Latest data from Bangko Sentral ng Pilipinas (BSP) showed the cash remittances of $34.49 billion from January to December 2024 were higher by 3 percent from $33.49 billion in 2023.
“Overseas Filipinos’ cash remittances and consumption spending by migrant and non-migrant families will remain to be among the main economic drivers of the country,” Institute for Migration and Development Issues (IMDI) Executive Director Jeremaiah M. Opiniano told the BusinessMirror
The $34.49-billion cash remittances, as Opiniano illustrated, account for 217.8 percent of foreign portfolio investments or the “hot money” amounting to $15.83 billion in 2024—which does not permanently stay in the country. Moreover, cash remittances from January to November 2024 worth $31.11 billion is 362.5 percent higher than foreign direct investments amounting to US$8.58 billion.
“Both types of resources stay in the country, and the hard work
and earnings from compatriots abroad remain the Philippines’ most visible resource,” Opiniano, who also serves as the director of the University of Santo Tomas (UST) Research Center for Social Sciences and Education, said. Increased remittances from Filipinos in the United States, Singapore, Saudi Arabia, Japan, United Kingdom, United Arab Emirates, Canada, Qatar, Taiwan, the Republic of Korea and other countries drove the growth of remittances in 2024, according to the BSP.
The weakening of the Philippine peso boosted the inflow and value of remittances in peso terms, Opiniano said. Rising inflation may have also compelled migrant families to request more financial support from their overseas breadwinners, he added.
Looking ahead this year, Opiniano said economic and immigration policies under United States
By Andrea E. San Juan @andreasanjuan
HAVING “higher” non-tariff barriers makes the Philippines more susceptible to being slapped with high reciprocal tariffs by the US, according to Japanbased think tank Nomura Asia.
According to Nomura, the reciprocal tariffs will be levied not only on the basis of tariffs imposed by partner countries on the US, as was believed to be the case earlier, but also on other factors considered discriminatory, including value added taxes, deviations of exchange rates from market value, unfair limitations on market access and non-tariff barriers.
“Specifically, non-tariff barriers are seen as higher in China, India, Indonesia, the Philippines and Thailand,” Nomura said in a commentary on Monday.
Unlike tariffs, Nomura explained that non-tariff barriers are “harder to quantify.”
These include import policies, sanitary and phytosanitary measures, technical barriers to trade, export subsidies, a lack of intellectual property protection, among others.
Citing a 2024 US Trade Representative report, Nomura said China, India, Indonesia, the Philippines and Thailand have “higher” nontariff barriers.
The World Trade Organization’s (WTO) Integrated Trade Intelli-
gence Portal that quantifies nontariff barriers showed China and India having the “highest” non-tariff barriers in Asia, with both countries using antidumping measures as a “retaliatory” tool.
In the case of the Philippines, the Japan-based think tank said one of the country’s non-tariff barriers is prohibiting used motor vehicle imports. Another barrier, the think tank noted, is the “burdensome” requirement to submit a utilization report concerning ingredients used in the manufacture of animal feed.
Another non-tariff barrier flagged in the Philippines is the country’s requirement to obtain import permits and cold chain regulations.
In an earlier commentary, Nomura said that over 90 percent of the exports of India, the Philippines, Thailand and China (destined for the US) have higher relative tariff rates and are “therefore most at risk of higher reciprocal tariffs.”
Nomura defined reciprocal tariffs as imposing the same tariff rate on imports from other countries as other countries impose on US exports. For instance, it noted, if India imposes a 25-percent tariff on US autos, then the US would impose a 25-percent tariff on imports of autos from India.
The Japan-based think tank underscored that Trump’s objective of implementing reciprocal tariffs is to “ensure
By Bless Aubrey Ogerio
needs.
Top-valued benefits include medical coverage, which remains
the most important for employees, followed by paid time off. Other key benefits include worklife balance programs, career development opportunities and retirement savings.
“Considering the challenges faced by the national healthcare system, it’s understandable that employees value medical/health coverage the most, with paid time off coming second,” Aon stated.
Workers now have stronger demands for their employers to secure their financial future. At
TBy Ada Pelonia @adapelonia
HE Department of Agricul-
ture (DA) wants to enhance the country’s roads and bridges to ease the flow of farm products, lower transport costs, and boost food security.
Agriculture Secretary Francisco Tiu Laurel Jr. said he will seek a meeting with the Department of Public Works and Highways (DPWH) to discuss improving the country’s road and bridge infrastructure.
“The importance of a strong road and bridge network in agriculture, especially in an archipelago like the
Philippines, cannot be overstated,” Laurel said in a statement.
“Agriculture relies heavily on logistics, and transport infrastructure directly affects the cost and efficiency of moving farm inputs and produce,” he added.
Laurel noted that well-maintained roads and bridges could lower transportation costs, reduce spoilage, and allow farmers to bring their goods to market faster. This could also translate to more stable prices for consumers, he added.
The DA said the issue with the country’s roads and bridges would be particularly critical in the rice sector.
Better roads…
Continued from A1
During the recent multiyear budget planning session of the agency, Laurel noted that Thailand and Vietnam have lower transport costs owing to better road conditions. Trucks in these countries could carry 8 to 10 tons more than the 41-ton limit in the Philippines.
“Better infrastructure enables a more efficient supply chain, reducing costs from farm to market,” he said.
The DA explained that many Filipino farmers and traders overload trucks to cut costs, which tends to damage roads and bridges.
It added that the practice of truckers loading their vehicles with heavy loads or even beyond prescribed limits has led to the collapse of several bridges across Luzon and the Visayas in recent years.
Some bridges, though rated for specific loads, have been pushed beyond their limits due to excessive overloading.
“The DPWH manual calls for regular bridge inspections and load rating updates, but enforcement remains weak. Without addressing inadequate road networks and overloading, the problem will persist,” the DA said.
The agency said planned discussions between DA and DPWH aim to identify key areas for road and bridge upgrades, particularly in major agricultural regions.
“While improving infrastructure is a long-term effort, it is essential for the agricultural sector,” the DA said.
“Investing in transport infrastructure is not just a necessity—it is vital for national growth and prosperity.”
Streamlined DMW yields 100K more contracts in ’24
By Samuel P. Medenilla @sam_medenilla
THEDepartment of Migrant Workers (DMW) said the number of overseas Filipino workers (OFW) contracts which they processed last year breached the 2.6-million mark as it streamlines its operations.
“And in 2024, we processed around 2.7 million contracts, which we saw an increase of over a hundred thousand, [from] 2.6, in the previous year,” DMW Secretary Hans J. Cacdac said in a television interview with State-run PTV on Monday.
He attributed the surge in processed contracts to their intensified screening process and the implementation of their online processing system.
With the higher number of processed contracts, the DMW chief said they were able to make sure more OFWs are protected by their employment contract.
The number of processed contracts is usually higher compared to the
number of deployed OFWs since some of them would opt not to leave the country.
In its latest data, DMW reported that the number of deployed OFWs from January to October 2024 was over 2.2 million.
Aside from its processed contracts, DMW also reported it was able to double the number of illegal recruitment establishments that were shut down last year.
“It used to be single digit on a yearly basis, but we were able to double the output [to]—15 illegal recruitment establishments closed,” Cacdac said.
He noted they were also able to take down 71,000 illegal recruitment post-
ings in social media platforms such as TikTok and Facebook and prosecuted 71 illegal recruitment cases.
“Most of these cases are ongoing in the courts and about 15 [led to] convictions of illegal recruitments,” Cacdac said.
least 70 percent of them expect their bosses to support their well-being, with 66 percent wanting assistance in setting up an emergency fund. Additionally, 65 percent said they want employers to contribute to retirement savings, and 58 percent cite expect guidance on financial education and advice to better plan for the future.
According to Aon, 21 percent of Filipino employees receive a defined benefit pension, while 19 percent have other retirement savings plans. On the other hand, about 16 percent are enrolled in defined contribution savings plans. For characteristics that attract worker expectations, better-thanaverage pay and meaningful benefits topped the list (66 percent). Beyond compensation, other factors include a fun workplace (27 percent), support for well-being (22 percent), flexible working arrangements (21 percent), and recognition for individual achievements (19 percent).
Challenges IN terms of the Filipino employees’ overall well-being, 28 percent described themselves as “balanced,” while 23 percent said they were “generally good.”
President Donald Trump are expected to impact remittance flows.
Tariffs imposed on major exports from Canada, Mexico and China, along with more aggressive deportation operations, have raised concerns about the fate of an estimated 300,000 undocumented Filipinos in the United States, he said.
“The world has yet to feel the economic impact of the tariffs posed by the US. Perhaps the impact of those tariffs on American jobs and inflation will take time, perhaps at least six months. So, it is too early to tell if rising costs of living in the US will lead to seeing our compatriots save more there and remit less to the Philippines,” Opiniano said.
The Philippine government is also told to prepare for potential mass deportations of Filipinos from the US. Opiniano said the Department of Migrant Workers and other relevant agencies should not neglect their duties to provide the usual reintegration assistance to Filipinos deported from the US and to other countries with sweeping immigration operations such as Malaysia.
Now, the challenge, as always, for the Philippine economy is to diversify beyond the hard work
and earnings from Filipinos abroad. “We better determine other ways to lure these private cash remittance incomes as investments in the Philippines,” Opiniano said.
“We understand feelings of ‘revenge spending’ and income earning post-pandemic. But we hope that remittance owners have learned their lessons from the pandemic and rack up expenditures on health [not just education] and then add more savings to Philippine bank accounts and perhaps capital, should they run businesses in the Philippines,” Opiniano added.
“We never forget that people’s overall well-being matters, and Filipino workers abroad [postpandemic] still face vulnerabilities in their work, their incomes, and even their mental dispositions,” he said.
Data from the BSP showed personal remittances from overseas Filipinos grew by 3 percent to an all-time high of $3.73 billion in December 2024 from $3.62 billion in December 2023.
Cumulative remittances also reached a record high of $38.34 billion in 2024, higher by 3 percent than the $37.21 billion recorded in 2023.
The full-year 2024 remittances represented 8.3 percent and 7.4 percent of the country’s Gross Domestic Product (GDP) and Gross National Income (GNI), respectively.
Unfortunately, 6 percent said they were “struggling,” and 2 percent admitted they “need support.”
But it’s not all smooth sailing, as the survey also showed that 64 percent of employees are either already seeking new job opportunities or plan to do so within the next 12 months.
“With tight competition for talent in the Philippines, this highlights the need for a strong focus on total rewards to support employee retention strategies,” Aon said. Moreover, 12 percent feel undervalued in their current roles, and 15 percent are not confident that their employer is investing enough in their skills development and future training. Additionally, 9 percent expressed belief their employer is not taking the necessary steps to protect their health and safety. When it comes to pay equality and gender-related benefits, Aon showed that women are 4 percent more likely than men to value work-life balance and onsite support services. However, 20 percent are not confident that their employer ensures pay equality regardless of gender.
Another growing concern is the impact of artificial intelligence on the workplace. While 8 percent remain unsure about its effect on their roles, 44 percent expressed a strong desire to learn new skills to stay competitive.
The Aon survey was conducted with 263 participants across the Philippines, representing employees from office-based (47 percent), hybrid (40 percent) and remote/virtual (14 percent) work setups.
fair treatment for US exports, which could indirectly also address US trade imbalances with partner countries.”
Among the 10 Asian countries included in Nomura’s study, the Philippines is the fourth most at risk of
cost of doing business.
“We have scheduled trips to Korea, to the United States, Japan, Europe, the Middle East and China.
“I think we’re looking at March or April. Korea will be our first stop,” added Go. The president’s economic czar said Korea will be the first stop, calling it, “a very responsive market.”
He added: “So the Koreans are very active in our market and we would like to pitch to them. And of course there’s also this event now that’s taking place in Korea that I think the Board of Investments is also attending.”
being subjected to higher reciprocal tariffs, based on 2-digit (Harmonized System) HS Codes. Based on Nomura’s AHS weighted average, at the country level, reciprocal tariffs are a bigger risk for emerging Asia than developed Asia, with India leading the pack as the most vulnerable due to its 9.5-percent weighted average tariff on US exports to India versus a 3-percent tar-
Playing on strengths WITH the focus on the semiconductor industry, the top commodity export of the Philippines, Go said his office will place under the microscope the chips industry.
“My strategy is to play on our strengths. So if the largest sector is semiconductor, microelectronics, electronic sector, that’s the one we really want to push,” the president’s economic czar underscored.
As for its investment mission to the United States, which he said may occur in April as the government’s second stop, Go said, “Our main agenda there would still be to pitch to the semiconductor, microelectronics sector.” Go noted that some of the Philippines’s largest investors in the
iff rate on India’s exports to the US. Thailand followed (with 6.2 percent weighted average tariff on US exports to Thailand versus 0.9 percent on Thailand’s exports to US); then China (7.1 percent versus 2.9 percent), and the Philippines (3.3 percent versus 1.4 percent). (See: https://businessmirror.com. ph/2025/02/12/higher-u-s-reciprocal-tariff-risks-flagged/)
country remain to be American companies like Texas Instruments, Analog Devices, among others.
“Based on all expectations, these companies will continue to expand and will need to continue building capacity,” added the economic czar. He said the OSAPIEA is scheduling a trip to the US to meet all these semiconductor firms “independent of any possible meeting of our president.” Data from the Philippine Statistics Authority (PSA) showed that electronic products is the Philippines’s top export of goods, with earnings from this commodity hitting $39.08 billion in 2024. This accounts for 53.38 percent of the Philippines’s $73.21 billion in exports earnings from goods.
PHOTO FROM PNA
House leaders call for probe of Chinese disinformation campaign onWPS issue
By Jovee Marie N. dela Cruz @joveemarie
LEADERS of the House of Representatives are calling for a thorough investigation into alleged Chinese-backed disinformation campaigns on social media, particularly their involvement in the West Philippine Sea (WPS) dispute and political propaganda benefiting certain individuals in the country.
1RIDER Rep. Rodge Gutierrez said the government must ensure that foreign-backed disinformation does not undermine Philippine democracy, particularly at a time when the country faces serious national security threats in the WPS.
“This issue was raised by one of the resource persons; I believe it was PressOnePH, regarding the link between misinformation and alleged Chinese-owned accounts,” said Gutierrez.
“There is allegedly a link between Chinese backing of
misinformation in the West Philippine Sea and political campaigns for certain individuals in the country,” he added. Gutierrez underscored the urgency of addressing how paid social media personalities and influencers amplify these narratives, warning that foreign entities must not be allowed to manipulate public perception through online platforms.
“I think another issue that we have to discuss thoroughly in TriComm is the commercialization of bloggers. Freedom of
speech is a fundamental right, but when you start selling your voice for money—especially to a foreign entity—there must be limitations and punitive actions in place,” he said.
For his part, House Assistant Majority Leader Zia Alonto Adiong emphasized the gravity of this disinformation network, particularly as the nation approaches the 2025 elections.
“We need to regulate the spread of misinformation and disinformation. Propaganda-driven falsehoods erode democracy and endanger national security,” Adiong, who represents Lanao del Sur said.
The TriComm of the House of Representatives, which is leading the investigation, has discovered how disinformation networks actively manipulate online discourse to mislead the public.
PressOne. PH, in its presentation at the last TriComm hearing, exposed a massive disinformation campaign fueled by Chinese-controlled social media accounts.
Their investigation uncovered over 107 fake X (formerly Twitter) accounts with Chinese names that were initially created for Spanishspeaking audiences but have now been repurposed to spread falsehoods about the WPS issue and
Impeachment prosecutor: Survey results validate need for VP trial
AHOUSE of Representatives
impeachment prosecutor on Monday emphasized that the results of a recent survey validate the pressing need for Vice President Sara Duterte’s impeachment trial, reflecting the public’s strong demand for accountability.
Ako Bicol Rep. Jil Bongalon, one of the impeachment prosecutors, made the statement after a Tangere survey conducted from February 10 to 12, 2025, revealed that 73 percent of respondents believe that Duterte should face a Senate impeachment trial over allegations of plotting to assassinate President Ferdinand R. Marcos Jr., First Lady Liza Araneta-Marcos, and Speaker Ferdinand Martin G. Romualdez.
“The survey results are a clear indication that the Filipino people are calling for justice and transparency. As representatives of the people, it is our duty to heed this call and ensure that the impeachment process moves forward,” Bongalon, a House majority leader, said.
“What is clear here is that our countrymen want anyone who breaks the law to be held accountable, even if that person is one of
the highest officials in the country,” Bongalon added.
The impeachment complaint, endorsed by 240 members of the House of Representatives, accuses VP Duterte of culpable violation of the Constitution, betrayal of public trust, graft and corruption, and other high crimes.
“With such overwhelming support from both the public and our fellow lawmakers, it is imperative that the Senate constitute itself as an impeachment court to address these serious allegations,” Bongalon said.
Support for impeachment
THE survey further indicated that 51 percent of respondents support the impeachment complaint filed by Congress, while 53 percent agree that VP Duterte should be tried for the alleged misuse of confidential funds in the Office of the Vice President and the Department of Education (DepEd).
“These figures reflect a significant portion of our population demanding transparency and accountability in the use of public funds,” Bongalon noted. Additionally, 51 percent of
those surveyed believe that VP Duterte should stand trial for unexplained wealth and inaccuracies in her Statement of Assets, Liabilities, and Net Worth (SALN).
With this, Bongalon called on senators to respect the will of the people and fulfill their constitutional duty by convening as an impeachment court promptly.
“The House has acted decisively in response to our constituents’ clamor for justice. It is now incumbent upon the Senate to do the same and ensure a fair and impartial trial,” the lawmaker added.
Mandatory
FOR his part, election lawyer Romulo Macalintal said the present Senate under the 19th Congress should immediately act on the impeachment case filed by the House against Duterte as mandatorily required under Section 3(4), Article XI of the 1987 Constitution.
Macalintal said this provision states that once the Articles of Impeachment are filed with the Senate, its trial “shall forthwith proceed,” meaning immediately or without delay.
“This is so because the very
AFP, Bundeswehr eye closer ties
IN line with ongoing efforts to expand its defense ties, ranking officials of the Armed Forces (AFP) and the Bundeswehr ot Defense Forces of Germany conducted a highlevel meeting in Munich on February 14.
In a statement Sunday night, the AFP Public Affairs Office director, Col. Xerxes Trinidad, said Gen. Romeo Brawner, AFP chief of staff, met with his counterpart, Gen. Carsten Breur, Bundeswehr inspector general, during the Munich Security Conference.
“The meeting focused on expanding collaboration in key areas such as cyber warfare, military education and training, and maritime cooperative activities,” he added.
Trinidad said this engagement marks enhancing the interoperability and capabilities in addressing shared security challenges,
amplify pro-Duterte propaganda. With several social media influencers previously refusing to attend the Tri Comm hearings, Adiong warned that the House committee could soon escalate their legal actions.
“If they have no valid reason for skipping the hearings again, we may issue a show-cause order and even subpoena them,” he said.
Some of these influencers have gone as far as filing a petition before the Supreme Court to challenge the Tri Comm probe—a move that Gutierrez dismissed as a clear attempt to evade accountability.
“There’s not even a justiciable action yet, no real cause of action. They were merely invited, yet they already ran to the Supreme Court,” he pointed out.
Adiong added that questioning the legality of the House inquiry does not hold ground, as legislative investigations in aid of legislation are fully within the Congress’ powers.
With mounting concerns over foreign interference in online discourse, lawmakers are now exploring stronger regulations to hold those involved accountable. The hearing of the TriComm on fake news and disinformation will resume on Tuesday.
rules of the present Senate [Section 123, Rule XLIV] provide that all pending matters and proceedings shall terminate upon the expiration of one Congress but may be taken up by the succeeding Congress as if presented for the first time,” he said.
Earlier, Senate President Francis Escudero said that the impeachment trial of Duterte will start only after President Marcos delivers his fourth State of the Nation Address (SONA) in July or in the 20th Congress.
“Can’t the present Senate understand? Its own rules mandate that this impeachment case against Duterte, which is now in the Senate’s hands, will be deemed terminated, meaning it will die its natural death upon the expiration of the present Congress on June 30, 2025,” said Macalintal.
“If the same impeachment case is taken up by the incoming Senate, it will be treated as if it was filed for the first time, violating the constitutional provision that no impeachment proceedings shall be initiated against the same official more than once within a period of one year,” he added.
He said that the fact that half of the 24 sitting senators are “already busy campaigning” for the 2025 elections is not a reason to delay the impeachment proceedings against Duterte.
Cruz
Jovee Marie N. dela
between the two parties.
It also reinforced the commitment of the two nations to to having closer military cooperation.
“The strengthened cooperation between the AFP and the German Armed Forces aligns with the Philippines’ broader efforts to fortify international defense partnerships and maintain regional stability,” Trinidad said. Rex Anthony Naval
Risa calls out tech platforms on surge in Osaec cases
By Butch Fernandez @butchfBM
THE onus of preventing online sexual abuse should be placed on technology platforms that allow cyber perverts to stream material showing the sexual abuse and exploitation of minors.
Sen. Anna Theresia “Risa” Hontiveros made this clear on Monday, as she announced she would call anew hearings by her Committee on Women to tackle “new trends” in online sexual abuse and exploitation of children (Osaec), following reports that a 10-month-old infant fell victim to one such horrendous crime recently.
Nakakagimbal Bilang ina, ang sakit sa puso malamang may musmos na inabuso t inalipusta kapalit ng pera [It’s so shocking. As a mother, it pains me to know that a child has been abused an exploited in exchange for money].”
Hontiveros lauded the National Bureau of Investigation’s Human Trafficking Division for arresting the alleged perpetrator, and thanked the National Coordination Center Against Osaec for focusing on this case.
However, she said, the social media platforms are apparently not being held to account for the abuse, as the law she earlier authored had intended. “As the author of the Anti-Online Sexual
Abuse and Exploitation of Children Law, I am disappointed that the implementation of the measure does not seem to proactively protect children from this unspeakable violence. I cannot help but think that we are not doing enough.”
Hontiveros recalled that the Anti-Osaec Law “imposes responsibilities on social media platforms, and yet nagawa pa rin ang mga karumal - dumal na krimen gamit ang [such sunpeakable crime has been done using] Facebook and WhatsApp.”
She repeated her call for social media companies to strengthen regulation. “It’s bad enough they cannot prevent fake news, and they even cannot protect our children,” she added, in Filipino. “I will call a Senate inquiry on this matter, as well as on new trends on Osaec. I also filed resolution in the Senate to investigate this important issue.”
She stressed the need to hold liable, if necessary, the internet service providers, e-wallet, or the remittance centers that may have been a part of helping grow this business around OSAEC. Hontiveros said, “We need to strengthen our whole-of-nation approach to this unfortunate and complicated issue. Our children should not and should never be for sale.”
PCG replaces ship on Zambales coast
By Rex Anthony Naval
EFFORTS of the Coast Guard (PCG) to protect the country’s exclusive economic zone (EEZ) continue without letup as it deployed BRP Bagacay (MRRV-4410) on Sunday to take over the monitoring duties of BRP Cabra (MMRV-4409) against the illegal Chinese maritime presence on the coast of Zambales.
The agency said that BRP Cabra returned to port for logistical reasons after a week-long deployment at sea.
“Relatedly, the Chinese Coast Guard [CCG] vessel 5303 has also been replaced by CCG-3105,” it added.
Despite this, the PCG said the 44-meter BRP Bagacay had successfully pushed the CCG-3105
further away, establishing a distance of approximately 95 nautical miles off Zambales.
“Meanwhile, the CCG-5303 remains in the area alongside CCG-3301, which continues to illegally patrol the vicinity of Bajo de Masinloc,” it added.
As this developed, the PCG said it remains committed in asserting the nation’s sovereignty, sovereign rights, and maritime jurisdiction in the West Philippine Sea in accordance with UNCLOS, the Ph ilippine Maritime Zones Act and the 2016 Arbitral Award.
“Despite operating with limited resources and facing challenging sea conditions that jeopardize the safety of our personnel, the PCG’s resolve to protect our maritime interests will not waver,” the agency said.
BuCor’s Catapang pushes home confinement for minor offenders
PBy Joel R. San Juan @jrsanjuan1573
UERTO PRINCESA CITY— Director General Gregorio Pio Catapang Jr. of the Bureau of Corrections on Monday said he would ask the Department of Justice (DOJ) and other concerned government agencies to look into the possibility of placing criminals with minor offenses under “home confinement” as part of the measures to solve prison and jail congestion. In an interview, Catapang
said the “home confinement” strategy was shared by some of his counterparts during the conclusion of the four-day Second Asean (Association of Southeast Asian Nations) Regional Correctional Conference (ARCC) on Sunday where various issues affecting the correctional system in the region, including jail congestion were discussed.
Catapang noted that his Asean counterparts agreed during the
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Tuesday, February 18, 2025
Legislator says Duterte statement on economy ‘baseless as usual’
By Jovee Marie N. dela Cruz @joveemarie
ACONGRESSMAN
on Monday countered former President Rodrigo Duterte’s claim that the Marcos administration has failed to improve the economy, particularly in job creation, saying the official data contradicts his statement.
Deputy Majority Leader Paolo Ortega V. said the Duterte administration performed worse in generating employment opportunities.
www.businessmirror.com.ph
Employers can afford to give ₧200 a day wage increase, think tank says
By Rizal Raoul Reyes @brownindio
employment rate under the Marcos administration stood at 3.82 percent in 2024, a sharp decline from 10.26 percent in 2020 in the middle of Duterte’s term, when the economy struggled even before the Covid-19 pandemic.
He said the 2024 unemployment level represented a steady improvement from 4.35 percent in 2023 and 5.39 percent in 2022, “showing that the Marcos administration has successfully fostered economic recovery and employment opportunities.”
has dropped to 11.93 percent in 2024, the lowest in recent years, signaling a shift toward more stable and sustainable employment,” he added.
The House leader further criticized ex-President Duterte’s handling of the economy, saying despite having pre-pandemic years to strengthen the labor market, his administration failed to prepare for economic shocks.
THE substitute bill mandating a P200 daily across-theboard wage increase for private sector workers recently approved by the House of Representatives’s Committee on Labor and Employment is affordable for employers and will give relief to millions of workers and their families.
Economic think tank IBON said employers usually use scaremongering tactics when they say the wage increase will result in higher prices or lead to job losses, and are just resisting sharing a part of their profits with their workers.
“True to form, as with his rhetoric, Mr. Duterte is fast and loose with his economic numbers. The official data belies his baseless statement,” Ortega, who represents La Union, said. “His administration did worse when it came to creating employment opportunities. More of our people are employed today under President Marcos than during his watch,” he added.
He said the underemployment rate—a measure of Filipinos who are employed but seeking additional work or longer work hours—also reflected a similar improvement.
Ortega cited data from the Philippine Statistics Authority (PSA), which showed that the un -
“Under Mr. Duterte, underemployment remained above 16 percent from 2017 to 2020 and only marginally improved in 2021 and 2022. Under President Marcos Jr., underemployment
In contrast, Ortega said the Marcos administration has prioritized job creation, investments, and infrastructure development.
“President Marcos Jr.’s leadership has forged stronger partnerships with private investors, both domestic and international, which has led to sustained job growth. His administration’s economic strategy focuses on long-term employment solutions, not just short-term recovery measures,” Ortega said.
YOUNG PEOPLE CAN FIGHT FOR DEMOCRACY, AGAINST CORRUPTION
By Henry J. Schumacher
THERE are about 20 million young people in the Philippines aged 20 to 29. If we add the 15- to 19-year-old youngsters to it, the number of young people goes up to 30 million. This reminds me to be aware of the power of the youth to shape a fairer and more just world. Many young people are fighting corruption and are trying to make a big difference. This is certainly the time to encourage the youth to keep anti-corruption in mind when acting as agents of change in the creation of a new political environment that will have anticorruption and its adverse effects on society in mind. For those who are interested in tackling corruption, but don’t know where to start, here are some ideas from Transparency International’s youth anti-corruption tool kit:
1. FOLLOW THE MONEY
GOVERNMENTS have vast sums of public money to spend and this can pose a serious corruption risk. By keeping tabs on government expenditure, you can help shed light on how Philippine taxes are being spent and expose any abuses. But you have to be careful in exposing
abuses; do it by being a partner of a youth organization.
2. COUNT SUPPLIES
SCHOOLS receive lots of supplies from the government, like textbooks, laboratory equipment or other classroom necessities. It’s not rocket science to keep track of this. It just takes commitment and transparency. Ask to see how many Bunsen burners are supposed to be in the biology labs and if the numbers don’t add up—ask what’s happened
3. TECH SOLUTIONS
IF you’re tech-savvy (all young people are), you can help communities document cases of corruption by developing reporting platforms on the web or through mobile apps. Social media, in particular, is an effective way to address corruption in real-time.
4. COMICS AND CARTOONS
COMICS are a powerful way of raising awareness about anti-corruption. Through a combination of images and text, comics can also help spark debate—and they are easy to produce. All you need is a pen and paper. Or use your smart phone or laptop.
5. SPORTS
WHAT’s your favorite sport? From running against corruption to scoring a goal for transparency, you can raise your community’s anti-corruption awareness through any sport you want.
6. YOUTH GROUPS
YOUTH groups share their disapproval of corruption that is found at local and national levels. Different groups have different goals, but they have one thing in common: A willingness to talk openly about their opposition to corruption and raise awareness about its adverse effects on society. These groups can be formed to take part in a one-off event, around a single issue—stopping bribery for grades in school, for example—or for longer term campaigns.
7. ELECTION PLEDGES
DURING the lead-up to elections, candidates are in the spotlight and this is a good time to hold them accountable for their campaigning and election promises.
You can ask your local candidates to sign a pledge against corruption (for instance the Integrity Pledge of the Integrity Initiative)
and agree to take specific steps to stop corruption. They can, for example, pledge not to buy or sell votes during the election, a very common form of corruption. And young voters should definitely not sell their votes!
8. CROWD SOURCING ELECTION MONITORING
FROM accessing your mobile phone to surfing the web on your computer, it’s never been easier or quicker to monitor elections in real-time. Through online crowdsourcing you can let the world know of voting irregularities in your area with just a few clicks. Some of the information can even be plotted onto an interactive map online, allowing you also to see what others in your community are reporting.
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The left-leaning group noted that a legislated across-the-board wage increase will be the first one in 35 years since the last one in 1989. Moreover, IBON said the wage increase will be the result of 25 years of lobbying since the P125 across-the-board increase proposed by labor leader and Bayan Muna Rep. Crispin Beltran in 2001.
Averaged across all 17 of the country’s regions, IBON said the real value of the mandated minimum wage today is worth 23 percent less than it was in 1989 when wage-setting started to be regionalized. The minimum wage in 16 regions is worth 2-52 percent less today than 35 years ago, taking inflation into account. The National Capital Region (NCR) is a sole exception where the minimum wage is worth a marginal 3.8 percent more.
IBON emphasized that the proposed P200 daily across-theboard wage increase will basically just restore decades of erosion of purchasing power for minimum wage earners who will now take home almost 10 percent more in real terms, on average nationally.
“This will bring workers and their families some relief even if there is still a shortfall of P559 from the estimated family living wage [FLW] of P1,224 as of end2024, again measured on average nationally,” IBON said.
Citing data from Philippine Statistics Authority’s (PSA) latest Annual Survey of Philippine Business and Industry (Aspbi) for 2022, IBON said employers are capable of implementing a wage increase.
“The country’s largest survey of establishments noted that employee compensation amounts to just some 11 percent of total firm expenses across all formal micro, small, medium and large enterprises in all sectors nationwide. All
BuCor. . .
Continued from A3
high-level meeting that almost 70 to 80 percent of the crimes were committed under the influence of drugs.
“We have similarities with other Asean countries, they have highlighted the problem on drugs,” Catapang said.
Thus, Catapang said he is exploring the possibility of placing persons charged for drug use in rehabilitation centers instead of directly putting them behind bars pending the resolution of their cases in courts.
He added that persons arrested for using drugs should be compelled to undergo rehabilitation while on trial.
“Once the person is cleared [of drugs] then he or she can be placed under home confinement,” he added.
The BuCor chief said he would also write to the Department of Interior and Local Government (DILG) to look into the feasibility of the said practice.
Discussed during the ARCC
establishments were also found to have made P3.1 trillion in profits in 2022 – P1.7 trillion by large, P285.5 billion by medium, P22.6 billion by small, and P302.5 billion by micro firms,” IBON said. According to IBON, the P200 across-the-board wage hike covering all salary earners, meaning not just for minimum wage earners, amounts to P359.8 billion more in compensation, which is equivalent to just 11.8 percent of total profits. By establishment size, this wage increase is some 11.1 percent of large firm profits, 9.1 percent of medium firm profits, 12.9 percent of small firm profits, and 15 percent of micro firm profits. IBON said these are broad averages and the government can support smaller firms that can establish with their financial statements if they really are unable to afford the wage hike.
The ASPBI reports just 281,826 formal establishments employing 6.4 million workers, including 196,607 micro establishments with 800,469 workers. Although there are only 4,118 large firms, they account for half or 3.2 million workers in formal establishments. These are the firms that are potentially within the scope of the labor department and inspections for compliance with labor and wage laws.
The often-cited figure of over one million micro enterprises with 2.8 million workers is from the 2022 List of Establishments (LE) that covers formal establishments and as much informal establishments as the PSA could realistically cover. In either case, the micro establishments that anti-wage hike employers hide behind only account for a minority of workers—13 percent of employment in the Aspbi and 33 percent in the LE.
The employer argument that only a few will benefit is also grossly erroneous, stressed IBON.
“First, employers should give any and all relief to their workers that they can give, such as a P200 wage increase, regardless of how few or many their employees are,” IBON said.
“Second, putting P200 in workers’ pockets means that they will spend P200 more every day buying goods and services from the informal workers in their communities. Not only is the propensity to consume workers higher than for employers, their propensity to consume locally is also much higher resulting in a substantial multiplier effect in local economies,” IBON added.
were the issues on transfer of sentenced persons, best practices in decongestion strategies, prison health programs, aftercare and reintegration initiatives, measures to prevent and counter violent extremism and parole and probation.
Catapang said the next ARCC will be conducted in Thailand and will be held every two years after 2026.
Meanwhile, the DOJ presented during the ARCC its report and accomplishments on various correctional projects. Spearheaded by the DOJ’s Office of the Chief State Counsel (OCSC), the report mainly focused on the Philippine government’s proposal during the Asean Senior Law Officials Meeting (Aslom) to establish the Asean Convention on Transfer of Sentenced Persons (ACTSP).
The ACTSP will serve as an avenue for international legal cooperation and a measure to combat cross-border crimes by reforming criminal-correctional justice systems in all Asean member-countries in an effort to uphold human rights, inclusiveness, universality and equality.
Negative campaigning allowed, says Comelec, but defamation and incitement are off limits
By Justine Xyrah Garcia
WITH the start of the campaign period for national positions, the Commission on Elections (Comelec) reiterated that it has no authority to prohibit “negative” campaigning, regardless of how intense or aggressive it may become.
Comelec Chairman George Erwin M. Garcia explained in an ambush interview on Monday that election laws explicitly allow negative campaigning, making a total ban legally impossible.
“The Omnibus Election Code allows negative campaigning… We cannot impose an outright ban on negative campaigning per se,” he said, partly in Filipino. Under the Omnibus Election Code
of 1985, campaign materials urging voters to support or reject a particular candidate are considered lawful as long as they do not contain libelous, slanderous, or otherwise criminal content.
This means that while attacking political opponents is permitted, any statements or materials that violate laws on defamation or incite violence could be subject to legal consequences.
The Fair Elections Act or Republic Act No. 9006 further clarifies that election propaganda, whether for or against a candidate, is allowed as long as it adheres to existing legal provisions.
Garcia emphasized that if negative campaigning crosses the line into criminal conduct, enforcement agencies such as the Department of Justice
(DOJ) and other law enforcement bodies have the jurisdiction to file cases against those involved, whether candidates or their supporters.
For its part, the Comelec also has the authority to pursue a disqualification case if it finds sufficient grounds to prove that a candidate engaged in unlawful campaign practices.
“If it borders on something criminal, two actions can be taken—either the disqualification of the candidate or, at the same time, a criminal case against the candidate involved,” Garcia added.
Meanwhile, when asked about former president Rodrigo Duterte’s recent remark—joking about killing 15 senators to make way for his endorsed candidates—Garcia clarified that such statements do not fall under Comelec’s jurisdiction.
Since Duterte is neither a candidate nor an incumbent government official, his remarks do not violate Comelec campaign guidelines.
“There may be national security implications or other concerns, so it is really up to other government agencies to handle this. As for Comelec, we will always respect the freedom of expression of all supporters and those backing a political party or candidate,” Garcia said.
However, he acknowledged that there is a thin line between the constitutional right to free speech and the legal limitations set by the Supreme Court.
“Of course, as a general rule, this is a right granted to everyone. But there are exceptions, and the Supreme Court has already set these exceptions,” he added.
PPCRV seeks up to 450K volunteers for midterm polls
WITH less than three months remaining before the May 12 elections, the Parish Pastoral Council for Responsible Voting (PPCRV) is intensifying its call for volunteers to assist in various electionrelated tasks.
In a recent radio interview, PPCRV National Communications Director Ana Singson said they aim to recruit between 350,000 to
450,000 individuals to ensure the integrity and efficiency of the upcoming national and local polls.
“We are still in need of volunteers… Please volunteer,” Singson urged.
“We had 450,000 card-bearing members in 2022. We will start our mobilization soon and hope to achieve that,” she added.
The PPCRV’s involvement spans several critical activities, including the source code review for the auto -
mated election system, overseeing public bidding processes, supervising ballot printing, and ensuring the timely delivery of election paraphernalia.
On election day proper, volunteers will serve as observers at polling precincts and manage Voter Assistance Desks at all voting centers.
“We have many things to do as we are very much involved in these elections,” Singson noted.
Gadon urges VP Sara to resign to preserve 2028 election chances amid impeachment
By Samuel P. Medenilla @sam_medenilla
PShe also clarified that there are no specific qualifications required to become a PPCRV volunteer; however, neutrality is paramount.
“What we are only requiring is that they must not support and campaign for any candidate as we are an impartial group,” she emphasized. Interested individuals are encouraged to approach their local PPCRV coordinators in their parishes to sign up Justine Xyrah Garcia
one votes for her,” Gadon said. After being impeached in the House of Representatives earlier this month, Duterte will face an impeachment court in the Senate.
Nine LGUs
declare dengue
outbreaks
as DOH reports 40% rise in February
By Claudeth S. Mocon-Ciriaco @claudethmc3
NINE local government units (LGUs) have recorded a “concerning rise” in dengue cases this month, the Department of Health (DOH) reported on Monday.
These nine LGUs are located in National Capital Region ( including Quezon City), regions IV-A, and III. The Quezon City government, through the City Health Department (QCHD), has declared a dengue outbreak as cases continue to surge in the city.
“Kakaiba ang nakita ngayon ng DepartmentofHealthnapagtaasngbilang ng mga kaso ng dengue. Pangkaraniwan dapat mga bandang June onwards pa lang kung kailan tag- ulan ang pagtaas ngunit ngayon pa lang as of February 1, 2025 nakapagtala na tayo ng 28, 234 na kaso,” DOH Asec. Albert Domingo said. Earlier, the DOH said that dengue cases are on an upward trend with 28,234 cases as of February 1, representing a 40 percent increase from the previous year.
This mirrors the 8 percent increase from January 5 to 18 with 15,088 cases, compared to the 13,980 cases reported in the previous period of December 22, 2024 to January 4, 2025.
Despite the upward trend of dengue cases, the DOH logged a decrease in the Case Fatality Rate (CFR) as of February 1 with a CFR of 0.35 percent, compared to last year’s higher CFR of 0.42 percent in the same period.
The declaration of a local Dengue outbreak may only be done by an LGU official, in accordance with law.
“Ang pagdeklara ng isang outbreak ay hindi nangangahulugan ng sakuna. Ibig sabihin nito ay tumaas ang bilang lampas sa pangkarinawang inaasahan sa isang bahagi ng taon—yung bilang ng kaso,” Domingo explained.
DOH Centers for Health Development (regional offices), through their respective Regional Epidemiology and Surveillance Units (RESU) have been advising their ESU counterparts at LGU level.
Sufficient blood supply
PHILIPPINE Red Cross (PRC) Chairman and CEO Richard Gordon has assured the public that a sufficient blood supply is readily available for those affected by the mosquito-borne disease amid increasing in dengue cases recorded by the DOH this month.
Gordon noted that Quezon City recently declared a dengue outbreak and the DOH reporting an upward trend in cases—surpassing 28,000 as of February 1.
“I always remind everyone that the Red Cross is ready to provide blood anytime, anywhere—libre at laging may dugo sa Red Cross. With the rising demand for blood, especially as dengue cases increase across the country, we are committed to ensuring that every hospital has the supply it needs to save lives,” said Gordon. For her part, PRC Secretary-General Dr. Gwen Pang stressed the importance of blood donation as demand for blood is high during dengue outbreaks.
“I encourage everyone to make blood donation your lifestyle because this is not only good for your health, but it also helps save lives,” Dr. Pang said. The PRC reiterated the organization’s capacity to supply blood.
RESIDENTIAL Adviser for Poverty Alleviation Lorenzo “Larry” G. Gadon called on Vice President Sara Duterte to resign amid the pending impeachment complaint so she can still run in the 2028 polls. Gadon said Duterte is at risk of being banned from running for an elected post if she is impeached by the Senate. He noted the evidence against Duterte for her alleged misuse of the funds of the Office of the Vice President has become widely known by the public.
“So she can run in the 2028 presidential election, she should just resign so that she can start on a clean slate and be free from impeachment issues,” Gadon said in Filipino in a video statement.
However, Gadon said even if Duterte runs in the next presidential race, there is no guarantee she will win. He stressed that Duterte lacked the necessary votes even in the 2022 elections, that is why she decided to become the running mate of President Ferdinand Marcos that time.
“I really want her to run [in the 2028 polls] since I want her to lose face when no
PNP-CIDG recommends inclusion of Pryde Teves, nine others in Degamo, et al slay case
TSenate President Francis “Chiz” G. Escudero said they may tackle the impeachment complaint once the Senate reconvene in June.
Aside from impeachment, Duterte is also facing charges from the Department of Justice for sedition and grave threat cases after she said in an online interview last November that she hired an assassin to take down President Ferdinand Marcos, First Lady Liza Araneta-Marcos, and House Speaker Martin Romualdez if she will be killed.
PHL,
The DOH continues to remind the public to seek early consultation, search and destroy mosquito breeding sites, use self-protection by applying anti-repellant lotions and wearing long sleeves and pants when possible, and support fogging in hotspot areas.
From January to mid-February of 2025, the PRC was able to dispense 1,078 blood units for dengue cases, a 106 percent increase from 524 blood units in 2024. Moreover, the PRC served 360 dengue patients from January to mid-February of 2025, a 109 percent increase in the number of patients provided with blood compared to 172 patients from the previous year. The PRC has 102 chapters nationwide, 108 blood service facilities, 32 blood centers, 76 blood collecting stations, and 15 apheresis centers.
For blood assistance and other emergencies, the public may call the PRC hotline 143.
PNP-CIDG files inciting to sedition, unlawful utterances complaint vs PRRD before DOJ
TBy Joel R. San Juan @jrsanjuan1573
HE Philippine National Police-Criminal Investigation and Detection Group
(PNP-CIDG) has recommended the inclusion of former Negros Oriental Gov. Pryde Henry Teves in the multiple murder, frustrated murder and attempted murder charges filed against his brother, former Negros Oriental congressman Arnulfo “Arnie” Teves Jr., in connection with the killing of Negros Oriental Governor Roel Degamo and several others in 2023. Pryde is seeking a new term as governor of Negros Oriental in the coming May 2025 midterm elections.
PNP-CIDG Chief Nicolas Torre III said aside from the former governor, nine other individuals were named in the recommendation submitted before the
Department of Justice (DOJ) for review and evaluation.
“We made the recommendation so the prosecution can review how they can be included as respondents in the case,” Torre said.
Torre declined to divulge the evidence it gathered during the PNP-CIDG’s case build-up so as not to preempt the review to be conducted by the DOJ prosecutors.
He, however, assured that they have gathered enough evidence to support their recommendation such as the recovery of firearms and explosives.
Torre also denied that their action is politically-motivated, insisting that their evidence would prove that the former governor was part of the conspiracy to kill Degamo.
It can be recalled that Pryde won the 2022 elections and served as governor of
DepEd launches investigation into alleged ghost students in senior high school voucher program
THE Department of Education (DepEd) Central Office is currently conducting a thorough investigation into personnel and officials who may be involved in the alleged ghost students under the Senior High School (SHS) Voucher Program in 12 private schools across 9 divisions. As part of Pres. Ferdinand Marcos Jr.’s marching order to uphold transparency and accountability, DepEd is taking swift action to preserve the integrity of its funds and program implementation.
“We take these allegations seriously. Any form of misuse of public funds in-
tended for critical education programs will not be tolerated. This investigation is a necessary step as we pursue the truth and hold accountable those responsible,” Education Secretary Juan Edgardo “Sonny” Angara said. DepEd warned that personnel and officials who may be involved in such fraudulent activity, could result to termination of school’s participation in the Senior High School Voucher Program In line with this, DepEd has initiated recourse actions, including preparation for the termination of the schools’ accreditation and collating pieces of evidence against responsible individuals.
Negros Oriental from June to October that year after the Commission on Elections annulled his proclamation following a recount of votes.
The Comelec’s decision stemmed from the disqualification case filed by Degamo, who was seeking re-election then, against another candidate, Ruel Degamo.
Ruel was eventually declared a nuisance candidate and the votes he garnered were ordered by the poll body to be counted in favor of the late governor.
Degamo was proclaimed governor after surpassing Teves’ votes.
On March 4, 2023, Degamo was assassinated in his hometown in Pamplona by heavily-armed men along with several other individuals.
Arnulfo, who is now in Timor-Leste seeking political asylum, was eventually tagged as the mastermind in the killing.
The Department is also exploring potential legal measures against those found culpable, including administrative and criminal sanctions, in accordance with existing laws and regulations.
Meanwhile, DepEd assured the public that it will provide necessary assistance to affected, legitimate students to ensure their continued education without disruption.
The Department also reiterates its commitment to strengthening monitoring mechanisms to prevent similar incidents in the future.
DepEd encourages the public to anonymously report any irregularities related to the implementation of its programs at walangkorapsyon@deped. gov.ph Claudeth Mocon-Ciriaco
Japan NSAs both to work closer for security of 2 nations
By Rex Anthony Naval
BOTH the National Security Advisers (NSAs) of the Philippines and Japan have committed to working closely with each other highlighting the growing security cooperation between the nations.
This as NSA Adviser Eduardo Año spoke over the phone Monday afternoon with his counterpart, Okano Masataka.
“At the outset, NSA Año offered his congratulations to NSA Okano on his assumption of office,” the National Security Council (NSC) said in a statement.
In the said phone call, Año and NSA Okano discussed areas of cooperation to address destabilizing actions in the West Philippine Sea/ South China Sea.
“They reaffirmed their commitment to freedom of navigation and international law in the South China Sea and East China Sea, as well as the importance of upholding a free and open IndoPacific, and international rulesbased order,” the NSC added.
The two NSAs also confirmed Japan-Philippines security cooperation and concurred to continue to work closely with each other.
“They also agreed to continue and promote the trilateral framework of cooperation with the United States under the new administration of President Trump,” the NSC added.
HE Philippine National Police-Criminal Investigation and Detection Group (PNP-CIDG) filed an inciting to sedition and unlawful utterances against former President Rodrigo Duterte in connection with remarks to kill 15 senators to give way for his senatorial bets under the PDPLaban in the coming 2025 national and local elections.
Torre filed the complaint before the Department of Justice (DOJ) for case buildup and preliminary investigation.
“We can no longer allow those kinds of statements, and if they will be taken on their word, they would just say that it is a joke,” Torre said.
During the PDP-Laban proclamation rally, Duterte was quoted as saying: “Patayinnatin‘yungmgasenadorngayon para mabakante. Kung makapatay tayo ng mga 15 na senador, pasok na tayong lahat... Talking of opportunities, the only way to do it is pasabugin na lang natin,” he had said.
Duterte’s former presidential legal counsel Salvador Panelo called the filing
“foolish,” noting that Duterte was only joking.
Meanwhile, DOJ Secretary Jesus Crispin Remulla said it would be up to the National Bureau of Investigation (NBI) whether to conduct an investigation into Duterte’s possible criminal liabilities for issuing the “kill threat” to senators.
“Motu propio [its own initiative] the NBI can look at that,” Remulla told reporters, saying that there is no need for him to issue an order.
“You know we’re used to the language of the President. We don’t have to believe all that he says,” Remulla added. But Remulla said if any of the senators would file a complaint then the DOJ and the NBI would have to act on it. Meanwhile, NBI Director Jaime Santiago also found no basis yet to conduct an investigation, branding Duterte’s statements as mere “rhetorics” and was part of his party’s political agenda. However, Santiago assured that the NBI will investigate Duterte if there are senators who will file a complaint. Joel R. San Juan
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By Matthew Lee & Natalie Melzer The Associated Press
JERUSALEM—Israeli
Prime Minister
Benjamin Netanyahu on Sunday signaled that he was moving ahead with US President Donald Trump’s proposal to transfer the Palestinian population out of Gaza, calling it “the only viable plan to enable a different future” for the region.
Netanyahu discussed the plan with US Secretary of State Marco Rubio, who kicked off a Middle East visit by endorsing Israel’s war aims in Gaza, saying Hamas “must be eradicated.” That created further doubt around the shaky ceasefire as talks on its second phase are yet to begin.
Rubio, in his upcoming stops in Saudi Arabia and the United Arab Emirates, is likely to face more pushback from Arab leaders over Trump’s proposal, which includes redeveloping Gaza under US ownership. Netanyahu has said all emigration from Gaza should be “voluntary,” but rights groups and other critics say that the plan amounts to coercion given the territory’s vast destruction.
Netanyahu said he and Trump have a “common strategy” for Gaza. Echoing Trump, he said “the gates of hell would be open” if Hamas doesn’t release dozens of remaining hostages abducted
in the militant group’s attack on southern Israel on October 7, 2023, that triggered the 16-month war.
The ceasefire’s first phase ends in two weeks. Negotiations were meant to begin two weeks ago on the second phase, in which Hamas would release dozens of remaining hostages in exchange for more Palestinian prisoners, a lasting truce and the withdrawal of Israeli forces
Trump’s special Middle East envoy, Steve Witkoff, told Fox News that “phase two is absolutely going to begin” and he had “very productive” calls Sunday with Netanyahu and officials from Egypt and Qatar, which serve as mediators, about continuing talks this week. He also said hostages to be released include 19 Israeli soldiers and “we believe all of them are alive.”
Netanyahu’s office said Israel’s security Cabinet would meet Monday to discuss the second phase.
Trump later told journalists it is “up to Israel what the next step is, in consultation with me.”
In another sign of closing ranks, Israel’s Defense Ministry said it received a shipment of 2,000-pound (900-kilogram) MK-84 munitions from the United States. The Biden administration paused a shipment of such bombs last year over concerns about civilian casualties in Gaza.
Resuming the war could doom hostages
THIS week marks 500 days of the war. Netanyahu has signaled readiness to resume the fighting after the ceasefire’s current phase, though it could be a death sentence for remaining hostages.
Rubio said peace becomes impossible as long as Hamas “stands as a force that can govern or as a force that can administer or as a force that can threaten by use of violence,” adding, “It must be eradicated.”
Hamas reasserted control over Gaza when the ceasefire began last month, despite suffering heavy losses.
Netanyahu has offered Hamas a chance to surrender and send top leaders into exile. Hamas has rejected that scenario and insists on Palestinian rule. Spokesman Abdul Latif al-Qanou told The Associated Press the group accepts a Palestinian unity government or a technocratic committee to run Gaza.
Netanyahu instructed negotiators to leave for Cairo on Monday to discuss further implementation of the ceasefire’s first phase, as issues over delivery of shelter materials continue.
The Israeli military, meanwhile, said it carried out an airstrike on people who approached forces in southern Gaza. The Hamas-run Interior Ministry said it killed three of its police officers while they secured the entry of aid trucks near Rafah on the Egyptian border.
‘If someone has a better plan... that’s great’
IN an interview last week, Rubio indicated that Trump’s Gaza proposal was in part aimed at pressuring Arab states to make their own postwar plan that would be acceptable to Israel. Rubio also appeared to suggest that Arab countries send troops to combat Hamas.
“If the Arab countries have a better plan, then that’s great,” Rubio said Thursday on the “Clay and Buck Show.”
But “Hamas has guns,” he added. “Someone has to confront those guys. It’s not going to be
Rubio to lead delegation to Saudi Arabia for urgent talks to resolve Ukraine crisis
By Aamer Madhani & Meg Kinnard The Associated Press
WASHINGTON—US Secretary of State Marco Rubio is leading a delegation to Saudi Arabia for direct talks with Russian officials in the coming days to seek an end to Moscow’s invasion of Ukraine, a US official said Sunday.
Also expected to take part in the talks in Riyadh about Russia’s February 2022 invasion is national security adviser Michael Waltz and special envoy Steve Witkoff, according to the official, who was not authorized to discuss the talks and spoke on the condition of anonymity.
The official added that what the administration sees as earlystage negotiations remain fluid and who ultimately ends up at the table for the anticipated talks could change.
The trip follows last week’s telephone call between President Donald Trump and Russian President Vladimir Putin in which Trump said they “agreed to have our respective teams start negotiations immediately.” The call upended years of US policy, ending the isolation of Moscow over the Feb. 24, 2022, invasion. Trump also spoke separately with Ukrainian President Volodymyr Zelenskyy.
It wasn’t immediately clear if any Ukrainians would take part in the talks. A Ukrainian delegation is in Saudi Arabia to pave the way
for a possible visit by Zelenskyy, a Ukrainian official said.
Trump on Sunday told reporters Zelenskyy “will be involved,” but did not elaborate on the role he’d play in the talks.
Zelenskyy has said he wouldn’t accept any negotiations about Ukraine that don’t include his country. European governments have also demanded a role.
Speaking to Fox News Channel’s “Sunday Morning Futures” program, Witkoff said he and Waltz will be “having meetings at the direction of the president,” and hope to make “some really good progress with regard to Russia-Ukraine.”
Ukrainian Economy Minister Yulia Svyrydenko, a first deputy prime minister, didn’t clarify whether there is a link between Zelenskyy’s possible trip and previously announced US-Russia talks. In a Facebook post, she said the Ukrainian delegation’s focus is on strengthening economic ties as Kyiv “prepares to sign important economic agreements with countries in the region.”
She didn’t say anything about when Zelenskyy might go to Saudi Arabia and with whom he might meet.
Andriy Yermak, a top Zelenskyy adviser, said earlier Sunday there was no possibility of Ukrainian and Russian representatives meeting directly in the immediate future. In a Telegram post, Yermak said the Ukrainians weren’t planning to do so “until we develop a
plan” to end the war and bring about a “just peace.”
Mykhailo Podolyak, another Zelenskyy adviser, on Saturday denied that Ukraine will participate in any planned US-Russia meetings in Saudi Arabia. “There is nothing on the negotiating table that would be worth discussing,” he told Ukrainian television.
Svyrydenko’s remarks came within hours of Witkoff’s statement that high-level meetings were imminent in Saudi Arabia.
Witkoff didn’t specify with whom they would be meeting and what they would discuss, but he said that he was leaving for Saudi Arabia on Sunday evening.
Russian officials and state media took a triumphant tone after Trump jettisoned three years of US policy and announced that he would likely meet soon with Putin to negotiate a peace deal in the war
in Ukraine.
Trump’s announcement created a major diplomatic upheaval that could herald a watershed moment for Ukraine and Europe.
Putin has been ostracized by the West since the war began. In 2023, the International Criminal Court issued an arrest warrant for the Russian leader.
In his TV interview, Witkoff didn’t directly respond to a question about whether Ukraine would have to give up a “significant portion” of its territory as part of any negotiated settlement.
“Those are details, and I’m not dismissive of the details, they’re important. But I think the beginning here is trust-building. It’s getting everybody to understand that this war does not belong continuing, that it should end. That’s what the president has directed us to do,” he said.
American soldiers. And if the countries in the region can’t figure that piece out, then Israel is going to have to do it.”
Rubio wasn’t scheduled to meet with Palestinians on his trip.
Arabs have limited options
FOR Arab leaders, facilitating the mass expulsion of Palestinians from Gaza or battling Palestinian militants on behalf of Israel are nightmare scenarios that would bring fierce domestic criticism and potentially destabilize an already volatile region.
Egypt hosts an Arab summit on February 27 and is working with other countries on a counterproposal that would allow for Gaza’s rebuilding without removing its population. Human rights groups say the expulsion of Palestinians would likely violate international law.
Egypt has warned that any mass influx of Palestinians from Gaza would undermine its nearly
half-century peace treaty with Israel, a cornerstone of US influence in the region.
The UAE and Saudi Arabia also have rejected any mass displacement of Palestinians.
The UAE was the driving force behind the 2020 Abraham Accords in which four Arab states—Bahrain, the UAE, Morocco and Sudan—normalized relations with Israel during Trump’s previous term. Trump hopes to expand the accords to include Saudi Arabia, potentially offering closer US defense ties, but the kingdom has said it won’t normalize relations with Israel without a pathway to a Palestinian state.
Rubio won’t be visiting Egypt or Jordan, close US allies at peace with Israel that have refused to accept any influx of Palestinian refugees. Trump has suggested he might slash US aid if they don’t comply, which could be devastating for their economies.
Rubio is also skipping Qatar. Arab and Muslim countries have conditioned any support for postwar Gaza on a return to Palestinian governance with a pathway to statehood in Gaza, the West Bank and east Jerusalem, territories that Israel seized in the 1967 Mideast war.
Israel has ruled out a Palestinian state and any role in Gaza for the Western-backed Palestinian Authority, whose forces were driven out when Hamas seized power there in 2007.
Natalie Melzer reported from Nahariya, Israel. Associated Press writers Samy Magdy in Cairo and Darlene Superville in West Palm Beach, Florida, contributed to this report.
Ukraine and Europe worry about being sidelined as Trump pushes talks with Russia on war’s end
By Aamer Madhani & Meg Kinnard The Associated Press
ASHINGTON—President Donald
WTrump’s approach to ending Russia’s war against Ukraine has left European allies and Ukrainian officials worried they are being largely sidelined by the new US administration as Washington and Moscow plan direct negotiations.
With the three-year war grinding on, Trump is sending Secretary of State Marco Rubio, national security adviser Mike Waltz and special envoy Steve Witkoff to Saudi Arabia for talks with Russian counterparts, according to a US official who was not authorized to publicly discuss the upcoming diplomatic efforts and spoke on condition of anonymity.
It is unclear to what extent Ukrainian or European officials will be represented in discussions expected to take place in Riyadh in the coming days. The official said the United States sees negotiations as early-stage and fluid, and who ultimately ends up at the table could change.
In an exchange with reporters Sunday, Trump said Ukrainian President Volodymyr Zelenskyy “will be involved” in the negotiations. Trump offered no further explanation.
The outreach comes after comments by top Trump advisers this past week, including Vice President JD Vance, raised new concerns in Kyiv and other European capitals that the Republican administration is intent on quick resolution to the conflict with minimum input from Europe.
“Decades of the old relationship between Europe and America are ending,” Zelenskyy said in an address Saturday at the Munich Security Conference. “From now on, things will be different, and Europe needs to adjust to that.”
White House officials on Sunday pushed back against the notion that Europe has been left out of the conversation. Trump spoke by phone in recent days with French President Emmanuel Macron and is expected to consult with British Prime Minister Keir Starmer this week.
During his visit to Munich and Paris, Vance held talks with Macron, British Foreign Secretary David Lammy, German President Frank-Walter Steinmeier, NATO Secretary-General Mark Rutte as well as Zelenskyy.
“Now they may not like some of this sequencing that is going on in these negotiations but I have to push back on this...notion that they aren’t being consulted,” Waltz told “Fox News Sunday.”
“They absolutely are and at the end of the day, though, this is going to be under President Trump’s leadership that we get this war to an end,’’ Waltz said. Rubio, who was in Israel on Sunday before heading to Saudi Arabia, said the US is taking a careful approach as it reengages with Moscow after the Biden administration’s clampdown on contacts with the Kremlin following the February 2022 invasion.
Trump spoke by phone with Russian President Vladimir Putin last week and the two leaders agreed to begin highlevel talks on ending the war. They were initially presented as two-way, but Trump later affirmed that Ukraine would have a seat—though he did not say at what stage. It was not immediately clear whether any Ukrainians would take part in the upcoming Riyadh talks. A Ukrainian delegation was in Saudi Arabia on Sunday to pave the way for a possible visit by Zelenskyy, according to Ukraine’s economy minister.
ISRAELI Prime Minister Benjamin Netanyahu attends a joint news conference with US Secretary of State Marco Rubio at the Prime Minister’s office in Jerusalem, Israel on Sunday, February 16, 2025.
HOCKSTEIN/POOL PHOTO VIA AP
Polar vortex brings life-threatening cold to US; 10 dead in winter storms
LOUISVILLE, Ky.—Harsh weather moved west on Monday as a polar vortex was expected to grip the Rockies and the northern Plains after winter storms pummeled the eastern US over the weekend, killing at least 10 people, including nine victims in Kentucky who died during flooding from heavy rains.
The National Weather Service warned of “life-threatening cold” into Tuesday, with temperatures in northeastern Montana predicted to dip as low as 45 degrees below zero (-42.7 degrees Celsius) with wind chills down to 60 below (-51 degrees Celsius).
Meteorologists said several states would experience the 10th and coldest polar vortex event this season. Weather forces in the Arctic are combining to push the chilly air that usually stays near the North Pole into the US and Europe.
In Kentucky, Gov. Andy Beshear said Sunday that the death toll rose to nine.
“I am sad to share some more tough news tonight, Kentucky. We just confirmed another weatherrelated death out of Pike County, bringing our total loss to 9 people.”
Beshear had said earlier Sunday that at least 1,000 people stranded by floods had to be rescued.
President Donald Trump approved Kentucky’s request for a disaster declaration, authorizing the Federal Emergency Management Agency to coordinate relief efforts throughout the state.
Beshear said most of the deaths, including a mother and 7-year-old child, were caused by cars getting
stuck in high water.
“So folks, stay off the roads right now and stay alive,” he said.
Parts of Kentucky and Tennessee received up to 6 inches (15 centimeters) of rain, said Bob Oravec, a senior forecaster with the National Weather Service.
“The effects will continue for awhile, a lot of swollen streams and a lot of flooding going on,” Oravec said Sunday. In Alabama, the weather service in Birmingham said it had confirmed an EF-1 tornado touched down in Hale County. Storms there and elsewhere in the state destroyed or damaged a handful of mobile homes, downed trees and toppled power lines, but no injuries were immediately reported.
A state of emergency was declared for parts of Obion County, Tennessee, after a levee failed on Saturday, flooding the small community of Rives, home to around 300 people in the western part of the state. “There will be mandatory evacuations in effect for the residents in Rives due to the rising water, no electricity, and freezing temperatures creating a life-threatening situation,” Mayor Steve Carr said in a statement Sunday.
In Atlanta, a person was killed
when a large tree fell on a home early Sunday, according to Atlanta Fire Rescue Capt. Scott Powell.
Dangerously cold wind chill temperatures as low as 50 degrees below zero (minus 45.6) were expected in most of North Dakota, which remained under an “extreme cold warning” along with large swaths of South Dakota and Minnesota, according to the weather service.
Severe flooding
WATER submerged cars and buildings in Kentucky and mudslides blocked roads in Virginia over the weekend. Flood warnings extended throughout Tennessee and Arkansas.
The mother and child were swept away Saturday night in Kentucky’s Bonnieville community, Hart County Coroner Tony Roberts said. In southeastern Kentucky, a 73-year-old man was found dead in floodwaters in Clay County, county Emergency Management Deputy Director Revelle Berry said. There were a total of four deaths in Hart County, Beshear said.
The Kentucky River Medical Center in the city of Jackson said it had closed its emergency department and transferred all patients to two other hospitals in the region due to a nearby river flooding. High winds brought down trees and power poles across Albermarle County, Virginia. The Charlottesville Police Department said Sunday on social media that officers’ response times could be delayed due to “an overwhelming number of weather-related calls for service.” Police urged residents to stay off the roads.
Power outages were reported along much of the eastern seaboard, from New York south to Georgia.
In West Virginia, 13 southern counties were under a state of
Japan’s economy grows more than expected on strong exports and moderate consumption
By Yuri Kageyama Ap Business Writer
TOKYO—Japan’s economy grew at a better-than-expected annual rate of 2.8 percent in October-December, underlined by steady exports and moderate consumption.
On a quarter-to-quarter basis, the world’s fourth largest economy grew 0.7 percent for its third straight quarter of growth, the Cabinet Office reported Monday in its preliminary data. For 2024, the Japanese economy eked out 0.1 percent growth in seasonally adjusted real GDP, or gross domestic product, which measures the value of a nation’s product and service. That’s the fourth straight year of expansion.
Private consumption grew at an annual rate of 0.5 percent during the three months through December, holding up while losing momentum. Exports jumped 4.3 percent, and capital investment increased 0.5 percent.
The positive data sent Japan’s benchmark Nikkei 225 higher, as well as other Asian markets.
Some analysts think the anticipation of President Donald Trump’s tariffs may have lifted trade.
Unlike the US and some other nations, Japan has been dogged by deflation, and these lower prices stifle growth. But recent wage growth has kept deflationary trends in check. Recent data show inflation is at about the Bank of Japan’s tar -
get of 2 percent. Higher prices are crimping consumer spending, which makes up for more than half the economy.
The central bank may move to further raise interest rates, which were at zero or below zero for years to wrest the economy out of deflation. It raised its key interest rate to about 0.5 percent from 0.25 percent last month, noting that inflation is holding at a desirable target level. The next monetary policy meeting is in March.
“Stronger growth may reinforce expectations for the Bank of Japan to push through with further hikes, while the slowdown in private consumption growth may be addressed by the prospects of higher wages ahead,” said Yeap Jun Rong, market strategist at IG.
China says US has ‘gravely backpedaled’ on Taiwan
BEIJING—China’s Foreign Ministry took issue Monday with a revised US government fact sheet that removed a line on American opposition to independence for Taiwan. The United States has “gravely backpedaled” on its position on Taiwan and sent the wrong message to “separatist forces” on the island, ministry spokesperson Guo Jiakun said. Taiwan and China split in 1949 during the civil war that brought the communists to power in China. The defeated Nationalists fled to Taiwan and set up a rival government
there. Taiwan has its own government and military but has never declared formal independence from China. “We urge the US to ... stop emboldening and supporting Taiwan independence and avoid further damaging China-US relations and the peace and stability of the Taiwan Strait,” Guo said when asked about the revision at a daily media briefing.
The Taiwan Strait is a narrow waterway that separates the island of Taiwan from China’s east coast. The US State Department removed
emergency for flooding and some areas were cut off to vehicle traffic Sunday. Several volunteer fire departments dealt with flooding in their own buildings while answering rescue and evacuation calls.
Rockies, Midwest, Northeast hit with snow storms, Polar Vortex on the way Ice and snow made road travel treacherous in large swaths of Michigan, which remained under a winter weather advisory until Monday afternoon. Michigan State Police reported 114 crashes Sunday around the Detroit area since snow started falling Saturday.
“Fortunately, most were onecar spin outs and there were no serious injuries,” Michigan State Police said on X.
Authorities in Colorado reported eight people were killed in fatal vehicle crashes since Valentine’s Day and warned drivers to be cautious as the weather made driving more difficult. The causes of the fatal crashes weren’t immediately known.
Also in Colorado, three state patrol cruisers that had pulled over along roadsides were struck by other vehicles, including one on Sunday where a trooper had stopped as officials prepared to close a road because of ice. In each case the troopers were out of their cruisers at the time and were uninjured.
Avalanche warnings were issued for numerous areas of the Rocky Mountains stretching from Colorado to Washington state, with the danger rated highest in Utah.
Sophia Tareen in Chicago, Nadia Lathan in Austin, Texas, John Raby in Cross Lanes, West Virginia, Matthew Brown in Billings, Montana, and Christopher Weber in Los Angeles contributed to this report.
South Korea pulls Chinese chatbot apps over privacy concerns, DeepSeek agrees to changes
SEOUL, South Korea—DeepSeek, a Chinese artificial intelligence startup, has temporarily paused downloads of its chatbot apps in South Korea while it works with local authorities to address privacy concerns, according to South Korean officials on Monday.
South Korea’s Personal Information Protection Commission said DeepSeek’s apps were removed from the local versions of Apple’s App Store and Google Play on Saturday evening and that the company agreed to work with the agency to strengthen privacy protections before relaunching the apps.
The action does not affect users who have already downloaded DeepSeek on their phones or use it on personal computers. Nam Seok, director of the South Korean commission’s investigation division, advised South Korean users of DeepSeek to delete the app from their devices or avoid entering personal information into the tool until the issues are resolved.
Many South Korean government agencies and companies have either blocked DeepSeek from their networks or prohibited employees from using the app for work, amid worries that the AI model was gathering too much sensitive information.
the phrase “we do not support Taiwan independence” from the fact sheet last week. The document on America’s relations with the self-governing island is posted on its website.
Taiwan’s government welcomed the move, though a statement sent to The Associated Press on Monday did not mention the language specifically.
“The Ministry of Foreign Affairs has noted that the US State Department updated the ‘Current State of US-Taiwan
See “China,” A12
The South Korean privacy commission, which began reviewing DeepSeek’s services last month, found that the company lacked transparency about third-party data transfers and potentially collected excessive personal information, Nam said.
Nam said the commission did not have an estimate on the number of DeepSeek users in South Korea. A recent analysis by Wiseapp Retail found that DeepSeek was used by about 1.2 million smartphone users in South Korea during the fourth week of January, emerging as the second-most-popular AI model behind ChatGPT. AP
Tuesday, February 18, 2025
Trump says Zelenskyy to take part in peace talks with Russia
By Hadriana Lowenkron & Wendy Benjaminson
PRESIDENT Donald Trump said Ukrainian President Volodymyr Zelenskyy will be involved in peace talks with Russia, a day after top US advisers suggested the negotiations might go on without him.
“He will be involved, yes,” Trump said Sunday in response to reporters’ questions after attending the Daytona 500 car race in Florida. He didn’t specify whether Zelenskyy or his aides would attend preliminary talks this week in Saudi Arabia or during a later summit among the country’s leaders.
It was the first definitive statement from the White House that Ukraine would be permitted a seat at the table when the US and Russia discuss ending the war, which started with Russia’s full-scale invasion of Ukraine in 2022.
Trump, who had a “lengthy and highly productive” phone call with Vladimir Putin on Wednesday, said he doesn’t believe the Russian president has further territorial ambitions in Ukraine.
“No, I think he wants to stop,” Trump said. “That was my question to him, because if he was going to go on that would have been a big problem for us.”
Waltz called the deal “protection in and of itself. I can’t think of any better security guarantee than being co-invested with President Trump.”
“The American people deserve to be recouped, deserve to have some kind of payback for the billions they have invested in this war,” he said. “I think that Zelenskyy would be very wise to enter into this agreement with the United States.”
Asked about the cost of the threeyear war to Ukrainians, Waltz said, “Look, the Ukrainian people have fought valiantly, they have seen
Earlier, National Security Advisor Mike Waltz demurred when asked directly on Fox News Sunday whether Zelenskyy would be involved. Instead, he said the Ukrainian president would be “very wise” to accept Trump’s proposed deal for the US to take half of Ukraine’s critical mineral resources in return for continued US support.
entire cities destroyed, the United States and Europe have supported this effort, but the United States has unquestionably borne the brunt of that support.”
Waltz will be one of several top Trump aides who’ll meet this week in Saudi Arabia with Russian officials to prepare for peace talks. Zelenskyy says neither he nor any top aides have been invited.
Ukraine’s president, backed by European leaders, has said he won’t accept any US-Russian deal worked out without his country’s participation.
“So I will never accept any decisions between the United States and Russia about Ukraine,” Zelenskyy said in a pre-recorded interview with NBC’s Meet the Press
broadcast Sunday. “Never. And our people, never.”
In another twist, Trump also said he’s open to allowing Europe to buy US-made weapons to give to Kyiv. The move would potentially let Ukraine use American weapons, even as the US withdraws its military support for the country.
Major new package
THE flurry of remarks from US officials follow a rocky debut for the Trump administration at security meetings in Europe, where Vice President JD Vance angered European officials with a call to engage with farright parties, and where Defense Secretary Pete Hegseth’s remarks about Ukraine and other military matters drew rebukes even from conservative Republican senators.
A handful of European Union leaders will gather in Paris Monday to start drawing up their response in a bid to revive the continent’s military power. For almost 80 years much of their security was outsourced to the US. European officials are working on a major new package to ramp up defense spending and support Kyiv. The spending plans won’t be announced until after the German election on February 23 in order to avoid stirring up controversy before the vote, according to officials briefed on the plans. With assistance from María Paula Mijares Torres/Bloomberg
Pope Francis continues recovery in hospital, skips Sunday blessing amid health concerns
By Nicole Winfield
The Associated Press
ROME—Pope Francis had breakfast, read the newspapers and followed Mass on television Sunday after a second night sleeping well at the hospital where the 88-year-old pontiff is being treated for a respiratory tract infection, the Vatican said.
Francis’ condition was stable, as he continues his unspecified drug therapy, alternating in the afternoon between reading and resting, Vatican spokesman Matteo Bruni said. The Argentine pope, a known workaholic
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Relations’ page...with text that is positive and friendly toward us, reflecting the close and amicable partnership between Taiwan and the United States,” it said.
It’s not the first time the State Department has removed the phrase. It did so in May 2022 but restored it a few weeks later after a strong protest from China.
It’s unclear why the State Department changed the language again and whether it signals any shift in policy under President Donald Trump, who returned to the White House last month.
who keeps up a grueling pace despite his many ailments, was admitted to Rome’s Gemelli hospital on Friday after a weeklong bout of bronchitis worsened. It was his fourth hospitalization since his 2013 election and raised questions about his increasingly precarious health.
Doctors confirmed that the pope had a respiratory tract infection and prescribed “absolute rest” alongside unspecified drug therapies. Francis skipped his traditional Sunday noon blessing, declining to even come to his hospital window to wave to a small crowd below that had gathered in hopes of cheering him on.
The @Pontifex social media account,
which isn’t written by the pope himself, thanked people for their prayers on Sunday.
“Thank you for the affection, prayer and closeness with which you are accompanying me in these days,” the post read.
Francis had part of one lung removed after a lung infection when he was a young man and is prone to respiratory infections. In 2023, he spent three days at Gemelli to be treated for what he later revealed was an acute case of pneumonia.
Despite his February 6 bronchitis diagnosis, Francis had kept up a frenetic pace of late, packing his days with private and public audiences, while taking on the added
obligations of steering the Catholic Church through its Holy Year.
The Vatican has canceled his events through Monday at least. On Sunday, a Holy Year Mass he was supposed to preside over for visiting artists was instead celebrated by the Vatican culture minister.
The Vatican hasn’t specified what type of respiratory tract infection the pope has. Sometimes bronchitis can lead to pneumonia, a deeper and far more serious infection of the lungs’ air sacs. Treatment varies by severity but can include providing oxygen through a nasal tube or mask, intravenous fluids—and treatment of the underlying cause of the infection.
European leaders regroup in Paris for strategy huddle after Trump diplomatic blitz on Ukraine
By Raf Casert & Sylvie Corbet
The Associated Press
PARIS—French President Emmanuel Macron called leaders from key European Union nations and the United Kingdom to his ornate Elysee Palace on Monday for an emergency meeting on how to deal with the US, a once rock-solid partner.
The move follows a weeklong diplomatic blitz on Ukraine by the Trump administration that seemed to embrace the Kremlin while it cold-shouldered many of its age-old European allies.
Despite belligerent warnings for months ahead of Donald Trump’s reelection as US president, EU leaders publicly ignored the ominous forebodings and somehow hoped Trump would stand side by side with Europe, as it would finally start to act on beefing up its defenses and become less reliant on the firepower of Washington.
But a flurry of speeches by Vice President JD Vance and Defense Secretary Pete Hegseth during their initial visits to Europe last week questioned both Europe’s security commitments and its fundamental democratic principles. Macron said their stinging rebukes and threats of noncooperation in the face of military danger felt like a shock to the system.
The tipping point came when Trump decided to upend years of US policy by holding talks with Russian President Vladimir Putin in hopes of ending the Russia-Ukraine war. Then, Trump’s special envoy for Ukraine and Russia on Saturday all but ruled out the inclusion of other Europeans in any Ukraine peace talks.
Annalena Baerbock, Germany’s foreign minister, called the week “an existential moment. It’s a moment where Europe has to stand up.” It is where Macron hopes to step in with Monday’s meeting. Even if Jean-Noël Barrot, Macron’s foreign minister, sought to play down the significance of
the emergency huddle of Europe’s main leaders, the weekend scramble to set up the meeting underscored something much more fundamental.
Ever since World War II, the United States and western European nations have basically walked in lockstep as they confronted the Soviet Union during the Cold War right up to the increasingly aggressive actions of current-day Russia close to its borders. Even if there had long been US complaints about the reluctance of many European NATO nations to step up their defense efforts, they never boiled up to the political surface as they have over the past days.
On Monday, Macron will have afternoon talks with the leaders of Germany, the United Kingdom, Italy, Poland, Spain, the Netherlands, Denmark and the European Union on how to deal with Europe’s security quandary. NATO Secretary General Mark Rutte will also attend.
French officials said no firm decisions are expected to emerge beyond a show of unity of European leaders.
“There is a wind of unity blowing over Europe, as we perhaps have not felt since the Covid period,” said Barrot, referring to the pandemic in 2020 when the 27 EU nations had to stand side by side to stave off a health catastrophe.
European nations are bent on boosting Ukraine where they can, and EU nations see eye to eye when it comes to upping defense spending. However, even if there is a general consensus to move beyond the goal of spending 2 percent of gross domestic product on defense, it is hardly clear how to get to 3 percent.
Some EU nations are insisting on an agreement on joint borrowing for massive defense projects, while others are insisting it is the task of the nations that lag in spending to get to the 2 percent threshold first. That issue is also set to be discussed at the meeting.
Casert reported from Brussels.
Fixing Germany’s economy is a critical task for the country’s next government
By David Mchugh Ap Business Writer
Trump said last week that Taiwan, a leading maker of semiconductors, had taken the chip business away from the US and that he wants it to come back. China, which says that Taiwan must come under its control, has stepped up military exercises around the island of 23 million people in recent years. The US government fact sheet says that it expects “differences to be resolved by peaceful means, free from coercion, in a manner acceptable to the people on both sides.” AP
The government in Taiwan is worried that Trump might not be as steadfast a supporter of the island as his predecessor, former President Joe Biden. The US does not recognize Taiwan as a country but is its strongest backer and biggest arms supplier.
is eager for a deal, while also noting that Russia has historically impressed on the battlefield.
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Starmer, the UK premier, wrote in an op-ed for Monday’s Daily Telegraph that Ukraine must be involved in any negotiations on its future “because anything less would accept Putin’s position that Ukraine is not a real nation.”
Starmer also recalled the US disastrous troop withdrawal from Afghanistan under President Joe Biden. “We cannot have another situation like Afghanistan, where the US negotiated directly with the Taliban and cut out the Afghan government,” Starmer said. “I feel sure that President Trump will want to avoid this too.” Trump on Sunday said he believed Putin
“I think he wants to stop fighting,” Trump said. “They have a big powerful machine, you understand that. they defeated Hitler and they defeated Napoleon. They’ve been fighting a long time.”
Heather Conley, a deputy assistant secretary of state for Central Europe during Republican President George W. Bush’s administration, said that with Trump’s current approach to Moscow, the US appears to be “seeking to create a new international approach based on a modern-day concert of great powers.”
“As in the 19th and early 20th centuries, it is only for the great powers to decide the fate of nations and to take—either by
MULFINGEN, Germany—Germany needs a new business model. The old one, fueled by cheap natural gas from Russia and lucrative exports to China, is broken, leaving Europe’s biggest economy mired in stagnation and angst about the future.
Delivering that fresh growth strategy is going to be the biggest challenge for the government that takes office after a national election set for Feb. 23, seven months ahead of schedule. The nation
purchase or force—that which strengthens the great powers’ economic and security interests,” Conley said. “Each of these powers posit claims or coerce countries in their respective regional spheres of influence.”
There is some debate inside the administration about its developing approach to Moscow, with some more in favor of a rapid rapprochement and others wary that Putin is looking to fray the Euro-Atlantic alliance as he aims to reclaim Russian status and wield greater influence on the continent, according to the US official who spoke on condition of anonymity.
Trump said last week that he would like to see Russia rejoin what is now the Group of Seven major economies. Russia was suspended from the G8 after Moscow’s 2014 annexation of Ukraine’s Crimea region.
that became known for the quality of its products has not seen real economic growth for five years.
Multiple factors conspired to take Germany from industrial powerhouse to post-pandemic straggler: too much bureaucracy, a shortage of skilled workers, slow deployment of technology and a lack of clear direction from the outgoing coalition government are among them. Rising competition from China and high energy prices due to Russia’s war in Ukraine were additional hits.
“We really need a more companyand enterprise-friendly politics,” said
“I’d like to have them back. I think it was a mistake to throw them out. Look, it’s not a question of liking Russia or not liking Russia,” Trump told reporters. “I think Putin would love to be back.”
The anticipated Saudi talks also come amid tension over Trump’s push to get the Ukrainians to agree to give the US access to Ukraine’s deposits of rare earth minerals in exchange for some $66 billion in military aid that Washington has provided Kyiv since the start of the war, as well as future defense assistance.
Zelenskyy, who met on Friday with Vance and other senior US officials in Munich, said he had directed Ukraine’s minister to not sign off, at least for now. He said in an interview that the deal as presented by the US was too focused on American interests
Klaus Geissdoerfer, CEO of industrial fan manufacturer EBM-Papst. “We have bright talent in Germany. We have good companies, but at the moment we don’t have the awareness on the political level.”
Business criticism gets louder as election nears WITH 2.5 billion euros ($2.6 billion) in annual revenue and plants on three continents, EBM-Papst describes itself as the global leader in its field. The company reported last year that it was “suffering in Germany in particular” and experienced a 4.1 percent revenue decline in its home
and did not include security guarantees for Ukraine.
The White House called Zelenskyy’s decision “short-sighted,” and argued that a rare-earth’s deal would tie Ukraine closer to the United States—something that Moscow doesn’t want to see.
European officials were also left unsettled by some of Vance’s remarks during his five-day visit to Paris and Munich last week in which he lectured them on free speech and illegal migration on the continent. He warned that they risk losing public support if they don’t quickly change course. Vance also met while in Munich with Alice Weidel, the co-leader and candidate for chancellor of the far-right and antiimmigrant Alternative for Germany party in this month’s election.
market.
Geissdoerfer said EBM-Papst’s heating technology division lost 18.7 percent of its sales through a clumsily handled push to get property owners to replace gas furnaces with less polluting electric heat pumps. The requirements of the Building Energy Act put forward by Chancellor Olaf Scholz’ three-party coalition were so confusing, people put off the upgrades to their heating systems or rushed to buy new gas devices before the law took effect, he said. That sapped demand for the ultra-quiet heat
See “Germany,” A13
Throughout Europe, officials are now looking to recalibrate their approach in the face of the Trump administration’s unfolding Ukraine strategy.
Macron will convene top European countries in Paris on Monday for an emergency “working meeting” to discuss next steps for Ukraine, French Foreign Minister Jean-Noël Barrot said Sunday.
“A wind of unity is blowing over Europe, as we perhaps have not felt since the Covid period,” Barrot told public broadcaster France-Info.
Kinnard reported from Chapin, South Carolina. Associated Press writers Darlene Superville in West Palm Beach, Florida, and Jill Lawless in London contributed to this report.
FRENCH Foreign Minister Jean-Noel Barrot speaks as part of a panel discussion during the Munich Security Conference at the Bayerischer Hof Hotel in Munich, Germany, Saturday, February 15, 2025. AP/MATTHIAS SCHRADER
US Treasury Secretary Scott Bessent and Ukrainian President Volodymyr Zelenskyy meet in Kyiv on February
www.businessmirror.com.ph
The World
Experts push to restore Syria’s war-torn heritage sites, including renowned Roman ruins at Palmyra
By Sally Abou Aljoud & Ghaith Alsayed The Associated Press
PALMYRA, Syria—Experts are returning to Syria’s war-ravaged heritage sites, hoping to lay the groundwork for restoring them and reviving tourism, which they say could provide a much-needed boost to the country’s decimated economy after nearly 14 years of war.
Once-thriving landmarks like the ancient city of Palmyra and the medieval Crusader castle of Crac des Chevaliers remain scarred by years of conflict, but local tourists are returning to the sites, and conservationists hope their historical and cultural significance will eventually draw international visitors back.
Palmyra
ONE of Syria’s six UNESCO World Heritage sites, Palmyra was once a key hub to the ancient Silk Road network linking the Roman and Parthian empires to Asia. Located in the Syrian desert, it is renowned for its 2,000-year-old Roman-era ruins. It is now marked by shattered columns and damaged temples.
Before the Syrian uprising that began in 2011 and soon escalated into a brutal civil war, Palmyra was Syria’s main tourist destination, attracting around 150,000 visitors monthly, Ayman Nabu, a researcher and expert in ruins told The Associated Press. Dubbed the “Bride of the Desert,” he said “Palmyra revitalized the steppe and used to be a global tourist magnet.”
The ancient city was the capital of an Arab client state of the Roman Empire that briefly rebelled and carved out its own kingdom in the third century, led by Queen Zenobia.
In more recent times, the area had darker associations. It was home to Tadmur prison, where thousands of opponents of the Assad family’s rule in Syria were reportedly tortured. The Islamic State group demolished the prison after capturing the town.
IS militants later destroyed Palmyra’s historic temples of Bel and Baalshamin and the Arch of Triumph, viewing them as monuments to idolatry, and beheaded an elderly antiquities scholar who had dedicated his life to overseeing the ruins. Between 2015 and 2017, control of Palmyra shifted between IS and the Syrian army before Assad’s forces, backed by Russia and Iran-aligned militias, recaptured it. They established military bases in the neighboring town, which was left heavily damaged and largely abandoned. Fakhr al-Din al-Ma’ani Castle, a 16th-century fortress overlooking the city, was repurposed by Russian troops as a military barracks. Nabu, the researcher, visited Palmyra five days after the fall of the former government.
“We saw extensive excavation within the tombs,” he said, noting significant destruction by both IS and Assad government forces. “The (Palmyra) museum was in a deplorable state, with missing documents and artifacts—we have no idea what happened to them.”
At the theater, the Tetrapylon, and other ruins along the main colonnaded street, Nabu said they documented many illegal drillings revealing sculptures, as well as theft and smuggling of funerary or tomb-related sculptures in 2015 when IS had control of the site. While seven of the stolen sculptures were retrieved and put in a museum in Idlib, 22 others were smuggled out, Nabu added. Many pieces likely ended up in underground markets or private collections.
Inside the city’s underground tombs,
Islamic verses are scrawled on the walls, while plaster covers wall paintings, some depicting mythological themes that highlight Palmyra’s deep cultural ties to the Greco-Roman world.
“Syria has a treasure of ruins,” Nabu said, emphasizing the need for preservation efforts. He said Syria’s interim administration, led by the Islamist former insurgent group Hayat Tahrir al-Sham, has decided to wait until after the transition phase to develop a strategic plan to restore heritage sites.
Matthieu Lamarre of the U.N.’s scientific, educational and cultural organization UNESCO, said the agency had since 2015, “remotely supported the protection of Syrian cultural heritage” through satellite analyses, reports and documentation and recommendations to local experts, but it did not conduct any work on site.
He added that UNESCO has explored possibilities for technical assistance if security conditions improve. In 2019, international experts convened by UNESCO said detailed studies would need to be done before starting major restorations.
Crac des Chevaliers BEYOND Palmyra, other historical sites bear the scars of war.
Perched on a hill near the town of Al-Husn, with sweeping views, Crac des Chevaliers, a medieval castle originally built by the Romans and later expanded by the Crusaders, was heavily bombarded during the Syrian civil war. On a recent day, armed fighters in military uniform roamed the castle grounds alongside local tourists, taking selfies among the ruins.
Hazem Hanna, an architect and head of the antiquities department of Crac des Chevaliers, pointed to the collapsed columns and an entrance staircase obliterated by airstrikes. Damage from government airstrikes in 2014 destroyed much of the central courtyard and the arabesqueadorned columns, Hanna said.
“Relying on the cultural background of Syria’s historical sites and their archaeological and historical significance to enthusiasts worldwide, hope and expect that when the opportunity arises for tourists to visit Syria, we will witness a significant tourism revival,” he said.
Some sections of Crac des Chevaliers were renovated after airstrikes and the deadly 7.8 magnitude earthquake in 2023 that struck a wide area of neighboring Turkey and also Syria, Hanna said. However, much of the castle remains in ruins.
Both Nabu and Hanna believe restoration will take time. “We need trained technical teams to evaluate the current condition of the ruin sites,” Nabu said.
The Dead Cities IN Northwest Syria, more than 700 abandoned Byzantine settlements called Dead Cities, stretch across rocky hills and plains, their weathered limestone ruins featuring remnants of stone houses, basilicas, tombs and colonnaded streets. Despite partial collapse, arched doorways, intricate carvings and towering church facades endure, surrounded by olive trees that root deep into history. Dating back to the first century, these villages once thrived on trade and agriculture. Today, some sites now shelter displaced Syrians, with stone houses repurposed as homes and barns, their walls blackened by fire and smoke. Crumbling structures suffer from poor maintenance and careless repurposing.
Abou AlJoud reported from Beirut. Associated Press writer Khalil Hamra in Palmyra contributed to this report.
core business is energy-saving equipment.
“I really hope with the new government we can get this solved, because at the moment it’s too much.”
Rwanda-backed M23 rebels occupy 2nd major city in Congo’s mineral-rich east
By Chinedu Asadu, Pascal Cinamula & Janvier Barhahiga
BThe Associated Press
UKAVU, Congo—Rwandabacked rebels have occupied a second major city in mineral-rich eastern Congo, the government said Sunday, as M23 rebels confirmed they were in the city to restore order after it was abandoned by Congolese forces.
The Congo River Alliance, a coalition of rebel groups that includes the M23, said in a statement that its fighters “decided to assist the population of Bukavu” in addressing its security challenges under the “old regime” in the city of 1.3 million people.
“Our forces have been working to restore the security for the people and their property, much to the satisfaction of the entire population,” alliance spokesperson Lawrence Kanyuka said in a statement.
The rebels saw little resistance from government forces against the unprecedented expansion of their reach after years of fighting. Congo’s government vowed to restore order in Bukavu but there was no sign of soldiers. Many were seen fleeing on Saturday alongside thousands of civilians.
The M23 are the most prominent of more than 100 armed groups vying for control of eastern Congo’s trillions of dollars in mineral wealth that’s critical for much of the world’s technology. The rebels are supported by about 4,000 troops from neighboring Rwanda, according to the United Nations experts.
The fighting has displaced
more than 6 million people in the region, creating the world’s largest humanitarian crisis.
Rebels vow to ‘clean up’ disorder
MAHESHE BYAMUN -
BERNARD
GU, one of the M23 leaders who has been sanctioned by the U.N. Security Council for rights abuses, stood in front of the South Kivu governor’s office in Bukavu and told residents they have been living in a “jungle.”
“We are going to clean up the disorder left over from the old regime,” Byamungu said, as some in the small crowd of young men cheered the rebels on to “go all the way to Kinshasa,” Congo’s capital, nearly 1,000 miles away.
Congo’s communications ministry in a statement on social media acknowledged for the first time that Bukavu had been “occupied” and said the national government was “doing every -
thing possible to restore order and territorial integrity” in the region.
One Bukavu resident, Blaise Byamungu, said the rebels marched into the city that had been “abandoned by all the authorities and without any loyalist force.”
“Is the government waiting for them to take over other towns to take action? It’s cowardice,” Byamungu added.
Fears of regional escalation UNLIKE in 2012, when the M23 briefly seized Goma and withdrew after international pressure, analysts have said the rebels this time are eyeing political power.
The fighting in Congo has connections with a decades long ethnic conflict. The M23 says it is defending ethnic Tutsis in Congo. Rwanda has claimed the Tutsis are being persecuted by Hutus and former militias responsible for the 1994 genocide
of 800,000 Tutsis and others in Rwanda. Many Hutus fled to Congo after the genocide and founded the Democratic Forces for the Liberation of Rwanda militia group.
Rwanda says the militia group is “fully integrated” into the Congolese military, which denies it. But the new face of the M23 in the region—Corneille Nangaa— is not Tutsi, giving the group “a new, more diverse, Congolese face, as M23 has always been seen as a Rwanda-backed armed group defending Tutsi minorities,” according to Christian Moleka, a political scientist at the Congolese think tank Dypol.
Congo’s President Felix Tshisekedi, whose government on Saturday asserted that Bukavu remained under its control, has warned of the risk of a regional expansion of the conflict. Congo’s forces were being supported in Goma by troops from South Africa and in Bukavu by troops from Burundi. But Burundi’s president, Evariste Ndayishimiye, appeared to suggest on social media his country would not retaliate in the fighting. The conflict was high on the African Union summit’s agenda in Ethiopia over the weekend, with U.N. Secretary-General António Guterres warning it risked spiraling into a regional conflagration. Still, African leaders and the international community have been reluctant to take decisive action against M23 or Rwanda, which has one of Africa’s most powerful militaries. Most continue to call for a ceasefire and a dialogue between Congo and the rebels.
Asadu reported from Abuja, Nigeria.
South African NGOs worry Trump’s aid freeze will cause HIV patients to default on treatment
By Mogomotsi Magome The Associated Press
UMZIMKHULU, South Africa—At a rural village in South Africa’s KwaZuluNatal province, unemployed 19-yearold Nozuko Majola is trying to figure out if she has enough money for the one-hour ride to collect her much-needed HIV medication, usually delivered to her home that can’t be easily reached due to rough, untarred roads.
Majola is one of millions of patients in South Africa affected by US President Donald Trump’s global foreign aid freeze, raising worries about HIV patients defaulting on treatment, infection rates going up and eventually a rise in deaths.
In 2024, think tank Human Sciences Research Council released figures showing that Majola’s province recorded the secondhighest HIV prevalence in the country, at 16 percent, with at least 1,300 young people estimated to contract the disease every week.
KwaZulu-Natal also had the highest number of people living with HIV in South Africa in 2022, about 1.9 million.
The country counts more than 7.5 million people infected with the virus that causes AIDS—more than any other nation.
There are 5.5 million South Africans receiving antiretroviral treatment, whose funding is now in question after Trump suspended the President’s Emergency Plan for AIDS Relief, or PEPFAR. It contributes more than $400 million a year to South Africa’s HIV programs and nongovernmental organizations, about 17 percent of the total funding, according to the Health Ministry.
Globally, PEPFAR is credited with saving at least 26 million lives since its inception in 2003, according to the U.N. AIDS agency.
Last week, a federal judge ordered the Trump administration to temporarily lift the funding freeze, while the US Embassy in South Africa said PEPFAR projects would resume under a limited waiver. However, aid groups dealing with HIV have already shuttered with closure notices hanging at the entrances and PEPFAR-branded vehicles standing idle, with patients diverted to struggling health facilities.
Most of the PEPFAR funding is channeled through non-governmental
organizations, which run programs that compliment health care services provided by the government. For Majola and other HIV patients in the Umzimkhulu region, where unemployment is rife and most people rely on subsistence farming and government welfare grants, the aid freeze has disrupted their lives.
“Things will be tough around here, and a lot of people will default on their treatment because we really struggle with transport,” she said. “The mobile clinics hardly come here.”
The freeze has hurt various groups that can no longer provide treatment, causing an influx of patients to already overstretched public facilities. Along with the medication, these programs also allowed health personnel to test HIV patients in far-flung villages, which has been a lifeline for many, especially those afraid to visit public facilities due to the social stigma attached to HIV.
In addition, nearly 15,000 health workers whose salaries are funded through PEPFAR are left wondering if they have lost their livelihoods.
About an hour away in the district of Umgungundlovu, which the think tank says has the highest number of HIV cases in South Africa, HIV counselors gathered in a small office discussing how best to assist patients like Majola. A manager at a nearby health clinic wondered how to handle the administrative work that is piling up after PEPFAR-funded workers withdrew.
“People who were doing administration and data capturing, whose salaries were funded by PEPFAR, have left. We are a small facility and we cannot handle such a workload,” said the manager, who spoke on condition of anonymity because they were not authorized to speak to the press. Nozuko Ngcaweni has been on HIV treatment for about 30 years. One of her children was also infected and died at age 17. She said the aid suspension already impacted her community and many missed their treatment.
“Not long ago, we said by 2030, we want to see an HIV-free generation. But if things remain as is, we will not achieve that. We will have to deal with deaths,” she said.
pump fans EBM-Papst makes. Consumers wondered, “What is the right technology for my house?” Geissdoerfer said. “And so everybody said, ‘If I don’t have to, better wait.’”
Geissdoerfer made a complaint heard across industry: Germany’s bureaucracy is excessive. A 2023 law that requires public and private entities to combat climate change by reducing their energy use means EBM-Papst must assign employees to detail what the company is doing to comply, he said.
EBM-Papst is moving in the direction where economists say Germany as a whole should put its industrial resources: into green and digital technology. The company, headquartered in Mulfingen, a town of 3,700 residents in rural southwest Germany, is equipping energy-hungry artificial intelligence data centers with efficient cooling systems for their servers. It also is working on incorporating AI features to help tech companies optimize their power use and to predict when equipment needs to be replaced.
US customers, for instance, from plants in Farmington, Connecticut, and Telford, Tennessee. Its moves to localize production abroad predate the coronavirus pandemic but give EBM-Papst a shield against any new import taxes imposed by US President Donald Trump.
Ties to China and Russia put Germany in a bind ON top of the homegrown issues, international relations have dealt another blow. Russia cut off most of the country’s natural gas supplies over the German government’s wartime support for Ukraine. Electricity prices, a key cost for industry, have risen to 2 1/2 times higher than in the US and China.
manufacturers, says it pays twice as much per kilowatt hour for the electricity its German plants use as it does for its US sites in Mt. Sterling, Kentucky, and Lakewood, New Jersey. That’s 100,000 euros in added costs and “a gigantic competitive disadvantage” CEO Ulrich Flatken said.
“To avoid deindustrialization, which is already taking place, we urgently need internationally competitive energy prices,” Flatken said.
was only 0.3 percent bigger than it was in 2019, before the pandemic. The US economy grew by 11.4 percent during over the same period, while China’s expanded by 25.8 percent, according to Germany’s Federal Statistical Office.
Complacency and depression
MARCEL FRATZSCHER , president of the German Institute for Economic Research, thinks complacency set in during the boom years of exports to China. German companies weren’t quick enough to respond to technological trends, such as the move to electric cars, he said.
pessimism is enormous among companies and citizens, and that’s an important explanation why companies are not investing.”
“So now, instead of implementing measures, they write and report,” the CEO said, adding that the documentation work is a poor use of time at a company whose
In the meantime, EBM-Papst is coping with Germany’s economic malaise by shifting its investment focus to Asia and the United States. The company now supplies
Another shock came from China, which throughout the 2010s served as a lucrative market for German-made machinery and automobiles. Once Chinese companies started making those same products, backed by government subsidies, German exports suffered.
“For the past 75 years, Germany has been built very much on consensus, stability oriented, lots of checks and balances in the political system, and that makes rapid change very difficult,” he said. “We need to change the mindset, to understand we need to be much faster on economic transformations.” Germany.
Metalworking firm MecanindusVogelsang Group, which makes precision parts for automakers and other
Germany’s economy contracted in each of the last two years. By the end of 2024, it
“They enjoyed the success of the 2010s and they have been too slow in understanding that they need to change and adapt,” Fratzscher said.
As the economic woes drag on, “mental depression” has set in, he said. “The
Many business executives and economists argue that Germany’s next government should work to loosen constitutional limits on debt so it can increase public spending on infrastructure and education. Fratzscher wonders if political leaders, like the economy, will falter in adopting new ways of doing things.
Opinion
Beyond consumption: Charting a new course for Philippine prosperity
THE Philippine economy has shown resilience, with a 5.6 percent GDP growth in 2024. However, it now stands at a critical juncture. As noted by Neda Secretary Arsenio Balisacan, the country’s heavy reliance on consumption and services is no longer adequate to ensure long-term prosperity and competitiveness in the increasingly complex global landscape. (Read the BusinessMirror story: “PHL economy needs a makeover, not just more spending—Balisacan,” February 14, 2025).
To address this challenge, the Philippines must heed Balisacan’s call for a strategic shift. This will require embracing structural reforms and adopting a more diversified economic approach. Moving away from the current model centered on consumption and services, the country needs to explore new avenues for growth and development.
Balisacan’s identification of key global trends—rising inequality, increasing protectionism, the rise of industrial policies driving disruptive technologies, and the high costs of transitioning to sustainable energy—paints a clear picture of the challenges ahead. These “megatrends,” as he calls them, demand a proactive and multifaceted response. We cannot afford to be passive observers; we must actively shape our economic destiny.
The path forward requires a concerted effort to foster innovation and adopt advanced technologies. This necessitates significant investment in human capital, ensuring that our workforce possesses the skills and knowledge to effectively utilize these tools. Balisacan’s suggestion to leverage our dense migrant networks to support capacity building and technology infusion is particularly insightful. Policies that address emigration and encourage the return of talent, coupled with sufficient funding for research and stronger academe-industry linkages, are crucial steps in this direction.
Furthermore, the Philippines must actively cultivate an investment-friendly environment. This includes streamlining regulations, reducing bureaucratic hurdles, and ensuring a level playing field for both domestic and foreign investors. Stronger participation in regional and global markets is equally vital to bolster our economic resilience. In a world increasingly threatened by protectionism, securing trade partnerships with traditional allies, Asean members, and other like-minded economies is paramount.
The recent GDP figures, while positive, also highlight vulnerabilities. The struggles of the farm sector, exacerbated by consecutive typhoons, serve as a stark reminder of the need to strengthen our agricultural resilience and adapt to the impacts of climate change. Investing in climate-smart agriculture, improving infrastructure, and providing support to farmers are essential to ensure food security and sustainable growth.
The Philippines must move beyond its comfort zone and embrace a new economic paradigm. This requires a commitment to structural reforms, investment in human capital and technology, and a proactive approach to navigating the complexities of the global economy. By heeding Secretary Balisacan’s call and implementing these strategic measures, we can pave the way for a more prosperous and sustainable future for all Filipinos.
To be sure, shifting the economy away from its reliance on consumption and services will not be easy. It will necessitate difficult structural reforms and a significant reallocation of resources. But with the global economy facing multiple disruptive forces, the Philippines has no choice but to pursue this path if it wants to emerge as a truly resilient and competitive economy in the decades ahead.
2005
COUTSIDE THE BOX
REATIVE Destruction is economist Joseph Schumpeter’s masterpiece concept from “Capitalism, Socialism and Democracy” written in 1942. It is about how all forms of innovation blast away the relics to make room for shiny new ideas.
We went from spinning records to streaming tracks, obliterating the brick-and-mortar mall music shops. Then smartphones came along, making digital cameras and MP3 players as relevant as a Kalesa outside of Intramuros. Nice but no longer necessary.
Amazon created the “retail apocalypse.” But it is not about closing physical stores. It is about turning shopping into a digital battlefield, how goods move, how we pay, and how cities and people evolve around these new paradigms.
But here is the kicker—Creative Destruction is not just some economic buzzword. In fact, it is a process, not a one-off event, tearing through society, culture, and even the way our politicians stumble around trying to operate the government.
Social media is the digital wrecking ball on how we connect, tossing
Ambassador Antonio L. Cabangon Chua
T. Anthony C. Cabangon
Lourdes M. Fernandez
Jennifer A. Ng Vittorio V. Vitug
Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso, Dionisio L. Pelayo Ruben M. Cruz Jr.
Eduardo A. Davad Nonilon G. Reyes
D. Edgard A. Cabangon Benjamin V. Ramos
Aldwin Maralit Tolosa
Rolando M. Manangan
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aside the quaint idea of meeting over coffee now for a swipe right or left. Even finding love and a life partner has gone digital. The Knot’s 2024 Jewelry & Engagement Study says 27 percent of newly engaged couples met on apps, leaving “introduced by friends” in the dust at 16 percent. I met my one true love and mother of our sons at the office, only 10 percent do so today. Instead of awkward first dates, we have awkward first DMs. Government services have gone digital, but the real game-changer is in policy. Power is moving from the Big Center to the local level, dismantling old bureaucratic setups for something more agile and hopefully less ineffective and corrupt bureaucratic nightmare.
It is all moving at Manila rushhour speed, but there is no denying the old ways are on their last legs. Governments are now in the game of
balancing innovation with support for those left behind, shoving forward education and stronger safety nets. That is the new world order, where the only constant is change. Maybe if there was a motto for Creative Destruction, it would be “FAFO.” We might think of FAFO negatively because of the use of the “F-word” expletive but that negativity can flip to positivity. Robert Louis Stevenson wrote, “Sooner or later, everyone sits down to a banquet of consequences”. Sometimes by Gordon Ramsey. Sometimes by “Ptomaine Tommy.” But Thomas “Ptomaine Tommy” DeForest invented the chili burger and his eatery stood the test of time for 40 years.
If you want to achieve something big, go FAFO. There is no reward without risk and certainly no guarantees. Prime Minister Tojo went all in with the Greater East Asia Co-Prosperity Sphere. Japan went from FA at Pearl Harbor to FO at Hiroshima. Yet, in 1938 Japan had the ninth largest global economy, just 21 percent of the US size. But in 1988, Japan was number two climbing to 60 percent. Creative destruction for the stock market is not some economic fairy tale. It is the harsh reality of reshaping companies and industries and minting millionaires.
Look at Tesla and Amazon. They bulldozed their fields, rocketing their stocks sky-high while leaving tradi-
TSMC considers running Intel’s US factories after Trump team request
By Mackenzie Hawkins & Ian King
TAIWAN Semiconductor Manufacturing Co. is considering taking a controlling stake in Intel Corp.’s factories at the request of Trump administration officials, a person familiar with the matter said, as the president looks to boost American manufacturing and maintain US leadership in critical technologies.
Trump officials raised the idea of a deal between the two companies in recent meetings with the Taiwanese chipmaker, the person said, and TSMC was receptive. It’s unclear whether Intel is open to a transaction.
The talks are in very early stages, and the exact structure of a potential partnership hasn’t been established. But the intended result would have the world’s largest made-to-order chipmaker fully operating Intel’s US semiconductor factories, said the person, who asked not to be identified because the conversations are private. It also would address concerns about Intel’s deteriorating financial state, which has forced the company to slash jobs and curb its global expansion plans. The arrangement may involve
having major American chip designers take equity stakes, according to the person, along with support from the US government. That means the venture wouldn’t solely be owned by a foreign company. TSMC is the goto chipmaker for Apple Inc., Nvidia Corp. and other companies developing semiconductors that power AI algorithms.
Still, the possible partnership could run into political hurdles, not unlike those that have hamstrung a proposed acquisition of United States Steel Corp. by Japanese maker Nippon Steel Corp.
A White House official said that the president is unlikely to support a foreign entity operating Intel’s factories.
TSMC and Santa Clara, California-based Intel declined to comment.
Intel shares pared losses on Friday after Bloomberg reported on the discussions. The stock was down 2.2 percent to $23.60 at the close in New York after dropping as much as 5.3 percent earlier in the session.
While Intel has lost a lot of ground to rivals over the last five years, it still manufactures the most widely used components in the personal computer and server industries. And it has the largest and most advanced production network owned by a USbased company. Those factories have taken on vital strategic importance as Washington works to reverse decades of semiconductor manufacturing shifting to Asia.
Under former Chief Executive Officer Pat Gelsinger, Intel embarked on an ambitious and expensive plan to restore its chipmaking lead, and the company won $7.9 billion in US government funding to support projects in four states.
It’s also secured $3 billion to produce chips for the US military, all of which will be paid out over time as Intel’s plants hit key milestones. The company has received $2.2 bil-
tional companies as relics from the dusty past. Innovation in this game can either see company stocks soar or plummet, hinging on which is the innovator or the imitator. Where is the innovation, showing at least some Creative Destruction, on the PSE? Where is the positive FAFO? Please, spare me the talk about Terra Solar and its 3,500-hectare project with 5 million Chinese solar panels (3.5 GW), slated for completion in 2027. Terra Solar is fantastic, and I want it to work perfectly. We desperately need the electricity, jobs, and profits. But the Kurnool Ultra Mega Solar Park (1 GW), India opened in 2017. Xinjiang Solar Farm (5GW) opened last year. Large scale solar parks are not innovative or groundbreaking anymore. They’re just big. What I am looking for is the disruptive, the game-changing, the FAFO spirit in our market. Maybe one day, alongside Financials, Property, and Services, there will be companies that qualify for the FAFO Index, celebrating true innovators who dare to disrupt, to redefine what is creative and still possible. That’s when we know we are not just catching up but leading change into the future.
E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.
lion as of January. But that effort has so far failed to attract enough outside customers to make the investments worthwhile, particularly at a new site in Ohio. Intel’s own products also are losing market share, adding to the overall squeeze on its finances—just when it needs to spend heavily. Gelsinger was forced out in December after the board lost confidence in his turnaround plans.
Though Intel has reiterated its commitment to investing in US factories—even as it pulls back from efforts abroad—Washington officials have for months been discussing contingency plans. One option favored by some in the Biden administration was a possible deal between Intel and GlobalFoundries Inc., Bloomberg has reported.
That would have married a maker of older-generation chips with Intel’s leading-edge business. But GlobalFoundries walked away from cuttingedge production years ago and doesn’t have the money for an acquisition, so those conversations didn’t progress much past a thought exercise.
John Mangun
VAT refunds
VAtty. Mabel L. Buted
TAX LAW FOR BUSINESS
ALUE-ADDED Tax is a tax on the value added to the taxpayer. It is a tax imposed on the sale or exchange or lease of goods or properties or rendition of services and on importation of goods, as they pass along the production and distribution chain. It is a tax on consumption as this would be shifted or passed on to the buyer. Following the tax credit method, an entity can credit against the VAT charged on its sales or outputs the VAT paid on its purchases, inputs, and imports (GR 153866, February 11, 2005).
However, there are instances when VAT could no longer form part of the supply chain and be “consumed by the buyer,” such as when an entity is engaged in sales subject to 0 percent or is retiring from business. In these cases, there must be a way to recover the VAT paid on the purchases, and that way is through the process of refund. Refund is a remedy available also in the county.
The process in claiming for refund of excess and unutilized VAT in the Philippines has evolved throughout the years. The development was brought by the concerns and issues raised by various interested parties and affected groups, seeking to recover their excess input taxes paid. Here is an outline of the current rules and procedures in the application for input VAT refund and processing of claims.
Only persons and entities registered as VAT taxpayers can claim for refund. At the same time, they must be engaged in sales of goods and services that are subject to 0% VAT. These include entities whose sales are effectively subject to 0% VAT under special laws, like the Renewable Energy Developers. In addition, a person whose registration has been cancelled due to retirement from or cessation of business, or due to changes in or cessation of status as a VAT-registered taxpayer can also apply for refund. Only input taxes attributable to VAT zero-rated sales can be refunded. In case of retirement or closure of business, only input taxes that were not applied against output taxes can be recovered.
The claim for refund must be filed with the VAT Credit Audit Division (VCAD), with the VAT Audit Section/ Unit in the Regional Assessment Division or Large Taxpayers Service, or with the Revenue District Office where the taxpayer is registered.
Taxpayers have two years after the close of the taxable quarter when the sales are made to apply for tax refund. In case of claim for refund due to cancellation of registration, the two-year period will commence from the date of issuance of tax clearance by the BIR, after full settlement of all tax liabilities.
From the date of submission of the supporting invoices and other documents, the BIR has 90 days to decide on the application. In case the claim is denied, partial or full, the taxpayer has 15 days from receipt of the decision to file a request for
Biden officials also floated the possibility of TSMC licensing its manufacturing technology for use at Intel’s facilities, according to multiple people familiar with the conversations. But TSMC wasn’t interested in an arrangement that could ultimately benefit a competitor, the people said. And Biden’s team was generally reluctant to take an active role in deal conversations, according to several people familiar with the situation.
Trump, meanwhile, is not shy about cutting deals—and TSMC, which just held its board meeting in the US for the first time, is eager to maintain good relations with the new president.
Trump has repeatedly accused Taiwan of “stealing” the US chip
Opinion
Analyzing PSA rice inventory data:
By Raul Montemayor
LAST February 20, the Philippine Statistics Authority (PSA) released its rice stocks inventory estimates. PSA said that the country had 2.156 million tons of rice as of January 1, 2025, or only 128,740 tons higher than its stock position a year ago on January 1, 2024.
Local palay production in 2024 declined by 972,427 tons, equivalent to 612,628 tons of rice. That year, the country imported almost 4.78 million tons of rice, or about 1.2 million tons more than what it bought abroad in 2023. So, the decline in domestic output was more than offset by imports by some 600,000 tons.
reconsideration with the Commissioner of Internal Revenue. Thereafter, the Commissioner will decide on the appeal within another 15 days. In case the request for reconsideration is denied or in case the CIR failed to act on the claim for refund or the request for reconsideration within the 90-day period or 15-day period, the taxpayer has 30 days to appeal the decision or the inaction with the Court of Tax Appeals. The BIR adopts a risk-based approach in verifying VAT refund claims. The claims shall be classified into low-, medium-, and high-risk claims. The risk classification will be based on certain factors such as the amount of the claim, history of tax compliance, and frequency of filing of the taxpayer. However, the following are automatically classified as high-risk claims under BIR revenue issuances: (a) first-time claimants for the succeeding three VAT refund claims; (b) fourth claim following three consecutive low-risk classification of processed VAT refund claims; (c) succeeding claim following a full denial; (d) VAT refund claims arising from retirement/cessation of business; (e) applications covering more than one taxable quarter, where at least one taxable quarter is already prescribed; (f) claims of “Cannot be Located” taxpayers; and (g) claims of taxpayers with complaints filed at the Department of Justice and/ or those with criminal cases before the courts under the Run After Tax Evaders (RATE) and Run After Fake Transactions (RAFT) programs of the BIR.
Only claims considered as medium-risk and high-risk are subject to verification. Low-risk claims are not subject to tax audit. In mediumrisk claims, the BIR can verify only at least 50 percent of the amount of the taxpayer’s sales, purchases, and documents. On the other hand, in high-risk claims, the BIR will audit 100 percent of the sales, purchases, and documents.
The author is a junior partner of Du-Baladad and Associates Law Offices (BDB Law) (www. bdblaw.com.ph), a member-firm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at mabel.buted@ bdblaw.com.ph or call 8403-2001 local 160.
industry and threatened tariffs on foreign-produced semiconductors. He’s expressed a preference for using those kinds of levies to boost US chipmaking instead of government subsidies—the approach adopted by the US Chips and Science Act. That legislation, passed in 2022, led to TSMC winning $6.6 billion in grants to support three plants in Phoenix. But it was also Trump’s first administration that set out to lure TSMC to the US, and top Trump officials have consistently affirmed their commitment to boosting domestic manufacturing. That’s particularly true for technologies at the heart of the US-China competition. The US “will ensure that the most powerful AI systems are built in the US with American-designed and manufactured chips,”
said during an AI summit in Paris earlier this week. With assistance from Debby Wu and Jenny Leonard /Bloomberg
If food consumption and all other factors basically remained unchanged much last year, we should have ended 2024 with around 600,000 tons more than our beginning stocks in January of said year. But PSA says the yearend stock level carried over to 2025 grew by just 128,740 tons.
More precisely, using PSA figures for production and beginning inventory, Bureau of Customs (BOC) data for imports, and Department of Agriculture (DA) factors in computing usage for seeds, industrial purposes, feeds and waste, and food consumption (37,500 tons per day), the 2024 ending inventory comes out to be 3.66 million tons.
This derived inventory is 1.5 million tons, or 41 percent, higher than PSA’s figure of 2.156 million tons. It implies that we ended 2024 with al-
most 98 days of rice supply, whereas PSA data say we only had about 58 days when we started 2025.
Whom should we believe? What data should government policy makers use when making decisions about imports, rice and palay prices, and even the declaration of food security emergencies?
The only way that the 2025 starting inventory would match PSA’s estimate of 2.156 million tons is if either domestic production dropped, or consumption rose.
Domestic rice production would have to fall to 10.3 million tons for the figures to add up. That means that palay production in 2024 would have declined to 16.4 million tons, or a huge 18 percent drop from the 2023 production of 20 million tons.
If output figures are unchanged, national rice consumption would have to increase by 11 percent from 37,500 to 41,625 tons per day, so that we can arrive at PSA’s ending stock estimate of 2.156 million tons.
Again, what really happened?
If domestic output did decrease by 18 percent, DA should urgently review and revise its rice produc-
The figures still do not add up!
tion programs, which receive almost half of the total DA budget and get supplemental support from the Rice Competitiveness Enhancement Fund (RCEF) under the amended Tariffication Law (RTL). On the other hand, an increase in consumption in 2024 is highly unlikely, because unduly high rice prices then would have dampened demand. Clearly, significant discrepancies exist in official government data on a critical commodity like rice. A similar situation is likely happening with other major food products like corn, meats, and vegetables. We have flagged these discrepancies before, but PSA’s data problems keep recurring every year. How can we make correct decisions, if we keep getting inaccurate and conflicting information?
Sara’s impeachment: It’s now or never
By Atty. Romulo B. Macalintal
THE present Senate under the 19th Congress should immediately act on the impeachment case filed by the House of Representatives (HoR) against Vice President Sara Duterte as mandatorily required under Section 3(4), Article XI of the 1987 Constitution that once the Articles of Impeachment is filed with the Senate, its trial “shall forthwith proceed” meaning, immediately or without delay.
Otherwise, if the present Senate adopts Senate President Chiz Escudero’s position that the case be taken up by the incoming Senate in the 20th Congress, then it is doomed to fail. In a word, it’s now, or never.
This is so because the very rules of the present Senate, (Section 123, Rule XLIV) provides that “All pending matters and proceedings shall terminate upon the expiration of one Congress, but may be taken up by the succeeding Congress, as if
presented for the first time.” Can’t the present Senate understand? Its own rules mandate that this impeachment case against Duterte that is now in Senate’s hands will be deemed terminated, meaning, it will die its natural death upon the expiration of the present Congress on June 30, 2025.
And if the same impeachment case is taken up by the incoming Senate, it will be treated as if it was filed for the first time, hence, a violation of the constitutional provision that
“No impeachment proceedings shall be initiated against the same official more than once within a period of one year.”
The sterling opinion of SC Justice Antonio Carpio which was fully quoted by the SC in deciding the 2008 consolidated cases of Garcillano vs HoR and Javier vs Senate cannot be ignored in that “it is optional on the Senate of the succeeding Congress to take up such unfinished matters, not in the same status, but as if presented for the first time.” The same SC ruling debunks Senator Escudero’s claim that the Senate is a “continuing body.”
The SC ruled “that the present Senate under the 1987 Constitution is no longer a continuing legislative body. The present Senate has 24 members, 12 of whom are elected every three years for a term of six years each. Thus, the term of 12 senators expires every three years,
Raul Montemayor is the FFF National Manager.
leaving less than a majority of senators to continue into the next Congress. The 1987 Constitution, like the 1935 Constitution, requires a majority of senators to “constitute a quorum to do business.”
The fact that half of the 24-sitting senators are “already busy campaigning” for the 2025 elections is not a reason to delay the impeachment proceedings against Duterte because campaigning is not part of the job description of any senator whose term of office has not yet expired. Campaigning is not a valid excuse for the present Senate to pass on to the new Senate its constitutional duty to forthwith start the said impeachment case, because the incoming senators of the new Congress are not bound by the acts and deliberations of their predecessors.
Atty. Romulo B. Macalintal is an election lawyer.
EU seeks a military revival under pressure from Putin, Trump
By Arne Delfs, Andrea Palasciano & Jenny Leonard
EUROPEAN officials are working on a major new package to ramp up defense spending and support Kyiv as President Donald Trump pushes for a quick end to the war in Ukraine.
The spending plans won’t be announced until after the German election on February 23 in order to avoid stirring up controversy before the vote, according to officials briefed on the plans.
A handful of EU leaders has been invited to Paris Monday to start drawing up their response after US officials spelled out in stark terms that there is a limit to how much the US is prepared to do.
European leaders have been charged with reviving the continent’s military power after almost 80 years in which they essentially outsourced much of their security to the US.
Trump’s return to the White House has fundamentally changed the transatlantic relationship and US officials have made clear the president is willing to let the Europeans reap the consequences if they refuse to take responsibility for their own security.
“The overall consensus was that the United States was no longer going to foot the bill for Nato security,” Republican Congressman Michael McCaul said in an interview, reflecting on discussions at the Munich Security Conference. “Our European allies recognize that it is time for them to step up to the plate in their own back yard.”
The situation is urgent because
Trump is racing ahead with efforts to end the war in Ukraine and European officials are worried that President Volodymyr Zelenskyy could be pushed into a disastrous deal unless they can quickly come up with a plan to give him military back up.
The Trump administration has told European officials that it wants to secure a ceasefire in Ukraine by Easter, according to people briefed on the conversations. Some officials said the pace of the talks, which begin this week in Saudi Arabia with top US and Russian officials, is ambitious and potentially unrealistic.
Getting a resolution by the end of this year is much more likely, one person said while adding they remain in a wait-and-see mode. A spokesman for the White House National Security Council didn’t immediately respond to a request for comment.
Trump began his peace initiative with a call to Vladimir Putin last week and shocked European officials when his defense secretary, Pete Hegseth, said they will be responsible for the security guarantees and peacekeeping troops that will be required to keep Ukraine safe after a deal.
“It looks a bit like appeasement from here,” Christoph Heusgen, chair of the conference, said in an interview with Bloomberg Television’s Oliver Crook.
The US strategy risks playing into Putin’s hands because Trump has given away significant leverage before the negotiations have begun.
“He smells weakness,” Heusgen said, reflecting on his dealings with the Russian president
as an adviser to former German Chancellor Angela Merkel. “I think what he is smelling now is something he likes.”
French President Emmanuel Macron said in a social media post Sunday that he spoke with Saudi Arabia’s Crown Prince Mohammed Bin Salman about Ukraine and about how to engineer a peace with “Europeans at the center of the process.”
Macron will host his counterparts from Germany, the UK, Italy, Poland, Spain, the Netherlands and Denmark Monday to discuss their response, along with NATO Secretary General Mark Rutte. The talks will be focused on Ukraine and what kind of security guarantees European nations could agree on immediately so that Europe is not left out of Trump’s negotiations, according to one official briefed on the preparations.
In Munich, Rutte said that the European proposal would focus on military training, speeding up aid, weapons deliveries and what Europe can offer for security guarantees.
“We will launch a large package that has never been seen in this dimension before,” Baerbock said in an interview on the sidelines of the Munich gathering. “Similar to the euro or the corona crisis, there is now a financial package for security in Europe. That will come in the near future.”
Officials in France and Britain also expect to discuss how willing leaders are to tell the US that they are prepared to send peacekeeping troops into Ukraine as part of a deal. Such an offer is likely to be part of a proposal on European
security guarantees even if some countries are reluctant and would be excellent leverage with the US, one of them said. Another European official played down expectations for the meeting, which takes place less than a week before a general election in Germany. The aim is to prepare the ground for an agreement at a full EU leaders’ summit in Brussels in March.
Part of the calculation may be to avoid handing ammunition to the farright Alternative for Germany ahead of the vote—the AfD has been opposed to military aid for Ukraine and portrayed itself as the party of peace. All the same, Macron’s decision to convene a small group of leaders irritated some of his colleagues.
“I don’t know exactly what the topic of that meeting in Paris is, because very few countries will attend it, but what is necessary is that we have a united vision,” Luxembourg Prime Minister Luc Frieden told Stephanie Flanders, head of economics and government at Bloomberg, during a panel discussion in Munich Sunday. “It’s much better that we meet the 27.” Another potential source of funding would be $300 billion of frozen Russian assets that are held mainly across a number of European countries. The topic of seizing those assets was a central discussion point in Munich, with US officials making clear to their European counterparts that Congress won’t be approving any more supplemental aid packages for Ukraine. With assistance from Andra Timu, Ellen Milligan and Michael Nienaber/Bloomberg
Tuesday, February 18, 2025
Create More IRR signed, investment roadshows set
By Reine Juvierre S. Alberto and Andrea E. San Juan
THEsigning of the implementing rules and regulations (IRR) of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (Create More) Act sends a message to the world that the Philippines means business, according to Finance Secretary Ralph G. Recto.
“We are ready to compete. We are a dependable economic ally. We offer stability amid uncertainty. And yes— we are Trump 2.0-ready,” the Finance chief said in his opening remarks at the signing ceremony on Monday. Recto and Trade Secretary Ma. Cristina Aldeguer-Roque signed the IRR, which clarifies and refines the provisions in the Create More Act for its implementation.
After the signing of the IRR, the Philippine government will kickstart its investment roadshows in March to April, particularly to Korea and then the United States, among oth-
ers, to attract more capital primarily into the semiconductor space as it is the largest goods exports of the Philippines, according to the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPEIA).
“Our job now is to announce it to the world. To be clear, the goal of Create More is really to generate investments, which is to generate jobs for Filipinos. So as long as we’re very clear with the goal, to generate investments, to generate jobs,” Frederick D. Go, Special Assistant to the President for Investment and
By Ada Pelonia @adapelonia
LOCAL pork shortage due to the persisting effect of African swine fever (ASF) pushed up prices for the protein source in Metro Manila, according to the National Federation of Hog Farmers Inc. (NatFed).
The Department of Agriculture (DA) is still studying the intervention it would roll out to address the spike in pork prices.
“Pork in the market is still quite short. The supply chain knows this so they are also taking this opportunity to earn some extra,” NatFed vice chairman Alfred Ng told the BusinessMirror on Monday.
“Local pork is short because of ASF last June to August [2024]. Many sows were culled so piglet production was lessened,” he added. Ng also noted that farms hit by the deadly hog disease during the ASF outbreaks last year were still recuperating from the aftermath.
“Some farms need to clean, remodel their buildings, swab the environment before restocking. They need to look for loans or finances to restock.”
Despite this, Ng allayed concerns of a pork crisis, noting the surplus of pork imports that entered the country in 2024.
“There is no crisis [since there’s oversupply in imported pork]. Last year, 800 million kilos were brought in. It’s just that many Filipinos still like to consume fresh Pinoy pork,” he said.
Figures from the Bureau of Animal Industry (BAI) showed that pork shipments rose by 21.98 per-
cent to 671,561 metric tons (MT) as of end-November 2024 from the 550,539 MT recorded in the previous year.
However, Ng flagged the “disconnect” between farmgate and retail prices of pork.
“Farmgate is between P240 to P250 [per kilo]. Add P120 margins for viajero and vendor, that makes P360 to P370 only for kasim. So, there is still a disconnect between farmgate and retail prices.”
The prevailing price of pork ham stood at P380 per kilo while pork belly reached P450 per kilo, based on the latest government price monitoring report.
Meanwhile, Agriculture Secretary Francisco Tiu Laurel Jr. said the agency is mulling over the interventions it would impose to address elevated pork prices, particularly looking at wholesale and farmgate prices.
“It looks like the wholesaler or farmgate are the issue and not retail [...] It seems the retailers’ margin is small,” Laurel told the BusinessMirror on Monday.
The DA earlier hinted at imposing a maximum suggested retail price (MSRP) for pork amid persistent high prices.
However, for Roehlano Briones, a senior research fellow at the Philippine Institute for Development Studies (PIDS), the MSRP on pork would not have a dent on prices.
“[The price increase] seems to be a lingering effect of ASF,” Briones told this newspaper.
“MSRP doesn’t work. It will not bring down the price [since] price depends on supply and demand,” he added.
Economic Affairs, told reporters at a briefing on Monday.
The IRR provides guidelines on the transitory rules for pre-Create registered business enterprises (RBEs) to continue enjoying their previously granted tax incentives. Additionally, RBEs may benefit from additional incentives or measures under the Create More Act.
The IRR also directly addresses investor concerns over the issuing of the value-added tax (VAT) zerorating certificate by providing clear guidelines on eligibility and compliance criteria and clarifying the certificate’s covered period.
Moreover, the IRR maintains fiscal prudence in the administration of tax incentives. The Fiscal Incentives Review Board (FIRB) is tasked to conduct impact evaluations to guide the President in deciding whether to give fiscal and non-fiscal incentives for highly desirable projects.
Additionally, the IRR prohibits double registration of projects, preventing redundant incentives and ensuring responsible fiscal management.
“On the part of the government, we are committed to making Create More not just a tool to attract more investments—but a magnet to keep
them here, grow them here, and give every reason for investors to place their trust in the Philippines. Again and again,” Recto said.
The Finance chief added that the government will ensure the Create More Act achieves its ultimate objective of creating more highquality jobs for Filipinos, increasing their incomes, reducing poverty and securing a better future for them.
“Together, let us make Create More happen. Let us make it deliver. Let us ensure that its gains are felt by every Filipino and build a lasting impact on future generations to come,” Recto said.
Enacted on November 8, 2024, the Create More Act aims to transform the Philippines into an attractive business destination by making the tax incentives regime more globally competitive, investment-friendly, predictable and accountable.
‘Let investors know’ OSAPIEA Secretary Go said the government’s responsibility now is to let investors know about Create More, how it will benefit them, how it will improve the ease of doing business, and how it will reduce
BOC SEIZES ANOTHER BATCH OF HOT CARS, WORTH P366M
HE Bureau of Customs (BOC)
Tintercepted another group of allegedly smuggled high-end luxury cars amounting to P366 million in a warehouse in Makati City.
In a statement on Monday, the BOC said the Customs Intelligence and Investigation Service at the Manila International Container Port (CIIS-MICP) seized vehicles with brands such as Ferrari, Porsche and McLaren in a back-toback operation.
Ferrari 488 Spider, Ferrari 812 Superfast, Porsche Targa, Mercedes-Benz G63 AMG, BMW M4, Lexus LC500, Porsche Cayenne, Bentley Bentayga, Land Rover Defender, Audi RS Q8, McLaren 720S, Ford Explorer, Li Xiang L7 SUV, Abarth 595 Competizione, MV Agusta Brutale 1000RR motorcycle and two Toyota Alphard were revealed during the initial inventory.
The BOC identified the seller as ACH High-End Motor Service Center, located at No. 489 J.P. Rizal Street in Makati City.
“Those involved should understand that our skills and capabilities extend beyond our borders. We will pursue them relentlessly, regardless of how or where they hide their contraband,” said Customs Commissioner Bienvenido Y. Rubio in the statement. The owners, lessees, lessors, occupants, representatives or any parties responsible for the warehouse and vehicles found therein have 15 days from the receipt of the Letter of Authority to
submit the necessary documents proving that all duties and taxes have been paid correctly. If they fail to provide valid documentation, they will face charges in violation of Sections 1400 and 1401, in relation to Section 1113 of Republic Act 10863, also known as the Customs Modernization and Tariff Act (CMTA).
The BOC said CIIS Director Verne Enciso confirmed that the CIIS-MICP, together with the Philippine Coast Guard’s Task Force Aduana, visited the location to serve an LOA to the shop owner or representative. This was necessary to verify the legitimacy of the vehicles’ importation and ensure that the correct duties and taxes had been paid, the BOC noted. “I can confirm that our intelligence agents conducted an operation after receiving information regarding this showroom in Makati. We discovered several high-end luxury cars and are currently verifying the importation documents for these vehicles,” Enciso said. The showroom and storage facility were temporarily padlocked and
as a proper inventory will be conducted by the assigned Customs examiners in the presence of CIIS, Enforcement and Security Service (ESS), barangay officials and
By Andrea E. San Juan @andreasanjuan
NEGOTIATING teams will hold “intersessional sessions” to fast-track the talks for the Philippines’ free trade deal with the 27-member bloc European Union (EU).
Allan B. Gepty, Department of Trade and Industry (DTI) Undersecretary for International Trade Group, revealed this as the Philippines and EU wrapped up their second round of talks for a free trade deal last week.
“We had a productive second round of negotiations. Discussions were very constructive,” Gepty told the BusinessMirror in a Viber message over the weekend.
With this, the country’s chief negotiator for the free trade agreement (FTA) with the EU noted: “We will also hold intersessional sessions to fast-track the negotiations,” adding that these meetings will be held virtually.
Gepty said the third round of negotiations will take place in June in Brussels.
In a social media post, DTI’s Philippine Trade and Investment Center in Brussels noted that the second round of the PH-EU FTA Negotiations was “successfully” concluded in Manila from February 10 to 14, 2025.
“With key discussions on trade, investment, and sustainability, both sides continue to work towards a mutually beneficial and forwardlooking agreement,” said PTIC-Brussels.
Intersessional sessions are held in-between the scheduled rounds of negotiations.
The first round for negotiations took place in October 2024 after the EU and the Philippines agreed to resume talks in March 2024.
According to the European Commission’s official website, the EU is “working towards building a framework of trade agreements with the members of the Association of Southeast Asian Nations [Asean].”
The EC noted that the objective is for bilateral trade agreements with individual Asean countries to serve as “building blocks” towards a future region-to-region agreement between the EU and Asean.
At a forum held in January of this year, EU Ambassador to the Philippines Massimo Santoro underscored that the talks for a free trade deal between EU and the Philippines are expected to deliver “well and fast.”
Building on what he called “a very positive momentum,” he underscored the need for the bilateral trade relations between the two parties to be strengthened as the Philippines is “only the sixth economic partner of the European Union among Asean countries.”
“We can do more. We can do more considering the potential and the size of the Philippine market and the resources of the country,” Santoro underscored during the said forum.
The EU ambassador said the objective of the free trade deal is to bring bilateral economic ties between the EU and the Philippines to a “new higher level.”
“Through the FTA, we aim at facilitating not only merchandise trade, but also trade in services and to create more incentives for investment,” said Santoro. While the trade and investment figures for
2024 have not yet been released, Santoro said the bilateral exchanges between the 27-mem-
PIG heads hang at a market stall in Marikina City. NONOY LACZA
Editor: Jennifer A. Ng
SM Prime: Earnings surge to all-time high last year
By VG Cabuag @villygc
SHOPPING mall operator SM
Prime Holdings Inc. on Monday said it posted its highest-ever consolidated net income of P45.6 billion in 2024, up 14 percent from P40 billion in 2023.
The double-digit improvement was driven by higher contributions from all its business segments, the company said.
Consolidated revenues for the period rose 10 percent to an alltime high of P140.4 billion from P128.1 billion due to higher rental income, real estate sales and revenues from services and experiential offerings.
Malls accounted for 55 percent of revenues, followed by residences
lion, while consolidated revenues rose 14 percent year-on-year to P40.6 billion from P35.5 billion.
Strong holiday spending, the opening of two new malls, increased real estate sales and blockbuster film releases led to the outstanding results, the company said.
ticipated to stimulate aggregate demand and spending in various sectors, particularly retail. SM Prime’s extensive network of 87 shopping malls is strategically positioned to capture this surge, bolstered by strong consumer confidence and increased foot traffic, the company said.
at 34 percent, hotels and convention centers at 6 percent and offices and warehouses at 5 percent.
“The results we achieved in 2024 provide a solid foundation for future growth. We have several key projects in development that we expect will benefit from this positive momentum,” SM Prime President Jeffrey C. Lim said. In the fourth quarter alone, net income grew 19 percent to P11.8 billion from the previous P9.9 bl -
SM Prime had said it will invest up to P33 billion this year in its commercial property businesses, driven by expectations of a sustained recovery in consumer demand and forecast of over 6 percent growth by the Philippine government.
“We expect moderating inflation, easing interest rates and election-related spending to fuel our growth in 2025. Our malls should do well and our office, hotel and convention centers could provide additional upside,” Lim said.
Election-related expenditures, a cyclical driver of economic expansion in the country, are an -
SM Prime has earmarked about P21 billion for the expansion of its malls gross floor area (GFA). New developments will add 205,400 square meters of GFA, while 124,488 square meters of existing mall space will undergo redevelopment.
The company anticipates a yearend total GFA of 8.08 million square meters for its malls portfolio.
SM Prime will invest around P6 billion in its hospitality and conventions businesses to build two convention facilities, renovate hotel rooms and add new food and beverage facilities in existing hotels.
ALI offers luxury homes in Davao
AYALA Land Inc. (ALI) said it launched its first highend horizontal residential development in Davao under Ayala Land Premier.
Located in Toril, the development called Virendo is just 16 kilometers from the city center. The residential enclave is designed as an exclusive, low-density community within a master-planned, mixed-use estate.
Virendo takes its name from the Spanish words “verde” or green and “pausado” or gentle/ deliberate, a reflection of its vision as “an elevated verdant haven framed by Davao’s hills and shorelines.”
The development offers 150 residential lots ranging from 450 to 1,803 square meters, set against rolling terrain with natural waterways and views of the Mt. ApoTalomo range and Davao Gulf.
“With the launch of Virendo, we are introducing a new neighborhood that creates a vibrant community that embodies the heart of Davao. The design features expansive green spaces with carefully integrated waterways that flow throughout the development,” Mike Jugo, president of Ayala Land Premier said.
“This development reflects our commitment to excellence and our deep appreciation for the
unique culture and landscape of this remarkable city. We envision Virendo as a place where families can thrive, connections can flourish, and dreams can take root.”
Residents will have access to two premium amenity centers designed for both relaxation and recreation.
The Residents’ Lounge, located near the main entrance, offers indoor and outdoor spaces for intimate gatherings. At the highest point of the neighborhood, the Sports and Leisure Center features a social hall, pool complex, and multi-purpose court.
The village’s amenities are designed by BAAD Studios, re -
nowned for creating purposeful, experiential spaces that blend luxury with sustainability.
The first phase of the 37.4-hectare development is set for turnover by the second quarter of 2029.
“Virendo is an important milestone for the Anflo Group as it not only marks another partnership with Ayala Land but is also located in an area that holds a special place in our hearts,” said Ricardo R. Floirendo, vice chairman, ANFLO Group of Companies.
“With this new development, the legacy and spirit of our late founder, Don Antonio Floirendo, will continue to live on in Marapangi.” VG Cabuag
Super Bowl Ads highlight growing craze for cold coffee at home
AT the Super Bowl last Sunday, Danone SA’s commercial featured Channing Tatum tossing a large bottle of STōK Cold Brew Coffee to British soccer players. Nestlé SA’s showcased a game watcher at home consuming a Coffee-Mate product specifically designed for cold drinks.
The fun—and expensive—ads reflect a deeper shift in the coffee industry: Not only are consumers choosing cold over hot coffee, but they are also starting to drink it at home instead of just at cafes.
Already more than 70 percent of all the drinks sold at Starbucks Corp. are cold, with consumption being fueled by Gen Z. Now a wider lineup of multi-serving bottles and cold coffee machines have made it easier than ever to make a drink at home.
That hasn’t gone unnoticed by Starbucks founder Howard Schultz and other alumni of the world’s largest coffee chain operator. He is investing in Cumulus Coffee, a company started by a former Starbucks executive that has recently launched a $700 machine to make cold brew at home.
“Coffee at home is consumed massively around the world—all we’re doing is reflecting on the transformation in the category that exists and bringing cold coffee into the home.” Schultz said in an interview. “The size of the prize is so big.”
Cold brews are often less acidic, richer and sometimes have a chocolatey coffee taste, making it a good entry point for people just starting to get hooked on caffeine. They also pack a stronger caffeine jolt, making them more attractive to many drinkers.
For years, though, cold brews were more troublesome to make, often requiring at least 12 hours of brewing and greater attention to factors like how the coffee used to make the beverages was ground. As a result, the market was restricted to mostly coffee shops. But a wave of innovation now means the beverages can be purchased in bottles and cans. And with a Cumulus machine that sucks nitrogen out of its surroundings, consumers can create their own foamy, nitro cold brew from the comfort of their homes.
A recent survey by the National Coffee Association revealed that 18% of respondents had consumed ready-to-drink coffee in a bottle or can the previous day, more than double the levels seen in the prior four years. That made the category, which includes cold drinks, the third most popular way of drinking coffee at home—surprisingly overtaking espresso machines.
Booming sales
Sales of ready-to-drink coffee
topped $1 billion in the past year, up more than 80 percent from 2021, according to data from consumer researcher NIQ.
Multi-serve bottles such as Danone’s STōK Cold Brew Coffee also allow for more customization. At home, consumers can add water, milk or other flavored syrups and creamers to make lattes and martinis—all with no cafe equipment and at a lower cost.
“Consumers have for years been getting their cold coffee outside the home, learning their formats, learning what they like, what they don’t like,” said Matthew Barry, the insight manager for food and beverage at Euromonitor International. “And now increasingly they’re saying, ‘You know what? This is really expensive and the cost of living is high right now. Maybe I can try to do this at home.’”
Americans are pinching pennies as inflation has eroded their buying power, with the price of everything from meat to gas surging in recent years. To make matters worse, bad weather in top coffee producer Brazil curbed supplies, sending prices of the arabica variety favored by Starbucks to a record.
To be sure, making a cold brew at home isn’t always fast and cheap. A Cumulus machine costs as much as six times the price of
a Nespresso maker used for hot beverages. Add to that the price of pods, which retail for another $25 for a pack of 10.
“Obviously the machine is an investment, but if somebody does some back-of-the-envelope math and you’re spending $5 to $7 one time or maybe two times a day at a cafe, this thing very quickly pays for itself,” said Mesh Gelman, founder of Cumulus and a former Starbucks executive.
Other companies are making investments too. Westrock Coffee Co., a private label company, recently poured $315 million to build a new plant in Conway, Arkansas, to make cold coffee. The manufacturing line that makes big bottles of cold beverages was the first of four to open last year, and half of its capacity is already sold out.
The market is ripe for more growth, with young consumers share their at-home recipes on social media, said Niel Sandfort, chief innovation officer at Chobani. In 2023, his company acquired La Colombe, which has a lineup of 42-ounce bottles of cold coffee. Younger drinkers are treating cold coffee as an energy drink, “more of a dopamine moment,” Sandfort said. “That dopamine moment is much more of an exciting, enriching, on-the-go experience.” Bloomberg News
By Lorenz S. Marasigan @lorenzmarasigan
COMCLARK Network and Technology Corp. (ComClark), led by businessman Dennis Anthony Uy, is set to submit additional documents to complete its $600-million unsolicited proposal aimed at overhauling the Philippines’s air traffic control system.
In an interview on the sidelines of Converge ICT Solutions Inc.’s partnership with St. Luke’s Medical Center, Uy said the supplemental submission includes technical documents highlighting the track record and experience of their partner, Enaire, Spain’s national air navigation service provider.
He said under the implementing rules and regulations (IRR) of the Public-Private Partnership (PPP) Law, ComClark has to submit a document that proves that it has a “technical services agreement with experienced operators.”
Enaire, ComClark’s partner in this venture, has a notable history in air traffic management. In February 2024, Enaire successfully implemented its new iFOCUCS air control posts in Valencia, Spain, as part of its strategic technological modernization plan.
“This is just documentation,” he said, noting that the supplemental submission is set for the “next few weeks.”
The proposal seeks to modernize the country’s air traffic management by separating regulatory and operational functions, currently both managed by the Civil Aviation Authority of the Philippines (Caap).
Uy emphasized the urgency of the project, noting that the existing system is 14 years outdated.
“We need to totally change it, or else it’s not efficient at all.”
Currently, Caap manages over
SOME shipping lines including Hapag-Lloyd AG and the maritime arm of Louis Dreyfus Co. are calling on the International Maritime Organization to avoid backing crop-based biofuels as the industry pushes to decarbonize.
“Unless legally-binding safeguards are introduced, there is a risk that a large amount of fossil fuels will be replaced with unsustainable biofuels,” the companies said in a joint statement released by the European Federation for Transport and Environment, a nongovernmental organization known as T&E. When deforestation and land use are taken into account, palm and soy are two to three times worse for the climate than traditional fuels, according to T&E. The IMO—the international watchdog that oversees shipping and is part of the United Nations’ framework—is working toward a zero-carbon-emissions target for the industry by 2050 as part of global efforts to combat climate change. Shipping carries more than four-fifths of world trade, but relies on traditional fuels at present to power most of the fleet.
40 airports nationwide while also serving as the regulatory body for air transport. Since 2019, it has been using the P10.8-billion Communications, Navigation, and Surveillance/ Air Traffic Management (CNS/ATM) system, funded by the Japan International Cooperation Agency (Jica). The country’s air traffic management system relies on a network of 13 radars positioned strategically across the Philippines, including key locations like Ninoy Aquino International Airport (Naia) Terminals 1 and 2, Clark, Tagaytay, Aparri, Laoag, Cebu-Mt. Majic, Quezon-Palawan, Zamboanga, Mactan, Bacolod, Kalibo, and Davao, covering roughly 70 percent of national airspace.
Last year, Caap completed the extensive upgrade to the CNS/ATM, following a 20-month recovery period after a major power outage struck Caap’s Philippine Air Traffic Management Center (ATMC), which hosts the CNS/ATM system’s critical equipment.
The implementation of the proposal is expected to span several years, involving the establishment of a training institute and ensuring system redundancy by operating two air traffic control centers.
Uy underscored the critical need for the upgrade, citing safety concerns if the current system remains unchanged.
Funding for the project is projected at approximately $600 million. Uy expressed confidence in securing the necessary capital, saying that, “we have a lot of banks that we can tap.”
Despite previous reports in December 2024 indicating that the Department of Transportation (DoTr) had rejected ComClark’s initial proposal, Uy remains optimistic.
“The proposal is still with them. We just have to submit the supplement documents,” he said.
Most palm oil is grown in vast estates in Southeast Asia, with Indonesia and Malaysia the largest producers. The commodity has long been blamed for destroying fragile habitats including carbon-rich peatlands, reducing biodiversity, and endangering rare animals, claims that producers and governments in the region have rejected.
The intervention by the shipping majors comes as delegates are scheduled to congregate in London this week for an IMO event to debate new regulatory measures to reduce the sector’s carbon footprint.
“We call on the IMO and member states to discourage the use of cropbased biofuels by ships,” the companies said. Crop-based biofuels should not benefit from economic incentives directed toward promoting zero and near-zero emission fuels, they said. In a separate statement, dozens of conservation organizations criticized a proposal from Brazil — a major soybean producer — that backed biofuels as a long-term solution for shipping. They also called on the IMO’s member states to oppose the promotion of biofuels in the industry. Bloomberg News
PHOTO FROM WWW.PATCA.PH
Banking&Finance Rate cut pause pushes up yields of T-bills
By Reine Juvierre Alberto @reine_alberto
TREASURY bill (T-bill) yields went up across all tenors during Monday’s auction after monetary officials decided to hold the key policy rates steady last week.
Nevertheless, the Bureau of the Treasury (BTr) made a full award of its P22-billion T-bills auction despite investors asking for higher returns. Demands reached P56.275 billion, making the auction 2.6-times oversubscribed.
The average auction yields across the three tenors of T-bills rose by 5.4 basis points (bps) to as much as 19 bps from last week’s averages.
The 91-day tenor T-bills settled at an average yield of 5.318 percent,
19 bps higher than the 5.128 percent yield from last week’s auction. The rate settled between 5.180 percent and 5.398 percent.
Meanwhile, the 182-day tenor debt papers fetched an average rate of 5.662 percent, up from the previous auction’s 5.562 percent by 10 bps. Rates for the 182-day tenor were as low as 5.580 percent to as high as 5.695 percent.
The 364-day government securities averaged 5.780 percent, 5.4 bps higher than the 5.726 percent yield of
Patience and discipline in investing
IN the current market volatility, investors may think of what will be a long term strategy to mitigate risks and achieve a particular financial goal.
If we understand the reason why we are doing what we are doing, we will still be motivated to press on towards our goals. There will be roadblocks but still, we can still see the gains in the long term if we combine both fundamentals and technical.
Investing is often seen as a game of quick gains and rapid trades, but history and experience proves otherwise. The most successful investors understand that wealth is built over time, not overnight.
Sharing here the “Principles for Successful Long-Term Investing” highlights key strategies for growing wealth, many of which hold particular significance for Filipino investors navigating the ever-changing financial landscape. By embracing patience, discipline, and diversification, Filipinos can position themselves for financial security and success.
1. Time in the Market vs. Timing the Market. One of the fundamental principles emphasized in the guide is the importance of staying invested, rather than attempting to predict short-term market movements. The Philippine economy is cyclical, driven by factors such as remittances, the business process outsourcing (BPO) sector, and consumer spending. As a result, stock market fluctuations are inevitable. However, history shows that those who remain invested through volatility tend to achieve better long-term results than those who panic and sell at the first sign of a downturn. Take, for example, the Philippine Stock Exchange Index (PSEi). Despite market corrections and economic crises, the PSEi has delivered significant growth for long-term investors. Those who invested in blue-chip stocks or broad-market index funds years ago have likely seen their portfolios appreciate despite short-term turbulence. The lesson? Time in the market matters more than trying to time the market.
2. The Power of Peso-Cost Averaging. One strategy that aligns with this principle is peso-cost averaging (PCA). By consistently investing a fixed amount at regular intervals—regardless of market conditions—investors can smooth out the effects of market volatility. This approach ensures that you buy more shares when prices are low and fewer shares when prices are high, effectively reducing the average cost per unit over time. For Filipinos investing in stocks, mutual funds, or even global multi-asset portfolios, PCA offers a disciplined and stress-free way to build wealth. It eliminates the emotional pitfalls of investing, such as panic selling during downturns or overconfidence during market booms.
3. Diversification. Filipinos have long favored real estate as a primary investment, often viewing properties as the safest way to preserve and grow wealth. While real estate can be a solid asset, putting all your money into a
the same tenor previously. Accepted rates ranged from 5.740 percent to 5.800 percent.
The average auction yields, except the 364-day tenor, were higher than the comparable short-term Philippine Bloomberg Valuation (PHP BVAL) yields. The three-month tenor settled t 5.158 percent, the six-month tenor at 5.564 percent, while the one-year tenor was at 5.743 percent.
In terms of demand, the 364-day T-bills were the most oversubscribed with total bids reaching P22.705 billion followed by the 182-day debt papers with a total tender of P17.520 billion. The 91-day T-bills fetched a total demand of P16.050 billion.
The unexpected pause in the key policy rate cut last week, which somewhat disappointed the markets, has caused the T-bill auction yields to increase, according to Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC).
The seven-man Monetary Board
single investment type exposes you to concentration risk. Diversification— spreading investments across different asset classes—can provide better risk-adjusted returns.
A well-balanced Filipino portfolio might include:
n Stocks and equity funds. Exposure to the stock market allows for long-term capital appreciation. Bluechip stocks, index funds, and mutual funds are good starting points.
n Bonds and fixed-income investments. These offer stability and a predictable income stream, helping cushion against stock market volatility.
n Real estate. While still a valuable asset, real estate should be part of a diversified portfolio rather than the sole focus.
n Global investments. Investing beyond the Philippine market (such as in U.S. or emerging market funds) provides further diversification and reduces country-specific risks.
n Insurance and VULs. Variable Universal Life (VUL) insurance products combine investment and protection, serving as both a wealth-building and financial security tool.
4. Thinking in Decades, Not Days. Short-term market movements can be unpredictable, but long-term trends tend to reward those who stay invested. Filipinos often invest with specific life goals in mind—funding a child’s education, securing a comfortable retirement, or building generational wealth. To achieve these objectives, investments should align with long-term financial plans rather than short-term speculation.
This guide has been proven by long term investors and emphasizes the value of patience and discipline, two traits that resonate deeply with Filipino investors. Rather than chasing the hottest stock tips or reacting impulsively to market news, a steady and well-planned approach will yield far better results over time.
The principles of successful longterm investing are universal, but their application can be uniquely tailored to Filipino investors. By focusing on staying invested, practicing peso-cost averaging, diversifying portfolios, and thinking long-term, Filipinos can navigate economic cycles with confidence and build a secure financial future.
Financial success is not about getting rich quick—it’s about making smart, disciplined choices over time. The best time to start investing was yesterday; the next best time is today.
Karlo Biglang-Awa is a Registered Financial Planner of RFP Philippines. The views he expressed herein do not necessarily reflect those of the BusinessMirror’s. To learn
of the Bangko Sentral ng Pilipinas (BSP) kept the policy rate at 5.75 percent due to global uncertainty over trade policies (See: https://businessmirror.com.ph/2025/02/13/ unknowns-in-global-trade-spurrate-freeze/).
The Target Reverse Repurchase Rate was maintained at 5.75 percent while interest rates on the overnight deposit and lending facilities remained at 5.25 percent and 6.25 percent, respectively.
Despite the pause, the BSP signaled a possible cut in banks’ reserve requirement ratio (RRR) to 5 percent, which Ricafort noted could infuse about P330 billion into the banking system that could be used to increase loans and investments, including in equities, bonds/fixed income, among others.
A report from Citi Economist for the Philippines Nalin Chutchotitham noted that “even if the BSP notes that the RRR is more of a technical adjustment to reduce structural distortion in
the financial system, and not a substitute for policy rate which is a cyclical policy tool,” the lender thinks that the RRR cut of 200bps in October last year “has likely provided additional loosening effect on financial conditions, supporting credit growth and overall domestic demand at the margin.”
Chutchotitham said Citi’s stance is anchored on the statement by BSP Governor Emi M. Remolona Jr. that the central bank plans to further reduce the RRR by 200bp, to 5 percent for large banks, and that it could come “sooner than the middle of the year.”
“Potentially, such a move would help support economic activity while having limited impact on the exchange rate [versus] the policy rate,” Chutchotitham said.
Meanwhile, Ricafort noted the effect of Donald Trump’s move to end Russia’s war with Ukraine on oil prices.
“Trump and [Russian President Vladimir V.] Putin agreed to start
talks towards ending Russia’s war with Ukraine, partly resulting in global crude oil prices recently declining to among 1.5-month lows and also among 3-year lows or since December 2021 that could support relatively benign inflation,” he said. The RCBC executive added that the T-bill average auction yields corrected slightly higher after some increased market demand for longterm local government securities as an alternative investment to shortterm local government securities. In 2025, the national government will borrow P2.545 trillion, following an 80:20 mix in favor of local sources. A total of P88 billion is targeted to be raised for this month’s offering of T-bills, while P115 billion is programmed for long-term Treasury bonds (T-bonds).
The Philippines’s outstanding debt climbed to P16.051 trillion as of end-2024, based on the latest data from the Treasury.
BIR files ₧8.5B tax evasion case vs tobacco traders
THE Bureau of Internal Revenue (BIR) announced the agency has filed an P8.5-billion tax evasion case against individuals behind an illegal cigarette operation in Bulacan and Valenzuela in its pursuit of combatting the illicit tobacco trade in the country.
In a statement on Monday, the BIR said it filed the criminal cases on February 7, 2025, and November 14, 2024, following the large-scale enforcement operation on November 6 last year.
The individuals behind the illicit operation are facing charges under the National Internal Revenue Code (Tax Code), including the following Sections: 236 in relation to Section
258 (Unlawful Pursuit of Business); 263 (Unlawful Possession or Removal of Articles Subject to Excise Tax Without Payment of Tax); 265B (Unlawful Possession of Any Apparatus or Mechanical Contrivance for the Manufacture of Cigarettes); and, 260 (Unlawful Possession of Cigarette Paper in Bobbins or Rolls, Cigarette Tipping Paper, or Cigarette Filter Tips).
The BIR conducted a simultaneous raid of an illicit cigarette factory in Bulacan and three illicit cigarette warehouses in Valenzuela. The four locations are believed to be linked to a single criminal enterprise. Raw materials, cigarette-making machines and packaging equipment
Loan loss provisions dip boosts AUB, units profit
HE Asia United Bank Corp.
T(AUB) and its subsidiaries reported a double-digit increase in its consolidated net income in 2024, on the back of growth in loan portfolio growth and a decline in loan loss provisions.
The AUB said on Monday its consolidated net income reached P11.3 billion in 2024, higher by 36 percent from the P8.3 billion recorded in 2023. The 2024 figure represents a 21-percent compounded annual growth (CAGR) since the AUB became a publicly listed universal bank in 2013.
AUB’s net income resulted in a 21 percent return on equity and a 3 percent return on assets, exceeding the previous year’s 18.6 percent and 2.4 percent, respectively. These figures are also among the highest in CAGR from 2013 to 2024.
“We have managed to sustain the growth in our profitability since the pandemic, thanks to our robust core business and digital partnerships,” AUB President Manuel A. Gomez was quoted in the statement as saying.
“AUB is able to reach out to many Filipinos, including the unbanked and underserved, to offer digital payment solutions such as our all-in-one digital payment acceptance product AUB PayMate, as well as revolutionize cross-border digital payments through our HelloMoney e-wallet, among others,” Gomez added.
Further, AUB’s loan portfolio, which grew 26 percent to P245.4 billion in 2024 from P194.5 billion in 2023, drove its revenue growth. This translated to one of the highest CAGR of 16 percent.
Despite the loan growth, AUB said its asset quality improved, with its nonperforming loan (NPL) ratio at a record low of 0.3 percent and a 74 percent reduction in loan loss provisions.
“The bank remains sufficiently covered, with an NPL coverage ra-
tio at 113.7 percent, higher than the previous year’s 107.9 percent,” the AUB said.
Meanwhile, the lender’s net interest margin expanded by 11 percent to P16.8 billion, driven by higher interest income from its loan portfolio and investment activities.
Despite an increase in deposit volume, interest expense on deposits declined by 3 percent, pushing the bank’s net interest margin ratio to 5.0 percent from the previous year’s 4.8 percent.
The bank’s low-cost deposit (current account/savings account or CASA) remained its primary funding source, accounting for 71 percent of total deposits.
Moreover, AUB’s non-interest income surged 48 percent to P4.1 billion due to improved foreign exchange gains, recovery income and service charges and other fees from other operating activities such as credit cards, AUB PayMate, HelloMoney, remittance business, trust and other branch-related transactions.
Operating expenses also increased by 6 percent to P6.8 billion due to higher compensation, capital expenditures and business growthrelated expenses.
Regardless, AUB said it continues to exhibit “efficient resource management in its business generation” with a cost-to-income ratio of 32.8 percent, an improvement from 36.2 percent in the previous year.
AUB’s total assets expanded by 9 percent to P386 billion, while its total equity grew 19 percent to P58.4 billion, driven by retained earnings.
The bank remained well-capitalized, with its Common Equity Tier 1 Ratio rising to 17.0 percent and its capital adequacy ratio increasing to 17.8 percent, both exceeding regulatory requirements and improving from last year’s 16.9 percent and 17.5 percent, respectively.
Reine Juvierre S. Alberto
were seized by the authorities during the raids. Six Chinese nationals were apprehended during the operation.
“It was the largest operation of the BIR against illicit cigarettes last 2024. The BIR will not stop filing criminal cases against large-scale illicit cigarette manufacturers and distributors. Big or small, all operations of illicit cigarettes in the Philippines are criminal in nature,” Internal Revenue Commissioner Romeo D. Lumagui Jr. was quoted in a statement as saying.
The BIR had several large-scale raids on illicit cigarette factories and warehouses last year with an estimated total tax liability of P23.107 billion.
“We will further intensify our
campaign on this, and more cases will be filed against those involved,” Lumagui said.
The rise of illicit cigarette trade and shift in consumer preferences has dragged the BIR in collecting much-needed revenues from the commodity.
The agency recorded a shortfall in excise tax on tobacco last year, generating only P134 billion out of the P185.3 billion target.
“For 2025, the BIR will continue to raid stores, warehouses, and establishments found to have illicit vape or cigarettes. This includes the taking down of illicit vape or cigarettes found online,” Lumagui said.
Remittance firm opens
office, views
expansion
RIA Financial Services Inc.
(Ria), a subsidiary of Euronet Worldwide, Inc. (Nasdaq: EEFT), has inaugurated its new office in the Zuellig Building, Makati City, “solidifying its commitment to the Filipino market and laying the groundwork for future growth.”
The Philippines continues to be a crucial market for remittances, which form a vital part of the country’s economy, a statement by the company read.
Our expansion in Manila “is about more than increasing our physical presence. It’s about reflecting our long-term commitment to the Filipino community, both at home and abroad,” Ria President and CEO
Shawn Fielder was quoted as saying during the ribbon-cutting ceremony.
“We believe in ‘thinking global, but acting local’, which means serving both our customers and their loved ones in a way that feels familiar, safe, and convenient.”
With its new office serving as a strategic hub, Ria is poised to scale operations and further expand its services in the region, the statement read.
According to Ria, it provides “a seamless omnichannel experience through its comprehensive services,
including money transfers, mobile wallet integrations, currency exchange, and bill payments.”
“With global coverage spanning over 607,000 locations across nearly 200 countries, Ria connects more than 4.1 billion bank accounts and 3.1 billion mobile wallet users,” it added. In the Philippines, Ria’s expanding network ensures widespread access to remittance services, according to the company. Its partnerships offer “convenient cash pickups.” Collaborations with major banks such as BDO Unibank Inc., Metropolitan Bank & Trust Co., China Banking Corp. and Asia United Bank Corp., provide direct deposit options to customers. Meanwhile, digital wallet integration through GCash makes transactions even more flexible and inclusive. This growing presence supports close to a hundred employees in key roles across customer care, compliance, finance and development. As part of the broader Euronet ecosystem, which spans ATMs, point-ofsale systems, and digital payment platforms, Ria provides diverse growth opportunities for local talent and is well-positioned to expand its team as it scales operations, the company added.
Reine Juvierre S. Alberto
Karlo Biglang-Awa
THIS undated photo courtesy of Ria Financial Services Inc. shows (left to right) Ria President and CEO Shawn Fielder, RFSI Managing Director (Apac) Espen Kristensen, Save the Children Philippines Inc. CEO Alberto T. Muyot, SCPI Senior Manager for Corporate Partnerships Riel Andaluz and SCPI Program Manager Catherine Manzano during the opening of
VISUAL artist Anita Del Rosario appears to be someone who has lived a full life. Sitting in a Quezon City café, the “70-something” stylish artist looks cool and relaxed while scrolling through her phone. On her left hand sits an eye-catching, twisting ring, to go with a necklace inspired by her signature Cross sculpture series.
While Del Rosario has, indeed, experienced much over five decades in jewelry design, she feels that she’s just entering her prime in her life’s second act as a full-time visual artist.
“Lahatkayakonggawingart,” the septuagenarian sculptor said matter-of-factly, without a hint of arrogance, “kahititongtable na‘to.”
The statement comes after the initially shy Del
Septuagenarian sculptor Anita Del Rosario feels boundless
By Eugenia Last
Rosario loosened up when the conversation transitioned to her artistic journey and creative process. Her posture perked up and she spoke more deliberately, as her eyes lit up through her tinted glasses.
Del Rosario graduated with a Fine Arts degree from the University of Santo Tomas (UST) and began her career as a comic book illustrator in the 1970s. Shortly after, she landed a job with a top jeweler before venturing independently and becoming one herself for the next 50 years. Her masterful craft earned several awards, including being named one of CCP’s Top 100 Women Artists in 2015 and one of the Distinguished Thomasians by the UST Alumni Association in 2023.
The Nueva Ecija native always enjoyed working with different materials, pushing the limits of her creativity. It was for this same reason that she found her way to visual arts. Del Rosario’s UST friends have always seen her artistic potential beyond jewelry design and suggested that she scale her works to sculpture. After years of prodding, she finally heeded the call and never looked back.
Sajewelry, isangmaterial langangmagagamit, isanggold or silver,” she said. “[Sa sculpture], mas marami kang magagamit na materials—any material.”
Del Rosario believes that one’s artistic style
SINGAPORE-BASED STPI - Creative Workshop and Gallery has collaborated with multiple award-winning painter Manuel Ocampo on his latest presentation, IdeologicalMash-Up/ Remix, as part of the ArtFairPH/Projects space at Art Fair Philippines 2025.
The presentation features works produced during Ocampo’s artist residency at STPI’s Creative Workshop in 2019 — a pivotal moment in the artist’s practice that marked a striking departure from his usual modes of production.
Known for his strategic stylistic drifts and rich iconography, Ocampo employs symbols across a range of references — from local kitsch, religious rituals, and the supernatural to punk culture, surrealist films, and the internet. This distinct visual language is furthered and challenged at STPI, where Ocampo reimagined his practice by embracing and experimenting with the unique demands of print and paper.
comes through in whatever medium. She proves as much with her curvilinear style in jewelry design translating to sculpture, wherein she’s able to choreograph any material, no matter how stern, to dance gracefully.
Del Rosario met up to discuss her latest solo exhibition. Her artworks take center stage, visualizing the concept of maternal love. The show, titled Milang, is named after the artist’s mother as a tribute to her everlasting memory. The exhibit coincides with no special date in particular, Del Rosario maintained, as it is simply a timeless showcase of love and gratitude of a daughter for her beloved mother.
Among the featured pieces is a series of brass sculptures resembling a mother in symbolic actions. Milagros, for one, depicts a woman in a Filipiniana while clutching onto a basket of food, ready to feed her family. In InangPerlas, the subject sits with her brass skirt appearing to flow gently. Unique in these works and the others presented in the show is Del Rosario’s use of mother of pearl, treated with such high skill that it fills in as cloth, flesh, and any other image the artist wishes it to be, adding a touch of drama and sophistication.
Del Rosario is likewise presenting in the show a
See “Septuagenarian,” B5
The residency allowed him to reinterpret his imagery, melding painting with innovative print techniques such as lithography, screenprinting, collagraphy, etching, and collage. The resulting works, such as Virtue Signaling On The Bully Pulpit series, and the monumental If All You Are Is A Nail Then Everything Looks Like A Hammer Version 1, blur the lines between accessibility and ambiguity, humour and darkness, and materiality and history.
STPI’s collaboration with Ocampo underscores its commitment to pushing the boundaries of artistic experimentation in the mediums of print and paper.
IdeologicalMash-Up/Remix invites audiences to engage with the fluidity of symbols and signs, challenging perceptions of culture and history in an age of shifting global narratives.
Guests can view the works at the Art Fair Philippines 2025’s Project section on the 2nd Floor of Ayala Tower 2, Ayala Triangle.
MANUEL OCAMPO
INANG Perlas, Anita Del Rosario, mother of pearl, copper, and brass
By Jill Lawless The Associated Press
LONDON — Papal thriller Conclavewon four prizes including best picture on Sunday at the 78th British Academy Film Awards, where genre-bending musical EmiliaPérez proved that it’s still an awards contender despite a multipronged backlash that looked to have dented its chances.
At a ceremony where no film dominated, The Brutalistequaled the awards tally of Conclave, scooping four trophies, including best director for Brady Corbet and best actor for Adrien Brody. Mikey Madison won the best actress prize for Brooklyn tragicomedy Anora.
Conclave, which stars Ralph Fiennes as a cardinal corralling conniving clergy as they elect a new pope, beat Anora,TheBrutalist,EmiliaPérezand Bob Dylan biopic ACompleteUnknown to the top prize. Conclavewas also named outstanding British film and took trophies for editing and adapted screenplay.
Supporting performer prizes went to Kieran Culkin for ARealPainand Zoe Saldaña for Emilia Pérez, which also won the award for best film not in the English language.
Karla Sofía Gascón, who stars as the titular transgender ex-cartel boss in EmiliaPérez, was a best-actress nominee but did not attend the ceremony. Gascón has withdrawn from promoting the film, which has 13 Oscar nominations, amid controversy over her social media posts disparaging Muslims, George Floyd and diversity at the Oscars.
The film’s director, Jacques Audiard, has condemned those comments, but in an acceptance speech thanked Gascón along with her co-stars Saldaña and Selena Gomez.
“I am deeply proud of what we have all achieved together,” he said.
FROM THE BAFTAS TO THE OSCARS
STARS including Cynthia Erivo, Hugh Grant, Ariana Grande, Lupita Nyong’o, Timothée Chalamet and Saoirse Ronan walked the red carpet at London’s Royal Festival Hall for the awards, known as BAFTAs. The British prizes often provide clues about who will triumph at Hollywood’s Academy Awards on March 2, in an unusually hard-to-call awards season. They also have a distinctly British accent. The ceremony kicked off with its kilt-wearing host, Scottish actor David Tennant, leading the audience in a rousing singalong of The Proclaimers’ anthem “I’m Gonna Be (500 Miles).”
Madison won the female acting trophy for her powerhouse performance as an exotic dancer entangled with a Russian oligarch’s son in Anora. She beat Gascón, Demi Moore for body-horror film The Substance Ronan for TheOutrun, Erivo for Wicked and Marianne Jean-Baptiste for HardTruths In her acceptance speech, Madison sent a message to the sex worker community.
“You deserve respect and human decency. I will always be a friend and an ally and I implore others to do the same,” she said.
Brody beat competition from Fiennes, Chalamet, who plays the young Dylan in ACompleteUnknown, Grant for the horror film Heretic, Colman Domingo for prison drama SingSingand Sebastian Stan for his portrayal of a young Donald Trump in TheApprentice Brody, who plays a Hungarian-Jewish architect in the postwar United States, said TheBrutalistcarried a powerful message for our divided times.
“It speaks to the need for all of us to share in the responsibility of how we want others to be treated and how we want to be treated by others,” he said. “There’s no place any more for antisemitism. There’s no place for racism.”
TheBrutalistalso won prizes for its cinematography and musical score.
Saldaña won for her role as a lawyer who helps the title character in EmiliaPéreztransition to a woman and out of a life of crime. She called the film “the creative challenge of a lifetime.”
ARealPain, about mismatched cousins on a trip to explore their roots, won the BAFTA for best original screenplay, as well as Culkin’s acting award.
“I’d like to share this with my wife, who didn’t come because she didn’t think I’d win,” quipped
Two steps forward for Anthony Rosaldo
Juan Paolo Infante, has taken two big steps forward and it’s only the second month of the new year. He has released his new single “Batubalani” (magnet or lodestone in English) and he is one of the lead actors of the stage musical Liwanag saDilim, produced by 9Works Theatrical and slated to open next month at the RCBC Plaza in Makati City. “I’m just so thrilled to be cast in this exciting musical, and to be entrusted to perform the songs of Rico Blanco, a prominent figure in the local music business. I get a big boost when I’m performing as a theater actor not just because the feedback is immediate, but because a theater actor gives his time and all he’s got from the minute we start rehearsals until every show unravels.” He added, “It’s combining acting and singing and
being part of telling a story in musical form that gives me all the adrenaline when I step into my character. That’s why this new opportunity to perform on stage is getting me both excited and a little nervous too.” Rosaldo’s first foray into the world of musical theater came via the musical AngHulingElBimbo where he got noticed by local audiences and theater’s hard-nosed critics. After that, he was given the role of struggling rockstar Roger in Rent,TheMusical, which certainly made people take a second and longer look at his promising talent.
writer-director Jesse Eisenberg, who also co-starred in the film. Claymation caper WallaceandGromit: Vengeance MostFowlwon awards for best animated feature and best family and children’s film.
Sci-fi epic Dune:PartTwo won prizes for sound and visual effects, while blockbuster musical Wicked took the costume and production design trophies.
RISING STARS AND LIFETIME HONORS
MOST BAFTA winners are chosen by 8,000 members of the UK academy of industry professionals, with one—the Rising Star Award—selected by public vote from a shortlist of nominees. This year’s winner was David Jonsson, star of high finance TV drama series Industryand London rom-com RyeLane
The prize for best British debut went to Rich Peppiatt, writer-director of Irish-language hip-hop drama Kneecap Willowand ReturnoftheJediactor Warwick Davis received the academy’s top honor, the BAFTA Fellowship, for his screen career and work to create a more inclusive film industry.
For this new single, Rosaldo was hands-on right from the start. “I’ve always maintained that as a singer, I have to be fully convinced of a new song before I decide to record and release it. ‘Batubalani’ was originally written as a rock ballad, but when my music producer Roxanne Fabian and I sat down and discussed about it many times, specifically about the arrangement, it evolved into something fresh and fun and not dated, and something I cannot be complacent with interpreting, that is why we’re both happy with how the song turned out to be,” he told us.
Then came the promotion strategies with the people behind GMA Playlist which Rosaldo was so excited to be part of. “The more people know about a new song, the more chances it has to become a hit. So when the opportunity to shoot a music video presented itself, we decided to do a collaboration with a hot and popular dance group called Mastermind, which already has tons of following on social media. Up to now, I still cannot believe the group said yes and I am thankful having them as part of the song we are currently promoting.”
Rosaldo’s team has also started exploring TikTok as a platform to give the new song all the push it needs — the reason why Mastermind’s involvement is precious for Rosaldo. “We have come up with a TikTok dance challenge, so promoting the song becomes an interactive activity. We are very positive that TikTok will give ‘Batubalani’ a major boost.”
When we listened to “Batubalani,” we reckon that it is an aspirational, dancey love song and the love month is a perfect time for it to be launched. Rosaldo added that it is about a love that constantly craves for physical presence, of being always available for your
The 3-foot, 6-inch (1.1-meter) actor founded a talent agency for actors under 5 feet tall, because, he said, “short actors weren’t known for their talent, just their height.”
“This is the best thing that’s ever happened to me — and I’ve been in StarWars,” Davis said as he accepted his award.
This awards season has been clouded by last month’s devastating Los Angeles wildfires, and BAFTA chairwoman Sara Putt sent a message of strength to everyone affected,
The event was without a dash of royal glamour this year.
Neither Prince William, who is honorary president of the British film academy, nor his wife Kate attended the ceremony, which coincided with school holidays for their three children.
William, 42, sent a video message, recorded during a visit to meet students at the London Screen Academy on Wednesday.
During the visit, the heir to the throne discussed his own viewing habits, saying he’d watched World War II drama “Darkest Hour” and had begun postapocalyptic TV drama TheLastofUs. He said he found it “quite full on” and didn’t make it to the end. n
partner, something that many people, especially the younger generation of music lovers, can relate to.
“We all want love, we all want to be loved. But love does not always guarantee happiness, nor can it assure us of forever. But if we can be the reason why people believe in beautiful souls, kind hearts and positive energies, then love is worth redefining, celebrating and fighting for,” he shared, when our topic shifted to love and celebrating Valentine’s Day. Anthony Rosaldo did not win the grand prize when he competed in the very first season of The Clashin 2017, but look where fate has redirected him now. His patience, passion, focus, discipline, love for who he is and what he does, plus a truly kind heart are all taking him to places he only once dreamt of.
Adrien Brody and Georgina Chapman
Brady Corbet and Mona Fastvold
Mikey Madison
Ralph Fiennes
PwC in the Philippines inaugurates Advisory Services office in BGC
PWC announced the inauguration of its new office at the Bonifacio Global City (BGC) in Taguig, marking a significant expansion of its Acceleration Center in the Philippines. This strategic move is poised to create 2,000 jobs for Filipinos over the next two to three years and significantly impact the country's burgeoning economy, reinforcing PwC's commitment to providing world-class Advisory services.
The inauguration of the new office took place on February 12, 2025, and was attended by the leaders from the Philippines, the United States, Australia, New Zealand, PwC South East Asia Consulting (SEAC), as well as representatives from government agencies such as the Department of Trade and Industry (DTI), the Philippine Economic Zone Authority (PEZA), and industry partners including the IT and Business Process Association of the Philippines (IBPAP) and the American Chamber of Commerce of the Philippines (AMCHAM).
The new office will initially focus on high-demand areas, including Guidewire, SAP, and Oracle, aligning with the needs of businesses navigating today’s rapidly evolving technological landscape. With plans to expand its practice team capabilities, the BGC office promises to be a cornerstone of innovation and excellence, empowering businesses with the insights and solutions necessary to thrive in a complex global environment.
Hari Kumar, PwC Acceleration Centers Leader, said “This new office represents an important milestone in PwC’s journey
The Green
Wto enhance our Advisory capabilities. Our investment in the Philippines highlights our confidence in the incredible talent here and our commitment to delivering exceptional value to our clients. We are combining local expertise with our global network to work as one for our clients across the world.”
The establishment of the PwC AC Manila BGC Office is a testament to PwC's robust commitment to innovation and excellence. It will play a crucial role in supporting PwC territories worldwide, offering the expertise needed to navigate complex landscapes and drive sustainable growth. As the global business environment becomes increasingly intricate, PwC remains dedicated to developing solutions that address the evolving challenges faced by businesses today.
Roderick Danao, PwC Philippines, Chairman & Senior Partner said, “The growth of PwC in the Philippines is a testament to our dedication to providing world-class services and our commitment to nurturing the local workforce. We are excited to expand our presence and
capabilities in this vibrant market.”
Nilesh Sharma, PwC Acceleration Center Manila, Partner & General Manager, said, “The opening of PwC AC Manila's BGC office marks an exciting expansion of our advisory capabilities in the Philippines. This growth strengthens our teams' ability to support our clients in driving meaningful business transformation, contributes to the country’s economic progress, and creates new opportunities for our people.”
In addition to creating thousands of jobs, this expansion will contribute to the professional growth of Filipino talent, providing opportunities for skill development in cutting-edge technologies and methodologies. This aligns with PwC's ongoing commitment to nurturing a highly skilled workforce, ready to meet the demands of a dynamic global market.
PwC's expansion in the Philippines represents a significant step towards strengthening its presence in the AsiaPacific region. The new BGC office will serve as a hub for innovation, collaboration, and excellence, further solidifying PwC's role as a leader in Advisory services. Complementing this new hub, PwC in the Philippines has offices in key cities across the country, including Cebu, Iloilo, Davao, and Pasig, alongside its practice firm in Makati City. This network of locations underscores PwC's commitment to delivering unparalleled professional services nationwide.
Market is the Guidicelli couple’s advocacy for sustainable living
HAT started as a simple idea fueled by a shared passion for health and sustainability has now blossomed into a thriving community. Matteo and Sarah Geronimo-Guidicelli, both celebrated in their respective industries, are also deeply committed individuals who advocate for mindful living. This commitment gave birth to The Green Market, an initiative that aims to promote a healthier and more sustainable lifestyle.
The Green Market, organized by G Productions, the couple’s production company, first came to life on March 23 to 24, 2024 with over 1,000 attendees. During its launch, Sarah also participated as a merchant with her own booth called “Plant Forward,” where she served plant-based Halo-Halo and plant-based Banh Mi. Seeing the enthusiastic response, they did another successful installment last November 23 to 24, 2024.
“The Green Market was born out of a desire to promote healthier and more sustainable food choices for Filipinos. My wife, Sarah, and I have always been passionate about wellness and nutrition, and we wanted to create a platform that makes clean, highquality, and locally sourced food more accessible. It’s about making mindful eating a part of everyday life while also supporting local farmers and businesses,” Matteo shares.
“I advocate for healthcare which I believe entails having a more plant forward and sustainable diet and lifestyle. I hope this project will help raise awareness about the importance of understanding and gaining the right knowledge of how a holistic approach greatly benefits environmental and social sustainability,” Sarah says.
This February 22 to 23, 2025, The Green Market is set to make an even bigger impact.
Beyond their work in entertainment and business, Matteo and Sarah believe in using their influence to champion meaningful causes. Matteo, known for his acting, hosting, active lifestyle, and entrepreneurial ventures, including Da Gianni, Trattoria Da Gianni, and the newly launched M&P Cellar, has always been passionate about food, fitness, and wellness.
“As an athlete and someone who trains regularly, what I eat directly impacts my energy, endurance, and overall performance. I’ve learned that fueling my body with highquality, sustainably sourced food not only helps me perform better but also contributes to a healthier environment. It’s a win-win—taking care of my body while being mindful of how our food choices affect the planet,” Matteo says.
Meanwhile, Sarah G, a multi-awarded artist with soldout concerts both locally and internationally, remains a strong advocate for holistic well-being.
“It definitely has a positive impact on my mental and physical health. They say, ‘You are what you eat,’ and knowing that I fuel my mind and body with not just good but, most importantly, nutritious food gives me a sense of confidence. I feel assured that I can perform and function
well because I take full responsibility for my health and well-being,” Sarah shares.
Through G Productions, the couple consistently mounts meaningful events like the Pet Care Day, an event dedicated to responsible pet ownership. Their creative vision is supported by G Studios, their flexible two-storey creative events space with a rooftop in Alabang, Muntinlupa City.
With The Green Market’s upcoming third run this February, people can look forward to an even more diverse lineup of sustainable merchants and meeting people of the same mindset.
“Small, conscious choices can create a big impact.
Whether it’s choosing fresh, local produce, reducing food waste, or supporting businesses that prioritize sustainability, every effort counts,” Matteo shares. Leading a healthier lifestyle isn’t just about diet—it’s about a mindset that values well-being, balance, and responsibility for the environment. The Green Market is our way of helping Filipinos take that step toward a more mindful and sustainable way of living.”
“For me, health and time are true wealth,” Sarah adds. “Our health should be our top priority in life, and we are capable of achieving it if we equip ourselves with the right food and lifestyle choices every day. Little by little, in your own way, it can be achieved— you just need to be open to it and make that change for yourself.”
Visit The Green Market on February 22 to 23, 2025, from 10 am to 7 pm, and be part of a movement that nurtures both people and the planet. Follow @ GreenMarketPH on Instagram and “The Green Market at G Studios”on Facebook for merchant announcements and other updates.
Forecasting Event Sets the Stage for 2025 ITIC
THE British Chamber’s UK-PH Economic Forecasting event held on January 30, 2025 marked a pivotal moment in fostering stronger economic ties between the United Kingdom and the Philippines. With Trade Secretary Cristina Roque and UK Ambassador Laure Beaufils in attendance, key discussions revolved around investment incentives and the impact of evolving tax policies, such as the Ease of Paying Taxes Act and the CREATE More law. These measures were highlighted as vital in enhancing the country’s appeal to investors, particularly through improvements in VAT refunds and RBE Taxpayer Services.
Building on this momentum, ACG formalized a partnership with Asia CEO on January 31. Mon Abrea, alongside Asia CEO President Rebecca Bustamante and Chairman Richard Mills, signed a Memorandum of Agreement to highlight sustainability and innovation while recognizing outstanding leaders in ESG and global business practices.
The conference will launch key initiatives, including the Reimagining the World Without Climate Change book series, the third season of Thought Leaders and Game Changers podcast, and the International Tax and Investment Roadshow.
Abrea also appeared in an exclusive interview with Reign Musngi on Bilyonaryo News Channel’s “Follow the Money” on February 1, where he highlighted the implications of the OECD Global Minimum Tax and stressed the importance of keeping Philippine businesses competitive amid global shifts.
These significant engagements pave the way for the highly anticipated 2025 International Tax and Investment Conference (ITIC) on March 26 at the Manila Marriott.
With the theme “FAST Forward: Promoting ESG Investing in the Philippines,” the conference promises to be a landmark event where industry leaders, policymakers, and investors will converge to explore the intersection of fiscal policy and sustainability.
Be part of the conversation shaping the future of tax and investment. Reserve your spot at ITIC 2025. For registration details, email itic@acg.ph or contact +63 917 627 8805. REGISTER NOW!
Filinvest Land Inc.: Building the Filipino Dream, Today and Tomorrow
FILINVEST Land, Inc. (FLI) continues its growth momentum from last year, strengthening its presence across the country through strategic expansions and innovative offerings.
With a clear focus on providing high-quality, valuedriven developments, FLI remains committed to helping more Filipinos achieve their dream homes while enhancing its commercial and industrial footprint. The company’s solid performance across its residential, office, and retail segments in the past year underscores its resilience and adaptability in meeting the evolving needs of homebuyers and businesses alike.
As FLI gears up for an exciting future, it remains steadfast in delivering sustainable communities and fostering economic progress across key regions in the Philippines.
Residential FLI is making significant strides in residential real estate with an ambitious plan to continue expanding its presence beyond Metro Manila. Building on its existing developments in Luzon, FLI is strengthening its presence in the region with new projects in Bulacan, Naga, and Dagupan, further solidifying its foothold in these strategic locations. Meanwhile, in Visayas and Mindanao, FLI is set to expand in Dumaguete, Iloilo, General Santos, and Zamboanga, reinforcing its commitment to fostering thriving communities in dynamic and fastgrowing cities.
Anchored in its commitment to building vibrant, selfsustaining communities, FLI is also focusing on township developments. These townships, currently located in Bulacan, Negros, and Iloilo are thoughtfully designed to provide a holistic lifestyle, featuring well-planned communities that integrate essential amenities, green spaces, and commercial hubs—creating an environment where residents can thrive and enjoy a seamless blend of work, leisure, and everyday living.
After a successful launch of Futura Rise in Iloilo Centrale in 2024, FLI will continue its expansion of walk-up residences, offering modern and accessible living options across the country. Some of these walk-up developments remains within FLI’s integrated townships, such as Wood Estates in Cavite, Ciudad de Calamba in Laguna, San Rafael Estates in Bulacan, and Palm Estates in Talisay, ensuring that residents enjoy a well-rounded living experience with access to essential amenities.
Meanwhile, other walk-up projects, like those in Bataan and Mactan, Cebu are stand-alone developments that will be strategically placed in high-growth areas to provide practical and cost-effective housing solutions for young professionals, start-up families, and investors. Designed with functionality and comfort in mind, these walk-ups offer an ideal balance of affordability, convenience, and a strong sense of community—whether within a township or as an independent development.
Industrial FILINVEST Innovation Parks (FIP) is poised to build on its strong performance in 2024 as it gears up for an even more dynamic 2025. With global enterprises like StB Giga and ALPLA Philippines choosing its parks as their business hubs, FIP continues to drive growth and innovation across the country.
StB Giga, the first manufacturer of Lithium-Iron Phosphate (LFP) batteries in the country, has established its operations at FIP New Clark City (FIP-NCC), positioning itself at the forefront of the renewable energy sector. Meanwhile, ALPLA Philippines, a subsidiary of the Austrian global leader in plastic packaging solutions and recycling, has expanded into FIP Ciudad de Calamba (FIP-CDC). ALPLA’s cutting-edge facility will support its regional growth and cater to the increasing demand for sustainable plastic packaging, particularly in the beverage sector. These global partnerships highlight FIP’s growing reputation as a preferred destination for innovative and sustainable businesses. Looking ahead, FIP plans to sustain its growth by leveraging strategic locations and fostering ecosystems for global enterprises. This year, FIP plans to inaugurate FIP Calamba, offering rare industrial lots for sale following the successful lease-out of the RBF strip in its legacy park, FTPC. New RBF units in FIP New Clark City will also be turned over, building on the operations of its multinational tenant, StB Giga. With a target of a sell-out year in New Clark City, FIP aims to attract multinational firms in future-focused industries such as EVs, semiconductors, and renewable energy.
Additionally, the launch of a new industrial park in North Luzon will further expand its footprint. Through these initiatives, FIP seeks to strengthen its role in the industrial landscape and drive economic progress for the nation.
Retail FILINVEST Malls is also gearing
scenic coastal views and a diverse mix of tenants, including UCC Cafe Terrace, The Medical City Clinic, Power Mac Center, and the iconic Sans Rival Bistro, making it a vibrant destination for both locals and visitors. Meanwhile, FLI’s IL Corso Mall in Cebu has solidified its position as a premier lifestyle hub by introducing renowned global active lifestyle brands such as Converse, New Balance, Skechers, and the first Puma outlet store in the Visayas. This expansion underscores Filinvest Malls’ commitment to promoting health, wellness, and innovation, providing shoppers with dynamic retail experiences that cater to their evolving lifestyles. Filinvest Malls is set to continue its expansion into 2025 with the opening of Filinvest Malls Mimosa in the fourth quarter, alongside significant upgrades to Festival Mall, its flagship development in Alabang. The West Wing cinemas will be repurposed into an “edu-tainment” facility leveraging digital technology, while the East Wing cinemas will undergo modernization to elevate the viewing experience.
Office
FILINVEST Offices is set to strengthen its position in the office sector in 2025 by focusing on sustainable growth, tenantcentric initiatives, and diversification of its tenant portfolio. Known for its nationwide presence in Metro Manila and provincial locations, Filinvest Offices continues to attract businesses that prioritize efficiency and sustainability while expanding its reach to include a broader range of industries. Reflecting on 2024, Filinvest Offices made significant strides in expanding its portfolio, which now includes Filinvest Buendia, One Filinvest, and Studio7, totaling a Gross Leasable Area (GLA) of approximately 87,000 square meters. This growth was further bolstered by successfully securing tenants from key sectors including government, healthcare, religious organizations, and education, alongside establishing strong relationships with multinational companies and key local tenants. Building on this momentum, Filinvest Offices will continue diversifying its tenant mix in 2025, as this strategy has effectively met the market’s dynamic needs. Through flexible leasing options and tailored spaces, Filinvest Offices aims to support these sectors in creating work environments
How Elon Musk’s crusade against government could benefit Tesla
By Kimberly Kindy & Brian Slodysko The Associated Press
WASHINGTON—Elon
Musk has long railed against the US government, saying a crushing number of federal investigations and safety programs have stymied Tesla, his electric car company, and its efforts to create fleets of robotaxis and other self-driving automobiles.
Now, Musk’s close relationship with President Donald Trump means many of those federal headaches could vanish within weeks or months.
On the potential chopping block: crash investigations into Tesla’s partially automated vehicles; a Justice Department criminal probe examining whether Musk and Tesla have overstated their cars’ selfdriving capabilities; and a government mandate to report crash data on vehicles using technology like Tesla’s Autopilot.
The consequences of such actions could prove dire, say safety advocates who credit the federal investigations and recalls with saving lives.
“Musk wants to run the Department of Transportation,” said Missy Cummings, a former senior safety adviser at the National Highway Traffic Safety Administration. “I’ve lost count of the number of investigations that are underway with Tesla. They will all be gone.”
Within days of Trump taking office, the White House and Musk began waging an unbridled war against the federal government—freezing spending and programs while sacking a host of career employees, including prosecutors and government watchdogs typically shielded from such brazen dismissals without cause.
The actions have sparked outcries from legal scholars who say the Trump administration’s actions are without modern-day precedent and are already upending the balance of power in Washington.
The Trump administration has not yet declared any actions that could benefit Tesla or Musk’s other companies. However, snuffing out federal investigations or jettisoning safety initiatives would be an easier task than their assault on regulators and the bureaucracy.
Investigations into companies like Tesla can be shut down overnight by the new leaders of agencies. And safety programs created through an agency order or initiative—not by laws passed by Congress or adopted through a formal regulatory process—can also be quickly dissolved by new leaders. Unlike many of the dismantling efforts that Trump and Musk have launched in recent weeks, stalling or killing such probes and programs would not be subject to legal challenges.
As such, the temporal and fragile nature of the federal probes and safety programs make them easy targets for those seeking to weaken government oversight and upend long-established norms.
“Trump’s election, and the bromance between Trump and Musk, will essentially lead to the defanging of a regulatory environment that’s been stifling Tesla,” said Daniel Ives, a veteran Wall Street technology and automobile industry analyst.
Musk’s empire
AMONG Musk’s businesses, the federal government’s power over Tesla to investigate, order recalls, and mandate crash data reporting is perhaps the most wide-ranging. However, the ways the Trump administration could quickly ease up on Tesla also apply in some measure to other companies in Musk’s sprawling business empire.
A host of Musk’s other businesses—
such as his aerospace company SpaceX and his social media company X—are subjects of federal investigations.
Musk’s businesses are also intertwined with the federal government, pocketing hundreds of millions of dollars each year in contracts.
SpaceX, for example, has secured nearly $20 billion in federal funds since 2008 to ferry astronauts and satellites into space. Tesla, meanwhile, has received $41.9 million from the US government, including payment for vehicles provided to some US embassies.
Musk, Tesla’s billionaire CEO, has found himself in his newly influential position by enthusiastically backing Trump’s third bid for the White House. He was the largest donor to the campaign, plunging more than $270 million of his vast fortune into Trump’s political apparatus, most of it during the final months of the heated presidential race.
Those donations and his efforts during the campaign—including the transformation of his social media platform X into a firehose of pro-Trump commentary—have been rewarded by Trump, who has tapped the entrepreneur to oversee efforts to slash government regulations and spending.
As the head of the Department of Government Efficiency, Musk operates out of an office in the Eisenhower Executive Office Building, where most White House staff work and from where he has launched his assault on the federal government. Musk’s power under DOGE is being challenged in the courts.
Even before Trump took office, there were signs that Musk’s vast influence with the new administration was registering with the public—and paying dividends for Tesla.
Tesla’s stock surged more than 60% by December. Since then, its stock price has dropped, but still remains 40% higher than it was before Trump’s election.
“For Musk,” said Ives, the technology analyst, “betting on Trump is a poker move for the ages.”
Proposed actions will help Tesla
THE White House did not respond to questions about how it would handle investigations and government oversight involving Tesla or other Musk companies. A spokesman for the transition team said last month that the White House would ensure that DOGE and “those involved with it are compliant with all legal guidelines and conflicts of interest.”
In the weeks before Trump took office on Jan. 20, the president-elect’s transition team recommended changes that would benefit the billionaire and his car company, including scrapping the federal order requiring carmakers to report crash data involving self-driving and partially automated technology.
The action would be a boon for Tesla, which has reported a vast majority of the crashes that triggered a series of investigations and recalls.
The transition team also recommended shelving a $7,500 consumer tax credit for electric vehicle purchases, something Musk has publicly called for.
“Take away the subsidies. It will only help Tesla,” Musk wrote in a post on X as he campaigned and raised money for Trump in July.
Auto industry experts say the move would have a nominal impact on
Tesla—by far the largest electric vehicle maker in the US—but have a potentially devastating impact on its competitors in the EV sector since they are still struggling to secure a foothold in the market.
Musk did not respond to requests for comment. Before the election, he posted a message on X, saying he had never asked Trump “for any favors, nor has he offered me any.”
Although most of the changes that Musk might seek for Tesla could unfold quickly, there is one long-term goal that could impact the autonomous vehicle industry for decades to come.
Though nearly 30 states have rules that specifically govern self-driving cars, the federal government has yet to craft such regulations.
During a late October call with Tesla investors, as Musk was pouring hundreds of millions of dollars into Trump’s campaign, he signaled support for having the federal government create these rules.
“There should be a federal approval process for autonomous vehicles,” Musk said on the call. “If there’s a department of government efficiency, I’ll try to help make that happen.”
Musk leads that very organization.
Those affected by Tesla crashes worry about lax oversight
PEOPLE whose lives have been forever changed by Tesla crashes fear that dangerous and fatal accidents may increase if the federal government’s investigative and recall powers are restricted.
They say they worry that the company may otherwise never be held accountable for its failures, like the one that took the life of 22-year-old Naibel Benavides Leon.
The college student was on a date with her boyfriend, gazing at the stars on the side of a rural Florida road, when they were struck by an out-of-control Tesla driving on Autopilot—a system that allows Tesla cars to operate without driver input. The car had blown through a stop sign, a flashing light and five yellow warning signs, according to dashcam video and a police report.
Benavides Leon died at the scene; her boyfriend, Dillon Angulo, suffered injuries but survived. A federal investigation determined that Autopilot in Teslas at this time was faulty and needed repairs.
“We, as a family, have never been the same,” said Benavides Leon’s sister, Neima. “I’m an engineer, and everything that we design and we build has to be by important codes and regulations. This technology cannot be an exception.”
“It has to be investigated when it fails,” she added. “Because it does fail.”
Tesla’s lawyers did not respond to requests for comment. In a statement on Twitter in December 2023, Tesla pointed to an earlier lawsuit the Benavides Leon’s family had brought against the driver who struck the college student.
He testified that despite using Autopilot, “I was highly aware that it was still my responsibility to operate the vehicle safely.”
Tesla also said the driver “was pressing the accelerator to maintain 60 mph,” an action that effectively overrode Autopilot, which would have otherwise restricted the speed to 45 mph on the rural route, something Benavides Leon’s attorney disputes.
Federal probes into Tesla
THE federal agency that has the most power over Tesla—and the entire automobile industry—is the National Highway Traffic Safety Administration, which is part of the Department of Transportation.
NHTSA sets automobile safety standards that must be met before vehicles can enter the marketplace. It also has a quasi-law enforcement arm, the Office of Defects Investigation, which has the power to launch probes into crashes and seek recalls for safety defects.
The agency has six pending investigations into Tesla’s self-driving technology, prompted by dozens of crashes that took place when the computerized systems were in use.
Other federal agencies are also investigating Musk and Tesla, and all of those probes could be sidelined by Muskfriendly officials:
n The Securities and Exchange Commission and Justice Department are separately investigating whether Musk and Tesla overstated the autonomous capabilities of their vehicles, creating dangerous situations in which drivers may over rely on the car’s technology.
n The Justice Department is also probing whether Tesla misled customers about how far its electric vehicles can travel before needing a charge.
n The National Labor Relations Board is weighing 12 unfair labor practice allegations leveled by workers at Tesla plants.
n The Equal Employment Opportunity Commission is asking a federal judge to force Tesla to enact reforms and pay compensatory and punitive damages and backpay to Black employees who say they were subjected to racist attacks. In a federal lawsuit, the agency has alleged that supervisors and other employees at Tesla’s plant in Fremont, California, routinely hurled racist insults at Black employees.
Experts said most, if not all, of those investigations could be shut down, especially at the Justice Department where Trump has long shown a willingness to meddle in the department’s affairs. The Trump administration has already ordered the firing of dozens of prosecutors who handled the criminal cases from the Jan. 6, 2021 attack on the Capitol.
“DOJ is not going to be prosecuting Elon Musk,” said Peter Zeidenberg, a former Assistant US Attorney in the Justice Department’s public integrity section who served during the Clinton and George H.W. Bush administrations. “I’d expect that any investigations that were ongoing will be ground to an abrupt end.”
Trump has also taken steps to gain control of the NLRB and EEOC. Last month, he fired Democratic members of
But repeated malfunctions led NHTSA to recently launch a new inquiry that includes a crash in July that killed a motorcyclist near Seattle.
NHTSA announced its latest investigation in January into “Actually Smart Summon,” a Tesla technology that allows drivers to remotely move a car, after the agency learned of four incidents from a driver and several media reports. The agency said that in each collision, the vehicles were using the system that Tesla pushed out in a September software update that was “failing to detect posts or parked vehicles, resulting in a crash.” NHTSA also criticized Tesla for failing to notify the agency of those accidents.
the board and commission, breaking with decades of precedent. One member has sued, and two others are exploring legal options.
Tesla and Musk have denied wrongdoing in all those investigations and are fighting the probes.
The small safety agency in Musk’s crosshairs
THE federal agency that appears to have enjoyed the most success in changing Tesla’s behavior is NHTSA, an organization of about 750 staffers that has forced the company to hand over crash data and cooperate in its investigations and requested recalls.
“NHTSA has been a thorn in Musk’s side for over the last decade, and he’s grappled with almost every three-letter agency in the Beltway,” said Ives, the Wall Street analyst who covers the technology sector and automobile industry. “That’s all created what looks to be a really big soap opera in 2025.”
Musk has repeatedly blamed the federal government for impeding Tesla’s progress and creating negative publicity with recalls of his cars after its selfdriving technology malfunctions or crashes.
“The word ‘recall’ should be recalled,” Musk posted on Twitter (now X) in 2014.
Two years ago, he posted, “The word ‘recall’ for an over-the-air software update is anachronistic and just flat wrong!”
Michael Brooks, executive director of the Center for Auto Safety, a nonprofit consumer advocacy group, said some investigations might continue under Trump, but a recall is less likely to happen if a defect is found.
As with most car companies, Tesla’s recalls have so far been voluntary. The threat of public hearings about a defect that precedes a NHTSA-ordered recall has generally prompted car companies to act on their own.
That threat could be easily stripped away by the new NHTSA administrator, who will be a Trump appointee.
“If there isn’t a threat of recall, will Tesla do them?” Brooks said.
“Unfortunately, this is where politics seeps in.”
NHTSA conducting several probes of Tesla AMONG the active NHTSA investigations, several are examining fundamental aspects of Tesla’s partially automated driving systems that were in use when dozens of crashes occurred.
An investigation of Tesla’s “Full Self-Driving” system started in October after Tesla reported four crashes to NHT SA in which the vehicles had trouble navigating through sun glare, fog and airborne dust. In one of the accidents, an Arizona woman was killed after stopping on a freeway to help someone involved in another crash.
Under pressure from NHTSA, Tesla has twice recalled the “Full Self-Driving” feature for software updates. The technology—the most advanced of Tesla’s Autopilot systems—is supposed to allow drivers to travel from point to point with little human intervention.
NHTSA is also conducting a probe into whether a 2023 recall of Autopilot, the most basic of Tesla’s partially automated driver assistance systems, was effective. That recall was supposed to boost the number of controls and alerts to keep drivers engaged; it had been prompted by an earlier NHTSA investigation that identified hundreds of crashes involving Autopilot that resulted in scores of injuries and more than a dozen deaths. In a letter to Tesla in April, agency investigators noted that crashes involving Autopilot continue and that they could not observe a difference between warnings issued to drivers before or after the new software had been installed. Critics have said that Teslas don’t have proper sensors to be fully self-driving. Nearly all other companies working on autonomous vehicles use radar and laser sensors in addition to cameras to see better in the dark or in poor visibility conditions. Tesla, on the other hand, relies only on cameras to spot hazards. Musk has said that human drivers rely on their eyesight, so autonomous cars should be able to also get by with just cameras. He has called technology that relies on radar and light detection to discern objects a “fool’s errand.”
Bryant Walker Smith, a Stanford Law School scholar and a leading automated driving expert, said Musk’s contention that the federal government is holding him back is not accurate. The problem, Smith said, is that Tesla’s autonomous vehicles cannot perform as advertised.
“Blaming the federal government for holding them back, it provides a convenient, if dubious, scapegoat for the lack of an actual automated driving system that works,” Smith said. Smith and other autonomous vehicle experts say Musk has felt pressure to provide Tesla shareholders with excuses for repeated delays in rolling out its futuristic cars. The financial stake is enormous, which Musk acknowledged during a 2022 interview. He said the development of a fully self-driving vehicle was “really the difference between Tesla being worth a lot of money and being worth basically zero.” The collisions from Tesla’s malfunctioning technology on its vehicles have led not only to deaths but also catastrophic injuries that have forever altered people’s lives.
Attorneys representing people injured in Tesla crashes—or who represent surviving family members of those who died—say without NHTSA, the only other way to hold the car company accountable is through civil lawsuits.
“When government can’t do it, then the civil justice system is left to pick up the slack,” said Brett Schreiber, whose law firm is handling four Tesla cases. However, Schreiber and other lawyers say if the federal government’s investigative powers don’t remain intact, Tesla may also not be held accountable in court.
In the pending wrongful death lawsuit that Neima Benavides Leon filed against Tesla after her sister’s death, her attorney told a Miami district judge the lawsuit would have likely been dropped if NHTSA hadn’t investigated and found defects with the Autopilot system.
“All along we were hoping that the NHTSA investigation would produce what it did, in fact, end up producing, which is a finding of product defect and a recall,” attorney Doug Eaton said during a March court hearing. “And we had told you very early on in the case if NHTSA had not found that, we may very well drop the case. But they did, in fact, find this.”
PEOPLE protest during a rally against Elon Musk outside the Treasury Department in Washington, Tuesday, February 4, 2025. AP/JOSE LUIS MAGANA
EJ sets sights on world indoors
By Josef Ramos
medal at 5.70 meters last February 8 in the Meeting Moselle Athletor in Metz, France.
He was seventh and last at 5.60 meters at the ISTAF Indoor Dusseldorf in Germany last week. Poland’s Piotr Lisek got the silver
Bachmann vows full PSC support to winter sports
HILIPPINE Sports Commission
P(PSC) chairman Richard Bachmann on Monday committed the government sports agency’s full support to Filipino winter athletes led by the men’s curling team that bagged a gold medal in last week’s Ninth Asian Winter Games in Harbin, China.
“The PSC remains committed to expand the necessary support for winter sports and provide appropriate programs that will be delivered within the grassroots level to sustain the achievement we attained and the growing dynamics of our local sports scene, making us equipped for greater challenges ahead,” said Bachmann in a statement.
“The PSC is incredibly proud of the recent achievement by the men’s curling Team,” added Bachmann, referring to Marc Pfister, Christian Haller, Enrico Pfister, Alen Frei, alternate and Curling Pilipinas president Benjo Delarmente and Pfister’s wife Jessica who served as their coach, who won the country’s first gold medal in the Asian Games. T he lone gold medal pushed the Philippines to fifth place in the medal standings in the Harbin games that featured athletes from 34 nations in the continent.
We are dedicated to fully coordinate with the officials of the Curling Winter Sports Association of the Philippines Inc., the accredited and recognized national sports association by the Philippine Olympic Committee
with a season-best 5.70 meters in Toruń, beating Norway’s Sondre Guttormsen via countback.
L ike Obiena, Lisek and Guttormsen are members of the exclusive 6.0 meters club of men’s pole vault.
O biena needed a third attempt to clear 5.80 meters but the former world championships silver medalist, according to Lafferty, played it smart in Poland. “He was smart in choosing when to jump and when to pass, conserving his energy for the later rounds,” Lafferty said. “To clear 5.80 in his final attempt and take the win was a clutch performance and reset his season’s best early this indoor season.”
O biena went for 5.85 and missed thrice.
“I t was a high-level ‘gold’ meet [Toruń] designation by World Athletics and it had a world-class field with three vaulters who have cleared 6.0 meters,” he said.
The other finishers in Toruń were Olympian Menno Vloon of Germany and Huang Bokai China (5.60m fourth and fifth places) and Poland’s Robert Sobera (5.50m) and Michael Gawenda (5.50m), Belgium’s Ben Broeders (5.40m), Italy’s Claudio Stecchi (5.40m) and Poland’s Filip Kempski (5.20m).
Overall, we are pleased,” Lafferty said. “A win, a season’s best, continual improvement. He’s on a good track.”
ERNEST JOHN “EJ” OBIENA is still 5 centimeters short of qualifying for the world indoors in Nanjing.
for curling, to exert assistance in streamlining the process to qualify for membership in the National Training Pool,” Bachmann said. He added: “That ensures entitlement from the monthly allowance, other subsidies and other specialized training and development programs geared towards representing the country in any international competitions.”
Philippine Olympic Committee (POC) president Abraham “Bambol” Tolentino bared in a press conference at the Knights Templar Hotel in Tagaytay City on Sunday that the winter sports athletes, specifically the curling team, shoulder their expenses each time they see action in international competitions.
“ You did not ask how they survive without the support of the government? They were just recognized by the POC recently,” Tolentino said. “They pay their own expenses every time and that’s no joke.”
The men’s curling team is bound to receive a government incentive of P2 million through the Athletes and Coaches Incentives Act.
EASTRIDGE Golf Club enters the
76th Philippine Airlines Interclub golf team championships as the team to beat starting Tuesday at the Negros Occidental Golf and Country Club (NOGCC) and Bacolod Golf Club.
Fielding nearly the same lineup that finished second to Manila Southwoods in Cagayan de Oro last year, Eastridge is seeded first based on the average handicap of its players—Rolando Bregente Jr. leads with the lowest handicap at -4.30, followed by Ronel Taga-An (-4.10) and Alexander Bisera (-3.10).
Completing the team are Jeff Lumbo, Chris John Remata, Edison Tabalin, Gary Sales and junior standout Vito Sarines, the newest addition.
Defending champion Manila Southwoods ranks second with a lineup of top
Eastridge team to beat in men’s regular Interclub
junior players—Perry Bucay leads the team with a -5.40 handicap, followed by Shinichi Suzuki at -3.50.
Juniors Miko Granada, Emil Hernandez, Santino Laurel, Zeus Sara and Patrick Tambalque complete the Southwoods squad.
S outhwood’s assistant general manager Jerome Delariarte is also attempting a comeback to provide experience and stability to the youthl aden squad.
Southwoods captain Thirdy Escano said it would be an exciting battle but stressed “it’s not going to be easy.”
The Carmona-based squad has won six of the last seven editions.
Southwoods held its final practice round on Monday at Bacolod Golf Club (formerly Binitin), while Eastridge had
Tcompleted its practice rounds.
D el Monte and Tagaytay Highlands-Team IMG round out the championship division.
Del Monte is led by junior Apollo Batican, while Tagaytay Highlands features top club players Masaichi Otake, R aymund Sangil and Ace Stehmeier.
C hampionship teams will compete at NOGCC (Marapara) in the first round, then move to Binitin for the next two rounds.
A total of 92 teams will compete in the four-day event, divided into Championship, Founders, Aviator, Sportswriters and Friendship brackets.
E ach team can have up to eight players, but only four can compete in each round. Players are limited to a maximum of two rounds.
Heatwaves to go high octane in MPBL
HE Pangasinan Heatwaves failed to reach the playoffs of the Maharlika Pilipinas Basketball League (MPBL) Sixth Season after getting beaten off the boards by many of their opponents.
Pangasinan head coach Jerson Cabiltes knows that for the Huskers to succeed in the coming season that opens on March 8, they must be able to bang bodies underneath and snag those rebounds. Enter power leapers Vic Manuel and Lervin Flores and versatile high-flyer Jorey
Napoles and Cabiltes believes the frontline is no longer Pangasinan’s problem.
The presence of Manuel, who will officially join the team on March 1, and Flores, both 6-foot-5, and the 6-4 Napoles gives the Heatwaves flexibility and lessens the workload on Michael Mabulac, Jay Collado, JayR Taganas, Vince Tolentino and local star JR Caasi. Our chances [this year] are better,” said Cabiltes, who steered the Nu eva Ecija Rice Vanguards to the
MPBL crown in 2022.
A lthough he believes the Heatwaves are ready to turn up the heat w ith the addition of the trio, Mike DiGregorio and Bong Galanza, Cabiltes tempers his expectations, noting that “the other teams are also preparing and strengthening.”
Now, however, Cabiltes doesn’t need to be too concerned with the powerhouse Pampanga Giant Lanterns, the reigning back-to-back MPBL champions.
Tour cards staked in PGT qualifiers
AHIGH STAKES showdown unfolds Tuesday as a mix of former national team standouts and seasoned campaigners brace for a grueling four-day battle against a formidable foreign contingent all vying for coveted Philippine Golf Tour (PGT) cards. The Qualifying School at the demanding Splendido Taal Golf Club in Laurel, Batangas, will test every facet of the players’ game on a course known for its swirling winds and ever-changing conditions.
With only the top 30 players from an initial field of 112 securing spots in the upcoming PGT season, the competition is an all-or-nothing battle.
Leading the charge for the homegrown hopefuls are Carl Corpus, Jacob Rolida and Luis Castro, alongside veterans and former leg winners Robert Pactolerin and Rufino Bayron and the returning Rey Pagunsan, Anthony Fernando, Edward Reyes and Ernie Rellon.
The deep field also includes rising Filipino talents John Michael Uy, Jonas Magcalayo, Paolo Wong and Josh Jorge, all eager to make their mark on the country’s premier golf circuit sponsored by the International Container Terminal Services Inc. and backed by official apparel Kampfortis Golf. Seasoned players Orlan Sumcad, Richard Sinfuego and Ramil Bisera add intensity to the competition. The local challengers, however, will have to fend off a powerful foreign contingent led by two-time Q-School topnotcher and Tour leg winner Toru Nakajima of Japan who leads a 38-strong group of international aspirants from Korea, Japan, Myanmar, Bahrain, Finland, Australia and the US.
RICHARD BACHMANN: We are committed to expand the necessary support for winter sports.
