloso was not in handcuffs or subjected to any instrument of restraint in line with the rules of general application of the Standard Minimum Rules for the Treatment of Prisoners as adopted by the First United Nations Congress on the Prevention of Crime and the Treatment of Offenders.
Under the said rules, such instruments must not be applied for any longer time than is strictly necessary, Catapang said.
e BuCor chief also cited the Bangkok Rules or the United Nations Rules for the Treatment of Women Prisoners and Non-custodial Measures for Women Offenders which was adopted by the United Nations General Assembly in December 2010.
e Bangkok Rules is a set of 70 rules that uphold the dignity of incarcerated women and ensure that their rights are protected.
“Veloso had no intention of escaping or harming herself as she was eager to return to the Philippines,” Catapang stressed.
‘Constant reminder’ TWO former chiefs of the Senate
Labor committee welcomed the return of OFW Mary Jane Veloso to the country on Wednesday, but said authorities should waste no time remedying any fl aws in the labor export system to prevent a repeat of such scale of human trafficking that almost cost Indonesia’s death-row inmate her life.
Veloso’s plight is a constant reminder of the need to strengthen measures to protect our overseas Filipino workers (OFWs) from falling prey to exploitation and illegal activities and to extend support to those wrongfully implicated or unjustly punished, Senator Joel Villanueva said in a statement, hours after Veloso, who spent 14 years in jail in Indonesia, was fl own home to Manila via a special arrangement between close Asean allies Indonesia and the Philippines.
“ e successful negotiations for the return of our kababayan, Mary Jane Veloso, are a testament not only to strong diplomatic relations but also to the government’s unwavering commitment to prioritizing the welfare of our Overseas
ILO REPORT: MIGRANT WORKERS FACE
WHILE many leave their homes for the promise of better opportunities abroad, migrant workers often face higher unemployment than their local counterparts, reflecting systemic barriers that hinder their integration into labor markets.
e International Labour Organization (ILO) found that in 2022, the unemployment rate among migrant workers stood at 7.2 percent or about 12.1 million out of the 167.7 million migrants in the global workforce. is was significantly higher than the 5.2 percent recorded unemployment for all non-migrants for the same year.
“Possible factors contributing to higher unemployment among migrants include language barriers, the lack of recognition of foreign qualifications and the presence of discrimination,” ILO said. e group explained that many skilled workers, such as engineers or healthcare professionals, are unable to practice their professions in host countries due to stringent licensing requirements.
As a result, these migrants often fi nd themselves underemployed in lower-paying roles or completely excluded from the workforce.
Moreover, language barriers also pose significant challenges, particularly in service-oriented roles. ese hurdles are compounded by legal and policy restrictions in many countries.
“Migrants often face difficulties in acquiring the language proficiency necessary for many jobs, which limits their employment opportunities,” the report added.
ILO also emphasized the unique challenges faced by migrant women, who often juggle caregiving responsibilities with employment. In host countries with inadequate childcare systems, many migrant women are forced to remain outside the labor force. e organization found that the unemployment rate for migrant women in 2022 reached 8.7 percent, more than two points higher than the 6.2-percent unemployment rate for migrant men. is disparity, ILO said, is tied
Use tourism development fund, COA tells DOT
to the
THE Department of Tourism (DOT) has some P78.41 million in unutilized funds accumulated from 2019 to December 2023, which could otherwise have been allocated to important tourism projects and marketing programs. is was among the major fi ndings of the Commission on Audit (COA) on the utilization of DOT funds in 2023. e unutilized funds are under the Tourism Development Fund (TDF) which was established by Republic Act 9593 (Tourism Act of 2009) from the fees and charges collected by DOT’s Office of Tourism Resource Generation. According to COA: “[ e fund] has been unutilized for five consecutive years since 2019, thereby depriving the public of the benefits that could be derived from Projects, Activities, and Programs [PAPs] which could be implemented from its utilization. Moreover, it adversely affects the development, promotion, and marketing efforts
of tourism, and other projects that will boost tourism in the country.”
In August, DOT Undersecretary Shahlimar Tamano admitted that foreign tourists will likely reach just 6 million by yearend, missing the agency’s conservative target of 7.7 million inbound tourists, due to sluggish arrivals of mainland Chinese. e government agency tweaked its marketing efforts quite late, belatedly recognizing the impact of diplomatic tensions between Manila and Beijing over the West Philippines Sea on tourism. (See, “Power shortfall in Siargao forces hotel investors to halt construction—Zubiri,” in the BM-
, August 29, 2024.)
No proposed projects
COA cited the special provision in the General Appropriations Act of 2023, which made available some P4.58 million from the TDF in addition to the P3.4 billion in the agency’s regular appropriation. However, a check by COA with DOT-Central Office’s accounting department showed that the appropriated amount “was based on the DOT’s submission to the DBM [Department of Budget and
Management]. e DOT is not precluded from requesting for higher amount if needed. It was also explained that the amount was not recommended for any increase since it remained unutilized since 2019.”
Every year, the DOT urges lawmakers for an increase in its budget, claiming that this was not enough to fund its many projects. But the COA report showed that despite the annually appropriated TDF, it was only in 2017 and 2018, that the agency was able to use the funds therein amounting to P8.03 million.
e reason given by DOT for the unutilization of the TDF is that no projects have been proposed for it, “due to: unfamiliarity with the TDF; to maximize the utilization of regular funds; tedious process of proposing a project; and the proposed and approved budget is minimal for intended projects.”
COA noted the improvement in DOT’s utilization of its regular budget last year, where some P4.3 billion was allotted, 93.5 percent or P4 billion was obligated and available for spending. However, of the obligated amount, only 63.3 per-
cent or P2.5 billion was disbursed, while the rest, at P1.46 billion was not used, “which signified that the Agency was not able to fully utilize its budget for the year.”
Branding projects were late THE audit agency found that a major reason for the DOT’s low utilization rate last year was because “the (‘Love the Philippines’) branding campaign projects amounting to P958.53 million was only obligated in the 4th quarter of 2023 and subject to implementation and completion in 2024, thus no disbursement yet.”
Also, the COA noted that of P3.79 billion in notice of cash allocations, 80.67 percent or P3 billion was utilized, but the rest, at “P733.25 million was reverted to the Bureau of Treasury.” A low budget utilization rate is often used by the DBM as a reason to slash a government agency’s budget in the following year.
COA reported that the DOT management explained “challenges” they faced in utilizing their allocated funds, among which are:
Editor: Jennifer A. Ng
B1 Thursday, December 19, 2024
Ayala Corp. signs 50M euro ‘social’ loan from ING Bank
By VG Cabuag @villygc
AYALA Corp. announced last Wednesday its executives signed a 50-million euro (about P3.1 billion) “social” loan from ING Bank N.V. to support the growth of the portfolio of its wholly-owned subsidiary Ayala Healthcare Holdings Inc. (AC Health).
Key officers of the company, including Ayala Corp. Chief Financial Officer Albert M. de Larrazabal and Treasurer Estelito C. Biacora, finalized the deal with ING executives on December 16. The Amsterdam, Noord-Holland, the Netherlandsheadquartered lender was repre -
sented by Leoncio A. Palanca Jr., country manager for ING Bank N.V. Philippines (ING PHL), and Lenin C. Dueñas Jr., head of corporate sector coverage and financial institutions for ING PHL.
Proceeds of the social loan were allocated to AC Health’s portfolio
growth, and capital expenditures for retail pharmacy and hospital, including its QualiMed and Joseph Drug brands.
The loan enables Ayala, through AC Health’s integrated healthcare ecosystem, to continue providing accessible, affordable, and quality healthcare to all Filipinos, the company said.
“As a global bank with deep expertise in sustainable finance, we are proud to play a crucial role in enabling Ayala to address pressing challenges in the healthcare sector. This social loan marks an important milestone for ING and our partnership with the Ayala Corp. ING’s commitment to sustainability goes beyond financing; it is about empowering businesses to drive meaningful, long-term impact,” ING’s Palanca said.
The said social loan is the first euro denominated social loan that ING has structured for a Philippine
conglomerate.
The social loan is structured with adherence to the latest social loan principles published by the Loan Market Association, the Asia Pacific Loan Market Association and the Loan Syndications and Trading Association, paving the way for other foreign banks, including European banking institutions, to come in and participate in financing the growth of sustainable projects in the Philippines.
“We always look for like-minded partners who believe in our purpose. This sustainable finance transaction from ING confirms our commitment to building businesses that enable people to thrive,” Larrazabal said.
“This social loan from ING will enable us not only to build and scale our AC Health portfolio, but it will also enable us to serve more Filipinos by providing them access to quality and affordable healthcare,” he added.
Transparency in energy sector eyed
THE Energy Regulatory Commission (ERC) has unveiled a series of digital transformation initiatives designed to streamline processes and enhance transparency across the energy sector.
ERC Chairman and CEO Monalisa C. Dimalanta said these innovations aim to improve service delivery and empower consumers with greater access to information.
“Through our initiatives to modernize our operations and processes, the Commission hopes to provide speedier and more efficient services to industry investors and stakehold-
ers while empowering Filipino consumers with the information they need to navigate the energy sector confidently,” she said.
Dimalanta said the ERC’s Planning and Public Information Service (PPIS) introduced three key platforms: the Energy Virtual One-Stop Shop (Evoss) Dashboard; the ERC Procurement PH; and, the enhanced BuyYourElectricity (BYE) website. The Evoss Dashboard, an internal tool, integrates an advanced “case management system” and a “pending cases aging section” to
enable real-time monitoring of approved, pending, and terminated cases.
The Dashboard ensures compliance with Republic Act (RA) 11234, or the Evoss Act, which mandates timely processing of energy-related applications. The system is expected to foster accountability by providing visibility into case timelines.
Meanwhile, the ERC Procurement PH platform has been developed to improve transparency in procurement activities. It offers public access to procurement documents such as bid bulletins, contracts, purchase
orders, and notices of awards. The platform also includes a public dashboard showcasing the ERC’s audit trail and project details, reinforcing the Commission’s commitment to open governance. For energy consumers, the enhanced BYE website provides tools to make informed decisions about retail electricity suppliers. The platform now features real-time data analytics, pricing trends, and resources to help users compare providers, understand their options, and learn their rights and responsibilities. Lorenz S. Marasigan
THE Securities and Exchange Commission (SEC) announced last Wednesday it has officially opened a new extension office in Lipa City, in line with its efforts to facilitate business formation, invest in high-growth regions, and keep a closer watch on fraudulent and abusive practices in the corporate sector.
The SEC on December 17 inaugurated the SEC Lipa Extension Office located on the second floor of Carnes Building along P. Torres Street in Poblacion Barangay 8 in Lipa City, Batangas.
“The SEC Lipa Extension Office reaffirms our commitment to providing greater and more effective access to our services, ensuring consistent enforcement of corporate and securities regulations, and establishing closer coordination with partners indispensable in the implementation of our plans and programs at the local level,” SEC Chairman Emilio B. Aquino said.
The SEC Lipa Extension Office will exercise jurisdiction over cities and provinces within the Calabarzon (Cavite, Laguna, Batangas, Rizal, and Quezon) and Mimaropa (Mindoro, Marinduque, Romblon, and Palawan) regions.
The SEC added the Extension Office will handle applications for registration of corporations based in Calabarzon and Mimaropa. It will also take over the monitoring of existing corporations’ compliance with their reportorial requirements under pertinent laws, rules and regulations.
“As the gateway to doing business in the Philippines, we always strive to improve the efficiency and accessibility of our services,” Aquino said.
“With our new extension office
in Lipa City, we hope to encourage more businesses to incorporate, and contribute more to the growth of this dynamic and diverse region,” he added.
Driven by its diverse industries and proximity to Metro Manila, the Southern Tagalog region has witnessed robust economic growth, with Calabarzon contributing the second-largest share among all regions in the industrial sector and accounting for 14.7 percent of the national gross domestic product.
Through the SEC Lipa Extension Office, the SEC also looks to improve its regulatory oversight in the region to ensure that businesses strictly comply with the laws and regulations implemented by the Commission to foster transparent and fair business practices.
“Because they are closer to the ground, our extension offices allow the Commission to closely monitor and more promptly tackle fraudulent activities such as investment scams and illegal lending,” Aquino said.
“At the same time, through our extension offices, the Commission can better amplify its information, education, communication and advocacy campaigns, which are vital in protecting the public from investment scams, illegal lending and other predatory schemes,” he added.
The SEC Lipa Extension Office marks the Commission’s third extension office opened this year, following opening of its offices in Koronadal in September and Butuan in March. This brings the Commission extension offices to 13, with the other offices located in Baguio, Tarlac, Legazpi, Cebu, Bacolod, Iloilo, Tacloban, Zamboanga, Davao and Cagayan de Oro. VG Cabuag
Gencars welcomes Isuzu Japan dealers, showcases IHSP success Hedcor Inc. turns over
THE Gencars group, a leading Isuzu dealership group i n the Philippines, warmly welcomed a delegation from Isuzu Motors Ltd. (IML), Isuzu Philippines Corp. (IPC) and select Isuzu Japan dealers on November 27, 2024, at Isuzu Makati—the first of its seven branches. The visit was part of an initiative to assess the far-reaching impact of the Isuzu Heart and Smile Project (IHSP), a program designed to empower underprivileged youth by providing t hem with skills and opportunities for successful careers in the Philippine automotive industry.
T he delegates were welcomed by the Gencars group led by Chairman D. Edgard A. Cabangon, President Lerma O. Nacnac, and Operations Executive Giannina Eunice A. Cabangon.
Top executives of IPC led by President Tetsuya Fujita and Assistant Vice-President for Aftersales Hodaka
Matsuda, met with IHSP graduates who are now integral members of the Isuzu dealer network. The visit preceded the IHSP graduation ceremony in Tacloban City, which celebrated the achievements of graduates who have transitioned from adversity to professional success.
T he delegation witnessed firsthand how IHSP graduates contribute to the dealership’s operations. Guests appreciated a comprehensive company presentation led by Gencars Makati’s Aftersales Manager Maria Elena Perez, who highlighted inspiring success stories of IHSP graduates a longside Gencars’ rich history and numerous accolades. Over the years, the Gencars group has employed over 80 IHSP scholars, many of whom continue to thrive within its dealerships. Several graduates have advanced to leadership roles or pursued opportunities abroad, showcasing the program’s transfor-
mative impact on their lives.
A mong them are Krislene Faye Omoy Santiago, who has dedicated nine years to Gencars, starting as a Warranty Officer and rising to the role of Assistant Service Manager; John Kenneth Basierto, a Batch 9 graduate with eight years at the company, who advanced from Service Technician to Parts Supervisor; Ruben Natural, Jr. from Batch 13, who has been with Gencars for six years, progressing from Service Technician to Fleet Service Supervisor; and Raymart Aniano f rom Batch 10, who began as a Parts Warehouse Staff just two years ago and has already been promoted to Customer Relations Officer.
The global success of IHSP graduates was also highlighted, with many now employed in countries such as Japan. Several graduates have also received notable recognition in both local and international automotive competitions, showcasing their ex-
ceptional skills and achievements.
In his statement, Gencars Group Chairman D. Edgard A. Cabangon expressed his gratitude to the delegates for visiting Isuzu Makati and choosing the Gencars group to hold the tour. He commended the IHSP for its transformative vision and reaffirmed Gencars’ commitment to nurturing the growth and development of IHSP graduates. Cabangon emphasized that Gencars is deeply honored to contribute to the program’s mission and pledged continued support for the initiative.
HEDCOR Inc., the renewable energy asset manager of Aboitiz Power Corp., announced that it has turned over P5,140,167.01 in royalty shares to communities of indigenous peoples (IP) in Bukidnon for 20222023. These funds directly benefit the host communities of Hedcor’s Manolo Fortich 1 and Manolo Fortich 2 hydroelectric power plants, advancing inclusive growth and sustainable development.
The royalty shares were distributed to five IP organizations including the following: Santiago Tribal Community (Santrico) Inc. who received P1,401,529.47; Impakibel; Apo Man Asilan Tribal Association with P1,401,529.47; Lumikapaw Ka Guihean Tribal Council of Elders with P935,578.60; the Guilang-Guilang Apo Datu Nanikunan Association Inc. with P935,578.60; and, the Buklod Kayantang Tribal Association (BKTA) Inc. who received P465,950.87.
BKTA President Bae Priscilla Cariaga was quoted in the statement as having expressed gratitude for the turnover.
Working together with Hedcor has developed our community, Cariaga said in her native tongue. The funds help preserve our culture, address our needs, and create opportunities for future generations, she added, Implemented in close coordination with the National Commission on Indigenous Peoples (NCIP) Region 10, the program ensures that projects align with cultural preservation and ancestral domain protection.
“Through joint efforts, we achieve meaningful progress for Indigenous Peoples, safeguarding their heritage while promoting development,” NCIP Regional Legal Officer IV Dexter B. Precioso was quoted in the statement as saying.
Hedcor Vice President for Corporate Services Noreen Marie N. Vicencio noted that the turnover “is more than just meeting our obligations.”
Naga
Isuzu Gencars, a member of the ALC Group of Companies, has seven dealerships located in Makati City; Sto. Tomas, Batangas; San Pablo City, Laguna;
“These funds will support initiatives identified by the IP communities themselves, including livelihood assistance, skills training to strengthen economic resilience, scholarships for Indigenous youth, and elder care programs,” read a statement issued by the company last Wednesday. “The projects will also help empower women entrepreneurs, preserve traditional practices, and advance environmental efforts such as reforestation.”
“It reflects our commitment to a meaningful partnership. We are privileged to support the initiatives the IP organizations have chosen to advance their livelihood, education, and cultural heritage,” Vicencio said in the statement. “By working side by side, we help ensure a lasting, positive impact that strengthens their communities and enriches their future.”
Legazpi City;
City, Camarines Sur; Batangas City; and Santa Rosa City. It was founded by Ambassador Antonio L. Cabangon Chua and is currently chaired b y D. Edgard A. Cabangon.
This Wednesday, November 27, 2024, photo shows delegates from isuzu Motors Ltd. (iML) and isuzu Philippines Corp. (iPC), along with Gencars executives and graduates of the isuzu heart and smile Project (ihsP) now employed at Gencars, concluding a productive meeting before taking a tour of the dealership. CREDIT: GEnC aR s GRoup
Banking&Finance
PhilHealth cancels ₧37.5M collaterals for anniversary
By Claudeth S. Mocon-Ciriaco @claudethmc3
WHILE the Philippine Health Insurance Corp.
(PhilHealth) earlier justified its spending plan—which it said follows government guidelines—the Board of Directors (BOD) of the state-run health insurer, led by Secretary of Health Teodoro J. Herbosa, cancelled the P37.5-million worth of collaterals for its 30th anniversary celebration.
Calling for financial responsibility following concerns raised by the public, the Philhealth Board decided to cancel the proposed procurement “to save government funds and ensure its proper allocation for the benefits of PhilHealth members.”
“The Philhealth Board of Directors reviews and decides on proposals coming from the Philhealth Management, such as the Marketing and Promotional Expenses for the official events of the corporation. The Board will always prioritize the benefits of PhilHealth members” Herbosa said.
The development about the cancellation of the proposed budget was confirmed to senators on Wednesday during a hearing of the Senate Health committee, chaired by Sen. Christopher Lawrence “Bong” Go. Sen. Loren Legarda, who joined him at the hearing, also grilled PhilHealth
executives on the proposal.
PhilHealth will celebrate its 30th anniversary on February 14, but the celebration will last for the whole year, and this yearlong series of events was used to justify the huge budget.
The P37.5 million is included in the “marketing and promotional expenses” budget line for the Philhealth Anniversary. The collaterals proposed for the 30th anniversary of Philhealth include the following: umbrellas worth P7,910,550; perforated mesh stickers worth P7.3 million; tote bags worth P1.82 million; anniversary shirts worth P3.64 million; marketing shirts worth P1.94 million; jackets worth P13.65 million; katsa bags worth P750,000; and, button pins worth P545,000. The PhilHealth Board—chaired by the Secretary of Health (who cannot vote)—has four other ex-officio members that include the Secretaries of Finance, Budget and Management, Social Welfare and Development, and Labor. It also has three expert panel members and four sectoral members. Another seat for a representative of local chief executives remains vacant. The Board is separate and distinct from PhilHealth’s Executive Officers, led by its President and CEO Emmanuel R. Ledesma Jr. and Executive Vice President and Chief Operating Officer Eli Diño D. Santos.
EastWest to offer bank loans to users of GCash
EAST West Banking Corp., the Gotianun-led lender, said it has partnered with GCash operator G-Xchange Inc. to offer bank loans to its users.
EastWest’s financial products will be available directly into the GCash application, allowing users to apply for its lending products within the app through GCash ads, the lender explained. With EastWest integrated into the GCash platform, users can discover and apply for personal loans tailored to their needs, it added.
In the future, additional EastWest products will be made available on GCash, further enhancing financial options for users, the company said.
“EastWest is proud to partner with GCash to bring accessible and user-friendly financial solutions to a broader segment of the Filipino population,” EastWest CEO Jerry G. Ngo said.
“This collaboration aligns with our commitment to providing an
‘EasyWay to Bank,’ ensuring that our customers have seamless, reliable access to essential resources backed by our expertise and service dedication, whether through innovation or faceto-face support,” Ngo said.
EastWest said its integration into GCash will strengthen its ability to support clients throughout their financial journeys and key milestones, ensuring every Filipino has the tools to reach their financial goals.
“Through this collaboration, more Filipinos can now access EastWest’s tailored products directly on the GCash app. This is in line with our shared mission to further promote financial inclusion in the Philippines,” Fuse Lending Inc. CEO Anthony Isidro said.
The primary goal of Fuse Lending, the official lending arm of GXchange, is “to enable individuals and small businesses to achieve financial security and growth through various digital lending products.”
VG Cabuag
Govt to tap domestic debt market, reduce forex risks
By Reine Juvierre Alberto @reine_alberto
THE national government will hike its local exposure but is still looking to tap the global, even Islamic, bond markets as part of its offshore borrowing program for 2025, Finance Secretary Ralph G. Recto mused.
“We’re considering all of them but we want to limit our foreign borrowings. We want to reduce that,” Recto said in a chat with members of the press.
Next year, the government will follow an 80:20 borrowing mix next
approved the planned issuance of euro-denominated securities or euro bonds and/or US dollar bonds. Recto added that the potential global bonds will be priced in during the first half of 2025 with a benchmark size of more or less P300 billion.
Meanwhile, now that the Japanese yen is depreciating, Recto said it presents an “opportune time” for the Philippines to borrow, as a weaker yen would result in lower debt servicing costs.
year, in favor of domestic sources over foreign financiers to reduce foreign exchange risks. About P2.037 trillion will be raised domestically while P507.408 billion will come from the external debt market.
The Finance chief said he has
SENATOR Christopher “Bong”
Go, chairman of the Senate Committee on Health and a known health reforms crusader, lauded the Philippine Health Insurance Corp. (PhilHealth) Board’s recent approval of its P284-billion Corporate Operating Budget (COB) for Fiscal Year 2025. The budget reflects a 10-percent increase from the previous year and includes significant improvements in coverage and benefits.
Among the highlights of the approved budget are a 50-percent increase in selected case rates, additional funding for emergency care, outpatient services for mental health, severe acute malnutrition, Z benefits, and extended hemodialysis sessions capped at 156 sessions per patient at P6,350 per session. Other key improvements include expanded PhilHealth Konsulta capitation rates of P1,700 to P2,100 per person and optometric services for children.
Go expressed his appreciation for the Board’s efforts, led by Health Secretary Teodoro Herbosa, to address critical gaps in healthcare access. However, he reminded PhilHealth of its many pending commitments to fully meet the needs of Filipino patients.
“Hindi po natin maitatanggi na malaking bagay ang mga benepisyong ito para sa ating mga kababayan, lalo na sa mga naghihirap na pasyente. Pero
Ghuwag nating kalimutan ang mga pangako nila dati na hindi pa naipapatupad nang buo,” Go emphasized. “Mahalaga na siguraduhin nila na itong mga benepisyong inaprubahan ay talagang maabot at maramdaman ng bawat Pilipinong nangangailangan.”
The Senator acknowledged the substantial improvements in PhilHealth’s programs, particularly the extended benefits for outpatient care and hemodialysis. He said the reforms are timely, considering the rising healthcare costs burdening Filipino families.
Marami po ang umaasa sa PhilHealth para mabawasan ang gastusin nila sa pagpapagamot. Kaya itong pagtaas ng case rates at pagdagdag sa mga sessions sa hemodialysis ay malaking tulong para sa mga kababayan nating may malubhang sakit,” Go said. Still, the lawmaker emphasized the need to accelerate reforms that address lingering issues in PhilHealth’s policies and its responsiveness to public needs. He called attention to outdated and anti-poor policies that were recently scrapped but had remained in place for too long.
Hindi po biro ang hirap na dinanas ng maraming pamilya dahil sa mga polisiya na hindi patas at walang silbi. Halimbawa, ’yung dati na hindi ka puwedeng ma-cover ng PhilHealth kung nagkasakit ka ulit ng parehong sakit sa loob ng 90 araw Kalokohan po ’yun. Buti na lang natanggal na iyon kamakailan
OTYME Bank Corp., a joint venture between the Gokongwei family and South Africa’s Tyme Group, announced last Wednesday it has reached 5 million users in just two years since it started its operation in the Philippines.
According to GoTyme, it will celebrate the milestone by bringing back its 5-percent annual savings rate from January 1 to February 28, 2025. This rate comes with no limits, no conditions and no missions, just straightforward savings, the lender said.
“Reaching 5 million customers in under two years is a testament to the trust that Filipinos have placed in GoTyme Bank. We are both humbled and inspired by the support of our customers. Looking ahead to 2025, we plan to further accelerate growth with the aim of making banking beautiful for over 9 million customers by the end of the year.”
Nate Clarke, CEO of GoTyme Bank, said.
“Offering credit is the next milestone in our journey to unlock the financial potential of Filipinos. With the launch of our buy now, pay later product, we’re giving customers the flexibility to manage purchases in easy, low-fee installments. This is just the start, as we continue to develop new credit products that empower Filipinos to achieve their financial goals with confidence” Albert
Most importantly, he added that returning to the Samurai bond market would also put the Philippines on the radar screen of Japanese investors. Further, Sukuk, or Sharia-compliant Islamic financial certificate similar to a bond, will also be a part of the government’s regular financing program due to the growing investors appetite in the Middle East. The target amount to be raised has not yet been disclosed. This year, in May, the Philippines returned to the international capital markets with its $2 billion dual-tranche 10-year and 25-year fixed-rate global bonds. For the second time in August, it also raised $2.5 billion from the issuance of triple-tranche 5.5-year, 10.5-year and 25-year fixed-rate global bonds.
The Philippines was supposed to offer its first-ever euro bonds this year but dropped its plan due to higher interest payments and risks of the euro strengthening against the peso. Meanwhile, Samurai bonds were last offered in April 2022, allowing the government to borrow JYP 70.1 billion and $1 billion from Sukuk in November 2023.
Go welcomes PhilHealth’s expanded benefits for ’25
lamang,” Go explained. He urged PhilHealth to also focus on removing the 24-hour confinement requirement, which forces patients to be admitted before receiving coverage.
“Huwag na nating hintayin pang magpa- confine ang pasyente Ang mahal ng kwarto sa ospital. Sana magamit na lang yung pondo para diretsong pambili ng gamot,” Go added. While applauding the expanded benefits, the Senator reiterated the importance of maximizing PhilHealth’s funds to benefit Filipinos. He cited the agency’s massive reserve funds, which he previously criticized for being underutilized while many Filipinos struggled with high out-ofpocket expenses.
“Ang laki ng pondong hawak ng PhilHealth, pero bakit parang kulang pa rin ang nararamdaman ng taumbayan? Kailangan nilang bilisan ang implementasyon ng mga benepisyo para hindi matulog ang pondo,” Go stressed.
He also reminded PhilHealth that the agency’s funds, sourced from public contributions, must be spent wisely and transparently.
“Pera po ng taumbayan ‘yan. Hindi natin pwedeng hayaang matulog o mawala nang hindi napapakinabangan. PhilHealth po ‘yan, dapat para sa health ng Pilipino ang bawat pisong hawak nila,” he said.
Go urged PhilHealth to provide concrete updates on all promised reforms during the Senate hearing.
He highlighted previous commitments, including increasing case rates, expanding benefit packages, and reviewing policies to ensure that healthcare access becomes more inclusive.
He added that while the 2025 COB is a step in the right direction, it must be coupled with accountability and swift action to address healthcare gaps.
“Hindi po pwedeng puro plano lang o salita. Tulad nga ng sinabi ko dati, huwag puro promise. Ang gusto ng mga tao, resulta. Yung mga benepisyo na talagang mararamdaman nila,” the Senator said.
Go reiterated that PhilHealth’s reforms must prioritize indigent patients and those seeking treatment in public hospitals, where resources are often stretched thin. Ang PhilHealth po, para sa mga mahihirap na nangangailangan ng tulong. Kung nasa pampublikong ospital ang pasyente, dapat ramdam nila na may suporta ang gobyerno sa kanila,” Go said.
He also stressed that healthcare access is a fundamental right and that government assistance must be delivered without any political considerations.
Walang lugar ang pulitika sa pagbibigay ng serbisyong pangkalusugan. Ang pera ng gobyerno ay pera ng taumbayan. Dapat lahat ay makinabang nang patas at walang pinipili,” Go concluded.
Raymund O. Tinio, the bank’s co-CEO, said.
GoTyme said it is optimistic it can sustain its rapid growth next year with new features it will launch. The lender added it will be launching consumer credit products to cater to various needs, starting with buy now pay later, where users can pay for purchases in easy, low-fee payment options that are lighter on the pocket.
The bank said it will also allow crypto trading in its platform, with activities such as buying, holding and selling cryptocurrencies in its app. It will also allow send and receive money internationally via SWIFT using the GoTyme account.
The bank said it will also deploy ATMs that allow deposit and withdraw cash transactions at the same machine, available for both GoTyme and non-GoTyme accounts.
“GoTyme Bank has solidified its place as the fastest-growing bank in the Philippines, earning recognition for excellence in customer experience across both digital and traditional banking,” it said.
“As it ventures into its third year, it remains committed to building meaningful relationships with its users and transforming the country’s financial landscape, one beautifully effortless transaction at a time,” it said.
THE Philippine Deposit Insurance Corp. (PDIC) is set to sell through electronic public bidding (e-bidding) a total of 52 commercial, residential, agricultural, and mixed-use lots. In a statement, the PDIC said the electronic bids will be accepted through the PDIC e-bidding portal starting at 9:00 a.m. on January 22, 2025, until 1:00 p.m. on January 23, 2025, and will be opened at 2:00 pm on January 23, 2025. To be sold on an as-is-where-is basis are closed banks’ assets consisting of 38 residential lots, eight vacant agricultural lots, three agricultural lots with improvements, two vacant residential/agricultural lots, and one commercial lot with improvements. Property areas range from 13 square meters (sqm) to 46,994 sqm, according to the PDIC.
Envoys&Expats
PHL’s ambassador in the Czech Republic rallies Filipinos to recognize the country’s ‘soft power’
By Andy Peñafuerte III
PRAGUE—The Department of Foreign Affairs (DFA) recently released three publications mapping the Philippines’ path into becoming a nation with a “middle soft power” status.
During the official launch event on December 11, the DFA introduced “Philippine Soft Power Roadmap: The Filipinos’ Place in the World,” the coffee table book “Colors of Diplomacy: Register of Artworks of the Department of Foreign Affairs,” and the anthology “The Frontiers of Foreign Policy: Essays on Philippine Soft Power.” The latter title, co-edited by the country’s ambassador to the Czech Republic Eduardo Martin C. Meñez, features 21 essays on various aspects of Philippine culture that can widen Filipinos’ perspectives toward the country’s soft-power assets. Before the publications’ official launch, Meñez provided an exclusive interview with Envoys&Expats on why the Philippines should “get its act together” to realize its softpower capabilities. He also shared his vision for the Filipino community in the Czech Republic, for which he currently serves.
Hope for a ‘damaged culture’
AN article published by The Atlantic in November 1987—more than a year after the first People Power revolution—characterized the Philippines as having a “damaged culture.” Not only did the argument spark debates and provoke many Filipinos at the time, but has remained a talking point about defining and mapping the country’s identity and culture.
For Meñez, there is an “evolving
consciousness” of Filipino culture, and “that’s not a bad thing, because culture is alive.”
“While we may not have centuries of forming our identity, there are certain key concepts that our Filipino academics have identified, which have sustained despite our colonial experiences,” the ambassador told BusinessMirror
“These [include] the traditions of pakikipag-kapwa.”
“The Philippine Soft Power Roadmap” highlights the concept of kapwa not just as a Filipino core value of having a “shared sense of humanity and interconnectedness,” but as the “nucleus of Philippine soft power.”
In “The Frontiers of Foreign Policy,” the envoy opines that the practice of public diplomacy has become “inextricably linked” with soft power. He also supports that cultural diplomacy—an advocacy of a government to promote its country’s culture—falls under the “more general rubric of soft power.”
These concepts have long been part of the Philippine foreign-policy framework that is organized, transferred, or combined in different DFA offices and units. It was only until 2016 when the formal use of the term “public diplomacy” was instituted through the establishment of the DFA’s Office of Public Diplomacy (OPD), which Meñez spearheaded as its assistant secretary.
Between 2018 and 2024, the integration of cultural diplomacy into DFA-OPD underwent evolutions, was renamed as the Office of Public and Cultural Diplomacy (DFA-OPCD), then became the current Office of Cultural Diplomacy (DFA-OCD).
There have been calls from academics to elevate culture as a cabinetlevel function. Sen. Loren Legarda also voiced her advocacy to institutionalize cultural diplomacy as “the fourth pillar of Philippine foreign policy” and “not as an accessory, but its living pulse.”
“The approach to promoting culture in the Philippines has diminished from the time when we had the Department of Education, Culture and Sports,” Meñez said. “Now, we only have the National Commission on Culture and the Arts or NCCA. Similarly, the treatment of cultural diplomacy has shifted from it being part of economic diplomacy.”
He furthered that with [the DFAOCD], “we are hopeful that the emphasis on cultural diplomacy and the impact that it can have not only on influencing foreign audiences but on instilling the cultural identity of Filipinos abroad [will make it an important aspect of the Philippine soft power].”
A ‘loyal supporter’
MEÑEZ has played with this writer two Scrabble matches, with the envoy winning both rounds. A word game fanatic, the ambassador’s “holy grail” turn serendipitously mirrors his dedication to public service.
“I hope to use the word ‘janizary,’ which is a Turkish military soldier,” he said. This 27-point Scrabble word—a variant spelling of ‘janissary’—also means a “loyal supporter.”
He added that “if you hit it just right [and place it into two] ‘tripleword scores,’ it will be multiplied
by six. Theoretically, it is the highest-scoring Scrabble word, without manipulating.” (Editor’s note: The word “caziques”—plural form of a native Indian chief—was played for 392 points in a single turn in a match in 1982. It used two tiles with the highest value: Q and Z at 10 each)
The Filipino diplomat’s fascination with words extends to his collection of fountain pens, numerous books and articles on the history of the Philippine foreign service, where he has served for 33 years.
His exposure to international relations started much earlier, and for him was always a “reality” of sorts.
A second-generation diplomat, Meñez spent much of his life abroad. Born in Italy, the young Eduardo Martin believed his mother “always programmed” him to follow the footsteps of his father: the former Philippine ambassador to Egypt Felino C. Meñez.
The younger Meñez remembers his diplomat dad being “ambivalent” about his interest in joining the Philippine foreign service: “He was in the DFA from the 1950s until he retired in 1984. He always said: ‘Well, if you want to make money, it’s not in the government… I never really questioned this career path. I always knew I would take the FSO [foreign service officer] exam.”
Among his many foreign service postings, Meñez remembers his time at the Secretariat of the Association of Petroleum Exporting Countries, or APEC, in Singapore and the Philippine Mission to the United Nations in New York as significant for his family. His wife Marissa found rewarding professional opportunities, while their children received world-class education in both countries.
His first ambassadorial post in Iran also included a jurisdiction in Turkmenistan and Uzbekistan. Aside from serving over a thousand Filipino workers in those countries, the Filipino envoy found the posting
“very interesting culturally” because of its historical links with the Persian Empire and the ancient Silk Road.
His later role as the Philippines’ deputy chief of mission in Tokyo was personally resonant, as it was once a posting during his childhood. Meñez is drawing from this long-time experience for his research on PhilippineJapan relations.
In all these events and his other foreign service postings, he cites his wife’s support, especially in navigating migrant life and its challenges for their children.
“The experience that we have as diplomats is, to a certain extent, also experienced by our Filipino migrant community,” he said. “In my case, I was fortunate because Marissa’s educational preparation and career are transplantable.”
Building a “model community”
THE Filipino ambassador saw his tenure at the DFA-OPCD as a “learning experience” as he led its daily reporting of overseas Filipinos affected by the Covid-19 pandemic while pivoting to online culturaldiplomacy programs. Their office also had to keep up with the pace of former Foreign Affairs chief Teodoro “Teddy Boy” Locsin Jr., who used the social-media platform Twitter (now known as “X”) extensively.
“Locsin approached his [DFA] tenure in a manner traditional diplomats were not used to,” Meñez elaborated. “While he did not fit [their mold,] he was very effective at that particular moment.”
The current tour-of-duty shaped his approach to what he believes is a “new normal” in diplomacy: “Fact remains, we need to be more engaged with our audiences. That is the new reality: We have to adjust to social media and accessibility.”
His arrival in Prague coincided with the 50th anniversary of the establishment of Philippine-Czech bilateral relations. He has led sev -
eral events that highlighted the long-time cultural links between the two countries—including those that celebrated the historical friendship between Dr. Jose Rizal and Prague-born Austrian professor Ferdinand Blumentritt. In March 2024, the envoy welcomed Pres. Ferdinand R. Marcos Jr. during the latter’s state visit to the central European state.
Two years into his role in the capital city, Meñez has seen the steady growth of the Filipino population in the Czech Republic, which now stands at more than 10,000—many of whom are industrial workers. As this happens, he continues to promote his drive for public and cultural diplomacy so many Filipinos abroad can “contribute to nation-building in a more effective way.” At the same time, he envisions the Filipino diaspora in the Czech Republic as a “model community” that has learned from the “challenges and mistakes not only of other Filipino communities around the world, but of Filipino society in general.”
“Many of the critics of our culture [and] of our nation focus on the negatives—that we’re not united, crab mentality, and so on,” he shared. “This should be viewed not as a negative and [something] that will never change, but challenges that we should change.”
Meñez hopes that introducing and implementing the Philippine soft-power roadmap will help Filipinos address that cultural growth: “We have so many positive attributes that, if we ever are able to get our act together, we can quickly outshine and outperform many countries around the world.”
“It is my hope that we will learn and recognize our weaknesses and strengths, be able to harness these realizations, and use public and cultural diplomacy elements by which we can become proud of our country,” he concluded.
Editor: Anne Ruth Dela Cruz
Health& Fitness
Patient groups urge support for Health Technology Assessment to advance Universal Health Care
By Candy P. Dalizon Contributor
Patient groups have emphasized the critical need for the institutionalization and adequate resourcing of Health technology assessment (Hta).
r e cognizing its potential to deliver a more inclusive and patientcentered healthcare system, they called on stakeholders to support HTA, highlighting its transformative power in advancing Universal Health Care (UHC) and improving the lives of millions of Filipinos.
At a year-end event attended by patient advocates and healthcare leaders, the Philippine Alliance of Patient Organizations (PAPO) highlighted how HTA is not only a tool for g uiding government health investments but also a mechanism that directly influences the availability of essential medicines and services for patients.
The UHC Act ( r e public Act No. 11223) mandates the use of HTA as a fair and transparent mechanism to evaluate and recommend healthcare interventions. This approach guides the Department of Health (DOH) and the Philippine Health i n surance
Corporation (PhilHealth) in making informed decisions about which drugs, devices, procedures, and services should be included in the UHC benefit packages.
PAPO emphasized that HTA plays a key role in ensuring that essential medicines, such as those listed in the Philippine National Formulary, are made accessible to patients. These evidence-based recommendations significantly influence government health investments and have a profound impact on the quality and accessibility of healthcare services, particularly for underserved communities.”
Challenges
Dr. Jacinto Blas “Jojo” v m a ntaring i ii , C hair of the HTA Council, outlined the pressing challenges faced by the HTA Division, including resource gaps and capacity-building needs. The division currently faces a severe staff -
ing shortage, operating with only 13 in-house assessors compared to the ideal workforce of 258. This critical understaffing, compounded by the lack of permanent plantilla positions, leads to high turnover rates and significantly limits the division’s capacity to conduct the growing number of required HTA evaluations.
r e cognizing the need to develop local expertise in HTA, the HTA Council is working with the University of the Philippines m a nila to establish a m a ster’s degree program. This program aims to address critical knowledge gaps and strengthen the HTA capacity within the country.
The upcoming release of the 2024 Philippine HTA Guidelines, including a Process Guide, m e thods Guide, and Stakeholder e n gagement Framework, is also expected to enhance the transparency and consistency of HTA recommendations.
Karen v i llanueva, PAPO President, said that HTA is embedded in the UHC Law because it helps prioritize what the government can provide.
“ i d eally, no one should be left behind under UHC but the reality is many are left behind especially those suffering from catastrophic diseases like cancer and other illnesses. We then need to focus on removing the barriers for long approval waits such as increasing the budget of HTAC so it can hire more HTA assessors, improving transparency and social par -
ticipation,” said v i llanueva.
“One way to do this is to allow public comments whenever a review is being conducted so that more people and patients can share their views, especially those with lived experience,” she added.
Legislative Advocacy for UHC
PAT i e N T g roups, through PAPO, likewise reiterated their support for amendments under Senate Bill No. 2620, which seeks to strengthen UHC implementation by including dental services in UHC coverage, revising PhilHealth premium rates, and allowing the President to defer premium hikes during crises. However, they expressed concern over delays in the passage of the bill’s counterpart in the House of r e presentatives, urging lawmakers to act swiftly to ensure timely benefits for patients.
r e presenting at least one million patients nationwide, PAPO is a coalition of patient organizations advocating for universal access to healthcare and allied services. PAPO aims to empower Filipino patients, including persons with disabilities (PWDs), through education, networking, policy advocacy, and capacity building and advocates for meaningful reforms in three fundamental areas namely r e spect for Patient’s r i ghts, Universal Health Care, and Participation in Health Policymaking, which includes cancer control policies.
DOH reminds Pinoys to have a healthy Christmas celebration
By Claudeth Mocon-Ciriaco
Wi TH l ess than a week to go before Christmas, the Department of Health (DOH) is reminding Filipinos to enjoy the celebration but to always keep an eye out for your health.
The DOH said that the holiday celebration would be happier if healthy food will be served whether you’re eating out or at home.
“Gamitin ang Go, Grow, and Glow [foods] bilang inyong gabay sa inyong
kakainin (Use the Go, Grow, and Glow foods as a guide to whatever you are going to eat),” the DOH said Go foods like rice, bread, noodles, pasta, and corn give us energy. Other go foods include root crops like sweet potato, cassava, and potato. Sugars and jams, oil, margarine and butter that make our food tasty give energy as well. Grow foods build and repair body tissues that make children grow tall. Grow foods also make the muscles strong. examples of grow foods are meat and meat products, chicken and other poul-
try products, fish and seafood, milk and dairy products, beans and nuts, and eggs.
Glow foods, like fruits and vegetables help regulate body processes by providing vitamins and minerals. Glow foods give us fiber that makes our digestive system healthy.
Drink water
H O W ever , other than these food groups, the intake of water is also necessary. Water and other beverages also regulate body processes as they play an important role in digestion, absorption,
metabolism, transport, and utilization of nutrients.
Water and beverages also help us excrete waste products and toxins from our lungs, skin, kidneys, and large intestines.
Also, remember to eat a variety of foods and drink at least eight glasses of water everyday “ m i nimize the consumption of overly fatty, sweet, salty and processed foods and alcoholic beverages. Choose reasonable portions of healthful foods instead,” the DOH added.
PHL’s first ever ‘family room’ opens at Philippine Children’s Medical Center
ness Kitchen.
TBy John Eiron R. Francisco
he Philippine Children’s Medical Center (PCMC), in partnership with Ronald McDonald h o use Charities (RM h C ) of the Philippines, Inc., inaugurated the country’s first-ever “family room” aimed at offering comfort to families of children battling illness, on Friday, December 6, 2024.
D r. Sonia B. Gonzalez, PCMC e x ecutive Director, told reporters in an interview about the significance of the family room to the institution, calling it a “major milestone.” She believes that the facility, located within the institution, is not just an ordinary facility but an essential part of the holistic healing process for their young patients, who are always accompanied by their families.
“This room is actually a haven for them, not only where they can find rest; they’re able to recharge while waiting for their therapy,” she said.
Dr. Gonzalez pointed out that their chronically ill patients often visit PCMC almost daily for continuous treatment, and she believes this facility will be essential in supporting them, not only physically but also emotionally.
The 90-square-meter room includes a playground for children, a dining area with a mini kitchen for quick family meals, as well as spaces for rest and breastfeeding.
h o wever, Dr. Gonzalez explained that they are currently working on the guidelines and policies for operating the family room. For now, it will be open from 8 am to 5 pm as it is only available to outpatients at this stage.
difference
Asian Hospital, Boehringer Ingelheim partner to fight rare lung ailment
By Rory Visco Contributor
remier medical institu -
Ption Asian Hospital and m e dical Center, with the support of Boehringer i n gelheim, recently launched the i nterstitial Lung Disease Center in the newly established Asian i n stitute of r e spirology (A i r ) for the comprehensive management of i nterstitial Lung Disease ( i L D).
“We are launching the first center of excellence under the A i r which will be our i L D clinic. Our mission is to deliver accessible, world-class pulmonary specialized healthcare services to every individual,” according to Dr. Lenora Fernandez, A i r Program Director.
Dr. Fernandez explained that the i L D Center will serve as a specialized facility dedicated to the comprehensive management of i L D, a rare and complex condition. it w ill integrate advanced diagnostics, personalized treatment options, and ongoing support services to streamline and enhance the i L D journey from pre-diagnosis to management.
Inflammation, scarring of lung tissue
T H e m a yo Clinic describes i nterstitial Lung Disease ( i L D) as “a large group of conditions. m o st of these conditions cause inflammation and progressive scarring of lung tissue. As part of this process, lung tissue thickens and stiffens, making it hard for the lungs to expand and fill with air.”
it said that the scarring brought about by i L D “makes it harder to breathe and get enough oxygen into the bloodstream. m a ny people with i L D are short of breath with activity and may have a bothersome dry cough.” This disease can have many causes, such as prolonged exposure to hazardous materials like asbestos. “Some types of autoimmune diseases, such as rheumatoid arthritis, also can cause interstitial lung disease. But the cause isn’t known sometimes. i L D can have many causes, so treatment varies.”
it c ontinued that the speed at which the disease worsens can either be slow, rapid or unpredict
able. “Once lung scarring occurs, it generally isn’t reversible. Treatment focuses on keeping more
h e rnandez stated that as their fast food chain expands, with 66 branches in Quezon City and a total of 775 nationwide, it underscores their “continued commitment to making a difference continues to grow.”
w e h ave always believed that families are stronger when they are together. So this family room embodies that belief,” she added.
In a speech delivered by h e alth a s sistant Secretary Farwa h o mbre on behalf of h e alth Secretary Dr. Teodoro h e rbosa, it was emphasized that this project stands as a prime example of how partnerships can bring about meaningful change for those in need.
Promotes health, well-being
h e R B o S a r ecognized the department’s strong support for initiatives like this, which closely align with the D o h ’s universal healthcare objectives and its eight-point action agenda, particularly in promoting the health and well-being of all Filipinos, with a focus on children.
“ e v ery child deserves to be nurtured and every family deserves support on their healing journey,” h e rbosa said.
h e e mphasized the importance of continued collaboration between local and national governments, private organizations, and communities to ensure that every Filipino child has the opportunity to grow up healthy, happy, and with limitless potential.
S
a sked if there are any lined-up beneficiaries, h e rnandez mentioned that they are still in talks with other hospitals and are continuing to search for future family rooms across the country.
scarring from occurring, managing symptoms and making quality of life better. m e dicines may slow the damage of interstitial lung disease, but many people never fully use their lungs again. Lung transplant is an option for some people who have i L D.”
Patient support group
A S to the partnership between Asian Hospital and Boehringer i n gelheim, Dr. Fernandez said it aims to improve i L D management with patient support programs and ongoing medical education. “The program will support this initiative by connecting patients with a broad network of doctors, healthcare professionals and facilities.”
Dr. Giovanni Nazario, m e dical Advisor, Specialty Care, Boehringer i ng elheim (Philippines) i n c., emphasized the significance of the center. “By working closely with our esteemed partners from Asian Hospital, we aim to ensure that those affected by this disease have access to the best possible care and support.”
The A i r is expected to expand its services, starting with the i L D Center. This will include fellowship training programs in pulmonary rehabilitation and the launch of a TB-DOTS clinic. it w ill also extend its focus to managing pulmonary masses and pulmonary arterial hypertension.
A multidisciplinary approach is vital to effectively diagnose and treat rare diseases like i L D because of its complexity and diverse causes. The i L D encompasses a group of disorders characterized by inflammation and scarring of the lung’s parenchyma, the functional tissue responsible for gas exchange. This leads to symptoms such as shortness of breath and cough and may progress to pulmonary fibrosis. e s timates indicate that between 0.6 and 7.6 people have i L D, with a minority developing pulmonary fibrosis.
Dr. e t hel Añonuevo, Associate Director of the Asian i n stitute of r e spirology and Head of the i L D Center, noted, that in the Philippines, there is not enough data yet. “Having a lot of i L D clinics and centers will be a way for us to gather information on what really is the prevalence of i L D and i L A [i nterstitial Lung Abnormalities] in the Philippines.”
Experiencing chronic sinusitis or
Consult an ENT
ex Pe rie NC i NG chronic sinusitis, hearing loss, ear infections, sore throats, or colds that lasts more than a week or keeps coming back? Then it’s time to see an otolaryngologist.
An otolaryngologist or an ear, nose, and throat ( e N T) doctor treats conditions affecting your ears, nose and throat as well as related areas in your head and neck.
ENT diseases include: Ear issues: e a r pain, discharge, or discomfort
Nose issues: r u nny nose, nasal congestion, or drainage
Throat issues: Sore throat, itchy throat, or frequent throat clearing
Hearing: Hearing loss or difficulty hearing
Allergies: it chy or watery eyes, rash, or hives
Sinus issues: Headaches, postnasal drip, discolored nasal discharge, teeth pain, fever, congestion, stuffiness, or bad breath
Sleep issues: Snoring, waking up repeatedly during the night, morning headaches, or daytime drowsiness
Other issues include dizziness, vertigo, loss of balance, nausea, vomiting, or a lump on your face or neck
“ Magpakonsulta agad kung may chronic sinusitis, hearing loss, ear infections, o matagalang sore throat. Huwag balewalain ang paulit-ulit na sintomas [Consult your doctor if you have chronic sinusitis, hearing loss, ear infections or a lingering sore throat. Do not ignore recurring symptoms.],” the Department of Health (DOH) advised.
The DOH gave the advice as December 3 to 9, 2024 is the observance of e a r, Nose, and Throat Consciousness Week under Proclamation no. 501.
The proclamation aims to highlight the significance of early detection, prevention, and treatment of ear, nose, throat, including head and neck disease.
“ Sa tamang aksyon at pag-aalaga, kaya nating panatilihin ang ating kalusugan dahil bawat buhay mahalaga [With the right action and care, we can maintain our health because every life is important]!” the DOH said. Claudeth Mocon-Ciriaco
of the Family Room
Zenfro projected to double revenue by yearend
ZENFRO Corporation, a regional distribution company with an established presence in South GMA and modern trade distributing fast moving consumer goods, is projecting a doubling of its sales after a majority stake was acquired by MOHS Analytics, a fast growing healthcare and wellness company.
MOHS infused fresh capital and management direction to Zenfro enabling it to sharpen its strategy, automate its distribution systems, enhance its technology, further professionalize its workforce and more than double its warehouse site.
“The growth in sales and the signing of new principals are the fruits of Zenfro’s investment in modernizing its systems and distribution capabilities,” says Ivor G. Poole, Executive Director and General Manager of Zenfro. “The new principals we signed have the confidence that we will efficiently distribute their products in our main coverage areas of Paranaque, Las Piñas, Pasay, Taguig, Makati, Mandaluyong and Pasig.”
“The unprecedented growth in Zenfro’s business has validated our confidence in Zenfro and encourages further investments in the business,” says Michael B. Hortaleza, MOHS Chairman & CEO. “Zenfro unlocks synergies for MOHS by expanding its distribution footprint. Zenfro also benefits by having a parent company with significant financial and managerial resources.”
With the backing of MOHS, Zenfro has also signed up major new principals for distributorship agreements. Popular brands now being distributed include Kojie San, Pepsi Cola Products, MaLing, Tulip, Hereford, Libby’s, Salonpas, Pocari Sweat and Culture Blends.
“We will continue to support Zenfro’s growth strategy with additional capital expenditures, and upgrades in technology and systems,” says MOHS SVP and Group CFO Dr. Kenji M. Asano, Jr. “We are confident of the continued growth trajectory of Zenfro with its new principals and MOHS backing.”
MOHS is a healthcare and wellness company that has diversified into healthcare software and technologies, point of care innovative systems, pharmaceutical products and FMCG distribution.
Heroes of Hoover Feeds: Real Stories Behind 24 Years of Excellence in Agriculture Sector
F OR over 24 years, Hoover Feeds has stood as a pillar of trust and quality in the agricultural community of San Rafael, Bulacan. From its humble beginnings as a small business founded by Hoover Uy, the company has grown into a trusted partner of local farmers and distributors. At the heart of its success are the individuals and businesses who have championed Hoover Feeds, proving that quality products combined with strong relationships can create a lasting impact.
Uy began his journey with a clear vision: to create high-quality feeds that Filipino small and medium enterprises could rely on. Armed with a deep passion for agriculture and an unwavering work ethic, he turned a small business into a household name.
Today, Hoover Feeds offers a wide array of products, including:
• Hog Line: Hog booster, pre-starter, hog starter, hog grower, hog finisher, broodsow, and lactation feeds have become the company’s flagship products due to consistent results.
• Poultry Feeds: Designed for optimal egg production and broiler growth.
• Duck Layer Feeds: Specialized nutrition for ducks to support consistent and high-quality egg production.
• HVR 1, 2, 3, 4: High-value rations tailored to meet specific nutritional needs at every stage of livestock growth.
T• Rabbit Feeds: Formulated to support the health and growth of rabbits, ensuring optimal nutrition for this niche livestock market.
• Ruminant Feeds: Specially crafted feeds for goats, cattle, and buffalo, promoting strong health, better milk production, and efficient weight gain. The success of Hoover Feeds would not have been possible without its dedicated network of distributors.
Here are some of their inspiring stories:
MJN Poultry Supply - Jocelyn Francisco “I started my business with just P35,000 and a leap of faith. For the last 20 years, there have been ups and downs, but Hoover Feeds has always been a constant. Their support goes beyond profits—it’s about trust and reliability. With Hoover, you feel valued, no matter how small.”
TDR Poultry Supply - Teddy Del Rosario
QUALITY is what customers look for, and that’s what Hoover delivers. During challenges like ASF, we disinfected and educated customers on biosecurity. Hoover’s support in those times was invaluable.”
FAB Poultry Supply - Naeldel Cruz
“WE introduced Hoover Feeds in 2022, starting with just 50 bags. Now, we’re distributing 470 bags monthly. The quality speaks for itself, and customers keep coming back.”
Vodega 105 Trading Corp - Rochelle
De Villa
“For eight years, Hoover Feeds has been a staple in our daily sales. From technical support to addressing issues during crises, Hoover always delivers.”
Angel’s Mark Agri Supply - Jaime Borja “HOOVER doesn’t need promotion—it’s a brand that customers trust. The performance and quality are unmatched, ensuring profitability for farmers and loyalty from buyers.”
Doc Atong Poultry Supply - Renato De Ocampo
“AS a veterinarian, was initially hesitant to carry Hoover. But its consistent quality and customer feedback changed my perspective. Farmers noticed their hogs gained better weight, had leaner meat, and fetched better market prices. Hoover has been a steadfast partner through challenges like ASF.”
The distributors unanimously agree that Hoover Feeds stands out not just for its superior products but also for its unwavering support during tough times, including pandemics, ASF outbreaks, and bird flu. The company’s commitment to customer service, technical support, and ensuring supply reliability has cemented its place as a trusted partner.
As Hoover Feeds celebrates its 24-year milestone, its mission remains steadfast: to deliver high-quality feeds, foster strong relationships, and continue being a pillar of support for farmers and distributors alike.
In the words of Uy, “Our success is rooted in the trust of our community. We’re not just selling feeds—we’re building a legacy of excellence and partnership.” Hoover Feeds is located at Balubaran St.Brgy. Capihan, San Rafael, Bulacan. For more information, follow Hoover Feeds Facebook, Hoover Feeds Instagram, and Hoover Feeds TikTok pages. Order at 09228023784, (044)8931069, or hooverfeedscorporation@gmail.com.
For a proudly Filipino gift, the Sampaguita Hamper (P1,925) celebrates local flavors with Pork Muscovado Ham, Sampaguita Focaccia, Sampaguita Mango Jam, and Sampaguita Polvoron. To add a touch of tradition to the Christmas table, Eastwood Richmonde offers delicious, ready-to-serve holiday hams for hassle-free preparation. Choose from the 1.5kg Muscovado Ham (P2,225) or the 1.2kg Cured Chicken Ham (P1,725), both with the delectable blend of rich, sweet, and smoky flavors that will take holiday feasts to the next level. Eastwood Richmonde Hotel’s Yuletide treats are available at the Gingerbread House found at the lobby until January 5, 2025. For advance orders, 48-hour lead time required. Bulk orders for corporate giveaways are welcome. To order or inquire, call +632 8570 7777 or +63 917 821 0333.
UTOL:
Ready to Beat the Holiday Rush with Reliable and Affordable Rides
AS the holiday season ushers in a surge of travel demand, Unified Transport Operations League (UTOL), an allFilipino ride-sharing company, is stepping up to make commuting smooth and stressfree for everyone. With the Christmas rush expected to put a heavy strain on transportation systems, UTOL is prepared to deliver safe, reliable, and convenient services that prioritize passengers’ needs. UTOL is enhancing its operations to meet the anticipated rise in bookings this season. By onboarding more TNVS driveroperators and optimizing ride availability, the company aims to provide passengers with quicker and easier access to rides, even during peak hours. Its commitment to maintaining transparent pricing ensures that the holiday hustle won’t come with unexpected fare hikes, allowing customers to book their rides without straining their budget.
To ensure passenger safety and convenience, UTOL’s app features a builtin emergency Help Button. This essential tool enables passengers to reach a customer support representative instantly if they feel unsafe or experience issues during their ride. Drivers can also use the same feature to report any concerns or emergencies, reinforcing a shared commitment to safety on both sides.
For driver-operators, UTOL is ramping up support to keep them equipped and ready for the holiday season. Through partnerships with insurance providers, vehicle maintenance services, and automotive dealers, UTOL offers drivers access to discounted services and affordable financing. These efforts not only keep vehicles in top shape but also empower drivers to take full advantage of the season’s increased earning potential without unnecessary stress.
This holiday season, UTOL isn’t just a ride-sharing service, it’s a reflection of Filipino ingenuity and values. Rooted in the principle of partnership and care, UTOL treats every passenger and driver as part of its growing family. By prioritizing collaboration and community, UTOL is transforming every trip into more than just a ride, it’s a shared journey toward a better future for all.
With UTOL, the holidays don’t have to be stressful. Let this home grown ridesharing company take you where you need to be—safely, affordably, and right on time for the celebrations.
For more information, visit www. utol.ph or follow their Facebook page at facebook.com/Utol.ph. Customers can also contact UTOL at 8948-8865 or via mobile at 09660090717 and 09083770081.
Okada Manila Celebrates Japanese Cuisine with Enbu’s Signature Creations
ENBU, Okada Manila’s signature Japanese restaurant, proudly presents an exciting lineup of authentic dishes as part of the “Beyond Flavors, A Feast for the Soul” campaign. Combining time-honored Japanese culinary traditions with a touch of contemporary flair, Enbu takes diners on a soulful journey to deliver a feast that speaks to the heart. At Enbu, dishes are crafted with an intimate understanding of the harmony between taste, texture, and the emotional connection that food brings.
The Dragon Roll Maki blends the crispness of shrimp tempura with the lush creaminess of avocado, wrapped in perfectly seasoned salmon skin. This beautifully presented dish presents a symphony of flavors that transports you straight to Japan’s most recognized culinary districts. The Seafood Yakisoba with its tender noodles and oceanfresh seafood, offers more than umami—it delivers warmth and comfort, a true taste of home for the soul. For those seeking variety, the Kushi Yaki is an invitation to explore—an assortment of perfectly grilled beef, pork, chicken, seafood, and vegetables. Enbu’s kitchen is guided by the expertise of Chef de Cuisine Masahiro Mizumoto, whose extensive experience in Japanese cuisine began in 1983 in Fukuoka, Japan. His decades of mastery deeply rooted in kaisekistyle dining, combined with an unyielding dedication to quality and authenticity, create an experience where each plate resonates with his commitment to bringing the flavors
FROM the top, Kushi Yaki, Seafood Yakisoba, and Dragon Roll of Japan to every guest’s plate.
Enbu’s ambiance, with its open grill and inviting interiors accentuated by 2,160 red chochin lanterns, provides a warm, intimate setting for sharing a quiet lunch or an elegant dinner. Every visit to Enbu leaves guests with lasting memories of a refined, heartfelt dining experience.
The “Beyond Flavors, A Feast for the Soul” campaign invites guests to experience food not just nourishment, but as celebration of tradition and connection. Every dish at Enbu is a testament to the beauty of simplicity, where flavors resonate long after the meal is over, leaving an indelible mark on both the palate and the soul.
For reservations and more information about Enbu at Okada Manila, please visit https://www.okadamanila.com/beyond-flavorsa-feast-for-the-soul.
IN the photo are, from left, Michael B. Hortaleza, MOHS Chairman and CEO, and Ivor G. Poole, Zenfro Executive Director and General Manager.
Health monitoring provider OMRON appoints Jolina Magdangal as brand ambassador
IN the world of local TV, Jolina Magdangal has long been a household name, lighting up the screen with her vibrant personality and unmistakable charm. But off-screen, she is just as dedicated in her role as wife and mother of two, always putting her family’s health and happiness first.
This dedication to good health makes Jolina the ideal brand ambassador for OMRON Healthcare’s business in the Philippines, the country’s leading provider of health monitoring and management solutions. As the new face of OMRON (www. omronhealthcare-ap.com/ph), the entertainer emphasizes the crucial role of healthcare monitoring in ensuring family wellness through its “Be Sure” campaign. Jolina, affectionately known as “Jolens” or “Momshie Jolens,” is a mother to two energetic kids, and a wife to her supportive husband Mark.
Living a life full of activity and joyful chaos, she says: “As a mom, siyempre, ang pinakaimportante para sa akin is making sure my family is healthy and safe. Mas conscious ako in making small healthy changes in our lifestyle, and I always try to stay on top of my family’s health.”
Echoing this principle is OMRON’s “Be Sure” campaign, which is designed to empower families to prioritize health monitoring as an integral part of their daily lives.
The campaign highlights the importance of using reliable health monitoring and treatment devices to accurately track important health indicators, encouraging families to take proactive steps toward better health.
Through high-quality, reliable and accessible health monitoring tools and technology, the brand aims to ensure that everyone can monitor their health effortlessly, creating a culture of awareness for cardiovascular health and risk prevention in every household.
OMRON offers an array of products, including OMRON Complete, which combines blood pressure monitoring with ECG to detect heart irregularities like AFib, tachycardia and hypertension. Through the OMRON Connect app, users receive personalized insights and easy-to-share results, supporting early intervention in heart health. Additionally, the brand’s user-friendly interface provides essential respiratory care, while its body composition monitors deliver vital metrics for overall health management.
On top of that, OMRON’s products are equipped with IntelliSense feature which personalizes the cuff inflation for accurate readings.
The barnd’s products are also designed for ease of use. The IntelliWrap Cuff, for example, is a gamechanger, providing 360° accuracy and eliminating the guesswork for users at home.
Parentlife BusinessMirror
Giving the gift of kindness and healthy emotions
THE Christmas season in the Philippines is a time of joy, togetherness and giving.
Yet, amid the glittering lights and festive gatherings, it is easy to forget that the greatest gifts are not material but those that touch the heart—kindness, love and emotional connection.
This year, let’s focus on giving the gift of kindness and nurturing healthy emotions, especially to those who often give selflessly without asking for anything in return. Whether it’s through small gestures or grand efforts, Christmas is an opportunity to remind our loved ones—and even strangers—that they, too, deserve love, care and appreciation.
Few embody the spirit of generosity better than our overseas Filipino workers (OFWs). These modernday heroes leave their families, friends and familiar comforts to work abroad, sacrificing shared moments for the promise of a better future for their loved ones. Their selflessness, resilience and love are unmatched, but their emotional struggles are often unseen.
Analyn Ortega, whose story was recently featured in confectionary giant Cadbury’s latest film, perfectly captures the quiet sacrifices of OFWs. For 26 years, Analyn worked as a domestic helper in Hong Kong, never once spending Christmas with her family. Her story is a poignant reminder that the holiday season can be bittersweet for many, especially for those who spend it far from home. “Kahit kailan, hindi naging madali sa akin ang malayo sa anak ko, lalo na’t dalawang taong gulang pa lang siya nung umalis ako,” shares Analyn. “Pero kahit kailan din, hindi ko pinagsisihan ‘tong desisyon ko na mangibang-bansa.” Her sacrifice enabled her son, Roi, to dream
Tips for a prosperous holiday season
THE holiday season is here. For a lot of Filipinos, it is one of the most awaited times of the year to spend with loved ones, eat good food, and be grateful for all the blessings they received.
As festivities get underway, it’s always good to remind yourself that celebrating doesn’t always have to equate to spending.
Make the most of the budget you have and even earn extra to prepare for the upcoming new year by following these simple diskarte tips for the holidays.
n MAKE A LIST AND CHECK IT TWICE. Whether it’s buying gifts for the family or ingredients for the countless potlucks this season, always have a list in hand. This helps you be more organized when you shop, saving you time and energy instead of going in circles in the store, or going back because you forgot something.
n SHOP SMARTER. Don’t wait until the
week of Christmas before you do your holiday shopping. This way, you’ll not only skip the long lines and heavy traffic but also have ample time to really put some thought into the gifts you’re planning to give.
n BE WARY OF SCAMS. The holidays are all about giving and celebrating but there are still some people out there who exploit this joyous season for their own benefit. They take advantage of the unsuspecting public through fake charities, bogus raffles and giveaways, phishing schemes and more. Remember: if it’s too good to be true, it probably is. As a rule of thumb, always verify the legitimacy of an organization or website before transacting with them. If you feel like you’ve been scammed, report it to the proper channels, such as Tala Philippines (support@tala.ph), for suspected
and
big and pursue a future as an airline pilot. In an emotional reunion arranged by Cadbury, Analyn was finally able to return home for an early Christmas celebration. The film beautifully captures the moment Analyn boards her flight, her face a mix of excitement and anxiousness as she reunites with her son. The journey is made sweeter by a simple handwritten note from Roi on a Cadbury Dairy Milk bar, thanking his mother for her unwavering love and sacrifices.
Si mama po talaga ang dahilan kaya gusto kong maging piloto,” says Roi. “Pangarap ko na makapag-retiro siya ng walang ibang kailangan isipin kundi ang magpahinga at magenjoy kasama kami.” The story of Analyn and Roi is a testament to how kindness, no matter how simple or grand, can change lives. This Christmas, we can all follow their example and make kindness a central part of our celebrations. Kindness can take many forms:
n A heartfelt note: Just like Roi’s handwritten message, a simple note of gratitude can brighten someone’s day. Take time to write to your parents, siblings, friends, or even colleagues to let them know how much they mean to you.
n Acts of service: Help a family member with chores, volunteer at a shelter, or donate to those in need. Small actions can have a big impact.
n Listening and connecting: Many people, like OFWs, experience loneliness during the holidays. Reaching out to someone who might feel alone is one of the kindest things you can do. When we show kindness, we teach our children that the best gifts come from the heart. Encourage them to look beyond material presents and focus on how they can make others feel seen, loved and appreciated.
While Christmas is a season of joy, it can also bring stress, pressure and emotional challenges. Teaching our children to care for their emotional wellbeing is just as important as teaching them to care for others.
The story of Analyn highlights an important lesson: emotions matter. The loneliness and homesickness OFWs face are real yet often unspoken. Recognizing and validating these emotions is the first step toward healing and connection.
Here are a few ways to nurture healthy emotions this Christmas:
n Practice gratitude: Like Roi, encourage your family to reflect on what they are thankful for. Gratitude fosters positivity and emotional balance.
n Talk about feelings: Normalize conversations about emotions—both the happy and the difficult ones. Let your children know it’s okay to feel overwhelmed, lonely, or even anger. I found these nice toys at Toy Kingdom SM Megamall called Open The Joy that teaches kindness and emotions. It teaches us parents that learning to handle emotions means identifying these emotions first to be able to manage them.
n Prioritize self-care: Remind your family that caring for themselves—physically and emotionally— is an act of kindness. Encourage rest, healthy eating, and moments of quiet reflection.
By nurturing emotional wellness, we equip our children with the tools they need to navigate life’s challenges with resilience and compassion.
The story of OFWs, like Analyn reminds us that generosity knows no boundaries. Their sacrifices are a powerful example of love in its purest form.
Cadbury’s film beautifully captures this message, reminding us that the simplest gestures can have the greatest impact. As Allana Paz, Cadbury Philippines’ marketing executive, shares: “Selfless givers like Analyn are everywhere but they are oftentimes left unseen and unheard. We need to remind them that they too deserve to receive the love they give and more.” Whether it’s an OFW longing for home, a friend who feels alone, or a family member quietly carrying burdens, we can all be instruments of connection and kindness.
This Christmas, let’s redefine what it means to give. Beyond the wrapped presents and festive feasts, let’s offer gifts that truly matter—kindness, emotional support and love. By focusing on kindness and healthy emotions, we can make this season more meaningful. Let’s celebrate with purpose, honor those who give without asking for anything in return, and remind each other that the greatest gifts are the ones that come from the heart.
To watch Cadbury’s latest film and be inspired by Analyn’s story, visit www.facebook.com/cadburyph. Let’s Open the Joy this holiday season, everyone. n
making your own from materials you can find in your
There’s no need to buy new ones each year—you just have to be creative and resourceful.
n TURN YOUR HOBBIES INTO A BUSINESS. The
Tala (www.tala.co/app/invite
FROM left: Event host Mari de Leon, Jolina Magdangal-Escueta, OMRON Healthcare Philippines General Manager Benjamin Agbulos, sales manager Jim Ancla.
CLOCKWISE: Analyn Ortega in Hong Kong; growing-up photos of her son Roi; my unique finds of Open the Joy SEL (Socio-Emotional Learning) toys that help build healthy emotions; Analyn Ortega on her flight to reunite with her son.
Antetokounmpo, Bucks get task done in Las Vegas with a flourish
LAS VEGAS—Everyone has a lucky number in Las Vegas. For the Milwaukee Bucks, it was 3. And the National Basketball Association (NBA) Cup was their prize.
Tournament MVP Giannis
Antetokounmpo scored 26 points to go along with 19 rebounds and 10 assists, Damian Lillard added 23 points and the Bucks connected on 17 3-pointers on the way to beating the Oklahoma City Thunder, 97-81, in the NBA Cup title game on Tuesday night.
“Everybody did their job,” Lillard said. “We defended. We played well from the start of the game all the way through the finish. I think it just showed what we’ve been building. I think it all came out in our biggest game to this point.” Brook Lopez and Gary Trent Jr. each scored 13 for the Bucks, who joined the Los Angeles Lakers as the only champions of the two-year-old event.
A 19-5 Milwaukee run in the second half turned what was a five-point game into a 19-point lead early in the fourth and the Bucks kept control the rest of the way.
“It’s great, it’s great for our team,” Antetokounmpo said. “We’re getting better.... We know we’re leaving Vegas as a better team. I’m so proud of this group. Man, I’m so proud of this group.”
Shai Gilgeous-Alexander scored 21 and Jalen Williams added 18 for the Thunder,
who had scored at least 99 points in every game this season. But they sputtered in plenty of ways Tuesday, getting outscored 51-15 from beyond the arc and shooting only 34 percent. We didn’t shoot it well,” GilgeousAlexander said. “But that’s never an excuse.... We’ve shot bad and won games before, so that’s not an excuse.”
Isaiah Hartenstein had 16 points and 12 rebounds for Oklahoma City, which was held to 31 points after halftime. We did some good things. We outscored them in the paint so obviously we did the job defensively on that end,” Thunder coach Mark Daigneault said. “But obviously a tough night offensively all the way around for us. We didn’t score nearly enough points, especially in the second half, to give ourselves a chance to win. But we can learn from it, move forward here.”
It’s a game that only counted for tournament purposes. There was about $300,000 in additional bonus money for Bucks players—they got $514,971 apiece, while the Thunder players got $205,988 each—but the win, the loss and the statistics from the game won’t count toward the regular season.
Mired toward the bottom of the NBA after a 2-8 start, the Bucks have been on a tear since. This was their 13th win in their last 16 games, even though it won’t be part of the official record. AP
Mental health almost got into Rafael Nadal
Nfew years ago but “conquered it by always moving forward” and “slowly became myself again,” the 22-time Grand Slam champion writes in an essay posted online Tuesday, less than a month after the last match of his career “P hysical pain I was very used to, but there were times on the court when I had trouble controlling my breathing, and I couldn’t play at the highest level. I don’t have trouble saying it now. After all, we are human beings, not superheroes,” Nadal says on The Player’s Tribune.
“ Thankfully, I didn’t get to the point of not being able to control things like anxiety, but there are moments with every player when it’s difficult to control your mind, and when that happens it’s difficult to have total control of your game,” he says. “There were months when I thought about taking a complete break from tennis to cleanse my mind. In the end, I worked on it every day to get better.”
The 38-year-old Nadal headed into retirement after playing for Spain in the Davis Cup in November, following two seasons filled with injury issues that limited him to competing only sparingly.
In the essay, he writes about the chronic pain in his left foot that first surfaced when he was 17 and says he
Nwas told then that he “would probably never play professional tennis again.”
“I spent many days at home crying, but it was a great lesson in humility, and I was lucky to have a father—the real influence I’ve had in my life—who was always so positive,” said Nadal, who won a record 14 championships at the French Open.
He mentions being nervous before matches, and some of the highlights of his career, and notes: “I hope that my legacy is that I always tried to treat others with deep respect. This was the golden rule of my parents.”
Transgender women barred in domestic UK tournaments
TRANSGENDER women non binary individuals assigned as male at
THE Philippine Sports Commission (PSC) and the Department of Public Works and Highways (DPWH) sealed on Wednesday a partnership for the upgrade of facilities at the Rizal Memorial Sports Complex in Manila and the PhilSports Complex in Pasig City.
Both complexes are under managed and controlled by the PSC.
We always want to give what is best when it comes to the primary needs of the athletes,” PSC chairman Richard Bachmann said. “This is one of the significant steps to ensure that they remain safe and at peace, day in or day out of their training sessions on a long-term basis.”
B achmann signed the partnership
ASHVILLE, Tennessee— Blades Brown is ready to become a professional golfer even before finishing high school. Brown, a 17-year-old junior in high school in Nashville, Tennessee, announced on social media Tuesday that he will turn pro. He already has accepted an exemption to play a Professional Golfers Association (PGA) Tour event at The American Express in January. Brown made the cut at the Myrtle Beach Classic in May—a tournament held opposite one of the PGA Tour’s signature event—and tied for 26th.
Fired up Maroons
championship during the Benjie Paras-Ronnie Magsanoc era under the eminent mentor Joe Lipa. That burning of tinder wood was held in the spot where UP’s iconic symbol, the Oblation, stood spread-eagled under the stars.
The second bonfire was held at another favorite UP landmark—the Sunken Garden in August 2014. But it was held for all the wrong reasons.
The supposed ritual to celebrate great deeds and acknowledge outstanding achievements sent sparks flying in the air after UP tallied just a single win that season. Some saw it as a cathartic act to exorcise the ghosts of three 0-14 seasons in 2007, 2010 and 2013. And to celebrate the end of a ghastly 27-game losing streak.
Many criticized the event as “pathetic” because of the absurdity of its reason. But the fires did not just burn wood and painful memories that night. They lit a bigger fire under the belly of alumni that vowed to take UP out of those ugly depths. Like the Oblation gazing upward at the sky, there was no other way for them to look but up. There was no other way to go but that way, too.
W hat followed was what the Diliman community like to describe as an UPrising. In the years that followed, the UP Fighting Maroons began to build, strengthen and hone. They actively recruited. They trained feverishly.
birth will be barred from competing in the female category of many domestic tennis tournaments in Britain from next month, the Lawn Tennis Association (LTA) announced.
The governing body of British tennis issued a new transgender and non binary policy and said it had to find a balance between competitive fairness and inclusion.
The rules do not apply to tournaments such as Wimbledon or Association of Tennis Professionals and Women’s Tennis Association events held in Britain because the LTA is not in charge of those competitions. AP
with PSC executive director Paulo Francisco Tatad and Accounting Division Chief Atty. Erik Jean Mayores at the Manila complex’s Conference Room.
S igning for the DPWH-National Capital Region and Metro Manila First District were Regional Director Engr. Loreta Malaluan and District Engineer Aristotle Ramos for the PhilSports Complex and South Manila District Engineering Office OIC Engineer Manny Bulasan and OIC Assistant District Engineer Brian Briones for the Manila facilities.
Un der the partnership, upgrades will be done on the athletes’ dormitories at the PhilSports that
compliments the seven-storey dormitory at Rizal Memorial, as well as the retrofitting of the baseball stadium to international standards. Imp rovements on the historic baseball stadium include a covered roofing and an improved grandstand or spectators’ area, a high-resolution LED scoreboard and protective netting and stainlesssteel railings with glass.
O ther soon-to-rise facilities are the 12-story multi-purpose facility adjacent to the Ninoy Aquino Stadium featuring a modernized bowling facility, the redevelopment of the Philippine Sports Museum and the rehabilitation of the PSC’s Administrative Building.
“This is not a decision that I take lightly, and I have spent the past months weighing all possible options before deciding on what I know is best for me,” Brown said. B rown was the youngest player to lead the 36-hole qualifying for the US Amateur in 2023, losing in the second round of match play. He was invited to a Walker Cup practice session and withdrew with an
Starting with the appointment as head coach of now Office of Athletics and Sports Development Director Bo Perasol in 2016, a winning culture swept over UP. In came choice pieces like Paul Desiderio, Jun Manzo, the Gomez De Liaño Brothers Javi and Juan, Ricci Rivero, Kobe Paras, Will Gozum, James Spencer, Bright Akhuetie,and others.
L ater on during the pandemic, the Nazareth SchoolNational University Bullpups Gerry Abadiano, Carl Tamayo, Terrence Fortea, Harold Alarcon. JD Cagulangan, CJ Cansino, Zavier Lucero and Henry Galinato became part of this gold rush. The biggest chunk of gold was the Bullpups’ winning coach: Goldwin Monteverde.
Those developments led UP directly to its third bonfire. Still playing in a bubble in a shortened, Covid-stricken Season 84, the UP Fighting Maroons ended the 35-year drought from the Paras-Magsanoc championship era with a destiny-driven game highlighted by JD Cagulangan heaving a fearless step-back three that hit the mark and re-established the Maroons as UAAP champions over Ateneo, 72-69.
A small, impromptu bonfire was held in the courtyard of their bubble residence, the University Hotel in the Diliman campus right after the win. The following day, the UP community and alumni turned up in droves at the UP Baseball Field to bring food and drink donations that would
Baltazar in no hurry to get into groove in PBA
JBy Josef Ramos
USTINE BALTAZAR’S making baby steps with his 6-foot-7 frame as he blends into the challenge and toughness of the Philippine Basketball Association (PBA).
Converge’s top overall pick in the draft this season, Baltazar has yet to fully flash the form that made him
Most Valuable Player in the regional Maharlika Pilipinas Basketball League where he led the Pampanga Lanterns to the crown before jumping to the PBA. B altazar had four points, seven rebounds, four assists and one block in 22 minutes of action in the FiberXers’ recent 102-91 victory over the NLEX Road Warriors, numbers that aren’t much of an improvement from the five-point, four-rebound, threeassist and one-steal performance in his PBA debut where they lost to NorthPort, 108-101, last Thursday.
“Day by day,” Baltazar told BusinessMirror after their game against NLEX on Tuesday night. “All I do is to give it my best.”
“I ’m very much willing to take the challenge and there are still many things that I can provide for this team,” he said. “I listen to my coaches…no pressure. I just do the tasks they tell me to do.” Converge head coach Franco Atienza believes that the former Gilas Pilipinas player has a lot to show.
“If you look at the stats, you may say it’s not good at all, but we’re looking at it in bigger picture,” Atienza said. “His presence right now is good overall although it isn’t the same numbers he made with his previous team.”
“He provides us added ceiling inside,” Atienza said. “He gives us some muscles inside and he attracts attention. He gives our guards some opening because of his presence.”
Converge is currently 3-2 won-lost and is headed to a busy schedule these holidays in the Commissioner’s Cup—a game Thursday against Phoenix Super LPG at 5 p.m. at the Ninoy Aquino Stadium, against Barangay Ginebra San Miguel on Saturday in Batangas and Meralco on Christmas Day at the Smart Araneta Coliseum.
sustain the crowd in a much bigger bonfire. Euphoria mixed with pride, music, speeches and happy tears. The fourth bonfire was held Monday, December 16, at the UP Sunken Garden after UP won the Season 87 crown against La Salle, 66-62. If Bonfire No.3 ended a title drought, Bonfire No. 4 ended
THE 6-foot-7 Justine Baltazar’s making baby steps as he fits into the FiberXers and league’s system. BLADES
PHILIPPINE Sports Commission chairman Richard Bachmann with (from left) Engineer Maria Victoria Moya, Sports Julia Llanto, executive director Paulo Francisco Tatad, Atty. Erik Jean Mayores and Engineers Loreta Malaluan, Manny Bulasan, Lamberto De Leon and Brian Briones.
THE Milwaukee Bucks’ Giannis Antetokounmpo yells while lifting the National Basketball Association Cup trophy. AP