US PRESSURE MOUNTS AS ISRAEL, HAMAS NEGOTIATE TO END 15-MONTH GAZA WAR
PHL ends 2024 with over $100-B reserves
By Cai U. Ordinario @caiordinario
THE country ended 2024 with its dollar reserves at over $100 billion for the second consecutive year, according to the Bangko Sentral ng Pilipinas (BSP).
Based on the preliminary data from the central bank, the country’s Gross International Reserves [GIR] reached $106.84 billion as of the end of December 2024.
The data showed the GIR was at $103.75 billion as of the end of 2023. Prior to 2023, the GIR also breached $100 billion in 2021 at $108.79 billion and 2020 at
$110.12 billion.
“The BSP’s reserve assets consist of foreign investments, gold, foreign exchange, reserve position in the IMF (International Monetary Fund), and special drawing rights,” the BSP said.
However, the GIR declined 1.52 percent from the $108.49 billion posted as of the end of November 2024. It can also be noted that the GIR, which peaked at $112.7 in September 2024, has been in decline for the past three months.
“The month-on-month decrease in the GIR level reflected mainly the BSP net foreign exchange operations; drawdown on the national government’s [NG]
deposits with the BSP to pay off its foreign currency debt obligations; and downward valuation adjustments in the BSP’s gold holdings due to the decrease in the price of gold in the international market,” the BSP said.
BSP said the latest GIR level represents a more-than-adequate external liquidity buffer equivalent to 7.5 months’ worth of imports of goods and payments of services and primary income.
However, this import cover is the lowest since May when the import cover was also 7.5 months.
The lowest import cover of the GIR was recorded at 7.4 months, posted in April and February 2024.
“By convention, GIR is viewed
to be adequate if it can finance at least three-months’ worth of the country’s imports of goods and payments of services and primary income,” the BSP said.
Meanwhile, BSP data showed the GIR is about 3.8 times the country’s short-term external debt based on residual maturity.
The BSP explained that shortterm debt based on residual maturity refers to outstanding external debt with original maturity of one year or less, plus principal payments on medium- and longterm loans of the public and private sectors falling due within the next 12 months.
See “Reserves,” A2
GOVT DEBT BREACHES P16T AS PESO WEAKENS
By Reine Juvierre S. Alberto @reine_alberto
THE government’s outstanding debt climbed by 10.9 percent year-on-year to a new all-time high of P16.090 trillion as of the end of November 2024, according to the Bureau of the Treasury (BTr).
Latest data from the Treasury showed the government’s debt during the period was more than P1 trillion higher than the P14.508 trillion recorded in November 2023.
Net financing and peso depreciation also increased the value of foreign-denominated debt, pushing the outstanding debt by 0.4 percent from P16.020 trillion in October 2024. The peso depreciated against the US dollar to P58.602 as of endNovember 2024 from P58.198 as of end-October 2024. Broken down, the government’s debt is composed of 67.87 percent of domestic securities and 32.13 percent of foreign obligations.
By Andrea E. San Juan @andreasanjuan
THE Philippines stood out in the most recent World Business Outlook Survey of the German Chambers, as more German firms expressed an intent to expand employment and increase investments in the Southeast Asian nation this year. According to the 2024 AHK World Business Outlook Survey, a survey of the member companies of the
Domestic debt amounted to P10.921 trillion as of end-November 2024, higher by 0.3 percent than the P10.889 trillion in endOctober 2024.
The P30.67 billion net issuance of domestic securities and the P1.15 billion effect of peso depreciation on US dollar-denominated domestic debt drove the increase, according to the Treasury.
Year-on-year, domestic debt expanded by 9 percent from P10.024 trillion.
Government securities reached P10.921 trillion, accounting for the bulk of domestic debt. This increased by 9 percent from P10.024 trillion a year ago.
See “Debt,” A2
German Chambers of Commerce Abroad, the Philippines “demonstrated impressive results compared to its Asean neighbors and global peers.”
“Employment projections were a standout, with 54 percent of businesses expecting workforce expansion—the highest sentiment globally,” the German-Philippine Chamber of Commerce and Industry (GPCCI) noted in a statement on Tuesday.
Costly goods seen spurring search for gigs, better jobs
FBy Cai U. Ordinario
ASTER inflation has not only prompted Filipinos to scrimp on goods and services but it may also push them to look for better jobs or an additional source of income to prevent them from falling below the poverty line, according to economists.
On Tuesday, the Philippine Statistics Authority (PSA) reported that inflation accelerated to 2.9 percent in December 2024 and averaged 3.2 percent in 2024.
(See: https://businessmirror. com.ph/2025/01/07/inflationsurges-to-2-9-in-dec-2024-fast-
est-since-aug-2024-psa/)
Data obtained from the PSA showed the increase in inflation has eroded the value of a hundred peso to P79. This means, Filipinos need to shell out P121 today to purchase P100 worth of goods in 2018.
“As real incomes fall, people are getting [fewer] goods than they did before. Since inflation affects the middle income households heavily, we expect poverty to increase,” Ateneo de Manila University economist Leonardo Lanzona told BusinessMirror
“In the process, this increase in
See “Inflation,” A2
Factory output shrinks anew as food manufacturing dips
TBy Cai U. Ordinario @caiordinario
HE country’s factory output contracted anew on the back of a decline in food manufacturing in November 2024, according to the Philippine Statistics Authority (PSA).
Based on the results of the Monthly Integrated Survey of Selected Industries (Missi), the PSA said the Volume of Production Index (VoPI) contracted 4.2 percent in November 2024 from its annual increment of 0.7 percent in October 2024.
This brought the average growth rate of VoPI for manufacturing from January to November 2024 to 1.1 percent.
“The downtrend in the year-onyear growth rate of VoPI for manufacturing in November 2024 was primarily driven by the same top three industry divisions that contributed to the decline of VaPI [Value
The number of German firms planning to expand its workforce in the Philippines is above the global average, as the survey
of Production Index] for manufacturing during the period,” PSA said. The VaPI contracted 3.9 percent in November 2024 but inched up 0.3 percent in the January to November 2024 period. PSA traced the decline in the VaPI mainly due to the decrease in food products, which accounted for 24.6 percent of the VaPI’s downward trend.
Other primary contributors to the downtrend in the annual rate of VaPI for manufacturing in November 2024 were the deceleration in the annual growth rate of manufacture transport equipment at 1.7 percent and the drop in the manufacture of computer, electronic and optical products at 2.6 percent during the month from its 0.9 percent annual increase in October 2024.
“Out of the 22 industry divisions for the manufacturing section, the manufacture of food products was the industry division
showed that only 21 percent of German foreign companies are intending to increase their headcount in the next 12 months globally.
As for German businesses’ intent to invest, 44 percent said they are keen on expanding investments in the Philippines
with the highest weight in the computation of VaPI for manufacturing,” the PSA said. In terms of the VoPI, food manufacturing contracted 0.8 percent, the steepest decline posted by the sector since the 12.3-percent contraction posted in February 2024.
The VoPI of the food manufacturing sector contracted 3.1 percent in November 2023 and posted a growth of 5.3 percent in October 2024.
“The downtrend in the annual rate of VoPI for manufacture of food products in November 2024 was brought about by the downtrend in the annual rates of all its eight industry groups,” PSA said.
The data showed this was led by manufacturers of other food products industry groups with an annual drop of 6 percent in November 2024, from an annual increase of 1 percent in the previous month.
This was followed by the manufacture of other food products
in the next 12 months. This is above the global average as only 12 percent of German firms are planning to increase their investments this year.
GPCCI President Marie Antoniette Mariano said the survey “demonstrates the Philippines’s ability to deliver good
industry groups including bakery products, sugar, and condiments, among others.
Meanwhile, the average capacity utilization rate for the manufacturing sector was reported at 75.6 percent in November 2024.
PSA said this was lower than the 75.8-percent average capacity utilization rate in the previous month, but higher than the 74.8 percent posted in November 2023.
“All industry divisions reported capacity utilization rates of more than 60 percent during the month,” PSA said.
The top three industry divisions in terms of reported capacity utilization rate were manufacture of other non-metallic mineral products at 83.7 percent, manufacture of textiles at 82.0 percent, and manufacture of machinery and equipment except electrical, at 80.4 percent.
The PSA said the proportion of establishments that operated at full capacity or at 90 to 100 percent was 31.7 percent of the total number of responding establishments.
The data also showed that 44.9 percent of these establishments operated at 70 to 89 percent capacity, and 23.4 percent operated below 70 percent capacity.
results, particularly in employment growth and investment intentions, compared to global counterparts.”
The head of the German business group in the Philippines noted that while this optimism is “encouraging,” she said, “We must remain vigilant in addressing the structural challenges that could hinder sustained progress.”
Marian Majer, GPCCI Board Director and Policy and Advocacy Chairperson noted that businesses in the Philippines face “pressing risks” such as high energy costs, infrastructure gaps, and supply chain disruptions.
“It is crucial to prioritize policies that enhance energy efficiency, modernize infrastructure, and build resilient supply chains to ensure long-term competitiveness and sustainable growth,” Majer added.
China operations
REGIONALLY, the survey showed that German firms’ investment plans for the next 12 months have improved, particularly in Southeast Asia.
Data from the survey revealed that 20 percent of the firms are planning to invest more in Asia-Pacific, while 32 percent of the German businesses are planning to hire more workers in the region.
However, it can be gleaned from the survey that 15 percent of the German firms are planning a “significant” reduction in their workforce in China.
Meanwhile, the survey showed that willingness to invest in Greater China, which includes Hongkong, Taiwan and People’s Republic of China, is “falling and significantly so.”
“In mainland China in particular, a good one in four companies [28 percent] are scaling back their investment plans for the next 12 months,” the survey noted.
“Although the business situation here has recovered slightly, companies’ investment plans are being scaled back significantly compared to the previous year,” it added.
The German Chambers deduced that diversification from China into other markets in the Asia-Pacific region is continuing.
According to GPCCI, the survey was conducted from September 23 to October 16, 2024.
It added that 39 percent of the responding companies come from the manufacturing and construction sector, 41 percent from the service sector and 20 percent are trading companies.
Debt.
Continued from A1
Meanwhile, external debt reached P5.169 trillion, 0.8 percent higher than the P5.130 trillion recorded in end-October 2024.
“The significant depreciation of the peso led to a P35.61-billion escalation in the local valuation of US dollar-denominated debt while net foreign loan availments added P8.33 billion,” the Treasury said.
However, favorable third-currency movements relative to the US dollar reduced external debt by P5.06 billion, it added. External debt surged by 15.3 percent year-on-year from P4.484 trillion.
The government availed
Reserves.
Continued from A1
The level of GIR, as of a particular period, is considered adequate if it provides at least 100-percent cover for the payment of the country’s foreign liabilities, public and private, falling due within the immediate 12-month period.
Continued from A1
poverty is linked to underemployment as workers will now be looking for secondary jobs. We often associate underemployment with low quality jobs, but we often fail to see that this is also associated with poverty,” he added. Higher prices and the lower value of the peso will be a challenge for Filipinos, according to Unionbank Chief Economist Ruben Carlo O. Asuncion.
This, he said, means the policy challenge moving forward is to keep inflation in check, particularly for food. It can be noted that food has a weight of 34.78 percent in the Consumer Price Index (CPI).
“In addition to lower purchasing power, the weaker PHP [Philippine peso], anticipated external headwinds from US leadership changes, and geopolitical risks are potential drags to job generation and efforts to increase incomes especially this year,” Asuncion told this newspaper.
National Economic and Development Authority (Neda) Policy and Planning
Undersecretary Rosemarie G. Edillon told B usiness M irror that the more important metric is real wages or real income than purchasing power.
This, she said, is the reason for Neda’s efforts to “closely monitor” the trend in real wages. Edillon said, based on their monitoring, real wages nationwide has been increasing.
However, Edillon said there are factors that complicate the rise in wages and this has to do with changes in preferences. With higher incomes, persons can opt to get better quality products or services which cost more.
“A confounding issue, though, is that preferences may have changed corresponding to the increase in real wages or real income.
If that is the case, then individuals would perceive their incomes to still be not enough,” Edillon told B usiness M irror
Negative rice inflation
NATIONAL Statistician Claire Dennis Mapa said for January 2025, the expectation is for rice to post negative inflation on the back of base effects.
Mapa noted that rice, which posted an inflation of 0.8 percent in December 2024, will likely fall into negative territory. January marked the first month in 2024 that rice inflation posted increase of over 20 percent. Rice price inflation experienced by All Income Households averaged 22.6 percent in January 2024, the highest since the 22.9 percent posted in March 2009.
P2.445 trillion in direct loans while it borrowed about P2.723 trillion in foreign-denominated government bonds. The outstanding debt is seen to reach P16.1 trillion at the end of 2024. This will climb to P20.7 trillion by the end of Marcos Jr.’s administration.
Meanwhile, debt-to-GDP—or debt measured against economic growth—is currently at 61.3 percent. This is above the government’s target and global benchmark after economic growth slowed to 5.2 percent in the third quarter.
This year, debt-to-GDP is projected to be in line with the internationally accepted threshold of 60 percent at 58.3 percent based on the government’s Medium-Term Fiscal Framework (MTFF).
The data also showed the net international reserves (NIR) declined by $1.63 billion to $106.83 billion as of end-December 2024 from the end-November 2024 level of $108.46 billion. NIR is the difference between the BSP’s reserve assets or the GIR and reserve liabilities or the shortterm foreign debt and credit and loans from the IMF.
regular milled rice, average price natin [noong] Disyembre 2024, ay nasa about P48.81 per kilo, national ‘yun,” Mapa said.
“Kung titingnan natin, January 2024, ‘yungsimulangtaon,ang average price nito ay nasa P49.65. So yung December price is already lower than the January price that’s why we’re seeing the trend going down. So, ito nga ‘yung sinasabi kong may possibility na mag-negative ang inflation for rice this January,” he added.
Former Socioeconomic Planning Secretary Dante B. Canlas told B usiness M irror that this decline in rice price may be attributed to the arrival of more imports.
These imports, Lanzona said, beefed up the supply of rice in December, causing the pace of price increase to slow considerably.
“The significant slowdown on rice inflation is because of the reduced tariff and higher volume [overall] of supply of rice. It is still very much a sellers’ market meaning that the variability is more due to the supply side,” Edillon told B usiness M irror
“The top contributors to December inflation are vegetables [perhaps due to supply constraints], food and beverage serving services and rentals. The latter two may indicate improvements in living standard. To be sure, we need a longer time series, plus the FIES [Family Income and Expenditure Survey] data,” she added.
‘Within target’ IN separate statements, Neda and the Bangko Sentral ng Pilipinas (BSP) said the latest inflation print was within the target set by the Development Budget Coordination Committee (DBCC). In its meeting in December 2024, the DBCC said the government has retained its annual inflation target of 2 to 4 percent in 2025 up to 2028. The DBCC estimated that full year inflation would be between 3.1 to 3.3 percent in 2024.
“Despite the risks we encountered throughout the year, our combined efforts to temper inflation have largely been successful. We will build upon this momentum as we commit to keep the inflation rate within our target range in 2025,” said Neda Secretary Arsenio M. Balisacan.
In its last policy meeting for the year, the BSP’s risk-adjusted inflation forecast increased to 3.4 percent from 3.3 percent in the previous meeting. For 2026, the risk-adjusted forecast is unchanged at 3.7 percent.
The PSA also said inflation accelerated to 24.8 percent for the poorest Filipinos or the Bottom 30 percent of households in January 2024. This is the highest in the series which began in 2013.
“Nakita natin last year ‘yung peak ngpresyosabigas.
For example, let’s just do the regular milled rice, ‘yung
“The within-target inflation outlook and well-anchored inflation expectations continue to support the BSP’s shift toward less restrictive monetary policy. Nonetheless, the monetary authority will continue to closely monitor the emerging upside risks to inflation, notably geopolitical factors,” the BSP said.
The BSP said some of the upside risks to inflation include higher transport fares and electricity rates. Downside risks are lower import tariffs on rice and subdued domestic demand.
The central bank said private domestic spending is expected to be supported by
www.businessmirror.com.ph
Cops ready for Traslacion
By Rex Anthony Naval
THE Metro Manila police command on Tuesday announced that all security preparations for the Traslacion or the Feast of the Black Nazarene are ready.
Brig. Gen. Anthony Aberin, Metro Manila police commander, in a statement said more than 14,000 Metro Manila policemen and reinforcements from other regions and other law enforcement agencies like the Coast Guard will be deployed to ensure the peaceful conduct
of Nazareno 2025. “After months of meticulous security planning and preparation, your National Capital Region Police Office [NCRPO], together with partner agencies, is now ready to perform the task of securing the Feast of Jesus Nazareno 2025. I urge everyone to work together for a safe, secure and solemn celebration,” he added.
Aberin said strict regulations will be enforced, including bans on backpacks, umbrellas, alcohol, firearms and vendors near Quiapo
See “Translacion,” A4
Group seeks tougher firecracker control
By Bless Aubrey Ogerio
AN environmental watchdog expressed concern over the increasing injuries and fatalities, especially among young children, from firecracker-related incidents, and urged stricter rules and laws to prevent further harm.
EcoWaste Coalition, which has organized the “Iwas Paputoxic” campaign every December since 2006, acknowledged the efforts of health, fire, police, and local government authorities in preventing firecracker and fireworkrelated incidents.
“However, it is apparent from the surveillance data that more actions are required to protect human health and the environment from the negative effects of using legal and illegal firecrackers and fireworks to usher in the New Year,” said Aileen Lucero, National Coordinator of EcoWaste Coalition.
The Department of Health, in its surveillance of firecrackerrelated incidents, reported a 38 percent increase in injuries, from 610 in 2024 to 843 in 2025 as of Monday morning, along with three deaths caused by firecrackers and one from a stray bullet.
Meanwhile, the Environmental Management Bureau and Swiss air quality technology firm IQAir found that tons of mixed garbage contributed to unhealthy air quality, particularly in cities like Makati.
In response, EcoWaste urged the government to strengthen laws and regulations on firecrackers and pyrotechnic devices to protect vulnerable groups such as children and the youth.
It also pushed to reduce hazardous pollutants, such as particulate matter and heavy metals, which exceed safe levels, and to prevent fire incidents while safeguarding animals from the harmful effects of explosions.
“The levels of PM2.5 and PM10, for example, on New Year’s day far exceed WHO’s 24-hour recommended guideline values of 35 micrograms (mcg) per cubic meter (cbm) for PM2.5 and 150 mcg/cbm for PM10,” the group stated.
An advocate for the complete cessation of firecracker and firework production and use, Ecowaste recommended alternative noisemakers that pose no harm to people. It also proposed banning the sale and use of firecrackers, especially by children, expanding the list of illegal firecrackers, and prohibiting modified mufflers on motorcycles that create loud noises.
“The greater public interest dictates that a tougher policy be adopted to put an end to the preventable cycle of injuries, deaths, fires and toxic pollution due to firecrackers and fireworks,” it emphasized.
With these concerns, the government has taken steps to address the issue.
The National Police (PNP) seized and destroyed over 520,000 pieces of illicit firecrackers, including boga, and targeted individuals behind online tutorials on making these improvised cannons. The Bureau of Fire Protection, on the other hand, also launched an information campaign on firecracker safety.
Lack of opportunities blamed for decreasing number of fishers
LIKE farmers, Filipino fishermen are faced with the dilemma of convincing their children to embrace fishing as a way of life.
The declining number of family members, especially the youth, engaged in fishing is a reflection that the sector is “lacking opportunities due to government neglect,” the militant group Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) said in a statement on Tuesday.
‘Sustained action needed to clean up POGO mess’
By Butch Fernandez @butchfBM
ASENATOR on Tuesday stressed the need to sustain action to clean up the mess from Philippines Offshore Gaming Operators (Pogo) even after these have been outlawed ang shut down.
Sen. Sherwin Gatchalian issued a statement calling “for sustained action against Pogos to ensure that the industry’s remnants are effectively purged,” alluding to the ongoing efforts to identify the assets used for illegal Pogos, including real property and bank assets, so that the government can seize and forfeit them.
In addition, some 11,000 foreign Pogo workers remain unac -
counted for, raising fears that these have gone underground to continue “guerrilla” Pogo operations.
Gatchalian also cited the need for sustained action by the police and agencies under the Departmnent of Justice to ensure that former illegal Pogo operators that are believed to have gone underground do not get a chance to be resurrected under different businesses.
“More than ever, we need to sustain our efforts to clear out all criminal syndicates that are products of Pogos. We must stay the course to ensure a safer and more secure Philippines for all Filipinos,” said Gatchalian who, for more than two years, has advocated for the termination of Pogo operations.
He recalled that “the deadline for the cessation of all Pogo operationslapsed on December 31 last year.”
However, Gatchalian warned that Pogos have transformed themselves into other business entities, such as Business Process Outsourcing (BPO) companies, resorts, and restaurants, to camouflage their illegal activities.
“All law enforcement agencies, in close coordination with local governments, as well as the general public must remain vigilant against the presence of Pogo offshoots disguised as legitimate business entities,” Gatchalian said.
He warned against complacency, emphasizing that the transformation of Pogos into other busi -
China monster ship not on ‘innocent passage’–PCG
By Rex Anthony Naval
THE Coast Guard (PCG) on Monday said the “erratic movement” of China Coast Guard (CCG) vessel 5901,
The group cited the latest report of the Philippine Statistics Authority (PSA) that said that the number of fishing operators below 50 years old decreased by 3.6 percent to 557,368 in 2022, from 578,249 in 2012. Ronnel Arambulo, national chairman of Pamalakaya said the trend is alarming. He said it is unfortunate that despite being an archipelago, today’s youth is unconvinced of the opportunities for fishing. Arambulo said this can be blamed on the decades of neglect of the government to develop the economic opportunities in fishing. He blamed the lack of significant support for the sector as the primary reason
that is also known as the “monster ship,” shows that it is not engaged in innocent passage.
“Observation shows that the CCG ship’s erratic movements indicate it is not engaged in innocent
passage but rather to assert that it is conducting a law enforcement operation, claiming jurisdiction over these waters as belonging to the People’s Republic of China,” said the PCG a statement, that
ness forms poses similar risks to peace and order and public safety. He cited information from the Bureau of Immigration (BI) which said that it is working with other agencies to locate some 11,000 former Pogo workers set for deportation.
He said these illegal aliens could possibly get themselves involved in criminal activities such as kidnapping.
“Because they have evaded deportation, we can safely assume that these illegal aliens are into something unlawful and vigilance of everyone is necessary to ensure that such activities are arrested and these aliens are deported as soon as possible,” he said.
Gatchalian also commended the Office of the Solicitor General (OSG) for moving to cancel birth certificates that were fraudulently acquired by foreigners who were connected with Pogos.
“While we praise the OSG for its action, we urge that agency to move faster against the aliens engaged in illegal activities to stop them them from further abusing our country,” he also said.
stopped short of saying that the Chinese vessel is on sovereignty patrol.
Relatedly, the PCG said its BRP Cabra (MRRV-4409), is maintaining its vigilant monitoring of the illegal presence of CCG 5901 in the country’s exclusive economic zone (EEZ) for the third consecutive day. CCG 5901 is considered the largest Coast Guard vessel in the world with a displacement of around
See “Monster,” A4
DENR reminds local govts of garbage collection duty
By Jonathan L. Mayuga @jonlmayuga
THE Department of Environment and Natural Resources (DENR) on Tuesday reminded local governments of their mandate under Republic Act 9003 or the Ecological Solid Waste Management Act of 2000 to develop, implement, and enforce their solid waste management plans approved by the National Solid Waste Management Commission (NSWMC).
The DENR issued the reminder following the reported failure of a garbage contractor in the City of Manila to collect garbage on December 31 triggering howls
and the lack of programs or policies to protect the fishermen’s way of life, citing the Department of Agriculture’s alleged inaction or failure to defend the municipal fishing ground against commercial fishers.
Arambulo was referring to the ruling of the Supreme Court’s First Division allowing commercial fishing vessels to operate within the 15-kilometer municipal fishing grounds.
Pamalakaya said that the latest PSA report should alarm the Marcos administration, and seriously address the plight of the fishing sector.
Arambulo reiterated his group’s demands to address the plight of the fishing sector, including:
of protest from residents of the country’s capital city.
Residents reportedly blamed both the local government and its contractor, Leonel Waste Management Corporation (Leonel), for failing to collect garbage that piled up after the holiday season.
In response, Leonel clarified that a meeting between Leonel management and Mayor Honey Lacuna was held in September last year during which the company informed the local chief executive of its intention not to participate in the new contract bidding for the city’s trash collector, because of the local government’s failure to pay them of its
obligations for months.
Sought for reaction, the DENR said local governments are also supposed to facilitate the collection and hauling of garbage while implementing the 3Rs (Reduce, Reuse, and Recycle) of solid waste management.
“The DENR, therefore, would like to reemphasize the vital importance of effective waste management in safeguarding public health and protecting our environment on the part of the local government units. The Department stands ready to provide technical assistance to local governments to fulfill their tasks and obligations. The NSWMC, the body tasked with ensuring compliance with RA 9003 will take action to ensure implementation of the law. This may include investigating and recommending administrative or criminal cases against local officials and garbage hauling contractors.
DA suspends importation of poultry products from NZ
TTo date, 89 percent or 1,416 of the total 1,592 local governments nationwide, including all 17 in the National Capital Region, have solid waste management plans approved by NSWMC. We must all work collaboratively to consistently enhance our waste management practices and uphold our environmental responsibilities for the benefit of current and future generations.
By Ada Pelonia @adapelonia
HE Department of Agriculture (DA) has slapped a temporary ban on poultry products from New Zealand following a bird flu outbreak.
Agriculture Secretary Francisco Tiu Laurel Jr. signed Memorandum Order (MO) 1, which banned the entry of imported domestic and wild birds including their products, such as poultry meat, dayold chicks, eggs, and semen from that country.
The DA said it imposed the ban after Mary Van Andel, Council
member-Chief Veterinary Officer of the New Zealand Ministry for Primary Industries, confirmed an H7N6 High Pathogenicity Avian Influenza (HPAI) case in East Otago, Waitaki, Canterbury, New Zealand, on November 23.
Based on the order, the agency submitted its official report on December 2.
“There is need to prevent the entry of HPAI virus to protect the health of the local poultry population,” it read.
Following this report, Laurel ordered the immediate suspension of the issuance of sanitary and phytosanitary import clearance
(SPSIC) to the affected commodity. He also noted that only birds slaughtered or products processed on or before November 9, 2024, will be allowed to enter the country. The ban does not cover heattreated products. The order said heat-treated products are acceptable following a provision under the World Organisation for Animal Health (WOAH) Terrestrial Animal Health Code of 2019.
Meanwhile, the agency warned that shipments which failed to comply would be stopped and confiscated by all veterinary quarantine officers or inspectors at all major ports of entry. The order took effect immediately. Manila usually imposes a
Rising meat prices worry Murang Pagkain panel head
By Jovee Marie N. dela Cruz @joveemarie
WHILE rice prices demonstrated improvement, the lead chairman of the Murang Pagkain Supercommittee of the House of Representatives on Tuesday expressed concern over corn and meat prices.
Albay Rep Jose Maria Clemente “Joey” Sarte Salceda, the lead chairman of the super committee, expressed cautious optimism regarding the December 2024 rice price situation, crediting recent policy interventions while emphasizing the need for continued efforts in addressing inflation challenges.
Salceda made the statement in the wake of the Philippine Statistics Authority (PSA) report
showing an increase in the country’s inflation rate to 2.9 percent in December from 2.5 percent in November.
Salceda, chairman of the House Committee on Ways and Means, stressed that rice prices demonstrated improvement, with a month-on-month decline of 0.7 percent and a year-on-year increase limited to 0.9 percent. These figures are notably below the overall inflation rate,
signaling progress in stabilizing rice prices under the government’s initiatives.
“The rice price situation is showing signs of improvement. Month-on-month, prices declined by 0.7 percent, a modest but nonetheless real reduction in price. More importantly, year-on-year rice prices are at 0.9 percent, significantly below the overall inflation rate of 2.9 percent. That means rice is no longer a drag up for consumer prices,” he said.
He attributed these developments to actions taken by Speaker Ferdinand Martin Romualdez, particularly following recommendations from the Murang Pagkain Supercommittee. In December, the Speaker urged major rice industry stakeholders in Central Luzon to lower rice prices, a move expected to yield further reductions in early 2025.
“We expect more reductions in January and February,” Salceda said.
Salceda also reiterated support
for the Department of Agriculture’s (DA) proposal for a rice price emergency to further stabilize the market.
Despite the encouraging rice price trends, Salceda expressed concern over corn and meat prices. Corn inflation surged to 5 percent year-on-year, exerting upward pressure on meat prices, which rose by 4.9 percent in the same period.
“The problem seems to be corn. It remains the principal input for meat production, which is why addressing corn prices is critical,” he explained.
Salceda assured that the Murang Pagkain Supercommittee would shift focus to these issues in its next meeting, likely taking place next week.
The super committee, composed of five powerful panels— Ways and Means, Trade and Industry, Agriculture and Food, Social Services, and Food Security—serves as a united force to expose irregularities and strengthen government programs.
PBed joins program to equip future graduates with industry-ready skills
THE Philippine Business for Education (PBEd) has joined a consortium led by RTI International to implement the United States Agency for International Development (USAid) funded US-Philippines Partnership for Skills, Innovation, and Lifelong Learning (Upskill) Program.
Upskill is a five-year program that works with various sectors including the government, academe, and industries to help Philippine higher education become more globally competitive through innovation and entrepreneurship.
“The job market is evolving so quickly, with new technologies and processes reshaping how industries operate. Without strong industry-academe collaboration, graduates risk being underprepared for these changes, making it harder for them to find meaningful employment,” PBEd Executive Director Justine Raagas said.
The Commission on Higher
Education (CHED) recently intensified its efforts and called for stronger partnerships between universities and industry leaders to ensure that the skills taught in classrooms are aligned with the demands of the rapidly changing global labor market.
Key activities in the Upskill program include a Youth Engagement Roadshow, which conducted a #VibeCheck STEM Students’ Forum at Batangas State University (BatSU). The forum connected Science, Technology, Engineering, and Mathematics (Stem) college students with industry experts through open dialogues and discussions on career pathways, challenges, and opportunities in the modern workforce.
Technology-driven engineering consultancy firm ESCA Engineering Inc. Chief Executive Officer Jean Jacquelyn de Castro served as the keynote speaker of the event, highlighting the significant role of engineers in building the future.
n Stop all destructive projects in fishing grounds and coastal communities such as reclamation; n Carry out genuine
“The engineering profession has the potential to be at the heart of the entire ecosystem carrying different roles… Government, private, academe, whatever your choices, you are not only stuck with one. You can go from one to the other,” De Castro said.
The event featured discussions with engineering professionals and industry leaders, including 2022 Civil Engineering Board Examinations topnotcher Jameson Lim, and Philippine Constructors’ Association Executive Director Barry Paulino. Paulino emphasized the urgent need to modernize the education system to align with the demands of Industry 4.0, which brings about technological changes in industries and workplaces.
The event also brought together senior leaders, faculty members from BatSU, and industry experts to explore collaborative opportunities, particularly in enhancing onthe-job training programs that
rehabilitation of major fishing waters in the context of fishery and marine resources development; and n Uphold the exclusive
serve as critical pathways for students transitioning into the workforce.
“Upskill stems from the need to improve higher education to have a solid talent development ecosystem, one with updated curriculum, robust university partnerships, and learning laboratories with guidance from industry. This is what UPSKILL is about - engaging youth. The end-users of our work are the students and the learners. With these initiatives, we can ensure that students are equipped with the exact skills industries need,” said Upskill Chief of Party Richard Abendan.
Raagas believes strong industry linkages are key to making higher education effective. “Such synergy benefits not only students but also the industries they will join, as it creates a pipeline of talent equipped to address contemporary challenges and drive innovation,” she added.
rights of Filipinos in municipal waters and territorial waters, especially in the resource-rich West Philippine Sea.
Jonathan L. Mayuga
Savellano, champion of tobacco farmers, Ilocano heritage, dies
AGRICULTURE Undersecretary Deogracias Victor Savellano, whose lifelong advocacy for the welfare of tobacco farmers and passion for promoting heritage and culture in Ilocos Sur has been widely hailed, died on Tuesday, January 7. He was 65.
His death was announced by the National Tobacco Administration (NTA), an attached agency of the Department of Agriculture (DA), where he served as oversight official of the NTA and presiding official of the NTA Governing Board.
“His dedication, leadership, and invaluable contributions to the agency and to the upliftment of the life of the tobacco farmers will forever be remembered. Our heartfelt condolences go out to his family, loved ones, and colleagues during this difficult time. His legacy continues to inspire us,” the NTA said in a Facebook post, on the sudden death of Savellano, married for over a decade to veteran actress Dina Bonnevie.
The NTA noted that during his stint as a Deputy Speaker and Representative for the First District of Ilocos Sur, Savellano took an active part in formulating the Sustainable Tobacco Enhancement Program (STEP) with NTA officials and other stakeholders in 2020.
During his two terms as governor of Ilocos Sur, the NTA said Savellano initiated the KABSAT Caravan, a prosperity program giving free–farm machineries and inputs to all farmers in the
Monster. . .
Continued from A3
12,000 gross tons. In contrast, BRP Cabra is a multi-role response vessel with a displacement of about 30 tons and a complement of five officers and 20 ratings.
The PCG also added that BRP Cabra and its crew has remained steadfast in challenging this assertion, diligently tailing and shadowing CCG-5901 to uphold Philippine sovereign rights.
Traslacion. . .
Continued from A3
Church.
Key areas will also be covered by no-fly, no-drone, and no-sail zones, and a liquor ban will be imposed within 500 meters of event venues.
Some 6.5 million devotees took part in last year’s Traslacion.
A total of 1200 personnel of the Metropolitan Manila Development Authority will be deployed for the Traslacion or the Feast of Jesus Nazareno on January 9.
Meanwhile, the Metro Manila Development Authority also bared its preparations for the annual religious event
“We have deployed 1200 personnel for the procession alone, including those who are tasked to maintain the cleanliness of the road right after the procession passes through certain routes,” said MMDA Chairman Romando Artes.
Artes and some of the agency’s
temporary ban on poultry products from areas with bird flu outbreaks as a preventive measure.
Figures from the Bureau of Animal Industry (BAI) showed that the country imported 917 metric tons (MT) of chicken from New Zealand as of October 31.
province including the tobacco farmers.
The National Museum also mourns the passing of Savellano whom they called a “deep lover and staunch promoter of the cultural heritage of his province and the wider Ilocos region.” It stated that when Savellano was vice governor, he was instrumental in the expansion of the NMP in the Unesco World Heritage City of Vigan, Ilocos Sur, with the addition in 2013 to the previously existing museum at the Burgos House of the entire Carcel or Ilocos Sur Provincial Jail, which made possible today’s NMP’s spacious regional museum complex in Ilocos Sur.
“Kabsat DV was a great friend of the NMP and a longstanding patron of our work in many areas of shared interests. He will be very much missed and we convey our admiration and gratitude for all his support, as well as our deepest condolences to his wife, family and friends,” the agency said. Ada Pelonia
“This unwavering commitment reflects the guidance of the [PCG] commandant, Adm. Ronnie Gil Gavan, emphasizing the importance of persistently confronting the illegal presence of the People’s Republic of China and ensuring the safety and security of Filipino fishermen operating in the area,” it stressed. Also, the PCG reaffirmed its dedication to protect the nation’s maritime interests and will continue to monitor the activities of the CCG’s illegitimate presence.
officials inspected the Quirino Grandstand in Manila where the traditional Pahalik is being held days ahead of the Traslacion. Artes also inspected the agency’s Mobile Command Center and the First Aid Station to make sure of adequate preparation for the event.
He said the agency is expecting influx of devotees who’ll participate starting Wednesday until early morning of Thursday before the procession. The MMDA has placed plastic barriers as barricades to ensure orderliness of the queue and tents to serve as shade for the devotees. Emergency response teams are also on standby for those who will need immediate medical attention. Closed-circuit television cameras were also installed along route of the procession to monitor traffic situation and ensure peace and order, in cooperation with the police. In addition, Artes said clearing and cleaning operations were being undertaken to remove obstructions on the procession’s route. With Claudeth Mocon-Ciriaco
The country’s meat imports grew by 16.84 percent to 1.19 million metric tons (MMT) from January to October 2024, compared to the 1.02 MMT recorded in the same period of the previous year.
BAI data indicated that chicken imports grew by 8.55 percent to 389,952 MT from 359,230 MT. Mechanically deboned meat (MDM) accounted for the bulk of the shipments at 213,490 MT.
Canada’s prime minister resigns amid rising discontent and internal turmoil
By Rob Gillies The Associated Press
TORONTO—Canadian Prime Minister Justin Trudeau announced his resignation Monday after nearly a decade in power, bowing to rising discontent over his leadership and growing turmoil within his government signaled by the abrupt departure of his finance minister.
Trudeau, the latest incumbent to be driven out by rising voter dissatisfaction worldwide, said it became clear to him that he cannot “be the leader during the next elections due to internal battles.” He planned to stay on as prime minister until a new leader of the Liberal Party is chosen.
“I don’t easily back down faced with a fight, especially a very important one for our party and the country. But I do this job because the interests of Canadians and the well being of democracy” are “something that I hold dear,” said Trudeau, who was initially tearyeyed at the announcement outside his official residence.
He said Parliament, which had been due to resume Jan. 27, would be suspended until March 24. The timing will allow for a Liberal Party leadership race.
All three main opposition parties have said they plan to topple the Liberal Party in a no-confidence vote when Parliament resumes, so a spring election after the Liberals pick a new leader was almost assured.
“The Liberal Party of Canada is an important institution in the history of our great country and democracy. A new prime minister and leader of the Liberal Party will carry its values and ideals into that next election,” Trudeau said. “I am excited to see that process unfold in the months ahead.”
Trudeau came to power in 2015 after 10 years of Conservative Party rule and was initially hailed for returning the country to its liberal past. But the 53-yearold scion of one of Canada’s most famous prime ministers became deeply unpopular with voters in recent years over a range of issues, including the soaring cost of food and housing, and surging immigration.
Speaking in a recorded message posted on X, Conservative leader Pierre Poilievre said Canadians “desperate to turn the page on this dark chapter in our history might be relieved” that Trudeau is leaving. “But what has really changed? Every Liberal MP in power today and every potential Liberal leadership contender fighting for the
top job helped Justin Trudeau break the country over the last nine years.”
Other opposition leaders added their own criticism, including Jagmeet Singh, who leads the leftist New Democratic Party.
“It doesn’t matter who the next Liberal is. They’ve let you down. They do not deserve another chance,” said Singh, who propped up Trudeau’s party for years.
The president of the Liberal party, Sachit Mehra, said party members were “immensely grateful” to Trudeau for delivering “transformational progress” for Canadians, including $10-a-day child care, dental care and a national climate plan. Mehra said he would call a meeting this week to begin selecting a new leader.
The political upheaval comes at a difficult moment for Canada internationally. US President-elect Donald Trump has threatened to impose 25% tariffs on all Canadian goods if the government does not stem what Trump calls a flow of migrants and drugs in the US— even though far fewer of them cross into the US from Canada than from Mexico, which Trump has also threatened.
Canada is a major exporter of oil and natural gas to the US, which also relies on its northern neighbor for steel, aluminum and automobiles.
After Trudeau’s announcement, Trump, who for weeks has referred to Canada as the 51st state, did so again and incorrectly claimed on social media that the prime minister resigned because Canada relies on subsidies from the US to stay afloat.
Trudeau kept publicly mum in recent weeks, despite intensifying pressure for him to step down.
“His long silence following this
political drama speaks volumes about the weakness of his current position,” said Daniel Béland, a political science professor at McGill University in Montreal.
Canada’s former finance minister, Chrystia Freeland, announced her resignation from Trudeau’s Cabinet on Dec. 16, criticizing some of Trudeau’s economic priorities in the face of Trump’s threats. The move, which came shortly after the housing minister quit, stunned the country and raised questions about how much longer the increasingly unpopular Trudeau could stay in his job.
Freeland and Trudeau had disagreed about two recently announced policies: a temporary sales tax holiday on goods ranging from children’s clothes to beer, and plans to send every citizen a check for $250 Canadian ($174). Freeland, who was also deputy prime minister, said Canada could not afford “costly political gimmicks.”
“Our country is facing a grave challenge,” Freeland wrote in her resignation letter. “That means keeping our fiscal powder dry today, so we have the reserves we may need for a coming tariff war.”
From riot to respect: Trump’s 2024 election victory certified by Congress in calm, traditional ceremony
By Lisa Mascaro, Mary Clare Jalonick, Farnoush Amiri
& Matt Brown
The Associated Press
ASHINGTON—Congress certified
WPresident-elect Donald Trump as the winner of the 2024 election in proceedings Monday that unfolded without challenge, in stark contrast to the January 6, 2021 violence as his mob of supporters stormed the US Capitol.
Lawmakers convened under heavy security and a winter snowstorm to meet the date required by law to certify the election. Layers of tall black fences flanked the Capitol complex in a stark reminder of what happened four years ago, when a defeated Trump sent rallygoers to “fight like hell” in what became the most gruesome attack on the seat of American democracy in 200 years. The whole process this time concluded swiftly and without unrest. One by one, a tally of the electoral votes from each state was read aloud to polite applause in the House, no one objected and the results were certified.
“Today, America’s democracy stood,” Vice President Kamala Harris, a Democrat, said after presiding over the session—as is the role of her office—and her own defeat to Trump.
But Trump’s legacy from 2021 leaves an extraordinary fact: The candidate who tried to overturn the previous election won this time and is legitimately returning to the White House, his inauguration in two weeks.
While Monday’s outcome revived a US tradition that launches the peaceful transfer of presidential power, what’s unclear is if Jan. 6, 2021 was the anomaly or if this year’s calm becomes the outlier.
Trump denies that he lost four years ago, muses about staying beyond the Constitution’s two-term White House limit and promises to pardon some of the more than 1,250 people who have pleaded guilty or were convicted of crimes for the Capitol siege. He calls January 6, 2021, a “day of love.”
Trump said online Monday that Congress was certifying a “GREAT” election victory and called it “A BIG MOMENT IN HISTORY.”
Still, American democracy has proven to be resilient, and Congress, the branch of government closest to the people, came together to affirm the choice of Americans.
With pomp and tradition, the day unfolded as it has countless times before, with the arrival of ceremonial mahogany boxes filled with the electoral certificates from the states—boxes that staff were frantically grabbing and protecting when Trump’s mob stormed the building last time.
Senators walked across the Capitol— which four years ago had filled with roaming rioters, some defecating and menacingly calling out for leaders, others engaging in hand-to-hand combat with police—to the House to begin certifying the vote.
The House chaplain, Margaret Kibben, who delivered a prayer during the violence four years ago, made a simple request as the chamber opened to “shine your light in the darkness.”
Harris stood at the dais where thenSpeaker Nancy Pelosi was abruptly rushed to safety last time as the mob closed in and lawmakers fumbled to put on gas masks and flee, and shots rang out as police killed Ashli Babbitt, a Trump supporter trying to climb through a broken glass door toward the chamber.
And Harris certified her own defeat— much the way Democrat Al Gore did in 2001, Republican Richard Nixon did in 1961 and then-Vice President Mike Pence did four years ago.
When Harris read the tally, the chamber broke into applause: first Republicans for Trump’s 312 electoral votes, then Democrats for Harris’ 226.
Vice President-elect JD Vance had joined his former Senate colleagues in the front row, and was surrounded afterward with congratulatory handshakes, hugs and photos.
Within half an hour the process was done.
There are new procedural rules in place after what happened four years ago, when Republicans echoed Trump’s lie that the election was fraudulent and challenged the results their own states had certified.
Under changes to the Electoral Count Act, it now requires one-fifth of lawmakers, instead of just one in each chamber, to raise any objections to election results.
But none of that was necessary.
Republicans who challenged the 2020 election results now express greater trust in US elections after Trump defeated Harris.
Rep. Andy Biggs, R-Ariz., who led the House floor challenge in 2021, said people
at the time were so astonished by the election’s outcome and there were “lots of claims and allegations.”
This time, he said: “I think the win was so decisive. ... It stifled most of that.”
And Democrats frustrated by Trump’s victory nevertheless accepted the choice of the American voters, with House Democratic Leader Hakeem Jeffries saying his side of the aisle is not “infested” with election deniers.
“There are no election deniers on our side of the aisle,” Jeffries said last week on the first day of the new Congress, to applause from Democrats in the chamber. Harris said afterward that Jan. 6 this time was “about what should be the norm and what the American people should be able to take for granted, which is one of the most important pillars of our democracy: the peaceful transfer of power.”
Last time, far-right militias helped lead the mob to break into the Capitol in a war zone-like scene. Officers have described being crushed and pepper-sprayed and beaten with Trump flagpoles, “slipping in other people’s blood.”
Leaders of the Oath Keepers and Proud Boys have been convicted of seditious conspiracy and sentenced to lengthy prison terms. Many others faced prison, probation, home confinement or other penalties. Pence, who had been rushed into hiding that day as rioters threatened to hang him for his refusal to reject Biden’s win, wrote online that he welcomed what he called “the return of order and civility” to the certification process.
Trudeau had planned to run for a fourth term despite his party’s displeasure. Prime ministers in Canada can stay in office as long as their government or party has the confidence of a majority in the House of Commons, but no Canadian prime minister in more than a century has won four straight terms.
Trudeau’s party recently suffered upsets in special elections in two districts in Toronto and Montreal that it has held for years. And based on the latest polls, his chances for success looked slim. In the latest poll by Nanos, the Liberals trailed Conservatives 47% to 21%.
Over his long tenure, Trudeau embraced an array of causes favored by his liberal base. He spoke in favor of immigration at a time other countries were trying to tighten their borders. He championed diversity and gender equality, appointing a Cabinet that was equal parts men and women. He legalized cannabis.
His efforts to strike a balance between economic growth and environmental protection were criticized by both the right and
left. He levied a tax on carbon emissions and rescued a stalled pipeline expansion project to get more of Alberta’s oil to international markets.
Fewer people died from Covid-19 in Canada than elsewhere, and his government provided massive financial support. But animosity grew among those opposed to vaccine mandates. Flags with Trudeau’s name and expletives became a common sight in rural regions.
A combination of scandal and unpopular policies damaged his prospects over time.
Trudeau’s father swept to power in 1968 and led Canada for almost 16 years, becoming a storied name in the country’s history, most notably by opening its doors wide to immigrants. Pierre Trudeau was often compared to John F. Kennedy and remains one of the few Canadian politicians who are recognized in the US.
Born while his father was prime minister, the younger Trudeau became an international celebrity upon being elected. He appeared on the cover of America’s Rolling Stone magazine under the headline “Why Can’t He Be Our President?”
Tall and trim, with movie-star looks, Justin Trudeau channeled the star power—if not quite the political heft—of his father. He became the second-youngest prime minister in Canada’s history, and rivals said his age was a liability when he first sought office. But he won a sweeping mandate in a come-from-behind victory in 2015.
Trudeau is a former teacher, nightclub bouncer and snowboard instructor who has three children with his ex-wife, a former model and TV host.
Magnitude 7.1 quake devastates Tibet,
killing 95 and injuring 130
By Ken Moritsugu The Associated Press
BEIJING—A strong earthquake killed at least 95 people in Tibet on Tuesday and left many others trapped as dozens of aftershocks shook the high-altitude region of western China and across the border in Nepal.
Officials in the region said at a brief news conference that 130 others were injured, state broadcaster CCTV said. Video on CCTV showed orange-suited rescue workers climbing piles of debris blocking homes in a heavily damaged village, while chunks that had been knocked off buildings littered streets and crushed cars in other areas.
State media reported that about 1,000 houses were damaged and 130 people were injured in addition to the deaths, citing the Tibet earthquake relief headquarters.
The US Geological Survey said the earthquake measured magnitude 7.1 and was relatively shallow at a depth of about 10 kilometers (6 miles). China recorded the magnitude as 6.8.
The epicenter was about 75 kilometers (50 miles) northeast of Mount Everest, which straddles the China-Nepal border. The area is seismically active and is where the India and Eurasia plates clash
and cause uplifts in the Himalayan mountains strong enough to change the heights of some of the world’s tallest peaks. About 50 aftershocks were recorded in the three hours after the earthquake, and the Mount Everest scenic area on the Chinese side was closed after the quake.
About 1,500 fire and rescue workers were deployed to search for people, the Ministry of Emergency Management. Two hundred soldiers joined the search, CCTV said.
Chinese leader Xi Jinping called for all-out efforts to rescue people, minimize casualties and resettle those whose homes were damaged. Vice Premier Zhang Guoqing, was dispatched to the area to guide the work.
CCTV said there are a handful of communities within 5 kilometers (3 miles) of the epicenter, which was 380 kilometers (240 miles) from Lhasa, the capital of Tibet, and about 23 kilometers (14 miles) from the region’s second-largest city of Shigatse, known as Xigaze in Chinese. The average altitude in the area around the epicenter is about 4,200 meters (13,800 feet), the China Earthquake Networks Center said in a social media post. In Nepal, authorities asked
CANADA’S Prime Minister Justin Trudeau announces his resignation as Liberal leader and prime minister outside Rideau Cottage in Ottawa on Monday, January 6, 2025. SEAN KILPATRICK/THE CANADIAN PRESS VIA AP
Lawsuits filed over Biden administration’s block of Nippon Steel’s $15 billion US Steel acquisition
By FATIMA HUSSEIN The Associated Press
WASHINGTON—Nippon
Steel and US Steel filed a federal lawsuit Monday challenging a Biden administration decision to block Nippon’s proposed $15 billion acquisition of the Pittsburgh company and said that the head of the Steelworkers union and a rival steelmaker worked together to scuttle the buyout.
In moving to block the transaction Friday, Biden said US companies producing a large amount of steel need to “keep leading the fight on behalf of America’s national interests,” though Japan, where Nippon is based, is a strong ally.
In separate lawsuits filed Monday in the US Court of Appeals for the District of Columbia and the US District Court for the Western District of Pennsylvania, the steelmakers allege that it was a political decision made by the Biden administration that had no rational legal basis.
“Nippon Steel and US Steel have engaged in good faith with all parties to underscore how the Transaction will enhance, not threaten, United States national security,” the companies said in a prepared statement Monday.
Nippon Steel had promised to invest $2.7 billion in US Steel’s aging blast furnace operations in Gary, Indiana, and Pennsylvania’s Mon Valley, and had said it is best positioned to help the US compete in an industry dominated by the Chinese.
US Steel has warned that, without Nippon Steel’s cash, it will shift production away from the blast furnaces to cheaper non-union electric arc furnaces and move its headquarters out of Pittsburgh. Biden on Friday halted the takeover after federal regulators deadlocked on whether to approve it—because “a strong domestically owned and operated steel industry represents an essential national security priority.... Without domestic steel production and domestic steel workers, our nation is less strong and less secure,” he said in a statement.
While administration officials have said the decision was unrelated to Japan’s relationship with the US—this is the first time a US president has blocked a merger between a US and Japanese firm. Biden departs the White House in two weeks.
The president’s decision arrived after the Committee on Foreign Investment in the United States, known as CFIUS, failed to reach consensus on possible national security risks last month.
Robyn Patterson, a White House spokesperson said in a statement defending the President’s decision that “a committee of national security and trade experts determined this acquisition would create risk for American national security.”
“President Biden will never hesitate to protect the security of this nation, its infrastructure, and the resilience of its supply chains,” Patterson said.
In a separate lawsuit filed in the District Court for the Western District of Pennsylvania, the companies accused steel-making rival Cleveland-Cliffs Inc. and its CEO, Lourenco Goncalves, in coordination with David McCall, the head of the US Steelworkers union, of “engaging in a coordinated series of anticompetitive and racketeering activities” to block the deal.
In 2023, before US Steel accepted the buyout offer from Nippon, Cleveland-Cliffs offered to buy US Steel for $7 billion. US Steel turned down the offer and later accepted an all-cash offer from Nippon Steel, which Biden nixed Friday.
The companies allege that Goncalves, in collusion with McCall, maneuvered to prevent any party other than ClevelandCliffs from acquiring US Steel and to damage the Pittsburgh manufacturer’s ability to compete. McCall on Monday called the allegations baseless.
“By blocking Nippon Steel’s attempt to acquire US Steel, the Biden administration protected vital US interests, safeguarded our national security and helped preserve a domestic steel industry that underpins our country’s critical supply chains,” McCall said in a prepared statement.
McCall had long questioned Nippon Steel’s status as an honest broker for US national trade
Malaysia, Singapore agree to launch a special economic zone in rare move
KUALA LUMPUR, Malay -
sia—Malaysia and Singapore leaders signed an agreement on Tuesday to create a special economic zone to attract global investment and ease the cross-border flow of goods and people.
Malaysian Prime Minister Anwar Ibrahim called the Johor-Singapore special economic zone a “unique initiative” that harnesses each other’s strengths and deepens linkages in a world that is becoming more polarized.
“Very rarely you find two countries working together as a team,” he told a joint news conference after the signing ceremony. “These two countries have a common strategy, to assist one
Indonesia
to attract investors
another, to work and benefit from each other’s strengths... This is the new attitude we must have other than talking always in terms of rivalry and unnecessary conflicts.”
The zone, in Malaysia’s southernmost Johor state, will offer tax breaks and include several flagship areas for various sectors, from manufacturing and aerospace to tourism, energy and healthcare. Officials are targeting to attract 50 projects within the economic zone in the first five years, creating 20,000 skilled jobs. The move is a boon to Singapore, a global financial hub with scarce natural resources and land.
Singapore Prime Minister Lawrence Wong said the neighbors’
strong linkages are an important foundation and building block for an integrated region. Malaysia is the chairman this year of the 10-member Association of Southeast Asian Nations.
“Where Asean is concerned, we are talking about not just more trade and investment linkages, but infrastructure linkages including the Asean power grid. These are all good projects that Singapore will support and we hope under Malaysia’s leadership, we can make good progress,” Wong said.
“The greater competition we face is not among ourselves within Asean, it’s outside of the region... so Asean has to come together, look at ways in which we can enhance our value proposition and be competitive together,” he said. AP
officially joins BRICS as full member, expanding influence of developing
By Gabriela Sá Pessoa The Associated Press
SÃO PAULO—Indonesia has been admitted as a full member of the BRICS bloc of developing economies, the group’s presiding country, Brazil, announced Monday. Indonesia’s candidacy was en -
dorsed by BRICS leaders in August 2023, according to the foreign ministry of Brazil, which holds the group’s presidency for 2025. However, the world’s fourth most populous nation opted to formally join the bloc only after the formation of its newly elected government last year.
“The Brazilian government
economies
welcomes Indonesia’s entry into the BRICS,” the government said in a statement. “With the largest population and economy in Southeast Asia, Indonesia shares with other members a commitment to reforming global governance
See “Indonesia,” A8
interests and called Nippon Steel a “serial trade cheater” that had, for decades, undermined the domestic steel industry by dumping its products into US markets.
Cleveland-Cliffs, based in Ohio, did not immediately return a request by The Associated Press for comment.
Nippon and US Steel allege in the suit that CFIUS was instructed not to offer any counterproposals or hold discussions with them. The companies argued that the review process was ma -
nipulated so that the outcome would support a decision Biden had already made, saying he used “undue influence to advance his political agenda.”
Nippon, however, will face an incoming administration that has also vowed to block the acquisition.
President-elect Donald Trump last month underscored his intention to block the deal, and pledged to use tax incentives and tariffs to strengthen the iconic American steelmaker.
Shortly after the lawsuits were filed, Trump cemented that stance on his Truth Social platform.
“Why would they want to sell US Steel now when Tariffs will make it a much more profitable and valuable company?” the post said.
“Wouldn’t it be nice to have US Steel, once the greatest company in the World, lead the charge toward greatness again? It can all happen very quickly!”
Shares of United States Steel Corp. rose more than 3 percent at the opening bell Monday.
January 07, 2025
NOTICE OF FILING OF APPLICATION FOR ALIEN EMPLOYMENT PERMIT (AEP/S)
Notice is hereby given that the following companies/employers have filed with this Regional Office application/s for Alien Employment Permit/s:
AND SALARY RANGE
1 JH PRECISION PHILIPPINES INC.
1 JH PRECISION PHILIPPINES INC.
Block 4 Lot 6, Filinvest Technology Park-Calamba, Punta, City of Calamba, Laguna
Block 4 Lot 6, Filinvest Technology Park-Calamba, Punta, City of Calamba, Laguna LI, GANGSEN
SONG, YICHUN
Injection Engineering Specialist
Injection Specialist
Brief
Brief Job Description:
Inspect finished products to identify and correct defects, ensuring adherence to quality standards; Implement quality control measures and maintain accurate production records; Stay updated on advancements in injection technologies and industry best practices.
SANTIWONG, WATHANYA
2 NEXTG IT CORP.
212 Doña Aurora, City Park Subdivision, Sabang, City of Lipa, Batangas
Basic Qualification:
Strong understanding of injection molding machines, materials, and tooling. Vocational Course/Training in related field required. Can speak & read Mandarin and English. Ability to read & interpret engineering drawings & specifications.
Salary Range: Php 30,000 - Php 59,999
Digital Marketing Specialist for Thai Systems and SAAS Software
Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE Regional Office IV-A located at 3rd and 4th Floors, Andenson Building II, Parian, Calamba City, Laguna, within 30 days after this publication.
January 07, 2025
Brief Job Description: Planning, executing, and managing marketing campaigns to promote a company’s
NOTICE OF FILING OF APPLICATION FOR ALIEN EMPLOYMENT PERMIT (AEP/S) Notice is hereby given that the following companies/employers have filed with this Regional Office application/s for Alien Employment Permit/s:
Please inform DOLE Regional Office IV-A if you have any information on criminal offense committed by the foreign nationals.
PHILIPPINES INC.
Purok 1, Gelerang Kawayan, San Pascual, Batangas
CHEN, YICHAO Machine Specialist
Block 4 Lot 6, Filinvest Technology Park-Calamba, Punta, City of Calamba, Laguna
4 TIME CERAMICS PHILIPPINES INC.
To
QUALIFICATION AND SALARY RANGE
By authority of the Regional Director:
Brief Job Description: Repair, maintenance and do general installation of mechanical, electrical, and hydraulic components of the machine
ATTY. MARION S. SEVILLA, LL.M. Assistant Regional Director
Purok 1, Gelerang Kawayan, San Pascual, Batangas ZHAO, LANTING Machine Specialist
Brief Job Description: Work as per the requirements of the clients and perform all kinds of general installation/diagnose problems
Any person in the
Please
US pressure mounts as Israel, Hamas negotiate to end 15-month Gaza war
By Josef Federman & Samy Magdy The Associated Press
JERUSALEM—Israel and Hamas once again appear to be inching toward a ceasefire that could wind down the 15-month war in Gaza and bring home dozens of Israelis held hostage there.
Both Israel and Hamas are under pressure from outgoing US President Joe Biden and Presidentelect Donald Trump to reach a deal before the January 20 inauguration. But the sides have come close before, only to have talks collapse over various disagreements.
The latest round of negotiations has bogged down over the names of hostages to be released in a first phase, according to Israeli, Egyptian and Hamas officials, who spoke on condition of anonymity because they were discussing ongoing negotiations.
Israel wants assurances that the hostages are alive, while Hamas says that after months of heavy fighting, it isn’t sure who is alive or dead.
Other hurdles remain.
The first phase, expected to last for six to eight weeks, would also include a halt in fighting, a release of Palestinian prisoners and a surge in aid to the besieged Gaza Strip, according to the officials. The last phase would include the release of any remaining hostages, an end to the war, and talks on reconstruction
and who will govern Gaza going forward.
“If we don’t get it across the finish line in the next two weeks, I’m confident that it will get to completion at some point, hopefully sooner rather than later,” US Secretary of State Antony Blinken said in Seoul on Monday. Here’s a closer look at the key issues holding up a deal:
The release of hostages from Gaza DURING its October 7, 2023, attack on southern Israel, Hamas and other groups killed some 1,200 people and took about 250 hostages into Gaza. A truce in November 2023 freed more than 100 hostages, while others have been rescued or their remains have been recovered over the past year.
Israel says about 100 hostages remain in Gaza—at least a third of whom it believes were killed during the October 7 attack or died in captivity.
The first batch of hostages to be released is expected to be made up mostly of women, older people and people with medical conditions,
according to the Israeli, Egyptian and Hamas officials.
On Monday, a Hamas official shared with AP a list of 34 names of hostages it said were slated for release. An Egyptian official confirmed the list had been the focus of recent discussions.
But Israeli Prime Minister Benjamin Netanyahu’s office said the names were from a list Israel had submitted months ago. “As of now, Israel has not received any confirmation or comment by Hamas regarding the status of the hostages appearing on the list,” it said.
A second Hamas official on Monday released a list of 14 names the group claimed Israel had removed from consideration after they were approved by Hamas and substituted with other names. Israel did not respond for a request for comment, but it has pronounced the 14 people dead.
An Israeli official said the current impasse was due to Hamas’ refusal to provide information on the conditions of the hostages, while another official said the departure of the head of the Mossad intelligence agency for negotiations in Qatar was on hold.
A Hamas official, meanwhile, said that “no one knows” the conditions of all of the hostages. Hamas officials have said that due to the war, they cannot provide a full accounting until there is a truce.
Since the war began, over 45,800 Palestinians have been killed in Gaza, according to local health authorities, who say women and children make up more than half of those killed. They do not say how many of the dead were militants.
Pausing the war or ending it?
FAMILIES of hostages reacted angrily to reports of the phased approach, saying the government should instead be pursuing a deal that releases all the captives at once. They say time is running out to bring people home safely.
“This morning, I and everyone in Israel woke up and discovered that the state of Israel has put together a Schindler’s List—34 people who will be able to hug their families again, and 66 others whose fate will be sealed,” said Yotam Cohen, whose brother Nimrod, an Israeli soldier held hostage, did not appear on the published list.
Netanyahu has said he supports a partial deal that pauses the war, but he has rejected Hamas’ demands for a full Israeli withdrawal that would end the war. Netanyahu has vowed to continue fighting until he achieves “total victory”—in -
Trump denied delay in hush money case sentencing; faces potential conviction before Jan. 21 inauguration
By Michael R. Sisak & Jennifer Peltz The Associated Press
EW YORK—President-elect Donald
NTrump remains on track to be sentenced this week in his hush money case after a judge on Monday denied his request to halt proceedings while he appeals a ruling that upheld the historic verdict.
Manhattan Judge Juan M. Merchan ordered sentencing to proceed as scheduled on Friday, a little more than a week before Trump’s inauguration. The judge rejected a push by Trump’s lawyers to postpone it indefinitely while they ask a state appeals court to reverse his decision last week that let the conviction stand.
Trump, on course to be the first president to take office convicted of crimes, can still ask the appeals court to delay sentencing or seek to have another court intervene. His lawyers have previously suggested taking the case all the way to the US Supreme Court.
Trump’s lawyers have told Merchan that if his sentencing happens, he will appear by video rather than in person. The judge had given him the option, acceding to the demands of the presidential transition process.
Last Friday, Merchan denied Trump’s bid to throw out his conviction and dismiss the case because of his impending return to the
institutions and contributes positively to deepening SouthSouth cooperation.”
Indonesia’s Ministry of For -
White House, but signaled he is not likely to sentence the Republican to any punishment for his conviction on 34 felony counts of falsifying business records.
Trump wrote on his Truth Social platform after Merchan ruled that it “would be the end of the Presidency as we know it” if it is allowed to stand.
Trump’s lawyers, who are also challenging Merchan’s prior refusal to toss the case on presidential immunity grounds, filed appeal paperwork Monday in the appellate division of the state’s trial court. No arguments have been scheduled.
“Today, President Trump’s legal team moved to stop the unlawful sentencing in the Manhattan D.A.’s Witch Hunt,” Trump spokesperson Steven Cheung said. “The Supreme Court’s historic decision on Immunity, the state constitution of New York, and other established legal precedent mandate that this meritless hoax be immediately dismissed.”
Trump’s lawyers did not immediately ask the appeals court to halt Trump’s sentencing. In a separate filing with Merchan, they argued that the appeal should automatically pause the case. If it didn’t, they said he should step in and do it himself—an idea he rejected.
Manhattan prosecutors had urged Merchan to proceed with sentencing as scheduled, “given the strong public interest
eign Affairs in a written statement Tuesday said that it reflects Indonesia’s increasingly active role in global issues, and its commitment to strengthening multilateral cooperation.
“Indonesia views its membership in BRICS as a strategic step
in prompt prosecution and the finality of criminal proceedings.”
Prosecutors blamed Trump for pushing his sentencing to the brink of his second term by repeatedly seeking to postpone his sentencing, originally scheduled for July.
“He should not now be heard to complain of harm from delays he caused,” they wrote in a court filing Monday afternoon, hours before Merchan ruled.
Any delay in sentencing could run out the clock on closing the case before Trump’s second term begins Jan. 20.
The Justice Department’s Office of Legal Counsel, which provides legal advice and guidance to federal agencies, has maintained that a sitting president is immune from criminal proceedings. If sentencing doesn’t happen before Trump is sworn in, waiting until he leaves office in 2029 “may become the only viable option,” Merchan said in his ruling.
If sentencing proceeds on Friday as scheduled, Trump’s lawyers argued, he will be appealing the verdict while in office and will be “forced to deal with criminal proceedings for years to come.” They raised an improbable scenario in which, if Trump wins his appeal, he could be then subjected to another criminal trial while in office.
In upholding the verdict and rejecting Trump’s bids for dismissal, Merchan wrote that
to increase collaboration and cooperation with other developing countries, based on the principles of equality, mutual respect, and sustainable development,” said the statement. BRICS was formed by Brazil, Russia, India and China in 2009,
the interests of justice would only be served by “bringing finality to this matter” through sentencing. He said giving Trump what’s known as an unconditional discharge— closing the case without jail time, a fine or probation—“appears to be the most viable solution.”
Trump’s lawyers were unmoved, arguing that the “meritless case” was fostered by “numerous legal errors,” including rulings by Merchan they say flew in the face of the US Supreme Court’s decision last July that granted presidents broad immunity from prosecution.
“The Court’s non-binding preview of its current thinking regarding a hypothetical sentencing does not mitigate these bedrock federal constitutional violations,” defense lawyers Todd Blanche and Emil Bove wrote. Trump has selected both of them for high-ranking Justice Department positions. Trump will have an opportunity to speak at his sentencing, as will his lawyers and prosecutors. He can only appeal the verdict after he is sentenced.
The charges involved an alleged scheme to hide a hush money payment to porn actor Stormy Daniels in the last weeks of Trump’s 2016 campaign to keep her from publicizing claims she’d had sex with him years earlier. He says that her story is false and that he did nothing wrong.
cluding the destruction of Hamas’ military capabilities.
Israel has inflicted heavy damage on Hamas. But the group continues to stage attacks in Gaza and to fire rockets into Israel. That could portend an open-ended war that could drag on for months or years.
The Hostages Forum, a grassroots group representing many hostage families, said it was time for a comprehensive deal.
“We know more than half are still alive and need immediate rehabilitation, while those who were murdered must be returned for proper burial,” it said. “We have no more time to waste. A hostage ceasefire agreement must be sealed now!”
The release of Palestinian prisoners in Israel
AS part of the deal, Israel is expected to free hundreds of im -
Continued from A6
Trump was impeached by the House on the charge of inciting an insurrection that day but was acquitted by the Senate. At the time, GOP leader Mitch McConnell blamed Trump for the siege but said his culpability was for the courts to decide.
Federal prosecutors subsequently issued a four-count indictment of Trump for working to overturn the election, but special counsel Jack Smith withdrew the case last month after Trump won
officials in the mountainous area near the epicenter to search for any casualties or damage.
The National Emergency Operation Center in Kathmandu said people in northeastern Nepal strongly felt the earthquake but there were no immediate reports of injuries or damage to houses.
prisoned Palestinians, including dozens who were convicted in bloody attacks.
Israel has a history of largescale prisoner releases, and hundreds were freed in the November 2023 deal. But the sides have disagreed over the exact number and names of the prisoners to be freed. Hamas wants high-profile prisoners included. Israeli officials have ruled out the release of Marwan Barghouti, who tops Hamas’ wish list.
Netanyahu’s governing coalition includes hardliners who oppose such releases, with some even pledging to quit the government if too many concessions are made. They point to a 2011 prisoner release that included the former Hamas leader Yahya Sinwar, a mastermind of the October 7 attacks who was killed by Israel in October.
The return of Palestinians to their homes in Gaza THE war has displaced an estimated 90 percent of Gaza’s 2.3 million people, according to U.N. estimates, with the hard-hit northern sector of the territory largely emptied of its prewar population. During the first phase of the developing deal, Israel is expected to withdraw troops from Palestinian population centers and allow some of the displaced to return home. But the extent of the pullback and the number of people allowed to return must still be worked out, the officials say.
Magdy reported from Cairo. AP correspondents Melanie Lidman in Jerusalem, Abby Sewell in Beirut and Matthew Lee in Washington, contributed reporting.
reelection, adhering to Justice Department guidelines that sitting presidents cannot be prosecuted. Biden, in one of his outgoing acts, awarded the Presidential Citizens Medal to Rep. Bennie Thompson, D-Miss., and former Rep. Liz Cheney, R-Wyo., who had been the chair and vice chair of the congressional committee that conducted an investigation into Jan. 6, 2021. Trump has said those who worked on the January 6 committee should be locked up.
The Associated Press writers Fatima Hussein and Ashraf Khalil contributed to this report.
and hikers, was empty in the depth of winter. Many residents move to the south to avoid the harsh winter. About 230 kilometers (140 miles) from the epicenter in Nepal’s capital, Kathmandu, the earthquake woke up residents and sent them running out of their homes into the streets.
There have been 10 earthquakes of at least magnitude 6 in the area where Tuesday’s quake hit over the past century, the USGS said.
A police officer in Solukhumbu district, where Mount Everest is located, said by telephone that there were no reports of damage. The area, often crowded with climbers
The Associated Press writer Binaj Gurubacharya in Kathmandu, Nepal, and researcher Yu Bing in Beijing contributed to this report. Trump.
and South Africa was added in 2010. Last year, the alliance expanded to embrace Iran, Egypt, Ethiopia and the United Arab Emirates. Saudi Arabia has been invited to join but has not yet done so. Turkey, Azerbaijan and Malaysia have formally applied to become members and a few others have expressed interest.
The organization was created as a counterweight to the Group of Seven, comprised of developed nations. Its name derives from an economic term used in the early 2000s to describe rising countries expected to dominate the global economy by 2050. The Associated Press journalists Edna Tarigan in Jakarta, Indonesia, contributed to this report.
MOURNERS carry the bodies of three members of Imad Al-deen family who were killed in the Israeli bombardment in Bureij, central Gaza Strip, at Al-Aqsa Martyrs Hospital in Deir al-Balah on Monday, January 6, 2025. AP/ABDEL KAREEM HANA
AFP denies ‘rift’ triggered NSC revamp
By Rex Anthony Naval
THE Armed Forces of the Philippines (AFP) on Tuesday denied reports claiming that rift among the security triggered the reorganization of the National Security Council (NSC).
“In terms of whether there is a
rift, this is a classic case of political intrigue, this narrative holds no water and what we can say is that the security sector is united under the umbrella of the chain of command,” AFP spokesperson Col. Francel Margareth Padilla said in a press conference Tuesday. She added such claims or al -
legations are merely being used by “outside players” interested in seeking headlines.
“We maintain that the AFP is united. We are professional and we are loyal to the Constitution and to the flag and we adhere to the chain of command,” Padilla said.
Earlier, NSC Assistant Director
Feast spox urges devotees to ‘touch, not kiss’ Jesus Nazareno image
By Justine Xyrah Garcia
WHILE it is not prohibited, the spokesperson for this year’s Feast of the Black Nazarene encouraged devotees to avoid kissing the image of Jesus Nazareno, if possible.
Fr. Robert Arellano, in an interview on Tuesday, suggested alternatives, such as touching the image or wiping it with a handkerchief.
“It cannot be banned outright since it is a long-standing devotion and tradition for many… However, for hygiene purposes— especially now that flu, cough, and colds are prevalent—we strongly encourage devotees to simply touch the image,” he said in Filipino.
The traditional Pahalik began at the Quirino Grandstand on the evening of January 6, earlier than
the scheduled January 7 to 9 period, as large crowds had already gathered the night before. Arellano noted that no untoward incidents had been recorded so far, and the activity has been proceeding smoothly.
“Everything has been orderly, and devotees continue to come. There are times when the crowd is heavy, and other times when it’s light. The Pahalik started earlier last night due to the influx of people,” he added.
The spokesperson reminded devotees to exercise caution, avoid pushing, and line up properly. Security personnel have been deployed throughout the Quirino Grandstand, and barriers have been clearly marked to ensure crowd control.
“For those using towels to touch the image, make sure they are clean since these are being wiped directly
on the Señor,” Arellano said.
Over the years, the image of Jesus Nazareno has developed multiple cracks due to the overwhelming number of devotees climbing onto it. In light of its fragility, the Quiapo Church’s fiesta committee hopes devotees will become more mindful in commemorating the feast.
While the Pahalik continues, the start of the 33 masses scheduled at Quiapo Church will commence on Wednesday at 3 p.m.
The much-awaited Misa Mayor, signifying the start of the main celebration, will be held at midnight on January 9.
The Traslacion will then begin before sunrise. It is expected to draw 6 million devotees.
Do’s and don’ts
THE fiesta committee also issued final reminders to ensure a safe
MMDA deploys 1,200 personnel to
ensure
smooth and safe Traslacion on January 9
By Claudeth S. Mocon-Ciriaco
A@claudethmc3
TOTAL of 1,200 person -
nel of the Metropolitan Manila Development Authority (MMDA) will be deployed for the Traslacion or the Feast of Jesus Nazareno on January 9.
“We have deployed 1,200 personnel for the procession alone, including those who are tasked to maintain the cleanliness of the road right after the procession passes through a certain route,” said MMDA Chairman Romando Artes.
Artes and some of the agency’s officials inspected the Quirino Grandstand in Manila where the traditional Pahalik is being held days ahead of the Traslacion. Artes inspected the agency’s
SENATOR Christopher “Bong” Go, Vice Chairperson of the Senate Committee on National Defense, has successfully pushed for the inclusion of funding in the 2025 national budget to support the construction of new facilities for Antonio Bautista Air Base in Puerto Princesa, Palawan.
This strategic development aims to bolster the nation’s defense capabilities in the West Philippine Sea, while enhancing regional disaster response preparedness.
The Antonio Bautista Air Base serves as a critical hub for military operations, particularly in safeguarding the country’s sovereignty over contested waters. Go emphasized the importance of investing in infrastructure that strengthens the Armed Forces of the Philippines (AFP) and ensures their operational readiness.
“Suportado ko ang ating military at iba pang uniformed personnel. Patuloy natingisusulongangkanilangkapakanan. Napakahalaga na suportahan natin ang ating mga sundalo na tumatayong bantay
Mobile Command Center and the First Aid Station among other preparations set up by the agency.
He said the agency is expecting influx of devotees who’ll participate tonight until early morning of January 9 before the procession.
The MMDA has placed plastic barriers as barricades to ensure orderliness of the queue and tents to serve as shade for the devotees. Emergency response is also on standby for those who’ll be needing immediate medical attention.
CCTVs are also deployed around the areas where the procession will pass to monitor traffic situation and ensure peace and order, in cooperation with the police.
While the MMDA chairman assured that clearing and clean -
ing operations are being undertaken to eliminate not just illegally parked vehicles but also trash and other obstructions in the road, he enjoined the public to throw their garbage responsibly especially during the Traslacion.
“We appeal to our kababayans not to throw trash which can cause injury or harm fellow devotees who will join the procession on Thursday especially since majority of them join the Traslacion barefooted,” he said.
Number coding scheme will be suspended in Manila City as the Feast Day was declared earlier as special non-working holiday.
The MMDA also advised rerouting for affected motorists:
Light vehicles FOR vehicle coming from South
General Jonathan Malaya denied reports claiming that the reorganization of the body was triggered by a so-called rift in the security sector.
In an interview with PTV-4, the NSC official said these reports or allegations seemed to have originated from progressive groups
and orderly celebration.
Those joining the procession are encouraged to bring transparent raincoats in case of rain, wear comfortable footwear, and carry small essentials such as flashlights and portable chairs.
Climbing onto the andas or carriage is strictly prohibited, and everyone is urged to avoid pushing to prevent injuries.
Meanwhile, devotees joining mass at Quiapo Church and the pahalik at Quirino Grandstand are advised to maintain solemnity and cleanliness.
Single-hand-carried images, measuring 2 feet and below, as well as rosaries and other small religious relics, are permitted in the said areas.
Devotees are encouraged to bring clear plastic bags for proper waste disposal to help keep the church and the Quirino Grandstand clean.
Large bags or excessive items should also be avoided. Hats, jackets, and umbrellas are not allowed, while overnight camping tents are prohibited for those planning to stay overnight.
(Roxas Boulevard and Taft Avenue), take United Nations Avenue, straight to Nagtahan Otis, left at Mabini Bridge towards Magsaysay Boulevard and Lacson Avenue to destination and vice versa.
For vehicles coming from North ( Malabon-Navotas and Port area), take Anda Circle then take Soriano Avenue (Intramuros), Magallanes Drive towards Chinatown.
Trucks
GOING to North Harbor from SLEX straight ahead to Osmeña Hi-way then right turn to Quirino Avenue, straight to Nagtahan St., going to Lacson Avenue, left turn to Yuseco St., and straight ahead to Capulong St. Right turn or turn left to R-10 road to destination.
While trucks coming from Parañaque area turn right at Quirino Avenue to Nagtahan then Lacson Ave. to destination. Same route may be utilized by trucks going to south.
who are looking for issues so that those in the government will fight one another. He added such allegations have no basis as uniformed and other government personnel are 100 percent behind duly constituted authority and the chain of command.
Malaya also said groups claiming such are only after media mileage and headlines due to the coming elections. He also stressed that the President has discretion or authority to change or reorganize the NSC as previous Chief Executives have done before.
TESDA to prioritize manufacturing, electronics in ‘realigned’ programs
By Justine Xyrah Garcia
THE Technical Education and Skills Development Authority (TESDA) said on Monday that its realigned technical-vocation education and training program will focus on industries, such as manufacturing and electronics.
In an interview, TESDA Deputy Director General Nelly Dillera explained that these priority sectors were selected based on their significant contributions to the country’s gross domestic product.
“ Iyong manufacturing, iyong electronics natin, malakas ngayon dahil ang Pilipinas ay isa sa malaking producer din ng mga chips, ‘di ba, na ginagamit sa cellphone,” Dillera said.
According to the latest S&P Global Philippines Manufacturing Purchasing Manager’s Index, the country’s manufacturing sector ended the previous year on a positive note, with production levels showing improvement.
The composite score for December 2024 was 54.3, up from 53.8 in November 2024.
(Related: https://businessmirror.com.ph/2025/01/03/ phl-factories-boost-december-output-pmi-at-54-3/)
In addition to manufacturing and electronics, TESDA will also prioritize sectors such as semiconductors, tourism, construction, health, education, and transportation.
Dillera further emphasized that the agency will focus on soft skills, particularly in the creative industry, which is emerging as another key driver of the economy.
“Alam naman natin na ang mga Pilipino talaga, ‘di ba, kahit saan mo ilagay, kahit na nga sa electronics, iyong sinasabi nilang mga designs, ‘di ba, puwedeng ma -integrate,” she said.
The TESDA official also called on local government units (LGUs) to collaborate with TESDA in community-based TVET programs, ensuring that more Filipinos receive proper training in the skills required by businesses in their respective regions.
Last year, the labor department faced challenges due to “geographical mismatches,” where workers’ skills did not align with the needs of industries in their areas.
Dillera noted that LGUs, particularly the Community Training and Employment Coordinators, could help address this issue by acting as counterparts to TESDA and DOLE in delivering skills training.
“So, malaki po iyong role talaga ng LGU, so much so that we’re also talking about itong devolution na rin ng ‘di ba, iyong powers and even the functions ng agency,” Dillera said.
EBET program
ASIDE from prioritizing specific industries and community-based training, TESDA has also appealed to businesses to collaborate through the Enterprise-Based Education Training (EBET) program. Under EBET, the government incentivizes businesses that implement training programs designed to equip trainees with the fundamental to advanced skills needed by industries.
Dillera urged businesses to register for the program, highlighting that they could benefit from tax deductions of up to 50 percent of their actual training expenses.
“We call on businesses across the Philippines to register their training programs with TESDA, as we will assess their alignment with standards to secure funding,” she added.
sa ating teritoryo. Ang pagpapalakas ng kanilang kakayahan ay hindi lamang para saseguridadngatingbansa,kundipatina rin para sa mabilisang pagtugon sa mga sakuna,” Sen. Go said.
The funding allocation covers the construction of additional operational facilities, barracks, and command centers at the airbase. These improvements are expected to enhance the military’s capability to monitor and respond to activities within the country’s exclusive economic zone (EEZ), ensuring a stronger presence in the West Philippine Sea. Apart from the airbase expansion and support for the armed forces, Go continues to advocate for measures aimed at strengthening the country’s maritime security and disaster preparedness.
As one of the authors of S enate Bill No. 2112, also known as the Philippine Coast Guard (PCG) Modernization Bill, Senator Go highlighted the need for a well-equipped and highly trained Coast Guard to protect the nation’s waters and respond to emergencies.-
easing inflation and improving labor market conditions. But the risks linked to the external environment could materialize and temper economic activity and market sentiment.
“In pursuit of price stability, the Bangko Sentral ng Pilipinas maintains a calibrated approach to its monetary policy easing while the relevant agencies continue to pursue measures to ensure adequate food supply and affordable prices,” Balisacan said.
551,450 MT from 685,890
“We are intensifying efforts to improve productivity, encourage innovation, and build resilience toward ensuring food security and protecting consumers’ purchasing power. This will enable us to foster stronger and more inclusive economic growth, allowing Filipinos to move closer to realizing a matatag,maginhawa,atpanatagnabuhay,” he added.
Meanwhile, Neda said to complement existing measures to ensure water and food security amid climate risks, the Department of Social Welfare and Development will expand the reach of its Local Adaptation
to Water Access (LAWA) and Breaking Insufficiency through Nutritious Harvest for the Impoverished (BINHI) projects to 323 cities and municipalities across 67 provinces by 2025.
The recent amendment of the Agricultural Tariffication Law under Republic Act 12078 is expected to enhance the rice sector’s resilience as the funds allocated for the Rice Competitiveness Enhancement Fund increased to P30 billion from P10 billion annually until 2031.
Moreover, to further support the hog industry’s recovery, the Neda-chaired Inter-
agency Committee on Inflation and Market Outlook and the Economic Development Group recommended that the Department of Agriculture facilitate the timely and continuous withdrawal of frozen pork stocks in cold storages and for the Food and Drug Administration to fast-track the approval of African swine fever vaccines for commercial use. Furthermore, the Energy Regulatory Commission directed all private distribution utilities, including the Manila Electric Company or Meralco, to refund unspent regulatory reset fees collected from consumers. The total refund is estimated at P1.18 billion.
The bangus promise: Unlocking the potential of PHL’s beloved fish
BangUs or milkfish is a popular fish product in the Philippines. It is featured in a number of dishes that are widely consumed in the country, such as paksiw. It can also be fried and paired with vegetables, a combination preferred by many Filipino Catholics who shun meat during Lent and on Fridays.
A roadmap released by the Department of Agriculture in 2021 noted that in terms of market and trade, milkfish is one of the largest volumes of fish sold everyday in all public markets. Most of the bangus sold in local markets are in fresh chilled form either in whole or deboned. It is also processed into value-added forms, such as smoked, dried, marinated, fermented, canned or bottled. Based on official government data, the local consumption of milkfish has been expanding annually by at least 3 percent. In 2019, total consumption reached 264,162 MT or nearly double the 136,593 MT recorded in 2000. Per capita consumption jumped to 2.46 kilogram per year from 1.89 kg during the same period. The good news is that local production is enough to meet the domestic requirement for milkfish. Of the bangus consumed by Pinoys, only a fraction is purchased from abroad. From 2010 to 2019, the milkfish self-sufficiency ratio had breached 100 percent, so importation had been very minimal.
What these numbers prove is that the Philippines is capable of producing not only the requirements of the domestic market, but also that of foreign buyers. Local traders export frozen prime cuts of milkfish bellies and backs, including heads and tails, as well as canned, dried and smoked bangus. Main markets are Canada and the United States where millions of migrant Filipinos reside. Despite its potential to improve the income of fishers and prop up the country’s GDP, the milkfish sector continues to be hounded by several problems that prevent it from further increasing its contribution to the economy. For one, the industry continues to rely on imported fry (see “‘High costs, lack of data hamper milkfish sector expansion’,” BusinessMirror, December 24, 2024). Based on the milkfish fry requirement analysis per region, it is estimated that the country has a deficit of about 1.2 billion, which is 54 percent of the country’s total fry requirement of 2.7 billion.
Other hurdles to achieving the full potential include inaccurate and inconsistent milkfish data on production and trade, improper aquaculture practices resulting in siltation and mass fish kills, product traceability and quality assurance issues, and limited access to funding capital and financial programs for milkfish stakeholders. Policy-related concerns, such as difficulty in accessing permits, high cost of fees, and contradicting public waters or land use plan, also make it more difficult for the sector to increase output.
The roadmap, which was crafted with the private sector, indicated that the policies and programs it recommended would require an investment of around P2.94 billion for 20 years. This is a paltry sum considering the economic impact of the milkfish sector, which can boost food security and export receipts and reduce poverty.
Infra funding
tMark Villar
THE BUILDER
Wo thousand twenty five and beyond will be a busy year for Philippine infrastructure.
Judging from the concessional official development assistance (oDa) financing and grants obtained by the government in 2024, the Philippines will have its hands full planning and implementing critical infrastructure projects in the coming years.
The government, per the report of the Department of Finance at the close of 2024, has secured funding from development partners to finance high-impact infrastructure projects under the “Build Better More” program of President Ferdinand Marcos Jr. and other critical development initiatives.
Our ODA sources, such as the United States, Japan, South Korea and other developed nations, have been instrumental in the past in funding several infrastructure projects, many of which are now contributing to economic development.
These ODA funds and grants offer concessional rates, or at cost below the fees charged by commercial banks. Repayment for these ODA funds at concessional terms reduce the debt burden of the national government compared with local borrowings, and public-private partnerships that cut into the potential earnings of the state from such infrastructure projects.
nDionisio L. Pelayo
Ruben M. Cruz Jr.
Eduardo A. Davad Nonilon G. Reyes
D. Edgard A. Cabangon Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan
These projects, nonetheless, provide real benefits to the economy even if they are privately funded.
The government’s infrastructure flagship projects (IFPs) that focus on transportation, water resources and energy, for instance, aim to address major bottlenecks.
Once completed, they are expected to bring important benefits to the Philippine economy and to the lives of ordinary citizens. Improvements in the quality of infrastructure services will help cut the cost of doing business, draw more investments and enhance productivity around the country.
The DOF in 2024 signed 12 financing agreements worth $5.67 billion (P333.42 billion) for projects in infrastructure, transport, defense, digital technology, health and agriculture.
These include the third tranche of financing for the Metro Manila Subway Project (Phase 1), the country’s first-ever underground railway system.
By Soo-Hyang Choi
ortH Korean leader Kim Jong Un said the nation’s new hypersonic missile will keep any rivals in the Pacific region in check, following a test launch on Monday that coincided with Us secretary of state antony Blinken’s visit to seoul.
Kim said the development of the latest weapons system is aimed at coping with security threats posed by “hostile forces,” the official Korean Central News Agency reported on Tuesday, a day after the firing of the intermediate-range ballistic missile.
“The hypersonic missile system will reliably contain any rivals in the Pacific region that can affect the security of our state,” Kim said, calling it a linchpin of the country’s strategic deterrence.
While ballistic missiles commonly travel at hypersonic velocities — speeds in excess of Mach 5 — the US, China, North Korea and others are in a race to develop weapons with maneuverable gliders that are too quick and agile for traditional mis-
sile defense systems to detect in time. It remains to be seen if North Korea has actually developed a functional hypersonic glide vehicle.
The missile, fired near Pyongyang, flew 1,500 kilometers (932 miles) at 12 times the speed of sound, KCNA said. South Korea’s Joint Chiefs of Staff earlier said the missile flew around 1,100 km before splashing down in waters off its east coast.
The typical full-flight distance of an intermediate-range ballistic missile would bring US military bases on Guam into range.
North Korea’s ability to fire a missile that travels at Mach 12, if confirmed, would mark another milestone in Kim’s efforts to build an arsenal of weapons to erode US strategic
Also signed were the financing agreements for the following infrastructure projects: the Dalton Pass East Alignment Alternative Road Project; the first tranche of the financing for the Bataan-Cavite Interlink Bridge Project; Samar Pacific Coastal Road II Project; the Laguna Lakeshore Road Network Project; the New Dumaguete Airport Development Project; the Maritime Safety Capability Improvement Project Phase III; and Infrastructure for Safer and Resilient Schools Project.
The government also obtained funding for the Philippines’ First and Second Digital Transformation Program, Second Sustainable Recovery Program, the Build Universal Health Care (UHC) Program, Subprogram 2; the Value Chain Innovation for Sustainable Transformation in Agrarian Reform Communities Project; and the Climate Change Action Program Subprogram 2.
In addition, the Philippines secured $73.73 million (about P4.34 billion) worth of grants from bilateral and development partners for 13 projects in infrastructure, peace and development, climate adaptation and mitigation, water security and artificial-intelligence (AI)-based systems in agriculture.
Grants, unlike ODA funds, are aids given by development partners with no obligation for repayment. The grants include the Capacity Development of Public Utility Vehicles (PUV) in Metro Manila and its Adjoining Areas; the Establishment of an Al-based Flood Forecasting and Warning System in the Laoag River Basin; the Master Plan on Compre-
The South Korean military said North Korea’s claims to have made advances with its hypersonic technology appeared to be exaggerated, adding that the latest missile may be a variation of a solid-fuel hypersonic missile Pyongyang tested in April.
advantages as he steps up cooperation with Russia’s Vladimir Putin.
The South Korean military said North Korea’s claims to have made advances with its hypersonic technology appeared to be exaggerated, adding that the latest missile may be a variation of a solid-fuel hypersonic missile Pyongyang tested in April.
“We are prepared to intercept any missiles possessed by North Korea,” South Korea’s Joint Chiefs of Staff spokesperson, Lee Sung-jun, said at a briefing.
Speaking alongside his South Korean counterpart on Monday, Blinken condemned Pyongyang’s
hensive Sewerage System Development for Metro Cebu of the Metropolitan Cebu Water District; Partnership for Peace and Development in Mindanao; and the Integrated Urban Climate Action for Low-Carbon and Resilient Cities (Urban-Act) Project. We can see from the list provided by the DOF that these projects seek to achieve an inclusive economy, where development is not concentrated in Metro Manila. The projects identified for funding and grants aim to spread the economic benefits to the countryside as well.
The Dalton Pass East Alignment Road Project, for one, is an alternative route that will connect Cagayan Valley Region and the eastern part of Central Luzon Region, as well as Metro Manila.
The Samar Pacific Coastal Road II Project, on the other hand, involves the construction of two major bridges that will complete the connectivity of the Pacific towns to Laoang town and the rest of Samar island. Once completed in 2029, the project will cut travel time from Laoang to Palapag towns to 19 minutes from the current 65 minutes.
Infrastructure projects that significantly cut the travel time of commuters and the delivery of goods from one place to another increase economic opportunities and improve the income in rural areas. More tourism jobs will also be generated, with those in the countryside directly participating in and benefiting from the economic progress.
For feedback e-mail to senatormarkvillar@ gmail.com or visit our web site: https://markvillar. com.ph
latest launch and raised concerns about Russia’s space technology cooperation with North Korea. Monday’s ballistic missile launch was the first of the year by North Korea and comes just two weeks before President-elect Donald Trump takes office. Two months earlier, North Korea fired an intercontinental ballistic missile that achieved a record flight just days before the US presidential election. The missile tests serve as a reminder of the threat North Korea poses to its southern neighbor and other countries in the region as well as the US mainland. The latest test also comes as South Korea goes through one of the most turbulent times in decades after President Yoon Suk Yeol’s shortlived imposition of martial law.
“The performance of our latest intermediate-range hypersonic missile system can not be ignored worldwide, and the system can deal a serious military strike to a rival while effectively breaking any dense defensive barrier,” Kim said. Bloomberg
Nippon Steel says there’s no Plan B to blocked US Steel deal
By Shoko Oda
nIPPon steel Corp. is not weighing any alternatives to its thwarted $14.1 billion takeover of United states steel Corp., its chairman and CEo said on Tuesday, shortly after both companies filed Us lawsuits to rescue the acquisition.
The Japanese firm’s planned purchase of its US rival was blocked last week by US President Joe Biden after a year of diplomatic tension, political debate and lobbying efforts from the companies and unions. Biden, who had previously said he opposed the tie-up, cited national-security risks, despite Japan being a close ally.
The companies have filed a petition with the federal appeals court in Washington, arguing that the Committee on Foreign Investment in the United States failed to consider the deal on national-security grounds, and that Biden’s order to block it was made for “purely political reasons.” They also filed a lawsuit against rival Cleveland-Cliffs Inc. and United Steelworkers President David McCall, alleging anticompetitive activities.
“There is no reason—or need—to give up on this deal,” Eiji Hashimoto, chairman and chief executive officer of the Japanese steelmaker, told reporters, adding Nippon Steel and US Steel were focused on pushing ahead with the current agreement. “I have no thoughts of alternative plans.”
The two companies are asking the US Court of Appeals for the District of Columbia Circuit to set aside an “unlawful” review and Biden’s subsequent order, and to demand a new review, they said in a joint statement.
“There will be truths revealed through the lawsuit, like the fact that the review violated the law,” Hashimoto said at a press conference in Tokyo. “By revealing that the review was not conducted with national security in mind, we believe there is a chance for us to win the lawsuit.”
A months-long court battle is now likely, but it is not clear that will im-
China’s
Excess income tax payments: Refund or carry-over?
oA months-long court battle is now likely, but it is not clear that will improve the prospects for the deal to ultimately succeed— US law gives the president the power to kill any merger deemed a threat to national security. President-elect Donald Trump, meanwhile, has also voiced his opposition to the takeover.
prove the prospects for the deal to ultimately succeed—US law gives the president the power to kill any merger deemed a threat to national security. President-elect Donald Trump, meanwhile, has also voiced his opposition to the takeover.
The deal did create a split within Biden’s administration, though. Secretary of State Antony Blinken, currently on a visit to Japan for farewell talks with Prime Minister Shigeru Ishiba, was among those who pitched an option to allow the deal with conditions. Proponents argued the block was an affront to a close ally, and undercut Biden’s efforts to reinvigorate alliances and create friendly supply chains.
Hashimoto said the US market was “the most promising” among developed nations and “essential” for the company’s strategy—but Nippon Steel would continue to look at other growth markets, including India and Southeast Asia.
Nippon Steel’s deal to buy US Steel included a $565 million break fee for the American company. Hashimoto said that the penalty fee only comes into play if the merger contract breaks. That has not happened, he added. With assistance from Stephen Stapczynski /Nippon
biggest shipping line added to US military blacklist
By Weilun Soon & Yongchang Chin
CosCo shipping Holdings Co., China’s biggest marine transport line, has been blacklisted by the Us government for alleged links with the People’s Liberation Army.
The shipping line was named in a Federal Register filing on Tuesday as qualifying as a Chinese military company as determined by the Pentagon, along with Tencent Holdings Ltd. and Contemporary Amperex Technology Co. Ltd. Cosco shares fell as much as 4.4% in Hong Kong on Tuesday, more than the city’s benchmark stock index. Chinese oil major Cnooc Ltd. was also on the list. Its stock dropped as much as 1.6% in Hong Kong. The two companies didn’t immediately respond to requests for comment. Both firms have been previously targeted by Washington. Cosco was sanctioned in 2019 for hauling Iranian oil, with those penalties lifted in 2020. Cnooc was one of the earliest Chinese state-owned enterprises to be hit with US sanctions and was also added to a Pentagon blacklist in 2021. While being on the blacklist carries no specific penalties, it discourages US firms from dealing with those companies. Two Chinese shipbuilders—China State Shipbuilding Corp. and China Shipbuilding Trading Co.—were also included on the list. The Pentagon’s latest blacklist
While being on the blacklist carries no specific penalties, it discourages US firms from dealing with those companies. Two Chinese shipbuilders—China State Shipbuilding Corp. and China Shipbuilding Trading Co.— were also included on the list.
highlights increased scrutiny of marine transport and shipbuilding, with wars in the Middle East and Ukraine and Donald Trump’s imminent return to the White House putting geopolitical concerns front and center. China has the world’s largest shipbuilding sector, producing more than half of merchant vessels globally, while the US industry has virtually collapsed over the last generation.
Cnooc, meanwhile, has two onshore shale oil and gas projects in the US, two deepwater projects and interests in several other exploration blocks in the US Gulf of Mexico, according to Bloomberg Intelligence. Rising tensions with Washington could cause the company to reassess its ownership of those assets, it said in a note late last month. With assistance from Sarah Chen /Bloomberg
fulvio D. Dawilan
Tax Law for Business
Ur income tax system requires the computation and payment of income taxes due on an annual basis (calendar or fiscal year), through the filing of an annual or final adjusted income tax return by the income earner. However, the same system also allows the withholding of creditable tax at source, whereby the payors of the income are obliged to deduct a certain percentage of the income and remit the same to the tax authority. In essence, the taxpayer makes an advance income tax payment through the withholding agent, which is creditable against the income taxes due. Because of the high rates of withholding taxes, the income taxes withheld at source would sometimes exceed the resulting income taxes due.
If this happens, our Tax Code provides the taxpayer options to recover or utilize the excess income tax payments through: (a) Refund —cash refund or the issuance of tax credit certificate which can be utilized against other taxes (not only for income tax), or (b) Carry-over —utilization as tax credit against future income tax liabilities of the succeeding taxable periods.
The refund remedy has to be commenced within two years from the date of payment of the tax by filing a claim with the Bureau of Internal Revenue. On the other hand, the carry-over option, also known as automatic tax credit, does not prescribe and the carry-over can be made until the tax credit is fully utilized.
Jurisprudence had also clarified the irrevocability rule for these options. The irrevocability rule applies only to the option to carry-over. It does not apply to the refund option. This means that a taxpayer who chooses to carry-over—either by marking that option in its return or by actually forwarding to the subsequent returns—waives its right to apply for refund. On the other hand, a taxpayer who chooses to recover the excess income tax payments through a refund can still abandon that option and shifts to carry-over.
While the choice is on the taxpayer whether to apply for refund
or to carry-over the excess tax payments, taxpayers would conveniently choose to carry-over because of the complexities in the procedures involved in a refund application.
Since the income tax filing season is again starting, let me discuss a few of the changes in the laws and developments in jurisprudence in 2024 that may help taxpayers in making the decision.
Refund available upon dissolution. While the irrevocability rule is the norm for the carry-over option, decisions of the Supreme Court had clarified that when a corporation permanently ceases its operation before full utilization of the tax credits, it may be allowed to refund the remaining tax credits that can no longer be carried over. The irrevocability rule does not apply since it is impossible for the dissolved corporation to carry over the excess creditable withholding taxes.
This exception had in fact been codified in the Tax Code through the Ease of Paying Taxes Act (EOPT). In case a taxpayer cannot carry over the excess income tax credit due to dissolution or cessation of business, the taxpayer shall file an application for refund of any unutilized excess income tax credit. That is now clearly part of the Tax Code. Thus, even if a taxpayer is prevented from recovering unutilized income tax payments through refund because of
carry-over, it may still do so upon dissolution.
Processing and decision on refund claim within 180 days. The EOPT introduced a specific timeline, mandating the BIR to process and decide on the application for refund within 180 days from the submission of the complete documents. By specifying the processing time, we expect an improvement in the length of time taxpayers expect to recover erroneously collected taxes. But the opposite is also possible—it may hasten the issuance of an unfavorable decision just to comply with the prescribed timeline.
Removal of 2-year prescriptive period for filing judicial claim. In relation to the introduction of the 180-day period for the processing of refund claims, the previous requirement for the filing of a judicial claim within the 2-year period was also effectively removed.
With the changes introduced by EOPT, taxpayers may appeal to the CTA if the BIR issues an unfavorable decision within the 180-day period or when the 180-day period lapses without the BIR issuing a decision. Prior to this new rule, taxpayers had to file both the administrative claim with the BIR and the judicial claim with the CTA within two years. And there were issues related to the proper timing for the filing with the CTA, especially if the administrative claim is filed towards the end of the 2-year period. That issue on the reasonableness of the time for processing by the BIR was addressed by the introduction of the 180-day period.
Excess income taxes from previous years not required to be substantiated. A lot of refund claims had been denied on the grounds that prior years’ excess credits were not substantiated by the taxpayer. The principle behind the disallowance is that those prior years’ excess credits should be proven, similar to the current year’s credits, before they could be used as credits against a current year’s income tax due. If not, the current year’s creditable withholding taxes/advance income tax payments should be used as credits, which effectively reduces or eliminates the
refundable amount. We expect that reasoning to change with the promulgation by the Supreme Court on July 15, 2024 of its decision in GR 257219. According to the Court, the excess credits may be allowed to be carried over and credited to the succeeding taxable period’s tax due so long as the taxpayer submits with his income tax return a copy of the first page of his income tax return for the previous taxable period showing the amount of his excess withholding tax credits and on which he has not opted for a cash refund or tax credit certificate. The income tax returns themselves constitute sufficient proof of the previous period’s excess tax credits, as well as the amount of the tax credits to be carried over. The tax returns may be taken at face value, which necessarily entails the amount of tax credits carried over from prior years. To hold otherwise would result in absurdity and an excessive burden on the taxpayer claimants to trace the whole history of its prior year’s excess credits that it carries over. In other words, the prior years’ income tax returns showing the excess income tax credits in those years should be sufficient to support the utilization as tax credits against the current year’s income tax due. In such case, the current year’s own tax credits would remain unitized and should be a proper subject of a tax refund.
While there are many other factors that may affect the decision of a taxpayer in opting for either refund or carry-over, I hope these changes in the procedures would provide additional guidance to taxpayers, making it easier for them to make decisions.
The author is a managing partner of Du-Baladad and Associates Law Offices (BDB Law) (www. bdblaw.com.ph), a member-firm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at fulvio.dawilan@ bdblaw.com.ph or call 8403-2001 loc 310.
Taiwan nuclear exit paves way for more gas, says GE Vernova
By Sing Yee Ong, Stephen Stapczynski & Ishika Mookerjee
GE Vernova Inc., one of the world’s biggest gas turbine makers, says Taiwan is its fastest-growing Asian market, as the island’s plan to phase out nuclear energy forces it to rely more on the fossil fuel to power its world-leading chipmaking industry.
Turning off nuclear on the island “is leading to a steeper curve of replacement demand,” and “gas is the most applicable replacement to nuclear,” said Scott Strazik, GE Vernova’s chief executive officer. “We have a lot of opportunity in places like Taiwan that see a lot of electricity growth with chip demands in front of it,” he said
in an interview in Singapore. Taiwan—home to major chipmakers, including the world’s biggest, Taiwan Semiconductor Manufacturing Co.—plans to phase out its last nuclear reactor by May this year even as power demand is expected to rise in the coming decades. Efforts to develop offshore wind in Taiwan
MBy David Finnerty & Ruth Carson
ondAy started quietly in the $300 billion-plus currency options market until political headlines triggered the most hectic trading day in nearly two months—a taste of what may lie in store for 2025.
Volumes surged to $108 billion by the close of trade, surpassing even the activity seen on the Federal Reserve and Bank of Japan monetary policy announcement days last month, according to data from Depository Trust and Clearing Corp. Two of the drivers for the spike-up in trading: headlines on Canadian Prime Minister Justin Trudeau’s resignation and potential US tariffs. Active trades on Monday included capitulations in euro-dollar parity positions, according to Nomura International. Some investors cut back dollar-loonie vanilla calls and digital options that would have profited from a stronger US currency, Barclays Plc said. The yuan was also
in focus, with some traders taking advantage of a weaker greenback to buy dollar-yuan calls, according to Standard Chartered. The longer-term backdrop of a surging greenback is adding fuel to fire as political risks spillover into the $7.5-trillion-a-day foreign-exchange market. Hedge funds have catapulted bullish dollar positions to the highest level since January 2019 as the US economy outperforms and President-elect Donald Trump’s tariff threats fuel haven demand for the currency. At the same time, that lopsided positioning means there is a greater risk of losses should a sudden reversal grip markets. Short-term funds were seen on
have also faced challenges as rising costs and worsening delays plague the industry, leaving the island with fewer low-carbon energy options. Still, the island remains open to using new nuclear technology, Taiwan’s Premier Cho Jung-tai said in an interview with Bloomberg News late last year. As long as there is a consensus on safety and good waste management, Taiwan can have a public discussion about the use of atomic power, he said. For GE Vernova, which also makes small modular nuclear reactors, the global interest in atomic energy represents an opportunity down the line, Strazik said.
Monday to be unwinding long dollar option positions versus currencies of tariff threatened countries. That followed a Washington Post report that Trump’s aides were exploring tariff plans that would be applied to every country but only cover critical imports. Trump subsequently denied the report.
“Tariff headline driven price action in foreign-exchange today is giving us a potential glimpse of the next four years of US presidential rule,” said Sagar Sambrani, a senior foreign-exchange options trader at Nomura in London. “The street has seen unwinds of euro and pound downside trades in mid tenors—one to three months—as well as profit taking on dollar-Swiss franc topside”. Currency option markets were also energized by reports that Trudeau was expected to announce he would resign as Liberal Party leader. Traders responded by seeking to lock in profits on dollar-loonie trades.
“There’s been an incredible level of enthusiasm for new nuclear, but it’s going to take some time to materialize,” he said. “We’re very motivated with our small modular reactor technology that will be commissioned in Canada in 2029 with the first plan, and then we see it playing a more material role in the rest of the world.” In Southeast Asia, GE Vernova, which was spun off from General Electric Co. last year, sees opportunities in countries like Malaysia and Indonesia, where gas demand is growing as more data centers are sprouting and the need for electricity is rising. Bloomberg
The news “was deemed positive for the Canadian dollar as the market foresees this as giving more room for a new leader in Canada to collaborate with Trump and defuse any escalation in the tariff saga,” said Mukund Daga, head of foreign-exchange options for Asia at Barclays Bank Plc. in Singapore. “We saw unwinds of topside USD/CAD vanilla calls and digis as people took profit on their CAD bearish view.” The US currency’s weakness threw up other possible trades too. Some investors decided to buy dollar call options—which gain in value if the currency advances—versus the yuan.
“For dollar-offshore yuan, people are adding on dips,” said Saurabh Tandon, global head of foreign-exchange options at Standard Chartered Bank in Singapore. “The belief is the move higher will be there for a while and the forward points allow good entry points as a carry trade as well.” Bloomberg
SC upholds Epira on ERC’s setting of universal charge
TRIGHT-OF-WAY ISSUES IMPEDE 15 FLAGSHIP INFRA PROJECTS
By Samuel P. Medenilla @sam_medenilla
RBy Joel R. San Juan @jrsanjuan1573
HE Supreme Court has upheld the constitutionality of several provisions of the Republic Act No. 9136, or the Electric Power Industry Reform Act (Epira) allowing the Energy Regulatory Commission (ERC) to fix and approve the universal charge imposed on electricity endusers and allow power distribution utilities to recover their losses.
In an en banc ruling, the Court affirmed the constitutionality of Sections 34 and 43(b)(ii) of RA 9136 empowering the ERC to fix and approve the universal charge imposed on electricity end-users, and Section 43(f), which gives the ERC the power to fix charges to allow distribution utilities to recover their losses.
Likewise, the SC upheld the constitutionality of Sections 6 and 29 of the law stating that electricity generation and supply are not public utility operations but are still subject to the regulation of the ERC.
“Without substantive proof, this Court cannot grant credence to Hicap et al.’s argument that the Epira law is anticompetitive and pro-corporation that only served to strengthen the monopoly and control of a handful of private companies on the power industry sector,” the SC declared.
The Court’s ruling denied the petition filed by various partylist groups led by Fernando Hicap of Anakpawis Partylist and
representatives of various social advocacy groups against the ERC and Manila Electric Company (Meralco), a power distribution company led by businessman Manuel V. Pangilinan.
The petitioners claimed that the ERC committed grave abuse of discretion in approving Meralco’s rate hikes to recover its losses.
In a letter dated December 5, 2013, Meralco informed the ERC that the total generation costs it incurred for the month of November 2013, which would ultimately pass on to its customers, amounted to P22.64 billion.
This would translate to a generation charge of P9.1070 per kilowatt-hour (kWh) or an increase of P3.44 per kWh from the P5.67 per kWh in last month’s billing.
As the generation charge would impact other bill components such as system loss charge, valueadded tax, and the local franchise tax, Meralco said the resulting increase to an average residential customer amounted to P4.15 per kWh.
While it was authorized to automatically reflect the full generation cost of P22.64 billion in the December 2023 billing to its customers, Meralco proposed to implement the adjustments on a staggered basis from December 2013 to February 2014 to ease the financial burden on its customers.
On December 9, 2013, the ERC granted the request of Meralco to stagger the recovery of its generation costs to cushion the impact
BIR to Congress: NGCP has always complied with 3% franchise tax
By Jovee Marie N. Dela Cruz @joveemarie
AMID a move by lawmakers to review the legislative franchise of the National Grid Corp. of the Philippines (NGCP), the Bureau of Internal Revenue (BIR) on Tuesday assured the public and Congress that the NGCP has consistently complied with its 3- percent franchise tax obligations.
T his was confirmed by BIR Commissioner Atty. Romeo Lumagui Jr. during a hearing of the House Ways and Means Committee.
L umagui also reiterated the strict implementation of the Energy Regulatory Commission (ERC) Resolution No. 10, which bars NGCP from passing the franchise tax burden to consumers, following the issuance of BIR Revenue Memorandum Circular 24-2024.
“NGCP has been religiously paying its franchise tax to BIR,” said Lumagui, noting that NGCP pays between P1.3 billion and P1.5 billion annually in franchise taxes, as reported by ERC Chairperson Monalisa Dimalanta.
F rom 2016 to 2022 alone, NGCP’s total tax payments amounted to P21 billion, according to Dimalanta.
T he ERC admitted issuing a resolution allowing NGCP to pass on its 3-percent franchise tax to consumers.
During the hearing, Dimalanta disclosed that the body approved NGCP’s petition in 2011 and suspended it only in 2023.
Dimalanta addressed the question posed by House Committee on Ways and Means Chairman Joey Sarte Salceda on whether the refund of the franchise tax should be applied retroactively.
“We did discuss that, Mr. Chair, within the commission. However, since there was an ERC resolution in 2011 that allowed it, we were unanimous in the decision to suspend
it moving forward,” Dimalanta said.
Dimalanta clarified that the ERC cannot issue a refund order as the commission was the one that issued the directive, and NGCP merely complied with it.
Past execs accountable?
Meanwhile, APEC Partylist Rep. Sergio Dagooc has called on Congress to look into the legal accountabilities of former ERC commissioners who approved NGCP’s petition to pass on the 3-percent franchise tax to consumers.
“What are the possible legal accountabilities on the part of the body that approved the resolution authorizing NGCP to pass on the 3-percent franchise tax?” Dagooc asked.
Dagooc maintained that NGCP cannot be blamed for this move, saying it acted based on the ERC resolution issued in 2011.
“In fairness to NGCP, they acted based on the ERC resolution issued in 2011. They would not have passed on the tax if the regulator had not permitted it,” said Dagooc.
Mean while, Salceda admitted that he was part of former President Gloria Macapagal-Arroyo’s economic team that crafted ways to make TransCo salable.
To make it attractive to investors, Salceda said they set the franchise tax gross income at 3 percent.
Refund mechanism
MEANWHILE , Salceda presented a refund mechanism to return P204.3 billion in excess revenues earned by NGCP from 2016 to 2020, arguing that these profits exceeded the Weighted Average Cost of Capital (WACC) standards.
From 2016 to 2020, Salceda said ERCapproved revenues were P183.5 billion,
of the rate increases on electricity charges.
In light of the ERC’s approval, Meralco released its December 2013 billing to certain consumers totaling about 3.8 million Filipino households.
The SC, however, issued a temporary restraining order (TRO) on December 23, 2013 in connection with the petition earlier filed by Bayan Muna, enjoining the collection of the increased charges from customers.
Hicap et al’s petition stemmed from the approval of the ERC to the staggered implementation of Meralco’s generation charges.
The petitioners argued that the ERC committed grave abuse of discretion in approving the staggered rate hikes, calling these “unreasonable and unaffordable.”
They also asked the Court to reexamine the assailed provisions of Epira for being unconstitutional.
The petitioners maintained that the generation and supply sectors of the electric power industry are not public utilities and thus, not subject to ERC’s regulation.
They also claimed that the universal charge is a form of tax, thus, must be must be set by Congress, which has the power to tax.
The petitioners also challenged ERC’s power to impose systems loss charges on end-users for being an invalid delegation of Congress power.
The SC, however, ruled that the questioned Epira provisions are valid.
The Court held that the universal charge is not a tax because it is not intended to generate revenue but to ensure the viability of the electric power industry in the exercise of the State’s police power “to promote public welfare.
It noted that under the Epira, the ERC was authorized by Congress to determine and approve the universal charge, thus, Sections 34 and 43 (b)(ii), which defines and provides for universal charge, is constitutional.
The Court also affirmed ERC’s authority to impose a system that allows distribution utilities to recover losses to ensure the efficiency and quality of their services.
It stressed that Congress may validly delegate to administrative agencies, such as ERC, the authority to promulgate rules and regulations “to implement a given legislation and to effectuate policies.”
The Court added that Congress’ delegation of such power to the ERC is safeguarded by standards and limitations under the Epira.
“After much consideration, however, this Court finds that the questioned actions of the ERC were not in any way afflicted with grave abuse of discretion. If at all, the subject actions were done in furtherance of the initiatives of the Epira to ensure and accelerate the total electrification of the country, to ensure the quality, reliability, security and affordability of the supply of electric power,” the Court said.
IGHT-OF-WAY and site acquisition (ROWSA), funding issues, and informal settler families (ISF) continue to hamper the swift completion of at least 15 flagship infrastructure projects, according to the Department of Transportation (DOTr).
DOTr Secretary Jaime J. Bautista raised the said concerns during the first full Cabinet meeting called by President Ferdinand Marcos for 2025 in Malacañang last Tuesday.
“So, these are being discussed and we have presented to the Cabinet our ways forward so that we will be able to implement all these projects before the end of the term of the President,” Bautista told reporters in a press briefing.
The 15 projects are part of the 69 infrastructure flagship projects (IFP) to be implemented by DOTr under the Marcos administration.
The said IFPs include the North-South Commuter Railway, the Metro Manila Subway Project, Metro Rail Transit (MRT) 4, MRT 7, Light Rail Transit (LRT) Line 1 Extension, the New Cebu International Container Port, Philippine National Railways (PNR) South Long Haul, Mindanao Railway, Metro Manila Subway Project and the New Dumaguete Airport Development.
Bautista said the Inter-agency committee for ROW created under Administrative Order (AO) No. 19 will help address the issues on ROWSA and ISFs.
“We already organized the [committee]. We have meetings and action plans,” the DOTr chief said.
Bautista said DOTr also suffered reduction in its budget under the 2025 General Appropriations Act (GAA), but he said most of the IFPs will still push through.
Congress decided to reduce DOTr budget under the 2025 National Expenditure Program by P100 billion.
“The ones that were reduced basically are the loan proceeds but these are foreign-assisted projects. But in spite of that not being included in the budget, we can still avail of the loans so that we can fund these major projects like the Metro Manila Subway and the North-South Commuter Railway,” he said. “So it (budget cut) will have a very minor effect.”
Aside from the updates on the IFPs and the implementation of the 2025 GAA, Executive Secretary Lucas P. Bersamin noted that programs on food security and environmental protection were supposed to be tackled in the Cabinet meeting.
However, due to lack of time, he said the President opted to instead just confer with relevant secretaries in his private office on the two subjects, which were not discussed in the Cabinet meeting.
By Ada Pelonia
Editor: Jennifer A. Ng
B1 Wednesday, January 8, 2025
ABS-CBN franchise renewal proposed at Lower House
ABy Jovee Marie N. Dela Cruz @joveemarie
leAder of the House of representatives on Tuesday formally filed a bill seeking to renew the legislative franchise of ABS-CBN Corp. for another 25 years.
In filing House Bill 11252, House Committee on Ways and Means Chairman Joey Sarte Salceda underscored the importance of maintaining competition in the media landscape, emphasizing that a “free market of ideas requires competition.”
the Securities and Exchange Commission (SEC) and the Bureau of Internal Revenue (BIR) certified that ABS-CBN had neither violated ownership restrictions nor incurred tax liabilities.
cent of the news and entertainment consumption in the Philippines. The network’s extensive reach, particularly in regional areas, was pivotal in delivering disaster-related information, making it a critical player in local disaster risk reduction efforts.
TBy Lenie Lectura @llectura
“A virtual monopoly will not do, as far as disseminating ideas and keeping the public informed is concerned,” Salceda said adding he seeks the media company’s franchise renewal as he “also owe[s] it to Albay.”
“ABS-CBN remains the single most important news source in Albay, despite its lack of a franchise,” he said.
During deliberations in the previous Congress, Salceda said both
ABS-CBN ceased its broadcast operations on May 5, 2020, following the issuance of a cease-and-desist order by the National Telecommunications Commission (NTC). The order came after the expiration of its legislative franchise on May 4, 2020, leaving a gap in the country’s media landscape.
“The SEC and BIR have cleared ABS-CBN of the allegations against them. I was a former co-author of their franchise in the past Congress. You will remember that I even warned against the franchise rejection on grounds that it will add to Covid-19 infections due to lack of information,” he added.
Salceda pointed out that the nonrenewal of the ABS-CBN franchise led to significant job losses, affecting some 11,000 workers. He also argued that the network’s absence contributed to a lack of reliable information during the pandemic, which he linked to increased COVID-19 infections in 2020.
Prior to its shutdown, Salceda said ABS-CBN accounted for 36 per-
House Bill 11252 seeks to grant ABS-CBN a 25-year franchise to construct, install, operate, and maintain television and radio broadcasting stations in the Philippines.
In the bill’s explanatory note, Salceda urged Congress to reconsider its previous decision, stating that the merits of renewing the franchise outweigh the unfounded allegations made against the network.
“Given the merits of renewing the franchise, as well as the clarifications made by government agencies over certain allegations against the grantee, this representation urges Congress to reconsider the non-renewal of the franchise by the previous Congress,” the lawmaker said.
Nickel Asia to sell Coral Bay stake
By VG Cabuag @villygc
UBLICLY-listed Nickel Asia
PCorp. announced last Tuesday it is in discussion and negotiation with Sumitomo Metal Mining Co. Ltd. for sale of all of its shareholding in Coral Bay Nickel Corp.
Nickel Asia owns 15.625 percent of Coral Bay.
“As a condition precedent for the proposed sale, NAC will engage a third party to conduct a valuation of the CBNC shares,” the company said. With the proposed sale of the Coral Bay shares, Nickel Asia said it
Nearly 5M passengers served in PPA ports
THE Philippine Ports Authority (PPA) reported a recordbreaking 4.74 million passengers served across its ports nationwide during the holiday season from December 15, 2024, to January 5, 2025. This figure represents an 8.46-percent increase from the 4.37 million passengers recorded during the same period in 2023, making it the highest holiday traffic seen since the pandemic.
PPA General Manager Jay Daniel R. Santiago attributed the surge to various factors, including the improving Philippine economy, which has allowed more Filipinos to travel and reunite with their families during the festive season.
Additionally, the popularity of sea travel remains a significant driver of passenger volume, especially during peak travel times like Christmas and New Year, Santiago said.
The PPA official noted that the agency’s “PPAsyal Tayo” campaign also played a key role in boosting passenger numbers. The initiative, which aims to improve travel experiences through enhanced passenger services and streamlined port operations, has been widely embraced by travelers. Lorenz S. Marasigan
has reclassified its investment in the company as available for sale and will no longer recognize equity gains or losses from its investment.
Coral Bay operates a hydrometallurgical processing plant that uses the process of high pressure acid leaching to convert low grade nickel lateritic ores into nickel and cobalt mixed sulfide.
This intermediate product is further refined to be used as valuable components in special steels, electric materials and battery materials.
Nickel Asia earlier said it has an attributable net income of P2.55 billion for the nine months of 2024,
30 percent lower than the P3.65 billion reported during the previous year.
Revenues from ore sales declined by 12 percent year-on-year to P14.99 billion from P16.96 billion due to lower ore prices resulting from the oversupply in the nickel market.
Meanwhile, the company’s operating mines sold a combined 13.57 million wet metric tons (WMT) of nickel ore during the period, higher by 4.3 percent than last year’s 13.01 million WMT.
The weighted average nickel ore sales price during the period decreased by 18 percent to $19.09 per
WMT against $23.24 per WMT in the same period last year. The company realized P57.22 per US dollar on its nickel ore sales, a 2.8 percent increase from P55.64 last year.
“This year (2024), we achieved our objective of operating Manicani in Eastern Samar and Bulanjao in Palawan. We are optimistic that these new nickel mines will drive volume and revenue growth in the coming years. We also completed infrastructure enhancements in Dinapigue, Isabela, paving the way for higher production,” NAC president and CEO Martin Antonio G. Zamora said.
Japan’s carmakers vow closer ties for China biz
JAPAN’S biggest automakers pledged cooperation in techfocused areas to survive in the rapidly evolving global industry, just as two of its largest car brands begin negotiating a deal that would effectively split the country’s industry in two.
Over the next decade, manufacturers will need to pool resources and collaborate in areas like artificial intelligence and electric vehicles to catch up with the technologically sophisticated cars available in other markets, the Japan Automobile Manufacturers Association said in its road map for 2035.
The call to action comes at a pivotal time for Japan’s industry. Honda Motor Co. has just announced a deal that would see it fold a flailing Nissan Motor Co. into its business in tie up that would pit the duo against Toyota Motor Corp. and its partnerships with Mazda Motor Corp., Subaru Corp. and Suzuki Motor Corp.
While that deal would carve up the domestic sector, Japan’s automakers—famous for their efficient and reliable models—are united in their struggle to regain ground they’ve lost to the flashy offerings that have turned China into a global EV superpower.
“Japan’s car industry was once a global leader, but new technology and geopolitical instability have weakened its competitive advantage,” JAMA said in a statement Tuesday.
In China itself, the world’s largest car market, Japanese marques are fighting for survival. But a wave
of Chinese EVs are now eking out a growing share of Southeast Asia— long considered a stronghold for Japan’s legacy brands. There are some bright spots: Toyota Motor Corp., which has been criticized for its hesitation to shift away from gas guzzlers, has been a major beneficiary of a jump in demand for hybrid cars in North America. But rapid shifts in consumer preferences around the world mean there’s a vast gap between Japanese models and pure-electric brands like Elon Musk’s Tesla Inc. and China’s BYD Co.
At the same time, the global auto industry is being buffeted by rising trade tensions. Tariffs on Chinese EVs imported to the US, and the potential for duties on goods from
Mexico and Canada, could force carmakers to adjust their plans for North America.
Nissan’s struggles have showcased the difficulties faced Japanese automakers. In the weeks leading up to the announcement of its deal with Honda, the company slashed jobs and production, reported a huge drop in profit and undertook an overhaul of its executive bench. The partnership that’s set to bring the two brands under a single holding company is expected to list by August 2026.
Negotiations with Honda are ongoing, Nissan CEO Makoto Uchida told reporters during JAMA’s event on Tuesday, adding that “rebuilding Nissan’s profitability is the first priority.”
HE NexGen Energy Corp., a wholly-owned subsidiary of Pure Energy Holdings Corp., is increasing its stake in Solar Powered Agri-rural Communities Corp. (Sparc) from 77.78 to 95.56 percent.
NexGen said last Monday it subscribed to an additional 80 million common shares in Sparc, which owns and operates three solar farms in Luzon. These are located in Bulacan, Zambales, and Bataan.
The transaction allowed SPARC to raise funding for various corporate purposes, which include its expansion plans. It also increased its authorized common stock from P10 million to P140 million. “SPARC’s increase in its authorized capital stock reflects the company’s confidence and commitment to grow its portfolio of solar farms, hand in hand with NexGen’s other solar subsidiaries. As the parent company, NexGen will be a proactive partner in helping SPARC produce clean and reliable energy for the communities it serves,” said NexGen President Eric Peter Y. Roxas.
F2M
THE Securities and Exchange Commission (SEC) has revoked the incorporation papers of F2M Agri-Farm OPC or soliciting investments from the public without the necessary approvals from the agency.
The SEC also imposed a fine of P1 million on the company and its incorporator Martin Agustin and nominee John Lopez.
The farm-to-market entities were found to be offering securities through the F2M 3-month “Paalaga” system, where investors were invited to buy a piglet for P5,000 in exchange for a guaranteed return of P2,600 for every piglet bought after three months, with a 5-percent service charge.
For instance, an investor who pays P100,000 for 20 piglets will receive a return of 52 percent of the amount invested or P52,000 within three months.
The scheme involved the offer or sale of securities in the form of an investment contract, whereby a person makes an investment of money in a common enterprise with an expectation of profits, derived primarily from the efforts of others, the Commission held.
Farm to Market (F2M) Agri-Farm
NexGen plans to add another solar farm with an 8-10 megawatt (MW) capacity in the adjacent Palauig, Zambales property where it currently operates a 5MW solar farm.
OPC and its related entities, namely F2M Tarlac City-Main Branch, F2M, F2M Paalaga System, Hog Raising Business, F2M Tuguegarao Branch, F2M Dagupan, F2M La Union Branch, Lagawe, Ifugao, Solano, Nueva Vizcaya and Tayug branches. “To exacerbate matters, the scheme being offered by F2M AgriFarm OPC is clearly in the nature of a ponzi scheme where the profits or payouts shall be taken from incoming investors or additional payins of existing members-investors, considering that it does not have any underlying legitimate business from where it could source its promised return on investments to its investors,” the SEC said in its order.
“Considering that nowhere is it stated in its primary purpose that F2M Agri-Farm OPC is authorized to engage in the selling or offering for sale of securities to the public neither is it stated in its secondary purposes that it is authorized to raise capital or borrow money from the public or from more than nineteen (19) lenders, the activity of F2M Agri-Farm OPC of selling or offering for sale of investments is considered an ultra vires act and therefore constitute serious misrepresentation,” the SEC said. VG Cabuag
Apple faces challenging start to ‘25
APPLE Inc. shares have had a challenging start to 2025, as investors fret over weakness in the critical Chinese market.
The shares fell for five straight sessions before Monday’s bounce, in the longest losing streak since April. They’ve been pressured by China smartphone data, which analysts said pointed to weaker iPhone shipments, and a Reuters report that Apple is offering discounts in China.
The drop indicates that investors who had looked past a lukewarm response to the artificial intelligence-infused iPhone and tariff-related risks under the incoming Trump administration may have lost patience.
“It increasingly seems like China just won’t be there as an avenue for growth at Apple, given an overall weaker smartphone market, competition from Huawei, and the risk of tariffs,” said David Wagner, portfolio manager at Aptus Capital Advisors. Wagner said he wouldn’t be surprised if the stock’s recent weakness continues throughout the year, given its elevated valuation.
Shares are down 2.2 percent so far in January, compared with a gain of 2.6 percent for the Nasdaq 100 Index. And its performance is crucial to the overall market: Apple accounted for about 9 per -
cent of the S&P 500’s 23 percent rally last year, making it the second-biggest contributor to index gains behind Nvidia Corp. The drop comes after the shares rose more than 30 percent in 2024. The stock hit a record high in December, when investors were betting that Apple will ultimately become a winner in AI and that Chief Executive Officer Tim Cook would be able to overcome any tariff threats. But concerns about China have fomented negative sentiment in recent sessions. The report of discounts on iPhones in China reflects how market conditions in the country “have been plagued by a slowdown in consumer spending as well as increased rivalry from Huawei,” according to Bloomberg Intelligence. Meanwhile, the Chinese data on smartphone shipments is not a good sign for the iPhone 16 cycle, analysts at Barclays wrote, referring to the first model of the smartphone to offer AI features. The greater China region is meaningful for Apple, accounting for 17 percent of fiscal 2024 revenue, according to data compiled by Bloomberg. The US accounted for 36 percent. Analysts see $21.7 billion in greater China revenue in the first quarter, according to four estimates compiled by Bloomberg. Bloomberg News
Bloomberg News
A Niss AN Motor Co.’s Ariya electric crossover sport utility vehicle on the production line at the company’s plant in Kaminokawa, Tochigi Prefecture. PhotograPher: ak io ko n/BloomBerg
Inflation bumps up bond rates to 55.2bps
THE interest rate of the reissued seven-year Treasury bonds (T-bonds) rose by 55.2 basis points (bps) to 6.060 percent after inflation picked up in December 2024.
On Tuesday, the Bureau of the Treasury (BTr) auctioned off the T-bonds with an average rate of 6.060 percent from an earlier rate of 5.508 percent set during the sale of the same tenor on October 1, 2024.
With a remaining term of five years and six months, the coupon rate for the government security was set at 6.375 percent. Investors asking yields were as low as 6.030 percent to a high of 6.075 percent. In the secondary market, the average rate of the reissued T-bonds is lower than the 7-year PHP Bloomberg Valuation Service Reference Rates (PHP BVAL) rate at 6.110 percent.
The auction committee awarded the full P30 billion offer as demand for the tender was 2.4 times oversubscribed. Total bids reached P71.236 billion while the committee rejected P41.236 billion.
According to Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort, the yield for the Tbonds increased after the latest pick up in the local inflation rate to 2.9 percent in December 2024. Meanwhile, the full-year Inflation rate settled at 3.2 percent in 2024, the first time within the target range in two years. This is lower than the 6 percent recorded in 2023 and 5.8 percent in 2022.
Finance Secretary and Monetary Board Member Ralph G. Recto said as he expects commodity prices to further stabilize, the Bangko Sentral ng Pilipinas (BSP) could potentially reduce monetary policy rates.
The Monetary Board, the BSP’s highest policy-making body, is set to meet on February 20.
Recto said he expects another 75-bps cut in key policy rates this year from his initial position of a 100-bps cut.
The national government will borrow P2.545 trillion this year, based on the state’s budget documents. It will follow an 80:20 borrowing mix in favor of domestic sources amounting to P2.037 trillion.
The Treasury will tender a total of P1.977 trillion from T-bonds and P60 billion from Treasury bills.
The Treasury aims to raise as much as P125 billion from its sale of T-bonds this January.
Reine Juvierre S. Alberto
Banking&Finance SSS premium hike pushing through
By Samuel P. Medenilla @sam_medenilla & Reine Juvierre Alberto @reine_alberto
DESPITE calls for the Social Security System (SSS) to postpone its implementation of the scheduled 1-percent premium hike, the state-run social insurer said President Ferdinand R. Marcos Jr. will not defer the enforcement of the said adjustment.
In a chance interview with Palace reporters last Tuesday, SSS President Robert M. De Claro denied that the President ordered the suspension of the last tranche of the premium adjustment under Republic Act (RA) 11199 (Social Security Act of 2018).
RA 11199 mandates the SSS to increase the contribution rate every two years since 2019 until 2025. The contribution rate was set at 12 percent beginning in 2019 and increased to 13 percent in 2021 and 14 percent in 2023. The law also mandates the increase in the contribution rate of SSS members to 15 percent starting this month as government seeks to extend the fund life of the state insurer. Of that rate, 10 percent will come from employers while the re-
maining 5 percent will be shouldered by workers.
“There is no direct instruction from the President as of today [for the suspension]. And the instruction from the Secretary of Finance is to study well [the adjustment] and to communicate to the public how the increase, which was implemented last January, [will benefit] workers,” De Claro said.
Studying a proposal IN a news briefing last Tuesday, Executive Secretary Lucas P. Bersamin said the Office of the President (OP) is open to studying the proposal to suspend the implementation of the contribution rate increase.
However, Bersamin said the OP has yet to receive such a formal request.
The Executive Secretary, nonetheless, defended the necessity of the contribution increase, saying the mandate went through extensive actuarial studies by the SSS.
“But, right now, they (SSS) already studied that long before that call [for suspension] was made and, in fact, the benefits [are] being expanded now; so why don’t we just let that process continue and produce result that they were predicted by actuarial studies,” Bersamin said during the briefing.
De Claro said once the SSS premium under RA 11199 is fully implemented, there will be no adjustment in its contribution rate in the near future.
“Because it doesn’t also make sense when you have to pay more than 15 percent from your salary— considering that you have to pay your income tax which is around 25-30 percent and it will greatly reduce their take home [pay],” added the SSS official.
Additional burden TO enable members to have higher take-home pay, de Claro said the Social Security Commission is committed to making the 15-percent contribution rate the last increase.
This comes after SSS proceeded with the last premium contribution rate hike, which raised to 15 percent from 14 percent previously. In turn, members’ monthly contributions will increase by P190 and their daily salary credit by P30.
Finance chief expects policy rate cuts
AS commodity prices are expected to further stabilize and pose downside risk to the inflation outlook, the Bangko Sentral ng Pilipinas (BSP) could potentially reduce monetary policy rates, according to Finance Secretary Ralph G. Recto.
In a statement the Department of Finance (DOF) issued last Tuesday, Recto said the lowered rice tariffs and falling prices in the international market have moderated price increases in food.
“This development continues to pose a downside risk to the inflation outlook, which could allow the BSP to further ease monetary policy rates,” Recto said, who is also a member of the Monetary Board or the BSP’s highest policymaking body.
Earlier, 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/rectoadditional-25-bps-cut-to-encourage-investments/).
The Monetary Board is set to
meet on February 20, 2025, the first meeting for the year.
The Philippines’ inflation rate settled at 3.2 percent in 2024, the first time within the target range in two years. This is lower than the 6 percent recorded in 2023 and 5.8 percent in 2022.
However, inflation in December 2024 accelerated to 2.9 percent, the fastest in four months or since the 3.3 percent recorded in August 2024 (See: https://businessmirror.com.ph/2025/01/07/ inflation-surges-to-2-9-in-dec2024-fastest-since-aug-2024psa/).
The costs of housing, water, electricity, gas and other fuels increased to 2.9 percent in December 2024. Further, transport fares rose to 0.9 percent, driven by the 71.9-percent inflation in sea travel.
Meanwhile, rice inflation dropped to 0.8 percent in December 2024 from 5.1 percent in November 2024 and 19.6 percent in December 2023.
“The sustained moderation in rice prices is particularly a wel-
Age of legalized vote buying coming?
SOMETHING does not seem right with some Philippine methods of governance.
For instance, Congress is primarily tasked with legislation. Although Congressmen and Senators have the “power of the purse” in passing the national budget for the President’s final approval, the budget implementation lies with the Executive and its various line agencies. Strangely, however, after the signing of the P6.326-trillion General Appropriations Act (GAA) by President Ferdinand R. Marcos Jr., legislators and some officials seemed to have usurped the implementation of some items.
While the “4Ps” aid for the very poor appears to have been decreased, now the so-called AKAP (“Ayuda sa Kapos ang Kita” program) has been allotted P26 billion almost exclusively to be dispensed by legislators in this election year. Even though the Department of Social Welfare and Development (DSWD) said last Friday that only the DSWD front-
liners will physically distribute the remaining AKAP funds, recipients will still need a recommendation from legislators to qualify. So, who are they kidding?
This is aside from the fact that Congress had doubled its own budget to P33.7 billion and that of the Senate to P14 billion (from the National Expenditure numbers), which stayed on even after the president vetoed some controversial items. It was only one senator, Risa Hontiveros, who did not sign the budget bill for the president’s final scrutiny. Baguio City Mayor Benjamin B. Magalong, a major founder of the Mayors for Good Governance, la-
ments with the hundreds of mayors in the country, that the legislators are now lording over about 80 percent of the distribution of the three government aid programs: AKAP; the AICs (Assistance to Individuals in Crisis Situation); and, the TUPAD (“Tulong Panghanap Buhay sa Ating Disadvantaged/Displaced Workers”).
Local government units (LGUs) scramble for the remaining 20 percent—at the mercy and grace of the legislators (the LGUs have to know and court them) when it is the LGU social workers who have the wherewithal to know who in the communities need assistance the most.
The legislators reportedly do not even give the LGUs the names of the beneficiaries who received the dole-outs—opening the possibility of giving duplication aid to the legislators’ supporters and those they are courting for votes—to the exclusion of all others.
Isn’t this a legalized form of votebuying and bribery in aid of reelection or election? Add to this the bil-
This means the minimum Monthly Salary Credit increased to P5,000 from the previous P4,000 and the maximum to P35,000 from P30,000.
The move will extend the staterun firm’s fund life to last until 2053 from the initial projection of 2032, based on the actuarial valuation study performed in 2018.
De Claro said the contribution rate hike will add P51.5 billion to the collection of SSS, of which P18.3 billion will go into the Mandatory Provident Fund accounts of SSS members.
“We understand, we are sensitive [and] we acknowledge the requests to suspend the increase [in contributions] but Filipino workers will suffer more if we do so or delay it,” de Claro said.
The capacity of SSS to extend loans in times of calamity will also be limited as well as providing sickness benefits to members, De Claro said.
“It would be hard for the government to fill in the additional funding in case members get sick in the future,” he added.
De Claro said the net income of SSS is projected to reach about P100 billion this year, which will be going through its reserve fund.
“We [will] invest the money where it is allowed within our charter as we transition to find ways and means to provide better benefits to our members,” de Claro said.
Members’ benefits
MEANWHILE, former SSS President Rolando L. Macasaet as well
come relief especially to our lowerincome households and highlights the positive impact of our interventions,” Recto said.
The decline in rice prices helped the bottom 30 percent of households, which brought down inflation for the said group to 2.5 percent in December 2024 from 2.9 percent in November 2024 and 5 percent in December 2023.
The implementation of Executive Order (EO) No. 62 in July last year helped in the steady decline of rice prices by lowering the import tariffs on rice, Recto said.
In Metro Manila, the average retail price of imported rice during the second half of December 2024 went down by P4.07 per kilogram, he noted.
The government aims to boost local rice production, support rice farmers and stabilize rice prices through the implementation of the Republic Act No. 12078, which extends the Rice Competitiveness Enhancement Fund until 2031 and raises its annual allocation from P10 billion to P30 billion.
lions in MOOE (maintenance and other operating expenses) of Congress that are liquidated by mere certification—and one begins to see the light of why legislators figuratively kill and betray another to get those coveted electoral seats.
Moreover, out of the P288 billion inserted by Congress into the DPWH budget, the President only vetoed P26 billion, mostly the corruptionprone flood control projects. The P262 billion remainder is technically still a form of “pork barrel” retained by the president.
Thus, a columnist was right in saying that the recent presidential veto was a lame attempt to deodorize the smelly, pork-laden budget—like an old-fashioned underarm freshener brand some of us know from the past. But, we say that pork by any other name still smells of lard. Cosmetic reform is the best way to call the exercise.
Likewise, though no fault of their own, the LGUs are also unwittingly becoming a party to a recent abominable directive of the national gov-
as some labor groups and lawmakers called for the deferment of the 1-percent premium hike as, they claim, doing so will impose additional burden to workers. Their call comes after the Commission on Audit recently flagged the SSS for its failure to collect more than P93.75 billion worth of premium contributions in 2023.
However, rather than suspending the premium increase, De Claro urged the private sector to help workers unable to afford their SSS premiums by tapping the state-run insurer’s subsidy program.
“Private individuals, those who are better off in life, we encourage to work with SSS if they can help specific segments of our society,” he said. De Claro added that government offices can also use the program to provide social welfare protection to their job orders or contract of service workers.
The SSS official said they are working to come out with long-term assistance to subsidy beneficiaries.
“We need to ensure there is longterm plant [for the subsidy] to ensure the members, who will pay [using the program] is sustainable. Because if not, the paying members will suffer,” De Claro said. Under SSS rules, he said the state-run insurer must still provide benefits to voluntary members, who stopped paying premiums.
The SSS’s current paying members number to 17 million, 3.6 million of which are pensioners.
Digital lending forecast to surpass $1B by June
By Rizal Raoul S. Reyes @brownindio
THE digital lending market in the Philippines—consisting of duly-registered non-bank digital lenders and digital banks—is forecast by Digido Finance Corp. to surpass the $1-billion level in the second half of 2025.
According to recent studies by Digido on market structure, non-bank digital lending is expected to make up 55.2 percent ($556.5 million) while digital banks notching a 44.8-percent ($451 million) share in the January-to-June period. The forecasted billion-dollar market size is considerably higher than $796 million expected by end-2024 and $693 million tallied in 2023, read a statement issued last Tuesday by Digido.
During the ten months of 2024, both non-bank digital lenders and digital banks generated 58.9 million app downloads. Should dynamics improve or maintain, Digido expects the total number of downloads for both nonbank digital lenders and digital banks
ernment to put an end to the laudable DSWD project called the “Malasakit” program, which combined the programs of the medical and hospital needs of indigents of the DSWD, the Philippine Health Insurance Corp., the Philippine Charity Sweepstakes Office and the Department of Health.
We are witnessing the depletion of medicines and services in public hospitals and, meanwhile, we see the institution of the P74-billion allocation to the MAIP (medical assistance to indigent patients) with a horrible twist. Instead of the hospitals administering the benevolent Malasakit program, every sick Tom, Dick, and Harry will now have to go through the corridors of power starting from the barangay captain to the mayors to get the proper “endorsement” to avail of the medical ayuda. How tempting, indeed, can this mechanism be used by LGU officials to bribe themselves to election using government funds?
The best way to counter this— since these evil fixtures are already
to have reached approximately 73.5 million in 2024, 56.4 percent more than tallied in 2023.
From 2013 to 2023, the Philippines’s digital lending market has been growing at an average of 28 percent (or $68 million) per year.
“Our latest findings affirm the majority of Filipinos’ growing pivot towards digital sources of credit as part of their personal finance management. We are optimistic that these lending segments will be able to maintain their high growth rates in view of its accessibility for the financially underserved, progressive government support and various projects promoting further digitalization,” Digido Business Development Manager Rose Arreco was quoted in the statement as saying.
Arreco added that the growth trend “is also largely determined by the fact that a third of the country’s population is from Generation Z—a segment certainly ready to fully accept innovative solutions in the field of financial technologies for mobile applications.”
in place—is for enlightened citizens, the churches, academe, nongovernment organizations, and civic organizations to educate the public at large that these monies are coming from our taxes or if not from loans (which we will all eventually pay) and not from the sincerity and big hearts of the bribers. And therefore, we do not have to give them our votes. Since there is already a law against vote-buying and vote-selling and some Anti-Vote buying movements have mushroomed in some localities, the devious public officials still found these admittedly ingenious ways to bribe people and bring themselves to power by legal means. But aren’t these forms of bribery and vote buying just the same?
Reine Juvierre S. Alberto
Flexible leadership for a team’s well-being
IN today’s dynamic workplace, flexibility has become an essential trait for leaders aiming to develop a thriving and resilient team. The ability to adapt and respond to varying circumstances not only enhances productivity but also safeguards the mental and emotional well-being of team members resulting in a workplace conducive for them to thrive and be fully engaged.
To be a flexible leader and safeguard your team’s well-being, the first step is to genuinely recognize, accept and embrace the unique needs, strengths and circumstances of each team member. No two employees are the same and you must recognize the diverse needs of your team. Offering flexible work arrangements, such as remote work options or adjustable schedules, allows individuals to balance professional demands with personal responsibilities. Leaders can offer options like allowing a working parent to start earlier so they can pick up their children after school. Or, letting an employee temporarily shift to a four-day workweek to manage personal health issues. Listening actively and customizing solutions based on your team member’s needs demonstrates empathy and builds trust. Change is inevitable and how you respond sets the tone for your team. By staying open-minded and solution-oriented during times of uncertainty, you can alleviate stress and provide a sense of stability. For example, revisiting deadlines or reassigning tasks during a challenging project can prevent burnout and keep morale high. Unexpected challenges can also arise and how you respond can significantly impact morale. During a major project delay, you can extend deadlines and prioritize tasks rather than overburdening team members. Or, you can even allow team members to work from home during a severe weather event. These allowances assure your team
that you have their best interest at heart. It is also crucial that you create a culture where team members feel comfortable sharing their concerns. Regular check-ins and feedback sessions allow you to stay informed about your team’s wellbeing. Flexibility in communication styles, whether through one-on-one meetings, group discussions, or anonymous surveys, ensures that everyone has a voice. You can set weekly one-on-one meetings to check in on workload and well-being, and use anonymous surveys to gather honest feedback on work conditions and stress levels. By developing transparency, you make it easier to understand your team’s struggles. Flexibility is not just about logistics but also about understanding the human side of work. You need to practice empathy to acknowledge the pressures your teams face so you can offer support when needed. This could mean adjusting expectations during high-stress periods or celebrating small wins to keep spirits high. When your team is overwhelmed, you can lighten the load by reassigning some tasks to another team or
bringing in temporary help during peak periods. You can also pause non-essential projects so employees can focus on higher-priority ones. When you accept your team’s limitations and provide alternative ways of completing tasks without compromising quality, you help your team to not just cope but to also deliver well.
Encouraging employees to disconnect after work hours and take regular breaks is a proactive way to protect their well-being. Flexible leaders model this behavior by setting boundaries themselves by showing their teams that rest and recovery are integral to success. Examples of how you can do this is by reinforcing a “no emails after 6 pm” policy to protect downtime, or providing additional leave for personal emergencies or mental health days. Encouraging your team to rest and set boundaries helps your team recharge.
Flexibility also involves self-improvement. You should regularly seek feedback on your management
Eugenia Last
ONE of the longstanding challenges that the Philippines has been dealing with is reducing maternal and child mortality rates, especially in geographically isolated and disadvantaged areas. In the Eastern Visayas, several provinces have seen an alarmingly high number of infant deaths.
To help address this problem, the Korea International Cooperation Agency (Koica), together with World Vision, has organized the Policy Forum focusing on Health Referral System as part of their Koica Maternal Newborn and Child Health Project (Koica MNCH) in the Eastern Visayas Region, which covers 16 municipalities in the provinces of Leyte, Eastern Samar, Samar, and Northern Samar.
Number of infant deaths in these provinces grew from 14.3 percent in 2021
to 23.5 percent in 2022, according to data shared by the Philippine Statistics Authority.
Among the contributing factors to the problem is the country’s inadequate health care services due to limited resources, inadequate infrastructure, and lack of coordination among health facilities.
The Koica MNCH Project aims to contribute to improving maternal and child health and reducing maternal mortality by supporting MNCH service delivery and accountability. To strengthen community engagement and ensure the success of the project, the Policy Forum will bring together regional and national government agencies, local government units, INGOs/ CSOs, and relevant stakeholders to discuss the pressing issues concerning the health referral system in the region.
The Policy Forum will discuss the current landscape of the health referral system in the region. It also aims to provide solutions to the issues and challenges surrounding the health referral system, as well as strategies for its effective implementation, and monitoring and evaluation at the community and apex hospital levels.
“We believe everyone has the right to proper healthcare services. Through this project, we hope that access to proper healthcare services will finally reach many remote and underserved areas in the region,” said Koica project director Jihwan Jeon.
Expressing his support, Jun N. Godornes, World Vision Philippines’ interim national director, shared: “Quality access to maternal healthcare is very critical to ensure
the health of both mother and infant/child. This Policy Forum hopes to safeguard their life and put an end to preventable maternal and newborn deaths.”
The Koica MNCH Project is part of Koica’s initiatives to strengthen its mission and vision of contributing to common prosperity and the promotion of world peace by implementing programs that address issues to health, education, climate action, gender equality, human rights, peace, and many more. World Vision (www.worldvision.org. ph) is aligned with its values and objectives as a global humanitarian organization that is devoted to improving the lives of the vulnerable sectors of society, especially impoverished children, their families, and their communities.
VIRGO (Aug. 23-Sept. 22): Consider what’s essential and flush out any loose ends that might get in your way. Rewrite your script to include your desired ending, and watch what unfolds. Networking will broaden your vision regarding what others want and help you fine-tune your objective to ensure success. ★★★★★
LIBRA (Sept. 23-Oct. 22): Establish what you can do to free up cash or eliminate debt. Selling off or adjusting what’s causing financial stress will allow you to put your time and effort where they’re needed most. Avoid revisiting people and situations detrimental to your emotional or economic well-being. ★★★
SCORPIO (Oct. 23-Nov. 21): You’ll be drawn to people and organizations offering a different perspective. Listen carefully and consider how you can use information to your advantage. Networking and educational pursuits will confirm you are on the right track. Embrace what excites you most. ★★★
SAGITTARIUS (Nov. 22-Dec. 21): Keep a low profile until you figure out what you want to pursue. Refuse to let doubt take over when research is necessary to keep you afloat and heading upward. A minimalist attitude will serve you well and ensure your safety. ★★★
CAPRICORN (Dec. 22-Jan. 19): Notice how your words affect others while painting a positive picture. How you influence those you encounter will determine how well you do and who pitches in and helps. Approaching life with
‘The Brutalist’ and ‘Emilia Perez’ triumph at Golden Globes
By Jake Coyle
TWO wildly audacious films—Brady Corbet’s
215-minute postwar epic The Brutalist and Jacques Audiard’s Spanish language, genreshifting trans musical Emilia Perez—won top honors at the 82nd Golden Globes on Sunday. The Globes, which are still finding their footing after years of scandal and makeover, scattered awards around to a number of films. But the awards group put its strongest support behind a pair of movies that sought to be unlike anything else.
The Brutalist was crowed best film, drama, putting one of 2024’s most ambitious films on course to be a major contender at the Academy Awards. The film, shot in VistaVision and released with an intermission, also won best director for Corbet and best actor for Adrien Brody. “I was told that this film was undistributable,” said Corbet. “No one was asking for a three-and-half-hour film about a mid-century designer in 70mm. But it works.”
Emilia Pérez won best film, comedy or musical, elevating the Oscar chances of Netflix’s top Oscar contender. It also won best supporting actress for Zoe Saldaña, best song (“El Mal”) and best nonEnglish language film. Karla Sofía Gascón, the film’s transgender star who plays a Mexican drug lord who undergoes gender affirming surgery, spoke for the film.
“The light always wins over darkness,” said Gascón, gesturing to her brightly orange dress. “You can maybe put us in jail. You can beat us up. But you never can take away our soul or existence or identity.” “I am who I am. Not who you want.”
The night’s big actor winners included some surprises. One shocker was Moore’s win for best actress in a comedy or musical. Her comeback performance in The Substance, about a Hollywood star who resorts to an experimental process to regain her youth, landed the 62-year-old Moore her first Globe—a victory that came over the heavily favored Mikey Madison of Anora
“I’m just in shock right now. I’ve been doing this a long time, like over 45 years, and this is the first thing I’ve ever won as an actor,” said Moore, who was last nominated by the Globes for a film role in 1991 for Ghost. “Thirty years ago, I had a producer tell me that I was a popcorn actress.”
Best actress, in a drama film, was a surprise, too. The Brazilian actress Fernanda Torres won for her performance in I’m Still Here a based-on-atrue-story drama about a family living through the
Leadership...
Continued from B4
style and be willing to adjust to meet your team’s needs effectively. For example, after hearing complaints about meeting overload, you may opt to switch to biweekly team meetings and provide updates via email. If employees express the need for skill development, help them look for training workshops or get in touch with your organization’s learning and development team for appropriate learning interventions. By listening, you demonstrate humility and commitment to your own growth.
Flexible leadership is not about compromising standards but about creating an environment where employees feel supported and valued. By adapting to individual needs, embracing change, and fostering open communication, you can protect your team’s well-being while achieving your team’s goals. In a rapidly evolving business landscape, your flexibility will become more than a skill but a necessity to rally your team toward success. n
disappearance of political dissident Rubens Paiva in 1970s Rio de Janeiro. Best actor in a musical or comedy went to Sebastian Stan for another movie about physical transformation: A Different Man, in which Stan plays a man with a deformed face who’s healed. Stan, who was also nominated for playing Donald Trump in The Apprentice, noted that both films were hard to get made. “These are tough subject matters but these films are real and they’re necessary,” said Stan. “But we can’t be afraid and look away.”
GLASER LIGHTLY ROASTS THE GLOBES COMEDIAN Nikki Glaser kicked off the Globes, with a promise: “I’m not here to roast you.”
But Glaser, a stand-up whose breakthrough came in a withering roast of Tom Brady, made her way around the ballroom of the Beverly Hilton in Beverly Hills, California, on Sunday picking out plenty of targets in an opening monologue she had worked out extensively in comedy clubs beforehand.
While Glaser might not have reached Tina Fey and Amy Poehler levels of laughs, the monologue was mostly a winner, and a dramatic improvement over last year’s host, Jo Koy. Last year’s Globes, following a diversity and ethics scandal that led to the dissolution of the Hollywood Foreign Press Association, were widely panned, but delivered where it counted. Ratings rebounded to about 10 million viewers, according to Nielsen. CBS, who waded in after NBC dumped the Globes, signed up for five more years. Hosting the Globes two weeks before the inauguration of Donald Trump, Glaser reserved perhaps her most cutting line for the whole room of Hollywood stars.
“You could really do anything...except tell the country who to vote for,” said Glaser. “But it’s OK, you’ll get ’em next time...if there is one. I’m scared.”
The Globes are now owned by Todd Boehly’s Eldridge Industries and Dick Clark Productions, which acquired the award show from the now defunct Hollywood Foreign Press Association. After diversity and ethics scandals, the HFPA sold off the Globes and dissolved. However, more than a dozen former HFPA members are seeking to have the sale to Eldridge Industries and Dick Clark Productions rescinded.
A WIN FOR ‘WICKED’
THE Globes’ award for cinematic and box-office achievement went to Jon M. Chu’s Wicked, which has nearly collected $700 million in theaters. In a heavily arthouse Oscar field, Wicked is easily the biggest hit seen as having a chance to win best picture. Accepting
the award, Chu argued for “a radical act of optimism” in art. Though few film awards have been predictable this season, Kieran Culkin is emerging has the clear favorite for best supporting actor. Culkin won Sunday for his performance in Jesse Eisenberg’s A Real Pain, his second Globe in the past year following a win for the HBO series Succession. He called the Globes “basically the best date night that my wife and I ever have,” and then thanked her for “putting up what you call my mania.”
The papal thriller Conclave took best screenplay, for Peter Straughan’s script. Flow, the wordless Latvian animated parable about a cat in a flooded world, took best animated film, winning over studio blockbusters like Inside Out 2 and The Wild Robot. Trent Reznor and Atticus Ross won best score for their thumping music for Challengers
TV PRIZES
MOST of the TV winners were oft-awarded series, including the Emmy champ Shōgun. It won four awards, including best drama series and acting wins for Hiroyuki Sanada, Anna Sawai and Tadanobu Asano. Other repeat winners were: Hacks (best comedy series, actress for Jean Smart), The Bear (Jeremy Allen White for best actor) and Baby Reindeer (best limited series).
Ali Wong won for best stand-up performance, Jodie Foster for True Detective and Colin Farrell for his physical transformation in The Penguin.
“I guess it’s prosthetics from here on out,” said Farrell. n
Viu Scream Dates presents ‘2024-25 Hwang In-Youp Fan Meeting Tour (In Love) in Manila’
START 2025 right with Hwang In Youp’s second fan meet in the Philippines happening on January 25, 2025, at the New Frontier Theater in Quezon City. Tickets for Hwang In-Youp’s In Love fan meet is on sale via TicketNet. Hwang In Youp first did his fan meet tour in Southeast Asia back in 2022. It saw massive success, with thousands of fans sharing happy memories from their encounter with the actor. The In Love tour will surely bring the same fun and good vibes to his Filipino “HIYILY” (Hwang In Youp’s fandom). Since making his acting debut in 2018, Hwang In Youp has captivated fans with his charismatic personality. His breakout role as Han Seo-Jun in True Beauty cemented him as a star to watch out for. Hwang In Youp recently starred in the romantic drama, the Viu Original Family By Choice, as Kim San-Ha. The a stellar cast included Jung Chae-Yeon and Bae Hyeon-Song. Catch up on the Viu Original Family By Choice and other Hwang In Youp shows on Viu, a leading pan-regional overthe-top (OTT) video streaming service. More information is available at www.viu.com.
THE REAL STORY THE break-up of the actress and her longtime beau is said to have been caused by a number of factors. No one cheated, sources said. The actress simply grew tired of her boyfriend’s antics (more on this later). There is no doubt that the actress really loved the guy. She made sure to reassure him of her love and loyalty anytime she could. One of the reasons for the break-up was allegedly the boyfriend’s uncontrollable behavior whenever he’s had too much to drink. There was one time that the couple was checked-in at a hotel for a big event. After the event, the actress went up to the room to rest. Meanwhile, the boyfriend stayed behind to drink some more. He became so unruly that someone called the actress, who went down in her pajamas just to tell her boyfriend to go up now.
EDITED Photoshop is normal, especially in showbiz where beauty of face and body is a premium. When the actress did a shoot for a liquor brand, she didn’t ask that her images be heavily edited. She was also easy to work with. After the images came out, the brand discovered that Photoshop was needed. It wasn’t that the actress’ face or body wasn’t beautiful. The issue was the veins on her hands and feet that made her seem like she was way older than her age. Her skin just did not have a very youthful appearance.
HE TOOK EVERYTHING
WHEN the actress and her husband separated, the latter took nearly everything she had. He got the house and most of her money. She trusted him so much that she gave him her house and money so that he could invest it. The husband did invest the money and even mortgaged the house. Eventually, he paid that mortgage and transferred the house to his name. When they separated, the actress realized that she was nearly penniless. The husband even took some of her jewelry.
JEALOUS ACTOR
MANY people don’t know that an older actor once shoved a young actor, who is now very popular, just because the latter danced with his then girlfriend at a big event. The older actor had a girlfriend but his longtime partner was pregnant at the time. So at the big event, the young actor danced with the older actor’s girlfriend, a starlet. The latter did not like this so he shoved the younger guy, who realized it wasn’t worth the trouble.
The Associated Press
SEBASTIAN STAN, winner of the award for best performance by a male actor in a motion picture—musical or comedy for A Different Man.
ANNA SAWAI, winner of the award for best performance by an female actor in a television series—drama for Shogun.
Foundever® Launches New Hub in Pasig City, Celebrates Innovation and Growth
Maybank recognises financial literacy champions at regional financial awards
AS part of its continuous commitment in enhancing financial literacy across ASEAN, Maybank and Maybank Foundation recently hosted the 3rd Maybank Regional Financial Education Excellence (Regional FinEx) Awards 2024 at the Maybank Performing Arts Theatre (MPAT) in Bonifacio Global City, Manila, Philippines. This year’s event celebrated the achievements of schools, educators and families dedicated to fostering financial literacy among the younger generation.
Following the success of previous Regional FinEx events held in Malaysia and Cambodia, this year’s event aims to further position Maybank as the leading champion of financial literacy in the Philippine region. Since 2013, through the award-winning Cashville Kidz (CVK) Financial Literacy programme, Maybank and Maybank Foundation has championed the cause of raising the levels of financial literacy amongst the younger generation across ASEAN, making Maybank the first Malaysian & ASEAN Bank to embark on such a wide scale programme of this nature.
Tan Sri Dato’ Sri Zamzamzairani Mohd Isa, Chairman of Maybank Group and Maybank Foundation in his opening remarks at the awards ceremony highlighted the importance of financial literacy, the region’s challenges, and the foundation’s role in fostering positive change and commitment to creating sustainable impact, stating, “In a region where financial literacy levels vary widely, empowering young people with the knowledge and skills to navigate today’s evolving economic landscape is critical. At Maybank Foundation, we are committed to supporting the region’s development by helping children acquire the skills they need to make informed financial decisions, break the cycle of poverty, and secure a brighter future for themselves and their families.”
Maybank’s CVK programme continues
to address the need for financial education in schools across ASEAN by educating and empowering school children between the ages of nine to 12 via animated series, focusing on essential life skills that surpass social and economic boundaries.
Since its launch, the CVK programme has positively impacted over 370,000 school children and trained more than 6,300 teachers across nearly 1,370 schools in eight countries, including Malaysia, Cambodia, Indonesia, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam.
Patrick Dennis L. Solosa, Officer-inCharge, President & CEO of Maybank Philippines Incorporated expressed his enthusiasm stating, “The CVK programme continues to evolve, combining elements of fun and learning which makes it even more exciting and easier for the children to become financially savvy. Through the partnership with MoneyTree Asia Pacific, the implementation of this initiative has been more seamless as the contents are customised to meet Filipino culture while keeping up with latest digital trends.”
The CVK programme is accorded cocurriculum status by the Ministry of Education, Malaysia and is supported through its strategic partnership with the Department of Education Philippines (DepEd), National Bank of Cambodia (NBC), Ministry of Education, Youth and Sports Cambodia (MOEYS), and is supported by the Ministry of Education and Culture, Indonesia and the Bangko Sentral ng Pilipinas (Philippine central bank).
Delivering the keynote address on behalf of Bernadette Romulo-Puyat, Deputy Governor, Bangko Sentral ng Pilipinas,
Managing Director Charina B. De Vera-Yap remarked, “The Cashville Kidz programme perfectly aligns with our vision to improve financial literacy nationwide, establishing financial awareness during the formative years as the foundation for lifelong habits. Over the past five years, more than 31,000 students and 1,374 teachers benefited from this innovative program across 100 schools.”
The awards ceremony recognised and showcased outstanding nominees from Malaysia, Cambodia, Indonesia, Philippines and Vietnam in four categories: Best School Award, Best Educator Award, Best Student Award and Best Family Award.
The Maybank Regional FinEx 2024 was graced by several dignitaries, including His Excellency Abdul Malik Melvin Castelino, Malaysian Ambassador to the Philippines, Charina B. De Vera-Yap, Managing Director, Financial Inclusion and Consumer Empowerment Sub-sector, Regional Operations and Advocacy Sector, Bangko Sentral ng Pilipinas, Raquel Rayel Solano, Deputy Undersecretary for Multilateral Affairs and International Economic Relations, Department of Foreign Affairs, Republic of the Philippines, Her Excellency Heng Pisey, Second Secretary, Embassy of the Kingdom of Cambodia, Her Excellency Lindi Mahesi, Second Secretary, Embassy of the Republic of Indonesia and various officials from ASEAN countries.
Also present at the awards ceremony were Officer-in-Charge, President & CEO of Maybank Philippines Incorporate, Patrick Dennis L. Solosa, Chief Sustainability Officer, Maybank, Shahril Azuar Jimin and CEO of MoneyTree Asia Pacific, Michael Reyes.
Okada Manila Rings in 2025 with ‘Bright Beginnings’ Celebrations
Ojoy as the integrated resort created an atmosphere of excitement and anticipation for the year ahead. As a sterling symbol of iconic moments, the award-winning integrated resort treated its guests to spectacular performances and stunning experiences
throughout the property. Exquisite elegance and exceptional entertainment were in endless supply at the Grand Ballroom for “A Night of Stars: The Ultimate New Year’s Eve Dinner Concert.” The legendary Asia’s Nightingale, Lani Misalucha, captivated the audience with her iconic vocals alongside another OPM icon, the Divine Diva Zsa Zsa Padilla. The celebration was elevated further by the soulful Christian Bautista, and the charismatic Mitoy Yonting and The Draybers. DJ Cammy V kept the energy high, while the Okada Manila Entertainment Group (OMEG)
delivered a mesmerizing performance. Hosted by the charming Daiana Menezes, the night was a joyous feat of music, laughter, and revelry.
At Cove Manila, the dance floor pulsed with electrifying beats and euphoric vibes as guests partied through the night at the “Unleash 2025: Epic NYE Party.” Headlined by the world-renowned Quintino, the event offered a night of ecstatic energy and music. Local talents DJ Phillip Japor, DJ Xiao Yunnah, DJ Arra Gunio, and MC Smurff joined OMEG, keeping the dance floor hyped all night long.
The magic of New Year’s Eve also unfolded under the stars at The Fountain. Live music filled the air as thousands watched the performances of top artists Darren Espanto and Jona, along with New Flame and OMEG with the effervescent Patricia Reyes hosting.
As the clock struck midnight, guests were treated to an entrancing fireworks display. From the revelry of The Fountain to the serenity of The Garden, a kaleidoscope of colors illuminated the sky, setting 2025 to a booming and colorful start for everyone.
With such a spectacular kickoff to the year, Okada Manila invites everyone to look forward to even bigger surprises. This 2025, expect more exclusive events, sumptuous delights, and world-class experiences—all from Asia’s premier integrated resort.
FOUNDEVER®, a global leader in the customer experience (CX) industry, celebrated innovation and growth during the opening of its new hub at The 30th Corporate Center in Pasig City. This launch not only showcases the hub’s cutting-edge facilities but also signifies the transition of the company’s One Julia Vargas (OJV) hub to a more advanced location within the city.
“The opening of our new hub in Pasig City is a testament to the strong commitment of Foundever to the Philippines, its people, and the continued growth of our operations in the region. We are excited about the opportunities this space will bring for our associates, partners, and clients,” said Michelle Parks, Foundever CEO of the U.S. Market, at the launch event.
Special guests at the event included Zameer Basha, CFO of the U.S. Market, Ira
Vargas, VP for PH Operations and Business Development, Pasig City Vice Mayor Dodot Jaworski Jr., Pasig City Councilor Simon Tantoco, and PEZA Deputy Director General for Operations Vivian Santos. Designed to foster collaboration and boost productivity, the new hub features state-ofthe-art amenities and is adorned with two stunning murals created by local artists Joshua Celestial and Ron Bulahan. These artworks are part of the Foundever “Conversation at heART” initiative, which aims to inspire, connect, and empower employees through art that reflects the rich diversity of the company’s global presence. Through this new hub, Foundever reinforces its status as a trusted employer and an innovator in the customer experience sector, committed to making a positive impact in the Philippines.
PCPPI, Manila Ocean Park Bring ‘Amazing Paris’ to the Metro
PRESENT during the Amazing Paris Lighting Ceremony last November 15 at the Manila Ocean Park Concourse Plaza were (from left to right) Pepsi-Cola Products Philippines, Inc. (PCPPI) Chief Commercial Officer Lyndon Cuadra, Manila Ocean Park Vice President for Operations and Performance Puah Kim Aun, PCPPI National Food Services and Business Development Principal Mark Anthony Huang, and Manila Ocean Park General Manager Van Kam Weng.
PEPSI-COLA Products Philippines, Inc. (PCPPI), in collaboration with renowned marine theme park Manila Ocean Park, recently unveiled a sparkling holiday display dubbed “Amazing Paris,” which aims to bring the magic of the City of Lights to Metro Manila.
During the lighting ceremony held at the park’s Concourse Plaza, the 31-foot Eiffel Tower replica was lit to kick off the most
wonderful time of the year, surrounded by mini-cars that can be enjoyed by both kids and adults.
“The tower and its bright lights, decorated with the logos of PCPPI’s iconic brands, symbolize the enduring presence of hope and positivity. This holiday season, PCPPI spreads joy by bringing families closer together,” said PCPPI Chief Commercial Officer Lyndon Cuadra.
In the spirit of giving, the ceremony was held for the benefit of Asociacion de Damas de Filipinas, an orphanage that looks after the needs of disadvantaged youth.
“This year, our celebrations hold a special purpose: to make sure that every child, especially those without families, experiences the warmth and joy of the holiday season. We aim to create lasting memories that capture the true spirit of Christmas,” Cuadra added. The event also featured festive melodies, including a special performance by talented young voices from The Voice Academy of the Philippines.
PCPPI is the exclusive manufacturer of PepsiCo beverages in the country, with products such as Pepsi, Mountain Dew, 7Up, Mirinda, Mug, Gatorade, Sting, Tropicana, Lipton Iced Tea, Milkis, Chum Churum Soonhari, and Premier.
Sunshine Place to host Watercolor Workshop For Beginners Batch 3
SUNSHINE Place with Sir Jen will offer Watercolor Workshop for Beginners at Sunshine Place this January 11 to February 15,2024. This course is aimed at introducing watercolor as a fine art medium. Throughout the six-session workshop, activities will focus on the familiarization with watercolor and its essentials, along with using the right materials to produce the best output. This beginner-friendly workshop will introduce its students to the fun art of watercolor painting and help discover their untapped creativity through hands-on learning. This workshop is open to seven years old and above.
Schedule: Saturdays starting January 11 2:00 – 5:00 PM
6 Sessions Full Course Rate: Senior Rate: P 6,400.00
Regular Rate: P 8,960.00
Starter Kit Cost: P 2,800.00 (payable in cash)
Kit Inclusions: Watercolor set, brushes, drawing pencil, kneadable eraser, palette and watercolor paper
ABOUT THE INSTRUCTOR
SIR Jen Consumido is a self-taught artist who does his work in every medium available but is presently attached into watercolor painting.
Through the years, he strived to learn and hone his visual skills by continuously exploring and practicing every technique there is.
Up to these days he keeps on exploring and experimenting as he believes that the art is a continuous learning process, as in any other field of practice. Sir Jen shares whatever knowledge and skills he has acquired through workshops and tutorials. He also takes part in promoting watercolor as a fine art medium. Venue: 2F, Sunshine Place Building 56 Jupiter St. Brgy Belair, Makati. For more details or to enroll, contact T. (632) 856-4144 / 856-4162 M. (0917) 515-5656 E. hello@sunshineplaceph.com
IN the photo are, from left, Ira Vargas, Vice President for Philippines Operations and Business Development; Zameer Basha, CFO of the U.S. Market; Julie Purkhiser, Vice President for Finance; Michelle Parks, CEO of the U.S. Market; Vivian Santos, PEZA Deputy Director General for Operations; and Pasig City Vice Mayor Robert Jaworski, Jr.
THE legendary Asia’s Nightingale, Lani Misalucha, performed at the Grand Ballroom, captivating the audience with her iconic vocals. She was joined by OPM icon, the Divine Diva Zsa Zsa Padilla together with the soulful Christian Bautista, and the charismatic Mitoy Yonting and The Draybers. The joyous night filed with music, laughter and revelry was hosted by the charming Daiana Menezes.
Editor: Tet Andolong
LRG, SHERA share bullish outlook in 2025
By Rizal Raoul S. Reyes @brownindio
It’s full speed ahead for the Department of Public Works and Highways (DPWH) in 2025 to build the necessary infrastructure that will serve as a catalyst for national development.
In his statement during a recent Palace press briefing after the bu dget signing on Monday, DPWH Secretary Manuel Bonoan thanked President Ferdinand R. Marcos Jr. and the legislators for the support extended to the department.
“It is therefore our responsibility to ensure that these funds a re used wisely and efficiently as well as professionally in the most transparent manner, proving ourselves deserving of the trust placed on us. We are committed to making every cent of their contributions worthwhile by delivering q uality infrastructure that drives national progress,” Bonoan said.
Private sector’s optimism
Lo BI e n Realty Group (LRG) C e o
S heila Lobien is in full support of the massive infrastructure program of the Marcos Jr administration. “This will provide the needed continuity in terms of infrastructure spending that was started by t he previous administration and a boost to the country’s economic activities and competitiveness,” she s aid in an email interview.
Lobien said LRG supports the rail projects of the Marcos administration because this will address t he traffic congestion in Metro Manila. These are the 33-km Metro Manila Subway, the 147-km n o rth-South Commuter elevated Railway which will connect n e w Clark City in the north to Calamba in the south, the 22-km MRT-7 that will connect northeast Metro Manila to Bulacan and the LRT-1 Cavite extension to the south. She said these infrastructure projects are expected to positively impact the economy by creating jobs and democratizing the economy outside of Metro Manila. It w ill also unclog Metro Manila in terms of traffic congestion and create residential destinations that are accessible, sustainable and more affordable. The 21 major townships being developed in P ampanga, Bulacan, Laguna and Cavite reflect the positive impact of these government projects.
LEASInG DEMAnD FOR FY 2024 GROwS STEADILY DESPITE ChALLEnGES
MA k AT I C ity, December 16, 2024—The Philippine office leasing market recorded 1.1 million sq m of transacted d eals in 2024, reflecting a 4 percent year-on-year growth and marking the highest transaction volume since the pandemic. This expansion comes despite challenges such as the P o G o b an, high interest rates, and inflationary pressures.
Government Take-Up as a Key Catalyst: Government relocations and expansions in the Bay Area accounted for 122,000 sq m of recorded t ransactions, driving overall demand. The traditional sector led the m arket with 492,000 sq m, surpassing the IT-BPM industry. Although d emand slowed in the latter half of 2024, the full-year total reached 1 million sq m.
Industry Trends Through the Years: Traditional office demand grew by 13 percent in 2024 compared to 2023. Following the P o G o ban in July, no P o G o - related office space demand was recorded in the year’s second half, highlighting a market shift toward more sustainable tenants.
Transactions Breakdown by Size Range: o v er 80 percent of all transactions came from the traditional sector, with deals primarily u nder 500 sq m. IT-BPM companies leased spaces ranging from 1,000 to 5,000 sq m, while government relocations in the Bay Area typically ranged from 2,000 to 5,000 sq m.
Tenant Behavior Patterns: Transactions above 1,000 sqm accounted for 75 percent of the market’s overall demand. IT-BPM firms, t raditional tenants, and government offices favored Grade B buildings under 10 years old. n o tably, 10 percent of IT-BPM deals over 1,000 sqm w ere driven by new market entrants, signaling continued interest in the Philippines.
“Although vacancies remain elevated at 18 percent, supply and demand trends indicate that the market is shifting toward equilibrium, with clearer signs of recovery expected by 2027.”—Mikko Barranda
Bay Area and Makati Lead Demand: Metro Manila recorded
881,000 sq m of total leasing demand, with the Bay Area as the topp erforming district due to government relocations. o u tside Metro Manila, Cebu led with 113,000 sq m, representing nearly half of provincial demand.
2025 Outlook – Active Requirements and Expanding Demand: Live demand for office space reached 494,000 sq m, with over half driven by third-party IT-BPM vendors. The government seeks an additional 71,000 sqm for expansion, while companies primarily target Metro Manila, with Bonifacio Global City (BGC) as the preferred location.
Market Stabilization Expected Despite Challenges: Contractions rose by 65 percent due to the P o G o e xit, but IT-BPM firms largely relocated or consolidated instead of d ownsizing. n e t demand fell 35 percent from last year due to these contractions but still totaled 1.4 million sqm. Vacancy rates remain at 18 percent nationwide, with the Bay Area affected by the P o G o exit and Taguig seeing increased vacancies from newly completed buildings.
Supply and Demand Forecast: The market is projected to stabilize by 2027, with vacancy rates returning to pre-pandemic levels of 7 percent by 2030. With steady demand g rowth
recovery.
“We see such a trend continuing, especially with the creation of m ore expressways, like the Cavite Laguna e x pressway, bridges, airports such as the Bulacan International Airport, and seaports outside Metro Manila. o v er-all, these infrastructure projects, along with the lowering of benchmark interest rates and global and local economic growth, will provide the n eeded impetus for a construction boom and real estate recovery,” Lobien explained.
Riding on the construction boom
B A n G ko k, Thailand-based fiber cement maker SH e RA Public Co. Ltd., expressed bullishness on the Philippine economy as it targets an over 40 percent growth in 2025.
“As you know, among the Asean countries, I think the Philippines has the highest GDP growth. I think for the next five years, the
outlook for the Philippines will achieve a GDP growth of 6 to 7 percent. So I think it is a very promising and huge potential market f or the growth of the company,” SH e RA Philippines Country Head Thunnop Jumpasri explained in an interview.
Moreover, Jumpasri said SH e RA Philippines plans to increase its growth either by 2 or 3 p ercentage points by beefing up its presence in Visayas and Mindanao to boost their overall market share.
Jumpasri said the company decided to establish a presence in the P hilippines because of its strong macroeconomic performance. He said the company’s manufacturing plant in Mabalacat, P ampanga, which is scheduled to open in the first quarter of 2025, will begin commercial operations in March 2025 and is projected
to deliver up to 200,000 tons of fiber cement per year boasting AI and IoT-powered production processes. This highlights SH e RA’s determination to decrease import dependency and export to Taiwan, South k o rea, some parts of n o rth Asia, and o c eania countries.
Jumpasri said the products produced in Mabalacat, Pampanga plant will initially serve the local market. n e vertheless, Jumpasri said the company may consider exporting the products in the future. R ight now, he said the plant is 90 percent complete which will employ 80 to 100 people for the first year of its operation. He added SH e RA will add 150 to 160 personnel once the second machine a rrives.
He said that the majority of the plant’s production is for local consumption but noted that the company is considering exports
as well.
“That’s why our Fyber cement is suitable for the local industry. We are expecting sales growth 10 to 15 percent for the next year. We are almost there hitting the sales target of 160,000 to 170,000 tons of fiber cement for 2024 is nearing,” he said.
For 2025, he said SH e RMA has set a 10 to 15 percent sales growth in 2025.
“This 2025, we look forward to further increasing our local market share from 40 percent and we b elieve that introducing our new fiber cement products to the Philippines will realize this vision,” s aid Jumpasri. “We look forward to becoming leaders in the fiber cement sector by showing Filipinos t hat with our products, it is possible to build homes with durable, reliable, sustainable, and aesthetic materials.”
RLC Residences celebrates landmark year with 38 prestigious awards in 2024
RLC Residences proudly celebrates a milestone year, securing 38 prestigious awards locally and internationally in 2024. Highlighting its success, the brand was named Developer of the Year - Southeast Asia at the D o T Property Southeast Asia Awards, solidifying its status as leading residential developers in the region.
“This achievement reflects the hard work and dedication of the whole RLC Residences team working together to build homes aligned with what our clients’ need. We are truly grateful and honored to receive these recognitions and for validating that we are on the right track with our efforts to help our clients live their best life,” said John Richard Sotelo, Senior Vice President and Business Unit General Manager of RLC Residences and Chief Marketing o f ficer of Robinsons Land.
A leading developer across the Philippines and beyond
RLC Residences’ north star of building well-designed homes and creating delightful customer moments has guided its efforts over the years. This vision earned the brand the Southeast Asia Developer of the Year and Best Lifestyle Condominium Developer trophies from D o T P roperty Awards.
The brand was also named Developer of the Year - Philippines by the D o T P roperty Philippines Awards and the Real e s tate Asia Awards, while the International Business Magazine Awards hailed it as the Leading Real e s tate Developer in the Philippines. RLC Residences also took home the Best Developer Luzon citation from Carousell Property Awards and the Highly Commended-Developer of the Year Luzon and Bronze Award-Developer of the Year Visayas and Mindanao from Lamudi Philippines’ The o u tlook 2024: Philippine Real e s tate Awards in recognition of its residential real estate efforts in various parts of the country.
Robinsons Land, RLC Residences’ parent company, was also recognized as Best Developer 2024 and Best Developer Luzon by PropertyGuru Philippines along with a high commendation for Best Lifestyle Developer for RLC Residences. Robinsons Land Corporation President and C e o, L ance Y. Gokongwei was also named Property Man of the Year by the FIABCI Philippines Property Awards.
Award-winning
condominium developments
RLC Residences’ portfolio of condominium developments shone brightly on the local and global stage, with projects earning awards for architectural features, sustainable design, and lifestyle-oriented features.
The luxury high-rise development The Residences at The Westin Manila emerged as a standout, securing awards such as Best Lifestyle Condo Philippines and Asia and Best Branded and Wellness Residential Development at the PropertyGuru Awards. Recognizing the property’s design and intentional features for wellness and lifestyle, D o T P roperty Philippines recognized the project as the Best Condominium Architectural Design, while The
o u tlook 2024: Philippine Real e st ate Awards awarded it as the Grand Winner—Best Luxury Condo of the Year in Luzon.
Premium residential development Le Pont Residences, which launched its second tower just this year, was recognized as the Philippines and Southeast Asia’s Best Sustainable Condominium Development by D o T P roperty Awards and won the Residential High-Rise Development category at the Asia Pacific Property Awards.
Mantawi Residences, RLC Residences’ premium condo development in Cebu, garnered distinctions as Best Luxury Condominium Development in the Philippines and Visayas and Mindanao from the D o T Property and The o utlook Property Awards. It was also named winner of the Apartment/Condominium Development category at the Asia Pacific Property Awards and recipient of the Bronze— e x cellence in Media Strategy trophy from the Marketing e x cellence Awards Philippines. Galleria Residences, another Cebu property of RLC Residences, received the Gold Award for the High-Rise Buildings Category from FIABCI Philippines and the Highly Commended—Best Highe n d Condo Development in Metro
Cebu citation from PropertyGuru Philippines. In recognition of its smart home and modern-day convenience features, SY n C in C5 Road, Pasig City earned the Best Smart Condominium Development awards in the Philippines and Southeast Asia from D o T Property. Carousell Property Awards also recognized the development as the Best Mid-Range Condominium in the country. The Radiance Manila Bay on Roxas Boulevard, Pasay City received the G o L D AWARD for High Rise Buildings Category from FIABCI Philippines. PropertyGuru Philippines, on the other hand, awarded Woodsville Crest in Paranaque City and Sierra Valley Gardens in Cainta, Rizal the Highly CommendedBest Smart Home and Best Condo Development Luzon citations, respectively.
Sustainability and innovation at the core RLC Residences’ commitment to sustainability and innovation was also recognized this year. The myRLC Home app and RingRob Concierge received Special Recognition for Innovation in the Philippines and across Southeast Asia from D o T P roperty Awards. Robinsons Land was also honored as a Highly Commended—Best Sustainable Developer by PropertyGuru Philippines for its efforts to eco-friendly real estate practices. “ e a ch of these recognitions reaffirms our mission to design homes that go beyond functionality, blending innovation, sustainability, and lifestyle to meet the evolving needs of our homeowners. We are honored by these accolades and we will continue to remain steadfast in our commitment to designing homes where life truly thrives,” ends Sotelo. For more information about RLC Residences and its award-winning developments, visit rlcresidences. com.
Developer of the Year
Pat Riley: Been there, done that, doing this
By Tim Reynolds
The Associated Press
Meyes are on him when he walks into just about any room.
He’s not stopping. Or changing.
“He’s a rock. And that’s why he’s the Godfather,” Heat coach Erik Spoelstra said last month. “That’s why we all kill ourselves for this culture. It’s because of him. We believe in him.”
A nd, as some have learned over the years, clashing with Riley doesn’t always end well. Jimmy Butler’s in-progress breakup with the Heat—Miami didn’t give him an extension, Butler wants a trade, the franchise suspended him for seven games for conduct detrimental to the team, and here we are—is not the first time that a superstar has been in Miami but had his time with Riley’s team come to an unceremonious end.
Dwyane Wade left (but returned). LeBron James left. Shaquille O’Neal got traded. All of those situations—and Butler’s, as well—are different in plenty of ways. But the parallel in them in that Riley will only do what he thinks is best for the Heat.
“I know from personal experience,” O’Neal said in his role as an analyst on TNT last week. “You can’t bicker with Pat Riley.”
Jimmy Butler
HOW they got here: Jimmy Butler was eligible for a $113 million, two-year extension last summer. The Heat didn’t offer it, so this dispute is largely about money.
There’s more to it, of course.
Butler is not an easy guy to deal with, which is not a knock on him nor is it a bad thing. He’s headstrong, driven, says what he thinks, doesn’t really care what you think, does the work and plays to win. It was a perfect fit for the
B8 Wednesday, January 8, 2025
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Editor: Jun Lomibao
SEAG champ found dead in Mindoro
THeat, who like to say that they’re not for everybody. Neither is Butler. Pat Riley made two comments last spring that Butler surely didn’t like: that he—and all of Miami’s best-paid players—need to play more often, and that Butler shouldn’t have talked about beating teams still in the playoffs when the Heat were not. (Butler made a comment about how if he wasn’t hurt the Heat would have beaten Boston and New York in the postseason; Riley didn’t like that he said that.) Butler has said for years that he only wants to be wanted. Evidently, he did not feel wanted in Miami any longer.
Dwyane Wade THERE were a lot of factors in this story. Money was not the only issue, but it was among them.
D wyane Wade thought about leaving in the summer of 2015 before he and the team agreed on a one-year, $20 million contract. A year later, the Heat offered Wade every dollar they had available—about $42 million for two years. Chicago offered about $47 million. And that was that. Chicago is Wade’s hometown. Ironically, Butler was on that Bulls team that Wade was joining—Wade played a big role in convincing Butler to go to Miami in 2019. Eventually, whatever hard feelings existed between Wade and Heat went away; he finished his career in Miami and the team rewarded him with a statue earlier this season.
Pat Riley was contrite when Wade left.
“That is where we both failed...I more than he, because he’s the asset, he’s the star, he’s the face of the franchise,” Riley said at that time. “I should have done everything that I could have verbally in trying to change his mindset to mine, a big picture, a better picture, or one that I thought would help him.”
In 2018, Wade’s longtime agent, Henry Thomas, died. Riley was part of the Heat contingent that went to the funeral. He and Wade hugged. A couple weeks later, Miami swung a deal with Cleveland—Wade had moved on from
Chicago—to bring the franchise›s alltime scoring leader back to Miami.
“It ended the way it was supposed to end,” Wade said in his final days as a Heat player.
Shaquille O’Neal
SHAQUILLE O’NEAL was traded to Miami in 2004. Two years later, the Heat won a title. Two years after that, they were broken down, Wade was hurt, and the team was headed to the bottom of the National Basketball Association (NBA).
O’Neal didn’t want to be in Miami anymore. He got traded to Phoenix. Initially, the breakup was not exactly amicable—over time, wounds were healed on both sides.
O’Neal’s number hangs from the rafters and he’s welcomed back like a long-lost hero every time he’s in Miami for a game.
“It was not personal,” Pat Riley said when the team retired O’Neal’s jersey in 2016. “Shaq was impeccable with his word. He came down here and said ‘We’re gonna win a title, Coach.’ And we won a title.... No hard feelings, at all. I’m an Irishman and I forgive.”
LeBron James
THERE are a ton of theories about why
LeBron James left the Heat after four years, four runs to the NBA Finals and two championships in Miami.
Was everything perfect? No. But when the Heat lost the 2014 finals to San Antonio, ending their two-year reign as NBA champions, James was on the verge of free agency. It was widely believed that he would strongly consider leaving.
You’ve got to stay together—if you’ve got the guts—and you don’t find the first door and run out of it,” Riley said in a now-infamous speech a few days after that season ended.
A couple weeks later, James made it official: He was going back to Cleveland.
When I became a free agent in 2010, I felt what was best for me was to go to Miami,” James would say in that first season back in Cleveland. “And when I became a free agent once again this past summer, I thought what was best was going back home.”
Djokovic battling trauma when returning to Australia
OVAK DJOKOVIC said he still feels
“a bit of trauma” when he travels to Australia, stemming from his deportation in 2022 because he was not vaccinated against Covid-19.
“The last couple of times that I landed in Australia, to go through passport control and immigration, I had a bit of trauma from three years ago,” Djokovic said in an interview with Melbourne’s Herald Sun newspaper published Monday, ahead of the Australian Open. “And some traces still stay there when I’m passing passport control, just checking out if someone from immigration zone is approaching.”
D jokovic, who has won 10 of his 24 Grand Slam championships at Melbourne
Defending 4-point shot
Park, continued: “The person checking my passport—are they going to take me, detain me again or let me go? I must admit I have that feeling.”
Back in 2022, Djokovic sought, and initially obtained, an exemption that would allow him into the Australian Open—and the country— even though there were strict rules requiring shots to protect against the coronavirus.
But after his flight landed, he was detained at the airport, his visa was canceled and he was sent to an immigration hotel.
A judge later reinstated the visa and ordered Djokovic’s release, ruling he wasn’t given enough time to speak to his lawyers, but Australia’s immigration minister then took away the visa again, based on “public interest.” AP
HERE was no official report on the motive behind the fatal stabbing of obstacle course sports champion Mervin Guarte in Calapan as of early evening Tuesday as words of sorrow from athletes and sports officials poured in on social media.
“Mervin [Guarte] wanted to be the best. He pushed himself to be one,” Philippine Obstacle Sports Federation (POSF) President Atty. Al Agra told BusinessMirror. “He pushed others to excel as well. He will be missed forever.”
We are praying and hoping for justice to be served swiftly for Guarte,” Agra added. E xcept for sketchy reports that Guarte, 33, was stabbed by an unidentified assailant while he was sleeping in a friend’s house in Calapan at dawn Tuesday, no other details came out from the police in Oriental Mindoro.
Guarte reportedly spent the night in Calapan although he is a resident of Bongabong town in the same province, which is some 388 kilometers away.
Guarte was part of the gold medalwinning men’s relay team at the Cambodia Southeast Asian Games in 2023 that added to the 5,000 meters athletics gold he won at the 2019 SEA Games.
He had silvers in the 1,500 meters and 800 meters as a track athlete in the 2011 SEA Games in Myanmar.
Among those who grieved his death were, pole vault champion Ernest John “EJ” Obiena and Olympic boxing medalists Nesthy Petecio and Eumir Felix Marcial.
Calapan City Police Chief Roden Fulache said Guarte was stabbed in the residence of Barangay Camilmil Councilor Dante Abel. He was rushed to the Sta. Maria Village Hospital and Mindoro Medical Center but was declared dead on arrival. Josef Ramos
By Aldrin Quinto
ASPORTS management team and the administrative group of two driving ranges are helping the Bases Conversion and Development Authority handle the operations of the Camp John Hay (CJH) golf estate in Baguio City.
The interim management group took charge on Monday when the Notice to Vacate was served to the developer CJH Development Corp. The interim group will handle the operations until a new partner is approved.
The estate facilities will be unavailable for two days starting Tuesday as the Office of the Baguio Sheriff conducts an inventory of the property. Interim guidelines are expected to be released on Wednesday.
POC gears up for four major international meets in 2025
FBy Josef Ramos
OUR major international competitions are up in 2025 and Filipino athletes are bound to be on their toes the whole year round, Philippine Olympic Committee (POC) president Abraham “Bambol” Tolentino said on Tuesday.
“It’s a busy year marked with major international competitions,” said Tolentino after meeting his new Executive Board in the first major POC function of the year at the Hai Shin Lou Restaurant in Makati City on Tuesday.
Up in 2025 are the Ninth Asian Winter Games in Harbin, China, from February 7 to 14, 12th World Games in Chengdu also in China from August 7 to 17, Third Asian Youth Olympics Games from October 22 to 31 in Bahrain and the 33rd Southeast Asian Games Thailand is hosting in Chonburi, Songkhla and Thailand from December 9 to 20.
We’re aiming to send as many capable and qualified athletes as possible to these games and we’re targeting the best possible results,” added Tolentino, who earlier this year pronounced that the Harbin Games will be the springboard for the country’s quest for its first Winter Olympics medal.
With Tolentino in the meeting were first vice president Al Panlilio (basketball), treasurer Dr. Jose Raul
Alvin Aguilar (wrestling), Ferdinand Agustin (jiu-jitsu,), Alexander Sulit (judo), Leah Gonzales (fencing) and Jessie Lacuna (Athletes Commission).
International Olympic Committee Representative to the Philippines Mikee Cojuangco-Jaworski attended the meeting, while second vice president Richard Gomez (modern pentathlon) couldn’t make it in time from Ormoc City which preceded the POC’s first General Assembly of the year—and of the newly-elected POC officials—next week.
The Asian Indoor and Martial Arts Games, according to Tolentino who attended the meeting nursing the flu, were rescheduled for early 2026 by host Riyadh. The Executive Board reorganized key functions and committees including Atty. Wharton Chan who remained as secretary-general, Atty. Marcus Andaya (legal), Atty. Billie Sumagui (membership), Atty. Alberto Agra (arbitration), Michael Vargas (international affairs), Escollante (gender equality), Canlas (medical and anti-doping), Sulit (safe sports) and Marcus Jarwin Manalo (technical). Before the meeting, the board paused for a moment of prayer for former secretary-general Atty. Edwin Gastanes, who passed away last month.
BCDA, new management group takes over Camp John Hay estate
BCDA will be assisted by Golfplus Management Inc. (GMI), the operations team behind the driving ranges in premium estates Nuvali and Alviera, and sports management and marketing agency DuckWorld PH, in managing the CJH for the interim period.
“We will be introducing improvements and evaluating systems and protocols to provide appropriate recommendations when the estate is ready to be turned over to a long-term private partner,” GMI President and Interim Management Head Eduardo Arguelles said. We want to assure clients and stakeholders that we will be updating everyone regularly to guide them during the transition.” The
W hen seen buried, it is like ogling at a shooting star, or watching at a seismic-like fireworks explosion on New Year’s eve. Heart-rending, breath-taking, indeed. And, in the second place, the missile makes for a case of winor-break for every team availing of it. It is like a nuclear bomb: it can win it all when everything seems lost. It has already happened not once but twice, if not thrice. I cite here the PBA’s first winning 4-point shot. With 2.6 seconds left in the game, Scotty Hopson sank a 4-pointer to carry Converge past Terrafirma. The fans went wild. But, of course. It was a sight to behold. B efore that, on August 18, 2024, Meralco’s Chris Banchero
have been recovered by the BCDA in line with the October 22, 2024, Supreme Court resolution to deny with finality all motions for reconsideration filed by CJH Development Corporation and sublessees. Branch 6 of the Baguio Regional Trial Court on January 3 upheld the Supreme Court ruling, and
while stakeholders may contact officials through cjhhelpdesk@bcda.gov.ph.
PAT RILEY will only do what he thinks is best for the Heat.
PHILIPPINE Olympic Committee president Abraham “Bambol” Tolentino with Executive Board members (standing, from left) Atty. Wharton Chan, Dr. Jose Raul Canlas, Alvin Aguilar, Donaldo Caringal, Alexander Sulit, Ferdinand Agustin and Jessie Lacuna; and (seating, from left) Leah Gonzales, Al Panlilio, Mikee Cojuangco-Jaworski and Leonora Escollante.
Canlas (surfing) and auditor Donaldo Caringal (volleyball) and board members Leonora Escollante (canoe-kayak),
THE interim management team—including Francis “Kiko” Diaz, Raul Encarnacion and Cha De la Cruz of DuckWorld PH—meets with caddies of the golf estate.
GUARTE