MORE ASSETS FOR SALE TO SHORE UP REVENUES
By Cai U. Ordinario @caiordinario
THE national government intends to sell more of its assets to shore up revenues next year, especially after the recent approval of the guidelines on the Privatization and Disposition of Government Assets by the Privatization Council (PrC), according to the Department of Finance (DOF).
FAO: ‘ANTICIPATORY ACTION’ BLUNTS DISASTER DAMAGE
By Ada Pelonia
HE Food and Agricul -
Tture Organization of the United Nations (FAO) is pushing for a proactive measure that will reduce the potential impact of disasters on Filipinos and their livelihoods.
FAO Representative in the Philippines Lionel Dabbadie said the concept of “anticipatory action” provides assistance to communities that will likely be affected by natural calami-
ties to protect themselves during the onslaught of disasters. He noted that the organization had triggered this measure during tropical cyclone Pepito, one of the serial typhoons that devastated the country’s fisheries and agricultural farmlands. We have been moving the boats before [the typhoon] and the people were able to go back to sea after two days,” Dabbadie told the BusinessMirror in an interview.
Export devt council to set new targets under PEDP
THE Export Development Council (EDC) will convene within the first quarter of 2025 to set new targets under the Philippine Export Development Plan (PEDP).
A ccording to Department of Trade and Industry Export Marketing Bureau (DTI-EMB) Director Bianca Pearl Sykimte, they have yet to discuss the targets with the EDC since the council reviews and approves the PEDP targets.
We have not had a chance to present to the EDC yet the revised PEDP targets, but definitely lower than what was originally reflected in the PEDP,” Sykimte told reporters in a recent interview.
“ But in terms of [Philippine Development Plan] PDP targets of about $107 billion [this
year], we’re quite confident that we’re going to reach that PDP target,” she added. Sykimte earlier explained that they may slash the targets in the PEDP as it contains targets which are “more ambitious” compared to those set in the Philippine Development Plan (PDP) 2023-2028. (See: https://businessmirror.com.ph/2024/12/09/trade-restrictivemeasures-not-trump-2-0-bug-exporters/)
S he explained that the PDP was drafted earlier, and this accounts for why the targets are “more tempered,” whereas the PEDP was intended to be more ambitious.
Under the PDP, the total export targets are:
Who is INCITEGov?
IT further noted the “[Bicam’s] decisions on budget insertions and allocations were made opaquely and with no checks and balance, bypassing the oversight and accountability essential for such a significant piece of legislation.” A major concern by netizens, for instance, is the Lower House’s allocation of P26 billion to the Department of Social Welfare and Development’s Ayuda sa Kapos ang Kita Program (AKAP), which they suspect will be used to help politicians’ campaigns in 2025, in the guise of assistance to their constituents.
Similar calls for proper budget realignments to support the actual priorities of the Marcos Jr. administration were made earlier by the Makati Business Club and Action for Economic Reforms.
Formed in 2006, INCITEGov is composed of former government officials and leaders in civic and nongovernment organization such as former Budget Secretary Florencio Abad, former National Statistics Office adminstrator Tomas Africa, former Education Secretary Edilberto de Jesus, former Presidential Adviser on the Peace Process Teresita Quintos Deles, former Tourism Secretary Alberto Lim, businesswoman and former Chair of the Commission Filipinos Overeas Imelda Nicolas, former Finance Undersecretary Milwida Guevara, economist Jan Carlo Punongbayan (formerly, National Economic and Developement Authority), among others.
Sequent Tech: Online voting issues to be resolved by Jan
By Justine Xyrah Garcia
WITH less than four months until the online voting period for Filipino migrants begins, the Commission on Elections (Comelec) has acknowledged that the system is still facing technical challenges.
Comelec Chairman George Erwin M. Garcia confirmed that Sequent Tech Inc., one of the two providers of the online voting and counting system (OVCS), has committed to addressing these issues by January 3.
There are many issues with the OVCS. However, Sequent has promised to address and resolve all the issues by January 3. I hope they can fix everything,” Garcia told re -
More…
Continued from A1
porters on Monday.
The poll chief outlined several concerns, including issues with the registration process of overseas Filipino voters.
Garcia explained that many applicants face difficulties during enrollment, with some needing to be manually registered due to technical glitches. Others—particularly undocumented migrants— encounter problems because
More privatization of public assets is underway with the approval of the guidelines on the PrC in September,” the DOF said in a statement over the weekend.
their identities are not immediately recognized by the system.
Th is includes cases where government-issued IDs other than passports are used, which are not yet integrated into the OVCS.
We need to address these issues immediately so that our Filipino migrants will not be discouraged from voting,” Garcia emphasized.
He pointed out that delays or multiple attempts at registration might lead to voter fatigue.
It’s frustrating if they have to try three or four times just to register. They might lose interest and give up on the process. A good system ensures they’re registered on the first try,” he added.
The OVCS will require registered overseas voters to undergo pre-enrollment from February 12 to May 12 next year.
Voting will then be open from April 13 to May 12, with eligible voters able to cast their ballots us-
Privatization has already helped shore up revenues this year as the DOF said it collected P4.44 billion from the Privatization Management Office’s (PMO) disposition efforts as of the end of December 2024. This is more than double or 129 percent higher than the same period last year.
DOF said one of the notable sales included the disposition of the government’s shares in the North Luzon Expressway (NLEX) Corporation, which amounted to approximately P2.9 billion.
Th e government also generated P30 billion from the upfront payment from Public-Private Partnership (PPP) Solicited Proposal for the Rehabilitation of the Ninoy Aquino International Airport (Naia).
The Finance Department said the upfront payment was made by the SMC-SAP & Company Consortium after the signing of the Concession Agreement.
The government is expected to generate roughly P900 billion in revenues from this deal over the entire term, which is a 15-year concession period, extendable by another 10 years.
“ We need to raise more funds to meet the growing needs of our people. On top of tax collections, the non-tax revenue sources help us marshall additional resources to equip the government in delivering more and better services in critical areas like healthcare, education, food security, social protection, and national security,” Finance Secretary Ralph G. Recto said.
A s of the end of November 2024, non-tax revenue collections reached P555.3 billion, a remarkable 45.6 percent increase from the same period last year.
Emerging non-tax revenues for the full year 2024 are expected to reach P606.6 billion—the highest ever recorded.
Th is exceeds the Budget of Expenditures and Sources of Financing (BESF) target for the year by P407.6 billion or more than triple or 204.9 percent and the 2023 level by P211.8 billion or 53.6 percent.
Apart from privatization, the DOF said it raised the dividend
Export…
$107 billion for 2024; $113.42 billion for 2025;
ing any device with internet access, such as mobile phones, laptops, desktops, and tablets.
In the event of technical difficulties, voters will have the option to visit their nearest Philippine embassy or consulate to cast their votes via the OVCS kiosks provided at those locations.
As of September 2024, a total of 1.25 million Filipinos overseas have registered for the 2025 elections.
Th is figure falls short of the 1.4 million target, and remains significantly lower than the estimated 15 million Filipinos living abroad.
The 2025 midterm elections will mark the first time the Philippines will implement an internetbased voting system.
A total of 76 Philippine posts, including those in the United States, Australia, Japan, and Saudi Arabia will offer this method.
The remaining 17 posts will use automated counting machines.
contributions of governmentowned and -controlled corporations (GOCCs) to 75 percent from 50 percent of their earnings.
DOF also said it swept the unused and excess funds of GOCCs as mandated by Congress since BIR and BOC collections were off-target.
As of December 9, 2024, a total of P136.29 billion in dividends have been remitted by 52 GOCCs to the Bureau of the Treasury (BTr). This exceeds the P100-billion target for the year and is 35 percent higher than the same period last year.
The DOF added that it has put the excess and unused GOCC funds to efficient use this year, as mandated under Republic Act No. 11975 or the General Appropriation Act (GAA) of 2024.
A total of P167.23 billion in fund balances from the Philippine Health Insurance Corporation (PhilHealth) and the Philippine Deposit Insurance Corporation (PDIC) were remitted to the BTr as of December 19, 2024.
These excess and unused funds were efficiently mobilized to support the long-overdue Public Health Emergency Benefits and Allowances for Health Care and Non-Healthcare Workers and the Medical Assistance to Indigent and Financially Incapacitated Patients.
Th e list includes the procurement of various medical equipment for Department of Health (DOH) hospitals, local government unit (LGU) hospitals, and primary care facilities; the construction of three DOH health facilities; and the salary increase of government workers.
These have also been utilized for the government counterpart financing for foreign-assisted projects such as the Panay-GuimarasNegros Island Bridges; the Metro Manila Subway Project; and the Philippine Multi-Sectoral Nutrition Project. Th is also includes the Mindanao Inclusive Agriculture Development Project; the CebuMactan Bridge and Coastal Road Construction Project; the Road Network Development Project in Conflict-Affected Areas in Mindanao; and more.
He added that part of the organization’s work is to promote the institutionalization of such approaches, but the onus to activate the measure “over the long term” would lie on the government. “ We are doing that to demonstrate that it is possible, but over the long term it will have to be taken by the government— [either] by the national government or the local governments,” he said.
Da bbadie, however, expressed concern that the local government units (LGUs) could only disburse cash assistance after typhoons strike, but not before a disaster escalates into an emergency.
He noted that Congress is discussing a bill that would permit the government to declare a state of imminent disaster based on a set of criteria.
Estrada bill IN July, Senator Jinggoy Ejercito Estrada proposed a measure to declare a state of imminent disaster in anticipation of calamities based on risk assessments by agencies such as the National Disaster Risk Reduction and Management Council (NDRRMC).
S enate Bill 2643, or the “Declaration of State of Imminent Disaster Act,” sets the criteria for such a declaration. Among these are the likelihood that a disaster would occur and the potential damage it would incur on the people, animals, and infrastructures that would likely be affected by the disaster. Under the bill, the President could declare a state of imminent disaster upon the recommendation of the NDRRMC. The LGUs could also make such a declaration based on the local DRRM council’s recommendation.
E strada explained that this aims to shift disaster response from reactive to proactive, which would bolster resilience and preparedness amid the increasing threats posed by climate change and natural calamities.
‘Not a silver bullet’ DESPITE the concept of anticipatory action being “promising,” Dabbadie said this is not a silver bullet in the country’s climate change adaptation measures given the number of typhoons that recently battered the country.
“ The Philippines is a very resilient country [ . . . ] I have always been impressed by the capacity of the people to recover after a typhoon. But now it’s not enough because of the frequency [of typhoons],” he said.
D abbadie noted the need to introduce climate-smart agriculture like using drought-resistant crops in areas prone to dry spells, or water-efficient technologies.
H e also suggested putting in place measures to prevent risks, such as reforestation in landslide-prone areas, replanting mangroves to minimize the effect of flood damages, and preserving wetlands.
There is a cumulative impact [from the successive typhoons] that needs to be considered. So, we need to mainstream the preventive approach,” Dabbadie said.
Filipino maid in Kuwait nabbed for death of ward
By Malou Talosig-Bartolome & Justine Xyrah Garcia
AFILIPINO domestic helper was arrested in Kuwait for the death of her child ward after allegedly putting her inside a washing machine.
The Philippine Embassy in Kuwait said it is “shocked and deeply saddened by the tragic incident.
We extend our heartfelt condolences and prayers to the bereaved family during this difficult time,” the Embassy said in a statement posted on Facebook.
The statement did not go into details of the incident.
A report by a Kuwaiti digital media outlet Ayman Mat News, said the victim is a 1-year-old Kuwaiti infant.
The Filipina allegedly placed the toddler in a washing machine while working at her employer’s home in Sabah Al-Salem.
“According to a security source, the child’s parents heard his screams, rushed to pull him out of the washing machine, and transported him to Jaber Al-Ahmad Hospital. Unfortunately, he was pronounced dead upon arrival,” the digital news outlet reported.
The Kuwaiti police arrived at the hospital where the Filipina maid was arrested.
“In her initial statements, confessed to committing the act because the child was annoying her,” the report added.
The Philippine Embassy said it is cooperating with Kuwaiti authorities investigating the incident and is also helping the detained Filipino domestic worker, “within the framework of Kuwaiti law and in keeping with the Embassy’s mandate.”
“This isolated incident does not reflect the character of Filipinos and the Filipino community in Kuwait, who are recognized for their hard work, reliability, and positive contribution to society,” the Embassy added.
DOH reports first fireworks-related death
By Claudeth Mocon-Ciriaco @claudethmc3
A78 year-old man who the health department said was actively involved in lighting the banned firecracker Judas Belt, was the first fireworks-related death.
Health Assistant Secretary Albert Domingo said that the victim is from Central Luzon and was hospitalized on December 22 but died on December 27. With this, Domingo reminded the public to exercise extreme caution when using fireworks.
“Fireworks, even if legal, are dangerous. They are bombs. They explode. They can kill. Avoid fireworks for your sake,” Domingo said.
The Department of Health meanwhile, recorded 24 additional fireworksrelated injuries (FWRI) as of 6:00 a.m. on Saturday, bringing the total number of cases across the country to 126.
The 126 FWRIs recorded was 29 percent higher as compared to the 97 recorded in the same period in 2023.
Based on the report from 62 sentinel sites, 102 of the victims are minors.
DOH-Ilocos Regional Director Paula Paz M. Sydiongco meanwhile warned against using “boga” as an alternative for fireworks and urged parents to be vigilant and watch over their children as cases of fireworks-related injuries concerning the said improvised devise have been increasing in the region, particularly in the province of Pangasinan.
Sydiongco said that most “boga” users are between the ages of 10-14. “Mahigpit po naming pinapaalalahanan ang mga magulang na bantayanangkanilangmgaanakupangmaiwasanangpaggamitnilang mga ito. We are also encouraging our local officials in the communities to be on guard and immediately confiscate anyone using the improvise device. Ito ay upang maiwasan ang disgrasya sa mga gumagamit nito.” “Boga is still the leading cause of fireworks injuries since December 21, 2024, the start of the monitoring of FRWIs, with 14 cases (45.2 percent). We are reminding everyone that the mere possession, use and sale of boga is punishable under Republic Act 7183 (An Act Regulating the Sale, Manufacture, Distribution, and Use of Firecrackers and Other Pyrotechnic Devices) and other relevant ordinances,” she added.
Other causes of FWRI are five star 5 (16.1 percent), baby rocket 2 (6.5 percent), whistle bomb-2 (6.5 percent), kwitis or sky rocket-1 (3.2 percent), fountain 1 (3.2 percent) and others with six (19.4 percent).
According to the DOH Regional Yuletide Injury Surveillance Report 5 from December 21-25, 2024, a total of 31 FWRI cases were reported by disease reporting units.
The province of Pangasinan recorded the highest cases with 21 (67.7 percent) followed by Ilocos Sur with seven (22.6 percent), La Union-two (6.5 percent) and Ilocos Norte with one (3.2 percent).
Twenty patients suffered blast-burn injuries while nine suffered eye injuries. Twenty-eight cases were treated in various health facilities and were sent home while three were admitted. No deaths were reported.
“We need everyone’s cooperation and support including local officials, law enforcement agencies, health workers, and most importantly, the vigilance and discipline of every family. Let us all avoid using illegal and dangerous firecrackers and enjoy the coming of the new year by celebrating the occasion safer and more meaningful with our families and friends,” Sydiongco concluded. With PNA
NNIC looks into baggage porters’ woes
NEW Naia Infra Corp. (NNIC) is looking into reports of alleged unfair treatment of baggage porters at the premier airport who are employed by a long-time third-party service provider.
This follows complaints received by NNIC regarding the service provider, which handles baggage porterage and retrieval at the airport. The provider’s contract was last renewed by the Manila International Airport Authority (Mia) in 2022 and remains effective for three years.
“These porters are not directly employed by NNIC, but we take these complaints seriously,” NNIC said in a statement. “As the airport operator, we have a responsibility to maintain standards and ensure that all service providers treat their employees fairly, respect their rights, and comply with labor laws.” Since assuming operations at Naia on September 14, 2024, NNIC has prioritized improving conditions for workers under its direct employment. This includes offering better compensation and implementing workplace policies that promote fairness and professionalism.
“As Naia’s operator, we want to build a workplace that reflects our vision of a modern, efficient airport, where personnel and travelers alike can benefit from an atmosphere of fairness, respect, professionalism and accountability,” NNIC said.
DMW to assist worker linked to child death
THE Department of Migrant Workers on Sunday pledged full support to a Filipino domestic worker involved in the death of a child in Kuwait.
In a statement, the DMW assured the public that it is working closely with Kuwaiti authorities to ensure the worker receives legal assistance and due process while respecting the laws of the host country.
“The DMW, through the Philippine Embassy and Migrant Workers Office in Kuwait, is closely coordinating with Kuwaiti authorities while extending the necessary assistance to the subject domestic worker, with due regard to Kuwaiti laws and the DMW mandate,” the department said.
While this incident is deeply concerning, DMW emphasized that it remains an isolated
case that does not represent the values of Filipinos or the millions of overseas Filipino workers worldwide.
“We humbly provide the assurance that this tragic incident is isolated and does not represent the values of Filipinos and overseas Filipino workers who are known for their caring nature, professionalism, dedication, and hard work,” it added.
See “Pinay,” A4
Monday-Tuesday, December 30-31, 2024
Workspace group to expand
PHL presence by 50 percent
By Rizal Raoul Reyes @brownindio
NTERNATIONAL Workspace
IGroup (IWG), a leading global provider of hybrid working solutions with brands including Regus, Spaces and HQ, will expand its presence in the Philippines by over 50 percent with the launch of at least 17 new locations in 2025.
Mark Dixon, chief executive officerand founder of IWG PLC, said these centers, under Regus, HQ and Spaces brands, will cover key areas including Makati, Cavite, Tarlac, Batangas, Tuguegarao, Ilagan, Antipolo, Santiago, Pampanga, Malolos, Montalban and Rizal.
“The need for high-quality flexible workspaces continues to soar as hybrid working becomes the new normal. We are therefore pleased to announce the opening of these new locations in the Philippines in 2025 to meet this demand in both urban centers and key regional areas. Our workplace model is proven to increase productivity and enable a business to scale up or down flexibly at significantly reduced costs,” said Dixon
He noted these new centers are strategically designed to meet the evolving needs of businesses and professionals, not just in urban hubs but also in key regional growth areas.
In Antipolo, Dixon said IWG will open its first Regus center in partnership with Metro Retail Stores Group Inc., in March 2025 by repurposing underutilized spaces to meet the growing demand for remote work solutions while supporting local talent, stimulating the economy, and contributing to community development.
In Lipa City, Batangas, he said IWG is set to open a center in South Supermarket in the first quarter of 2025 to serve the growing demand for nearby workspaces in the rapidly evolving CaviteLaguna-Batangas subregion. With its strong business process outsourcing (BPO) presence, top-tier talent, and rapid residential and commercial growth, Batangas is perfectly positioned for flexible workspaces.
At the Subic Bay Freeport Zone, Zambales, Dixon said IWG is also partnering with Aurora Subic Leisure Inc. to open a Regus center at Aurora Suites & Pavilion in the first quarter of 2025. By combining professional
workspaces with coastal charm, this strategic location near an international port and airport positions Subic as a gateway for business expansion. By bringing a high-quality office space to these regions, IWG is enabling local people to experience living in a ‘15-minute’ city, allowing workers to work close to their homes without commuting far from where they live.
Other upcoming centers include locations in Sinocan Corporate Centre in Parañaque (opening in May 2025) Tagbilaran, Bohol Center (opening June 2025, in partnership with Tagbilaran Uptown Realty Corporation), Carmona (Cavite) center, and Victoria de Makati center (both are opening in the first quarter of 2025), Mabalacat, Pampanga center (opening in the first quarter of 2025), Xentro Mall in Batangas City, and Metro Shoppers Mall in Tarlac (opening July 2025, in partnership with XRC Resources Inc), and other key cities across Luzon such as Malolos City (Bulacan), Tuguegarao (Cagayan), Ilagan and Santiago cities (Isabela), and Montalban and Antipolo City (Rizal), also in partnership with XRC Resources Inc.
IWG recently launched three new
centers in Cagayan de Oro, Baguio and Mandaluyong, bringing its total presence in the Philippines to 33 centers by the end of 2024, with plans to exceed 50 by the end of 2025. This extensive network of hybrid workspaces empowers businesses of all sizes, especially small- and medium-sized enterprises (SMEs) that utilize them as launch pads to scale to regional, national, and even global levels.
With the widespread adoption of hybrid working, flexible workspaces are expected to make up 30 percent of all commercial real estate by 2030. Hybrid working can help reduce costs, with companies saving an average of $11,000 per employee. IWG enables partners to capitalize on this fastgrowing sector, offering unparalleled expertise and support with an annual investment of around $64 million in its technology platform. This model has enabled IWG Philippines to be one of the company’s best performing markets globally.
“These openings reinforce our commitment to supporting the Philippines’ dynamic hybrid work landscape and empowering its economic growth for years to come,” he said.
More fuel price hikes than rollbacks in ’24
By Lenie Lectura
@llectura
THERE were more fuel price increases than rollbacks in 2024 and, as a result, motorists are pumping less into their tanks while for those who can afford they trade in their sports utility vehicles (SUV) for more fuel-efficient models.
As of December 24, the price of gasoline products have climbed for 31 weeks for a total of P28.60 per liter since the start of the year compared to 18 weeks of oil price rollbacks for a total amount of P15.55 per liter, according to data shared by DOE-OIMB (Department of Energy-Oil Management Bureau) Director Rodela Romero.
Adjustments in pump prices in the Philippines are done weekly to reflect movements in the world oil market. Diesel, which is mostly used by jeepneys, buses and SUVs increased by P29 per liter during the cumulative 28 weeks of price hikes. There were 24 weeks of price rollbacks recorded for a total amount of P17.70 per liter.
Kerosene, a flammable liquid generally used as a fuel for light, heat and power, increased 26 weeks amounting to P21.3 per liter and dropped for 23 weeks for P23.1 per liter.
LPG (liquefied petroleum gas), or more known as cooking gas, recorded nine weeks of increases amounting to P9.65 per 11 kilogram per cylinder versus two weeks of price decline for P2.15. LPG prices are adjusted every month.
Before the year ends, there is one more price adjustment scheduled on December 30. Indications during the five-day oil trading
point to a decline in petroleum prices.
“There will be an expected rollback in the domestic pump prices, triggered by the IEA’s [International Energy Agency] continued expectation of an oversupplied oil market in 2025 even if OPEC+ holds production steady or continues to delay the unwinding of its voluntary production cuts,” added Romero.
For Mody Floranda, president of transport group Piston, the volatility of oil prices prompted jeepney drives to reconsider their daily work routine, sometimes resulting in fewer trips to save money on gas. “Mamamasada kami pag hindi masyadong traffic, pag hindi baha at kung may ibang ruta na mas hindi ma- traffic.”
The group has staged protests whenever there are steep oil price increases and urged the government to scrap the Oil Deregulation Act and excise tax on fuel.
However, the latter proposal does not sit well with the government because it will result in foregone revenues.
“Sinasabinilagawangmganangyayari saibangbansakayatayonagtataas.Hindi naman dapat automatic kasi meron
tayong 45 days na supply pa na binili sa masmababanghalaga.Hindidapatagad agad magtataas at alam ng DOE iyan,” he said, adding that a fuel subsidy from the government is a temporary solution.
The minimum inventory requirement (MIR) for refiners stands at in-country stocks equivalent to 30 days of crude and finished products, while an equivalent of 15 days stock of finished products is required for the bulk marketers-importers and seven days for LPG importers.
Edward Soriano, a businessman, may sell his seven-year-old SUV to buy an electric vehicle or a hybrid car. “Some SUVs run on diesel and it’s not cheap. Imagine the burden for jeepney drivers whose take home pay is way below than the average daily salary nowadays. Also, it may be good to consider to use a hybrid car or an EV instead,” he lamented.
The government recognized the plight of motorists. Lawmakers have floated several options to blunt the impact of steadily rising fuel prices. Among the proposed legislative amendments are the proposals on MIR, unbundling all fuel cost components, and the establishment of strategic petroleum reserve (SPR).
Sen. Risa Hontiveros said there should be a mechanism that automatically suspends collecting excise taxes on oil products once international prices hit $80 per barrel. “Put into motion something more strategic and longer-term in terms of a reasonable amount of government regulation on movement of oil,” she said in a television interview early this month.
Sen. Sherwin Gatchalian, meanwhile, wants to institutionalize transparency in the movements of petroleum prices by enacting a law to ensure that the welfare and interests of consumers are amply protected.
“To guarantee transparency and fair retail pricing, information related to any significant adjustments in oil prices
should be made available to the public,” Gatchalian said.
A recent Supreme Court decision upheld the Court of Appeals’ rulings that affirmed the validity of a circular issued by the DOE. The circular requires oil companies to unbundle or disclose the details of price adjustments, along with explanations and supporting documents.
Gatchalian had filed Senate Bill 2081 which seeks to amend Republic Act 8479 otherwise known as the Downstream Oil Industry Deregulation Act by institutionalizing transparency in the industry. The proposed measure aims to address a legislative gap by providing the DOE with explicit authority to require downstream oil industry participants engaged in the retail of petroleum products to submit information on the cost components of the pump prices when the average price of Dubai crude oil for three consecutive months is equal or greater than $80 per barrel.
The measure specifically mandates DOE to require disclosure of actual costs including international content such as import costs, freight costs, insurance, and foreign exchange costs; government impositions such as import duties, excise taxes, value added taxes; biofuel costs and other costs such as port charges, refining costs, storage cost, handling costs, marketing costs, transshipment costs, and the oil company’s profit.
Meantime, the DOE strongly urged motorists to hunt for cheaper gas, sometimes with the help of a mobile phone app. The oil firms, for their part, assured motorists that they regularly provide pump price discounts, special promos, and other marketing campaigns that could help ease their burden. They also urged the public to reduce unnecessary trips, use mass transportation systems, and carpool.
“Ganunnamanparati.Tayoanggagawa ng paraan,” Floranda said with a sigh.
Are you ready for 2025?
By Henry J. Schumacher
LEADERSHIP doesn’t mean smiling away uncertainties, denying reality, or summoning up stereotypical images of our glorious past.
Is it bothering you too, how the current situation is being discussed?
Digitalization, decarbonization, and demographic change. Stagnation, wars, and geopolitical conflicts. So many challenges.
Some of these are just frightening, and I can’t understand those who sugarcoat every crisis or even completely deny it. But what bothers me even more are those who now reminisce about the supposedly “good old times.” Because the carefree past has always been an illusion.
For instance, those who have followed the US election campaign and other power struggles have noticed that the climate crisis hardly plays a role. And this, despite its effects being more directly felt than ever. Heavy rain with floods and mudslides, extreme heat with wildfires and droughts, one typhoon after another. Everywhere, we’re seeing what scientists have long predicted.
Yet, instead of talking about effective measures, you hear statements like:
“There was bad weather in the past too.” That may be true, but it doesn’t mitigate the consequences of climate change.
There are also interesting patterns to be observed among some business leaders. The complaining about the government has recently become almost a national pastime, not only at local pubs but also in top business circles. It only takes an average IQ to know that today’s structural problems are not the result of a few years but the consequences of decisions made in past (golden) times.
Sure, politics sets the framework, and there’s potential for improvement, but it has never been responsible for everything that went well in the economy, and it certainly isn’t now,
Convicted Pinay surrogates in Cambodia back home
THE DFA meanwhile announced that the 13 Filipino women convicted in Cambodia for illegal surrogacy have been repatriated following a royal pardon from Cambodian King Norodom Sihamoni.
The pardon, granted on December 26, was secured following a request from the Philippine Embassy and the endorsement of the Cambodian government.
“Upon the request of the Philippine Embassy and with the endorsement of the Royal Government of Cambodia, the Royal Decree pardoning all 13 Filipinos paved the way for their release and immediate repatriation,” the DFA said in a statement.
The DFA previously reported the rescue of 20 Filipino women brought to Cambodia by a recruitment agency to act as surrogate
when much is going wrong. There are plenty of companies that have failed to react to changes for far too long. As long as business was good and the numbers were shining, sticking to old strategies was even applauded.
But the world has moved on. The changing framework and new global competitors are putting pressure on established business models. The new disruptors don’t care about the word “tradition.” A restructuring of our economic system is therefore inevitable.
Politician-bashing may get applause from one’s own bubble, but to me, that doesn’t count as a solution to the overdue structural change. Ideas on how to solve the problems are neither easy to define nor quick to implement. That makes it much harder to make a spectacle of oneself.
Yes, in times of crisis, people long for clear direction. For leaders who give them the feeling that things are under control. However, responsible leadership doesn’t mean smiling away uncertainties, ignoring past decisions, denying reality, and evoking stereotypical images of our glorious past. What we need now are people who dare to speak uncomfortable truths and implement reforms.
Reformers are rarely celebrated for their ideas at the start—and even later, applause is not guaranteed. But without them, some companies would no longer exist, and some countries would be worse off. We should never forget that true leadership means not taking the easiest and already predetermined path but finding the new one.
I hope I’m not alone in these thoughts. Let’s use today’s step into 2025 as a commitment to create a successful future. And this step into 2025 needs each of us to contribute to a tomorrow that addresses the needs of all groups of society, from the rich, via the middle class, to the poor. Let’s be responsible and successful in 2025 and show resilience and determination in the fight for integrity and justice.
In the spirit of the saying The best way to predict the future is to create it, let’s embrace the promise of fresh beginnings. Together, we can continue to shine a light on corruption and advocate for transparency and accountability. Let’s make 2025 a year of action, unity, and progress!
I look forward to your responses; you can contact me at hjschumacher59@ gmail.com.
mothers.
Seven who were not yet pregnant were repatriated earlier while the remaining 13, all in various stages of pregnancy, were held at a Cambodian hospital.
The women were tried and convicted under Cambodia’s 2008 Law on the Suppression of Human Trafficking and Sexual Exploitation for participating in a surrogacy scheme.
Surrogacy has been illegal in Cambodia since 2016 and violations are considered felonies.
The DFA expressed gratitude to the Cambodian government for the humanitarian treatment extended to the women during the investigation and judicial processes.
“Their safe return highlights the strong diplomatic ties between the Philippines and Cambodia, as well as both countries’ shared commitment to combat human trafficking and transnational crime,” the DFA said. It also reminded Filipinos that surrogacy remains banned in Cambodia, with violators subject to severe legal penalties. With PNA
S. Korea’s worst aviation disaster: 174 killed as Boeing 737 skids off runway and explodes
By Hyung-Jin Kim & Kim Tong-Hyung The Associated Press
SEOUL, South Korea—A passenger plane burst into flames Sunday after it skidded off a runway at a South Korean airport and slammed into a concrete fence when its front landing gear apparently failed to deploy, killing at least 174 people, officials said, in one of the country’s worst aviation disasters.
The National Fire Agency said rescuers raced to pull people from the Jeju Air passenger plane carrying 181 people at the airport in the town of Muan, about 290 kilometers (180 miles) south of Seoul.
The Transport Ministry said the plane was a 15-year-old Boeing 737-800 jet that was returning from Bangkok and that the crash happened at 9:03 a.m. local time.
At least 151 people—71 women, 71 men and nine others whose genders weren’t immediately identifiable—died in the fire, the fire agency said. The death toll is expected to rise further as the rest of the people aboard the plane remain missing about six hours after the incident.
Emergency workers pulled out two people, both crewmembers, to safety, and local health officials said they remain conscious. The fire agency deployed 32 fire trucks and several helicopters to contain the fire. About 1,560 firefighters, police officers, soldiers and other officials were also sent to the site, it said.
Footage of the crash aired by South Korean television channels showed the Jeju Air plane skidding across the airstrip at high speed, apparently with its landing gear still closed, overrunning the runway and colliding head-on with a concrete wall on the outskirts of the facility, triggering an explosion. Other local TV stations aired footage showing thick plumes of black smoke billowing from the plane, which was engulfed in
flames.
Lee Jeong-hyeon, chief of the Muan fire station, told a televised briefing that the plane was completely destroyed, with only the tail assembly remaining recognizable among the wreckage. Lee said that workers were looking into various possibilities about what caused the crash, including whether the aircraft was struck by birds, Lee said.
Transport Ministry officials later said their early assessment of communication records show the airport control tower issued a bird strike warning to the plane shortly before it intended to land and gave its pilot permission to land in a different area. The pilot sent out a distress signal shortly before the plane went past the runway and skidded across a buffer zone before hitting the wall, the officials said.
Senior Transport Ministry official Joo Jong-wan said workers have retrieved the flight data and cockpit voice recorders of the plane’s black box, which will be examined by government experts investigating the cause of the crash and fire. Joo said the runway at the Muan airport will be closed until January 1.
Emergency officials in Muan said the plane’s landing gear appeared to have malfunctioned.
The Transport Ministry said the plane’s passengers include two Thai nationals.
Thailand’s prime minister, Paetongtarn Shinawatra, expressed
Putin apologizes for Azerbaijani plane crash, but stops short of accepting responsibility
MOSCOW—Russian President Vladimir Putin on Saturday apologized to his Azerbaijani counterpart for what he called a “tragic incident” following the crash of an Azerbaijani airliner in Kazakhstan that killed 38 people, but stopped short of acknowledging that Moscow was responsible.
Putin’s apology came as allegations mounted that the plane had been shot down by Russian air defenses attempting to deflect a Ukrainian drone strike near Grozny, the regional capital of the Russian republic of Chechnya.
An official Kremlin statement issued Saturday said that air defense systems were firing near Grozny airport as the airliner “repeatedly” attempted to land there on Wednesday. It did not explicitly say one of these hit the plane.
The statement said Putin apologized to Azerbaijani President Ilham Aliyev “for the fact that the tragic incident occurred in Russian airspace.”
The readout said Russia has launched a criminal probe into the incident, and Azerbaijani state prosecutors have arrived in Grozny to participate. The Kremlin also said that “relevant services” from Russia, Azerbaijan and Kazakhstan are jointly investigating the crash site near the city of Aktau in Kazakhstan.
The plane was flying from Azerbaijan’s capital, Baku, to Grozny when it turned toward Kazakhstan, hundreds of kilometers (miles) across the Caspian Sea from its intended destination, and crashed while making an attempt to land. There were 29 survivors.
According to a readout of the call provided by Aliyev’s press office, the Azerbaijani president told Putin that the plane was subject to “external physical and technical interference,” although he also stopped short of blaming Russian air defenses. Aliyev noted that the plane had multiple holes in its fuselage and that the occupants had sustained injuries “due to foreign particles penetrating the cabin mid-flight.”
He said that a team of international experts had begun probing the incident at Azerbaijan’s initiative, but provided no details. Earlier this week, the Azerbaijani Prosecutor General’s office confirmed that investigators from Azerbaijan are working in Grozny.
On Friday, a US official and an Azerbaijani minister made separate statements blaming the crash on an external weapon, echoing those made by aviation experts who blamed the crash on Russian air defense systems responding to a Ukrainian attack.
President Joe Biden, responding on Saturday to a reporter asking whether he
deep condolences to the families of those affected by the accident in a post on social platform X. Paetongtarn said she ordered the Ministry of Foreign Affairs to provide assistance immediately.
Kerati Kijmanawat, the director of the Airports of Thailand, confirmed in a statement that Jeju Air flight 7C 2216 departed from Suvarnabhumi Airport with no reports of abnormal conditions with the aircraft or on the runway.
Jeju Air in a statement expressed its “deep apology” over the crash and said it will do its “utmost to manage the aftermath of the accident.”
In a televised news conference, Kim E-bae, Jeju Air’s president, deeply bowed with other senior company officials as he apologized to bereaved families and said he feels “full responsibility” for the incident. Kim said the company hadn’t identified any mechanical problems with the aircraft following regular checkups and that he would wait for the results of government investigations into the cause of the incident.
Family members wailed as officials announced the names of some victims at a lounge in the Muan airport.
Boeing said in a statement on X it was in contact with Jeju Air and is ready to support the company in dealing with the crash.
“We extend our deepest condolences to the families who lost loved ones, and our thoughts remain with
thought Putin should take responsibility for the crash, said: “Apparently he did but haven’t spoken to him.” Biden made the comment after leaving church in St. Croix, US Virgin Islands.
Passengers and crew who survived the crash told Azerbaijani media that they heard loud noises on the aircraft as it was circling over Grozny.
Dmitry Yadrov, head of Russia’s civil aviation authority Rosaviatsia, said Friday that as the plane was preparing to land in Grozny in deep fog, Ukrainian drones were targeting the city, prompting authorities to close the area to air traffic.
Yadrov said that after the captain made two unsuccessful attempts to land, he was offered other airports but decided to fly to Aktau.
Earlier in the week, Rosaviatsia had cited unspecified early evidence as showing that a bird strike led to an emergency on board.
In the days following the crash, Azerbaijan Airlines blamed “physical and technical interference” and announced the suspension of flights to several Russian airports. It didn’t say where the interference came from or provide any further details.
If proven that the plane crashed after being hit by Russian fire, it would be the second deadly civil aviation accident linked to fighting in Ukraine. Malaysia Airlines Flight 17 was downed with a Russian surface-toair missile, killing all 298 people aboard, as it flew over the area in eastern Ukraine controlled by Moscow-backed separatists in 2014. AP
the passengers and crew,” Boeing said.
It’s one of the deadliest disasters in South Korea’s aviation history. The last time South Korea suffered a large-scale air disaster was in 1997, when a Korean Airline plane crashed in Guam, killing 228 people on board. In 2013, an Asiana Airlines plane crash-landed in San Francisco, killing three and
injuring approximately 200.
Sunday’s accident was also one of the worst landing mishaps since a July 2007 crash that killed all 187 people on board and 12 others on the ground when an Airbus A320 slid off a slick airstrip in Sao Paulo and collided with a nearby building, according to data compiled by the Flight Safety Foundation, a nonprofit group aimed
at improving air safety. In 2010, 158 people died when an Air India Express aircraft overshot a runway in Mangalore, India, and plummeted into a gorge before erupting into flames, according to the safety foundation.
The incident came as South Korea is embroiled into a huge political crisis triggered by President Yoon Suk Yeol’s stunning imposition of martial law and ensuing impeachment. Last Friday, South Korean lawmakers impeached acting President Han Duck-soo and suspended his duties, leading Deputy Prime Minister Choi Sang-mok to take over.
Choi ordered officials to employ all available resources to rescue the passengers and crew before he headed to Muan. Yoon’s office said his chief secretary, Chung Jin-suk, will preside over an emergency meeting between senior presidential staff later on Sunday to discuss the crash.
The Associated Press journalists Bobby Caina Calvan in New York and Chalida Ekvitthayavechnukul and Jintamas Saksornchai in Bangkok contributed to this report.
Israeli forces detain hospital director in Gaza Strip amid escalating tensions
By Wafaa Shurafa & Sam Mednick The Associated Press
DEIR AL BALAH, Gaza Strip—
Israel’s army detained the director of one of northern Gaza’s last functioning hospitals as overnight strikes elsewhere in the territory killed nine people, including children, Palestinian medical officials said Saturday. Israel’s military alleged that Hamas militants were using the facility and said over 240 people were detained.
Gaza’s Health Ministry said Dr. Hussam Abu Safiya, director of Kamal Adwan Hospital, was arrested Friday along with dozens of other staff and taken to an interrogation center. The ministry said Israeli
troops stormed the hospital and forced many staff and patients outside and told them to strip in winter weather, according to the ministry.
Israel’s military on Saturday
confirmed it detained the hospital director for questioning and called him a suspected Hamas operative while providing no evidence. It said it encircled the hospital and Special Forces entered and found weapons in the area. It said militants fired on its forces and they were “eliminated.” An Israeli military spokesman, Lt. Col. Nadav Shoshani, later asserted to journalists that most of those detained are Hamas operatives.
On Friday, the military denied it had entered or set fire to the hospital complex but acknowledged it had ordered people outside. The military repeated claims that Hamas militants operate inside Kamal Adwan, which hospital officials have denied.
The hospital has been hit multiple times over the past three months by Israeli troops waging an offensive in largely isolated northern Gaza against Hamas fighters it says have regrouped. The health ministry said a strike on the hospital earlier this week killed five medical personnel.
MedGlobal, the humanitar -
ian organization for which Abu Safiya worked, said Friday it was gravely concerned about him. It said the incident follows the October detention of five other staff, calling it an “alarming and egregious pattern of targeting medical personnel and spaces.”
Israel’s nearly 15-month-old campaign of bombardment and ground offensives has devastated Gaza’s health sector. The World Health Organization has said the raid on Kamal Adwan has put northern Gaza’s last major health facility “out of service” after growing restrictions on access, adding that “this horror must end and health care must be protected.”
The Health Ministry said conditions for Kamal Adwan patients who were relocated to the damaged Indonesian Hospital nearby—also raided in the past—were “extremely difficult.”
The Israeli military statement Saturday said 350 patients along with medical personnel had been evacuated from Kamal Adwan in recent weeks, and another 95 patients, caregivers, and medical
Syria embassy in Lebanon suspends services after Assad relatives’ arrest
By Abby Sewell
The Associated Press
BEIRUT—Syria’s embassy in Lebanon suspended consular services Saturday, a day after two relatives of deposed Syrian President Bashar Assad were arrested at the Beirut airport with allegedly forged passports.
Also on Saturday, Lebanese authorities handed over dozens of Syrians—including former officers in the Syrian army under Assad—to the new Syrian authorities after they were caught illegally entering Lebanon, a war monitor and Lebanese officials said.
The embassy announced on its Facebook page that consular work was suspended “until further notice” at the order of the Syrian foreign ministry. The announcement did not give a reason for the suspension.
Two Lebanese security officials, who spoke on condition of anonymity because they were not authorized to speak publicly, said the suspension was ordered because the passports belonging to Assad’s relatives—the wife and daughter of one of his cousins— were believed to have been forged at the embassy.
Assad’s uncle, Rifaat Assad—
who has been indicted in Switzerland on charges of war crimes and crimes against humanity—had flown out the day before on his real passport and was not stopped, the officials said.
The U.K.-based Syrian Observatory for Human Rights reported Saturday that 70 Syrians, including former army officers, were handed over by a Lebanese security delegation to the security forces of the new Syrian government, led by the former insurgent group Hayat Tahrir al-Sham, or HTS. Three Lebanese judicial officials, speaking on condition of anonymity, confirmed the report.
Regional countries have been quick to establish ties with Syria’s new rulers. Delegations of Libyan and Bahraini officials arrived in Damascus on Saturday on official visits.
HTS leader Ahmad al-Sharaa, formerly known as Abu Mohammed al-Golani, has largely succeeded in calming fears within and outside of Syria that his group would unleash collective punishment against communities that supported Assad’s rule or attempt to impose strict Islamic law on the country’s religious minorities.
However, in recent days, sporadic clashes have broken out be -
tween the HTS-led security forces and pro-Assad armed groups. The country’s new security forces have launched a series of raids targeting officials affiliated with Assad and have set up checkpoints in areas with significant populations of the Alawite religious minority to which the former president belongs to search for weapons.
There have also been ongoing tensions and clashes in northeastern Syria between Kurdish-led forces and armed groups backed by Turkey. Many Kurds have viewed the new order in Damascus, which appears to have strengthened Turkey’s hand in Syria, with anxiety.
Ankara sees the Kurdish-led Syrian Democratic Forces—a key US ally in the fight against the Islamic State group—as an affiliate of its sworn enemy, the Kurdistan Workers’ Party, or PKK, which it classifies as a terrorist organization.
The US State Department said Saturday that Secretary of State Antony Blinken had spoken with Turkish Foreign Minister Hakan Fidan to “discuss the latest developments in Syria.”
“Secretary Blinken emphasized the need to support a Syrian-led and Syrian-owned political process that upholds human rights
Former Indian Prime Minister Manmohan Singh, who instituted economic reforms, cremated in New Delhi
By Aijaz Hussain
The Associated Press
Singh lives forever.” Abhishek Bishnoi, a party leader, said Singh’s death was big loss for the country. “He used to speak little, but his talent and his actions spoke louder than his words,” he said.
Later, Singh’s body was transported to a crematorium ground for his last rites as soldiers beat drums. Government officials, politicians and family members paid their last respects
to Singh, whose casket was adorned with flowers and wrapped in the Indian flag. Security personnel honored him with a ceremonial gun salute.
Indian President Draupadi Murmu and Prime Minister Narendra Modi, who called Singh one of the country’s “most distinguished leaders,” and several Cabinet ministers participated in the funeral ceremony. Singh’s body was then transferred to a pyre and cremated as religious hymns played.
Authorities declared a seven-day mourning period and canceled all cultural
and prioritizes an inclusive and representative government,” the statement said, adding that they “also discussed the shared goal of preventing terrorism from endangering the security” of Turkey and Syria.
On Saturday, hundreds of protesters convened by Kurdish women’s groups participated in a demonstration in the northeastern city of Hasaka to demand women’s rights in the new Syria.
Perishan Ramadan, a participant from Hasaka, said the new government “is worse than Bashar” and that its leaders are Islamist extremists who “don’t accept any role for women.”
While the country’s new leaders have not attempted to impose Islamic dress or other conventions, it remains to be seen what role women will have in the new order and whether they will hold political or government positions.
“Women must be present in the new constitution for Syria,” said Rihan Loqo, spokeswoman for the Kongra Star women’s organization. “...Women’s rights should not be ignored.”
The Associated Press writers Hogir Abdo in Hasaka, Syria, and Ellen Knickmeyer in Washington contributed to this report.
and entertainment events during that time. Government buildings across India are flying the national flag at half-staff.
A mild-mannered technocrat, Singh was prime minister for 10 years and leader of the Congress party in Parliament’s upper house, earning a reputation as a man of great personal integrity. He was chosen to be prime minister in 2004 by Sonia Gandhi, the widow of assassinated Prime Minister Rajiv Gandhi. Singh was reelected in 2009, but his second term was clouded by financial scandals and corruption charges over the organization of the 2010 Commonwealth Games.
This led to the Congress party’s crushing defeat in 2014 national elections by the Hindu nationalist Bharatiya Janata Party under the leadership of Narendra Modi.
personnel were evacuated to the Indonesian Hospital during the operation. It also said it had provided fuel and medical supplies to both hospitals.
The war has killed more than 45,400 Palestinians, over half of them women and children, and wounded more than 108,000 others, according to the Health Ministry. Its count does not distinguish between civilians and combatants.
Since October, Israel’s offensive has virtually sealed off the northern Gaza areas of Jabaliya, Beit Hanoun and Beit Lahiya and leveled large parts of them. Tens of thousands of Palestinians were forced out but thousands are believed to remain in the area where Kamal Adwan and two other hospitals are located.
Israel has vowed to destroy Hamas after the militants’ Oct. 7, 2023, attack on southern Israel in which they killed around 1,200 people and abducted some 250 others. Some 100 Israelis remain captive in Gaza, and around a third are believed to be dead.
Israel continued attacks across
Gaza on Saturday. An overnight strike killed at least nine people in Maghazi, including women and children, according to staff at AlAqsa Martyrs Hospital where they were taken and an Associated Press reporter who saw the bodies. Men cried as the bodies, wrapped in bloodied white plastic, lay on the floor of the morgue. The Health Ministry said Saturday that 48 people had been killed in the past 24 hours by Israeli fire. Meanwhile, Israel said its troops had begun operating in the northern city of Beit Hanoun, citing intelligence that fighters and Hamas infrastructure were in the area. Strikes also continued in Israel. Air raid sirens sounded early Saturday and the military said it intercepted a missile fired by Yemen’s Iran-backed Houthi rebels. Israeli warplanes bombed key infrastructure in Yemen again on Thursday. The Houthis also have been attacking shipping in the Red Sea and say they won’t stop until Israel agrees to a ceasefire in Gaza. Mednick reported from Jerusalem.
Bloodied Ukrainian troops risk losing more hard-won land in Kursk to Russia
By Samya Kullab The Associated Press
KYIV, Ukraine—Five months after their shock offensive into Russia, Ukrainian troops are bloodied and demoralized by the rising risk of defeat in Kursk, a region some want to hold at all costs while others question the value of having gone in at all. Battles are so intense that some Ukrainian commanders can’t evacuate the dead. Communication lags and poorly timed tactics have cost lives, and troops have little way to counterattack, seven frontline soldiers and commanders told The Associated Press on condition of anonymity so they could discuss sensitive operations. Since being caught unaware by the lightning Ukrainian incursion, Russia has amassed more than 50,000 troops in the region, including some from its ally North Korea. Precise numbers are hard to obtain, but Moscow’s counterattack has killed and wounded thousands and the overstretched Ukrainians have lost more than 40% of the 984 square kilometers (380 square miles) of Kursk they seized in August.
Its full-scale invasion three years ago left Russia holding a fifth of Ukraine, and Ukrainian President Volodymyr Zelenskyy has hinted that he hopes controlling Kursk will help force Moscow to negotiate an end to the war. But five Ukrainian and Western officials in Kyiv who spoke on condition of anonymity to freely discuss sensitive military matters said they fear gambling on Kursk will weaken the whole 1000-kilometer (621-mile) front line, and Ukraine is losing precious ground in the east.
“We have, as they say, hit a hornet’s nest. We have stirred up another hot spot,” said Stepan Lutsiv, a major in the 95th Airborne Assault Brigade.
The border raid that became an occupation ARMY chief Oleksandr Syrskyi has said that Ukraine launched the operation because officials thought Russia was about to launch a new attack on northeast Ukraine.
It began on August 5 with an order to leave Ukraine’s Sumy region for what they thought would be a nine-day raid to stun the enemy. It became an occupation that Ukrainians welcomed as their smaller country gained leverage and embarrassed Russian President Vladimir Putin.
Gathering his men, one company commander told them: “We’re making history; the whole world will know about us because this hasn’t been done since World War II. Privately, he was less certain.
“It seemed crazy,” he said. “I didn’t understand why.” Shocked by the success achieved largely because the Russians were caught
by surprise, the Ukrainians were ordered to advance beyond the original mission to the town of Korenevo, 25 kilometers (16 miles) into Russia. That was one of the first places where Russian troops counterattacked. By early November the Russians began regaining territory rapidly. Once in awe of what they accomplished, troops’ opinions are now shifting as they come to terms with losses. The company commander said half of his troops were dead or wounded.
Some front-line commanders said conditions are tough, morale is low and troops are questioning command decisions, even the very purpose of occupying Kursk. Another commander said that some orders his men have received don’t reflect reality because of delays in communication. Delays occur especially when territory is lost to Russian troops, he said.
“They don’t understand where our side is, where the enemy is, what’s under our control, and what isn’t,” he said. “They don’t understand the operational situation, we so act at our own discretion.”
One platoon commander said higherups have repeatedly turned down his requests to change his unit’s defensive position because he knows his men can’t hold the line.
“Those people who stand until the end are ending up MIA,” he said. He said he also knows of at least 20 Ukrainian soldiers whose bodies had been abandoned over the last four months because the battles were too intense to evacuate them without more casualties. No option to retreat as Russia doubles down UKRAINIAN soldiers said they were not prepared for the aggressive Russian response in Kursk, and cannot counterattack or pull back.
“There’s no other option. We’ll fight here because if we just pull back to our borders, they won’t stop; they’ll keep advancing,” said one drone unit commander. Ukraine’s General Staff told The Associated Press in a written response to questions that Ukrainian combat units are inflicting losses to Russian personnel and military equipment on a daily basis, and are provided with “everything necessary” to carry out combat duties.
“Troops are managed in accordance to situational awareness and operational information, taking into the account the operational situation in areas where tasks are performed,” the response said. American
Tornadoes strike Texas and Mississippi, killing 2 and leaving a trail of destruction
HOUSTON—At least two people were killed and six more injured as several tornadoes touched down in Texas and Mississippi on Saturday, damaging homes and flipping vehicles as the storm system moved east across Alabama early Sunday.
The National Weather Service’s severe storm tracker indicated the system was moving east through Alabama into Georgia shortly before 4 a.m. The agency issued severe thunderstorm warnings with the possibility of tornadoes in western Georgia and the northwestern tip of Florida directly above the Gulf of Mexico.
One person died in the Liverpool area, located south of Houston, and four people suffered injuries that were not considered critical, according to Madison Polston of the Brazoria County Sheriff’s Office.
There were “multiple touchdown points” in the county
between Liverpool, Hillcrest Village and Alvin. Officials knew of around 10 damaged homes but were working to determine the extent of the damage, Polston said.
In Mississippi, one person died in Adams County and two people were injured in Franklin County, according to the Mississippi Emergency Management Agency.
The National Weather Service said two tornadoes hit around Bude and the city of Brandon, ripping roofs from several buildings.
“These storms are probably going to get a lot worse this evening and overnight the further
east you go,” said Josh Lichter, a meteorologist with the National Weather Service.
It appeared at least six tornadoes touched down in the Houston area, though they may discover there were more when crews go out to survey the damage, and there was damage in the area from both tornadoes and straight-line winds, Litcher said.
North of Houston, mobile homes were damaged or destroyed in Katy and Porter Heights, where the doors of a fire station were blown in, the weather service said.
The storms also caused departure delays of over an hour Saturday afternoon at Houston’s two main airports, Bush Intercontinental and Hobby, according to the website FlightAware.
About 71,000 utility customers were without power in Mississippi Saturday and the number was expected to rise, said Malary White, chief communications officer for the state’s Emergency Management Agency.
Around 3:30 a.m. Sunday, nearly 81,000 customers were without power in the state, down from 93,000 around 1 a.m., according to electric utility tracking website PowerOutage.us.
The emergency management agency did not have official damage reports Saturday. First responders were focused on ensuring safety and making sure everyone was accounted for, White said.
“We do anticipate more thorough damage assessments starting in the early morning hours,” she said.
The National Weather Service office in Birmingham, Alabama, issued overnight severe thunderstorm warnings for several areas in the southern part of the state, advising residents to seek shelter to avoid possible damaging winds up to 60 mph (96.5 kph). AP
Winning ticket for $1.22
lottery jackpot sold in California
By The Associated Press
Aat Circle K (Sunshine Food and Gas) on Rhonda Road in Cottonwood, about 150 miles (240 kilometers) north of Sacramento. The winning ticket matched the white balls 3, 7, 37, 49, 55 and the gold Mega Ball 6. Ishar Gill, a son of the storeowner, said the winning ticket was “a blessing” for the small rural town of roughly 6,000 people. The identity of the winner or winners was not immediately known. “We don’t have the slightest clue of who may have won it or who may
have sold it,” Gill told The Associated Press. “But congratulations to the winner.”
The total amount of the Mega Millions jackpot would only be distributed to a winner who chooses an annuity paid over 29 years. Nearly all grand prize winners opt to take a cash payout, which for Friday night’s drawing is an estimated $549.7 million.
Despite the game’s long odds of 1 in 302.6 million, players continued to purchase tickets as the size of the grand prize grew. Until Friday, the last time a Mega Millions player hit the top prize was September 10.
The largest-ever Mega Millions jackpot ticket worth $1.6 billion was sold in Florida in August 2023. Two prizes for its compatriot Powerball lottery have been larger.
Mega Millions and Powerball are sold in 45 states, as well as Washington, D.C., and the US Virgin Islands. Powerball also is sold in Puerto Rico.
Mega Millions ticket prices are set to rise from $2 to $5 in April.
The increase will be one of many changes that officials say will result in improved jackpot odds, more frequent giant prizes and even larger payouts.
ISHAR GILL , left, his father Jaspal Singh, center, and his sister Jaspeet Gill, right, look over the enlarged image of
PHL pineapple exports seen to rise 16% in ’24
TBy Ada Pelonia @adapelonia
HE Philippines pineapple exports will expand by 16 percent this year, he Food and Agriculture Organization of the United Nations (FAO) said.
The FAO forecasts that the country’s pineapple exports will reach 692,365 metric tons (MT) in 2024 from 598,077 MT in the previous year owing to strong demand from countries like China, Japan and Korea.
“Preliminary trade data for the period up to August 2024 show a 3-percent year-on-year increase in shipments to China, the leading recipient of pineapples from the Philippines at a share of some 40 percent over this period,” the organization said in its latest report.
“Further key import markets for pineapples from the Philippines remained Japan and the Republic of Korea over the first eight months of 2024, at quantity shares of some 33 percent and 16 percent, respectively,” it added.
The FAO noted that shipments of Filipino pineapples to both countries grew by 28 percent to Japan and 37 percent to the Republic of Korea from the previous year.
In terms of price, the international organization said the average quotation of shipments from
the Philippines to world markets stood at $617 per MT over the first eight months of the year, which showed a 5-percent year-on-year increase.
Meanwhile, the FAO said global exports of pineapples will inch up by 4 percent this year to 3.3 million metric tons (MMT) driven by higher supplies from Costa Rica and the Philippines based on preliminary trade data.
It added that both countries are the world’s leading exporters with market shares of around 65 percent
and 21 percent, respectively.
The FAO projects shipments of pineapples from Costa Rica to grow by 3 percent this year to 2.1 MMT, with leading destinations to the United States and the European Union where demand remained firm.
It also noted that the average quotation of shipments from Costa Rica to world markets settled at $564 per metric ton over the first eight months of 2024, which indicated a 3-percent year-on-year increase.
Poultry, hog raisers soldier on despite disease outbreaks
THE
By Ada Pelonia
Filipinos’
love for pork and poultry products is evident in the country’s popular dishes, the most iconic of which is adobo. Parties are not complete without the signature dishes, such as lechon and barbeque. From morning till sundown, meals will usually have something that is produced by the local livestock sector.
The Food and Agriculture Organization of the United Nations (FAO) said livestock plays a crucial role in enhancing the food security and nutrition of the public by providing access to nutrientdense food like meat, milk, and eggs. However, the threat brought by animal diseases such as African swine fever (ASF) and Avian influenza (AI) weighs down the local livestock and poultry sector, affecting a critical point in the supply chain that’s crucial in the country’s attainment of food security.
The recent outbreak of ASF in Batangas showed the difficulties of the local hog sector in eliminating it. Since its detection in 2019 in a Rizal farm, the government and hog raisers have had to cull thousands of hogs to prevent its spread. Last year, hog output plunged to 1.793 million metric tons (MMT), lower than the nearly 2.3 MMT recorded before ASF ravaged farms.
As of July 1, the Philippine Statistics Authority said the swine inventory in the country declined by 24.83 percent to 9.55 million heads from the 12.70 million heads recorded in the same period of 2019. The majority of the country’s swine population
came from smallhold farms, while the remaining were from commercial and semicommercial farms.
The recent ASF outbreaks prompted backyard and commercial hog raisers to depopulate, according to the National Federation of Hog Farmers Inc. (NatFed).
NatFed Vice Chairman Alfred Ng said fear and the oversupply spurred by the sudden unloading of hog stocks may have led liveweight prices of hogs to decline to P140 per kilogram (kg), from P200 per kg prior to the outbreaks.
“Local retail prices of fresh pork have adjusted about P30 pesos due to the current oversupply of fresh pork caused by farmers unloading their stocks before their farms get hit by ASF,” Ng told the BusinessMirror.
The prevailing price of pork ham on selected Metro Manila markets stood at P300 per kilo as of September 27. This was lower than the P340 per kilo recorded on July 29, based on the Department of Agriculture’s (DA) price monitoring.
Anxious poultry growers
THE outbreaks of bird flu may be fewer now, but poultry growers remain in fear of incurring huge losses
if their farms are struck by the contagious disease. The 2017 outbreak, which almost crippled the poultry industry in Luzon, continues to haunt many growers, some of which were forced to shut down their operations for good.
Philippine Egg Board Association (PEBA) Chairman Gregorio San Diego disclosed that some PEBA members are no longer keen on going back to growing poultry despite the improvement in chicken
and egg prices.
“I was told by one of our members that some raisers are afraid of incurring losses while some do not have production capital,” San Diego told the BusinessMirror
When farms get hit by bird flu, the layers may die suddenly or will be culled by the Bureau of Animal Industry (BAI) to stop the spread of the disease. This could lead to higher farmgate prices of eggs due to dwindling supply.
“If you’re a backyard raiser and you’re losing money on a daily basis, you will not be able to sustain your operations and you’d be forced to shut down your farm,” he said.
San Diego said poultry growers have to spend P400 each to raise one layer. This does not yet include expenses for their equipment to sustain the growth of their flock.
“If you will raise 1,000 heads, that will easily cost you P400,000. Where will small backyard raisers get that kind of money? And that capital is just for raising layers,” he added.
The PEBA official said they have been pushing for the distribution of bird flu vaccines. He said there are available vaccines that have
been proven to be effective against bird flu.
Interventions
ACCORDING to Agriculture
Assistant Secretary Dante Palabrica, the BAI is already testing three vaccines against bird flu from companies in Europe and Indonesia.
“They have to go through the BAI for safety and efficacy trial and then the BAI will either endorse or reject it. If it is endorsed, it goes to the FDA [Food and Drug Administration],” he said.
He said the government is targeting to start the government-controlled vaccination against bird flu around the first quarter of next year.
“The FDA can either give [a product registration under] monitored release or allow regular registration,” Palabrica said.
As for ASF, the government has already started vaccinating healthy pigs in Lobo, Batangas last August 30. The municipality has been identified as ground zero for the largest ASF outbreak since the monsoon season began.
Aside from vaccination and distribution of piglets, Ng said the government must train backyard measures in implementing biosecurity
measures to safeguard their livelihood.
“Since 60 to 65 percent of hogs come from backyard farms, they are crucial in the country’s bid to attain pork self-sufficiency, which used to be at 95 percent before the outbreaks, and to reduce our reliance on imports, which can bring diseases that can affect domestic pigs,” he said.
Imported meat products, San Diego said, must go through first-border inspection to minimize the risk of animal diseases entering the country.
“The local livestock and poultry sector will not be faced with these challenges now if the Philippines conducted first-border inspection of meat products,” he said.
The government is currently racing to complete the first Cold Examination Facility in Agriculture (Cefa) in Angat, Bulacan. The target is to open the first Cefa by early next year.
Agriculture Secretary Francisco Tiu Laurel Jr. said locations, such as Subic, will also host a Cefa—a facility that is expected to help the Philippines prevent the entry of farm products carrying diseases that may threaten the domestic animal population.
Sukuk bonds: PHL’s transformative step in Islamic finance
THEPhilippine government’s decision to incorporate Sukuk bonds into its financing plans for 2025 represents a significant milestone in the development of Islamic finance in the country. As highlighted by Fitch Ratings, this initiative not only enhances the country’s financial landscape but also strengthens its economic ties with key Asean neighbors and Gulf Cooperation Council (GCC) countries. (ReadtheBusinessMirrorstory:Fitch laudsPHLplantoincludeSukukbondsin2025 issuances,December19,2024).
Islamic finance, which adheres to Sharia law, offers unique opportunities for economic inclusivity, particularly for the Muslim population in the Philippines. Currently, Filipino Muslims — who constitute about six percent of our population — face considerable barriers to accessing formal banking services. In regions like the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), where the Muslim population is predominant, financial institutions remain sparse. The introduction of Sukuk bonds is a strategic move aimed at addressing these disparities and promoting financial inclusion among the unbanked and underbanked.
The successful issuance of the Philippines’ first sovereign Sukuk in 2023, which raised $1 billion, is a promising precedent. It not only diversified the government’s funding sources but also tapped into the burgeoning market of GCC Islamic investors. This inaugural issuance has set a reference point for future Sukuk offerings, providing a framework for other Philippine issuers to follow suit. As Fitch Ratings noted, the issuance has implications beyond mere funding; it enhances the country’s debt capital market and establishes a credible avenue for Islamic finance to flourish.
Incorporating Sukuk bonds into the planned financial strategy for 2025 also aligns with the broader goal of enhancing the country’s financial infrastructure. The potential for Sukuk peso bonds, as suggested by BSP Assistant Governor Arifa A. Ala, could further solidify the Philippines’ commitment to developing a robust Islamic finance sector.
The implications of these developments extend beyond financial metrics. By fostering relationships with Islamic financial markets in Indonesia, Malaysia, and the GCC, the Philippines can enhance regional cooperation and trade, creating a more integrated economic space. This is particularly relevant in a time when many countries are seeking to diversify their economic partnerships and reduce reliance on traditional markets.
While challenges remain — particularly in terms of educating potential investors and fostering a deeper understanding of Islamic finance principles — the foundations are being laid for a more inclusive financial environment. The government’s proactive stance in promoting Sukuk bonds signals recognition of the potential that Islamic finance holds for economic development, especially in underserved communities.
The inclusion of Sukuk bonds in the country’s financial landscape is a forwardthinking step that promises to unlock new opportunities for growth and inclusion. As the government continues to push for reforms in Islamic banking, it is poised to not only uplift the lives of many unbanked Filipinos but also to position the Philippines as a key player in the global Islamic finance arena. By leveraging the potential of Islamic finance, the government will not only address the financial needs of Muslim Filipinos, but also position the country as a hub for Islamic banking and investment. This strategic move can have far-reaching consequences, paving the way for a more inclusive and diversified economy.
Tech trends to watch in 2025
AS we enter 2025 in a couple of days, we all know that the tech world is gearing up for major changes that will shake things up and affect our daily lives and how we run our businesses. These technological advancements are not just about making things faster or more connected; they also have much to do with big global challenges like climate change and cybersecurity.
Artificial intelligence is on the verge of a significant transformation by 2025. For example, instead of relying solely on centralized servers, AI will start processing information from local devices like smartphones and gadgets. This shift will make everything run even faster. Scientists also say that we’ll see more agentic AI — autonomous systems that can make decisions on the ir own. Imagine AI optimizing supply chains based on real-time data, for example. Sustainability, which has taken the limelight these past
years, will move even closer to center stage, driving more companies to focus on innovations that reduce environmental impact. We’ll also be seeing new waste management technologies and circular business models — where products are designed for reuse or recycling — as organizations aim for net-zero commitments. Additionally, AI will be used to drive the networks that optimize the distribution of energy across grids. It’s a marriage of renewable energy sources and smart technology, helping businesses to significantly lower
Cruz Jr.
Eduardo A. Davad Nonilon G. Reyes
D. Edgard A. Cabangon
Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan
EVERYONE except you and me is getting ready to bring in the New Year with celebration so let me share quietly some ideas for 2025. Having spent the past two weeks meandering around and searching for inspiration, I have decided that the coming year will be a year of “Greater Risk”.
Risk is defined as “a situation involving exposure to danger, harm, or loss”. But it also means “the probability of an event occurring” and “the impact that an event may have”. In 2025 we will witness increased risk in the broadest sense of the word; increased danger, increased probability of that danger occurring, and increased opportunities. This is across the spectrum of geo/ local politics and governance and geo/ local economics and commerce.
“The risk of the risk happening will bring a great risk when it happens”. You might think that sentence is silly but here is a “Chinse proverb”
from “The Biography of Dongfang Shuo” written in 200 AD. “If you don’t enter the tiger’s den, how can you catch the tiger’s cub?” The risk of entering the tiger’s den is that there is a high risk that you will suffer for the risk of obtaining a tiger’s cub.
The Year of Greater Risk will encompass for us all aspects of risk from Risk Avoidance on to Risk Management and through to seeking out Risk Opportunities.
I had previously written that I see 2025 as going to be a year of hard choices, that is having to make difficult decisions in choosing one of the
their carbon footprints while boosting operational efficiency.
In the world of quantum computing, actual applications across various fields will be seen this 2025, revolutionizing areas like drug discovery, climate modeling, and cybersecurity. As more organizations invest in quantum research and development, we might see significant advancements that change how we approach problem solving in science, finance, and logistics, among others.
The Internet of Things (IoT) is expected to explode this coming year owing to 5G connectivity. The number of interconnected devices — from smart home gadgets to industrial sensors — is projected to reach billions! This allows businesses to gather vast amounts of real-time data from their operations, leading to better decision-making and greater efficiency. In smart cities, IoT applications will help manage traffic more effectively using real-time data analysis.
Ambient computing envisions a world where digital devices seamlessly blend into our daily lives, operating quietly in the background without us having to think about them. Devices equipped with sensors and AI will understand our
preferences automatically. In the world of work,, ambient computing could streamline workflows by anticipating needs. This trend will enhance user experiences and reduce the mental load of managing multiple devices or apps.
As we embrace these exciting advancements on the horizon for 2025, we must remain vigilant and proactive in addressing the potential risks associated with these innovations. While the benefits are immense, they also bring challenges that require careful consideration. For instance, as AI systems become more autonomous, we must ensure robust ethical guidelines and regulatory frameworks are in place to prevent misuse and protect privacy. Similarly, with the rapid expansion of IoT devices, security measures must be strengthened to safeguard sensitive data from cyber threats. As we move toward a more sustainable future, we should also be mindful of the environmental impact of new technologies and prioritize circular economy practices to minimize waste. While we harness the power of technological advancements, we must make sure to safeguard our society and environment at the same time.
presented options. Black and white, shades of grey, and “the lesser of two evils” are all around us. However, the hard choice/s that I am speaking of is different from choosing mango instead of banana for breakfast.
In 2025, this is what I see happening. Two paths lie before me: one easier and one requiring more effort. The easy one is smooth and where I usually travel. The other is more outside my comfort zone but with both leading to the same place. I will pick the path that I usually avoided, replacing the potential for “immediate benefit” with long-term gains.
That brings me to my personal strategy for 2025. This should be a year of increased self-sufficiency for all of us.
That is not about raising your own chickens. It is about making your own milk tea. Ordering a milk tea delivered by motorcycle is one choice. Going to your kitchen and making it yourself is another option, a better choice for 2025.
Anticipating and preparing for greater risk also comes back to my basic “survival” strategy: figure out the worst-case scenario and then make plans to survive and thrive in that situation. Even in an urban area, depending on your housing condi-
tion, you can have a separate water tank to store a three- or four-day supply. A basic generator is a bargain at less than P5,000 during a prolonged brownout.
Seeking out risk with opportunities is also self-sufficiency and “hard choices” outside your comfort zone. My good friend Will Cabangon, President at AAA Southeast Equities, posted on August 1 his second half 2024 stock choices with the following results: PLUS (DigiPlus) up 61 percent, CBC (China Bank) up 60 percent, OGP (OceanaGold) up 7 percent, and APX (Apex Mining) down 20 percent with an equally weighted return of 27 percent. The PSEI during that period was off 2 percent. How much money did you make this year listening to the “experts”?
You can make a bucket list of everything that is wrong in the world and the Philippines like one local pundit. Or find opportunities in a risky world and increase your wealth. Your choice. On June 2, 2025, the cycle trend goes into a yearlong uptrend forecasting increased volatility and “risk”. I guarantee that the next 18 months are going to see increased risk. What you do with that risk is your choice. Happy New Year, my friend.
Tech-driven government environmental sustainability efforts
Part 8
REPUBLIC Act No. 11995 or the Philippine Ecosystem and Natural Capital Accounting System (PENCAS) was signed into law on May 22, 2024. It is mandated that the Implementing Rules and Regulations (IRR) be issued one year 15 days after the publication of the law in the Official Gazette or newspaper of general circulation. My Internet search if and when the publication was done does not disclose any details. It can be presumed that this was done during the first half of 2024, and as such, the IRR should be released by mid-year 2025.
As of now, a draft of the IRR of the PENCAS has not been made publicly available. The interagency working group led by the Philippine Statistics Authority (PSA) and supported by key government agencies, is formulating the IRR. The PSA website shows a press release on the 14th Session of the Asean Community Statistical System Committee meeting held in Vientiane, Lao PDR from November 26 to 28, 2024, attended by a Philippine delegation headed by PSA National Statistician and Civil Register General Undersecretary Dennis Mapa. In this meeting, Mr. Mapa shared the Philippine experience in data governance and the agency’s expanding responsibilities in support of country development. He highlighted “how the organization’s diverse yet interconnected mandates across official statistics, civil registration, national ID registration, the Community-Based Monitoring System, and the Philippine Ecosystem and Natural Capital Accounting System (PENCAS) contribute to a comprehensive data ecosystem in the country. This allows for the effective use of official statistics and enables national and local governments to make data-driven decisions.”
The PENCAS establishes an internationally recognized environmental and economic accounting framework called the National Capital Accounting System (NCAS). The law will be based mainly on the System of Environmental-Economic Accounting (SEEA), which is an internationally recognized framework designed to measure the relationship between the environment and the economy in a comprehensive and standardized way.
The NCAS includes, among others, official statistics on natural capital depletion, degradation and restoration; environmental protection expenditures; land, air and water pollution and quality; valuation of natural resources and extent of environmental damages. While the SEEA will provide major inputs to the accounting framework for PENCAS, there are other global initiatives that support the mandate of the law and which can also be used as reference. Last December 16, 2024, leaders from the International Federation of Accountants, the International Financial Reporting Standards (IFRS) Foundation, and the International Organization of Securities Commissions gathered in New York to discuss the uniform adoption and implementation of global standards in sustainability reporting, regulation, and accounting, as set by the International Sustainability Standards Board (ISSB).
A story of surrender
PLAYING second fiddle, at times, crushes one’s spirit for having a minor role to the star of the show. Being a sidekick makes a person feel insignificant without the principal. Batman can have his own movie but not Robin. For as long as the President can still function as one, the Vice President is just a spare tire. I can only surmise how many times any Vice President wished he or she takes a greater role than just being on standby.
Three government institutions should be involved in the drafting of the NCAS accounting framework and standards. The Professional Regulatory Board of Accountancy (BOA), under the ProfessionalRegulation Commission (PRC), the Securities and Exchange Commission (SEC), and the Commission on Audit (COA) should take the lead in this effort. The PRC is mandated under the PENCAS to participate in the IRR drafting, while the SEC and COA, as part of their mandate, have long been formulating the auditing and accounting standards that govern the private sector and government agencies
The BOA created the Philippine Sustainability Reporting Committee (PSRC) to evaluate and provide guidance on the use of IFRS and ISSB standards on sustainability reporting in the Philippines. The PSRC was established through BOA Resolution No. 44 in September 2022. Together with the Securities and Exchange Commission, the BOA has long been formulating standards on financial reporting for compliance by business entities and other private sector stakeholders.
The formulation of the framework and standards for the NCAS will be a continuing process over time. The IRR that is being drafted should merely provide for the structure and process for this phase. These should specify that the BOA, SEC and COA should coordinate in the setting up of the NCAS. The NCAS would include the rules and standards on the recording and reporting, valuation of natural resource assets, extent of its conservation and degradation, amounts of expenditures, and the use of technology tools. With this in place, the NCAS can provide valuable data to support the economic, environmental, and social policy development and decision making of the government and the private sector.
To be continued
Joel L. Tan-Torres was a former Commissioner of the Bureau of Internal Revenue. He has also held the various positions of Dean of the University of the Philippines Virata School of Business, Chairman of the Professional Regulatory Board of Accountancy, Tax partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co., and director of various corporate boards. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. He is now back to his tax and consultancy practice and can be contacted at joeltantorress@yahoo.com and his firm JL2T Consulting.
In the Christmas story, much attention, as it should be, is focused on Jesus. Rightly so, after all, the term Christmas has its roots from Jesus Christ. It is the birth of a Savior. When Jesus was born, he brought new hope to the world. The relatively smaller role goes to Jesus’ earthly parents, Joseph and Mary. “This is how the birth of Jesus the Messiah came about: His mother Mary was pledged to be married to Joseph, but before they came together, she was found to be pregnant through the Holy Spirit” (Matthew 1:18)
But the best supporting role goes to Joseph who planned to divorce Mary as soon as he learned that Mary was expecting a child before the betrothal. Upon an angel’s instructions, Joseph instead took Mary as his wife. More minor was Joseph’s role during Christmas. Over time, Bible scholars look at how Joseph “managed” the divine process of his marriage to Mary and his fatherhood to Jesus Christ as the best example of surrender. Joseph could have disobeyed. Joseph could have abandoned both Mary and Jesus. But he was subservient enough to go against culture and served as head of the Holy Family, from the earthly point of view.
As “minor” as Joseph’s role may have been in the Christmas story
(as there are a few references to this important man), we can still create a picture of the man whom God carefully chose to have the honor of being the earthly father of His beloved Son. God selected a man named Joseph, a descendant of David, and a young woman named Mary (Luke 1:27). At this stage they were betrothed, a custom rather strange to the modern mind. The betrothal period was akin to the current practice of being engaged, but more profound and a much serious duty. Scottish author, professor and Church minister William Barclay describes a betrothal as an absolutely binding relationship that lasted for one year. A couple once betrothed was already known as husband and wife, although they do not yet have the rights of husband and wife. (New Daily Study Bible, 2001, Vol. 1). In fact, the year leading up to the wedding itself was one that entailed a deeper commitment to one another, without the sexual encounters expected between married persons. Barclay elucidates that if, for some reason, the partners decide not to proceed with the wedding, the betrothal “could not be terminated in any other way than by divorce.” Joseph must have felt flustered to learn of Mary’s pregnancy that was certainly not of his doing. Society
‘Lawlessness
By Ding Generoso
First of two parts
‘Twould have assumed the worst, and the only socially acceptable option was to divorce Mary. By law, Joseph could rightfully end the betrothal period. But he was a kind and tenderhearted man, a description of his heart and character. Matthew 1:19 tells us: “Because Joseph her (Mary’s) husband was faithful to the law, and yet did not want to expose her to public disgrace, he had in mind to divorce her quietly.” As the biblical story goes, God intervened by sending an angel to Joseph in a dream before the latter took the plunge of deciding what was needful (Matthew 1:20). This is where we come to know of another important aspect of Joseph’s character — he was a man of faith. In complete surrender, Joseph obeyed the instructions of his Creator (Matthew 1:24-25). This loving and kindhearted man went on in faith and married his bride. Not only did he take care of Mary, this faithful and obedient man also led his family later to a difficult journey down to Egypt for their safety, as instructed to him by God through an angel in a dream (Matthew 2:13-14, 16).
Joseph, the husband of Mary and the chosen earthly father of our Savior, lived a life of complete surrender to the will of his Heavenly Creator. As a “stepfather” to Jesus, our biblical Joseph chose a life of service as he accepted the Son of God into his own home and must have loved, raised, nurtured and taught Him as his own flesh and blood. Being a devout man of faith, Joseph must have led his family into daily prayer, observing the Sabbaths, exemplifying the values of integrity, honesty, caring for the poor, among others. It is readily evident how our Abba Father ensured that His Son was born into a home of faith and with a human father who chose to obey in complete surrender to His will. Indeed, while there are not too many biblical references about Joseph the husband of Mary, we can still learn a lot about his heart and character from what is so far available. In 2020, Pope Francis, in his at-
in lawmaking’
HERE are many evils whose elimination can be trusted to time. The evil of lawlessness in lawmaking cannot. It must be slain on sight for it subverts the sovereignty of the people.”—Chief Justice Reynato S. Puno (ret.), dissenting opinion in the 1994 SC decision on the constitutionality of the Expanded VAT Law, which ruled, among other issues, on the powers of the Bicameral Conference Committee
How can a mere ad hoc committee of the Congress be more powerful than the Congress itself?
Lost, it seems, in the din of protests over the massive cuts in the 2025 budgets of the social-services agencies of the national government, notably Department of Education and the Philippine Health Insurance Corporation, is this question.
Because, really, all the changes — the deletions, reductions, additions and insertions — in the budgets of several departments were made not by the Senate or the House of Representatives acting as a legislative assembly, but by the all-toopowerful Bicameral Conference Committee on the 2025 national budget. They all happened after the two chambers passed their version of the budget measure.
And while everyone has raised issues about which sector and departments should get more money and which should get less, or why the biggest chunk was given to the Department of Public Works and Highways and no money was given to PhilHealth, no one has seriously raised the more important question:
Does the Bicameral Conference Committee have the power to change any provision of any bill — not just the proposed national
budget — that the Senate and the House have separately passed on third reading?
We must go back to 1994 to find the answer.
To be sure, the proposed P6.352 trillion General Appropriations Act underwent the usual legislative process.
The budget bill originated in the House. It went through first reading, committee hearings, second reading and third and final reading separately in both houses as required by the 1987 constitution.
But like any other previous budget law or other legislation — the two budget bills with their conflicting provisions also went through the bicameral conference (bicam) to “reconcile” the provisions that didn’t agree.
The bicam made changes, and the representatives of the two chambers submitted to the Senate and the House the “reconciled” version for ratification, which both chambers did.
This process of “reconciling” the disagreeing provisions is where questions of constitutionality persist; and they persist because the Supreme Court failed to slay 30 years ago what then Associate Justice Reynato S. Puno called “the evil of lawlessness in lawmaking.”
tempt to let others know and deepen their knowledge of the “second fiddle” Joseph, declared a “Year of St. Joseph” for the Catholic Church. Pope Francis even wrote a letter entitled “With a Father’s Heart”, in which he said, “Whenever a man accepts responsibility for the life of another, in some way he becomes a father to that person.” All human fathers can be like Joseph in being responsible for the life of another while lifting all plans to Jesus in complete humility and obedience. Christmas is the story of surrender, according to author and evangelist David Jeremiah. He said that Joseph’s courage and strength came from God. He might seem insignificant compared to the other characters in the Christmas story but even the Jews recognized his importance. For those who took the tours in Israel, part of the usual itinerary is a visit to what could have been Joseph’s home in Nazareth. And while he has been sanctified as a patron saint of the catholic church, his sainthood is generated not by a church pronouncement but by the fact of his complete surrender to God’s Will – which includes accepting Jesus as Savior. Truthfully, all of us are saints when we accepted Christ as our Savior: “To the church of God which is in Corinth, to those who have been sanctified in Christ Jesus, saints by calling, with all who in every place call on the name of our Lord Jesus Christ, their Lord and ours:” (1 Corinthians 1:2).
We were “washed, sanctified, justified in the name of the Lord Jesus Christ and by the Spirit of God” (1 Corinthians 6:11). Sanctification is the process of becoming more like Christ, by purifying our hearts and minds, by way of repentance and daily prayer.
Like the sanctified Joseph, may we embrace being “second fiddle” to Jesus in the Christmas story. Since we cannot live without the Main Man, we might as well completely surrender ourselves to Jesus this 2025 and beyond.
This lawlessness stems from the powers that the bicam exercises, which are beyond the constitution, but which the majority of SC justices upheld in 1994.
Let’s backtrack a little.
In November 1993, the House, after more than a year of deliberations, approved on third reading and sent to the Senate House Bill No. 11197, which expanded the coverage of the value-added tax.
In March 1994, the Senate, taking into consideration HB 11197, approved Senate Bill No. 1630, which became the Senate version of the proposed Expanded VAT law.
Both bills were then referred to the Bicameral Conference Committee which, after meeting four times, recommended that “House Bill No. 11197, in consolidation with Senate Bill No. 1630, be approved in accordance with the attached copy of the bill as reconciled and approved by the conferees.”
The Senate and the House separately approved the “reconciled bill,” which President Fidel V. Ramos signed on May 5, 1994, and became Republic Act No. 7716.
But several legal luminaries and groups immediately petitioned the SC to declare the law unconstitutional. The petitioners, notably the late Senator Arturo M. Tolentino, cited a number of grounds, one of them, that the version ratified by both Chambers contained provisions not in the original bills passed by the House and the Senate but were “surreptitiously” inserted by the bicam.
Sen. Tolentino provided the Court a list of 24 insertions and deletions made by the bicam. None of them were disputed as having been the work of the bicam. Instead, the respondents argued that the bicam
has ex post veto power after the fact — meaning they can change whatever has been previously voted upon separately by all members of the House and the Senate. And it has been the practice since time immemorial for conference committees to insert in bills already approved new provisions not contemplated during their deliberation and passage. Nonetheless, the SC’s decision penned by Justice Vicente Mendoza, held that it was within the power of the bicam not only to make amendments to reconcile bills already passed by both chambers, but to make an entirely new bill as long as the “third bill” is germane to the subject of the original bills. Said the SC: “If the committee can propose an amendment consisting of one or two provisions, there is no reason why it cannot propose several provisions, collectively considered as an “amendment in the nature of a substitute,” so long as such amendment is germane to the subject of the bills before the committee. After all, its report was not final but needed the approval of both houses of Congress to become valid as an act of the legislative department.”
A constitutional monstrosity BUT Justice Puno held an opposing view. In his dissenting opinion, Puno pointed out the absolute absence of any “legal warrant for the bold submission that a bicameral conference committee possesses the power to add/delete provisions in bills already approved on third reading by both Houses…. no constitutional provision, no law, not even any rule or regulation.”
To be concluded
‘Tariff cut to make bananas competitive in South Korea’
By Ada Pelonia & Samuel P. Medenilla @sam_medenilla
THE tariff reduction on banana exports to South Korea will reduce the country’s competitive exclusion from other countries, according to a Department of Trade and Industry (DTI) official.
Th e DTI recently clarified that under the Free Trade Agreement (FTA) with Korea, the 30-percent tariffs levied on banana imports will be slashed by 12 percentage points, starting with a 6-percent decline by yearend and another 6 percent by January 1. It added that the tariff rate will be cut by 6 percentage points annually until it gets zero-rated in the fifth year of effectivity.
What’s critical for us here [is to] to reduce our competitive exclusion, our tariff disadvantage vis-a-vis certain current Korea FTA partners,” Trade Undersecretary and BOI Managing Head Ceferino Rodolfo told reporters, speaking in Filipino during a recent briefing.
DTI Export Marketing Bureau (DTI-EMB) Director Bianca Pearl Sykimte explained that South Korea held the third largest export market for Philippine bananas with a
13.5-percent share in 2023. This was next to Japan at 46.1 percent and China at 29.5 percent.
S ykimte added that Korea’s import tariffs on bananas from Vietnam, Costa Rica, Peru, and Honduras were zero-rated.
“From 2012, we used to have a 98.2-percent market share in the Korean market but since it became zero for some of our competitors like Vietnam, Costa Rica, and Peru, they were able to gain significant market shares in the Korean market,” she said.
She added that in 2023, the country’s market share in the Korean market stood at 69.1 percent, which indicated a 29-percent decline.
D TI Secretary Cristina Roque earlier explained that the Philippine banana exports dropped due to the tariff rate.
Our banana exports are really strong. It’s just that because of the tariff, our prices are higher,” Roque said.
“When other countries had the same tariffs as ours, our exports of bananas were like $300 million. Now, it’s down to $160 [million] because the other countries no longer have tariff for bananas; and we still have.”
R oque said that with the Philippine-Korean FTA, prices would drop “drastically” because the tariffs would also decrease, triggering expectations of robust exports of
Philippine bananas by 2025.
The banana industry is very happy with this update,” she said.
Tariffs on cars, parts
THE Philippines is poised to start cutting down the tariff for imported vehicles and auto parts from South Korea after President Ferdinand Marcos issued Executive Order (EO) No. 80.
Under EO 80 dated 23 December 2024, but only released to the media last Saturday, the chief executive ordered the implementation of the Philippine schedule of tariff commitments under the Philippine-Korea Free Trade Agreement (PH-KR FTA), which was proposed by the National Economic and Development Authority (Neda).
T he issuance contained an over 400-page list of tariff schedules for imported items from South Korea, including adjustments for imported vehicle parts from the said East Asian country.
A mong those to be affected by the new rates are engines of vehicles of heading 87.01, which will be reduced from its current rate of 10 percent to 9 percent in the first year of implementation of the PH-KR FTA to zero percent after 15 years.
I t will also reduce the tariff rates for engine of vehicles of heading 87.02, 87.03, 87.04, and 87.05 from its current 20 percent
to zero percent after 15 years.
The new tariff rates will cover all goods stipulated in the Annex of the EO 80 “that are entered into or withdrawn from warehouses or free zones in the Philippines for consumption or introduction to the customs territory.”
The imported goods will be subjected to the submission of a Proof of Origin in compliance with the provisions of the PH-KR FTA.
Marcos, however, noted that the Philippine government can invoke recourse under local laws, the PH-KR FTA and other international agreements “in order to ensure the prevention of import surges or unfair trade practices.”
The PH-KR FTA was signed at the sidelines of the 43rd Association of Southeast Asian Nations (ASEAN) Summit and Related Summits in Indonesia on September 8, 2023.
It was ratified by Marcos on May 13, 2024 and was concurred in by the Senate on September 23, 2024.
The country is expected to benefit from the PH-KR FTA by reducing the tariff for Philippine bananas and pineapples, which will be exported to South Korea. Meanwhile, the same agreement will gradually bring down the tariff of Korean vehicles and auto parts, which will be imported by Philippine firms and consumers.
BOI CERTIFIES 176 PROJECTS, WORTH P4.5T, FOR GREEN LANE
TBy Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror
AN organization of former government executives and socio-civic leaders has appealed to Malacañang and Congress to restore the funds initially alloted to vital sectors in society, and instead eliminate pork barrel funds that may be used indiscriminately and without oversight in the proposed P6.4-trillion General Appropriations Act (GAA) for 2025.
I n an open letter to President Ferdinand R. Marcos Jr. and lawmakers on Sunday, members of the International Center for Innovation, Transformation, and Excellence in Governance (INCITEGov) expressed “profound concerns” over the proposed GAA 2025, now pending for the President’s signature. “While we commend…Marcos Jr.’s good intentions for the 2025 GAA, we are deeply troubled by the gross misallocations in the final version of the budget as approved by Congress. We are concerned that lineitem vetos will not be enough to rectify the problematic priorities embedded in next year’s budget,” said the organization. It urged the President and legislators to “revamp the proposed budget and restore the funds that have been unjustly removed from vital sectors such as health, education, agriculture, social protection, transportation, and climate change adaptability.” There has been much public opposition for instance, to the lawmakers’ removal of the subsidy to PhilHealth, which is tasked to implement a universal health care system in the country. The subsidy is mandated under the Sin Tax Law, from which 85 percent of excise taxes on tobacco and alcohol products, are supposed to be turned over to PhilHealth.
I NCITEGov pointed out the necessity of these services in car -
ing for the “welfare of our most vulnerable citizens and ensuring the well-being of our nation.” Restoring the needed funds is “not only a moral obligation but also a strategic imperative for achieving long-term economic growth, stability, and sustainability.”
Zero in on ‘unprogrammed funds’
THE group also called for a “meticulous examination of the unprogrammed appropriations and the elimination of pork barrel items from the proposed budget.”
It noted that some big-ticket infrastructure projects, including those listed in Build Better More program of the administration, “are inexplicably found in the unprogrammed appropriations, and this will lead to undue delays in the construction and completion of such projects—to the detriment of Filipinos.”
T he organization warned that the indiscriminate spending of pork barrel funds leads to waste and the inefficient use of vital financial resources without any tight oversight and planning on their use. “It fosters corruption and political favoritism, undermining public trust and resulting in unbalanced development,” it added. Th e group said “substantial allocations for several infrastructure items [specifically in the Department of Public Works and Highways] are unmistakably pork barrel in nature, prioritized at the expense of critical essential services, and are particularly alarming.”
I NCITEGov also decried the apparent violation on the Constitution, which has provided that the largest share of goverment’s budget to education. The bicameral conference committee raised the budget of the DPWH by P285 billion, yet reduced the Department of Education’s allotment by P12 billion.
See “Ex-CabSecs,” A2
underscores the Philippines’s rising profile as a hub for strategic and sustainable investments,” BOI Investments Assistance Center Executive Director Bobby Fondevilla said in a statement. “By fast-tracking approvals through [Executive Order] EO 18, we’ve aligned these investments with our national priorities, including renewable energy development, job creation, and economic resilience,” he added. The agency said the liberalization of foreign investment policies and the easing of ownership restrictions on renewable energy projects have significantly impacted foreign investments in Green Lane-certified initiatives. Of the 176 certified projects, 46 are majority foreign-owned, with 30 being wholly owned by foreign companies from Singapore, Thailand, Malaysia, and the British Virgin Islands. In terms of equity contributions, the agency said Denmark leads with the largest foreign investment at P416.41 billion, followed by the Netherlands at P336.93 billion, Switzerland at P310.74 billion, and Singapore at
The
Northern Luzon, Northern Mindoro, and East Panay. These are are expected to generate over 50,000 jobs for Filipinos from construction to operation.
“ The success of the Green Lane
SBy Bless Aubrey Ogerio
EVERAL House leaders have
filed a resolution calling for a joint inquiry into the rising issue of false and malicious content on social media platforms.
The resolution, authored by Senior Deputy Speaker Aurelio Gonzales Jr., Deputy Speaker David Suarez, Majority Leader Manuel Jose Dalipe, Minority Leader Marcelino Libanan, Robert Ace Barbers, Bienvenido Abante Jr., and Joseph Stephen Paduano, proposed that the investigation be led by House committees on Public
Order and Safety, Information and Communications Technology, and Public Information.
The lawmakers pointed out that the rapid growth of social media has enabled the widespread distribution of harmful content, including misinformation, defamation, and posts that undermine trust in public institutions.
“ False and malicious content has also been exploited by unscrupulous individuals to promote scams, cyberbullying and other activities that negatively impact public safety and order,” the resolution stated.
“The balance between ensuring digital safety and protecting constitutional freedoms, particularly freedom of speech and expression, must be maintained, as these are cornerstones of democracy,” it added. They called for a review of existing laws, such as the Cybercrime Prevention Act of 2012, to address these issues while safeguarding constitutional rights.
“ There is a pressing need for a collaborative approach among relevant committees to identify gaps in existing laws and recommend measures to combat harmful content while upholding the rights of
individuals to participate in free and open discourse,” they said. Key objectives for the inquiry include enhancing social media accountability, improving content moderation practices, and tackling online harms like cybercrimes and harassment. The inquiry will also focus on public awareness campaigns to improve digital literacy. The investigation will involve various stakeholders, including social media companies, cybersecurity experts, and legal professionals, to ensure a comprehensive approach to addressing digital misinformation and enhancing online safety.
Editor: Jennifer A. Ng
B1
Monday-Tuesday, December 30-31, 2024
Blueleaf talking to Chinese firms for solar project deal
By Lenie Lectura @llectura
BLUELEAF Energy Philippines revealed its officials are negotiating with Chinese firms for an engineering, procurement and construction (EPC) contract for the development of its large-scale floating solar project in Laguna.
SMC opens Skyway Stage 3 Exit
By Lorenz S. Marasigan @lorenzmarasigan
CONGLOMERATE San Miguel
Corp. (SMC) announced over the weekend it has opened the Maria Clara Exit at Skyway Stage 3.
The northbound exit, which started operations at 6 a.m. last Saturday, serves as an extension to the Quezon Avenue exit in Quezon City.
celebrations.
The Maria Clara Exit will not entail additional toll fees, as it shares the same toll rate as the Quezon Avenue northbound exit, ensuring accessibility for the motoring public.
The Toll Regulatory Board (TRB) granted an interim permit to operate the exit on Friday.
“Our team is working doubletime to comply with the remaining requirements. Meanwhile, we are deploying patrollers and road safety personnel to guide motorists using the new exit,” Ang said.
Gopalakrishnan said recently that Xian Electric Engineering Co. Ltd. and China Energy Engineering Group are interested to bid for an EPC contract for the solar project, NKS Solar One.
The company has initiated
“The company is in advanced discussions with several EPC contractors,” said Pradeep Gopalakrishnan, senior project manager at Blueleaf Energy Philippines through a statement. “While these discussions have reached an advanced stage, Blueleaf Energy Philippines remains open to considering other contractors as it gear towards construction.”
the EPC bidding process in the middle of 2024 and has since engaged both local and international parties to determine the most qualified contractors. This rigorous selection process underscores the company’s aim to deliver a project that surpasses global standards for renewable energy development.
NKS Solar One, a 250MW floating solar project to be situated in Lakes Caliraya and Lumot in Laguna, is a joint venture of Blueleaf Energy Philippines and NKS Energy Utilities.
For the first phase, Blueleaf Energy intends to complete 132 MW of the total capacity.
The project is recognized as a Green Lane project under the Board of Investments, and as an Energy Project of National Significance from the Department of Energy.
Blueleaf Energy Philippines is a specialist onshore renewable energy business that develops and operates utility-scale solar projects. It is a portfolio company of Macquarie Capital, operating on a stand-alone basis.
Bloomberry sells shares for patrons
By Rizal Raoul Reyes @brownindio
ARESORT-HOTEL casino has sold 250,000 shares of the parent’s stock at market price, “as a reward” to “loyal patrons.”
“This exit has been long-awaited by our motorists in Quezon City, who now have a convenient alternative,” SMC Chairman and CEO Ramon S. Ang said, noting that the move is designed to accommodate the surge in travel expected over the long weekend leading up to New Year
Skyway Stage 3 connects Gil Puyat Avenue in Makati City to Balintawak in Quezon City, linking the Skyway System to the North Luzon Expressway.
Record year for momentum trade is ending with widening cracks
By Justina Lee Bloomberg
FOR all the Trump Trade triumphalism and hysteria for AI, it’s been a tough year to make money across markets. Now even the trade that powered US stocks is starting to show signs of wavering.
all-weather success, the multi-asset portfolio model known as risk parity, ended the year roughly unchanged, as measured by the RPAR Risk Parity ETF.
The Bloomberry group developed and operates Solaire Resort & Casino at Entertainment City in Parañaque. In May this year, the group launched a new casino complex, Solaire Resort North, at Vertis, Quezon City.
Australian casino industry vet-
This was learned from a recent filing by the parent company to the Philippine Stock Exchange. Bloomberry Resorts and Hotels Inc. sold the 0.25 million shares at P4.57 each earlier this month. The total was just over P1.14 million. “These shares shall be given as a reward to Solaire’s loyal patrons and as part of Solaire’s marketing program,” the Bloomberry group said.
eran Greg Hawkins, the Bloomberry Resorts executive in charge of Solaire North, was named as acting chief operating officer (COO) of Bloomberry Resorts and Hotels last week. Hawkins was appointed following the resignation of Thomas Arasi as group president and chief operating officer.
Singapore oil mogul declared bankrupt after empire collapsed
FORMER tycoon Lim Oon
Kuin has been declared bankrupt in Singapore, following the collapse of his oil trading empire. The name of the founder of Hin Leong Trading Pte. and his children Lim Huey Ching and Lim Chee Meng were listed as having been issued a bankruptcy order on Dec. 19, the government gazette showed. The younger Lims were both directors at the company. Lim Oon Kuin leaves the State Courts following a sentencing hear -
ing in Singapore on November 18. Leow Quek Shiong and Seah Roh Lin of BDO Advisory Pte. Ltd. are the trustees, according to the gazette. At its peak, Hin Leong traded a range of oil products, made lubricants and operated loading terminals and storage facilities. But the downfall of the man widely known as OK Lim came in 2020, as Covid—19 sent oil prices into freefall. Hin Leong was accused of hiding more than $800 million in losses and leaving more than 20 banks
with huge liabilities.
Singapore’s High Court in September approved the Lims’ agreements to pay $3.59 billion to the liquidators of his collapsed firm and creditor HSBC Holdings Plc, ending the civil case against him.
“While I continue to deny the claims made against me in all the civil suits, I did not wish to take up any more of the Court’s time and resources and I therefore offered to all the claimants who sued me that I will consent to judgment without admission to liability,” Lim, 82, said
in a emailed statement late Saturday. “I also informed these claimants that I do not have assets to pay all of them and will therefore be applying for bankruptcy.”
Separately, Lim was sentenced in November to jail for cheating HSBC and instigating forgery. Lim filed an appeal, and will not begin to serve his sentence until after the appeal hearing.
Representatives of BDO didn’t
A fickle Federal Reserve and inflation’s refusal to go quietly has been a recipe for cross-asset malaise. The biggest exchangetraded fund tracking long-dated Treasuries swung violently in 2024 before finishing deeply in the red. Commodities rode the hopes and dreams of Chinese stimulus, up and down. Gains were even squeezed in the safest credits, where spiking yields pushed BlackRock’s $30 billion investment-grade ETF to its worst fourth quarter in eight years.
The one bright spot was equities, and US companies again stole the show. The advance was the furthest thing from a uniform march, though—including Friday, when a normally sleepy year-end session saw the S&P 500 fall as much as 1.7 percent on no obvious news. That drop capped a year when value and small-cap shares struggled, and the S&P 500’s 25 percent return masked a gain of half that in its average member. Ominously, it was also the second shellacking in as many weeks for the one equity strategy that has worked reliably in 2024: momentum investing, or riding the market’s winners. A record year for momentum has rewarded its faithful handsomely—while also raising risk that blowups like Friday’s will become more common.
“Momentum is great until it’s not, until something changes,” said Melissa Brown, head of applied research at SimCorp, which offers factor risk models.
Even with this week’s pullback, the popular quant trade that buys the past year’s top names and sells the losers has gained 31 percent in 2024, set for the best year ever in data going back to 2002, a S&P Dow Jones index shows.
In short, the stock leaderboard proved remarkably consistent, with Big Tech favorites like Nvidia Corp. and Meta Platforms Inc. sitting steadily at the top. While that’s handed an easy gain to anyone with an index fund, the all-too-familiar setup is adding fuel to concerns that stock gains have become too concentrated and crowded.
That’s against a backdrop of too many twists to count, starting with a US central bank that was at times dovish, then hawkish again, and encompassing everything from worldwide election drama and simmering geopolitical tension to China’s varying postures toward economic stimulus.
So numerous were the crosscurrents that a strategy built for
Big Mo THE momentum strategy, an approach widely used by quantitative traders and backed by academic research, captures the tendency for market trends to persist for a while, whether it’s because more investors are jumping in or are late to absorb new information. It reallocates into recent winners in every rebalance, helping it capture medium- to longterm trends.
That has happened this year. In addition to betting big on tech, momentum managed to break out of its summer doldrums by adding more cyclical names that ended up profiting from Donald Trump’s victory, says Bruno Taillardat, head of smart beta at Amundi.
The strategy’s whopping gains have intensified worries that momentum has now become self-fulfilling in stocks, especially with the growing dominance of passive funds.
“Another consideration is the growing propensity of investors to use price momentum as a key factor in their investment strategy,” Michael Wilson, chief US equity strategist at Morgan Stanley, wrote in a Sunday note. “Many investors have let their winners run, given the lack of mean reversion in the past several years.”
He pointed to one anomaly: The S&P 500 has managed to keep rallying, despite the small number of its members that are rising above their 200-day moving average.
Where value won IN credit, buying bonds issued by companies with higher stock momentum has also been a winning strategy in 2024, says Patrick Houweling, head of quant fixed income at Robeco. But in a risk-on year, the value factor—or buying bonds with unusually wide spreads—‚has fared the best.
That’s unlike the stock market, where the cheapest shares have underperformed and extended momentum gains have only made the winners more expensive relative to the losers. Such wide valuation spreads might be fueling higher volatility in the strategy, 22V strategists led by Dennis DeBusschere wrote in a note. S&P’s momentum index dropped 0.7 percent this week as the S&P 500 pared gains to just 0.7 percent.
“Outside of periods of acute shock, the PE spreads in momentum rarely get above current levels,” the team said, referring to the difference between the price-earnings ratios of high-momentum stocks and those of lower-momentum shares. “Room for another sharp increase in momentum looks increasingly limited.”
Editor: Dennis Estopace
Real estate loans by banks post double-digit decline
By Cai U. Ordinario @caiordinario
REAL estate loans (RRELs)
granted by local banks posted a double-digit decline in the third quarter of the year, according to the Bangko Sentral ng Pilipinas (BSP).
The latest BSP data showed real estate loans granted by banks for new housing units contracted by 15.7 percent year-on-year.
Loans granted in the National Capital Region (NCR) and Areas Outside NCR (AONCR) decreased by 20.3 percent and 13 percent, respectively.
“Notably, the double-digit y-o-y [year-on-year] contraction in RRELs in the Philippines, NCR, and AONCR in Q3 (third quarter) 2024 was significant, yet not as severe as the decline in housing loan availment observed during the pandemic, which began in Q2 (second quarter) 2020,” the BSP said.
“This is also consistent with the outcome of the Q3 2024 Consumer Expectations Survey (CES), which showed consumers’ more pessimistic view on buying a house and lot during the period,” it added. The BSP also said the nationwide housing loan availments grew by 3.1 percent as the 15.8 percent increase in the NCR negated the 2.4 percent contraction in AONCR.
“This confirms the results of the Q3 2024 Senior Bank Loan Officers’ Survey (SLOS), indicating a higher net increase in household loan demand for housing compared with the previous quarter,” the BSP added. The data also showed the RRELs for new single-detached/attached houses in the Philippines contracted by 24.5 percent year on year. Loans in NCR for these housing units declined
NHA allows amortization payments at 7-11 stores How
By Bless Aubrey Ogerio
THE National Housing Author-
41.2 percent while those in AONCR contracted 23.7 percent.
The BSP said the nationwide loan availments for new single-detached/ attached houses fell by 5.5 percent quarter on quarter driven by the 31 percent and 4.2 percent decreases in the NCR and AONCR, respectively.
The data also showed the number of RRELs granted for new townhouses in the Philippines declined by 0.7 percent year on year due to the 1.4-percent and 0.6-percent contraction in the NCR and AONCR, respectively.
On a quarterly basis, loan availments for new townhouses decreased by 9.6 percent as those in the NCR and AONCR decreased by 3.3 percent and 10.3 percent, respectively.
The BSP also said the number of RRELs granted for new condominium units in the Philippines also fell by 13.2 percent y-o-y in the third quarter of 2024.
The data showed there was a 20 percent decrease in RRELs granted in NCR offset the 6.5-percent increase in loans granted in AONCR for these kind of housing units.
On a quarterly basis, however, the loan approvals for new condominium units recovered by 19.5 percent due to a 20.6 percent growth in approvals in NCR and 17.3 percent increase in AONCR.
Index (RREPI) showed the appraised value of new housing units in the country averaged P86,417 per square meter (sqm) in the third quarter of 2024.
The BSP said this was a 6.2 percent decline and 3.2 percent growth over comparable year-ago and quarterago levels, respectively.
The average appraised value per sqm in the NCR decreased by 13.7 percent year on year and 3.6 percent quarter on quarter to P135,076 per sqm.
However, the BSP said the average appraised value per sqm in AONCR expanded by 10.1 percent year on year and 3.5 percent quarterly to P60,804.
“It may be noted that the average appraised value of properties in the NCR is more than twice that in AONCR,” BSP said.
In the third quarter of 2024, the
By Janice Sabitsana
THE holiday season is all about joy, generosity, and giving, but unfortunately, it’s also prime time for scammers looking to take advantage of the rush. With the surge in online shopping and charitable donations, it’s crucial to stay vigilant to protect your hardearned money.
ity (NHA) has partnered with payment solutions company CSB Bayad Center Inc. to enable housing amortization payments nationwide at convenience store 7-Eleven. This builds on the agency’s existing agreement with financial technology company Maya Philippines Inc., which allows beneficiaries to settle payments through their app, providing flexibility in time and location. Such expanded payment options aim to improve NHA’s network by offering beneficiaries alternative
methods to meet their financial obligations without the need to visit District or Regional Offices.
These efforts align with Republic Act (RA) 8792, the Electronic Commerce Act of 2000, which requires government agencies to accept electronic payments. According to the NHA, the initiative also aligns with
data showed single-detached/attached houses continued to constitute the largest weight in the RREPI at 47.2 percent.
Meanwhile, condominium units, townhouses, and duplex housing units accounted for 27.9 percent, 24.5 percent, and 0.3 percent in the calculation of the RREPI, respectively.
“The weight of each type of housing unit in the RREPI is calculated by dividing the total floor area (in sqm) of a specific type of housing unit by the total floor area of all housing types,” BSP said.
Overall, residential property prices fell by 2.3 percent year-on-year— the first contraction since the third quarter of 2021.
On a quarter-on-quarter basis, BSP said housing prices also reverted into the negative territory at 1.6 percent, after two consecutive quarters of positive growth.
RA 11032, the Ease of Doing Business and the Efficient Government Service Delivery Act of 2018, which advocates for simpler and more efficient public service procedures.
The agency has integrated digital payment systems as part of its initiatives to modernize operations and enhance service delivery.
Zero-subsidy for Philhealth violates laws—groups
REMOVING the budget allocation for the Philippine Health Insurance Corp.(PhilHealth) violates the Universal Health Care (UHC) Act and the Sin Tax Reform Laws as well as prevent the poor from accessing medical assistance.
This was according to a letter shared by the Action for Economic Reform (AER) and a statement issued by the Makati Business Club (MBC) questioning the zero budget for PhilHealth, the state health insurer.
The AER also raised concerns that the zero budget for PhilHealth will violate the constitution and “the Filipino people’s right to health.” The subsidy provided by PhilHealth to Filipinos is stated in Section 10 of the Universal Health Care law or Republic Act (RA) 11223.
“By providing zero premiums for Philhealth’s indirect contributors, the General Appropriations Bill (GAB) submitted to your office for signature violates the above-mentioned laws,” AER said.
“We respectfully submit that this is unconstitutional, as existing jurisprudence states that the appropriations law cannot amend a statute. In this instance, it will be amending at least three statutes above, which cannot be done indirectly
through the budget,” it added.
The AER proposed that in order to amend the situation, the President should veto line appropriations not in accordance with law and the government’s fiscal program.
These include infrastructure projects not properly vetted by the Department of Public Works and Highways (DPWH) and those that are not yet ready to be implemented.
Such a line veto would not only provide a budget for PhilHealth but also amend the cuts to basic social services such as education, the Pantawid Pamilyang Pilipino Program (4Ps), agriculture, transportation, and calamity fund.
“We would also like to emphasize that it is a matter of fairness, Mr. President, that the government’s share in PhilHealth’s premiums for all indirect contributors be appropriated to PhilHealth as mandated by law,” said the AER, an organization of economists.
“The government should not leave the burden of funding PhilHealth to direct contributors (the workers and self-paying members) and the employers that shoulder part of their workers’ premiums,” it added. Apart from PhilHealth, the MBC
also raised concerns regarding the P1.1trillion budget allocated to the DPWH, higher than the P737 billion allocated for the Department of Education (DepEd).
“Putting the DPWH budget higher than DepEd’s may violate the constitutional rule, which mandates that the highest budgetary priority should be for education,” the MBC said.
The MBC also said there was insufficient explanation of the P19-billion increase in the budget of the House of Representatives (HOR) as well as justification for the P26 billion allocation for the “Ayuda Para sa Kapos sa Kita” program (AKAP).
“There is no information on how this will be implemented, and conditions required for receiving the assistance. We note that the Senate has also previously questioned the funds for the program,” MBC said.
The MBC also shared that, based on the March 2024 “Ulat ng Bayan” survey by Pulse Asia, the top concerns of Filipinos include controlling inflation, increasing pay of workers and fighting graft and corruption in government.
The results of the survey should be sufficient justification for the govern-
ment to heed them and respond accordingly through the 2025 budget.
The MBC said it believed the National Budget should be designed to address the concerns and needs of the Filipino people.
“The 2025 budget should focus on addressing supply-side inflation, improving infrastructure, addressing workforce skills gap, and driving government efficiency and transparency to attract more job-creating investments,” read the statement by the MBC.
Earlier, the Philippine Economic Society (PES) released an open letter to the President appealing for what it calls a “thoughtful review and line-item veto” of the 2025 national budget.
The PES raised concerns regarding the P74.47-billion reduction in PhilHealth subsidies which it believed would jeopardize the implementation of Universal Health Care (UHC) in the country.
The economists also raised concerns regarding the P11.6-billion reduction in the Department of Education budget, saying such would “endanger efforts to address the learning crisis” in the country (See: https://businessmirror.com. ph/2024/12/23/neda-chief-reenactedbudget-costly-to-phl/). Cai U. Ordinario
Holiday scams come in many shapes and sizes, preying on unsuspecting shoppers and donors. Fraudulent shopping websites are a major culprit, often mimicking well-known retailers to lure you in with deals that are too good to be true. Once you place an order, you either receive counterfeit goods or, worse, nothing at all.
Phishing emails and text messages are another common threat, with scammers posing as trusted companies to trick you into sharing personal information or clicking malicious links. Charity fraud also spikes during the holidays, with imposters using emotional stories to solicit donations for fake organizations. Social media platforms aren’t immune either. Fake contests and ads can lead you to fraudulent sites or collect your private information under the guise of a giveaway.
How to shop safely during the holidays
SHOPPING online is convenient, but it requires extra caution to avoid falling into scammers’ traps. Always verify the website you’re using before making a purchase. Look for a secure connection by checking for “https” in the URL and a padlock icon in the address bar. Stick to established retailers or thoroughly research any unfamiliar sites by reading reviews and confirming their legitimacy.
Avoid using public Wi-Fi when shopping online, as these networks are often unsecured and can expose your personal and financial information to hackers. If a deal seems too good to be true, it probably is. Cross-check prices with other retailers to gauge its authenticity.
Keep a close eye on your bank and credit card statements throughout the season. Unauthorized transactions can often be detected early if you monitor your accounts regularly. Finally, use secure payment methods such as credit cards or payment platforms like PayPal, which offer fraud protection and make it easier to dispute charges if necessary.
How to donate safely during the holidays
GIVING to charity is a wonderful way to spread the holiday spirit, but it’s important to ensure your generosity reaches those who truly need it. Before donating, research the organization thoroughly.
Be cautious of high-pressure donation requests, especially those demanding immediate payment without giving you time to verify their legitimacy. Always donate directly through a charity’s official website or trusted platforms to avoid thirdparty fraud. Legitimate charities will also provide clear documentation, including receipts and detailed information about how your contributions will be used. If they fail to do so, it’s a red flag.
How to spot scam red flags
SCAMMERS often leave behind clues that can help you identify their schemes. Fraudulent shopping sites may lack professional design, contact information, or detailed return policies. Poorly written emails, unusual URLs, or requests for sensitive information are also common warning signs.
In the case of charity scams, unsolicited messages from unknown organizations should raise your suspicions. Be wary of representatives who cannot clearly explain how donations will be allocated or who avoid answering your questions. Trust your instincts. If something doesn’t feel right, take a step back and investigate further. What to do if you’re a victim of a scam
IF you suspect you’ve fallen victim to a scam, taking swift action is crucial to minimize the damage and increase your chances of recovering lost funds. Start by reporting the incident to the Philippine National Police Anti-Cybercrime Group (PNP-ACG). They handle complaints about online scams and require evidence such as screenshots, transaction receipts, or email exchanges to support your case. Next, contact the National Bureau of Investigation (NBI) Cybercrime Division, which specializes in dealing with cyber fraud. Their team can help track down scammers and take legal steps against them. If the scam involves a fraudulent website or deceptive business practices, notify the Department of Trade and Industry (DTI). The DTI enforces laws related to consumer protection and can take action against unscrupulous businesses. For financial scams, it’s important to reach out to your bank or financial service provider immediately. Inform them about the fraudulent transaction and request a freeze on any further activity or a reversal if possible. If the scam involves a banking institution or a financial product, you can also file a complaint with the Bangko Sentral ng Pilipinas (BSP) through its Financial Consumer Protection Department.
When filing a complaint, be prepared to provide a detailed account of the scam, including key events and timelines. Gather supporting evidence such as screenshots of conversations, emails, or transaction receipts, as these will strengthen your case. Ensure you also have valid identification ready, as most authorities require this for verification.
Acting promptly is key to not only protecting your own finances but also helping authorities stop the scammers from targeting others. While the holidays should be a time of joy and generosity, it’s important to stay vigilant and safeguard your hard-earned money to ensure a stress-free and secure season.
Janice Sabitsana is a Registered Financial Planner of RFP Philippines. The views she expressed in this column do not necessarily reflect those of the BusinessMirror. For more personal finance tips, visit her blog at www.pinayinvestor.com. To learn more about personal finance, attend the 109th Registered Financial Planner (RFP) program this January 2025 and inquire at info@rfp. ph for details.
Residential and commercial buildings line a road in Vertis north, a 46-hectare mixed-use estate developed by ayala land inc. in a joint venture with the national Housing authority. CREDIT: DEnnIs D. EsTopaCE
DEMOCRACY ON THE EDGE: How global events in 2024 are shaping the future of freedom
By Nicholas Riccardi The Associated Press
In november, the world’s most powerful democracy elected as its next president a man who schemed to overturn its last presidential election. A month later, South Koreans swarmed their legislature to block their president’s attempt to impose martial law.
The contrast sums up a year that tested democracy on all sides.
Incumbent parties and leaders were battered in elections that covered 60% of the world’s population, a sign of widespread discontent in the wake of the coronavirus pandemic. It also was a sign of democracy working well, as it continued its core function of giving citizens the opportunity to replace the people who govern them.
That made 2024 a year in which the state of democracy is both a glass half full and half empty.
From Asia to Africa to the Americas, it produced examples of democracy working and citizens standing up against attempted coups or authoritarians. At the same time, some of
the new regimes ushered in are taking a distinctly authoritarian tack. And the year ends with fresh turmoil in three prominent democracies, Canada, France and Germany.
Crossroads for democracy in the US
Don A l D T rump ended his last term trying to overturn his loss to p r esident Joe Biden and rallying an angry crowd of supporters, some of whom then stormed the u S. Capitol in a violent attempt to block Congress from certifying Biden’s victory. It was a shocking end to the u S.’s long tradition of peacefully transferring power from one president to the next.
no netheless, voters in nov ember agreed to give Trump another term in the White
House, even as he increasingly embraced authoritarian leaders and promised to seek retribution against those who defended democracy in 2020.
Voters didn’t heed warnings about Trump’s threat to democracy and were driven more by frustration at inflation and a surge in migration during Biden’s term.
That, of course, is democracy in action: Voters can choose to throw out an incumbent party even if the establishment warns that it’s dangerous. Indeed, the glass half full position on Trump is that his win was entirely democratic.
Trump’s 2016 victory was due to a quirk in the country’s 18th century Constitution that awards the presidency not based on a majority of the popular vote, but to whoever wins a majority of state-based Electoral College votes.
But in 2024, Trump won both the popular and Electoral College votes. He also expanded his margins among l atino and Black voters. He won with high turnout, debunking a long-held myth that u S co nservatives struggle when many people vote. That belief has driven r e publican attempts to make it tougher to cast a ballot.
Authoritarians gaining across the globe
T H E quiet period after the election is to some extent an illusion. Had Trump lost, he and his allies were poised to contest a
victory by his Democratic opponent, so it’s not as if anti-democratic tendencies were erased by his win.
Trump’s victory helped trigger turmoil in Canada, where p r ime m in ister Justin Trudeau’s government was rocked this week by the resignation of his prominent finance minister over disagreements on handling Trump’s threatened tariffs. And Germany’s government collapsed ahead of elections next year, sparking turmoil in Europe’s largest economy less than two weeks after a similar political meltdown in France.
The returning u S pr esident is part of a wave of new leaders who have gained ground in Western countries, some of whom analysts warn are antidemocratic, even if popularly elected, because they seek to dismantle the system of checks and balances that has made it possible for voters to replace them or halt potentially dangerous policies.
Hungarian p r ime m i nister Viktor o r ban, a major Trump booster, is an icon of this movement after he revamped his country’s judiciary, legislative maps and media to make it almost impossible for the opposition to win. Two years ago, European un ion lawmakers declared that o r ban had transformed his country from a democracy into “a hybrid regime of electoral autocracy.”
Analysts warn that Slovakia’s leftist, pro- r u ssian prime minis -
ter r o bert Fico is headed in that direction. Conservative populist parties also gained ground in the European un ion par liamentary elections in June.
Trump also highlights another worrying trend for democracy—a surge in violence around elections.
The billionaire candidate, controversial for his own rhetoric urging violence on protesters or migrants, was the target of two assassination attempts.
According to Washington, D.C.-based Freedom House, 26 of the year’s 62 elections across the world featured violence, including attacks on local candidates in me xico and South Africa and violence at polling places in Chad. Slovakia’s Fico was targeted, as well.
That comes as there is a notable dip in enthusiasm for democracy. A pe w poll of 24 countries released earlier this year found widespread dissatisfaction with democracy worldwide, with a median of 59 percent of voters concerned about how it is working in their country amid economic concerns and a sense of alienation from political elites.
Some wins for democracy in a year of setbacks S T I ll, there is a clear silver lining for democracy.
The same pe w poll that found its appeal slipping also found that it remains by far the preferred system of government worldwide. And people turned out to demonstrate that, during
elections and in protest of antidemocratic moves.
South Korea was not the only foiled attempt to disband democracy. In Bolivia in June, the military tried to replace p r esident l u is Arce, with armored vehicles ramming through the doors of the government palace. But the troops retreated after Arce named a new commander who ordered them back. In Bangladesh, protests over limits on who can work for the government expanded into public frustration with the 15-year reign of p r ime m i nister Sheikh Hasina, toppling her regime and forcing her to flee the country. In Senegal, the country’s president tried to delay its m a rch election but was overruled by the nation’s top court, and voters replaced him with a largelyunknown opposition leader who had just been freed from prison. In Botswana and South Africa, parties that had ruled for decades stepped aside or shared power without incident after losing elections. Democracy isn’t static. Its health always depends on the next election. The fall of Germany’s government and possible collapse of Canada’s could just be democracy in action, giving voters a chance to elect new leaders. o r t hey could usher in more authoritarian regimes. more will be revealed about how democracy did over the last year as its election results play out in 2025 and the years to come.
Style
Have a pretty little Christmas
GMA Network solidifies digital dominance in 2024
GMA Network further strengthened its digital leadership in 2024 as online video viewership surges and website traffic shows impressive ranking, data from both Tubular Labs and Similar Web reveal.
According to January to November 2024 data from the global video measurement and analytics platform Tubular Labs, the network recorded over 40 billion video views across all creator properties on Facebook, YouTube, and TikTok as of November 30.
This was ahead of ABS-CBN’s 34.3 billion video views for the same period.
In November alone, GMA had a total of almost 4.5 billion video views across various platforms with over 1.6 on Facebook, over 2 billion on TikTok, and 774 million on YouTube.
In October, GMA recorded 4.3 billion video views.
The increase in GMA Network’s video viewership in November further demonstrates its commitment to producing compelling online content that connects and engages with audiences.
GMA Network also retained its 19th spot in the Tubular Leaderboard Worldwide Rankings under the Entertainment and Media Category, and is still the highest-ranking media company in Southeast Asia in November.
Further, according to data from analytics firm Similar Web, GMANetwork.com leads from January to November 2024, tallying over 249 million page views.
For November, GMANetwork.com is the No. 1 Local News and Media Publisher in the Similar Web Top Websites’ country ranking, tallying the highest number of unique visitors and pageviews versus the other publishers.
This places GMA at the 87th ranking in the Philippines, way ahead of Inquirer.net at the 97th spot, Philstar.com at 128th.
Versus last October’s ranking, GMA went up coming from the 93rd spot.
Social media was the top traffic source in terms of users for both GMA News Online and GMA Entertainment from June 1 to December 15, 2024.
More information on GMA is available at www. gmanetwork.com.
BEFORE you do the “New Year, New Me” halfhearted resolutions, splurge on these beauty products, apparel and accessories to bid adieu to 2024 in style:
■ BURT’S BEES. Mindfully made in Maine, USA, Burt’s Bees deserves the buzz it has been generating among responsible beauty aficionados. The ingredients in each of its products is said to be “chosen for its proven ability to replenish and strengthen a healthy skin barrier. That means only the good stuff, and absolutely none of the bad, for hydrated and happy skin.”
A Bit of Burt’s Bees (P495) comes in ornament-style packaging with a to/from section, a charming gift that include Beeswax Lip Balm with Hand Salve, and Cranberry Spritz Lip Balm with Hand Salve.
■ YVES ROCHER. For Yves Rocher, self-care is one of the best gifts you can give to yourself and to others. The global French brand knows that Filipinos appreciate its botanical products for being crueltyfree, sulfate-free, colorant-free and eco-conscious, besides being safe and gentle for sensitive skin. Starting at P249, the winter floral-themed boxes include shower gel and lotion sets, and hand creams such as the bestselling Olive Petitgrain, Vanilla, Mango, Raspberry, and new scents like Wild Algue.
■ AVON REGINA BRA. Besides being a beauty behemoth, Avon is fast becoming a leading player in intimate apparel. Its comfortable and stylish bras and panties “flatter and empower women.” The Regina underwire convertible molded T-shirt bra, for example, is said to be so beloved that it is sold every other minute.
■ LEVI’S AT SM MAKATI. A standout feature at the reopened Levi’s store in SM Makati is the Tailor Shop, where you can jazz up and personalize your denims to express more your personal style. An artist, who will bring every denim lover’s customization dreams to life, can add patches, embroidery and other creative touches to make your Levi’s outfit unique.
■ 9LIVES X VISION EXPRESS. Here’s an eye-catching collaboration: acclaimed actress and fashionista Nadine Lustre designs an eyewear collection called 9Lives for the optical retail shop Vision Express. The diverse, stylish and affordable frames embody the tagline “For Everybody.”
The 9Lives collection features classic to contemporary frame styles to complement different face shapes and preferences. Customers have the option to personalize their lenses to highlight their individuality, while Vision Express provides in-store services to facilitate this customization.
■ DITA LANCIER. With a mission to help people “see the world better without sacrificing style,” chic
‘Everyday shoes thoughtfully made in Manila’
SHOES (or fashion) are not often talked about in this space. I’m really more of a beauty person than a fashion enthusiast so I am going to talk about shoes from a practical person’s point of view.
I don’t have a lot of footwear and those in my shoe closet were handpicked for looks, comfort and durability. If there is one shoe brand that I really buy a lot from, it’s Renegade Folk. The shoes and sandals made from genuine leather aren’t just stylish and comfortable, they’re also durable. Buying from this brand also means you are supporting the shoemakers of Marikina.
I also love Renegade Folk’s customer service in store and offline. It’s always a joy to shop in their stores because the sales people are kind and attentive. They will tell you if the footwear you like is appropriate for people with wide feet or if you should size up or down. Here are my favorite styles from Renegade Folk: ■ Figures. This is a Mary Jane-inspired shoe that’s said to be Renegade Folk’s most requested style. It’s comfortable but still stylish. As proof that I really love this, I have three pairs of Figures (green, white and lilac). This style has traveled with me to General Santos City, Cebu City,
eyewear brand Dita Lancier promises to provide timeless designs with advanced lens technology for optimal vision in any environment—land, sea, or air. Vision Express exclusively carries the brand The fall/winter line offers frames crafted from premium materials such as titanium and acetate, and features anti-slip rubber nose pads and temples to rest comfortable on any nose shape. The collection comes in square, rectangle, round and aviator frame shapes with lens in three colors: land (brown), sea (gray), and air (green).
■ CARENOLOGY95. Korean Care + Knowledge about skin care comes to the country through Carenology95. “We decided to bring Carenology to the Philippines because of its quality and proven
effectiveness. It prioritizes the use of natural ingredients and cutting-edge technology which align with the needs of Filipinos seeking quality Korean skincare solutions,” said Dianne Gonzales, director of MMG Enterprises, the official distributor of the brand.
Dr. Lim Ee Seok, the founder, swear by the brand’s proven effectiveness, as it uses a blue carbon oil of which 1g worth comes from 2,000 blue tansy flowers from Morocco whose benefits include skin antioxidants, anti-aging, complexion improvement, redness relief, and sebum improvement. The Re: Blue, the signature line, nourishes and moisturizes skin, quenching skin thirst and leaving it extra hydrated. ■
is because I once walked 15,000 steps. I think that’s impressive for a pair of sandals. always get me a lot of compliments. I have this in
comfortable. ■ Lazy Ocean. These slip-ons are made with soft insoles for maximum comfort and have anti-slip rubber outsoles. I wish they would bring this back because I think this style has been discontinued. This is a very versatile pair that you can wear anywhere from the office (if your workplace is okay with smart casual) to the supermarket. Renegade Folk has stores in UP Town Center, Glorietta 3, Alabang Town Center, and Ayala Cebu. You can also check out their website at www.renegadefolk.com. ■ iWhite Korea launches Supercharged Serums. Popular skincare brand iWhite Korea recently launched its Supercharged Serums, which were created with the specific needs of Filipino skin in mind, combining advanced Korean formulations with solutions for everyday skin concerns.
iWK.lab by iWhite Korea’s Supercharged Serums promise to give you that glow. The Supercharged Serums come in four unique variants, each with its own targeted benefits. For those dealing with dull skin or hyperpigmentation, the Super Glow Serum is your go-to. If you want glass skin, the Super Bounce Serum is your universal glass skin booster, For acne-prone skin, Super Clear Serum has a patented formulation designed to manage breakouts, oily skin and clogged pores with a clear matte finish. The Super Plump Serum brightens, firms and strengthens the skin’s barrier. You can mix and match the serums to fit your skin concerns. With the launch of these serums comes the Supercharged Personality Search, a campaign that celebrates individuality and encourages everyone to embrace their unique glow.
More information can be found at Watsons, @iwhitekoreaofficial on TikTok, iWhite Korea on Lazada and iwhitekorea on Shopee.
These strappy sandals
GLAM TIDINGS Dita Lancier at
Express; Burt’s Bees; Levi’s at SM Makati; Nadine Lustre for 9Lives (Nice Print Photography); Yves Rocher France; Carenology95; Heart Evamgelista for Avon Regina bra
DBP wins international award for leading sustainability efforts in banking industry
STATE-OWNED Development Bank of the Philippines (DBP) has garnered an international award from a regional research organization for its pioneering sustainability initiatives in the country, a top official said.
DBP President and CEO Michael O. de Jesus said the Bank copped the “Green Initiatives Award” for spearheading sustainability efforts in the local banking industry during the Asia Corporate Excellence and Sustainability (ACES) Awards 2024 organized by Malaysia-based MORS Group.
“This accolade is a manifestation of DBP’s enduring commitment to sustainable financing and more importantly, provide inspiration to the men and women of the Bank to continue working towards ensuring a more sustainable future for our countrymen,” de Jesus said.
DBP is the 10th largest bank in the country in terms of assets and provides credit support to four strategic sectors of the economy – infrastructure and logistics; micro, small, and medium enterprises; environment; social services and community development.
The ACES Awards is an annual recognition of decision makers, organizations, and business groups in Asia that have successfully integrated
Environment, Social and Governance (ESG) principles in their business operations. This year’s awarding rites held in Bangkok, Thailand honored 100 companies and business leaders from 22 countries in the region.
The Green Initiatives Award under the EnterpriseSustainability Award category cited DBP’s successful integration of sustainability practices into its policies and operations as well as for its pioneering adoption of green practices in the1990s.
In 2002, DBP became the first Philippine bank to be ISO 14001-certified for the successful establishment of an Environmental Management System in 1998 and the adoption of an Environmental Policy in 1997.
“DBP will remain a top sustainability advocate in the country in the foreseeable future through its various development financing facilities as well as its strategic partnerships with other government agencies, international organizations, and private entities,” de Jesus said.
Globe elected to prestigious GSMA Board
MARKING an important milestone for Philippine representation on the global stage, Globe has been elected to the prestigious board of the GSMA, a global organization of mobile network operators. Globe will be represented by Ernest Cu as Globe President and CEO. The Board will serve from January 2025 to December 2026. The GSMA Board, composed of 26 senior leaders from top telecom companies as well as smaller independent operators from around the world, champions technological
progress, interoperability, and international standards across the mobile industry. Together, the members work to unlock the full potential of connectivity, enhancing business environments and driving positive societal change.
In its new role, Globe will have a prominent voice in shaping the future of mobile technology, particularly in advancing digital inclusion and access in developing markets.
During his tenure, Cu will help guide GSMA’s strategic direction, offering insights alongside global leaders to encourage progress in policy, technology, and connectivity within the mobile industry.
“Building a collaborative environment that supports mobile technology and sustainability is essential for creating long-term, positive impact. By promoting digital adoption, we aim to improve lives and stimulate economic growth, particularly in areas lacking connectivity, where access to digital tools can pave the way for new opportunities and empower communities,” Cu said.
Globe’s ongoing mission is to bridge the digital divide and foster inclusive growth in the Philippines, making sure that no Filipino is left behind in the digitalization journey.
To learn more about Globe, visit https:// www.globe.com.ph/.
Megawide PCS showcases innovative construction solutions at Philconstruct 2024
MEGAWIDE Construction Corporation, through its Precast and Construction Solutions (Megawide PCS) unit, made another strong impression at the Philconstruct 2024 Expo, held at the World Trade Center and SMX Convention Center from November 7 to 10, 2024.
“Our participation in Philconstruct 2024 represents our mission to provide First-World construction solutions that elevate industry standards,” said Markus Hennig, Executive Vice-President for Precast and Construction Solutions. “With these innovations, we aim to address the growing demand for faster, safer, and more sustainable construction practices in the country.”
The event, attended by delegates and exhibitors, is the largest construction trade show in the Philippines and brings together industry leaders, market innovators, and key stakeholders to showcase new technologies and state-of-the-art solutions that help shape the future of construction.
The Megawide PCS Team, represented by the Unit’s Commercial and Sales team and leads of Precast, Formworks, Ready-Mixed Concrete, and Construction Equipment, Logistics and Services (CELS), joined the fourday event for the third consecutive time and highlighted its proprietary brand of precast technology that redefines efficiency, durability, and sustainability in construction.
Specifically,
Libby’s launches Shredded-Style Corned Beef to Make Every Meal ’Pinas Sarap
HAVING grown up with the famous “blue can” Vienna Sausage, it’s safe to say that most Filipinos definitely have a lot of love for Libby’s. As a brand that’s been a breakfast staple for many people over the years, Libby’s came up with yet another must-try ulam that everyone’s bound to love to shreds too.
Meet the all-new Libby’s Corned Beef, a flavorful delight in every serving that’s sure to make mealtimes with loved ones ’Pinas Sarap. A 260 gram can comes with perfectly shredded meat, specially seasoned to distinctly capture the Pinoy palate. Best when pan-fried, have it with rice, as “palaman” to pandesal, or mix it up and experiment with your own creation— whatever style it’s eaten in, its versatility makes for the ultimate pantry bestie. Additionally, it’s also high in protein to help accompany and power up anyone’s day just like any reliable BFF.
Libby’s Corned Beef is certified “masarap” by top food content creator Abi Marquez and entrepreneur Nico Bolzico, who were both present at its official launch last December 5, 2024 at Level 2 Concourse, One Ayala, Makati City.
Dubbed Meat Your New Bestie, Libby’s Corned Beef, visitors who love all things food had the opportunity to “meat” their fellow foodies while learning a fresh and yummy way to whip up their corned beef during a cooking demo with Abi and Nico. Also in attendance were Conagra’s Country Manager for Asia Pacific, Bianca Rosal; Regional Marketing Manager for Asia Pacific and Europe, Middle East and Africa, Cathy Castro; and Business Development Manager for Asia and Oceania, Marian Apun.
Other exciting activations at the event were a life-sized puzzle game booth. Guests also took note of new recipes to try at the free tasting spread that featured various corned beef dishes, which they can easily do on their own for breakfast, lunch, or merienda. This included yummy servings of the Corned Beef and Potato Skillet, Corned Beef Sisig, Corned Beef Sliders, and the Classic Corned Beef and Rice.
Additionally, some guests even brought their besties along to capture warm moments beside a 6.5-feet tall replica of the Libby’s Corned Beef can. Exciting freebies like tote bags, aprons, and cans of Libby’s Corned Beef were given away. Enjoy the comfort of Filipino-style corned beef with Libby’s and make every bonding moment even more ’Pinas Sarap. Get a taste of it now and add it to your cart in select grocery stores nationwide.
Purr Delight Moringa-Enriched Cat Food Now in Your Favorite Stores
PURR Delight, the country’s first moringa-enhanced wet cat food made with real tuna, is now available in local supermarkets. Previously available exclusively online through Mo & Bear, the product is now more accessible nationwide. Health-conscious cat owners can easily find Purr Delight at Mitsukoshi Fresh, Dough & Grocer Alabang, and all
Shopwise Supermarkets. Available in two delicious flavors, Tuna Cat Food in Jelly and Tuna Cat Food with Moringa, Purr Delight promotes better health for feline companions. Moringa (malunggay), a nutrient-packed superfood known for its immuneboosting vitamins and disease-fighting flavonoids, may support overall wellness
in pets. Tuna, rich in omega-3 essential fatty acids, can help maintain a cat’s skin and coat.
Produced locally and sourced sustainably, Purr Delight is a proud Filipino brand. It’s made with real tuna flakes without extenders or artificial flavors, ensuring that cats enjoy only the best. Most importantly, the product is certified by the Bureau of Animal Industry and well-loved by cats.
“We’re thrilled that Purr Delight is now available in these premier stores, making it more convenient for cat owners to access high-quality, nutritious wet food for their beloved pets,” said Trish Suiza, the Sales Director of Mo and Bear. Head to the nearest store today to grab a can (or two) of Purr Delight! For more information, visit Mo & Bear and follow them on Facebook and Instagram.
DBP President and Chief Executive Officer Michael O. de Jesus (third from left) accepts the Green Initiatives Award in recognition of the stateowned Bank’s pioneering and enduring sustainability efforts. Also in photo are (from left): MORS Group president Dr. Shanggari Balakrishnan, DBP senior vice president Carolyn I. Olfindo, and ACES Awards advisor Luis Bueno Nieto.
Ernest Cu, Globe President and CEO
In the photo are, from left. Marian Apun, Business Development Manager for Asia/ Oceania; Nico Bolzico, Abi Marquez; Cathy Castro, Regional Marketing Manager for Asia Pacific and Europe, Middle East and Africa; and Bianca Rosal, Conagra’s Country Manager for Asia Pacific.
Focus on your core
IF you have ever done yoga or pilates, or any other type of exercise or sport, you may have noticed that coaches usually instruct you to engage your core, or the muscles around your trunk, including your pelvis, lower back, hips, and stomach.
Meanwhile, a company or organization usually has a set of core values that it lives by. These values are essential to the organization’s existence and should be unshakable regardless of what happens in the external environment.
So what do these things have in common? In both examples, the core helps make a person or an organization more stable, centered, balanced.
During exercise, when you engage your core as you perform a movement, you will find that the movement becomes easier to do. Strong core muscles also help improve a person’s balance and stability.
In an organization, when people live the core values, it makes achieving shared goals that much easier. Well defined and aligned core values help make an organization more stable as well.
For communication professionals, the core message is the heart of every campaign. It articulates, in the most fundamental manner, what you do and why it matters to your stakeholders. It encapsulates what you most want your audience to remember about you.
These can all apply to our personal lives, too. My biggest learning in 2024 is that you should de -
n SilverlenS pre SentS pacita and pio abad for S.e a focuS 2025
MANILA, PHILIPPINES—For its first art fair of 2025, Silverlens is pleased to return to S.E.A. Focus with a duo presentation of Filipino diaspora artists Pacita Abad and nephew Pio Abad, marking the first time they are presented together in Singapore.
The presentation features a series of prints Pacita Abad (b.1946, B atanes, Philippines—d. 2004, Singapore) produced during her three-month residency at the Singapore Tyler Print Institute (STPI) i n 2003. The artist, alongside print and paper-makers at STPI, translated her rich visual language onto p aper-based media and processes.
“The results of the STPI collaborative process overwhelmed me , as the prints became extensions of my paintings, with their l uminous colours textured with the added glitter, fabric, buttons and mirrors,” Abad shared in the exhibition catalog for Circles in
My Mind, a 2004 exhibition of her STPI works at the Cultural Center of the Philippines.
Pacita Abad’s works are on view in concurrent major museum exhibitions in two continents. Her N orth American traveling retrospective Pacita Abad is at its last l eg at the Art Gallery of Ontario in Toronto, previously on view at the Walker Institute, Minneapolis; the San Francisco Museum of M odern Art (SFMOMA), California; and MoMA PS1, New York. The M etropolitan Museum of Manila opened Pacita Abad: Philippine Painter, an exhibition showcasing early works by Pacita in the Ph ilippines.
Complementing the presentation are ink on paper drawings by Pacita’s nephew and estate curator, Turner-nominated artist Pio Abad (b.1983, Manila, Philippines; lives and works in London, England) who examines the personal and political entanglements of and within objects. Deeply informed by unfolding events in the Philippines, his work emanates from a p ersonal family chronicle woven into the nation’s story.
Pio Abad’s exhibition To Those Sitting in Darkness at the historic Ashmolean Museum was nominated for the 2024 Turner Prize Award and has been recreated for
vote the most time and energy to your core: the people you value the most, the activities that give you the most fulfillment, the things that have a positive impact on your life.
In one of the workshops that I and my husband conducted earlier this year, he asked the group to articulate what they valued the most in their lives: for whom or for what they get up in the morning. They had to write this down beside their names on their name tags, as this formed part of their core identity, too.
Most of the participants wrote “family.” I myself, when my husband asked me the same question, answered “family.” But what he said next struck me so deeply that it literally made me rethink my entire life: “If you really value family the most, then shouldn’t you be devoting the best part of yourself to us?”
I realized that due to the stressful and time-demanding nature of my job, my family actually got only bits and pieces of me, and not always the best bits. Work occupied most of my headspace—almost all, if I will be totally honest. A few weeks after that conversation, I tendered my resignation from my corporate job—a job I really liked doing, in one of the country’s biggest and most stable companies. It was one of the hardest decisions I have had to make in my life, as I have never been out of a steady-paying job since I graduated from college. Not having a steady paycheck is not the best set-up for
the Turner Prize Award’s accompanying exhibition at Tate Britain w here it is on view until 16 February 2025.
S ilverlens’ presentation not only highlights the profound connections between Pacita and Pio
A bad’s practices but also emphasizes their shared experiences as m igrants, deeply rooted in cultural, political, and historical ties.
Curated by John Tung, S.E.A. Focus will be on view from 17 through 26 January 2025 at Tanjong Pagar Distripark, Singapore.
n unilever StrengthenS itS p oSition in the philippine S with enhanced Supply chain MANILA, PHILIPPINES—Unilever is further developing its local m anufacturing capabilities and supply chain strategies to meet the needs of its significant Filipino market. Present in about 9 out 10 homes in the country, the multinational FMCG’s products are household names where supply must meet constant consumer d emand.
To date, over 90 percent of Unilever products sold in the market a re locally manufactured. They are produced in factories in Pasig City, General Trias, Cavite, and a collaborative facility in Cabuyao, Laguna.
S ince the inauguration of its new -
a breadwinner like myself, but I knew that move had to be done. It ended up being one of the best decisions I have ever made.
Financially, it is not easy. We have to be wiser and more conscious about our spending. We have to forgo some things, or postpone buying or doing some things until a more stable source of income becomes available. But we did not have to sacrifice most of our creature comforts. God continues to provide for us, as He promised.
I have not been without job offers and training and consultancy projects since the first day of my becoming officially unemployed. I have also started playing a more active role in my husband’s coaching and training business, and we now have more leeway to plan for the future of the company. I also have the opportunity to choose the people I work with and the nature of the jobs I would take on.
The best part is being able to spend more quality time with my
est facility for its Beauty & Wellbeing and Personal Care (BWPC) f actory in late 2023, production capacity for the portfolio has since increased by 60 percent. These locally made products are even exported to Unilever’s markets in the US, Southeast Asia, Africa, Australia, and the Middle East, spotlighting the company’s trust in the Philippines as a global manufacturer of its well-known offerings. “ Supply chain is the operational backbone of Unilever,” says Fredy Ong, the company’s Chairman and CEO. “We live in a world where consumers increasingly want faster, c ustomized, and personalized products. With brands like Rexona, Sunsilk, Selecta, Breeze, and Knorr under our belts, we must always have a reliable stock of high-quality products and a supply chain that will deliver superior products and services at an excellent value.”
a future-fit supply chain
U N ILE v E R S supply chain strategy leverages cutting-edge technology and 4th industrial revolution tools to optimize processes a cross its end-to-end value chain. Thanks to these technology upgrades, their newest BWPC factory has increased efficiency and re duced machinery by approximately 40%. A few principles they
husband and daughter. I am now able to attend school events and even take a more active part in my child’s learning journey. I have also begun exercising more.
I have also reconnected with old friends—the friends I was with when I was starting my career, when we were all still figuring out what to do with our lives. And these friends ended up being my first clients and partners as a freelance trainer and consultant, even introducing me to new people who had now become partners as well.
Days from now, we would be entering 2025: five years since the onset of the Covid-19 pandemic, our biggest watershed moment to date. During that time of uncertainty, we all went back to the basics, to our core. That seems like a lifetime ago now, but I hope we never forget the lessons it brought us, not just about valuing our health more.
Let us be more deliberate with how we spend our time and with whom we spend it. Life is too short
a bide by include listening for signals and making timely actions w here needed, prioritizing cost and asset base to create competitive growth, and building partner e cosystems that drive innovation and sustainability. In terms of technology, Unilever’s factories in the Philippines a nd across the world are powered by renewable grid electricity. Its Foods (formerly Nutrition) factory has recently signed a 15-year Power Purchase Agreement with a global company to supply solarpowered electricity for factory operations. Unilever’s facilities are a lso built in strategic locations to minimize fuel usage and reduce carbon footprint—all integral steps to its ambition of achieving net zero emissions by 2039. The FMCG’s use of technology also extends to analytics and data access. It harnesses AI-driven insights to accurately monitor and re spond to market, customer, and operational trends, and automates routine tasks to increase e fficiency while freeing up employees’ time to promote a balanced work culture. Supplementing these are the adoption of data v isibility and accessibility through cloud computing and machine learning, and training sessions to ensure that employees are empow -
and valuable to spend with people and things that do not add value to our lives. Let us focus on our core: our principles, our purpose, and the people who matter the most to us. The benefits of doing this far outweigh the costs and sacrifices that this entails. Have a blessed new year.
PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier organization for PR professionals around the world. Abigail L. Ho-Torres is the Chief Marketing Officer of Ikigai Philippines and an independent consultant and trainer, with more than two decades of experience in media, public relations, marketing, and customer experience.
We are devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@gmail.com.
ered to make informed decisions re garding supply and production. Another key feature of Unilever’s technological transformation is its integrated operations p rogram, positioning the company as one of the most digitized e nd-to-end supply chain leaders in the industry. Through closedloop planning systems that connect suppliers, customers, and i nternal operations, the company optimizes its ecosystem for higher agility and optimized costs.
“Unilever has been in the Philippines for almost a century, and w e’re optimistic about the next hundred years. By empowering our operations, harnessing advanced technologies, and investing in our people, we position ourselves at the forefront of innovation. This ensures that consumers, both locally and globally, have seamless a ccess to the high-quality products and services they rely on,” a dds Ong.
The ASEAN region and the Philippines in particular is a key a growth area for Unilever, contributing to over half of its global turnover. As the company enhances its l ocal supply chain processes and strategies, it is poised to sustain business growth from the country, solidifying its importance as a key driver of Unilever’s global growth.
Let’s play, or not play, chess in cold New York
Editor:
Wemby wins 2, loses 2 games with fans in park
VICTOR WEMBANYAMA
went to a park in New York City and played 1-on-1 with fans on Saturday. He even lost a couple of games. Not in basketball, though. Wemby was playing chess. And this wasn›t on a whim: He knows how to play and even brought his own chess set.
Before the San Antonio Spurs left New York for a flight to Minnesota, Wembanyama put out the call on social media: “Who wants to meet me at the SW corner of Washington Square park to play chess? Im there,” Wembanyama wrote. It was 9:36 a.m. People began showing up almost immediately.
Washington Square Park is a known spot for chess in New York— Bobby Fischer among others have famously played there, and it’s been used for multiple movie scenes featuring the game.
Wembanyama was there for an hour in the rain, from about 10-11 a.m. He played four games, winning two and
losing two—he told Bleacher Report afterward that both of the losses were to professional chess players—before departing to catch the Spurs’ flight.
Wembanyama had been trying to get somewhere to play chess for the bulk of the team’s time in New York—the Spurs played the Knicks on Christmas and won at Brooklyn on Friday night. The schedule never aligned, until Saturday morning. And even with bad weather, he bundled up to make it happen.
He posed for photos with a couple of dozen people who showed up, braving a morning of cold rain to play chess with one of the National Basketball Association’s (NBA) biggest stars.
“ We need an NBA players only chess tournament, proceeds go to the charity of choice of the winner,” he wrote on social media after his chess trip was over.
Wembanyama is averaging 25.2 points and 10.1 rebounds this season, his second in the NBA after winning rookie of the year last season. The Spurs play at Minnesota on Sunday. AP
Top GM Carlsen walks out of rapid, blitz worlds in jeans
NEW YORK—Top ranked chess player Magnus Carlsen has left the World Rapid and Blitz Chess Championships after refusing to change out of the jeans he wore to the competition, the International Chess Federation said.
The federation said in a Friday statement that its regulations include a dress code that bars participants from wearing jeans at the event.
“The Chief Arbiter informed Mr. Carlsen of the breach, issued a $200 fine, and requested that he change his attire,” the federation said in the statement
Tposted to its website. “Unfortunately, Mr. Carlsen declined, and as a result, he was not paired for round nine. This decision was made impartially and applies equally to all players.”
T he 34-year-old Norwegian chess grandmaster said in a video from his Take Take Take chess app that he posted on the social platform X that he accepted a $200 fine. But he refused to change his pants before quitting the competition in New York. “I s aid, ‘I’ll change tomorrow if that’s OK,” Carlsen said in the video. “But they said, ‘Well, you have to change now.’ At that point it became a
bit of a matter of principle for me.”
T he federation said in its statement that the dress code is “designed to ensure professionalism and fairness for all participants.”
It said fellow participant Ian Nepomniachtchi was also fined earlier Friday for breaching the dress code by wearing sports shoes.
“However, Mr. Nepomniachtchi complied, changed into approved attire, and continued to play in the tournament,” the statement said. “These rules have been in place for years and are well-known to all participants and are communicated to them ahead of each event.” AP
well as University of the Philippines champion coach Goldwin Monteverde, San Miguel Corp., Philippine Sports Commission, Philippine Sportswriters Association, 1-PACMAN Partylist, Cignal, NBA Philippines, Milo Philippines, NorthPort head coach Bonnie Tan, UP Office of Athletics and Sports Development’s Bo Perasol, Charlie Dy, Adamson University head coach Nash Racela, the National University Lady Bulldogs-Ever Bilena and UAAP Commissioner Xavy Nunag.
TBy Josef Ramos
IM CONE shone brightest in another basketball-bountiful year where Gilas Pilipinas downed one Goliatth after another, Meralco finally etching its name in the Philippine Basketball Association (PBA), Mapua University ending decades of drought and University of the Philippines (UP) doing a job well done this time around. And there’s Leo Austria—he who owns nine PBA championships—back at the helm at San Miguel Beer and Chot Reyes returning to his titlewinning ways at TNT Tropang Giga.
“ The whole part of this particular program is to keep these guys together over the next three to four years,” was Cone’s determined words as he took over the head coaching job in the national men’s team.
He was right—Gilas Pilipinas shot down a team ranked 28 rungs above the Philippines at No. 6, Latvia, 89-80, in its home turf during the Olympic Qualifying Tournament for the Paris 2024 Olympics last July.
M an, that was big that despite losses to Georgia, 94-96, and Brazil, 71-60, that denied Gilas a trip to Paris, the victory marked the Philippines as a darkhorse which could lethally strike any team anytime anywhere.
“I t’s a growth experience for us, now we know that we can compete,” said Cone, and he was serious. “The next step is not only to compete, but win.”
Win Cone and his wards did and another giant got struck by lightining at home at the SM Mall of Asia Arena—the Philippines finally beat New Zealand, 93-89 in an Asia Cup qualifier last November.
We need to keep pushing at getting better,” well said, according to Cone as the Philippines went 4-0 won-lost in the Asia Cup qualifiers with convincing victories over Hong Kong (twice) and ChineseTaipei.
In the PBA, Meralco finally ended a series of heartbreaks to win its first title since joining the PBA in 2010 behind Chris Newsome’s jumper en route to an 80-78 victory over San Miguel Beer in six games for the Philippine Cup crown last June.
The Bolts were whipping boys to Ginebra in the Governors’ Cup Finals since 2016, but they got their revenge against the Gin Kings by ousting them in the Philippine Cup semifinals in seven games before crushing San
Coach Tim, Bolts, Mapua, UP shine in basketball year
Miguel Beer in the championship. A nd while big man June Mar Fajardo got his eight Most Valuable Player trophy in a San Miguel Beer jersey, Austria is back strategizing for the Beermen, a
GRANDMASTER Magnus Carlsen leaves the building in casuals. FIDE PHOTO
VICTOR WEMBANYAMA brings his own chess set to play at Washington Square Park, a known spot for chess in New York. COURTESY