DESPITE the Philippines’s recent exit from the Financial Action Task Force’s (FATF) grey list on money laundering and terrorism funding, economists stressed the need to sustain reforms and called for stronger digital infrastructure and stricter financial oversight to prevent relisting.
After the Philippines’s delisting, the country may now look forward to increased foreign direct investments, no more “de-risking” in cross-border payments, and a credit upgrade. (See: https://businessmirror.com.ph/2025/02/22/ boon-to-phl-with-fatf-grey-listexit-more-fdi-easier-cross-border-payments-credit-upgrade/).
However, economists and the president of the FATF said the government should sustain its antimoney laundering and counterterrorism financing reforms.
FATF President Elisa de Anda Madrazo said reforms must be sustained to prevent “future vulnerabilities.” The Philippines must also continue to refine its counterterrorism financing measures, ensuring effective identification and prosecution of terrorism financing cases, while preventing unnecessary disruption to legitimate nonprofit organization (NPO) activities.
“Serious threats continue to remain especially because the country remains in need of capi-
tal whether obtained legally or not,” Ateneo de Manila University
Economist Leonardo A. Lanzona told BusinessMirror
As such, the government must leverage technology and innovation by investing in artificial intelligence-powered transaction monitoring systems to detect and prevent suspicious transactions in real-time, Lanzona said.
The government is expecting faster and lower-cost cross-border transactions and reduced compliance barriers, making it prone to money laundering activities and terrorism financing.
Lanzona said upgrading digital infrastructure through fully integrating the Philippine Identifi-
cation System (PhilSys) will also secure identity verification across financial transactions and build robust defenses against cybercrime.
“While exiting the FATF grey list removes a major barrier to investments, the Philippines must compete on its strengths, such as its young workforce, service-driven economy and tourism potential,” Lanzona told this newspaper.
“Regional competitors are also aggressively courting investors, so policy consistency, infrastructure upgrades, and targeted investment promotions will be critical,” he added. Moreover, Lanzona warned the
By Reine Juvierre S. Alberto
decision of the Bangko Sentral ng Pilipinas (BSP) to reduce the reserve requirement (RRR) ratios for banks and nonfinancial institutions, which will boost liquidity, may not prop up the country’s GDP in the short term, according to economists.
By Andrea E. San Juan
consumption expenditure growth from an annualized rate of 4.2 percent in the fourth quarter of 2024 to 1.4 percent by the fourth quarter of 2025.
“This could have a more material impact on Asian exports,” it added.
Nomura said semiconductors accounted for only 5.4 percent of total Asian exports to the US in 2023, but exports of electronics (including semiconductors) had a “more hefty share” of 32.4 percent.
“Moreover, the region is part of an intricate supply chain network, with significant trade in intermediate consumer products that are even-
THE Bureau of Internal Revenue (BIR) plans to collect about P8 billion from cases involving ghost receipts this year as it continues to pursue legal actions against buyers of fake receipts to plug tax leakages.
Speaking to reporters on the sidelines of the Revenue Region
No. 7B-East NCR Tax Campaign
Kickoff last Friday, Internal Revenue Commissioner Romeo D. Lumagui said the agency is targeting to double its collection from individuals and businesses that sell or use fake receipts to evade payment of taxes.
The BIR’s Run After Fake Transactions (RAFT) campaign has yielded P4.3 billion for the
agency in 2024. This surged by sevenfold compared to the BIR’s collection of more than P600 million in 2023.
Lumagui said the P4.3-billion collection was gathered from only a few taxpayers and the agency expects to generate additional funds.
“We’re continuing to file cases and we’ll continue to file more cases,” he told reporters in an interview.
However, doubling the agency’s take from ghost receipts would be “challenging,” according to the BIR chief.
Once those facing charges pay their liabilities, cases filed against them will be forfeited,
BIR to run…
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he said.
The agency estimated that P370 billion was lost by the government due to ghost receipts over the past 15 years. This includes a value-added tax (VAT) loss of P120 billion and P250 billion in foregone revenues from income tax.
When individuals or businesses use ghost receipts, they can use it as a deduction for VAT and for income tax purposes, according to Luis Sixtus Esquivias from the Office of the Commissioner.
An estimated 30,000 corporations and sole proprietors have been identified as known buyers of established sellers of ghost receipts.
Under RAFT, the BIR has filed cases against four ghost corporations with estimated tax liabilities of P25.5 billion; and three Corporate Buyers and their Officers, Accounting Firms and CPAs with total estimated tax liabilities of P17.9 billion.
Moreover, 15 criminal cases against buyers and sellers of ghost receipts were filed and legal proceedings against a total of 69 respondents at the Department of Justice have commenced, covering estimated tax liabilities totaling P1.8 billion.
The BIR aims to collect P3.23 trillion this year, on the back of enhanced enforcement efforts, compliance monitoring and taxation of online sellers and influences.
So far, it has raised P350.6 billion in January 2025, higher by 13.7 percent than what the agency collected in January 2024.
Reine
Juvierre S. Alberto
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along stripped, so to speak, his conservative style and donned the “bahag.”
The vibrancy of drum and lyre bands matched the smiling faces and energies of the performers.
The street dancing was a prelude to the more quiet appreciation of lovely floats the next day as florals spoke of beauty, symbols and representation of culture.
A record-breaking 44 floats adorned the streets of the city, carrying creations from flowers to send messages and images of joy and beauty.
Two among the 14 large competing entries featured floats that highlighted history. The Narvacan float shaped in a sea vessel made of mums was a story of how it got its name, recalling the Spanish shipwreck ex-
pedition of Don Juan de Salcedo in 1576 as fierce winds and waves battered the ship.
Natives approached de Salcedo and asked “narbakan?” or “is it ruined?”
The float had a castle made of white mums with a door made of red petals to speak of the times of the colonizers. The Igorot Stone Kingdom portrayed a fantasy story of a kingdom that was wiped out by a pandemic and revived a thousand years later.
Two entries among the 44 stood out against the blur of radiant colors passing by. A wedding event planner had white horses with winds like Pegasus and the daintiness of white florals like a bridal ensemble. Meanwhile, black masked Batman was star of the float of Paragon Hotel. He was joined by Wonder Woman and Joker. McDO, Jolibee and KFC showed off their famous products—chicken buckets, hamburgers, potato fires. Jollibee mascots delighted children as they interacted with them in the streets.
The Home Along the Riles float from Riles
PEZA, industry groups tie up…
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“Otherwise, there is also a provision in the CREATE MORE which allows for as much as 100 percent deduction on power expenses by locator companies or RBEs under the
U.S. plan…
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enhanced deduction,” he added.
PEZA noted that the EMS-SMS industry has been identified as the Marcos Jr. administration’s priority industry to attract this 2025,
Ventures Inc. had a train with smoke trailing off its top and railroad bell and white homes clustered along the edge of the float. The cast of the famous show waved to the crowd.
Other personalities, such as Senator Imee Marcos, joined the parade. The lawmaker was featured in the Ilocos Norte float where she waved to the crowd and gave them flying kisses. Campaigning during the festival was prohibited but politicians were allowed to participate as long as they will agree not to distribute campaign materials.
Bus lines, such as Solid North and Victory Liner, created their own floats. Solid North displayed a bus that says they do not only transport people, but they also connect cultures. Meanwhile, Victory Liner dressed up a vintage bus and had celebrity riders smiling at the audience.
Camp John Hay (CJH) and the Bases Conversion and Development Authority (BCDA) erected floral pine trees on the float and indig-
especially with the “various advantages” the Philippines is presented like the US CHIPS and Science Act, among others.
Latest data from the Philippine Statistics Authority (PSA) indicated that electronic products are still the country’s top export commodity, generating $39.08 billion in receipts,
enous people to connect the past history and the present.
Giant flowers, with the sunflower dominating the parade, created dazzling and whimsical settings—fairies and butterflies, trees and lawns all made of petals.
All these made of mums, roses, lilies, ferns, leaves, and all natural materials.
“I have heard of the beauty of floats but this goes beyond my expectations,” said British Ambassador to the Philippines Laurie Beaufils. Beaufils was the guest of honor of Panagbenga who came with her children to the festival and she praised the creativity of artists who created the floats.
She said the festival’s theme, “Blossom beyond Boundaries,” speaks of new friendships, of what can be achieved if people come together, and of inclusivity and shared global values where no one is left behind and diversity and heritage are celebrated despite differences.
or 53.38 percent of the country’s merchandise exports worth $73.21 billion in 2024. Electronic exports, however, plunged by 6.7 percent to $39.08 billion in 2024 compared to the $41.91 billion export revenues recorded in January to December 2023.
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exit from the grey list may further hasten the shift to digital technology, causing micro, small and medium enterprises to be less dependent on labor.
Meanwhile, Jonathan Ravelas, senior adviser at Reyes Tacandong & Co., warned that the Philippines could be included in FATF’s grey list again due to insufficient enforcement of AML/CFT regulations, political instability and ongoing issues with corruption and financial transparency.
Government officials are upbeat about the Philippines’s delisting, as this would support businesses, attract investors and benefit the Filipinos.
“Therefore, a slowdown in US final demand for consumer products can have a more material and widespread impact on the region,” Nomura noted.
On January 27, US President Donald Trump told the House Republicans that “In the very near future, we’re going to be placing tariffs on foreign production of computer chips…to return produc-
tually exported to the US,” it added. The think tank said economies within the said region have a presence across different stages of the product life cycle: from chip manufacturing (Korea and China) to supplying electronic components (Asean and China), assembly-testing-packaging (Asean) to assembling consumer electronics (China, Vietnam and India).
tion of these essential goods to the [US].”
On February 18, Nomura noted that Trump reiterated this message, saying that tariffs would be “25 percent and higher, and it’ll go very substantially higher over a course of a year.”
The Japan-based think tank said the US administration views domestic semiconductor manufacturing as essential from a national security perspective and any reliance on foreign chips as a “source of vulnerability.”
Under the Biden administration, Nomura noted that the process of shifting chip manufacturing (fabs) back to the US started with the CHIPS Act, which provided subsidies as a carrot. Trump intends to continue this process, but by using tariffs as a stick.
Still, the think tank pointed out that it is uncertain whether Trump will impose tariffs on chips or if this is a “negotiation tactic” to incentivize Asian fabs to invest more in the US.
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cut, bringing their reserve requirement down to 0 percent.
However, the RRR cut “may not be effective in boosting shortterm growth,” according to HSBC Economist Aris Dacanay.
While HSBC anticipates the RRR cut to infuse P382 billion of liquidity into the financial system and offer support to the economy, this would likely be reabsorbed by the BSP’s monetary tools, such as government securities, repo facilities and others.
Dacanay pointed to the time when the BSP slashed the RRR in October 2024, which injected P450 billion into the economy but was redirected to the central bank, absorbing P521 billion more compared to the previous week and more-or-less matched the liquidity injected.
Moreover, the demand for credit may still be tepid as households wait for the easing cycle to end before taking out a loan, Dacanay said, adding that the banking system’s loan-to-deposit ratio did not change even after the RRR cut in October last year.
“Though the RRR cut may not be effective in boosting shortterm growth, a lower RRR will likely strengthen the transmission of monetary policy. With the RRR lower, the BSP’s incoming easing cycle will likely be faster and more effective in boosting growth as there is more to lend at lower interest rates,” he said.
‘Delay in policy easing’
ECONOMISTS at Chinabank Research said the RRR cut could allow the BSP to potentially delay further monetary policy easing.
“Unlike a reduction in the policy rate, an RRR cut would provide support for economic growth without risking a depreciation of the Philippine peso,” economists said in a commentary.
The recent RRR reduction
Nomura added that imposing tariffs on chips is “also not easy, since the supply chain is very complicated and production processes are geographically very dispersed.”
However, given the “central role” semiconductors and electronics play in Asia’s growth, the Japan-based think tank said Trump’s threat cannot be ignored.
Outlook
IN the near term, the anticipation of tariffs on all imports may boost US demand (frontloaded spending) and, in turn, Asia’s overall exports to the US, according to Nomura. However, the think tank said broader tariffs and the resulting higher inflation will likely erode US consumers’ purchasing power.
“Overall, we maintain our view that Asia’s exports are at risk of a more material slowdown starting in [the second quarter of] 2025,” Nomura said.
would also not necessarily be inflationary, similar to the last RRR cut, as the central bank has tools to mop up excess liquidity in the financial system, they added.
“In the near term, persisting uncertainties could continue to weigh on financial markets and constrain the decline in market interest rates, especially compared with the previous RRR cut.
Markets may remain patient in the meantime amidst uncertainties on inflation, growth, and monetary policy,” they added.
In the long run, the RRR cut lowering banks’ funding costs would reduce loan rates. “This could spur borrowing by businesses for business expansion and capital expenditure—which would be positive for the economy’s growth prospects.”
Meanwhile, Bank of the Philippine Islands (BPI) Lead Economist Emilio S. Neri Jr. said the RRR cut will boost lending and provide banks with greater flexibility in allocating resources.
“With the RRR cut, borrowers outside the property sector are likely to gain easier access to funds,” Neri said.
Banks may still have been constrained by the decline in real estate demand brought by remote work and the ban on offshore gaming operations, even though previous RRR cuts have helped to improve credit access, with loan growth accelerating from around 7 percent in mid-2023 to 12.2 percent in December 2024, Neri said. The playing field between local and foreign banks will also be leveled. Neri said foreign banks primarily funding their operations in the country through deposits sourced from their headquarters abroad, will face a more equitable competitive environment.
The BSP said the new ratios will take effect on the reserve week starting March 28, 2025. The move will apply to the local currency deposits and deposit substitute liabilities of banks and NBQBs.
“If the country does not sustain its AML/CFT reforms, it will see reduced foreign investment, higher transaction costs, and possible sanctions from international financial institutions,” Ravelas told BusinessMirror De La Salle University economist Maria Ella Oplas told BusinessMirror that strengthening monitoring and evaluation, particularly in cases involving human discretion, such as money laundering within banks— remains critical to sustaining the Philippines’ delisting.
“Getting delisted would mean an improvement but the question is on the sustainability,” Oplas said. If the government does not sustain its improvements, she said the Philippines is exposed to fraudulent transactions, encouraging corruption by allowing unmonitored fund flows, and enabling dirty money to circulate.
House Committee on Ways and Means Chairman Joey Sarte Salceda of Albay also underscored the importance of continuing reforms, particularly in addressing bulk cash smuggling and abolishing absolute bank secrecy laws.
Salceda said the government should ensure that the Philippines maintains its good standing in the international financial community. He said further legislative action is required, particularly in addressing bulk cash smuggling and abolishing absolute bank secrecy laws.
“We need to continue working on other items, such as a law against bulk cash smuggling and getting rid of absolute bank secrecy. The latter is particularly important because it prevents us from fully implementing the automatic exchange of information between tax jurisdictions. That would allow us to catch Filipino tax evaders seeking refuge abroad and foreign tax evaders seeking refuge in the Philippines,” he said.
The Philippines was placed on the FATF grey list in June 2021 under the previous administration due to deficiencies in its anti-money laundering and counter-terrorism financing regulations.
OFW benefit
SPEAKER Ferdinand Martin G. Romualdez said the removal from the Paris-based FATF dirty money grey list will also benefit overseas Filipino workers (OFWs) by ensuring the smooth, swift, and efficient remittance of their hard-earned money with lower fees.
He emphasized that this decision reinforces the Philippines’s standing in the global financial sector, eases regulatory burdens, and enhances investor confidence.
“By restoring our standing in the global financial community, we are removing burdensome restrictions, reducing transaction costs, and allowing financial flows to move more efficiently. This is particularly good news for our OFWs, whose hard-earned remittances will now be processed faster and with lower fees,” he said.
“The Philippines’s exit from the FATF grey list is a monumental victory for our economy and a resounding testament to our collective resolve to uphold the highest standards of financial governance. It restores global confidence in our financial institutions and opens the floodgates for greater investments, economic growth, and international partnerships,” Romualdez said.
Duterte ‘one-man fake news factory’–Bersamin
By Samuel Medenilla @sam_medenilla
EXECUTIVE Secretary Lucas
P. Bersamin called former President Rodrigo R. Duterte a “one-man fake news factory” for claiming President Marcos is veering towards dictatorship.
In a statement, Bersamin said the latest claims from the former chief executive are “baseless and ridiculous.”
“A tall tale from a man prone to lying and to inventing hoaxes,” Bersamin said.
“This hoax is another budol [attempt to fool] emerging from a one-man fake-news factory,” he added.
On Saturday, Duterte said Marcos might try to stay in power beyond the end of his six-year term in 2028 by declaring martial law like his father, President Ferdinand Marcos Sr.
The elder Marcos became president for two decades after he declared martial law in 1972 supposedly to stop rebel forces from seizing power.
His dictatorship was ended by the non-violent People Power Revolution in 1986, the 39th
anniversary of which will be commemorated on Tuesday.
Malacañang assured that the incumbent President has no plan to violate the Constitution to extend his term.
“As our actions have consistently demonstrated, we will stay the course in upholding the Constitution, in adhering to the rule of law, and in respecting the rights of the people,” Bersamin said.
Bersamin then took a swipe against Duterte by saying it was the former President, who engaged in authoritarian rule and violated human rights.
“We will not backslide into the oppressive ways of the previous administration, when critics were jailed upon trumped-up charges and when kill orders were publicly issued with glee and obeyed blindly,” Bersamin said.
“It is the leader of that troubled past who is depicting us as veering toward a system where anyone can be deprived of life, liberty, and property without due process of law, as many had been on his mere say-so as a tyrant who did not respect the rights of the people,” he added.
Solon to Sara, allies: Stop abusing legal processes
By Jovee Marie N. dela Cruz @joveemarie
ALEADER of the House of Representatives on Sunday called on Vice President Sara Duterte and her allies to cease their alleged abuse of legal processes, accusing them of using the judiciary to divert public attention from the real issues surrounding her impeachment.
House Deputy Majority Leader Paolo Ortega V assailed the frequent filing of cases—almost daily or three times a week—at the Supreme Court and the Office of the Ombudsman against House leaders who upheld the rule of law in the impeachment proceedings.
Ortega claimed these legal actions were meant to intimidate, harass, and distract rather than seek genuine justice.
“This is a clear abuse of legal processes. Instead of addressing the serious allegations of corruption and misuse of public funds, the Vice President and her camp are wasting the time of our courts with frivolous cases designed to harass those who simply did their duty,” Ortega said.
He emphasized that the House of Representatives acted within its constitutional mandate when it impeached VP Duterte. He warned that using the judiciary to instill fear among legislators
and divert public scrutiny will not succeed.
“We see this for what it is—an attempt to intimidate the House, divert attention from the issues, and create noise to mislead the public. But no amount of legal theatrics can erase the facts: there were serious and questionable transactions in the vice president’s use of confidential funds and in the Department of Education under her watch,” Ortega, who represents La Union, added. He called on Duterte’s camp to respect democratic processes rather than undermining institutions with politically motivated legal maneuvers.
“If the Vice President is truly innocent, she should face the charges head-on and explain herself to the Filipino people, instead of resorting to harassment tactics. The public deserves the truth, not distractions,” he stressed.
Ortega assured the public that Congress will not be deterred from carrying out its mandate of ensuring accountability, regardless of the legal cases filed to suppress the truth.
“These intimidation tactics will not succeed. The House remains firm in its commitment to upholding transparency and accountability in government. We will not allow anyone—no matter how powerful—to evade scrutiny,” Ortega said.
Comelec investigates alleged vote-buying in MisOr, Apayao
By Justine Xyrah Garcia
AS the campaign period for national candidates officially started this month, the Commission on Elections (Comelec) announced that it is closely monitoring multiple votebuying complaints in various areas, including Misamis Oriental and Apayao.
Elections Commissioner Ernesto Maceda Jr. said the poll body has received four reports of alleged vote-buying, which are currently
BARMM facing serious security, devt issues enroute to parliamentary polls
By Rizal Raoul Reyes @brownindio
AS the Bangsamoro Autonomous Region of Muslim Mindanao (BARMM) gears up for its first parliamentary elections in 2025, it will be facing security and development challenges, according to the Climate Conflict Action (CCA).
Prof. Francisco Lara, executive director of Climate Conflict Action (CCA), told reporters in a recent press briefing that the reality on the ground tells a different story. He added that the transition has been confronted by continued violence, emphasizing three key issues, namely:
n The dashed expectations of local communities for a durable peace; n An extended cycle of revenge killings and the intensification of horizontal wars; and n The resurgence of violent extremism (VE), even in areas previously declared VE-free.
“These challenges raise urgent questions about the region’s capacity to prevent a deeper relapse into violence.”
Lara pointed out that violence has been on a steady rise since 2021, warning there were no signs of slowing down, especially as the country enters a “traditionally violent election year. Furthermore,
he pointed to a gloomy scenario as the “upward trajectory is expected to continue with no significant action taken to address illicit weapons and strengthen governance in response to both horizontal and vertical violence.”
CCA reported that 2024 posted the biggest rise in violent conflict since the 2017 Marawi conflict. There were more than 2,500 recorded conflicts in BARMM. In 2017, the CCA said there were more than 4,000 conflicts. In 2011, there were fewer than 1,000 conflicts recorded.
Lara said the rise in incidents related to Islamic State of Iraq and Syria (Isis) activity and the impact of the pandemic in 2020 saw a continuation of violent acts. “This trend raises serious concerns for 2025. With elections approaching, the risk of an even greater surge of violence is high,” Lara stressed.
In a partnership with Lanao del Sur’s Early Response Network, the CCA monitored 28 active clan feuds across the autonomous region that were highlighted by
deaths and displacement.
According to their report, most violent clashes happened in Maguindanao del Sur and the Special Geographic Areas. At the municipal level, the most critical hotspots are: Mamasapano, Datu Hoffer Ampatuan, Buluan, Shariff Saydona Mustapha, Rajah Buayan, and Sultan sa Barongis in Maguindanao del Norte; Kadayangan and Nabalawag in Special Geographic Areas; Datu Odin Sinsuat in Maguindanao del Norte; Cotabato City; Malabang, Butig, and Marawi City in Lanao del Sur; and Lantawan, Maluso, and Hadji Mohammad Ajul in Basilan.
Lara said the proliferation of revenge killings and horizontal wars highlight the rise of instability. He added there is a growing concern over how the postponement of the elections will prolong and potentially worsen these conflicts.
The Commission on Elections announced on Friday that the first-ever parliamentary elections in BARMM have been rescheduled to a later date this year.
Comelec Chairman George Erwin M. Garcia confirmed that the BARMM polls will now take place on October 13, contrary to the commission’s initial plan to hold them alongside the midterm elections on May 12.
being verified.
“We cannot take action until these reports are verified… If there is enough evidence—let’s say it spreads on social media or there is video proof—even if no formal complaint is filed, we will act on our own. We will issue a summons or a show-cause order,” Maceda said.
Among the reported incidents is the alleged involvement of several incumbent officials from Balingasag, Misamis Oriental, who are seeking local positions in the
THe noted that prior to the signing of the Comprehensive Agreement on the Bangsamoro (CAB), there were also cracks as manifested by the internal divisions within MILF factions that had resulted in violent confrontations. This led to the rise of new, more radical groups that support extremist rhetoric and terroristic practices.
Although violent extremism is down, Lara warned authorities not to lower their guard because it has the ability to bounce back. CCA put forward the following recommendations to mitigate violence in the BARMM:
An independent, autonomous, and redundant electoral monitoring system must be in place before, during, and after the elections. Historically, violence and displacement often escalated in the postelection period. Monitoring is not just about ensuring the credibility of the electoral process-it is also securing public trust in the results of the polling. Meanwhile, the Commission on Elections should take proactive measures to ensure that violent incidents do not erupt in previous hotspots such as Cotabato City, Datu Odin Sinsuat, Mamasapano, Marawi City, and Malabang.
Police and military must enforce the gun ban with full impartiality. This applies not only to local politicians but also to the local MILF and other armed groups. The government must ensure that any violations—whether by political figures or armed factions—are met with accountability, including arrests and disarming if necessary.
“Beyond the immediate violence, the persistence of wars raises serious doubts about the promises of a durable peace. Instead of quelling fears of a relapse into violence, the current trajectory suggests that the foundations of peace remain fragile five years after the creation of BARMM. Notably, one of the key actors fueling these conflicts is the MILF itself,” Lara explained.
SolGen asks SC for more time to answer anti-natl budget petition
By Joel R. San Juan @jrsanjuan1573
HE Solicitor General has asked for an extension of five days to submit its comment on the petition assailing the constitutionality of the 2025 General Appropriations Act (GAA).
However, Solicitor General Menardo Guevarra said they would comply with the Court’s directive to submit the original copy of the 2025 General Appropriations bill and the original copy of the 2025 General Appropriations enrolled bill not later than February 24 at 12 noon.
“Yes, we are ready to comply with the SC order tomorrow [Monday],” Guevarra said.
In a three-page motion for extension of time to file comment, Guevarra said while the draft of the said comment has already been finished, it is still undergoing further review and revision before it can be filed.
Guevarra also noted that the
coming elections.
They were reportedly photographed attending a payout event for the Department of Labor and Employment’s Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Workers program.
The Comelec’s Committee on Kontra Bigay, which investigates vote-buying, vote-selling, and abuse of state resources (ASR) during the campaign period, has also received complaints from Apayao, Negros Occidental, and Baguio.
Maceda assured the public that the commission is working swiftly
See “Comelec,” A4
OSG only received last February 12, 2025 the February 4, 2025 resolution of the Court requiring the respondents in the petition to comment within a nonextendible period of 10 days on the said petition filed by former Executive Secretary Victor Rodriguez and Davao City Rep. Isidro Ungab.
Guevarra said the comment on the said petition should be due on February 22, 2025.
“Thus, while the OSG is aware of the changes introduced by AM 1910-20-SC to the 1997 Rules of Civil Procedure, it respectfully begs the kind indulgence of the Honorable Court, for an additional period of five days from February 22, 2025, or until February 27, 2025, within which to file the comment,” the motion said.
“The instant motion is not intended to delay the proceedings but solely due to the foregoing reasons,” it added.
Earlier, the Court set the petition for oral arguments on April
1, at the SC En Banc Session Hall in Baguio City.
The Court also directed the House of Representatives, the Senate and the Palace to submit before it the original copy of the 2025 General Appropriations Bill and the original copy of the 2025 General Appropriations enrolled bill not later than February 24, 2025 at 12 noon.
The High Tribunal also set the case for a preliminary conference on February 28, 2025 at the SC En Banc Session Hall in Manila.
Named respondents in the petition were Speaker Ferdinand Martin Romualdez, Senate of the Philippines represented by Senate President Francis Escudero and Executive Secretary Lucas Bersamin.
Specifically, the petitioners said the 2025 GAA violated Article XIV, Section 5 (5) of the Constitution as the budget appropriations to the education sector were merely bloated to give the impression of a “superficial adherence to the constitutional mandate” to assign the highest budgetary priority to education.
They added that the 2025 GAA also violated Article VI, Section 25 (1) of the Constitution when the respondents aligned the proposed appropriations under the 2024 National Expenditure Program (NEP), which in effect increased the proposed budget appropriations for Congress and other line agencies.
The 2025 budget, according to the petitioners, also violated Article VI, Section 27 of the Constitution when the Bicameral Conference Committee submitted a report with blank items on the GA bill.
In their petition, Rodriguez and Ungab argued that the 2025 GAA is unconstitutional for failing to allocate mandatory funding for PhilHealth, unlawfully increasing appropriations beyond the President’s recommendations and allocating the highest budget to infrastructure over education.
Navy welcomes French carrier strike group
By Rex Anthony Naval
THE Navy (PN) on Sunday announced that it welcomed the arrival of France’s Clemenceau 25 Carrier Strike Group that consist of the aircraft carrier FS Charles de Gaulle and four escorts during ceremonies held at South Harbor, Manila on Saturday. Aside from the de Gaulle the other French naval ships that made up the carrier strike group include the FS Provence , FS Jacques Chevallier, FS Alsace and FS Forbin
Capt. John Percie Alcos, Navy spokesman, said the PN’s Offshore Combat Force commander, Commo. Raul Regis, represented the Navy flag officer in command, Vice Adm. Jose Maria Ambrosio Ezpeleta, in welcoming Capt. Jérôme Henry, commanding officer of FS Alsace , and Capt. Aurélie Léouffre, commander of FS Forbin , who were accompanied by the French Ambassador to Manila, Marie Fontanel, and Rear Adm. Jacques Mallard, commander of the Carrier Strike Group. Alcos said the Clemenceau 25 visit builds upon a series of sig -
nificant engagements between the Philippines and France in recent years. In 2024, France participated in the Exercise Balikatan for the first time by deploying the FS Vendémiaire , a frigate. The FS Bretagne and FS Prairial also conducted port calls in Manila and Cebu, respectively, and the Projection of a Heavy Air Package in Southeast Asia or “Pégase” 2024 made its first enhanced stopover at Clark Air Base, further reinforcing bilateral defense cooperation. The presence of the Clemenceau 25 Carrier Strike Group
See “Navy,” A4
A4
Monday, February 24, 2025
Senators vow to fight online scams, fraud thriving with Pogo closure
By Butch Fernandez @butchfBM
AS part of the arduous cleanup of the mess left by errant Philippine Offshore Gaming Operators (Pogos), senators want to focus on the love scams and online fraud they perpetrated, and which are suspected to be continuing through the Pogo remnants that have escaped the government crackdown.
The chairman of the Senate Committee on Ways and Means, Sen. Sherwin Gatchalian, said at the weekend, “We need to reevaluate and strengthen the policy banning POGOs and reassess the use of cryptocurrencies,” after filing Senate Resolution 1317 for this purpose.
For his part, Senate Minority Leader Aquilino Pimentel III also vowed to push stronger measures against scammers, which continue to thrive two months after the end
of Pogo operations in the country. He echoed the statement made by Lingayen-Dagupan Archbishop Socrates Villegas against scammers, emphasizing the moral and legal repercussions of fraudulent activities.
“I fully echo Archbishop Villegas’ sentiments. Those who engage in scams not only violate our laws but also commit grave moral offenses,” Pimentel said.
According to Gatchalian, relevant government agencies must
continue to collaborate with international partners to develop and implement effective interventions designed to curtail the rampant online love scams and to track down and prosecute scammers across borders, he added.
The National Police’s AntiCybercrime Group (PNP-ACG) reported eight cases of online love scams in January this year and 72 cases last year. The Australian Federal Police even reported that around 5,000 Australians were victimized by a love scam center operating in the Philippines, and around AUS$24 million were lost to the scammers who targeted mostly male Australian nationals aged 35 to 80 via online dating apps.
Gatchalian pointed out that since Pogos originally perpetrated love scams, there is a need to re-evaluate and strengthen the existing Pogo ban or implement stricter monitoring and enforcement measures.
He noted that perpetrators of love scams often employed sophisticated tactics, including the creation of fake online identities and use of social engineering techniques, while exploiting the victims’ vulnerabilities.
“These fraudulent activities are frequently linked to organized cybercriminals including illegal online gaming operators and cryptocurrency transactions that provide perpetrators with an untraceable means of transferring and laundering illicit funds. Perpetrators usually target victims across borders using online platforms, creating a global network where scammers can exploit people from various countries due to difficulty in tracking them down across different jurisdictions,” noted Gatchalian.
“The use of cryptocurrencies in these scams also warrants a second look as it poses a significant challenge to regulators and law enforcement due to the cross-border nature of these transactions and its concealability,” he said.
Pimentel thinks, “Congress should strengthen our laws and enforcement mechanisms to put an end to these fraudulent schemes,” he stressed.
He said there should be stronger cybersecurity laws that will impose harsher penalties on cybercriminals while equipping law enforcement agencies with advanced tools and training to combat online fraud more effectively.
COA orders LTO to account for ₧8.2 billion
By Lorenz S. Marasigan @lorenzmarasigan
THE Land Transportation
Office (LTO) must address audit findings on the P8.2 billion Land Transportation Management System (LTMS) within the month or face a P1.272 billion disallowance, the Commission on Audit (COA) warned.
Based on a notice of suspension issued by the COA, the LTO and its German IT contractor Dermalog failed to respond to audit queries on LTMS expenditures from 2019 to 2022.
The agency has until the end of this month to justify the flagged payments, or the audit suspension will be converted into a full disallowance under Section 82 of Presidential Decree 1445 and COA Circular 2009-006.
At the center of the audit controversy is Dermalog’s non-compliance with contract requirements, including the failure to provide three redundant 200 Mbps internet lines for LTO’s data
center. Instead, the contractor only installed 80 Mbps per line.
The COA also flagged technical failures in key LTMS systems, including the Driver’s Licensing System (DLS), Revenue Collection System (RCS), Motor Vehicle Inspection and Registration System (MVIRS), and Law Enforcement and Traffic Adjudication System (Letas).
Persistent system issues, including 41 severe glitches and 49 needed enhancements, have rendered the LTMS largely unusable, forcing LTO to continue operating its older IT system from Stradcom Corp. in areas where LTMS remains unreliable.
Among those required to justify past payments is former LTO chief Edgar Galvante, who approved milestone payments and contract extensions for Dermalog, which COA had previously flagged for irregularities.
The current LTO chief, Transportation Assistant Secretary Vigor Mendoza was unavailable for comment.
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demonstrates France’s continued commitment to fostering peace and stability in the Indo-Pacific region, Alcos said.
“As the Philippines continues to enhance its defense partnerships, the Philippine Navy looks forward to further strengthening its ties with France and expanding opportunities for mutual cooperation in the coming years,” he added.
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Group slams plan to import more fish
By Jonathan L. Mayuga @jonlmayuga
THE Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) on Sunday slammed the Department of Agriculture’s (DA) proposal to import some 25,000 metric tons of various pelagic fish, citing its adverse impact on the local fisheries.
“Fishermen incur losses every time imported fish floods the local market. Because of importation, the price of fish caught by fishermen continues to go down,” Pamalakaya National Chairman Fernando Hicap said in a statement.
The group cited the case in Zambales where the farm gate price of round scad ranges only from P100 to P120. They fear this will go down further once imported fish come in.
Hicap maintained that fish importation
₧1.8-M
is unjustifiable and without basis, saying there are a lot of fish to choose from in the market. He also said that fish importation should be cited as the reason for bringing down the price of fish, as the local traders are the ones in control of the price of fish.
“It is clear that the DA is only giving commercial fishing involved in importation undue favor while letting the policy cripple small fishermen in the process,” Hicap said. The fishermen’s group said that under the Marcos administration, the DA has already imported more than 80,000 metric tons (MT) of fish, primarily galunggong (round scad) and other pelagic fishes. Pamalakaya said that it will hold consultations with its local chapters nationwide to look into the impacts of the impending importation, and ultimately hold protest actions seeking adequate support for local fisheries production.
payao program to sustain livelihood of Zambales fishermen
By Henry Empeño
IBA, Zambales—With the continuing geopolitical tension at the West Philippine Sea (WPS) effectively curtailing fishing at the contested Scarborough Shoal or Bajo de Masinloc, the provincial government of Zambales has put up concrete solutions to sustain the livelihood of local fishermen.
The latest local government initiative, said Gov. Hermogenes Ebdane Jr., is the distribution of payao, or fish aggregating devices, to affected fishermen to guarantee fish catch, increase local income, and ensure quality and sufficient fish supply in the locality.
Initially, 20 payao units worth P1.8 million will be deployed within the 15-kilometer boundary of municipal waters, but no less than 10-km from the shoreline. This is part of a larger P4.5 million fund allocated by the provincial government for local fishermen, Ebdane added.
“We need tangible steps to help our people, even as we seek diplomatic remedies to solve the situation at the West Philippine Sea. For us, the welfare of local fishermen is a priority, as food security should likewise be a priority,” said Ebdane.
The governor, who served as Secretary of National Defense in 2007, said the payao project also serves as a strategic measure to keep Zambales fishermen safely fishing at sea, while asserting ownership and control of waters within the country’s exclusive economic zone (EEZ).
Bajo de Masinloc, which lies just 241 nautical kilometers west of Zambales, is a traditional fishing ground for local fishermen, but has been under de facto Chinese control since 2012.
Ebdane said that under the program, the provincial government of Zambales will provide payaos to qualified fishermen’s organizations, with the Fisheries Development Unit of the Provincial Agriculture Office (PAgO-FDU) supervising the project.
Davao workers get ₧29 wage hike
By Justine Xyrah Garcia
PRIVATE sector workers in the Davao Region will see a P29 increase in their daily minimum wage starting this March.
The Regional Tripartite Wages and Productivity Board (RTWPB) XI approved the adjustment under Wage Order RB XI-23, covering both agricultural and non-agricultural workers. With the increase, the daily
minimum wage for non-agricultural workers will rise from P481 to P510, while agricultural workers will receive P505, up from P476.
In a Facebook post last week, RTWPB-XI announced that the wage increase will take effect 15 days after its publication, or on March 7.
“Should there be any questions, please do not hesitate to contact [us],” the board added. The last wage order in the re -
these laws,” he said.
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to gather evidence and hold accountable those who will be found violating election laws.
“We have disqualified several winning candidates in the past. In 2022, we removed sitting governors precisely because they violated
Under Comelec Resolution 11104, ASR is presumed when an incumbent official or government employee uses public resources to benefit his or her own candidacy, a political ally, or a relative running for office.
“If the P4.5 million fund would be used completely for payaos, then we can come up with about 45 units of these fish aggregating devices,” Ebdane said. He explained that the anchor line consisting of ropes securing the payao floaters, could run up to a kilometer long and is the most expensive component.
PAgO Fisheries Section chief Edwin Domingo said, each set of payao, including labor expenses for fabrication, hauling and installation, would cost close to P90,000. He said the payaos will be constructed and installed by the beneficiaries with direct supervision by his office. The PAgOFDU will also conduct monthly monitoring of the project. So far, 20 fishermen’s groups have been identified for the payao program, said Domingo. These include one in Subic town; two each in the towns of San Antonio, San Narciso, Cabangan, Botolan, Palauig, and Candelaria; three in Iba; and four in San Felipe. The payao project was implemented following the formation in July last year of the Zambales Maritime Development Council (ZMDC), another initiative by Ebdane to address fishermen’s concerns amid the continuing WPS problem. The council includes representatives of fishermen’s groups in the province. Ebdane has also encouraged small fishermen in Zambales to organize themselves into cooperatives, so that they could avail of financial and equipment assistance from the government. The ZMDC had so far been instrumental in coordinating local projects, including seminar-trainings conducted by the PAgO with the Philippine Merchant Marine Academy (PMMA) on safety and survival at sea, as well as combating marine pollution. Both training activities were designed to enhance the knowledge of fisherfolk and help ensure sustainability of the local fishing industry, Ebdane noted.
gion took effect on March 6, 2024, raising the daily minimum wage by P38 in two phases. The first P19 increase was implemented immediately, while the second P19 hike will follow on September 1, 2024.
Meanwhile, domestic workers also received a wage adjustment under Wage Order RBXI-DW-03.
Starting March 6, 2024, their monthly minimum wage was set at P6,000 in chartered cities and first-class municipalities and P5,000 in other areas.
These include the distribution of government aid with campaign materials, use of government vehicles for campaign activities, and storage or distribution of campaign paraphernalia in public facilities.
The new resolution also introduces a major shift in vote-buying cases—reversing the burden of proof, with accused individuals now presumed guilty unless proven otherwise.
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How to grow your money through your life insurance
Building
wealth requires being intentional about managing your expenses—and, yes, investing.
By Vincent Peter Rivera
THE workforce is a vast world that could be overwhelming to young professionals struggling to navigate ways to thrive with whatever income they have. Despite the opportunity to explore and reach one’s full potential, it imposes the challenge to be independent and become financially responsible.
In an article released by cnbc. com, Bain & Company’s survey shows that 61% of its young adult respondents are mainly concerned about their finances besides their job security and failing to meet their career goals in the next 10 years. Managing their income to live within their means is one of their evident stressors and a factor of it is rooted in how they spend their money.
According to a study conducted by Cicilia Larasati Rembulan and Kuncoro Dewi Rahmawati of Universitas Ciputra, Surabaya, Indonesia, the common spending pattern among young adults revolved around food, fashion, hobbies, and entertainment. While these spendings contribute to an individual’s well-being, none from the list concern a budget allocation for longterm personal finance.
Personal finance, according to Will Kenton of Investopedia, encompasses concepts of budgeting, investments, mortgages, and most specially, insurance — necessary to become financially literate. “Financial literacy is especially crucial for young adults as they navigate the transition into adulthood and face various financial responsibilities,” said Muhammad Zubair of medium.com. “It equips them with the necessary tools and knowledge to make informed decisions about their finances, build a
strong financial foundation, and secure a successful future.”
Building wealth based on needs Experts advice young adults to access insurance as early as possible. “Any life insurance is better than no life insurance policy,” said Daniel Adams, Seattle-based certified financial planner and president of CEG Life Insurance Services. “If you’re at a young age and [have] a healthy lifestyle, it’s much cheaper than even if you wait a few years.”
In the Philippines, there are various insurance products offered by insurers:
Life Insurance
According to newyorklife.com, life insurance is a financial cushion that backs up your spouse and children in case something happens to you. This prevents your family from suffering severe financial losses as it provides financial security, debt, and living expenses.
Health Insurance Compared to life insurance, health insurance directly benefits the policyholder. Centers for Medicare & Medicaid Services explained that health insurance is financial support that covers accidents and sickness expenses.
Home Insurance Also known as homeowners in-
surance, home insurance pro -
vides financial protection for one’s home and belongings, as explained richestph.com. Home repairs, theft, fire accidents, and natural disasters are covered by this agreement.
Retirement Insurance
This is a policy that secures life income when someone can’t work due to an injury or any illness. Some retirement insurance also provides death benefits.
Car Insurance
Commonly called as auto insurance, this policy protects car owners from financial losses that are caused by accident, theft, natural disasters, and even covers repairs and replacements, according to the website Insurance Information Institute.
Travel Insurance
Travel insurance is a coverage that safeguards tourists during their journey to different places. As explained by National Mutual Insurance Company, this insurance protects you against risks and financial losses that might occur while traveling such as missed airline, delayed luggage, injuries, and severe illness.
Growing your personal finance
Gaining financial stability doesn’t come solely from getting insured. There are other simple ways that could guide you to increase your personal wealth. According to Anne-Lyse Wealth of the online site, Harvard Business Review, people must understand that high income is not enough. Without finding the balance between your expenses and savings, a high salary will mean nothing. “Building wealth requires being intentional about managing your expenses — and, yes, investing,” she added. Further, Bob Haegele of Bankrate.com mentioned that reducing your expenses could be beneficial in increasing your net worth.
Achieve your goals with Sun Life Secure Income
Sun Life Secure Income comes with a guaranteed annual payout of 6% of the face amount– and it just might be the catalyst that can help you achieve your life goals.
FULFILLING one’s dreams can often seem like a daunting task. It’s hard enough simply accomplishing the day’s to-do list, so when a bigger goal comes along, it’s normal to be overwhelmed. It would help to have a reliable financial strategy. Whether your goal is exploring exotic destinations, establishing a thriving small business, or investing in a cozy condo, you can turn that aspiration into reality if you have a clear picture of how it can be funded. This is where Sun
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Traveling the World Imagine waking up to the sound of waves crashing on a pristine beach in Bali or wandering through the ancient streets of Rome. Traveling offers enriching experiences that create lasting memories. To help finance your adventure, Sun Life Secure Income ensures that you have a steady, predictable stream of income, allowing you to embark on your dream trips without financial stress.
Starting a Small Business
The idea of owning a small business represents independence, creativity, and the opportunity to make a meaningful impact. Yet, starting one requires a substantial initial investment and ongoing expenses. By saving the 6% guaranteed annual payout from Sun Life Secure Income, you can build the capital needed to launch and sustain your venture.
Investing in a Condo Homeownership is a cornerstone of financial security and personal fulfillment. A condo offers the perfect blend of modern living and manageable maintenance, making it an attractive choice for many. With the reliable income from Sun Life Secure Income, you can plan for mortgage payments and other associated costs.
Achieving your goals is a journey you need not pursue on your own. Sun Life Secure Income is not just a policy; it’s a promise to help you live your best life. So, take that leap of faith, embrace your dreams, and let Sun Life be the foundation that supports your aspirations. Talk to a Sun Life advisor today via (link). *The guaranteed annual payout of 6% of the face amount starts at the end of the sixth
“Focusing
on the ‘big three’ of housing, transportation and food can be a highly effective way to save money,” he mentioned.
A6 Monday, February 24, 2025
SRA to impose fees on sweeteners in March
BBy Ada Pelonia @adapelonia
ACOLOD CITY—The government will start implementing in March a sugar order (SO) that calls for the imposition of import clearance fees on alternative sweeteners, according to the Sugar Regulatory Administration (SRA).
SRA Administrator Pablo Luis Azcona said a draft SO consisting of amended guidelines would take effect next month.
He added that the draft order would be sent to industry groups this week for comments.
“We’re ready [to implement it],” Azcona told reporters in an interview here.
Importers of items under these tariff codes should first secure a clearance before their shipments are released by the Bureau of Customs (BOC).
However, the supposed implementation of the measure last February 1 was deferred after confectionery and beverage makers voiced their concerns about possible shipment delays.
Azcona confirmed that some of the amended rules decided by the regulatory agency and industry groups are the immediate approval of import clearances when not acted on by SRA in five days and the “green lane” which would streamline the application process for legitimate importers.
the red tape, we will give them six months to finish their license application...or the meantime, they can continue importing,” Azcona said.
Last month, the Federation of Philippine Industries (FPI) warned of a possible spike in prices of confectionery and beverages due to the implementation of SO 6.
FPI said the order could trigger a ripple effect, such as congestion at the ports that would result in additional demurrage charges. Such fees would eventually put pressure on the prices of sweet treats and beverages.
Kadiwa stores to rise in PNP and AFP headquarters
THE Department of Agriculture (DA) on Friday signed agreements with the Philippine National Police (PNP) and the Armed Forces of the Philippines (AFP) to expand the Kadiwa ng Pangulo program.
The DA said the initiative aims to provide farmers and fishermen with direct access to markets where they can sell their produce to consumers.
“This initiative brings us closer to achieving a sustainable agricultural economy,” Laurel said in a statement. “By eliminating middlemen, the Kadiwa stores ensure fair prices for farmers and lower costs for consumers.”
Brawner welcomed the DA’s effort to address the needs of Filipino soldiers and their families, particularly in providing fresh and affordable food.
The SRA had issued SO 6, which imposes a clearance fee of P60 per metric ton (MT) on imported goods under Harmonized System (HS) codes 1701, 1702, and 1704.
He noted that they are in the process of organizing an online portal that would make the application process “more efficient.”
Some of these items include sucrose, lactose, maltose, glucose, maple syrup, honey, caramel, and sugar confectionery items, such as chewing gum and white chocolate not containing cocoa.
The importers should also secure a new license for other sugars or the shipments under HS 1702 to collect a database on those importing these items.
“We told them [that] to avoid
However, Azcona said the P60 per MT clearance fee would not make a dent in the manufacturers’ margins.
“Their average shipment cost is P75,000 per ton. Given the P60 per MT import clearance fee, that would only be 0.08 percent of their cost.”
Azcona said the goal of SO 6 is “to provide accurate data for better supply and demand planning, ultimately benefiting both local farmers and consumers.”
Govt banks on imports to prevent surges in fish prices
THE government is aiming to prevent price surges in the domestic market by allowing the importation of up to 25,000 metric tons (MT) of various fish and seafood, according to the Department of Agriculture (DA).
Agriculture Secretary Francisco Tiu Laurel Jr. said he has approved the guidelines for the importation of various fish and seafood starting March.
“This will also add variety in the market, especially for food service industry, since fish and marine species covered by this importation are mostly fish and marine products not caught locally,” Laurel said in a statement.
“This should not affect local fishermen and should help in the ease of doing business.”
The National Fisheries and Aquatic Resources Management Council (NFARMC) set this import ceiling late last year, viewing it as “an experimental approach” to address inflation concerns and improve the allocation of import volume for institutional buyers and wet markets.
Laurel said the goal is to test whether the combined import cap can help stabilize prices while ensuring sufficient food supply.
As part of the trial, NFARMC also mandated an impact analysis to evaluate whether the import limit would effectively curb inflation, improve food security, and diversify nutritional offerings.
Under the approved guidelines, the Bureau of Fisheries and Aquatic Resources (BFAR) will issue sanitary and phytosanitary import clearances with 45-day validity. Additionally,
only BFAR-accredited cold storage facilities will be allowed to store the imported seafood.
Importers wishing to participate must have been accredited for at least one year and previously engaged in similar imports. Those under investigation for food safety violations, incomplete documentary requirements or without Bureau of Customs accreditation at the start of the importation period will be excluded.
Covered by the 25,000-MT import ceiling are Alaskan pollock, barramundi, blue fin tuna, capelin, Chilean seabass, clams, cobia, cod,
croaker, eel, emperor, fish meat, flounder, gindara, grouper, hake, and halibut.
It also covers hamachi, hoki, lobster, marlin, moonfish, mussels, mullet, octopus, oil fish, oyster, pangasius, red snapper, salmon, sardines, scallops, sea bream, silverfish, smelt, soft and hardshell crabs, squid, swordfish, tuna by-products, and yellowtail sole.
Data from the Philippine Statistics Authority (PSA) showed that fisheries output fell by 5 percent to 4.05 million metric tons (MMT) in 2024, the lowest in two decades.
Preliminary data from the PSA indicated that the total volume of fisheries production last year was lower than the 4.26 MMT recorded in 2023.
This production level was last seen in 2004, when output reached 3.93 MMT, according to figures from the PSA.
The agency said output of the three out of the four subsectors registered declines last year. Only the commercial fisheries subsector posted an increase in production in 2024. Ada Pelonia
Cocoa drops as demand worries overshadow tight supplies
COCOA dropped in New York, heading for a weekly decline, amid concerns about weaker demand in the wake of record prices. Futures slipped as much as 10 percent last February 21 to hit the lowest since early December. Cocoa’s recent surge to an alltime high on the back of poor output in West Africa has the market watching for any signs that demand may be slowing.
In top grower Ivory Coast, sales of next season’s harvest that starts in October are off to a slow start, Bloomberg reported Thursday. That’s because it has become costlier for traders to hedge purchases, after last year’s rally prompted the exchange to raise the amount that they’re required to pay in margins. At the same time, traders are keeping an eye out for clues on how chocolate consumption is faring. Executives from Hershey Co. and Mondelez International Inc. this week
signaled more price increases may be coming as the chocolate makers navigate a sustained rally in cocoa.
The market had been operating under the assumption that chocolate demand was holding up well, but concerns over shifts in consumer behavior have now emerged, said Judy Ganes, president of New York-based J. Ganes Consulting. Meanwhile, a dispute between major exporters and local shippers in Ivory Coast has added to worries over near-term tightness in the market. A group of local shippers wants the nation to allow them to export beans initially destined for Olam and Barry Callebaut to other clients, people familiar with the matter have said. The request comes after the two traders refused to pay more than the price set by the regulator, the people said. The situation underscores
that “structural output challenges in the West African cocoa market will continue to disrupt operations for chocolate makers through 2025,” Bloomberg Intelligence analysts Ignacio Canals Polo and Diana Gomes wrote in a note.
Study on kratom POPULAR for its stimulating and pain-relieving properties, the herb kratom can be as easy to buy as a bag of chips in many parts of the US. That’s also raised questions about whether kratom should be more closely regulated.
A new US Food and Drug Administration-funded clinical trial expected to begin this summer seeks to provide more insight into kratom’s potential for abuse by comparing the leaf’s draw to that of the addictive opioid oxycodone.
While it’ll take years to provide findings, the research will inform “whether we view
it as a potentially therapeutic substance or something more like oxycodone that needs to be more regulated,” said Ynhi Thomas, a physician and assistant professor at Baylor College of Medicine and a coinvestigator on the clinical trial.
Made from the leaves of a tree native to Southeast Asia, kratom can be found in gummy, pill and drink form and is sold everywhere from vape shops to online retailers. It’s consumed by some 2 million Americans each year for purposes including to relieve pain, opioid cravings and mental health-related symptoms.
But kratom has also been linked to overdose deaths and addiction, especially at higher doses, fueling debates over whether it should face tighter restrictions. In 2016, the Drug Enforcement Administration moved to effectively ban it by classifying it as a Schedule
In separate events, Agriculture Secretary Francisco P. Tiu Laurel Jr. led the launch of Kadiwa ng Pangulo stores at both the PNP headquarters in Camp Crame and the AFP headquarters in Camp Aguinaldo. PNP Chief Police General Rommel Marbil and AFP Chief of Staff General Romeo Brawner Jr. hosted the events.
The Kadiwa ng Pangulo centers will be set up in select police and military camps across the country, offering PNP and AFP personnel and residents in surrounding communities access to affordable, fresh agricultural products while simultaneously supporting local farmers and fisherfolk. The PNP employs around 228,000 personnel, while the AFP has about 150,000 members.
“If our country is food-secure— where supply is stable and prices are affordable—we will have a more stable nation.”
Marbil echoed this sentiment, saying the initiative to bring the Kadiwa ng Pangulo is “a testament to genuine concern of President Ferdinand Marcos Jr. for the welfare and well-being of the men in uniform.”
The program tackles two major challenges: increasing market access for producers and offering affordable food for consumers.
“By linking farmers and fishers directly with institutional buyers like the PNP and AFP, Kadiwa promotes a more equitable agricultural ecosystem.” Ada Pelonia
Govt condones debt of ARBs from Cavite
By Jonathan L. Mayuga @jonlmayuga
THE Department of Agrarian Reform (DAR) on Sunday said 11 agrarian reform beneficiaries (ARBs) in the town of Naic, Cavite are now free from debt from their long-overdue amortization backlog under the Comprehensive Agrarian Reform Program (CARP).
The DAR has granted the farmers debt condonation by issuing a Certificate of Condonation with Release of Mortgages (Cocrom).
Cavite Provincial Agrarian Reform Program Officer James Arthur Dubongco said each of the 111 ARBs will receive their condonation certificates effectively writing off in the process their longstanding balance, with the combined amount of P19,965,293.15.
“A total of 119 Cocrom, covering 120.3 hectares, will be distributed to them at 1 pm at the residence of Barangay Palangue II Chairman Angeles Pegollo,” Dubongco said. “It is the highest number of the certificates to be distributed and the highest amount condoned in the town of Naic, thus far.” President Ferdinand Marcos Jr. raised the idea of condoning the ARBs long-overdue balance in amortizations in CARP lands awarded to them, including interest, penalties, and surcharges. He even prodded Congress to act on it, resulting in the passage of the Republic Act 11953, or the New Agrarian Emancipation Act, which he signed on July 7, 2023. The law is deemed as “a masterstroke that put the finishing touch” to Presidential Decree 27 issued in 1972, which transferred to farmers the ownership of the land they till. The said decree covers only agricultural lands devoted to rice and corn.
I drug — the same category as heroin. But after a public outcry, the agency backed down. To the extent that kratom is regulated today, it’s mainly at the state level.
The new federally-funded study being run by Baylor could help the DEA revisit kratom’s scheduling. The agency typically classifies substances into one of five different categories, with some of the most abuse-prone drugs landing in Schedule I, such as marijuana, and Schedule II, which includes cocaine and fentanyl.
“If it has high abuse potential, the DEA is more likely to place it as a Schedule I or Schedule II drug,” said Christopher Verrico, the lead investigator of the study and an associate professor at Baylor College of Medicine. “If not, they may continue to leave it unscheduled.”
The clinical trial seeks to measure abuse potential by asking participants to rate on a sliding scale how a given drug affects them, including
how high they feel, how good or bad they feel and, most importantly, how much they enjoy the drug’s effects.
The researchers plan to enroll at least 60 individuals, who will be randomly assigned to one of six groups. They will receive either a placebo, oxycodone or one of three different and relatively large kratom doses, ranging from eight to 16 grams. Participants will then rotate through the different groups over time.
The key question is whether kratom will rate as more similar to oxycodone, which is known to produce pleasurable effects, or the placebo. The study is expected to cost around $5.5 million all told, and won’t release initial findings for another three years.
And while federal spending is facing significant scrutiny by President Donald Trump’s administration, “there has not been any indication that this research could be affected, at least not yet,” Verrico said.
Editor: Angel R. Calso
Israel delays release of Palestinian prisoners, citing ‘humiliating’ Gaza hostage ceremonies
By Wafaa Shurafa, Mohammed Jahjouh & Melanie Lidman The Associated Press
TEL AVIV, Israel—Israel says the release of hundreds of Palestinian prisoners is delayed “until the release of the next hostages has been assured, and without the humiliating ceremonies” at handovers of Israeli captives in Gaza.
The statement by Prime Minister Benjamin Netanyahu’s office came early Sunday as military vehicles that normally move in advance of the buses carrying prisoners left the open gates of Ofer prison, only to turn around and go back in.
The release of 620 Palestinian prisoners had been delayed for several hours and was meant to occur just after six Israeli hostages were released on Saturday. It was meant to be the largest one-day prisoner release in the Gaza ceasefire’s first phase.
Israel’s announcement abruptly put the future of the truce into further doubt.
The Palestinian Authority’s commission for prisoners’ affairs confirmed the delay “until further notice.” Associated Press video in the West Bank showed prisoners’ families, waiting outdoors in near-freezing weather, apparently dispersing. One woman was shown walking away in tears.
Five of the six hostages freed Saturday had been escorted by masked, armed militants in front of a crowd — a display that the U.N. and Red Cross have criticized as cruel after previous handovers.
The Israeli statement cited “ceremonies that demean the dignity of our hostages and the cynical use of the hostages for propaganda purposes.” It was likely a reference to a Hamas video showing two hostages who have yet to be released watching a handover in Gaza on Saturday and speaking under duress.
The six were the last living hostages expected to be freed under the ceasefire ‘s first phase, with a week remaining in the initial stage. Talks on the ceasefire’s second phase are yet to start.
The six included three Israeli men seized from the Nova music festival and another taken while visiting family in southern Israel during the Hamas-led Oct. 7, 2023, attack that triggered the 16-month war in Gaza. The two others were held for a decade after entering Gaza on their own.
Five were handed over in staged ceremonies. In one, Omer Wenkert, Omer Shem Tov and Eliya Cohen were posed alongside Hamas fighters. A beaming Shem Tov, acting under duress, kissed two militants on the head and blew kisses to the crowd. They wore fake army uniforms, though they were not soldiers when abducted. Cohen’s family and friends in Israel chant -
ed “Eliya! Eliya! Eliya!” and cheered. “You’re heroes,” Shem Tov told his parents as they later embraced, laughing and crying. “You have no idea how much I dreamt of you.” His father, Malki Shem Tov, told public broadcaster Kan his son was held alone after the first 50 days and lost 17 kilograms (37 pounds).
Earlier Saturday, Tal Shoham, 40, and Avera Mengistu, 38, were freed. Mengistu, an Ethiopian-Israeli, entered Gaza in 2014. His family told Israeli media he has struggled with mental health issues. The Israeli-Austrian Shoham was taken from Kibbutz Be’eri. His wife and two children were freed in a 2023 exchange.
Later, Israel’s military said Hisham AlSayed, 36, was released. The Bedouin Israeli entered Gaza in 2015. His family has told Israeli media he was previously diagnosed with schizophrenia.
Israel’s government didn’t respond to questions about the delay in releasing prisoners. Hamas accused Israel of violating the ceasefire deal, with spokesperson Abdel Latif Al-Qanou accusing Netanyahu of “deliberately stalling.”
The hostage release followed a heartrending dispute when Hamas on Thursday handed over the wrong body for Shiri Bibas, an Israeli mother abducted with her two young boys. The remains were determined to be those of a Palestinian woman. Netanyahu vowed revenge for “a cruel and malicious violation.”
Hamas suggested it was a mistake.
Israeli forensic authorities confirmed a body handed over on Friday was Bibas. Dr. Chen Kugel, head of the National Institute of Forensic Medicine, said they found no evidence Bibas and her children were killed in an Israeli airstrike, as Hamas has claimed.
Kugel did not give a cause.
Hamas denied the Israeli military claim, based on forensic evidence and unspecified “intelligence,” that its militants killed the children “with their bare hands,” calling it a lie aimed at justifying Israeli military actions against civilians in Gaza.
Difficult talks likely over the ceasefire’s next phase
T HE ceasefire deal has paused the deadliest and most devastating fighting ever between Israel and Hamas, but there are fears the war will resume. Negotiations on the ceasefire’s
Pope Francis in critical condition amid lung infection; Vatican reports stable night of rest
By Nicole Winfield | The Associated Press
ROME—Pope Francis, in critical condition with a complicated lung infection, rested well during a peaceful night following a respiratory crisis and blood transfusions, the Vatican said Sunday.
Vatican spokesman Matteo Bruni’s one-line statement didn’t mention if Francis was up or eating breakfast. “The night passed quietly, the pope rested.”
The brief update came after doctors said the 88-year-old pope, who had part of one lung removed as a young man, was in critical condition. On Saturday morning, he suffered a prolonged asthmatic respiratory crisis while being treated for pneumonia and a complex lung infection.
The pope received “high flows” of oxygen to help him breathe. He also received blood transfusions after tests showed low counts of platelets, which are needed for clotting, the Vatican said in a late update.
The Saturday statement also said that the pontiff “continues to be alert and spent the day in an armchair although in more pain than yesterday.” Doctors said the prognosis was “reserved.”
Doctors have said Francis’ condition is touchand-go, given his age, fragility and pre-existing lung disease.
The main threat facing the pope is sepsis T HE y have warned that the main threat facing Francis would be the onset of sepsis, a serious infection of the blood that can occur as a complication of pneumonia.
As of Friday, there was no evidence of any sepsis, and Francis was responding to the various drugs he is taking, the pope’s medical team said in their first in-depth update on the pope’s condition. Saturday’s blood tests showed that he had devel -
second phase are likely to be more difficult. Hamas had said it will release four bodies next week, completing the truce’s first phase. After that, Hamas will hold over 60 hostages—about half believed to be alive.
Hamas has said it won’t release the remaining captives without a lasting ceasefire and full Israeli withdrawal from Gaza. Netanyahu, with the backing of US President Donald Trump’s administration, says he’s committed to destroying Hamas’ military and governing capacities and returning all hostages, goals widely seen as mutually exclusive.
An Israeli official had said Netanyahu would meet with security advisers on Saturday evening about the ceasefire’s future, focusing “on the goal of returning all our hostages, alive and dead.” The official spoke on condition of anonymity because the meeting had not been formally announced.
Freed hostages bring relief and a sign of life Wenkert, Cohen, Shoham and Shem Tov had an “extremely difficult period in captivity,” the Beilinson hospital said, but it did not give details at the families’ request.
Niva Wenkert, Omer’s mother, told Israel’s Channel 12 that “on the surface, he looks OK, but there’s no telling what’s inside.”
“This is an unforgettable moment, where all emotions are rapidly mixing together,” Shoham’s family said, and called for a deal to free all hostages still held.
Families and others rallied again Saturday night in Tel Aviv to pressure Netanyahu’s government for a deal.
“How is it possible that President Trump and special envoy (Steven) Witkoff are more committed to the return of Israeli hostages than you are?” said Naama Weinberg, cousin of deceased hostage Itay Svirsky. “Netanyahu, these are your citizens who were abandoned on your watch!”
Hamas later released a video showing two hostages still held, Evyatar David and Guy Gilboa Dallal, as they sat in a vehicle and spoke under duress at the handover for Shem Tov, Cohen and Wenkert. A group representing hostages’ families called the video “sickening.”
Hundreds of Palestinian prisoners
T HE 620 Palestinian prisoners meant to be freed include 151 serving life or other sentences for attacks against Israelis. Almost 100 would be deported, according to the Palestinian prisoners’ media office.
A Palestinian prisoner rights association said they include Nael Barghouti, who spent over 45 years in prison for an attack that killed an Israeli bus driver.
Also meant to be released are 445 men, 23 children aged 15 to 19, and a woman, all seized by Israeli troops in Gaza without charge during the war. Shurafa reported from Deir al-Balah, Gaza Strip, and Jahjouh from Rafah. Associated Press writers Tia Goldenberg in Tel Aviv, Israel; Abdel-Kareem Hana in Nuseirat, Gaza Strip; and Samy Magdy in Cairo contributed to this report.
Can D les are seen near pictures of Pope Francis outside the agostino Gemelli Polyclinic in Rome, sunday, February 23, 2025, where the Pontiff is hospitalized since February 14. AP P HOTO/G REGORIO B ORGIA
oped a low platelet count, a condition called platelopenia or thrombocytopenia. Platelets are cell-like fragments that circulate in the blood that help form blood clots to stop bleeding or help wounds heal. Low platelet counts can be caused by a number of things, including side effects from medicines or infections, according to the U.S. National Institutes of Health. Francis, who has chronic lung disease and is prone to bronchitis in winter, was admitted to Gemelli hospital on Feb. 14 after a weeklong bout of bronchitis worsened.
Doctors first diagnosed the complex viral, bacterial and fungal respiratory tract infection and then the onset of pneumonia in both lungs. They prescribed “absolute rest” and a combination of cortisone and antibiotics, along with supplemental oxygen when he needs it.
Vatican hierarchy tamps down speculation Francis might resign M EAN w HILE , the Vatican hierarchy went on the defensive to tamp down rumors and speculation that
Francis might decide to resign. There is no provision in canon law for what to do if a pope becomes incapacitated. Francis has said that he has written a letter of resignation that would be invoked if he were medically incapable of making such a decision. The pope remains fully conscious, alert, eating and working.
The Vatican secretary of state, Cardinal Pietro Parolin, gave a rare interview to Corriere della Sera to respond to speculation and rumors about a possible resignation. It came after the Vatican issued an unusual and official denial of an Italian media report that said Parolin and the pope’s chief canonist had visited Francis in the hospital in secret. Given the canonical requirements to make a resignation legitimate, the implications of such a meeting were significant, but the Vatican flat-out denied that any such meeting occurred.
Parolin said such speculation seemed “useless” when what really mattered was the health of Francis, his recovery and return to the Vatican.
“On the other hand, I think it is quite normal that in these situations uncontrolled rumors can spread or some misplaced comment is uttered. It is certainly not the first time it has happened,” Parolin was quoted as saying. “However, I don’t think there is any particular movement, and so far I haven’t heard anything like that.”
Holy Year celebrations continue without pope
D EACONS , meanwhile, were gathering at the Vatican for their special Holy year weekend. Francis got sick at the start of the Vatican’s Holy year, the once-every-quarter-century celebration of Catholicism. This weekend, Francis was supposed to have celebrated deacons, a ministry in the church that precedes ordination to the priesthood. In his place, the Holy year organizer was to celebrate Sunday’s Mass, the Vatican said. And for the second consecutive weekend, Francis is skipping his traditional Sunday noon blessing, which he could have delivered from Gemelli if he were up to it.
France and Britain lobby Trump to maintain support for Ukraine
By Jill Lawless & Sylvie Corbet The Associated Press
LONDON—The leaders of France and Britain are making tag-team visits to Washington this week as Europe attempts to persuade President Donald Trump not to abandon Ukraine in pursuit of a peace deal in the three-year-old war with Russia.
There is an element of good cop, bad cop in efforts by UK Prime Minister Keir Starmer and French President Emmanuel Macron to salvage American support for Kyiv.
Starmer, reluctant to openly confront Trump, speaks of being a bridge between Europe and the US administration. Macron has more strongly criticized Trump’s recent statements that echo Russia’s narrative and American moves to negotiate with Moscow while sidelining Ukraine.
Both leaders stress Ukraine’s voice and sovereignty must be at the center of any peace talks.
The French president warned Trump against appearing “weak in the face of President Putin.”
“It’s not you, it’s not your trademark, it’s not in your interest,” said Macron, who is due at the White House on Monday, the third anniversary of Russia’s full-scale invasion of Ukraine. Starmer is set to follow on Thursday.
Double-track diplomacy
T HE trips come after Macron called a crisis meeting of European leaders in Paris last week to discuss the continent’s next steps—and after Trump on Friday claimed Macron and Starmer “haven’t done anything” over the past three years to end the war.
The centrist French leader, known for his bold diplomatic moves, says he’ll seek to persuade Trump that American and European interests are the same, telling him: “If you let Russia take over Ukraine, it would be unstoppable.”
Starmer, a cautious center-left politician, has avoided directly contradicting Trump or criticizing his actions. The UK joined the US
in refusing to sign a joint declaration at an Artificial Intelligence summit hosted by Macron in Paris this month in what was seen as an attempt to curry favor with Washington.
But the prime minister has reaffirmed Britain’s support for Ukraine, rejecting Trump’s assertion that Zelenskyy is a “dictator” and the president’s suggestion that Kyiv started the war, which erupted when Russia invaded its neighbor on February 24, 2022.
Starmer spoke to Zelenskyy on Saturday, expressing “the UK’s ironclad support for Ukraine and commitment to securing a just and enduring peace.” He said he would stress “safeguarding Ukraine’s sovereignty” when he speaks to Trump in Washington.
Some historians say the idea that Britain can be a transatlantic bridge is built on shaky foundations.
“The ‘special relationship’ has always been more important from the British end,” said Oxford University history professor Margaret MacMillan. “When it comes right down to it, great powers tend to do what suits them.”
She said the bottom line for Macron and Starmer “is they want the US to stay involved in Europe. Whether they can achieve that is another matter.”
Overcoming US reluctance
Trump may well be skeptical. He has long questioned the value of NATO and complained that the US provides security to European countries that don’t pull their weight.
Both Macron and Starmer appear ready to answer Trump’s call to boost defense spending. France spends just over 2 percent of its gross domestic product on the military, and Macron said last week that Europeans “must increase our war effort.” Britain spends 2.3 percent of gross domestic product on defense, and Starmer has said that will rise to 2.5 percent. He may put a date for reaching that target during his Washington trip.
Jamie Shea, a retired senior NATO official, said Starmer should try to appeal to Trump’s keen sense of his place in history. “The main argument Starmer can put will be to say, ‘Mr. President this is going to be your peace agreement. You did it and for better or worse you will be associated with it forever. And do you want to risk a failure?’” Shea said.
Talking trade and tariffs
T RADE —and an effort to avoid US-imposed tariffs—will also be on the agenda for both Macron and Starmer. Trump has ordered reciprocal import taxes on America’s trading partners, slapped 10 percent tariffs on c hina; effectively raised US taxes on foreign steel and aluminum; and threatened, then delayed for 30 days, 25 percent taxes on goods from c anada and Mexico. UK officials hope Britain’s departure from the European Union— a move Trump has praised—and relatively balanced trade with the US will help it avoid harsh tariffs. Corbet reported from Paris.
M A c RON and Starmer will say in Washington that Ukraine must be at the table for negotiations on its future. They hope to get US support for an emerging plan to have Europe deploy troops in a “reassurance force” to help guarantee Ukraine’s future security. Starmer has stressed that the plan will only work if there is a US “backstop,” likely in the form of American air power, to deter Russia from attacking again.
Trump, Putin prepare for summit: A shift in US-Russia relations amid Ukraine crisis
By The Associated Press
Pre ParaT ions are underway for a face-to-face meeting between U s President Donald Trump and r ussian President v ladimir Putin, r ussia’s deputy foreign minister said s aturday. i t marked a clear departure from Western efforts to isolate Moscow over its war in Ukraine.
s peaking to r ussian state media, s ergei r yabkov said a possible Putin-Trump summit could involve broad talks on global issues, not just the war in Ukraine.
“The question is about starting to move toward normalizing relations between our countries, finding ways to resolve the most acute and potentially very, very dangerous situations, of which there are many, Ukraine among them,” he said.
b ut he said efforts to organize such a meeting are at an early stage, and that making it happen will require “the most intensive preparatory work.”
r yabkov added that U s and r ussian envoys could meet within the next two weeks to pave the way for further talks among senior officials.
russian and Us representatives meeting in s audi a rabia on Tuesday agreed to start working toward ending the war in Ukraine and improving their diplomatic and economic ties, an extraordinary about-face in Us foreign policy under Trump. s enior Us officials have suggested Ukraine will have to give up its goals of joining naTo and retaining the 20% of its territory seized by r ussia. after the meeting, Us s ecretary of state Marco r ubio told The a ssociated Press the two sides agreed broadly to pursue three goals: to restore staffing at their respective
embassies; to create a high-level team to support Ukraine peace talks; and to explore closer relations and economic cooperation.
h e stressed, however, that the talks, which were attended by his r ussian counterpart, s ergey l avrov, and other senior r ussian and Us official, marked the beginning of a conversation, and more work needs to be done. l avrov, for his part, hailed the meeting as “very useful.”
n o Ukrainian officials were present at the s audi meeting, which came as their beleaguered country is slowly but steadily losing ground against more numerous r ussian troops, nearly three years after Moscow launched an all-out invasion of its smaller neighbor.
Ukrainian President volodymyr Zelenskyy said his country would not accept any outcome from the talks since Kyiv didn’t take part, and he postponed his own trip to s audi a rabia scheduled for last Wednesday. e uropean allies have also expressed concerns that they are being sidelined.
Trump appears to soften criticism of Kyiv
Tr UMP on Friday appeared to walk back his earlier comments that falsely blamed Kyiv for starting the war, but insisted that Zelenskyy and former U s President Joe b iden should have done more to come to terms with Putin.
r ussia attacked, but they shouldn’t have let him attack,” he said during a radio interview with b rian Kilmeade of Fox n ews, referring to the r ussian leader.
r ussia’s army crossed the border on February 24, 2022, in an all-out invasion that Putin sought to justify by falsely saying it was needed to protect r ussian-speaking civilians in eastern Ukraine and prevent the country from joining naTo l ater, on Friday, at the o val o ffice, Trump told reporters that the war “doesn’t affect the United states very much. i t’s on the other side of the ocean. i t does affect e urope.” o n s aturday, Trump acknowledged that russia did invade Ukraine. “ russia was never going to go in. a nd they went in because of a lot of reasons, and so many people are dead,” Trump said during a s aturday afternoon speech at the Conservative Political action Conference in suburban Washington. Trump noted that he’s “dealing with” Putin and Zelenskyy.
“ i think that thing is going to end,” Trump said of the war. “ i t’s got to end.”
Japan’s emperor marks 65th birthday with a call to keep telling the tragedy of WWII to the young
By Mari Yamaguchi The Associated Press
TOKYO—Japan’s Emperor Naruhito, marking his 65th birthday Sunday, stressed the importance of telling the tragedy of World War II to younger generations, pledging to contribute to efforts to promote the understanding of history and the determination for peace as the world this year observes the 80th anniversary of the war’s end.
“As the memory of the war fades today, it is important that the tragic experiences and history are passed on to the genera -
tions who do not know the war,” Naruhito told a news conference in a pre-recorded comments released Sunday.
Those who went through the ordeals during and after the war grew have grown older and it is difficult for younger generations to hear their firsthand stories, Naruhito said.
Naruhito, accompanied by his wife, Empress Masako, their daughter Princess Aiko and some of his younger brother’s family, waved from the palace balcony at the cheering well-wishers. Later Sunday, he was to celebrate his birthday at a palace banquet.
The war was fought in the name of his grandfather, then- Emperor Hirohito. Naruhito said he and Masako, who were born after the war, have learned from his parents by hearing their stories of wartime experiences and thoughts about peace. His father Akihito, who abdicated in 2019, was known for his devotion to making amends for
German voters head to polls amid economic stagnation and shifting geopolitical alliances
By Geir Moulson
The Associated Press
BERLIN—German voters are choosing a new government in an election Sunday dominated by worries about the yearslong stagnation of Europe’s biggest economy, pressure to curb migration and growing uncertainty over the future of Ukraine and Europe’s alliance with the United States. The center-right opposition is favored to win, while polls point to the strongest result for a far-right party since World War II. Germany is the most populous country in the 27-nation European Union and a leading member of NATO. It has been Ukraine’s biggest secondweapons supplier, after the US. It will be central to shaping the continent’s response to the challenges of the coming years, including the Trump administration’s confrontational foreign and trade policy.
What are Germans voting for?
M ORE than 59 million people in the nation of 84 million are eligible to elect the 630 members of the lower house of parliament, the Bundestag, who will take their seats under the glass dome of Berlin’s landmark Reichstag building. Germany’s electoral system rarely produces absolute majorities, and no party looks anywhere near one this time. It’s expected that two or more parties will form a coalition, following potentially difficult negotiations that will take weeks or even months before the Bundestag elects the next chancellor.
This election is taking place seven months before it was originally planned after center-left Chancellor Olaf Scholz’s coalition collapsed in November, three years into a term
that was increasingly marred by infighting. There’s widespread discontent and not much enthusiasm for any of the candidates.
Who could take charge?
C ENTER - RIGHT opposition leader Friedrich Merz’s Union bloc has consistently led polls, with 28 percent-32 percent support in the most recent surveys, and Merz is favored to replace Scholz. Scholz’s Social Democrats have been polling between 14 percent-16 percent, which would be their worst postwar result in a national parliamentary election.
The far-right, anti-immigration Alternative for Germany, or AfD, has been running in second place with around 20 percent of the vote— well above its previous best of 12.6 percent in a national election, from 2017—and has fielded its first candidate for chancellor in Alice Weidel. But other parties say they won’t work with it, a stance often known as the “firewall.”
The environmentalist Greens also are running for the top job, with outgoing Vice Chancellor Robert Habeck, but have been polling a little behind Scholz’s party.
Merz has pledged “stability instead of chaos” after Scholz’s
A G E rm AN national flag flutters atop the reichstag building in Berlin, Germany, Sunday, February 23, 2025. a P Photo/ m ichael P R ob S t
the war, and Naruhito said he will follow his example.
His concern resonates especially with that of many survivors of US atomic bombings of Hiroshima and Nagasaki in August, 1945, who are worried about the lack of progress in nuclear disarmament and growing support for nuclear deterrence.
The survivors, or hibakusha, have said they hope the awarding of the Nobel Peace Prize to their organization, Nihon Hidankyo, for the decades-long nuclear disarmament effort would raise awareness of the younger generations.
This year, Naruhito and Masako are expected to visit Hiroshima and Nagasaki to pay tribute to those killed by the US atomic bombings and Okinawa, the site of one of the harshest battles in the war.
stepped on the NAACP Image Awards stage Saturday night with a sobering message, calling the civil rights organization a pillar of the Black community and urging people to stay resilient and hold onto their faith during the tenure of President Donald Trump.
three-party coalition collapsed following long-running internal arguments, including over how to revitalize the economy.
But it’s unclear whether the conservative leader, if he wins, will be able to put together a stable government that does much better. Merz hopes for a two-party coalition, but may end up needing a third partner to form a government.
The realistic candidates to join a Merz government are Scholz’s Social Democrats, the Greens and the probusiness Free Democrats—who were the smallest partner in Scholz’s collapsed government and may not manage to stay in parliament.
The Free Democrats and another small party are hovering are hovering at around 5 percent of the vote, the threshold to qualify for seats in parliament. If they do, there may be no majority for a two-party coalition.
What are the main issues?
T HE contenders have made contrasting proposals to turn around the German economy, which has shrunk for the past two years and hasn’t managed real growth in much longer. That’s going to be a central job for the new government.
Migration moved to the forefront of the campaign in the past month following deadly attacks committed by immigrants.
Merz vowed to bar people from entering the country without proper papers and to step up deportations if he is elected chancellor. He then brought a nonbinding motion calling for many more migrants to be turned back at Germany’s borders.
Parliament approved it by a narrow majority thanks to AfD votes—a first in postwar Germany.
Rivals made Merz’s attitude toward AfD, which generated protests, an issue. Scholz accused Merz of “irresponsible gambling” and breaking a taboo. Merz has rejected those accusations, saying that he didn’t and won’t work with AfD. He has repeatedly and categorically said since that his party will “never” do so.
“While we have no illusions about what we are up against in this chapter in our American story, this chapter will be written not simply by whoever occupies the oval office nor by the wealthiest among us,” Harris said after receiving the NAACP’s Chairman’s Award. “The American story will be written by you. Written by us. By we the people.”
The 56th annual Image Awards was held at the Pasadena Civic Auditorium in the Los Angeles area.
Harris, defeated by Trump in last year’s presidential election, was the first woman and the first person of color to serve as vice president. She had previously been a US senator from California and the state’s attorney general.
In her first major public appearance since leaving office, Harris did not reference her election loss or Trump’s actions since entering the Oval Office, although Trump mocked her earlier in the day at the Conservative Political Action Conference.
Harris spoke about eternal vigilance, the price of liberty, staying alert, seeking the truth and America’s future.
“Some see the flames on our horizons, the rising waters in our cities, the shadows gathering over our democracy and ask ‘What do we do now?’” Harris said. “But we know exactly what to do, because we have done it before. And we will do it again. We use our power. We organize, mobilize. We educate. We advocate. Our power has never come from having an easy path.”
Other winners of the Chairman’s prize have included former President Barack Obama, the late Rep. John Lewis and the late actor Ruby Dee.
NAACP Hall of Fame
H ARRIS was honored during the ceremony along with the Wayans family. The family was inducted into the NAACP Image Awards Hall of Fame in recognition of pioneering contributions to film, TV, sketch and stand-up comedy that have shaped Hollywood for decades.
Keenen Ivory Wayans, Damon Wayans Sr., Marlon Wayans, Shawn Wayans, Kim Wayans and Damon Wayans Jr. each were recognized.
Marlon Wayans, whose guest appearance on Peacock’s “Bel-Air” was up for an NAACP award, shared how Keenen Ivory Wayans sparked the family’s rise.
“He raised us all like Jedis,” he said. “We wouldn’t be here if it wasn’t for our big brother.”
Marlon Wayans joked that when his brother told their mom he was leaving college for comedy, she said, “Boy, I’ve known you your whole life, and you ain’t never said nothing funny. That’s the funniest thing you’ve said.”
The crowd erupted in laughter, a fitting tribute to a family that has kept audiences laughing for more than three decades.
The family has a long list of credits. Keenen Ivory Wayans created the sketch comedy series “In Living Color” in 1990 and directed the 2000 slasher spoof “Scary Movie,” which was written by Marlon Wayans and Shawn Wayans, who also wrote and starred in “White Chicks” in 2004. Damon Wayan’s had a starring role in the 1995 comedy “Major Payne,” and currently co-stars with son Damon Wayans Jr. in the CBS sitcom “Poppa’s House,” which was nominated for an NAACP Award. The pair also were nominated for their acting on the show.
Damon Wayans Jr. has acted in two of the most critically acclaimed comedies in recent years: “Happy Endings” and “New Girl.” Kim Wayans, a comedian, actor and director, also received praise for her work in the 2011 drama “Pariah.”
Entertainer of the year
K EKE PALMER expressed her surprise after her name was called as winner of
the coveted entertainment of the year.
“Oh my gosh. Guys, I didn’t think I was going to win,” said Palmer, who paid homage to fellow nominee Cynthia Erivo’s Oscar-nominated performance in “Wicked.” Palmer starred in the buddy comedy “One of Them Days,” which debuted No. 1 at the box office last month. She also won an Emmy for her hosting efforts on NBC’s “Password.”
“It’s such an amazing category to be in with all these people,” Palmer said. “It’s a beautiful night. It’s Black History Month, y’all. It’s so important we all come here together and celebrate one another with one another.” Other nominees included Kendrick Lamar, Kevin Hart and Shannon Sharpe.
Awards recognize LA residents impacted by wildfires I MAGE Awards host Deon Cole honored residents of the nearby Altadena neighborhood who were affected by January’s devastating Los Angelesarea wildfires.
A video of the fire devastation played before actor Morris Chestnut took the stage.
“Homes were lost, stores destroyed, countless lives shattered and over two dozens souls gone forever,” said Chestnut, a Los Angeles native who referenced impacted areas such as Altadena, the Pacific Palisades and Malibu.
“But what was not lost is the spirit of our community,” said Chestnut, who noted 22 Altadena residents attended the show on Saturday. Many in the audience stood and applauded. Cole shifted tone and brightened the mood with a comedic prayer for Kanye West’s wife to find more clothes after her barely-there Grammys look and for Shannon Sharpe to finally size up his T-shirts. The opening act was a lead-up to the evening’s first award: Queen Latifah as best actress in a drama series for her role in “The Equalizer.”
Chappelle honored D AVE C HAPPELLE was honored with the President’s Award for his “thought-provoking humor.” Accepting the award, Chappelle talked about the NAACP’s push against negative portrayals of Black people in media and the importance of representation.
“Every opportunity we get, we just keep chipping
of a machine,” he said. Past recipients of the
Shifting gears: Marcos administration’s new approach to traffic editorial
THE Marcos administration is signaling a welcome change in direction regarding Metro Manila’s crippling traffic congestion. Newly appointed DOTr Secretary Vivencio “Vince” Dizon’s announcement of prioritizing high-capacity mass transit and active transportation over car-centric solutions offers a glimmer of hope for weary commuters. This strategic shift recognizes the long-standing ineffectiveness of merely constructing more roads, a tactic that has only worsened the issue by encouraging car ownership. (Read the BusinessMirror story: “New DOTr secretary to favor mass transit over more roads,” February 22, 2025).
Dizon’s emphasis on fast-tracking projects like the Metro Manila Subway and the North-South Commuter Rail is crucial. These large-scale infrastructure projects, while ambitious and time-consuming, represent the long-term solution needed to fundamentally alter the transportation landscape. Prioritizing regional airport privatization and enhancing seaports to accommodate agricultural shipments and cruise ships further demonstrates a holistic approach to improving connectivity and economic growth.
The focus on active transportation, such as promoting cycling and walking through initiatives like the Edsa Greenway Project, is equally important. Creating a pedestrian-friendly environment not only eases traffic congestion but also promotes healthier lifestyles and reduces carbon emissions.
However, the Marcos administration faces significant challenges. With just three years remaining in office, Dizon’s promise to “hit the ground running” is essential. His decision to bring back experienced former government officials to key positions within the DOTr is a pragmatic move, recognizing the need for expertise and immediate action. Overcoming ex isting hurdles, such as right-of-way acquisition, will be critical to keeping projects on track. The proposal to amend the Right-of-Way Law to facilitate the construction of the Metro Manila Subway deserves careful consideration, balancing public interest with private property rights.
While Dizon’s honesty about the long-term nature of these solutions is commendable, it’s crucial to manage public expectations. The acknowledgement that large-scale projects in other countries, like the Tokyo Subway, take decades to complete highlights the need for patience and sustained commitment. In the interim, the DOTr’s consideration of short-term measures, such as enhancing the Edsa bus carousel, expanding the Pasig River Ferry System, and pushing forward with the Public Utility Vehicle Modernization program, is vital to providing immediate relief to commuters. Addressing the concerns of transport groups opposing the modernization initiative through open consultation is also essential for ensuring a smooth and equitable transition.
Ultimately, the success of this new approach hinges on effective implementation, strong political will, and sustained investment. The Marcos administration must demonstrate its commitment to prioritizing mass transit and active transportation, not just in words, but in concrete actions. Metro Manila’s commuters deserve a transportation system that is efficient, affordable, and sustainable. This shift in gears is a promising start, but the road ahead is long and requires unwavering dedication to reach the destination.
Opinion BusinessMirror
From People Power to civic responsibility
TRISING SUN
HE Edsa Revolution is one of the most defining moments in Philippine history. It was a time when ordinary Filipinos stood together to reclaim democracy. As we mark its 39th anniversary this year, it’s worth asking: What does Edsa mean to us today? Beyond the familiar stories of courage and unity, how can we draw lessons from it that remain relevant in a nation still wrestling with political and social challenges?
From February 22 to 25, 1986, millions of Filipinos—students, professionals, religious leaders, and everyday citizens—gathered at Edsa in an extraordinary display of peaceful resistance. It was mostly about asserting the people’s right to dignity and freedom. The world watched in awe as tanks were stopped
not by force but by prayers, flowers, and the collective will of a nation. This moment showed what Filipinos could achieve when united by a shared purpose.
But as inspiring as Edsa was, we must be honest: its ideals remain unfinished business. The revolution wasn’t the end of our journey; it was
only the beginning. Nearly four decades later, corruption persists, political issues dominate the headlines, and many Filipinos still struggle with poverty and inequality. Have we truly honored the sacrifices made during those four historic days?
What makes Edsa worth revisiting isn’t just its history but its lessons for today. In an age where social media drives activism and amplifies voices, Edsa reminds us that real change takes more than hashtags or viral posts—it requires unity, persistence, and action. It shows us that peaceful resistance can be powerful and that dialogue and solidarity can achieve what violence cannot.
More importantly, Edsa was also about dreaming of a better future for all Filipinos. But that dream remains unfinished. As we face modern challenges like climate change, economic inequality, and political polarization, we need to channel the spirit of Edsa into solving these pressing
issues. The revolution’s legacy calls on us to fight for social justice and inclusive governance that uplifts the marginalized.
Another lesson from Edsa is the power of collaboration. Back then, civil society groups—religious organizations, business leaders, and grassroots movements—worked together despite their differences. Today, in a fractured political landscape where divisions often hold us back, we need to rebuild that sense of collective purpose. Imagine what we could achieve if we set aside partisanship to work toward common goals.
No matter what happens, we must ensure that Edsa remains alive in our national memory. It’s not just a story for history books; it reminds us of what Filipinos are capable of when united by courage and hope. Teaching younger generations about Edsa isn’t just about recounting the past—it’s about inspiring them to take responsibility for shaping the future.
Transformative leadership: Alejandro Tengco’s
visionary role at Pagcor and the renaissance of PHL gaming
AEstopace Angel R. Calso, Dionisio L. Pelayo Ruben M. Cruz Jr.
Eduardo
LITO GAGNI
LEJANDRO H. TENGCO’S leadership at the Philippine Amusement and Gaming Corp. (Pagcor) stands as a powerful example of transformation and strategic vision. His commitment to restoring the integrity of the Philippines’ gaming sector, while navigating the complex web of international financial oversight, speaks to his wisdom, resolve, and purpose. His actions demonstrate a doggedness that reflects the qualities of a successful visionary.
Under his watch, the Philippine gaming sector has experienced a renaissance, marked by a reimagining of both its role within the nation and its impact on the global stage. Tengco’s tenure at Pagcor is more than a chapter in corporate history; it is a masterstroke of visionary governance, one that will undoubtedly echo for generations as the gold standard for leading an industry through the tides of change and into a future of unbounded potential.
Tengco’s decisive actions have rooted out illicit activities, particularly junket operators, and have firmly established the Philippines as a model of financial integrity. His leadership played a crucial role in the country’s successful exit from the Financial Action Task Force (FATF)
grey list—a remarkable feat in global finance. This he did by creating two units in charge of AML efforts: The Pagcor Anti-Money Laundering Supervision and Enforcement Department (PASED) and the Anti-Money Laundering Compliance Department or ACD.
For years, Pagcor’s reputation was burdened by concerns over money laundering and terrorism financing. The Philippines’ inclusion on the FATF grey list in 2021 underscored vulnerabilities within the financial system, threatening to isolate the country from global financial markets. Foreign investments declined, and capital flows stagnated, damaging the nation’s reputation. His handling of the grey list crisis provides a scintillating insight into his business know-how.
Tengco’s journey is a reminder that transformative leadership can change the course of history. The Philippines’ exit from the FATF grey list is more than a regulatory success; it’s a victory for the nation’s financial future. His leadership proves that with the right vision, any challenge can be overcome and new opportunities can emerge.
In that moment of crisis, Tengco’s leadership became a catalyst for change. He led Pagcor out of the grey list and reestablished the country as a trusted player in global finance. Now, the future is bright for higher foreign direct investments, which results in sustainable economic growth as compared to consumption-led surge in the GDP.
This achievement was more than just regulatory—it was about restoring honor, rebuilding trust, and reclaiming the Philippines’ place in the international financial community. Tengco’s leadership moved the country from the shadows of skepticism to a position of transparency and accountability. His actions set in motion a legacy of financial integrity that promises a brighter future for the Philippines.
The significance of exiting the FATF grey list cannot be overstated.
It symbolizes not only the removal of financial isolation but also the restoration of trust and the opening of new
economic opportunities. By lifting the country from the grey list, Tengco and Pagcor have paved the way for increased foreign investments and a revitalized financial landscape. His leadership has fostered confidence in both local and international investors, who now view the Philippines as a country committed to transparency and high standards. Beyond regulatory victories, Tengco’s leadership has driven impressive financial growth for Pagcor. Under his guidance, the corporation saw revenues soar to P112 billion in 2024, a 41 percent increase from the previous year. This success was fueled by the growth of Pagcor’s electronic gaming sector, which contributed nearly half of the total gaming revenues. His focus on both growth and national development is evident, with P68.21 billion directed toward nation-building initiatives. Tengco has also proven his business acumen through innovative public-private partnerships, such as Pagcor’s collaboration with San Miguel Corporation (SMC) to build a new corporate headquarters. This zero-cost partnership, valued at P2.45 billion, demonstrates his ability to maximize resources while reducing operational expenses. With it, rental expenditures for its office premises have been reduced to zero, zilch, nada.
Another bold move by Tengco was the upcoming divestment of Pagcor’s
Atty. Jose Ferdinand M. Rojas II
Becoming C4 citizens Government learning academies
TJoel L. Tan-Torres
DEBIT CREDIT
Part three
HE Philippine Tax Academy has existed for about 14 years. In terms of addressing its mandate of enriching the training and career progression of the tax collectors of the three agencies, the PTA is moving at a snail’s pace. During the 14th year anniversary event of the PTA in July 2024, PTA President Gil Beltran reported the various accomplishments of the Academy.
These included the development of an Enterprise Learning Management System, the establishment of partnerships with UP Los Baños and the Korean Customs Institute through the Korea International Cooperation Agency, the pre-service program for all applicants to the BIR, BOC, and BLGF, the Treasurer Professionalization Program, organizing a Mandatory Continuing Legal Education training for the lawyers of the BOC, and various online courses that can be viewed on the PTA website and Facebook page. https://doftaxacademy.gov.ph/?page_id=137 and https://www.facebook.com/profile.php?id=100086739577570.
More can be done. The PTA Law has several provisions that the PTA should discharge and accept as challenges. The provision in Section 2 of the Declaration of Policy of the PTA Law stipulates that the State “recognizes the vital role of taxpayers’ information and education to facilitate compliance with tax laws and regulations and improve revenue generation efforts. Section 4 on the Purpose of the Academy provides that it will disseminate tax laws, regulation, guidelines, and relevant information to the public.” These mandate that the PTA, aside from its training of government tax officers, should also focus on engagements with taxpayers and even tax practitioners.
I noted that the PTA organized a training course for tax practitioners on Customs rules and regulations in February 2024 and a specialized tax seminar for the general public in October 2024. The Academy should continue offering these courses to taxpayers and practitioners as part of its mandate. This can be offered for free, or fees can be charged to participants from the private sector. Better yet, since PTA is accredited as a Continuing Professional Development provider for Certified Public Accountants with the Board of Accountancy, these courses provide CPD credits to the participants.
The PTA Law in Section 4 provides that “All existing officials and personnel of the BIR, the BOC and the BLGF shall be required to undergo the re-tooling and enhancement seminars and training programs to be conducted by the Philippine Tax Academy. All applicants to the said bureaus shall also be required to pass
. . Continued from A12
Casino Filipino branches. This decision, which will generate revenues north of P50 billion, eliminates potential conflicts of interest and reinforces Pagcor’s role as an impartial regulator. By stepping away from direct casino operations, Pagcor ensures greater transparency and fair competition within the Philippine gaming industry. Under Tengco’s leadership, Pagcor has undergone an unlikely but profound transformation, both financially and operationally. His visionary approach has positioned the agency as a cornerstone of national economic growth.
Beyond the financial success, Tengco’s legacy will be defined by the trust he has restored in the gam-
AThe PTA is in a challenging position, unable to effectively pursue its mandate of training tax collectors in the Philippines without significant increases in its budget, financing, staff, and learning resources. Investing in these areas would be money well spent, as it could enhance the skills of the thousands of tax collectors responsible for the country’s tax revenues.
the basic courses before they can be hired whether on contractual or permanent status.”
This is an ambitious mandate and a great challenge for an institution that only has a 2025 expenditure budget amounting to P58.2 million and limited resources and staff. Compare this minuscule budget to the allocations of the other learning institutions. In the 2025 National Expenditure budget, the following amounts are given to the different academies and colleges: Philippine Science High School System—P2.75 billion, Philippine Military Academy —P1.71 billion, Philippine National Police Academy—P1.36 billion, Philippine Public Safety College— P994.30 million, Local Government Academy—P529.23 million and National Defense College of the Philippines—P324.638 million.
The PTA is in a challenging position, unable to effectively pursue its mandate of training tax collectors in the Philippines without significant increases in its budget, financing, staff, and learning resources. Investing in these areas would be money well spent, as it could enhance the skills of the thousands of tax collectors responsible for the country’s tax revenues.
To be continued
Joel L. Tan-Torres was the former Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy, and Tax partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. He has his own tax and consultancy practice and can be contacted at joeltantorress@yahoo.com and his firm JL2T Consultancy.
ing sector and the broader financial landscape. His leadership shows the power of decisive action, forwardthinking strategies, and a relentless commitment to excellence.
Tengco’s journey is a reminder that transformative leadership can change the course of history. The Philippines’ exit from the FATF grey list is more than a regulatory success; it’s a victory for the nation’s financial future. His leadership proves that with the right vision, any challenge can be overcome and new opportunities can emerge.
As Pagcor continues to evolve under Tengco’s guidance, the future of the Philippines looks brighter than ever, poised to thrive on the global stage. This is not just the story of one man’s achievements; it is the story of a nation’s resurgence, built on integrity, accountability, and visionary leadership.
Siegfred Bueno Mison, Esq.
THE PATRIOT
S part of its sovereign powers, each country will have different pathways to citizenship—mostly either by blood (jus sanguinis) or by way of place of birth (jus soli). Some can acquire citizenship by way of naturalization, positive acts regulated by the State or by way of an express act of the legislature. In some European countries like Spain, a person can acquire citizenship by residence, marriage, option, or descent.
Most countries require a pledge of allegiance or some oath-swearing ceremony as part of the citizenship process. As a result, the persons acquiring the citizenship of another country end up “renouncing” their own citizenship automatically, and unless reacquired by some other process, as provided in RA 9225 in the case of Filipinos, cannot acquire dual citizenship. Yet, under certain circumstances, as provided in a recent agreement between Spain and the Philippines, one who has Spanish lineage does not lose Philippine citizenship. I suppose such preferential treatment stems from the fact that the Philippines used to be a Spanish colony. Not known to many, Filipino nationals with no previous family history in Spain and intend to be Spanish citizens have a lower residential requirement of only two years instead of the usual 10. Other countries offer some kind of “Golden Visa” which, by reason of some substantial investment, a person can be considered as a resident that can eventually lead to citizenship.
The United States of America follows the jus soli principle—meaning that someone born within the US or its territories is automatically a US citizen. Such birthright citizenship is currently protected by the 14th Amendment of the US Constitution. In certain cases, residents can also become US citizens, not by reason of birth, but by residency or by marriage, upon application. My US-based siblings are beneficiaries of this naturalization
process. Yet, in a thought-provoking Executive Order issued on January 20, 2025, recently installed US President Donald Trump has attempted to modify this birthright citizenship aiming to curb the number of persons “exploiting” the process. Section 2 of such order directs: the United States government shall not recognize United States citizenship to persons: “(1) when that person’s mother was unlawfully present in the United States and the person’s father was not a United States citizen or lawful permanent resident at the time of said person’s birth, or (2) when that person’s mother’s presence in the United States was lawful but temporary, and the person’s father was not a United States citizen or lawful permanent resident at the time of said person’s birth.” I know of some friends who intentionally travel to the US purposely to give birth in US soil to avail themselves of this birthright citizenship. Call it clever or cunning, the process appears to be legal prior to this Trump executive order. Some critics already said that Trump’s order is blatantly unconstitutional. If the order is, however, upheld, children born in US soil do not automatically become citizens when the mother is an “illegal alien” who gave birth or while on a tourist visa and the father is neither a US citizen nor resident in both cases.
Some federal judges in at least four states (Washington, Arizona, Illinois and Oregon) temporarily blocked this
executive order by signing a restraining order good for 14 days, but renewable upon expiration. In all likelihood, this order will be subject to the highest court in the United States where Trump-appointed justices are expected to adopt this ultra-conservative order. In contrast, one can have a birthright citizenship in the Philippines by having Filipino blood running through his/her veins, following the principle of jus sanguinis. Wherever one is born, he/she is a natural-born Filipino as long as either parent is a Filipino at the time of birth. And the best evidence in support of this process is a birth certificate issued by the State. Similar to how people have abused the US process to find ways to give birth in US soil, some unscrupulous persons have manipulated the system. As a result, fake birth certificates, mostly by way of late registration, proliferated this country of late, committed usually by Chinese nationals, colloquially referred to as “Pipinos”. The fake Filipinos are citizens for convenience since their status allows them to stay in the country for as long as they can, own as much properties as they can, vote and be voted as in the case of Alice Guo, the erstwhile mayor of Bamban, Tarlac. They hold little or no allegiance to the Philippines. They appear not to be citizens of their real country or their fake country for lack of proper documentation or presence of falsified documents. But most Filipinos are already dual citizens, but not by virtue of any other international law or process. In the 1987 Constitution, the Preamble categorically states: in order to build a just and humane society, Filipinos implore the aid of Almighty God. Such recognition of one Almighty God in the supreme law of the land aligns with what the apostle Paul said that believers must live as citizens of heaven, “conducting yourselves in a manner worthy of the Good News about Christ.” (Philippians 1:27). Unfortunately, some of these believers who are tasked to lead this country do not show the proper Conduct of a believer perhaps out of greed or by sheer culture of corruption, which has become the norm due
to a confluence of events in this country’s history. Other believers toe the line sometimes, especially during the campaign period, but fail to show Consistency and Cooperation during the rest of their careers in public service, in contravention to what the apostle Paul said—“Then, whether I come and see you again or only hear about you, I will know that you are standing together with one spirit and one purpose, fighting together for the faith, which is the Good News.” (Philippians 1:27 ). Worse is that less than a handful of believers show Courage (Mayor Benjamin Magalong is one) and strictly abide in God’s instructions—“Don’t be intimidated in any way by your enemies. This will be a sign to them that they are going to be destroyed, but that you are going to be saved, even by God himself. For you have been given not only the privilege of trusting in Christ but also the privilege of suffering for him.” (Philippians 1:28-29). If only our leaders who are supposedly God-fearing and God-imploring will have the 4C’s of being a citizen of heaven (Conduct, Consistency, Cooperation, and Courage) as explained by author and evangelist Dr. David Jeremiah, then the plague of Corruption, the biggest C in the Philippines, will be reduced to a minimum if not eradicated. The handful of 4C leaders who are doing the best they can to be a worthy believer are struggling amidst the environment that promote impunity and zero accountability in our country. As one community of “dual citizens” in this country and of Heaven, we should keep supporting these kinds of leaders by way of prayers, and most importantly, by voting them into public office.
A former infantry and intelligence officer in the Army, Siegfred Mison showcased his servant leadership philosophy in organizations such as the Integrated Bar of the Philippines, Malcolm Law Offices, Infogix Inc., University of the East, Bureau of Immigration, and Philippine Airlines. He is a graduate of West Point in New York, Ateneo Law School, and University of Southern California. A corporate lawyer by profession, he is an inspirational teacher and a Spirit-filled writer with a mission. For questions and comments, please e-mail me at sbmison@gmail.com.
The future of the peso: Crisis or comeback?
By Henry Go
I) Why will the peso lose strength?
As of February 14, 2025, the peso was seen at P57-P57.50 per dollar, but analysts from Maybank Research forecast a continued decline, with projections suggesting the peso could weaken to P60 in Q1, P63 mid-year, and end the year at P61. The primary causes of this anticipated weakness are global economic uncertainties, particularly U.S. trade policies, as well as domestic issues eroding investor confidence.
A significant concern is the government’s increasing reliance on debt to finance infrastructure and social service projects. While these initiatives aim to stimulate growth, the mounting debt—exacerbated by corruption and weak governance—has raised doubts about the government’s ability to manage its finances. This instability creates unease among investors, further putting pressure on the peso.
II) Role of BSP in peso’s stability
The Bangko Sentral ng Pilipinas (BSP) plays a central role in managing the peso through interest rate regulation. By rate cuts it can stimulate economic growth by making loans more affordable to benefit businesses, but at the same time, it risks making the peso less attractive to foreign investors, leading to capital outflows. Thus, maintaining the peso’s stability will require a delicate balance: the BSP must support economic growth while preserving investor confidence and managing inflation risks, particularly as the global financial environment continues to evolve.
Citi Philippines see a possible 25-basis point cut in the BSP’s benchmark interest rate in the near term as consistent with market bets that inflation will stay within the government’s target level. A news report from February 19, 2025 indicates that uncertainties in the global market, stemming from US President Trump’s proposed tariff imposition, may lead the proactive BSP to consider cutting interest rates by April.
BSP Governor Eli Remolona Jr. has stated that there will be only two rate cuts this year to manage inflation, following three cuts in 2024. This careful approach is meant to prevent excessive
depreciation of the peso. Because an overzealous reduction in rates, amid high US interest rates, could accelerate the peso’s weakening.
III ) Key contributing factors of peso depreciation High US Treasury yields and global capital movement: High returns on US Treasury bonds reflect that the US is attracting foreign capital into US dollars without relying on direct borrowing, thus, effectively reducing demand for other currencies like the Philippine peso and contributing to their depreciation. Investor confidence and domestic economic conditions: The confidence of the investors was further impaired by their skepticism on the state of the Philippine economy, particularly fiscal deficits, rising debt, high utility costs, inadequate infrastructure, expensive labor, peace and order issues and uncertain policy direction—negatively affect investor confidence. The execution of a master economic plan with well-defined guidelines would help in rebuilding that trust among the local business community and foreign investors.
IV) Why too much military spending may be detrimental
Growing tensions in the South China Sea have increased the need for military spending. While defense is important for national security, it puts a heavy strain on government finances. Unlike other sectors, the military has no private alternative, so the government must fund it entirely. Because funds are finite, military spending necessarily means less spending in other key sectors. This fact can take on urgency when we consider that it might result in the government spending exceeding revenues and result
in a deficit, adding to the national debt, which can weaken the economy. The challenge is to hit the balance ensuring that funds needed for national defense are met without compromising the budget allocation to essential sectors.
IV) Strategic measures for peso stability and economic growth
To ensure long-term stability and growth, the government must implement strategic reforms focused on promoting productivity, innovation, and economic diversification. Key interventions include, but not limited to: n Emphasizing strategic government expenditure
Public funds should not be squandered on bloated projects, overpaid contracts, or discretionary government spending that feed into corruption. Strengthening fiscal management and improving public procurement efficiency will boost investor confidence.
n Optimizing OFW remittance benefits
Overseas Filipino Workers (OFWs) play a crucial role in supporting the economy. To maximize the economic impact of their remittances, the government should provide OFWs and their families with financial education, access to investment options, and digital banking services. This will allow them to grow their savings, secure their future, and be productive economically.
n Leveraging the Fourth Industrial Revolution for economic growth
The adoption of state-of-the-art technologies like AI, automation, and digital infrastructure is a necessity to reshape industries and boost productivity. The Fourth Industrial Revolution will drive innovation, increase exports, and create a strong, growth-focused economy in today’s fast-changing digital world.
n Empowering small and medium enterprises (SMEs) SMEs in the Philippines constitute the backbone of the economy, contributing 99.5 percent of business activity and absorbing over 60 percent of the labor force. However, many of them faces hurdles, such as lack of access to competitive financing, technology gaps,
and scaling challenges. With appropriate access to bank funding, no regulatory red tapes and embracing digitalization, it will improve their competitiveness to innovate, create employment, and stimulate inclusive grassroots growth. n Investing in workforce development
To keep up with the continually evolving job market, Filipinos must be equipped with the skills needed to thrive in emerging sectors. Thus, expanded technical education and training programs in STEM and digital upskilling will prepare the workforce for the jobs of tomorrow. Collaborative efforts between industries, educational institutions, and the government will ensure a competitive and skilled labor force, attracting foreign investments and driving economic growth.
V) Conclusion
The declining foreign investments, rising debt level and peso depreciation pressure, are all signs of underlying weaknesses in the Philippine economy. A stable peso is not an economic aspiration; it is a reflection of good governance, fiscal prudence, and sound economic planning and management. Prompt action must be taken to curb fiscal deficits, fight corruption, and upscaling of industries. For the Philippines to stay competitive in a rapidly evolving global economy, it must keep pace with international development trends by investing in digital and physical infrastructure, green technology, and sound fiscal and economic management. Developing a future-ready workforce and adapting to the changes brought by the Fourth Industrial Revolution will open new opportunities while reducing risks. At the same time, ensuring a stable peso and sustained economic growth requires strong government reforms to eliminate corruption, prioritize sustainable development, and provide accessible, reliable, and affordable utilities such as power, water, and internet connection. However, real progress depends on decisive actions, not just mentioning laws or issuing press releases—the country’s long-term strength and competitiveness in the global market depend heavily on actions made today.
PEZA, industry groups tie up for wafer fabrication facility
Monday, February 24, 2025 FESTIVAL LIFTS SPIRITS OF RESIDENTS, TOURISTS FOR NEARLY 3 DECADES
By Andrea E. San Juan
THE government and industry
groups are working on reducing power and water costs as they aspire to put up the first wafer fabrication facility in the country and meet the “evolving” demands of the Electronics Manufacturing Services and Semiconductor Manufacturing Services (EMS-SMS) sector.
“That’s the aspiration…we are working closely with SEIPI on this… critical is cheap power and large ecozone area,” PEZA Director General Tereso O. Panga told the BusinessMirror in a Viber message when asked if PEZA will be the one to host the country’s first wafer fab facility.
For his part, Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI)
President Danilo C. Lachia said he is about to present a proposal to the Department of Science and Technology (DOST) regarding the establishment of a lab-scale wafer fabrication facility.
“I’m submitting my proposal to DOST,” the SEIPI chief told this paper in a Viber message.
A wafer fabrication facility is a semiconductor processing facility which will turn wafers into integrat-
ed circuits.
Lachica said the wafer fab is the
“big gap in between” the value chain of semiconductor. The Philippine semiconductor supply chain consists of only the integrated circuit (IC) design and assembly,test and packaging. (See: https://businessmirror. com.ph/2024/03/25/phl-keen-onpartnerships-for-wafer-fabrication-plant/)
While he did not provide more details on this proposal, Lachica said the Department of Trade and Industry (DTI) is funding a semiconductor and electronics industry roadmap which should be done by the end of February.
“DTI is funding an Industry roadmap. It should be done by end of February,” Lachica told the BusinessMirror in a Viber message.
Officials from PEZA, SEIPI, the Private Sector Advisory Council (PSAC) and DOST recently gathered at a forum organized by the Asian Development Bank (ADB) to discuss the drafting of the country’s semiconductor and electronics industry roadmap.
According to PEZA, the roadmap’s “key pillars” are cost, infrastructure, workforce, regulatory environment and ecosystem.
“These pillars aim to address structural issues, harness opportunities, and establish the Philippines as a trusted global partner,” it said.
PEZA Deputy Director General for Policy and Planning Anidelle Joy M. Alguso underscored PEZA’s efforts to “enhance logistics, reduce power and water costs, accelerate digitalization, and strengthen workforce skills and training in the ecozones to meet the evolving demands of the EMS-SMS sector.”
Incentives
ALGUSO also noted that the recent signing of the Implementing Rules and Regulations (IRR) of the CREATE MORE Act last February 17 as a “game changer” for the semiconductor industry as global competition intensifies.
“This landmark legislation provides a more conducive environment for businesses by offering enhanced fiscal incentives and streamlined processes,” Alguso noted.
In a separate televised interview, PEZA Director General Tereso O. Panga highlighted the incentives that investors into the EMS-SMS sector may avail of while the “specific incentives” for the electronics sector are in the works.
“On the incentives, the President was quoted recently saying that there must be specific incentives to be given to electronics being our biggest exports. I think that is doable, and we support that. This can be likened to the CARS program. And so we want to do the same for electronics,” he added.
Under the CREATE MORE, however, Panga said PEZA can grant Tier 3 incentives to EMS-SMS investors “because of the very nature of their high tech, high value, high profit products.” He said with this offering to investors, “We can be more competitive with the fiscal incentives.”
He noted that Tier 3 has the longest income tax holiday period, particularly granting investors seven years of income tax break compared to the initial four years under Tier 1 investments.
“In the CREATE MORE law, there is a provision saying that for big-ticket investments, these are your P50 billion to be exact and $1 billion and above, the President is authorized to grant a mix of incentives, and this will include power subsidy for really eligible big-ticket investments,” he said.
“PEZA,” A2
BBy Marilou Guieb Correspondent
AGUIO City—Tourism here had taken a quieter and soulful path in recent years, particularly after Baguio was declared as the first Unesco Creative City, embracing more art scenarios, such as exhibits and film festivals.
However, one festival has withstood the test of time even if did not follow the Spanish practice of naming it after a saint or religious belief.
Panagbenga, a Kankana-ey word which means a season of blooming, is now on its 29th year. It was first conceived as a way of lifting the spirits of residents after the 1990 earthquake.
Lawyer Damaso E. Bangaoet Jr. was the driving force behind the Panagbenga. Inspired by the dynamic Rose Parade of California and captivated by the gardens of Florida, he brought home these concepts to revitalize the city and make it flourish.
While he was the managing director of the John Hay Poro Point Development Corp. (JPDC), he broached the idea to the board, which readily embraced it. Thus the seed of the flower festival was sown in 1995 which has now blossomed into a yearly event. It is now being handled by the Baguio Flower Festival Foundation
www.businessmirror.com.ph
A memorial bust of Bangaoet now stands at the Panagbenga Park to honor the lawyer who is regarded as the Father of Panagbenga. In the coldest month of the year, the hottest festival opens as February sets in and is capped by the Grand Street Dance and Float Parade on the closing weekend.
A celebration of heritage LAST February 22, the main thoroughfares of Baguio featured the colors of fire and the coolest hues, as children from participating elementary schools from the Cordillera provinces and some lowlanders swayed to the tune of the Panagbenga theme melody composed by the late Macario Fronda. While the children danced in shimmering skirts or stylized attires of their native costumes, onlookers were delighted by the Philippine Military Academy. Known for their stiff and rigid stances as part of military training, cadets mesmerized the crowd as they danced to pop music. Despite being a highly modern city, tradition persists, as seen in the dances--the Bendian dance recreated in many ways, and the boys and men comfortable in their g-strings. Even City Mayor Benjamin Mag-
See “Festival,” A2
Inc. (BFFFI).
Editor: Jennifer A. Ng
San Miguel power arm set to go on expansion binge
By Lenie Lectura @llectura
SAN Miguel Global Power Holdings Corp. (SMGP) is embarking on an expansion binge with at least P87 billion already set aside for thermal and gas projects.
Mariveles Power Partners Co.
Ltd. (MPCL), a subsidiary of SMGP, intends to further expand the Masinloc plant by constructing Unit 4 and Unit 5 utilizing supercritical pulverized coal technology with a net load capacity of 630 megawatt (MW) and with 42-percent thermal efficiency rate.
Construction for Masinloc Unit 4 and Unit 5 are targeted for completion between 2025 and 2026. As of September 2024, overall project completion of Unit 4 is 81 percent and 69 percent for Unit 5, “with equity-backed capital expenditures of P15.8 billion,” SMGP said in a filing with the Philippine Dealing and Exchange Corp. this month.
Another subsidiary, Mariveles Power Generation Corp. (MPGC), recently finished the 4x150 megawatt (MW) circulating fluidized bed coal-fired power plant and associated facilities in Mariveles, Bataan, using high efficiency low emission (HELE) technologies.
Units 1-3 already commenced commercial operations last year, while Unit 4 achieved commercial operations last January 9 of this year. All four units have net load of 528MW, with approximately 37 percent in thermal efficiency.
“As of September 2024, overall
project completion is 99.9 percent with equity-backed capital expenditures of P34.4 billion,” the company said, referring to the four units.
As part of the company’s diversification of its power portfolio away from traditional coal technologies, another subsidiary, Excellent Energy Resources Inc. (EERI), is constructing the 1,320MW combined cycle power plant, or BCC power plant, in Batangas with a net load 1,275MW.
The BCC power plant, which is going to have a 60-percent thermal efficiency rate, will utilize liquefied natural gas (LNG). The plant is targeted for completion within the first quarter of this year. Unit 1 and Unit 2 are already completed and are awaiting for the issuance of regulatory provisional authority to operate. The overall project completion is 98.2 percent with equity-backed capital expenditures of P36.9 billion.
The company also intends to construct and develop small-scale LNG units in strategic locations in Mindanao consisting of 50MW to 100MW, to boost rural electrification.
“The company is evaluating the timing on progressing the project depending on market conditions, the general state of the
Philippine economy and demand, among others,” it said.
As part of its transition to cleaner energy sources, SMC Global Light and Power Corp. (SLGPC), is developing a portfolio of solar power projects together with potential partners.
The first phase will cover 1,300 megawatt peak (MWp) across various sites in Luzon, including in the provinces of Bataan, Bulacan, and Isabela by 2028. The second phase is expected to have an aggregate capacity of 1,100MWp by 2039 across Pagbilao, Bohol, and various locations in Mindanao, including Davao. “We target the completion of these solar power projects between 2028 and 2039,” it said.
Earlier, SGLPC signed an investment and shareholders agreement with Citicore Renewable Energy Corp. for the 150MW solar power plant to be constructed in Mariveles, Bataan that is expected to be completed in 2026.
Upon completion, all capacity to be generated by the solar power plant will be supplied to SMGP or any of its affiliates under long-term energy supply contracts.
For its solar power projects, SMGP will handle pre-development activities and land acquisitions and will lease the sites to third-party owner of plants. SMGP entities will also be offtakers for a minimum fixed period of 20 years.
SMGP’s subsidiaries—SMGP BESS Power Inc., SMGP Kabankalan, and MPCL—are undertaking the expansion of the BESS portfolio by about 1,000 MWhour (MWh). Of these, 630MWh across 18 sites achieved substantial completion as of September 2024, including the 30MWh Kabankalan Phase 1 and
Fortune Life feted by DepEd-Pangasinan
(MOA) signing ceremony. Through its Values Advocacy program, Fortune Life has been actively contributing workbooks, teaching guides and big books to public schools, with a strong focus on financial literacy, improving reading proficiency, and instilling core values in young learners. This company initiative aims to foster academic growth while promoting character development in the next generation.
part in the Memorandum of Agreement
sticks to plans of lower capex in ’25
In addition, Fortune Life demonstrates its steadfast commitment to education by actively supporting “Brigada Eskwela” each year, donating school supplies and cleaning
materials to different schools across the nation. These contributions have been instrumental in preparing schools for the academic year, ensuring that students return to a clean, safe, and well-equipped learning environment. At the MOA signing, Fortune Life reaffirmed its commitment to supporting the diverse programs and initiatives, including “Brigada Eskwela,” of the Schools Division of Pangasinan II. These developments highlight Fortune Life’s commitment to empowering education and fostering positive change through ongoing support and partnership with DepEd.
2, and 20MWh Masinloc Phase 2.
Three BESS facilities with a combined capacity of 120MWh located in the provinces of Tarlac, Leyte, and Misamis Oriental commenced operations in March 2024 while a total of 30Mwh across two sites were expected to be substantially completed at end-2024.
One of the BESS projects was inaugurated in March 2023 in Limay, Bataan.
“We have entered into EPC (engineering, construction, procurement) contracts with ATE Energy and we target to complete our 320MWh BESS project in Mariveles in 2025,” it added.
The company said these expansion projects are aimed at optimizing its installed capacity and strategically contract capacity to enhance margins; vertically integrate complementary businesses in order to diversify its energy portfolio; and continue to pursue and develop measures to reduce emissions and operate power plants within and below applicable environmental compliance standards.
By Lorenz S. Marasigan @lorenzmarasigan
GLOBE Telecom Inc. said on Sunday it is staying on course to lowering its capital expenditures (capex) to “below $1 billion” in 2025, as it aims to sustain positive cash flow.
Globe President Ernest L. Cu said through a statement that the sustained capex reduction follows a strategic shift toward optimizing existing network assets and improving operational efficiencies.
“Our focused approach to capex, coupled with the ongoing optimization of our network, has enabled us to achieve strong income growth and improved free cash flow. We are excited to continue building on this momentum in 2025,” Cu said.
The Ayala-led telco reported that
its capex for 2024 reached P56.2 billion, reflecting a 20-percent decrease from the previous year and aligning with its full-year spending guidance.
A significant portion—90-percent of Globe’s capex—was allocated to data-related investments, enhancing its digital infrastructure as mobile and broadband consumption continues to surge. The company’s capex-to-revenue ratio also saw a notable improvement, dropping from 44 percent in 2023 to 34 percent in 2024.
Alongside capex reduction, Globe’s total debt slightly declined from P250 billion in 2023 to P249.5 billion in 2024.
Furthermore, key financial metrics remained stable, with a gross debt to Ebitda ratio of 2.66x, net debt to Ebitda at 2.43x, and a debt service coverage ratio of 3.42x.
Banking&Finance
Modernizing payments
IN today’s rapidly changing financial landscape, payment modernization has become a critical priority for financial institutions (FIs) and retailers worldwide. Indeed, a staggering 93 percent of FIs and 87 percent of retailers are either currently involved in payment modernization programs or have plans to initiate one.
KPMG International’s “Modernizing payments: Global perspectives from financial and retail executives on payment modernization strategies and trends” report finds that FI and retail executives are acutely aware of the multiple benefits that payment modernization can bring. Customer experience improvements are front and center. But FIs and retailers also reveal their aspirations for efficiency gains, faster transaction processing and enhancing their current data and analytics capabilities. The most successful modernization programs are anticipated to deliver a substantial competitive advantage.
Financial institutions
THE competition to deliver modern payment systems never ends. Half of the financial institution respondents in the survey say they completed their last significant modernization program within the last year. Yet 93 percent say they are either currently undertaking or planning another significant modernization program right now. What is driving this breakneck pace of change? The FI respondents cite changing customer expectations, regulatory requirements and legacy systems as key drivers.
Retail
FACING changing customer expectations, stiff competitive pressures and rising costs, retailers are maintaining a continuous focus on payment modernization. Indeed, 56 percent of the retail respondents in the survey say they have completed a major payments modernization program within the past year. Yet 83 percent of retailers say they are now once again modernizing their payments infrastructure or are planning to do so in the near future.
Financial institution analysis in the Asia-Pacific
THE Asia-Pacific (ASPAC) region boasts a rapidly growing financial services market. Many of the region’s economies are experiencing growth and governments are promoting financial inclusion and innovation, leading to increasing disposable incomes and greater demand for financial products and services. Improving customer experience also remains a key factor within the region, with a focus on improving turnaround time, liquidity and working capital availability. As a result, the market is becoming increasingly competitive with both traditional and new market players vying for market share. In an overall market estimated to be worth $9.9 trillion—China accounts for 33 percent ($3.6 trillion) of this—the need for payments modernization is increasingly pressing. However, legacy systems are a major challenge for banks, hindering their ability to compete with Non-Banking Financial Institutions (NBFIs) and Payment Service Providers (PSPs).
Retail analysis in the Asia-Pacific THE Asia-Pacific region is a huge market with retailers serving more than half the world’s population. E-commerce is growing fast and, by 2025, should account for more than 61 percent of total retail sales.
That has left retailers in ASPAC wrestling with changing customer demands.
A key issue for retailers is now the extent to which they can create an omnichannel experience that aligns the customer’s offline and online journeys. The good news, however, is that there is rapid adoption of technologies throughout the region, with a large and growing talent pool available to help retailers drive change and compete in their respective markets. Interestingly, the survey reveals differences in the measures of success that will be applied; with these ranging from focusing on cost reduction, transaction speed and the ability to offer new payment methods. What is consistent though is that all of these expected benefits help those undertaking modernization programs remain competitive.
In the Philippines, the Bangko Sentral ng Pilipinas (BSP) aims to have digital payments make up 60 percent to 70 percent of all retail transactions in the Philippines by 2028.
To strengthen trust in digital transactions, the BSP introduced Circular No. 1195 or the Consumer Redress Mechanism Standards for Account-to-Account Electronic Fund Transfers (EFTs) under the National Retail Payment System (NPRS) framework. This framework serves as a regulatory guide for retail payment operations, ensuring a secure, efficient, and reliable payment system.
“Modernizing payment systems can be complex and time-consuming, but its role in driving growth and innovation is undeniable. As the Philippines moves toward greater digital payment adoption, building consumer trust will be crucial to sustaining this shift and unlocking the full potential of modern payment solutions,” said R.G. Manabat & Co. Deal Advisory Principal and Consumer and Retail Head Jerome Andrew H. Garcia.
Conclusion and recommendations
AS consumer expectations shift, regulation evolves and new technologies emerge, payment modernization will become increasingly key to survival in the retail and financial services sectors.
As this report reveals, FIs and retailers are keenly aware of the need for modernization. And they recognize that significant benefits — better customer experiences, more streamlined operations, long-term cost savings and enhanced security, for example — can flow to players that are able to remain competitive in the payments landscape.
Yet continuous modernization isn’t easy. And many of the executives in the survey of FIs and retailers say they face significant challenges as they strive to modernize their payment systems to meet customer expectations and regulatory requirements.
This excerpt was taken from the KPMG Thought Leadership publication: “Modernizing payments: Global perspectives from financial and retail executives on payment modernization strategies and trends.”
BSP frames digital market as safe, secure for banking
By Reine Juvierre Alberto @reine_alberto
THE Bangko Sentral ng Pilipinas (BSP) is eyeing to allow banks and electronic money issuers (EMIs) to expand financial services through third-party providers and integrate products into digital marketplaces to meet growing customer demands.
In a draft circular, the BSP set the guidelines for adopting model to provide an “enabling environment that supports digital marketplace activities” while ensuring compliance with government and risk management standards on information technology (IT), anti-money laundering, terrorist financing, data privacy and consumer protection.
“Underpinning the adoption of a digital marketplace model is sound governance, risk management and consumer protection systems, including an effective, consent-driven
Finance
Ainformation sharing arrangement to ensure that attendant risks are adequately managed and consumer interests are protected,” the BSP said in the document.
If approved, banks and EMIs may offer their own financial products or services such as retail deposit products, retail loan products, business loan products, plain vanilla debt and equity securities and electronic money and payment cards.
They may also provide retail insurance, health maintenance organization (HMO) and pre-need products, as well as collective in -
vestment schemes (CIS) or pooled investment funds, other financial products or services and non-financial non-financial products or services created or distributed by an accredited product or service provider, which complement the marketplace operator’s business model or strategies.
However, gambling-related products or other activities that could harm the reputation of the marketplace participants and the financial system, are prohibited from being offered or presented.
To operate a digital marketplace, banks and EMIs must apply for the grant of authority, subject to the approval of the BSP. They shall have a net worth or combined capital of at least P1 billion, have a robust IT infrastructure and solutions, adequate risk management system to control risks from digital marketplace operations and no major supervisory concerns or recurring issues on governance, risk management systems, internal controls and compliance system in IT, AML/CTPF and consumer protection.
Meanwhile, marketplace operators may perform ancillary functions to enhance user experience, risk
assessment, such as borrower prescreening, creditworthiness checks and customer verification.
Further, BSP-supervised financial institutions (BSFIs) may present, display, sell or distribute products or services in a digital marketplace or distribution platform operated by another bank, EMI or an entity not supervised by the BSP.
A BSFI must have in place sound, comprehensive and clearly defined policies, procedures, processes and controls on the presentation, display, sale and/or distribution of products or services in a digital marketplace/ digital distribution platform, the BSP said.
BSFIs with a Supervisory Assessment Framework (SAFr) rating of at least “3” can present or distribute products in a digital marketplace without prior BSP approval. Those with lower ratings or working with non-BSP-supervised operators must comply with notification requirements.
“The marketplace participants shall ensure that appropriate products or services are offered and/or recommended in the marketplace considering the needs, goals, and financial capabilities of consumers,” the circular read.
execs urged to continue post-FATF
By Butch Fernandez @butchfBM
FTER commending the interagency effort to clean up the financial system that led to the country’s exit from the grey list on money laundering and terrorism financing, Senators urged resolute action to sustain the reforms, as called for by the global watchdog Financial Action Task Force (FATF).
“With a stronger, credible, and transparent financial system, we are now in a better position to attract more foreign investments, create jobs, and drive economic growth,” said Sen. Joel Villanueva. Villanueva specifically praised the government’s move to crack down on an ban Philippine Online Gaming Operators (Pogos), which had been linked to money laundering schemes for organized crime.
For his part, senatorial aspirant Panfilo “Ping” M. Lacson said, “commendations are in order for this administration, particularly those who worked hard to accomplish this feat.”
As the principal author of the
Amended Anti Money Laundering Act
“and a longtime advocate of empowering the Philippine government to go after dirty money and punishing those responsible for having our country tagged as a haven for criminal elements involved in financial crimes and other related criminal activities,” Lacson said. It is “indeed a welcome development that after so many years since the passage of the law, we are now out of the FATF grey list,” he added.
Should he return to the Senate with a victory in the May 12 polls, Lacson had earlier vowed to pursue the lifting of the bank secrecy law’s protection for high government officials.
Meanwhiile, Villanueva sees “financial and economic benefits for our country,” noting the projection of Finance Secretary Ralph G. Recto and experts about the FATF grey list exit leading to more foreign direct investments, easier cross-border payments and a potential credit rating upgrade for the Philippines.
“We laud the government for taking decisive steps to combat terrorism fi-
Fed-favored inflation gauge expected to cool to the slowest pace since June
THE Federal Reserve’s preferred inflation metric is expected to cool to the slowest pace since June, but glacial progress on taming price pressures overall will keep policymakers cautious about lowering interest rates further.
The core personal consumption expenditures price index—which excludes often-volatile food and energy costs— probably rose 2.6 percent in the year through January in Commerce Department data due on Friday. Overall PCE inflation likely eased on an annual basis as well, according to the median estimate in a Bloomberg survey of economists.
The decline will probably come from categories that were relatively tame in separate wholesale inflation data that feeds through to the PCE, according to Bloomberg Economics. But components that registered strong increases in the consumer price index will keep the PCE running above the Fed’s 2 percent target.
That’s a big reason why officials prefer to keep rates on hold for the time being.
Michael Barr is due to speak for likely his last time as the central bank’s vice chair for supervision as he prepares to step down at the end of the month, while Richmond Fed President Tom Barkin and Cleveland’s Beth Hammack are among
others scheduled to deliver comments. At the same time as the PCE report, the Commerce Department will release the latest goods-trade balance, which widened to a record in December and will be a key focus for President Donald Trump in his second term. Other data due for release in the coming week include new-home sales, consumer confidence and the government’s second estimate of fourth-quarter growth.
Meanwhile, investors will continue to watch Trump’s efforts on tariffs and Elon Musk’s push to slash the size of the federal government.
In Canada, gross domestic product data for the fourth quarter is likely to show an economy picking up steam following aggressive rate cuts—though that momentum may stall as the looming trade war weighs on business investment.
The Bank of Korea will be in the spotlight on Tuesday when authorities decide whether to resume the rate-cut cycle. While many economists expect the BOK to ease in a bid to prop up domestic demand and get ahead of any tariff impact on exports, Governor Rhee Changyong injected uncertainty earlier this month by saying it was by no means a done deal. Bloomberg News
nancing and money laundering, and putting an end to POGOs which have been used as fronts for organized crimes,” said Villanueva
“This is also good news for our modern day heroes, our Overseas Filipino Workers (OFWs), as it will facilitate faster remittances and lower transaction costs,” added Villanueva, a key advocate of labor welfare issues and protection of migrant workers.
Villanueva commended the AntiMoney Laundering Council (AMLC) “for responding to our call during last year’s budget deliberations to closely monitor billion-peso transactions, which have contributed to the country’s inclusion in the grey list” for the past four years.
We strongly urge “the government as well as the private sector to continue working towards a more robust economy and a credible financial position in the years ahead,” he added.
Pagcor’s take THE Philippine Amusement and Gaming Corp. (Pagcor) also welcomed the country’s exit from the grey list.
list exit
Pagcor Chairman and CEO Alejandro H. Tengco was quoted in a statement as saying that the exit is “a very significant development that should help bring in more foreign investments to the country.”
“We are honored to have played a crucial part in this development, and the public can rest assured that Pagcor will continue to ensure that all our licensees are compliant with all anti-money laundering rules and regulations,” Tengco said.
“We also commit to sustain the fight against money laundering and terrorist financing in the entire Philippine gaming industry, including our online gaming operators, land-based casinos and junket operators,” he added.
According to Tengco, much of the state gaming firm’s AML efforts are handled by two key units: the Pagcor Anti-Money Laundering Supervision and Enforcement Department and the Anti-Money Laundering Compliance Department.
He committed these units as ensuring “we never go back to the grey list.”
Makati’s Jan revenue take reflects business recovery
By Claudeth S. Mocon-Ciriaco @claudethmc3
THE Makati City government has attained 61 percent of its 2025 target of P19.33 billion as its total collection reached around P11.774 billion as of January 31, 2025.
According to Mayor Abigail S. Binay, there was an 8-percent increase in business tax collections compared to January last year, from nearly P6.473 billion to about P6.997 billion.
The City Treasurer also reported that Business tax remains the biggest local source of revenue for the city, and the city has attained 62 percent of target as of January.
“We are off to an excellent start this year, and we owe this largely to our business community that has been steadfast in its support and confidence in the city government throughout my term as Makati Mayor,” Binay said. She also noted a sizeable increase in gross sales reported by Makati businesses, reaching P2.05 trillion from January to February 20, 2025, which has topped by 10 percent the 2024 total gross sales of P1.87 trillion.
“In barely two months, gross sales of Makati businesses have surpassed their total earnings in 2024. It is really heart-
ening to see that the local economy has fully recovered from the pandemic and is even stronger and more vibrant than ever,” Binay said.
According to a report of Business Permit and Licensing Office Head Maribert O. Pagente, the city has registered 439 new businesses as of February 20,
GAME OF TRUMP: A kinG’s GAMbiT in WAshinGTOn
By Calvin Woodward The Associated Press
President donald trump is moving with light speed and brute force to break the existing order and reshape America at home and abroad. He likes the ring of calling himself king.
No one can absorb it all. By the time you try to process one big thing—he covets Greenland, Canada, the Panama Canal and Gaza; he turns away from historic alliancesand Ukraine; fires many thousands of federal workers, then brings some right back; raises doubts whether he will obey laws he doesn’t like; orders an about-face in the missions of department after department; declares there are only two genders, which federal documents will henceforth call sexes; announces heavy tariffs, suspends them, then imposes some—three more big things have happened.
Trump’s core supporters are thrilled with what they see. Those who don’t like him watch in horror. The nation is far from any consensus on what makes America great and what may make it sink.
What’s undeniable is that Trump has ushered in the sharpest change of direction for the country at least since Franklin D. Roosevelt in the Great Depression. But the long-term implications of Trump’s national reset, and by extension his own legacy, cannot yet be determined.
“Make American Great Again” figure Steve Bannon calls all this action “muzzle velocity”—firing every way at once to confuse the en -
emy. The barrage has left a variety of foreign leaders and many public servants picking figurative buckshot out of their backsides.
Paul Light, an expert on the workings of government and the civil service, reaches for another analogy: “It’s the never-ending volcano. It just doesn’t stop, and it’s hot.” Says Max Stier, president and CEO of the Partnership for Public Service: “We’re essentially playing Russian roulette and they just added a bunch more bullets to the chamber.”
Or is it instead a “controlled burn,” as Kevin Roberts, an architect of the Heritage Foundation’s Project 2025, puts it? “A controlled burn destroys the dangerous deadwood so that the whole forest can flourish,” he asserts. Project 2025 offered Trump a preelection blueprint for some of what is happening now.
Some 75,000 federal workers accepted the new administration’s “deferred resignation” proposal in exchange for financial incentives, and tens of thousands more have been laid off or are in line to be, out of a civilian federal workforce of about 2.4 million, excluding postal workers. Democrats, the minority in Congress, and the broader political op -
position are mulling which fights are worth fighting and which are not, out of so many to choose from. “Democrats,” said one of them, Rep. Jake Auchincloss of Massachusetts, “are not going to engage in the outrage Olympics.”
At the moment, polls suggest slightly less than half of US adults like the Republican president’s handling of his job, a tick better than Democrat Joe Biden’s approval when he left office in January. That sentiment could shift for the better or worse in an hour, after the next big things.
He brings Russia in from the cold I N his first month, Trump performed a pirouette in foreign policy, disavowing the age-old commitment to defend fellow NATO members if they are attacked, reaching out to Russia and suspending most U.S. foreign aid. Washington, Ukraine’s steadfast and potent wartime supporter for three years, has suddenly become its scold.
At home, Trump’s explosion of executive orders and marching orders reaches beyond the workings of government and into the culture. Corporate boardrooms as well as government itself are shedding their diversity, equity and inclusion programs in alignment with the nascent new order, though a judge on Friday largely blocked Trump’s mandate. Institutions are also being pressed to abandon any recognition of or accommodations for transgender people, at risk of losing federal money if they don’t. How much all of this sticks will largely depend on courts, which appear to be the only check on Trump’s expansive use of executive power.
The Republican-controlled Congress has been compliant as Trump pursues his ends by executive action
instead of legislation.
Trump “has issued about a squillion executive orders,” Sen. John Kennedy, R-La., said a while back. “I’m still trying to read them.”
Longtime Republican articles of faith such as support for free trade and strong US-led security guarantees against foreign adversaries have been lost in the din, if not discarded.
‘Long live the king’ R EPUBLICANS have historically preached the virtues of letting state and local governments make decisions about their communities without the federal government calling the shots. But the Trump administration did just that this past week, halting New York City’s new commuter tolls for driving into Manhattan. Trump was quick to take credit.
“Long live the king,” he posted in all-caps, meaning himself. The White House circulated an image of him wearing a crown.
In the civil service upheaval, a blanket staff reduction, largely of thousands of newer employees with fewer job protections, has been combined with the targeted firing of senior officials deemed disloyal to Trump or otherwise an impediment. Multitudes of nonpolitical public servants, normally left in place when new presidents come in, are out.
Senior officials responsible for keeping agencies honest and accountable were among those purged. Nearly 20 departmental inspectors general were fired late one night without the legally required 30 days notice. Trump also dismissed the head of the Office of Government Ethics, an agency that protects government whistleblowers; the Supreme Court on Friday temporarily kept the official on the job.
Trump terminated a dozen federal career prosecutors who had worked on criminal cases brought against him, striking at the heart of what he calls the “deep state.”
‘We are in a dangerous place’ C ONGRESS , which holds the power of the purse, is letting the president exercise it instead, so far leaving federal judges to decide when to rein him in. The early result has been massive cuts or freezes in grants and other spending that Congress approved in law, but Trump is stopping on his own, if courts let him.
“The last month has been entirely distinctive in American history,” said Cal Jillson, a constitutional and presidential scholar at Southern Methodist University. “We have never had an American president who moved this decisively in the face of the law and the Constitution. We are in a dangerous place.”
Jillson and other historians say such tumult in the machinery of government has only come in reaction to dire emergencies: states leaving the union before the Civil War, FDR’s New Deal thrust in the depths of the Great Depression, Lyndon Johnson’s Great Society burst of programs when taking office after John Kennedy’s assassination.
No catastrophes of such magnitude greeted Trump. Illegal border crossings that had surged during the Biden administration, for example, subsided before Biden left office. Even so, Trump let loose in all the ways he telegraphed, and in most cases promised, in the campaign. To Trump and Elon Musk, though, a challenge to democracy comes not from their efforts to upend the bureaucracy but from the bureaucracy itself—the unelected officials who resist the agenda of a duly elected president.
“There’s a vast federal bureaucracy that is implacably opposed to the president and the Cabinet,” Musk told “Hannity” on Fox News Channel this past week in an interview joined by Trump. Musk, the Tesla, SpaceX and X titan, is leading Trump’s scouring of the civil service.
“If the will of the president is not implemented and the president is representative of the people, that means the will of the people is not being implemented,” Musk said. “And that means we don’t live in a democracy. We live in a bureaucracy.” Chaos is a feature, not a bug L IGHT, author of several dozen books on the workings of government, said times like these can yield positive results. “Every once in a while you have to scrub down the operation.”
But this chaos, he said, is both intentional and corrosive, exposing the country to the inadequacy of a hollowed-out civil service when the next crisis comes, whether it’s a pandemic, a hurricane, a war or a massive IT attack.
“That’s Trump’s basic MO—keep people jumping,” he said. Trump “really doesn’t know anything except breaking things.”
Some polls done this month carry warning signs for Trump as he pursues his audacious course. More than half of adults in a Washington Post/Ipsos survey (57 percent) said he has exceeded his authority since taking office. More than half in a CNN/SSRS poll (55 percent) said he hasn’t paid attention to the most pressing problems. In essence, though, this is a halfand-half country that Trump is responsible for leading the whole of. For vast numbers of Americans, he can do no wrong, or no right, depending which side you are on.
P R esident donald trump speaks during a ceremonial swearing-in for secretary of Commerce Howard Lutnick in the Oval Office of the White House in Washington, Friday, February 21, 2025. Pool via a P
Style
Be fab this Feb
COLLABORATION
COS and designer eyewear icon Linda Farrow unveil the latest chapter of their limited-edition eyewear capsule which merges COS’s signature modern design with Linda Farrow’s bold, luxurious aesthetic. The 11-piece collection introduces new expressions of classic styles that embody a creative spirit—a meeting of timeless and contemporary.
Building on the success of the previous capsules, the collection features unisex styles and reimagined favourites alongside newly reworked archival designs. A nod to nostalgia, oversized frames with a subtle cat-eye blend old-school charm with modern sensibilities. Reworking classic shapes, angular aviator frames in gold and silver with gradient-tinted lenses feature alongside a slim, narrow silhouette inspired by the 1990s, and a striking octagonal cherry-red design—a harmonious blend of old-school charm and contemporary appeal.
The frames are further elevated through cut-out details bringing a subtle, contemporary edge to timeless eyewear. Designed for both style and functionality, each pair provides 100 percent UV protection and comes with a protective case and cleaning cloth, ensuring these designs endure the test of time. The COS × LINDA FARROW limited-edition collection is available online at www.cos.com, and at the COS Store at SM Aura Premier
Inspired by contemporary culture, the London-based fashion brand is known for iconic wardrobe pieces, elevated essentials, and innovative designs that are made to last. Dedicated to quality and sustainability, COS takes a bespoke approach to design, creating unique collections that combine function with timeless style.
A TRAVELWARE store carrying global brands at the 4th floor of SM Podium and the 2nd floor of GH Mall in Greenhills, Caravel got its name from the small, fast Spanish or Portuguese sailing ships of the 15th17th centuries. The caravel was known for its agility and speed, and its capacity for sailing windward.
“We wanted Caravel to be a place of discovery— whether for travel gear, personal needs, or gifts,” said Merrill Sua of Jake Bros Inc. (JBI), one of the leading retailers and distributors of bags and luggage brands in the Philippines.
Jake Bros is the exclusive distributor of global brands such as Bric’s, Porsche Design Travel, Thule, Echolac, Travelpro, Wenger, Case Logic, Discovery Travel, Elle Travel, Verage, and GoTravel Accessories. JBI also owns and operates Thule, Wenger, Case Logic, and Bric’s stores, Tripologie, and Caravel multibranded stores. Caravel currently has products from six brands,
FEBRUARY may be flying by too fast, but there’s still plenty of time to feel fabulous.
With new products ripe for your picking, there really is no reason to look frumpy:
AVON FAR AWAY SHINE
GLOBAL fashion influencer Heart Evangelista is a prime example of how to “elevate the ordinary into something extraordinary” while she inspires Filipinas to have “the power to become their most confident and glamorous selves.”
Just like Heart, Pinays can unleash their extraordinary with a spritz of Far Away Shine, the new perfume by Avon. At the heart of the fragrance, which was expertly crafted by Master Perfumer Honorine Blanc, is the exquisite Ispahan rose, an ancient and exotic Persian bloom revered for over 2,000 years and considered a symbol of transformation and inner illumination by women.
“The sleek, stackable bottle enhances a woman’s beauty shelf and embodies the sophistication and practicality that every Filipina desires,” stated Kariz Gabrino, Avon category head for fragrance.
VISION
EXPRESS
LEADING premium optical retailer in the Philippines, Vision Express ensures that Filipinos remain at the forefront of global eyewear trends by offering a touch of luxury for every discerning shopper.
This year, the brand introduces four iconic luxury eyewear brands: Tag Heuer, Miu Miu, Off-White, and Palm Angels. The launch happened at the opening of Vision Express’ newest store located at the new GH Mall at San Juan City.
“Each of these brands brings a unique perspective to eyewear and here at Vision Express, we are proud to offer such a diverse range of styles to our customers,” stated Vision Express managing director Neelam Gopwani.
ACERPURE BEAUTY
A SUBSIDIARY of Acer Group, Acerpure has as its philosophy “Improving Human Quality of Life,” dedicated to providing high-efficiency and highintelligent purifying technological products. For its home-living settings, it aims to bring consumers a new lifestyle that combines “smart” and “freshness.”
One of its latest innovations is the Acerpure Beauty Ionic Hair Dryer and Styler, which can create any hairstyle for any occasion with its 7-Piece Styler Attachments. The tool can dry and style your hair simultaneously.
You can simplify your hair routine and save a lot of time with the 2-in-1 hair dryer and styler so” you can glow up, every day.” It is equipped with an Intelligent Hair Care AI Mode that automatically alternates between hot and cool air to effortlessly protect your hair and scalp from heat damage.
namely, Bric’s, Porsche Design, Thule, Echolac, Travelpro, and GoTravel Accessories, offering something for all kinds of travelers. The brands are known for excellent craftsmanship and durability.
Bric’s is an Italian brand that’s over 70 years old. Its premium leather goods and artisanal workmanship are prized by frequent travelers for their style and elegance. Meanwhile, Travelpro is known for lightweight luggage built for heavy-duty performance while Thule’s luggage and travel bags have been tested under the most extreme conditions, such as desert heat and arctic cold.
Conceptualized in 2023 with the guidance of La Meute, a French design company, Caravel at Podium has a contemporary and modern look. The space is expansive so shoppers can explore the merchandise.
“We needed a spacious store because luggage is big, and customers want to test their options,” said Sua. Caravel wanted to bring together brands with unique identities.
“In a world where new brands emerge quickly, authenticity and originality matter, along with aftersales support. Customers need to feel supported by the brand even after they purchase,” said Sua.
When asked for advice on choosing quality luggage, he said travelers should do their research.
“Take the time to research—what materials you prefer, what designs suit you, and what pain points you’ve encountered with past luggage. Think about where you’re traveling, how long, and even the size of your hotel room. For example, in smaller hotel rooms,
BARENBLISS
PLUM Makes Plumping Lip Gloss is a plumping lip gloss with a 24-hour long-lasting moisture leaving your lips irresistibly shining, plump and beautifully nourished from Barenbliss, the Tiktok-famous beauty cult brand from South Korea.
The luscious lip gloss follows the brand’s B+N+B Beauty Philosophy—Bare Essentials: Zero-percent Alcohol, Cruelty Free, Vegan Friendly; Nature Inspired: enhanced by natural goodness ingredients 5x Miracle Moisture Repair, Hyaluronic Acid, Tocopherol (Vitamin E), and Plum Extract to provide rich nourishment for the lips; Bliss Moments: Elevate your lips with 24-hour moisture and plump perfection in the Lip Gloss.
CORSO COMO 88
THE multi-brand store for shoppers of high-end labels, Corso Como 88 is celebrating the first
anniversary of its flagship store at One Ayala.
With its dizzying mix of Italian and French luxury brands, the store continues to showcase the quality, heritage, and timeless elegance of world-class designs. This year, however, the store is also focusing on artisanal bag brands and fragrances such as Buti, Gianni Chiarini, Biagini, Roberta Pieri, Gina Monroe, BOIS 1920, and Acqua dell’Elba.
“As we mark Corso Como 88’s first anniversary in One Ayala, we reflect on a year of bringing the artistry of Italian craftsmanship to the Philippine market,” stated Imelda Menguito Sciandra, president and CEO of Corso Como 88.
“This milestone signifies more than just a successful year of operations, it also shows our unwavering commitment and passion for curating a collection that embodies the rich heritage, timeless elegance and meticulous attention to detail that defines Italian luxury.” n
CORSO Como 88’s Jiano Trapezoid Bags; Barenbliss Plum Makes Plumping Lip Gloss; Enchong Dee wears Theo eyewear at Vision Express; Valentino Patent Rock-Stud Ballet Flats; Acerpure Beauty Ionic Hair Dryer and
Maybank Philippines, Employees Union reach CBA agreement in less than a day
MAYBANK Philippines, Inc. (MPI) recently marked a historic milestone with the formal signing of the 20252026 Collective Bargaining Agreement, which was successfully concluded in less than a day of negotiations.
This highlights the strong relationship between MPI Management and the Employees Union which is built on open dialogue, mutual trust and shared goals, ensuring fair and equitable benefits for both employees and the organization. The swift and amicable proceeding is also a testament of Maybank Philippines’ humanizing workplace, which prioritizes the well-being and needs of its people.
MPI OIC-President and CEO Patrick Dennis L. Solosa and MPI Employees Union President Diosdado “Dong” Maslog led the signing of the twoyear win-win deal, which was graced by Deputy Executive Director Tess Audea of the National Conciliation and Mediation Board, Department of Labor and Employment (DOLE), who attended on behalf of Executive Director Mari.
Teresita D. Lacsamana-Cancio. Members of the MPI Management Committee and CBA Management Panel, as well as officers and directors of the Employees Union, also attended the event.
“Reaching a CBA agreement in less than a day is truly one for the books. My gratitude goes out to the MPI Employees Union and the MPI Management Panel for their positive outlook and collaborative spirit,” acknowledged Solosa.
“Let us continue to uphold the principles of cooperation and respect that have guided us throughout this process. Together, we will build a stronger, more resilient organization—one that remains committed to the welfare of our employees and the continued success of our business,” Solosa added.
Maslog affirmed: “The Union is very
the signing ceremony for the 2025-2026 Collective
Deputy Executive Director Tess
thankful to the MPI Management for their sincerity and goodwill toward our members. This agreement is a testament to what can be achieved when Management and the Union maintain a strong and collaborative relationship. We remain in continuous and full support of Management’s goals and targets.”
MPI is a member of the Maybank Group, one of Asia’s leading banking groups and Southeast Asia’s fourth largest bank by assets. Maybank is present in 18 countries, including all
The Ultimate Couple Flex: Budgeting Together with Maya
THE hottest couple finance trend is all about making money moves and leveling up together. Whether you’re planning a dream vacation, saving for a new home, or just wanting to avoid awkward “who pays?” moments, money dates are the next-level relationship upgrade you didn’t know you needed.
With Maya, the #1 Digital Bank in the Philippines, saving, spending, and managing money together is seamless, rewarding, and, dare we say, kind of cute. Here’s how to turn your couple goals into real financial wins.
Set the Mood for Smart Spending Light some candles, grab a glass of wine or coffee for a cozy money date and open the Maya app for a stressfree, no-judgment check-in on your finances. Think of it as relationship goal setting but for your bank account.
Make It a Savings Challenge
Who says budgeting can’t be fun and a little competitive? Set a spending limit and challenge each other to plan the most creative, wallet-friendly date— whether it’s a DIY charcuterie night, a scenic picnic, or a street food adventure. The one who gets the most bang for their buck wins, and whatever’s left? Straight into your savings to fuel your next big couple splurge.
Build Your Couple’s Wishlist Fund Manifesting a dream vacay, a cozy new condo, or finally bringing home a fur baby? Maya Personal Goals lets you set up five different savings targets (with cute icons, of course), each earning six percent p.a. No more “we should start saving for that”—now, you actually are.
Ditch the ‘Who Pays?’ Drama No one likes the awkward bill dance at dinner. Paying with Maya makes splitting expenses completely seamless. Even better? Every time you pay with Maya, you’re also boosting your savings interest up to 15
percent p.a. interest. So, your love and your bank account are growing at the same time.
Make Cashback Your Couple Currency Couples who budget together, earn rewards together. With the Landers Cashback Everywhere Credit Card, every purchase comes with perks! Get up to five percent cashback on grocery runs at Landers, two percent on romantic date nights, and one percent on surprise gifts for each other—plus extra rewards when you book trips on Agoda, Japan Airlines, Trip.com, or even enjoy workouts together with ClassPass and comfort food at Jollibee.
This love month, start building something that lasts—a financially empowered future together. Whether it’s saving for big milestones, spending smarter, or simply getting on the same page about money, Maya makes it effortless.
Set up your couple money goals today at maya. ph and mayabank.ph, and follow @mayaiseverything on Facebook, Instagram, YouTube, and TikTok to stay updated.
Maya Philippines, Inc. and Maya Bank, Inc. are regulated by the Bangko Sentral ng Pilipinas. (www. bsp.gov.ph). Deposits are insured by PDIC up to P500,000 per depositor.
Discovery Suites celebrates 25 years of exceptional hospitality
its 25th anniversary, commemorating 25 years of service excellence in the hospitality industry.
Legacy of Comfort and Excellence
SINCE the year 2000, Discovery Suites built a reputation for offering well-appointed and spacious accommodations that serve as homeaway-from-home for business, leisure and longstay guests. With its strong commitment to service and heartfelt Filipino hospitality, the hotel remains to be the accommodation of choice for those seeking both comfort and value for money.
Special Offers in Celebration of the Anniversary TO celebrate this milestone and give back to their valued guests, Discovery Suites will be having exclusive deals and offers throughout the year. To start, guests may enjoy a minimum of 25 percent discount on staycations with rates starting at P7,000 nett per night with buffet breakfast, food and beverage credits, and complimentary late check out. Whether you are planning a quick staycation, a business trip, or a midway escape, this limited-time offer gives guests the perfect opportunity to experience the hotel’s signature Service That’s All Heart.
A Testament of Excellence Throughout The Years OVER the years, Discovery Suites has evolved to
meet the changing needs and demands of guests and travelers. From well-designed suites, to memorable dining experiences, the hotel remained at the forefronts of innovation in the hospitality field
“Discovery Suites’ success story in the last 25 years will always be attributed to our supporters but let’s not forget the true heart of our existence, and all of our achievements would not be possible without our associates who have been working in front and behind the scenes to fulfill our promise of providing Service
That’s All Heart.” said Carlo C. Cruz, Hotel Manager. The team’s commitment to top-notch service earned the hotel several awards and accolades including mentions and recognitions from Tripadvisor, Conde Nast Traveler, Travel + Leisure, and just recently, won Travel Daily Media’s Extended Stay Hotel of the Year - Philippines award.
Looking Ahead AS Discovery Suites embarks on its next chapter, it continues to uphold its dedication to delivering memorable stays and extraordinary dining experiences. With upcoming exciting promotions, the hotel remains committed in its promise to offer nothing but the best to its guests. Join Discovery Suites in celebrating 25 years of hospitality excellence. Learn more about their special offers at https://www.discoverysuites.com/specialoffers. For inquiries, call at (02) 7719 8888 or email dsreservations@discovery.com.ph.
10 countries in Southeast Asia, with an international network of over 2,610 retail and 38 investment banking branches. In the Philippines, Maybank maintains a “phygital” proposition that combines physical accessibility through its network of 60 branches, 15 lending centers, nine Premier Wealth Centers, 9 branch lites, 1 Islamic Banking Window and close to 80 onsite and offsite ATMs nationwide, with digital capabilities through its M2U mobile app and internet banking platforms. MPI offers an array of financial services and products that include lending (personal loans, commercial loans, corporate loans), deposit-taking, electronic banking, credit card, cash management services, wealth management, remittances, trust and fiduciary accounts, and treasury products and services. www.maybank. com.ph
Maybank house brands in the Philippines also include Maybank Capital, Maybank Securities and eTIqa Life and General Assurance Philippines.
DBP welcomes new director
STATE-OWNED Development Bank of the Philippines (DBP) has welcomed the newest member of its Board of Directors -- Eddie Abel C. Dorotan, a seasoned banker with over 20 years of vast experience in the areas of investment banking, capital markets, as well as commercial and corporate banking.
Before his appointment to DBP’s highest governing body, Dorotan was a Senior Vice President and Head of the Investment Banking Group of Asia United Bank Corporation (AUB) where he also served as the youngest member of the management team. He also handled bank-wide credit in
the Philippine Bank of Communications as head of its Institutional Banking segment. Dorotan started his public service career by topping the inaugural batch of DBP’s Management Associates Program (MAP) in 2005, an intensive and immersive one-year management training for aspiring bankers. After completing the program, he joined the DBP Investment Banking Department, where he made his mark in marketing, structuring and execution of large-scale financing transactions. He holds a Bachelor of Arts Major in Economics degree from the Ateneo de Manila University, where he was a Dean’s Lister.
SIGNED AND SEALED. Maybank Philippines OIC-PCEO Patrick Dennis Solosa (center, left) and MPI Employees Union President Diosdado Maslog (center, right) shake hands at
Bargaining Agreement. Joining them are members of the CBA Management Panel, Officers of the MPI Employees Union, and DOLE-NCMB
Audea attending on behalf of Executive Director Maria Teresita D. Lacsamana-Cancio.
EMILY ABRERA: ‘AdvERtIsIng cAn do
A gREAt dEAL of good In thE WoRLd’
IRECENTLY had the privilege of being invited to the induction of the 2025 Board of Directors and Trustees of the PANA (Philippine Association of National Advertisers) and the PANAF (PANA Foundation) because the incoming president is my dear niece and Goddaughter, Chrissy Roa, Group Head of Marketing and Communications - Ayala Land Corporate and Estates.
When she told me that Emily Abrera would be their guest of honor to deliver the keynote address, I immediately confirmed my attendance because I was eager to see this outstanding woman again, one of the chosen 100 whom I had featured in my first coffee table book “100 Women of the Philippines: Celebrating Filipina womanhood in the new millennium” published in 2000.
In that book, Emily was described by writer Nini Yarte as: “In the global operations of McCann Erickson, Emily Altomonte Abrera is distinguished as the first woman to become president and managing director of a McCann Erickson agency. Consequently, this development made her the first woman to lead a multinational ad agency in the Philippines.” She eventually became the agency’s CEO.
In her two-page spread in the book, I distinctly remember her meaningful quotation that we chose to highlight from her interview: “Advertising can do a great deal of good in the world.”
Today, she continues to be that icon for the good that advertising and communications can do and while she has retired from advertising to focus on her advocacy communications, she remains active, always with a sense of humor, compassionate and to me, a leader and role model that many of us in the communications industry look up to and emulate.
As expected, her keynote address was not only impressive; it carried a lot of humor, wisdom and significant questions. So, with her permission, I’m sharing the full text of her speech here.
Thank you Emily and please continue to do more good in this industry we are in.
The Keynote Address of Emily Abrera for the PANA induction January 23, 2025
Congratulations to the soon-to-be inducted Board members of the PANA and the PANA Foundation.
Good morning, dear friends. While making notes for these
short remarks today, I did step back to try and gauge how much the advertising industry had really changed in the past 15 years. (I retired officially from commercial advertising in 2010, to concentrate on advocacy communications.)
Not long after, the media-buying function of most large agencies got spun off, the Adboard which was the umbrella organization of the industry, was dissolved, and annual ad congresses that brought everyone together became a thing of the past.
The function of screening ad materials has continued under the ASC, but given the dramatic rise in the use of social media, there is likely a need to review the need for a more efficient system that can do the job within the more compressed time frames you all work with today. It seems there are more business enterprises in the industry, even more organizations, but each staying within their specific area of concern. The pie has gotten bigger, but it is sliced more thinly. And so it goes…the industry players continue to function in their own silos, with less and less connectivity to one another.
Only briefly was the pause button hit, by the virus. And that made everyone miss the stuff they took for granted before: the outdoors, travel, visiting friends and grandparents. In its place came loneliness and anxiety, along with other more serious mental health issues, and an inordinate closeness to and dependency on the internet. But none of this stopped the criminal activities of those who were in a position to profit from the emotional turbulence and desperation that marked those three years.
So to be honest, yes, in the past 15 years the landscape of the ad industry has changed so much that it’s barely recognizable. It’s no different from the challenge of trying to get things done on time in today’s world amid traffic (both vehicular and human), algorithms and scams.
It’s also harder to see the change when one is immersed in this business day in and day out. One needs to have been away from it for a while to get the full shock value of where it has taken us. Of course, the approaching election has made the media landscape uglier than usual lately, but there are some positive aspects. Even Covid ushered in working-from-home, you know, and that’s been a good thing for families and their budgets.
The pandemic, painful as it was, was a great change-maker for society at large as far as consumer
habits go. The other impetus was (and still is) information technology. The way we buy has changed; the ways we relate to one another have changed; the ways we consume media have changed as well; even the way we eat has changed: my grandchildren seem to enjoy their breakfast more when it’s delivered at the door than when it’s prepared in our own kitchen!
Our priorities have shifted. We all go home to sleep beside our partners (those of us who have them), but we are more married to our little gadgets than ever before. The cellphone has expanded our capabilities, extended our alternative selves, made us more beautiful in selfies—but it has also narrowed our perspectives, and especially for younger users, the phone camera has replaced the human eye.
We have actually forgotten how to be present and how to use our senses to perceive. I watched a young lady at a Van Gogh immersion exhibit enter the hall with her eye glued to her cellphone from start to finish of the entire presentation practically. On the positive side, she didn’t once bump into anyone while doing this. There’s the upside: new skills. Restaurant staff are awesome at taking group shots, which is not to diminish the selfie skills of this generation. Are people still photographing their food before they begin eating it? In the old days, we would just say grace. (I used to worry that if I failed dismally as a human being in this life, I would return as a crawling insect. Now there is a distinct possibility that I could be reincarnated as a cellphone.)
Yet surely, even if you can’t track the changes incrementally, you can’t escape being aware of them because the PANA does its marketing homework. And marketers are trained to find the profit opportunities that any situation presents, ahead of the competition. No one knows brandbuilding like you do, right? (In this sense, you may have inspired legions of politicians to do the same. Just kidding; it’s not your fault. You are doing lots of good things—Brand Academy, Pananaw Awards, etc.)
We live in a troubled world. Worse, we live in a severely troubled country. Yet as citizens, we are more united and prompted to action by what we hate, rather than by what we wish for: enlightened leadership,
a country of educated, productive and caring citizens, the eradication of corruption…and the list goes on. What we wish for as private citizens shouldn’t be drastically different from what we wish for as business people. Our personal wish list of values can’t be siloed from the businesses we run. Only cynics will disagree, and unfortunately, it’s the cynics who cannot imagine a better world.
PANA is the oldest and the biggest organization in the ad industry. It always was. As producers and marketers of goods, after all, the budgets come from you. The 4A’s imagines how to best use it, but I have to say that asking creative teams to pitch for every single project is a drastic misuse of their creativity. Nor does it do the brand much good. You can’t build brands with a string of 15-seconders about families that break into dance because their clothes are whiter and smell fresher, or because Nanay has discovered a new sandwich filling… even if you run these messages endlessly. Is it any wonder then that people hit the Skip button every time? Don’t you miss the stories that engage audiences so that they don’t skip the ads? I do.
I worry that soon audiences will automatically tune out, unless the material is simply exaggerated entertainment. The recent Manila Film Festival box office results are hinting at it.
I have spent almost a half century now in the practice of communications. I was raised with the same bible in hand as the PANA. I believe that brands are living, breathing things… that brands can live long and fruitful lives. That just like you and me they can thrive through good times and bad if they adhere to the timeless values that real people embrace, no matter how drastically circumstances may change. I believe that brands must create meaning in order to connect. Because when consumers cease to think of them, brands die.
Just like people, families, societies, entire countries. When we cease to think of them, they wither and die. And who wants that to happen? Not the PANA.
I won’t pretend to know enough to have any answers, but I think we can begin by asking the questions. How can the industry respond
better to the call of the times?
How can we together create a sea change of greater sensitivity, greater awareness for the common good?
How can we foster deeper connectivity among the industry players so that our shared wish list manifests in positive social change? How do we bring in the newer and younger enterprises? How do we create a more lifesustaining advertising industry?
What will it take to move us from being mere spectators to being participants?
And how long must you wait to act? How long will it take?
Selfishly, I hope to see it in my lifetime.
I wanted so much to end this talk with something uplifting. Because what’s a keynote without that? Well, a few weeks ago, one of my granddaughters (who’s in first year college) up and asked me about brands and branding. She had homework. When I checked how she did in her presentation, she told me that she and her team got top marks. Better yet, she said, “I didn’t know advertising was so interesting.” I am keeping my fingers crossed on that kid.
Meanwhile, my second grandson, after years of doing freelance gigs and playing drums in a band, has taken a job as a copywriter in a good company. And so far, he loves it, both the pain and the pleasure. Just like the rest of us.
Thank you for inviting me to be here today.
It is great to be among old friends. Have a beautiful day ahead.
PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premiere association for senior communications professionals around the world. Joy Lumawig-Buensalido is the President and CEO of Buensalido PR and Communications. She was past Chairman of the IPRA Philippine chapter for two terms.
PR Matters is devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@gmail.com. Th E Mich E li N Guid E A rriv E s i N Th E Phili PP i NE s MANILA, PHILIPPINES—With its 2026 debut, the world-renowned Michelin Guide sets its sights on Manila, its environs, and Cebu, solidifying the country’s position as a must-visit destination for food lovers everywhere. From the bustling food hubs of Metro Manila to the vibrant dining scene of Cebu, and even the culinary gems of Pampanga, Tagaytay, and Cavite, Michelin’s Inspec-
tors are already exploring the nation’s gastronomic landscape. Their mission? To uncover the most exceptional restaurants, showcase the talents of Filipino chefs, and celebrate the unique flavors that define the Philippines’ culinary identity.
“Our Michelin Inspectors have been following the evolution of the Filipino culinary scene with great excitement. The country’s deep-rooted culinary traditions, combined with a strong openness to global influences, create a uniquely diverse dining culture,” shared Gwendal Poullennec, International Director of the Michelin Guide. “In Manila, we see young, talented chefs redefining Filipino cuisine with fresh perspectives; while Cebu, as a leading tourist destination, offers an impressive range of dining
experiences with world-class hospitality.” With 7,641 islands rich in history, heritage, and innovation, the Philippines is a gastronomic wonderland where old meets new, where tradition embraces evolution, and where every bite tells a story of culture, passion, and identity. Backed by the Philippines’ Department of Tourism (DOT), the arrival of the Michelin Guide signals a transformative shift in the country’s global culinary reputation. Tourism Secretary Christina Garcia Fra -
sco stated, “We extend our warmest welcome to the Michelin Guide, whose international recognition of the Philippines’ rich culinary heritage celebrates the diversity of
M left: Noel Nieva and Joy b uensalido represent i
at the PANA induction of new president
oa shown at far right with guest speaker and inducting officer Emily Abrera.
Philippine Golf Tour season gets going
Tnew season of the Ladies Philippine Golf Tour (LPGT) on Monday in Lubao, Pampanga with one of the strongest fields ever assembled. Asia Pacific Cup champion Princess Superal and LPGT Order of Merit winner Harmie Constantino head the cast along with multi-titled Daniella Uy, Chanelle Avaricio, Sarah Ababa, Florence Bisera and Chihiro Ikeda.
Fortuna and Tiffany Lee, all eager to make their mark. Also in the fold are experienced campaigners Marvi Monsalve, Gretchen Villacencio and Pamela Mariano, along with Laurea Duque, Velinda Castil, Sam Bruce, Kayla Nocum and the returning Sunshine Baraquiel and Seoyun Kim. With this stacked field, the season opener is shaping up to be a thrilling and unpredictable showdown. Among the contenders, Bisera enters with momentum, having emerged as the top-performing Filipina in the recent ICTSI-Worldwide Link Group Philippine Ladies Masters at The Country Club. Her showing in the elite international event gives her a confidence boost as she takes on Pradera Verde’s demanding layout. The course’s meticulously maintained fairways offer opportunities for bold play, but Pradera Verde’s shifting winds and tricky pin placements ensure that success will require more than just length off the tee. Shot selection, course management and mental toughness will be key in the 54-hole championship, where no single playing style guarantees victory. Eyes will be on Constantino, who looks to bounce back after withdrawing from the Philippine Ladies Masters due to injury. Winner of four LPGT legs on the way to the money title, Constantino be aiming to replicate her strong start from last season, where she won three of the first five tournaments. While she struggled midway through the year, she regained form just in time, clinching the season-ending leg in brutal conditions at Negros Occidental to secure another OOM title.
RACHEL ANN DAQUIS showed she still got game, receiving enthusiastic approval from the scribes.
Superal is eager to bounce back from a string of lackluster performances. The former US Girls’ Junior champion has set the standard in Philippine women’s golf, but she remains cautious about her form heading into the season opener. Meanwhile, Lee has emerged as one of the most intriguing players
to watch. The former Junior PGT standout turned professional after shocking the field with a sudden-death victory over Ikeda at the Lakewood Championship. She followed it up with an impressive professional debut, outlasting Fortuna to win at Splendido Taal.
However, her transition to the pro ranks has been a rollercoaster. Lee struggled in subsequent events, including a disappointing overseas stint in Taiwan and a missed cut at the Philippine Ladies Masters.
Despite these setbacks, she remains optimistic about her chances at Pradera Verde—a course where she dominated the Junior PGT leg last year with a commanding 20-stroke victory.
Beyond the marquee names, the rest of the 27-player field is also eager to make an impact. Apple Fudolin, Rev Alcantara, Kristine Fleetwood, Lucy Landico, Annika Cedo, Martina Miñoza, Eunhua Nam and Monica Mandario are all entering the week with high expectations, knowing that a strong performance could set the tone for the rest of the season.
Jung, Corpus look to seize spotlight WITH a new batch of promising Qualifying School graduates eager to make their mark, the race for supremacy is wide open in the Philippine Golf Tour. Each of last year’s leg winners are set to see action in the opener of the 10-leg PGT season.
There won’t be an easy path to victory as the new season introduces a new crop of hungry challengers, including 26 of the 30 Q-School qualifiers who battled grueling conditions at Splendido Taal to earn their Tour cards. Korean standout Jeff Jung and former national team ace Carl Corpus finished 1-2 in the four-day eliminations.
ensure that no single style of play will guarantee success. It will also be a true test of strategy, patience and execution.
Even five-time Order of Merit champion Tony Lascuña, despite
his wealth of experience, acknowledges that the competition is fiercer than ever. “There’s no room to relax this season. The young players are getting stronger, and the course conditions will test everyone,” he said in Filipino.
This unpredictability is what makes this year’s PGT circuit especially compelling. Clyde Mondilla, who dominated the Caliraya Springs leg last season, is eyeing another triumph at Pradera Verde, a venue where he clinched victory in a historic five-man playoff in 2020.
He’ll be joined by other leg winners including Rupert Zaragosa (Negros Occidental), Reymon Jaraula (Bacolod), LJ Go (Palos Verdes), Angelo Que (Philippine Masters), Sean Ramos (Lakewood), Keanu Jahns (Forest Hills), Jhonnel Ababa (Apo), and Zanieboy Gialon (Iloilo)—all of whom have proven they can win under pressure.
Daquis proud as Foxies rally behind her back defeats after losing to ChineseTaipei, 84-91, last Thursday.
The 37-year-old Daquis, playing in her first tournament since the 2023 Invitational Conference, turned in a 19-point outing in Farm Fresh’s win over Capital1, earning her the citation as Premier Volleyball League Player of the Week.
Daquis stepped up as the muchneeded veteran presence in the clutch for a young Farm Fresh squad, and fittingly, hammered the match-winning kill to lift the Foxies to a franchise-best 5-6 record at the end of the preliminary round.
For her exploits, Daquis was voted unanimously as PVL Press Corps Player of the Week presented by Pilipinas Live for the period February 18 to 22. The former Cignal mainstay won the vote over Alyssa Valdez of Creamline, Petro Gazz’s MJ Phillips, Cignal’s Vanie Gandler, Choco Mucho’s Isa Molde, and early MVP favorite Savi Davison of PLDT for the weekly plum decided by reporters covering the competition streamed live and on-demand via the Pilipinas Live app and on www.pvl.ph.
“We still have a lot to work on, because if we’re doing really well, we should be getting ahead right on the first set and not be stretched to five,” Daquis said.
“That means we still have stuff to do to get there, although we’re seeing progress.”
“We are happy with this result. We need to build our character more because Farm Fresh already has talent. They are really good and they deserve the win because they never gave up.”
Sixth-ranked Farm Fresh returns to action on March 4 as it faces No. 7 Akari in the qualifying round for one of six outright quarterfinal spots.
Losers of the qualifiers are relegated to the play-in tournament, where they have one last chance to earn one of two remaining quarterfinal berths.
NEW ZEALAND took control early and never allowed Gilas Pilipinas to recover, scoring a 70-87 victory in the final window of International Basketball Federation (FIBA) Asia Cup qualifiers on Sunday at the Spark Arena in Auckland.
The Tall Blacks led 53-33 at the half and held on for a 5-1 record in Group B.
The Philippines ended up with a 4-2 win-loss record for second spot.
“It’s tough whenever you fall behind early in the game as far as the game goes. It’s tough to crawl your way back especially when you are on the road,” Chris Newsome said during the post-game news conference.
“They shot really well. I think they just missed one or two shots in the first four minutes of the game. We just got to do better defensively, and that’s one of those games that we wish we could play better but that’s how basketball goes—you win some and you lose some,” he added.
The Philippines suffered back-to-
PUERTO PRINCESA hosts the Ironman 70.3 on March 2 with a faster and more scenic course designed to challenge elite endurance athletes from around the world.
“We’ve made a few adjustments, including a slightly modified bike course
Terrafirma selling PBA franchise
By Josef T. Ramos
TWhile big hitters may capitalize on reachable par-5s, the ever-changing winds and demanding pin placements
Multititled Guido van der Valk, former leg winners Ira Alido and Michael Bibat, and title-hungry Hyun Ho Rho, Aidric Chan, Ryan Monsalve, Russell Bautista, and reigning The Country Club Invitational champion Minwook Gwon are all in the mix, ensuring no clear frontrunner heading into the season opener.
Tall Blacks get back at Gilas Pilipinas
but also more picturesque, as well as an allnew run course that takes athletes through the heart of Puerto Princesa City,” Race director Julian Valencia said.
With over 400 participants from 42 countries including Australia, China, France and the United Kingdom, the battle for supremacy in this grueling 1.9km swim, 90km bike, and 21km run will be fierce.
Among the men, Mervin Santiago, Julian Teves and Jeremy Ruiz are expected to lead the locals’ charge, while in the women’s division, Filipinas Bianca Española, Mary Pauline Fornea, Nina Pascua and Melody Amorin will face stiff competition from international challengers
FAR EASTERN UNIVERSITY
their third win in as many matches, while ending a sevenmatch losing streak to the Bulldogs.
such as Thailand’s Anna Lobanova, Indonesia’s Citra Melati, Japan’s Mitsuki Tanaka-Tan and Megan Brazell of the US. Adding to the event’s prestige, the organizing Sunrise Events Philippines, part of the Ironman Group, has confirmed entries from South Korea, Taiwan, Vietnam, Canada, Germany, South Africa and more, setting the stage for an intense battle.
Beyond the main event, the Ironman 70.3 Puerto Princesa offers an actionpacked race weekend. The festivities kick off with the Princesa Run on February 28, a women-focused fitness run drawing over 300 participants.
It was FEU’s first victory over NU since their opening-day matchup in Season 81 on February 16, 2019. The Bulldogs dropped to a tie for second place with Ateneo
Despite the beatings, the Philippines is still assured of a slot in the FIBA Asia Cup from Aug. 5 to 17 in Jeddah, Saudi Arabia. Newsome led Gilas with 13 points, June Mar Fajardo added 11 points, while Justine Brownlee was limited to 10 points in 34 minutes. New Zealand hit 13 triples on 33 attempts while the Filipinos struggled, going 6 for 29 from beyond the arc. Gilas trailed by 28 points and failed to duplicate its 93-89 win against New Zealand at the Mall of Asia Arena in Pasay City last November.
Tohi Smith-Milner posted 25 points and nine rebounds while Corey Webster added 14 points and Reuben Te Rangi made 12 points for New Zealand. Josef T. Ramos
ERRAFIRMA is set to end its stint in the Philippine Basketball Association (PBA) after 11 years as it sells its franchise to
Starhorse Shipping Lines Inc.
“It is a purely business decision,” Terrafirma team governor Bobby Rosales told BusinessMirror on Sunday. The team under Jose Alvarez is being transferred to Starhorse Shipping Lines owner Merian Hernandez-Reyes.
“The management has come up with the decision to sell it, and Starhorse Shipping lines is the buyer.” Rosales noted that the new owner needs to submit all the requirements to the PBA board of governors before the taking over the franchise.
“We just have to remember that there is a process in selling your franchise in the PBA. It’s not as easy as buying something from a store. But once they passed all the requirements, we will immediately make a statement,” Rosales added.
The sale requires the approval of at least two-thirds of the PBA board of governors. Prior to this, PBA-appointed auditors must evaluate if the new owner has the financial capability to maintain a ballclub for a long time.
Starhorse is reportedly purchasing the Terrafirma franchise for P100 million.
Each team spends around P85 to P200 million annually.
Rosales said the Dyip will still play the Philippine Cup in March before transferring the franchise to the new management for the 50th season.
On March 1, young athletes will take center stage in the IronKids Swim-Run and Kids Run, while the Sunrise Sprint, a short-distance triathlon, provides an entry point for beginners and seasoned racers alike, also set on Sunday.
As athletes push their limits, they will also get the chance to experience Puerto Princesa’s Balayong Festival, a unique celebration of the city’s iconic cherry blossoms. Backed by LGR Athletic Wears Inc., Ironman 70.3 Puerto Princesa promises not just a test of endurance, strength and determination but also an unforgettable racing experience in a true tropical paradise.
Terrafirma entered the league in 2014 as Kia or Columbian Autocar Corporation, with boxing icon Manny Pacquiao as playing coach. When Ayala Corporation took over Kia Philippines in January 2019, Terrafirma Realty Development Corporation took over the PBA franchise.
Terrafirma, which only made the playoffs twice in 2016 and 2022, has still solid players in rookie Mark Nonoy, Louie Sangalang, Aljun Melencio, Brent Paraiso, Kemark Carino, Aldrech Ramos, Kevin Ferrer, Terrence Romeo, and Stanley Pringle on its lineup. It also holds the rights to big man Christian Standhardinger.
RACHEL ANNE DAQUIS deflects credit and says the focus is on team effort.
SCOTTIE THOMPSON makes two assists but goes 0 for 7 from the field. FIBA.BASKETBALL
HARMIE CONSTANTINO eyes a strong start in the LPGT.
