BusinessMirror December 20, 2024

BOP deficit in Nov widest in 26 months–BSP

By Cai U. Ordinario

WITHDRAWALS made by the national government from the Bangko Sentral ng Pilipinas (BSP) caused the country’s Balance of Payments (BOP) to register its widest deficit in 26 months.

The data showed the country’s BOP deficit ballooned to $2.276 billion in November 2024, the largest since the $2.339 billion recorded in September 2022.

The BOP position was also in deficit in November 2023 and October 2024, when it reached

$216 million and $724 million, respectively.

“The BOP deficit in November 2024 reflected the national government’s [NG] net foreign currency withdrawals from its deposits with the BSP to settle its foreign currency debt obligations and pay for its various expenditures, and the BSP’s net foreign exchange operations,” BSP said in a statement on Thursday.

The BOP position, however, remained in surplus in the 11-month period. The data showed the BOP posted a surplus of $2.1 billion in January to November 2024.

Nonetheless, the BSP said this was lower than the $3-billion surplus recorded in January to November 2023. The data showed this was lower than the $3 billion surplus recorded in January to November 2023.

“Based on preliminary data, the decline in the cumulative BOP surplus was due to lower net receipts from trade in services and net foreign borrowings by the NG,” BSP said.

“However, this decline was partly muted by the continued net inflows from personal remittances as well as net foreign portfolio and

direct investments,” it added. Meanwhile, the BOP position reflected a decrease in the final gross international reserves (GIR) level to $108.5 billion as of endNovember 2024 from $111.1 billion as of end-October 2024. The latest GIR level represents a more than adequate external liquidity buffer equivalent to 7.7 months’ worth of imports of goods and payments of services and primary income. The BSP said the latest GIR level ensures availability of

KEY RATES BY 100 BPS’

By Cai U. Ordinario @caiordinario

THE Bangko Sentral ng Pilipinas (BSP) will maintain an easing posture next year, but it considers a 100-basis-point (bps) reduction in key policy rates as “excessive” as inflation could rear its ugly head again in 2025.

On Thursday, the Monetary Board decided to reduce policy rates by 25 basis points (bps), its third rate cut this year. The Thursday meeting of the sevenman Monetary Board is the last for 2024.

The latest reduction brought down the prevailing interest rates to 5.75 percent. The interest rates on the overnight deposit and lending facilities were accordingly adjusted to 5.25 percent and 6.25 percent, respectively.

“At this stage, given our forecast and given the data, [cutting] 100 basis points [next year] may be a bit much. I think we will maintain an easing posture, but not to the extent of cutting by 100 bps. We will have to see what the data said,” BSP Governor Eli M. Remolona Jr. told reporters during a press briefing.

By Samuel P. Medenilla @sam_medenilla

PRemolona, who sits as the chairman of the Monetary Board, said the central bank is also not keen on making aggressive policy rate reductions next year.

Remolona also said reducing rates by as much as 75 bps this year kept the rates “somewhat on the tight side.”

Finance Secretary Ralph G. Recto had said he expects another 75-bps cut to be implemented next year. Recto, who represents the Marcos administration on the Monetary Board, said this will bring down the benchmark rate to 5 percent. His initial position was a 100-bps cut. (See: https://businessmirror.com. ph/2024/12/19/recto-additional-25-bps-cut-to-encourage-investments/)

RESIDENT Ferdinand Marcos Jr. said he wants to “regain control” of the proposed P6.35-trillion 2025 General Appropriations Act (GAA), which contained Congressional insertions that lack appropriate documentation, through line veto. In an interview with Palace reporters in Pasay City on Thursday, the chief executive said he wants to purge the said insertions from the proposed

2025 national budget due to scarce government resources. He noted that the insertions were not part of the 2025 National Expenditure Plan, which they submitted to Congress for consideration.

“We are starting to see some project proposals that do not have the appropriate program of work and appropriate documentation. It is not clear where the funds [for such projects] will go. So we have to clarify those,” Marcos PBBM: WE’LL ‘REGAIN CONTROL’ OF 2025 BUDGET WITH REVIEW See “PBBM,” A2

TBy Ada Pelonia @adapelonia

HE Department of Trade and Industry (DTI) expressed confidence that the Philippine banana will soon become more competitive in South Korea with the reduction of tariffs starting January 1.

DTI Secretary Cristina Roque said that through the Free Trade Agreement (FTA) with Korea, the 30-percent tariffs levied on banana exports would be reduced by 6 percentage points annually until it gets zero-rated in the fifth year.

“Malakas naman ang export

talaga ng bananas. It’s just that because of the tariff, mas mataas yung presyo natin,” Roque told reporters on Thursday.

“When other countries had the same tariffs as ours, our exports of bananas were like $300 million. Now, bumaba na siya ng $160 [million] because yung ibang countries wala na silang tariff for bananas and us we still have,” she said.

Roque said that with the Philippine-Korean FTA, prices would drop “drastically” because the tariffs would also decrease, expecting robust exports of Philippine bananas by 2025.

See “Banana,” A2

MORE PLASTIC MONEY Assisted by Bangko Sentral ng Pilipinas Governor Eli Remolona, President Ferdinand Marcos Jr. unveils the new BSP polymer banknote series to help reduce the country's cost in maintaining its bills, at special rites at Malacanang Palace on Thursday (December 19, 2024). StoryinA3Banking PHOTO COURTESY OF OP-PCO

Palace orders free rides on LRT, MRT trains on Dec. 20

By Samuel P. Medenilla @sam_medenilla

TO provide convenience to thousands of residents of Metro Manila during the Christmas holiday rush, President Ferdinand Marcos said there will be free rides for the metro trains on Friday.

In a post in his social media account, the chief executive said commuters will be able to ride the Light Rail Transit System Line 1

Earlier this week, Marcos said they need to trim down the “bloated” budget of the Department of Public Works and Highways (DPWH).

said partly in Filipino.

“We don’t have a big budget and savings. It [budget] is not enough [for our needs]. So, we have to be careful with our spending because some of our expenses will be funded through loans. That is why we need to make sure funds will be spent correctly so we can pay back the said loans,” he added.

DPWH Secretary Manuel M. Bonoan was among the Cabinet members, who met with the President last Wednesday to review the provisions of the proposed 2025 GAA, which was supposed to be signed on December 19, 2024. Marcos said he has no choice but to use his power to implement line-item veto to remove

(LRT-1), LRT-2 and the Metro Rail Transit (MRT-3) for free on 20 December 2024.

“This initiative is a simple way to provide relief to our citizens by minimizing their expenses as they prepare for Christmas,” Marcos said in Filipino.

“May this provide relief and make everyone feel the care of the government during Christmas,” he added.

Presidential Communications Office (PCO) Secretary Cesar B. Chavez over a million passengers are expected to benefit from the free ride.

the inappropriate Congressional insertions since the 2025 GAA was already ratified by the Bicameral Conference.

“There is no procedure to return it to the bicam...So, it’s up to us now to look at the items and to see what are appropriate, what are relevant, and what are the priorities,” Marcos said. With the said development, it is now unclear how Marcos will be able to increase the budget of the Department of Education (DepEd) after Congress decided

Of the said figures, 460,000 are expected to ride LRT1, 450,000 for MRT-3, and 200,000 for LRT-2.

He said the one-day free ride will be in effect from opening up to closing of line revenue operation.

Chavez said the free ride aims to help commuters in the National Capital Region who will head to bus terminals in Caloocan, Manila, Pasay, Cubao, North Avenue, and the Parañaque Integrated Terminal Exchange (PITX).

“The Office of the President will subsidize this free ride,” Chavez said.

to cut its proposed budget by over P10 billion.

The 1987 Constitution allows the President to implement lineitem veto of an appropriation, revenue or tariff bill. But it may be reversed by Congress if two-thirds of its members will vote against it.

The President said the review “would take as long as it would take,” but he said they are targeting to sign the 2025 GAA before the end of the year.

“We are going through item by item, line by line, to see what is priority and what is not. And that is what we will come up with,” the President said.

The review, he said, will make sure the budget for 2025 is directed at the important projects and that stronger safeguards on the spending for the different programs will be in place.

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foreign exchange to meet balance of payments financing needs, such as for payment of imports and debt service, in extreme conditions when there are no export earnings or foreign loans.

Moreover, it is also about 4.3 times the country’s short-term external debt based on residual maturity.

The central bank also noted that short-term debt based on residual maturity refers to outstanding external debt with original maturity of one year or less, plus principal payments on medium- and long-term loans of the public and private sectors falling due within the next 12 months.

“The P1.62 trillion in investment approvals for 2024 is a powerful vote of confidence from both local and international investors. This reflects the government’s commitment to creating a stable and attractive business environment in the Philippines, and attests to the effectiveness of our policies and reforms,” Roque said. “These investments will fuel job creation, drive innovation, and foster dynamic economic progress. By focusing on international trade, we are laying the foundation for sustained and inclusive economic growth. This is in line with our goal is to transform the Philippines into Southeast Asia’s hub for smart and sustainable manufacturing and services,” she added.

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“Even with the 75 bps [this year], we’re still somewhat on the tight side. That for us is a kind of insurance. The reason we’re cutting in baby steps is because we’re not absolutely sure about inflation,” Remolona said.

“We still worry that inflation might start to rise again. By cutting in baby steps, at this point, we’re still somewhat tight. So that’s kind of insurance against possible increase in inflation,” he added.

Meanwhile, Remolona said the impact of the Monetary Board’s latest decision on the Philippine peso has, so far, been “modest” and has not been a major consideration in the decision to reduce rates.

On Thursday, the peso closed at its intra-day high of P59 to the US dollar, the lowest on record. The peso has closed at this level twice in November 21 and 26.

Prior to this, based on data from the Bankers Association of the Philippines (BAP), the last known time the peso closed at P59 to the greenback was in October 2022.

“We are concerned about the pass-through [effect]. It tends to become important when there’s enough depreciation. So, there’s kind of a threshold and we’re still trying to refine our estimates of that threshold,” Remolona said.

“But at some point, if the peso keeps depreciating, it begins to have an effect on inflation. For now, the effect has been modest, so it hasn’t been a big factor in our discussions,” he added.

Meanwhile, Bank of the Philippine Islands (BPI) Senior Vice President and Lead Economist Emilio S. Neri Jr. said the easing cycle of the BSP is expected to continue in the first half of next year.

Neri said global rice production is expected to improve next year which will also ease inflation. It can be noted that the country’s Consumer Price Index (CPI) is sensitive to food, specifically, rice prices.

Based on data from the Philippine Statistics Authority (PSA),

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“The banana industry is very happy with this update,” she said.

Meanwhile, the National Economic and Development Authority (Neda) Board recently approved the issuance of an executive order to implement the country’s newly ratified FTA with Korea. (See: https://businessmirror.com.ph/2024/12/18/ neda-board-clears-eo-for-enforcing-fta-with-korea/)

Upon implementation, the Korea FTA will grant preferential duty-free entry on 11,164 Philippine products accounting for $3.18 billion or 87.4 percent of total Korean imports from the Philippines.

“The agreement will support government efforts to manage competitive exclusion vis-à-vis ASEAN neighbors, encourage more foreign direct investments, and secure more preferential concessions than those currently

food has a weight of 34.78 percent while rice has a weight of 9.35 percent of the CPI for all Income Households.

“President Trump’s focus on expanding US oil production may also further dampen oil prices next year, potentially reversing the notable rise in pump prices since 2022,” Neri also said.

“China’s surplus manufacturing capacity might also lead to an influx of cheaper imports into the Philippines, which could further curb inflationary pressures,” he added.

Pantheon Economics, meanwhile, said it expects the BSP to reduce policy rates by 100 basis points next year as inflation is expected to cool to around 2.4 percent. The think tank said this is slower compared to an estimated 3.2 percent average inflation rate in 2024 on the back of “more moderate food and restaurant and accommodation services inflation.”

Meanwhile, the BSP said inflation is projected to stay within the target range over the policy horizon.

The risk-adjusted inflation forecast for 2025 has risen slightly to 3.4 percent from 3.3 percent in the previous meeting. For 2026, the risk-adjusted forecast is unchanged at 3.7 percent. Inflation expectations remain wellanchored.

BSP said the balance of risks to the inflation outlook continues to lean to the upside due largely to potential upward adjustments in transport fares and electricity rates. The impact of lower import tariffs on rice remains the main downside risk to inflation.

The Monetary Board noted that domestic demand is likely to remain firm but subdued. Private domestic spending is expected to be supported by easing inflation and improving labor market conditions. However, BSP said the downside risks in the external environment could materialize and temper economic activity and market sentiment.

available under the ASEAN–Korea FTA and the Regional Comprehensive Economic Partnership Agreement,” the Neda said. The EO was approved during the Neda Board’s 23rd meeting and the last for 2024 on Tuesday. The Neda said the EO willl cover the country’s tariff commitments under the Philippines-Korea Free Trade Agreement (PH-KR FTA). Signed on September 7, 2023 during the 43rd ASEAN Summit in Jakarta, Indonesia, the PHKR FTA aims to strengthen economic relations between the two countries by facilitating trade and investment flows, removing barriers to market access, and creating new business and investment opportunities.

In July, the Food and Agriculture Organization of the United Nations (FAO) said the spread of Fusarium Wilt Tropical Race 4 disease across local plantations and logistics challenges limited the country’s banana shipments in 2023.

The bill allows the COA to get private lawyers for COA officials and employees facing cases related to their work.

It allows “duly accredited Civil Society Organization” groups to help auditors in ocular inspection, validation, evaluation, collection of data, and monitoring projects. Contracts with private individuals or groups for accounting or auditing related services in government agencies must have COA’s clearance. Meanwhile, the bill allows COA to audit transactions dating back 10 years, compared to only three in PD 1445. This does not include the reaudit of intelligence and confidential funds, as these can be opened for re-audit anytime based on the COA Chairperson’s authority. The Senate bill also contains provisions for collections or payments using digital and electronic platforms. It likewise increases the penalties for violations. Butch Fernandez

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December 20, 2024

Religious groups file third impeachment case vs Sara

By Jovee Marie N. dela Cruz @joveemarie

STRESSING the urgent need for her removal from office, religious groups and lawyers on Thursday filed the third impeachment complaint against Vice President Sara Duterte before the House of Representatives’ Office of the Secretary General.

The filing of the case, led by Amando Virgil Ligutan, was done at the office of House Secretary General Reginald Velasco.

The 70-page complaint was endorsed by House Assistant Minority Leader Gabriel Bordado of Camarines Sur and Deputy Minority Leader Lex Colada, the nominee of AAMBIS-OWA party-list group. The complainants accused Duterte of betraying public trust and culpably violating the Constitution.

“On behalf of the Filipino people, complainants believe that it is not only the constitutional obligation of the members of the House of Representatives to impeach and for the Senate to remove from office Vice President Sara Z. Duterte. That obligation now becomes a moral one,” the complaint read.

In an interview, Ligutan explained that the complaint

stemmed from extensive congressional hearings that uncovered questionable disbursements within an 11-day period without proper documentation.

“The grounds cited in the impeachment complaint are culpable violation of the Constitution, betrayal of public trust, plunder, malversation, technical malversation, and bribery. This is primarily based on how the Office of the Vice President disbursed millions of pesos in 11 days without proper documentation. This complaint stemmed from the fruitful committee hearings done by Congress,” said Ligutan.

“Vice President Sara Z. Duterte committed culpable violation of the constitution and betrayed the public trust by committing plunder and/or malversation, graft & corruption and other high crimes in amassing and converting the

amount of not less than one hundred twenty-five million pesos [P125,000,000] from the confidential funds allocated to the Office of the Vice President for the year 2022,” the complaint said.

“Vice President Sara Z. Duterte committed culpable violation of the constitution and betrayed the public trust by committing plunder and/or malversation, graft & corruption and other high crimes in amassing and converting the amount of not less than one hundred twelve million five hundred thousand pesos [P112,500,000] from the confidential funds allocated to the Department of Education for the year 2023,” it added.

Also, the complaint said Duterte committed culpable violation of the Constitution and betrayed the public trust by corrupting and bribing officials of the Department of Education.

The complaint added that Duterte, as head of both offices, had an ultimate role of approving and overseeing the implementation of the programs under both offices, and without her approval, no confidential funds may be released or disposed of.

The complaint was supported by various individuals and groups, including Catholic clergy, lawyers, and activists: Fr. Antonio Labiao (Diocese of Novaliches), Frs. Joselito S. Sarabia and Rico Ponce (Order of Carmelites), Fr. Dionisio V. Ramos (Order of Carmelites), Fr. Esmeraldo Reforeal (Order of

All legal Pogos now shuttered

ALL legal Philippine Offshore Gaming Operators (Pogos) that operated in the country have voluntarily stopped operating.

This was revealed by Philippine Amusement and Gaming Corp (Pagcor) Chairman and Chief Executive Officer Alejandro Tengco.

In a news release, Tengco said that these companies, now officially known as Internet Gaming Licensees (IGLs), have submitted letters to Pagcor between late November and early December expressing their intent to cease operations.

In addition, these operators are actively collaborating with the Department of Labor and Employment and the Bureau of Immigration to adjust the employment visas of their workers, facilitating a smooth transition during the closure process.

During his Statement of the Nation Address in late July, President Marcos ordered the closure of Pogos and IGLs. As a follow up of his July order, Marcos issued an executive order last month that bans all offshore online gaming activities in the country. The closure of offshore online

gaming operations has adversely affected an estimated 40,000 workers, Tengco added.

He said that the government will continue to pursue and dismantle any remaining illegal offshore gaming activities.

He added, “These illegal operators have moved to smaller areas, but the government remains resolute in tracking them down.”

The Presidential Anti-Organized Crime Commission, the National Police, and other law enforcement agencies have been tasked to detect the presence of

QuadCom recommendation on cases against Duterte, others now with DOJ

PRESIDENT Marcos said the Department of Justice (DOJ) is now determining if the recommendation of the House Quad Committee (Quad -

Com) to file crimes against humanity charges against former President Rodrigo R. Duterte over drug-related killings has legal bases.

“There are still many things that needs to be carefully assessed on what case to be filed and if the recommendation of committees from the House [of

Carmelites), Fr. Joel Saballa (Diocese of Novaliches), Fr. Franklin Pilario (Congregation of Mission), Simon Serrano (Stop Corruption Philippines), Wilfredo Villanueva and Pinky Tam (Stand Up for God Rosary Group), Union of Peoples’ Lawyers in Mindanao represented by its vice chairman, Joel Mahinay, Maria Loreto Lopez and Shanelle Aubrey Gianina Gomez.

The complainants urged that the House Committee on Justice accept the complaint and submit a report to the House of Representatives recommending its adoption as the Articles of Impeachment against Duterte or propose a separate Resolution of Impeachment. Subsequently, they call for the House to act favorably by securing an affirmative vote from at least one-third of its members to transmit the Articles of Impeachment to the Senate for trial.

This is the third impeachment complaint filed against Duterte. These complaints were sparked by allegations of the misuse of confidential funds and irregularities unearthed by the House committee on good government and public accountability.

The 1987 Constitution gives the Office of the Speaker 10 session days to include the impeachment complaint in the order of business and three session days to refer it to the justice committee. However, Congress went on Christmas break and is expected to resume on January 13, 2025.

and shutdown illegally operating Pogos.

On Tuesday, Tengco, along with other government officials, witnessed the formal closure of a major offshore gaming hub at Island Cove in Cavite, previously considered the largest Pogo hub in the country.

Tengco clarified that this closure was conducted in compliance with Marcos’ directive and that Oriental Gaming Corp, the licensed operator of Island Cove, had significantly reduced its operations over the past year before completely ceasing activities earlier this month.

“They have complied with the President’s directive, and there are no violations here,” Tengco added.

Representatives] on what case to file, how to produce evidencen, is in the right direction [to address it],” Marcos told reporters in Filipino in an interview with Palace reporters in Pasay City on Thursday.

On Wednesday, the QuadCom presented its 43-page report

Senate bill gives sharper teeth to Coast Guard amid WPS row

By Butch Fernandez @butchfBM

ASENATOR is seeking the organizational reform of the Coast Guard (PCG) to make it more capable in handling ongoing tensions in the West Philippine Sea (WPS).

Specifically, Sen. Sherwin Gatchalian is pushing for the proposed Revised Philippine Coast Guard Law, which will strengthen the agency by addressing its operational and administrative gaps in light of continuing incursions of the Chinese Coast Guard in the WPS.

Gatchalian noted that gaps in the organizational structure and welfare benefits of PCG personnel have hindered its operations. “When the PCG transitioned from military to civilian administration under the Department of Transportation, no measures were put in place to secure the rights, welfare, and morale of the people working in the agency. As a result, the very people tasked to protect our waters are often left to fend for themselves,” he said.

The proposed revision of the Coast Guard law aims to address such gaps by reorganizing the agency, enhancing its capabilities and ensuring the welfare of its personnel. “The bill sends a powerful message: We stand for

our sovereignty, we stand with our coast guard, we stand united as a nation,” he emphasized.

Gatchalian earlier filed a bill seeking to implement a modernization program for PCG. As provided under Senate Bill 2516, the modernization program aims to enhance PCG’s assets and facilities, bolster its capabilities, and strengthen the effective implementation of its mandate under Republic Act 9993 or the Philippine Coast Guard Law. Specifically, the proposed modernization measure provides for the creation of the PCG Modernization Trust Fund. On top of the Modernization Trust Fund, an initial appropriation of P1 billion will also be provided for the measure’s implementation.

“ Kailangan nating paigtingin ang kakayahan at kapasidad ng  Philippine Coast Guard  dahil sila ang pangunahing tagapagtanggol ng ating mga karagatan laban sa bantang pangkalikasan, iligal na aktibidad, at paglusob na maaaring magdulot ng pinsala sa ating teritoryo at seguridad  [We need to bolster the capabilities and capacities of the Philippine Coast Guard because they are the first line of defense in our seas against the threats to the environment, illegal activities and intrusions that could imperil our territory and security],” he added.

OCD eyes expansion of PDZ around Kanlaon

By Jonathan L. Mayuga @jonlmayuga & Rex Anthony Naval

AS Mount Kanlaon continues to demonstrate restiveness in the last two days, the Office of Civil Defense (OCD) is now looking to further expand the already extended permanent danger zone around the restive volcano from six kilometers to 10 kilometers.

Kanlaon, which straddles the provinces of Negros Occidental and Negros Oriental, erupted on December 9, prompting authorities to call for immediate evacuation of people living within the sixkilometer permanent danger zone.

The continuous volcanic tremors, and emission of volcanic gas and ash, remain a threat to the health of people in surrounding communities.

Currently, under Alert Level 3 or Intensified Unrest, volcanic activities indicate Kanlaon remains restive and that violent eruption may still occur.

So far, a total of 32 evacuation centers have been put up and are currently serving 4,580 families.

However the NDRRMC said a total of 10,900 families have already been affected in 26 barangays.

A total of 32 cities and towns have been declared under a state of calamity owing to the volcano’s activities.

As of Thursday, more than P43 million have been provided by the

government to aid the affected communities.

The Philippine Institute of Volcanology and Seismology said Mount Kanlaon, one of the country’s active volcanoes, continues to cause volcanic earthquakes.

On December 17, Phivolcs monitored a total of 32 volcanic earthquakes. In the last 24 hours covering midnight of Tuesday to midnight of Wednesday, a total of 24 volcanic tremors occurred.

A stratovolcano, Kanlaon continues to emit carbon dioxide. As of December 18, sulfur emissions reached 4,636 tons per day. Kanlaon’s volcano walls remain inflated.

Plumes were also observed reaching 100 meters tall, characterized by continuous degassing with occasional ash emissions drifting southwest.

These development come as a low-pressure area (LPA) was spotted off Mindanao that could pose a risk of lahar flow in Negros Island.

“We’re also planning to move the evacuation centers that are still within that range, from six to 10 kilometers, to at least outside of the 14 km radius,” OCD Western Visayas Director and Task Force Kanlaon chairman Raul Fernandez in an interview with Bilyonaryo News Channel on Wednesday. Currently, there are 29 evacuation centers in Negros Island,

Drop in sugar millgate prices blamed on spike in entry of articial sweeteners

By Ada Pelonia @adapelonia

THE increase in the purchases of imported artificial sweeteners pulled down millgate prices of sugar, according to the Department of Agriculture (DA).

Agriculture Secretary Francisco Tiu Laurel Jr. said that based on his analysis of the situation, sugar yield of a 50-kilo bag per ton of cane (LKGTC) and millgate prices

By Jovee Marie N. dela Cruz @joveemarie

ASSURING critics of the transparency and accountability of financial assistance programs, the leadership of the House of Representatives defended the allocation of billions of pesos in financial assistance or ayuda to poor and financially burdened Filipinos, asserting “it is a matter of justice, not charity.”

Speaking before his colleagues on the last day of session before Congress adjourned for the Christmas recess on Wednesday night, Speaker Ferdinand Martin G. Romualdez emphasized the importance of social safety nets amid economic challenges.

“As the country faces the daunting challenges of inflation, global conflict, and natural disasters,” the House of Representatives would “stand firm in defending the provision of ayuda for our people,” Romualdez said.

The congressional bicameral conference committee on the 2025

‘No

dropped while the volume of imported sweeteners that entered the country spiked.

“About two weeks ago, I looked at the whole situation. Because

of El Niño, iyong amount of sugar in each sugarcane bumaba nang 20 percent. Then bumaba din ang presyo ng asukal sa farmgate,” Tiu Laurel told reporters on Thursday.

“ Tiningnan ko naman iyong importation ng artificial sweeteners, tumaas nang almost 25 percent. So doon napunta ,” he added.

The agriculture chief said the government would issue a directive to monitor the entry of these sugars while traders would need a permit or inform the Sugar Regulatory Administration (SRA) prior to importing.

“We will come out with a directive or order that will regulate

and monitor yung mga ganitong artificial sweeteners. They have to get a permit in order to import or inform the SRA at least,” Laurel said.

The DA official also said the government would issue the order before yearend, noting that concerns raised by beverage makers dragged the release.

“Actually, dapat nai-baba na namin [ iyong order] kaya lang nagreklamo ang mga soft drinks and beverage manufacturers [...] before end of the year, ilalabas namin ,” he said.

Meanwhile, a lawmaker recently urged the government to stabilize falling sugar prices, with

‘Ayuda funds a matter of justice, not charity’

national government budget upheld the House of Representatives’ decision to allocate P26 billion to the Ayuda sa Kapos ang Kita Program (Akap), a social assistance initiative designed to support lowincome earners aversely affected by inflation and other unforeseen circumstances.

Moreover, Romualdez shared a compelling anecdote to illustrate the impact of ayuda programs.

“Let me share the story of a single mother from Samar who, during the height of rising prices, relied on financial assistance to keep her children fed and in school. She represents millions of Filipinos whose lives have been touched by our legislative efforts,” he said.

“To those who doubted the importance of social safety nets, let this be a reminder: ayuda is not charity; it is justice. It is our duty to ensure that no Filipino falls through the cracks, especially in times of crisis,” he said.

He added that governance means “not merely passing laws but ensuring that these laws trans -

Tlate into hope and dignity for every Filipino family.”

Romualdez assured ayuda critics and the nation in general that the Marcos administration is ready to account for the money spent for financial assistance.

He underscored that government departments like the Department of Social Welfare and Development (DSWD), Department of Labor and Employment (Dole), and Department of Health (DOH) handle the funds and implement these programs, with Congress only ensuring proper allocation and oversight.

“All these programs have real beneficiaries. There are actual receipts. There is no notice of disallowance from the Commission on Audit. The job of Congress is to ensure the funds are allocated and delivered properly to the beneficiaries,” he added.

Romualdez pointed out that the 2025 national budget, which President Marcos is expected to sign next week, responds to the needs of Filipinos, including financial assistance.

shortcut, seamless way to register SIM cards’

By Lorenz S. Marasigan @lorenzmarasigan

HE Cybercrime Investigation and Coordinating Center (CICC) has advised users of cellular telephones and other gadgets hat there is no “shortcut” or “seamless way” to register Subscriber Identification Module (SIM) cards. The warning was prompted by the rise of dubious social media accounts offering third-party SIM card registration services for a minimal fee.

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on extra-judicial killings, illegal drugs, and illegal Philippine offshore gaming operators (Pogos).

It concluded that Duterte, Sens.

www.businessmirror.com.ph • Editor: Nonnie Pelayo Kanlaon. . .

Among them, a fake account named “Dito Telecommunity” advertised: “SIM card registration available po. PM lang po sa gustong mag register Jan . all network po.” Dito Telecommunity Corp. disowned the account and denied authorizing such practices. “We’re the strictest among the three on SIM registration,” the company clarified in its response to the CICC. CICC Executive Director Alexander K. Ramos urged the public to remain vigilant and avoid relying on third-party services for SIM registration.

Christopher Lawrence Go and Ronald dela Rosa, as well as two other retired National Police chiefs and other police officials, who were linked to the drug war of the previous administration should be held accountable under Republic Act 9851 ot the Philippine Act on Crimes Against International Humanitarian Law, Genocide, and Other

Continued from A4 along with 10 family tents set up in La Carlota City. Fernandez noted that, based on the Department of the Interior and Local Government’s report, they have achieved a 99.17 percent evacuation rate of residents in the permanent danger zone, totaling 5,772 families or 18,475 persons. He assured the public that there were sufficient food and non-food items for the evacuees, sourced not only from the government but also from generous donors. However, as residents may need to remain in evacuation centers until after the New Year, the OCD official appealed for more diverse

“The SIM registration process is not that complicated, and there is no need to hire a third party to do it for you. Do not be deceived by those offering to register your SIM,” he said.

Republic Act 11934, enacted on October 10, 2022, and implemented starting December 27, 2022, requires all SIM users to register with their respective networks using government-issued identification and a selfie.

The law aims to promote responsible SIM card use and assist law enforcement in solving crimes

Crimes Against Humanity.

Official data indicate that at least 6,000 people died from the anti-illegal drug campaign of the Duterte administration. However, human-rights groups, religious organizations and other observers claim that as many as 30,000 were killed during the previous administration’s war on drugs.

food choices and recreational and educational materials for children.

“Based on the assessment of Phivolcs, there’s still a huge possibility of an explosive eruption anytime. This is based on the ongoing volcanic activity, including volcanic earthquakes,” Fernandez stated.

He added that passes are being issued to evacuees who need to

He said the budget “is a testament to our commitment to prioritizing the welfare of our people.”

“This is not just a budget; it is a blueprint for hope. It ensures funding for vital programs that bolster economic recovery, create jobs, and provide much-needed relief for struggling families,” he said.

“It is the cornerstone upon which the government operates and the key to supporting President Marcos in his ‘Bagong Pilipinas’ program,” he said.

He stressed that with the approval of the proposed P6.352 trillion spending program for next year, “we will be more capable of advocating for the concerns of the underprivileged, pursuing justice for the downtrodden, and formulating policies that foster equality and dignity for all citizens.”

“While not everyone may be satisfied with the 2025 national budget, it is a budget that mirrors the true needs of our people—not just for daily survival but for building a stronger foundation for a brighter and better future,” he said.

involving SIM cards.

Ramos also warned that information provided to third-party registrants could be misused for illegal purposes.

As of July 2023, 113,969,014 SIM cards out of 168,016,400 in circulation had been registered.

Ramos emphasized that SIM users must personally register with their respective networks, following the proper process outlined in the law.

For assistance with SIM registration, individuals can call the Inter-Agency Response Center hotline at 1326, which operates 24/7, including holidays.

Almost all of those killed were ordinary users and pushers.

Marcos said the QuadCom report has been forwarded to DOJ for its consideration.

“[The] DOJ has to make that assessment [on the QuadComm report],” Marcos said when asked for his comment on the QuadComm report. Samuel P. Medenilla

temporarily check on their homes and properties.

“While we need to ensure the safety of residents, we can’t discount the fact that most of their livelihood have been left behind.

That’s why the local governments issued camp passes for designated family members who will return to feed animals or take care of farm chores,” Fernandez said.

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

The SRA recently said that it may implement another round of its sugar voluntary purchase program to arrest the drop in millgate prices.

SRA Administrator Pablo Luis Azcona said the program would offer traders a chance to purchase raw sugar at a premium. In return, participants get allocation for future import programs.

Under the order, eligible participants could buy raw sugar at a premium price which would then be temporarily classified as “C” (reserved sugar) to ensure reasonable and stable prices.

“This will make the playing field a lot more level and fair,” Azcona said.

The SRA also said it is open to any investigation regarding the plummeting sugar prices that affects sugarcane farmers.

“We’re studying what we did last year and finding ways to improve it. [We want to] make sure that anybody can participate in the program as long as they have a domestic trading license,” Azcona said. Last March, the regulatory agency issued Sugar Order 2 for crop year 2023-2024 which opened the first voluntary purchase program.

Lack of local govt help prevents former OFWs from reintegrating

By Samuel P. Medenilla @sam_medenilla

THE lack of responsive help desks in local governments and an integrated job matching services are preventing many former overseas Filipino workers (OFW) from availing of reintegration services, the migrant advocate group Blas F. Ople Policy Center (BOPC) said.

The government is now trying to address the said gaps by establishing one-stop shops such as the Bagong Pilipinas One-Stop OFW AKSYON Center in Makati on Tuesday.

In an interview with B usiness M irror

BOPC President Estelle Ople Osorio disclosed that most of the distressed OFWs, who they interviewed were unable to access government services since the help desk in their local governments, which are tasked to help them either lacked knowledge on what interventions to extend to them or the empathy to understand what they are going through.

“Those who are assigned in the help desk do not fully understand the challenge of distressed OFWs, who need immediate repatriation abroad,” Osorio said.

The daughter of the former DMW Secretary Susan Ople, also noted that since the government agencies that provide reintegration services have different offices, distressed OFWs, including those who were abused by employers, would sometimes feel they are being “ping-ponged” or given the run around by the said agencies to get the services they need leaving them frustrated.

Many of the said OFWs, she said, would opt to look for local employment since they were traumatized by their ordeal abroad.

“Some of them would like to be trained to become manicurists or masseurs so they can have local livelihoods,” Osorio said.

Distressed OFW

AGNES REYES, a 59-year-old retired cook from the United Arab Emirates, was among the OFWs, who are looking for local employment. She attempted to look for work through the Public Employment Service Office in Makati after returning home last year to undergo medical treatment.

She applied for different positions including as a janitress and as a service crew.

“I am applying for jobs in the Public Employment Service Office but no [employer] is calling me back,” she lamented.

She considered starting her own business, but the financial assistance she got from the Overseas Workers Welfare Administration (Owwa), she used for her medical expenses.

Reyes said she has six children. Of which, two already have work. But she still wants to work to help pay her bills.

“I am not the type of mother to keep asking [their children] for help. I want to support myself if I still can,” she said.

One-stop shop

TO help address the gaps in the reintegration services, Marcos and Migrant Workers Secretary Hans J. Cacdac led in the inauguration

of the new DMW AKSYON Center in Makati. The new Bagong Pilipinas OFW AKSYON Center was established by DMW in the former Land Bank Building 1 in barangay Bel-Air in Makati City under an Usufruct Agreement with the Office of the President.

The Center aims to provide a comprehensive fully cycle support and assistance to OFW and their families including Balik Manggagawa processing, legal aid, and reintegration services like skills training, livelihood opportunities and local and overseas job facilitation. It also has Migrant’s Brew outlet, a cafe which serves OFWs. It offers services from the Social Security System (SSS), Pag-IBIG Fund, Philippine Health Insurance Corporation (PhilHealth), Technical Skills and Development Authority (Tesda), and other key national government agencies such as Agriculture, Health, Labor, Trade, Tourism, Science and Technology, and Social Welfare.

Marcos noted the service provided by the center will help allay the concerns of returning OFWs about their future livelihood if they return home permanently.

He said the concept of the OFW AKSYON Center came from Susan Ople during the Arab Spring, when thousands of OFWs were repatriated.

“And the reason they didn’t want to come home is that they are worried they would no longer have jobs when they return. If they came back to the Philippines, they would have no jobs to return,” Marcos said.

“And so, that’s why the one-stop shop includes retraining, reskilling, upskilling, and to find job placements wherever. Not solely in the Philippines but also abroad,” he added. Open for improvement OSORIO lauded the efforts of the Marcos administration to prioritize enhancing its reintegration services, which migrant experts said is the weakest part of the government’s full-cycle interventions for OFWs, amid the growing demand for it.

“The distressed OFWs we talked to are asking for jobs and not just for cash, which the government is currently providing them, she said.

This was earlier confirmed by DMW, when it said the number of returnee OFWs are expected to rise as more of them reach retirement.

In preparation for the said influx of returnees, Osorio urged the government to hire former OFWs or their family members to man the help desks.

“Not only will it provide them employment, but they will also be able to provide the needed advice to their clients since they also worked abroad before,” she said. Osorio also hopes the DMW will also be able to improve its database of returning OFWs for job-matching purposes.

Currently, she said the government has gaps in its OFW database, particularly those, who went abroad without going through the “proper process.”

“Hopefully that is something that can be rectified with technology,” Osorio said.

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DOLE and PEZA pact to streamline foreign employment in economic zones

By Justine Xyrah Garcia

THE Department of Labor and Employment (DOLE) and the Philippine Economic Zone Authority (PEZA) have partnered on Monday to streamline the employment of foreign nationals in economic zones, aiming to strengthen compliance and improve regulatory processes.

PEZA Visas.

The agreement allows for the exchange of crucial information such as details on foreign nationals seeking employment in PEZA zones, those exempt from AEP requirements, and cases where permits have been canceled or revoked.

By integrating this data, the two agencies aim to reduce redundant processes, verify foreign workers’ credentials more effectively, and ensure compliance with employment regulations.

destination.

Panga, meanwhile, noted the agreement’s alignment with PEZA’s support for the Philippine Labor and Employment Plan 2023-2028.

He highlighted that ecozones currently employ 1.8 million Filipinos, with 80,000 to 100,000 new jobs generated annually in manufacturing and Information Technology-Business Process Management sectors.

Lawmakers’ rice emergency proposal aims to stabilize soaring prices–DA

By Ada Pelonia  @adapelonia

Laurel also noted that targeting rice profiteers could be a key strategy in bringing down prices.

TThis includes linking DOLE’s issuance of Alien Employment Permits (AEPs) with PEZA’s issuance of

The Data Sharing Agreement, signed by Labor Secretary Bienvenido E. Laguesma and PEZA Director General Tereso O. Panga, seeks to create a coordinated framework for processing employment permits.

“This partnership ensures that Filipino workers remain a priority while upholding fair labor standards,” Laguesma said, emphasizing the need to protect local jobs while maintaining the Philippines’ appeal as an investment

The collaboration also supports the government’s “green lane initiative,” which aims to simplify processes for strategic investments.

While data breach has always been a concern of many, the two agencies assured that all the information shared in their integrated system will be protected.

DepEd and LRA join forces to simplify land titling for education infrastructure development

By Claudeth S. Mocon-Ciriaco @claudethmc3

THE Department of Educa -

tion (DepEd) formalized a partnership with the Land Registration Authority (LRA) in an aim to convert manually issued land titles under DepEd into electronic titles —a pivotal step in addressing the perennial issue of classroom backlog.

The partnership will not only expedite construction of

school buildings and facilities but address long-standing issues with untitled properties that often hinder infrastructure projects.

“Nakikita natin that the lack of title signifies lack of security or [lack of] a secured future because dito nade -delay ang pag -construct ng panibagong classrooms,” said Education Secretary Juan Edgardo “Sonny” Angara during the ceremonial signing of the memorandum of agreement (MOA) with LRA Administrator Gerardo

Panga Sirios.

By securing land titles, DepEd aims to eliminate bureaucratic delays, ensuring that schools can be built on legally secured properties.

Mahalaga at makasaysayan ang araw na ito , especially sa DepEd. Ang lupa o titulo ng isang eskwelahan, ‘yan ang puso ng komunidad dahil hindi lang diyan nag-aaral ang mga bata, diyan din nagtitipon-tipon ang barangay [council], [at] ang komunidad,”

Angara emphasized. For his part, Sirios underscored the partnership’s importance in safeguarding assets for future generations.

“This event will help not only the Department of Education in securing its assets but also securing the future of our youth because with these assets, this is where schools will be located, and with the schools, we can provide quality education to our youth,” he said.

Marcos, FL Liza lead 1st handover of 4PH housing units to OFWs

Mutual (Pag-IBIG) Fund.

PBy Bless Aubrey Ogerio

RESIDENT Ferdinand Marcos Jr. and First Lady Liza Araneta-Marcos on Tuesday spearheaded the first-ever turnover of housing units under the Pambansang Pabahay para sa Pilipino (4PH) Program to overseas Filipino workers (OFWs).

HE lawmakers’ proposal to declare a “rice emergency” could address the persistently high rice prices despite government efforts to stabilize the price of the food staple, according to the Department of Agriculture (DA).

“If declaring a rice emergency allows us to sell NFA’s (National Food Authority) nearly 6 million bags of rice at flexible prices to the public, then that’s definitely a good move,” Agriculture Secretary Francisco Tiu Laurel Jr. told reporters on Thursday.

Republic Act 12078, which amended the Rice Tariffication Law (RTL), grants the DA secretary the authority to declare a food security emergency during supply shortages or extreme price fluctuations. This can be done upon recommendation of the National Price Coordination Council (NPCC).

If such an emergency is declared, the NFA could sell its buffer stock to the public to tame rice prices.

NFA Administrator Larry Lacson recently revealed during the recent Murang Pagkain Supercommittee hearing that the grains agency’s buffer stock currently stands at around 5.5 million 50-kilogram bags.

“If we really want to tackle those exploiting certain rice brands, this is the best way to hit them where it hurts—their pockets,” he said.

Meanwhile, the DA said it is expanding its Rice-for-All program which aims to offer cheaper rice prices to more consumers. The program now includes additional public markets and grocery outlets selling rice at P40 per kilo through Kadiwa ng Pangulo kiosks.

Agriculture Assistant Secretary Genevieve Velicaria-Guevarra, who oversees the Kadiwa program, reported that there is a total of 24 more locations of KNP kiosks. She also announced that WalterMart branches in Metro Manila will join the Rice-for-All program next week.

The newly added locations include Langaray Market, Kaunlaran Market, and Phase 9 Bagong Silang Market in Caloocan City; Agora Market in San Juan City; Kalentong Market and Addition Hills Market in Mandaluyong City; Muños Market; Marikina Public Market; Navotas Agora Market; and New Marulas Public Market. Guevarra also said that Ricefor-All kiosks will be launched in other regions of the country by early next year, which further extends the program’s reach to more Filipino consumers.

Where

HThey were returning workers from Saudi Arabia, Japan, Singapore and Libya. T he beneficiaries were processed and endorsed by the Palayan City local government unit, vetted by the Department of Migrant Workers (DMW), and approved by the Home Development

The five OFWs—Jeramie Leyno, Madeleine Anne Mallare, Ramon Mabiog, Fatima Tolentino and Rogelio Crisostomo—received the keys to their new homes at the Palayan City Township in Nueva Ecija.

The turnover event, held at Malacañan Palace, marked the first successful delivery of units under the 4PH Program, which was launched in 2022.

It follo wed a Joint Memorandum Circular, signed by the Department of Human Settlements and Urban Development and the DMW in October, which indicates that OFWs can now access enhanced housing

benefits through the 4PH Program. “Umpisapalamangpoito,hangadnamin namasmaramipangOFWsangmakinabang sa 4PH bilang sukli ng gobyerno sa kanilang kabayanihan,” DHSUD Secretary Jose Rizalino Acuzar said.

Additionally, four more housing units under the 4PH program were raffled off to over 500 OFWs and their dependents who attended the event.

in the world are ‘Mateo Liwanag’ and ‘The Chairman’?

By Ma. Stella F. Arnaldo @akosistellaBM Special

to the BusinessMirror

OLLYWOOD actors of Filipino descent are helping spread the word about tourism destinations in the Philippines.

Nico Santos, who played cousin Oliver T’sien in the runaway hit “Crazy Rich Asians,” recently checked out the charms of El Nido, Palawan, along with Mark Dacascos, who for years has played Japanese host “The Chairman” in the Food Network’s Iron Chef America.

Tourism Promotions Board (TPB) Chief Operating Officer Maria Margarita Nograles Montemayor told the B usiness M irror , “Nico and Mark were here for the MIFF [Manila International Film Festival] Master Class of the Lisa Lew group from Hollywood. Since they were here already, told Lisa they should see the Philippines. So we helped book their tours. They were the ones who chose what to see. [We] hosted them under our global influencer program.”

Lew, also a Filipino-American, is currently executive producer on NBC, and has won Daytime Emmy Awards for her various shows. She is also president of P&L Media, and a co-organizer of the MIFF, which helps promote Filipino films in Hollywood.

Santos had a breakout TV role playing illegal Filipino migrant and Cloud 9 sales associate Mateo Fernando Aquino Liwanag in the NBC sitcom Superstore, and spoke in Filipino a few times on air. He is also speaks in Filipino in a few episodes of a new NBC mockumentary focused on nurses, St. Denis Medical, where he plays registered nurse Rene, described as a leader of a clique that give off a “Mean Girls” vibe.

They were with family TRAINED as a martial artist, Dacascos has appeared in several Hollywood action films like John Wick: Chapter 3-Parabellum, Blade of the 47 Ronin, and was in several episodes of the revived Hawaii Five-O series, where he played crime boss, Wo Fat. He was in town with his wife, Julie, also an actor, and two of their three children.

Nograles underscored that the TPB, the marketing arm of the Department of Tourism, “didn’t pay for them. We just hosted the airfare and hotel. They super truly love the Philippines and will be back with friends.”

Another government source explained: “The Hollywood counterpart of the MIFF organizers reached out to TPB check if [they] would like to host the participating Hollywood celebrities in a vacation holiday before or after the MIFF activities. In return, they will be posting about the destination and spread the word about how much they loved and enjoyed their stay.” The same source added, “It was a collaboration with El Nido Resorts, so it was co-sponsored.”

Santos posted photos of his trip to El Nido on Instagram (@nicosantos), where he has 218,000 followers. In one set, he wrote “American gurl…I need some space right now. Let’s talk when we’ve both called TF down?”, adding “Enjoying a very much needed getaway in @elnidoresorts Pangalusian Island. I mean LOOK AT THIS PLACE! BIG SALAMATS to @philippines.tpb for making this trip possible.” (Emphasis his.)

the tourism industry’s perfor

SoKor, US still top tourism markets

SANTOS visited El Nido with his husband, writer and comedian Zeke Smith, and mother Tita, while Dacascos also posted photos and videos of his trip on Instagram (@dacascosmark), where he has 372,000 followers. TPB then created videos of Santos’s and Dacascos’s visit, and have posted these on their social media accounts.

In one selfie video, Dacascos is seen hiking to the top of a hill and climbing a view deck to watch the sun rise. “Aloha from Palawan in The Philippines. My sixth time to this beautiful country and I love it more with each visit,” he posted.

As of November 29, the Philippines attracted 5.32 international travelers, of which 4.89 million were foreign citizens, and 428,501 were overseas Filipinos. Data from the DOT showed the top source markets for tourists for the period were: South Korea, at 1.43 million; the United States 832,882; Japan 351,026; China 296,663; Australia 229,948; Canada 195,549; Taiwan 195,203; Singapore 142,450; the United Kingdom 141,031; and Malaysia 88,502.

Massive ₧63 million shabu bust at NAIA Terminal 3

(PDEA).

By Reine Juvierre Alberto  @reine_alberto

ABOUT P63 million worth of methamphetamine hydrochloride, commonly known as shabu, was seized at the Ninoy Aquino International Airport (NAIA) Terminal 3, according to the Bureau of Customs (BOC) on Thursday.

The BOC-NAIA and the NAIA Inter-Agency Drug Interdiction Task Group (IADITG) seized more than nine kilograms (9,276 grams) of shabu with an estimated street value of P63.076 million on December 17, 2024.

A female arriving passenger from Kaunda Square Stage II, Zambia was apprehended for possessing the illegal drugs.

The shabu was stored in two vacuum-sealed translucent plastic bags along with assorted clothes contained in a black suitcase, the BOC said.

The Zambian national and the seized illegal drugs were turned over to the Philippine Drug Enforcement Agency

The BOC said further investigation is underway for violations of Republic Act No. 9165 (Comprehensive Dangerous Drugs Act of 2002) and Republic Act No. 10863 (Customs Modernization and Tariff Act).

“We are ramping up efforts to prevent the smuggling of dangerous substances that endanger our communities,” Customs Commissioner Bienvenido Y. Rubio said.

District Collector Atty. Yasmin O. Mapa highlighted BOCNAIA’s efforts to address drug trafficking by focusing on improving intelligence-gathering and enforcement measures to effectively seize illegal contraband.

The BOC reported it intercepted about P81 billion worth of contraband this year, resulting from 1,537 seizures. This more than tripled coming from the 729 seizures, which yielded about P24 billion, in 2022.

In its midyear report, the BOC said it seized illegal drugs worth P1.239 billion in the first half of the year.

Friday, December 20, 2024

Fed cuts its key rate by a quarter-point but envisions fewer reductions in 2025

By Christopher Rugaber Ap Economics Writer

WASHINGTON—The Federal Reserve cut its key interest rate Wednesday by a quarter-point—its third cut this year—but also signaled that it expects to reduce rates more slowly next year than it previously envisioned, mostly because of still-elevated inflation.

The Fed’s 19 policymakers projected that they will cut their benchmark rate by a quarterpoint just twice in 2025, down from their estimate in September of four rate cuts. Their new projections suggest that consumers may not enjoy much lower rates next year for mortgages, auto loans, credit cards and other forms of borrowing.

The central bank’s expectation of just two rate cuts in 2025 rattled Wall Street, sending stock prices plummeting in the worst day for the market in four months. The Dow Jones Industrial Average closed down more than 1,100 points, roughly 2.5 percent. The Nasdaq composite was hit worse: It sank about 3.5 percent Wednesday. Higher interest rates can slow business expansion.

Speaking at a news conference, Chair Jerome Powell underscored that policymakers are slowing their rate reductions as their benchmark rate nears a level

that policymakers refer to as “neutral”—the level that is thought to neither spur nor hinder the economy.

Wednesday’s projections suggest that the policymakers think they may be close to that level. Their benchmark rate stands at 4.3 percent after the latest rate cut, which followed a steep halfpoint reduction in September and a quarter-point cut last month.

“I think that a slower pace of (rate) cuts really reflects both the higher inflation readings we’ve had this year and the expectations that inflation will be higher” in 2025, Powell said. “We’re closer to the neutral rate, which is another reason to be cautious about further moves.”

Blerina Uruci, chief economist at T. Rowe Price, said the tone of Powell’s news conference was surprisingly “hawkish,” meaning that it seemed to favor maintaining relatively high rates. Uruci noted that Powell said

the Fed’s decision Wednesday to reduce its benchmark rate by a quarter-point was a “closer call,” indicating that there was opposition to the move. Indeed, four officials supported keeping rates unchanged Wednesday, according to the projections. Not all 19 policymakers have a vote at each meeting. One—Beth Hammack, head of the Federal Reserve Bank of Cleveland—voted against the rate cut because she favored keeping rates unchanged.

“The committee might be quite divided at this point,” Uruci said. “And we have a growing hawkish contingent.”

At his news conference, Powell acknowledged that at least some Fed officials have begun to assess the potential effects of Presidentelect Donald Trump’s policies on the economy and inflation. The Fed chair noted that some policymakers think that since the election, the future path of inflation has become harder to gauge. Trump’s threats to impose tariffs on all imports and to engage in mass deportations of migrants could worsen inflation next year.

“It’s kind of common-sense thinking that when the path is uncertain, you go a little bit slower,” Powell said. “It’s not unlike driving on a foggy night or walking into a dark room with furniture. Just slow down.”

This year’s Fed rate reductions have marked a reversal after more than two years of high rates, which largely helped tame inflation but also made borrowing painfully expensive for American consumers.

But now, the Fed is facing a variety of challenges as it seeks

to complete a “soft landing” for the economy, whereby high rates manage to curb inflation without causing a recession. Chief among them is that inflation remains sticky: According to the Fed’s preferred gauge, annual “core” inflation, which excludes the most volatile categories, was 2.8 percent in October. That is still persistently above the central bank’s 2 percent target.

At the same time, the economy is growing briskly, which suggests that higher rates haven’t much restrained the economy. As a result, some economists—and some Fed officials—have argued that borrowing rates shouldn’t be lowered much more for fear of overheating the economy and re-igniting inflation.

On the other hand, the pace

of hiring has cooled significantly since 2024 began, a potential worry because one of the Fed’s mandates is to achieve maximum employment.

“We don’t think we need further cooling in the labor market to get inflation below 2 percent,” Powell said at his news conference.

The unemployment rate, while still low at 4.2 percent, has risen nearly a full percentage point in the past two years. Concern over rising unemployment contributed to the Fed’s decision in September to cut its key rate by a larger-thanusual half point.

Asked why the central bank envisions any rate cuts in 2025 given still-elevated inflation, Powell noted that the Fed’s latest projections “have core inflation coming down to 2.5 percent next year.”

“That would be significant progress,” he said. “We’d be seeing meaningful progress to get inflation down to that level.”

The Fed chair added: “We and most other forecasters still feel that we are on track to get down to 2 percent. It might take a year or two from here.”

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 stimulate 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.

Powell acknowledged that Fed officials are seeking “to understand ways tariffs can affect inflation and the economy and how to think about that.”

The Fed’s uncertainty about the economy’s future path was underscored by the quarterly economic projections the Fed issued Wednesday. The policymakers now expect overall inflation, as measured by their preferred gauge, to rise slightly from 2.3 percent now to 2.5 percent by the end of 2025. That is far below its peak of 7.2 percent in June 2022. Even so, the prospect of slightly higher inflation makes it harder for the Fed to reduce borrowing costs because high interest rates are its principal weapon against inflation.

“From here, it’s a new phase,” Powell said, “and we’re going to be cautious about new cuts.”

AP Business Writer Alex Veiga contributed to this report from Los Angeles.

US stocks sharply fall as Fed signals reduced economic stimulus in 2025

By Stan Choe Ap Business Writer

EW YORK—US stocks

Ntumbled to one of their worst days of the year after the Federal Reserve hinted Wednesday it may deliver fewer shots of adrenaline for the US economy in 2025 than earlier thought. The S&P 500 fell 2.9 percent, just shy of its biggest loss for the year, to pull further from its alltime high set a couple weeks ago. The Dow Jones Industrial Average lost 1,123 points, or 2.6 percent, and the Nasdaq composite dropped 3.6 percent.

The Fed said Wednesday it’s cutting its main interest rate for a third time this year, continuing the sharp turnaround begun in September when it started lowering rates from a two-decade high to support the job market. Wall Street loves easier interest rates, but that cut was already widely expected.

The bigger question centers on how much more the Fed will cut next year. A lot is riding on it, particularly after expectations for a series of cuts in 2025 helped the US stock market set an all-time high 57 times so far in 2024. Fed officials released projections on Wednesday showing the

median expectation among them is for two more cuts to the federal funds rate in 2025, or half a percentage point’s worth. That’s down from the four cuts expected just three months ago.

“We are in a new phase of the process,” Fed Chair Jerome Powell said. The central bank has already quickly eased its main interest rate by a full percentage point to a range of 4.25 percent to 4.50 percent since September.

Asked why Fed officials are looking to slow their cuts, Powell pointed to how the job market looks to be performing well overall and how recent inflation readings have picked up. He also cited uncertainties that will require policy makers to react to upcoming, to-be-determined changes in the economy.

While lower rates can goose the economy by making it cheaper to borrow and boosting prices for investments, they can also offer more fuel for inflation.

Powell said some Fed officials, but not all, are also already trying to incorporate uncertainties inherent in a new administration coming into the White House. Worries are rising on Wall Street that President-elect Donald Trump’s preference for tariffs and other policies could further juice inflation, along with economic growth.

“When the path is uncertain, you go a little slower,” Powell said. It’s “not unlike driving on a foggy night or walking into a dark room full of furniture. You just slow down.”

One official, Cleveland Fed President Beth Hammack, thought the central bank should not have even cut rates this time around. She was the lone vote against Wednesday’s rate cut.

The reduced expectations for 2025 rate cuts sent Treasury yields rising in the bond market, squeezing the stock market.

The yield on the 10-year Treasury rose to 4.51 percent from 4.40 percent late Tuesday, which is a notable move for the bond market. The two-year yield, which more closely tracks expectations for Fed action, climbed to 4.35 percent from 4.25 percent.

On Wall Street, stocks of companies that can feel the most pressure from higher interest rates fell to some of the worst losses.

Stocks of smaller companies did particularly poorly, for example.

Many need to borrow to fuel their growth, meaning they can feel more pain when having to pay higher interest rates for loans. The Russell 2000 index of small-cap stocks tumbled 4.4 percent.

Elsewhere on Wall Street, General Mills dropped 3.1 percent despite reporting a stronger profit for the latest quarter than expected. The maker of Progresso soups and Cheerios said it will increase its investments in brands to help them grow, which pushed it to cut its forecast for profit this fiscal year.

Nvidia, the superstar stock responsible for a chunk of Wall Street’s rally to records in recent years, fell 1.1 percent to extend its weekslong funk. It has dropped more than 13 percent from its record set last month and fallen in nine of the last 10 days as its big

momentum slows.

On the winning end of Wall Street, Jabil jumped 7.3 percent to help lead the market after reporting stronger profit and revenue for the latest quarter than analysts expected. The electronics company also raised its forecast for revenue for its full fiscal year. All told, the S&P 500 fell 178.45 points to 5,872.16. The Dow Jones Industrial Average dropped 1,123.03 to 42,326.87, and the Nasdaq composite skidded 716.37 to 19,392.69. In stock markets abroad, London’s FTSE 100 edged up by less than 0.1 percent after data showed inflation accelerated to 2.6 percent in November, its highest level in eight months. The Bank of England is also meeting on interest rates this week and will announce its decision on Thursday. In Japan, where the Bank of Japan will wrap up its own policy meeting on Friday, the Nikkei 225 slipped 0.7 percent. That was despite a 23.7 percent jump for Nissan Motor Corp., which said it was in talks on closer collaboration with Honda Motor Co., though no decision had been made on a possible merger. Honda Motor’s stock lost 3 percent. Nissan, Honda and Nissan alliance member Mitsubishi Motors Corp. agreed in August to share components for electric vehicles like batteries and to jointly research software for autonomous driving to adapt better to dramatic changes in the auto industry.

AP Writer Zimo Zhong contributed.

FEDERAL Reserve Board Chairman Jerome Powell speaks during a news conference at the Federal Reserve on December 18, 2024, in Washington. AP/JACQUELYN MARTIN

The World Israeli airstrikes rock Yemen’s rebel capital after Houthi missile attack on central Israel

DBy Jon Gambrell The Associated Press

UBAI, United Arab Emir -

ates—A series of intense Israeli airstrikes shook Yemen’s rebel-held capital and a port city early Thursday and killed at least nine people, officials said, shortly after a Houthi missile targeted central Israel.

Thursday’s strikes risk further escalating conflict with the Iranian-backed Houthis, whose attacks on the Red Sea corridor have drastically impacted global shipping. The rebels have so far avoided the same level of intense military strikes that have targeted Palestinian militant group Hamas and Lebanon’s Hezbollah, fellow members of Tehran’s selfdescribed “Axis of Resistance.”

The Houthi-controlled satellite channel al-Masirah said that some of the strikes targeted power stations in the capital, as well as the Ras Isa oil terminal on the Red Sea. The channel, citing its correspondent in the port city of Hodeida, said that at least seven people had been killed at the nearby port of Salif, while another two had been killed at the Ras Isa oil terminal. Others suffered wounds at the Hodeida port as well, it said.

An Israeli military statement offered neither specifics on the

targets hit, nor any damage assessment. But it alleged that the Houthis used the sites “for military purposes,” including smuggling Iranian weapons.

Rear Adm. Daniel Hagari, an Israeli military spokesman, said the strikes hit energy and port infrastructure, which he alleged the rebels “have been using in ways that effectively contributed to their military action.”

“I suggest the leaders of the Houthis to see, to understand and remember: Whoever raises a hand against the state of Israel, his hand will be cut off, whoever harms us— will be harmed sevenfold,” Israeli Defense Minister Israel Katz said.

Rebel-held Hodeida, about 145 kilometers (90 miles) southwest of Sanaa, has been key for food shipments into Yemen as its decadelong war has gone on. There’s also longstanding suspicion that weapons from Iran have been transferred through the port.

The strikes happened just after Israel’s military said that its air force intercepted a missile launched from Yemen before it entered the country’s territory.

“Rocket and missile sirens were sounded following the possibility of falling debris from the interception,” the Israeli military said. Sirens sounded near Tel Aviv and the surrounding areas, and a large

Senate report: US export controls on advanced chips to China and Russia found ‘inadequate’

By Aamer Madhani & Josh Boak

WThe Associated Press

ASHINGTON—The Commerce Department’s efforts to curb China’s and Russia’s access to Americanmade advanced computer chips have been “inadequate” and will need more funding to stymie their ability to manufacture advanced weapons, according to a report published Wednesday by the Senate’s Permanent Subcommittee on Investigations.

The Biden administration imposed export controls to limit the ability of China and Russia to access US-made chips after Russia’s invasion of Ukraine nearly three years ago.

The agency’s Bureau of Industry and Security, according to the report, does not have the resources to enforce export controls and has been too reliant on US chip makers voluntarily complying with the rules.

But the push for bolstering Commerce’s export control enforcement comes as the incoming Trump administration says it is looking to dramatically reduce the size and scope of federal government. Presidentelect Donald Trump has tapped entrepreneurs Elon Musk and Vivek Ramaswamy to lead a new “Department of Government Efficiency” to dismantle parts of the federal government.

The Trump transition team did not immediately respond to a request for comment on the report.

BIS’s budget, about $191 million, has remained essentially flat since 2010 when adjusted for inflation.

“While BIS’ budget has been stagnant for a decade, the bureau works diligently around the clock to meet its mission and safeguard US national security,” Commerce Department spokesperson Charlie Andrews said in a statement in response to the report.

Andrews added that with “necessary resources from Congress” the agency would be “better equipped to address the challenges that come with our evolving national security environment.”

In a letter to Commerce Secretary Gina Raimondo on Wednesday, Democratic Sen. Richard Blumenthal of Connecticut, chair of the subcommittee, pointed to news reports of the Russian military continuing to acquire components from Texas Instruments through front companies in Hong Kong to illustrate how the export controls are failing as an effective tool.

Blumenthal in a statement called on “Commerce to take immediate action and crack down on the companies allowing US-made semiconductors to power Russian weapons and Chinese ambition.”

Texas Instruments said it opposes the use of its chips in Russian military equipment and the illicit diversion of its products to Russia.

“It is our policy to comply with export control laws, and any shipments of TI chips into Russia are illicit and unauthorized,” the company said in a statement. “If we find evidence indicating product diversion, we investigate and take action.”

It’s not just Texas Instruments that’s the issue. The subcommittee in September

explosion was heard overhead at the time.

In Ramat Gan, a suburb of Tel Aviv, fragments from the missile collapsed a school there, without causing any injuries.

Brig. Gen. Yahya Saree, a Houthi military spokesman, claimed the attack hours later in a prerecorded video statement, saying the rebels fired two of its “Palestine” ballistic missiles at Israel.

Israel previously struck Hodeida and its oil infrastructure in July after a Houthi drone attack killed one person and wounded 10 in Tel Aviv. In September, Israel struck Hodeida again, killing at least four people after a rebel missile targeted Israel’s Ben Gurion airport as Prime Minister Benjamin Netanyahu was arriving back to the country.

American forces have also launched a series of strikes on the Houthis over nearly a year because of Houthi attacks on shipping in the Red Sea corridor. On Monday, the US military’s Central Command said that it hit “a key command-and-control facility” operated by the Houthis in Sanaa, later identified as the al-Ardi complex once home to the government’s Defense Ministry.

But Israel appears to have carried out Thursday’s strikes alone.

A US military official, speaking on condition of anonymity to discuss the attacks, said that Washington had no part in them. While the US has carried out strikes on the Houthis in the past, it’s also balancing the desires of Saudi Arabia to reach a permanent ceasefire in its stalemated war with the rebels.

The Houthis have targeted about 100 merchant vessels with missiles and drones since the Israel-Hamas war in the Gaza Strip started in October 2023 after Hamas’ surprise attack on Israel that killed 1,200 people and saw 250 others taken hostage.

Israel’s grinding offensive in Gaza has killed more than 45,000 Palestinians, local health officials say. The tally doesn’t distinguish between combatants

published a report that found aggregated exports from four major US advanced chip manufacturers nearly doubled from 2021 to 2022 to Armenia and Georgia.

Both of those countries are home to front companies known to assist Russia in acquiring advanced chips made in the US despite export controls.

China, meanwhile, has created “vast, barely disguised smuggling networks which enable it to continue to harness US technology,” the subcommittee report asserts.

Washington has been gradually expanding the number of companies affected by such export controls in China, as President Joe Biden’s administration has encouraged an expansion of investments in and manufacturing of chips in the US.

But Chinese companies have found ways to evade export controls in part because of a lack of China subject matter experts and Chinese speakers assigned to Commerce’s export control enforcement.

The agency’s current budget limits the number of international end-use checks, or physical verification overseas of distributors or companies receiving American-made chips that are the supposed end users of products. Currently, Commerce has only 11 export control officers spread around the globe to conduct such checks, the report said.

The committee made several recommendations in its report, including Congress allocating more money for hiring additional personnel to enforce export controls, imposing larger fines on companies that violate controls and requiring periodic reviews of advanced chip companies’ export control plans by outside entities.

Boak reported from West Palm Beach,

and civilians.

The Houthis have seized one vessel and sunk two in a campaign that has also killed four sailors. Other missiles and drones have either been intercepted by separate US- and European-led coalitions in the Red Sea or failed to reach their targets, which have also included Western military vessels.

The rebels maintain that they target ships linked to Israel, the US or the United Kingdom to force

an end to Israel’s campaign against Hamas in Gaza. However, many of the ships attacked have little or no connection to the conflict, including some bound for Iran.

The Houthis have battled the Saudi-led coalition in the wider Yemen war, which has killed more than 150,000 people, including civilians. The conflict also has created one of the world’s worst humanitarian disasters that’s believed to have killed tens of thou -

sands more. But the Houthis are still standing even as Israel’s campaign against Hamas and Hezbollah has decimated those militant groups. Meanwhile, Israel and Iran have exchanged direct fire while the government of Syria, an enemy of Israel since its founding in 1948, collapsed in the face of a rebel advance as the region’s wars have upended Iran’s network of allied proxy groups.

HOUTHI fighters march during a rally of support for the Palestinians in the Gaza Strip and against the US strikes on

PHL needs new housing policies to meet evolving family structures

The Philippine Institute for Development Studies (PIDS) recently shed light on a significant shift in household structures that is reshaping housing demand across the nation. As extended and multigenerational households become more common, driven by economic pressures and changing societal norms, the government must urgently reassess its housing policies to meet the evolving needs of its citizens. (Read the BusinessMirror story, “Pids: Changes in family structure reshaping housing demand in PHL,” December 16, 2024).

The data speaks volumes: a noticeable deceleration in new household formation is evident, particularly among young adults aged 24 to 34. Many are opting to stay with their parents longer, delaying marriage, or even choosing not to marry at all. A stark contrast emerges when comparing the statistics from 1980 to 2020: the percentage of Filipinos who were household heads or spouses by age 34 plummeted from 73 percent to 59 percent. This trend reflects not only changing values but also the harsh economic realities that many young adults face today.

Declining fertility rates and increased life expectancy have further altered the landscape of family structures. While smaller nuclear families have become more common, the rise of larger households indicates a growing trend towards shared living arrangements. This is particularly pronounced in urban areas where housing affordability remains a critical challenge. The PIDS report highlights that economic conditions—such as rising living costs and stagnant wages—are compelling families to consolidate their living situations, often resulting in overcrowded conditions in pursuit of affordability.

The shift from nuclear to extended families—where households with six or more members are increasingly prevalent—underscores the urgent need for a comprehensive approach to housing policy. The mismatch between housing prices and what families can afford has persisted for decades, leaving many residents in precarious situations. As PIDS emphasized, the rise of shared housing is not merely a symptom of economic strain but also a reflection of a broader societal change that requires nuanced policy responses.

Moreover, the implications of these changes extend beyond immediate housing needs. The working population continues to migrate to urban centers, yet a significant number of rural residents are also living in larger households due to limited housing options. This underscores a pressing need for a housing policy that recognizes and addresses the diverse realities of both urban and rural populations.

Clearly, simplistic population growth-based housing projections are no longer sufficient. The government must adopt a more nuanced, contextualized approach that accounts for the evolving social and demographic realities shaping household structures. This means moving beyond a narrow focus on building more housing units, and instead developing a comprehensive policy framework that addresses the qualitative aspects of housing needs.

Incentives for employers to support worker housing, creative financing models, and tailored solutions for the elderly are just some of the innovative strategies that must be explored. Above all, policymakers must demonstrate a deeper understanding of the complex interplay between economic conditions, cultural norms, and demographic trends.

Only then can the Philippines build a housing landscape that truly reflects the realities of 21st century Filipino families—one that provides not just a roof over their heads, but a foundation for sustainable, dignified living.

BusinessMirror

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Jennifer A. Ng Vittorio V. Vitug

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Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso

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Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan

BusinessMirror is published daily by the Philippine Business

Inc., with

The

journey of

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UP Fighting Maroons as champions of Season 87 UAAP men’s basketball

‘U

Dennis Gorecho

Kuwentong Peyups

P truly deserved to win this season,” says JD Cagulangan of the University of the Philippines (UP) Fighting Maroons who was cited as the Finals Most Valuable Player (MVP) for Season 87 of the University Athletic Association of the Philippines (UAAP).

UP reclaimed on December 15, 2024 the championship title after they defeated De La Salle University (DLSU), 66-62, in Game 3 of the Season 87 Finals in front of a record-breaking 25,248 fans at the Araneta Coliseum.

The players for the UPMBT for Season 87 include Gerry Abadiano (6’0”), Harold Alarcon (6’1”), Sean Alter (6’9”), Jacob Bayla (6’5”), Mark Belmonte (6’5”), Chico Briones (6’6”), JD Cagulangan (5’10), Janjan Felicilda (5’7”), Terrence Fortea (6’1”), Francis Lopez (6’5”), Quentin Millora-Brown (6’10”), Gani Stevens (6’7”), Sean Aldous Torculas (6’4”), Reyland Torres (6’1”), Dikachi Ududo (6’9”), and Denzil Walker (6’4”). Millora-Brown is the tallest and Felicilda the shortest.

This is the fourth UAAP men’s basketball championship title by UP since 1938 as one of the UAAP founding members.

It won the first title in 1939 (Season 2) then followed it up 47 years later in 1986 (Season 49). Then there was the 36 years of championship

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drought until its third title in 2022 (Season 84). Two years later (2024), it reclaimed the title for Season 87.

In 1986, the UPMBT won over the UE Red Warriors in Finals Game 2 (89–98) under the guidance of legendary coach Joe Lipa with star players Benjie Paras, Ronnie Magsanoc and Eric Altamirano.

In 2022, the UPMBT dethroned the Ateneo Blue Eagles in the Finals Game 3 (69-72) of Season 84 on May 13, 2022 at the MOA Arena.

Cagulangan helped the UP claim Season 84 with a game-winning three-pointer in Game 3 of their bestof-three championship series against the Ateneo, breaking the 69-all deadlock with .5 seconds left in overtime.

Later in 2022, UP’s attempt to regain its championship title for Season 85 ended when it succumbed to Ateneo in the Finals Game 3 (68-75) on December 19, 2022.

In 2023, UP again failed to earn the championship title for Season 86 after it lost to DLSU in the Finals Game 3 (69-73) on December 6, 2023.

In Season 87, UP had an 11-3 elim-

ination round record. Their losses were to NU (67-47) and two losses to DLSU (68-56 and 77-66). UP defeated University of Santo Tomas (UST) in the Final Four, 78-69, to advance to the finals.

In Game 1 of the finals, UP defeated DLSU, 73-65, while the latter equalized, 76-75, in Game 2 to force the decider. Game 3 is in favor of UP 66-62. The UP Game 3 score of 66 points came from Millora-Brown (14,) Lopez (12), Cagulangan (12), Abadiano (9), Alarcon (7), Fortea (4), Stevens (4), Torres (2), and Ududo (2). The quarter scores are: 21-21, 42-36, 56-50, and 66-62. Out of the total season team points of 797, Lopez’s combined points of 115 is the highest among the team, followed by Cagulangan (103), Alarcon (90), Millora-Brown (89), Fortea (80), Belmonte (53), Abadiano (48), Bayla (45), Ududo (37), Torres (35), Felicilda (29), Torculas (27), Stevens (23), Briones (13), Alter (8), and Walker (2).

In terms of three points, Fortea has the highest success percentage (15/41 or 36.59 percent), followed by Belmonte (4/11 or 36.36 percent) , Alarcon (13/39 or 33.33 percent), Felicilda (4/12 or 33.33 percent), Bayla ( 5/17 or 29.41 percent), Lopez (6/23 or 26.09 percent), Alarcon (5/20 or 25.0 percent), Torculas (2/8 or 25 percent), Abadiano (6/30 or 20 percent), Briones (2/13 or 15.38 percent), and Torres (1/15  or 6.67 percent).

Graduating players Cagulangan and Millora-Brown ended their stint with UP on a high note.

“I can’t say anything but thank you. I’m so happy to have been part

of this program. They welcomed me so well, and UP truly deserved to win this season,” Cagulangan said. He posted 12 points, 4 assists, 3 steals, and 2 rebounds in his last game in the UAAP.

Cagulangan was named Finals MVP, the same title earned by Malick Diouf in 2021 for Season 84.  UP had four season MVPs: Fort Acuña in 1968; Eric Altamirano in 1986; Bright Akhuetie in 2019 and Malick Diouf in 2021. Cagulangan was also named part of the Mythical Five for this season, while other UPMBT players included in past mythical five were Marvin Cruz (2006), Paul Desiderio (2016), Bright Akhuetie (2018), Juan Gómez de Liaño (2018), Kobe Paras (2019), Zavier Lucero (2021), Carl Tamayo (2021 and 2022), and Malick Diouf (2022 and 2023).

“I’m so proud that all the work we put in the season, all of the setbacks that we faced, just being able to get through it today and get the win, amazing,” Millora Brown said on his first and only year as part of the UPMBT.

The Eraserheads performed at the UP Sunken Garden during the Liyab 2024 bonfire event as a celebration of UP being named champions in men’s basketball, men’s track and field, and women’s badminton.

The UPMBT victory came two days after the Supreme Court announced the results of the 2024 bar exams dominated by graduates of UP College of Law, with six making it to the top 20 (1st, 4th, 5th, 6th, 17th, 20th) led by Kyle Christian Tutor as Rank One. UP Law is recognized as the 2nd top

See “Gorecho,” A17

Asian stocks seen offering shelter amid Trump threat

By Audrey Wan & Eduard Gismatullin

LobAL investors are looking to Southeast Asia for some shelter as they brace for uncertainties surrounding Donald Trump’s trade policies, boosting prospects for the region’s stocks in the coming year.

The US president-elect’s targeted tariff plan for China is likely to accelerate a shift in global supply chains and foreign direct investment that may favor the region, analysts said. Meanwhile, economies with less trade exposure may fare better on growth, and domestic spending in some markets is anticipated to be robust.

While the regional benchmark MSCI Asean Index has slightly underperformed the wider Asia gauge this year, and most countries are seeing foreign outflows, funds are betting that investors will return next year. More investments into the region’s infrastructure and budding sectors, including data centers and green energy, will bode well for

corporate profit growth.

“Domestically driven markets like Indonesia and the Philippines stand out for their relative stability, supported by strong consumption and policy flexibility,” making them well-positioned as stable options for investors, said Mohit Mirpuri, an analyst at SGMC Capital Pte.

The MSCI Asean gauge has gained 7.7 percent this year. The measure may rise as much as 14 percent to 780 by the end of 2025 from Wednesday’s close if a bullish scenario emerges, according to JPMorgan Chase & Co.’s estimates.

Global funds have sold stocks in Malaysia, Philippines, Thailand and Vietnam on a net basis this year. But

the outlook for foreign flows may improve as the region will benefit “tremendously” from spillover effects of the US-China tension, said Vicki Chi, a portfolio manager for Asian equities at Robeco Hong Kong Ltd, who remains overweight on Asean markets.

Developing Asean banks, whose net interest margins are seen as more independent from global interest rate moves, and information technology-related shares are among Chi’s main picks.  While export-dependent countries may be more impacted by a trade war, ongoing policy reforms in Malaysia and strong government spending in Vietnam will likely help prop up growth. A recovery in tourism and strong domestic demand are expected to benefit Thailand.

In Singapore, high-yielding assets will keep investors interested.

“We have seen a lot of interest from Chinese companies trying to invest in Asean not solely to diversify

manufacturing capacity exposure but also tapping into domestic demand,” said Kenglin Tan, a portfolio manager at Manulife Investment Management HK Ltd.  Valuations are also tilted in Southeast Asia’s favor. The MSCI gauge is trading at 13.5 times forward earnings, compared to the five-year average of 14.6 times.  To be clear, multiple headwinds remain. A slowdown in global demand will weigh on the region’s exports, while a stronger dollar due to any pause in the Federal Reserve’s easing policy will impact flows into emerging markets.

Still, growth for most countries is expected to be resilient, underscored by Maybank Research’s estimate that Asean gross domestic product will expand 4.7 percent next year.

“We urge investors to increase allocation to Asean,” said Nirgunan Tiruchelvam, head of consumer and Internet at Singapore-based Aletheia Capital. bloomberg

Ambassador Antonio L. Cabangon Chua

I, Patient #215 Diane Hendricks: From Playboy Bunny to billionaire mogul

‘Ithink there’s no better feeling than earning. working and earning—it is a feeling of satisfaction, and I’ve pursued that my whole life,” says Diane Hendricks, a 77-year-old american billionaire with a net worth of $21.9 billion as of December 2024.

Hendricks is the wealthiest selfmade woman in the US. Her extraordinary wealth is a testament to her unwavering dedication and hard work. Unlike many other billionaires, her success story isn’t tied to inheritance or a privileged upbringing.

Born and raised on a Wisconsin dairy farm, Hendricks, one of nine children, had an early epiphany. As a 10-year-old, she did not want to be a dairy farmer and instead wanted to “wear a blue suit, have a nice car, and be independent.”

We all have dreams and aspirations that drive us every day. Diane initially dreamed of leaving Wisconsin and heading to Minneapolis, the biggest city near her birthplace. She thought it was there that she could fulfill her goal of working in a big corporation to don that blue suit. Then, life happened. When she got pregnant at 17, she married the father of her child, but their relationship lasted only three years. With just a high school diploma and bills to pay, she worked as a Playboy Bunny for a year—a fact that she does not hide nor deny. It was simply a glorified waitressing job. Hendricks says, “You do what you’ve got to do.” Divorce and single motherhood could’ve stopped many women from pursuing their dreams, but these did not deter Hendricks. At 21, she got into real estate, selling properties from a “set of prints,” or in our term, “pre-selling.” Hendricks got her real estate license and achieved relative success in this job. Why wouldn’t she? She was focused and hard working, and she put in the hours and effort.

She sold custom-built houses. One of her clients bought two properties for US$7,000. It was Ken Hendricks—a high school dropout and a roofing contractor. Diane and Ken fell in love, married, and became business partners like a handin-glove. Together, they bid for governmental work in the military. As it was an open bid process, they won and lost some. During this time, they realized something was amiss in the construction space: the absence of a distribution chain nationwide for construction supplies.

Diane Hendricks says: “We realized the need in our roofing industry,” which means that the manufac-

Unsurprisingly, Hendricks is America’s richest self-made woman billionaire, and we can all learn from her. Her story reminds us that with dedication, perseverance, and a willingness to take risks, anyone can become extraordinary.

turers of roofing supplies were also the distributors. “If you wanted that kind of shingles, you bought it from the manufacturer in your area.”

In 1982, they established ABC Supply, which would eventually become the US’s largest wholesale distributor of construction supplies.

“It’s always about the need and how you fill it,” says Hendricks.

The couple devised a plan to provide a missing service in the construction industry and put in the hours, time, and dedication to the business. Hendricks passed on that kind of work ethic to her children and grandchildren. She says: “I pass it on to my children. They’ve all worked. My grandchildren know I’m unhappy unless they have a job.”

They started with one or two branches supplying building materials to the construction industry. ABC Supply now has over 700 branches employing 17,000, and Hendricks, even at 77, is still working. She has 16 companies under her wings and credits her success to “having the right people in the right positions, so they can lead.”

Crucial to her success is having a dream, working towards fulfilling that dream, and never quitting.

“If you don’t dream, you don’t have a goal. You don’t know where you’re going to go. You have to think about your future,” she says. At her age, Hendricks admits that time is ticking. Yet, she is still growing companies, learning, giving back to the community, and working at ABC Supply. Her children ask her, “Why are you still going to work? You are ancient.” Her reply: “I am healthy. I love what I do. Why would I not be there?”

Unsurprisingly, Hendricks is America’s richest self-made woman billionaire, and we can all learn from her. Her story reminds us that with dedication, perseverance, and a willingness to take risks, anyone can become extraordinary.

Iwas Patient Number 215 in the Catholic hospital in our city. It was the number of my room but I noticed nurses, attendants and, I suppose, doctors in general would refer to patients by way of their room number.

“Si 215.” “Sa 215.” I would hear this always.

The journey to that room and number began one evening in my hotel when I pulled up the bed cuvet that was tucked tight and I felt a pain on the left side of my stomach. Was that a sprain? As the pain persisted, I concluded that I pulled some aging muscles. Then followed a sleepless night. When I moved, the pain was there, not sharp but a sort of a growing thud. If it were a voice, the discomfort would have been a basso profundo. It was a subtle, low roar with a glottal stop that made the bodily sensation distracting.

The next morning, the strain seemed to augur quiet spasms. What made it worse was my lack of appetite even for breakfast, which remains my favorite meal always. The whole day, I tried congees, porridge and soup but it was a task finishing them all up. To test this newfound aversion to food, I tried a hole in the wall selling goto for 20 pesos. I managed three spoonfuls and felt full. I wanted to leave but I did not want the two young entrepreneurs to feel that their offering was below my standards. While one was cutting the calamansi and the other was lost in her phone, I hurriedly stood up and rushed out.

Let me explain the hotel at this point. After Kristine flooded the entire floor of my place, I had not yet found cleaners to rehabilitate my home. That night in my hotel room, I decided to go to the hospital the next day.

The afternoon of the next day, without telling the front desk (they had no business to know where I was going, right?) that I would be going to one of the hospitals in the city. I called a Grab. Upon reaching the hospital premises, I opted to go to the cafeteria and urged myself to, at least, take something. Then I began to walk to the door of the ER, the guard looking puzzled as to what my business was approaching him. The guard asked who the patient was. I am, I responded to him. He asked if I wanted to be admitted. I was confused because the question seemed to compel me to think of being hospitalized and yet I merely wanted to find out what was causing the soreness. I did not have the proper vocabulary for what was troubling me. The guard pointed to a table behind me. I always had problems with authority so I ignored him as I pulled the door (which was unyielding).

Having found myself in the room meant for emergency health situations, I did not know where and how to proceed. I did not look sick. I was not doubling up in agony; in fact, I was walking unassisted. Outside, I wanted to ask for a wheelchair, but my zealous confidence made the prospect of that request seem absurd. I looked for a chair and sat down, looking up to catch the attention of a nurse or a doctor. From the rear door of the ER, I saw my cousin rushing up to me. I had told her I was coming. She was there because my brother was hospitalized two days ago and

was still in the hospital. I would use this pretext to try to convince the resident physician that I could not be admitted. Please. No.

There can be no two brothers as admitted patients in a hospital. Is this a rule? No, but I was making that a rule.

That night, I went through Xray and blood tests, etc. What they found out was enough for them to be alarmed, I guess. They saw something and the tests revealed dangerous levels of this and that.

The resident physician was amused how it was more important for me to finish some tasks—responsibilities —outside. Mentioning the hotel and how I needed to clear my luggage out of it, the good doctor said, you could transfer to this hotel, meaning the hospital. Why not indeed.

The next morning, I signed a waiver that I was checking out of the hospital, with the promise to return the next day.

I did return. I went through the emergency room again, lying on the cot, and waiting to be admitted.

Wheeled into the Room Number 215, which was across the hall, fronting where my brother was, I became a member of what Erving Goffman

called a “total institution.” How Dr. Ricky Abad must enjoy this: an anthropologist viewing the world via the sociological lens! In his seminal work Asylums, Goffman talks of organizations that strip people of identity and clothes them with a different status. There is control inside as the institution imposes a code of conduct, even a language, to rigorously create order. Goffman calls this the “mortification process.” I did not easily give in to the code of the hospital, as expected. Overnight, I used my black pants and black shirt to, at least, look presentable. But who wants to be decent, for heaven’s sake, in a hospital? The next day, I was requested to change into a hospital gown, the kind that makes everyone appear equal before the eyes of God and the doctors. The hospital, being Catholic, has a noble practice of putting on each door quotations from the Bible. Was it my sister, who had to come home, who noticed what was written on Door Number 215? It said “Be kind to one another” from Ephesians 4:32 She thought the line was so appropriate. I was not amused.

E-mail: titovaliente@yahoo.com

Wall Street pros say fears of fewer Fed cuts sparking

By Ryan Vlastelica, Jessica Menton, Jeran Wittenstein & Alexandra Semenova

THe Federal Reserve did what markets expected wednesday. But that didn’t stop investors from dumping risk assets in droves.

Stock sold off violently at the end of the session after the Fed cut interest rates by a quarter of a percentage point, its third straight reduction, and Chair Jerome Powell indicated that the central bank will likely put further reductions on hold while inflation stays above its 2 percent target.

The S&P 500 Index, which was up slightly before the announcement, plunged 3 percent for its worst “Fed Day” since March 2020, when the central bank made an emergency cut on a weekend in response to the Covid pandemic. Fewer than 20 of the benchmark’s stocks closed in the green. The risk off move was most acute in small-capitalization shares, with the Russell 2000 Index sinking 4.4 percent for its biggest decline since June 2022. Treasury yields soared on the news, marking their biggest hawkish move on a Fed decision day since the taper tantrum in 2013. Fear rippled through the market, with the Cboe Volatility Index, or VIX, leaping to 28, the highest since

the August volatility shock.

Here’s a sense of how Wall Street pros reacted on Wednesday afternoon: Mark Luschini, chief investment strategist at Janney Montgomery Scott:

The cut wasn’t surprising. There was almost a 100% probability priced in. But I think there was some concern about the language that accompanied the news. Not just about the data, but also the policy initiatives of the upcoming administration. The market was expecting two to three cuts next year, and leaning more heavily toward three. Now it seems like we should be on the lighter side of two. The market is factoring in something that should’ve been known but wasn’t fully baked in. I think this is a bit of an overreaction, a knee-jerk move off something that should have been known. It isn’t like the market was shocked by an indication of just one cut next year. So it seems a bit overdone.

Jamie Cox, managing partner at

Harris Financial Group: The stock market got way over its skis ahead of this meeting and this is a good way to shake some people out before the holidays. Stocks are expensive—especially tech shares—so people are quick to sell and lock in profits ahead of the holidays. The rate decision was just a catalyst to get people to do what they were going to do anyway—sell early and be done after a stellar year in the stock market.

Michael O’Rourke, chief market strategist at Jonestrading:  You had the whole entire fed funds curve shift higher. You saw that show up in two-year yields and the 10-year yields. The spike in yields is just putting more pressure on risk assets. Of course we didn’t price in any of the concerns about a more hawkish interest-rate outlook, and markets have been on a tear. This is signaling it’s a good reason to take some chips off the table ahead of year-end. It’s a reason for profit taking. What’s gone up the most is going to feel the most of the pain in the near term here.

Jim Awad, senior managing director at Clearstead Advisors:

There are now rapidly diminishing expectations for rate cuts next year. The market seems to think we’re down to

just one cut next year, and that means higher inflation for longer, higher rates for longer, and all that hurts stock valuations. It makes the deficit problem worse as funding costs go up. Overall this is a negative cocktail for risk assets, and it is spooking the market.

Chris Zaccarelli, chief investment officer at Northlight Asset Management:

The Fed tried to give the market what it wanted, but the gift was not well received. The market is forward-looking and ignored the 25-basis-point cut today and instead focused on the lack of cuts for next year. Only two cuts were penciled in, which is much less than the market was expecting and clearly investors are not pleased with the projected future path of rates.

Steve Sosnick, chief strategist at Interactive Brokers: Most interesting to me is the reaction of bonds. I don’t know why Fixed Income traders would be surprised to the tune of 9-12 basis points unless they were very dismayed by the potential for more cuts. Then the rising rates strengthened the dollar, then the stronger dollar hit multinationals. Look at VIX. That jump screams ‘I need protection now!’ With assistance from Esha Dey /Bloomberg

Asian central banks start pushback as Fed shift hits currencies

By Marcus Wong

performing law school with a 93.09 percent passing rate for first-time takers and an overall rate of 90.51 percent (with more than 100 candidates). With the “UPFight” battle cry, it was a season as poetic and as heartfelt as the words of UP Naming Mahal lovingly and proudly sang by many generations of Iskolar ng Bayan.

Bundang Bulilan Law Offices. For comments, e-mail info@sapalovelez. com, or call  0908-8665786.

ENTRAL banks across Asia face a difficult decision after the Federal Reserve’s hawkish cut—stage a costly fight back against dollar strength, or stand by and watch their currencies falter. The Federal Reserve’s signal that inflation concerns are back on the agenda led to a sharp selloff in currencies across Asia on Thursday, pushing the Indian rupee to a new all-time low against the greenback and the Korean won to its weakest level since the financial crisis.

The Bloomberg Asia Dollar Index dropped around 0.4 percent.

The moves have reignited questions about how far central banks across Asia are willing to go to defend their currencies—and how much impact their moves will have. Indonesia’s central bank said on Thursday that it was intervening to push back against a selloff in the rupiah, while the People’s Bank of China used its daily reference rate to support the yuan.

“It is hard to fight the higher dollar move against Asian currencies when it is primarily dollar driven, which means regional central banks

would have to play defense and try to smooth out depreciation pressure to try to keep an orderly FX market,” said Wee Khoon Chong, a strategist at BNY in Hong Kong.

Bloomberg’s Asia currency index has lost almost 4 percent this year, as the election of Donald Trump and shifting expectations of Fed policy have encouraged a shift to dollar assets.

The latest selloff in Asia was fueled by the Fed’s so-called hawkish cut, when a reduction in interest rates was followed by remarks that made clear the central bank is still wor-

ried about inflation. The median Fed policymaker forecasts now sees just a half-percentage point of reductions next year, half of what was expected in September.

The Bank of Japan stood pat at its own monetary policy meeting on Thursday, with a lone dissenter calling for an increase in rates. BOJ Governor Kazuo Ueda is attempting a so-called normalization following years of ultra-loose monetary policy, but the central bank has made clear it is willing to wait for the right moment to hike rates. The Japanese yen declined as much as 1.3 percent against the dollar. Central bank pushback Central banks in Asia have taken different approaches to containing dollar bulls over the past few months. While Bank Indonesia has been vocal about its interventions, the Reserve Bank of India has preferred to operate quietly, using a mix of offshore and onshore trades to bolster the rupee without public confirmation. Other central banks have used public statements to try to influence sentiment. With assistance from Wenjin Lv, Qizi Sun and Katia Dmitrieva / Bloomberg

Tito Genova Valiente annoTaTions

DTI: 2 investment agencies have breached ’24 targets

TROBIN SPONSORS NEW AUDIT ACT AS COA WORK IN FOCUS

EN. Robinhood “Robin”

SBy Ada Pelonia @adapelonia

HE Department of Trade and Industry (DTI) announced on Thursday that two of its investment promotion agencies (IPAs) have surpassed their investment targets for 2024.

The Board of Investments (BOI) reported approved investments worth P1.62 trillion, which exceeded its initial target of P1.5 trillion set at the beginning of 2024. This also surpassed the P1.26 trillion approved in 2023, which the DTI said attests to the powerful vote of confidence from local and international investors.

For the Philippine Economic Zone Authority (PEZA), the agency said it recorded P214.17 billion in investments, which surpassed its P200-billion target for the year.

“We are pleased to report significant progress in attracting investments this year. These investments will fuel job creation, drive innovation, and foster dynamic economic progress,” DTI Secretary Cristina Roque said in a statement.

“By focusing on international trade, we are laying the foundation for sustainable and inclusive economic growth,” she added.

The DTI noted that PEZA’s focus on developing and expanding its ecozones, attracting highgrowth industries, and providing world-class support services to investors solidified the country’s position as a premier destination for foreign direct investment.

“As we approach 2025, we are determined to build on this positive momentum. We will continue to refine and implement forwardlooking policies that attract investments in these key industries, ensuring that the Philippines remains a prime destination for innovation and growth,” Roque said.

“Our commitment is to create

DOT to ‘recalibrate’ NTDP targets next year amid missed ’24 goals

By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror

THE Department of Tour -

ism (DOT) will be reviewing the targets set under its National Tourism Development Plan (NTDP) for 2023-2028, in the light of the expected unreachability of its conservative 7.7-million inbound tourism target this year. In a recent news briefing, Tourism Secretary Christina Garcia Frasco emphasized  that at the time of the NTDP’s drafting in 2022, there were certain factors that were considered, many of which may have been overtaken by several developments such as inflation, geopolitical issues, the delayed visa liberalization policy, and natural disasters.  “And so it is incumbent upon us to take stock of these factors in terms of conducting a mid-term review next year for the [NTDP]…. We anticipate…[that] we would be able to provide recalibrated and updated projections taking into consideration the various factors that were not present at the time the NTDP 2023-2028 was released,” she said.

“The NTDP is the blueprint that spells out the annual tourism targets of the government, and the strategies that should be employed to reach them. The review of the NTDP 2023-2028 will be conducted “in consultation with industry stakeholders,” she added.

‘Exceptional’ performance

FRASCO said this even as she stressed that, “The Philippines is doing exceptionally well,” if other tourism metrics are used such as

visitor receipts, length of stay of  foreign visitors, and number of people employed in the tourism industry. She reported that as of December 17, international arrivals reached some 5.65 million, of which 5.18 million were foreign travelers (91.7 percent of total), while the rest, at 470,752, were overseas Filipinos.

Visitor receipts as of December 15, reached P712 billion, she added, “a 119-percent recovery rate from 2019.” As the visitor receipts are usually estimated by the DOT in US dollars, this means foreign guests spent some $12.07 billion during this period, up 29 percent from the $9.3 billion spend in 2019. (P59:US$1) The DOT chief, however, blamed the Department of Foreign Affairs for the delay in the implementation of the electronic visa system for Chinese visitors, even as BusinessMirror sources earlier cited Malacañang as having ordered the suspension. “For example, it was anticipated that the Philippines would receive 2 million Chinese visitors with the implementation of the e-visa system, but that has been suspended by the DFA, and [we] don’t need to explain the many other factors that influence the slowdown of inbound Chinese travelers,” she said.

70-percent repeat visitors

WHILE Frasco expressed optimism that an e-visa policy could be fast tracked for mainland Chinese tourists, “we are being pragmatic in the projections. And so while we may not be able to reach the

“DOT,”

an environment where businesses thrive, sustainability is prioritized, and economic opportunities benefit all Filipinos.”

BOI approvals

MEANWHILE , the BOI said the energy sector, specifically the renewable energy projects, led the surge in approvals, which reached a total P1.38 trillion and marked a 40-percent yearon-year increase.

It added that other leading sectors in 2024 included air and water transport at P121.20 billion, real estate activities (mass housing) at P37.26 billion, manufacturing at P31.67 billion, water supply, sewerage, waste management, and remediation activities at P16.28 billion; agriculture, forestry, and fishing at P11.02 billion; wholesale and retail at P8.25 billion, and IT-BPM at P7.34 billion.

The BOI said the water supply, sewerage, waste management, and remediation sector saw the biggest growth as it surged by 1,540 percent compared to last year’s P992 million.

Local investments also saw a 150-percent uptick, according to the agency.

Per the BOI, Filipino companies contributed P1.23 trillion worth of investments, with Calabarzon being the leading recipient with P630.97 billion in investments, followed by Central Luzon (P277.80 billion) and Western Visayas (P252.88 billion).

Other high-performing regions include the Bicol Region (P144.97 billion), the National Capital Region (P129.17 billion), and the Ilocos Region (P88.32 billion).

Foreign investments, worth P383.31 billion, constituted a chunk of the approved projects as well, the BOI said.

Leading the foreign investors was Switzerland, contributing P289.06 billion in approved investments, marking a 770, 263 percent increase from last year’s P38 million. The Netherlands trailed behind with P44.50 billion, while Japan secured the third spot with P14.67 billion.

Other notable contributors included South Korea (P12.73 billion), Singapore (P7.38 billion), Thailand (P3.22 billion), and the United States (P2.54 billion).

Roque also underscored the success of the BOI’s Green Lane initiative, which has expedited the approval process for renewable energy projects and contributed to the sector’s performance.

She emphasized the substantial opportunities presented by the Philippines’ robust and rapidly growing economy. These are particularly abundant in emerging sectors such as electric vehicles, smart manufacturing, semiconductors, renewable energy, high-tech agriculture, and data center infrastructure.

See “DTI,” A2

ECO-DRIVE OF FORTUNE LIFE

C. Padilla is pushing for integrity and public trust in government as he sponsored the proposed New Auditing Act in the Senate. The amendatory bill comes amid a renewed focus on the work of the Commission on Audit (COA) after its reports were used for ongoing congressional investigations into alleged fund misuse in several agencies.

In his sponsorship speech for Senate Bill 2907 late Wednesday, Padilla said no less than the 1987 Constitution decrees that “Public office is a public trust.”

“Sa huli’t-huli po, ang ating malinaw na hangarin: ang itaas ang antas ng integridad ng mabuting pamamahala, at upang pangalagaan ang pagtitiwala ng ating mga pinaglilingkuran [In the end, we have one clear goal: to raise the level of integrity in good governance, and to maintain the public›s trust],” he said.

“Bahagi po ito ng ating tungkulin at pananagutan bilang mga kawani ng pamahalaan—ang paglilingkod taglay ang pinakamataas na pakundangan, dangal, katapatan, at kahusayan. [This is part of our duty as public servants, to serve with the highest standards of honor and excellence],” he added.

The Padilla bill added “illegal expenditures” to the list of deadly sins that are part of the agency’s main focus, while strengthening the COA’s organizational structure.

Padilla said that while the Commission on Audit has been adaptive in its work through the

AS part of its “Road to 40” initiatives, Fortune Life organized a meaningful tree-planting activity on November 28, 2024, in Tanay, Rizal. In collaboration with the Ministry on Ecology—Diocese of Pasig, the “Eco-Drive ng Fortune Life”

highlights the company’s commitment to combating global warming and fostering a greener, more sustainable future for generations to come.

The program began with a holy mass, followed by the planting of new seedlings of Fortune

years, there are still procedures that must be legislated through Congress.

The auditing act that will be revised by the Senate bill is Presidential Decree No. 1445 dated June 11, 1978, during the presidency of Ferdinand Marcos, Sr.—and much older than the 1987 Constitution.

The new bill defines the parameters of auditing, defining the “Six Deadly Sins” in the eyes of the COA: (1) excessive expenditures; (2) extravagant expenditures; (3) illegal expenditures; (4) irregular expenditures; (5) unconscionable expenditures; and (6) unnecessary expenditures.

The bill also makes clear the duties of COA personnel, along with the limits of what they can do.

Also, the COA chairperson gets additional tasks including control and supervision over the auditing of foreign-assisted projects.

Assistant Commissioners will be appointed to watch over 11 sectors: (1) Local Government Audit Sector; (2) National Government Audit Sector; (3) Corporate Government Audit Sector; (4)

(9) Planning,

and

(10) Administration Sector; and (11) Professional and Institutional Development Sector.

Life employees, and awarding of check. Led by Digital Communications Officer D. Cecilia Cabangon, Fortune Life donated a check—a sum of employees’ contributions to Fr. Melvin Ordanez, Head of the Ministry on Ecology—Diocese of Pasig in support of their Eco-Drive projects. Fortune Life is part of the ALC Group of Companies founded by the late Amb. Antonio

chaired by

Senate subpanels get contempt power

L. Caba n gon Chua and is currently

D. Edgard A. Cabangon.

FORTUNE Life Digital Communications Officer D. Cecilia Cabangon, takes the lead in planting seedlings inspiring fellow volunteers.

Editor: Jennifer A. Ng

B1

Friday, December 20, 2024

ACEN wins Australian RE deal

By Lorenz S. Marasigan @lorenzmarasigan

ACEN Corp., the power generation arm of the Ayala Group, has won a Capacity Investment Scheme Agreement (CISA) for its flagship renewable energy (RE) project, Valley of the Winds, in New South Wales, Australia.

The project, with a capacity of 936 megawatts (MW), is the largest among the 19 projects awarded under the Australian government’s recent tender aimed at ensuring energy reliability and meeting growing demand.

investments in renewable energy projects, akin to the Philippines’s Green Energy Auction Program.

The scheme focuses on bridging the gap between current energy demand and the ambitious net-zero targets of 2030.

The Valley of the Winds project, targeted for completion by December 2030, is expected to generate enough energy to power approximately 500,000 homes annually while reducing emissions.

utable renewable energy capacity spanning operational, under-construction, and committed projects.

By 2025, several power projects of ACEN, which will have a total capacity of 1.2 gigawatts, (GW), will be up for commercial operations.

CSBank Katipunan Branch moves to a new location

“[Valley of the Winds] is part of the Central West Orana Renewable Energy Zone,” ACEN President and CEO Eric Francia said. “This is Australia’s green energy auction equivalent, but with a slightly different structure. We won that. It’s a very big project.”

The project, which will generate 500 jobs, includes provisions for future battery storage. ACEN holds an 85-percent economic stake in the development.

The Commonwealth Government’s Capacity Investment Scheme serves as a mechanism to accelerate

ACEN has a rapidly growing presence across the Philippines, Australia, Vietnam, India, Indonesia, Lao PDR, and the USA. It has an ambitious target to scale its renewable energy capacity to 20 GW by 2030.

Currenty it has 6.8 GW of attrib -

Last November, Ayala Corp. reported that ACEN’s net income 24 percent year-on-year to P8.1 billion, driven by higher attributable renewable energy generation and a strong net selling merchant position in the Philippine Wholesale Electricity Spot Market.

AC Energy and Infrastructure (ACEIC), the parent company of ACEN, registered a core net income of P8.7 billion, up 21 percent as the strong performance of ACEN, growth in net financing income, and forex gains offset lower contributions from its thermal assets. Including one-off items, ACEIC’s net income was flat at P10.2 billion.

Figaro Coffee to change corporate name

Sh A REhOLDERS of Figaro Coffee Group Inc. have given their nod to a proposal to rename the company to Figaro Culinary Group Inc. as it expands its offerings “to include a wide range of culinary products and experiences.”

“The board has determined that it is in the best interest of the company to change its corporate name to better reflect its strategic vision and broaden its brand identity,” the company said. Figaro’s name came from its

coffee shop chain that was once regarded as the country’s fastestgrowing chains. Its flagship product is now Angel’s Pizza, where 80 percent of the company’s store openings come from.

Company officials had said Figaro’s coffee business will still post growth even if it belongs to a sector that any entity could easily enter.

The expansion of its pizza business will be the company’s focus for now.

CIT y S TATE S avings Bank (CSBank), the thrift bank arm of the ALC Group of Companies, recently opened its Katipunan Branch in a new location on the Ground Floor of the SMRC Bldg. at 331 Katipunan Avenue, Loyola heights in Quezon City, on December 16, 2024. The new branch is part of CSBank’s branch transformation program to improve its network and facilities and enhance customer experience.

CSBank Katipunan has been serving business establishments, retail stores, universities, residents, and students in the area since it opened in July 2007. The bank’s 20th branch is part of its 34-branch network located in strategic areas across the Philippines.

The simple ceremony started with a blessing officiated by Fr. herbert Santos, the parish priest of Our Lady

Jo Ablan; and Integrated Marketing & Communications Consultant Eric Montelibano. Also present were the Katipunan Branch Team headed by Business Manager Jedd Kirk F. Fano, Service he ad Erecel Jade G. Bello, CSA Alain Jerome R. Geronimo, Service Teller Cristine C. Mesias, and JA Allan F. Ibanez.

Continued on B2

VG Cabuag

of Pentecost Parish, followed by the coin shower and light snacks. Present during the branch opening were guests Gen. Thomas P. Manlongat and Architect Roland Joseph Rosell of Rosell Architects. The CSBank attendees were led by President Jaime Valentin L. Araneta; Operations Support Group he ad h aydee Cajilog; East Cluster head Gilda C. Alunan; General Services Department Engineers Nuvin Gonzales and

Banking&Finance

Marcos assures PhilHealth solid despite zero subsidy

By Samuel P. Medenilla @sam_medenilla

RESIDENT Ferdinand R. Mar-

Pcos Jr. wants the Philippine Health Insurance Corp. (PhilHealth) to increase the benefits of its members despite its significant fund cut next year.

The President issued this remark after House Speaker Ferdinand Martin G. Romualdez announced last Wednesday that the House of Representatives is considering suspending the state-run insurer from collecting premium from its members if they will determine it is operating with a surplus of funds.

In an interview with reporters in Pasay City last Thursday, Marcos assured that any move by the government related to the funds of PhilHealth will not affect the staterun insurer’s services.

“This is my guarantee [to the public]; it is a simple guarantee. If it (PhilHealth) has no subsidy, and whatever its contributions will be and these issues—the services of PhilHealth will not be diminished. It will not reduce its payment on insurance claims,” Marcos said in Filipino.

“In fact, it is the opposite: PhilHealth will expand its services and increase its payments on insurance claims,” he added.

The Chief Executive spoke days after Congress removed the P70billion government subsidy for PhilHealth in the proposed 2025 national budget. That action came after the Department of Finance (DOF) tried to transfer PhilHealth’s P89.9 billion unused fund to the Bureau of Treasury (BTr) earlier this year. The DOF justified its decision by saying that the amount to be transferred is part of the unused funds of PhilHealth.

However, some groups questioned the DOF’s move before the Supreme Court, which issued a temporary restraining order stopping PhilHealth from transferring the remaining P29.9 billion to the BTr.

The decision by Congress to defund PhilHealth alarmed publicinterest groups whose members said such act can hamper the state-run insurer from carrying out its mandate of providing health insurance to its members.

However, Marcos said Congress’s decision should not be a cause of concern as PhilHealth has P500 billion in its reserve fund, which is almost twice its P260 billion annual expenditures.

“So, I would like to just assure everybody, do not worry about the possible reduction of [PhilHealth] benefits for the seniors, for the poor, and for the middle class,” Marcos said.

Kindness is key

MERRY Christmas! As the holiday season envelops us with warmth, we’re reminded of the timeless values that make this time of year so special: love, generosity, and most importantly, kindness. For associations, which thrive on the principles of collaboration and shared purpose, embracing kindness is not just a seasonal act; it’s a cornerstone for long-term success. This Christmas, let’s explore why kindness is key to fostering a thriving, connected, and compassionate association community.

At its core, kindness is about valuing people, showing empathy, and extending goodwill.

In the context of associations, these actions translate into creating inclusive environments, building stronger relationships, and inspiring members to contribute their best. Kindness nurtures trust, which is the bedrock of any successful collaboration.

When association leaders prioritize kindness, they create a culture where members feel valued and motivated. This culture of care fosters loyalty, increases engagement, and enhances the sense of community that makes associations resilient and purpose-driven. Some acts of kindness and meaningful ways of giving back are the following:

1. Celebrate your members. Recognize the contributions of your members and stakeholders—whether through a simple “thank you” note, spotlighting members’ achievements, hosting a holiday appreciation event, or showing gratitude strengthens connections.

2. Support community causes. Associations have a unique opportunity to amplify kindness by supporting charitable initiatives. Consider organizing food drives, adopting local families in need, or partnering with organizations that align with your mission.

3. Prioritize mental health and well-being. The holidays can be a challenging time for many. Show kindness by offering mental health resources, fostering open conversations, and ensuring that your association provides a safe and supportive environment.

Fitch lauds PHL plan to include Sukuk bonds in 2025 issuances

By Cai U. Ordinario @caiordinario

THE plan of the national government to include Sukuk bonds in its planned issuances next year bodes well for the development of Islamic finance in the Philippines, according to Fitch Ratings Inc.

In a brief, Fitch Ratings said Islamic banking and finance initiatives such as the issuance of Sukuk bonds will also boost the country’s ties with its Asean neighbors Indonesia and Malaysia and Gulf Cooperation Council (GCC) countries.

Fitch Ratings also noted that the expansion of Islamic banking in the country will also help the unbanked in the Bangsamoro Autonomous Region in Muslim Mindanao (Barmm) region, which currently

4. Encourage peer-to-peer kindness. Create opportunities for members to uplift one another. This could be as simple as an online forum to share positive stories, a mentorship program, or an activity that encourages members to share holiday wishes.

As an association leader, your actions set the tone. Demonstrating kindness through transparency, accessibility, and genuine care for your team and members can inspire others to do the same. Small acts, like checking in with a colleague or giving someone the gift of your time, can have a profound impact, creating a ripple effect that spreads positivity across your organization.

Christmas is a time for coming together, celebrating shared values, and making the world a little brighter. Associations, with their diverse members and collective strength, are uniquely positioned to embody and amplify this spirit. By focusing on kindness, associations not only reflect the joy of the season but also reinforce the bonds that carry them through the challenges of the year ahead.

While the holiday season shines a light on kindness, its benefits extend well beyond December. Associations that embed kindness into their daily operations will see lasting improvements in member satisfaction, retention, and overall effectiveness. This Christmas, let kindness guide your association’s actions, not just as a seasonal theme, but as a key to building a community that’s stronger, more resilient, and more united in purpose. After all, kindness isn’t just a value; it’s the glue that holds us all together!

and volunteer

has the fewest bank branches in the country.

According to the American credit rating agency, the Philippine government is looking to incorporate sukuk in its 2025 financing mix, after its 2023 maiden sukuk, rated ‘BBB’, raised $1 billion.

“The five-and-half year sukuk issuance helped the sovereign to diversify funding, tap GCC Islamic investors, deepen its debt capital market, and establish a reference

curve for other Philippine issuers to issue sukuk,” Fitch Ratings said.

The brief read that the Philippine government aimed to boost financial inclusion among Filipino Muslims, who form about six percent of the population but are largely underbanked. Islamic banking is estimated to have below a 1-percent market share in the majority-Catholic country.

Official government data from the Philippine Statistics Authority (PSA) showed that Islam is the most predominant religion in the Barmm; accounting for 4.49 million persons or 90.9 percent of the 4.94 million household population in the region in 2020. It was followed by Region IX-Zamboanga Peninsula with 18.2 percent, Soccsksargen with 15.8 percent, Region X-Northern Mindanao with 8.5 percent, and Region XI-Davao and the Mimaropa Region with 3.5 percent each.

“The 2023 sovereign sukuk is the only sukuk issued by an entity in the

briefs

NBy Reine Juvierre Alberto @reine_alberto

ON-TAX revenues raised by the government through privatizing its idle assets nearly quadrupled to P3.265 billion as of end-October this year.

Data from the Bureau of the Treasury (BTr) showed revenues from privatization grew by 372.62 percent to P3.265 trillion from January to October 2024 compared to last year’s P690.82 billion.

The Privatization and Management Office (PMO), an attached agency of the Department of Finance, generated a total of P3.265 billion during the 10-month period.

Broken down, the PMO collected P485 million from sales of government assets and properties. The government is looking to sell its entire share from the Semirara Mining and Power Corp. worth P145 million to boost non-tax revenue collections.

Amusement park Star City, Mile Long property in Makati City, shares of stock

PRESIDENT Ferdinand R. Mar-

cos believes the newly-launched polymer banknote series (PBS) of the Bangko Sentral ng Pilipinas (BSP) will make the country’s currency cleaner, environmental friendly, as well as more secure and durable.

In his speech during a ceremony presenting the banknote series in Malacañang last Thursday, Marcos said the Philippines now joins the over 40 countries, including Australia, Canada, the United Kingdom, and Singapore, which have adopted the PBS due to its known advantages compared to traditional paper bills.

Citing studies from the Department of Health, he said banknotes made out of polymer are less likely to carry germs, bacteria, and even viruses unlike paper bills.

“Thanks to their smooth, non-

in United Coconut Chemicals Inc., sports complex Elorde Sports and Tourism Development Corp. and condominium units in Atrium in Makati City are also being sold. The PMO also obtained P2.673 billion from other income, P106 million from lease rental and P1 million from interest income. Meanwhile, the Presidential Commission on Good Government (PCGG), responsible for the recovery and disposal of ill-gotten wealth accumulated by former President Ferdinand R. Marcos Jr.’s family and his cronies, has yet to acquire revenues for the year. The PCGG last contributed in May 2023 while the Philippine Mining Development Corp., a trustee of the PMO, remitted P1.422 billion in 2022.

In October alone, P146 million in revenues was raised through privatization, almost the same as last year’s p145.94 million. The government aims to collect P42.12 billion from privatization this year and this amount will double to P101 billion in 2025.

absorbent surfaces, they are less likely to hold onto harmful pathogens. And if they do get dirty, you can easily wipe them off with a damp cloth without any damage to the banknote, whatsoever,” Marcos said.

The Chief Executive added that banknotes made out of polymer can also include advanced security features; making it more difficult to be replicated and minimizing the possibility of it being counterfeited.

“Notably, countries like Malaysia and Vietnam have seen significant drops in counterfeiting after switching to such polymer notes,” Marcos said. The polymer notes can last up to seven and a half years—five times longer paper bills, which become worn out after just a year, according to the President.

“And that means we no longer

Philippines to date. However, growth is anticipated in the long-term. Investors from the Middle East took up around 30 percent of that issuance, which was part of the country’s broader agenda to develop Islamic finance and diversify its investor base,” Fitch Ratings said. On the sidelines of the Philippine Islamic Finance Roadshow last Tuesday, BSP Assistant Governor Arifa A. Ala told reporters that Sukuk bonds have been included in the planned issuance for 2025. While the amount and the currency have not yet been disclosed by the Bureau of Treasury (BTr), Ala said the inclusion of Sukuk bonds next year will be a boost to Islamic finance in the country.

While the central bank official said she can say if the bond would be in the local currency or in dollar, the BSP is hopeful there will be a Sukuk peso bond issue (See: https://businessmirror.com.ph/2024/11/27/ bsp-eyes-regular-sukuk-bonds-

➜ BAP bares progress of TCP

THE Bankers Association of the Philippines announced recently it renewed its partnership with the Ateneo Graduate School of Business Center for Continuing Education through the Ateneo-BAP Institute of Banking (ABIB) for the administration of its Treasury Certification Program. The “initiative to enhance and revamp the TCP aims to upskill and reskill bankers and develop a new generation of highly analytical, technical, and ethical financial market professionals,” BAP Open Market Committee Chairman Paul Raymond A. Favila was quoted in the statement as saying. “The objective of the program redesign is to elevate the TCP to global best practices and international standards while ensuring the quality, professionalism, and integrity of treasury professionals in the interbank market.”

➜ BPI Wealth offers investment solution

BPI Asset Management and Trust Corp. (DBA BPI Wealth) touted its “BPI Wealth Builder,” an investment solution the firm previewed last October. With a minimum investment of P1,000, clients can open an investment account through BPI Wealth’s online platform, e-Invest, and subsequently track their money’s growth, and monitor their benefits anytime and anywhere through the app by the Bank of the Philippine Islands. Clients also commit to regular and consistent investment habits with automatic top-ups starting at only P100 monthly. As the fund is designed for long-term financial growth, clients can set up automated partial withdrawals starting at age 65, providing a steady income stream to support retirement needs while the remainder of the fund stays invested and continues to grow, according to the company.

➜ Security Bank CSR arm to give out eyeglasses SAN Pedro, Laguna–Security Bank Foundation Inc. (SBFI), the corporate social responsibility arm of Security Bank Corp., announced it will distribute Ideal Vision-brand eyeglasses to a thousand elementary students with potential eyesight issues at SBFI’s beneficiary schools. The organization said through a statement that during SBFI’s training programs, teachers noted that poor eyesight is a factor contributing to pupils’ low academic performance, as it affects their ability to see visual aids and read effectively. Of the students screened, 85 percent needed prescription eyeglasses, which will be provided for free and aligned with their corresponding eye grades and conditions, next year. The Ateneo Center for Educational Development will assess if beneficiary pupils’ reading abilities improved after receiving eyeglasses, according to the organization.

need to replace them as often, saving money, cutting down on waste, and making a meaningful contribution to protecting the environment,” Marcos added.

The President lauded the BSP for taking the initiative to upgrade the country’s currency.

“The introduction of the first Philippine polymer banknote series reflects the progress we are making as a ‘Bagong Pilipinas’—practical, innovative, and deeply meaningful,” Marcos said.

The PBS updates not only the material used for Philippine bills and will now feature the following species endemic to the country: the Philippine eagle (P1,000); Visayan spotted deer (P500); Palawan peacock-pheasant (P100); and, Visayan leopard cat (P50). In an interview with reporters,

BSP Assistant Governor, Currency and Securities Production Subsector Mary Anne P. Lim said the PBS will be available “in limited quantities” in Greater Manila Area by December 23 in time for Christmas.

While the BSP didn’t say how many bills the central bank printed, the banknotes will become available nationwide by January next year.

Marcos assured that traditional paper bills will still be usable even after the PBS banknotes is released in circulation.

“So, there is no need to worry about that, the cash in your wallet …still has its value. The polymer banknotes are simply a step forward—stronger, more durable, better suited for today’s demands, while still preserving the essence of what makes our currency truly Filipino,” said the President. Samuel P. Medenilla

Octavio Peralta is founder

CEO of the Philippine Council of Associations and Association Executives, the “association of associations.” The views he expressed herein do not necessarily reflect those of the BusinessMirror. E-mail: bobby@pcaae.org.

BDO FUNDS MOBER This undated photo courtesy of Mober Technology PTE Inc. (Mober) shows (from L-R)

BDO Unibank Inc. Executive Vice President Jeanette S. Javellana, Founder and CEO Dennis Ng and BDO Unibank First Vice President Jeffrey Ang during the signing ceremonies of an agreement between the two companies. According to Mober, BDO Unibank agreed to finance its acquisition of 60 new electric vehicle trucks, which would bring Mober’s current fleet to 110 EV units. CREDIT: MobER TEChnology PTE InC

Octavio Peralta

Association World

Pinoys of London

I’VE been quite fortunate that my job as a journalist has taken me to many faraway lands and allowed me to meet an incredible number of good people, doing great work in their career or for the country.

This year I’m grateful to have met Adelina O. Dueñas, a former housekeeper whose long toil and self-sacrifice under several employers have led her to a better life in London, where she now enjoys a relatively peaceful retirement. While she lives alone in a retirement community—her children are in other parts of the world—she is never lonely. She is often surrounded by many friends, a number of them she has helped in her personal capacity. She even had enough space in her heart to host me at her beautiful home.

Tita Adel, also known as “Pambansang Lola,” is a very active partner of the Philippine Embassy in London. Officials turn to her when they need to house a kababayan who may have fallen on hard times, rescued from their abusive employers, or have suffered some form of injustice. “I’ve sheltered distressed OFWs [overseas Filipino workers] kaya ‘Tambayan’ ang tawag sa flat ko,” she said, laughing. (TFC has featured Tita Adel and her part of her life story at tinyurl.com/3uybdf2e.) And being a Bicolana (there is mid-sized Our Lady of Peñafrancia statue standing in a corner of her room, guarding her home), she is always helping or hosting charity events to raise funds for her hometown, to give books and other educational materials for students. She is most active especially during times of natural calamities, like in the aftermath of the recent Supertyphoon Kristine, sending help to survivors. (Just like our idol, Leni Robredo, her fellow Bicolana, I kid her. In truth, Tita Adel was among the major campaigners in the UK for Robredo, when the latter ran for President in 2022.)

Despite being retired, Tita Adel remains energetic and engaged. Aside from her charity work, she is quite the inveterate traveler. When I met her, she had just arrived from a trip to Macedonia, even though she didn’t know anyone in the group tour. And soon after we parted ways, she was off to Glasgow in Scotland.

She is currently in town to spend Christmas here, where she has a home which she shares with a son.

“Christmas for me is the time to be together with friends and families, the time to share love and compassion...that it is better to give than to receive,” said Tita Adel. “During Noche Buena I always look forward to seeing my children and grandchildren. Nothing compares to the joys we feel during the Christmas festivities, as well as the lechon, suman sa ibos, pancit or spaghetti, and the ever present fruit salad or macaroni salad. Taob ang mesa pag sama-sama ang pamilya. Happy Christmas to all!”

Last we spoke, she was on her way to hometown of Ligao, not just for a vacation, but to again do some outreach for people in need. Tita Adel is the epitome of Christmas—always kind, forever generous. ■■■

SO I met former ad man Peps Villanueva when I attended my first World Travel Market (WTM) in London in 2016. A good friend of the late Tourism Secretary Mon Jimenez, Tito Peps and I have kept in touch regularly through Facebook. And before we saw each other again at this year’s WTM, we were able to have lunch together when he was in Manila earlier this year with our common friend, his Thomasian classmate and renowned public relations consultant Resty Perez. And it was through the kindness of Tito Peps that I was able to meet Tita Adel on this trip.

Tito Peps has lived in the United Kingdom since 1989, joining his wife Julie who had “finished her nursing in the UK way back in 1976,” along with their daughter Jennifer, then their sons Jeremy and Justin following in 1991. “I joined the travel industry, having had stints at Miramar Travel, PIC UK, Optima Travel, and Crystal Travel,” the latter having been set up by Filipinos in London. Located at Earl’s Court, a major hub of the Filipino/Fil-Brit community in London, Crystal Travel is the most popular travel agency among our kababayans

“My wife and I are lucky as we have all our immediate family here in the UK, and we’re able to celebrate Christmas with our three kids and seven grandchildren. I can’t ask for more. But if I had a wish for someone to join our Noche Buena table this year, I guess it would be my mother, as we were able to go back to the Philippines for Christmas only thrice since 1989 until she passed away in 2022,” he said.

■■■

VER MENDOZA is co-founder of the Filipino UK Tour and Van Service, which is usually tapped by the Philippine Embassy and other government agencies whose officials are traveling to the UK to drive them around to their official functions. He has had the good fortune of having ferried Philippine presidents, cabinet secretaries, our tourism officials, and several Filipino lawmakers to their appointments.

I also had the equally good fortune of meeting Kuya Ver last November when I last visited London, and in the brief time we spent I found out he was trained as an engineer and worked in Berlin before moving to London. His job takes him to many points in the UK, (“Naku ang ganda ng Scotland,” he says, proceeding to advise me where I should stay if I ever make it to that country), but because of his unceasing drive in his career, he has been able to go on vacation in other parts of Europe as well, citing Spain as one of his favorites. (“Masarap, nakauwi ako ng jamon!) It was never a dull moment with Kuya Ver, as he regaled me with his life stories and experiences with his VIPs. (Don’t worry folks, your deepest secrets are safe with him. I tried to pry them out of him, but he would not say.) Because of his savings, he has been able to construct small budget-friendly” resort in Antique called Vera Apartelle which is often used by local families as a venue for their parties. He says he will be most happy if the “entire family is gathered together this Christmas—my wife and kids, and my parents and siblings.” Happy holidays to all! ■

ASIALINK FINANCE CORP., GAWAD KALINGA PARTNER TO TURN HOLIDAY WISHES INTO REALITY

THIS Christmas season, Asialink Finance Corp., a leading provider of accessible financial solutions, led an initiative in partnership with Gawad Kalinga, a movement dedicated to eradicating poverty, to spread joy and hope through their CSR program “Empowerment Through Giving.” Held at GK San Rose, Kapitolyo, Pasig City, on December 12, the event aimed to bring lasting happiness and support to underserved communities while promoting collaboration and generosity among stakeholders.

During the event, 100 childrens’ Christmas wishes were granted, accompanied by engaging games and activities that filled the day with laughter and joy. Families also received Noche Buena baskets, ensuring they could celebrate the holiday season with warmth and abundance. The program was further enriched by the active participation of Asialink employees who volunteered their time and resources to make the day meaningful.

This partnership brought together two organizations committed to empowering and uplifting communities. By combining Asialink’s focus on financial access with Gawad Kalinga’s commitment to restoring dignity, the program went beyond a holiday celebration to create real impact and hope. Moreover, it deepened bonds with local communities, reflecting the true power of collaboration and the beauty of shared responsibility.

Eugenia Last

when dealing with people who don’t reveal their intentions but are pressuring you to join forces. Put more time, money and thought into what matters most and how you want to use your skills and cash moving forward. ★★★

LIBRA (Sept. 23-Oct. 22): You’ll have plenty to discuss once you let down your guard and feel comfortable with someone of interest. Social and networking events will allow you to meet interesting people and show off what you can offer. An opportunity to learn, travel or connect romantically looks promising. ★★★★

SCORPIO (Oct. 23-Nov. 21): Know your limits and your opponents. Think outside the box, and you’ll devise a surefire way to outmaneuver someone trying to take advantage of you. Trust your instincts, refuse to let anger surface and set your radar on your goal instead of wasting time on nonsense.

SAGITTARIUS (Nov. 22-Dec. 21): Take a long, hard look at what’s important to you and how to preserve what matters most, and let go of the past. It’s time to turn the page and create and embrace opportunities that excite you. Attending a reunion will help you redefine your role and purpose. ★★

CAPRICORN (Dec. 22-Jan. 19): Emotions and money won’t mix. You can’t buy love and shouldn’t waste your time trying to please someone who doesn’t reciprocate. Change begins with looking at the facts, adjusting your mindset and returning to the pastimes that make you feel good about yourself. ★★★★★

AQUARIUS (Jan. 20-Feb. 18): Home improvements will make your life easier. Open your doors to friends and family,

FULL OF RED FLAGS

THE actor is being packaged as a gentleman but as a boyfriend, he seems to be showing a lot of red flags. One, he was discovered to be sliding into the DMs of other women when he, in fact, had a girlfriend. Two, he was recently rumored to have made out with a girl when he was supposed to be dating someone exclusively. Three, he has been found to be liking posts online of a female artist. His current girlfriend is keeping quiet despite this being made public. She is a classy girl who deserves a man who is loyal to her. The actor, who is both handsome and talented, seems to be unable to look at her. However, here’s an open secret: He allegedly cheated on his last girlfriend with her.

HE HAS A BENEFACTOR

THE actor was once very active in showbusiness but he suddenly kind of disappeared. What happened? He even sort of ghosted his followers on social media. Well, according to the grapevine, the actor now has a rich gay benefactor. Not only that, the gay benefactor is reportedly someone the actor genuinely likes as a person, so for him giving up acting is not that big of a deal. The actor is someone who works hard to be fit and healthy and you really see how good he looks. He has had a lot of gay admirers through the years but this is the first time that he has had a benefactor. It’s also the first time that he has stopped acting, which is unusual because he loves to act and is talented.

FRIENDS NO MORE

THE actress used to be good friends with a starlet until people noticed that they seemed to have unfriended each other. The story is that the actress got involved with a guy who had a girlfriend and when this became a scandal of sorts, the starlet stopped being friends with her. The starlet reportedly told her other friends that she didn’t want to be an enabler who allowed the scandal to happen. The people involved the actress and the starlet mutually know and sometimes work with. To be fair to the starlet, she has been quiet since the rift happened. Meanwhile, the actress is trying to keep a low profile and probably waiting for people to stop talking about the scandal.

THE SINGER’S PAST

EVERYONE involved in this story is now happy but if cancelling celebrities because they’re cheaters and homewreckers was a thing, this singer would have been cancelled a long time ago. The singer’s husband was someone else’s husband and she was the other woman in the relationship. But the marriage was not just ruined by that but also by other factors such as cultural differences. The singer’s husband allegedly suffered discrimination from his ex-wife’s family and this put a strain on their relationship. Thus, it was very easy for the guy to fall in love with the singer. All’s well that ends well because everyone involved in this story is now happy.

Sleuthing sensuality and love in ‘Black Doves’

IN half an hour—more or less—three persons are dead in the dark, sensual thriller titled Black Doves: a tabloid writer, a saleslady, and a civil servant. By the time the late evening news is out, the commentator is asking if the three are interrelated even as she talks about how crime is rising in the city. All this happened over the Christmas season in the UK. In a well-appointed home, Helen Webb, a mother, is frantic as she prepares her children and husband for an event. The husband turns out to be the Secretary of Defence. That morning, his main concern is the death of the Chinese ambassador to Britain and the disappearance of the envoy’s daughter. It appears that China is not convinced about the coroner’s report and sees foul play in what China thinks is an assassination. By the end of the day, it is getting clearer that China is adamant to pin the “murder” to the US government with the assistance of Britain. During the Christmas banquet, a middle-aged woman is one of the well-wishers of the secretary and his wife. When the woman leaves, Helen and Wallace Webb, the cabinet official, profess not to know her. And yet, Helen Webb goes down and finds the woman and confronts her. The woman is Reed—Mrs Reed— and from her we learn more about the death of Jason Davies, who, after all, is linked to Helen. They have been lovers for three months, Helen admits. Pushed by Reed for the reason for that connection, Helen confesses to love. She loved Jason.

REMASTERED ‘JOSÉ RIZAL’ MOVIE TO STREAM ON NETFLIX

PHILIPPINES ON DECEMBER 30

JOSÉ RIZAL, the 1998 historical film produced by GMA Pictures, has been digitally restored and remastered for a new generation of audiences. The cinematic masterpiece will be available on Netflix Philippines beginning on Rizal Day, December 30. The 1998 film classic, helmed by the late director Marilou Diaz-Abaya and written by Ricky Lee, Jun Lana and Peter Ong Lim, is a three-hour epic that explores the life and struggles of the National Hero Jose Rizal. Cesar Montano plays the title role. José Rizal was the most-awarded film during the 1998 Metro Manila Film Festival (MMFF), winning 17 out of the 18 awards that year, including Best Picture, Best Screenplay, Best Cinematography, Best Actor and Best Director.

Twenty-six years since it first graced movie screens, the digitally remastered version of José Rizal captivated audiences once more when it premiered at the 2024 Cinemalaya Independent Film Festival.

The restoration of José Rizal —done by Central Digital Lab and GMA Post Production—is part of GMA Pictures’ tribute to Philippine cinema. By bringing the film to Netflix Philippines as well, more audiences will be able to watch and access the cinematic masterpiece through the popular streaming platform. José Rizal will be available on Netflix Philippines on Rizal Day, December 30. More information is available at www.gmanetwork.com.

But like mythical tales, strong women should never fall in love. Emotions are a fall from grace and courage. Reed reminds Helen about this. Reed summons another member of the organization. His name is Sam and he has been away from the “job” for some seven years because of a failed task. His new role is to protect Helen.

It is an extraordinarily charming and witty prologue to a spy thriller whose premise is built around love, sensuality and the overriding question

Now streaming on Netflix, Black Doves is an origin tale and a rite of passage. It twists the classic notion of liminality where a human being leaves a place,

encounters monsters and mayhem, and toward the end becomes a hero, or, in the case of Helen Webb, a heroine, able to bestow boons to communities. The magic of this film is how our hero (Helen) and Sam (hero) remain in the liminal phase, challenging our belief about heroes or villains.

As a member of the organization that sells top secrets and data to mercenary organizations and, in so many ways, nations, Helen’s career takes a sweet and dangerous turn when she marries Wallace Webb who assumes a top post in the British government. Did she intend this to be her entry point as a top spy? Reed notes how the organization benefited much from Helen’s social relationship. The irony—and doubt from a cinematic perspective—is Wallace does not know the secret identity of his wife. Not even when the man who killed Jason pays Helen a visit and they grapple and fight downstairs while Wallace is seen snoring tight in their bed on the upper floor. Many more questions and doubts will surely arise from the viewer. There is, however, something about the plot and performance of top actors in Black Doves that will dissipate any disbelief.

Stellar and with brilliant credentials from stage, TV, and film, behold these four actors that carry Black Doves with the might of the massive sails of a good, old-fashioned ship.

Let’s start with Kathryn Hunter as Lenny Lines. She barges into a cafe as Sam is about to eat breakfast eggs. With a voice like a drunken sailor weaned on Shakespearean monologues, Hunter reminds us that once upon a time, Sam failed in his task to kill

the Newman brothers. Presently, Hunter demands an apology and a recompense: Sam should continue where he paused or chickened out seven years ago, or else Lenny, with her killers, will do away with Sam’s lover—male—and his child. Even when the camera is trained onto the face of Sam, the drawl of Hunter is an omniscient terror.

Reed, the chief coordinator of Black Doves, is played by the elegant and suave Sarah Lancashire, who is both delicious to listen to and look at as she enunciates her measured meanness. In that scene where she gradually tells Helen the kind of organization that is seeking her services, the word “spy” comes out naturally from Lancashire who inhabits the world she represents with the words precise and pointed. When Helen pokes a knife against Reed’s stomach the first time we see them together again, we believe in Reed’s unflinching move because Lancashire has made stoicism a delightful instrument of repulsion.

As Sam, another star of the British stage (does a lead in Hamlet make him a star? Yes), Ben Whishaw is a leading man of a different, and radical, persuasion. His sex scenes, usually an ingredient necessary in spy thrillers, is with another man he picks up from a bar. But like all heroes, he makes sure his task of protecting Helen comes first than the satisfaction of his man. He disentangles when his phone tells him the life of his friend is in danger.

Then there is Keira Knightley who, as Helen Webb, is frail and fierce, vulnerable from affairs both legitimate and illegitimate. Remember, she is a mother of twins and a wife to a man who holds the key to the defence of a country, whose very being is subverted by the nature of her hidden tasks. With those magnificent cheekbones, Knightley is the real thing. In a trench coat, she is a film noir form. Gracious and bold, Knightley as Helen Webb is credible as a woman who can protect her family while trying to solve the murder of her lover. Black Doves is created and written by Joe Barton. It is directed by Alex Gabassi and Lisa Gunning. It streams on Netflix, which has already greenlit a second season for Black Doves following its massive success wherever Netflix streams. n

‘Kraven the Hunter’ flops while ‘Moana 2’ tops the box office again

THE Spider-Man spinoff Kraven the Hunter got off to a disastrous start in North American theaters this weekend. The movie starring Aaron Taylor-Johnson earned only $11 million, according to studio estimates on Sunday, making it one of the worst openings for a Marvel-adjacent property. Its box office take was even less than the film Madame Web.

The weekend’s other major studio release was Warner Bros.’ animated The Lord of the Rings: The War of the Rohirrim, which made $4.6 million. Made for about $30 million, the movie is set 183 years before the events of The Lord of the Rings films and was fasttracked to ensure New Line did not lose the rights to Tolkien’s novels. Peter Jackson, Fran Walsh and

Philippa Boyens have been working on future liveaction films for the franchise. Meanwhile, the top of the charts again belonged to Moana 2 and Wicked Moana added $26.6 million to its domestic total in its third weekend and $57.2 million internationally, bringing its global tally to $717 million. It’s now the fourth highest grossing film of the year, surpassing Dune: Part Two Wicked, which is in its fourth weekend, brought in another $22.5 million to take second place. The Universal musical has made over $359 million domestically and over $500 million worldwide. Gladiator II also made $7.8 million, bringing its domestic total to $145.9 million in four weeks. Kraven the Hunter is the latest misfire from Sony in its attempt to mine the Spider-Man universe for spin-off franchises without the lucrative web slinger himself. Kraven joins Madame Web and Morbius in franchise additions that fell flat with both audiences and critics. The one exception on this rollercoaster journey has been the Venom trilogy, which has made over $1.8 billion worldwide. The R-rated Kraven the

Mondelēz International Receives Plastic Cleanup Partner Seal

MONDELĒZ International in the Philippines celebrated a major milestone in its sustainability journey as it has been conferred the Plastic Cleanup Partner Seal by the PCX Markets. This recognition highlights the company’s commitment to sustainable practices, particularly its adherence to the Philippine Extended Producer Responsibility (EPR) Law and ongoing efforts to manage plastic waste within the snacking industry.

The Plastic Cleanup Partner label is awarded to companies that take significant, measurable actions to clean up plastic waste. Mondelēz International’s involvement in this initiative is part of a broader sustainability strategy focused on reducing packaging waste, evolving packaging designs, and improving recycling systems to contribute to a circular economy.

PCX Markets is a plastic credit marketplace which collaborates with organizations that collect and divert post-consumer plastic waste through a transparent, environmentally sound, and socially responsible framework.

“Achieving the Plastic Cleanup Partner seal is an important milestone for us,” said Aleli Arcilla, Managing Director of Mondelēz International in the Philippines.

“This seal is a powerful message to our stakeholders, consumers, and partners that we are actively working to ensure that plastic waste is diverted from nature and the landfill. It is a symbol of our dedication to our Sustainable Snacking Strategy,’ ensuring that the right snack is delivered in the right way.”

In addition to receiving the Plastic Cleanup Partner seal, Mondelēz International also discussed its ongoing efforts to support the EPR Law. The company is committed to complying with the law’s guidelines and actively participates in initiatives to make packaging materials more circular and less wasteful.

“We believe compliance with the EPR Law is not just about meeting requirements; it’s about leading by example and advocating for others to follow,” added Arcilla. “At Mondelēz International, we are committed to reducing plastic packaging, evolving our materials to use recycled content, and improving waste management systems in countries where we operate. That is why for every kilo of post-consumer plastic packaging we introduce to the market; we ensure the equivalent amount is collected and diverted from nature here in the Philippines.” This commitment goes beyond the 40 percent collection and diversion requirement of the EPR Law this 2024.

The company’s sustainability programs also extend beyond certification. Their ‘Trash Right’ program, which educates teachers and schoolchildren about waste management and plastic collection, has already engaged twenty-seven public elementary schools in Parañaque City together with ocean advocacy group Save Philippine Seas. Mondelēz International has successfully collected almost ten metric tons of plastic for diversion to upcycling through this initiative.

Furthermore, the company has just launched two new Aling Tindera sites in Parañaque City, providing local collection points to further support community recycling and sustainability efforts. This program, which transforms women microentrepreneurs running small “sari-sari”

In

General Manager, Horizon Auto

BYD Cars Philippines;

Inc.; Francis John Flordeliz, Business

Chiongbian, Chairman, Horizon Auto

Jr.; Erroll Dueñas, After Sales and Network Director of BYD Cars Philippines; Julia

President of Fast Autoworld Philippines Corporation; and Evan Quinay, Network Development Manager, BYD Philippines.

stores into sustainability leaders, allows local residents to sell their plastic waste directly to their neighborhood Aling Tindera. These women collect, clean, and store the plastic, which is then responsibly processed, with compensation provided for each delivery.

Adds Rudi Ramin, Commercial Director of PCX Markets, “Mondelēz International’s achievement of the Plastic Cleanup Partner Seal in the Philippines shows their commitment to real, measurable action against plastic waste. Their initiatives, like ‘Trash Right’ and Aling Tindera, go beyond compliance—they empower communities and set the standard for sustainability in business. At PCX Markets, we’re proud to partner with Mondelēz International in creating a cleaner, more circular future.”

The company’s commitment to diverting plastic pollution from nature is part of a wider plastic sustainability plan. Globally, Mondelēz International aims to ensure 98 percent or more of its packaging is designed for recyclability, and to reduce the amount of virgin plastic it uses by 2025.

With its ongoing efforts and future commitments, Mondelēz International aims to continue its collection and diversion of its total post-consumer plastic packaging onwards, making sustainability a core aspect of its operations and contributing to a circular economy where plastic is seen as a valuable resource and does not end up as waste.

to meet the evolving needs of EV users,” said Willy Chiongbian, Chairman of Fast Group and Horizon Auto Services, Inc. “With a state-of-the-art showroom, a fully equipped service area, and a 24/7 charging facility that is crucial for travelers to the region, this dealership reinforces our commitment to delivering exceptional support and driving the adoption of sustainable transportation here in the province of Camarines Sur.”

Located along Maharlika Highway, Barangay San Jose, Pili, Camarines Sur, BYD Cam Sur is strategically based away from flood-prone areas in the province. With its modern aesthetic, it stands out among other car dealerships in the region. Complete with a generous amount of parking spaces, BYD customers are guaranteed a unique customer experience whenever they visit the showroom for sales inquiries and vehicle servicing.

“BYD Cam Sur is a testament to the brand’s unwavering commitment to making electric vehicles accessible to more Filipinos,” said Aiffy Liu, Country Head of BYD Philippines. “As the global leader in new energy vehicles that is celebrating 30 years of innovation, we continue to strengthen our efforts in driving the transition to sustainable transportation and bringing innovative solutions to more locations throughout the Philippines, such as the Bicol region.”

The new facility offers vehicle sales and aftersales service, providing comprehensive support for BYD customers. The showroom is open from 8:00 AM to 5:00 PM from Monday to Sunday, while the Service Department is open from 8:00 AM to 5:00 PM from Monday to Saturday.

“The launch of BYD Camarines Sur represents not just a milesCaptone but a starting point for greater possibilities,” said Bob Palanca, Managing Director of BYD Cars Philippines. “As we continue to expand across the Philippines, we call on communities and partners to join us in accelerating the shift to sustainable mobility, making electric transportation a reality for every Filipino.”

ATMAI Launches Inaugural Auto Tech And Mobility Companies of

THE Auto Tech and Mobility Association, Inc.

(ATMAI) proudly announces the launch of the inaugural Auto Tech & Mobility Companies of the Year Award, an initiative to celebrate excellence and innovation in the auto tech and mobility sectors. The award aims to recognize the Top 10 Companies of the Year, chosen by ATMAI’s founding members. These companies will represent the

Actress Lovi Poe Advocates Self-Love with New Cosmetic Line Ready Set Glow

KNOWN for embracing her natural morena beauty, actress Lovi Poe is set out to inspire self-love in new heights with her new makeup collection with Filipino-founded cosmetic line “Ready Set Glow.”

The introduction of Poe’s makeup collection called “Love, You by Lovi” with Ready Set Glow marks her new era as a beauty entrepreneur.

Like a love letter penned to oneself, “Love, You by Lovi” is more than just a makeup line. It is a celebration of your unapologetic beauty and a declaration of your self-worth.

With the subtle elegance of neutral and bare skin shades, this collection is an ode to the phenomenal woman that exists within you. The “Love, You by Lovi” collection includes five unique makeup products in neutral and bare skin shades, designed to highlight your natural beauty.

“I wanted the collection to feel like a love letter to everyone who uses it—a reminder to love yourself first and celebrate your unique beauty. The concept is rooted in self-love and embracing what makes you unique. Each product is designed to highlight individual beauty and serve as a reminder that you are enough, just as you are,” Poe shared in an interview.

“I believe makeup should enhance, not just cover up. By adding skincare benefits, this collection is meant to nurture your skin while enhancing your beauty.”

“I’ve always believed that makeup is more than just a beauty product—it’s a form of self-expression and empowerment. This collection is my way of sharing that vision and celebrating individuality through makeup.”

Poe personally conceptualized “Love, You by Lovi” with the Ready Set Glow team in a collaborative approach.

“It was a collaborative and thoughtful process. I wanted each product to feel purposeful and to complement a variety of looks and moods. We selected items that resonated with me and that I felt would inspire others,” she said

The “Love, You by Lovi” collection has introduced five makeup products that beauty junkies will surely love.

Skin Poetry Scented Body Shimmer is meant to add some sparkle on your skin for that extra feel-good glow, meant to make you shine no matter the texture or color your skin is. It is enriched with lavender essence for that fragrance you’ll adore. Aside from the glitter, this body shimmer has skincare benefits, as it is enriched with Vitamin E for healthy skin and SPF15 for sun protection.

Another makeup product from the Me, Myself & I Lippie. This multi-use product is more than just a lip product. It’s a balm, high gloss, plumper and lip treatment– all in one chic tube. It combines the benefits of hyaluronic acid and jojoba oil for hydration and plumping on the lips, plus Vitamin E for antioxidant protection. You can glide on for a glossy finish, and layer for added volume.

Another note-worthy product is the Heart in Bloom Cream & Powder Blush Duo, a celebration of self-love in every shade. This versatile duo offers the velvety texture of cream blush and the radiant finish of powder blush, infused with nourishing ingredients like jojoba oil, camellia oil and meadowfoam oil. It’s a tribute to blooming confidence and inner beauty.

Lastly, the collection also features the Statement Setter Brow Trio, your key to embracing self-love and confidence through beautifully sculpted brows. This all-in-one set features a brow gel infused with nourishing Vitamin B5 and Aloe Vera Extract for hair growth and precise shaping. The included spoolie allows for grooming and blending, while the brow pencil is enriched with Jojoba Seed Oil, Argan Oil Castor and Castor Oil,which defines and fills the brows effortlessly.

“Love, You by Lovi” is available in all Ready Set Glow e-commerce platforms.

Please view the photos here: https:// photos.niceprintphoto.com/share/Readyset-glow--Cosmetic-Launch-of-Ms-LoviPoe/#/

the photo are, from left, Popo Soriano,

Services,

Manager, BYD Cam Sur; Bob Palanca, Managing Director,

Willy

Services, Inc, Pili, Camarines Sur Mayor Tomas Bongalonta

Menchavez,

Motoring BusinessMirror

THE TOYOTA TAMARAW IS BACK

S. Peregrino

TOYOTA Motor Philippines (TMP) has brought back the iconic nameplate with the launch of the Next Generation Tamaraw in a simultaneous live event in eight locations nationwide.

A nameplate deep-rooted in Filipinos, TMP claims that the Toyota Tamaraw is synonymous with reliability and durability due to its quality and versatile build. So, in response to the ever-evolving needs of the Philippine market, TMP has introduced the Next Generation Tamaraw in modern form as a multi-purpose people and goods mover for business and personal use. It is manufactured locally at the Toyota Motor Philippines plant in Santa Rosa, Laguna.

Built for the New Era

THE Next Generation Tamaraw is built on Toyota’s global IMV platform, retaining the same DNA as the Tamaraw that plied Philippine roads in the 1990s and early 2000s. According to TMP, as the Philippine market continued to evolve, so did the needs of various enterprises and individuals, leading to the development of the Next Generation Toyota Tamaraw.

“We sat down and communicated with potential customers to ask what they look for in the Tamaraw. Hearing their comments and requests face-to-face regarding our vehicles inspired and reminded me and our team to make ever-better cars,” said TMP president Masando Hashimoto.

Available in diesel and gas variants, the Next Generation Tamaraw also comes in multiple body styles for different passenger and cargo requirements. The diesel variants are powered by a 2.4L 2GDFTV engine tailored for heavy-duty tasks. It has a max output of 148 hp at 3,400 rpm and 400 N-m of torque between 1,600-2,000 rpm. The gas variants are equipped with a reliable 2.0L 1TR-FE engine.

Various configurations of the Next Generation Toyota Tamaraw’s original equipment variants were introduced during the launch. There was the long wheelbase (LWB) Dropside and LWB Utility Van, which will be available for retail in January 2025, and the LWB Aluminum Cargo, which will have its commercial release in March. Retail sales for the short wheelbase (SWB) variants of the Utility Van, Dropside, and Aluminum Cargo are slated for a later date.

Soon, other conversions will arrive. The Ambulance, Patrol Van, and Refrigerated Van were also exhibited, showcasing the Next Generation Tamaraw’s versatility.

Other unique conversions soon to be available for order, such as the Food Truck, Mobile Service Vehicle, and Camper RV, were also showcased, displaying the conversion capabilities of TMP in partnership with Toyota Mobility Solutions Philippines (TMSPH).

“The possibilities for this vehicle are truly endless. These possibilities, which will have a lasting effect on the lives of Filipinos now and in the future, is what we envision in our tagline, Abante, Posible,” added Hashimoto.

Meanwhile, TMP’s first Vice President for Vehicles Sales Operations, Danny Cruz, shared during the marketing presentation, “As explained by Chief Engineer Jira, the Next Generation Tamaraw transforms to the body style best

LOOKING A LOT LIKE 2017 RECORD

I

AM back to my love for speeches.

The following is from Alfred V. Ty, the chairman of both Toyota Motor Philippines and Lexus Philippines, delivered last December 10.

“Good morning, media friends and welcome back to the Grand Hyatt.

“Thank you for joining us in our annual Toyota and Lexus Christmas Media Lunch.

“I would like to express my appreciation for your presence here today and for your tireless support throughout 2024.

“It has been an exciting year filled with lots of reasons for us to look forward to an even brighter 2025 – with you, motorists and the whole Filipino nation.

Strong finish

“TO begin with, the year seems headed to a strong finish. It is looking highly likely that the market will end with sales of around 470,000 units in 2024. That would be within breathing distance of our record of 473,000 units sold back in 2017.

“Actually, there is a fighting chance that the industry might set a new record altogether but let’s not get ahead of ourselves just yet. I have always believed, though, that a vibrant and growing auto industry is a vital part of nation building.

“The resumption of motorization in the country is strong and is expected to grow even stronger as the Philippines transitions to a middle-income economy in 2025 or 2026. At TMP, we are also very encouraged by the continuing trust that Filipinos place with Toyota.

Growth inspires

“THIS year, we are projecting sales to grow further to between 215,000 and 218,000 units. This growth inspires us

because it represents an opportunity to further enhance our local production and sales distribution operations that, in turn, will allow us to create more jobs and contribute further to government revenues.

“I know that some of you were with us when we rolled-off UNIT #1 of our Tamaraw in Santa Rosa a few days ago. I also understand that many of you were in Glorietta just last Friday to join our public launch of the next generation Tamaraw.

“It was a massive effort to help us bring the return of the Tamaraw to as many Filipinos as we could reach at one time—in 8 simultaneous locations nationwide!

“The Tamaraw will be a flagbearer in our goal of creating mobility for all Filipinos. Aside from driving further progress in local automotive manufacturing, it also brings to life Toyota’s mission of enabling businesses, supporting livelihoods, and delivering services to improve the Filipinos’ quality of life.

Tamaraw hope

“FROM supporting farmers and fishermen in agricultural communities to being a logistics lifeline that moves people and goods anywhere, our hope for the Tamaraw is to help Filipinos realize their dreams.

“The Philippines is one of only two production bases for the IMV-0 or Tamaraw in the global supply chain of Toyota. It is a testimony to Toyota’s confidence in the craftsmanship of Filipinos and in the bright future of our country. Gawa ng Pilipino, para sa pagunlad ng bawat Pilipino.

“As we look ahead, we have many reasons to be confident in the continuing journey of the Philippines to motorization.

“In 2025, economic growth is still projected to remain in the 6 percent range, higher than other countries in the region. Inflation is on the downtrend and, most likely, so will interest rates. The recent signing of the law is expected to unlock foreign investments even as OFW

suited for your needs. It can convert into anything we can imagine.

We made sure we truly knew our customers by going to small and medium business owners all over the country to understand their mobility challenges.”

Also available are in-house conversions such as the Utility Van, Dropside, and Aluminum Cargo, offering features that cater to customers’ everyday commercial or personal needs. The Utility Van provides a spacious interior, which can be maximized by folding the seats. It also has a built-in rear A/C.

On the other hand, the Dropside’s ample deck space, high panel height, and three-side panel access allow easy loading and unloading of various goods. The

Total Package

remittances and BPO revenues continue to grow. Our young population, growing labor force and rising per capita income are also important drivers for auto sales.

“In fact, we are very encouraged that economists are expecting the Philippines to transition to an upper middle economy by late 2025 or 2026.

ABANTE POSIBLE!

“AS the economy grows, the automotive industry is also expected to grow.

As I mentioned, our industry is a big contributor to the economy and society.

“I am confident that the launch of the Tamaraw will elevate local production, lead to the upskilling of Filipinos, enhance technology transfer and strengthen the local parts maker sector. At the same time, the Tamaraw will provide MSMEs with a much-needed mobility solution that is practical, dependable, affordable, easy to maintain and finance. It also allows MSMEs the opportunity to transition to other new mobility solutions like fleet management and improved logistics capabilities.

“Truly, there is so much that excites us in 2025 and beyond.

“In closing, we want to thank all of you for being a part of TMP’s continuing drive to move lives, create happiness,

“Thank

PEE

THE Tamaraw in Mobile Service Vehicle conversion

Work kicks off in earnest at POC with LA28 as goal

Eala in qualifiers for Aussie Open; focus on Halep

Grand Slam champion Simona Halep, working her way back from a drug suspension, and Hall of Famer Lleyton Hewitt’s 16-year-old son Cruz were among the players awarded wild-card entries Wednesday for Australian Open qualifying next month. In th e qualifying rounds, 128 players compete for 16 spots in the main draw. T he qualifying entry list includes world No. 148 Alexandra Eala of the Philippines. E mma

UC ruz Hewitt is ranked outside the top 1,000. His father, who won two major trophies and reached No. 1 in the rankings, made his Australian Open debut in 1997 at age 15 via a qualifying wild card. Lleyton Hewitt retired in 2016, was elected to the International Tennis Hall of Fame in 2021 and is currently Australia’s Davis Cup captain.

O ther men who got wild cards for the January 6 to 9 qualifying event include 2023 Wimbledon quarterfinalist Chris Eubanks and former top 25 players Dan Evans and Bernard Tomic, while the women’s group includes Paris Olympics doubles gold medalist and 2012 French Open singles runner-up Sara Errani and top 20 players Petra Martic and Ana Konjuh. Main-draw action begins in Melbourne on January 12.

B8 Friday decemBer 20, 2024

mirror_sports@yahoo.com.ph

Editor: Jun Lomibao

NIVERSITY of the East (UE) targets its first championship in 39 years against University of Santo Tomas (UST) which is trying to break a 23-year spell itself in the winner-take-all Game 3 of the University Athletic Association of the Philippines (UEAAP) Season 87 high school basketball Finals at the Filoil EcoOil Centre in San Juan City. Game 3 starts at 10 a.m.

UE took a crushing 98-84 defeat in Game 1 but kept its dream season alive with a gritty 76-70 victory in Game 2 last Sunday in a game where UST’s Mythical Five member Andwele Cabañero was ejected early in the duel.

“That’s the motivation—to bring to UE another championship,” head coach Andrew Estrella said on Thursday. “As I’ve said, the team won’t surrender that easily, the players worked so hard both in and out of the court.”

UE last won the high school title with a Modesto Hojilla-led squad in 1982 and the Red Warriors’ last basketball championships was in 1983 with a team powered by Allan Caidic and Jerry Codiñera that won back-toback both at the expense of a Alfredo Jarencio-powered UST squad.

R iding a stellar 15-2 run in their last 17 games, the Junior Warriors aim to end decades of heartbreak and deliver a basketball crown to the Recto-based program. UST, meanwhile, is as determined to claim its first high school championship since 2001, with the Tiger Cubs having

KARLO AQUINO won the men’s division and Jho-an Villarma topped the women’s contest of the 21-km race of the first Garmin Run Asia Series-Philippines staged at the Filinvest Events Grounds in Alabang last December 1. A quino won in one hour, 13 minutes and 20 seconds with Edsel

to face an uphill battle to reach the Finals—they toppled Far Eastern University-Diliman’s twice-to-beat disadvantage in the semifinals.

The España-based squad will also be hobbled by the absence of Cabañero, who was suspended following his ejection in Game 2 for striking Neil Garcia twice during separate loose-ball scuffles.

Cabañero and the star trio of Jhon Canapi, Dustin Bathan and Miguel Jubilado combined

for 62 points in Game 2, but their teammates could only muster eight points for the loss.

Coach Noli Mejos emphasized the importance of composure and strategic adjustments in Game 3.

“It will be all about preparations and adjustments,” Mejos said. “We need a strong defense for us to win, and we must be composed throughout.”

dominate Garmin Run Asia 21K run

Moral finishing second in 1:14:15 and Mark Anthony Oximar completing the podium in 1:16:39 of the race that carried the theme “From Zero to Hero.”

Jh o-an Villarma was fastest in the women’s division in 1:42:18, followed by Cecille Wael (1:43:21) and Joy Tiu (1:47:21) in the event that drew more than 7,000 runners—from

By Josef Ramos

AFRESH four-year term

translates to a new but tougher challenge for Abraham “Bambol” Tolentino whose landslide victory in the Philippine Olympic Committee (POC) elections last month has been partnered by a gargantuan task of making the country look good again—or even better—in the Los Angeles Olympics in 2024.

Work starts in earnest,” said Tolentino, adding 2025 will be capped by the 33rd Southeast Asian Games in December where host Thailand is expected to leave no stone unturned to emerge overall champion.

To do that, Tolentino will call to order the new set of members of the POC Executive Board on January 9 and after that the first General Assembly of the new year will only be a week later on January 15.

“That will be a tough SEA Games, but I’m confident our athletes, our national sports associations will deliver in Thailand,” Tolentino said.

The 2025 SEA Games are scheduled December 9 to 20 in Bangkok, Chonburi and Songkhla and will feature 43 sports with Filipino athletes competing in practically all of them.

Tolentino took over the POC presidency in 2019 and successfully engineered the Philippines to the overall championship in December of that year in competitions the country hosted at the New Clark City, Metro Manila, San Juan (La Union), Subic, Tagaytay City and Santa Rosa City.

“It will be very tough in Thailand but, again, the mission is to go for the gold medals,” he said.

beginners to seasoned athletes. We are thrilled to celebrate the first ever Garmin Run Asia SeriesPhilippines, it’s inspiring to witness the passion Filipinos have for health and fitness,” said Houston Chen, Senior Marketing Communication Manager, Garmin Corporation. Supporting each runner’s journey with Garmin technology is an honor, and we’re committed to providing more opportunities for the community to stay active,” Chen added.

John Ephraim Gay, Greco Olivan and Marc Altura finished 1-2-3 and Patricia Anne Quiday, Serena Simeoli and Jo Sison took the podium in the male and female 10-km races, respectively, while Sangsoek Lee Kangwoo, Jun Faduhilao and Kristoffer Troy Sison and Ashley Simone Teves, Gretchen Wetsche and Marline Capones were the top three finishers in the 5-km events.

All podium finishers received brand new Garmin watches.

T here are dozens of international competitions lined up in 2025 with the Ninth Asian Winter Games set February 7 to 14 in Harbin, China, and the postponed Asian Indoor and Martial Arts Games set in Jeddah at a still to be determined dates serving as highlights.

Tolentino said he expects the trajectory of Philippine sports to continue pointing upward following the historic haul of two gold medals from Carlos Yulo in gymnastics and two bronzes in boxing from Nesthy Petecio and Aira Villegas at the Paris 2024 Olympics.

“It was one historic year in 2024 that raised the bar that high, making the POC’s mission and vision even more challenging,” Tolentino said.

“But it wasn’t impossible and my trust and confidence over the NSAs and my ‘Working Team’ could boost our athletes to achieve higher goals.” Tolentino and his entire “Working Team” were the runaway winners in last month’s POC elections—the PhilCycling head earned 45 votes that represented three-fourths of the 61 voting members of the organization.

The “Working Team”—first vice president Al Panlilio (basketball), second vice-president Richard Gomez (modern pentathlon), treasurer Dr. Raul Canlas (surfing), auditor Don Caringal (volleyball) and board members Leonora Escollante (canoekayak-dragon boat), Ferdie Agustin (jiu-jitsu), Alvin Aguilar (wrestling), Alexander Sulit (judo) and Leah Gonzalez (fencing)—also got overwhelming votes of confidence from the NSAs. Tolentino stressed that the template of success Yulo and Tokyo 2020 weightlifting gold medalist Hidilyn Diaz-Naranjo utilized, will be enhanced to keep the streak going for Philippine sports.

The template’s been tried, tested and proven twice over,” he said. “For this coming year, the ingredients are there, making the path to the Los Angeles Olympics in 2028 clearer and achievable.”

By Will Graves The Associated Press

NE of President-elect Donald

OTrump’s most popular talking points during his campaign centered on the future of transgender athletes.

Trump revisited the topic multiple times in the months and weeks before the election, suggesting at his rallies that one of the goals of his second term would be to “keep men out of women’s sports.” Millions were spent on advertising that turned something that affects a tiny minority of competitors into a wedge issue.

More than half of voters overall— and the vast majority of Trump supporters—said support for transgender rights in government and society has gone too far, according to AP VoteCast, a survey of more than 120,000 voters nationwide.

W hat, exactly, Trump will do when he takes office on January 20 is unclear. His transition team has not divulged any specifics, though the president-elect said during his campaign that the process would be “easy.”

In some ways, it might be. In others, things could be far murkier.

What did Trump say during the campaign?

A LOT. Donald Trump seemed to identify the discussion around the rights of transgender people in general and trans athletes in particular as one that could garner both attention and support that went beyond his usual base.

Trump would often use language about gender identity that LGBTQ+ advocates say is wrong and harmful. He also falsely labeled two Olympic female boxers as men, and said their ability to participate in the Paris Games was “demeaning to women” even though both Imane Khelif of Algeria and Li Yuting of Taiwan were assigned female at birth and identify as women.

Trump ramped up the rhetoric as election day approached, telling the crowd at a Madison Square Garden rally in October: “We will get... transgender insanity the hell out of our schools, and we will keep men out of women’s sports.”

How many transgender athletes are actively competing?

THAT number is up for debate.

The NCAA, for example, does not

track data on transgender athletes among the 544,000 currently competing on 19,000 teams at various levels across the country, though NCAA president Charlie Baker testified in Congress on Tuesday that he was aware of less than 10 active NCAA athletes who identified as transgender.

A 2019 survey of high school students by the Gay, Lesbian and Straight Education Network (GLSEN) noted just 5 percent of respondents said they participated in a sport that aligned with their gender identity. It might be easier to do the math from a macro level. A 2022 report by the Williams Institute estimated about 300,000 high school-age students (13-17) identified as transgender. How many of those young people participate in sports is unknown, but it is likely a tiny fraction. Still, any case of a transgender athlete competing—or even believed to be competing—draws outsized attention, from Lia Thomas swimming for the University of Pennsylvania to the just-completed season of the San Jose State volleyball team.How about the Olympic Games level?

T HE International Olympic Committee has essentially passed the buck, deferring to the international federations for each sport. That could change, however, when a new IOC president comes on to replace the retiring Thomas Bach. Former track star Sebastian Coe, now the leader of World

PHILIPPINE Olympic Committee president Abraham “Bambol” Tolentino proudly waves the country’s colors during the closing ceremony of the Paris 2024 Olympics last August.

DONALD TRUMP: Keep men out of women’s sports. AP

MORE than 7,000 neophyte and seasoned runners join the inaugural Garmin Run Asia Series-Philippines.

EALA

COMFORTS & JOYS

www.businessmirror.com.ph

YOUR TRUE CHRISTMAS GIFTS: ‘INVEST IN YOUR TALENT, YOUR LIFE’ —POPE FRANCIS

Calling peace and hope as ‘vocal lines,’ the pontiff encouraged artists and musicians to let their voices be heard for future generations

AT the 2024 Vatican Christmas Concert held on December 14, Pope Francis encouraged musicians and artists to be “angels of peace.”

“It is moving to think, here in the company of artists and musicians, that when Jesus was born in the silence of the night, a hymn of peace, sung by ’a multitude of the heavenly host,’ suddenly filled the heavens with joy,” the pontiff was quoted by EWTN Vatican on its website.

The pontiff brought up the themes of peace and hope, which he referred to as “vocal lines.“ He called out to artists and musicians to have their voice heard to the world so that they may pass these themes to future generations.

Music speaks directly to the human heart in a unique way; it possesses an extraordinary ability to create unity and to foster communion,” the pope said, telling them invest in their “talents, your artistry and your lives, as best you can and wherever you find yourselves, in promoting that culture of fraternity and reconciliation our world today needs more than ever.”

Requesting for prayers, he added, “Friends, the world and the Church need your talents, your creative ideals, they need your generosity and your passion for justice and fraternity.” Pope Francis also acknowledged that the concert's theme of hope is connected to the Jubilee Year, 2025. Hope, he added, is "founded on faith and nurtured by charity.”

In the season of merrymaking, the pope’s message is also a reminder for everyone to harness their internal gifts—their God-given talents—to use it to become better Christians and to make a positive difference on others, if not the world. To embrace life and make sacrifices of caring and kindness in a time of social and economic upheavals and geopolitical conflicts. As God so loved the world that he gave His only begotten Son, Jesus Christ, who taught the world the meaning of love, peace, and deep joy.

—Francine Medina

Holiday healthy tips for when ‘loosening up your belt’ is the unspoken rule

Moderation is key to survive the season’s food indulgences, says expert

By John Eiron R. Francisco

AS December arrives, the anticipation builds up for all the gatherings that come with the season. By mid-month, invitations pour in from companies, friends, and colleagues, each one hosting parties and celebrations, making the season feel alive with excitement. F ood, of course becomes the ultimate connector, bringing everyone together to share in the joy of the season. Over shared meals, stories and memories are eagerly exchanged, which makes the celebration more meaningful.

In the Philippines, the holiday spread is a sensorial feast and there are several stars of the noche Buena : the rich aroma of bibingka fresh from the oven, the sweetness of leche flan melting on your tongue, and the sight of crispy, golden lechon glistening under the Christmas lights.

B ut with all the delicious food and endless celebrations, it’s easy to get carried away, especially in Filipino culture where there’s a strong sense of hiya —the feeling of being embarrassed to refuse an offer, particularly when it comes to food prepared by the host.

W hile it’s easy to encourage moderation without dampening the festive spirit, research indicates that overeating during the holiday season is a common habit that’s hard to break.

People often eat much more than usual in a single day while promising to start the new year with healthier habits.

Healthy meal planning

In an interview with BusinessMirror, Ana Bragas, Science Research Specialist I at the Department of Science and Technology-Food and Nutrition Research Institute (DOST-FNRI), stressed the importance of meal planning to ensure the nutrients served meet the needs of everyone, from adults to children and guests, during the holiday season.

W hile Bragas noted that there is no need to avoid any particular foods, she emphasized the importance of moderation.

S he highlighted the importance of consuming salty, sweet, and fatty foods in balance, reasonable amounts, or within healthy limits, especially if there are family members with pre-existing conditions such as hypertension, diabetes, obesity, or heart disease.

A ccording to Bragas, it is ideal for adult males to consume at least one and a half cups of rice, while adult females should have one cup.

S he also recommended selecting lean meats, advising, “When serving meats, choose lean options to avoid excess fats,” and cautioned against high-cholesterol foods like Continued on C3

COMFORTS & JOYS

Megaworld ushers Xmas with one-stop online hub

MEGAWORLD Lifestyle Malls has launched its Festive Feels website, a one-stop destination for everything Christmas. Celebrating the season of joy, the online hub brings together the best of Megaworld Lifestyle Malls’ iconic Christmas themes, activities, and exciting promos under one festive digital roof.

The Christmas microsite showcases the holiday highlights across all Megaworld Lifestyle Malls properties—from glittering lights to heartwarming activities. Each location is decked out in unique Christmas themes, transforming every visit into a memorable experience.

Stay updated on the array of Christmas and holiday-related activities happening across all properties, from live performances by choirs and orchestras to exciting workshops for kids and families. Browse sched-

ules and locations to plan your mall visits with family and friends.

The microsite highlights special promotions and exclusive deals from mall partners. Visitors can also participate in giveaways and contests hosted on the platform, making every click an opportunity to win exciting holiday prizes.

We’re thrilled to introduce the Megaworld Lifestyle Malls Christmas Microsite, an innovative way to bring the joy of the season to life. This platform is our gateway to providing unforgettable experiences for our guests, making every moment magical, convenient, and filled with holiday spirit,” said Megaworld Lifestyle Malls head Graham Coates. Visit https://festive-feels. megaworld-lifestylemalls.com and immerse in the festive feels of the premiere mall group.

COMFORTS & JOYS

www.businessmirror.com.ph

Holiday healthy tips for when

up your belt’ is the unspoken rule

Moderation is key to survive the season’s food indulgences, says expert

shrimp and crabs.

“ We should be mindful of foods that are high in cholesterol, especially for those with pre-existing conditions,” she added.

S he advised limiting the intake of fats, especially those cooked in oils, and suggested avoiding them when possible.

H owever, if there are no other food options, she recommended removing the skin to “take away the fats” and removing any breading, as it tends to absorb more fat. As an alternative, she suggested draining excess oil with a tissue.

Fo r protein, Bragas recommended serving one chicken egg, which is often incorporated into dishes, as a healthy addition to meals.

F or fish dishes, she suggested offering small-sized varieties, with one piece for children and one slice each for adult males and females if serving medium-sized fish.

Bragas also encouraged the inclusion of more vegetables in meals, whether as side salads or incorporated into main dishes.

“ Vegetables are rich in vitamins and minerals, and we always encourage people to eat more ‘glow foods,’ like fruits and vegetables,” she said.

B ragas also recommended serving

sweets in a controlled portion. “For desserts, a little sweetness goes a long way. You can add sugar to your dishes, but only in small amounts,” she noted.

S he further advised against using excessive flavor enhancers like bouillon cubes or sprinkling high-salt seasonings, which can contribute to excess sodium intake.

B ragas mentioned that following the ‘Pinggang Pinoy’ is recommended to encourage healthy eating among Filipinos. The guide illustrates an ideal plate that shows the proper proportions of food groups for a balanced and nutritious meal. It is divided into four sections: Go Foods, Grow Foods, Glow Foods, and a reminder to drink plenty of water daily.

Digestive problems

While it is a common practice among Filipino families to wait until midnight before eating the festive spread, Bragas highlighted the importance of having a light dinner before the holiday festivities.

“ It’s not advisable to save up your hunger for the midnight meal,” she cautioned. “Binge eating can lead to digestive issues, so it’s better to have a small, balanced dinner.”

B ragas suggested using a smaller plate as a practical tip for enjoying holiday meals without overeating.

S he explained that a smaller plate creates the illusion of having more food, helping with portion control. This is in contrast to using a large dinner plate, which can lead to overfilling and overeating.

Rise in obesity

A recent study from the Global Nutrion Report reveal that the Philippines has

made limited progress in addressing diet-related non-communicable diseases (NCDs). Obesity affects 8.8 percent of adult women and 6.4 percent of adult men, a figure lower than the regional averages of 10.3 percent for women and 7.5 percent for men. Additionally, diabetes impacts 7.8 percent of adult women and 7.9 percent of adult men.

A t the same time, a UNICEF Philippines report highlights concerning trends in children’s diets. Many children are consuming fewer fruits and vegetables, while increasing their intake of sugary, salty, and fatty foods.

Dat a shows that 74 percent of children aged 13-15 eat less than three servings of vegetables daily, and over a third (38 percent) drink at least one soft drink per day.

H owever, Bragas emphasized that people shouldn’t deprive themselves during the holiday season, encouraging everyone to enjoy themselves.

“ Let’s enjoy the holiday season, but of course, we should keep in mind not to overdo it. Everything in excess is bad, so our serving portions should be in moderation,” she said.

Keep leftovers safe

According to Bragas, the proper way to handle leftover food is to reheat it slightly before storing. “Place it in a container with a lid, ensuring it’s sealed properly,” she explained.

“ It’s also important to label the container, noting the date and time it was stored in the refrigerator,” she added.

S he emphasized the significance of this practice, as leftovers typically have a shorter shelf life. If food has been sitting out for a longer period, like on a buffet

table, it’s best to consume it the next day.

H owever, Bragas stressed the importance of reheating leftovers properly. It’s not enough to simply warm them for a short time.

W hen reheating, if there is no available food thermometer, check if large bubbles are forming. This will indicate that the food has reached a high enough temperature. A temperature of 100 degrees Celsius ensures that any harmful microorganisms present during the holding period are eliminated, making the food safe to eat.

O n the other hand, reheating food multiple times can pose potential health risks, according to a science research specialist. This practice can trigger the growth of bacteria, which may not immediately cause symptoms.

T he bacteria, explained Bragas, need time to multiply before any signs of illness appear, such as headaches, stomach pain, diarrhea, dizziness, or in the worst cases, food poisoning and dehydration.

Post-holiday recovery

While you may feel sluggish after indulging, gentle exercises like walking, yoga, or light stretching can help boost digestion and metabolism. Start slow and gradually increase activity as you feel more comfortable. In addition, drinking water helps flush out excess salt and sugar from the body, which reduces bloating and aiding digestion. Ul timately, the holidays are about celebrating with loved ones, and food plays an integral part in bringing people together. However, true joy comes not from overindulgence but from making thoughtful choices that ensure both health and happiness.

COMFORTS

THE GIVING CAFÈ

OLD MANDALUYONG HOME SPARKS HOLIDAY

Text and photos by Francine M. Marquez

THE Giving Café (TGC) has a new space—but it's also an old place where owner Michael Harris Conlin enjoyed Sunday lunches with family and hung out with his cousins. The mid-century bungalow, built in the 1950s, has been reopened and restored to its elegant glory to honor the legacy of his grandparents Juan Bautista Lee and Liana Lee, who were its residents.

Conlin, one of the top 15 baristas at the renowned World Barista Championship in Boston in 2019, opened his first café along bustling Sheridan Street in Mandaluyong. In the second TGC, located at A. Mabi-

ni Street, Addition Hills likewise in Mandaluyong City, he keeps many happy recollections of Christmas gatherings with hearty food like lengua in mushroom sauce, pancit, lumpia, and ice. cream.

“My cousins and I would play in the billiards area. But rather than play a serious game, we would instead have sword fights with the cue sticks!” recalled Conlin with a laugh.

On the other hand, he added, “Christmas is always about family, celebrations, and kindness.”

Conlin remembers the welcoming atmosphere of the Mabini house. There was always a lot of people in the house, which led him to ask his grandfather once, why were other kids there, too. “Turns out, he was supporting the local YMCA, In particular, the young athletes who were training in the fields of swimming, water polo, and weight lifting. The house would be an extended training area for them because there was a gym room and swimming pool. For the support and hope he gave aspiring athletes, he was honored with the Jose Rizal Award for Excellence in Sports.”

The elderly Lee lived to a ripe age of 104. He was fit even at his golden age—a result of his discipline as a prized athlete. Lee represented the Philippines and won the bronze medal at the 2nd Asian Games, presumably in 1952. Lee was once a street vendor who, with diligence and industry, worked his way up to business success.

Even if Angkong, as all the grandchildren called Lee, has passed on, he continues to be a driving force in Conlin’s daily existence. “Whenever I go jogging, for

instance, and I feel like giving up, I always think about him and especially when I’m at the last stretch of my run. When he was 100 years old, he was still running. He was such a finisher. I also get that inspiration in life and business as well.”

At-home feels

Conlin hopes that the residence, which is now a full-service restaurant and events place, will let guests enjoy the kind of graciousness his grandparents always shared with family and guests.

Just as my grandparents did before me, we measure success by the connections we create and the kindness we give. We hope that every visit to The Giving Café A. Mabini feels like coming home— a place where you are welcomed, where stories are shared, relationships grow, and the heart of our culture thrives,” he added.

In time for the season of bonding and feasting, TGC A. Mabini offers a good alternative to the expectedly crowded dining establishments this time of the year. TGC A. Mabini has a sprawling garden with ample parking space.

At a pre-opening gathering hosted by Conlin recently, guests got a glimpse of the rooms that were each curated with special table settings and themed tasting menus.

The “Angkong” room, which used to be Lee’s bedroom, had a

per Pork, Sweet and Sour Chicken, Crispy Tofu, and TGC Ice Cream for dessert. A coffee bar was also set up in the area.

At the old bedroom of Conlin’s late mother, Lily, and her sisters was the “Mom’s Room Pinoy Afternoon Coffee, Tea, and Chocolate Set.” The exquisite table setting had a spread of Filipino merienda treats such as the Mini Adobo Sliders, Mini Cups of Champorado with a Side of Crispy Danggit, Ginataang Bilo Bilo Cups, Bibingka, Mini Turon Balls, just to name. few. This was served with native beverages such as Tsokolate de Batirol, Barako Coffee, Salabat, Tea, Pandan Lemongrass, Barako Latte with Muscovado Syrup. In the den area, a dainty setup for a baby shower was done with pastel decor. Pasta and cupcakes were served. At the former living room, a “his and hers” tables featured one area with a buf-

handsome narra dining table laden with dishes the family enjoyed during weekend get-togethers: Crispy Wontons, Spinach Soup, Yang Chow rice, Pancit (the TGC version), Lengua con Champignon, Salt and Pep-

Sumptuous buffet feast of seafood boil with Cajun butter sauce, served with other main courses like Lengua con Champignon, Beef Caldereta, and stuffed Roast Chicken. | PHOTOS BY FRANCINE M. MARQUEZ

Mid-century interiors of The Giving Café A. Mabini. | PHOTOS BY

The Giving Café owner Michael Conlin Harris. | PHOTOS BY FRANCINE

Elegant Black and Gold Classics. Photo courtesy of Fossil.

COMFORTS & JOYS

JOY WITH FESTIVE DISHES AND GOOD COFFEE

fet of cheese and cold cuts, served with wine. While another part of the area had ice-cold beer, with chips and nuts to enjoy.

The ground floor also serves as the main dining area. The main buffet was highlighted by a very gracious seafood boil with Cajun butter sauce, caldereta, roast chicken stuffeed with curry rice, ham, chorizo, and water chestnuts, among others. Coffee for a cause

Of course, the main coffee bar–TGC’s reason for being—stands prominently at the entrance of the bungalow. Conlin founded TGC as a social enterprise to support Filipino coffee farmers in their livelihood and to ensure a sustainable local coffee supply chain. TGC has partnered with the Foundation for Sustainable Coffee Excellence that funds programs for the educational assistance and training farmers on sustainable farming practices, and

providing access to basic health care. Always be kind, kindness is free,” was Lee’s motto, according to Conlin. “His dream was to inspire future generations to chase their dreams with integrity and kindness. TGC stands as a tribute to his life and values.”

The same maxim is likewise Conlin’s advice to entrepreneurs: “Chase your dreams. Don’t chase your competitor but chase your dreams. My mission is to inspire dreamers to create positive change.”

The Giving Café A. Mabini is at 858a A. Mabini St., Addition Hills, Mandaluyong City. It’s open Tuesday to Sunday from 7am to 9pm. Its first outlet on the corner of Sheridan and Pines Streets, Highway Hills, Mandaluyong City, is open Monday to Sunday from 7am to 10pm. Follow @tgcsocialentrep on Facebook and Instagram. Reservations at 09272471490, 09851284751 or 0285189291.

Timeless keepsake from Fossil

FOSSIL is setting the tone for the holidays with the launch of its Holiday 2024 Collection, a celebration of timeless style and thoughtful design. Unveiled recently at the South Entertainment Mall of SM Mall of Asia, the collection offers a range of watches and accessories crafted to make every gift as memorable as the moment it celebrates. The Black and Gold Classics, with their sleek, bestselling designs, strike the perfect balance between sophistication and simplicity. For those seeking a bold and functional option, the

Sport Tourer has the precision Japanese chronograph, tachymeter bezel for speed measurement, and versatile strap options—bracelet, silicone, or perforated leather. It combines practical features with striking design. Accessories likewise take center stage this year with Fossil’s innovative approach to leather design. Leopard print, now a new neutral, dominates the collection with pieces like the Jessie and Lennox bags. These versatile designs are available in haircalf and printed canvas. For updates on future events and collections, follow @Fossil on Instagram.

FRANCINE M. MARQUEZ

Award-winning barista Michael Conlin Harris | PHOTOS BY FRANCINE M. MARQUEZ

FRANCINE M. MARQUEZ

Christmas 101: How to avoid Yuletide home and travel hazards COMFORTS & JOYS

December 20, 2024

‘TBy Vincent Peter M. Rivera

IS the season for thanksgiving and happiness. But it’s still not an exception to throw caution in the air. Risks such as fire incidents, electrical hazards, and theft are prevalent during this time. For a safe and peaceful holiday celebration, here are some tips:

n Examine your home decorations If you’re planning to buy new decorations like Christmas lights, check the quality of the fixture. According to private electric distribution utility company, Meralco, consumers should always look for the quality control markings to ensure that the decorations are secured and safe to use. But if you’re reusing old Christmas lights, check the wires for any breakage, frayed parts, or damaged bulbs to avoid any potential fire hazards.

An Avoid octopus wiring Do not overuse electric sockets this holiday season. Use appliances and electronic decorations moderately. According to Meralco’s advisory, avoid overloading your sockets by plugging multiple or octopus electrical connections. Tuck and store each wire neatly after using them to avoid entanglement. When leaving your house, make sure to unplug all electrical appliances including Christmas decorations.

n Be attentive in the kitchen According to a study of the National Fire Protection Association (NFPA), unattended cooking is the leading cause of home fires and home injuries. Thus, responsible use of the kitchen is necessary. Do not recklessly abandon what you’re cooking. Turn off the

n Refrain from using fireworks It has always been a tradition for Filipinos to celebrate the new year with fireworks. However, in a report of Bureau of Fire Protection (BFP) during 2023, fireworks or pyrotechnics explosions are one of the leading causes of fire incidents in the country. To safely welcome 2025, avoid using any form of explosives. Instead, use utensils or any instruments, as alternatives, to create clanging sound and noises to welcome the

Foodpanda PH brings joy to local partners with Xmas initiatives

took over the helm of foodpanda’s Philippine office after stints at foodpanda’s regional headquarters and parent company Delivery Hero–noted that this demand presents an opportunity for further expansion and growth.

“Before becoming MD of our Philippine market, I already recognized the Philippines as one of the most important and fast-growing markets in APAC. Now that I’m here, I see great potential for longterm investment as we continue to expand and support our ecosystem of partner vendors, delivery partners, and users through our newly-enhanced services and initiatives.”

Personalized marketing for local growth

The Philippines being an archipelago presents unique opportunities to tap into various regions

HATASU electric bikes, in partnership with partner dealer stores— Emcor, GM Cycle, Greentelcom, Home Along, Kservico, and Motoxchange—kicked off its Hatasu Holiwheels Christmas Caravan. The promotional event was launched in Goa,

across the country. Jaramillo also noted that this localized approach is especially crucial for reaching more customers in smaller cities and regions. “Each area has different demands and buying behaviors, so we tailor our promos and deals to meet local needs and build customer loyalty,” he shared.

Jaramillo revealed that these localized offers include discounts for local vendors and local vouchers in specific areas, helping to boost community businesses. “We also introduce special promo vouchers during local festivals, ensuring that celebrations are even more enjoyable for customers in those regions.”

Recognizing increasing consumer interest in various regions, foodpanda is expanding into areas where the platform is still unavailable. “While we are already present in provinces like Pampanga, Bulacan, Dagupan, Nueva Ecija, Batangas, and Cebu, we are extending our reach to additional locations in these areas to serve

more customers and meet growing demand,” Jaramillo shared.

Hence, the Christmas season is also a key focus for the company. “We want to be the go-to partner for Christmas food needs while offering the best promos from our top rated restaurant partners under our Christmas campaign ‘Basta pasko, foodpanda’. It’s a message that we’re here

the Shops vertical has grown to include provincial supermarket chains such as LCC and NCCC. Ka-panda community To meet the high demand for orders this Q4, foodpanda is working closely with its delivery service provider, Delivery Hero Logistics Philippines, Inc. (DHLPI), to onboard more freelance delivery partners. They are also enhancing their incentives program, offering rewards for delivery partners who achieve specific milestones or “quests.” Jaramillo expressed his appreciation for the Ka-pandas’ dedication to delivering food and groceries. “The freelance

COMFORTS & JOYS

Newport World Resorts’ Intl Hotels sparkle with awards for hospitality excellence

Tattentiveness, and unparalleled service. Organized by the Association of Human Resources Managers (AHRM) in the Hospitality Industry, the awards recognize individuals who exemplify excellence, dedication, and passion within the hotel and restaurant sectors. This year, Newport World Resorts’ international hotels proudly stood out, with one of its own taking home a top honor and several other exceptional team members earning nominations for their outstanding contributions.

At the prestigious 27th Mabuhay Awards held on November 4, 2024, Hilton Manila’s Executive Chef Lord Carlo Bayaban was named Manager of the Year. Beyond his culinary expertise, he is an advocate for sustainability and locally sourced prod-

ucts. His efforts to support farmers in Benguet and Cordillera by sourcing fresh, eco-friendly ingredients showcased his deep commitment to the community. Chef Lord shared, “My passion for sustainability, aligns with Hilton’s ‘Travel with Purpose’ and New-

port World Resorts’ ‘I Love Earth’ campaigns. These initiatives fuel my personal endeavors to support farmers by consciously choosing to buy from them–by sourcing fresh ingredients locally, we not only enhance the quality of our dishes, but also strengthen our communities.”

In addition to Chef Lord’s remarkable win, several colleagues from Newport World Resorts’ international hotels were honored with nominations. At Hilton Manila, Sheena Pasay, Assistant Human Resources Manager, was nominated for the HR Leader category. Roger Ic-

ayan, F&B Assistant Outlet Manager at Hua Yuan, received recognition in the Supervisor category.

At Sheraton Manila, Director of Services Gina Retardo was a nominee in the Manager category. Del Mark Sueverdez, Shift Electrician, earned a nomination in the Heart of the House category, while Roy Daa, F&B Service Expert - Events Audio Visual, was nominated in the Front of the House category. Marriott Manila also celebrated its nominees, including Christian Aubrey Lanuzo, an F&B Service Expert recognized in the Front of the House category. Nico Fernando Santos, Sales Manager— Event Booking Center, stood out as a nominee of Manager Category, while Louie John Morena, Electrical and Electronic Technician, was acknowledged in the Heart of the

House category. Rickson Alcantara, Chef De Partie, also earned recognition in the Supervisor category. These nominations highlight the unwavering dedication and passion of Newport World Resorts in delivering exceptional hospitality. It also underscores the country’s pioneer integrated resort’s steadfast commitment to creating worldclass experiences and upholding service excellence.

For more information on service excellence at Newport World Resorts, visit www.newportworldresorts.com and follow @newportworldresorts on Facebook, Instagram, and TikTok. Every visit is made more rewarding with an Epic Rewards membership, download the Epic Rewards Mobile App for free at the Apple App Store and Google Play Store.

Novotel Suites Manila at Acqua celebrates first year with tree lighting ceremony

NOVOTEL Suites Manila at Acqua celebrated an unforgettable evening last month, as it marked its first anniversary and officially welcomed the holiday season with a spectacular Christmas Tree Lighting Ceremony. The special milestone event brought together guests, friends, and the community for a night of festive joy, live entertainment, and memorable moments.

The celebration featured the much-anticipated lighting of the hotel’s Filipino-themed Christmas tree—a dazzling display that illuminated the hotel and marked a year of success, milestones, and cherished memories at Novotel Suites Manila at Acqua. Guests were treated to an array of holiday delights, including sumptuous seasonal treats, performances from Los Cantantes de Manila and an ambiance brimming with the magic of Christmas. Apply dubbed as ‘A Year of Suite Comfort ‘N Joy,’ the special occasion highlighted Christmas traditions with a Filipino twist, showcasing the hotel’s commitment to celebrating lo -

cal culture while embracing global festive spirit. Today, we come together to celebrate not only the festive spirit of Christmas lighting up our hearts with the joy of the season but also the incredible journey we’ve had shared and created together with our wonderful guests and partners over the past year. We are grateful to everyone who has supported us

throughout our first year. It has been a year full of milestones, building meaningful relationships, creating unforgettable memories, and establishing ourselves as a key player in the hospitality landscape,” said Pedmark Julian Madridejos, General Manager of Novotel Suites Manila at Acqua during the ceremony. In addition to the tree lighting,

the evening also featured special surprises such as raffles for overnight stays in Accor hotels including Movenpick Resort and Spa Boracay, Swissotel Clark, Joy Nostalg Suites and Novotel Suites Manila at Acqua. Guests also enjoyed exclusive giveaways, a festive photo booth, and opportunities to connect and create lasting memories with family, friends, and loved ones.

The merrymaking event marked the beginning of the holiday season at Novotel Suites Manila at Acqua, setting the tone for an exciting and joyful end to the year.

Besides these festivities, Novotel Suites Manila at Acqua also kicked off the holiday season with its special promo called ‘A Year of Suite Comfort N Joy.’ Guests can enjoy an overnight stay in modern and spacious rooms, complete with a buffet breakfast for 2 adults and 2 kids (ages 16 years and below) along with a complimentary charcuterie platter– all these for a special rate starting at Php 6,500 nett. To know more about the hotel’s holiday promo, visit its website at www.novotelsuitesmanila.com.

Left to right: GM Pedmark Madridejos, CPG President & CEO, Marco Antonio, COO for Leasing

Sheraton Manila Hotel nominees (from left) F&B Service Expert - Events Audio Visual Roy Daa, Director of Services Gina Retardo, and Shift Electrician Del Mark Suaverdez

Hilton Manila’s Assistant Human Resources Manager Sheena Pasay and Hua Yuan Assistant Outlet Manager Roger Icayan

Hilton Manila Executive Chef Lord Carlo Bayaban

Marriott Manila nominees with Marriott International Multi-Property VP-Philippines and Marriott Manila GM Bruce Winton (center), and (from left) Chef De Partie Rickson Alcantara, Christrian Aubrey Lanuzo, Nico Fernando Santos, and Louie John Morena

AMID A HARVEST OF AWARDS, YOUR SUPPORT COUNTS MOST

THE pandemic tested the media industry, forcing newsrooms around the world to overhaul the way they do their job while following strict health protocols in order to survive a deadly infection.

The BusinessMirror, the country’s premier national business daily, was tested like everyone else, and survived, even continuing to live up to its promise to provide a broader look at today’s business.

In November 2021, the business broadsheet was recognized as the “Business News Source of the Year” for 2020 by the Economic Journalists Association of the Philippines (Ejap), the country’s premier organization of business reporters, editors and wire agencies. It was a 4-peat for BM, having gotten the same honors for the years 2017, 2018 and 2019.

And, as in the past Ejap awards, it also swept half of the individual categories, with its seasoned reporters adjudged as best in their respective coverages.

Earlier in 2021, the BusinessMirror was given the Pro Patria Award by the Rotary Club of Manila, for “its commitment of valuable resources for the protection of free expression and its resilience in disseminating fair and truthful information resulting in an informed and enlightened citizenry.”

It was just the latest recognition from the prestigious Rotary Club, which named it “Business Newspaper of the Year” for 2018-2019, and again in 2020. In all, it has received six top

Rotary journalism awards in its short 16-year existence.

The BusinessMirror has also consistently reaped top awards in the Brightleaf Journalism Awards for Agriculture and the Philippine Agricultural Journalists-San Miguel Corp. (PAJ-SMC) Binhi Awards, also for the best in agriculture journalism.

The BusinessMirror was also repeatedly adjudged the leading daily in biotechnology journalism, a recognition bestowed by the Jose G. Burgos Jr. Biotechnology Journalism Awards.

T he “broader look” mantra also drew recognition from the Philippine Statistics Authority (PSA) which named the BusinessMirror, at its first awards rites in 2018, as the inaugural “Data Champion.”

In the first “Bantog Science for the People” awards for media from the Department of Science and Technology, the BusinessMirror got the top award for the Institution category for Print; and the grand prize in the individual category for science journalist Stephanie Tumampos.

In 2018, Environment Reporter

Jonathan Mayuga received the Luntiang Aligato award from the Climate Reality Project, a nonprofit organization founded by Nobel Laureate and former US Vice President Al Gore.

T he Broader Look at biodiversity was also recognized. It was named among the Asean Champions of

Biodiversity, for the Media Category, by the Asean Centre for Biodiversity. T he Broader Look also extended to the paper’s corporate social responsibility. It organized and staged the first-ever recognition rites for the best of the Philippines’s friends in the world, with the “MISSION PHILIPPINES: The BusinessMirror Envoys & Expats Awards.” The initiative won a Gold Anvil in 2019. Distinguished institutions in government have also repeatedly recognized the BusinessMirror’s role in spreading the word about the work they do—information that shines a light on good governance and committed public service to uplift people’s hopes. Most notably, these are the Social Security System and Pag-IBIG Fund. Sixteen years, two of them in a pandemic, have tested the promise of a Broader Look. But they are also a measure of the unstinting support of friends—advertisers and news sources alike—and readers who continue to believe in that promise.

THANK YOU, EVERYONE. YOUR LOVE AND SUPPORT IS OUR MOST IMPORTANT TROPHY.