BusinessMirror January 01, 2025 by BusinessMirror

A broader look at today’s business www.businessmirror.com.ph

Wednesday, January 1, 2025 Vol. 20 No. 81

P25.00 nationwide | 2 sections 18 pages | 7 DAYS A WEEK

UNFINISHED BUSINESS ADDS TO RISKS FOR 2025 By Reine Juvierre S. Alberto @reine_alberto

HE Marcos Jr. administration has claimed that 2024 is the “banner year” for its economic achievements despite domestic and global challenges. “2024 is a year of triumph for the Filipino people. In the face of unprecedented challenges, we have emerged stronger,” Finance Secretary Ralph G. Recto said. Apart from climate change impacts and inflation-related risks domestically as well as global geopolitical and trade tensions, some “unfinished business” add up to the threats that hound progress. One strateg y in place, the Medium-Term Fiscal Program (MTFP), seeks to achieve growthenhancing fiscal consolidation and reduce the country’s budget deficit and debt.

Potential financial crisis amid fiscal strains

IN the view of Ateneo de Manila University Economist Leonardo A. Lanzona, fiscal consolidation is one of the government’s unfinished

businesses. “The task of fiscal consolidation has become even more daunting, and this ‘unfinished business’ can push the country to the brink of a financial crisis,” Lanzona told the BusinessMirror. S i n c e t h e D e p a r t m e nt o f Fina nce (DOF) is f ir m on not imposing new t a xes, L a n zona sa id t he on ly way to ac h ieve f isca l consol id at ion is to att rac t more i nvest ment s a nd increase econom ic g row t h. Based on the MTFP, the government aims to gradually reduce the fiscal deficit from 5.6 percent of GDP in 2024 to 3.7 percent in 2028. However, Lanzona observed that investments have not been forthcoming and the growth has slowed down. See “Unfinished,” A2

SEWING THE SEEDS OF CHANGE As 2025 unfolds, garment shop employees in Taytay, Rizal, continue their daily grind, navigating challenges in the garment industry amid broader issues facing the Philippine labor sector. While the Department of Labor and Employment made strides in improving employment through initiatives like wage increases and employment programs, issues like low wages, job insecurity, and insufficient protections persist. Despite some positive outcomes for marginalized workers, deeper systemic challenges such as wage disparities and the need for sustainable labor reforms remain, prompting labor groups to push for more comprehensive solutions in 2025 to truly uplift Filipino workers. See Related Story, A4 Economy. NONOY LACZA

REVISITING ‘24 TRADE BARRIERS, CHALLENGES, BREAKTHROUGHS By Andrea E. San Juan @andreasanjuan

HROUGHOUT the 12-month per iod, the flow of goods and services within and outside the borders of the Philippines were shaken up by the specter of recession, attacks in the Red Sea, sourcing rules, logistics woes, tec hnolog ica l adva ncement, the rising tension between the United States and China, sustainability rules and the possibility of shipments to the US being slapped with tariffs.

#1 Attacks in Red Sea put pressure on shipping costs

ONLY a week into 2024, Philippine traders already had to grapple with soaring shipping

costs due to the wave of attacks on ships sailing through the Red Sea—through which around 30 percent of all container shipping traffic passes. Association of International Shipping Lines Inc. (AISL) President Patrick Ronas told the BusinessMirror in Januar y 2024: “ Those who import from Europe and Africa will be affected. It will now take longer as the journey will now be longer. In terms of transit times, it is expected to add 2 to 3 weeks as vessels will be going around the cape of good

PIER PRESSURE Towering cranes and stacked cargo containers at NorthPort, Manila, capture the lifeline of Philippine trade. As the country faces economic challenges—from fluctuating fuel prices to shifting trade regulations—these symbols underscore its efforts toward resilience and growth. Amid supply chain disruptions and evolving global dynamics, the Philippines is focused on sustainable recovery, economic competitiveness, and adapting to a changing landscape, aiming to secure its future in the global market. BERNARD TESTA

hope. It will be a roundabout route. Delays are inevitable at this stage.” Rona s sa id d isr upt ion in t he sit u at ion in t he Red Sea w o u l d c au s e d e l a y s i n a r r iva l and therefore wou ld r e q u i r e a r e a s s e s s m e nt o f t he ava i l abi l it y of good s a nd raw mater i a ls com ing f rom t he cou nt r ies a f fected. (See: https://businessmirror.com. ph /2024/01/08/red-sea-attacks-on-vessels-hiking-shipping-cost-experts/) See “Trade,” A2

PESO EXCHANGE RATES n US 58.0140 n JAPAN 0.3672 n UK 72.6799 n HK 7.4684 n CHINA 7.9498 n SINGAPORE 42.6919 n AUSTRALIA 36.0847 n EU 60.4738 n KOREA 0.0396 n SAUDI ARABIA 15.4539 Source:

BSP (27 December 2024)

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Wednesday, January 1, 2025

Unfinished. . . Continued from A1

The economy grew at a lower-thanexpected pace of 5.2 percent in the third quarter as bad weather caused considerable agricultural damage and slower government spending. This resulted in the debt-to-GDP ratio reaching 61.3 percent as of the third quarter, from 60.9 percent in the previous quarter. Meanwhile, the deficit-to-GDP ratio settled at 5.1 percent, coming from 4.87 percent in the second quarter.

‘Delayed reforms to hamper growth’

FINANCING the deficit and public debt management will remain an unfinished business for the government, according to former Socioeconomic and Planning Secretary Dante B. Canlas. The government’s budget deficit reached P963.9 billion as of the end of October, as spending outpaced revenues.

The state spent P4.729 trillion while revenues collected amounted to P3.766 trillion. To plug the deficit, the government borrowed P2.429 trillion as of end-October. Meanwhile, the Department of Finance (DOF) still has some pending revenue reform measures awaiting the President’s signature, which aims to reduce the government’s reliance on borrowings. However, Canlas told B usiness M irror that delays in the passage of critical reforms will hamper economic growth and tax revenue collection. “Public debt will continue to grow, and as debt servicing mounts, the fiscal space of the government will tighten further, constraining the government budget,” Canlas said.

Revenue reforms

THE DOF’s revenue reforms still awaiting congressional nod are the Rationalization of the Fiscal Mining Regime, the Excise Tax on Single-Use Plastic Bags, Package 4 of the Comprehensive Tax Reform Program (CTRP) and the Motor Vehicle Road User’s Tax, still

Faith. . .

pending in the Senate. The Government Revenues Optimization through Wealth Tax Harmonization (GROWTH) bill, formerly the Passive Income and Financial Intermediary Taxation Act (Pifita) or Package 4 of the CTRP, is promised to generate P300 billion in revenues from 2025 to 2030. This aims to simplify the taxation of passive income, financial intermediaries and financial transactions to boost the competitiveness of capital and financial products by aligning the country’s financial tax regime with regional peers. Meanwhile, the Rationalization of the Mining Fiscal Regime is also seen to raise P6.3 billion next year until 2028 through additional royalties, windfall profits tax, export tax and ring-fencing. This aims to establish a single and rationalized fiscal regime in all mining agreements while ensuring the sector’s sustainability and the government’s equitable share of mining revenues. The Motor Vehicle Road User’s Tax (MVRUT) is projected to collect P17.138

Trade. . .

Continued from A10

Continued from A1

However, not all events were celebratory. Hundreds of supporters of former President Rodrigo Duterte and Vice President Sara Duterte gathered near the Archdiocesan Shrine of Mary, Queen of Peace—EDSA Shrine, echoing past EDSA revolutions. While some protested what they perceived as political harassment against the vice president, others admitted to being unclear about the rally’s purpose. EDSA Shrine Rector Fr. Jerome Secillano called out the organizers, saying, “Please don’t take advantage of these people. Don’t make them your hapless pawns…These people need genuine care. They are waiting and hoping. But you made them believe that help and change are coming.” Meanwhile, the Kingdom of Jesus Christ (KOJC), led by Pastor Apollo Quiboloy, faced mounting controversies. In January, the Senate launched an inquiry into alleged abuses within KOJC, followed by a manhunt for Quiboloy, who faces charges of qualified trafficking, child abuse, and sexual exploitation. Supporters attempted to block law enforcement efforts, resulting in injuries and the death of a KOJC member due to cardiac arrest.

In fact, the Philippine Economic Zone Authority (Peza), an investment promotion agency attached to the Department of Trade and Industry (DTI), said at least 84 locators or around 24 percent of Peza locators were significantly affected by the Red Sea crisis. (See: https://businessmirror.com.ph/2024/01/31/84locators-significantly-affected-byred-sea-crisis-peza-poll-shows/)

Inclusivity

INCLUSIVITY was another defining theme of 2024, with significant strides made both globally and locally. Overseas, the United Methodist Church garnered attention by repealing its ban on LGBTQ clergy. During its General Conference, it voted overwhelmingly in favor of lifting the restrictions, a move celebrated by progressive voices within Christianity. The church also implemented measures to protect clergy who perform same-sex weddings and to prevent discrimination against congregations hosting such ceremonies. In the Philippines, meanwhile, interfaith dialogue took center stage once again after a deadly bombing at a Catholic Mass in Marawi claimed four lives last year. Christian and Muslim leaders gathered in Cotabato City to commemorate the 10th anniversary of Peace Day and condemn the attack as a “demonic act” that defies both Islamic and Christian teachings. “The killing of innocent civilians by terrorists under the guise of religion is a condemnable and cruel irreligious act,” they declared, pledging to educate their followers on the true tenets of their faiths to prevent such violence in the future. From the Catholic Church’s preparations for the Jubilee Year to powerful calls for justice and inclusivity across faiths, the events of the past year reaffirmed the vital role of religion in guiding humanity through an ever-evolving world.

#2 Specter of Recession

IT was in late February until the early part of March when goods and services exports were impacted by the specter of recession as the economies of Japan and European countries slowed down. Through the lens of the umbrella organization of Philippine exporters, Philippine Exporters Confederation, Inc. (Philexport) President Sergio R. OrtizLuis maintained his optimism that the country’s outbound shipments would still perform better than its Asean peers in 2024 amid the economic slowdown in the said countries. “Definitely it will be affected. The only thing that we don’t know is to what degree. Nevertheless we feel that while we’re affected, our neighbors here in Asean will be more affected than us,” Philexport President Sergio R. Ortiz-Luis Jr. told the BusinessMirror in February 2024. The leader of Philippine exporters drew optimism from this: there are other countries which can still propel the export receipts of the Philippines this year. “We are still lucky that China is still on the ball with us,” Ortiz-Luis emphasized, adding that “China and greater China including Hong Kong”will help in growing the Philippine exports this year. (See: https:// businessmirror.com.ph/2024/02/26/ phl-exports-to-fare-better-thanpeers-amid-headwinds/) In March, the IT and Business Process Association of the Philippines (IBPAP) said it remained unfazed by the fears of recession hovering over rich countries as it opted to focus more on the challenge within its control. Ibpap President Jack Madrid said: “What could threaten that [industry outlook]? Well you know, I guess not everything is within our control, aside from the talent issue. I think, you know, obviously global economic headwinds could be a factor but it’s funny…there have been years when recession in North America actually results in more jobs being offshored to the Philippines so sometimes their loss is our gain,” Madrid said at Ibpap’s Industry Rebrand Launch on Tuesday night in Taguig City. (See: https://businessmirror.com.ph/2024/03/07/ibpap-chiefstrategizing-on-talent-woes-betterthan-worrying-over-recession/)

#3 US investment mission

THE third month of 2024 presented a lot of opportunities for the Philippines as 22 American companies flocked to the country for a Trade mission wherein the United States announced that it would invest over a billion dollars into the country to create educational opportunities for over 30 million Filipinos, according to United States Secretary of Commerce Gina Raimondo.

billion from 2026 to 2027, which will be earmarked for maintaining national and provincial roads and addressing air pollution from motor vehicles. Excise taxes on single-use plastic bags and pick-up trucks are expected to yield P21.644 billion and P21.35 billion from 2025 to 2027. Lanzona said delays in the passage of these tax measures will strain the government’s budget deficit as it would have to resort to acquiring more loans, which could be repaid once the laws are in effect. “This can reduce the deficit but raise the financial costs of government projects,” Lanzona added.

‘Rebalance fiscal consolidation’

TO sustain economic growth, Cabinet-level Development Budget Coordination Committee (DBCC) said in its fiscal risk report that fiscal consolidation efforts must be rebalanced. As such, the DBCC revised downward the country’s economic growth outlook to 6 to 6.5 percent from the initial 6 to 7

Raimondo spearheaded the 22-member US delegation which included executives of the following companies: GreenFire Energy, Inc., Google Asia Pacific,Black & Veatch Corp.,Visa Inc.President’s Export Council, EchoStar/DISH,InnovationForce, United Airlines,United Parcel Service (UPS),Boston Consulting Group,KKR,Marquis,Sol-Go, Capital One Philippines,US-ASEAN Business Council, Bechtel,Apl.de.Ap Foundation Inte rnational,FedEx,Mastercard,Microsoft Corp., and Ultra Safe Nuclear Corp. (See: https:// businessmirror.com.ph/2024/03/12/ raimondo-us-firms-on-trade-missioninvesting-1b/)

#4 resumption of trade talks for PH-EU FTA

At a virtual briefing of the European Commission (EC) in late March, EC Executive Vice President (EVP) Valdis Dombrovskis and Philippine Trade and Industry Secretary Alfredo E. Pascual formally announced the resumption of FTA negotiations between the European Union (EU) and the Philippines. An FTA with the 27-member bloc EU is projected to increase trade between the two parties by as much as €6 billion. (See: https://businessmirror.com. ph/2024/03/20/phl-eu-negotiationson-free-trade-resume/) Former Philippine Tariff Commissioner George N. Manzano told the BusinessMirror that one of the highlights in the trade and industry landscape this year and in the years to come is the importance of “establishing FTA with EU, Chile, etc. as a way to diversify markets away from traditional partners.”

#5 PH expanding efforts to forge more free trade deals

Heeding the call of President Ferdinand R. Marcos Jr. in his State of the Nation Address (Sona) in 2024 to forge more international economic partnerships, Trade Undersecretary Allan B. Gepty said the Department of Trade and Industry’s (DTI) direction is to expand its efforts on free trade agreements (FTAs). “So in response to that, the Department of Trade and Industry, in coordination with other departments and other government agencies, we, of course commenced negotiations with various trading partners, like the one with South Korea,” Gepty said. The FTA with South Korea was ratified by the Philippine Senate in September 2024. Apart from the trade deal with South Korea, the Philippines wass also expected to enter into a bilateral FTA with the United Arab Emirates through the Comprehensive Economic Partnership Agreement. (See: https://businessmirror.com. ph/2024/07/23/phl-steps-up-drivefor-more-free-trade-deals-eyescptpp/)

#6 US customs sourcing rules

IN May, some players in the garments industry faced difficulties in operations as over 5,000 workers were laid off due to pulled-out orders and the US Customs and Border Protection’s (CBP) sourcing requirements. Conwep Executive Director Maritess JocsonAgoncillo told reporters in a Viber message that 5,007 workers in the garments industry have already lost their jobs from January to April 2024. Of these, 4,577 have been retrenched and 500 in forced leave. The Conwep official said these workers were retrenched/put on forced leave for“varying reasons” such as the market being “soft,” orders being pulled out because it’s cheaper in other countries, and detention of exports.

(See: https://businessmirror.com. ph/2024/05/07/us-customs-sourcingrulesrecalls-spur-garments-layoff/)

#7- Local semiconductors, AI boom

ALMOST halfway through the year, United Kingdom-based think tank Oxford Economics explained who the gainers and losers are as the Artificial Intelligence (AI) boom is seen to elevate demand for electronics products. The UK-based think tank pointed out that business opportunities for the semiconductor industry may only be confined to economies engaged in design and fabrication. As such, it noted that “As long as Asean countries remain focused on [assembly, test and packaging] ATP, the benefits they derive will be limited compared to economies engaged in design and fabrication.” To reap the benefits of the AI boom, Oxford Economics underscored the need for Asean countries to move up the semiconductor vaue chain. (See: https:// businessmirror.com.ph/2024/06/04/ only-semiconductors-into-designfabrication-to-gain-in-ai-boom/) For his part, Former Philippine Tariff Commissioner George N. Manzano told the BusinessMirror that “If the Philippines wants to continue to be an important player in semiconductor/chips—it needs to look into the fastest growing sector in the chips trade.” “I think the fastest-growing segment of semiconductor exports would be the more advanced chips—something like those used for AI and something that [the Philippines] does not produce in a big way,” Manzano also told this paper. Fast forward to November, Semiconductor and Electronics Industries in the Philippines Foundation Inc. (Seipi) President Danilo C. Lachica reported that the Philippines got a $13.9-million grant from the US (International Technology Security and Innovation) ITSI Fund for this year, which intends to upgrade the assembly, test and packaging capability in the Philippines. (See: https://businessmirror.com.ph/2024/11/06/sansfta-with-us-phl-semiconductor-andelectronics-industry-losing-millions/)

#8 Seipi projects 10-percent decline in electronics exports

IN July 2024, Semiconductor and Electronics Industries in the Philippines Foundation Inc. (Seipi) President Danilo C. Lachica told this paper that the local chips industry is seeing a 10-percent decline in electronics exports this year due to inventory correction and the product mix in the Philippines. (See: https:// businessmirror.com.ph/2024/07/04/ electronics-exports-seen-10-lowerin-2024/) It’s worth noting that issues concerning policies which are deemed “protectionist” have emerged in the last few months of the year, leading up to November—the month when the United States held their presidential election, which paved the way for the second regime of Donald Trump.

#9—Sustainability rules to impact global trade

SURYA DEVA, UN Special Rapporteur on the Right to Development, emphasized that developed countries should consult developing countries in crafting global sustainability rules to prepare these markets for the impact of stringent regulations that may hamper global trade. “A lot of European Union regulations are coming out, the [EU] deforestation

percent target. The lowered economic growth projections could further limit the fiscal space as the government would have to cut back spending on infrastructure, education and healthcare to manage its budget deficits. Lanzona said this is precisely evident in the proposed 2025 national budget, as the budget of the Department of Education (DepEd) and the Philippine Health Insurance Corporation (PhilHealth) were reduced. PhilHealth will not be receiving any subsidies from the government next year while DepEd, as of this writing, was facing a budget cut of P11.6 billion. Amid the outcry against the cuts to health and education, President Ferdinand R. Marcos Jr. said he is considering line vetoing the proposed P6.35-trillion 2025 General Appropriations Act (GAA). Marcos Jr. said he wants to purge the insertions from the proposed 2025 national budget, citing scarce government resources. When the 2025 budget remained unsigned by the President up to the last working days before Christmas, fears were [regulation] is one example of it. But we also have a corporate sustainability due diligence directive that was adopted early this year,” Deva said. He also noted that while some of these regulations have a good intention, “the difficulty I see is in terms of the process—that whether the countries in, let us say, in the global south or in Asia, were they consulted properly before these regulations were pushed forward by the European Union?” (See: https://businessmirror.com. ph/2024/10/18/sustainability-rulesto-impact-global-trade/) This developed after exporters of coffee, beef, soy, palm oil, and rubber were advised to prepare for the entry into force of a law that aims to prevent the shipment of products linked to deforestation to countries in the European Union or the EU Deforestation Regulation (EUDR). (See: https://businessmirror. com.ph/2024/04/08/brace-for-eudeforestation-law-exporters-told/) It’s worth noting that issues concerning policies deemed “protectionist” have emerged in the last few months of the year, leading up to November—the month when the United States held their presidential election, which paved the way for the second regime of Donald Trump.

#10—Trump’s Tariff Threat

As the year comes to a close, the triumph of President-elect Donald Trump, who floated the possibility of slapping blanket tariffs on imported goods, has sparked noise in the global arena. Analysts, economists, traders and government officials from different parts of the world have started to dive deeper into their respective economies as they anticipate the effects of what could be a more protectionist United States under the second Trump regime. While UK-based think tank Oxford Economics said the second term of US President-elect Donald Trump is unlikely to benefit Asean due to the change in the geopolitical context since his first term, Philippine government officials as well as the Philippine Exporters Confederation Inc. (Philexport) expressed optimism on Trump’s second presidency. Philexport President Sergio R. OrtizLuis Jr., said “We have expressed optimism that the Donald Trump 2.0 regime will bring opportunities our way, especially in terms of investments and even for major US exports such as electronics, business processing outsourcing and garments.” Ortiz-Luis noted that what is “generally troubling” for Philippine exporters is the rising trade-restrictive measures on goods globally. (See: https://businessmirror. com.ph/2024/12/09/trade-restrictive-measures-not-trump-2-0-bugexporters/) Meanwhile, the Department of Trade and Industry (DTI) said the Philippines may not be the target or focus of Trump’s plan to slap additional tariffs as the country has a “more balanced”trade with the United States compared to its Asian neighbors. “With the Trump Administration’s focus on reducing trade deficit, the Philippines can leverage the balanced and healthy PH-US trade, indicating a mutually beneficial trade relationship,” Ceferino S. Rodolfo, Undersecretary for DTI’s Industry Development and Investment Promotions Group (IPG) said. “In contrast, we believe that countries with which the US has a huge trade deficit,

rife this could spell a reenacted budget based on the law. However,, National Economic Development Authority (Neda) Secretary Arsenio M. Balisacan said a reenacted budget is costly to the economy. “That [to approve, veto or reenact the budget] will be a decision that the President would have to make. And as you have heard him, he’s consulting his Cabinet, particularly the economic team, and also the legal team. We’ll see,” Balisacan said. Balisacan explained that when budgets are reenacted, new projects requiring funding for the year may not receive the necessary financing, leading to delays in implementation. Meanwhile, some completed projects from the previous year may continue to receive allocations despite no longer needing resources. Shortly after, President Marcos Jr. said he was not inclined to allow a reenacted budget and would rather do the heavy task of thoroughly re-examining the enrolled budget bill. particularly those which worsened during the past four years—will be likely targets of additional US tariffs,”also noted. (See: https:// businessmirror.com.ph/2024/12/03/ dti-phl-may-not-be-focus-of-trumpstariff-plan-dti/) From an economist’s standpoint, Former Philippine Tariff Commissioner George N. Manzano said the Philippines should prepare for possible tariff increases from a Trump presidency. “Of course, nothing is certain but Philippine policymakers can start crafting scenarios and design an array of policy responses for every scenario,” Manzano told the BusinessMirror in a Viber message. “Definitely, Trump will ramp up restrictions on Chinese imports and investments. One can then project an outward flow of [foreign direct investment] FDI from China. This represents an opportunity for the Philippines to capture these FDI in search of a haven. In the past, Vietnam has been pretty successful in capturing these investmentsthe issue now is how PH could get a good share this time around,” added Manzano.

Forward-looking view of economists

MOVING forward, Filipino economists shared recommendations on developing trade. For Ateneo De Manila University economist Leonardo Lanzona, “Developing trade cannot be done on a piecemeal approach but one that integrates the various inputs so that they reinforce— not contradict—one another.” In particular, Lanzona said advancing trade would mean “participating in global value chains, which is crucial not only in enhancing exports but creating a mechanism that can address technology enhancement and poverty reduction at the same time.” “Thus, we need to create our industrial structures around the concept of developing green economies whose effects are more significantly felt by the poor. Digitalization is inclined towards job destruction and undermines job quality but, if tied with climate change opportunities, can also create more sustainable and higher quality jobs. Improving border procedures and easing impediments to trade flows are crucial approaches towards greater participation in global chains,” Lanzona also told this paper. For her part, De La Salle University economist Maria Ella Oplas said the country’s Agriculture sector will flourish in “modernizing of the complete cycle of Agrologistics.” “We keep on focusing on how to increase production/harvest but are not focusing on what to do after we harvest our crops,” Oplas told this paper, adding that the country should not only produce but also focus on producing value-added goods. “Instead of just harvesting tomatoes and selling them at lower price because there is excess supply, how about manufacturing the tomatoes to catsup? Nothing’s wasted, if it’s not all sold at once? Focus on value adding activities,” she noted. In terms of transporting goods, Oplas said, “I’m happy PNR is being renovated and upgraded. But we have to make sure that it should be able to accommodate the transfer of goods. We are number two in the shipbuilding and ship repair sector, yet ironically our ships interisland are very small and old.” With this, she said, “We need to deregulate the local ship market and capitalize on our human capital strength—seafarers.”

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Wednesday, January 1, 2025

SC reports 87% clearance, 22% disposition rates By Joel R. San Juan

@jrsanjuan1573

HE Supreme Court (SC) has recorded a 22 percent disposition rate after it resolved with finality more than 4,000 cases from January up to the third quarter of 2024. In a statement, the Court also reported a clearance rate of 87 percent as of September 30 of this year. T he c le a r a nce r ate show s how many cases are resolved compared to the number of new cases filed. On the other hand, the d isposit ion rate shows t he percent age of cases t hat have been dec ided by t he SC out of a l l e x ist ing cases. Meanwhile, the Court of Appeals disposed of 14,699 cases with a case disposition rate of 35 percent for the same period. A total of 994 cases were resolved by the anti-graft court, the Sandiganbayan, with a disposition rate of 44 percent while the Court of Tax Appeals (CTA) disposed of 648 cases, with a disposition rate of 29 percent. For the lower courts, a total of

508,197 cases were disposed of, for a disposition rate of 41 percent. The SC also noted several significant decisions it promulgated in 2024. These include the case of Deduro v Vinoya, where it declared that red-tagging, vilification, labelling, and guilt by association threaten a person’s right to life, liberty, or security, thus, which entitles one to protection under the writ of amparo. In Ridon v People, the SC ruled that simply violating ordinances and regulations is not enough to justify a valid warrantless search and seizure, especially when the penalty does not involve imprisonment. In Guinto v DOJ, the SC found that the Department of Justice (DOJ), in enacting its 2019 implementing rules (IRR), exceeded its power of subordinate legislation

when it excluded persons convicted of heinous crimes, repeat offenders, habitual delinquents, and escapees from the benefits of Republic Act 10592, or the New Good Conduct Time Allowance (GCTA) law. Meanwhile, the SC pointed out the importance of balancing free speech with the protection of judicial independence when it scrutinized the statements of former National Task Force to End Local Communist Armed Conflict (NTFElcac) spokesperson Lorraine Marie Badoy. It found that certain social media posts made by Badoy attacking a judge were contemptuous. W hile the SC ruled that expressing criticism of a court’s decision in a pending case, when done in good faith, may be permitted, it made clear that accusing a judge of improper motives and tr ying to rally public support to pressure that judge is not acceptable.

In Labargan v People, the SC ruled that statements against public officers do not amount to oral defamation or slander when these concern their discharge of official duties, unless they are made maliciously. The SC recognizes that the right to free speech empowers citizens to hold public officers accountable, as public office is considered a public trust. On April 17, 2024 that the SC reversed the resolutions issued by the Commission on Elections (Comelec) disqualifying Smartmatic TIM Corporation and Smartmatic Philippines, Inc. from participating in any public bidding for elections. It held that the Comelec committed grave abuse of discretion in disqua lif y ing SmartmaticTIM Cor p. from participating in the bidding process for the 2025 AES without giving it the opportunity to submit any bid and without any reference to the el ig ibi l it y requ irements pre scribed by its Bids and Awards Committee. However, the SC recognized that requiring the Comelec to conduct another round of public bidding would seriously disrupt its preparations for the 2025 elections. Thus, the SC held that its ruling would apply prospectively, or to future events or cases. In Macalino v Commission on

WPP: Comelec decision on Quiboloy’s Senate bid ‘outrageous’ By Justine Xyrah Garcia

HE Workers and Peasants’ Party (WPP) cried foul on Sunday after the Commission on Elections dismissed the motion for reconsideration seeking to disqualify Apollo Quiboloy, founder of the Kingdom of Jesus Christ, from running in the 2025 senatorial elections. In a statement, WPP president Sonny Matula described the decision as a “setback” for more qualified candidates like WPP’s Sultan Subair Mustapha of Marawi, who according to him, is more deserving and untainted by legal issues. “This isn’t just about Quiboloy. It’s about ensuring that the rule of law applies to everyone, equally and fairly. The Comelec’s decision to favor someone with a questionable history over a law-abiding Sultan is not just wrong—it’s outrageous,” he added. The WPP had earlier filed a petition accusing Quiboloy of material misrepresentation in his certificate of nomination and acceptance. The group claimed the document was sig ned by M a rk Tolent i no, whom t he y

said was not a legitimate officer or member of the WPP. (Related: https://businessmirror. com.ph/2024/10/10/wpp-fact ions-clash-over-quiboloyssenatorial-bid/) The Comelec initially dismissed the petition, stating that the WPP failed to prove Quiboloy was a nuisance candidate. This dismissal was upheld on Friday in a sevenpage en banc resolution, which denied the motion for reconsideration, citing lack of merit. The ruling reiterated that the issues raised in the motion had already been thoroughly reviewed and addressed by the commission’s first division. “We find no cogent reason to depart from the Assailed Resolution of the Commission (First Division). The arguments raised by Petitioner in his Motion were already thoroughly passed upon and incisively examined by the Commission (First Division),” the en banc decision stated. With the decision finalized, Comelec Chairman George Erwin M. Garcia confirmed that Quiboloy’s name would remain on the official list of senatorial

candidates unless a higher court reverses the ruling. “Kahit may mot ion for reconsideration, kung ang nanalo naman sa Division ay ang res pondent , wala na k ami masyadong problema doon kasi in t he meantime, hang gang hindi reversed ang decision, kasama ang pangalan ng kandidato,” Garcia said during an online press briefing. W P P, m e a n w h i l e , s a i d i t would bring the case to the Supreme Court to challenge what it called a “grossly unfair and discriminator y” ruling.

Villafuertes leading in Pulse Asia survey THE Villafuertes of Camarines Sur are heading for landslide victories in next year’s midterm elections, based on the December 2024 survey by Pulse Asia Inc. The survey indicated that Rep. Luis Raymund Villafuerte, who is now on his third and final term as congressman representing the province’s Second District, will get 80 percent of the votes in the gubernatorial race, if elections were held today, as against the tally

of Ronald Rodriguez (National People’s Coalition), who is in far second place with 8 percent. Rep. Miguel Luis “Migz” Villafuerte, a former governor who is seeking a second term as congressman, got 93 percent of the votes, if elections were held today, as against the 6 percent of Doc Phil Fortuno (NPC), according to Pulse Asia’s December survey. The same Pulse poll revealed that incumbent Gov. Luigi Villafuerte, who is running for congressman next year representing the province’s Second District, has 86 percent of the votes, if the balloting were held today, as against the 6 percent of Fermin Mabulo (NPC). According to the survey, among the reasons that the respondents cited in voting for the Villafuertes were that they were “doing well” in their current elective positions and “will do a lot” if elected again next year; were “tried and tested” officials, “approachable, kind and pro-people” and “intelligent;” and “has concern for the poor,” “exercises good governance,” “not corrupt-has a clean name” and “no trace of scandal or controversy.”

Meralco to electricity users: Observe safe practices

HE Manila Electric Company (Meralco) has reminded the public to observe electrical safety as preparations for New Year festivities go on full swing. The distribution utility’s crews will remain on standby 24/7 to keep the lights on for its eight million customers, according to Meralco Vice President and Head of Corporate Communications Joe R. Zaldarriaga. “We remind our customers to avoid lighting fireworks and firecrackers near electrical facilities to avoid any possible untoward incident. Rest assured that

our crews are ready to provide any needed electrical service assistance as we welcome the New Year,” Zaldarriaga said. To ensure a bright, merry, and accident-free New Year celebration, Meralco enjoins the public to observe the following safety practices: n Light fireworks away from electrical facilities and decorations. Lighting fireworks and pyrotechnics near poles, power lines, and transformers can cause power outage and accidents. n Stay clear from electrical facilities when using party items. Refrain from using party poppers and balloons near power lines since this

can cause power outages. n Have a fire extinguisher on standby. When using firecrackers to ring in the New Year, make sure that there is a fire extinguisher nearby in case the firecrackers accidentally come into contact with f lammable materials. n Avoid ‘octopus connections’ and overloading. Do not plug extension cords into one another or octopus connection. Overloaded electrical outlets or extension cords are one of the most common causes of fire incidents. n Unplug Christmas lights and other appliances when not in use. Remember to

unplug Christmas lights and other appliances when not in use or before leaving the house.

While Meralco Business Centers are closed from December 30 (Rizal Day) until January 1 (New Year’s Day), customers can report power outages and other concerns to Meralco through its official social media accounts on Facebook (www.facebook. com/meralco) and X formerly Twitter (@meralco). They may also text their concerns to 0920-9716211 or 09175516211 or contact the Meralco Hotline at 16211 and 8631-1111.

Audit, the SC ruled that the Constitutional prohibition on appointing individuals to government positions within one year after an election applies to all losing candidates, regardless of the position they seek or the place or jurisdiction of the office to which they are appointed. Last September, the Court upheld the validity of Republic Act 11054, also known as the Bangsamoro Organic Law (BOL) but ruled that the Province of Sulu not part of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) after the province rejected the law’s ratification. In Biong v COA, the SC declared that the audit powers of the Commission on Audit (COA) do not include the imposition of administrative penalties against a public officer. The Court noted that COA’s authority is limited to initiating the proper administrative, civil, and/ or criminal action upon discovering a violation during an audit, the imposition of administrative penalties is outside the scope of its audit powers. The SC also affirmed in Fejodap v Manila City the exclusive power of the Manila Metropolitan Development Authority (MMDA) to enforce traffic laws, rules and regulations over local governments in Metro Manila. Early this year, the SC upheld the validity of the Japan-Philippines Economic Partnership

Agreement, declaring that it does not facilitate the indiscriminate importation of hazardous and toxic waste in the Philippines. In Executive Secretary Mendoza v Pilipinas Shell, the SC ruled that the Department of Energy (DOE) has the authority to take control of the operation of the oil industry as directed by the President, in case of national emergency. The ruling which was released to the public on March 4, 2024 affirmed the constitutionality of Section 14 (e) of Republic Act 8479, or the Downstream Oil Industry Deregulation Act of 1998. The said provision empowers the DOE to temporarily oversee the operations of the oil industry under specific circumstances, such as in times of emergencies. To protect consumers, the SC ruled In Department of Trade and Industry v Toyota, that buyers of defective brand-new motor vehicles may avail of other legal remedies under any other law aside from Republic Act (RA) 10642 (An Act Strengthening Consumer Protection in the Purchase of Brand New Motor Vehicles) or Philippine Lemon Law. For the coming year 2025, Chief Justice A lexander Gesmundo said the Court is committed “to further modernizing the judiciary, enhancing judicial education, and upholding the rule of law.”

Prioritize construction of durable evacuation centers–legislator By Jovee Marie N. dela Cruz @joveemarie

ITH the signing of Republic Act 12076, or the Ligtas Pinoy Centers Act, a senior lawmaker has called on the government to prioritize the construction of durable, disaster-resilient evacuation centers in high-risk areas. With preemptive evacuations becoming the norm owing to more frequent and destructive cyclones caused by climate change, Camarines Sur Rep. Luis Raymund Villafuerte said it is time for the national government to work with local government units (LGUs) to build permanent, climate-proof, and fully equipped mega evacuation centers in elevated locations. These facilities, Villafuerte emphasized, are essential to provide safe and adequate temporary shelters for families forced to flee their homes during typhoons and other disasters. He stressed that priority should be given to high-risk communities, which often bear the brunt of severe weather events. “This can actually happen now following President Marcos’s signing of RA [Republic Act] 12076, or the ‘Ligtas Pinoy Centers Act’ mandating the construction of stormresilient permanent ECs in all cities and towns across the country,” said Villafuerte, the congressman of Camarines Sur, which was the hardest-hit province by severe tropical storm Kristine, the first of six typhoons that struck the Philippines over the October 23 to November 18 period. The five other cyclones that hit the Philippines in less than a month’s time were Leon, Marce, Nika, Ofel, and Pepito. With Kristine dumping two months’ worth of rainfall in a single day in Camarines Sur and certain other places in Bicol and the rest of Luzon, Villafuerte said that his province suffered its worst f looding ever, with many communities in his prov-

ince submerged for the first time in f loodwaters reaching above people’s heads or even the roofs of their houses. President Marcos has signed R A 12076, which was principally introduced by Speaker Martin Romualdez and co-authored by legislators including Villafuerte, that tasks the National Disaster Risk Reduction and Management Council (NDRRMC) to work with local governments in identifying, among others, the f loodprone cities or municipalities that should be prioritized in the construction of permanent ECs or the selection of existing facilities that could be upgraded into durable and lasting shelters for evacuees in times of cyclones and other natural disasters. Under this new law, the ECs must be calamity-resilient, built with sturdy materials, and in accordance with the specifications of Republic Act (RA) No. 6541, or the National Building Code of 1972, or shall be at par with the standards set by the International Building Code. Under RA 12076, the Department of Public Works and Highways (DPWH) must build evacuation centers that are designed to withstand typhoon winds of up to 300 kilometers per hour and seismic activity of up to magnitude 8.0, according to the Presidential Communications Office (PCO). Villafuerte lamented the continued use of public schools and churches as temporary evacuation centers, which disrupted their primary functions. He noted that during tropical storm Kristine alone, 1,407 schools were used as evacuation sites, displacing thousands of students and disrupting their education. “Without permanent evacuation centers, local governments have no choice but to use classrooms and school premises as shelters, even though this practice hampers learning and recovery efforts,” Villafuerte said.

Wednesday, January 1, 2025

Economy

www.businessmirror.com.ph

WORKERS cramped into a modified elf truck in Sta.Rosa, Laguna, report said Minimum wages across the 17 regions of the Philippines are still not enough to meet a typical family of five’s needs to cover food and non-food costs as of March this year, despite the implemented increases, according to data released by economic think tank IBON Foundation. NONIE REYES

Challenges persist for workers despite labor advancements

By Justine Xyrah Garcia

HE Philippine labor sector in 2024 was marked by significant milestones and persistent challenges, as workers navigated a shifting economic environment while addressing longstanding issues in the labor system. While the Department of Labor and Employment implemented key initiatives to boost employment, assist displaced workers, and strengthen labor rights, concerns over low wages, job insecurity, and insufficient protections remain unresolved. Labor groups continue to push for more sustainable reforms to address these pressing issues. In an interview with BusinessMirror, Labor Secretary Bienvenido Laguesma reiterated DOLE’s commitment to improving the lives of Filipino workers. “Through its mandate, DOLE contributes to the continuous enhancement of an investment environment that creates more decent, productive, secure, and gainful jobs and employment opportunities, increases incomes, reduces poverty, and uplifts the welfare and quality of lives of working Filipinos,” Laguesma said. This year, the labor market showed “encouraging signs” of improvement, with the country’s employment rate increasing to 96.1 percent (48.16 million), up from 95.8 percent (47.79 million) in the previous year. Of this figure, 2.4 million of these workers were assisted by DOLE to find employment in 2024. “ DOL E a l so cont i nue d to strengthen its youth employability programs… Over 179,105 young Filipinos were provided with essential skills training and direct access to employers, helping them transition from school to work,” the labor secretary said. However, several lawmakers and labor groups questioned the Philippines’ low threshold for defining employment. During budget hearings, it was revealed that an employed Filipino is defined as someone who has worked for at least an hour during the labor force survey period.

The Center for Trade Union and Human Rights described this standard as misleading, arguing that it creates a “false impression” of a thriving labor force. “Ultimately, it does not help, and even distracts, the government from upholding Filipinos’ right to just and favorable conditions of work, as stated in the Universal Declaration of Human Rights,” the group said. Aside from employment, cashfor-work programs like the Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Workers (TUPAD) initiative also drew scrutiny this year. The program, which provides emergency employment through 10-day community and rehabilitation work, benefitted over 3.18 million individuals this year, with wages based on regional minimum rates. Despite these achievements, critics argued that TUPAD offers only temporary relief. L abor professor Benja m i n Velasco described it as a “stopgap” solution that lacks long-term benefits. “It’s just a temporary fix. Can displaced workers really find stable jobs after 10 days? This also assumes beneficiaries are properly identified,” Velasco said. Although initiatives like TUPAD aim to address immediate needs, Velasco underscored the need for

better initiatives to have a sustainable employment program in the country.

Supporting marginalized workers

AMID these challenges, DOLE placed significant focus on addressing the vulnerabilities of marginalized workers, particularly those affected by the ban on Philippine Offshore Gaming Operators (POGOs) and those trapped in child labor. Following the Marcos administration’s decision to shut down POGOs by the end of 2024, DOLE reported that it provided assistance to 1,230 displaced workers out of the 27,790 Filipino employees expected to lose their jobs. The support included livelihood aid, job facilitation, and skills training Secretary Laguesma acknowledged the difficulty in reaching many POGO workers, as some remained unconvinced about the enforcement of the shutdown, while others continued to wait for comparable job offers. “Even after the ban takes effect, DOLE will continue providing assistance to affected workers in 2025,” Laguesma said during a press conference. Meanwhile, significant progress was made in reducing child labor, with interventions benefitting 26,869 child laborers and their families this year. This contributed to the decline in the total number of child laborers—from 828,000 in 2022 to 678,000 in 2023. However, despite this decline, a concerning trend emerged: older children, particularly those aged 15 to 17, are now working longer hours. T h e Ph i l i p p i n e St at i s t i c s Aut hor it y revea led t hat t h is age g roup ma kes up 74.4 per cent of c h i ld l aborers, a sha r p inc rease f rom 61.6 percent in t he prev ious yea r. Many of these adolescents are engaged in hazardous industries and excessive work ing hours (more than 20 hours per week), highlighting the need for stricter enforcement of labor laws and greater support for families to prevent children from entering exploitative work conditions.

Reducing poverty

RECOGNIZING that poverty fuels labor issues, Laguesma said DOLE has also prioritized wage policy reforms this year.

PARTICIPANTS from the International Labor Affairs Task Force (ILATF), Bureau of Labor Relations, Bureau of Local Employment, Bureau of Working Conditions, Bureau of Workers with Special Concerns, Professional Regulation Commission, Employees Compensation Commission, Occupational Safety and Health Center, International Labor Affairs Task Force, International Labour Organization, National Wages and Productivity Commission, the Department of Trade and Industry, and other offices participate online and in-person in the two-day workshop titled “Enhancing Trade Negotiation Skills: Integrating Labor in Trade Negotiations” organized by the ILATF at the DOLE Central Office in Manila on 21-22 November 2024. PHOTOS BY ALEJANDRO P. ECHAVEZ, DOLE-IPS

In 2024, wage and salary workers accounted for 63.8 percent of the employed population, up from 62.7 percent in the previous year. 14 of the 16 Regional Tripartite Wages and Productivity Boards (RTWPBs) approved increases in daily minimum wages, ranging from P21 to P75. DOLE said these adjustments directly benefited an estimated 3.8 million minimum wage earners, with another 7.3 million expected to benefit indirectly due to wage corrections. “The wage increases were issued consistent with the policy of reviewing and adjusting minimum wage rates annually,” Laguesma explained. However, wage d ispar it ies across regions remain a pressing issue. The highest minimum wage was recorded at P645 in Metro Manila, while the lowest stood at P361 in the Bangsamoro Autonomous Region. Think tank IBON Foundation highlighted that the average wage gap remains high at P761, exacerbating the struggles of minimum wage earners. Several lawmakers also criticized the disparity between real wages and family living wages. Some, including House Representative Arlene Brosas, called for the abolition of regional wage boards, which they argued perpetuate wage inequities. “Since [1989], they’ve been deciding on wage increases, but they’re only giving crumbs,” Brosas said during a budget hearing in September.

Advancing workers’ rights

DOLE also achieved significant milestones in improving workers’ rights. This year, the agency released the implementing rules and regulations (IRR) of Republic Act No. 11996, or the Eddie Garcia Law, mandating fair contracts and work conditions for television and movie industry workers. Additionally, revisions to the IRR of Republic Act No. 11360, or the Service Charge Law, clarified that all workers—regardless of employment status—must receive a fair share of service charges collected by establishments. To ensure compliance with labor laws, DOLE has also inspected over 30,000 establishments this year, benefiting 3.28 million workers. Labor law enforcement also intensified, with over 30,000 establishments inspected, benefitting 3.28 million workers. Meanwhile, the labor education program reached more than 948,000 workers, employers, and students, raising awareness of labor standards and rights. Internationally, the Philippines took a step forward by ratifying International Labour Organization (ILO) Convention 81 on labor inspection and issuing joint guidelines to protect workers’ freedom of association and civil liberties.

Not enough

DESPITE these strides, labor groups like the Federation of Free Workers (FFW) contend that DOLE’s efforts barely scratch the surface of the systemic issues

plaguing the labor sector. Programs like wage increases and skills training are positive steps, but they fail to resolve critical concerns such as low wages, job insecurity, and attacks on union rights. “Workers continue to struggle with low wages, job insecurity, attacks on union rights, and insufficient access to social protections like healthcare and unemployment insurance,” FFW President Sonny Matula told BusinessMirror. FFW highlighted the plight of migrant workers, such as Mary Jane Veloso, whose case reflects the need for policies that make migration a choice—not a necessity due to economic hardships. The group further emphasized the struggles of seafarers, who often experience prolonged delays in receiving monetary benefits despite favorable court rulings. As the government looks to 2025, FFW urged policymakers to adopt a comprehensive approach to labor reform. This includes ensuring living wages, eliminating contractualization, strengthening union rights, and involving workers in decision-making processes. “A comprehensive approach is crucial to uplift the labor sector and ensure workers are prepared for the challenges ahead,” Matula added. While 2024 brought notable advancements in employment and labor rights, much remains to be done. The road ahead for the Philippine labor sector is long and challenging and it will take bold and sustained action to truly uplift the lives of Filipino workers.

Wednesday, January 1, 2025

DMW: Safe return for thousands of OFWs amid Mideast crisis, while advancing worker rights By Samuel P. Medenilla

support workers and/or cleaners (RSWC), who are bound for the KSA. Unlike domestic workers, RSWC provides cleaning services, while not living within the premises of their employers. The said workers also have an 8-hour working period per day. The move is part of DMW’s initiatives to professionalize the domestic workers sector in KSA.

@sam_medenilla

espite assisting in government efforts to bring home thousands of Filipinos in the ongoing conflicts in the Middle East, the Department of Migrant Workers (DMW) was still able to push with its efforts better working conditions and services to overseas Filipino workers (OFW). The agency was able to bring home 2,406 OFWs and their 82 dependents from Israel and Lebanon since the Israel-Hamas conflict erupted in October 2023. The effect of the conflict spread to southern Lebanon as well as to the Red Sea and Gulf of Aden. Houthi attacked international ships passing through the Red Sea and the Gulf of Aden supposedly to denounce the attacks of Israel at the Gaza strip. The said attacks affected Filipino crew members. This prompted DMW to impose stricter rules for shipowners and manning agencies with ships with Filipino crew members, which is passing through the said dangerous waters. The measures include ensuring Filipino sailors are given the opportunity to exercise their right to refuse (RTR) sailing in areas

with war-like conditions. As of October, DMW said it was able to register 186 Filipino sailors, who refused to sail in the Gulf of Aden and Red Sea. DMW discourages ships with Filipinos from passing through the Red Sea and the Gulf of Aden, but for those, which will still insist on going through the risky waterways, they should have, maritime security escorts, as well as armed guards onboard. The agency also helped ensure the safety of OFWs, who were affected by the earthquakes, which shook Japan and Taiwan as well as the floods, which hit the United Arab Emirates and Oman earlier this year.

ME deployment framework reforms

Aside from responding to the

plight of distressed OFWs, DMW was also able to implement reforms, which enhanced the protection of OFWs. This includes the implementation of a white-list framework for foreign recruitment agencies (FR A) in the Middle East and partner Philippine Recruitment agencies (PRA). The measure aims to ensure only FRAs and PRAs with good standing are able to hire OFWs. Earlier this month, DMW said the whitelist for the Kingdom of Saudi Arabia includes 432 PR As, while for Kuwait, it is 183. PR As and FR As, which have violations of Philippine laws and regulations will be included in a black list. DMW also issued its Memorandum Circular (MC) No. 5, series of 2024 containing the new guidelines for Filipino residential

New markets

The DMW is also forging new bilateral labor agreements with some European markets, where there is increasing demand for migrant workers, including OFWs. T h e E u r o p e a n c o u nt r i e s , which are in talks with DMW for the hiring of OFWs are Austria, Czech Republic, Germany, Romania, Finland, Slovenia, Croatia, and Hungary. Among the said countr ies, Finland, Slovenia, and Hungary still have no BLA with DMW. Thousands of jobs are expected to become available for OFWs in Europe. In the Czech Republic alone, there are 10,300 vacancies for OFW, while for Austria it is at 200,000. The growing labor market in Europe, however, comes with a new problem for DMW as there is now an increasing number of

OFWs, who are absconding from their employment contract and crossing borders to look for better paying jobs in Europe. T he rec r u it ment i ndu st r y urged DMW to implement measures to prevent the practice since it puts the working conditions of OFWs at risk and also hurts their profits. DMW said it is now reviewing its rules for contract violations and deployment regulations in Europe.

South Korean market

DM W a l so re g i ste re d m ajor d e v e l o p m e nt f o r t h e S o ut h Korea market this year, which involves seasonal workers and caregivers. It took over the seasonal workers program (SWP) to South Korea, which was previously handled by local government units (LGU) amid reports some of its Filipino participants suffered poor working conditions and illegal recruitment. DMW 37 illegal recruitment cases linked to the said incidents. Since the agency took over the SWP, it was able to deploy 6,100 workers to South Korea. Last May, DMW also started the recruitment of Filipino “caregivers,” who perform childcare, cleaning and laundry, and other support for pregnant wom-

en in South Korea under its Employment Permit System (EPS). During the pilot of the program, two of the Filipinos, who participated in the EPS as caregivers violated the terms of their contract. Both were detained by South Korean authorities. Despite the incident, the pilot of the program continues to be implemented by DMW.

Additional milestones

DMW was also able to achieve several milestones this year since it became fully operational in 2022. These achievements include the launch of its new logo, Overseas Labor Market Situationer report, and the Bagong Pilipinas One-Stop Agarang Kalinga at Saklolo para sa mga OFW na Nangangailangan (AKSYON) Center in its new office Makati this month. It was also announced the expansion of the services of its OFW Hospital in San Fernando City, Pampanga with the ground breaking of its Bagong Pilipinas Cancer Care Center (BPCCC). DMW announced it is targeting to come out with the implementing rules and regulations of Republic Act (R A) No. 12021 or the Magna Carta for Seafarers and its updated rules for deployment of Sea-based OFWs in the coming weeks.

USPTO recognizes IPOPHL’s Senator urges NCCT to revitalize educational TV programs for kids influence in Asia Pacific region By Butch Fernandez

By Ada Pelonia @adapelonia

he United States Patent and Trademark Office (USPTO) has recognized the Intellectual Property Office of the Philippines (IPOPHL) for its growing influence in the Asia Pacific region. Former Undersecretary of Commerce for IP and Director of the USPTO Kathi Vidal noted the boost from the leadership of IPOPHL Director General Rowel Barba. “ Yo u r l e a d e r s h i p o n t h i s achievement and on a range of other IP-related matters, has helped position IPOPHL as an inf luential IP office in the Asia Pacific region and internationally,” Vidal said in an official email correspondence informing of her resignation in early December. Vidal stressed the IPOPHL’s achievement in securing USPTO designation as a competent International Searching Authority (ISA) and International Preliminary Examining Authority (IPEA) under the Patent Cooperation Treaty. She added that this propelled IPOPHL to the prestige of being one of the few IP offices designated by the USPTO. The others were major IP offices such as the Korean Intellectual Property Office (KIPO), European Patent Office (EPO), Japan Patent Office (JPO), IP Australia (IPAU), IP Office of Singapore (IPOS) and Israel Patent Office (ILPO). Vidal also extended her appreciation for IPOPHL’s hard work and dedicated ser v ice during its chairmanship at the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and the APEC Intellectual Property Experts Group (IPEG). “While under your leadership, we made real progress on issues of consequence to APEC economies,” she added. According to IPOPHL, Barba’s

three-point AIM strateg y addressed bottlenecks hindering shared goals. It added that under his leadership, 75 percent of the 57 deliverables in the bloc’s 10-year roadmap were achieved, an increase from the 38 percent completion rate when he assumed the role at the AWGIPC. The AIM strategy is short for “Accelerating the completion of deliverables,” “Intensifying coordination,” and “Modernizing processes through digital transformation.” Beyond his work at the AWGIPC, IPOPHL noted that Barba spearheaded significant reforms as the head of the ASEAN Network of IP Enforcement Experts (ANIEE) and the APEC-IPEG. At ANIEE, he strengthened coordination among enforcement agencies across ASEAN member states and strengthened their capacity to combat counterfeit trade and online piracy. Meanwhile, in the broader APEC region, the agency said Barba elevated IPOPHL’s regional influence by leading inclusive discussions. It added that he also paved the way for actionable outcomes that promote innovation and creativity while considering the diverse development levels of member economies. IPOPHL a lso l auded Vid a l and the USPTO for their commitment to promoting collaboration, innovation, and inclusivity within the IP landscape, emphasizing t heir impact in st re ng t he n i ng i nter n at ion a l cooperation. Barba also expressed gratitude to the USPTO’s “consistent and active engagement” with the AWGIPC and the APEC-IPEG. “Your Office’s contributions have been invaluable in fostering meaningful discussions and advancing collective goals across the ASEAN and APEC regions,” IPOPHL said.

@butchfBM

oting that the National Council for Children’s Telev ision (NCC T ) recently unveiled new child-friendly television programs, Senator Win Gatchalian underscored that the agency must stay true to its core mandate of promoting high-quality, educational television content tailored for Filipino children. As part of his efforts to ensure this, he previously filed a resolution (Proposed Senate Resolution No. 1047) seeking a comprehensive review of the NCCT’s mandate. The NCCT operates under the supervision of the Department of Educa-

tion (DepEd). “In a time when children are always focused on their gadgets, it is important for them to have alternative entertainment while learning, such as watching meaningful television shows,” Gatchalian said. “The NCCT has not created and delivered any new children’s television programs for three years, from 2018 to 2020,” Gatchalian added, citing the 2021 Commission on Audit (COA) report. Moreover, also pointed out that, particularly in an era when children are increasingly engaged with online platforms, the NCCT has failed to fully utilize the National Endowment Fund for Children’s Television (NEFCTV), which

was established to promote the development of high-quality, locally produced programs for children’s television and media. The COA also noted that the NCCT lacks comprehensive investment, withdrawal, and usage policy guidelines to ensure the effective, efficient, and sustainable administration of the fund. According to Gatchalian, this could jeopardize the continuous provision of developmentally appropriate television programs for children in compliance with the NCCT mandate. The COA had recommended that the NCCT take steps to maximize the use of the NEFCTV. However, in the commission’s 2022 report, it reiterated its

comments, citing the NCCT’s failure to act on prior recommendations. The NCCT was formed under the Children’s Television Act of 1997 (Republic Act No. 8370) to promote and encourage the production and broadcasting of developmentally appropriate television programs for children. While the NCCT was originally attached to the Office of the President, Executive Order No. 23 series of 2003 transferred the supervision of the agency to the DepEd. Gatchalian also flagged that even though the NCCT is an attached agency of the DepEd, it is not designated as a member of the NCCT Council or its Advisory Committee.

LTFRB celebrates milestone year in public transport modernization By Lorenz S. Marasigan @lorenzmarasigan

he Land Transportation Franchising and Regulatory Board (LTFRB) said on Sunday that it closed 2024 by marking a year of “milestones,” particularly in its efforts to modernize public transportation and improve commuter services. Teofilo Guadiz III, the chair of the agency, said central to these achievements was the long-delayed consolidation under the Public Utility Vehicle (PUV) Modernization Program. After years of resistance and multiple extensions, the LTFRB reported an 85.6

percent consolidation rate for PUVs by November, with over 164,000 units integrated into the new system. “This is considered a milestone, not just for the LTFRB, but for the entire government. It took seven years to finally reach this far in terms of the aspiration to modernize the country’s public transport. Despite several objections, strikes, and moves to suspend the program, we remain committed to accomplish the modernization program,” Guadiz said. The program was met not without delays and opposition, with stakeholders raising concerns about just transition and job losses.

In the ride-hailing sector, the LTFRB a cc re d i te d n e w t ra n s p o r t n e t wo r k companies (TNCs), raising the total to 20. Additionally, the LTFRB granted a P10 increase in taxi flag-down rates, bringing it to P50, with further reviews underway. Guadiz also highlighted the agency’s efforts to support transport workers, with programs such as “EnTSUPERneur” and “Tsuper Iskolar” providing financial aid and training opportunities. The LTFRB chairman also addressed longstanding issues in urban mobility. Route rationalization and fleet consolidation alleviated congestion in Metro Manila, while new franchises in underserved rural

Davao del Sur capital seeks surface water to meet growing demand By Manuel T. Cayon @awimailbox

AVAO CITY—The capital city of Davao del Sur is currently searching for pristine surface water as source of its potable and household water use, following in the footstep of its neighbor, Davao City , which has rested its aquifer this year to rely on the river water running along its northern watershed. The Digos Water District (DWD), the water management office of Digos City disclosed of its plan to move away from reliance on

ground water source and to find an alternative water source, mainly surface running water to address the increasing demand for water supply in Digos City. DWD General Manager Franklin Retes said Digos City currently relies heavily on groundwater, with utilization rates reaching 84 percent. He described the impact of this utilization rate as leading to “rapid depletion of groundwater resources. “We have to ensure the availability of water supply,” Retes said. “Digos City is reaching

its saturation point, so we are looking into alternative sources like surface water.” The Philippine Information Agency said the DWD deployed personnel to specific areas in Digos City, including Barangays Goma, Balabag, and Soong, to assess potential surface water sources. These areas are located in higher elevations with promising potential for safe and potable water resources. The DWD said the move to find alternative water sources was are part of a comprehensive ten year plan that also includes continuous

areas improved accessibility. Modernized vehicles introduced this year featured low-emission technologies, a l i g n i n g w i t h t h e g o v e r n m e n t ’s environmental goals. Furthermore, Guadiz said digitization effor ts streamlined processes, from franchise applications to commuter feedback mechanisms, reducing bureaucratic delays. “In the year 2025, we are hopeful that our public transport continues to improve for the benefit of countless Filipinos. We in the LTFRB will carry on with our function to contribute to this important cause,” Guadiz said. drilling of additional wells. The PIA quoted DWD as saying it operates ten pumping stations, ten booster pumps, and 11 storage tanks located across its service areas. Three additional pumping stations are in the pipeline, with two expected to be operational by this month and February next year. The DWD serves 22 out of the 26 barangays in Digos City, with the remaining barangays relying on their respective barangay water systems. The DWD has 23,781 active connections, 92 percent of them residential. By the end of the year, the DWD expects to reach 28,081 connections, benefiting approximately 139,000 residents in the city.

Wednesday, January 1, 2025

TheWorld BusinessMirror

Editor: Angel R. Calso • www.businessmirror.com.ph

Putin’s turbulent year: Political challenges to military incursions–A review of 2024 By The Associated Press

N 2024, President Vladimir Putin further cemented his grip on power and sought to counter Russia’s isolation from the West over the war in Ukraine. But he faced continuing challenges, with a deadly attack by gunmen in Moscow and an incursion by Kyiv’s troops on his territory. As Russia’s nearly 3-year-old war in Ukraine enters a new, potentially pivotal phase amid a new US administration and its uncertain support for Kyiv, here’s a look back at how the year unfolded for Putin:

January: A presidential campaign with no real opponents

PUTIN ran for a fifth term in office with his top opponents either jailed or exiled abroad. But in a rare show of defiance, thousands of Russians queued in the January cold to sign petitions for an unlikely challenger. Boris Nadezhdin, a 60-year-old legislator and war critic, got the 100,000 signatures needed to put him on the ballot, but election authorities eventually barred him from running. Still, the support he received reflected antiwar sentiment and public longing for political competition in an embarrassment for Putin.

February: Alexei Navalny dies in prison

ON February 16, Putin’s longtime foe Alexei Navalny died in an arctic prison colony while serving a 19year sentence on charges widely seen as politically motivated. The news of his death at age 47 shocked

the world and robbed the opposition of its most charismatic leader. No exact cause of death was given, and his family and allies blamed the Kremlin, which denied involvement. Tens of thousands of mourners attended his Moscow funeral two weeks later in a show of defiance.

March: A concert massacre darkens Putin’s election win

ON March 17, Putin secured his expected election triumph, which will keep him in office until 2030, following the harshest crackdown on dissent since Soviet times. Five days later, gunmen stormed a concert hall on Moscow’s outskirts, killing over 140 people and setting the venue ablaze. An affiliate of the Islamic State group claimed responsibility, although the Kremlin, without evidence, tried to blame Ukraine for the deadliest attack on Russian soil in almost two decades. The assault stunned the capital and rekindled memories of other attacks in the early years of Putin’s presidency.

June: Putin visits North Korea to forge stronger ties

PUTIN made a two-day visit to North Korea in June—his first

in 24 years—as the countries deepened their ties in the face of intensifying confrontations with Washington. The pact signed by Putin and North Korean leader Kim Jong Un envisions mutual military assistance if either country is attacked. The new agreement marked their strongest link since the end of the Cold War, adding to concerns in Washington and Seoul.

range ballistic missile—called the Oreshnik—at a city in central Ukraine. Putin boasted the missile can’t be intercepted by air defenses. He warned that Moscow could use it for more strikes on Ukraine and also potentially to hit military facilities of NATO countries giving military support to Ukraine.

December: An ally falls, a bomb rocks Moscow and a plane crash draws an apology

July: Reporter Gershkovich convicted in a trial denounced as a sham

WALL STREET JOURNAL reporter Evan Gershkovich, arrested in March 2023 and accused of espionage, was convicted and sentenced to 16 years in prison in a swift trial. His employers and the US government denounced the process as a sham and rejected the charges as fabricated. Without presenting evidence, authorities claimed he was gathering secret information for the US Gershkovich, the American-born son of Soviet immigrants, was the first Western reporter arrested on espionage charges in post-Soviet Russia, in a chilling signal to international journalists.

August: Mass prisoner swap and Ukraine’s push into Kursk

ON August 1, Washington and Moscow completed the biggest East-West prisoner swap in postSoviet history. Those released included Gershkovich and fellow American Paul W helan, along with prominent Russian dissidents like Vladimir Kara-Murza and Ilya Yashin. The multinational deal freed two-dozen people— including Vadim Krasikov, serving a life sentence in Germany for killing a former Chechen militant in Berlin. A l s o i n A u g u s t , U k r a i ne launched a surprise incursion into Russia’s Kursk region in the

RUSSIAN President Vladimir Putin appears before the media after the summit of the Collective Security Treaty Organization in Astana, Kazakhstan on November 28, 2024. MIKHAIL TERESHCHENKO, SPUTNIK, KREMLIN POOL PHOTO VIA AP

largest cross-border raid by Kyiv’s forces. It exposed Russia’s vulnerabilities and dealt an embarrassing blow to the Kremlin, with tens of thousands of civilians fleeing the region. With the bulk of the Russian army engaged in eastern Ukraine, few troops were left to protect the Kursk region. Russia forces have since regained control over part of the territory but have so far failed to completely dislodge Kyiv’s troops.

September: Putin visits Mongolia without fear of arrest

PUTIN traveled to regional ally Mongolia in September in a move widely seen as an attempt to counter Western efforts to isolate him over the Ukraine war. Mongolia was among the countries that ratified a treaty establishing the International Criminal Court, which in 2023 issued an arrest warrant for Putin for alleged war crimes in Ukraine. Mongolia ignored calls to arrest the Russian leader and gave him a red-carpet welcome, with both countries signing deals on energy supplies and power plant upgrades.

October: US says North Korean troops are in Russia

IN October, the Pentagon announced North Korea sent about 10,000 troops to Russia to join the fighting against Ukraine—a move Western leaders said will intensify the war and jolt relations in Asia. Moscow and Pyongyang have remained tight-lipped about the claims of deployment. Putin also hosted a summit of the BRICS bloc of nations, attended by leaders or representatives of 36 countries, in what many saw as an effort to highlight the failure of US-led efforts to isolate Russia.

November: A Trump victory and a new lethal Russian missile

FORMER President Donald Trump won a new term in the White House in November, raising concerns that his administration would cut military support for Ukraine and force it to negotiate with Moscow. Current President Joe Biden allowed Kyiv to use US-supplied longerrange weapons for deeper strikes on Russian soil. Russia responded by firing a new hypersonic intermediate-

THE government of Syrian leader Bashar Assad crumbled after a lightning offensive by rebels. Putin granted asylum to Moscow’s longtime ally Assad and his family, but the Kremlin’s failure to prevent his downfall nine years after it intervened militarily to prop up his rule exposed the limits of Russia’s power and dented its international clout at a pivotal stage of its war in Ukraine. Then, an embarrassing attack again brought the war to the streets of Moscow. Lt. Gen Igor Kirillov, the chief of Russia’s Radiation, Biological and Chemical Protection Forces, was killed alongside an aide by a bomb planted outside his apartment building. Putin described Kirillov’s killing as a “major blunder” by security agencies. On the final weekend of the year, Putin apologized for what he called a “tragic incident” in Russian airspace involving the Dec. 25 crash of an Azerbaijani jetliner that killed 38 people in neighboring K azakhstan. His statement came amid mounting allegations the plane was shot down by Russian air defenses trying to stop a Ukrainian drone attack near Grozny in the Russian republic of Chechnya. While Russian officials acknowledged that air defense systems were at work, Putin’s apology to Azerbaijan’s leader stopped short of saying Moscow took responsibility.

Evo Morales seeks comeback in Bolivia, sparking battle with former protégé Arce By Isabel Debre & Juan Karita

The Associated Press

AUCA Ñ, Bolivia—Bolivia’s former leader Evo Morales has a campaign pitch for 2025 that has worked elsewhere: Other politicians of recent years have brought you nothing but misery. It’s time for a return to the past. His supporters are looking to Morales for a rescue from the five tumultuous years since his 2019 resignation. The country’s first Indigenous president, Morales is credited with spreading the wealth of a commodities boom and ushering in a rare stretch of social and economic stability during his nearly 14 years in office. His detractors say Morales— who built an economy uncomfortably dependent on natural gas reserves and sought to stay in power longer than Bolivia’s constitution allows—bears responsibility for much of the turmoil that followed his tenure.

An ally turned rival

A BITTER political battle is looming between Morales, 65, and his former economy minister and once-protégé, President Luis Arce, over who will lead their long-dominant leftist Movement Toward Socialism, or MAS, into the August 2025 election. Arce has unleashed allies in the

judiciary against Morales, with the Constitutional Court disqualifying Morales’ candidacy and ousting him from the leadership of MAS, a party he helped found in the 1990s. Prosecutors in mid-December charged Morales with statutory rape for fathering a child with a 15-year-old girl when he was 56 and president. Morales didn’t deny the relationship but accused Arce of deploying a “dirty, odious” campaign to undermine him.

Fighting from the tropics

SINCE talk of his arrest warrant surfaced in September, Morales has been holed up in Bolivia’s cocagrowing region of Chapare, ringed by loyal supporters. Here, the former coca farmer and fier y union leader—long considered one of the last of the so-called “pink wave” of leftist leaders who once dominated Latin American politics—is planning his comeback. Few outsiders are allowed inside his stronghold in Bolivia’s steamy lowlands, but The Associated Press was invited last month for a look from behind the barricades. “They don’t want me to be the candidate because they know I’ll win,” Morales told the AP. “We’re in a state of total siege, morally, legally and politically.” The four-hour drive to Chapare from Bolivia’s third-biggest city of Cochabamba is steep and slick

with mist. A narcotics checkpoint from the US-financed war on drugs that wreaked havoc across this jungle is far less intimidating than the makeshift checkpoints manned by Morales’ followers.

In the ‘Land of Evo’

AS the van rumbled on, Pedro Cepita, a guide tasked with accompanying the AP, pointed out Morales’ accomplishments in the longstigmatized Chapare—university buildings, cell towers, an airport, a 25,000-seat soccer stadium. Morales’ face adorns murals alongside cult heroes like Che Guevara and Fidel Castro. “Evo 2025-2030” slogans blanket brick houses. “We’re in la Tierra de Evo,” Cepita said—the Land of Evo. At sandbagged checkpoints, Morales’ supporters—some with batons on their belts—waved the van through only after recognizing Cepita. Security forces, chased out by Morales’ followers, rarely venture here. Door-knocking census workers—even emergency rescuers responding to a deadly landslide last month—said they were harassed and kicked out by Morales’ coca union activists. Earlier this month and after 40 days of negotiations, police began trickling back.

Almost divine reverence

COCA farmers drying their leaves proudly recount how Morales kicked out US anti-drug agents almost in the same breath as they extoll the benefits of the coca plant, cherished by Indigenous communities and maligned by the West as the raw material for cocaine. “Brother Evo was in these fields with us,” said Jose Luis Calicho, 39, nodding toward Morales’ own plot of land. “He knows we’re not criminals, we’re not narco-traffickers.” Since October, when gunmen opened fire at his convoy, Morales, who was unharmed, has slept inside the fortress-like compound of his coca-growing union. He says the shooting was an assassination attempt and blames Arce’s government, which denies involvement. Outside the high walls, dozens of his followers lounge on tarps blocking the street. Some rest after all-night security shifts, others keep watch, their cheeks bulging with wads of coca—a mild stimulant. “It’s our responsibility to Evo, we can’t take chances,” said Reyna Peñaloza, 44. “With us, he’ll return to power.”

A stark disconnect

THOSE who believe Mora les’ comeback can close the door on years of political and economic paralysis are less clear about the kind of future he could bring. “When I came to power in 2005, the nation was suffering, and I

transformed it,” Morales said. “Now our crisis is even worse. We don’t have fuel, we don’t have dollars.” Most Bolivians, stinging from surging inflation and waiting in long lines to fill their tanks, agree on that. But attitudes toward Morales are starkly different in his remote redoubt in Chapare and the rest of the country of 12 million—especially when it comes to the 2016 statutory rape case that indelibly tarnished his reputation. In the upscale districts of La Paz, the capital, residents say they’re repulsed by his actions. Freshly painted graffiti asks: “Would you vote for a pedophile?” “The political damage to Evo’s good image is devastating,” said Romer Alejo, a criminal lawyer in La Paz. Informal efforts to gauge public opinion in La Paz suggest that two or three out of every 10 Bolivians would vote for him. His critics condemn Morales’ constitution-bending efforts to hold onto power longer than any leader in Bolivia’s modern history. “We’re at a breaking point,” said Martín Sivak, the author of a biography on Morales. “There’s a verdict from Bolivians on this idea of staying in power for too long.”

A long way to go

LEGAL troubles aside, whether Morales can reclaim his party and

the country’s top job is unclear. His supporters say he’ll find a way around the court ban—perhaps by launching a new party. But the packed crowds of 2014 are no longer there. A recent MAS congress in Chapare declared Morales was the party’s “only legitimate candidate,” but a “Viva, Evo!” chant faded quickly in the half-full auditorium. Still, Bolivia’s right-wing opposition is fractured. Protests are mounting over Arce’s failure to halt a currency collapse. Morales’ supporters threaten to convulse the country if he’s not on the ballot. “We’ll win through our struggle,” Morales loyalist and lawmaker Alina Canaviri Sullcani said. “There’s no alternative.” Even if Morales has become too divisive, without him, many fear the long unstable Andean nation could veer back toward chaos. Morales’ 2019 ouster elevated a right-wing interim president, Jeanine Áñez, who cracked down on her political opponents and sought to purge Morales’ legacy. On a hot, sticky morning last month, Morales emerged from his hideout with heavy security, to check on his fields. As he hunched over to cut weeds, his aides pulled out their smartphones to film him—a throwback to the early 2000s, when videos of the son of llama famers in his humble alpaca sweater were a magnet for foreign media.

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Wednesday, January 1, 2025

Inauguration of former soccer player Kavelashvili as Georgia president sparks protests, EU concerns By Sophiko Megrelidze

The Associated Press

BILISI, Goergia—Former soccer player Mikheil Kavelashvili was formally inaugurated as president of Georgia on Sunday, cementing the ruling party’s grip in what the opposition calls a blow to the country’s EU aspirations and a victory for former imperial ruler Russia.

Outgoing pro-Western Georgian President Salome Zourabichvili said Sunday morning that she would vacate her residence at the Orbeliani Palace in Tbilisi, but insisted she was still the legitimate office holder. “I will come out of here, come out to you and be with you. ... This presidential residence was a symbol as long as there was a president here who was legitimate. I bring legitimacy with me,” Zourabichvili told a crowd of supporters outside the palace. She called Kavelashvili’s inauguration a “parody.” Kavelashvili, 53, who was the only candidate on the ballot, easily won the vote earlier in December given the Georgian Dream party’s control of a 300-seat electoral col-

lege that replaced direct presidential elections in 2017. It is made up of members of Parliament, municipal councils and regional legislatures. In his speech Sunday, K avelashvili promised to be “ever yone’s president, regardless of whether they like me or not.” He called for the nation to unite behind him around “shared values, the principles of mutual respect, and the future we should build together.” Georgian Dream retained control of Parliament in the South Caucasus nation in an Oct. 26 election that the opposition alleges was rigged with Moscow’s help. The party has vowed to continue pushing toward accession in the European Union but also wants

to “reset” ties with Russia. Georgia’s outgoing president and main pro-Western parties have boycotted the post-election parliamentary sessions and demanded a rerun of the ballot. In 2008 Russia fought a brief war with Georgia, which led to Moscow’s recog nition of t wo breakaway regions as independent, and an increase in the Russian military presence in South Ossetia and Abkhazia. Critics have accused Georgian Dream—established by Bidzina Ivanishvili, a shadowy billionaire who made his fortune in Russia—of becoming increasingly authoritarian and tilted toward Moscow, accusations the ruling party has denied. The party recently pushed through laws similar to those used by the Kremlin to crack down on freedom of speech and LGBTQ+ rights. Georgian Dream’s decision last month to suspend talks on their country’s bid to join the EU added to the opposition’s outrage and galvanized protests. Protesters in front of the parliament building on Sunday held red cards, in reference to Kavelashvili’s career in soccer. “Because today our president is a footballer, we are showing him a red card. The next step will be sending him off the pitch. The Georgian people will definitely do this, because it was a circus that they have held today in the parliament,” protester Sofia Shamanidi

GEORGIAN President-elect Mikheil Kavelashvili speaks at his swearing-in ceremony at the Georgian Parliament in Tbilisi, Georgia on Sunday, December 29, 2024. IRAKLI GEDENIDZE/POOL PHOTO VIA AP

told The Associated Press.

Outgoing president demands new elections

ZOURABICHVILI, 72, was born in France to parents with Georgian roots and had a successful career with the French Foreign Ministry before President Mikheil Saakashvili named her Georgia’s top diplomat in 2004. Constitutional changes made the president’s job largely ceremonia l before Zourabichv ili was elected by popular vote with Georgian Dream’s support in 2018. She became sharply critical of the ruling party, accusing it of pro-Russia policies, and Georgian Dream unsuccessfully tried to impeach her. Zourabichvili has rejected government claims that the opposi-

tion was fomenting violence. “We are not demanding a revolution,” she told The Associated Press. “We are asking for new elections, but in conditions that will ensure that the will of the people will not be misrepresented or stolen again.

Who is the new president?

G E O RG I A’ S o p p o s it i o n h a s mocked Kavelashvili for lacking higher education. He was a striker in the English Premier League for Manchester City and played for several clubs in the Swiss Super League. He was elected to Parliament in 2016 on the Georgian Dream ticket, and in 2022 co-founded the People’s Power political movement, which was allied with Georgian Dream and become known for its strong

anti-Western rhetoric. Kavelashvili was one of the authors of a controversial law requiring organizations that receive more than 20% of their funding from abroad to register as “pursuing the interest of a foreign power,” similar to a Russian law used to discredit critical organizations. The EU, which granted Georgia candidate status in December 2023 on condition that the country meets the bloc’s recommendations, put its accession on hold and cut financial support in June following approval of the “foreign influence” law.

How did protests unfold?

THOUSANDS of demonstrators converged on the parliament building every night after the government announced the suspension of EU accession talks on Nov. 28. Riot police used water cannons and tear gas almost daily to disperse and beat scores of protesters, some of whom threw fireworks at police officers and built barricades on the capital’s central boulevard. Hundreds were detained and over 100 treated for injuries. Several journalists were beaten by police and media workers accused authorities of using thugs to deter people from attending anti-government rallies, which Georgian Dream denies. The crackdown has drawn strong condemnation from the United States and EU officials.

Abortion rates rise amidst state bans in US: Legal battles and evolving access landscape By Geoff Mulvihill & Kevin S. Vineys The Associated Press

BORTION has become slightly more common despite bans or deep restrictions in most Republicancontrolled states, and the legal and political fights over its future are not over yet. It’s now been two and a half years since the US Supreme Court overturned Roe v. Wade and opened the door for states to implement bans. The policies and their impact have been in flux ever since the ruling in Dobbs v. Jackson Women’s Health Organization. Here’s a look at data on where things stand:

Abortions are slightly more common now than before Dobbs

OVERTURNING Roe and enforc i n g a b or t ion b a n s h a s changed how woman obtain abortions in the US. But one thing it hasn’t done is put a dent in the number of abortions being obtained. T here have been sl ight ly more monthly abortions across the country recently than there were in the months leading up to the June 2022 ruling, even as the number in states with bans dropped to near zero. “Abortion bans don’t actually prevent abortions from happening,” said Ushma Upadhyay, a public health social scientist at the University of California San Francisco. But, she said, they do change care. For women in some states, there are major obstacles to getting abortions—and advocates say that low-income, minority

and immigrant women are least likely to be able to get them when they want. For those living in states with bans, the ways to access abortion are through travel or abortion pills.

Pills become a bigger part of equation—and the legal questions

As the bans swept in, abortion pills became a bigger part of the equation. They were involved in about half the abortions before Dobbs. More recently, it’s been closer to two-thirds of them, according to research by the Guttmacher Institute. The uptick of that kind of abortion, usually involving a combination of two drugs, was underway before the ruling. But now, it’s become more common for pill prescriptions to be made by telehealth. By the summer of 2024, about 1 in 10 abortions was via pills prescribed via telehealth to patients in states where abortion is banned. As a result, the pills are now at the center of battles over abortion access. This month, Texas sued a New York doctor for prescribing pills to a Texas woman via telemedicine. There’s also an effort by Idaho, Kansas and Missouri to roll back their federal approvals and treat them as “controlled dangerous substances,” and a push for the federal government to start enforcing a 19th-century federal law to ban mailing them.

Travel for abortion has increased

CLINICS have closed or halted abortions in states with bans. But a network of efforts to get women seeking abortions

PEOPLE only giving their first names Erika, left, and Leeann react after an abortion rights amendment to the Missouri constitution passed on November 5, 2024, at a watch party in Kansas City, Mo. AP/CHARLIE RIEDEL

to places where they’re legal has strengthened and travel for abortion is now common. The Guttmacher Institute found that more than twice as many Texas residents obtained abortion in 2023 in New Mexico as New Mexico residents did. And as many Texans received them in Kansas as Kansans. Abortion funds, which benefitted from “rage giving” in 2022, have helped pay the costs for many abortion-seekers. But some funds have had to cap how much they can give.

The abortion map has been in flux

SINCE the downfall of Roe, the actions of lawmakers and courts have kept shifting where abortion is legal and under what conditions. Here’s where it stands now:

The ban that took effect in Florida this year has been a game-changer

FLORIDA, the nation’s third

most-popu lous state, began enforcing a ban on abortions after the first si x weeks of pregnancy on May 1. That immediately changed the state from one that was a refuge for other Southerners seeking abortion to an exporter of people looking for them. There were about 30 percent fewer abortions there in May compared with the average for the first three months of the year. And in June, there were 35 percent fewer. While the ban is not unique, the impact is especially large. The average driving time from Florida to a facility in North Carolina where abortion is available for the first 12 weeks of pregnancy is more than nine hours, according to data maintained by Caitlin Myers, a Middlebury College economics professor.

Clinics have opened or expanded in some places

The bans have meant clinics closed or stopped offering abor-

tions in some states. But some states where abortion remains legal until viability—generally considered to be sometime past 21 weeks of pregnancy, though there’s no fixed time for it—have seen clinics open and expand. Illinois, Kansas and New Mexico are among the states with new clinics. There were 799 publicly identifiable abortion providers in the US in May 2022, the month before the Supreme Court reversed Roe v. Wade. And by this November, it was 792, according to a tally by Myers, who is collecting data on abortion providers. But Myers says some hospitals that always provided some abortions have begun advertising it. So they’re now in the count of clinics—even though they might provide few of them.

Lack of access to abortions during emergencies is threatening some patients’ lives

HOW hospitals handle pregnancy complications, especially those that threaten the lives of the women, has emerged as a major issue since Roe was overturned. President Joe Biden’s administration says hospitals must offer abortions when they’re needed to prevent organ loss, hemorrhage or deadly infections, even in states with bans. Texas is challenging the administration’s policy and the US Supreme Court this year declined to take it up after the Biden administration sued Idaho. More than 100 pregnant women seeking help in emergency rooms and were turned away or left unstable since 2022, The Associated Press found in an analy-

sis of federal hospital investigative records. Among the complaints were a woman who miscarried in the lobby restroom of Texas emergency room after staff refused to see her and a woman who gave birth in a car after a North Carolina hospital couldn’t offer an ultrasound. The baby later died. “It is increasingly less safe to be pregnant and seeking emergency care in an emergency department,” Dara Kass, an emergency medicine doctor and former US Health and Human Services official told the AP earlier this year.

Abortion rights are popular with voters

SINCE Roe was overturned, there have been 18 reproductive rights-related statewide ballot questions. Abortion rights advocates have prevailed on 14 of them and lost on four. In the 2024 election, they amended the constitutions in five states to add the right to abortion. Such measures failed in three states: In Florida, where it required 60 percent support; in Nebraska, which had competing abortion ballot measures; and in South Dakota, where most national abortion rights groups did support the measure. AP VoteCast data found that more than three-fifths of voters in 2024 supported abortion being legal in all or most cases—a slight uptick from 2020. The support came even as voters supported Republicans to control the White House and both houses of Congress. The Associated Press writers Linley Sanders, Amanda Seitz and Laura Ungar contributed to this article.

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Editor: Jennifer A. Ng

Wednesday, January 1, 2025

PHL REITs give better yields for investors–Leechiu exec By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

NVESTORS will get better yields if they invest in Real Estate Investment Trusts (REITs) in the Philippines, instead of those in established markets abroad. In a news briefing, Leechiu Property Consultants Inc. (LPC) Director for Investor Sales Tam Angel said, Philippine REITs were among the earliest beneficiaries in the Philippine Stock Exchange (PSE) from the lowering of the key policy rate of the Bangko Sentral ng Pilipinas (BSP). Angel cited the stocks’ year-on-year growth, “which ranged from as high as 44 percent for PREIT (Premier Island Power REIT Corp.), 20 percent for RCR (RL Commercial REIT Inc.), and 19 percent for AREIT [Inc.].” Thus, compared to markets abroad, Philippine REITs continue to be an “attractive investment option, still offering yields of 6-10 percent amid the challenges in the PSE. It outperforms global counterparts like Japan (3-5 percent), the United States (3-4 percent), and Singapore (5-6 percent),” he added. Tam pointed out while established markets provide investors stability, these come with lower yields and limited growth. “The Philippine market, on the other hand, remains dynamic and offers significant expansion opportunities,” he stressed.

general, the property sector is trading at support levels. And of course, a lowering interest rate environment will provide the much-needed stimulus in this sluggish market.” Further cuts are expected to bring rates down to 4.75 percent to 5 percent by 2025, which supports economic growth, while maintaining price stability. “That already factors in Trump 2.0,” he said, referring to the re-election of real-estate mogul Donald J. Trump as President of the United States.” LPC also projected inflation rates for 2025 and 2026 at 3.3 percent and 3.7 percent, respectively.

The BSP closed 2024 with a final cut of 25 basis points, which reduced the key policy rate to 5.75 percent, despite the inching up of the inflation rate in November to 2.5 percent from 2.3 percent in October. The BSP key rate is used by banks to determine the interest rate they charge on loans to companies as well as consumers, such as housing loans.

Still resilient

ACCORDING to Angel, “a lower interest rate environment will provide confidence to the market. Developers will launch more projects, and investors will be encouraged to take positions given lower funding costs.” “Once we hit close to 5 percent [policy rate], we think that’s when we’ll feel it in the retail buying, whether it’s the condos or the lots…. If you’re a strategic buyer, you buy now, you’re anticipating in two to three years, you’ll be borrowing. And it seems like that’s the point in time when interest rates are at its lowest,” he explained. Despite the high interest rates,

which began after the pandemic, property stocks have remained resilient, Tam noted, stabilizing around 2,360 index points between 2016 and 2024. “The consolidation period for the last three years appears to be the result of a lack of investor confidence due to the high interest rates,” he said. The top five property stocks during the period include: SM Prime Holdings Inc., with a price-earnings ratio of 17.27; Ayala Land Inc. (P/E 12.63); AREIT (P/E 14.84); RCR (P/E 12.71); and, Megaworld Corp. (P/E 3.19). Tam underscored that “the property sector of the stock market is the most sensitive to interest rate fluctuations…. What’s important to us is that the BSP continues easing monetary policy and continues to cut rates, albeit at a slightly more conservative tone, because they are keeping a closer eye on the global markets and they’re also watching how Trump 2.0 develops. But with the continued rate cuts, the property sector will finally see some upward momentum.”

Rate cut key to property growth

THE LPC executive also continued to press for the easing in the central bank’s key policy rates to help stimulate the growth in the property sector next year. Angel said, “It’s very comforting news that the BSP seems to be maintaining its furthe monetary easing. This is critical at this stage of the real estate economy because we feel, in

This Wednesday, January 17, 2024, photo shows Dennis D. Estopace of the organization during an event at the location. CREDIT: Organization

Manila Water sets desludging sched A

S the new year starts, East Zone concessionaire Manila Water continues to advocate for regular septic tank desludging as one of the simplest ways to protect the environment, as well as personal property. Desludging helps prolong the life of the septic system at home as it prevents blockages that can cause damage and deterioration

of septic tanks. On a broader scale, septic tank siphoning supports the protection of the environment and biodiversity through proper septage treatment. Desludging can also prevent pollutants from getting into water sources such as surface and ground water. In January, Manila Water’s desludging caravan will visit Barangay

795, 803, 804 and 813 in the City of Manila; Pasong Tamo and Alicia in Quezon City; Daang Bakal and Highway Hills in Mandaluyong City; and Caniogan in Pasig City. The desludging trucks will also be present in barangay Balite, San Rafael, San Isidro and San Jose in Montalban; and Mayamot in Antipolo City in Rizal. “We encourage our customers

to start the year right by availing the desludging services provided by Manila Water at no additional cost. Customers may call the Manila Water Customer Service Hotline 1627 or coordinate with barangay officials to know the schedule of desludging in their respective barangays,” says Jeric Sevilla, Manila Water Communication Affairs Group director.

PLDT Grp rings up intl ISO records T HE PLDT Group has “cemented” its leadership position with the addition of internationally recognized ISO certifications. According to PLDT VP Leo A. Gonzales said these certifications underline the company’s commitment to “delivering world-class service” while championing resilience and sustainability. “In adhering to stringent international standards, the PLDT Group cements its reputation as industry leader, ensuring the delivery of reliable, secure, and high-quality services. These ISO certifications highlight the Group’s consistent

focus on operational excellence, setting benchmarks that align with global best practices,” he said. In November, Smart’s network facility in Palawan became the latest site to earn the ISO 22301:2019 certification for Business Continuity Management System (BCMS). This recognition brings the PLDT Group’s total BCMS certifications to 25, covering critical network assets such as cable landing stations and network operations centers. Gonzales explained that these certifications validate PLDT ’s ability to prevent, minimize, and

recover from disruptive incidents while safeguarding financial stability and reputation. They ensure that facilities supporting voice, data, and multimedia services adhere to international standards for business continuity preparedness, he added. In addition to BCMS, the PLDT Group has recently secured certifications for Quality Management System (ISO 9001:2015), Environmental Management System (ISO 14001:2015), and Occupational Health and Safety Management System (ISO 45001:2018). Analeen See Co, head of PLDT and Smart’s Business Continuity

Strategy and Analytics Division, said beyond internal operations, the group is driving initiatives to foster a culture of resilience among their employees and the communities they serve. “As an organization committed to excellence, adhering to world-class standards through ISO certification is non-negotiable for us,” said Co. “These standards ensure that we consistently deliver top-tier services to our customers. More importantly, they empower us to build trust with the communities we serve, to share our expertise, and help the country in building a more resilient Philippines.” Lorenz Christoffer S. Marasigan

Bills impacting business near OK By Bless Aubrey Ogerio

OUSE Speaker Ferd i n a nd M a r t i n G. Romualdez on Saturday touted the near-perfect record of the 19th Congress to pass priority measures set by the Legislative-Executive Development Advisory Council (Ledac). The Lower House passed 27 out of 28 Ledac priority measures for the 19th Congress, including those set forth by President Marcos during his previous State of the Nation Address (SONA), as well as additional Congress priorities. Eleven of these measures have already been enacted into law, including the AntiFinancia l Accounts Scamming Act, VAT on Dig ita l Transactions, the Philippine Maritime Zones, Archipelagic Sea Lanes, Create More, and amendments to the Rice Tariffication law. “We are well on track to achieving our legislative goals under President Marcos’s administration. These laws and measures are concrete testaments to our unwavering commitment to the welfare and progress of our nation,” Romualdez said in a statement. Two are currently under the conference committee for further deliberation: the Blue Economy and amendments to a law to allow foreign investors’ long-term lease. About 14 have already been approved on third reading, such as the Reforms to Philippine Capital Markets, the Excise Tax on Single-Use Plastics, the creation of the Department of Water Resources / National Water Resources, Amendments to the Universal Health Care, Open Access in Data Transmission, Bills that are on final reading also include the Instituting of a National Citizens Service Training Program / Mandatory Reserve Officers’ Training Corps, the Military and Unifor med Personnel Pension Reform Bill, E-Governance, Amendments to the Philippine Immigration Act, New Government Auditing Code, and Amendments to the Electric Power Industry Reform Act. T he on ly mea su re st i l l stuck in committee deliberations is the amendments to the Agrarian Reform law. The House also passed 61 out of 64 priority measures under the Common Legislative Agenda (CL A) for the 19th Congress. Some of the bills under the CLA are also included in the list provided by Ledac. Of the 61 passed bills, 29 have already been enacted into law, including the SIM Registration Act, the Maharlika Investment Fund, Regional Specialty Hospitals, and the Internet Transaction Act/E-Commerce Law. Additional laws passed include the Ease of Paying Taxes and the New Philippine Passport Act (RA 11983), as well as measures related to the revitalization of the salt industry and the creation of the Negros Island Region. On ly t he Enabling L aw

for the Natural Gas Industry has been transmitted to the President for approval. Two other bills, the Blue Economy Law and Amendments to the Foreign Investors’ Long-Term Lease, are currently under the conference committee for further deliberation. Meanwhile, 28 have been approved on the third reading, such as the establishment of the Virology Institute of the Philippines, the creation of a National Disease Prevention Management Authority, the Health Emergency Auxiliary Reinforcement Team, and the Waste Treatment Technology. Also approved are reforms for the Free Legal Assistance for Police and Soldiers, Magna Carta of Barangay Health Workers, and the Eastern Visayas Development Authority, among others. The third reading also included amendments to Universal Health Care and the National Land Use. Further measures addressed the Philippine Immigration, Excise Tax on Single-Use Plastics, and amendments to the Fisheries Code. Three measures are still under committee deliberation and have not yet been approved, which are the Budget Modernization Bill, the National Defense Act, and Amendments to the Agrarian Reform Law. Since the 19th Congress opened on July 25, 2022, House members filed a total of 13,454 measures. Among these, 1,368 were approved, with 166 of them eventually signed by the President—73 of which are national laws and 93 are local laws. The filings included 11,241 bills, 2,212 resolutions, and one petition, along with the submission of 1,319 committee reports. The House also adopted the findings and recommendations of nine committee reports from inquiries conducted in aid of legislation, underscoring its commitment to ensuring public trust. Moreover, both Upper and Lower Chambers have worked closely through conference committees and the approval of amendments to ensure that legislation is carefully crafted for practical implementation. “O u r s y nerg y w it h t he Senate ensures that the laws we pass are practical, implementable, and responsive to the needs of the people,” Romualdez pointed out. As the 19th Congress nears its final stretch and heads into the 2025 midterms, the Speaker reaffirmed the House’s commitment to sustaining its legislative momentum. “This Congress will be remembered as one of decisive action, unwavering unity, and transformative legislation,” he stressed. “We will not rest until every Filipino feels the impact of the progress we are creating—until we achieve a nation that is truly inclusive and empowered.” The House is set to reconvene in January, with plans to finalize the remaining Ledac and Lower Chamber’s priority measures.

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‘Lawlessness in lawmaking’ By Ding Generoso

Conclusion

he bicam is a mere ad hoc body created under the rules of the Senate and the House. But the thesis that a bicam can wield ex post veto power, Puno held, “does not only contravene the rules of both the Senate and the House.” “It wages war against our settled ideals of representative democracy. For the inevitable, catastrophic effect of the thesis is to install a Bicameral Conference Committee as the Third Chamber of our Congress, similarly vested with the power to make laws but with the dissimilarity that its laws are not the subject of a free and full discussion of both Houses of Congress. With such a vagrant power, a Bicameral Conference Committee acting as a Third Chamber will be a constitutional monstrosity.” It is because the power to make laws is vested by the 1987 Constitution solely in the Congress consisting of a Senate and a House of Representatives. The constitution did not vest on a Bicameral Conference Committee with an ad hoc membership the power to legislate. The constitution does not even mention the bicam,” Puno pointed out. The thesis that a bicam can exercise law-making power with ex post veto power is also “freighted with mischief,” said the former Chief Magistrate.

He explained: “Law-making is a power that can be used for good or for ill, hence, our constitution carefully laid out a plan and a procedure for its exercise…. it vouchsafed that the power to make laws should be exercised by no other body except the Senate and the House…. It is only when the Senate and the House act as whole bodies that they truly represent the people. And it is only when they represent the people that they can legitimately pass laws. Laws that are not enacted by the people’s rightful representatives subvert the people’s sovereignty. “Bicameral conference committees, with their ad hoc character and limited membership, cannot pass laws for they do not represent the people. The constitution does not allow the tyranny of the majority. Yet, the respondents will impose the worst kind of tyranny—the tyranny of the minority over the majority. “[T]he Constitution delineated in deft strokes the steps to be followed in making laws…. to assure that only bills that successfully survive the searching scrutiny of the proper committees of Congress and the full and unfettered deliberations of both Houses can become laws. For this reason, a bill has to undergo

Villar... Such refor ms, coupled w it h strengthened social protection programs, should support job creation, enhance productivity, increase resilience to climate change, and reduce poverty and inequality. I share IMF’s observation. Priority areas should include upgrading infrastructure, making significant investments in healthcare and education, addressing land fragmentation and low productivity in the agricultural sector and enhancing governance. The IMF itself is bullish on the Philippines. It expects the Philippines’ gross domestic product (GDP) growth to pick up in 2025, supported by disinflation and gradually declining borrowing costs as monetary policy normalizes. The GDP is seen expanding 5.8 percent in 2024, 6.1 percent in 2025 and 6.3 percent in 2026, while inflation is expected at 3.2 percent in 2024, 2.8 percent in 2025 and 3.0 percent in 2026.

Regardless of whether or not the President signs or vetoes the budget measure, somebody should raise this matter once more to the Supreme Court. Maybe, this time, the majority of the SC members will see it wise to once and for all slay the monster that is the bicam and stop perpetuating a “constitutional monstrosity.” three mandatory separate readings in each House…. the additions and deletions made by the Bicameral Conference Committee did not enjoy the enlightened studies of appropriate committees.” Puno pointed out that the cosmetic remedy of having the bicam rev isions, inser tions, deletions ratified by the House and the Senate does not cure the constitutional infirmity. It may have some merit with respect to provisions agreed upon by the committee in the process of reconciling conflicting provisions that had been previously screened by the proper committees, deliberated upon by both Houses and approved by them. But entirely new additions and deletions made not to reconcile inconsistencies are a different matter. Said Puno: “The members of the Bicameral Conference Committee did not have any authority to add new provisions or delete provisions already approved by both Houses as it was not necessary to discharge their limited task of reconciling differences in bills. At that late stage of law making, the conference committee cannot add/delete provisions which can become laws without undergoing the study and deliberation of both chambers given to bills on first, second and third readings.” The choice to approve or disapprove is also “more of an optical illusion,” Puno wrote. The additions and deletions are not submitted to a vote separately but are tucked to the entire bill. Legislators vote on the entire bill though they object to some of the bicam additions and deletions. And that is what really puts into question the constitutionality—not only of the proposed 2025 national budget—but all other laws passed by Congress that had undergone substantive and substantial changes by the bicam. Regardless of whether or not the President signs or vetoes the budget measure, somebody should raise this matter once more to the Supreme Court. Maybe, this time, the majority of the SC members will see it wise to once and for all slay the monster that is the bicam and stop perpetuating a “constitutional monstrosity.”

Continued from A8

The GDP growth averaged 5.8 percent in the first three quarters of 2024, led by strong public consumption and public construction, which was partially offset by the El Niño weather phenomenon and subdued private consumption last year. The BSP also has room to ease the policy rate gradually towards a neutral stance, with inflation and inflation expectations on a declining trend. I believe the economy will grow faster this year on improved domestic demand as interest rates begin to soften. This will a create ripple effect on various sectors, including property and construction. Everything is looking up. Cheers to a stronger Philippine economy in 2025! May we have a dynamic and prosperous year ahead of us all! For feedback e-mail to senatormarkvillar@gmail.com or visit our web site: https://markvillar.com.ph

Opinion BusinessMirror

Wednesday, January 1, 2025 A9

All eyes on Makati: A tale of politics, power, and ‘flying voters’ LITO GAGNI

n the upcoming midterm elections next year, all eyes are on Makati City, the nation’s leading financial hub, where a political saga of epic proportions is set to unravel. Here, Senator Nancy Binay confronts a formidable adversary—not from outside her familial circle but from within it. And in the usual places of discussions related to politics, a key component of Filipino culture, Sen. Binay’s opponent bears remarkable significance. Her opponent? None other than her brother-in-law, Congressman Luis Campos, the husband of her sister, Mayor Abby Binay. This high-stakes rivalry pits familial bonds against the relentless pursuit of political power, drawing intense public scrutiny. The Binay family, long synonymous with Makati’s governance since the days of former President Cory Aquino, now stands as a microcosm of a larger national malady: the corrosive impact of political dynasties. Their internal conflict, akin to fractures in a once-unified fortress, reflects a prevalent trend in Philippine politics, wherein familial bonds give way to the allure of electoral dominance. Electoral supremacy in the coun-

try is littered with many shenanigans that range from the employ of highhanded tactics to ensure a victory. There are many stories that account for how victory was snatched from the jaws of defeat, so to speak, due to political maneuverings. And when it comes to previous elections, electoral races that involve family members facing off against each other are often plagued by dubious tactics and maneuvering. This family feud involving the Binays can only be seen as the tip of the iceberg. Beneath the surface lies a more sinister narrative—a potential scandal involving “flying voters,” a pernicious practice that has plagued Philippine elections for decades. This shadowy phenomenon, born of patronage politics, has long undermined the nation’s economic stability, siphoning resources meant for progress

The Binay family, long synonymous with Makati’s governance since the days of former President Cory Aquino, now stands as a microcosm of a larger national malady: the corrosive impact of political dynasties. Their internal conflict, akin to fractures in a once-unified fortress, reflects a prevalent trend in Philippine politics, wherein familial bonds give way to the allure of electoral dominance. into the abyss of corruption. In the eye of this storm stands Senator Nancy Binay, raising the banner of accountability. She has called on the Commission on Elections (Comelec) to investigate the perplexing surge in Makati’s voter population, even as the city lost 10 barangays following a Supreme Court decision transferring parts of Makati to neighboring Taguig City. “The numbers don’t add up,” Binay asserts, her words a clarion call for justice. Barangay officials, she claims, have “abused” their authority by recklessly issuing barangay residence certificates—documents used to facilitate dubious voter transfers and registrations. A Supreme Court ruling permits these certificates as substitutes for valid IDs, a loophole now stretched to its breaking point. A recent Comelec report reveals unsettling findings: addresses provided by new registrants are often non-existent, uninhabited, or outright unfit for habitation. These “ghost voters” are, by all appearances, phantoms conjured to tip electoral

scales. Binay insists such anomalies should not only raise eyebrows but also trigger investigations. Consider this: during Senate budget deliberations in November, startling irregularities came to light. In Makati’s two congressional districts, the number of new registrants surged to an unprecedented 18,555. Transfers from other cities swelled to 38,031, culminating in a staggering total of 56,586 additional voters. Senator Imee Marcos, who sponsored Comelec’s budget, aptly described the surge as “unusual,” especially given Makati’s recent loss of barangays. To put this into perspective, Makati saw a 55 percent increase in voters in its second district and a 15 percent rise in its first—far above the historical norm of 5 percent. The numbers defy logic, raising questions sharper than swords: How does a city lose territory yet gain tens of thousands of voters? Binay warns of dire consequences for barangay officials found complicit in these irregularities. Criminal charges loom for those who have facilitated or turned a blind eye to fraudulent voter registrations. The Comelec, led by Chairman George Garcia, has pledged to study the recommendations of the Election Registration Board and a dedicated task force, promising to prosecute those who have violated election laws. As Makati teeters on the edge of a political reckoning, its saga offers a sobering lesson. The city that once symbolized economic might now finds itself ensnared in the web of political intrigue and electoral malpractice. The stakes are high, the questions many, and the answers elusive. But one thing is clear: the battle for Makati’s soul is far from over, and its outcome will resonate far beyond its gleaming skyscrapers.

Trump asks Supreme Court to pause law threatening TikTok ban By Greg Stohr

resident-elect D on a ld Trump thrust himself into the high-stakes fight over the fate of TikTok in the US by urging the Supreme Court to pause a law that would ban the social media platform if it isn’t sold by its Chinese parent company. Trump said the court should give him time after his Jan. 20 inauguration to “seek a negotiated resolution” of the dispute. He didn’t take a firm position on the constitutionality of the law that’s set to take effect Jan. 19, though he said it raised “sweeping and troubling” free speech concerns. Trump told the justices that only he “possesses the consummate dealmaking expertise, the electoral mandate, and the political will to negotiate a resolution to save the platform while addressing the national security concerns expressed by the government.” He didn’t give specifics about what kind of deal he would seek or say how long a delay he needed. The court is hearing the case on a highly expedited timeline, with arguments scheduled for a special session January 10, little more than a week before the law is to take effect. The case pits company and user First

Trump once supported a TikTok ban, but he has spoken more favorably about the platform in recent days. He said this month he has a “warm spot” in his heart for TikTok because it helped sway young voters to his side in the November election. He met this month with TikTok Chief Executive Officer Shou Chew at his Mar-a-Lago club, one of a series of meetings with big tech executives. Amendment rights against national security interests.

‘Breathing space’ Trump said a pause would provide “breathing space for the court to consider the questions on a more measured schedule.” His filing followed dueling written arguments submitted Friday by TikTok and President Joe Biden’s administration. The Biden-run Justice Department said Chinese control of TikTok poses “grave national-security threats.” The

Peña-Reyes... Speaking of OFWs’ remittances, BSP data show that they have grown by 10.87 percent on average, from a billion dollars in 1989 to 33.49 billion dollars in 2023. Remittances from January to October in 2024 a mou nted to 28. 30 bi l l ion dollars—2.96 percent higher than the 27.49 billion dollars from January to October in 2023. Nevertheless, what is the purchasing power of a dollar remittance? It

Continued from A8

depends on the rates of inflation and depreciation. Intuitively, inflation and depreciation have offsetting effects. By itself, inflation tends to decrease the purchasing power of a dollar remittance. By itself, depreciation tends to increase it. If the inflation and depreciation rates are equal in magnitude, then the purchasing power of the dollar remittance does not change. If the inflation rate is greater in magnitude than the de-

platform “ harvests sensitive data about tens of millions of Americans and would be a potent tool for covert influence operations by a foreign adversary,” argued US Solicitor General Elizabeth Prelogar, the administration’s top Supreme Court lawyer. Meanwhile, TikTok told the justices that Congress failed to consider alternatives short of a ban. “History and precedent teach that, even when national security is at stake, speech bans must be Congress’s last resort,” the company argued.

‘Warm spot’ Trump once supported a TikTok ban, but he has spoken more favorably about the platform in recent days. He said this month he has a “warm spot” in his heart for TikTok because it helped sway young voters to his side in the November election. He met this month with TikTok Chief Executive Officer Shou Chew at his Mar-a-Lago club, one of a series of meetings with big tech executives. The US leader also spoke with the TikTok CEO Friday night after he had submitted the filing to the court, CNN reporter Kaitlan Collins said in a post on X, citing unidentified sources. During his first term, Trump said

preciation rate, then the purchasing power of the dollar remittance decreases. If the inflation rate is less in magnitude than the depreciation rate, then the purchasing power of the dollar remittance increases. The CPI has generally been increasing at varying rates. The exchange rate has exhibited both episodes of depreciation and appreciation. A basket of goods and services that cost 100 dollars in 2018 would cost 115.65 dollars in 2023. In other words, the purchasing power of 100 dollars in 2018 was equivalent to just 86.46 dollars in 2023. By contrast, a basket of goods

he was willing to let TikTok be sold to a US company—but expected the federal government would receive a portion of the overall sale price for helping to facilitate a deal. Should the law take effect, Trump’s stance could affect how it plays out in practice. The Justice Department is charged with enforcing the law and, as president, Trump would have power to approve any divestment proposal. His filing Friday suggested sympathy with the free speech arguments presented by the company and TikTok users. The law “may set a dangerous global precedent by exercising the extraordinary power to shut down an entire social-media platform based, in large part, on concerns about disfavored speech on that platform,” Trump said in a filing submitted by John Sauer, whom the president-elect has tapped to become his solicitor general. A federal appeals court in Washington upheld the law on a 3-0 vote this month, saying Congress and the president are entitled to a wide berth when they make national security determinations. The law is also being challenged by a group of content creators. With assistance from Hadriana Lowenkron and Alexandra S. Levine / Bloomberg

and services that cost 100 dollars in 2018 had cost 108.53 dollars in 2013. In other words, the purchasing power of 100 dollars in 2018 was equivalent to 92.14 dollars in 2013. By 2025, it is hoped that the Philippines will graduate to upper middleincome status. AmBisyon Natin 2040 will also be just 15 years away. May this new year see the Philippines go far in terms of productivity, job creation, and purchasing power for everyone. Dr. Ser Percival K. Peña-Reyes is the Director of the Ateneo Center for Economic Research and Development.

www.businessmirror.com.ph

A10 Wednesday, January 1, 2025

to close digital gap SC reso allowing big fishers DICT in Davao Region with 243 sites for free wifi in municipal waters scored By Manuel T. Cayon @awimailbox

By Jonathan L. Mayuga

@jonlmayuga

HE Department of Agriculture’s Bureau of Fisheries and Aquatic Resources (DA-BFAR) in coordination with the Office of the Solicitor General (OSG) is determined to appeal a Supreme Court resolution removing the exclusivity of municipal fishing grounds to small fishers. In a statement, the DA-BFAR maintained that the SC’s First Division resolution, which will eventually pave the way for commercial fishing vessels to fish within the 15-kilometer municipal waters, is not yet final. “The agency is dedicated to ensuring a fair and just resolution. This highlights the importance of the case in shaping policies and programs that impact the fisheries sector, particularly about environmental protection, resource management, and the rights of affected stakeholders,” it said in a recent statement. The DA-BFAR said it shall continue to uphold its mandate to protect and conserve the country’s aquatic resources while safeguarding the welfare of small-scale fishermen and coastal communities. The agency remains committed to the rule of law, protecting national interests, and managing sustainable fisheries. Environmental groups led by ocean conser vation advocac y nongover nment organization Oceana are also eyeing to fight the resolution. Oceana Philippines vice president Gloria Estenzo-Ramos, an environmental lawyer, told the

BusinessMirror that Oceana is already working on pleadings, taking up the cudgels for the millions of small fishermen whose livelihood is at risk of overfishing and destructive fishing methods by large fishing vessels that will enter the municipal fishing grounds to catch fish once the ruling becomes final and executory. The Supreme Court ruling, declaring as unconstitutional the Fisheries Code provision declaring municipal waters as reserved for artisanal fisherfolk, is alarming, she admitted. The First Division is headed by the Chief Justice as chairman, but she noted that the “ruling is not en banc, which is required by the Constitution when constitutionality of the law is assailed.” Last week, the Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) slammed the Supreme Court’s ruling, saying this would “adversely affect over two million” registered small fisherfolk nationwide. Pamalakaya Vice Chairperson Ronnel Arambulo explained that the commercial fishing subsector outcompetes the traditional and backward method of fishing of small and subsistence fisherfolk.

FISHERMEN in Bani, Pangasinan, haul in their catch as the DA-BFAR and OSG challenge a Supreme Court ruling that opens municipal waters to commercial fishing. Small fishers, supported by groups like Oceana and Pamalakaya, argue that this could threaten their livelihoods and the marine ecosystem. BERNARD TESTA

Equipped with advanced, if not destructive fishing technology, big fishing vessels can exhaust the fishery and marine resources in just a couple of days of fishing operations. Arambulo also said that even without the latest court ruling, commercial fishing vessels are already rampant within the municipal waters. “Wala pa man ang desisyon ng Korte, laganap na ang operasyon ng mga commercial fishing vessels sa mga munisipal na pangisdaan, na isa sa mga dahilan ng pagkalugi ng mga maliliit na mangingisda. Dahil sa abanteng kagamitan, mabilis na nasasaid ng mga malalaking barkong pangisda ang lahat ng klase ng yamang-dagat kumpara sa mga maliliit na mangingisda na relatibong atrasado ang kagamitan. Nakakagalit na nanaig ang boses ng malalaking negosyo sa usapin ng paggamit sa tradisyunal na pangisdaan ng mga maliliit na mangingisda. Tiyak na aani ng protesta mula sa mga maliliit na mangingisda ang desisyong ito, at igigiit namin

ang pagkilala sa aming eksklusibong karapatan sa munisipal na pangisdaan,” Arambulo ended. [Even without the SC ruling, the commercial fishing vessels have operated with impunity in municipal waters, and this is one reason for the big losses to small fishers. With their modern gear, the big vessels can rake in most fishing varieties, unlike the small fishermen who use relatively backward tools. It’s disgusting that the voices of commercial fishers have prevailed over those of small fishermen. This will surely draw protests from many sectors; and we are determined to fight to keep our exclusive rights over municipal waters]. Pamalakaya said that it will hold consultations with the municipal fishers nationwide for a plan of action against the ruling. The Supreme Court recently upheld a Malabon Regional Trial Court’s decision on the petition of Mercidar Fishing Corp. to declare unconstitutional the preferential access of municipal fisherfolk to the 15-kilometer municipal waters.

AVAO CITY—The Department of Information and Communications Technology (DICT) said it will acquire 243 more sites to install free wireless fidelity, or Wifi, facilities to further close the digital gap in the Davao Region. It said the digital transformation centers would cover more underserved and remote communities. Jose Benjamin Valencia II, DICT-XI Free WiFi and National Broadband Project focal person, told government-run Philippine Information Agency that they have established 235 free WiFi sites across the region, all of which are currently operational. Of these active sites, 130 are in public places like public schools, plazas and parks, hospitals and rural health units, public libraries, government offices and ports. Fifty-five sites are in geographically isolated and disadvantaged areas, or GIDAs, usually located in barangay halls or schools. “Some of these sites are on the renewal of the procurement because we started the services, and then they are ending. We are processing the renewal of the services because it is a managed service; it’s through a private partner, the telcos (telecommunications) implemented it, and DICT is getting their services to provide free public WiFi,” Valencia explained. He said 243 free WiFi sites are currently undergoing procurement. Of these, 196 are planned to be established in municipalities, 20 in state

universities and colleges, and 27 in the municipalities in Davao Oriental. “For state universities and colleges, we recently conducted procurement activities, just this week. Once the procurement is completed, maybe we’ll be implementing it in early 2025 to complete the state universities and colleges,” Valencia added. Engr. Eduardo Tuquib, DICT-XI technical operations division chief, said a total of 93 Tech4Ed sites are operating across various municipalities in the region and have facilitated 56 training sessions to date. “Before, we had a vast digital divide because we hadn’t yet installed free WiFi and established Tech4ed centers. However, right now, we have many centers that can accommodate training for students and constituents who don’t have devices or don’t have connectivity,” said. “We also have free WiFi sites that have been established, especially in the GIDA sites,” he added. Tuquib said the free Wifi sites play a pivotal role in empowering communities and bridging the digital gap “by providing access to essential technologies, thereby making these projects among the key priorities under the Philippine Digital Infrastructure Project (PDIP) of the agency.” He said the digital transformation centers, commonly referred to as Tech4Ed centers, serve as ICT hubs where the public can access a range of ICT-related services, including training programs, co-working spaces, and internet connectivity.

Faith in motion: 2024’s transformative year for religion Local faith scene

By Justine Xyrah Garcia

ITH 2024 ending to give way to 2025, the global religious landscape reflects a year of profound change, celebration, and reckoning. For the Catholic Church, it was a year of preparation for one of its most sacred traditions, while other faiths grappled with questions of inclusion and accountability. The Catholic Church has been diligently preparing for the upcoming Jubilee Year in 2025, a sacred tradition that will commence on Christmas Eve. Themed “Pilgrims of Hope,” the Jubilee is introduced through the papal bull titled “Spes Non Confundit,” which means “Hope does not disappoint,” inspired by Romans 5:5. In his Papal letter, Pope Francis emphasized the universal nature of hope, saying, “Everyone knows what it is to hope. In the heart of each person, hope dwells as the desire and expectation of good things to come, despite our not knowing what the future may bring.” Dioceses worldwide have started organizing pilgrimages and events to mark this significant occasion, with millions expected to visit Rome next year. In a historic move, Pope Francis opened five Holy Doors, including those at St. Peter’s Basilica and other major basilicas in Rome.

On December 26, the Pope made history by opening a Holy Door at Rome’s Rebibbia prison, symbolizing a message of hope and renewal for prisoners. Adding to this spirit of renewal, the Vatican has also approved the 2025 canonizations of Carlo Acutis and Pier Giorgio Frassati, two young Catholics who embody modern faith. Acutis, remembered as the “Cyber Apostle of the Eucharist,” used his technological skills to spread devotion to the Blessed Sacrament. Before succumbing to leukemia at 15, he told his mother, “I offer all of my suffering to the Lord for the Pope and for the Church in order not to go to purgatory but to go straight to heaven.” Frassati, an Italian youth dedicated to social justice, joined the St. Vincent de Paul Society at 17 and devoted himself to helping the poor, homeless, and war veterans.

PABLO Virgilio “Ambo” Siongco David, Bishop of Kalookan, Philippines, center, poses after being elevated by Pope Francis during a solemn mass in St. Peter’s Basilica at The Vatican, Saturday, December 7, 2024, where Pope Francis made 21 new cardinals. AP/GREGORIO BORGIA

His life of faith in action remains an inspiration to many and aligns with the Church’s mission of service and compassion. Aside from the ongoing preparations for the Jubilee Year, 2024 was also marked by reforms from the Vatican aimed at bringing the Church closer to its people. Pope Francis advised priests to keep homilies concise, suggesting a maximum duration of eight min-

utes to maintain congregational engagement. “The homily should not go beyond eight minutes because after that time you lose attention and people fall asleep,” the Pontiff added. In addition to these practical reforms, the Vatican also introduced stricter guidelines for investigating reported supernatural claims, such as Marian apparitions.

These measures aim to protect believers from exploitation and ensure doctrinal integrity. A Vatican statement underscored the seriousness of such abuses: “The use of purported supernatural experiences or recognized mystical elements as a means of or a pretext for exerting control over people or carrying out abuses is to be considered of particular moral gravity.”

FOR the Philippines, 2024 was a milestone year, marked by significant developments that reinforced its role as a vibrant hub of Catholicism. Kalookan Bishop and Catholic Bishops’ Conference of the Philippines (CBCP) President Pablo Virgilio “Ambo” David was elevated to cardinal, becoming the country’s 10th. Meanwhile, Cardinal Luis Antonio Tagle assumed a prestigious new role as Prefect for Evangelization, solidifying his influence within the Vatican and positioning him as a potential contender for the papacy. Their appointments reflected the Philippines’ growing influence in the global Catholic community while the CBCP remains actively engaged in addressing national concerns. From advocating for a crackdown on Philippine Offshore Gaming Operators to condemning destructive mining practices and urging stronger defense of the West Philippine Sea, the bishops demonstrated a commitment to social justice. With the 2025 elections approaching, some have also started encouraging voters to prioritize leaders who champion the common good. See “Faith,” A2

Companies BusinessMirror

Editor: Jennifer A. Ng

Wednesday, January 1, 2025

PHL REITs give better yields for investors–Leechiu exec By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

Still resilient

Rate cut key to property growth

This Wednesday, January 17, 2024, photo shows Dennis D. Estopace of the organization during an event at the location. CREDIT: Organization

Manila Water sets desludging sched A

Bills impacting business near OK By Bless Aubrey Ogerio

Companies BusinessMirror

Wednesday, January 1, 2025

PSE STOCK QUOTATIONS

December 27, 2024

Net Foreign Bid Ask Open High Low Close Volume Value Trade (Peso) Stocks Buy (Sell) FINANCIALs

ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK CITYSTATE BANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK PHILTRUST SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL DOMINION HLDG FIRST ABACUS NTL REINSURANCE PHIL STOCK EXCH

61.5 144 6.7 121.6 62.8 10.02 9.83 72 9.6 27.6 58.1 114 85.85 35.5 0.95 1.62 1.55 0.61 0.67 163.7

62 144.5 6.75 122 63.5 12.52 9.85 73 10 27.7 58.25 120 87 36 0.99 1.63 1.6 0.65 0.69 164

61.5 145.1 6.75 124.3 62 12.52 9.85 75.05 9.9 27.2 60 99 86.5 36 0.94 1.67 1.59 0.65 0.69 161

62.75 146.9 6.75 124.3 63.5 12.52 9.85 75.05 10 27.7 60 119 87 36 0.99 1.69 1.6 0.65 0.69 164

61.5 143 6.7 120.5 62 12.52 9.8 72 9.6 27.2 58.15 99 83 35.3 0.94 1.62 1.59 0.65 0.67 160.3

61.5 144 6.75 122 63.5 12.52 9.85 72 9.7 27.7 58.2 119 87 36 0.99 1.65 1.6 0.65 0.69 164

8,470 2,429,510 7,900 2,202,300 1,355,950 1,000 203,600 2,191,180 72,000 2,904,600 1,010 1,650 414,920 15,300 94,000 124,000 10,000 1,000 738,000 20,840

523,874.50 350,710,026 53,195 268,056,406 85,693,058 12,520 1,995,940 159,992,187 698,000 80,323,500 58,901.50 194,850 35,485,669.50 547,810 91,120 207,490 15,970 650 503,820 3,408,647

-166,260 -156,891,613 -49,670,803 56,959,506 12,520 -11,819 -107,504,494.50 2,442,515 -12,936,095 -7,200 3,268

INDUSTRIAL ACEN CORP 3.99 4 3.96 4.08 3.95 4 18,114,000 72,377,570 -4,202,910 ALSONS CONS 0.46 0.46 0.445 0.46 0.46 0.46 10,000 4,600 1.19 1.17 1.17 1.2 9,642,000 11,477,120 -64,800 1.2 1.2 ALTERNERGY HLDG 37.6 37.7 37.7 37.9 37.35 37.7 753,000 28,382,040 -245,875 ABOITIZ POWER RASLAG 1.02 1.05 1.03 1.03 1.03 1.03 43,000 44,290 0.137 0.14 0.14 0.14 10,000 1,400 0.14 0.14 BASIC ENERGY CITICORE RE 3.21 3.26 3.26 3.26 3.21 3.21 98,000 314,670 FIRST GEN 16.12 16.7 16.76 16.98 16.12 16.12 214,500 3,500,110 -957,030 58.5 59 59.9 59.9 58.4 59 9,350 547,788.50 FIRST PHIL HLDG JOLLIVILLE HLDG 5.34 6.5 6.5 6.79 48,700 330,157 6.79 6.79 MERALCO 488 488 478.8 480 472.4 488 86,870 42,170,114 10,908,002 26.9 26 25.95 27 1,598,600 42,771,885 6,987,995 MANILA WATER 27 27 2.43 2.44 2.44 2.45 2.43 2.43 176,000 429,070 PETRON REPOWER ENERGY 5.1 5.1 5.03 5.05 5.01 5.1 23,600 118,635 SEMIRARA MINING 34.2 34.9 34.3 34.9 33.7 34.9 3,040,900 105,498,550 72,740,845.00 9.8 9.84 9.41 9.85 9.3 9.8 2,703,800 25,968,398 15,035 SYNERGY GRID SHELL PILIPINAS 7.49 7.5 7.47 7.52 7.47 7.5 84,900 636,219 -565,165 SPC POWER 9.03 9.03 9.01 9.02 9.01 9.01 15,200 137,053 1.02 1.04 1.03 1.05 1.02 1.02 7,021,000 7,265,500 961,750 SP NEW ENERGY AGRINURTURE 0.53 0.5 0.51 0.51 0.48 0.51 3,135,000 1,571,740 1,840 AXELUM 2.59 2.59 2.03 2.05 2.05 2.59 1,583,000 4,004,180 -178,710 10.68 11.02 11 11.2 500 5,524 CNTRL AZUCARERA 11.2 11.2 CENTURY FOOD 41.2 41.95 41.35 42 41.1 41.95 1,224,800 50,972,080 -5,345,780 DNL INDUS 6.09 6.09 6.06 6.02 6.02 6.09 247,800 1,501,417 853,938 17.9 18.06 17.84 18.06 402,500 7,257,360 1,304,586 EMPERADOR 18.06 18.06 52.5 52.75 53.05 53.05 52.2 52.75 12,110 637,448 -235,856 SMC FOODANDBEV FIGARO COFFEE 0.87 0.87 0.86 0.85 0.85 0.86 3,081,000 2,645,280 -60,390 0.36 0.39 0.38 0.38 0.38 0.38 10,000 3,800 ALLIANCE SELECT FRUITAS HLDG 0.63 0.61 0.61 0.64 140,000 87,060 -20 0.64 0.64 GINEBRA 275 273 275 276 274 275 5,350 1,473,904 -492,560 268.2 269 263 263 269 498,640 133,180,280 72,432,736 JOLLIBEE 269.4 2.22 2.23 2.2 2.23 1,082,000 2,399,160 1,087,390 KEEPERS HLDG 2.23 2.23 LIBERTY FLOUR 17.52 17.92 18 18 17.5 17.92 19,000 336,228 7.52 8.49 7.52 7.52 7.52 7.52 2,000 15,040 MACAY HLDG MAXS GROUP 2.61 2.67 2.68 2.68 2.67 2.67 6,000 16,040 -2,670 MG HLDG 0.094 0.094 0.089 0.091 0.091 0.094 20,000 1,850 8.6 8.6 MONDE NISSIN 8.5 8.23 8.16 8.6 3,275,900 27,725,264 333,528 7.86 7.99 8.2 8.2 7.86 7.99 1,154,600 9,075,596 786,000 SHAKEYS PIZZA ROXAS AND CO 2.75 2.79 2.7 2.85 2.62 2.72 100,000 273,900 -18,900 RFM CORP 3.9 3.9 3.87 3.85 3.85 3.87 70,000 272,070 -101,400 0.056 0.055 0.055 0.058 260,000 15,030 SWIFT FOODS 0.058 0.058 UNIV ROBINA 78 79 79.6 79.75 77.2 79 721,980 56,793,898.50 -2,372,015 VITARICH 0.54 0.54 0.53 0.53 0.53 0.54 821,000 441,070 1.78 1.79 1.79 1.8 1.78 1.78 1,038,000 1,852,020 -511,360 CEMEX HLDG EC VULCAN 0.31 0.31 0.29 0.3 0.3 0.31 560,000 169,750 EEI CORP 3.52 3.59 3.7 3.7 3.6 3.6 38,000 139,450 2.4 2.44 2.43 2.43 2.4 2.43 60,000 145,610 24,300 MEGAWIDE 17.9 18 19 18 19 37,200 671,378 -1,878 PHINMA 18.8 CROWN ASIA 1.71 1.74 1.78 1.78 1.71 1.71 164,000 280,970 0.83 0.79 0.82 0.78 0.82 7,000 5,620 -3,980 0.88 EUROMED 5.1 5.39 5.19 5.7 5.1 5.39 9,000 47,950 MABUHAY VINYL PRYCE CORP 10.68 10.68 10.58 10.68 10.5 10.68 3,400 36,088 13.38 13.36 13.36 13.38 1,300 17,426 13.5 13.5 CONCEPCION GREENERGY 0.19 0.191 0.194 0.19 0.19 610,000 116,190 0.195 INTEGRATED MICR 1.49 1.51 1.52 1.52 1.49 1.49 13,000 19,650 0.84 0.85 0.85 0.86 0.84 0.84 156,000 132,110 -11,890 IONICS 5.08 5.47 5.4 5.48 5.4 5.48 1,200 6,492 PANASONIC CIRTEK HLDG 1.28 1.32 1.32 1.32 1.31 1.32 67,000 88,430 1.49 1.45 1.57 1.45 1.57 7,000 10,310 -80 1.58 STENIEL

HOLDING & FRIMS

ABACORE CAPITAL AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ANGLO PHIL HLDG ATN HLDG A ATN HLDG B COSCO CAPITAL DMCI HLDG FILINVEST DEV FJ PRINCE A FJ PRINCE B GT CAPITAL HOUSE OF INV JG SUMMIT KEPPEL HLDG A KEPPEL HLDG B LODESTAR LT GROUP MABUHAY HLDG PACIFICA HLDG PRIME MEDIA REPUBLIC GLASS SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP TOP FRONTIER ZEUS HLDG

0.52 599 33.8 8.95 13.4 0.42 0.51 0.52 5.37 10.7 4.51 2.11 1.91 651.5 3.36 20.55 14.22 16.24 0.27 10.48 0.161 1.37 2 2.75 0.96 882.5 85 63.1 0.065

0.53 600 34.35 9 13.68 0.46 0.53 0.53 5.38 10.82 4.94 2.5 2.3 658 3.6 21 16.44 18.84 0.28 10.5 0.175 1.6 2.13 3.8 1.03 899 86 67.8 0.072

0.53 611 34.4 9.07 13.5 0.45 0.51 0.5 5.37 10.76 4.94 1.99 2.53 660 3.45 21.6 16.46 18.84 0.28 10.5 0.161 1.59 1.99 2.75 1.04 892 83 63.1 0.072

0.53 611 34.45 9.1 13.68 0.45 0.52 0.52 5.38 10.82 4.94 2.5 2.53 660 3.45 21.6 16.46 18.84 0.28 10.5 0.161 1.6 2.14 2.75 1.04 899 86 63.1 0.072

0.52 598 33.5 8.93 13.5 0.45 0.51 0.5 5.35 10.64 4.94 1.99 1.91 642 3.38 20.55 16.46 18.84 0.28 10.44 0.161 1.59 1.99 2.75 0.93 880 82.5 63.1 0.072

0.53 599 34.35 9 13.68 0.45 0.52 0.52 5.38 10.82 4.94 2.5 1.91 658 3.38 20.55 16.46 18.84 0.28 10.5 0.161 1.6 2.13 2.75 1.03 899 86 63.1 0.072

1,064,000 162,440 775,600 3,182,700 10,500 10,000 1,340,000 638,000 77,600 1,114,700 5,000 95,000 14,000 29,900 30,000 892,000 100 100 90,000 1,382,300 10,000 4,000 183,000 1,000 201,000 420,860 193,850 50 70,000

559,130 97,835,880 26,483,520 28,610,754 143,220 4,500 695,400 331,740 416,608 11,995,008 24,700 222,870 31,700 19,600,110 101,610 18,559,970 1,646 1,884 25,200 14,491,524 1,610 6,390 381,880 2,750 192,500 375,502,735 16,463,219.50 3,155 5,040

-27,683,150 -7,085,840 -16,642,701 -278,720 72,507 -1,844,540 4,126,850 -10,609,075 -1,341,248 1,900 43,808,330 -1,614,194.50 -

PROPERTY

ARTHALAND CORP 0.35 0.365 0.365 0.365 0.365 0.365 20,000 7,300 ANCHOR LAND 4.05 5.28 4 4.8 4 4.8 3,000 12,810 0 26.1 26.2 26.5 26.6 25.8 26.2 11,547,900 301,564,145 -107,534,095 AYALA LAND 1.66 1.7 1.66 1.7 1.66 1.7 819,000 1,380,840 AYALA LAND LOG ALTUS PROP 8.33 8.62 8.32 8.32 8.32 8.32 300 2,496 0.5 0.52 0.51 0.51 86,000 43,900 0.52 0.52 ARANETA PROP AREIT RT 37.9 37.95 38 38.1 37.9 37.95 717,400 27,256,935 10,573,205 A BROWN 0.56 0.56 0.54 0.54 0.54 0.56 53,000 29,140 0.65 0.68 0.68 0.68 101,000 68,680 0.68 0.68 CITYLAND DEVT CROWN EQUITIES 0.055 0.056 0.057 0.057 0.055 0.056 80,000 4,490 CEB LANDMASTERS 2.66 2.68 2.65 2.65 2.64 2.65 563,000 1,493,360 13,250 0.405 0.42 0.425 0.425 0.42 0.42 2,060,000 865,500 CENTURY PROP CITICORE RT 3.04 3.05 3.04 3.06 3.03 3.05 984,000 2,996,070 70,390 DOUBLEDRAGON 10.28 10.12 10.2 10.08 10.08 10.2 4,600 46,604 -7,140.00 DDMP RT 1.04 1.04 1.03 1.03 1.02 1.03 698,000 722,630 5.49 5.4 5.4 5.52 22,700 124,005 -1,080 5.52 5.52 DM WENCESLAO EMPIRE EAST 0.12 0.122 0.12 0.12 0.12 0.12 310,000 37,200 0.255 0.255 EVER GOTESCO 0.234 0.235 0.234 0.255 50,000 12,340 2.94 2.9 2.9 2.95 3,148,000 9,272,260 -7,511,280 2.95 2.95 FILINVEST RT FILINVEST LAND 0.73 0.73 0.72 0.72 0.71 0.73 3,069,000 2,213,470 -886,790 GLOBAL ESTATE 0.64 0.64 0.63 0.61 0.6 0.64 1,645,000 1,028,350 9.09 9.1 9 9.1 8.54 9.09 3,600 32,179 -6,861 8990 HLDG GOLDEN MV 2,120 2,300 2,240 2,250 2,240 2,250 225 505,900 KEPPEL PROP 2.8 2.98 2.79 2.97 2.79 2.79 22,000 62,300 0.68 0.69 0.68 0.69 0.67 0.68 44,000 29,770 CITY AND LAND MEGAWORLD 2.05 2.06 2.04 2.05 10,290,000 21,092,480 -4,216,340 2.06 2.06 MRC ALLIED 0.84 0.84 0.82 0.82 0.81 0.84 11,604,000 9,741,510 -73,920 13.34 13.44 13.36 13.46 13.3 13.34 252,300 3,371,952 -84,282 MREIT RT 0.255 0.27 0.255 0.255 0.255 0.255 30,000 7,650 PHIL ESTATES PREMIERE RT 2.16 2.21 2.18 2.22 2.16 2.21 719,000 1,574,630 1.81 1.9 2 2.14 1.8 1.81 323,000 624,270 9,100 PRIMEX CORP 5.85 5.89 5.86 5.93 5.85 5.85 1,567,200 9,209,951 -151,920 RL COMM RT ROBINSONS LAND 13.3 13.3 13 13 12.98 13.3 2,100,600 27,512,006 -3,492,828 1.49 1.51 1.51 1.51 1,000 1,510 1.51 1.51 ROCKWELL SHANG PROP 3.86 3.89 3.85 3.94 34,000 131,500 3.94 3.94 STA LUCIA LAND 2.81 2.9 2.89 2.9 2.89 2.9 56,000 161,950 SM PRIME HLDG 25.15 25.2 25.35 25.45 25 25.15 6,480,600 162,805,875 -23,919,895 0.183 0.185 0.183 0.184 0.183 0.184 200,000 36,700 SOC RESOURCES SUNTRUST RESORT 0.86 0.89 0.9 0.9 0.9 0.9 1,000 900 PTFC REDEV CORP 41 60 50 55 50 55 5,910 324,549.50 1.48 1.53 1.52 1.54 1.48 1.48 2,436,000 3,671,470 -100,080 VISTA LAND VISTAREIT RT 1.87 1.89 1.85 1.9 1.83 1.89 1,045,000 1,928,770 -358,670 SERVICES ABS CBN 4.19 4.2 4.2 4.24 4.2 4.2 65,000 273,040 GMA NETWORK 6.11 6.34 6.47 6.48 6.09 6.11 892,300 5,541,938 6.4 6.99 6.02 6.4 6.02 6.4 500 3,162 MLA BRDCASTING GLOBE TELECOM 2,176 2,102 2,100 2,184 104,030 225,115,340 147,632,950 2,184 2,184 PLDT 1,275 1,295 1,298 1,303 1,272 1,295 42,860 55,144,520 -28,102,675 0.0039 0.0036 0.0036 0.004 795,000,000 3,053,900 8,600 APOLLO GLOBAL 0.004 0.004 16.14 16.18 16.28 16.06 16.14 896,200 14,474,256 -2,539,676 CONVERGE 16.28 DFNN INC 2.6 2.85 2.7 2.86 2.7 2.85 1,773,000 5,054,910 -258,750 1.63 1.64 1.63 1.65 1.61 1.64 16,627,000 27,001,300 -946,300 DITO CME HLDG 0.59 0.6 0.55 0.59 917,000 526,210 NOW CORP 0.6 0.6 TRANSPACIFIC BR 0.135 0.137 0.133 0.138 0.133 0.135 1,530,000 206,490 -170,040 16.98 17 17.04 17.42 17 17 368,100 6,285,856 -5,440,616 ASIAN TERMINALS 1.25 1.25 1.25 1.31 202,000 263,150 CHELSEA 1.31 1.31 CEBU AIR 28 28.25 28 28.5 28 28.25 127,700 3,591,320 -1,614,010 INTL CONTAINER 385.2 386 394 397.6 384 386 1,426,430 552,378,502 495,636 10.26 11.82 11.82 11.82 200 2,364 LBC EXPRESS 11.82 11.82 MACROASIA 5.46 5.44 5.45 5.22 5.22 5.44 1,623,100 8,746,457 1,517,119.00 METROALLIANCE A 0.75 0.8 0.79 0.83 0.79 0.83 26,000 21,010 4.57 4.95 4.99 4.99 4.95 4.95 10,000 49,560 PAL HLDG HARBOR STAR 0.62 0.62 0.59 0.61 0.59 0.62 140,000 83,680 18,290 ACESITE HOTEL 1.78 1.78 1.67 1.7 1.7 1.78 3,000 5,260 0.074 0.075 0.073 0.074 11,210,000 852,170 2,250 0.078 0.078 BOULEVARD HLDG GRAND PLAZA 5.5 5.91 5.92 6.5 5.9 5.91 10,800 63,958 520 CENTRO ESCOLAR 13.38 13.8 14.2 14.38 13.38 13.8 1,800 25,246 720 735 720 735 720 735 240 174,900 -21,800 FAR EASTERN U 6.31 6.31 6.3 6.79 66,800 420,989 -96 IPEOPLE 6.79 6.79 STI HLDG 1.34 1.36 1.33 1.37 1.32 1.34 5,472,000 7,324,970 56,340 1.66 1.67 1.66 1.68 1.66 1.66 160,000 267,080 0 BELLE CORP BLOOMBERRY 4.57 4.54 4.65 4.5 4.58 7,216,000 33,149,270 -13,458,030 4.58 PACIFIC ONLINE 2.65 2.65 2.56 2.65 2.57 2.65 50,000 130,970 0.54 0.55 0.56 0.56 0.54 0.54 4,249,000 2,317,900 -776,220 PH RESORTS GRP 27.1 27.15 26.8 27.2 26.7 27.15 2,662,100 72,163,415 23,717,880 DIGIPLUS PHIL RACING 7 7 6.9 5.55 5.55 7 16,600 100,265 1.38 1.39 1.39 1.4 97,000 135,630 1.4 1.4 PHILWEB ALLDAY 0.131 0.13 0.133 0.129 0.133 1,050,000 136,980 0.133 BERJAYA 9.8 9.8 9.79 9.28 9.25 9.8 97,700 932,722 0.64 0.64 ALLHOME 0.63 0.62 0.62 0.64 484,000 306,100 -1,260 1.19 1.2 1.19 1.2 18,000 21,580 -18,000 METRO RETAIL 1.2 1.2 PUREGOLD 30.85 30.65 30.9 31 30.65 30.85 586,900 18,073,180 -3,220,245 ROBINSONS RTL 35.85 36 36.7 36.75 35.65 36 226,600 8,157,300 -1,841,270 67.8 69.95 68.5 69.95 67.8 67.8 2,200 152,798.50 -103,000 PHIL SEVEN CORP SSI GROUP 3.18 3.18 3.12 3.13 3.12 3.18 66,000 208,200 -28,290 UPSON INTL CORP 0.65 0.68 0.66 0.69 0.65 0.68 146,000 95,820 680 13.96 13.9 13.8 14.3 533,400 7,511,066 4,351,616 WILCON DEPOT 14.3 14.3 APC GROUP 0.185 0.185 0.181 0.182 0.181 0.185 880,000 159,330 IPM HLDG 3 3.14 2.5 3 2.5 3 217,000 650,000 -263,000 0.3 0.31 0.31 0.31 20,000 6,200 MEDILINES 0.31 0.31 PAXYS 1.6 1.48 1.48 1.7 24,000 39,440 1.7 1.7 PRMIERE HORIZON 0.175 0.18 0.174 0.174 0.174 0.174 40,000 6,960 4.95 5 4.4 5 4.4 4.95 169,000 809,320 SBS PHIL CORP MINING & OIL 5.44 ATOK 5.25 5.1 6 5.1 5.44 320,100 1,841,796 -1,100 3.42 3.45 3.43 3.48 3.39 3.45 1,241,000 4,257,890 68,100 APEX MINING 4.24 4.1 4.1 4.38 600,000 2,599,160 -31,500.00 ATLAS MINING 4.38 4.38 BENGUET A 3.72 3.97 3.71 3.99 3.71 3.97 108,000 423,780 3.53 3.94 3.89 3.99 3.89 3.94 64,000 252,260 -23,340 BENGUET B 2.5 2.7 2.53 2.97 2.5 2.5 1,229,000 3,260,110 3,126,870 CENTURY PEAK FERRONICKEL 1.04 1.04 1.03 1.03 1.03 1.04 1,250,000 1,299,330 -1,231,350 0.066 0.066 0.066 0.067 2,050,000 135,770 LEPANTO A 0.067 0.067 LEPANTO B 0.061 0.068 0.067 0.067 0.067 0.067 2,820,000 188,940 MANILA MINING A 0.003 0.0031 0.003 0.003 0.003 0.003 1,000,000 3,000 0.71 0.74 0.7 0.75 560,000 408,060 0.75 0.75 MARCVENTURES NIHAO 0.385 0.45 0.39 0.39 0.385 50,000 19,400 0.385 NICKEL ASIA 3.21 3.49 3.21 3.49 3.19 3.49 15,383,000 50,028,200 11,329,880 OCEANAGOLD 14.02 14 13.94 14.1 13.94 14.02 998,600 13,977,398 188,136 0.41 0.44 0.44 0.44 20,000 8,800 ORNTL PENINSULA 0.44 0.44 PX MINING 2.79 2.79 2.74 2.76 2.74 2.79 1,918,000 5,261,760 1,370,000 ENEX ENERGY 5 5 4.8 4.99 4.8 5 16,100 79,618 0.007 0.0074 0.0068 0.0074 0.0068 0.0074 31,000,000 227,500 ORNTL PETROL A ORNTL PETROL B 0.0069 0.0075 0.0075 0.0075 0.0074 0.0075 4,000,000 29,900 0.0075 PHILODRILL 0.0074 0.0076 0.0076 0.0075 0.0075 37,000,000 278,700 2.8 2.84 2.82 2.88 2.75 2.87 1,217,000 3,412,380 PXP ENERGY PREFFERED ACEN PREF A 1,050 1,055 1,030 1,050 1,021 1,050 1,790 1,860,950 ACEN PREF B 1,065 1,080 1,075 1,075 1,056 1,056 65 69,590 2,550 2,600 2,590 2,600 2,550 2,550 35 90,500 AC PREF AR AC PREF B3R 2,052 2,080 2,080 2,080 2,032 2,052 1,065 2,185,460 ALCO PREF D 464.4 472.2 464.4 464.4 464.4 464.4 2,140 993,816 97 98.95 98.95 99 96.5 96.5 880 86,759 -21,769 BRN PREF A 34.5 34.75 35 35 34.5 34.5 26,400 918,170 CEB PREF CPG PREF B 99.5 101 101 101 101 101 890 89,890 97 97.2 96.95 97.9 96.5 97.2 73,370 7,122,122 DD PREF EEI PREF A 95.2 99 98.95 99 98.95 99 130 12,866.50 EEI PREF B 98 98.9 98 98.9 98 98.45 8,110 799,433 959 990 987 990 975 990 420 414,580 -19,770 GTCAP PREF B 954 984 969.5 984 969.5 984 190 185,090 JFC PREF B MWIDE PREF 2B 95 97.8 97.85 97.85 95 95 850 81,177.50 MWIDE PREF 4 97 97.95 97 97.95 97 97.95 10,300 999,109.50 100.8 103 100.8 100.8 100.8 100.8 10,000 1,008,000 MWIDE PREF 5 PCOR PREF 3B 1,028 1,038 1,028 1,030 1,028 1,030 2,180 2,243,440 PCOR PREF 4A 1,000 1,010 1,005 1,005 1,005 1,005 110 110,550 995 1,020 1,020 1,020 1,020 1,020 40 40,800 PCOR PREF 4B PCOR PREF 4C 1,035 1,043 1,035 1,043 1,035 1,043 2,040 2,123,400 PCOR PREF 4D 990 1,050 1,020 1,050 1,020 1,050 1,005 1,025,250 1,050 1,069 1,069 1,069 1,020 1,050 1,335 1,394,220 PCOR PREF 4E SMC PREF 2F 73.1 73.3 73 73.3 73 73.3 55,060 4,031,927 7,320 SMC PREF 2I 71.8 72.75 72.8 72.8 72.25 72.25 19,110 1,385,103 70 71.4 71.5 71.5 70 70 29,030 2,032,135 SMC PREF 2K SMC PREF 2L 77.65 78.35 77.65 77.65 77.65 77.65 43,900 3,408,835 SMC PREF 2N 78.4 81 79.7 79.7 79.7 79.7 26,600 2,120,020 81.3 82.3 82.3 82.3 82.3 82.3 3,000 246,900 SMC PREF 2O TECH PREF B2D 44 46.1 43 46.1 43 46.1 1,800 82,050 9,220 VLL PREF 2A 100 102 102 102 102 102 5,500 561,000 101.4 102.5 102.5 102.5 102.5 102.5 900 92,250 VLL PREF 2B

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

3.64 4.99 3.72 3.8 3.72 3.8 10,000 37,600 5.1 6.26 6.25 6.28 6.25 6.26 5,400 33,834

SMALL, MEDIUM & EMERGING

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS MAKATI FINANCE MERRYMART XURPAS NEXGEN ENERGY

0.35 0.65 1.03 1.26 1.59 0.58 0.166 2.41

0.36 0.67 1.05 1.29 1.99 0.6 0.182 2.47

EXHANGE TRADE FUNDS FIRST METRO ETF

105.6

105.8

-37,600 -

0.36 0.36 0.36 0.36 10,000 3,600 0.73 0.63 0.63 0.65 2,585,000 1,706,890 1.04 1.05 1.04 1.05 530,000 551,250 1.26 1.3 1.26 1.3 2,000 2,560 1.99 1.79 1.79 1.99 28,000 52,970 0.6 0.58 0.6 364,000 215,920 -13,570 0.6 0.171 0.17 0.182 2,560,000 445,520 0.183 2.46 2.49 2.46 2.47 136,000 335,370 24,900 105.2 105.8 105 105.6 11,650 1,227,877 4,220

www.businessmirror.com.ph

CebuPac expands fleet to 91 as last aircraft order landed

By Lorenz S. Marasigan

@lorenzmarasigan

UDGET carrier Cebu Pacific has acquired a total of 17 jets in 2024, expanding its fleet to 91 airliners.

The Gokongwei-led Cebu Air Inc. took delivery of the last aircraft order for 2024 on Christmas Eve, an Airbus A321 new engine option (neo). With this, Cebu Pacific’s fleet now includes a diversified mix of 10 Airbus 330s, 40 Airbus 320s, 26 Airbus 321s, and 15 ATR turboprop aircraft—one of the youngest fleets in the world. According to Cebu Pacific President and Chief Commercial Officer Xander Lao, this expansion under-

scores the airline’s strategy to boost connectivity and sustain its leadership in the Philippine aviation sector. “The arrival of this new aircraft reinforces our readiness to meet the rising travel demand and our commitment to enhancing connectivity for our passengers in 2025 and beyond,” he said. The 236-seater A321neo is a state-of-the-art model equipped with Pratt & Whitney GTF engines. These latest-generation aircraft are designed to burn 15 percent less fuel

STOCK-MARKET OUTLOOK

per flight, reduce noise pollution, and significantly cut carbon emissions. Earlier this year, Cebu Pacific announced a groundbreaking $24 billion deal with Airbus and Pratt & Whitney for up to 152 A321neo aircraft, marking the largest single purchase agreement in Philippine aviation history. Cebu Pacific is expecting a stronger 2025 with growth expected to come in as early as January. Cebu Pacific Chief Marketing Officer Candice Iyog said the systemwide network growth is forecasted to rise from 103 percent in January 2024 to 130 percent by January 2025, reflecting the carrier’s strategy to rebuild and surpass pre-pandemic levels of operation. Passenger capacity is also set to soar, with systemwide seat availability expected to grow from 2.3 million

seats in January 2024 to 2.9 million seats in January 2025. Cebu Pacific’s increased capacity will be supported by a growing number of flights, projected to reach 15,000 systemwide flights by January 2025 from 12,000 flights at the start of 2024. In terms of route network, the airline plans to expand from 104 systemwide routes in January 2024 to 116 by January 2025. Iyog said this is expected to improve connectivity and cater to the growing demand for both domestic and international travel, as borders across the region remain open and tourism activity picks up pace. She said the carrier will be banking on the “growth story of the Philippines” hence it will continue to strengthen its network throughout 2025.

MUTUAL FUNDS

December 27, 2024

NAV

One Year Three Year

per share

Last week

Stock Funds

SHARE prices ended the year on a high note, with the benchmark index closing higher year-onyear, the first time since 2019, before the pandemic disrupted markets worldwide. The Philippine Stock Exchange index ended the trading year at 6,528.79 points, up by 78.75 points or 1 percent from its close of 6,450.04 in 2023. On a weekly basis, the index was up by 122.41 points. It was a 3-day trading week for the Christmas holiday. Year-on-year, the PSE MidCap and PSE DivY indices increased by 29 percent and 22 percent, respectively. Daily average value turnover reached P6.1 billion, flat from the previous year’s P6.09 billion. Domestic market capitalization at yearend rose by 11 percent to P14.57 trillion compared with P13.1 trillion in 2023. For the week, average daily trading only reached P3.41 billion. The market still had P23.18 billion worth of net foreign selling, narrower than the previous year’s P53.65 billion net foreign selling. “Internal and external economic and geopolitical headwinds weighed on the market for most of the year, which in turn prompted IPO listing applicants to defer their public offering. One of the investment considerations at this time is the direction of economic policies of the new US administration,” PSE President and CEO Ramon S. Monzon was quoted as saying in a statement the PSE issued last Friday. “An outcome favorable to the Philippines may help spur foreign buying and create the market condition listing applicants are waiting for.” The total capital raised from primary and secondary shares amounted to P82.37 billion, down from the previous year’s P140.95 billion. Only three companies conducted their maiden listings. These were OceanaGold (Philippines) Inc., Citicore Renewable Energy Corp. and NexGen Energy Corp. In terms of sectoral indices, the Services index emerged as the best performer in 2024 as it climbed by 29 percent followed by the Financials index. According to Monzon, the PSE “remains committed to initiatives that enhance stock market liquidity.” These initiatives, he added, include the launch of Global Philippine Depositary Receipts and the acquisition of the Philippine Dealing System Holdings Corp. “This acquisition aims to create operational synergies by establishing a unified marketplace for fixed income and equity products, and a single platform for capital raising, among others,” Monzon said. “We will also remain active in our IPO campaign to get more companies listed in the stock market.” All other sub-indices ended on the green, led by the All Shares index that closed higher by 72.68 points to close at 3,748.51 points, the Financials index rose 0.95 to 2,157.54, the Industrial index surged 421.58 to 9,308.15, the Holding Firms index added 104.92 to 5,640.26, the Property index climbed 62.60 to 2,377.23, the Services index was up 7.82 to 2,081.72 and the Mining and Oil index soared 467.83 to 7,829.66. For the week, gainers outnumbered losers 147 to 67 and 39 shares were unchanged. The top gainers were PTFC Redevelopment Corp., F and J Prince Holdings Corp. A, SBS Philippines Corp., Philippine Racing Club Inc., Philippine Trust Co., Axelum Resources Corp. and Primex Corp. The top losers, meanwhile, were Republic Glass Holdings Corp., Grand Plaza Hotel Corp., Easycall Communications Philippines Inc., NiHAO Mineral Resources International Inc., Anchor Land Holdings Inc., Forum Pacific Inc. and Mabuhay Holdings Corp.

Growth Fund, Inc. -a 220.273.68%-1.26%-2.74%

This week

Y-T-D Return

Primarily invested in Peso securities (shares)

ALFM

-1.59%

4.53%

ATRAM Alpha Opportunity Fund, Inc. -a 1.7953

23.93%

2.89%

5.43%

0.94%

21.9%

ATRAM Philippine Equity Opportunity Fund, Inc. -a

2.991

0.43%

-2%

-4.14%

-3.66%

0.7431

6.87%

-0.42%

-3.82%

1.56% Climbs Share Capital Equity Investment Fund Corp. -a n.a 9.93% First Metro Consumer Fund, Inc. -a 0.632

1.04%

-6%

-5.82% n.a

1.02%

First Metro Save and Learn Equity Fund, Inc. -a

4.6495

-0.08%

-3.03%

-2.75%

-1.68%

0.6933

-0.24%

-3.34%

-4.14%

-7.22% n.a

0.42% First Metro Save and Learn Philippine Index Fund, Inc. -a n.a 0.12% MBG Equity Investment Fund, Inc. -a 71.08

-15.72%

-9.03%

PAMI Equity Index Fund, Inc. -a 43.78761.23%

-2.43%

-3.18% n.a

2.05%

Philam Strategic Growth Fund, Inc. -a 464.19

2.84%

-1.89%

-2.8%

-1.42%

3.76%

Philequity Dividend Yield Fund, Inc. -a 1.3859

15.84%

1.31%

1.41%

1.06%

14.98%

Philequity Fund, Inc. -a 35.09943.69%-0.74%

-1.6%

-0.48%

4.36%

Philequity MSCI Philippine Index Fund, Inc. -a

0.8932

2.27%

-1.03%

-2.65% n.a

-16.44%

Philequity PSE Index Fund, Inc. -a 4.6412.09%

3.03% -1.52%

-2.41%

-0.25%

2.9%

Philippine Stock Index Fund Corp. -a 771.06

1.94%

-1.69%

-2.5%

-0.32%

Soldivo Strategic Growth Fund, Inc. -a 0.7141

3.22%

-1.2%

-3.53% n.a

4.14%

Sun Life Prosperity Philippine Equity Fund, Inc. -a

3.5034

3.68%

-1.86%

-3.7%

-1.38%

0.8734

1.82%

-1.9%

-2.76%

2.74%

4.13% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a n.a 2.63% United Fund, Inc. -a 3.17512.23%-2.11%-2.86%

-0.15%

2.71%

Primarily invested in Peso securities (units) Equity Index Unitized Mutual Fund, Inc. -a

1.0837

COL

1.87% n.a n.a n.a

2.66% COL Strategic Growth Equity Unitized Mutual Fund, Inc. -a,2

1.057

4.79% n.a n.a

-3.5%

0.05% n.a

0.99%

2.03% n.a n.a n.a

2.82%

n.a 5.21% Philequity Alpha One Fund, Inc. -a 1.0291

1.89%

Philippine Stock Index Fund Corp. -a 936.75

Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 0.34%

105.385

2.59%

-1.17%

-2.13%

3.38%

Primarily invested in foreign currency securities (shares) ATRAM AsiaPlus Equity Fund, Inc. -b $0.8392

3.78%

-9.36%

-3.89%

-1.48%

Sun Life Prosperity World Voyager Fund, Inc. -a

$1.9452

18.34%

2.05%

7.25% n.a

2.48%

17.05% Balanced Funds Primarily invested in Peso securities (shares) Philippine Balanced Fund, Inc. -a 2.1362-4.27%

-1.79%

ATRAM Unicapital Diversified Growth Fund, Inc. -a,4 1.5677

ATRAM

-0.47%

-0.86%

-3.49%

-2.1%

0.01%

-1.99%

0.56%

-1.86%

-0.91%

-0.95%

3.78% First Metro Save and Learn Balanced Fund, Inc. -a

2.5188

0.89% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a

0.2173

14.55%

1.76%

-1.16%

NCM Mutual Fund of the Phils., Inc. -a 1.9908

2.51%

-0.09%

0.28%

0.78%

1.88%

PAMI Horizon Fund, Inc. -a 3.70113.52%-0.19%

-0.52%

-0.01%

3.96%

Philam Fund, Inc. -a 16.17473.37%-0.98%-0.99%

-0.29%

3.95%

Solidaritas Fund, Inc. -a 2.11113.58%0.23%

-0.22%

0.46%

4.35%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.5022

2.54%

-0.95%

-2%

-0.6%

2.55%

-0.39%

-1.04%

-0.58%

n.a 14.13%

2.76% Sun Life Prosperity Dynamic Fund, Inc. -a

0.929

2.73% Primarily invested in Peso securities (units) Life Prosperity Achiever Fund 2028, Inc. -a

Sun

0.9635

2.28%

-0.59%

-1.1% n.a

0.8615

1.16%

-2.47%

-2.91% n.a

0.8433

1.55%

-2.76%

-3.27% n.a

2.47% Sun Life Prosperity Achiever Fund 2038, Inc. -a 1.7% Sun Life Prosperity Achiever Fund 2048, Inc. -a 2.14% Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03227

-2.89%

-5.28%

-3.3%

-0.68%

PAMI Asia Balanced Fund, Inc. -b $0.9729 8.69%

-2.94%

-1.18%

6.91%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a

$4.773

12.2%

0.01%

4.15%

-2.8%

5.3%

-2.54%

0.34% n.a

4.11%

11.21% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $1.0895 4.66% Bond Funds Primarily invested in Peso securities (shares)

ALFM

Peso Bond Fund, Inc. -a 403.093.28%2.5%2.41%

2.37%

3.21%

ATRAM Corporate Bond Fund, Inc. -a 1.9058

-0.13%

0.38%

0.05%

-0.23%

-0.16%

Cocolife Fixed Income Fund, Inc. -a 3.4692

4.3%

2.28%

2.18%

3.68%

3.93%

Ekklesia Mutual Fund, Inc. -a 2.36623.66%

1.71%

1.25%

1.61%

3.64%

2.4932

1.42%

0.95%

1.11%

First Metro Save and Learn Fixed Income Fund, Inc. -a

SHARE prices may gain at the start of a new year, which will only be a two-day trading week (Thursday and Friday). Broker 2TradeAsia said there is a need to shift mental models as apparent challenges in the macro space heading into 2025 are likely to keep any broad-based rallies to a minimum. “Downside risks include inflationary impacts from ‘Trumpism,’ weaker China, expensive greenback and generally more hawkish central banking. In fact, consensus expectations for rate cuts have further softened in the past weeks prior to the holiday break, from four to two cuts at midpoint, with still-rising long-term yields,” it said. It advised to brace for slowdown in deployment of cash relative to past first quarters as pessimism continues to be baked in security prices, and potential local decision-makers may opt to stay sidelined until the politico-economic scene clears up post the crucial midterm elections in May of next year. Immediate support for the main index is seen at 6,400 points resistance is at 6,700-6,800 points.

Five Year

Return*

1.34%

1.48%

Philam Bond Fund, Inc. -a 4.45013.35%0.44%

0.35%

1.06%

3.49%

Philam Managed Income Fund, Inc. -a 1.4504

5.61%

3.18%

2.92%

2.31%

5.87%

Philequity Peso Bond Fund, Inc. -a 4.1618

3.15%

1.53%

1.96%

1.69%

3.16%

Soldivo Bond Fund, Inc. -a 1.07742.66%1.57%

2.25% n.a

2.64%

Sun Life of Canada Prosperity Bond Fund, Inc. -a

3.4245

3.38%

2.43%

2.18%

2.42%

1.36%

1.78%

2.86%

3.37% Sun Life Prosperity GS Fund, Inc. -a 1.82 2.87%

1.71%

Corporate Debt Vehicle (units) ATRAM Unitized Corporate Debt Vehicle, Inc. -a,3

1.0088

0.27% n.a n.a n.a

0.12% Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $510.073.1%

1.38%

1.74%

2.25%

2.98%

ALFM Euro Bond Fund, Inc. -a Є219.072.43%

-0.13%

-0.06%

0.62%

2.37%

ATRAM Total Return Dollar Bond Fund, Inc. -b

$1.037

-0.37%

-4.82%

-2.98%

-0.24%

$0.025

0.81%

-1.3%

-0.63%

-0.56% First Metro Save and Learn Dollar Bond Fund, Inc. -a 0.33%

0.4%

PAMI Global Bond Fund, Inc. -b $0.8630.84%

-5.53%

-4.62%

-2.73%

0.35%

Philam Dollar Bond Fund, Inc. -a $2.3206

0.48%

-2.57%

-0.69%

1.13%

0.03%

Philequity Dollar Income Fund, Inc. -a $0.0622119

2.16%

-0.07%

0.61%

1.3%

2.13%

-2.87%

-5%

-2.88%

-0.19%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.7406 -3.28% Money Market Funds

Primarily invested in Peso securities (shares)

AIB

Money Market Mutual Fund, Inc. -a,51.1311 n.a n.a n.a n.a n.a ALFM Money Market Fund, Inc. -a 142.364.08%

2.77%

First Metro Save and Learn Money Market Fund, Inc. -a

Stock picks

n.a 3.96%

BROKER Regina Capital Development Corp. advised clients to buy on pullbacks on the stock of Universal Robina Corp. (PSE: URC) as momentum indicators reflect bullish signals. “The MACD [Moving Average Convergence/Divergence] showing rising green histograms and a positive crossover. The RSI [Relative Strength Index] at 48.11 remains in neutral territory but has shown an uptick indicating increasing buying interest,” Regina Capital said. “Given these indicators, investors may opt to buy on pullbacks while monitoring for confirmation of a reversal to the upside,” according to the broker. URC closed Friday at P79 apiece. Meanwhile, Regina Capital advised to trade the range on the stock of Jollibee Foods Corp. (PSE: JFC) as the stock remains below its 50-day and 100-day moving averages, indicating persistent bearish pressure. “Momentum indicators, however, suggest mixed signals,” it said. JFC closed last week at P269 apiece. VG Cabuag

3.59%

Sun Life Prosperity Peso Starter Fund, Inc. -a

1.4251

2.51%

2.34%

1.1523

4.04%

2.89%

2.27%

3.65%

2.71%

2.43%

2.38%

Primarily invested in Peso securities (units) Money Market Fund, Inc. -a 109.114.43% n.a n.a n.a

ALFM

4.27%

Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a

$1.141

4.07%

2.47%

1.93% n.a

3.94% Feeder Funds Primarily invested in Peso securities (units) Global Multi-Asset Income Fund, Inc. -a 44.6066

3.27% n.a n.a n.a

Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a

1.7831

22.88%

ALFM 3.47%

9.51% n.a

n.a 21.37% Sun Life Prosperity World Income Fund, Inc. -a,1

1.0571

6.58% n.a n.a n.a

5.93% Primarily invested in foreign currency securities (Units) ALFM Global Multi-Asset Income Fund, Inc. -a

$0.7966

-0.9%

-6.35%

-4.25% n.a

-0.43% a - NAVPS as of the previous banking day. 1 - Launch date is August 22, 2023.

b - NAVPS as of two banking days ago.

2 - Launch date is October 6, 2023.

c - Listed in the PSE.

3 - Launch date is May 25, 2023.

4 - Renaming was approved by the SEC last May 21, 2020 (formerly, ATRAM Dynamic Allocation Fund, Inc.) 5 - Launch date is February 15, 2024. “While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www.pifa.com.ph to see the latest NAVPS/NAVPU.”

www.businessmirror.com.ph • Editor: Vittorio V. Vitug

Wednesday, January 1, 2025

PHL secures $100M in revenue at Saudi Halal expo, gains foothold in global Halal market

HE Philippines has achieved a milestone at the Saudi Halal Expo, generating over $100 million in revenue through its dynamic “Halal-Friendly Philippines” campaign. This achievement underscores the country’s growing international reputation as a trusted provider of Halal-certified products and services. “This success reflects the Philippines’ strategic vision under Bagong Pilipinas to establish a strong and sustainable Halal ecosystem that meets global demand. It is also a testament to the collective efforts of our industries and the government to drive business growth, attract international investments, and create meaningful job opportunities for Filipinos and the global Halal

community,” said Department of Trade and Industry (DTI) Secretary Cristina A. Roque. Key sectors played a pivotal role in contributing to this significant revenue growth. The pre-cooked ready-to-eat food segment secured deals worth $15 million, while the seafood and fish supply sector recorded $35 million in sales—reaching over 200 supermarkets and restaurants

in Saudi Arabia. Meanwhile, a dedicated Halal-compliant logistics ser vice was arranged under a one-year estimated contract worth $5 million. The Halaldedicated information technolog y solutions sector also finalized $38 million in deals to improve marketing, boost promotions, and streamline Halal certification processes. Completing the Halal value chain, human resource services also contributed by securing contracts to generate at least 100 jobs annually. In addition, two agencies in the delegation achieved combined deals valued at $4.4 million, demonstrating the strong demand for skilled manpower to support the expansion of the Halal industry. The DTI-Halal Development and Trade Office led the 64-member delegation from the Philippines comprised of

12 Filipino companies, showcasing a wide range of Halal-certified products in the expo. This delegation included representatives from the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), the Halal Export Board, and the Philippine Chamber of Commerce and Industr y. Moreover, under the leadership of Secretary Roque, the DTI ensured the mission’s achievements by working closely with key partners such as the Philippine Embassy in Saudi Arabia, the Federation of Saudi Chambers, and the Philippine Consulate General in Jeddah. The mission was further strengthened by the support of various government agencies, including the Department of Agriculture, BARMM, the Department of Budget and Management, the Bangko Sentral ng Pilipinas, and the Philippine Halal Export Board.

DTI supports Marikina footwear industry in tapping global markets

HE Department of Trade and Industry (DTI) successfully concluded its Trade Education and Advocacy (TEA) Campaign for the Marikina footwear industry on December 12. Held in the “shoe capital” itself, the activity reinforced the DTI’s commitment to empowering local industries and improving the utilization of free trade agreements (FTAs). The campaign focused on equipping stakeholders— including manufacturers, artisans, micro, small, and medium enterprises, and exporters—with the tools and knowledge to leverage FTAs. Participants learned how to source cheaper raw materials and access preferential export markets through the Philippines’ various FTAs. The campaign also provided trade remedies, such as safeguards and anti-dumping measures, to address the sudden surge of import competition or unfair trade practices. Furthermore, the TEA campaign explored a wide range of relevant topics, including opportunities for the Philippine footwear industry under existing FTAs, market access to the European Union market, intellectual property protection and enforcement, export procedures, and rules of origin. In his keynote message, Senator Aquilino Martin “Koko” Pimentel highlighted unprecedented business opportunities facilitated by FTAs for Philippine products and services, including the

footwear industry. He stressed the potential of Philippine-made shoes to showcase the country’s manufacturing capabilities. Beyond Marikina, he expressed hope that the entire country would fully capitalize on these trade opportunities. Bureau of Import Services Director Maria Guiza Lim reinforced this sentiment, stating, “[T]he Philippine footwear industry, anchored in the exceptional craftsmanship of Marikina, is not only a cultural legacy but also an economic driver with immense potential for international growth”. She highlighted the expanding global footwear market as a prime opportunity for the Philippines to capture a meaningful share of the market. The TEA campaign is a strategic series of education and advocacy sessions under the DTI’s broader initiative to bolster the export competencies of local industries. This initiative aligns with the objectives of the Philippine Development Plan 2023-2028 and the Philippine Export Development Plan 20232028, both of which aspire to position the country as an agile export powerhouse in key industries. The TEA Campaign in Marikina was participated by the Bureau of International Trade Relations, Bureau of Import Services, Export Marketing Bureau, Intellectual Property Office, Bureau of Customs, Tariff Commission, and the ARISE+ PH Project.

CATCH YOUR SUNRISE THIS NEW YEAR

EMILIO DIEZ of JD Bakeshop receives his award as Ilonggo Entrepreneur of the Year from the Philippine Chamber of Commerce and Industry-Iloilo in a ceremony held at Iloilo Museum of Contemporary Art of Iloilo Business Park on Thursday evening (December 19, 2024). Diez said their business, which started 50 years ago, is anchored on discipline, persistence and innovation. PHOTO FROM ILONGGO ENTREPRENEUR AWARD FB

Exemplary local entreps recognized in Iloilo City I

LOILO CITY—A local business that started the hot pandesal (Filipino bread roll) craze in the 1970s and is now a significant landscape in the food business industry was named Ilonggo Entrepreneur of the Year by the Philippine Chamber of Commerce and Industry (PCCI) Iloilo in a ceremony Thursday evening. Awardee Emilio Diez of JD Bakeshop recalled the inspiration behind JD Bakeshop. His father-in-law, Jose Deligencia, marveled at a Hong Kong-based friend who achieved progress with Buho Bakery despite starting in a small space. The admiration fueled his dream. “We started 50 years ago. From our humble beginnings,

it started just as a cottage industry, which was very famous at that time. We started as a hot pandesal craze. During those times, hot pandesal was the in thing,” he narrated during the awarding rites at the Iloilo Museum of Contemporary Art of the Iloilo Business Park. “Today, we offer more than just baked goods. We offer meals and we also go with the trend. We have smoothies, coffee, and the like,” he added. Diez said their business anchors on discipline, persistence and innovation as he highlighted their latest venture, JD Innovate, a recently opened branch focused on creative dining concepts. “This is proof of our commitment to discipline,

persistence and innovation,” he added. The Search for Outstanding Ilonggo Entrepreneur Awards, now in its third year, celebrates visionary leaders transforming Iloilo’s business landscape. Other winners included Young Ilonggo Entrepreneur awardee Alice Grace LedesmaBautista (One BPO) and Aspiring Entrepreneur awardee Genecio Woo (The B Academy Ph., Inc). Special citations were awarded across various categories, including social, sustainable, and tech-based entrepreneurship -- Social Entrepreneur Award for Paul Kaldi of Paul Kaldi Coffee; Sustainable Entrepreneur Award, Bea Genson of

Clothes Station; Innovative Entrepreneur Award, LedesmaBautista of One BPO; Creative Entrepreneur Award, Cris Vinson of Primof; TechBased Entrepreneur Award, Genecio Woo of the B Acaemy Ph., Inc; and Non-Tech-Based Entrepreneur Award, Arnel John Vallejo of Banwa Pens. Awardees received the Tariktik Trophy, crafted by renowned Ilonggo artist Marrz Capanang, symbolizing resilience and integrity, inspired by the endangered Visayan hornbill. “Your contributions have created jobs, fostered growth, and inspired countless others to pursue their entrepreneurial dreams. I am deeply thankful for these invaluable contributions and for being the driving force behind our city’s progress. You have not only impacted your respective industries but also uplifted the lives of many Ilonggos,” Mayor Jerry Treñas said in his message delivered by Velma Jane Lao, head of the Iloilo City Local Economic Development and Investment Promotion Office. PNA

LL of us go through periods of sunsets—in careers, business endeavors, relationships, chosen paths, vocations, or in any other things that you used to be very passionate about. It’s best to remember that it’s just a sunset. Tomorrow is yet another God-given morning to find your new beginning. So, go ahead and capture your new sunrise. Here’s three tips to catch your sunrise this new year.

Be on the lookout for opportunities

OPPORTUNITIES abound yet are usually disguised among tough and challenging situations. Always be on the lookout and know that “when the going gets tough, the tough sees and seizes opportunities.”

Prepare for your sunrise

MY wife and I just came from an overnight beach holiday. Among the things that we planned was to enjoy the morning sunrise. But the thing about sunrise is that it will not wait for you. You need to wake up early and anticipate in order to catch it. There’s a saying that “when you pray for rain, better bring an umbrella.”It’s almost the same thing with your sunrise—you need to be prepared.

Pray for guidance

WHAT will you do once you catch your sunrise? Pray for guidance! Psalm 32:8 says that the Lord will “instruct you and teach you in the way you should go. He will counsel you with his eye upon you.” Ask God to bless you with wisdom so that this new sunrise in your life will not be fleeting and self-serving, but will transform you into a free-flowing river of blessing for many. Have a blessed and fulfilling 2025! Alexey Rola Cajilig is a Sales Leadership Coach, author, human ecologist and Christian Motivational Speaker. He is the President of ARCWAY Consultancy Inc. and the Executive Director and Founder Arc Docendi. Coach Lex is also the Senior Vice President & COO of EM-CORE DOTNET and the Founder of ARCH Styles Personality and Behavioral Tool. For feedback and inquiries, you may contact him at alexey.cajilig@gmail.com.

Banking&Finance

Wednesday, January 1, 2025

BusinessMirror

Banking sector seen steeled on central bank positioning

By Cai U. Ordinario

MID inflationary pressures and fiscal risks grappling the year 2024, the local banking sector has been steeled for further headwinds in the coming year; thanks to actions of the Bangko Sentral ng Pilipinas (BSP). the same time, it is also important to note that the BSP remains focused on inflation.”

Much-needed liquidity

These actions relate to the BSP’s mandate to maintain price, monetary and fiscal stability, implemented mainly through setting policy rates. After raising interest rates by 50 basis points in February 2023 to 6 percent (from the 5.5 percent posted in December 2022), the Monetary Board (MB) began loosening its tight grip on monetary policy. It has reduced the country’s policy rate by a total of 75 basis points, delivered in 25 basis point increments. The BSP began its easing cycle in August with a 25 basis point cut, lowering the key interest rates to 6.25 percent from 6.5 percent. This was followed by another 25 basis point reduction in rates in October which brought down the policy rate to 6 percent from 6.25 percent. The BSP continued its monetary policy easing with the last 25 basis point cut in December that placed interest rates at 5.75 percent, the first time rates were sub-6 percent in the country since 2023. “We hope to get the benefit of the easing in monetary policy rates. Consumption, consumer expectations, business expectations will benefit from that and it could translate to more investments moving forward,” BSP Monetary Policy Sub-Sector Assistant Governor Zeno Ronald R. Abenoja told the BusinessMirror mid-December. “This should support the recovery of the economy. But, at

THE central bank did not stop with reducing rates as it also reduced the reserve requirement ratio (RRR) for banks nationwide; allowing local financial institutions leeway to adjust their lending and investments. In September, the BSP decided to reduce the RRRs (how much cash banks must hold) by 250 basis points (bps) for universal and commercial banks (UKBs) and non-bank financial institution with quasi-banking functions (NBQBs). The reduction starting October 25, 2024 effectively brought the RRR down to 7 percent from the current 9.5 percent. Apart from UKBs and NBQBs, the BSP will also reduce the RRR for digital banks by 200 bps as well as thrift banks (TBs) and for rural banks and cooperative banks (RCBs) by 100 bps. The reduction brought down the ratios to 4 percent for digital banks and TBs to 1 percent. Meanwhile, RCBs will no longer have a reserve ratio by October 25, 2024, after the RRR was reduced for these institutions. “The central bank lowered the reserve requirement ratio by 250 bps to 7 percent, infusing much-needed liquidity into the financial system and reducing the cost of intermediation,” Bank of the Philippine Islands (BPI) Senior Vice President and Lead Economist Emilio S. Neri Jr. told the BusinessMirror.

Cost of intermediation

HOWEVER, Neri said that despite the easing of policy rates and the lowering of the RRR, local equities continue to underperform relative to fixed income securities. He noted that the Philippine Stock Exchange Index (PSEi) is currently up by two percent year-to-date but the 1-year Treasury bill at the beginning

of the year offered a net yield of approximately 4.59 percent, providing better returns for investors. “[The year] 2024 marks the seventh year that the risk-free interest rate has beaten the local equity market,” Neri stressed. Nonetheless, he said the lower interest rates allowed the banking sector to focus more on consumers as there was “substantial growth” in personal loans, auto, housing loans as swell as credit card loans. Neri noted that credit cards now account for 15 percent to 20 percent of commercial loan growth this year. For Jonathan Ravelas, senior adviser at professional services firm Reyes Tacandong & Co., established banks were not the only ones who experienced growth this year. Ravelas said digital banks continued to expand and this increased competition and innovation in the banking sector.

‘Agila’ project

THE BSP recently announced that next year it will open four more slots for digital banking licenses. The central bank will start receiving new digital bank license applications starting January 1, 2025. This means the BSP will allow a maximum of 10 digital banks to operate nationwide. The BSP said the granting of new digital bank licenses will include the conversion of an existing bank’s license to digital bank license (See: https://businessmirror. com.ph/2024/08/08/bsp-to-allowmore-digital-banks-to-operatein-2025/). BSP Technology Risk and Innovation Supervision Department (TRISD) Senior Director Melchor T. Plabasan earlier told reporters that the central bank is evaluating new applicants, including foreign entities. Plabasan said the BSP is also evaluating existing rural or thrift banks who operate as digital banks but have no license to be considered digital banks (See: https://businessmirror.com.ph/2024/11/22/bspevaluating-digital-bank-license-applications-usage/). Apart from digital banks, Ravelaa said the BSP has made headway in its pursuit of creating a central bank digital currency (CBDC), which is digital money denominated in the national unit of account and are direct liabilities of the central bank. Wholesale CBDCs may be used by commercial banks and other FIs

for interbank payments, securities transactions and cross-border payments. The CBDC project, dubbed Project Agila, aims to help the BSP and participating FIs explore and test the potential of CBDCs, while evaluating if this technology can help improve the country’s large-value payment system. “The BSP made significant strides in its CBDC project, aiming to modernize the financial infrastructure,” Ravelas told the BusinessMirror.

Interest rate swap

CITI Philippines CEO Paul A. Favila told this newspaper that efforts to deepen the capital markets were also standouts this year. Favila said these include the agreement between the BSP Governor and the Bankers Association of the Philippines (BAP) on a financial markets roadmap and securing his full support The Chairman of the BAP Open Market Committee added that the list included the recognition of the overnight reference rate (ORR) by the International Swaps and Derivatives Association (ISDA) as a benchmark and the start of the ORR-based interest rate swap (IRS) in November 2024. The BSP earlier said the opening of the peso IRS marks a significant step toward boosting trading and liquidity in the domestic bond market, which is part of a plan to deepen the local capital market. The latter is expected to enhance savings and investment in the Philippines. As a side benefit, a deeper capital market will also strengthen the transmission of monetary policy. According to Favila, this year also marked the additional settlement cycle for PesoNet and the full tax treaty implementation for government bonds. He added that if there is one word to describe this year, Favila said it was still “progress” for the banking industry, despite the downsides. He noted that there are a lot of “positive and tangible advancements in financial markets development” this year. “This momentum, I believe, will further catapult the development agenda in 2025. While continued upward progression may not be perfect, I am positive that, as an industry, we are putting in the building blocks for growth and that gives me a lot of confidence in the future,” Favila told BusinessMirror.

BEHIND THE BILL: Workers left waiting for service charge promises By Justine Xyrah Garcia

HEN you dine at a restaurant or stay in a hotel, you might notice a 10-percent service charge added to your bill. It’s supposed to be a way of recognizing the hard work of the people behind the scenes—the waiters, housekeepers and kitchen staff who make your experience smooth and enjoyable. Under the revised Implementing Rules and Regulations of Department Order 242 that the Department of Labor and Employment (DOLE) issued in February, service charges collected by establishments must be distributed equally among employees, regardless of employment status. These payments should be made at least twice a month, with no less than 16 days between payouts. However, for many workers, this legal safeguard exists only on paper. This is the case for Jose, not his real name, a waiter at a five-star hotel in Makati. With a daily wage of just P645, Jose has long hoped that the service charge—if regularly distrib-

uted—would be his financial lifeline to keep food on the table and cover his children’s education. “Maliit lang ang sahod ko pero yung service charge sana, kahit paano, makakatulong talaga para sa pamilya ko,” he said. [My salary is small, but I hope the service charge, at least in some way, will really help my family.] His hope has been repeatedly dashed. Jose recounted how, earlier this year, his service charge payouts were delayed for seven long months. “Mapipilitan ka talagang mangutang kahit kanino para lang makaraos. Alam ko namang babayaran yun, pero ang hirap kasi ‘di mo alam kailan talaga darating,” he explained. [You’ll be forced to borrow money from anyone just to survive. I know I’ll pay it back, but it’s hard because you never know when it will come.] Even when the payments finally arrive, Jose said it feels like an uphill battle just to get what is rightfully his. “Ang tagal bago makuha parang ayaw nilang ibigay. Minsan pa nga, sinasabi nila na marami pa daw proseso. Pero kailangan namin agad ng

pera… Hindi naman tumitigil yung babayaran,” he added. [It takes a long time to get it, as if they don’t want to give us the money. Sometimes, management even says there are many processes. But we really need the money immediately... as we have to meet obligations that never stop coming.] When asked if he has considered filing a formal complaint with the DOLE, Jose said he can’t risk losing his only source of income. “Mahirap na baka mawalan ako ng trabaho… lalong problema ang kwarta pag ganun,” he said, thus his request to remain anonymous. [I might lose my job and money will be even more of a problem if that happens.] What Jose experienced this year was just one of the countless stories of workers in the service industry who endure similar struggles. Despite the existence of DO 242, many workers continue to be locked out of the benefits they hope to rely on—constantly leaving them in a state of uncertainty.

Hidden, unchecked

THE struggles faced by workers in the accommodation and food service industry remain largely hidden, with most cases of unpaid or delayed service charges going unchecked. In an interview with the BusinessMirror, National Union of Workers in Hotel, Restaurant, and Allied Industry (NUWHRAIN) Secretary General Marco Aristeo J. Gojol said a culture of fear prevents workers from standing up for their rights. “Kahit gusto nilang ipaglaban yung karapatan nila, alam nila na pag ginawa nila yun ay posibleng may retaliation sa kanila at hindi na sila magkaroon ng duty,” Gojol said. [They are aware that if they fight for their rights, there will be possible retaliation against them and they will no longer have a job.] “Titiisin na lang ng mga manggagagawa na huwag kasi mas mahalaga sa kanila yung pangangailangan ng sikmura kesa doon sa karapatan nila,” he added. [Workers will just have to put up with it because the stomach issues are more important than their human rights.]

Editor: Dennis Estopace

Encouraging investments by upholding the rule of law

HIRTEEN business and professional organizations led by the Financial Executives Association of the Philippines and the Institute of Corporate Directors issued a joint public statement last month expressing their profound concern over recent statements and actions that threaten the security of our country and its constitutional order. “The resolution of political disagreements must adhere to legal and democratic processes. Resorting to threats, incendiary rhetoric, or any form of violence has no place in a nation founded on the rule of law. To this end, we strongly urge all public officials and political leaders to demonstrate restraint, uphold the dignity of their offices, and prioritize the welfare of the Filipino people above political interests,” their stronglyworded manifesto said. This came in the wake of an escalating conflict between the camps of President Ferdinand R. Marcos Jr. and Vice President Sara Z. Duterte, who have been at odds since mid2023. The rift between the Marcoses and the Dutertes has deepened to the point that the erstwhile UniTeam partners during the May 2022 elections are now constantly attacking each other. For its part, the Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII) emphasized the importance of political stability in maintaining investor confidence and ensuring the growth of the Philippine economy. In a recent media interview, FFCCCII President Dr. Cecilio K. Pedro said the ongoing feud between the two highest officials of our country might drive foreign investors away if left unresolved. “Whenever tension is projected or perceived, it is not good for business because investors are sensitive to that. They easily get scared and would instead bring their investments to other countries,” he pointed out. FFCCCII Spokesman Wilson L. Flores lamented that if the international news reports regarding the Philippines always pertain to military exercises and territorial disputes, these could scare away some investors to the detriment of our economic development. He was referring to the geopolitical issues

BANK RESILIENCE

between our country and China regarding sovereignty over the West Philippine Sea. Despite these problems, the Filipino-Chinese business community remains optimistic about the country’s economic outlook in 2025. Anvil Business Club President Eduardo Cobankiat believes the Philippine government is doing its best to encourage foreign investments and promote a business-friendly environment. Flores chimed in by saying that the Philippines has an advantage in terms of having a relatively young population compared to our Asian neighbors. He cited the more dynamic growth in Filipino consumers’ spending on food, clothing, and lifestyle products. Michael Wong Ho, President of NP Software Solutions Inc., shared his concerns about the looming trade war between China and the United States as an offshoot of the tariffs on Chinese products being planned by incoming US President Donald Trump next year. He thinks the Philippines may end up as collateral damage in the competitive devaluation battle between the two superpowers, and is worried about a probable second round of inflation stemming from Trump’s protectionist policies. It may be noted that local financial markets have yet to digest the full effects of the first round of inflation on electricity, water, and toll road rates. The Philippine business sector should thus prepare for the second Trump presidency that is anchored on a comprehensive ultranationalist agenda called Project 2025. Going back to the 13 major business groups that called on Filipinos to remain vigilant and steadfast in upholding the rule of law amidst political tensions in these challenging times, their joint manifesto concluded: “The strength of our institutions and the resilience of our democracy depend on our collective resolve to remain loyal to the Constitution and reject efforts to erode public trust in good governance.” Joseph Gamboa is the vice-chair of the Finex Ethics Committee and director of Noble Asia Industrial Corp. The views expressed herein do not necessarily reflect the opinion of these institutions and the BusinessMirror. #FinexPhils www.finex.org.ph

Security Bank Corp. (PSE: SECB) achieves ISO 22301:2019 certification, a major milestone in its commitment to business continuity and resilience. Photo shows executives after the certification (from left to right): SECB First Vice-President (VP) Clarice Cruz-Ogena; Senior Vice-President Anna Christina M. Chinjen; SECB Senior Associate VP Lalaine Montero; BSI Group Philippines Inc. Managing Director Ava T. Taniajura; SECB Executive VP (EVP) Luz Pilar De GuzmanBank; SECB Director Esther Wileen S. Go; SECB EVP Juichi Umeno; EVP Gina S. GoBank; and, SECB Treasurer Orencio Andre P. Ibarra. CREDIT: Security Bank Corp.

Image BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos • Wednesday, January 1, 2025

PHOTO BY AUSTIN DISTEL ON UNSPLASH

Is work stress driving your blood pressure up? HARDWORKING, dependable, resilient, resourceful—ust four of the many words used to describe what Filipinos are like on the job. In its 2021 report, the global analytical firm Gallup added another word to the list: stressed. According to Gallup, Filipino workers are the most stressed in Southeast Asia. The occasional pressure can be good, motivating you to overcome challenges or go above and beyond your limits. But when the stress is chronic—meaning, it’s brought about daily by a demanding profession or a terror boss—it can have detrimental effects on your health. “You know you’re stressed because you can feel it,” says Ramon D. Francisco, MD of the Department of Cardiology of the top hospital in the Philippines Makati Medical Center (MakatiMed, www. makatimed.net.ph). “Headaches, nausea, upset stomach, and pain and stiffness in the neck are all typical symptoms of stress.” There are also signs of stress that tend to go unnoticed until it’s too late. “High blood pressure is known as the ‘silent killer’ because it often poses no symptoms,” explains Francisco. “You’ll only know you have high blood pressure when you have your blood pressure taken—or when you suffer a heart attack or stroke.” Stress is one of the factors as it pushes the body to release hormones that make your heartbeat faster and elevate your blood pressure, adds Francisco. “Stress can also lead you to pick up unhealthy habits like smoking, drinking alcohol, stresseating unhealthy food, and living sedentarily that can make you develop high blood pressure.” MakatiMed suggests maintaining healthy blood pressure levels with these ideas for managing a stressful work environment. Go exercise by taking a walk during your lunch break or forming a running club with colleagues and training regularly so you can join a 5K, suggests Francisco. “Yoga, with its slow and gentle movements, is a good way to unwind from a hectic day. Even standing up and pacing around the office for a few minutes is enough to shake off some tension.” Eat well by replacing chips and soda with healthier alternatives like water, peanuts, or fresh fruit. “Try joining health challenges like Meatless Mondays, a global campaign to reduce your intake of meat for the sake of your health and the planet,” says Francisco. “Little changes in your diet can have a big impact on your weight and the numbers on the blood pressure machine and your next blood test.” Sure, binging on the latest K-drama counts as destressing, but nothing beats getting quality sleep. “You’ll reap more rewards by sleeping for the recommended 7 to 9 hours,” reminds Francisco. “When you sleep, your heart rate and blood pressure slow down, and your brain rids itself of unnecessary information while storing new ones. Sleep is also the time when the body repairs muscles and regenerates skin cells making you think sharper and ready to face another tough day ahead.” “Sometimes, it’s all about mindset. If work is toxic and has begun to affect you physically, mentally and emotionally, consider leaving. No job is more important than your health and wellbeing,” states Francisco. “If you can accept the work situation for what it is, just focus on doing your best and on being positive, helpful and kind. That attitude will not only reduce your stress [and your blood pressure], it will also create a lighter, more pleasant, and hopefully less stressful work environment.”

Help others without burning yourself out I

N this season of giving, people often feel compelled to give so much that they risk leaving nothing for themselves. The same holds true in the workplace, where offering help is commendable and necessary to build trust and strengthen relationships. However, constantly prioritizing others’ needs can lead to burnout—a state of exhaustion that helps no one. If you are to thrive, you need to balance generosity with self-care to ensure continued success and well-being. Understanding your boundaries is the first step in balancing giving with self-care. It is important to assess how much time and energy you can realistically give to help others without compromising your own priorities. Overcommitting can leave you feeling overwhelmed and diminish the quality of your contributions. Learning to say “no” or “not right now” when needed is not selfish. It is a way to protect your ability to contribute meaningfully in the long run. Reflect on your workload regularly and adjust your commitments as needed. Not all requests for help require your immediate attention or involvement. Evaluate the urgency and importance of the request before committing. Focus on high-impact assistance, the kind that aligns with your skills and genuinely benefits the team, rather than scattering your efforts across every request.

If a task falls outside your expertise, do not hesitate to redirect the request. This approach ensures your efforts have the maximum positive impact without spreading yourself too thin. One of the best ways to help others is by empowering them to independently solve problems. Share knowledge, tools, or strategies that enable your colleagues to tackle similar issues on their own. For example, instead of repeatedly fixing a recurring issue, teach the requester how to handle it. This not only lightens your workload over time but also contributes to the professional growth of your team. Creating a culture of self-sufficiency within your team can significantly reduce the need for constant intervention. When you agree to help, be clear about the scope and limits of your assistance. Define timelines and deliverables to avoid misunderstandings or overcommitment. For instance, if a colleague needs help on a project, specify how much time you can dedicate and what specific tasks you can assist with. Transparency fosters mutual respect and ensures that both parties are on the same page. It can also prevent resentment and protect your own time. You cannot pour from an empty cup. Taking care of yourself is a prerequisite for helping others effectively. Make time for activities that recharge you, like exercise, hobbies, meditation, or simply stepping away for a breather. A well-rested and focused individual is far better equipped to lend a hand without becoming overwhelmed. Regular selfcare practices also help build resilience against stress and prevent burnout. Remember, taking breaks and disconnecting from work periodically is not a luxury but a necessity. If you feel overburdened, speak up. Open and honest communication with your colleagues or manager can lead to shared solutions, such as

redistributing tasks or setting clear boundaries. For example, if a team member repeatedly relies on you for help with tasks they could manage independently, address the situation constructively. Suggest training opportunities or discuss how responsibilities could be adjusted to reduce the strain on you. Bottling up frustration only worsens the situation and can damage professional relationships. Demonstrate how to balance helping others with maintaining personal boundaries. When colleagues see you managing your time effectively and prioritizing tasks, they will be more likely to respect your limits and may even adopt similar strategies for themselves. By modeling healthy work habits, you contribute to a workplace culture that values both collaboration and individual well-being. Leading by example also shows that it is possible to support others without compromising your own productivity or health. Helping others, even in small ways, is an accomplishment worth recognizing. Take a moment to acknowledge the positive impact you have made. This can boost your morale and remind you of the value of your contributions. However, do not let these moments overshadow your need to celebrate personal achievements as well. Striking a balance between supporting others and progressing in your own goals is crucial for long-term satisfaction. Helping others is a cornerstone of a positive workplace culture, but it should not come at the cost of your well-being. By setting boundaries, empowering others, and taking care of yourself, you can create a healthy balance that benefits both you and your team. In this season of giving, may you also remember to give yourself the time, effort, and reward that you rightfully deserve. Remember, sustainable support starts with respecting your own limits while fostering an environment where everyone can thrive. n

10 mental health tips for the holiday season ‘TIS the season to spend time with family, catch up with friends, and be festive. However, no matter how joyous the vibe is, the dreaded Christmas Rush may overwhelm you. What should have been a merry period could be stressful. And perhaps even lonely for others. With how busy holiday plans may get, experts from the Benilde WellBeing Center (BWC) of the De La SalleCollege of Saint Benilde (DLS-CSB) noted it is important to remember to take charge and look after your mental health. To counsel the general public, the specialists shared tips from the Mental Health Foundation, a United Kingdombased charity dedicated to research, development and promotion of new ways to safeguard good mental health. 1. Talk about your feelings. Communicate your emotions. Create a space for these conversations. Identify who you can speak to. It will be easier through tough times. 2. Take a break. Have some time out from your day-to-day life. Give

yourself a change of scene or pace. Practice mindfulness to unwind. Gain some perspective to reflect on the past year. 3. Do something you are good at. Try to keep up with hobbies you enjoy all year round. Turn these into holiday activities: handcraft gifts, bake cakes and cookies. And don’t forget to play holiday songs. 4. Accept who you are. Remember: People live different lives. Do not feel under pressure to do more than you are up to. 5. Eat well. What we eat affects how we feel. Too much sugar has noticeable effects on health in the short and long term. Balance it out. Dine in moderation. 6. Drink sensibly. It is great to celebrate over drinks. Spending time on good relationships is essential for your well-being. However, it is best to know your limits. 7. Keep active. Working out pumps up endorphins—the happy hormones. Regular exercise can boost your selfesteem, help you concentrate and sleep

PHOTO BY YURI ARCURS ON DREAMSTIME

better, and keep your brain and other vital organs healthy. 8. Seek help. We get overwhelmed when something goes wrong. If circumstances are getting too much for you in the next few weeks, ask for help. 9. Keep in touch. Enjoy this time to

catch up. Family and friends can offer different views, keep you grounded, and solve practical problems. 10. Care for others. Keep up the relationships with people close to you. Reach out to loved ones. Find out how they have been.

Wednesday, January 1, 2025

Discovery Suites is Extended Stay Hotel of the Year - Philippines

ISCOVERY Suites has been recognized as the Extended Stay Hotel of the Year – Philippines at the TDM Travel Trade Excellence Awards 2024 – Asia, standing out for its ability to provide comfort, convenience, and luxury for guests seeking a “home away from home.”

Mendoza re-elected National President of Veterans Sons & Daughters Association

D In the photo are, from left, Carlo C. Cruz, Hotel Manager, Discovery Suites; Jaimie Tiu, Representative, JTKC Group of Companies; Paavan Patel, Vice President of Advisory and Asset Management, JLL,

Strategically located at the heart of the Ortigas Business District in Metro Manila, Discovery Suites offers easy access to major corporate offices, shopping centers, and recreational spaces, making it an ideal choice for business professionals and expatriates. “At Discovery Suites, we always strive to create a vibrant and welcoming community where every guest is valued. Our team is dedicated to offering personalized service, making sure that guests feel at ease and well attended to. Whether you are visiting us for business or an extended leisure stay, we guarantee that your stay will be comfortable and convenient, making sure that you made the best choice for long-term stay living,” said Carlo Cruz, Hotel Manager, Discovery Suites. With 220 suites, each fully equipped with a functional kitchen, separate living and dining areas, and plush bedrooms, Discovery Suites creates an environment that combines functionality with the

PHOTOGRAPHY WORKSHOP. PAGCOR continues to showcase Filipino talent through photography workshops at Newport World Resorts. Two sessions were held at The Grove, 2F Newport Mall, attracting photography enthusiasts and professionals eager to refine their craft and learn from industry experts. On November 21, expert photographer Jijo De Guzman shared techniques for developing a unique artistic style in travel photography during his talk entitled “Vision and Voice”. Then on December 6, professional photographer Jay Jallorina held the second session called “Build, Build, Capture,” offering insights and practical advice on capturing architectural beauty. These workshops are designed to help photographers elevate their skills in preparation for PAGCOR’s 2025 photography contest, themed “Infrastructure for Economic Development.” The 48 grand finalists of the 2024 competition, themed “Harvest Time,” have their works on display at The Grove, 2F Newport Mall, where visitors can view the stunning entries until January 6, 2025.

comforts of home. Every suite is designed with both relaxation and productivity in mind, offering spaces that adapt to the varied needs of extended-stay guests. Discovery Suites goes beyond traditional hotel offerings, providing an impressive array of amenities specifically designed to meet the needs of longterm guests. High-speed internet access ensures connectivity for both business and leisure, whilst a fully equipped gym and inviting pool provide options for relaxation and wellness. The hotel’s multiple dining outlets offer varied culinary experiences. One of Discovery Suites’ standout features is its dedication to creating a community for long-term residents. The hotel’s team is trained to address a wide range of guest needs, from arranging transportation to making tailored dining recommendations. “The team aims to foster an atmosphere where everyone is warmly welcomed and cared for, and quarterly mixers and

social nights and other activities are organised by the Guest Relations team as well to build relationships and to create a community that feels like home,” Cruz added. Beyond these social events, Discovery Suites provides essential hotel conveniences such as regular housekeeping and concierge services. By striking the perfect balance between independence and assistance, Discovery Suites draws in repeat guests from organisations such as the Asian Development Bank and Banco De Oro. TDM Travel Trade Excellence Awards – Asia is a premier awards program presented by Travel Daily Media. It seeks to honor the pinnacle of excellence in Asia’s travel industry, covering the best hotels, airports, cruise lines, tour operators, travel agencies, booking platforms, and travel technology. The TDM Travel Trade Excellence Awards 2024 – Asia is presented by Travel Daily Media.

EPUTY Speaker and TUCP Partylist Representative Raymond Democrito Mendoza as its National President is re-elected as the National President of the Veterans Federation of the Philippines Sons and Daughters Association, Inc. (VFP-SDAI) in its recently held elections and National Assembly in Cebu. Also re-elected as National Executive Vice-President is Veterans Bank’s FVP Miguel Angelo C. Villa-Real. Mendoza is the son of renowned Labor Leader and WWII veteran Democrito T. Mendoza, while VillaReal is the grandson of WWII veteran and former Congressman and Deped USec Andres C. Clemente Jr. With a fresh two-year term, Mendoza vowed to continue VFP-SDAI’s advocacy to defend the rights and interests of Filipino

Veterans, including their widows and orphans. VFP-SDAI continues to instill patriotism and love of country among its members and the public through its various Districts and Posts across the country. “Our immediate aim right now is to help strengthen the relations between various veterans groups around the nation, both government and private. With a unified stand, can we strongly push for reforms and programs that would benefit the veterans and their families,” said National President Mendoza. Founded in 1988, the VFP-SDAI is a nonstock, non-profit, non-sectarian corporation and is an auxiliary unit of the Veterans Federation of the Philippines (VFP). It is the National Association of direct descendants of Filipino Veterans from across all regions of the country.

PHILIPPINE Veterans Affairs Office (PVAO) Administrator Undersectary Reynaldo Mapagu (left) swears in newly re-elected National President Raymond Democrito Mendoza (center) and National Executive Vice-President Miguel Angelo Villa-Real of the VFP Sons & Daughters Association, Inc in the recently held national elections and General Assembly.

BingoPlus supports UPMG at Tinta Print Media Conference

INGOPLUS, your digital entertainment platform in the country, provided a substantial amount of support to the United Print and Multimedia Group of the Philippines (UMPG). The organization recently hosted the Tinta Print Media Conference with the theme, “Driving Truth and Business Impact, The Page Turner in Print Media”. The informative and valuable forum was held on November 25, 2024 in the Maynila Ballroom of Manila Hotel. The notable event was attended by respected and established media representatives and journalists. The ongoing relevance of print media in the world was the topic of their discussion. They examined the methods that enable it to thrive in modern society, as well as the crucial role it still plays in maintaining journalistic integrity. As the major sponsor of the significant convention, BingoPlus extended their utmost support, which was acknowledged by the UPMG during the event. As witnessed

in the venue, BingoPlus booths and banners have been displayed and in addition, the screen on stage displayed the brand logo and TV commercial in between breaks. The Tinta Print Media Conference is designed to emphasize the ongoing significance of print media in promoting transparency, trust, and business success in our rapidly evolving information landscape. Thus, BingoPlus believes in its cause, which drives the purpose of the conference. Print media might be considered an old way of transmitting information, but it still serves its purpose and must not vanish, but rather evolve. DigiPlus Interactive Corp. pioneered digital entertainment in the Philippines. It introduced leading platforms BingoPlus and ArenaPlus, widely known for their engaging experiences in interactive gaming and sports entertainment. DigiPlus also operates PeryaGame, Tongits+, and GameZone, with more to come. For more information, visit: www.digiplus.com.ph.

IN the top row, from left, are Coach Paul Madrona, Red Alminar, Miguel Tagarda, Jose Bernal, Ryan Moti, Zac Diaz , Niall Enciso, Sancho Bautista, Daniel Guerrero, Migo Achas, Matt Diaz, Coach Rafael Cruz. Bottom row, from left, are Marcus Cuyugan, Jacob Navarro, Altis Villaseñor, Miggy Pineda, Max Unson, Anton Landicho, Ram Tuazon.

Ateneo GS Football Team is official QC representative in NCR Divisional Meet

HE Ateneo Grade School Palarong Pambansa Football Team is the official Quezon City representative to the NCR Divisional Meet. The team successfully won all its games at the Quezon City level which were held last November 23 to 24, 2024 at the FEU Diliman Football Field. The boys faced several public school elementary teams including Old Balara

Elementary School which they met at the finals for the second consecutive year. The team scored a total of 38 goals and conceded none during the entire tournament. Special awards were given to Ryan Moti as the Best Defender and Jacob Navarro as the MVP and Golden Boot awardee. The team will need to prepare for

the NCR Regional Championship in March 2025 and earn the right to represent the National Capital Region (NCR) to the National Palarong Pambansa Football Tournament. The team was led by Team Captain Sancho Bautista and Co-Captain Ryan Moti under the guidance of esteemed coaches, Paul Madrona and Rafael Cruz. THE Tinta Print Media Conference in the Maynila Ballroom of Manila Hotel on November 25, 2024.

BusinessMirror

Editor: Tet Andolong

Wednesday, January 1, 2025 B7

Hard Rock opens in Hann Casino Resort, Clark Freeport

By Rizal Raoul S. Reyes

@brownindio

he Clark Freeport Zone is currently attracting big name locators primarily because of its huge potential as a major tourism and business hub. The iconic Hard Rock Cafe joins the elite list of locators when it recently opened their latest branch at the thriving Hann Casino and Resorts in Clark, Pampanga. Tom Perez, Vice President, Business and Development and Franchise Operations Global, Hard Rock International, told reporters in an interview that the 125-seater Hard Rock-Clark offers a unique blend of rock music memorabilia, delicious American cuisine, and a lively atmosphere, making it a popular destination for both locals and tourists. “We are glad to open the 3rd Hard Rock Cafe in the Philippines welcoming Clark to the Hard Rock family. We are ready to make a positive impact on the hospitality and entertainment sector of Central Luzon by offering yet another wonder for tourists and locals to visit this part of the Philippines.” says Perez. “As a former US military base, Clark has been transformed into a thriving hub known for its modern amenities, expansive parks, and rich history, including the iconic Mount Pinatubo's eruption that reshaped the region,” says Perez. He describes Hard Rock Clark as a lean and mean unit that has put a lot of things in a “smaller package.” It has higher ceilings that presents a better aesthetic design to the place. Perez explains why Hard Rock designed the kitchen that allows clients the usually behind operations to enable the clients to appreciate the efforts on how they prepare the recipes in a meticulous manner. “The kitchen is full view. I mean, you could

practically stand over there and watch them cook, which I think is important, because we like to have a show kitchen. We don't think they should hide in the kitchen. I think our, you know, we make fresh stuff. It’s also scratch. So, you know, guests want to see what's happening back there,” Perez explains. Perez says this is the way Hard Rock International wants to represent the cafe. He adds Hard Rock Clark represents a very modern looking, contemporary and obviously different in size. Although Hard Rock Clark is small, Perez says it's enough to provide a nice atmosphere. The opening provided the guests good quality entertainment courtesy of Jinky Vidal, the Pampanga-based Kapampangan Cultural Dancer and of course the crew of Hard Rock Clark who showed their dancing skills in several numbers. Guests at Hard Rock Cafe Clark Philippines are guaranteed to experience a lively atmosphere that combines rock n’ roll culture with a gladsome dining experience. Spanning a total area of 446.14 sq m, the venue features unique memorabilia from iconic musicians, creating an immersive tribute to music history. With comfortable seating for up to 125 patrons, visitors can enjoy an extensive menu of classic American cuisine, signature cocktails, and live music performances, making it a perfect

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INAX and Kuysen bring innovative Japanese craftsmanship to Filipinos INAX’s innovative bathroom products are now available at Kuysen’s Quezon City and Makati stores

INAX and Kuysen partnership launch led by (L-R) LIXIL Japan global sales development executive Tomohiko Ukita, LIXIL Philippines marketing leader Emily Besavilla, country leader Hermie Limbo, project sales leader Heide Lopez, Sanitec president Edison Go, Kuysen Enterprises Inc president Jensen Go, design and creatives head Marleen Go, and VP sales and marketing Ernie Reyes.

apanese rituals and technology have long been honored and admired around the world for their ability to harmonize tradition with forward-thinking innovation. Over the years, this respect has only grown, as Japan’s timeless cultural practices continue to inspire, while its technological advancements evolve to meet modern needs. This is especially evident in Japan’s bathroom innovations, where cutting-edge technology and design elevate everyday rituals, making them more efficient, hygienic, and luxurious. The combination of tradition and technological progress ensures that Japan’s influence remains not only revered but continues to shape industries worldwide. This was one of the notable highlights during the special event that celebrated the partnership between INAX, a leader in Japanese bathroom technology, and Kuysen, one of the country’s premier distributors of luxury home furniture. Held at the Kuysen Design and Experience Center in Makati City, the gathering also showcased the shared commitment between INAX and Kuysen to deliver modern, human-centered designs that elevate living spaces and enrich everyday life. The event was graced by esteemed guests, namely, LIXIL Japan Global Sales Development Executive Tomohiko Ukita, LIXIL country general manager Hermie Limbo, LIXIL Philippines marketing head Emily Besav-

illa, and brand leader Flor Matildo, Kuysen president Jensen Go, vice president for sales and marketing Ernesto Reyes, and creative director Marleen Go-Uyecio. During the event, Ukita reflected on the centurylong journey of INAX in bathroom and home innovation, saying, “As Japan modernized, so did the needs of its people. We listen, adapt, and create products that reflect their evolving needs—products that elevate daily life while honoring our rich heritage.” This partnership signifies the true synergy between INAX and Kuysen, united by a shared commitment to bringing Japan’s legacy of bathroom innovation and craftsmanship to life in every corner of the world. Decades ago, Japan’s approach to modern living began to shift, with the bathroom at the heart of this change. It was during this time that INAX was born. Known for introducing the first Japan-made shower toilets that combine innovation with thoughtful design, the brand has set new standards in hygiene and functionality. From the Sanitarina system to the touchless Satis G and Satis S toilets, and the eco-friendly 3-in-1 jet bowl, INAX continues to balance beauty, technology, and sustainability in its products. Now, this legacy of craftsmanship and innovation is extended to every Filipino home. Together with Kuysen, INAX brings its signature blend of design

From left: Rechele Tiongson, COO The Bistro Group, Tom Perez, Vice President, Business and Development & Franchise Operations Global, Hard Rock International; Jean Paul Manuud, President, The Bistro Group & Clintbrian Peck, Director of Operations, Hard Rock Cafe Philippines, The Bistro Group

Hard Rock staff performs a number for their guests and visitors.

Hann Casino Resort is the first fully integrated resort in Clark Freeport Zone, Pampanga. It is home to the first five-star hotel in Central Luzon, Clark Marriott, and the first Swissotel Clark in the Philippines, offering a total of over 600 room keys with state-of-the-art facilities and unparalleled services. spot for those seeking a memorable meal and entertainment experience. An attentiongrabbing feature of this branch is the stage which is located on top of the bar, a cool and interesting conversation piece. Additionally, Pampanga also offers other attractions such as being the host of the annual Philippine International Hot Air Bal-

and technology closer to Filipino families, helping create bathroom spaces that are as practical as they are enjoyable. “We have always been at the forefront of bathroom innovation. It’s a brand that is synonymous with breakthrough design, and we continue to draw inspiration from our vision of enabling everyone to live well,” Matildo expressed. The brand’s design philosophy centers on three key elements: tension, squoval, and volcano. Tension captures modern energy, squoval blends sharp and soft, while volcano reflects nature's power and serenity. Together, they create designs that feel timeless and natural, echoing both technological advancements and humanity. At its core, the brand is guided by four pillars: quality, design, innovation, and responsibility. These values ensure that each product is functional and contributes to a more sustainable and thoughtful future. “Congratulations to Kuysen for this remarkable partnership. Together, we’re introducing the beauty of Japanese water rituals and heritage to the Philippines. We look forward to reimagining design and setting new milestones of success,” Limbo concluded. Marking its 35-year commitment to delivering top-quality luxury home furnishings, Go also shared, “We remain dedicated to providing the best products and service, and our partnership with INAX is a prime example of how we continue to bring world-class innovations to Filipino homes.” The launch event also featured exciting giveaways, with the 3rd and 2nd place winners of the trivia contest taking home innovative INAX products like shower toilet seats and manual bidets respectively, while the first place winner won the grand prize of Saras Light E model. In addition, a social media contest saw creative participants win manual bidets, with the top prize being a free roundtrip to Japan. As it celebrates its 100th year of pioneering innovation, INAX’s partnership with Kuysen signals the beginning of a new era in Filipino bathroom design. With both brands committed to excellence and technological revolution, INAX’s legacy continues to enrich the homes and lives of future generations. INAX products are now available at Kuysen’s Quezon City and Makati stores. Visit today to discover their award-winning designs and world-class craftsmanship. For more updates on INAX, visit www.inax.com.ph and follow @INAXPhilippines on Facebook and @inax. philippines on Instagram.

loon Festival, a colorful event that attracts aviation enthusiasts and tourists alike, featuring breathtaking hot air balloon displays and aerial exhibitions against the backdrop of the scenic landscape. Its proximity to Manila makes it a popular getaway spot, combining the thrill of gaming, dining, and live music. Hard Rock Cafe is part of 8th Avenue shap-

ing up to complement the overall lifestyle and experience at Hann Casino Resort, as it seeks to maintain its standing as the premier integrated resort destination in Central Luzon. Hann Resorts is the brand of a portfolio of developments boldly pioneering the luxury integrated lifestyle resort sector in the Philippines. It is owned and operated by Hann Philippines Inc., a South Korean-led investment firm, and has two flagship projects at present: Hann Casino Resort and Hann Reserve. Hann Casino Resort is the first fully integrated resort in Clark Freeport Zone, Pampanga. It is home to the first five-star hotel in Central Luzon, Clark Marriott, and the first Swissotel Clark in the Philippines, offering a total of over 600 room keys with state-of-theart facilities and unparalleled services. Hann Casino Resort features a grand mass gaming area of 130,000 sq m with 147 tables and 868 slot machines, and two VIP Clubs for local and foreign members. Moreover, Hann Casino Resort claims the title of being the Culinary Capital of Clark with 15 acclaimed restaurants, bars and cafes under one roof. Additionally, the recently unveiled 8th Avenue retail strip offers a dynamic, curated selection of global brands, specialty restaurants and cafes.

Holcim Philippines strengthens partnership with Megawide for key infrastructure projects in 2025 From left: Melona Dablo and Rexford Ilagan of Megawide; Sajith Edirisuriya and Erween Pablo of Holcim Philippines, during the signing of the agreement to supply over 400,000 metric tons of aggregates for key construction projects in 2025.

uilding solutions provider Holcim Philippines Inc. has signed a supply agreement with Megawide Construction Corporation to supply over 400,000 metric tons of aggregates for key construction projects in 2025. These projects include the Apalit, Ortigas, and Phirst Park developments, highlighting both companies’ commitment to advancing infrastructure and progress in the Philippines. This new agreement significantly expands Holcim’s collaboration with Megawide, which previously centered on supplying aggregates for the Apalit batching plant. Under the updated partnership, Holcim will now meet 70 PERCENT of the company’s total aggregate requirements, providing materials for batching and precast plants across multiple sites. “This partnership is a testament to Holcim Philippines’ commitment to supporting key players in the construction industry with reliable and innovative building solutions. We are honored to support Megawide’s transformative projects that drive progress and shape the future of the country’s infrastructure,” shares Sajith Edirisuriya, SVP and Head of Commercial, Holcim Philippines. Mr. Rexford Ilagan, Assistant Vice President for Ready-Mix Concrete of Megawide Construction Company adds, “We would like to extend our sincere gratitude to the

Holcim team for an outstanding year of collaboration. Together, the Precast and Construction Solutions by Megawide team and Holcim have successfully delivered larger, more complex projects. Holcim’s expertise and commitment have been key to our shared first-world achievements, and we look forward to continuing this strong partnership in the years ahead.” The formal signing ceremony was attended by key representatives from both organizations. The Holcim Philippines team included Sajith Edirisuriya, SVP-Head of Commercial; Erween Pablo, Head of Industrial Sales, Joan Tubig, Sales Manager, and Aleth Salas, Sales Officer. Representing Megawide were Rexford Ilagan, Assistant Vice President for Ready-Mix Concrete, and Melona Dablo, Senior Manager for Supply Chain Management. This partnership builds on a long-standing relationship between the two companies, which began in 2016. Earlier this year Holcim and Megawide also entered a cement supply agreement. In addition to aggregates, Holcim provides Ground Calcium Carbonate (GCC) for precast and Dry Mix products for Megawide’s mid to high-rise projects. This one-year agreement reaffirms Holcim Philippines as a reliable partner in delivering high-quality materials for impactful and sustainable construction projects nationwide.

Sports BusinessMirror

B8 | W

ednesday, January 1, 2025 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

THE delegation from the National Academy (NAS) of Sports pose for posterity. They are (from left) Marl Josiah Paginag, Jovito Alfonso Corpuz, Liam Zion Cabalu, Jakob Aldrich Quindo, Khevine Kheith Cruz, coach Karen Jaleco, NAS Executive Director Josephine Reyes, Maria Justine Angelli Cruz, Alexa Riannah Gan, Ghianne Shaeryne Cordova and Noemi Angeline Nueva.

NAS scholars Cruz, Cabalu bag doubles gold in Vegas tilt

Carlos Yulo quickly became the face for properties, motoring and, you bet!, gaming, plus—with his trademark fitted cropped top, the fashion world; with his adoring girlfriend and controversial mother, the gossip sites.

THE parcel to Paris: Carlos Yulo. The return: A golden double. AP

Kings and Aces in 2024 By Aldrin Quinto

IG things come in small packages. For the second straight Olympic Games, the Philippines lived up to expectations. The parcel to Paris: Carlos Yulo. The return: A golden double. And while the Olympic champion gymnast provided the all-time highlight of Philippine sports so far, several other individuals across various sports helped make 2024 a stellar year for the country. From young Daniel Quizon to the veterans Carlo Biado and Rubilen Amit, the Philippines again stamped its mark on the international sports arena, with Gilas Pilipinas again showing brilliance and Alas Pilipinas proving it deserves a share of the spotlight. Yulo came up with a superb performance at Bercy Arena, winning the men’s floor exercise and vault events. The twin victories made Yulo the most successful Filipino Olympian, delivering the second and third gold medals for the Philippines three years after weightlifter Hidilyn Diaz-Naranjo came up with the breakthrough win for the country in the Tokyo Games—all under the watch of Philippine Olympic Committee president Abraham “Bambol” Tolentino. The 24-year-old Yulo wowed the crowd and gained the judges’ approval with advanced difficulty and near-perfect execution in the men’s floor exercise for a 15.000 score—an exceptional mark under the fairly new 20-point gymnastics scoring system. The pint-sized star broke that barrier the next day en route to doubling his haul, averaging 15.116 points with his spectacular opening vault gaining 15.333 and the second 14.800. He later revealed to the Business Mirror the battle against nerves and sleepless nights. “Actually, this competition did not let me sleep, especially this floor,” Yulo told BusinessMirror editor Jun

Lomibao in Paris. “I was really nervous.” What fans saw was the majestic pose—armed raised in a V plus that infectious grin—that went viral. Yulo’s triumph was good for business, and the recurring star of the sports section jumped to the front page, quickly became the face for properties, motoring and, you bet!, gaming, plus—with his trademark fitted cropped top, the fashion world; with his adoring girlfriend and controversial mother, the gossip sites. Now the anticipation builds as Yulo vowed to be back for Los Angeles 2028. “Definitely, I will be there 100 percent again in the Los Angeles Olympics,” Yulo told BusinessMirror sportswriter Josef Ramos. “It’s still a long way, but I must be healthy and be free from injuries,” he said.

Pinoy boxers on Paris podium

BOXING continued to be a source of pride in the Olympics for the Philippines. Nesthy Petecio is one of only four Filipino multiple medalists in the world’s biggest multi-sport event, adding bronze from the Paris Olympics to her silver medal won in the Tokyo Games three years ago. The 32-year-old from Davao del Sur earned a spot in the women’s featherweight semifinals with a unanimous decision over China’s Xu Zichun in the quarterfinals, but fell short of the gold medal match when she bowed to Poland’s Julia Szeremeta via split decision, 1-4. Aira Villegas also rose to the occasion, earning bronze in her Olympic debut. That was the Philippines’ 10th Olympic boxing medal—more than half of the country’s total haul of 18. The southpaw from Tacloban City celebrated turning 29 in Paris by reaching the light flyweight quarterfinals and made the medal round by outpointing France’s Wassila Lkhadiri. Villegas’ run ended in the semifinals against Turkiye’s Buse Naz Cakiroglu, who won by unanimous decision.

Young chess master sparkles

DANIEL QUIZON joined the list of achievers for the year, ending a long wait for Philippine chess. The 20-year-old from Cavite beat 64-year-old Grandmaster (GM) Igor Efimov in 37 moves of a King’s Indian Defense to reach 2500 rating. The match win was part of the Philippines’ sweep of Monaco in the 45th FIDE Chess Olympiad in Budapest in September. Quizon claimed his third Grandmaster norm in March in the Hanoi Grandmaster Chess, where he had seven points in nine rounds in the second leg, highlighted by victory over Grandmaster Nguyen Anh Dung in his final game, to claim the tournament win and the GM title. The Philippines thus got its 17th chess GM, ending a barren spell after Richard Bitoon and Oliver Barbosa rose to GM status in 2011.

Pool party for Biado and Amit

CARLO BIADO had an outstanding year, his fine run highlighted by victory in the World Pool Association Ten-ball championship in Las Vegas. World nine-ball champion in 2017 and US Open titlist in 2021, Biado added to his collection of big tournament wins with a 4-1, 3-4, 4-2, 4-1 victory over Japan’s Naoyuki Oi in the final at the Rio All-Suites Hotel and Casino. A World Games gold medalist and thrice Southeast Asian Games champion, the 40-year-old Biado was the only Filipino player in the 2024 world Tenball. He earned $75,000. Biado also topped the inaugural Ho Chi Minh City Open Championship and was a member of Team Asia that beat Europe, 11-6, in the inaugural Reyes Cup. Rubilen Amit also reaffirmed her status as one of the best in the sport, becoming the first Filipina to win the World 9-Ball Championship as she recovered from a tough opener to beat Chen Siming of China, 1-4, 4-2, 4-2, 4-3, in the final.

It was her third world title, returning to the top more than a decade since topping the 2013 World Ten-ball. She earned her first world title in 2009, also in Ten-ball. GILAS Pilipinas pulled off huge victories on home soil and overseas, to the delight of basketball crazy fans. A sweep of the two qualifying windows in the FIBA Asia Cup 2025 Qualifiers was highlighted by the Philippines’ first-ever victory over New Zealand, 93-89, in November at the MOA Arena. That was a fine finish for the year that also saw the Philippine men’s basketball team show grit in Olympic qualifying when it stunned world No. 6 Latvia, 89-80, at its home event in Riga. It was the first time the Philippines defeated a European team in 64 years although that was not enough to earn a spot in the Paris Games. Alas Pilipinas also made waves in international play, both the men’s and women’s national teams earning podium places. Bronze in the Asian Volleyball Confederation Women’s Challenge Cup was the country’s first medal in continental competition, with skipper and setter Jia de Guzman leading the squad featuring Angel Canino and Sisi Rondina to a 25-23, 25-15, 25-7 victory over Australia. Alas Pilipinas Women also earned two bronze medals in the SEA V.League—in Vietnam and Thailand. The men’s team matched the women’s haul in the revived regional series, claiming bronze at the Ninoy Aquino Stadium and again on the road in Indonesia, getting a huge boost in morale ahead of the Philippines’ hosting of the FIVB Men’s Volleyball World Championship in September 2025.

NCK KYRGIOS returns to action with a mouthful. AP

right now, and everyone knows it but no one wants to speak about it, it’s awful.” Kyrgios, 29, has not played tournament tennis since June 2023 due to wrist and knee injuries. He was asked about his motivations for speaking out on the Sinner and Swiatek situations. “Someone like me…I would never even in my entire life ever try and dope in this sport,” he said. “Especially going through an injury like I went through, obviously there are things out there that could speed up healing, help me get back to prime level, help my recovery. “There’s so many things out there that are prohibited in our sport that I could have been doing to get me back quicker…[but] that’s just not who I am. I’m always against that.” Sinner had successfully argued that his physiotherapist had accidentally contaminated him during treatment with clostebol which had transferred from a cut on his own hand. AP

“These victories showcase the worldclass talent and training at NAS with the guidance and mentorship of their coaches,” said NAS Executive Director Josephine Joy Reyes. “Our athletes competed against the best and proved they can level up on the international stage.” The NAS was established through Republic Act 11470—principally authored and co-sponsored by Senator Pia Cayetano—and aims to develop future world-class Filipino athletes by providing them quality and enhanced secondary education programs, integrated with a special curriculum on sports. “This is my vision: to create an environment where young athletes are nurtured,” said Cayetano, a former varsity and national athlete. “This is an amazing achievement by NAS, particularly because it marks their first participation in the said international sports tournament.” The NAS is located inside the New Clark City in Capas, Tarlac.

Doncic’s home burglarized, too, number rising at alarming rate

Making dream work wonders

Kyrgios on Sinner, Swiatek: Disgusting for our sport, a horrible look RISBANE, Australia—Just days away from his return to tennis at the Brisbane International, Nick Kyrgios hasn’t minced his words in referring to doping-related charges against Jannik Sinner and Iga Swiatek, labelling breaches of the sport’s anti-doping program as “disgusting for our sport.” The International Tennis Integrity Agency (ITIA) levelled charges against world No.1 Sinner and former world No.1 Iga Swiatek. Sinner tested positive twice for an anabolic steroid in March, but avoided a ban because the ITIA determined he was not to blame. Swiatek also accepted a one-month suspension in November after testing positive for the banned substance trimetazidine. “Two world No.1s both getting done for doping is disgusting for our sport. It’s a horrible look,” Kyrgios said at his Brisbane International press conference on Saturday. “Tennis integrity

ATIONAL Academy of Sports (NAS) student athletes Khevine Khieth Cruz and Liam Zion Cabalu clinched gold medals in the recent US Open Table Tennis Championships in Las Vegas. Cruz, a seventh-grader from Tondo, and Cabalu, an eighth-grader from Quezon, clinched gold in the under-13 boys Doubles event. More than 1,500 athletes from 42 states and 19 countries also featured strong performances from other NAS student-athletes with Ghianne Cordova (Grade 10, Bacolod City) and Angel Nueva (Grade 10, Gamay, Northern Samar) reaching the quarterfinals of the under-17 girls doubles class and Alexa Gan (Grade 7, Pasig City) and Maria Angelli Cruz (Grade 8, Pulilan, Bulacan) making the top 16 of under-15 girls doubles category.

LUKA DONCIC is the sixth known pro athlete in the US whose home is burglarized since October. AP

ALLAS—Luka Doncic of the Dallas Mavericks is the latest professional athlete whose home has been burglarized. The star guard’s business manager told multiple media outlets Saturday there was a break-in at Doncic’s home. Lara Beth Seager said nobody was home at the time of the incident Friday night, and Doncic filed a police report. Jewelry valued at about $30,000 was stolen, the Dallas Morning News reported, according to an internal police report it obtained. “I’ve reached out to Luka and talked to him after that incident,” coach Jason Kidd said Saturday night before the Mavericks played the Portland Trail Blazers. “He’s fine. Glad no one got hurt.” Doncic, 25, who is from Slovenia, is the sixth known pro athlete in the US whose home was burglarized since October. Star National Football League (NFL) quarterbacks Patrick Mahomes of Kansas City and Joe Burrow of Cincinnati are among them, along with Mahomes’ tight end, Travis Kelce. The others were Milwaukee Bucks forward Bobby Portis and Minnesota Timberwolves guard Mike Conley Jr. The NFL and National Basketball Association (NBA) issued security alerts to their players after the break-ins, some of which have come when players were away with their teams for road games.

The NFL’s alert says homes of professional athletes across multiple sports have become “increasingly targeted for burglaries by organized and skilled groups.” Burrow lamented a loss of privacy over having to acknowledge that he was the victim of a break-in. The incident at Doncic’s home came two days after the five-time AllNBA player strained his left calf in a Christmas Day loss to the Timberwolves. The injury is expected to sideline Doncic for about a month. The NBA, meanwhile, suspended Mavericks forward Naji Marshall for four games and Phoenix Suns center Jusuf Nurkic for three games for their roles in an on-court fight during their game last week. Dallas forward PJ Washington was suspended one game. The suspensions handed down are without pay. Suns coach Mike Budenholzer said that he accepted the league’s decision. “We want to support Nurk in every way we can,” Budenholzer said. “He’s a great teammate.” Nurkic was called for an offensive foul while being guarded by Daniel Gafford with 9:02 left in the third quarter before the altercation quickly escalated. Nurkic confronted Marshall before taking an open-handed swing at his head and then Marshall responded with a punch. Washington quickly shoved Nurkic to the ground before the teams were separated. All three were ejected from the game. The Mavericks went on to win 98-89. The NBA said Marshall “attempted to further engage Nurkic in a hostile manner in the corridor outside the locker rooms.” “You never want these things to even escalate to probably the point that it did, and the concern about any other continued situation is not good for anybody,” Budenholzer said referring to Marshall’s actions. “The way our arenas are set up, I think we all have to be aware and just do our best to keep our players—when the emotions get high like that—try and get them to a good, safe place,” he later added. Marshall and Washington were out for Saturday’s game against the Trail Blazers. Nurkic’s suspension also began Saturday when the Suns faced the Warriors. Mason Plumlee and Oso Ighodaro got the bulk of the playing time at center in Nurkic’s absence. “He’s a physical bruiser, great screen-setter, great rebounder,” guard Tyus Jones said. “We know the physical presence he brings, so we’re going to have to make that up. But at the same time, we know Mason and Oso are ready to step up for us.” Mavs coach Jason Kidd said after Friday’s game that the players were “just protecting each other.” “It’s appropriate that we’d go by what the league handed out,” he said Saturday night in response to the suspensions. “Next two guys up, we move forward.” AP