PHL economy: Resilient or barely surviving rough waters?
LBy Cai U. Ordinario @caiordinario
IKE the characters aboard the Bapor Tabo of Jose Rizal’s second novel, El Filibusterismo, Filipinos found themselves in a similar boat that bobbed up and down with the volatile economic developments throughout the year.
The pessimist would call the economy’s performance this year as sailing through treacherous waters, while the optimist would often see the economy as resilient—a word some would argue is overused, abused to describe anything Filipino. In an interview, Socioeconomic
Planning Secretary Arsenio M. Balisacan admitted there were many challenges in 2024 and the government even fell short of its goals. But the economy managed to post respectable growth com -
pared to its peers.
“We certainly have faced, encountered many challenges for this year,” the country’s Chief economist told BusinessMirror “We fell short of what we expected in the national economy. But again, no other economy in our region has met the expectations of their respective economies. And we still are able to maintain our relative position.”
growth
Ph I l I PPI n E Statistics Authority (PSA) data showed the economy started the year by growing only 5.8 percent, mildly higher than the 5.5 percent in the fourth quarter of 2023 but short of matching the
6.4-percent growth in the first quarter of 2023.
The second quarter saw the economy growing 6.4 percent, the highest since the 7.1-percent growth in the fourth quarter of 2022. Data said government consumption increased 11.9 percent and general government construction spending grew 21.7 percent in the second quarter.
In the third quarter, the economy’s performance was slowerthan-expected at 5.2 percent, blowing the wind out of the economy’s sails. Analysts attributed this to slower private consumption
NOV BUDGET GAP UP 128%;
11-MO DEFICIT AT P1.18T
By Cai U. Ordinario @caiordinario
THE country’s budget deficit more than doubled in November 2024, according to the latest data released by the Bureau of the Treasury (BTr).
The budget deficit increased 128.38 percent to P213 billion in n o vember 2024. This represented a growth of P119.7 billion from the P93.3 billion posted in n o vember 2023.
The BTr data also showed the country’s budget deficit increased to P1.18 trillion in January to n o vember 2024, an increase of 5.92 percent or P65.7 billion from the P1.11 trillion posted in the 11-month period last year. Meanwhile, in terms of revenues, the data showed this only reached P338.3 billion in n ov ember 2024, a contraction of 0.61 percent or decline of P2.1 billion from the P340.4 billion in n o vember 2023. While tax revenues grew 12.7 percent on the back of a 17.77-percent growth in Bureau of Internal Revenue (BIR) collections, nontax revenues contracted 70.7 percent in no vember 2024.
“The YoY positive growth in the BIR collections for no vember 2024 can be attributed to the double-digit rise in collections from income taxes, value-added tax [VAT], excise taxes, and documentary stamp tax [DST],” the BTr said.
“The increase in income tax can be attributed to the influx of taxpayers filing for their third Quarterly Income Tax Return on or before n o vember 15 of the current taxable year,” it added.
ABy Samuel P.
MID concerns that the proposed P6.352-trillion 2025 General Appropriations Act(GAA) contains unconstitutional provisions, Malacañang on Thursday said President Ferdinand Marcos is now "thoroughly reviewing" the items of the proposed piece of legislation. “The President and the Cabinet are right now [with or without the calls] thoroughly reviewing the various items of the GAA to make them con form to the Constitution, and to see to it that the budget prioritizes the main legacy thrusts of the Administration,” the Executive Secretary l u cas P. Bersamin said in a brief statement to Palace reporters on Thursday. Bersamin made the remark after Senator Juan Miguel F. Zubiri urged Marcos to address the supposed failure of the proposed 2025 GAA to provide the biggest budget allocation to e ducation as stipulated in the 1987 Constitution.
SYD n E Y—There are plenty of “firsts” in the history of the Sydney to ho bart yacht race which was first held in 1945—an all-Filipino crew of 15 sailors makes it another as the annual ocean classic began on Thursday.
than 100-strong fleet, Centennial 7’s crew comprises sailors from the Philippines’ national team and the Philippines n av y. The boat itself is no stranger to the race. Previously, the TP52 yacht was known as Celestial and claimed the Sydney to h ob art overall handicap victory in 2022 under Sam h ay nes after being runnerup the year before. all-PInOY crEW MaKES hIStOrY In SYDnEY-hObart Yacht racE
Veteran sailor Ernesto Echauz is at the helm of Centennial 7 which embarked on the 628-nautical mile (722 miles, 1,160 kilometers) race. One of six international entrants out of the more
See “All-Pinoy,” A2
THE Philippine Chamber of Commerce and Industry (PCCI) lauded NGCP’s efforts to lower electricity costs, benefiting millions of consumers across the country.
The PCCI, the Philippines’ biggest business organization, conferred the Country Movers Award on NGCP in recognition of its initiatives that reduced transmission charges, on top of its efforts to stabilize the national grid.
“NGCP has made significant strides in lowering transmission charges in the country. This achievement has greatly benefited consumers and contributed to the country’s economic growth,” the organization said.
As of October 2024, the group noted that
NGCP charged just an average transmission rate of P0.50 per Kwh, compared to the P0.74 collected by TransCo.
“Outages also went down by 83.78 percent since NGCP took over TransCo’s franchise in 2009, proving its commitment to the Filipino people to fortify the country’s grid,” it added.
“We thank the Philippine Chamber of Commerce and Industry (PCCI) for recognizing our outstanding efforts with the prestigious Country Movers Award. This recognition fuels our determination to continue leading the way in energy service excellence,” NGCP said.
“We take immense pride in witnessing
our vision come to fruition as the Philippines enjoys enhanced services through a stronger, unified grid,” it added. The PCCI earlier awarded the Country Movers Award to NGCP for successfully advancing the nation’s infrastructure and contributing to the country’s economic growth. In 2024, NGCP completed four Energy Projects of National Significance (EPNS), including the Mindanao-Visayas Interconnection Project (MVIP), the Cebu-Negros-Panay (CNP) 230kV Backbone,
He said this will prevent the possibility of the measure, which slated to be signed next week, from being questioned before the Supreme Court. Earlier this week, Presidential Communications Secretary Cesar B. Chavez confirmed that the proposed 2025 GAA is expected to be signed on 30 December 2024.
The pending budget for next year had already gone through several reviews by the President and his Cabinet as they try to remedy the issues they identified within its provisions of the proposed 2025 GAA, which was approved by the House Bicameral Committee, including the slashed budget of the Department of Education (DepEd), which is at P737 billion.
The Palace has yet to explain how Marcos intends to raise the budget of the DepEd with the intervention of the House of Representatives.
The President said he also wants to remove the inappropriate insertions made by Congress in the budget of the Department of Public Works and Highways (DPWH) through his veto powers.
Bersamin said the version of the 2025 GAA to be signed by Marcos next week will maximize the government's limited resources.
"The President has been most prudent in programming and spending of our limited fiscal resources," Bersamin said.
New DepEd order changes class suspension guidelines
By Bless Aubrey Ogerio
THE Department of Education (DepEd) on Monday issued revised guidelines on class and work suspensions during disasters and emergencies, aiming to ensure learning continuity.
DepEd Order (DO) 22 builds on DO 37 from 2022, expanding the scope to cover a wider range of emergencies, including earthquakes, extreme heat, low a ir quality and localized suspensions. For typhoons, DO 22 introduced varying guidelines based on the Pagasaissued Tropical Cyclone Wind Signals (TCWS) level, in line with Executive Order 66 of 2012 on class and work suspensions during calamities.
Previously, classes and work from Kindergarten to Grade 12 and the Alternative Learning System were automatically canceled in local government u nits under any TCWS. Now, under TCWS 1, only Kinder -
garten classes in affected areas are a utomatically suspended. For TCWS 2, in-person classes for Kindergarten to Grade 10 are suspended, with Elementary and Junior High School shifting to m odular learning or make-up tasks per their Learning and Service Continuity Plan (LSCP).
All classes and work are suspended across all levels only at TCWS 3 or higher.
As with the previous order, DO 22 mandates that if a TCWS is issued during classes, schools must suspend operations and send everyone home if safe or keep them on campus until travel becomes safe.
When shipping their own boat from the Philippines proved too difficult, Haynes helped keep the dream alive by selling Celes -
Regarding heavy rainfall and flooding, DO 22 specified that suspensions under a Yellow Rainfall Warning and Alarm Water Level for flooding require coordination with local government units (LGUs), allowing localized decisions and shifts to m odular learning if necessary.
For Orange or Red Rainfall Warnings and Critical Water Levels, class suspensions follow the s ame protocol as in DO 37, with automatic suspensions if issued before or during class hours.
In the case of earthquakes, the guidelines on class suspensions are largely similar to those i n DO 37, but with one key difference.
W hile the previous order tasked the School Disaster Risk Reduction and Management Team head with clearing school buildings for re-entry, DO 22 requires the school head to request a s afety assessment from competent authorities, such as the D epartment of Public Works and
tial to Echauz in September. Haynes will still contest the Sydney-Hobart race on board a new Celestial.
“I never knew that it was going to be this boat,” Echauz told Australian Associated Press. “We acquired Celestial right away because we were told that it’s ready to do the Sydney to Hobart.”
“We went through the paperwork, and the most important thing is to be able to get the whole crew, 15 Filipinos. They got surprised that, hey, we’re going to bring all of the Filipinos. It’s a dream come true for all of us. We never expected that we’ll be able to join.”
Echauz’s crew in March finished second by five minutes to rivals Happy Go in a close finish to the China Sea Race, after claiming line honors on board Centennial 5 last year.
“We’ve been sailing with each other for years, for decades,” Echauz said. “They are dinghy sailors. Eventually, when we started sailing big boats, we would sail together. We’ve been sailing in Hong Kong, which is the sailing center for Asia for big boats, but the standard here is a way, way different. It’s a completely different level.”
The crew placed 12th overall in
Under tax revenues, collections from the Bureau of Customs (BOC) contracted 1.69 percent or declined by P1.2 billion to P72.4 billion in November 2024 from the P73.7 billion in November 2023.
Tax revenues brought in through Other Offices grew 10.4 percent or P200 million to P2.4 billion in November 2024 from P2.1 billion in November 2023. Meanwhile, non-tax revenues declined P38.4 billion to P15.9 billion in November 2024 from P54.3 billion in November 2023.
The main contributor to the decline was the non-tax revenues from the BTr which contracted 80.86 percent or declined by P33.6 billion to P7.9 billion in November 2024 from P41.5 billion in the same period last year.
"The BTr’s cumulative revenue for 2024 grew by 7.57 percent (P16.4 billion) from the previous year to P232.7 billion on account of higher interest on advances from GOCCs, guarantee fees, and the NG share from Pagcor income," the BTr said.
Non-tax revenues from other offices also declined 37.83 percent or by P4.9 billion to P8 billion in November
Highways and local building officials, before allowing a return.
Expanded categories
F OR e xtreme heat, there is no automatic suspension of classes. However, the local chief executive (LCE) may authorize l ocalized suspensions, with the school division superintendent coordinating with LGUs.
S chools will shift to modular learning or alternative tasks as needed.
Class suspensions for low air quality and volcanic fog depend on the Particle Matter 2.5
A ir Quality Index. If the index reaches “Acutely Unhealthy,” the LCE will decide on suspensions, while for “Emergency,” c lasses and work are automatically suspended.
I n cases of other emergencies not listed, school heads or d istrict and division coordinators may suspend classes, with c oordination from the LCE and school division superintendent.
the Cabbage Tree Island Race near Sydney earlier this month, their first race in Australian waters.
“We just want to finish it. Just finish well, and hopefully nothing breaks and hopefully nobody gets hurt and we don’t make any mistakes,” Echauz said.
Defending line honors champion LawConnect, meanwhile, led the Sydney to Hobart yacht fleet out of Sydney harbor on Thursday.
Favorite for line honors Master Lock Comanche was in close pursuit behind her rival 100-foot super maxi, the pair leaving the harbor behind about 15 minutes after the start.
A large spectator fleet gathered outside of the exclusion zone on the harbor to take in the start of the race and bask in the pristine Southern Hemisphere summer conditions.
The fleet of 104 boats was expected to make a fast start down the New South Wales state coast in a northeasterly breeze before a wind change hits the Bass Strait overnight, bringing strong winds and possible showers.
The race takes the yachts across Bass Strait and to the island state of Tasmania, ending in the state capital Hobart after sailing the last portion of the race on the Derwent River. AP
2024 from P12.8 billion in November 2023.
Meanwhile, the country's expenditures grew 27.13 percent or by P117.6 billion to P551.3 billion in November 2024 from P433.6 billion in November 2023.
This was driven by the 37.29-percent growth or increase of P18.1 billion in interest payments to P66.7 billion last month compared to the P48.5 billion posted in the same month last year.
"The notable expansion can be attributed to higher capital expenditures for road and defense infrastructure projects, social protection and education related programs, as well as personnel services requirements," the BTr said.
"The larger National Tax Allotment shares of local government units and the release of special shares in the proceeds of national taxes also contributed to the faster November outturn," it added.
The BTr also said the higher interest payment for November 2024 was due to "coupon payments on new domestic debt issuances and Global Bonds,
Balisacan said one major challenge this year were the successive typhoons that wreaked havoc on many provinces and caused billions of damage to agriculture and infrastructure. Typhoons Kristine and Leon had a combined damage of P6.75 billion in production losses; 208,458 damaged homes worth P3.38 billion; and P10.57 billion worth of infrastructure damage, per the National Disaster Risk Reduction and Management Council’s (NDRRMC) last report on these typhoons. In June 2024, the NDRRMC reported that the El Niño cost the agricultural sector P9.89 billion, mostly in Livestock, Poultry and Fisheries worth P68.19 million.
“The impact of the typhoons and both the El Nino in the first half of the year and the La Nina, has made a dent in the economy, particularly in agriculture and that contributed to the slowdown,” Balisacan told B usiness M irror “But again,” he added, “the fact that the other sectors of the economy, particularly the consumption and the services sector, while slower than expected, managed to do well" is worth noting.
Household consumption grew 5.1 percent in the third quarter, the highest in four quarters, and averaged 4.8 percent in the ninemonth period this year.
Government consumption slowed to 5 percent in the third quarter and averaged 6.5 percent in the first three quarters of 2024. PSA data showed the services sector grew 6.3 percent in the third quarter and averaged 6.7 percent in the first three quarters of the year.
Prices
D ESPITE t hese, former Socioeconomic Planning Secretary Dante B. Canlas said inflation was the biggest concern this year—not just for the Philippines but all over the world.
“Central banks all over the world made concerted efforts to fight inflation. The risk from disinflation is inducing a recession and high unemployment,” Canlas told B usiness M irror However, Ateneo de Manila University economist Leonardo Lanzona Jr. told this newspaper the government's efforts fell short of expectations, particularly in bringing down the cost of food.
Lanzona said importation by the national government was ineffective. By November, inflation averaged 2.5 percent, fueled by a 5.9-percent increase in the prices of vegetables, tubers, cooking bananas and pulses. He noted that this could be blamed for the tepid consumption of households this year. Faced with high prices, consumers tend to scrimp on various food and non-food items they purchase daily.
“High or unpredictable inflation disrupts the balance between consumption, investment, and trade, reducing the efficiency of the economy and hindering growth,” Lanzona told B usiness M irror
“Ensuring stable and moderate inflation is key to fostering a conducive environment for sustainable economic development. And as the GDP growth decreases, the debt to GDP increases, placing the country on the brink of a financial crisis,” he added.
University of the Philippines Professor Emeritus Epictetus Patalinghug also told BusinessMirror the reduction in rice tariffs to 15 percent from 35 percent did not translate to lower retail prices of the country’s food staple.
“Big rice importers benefited from lower cost of imported rice. The effect of the antiagricultural smuggling law passed in 2024 remains to be proven in the future, whether it is effective,” Patalinghug said. Nonetheless, Canlas said, the Bangko Sentral ng Pilipinas (BSP) efforts to keep monetary policy tight have allowed the economy to dodge a recession and high unemployment.
The PSA data showed a 369,000 year–onyear increase in employment to 48.157 million workers in October 2024 from 47.788 million in October 2023.
There was also a 5.9-percent contraction in the number of jobless Filipinos: at 1.966 million in October 2024, this was 124,000 less than the 2.089 million in October 2023. However, the data also showed an 8.7-percent increase in the number of underemployed Filipinos. This covered those who were visibly underemployed and invisibly underemployed, which posted a year on year growth of 4.1 percent and 15.2 percent, respectively.
“The Philippines dodged those problems as BSP tightened money. The BSP's stabilization worked and set a good stage for output growth, job creation, and rising real wages,” Canlas, however, said.
“As inflation further declines, expect consumption of households and investments of enterprises to resume and grow, with salutary impacts on next year’s growth,” he added.
See “PHL,” A5
Lacson: Bank Secrecy Act stifles anti-graft campaign
SBy Butch Fernandez @butchfBM
HOULD his comeback bid for the Senate prove successful, former senator Panfilo M. Lacson will prioritize, among others, the exclusion of all government personnel from the Bank Secrecy Act and measures to ensure transparency in the budget.
Addressing the Federation of Filipino Chinese Chambers of Commerce and Industry recently, Lacson, who used to head the Senate Committee on Accounts and was the ultimate “budget examiner,” constantly looking for and excluding items that smack of pork barrel, Lacson shared his priority legislation should he win in the May 2025 Senate elections.
The latest Tugon ng Masa survey by Octa Research, bared before Christmas, put Lacson well within the Magic 12 should the elections be held tomorrow.
Lacson referenced the controversial enrolled budget bill for 2025, the signing of which was deferred to December 30 as the Palace reviews key provisions that have raised an outrage
among certain sectors with the cuts in education and health and the padding of the public works budget.
The contested items were blamed on the non-transparent process of deliberation in the bicameral conference committee on the 2025 GAA.
In his speech at the FFCCCII, Lacson said: “Related to this is ensuring transparency in budget deliberations, particularly at the bicameral conference committee level. Layunin natin na mapaigting pa ang partisipasyon ng taumbayan, sa pamamagitan ng civil society organizations at nongovernment organizations sa pagtalakay ng ating taunang budget Makailang beses ko na pong inihain ito sa aking mga naunang termino, ngunit umaasa pa rin tayo na magkakaroon ito ng katuparan sa mga susunod na Kongreso [It is our goal to enhance people participation, through the civil society and nongovernment organizations, in tackling the annual budget. I have repeatedly raised this in my previous terms as senator, and I remain optimistic
Pay hikes in 14 regions set as wage talks end
By Justine Xyrah Garcia
THE National Wages and Productivity Commission (NWPC) announced on Thursday the conclusion of the 2024 wage determination processes, with workers in 14 regions set to receive pay increases ranging from P21 to P75 a day.
In Northern Mindanao, one of the last regions to finalize its adjustments, private sector workers will see daily increases of P23 to P35, effective in two tranches.
The first tranche, taking effect on January 12, will bring minimum wage to P446 for workers in the cities of Cagayan de Oro, Iligan, Malaybalay, Valencia, Gingoog, El Salvador, Ozamiz, and the towns
of Tagoloan, Villanueva, Jasaan, Opal, Maramag, Quezon, Manolo Fortich, and Lugait.
Workers in areas not mentioned, including those in retail and service establishments employing no more than ten workers, will see a higher rate of P461.
The second tranche will be implemented on July 1.
NWPC said the adjustments also
eliminate the wage gap between agriculture and non-agriculture sectors—reflecting the regional board’s efforts to “streamline its wage classification structure.”
Domestic workers in Northern Mindanao will also see a P1,000 increase in their monthly minimum wage, bringing their new rate to P6,000 per month.
Meanwhile, kasambahay in the National Capital Region (NCR) will see their monthly minimum wage rise by P500, bringing their total to P7,000 starting January 4, 2025.
The commission said the nationwide wage adjustments are expected to directly benefit a total of 4.9 million private sector workers and 717,508 kasambahay in 14 regions.
An estimated 7.5 million wage earners earning above the minimum wage may also indirectly benefit from adjustments at the enterprise level to address wage distortions.
Group backs drive against ‘boga’, illegal firecrackers
By Jonathan L. Mayuga @jonlmayuga
THE toxics watchdog EcoWaste Coalition supported the government authorities’ campaign against the improvised canon known as “boga” and other illegal pyrotechnic devices.
The National Police (PNP) is waging the campaign as New Year’s Eve revelry nears.
“We support the ongoing efforts of our law enforcers to seize and destroy these highly dangerous improvised cannons, which can cause eye and burn injuries,” Aileen Lucero, National Coordinator of EcoWaste Coalition said in a statement.
“For the health and safety of everyone, especially the children, we appeal to the public to shift to alternative noisemakers this festive season that will not cause
BOI: ₧4.51-T investments certified under green lane
interview.
TThink tank: Controversy in 2025 national budget shows crack in Marcos leadership
By Rizal Raoul Reyes @jonlmayuga
LTHOUGH President Marcos is expected
Areduced, while discretionary allocations remain untouched,” Tuazon said in a press statement.
By Ada Pelonia @adapelonia
HERE are now 173 projects worth P4.51 trillion certified under green lane as of December 20, the Board of Investments (BOI) reported.
Of these 173 projects certified under green lane, majority or 139 projects are in renewable energy sector. These RE projects are worth P4.1 trillion. Meanwhile, eight projects are under the Digital Infrastructure worth P352.12 billion; 22 projects are related to Food Security valued at P13.95 billion, and four are Manufacturing projects worth P36.90 billion.
The BOI said five projects are already operational. These include the Calabanga Solar Farm in Naga City, Camarines Sur; Bugallon Solar Farm in Pangasinan; Phil Towers; LDC Common Towers;
and Charoen Pokphand in South Cotabato.
Broken down, two of the operational projects are under the RE sector, the other two are from the Digital Infrastructure sector, and one is under the Food Security sector.
Of the projects being tracked by the investment promotion agency under the green lane, 130 projects are in the pre-development stage; 35 projects are in the construction stage; and three projects are in the pre-operation stage.
Ernesto C. delos Reyes Jr., BOI’s Investment Assistance Service director, explained that the foreign investment in equity of these projects is P1.6 trillion.
“ Sa 36 percent of this, may foreign equity. Tapos sa foreign ownership naman nang mga project na ito na certified green lane, 25 percent ang foreign owned,” Reyes told reporters in a recent
He noted that the top country with foreign ownership is Singapore, with the Thai and British Virgin Islands trailing behind.
Reyes said that among foreignowned green lane-certified projects, food security accounts for 45 percent, followed by RE at 39 percent, digital infrastructure at 11 percent, and manufacturing at 5 percent.
“ Mga projects ng Charoen [ay] food security,” he said.
Earlier, the BOI awarded green lane certification to Charoen Pokphand Foods (CPF) Philippines Corporation for its 20 new breeding farm projects, which represent a total investment of P10.55 billion.
The BOI said CPF is the first company to receive a Green Lane certification for agricultural projects since the initiative’s launch in 2023.
It said that the new breeding farms will be established in various provinces across the Philippines, including Nueva Ecija, Isabela, Tarlac, Palawan, Ilocos Norte, Ilocos Sur, South Cotabato, Pangasinan, Southern Leyte, Surigao del Norte, and Negros Occidental.
“These projects are expected to create 1,250 jobs,” it said.
CPF Philippines is a subsidiary of Charoen Pokphand Foods Public Company Limited (CPF), one of Thailand’s leading agroindustrial and food conglomerates. In the Philippines, CPF is a key player in the agricultural and food sector.
The green lanes for strategic investments, established through Executive Order 18, aim to streamline, simplify, and automate the permit and license application processes for strategic investments such as energy projects.
PTRI, Japan-based group boost silk industry
By Bless Aubrey Ogerio
THE Philippine Textile Research Institute (PTRI) and Oisca International on December 17 officially launched a collaboration to promote the growth of the silk industry.
Continued from A3
They will focus on establishing new mulberry plantations and improving sericulture practices, also known as silk farming. PTRI will provide advanced production technologies and established cost and procurement systems to enable sustainable silk
In addition to wage increases, the NWPC emphasized its ongoing efforts to improve productivity and compliance across the regions.
As part of these efforts, four regions, including Northern Mindanao, have simplified their wage structures in line with national guidelines, aiming to enhance transparency and enforcement.
“Said initiative aims to ensure clarity and enhance minimum wage compliance, ultimately supporting a more efficient and transparent wage system for both employers and workers,” the commission said.
Wage talks in the regions of Bicol and Davao were not included in this year’s round of wage increases.
In Bicol, the wage determination process was postponed due to the impact of Typhoon Kristine, and will resume in February next year. Meanwhile, in the Davao Region, consultations with stakeholders are ongoing, with decisions expected by January 2025.
bodily harm, emit toxic smoke, or generate hazardous trash.”
The group, which has been conducting the “I was Paputoxic” drive since 2006, gave the PNP two thumbs up for the heightened
cocoon production, while Oisca International will contribute its expertise in integrated silk cultivation and the development of twisted silk yarn. The PTRI Silk Research and Innovation Center located in Bicutan, Taguig City, will process
cocoons into high-quality twisted silk yarns at agreed costs.
According to the Observatory of Economic Complexity, the Philippines in 2022 exported $212,000 worth of silk fabrics and imported $3.09 million, resulting in a trade imbalance of $2.88 million.
Tesda, Japan Foundation partner to enhance of language training
THE Technical Education and Skills Development Authority (Tesda) has signed a Memorandum of Agreement (MOA) with the Japan Foundation, Manila to enhance language skills training for workers.
“We are paving the way for the Filipino workforce to succeed on the global stage. Together, we are creating opportunities for language development, skill enhancement, and cultural exchange that will benefit both the Philippines and Japan for years to come,” said Tesda Director General Jose Francisco B. Benitez during the recent MOA signing, with Japan Foundation, Manila Director Tsutomo Suzuki.
Benitez said that this strategic collaboration will open doors to greater employment opportunities for skilled Filipinos in Japan and beyond.
Likewise, the partnership underscores Tesda’s commitment to equipping Filipino workers with in-demand skills, particularly in response to the
efforts of police units in various parts of the country to protect the public from the dangerous boga and other pyrotechnic devices not permitted by law.
The Rizal Police Provincial Office (RPPO), for example, confiscated and destroyed 402 pieces of boga fashioned out of polyvinyl chloride (PVC) plastic pipes,
growing demand for talent in Japan’s industries.
Likewise, in his message, Benitez emphasized the significance of this collaboration, stating that this will ensure that Filipino skilled workers will be able to thrive in a work environment by providing language training and cultural understanding that meet the high standards of the industry.
Through this initiative, Tesda and the Japan Foundation will provide specialized training programs, ensuring that trainees gain the necessary language competencies for work and cultural integration.
Under the agreement, Tesda shall review and map out the competencies being developed through the modules of the Japan Foundation, Manila on Japanese Language Proficiency for integration in the Tesda’s competency standards (CS).
TESDA will also facilitate the development of CS and competency-based
tin cans, and plastic bottles a few days ago.
Based on the latest surveillance data from the Department of Health (DOH), Boga has been one of the top culprits of firecrackerrelated injuries since the monitoring started on December 21. Out of 43 injuries, 37 or 86 percent were due to illegal firecrackers and py -
curricula (CBC) for A1, A2, and B1 levels of the Japanese language aligned with the prevailing international standards for language learning, teaching, and assessment.
For its part, the Japan Foundation, Manila shall identify training needs or skills requirements that will enhance the Japanese proficiency of Filipinos for better employability, and endorse industry experts in the development and regular review of CS and CBC.
It can be recalled that Tesda and Japan Foundation, Manila have been collaborating to strengthen Japanese language skills training in the country.
Last September 2-6, through the collaboration of TESDA-National Language Skills Center and the Japan Foundation, Manila, several TVET Japanese language trainers participated in a five-day training workshop titled “Irodori,” Japanese for life in Japan, which aims to elevate their teaching pedagogy.
Claudeth Mocon-Ciriaco
rotechnic devices, including boga.
In January 2024, the DOH reported a 98 percent increase in firecracker-related injuries –from 307 in 2023 to 609 cases in 2024—with kwitis, five-star, plapla, luces, whistle bomb, boga and fountain blamed for most of the cases recorded.
Then President Gloria Arroyo
to sign the national government’s P6.352 trillion budget for 2025 on December 30, a think tank pointed out that the Chief Executive “may never have had a clear agenda, which legislators took as an opportunity to put forward their electoral objectives.”
Furthermore, the Center for People Empowerment in Governance (CeNPEG) said the refusal of Marcos to return the budget bill to the congressional Bicameral Committee revealed a serious disconnect between the Office of the President and the legislature regarding their fiscal and economic thrusts.
“This exposed the President’s weak ability to muster leadership among the legislators to promote his budgetary and financial objectives,” CenPEG said.
CeNPEG expressed concern over the P6.352 trillion 2025 national budget approved by the Bicameral Conference Committee on December 11, citing imbalanced priorities and inadequate attention to the needs of vulnerable sectors.
Bobby Tuazon, CenPEG’s Director for Policy Studies, recently criticized the allocation of significant funds to politically sensitive offices like the Office of the Vice President (P733 million), while essential programs like education suffered a cut of P12 billion when the education crisis continues to loom.
“This budget reflects a troubling disconnect between stated priorities and actual allocations. Programs that directly address poverty and inequality are being
Lacson. . .
Continued from A3
that it will eventually find fruition in the next Congress].”
Lacson said he will also “prioritize is the exclusion of ALL—I repeat ALL—government officials and employees from the blanket of the Bank Secrecy Law. This would allow the early detection of questionable bank transactions, like in the case of dismissed Bamban Mayor Alice Guo, where billions of pesos were reportedly transferred to her accounts from 2018 to 2024.”
The truth is, he added, speaking in Filipino “right from my first term in the Senate, this has already been part of my advocacy in fighting corruption and wrongdoing in govermment.”
He will also give priority to bills that bolster national security and peace and order in the communities, Lacson told the Filipino-Chinese business groups.
Lacson, a former National Police chief before becoming a senator, lamented how in the past years, some policemen were not just involved but sometimes took the lead in illegal activities and corrupt practices in the country.
With this, Lacson said as lawmaker he will exercise the senators’ oversight to push a sustained “internal cleansing in the PNP, by designating an independent PNP Internal
banned the use of boga in 2006 after it caused 38 eye and 33 burn injuries, including one case requiring amputation.
CenPEG also expressed concerns over the zero subsidy for PhilHealth in 2025. While the agency has P600 billion in reserves, Tuazon said this move undermines the Universal Health Care (UHC) Act, which requires the government to subsidize health coverage for indigents, senior citizens, and other vulnerable groups.
“This decision risks worsening health inequities. PhilHealth’s reserves are not a replacement for mandated subsidies, especially when millions of Filipinos depend on these funds for basic healthcare,” Tuazon stated.
The organization also assailed the reduced budget for the Department of Science and Technology (DOST), which was reverted to P28.7 billion. “The cuts will affect critical agencies like PAGASA and Phivolcs, hampering disaster preparedness efforts amid increasing typhoons and volcanic activity,” Tuazon said.
“Despite frequent disasters, our agencies lack the necessary resources to strengthen monitoring systems and provide timely warnings. This puts Filipino lives at risk and demonstrates the lack of forward-thinking in our national budget,” Tuazon added. CenPEG emphasized the need for a more transparent, equitable, and inclusive approach to national budgeting. “The government must ensure that every peso serves the people, especially the poor and vulnerable. The 2025 budget should be a tool for inclusive development, not a reflection of political compromises,” Tuazon concluded.
Affairs Service that is not tied to or beholden to any authority within the PNP.” Lacson thinks this is one way of ensuring that “scalawags in uniform” that prey on legitimate businessmen and ordinary people will finally be dealt with accordingly. To ensure the growth of regional economies, Lacson said he will support strongly the “Buy Pinoy” movement. He said he never forgets his advocacy, Budget Reform Advocacy for Village Empowerment (BRAVE), that “aims to provide fair opportunities for all, from the level of the provinces down to the barangays, especially in remote areas outside Metro Manila.
Lacson also hailed the FFCCCII, which he said had, “for over 70 years since its establishment...not merely endured—it thrived as a steadfast pillar of nation-building, standing in support of our leaders in pushing for meaningful progress. Indeed, mayroonkayong “Dugong Tsino, Pusong Pinoy.” The Federation “has also been a witness to—and a partner in—my long career as a public servant, beginning from my early years as a member of the defunct Philippine Constabulary when among our topmost priorities was addressing the rampant kidnapfor-ransom cases targeting Filipino Chinese or Tsinoys. This institution stood with me as I rose through the ranks, eventually becoming the Chief of the Philippine National Police, and even more, when took the responsibility of serving as Senator of the Republic.”
Aside from serious physical harm, the EcoWaste Coalition also drew attention to the problem with the disposal of boga made of PVC plastic, noting that the burning of such plastic can lead to the formation and release of highly toxic compounds called dioxins, a class of persistent organic pollutants (POPs) targeted for global reduction if not elimination.
Dioxins can cause cancers and other serious diseases affecting the reproductive, developmental, immune, and nervous systems.
Domestic material consumption up 4.1% in 2023, reaching 427 million metric tons
TBy Ada Pelonia @adapelonia
HE country’s domestic material consumption (DMC) grew by over 4 percent last year, according to the Philippine Statistics Authority (PSA).
Data from the PSA showed that DMC, which measures the total amount of materials directly used in an economy, inched up by 4.1 percent to 427 million metric tons (MMT) in 2023 from 410.20 MMT in the previous year.
“DMC is the sum of domestic extractions from biomass, metal ores, non-metallic minerals, fossil fuels, and physical imports less physical exports,” it added.
The agency noted that biomass held the largest share of the total DMC, accounting for 39.7 percent. Non-metallic minerals trailed behind with a 29.8 percent share.
For domestic extraction, or the amount of used materials from the environment as inputs to the economy, PSA data indicated a 4.5 percent growth to 360.53 MMT last year from 344.93 MMT in 2022.
The PSA said that of the 360.53 MMT, 41.7 percent was attributed to the harvest of biomass such as crops, crop residues, wood, and wild harvest; 31.3 percent came from non-metallic minerals; 21.0 percent from mined metal ores; and the remaining 6.0 percent came from the extraction of fossil fuels. In terms of the country’s material pro -
Marcos endorses MMFF’s 50th edition, urges Filipinos to embrace local cinema
By Samuel P. Medenilla @sam_medenilla
PRESIDENT Ferdinand Marcos recognized on Thursday the role of the Metro Manila Film Festival (MMFF) in continuing to promote the best of Philippine culture and customs in its 50th edition.
In a video message posted in his social media account last Thursday, the chief executive urged Filipinos to watch the films featured in the latest edition of the MMFF.
“L et us bring our entire family, the whole gang and watch the 10 films featured in the MMFF,” Marcos said in Filipino.
Established in 1975, the MMFF is an event held by the Metro Manila Development Authority (MMDA) from Christmas Day through New Year’s Day. Its latest edition, the MMFF featured 10 films: And the Breadwinner Is...; Green Bones; Isang Himala; The Kingdom; Strange
Continued from A2
Infrastructure, taxes
APART from high commodity prices, Patalinghug said general government construction suffered because of the delays faced by many projects.
PSA data showed general government construction spending slowed to 3.7 percent in the third quarter, the slowest in five quarters. General government construction averaged 14.9 percent in the nine-month period.
Patalinghug said Cavite-Laguna Expressway, Central Luzon Link Expressway, MRT 7, North-South Commuter Railway, Metro Manila Subway, and the Grand Central Station in Trinoma were all delayed.
He said “the only major economic development” in the Philippines this year was the privatization of NAIA, the completion of Panguil Bay Bridge, and, to a lesser degree, the extension of LRT-1 by five stations from Baclaran to Sucat.
“The BBM infrastructure program is simply a continuation of the Duterte infrastructure program. In 2024, it has not addressed the major implementation problem: right-of-way acquisition problem; and during the pre-implementation stage, it does not have the capability to undertake project analysis and the period of implementation from pre-feasibility stage is dragged too long (e.g. the EDSA busway project),” Patalinghug explained.
The economist also lamented the passage of the Create-More Law which would reduce the government’s revenues leading to more debt. The new law brought down corporate income tax to 20 percent from the current 25 percent.
Patalinghug also noted that lower taxes was not included in the nine disincentives to investment in the Philippines as indicated in the US State Department Investment Climate Report.
ductivity, the PSA said it rose by 1.4 percent to P49.30 per kilo of materials used in 2023 from P48.62 per kilo of materials used in 2022.
The agency explained that material productivity, also known as resource efficiency, is the ratio of the Gross Domestic Product and DMC. It added that this indicates the amount of economic output or value added generated per unit of materials consumed.
The PSA said the special release on the Economy-Wide Material Flow Accounts (EW-MFA) of the Philippines is a result of the pilot study done by the Environment and Natural Resources Accounts Division of the Macroeconomic Accounts Service.
“The current report focuses only on domestic extraction, imports, and exports. Information about the domestic processed output will be included in future publication once data becomes available,” it said.
The EW-MFA of the Philippines presents the entry of materials from the natural environment to the national economy, as well as the physical trade with the rest of the world. It provides information that allows us to monitor the resource efficiency in consumption and production.
VP Sara confirms legal team to include dad
Frequencies: Taiwan Killer Hospital; Espantaho; Hold Me Close; My Future You; Topakk; and Uninvited. The film festival will run from December 25, 2024 to January 7, 2025. It is more than the usual 8 entries, which compete in the annual MMFF.
The wonderful films participating today in the Golden Year of the MMFF are sure to provide golden joy and leave behind golden lessons,” he said.
“L et’s enjoy the Filipino story. Let’s support the Metro Manila Film Festival 2024,” he added.
During the 49th edition MMFF, ticket sales from its 10 participating films reached over P1 billion.
Marcos supports the development of the country’s film industry. Last October, he signed Executive Order No. 70 promoting the development of the Philippine film industry by strengthening the Film Academy of the Philippines.
He said the list of disincentives were poor infrastructure, high power costs, slow broadband connection, regulatory inconsistencies, cumbersome bureaucracy, corruption, complex and slow justice system, traffic in major cities, and congestion in ports.
“None of our attractive tax incentives allowed us to attract Apple, Samsung, or Intel to choose the Philippines over Vietnam because we need tax revenues to build infrastructure, to solve road traffic, to reduce port congestion, and so on,” he told BusinessMirror.
Surviving
THE year saw many distractions, including from the political side of the spectrum. This, Patalinghug said, side-tracked the government in terms of addressing the country’s economic development.
These included geopolitical developments, particularly in the West Philippine Sea, and domestic issues such as investigations on Philippine Offshore Gaming Operations and what he called a “demolition job against the Vice President.”
Ultimately, he said, these resulted in wasted government and legislative resources, preventing the economy to be more productive and dynamic.
He noted that while the government was distracted by these developments and other challenges, the country remained export- dependent through Overseas Filipino remittances and the earnings of the Business Process Outsourcing (BPO) industry.
“In fairness to the BBM administration, it has passed a lot of laws in 2024 (e.g. real estate valuation and assessment law; value added tax in digital services, etc.). I hope they have a positive impact on the economy in the future,” Patalinghug said. “The economy in 2024 can best be described as “muddling through.”
De La Salle University economist Maria Ella Oplas chooses to be positive, saying the economy was a survivor in 2024. Despite the odds, the country managed to post respectable economic growth, attract foreign direct
DAVAO CITY—Former President Rodrigo Duterte will be in the legal team of her daughter as she faces three impeachment complaints.
Vice President Sara Duterte confirmed this on Wednesday at the side of the family gift-giving Christmas tradition at their home.
She said her father will not be receiving professional fee or any money for lawyering for her and said the former President will be on one of the lawyers “in all the impeachment cases.”
She said she was confident that her cases will not prosper, saying she has not violated any law.
But she said her legal team will be ready if the cases will proceed into an investigation of cases that includes her disposing of confidential fund.
The former President also said told supporters to wait for 2028 if her daughter would run for President. “Who knows if she decided to run in 2028. Let us wait for her decision by then.”
This was contrary to his previous position when he once advised her daughter to get out of politics. Manuel T. Cayon
investment and manage inflation.
Oplas said while it was good to use the word “resilient” to describe the economy this year, this is still inaccurate given the need to be sustainable. She said the Philippines was not yet there.
Elections as gamechanger
NONETHELESS , what is good was that the economy managed to weather its development challenges. The upcoming elections could be a gamechanger for next year as elections often lead to faster economic growth.
“I would like to use the word, survivor to describe 2024. I would love to use resilient but that will require sustainability and I don’t think we are there yet,” Oplas said. “(We are) survivors because despite the El Nino, the typhoons and scandals we managed to still grow (economically) and even pushed for (the) Build Build More.”
For his part, Lanzona said 2024 also showed that despite having good economic managers, they cannot prevent challenges from emerging and reaching Filipinos wherever they may be in the archipelago we call home.
Given the political and economic challenges the country faced this year, he said his word was unraveling given how structural issues can have a significant impact not only on the general economic development of the country but also the life of every Filipino.
“Even with good economic managers, there is no way of creating a firewall between a weak political structure and the economy. As the political structures continue to place unfit and corrupt individuals into positions of power, the economic activities continue to grow weaker,” Lanzona.
Whether the economy muddled through—achieving a certain degree of success without much planning—or was resilient or was a survivor, the year 2024 certainly brought focus to the ebb and flow of life while aboard a boat sailing through a vast sea of change and uncertainty.
Editor: Angel R. Calso
China’s finance, property firm workforces shrink for first time
CHINA’S finance and property companies saw their workforces shrink in recent years for the first time, reflecting the damage caused by a housing market collapse and regulatory probes.
The financial industry had 12.4 million employees at end-2023, down 32 percent from five years earlier, according to economic census data released Thursday.
The number of people working for developers slid 27 percent to 2.7 million people.
The declines defied a trend that has seen the tertiary, or services, sector add jobs over the years. Financial firms have been hit by a widening government crackdown on graft, deep pay cuts and reduced deal-making. The housing market has suffered the worst downturn in China’s modern history, pushing developers into default. The gloomy job market has been one of the key reasons stopping
people from spending more.
China’s campaign to rein in the debt-laden property sector has had drastic consequences. From the second half of 2021, the country has experienced a rapid decline in property prices and home sales. Many developers suffered from liquidity shortage and deteriorating balance sheets, including Country Garden Holdings Co., once the country’s largest property firm.
In March, Housing Minister Ni Hong pledged that property firms that are severely insolvent and unable to operate should go bankrupt or restructure. In the past, the Chinese government had preferred financially sound developers over insolvent ones when deciding their eligibility
to get government support. This year, it instead focused on injecting liquidity into residential projects so that projects would be completed.
The workforce of the overall property industry rose 14 percent over the period, according to the census, thanks to increases in the number of real estate management and sales agency jobs.
The number of workers at construction firms fell 12 percent to 51 million people.
Separately, China also revised the size of its gross domestic product in 2023, raising it by 2.7 percent, or 3.4 trillion yuan, based on the results of the census, Kang Yi, head of the National Bureau of Statistics, said in a briefing.
Bloomberg News
Iraq plans to cut gas flaring to 20 percent to reduce imports
IRAQ, OPEC’s second-largest oil producer, is planning to cut the amount of gas it burns off unproductively to about 20 percent next year in an attempt to meet rising demand and reduce imports.
The country captured about 67 percent of the gas that is produced from oil fields at the end of 2024, and new projects in the south, including by TotalEnergies SE, will help boost that further, Ezzet Saber Ismael, deputy minister for gas affairs said in an interview in Baghdad. It plans to eliminate the wasteful burning by the end of 2029 or early the following year.
The Middle Eastern country, along with Russia, Iran and the US, have the biggest rates of gas flaring, a process that wastes the fuel instead of collecting and putting it to use in industries like power generation. Iraq has had to resort to imports, including from neighboring Iran for which it needs regular sanctions waivers from Washington. An existing permission is valid until June, Ismael said. Flaring has been a concern around the world for years as the lack of infrastructure to take away the gas results in companies burning off the excess fuel. While an environmental hazard, it’s less potent than the alternative—venting, in which methane is released directly into the air. Ismael said Iraq has reduced gas flaring from 47 percent in 2021 to about 33 percent this year. The
World Bank’s Global Gas Flaring Tracker earlier this year shows the volumes of gas burned off remained largely stable in the five years to 2023. Iraq’s targets have also slipped in the past, following an earlier aim to end flaring by 2023. By the end of next year, Iraq plans to add projects that will use 290 million cubic feet a day of gas produced from oil fields in the south, Ismael said. This includes
50 million from the Artawi field by a TotalEnergies project, which will increase to 300 million by 2027, he said.
“Only for the Artawi project, investments will be around $2 billion, a complete gas complex that we call accelerated investment that will be ready by the end of next year,” the deputy minister said.
The country is also planning to build a liquefied natural gas
import terminal in the Grand Faw port in the south, to meet demand for the fuel. It will start sending invitations in January, mainly to US companies, to compete for construction of the project. The terminal will have a storage capacity of 300,000 cubic meters.
Iraq currently produces 3.122 billion cubic feet of gas per day, of which about 1.048 billion was flared as of December 22, Ismael said. Bloomberg News
Japan plans record budget with high defense spending
APANESE Prime Minister
JShigeru Ishiba’s cabinet is expected to approve a record initial budget Friday for the next fiscal year that will ramp up spending on defense and support for local economies.
The budget for the year starting in April 2025 will total around ¥115.5 trillion ($735 billion), according to a draft of the plan obtained by Bloomberg on Wednesday.
While the draft shows the government will still have to lean heavily on debt issuance to help fund the spending, record tax receipts will enable the cutting back of fresh bond issuance by almost a fifth to ¥28.6 trillion. The reduction of new issuance below ¥30 trillion in initial plans for the first time since 2008 is welcome news for a nation that has the highest government debt load among advanced economies.
“The primary balance deficit will also likely turn out to be considerably smaller,” said Masaki Kuwahara, senior rates strategist at Nomura Securities. “The total budget amount appears to reflect the government’s consideration of fiscal consolidation.”
The government aims to balance the budget excluding debtservicing by the fiscal year starting in April, a goal that now seems a possibility after looking out of reach for years.
The increase from the current fiscal year’s initial annual budget of ¥112.6 trillion is around 2.6 percent, largely in line with the government’s forecast for overall inflation in the current fiscal year. Ministries had earlier requested total outlays of ¥117.6 trillion. Among the biggest increases are a jump of more than 10 percent in defense spending to ¥8.5 trillion and an increase of around 7 percent in grants to
local governments.
Ishiba, a former defense minister, is a strong advocate of raising military spending and improving the working conditions of those employed in the nation’s defense forces amid a tense regional security environment in Asia. The rise in the defense budget largely fits in with increases already planned over coming years.
Boosting grants to local governments hits another key theme for the premier, who has long called for more central government support for regional revitalization.
The draft showed ¥38.3 trillion allocated for social security, up from ¥37.7 trillion. The upcoming budget doesn’t include reserve funds for price relief and wage growth measures.
While record tax receipts of ¥78.4 trillion will help limit reliance on government debt, the latest budget plan will still add
Former Taiwan presidential candidate indicted for graft
KO Wen-je, a former Taiwanese presidential candidate, has been indicted on corruption charges tied to multiple scandals, including a property redevelopment project during his tenure as Taipei mayor.
The Taipei District Prosecutors Office proposed a sentence exceeding 28 years for bribery and misappropriation of political donations, a spokesperson said at a briefing on Thursday. They also want Ko fined NT$50 million ($1.5 million).
Ko Wen-je, presidential candidate and former mayor of Taipei, in Taipei, Taiwan, on Wednesday, Sept. 6, 2023. The 64-year-old former trauma surgeon entered politics just a decade ago and is running as a third-party candidate in an election that’s usually a race between the ruling Democratic Progressive Party and the opposition Kuomintang. Yet he’s proven surprisingly popular.
Ko has denied wrongdoing and said he wasn’t involved in the decision to grant Core Pacific Group additional floor area in the redevelopment project. The conglomerate’s chairman, Sheen Ching-jing, who denies wrongdoing, is also facing prosecution and, potentially, 17 years in prison.
The Taiwan People’s Party— which Ko co-founded in 2019—denounced the indictment in a press briefing on Thursday.
“Today, Taiwan is experiencing judicial injustice, with politics and state machinery being used to persecute political opponents,” TPP’s spokesperson Chen Chihhan said. The indictment “lacks financial evidence and concrete proof, relying solely on piecedtogether claims to destroy political adversaries.”
The party and its larger ally, the Beijing-friendly Kuomintang, hold a joint majority in the legislature. They have pushed through several legal changes that DPP supporters say are meant to hinder President Lai Ching-te’s ability to govern the island, one of the critical flashpoints in US-China relations. Ko’s case marks the latest in a series of corruption indictments against politicians. In August, former vice premier Cheng Wentsan of Lai’s ruling Democratic Progressive Party was charged for alleged graft.
Ko finished third in the 2024 presidential election with about 27 percent of the vote, behind Lai and KMT candidate Hou Yu-ih. Ko this month announced he is resigning as TPP leader. Bloomberg News
Russia rejects Trump’s call for truce, but ready for talks
USSIA rebuffed incom -
Ring US President Donald Trump’s call for an immediate ceasefire in Ukraine, while saying it’s ready to hold negotiations on a long-lasting peace agreement to end almost three years of war.
“A ceasefire is a road to nowhere” that Ukraine will use to build up its military capacity, Russian Foreign Minister Sergei Lavrov said in an online news conference on Thursday. “We need conclusive, legally-binding agreements which will create all the conditions for ensuring the security of the Russian Federation and, of course, the legitimate security interests of our neighbors.”
With Ukraine on the defensive as Russia makes grinding progress on the battlefield, Trump and his
advisers have given signals that President Vladimir Putin could keep de facto control of the almost 20% of Ukrainian territory his forces occupy. Ukrainian President Volodymyr Zelenskiy has also softened his stance by suggesting his government could use diplomatic means to recover its territory. Moscow is also demanding that Ukraine formally gives up its bid to join the North Atlantic Treaty Organisation and agrees to strict limits on the size of its military, conditions that Kyiv has firmly rejected.
“I hope the Trump administration focuses on the causes of the conflict,” Lavrov said. “As President Putin said, we are ready to look at any serious, concrete proposals.” Bloomberg News
UK economy to outperform Europe in next 15 yrs–CEBR
Tto Japan’s debt pile. The International Monetary Fund already estimates the nation’s debt load at over 250 percent of gross domestic product in 2024.
The cutting back of fresh bond issuance comes at a key time for the government given that the Bank of Japan is likely to continue raising interest rates. That will put upward pressure on debtservicing costs.
The government has set the rate for calculating the nation’s debt-servicing cost at 2 percent for the latest budget, up from 1.9 percent in the current year’s initial budget, according to people familiar with the matter.
“Expenditure can certainly increase to some extent given the higher tax revenue, but the government still needs to keep a balance,” Kuwahara said. “Higher yields will make it more difficult for the government to manage the outstanding debt.” Bloomberg News
HE UK will outperform its struggling European peers in the next 15 years, helping it to cling onto its place among the world’s biggest economies, according to long-term projections.
Britain and France will remain in sixth and seventh position by 2039, respectively, as Germany, Italy and Spain slip down the leaderboard, the Centre for Economics and Business Research predicted.
The upbeat assessment will be welcomed by Prime Minister Keir Starmer after official figures this week showed the economy has failed to grow since his Labour government took power in July.
Survey data point to a dismal final quarter that is expected to spill over into 2025.
Starmer is hoping his plans to deliver the fastest sustained growth in the Group of Seven, through a blitz of planning reforms, housebuilding and public investment, will eventually pay dividends after a rocky start for Labour. However, CEBR suggested that problems will continue to hamper the British economy.
“While this outlook is markedly
better than key European peers like France and Germany, both of whom are expected to slip, this reflects a relatively poorer outlook for Eurozone economies rather than strong UK growth,” CEBR said. CEBR expects Britain to narrow the gap with the poorer-performing German economy over the next 15 years. Europe’s largest economy is expected to be 20 percent larger than the UK’s in 2039, compared to being 31 percent bigger now. Similarly, Britain will outpace France and be 25 percent larger in terms of output by 2039.
While CEBR warned that Labour’s tax hikes will mean weaker activity growth in the short-term, it expects the trend growth rate to hit 1.8 percent in the longer run. It expects the US to retain its crown as the world’s largest economy, holding off competition from China.
“We do expect China to eventually claim the top spot, though structural and demographic constraints suggest its tenure as the global economic leader will be brief,” said Sam Miley, CEBR managing economist and forecasting lead. Bloomberg News
FLARING has been a concern around the world for years as the lack of infrastructure to take away the gas results in companies burning off the excess fuel. ALI MOHAMMADI/BLOOMBERG
2024 Year-end Report
Editor: Francine Medina
RISING ABOVE
CHALLENGES.
MOVING FORWARD WITH HOPE
2024: The year of audacity and tenacity
WHAT a drag 2924 has been and how
it just seemed to hung heavy on us.
The revelations at the stretched House and Senate hearings, accusations of bribery, executive meltdown, the word war between former political allies turned frenemies, the mystery of the confidential funds, Philhealth’s “zero budget” and scam allegations, the cut in the education budget, China’s brazen occupation of our West Philippine Sea, and more events that unsettled our era of recovery. More to the gut, We found ourselves plodding through the inflation rate jacking up to 5.9% for vegetables, according to a Philippine Statistics Authority report, and that brought up the inflation rate to 2.5% in November. And despite government efforts for financial reform, NEDA reported that the country's gross domestic product for the third quarter was 5.8%, which is slightly below the government's goal of 6% per year.
T he impact of global climate change, on the other hand, stirred a series of intense typhoons that resulted in food shortages, destruction of properties, and disruptions in businesses.
Still, the government remained hopeful that the Philippines will be a trillion-peso economy by 2026—an “ambitious” and “not easy” goal according to World Bank, but “feasible.” This, amid Finance Secretary Ralph Recto’s statement that external debt could reach Php20 trillion by the end of 2028. A statement by the Department of Finance this month stated that with “robust capital formation and accelerated government spending,” the Philippines was able to grow by 5.8% and remains among “the fastest growing in Asia.” 2024 is a year of triumph for the Filipino people. In the face of unprecedented challenges,
we have emerged stronger. I assure you that from here on, things will get better — because you have a government that works every hard to ensure that all Filipinos reap the rewards of strong economic growth through more comfortable lives and more high-quality jobs. Sisiguraduhin naming mas gaganda pa ang ating bukas sa Bagong Pilipinas, because this is what the Filipino people truly deserve,” Finance Secretary Ralph G. Recto said. In BusinessMirror ’s 2024 Yearender, we take a reality check on the year that was and what’s ahead for Filipinos in 2025: the Palace’s efforts, which includes reforms in import rules, the POGO ban, and other economic interventions; Comelec preparations for the coming super elections on the national, local, and parliament levels; coping with the surge in power costs and the challenge of energy security nationwide; efforts to improve airport facilities through privatization, among other pressing issues. In the next few days leading up to the New Year, we will run more pieces that help provide a more complete picture of 2024--the promised Broader Look, so to speak.
Beyond resilience, a trait synonymous with the national spirit, Filipinos are also a tenacious lot and have come this far with the persistence to survive and thrive despite the hurdles the year brought on. People have been pushed to be creative and resourceful to keep going for themselves and their loved ones. There is unwavering faith in that tenacity. Though Filipinos are kind and use humor if they can to alleviate the uncertainty, we also have our breaking point as history has proven many times. Let’s hope 2025 will be a better year for the country.
–Francine Marque
Import rules reforms, POGO ban, plans for govt interventions top Palace’s year
To help boost the country’s economic competitiveness, the President also issued issued EO. No.
By Samuel P. Medenilla
STREAMLINING importation rules, banning Philippine Offshore Gaming Operators (POGO), and the approval of long-term plans for major government interventions became the highlights—among the executive and administrative orders with economic implications—which President Ferdinand Marcos Jr issued this year.
Early this year, the President issued Executive Order (EO) No. 53, which reactivated and reconstituted the task Force El Niño to help mitigate the projected impact of its dry spell and droughts to agriculture, water supply, electricity, health, and public safety.
Led by the Department of National Defense, the task force provided a whole-of-government response in areas severely affected by El Niño, which lasted until June this year.
In its final report that month, the National Disaster Risk Reduction and Management Council (NDRRMC) said the phenomenon resulted in 434 cities and municipalities declaring a state of calamity and affecting over 5 million, of whom 183,455 were farmers and fisherfolk. The Department of Agriculture (DA) estimated El Niño caused P15.3 billion of damage to the agriculture sector.
The Philippine Statistics Authority (PSA) reported headline inflation peaked at 4.4 percent last July before slowing to 1.9 percent in Septem-
Food supply-related policies In May, to help ease problems in food supply, President Marcos issued Administrative Order No 20, which further strengthened the administrative procedures and policies removing nontariff barriers on the importation of agricultural products and AO No. 23. This implemented a digital and integrated system for pre-border
2024 Year-end Report
Friday, December 27, 2024
ELECTIONS
RISING ABOVE CHALLENGES. MOVING FORWARD WITH HOPE
Comelec aims for credible, inclusive elections
From crafting upgraded automated counting machines to expanding voting access for far-flung communities, Comelec is on a mission to ensure that every Filipino’s vote counts.
By Justine Xyrah Garcia
LESS than 150 days before Filipinos head to the polls, the Commission on Elections (Comelec) is pulling out all the stops to ensure that the 2025 national, local, and parliament elections will not only be groundbreaking but also “seamless.”
This year, the poll body focused on modernizing its processes, prioritizing accessibility, and increasing transparency—aiming for what could be the most inclusive and credible elections in the nation’s history.
From crafting upgraded automated counting machines to expanding voting access for farflung communities, Comelec is on a mission to ensure that every Filipino’s vote counts.
In an interview with the BusinessMirror, Comelec Spokesman John Rex Laudiangco emphasized that the commission’s goal is to protect the sanctity of the vote and ensure that each Filipino’s voice is heard and respected.
As Laudiangco put it, “Ang goal po namin dito, unang-una sa lahat, yung sanctity ng vote, yung maproteksyonan yung boses nila at higit sa lahat, yung magkaroon po tayo ng maayos na pamahalaan dahil nailuklok ng mga tao yung gung gusto nila.”
“Nasa tao yan, siya lang ang makapagsasabi kung tama o mali ang binoto niya. Ang importante sa amin, anuman ang boto niya, mabilang yan,” he added.
Comelec has embraced a series of firsts in 2024, introducing innovations that aim to redefine election processes in the country.
These efforts address past challenges while laying the groundwork for a more transparent, inclusive, and secure electoral system.
This modernization includes newly designed automated counting machines (ACMs) in collaboration with a South Korean-based firm, which integrate accessibility features such as larger, adjustable touchscreens and audio assistance tools.
These updates aim to make the voting expe-
rience more inclusive, especially for persons with disabilities.
Additionally, the machines now accept ballots with markings as small as 15 percent shaded, or even just a dot inside the circle—a historic adjustment intended to accommodate voters who may struggle with traditional shading requirements.
Transparency will also take center stage in the 2025 elections. Moving away from the centralized transparency server of previous polls, Comelec will provide independent servers for major stakeholders—including political parties, watchdog organizations, and media—for real-time access to election results.
This measure, combined with precinct-level election return postings for public verification, is designed to enhance confidence in the process.
Further reinforcing this system, the Department of Information and Communications Technology (DICT) will mirror Comelec’s server, adding another layer of checks and balances. Past issues with machine breakdowns during elections will also be addressed with the establishment of 110 technical repair hubs across the country. Each city and province will have at least one hub, allowing for faster repair and maintenance of faulty equipment.
For areas where immediate repairs are not
Suzuki Carry: Your Business Partner in Every Way
Wpossible, contingency measures will be in place, minimizing disruptions during election day.
In earlier interviews, Comelec said its decentralized approach will mark a significant improvement over previous election years, where logistical bottlenecks often delayed machine repairs.
Closer to people
In its bid to make the elections more inclusive, the commission has launched a nationwide roadshow earlier this month, featuring trial elections in barangays and municipalities.
This initiative is a first for the poll body, which previously struggled to reach far-flung areas due to logistical challenges.
“Dati kasi limited yung number na nagagamit na machines. In fact, there was a time nga na parang isa o dalawang machine lang per region,” Laudiangco said.
Comelec will also standardize mall voting for local voters, providing a convenient alternative to traditional polling stations. For next year’s polls, more than 70 mall voting precincts nationwide will provide a convenient alternative to traditional polling stations.
Overseas Filipinos, regardless of their residency status, will now have access to internet voting—a first in Philippine election history.
This system incorporates a three-step authentication process to ensure its security, enabling eligible voters to register and participate with valid identification, such as passports or national IDs.
In terms of adapting to technological advancement, the poll body has recognized the role of social media in shaping public opinion through its comprehensive guidelines for online campaigning—including the use of artificial intelligence (AI).
This policy, the first of its kind in the country, is designed to regulate AI-generated content and ensure a fair and transparent digital campaign environment.
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Comelec Chairman George Garcia earlier emphasized the importance of these measures, noting that they are crucial for maintaining the integrity of the elections in the digital age.
“If candidates truly have no intention of doing something bad or engaging in unethical practices, they should register their social media accounts,” he said.
COC, CONA filings
The filing of certificates of candidacy (COC) and certificates of nomination and acceptance (CONA) in October drew a diverse mix of seasoned politicians, newcomers, celebrities, and even online personalities entering the political arena.
The poll body recorded a total of 43,033 aspirants and 190 party-list groups who have filed their intent to run for public office.
Of this figure, 183 bets filed for senatorial positions, but only 66 of them made it to the initial list of candidates.
“Siguro nga madaming gustong maglingkod na mga kababayan natin. Madami kasing mga returning din na mga dating senador, at mga incumbent na subject to reelectionists,” Garcia said in a press briefing in October.
While the filing of COCs and CONAs yielded a high turnout in the national and local races, uncertainty continues to loom over the Bangsamoro Autonomous Region in Muslim Mindanao’s first parliamentary elections as the Congress has yet to
AVIATION
decide if it should push through next year.
It can be recalled that the House and Senate filed separate bills in November seeking to postpone the first parliamentary elections.
Lawmakers pushing for the deferment argued that it would allow the region more time to address logistical and legal concerns, especially after Sulu’s exit from BARMM.
Despite this uncertainty, Comelec continues its preparations—determined to ensure readiness should the elections proceed as scheduled.
“Sa ngayon, wala pa kaming nakikitang certainty kaya ang paghahanda ng Comelec ay tuloy-tuloy lang. Kung magkaroon ng certainty to be more economical about it, hihinto kami at some point para makabawas sa gastos,” Spokesperson Laudiangco said.
Ensuring integrity
Amid the poll body’s successes this year in modernizing election processes and improving accessibility, Comelec’s integrity has been called into question.
Recent controversies, including a fallout with one of its private partners and allegations of impropriety at the highest levels, have tested the commission’s ability to uphold its commitment to credible and transparent elections.
Comelec faced scrutiny when St. Timothy Construction Corporation, a local partner in its joint venture with Miru Systems, withdrew from the partnership.
The decision came after one of its owners expressed her intent to run for public office, prompting Comelec to issue an ultimatum: withdraw from the project or face disqualification.
On another front, allegations of offshore accounts linked to Chairman Garcia and questions surrounding Comelec’s partnership with Miru Systems have also raised concerns about transparency at the highest levels of the commission.
Some critics argued that these issues, if left unaddressed, could undermine public trust in the electoral process.
They called on Comelec to conduct a thorough investigation and implement stronger safeguards to prevent potential conflicts of interest in its partnerships and leadership.
Meanwhile, others questioned the timing of the allegations—suggesting that they could be politically motivated to tarnish the commission’s reputation ahead of the 2025 elections.
Laudiangco, however, assured the public that these controversies will not derail Comelec’s preparations, reiterating their dedication to a smooth electoral process “Nung nasagot na namin (allegations), kinalimutan na yan ni chairman. Balik trabaho na kami,” he said. With advanced technology, expanded accessibility, and robust transparency mechanisms, Comelec seeks to address past shortcomings while also building trust among voters.
PHL leans on private sector to modernize airports
Privatization holds the promise of efficiency and innovation, but its success hinges on careful execution, argues aviation expert Avelino Zapanta.
By Lorenz S. Marasigan
THE year 2024 might be remembered as a watershed moment for Philippine aviation, marked by the sweeping privatization of key airports across the country.
significant concerns.
“Filipinos in government and in the corporate world are intelligent and capable. Many are morally weak though, easily tempted by easy money. That’s the pervading concern in privatizing government assets. Kickback has become a contagious disease in many in not most of the government asset privatization,” Zapanta said. He added that despite the existence of regulatory bodies, people “are easily swayed to protect the service provider rather than the public due to substantial considerations.”
“If both the government and the private sectors are honest and transparent any projects they tackle would likely be successful,” he said. Balancing profitability and public interest is another delicate issue.
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These efforts, aimed at transforming outdated facilities into world-class gateways, promise to redefine the travel experience for millions of passengers while addressing the longstanding inefficiencies plaguing the sector.
With private sector heavyweights like San Miguel Corp. (SMC) and Aboitiz InfraCapital Inc. (AIC) taking the helm, the potential for success is enormous. Yet, this transition also comes with complex challenges and risks that demand scrutiny and oversight.
Privatization holds the promise of efficiency and innovation, but its success hinges on careful execution, aviation expert Avelino Zapanta argues, adding that while the private sector’s expertise and resources can address inefficiencies in government-run corporations, transparency and integrity in the bidding process are essential.
He pointed to the transformation of Mactan-Cebu International Airport by the consortium of GMR Infrastructure Ltd. and Megawide Construction Corp. as a shining example of “privatization done right.” The group not only modernized the facility but also improved passenger satisfaction and operational efficiency, setting a high benchmark for other projects.
In September 2024, the New Naia Infrastructure Corporation (NNIC), led by SMC, officially took over operations at the Ninoy Aquino International Airport (Naia).
This ambitious endeavor aims to alleviate severe congestion, enhance passenger comfort, and align the country’s primary gateway with global standards. Under the modernization plan, Naia’s terminal capacity is set to increase from 35 million to 62 million passengers annually.
Key improvements include refurbishing existing facilities, integrating Terminal 3 with the Metro Manila Subway, and constructing a new terminal connected to Terminal 2. These developments promise to address the chronic
overcrowding that has long plagued Naia, which currently serves over 51 million passengers annually—far exceeding its intended capacity.
NNIC General Manager Angelito Alvarez noted that initial upgrades, such as refurbished restrooms, additional seating, and improved air conditioning, were implemented within the first few months of the takeover.
Transformative changes
However, the more transformative changes, including runway upgrades and the introduction of new technologies like biometric systems and updated baggage handling, are planned for the coming years. Alvarez assured stakeholders that these enhancements would be rolled out gradually to minimize disruptions to current operations.
Meanwhile, AIC has been making significant strides in regional airport development. The company’s P4.53-billion investment in BoholPanglao International Airport is set to modernize the facility and expand its capacity from 2 million to 3.9 million passengers annually by 2030. Similar efforts are underway at Laguindingan Airport, which will come under AIC’s management in 2025. These projects highlight the critical role of regional airports in boosting connectivity and supporting economic growth in key areas of the Philippines. Despite these promising developments, the privatization process is not without its pitfalls. Corruption and vested interests remain
While private operators bring the resources and expertise needed to implement large-scale improvements, there is a risk that profit-driven motives could overshadow the public’s needs.
Transportation Secretary Jaime J. Bautista earlier assured stakeholders that measures are in place to safeguard public welfare. For instance, fee adjustments at Naia will only take effect after a one-year moratorium, ensuring affordability for travelers. Additionally, 82.1 percent of non-passenger revenues generated by NNIC will go directly to the government, providing a significant financial windfall for other infrastructure projects.
Zapanta also emphasized the importance of learning from successful global models of airport privatization. He highlighted the value of meticulous bidder selection, fostering partnerships between local and international operators, and ensuring contract transparency.
The involvement of reputable entities like Incheon International
2024 Year-end Report
www.businessmirror.com.ph
RISING ABOVE CHALLENGES. MOVING FORWARD WITH HOPE
Import rules reforms, POGO ban, plans for govt interventions top Palace’s year
POGO ban
In November, President Marcos also issued EO No.74 for the immediate ban of Philippine Offshore Gaming Operators (POGO) and other offshore gaming operations like Internet Gaming Licencees (IGL) in the country.
He first announced the ban during his third State of the Nation Address (SONA) in July, citing the need to address rampaging crimes and social instability linked to POGOs. EO 74 helped facilitate the crackdown on POGOs and IGLs nationwide. The Philippine Amusement and Gaming Corporations (Pagcor) revoked the licenses it issued to all POGO and IGLs on December 15, 2024.
During the peak of POGO operations in 2019, Pagcor has issued 298 licenses for such establishments. The latest data from Pagcor
showed POGOs and IGLs generated P94.61 billion revenues from July to September.
In the aftermath of the ban, concerned government agencies are now providing support to the Filipino workers affected by the POGO and IGL ban.
Economic competitiveness
The President also considered several measures to help boost the country’s economic competitiveness. He issued EO. No. 59 to help streamline the permitting process for infrastructure flagship projects (IFP).
The initiative aims to fast-track the implementation of the 185 IFPs worth P9.14 trillion that were approved by the National Economic and Development Authority (NEDA).
Marcos said his Cabinet is making sure the budget for the IFPs will be included in the General Appropriations Act to ensure its funding and swift implementation in the remaining years of his administration.
The tourism industry was among the sectors which the Marcos administration wanted to expand through AO No. 24,
Improving operations government
The President also signed EO No. 55 adopting the 10-year Maritime Industry Development Plan 2028, which aims to modernize and expand domestic shipping, ship-building and ship repair. He also approved EO 70, which reorganized the Film Academy of the Philippines
aims to promote the development of the Philippine Film Industry.
A BusinessMirror Special Feature
2024 Year-end Report
RISING ABOVE CHALLENGES. MOVING FORWARD WITH HOPE
AFFORDABLE AND STABLE POWER SUPPLY STILL ELUSIVE
Despite all the setbacks and all the difficulties that come with trying to operate in this regulatory climate, PIPPA said its members still persevere and produce energy needed to power the country.
ABy Lenie Lectura
FATHER of two, 36-year-old Boracay boatman Jeffry Vargas was unable to pay his electric bill amounting to P1,100. This basically covers the use of electric fans, indoor lighting, and a transistor radio. While electricity is regarded as a necessity, this is not the case for Vargas who opted to have his electricity supply disconnected because his daily wages and tips are not enough to pay the bills anymore.
“Hinde nga kami gumagamit ng rice cooker. Tumataas mga bilihin at kuryente kaya hinde na lang ako magbayad ng monthly sa kuryente. Kandila na lang. Wala na kaming kuryente para bawas sa bayarin” he said.
Aklan Electric Cooperative (Akelco) acting general manager Ariel Gepty said power rates may further increase from the November rates of P13.9 per kilowatt hour (kWh) for residential consumers.
With the recent directive of ERC [Energy Regulatory Commission] when it mandated all electric operatives to pay the remaining 70 percent in the Reserve Market (RM) we did some forecasting on the possible rate impact. Most likely, our rate will increase by, if I’m not mistaken, P0.15 (per kilowatt hour),” he said.
While the adjustment may seem small to some users, it is crucial to consumers like Vargas.
The rising cost of power, not only in Aklan but in other parts of the country, can be attributed to, among others, the power RM where generation companies can offer and sell ancillary service (AS) or commonly referred to as power reserves.
The launch of RM in January this year was a significant step forward for the energy sector since this guarantees that power reserves are available at all times and can be immediately dispatched to the grid whenever needed.
“Launching the reserve market in 2024 was a major milestone,” according to ACEN Corp. President Eric Francia.
The ERC, however, suspended in March the billing and settlement on the reserve market following significant price increases in reserve costs. This raised electricity rates billed to consumers.
The ERC partially lifted in May the suspension and approved a 30-percent partial settlement for the March billing period to allow power generators to partially recover their costs and to mitigate the spike in AS charges. Later on, the ERC announced the recovery of the remaining 70 percent worth over P3 billion. This will be recovered over a staggered period of three months for the Wholesale Electricity Spot Market (WESM)
SHELTER
trading participants in Luzon and Mindanao and six months for those in the Visayas.
The Manila Electric Co. (Meralco), the utility firm which distributes electricity to eight million customers in Metro Manila and nearby provinces, estimated an increase of around P0.40 kWh in the transmission charge for the entire staggered threemonth period starting next year.
Meralco head of utility economics Lawrence Fernandez said this is equivalent to a P0.13 or P0.14 per kWh increase in transmission costs per month, or about P26 for typical residential households consuming 200 kWh monthly.
Considering that total transmission charge right now is around P0.90 per kWh, the increase is almost half. The impact is mitigated by spreading recovery over three months,” Fernandez said via Viber.
‘Scrap reserve market’
The Akelco official now calls for the immediate scrapping of the RM.
“For the past months, there was a surge that was brought about by the reserve market and the so-called rental fees…The market reserve is really the kicker in our rates. The power has been reserved, not yet used, and yet consumers are already paying for it. We are lobbying to the DOE [Department of Energy] and to Congress to stop the reserve market,” said Gepty.
The buyer of AS is the National Grid Corporation of the Philippines (NGCP). It contracts 50 percent of its AS requirement from firm agreements and 50 percent from the RM. The AS is meant to balance and stabilize the grid during times of high power demand.
NGCP Spokesman Cynthia Alabanza said the company does not earn from AS because it is a passthrough cost that is given to power generators.
From the total amount that we charge customers, less than half goes to us. More than half goes to other. We are just the collector,” she stressed.
ERC Chairman Monalisa Dimalanta admitted that the significant price increases in power reserve costs prompted her office to suspend the settlement of amounts in the RM.
“The insufficiency of reserves brought about by low water levels as well as unscheduled breakdown of thermal plants, together with declarations of state of calamity in various regions, led us to take extraordinary response measures, such as market suspension,” Dimalanta said in an interview.
The ACEN top official noted that the price signals in the RM call for more reserve capacity, which, he said, is “not surprising.”
“It is also critical to have a predictable and fair environment that enables investors to respond to such market signals,” added Francia.
The ERC chief herself is a newsmaker in the power sector as she was suspended in September by the Office of the Ombudsman based on a 2023 complaint filed by the National Association of Electric Consumers for Reforms Inc. (Nasecore).
The group alleged dilatory action by Dimalanta on Meralco’s application for approval of the annual revenue requirement and performance incentive scheme filed with the ERC in March 2022.
She was reinstated last October 31. Dimalanta said the Ombudsman may not have been aware then that Meralco’s applications have already been resolved. “The year 2024 has been full of wins and lessons.”
Aside from the suspension of the RM, its resumption, the suspension of ERC chair and her eventual return, the energy sector faced other challenges.
“The public offering issue, the slow approvals of the PSA [power supply agreements] and ASPAs [ancillary services procurement agreements], and the uncertainty of payment for those generators that delivered energy in the
PIPPA is composed of 28 power firms with 18,132 megawatts (MW) grid installed capacity.
She added that PIPPA has unresolved petitions for rule making regarding the secondary price cap and reliability standards that is affecting the financial viability and operations of its member plants.
We have been eagerly waiting for the ERC’s say on this,” Montelibano said.
A month after her reinstatement, Dimalanta announced that her office reduced the processing time of applications for various permits of power firms.
“This year, we have been able to process approvals and issuances of COCs [Certificates of Compliance] and PAOs [Provisional Authorities to Operate] within 30-45 days from submission,” a timeline, which she said is much shorter than the 60 days prescribed under the Energy Virtual One-Stop Shop (EVOSS) Law.
The ERC issues COCs to authorize the operation of power plants or other generating facilities, while PAOs allow power firms to commence operations pending the issuance of their COCs.
From January to November this year, the ERC issued 3,959 COCs and 334 PAOs. In November 2024 alone, 321 COCs and 19 PAOs were issued.
The operation of these power facilities accounts for a total of 24,092.79 MW of supply to the country’s power grid. Of which, 2,014MW are new capacity, Dimalanta said. This move paved the way for greater energy security, with the additional capacity from new grid-connected facilities.
We see our efforts to streamline our processes bearing fruit as our teams beat statutory
DHSUD races to meet Marcos govt housing goals
Despite the pressing housing challenges, particularly for the nation’s poorest communities, the department cites limited budgets and bureaucratic hurdles as reasons for project delays.
By Bless Aubrey Ogerio
PUTTING a roof over the heads of Filipinos who still do not own a home may be a daunting task given its limited resources, but the Philippines’s housing department said it is determined to achieve the goals of the Marcos Jr. administration.
The Department of Human Settlements and Urban Development (DHSUD) is a relatively young agency established in February 2019. It was formed by consolidating the Housing and Urban Development Coordinating Council and the Housing and Land Use Regulatory Board. Since its creation, DHSUD has been tasked with overseeing housing and urban development policies, working with stakeholders to address the country’s housing backlog and ensuring affordable housing for Filipinos. Yet, despite the pressing housing challenges, particularly for the nation’s poorest communities, the department frequently cites limited budgets and bureaucratic hurdles as reasons for project delays.
[Ang] laging sagot ni Secretary [Acuzar] ay very low budget on housing and bureaucratic processes that cause delays on project implementation,” DHSUD communication and public affairs director Mario Mallari told the BusinessMirror.
In January, DHSUD reported “significant progress” for President Ferdinand Marcos Jr.’s Pambansang Pabahay para sa Pilipino (4PH) Program, backed by a P13billion revolving credit line from Pag-IBIG Fund.
This included P12 billion for the National Housing Authority (NHA) and P929 million for the So -
cial Housing Finance Corporation (SHFC), aimed at constructing over 11,000 housing units.
However, during a Senate hearing on November 12, Sen. Risa Hontiveros, who sponsored DHSUD’s 2025 budget, revealed that the department revised its target from 6.5 million housing units to 3.2 million, with an estimated cost of P4 trillion.
The revision was based on a housing needs study with the National Economic and Development Authority, which showed a 2.2 million-unit deficit as of December 2022.
“I wish to confirm for the record that the target reduction from six (million) to 3.2 million units is aligned, at least with the preliminary findings of the study,” Hontiveros clarified in the hearing.
DHSUD also reported that 596,308 informal settler families live in Metro Manila, occupying 3,447.93 hectares of land.
Calamity response
The housing department also actively participated in President Marcos’ “conveyor belt of aid” to help victims
recover from Typhoons Carina, Enteng, Kristine, Pepito and Ofel during the rainy season.
As the lead agency for the government’s Shelter Cluster, it implemented a one-month moratorium in November, which resumed on December 1, to provide financial relief to affected borrowers.
DHSUD also launched two key programs: the Integrated Disaster Shelter Assistance Program (IDSAP) and the distribution of housing materials and essentials (HOMEs).
Under IDSAP, the housing department provided P30,000 to those with totally damaged homes and P10,000 for those with partial damage. By December 6, over P130 million of the P200 million IDSAP fund had been used.
Additionally, DHSUD distributed HOMEs consisting of galvanized iron sheets, plywood, lumber and nails to thousands of families in Bicol after Severe Tropical Storm Kristine, with each kit valued at about P15,000.
However, by November, DHSUD’s P200 million disaster fund
timelines in processing permits. What used to take 3-6 months for us, we are now able to accomplish in half the time.
“We will continue to work on our other processes so that our stakeholders will soon feel the impact of the improved systems we have put in place,” Dimalanta said.
As the ERC expedites issuance of permits needed by new power plants to start generating electricity or for the existing facilities to continually operate, Dimalanta said consumers can be spared from unwanted electricity service interruptions or rotational blackouts.
Alerts
During the dry season months, the grid faced yellow and red alerts due to high temperatures driving record peak electricity demand, compounded by El Niño, which reduced output from hydroelectric plants. The situation highlighted the need for better outage and maintenance planning for baseload plants like coal and gas, according to the Independent Electricity Market Operator of the Philippines (IEMOP), operator of the Wholesale Electricity Spot Market (WESM).
There were 16 red alerts and 62 yellow alerts issued by the NGCP since the start of the year.
A red alert status is issued when power supply is insufficient to meet consumer demand and the transmission grid’s regulating requirement.
A yellow alert, meanwhile, is issued when the operating margin is insufficient to meet the transmission grid’s contingency requirement.
“Our biggest challenge in the energy sector is cleaning up our grid while maintaining energy security as we grow our economy. Summer of 2024, in particular, was very challenging in terms of demand and supply of power. The country experienced an unprecedented number of red alerts,” commented First Gen Corp. of the Lopez group.
First Gen played a foundational role in developing the gas industry, through the development of the Santa Rita and San Lorenzo plants--crucial pillars to the Malampaya gas-to-power project. The country is trying to attract more investments and that needs more power supply.
But 62 percent of our power generation comes from coal and our coal bill is very high--about $4 billion of coal importation. That doesn’t help energy security,” it stated.
“We are working with the government to be able to address the important issue of energy security. The gas-fired facilities, in the long run, will be necessary to assure energy security.”
W hile Meralco PowerGen Corp. (MGen) is on its way to achieve its 1,500MW renewable energy (RE) target, it expects fossil fuel-fired
for 2024 was nearly depleted due to ongoing relief efforts, according to DHSUD Undersecretary Randy Escolango.
“Mayroon po kami sa taon ngayon na halos—na P200 million inallocate po sa amin pero mauubos na po. Actually, ubos na kaya hihingi po kami sa NDRRMC [National Disaster Risk Reduction and Management Council] sa kanilang quick response fund ng karagdagang tulong. So, iyon po iyong halos naibigay na namin,” he said during a media forum.
By September 3, DHSUD had spent P8.8 million under IDSAP.
Marawi
The Marawi Compensation Board, responsible for providing economic relief to residents affected by the 2017 siege, is also facing problems, including a dwindling budget.
The board’s chairperson Maisara Dandamun-Latiph reported that nearly 80 percent of the 2024 budget has already been spent, with only P350 million remaining for the year.
Out of 14,495 claimants, only 1,168 have received compensation, with the filing deadline set on July 3. As of November 15, the board had disbursed over P1.8 billion in compensation to approved claimants since its creation in 2022.
Under Republic Act 11696, signed by former President Rodrigo Duterte, the board offers tax-free compensation to Marawi residents whose properties were
plants to remain as the backbone of the country’s energy mix.
“We are seeing that more RE is becoming competitive and bundled with energy storage, it can compete with conventional technologies up to mid-merit service. However, fossil fuel fired plants will have a critical role to play, particularly coal plants, if we are to ensure grid stability with the least cost given the cost of coal in the near to mid-term.,” said MGen President Emmanuel Rubio in an interview.
For the distribution sector, Meralco agreed that the spike in power demand during the dry season months that coincided with the El Niño phenomenon was a major challenge because it resulted in a series of yellow and red alerts, some of which actually led to rotating power interruptions in Luzon.
Although we managed it in the Meralco franchise area through demand side management, this emphasizes the need for additional generating capacity since we can only achieve energy security if we have adequate and sufficient supply including a comfortable reserve level to meet the growing demand of customers,” said Meralco Vice President and Head of Corporate Communications Joe Zaldarriaga.
Despite all the setbacks that happened this current year and all the difficulties that come with trying to operate in this regulatory climate, PIPPA said its members still persevere and produce energy needed to power the country.
“This is because we know what needs to be done and the service which needs to be performed in order to achieve progress,” Montelibano said. NGCP, meanwhile, cited right-of-way (ROW) and permitting issues continue to pose challenges, causing delays in the completion of critical transmission projects. It also agreed that regulatory delays and prolonged approval processes disrupt project implementation timelines, leading to setbacks and uncertainties in capital expenditure recoveries. But while grid limitations were challenging, there’s good news. NGCP’s completed projects like the Cebu-Bohol
transmission and distribution sectors of the energy industry are raised. While industry stakeholders do their best to not encounter the same challenges over and over again, Vargas continues to hope and pray that he will eventually be able to afford his electricity bills.
destroyed during the five-month conflict in 2017. The board will be dissolved in 2028.
In terms of the compensation method, Dandamun-Latiph noted, “The replacement cost methodology will be easier for us and our work will be faster… If we take the fair market value…the payment will be smaller because of depreciation.”
Construction plans At the start of the year, DHSUD announced 55 projects, totaling 170,000 social housing units, under the 4PH program in Metro Manila. Nationwide, over 50 4PH projects are underway, with some buildings ready for occupancy just two years after the program’s launch. In Luzon, projects are located in Laoag, Palayan City, General Tinio, Bocaue, Sta. Maria, Pandi, San Mateo, Silang, Santa Cruz, Milaor and Legazpi City. In the Visayas, projects are in Bacolod City and Tagbilaran City, while in Mindanao, they are in Tagoloan, Koronadal and Zamboanga City. Meanwhile, SHFC projects are spread across San Fernando, Antipolo, Tondo, San Miguel, Parola, Naic, Puerto Princesa, Tagoloan, Davao City, Valenzuela City and two in Novaliches. NHA projects, on one hand, are in Caloocan City. A s of July this year, the government-owned 14,770.46 hectares of idle land, with 13,228.2 hectares held by cities and municipalities and 41.37 hectares by national government agencies.
RM, are among many of the issues faced by the industry,” said lawyer Anne Escoro Montelibano, president of the Philippine Independent Power Producers Association Inc. (PIPPA).
The long way home: Addressing the gaps in OFW reintegration
The plight of our overseas Filipino workers (OFWs) returning home has long been a concern, and the recent revelations about the gaps in government reintegration services are troubling. As a nation that prides itself on the resilience and sacrifice of our modern-day heroes, we must do better in supporting them when they decide to come back. (Read the BusinessMirror story: Lack of local govt help prevents former OFWs from reintegrating, December 19, 2024).
The recent inauguration of the Bagong Pilipinas OFW AKSYON Center in Makati represents a significant step towards improving reintegration services for OFWs. However, this positive development highlights the critical need for systemic reform within the existing framework, as the challenges faced by returning OFWs extend far beyond the provision of a single, centralized hub.
The Blas F. Ople Policy Center (BOPC) has rightly pointed out the significant shortcomings in the current system. The lack of responsive and knowledgeable help desks at the local government level leaves many distressed OFWs struggling to navigate the complex web of government agencies and services.
The accounts shared, such as that of Agnes Reyes, a 59-year-old retired cook struggling to find employment after returning from the UAE, paint a stark picture of the difficulties faced by those seeking reintegration. Reyes’ experience, sadly, is not unique. Many OFWs feel lost and frustrated, bouncing between agencies (“ping-ponged,” as BOPC President Estelle Ople Osorio describes it) without receiving the timely and effective assistance they desperately need. This often leads to disillusionment and reluctance to seek further support, pushing them towards informal employment options rather than utilizing the government’s resources.
The AKSYON Center’s establishment is commendable, offering a onestop shop for various services, including skills training, livelihood opportunities, and job facilitation. The inclusion of agencies like SSS, Pag-IBIG, PhilHealth, and TESDA is a crucial step towards streamlining the process.
President Marcos’ acknowledgement of the need for retraining, reskilling, and upskilling, alongside job placement both domestically and internationally, reflects a commitment to addressing the root causes of OFW struggles.
However, the success of the AKSYON Center and similar initiatives hinges on addressing the systemic issues highlighted by the BOPC. The lack of understanding and empathy among some help desk personnel remains a significant obstacle. BOPC’s suggestion to employ former OFWs or their family members in these roles is a practical and insightful solution. Their lived experience would provide invaluable support and understanding to those seeking assistance.
Furthermore, the existing gaps in the OFW database, particularly concerning those who went abroad through informal channels, need to be addressed. Investing in technological solutions to improve data management is crucial for effective job matching and targeted support.
The true success of OFW reintegration efforts depends on a holistic approach that addresses the systemic weaknesses within the current framework. This includes improving the training and support provided to local government help desk personnel, enhancing data management systems, and investing in comprehensive job matching services. Only through a concerted effort to address these issues can we truly ensure a dignified and supportive reintegration process for our returning heroes.
The Christmas due process
ISiegfred Bueno Mison, Esq.
THE PATRIOT
AM amused at times whenever people clamor for big words and phrases, like due process of law, without them fully knowing what they really mean and the context by which they were said or used historically.
The phrase “due process of law” first appeared in 1354 during the reign of Edward III of England. In the United States, the Fifth and Fourteenth Amendments to the Constitution incorporated this rule of law most closely associated with the Magna Carta of King John. Simply put, for the enforcement and protection of rights, there must be some proceedings known by all and applicable to all.
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For lawyers, due process simply entails two basic elements – notice and the opportunity to be heard. In the 1987 Philippine Constitution, the Bill of Rights guarantees that no person shall be deprived of life, liberty, or property, without due process of law. After many court decisions, the term and elements of “due process” have been refined or enhanced or categorized into substantive, procedural, administrative, etc. Under the Law of the Land, due process can be capsulized in one word – fairness. Should there be a parallel “due process” under the Law of the Lord, I can perhaps analogize that the notice
requirement is fulfilled by His Word offered to everyone who believes. The Bible is God’s Way of notifying us that we have a choice to accept Jesus Christ our Savior. It has been translated into more than 1,500 languages for everyone to be “notified”. According to Wycliffe Global Alliance, a community of more than 100 diverse organizations committed to serving together in Bible translation movements worldwide, there are over six billion people (out of eight billion) in 173 countries (out of 195) who have access to the Bible. Needless to say, the notification requirement in the Christmas due process, though quite extensive, still needs some more publication, so to speak. I write about this now as my humble contribution to the global effort. The portion where people are given the opportunity to be heard comes in the form of how we make use of His Word, in our own words or actions. We can continue our worldly ways and do things that displease Him, or we can make the choice of performing Holy Moments. As described by
author and spiritual leader, Matthew Kelly, “Holy Moments” are events that simply make us share goodness with everyone around, believing that Jesus is among us. Mr. Kelly specifically defines it as “a single moment in which you open yourself to God. You make yourself available to Him. You set aside personal preference and self-interest, and for one moment you do what you prayerfully believe God is calling you to do.” Whenever we give ourselves available to Him, we slowly become like Him. Whenever we see Him in others, then giving, sharing, and loving becomes organic in keeping to what the Bible promised us - “And so we know and rely on the love God has for us. God is love. Whoever lives in love lives in God, and God in them. This is how love is made complete among us so that we will have confidence on the day of judgment…” (1 John 4:16-17 ). The process of thinking of others first, not only this Christmas but for the rest of our lives, becomes simple for “in this world we are like Jesus” (1 John 4:17 ). Christmas due process affords us to have a choice as to how we celebrate the season of giving. Of course, family gatherings and gift giving are traditions that are seen all over the world. But there are some minor subtleties which I think should be obliterated in Christmas greetings. For instance, I have seen messages that use the term “Xmas” instead of Christmas. Some people, my pastor friend Gary included, opine that it is incorrect to refer to Christmas “Xmas” as it takes the “Jesus Christ,” out of Christmas. Upon looking at the
King Charles III focuses Christmas
reason we celebrate the birth of Jesus, I learned that the early Christian church used the first two letters of Christos in the Greek alphabet ‘chi’ and ‘rho’ to create a monogram (symbol) to represent the name of Jesus (P). The supposed abbreviation was a ploy to avoid persecution from the Romans centuries ago. Given that those circumstances no longer prevail in this day and age, I think we should always use “Christmas” now that we are “notified” of such differences. They appear to be the same, but they are not.
Let’s choose to honor Jesus by making sure “Christ” remains in Christmas. And when we do, then Christ remains in us and everyone else. “In this world we are like Jesus” (1 John 4:17 ). We all make choices, most of them with unintended consequences. But a good choice is easiest to live with. It is the one that spreads kindness and gentleness. Regardless of our past, I believe it only takes one pious moment to change course and be better versions of ourselves.
God be with us. Merry Christmas!
A former infantry and intelligence officer in the Army, Siegfred Mison showcased his servant leadership philosophy in organizations such as the Integrated Bar of the Philippines, Malcolm Law Offices, Infogix Inc., University of the East, Bureau of Immigration, and Philippine Airlines. He is a graduate of West Point in New York, Ateneo Law School, and University of Southern California. A corporate lawyer by profession, he is an inspirational teacher and a Spirit-filled writer with a mission. For questions and comments, please e-mail me at sbmison@gmail.com.
message on healthcare workers in year marked by royal illnesses
By Pan Pylas & Danica Kirka | The Associated Press
LONDON—King Charles III used his annual Christmas message Wednesday to hail the selflessness of those who have cared for him and the Princess of Wales this year, after both were diagnosed with cancer.
The 76-year-old monarch said he and his family are “continually” impressed by those who dedicate their lives to helping others.
“From a personal point of view, I offer special, heartfelt thanks to the selfless doctors and nurses who this year have supported me and other members of my family through the uncertainties and anxieties of illness and have helped provide the strength, care and comfort we have needed,” he said in a prerecorded speech.
The broadcast came several hours after the monarch waved to a large crowd of onlookers who traditionally gather to see the royal family
attend Christmas Day services at a church on Sandringham, the estate on the windswept North Sea coast that has served as a family retreat for generations.
The king walked with Queen Camilla as his eldest son, Prince William, Kate and their three children followed. The king’s daughter-in-law, who has slowly returned to public duties after completing chemotherapy, hugged a cancer patient after the service.
Two of Charles’s siblings, Anne, the Princess Royal, and Prince Edward, the Duke of Edinburgh, were also in the procession. Notably absent at St. Mary Mag-
dalene Church was Prince Andrew. The king’s 64-year-old brother has retreated further into the shadows amid news that a Chinese businessman had been barred from the U.K. because of concerns he cultivated links with Andrew on behalf of the Chinese Communist Party. Andrew, once second in line to the British throne, has become a constant source of tabloid fodder because of his money woes and links to questionable characters, including the late American financier and convicted pedophile Jeffrey Epstein. Even after stepping back from public duties, Andrew has continued to appear at family events and his absence from Sandringham suggests a further retreat from the public eye.
The king has been under pressure to distance Andrew from the royal family to avoid further embarrassment to the monarchy.
While Andrew said he never discussed anything sensitive with
the suspected Chinese spy and had ceased contact with the man as soon as concerns were raised, the scandal raises further questions about his judgment and distracts from the work of the royal family, said Ed Owens, author of “After Elizabeth: Can the Monarchy Save Itself?’’
“The reason why this is a problem for the king is simply that the king is trying to rebrand the monarchy at the moment, centering its focus around him, but also around William, Catherine, what they are trying to do,” Owens said.
“It’s been a very difficult year for the monarchy, not least because of the two cancer diagnoses. And all the positive headlines that the king has been trying to generate of late, unfortunately, are overshadowed by the behavior, the reckless behavior, of his younger brother, who once again finds himself in the headlines.” The king’s Christmas speech is the
UP in 2024: Bar exam topnotchers and UAAP men’s basketball champions
TKuwentong Peyups
HE University of the Philippines ended the year 2024 with a high note: graduates of UP College of Law dominated the 2024 bar exams while the UP Men’s Basketball Team (UPMBT) became the champions of the Season 87 of the University Athletic Association of the Philippines (UAAP).
The Supreme Court announced on December 13, 2024 the results of the 2024 bar exams with UP Law graduates making it on the top twenty (1st, 4th, 5th, 6th, 17th, 20th) led by Kyle Christian Tutor as Rank One. Tutor placed first with a passing rate of 85.77 percent, along with John Philippe Chua (4th, 84.28 percent), Jet Ryan Nicolas (5th place,84.2650 percent), Maria Lovelyn Joyce Quebrar (6th, 84.06 percent), Reland Cuevas (17th, 82.87 percent), and Charles Kenneth Lijauco (20th, 82.7950 percent).
UP Law is recognized as the 2nd top performing law school with a 93.09 percent passing rate for firsttime takers and an overall rate of 90.51 percent (with more than 100 candidates).
UP has the biggest numbers of passers with 229 (202 of which are first takers), followed by Ateneo de Manila University with 169, University of Sto. Thomas (UST) with 139, San Beda with 131, and University of San Carlos (USC) with 117. With a passing rate of 37.84 percent, a total of 3,962 succeeded after the justices decided to lower the passing score from 75 to 74 percent higher than 2023’s tally of 3,812. Nearly 1,000 new lawyers were added to the list as a result of the adjusted passing grade.
The other placers include six from Ateneo ( 2nd, 7th, 11th, 13th, 15th, 18th). two from UST (12th, 20th) and one each from Angeles University Foundation (3rd), University of Mindanao ( 8th) Western Mindanao State University (9th), San Beda (10th), University of San Carlos ( 14th), Jose Rizal Memorial State University (16th ) and University of St. Lasalle ( 19th).
As freshies in 1992 at UP Law, the imposing words of Justice Oliver Wendell Holmes, Jr. welcomed us to Malcolm Hall: “The business of a law school is not sufficiently described when you merely say that it is to teach law or make lawyers. It is to teach law in the grand manner, and to make great lawyers.”
I entered UP Law in 1992 but I took the bar in 1998 since I opted to be part of the working student program as a reporter for a broadsheet and other international news agencies.
I was among the lucky 1,465 examinees who passed the 1998 bar exams held in De La Salle University (DLSU), or 39.63 percent out of the 3,697 examinees, with three UP batchmates landing in the top ten (2nd, 3rd and, 5th),
From Bar to hard court
T WO days after the 2024 bar exams results, UP reclaimed last December 15, 2024 the championship title after they defeated DLSU, 66-62, in Game 3 of the Season 87 Finals in front of a record-breaking 25,248 fans at the
. . continued from A18
third since he ascended the throne after Queen Elizabeth II died in September 2022, but the first since he was diagnosed with an undisclosed form of cancer in February.
The monarch’s holiday message is watched by millions of people in the U.K. and across the Commonwealth, with many households tim-
Herod’s dream
IAraneta Coliseum. 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 drought until its third title in 202.(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. For the Season 87 (2024) eliminations, UP had 11 wins and three losses, with NU (67-47) and twice with DLSU (68-56) and (77-66). UP then defeated UST in the Final Four (78-69) to advance to the finals. In the finals, UP defeated DLSU In Game 1 (73-65) while the latter equalized in Game 2 (76-75) to force the decider. Game 3 is in favor of UP (66 62).
Out of the total season team points of 797, Francis Lopez’s combined points of 115 is the highest among the team, followed by JD Cagulangan (103), Harold Alarcon (90), Quentin Millora-Brown (89),Terrence Fortea (80), Mark Belmonte (53), Gerry Abadiano (48), Jacob Bayla (45), Dikachi Ududo (37), Reyland Torres (35). Janjan Felicilda (29), Aldous Torculas (27), Gani Stevens (23), Chico Briones (13), Sean Alter (8) and Denzil Walker (2). Graduating JD Cagulangan was named Finals Most Valiuable Player (MVP) and part of the Season 87 Mythical Five.
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 UP Concert Chorus Alumni Association has also been awarded “Best Special Events Production” at the 37th Aliw Awards last December 18, 2024.
The recognition was given for the spectacular event, “Sama-Sama Together Again: 60th Anniversary,” which celebrated six decades of excellence, camaraderie, and artistry. This milestone gathering brought together generations of UPCC alumni, showcasing the timeless legacy of Filipino talent and unity.
Peyups is the moniker of the University of the Philippines. Atty. Dennis R. Gorecho is the Junior Partner of the Sapal Velez Bundang Bulilan Law Offices. For comments, e-mail info@sapalovelez.com or call 0908-8665786.
ing Christmas lunch around it. The king’s treatment, which is believed to be ongoing, forced him to step away from public appearances for two months. He has slowly returned to public life in recent months and was in good spirits on a tour of Australia and the South Pacific in October.
A few weeks after Charles began treatment, the Princess of Wales announced her own cancer diagnosis, which sidelined her for much of
Tito Genova Valiente annoTaTions
N a small village, an elderly woman was sweeping her yard when three men came, dressed in what looked like yards and yards of clothes, a trail serving as a cape for the tallest, while the other two men shrouded their faces with dark fabric. The old woman looked up as they approached her with such genial grace. They were looking for the site where the Redentor or Redeemer was born. Clueless, the woman did not respond.
“A huge star points to the place of the Savior’s birthplace,” the other man told the woman, now even more puzzled.
“You could try the home of the teniente del barrio. He has the biggest parol,” the woman smiling, stressed.
The three bid goodbye to the old woman and disappeared from view. A few minutes later, three policemen arrived. By this time, some members of the huge audience were already giggling.
One of the tallest and burliest of the policemen greeted the old woman, then asked her if she saw three men passing by. Without waiting for details, the old woman told them about the three men looking for the biggest parol.
“We are from Cadlan…” At that point, no one could hear the dialogues taking place on stage. It was the early 70s and a mental asylum had recently been set up in the town of Cadlan, a few kilometers from the Ateneo de Naga Gym, where a play in Bikol language was setting a box office record.
It really did not matter that the policemen were in search of the three inmates who had escaped from the asylum. It was December and Ramon Lee and his cohort of brave playwrights could not help
themselves from using madness as metaphor for the inanities of social beliefs. Irreverent, these Atenistas were staging a satire that would poke fun at anything—from politicians to pompous priests, from vigilantes to vendors. The title of their play was “Pororopot,” which may be literally translated as “Entangled.”
What if they were right?
What if the Magi were wrong?
Stars—those extraterrestrial entities, meteors, comets etc.—could be abstruse. Mystifying. Those who divine them could make mistakes.
What if Herod were gentler? What if he was not fitted with the mind of a king who would order the massacre of infants?
Imagine this: the Gaspar, Melchior and Baltazar had already found themselves at the entrance to Bethlehem. Being wise men always attuned to the spirit of discovery, they knew the protocol of a fieldwork. First, they should pay a courtesy call on the Big Man of the territory. It was Herod, a Hasmonean, a half-Jew and therefore wanting in legitimacy. This could be the reason why he was big on infrastructure. To him was attributed the rebuilding and expansion of the Second Temple.
With all the technical assistance at his disposal, let us think of Herod
as being more knowledgeable of stars and alignments.
He received the three kings and whereupon proceeded to serve them a feast. The three got drunk and when they woke up groggy, Herod had already visited the baby in the manger. He has oriented the parents already of the three who were supposed to be there with them. Bad impression: they were late.
I could see Herod giving a briefing, which went this way: Look, Joseph and Mary, they are going to give you gifts. One is frankincense, which is an old perfume brand and the other is myrrh, also a kind of scent. See, they are redundant. The other king is giving gold but not in huge quantities. He has an excuse; the gift is symbolic. A metaphor. Marvel in this scenario! What would have happened with Mankind and redemption. But Herod was lost in the stars. He was narcissistic. He could have saved himself. He could have been the Fourth Magi.
As it is, he was more of a politician. Tax. Tax Tax. Then he issued an edict on registration. Which did not make sense. He forgot there was always the option of migration. We remember what followed next: Joseph and Mary fled to Egypt. Herod was giving Jesus all the options of a hero - that act of separating Himself from his original place only for him to perform a rebound, a journey back where he became stronger, more powerful. The truth is the story of Christmas can always be retold and retold. And for each retelling, man and woman are tasked to reinvent themselves. They are given the chance to look at kings in the political context of things, to measure gold and death in the order of meaning, and to assess stars and constellations for what they are: distant objects that may not have relevance at all in lives that force us to gaze at the ground rather than the heavens.
E-mail: titovaliente@yahoo.com
Why Palestinian forces are cracking down on Palestinian militants in occupied West Bank
By Majdi Mohammed & Tia Goldenberg The Associated Press
JENINRefugee Camp, West Bank—Gunfire has rung out for days from the West Bank’s Jenin refugee camp. But this time, it’s not Israeli forces that are facing off against armed groups. It is the forces of the Palestinian Authority clashing with Palestinian gunmen.
The Palestinian Authority, which administers parts of the occupied territory, launched a rare crackdown earlier this month that has sparked one of the worst armed confrontations between Palestinians in years.
The authority says it wants to bring law and order to what’s long been a hotbed of militancy and a place where it has little control.
Its ability to contain armed groups there will reverberate far beyond the West Bank. The Palestinian Authority wants to position itself to take over governance in Gaza once the war there ends. But confronting Palestinians at a time when many view the authority as a subcontractor for Israel could deepen divisions in Palestinian society.
Here is a look at the days of fighting between Palestinians in the West Bank:
Fighting rages on the streets and at least 5 are dead
Earlier this month, security forces for the Western-backed Palestinian Authority stormed into Jenin refu-
the year.
In a voiceover for her annual Christmas carol service at Westminster Abbey, which was recorded this month but broadcast on Tuesday evening, Kate also reflected on the love and support that she received.
“The Christmas story encourages us to consider the experiences and feelings of others,” she said. “It also reflects our own vulnerabilities and reminds us of the importance of giving and receiving empathy, as well as
gee camp, a restive militant stronghold, and began a crackdown against armed groups.
Fighting has raged in the streets of the camp, and armored cars are seen patrolling. Palestinian security forces have taken over part of a hospital, using it as a base and shooting from inside, according to the United Nations. At least one militant from the Islamic Jihad group and three security force members have been killed, including a captain in the intelligence services whose death was announced Wednesday, according to the Palestinian forces. About 50 people have been arrested. At least two uninvolved civilians have been killed and some wounded. The fighting prompted the main UN agency for Palestinian refugees, UNRWA, to suspend its services, including schooling. The violence has disrupted safe access for Palestinians to other services, including water and health. It also has complicated the restoration of services destroyed in previous Israeli raids of the camp.
just how much we need each other in spite of our differences.”
Charles spoke at the Fitzrovia Chapel in central London, which was part of the now-demolished Middlesex Hospital where his first wife, Diana, opened London’s first dedicated ward for those with AIDS.
The king had tasked the team organizing the broadcast with finding a site away from the royal estate, and one with health connections, a strong
The Jenin refugee camp explained
THE urban, built-up refugee camp in the northern West Bank houses Palestinians whose families were displaced in the 1948 war surrounding Israel’s creation. It has long been a center for Palestinian militancy and a bastion of armed struggle against Israel. The militant groups Islamic Jihad and Hamas operate freely there, and its streets are regularly lined with posters depicting slain fighters as martyrs for the Palestinian cause.
The Palestinian Authority, which administers the main Palestinian population centers of the West Bank as part of interim peace agreements with Israel from the 1990s, has little presence in Jenin. Many people view the Palestinian Authority forces with suspicion and see them as serving Israel’s interests because of security coordination that has facilitated Israel’s own crackdowns on Palestinians.
The refugee camp and the adjacent city of Jenin have long been targets of Israel in its stated bid to stamp out militancy. Since the start of the Israel-Hamas war in Gaza, which has sparked a wave of violence in the West Bank, Israel has raided or carried out airstrikes in Jenin multiple times, killing dozens and leaving heavy destruction.
Palestinian health officials say
community presence and a place of solace and reflection for those with or without faith. It’s a rare occasion when the monarch’s Christmas message is not recorded at a royal residence, notably Buckingham Palace or Windsor Castle. The last time his late mother recorded her message outside the royal estate was in 2006.
Charles also paid his respect to World War II troops who perished on the beaches of northern France
Israeli raids throughout the West Bank since Oct. 7, 2023, have killed more than 800 Palestinians. Israel says most of these are militants, but youth throwing stones and people not involved in confrontations have also been killed.
The PA raid is meant to restore order but it’s also linked to postwar Gaza
ACCORDING to Brig. Gen. Anwar Rajab, the spokesperson for the Palestinian security forces, the raid is meant to impose law and order and restore peace and security. The troops were focused on “eradicating” Iran-backed groups that were trying to incite “chaos and anarchy,” he added. The raid will end when those goals are reached, according to the security forces. But the raid is also shining a spotlight on the Palestinian Authority’s ability to impose order and security in a restive area. With no clear vision for who will administer postwar Gaza, the raid could convince skeptics that the authority has what it takes to rule the Palestinian enclave. Palestinian President Mahmoud Abbas is considering an agreement with Hamas that would create a committee of politically independent technocrats to administer the Gaza Strip after the war. The committee would report to him. Goldenberg reported from Tel Aviv, Israel
as well as the few remaining veterans, many of them centenarians, who attended the 80th anniversary of the D-Day landings in Normandy in June. He said it was an “enormous privilege” to meet “the remarkable veterans of that very special generation who gave of themselves so courageously on behalf of us all” but that the specter of war was haunting the world this Christmas. Brian Melley contributed to this report
Dennis Gorecho
Friday, December 27, 2024
2nd Front Page
‘AI-powered chatbox, VAs to replace 14% of PHL jobs’
By Cai U. Ordinario @caiordinario
CHATBOTS and virtual assistants that are powered by Artificial Intelligence (AI) could replace 14 percent of Philippine jobs, according to the International Monetary Fund (IMF).
In a recent report, the IMF estimated that out of all jobs, some 3 5 percent or more than a third are “highly exposed” to AI. More than half of these highly exposed jobs are rated as “highly complementary” while 14 percent are at risk of being replaced by AI.
IMF also noted that AI exposure varies by gender, as around half of all jobs held by women are considered highly exposed, higher than the q uarter of jobs for men.
“To ensure that the gains from implementing AI are widely shared, the authorities will need to invest in digital infrastructure and education and strengthen the social safety net,” the IMF said. The report also showed that clerical support-related jobs are considered highly exposed but have low co mplementarity to AI while craft and trades, skilled agriculture; and majority of elementary occupations are considered to have low exposure to AI. More than half of machine operator jobs are also considered to have l ow exposure to AI and the rest are considered to have high exposure but also have high complementarity to AI. It’s a mix when it comes to services and sales where about half are co nsidered highly exposed but highly complementary to AI; about a third
Stakeholders applaud ‘tedious’ unified fee payments for Boracay
By Ma. Stella F. Arnaldo @akosistellaBM Special
to the
BusinessMirror
PRIVATE tourism stakeholders on Boracay hailed the recent implementation of a unified entry and payment system to the island, which is seen increasing its chances of attracting more foreign guests.
This developed as Aklan Gov. Jose Enrique “Joen” Miraflores announced on December 19 on his Facebook page, the launch of the “digital Boracay Tourist Pass where travelers can pay the Terminal, Environmental and Boat Fees in just One-Time payment...Online! For a more convenient and efficient Boracay experience!” The system is being handled by PisoPay, a financial technology company. The unified fees payment system comes amid the usual surge in tourists during the holiday season. Both local and foreign visitors are encouraged to register at www.boracayipass.ph where upon completion of their registration, they will receive a QR code. At the onset, they will be asked for their tour details and a valid email address, which will be verified, and where a six-digit one time pass (OTP) code will be sent. The OTP will be used to process the iPass tourist registration and the payment for the fees required to enter Boracay.
‘Positive dev’t’
D I NDO S ALAZAR c hairman of the Boracay Foundation Inc., told the BusinessMirror, “The Boracay iPass system is a positive development that improves the entry process to the island. Its integration of all necessary fees—port fees [provincial government], environmental fees [local government unit], and optional boat fare—is convenient and user-friendly. We also appreciate the absence of convenience fees for online transactions, including credit card payments, and hope this remains the standard.”
The separate charging of fees to enter Boracay and the confusing long queues to pay for these were among the reasons cited by local tourism groups and destination management companies for why foreign tourists no longer like visiting the island, known around the world as one of the best for its powdery and creamy-white sand beaches. (See, “WTM travel buyers not so keen on Boracay now,” in the BusinessMirror, No -
vember 22, 2024.)
The charges, which should be paid at the jetty port, include: a terminal fee of P150, environmental fee of P150 (domestic visitors) and P300 (foreign visitors), and boat fee of P50. There is also a separate transfer fee so visitors can travel from the Kalibo or Caticlan airport to the jetty port, and from the jetty port to the hotel or resort, where they are booked. These transfer fees, which range from P200 to P600 one way, are exclusive of the terminal, environmental, and boat fees, and paid to private tour transfers companies.
Simplify further
T HE BF I official suggested, however, that the registration system needs to be further simplified as there seemed to be too many requirements asked of each visitor. “The system offers multiple payment options, such as cash payments at outlets like 7-Eleven, which adds to its accessibility. However, the requirement to input detailed information for each individual, such as specific addresses, seems excessive. Simplifying this to broader regional data would be more efficient. Additionally, group travelers may find the current process tedious, as each person's details must be entered manually. Introducing features for group or batch registration would greatly enhance its usability,” said Salazar. However, he underscored that, “Overall, the Boracay iPass system is a much-needed initiative to address long-standing issues such as long queues at the jetty port. We commend the provincial government for this effort and encourage ongoing refinements to optimize the user experience.”
A local stakeholder, who spoke on background, explained that the project was “properly presented to concerned stakeholders including the local government unit and the province. There was another group which also made a presentation but PisoPay had the lowest offer.”
Data from the Malay Tourism Office some 1.96 million visitors in Boracay from January to December 15 this year, of whom 402,091 were foreigners, while 1.55 million were Filipinos. The island was
has low exposure to AI; and the rest are highly exposed but have low complementarity to AI.
“Given the Philippines’s service-based economy, recent advances in Artificial Intelligence pr esent both challenges and opportunities. The BPO industry m ight experience shifts as AIdriven chatbots and virtual assistants handle more customer s ervice tasks,” the IMF said.
IMF said the national government agreed that there is a n eed to address the skills gaps, including those related to AI, continue to hinder greater private sector investment into the Ph ilippines.
The Washington-based lender said the national government greater public-private p artnership is needed to "modernize education curriculums, a long with greater training for teachers at all levels and use of digitalization"will help address gaps through education.
“Various government efforts, including the National A I Strategy Roadmap 2.0, and private sector partnerships to support upskilling workers, are expected to soften negative im -
pacts related to the widespread a doption of AI,” IMF said.
Earlier, Aileen Judan-Jiao, President and Country General Manager of IBM Philippines Inc. said the Philippines needs to make AI consumable, inclusive and realistic.
To be a stronger force to reckon with, the IBM executive stressed that the tool has to be “very inclusive,” such that it can be easily responsive to and embrace the needs of all economic c lasses.
Having the demographic dividend advantage, the Philippines, Judan-Jiao said, houses t he users of technology. However, she pointed out, “But if t he tech users are not knowledgeable, it’s a problem. Right?”
To have every Filipino ride the AI wave, the use cases of the tool should be “relatable and inclusive,” so as to make it last, the IBM executive emphasized. With this, JudanJ iao said IBM “advocates” that AI regulation should not be a one-size-fits-all. (See: https:// businessmirror.com.ph/2024/06/22/ human-conundrum-how-to-keepup-with-robots/).
DA EYES RICE BRAND LABELS’ JUNKING TO STOP TRADE
TRICKS
TBy Ada Pelonia @adapelonia
HE Department of Agriculture
(DA) is mulling over the removal of brand labels from imported rice on reports these are allegedly being employed as manipulation tactics by some industry players to inflate rice prices.
In a statement, Agriculture Secretary Francisco Tiu Laurel Jr. cited concerns that some industry players are manipulating the system to raise prices and exploit Filipino consumers.
"After conducting a series of market visits, we now have reason to believe that some retailers and traders are intentionally confusing Filipino consumers with branded imports to justify the high prices of rice," Laurel said.
He also ordered the removal of labels like “premium” and “special” on imported rice, noting that these are being used to justify inflated prices.
The agriculture chief, however, maintained that locally-produced rice would be exempted from this rule to protect Filipino farmers and traders.
“Importing rice is not a right but a privilege [...] If traders are unwilling to follow our regulations, we will withhold permits for rice importation," Laurel said.
The agency said data gathered from retailers, traders, and importers suggest that a markup of P6 to P8 per kilo from the landed cost of imported rice is enough to profitably sustain
the operations of all parties involved in the supply chain.
Meanwhile, Laurel said the agency is also considering several measures to tackle rice price volatility. This includes declaring a food security emergency under the amended Rice Tariffication Law (RTL), which would allow the release of buffer stocks from the National Food Authority (NFA) to stabilize prices. Laurel said he is also exploring the option of allowing government corporations like Food Terminal Inc., to import significant quantities of rice to compete directly with private importers.
He also ordered the DA legal division to study if provisions of the Consumer Price Act could be activated to deal with seeming acts of profiteering.
The agriculture chief, meanwhile, suggested enlisting the Department of Finance, particularly the Bureau of Internal Revenue (BIR), to audit the fi
‘Shift projects to Create, Create More’
TBy Ada Pelonia @adapelonia
HE Board of Investments (BOI) urged registered firms to transfer existing projects to Corporate Recovery and Tax Incentives for Enterprises (CREATE) law and CREATE to Maximize Opportunities for Reinvigorating the Economy (CREATE More).
According to Trade Undersecretary and BOI Managing Head Ceferino Rodolfo, registered business enterprises (RBEs) have until December 31, 2024, to submit an affidavit of intent to transfer to CREATE and CREATE More.
“The actual transfer and evaluation may come after the letter of intent, as long as they meet the deadline to submit the letter of in -
tent by the end of this year,” Rodolfo told reporters in Filipino during a briefing on Thursday. Rodolfo said those registered under the pre-CREATE law only have income tax holiday (ITH), whereas those that will register under CREATE law can enjoy a enhanced reduction.
He also noted that the transfer to CREATE More would only be relevant to those whose project costs are above P15 billion and undergo the Fiscal Incentives Review Board (FIRB).
Depending on activities, the agency said those enterprises with FIRB-approved projects that would transfer to CREATE More law could enjoy 4 to 7 years of ITH and 20 years of enhanced deduction regime (EDR) or 24 to 27 years of EDR.
According to BOI, 275 identified RBEs are qualified to transfer. Of these, 119 firms are operating while 156 are pre-operating. All of these have not yet availed themselves of ITH, which makes them eligible for transfer.
The agency also noted that only 82 RBEs have signified their intent to transfer as of December 19.
Per their record, the BOI said 12 projects with investment capital of over P15 billion are qualified to transfer from CREATE to CREATE More. The BOI clarified that there would only be two ways to transfer: from pre-CREATE law to CREATE
Meanwhile, Rodolfo said the BOI is both an aggressive promoter of investments and a prudent administrator of fiscal incentives.
“In pursuing industrial development by using fiscal incentives as one of the tools for attracting investments, we have been a steadfast
14.
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Basic Qualification: Proficient in speaking, reading, and writing in Mandarin language.
Range: Php 150,000 - Php 499,999
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19. WANG, JINJI Mandarin Speaking Helpdesk Support Specialist
Brief Job Description: Provide first-level contact and convey resolutions to customer issues.
Brief Job Description: Provide financial advice and assess financial risks. Develop sales and marketing strategy and improve financial operations.
22. CHEN, YINGYIN Software Tester
Brief Job Description: Involved in the quality assurance stage of software development; analyzing test results on database impacts, errors or bugs and usability.
Basic Qualification: Bachelor’s degree with experience in business management, finance, computer/software, marketing/sales, or related field.
Salary Range: Php 30,000 - Php 59,999
Basic Qualification: Bachelor’s degree with experience in business management, finance, computer/software, marketing/sales, or related field.
Salary Range: Php 30,000 - Php 59,999
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62. DOGRA, MANOJ Rates And Quotation Officer
Brief Job Description: Register costing into the system.
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64. GILL, HARJINDER KAUR Rates And Quotation Officer
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Brief
68. LIU, MAOWEI Rates And Quotation Officer
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69. SANDEEP SINGH Rates And Quotation Officer
Brief Job Description: Register costing into the system.
70. SANJEEV KUMAR Rates And Quotation Officer
Brief Job Description: Register costing into the system.
71. SATNAM SINGH Rates And Quotation Officer
Brief Job Description: Register costing into the system. Basic Qualification: At least college graduate.
72. WANG, ZHAO Rates And Quotation Officer
Brief Job Description: Register costing into the system.
73. DHALIWAL, PRITPAL SINGH Team Lead
Brief Job Description: Tracks orders and shipments and assist with tracing as needed.
74. DING, LIRONG Team Lead
Brief Job Description: Tracks orders and
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SHARMA, SACHIN Quality Assurance
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PRIYANI, AKASH Translator (mandarin)
Brief Job Description: Translate written documents, audio recordings, or spoken conversations accurately and efficiently from one language to another.
115. RAJWINDER SINGH Translator (mandarin)
Brief Job Description: Translate written documents, audio recordings, or spoken conversations accurately and efficiently from one language to another.
116. YU, SHUANGSHUANG Translator (mandarin)
Brief Job Description: Translate written documents, audio recordings, or spoken conversations accurately and
ZHOU, SHADI Translator (mandarin)
117.
Brief Job Description: Translate written documents, audio recordings, or spoken conversations accurately and efficiently from one language to another.
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118. LY PHUONG HA Bilingual Customer Service Representative
Brief Job Description: Maintains customer records by updating account information.
119. TRINH PHUONG UYEN Bilingual Customer Service Representative
Brief Job Description: Attracts potential customers by answering product and service questions and suggesting information about other products and services.
120. YOSHIKAWA, HIROTO Bilingual Customer Service Representative
Brief Job Description: Maintains customer records by updating account information.
121. DO, THI NGOC LINH Mandarin Human Resource (HR) Specialist
Brief Job Description: Recruiting staffs who can speak Mandarin. Maintaining employee files and the HR filing system.
122. CHOY WEN HONG Mandarin Supervisor
Brief Job Description: Provide leadership and manage the employees to make sound decisions and solve problems.
Qualification: Able to speak Mandarin language.
Editor: Jennifer A. Ng
B1 Friday, December 27, 2024
Capital raising anemic in ‘24, but sustainability focus strong
By VG Cabuag @villygc
AT the start of the year, every broker would forecast how the benchmark Philippine Stock Exchange index will end the year.
Of course, no broker would be pessimistic. But their targets for years now since the pandemic were way off.
First Metro Investment Corp., for instance, in January expected the economy to grow by 6 percent this year, enough to help the PSEi to hit as high as 7,500 points by year-end.
The PSEi, at week 51 of 2024, struggled to get past 7,000 points and was just at 6,400-point level. It was down by 43.66 points since the start of the year.
Francis Patrick T. Diaz, president and co-founder of broker Luna Securities Inc., said how the Trump administration of the United States will play their economic policies will have an impact on the Philippine economy, and the benchmark index.
“I understand that US Federal Reserve chairman (Jerome) Powell is, you know, he's been underscoring that he's an independent, even if he was technically appointed by the Trump administration from prior. So if interest rates continue to go down, then I think.... we can probably hit the 8,000-point mark for next year, maybe even reach it potentially,” Diaz said. “But if that doesn't happen, we'll probably be range bound for about maybe the 6,500 to 7,200 to 7,400,” he said.
With the anemic trading, capital raising done at the PSE may only reach P79 billion, or just more than half of the previous year’s P141 billion.
So far, the PSE only had three initial public offerings, one stock rights offer, six follow-on offer and seven private placements.
Cebu-based gas station operator Top Line Business Development Corp. was already poised for listing at the PSE supposedly on December 12, to get the 12-12-24 number pattern, but opted to postpone it for next year as market trend turned sour.
The listings for the year were OceanaGold (Philippines) Inc., Citicore Renewable Energy Corp. and NexGen Energy Corp. PSE president and CEO Ramon Monzon said there were three to four big initial public offerings by next year and also some small and medium ones. The target IPOs for
next year would be at six companies, he said.
Two of the big deals would be West Zone concessionaire Maynilad Water Services Inc., which it could raise as much as $1 billion, and the operator of Okada Manila, the integrated resort and casino in Entertainment City.
“They (Maynilad) have not applied yet but I’ve already talked to them,” Monzon said. Maynilad is jointly owned by Metro Pacific Investments Corp., DMCI Holdings Inc. and Marubeni Corp. of Japan.
Monzon said the SM group’s real estate investment trust may not be done by next year as the Sy group was not keen on creating a REIT, while the IPO of Enrique Razon Jr.’s Prime Infrastructure Capital Inc. was still “premature”.
The IPO of the GCash operator, meanwhile, is still on the table, but their problem was with their recent valuation of $5 billion, which was too high, Monzon said.
“Then there were new investors that came in. For sure that $5 billion will grow to about $8 billion. And 20 percent of that is about $1.6 billion,” Monzon said.
The 20 percent is the minimum public float required by the PSE on new listings.
There were listings, but there were also delistings.
Abra Mining and Industrial Corp. will be involuntarily delisted after the Securities and Exchange Commission found that the company and some of its officials had illegally sold unlisted shares from 2015 to 2019.
The PSE said it “is left with no alternative” move after the SEC’s Markets and Securities Regulation Department confirmed “that there were indeed illegally issued shares circulating on the market and its resolution revoking AR’s registration statement and corresponding permit to sell securities”.
“In view of SEC’s findings contained in its April 8, 2024 decision, minority stockholders of AR may, individually or as a group, consult their counsel and seek legal advice on available remedies under existing laws,” the PSE said.
South Korea’s SFA Semicon Philippines Corp., which has a semiconductor plant in Clark in Pampanga, has also requested for its delisting in August after its parent firm SFA Semicon Co. Ltd. signalled it intends to buy all other shares the firm does not own.
With the high interest-rate environment, banks nowadays were more keen on arranging sustainabilitylinked financing as many regular deals soured due to the high yield demanded by the instruments.
Many of the previous deals of the investment banks involved these types of bonds as a means to continue investors’ interest.
As of October, the Philippines was second leading issuer of Asean-labelled sustainability bonds at $15.06 billion, next to Thailand’s $19.8 billion.
Philippine National Bank aims to allocate the proceeds of its $300- million sustainability bonds issuance to both green and social initiatives including, among others, renewable energy, energy efficiency, green buildings, clean transportation, affordable basic infrastructure, access to essential services, food security and socioeconomic advancement and empowerment.
“The SEC is boldly taking the lead in championing sustainability practices both at home and in the sector it regulates,” the agency said.
“As society grows more aware of the importance of environmental stability in addressing long-term global challenges, the SEC will work tirelessly to integrate sustainability into the overall regulatory framework as part of corporate governance practices,” it said.
Consumers want natural DEAN A . Lao Jr., president of bioethanol maker Chemrez Technologies Inc. said not only do consumers want natural products, they want it to have a sustainability aspect built into it as well.
Lao belongs to the second generation of the family that controls chemical manufacturer D and L Industries Inc., Chemrez’s parent firm.
Lao said when DNL decided to invest some P10.5 billion in a new plant in Batangas, which has five times the company’s capacity today, sustainability was an important consideration.
“We cannot do lot of sustainability measures (required) if we don’t build and design (the plant) from the ground up. This plant has sustainability designed into the product from layout of the plant, what we forecast the markets to be (for the next 15 years),” Lao said.
DNL works with companies, supplying them with crucial products such as coconut oil-based tallow and ice cream mixes for the fast food firms, and other ingredients for other food and non-food firms.
As the trend for sustainable products is growing, many of these firms they were working with started looking for some sustainability aspects in its operations, which could include their suppliers.
“You can say that our business model has come of age when the need for sustainability is ever more important and urgent,” Lao said.
DNL’s sister firms also manufactures products such as hand soaps, detergent and milk tea mixes—not necessarily to compete with current players in the market but to show to investors and customers what it is capable of doing.
It conducted a life cycle analysis of its products with the help of University of the Philippines-Los Baños.
Life-cycle analysis, or LCA, also known as life-cycle assessment, is a primary tool used to support decision-making for sustainable development. According to the US Environmental Protection Agency, LCA is a tool to evaluate the potential environmental impacts of a product, material, process or activity.
“Knowing the GHG (green house gas) or CO2 (carbon dioxide) footprint of our product and processes is essential information if the goal is to reduce. We can only manage what we can measure,” Lao said.
“We have established and benchmarked our CO2 footprint relative to regional competitors who use less sustainable. Like palm oil, our multinational clients in the personal and home care industries are finding such data so compelling that they have to make the conscious move to work with us,” he said.
Lao said the analysis showed that its products, which mainly uses coconut products, were way ahead of its competitors.
He said the company’s oleo chemical competitors from Indonesia, Malaysia, Singapore and India are mostly dependent on palm oil as primary feed stock for all their natural products.
Palm oil industries were established where rainforests used to be; thus, the deforestation that made a way for their plantations took a very huge toll on the planet.
DNL uses coconut oil, which it sources locally. The Philippines has about 3.5 million hectares of coconut plantation.
“Examples of oleochemicals include surfactants that are the primary building blocks for cleaners, soaps, cosmetics, and other home and personal care products The same principle applied to biodiesel replacing Petro diesel,” he said.
Sustainability, ESG: Not the same M A NY companies, however, were interchangeably using sustainability and ESG, or environmental, social and governance.
Simply put, both terms encourage responsible practices, but with some key differences. ESG focuses on environmental impact, social responsibility and governance, aiming for financial gain.
Sustainability is broader, considering the long-term well-being of the planet and society.
Sustainability will continue to weave through the business activities of many companies, in the years to come,
The SEC said, however, it will remain loyal to its roots as company registrar and supervisor of the capital markets, while evolving and adapting to new roles that the changing times will bring.
“As it begins another year, the SEC will continue to push boundaries to secure the capital market, enhance the ease of doing business, and catapult the Philippine corporate sector into one of the best in Southeast Asia, solidifying its position as the premier business and investor champion of the Filipino people,” it said.
Cosco Capital terminates deal with Siam Global
“Profit sharing will be based on equity interest participation in the JV company. The JV company’s management and operations will be jointly decided by the parties as provided in the joint venture agreement,” it said. VG Cabuag
SM Group ‘cautiously optimistic’ for 2025
CONGLOM SM Investments Corp. said it is ‘cautiously optimistic’ next year, as the company is encouraged by the continued growth of the Philippine economy.
SMIC President and Chief Executive Officer Frederic C. DyBuncio said that despite ongoing challenges, such as the peso-dollar exchange volatility and higher inflation, the business sector has adapted well.
Data from the Philippine Statistics Authority showed household final consumption expenditure posted a year-on-year growth of 5.1 percent.
“Any moderation in inflation should trigger a strong confidence rebound. This could create opportunities in consumer-focused sectors in the country and we are poised to cater to these evolving demands,” DyBuncio said.
“Our focus for 2025 will be to drive purposeful growth, empowering communities and partners through our investments towards a sustainable future,” he said.
To cater to growing demand, SM continues to expand into more underserved areas, contributing to sustainable economic development and collaborating with government stakeholders to enhance access to modern retail, financial services, and integrated property developments.
“By investing and expanding to more areas nationwide, SM creates new markets and improves access to these essential sectors, serving more communities and helping stimulate sustained economic activities,” he said.
DyBuncio said SM continues to
invest in promising ventures such as renewable energy and logistics, that foster economic activity.
SM has invested in the clean energy industry through Philippine Geothermal Production Co., which produces 300 megawatts (MW) of geothermal steam supply. The company said it will continue to develop geothermal concessions through PGPC in support of the Department of Energy’s goal of reaching 50 percent renewable energy supply by 2040.
To encourage circularity towards green energy production, SM’s property arm, SM Prime Holdings partnered with GUUN Co. Ltd. to implement the Japanese technique of reducing landfill impact. The technology converts non-recyclable and hard-to-recycle packaging into alternative fuel.
BDO Unibank Inc., meanwhile, is one of the largest funders of renewable energy projects. BDO has funded P898 billion in sustainable finance, including loans to 59 renewable energy projects as of December 2023. In logistics and tourism, the improvement of transport networks across the country’s archipelago connects tourist and industrial areas that will help create inclusive growth. SM though its subsidiary 2Go Group Inc. launched MV Masigla and MV Masikap this year to help better connect goods to 19 ports including Iloilo, Bacolod, Cagayan de Oro and Manila, further supporting the government’s push for medium term growth through an upgraded tourism infrastructure and ecosystem. VG Cabuag
Telcos step up drive vs cyber threats, scams
By Lorenz S. Marasigan @lorenzmarasigan
TELECOMMUNICATION gi-
ants PLDT Inc. and Globe Telecom Inc. said on Thursday they are stepping up initiatives to safeguard customers and enterprises from malicious online activities, as cyber threats and scams continue to proliferate in the Philippines.
In separate statements, both companies said they have developed comprehensive measures to counter cybercrime, underscoring their commitment to create a safer digital environment.
PLDT Enterprise First Vice President John Gonzales said the group is focusing on cutting-edge technological solutions to combat cybercrime, particularly as mobile transactions dominate the digital landscape.
“The Philippines is a mobile-first country. Today, 64 percent of transactions here are conducted on mobile devices, and because of the high volume of transactions, the Philippines has become a major target for malicious actors,” Gonzales said.
He said PLDT has aligned with GSMA’s Open Gateway Initiative, which fosters standardized APIs for secure and seamless digital experience.
He cited the rollout of three key services in 2024: silent authentication to replace OTPs, device location validation for fraud detection, and enhanced Know Your Customer (KYC) processes to ensure secure transactions.
The group has already blocked nearly two billion malicious text messages and blacklisted almost a million scam-related numbers in 2024.
“Our role in continuously educating consumers and enterprises is also something we take seriously. Together, we must continue to build awareness of cybercrimes and ways to prevent them, putting in place a comprehensive defense against fraud and scams,” he said.
Globe Telecom, meanwhile, is using its Digital Thumbprint Program (DTP) to educate Filipinos on digital citizenship and cybersecurity. The program reached 6,196 participants in 2024, including students, parents, and community members all over the country.
“With the accelerated digital transformation comes growing online threats, particularly fraud, to which more and more Filipinos fall victim every day. These threats rob online customers of their hardearned money, impacting their mental and physical health,” said Yoly Crisanto, Chief Sustainability and Corporate Communications Officer at Globe.
In November alone, the DTP reached 450 participants in areas like Ilocos Sur, Pampanga, Rizal, and Davao del Norte, offering workshops on recognizing scams, ethical internet use, and AI ethics.
These sessions are part of Globe’s broader efforts to promote digital safety and responsibility, particularly among young Filipinos.
“PLDT and Smart fully understand the critical role of telcos in fighting fraudulent activities. We are very thankful for GSMA who has been driving anti-fraud measures globally by uniting telcos, app developers, enterprises and other stakeholders to create mechanisms against fraud,” Gonzales said. In addition to technological advancements, PLDT and Smart are proactively collaborating with industry stakeholders and government agencies to tackle scams like SMShing and the use of illegal cell towers.
BY KATHERINE ROTH
The Assiociated Press
NEW YORK—We all know the stressors: Social obligations. Family discord. Political rifts. Financial stress. And the desire to stay cheery and big-hearted throughout.
So here’s a reminder about how to banish your inner perfectionist and truly enjoy the holiday season:
“It really helps to let go of some of the ‘shoulds,’” says Lynn F. Bufka, head of practice for the American Psychological Association. “Decide on the one thing that matters most, and the things that bring you the most joy, and let go of other things.”
Traditions can shift and change, and the more flexible things are the easier it is for everybody, Bufka says. “Focus your energy on creating a warm space for the people you love to gather and relax, catch up and celebrate one another. That’s literally all that matters,” agrees Lauren Iannotti, editor in chief of Real Simple
Some tips:
■ Throw yourself into the parts of the holiday that make you happy. You could decide that conversation is your main goal, and not worry at all about the decor, says Bufka. Or if table decoration is what you love, spend your energy there and don’t worry as much about other aspects.
“Ideally, it should be about focusing on love, and that doesn’t mean the same thing to everyone,” says Bufka.
Don’t hesitate to outsource some of that other stuff.
“People want to help—let them!” says Iannotti. “If you don’t LOVE cooking all those sides, or are strapped for time, there is zero shame in accepting your sister’s offer to do the stuffing. Or enlist help from the pros— support a local restaurant by ordering some catering platters.”
A potluck can be your friend. “Have everyone bring one signature dish,” says Ianotti. “You’ll save time and money on prep and cooking and your guests can show off their skills.”
■ Give yourself permission to cut corners. “It’s OK if the house is a little messy or dinner is on the table a few minutes late,” says Iannotti. “If the people
you’ve invited are more interested in grading your performance than having a good time, they can take that up with their therapist to sort through.”
(They’re not, by the way—“something to maybe take up with your therapist,” she adds.)
And don’t hesitate to let people help themselves, when possible. “If you don’t have time to play bartender, create a signature drink ahead of time that can serve all of your guests. You can also just leave out a few mixers so guests can serve themselves and make their own creations,” suggests Caroline Utz, editorial and strategy director at The Spruce.
■ It’s OK to step away for alone time. Things will run well enough if you’re not overseeing it all, so take care of yourself. Take breathers or walks if that helps you stay centered. “Although mindfulness is becoming an overused term in society today, there is something of value we can take from this and apply to
A new exciting dish for the yuletide
A STAPLE in many Middle Eastern and South Asian cuisines, naan is a traditional Indian flatbread best paired with a hot bowl of curry and cooked in an authentic clay oven called tandoor. For this festive season, Chef Pepa Escalante prepares her version of this teardrop-shaped leavened bread accompanied by harissa —a North African spicy chili paste—for a tantalizing feast of flavors. This recipe is a nostalgic ritual for Escalante, a Culinary Arts alumna of the De La Salle-College of Saint Benilde (DLS-CSB) and a former instructor at the School of Hotel, Restaurant, and Institution
Management (SHRIM).
“The inspiration behind this dish was my first Christmas away from home—the one I spent in Dubai many years ago as I finished my internship,” she shared.
“There’s something magical about reminiscing the past, especially one that reminds you of how life was so simple and innocent when you were young.” She was trained through Benilde’s partnership with Jumeirah’s Emirates Academy of Hospitality Management and Burj Al Arab.
The Pantree Food Concepts Inc. chief financial officer encourages gastronomes to recreate this simple yet mouthwatering fare with their loved ones for a different yet more fun holiday season.
“There are some things in life that you miss, such as clan gatherings from your childhood days, traveling with your family while your parents are still more mobile, or spending Christmas in a magical place but are just too homesick to cherish the moment,” Escalante recalled.
Harissa Sauce: 10 cloves Garlic 2 pcs local tomatoes, cut in half
g cherry tomatoes, whole
pcs red bell pepper
tbsp cayenne pepper
cup olive oil
tbsp dried coriander powder
tsp cumin
the holiday season,” says Brook Choulet, a concierge sports and performance psychiatrist and founder of Choulet Performance Psychiatry.
She recommends “scheduling intentional microbreaks” to do something you enjoy.
“For example, you may schedule a phone call with a friend out of state, take a 15-minute walk outside, or even set the timer and take a 15-minute bath uninterrupted,” she said.
■ Expect some discord, and don’t get freaked about it. “If you’re worried about the polarization and getting into uncomfortable conversations, try to think about ways you can end a conversation, or shift it in another direction,” Bufka says.
She recommends preparing a few lines in advance to help end the conversation or shift it in another direction. So, aiming for a less-than-perfect holiday season may just be the sweet spot. ■
Procedure: Naan
1. Mix yeast with a warm water-sugar mixture. Let it rest for 15 minutes.
2. In a bowl, mix all the dry ingredients. Add in the wet ingredients: Yeast mixture, clarified butter, milk and egg. Use a spoon to bring all the ingredients together.
3. Use your hands to form the mixture into a dough.
4. Leave the dough in the mixing bowl, then cover with cling wrap. You may place the bowl in a turned-off oven, and leave a pan with hot water on the bottom layer. This step is called proofing and will allow the dough to double in size. Proof for one hour.
5. Prepare a clean, dry tray to place the smaller dough balls later.
6. After one hour, transfer the dough onto a lightly floured clean surface. Cut the dough into four, and form into balls.
7. Transfer the smaller balls onto the lightly floured tray prepared earlier. Place a clean towel over the dough balls. Leave again for another 15 minutes to let the dough rise.
8. About 10 to 12 minutes into the final
SEE “YULETIDE,” B5
learn, gather information and discover trends to help you get ahead. Your downfall will be cutting corners when time and precision are essential. Slow down and watch what matters; you will surpass your goals and impact those around you. Personal growth is favored. ★★★
TAURUS (April 20-May 20): Set
GEMINI (May
Don’t second-guess yourself when you should question what others want you to do. Take pleasure in expressing yourself, your desires and your plans; you’ll gain respect and the help you need from those heading in a similar direction. ★★★
CANCER (June 21-July 22): Refrain from putting limitations on yourself. Let your experience and desire lead the way, and you will be happy with the outcome. Choose to use your imagination, which will separate you from any competition. Put your energy where it counts, and it will make the most difference. ★★★
LEO (July 23-Aug. 22): You’ve got the stamina to do something great. Engage in events that build you up and command the confidence to explicitly target what you want and carry you to the winner’s circle. Trust and believe in your ability; nothing will stop you from getting what you want. Romance is featured. ★★★★★
VIRGO (Aug. 23-Sept. 22): Troubles will mount at home or work if you let your emotions come between you and making good decisions. Be wary of anyone trying to tempt you with excessive behavior or lure you into believing what isn’t factual. Reach your conclusions by summarizing facts and getting what you want in writing. ★★
LIBRA (Sept. 23-Oct. 22): Look at trends and see how to apply them to something you want to pursue. An open mind and dialogue will stimulate your thinking and encourage you to trust your instincts as you follow your dreams. Refuse to let laziness take over when victory is what you need. ★★★
SCORPIO (Oct. 23-Nov. 21): Coast along, enjoy the ride and live in the moment. Your encounters will be eye-opening and encourage you to incorporate new ideas, concepts and trends into your daily routine. Choose a positive attitude and healthy lifestyle, and everything will fall into place. ★★★
SAGITTARIUS (Nov. 22-Dec. 21): Be an influencer, speak the truth and demonstrate what you can do. Build your brand and be ready to face off with those trying to beat you at your own game. You know the rules and how to navigate your way to the top. Do your thing and enjoy the ride. ★★★
CAPRICORN (Dec. 22-Jan. 19): Leave nothing undone. It’s up to you to make things happen. Justice and fair play are essential to feel good about finding your path to victory. Put your life in perspective, and you’ll recognize what you want and the best way to turn your dream into a reality.
AQUARIUS (Jan. 20-Feb. 18):
Banking&Finance
In hunt for revenue sources, DOF tapped ‘creativity’ well
By Reine Juvierre Alberto @reine_alberto
IT felt like three years.
This is how Finance
Secretary
Ralph G. Recto detailed his leadership of a department expected to raise P15.8 billion a day to keep the Philippines afloat amid headwinds.
The sudden strengthening of the US dollar and the rise of interest rates, triggered by his expectations of a Donald Trump presidency, took him by surprise this year.
Recto assumed his post as Secretary of Finance in January this year, replacing now Monetary Board Member Benjamin E. Diokno. It never occurred to him that he would be the one standing over the country’s revenue counter and debt meter.
As Recto would frame the 2024 fiscal conundrum when he was still a member of the House of Representatives last year, the country will spend P15.8 billion daily but only P11.7 billion can be financed through revenues. So P4.1 billion must be borrowed: every 24 hours.
This year, the Department of Finance (DOF) was tasked to collect P4.269 trillion in revenues to finance the 2024 national budget worth P5.767 trillion. About P3.820 trillion is expected to come from tax revenues, P407.493 billion via non-tax revenues and P42.120 billion from privatization of state assets. Still, the DOF projected revenue collections will hit P4.42 trillion at the end of the year—the highest in 27 years— and exceed the full-year target.
Reserve funds
BECAUSE Recto remained firm in not imposing new taxes until the end of the administration of President Ferdinand R. Marcos Jr., the main tax collecting agencies—Bureau of Internal Revenue (BIR) and Bureau of Customs (BOC)—would fail to hit their respective P2.848-trillion and P938.694-billion targets this year.
Excise tax collection is seen to drop this year, widening the gap between the government’s tax take from its target collection due to consumers’ shifting consumption and illicit trade.
The levy on tobacco, for one, dropped by 15.91 percent to P134.874 billion in 2023 from P160.300 in 2022. The DOF said it will not impose a rate hike in excise taxes, particularly sin taxes, amid the expected decline.
This prompted the DOF to hike nontax revenue collections, at P539.353 billion as of the end of October, which already surpassed the target.
As a fiscal strategy, the DOF ordered the Philippine Health Insurance Corp. (PhilHealth) and the Philippine Deposit Insurance Corp. (PDIC) to remit P89.9 billion and P110 billion, respectively, to finance the unprogrammed appropriations in the 2024 national budget.
The DOF’s sweeping of PhilHealth’s P60 billion in reserve funds sparked outrage among the public, arguing that the money should have been used to expand the scope and coverage of benefits to reduce out-of-pocket spending for health. Eventually, the Supreme Court issued a temporary restraining order in October. EOPT, RPVara laws
HOWEVER, PhilHealth’s financial statements revealed it has P281 billion in reserve funds and P150 billion in surplus funds as of October 2024. As a result, the Bicameral Conference Committee decided not to allocate any subsidies for PhilHealth next year to use up its reserve funds. Recto said the move reflects lawmakers’ “wisdom” that PhilHealth has adequate resources to finance their obligations and improve benefit packages despite having no subsidies next year. Various groups disagreed, saying this would strip premiums of tens of millions of indirect contributors. Meanwhile, to boost revenue collection without inflicting new taxes on the public, priority revenue reform measures were signed into law this year.
The Ease of Paying Taxes (EOPT) law, or Republic Act (RA) 11976, was signed into law in January to simplify tax filings and protect taxpayers’ rights. To establish a real property valuation system to empower local government units to be financially self-sufficient, RA 12001 (Real Property Valuation and Assessment Reform law, or RPVara) was enacted last June.
Enacted last June, the RPVara will establish a real property valuation system to empower local government units to be financially self-sufficient.
Introducing open contracts
THE value-added tax (VAT) on digital service providers (DSPs) will also impose a 12 percent-VAT on DSPs delivered by residents or non-residents and consumed in the Philippines.
Digital services include online marketplaces, YouTube, Netflix, Spotify, online advertising, online search engines, cloud services and digital goods. This is expected to bring in P7.25 billion in
tax revenues at 50 percent compliance next year.
The BIR also started the imposition of a withholding tax system on the annual income of online sellers and merchants in e-marketplaces, such as online shopping, food delivery and booking accommodations, last July. This aims to level the playing field between brick-and-mortar stores complying, paying their taxes and registering with the BIR. Budget Secretary Amenah F. Pangandaman touted the New Government Procurement Act (NGPA) as the “biggest anti-corruption measure in the country’s recent history.”
“I made sure that the NGPA incorporates open government measures such as introducing public participation at all levels of the procurement process, introducing open contracting, and the disclosure of beneficial ownership,” Pangandaman said.
Not only for business
TO turn the Philippines into an attractive destination for investors, the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (Create More) law was signed in November to make the tax incentives regime globally competitive.
Registered Business Enterprises (RBEs) can choose between the 5 percent Special Corporate Income Tax (SCIT) or the Enhanced Deductions Regime (EDR) at the start of operations, with incentives now extended to up to 17 or 27 years from the initial 10-year cap. The law also reduces the CIT rate to 20 percent from 25 percent, while increasing to 100 percent the additional deduction on power expenses of the manufacturing sector.
“The economic outlook for 2025 is brighter as we see foreign investment pledges materialize and local businesses grow stronger because of this law. This is a true ‘win-win’ for everyone — not only for the businesses but especially for Filipinos, who will reap the bigger benefits of Create More,” Recto said. However, despite these fiscal measures to maximize gains, there were also losses.
Not an issue
AS such, the reduction in rice tariff rates has cost the government P13.3 billion in foregone revenues as of December after it was slashed to 15 percent from 35 percent in June to bring down rice prices.
The reduction in rice tariff rates has cost the government P13.3 billion in foregone revenues as of December after it was slashed to 15 percent from 35 percent in June to bring down rice prices.
In November, rice inflation cooled to 5.1 percent from 22.5 percent in June.
However, the lowered tariff rates have been reflected in the BOC’s revenue collection, which fell short twice of its monthly target this year. Had government retained the tariff rates, it would have generated P22.6 billion— not P9.3 billion—in the second half of the year. Nevertheless, Recto said funding the Rice Competitiveness Enhancement Fund (RCEF) until 2031 is not an issue despite the reduced rice tariff collections to sustain assistance to farmers. “The Department of Agriculture has billions to increase rice productivity.” Further, the ban of Philippine offshore gaming operations (Pogo) this year due to its social costs and reputational risks was supported by many. The ban will have no effect on the revenues of the Philippine Amusement and Gaming Corp. (Pagcor), its chairman and CEO Alejandro H. Tengco said.
Economic conditions
THE DOF’s cost-benefit analysis showed net costs of allowing offshore gaming operations will amount to P99.25 billion annually. Total economic benefits are worth P166.49 billion while its economic costs are valued at P265.74 billion. Collecting taxes alone is not enough to finance the national budget. To plug the deficit, the government has to borrow P1.484 trillion this year. In just six months, the government’s outstanding debt rose by a trillion. From P15.017 trillion in outstanding debt in April, the government’s obligations breached the P16-trillion mark, climbing to P16.020 trillion in October as the peso depreciated. By the end of Marcos Jr.’s administration in 2028, the government’s debt will reach P20.7 trillion.
NG disbursements expected to post double-digit growth
By Cai U. Ordinario @caiordinario
DISBURSEMENTS to be made by the national government (NG) are expected to post double-digit growth by year end, according to the Department of Budget and Management (DBM).
In a report, the DBM said NG disbursements by the end of the year are expected to reach P5.91 billion, which is 10.7-percent or P571.3-billion higher compared to last year’s figures.
The disbursements for the year are also expected to exceed the P5.75billion program by about 2.7 percent or P153.3 billion due to the implementation of priority programs/ projects, including those funded under “Unprogrammed Appropriations” (UA).
“These projections only considered the actual disbursements as of September 2024 and estimated
spending for Q4 (fourth quarter) based on issued disbursement authorities and historical agency utilization of available cash allocations,” the DBM said. “The numbers may likely change based on actual agency performance and additional urgent/priority spending requirements, if any.”
Based on the estimate of the DBM, some P226.1 billion from the regular budget of departments, special purpose funds, and automatic appropriations are available for release even if the P5.77-billion obligation program for the year has been exceeded.
BSP touts advantages of polymer banknotes
THE Bangko Sentral ng Pilipinas (BSP) said the use of polymer banknotes can protect Filipinos from counterfeit bills while protecting the environment.
In a statement issued last Thursday, the BSP also said polymer banknotes also have at least 7 times the lifespan of paper banknotes, reducing the cost of the central bank in printing bills.
This was based on a recent study released by the BSP on polymer banknotes following the introduction of the country’s first polymer banknote series.
“Over 40 countries worldwide now use polymer banknotes, underscoring the global trend toward this smarter, cleaner, and stronger alternative,” the BSP said.
Central bank data showed that documented counterfeits of the P1,000 polymer banknote were only one per 82 million pieces. This means, only 10 counterfeits out of 825.4 million in circulation were recorded between 2022 and November 2024.
In contrast, the BSP said, documented counterfeits of the P1,000 paper banknotes stood at one per 19,000 or 98,316 out of 1.86 billion bills.
The central bank said the counterfeit polymer banknotes were of low quality since the elements in the bills “poorly matched the advanced security features of polymer banknotes.”
“Polymer banknotes incorporate advanced security features, such as flora clear window, vertical clear window, embossed mirrored denomination, and iridescent figure, among others, reducing the risk of counterfeiting,” the BSP said.
The central bank added that polymer banknotes are also good for the environment. The global warming potential (GWP) of the P1,000 polymer banknote is 38.36 percent lower than that of its paper counterpart. This data was based on a study conducted by De La Salle University’s Center for Engineering and Sustainable Development Research and commissioned by the BSP last year.
The finding, the BSP said, aligned with studies on polymer banknotes done by other central banks, such as Bank of England, Bank of Canada, and Banco de Mexico.
“The lower GWP is attributed to the longer lifespan of polymer
banknotes, which reduces the consumption of resources, such as electricity, throughout their life cycle,” BSP said.
The polymer bills, the BSP said, are also stronger and have a longer lifespan compared to paper banknotes.
The central bank’s research showed that polymer banknotes have a lifespan of as long as 7.5 years compared with only 1.5 years for paper banknotes.
Studies in countries like New Zealand showed that polymer bills last 4.8 times longer than paper banknotes while in Canada, the estimate is 2.5 times.
The BSP also received fewer wornout polymer banknotes compared with paper banknotes. Between 2022 and November 2024, only 0.08 percent or 689,571 pieces of the P1,000 polymer banknotes issued were returned as worn-out or damaged banknotes, reducing replacement costs.
“In comparison, of the P1,000 paper banknotes issued during the same period, 54.4 percent (or about one billion pieces) were returned to the BSP as worn-out and damaged banknotes,” the BSP said.
The central bank added that polymer banknotes were also deemed less likely to get damaged by water, oil, and dirt. The bills can also be sanitized with less risk of damage.
The BSP noted that the Department of Health confirmed this after an evidence review that included data collected at the height of the Covid-19 pandemic.
Apart from these characteristics, more Filipinos found that the acceptance of the P1,000 polymer denomination has improved since its release in April 2022.
A nationwide BSP Consumer Expectation Survey conducted in the first quarter or 2024, which included rider questions on polymer banknotes, revealed that 68.3 percent of respondents who were aware of the P1,000 polymer banknote approved of it, higher than the 38 percent posted in the same period of the previous year.
The BSP also said 61.3 percent of respondents in the first quarter of 2024 said they supported the overall initiative of Philippine banknotes polymerization, up from 10.9 percent in the previous year. Cai U. Ordinario
Of these funds, the largest is for automatic appropriations worth P95.3 billion followed by special purpose funds, P70.8 billion and the regular budgets of departments at P60 billion.
Further, P1.54 billion, equivalent to 5.8 percent of gross domestic product, are allocated for infrastructure disbursements, which includes transfers to local government units and support for state corporations.
“This remarkable infrastructure spending outturn likely resulted from the accelerated implementation of infrastructure activities both from ongoing and carryover projects of the DPWH and foreign-assisted railway projects of the DOTr, including those financed from prior year’s UA,” the DBM said.
The increase in disbursements were due to direct payments made by creditors to suppliers/contractors for foreign-assisted rail projects such as the Malolos-Clark Railway Project, the South Commuter Railway Project, and the Metro Manila Subway Project.
The government also spent for road infrastructure and defense modernization projects; salary ad-
justments; payments for healthcare workers; and the implementation of the Rice Farmers Financial Assistance program. The UA expenditures included the implementation of the “Ayuda para sa Kapos ang Kita” program (AKAP) and “Assistance to Individuals in Crisis Situation” (AICS) programs as well as relief efforts in response to calamities in the third quarter and fourth quarter.
Meanwhile, NG disbursements as of end-October 2024 surged to P4.7 trillion, which is P488.4-billion or 11.5-percent more year-on-year. According to the DBM, the spending performance for the period was attributed to maintenance and other operating expenses, which increased by P147.6 billion or 21 percent; infrastructure and other capital outlays, higher by P127.6 billion or 13.2 percent; and interest payments, up by 119.6 billion or 23 percent. The list includes transfers to local government units, which increased by P69.8 billion or 9.1 percent; personal services expenditures, up by P53.7 billion or 4.9 percent; and, tax expenditures, higher by P12.3 billion or 54.1 percent.
Strategic curiosity
HAPPY New Year! It’s the time of year when people make their New Year’s resolution. Here’s mine.
I’ve been interacting with an AI assistant for quite some time now; so one day I asked, “What is one trait that you can attribute to me?” And the instant reply was “strategic curiosity,” elaborating that I look for ways to think beyond the obvious; focusing on innovative, big-picture ideas; and suggesting I’m thoughtful and forward-thinking in my approach.
I dug deeper and thought I’d share the following strategic curiosity abilities that relate to the work of an association executive and perhaps a consideration for a new year’s resolution.
1. Anticipating member needs and expectations. Strategic curiosity prompts association executives to consistently seek out emerging trends, member feedback, and shifting preferences within their profession or industry. This mindset helps them understand, not just what members want today, but what they’ll likely need in the future. By staying curious about external factors like technology, policy changes, and demographic shifts, an executive can better anticipate member needs and proactively adapt programs, services, and benefits.
2. Improving problem-solving and decision-making skills. When facing challenges such as declining membership or engagement, curious executives look beyond surface-level symptoms, asking deeper questions to get to the root cause. They investigate broader factors influencing these issues and seek out solutions from various sources, including other industries, historical case studies, or emerging practices.
3. Fostering a culture of learning and innovation. Association executives model curiosity-driven behaviors like asking open-ended questions, inviting diverse perspectives, and exploring unconventional ideas. This sets a tone that values continuous learning and exploration, empowering staff to innovate.
4. Enhancing communication and member engagement. Curiosity about what resonates with members, the challenges they face, a nd the topics that matter most allows executives to tailor messages, events, and initiatives that speak directly to members’ priorities. This can enhance member satisfaction and deepen engagement, as mem-
bers feel understood and valued by an association that anticipates their needs.
5. Building a resilient and adaptable organization. Rather than fearing disruption, a curious executive remains open to exploring contingency plans, alternative strategies, and future scenarios. This approach enables them to respond quickly and effectively when unforeseen challenges arise, whether due to economic shifts, industry changes, or global events.
6. Strengthening the association’s strategic vision. Curiosity about the association’s place within the larger ecosystem, e.g., understanding competitors, collaborators, and member industries, leads to a well-informed, forwardlooking vision that resonates with stakeholders. Strategic curiosity helps executives connect the dots between their association’s mission and the evolving world around them, creating a vision that inspires others to join and support the organization’s goals.
7. Gaining competitive insight. Curious executives stay informed about competitor strategies, new technology adoption, and changes in policy that may impact their association’s position. This proactive intelligence gathering allows executives to benchmark against others, learn from best practices, and apply innovative strategies that help the association remain competitive.
8. Creating a lasting impact. By continually exploring new ideas and being open to transformation, executives ensure their association stays relevant, sustainable, and impactful over the long term. Strategic curiosity drives executives to seek out ways the association can contribute to larger societal goals, support industry advancement, and create lasting value for current and future members.
Octavio Peralta is founder and volunteer CEO of
Octavio Peralta Association World
Show BusinessMirror
Demystifying Mary in ‘Mary’
PROSECUTORS WITHDRAW APPEAL OF DISMISSED CASE AGAINST ALEC BALDWIN IN FATAL MOVIE SET SHOOTING
SANTA FE, New Mexico—New Mexico prosecutors won’t pursue an appeal of a court’s decision to dismiss an involuntary manslaughter charge against Alec Baldwin in the fatal shooting on a cinematographer on the set of a Western movie, the Santa Fe district attorney’s office announced on Monday.
Special Prosecutor Kari Morrissey withdrew the appeal of a July decision at trial to dismiss the charge against Baldwin in the death of cinematographer Halyna Hutchins during a rehearsal on set for the movie Rust outside Santa Fe in October 2021.
“Today’s decision to dismiss the appeal is the final vindication of what Alec Baldwin and his attorneys have said from the beginning—this was an unspeakable tragedy but Alec Baldwin committed no crime,” said defense attorneys Luke Nikas and Alex Spiro. “The rule of law remains intact in New Mexico.”
Representatives for the state attorney general could not be be reached immediately.
The decision to drop the appeal solidifies the decision by Judge Mary Marlowe Sommer halfway through trial to dismiss the case on allegations that police and prosecutors withheld evidence from the defense.
Baldwin’s trial was upended by revelations that ammunition was brought into the Santa Fe County sheriff’s office in March by a man who said it could be related to Hutchins’ killing. Prosecutors said they deemed the ammo unrelated and unimportant, while Baldwin’s lawyers say investigators “buried” the evidence in a separate case file and filed a successful motion to dismiss.
The district attorney’s office said that under state law the New Mexico attorney general would have carried forward the appeal but “did not intend to exhaustively pursue the appeal on behalf of the prosecution.”
“As a result, the State’s efforts to continue to litigate the case in a fair and comprehensive manner have been met with multiple barriers that have compromised its ability to prosecute to the fullest extent of the law,” local prosecutors said.
Baldwin, the lead actor and co-producer for Rust, was pointing a gun at Hutchins during a rehearsal on set when the revolver went off, killing Hutchins and wounding director Joel Souza. Baldwin has said he pulled back the hammer—but not the trigger—and the revolver fired.
In April, a judge sentenced movie weapons supervisor Hannah Gutierrez-Reed to the maximum of one and a half years at a state penitentiary on an involuntary manslaughter conviction in Hutchins’ death.
Prosecutors blamed Gutierrez-Reed for unwittingly bringing live ammunition onto the set of Rust, where it was expressly prohibited, and for failing to follow basic gun safety protocols.
Assistant director and safety coordinator David Halls pleaded no contest to the negligent use of a deadly weapon and was sentenced to six months of unsupervised probation. A no contest plea isn’t an admission of guilt but is treated as such for sentencing purposes.
Several civil lawsuits have been brought against Baldwin and Rust producers, including a complaint by Hutchins’ parents and sister.
Prosecutors said Hutchins’ death has prompted industry-wide scrutiny of safety protocols, especially the use of firearms and live ammunition on set. AP
AGALLOPING horse opens the narrative of this myth. The events begin in Sinai. It is Year 1. AD. Anno Domini. The year of the Lord. An infant has marked this era and it is his tale that is going to be told—but from the perspective of Mary, His Mother. He is no ordinary infant. As Mary stands in the middle of the Sinai desert, she tells us: “I was chosen to deliver a gift to the world and it is the greatest gift the world has ever known.”
Strangely enough, for all the controversies surrounding this retelling of Mary and the Nativity, the plot is familiar and, to use the words of DJ Caruso, its director, “relatable.” We know what happens to Mary, the characters surrounding the “mythology.”
Her parents, Anna and Joachim, are far advanced in age but wish to have a child. Then, a being appears before Joachim who talks to “God” in the middle of the desert. That being turns out to be the Archangel Gabriel, the man garbed in blue—in Tuareg blue in my books. Gabriel, as we know in our catechism, appears and reappears before Mary and her mother, a messenger of hope and mystery. Soon, Mary is born and everything from this point is out to disturb Catholics and non-Catholics alike. She is promised, as a condition set by the Lord through the Archangel, to God and is thus brought by Anna and Joachim to the Temple, which was part of the infrastructure project built by Herod. Mary is met by another Anna, a prophetess and she becomes part of a nunnery, which Bible experts and historians dispute as to it having existed.
(understandably)
mindset of societies then and now?
The notion of the Virgin Birth of Jesus, which tells us that Mary conceived Jesus with the power of the Holy Spirit, is one of the most fundamental mysteries of the Catholic and, in some scholarly accounts, Islamic faith. The Virgin Birth is not to be mistaken for another mystery, that of the Immaculate Conception, which refers to Mary being born without sin—Sin pecado concebida, as the prayer intones it. JD Caruso, the director, refers to the Protoevangelium of James or the Gospel of James, which is considered an apocryphal source of Bible scholars and experts. The director, if it could assure the audiences, is Catholic.
It is in the nunnery where Mary finds out she is carrying in her womb an infant, without being “known” by any man. Here is where the film about Mary takes a wild but real turn. First, there is Joseph, a young and, according to Anna and as affirmed with such charm by Mary, handsome man. With the bravery of a modern lover, Joseph seeks the permission of Joachim to marry Mary. After a circuitous courtship, Mary and Joseph undergo the rite of engagement. When Mary finds out about her condition, she is sent away by her father to hide. The next scenes confront the social mores and realities of the era: how will Mary face the old laws? Will she be stoned to death? Will the people understand how a woman can conceive without being touched by any man?
While perhaps many will flinch at the thought of the Blessed Virgin Mary, our very own “Mama Mary,” ever faced the possibility of being stoned to death, this part of the narrative of Mary, the film, is to me the bravest part of this tale. How will a woman of such purity and grace transcend the limited
THE Metro Manila Film Festival (MMFF) is celebrating 50 years of Filipino cinema this year, and Sparkle artists are taking the stage with their standout performances in some of the most anticipated films of the season.
Ruru Madrid and Sofia Pablo star in Green Bones delivering exceptional performances that keep audiences on the edge of their seats.
9. Flatten the
Carefully remove the cherry tomatoes and set aside on a clean plate. Mash the roasted garlic and local tomatoes in the pan. Turn the heat to medium, then add all the remaining spices, olive oil and tomato paste. Mix until all the ingredients have been incorporated. Season with salt.
5. Turn off the stove and add lemon juice into the sauce. Transfer to a clean bowl, then garnish with
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Green Bones follows the story of soon-to-bereleased prisoner Domingo Zamora (Dennis Trillo), who was incarcerated for the murder of his sister. His release is put in jeopardy by newly assigned prison guard Xavier Gonzaga (Ruru Madrid), who makes it his personal mission to keep Zamora behind bars.
The inspirational and heart-wrenching drama touches on the belief that finding green bones in a person’s remains is proof of one’s goodness in life.
Ruru Madrid’s character Xavier, jaded from the tragic death of his own sister in a senseless crime, does not believe criminals could hold such a bone in their body.
In Himala, the musical adaptation of the iconic Filipino classic, Aicelle Santos brings her vocal talent and emotional depth to the role, giving a fresh and powerful interpretation of this beloved story.
Himala tackles themes of faith and truth. The film follows a woman named Elsa in the small town of Cupang. The Virgin Mary allegedly appears as an apparition to Elsa, and she becomes a savior who heals the sick and is believed to be behind the miracle of making it rain in their town which has been suffering from a long drought.
Kokoy De Santos also shines in his roles in Topakk and And The Breadwinner Is, proving once again that his talent knows no bounds. Kokoy’s versatile performances continue to captivate audiences and
Be that as it may, what other critics and film readers may see as flaws or even dogmatic weaknesses, I consider to be the very strength of this new film about Mary. In Gary Waller’s paper, titled The Virgin Mary in Late Medieval and Early Modern English Literature and Popular Culture, published by the Cambridge University Press, he writes: “The Virgin Mary was one of the most powerful images of the Middle Ages, central to people’s experience of Christianity. During the Reformation, however, many images of the Virgin were destroyed, as Protestantism rejected the way the medieval Church over-valued and sexualized Mary.”
In the same paper, Julia Kristeva, a feminist and semiotician, describes the Virgin as a “combination of power and sorrow, sovereignty and the unnameable,” and producing “one of the most powerful imaginary constructs known in the history of civilization.”
How do the film and its actors hold themselves against histories and biblical accounts?
We start with the leads: all of them are Israelis. Against this, the main issue against Noa Cohen, who
highlight his talent as a rising star in Filipino cinema. Topakk tells the story of an ex-special forces operative named Miguel (Arjo Atayde) who’s forced to confront his PTSD after crossing paths with Weng (Julia Montes) and Bogs (Kokoy de Santos), who have been on a cat-and-mouse chase from a police death squad. Meanwhile, And The Bread Winner Is is a drama-
appears as Mary, is that she should have been played by a Palestinian. But cinema is artifice and shouldn’t we rally against Anthony Hopkins who essays the role of Herod? Or of the Roman vassal under Herod who is played by an Icelandic actor?
Or, is Mary, the iconic image, really one of the most compelling female figures in social history that we are driven to nitpick once we are confronted with her cinematic depiction?
Still, it must be said, the film Mary is original in the daring sense of the word. It offers new lessons about humanity amid the sacrality of events. Out in the desert, for example, Joachim cries to his God what has he done to offend Him that they are punished with childlessness?
Herod, for all the evil in the searing performance of Hopkins—his delivery of the lines has been measured with such menace that we always fear his lack of logic rather than love—is a nod to the politics of the period. Nothing much has changed, the journalist will tell us.
Most fearless of the ideas propounded by Mary is the person of Mary herself. The woman who has been hailed as being “full of grace” is shown doubting herself, making all those acts of embracing the heaviest role as the Mother of God as more than magical, more infinitesimally transcendental. Will it be heretical to state that the first Christmas is not merely about God becoming Man but also about a Woman—Mary—who selflessly received the light from Heaven without fearing she will be struck down by its superhuman grandeur?
Mary also stars Ido Tako as Joseph, Ori Pfeiffer as Joachim, and Hilla Vidor as Anne. It is written by Timothy Michael Hayes and directed by DJ Caruso. Cinematography is by Gavin Struthers.
Mary is distributed by and streams on Netflix. n
and
As the
comedy movie for
about breadwinners as it explores their joys, pains, struggles and realizations.
MMFF celebrates 50 years of Filipino cinema, Sparkle artists are proud to be part of this milestone.
MPTC to strengthen efforts to promote safer roads for children
METRO Pacific Tollways Corporation (MPTC) continues its commitment to promoting sustainable and inclusive growth through its tollway operations by integrating child rights and road safety into its core initiatives.
Over the years, its business units, NLEX, MPT South, CCLEC, and MPT Mobility, have launched impactful programs, educational campaigns, and partnerships aimed at fostering a brighter future for young generations.
“As a company and as individuals dedicated to fostering economic and social development in our communities while minimizing our environmental impact, we stand united with various socio-civic organizations and the private sector to further this mission. Together, we strive to uphold children’s rights, ensuring they are heard, empowered, and provided with a safe and healthy environment. At MPTC, our goal is to create safer roads for our children, enabling them to pursue their future and lead healthy, happy, and productive lives,”
stated Atty. Cynthia Casino, Chief Corporate Governance and Head of Sustainability at MPTC.
In line with MPTC Group’s road safety efforts, NLEX Corporation launched a picture book titled “Ang Bida ng Kalsada” at the National Library of the Philippines to educate young minds on the values of responsible road usage. Featuring engaging stories and illustrations, the book aims to teach children about road safety. NLEX Corp. has distributed 2,000 copies to Grades Three to Six students in 20 public schools within its host communities and to other organizations.
MPT South also launched an updated version of its “Bayani ng Kalsada” (Bayani Ka) book that teaches kids about road signs and familiarizes them with road safety,
both in and out of expressways. The book has reached over 1,000 students, with over 420 copies of the updated book donated to participating schools, various libraries, and institutions.
On November 20, MPTC lit several of its key structures in blue to demonstrate its commitment to creating safer roads for children in celebration of World Children’s Day. These structures included NLEX Corporation’s headquarters in Balintawak, Caloocan; the NLEX Drive and Dine motorists’ rest stop in Valenzuela; MPT South’s LEED Gold-Certified South Hub in Imus City, Cavite; and the iconic Cebu-Cordova Link Expressway in Cebu.
As part of this initiative, MPTC also echoed the message of this year’s World Children’s Day by utilizing its expressway network assets through billboards that promote road safety for children and highlighting its shared commitment to provide a safer and empowered future for them. This message was also replicated on its online channels with the help of its business units.
MPTC took a significant stride this year to further integrate Child Rights and Business Principles (CRBP) across its organization and reinforce its commitment to child rights and safety. The company held a four-day workshop in partnership with the Ateneo Human Rights Center (AHRC), with key representatives from its sister companies PLDT Inc. and Smart Communications, Inc. To fortify its efforts, the organization is also preparing for its initiative to conduct a Child Rights Impact Assessment (CRIA) in 2025.
MPTC Group’s campaigns on child road safety have been recognized by numerous organizations, including the Department of Health’s Healthy Pilipinas Gold Award, the Asia CEO Awards, and the prestigious ESG Business Awards 2024
Dr. Willie Ong, HEAL Party-List Team Up for 2025 Midterm Elections
RENOWNED cardiologist and online health advocate Dr. Willie Ong and Health Alliance PH (Heal PH) Party List have joined forces to promote primary healthcare and support and the Universal Health Care Act with the goal of improving healthcare access for all Filipinos.
Dr. Ong, who was represented by his political adviser Atty. Glibert Lauengco, signed a Manifesto of Solidarity and Collaboration last December 12, 2024 with Dr. Jonathan David, Dr. Enrique Tayag and Gen. Benito Antonio De Leon.
One of the group’s main goals is to reach out to the urban poor communities and remote barangays located in the underserved areas of the country.
Emphasizing that health is a basic right and not a privilege, the group said it would be pushing its GOAL program. G stands for Gamot (free medicine), O for Operasyon (free operations), A for Abiso (correct heath advice), and L for Lab Tests (free laboratory tests0> The group will also be pushing for
the creation of a Health Card that promises access to quality healthcare to vulnerable Filipinos. This would cover from basic services to specialized treatments with unlimited coverage.
“The Health Card includes the PhilHealth. So it’s a broader response to our health needs. If you look at numbers, PhilHealth only makes up roughly ten, 15
percent of total spendings in the Philippines. So the Health Card must be much more than the PhilHealth,” said Dr. Flavier.
Dr. Tayag clarified that it would would take years to realize their advocacies but the group will continue pushing it until all Filipinos are covered by this Health Card and the hospitals are better equipped to serve world class healthcare. VPR
Young Filipina Fashion Designer Debuted in Recent Paris Fashion Week
at the Paris Fashion Week Hi-Tech Moda Show for Spring 2025 at The Westin Vandome last September.
She called her collection “Pilipinas Kong Mahal” (An Ode to My Beloved Philippines).
and ever-changing modern styles, Anna Cheung Couture aims to showcase the expertise of Philippine artisans to champion slow fashion, all while offering versatility in each collection. “I would describe my brand aesthetic as ‘Oriental Street Ardour’ which represents my love for Asian culture including the Philippines. do not restrict myself into one aesthetic for my collections. There are times that it can be soft, fierce, experimental. It will really depend on the vision and the story that I wanted to tell people,” Fungo shared For her debut in the French fashion scene, she opted to highlight her Filipino roots through her runway designs
“Since this is my first international show in the industry, I wanted to represent our country through my creation and to present an advocacy in protecting our cultural identity,” she shared. She highlighted the “Land of the Dream Weavers” in her runway show.
“For this look, I took inspiration from babaylans and Dream Weavers of the T’boli tribe. Our history tells that the Philippine indigenous communities used to recognize a woman as a Babaylan. Babaylans were our true leaders in ancient times, with the ability to mediate with the spirit world with her own spirit guides, and with her given gifts of healing, foretelling, and insight,” she explained.
“For the Dream Weavers, they believe that the
Enhancing Cold Chain Logistics in the PHL
IN the Philippines, an archipelago with unique logistical challenges, Coolaire has become the leading brand in refrigeration systems for delivery vans. With over 55 years of expertise, Coolaire provides innovative solutions tailored for the transportation of perishable goods, including meat, poultry, produce, dairy, and ice cream.
Coolaire’s advanced refrigeration technology ensures optimal temperature control, crucial for maintaining the integrity of temperature-sensitive cargo. These refrigerated vans are designed to withstand the high ambient of tropical climate, keeping products fresh and safe during transit. This technology enhances product quality and extends shelf life, minimizing waste for businesses.
Beyond product offerings, Coolaire prioritizes long-term customer satisfaction with comprehensive after-sales services, including expert repairs, preventive maintenance, and specialized training for drivers. This approach empowers logistics companies to operate
efficiently while ensuring the proper handling of refrigerated goods.
As demand for reliable cold chain logistics grows, Coolaire remains the preferred choice for logistics operators. The commitment to quality and performance makes Coolaire a vital partner in ensuring that fresh, highquality products reach consumers across
designs of the t’nalak they create are brought to them in their dreams by Fu Dalu, the spirit of the Abaca. They then bring these patterns to life by weaving solely from mental images and memory.”
The Anna Cheung Couture spring runway creations were also featured in a fashion editorial shoot by the famous Eiffel Tower in Paris.
“I created a ‘Traje De Mestiza’ which was well-known to us as the outfit of our beloved fictional character from the Spanish regime era who symbolizes the soft femininity of Filipinas: Maria Clara. This design represents the timeless beauty and grace of Filipino fashion.”
“The main inspiration of the color is of the Philippine coconut tree. For the skirt
Daniel Wellington Launches in the PHL: Timeless Style, Global Appeal
DANIEL Wellington, a global icon known for its minimalist design and timeless craftsmanship, has officially launched in the Philippines just in time for the holidays. With Watch Republic Shops as the official distributor, Daniel Wellington’s exquisite watches and jewelry are now exclusively available in key locations of Watch Republic across the country, offering a premium shopping experience that reflects the brand’s dedication to quality and style.
In a stunning event held at the Watch Republic Shop in SM Mall of Asia, Daniel Wellington announced its exclusive availability at Watch Republic. The highenergy afternoon brought together media and influential personalities, including Therese Villamor, Via Carillo, Sophia Marcos, Angel Secillano, and Yvonne Aresu. Guests were treated to a personalized styling session hosted by Gee Jocson, where they explored how to pair Daniel Wellington’s timeless pieces with modern looks, adding a touch of elegance to their personal style.
With a vision to become the world’s leading accessory brand, Daniel Wellington continues to deliver stylish, high-quality products that stand the test of time. Daniel Wellington is committed to building a sustainable future, creating watches and accessories designed for both durability and style while upholding responsible practices.
Daniel Wellington combines authenticity and originality to create pieces that transcend trends and stand the test of time. Each design is a modern classic, refined essentials that complement any look for any occasion. Known for precision and Italian leather straps, Daniel Wellington is the perfect balance of craftsmanship, style and durability Inspired by Scandinavian minimalism, the Classic Collection is a testament to understated luxury. With an ultra-thin metal bezel and beveled case back, these watches offer a feather light feel and a near-seamless profile—making them a perfect balance of comfort and style.
The Petite Collection redefines contemporary minimalism with its delicate design and elegant mesh bracelet. Created to be your everyday companion, these versatile watches add a subtle touch of sophistication to any look, effortlessly elevating your style.
For those who dare to stand out, the Quadro Collection offers a distinctive twist on traditional round watches. With bold rectangular cases, these timepieces make a striking style statement while staying true to Daniel Wellington’s refined aesthetic.
The Classic
the
and
Daniel Wellington watches and jewelry are also available in Watch Republic Shops nationwide. Stay connected and be part of the journey with #DWatWatchRepublic. For more stories and updates, find us on Facebook at Watch Republic Shop Ph and follow along on Instagram at @watchrepublicshop.ph.
JOANNA Rechelle Fungo, founder
Cheung Couture
EV MAKER DFSK ENTERS THE PHILIPPINE MARKET
DFSK, in partnership with QSJ Motors Philippines Inc., has entered the local automotive scene and unveiled its bold vision for the future of mobility. During the event, the Chinese automaker also showcased its battery electric and plugin hybrid model lineup, marking the brand’s official entry into the Philippine market.
DFSK is a wholly-owned subsidiary of SERES Group. Established in 2003, the company has grown into a global powerhouse with over 3 million users worldwide. The company claims its commitment to innovation and quality has undeniably brought them success, with over 400,000 sales recorded in 2017 alone. DFSK commercial and passenger vehicles have been exported to more than 70 countries and regions, including Europe, South America, Africa, the Middle East, and Southeast Asia. In 2018, QSJ Motors Phils Inc. started its partnership with DFSK, trading its light trucks, commercial trucks, and multi-purpose vehicles in the Philippines.
Kenneth Jiang, Business Manager of QSJ Motors Philippines Inc., highlighted the strategic partnership between QSJ and DFSK and shared, “Our partnership with DFSK is not just about bringing a new brand of vehicles into the Philippine market, but about redefining the way Filipinos view mobility. Together, we aim to introduce innovative, sustainable, and accessible transportation options that will meet the growing demand for eco-friendly vehicles without compromising on quality, safety, or performance.”
DFSK introduced three models representing the brand’s commitment to sustainable mobility in the country. The all-electric model Candy Mini EV grabbed the most attention during the event as a compact, fun, and eco-friendly electric vehicle, perfect for urban driving. Next was the E5 PHEV mid-size and sevenseater SUV, highlighting its plug-in hybrid technology. The EC75 allelectric Commercial Van setup for logistics and delivery businesses completes the lineup.
Themed “Redefining Rides,” the partnership between DFSK and QSJ
Motors Philippines Inc., has set the stage for a new era of mobility in the Philippines, focusing on intelligent, sustainable, and accessible transportation.
E5 PHEV
THE lone PHEV in the lineup, the seven-seater E5, offers an impressive pure electric range of up to 100km. With a gasoline engine as a range extender, its combined range is up to 1,150km on paper. The vehicle also has advanced regenerative braking, comprehensive safety features, and a spacious interior. Available in two variants, the price starts at P1.580 million.
KEY FEATURES: Range
100 km pure electric range, 1,150 km combined range
Battery Capacity 17.52 kWh
Charging Time 4 hours
Powertrain
1.5L engine paired with a permanent magnetic synchronous motor (81 + 130 kW peak power)
Torque
Maximum of 135,300 Nm
Luxurious interior with seat ventilation/heating, panoramic sunroof, 12.3-inch dual-screen infotainment system with a 12-speaker surround sound system Six airbags, Advanced Driver Assistance Systems (ADAS), including hill start assist, traction control, and hill descent control
Candy Mini EV DFSK positions the Candy Mini EV as the perfect solution for city dwellers seeking a stylish and practical electric vehicle. This compact Mini EV is easy to maneuver through tight spaces and
delivered during the recent Media Thanksgiving lunch held at the Grand Hyatt Manila, Penthouse No. 66.
“TO our dear media friends, good day and Happy Holidays!
“On behalf of Toyota Motor Philippines, I would like to thank all of you for another extraordinary year. We have always believed that our milestones would not be successful without the support from you.
“In my first year as TMP President, I have seen how you have looked after our brand like it was your own. I’m deeply grateful for all the time you have devoted for Toyota and, more importantly, the friendships that we have built. Maraming Salamat!
“As mentioned by (TMP)
Chairman Alfred V. Ty, 2024 has been a milestone year, not just for sales, but also from the events of
boasts an eye-catching design. The Candy Mini EV offers zero emission and a cost-effective alternative to traditional vehicles. Ideal for short trips and daily errands, this mini
which we are glad you have been a part of, including last week’s Next Generation Tamaraw grand launch.
Milestones “TODAY, I would like to run down memory lane and highlight some of the milestones from this year.
“In Toyota, we always communicate the importance of “Genba,” learning from the source itself to truly understand what is needed, and we continue to implement this practice.
“Examples include my experiencing the thrill of the track by participating in the Novice Class of the Toyota Gazoo Racing Philippine Cup, seeing first-hand and expanding my horizons into the motorsport scene. I am thankful to have experienced this with some racers from our media partners.
Thank you for supporting them to race with us.
“Through our Beyond Zero philosophy, which we championed during this year’s Philippine International Motor Show last October, our vision to a sustainable future gets ever closer, and we hope the Corolla Cross H2 Concept we showcased proved this.
Goyokiki
“ESPECIALLY with the Goyokiki activities for the Next Generation Tamaraw, Genba is also deeply rooted in how we design our activities.
“When he became President of Toyota Motor Corporation (TMC), Chairman Akio Toyoda stated that he wanted to be the most Genbaoriented President.
“Following this mantra, I took it upon myself to perform Genba
throughout our many activities, and so did you.
“In line with the themes of Genba and other events, we promise to bring you to more journeys in 2025.
Electrification
“NEXT year, our main focus will be on the Tamaraw, electrification and also motorsports expansion. Especially for motorsports, I suggest you start practicing.
“We thank you for your active support and participation, creating the stories so that the public and our customers may also share in these unforgettable Toyota experiences. As we explore what can be made possible in the future, we hope you can continue to join us as we dive deeper into exploring what Toyota can offer to our customers.
“Thank you very much and, once
again, a Merry Christmas to all of you!
“Maraming salamat po!” PEE STOP Allana
Story & photo by Randy S. Peregrino
PBA TURNS 50 IN 2025 Finding Joy Dionisio
By Josef Ramos
THE Philippine Basketball Association (PBA) celebrates its 50th year anniversary on April 9 next year—a date so appropriate for Asia’s first professional basketball league to have been born on an important day in the country’s history, Araw ng Kagitingan.
No less than Willie Marcial, the league’s commissioner since 2018, would want each and every player who dribbled and shot the ball in the PBA to be there on that special day.
“The players are all part of the PBA, we are praying and hoping that they become part of the celebration,” Marcial told BusinessMirror on Thursday.
“We’ll find ways to invite them because all of them are very important for the upcoming 50th anniversary.”
And that includes Gregorio “Joy” Dionisio, the first player to shoot a basket in the PBA on April 9, 1975, for Concepcion Carrier which lost the inaugural game to Mariwasa-Noritake, 101-98, before 18,000 fans at the Araneta Coliseum.
Dionisio is the so-called original “Angas ng Tondo,” having honed his tough-and-rough stuff in an Adamson University Falcons jersey before moving on to the semi-professional leagues and eventually to the PBA in the 1970s. His brand of hoops didn’t escape “The Maestro,” and soon enough, he wore the fabled Crispa Redmanizers jersey.
Dionisio nailing the first basket in the PBA came as a surprise to many, even up to now.
“Nobody expected him [Dionisio]
to score the pro league’s first ever goal because he was more of a point guard or a playmaker,” legendary Crispa hotshot Fortunato “Atoy” Co told BusinessMirror on Thursday. “He was never expect to shoot, but to create a situations for his teammates to score.”
R amon Fernandez, a four-time PBA MVP called the “El Presidente” and he with his trademark “Elegant Shot,” agreed with Co. “Dionisio was more of a quality playmaker…or defensive guard,” said Fernandez, who had a stint as commissioner of the Philippine Sports Commission. Co, himself a former MVP, and Fernandez also agree with Marcial that everyone who played in the league should be part of the golden celebration— special mention to Dionisio. Joy Dionisio must be there, he deserves the recognition,” Co said.
F ernandez would want to add some twist though.
Yes, of course Dionisio,” he said.
“Not only Dionisio, but also those who made the first free throws and then, the three-point shot.”
B ut Co—who’s 73 and like the 71-year-old Fernandez, still packs the vitality rarely seen in their age
group—said it could take some effort to look for Dionisio.
“I believe he’s just around somewhere here in Metro Manila,” said Co, adding Dionisio has made himself scarce even to his teammates and fellow former PBA players for decades now.
Fernandez said the league needs to exert maximum effort to invite Dionisio.
“I’m sure they know how to get in touch [with players],” he said.
Former PBA players have become active in social media recalling their exploits but rarely, if not at all, did Dionisio cropped up in any of the vloggers’ episodes.
M arcial vowed for an extra effort to trace the league’s past heroes.
We’ll find a connection, how to invite him b ecause all PBA players, past and present, are very important to us,” Marcial said. “They are forever part of the PBA.”
Beyonce makes up for so-so Netflix NFL show
BEYONCÉ provided more excitement than either game during Netflix’s National Football League (NFL) debut on Christmas Day.
Riding into her halftime appearance on a white horse, the 32-time Grammy winner rocked her hometown Houston crowd with a nearly 13-minute performance on Wednesday.
S he surprised fans by bringing out Shaboozey to perform “Sweet Honey Buckiin” and Post Malone joined her for “Levii’s Jeans.”
The action on the field didn’t live up to expectations as the NFL showcased four of the Amerian Football Conference’s (AFC) top five teams.
Patrick Mahomes and Travis Kelce exposed a glitch in Pittsburgh’s defense during Kansas City’s 29-10 rout in the first game.
The broadcast itself went off just fine, quickly becoming the second-most popular live title on Netflix to date, according to NFL Media.
L amar Jackson and the Ravens led CJ Stroud and the Texans 17-2 at halftime before Beyoncé stole the show. Baltimore finished off the 31-2 victory with Jackson resting most of the fourth quarter.
Mariah Carey opened the football doubleheader with a taped performance of “All I Want for Christmas is You” and then the two-time defending Super Bowl champion Chiefs trounced the Steelers to clinch the No. 1 seed in the AFC.
There were no signs of any major streaming issues
during the game after Netflix experienced minor blunders at the start of the pregame show. The broadcast opened with roughly 10 seconds of silence because it appeared studio host Kay Adams’ microphone wasn’t turned on.
Beyoncé’s live performance at NRG Stadium was supposed to be the biggest test for the streaming giant and it seemed to go off without a hitch.
Mahomes threw for 320 yards and three touchdowns and Kelce had eight catches for 84 yards and one score as the Chiefs (15-1) earned a first-round bye and home-field advantage throughout the AFC playoffs. The Steelers (10-6) have lost three straight games and may have to settle for a wild-card spot.
Jackson tossed two touchdown passes and ran for a score and Derrick Henry had 147 yards rushing and one TD to help the Ravens (11-5) move into first place in the AFC North, one game ahead of Pittsburgh. Netflix agreed to a three-year contract in May to broadcast Christmas Day games. The NFL is expected to give the streaming service one of its biggest days since the site launched in 1998.
Netflix’s 282.3 million subscribers in more than 190 countries could stream the games, marking the first time one outlet distributed an NFL game globally. Netflix had the games available in five languages—English, French, Spanish, Portuguese and German. AP
Gary
Player, 89, has new GF, she’s 83
ORLANDO, Florida—Gary Player is a big believer that one can’t go through life without love. Even at age 89, he’s never too old to find it. Player happily shared his big news at the PNC Championship.
He has a new girlfriend.
“I said I wanted to live until 100. Now if I live to 91, I’ll be happy,” Player said with a laugh. “Isn’t that amazing that at 89 you can find a girlfriend? She loves everything I love—golf, fishing, gym work, reading, opera, everything.”
Yuka’s gift to kids Reigning US Women’s Open champion Yuka Saso takes a break from the holiday season to inspire the next generation of Filipino golfers during a clinic organized by the International Container Terminal Services Inc. and Pilipinas Golf Tournaments Inc. for Junior Philippine Golf Tour players Thursday at Golf Avenue in Aseana City, Parañaque City.
Her name is Susan Waterfall, she lives in New York and she’s 83. Player’s wife, Vivienne, died in 2021. They had been married for 64 years. Player said he wasn’t searching. Friends approached him during a fundraiser at Leopard Creek in South Africa about a woman he should meet. It never happened. He was in New York for a golf course design when someone else brought up her name. Again, they never connected. Then he was invited to be an honorary member for a new golf course
Clark feted for role in elevating women’s sports to new heights
CAITLIN CLARK raised the profile of women’s basketball to unprecedented levels in both the college ranks and the Women’s National Basketball Association (WNBA), and she was named the The Associated Press (AP) Female Athlete of the Year for her impact on and off the court.
After leading Iowa to the national championship game , Clark was the top pick in the WNBA draft as expected and
went on to win rookie of the year honors in the league.
Fans packed sold-out arenas and millions of television viewers tuned in to follow her journey and her exploits were far reaching, casting a light on other women’s sports leagues along the way.
A group of 74 sports journalists from AP and its members voted on the award. Clark received 35 votes, Olympic gymnast Simone Biles was second with 25 and boxer Imane Khelif was third, getting four votes.
Clark is only the fourth women’s basketball player to be honored as the female athlete of the year since it was first presented in 1931, joining Sheryl Swoopes (1993), Rebecca Lobo (1995) and Candace Parker (2008, 2021).
“I grew up a fan of Candace Parker and the people who came before me and to be honored in this way, is super special and I’m thankful,” Clark said in a phone interview. “It was a great year for women’s basketball and women’s sports.”
lost t South Carolina for the title, Gamecocks coach Dawn Staley took the mic during her team’s celebration and said, “I want to personally thank Caitlin Clark for lifting up our sport.” For all the success Clark has had and the attention she has brought to women’s basketball, she is often the centerpiece of debates and online toxicity towards her and other players in the league. For her part, Clark has disavowed the toxic discourse.
L obo also has been impressed with the way the 22-year-old Clark has handled the pressure and attention that has come her way.
“I would say she’s navigated it almost flawlessly. she hasn’t had an big missteps or misspeaks at a time you’re under constant scrutiny,” Lobo said. “She’s seemed to say and do all the right things. That’s just incredible at a time when it’s constant attention and scrutiny. She has not done anything to tarnish this sort of mild persona she has.”
As Clark handled the praise—and the backlash—during the heat of competition, it was hard for her to appreciate just what she was able accomplish over the past year. But after having time to reflect on the whirlwind tour, she appreciates those who were there alongside her for the ride.
“I’m thankful for the people I got to do it with,” Clark said. “A year ago I was still in the early part of my senior year in college.... How fast things change, and now I can see how great a college season it was.”
Iowa sold out all of its games at home and on the road with Clark as the main attraction. That momentum continued into the pros. Her No. 22 jersey was prevalent wherever she played during her rookie season and will be retired at Iowa.
in Miami, where memberships go for about $1.3 million.
“I’m on the putting green and this lady comes up and says, ‘I’m Susan Waterfall. Everyone has been trying to introduce us,’”
Player said. “I put my arm around her—she’s gorgeous—and I said, ‘I love this country, America, so much. I’ve got to have an American girlfriend.’ She blushes, doesn’t say anything. So I said, ‘Will you come to dinner with me?’”
He called her two days later in New York—he says she stepped out of a board meeting to take his call—and they headed to Gleneagles in Scotland to go fishing. AP
Bacojo, Mejia earn spots on national chess team
Shohei Ohtani won the AP Male Athlete of the Year on Monday for the third time.
Clark broke the NCAA Division I career scoring record for both men and women finishing her career with 3,951 points while guiding Iowa to its second consecutive national championship game. After her Hawkeyes
CYou’d be remiss not to acknowledge how crazy her fan base is and the eyes she gets with everything she does,” said Indiana Pacers guard Tyrese Haliburton, who was often spotted courtside at Clark’s Indiana Fever games. It’s a different type of popularity, she’s one of the most popular athletes in the world. It’s not just women’s sports anymore.
“It’s really cool to see and she just handles it with such grace.” AP
Clarke wins three divisions in Cebu jrs tennis tourney
title in a tough match against Anthony Espinosa, 5-7, 6-4, 6-0, before stunning top-seeded RB John Lataza, 6-0, 2-6, 6-3, to secure the 18-and-under crown. Unranked Anthony Espinosa
S he went on to dominate in the higher age groups—beating Francine Wong, 6-0, 6-1, for the 16-and-under crown and routing Janeel Indoc, 6-1, 6-1, for the 18-and-under title in the Group
GARY PLAYER, shown here celebrating a putt with son Wayne Player on during the final round of the PNC Championship, tells his new rich girlfriend: If you die before me, you can leave me a little (money). AP
