ture (DA) is eyeing the imposition of a maximum suggested retail price on imported rice ranging from P42 to P55 per kilo.
A griculture Secretary Francisco Tiu Laurel Jr. said the price range would be imposed on 25- and 5-percent broken rice varieties.
H e added that a “cheaper” price range would be suggested for the 100 percent broken rice variety.
“Once we have the label rules set per type of rice magkakaroon ng MSRP ranging from P42 to P55 for 25 and 5 [percent] broken and cheaper MSRP for 100 [percent] broken,” Laurel told the
BusinessMirror on Monday.
He said the agency will finalize crafting the label rules within the month.
The agriculture chief noted that the plan to impose an MSRP would prevent prices of the staple from hitting over P60 per kilo.
No variety of imported rice should cost more than P60 [for] regular or well-milled. That is clearly profiteering,” Laurel said, partly in Filipino.
He added that the measure will not include Japanese rice, glutinous rice, black rice, basmati, and specialty rice.
In the future, the max should be mid-P50s [per kilo],” he said, partly in Filipino. Meanwhile, Agriculture As -
sistant Secretary Arnel de Mesa said the signboard in markets should include the type of rice, the country of origin, and the percentage of broken rice.
That’s the important information to include: [...] by type, by country of origin, and percentage ng broken,” De Mesa told reporters in a briefing on Monday. He also noted that the MSRP would provide a reference for Filipino consumers.
“ The MSRP will be imposed so that our consumers will have an idea [...] that this should be the price based on the costs of rice in the international market and the attendant costs before our imported rice reaches the markets,” De Mesa said, speaking in Filipino.
Briones: Minimal impact HOWEVER, Roehlano Briones, senior research fellow at the Philippine Institute for Development Studies (PIDS), pointed out that the DA’s bid to impose an MSRP on imported rice would have minimal effect on the prices of the food staple.
“Based on experience with last year’s price ceiling, this will have minimal impact,” Briones told the BusinessMirror For her part, University of Asia and Pacific Center for Food and Agribusiness (CFA) executive director Marie Annette Galvez-Dacul said that while the measure could tame rice prices, it could also affect the supply chain.
See “DA,” A2
‘PUNY RATE CUTS WON’T HELP PHL GROWTH GOAL’
THE need for households and corporations to recoup their savings may prevent monetary policy easing from boosting the country’s GDP growth this year, according to ANZ Research.
In its latest brief, ANZ Research said weak household and corporate savings in the Philippines caused by the pandemic “warrants drastic rate cuts,” which the Bangko Sentral ng Pilipinas (BSP) is not keen on implementing.
Th e BSP earlier said it will maintain an easing posture next year, but it considers a 100-basis-point (bps) reduction in key policy rates as “excessive,” as inflation could rear its ugly head again in 2025. (See: https://businessmirror.com. ph/2024/12/20/bsp-unlikelyto-cut-key-rates-by-100-bps/).
A shallow rate-cutting cycle is barely a panacea for households and private businesses. A key constraint on discretionary household savings is the need to rebuild savings which were depleted during the pandemic. This is exemplified in consumer surveys in Indonesia and the Philippines,” ANZ Research said. Investment intentions of corporates have also been weak though not necessarily on account of a high cost of capital. Against this backdrop, it appears that drastically and not marginally lower borrowing costs are necessary to entice households and businesses to step up spending,” it added.
Public debt
FURTHER , fiscal policy support for the country’s GDP growth may also be insufficient. ANZ Research noted that the need to reduce public debt to under 60 percent of GDP may prevent public spending from boosting GDP.
By Reine Juvierre S. Alberto
AMID the increase in the Social Security System’s (SSS) premium contribution, the state-run pension fund has a “record-breaking” P100 billion in income in 2024, according to its former chief.
“ We urge Malacañang to request the SSS Board to temporarily suspend the implementation of any premium increases,” Former SSS President and Chief Executive Officer Rolando L. Macasaet said in a statement. According to the ex-SSS chief, the pension fund has posted over P80 billion in income in 2023 and P100 billion in 2024. Th is comes after SSS issued Circular No. 2024-006, increasing the premium contributions of members by 15 percent effective January 2025.
Markets on the mend
MEANWHILE , the DOT data showed only tourists from Singapore, Canada, and Australia coming close to their prepandemic numbers, but the rest of the country’s top source markets continued to record double-digit decreases.
South Korea still topped the list of source markets for tourists at 1.57 million travelers, 21-percent less than in 2019. This was followed by the United States with 947,891 (-11 percent); Japan with 388,316 (-43 percent); China 312,222 (-82 percent); Australia, 272,215 (-4.9 percent); Canada 223,944 (-6.2 percent); Taiwan 208,736 (-36 percent); the United Kingdom 160,296 (-23.4 percent); Singapore 157,264 (-0.84 percent); Malaysia 95,713 (-32 pecent); Germany 79,886 (-23 percent); and Hong Kong 79,276 (-13.5 percent).
Compared to 2023, only Japan and China—among the top 12 source markets—showed any significant increases in their number of tourists to the Philippines at 27 percent and 18.04 percent, respectively. Outside of the top 12 list, other significant source markets registering double-digit increases in tourists to the Philippines compared to 2023 were India, up 12.4 percent to 78,995; France 60,743 (+17.7 percent); Spain 46,146 (+35.47 percent); Thailand 45,896 (+12 percent); the United Arab Emirates, 40,026 (+18.53 percent); and Italy 29,943 (+33 percent).
PHL medical costs to rise by double digits in 2025
By Reine Juvierre S. Alberto
MEDICAL costs in the Philippines are seen to rise by double digits in 2025 and are projected to remain elevated over the long term, according to a survey of health insurers by WTW.
Based on the WTW Global Medical Trends Survey, medical insurance costs are expected to increase by 18.3 percent, the second-highest growth among markets in Asia Pacific trailing Indonesia (19.4 percent).
Despite being slightly lower than last year’s 19.3 percent and 17.9 percent in 2023, WTW said the trend will remain elevated.
H ealth insurers cited higher costs of medical services and procedures for the rising costs per claim.
Medical practitioners recommending too many services, as well as overprescription of medications and diagnostics, result in unnecessary and excessive costs.
Cost drivers also include higher costs of new medical technologies and the pressure of being placed on private healthcare providers as public healthcare systems are overwhelmed.
“ Continued pressure is being placed on private healthcare providers in the Philippines. Although the rise in availability of telehealth and other virtual care offerings is expanding access to healthcare in the Philippines, it also contributes to increasing costs,” WTW Philippines Head of Health and Benefits Net Badal said.
“Coupled with the shortage of manpower in the healthcare sector in the country, the double-digits
trend of medical cost increases remains and is expected to rise in the near future,” Badal added.
D ata from the Insurance Commission showed the HMO industry suffered net losses of P1.435 billion in 2022 and P4.267 billion in 2023 due to higher claims and benefits paid.
A s medical inflation rose to 19.3 percent in 2024, WTW said the HMO industry adjusted its pricing assumptions annually to address the continuous increase in utilization trends.
“Although reports indicate that [health maintenance organizations] HMOs are recovering in the first half of 2024, ongoing negotiations between two HMO
associations and various doctor groups regarding a potential 80- to 150-percent increase in professional fees are still driving the projected double-digit medical inflation projected for 2025,” Badal said. W TW said sustainable solutions and collaboration among individuals, healthcare providers and the government are needed to build a resilient, cost-effective healthcare system that ensures affordable quality care for all. Cost sharing aimed at apportioning medical costs between insurers and members can also help to manage costs. This will help to minimize overuse and overprescription of care,” it added.
A NZ Research said that the specific target is to reduce it to 59.8 percent GDP from 61.3 percent at the end of the third quarter of 2024. Of the four economies, the most optimistic projections are for the Philippines, where 2025 nominal GDP growth has been assumed at 9 percent. The underlying Real GDP growth assumption is 7percent, “which will be hard to attain given the weakness in private domestic demand and exports.”
I t can be noted that the country’s economic growth is consumption-driven. The common estimate is that public and private consumption account for 70 percent of the country’s GDP. On balance, the 2025 projected fiscal stance will not offer much resilience against the emerging macro headwinds. Relaxing this stance will be politically challenging and time consuming,” ANZ Research said. In short, a fiscal policy should be punching harder, but this ingredient is missing in the 2025 budgets,” it also said. A NZ Research also said net welfare support from the government may not be enough. Net welfare support is measured by the difference of new tax measures and welfare spending.
Despite the increases in education spending and social services through the national budget, ANZ Research said these will be outweighed by the postponed passage of new taxes last year.
A NZ Research said the net welfare support metric in the Philippines will be mildly negative at 0.03 percent of GDP.
savings have been increasing in the last two-and-a-half years.
These confirm that the purchasing power of most Filipino families is falling despite inflation moderating and employment supposedly improving,” Africa said.
C iting figures from the Bangko Sentral ng Pilipinas, Africa said there are 20.1 million households without savings in the fourth quarter of 2024, which grew from 1.5 million households since the second quarter of 2022.
“ Pushing through with the SSS contribution hike will be just the latest burden on SSS members among these 16-20 million poor and low-income families,” Africa said, citing there are 16.3 million families who rated themselves poor by September 2024.
“ This is an additional burden that is immediately and directly under the control of the government, unlike the more complex matters of inflation and joblessness,” he added.
R epublic Act No. 11199 or the Social Security Act of 2018, signed by former President Rodrigo Roa Duterte, mandates SSS to increase the contribution
rate every two years starting in 2019 until 2025.
Th e contribution rate was set at 12 percent beginning in 2019 and increased to 13 percent in 2021 and to 14 percent in 2023.
The contribution share will be split, with the employer paying 10 percent while the employee will shoulder 5 percent.
“ These changes are designed to strengthen the Social Security System and to provide greater benefits and long-term financial security to all members,” SSS said on its website.
A frica said the government can mitigate the impact on SSS funds by increasing subsidies to improve its actuarial life.
A much more progressive tax system with higher income taxes on large corporations and on wealthy families, windfall land valuation taxes from infrastructure projects and a billionaire wealth tax are needed to be generated to subsidize a more complete social protection system, Africa said.
“Contribution-based schemes will always have gaps and low coverage as long as poverty and low incomes are widespread,” he added.
We believe a key gauge of efficacy in 2025 will be the ability of fiscal policy to stimulate household consumption. This is because of two reasons: our focus is on cyclical fiscal support as opposed to capital spending, [the impact of which] on economic activity tends to be spread out, and the postpandemic rise in income equality has adversely impacted lower- and middle-income groups who have a higher propensity to consume,” ANZ Research said.
Capital Economics
EARLIER , London-based Capital Economics said additional rate cuts that will be implemented by the Bangko Sentral ng Pilipinas (BSP) will not be enough to boost the Philippine economy next year as it expects a slower pace of growth for household consumption and remittances.
Capital Economics sees Philippine GDP growing by 5.8 percent in 2025, a projection that is “below consensus.” For 2026, GDP expansion will be faster at 6.5 percent. Th e projected growth for 2025 is also below the government’s target of 6 to 8 percent, as per the latest assumptions made by the inter-agency Development Budget Coordination Committee. (See: https://businessmirror.com. ph/2024/12/16/growth-seenslowing-despite-bsp-rate-cuts/).
The conditions will remain in effect for five years, with possible extensions depending on market conditions. Violations could result in daily fines of up to P 2 million per infraction, until the entity fully complies, in addition to other penalties and sanctions.
The PCC noted that these safeguards strike a balance between encouraging investments in critical energy infrastructure and ensuring a fair and competitive market that benefits consumers, businesses, and the broader economy.
D imalanta said her office has yet to receive a copy of the PCC document that approved the deal.
“So, we’re looking forward to receiving a copy of the decision of the PCC so that we can complete our evaluation of the PSAs,” she said.
“There were commitments made by the parties that also involve us. So we’ll need to coordinate.”
In March last year, the ERC declared that the power units of Aboitiz, SMC, Lopez dominate the generation sector. Aboitiz Equity Ventures Inc. topped the list with 5,745.22 MW or a share of 22.47 percent of the national IGC. SMC came next with 5,057.36 MW or a 19.78-percent MSL. First Gen Corp. was third with 3,392.89 MW or 13.27 percent.
A maximum SRP on imported rice can stabilize prices but may discourage imports, cause shortages, or harm farmers if set too low. Enforcement and farmer support are crucial,” Dacul told the BusinessMirror E arlier, the DA said it is mulling over the removal of brand labels from imported rice on reports that these are allegedly being employed as manipulation tactics by some industry players to inflate rice prices. The retail prices of imported rice in Metro Manila markets ranged from P40 to P54
and
Lawmaker proposes prisoner exchange with other countries
By Jovee Marie N. dela Cruz @joveemarie
ALEADER of the House of Representatives has called on the government to establish an International Prisoner Transfer Program that would allow Filipinos convicted abroad to serve their prison terms in the Philippines, closer to their families.
Minority Leader Marcelino Libanan called on the Department of Foreign Affairs (DFA), the Department of Justice (DOJ), and the Department of Migrant Workers (DMW) to work out the details of the new program, which he suggested could be modeled after a similar initiative in the United States.
“We need a program that will facilitate the transfer of Filipinos convicted of crimes and incarcerated in other countries so that they can serve the remainder of their sentences here at home, closer to their families,” Libanan said.
“There’s no question that bringing Filipino offenders closer to their loved ones will be more conducive to their rehabilitation,” Libanan added.
He stressed that a formal program could strengthen efforts to provide better support for
incarcerated overseas Filipinos and help their reintegration into society post-incarceration.
“In the United States, their international prisoner transfer program is administered by their Department of Justice’s International Prisoner Transfer Unit, while their Department of State, which is equivalent to our Department of Foreign Affairs, is the chief negotiator of all prisoner transfer treaties,” Libanan said.
Last month, Jakarta repatriated death row survivor Mary Jane Veloso to Manila after she spent nearly 15 years in an Indonesian prison for drug trafficking.
A domestic worker and mother of two, Veloso was arrested in Yogyakarta in 2010 after she was found with 2.6 kilos of heroin concealed in her suitcase. She received a temporary reprieve from execution in 2015.
Veloso, 39, from Cabanatuan City, is currently confined at the Correctional Institute for Women in Mandaluyong City. A previous report by the DMW indicate that a total of 1,254 Filipinos have been convicted of various offenses abroad and are currently locked up in countries across the Asia-Pacific, Europe, and the Middle East.
Deployment of Pinoy workers to Kuwait to go on–DMW
By Samuel P. Medenilla @sam_medenilla
DESPITE the recent killing of Filipino maid Dafnie Nacalaban in Kuwait, the deployment of other experienced Filipino household service workers (HSW) in the Gulf State will continue, the Department of Migrant Workers (DMW) said.
In a radio interview on Monday, Migrant Workers Secretary Hans J. Cacdac explained that the case of Nacalaban will not lead to a deployment suspension since safeguards are in place to protect Filipino HSWs in Kuwait.
Among the said protective measures for Filipino maids in Kuwait are the prohibition on first timers from working in that Middle East country; whitelisting for recruiters; and requiring the workers to take pre-departure seminars.
“In other words, we have safeguards. So we will look closely at the welfare of those [Filipino HSWs] who are already there,” Cacdac said in Filipino.
However, he noted that thethe department will review the existing guidelines to improve it following the killing of Nacalaban.
The country has an existing bilateral labor agreement with Kuwait for the protection of Filipino workers deployed there.
“So currently, we are reaching
out to our counterparts and we will plug the gaps in the protection of Filipino workers in Kuwait,” Cacdac said. “We are now reviewing the deployment status of Filipinos, especially the domestic workers in Kuwait”
Nacalaban’s decomposing remains were found at the house of a Kuwaiti, who is currently considered by authorities as the main suspect in the murder of the Filipina, last month.
Nacalaban went missing in October after she ’ left her second employer in Kuwait. She had worked in Kuwait for five year prior to the incident.
DMW said it will push for the prosecution of the person suspected to be responsible for the death of Nacalaban and to bring home her remains once it is released by Kuwaiti authorities.
“In our coordination with Kuwaiti authorities, we don’t see any problem in the immediate repatriation of the remains as soon as it is ready and released,” Cacdac said.
DMW restricted the deployment of Filipino workers to Kuwait after the charred remains of another Filipino maid, Jullebee Ranara, was found in the desert in 2023. In response, the Kuwaiti government suspended the issuance of visas to Filipinos, which remained in effect until the ban was lifted in June 2024.
Holiday fireworks injuries now 38 percent higher than last year
MPCG keeps tight watch on Chinese ‘monster ship’
By Rex Anthony Naval
THE Coast Guard (PCG) is maintaing its tight watch on China Coast Guard’s ‘monster ship’ (CCG 5901) which is illegally operating in the country’s exclusive economic zone (EEZ).
“On its second day of patrol, the PCG vessel BRP Cabra continues to actively monitor the movements of CCG vessel 5901. The CCG vessel has been challenged regarding its illegal presence, emphasizing that it lacks the legal
authority to operate within the Philippines› EEZ,” the agency said in a statement late Sunday. CCG ship 5901 is also known as the “monster” due to its size. The ship has a displacement of 12,000 gross tons, making it
the largest Coast Guard vessel in the world.
The PCG said that BPR Cabra made the radio challenge in a response to the claim made by the CCG 5901 that it is conducting law enforcement duties within what it considers as “the jurisdictional waters of the People’s Republic of China.”
“To enhance safety and oversight of legitimate PCG maritime patrols, the [PCG] commandant, Adm. Ronniel Gil Gavan, has deployed the PCG [BN 2] Islander to support these operations. This aircraft will document any potential incidents, including intentional ramming by the CCG vessel, and ensure that immediate rescue
Group to Nazarene devotees: Keep Traslacion litter-free
By Bless Aubrey Ogerio
AN environmental watchdog on Sunday called on Catholic devotees to maintain cleanliness during the Traslacion from January 8 to 9.
The annual religious procession, which commemorates the transfer of the Black Nazarene from Intramuros to Quiapo, is expected to draw around six million participants, according to Manila City Hall.
“We appeal to all the devotees to manifest their gratitude, affection and trust to Nuestro
Padre Jesus Nazareno by keeping the feast as respectful and clean as any faith-inspired act should be,” said Ochie Tolentino, EcoWaste Coalition’s Zero Waste Campaigner.
“On January 8 and 9, most especially, we urge the devotees to take steps to prevent and reduce the volume of trash, notably single-use plastics, left in the streets for others to pick up and dispose of,” she added.
Last year, the Manila City government reported a staggering 158 truckloads of garbage, totaling 468 metric tons, collected after the event.
Over the years, garbage collection figures have varied from 43 to 88 truckloads between 2020 and 2022, with 99 truckloads
operations can be initiated if needed,” the PCG added.
Despite the CCG’s illegal presence approximately 65 to 70 nautical miles off the coast of Zambales, the PCG leadership remains unwavering in its commitment to a vigilant, rules-based, and peace-oriented approach.
“The PCG will continue to take deliberate and appropriately-measured actions to challenge the illegal presence of the CCG until it ceases its violations of the Philippines’ sovereign rights in these waters,” it stressed.
The PCG also said in these monitoring efforts, the safety and security of Filipino fishermen remain its highest priority.
recorded in 2023.
In the past Traslacions, Ecowaste’s monitoring showed that the procession route from Quirino Grandstand to the Quiapo is often littered with bottles, food containers, plastic bags, wrappers, cigarette butts, bamboo skewers and food scraps.
“With Covid-19 pandemic restrictions lifted and everything else has returned to normal, we foresee more trash being generated in this year’s Traslacion,” said Tolentino.
UAE releases 220 imprisoned Filipinos
MALACAÑANG on Monday said 220 detained Filipinos in the United Arab Emirates (UAE) are set to return home soon after being pardoned by the Gulf State during its 53rd National Day last month.
Citing data from Foreign Affairs Undersecretary Ma. Theresa Lazaro, the Presidential Communications Office (PCO) said UAE granted the pardon following the representation from President Marcos.
PCO said UAE announced the pardon on December 26, 2024 to demonstrate its “distinguished friendship” with the Philippines.
“It is the direct result of President Marcos’ meeting with His Highness Sheikh Mohamed Bin Zayed Al Nahyan, President of the United Arab Emirates, last November,” Lazaro said in a statement issued by DFA.
UAE traditionally grants pardon to some of its detainees during its national day, which
Panicky Davao City residents flock to evacuation centers
By Manuel T. Cayon @awimailbox
The DOH said that 499 of the victims are 19 years old and below. Most of the injured are male at 696.
The DOH reminded the parents not to allow their children to handle firecrackers or fireworks for they are dangerous objects that can even blindness, amputation or even death.
The DOH said that those injured should be immediately taken to the hospital to prevent the onset of tetanus. Claudeth Mocon-Ciriaco
ONITORING by the Department of Health (DOH) indicate that a total of 843 firecracker-related injuries have been reported from December 22,2024 up to 6 a.m. of January 6. This number, the department said, is higher by 38 percent compared to the total of 610 cases reported in 2024. The total number of deaths remain at four—three fireworksrelated and one due to stray bullet. Kwitis, is the leading cause of the recorded firecracker injuries, followed by 5-star, and boga.
DAVAO CITY—Residents of at least three villages on the banks of a river here packed their belongings and rushed to an evacuation center on Saturday night when flood waters inundated their homes in Matina Pangi.
The rushing floodwaters reminded the residents of the fierce 2012 flood that killed more than 30 and which later led to the celebrated punching of a court sheriff by then Mayor Sara Duterte. The City Disaster Risk Re -
duction and Management Office said the flood occurred at 6:41 p.m. due to the moderate to heavy rainfall in upstream areas of the city river systems, from the Talomo and Davao rivers in the southern part of the city, to the Bunawan and Licanan rivers north of the city. The rains were brought about by the localized thunderstorm affecting Mindanao.
Video recording by residents circulated through social media showed a huge whirlpool at crossing Matina Pangi, which was also the most affected area in the in 2012 flood, described then as the Davao City version of Typhoon
is celebrated every December 2. Lazaro said the Philippine Embassy in Abu Dhabi is currently processing the documentary and administrative requirements for the repatriation of the pardoned Filipino nationals, who were detained for various offenses.
Aside from those pardoned last month, UAE also issued a similar pardon for 143 detained Filipinos during the commemoration of Eid al-Adha last June.
Samuel P. Medenilla
Ondoy in Manila. The DCDRRMO said the flood affected 617 families, or 2,211 individuals from three riverside barangays running along the length of the Pangi River. At least 11 families evacuated as the flash flood damaged 20 houses, five of them totally. Sirens were earlier activated before the flood to warn of the impending pre-emptive and mandatory evacuation.
Traffic was stopped going to the juncture of Matina Crossing, cutting movement going towards the south of the city. Rescuers assisted by Army troops used rubber boats to reach the flood victims. There were no casualties but residents and villagers were seen throughout the night at the Pangi bridge monitoring the rise and ebb of the waters.
“With the midterm elections fast approaching, some political aspirants to score ‘pogi’ points might even give out free meals and drinks, albeit in disposable plastic or paper containers, which will surely add to the mess,” Tolentino said.
Ecowaste concluded by urging the public to “leave no litter behind; give back to the vendors or donors all beverage and food containers after use; don’t throw used bamboo barbeque skewere anywhere; refrain from smoking or vaping; don’t toss butts or vapes on the ground; desist from spitting and urinating in public; bring a reusable carry bag and avoid single-use plastic bags.”
January is recognized as “Zero Waste Month” and this year marks the 25th anniversary of Republic Act 9003, the Ecological Solid Waste Management Act.
The group also expressed criticism toward political figures who may use the event to gain attention by offering food, which would ultimately contribute to more litter. They also reminded them not to distribute campaign materials or set up tarpaulins along the procession route.
TBy Lenie Lectura @llectura
HE Department of Energy (DOE) has decided to leave out the run-of-river (ROR) hydro technology from the third round of the Green Energy Auction (GEA-3) because it is already eligible for the government’s feed-in tariff (FIT) scheme.
“The DOE will exclude the ROR hydro from GEA3 in view of the ongoing FIT system for ROR hydro, which to date remain undersubscribed,” the agency said via Facebook. Consequently, the Energy Regulatory Commission (ERC) shall no longer release the Green Energy Auction Reserve (GEAR) price for ROR under GEA-3. “We received comments from DOE that they will no longer include ROR hydro in the auction. What we will do is update the FIT in ROR hydro so that it continues as part of the FIT
Lawmakers’ pet projects find their way in tourism budget
By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror
THE key tourism agencies of the goverment received significant increases in their budgets under the recently signed General Appropriations Act (GAA) for 2025.
This developed as Congress once more allocated funds, in the form of a P1.55-billion subsidy, for their pet tourism infrastructure projects in Puerto Galera, Bicol, and Tacloban.
Documents published by the Department of Budget and Management (DBM) indicated a final approved allocation of P3.84 billion for the Department of Tourism (DOT) and its attached agencies, the National Parks and Development Committee (NPDC), the Intramuros Administration (IA), and the Philippine Commission on Sports Scuba Diving (PCSSD). This is a 13-percent increase from their P3.4-billion proposed overall budget under the National Expenditure Program (NEP) 2025, which was discussed and tweaked by both chambers of Congress, before finally being submitted to Malacañang for the President’s
Continued from A3
program. It is a better fit for the FIT program because the law included it. We will now sit down and discuss it as a revision to the FIT rate,” said ERC Chairperson Monalisa Dimalanta in a news briefing.
Before GEA, there was the FIT program. Both are designed to increase the renewable energy (RE) utilization in the country in hopes to expand the share of renewables in the energy mix to 35 percent by 2030 and 50 percent by 2040.
GEA uses competitive bidding to determine prices while FIT offers fixed rates set by the government.
The DOE said it will continue supporting
signature.
The largest budget increases are going to the DOT-Office of the Secretary, which will now receive P3.14 billion, up P30 million from the P2.84 billion it was initially allocated, and the IA, which has been allocated P296 million, up by P149.4 million from the NEP’s P146.6 million.
NPDC, which oversees Rizal Park (Luneta) and Paco Park, has been funded with P379.4 million (a decrease of P4.9 million), while the PCSSD budget has been cut by P1 million, with the final GAA budget at P24.43 million.
Tieza gets unrequested subsidy THE DOT hopes to attract 8.4 million inbound tourists and generate some 103 million domestic trips this year under the baseline or the most conservative scenario of its National Tourism Development
and providing appropriate market mechanisms for ROR hydro and other emerging RE technologies. For GEA-3, the government will offer 300 megawatts (MW) of impounding hydro capacity, 4,250MW of pumped storage hydro (PSH), and geothermal (100MW) contracts with a combined capacity of 4,650 megawatts (MW).
Based on the latest GEA3 timeline released by the DOE, GEA3 is scheduled on February 11, 2024 while issuance of notice of award to the winning bidders will take place from May 20 to July 4. “The administration of GEA3, with the majority of the capacity coming from PSH, will pave the way for greater entry of RE energy in the grid’s energy mix, provide grid stability and reliability, foster a cleaner and
Plan (NTDP) for 2023-2028. But with the likelihood that it missed its 7.7-million inbound tourists target in 2024, the agency is expected to revise its foreign tourists and possibly other targets for the rest of the remaining years under the plan. However, visitor receipts as of December 15, 2024 reached P712 billion, exceeding the P500-billion target under the NTDP, with the continued weakening of the Philippine peso against the US dollar. (See, “DOT to ‘recalibrate’ NTDP targets next year amid missed 2024 goals,” in the BusinessMirror , December 19, 2024.)
Meanwhile, President Marcos approved the allocation of P1.55 billion for the Tourism Infrastructure and Enterprise Zone Authority (Tieza) in the form of a subsidy, to build four local projects. These projects are the Construction of a Baywalk in the Cruise Port located in Brgy. Poblacion, Puerto Galera in Oriental Mindoro amounting to P10 million; the Mayon Volcano Heritage Aesthetic Lighting - Phase 2 (P750 million); the Construction of the Bicol International Sports Stadium - Phase 1 (P390 million); and the Construction of the Tacloban International Sports Stadium - Phase 1 (P395 million).
This year’s subsidy for Tieza is substantially larger than P620million subsidy the President
more sustainable future, and at the same time ensure a transparent and competitive selection process of RE Facilities,” the DOE said.
A pre-bid conference is scheduled on January 23.
The ERC already released the Price Determination Methodology (PDM) for NonFIT-Eligible Renewable Energy Technologies in the GEAP.
Under the PDM, non-FIT-eligible facilities will undergo a two-point evaluation. The project development cost, net capacity factor and weighted average cost of capital components of each bid would be evaluated first to determine if they meet the minimum score requirements.
A weighted scoring system will also be adopted in the second part of the ERC’s
approved for the governmentowned and -controlled corporation (GOCC) under GAA 2024, which went to fund, among others, a P100-million masterplan for the development of tourism in the West Philippine Sea. (See, “Resort villas in the WPS? Tieza bids out project study,” in the BusinessMirror, Sept, 23, 2024.)
Like last year, Tieza did not request for a subsidy for its operations in 2025.
Travel taxes
THE operations of Tieza, the infrastructure arm of the DOT, is mostly funded from travel taxes collected from passengers departing the country. The GOCC did not request for a subsidy under the NEP 2025.
This year, Tieza is projecting to collect some P6.85 billion in travel taxes, up 26 percent than the P5.4-billion collection target in 2024. Per law, Tieza is allowed to retain 50 percent of said taxes to fund its operations, while the rest are distributed among the Commission on Higher Education (40 percent) and the National Commission on Culture and the Arts (10 percent).
Tieza’s Board of Directors has approved a Corporate Operating Budget of P3.79 billion for 2025, based on the retained portion of travel tax collections and income from tourism assets it oversees.
evaluation. The ERC said each parameter will be assigned a predetermined weight depending on its impact on the tariff.
The GEAR prices for the green auction must be finalized first before an auction takes place. GEA3 was supposed to happen last year.
In the last two years, the DOE has conducted two rounds of auction which generated a total of 5,306MW of RE capacities committed to deliver power in 2024 to 2026. However, the DOE received commitment for only 3,580.76 MW out of the 11,600 MW offered under the GEA2.
The DOE earlier cited supply limitation, low incentives, delay in the conduct of grid impact studies, and the cost of financial guarantees as some of the reasons for low investor turnout during the GEA-2.
Let’s build an ethical business culture while joining government’s anti-corruption drive
By Henry J. Schumacher
ALLOW me to start with an amazing statement of former US President Jimmy Carter, who died at the age of 100 very recently:
“A strong nation like a strong person, can afford to be gentle, firm, thoughtful, and restrained. It can afford to extend a helping hand to others.”
As we step these days into the new business year 2025, I request everybody to be that strong person. We all have to understand that we have to contribute to a better Philippines, supporting politicians, businessmen, the youth and the poor. With government taking anti-corruption more seriously now, I think that we have to be aware that in corruption it needs two to tango: the government official who takes and the private sector person who is ready to give. While we always complain about the ‘corrupt government agencies and their practices’, it is time now to get the house of the private sector in order too.
When we in business talk about competitive advantages, building and maintaining an ethical culture must be part of the agenda. The private sector has to build an ethical culture in practice. What is the difference between ethics and building a culture of trust?
Ethics are a set of principles. An ethical culture is a culture committed to pursuing those principles—and sometimes the pursuit of those principles leads an employee to take actions somebody else might dislike. Perhaps the employee reports suspicions of misconduct, involving bribery or collusion in competition or mismanagement of data privacy.
Either way, the employee needs to trust that the company will support that decision to step forward. The apparatus of a corporate compliance program—the training, the internal reporting systems, the Code of Conduct, the due diligence procedures; all of it—should work toward the goal of a strong sense of trust within the organization.
When you view “building an ethical culture” from that perspective, suddenly several tasks rise to the top of the priority list.
For example, as much as we all love a strong internal reporting system, most employees report their concerns to managers. Most employees also take their cues about how to behave from managers. Consequently, training managers about how to weave ethical standards into the company’s daily routines is critical.
Formal training will always be important; employees will always need to know what the law says about bribery, or privacy, or collusion, or whatever else comes along. Culture, however, is much more than training, full of informal practices, norms, and expectations. Therefore, ethics and compliance programs must work with middle managers on what those practices, norms, and expectations are, and how to base them on the company’s ethical principles. That’s where you win or lose this battle.
Senior leaders have a crucial role in building an ethical culture too since they send the signals about the corporate culture that people in operations translate into daily routines. Let’s look at 3 ways you can build an ethical culture:
1. Develop clear ethical values—honesty, respect, fairness; whatever fits your organization. Talk with senior leaders and the board about what those values should be. Put them in the Code of Conduct, in a place of prominence so that every employee is aware of it.
2. Develop clear training materials based on those values. Create real-life scenarios that employees might encounter, where the resolution shows how ethical conduct is the higher priority than commercial success.
3. Refine your internal reporting system to assure the confidentiality of whistleblowers. Someone who does report an allegation to a hotline (or some other system that circumvents his or her manager) has a fear about doing the ethical thing. He or she needs to trust that the company will protect their identity—that is, they need to trust the system. They need to see that your internal reporting system is trustworthy.
Those are only a few examples of what building an ethical culture entails. It’s long, painstaking work, that relies on communication and collaboration but that’s how you get to an ethical culture.
In conclusion, please follow the above statement of Jimmy Carter. Remember that a strong person can afford to be gentle, firm, thoughtful and restrained. Extend a helping hand to others, Feedback is welcome; please email me at hjschumacher59@ gmail.com.
Super elections year kicks off with ballot printing
By Justine Xyrah Garcia
THE
Commission on Elections
(Comelec) officially launched the super elections year on Monday by commencing the printing of ballots for the May 2025 national, local, and parliamentary polls.
During a press briefing at the National Printing Office, Comelec Chairman George Erwin M. Garcia confirmed that the printing process is proceeding despite a pending request for a temporary restraining order at the Supreme Court. Hanggang sa oras na ‘to, wala pang natatanggap ang aming law department na kahit anong injunctive [order] from the honorable SC,” Garcia said. Comelec explained that it had
DND, AFP more
‘steadfast’ in defending PHL–Teodoro
By Rex Anthony Naval
THE Department of National Defense (DND) and the Armed Forces of the Philippines (AFP) will be more “steadfast” in protecting the Philippine sovereignty and upholding humanitarian values this 2025.
This was stressed by DND Secretary Gilberto Teodoro Jr. during the recently concluded New Year’s Call where ranking defense and military officials attended in Camp Aguinaldo, Quezon City last January 3. Teodoro, in his speech, said this call reflects on the overall theme of resilience and unity.
He emphasized that the defense organization must “not allow the Philippines to be subjected to any distortions in narratives or momentum.”
“Every life is precious, and ‘no one left behind’ is our commitment—not only to our people but also to our international commitments,” the DND chief said. Teodoro also thanked the Philippines’ foreign partners for their support in upholding the country’s sovereignty and rights under international law.
Meanwhile, AFP chief Gen. Romeo Brawner Jr. shared the military organization’s priorities for 2025, including the modernization of the armed forces, enhancement of defense capabilities, and establishment of strong presence in strategic areas of the country.
“We will enhance our naval, aerial, ground, air defense, and cyber capabilities to protect our resources and ensure the security of our waters, always adhering to international law,” he added.
Tolentino files Senate reso for probe of drone found off Masbate waters
By Butch Fernandez @butchfBM
SENATE Majority Leader
Francis Tolentino on Monday filed a resolution seeking a Senate inquiry into the submersible drone found last December 30 in Philippine waters off Masbate.
“We want the probe because there are many mysteries, many questions unanswered” about the incident, Tolentino said, partly in Filipino.
He said he was dismayed to know that the Philippine Navy investigation “will take eight weeks to conclude” from the time the drone was discovered and surrendered to the Navy last December 30. The 12-foot drone was colored yellow, he noted, indicating it was used for “scientific” purposes. The drones used for military purposes are colored black, he said.
“Was there a violation of the international rules governing scientific forays by foreign groups inside a coastal state?” he asked aloud. The forensics will answer that,” he said.
Meanwhile, he said the Department of Foreign Affairs (DFA) must say if there was a permit from the coastal state as provided under the UNCLOS for a foreign entity to mount scientific expeditions in Philippines waters.
He said he was “100 percent sure” the drone came from a “mother ship within Philippine seas,” but then offered the possibility it “may have been airborne” or dropped into the sea.
On the other hand, he granted the possibility that the drone was actually deployed elsewhere, but was carried to the waters off Masbate because of the “series of storms” that hit the Philippines in the last quarter of 2024.
A foreign research vessel can, among others, be investigating “to test for salinity, the waves, the underwater currents, or the resources beneath the sea,” Tolentino said.
The deployment can be a “prelude to a research that could lead to something bigger,” he added. Hence, the cruciality of DFA and the Navy being active and prompt in looking into the matter.
Shocking numbers: Over 2,000 underage mothers potential victims of sexual abuse, research suggests
By Cai U. Ordinario @caiordinario
informed the Supreme Court last week about the scheduled start of ballot printing on January 6, as part of its election timeline.
With this, Garcia said that the initial batch of ballots that will be printed will be for testing, as well as for overseas and local absentee voting.
On the same day, the printing of ballots for the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) also began, covering both national and local elections and the region’s firstever parliamentary polls.
This marked a shift from Comelec’s earlier announcement that BARMM ballots would be printed last to allow Congress more time to decide on the timing of the parliamentary elections.
Starting Tuesday, ballots will be printed region by region, with Metro Manila scheduled last due to its proximity.
Garcia explained that this strategy prioritizes ballots for distant regions to address logistical challenges in deployment.
The printing of 73 million ballots is expected to take 77 days, ending by April 14.
The timeline includes contingencies for possible delays, such as machine malfunctions or printing glitches.
Around 950,000 ballots are projected to be printed daily.
Once printing is completed, all ballots will undergo a thorough verification process to ensure accuracy in color, timing marks, and alignment. Each ballot will also be tested with automated counting machines to confirm compatibility.
Any defective ballots will be reprinted to maintain quality and reliability.
Garcia emphasized that while the 2025 ballots use simpler materials than those from the previous polling years, they remain highly secure.
This year’s ballots are printed on locally sourced 100 gsm paper, compared to the 160 gsm paper used in 2022, which had to be outsourced internationally.
Despite the lighter material,
DMW set to release Magna Carta of Filipino Seafarers’ IRR this week
Samuel P. Medenilla @sam_medenilla
THE Department of Migrant Workers (DMW) is set to release the Implementing Rules and Regulation (IRR) or Republic Act (RA) No. 12021, or the Magna Carta of Filipino Seafarers this week.
This after the agency together with the Maritime Industry Authority (MARINA), and the Maritime Industry Tripartite Council (MITC) finalized the provisions
of the IRR during its stakeholder consultation last Monday.
“Concerned stakeholders in the maritime industry, including labor, government, and management thoroughly reviewed the IRR to ensure coverage of all the critical provisions of the law that guarantee safe working conditions and enhanced social protection for Filipino seafarers in the global maritime scene,” DMW said in a statement last Monday.
DMW was initially targeting to
release the IRR last month.
Labor and migrant advocate groups are eagerly awaiting on how the IRR of the RA 12021 will try to address their concerns on the controversial bond requirement for seafarers with claims pending for judicial review.
They pointed out the said provision is discriminatory since it will only apply for seafarers and that it can also delay the release of claims.
The Federation of Free Workers (FFW) said it will consider
DepEd launches training for ESM teachers to boost learning outcomes, meet international standards
By Claudeth S. Mocon-Ciriaco @claudethmc3
THE Department of Education (DepEd) on Monday kicked off its training for English, Science, and Mathematics (ESM) teachers, learning sessions for learners and their parents to support school activities as part of the agency’s continuing efforts to improve learning outcomes.
The training sessions, in partnership with Khan Academy and Frontlearners, are expected to en-
ASENIOR lawmaker has called for stronger unity between Congress and Malacañang in the new year to sustain the momentum of legislative reforms.
Camarines Sur Rep. Luis Raymund Villafuerte, the National Unity Party (NUP) president, reiterated the chamber’s commitment to advancing the President’s agenda, particularly measures aimed at economic recovery, institutional reforms, and social protection for vulnerable groups.
According to Villafuerte, the exceptional legislative accomplishments of the House of Representa-
would be victims of sexual abuse.
“If we apply the provisions of this law, which stipulates that sexual relations involving a girl under 13 years old or a girl age 13–14 whose sexual partner is more than 3 years older constitutes sexual abuse, then an estimated 87 percent of the 3,135 births in 2022 could be classified as resulting from sexual abuse,” the researchers said.
“These findings underscore the urgent need to address compromised consent and its role in exacerbating the pressing issue of adolescent pregnancy,” they added. The researchers said based on the data,
able teachers to conduct learning sessions better, leading to improved academic performance aligned with international standards.
“We are equipping our teachers with cutting-edge tools and strategies to provide world-class instruction in English, Science, and Math. By empowering our educators, we are not only enhancing classroom learning but also preparing our learners to excel academically and meet the challenges of an everevolving world,” said Education Secretary Juan Edgardo “Sonny”
tives under the 19th Congress can be attributed to the “purposive, action-oriented” leadership of Speaker Ferdinand Martin G. Romualdez.
This productivity, Villafuerte has solidified the House’s role as a critical partner of President Ferdinand R. Marcos Jr. in his “Bagong Pilipinas” vision for an inclusive and prosperous Philippines.
Villafuerte highlighted the House’s success in passing 61 of the 64 priority measures identified by the President and the LegislativeExecutive Development Advisory Council (LEDAC).
“This achievement underscores the pivotal role of legislation in
the age gap between the partners of these young mothers and the fathers of their children was an average of 7 years, indicating that the men were of legal age.
Based on the data, the researchers found that the age difference between the fathers of the children of underage mothers was 6 to 9 years for 32.4 percent of births to under 15 year old girls.
T his was followed by 25.5 percent who have age gaps of 4 to 5 years; 21.4 percent, 10 years or older; 19.9 percent, 1 to 3 years; and 0.8 percent, the same age. Less than 0.01 percent of the fathers were younger
Garcia assured the public that the ballots are difficult to counterfeit due to strict security features.
“May naka -embed na security markings sa papel Naka -match ‘yun sa machine at precinct, meaning hindi basta-basta tatanggapin ng isang makina ang balota if hindi match,” he explained. Each ballot will undergo a 14-second verification process to check all security features, filing marks, and embedded measures. Non-matching ballots will be rejected.
This year’s ballot printing marks the earliest start in Comelec history. Typically, printing begins in February, but for the 2022 elections, it started on January 22.
questioning the legality of the bond provision RA 12021 once it is implemented. Meanwhile, supporters of the said provision, which includes manning agencies, lauded the bond requirement since they noted it can prevent “ambulance chasing” or the practice of unscrupulous individuals to influence seafarers and/or their heirs to file claims to earn profit through court awards. Those who backed the provision also said it can help shipowners to recover some amount in case the courts will junk the claims filed by seafarers. President Ferdinand Marcos signed RA 12021 on September 23, 2024 in Malacañang “to uphold the fundamental rights of Filipino seafarers.
Angara. Following the series of activities, ESM teachers will have exam on the platform for all ESM teachers in each region.
After the training and exam of teachers in their respective subject areas, School Division Superintendents (SDS) will identify teacher-trainers per subject who will serve as Learning Sessions and Socio-emotional Learning facilitators for learners in their respective divisions.
Beginning January 10, DepEd’s
shaping a stronger, more inclusive Philippines,” Villafuerte said.
Apart from its legislative productivity, Villafuerte noted that the House has exercised its oversight functions effectively. This includes ensuring that government programs benefiting senior citizens, solo parents, and persons with disabilities (PWDs) are implemented as intended.
Under Romualdez’s leadership, the House passed 1,368 measures, of which 166 have been enacted into law, including amendments to the Government Procurement Reform Act, the Anti-Financial Accounts Scamming Act (AFASA),
than the mothers.
“These statistics raise critical questions about whether girls under age 15 can genuinely give informed consent for sexual activity, especially when such acts can result in pregnancy,” the researchers said. In order to address this, the researchers recommended the strengthening of the comprehensive sexuality education (CSE) program. The focus should be on young girls in order to prevent adolescent pregnancies.
Curriculum and Teaching Strand will circulate Learning Sessions and Socio-emotional Learning (SEL) guides to the field offices. These materials will be used in the training of ESM teacher-trainers from January 13 to 15, 2025. After the training of teachertrainers, Learning Sessions for learners will be implemented from January 16 to March 10, 2025 (8 weeks).
This includes the orientation of learners on the use of the DepEd Learning Management System (LMS), Khan Academy, and Frontlearners platforms, assessment activities, and coaching and socio-emotional learning sessions.
amendments to the Anti-Agricultural Smuggling Act, the Enterprise-Based Education and Training (EBET) Program, the Archipelagic Sea Lanes Act, the CREATE MORE Act, and amendments to the Rice Tariffication Law. Reflecting on the House’s recordbreaking productivity, Villafuerte reaffirmed the NUP’s support for Romualdez and President Marcos’ socio-economic reform agenda. He anticipates an even “brighter future” for the Philippines as these reforms pave the way for increased public spending on infrastructure and social programs, creating jobs and uplifting the poor.
The authors also recommended improving access to adolescent-friendly reproductive health services. This should include access to contraception and prenatal care.
“The provision of contraceptives to minors who are already mothers without the need to have written consent from their parents or guardians, as stipulated in the RH Law, must therefore be reinforced,” the authors said.
The CSE program, the researchers said, would help young girls improve their knowledge and skills in making informed decisions about their sexuality and reproduction. This includes delaying sexual activity and practicing safe sex to prevent early and unintended pregnancies.
The World
North Korea launches missile as Blinken visits Seoul, raising tensions ahead of Trump’s return
By Kim Tong-Hyung The Associated Press
SEOUL, South Korea—North Korea on Monday fired a ballistic missile that flew 1,100 kilometers (685 miles) before landing in waters between the Korean Peninsula and Japan, South Korea’s military said, extending its weapons testing weeks before Donald Trump returns as US president.
The South’s Joint Chiefs of Staff said the midrange missile was fired from an area near the North Korean capital Pyongyang and that the launch preparations were detected in advance by the US and South Korean militaries. It denounced the launch as a provocation that poses a serious threat to peace and stability on the Korean Peninsula.
The joint chiefs said the military was strengthening its surveillance and defense posture in preparation for possible additional launches.
Japan’s Defense Ministry said the missile landed outside its exclusive economic zone and that there were no reports of damage to vessels or aircraft.
Japanese Prime Minister Shigeru Ishiba expressed concern that the North’s accelerated pace in missile tests is advancing its capabilities. The North last year tested various nuclear-capable systems that threaten its neighbors and the United States, including a new solid-fuel intercontinental ballistic missile that achieved both the highest altitude and longest flight time of any missile the country has launched.
Blinken holds talks in Seoul as political turmoil shakes South Korea
The launch came as US Secretary of State Antony Blinken was visiting Seoul for talks with South Korean allies over the North Korean nuclear threat and other issues.
Blinken’s visit comes amid political turmoil in South Korea following President Yoon Suk Yeol’s short-lived martial law decree and subsequent impeachment by parliament last month, which experts say puts the country at a disadvantage in getting a steady footing with Trump ahead of his return to the White House.
Canada’s Justin Trudeau likely to resign this week, Globe says
By Bloomberg News
JUSTIN
TRUDEAU is expected to announce his resignation as leader of Canada’s Liberal Party this week, the Globe and Mail reported, a move that would trigger a contest to replace him as prime minister.
Trudeau has been under pressure from elected lawmakers in his party to quit for months.
That has only intensified since Chrystia Freeland, his finance minister, stepped down on December 16, saying she and the prime minister were at odds on policy.
Trudeau’s decision about what to do next is being held very closely, according to a person close to the prime minister. The Globe report, which cited people the newspaper didn’t identify, did not say that Trudeau has firmly made up his mind to give up power.
Liberal lawmakers are scheduled to hold a caucus meeting on Wednesday.
After the split with Freeland,
some of Trudeau’s closest advisers held the view that the prime minister would be unable to survive the political fallout, people familiar with the matter told Bloomberg News.
More than 20 Liberal members of parliament have publicly called for Trudeau’s departure, and even more have said in private meetings that the prime minister has no choice but to leave. The Liberals have 153 seats in the House of Commons, including Trudeau’s.
“The country could face instability, notably from an economic threat in the potential of a 25 percent US tariff on Canadian imports from the incoming administration,” said a recent letter sent to the prime minister by Kody Blois, who leads a group of Liberal members from the four easternmost provinces. “Simply put, time is of the essence,” Blois said, adding that it’s “not tenable for you to remain as the leader.”
The Canadian currency strengthened as much as 0.4 percent to C$1.4388 per dollar after the Globe report before paring those gains. The currency has been trading near its weakest level since March 2020 and has lost more than 7 percent against the greenback in the past year.
“Traders may be buying the loonie on the view that the worst
is over for Canadian politics after all the recent uncertainty,” said Ken Cheung, a strategist at Mizuho Bank.
The prime minister has largely disappeared from public view since Freeland posted her stinging resignation letter. Trudeau spent much of the holidays at a ski resort in western Canada and hasn’t spoken with reporters since returning to Ottawa.
If Trudeau, 53, does announce he intends to step down after nine years in power, it will kick off an internal party tussle over how to choose a successor. If he resigns immediately, the Liberals would likely select an interim leader from within its elected caucus.
However, it’s also possible Trudeau will decide to stay in office while Liberal Party members conduct a leadership race to choose his successor. The timeline for a party contest would have to be very tight, given the major opposition parties have said they intend to vote against the government in the next sitting of the House.
Parliamentary experts have said the government may only have until March before it would face a vote of non-confidence in the House.
The rules of the leadership race would also be hotly contested within the party. Freeland has been calling Liberal lawmakers and is widely expected to run for leader if the chance arises.
Mark Carney, the former governor of the Bank of Canada and the Bank of England, may also run if it’s an open contest that doesn’t favor sitting lawmakers, said one person familiar with the matter. Trudeau had earlier courted Carney to enter cabinet as finance minister, a move that eventually led to Freeland’s resignation. Carney is the chair of Brookfield Asset Management and Bloomberg Inc., among other roles.
Members of Trudeau’s cabinet who are frequently mentioned in discussions about the party leadership include Foreign Affairs Minister Melanie Joly; Industry Minister François-Philippe Champagne; and Anita Anand, the minister in charge of transportation and internal trade. All will have to calculate whether now is the right time to helm the Liberals. A new survey by Nanos Research, taken in late December, has the Conservative Party extending a huge lead going into an election year. With assistance from Ruth Carson/Bloomberg
China protests US sanctions for its alleged role
in hacking, complains of foreign hacker attacks
By Elaine Kurtenbach Ap Business Writer
BANGKOK—China has slammed a decision by the US Treasury to sanction a Beijing-based cybersecurity company for its alleged role in multiple hacking incidents targeting critical US infrastructure, while the Chinese cyber security agency complained Monday of attacks on Chinese networks.
Asked about the sanctions against Beijing-based Integrity Technology Group, Chinese Foreign Ministry spokesperson Guo Jiakun said the country has cracked down on cyber attacks and that Washington was using the issue to “defame and smear China.”
“For some time now, the US side has been playing up so-called Chinese cyber attacks and has even initiated illegal unilateral sanctions against China,” Guo said. “China firmly opposes this and will take necessary measures to safeguard its legitimate rights and interests.”
Integrity Technology Group said the move by Washington had “no factual basis.”
“The company firmly opposes the US Treasury Department’s unwarranted accusations and Illegal unilateral sanctions on the company,” the company, also known
and
as Yongxin Zhicheng Technology Group, said in a statement Monday to the Shanghai Stock Exchange.
The China National Cyber Security Information Center said it had discovered attacks from various malicious websites and foreign IP addresses, including some in California and Florida.
It also reported attacks from the Netherlands, Singapore, Mexico, Turkey and Vietnam using Trojan programs, botnets, phishing, theft of intellectual property and violations of privacy.
“They pose a major threat to China’s domestic networked units and Internet users and some activities have been suspected of criminal offenses,” the center said in a notice on its WeChat social media site. On Friday, the Treasury’s Office of Foreign Assets Control hit Integrity Technology with sanctions that block access to US property and bank accounts and prevent the targeted people and companies from doing business with Americans. It cited alleged multiple hacks against US victims, including incidents attributed to Flax Typhoon, a Chinese statesponsored campaign that targets
TRUDEAU BLOOMBERG
THE American
Chinese flags wave at Genting Snow Park ahead of the 2022 Winter Olympics on February 2, 2022, in Zhangjiakou, China. AP/KIICHIRO SATO
A TV screen shows a file image of North Korea’s missile launch during a news program at Seoul Railway Station in Seoul, South Korea on Monday, January 6, 2025. AP/AHN YOUNG-JOON See “North Korea,” A10
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In last-minute move, Biden bans new offshore drilling in coastal waters to thwart potential Trump expansion
By Matthew Daly The Associated Press
WASHINGTON—President
Joe Biden is moving to ban new offshore oil and gas drilling in most US coastal waters, a last-minute effort to block possible action by the incoming Trump administration to expand offshore drilling.
Biden, whose term expires in two weeks, said he is using authority under the federal Outer Continental Shelf Lands Act to protect offshore areas along the East and West coasts, the eastern Gulf of Mexico and portions of Alaska’s Northern Bering Sea from future oil and natural gas leasing.
“My decision reflects what coastal communities, businesses and beachgoers have known for a long time: that drilling off these coasts could cause irreversible damage to places we hold dear and is unnecessary to meet our nation’s energy needs,” Biden said in a statement.
“As the climate crisis continues to threaten communities across the country and we are transitioning to a clean energy economy, now is the time to protect these coasts for our children and grandchildren,” he said.
Biden’s orders would not affect large swaths of the Gulf of Mexico, where most US offshore drilling occurs, but it would protect coastlines along California, Florida and other states from future drilling.
Biden’s actions, which protect more than 625 million acres of federal waters, could be difficult for President-elect Donald Trump
to unwind, since they would likely require an act of Congress to repeal. Trump himself has a complicated history on offshore drilling. He signed a memorandum in 2020 directing the Interior secretary to prohibit drilling in the waters off both Florida coasts, and off the coasts of Georgia and South Carolina until 2032.
The action came after Trump initially moved to vastly expand offshore drilling, before retreating amid widespread opposition in Florida and other coastal states.
Trump has vowed to establish what he calls American “energy dominance” around the world as he seeks to boost US oil and gas drilling and move away from Biden’s focus on climate change.
Environmental advocates hailed Biden’s action, saying new oil and gas drilling must be sharply curtailed to reduce greenhouse gas emissions that contribute to global warming. 2024 was the hottest in recorded history.
“This is an epic ocean victory!” said Joseph Gordon, campaign director for the environmental group Oceana.
Gordon thanked Biden “for listening to the voices from coastal communities” that oppose drilling and “contributing to the bipartisan tradition of protecting our coasts.”
Biden’s actions build on the legacy of Democratic and Republican presidents to protect coastal water from offshore drilling, Gordon said, adding that US coastlines are home to tens of millions of Americans and support billions of dollars of economic activity that depend on a clean environment, abundant wildlife and thriving fisheries.
In balancing multiple uses of America’s oceans, Biden said it was clear that the areas he is with -
Indonesia launches free meals program to feed children, pregnant women to fight malnutrition
By Niniek Karmini & Dita Alangkara
The Associated Press
JAKARTA, Indonesia — Indone -
sia’s new government started an ambitious project on Monday to fight malnutrition by feeding nearly 90 million children and pregnant women that is expected to cost $28 billion through 2029, although critics question whether the program is affordable.
The Free Nutritious Meal program delivers on a campaign promise by President Prabowo Subianto, who was elected last year to lead the nation, which has more than 282 million people and Southeast Asia’s largest economy. He said the program aims to fight the stunting of growth that afflicts 21.5 percent of Indonesian children younger than 5 and would raise the income of farmers.
Subianto has pledged to accelerate GDP growth to 8 percent from 5 percent now.
In his inauguration speech in October, Subianto said many children are malnourished. His promise to provide free school lunches and milk to 83 million students at more than 400,000 schools is part of a longer-term strategy to develop the nation’s human resources to achieve a “Golden Indonesia” generation by 2045.
“Too many of our brothers and sisters are below the poverty line, too many of our children go to school without breakfast and do not have clothes for school,” Subianto said.
Subianto’s signature program could cost upward of 450 trillion rupiah ($28 billion) by the end of his term in 2029. He said his team has made the calculations to run such a program, and “We are capable.”
The government’s target is to reach an initial 19.5 million schoolchildren and pregnant women in 2025 with a budget of
71 trillion rupiah ($4.3 billion) so as to keep the annual deficit under a legislated ceiling of 3 percent of GDP, said Dadan Hindayana, the head of the newly formed National Nutrition Agency.
Hindayana said the money would buy an estimated 6.7 million tons of rice, 1.2 million tons of chicken, 500,000 tons of beef, 1 million tons of fish, vegetable and fruit, and 4 million kiloliters of milk.
Nearly 2,000 cooperatives will be involved in the free meals program by providing eggs, vegetables, rice, fish, meat, milk and other food, Cooperative Minister Budi Arie Setiadi said.
On Monday, a truck carrying food arrived at SD Cilangkap 08, a primary school in the Jakarta satellite city of Depok. The 740 students were provided rice, stirfried vegetables, tempeh, stirfried chicken and oranges.
“We will send a team to each school to facilitate the meal distribution to students every day,” Hindayana said, adding that the
program will provide one meal per day for each student from early childhood education to senior high school, covering a third of the daily caloric needs for children, with the government providing the meals at no cost to recipients.
But the program has drawn criticism from investors and analysts over the scale of its logistics, the burden on state finances and the economy, and its relation to the interests of industrial lobby groups.
Nailul Huda, a researcher at the Center of Economic and Law Studies, said Indonesia’s state finances are not strong enough to support the program and this will lead to additional national debt.
“The burden on our state budget is too heavy if it is forced to reach 100 percent of the target recipients, and it will be difficult for Prabowo’s government to achieve the economic growth target of 8 percent,” Huda said.
He warned it could also worsen the external balance of payments for the country, which is already a major importer of rice, wheat,
soybeans, beef and dairy products. Reni Suwarso, the director of Institute for Democracy, Security and Strategic Studies, said the decline in the stunting rate in Indonesia was far from the target of a 14 percent reduction in 2024.
According to the 2023 Indonesian Health Survey, the national stunting prevalence was 21.5 percent, down around 0.8 percent from the previous year. The United Nations Children’s Fund estimated that one in 12 Indonesian children younger than 5 suffers from low weight while one in five is shorter than normal. Both conditions are caused by malnourishment.
“That’s so bad and must be solved,” Suwarso said. “Child malnourishment has severe consequences, threatening the health and long-term development of infants and young children throughout this nation.”
The Associated Press journalists Edna Tarigan and Andi Jatmiko contributed to this report.
drawing from fossil fuel use show “relatively minimal potential” that does not justify possible environmental, public health and economic risks that would come from new leasing and drilling.
A spokeswoman for Trump mocked Biden, saying, “Joe Biden clearly wants high gas prices to be his legacy.”
The spokeswoman, Karoline Leavitt, called Biden’s action “a disgraceful decision designed to exact political revenge on the American
North Korea. . .
Continued from A8
In a news conference with South Korean Foreign Minister Cho Tae-yul, Blinken condemned North Korea’s latest launch, which violates UN Security Council resolutions against the North. He also reiterated concerns about the growing alignment between North Korea and Russia in Moscow’s war on Ukraine.
According to US, Ukrainian and South Korean assessments, North Korea has sent more than 10,000 troops and conventional weapons systems to support Moscow’s war campaign. There are concerns that Russia could transfer to North Korea advanced weapons technology in return, which could potentially enhance the threat posed by leader Kim Jong Un’s nuclear-armed military.
Blinken described the military cooperation between Russia and North Korea as a “twoway street,” saying Russia has been providing military equipment and training to the North and “intends to share space and satellite technology.”
Blinken and Cho both dismissed concerns about damage to the US-South Korea alliance in the aftermath of the political turmoil in Seoul. Experts had warned that Yoon’s martial law decree—which lasted only hours but has rattled politics, high-level diplomacy and financial markets for weeks—exposed the fragility of South Korea’s democratic system in a divided society.
“We had serious concerns about some of the actions that President Yoon took and we communicated those directly to the
US critical infrastructure.
The sanctions did not appear to be related to an incident in which the Treasury Department reported that Chinese hackers had remotely accessed several of its workstations and unclassified documents in a major breach of cybersecurity.
The Treasury Department said it learned of that problem on Dec. 8, when a third-party software service provider, BeyondTrust, flagged that hackers had stolen a key “used by the vendor to secure a cloud-based service used to remotely provide technical support” to workers.
US officials are grappling with
people who gave President Trump a mandate to increase drilling and lower gas prices. Rest assured, Joe Biden will fail, and we will drill, baby, drill.”
Biden has proposed up to three oil and gas lease sales in the Gulf of Mexico, but none in Alaska, as he tries to navigate between energy companies seeking greater oil and gas production and environmental activists who want him to shut down new offshore drilling in the fight against climate change.
A five-year drilling plan approved in 2023 includes proposed offshore sales in 2025, 2027 and 2029. The three lease sales are the minimum number the Democratic administration could legally offer if it wants to continue expanding offshore wind development.
Under the terms of a 2022 climate law, the government must offer at least 60 million acres (24.2 million hectares) of offshore oil and gas leases in any one-year period before it can offer offshore wind leases.
Biden, whose decision to approve the huge Willow oil project in Alaska drew strong condemnation from environmental groups, has previously limited offshore drilling in other areas of Alaska and the Arctic Ocean.
government,” Blinken said. “At the same time we have tremendous confidence in the resilience of South Korea’s democracy, in the strength of its institutions and in the efforts that it’s making to work through those institutions, pursuant to the constitution and the rule of law to resolve differences and to do so peacefully.”
Kim’s warning ahead of Trump’s return IN a year-end political conference, Kim, the North Korean leader, vowed to implement the “toughest” anti-US policy and criticized the Biden administration’s efforts to strengthen security cooperation with Seoul and Tokyo, which he described as a “nuclear military bloc for aggression.” North Korean state media did not specify Kim’s policy plans or mention any specific comments about Trump. During his first term, Trump met Kim three times for talks on the North’s nuclear program. Even if Trump returns to the White House, a quick resumption of diplomacy with North Korea could be unlikely. Kim’s strengthened position—built on his expanded nuclear arsenal, deepening alliance with Russia and the weakening enforcement of US international sanctions—presents new challenges to resolving the nuclear standoff, experts say. It’s unclear whether Trump would be as active as Biden in strengthening US alliances in Asia.
The Associated Press writer Mari Yamaguchi in Tokyo contributed to this report.
the fallout from a massive Chinese cyberespionage blitz known as Salt Typhoon that they say gave officials in Beijing access to private texts and phone conversations of an unknown number of Americans.
Late last month, officials said at least eight telecommunications companies, as well as dozens of nations, had been affected by Salt Typhoon.
Integrity Technology said the sanctions would not adversely affect its business since it does not operate in the US and has no assets there. It added that it abides by all laws and regulations and that it “has always adhered to the corporate vision and mission of bringing a sense of security to the world.”
World
Israel encroaches on Syria’s Golan Heights, stirring tensions amid new rulers’ inaction
By Abby Sewell The Associated Press
QUNEITRA, Syria—A main road in the provincial capital of Quneitra in southern Syria was blocked with mounds of dirt, fallen palm trees and a metal pole that appeared to have once been a traffic light. On the other side of the barriers, an Israeli tank could be seen maneuvering in the middle of the street.
Israeli forces entered the area—which lies in a UN-patrolled buffer zone in the Golan Heights that was established by a 1974 ceasefire agreement between Syria and Israel—soon after the fall of President Bashar Assad last month in the country’s 13-year civil war.
The Israeli military has also made incursions into Syrian territory outside of the buffer zone, sparking protests by local residents. They said the Israeli forces had demolished homes and prevented farmers from going to their fields in some areas. On at least two occasions, Israeli troops reportedly opened fired on protesters who approached them.
Residents of Quneitra, a seemingly serene bucolic expanse of small villages and olive groves, said they are frustrated, both by the Israeli advances and by the
Vice
lack of action from Syria’s new authorities and the international community.
Rinata Fastas said that Israeli forces had raided the local government buildings but had not so far entered residential neighborhoods. Her house lies just inside of the newly blocked-off area in the provincial capital formerly called Baath City, after Assad’s former ruling party, and now renamed Salam City. She said she is afraid Israeli troops may advance farther or try to permanently occupy the area they have already taken. Israel still controls the Golan Heights that it captured from Syria during the 1967 Mideast war and later annexed. The international community, with the exception of the US, regards it as occupied. Fastas said she understands that Syria, which is now trying to
certify defeat to Donald Trump in historic Senate ceremony
By Chris Megerian The Associated Press
WASHINGTON—Vice
President
Kamala Harris on Monday is set to preside over the certification of her defeat to Donald Trump four years after he tried to stop the very process that will now return him to the White House.
In a video message, Harris described her role as a “sacred obligation” to ensure the peaceful transfer of power.
“As we have seen, our democracy can be fragile,” she said. “And it is up to each of us to stand up for our most cherished principles.”
Harris will be joining a short list of other vice presidents to oversee the ceremonial confirmation of their election loss as part of their role of presiding over the Senate.
Richard Nixon did it after losing to John F. Kennedy in 1960. Al Gore followed suit when the US Supreme Court tipped the 2000 election to George W. Bush.
But no other vice president has been holding the gavel when Congress certified their loss to an incoming president who refused to concede a previous defeat. In addition to spreading lies about voter fraud, Trump directed his supporters to march on the US Capitol, where they violently interrupted the proceedings on January 6, 2021, to formalize Joe Biden’s victory.
Harris was at the Democratic National Committee headquarters in Washington that day. A pipe bomb was discovered nearby, and she was evacuated from the building.
During the campaign, she frequently invoked the January 6 attack to warn voters of the danger of returning Trump to the White House. She described him as a “petty tyrant” and “wannabe dictator.”
After Harris lost the election and her bid to be the country’s first female president, she promised in her concession speech to honor the will of voters.
“A fundamental principle of American democracy is that when we lose an election, we accept the results,” she said. “That principle, as much as any other, distinguishes democracy from monarchy or tyranny.”
No disruptions are expected on Monday. Karoline Leavitt, a spokesperson for Trump’s transition team and the incoming White House press secretary, said there will be “a smooth transition of power.”
“When Kamala Harris certifies the election results, President Trump will deliver on his promise to serve ALL Americans and will unify the country through success,” she said in a statement.
Leavitt did not respond to a question about Trump’s attempt to use the certification process to overturn his defeat four years ago. At that time, Trump encouraged his vice president, Mike Pence, to disqualify votes from battleground states based on false allegations of fraud.
Pence refused. Trump’s supporters burst into the Capitol and halted the proceedings, forcing lawmakers to hide for their safety. Trump posted on social media that “Mike Pence didn’t have the courage to do what should have been done.”
Police eventually cleared the rioters from the building, and lawmakers reconvened to finish their certification.
Scores of Republicans still voted to support challenges to the election result.
“I had no right to overturn the election,” Pence said two years later. “And his reckless words endangered my family and everyone at the Capitol that day, and
build its national institutions and army from scratch, is no position to militarily confront Israel.
“But why is no one in the new Syrian state coming out and talking about the violations that are happening in Quneitra province and against the rights of its people?” she asked.
Syria’s new rulers are in no rush to confront Israel
THE United Nations has accused Israel of violating the 1974 ceasefire agreement by entering the buffer zone.
Israeli Prime Minister Benjamin Netanyahu has said troops will stay on “until another arrangement is found that will ensure Israel’s security.” He was speaking from the snowy peak of Mount Hermon, Syria’s tallest mountain known as Jabal al Sheikh in Arabic, which has now been captured by Israeli forces.
An Israeli official, who spoke on condition of anonymity because he was not authorized to comment on the matter, said the military will remain in the area it has taken until it is satisfied that the new Syrian authorities do not pose a danger to Israel.
The new Syrian government has lodged a complaint with the UN Security Council about Israeli airstrikes and advances into Syrian territory.
But the issue does not appear to be a priority for Syria’s new rulers as they try to consolidate control over the country, turn a patchwork of former rebel factions into a new national army, and push for the removal of Western sanctions.
I know history will hold Donald Trump accountable.”
Trump faced criminal charges for trying to stay in power despite losing.
However, special counsel Jack Smith dropped the federal case against him after Trump defeated Harris since longstanding Justice Department policy says sitting presidents cannot face criminal prosecution.
A separate case in Georgia over Trump’s attempts to subvert the 2020 election is mired in controversy over the Fulton County district attorney’s romantic relationship with a prosecutor she hired to lead the case.
The most recent example of a vice president certifying their own defeat came after the 2000 election. The battle between Gore and Bush ended up in the courtroom as the campaigns argued over whether Florida should conduct a recount.
Bush won at the US Supreme Court, preventing a recount and allowing his narrow victory to stand.
Congress certified the results on January 6, 2001, over the objections of some Democrats.
“I rise to object to the fraudulent 25 Florida electoral votes,” Rep. Maxine Waters of California said at the time.
Gore slammed the gavel and asked whether the objection met the requirements of being “in writing and signed by a member of the House and a senator.”
“The objection is in writing, and I don’t care that it’s not signed by a member of the Senate,” Waters responded.
“The chair will advise that the rules do care,” Gore said.
After a few rounds of objections, Congress finished the certification.
“May God bless our new president and new vice president and may God bless the United States of America,” Gore said after announcing the results.
Lawmakers gave him a standing ovation.
The country’s new de facto leader, Ahmad al-Sharaa, head of the former Islamist insurgent group Hayat Tahrir al-Sham, has also publicly said Syria is not seeking a military conflict with Israel and will not pose a threat to its neighbors or to the West.
In the meantime, residents of Quneitra have largely been left to fend for themselves.
In the village of Rafid, inside the buffer zone, locals said the Israeli military had demolished two civilian houses and a grove of trees as well as a former Syrian army outpost.
Mayor Omar Mahmoud Ismail said when the Israeli forces entered the village, an Israeli officer greeted him and told him, “I am your friend.”
“I told him, ‘You are not my friend, and if you were, you
Burkina
Faso’s
wouldn’t enter like this,’” Ismail said.
Locals who organized a protest were met with Israeli fire IN Dawaya, a village outside the buffer zone, 18-year-old Abdelrahman Khaled al-Aqqa was lying on a mattress in his family home Sunday, still recovering after being shot in both legs. Al-Aqqa said he joined about 100 people from the area on December 25 in protest against the Israeli incursion, chanting “Syria is free, Israel get out!”
“We didn’t have any weapons, we were just there in the clothes we were wearing,” he said. “But when we got close to them, they started shooting at us.”
displaced: Struggling for survival amidst govt neglect and rising extremist violence
By Monika Pronczuk The Associated Press
OUAGADOUGOU, Burkina Faso—Their loved ones were slaughtered by Islamist extremists or governmentaffiliated fighters. Their villages were attacked, their homes destroyed. Exhausted and traumatized, they fled in search of safety, food and shelter.
This is the reality for over 2.5 million displaced people across the West African nation of Burkina Faso, torn apart by years of extreme violence.
But unlike others displaced in the region, they are seen as a challenge to Burkina Faso’s military junta that took power two years ago on the pledge of bringing stability. Their existence contradicts its official narrative: that security is improving and people are safely returning home.
Those who fled to Ouagadougou, the capital, which has been shielded from violence, find fear instead of respite. They are made into shadows, with many resorting to begging. Most of them are not entitled to support from authorities, and international aid organizations are not authorized to work with them.
The Associated Press reached out to several international aid groups, Western diplomats and the United Nations. None would speak on the record about the issue.
With no official displacement sites in Ouagadougou, no one knows how many people shelter in the capital or sleep on the streets. A rare acknowledgement of their existence by authorities noted 30,000 last year.
But aid groups say real numbers are much higher. And as violence increases, and people crowd displacement sites in the country’s remote north and east, exposed to hunger and disease, more are expected to arrive in the capital.
One aid worker, speaking like others
on condition of anonymity for fear of retaliation, described the situation as “a ticking bomb.”
‘This is not a life’
THE AP interviewed four displaced people in Ouagadougou. All spoke at great risk.
Three are with the Fulani ethnic group, which authorities accuse of being affiliated with Islamist insurgents. All three said they have faced discrimination in the capital, with trouble finding jobs and sending children to school.
For decades, the Fulani were neglected by the central government, and some did join Islamist fighters. As a result, Fulani civilians are often targeted both by the extremists—affiliated with al-Qaida or the Islamic State group—and by rival pro-government forces.
A 27-year-old Fulani cattle trader from Djibo, a city besieged by armed groups since 2022, who spoke on condition of anonymity for fear of repercussions from authorities, said government-affiliated forces indiscriminately treated all Fulani in the area as extremists.
“They started arresting people, bringing them to the city, beating them, undressing them. It was humiliating,” he said. His uncle spent seven months in prison because he received aid from a charity run by extremists in part to spread their ideology.
He said he was arrested once in Djibo and beaten by the military, with injuries so extensive that he went to the hospital. He said soldiers told him only that they were “conducting a security operation.”
According to analysts, the junta’s strategy of military escalation, including mass recruitment of civilians for poorly trained militia units, has exacerbated tensions between ethnic groups. Data gathered by the Armed Conflict Location and Event Data Project show that militia attacks on civilians significantly increased since Capt. Ibrahim
The Israeli military did not immediately respond to a request for comment on the December 25 incident.
Adel Subhi al-Ali, a local Sunni religious official, sat with his 21-year-old son, Moutasem, who was recovering after being shot in the stomach in the December 25 protest. He was driven first to a local hospital that did not have the capacity to treat him, and then to Damascus where he underwent surgery.
When he saw the Israeli tanks moving in, “We felt that an occupation is occupying our land. So we had to defend it, even though we didn’t have weapons, ... It is impossible for them to settle here,” al-Ali said.
Since the day of the protest, the Israeli army has not returned to the area, he said.
Al-Ali called for the international community to “pressure Israel to return to what was agreed upon with the former regime,” referring to the 1974 ceasefire agreement, and to return the Golan Heights to Syria.
But he acknowledged that Syria has little leverage.
“We are starting from zero, we need to build a state,” al-Ali said, echoing Syria’s new leaders. “We are not ready as a country now to open wars with another country.”
The Associated Press writer Josef Federman in Jerusalem contributed to this report.
Six protesters were wounded, according to residents and media reports. Another man was injured on December 20 in a similar incident in the village of Maariyah. The Israeli army said at the time that it had fired because the man was quickly approaching and ignored calls to stop.
Traore took power.
The violence has radicalized some Fulanis, the cattle trader said.
“Every day, you prayed to live through the next 24 hours,” he said. “This is not a life.” He did not want to flee and leave his parents behind. But one day, his father woke him and said: “You have to leave, because if you stay, someone will just come and kill you.”
His father was later killed. He left in a military convoy over a year ago. Life in Ouagadougou is “very difficult,” he said. He lives with extended family and relies on odd jobs to get by.
“There are mornings when I wake up and ask myself how will I get something to eat,” he said. “I used to live with dignity.”
His mother has joined him in the capital. They have not received support from the government.
Always on the run
A 28-YEAR-OLD mother from the northwest, who also spoke on condition of anonymity, said at first the extremists came to her village and stole cattle. But last summer, they came to the market and killed several men, including her husband. Then they ordered women and children to leave.
She grabbed her children, and cooking pots, and fled. She walked for hours through the night until she reached her husband’s family home. Ten days later, armed men were approaching. She strapped her 2-year-old daughter to her back, grabbed her 4-yearold son and left for the capital.
She said she has not received government support in Ouagadougou. She was promised a job as a cleaner but lost the offer once the employer found out she was Fulani. She secured a place at a rare shelter for displaced women, run with Westernsupplied funds by a local activist who tries to keep a low profile. She is learning how to sew and has enrolled her son in school. “I miss my village,” she said. “But for the moment I have to wait until the violence is over.”
President Kamala Harris to
The cost of silence: Tackling the issue of school bullying editorial
ArecenT study by the Philippine Institute for Development Studies (PIDS) sheds light on an alarming issue that extends far beyond the walls of classrooms: school bullying. This persistent problem not only inflicts emotional and psychological harm on students but also poses a significant threat to the Philippine economy, with estimates suggesting that it costs the nation from P10 billion to P20 billion annually in lost economic activity. (Read the BusinessMirror story: “School bullying takes a toll on PHL economy, costing billions annually, PIDS study reveals,” January 3, 2025).
The PIDS research, meticulously linking bullying to lower academic achievement as evidenced by PISA scores, paints a stark picture. While only a small percentage of Filipino students experience all forms of bullying weekly, the sheer number of affected students—extrapolated to at least 11,000 15-year-olds in 2021-2022—is alarming. Furthermore, the study highlights the Philippines’ concerning position among global peers: significant portions of Filipino students fall within the top 10 percent of the most bullied students internationally. This isn’t simply a matter of isolated incidents; it’s a systemic issue demanding systemic solutions.
The nine identified bullying behaviors—ranging from exclusion and verbal abuse to physical violence and extortion—underscore the multifaceted nature of the problem. The study correctly points out that the impact extends beyond the immediate victims, affecting the overall learning environment and hindering the nation’s human capital development. The researchers’ low optimism regarding solutions is understandable, given the scale of the problem and the apparent limitations within existing school systems. The limited role of principals and guidance counselors in addressing bullying, as observed in the study, is particularly concerning. This contrasts sharply with established best practices where these figures are crucial in prevention and support.
Addressing this crisis requires a multi-pronged approach. The PIDS’ recommendation to implement targeted measures, including identifying potential victims for psychosocial interventions, is a crucial starting point. However, this must be coupled with broader systemic changes. Teacher training on bullying prevention and intervention strategies is paramount. Schools need robust anti-bullying policies, effectively enforced and consistently communicated to students, parents, and staff. Furthermore, the study’s provincial-level data on bullying rates should be used to prioritize resource allocation and tailor interventions to specific areas of need.
Beyond the schools, a national awareness campaign is crucial to shift societal attitudes towards bullying. This campaign should emphasize the long-term consequences of bullying, not just for victims but also for the nation as a whole. It should also empower bystanders to intervene and promote a culture of empathy and respect.
The fight against school bullying is not merely about protecting our students; it is about safeguarding the future of our economy. By fostering a supportive educational environment, we can help improve the lives of countless students and also strengthen the nation’s economic foundation. The time to act is now—because every child deserves a safe and nurturing place to learn, and the economy cannot afford to ignore the costs of silence any longer.
BusinessMirror
T. Anthony C. Cabangon
Lourdes M. Fernandez
Jennifer A. Ng Vittorio V. Vitug
Lorenzo M. Lomibao Jr., Gerard S. Ramos
Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso, Dionisio L. Pelayo
Ruben M. Cruz Jr.
Eduardo A. Davad Nonilon G. Reyes
Opinion
The
IJohn Mangun
OUTSIDE THE BOX
T is a part of human nature and thought process that we use animals to create metaphors and similes to describe traits or situations.
Filipinos say that a greedy or deceitful politician is a crocodile. We the People are like “lambs to the slaughter.” The “elephant in the room”— not strictly a metaphor/simile—is an obvious issue that is avoided like improper government spending. I was asked last week on “X” what the risks are that I have been talking about for the “Year of Greater Risk.” There are generally four types of risk in answer to that question, all named after animals.
The best known is the “Black Swan,” from Wall Street derivatives trader Nassim Nicholas Taleb in 2007, a rare, improbable event that has a major impact. Since the second century in the Western world, it was believed that all swans were white until in 1697 a Dutch explorer encountered black swans in Western Australia.
The September 2001 attacks and the 1997 Asian financial crisis (also 2008 housing bubble) are examples. Tie your currency—talking to you Thailand and South Korea—to the
US dollar without dollar earnings to support that peg, and eventually it will break, causing an economic catastrophe.
Potential Black Swans and the commensurate risk in our future might be a stock market crash from the “Magnificent 7” tech stocks exploding because their total market capitalization has reached unprecedented levels.
The Crypto Market is subject to Black Swan risks, including a regulatory crackdown or the collapse of a major cryptocurrency exchange. Another swan is a major cyberattack disrupting or destroying critical infrastructure or financial systems. A series of relatively minor (or a major) terrorist attack as just happened in the US is another Black Swan. Or would that be a “Gray Rhino” risk?
Michele Wucker, policy analyst specializing in world economy and crisis anticipation, wrote in 2016: “The Gray Rhino: How to Recognize and Act on the Obvious Dangers We Ignore.” This is a highly probable,
I made up the name of the fourth risk—the “Headless chicken.” This is a frantic, disorganized, or aimless situation that is the essence of chaos and inefficiency, highlighting the need for calm, leadership, and strategic thinking.
high impact threat that is often neglected or ignored despite clear signals or warnings. In the US, 2005 Hurricane Katrina caused 1,392 fatalities and $125 billion in damages.
There was a lack of preparedness and slow response before, during, and after the storm from all levels of government. A potential 2025 “grey rhino.”
The US carry trade (borrow “cheap” dollars; invest in pesos or JPN yen) is a significant potential Grey Rhino, as reliance on low interest rates and high liquidity could lead to massive financial instability if rates rise or liquidity dries up.
And let’s be honest. We are all depending on the common sense of global leaders to keep the world out of World War 3. That did not work well in the past.
Africans living on the savannah speak of the “Hidden Lion” risk. The animal is colored almost the same as the grassy woodland ground cover and lies in the bush by the side of the road doing whatever lions do on their day off. The traveler knows that the lion is there, unseen, until he is mauled.
Analyst and financial writer John Mauldin wrote a commentary, “The
Vietnam wary of Trump tariff risks as PM eyes 8% GDP growth
By Nguyen Dieu Tu Uyen & Nguyen Xuan Quynh
VIeTnAm, Asia’s growth star whose economy surpassed all expectations in the fourth quarter, could face price pressures and challenges to the prime minister’s 8 percent expansion target on the Trump administration’s policies.
Vietnam’s government officials, bracing for a possible new era of tariffs during President-elect Donald Trump’s second term, are anticipating possible disruptions to global markets, Nguyen Thu Oanh, head of the price statistics department for the the General Statistics Office, said during a Hanoi briefing on the latest growth numbers.
“Increasing protectionism and trade barriers will worsen trade tensions and disrupt the global supply chain,” she said. “These can fuel inflationary pressure and, at the same time, slow down the economic growth rate as well as causing increases in the unemployment rate.”
A robust finish to 2024 has officials banking on a stronger 2025
even as they are concerned about disruptions that may arise from Trump’s policies. Prime Minister Pham Minh Chinh is pushing to expand the economy by at least 8% this year, although the official target set by the parliament is 6.5 percent to 7 percent. A government drive for double-digit growth would be “very hard” to reach, according to the GSO.
Gross domestic product rose 7.55 percent in the October-December period from a year earlier, the General Statistics Office said in a statement on Monday. That was higher than all eight estimates in a Bloomberg News survey and tops the 7.4 percent growth in the third quarter.
Full year expansion of 7.09 percent surpassed the official target of
Vietnam’s government officials, bracing for a possible new era of tariffs during President-elect Donald Trump’s second term, are anticipating possible disruptions to global markets, Nguyen Thu Oanh, head of the price statistics department for the the General Statistics Office, said during a Hanoi briefing on the latest growth numbers.
up to 6.5 percent and the 6.7 percent median estimate of analysts in a separate Bloomberg survey.
The country’s benchmark stock index climbed 0.1 percent at the noon break. The dong strengthened, trading at 25,389 per dollar as of 12:12 p.m. local time, according to prices from banks compiled by Bloomberg. Vietnam’s economy, where the value of exports is about the same size as its GDP, steadily recovered last year as global demand for its products picked up.
Lions in The Grass,” in 2012 to describe risks that pose a threat but are not immediately visible and, most critical, can have subsequent effects that can be sometimes disastrous. Remember when US Treasury Secretary Janet Yellen said in May 2021 that inflation—at 5 percent on the way to 9.1 percent—was “transitory”? The US inflation rate target of 2 percent (PCE Price Index Annual Change) has not been seen since February 2021. The “hidden lion” is continued above-target inflation and continued above-target interest rates.
I made up the name of the fourth risk—the “Headless chicken.” This is a frantic, disorganized, or aimless situation that is the essence of chaos and inefficiency, highlighting the need for calm, leadership, and strategic thinking. Edgar Morin is a French philosopher, currently age 103, and called my chicken “Polycrisis,” referring to situations where multiple global crises interact, compounding and exacerbating each other’s effects to create a scenario where the overall impact is greater than the sum of the individual crises. You will find examples of potential “Headless chicken” risk in 2025 by reading the front page of any daily newspaper. Good luck and wear a pith helmet.
E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.
Exports gained for a 10th straight month in December, growing 12.8 percent year-on-year, according to the GSO. Growth in consumer prices remain manageable, rising at 2.94 percent in December from a year ago, the statistics office said. Double-digit growth in overseas sales, along with resilient foreign investments, helped support manufacturing activity. Strong retail sales in the fourth quarter revealed increasing domestic consumer spending. Vietnam’s reliance on global markets, however, could weigh on its economy this year, as well. The country’s manufacturers, which make everything from sneakers to Samsung Electronics Co. smartphones and Apple Inc. products, could see an increase in costs of imported materials, creating inflationary pressure, Oanh said.
Rising prices of imports could affect the Vietnamese dong-US dollar currency exchange rate, further adding to cost increases, she said.
Opinion
Trader who made billions in 2008 returns to bet on market swings
By Bei Hu
AfoRMeR hedge fund manager whose firm made billions during the global financial crisis is ready to pounce on volatility again, as he sees threats to market stability at a level not seen since 2008.
Steve Diggle’s family office Vulpes Investment Management is seeking up to $250 million from investors as early as in the first quarter, the Oxford, UK-based investor said in a telephone interview.
Diggle, whose firm made $3 billion between 2007 and 2008, is raising the money for a hedge fund and managed accounts designed to generate hefty returns in market crashes and profit from wagers on rising and falling stocks in calmer periods.
The idea to start the new fund came about after the firm developed a model to use artificial intelligence to read large volumes of public information. It helped spot Asia-Pacific companies with high probability of blowups, due to risky behavior such as high leverage, asset-liability mismatch or even outright fraud, Diggle said. The equity portfolio will also have single stocks or indexes as bullish wagers.
Diggle is making his biggest push into volatility trading, after the March 2011 closure of his predecessor firm Artradis Fund Management Pte. The then Singapore-based hedge fund firm saw assets swell to nearly $5 billion in 2008, bolstered by profits from bets on market routs and bank troubles, only to later fall victim to a turn in markets brought on by unprecedented central bank intervention.
“The number of fault lines out there today are greater, and the chances of something going wrong are significantly greater, but risk prices have come down,” Diggle said, drawing comparison with conditions under more than a decade of easy monetary policies. “So we are kind of in an analogous situation to where we were in 2005 to 2007.”
Among the potential flash points are the stretched valuations of US stocks, the country’s prime office market glut, elevated federal debt and tight credit spreads. A new “bull market generation” of traders who entered the industry after 2008 have driven a small group of US technology stocks and crypto to dizzying heights, Diggle said. Meanwhile, it’s cheaper to buy instruments to protect against routs, he added.
Elsewhere, he cited mounting geopolitical tensions and China’s shadow banking woes. Retail punters, the growing might of passive investment funds and high frequency
. . Continued from A12
The government will work to control inflation through price adjustments on services and goods produced by state companies, such as electricity, medical services and education, Oanh said. Hanoi can also rely on previous tax breaks, reductions in lending costs, boosting public investments and pushing for strong credit growth to counter global headwinds while being mindful not to put upward pressure on prices of consumer goods, she added.
traders will likely exacerbate routs, like they did in March 2020 and August 2024, Vulpes said in a marketing document for the new fund.
A former head of various teams at Lehman Brothers Holdings Inc., Diggle co-founded Artradis with Richard Magides in 2001. In the leadup to the financial crisis, his firm used over-the-counter options and variance swaps it bought from banks as bets on spikes in securities swings.
Artradis also amassed at one point credit default swaps with more than $8 billion of notional value on the very banks that sold it those tail risk derivatives. It was used in part as a hedge against the banks’ inability to honor their obligations if markets tanked and in part as wagers on the lenders’ poor risk management.
The Lehman Brothers CDS settled at 367-fold the price Artradis paid after the bank filed for bankruptcy in September 2008, while the same instrument on UBS Group AG generated an about 20-time return, Diggle said.
Hedge funds that purely bet on rising volatility tend to lose money during the calmer days of markets. Since Artradis’s shut down, Diggle’s family office has invested in avocado orchards in New Zealand, real estate in Germany, a biotechnology company in the UK and stocks that could benefit from European rearmament following the Russian invasion of Ukraine.
While Vulpes toyed with volatility trades occasionally over the years, it didn’t make a serious effort at it previously, partly because of the absence of trading opportunities that could help offset such losses, Diggle said. The capital structure arbitrage trades Artradis used to subsidize tail risk bet losses in its early years have become less profitable. At 60, Diggle will not get back into to day-to-day trading, opting to advise on overall risk management of the volatility portion. Singaporebased Robert Evans, who worked at companies including Citigroup Inc., will be the fund’s main portfolio manager.
“It’s a fool’s game to try and say the market is definitely going to crash in 2025, because it’s human behavior,” Diggle said. Still, “Everyone needs to start thinking about their hedges again.” Bloomberg
Vietnam expects foreign investment to keep flowing into the country, Nguyen Thi Huong, head of the GSO, said at the briefing in Hanoi.
The industrial sector remained strong, with fourth quarter manufacturing output rising 9.83% from year ago, GSO said.
“The robust rebound in exportled manufacturing and trade, bolstered by the resilient US economy, is expected to continue supporting GDP growth” in Vietnam, the Asian Development Bank said in a December report. With assistance from Nguyen Kieu Giang, Linh Vu Nguyen, Ailing Tan, Michael J. Munoz and Ditas Lopez /Bloomberg
Wartime risk takers keep $830 million in trade moving every day
By Alex Longley
insiDe faceless office buildings scattered around london, a niche corner of the insurance market is keeping hundreds of billions of dollars in commodity trade moving through some of the world’s most dangerous waters.
As conflicts rage in the Middle East and Ukraine, shipping goods is becoming increasingly perilous, with the oceans pocked by the highest number of risky areas in at least two decades. The Red Sea and Black Sea are vital passageways for oil, coal and grains, and some of those essentials would be stuck in port without insurance against acts of war.
A bigger-than-ever chunk of that protection is being written by specialist providers, who pay out if ships or their cargoes are damaged by drones, missiles or drifting mines. Shipping insurance has been offered in London since the 1680s, yet the business of selling war cover is reaching new heights as the postpandemic rebound in trade sails into a gauntlet of flaring geopolitical tensions and persistent piracy. Industry officials estimate that premiums may generate as much as $1 billion a year.
“Without the specialist war risk insurance market, the impact upon vital marine trade routes would have been far greater than we’ve seen,” said Chris Goddard, founder and chief executive officer of Vessel Protect, one of the largest providers.
His company is one of at least five businesses known as managing general agents, or MGAs, that have opened city offices to rival stalwarts in the Lloyd’s of London market. They offer coverage for dangerous voyages at premiums that can earn them millions of dollars if the massive, 900-foot-long vessels make it to their destinations safely.
“Our own growth and attainment of market share since launch has exceeded our expectations,” Goddard said of the firm he started four years
ago in his living room during the Covid-19 lockdown.
At one point, Vessel Protect insured almost a third of the grain ships sailing from Ukraine, he said. Such cover helped maintain the flow of what analytics firm Kpler estimated was about $150 billion worth of cargo moving through the Red Sea and Black Sea in the first half of last year. That’s equivalent to more than $830 million a day.
Russian attacks spark surge in war insurance for Ukraine grains
NAVIUM Marine Ltd., Ai Marine Risk Ltd., Clearwater UW Ltd. and K2 Rubicon Specialty have all started up in recent years. As well as providing protection against acts of war, those entities also offer insurance for other parts of the voyage, whether it’s the value of the ship itself, the cargo or more esoteric threats such as kidnappings of crewmembers.
Their leaders include a mix of characters whose backgrounds range from broking to underwriting and military intelligence.
Navium’s chief executive officer is Lloyd’s veteran—and Emerson, Lake & Palmer fan—Clive Washbourn, who told The Voice of Insurance podcast he holds meetings in rooms named after female pirates. He declined an interview request.
“There has been significant growth in the number of new providers of marine insurance cover in recent years, particularly in the MGA space,” said Louise Nevill, UK chief executive officer of the marine, cargo and logistics business at Marsh & McLennan Co., the world’s largest insurance broker.
Shipowners are seeking coverage to sail in a host of waters deemed
Shipping insurance has been offered in London since the 1680s, yet the business of selling war cover is reaching new heights as the post-pandemic rebound in trade sails into a gauntlet of flaring geopolitical tensions and persistent piracy. Industry officials estimate that premiums may generate as much as $1 billion a year.
perilous, including the Gulf of Guinea, the Persian Gulf and more than 20,000 miles of Russian coastline.
Most marine insurance works the same way as coverage for a house or car, with the policy renewing annually. But standard protection is suspended inside war zones, so shipowners buy a separate risk policy. That’s usually in effect for seven days but can also last a year.
Those vessel owners deciding to forego such insurance because of the extra cost may wind up paying more for uninsured losses, said Christina Serebriakova, an agricultural commodities broker at Kyiv-based Atria Brokers, which often works with traders shipping grains from Ukraine.
“If they don’t have insurance, they need to pay for the losses out of their own pocket,” she said.
Underwriters are effectively making bets on how likely it is that a vessel becomes a casualty of war, often using a simple calculation: How many ships are sailing through that area, and how many have suffered damage recently?
There have been more than 100 incidents since Yemen’s Houthi rebels began their Red Sea attacks in 2023. At least four crewmembers have been killed, and vessels have been punctured and torched by missiles.
One tanker struck by the Iranbacked militants burned for more than four weeks before getting towed by the European Union’s naval force.
Malaysia court allows Najib to seek house arrest for 1MDB crimes
By Kok Leong Chan & Anisah Shukry
AMAlAysiAn court allowed former Prime Minister najib Razak to pursue a petition to serve the rest of his jail sentence in his home for crimes related to troubled wealth fund 1MDB.
Najib may resume his bid for house arrest at the High Court, the Court of Appeal ruled on Monday, overturning an earlier decision to reject his petition. The decision by the three-person bench wasn’t unanimous.
Court of Appeal Judge Mohd Firuz Jaffril said the issue of hearsay “no longer stands” after Najib submitted additional evidence to the courts. Najib’s lawyer Shafee Abdullah earlier told the court that he filed an affidavit that includes an order by Malaysia’s former king allowing Najib to serve the rest of his prison term at home.
Najib is pushing for house release after having his 12-year sentence halved last January, a move that drew criticism of Prime Minister Anwar Ibrahim and his vows to
campaign against corruption. Anwar said that decision had nothing to do with him.
Anwar depends on the support the United Malays National Organization, or UMNO, which is a key coalition partner and wants to see its former leader Najib walk free.
Najib and his legal team had claimed that the former king issued an additional order allowing for house arrest when the royal halved the sentence. They said Sultan Abdullah Ahmad of Pahang state gave the order in January last year before handing over duties to Sultan Ibrahim Iskandar of Johor state under Malaysia’s unique rotational monarchy.
Sultan Abdullah hasn’t publicly commented on the matter.
Najib sought a court order in
April to compel the government to verify and execute the alleged directive by the former king allowing him to be put under house arrest. The High Court dismissed his application in July, saying it was based on hearsay, prompting him to file the appeal.
The latest developments on Monday could lead to further criticism of Anwar, who rose to power two years ago on an anti-corruption platform. Najib, who remains on trial for other alleged 1MDB-related crimes, was discharged in November from a separate 1MDB case, a decision that led to criticism from pro-reformist group Bersih.
Thousands of supporters turned up outside the courthouse on Monday, local media reported, suggesting that Najib remains popular among the Malay majority in the Southeast Asian country.
Another ship, the Tutor, was sunk by a drone in June. It had an estimated value of about $37 million, according to Clarkson Research Services Ltd., underscoring the sums insurers can find themselves on the hook for.
Tankers are typically more expensive than bulk carriers. The handful of vessel losses is threatening what has been a golden era for war insurers. That risk could be heightened for MGAs, who are stepping in as more-established rivals opt out.
“They are offering cover for business that other people are reluctant to take,” said Anders Hovelsrud, insurance director for the Norwegian Shipowners Mutual War Risk Insurance Association. Some of his clients moved to new providers when they couldn’t get protection for certain regions.
The market’s expansion isn’t just confined to new players, though. NorthStandard Ltd.—the world’s second-largest provider of insurance against calamities such as oil spills— said it plans to grow several business lines, including war cover. There’s no industry-standard measure that tracks the premiums written each year, but people involved in the market say the numbers have ballooned in the past three years.
Marsh & McLennan estimates that war-risk premiums in London total about £500 million ($621 million). The global total may be close r to $1 billion (£805 million), said two insurance officials who declined to be identified because they weren’t authorized to speak publicly.
“Insurance is the facilitator of world trade; without it, things don’t move,” said Neil Roberts, head of marine and aviation at the Lloyd’s Market Association and chair of the committee that sets listed areas for underwriters. “The war market performs a very useful social and financial function.” With assistance from Hayley Warren and Aine Quinn /Bloomberg
Najib has been in jail since August 2022 after he was found guilty of corruption while he was in power and chairing the advisory board of 1Malaysia Development Bhd., known as 1MDB. He was accused of transferring 42 million ringgit ($9.3 million) from a 1MDB subsidiary to his personal account between 2014 and 2015.
A Malaysian court separately discharged Najib from one of his 1MDB cases in November after the prosecution failed to provide the defense team with documents related to the trial.
A month before that, the 71-yearold politician entered his defense against another four counts of abusing his position to obtain 2.3 billion ringgit of 1MDB funds, as well as 21 counts of money laundering. He has denied wrongdoing, saying he believed the funds that entered his personal bank accounts were donations from a Saudi Arabian royal. Bloomberg
The national palace said on Friday that any prisoner seeking a pardon or commuted sentence must submit an application to the Pardons Board chaired by the current king for its next meeting. Najib has previously said he is “seriously thinking” of re-applying for a full pardon.
Alcoholic beverage stocks slide in Asia on US cancer warning
By Kurt Schussler & Alice French
h A R es of Asian liquor and beer makers declined after the Us su rgeon General outlined a direct link between alcohol consumption and heightened cancer risk, and called for warning labels.
pany APAC Ltd. slid 2.6 percent in Hong Kong and Treasury Wine Estates Ltd. dipped 2.7 percent in Australia.
“The market will adopt a ‘shoot first ask questions next’ approach to the risk of potential health warning labels on alcoholic drinks and cancer risk in the US,” Edward Mundy, an analyst at Jefferies Financial Group Inc., wrote in a note. “This could
act as an overhang on a sector that is already trading on a depressed multiple.”
Despite a growing pile of evidence, less than half of Americans recognize that drinking raises their chances of developing several cancers, Surgeon General Vivek Murthy said Friday in an advisory. Adding a warning would highlight concerns for products
that more than 70 percent of US adults consume at least once a week, with some $260 billion in 2022 nationwide sales.
“Many now believe alcohol warnings labels and marketing regulations of brands will get much tighter and go the same way as tobacco did 30 years ago,” said Asymmetric Advisors’ Amir Anvarzadeh. The decline in stocks may be short-lived, however, because any regulation changes could take years to come into effect, he added. In Japan, Sapporo may be the most vulnerable stock after its strong performance in recent years on asset reduction moves, Anvarzadeh said. The company’s shares have nearly quadrupled since the end of 2020. Bloomberg
Tuesday, January 7, 2025
Missed goal: 5.95-M foreign tourists visited PHL in ’24
By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror
INBOUND tourists reached 5.95 million in the full year 2024, missing even the 6-million target of private analysts and tourism stakeholders.
Data from the Department of Tourism (DOT) showed, of the total visitor arrivals last year, some 5.44 million were foreign passport holders, while the rest, at 510,383, were overseas Filipinos, described as Philippine passport holders permanently residing abroad, or balikbayans.
Th e arrivals in 2024 were just 9.15-percent higher than the arrivals in 2023, but 28-percent less than the prepandemic 8.3-million arrivals. Foreign guests were just 8.7-percent more than the 5 million who arrived in 2023, with the arrival of Chinese tourists still remaining sluggish, while balikbayans were 14.16-percent greater than the 447,082 who arrived in 2023.
In a news statement on Monday, the DOT tried to highlight the visitor receipts last year instead, which surged by some 41 percent to P760
billion or US$13.1 billion, from the P539.4 billion or $9.3 billion recorded in 2019 (US$1:P58.01). This surpassed the DOT’s P505-billion conservative inbound revenue target under its National Tourism Development Plan (NTDP) for 2023-2028, which was based on the Development Budget and Coordinating Committee’s foreign exchange rate estimate of P53-P57 to the greenback for 2024.
‘Remarkable growth’ “WITH these figures, it is clear that the Philippine tourism industry is not only bouncing back but also evolving and expanding, contributing significantly to the nation’s economic stability and growth,” said Tourism Secretary Christina Garcia Frasco. “In the past year, we have witnessed the remarkable growth in tourism revenue, which has surpassed previous records.
ERC to revisit Meralco’s PSA with 2 subsidiaries of SMC Global Power
By Lenie Lectura @llectura
THE Energy Regulatory Commission (ERC) will reevaluate the power supply agreements (PSA) of the Manila Electric Company (Meralco) with two subsidiaries of SMC Global Power—South Premiere Power Corp. (SPPC) and Excellent Energy Resources Inc. (EERI)—to make sure that the power firms do not go over the prescribed capacity of generation facilities.
T his, after the Philippine Competition Commission (PCC) recently approved the joint acquisition of power facilities and a liquefied natural gas (LNG) terminal by Meralco PowerGen Corp. (MGen), Therma Natgas Power Inc. (Therma), and SMC Global Power.
“ There are two PSAs here—Excellent and SPPC. Technically, we’ll need to revisit our decision because we need to ensure that whoever the PCC has determined to be in control of—there are two sets of assets here: the two power plants and the terminal—will not exceed the market share limitation stated in the Epira,” said ERC chairperson Monalisa Dimalanta during a news conference Monday.
S PPC owns and operates the 1,278-megawatt (MW) Ilijan power plant.
Power firms may own, operate or control up to 30 percent of the installed grid capacity of each regional grid and 25 percent of the national IGC. “We will make sure that it will not be exceeded because there are possible scenarios so we need to address that. That’s on the power plant side.
“And then the issue of the ownership of the terminal because that’s very important. That’s a key infrastructure of this type of asset. Whoever controls the terminal has to control over the fuel of
that asset,” Dimalanta said.
T he transaction involves MGen and Therma, through their joint venture Chromite Gas Holdings Inc. (Chromite), acquiring a 67-percent equity interest in SPPC, EERI, and Ilijan Primeline Industrial Estate Corp.
In addition, MGEN and Therma, through Chromite, along with SMC Global Power, will jointly acquire 100 percent of Linseed Field Corp. (LFC), which operates the LNG terminal in Batangas City.
A s a result of these acquisitions, MGEN and Therma, through their 60/40 ownership of Chromite, will control 67 percent of SPPC, EERI, and Ilijan Primeline, while SMC Global Power retains a 33-percent stake in these three entities and gains a corresponding interest in LFC.
T he PCC approved the deal albeit subject to competition safeguards.
K ey safeguards include PCC oversight of the Competitive Selection Process (CSP) to ensure PSAs are awarded through a transparent and competitive bidding process. This oversight aims to prevent collusion or unfair practices. The acquired companies must also operate independently of their parent companies, with strict measures to separate IT systems, offices, and management to prevent coordination or undue influence. Boards of directors will include independent members, and internal trading units will operate independently of affiliates.
T he PCC said it will coordinate with the ERC and the Department of Energy on the conditions imposed, as well as coordinate on the alignment of existing guidelines and policies with competition law and policy to curb competition concerns that may arise from similar transactions.
See “ERC,” A2
This achievement is not just a statistic; it translates to thousands of jobs created for Filipinos, fostering economic resilience and enabling families to thrive. The tourism sector has become a crucial engine for economic development, providing livelihood opportunities for many, especially in our rural and underserved areas,” she added.
Still, the DOT aims to revise its NTDP 2023-2028 this year due to its missed 7.7-million arrivals target in 2024. Even private analysts had predicted 6-million arrivals instead. (See, “Realty expert sees return to pre-Covid arrivals in 2027,” in the BusinessMirror, Dec. 14, 2024.)
The DOT has spent massive amounts of funds on the overseas
launches of its Bisita Be My (BBM) Guest program, aimed at attracting more foreign tourists to the Philippines by giving overseas Filipinos incentives like travel discounts, free trips, and real property, to invite their foreign friends to visit. Formally launched in December 2022, the BBM guest program ended in December 2024, with the awarding of a house and lot to a US-based Filipina nurse.
The agency had also pinned the recovery of the tourism sector to the arrival of 2-million visitors from mainland China, but its poor economy, and the ongoing diplomatic tensions between Manila and Beijing over the West Philippine Sea hampered their travel.
See “Tourists,” A2
MLA, TOKYO RENEW CURRENCY SWAP AGREEMENT FOR DOLLARS
MANILA and Tokyo have renewed their Bilateral Swap Arrangement (BSA) allowing them to swap their currencies in exchange for US dollars, according to the Bangko Sentral ng Pilipinas (BSP).
In a statement on Monday, BSP said the BSA was renewed effective January 1, 2025 through the fourth Amendment and Restatement Agreement of the Third BSA.
The agreement was signed by the Bank of Japan, acting as agent for the Minister of Finance of Japan, and the BSP. The arrangement also allows the Philippines to swap its own currency against the Japanese Yen.
“ The size of the BSA remains unchanged, that is, up to 12 billion US Dollars or its equivalent in Japanese Yen for the Philippines, and 500 million US Dollars for Japan,” the BSP said.
“Japan and the Philippines believe that the BSA, which aims to strengthen and complement other financial safety nets, will further deepen financial cooperation between the two countries and contribute to regional and global financial stability,” it added.
T he BSA is one of the country’s financial safety nets. Through the BSP, the country strengthens its
By Ada Pelonia & Jonathan L. Mayuga @jonlmayuga
THE government is ready to defend the interest of small fishers, contrary to the claim of fishermen groups that it is apathetic to their plight, according to the Department of Agriculture (DA).
A griculture Secretary Francisco Tiu Laurel Jr. noted that the state, through the Bureau of Fisheries and Aquatic Resources (BFAR), has filed a motion for reconsideration against the Supreme Court ruling allowing commercial fishing vessels to operate within the 15-kilometer municipal waters.
“ [The MR] speaks for itself,” Laurel told the BusinessMirror on Monday.
Also, the only entity that can allow [fishers] within 15-kilometer is the [local government unit] LGU not DA-BFAR,” he pointed out. His reaction was sought after a
coalition of small fishermen’s groups said he has been remiss in upholding their rights, and cited his family’s business interest—in commercial fishing—as a possible basis.
Meanwhile, Agriculture Assistant Secretary Arnel de Mesa said the agency would “uphold” the small fisherfolks rights.
We respect whatever would be the decision regarding this case, but definitely, we still uphold the rights and the privileges of our small fishermen; that’s why we filed a motion for reconsideration,” De Mesa told reporters in a briefing.
Pamalakaya protest THE Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) held a protest on Monday to denounce the SC ruling.
O n December 19, 2024, the SC upheld a 2023 decision by the Regional Trial Court (RTC) in Malabon that allowed the Mercidar Fishing Corporation to fish in municipal waters.
foreign exchange buffers through these liquidity support arrangements.
Apart from the BSA, the Philippines also has regional arrangements such as the Chiang Mai Initiative Multilateralization (CMIM) and the Asean Swap Arrangement (ASA). Under the CMIM, the BSP may borrow 2.5 times its contribution commitment to the initiative. The BSP commitment is $9.104 billion and its total borrowings could reach $22.76 billion.
T he ASA, meanwhile, allows the BSP to draw up to $600 million or up to twice its $300 million contribution to the ASA.
T here are also global arrangements such as the IMF Financing Facilities, particularly the Standby Arrangement, Flexible Credit Line, and others.
The BSP said that as a member of the IMF, the Philippines could tap its financing facilities of between 145 to 435 percent of its quota. The central bank said the current quota of the Philippines in the IMF is $2.9 billion. The BSP’s commitments to the IMF financing facilities include $431 million in bilateral borrowing agreement and $966 million in new arrangements to borrow. Cai U. Ordinario
Ronnel Arabulo, vice chairperson of Pamalakaya said they are holding the Department of Agriculture (DA) accountable for its failure to uphold the preferential rights of small fishermen to traditional fishing grounds.
“The DA is silent amidst the howl of protests raised by small fishermen against the incursion of commercial fishing interests in our fishing grounds. The agency is accountable once this court ruling becomes final and executor because Francisco TiuLaurel Jr. [DA Secretary] is pushing for policy change that will allow commercial fishing vessels in municipal waters,” Arambulo said.
A rambulo added that the illegal incursion of commercial fishers in municipal fishing grounds is already a big problem, as it results in the overexploitation of fishing grounds.
“What more if these commercial fishing vessels are allowed legally to fish in municipal waters?” he said.
S ome members of Pamalakaya’s provincial chapter in La Union also joined the protest to
lament the ruling. George Cacayuran, president of Timek ken Namnama dagiti Babassit a Mangalap ti La Union (TIMEK), said that even before the decision, commercial fishing vessels such as trawls and buli-buli (modified Danish seine), were rampant in their municipal waters. Even before, commercial fishing vessels illegally fishing in our fishing grounds is already rampant,” he lamented. He lamented that it is unfortunate that commercial fishing interest was able to twist the law, making use of the 7-fathom provision of the Fisheries Code, where commercial fishers will be eventually allowed under the SC First Division ruling. According to Pamalakaya, only 10 percent of municipal waters are less than seven fathoms deep. This means that around 90 percent of municipal waters that are more than seven fathoms deep are open for exploitation of big fishing firms if the ruling is fully implemented.
IN HIS IMAGE Different sizes of the Black Nazarene’s replica and t-shirts with its face prints are seen in Quiapo, Manila, as the feast of the Black Nazarene nears. The Philippine National Police (PNP) has tightened security measures ahead of the Feast of the Jesus Nazareno on January 9, deploying thousands of officers to ensure a safe and orderly event. NONIE REYES
Editor: Jennifer A. Ng
Jollibee acquires majority stake in Moon Moon Food
By VG Cabuag @villygc
Jollibee Foods Corp. (JFC) on Monday said its unit has signed an agreement to purchase a 70-percent stake in Taiwan’s Tien Hsia Sheng Co. ltd. (Moon Moon Food), a company popular for its wellness soups.
The fastfood giant said in its disclosure that it is buying the company, through its 51-percent owned Milkshop International Co. Ltd., for NT$103.8 million, or about P183.72 million, which will be paid in cash.
The company said it is buying 980,000 common shares owned by Yung-Cheng Lai and Hsin-Ning Lo for NT$105.92 apiece.
Yung-Cheng Lai, Moon Moon Food founder and current CEO, will retain ownership of the 30 percent
minority interest in the company.
“This strategic move reinforces Milksha’s position as a leader in the tea segment in Taiwan by accretively integrating Moon Moon Food’s resources and complementary offerings to enhance ability to meet evolving customer needs, further strengthening scale, valuation and expanding consumer base of Milksha,” the company said.
“Milksha is an alternative healthy beverage brand under the tea seg-
ment which gives JFC the opportunity to participate in the fast-growing beverage category globally.”
Moon Moon Food is renowned for its Chinese wellness soups. It is a highly popular restaurant brand in Taiwan, recognized by the Michelin Bib Gourmand for seven consecutive years from 2018 to present, the company said.
Moon Moon Food currently operates a profitable business with 13 outlets in Taiwan and opened its first international branch in Singapore in 2024.
Once the transaction is completed, Moon Moon Food will be consolidated into Milksha’s portfolio and financial reports.
“Correspondingly, JFC will take on 51 percent of any acquisition impact to Milksha,” Jollibee said.
“What distinguishes Moon Moon Food is its attention to the humble process of soup-making,” blogger Eating in Taipei said in his post.
“They serve a range of classic
Taiwanese soups, each packed with fresh ingredients and an expertly balanced blend of tastes. Their menu is a gourmet trip through the rich tapestry of Taiwanese flavors, from the renowned chicken soup to the aromatic and savory herbal soups.
Last November, Jollibee said its income in January to September 2024 rose 23 percent to P8.87 billion from the previous year’s P7.22 billion on higher sales.
Systemwide sales for the 9-month period went up by 12 percent to P281.1 billion from the previous year’s P251.09 billion.
“During the third quarter, we successfully completed the acquisition of Compose Coffee and the results that we are reporting today include the impact of this value-accretive transaction. Our consolidated systemwide sales for the quarter increased by 13.2 percent, driven by the international business which grew by 20.5 percent,” Jollibee CEO Ernesto Tanmantiong said.
Ninja Van to deliver URC products
By Lorenz S. Marasigan @lorenzmarasigan
UNI v E r S a L r ob ina Corp.
(U r C ) has tapped techenabled logistics provider
Ninja van Philippines to enhance the distribution of its products, aiming to address inefficiencies in traditional supply chain models.
Under the partnership’s trial phase, Ninja van is leveraging its flagship enterprise logistics service, Ninja restock, to pick up, sort, and deliver UrC products to retail points in South Luzon.
The service caters to a variety of retail formats, from large malls to smaller outlets like convenience
Singapore faces risk of new property curbs–report
ASPIKE i n housing prices, partly brought on by speculative buying, could prompt the government to issue more cooling measures, according to a Morgan Stanley research report. Singapore’s housing rally will spill into early 2025, underpinned by investors looking to buy and cash out before the apartments are completed, analysts led by Wilson Ng wrote in a January 6 report.
That’s increasing the chances of the government rolling out more curbs to cool the market. Combined with an influx of supply, it could lead to a 5-percent drop in prices this year, the analysts said in a separate report.
The investment bank joins a growing chorus of analysts expecting more government action. The city-state’s ruling party is gearing up for an election year, at a time when housing affordability has been a major concern for voters. Singapore’s private residential prices jumped 2.3 percent, the most in a year on a quarterly basis, according to preliminary estimates released last week. Citigroup Inc. and Barclays Plc are among banks that have warned of potential curbs. Bloomberg News
stores and local groceries.
“Ninja restock is an innovation that aims to help fast-moving consumer goods (FMCG) companies and other big brands to stay agile with the evolving nature of retail distribution,” said Ninja van Philippines Country Head vin Perez.
“Current models of distribution are beset with a lot of inefficiencies, and are unable to serve ever-smaller retail doors like convenience stores, drugstores, and local groceries.”
The service uses Ninja van’s ecommerce logistics network to deliver products directly to stores, streamlining the process for businesses that typically endure long
wait times to restock retail outlets.
“In UrC we believe in the power of technology to improve the way we do things, and we are constantly seeking ways to deliver value in all stages of our operations, from supply chain and production, to distribution and retail,” UrC President and CEO Irwin Lee said.
Last November, U rC reported that its net income in January to September 2024 fell by 16 percent to P8.63 billion from the previous year’s P10.28 billion on weak performance in the third quarter.
Sales for the period came in flat at P118.88 billion from the previous year’s P117.15 billion.
For the third quarter alone, the
company that makes Chippy and Granny Goose chips had a net income of P1.63 billion, or only half of the previous year’s P3.27 billion. revenues were slightly down to P38.13 billion from the previous year’s P38.84 billion.
The company attributed its financial performance in the July-to-September period to lower sugar prices.
Sales of its branded consumer food group, excluding packaging and China, ended at P81.8 billion for the nine months of the year, up by a mere 2 percent from last year.
Its income in 2023 slid by 12 percent to P12.8 billion from the P13.95 billion recorded in 2022 despite higher sales.
Nippon Steel slides after Biden blocks US Steel takeover
Sa r ES in Nippon Steel Corp.
H
dipped on Monday, the first day of trading since US President Joe Biden blocked the Japanese company’s planned $14.1 billion takeover of United States Steel Corp.
Biden had already expressed his opposition to the deal, but he announced his decision formally on Friday, days after the case was referred to him by a US security review panel. In a written statement, he said the takeover would have placed a major steel producer under foreign control, creating a risk to critical supply chains.
US Steel and Nippon Steel said in a joint statement that there was no evidence of a national security threat, describing the decision as political. They intend to challenge the order, which would be a difficult path and one likely to significantly extend a months-long tussle over a US industrial giant that has raised tensions between the US and its close ally Japan.
Japanese Prime Minister Shigeru Ishiba said the controversy has caused concerns among Japanese companies over future bilateral investments.
“We would like to strongly urge the US government to take steps to dispel these concerns,” Ishiba said on Monday. “They also need to clearly explain why there are security concerns. We are allies, but in terms of our future relationship, the points I have just mentioned are
extremely important.”
Washington’s final verdict was not a shock, said Shoji Hirakawa, chief global strategist at Tokai Tokyo Intelligence Lab. “President Biden had expressed his opposition to the deal for some time, and the market had factored in this possibility,” he said, adding President-elect Donald Trump, who takes office later this month, would “likely maintain this stance as well.”
Nippon Steel shares were down 0.8 percent at 3,158 yen at the close in Tokyo, slightly less than the Nikkei 225 benchmark index’s decline. Shares earlier fell as much as 2.3 percent.
Without the tie-up, US Steel will have to find alternative sources of much-needed investment.
Similarly, Nippon Steel — which
made several concessions around employment, leadership and production capacity over the last months, in an effort to assuage White House concerns—will be forced to search for another target or growth market to help reduce its dependence on the waning Japanese market and compete more effectively with China.
“Over the last decade, there has been an understanding in Tokyo that both US parties have shifted in the direction of economic nationalism, of greater protectionism. This is just the reality,” Tobias Harris, founder of Japan Foresight, said on Bloomberg T v. “ You find opportunities where they exist.”
Japan’s largest steelmaker had aimed to boost crude steel production capacity by 30 percent with the US Steel deal. Bloomberg News
By Jonathan L. Mayuga @jonlmayuga
Ma NIL a Water reported on Monday the completion of several major service improvement projects which seek to boost the company’s water and wastewater services for its 7.7 million customers in the East Zone.
“These capital expenditure projects address critical infrastructure for water security, environmental sustainability, service enhancement and upgrading, especially in geographically challenged areas in r izal, and compliance with regulatory obligations,” the company said.
It said Phase 1 of the East Bay Water Supply System started operating in 2024 and now serves customers in several municipalities in r izal.
With the completion of the two submarine pipes traversing Laguna Lake, the 50-MLD facility is expected to provide deliver water to 390,000 customers in Jalajala, Pililla, Baras, Cardona, Morong, and Binangonan.
Meanwhile, the process of proving and final testing of the 80-MLD Calawis Water Treatment Plant (WTP) in a ntipolo City was also completed, providing additional water supply to more than 900,000 customers in a ntipolo, Baras, and Teresa.
The Cardona Water Treatment Plant in Cardona, r izal has undergone a maximization program that increased its conveyance to 110 MLD from its initial 50 MLD.
Manila Water also completed the construction of the 50-MLD Binangonan Pumping Station and 7-ML reservoir in Barangay Mahabang Parang, Binangonan. This project is one of the key components of the East Bay Phase 1 Water Supply System and will play a crucial role in storing and conveying treated water from the source water treatment plant to distribution areas from the Morong Pump Station through a submarine line.
Meanwhile, Manila Water’s a nt ipolo Transmission Line Project involves the installation of a 9-kilometer 1,600 millimeter-diameter
THE board of property developer robinsons Land Corp. (r LC) has appointed seasoned realtor Maria Socorro Isabellev a ragon-GoBio as the company’s new president and CEO, effective next month.
GoBio will replace Lance Y. Gokongwei, who held the position since January 8, 2024. He will continue to serve as the executive chairman of r L C, providing strategic guidance to the company moving forward, the company said.
steel pipe along roman-rojas and NH a road in Teresa, r izal up to the Boso-Boso reservoir in Sitio BosoBoso in a ntipolo City. This project aims to provide additional and improved water service to more than one million customers in a ntipolo, Teresa, Baras, Taytay, and a ngono. a s t he new year starts, we welcome 2025 with a renewed commitment of delivering the best quality of service we can give our customers. rest assured we will continue to embark on investments that will further realize this, this year and for the next years to come,” said Manila Water Communication a f fairs Group Director Jeric Sevilla. Set to be completed in 2025 is Phase 2 of the East Bay Water Supply System which includes the construction of a 200-MLD water treatment plant. The East Bay Phase 2 WTP is a critical component of the East Bay Water Supply System, which is expected to serve a population of approximately 2.08 million people in Metro Manila and r izal. The Kaysakat WTP Project is already 48 percent completed as of December 2024 and is set to be finished in January 2026. It will add 220 MLD potable water supply that will benefit more than one million residents residing in a ntipolo, Teresa, and Baras. a new sewage treatment plant, the 60-MLD a glipay STP project is expected to benefit over 652,000 residents in the catchment area in Mandaluyong City. The project is anticipated to be fully operational by 2025, bringing much-needed improvement on water quality in local rivers, reduced pollution and enhanced public health of the residents in Mandaluyong, San Juan, and Quezon City. Expected to be completed by September 2025, the Pinugay Septage Treatment Plant (SpTP) is set to rise in Barangay San Jose, a ntipolo City. With a capacity of treating 50 cubic meters of wastewater, the facility is projected to provide sanitation services to 150,000 residents of Baras, Teresa, Cardona, Jala-jala, and Morong.
“The board expressed its heartfelt appreciation to Mr. Gokongwei for his exceptional leadership and invaluable contributions during his tenure as president and CEO. Under his stewardship, r LC solidified its position as a leading player in the real estate industry.” GoBio makes history as the first female president and CEO of r LC. She will also be the latest addition of women who were appointed as chief executive, in an industry dominated by male leaders. Other companies that have women leaders include ayala Land Inc., a reit Inc., a nchor Land
The Nippon Steel plant in Kashima, Ibaraki Prefecture. PhotograPher: akio kon/BloomBerg
PhoTo shows one of the water treatment facilities of Manila Water in Quezon City. From www. manilawater.com
Banking&Finance
‘Healthcare system fragmented on cut funds’
By Reine Juvierre Alberto @reine_alberto
AS the government slashed the budget for this year’s health expenditures, the health care system will be more fragmented, limiting future market opportunities, according to BMI Research, a Fitch Group company.
According to BMI Research, the reduction in health expenditures reflects the government shifting away from prioritizing the health system
Why stocks keep hitting record highs: A local, global perspectives
THE stock market is often seen as a barometer of economic optimism, and the consistent record highs we observe—both locally and globally—reflect a confluence of factors driving investor confidence. Understanding these factors is crucial for investors looking to make informed decisions, particularly in a growing economy like the Philippines, which is influenced not only by domestic trends but also by global market dynamics.
If you’re a seasoned investor, you are already aware of the factors behind a stock’s bullish or bearish stance on a certain period of time combining both fundamental and technical analysis. Though it may not be 100-percent predictable, somehow we can have some indicators.
In the Philippines, the local stock market’s performance is closely tied to the country’s economic fundamentals. The Philippine Stock Exchange Index (PSEi) often rallies due to the following factors.
1. Strong domestic consumption. The Philippines is a consumption-driven economy. With almost 120 million people and a rising middle class, consumer spending contributes significantly to gross domestic product (GDP). Companies in consumer goods, retail and real estate often benefit; driving stock prices higher.
2. Infrastructure development. The government’s infrastructure initiatives, such as the “Build, Build, Build” program, spur economic growth by improving transportation and connectivity. Construction-related companies and banks financing these projects often see stock price appreciation as investor confidence grows.
3. Resilient OFW remittances. Overseas Filipino workers (OFWs) remit billions of dollars annually, bolstering domestic liquidity. This steady cash inflow supports the banking sector and fuels local consumption, benefiting listed companies. Comprising 10 percent of the population, OFW remittances play a big role in the country’s GDP.
4. Foreign investor interest. Foreign funds often flow into emerging markets like the Philippines due to favorable growth prospects. When global interest rates are low, foreign investors look for higher returns in markets like ours, driving stock prices up.
5. Digital and technology sector growth. While the tech sector is still in its infancy compared to global markets, the rise of fintech and digitalization among traditional companies has created new opportunities for growth, capturing investor interest.
Global drivers: The US and Beyond THE Philippines does not operate in a vacuum. Global stock market trends, particularly in the US, play a critical role in influencing local market sentiment. The following are the global reasons behind record-breaking stock markets.
1. Accommodative monetary policies. The US Federal Reserve
despite its earlier focus on universal health care (UHC).
Based on the 2025 National Expenditure Program, a P297.6-billion budget was proposed for the health sector, the third-highest among the priority sectors.
After the budget was scrutinized by Congress, President Ferdinand R. Marcos Jr. signed into law the P6.326 trillion national budget for 2025.
This left the Department of Health (DOH) with a reduced budget of P267.8 billion and no subsidy for the Philippine Health Insurance Corp. (PhilHealth).
Tand other central banks have maintained low interest rates and adopted quantitative easing to support economic recovery. This makes borrowing cheaper and pushes investors to allocate more capital to equities, fueling record highs.
2. Tech sector boom. The dominance of US tech giants like Apple, Amazon, and Nvidia has driven the S&P 500 and Nasdaq Composite to new heights. These companies benefit from secular trends such as artificial intelligence, cloud computing, and e-commerce, which are reshaping industries worldwide.
3. Resilient corporate earnings. Despite economic headwinds, many companies, particularly in the US, have reported robust earnings. The ability to adapt through costcutting, digital transformation, and new business models has impressed investors, supporting stock price growth.
4. Global liquidity surge. Massive fiscal stimulus programs during the pandemic injected trillions of dollars into the global economy. This liquidity often finds its way into financial markets, inflating asset prices, including stocks.
5. Geopolitical factors. Global uncertainty, such as geopolitical tensions or trade disputes, often drives investors toward equities in stable markets like the US, which is seen as a safe haven. This trend can have a spillover effect, boosting confidence in other regions, including the Philippines.
While record highs in the stock market are encouraging, it is essential for investors to exercise caution. Volatility can arise from unexpected economic shifts, inflationary pressures, or geopolitical risks. For Filipino investors, diversification—both locally and globally—is key to managing risk while taking advantage of growth opportunities.
The continued rise of stock markets reflects a dynamic interplay of local and global factors. In the Philippines, economic growth, infrastructure development, and resilient consumption are primary drivers. Globally, monetary policies, technological advancements, and robust corporate performance keep equities appealing.
As a registered financial planner, my perspective is to focus on fundamentals, maintain a long-term perspective, and diversify portfolios. The stock market’s record highs are a testament to economic resilience and innovation, but prudent investing will always be the cornerstone of financial success.
Karlo Biglang-awa is a Registered Financial Planner of RFP Philippines. The views he expressed herein do not necessarily reflect
“Our forecast has been maintained to reflect this spending cut. We expect Filipino government health expenditure to grow at a compound annual growth rate (CAGR) of 5.7 percent over the forecast period 2023 to 2028,” read the commentary issued by BMI Research.
The shift in budget prioritization is seen in the significant budget increases in other departments such as defense, showing a divergence from health system prioritization, according to the company Fitch Group acquired in 2014.
Moreover, BMI Research said the
stark budget cuts of the governmentowned and -controlled hospitals will reduce investment sustainability in the health system. The Philippine Children’s Medical Center’s budget was reduced by 28.43 percent to P1.399 billion in 2025 from P1.955 billion in 2024.
The Lung Center of the Philippines’s budget was also decreased by 9.79 percent to P713.585 million while the National Kidney and Transplant Institute will receive P1.491 billion, down by 8.28 percent.
“We expect this will impact their ability to provide healthcare services
in the regions they operate in,” BMI Research said, adding that medical device sales will be constrained in these markets. Although the budget has allocated public health workers a salary increase, the research firm said the shortage of medical staff in public hospitals remains unaddressed.
“Without a long-term plan, the public health system will lack the human capital necessary to maintain and expand its services, resulting in a decline in the quality of care. We believe this problem will continue to worsen,” BMI Research said.
raises ₧22B on strong demand for Treasury bills
HE Bureau of the Treasury (BTr) successfully raised P22 billion in its first Treasury bills (T-bills) auction for 2025 on the back of investors’ strong demand amid yields falling across the board.
The Treasury kicked off last Monday its first T-bills sale for this year by awarding in full all three tenors on offer, with the auction 3.2 times oversubscribed as total tenders reached P70.977 billion.
The Treasury said the auction reflects “healthy demand despite the higher volume offered,” which allowed the auction committee to achieve the full program target of P22 billion.
T-bill yields corrected lower, declining by as much as 6.4 basis points (bps) compared to the previous auction last December 16, after rising for 11 straight weeks.
As such, the 92-day tenor averaged 5.782 percent, lower by 3.6 bps from 5.818 percent at the previous auction. Yields ranged from a low of 5.750 percent to a high of 5.800 percent.
The 92-day T-bills were sold at the full amount of P7 billion, attracting
Korean
tenders amounting to P25.017 billion. The auction committee rejected P18.015 billion worth of offers.
Meanwhile, the average yield of the 182-day tenor settled at 5.911 percent, down by 6.4 bps from 5.975 percent. Rates for the short-term government securities were between 5.898 percent and 5.925 percent.
The 182-day tenor was similarly sold at the full amount of P7 billion after attracting tenders totaling P23.850 billion.
Further, the 364-day tenor averaged at 5.931 percent, lower by 4.6 bps from 5.977 percent previously, with a rate range of 5.900 percent to 6 percent.
The 364-day tenor was also sold in full P8 billion, with the auction committee receiving tenders amounting to P22.110 billion.
The lower T-bill interest rates were the result of the widely-expected rate cut by 25 basis points (bps) of the US Federal Reserve (Fed) followed by the Bangko Sentral ng Pilipinas (BSP), according to Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort.
BSP Governor and Chairman
goods get zero tariff rates
THE Bureau of Customs (BOC) has issued guidelines granting reduced or zero tariff rates on goods originating from South Korea under the Philippines–Korea Free Trade Agreement (PH-KR FTA).
The granting of preferential tariff treatment under the PH-KR FTA were contained in Customs Memorandum Order (CMO) 11-2024 issued by Customs Commissioner Bienvenido Y. Rubio.
The order will facilitate the implementation of Executive Order (EO) 80 signed by President Ferdinand R. Marcos Jr., mandating the adjustment of import duty rates on certain goods following the Philippines’s tariff commitments under the agreement.
Under EO 80, originating goods from South Korea listed in the Philippine Schedule of Tariff Commitments must meet the specified rules of origin and be accompanied by the required proof of origin to qualify for preferential treatment.
“This landmark agreement aims to strengthen trade relations between the Philippines and South Korea, enhancing economic growth and fostering regional integration,” the BOC said in a statement last Monday.
The order aims to establish a mechanism in the registration of exporters, producers and manufacturers, claiming a preferential rate of duty, as well as accredit exporters as “Approved Exporter” under the PH-KR FTA.
The BOC will only accept Certificate of Origin Form PH-KR and Origin Declaration issued by an Approved Exporter as Proof of Origin. The Origin Declaration by an exporter or producer must be implemented no later than 10 years after the date of entry into force of the agreement.
Meanwhile, the Export Coordination Division (ECD) will examine all applications for issuance of CO and Approved Exporter status. It will verify the originating status of the goods upon request of the importing party.
Moreover, the order states operational procedures such as pre-exportation examination or product evaluation, issuance of Certificates of Origin, application processes for obtaining “Approved Exporter” status, procedures for completing an Origin Declaration, verification protocols and obligations of an “Approved Exporter.”
“These comprehensive guidelines are designed to ensure seamless compliance with the agreement and maximize the benefits of preferential trade terms,” the BOC said.
Rubio said the issuance of the CMO “underscores the BOC’s commitment to facilitating trade and fostering economic partnerships with global partners.”
“By providing clear guidelines, we aim to ensure a smooth transition and effective implementation” of the PH-KR FTA, added the BOC chief. Reine Juvierre S. Alberto
of the Monetary Board Eli M. Remolona Jr. said the central bank will maintain an easing posture this year, but a 100-bps reduction in key policy rates “may be a bit much.” (See: https://businessmirror.com. ph/2024/12/20/bsp-unlikely-tocut-key-rates-by-100-bps/).
Meanwhile, Finance Secretary and Monetary Board Member Ralph G. Recto said he expects another 75-bps cut this year while his initial position was a 100-bps cut. (See: https://businessmirror.com. ph/2024/12/19/recto-additional25-bps-cut-to-encourage-investments/).
“Rates/monetary policy [are] still somewhat restrictive/still on the tight side (that would have also partly supported the peso exchange rate recently), considered an insurance amid risk/worry that inflation might rise again, and thus comfortable with baby steps on easing/rate cuts,” Ricafort said, pertaining to Remolona’s dovish signal.
Citing the latest Fed dot plot indicating a 50-bps rate cut for 2025, the RCBC executive explainted this could be matched locally by the BSP
“so that healthy interest differential would eventually be maintained to help support/stabilize the peso exchange rate, import prices, and overall inflation.” In its month-ahead inflation forecast, the BSP expects inflation in December 2024 to average between 2.3 percent and 3.1 percent, while full-year inflation could average 3.2 percent. This is still within the government’s target of 2 to 4 percent. Inflation averaged 2.5 percent in November 2024 and 3.9 percent in December 2023, while the full-year inflation was at 6 percent in 2023. The national government will borrow P2.545 trillion this year, based on the Budget of Expenditures and Sources of Financing. The Marcos administration will follow an 80:20 borrowing mix in favor of domestic sources amounting to P2.037 trillion. The Treasury will tender a total of P60 billion from T-bills and P1.977 trillion from Treasury bonds. The Treasury also aims this month to raise P88 billion from auctioning off T-bills. Reine Juvierre S. Alberto
Asia Pacific borrowers kick off rush of global dollar bond sales
ASIA Pacific (APAC) borrowers came out in full force in what’s traditionally one of the busiest periods for bond issuance globally at the start of the year, with at least 14 issuers marketing or announcing plans to sell dollar debt.
The flurry of deals will pose a key test of investor appetite for credit at a time when yield premiums are near their lowest since the global financial crisis. Mitsubishi UFJ Financial Group Inc., China Hongqiao Group Ltd. and Export-Import Bank of India are among borrowers from the region that may price notes at the start of the week.
Companies have plenty of incentives to sell debt early in 2025 with global credit spreads near their lowest in 17 years and investors on alert for more volatility in markets with the return of President-elect Donald Trump to the White House. Preliminary forecasts for high-grade issuance in the US this week were around $50 billion, with mandates continuing to roll in.
At least six borrowers Monday including Japan’s Chugoku Electric Power Co. mandated banks for potential dollar bond sales.
“We’re pretty positive on Asian high yield, Asian credit as a whole,” said Navin Saigal, head of fundamental fixed income, Asia Pacific, at BlackRock Inc., citing restrained supply in the region compared with historical highs and the ability to pick up yields of 6-7 percent on notes.
Concerns that Trump’s policies may reignite inflation have already pushed longer-term US Treasury yields higher and his promise to impose additional tariffs on goods from countries such as China hold the potential to sway investor preferences further in credit markets.
For now, Asia dollar bond spreads have followed their US peers lower as Chinese authorities have increased stimulus to boost their own economy and some other regional central banks have accelerated rate cuts to offset potential risks. Yield premiums on Asian investment-grade dollar bonds finished 2024 at levels near their lowest in at least 15 years, Bloomberg indexes show. Monday’s deal rush follows a recovery in
US-currency debt issuance from the Asia Pacific in 2024, with annual sales climbing 21 percent to about $278 billion, according to data compiled by Bloomberg. Despite that improvement, the bond sales were still about 33 percent lower than the five-year average of nearly $420 billion between 2017-2021, after record defaults by junk Chinese property makers and higher dollar interest rates had sapped momentum from the market. High-yield note offerings from the region last year were still more than 70 percent below the 2017-2021 average, the data show.
But Chinese issuers reclaimed their place last year from Japan as the biggest group of borrowers by country of risk in dollar bond sales from the Asia Pacific in a positive sign for future issuance, data compiled by Bloomberg show.
Local-currency bond markets in the APAC region were also active last Monday, with Hong Kong’s Airport Authority mandating for the possible sale of Hong Kong dollarand yuan-denominated notes, while Commonwealth Bank of Australia priced A$3 billion ($1.9 billion) of 5-year notes in its home market.
Global bond issuance this month is chasing a record-breaking January of last year. Companies and governments stormed international markets then with more than $720 billion of new debt, according to data compiled by Bloomberg.
Borrowers may try to get ahead of the new US administration, with Trump to be sworn in on January 20.
If Trump focuses on tariffs and immigration in his first 100 days, “that’s a really difficult picture” for emerging market debt, said Pilar Gomez-Bravo, co-chief investment officer of fixed income at MFS Investment Management in an interview. Those policies may result in higher for longer US interest rates and a stronger dollar, she said. “Those two things aren’t good for emerging markets” and particularly for localcurrency debt, according to Gomez-Bravo. “Hard-currency emerging market debt is also extremely expensive, so you don’t have a lot of room in terms of upside.” Bloomberg News
perSonal finance
Karlo Biglang-awa
Art BusinessMirror
National Museum exhibits Jose Rizal’s ‘Mona Lisa’
THE National Museum of the Philippines (NAM) presented for the first time a clay sculpture by Dr. Jose Rizal fashioned after his common-law wife Josephine Bracken, in commemoration of the 128th anniversary of martyrdom of the foremost Filipino hero and nationalist on December 30.
Tagged as Rizal’s Mona Lisa by NAM, the artwork, titled Josephine Sleeping, showcases Bracken peacefully reclining on a divan. The piece was presumably created while Rizal was exiled in Dapitan City in Zamboanga del Norte province between 1895 and 1896. The Spanish colonial government executed Rizal by firing squad for the crime of rebellion on December 30, 1896 at Bagumbayan Field in Manila.
By Eugenia Last
cell, two hours before the former’s execution in the Bagumbayan field, now Rizal Park. NAM calls it Rizal’s “last act of love to Josephine.”
According to NAM, Rizal’s extraordinary artwork offers an “intimate glimpse into the humanity and personal lives of Dr. Rizal and his last love.” The sculpture is believed to be a memento intended to be kept close to its creator, and traces its provenance to the heirs of Dr. Rizal’s sister Narcisa.
NAM acquired the important artwork following the passage of Republic Act 11333 or the NMP Act. The new law grants the institution means to generate and utilize revenue for the enhancement of its programs and national collections, allowing it to match winning bids at public auction. In November 2024, Josephine Sleeping was put under the hammer at Leon Gallery Kingly Treasures Auction, fetching a price tag of P31 million. Rizal and Bracken crossed paths in Hong Kong in 1895. Born to Irish parents, Bracken had her stepfather treated for his eye disorder by Rizal, an ophthalmologist. The two developed a relationship and lived together in Dapitan. According to historians, Rizal and Bracken married at 5 am in the death row
Josephine Sleeping now forms part of NAM’s National Fine Arts Collection. It is on view for public display at National Museum’s Spoliarium Hall, where it shares the space with other Rizal artworks in Gallery V’s exhibit, titled Inspiring the Nation, Dr. Jose Rizal: The National Hero in Art.
The latest addition to the collection, according to NAM, “highlights our desire to dedicate the Central Complex in Manila to the legacy of Dr. José Rizal whose life and works cover the fields of arts, anthropology, and natural sciences—areas that the NMP has been tirelessly working on since its inception.”
NAM describes Rizal as one of the leading members of the Filipino propaganda movement in the late 19th century. “He promoted nationalist sentiments through his novels, writings on Philippine history and culture, scientific pursuits, civic education and engagement, and artistic works.
Josephine Sleeping may be viewed by the public every day for free from 9 am to 6 pm. ■
FIRST SOLO EXHIBITION BY KEKA ENRIQUEZ ON VIEW FROM JANUARY 9 AT SILVERLENS, MANILA
TO kick off its 2025 Manila exhibitions, Silverlens announces Points and Endings, Keka Enriquez’s first solo exhibition in Manila since 2008, opening 9 January 2025. To mark her highly anticipated return, she will show a selection of work from the 1980s, made in Manila, to the present, made in her home city for the last 20 years, San Francisco. Domestic interiors rendered in dynamic brushwork, bold colors, and innovative form wherein she explores the house as both a familiar place and an aspirational ideal will be exhibited alongside newly-made works of dense abstract scenes that, upon closer inspection, reveal figurative silhouettes—a man’s face, a child, a dog— among interiors and exteriors alike.
The artist spiritedly paints scenes of the house, which is experienced either as a familiar or ideal. However way it is grasped and rendered, the subject comes out vividly inhabited, even if it is sometimes styled to appear in a certain way, mediated as a commodity or an aspiration from a magazine, surely meant to entice. The idea of a “dream house” might probably come to mind as Keka Enriquez
affectionately, and in the process potentially critically, repeats the desire to come to belong to the tricky place of the house. In lavish paint, nimble and restless strokes, the picture builds up from the density of the domestic furniture to the armature of painting. This is not to say that the rhythm is always hectic. There can be a sense of quiet, too, as if the details of dwelling serve as accoutrements of a still life.
But the general atmosphere is one of mingling, if not a massing of pigment and its luster, akin to collage or the modernist experiment of breaching the interior and the environment. The latter come together in the imagination of the artist so that the heady mixture ultimately proposes an abstract condition, or an articulation of abstraction in which the flatness is the thickness. Here, paint no longer alludes to the object or objectifies the subject: it confuses the eye that expects a reconciled home and is finally led to the telling remains of an always eventful day, which may well speak of history, repressed or becoming.
Points and Endings will be on view from January 9 through February 5 at Silverlens Manila.
TRIBUTE EXHIBITION TO PITOY MORENO COMING SOON TO METROPOLITAN MUSEUM OF MANILA
IF he were still alive today, Jose “Pitoy” Moreno (February 25, 1925–January 15, 2018) would be turning 100 years old. The pioneering fashion designer, who gained recognition locally and globally as a leading figure in the fashion world of his time, is being honored with an exhibition and accompanying book, titled Timeless: J. Moreno, at the Metropolitan Museum of Manila (The M Museum) in BGC.
Pitoy Moreno promoted traditional Philippine textiles such as jusi and piña, bringing them into the global fashion spotlight. He revived interest in the Maria Clara and played a pivotal role in popularizing the Barong Tagalog for both men and women. This revitalization of traditional Filipino garments attracted a distinguished international clientele, including French couturier Pierre Cardin, the Emperor of Japan, and the kings of Morocco and Malaysia. His clientele for his exquisite evening dresses, formal gowns and ternos, was equally star-studded: Philippine first ladies, socialites, movie stars—including Rita Moreno, who accepted her Oscar award in 1962 wearing a Pitoy Moreno creation, and attended the 2018 Academy Awards in the same dress—and royalty, such as the United Kingdom’s Princess Margaret.
Timeless: J Moreno is curated by New York-based art historian Dr. Florina H. Capistrano-Baker, assisted by co-curator Ditas R. Samson, and Los Angeles-based fashion curator Clarissa M. Esguerra, and The M’s curatorial department in close collaboration with exhibition and graphic designers Stanley Ruiz, Stephanie Yerba, and Cocoy Lumbao. This groundbreaking multimedia exhibition celebrates the centennial of Moreno’s birth.
Timeless: J. Moreno opens to the public on February 27, 2025. This exhibition is made possible by the Jusi at Piña Legacy Foundation.
Put a plan in place and proceed. Change will motivate you to ask questions and clear up uncertainty due to someone’s inconsistency or inability to follow through. Separate yourself from anyone leading you astray or trying to take advantage of you. ★★★★★
LIBRA (Sept. 23-Oct. 22): An opportunity will require attention. Research your options. You are best not to attach yourself, your investments or your plans to someone who knows less than you do. Revise and streamline your documents and investments to suit your needs and prosper. ★★★
SCORPIO (Oct. 23-Nov. 21): You need to get out more. Experience will help you expand your outlook and venture in new directions. Put a little love into your residence and bring it to sale-worthy standards. Preparation will position you for whatever comes your way. ★★★
SAGITTARIUS (Nov. 22-Dec. 21): Stick to the facts. Refrain from offering exaggerated or untrue information. A proposal will be a trap to find out where you stand. Be frank regarding your feelings and the personal lifestyle changes you are considering. ★★★★★
CAPRICORN (Dec. 22-Jan. 19): Network and discuss your vision, and the feedback you receive will spark your imagination. Implement your plans quickly before someone outmaneuvers you. Let your truth, the facts and enthusiasm lead the way, and you’ll have an infectious appeal that others will gravitate toward and find hard to resist.
AQUARIUS (Jan. 20-Feb. 18): Dance to your beat, but don’t force others to join you. If you aren’t reasonable, you’ll experience setbacks and budget restrictions. Initiate the changes necessary to prop you up and point you in a direction that offers
Show BusinessMirror
Former CNN anchor Aaron Brown,
who helped viewers through the 9/11 attacks, has died
AARON BROWN, a veteran television news anchor whose steady hand helped guide CNN viewers through the unfolding tragedy of the September 11, 2001, attacks, has died. Brown died on Sunday of pneumonia in Washington, D.C., where he lived, family spokesman Molly Levinson said. He was 76. Brown began his career in Minneapolis as a radio talk show host. His career in TV began in Seattle before he was named the founding anchor of ABC’s World News Now. He also anchored ABC’s World News Tonight Saturday, and was a reporter for World News Tonight with Peter Jennings, Nightline, and other ABC news programs.
But it was at CNN where he made a lasting mark—even before he was supposed to be on the air.
On the morning of September 11, 2001, Brown started his career at the network earlier than expected, anchoring from a Manhattan rooftop as the attacks were happening. When the second tower fell that morning, Brown responded with the horror most viewers no doubt felt.
“Good lord,” he said. “There are no words.”
His coverage of the attacks earned Brown the Edward R. Murrow Award. He also won three Emmy awards during his career, along with other honors.
Brown’s quirky, cerebral 10 pm CNN newscast NewsNight had a following with fans who enjoyed his commentaries and The Whip, a quick review of top international stories, but he lost ratings ground to Greta Van Susteren of Fox News.
Brown left CNN during a shakeup in November 2005, when his time slot went to rising star Anderson Cooper.
Looking back at this time at CNN, Brown said he was confronted by the challenge of doing serious journalism while also being in a “very ratings-driven environment.”
“I don’t want to get into the business of indicting cable TV, but some of what went on was just television, not journalism,” he told The Associated Press in 2008.
“I didn’t practice the ‘high church’ of journalism all the time, but I think there was some sense that I was uncomfortable in that other, tabloidy world, and I think viewers knew that and I couldn’t pull it off,” Brown said in that 2008 interview.
After leaving CNN, Brown taught for years at Arizona State University as its first Walter Cronkite professor of journalism. In 2008, he came back to TV on PBS’ Wide Angle, a weekly public affairs show.
Brown is survived by his wife, Charlotte Raynor, a daughter, two grandchildren, a sister and a brother. AP
Donny Pangilinan’s star is expected to shine brighter than ever
THE year that’s coming to a close has been more than wonderful for rising star Donny Pangilinan. He has achieved a great deal of success in a relatively short span of time compared to many actors who have had many years, even decades of waiting and wishing, just to get the break they’ve aspired for.
“I consider myself blessed, more than lucky. I know people say that sometimes it’s timing, like being at the right place at the right time; others say it’s destiny, what is meant will be, but I say that it is many things combined with hard work and faith—faith in God and faith in oneself, that if you want something so bad, you have to work very hard and exhaust all means to get to where you want to be,” he intoned.
Being born to celebrity parents might have opened the big door a little faster for Pangilinan, but not all celebrity children are assured of instant fame and popularity. When he was just starting, he tried to explore possibilities like TV commercials and even forayed into hosting for the music channel MYX.
And then the Wattpad series He’s Into Her catapulted Pangilinan and his leading lady Belle Mariano into becoming breakthrough actors. The buzz about the new love team was getting louder and before Pangilinan knew it, he was already working on the romantic series Can’t Buy Me Love. And there was no stopping him after that.
His parents Anthony and Maricel Pangilinan have certainly raised their son well. “I have always been reminded to be grounded, and real, and sincere, and disciplined, and grateful.” Pangilinan knows that show business is not the only world he has and that he has a life outside being a celebrity.
“If you let any form of success get into your head, then it’s the start of your downfall. Even if it’s perceived that my world is show business, my life does not revolve around it, and frankly it does and should not have to because if it does, it will eat me up and devour me so fast and I could lose myself. And that can be scary.” He continued, “I think it also worked to my advantage that I did not enter the business too early because I would’ve been overworked and stressed out by now. I am glad that I
help me to always become a better version of myself with everything that I do, and I appreciate that.”
Pangilinan feels that for every project he undertakes, he has to feel a sense of purpose. “I feel good when I can be a vessel for others, you know, when I feel that I can contribute something to make people happy and help improve the lives of others who do not have the same privileges as I do, then I can truly say that I have done my part.”
The new year is definitely going to be brighter for Pangilinan. He is about to finish work for his next series, titled How to Spot a Red Flag, for the VIU platform, where shooting has been taking place in a
GMA Network unveils program offerings on Diamond Year
THE country’s leading broadcast company, GMA Network delivers a program lineup brimming with excellence as it celebrates its 75th anniversary in 2025. For its diamond year, audiences can look forward to more entertainment that inspires and endures while showcasing world-class Filipino talent. Fans will get an all-new total prime experience with programs that highlight compelling and innovative storytelling featuring the network’s biggest and brightest stars.
Thrilling audiences beginning in January 2025 is the action-drama series, Mga Batang Riles, starring Miguel Tanfelix as Kidlat, Kokoy de Santos as Kulot, Bruce Roeland as Matos, Raheel Bhyria as Sig, Antonio Vinzon as Dagul. Joining GMA’s homegrown talents are Roderick Paulate, Jeric Raval, Jay Manalo, Diana Zubiri, Desiree del Valle and Ronnie Ricketts.
Multi-awarded Dennis Trillo and Jennylyn Mercado star in Sanggang Dikit. Set against the backdrop of political intrigue and personal rivalries, GMA’s buddy-cop series channels the high-octane energy and style of 1980s action films. Besides performances from two of the network’s biggest stars, audiences will thrill to explosive stunts, gunfights, and highstakes storylines. Further exploring the magical world of Encantadia is Encantadia Chronicles: Sang’gre, headlined by Faith da Silva, Angel Guardian, Kelvin Miranda and Bianca Umali. With them is a lineup of GMA stars led by Glaiza de Castro, Solenn Huesaff, Gabby Eigenmann, and Rhian Ramos. The new series explores the story of Terra, who discovers her magical abilities on her eighteenth birthday. She uses her new-found powers to defend the oppressed in the metropolis of Eltoro, governed by Emil Salvador. Unknown to Terra, she is actually a Sang’gre, a royalty of the queendom of Lireo in the mystical world of Encantadia.
Coming to GMA as well is a lineup of programs from GMA Public Affairs.
Ruru Madrid returns as the titular character in Lolong: Bayani ng Bayan. The much-awaited new season of 2022’s
“Most Watched Television Series” sees Lolong experiencing a tragedy on his wedding day. To save his beloved Elsie, played by Shaira Diaz, and his people, he embarks on a perilous quest to recover the Ubtao, a legendary gem known to possess miraculous powers.
Kilig comes to television screens in My Ilongga Girl. Jillian Ward stars in her first primetime romcom in the role of an unassuming Ilongga who turns out to be a doppelgänger of a missing celebrity.
GMA Public Affairs is also set to further entertain and intrigue Beauty Empire. The international co-production is a series that explores the skin and beauty industry headed by powerful female moguls.
Other GMA primetime programs set to intrigue audiences with unexpected twists and turns are Slay and Hari ng Tondo Meanwhile, GMA’s afternoon lineup pushes the ante in program offerings with stories of heartbreak while also celebrating the human spirit triumphing against all odds.
excited for this new project and we are enjoying working on location in a resort setting.” Aside from his perennial partner, Pangilinan is working with Angel Aquino, Jameson Blake, Christian Vasquez, Mylene Dizon and Benjie Paras.
For the new year, Pangilinan is open to explore exciting possibilities. “For now, all I know is that it will be an even busier year for me as far as work load is concerned, but those who know me well know that I am a man who values balance in the many aspects of my life. I will continue to assert myself to live and enjoy a balanced life so that I can truly grow to be a happier person, and become a man for others.” n
Bringing light to the dark corners of a prison is Prinsesa ng City Jail. The touching drama series, which delves into the story of a young girl raised near Bagumbayan City Jail by her adoptive father, stars Sofia Pablo, Allen Ansay, Dominic Ochoa, Denise Laurel and Beauty Gonzales.
Herlene Budol, meanwhile, stars in Binibining Marikit. The program also features performances from Pokwang, Tony Labrusca, who makes his GMA Network debut, and Kevin Dasom.
Another must-watch drama series is Mommy Dearest, starring Camille Prats, Shayne Sava, and Katrina Halili.
Rounding up GMA’s afternoon offerings are Cruz vs. Cruz, A Mother’s Tale, and My Stepmother, My Best Friend.
In 2025, GMA Network also unveils the return of Fernando Poe Jr.’s iconic films through FPJ sa GMA The collection of his greatest box-office hits will give his longtime fans and younger audiences a memorable and nostalgic experience. Besides providing Filipinos with entertainment that boasts
of the country’s most talented artists and biggest stars, GMA Network further strengthens its commitment in providing trusted and up-to-date information.
GMA Integrated News delivers the most comprehensive multi-platform election coverage for Eleksyon 2025 with more than 50 partners joining together from the fields of media telecommunications, technology, education, business, law, and public service, uniting to provide Filipinos with comprehensive, timely, and accurate information. GMA Integrated News has also unveiled its election advocacy campaign “Dapat Totoo,” emphasizing the fight against misinformation and disinformation to help guide voters this 2025 midterm elections. Also in line for the upcoming Eleksyon
MPIF Advances Community, Environmental Impact Through PNP Advisory Council
METRO Pacific Investments Foundation (MPIF) President Melody del Rosario has been officially inducted as a member of the Philippine National Police (PNP) Maritime Group Advisory Council for Police Transformation and Development (MG AGPTD). This appointment positions MPIF to support programs focused on social development, environmental conservation, maritime safety, and sustainability.
The PNP Maritime Group’s Advisory Council is an integral partner in implementing the P.A.T.R.O.L. Plan 2030, a roadmap aimed at transforming the PNP into a competent, effective, and credible institution by 2030. The plan emphasizes reforms in police operations, community engagement, resource management, institutional development, and technology upgrades. By working with multi-sectoral leaders like del Rosario, the Advisory Council provides valuable external perspectives, advice on policy
priorities, and assistance in resource generation to meet the program’s goals.
As MPIF President, del Rosario brings a wealth of experience and commitment to environmental advocacy through programs like Shore It Up! which is MPIF’s flagship program that engages coastal communities in sustainable marine resource development and restoration, her background aligns with the PNP MG’s vision of strengthening the nation’s maritime domain, ensuring safety, and protecting natural resources.
In her statement, del Rosario expressed optimism about this new opportunity:
“It is an honor to contribute to the PNP Maritime Group’s initiatives. MPIF has long advocated for environmental sustainability through programs like Shore It Up!. Joining the Advisory Council allows us to further this advocacy into maritime safety and development, building a stronger connection between protecting our waters and ensuring the security of those who depend on them for livelihood.”
The MG AGPTD plays a key role in assessing the PNP MG’s ongoing strategies and providing recommendations to enhance public trust and operational efficiency. Through its efforts, the Advisory Council works to address pressing challenges such as the effects of climate change, global economic shifts, and advancements in technology that impact the maritime sector. Members also assist in crafting innovative solutions to improve governance and secure additional resources for the PNP MG’s programs.
MPIF, as the corporate social responsibility arm of Metro Pacific Investments Corporation, has consistently championed initiatives that empower communities
JuanHand partners with Security Bank to Drive Financial Inclusion
SECURITY Bank, one of the country’s leading financial institutions, has partnered with WeFund Lending Corp., the operator of JuanHand, a leading pure fintech cash lending app in the Philippines, to expand access to financial services for Filipinos.
The landmark collaboration was formalized through a credit facility agreement to promote financial inclusion and empower individuals, families, and businesses by offering quick and accessible financial
solutions. The signing event brought together key executives from both organizations, including Security Bank Executive Vice President John Cary L. Ong, Assistant Vice President and Relationship Manager Earvin Lucido. Representing Finvolution Group and WeFund Lending Corp. were Chief Financial Officer Alexis Xu and Chief Executive Officer Francisco “Coco” Mauricio.
“We are grateful for the opportunity to be part of the JuanHand family. We resonate with JuanHand’s vision of one family with one
OF GRATITUDE. SM Hotels & Conventions Corp. ended 2024 with an attitude of gratitude in the presence of all its properties’
and preserve the environment. By joining the Advisory Council, del Rosario bridges the foundation’s advocacy for sustainable development with the national effort to enhance maritime security.
This involvement aligns with MPIF’s programs that contribute to the greater good, demonstrating how public-private collaboration can help achieve long-term goals.
heart that gives Filipinos a helping hand with their financial needs,” said John Cary L. Ong, Executive Vice President of Security Bank.
The credit facility that Security Bank granted will create a more financially inclusive environment, given the ease of access using the JuanHand app and requiring only basic information and one valid ID. Using Finvolution’s proprietary AI, borrowers can receive their loans in less than five minutes, and without the need for collateral nor uploading any proof of income or billing address.
“We are thrilled that Security Bank chose JuanHand as their first fintech lending company partner. By giving us their trust and confidence, this truly exemplifies Security Bank’s commitment to rapidly expand financial inclusion for all underserved Pinoys. Security Bank’s support helps fulfill our mission of being a helping hand for every Juan,” said Mauricio.
JuanHand, operated by WeFund Lending Corp., has disbursed over Php40 billion in loans and has more than 12 million registered users. With fast approvals, fair rates, regulatory compliance, professional customer service and a user-friendly interface, the brand remains a trusted choice for tech-driven financial solutions.
Download the JuanHand app at Google Playstore or iOS Appstore. For more information, visit www.juanhand.com
Tereso Panga, PEZA Deputy Director General for Operations Vivian Santos, PEZA Deputy Director General for Policy and Planning Anidelle Joy Alguso, PEZA Deputy Director General for Finance and Administration Maria Veronica Magsino, and Laguna Technopark Zone Manager Alejo Macaraeg together with the leaders of the Toyota Group export suppliers.
Shaping the Future of Media, Creativity at Tinta Print Media Conference 2024
HELD at the prestigious Manila Hotel, the Tinta Print Media Conference 2024, organized by the United Print Media Group of the Philippines (UPMGPhil), brought together media professionals, creative leaders, and businessmen for a transformative day of insights and innovation.
With the theme “Driving Truth and Business Impact,” the conference explored the evolving challenges and opportunities shaping the future of print and media in an increasingly digital world.
The day began with a ceremonial ribbon cutting led by UPMGPhil President Barbie L. Atienza, joined by distinguished publishers and members. Angel Guerrero, the conference chairperson, set the tone with a powerful overview that highlighted the event’s aim to empower media practitioners with actionable insights and innovative strategies.
In a speech delivered by Presidential Communications Office (PCO) Senior Undersecretary Emerald Anne Ridao, representing PCO Acting Secretary Cesar Chavez, emphasized the lasting importance of print media. He expressed his privilege to take part in a meaningful discussion about the value of print media in an era dominated by digitalization. Chavez underscored that print media will continue to be relevant in the years and decades ahead. While recognizing the convenience the digital revolution offers in accessing information, he affirmed that this does not make print media obsolete.
A major highlight was the session on Media Data and Consumer Insights, moderated by Marichu Villanueva, Associate Editor of The Philippine Star. The discussion featured industry experts sharing transformative strategies for understanding audience behavior. Martin Peñaflor, Founder and CEO of Tangere, showcased datadriven approaches that enhance audience engagement, while Dr. Guido David, OCTA Research Fellow, provided key insights into shifting media consumption patterns. The lively discussion underscored the importance of using research to guide impactful communication strategies.
The importance of ethical advertising took center stage as Robby Aligada, Executive Director of the Advertising Standards Council (ASC), emphasized selfregulation as a cornerstone for maintaining public trust in media. His talk resonated with the audience, highlighting the delicate balance between creative freedom and responsibility.
Renowned broadcaster and SM Investments consultant Rico Hizon shared an engaging session that detailed how the conglomerate aligns innovation with corporate responsibility. His insights illustrated how forward-thinking communication strategies can position organizations for sustainable success while fostering meaningful connections with stakeholders. He also gave out prizes to the delegates, adding an interactive and rewarding element to his session.
Dante “Klink” Ang II, Secretary of the Commission on Filipinos Overseas, delivered an insightful discussion on the future of traditional print media and the need for business models to adapt to a rapidly changing landscape. He acknowledged the resilience of newspapers, expressing optimism about their ability to withstand the threat of obsolescence.
He further challenged the audience to reflect on the sector’s long-term viability by posing a thought-provoking question: “Yes, newspapers have survived, but are we truly out of the woods?” This statement underscored the ongoing challenges faced by print media, from evolving reader habits to the dominance of digital platforms, and the need for continued innovation to remain relevant in a competitive media landscape.
The battle against misinformation was a key focus of the session led by Aileen Perez, Deputy Head for Social Media at GMA Network. She highlighted the network’s commitment to promoting responsible journalism through its “Panata Kontra Fake News” initiative, a program designed to educate and empower audiences in discerning credible information from falsehoods.
Perez also addressed the rise of “meme journalism,” a growing trend where information is packaged in humorous, shareable formats to attract online engagement. While acknowledging its potential to reach wider audiences, she emphasized the importance of balancing entertainment with accuracy and integrity. Her presentation underscored the critical role of media in safeguarding truth, combating the spread of misinformation, and adapting to the changing dynamics of how news is consumed in the digital age.
Thomas Jacob, COO of WAN-IFRA, joined the conference via Zoom from Germany to discuss global trends in news media. His session explored the rise of AI in content creation and the growing importance of audiencedriven news models, offering valuable lessons for local media practitioners.
The day concluded with a showcase of the world’s best creative campaigns, presented by David Guerrero, Creative Chairman of BBDO Guerrero. Featuring award-winning works from the Cannes Lions, the session celebrated the enduring power of storytelling and the ability of creative campaigns to drive change and influence perceptions.
Badette M. Cunanan, co-chairperson of the conference, closed the event with a heartfelt message celebrating the collective effort to advance the media and print industries. She emphasized the importance of collaboration in navigating an ever-evolving landscape, expressing optimism about the future of Philippine media. The Tinta Print Media Conference 2024 concluded with a renewed commitment to shaping the future of media through truth, innovation, and collaboration. The discussions highlighted the importance of adapting to digital transformations while upholding ethical standards and creative excellence. As the industry moves forward, the insights shared at this conference will continue to guide media professionals in driving meaningful change and impact. The event reaffirmed that a united, forwardthinking approach is key to the continued success of the Philippine media landscape.
MPIF President Melody del Rosario takes her membership oath, administered by PBGEN Jonathan A. Cabal, Director of the Maritime Group.
IN the photo are, from left, Ollygar Von Palay, Finance Manager, WeFund Lending Corp.; Francisco “Coco” Mauricio, President and CEO, WeFund Lending Corp.; John Cary L. Ong, Executive Vice President, Security Bank; Alexis Xu, Chief Financial Officer, Finvolution Group; and Earvin Lucido, Assistant Vice President and Relationship Manager, Security Bank.
ATTITUDE
Treacherous winter storm slams central US, causing dangerous travel conditions
By Patrick Whittle & Brian Witte Associated Press
ABLAST of snow, ice, wind and plunging temperatures stirred up dangerous travel conditions in parts of the central US on Sunday, as a disruptive winter storm brought the possibility of the heaviest snowfall in a decade to some areas.
Snow and ice blanketed major roadways in nearly all of Kansas, western Nebraska and parts of Indiana, where the state’s National Guard was activated to help any motorists who were stuck. At least 8 inches (20 centimeters) of snow were expected, particularly north of Interstate 70, as the National Weather Service issued winter storm warnings for Kansas and Missouri, where blizzard conditions brought wind gusts of up to 45 mph (72 kph). The warning extended to New Jersey for Monday and into early Tuesday.
“For locations in this region that receive the highest snow totals, it may be the heaviest snowfall in at least a decade,” the weather service said.
Gary Wright wore a parka as he and his husband chipped away at a thick coating of ice on his SUV Sunday in a slippery apartment parking lot in Missouri. Wright said he will work remotely for the University of Missouri-Columbia on Monday, but wanted to scrape off his vehicle as an excuse to spend a little time in the snow. He’s also in the market for boots for their two older dogs, who “won’t budge at all” when their paws hit the cold ground.
The polar vortex of ultra-cold air usually spins around the North Pole. People in the US, Europe and Asia experience its intense cold when the vortex escapes and stretches south.
Studies show a fast-warming Arctic is partly to blame for the increasing frequency of the polar vortex extending its icy grip.
Snow and ice in the forecast, and even possible tornadoes
IN Indiana, snow fully covered portions of Interstate 64, Interstate 69 and US Route 41, prompting Indiana State Police to plead with motorists to stay off the roads as plows worked to keep up with the pace of the precipitation.
“It’s snowing so hard, the snow plows go through and then within a half hour the roadways are completely covered again,” Sgt. Todd Ringle said.
Roughly 10 inches (25 centimeters) of snow had fallen in parts of Kansas, with snow and sleet totals predicted to top 14 inches (36 centimeters) for parts of that state and northern Missouri.
In Kentucky, Louisville recorded 7.7 inches (19.5 centimeters) of snow on Sunday, a new record for the date that shattered the previous mark of 3 inches (7.6 centime -
ters) set in 1910. Lexington, Kentucky, also set a snowfall record, with 5 inches (12.7 centimeters).
Parts of upstate New York saw 3 feet (0.9 meters) or more of snow from a lake effect event expected to last until late Sunday afternoon.
The storm was forecast to move into the Ohio Valley and reach the Mid-Atlantic states later Sunday and Monday, with a hard freeze expected as far south as Florida.
Damaging winds brought down trees across the Deep South. The weather service issued tornado warnings Sunday in Arkansas, Louisiana and Mississippi.
Car wrecks proliferate as storm hits
HUNDREDS of car accidents were reported in Virginia, Indiana, Kansas and Kentucky, where a state trooper was treated for non-lifethreatening injuries after his patrol car was hit on Interstate 65. At least 600 motorists were stranded in Missouri, that state’s highway patrol said.
Highways in northeastern Kansas were closed due to “impassable” conditions, according to the state’s Transportation Department. The closures included roughly 220 miles (354 kilometers) of the state’s main artery, Interstate 70, from the Missouri border into central Kansas.
Kentucky Gov. Andy Beshear, who declared a state emergency ahead of the storm, said state buildings would be closed Monday.
“We see far too many wrecks out there for people that do not have to be on the roads, so I want to ask: Stay inside. Stay safe with your family,” the governor said.
Virginia State Police reported at least 135 crashes as the storm entered the state Sunday. A handful of injuries were reported.
In Charleston, West Virginia, where several inches of snow had fallen by Sunday night, authorities urged motorists to stay home. The Kanawha County Sheriff’s Office said deputies were responding to crashes and 911 calls countywide. “Please be patient if you have called 911 for assistance. A deputy will call you or respond to you as soon as possible,” the sheriff’s office said in a statement.
Air and rail travel also snarled THE storms caused havoc for the nation’s passenger railways. More than 20 cancellations were planned on Sunday, 40 for Monday and at least two for Tuesday.
“If local authorities are telling people not to travel, it’s counterintuitive to try to run a full slate of services when people are being told to stay home,” Amtrak spokesperson Marc Magliari said.
The Midwest was hit especially hard. A train between Chicago and New York and several regional trains between Chicago and St. Louis were among those canceled Sunday.
Nearly 200 flights in and out of St. Louis Lambert International Airport were canceled, according to tracking platform FlightAware.
Temperatures dip, though no records break
Starting Monday, the eastern two-thirds of the country will experience dangerous, bone-chilling cold and wind chills, forecasters said. Temperatures could be 12 to 25 degrees (7 to 14 degrees Celsius) below normal.
In Chicago on Sunday, temperatures hovered in the teens (minus 7 to 10 Celsius) and around zero in Minneapolis, while dropping to 11 below (-11.7 Celsius) in International Falls, Minnesota, on the Canadian border.
The Northeastern states are more likely to experience several days of cold following what has mostly been a mild start to winter, said Jon Palmer, a meteorologist with the National Weather Service in Gray, Maine. A plume of cold air coming down from Canada is likely to result in a cold but dry week, he said.
The cold air will likely grip the eastern half of the country as far
south as Georgia, Palmer said, with parts of the East Coast experiencing freezing temperatures and lows dipping into the single digits in some areas.
Wind might also pick up as the week gets going, making for potentially dangerous conditions for people exposed to the elements for long periods of time, Palmer said.
Disruptions extend southward
THE National Weather Service predicted 8 to 12 inches (about 20 to 30 centimeters) of snow for the Annapolis, Maryland area. In a statement on X, Virginia Gov. Glenn Youngkin declared a state of emergency ahead of the storm and encouraged residents to vote before the state’s special elections on Tuesday.
Similar declarations were issued in Kansas, Maryland, West Virginia and in central Illinois cities.
Classes canceled SCHOOL closings were likely to be widespread Monday. Districts in Indiana, Maryland, Virginia and Kentucky were already announcing cancellations and delays on Sunday afternoon.
Kentucky’s Jefferson County Public Schools canceled classes, extracurricular activities and athletics Monday for its nearly 100,000 students. The day would have been students’ first one back after winter break.
“This is a traditional snow day with no online learning,” the district announced.
Witte reported from Annapolis, Maryland and Whittle from Portland, Maine. Contributing were Associated Press journalists Julie Walker in New York; Sophia Tareen in Chicago; Christopher Weber in Los Angeles; Kimberly Chandler in Montgomery, Alabama; and Summer Ballentine in Columbia, Missouri.
Jimmy Carter: The green president who championed environmental stewardship decades ahead of its time
By Bill Barrow The Associated Press
PLAINS, Ga.—When Jimmy Carter chose branding designs for his presidential campaign, he passed on the usual red, white and blue. He wanted green.
Emphasizing how much the Georgia Democrat enjoyed nature and prioritized environmental policy, the color became ubiquitous. On buttons, bumper stickers, brochures, the sign rechristening the old Plains train depot as his campaign headquarters. Even the hometown Election Night party.
“The minute it was announced, we all had the shirts to put on—and they were green, too,” said LeAnne Smith, Carter’s niece, recalling the 1976 victory celebration.
Nearly a half-century later, environmental advocates are remembering Carter, who died on Dec. 29 at the age of 100, as a president who elevated environmental stewardship, energy conservation and discussions about the global threat of rising carbon dioxide levels.
President-elect Donald Trump has vowed to abandon the renewable energy investments that President Joe Biden included in the Inflation Reduction Act of 2022, echoing how President Ronald Reagan dismantled the solar panels Carter installed on the White House roof. But politics aside, the scientific consensus has settled where Carter stood two generations earlier.
“President Carter was four decades ahead of his time,” said Manish Bapna, who leads the Natural Resources Defense Council. Carter called for cuts in greenhouse gas emissions well before “climate change”
was part of the American lexicon, he said. Wearing cardigans and setting standards
FORMER Vice President Al Gore, whose climate advocacy earned him the 2007 Nobel Peace Prize, called Carter “a lifelong role model for the entire environmental movement.”
As president, Carter implemented the first US efficiency standards for passenger vehicles and household appliances. He created the US Department of Energy, which streamlined energy research, and more than doubled the wildnerness area under National Park Service protection.
Inviting ridicule, Carter asked Americans to conserve energy through personal sacrifice, including driving less and turning down thermostats in winter amid global fuel shortages. He pushed renewable energy to lessen dependence on fossil fuels, calling for 20 percent of US energy to come from alternative sources by 2000. But laments linger about what 39th president could not get done or did not try before his landslide defeat to Ronald Reagan.
Addressing climate change
CARTER left office in 1981 shortly after receiving a West Wing report linking fossil fuels to rising carbon dioxide levels in Earth’s atmosphere. Carter’s top environmental advisers urged “immediate” cutbacks on the burning of fossil fuels to reduce what scientists at the time called “carbon dioxide pollution.”
“Nobody anywhere in the world in a high government position was talking about this problem” before Carter, biographer
Jonathan Alter said.
The White House released the findings, which drew forgettable news coverage: The New York Times published its story on the 13th page of its front section. And with scant time left in office, there were no tangible moves Carter could make, beyond the energy legislation he had already signed.
The report recommended limiting global average temperatures to 2 degrees Celsius (3.6 degrees Fahrenheit) above preindustrial levels. Thirty-five years later, in the 2015 Paris climate accords, participating nations set a similar goal.
“If he had been reelected, it’s fair to say that we would have been beginning to address climate change in the early 1980s,” Alter told the AP. “When you think about that, it adds a kind of a tragic dimension, almost, to his political defeat.”
Reagan ended high-level conversations about carbon emissions. He opposed efficiency standards as government overreach and rolled back some regulations. His chief of staff, Don Regan, called the solar panels “a joke.”
Pursuing energy independence
DESPITE Carter’s emphasis on renewable sources, the fossil fuel industry benefited from his push toward US energy independence.
Collin O’Mara, CEO of the National Wildlife Foundation, pointed to coal-fired power plants built during and shortly thereafter Carter’s term, and his deregulation of natural gas production, a move O’Mara called “a precursor” to widespread fracking. Bapna noted Carter backed drilling off the coasts of Long Island in New York and New England.
Steven Nadel, executive director of the
American Council for an Energy-Efficient Economy, pointed to Carter’s Synthetic Fuels Corporation, a short-lived effort to produce fossil fuel alternatives that “would have meant much higher carbon emissions.”
But Carter had the right priorities, especially on research and development coordinated through the Energy Department, Nadel said. “He allowed us to have a national approach rather than one agency here and another there.”
Stewarding God’s creation CARTER’S environmental interests had deep roots going back to a rural boyhood filled with hunting and fishing and working his father’s farmland.
“Jimmy Carter was an environmentalist before it was a real part of the political discussion—and I’m not talking about solar panels on the White House,” said Dubose Porter, a longtime Georgia Democratic Party
leader. “Just focusing on that misses how early and how committed he was.”
His early years influenced Carter as governor, Porter said, when he boosted Georgia’s state parks system and opposed Georgia congressmen who wanted to dam a river. Carter paddled the waterway himself and decided its natural state trumped the lucrative federal construction proposal.
In Washington, Carter continued sometimes unwinnable fights against funding for projects he deemed damaging and unnecessary. He found more success extending federal protection for more than 150 million acres (60.7 million hectares), including redwood forests in California and vast swaths of Alaska. Randall Balmer, a Dartmouth College professor who has written on Carter’s faith, said he saw himself as a custodian of divinely granted natural resources.
“That’s a real connection that young
evangelicals still have with him today,” Balmer said.
Condemning consumerism
CARTER won the presidency amid energy shortages rooted in global strife, especially in the oil-rich Middle East, so national security and economic interests dovetailed with Carter’s religious beliefs and affinity for nature, Nadel noted.
Carter compared the energy crisis to “the moral equivalent of war,” and as inflation and gas lines grew, he called for individual sacrifice and sweeping action on renewable energy.
“Human identity is no longer defined by what one does, but by what one owns,” Carter warned in 1979. “But we’ve discovered that owning things and consuming things does not satisfy our longing for meaning.”
That “malaise” speech—dubbed so by the media despite Carter not using the word—was unique in presidential politics for its condemnation of unchecked American consumerism. Carter celebrated that more than 100 million Americans watched. By 2010, Carter acknowledged in his annotated “White House Diary” that his speech was a flop, but said it proved to be prescient for advocating bold and direct action on energy.
“You can say the Carter presidency is still producing results today,” said Washington Gov. Jay Inslee, whose 2020 presidential run focused on climate action. “I’ve learned in politics that timing is everything and serendipity is everything.”
Former Associated Press reporter Drew Costley contributed from Washington, D.C.
PRESIDENT Jimmy Carter speaks against a backdrop of solar panels at the White House, June 21, 1979, in Washington. AP/HARVEY GEORGES
President’s Award for Nesthy & Aira Sports
B8 | Tuesday, January 7, 2025
mirror_sports@yahoo.com.ph
Editor: Jun Lomibao
FOR delivering the country’s two other medals in the Paris 2024 Olympics, Nesthy Petecio and Aira Villegas will be accorded a special recognition during the 2024 San Miguel Corp.-Philippine Sportswriters Association (SMC-PSA) Awards Night. The two fearless lady boxers will be feted with the President’s Award by the country’s oldest media organization during traditional awards presentation on January 27 at the Grand Ballroom of the Manila Hotel.
Petecio and Villegas clinched a bronze medal each in Paris to compliment the two glittering gold medals gymnast Carlos Yulo won in securing the best ever showing for Team Philippines in a hundred years of
By Butch Fernandez
RUSSIAN
Southwoods’s Masters to provide tough challenge for revived Open
THE roughs will be grown longer, the greens will be faster and with the winds buffeting this part of the country at this time of year, the Masters course of the Manila Southwoods will be a big test for the Asian Tour field seeing action in the revival of the Philippine Open.
W hat is a par-72 for members will be made a par-70 for the $500,000 (roughly P29 million), 72-hole championship and will be stretched well over 7,200 yards to make for a grueling challenge even for the best in the region.
Though there remains to be a lot of scoring opportunities, two were taken out with Nos. 4 and 15 made into long par-4s that would make targeting pins truly difficult with mid- to long-iron shots for approaches.
The Masters, a Jack Nicklaus-created gem that has been the site of many prestigious amateur and international pro events, will be hosting Asia’s oldest national championship again from January 23 to 26 and the exclusive club in Carmona, Cavite, is leaving no stone unturned to be in the best possible shape for the tournament.
“We’re confident that the Masters will provide the challenge that will crown the most deserving Open champion,” said Al Panlilio, chair of the
governing National Golf Association of the Philippines who was instrumental in plucking the event out of a hiatus.
“Sure, we will see low scores each day, but that doesn’t mean that it will be a cakewalk for anyone on the field,” he added.
The event will also show how Southwoods management got the Masters back in shape after Typhoon Kristine devastated the country two months ago and rendered four holes unplayable.
“We want to show the world the quality of championship course we have—to show the beauty of the Philippines and the beauty of Southwoods,” said Jayson Yu, the club’s officer-in-charge. “It’s an honor for the club to host the Open.”
While a lot of players see low scores, the Masters will not be made defenseless with the roughs to be grown up to at least three inches and penalize errant shots of players wishing to overpower the course.
The greens will be up to international standards, but pins will be placed on tricky spots that would make approaches to the right areas critical.
Plus there’s the winds expected to be present on Open week which will add another layer to the challenge.
Miguel Tabuena and Angelo Que, the recent local winners of the Open, will be spearheading the Philippine challenge.
“He
participation in the Olympics. Yulo will be feted with the highest honor as 2024 Athlete of the Year during the proceedings co-presented by ArenaPlus, Cignal and MediaQuest. Petecio clinched bronze in the women’s 57-kg division, while Villegas secured the same medal in the 50-kg class.
“They may have missed the biggest prize in the 2024 Olympics, but nonetheless deserve high accolades with their own bright moments in the Paris Games, providing extra push in the glorious Philippine performance—a great highlight in the country’s centennial year of participation in the Summer Games,” said PSA President Nelson Beltran, sports editor of The Philippine Star.
For the 32-year-old Petecio is now the first Filipino boxer to claim back-to-back
podium finishes in the quadrennial meet. And for the 29-year-old Villegas, it was a proud moment right in her Olympic debut as an underdog out of the compact five-man Philippine boxing team which competed in Paris. Several other awards will be handed out in the special night made possible by major sponsors Philippine Sports Commission, Philippine Olympic Committee, Milo, PLDT/Smart, Senator Christopger “Bong” Go and Januarius Holdings and backed by the Philippine Basketball Association, 1-Pacman Party List, AcroCity, Premiere Volleyball League, Akari and Rain or Shine.
The honor roll includes Executive of the Year, Major Awardees, Mr. Basketball both in the professional and amateur ranks, Ms. Volleyball and the regular
is one reason he likes to live here.” The naturalization process, approved
TBy Josef Ramos
IM CONE always has Japeth
Aguilar for good measure in the event that one of the bigs in the national men’s basketball team either get injured or won’t be available for any other reasons.
“That’s why we have Japeth Aguilar,” said Cone on Sunday night right after his Barangay Ginebra San Miguel gave San Miguel Beer a 93-81 beating in the Philippine Basketball Association Commissioner’s Cup at the Smart Araneta Coliseum.
Japeth is there to replace any of the bigs that we have,” he said.
Cone was reacting to questions surrounding 7-foot-3 Kai Sotto who injured his knee while playing for the Koshigaya Alphas in the Japan B. League Division 1 also on Sunday.
The Alphas has yet to announce the extent of Sotto’s injury.
“The only thing sure is somebody from the 14-man national roster will fill his [Sotto] shoes,” Cone said.
“He is eligible and has the experience, and if you can tell me there’s another big out there that matches Japeth’s size and ability, then I will be happy to look at him,” Cone added.
The Philippines will travel to New
Ukraine ‘lucky’ to clinch first World Luge medal
By Tim Reynolds The Associated Press
GERMANY won a World Cup luge team relay on Sunday, with Austria finishing second. That’s not exactly breaking news. Those nations have the top two luge programs in the world right now. The news was Ukraine finishing third— and how the war-torn nation got there. Ukraine won its first World Cup luge medal in more than 16 years. The country’s relay team—singles sliders Yulianna Tunytska and Andriy
2025 NZ sports wishlist
Mandziy, along with Ihor Hoi and Nazarii Kachmar on one doubles sled, Olena Stetskiv and Oleksandra Mokh on the other—finished third in a race at Sigulda, Latvia.
“It’s amazing,” Tunytska said, holding a bouquet of flowers and blowing kisses on the award podium afterward.
The medal came in a very unconventional way. There were seven teams in the relay, and four of them didn’t finish. Ukraine finished almost four seconds back of Germany’s winning time—four seconds is a lifetime in luge, a sport where races are often decided by
hundredths or even thousandths of a second—but out of the three finishers, it was third-fastest. That meant bronze. Congratulations to Ukraine.... Drama is drama, and a great story is a great story,” commentator Tim Singer said on the International Luge Federation’s broadcast of the race.
To say Ukraine—a nation about to enter its fourth year of war with Russia—does not have much in the way of sliding resources would be an understatement.
T here is no sliding track in
Zealand next month for the third window of the International Basketball Federation (FIBA) Asia Cup 2025 qualifiers.
Sotto played big in the Olympic Qualifying Tournament last July with 18 points and eight rebounds in an 89-80 upset of Latvia in Riga and now has a 15.5-point, 12.5-rebound and 3.8-assist average in the qualifiers, where the Filipinos are unbeaten in four matches. Gilas Pilipinas will first fly to Chinese Taipei on February 20 before jetting to Spark Arena in Auckland to face a revenge-hungry Tall Blacks on February 23.
Ukraine; the team considers the facility in Sigulda to be its home track and prepares for seasons with a fall training camp there. Sliders from many nations—Germany, the US, Canada, Italy, Austria, China, South Korea and Switzerland among them—often have the chance to slide on tracks in their own countries, a big advantage. Ukraine doesn’t have that luxury.
NESTHY PETECIO (left) and Aira Villegas (right), with Philippine Olympic Committee president Abraham “Bambol” Tolentino, will receive a special award from the Philippine Sportswriters Association.
in Republic act 12115 signed by President Ferdinand Marcos Jr. last December 20, 2024, picked up speed in early December—six months after Tolentino
first sponsored it and after Senate President Pro Tempore Jinggoy Ejercito Estrada backed the approval of the bill. “I voted yes on the citizenship of
Cone has committed to keep an intact national team composed of Sotto, Aguilar, June Mar Fajardo, CJ Perez, Dwight Ramos, Chris Newsome, Calvin Oftana, Kevin Quiambao, Carl Tamayo, A J Edu, Mason Amos, Jamie Malonzo and naturalized player Justine Brownlee.
GINEBRA’S Troy Rosario tries to beat the defense put up by San Miguel Beer’s June Mar Fajardo (left) and import Jabari Narcis in Sunday night’s game where the new Gin King finished with awesome numbers of 22 points and 10 rebounds in a 93-81 victory.
OLENA STETSKIV and Oleksandra Mokh contribute to Ukraine’s medal.
SENATE Majority Leader Francis Tolentino (right) administers Russian figure skater Alexander Sergeyevich Korovin’s oath as a Filipino citizen on Monday. ROY DOMINGO
