(DOE) has raised a stumbling block in the country’s pursuit to a just and equitable shift to renewables.
“While we are confident that RE [renewable energy] developers will be able to get financial closure for their projects, the next hurdle would be the price of RE such as floating solar, OSW [offshore wind], and WTE [waste-to-energy],” DOE Undersecretary Rowena Guevara said during the 15th Session of the International Renewable Energy Agency (IRENA) Assembly.
Guevara underscored the critical importance of reducing capital
costs for RE developers. “At the end of the day, in order for the energy transition to be just, we need to afford the electricity generated from renewable energy. But in order for that to happen, we hope our partners would be able to address the financing gap,” she said.
The DOE, she said, has asked for assistance from the Central Bank and multilateral development banks to figure out concession financing, and even longer loan periods for pumped storage hydro, geothermal and the smart grid. “We are considering energy transition trading to connect our coal plant retirement with replacement RE power at affordable price,” she said.
The IRENA Assembly, held under the theme “Accelerating the Re -
newable Energy Transition—The Way Forward,” brought together delegates from 170 member states, development banks, academia, and private sector leaders to tackle pressing challenges and assess progress in global energy goals.
Th e discussions focused on tripling RE capacity by 2030, fostering innovation, and enhancing international collaboration to meet ambitious climate and sustainability targets.
“ We are confident that our RE developers have the technical ability to build plants. My hope in attending this general assembly is to learn more about how international cooperation can help us address the cost of RE to make sure that while we pursue sus -
tainable development, the socioeconomic aspect of sustainability is also addressed,” Guevara said. The country has set a target of 35-percent RE share in the generation mix by 2030 and 50 percent by 2050. To achieve this, 52.8 GW of new RE installed capacity is needed is in the next 20 years, with investment coming from the private sector. So far, the DOE has laid out policies advocating for the shift to RE. We have allowed 100-percent foreign ownership of RE projects since November 2022. As a result, applications for service contracts have increased and we now have over 1,400 service contracts for over 150GW of RE,” Guevara said. See “DOE,” A2
By Cai U. Ordinario @caiordinario
THE successive typhoons experienced by the country in the last quarter of 2024 also affected the manufacturing sector’s performance, according to Moody’s Analytics.
In its latest economic brief, Moody’s Analytics said the latest manufacturing data released by the Philippine Statistics Authority (PSA) showed the Volume of Production Index (VoPI) contracted 4.2 percent in November 2024.
The PSA’s data showed the food manufacturing sector accounted for the highest weight in the index contracted 0.8 percent in November 2024.
While factory output data in the Philippines tend to be bumpy and subject to major revisions, this latest poor reading is a concern,” Moody’s Analytics said.
“Six tropical storms from late October through November brought widespread flooding, which damaged crops. These typhoons arrived after the typical peak season of July through October,” it added.
The decline in food manufacturing in November 2024, PSA said, was 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.
It may be noted that the typhoons in the last quarter of 2024 also caused the decline in jobs in November 2024. This was led by the Agriculture and forestry sector which saw a 1.99-million year on year
See “Factory,” A2
DISRUPTIONS, WHAT SECTORS ARE VITAL?
By Andrea E. San Juan @andreasanjuan
agriculture and food security as some of the 10 industries in the country that should be supported and developed amid the geopolitical uncertainty and global supply chain disruptions. By recognizing and sup -
porting these 10 industries, the Philippines can adapt its economic policies to global trends while mitigating vulnerabilities,” a study by the Philippine Institute for Development Studies (PIDS) noted.
Based on insights from key experts, the local think tank listed 10 industries in the Philippines which are considered “pivotal” to the Philippines’s future development.
Topping the list is Advanced
Manufacturing and Semiconductors which, the study said, is experiencing “increased global demand due to advancements in artificial intelligence, 5G, and renewable energy systems.”
A ccording to the study, neighboring countries such as Malaysia and Vietnam have “successfully attracted” semiconductor investments and noted that the Philippines could achieve
By Reine Juvierre S. Alberto
THE Department of Finance (DOF) is renewing its push for a general tax amnesty through new legislation to address fiscal gaps and improve tax transparency.
Speaking to reporters on the sidelines of the SGV Tax Symposium last week, Revenue Operations Group Director Euvimil Niña R. Asuncion said the DOF is pushing for a general tax amnesty (GTA).
The GTA bill is expected to be
introduced to Congress this year, according to Asuncion. Former President Rodrigo Duterte had vetoed a provision in Republic Act No. 11213 or the Tax Amnesty Act of 2019. The National Tax Research Center (NTRC) said the veto was due to the lack of provisions institutionalizing the automatic ex-
There are multiple factors that likely contributed to the surge in rice imports but a thorough analysis of the rice value chain is essential to pinpoint the true underlying causes,” Dacul told this newspaper.
BPI data also showed that 39,261 MT of rice shipments arrived in the country as of January 9.
Lower MSRP
THE DA official also said the decline in global quotations of rice would likely lower the maximum suggested retail price of the food staple.
Citing data from the Vietnam Food Association, De Mesa noted that the price of Vietnam’s 5 percent broken rice dropped by 15 percent to $434 per MT as of January 10 from $510 per MT recorded the previous month.
For Vietnam’s 25 percent broken rice, he said prices shrank by 11 percent to $409 per MT from $454 per MT.
“[This means that the] maximum suggested retail price for imported rice for 5 percent and 25 percent most likely, in the coming days, will further go down,” De Mesa said in Filipino.
Starting January 20, the DA said it will impose an MSRP of P58 per kilo for premium imported rice with 5 percent broken grains. The agency has yet to set a price for the 25 percent broken rice variety.
D e Mesa noted that the MSRP for 25 percent broken rice variety could settle at P45 per kilo.
“ That’s a probability considering the decline [in global rice prices] was very sharp,” he said.
‘US-Japan-PHL partnership has made historic gains’
LESS than a year since it was launched, the Philippines-United StatesJapan trilateral partnership has already made “historic” gains, according to outgoing US President Joe Biden. We’ve made historic progress in our trilateral partnership, especially in areas of maritime security, economic security, technology cooperation, and high-quality infrastructure investments,” Biden said during his trilateral video phone call with President Ferdinand Marcos and Japan Prime Minister Ishiba Shigeru on Monday. A lso tackled during the meeting was the “People’s Republic of
China’s dangerous and unlawful behavior in the South China Sea,” according to a brief statement from the White House.
Marcos agreed with Biden that the trilateral partnership helped in pushing for the mutual interest of the three countries, which he said, should be maintained.
I am confident that our three countries will continue to work together closely to sustain the gains that we have made in enhancing and deepening our ties,” Marcos said.
For his part, Ishiba stressed the importance of expanding upon what Philippines, US, and Japan have agreed during the launch of their trilateral partnership in their
from A1
“Any taxpayer, whether natural or juridical, with unpaid national internal revenue taxes, with or without assessment duly issued therefore, may no longer avail of the general tax amnesty,” the NTRC said.
The general tax amnesty was supposed to cover all national inter-
nal revenue taxes, such as income, withholding, capital gains, donor’s, value-added, percentage, excise and documentary stamp taxes.
A suncion said the provision on general tax amnesty was also vetoed due to significant revenue losses.
In 2007, Asuncion said tax-
summit on April 2024 amid China’s growing influence in the IndoPacific region.
A mong the matters discussed in the summit were economic growth and resilience; Luzon Economic Corridor, development of critical and emerging technologies; climate partnerships and clean energy supply chains; and peace and security.
“ Going forward, it is important to deepen trilateral cooperation in a variety of fields,” Ishiba said.
Biden is set to end his term next week with the inauguration of US President-elect Donald Trump on January 20, 2025.
payers were allowed to pay a fixed amount to settle their obligations. While the initiative yielded revenue, it failed to meet targets. “We did get a lot of revenues, but not as much as what we expected because they only paid a minimal amount.”
A suncion said the DOF is still finalizing the details and revenue estimates of the planned legislation on GTA.
A side from the GTA, the DOF is still pushing for several priority tax reform measures to be passed this year.
A mong the measures are the Excise Tax on Single-Use Plastics, Rationalization of Mining Fiscal
He is hopeful the said achievements will be institutionalized and continued by Trump.
“I’m optimistic that my successor will also see the value of continuing this partnership, and that it is framed the right way,” Biden said. The trilateral video phone was supposed to be held last Sunday, but was reset to January 13 upon the request of the US government as it deals with the ongoing wildfires in Southern California, which killed 24 people.
Presidential Communications Office (PCO) Secretary Cesar B. Chavez said the video phone call only lasted for 25 minutes. Samuel P. Medenilla
Regime, Package 4 of the Comprehensive Tax Reform Program and Excise Tax on Pick-ups.
L ast year, DOF’s priority reforms Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act and the Public-Private Partnership (PPP) Code were passed into law. The Ease of Paying Taxes (EOPT) Act, the Value-Added Tax (VAT) on Non-Residents, the Real Property Valuation and Assessment Reform Act, and the VAT Refund Mechanism for Non-Resident Tourists Act were also enacted.
Continued from A1
A ccelerating RE development and utilization is one of the six energy transition strategies of the Philippine government. The other five strategies are building a smart and green grid, building ports for offshore wind, voluntary early retirement or re-purposing of coal-fired power plants, energy efficiency and conservation, and decarbonization of the transport sector.
Since we are visited by 22 typhoons each year and we have earthquakes and volcanic eruption every now and then, we have learned to build resil -
ient infrastructure, including RE facilities.
Together with RE developers, we have faced the challenges of permitting, consenting, ECC for OSW, and other issues that cause delays in RE development. We are starting a de-risking facility for geothermal to encourage exploration,” added the DOE official.
The assembly also marked the opening of Abu Dhabi Sustainability Week 2025, a platform for leaders and stakeholders to align efforts toward a sustainable and resilient global future.
Continued from A1
decline in jobs, and a 335,000 month-on-month decline. (See: https://businessmirror.com. ph/2025/01/09/farm-fisherjobs-top-employment-decline/). The recent typhoons have also been cited as the reason for faster inflation. Inflation averaged 2.9 percent in December 2024 and 3.2 percent in 2024.
Purchasing power
DATA from 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 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. H igher prices and the lower value of the peso will be a challenge for Filipinos, according to Unionbank Chief Economist Ruben Carlo O. Asuncion. Th is, 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). National Economic and Development Authority (Neda) Policy and Planning Undersecretary Rosemarie G. Edillon told BusinessMirror that the more important metric than purchasing power is real wages or real income.
Th is, 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. (See: https://businessmirror.com. ph/2025/01/08/costly-goodsseen-spurring-search-for-gigsbetter-jobs/).
similar progress through workforce development and incentives for foreign direct investment.
U nder the renewable energy sector, experts underscored the Philippines’ “unique opportunity” to capitalize on its natural resources, such as solar and geothermal energy, and integrate advanced technologies for energy storage.
“ Key informants pointed out the importance of aligning with global decarbonization efforts and adopting lessons from regional leaders to accelerate the transition to renewable energy while mitigating risks from energy insecurity,” the study also noted.
Meanwhile, with the vulnerabilities caused by climate change and geopolitical disruptions, the local think tank underscored the importance of a “secure and resilient” agricultural sector.
Informants highlighted the importance of agritech adoption, improved irrigation systems, and resilient crop varieties,” the PIDS study noted.
T he think tanks quoted ex -
perts as saying that strengthening food self-sufficiency programs would reduce dependency on imports and protect the country against external shocks, especially during global supply chain disruptions.
T he study also noted the country’s abundant reserves of critical minerals, such as nickel and cobalt, which are “vital” for electric vehicle production and renewable energy technologies.
Key informants identified the need for sustainable mining practices and domestic processing capabilities to maximize the economic value of these resources. They emphasized that the global push for decarbonization presents an opportunity for the Philippines to play a pivotal role in global value chains,” the study added.
I n sustaining the long-term competitiveness of these critical industries, the study pointed out the need to prioritize STEM education, technical training and advanced degree programs to prepare the workforce for emerging
economic demands. They also suggested establishing international exchanges and scholarship programs focused on critical industries to foster innovation and ensure knowledge transfer,” the study said.
O n health, the study underscored the importance of a “robust” healthcare and biotechnology sectors.
E xperts stressed that the Covid-19 Pandemic emphasized the need for local pharmaceutical manufacturing, vaccine research and development, and medical device production hubs to reduce reliance on imports and enhance the Philippines’s capacity to respond to future health crises. Other industries that need to be developed and supported amid the increasingly complex global landscape are the digital economy and cybersecurity; logistics and supply chain management; tourism and creative industries and defense and aerospace.
A ccording to the study, the Philippines’s expansion of critical industries are tied to the global economy and its reliance on the global supply chain means being exposed to a “variety of risks” associated with countries it has economic ties with.
www.businessmirror.com.ph
Phivolcs: Alarming volcanic activity at Kanlaon
By Jonathan L. Mayuga @jonlmayuga
THE Philippine Institute of Volca -
nology and Seismology (Phivolcs) has monitored “alarming volcanic activities” of Mount Kanlaon which remains under Alert Level 3 or Magmatic Unrest level.
In its 24-hour monitoring, ending at midnight Monday, Phivolcs said Kanlaon, which straddles the provinces of Negros Occidental and Negros Oriental, triggered at least two ash emission events, 10 to 47 minutes long, as well as 22 volcanic earthquakes and seven tremors for about 10 to 62 minutes during the past 24 hours ending midnight Monday.
Kanlaon was observed to emit 500-meter high plumes while continuously degassing with occasional ash emission drifting west and west-southwest.
At 2 p.m. on Friday, Phivolcs released a notice of increased ground deformation at the volcano.
“Ground deformation monitoring by
SBy Butch Fernandez @butchfBM
the Kanlaon Volcano Network (KVN) has been recording a pronounced inflation or swelling of the middle to upper portion of the eastern edifice since yesterday [Thursday] evening,” it said.
“Electronic tilt recorded by the Upper Pantao Observation station [VKUP] at 1,056-meter elevation on the eastern flank of the volcano showed an abrupt and sharp increase in inflationary tilt since 7:20 pm on January 10, indicating sudden pressurization within the upper portions of the edifice.”
It added: “Electronic Distance Meter [EDM] measurements by Kanlaon Volcano Observatory have been tracking inflation of the southeastern flank since the last week of December 2024 and deflation of the western flank since the first week of 2025.
“These ground deformation parameters are largely similar to those recorded before the December 9, 2024 eruption, which was also preceded by a drop in SO₂ emission.”
See “Kanlaon,” A4
Animal Welfare bill
PCG ship monitoring Chinese intruder undeterred by rough seas
BY Samuel Medenilla @sam_medenilla & Rex Naval
DESPITE rough sea conditions, BRP
Teresa Magbanua (MMRV-9701)
is continuing with its mission of monitoring the activities of China Coast Guard (CCG) vessel 5901 which was illegally operating in the country’s waters.
In a statement Sunday night, the Coast Guard (PCG) said the Filipino ship was going along with its duties despite “adverse sea conditions with estimated wave heights of three to five meters.”
“The PCG vessel, BRP Teresa Magbanua, continues to conduct vigilant monitoring of the illegal presence of the CCG vessel 5901. The Chinese vessel has been kept at a considerable distance of approximately 95 nautical miles off the coast of Zambales,” it added.
Also, BRP Teresa Magbanua is actively conducting radio challenges to address the unlawful presence of the CCG ship within
the Philippines’ exclusive economic zone.
“As highlighted in the PCG’s analysis of satellite imagery tracking the movements of the CCG vessels, it is crucial for the Philippines to persistently challenge their presence to prevent the normalization of their illegal activities, which could ultimately lead to a successful alteration of the status quo,” it added.
The PCG said that it will continue with its duty in guarding and protecting the country’s maritime jurisdiction against “actors that disregard international law” even as it ensures that all its actions remain non-escalatory.
Diplomatic protest
THE National Maritime Council (NMC) announced on Monday that the country has filed a diplomatic protest against the escalatory actions of China, when it deployed Chinese Coast Guard (CCG) ships and a navy helicopter at the West Philippine Sea (WPS) last week.
NMC made the announcement as it
vowed to intensify its legitimate maritime law enforcement and patrol operations in the WPS, the part of the South China Sea within the Philippines’ Exclusive Economic Zone (EEZ).
“In view of the situation, the Philippines has filed the diplomatic protest to counter China’s recent illegal actions in the WPS,” NMC said.
Based on its data, the Department of Foreign Affairs (DFA) said the country has filed 193 diplomatic protest against China under the Marcos administration.
China ignored all of those diplomatic protests.
ON 10 January 2025, CCG vessel 5901 or the so-called “monster ship” was spotted on the waters off Bajo de Masinloc, while CCG vessel 3304 was seen 70 to 90 nautical miles (NM) from the coastline of Zambales.
“The PCG continuously challenged CCG 5901 and CCG 3304 and told them to leave the area immediately,” NMC said.
The Council stressed that Philippines has sovereign rights and jurisdiction beyond Bajo de Masinloc’s territorial sea, over waters within the Philippines’ EEZ measured from its lawful archipelagic baselines.
“China does not have any basis to conduct law enforcement activities or maritime patrols over these waters,” NMC said.
It also called China’s deployment earlier this month of one its navy helicopter to harass a PCG vessel a provocative act.
“The escalatory actions of these Chinese vessels and aircraft clearly disregard Philippine and international laws, as their actions are inconsistent with the exercise of freedom of navigation and innocent passage, as well as the exercise of rights and observance of duties by other States in the Philippines’ EEZ under the Philippine Maritime Zones Act, 1982 Unclos [United Nations Convention on the Law of the Sea] and the 2016 Arbitral Ruling,” NMC said.
EN. Grace Poe has committed to exert every possible effort to see the passage of the animal welfare bill, stating that animal abuse remains rampant and is on the rise.
“Harrowing cases of animal cruelty pop up in the news and on social media, but too often, the abusers go unpunished,” Poe said.
“We need a more comprehensive and tougher law that will not only give perpetrators a slap on the wrist. Let’s make this happen in Poe vows one big push for
this Congress,” added Poe, chairperson of the Senate Finance Committee. She had earlier filed Senate Bill 2458, which aims to amend the 26-year-old Animal Welfare Law by introducing tighter standards, tougher penalties, and the creation of a Barangay Animal Welfare Task Force.
See “Poe,” A4
Comelec-PNP checkpoints nab more than 25 gun ban violators
JBy Justine Xyrah Garcia
UST two days into the implementation of the gun ban, the Commission on Elections (Comelec) reported that numerous individuals have already been
arrested.
In a press briefing held in Biñan, Laguna, Comelec Chairman George Erwin M. Garcia revealed that more than 25 individuals have been caught carrying firearms at checkpoints across Central Luzon.
As the gun ban continues, Garcia emphasized the importance of respecting the rules. He explained, “Respetohan lang iyan
See “Gun ban,” A4
www.businessmirror.com.ph
Legislator eyes law to protect small fishermen
By Jonathan L. Mayuga
@jonlmayuga & Jovee dela Cruz
@joveemarie
WHILE fishermen groups urged the Supreme Court to reconsider its ruling that would grant commercial fishing companies unrestricted access to local waters, the chairman of the House Committee on Aquaculture and Fisheries Resources met with the Bureau of Fisheries and Aquatic Resources (Bfar) on Monday to discuss possible legislative measures aimed at protecting the welfare of small fishermen.
Bicol Saro Rep. Brian Raymund Yamsuan convened the meeting following appeals from fishermen organizations, local governments and civil society groups to the Supreme Court’s First Division’s ruling that granted commercial fishing companies unrestricted access to municipal waters.
The Fisheries Code reserves the
Respeto ng mga nagmamando sa checkpoint sa mananakay at doon naman sa mga nache-checkpoint, respeto rin sa mga awtoridad…kaunting abala pero para yan sa ating lahat.”
The poll chief also shared some spot reports detailing the arrests, including those of Pfc. Jude Lhuel Ecoy, Jun King Santos, and Nilo Guevarra.
These individuals were arrested in Cabanatuan City for carrying pistols, even though they all held licenses to carry firearms outside their homes.
Garcia reminded the public that “good faith” is not a valid defense for those facing election offense charges due to possession of firearms during the gun ban period.
He clarified that even with a valid license or permit to carry, individuals will still be apprehended if they do not have an approved exemption from Comelec.
Possible violations
GARCIA said those who will violate the 150-day gun ban could face charges of election offenses, which carry penalties of one to six years imprisonment.
In addition, the suspension of their firearms licenses constitutes another violation under the firearms law.
On Sunday, the National Police chief, Gen. Rommel Marbil, also urged the public to cooperate with checkpoint protocols, particularly those related to the gun ban.
“Doon sa mga valid na may license to own firearms, we will revoke your license kung mahulihan kayo. Suspended iyan. We’ll come up with a policy kungilangtaon bago kayo puwedeng mabigyan uli. Just try us…habang buhay na kayong hindi magdadala ng baril,” Marbil warned.
He also reminded that checkpoints will be set up in well-lit areas and properly marked with clear signage, advising motorists to slow down.
Officers may also only conduct visual inspections, asking drivers to roll down their windows. Vehicle interiors and trunks will only be searched if there is reasonable suspicion of illegal activity.
Currently, over 1,400 checkpoints have been established nationwide.
Gun ban exemption applications will be accepted until the final two weeks of the election period, which ends on June 11.
15-kilometer municipal water zone exclusively for small-scale fishermen. However, the SC’s First Division upheld a 2023 decision of the Regional Trial Court in Malabon which invalidated provisions of the Fisheries Code ensuring preferential access for small fisherfolk. This ruling allows Mercidar Fishing Corporation, a commercial entity, to operate within these zones.
More groups oppose SC ruling
THE Philippine-Misereor Partnership Inc. (PMPI) has added its voice to protecting the 15-kilometer municipal fishing ground against commercial fishing.
A social development and advocacy network of 230 members from faith-based groups, nongovernment organizations, and people’s organizations, PMPI issued a statement expressing its concern on the SC ruling. Various nongovernment organizations and fishermen’s groups led by international
ocean conservation advocacy NGO Oceana and the Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) slammed the SC for the controversial ruling, which allows large-scale commercial fishers to operate within municipal waters, threatening the livelihoods of small-scale fishers who depend on these waters for their daily sustenance.
“We are alarmed and greatly disappointed that this ruling on Section 16 undermines the devolved powers of local governmentsunder the Local Government Code of 1991. By asserting that only the national government has the authority to regulate the use of natural resources, including municipal waters, the court has stripped local governments of a critical function designed to empower local governance and community-based resource management,” the PMPI said.
It added: “The invalidation of Sections 4 and 18 is equally distressing. The previous prohibition on commercial fishing in
Power rates drop to ₧11.74/kWh
By Lenie Lectura @llectura
THE Manila Electric Company (Meralco) announced Monday that the poser rate this month was slashed by P0.2189 per kiloWatt hour (kWh), bringing the overall rate for a typical household to P11.7428 from the previous month’s P11.9617 per kWh. For residential customers with a consumption of 200 kWh, this translates to a decrease of around P44 in their total electricity bill this month.
The power distribution utility company attributed the decline to a reduction in generation charge by P0.1313 per kWh to P6.8358 per kWh. This was brought about by lower charges from the Wholesale Electricity Spot Market (WESM) and Independent Power Producers (IPPs) which decreased by P0.8840 per kWh and P0.1593 per kWh, respectively.
WESM charges went down because of an improved supply situation in the Luzon grid as average peak demand dropped by 471 megawatts (MW). The average capacity on outage likewise decreased by 305 MW. IPP charges, meanwhile, went down because of the appreciation of the peso, affecting 97 percent of IPP costs that were dollar denominated; as well as lower cost of fuel and higher dispatch of the First Gas-Sta. Rita plant.
These reductions tempered the P0.5638 per kWh increase in charges from Power Supply Agreements (PSAs) due to lower plant dispatch.
WESM, IPPs, and PSAs accounted for 34 percent, 30 percent, and 36 percent respectively of Meralco’s total energy requirement for the period.
Transmission and other charges also registered a net reduction of P0.0876 per kWh.
Adverse weather condition causes ₧67 million damage to agriculture
ACOMBINATION of the intertropical convergence zone (ITCZ), shear line, and northeast monsoon of amihan has damaged P67.68 million worth of crops and infrastructures, Department of Agriculture (DA) said.
The agency said in its latest bulletin that the weather disturbances displaced 1,887 farmers, with 3,692 hectares of farmland. Of this, 1,887 hectares showed no chance of recovery.
It added that the volume of production loss recorded in Mimaropa (Mindoro, Marinduque, Romblon and Palawan), Western Visayas, Eastern Visayas, Davao, and Soccsksargen (South Cotabato, Cotabato, Sultan Kudarat, Sarangani and General Santos) was pegged
Poe emphasized that time is of the essence in acting on the measure, as the 19th Congress ends on June 30 of this year.
Poe will also conclude her two-term, 12-year stint in the Senate but vowed to continue her advocacy for animal welfare. She said that the cases of animal abuse are too grave to be ignored.
municipal waters less than seven fathoms (12.8 meters) deep was a vital safeguard for the 15-kilometer municipal waters designated for small-scale fisherfolk and their cooperatives or organizations.
“This decision opens these areas to commercial fishing, intensifying the challenges faced by approximately 2.3 million small-scale fishers who already endure food insecurity, habitat degradation, climate change, overfishing, and limited access to government services. These marginalized communities, which are among the most disadvantaged sectors as reported by the Philippine Statistics Authority in 2021, now face an even graver threat to their livelihoods and welfare.”
PMPI said the ruling also contradicts the spirit of Article XII, Section 2 of the Constitution, which provides that: “The Congress may, by law, allow small-scale utilization of natural resources by Filipino citizens, as well as cooperative fish farming, with priority to subsistence fishermen
Pass-through charges for generation and transmission are paid to the power suppliers and the grid operator, respectively, while taxes, universal charges, and Feed-in Tariff Allowance (FIT-All) are all remitted to the government.
Meralco’s distribution charge, on the other hand, has not moved since the P0.0360 per kWh reduction for a typical residential customer in August 2022.
“While electricity rates decreased this month, we would like to remind our customers to continue practicing energy efficiency as a way of life especially with the dry season is fast approaching,” Meralco Head of Corporate Communications Joe R. Zaldarriaga, who holds the rank of vice president, said. Zaldarriaga added that Meralco customers can also have better control of their monthly electricity bills with the help of the Meralco Appliance Calculator that provides information on the energy consumption of appliances and gadgets.
be disbursed to indemnify insured affected farmers.
at 472 metric tons (MT).
Broken down, rice suffered the brunt of the damage at 367 MT. This was followed by highvalue crops at 78 MT, and corn at 27.14 MT. Livestock and poultry lost 1,685 chickens, swines, carabaos, ducks, horses, turkeys, cattle and goats.
The DA said these were equivalent to P58.44 million for rice; P2.87 million for high-value rice, P2.23 million for corn, P4.12 million for livestock and poultry, and P20,000 for agricultural infrastructures.
Amid these losses, the agency said it provided inputs such as rice, corn, and vegetable seeds.
It added that available funds from the Philippine Crop Insurance Corp. (PCIC) will
Recently, the owners of a dog that went missing discovered their furry companion dead and burned in a province in the Visayas.
Reports indicate that a man killed and torched the dog, suspected of having bitten a chicken.
A video posted by a netizen also went viral, showing a tricycle driver dragging a cat.
Under the bill, the task force will empower local officers to address animal welfare issues with urgency.
The agency also encouraged farmers to tap the P500 million Survival and Recovery (SURE) Loan Program from the Agricultural Credit Policy Council. This will allow them to take out a loan of up to P25,000 which is payable in three years at zero interest.
Citing the state weather bureau’s situationer report, the DA noted that the shear line expected to bring moderate to heavy rainfall over Quezon, Camarines Norte, Camarines Sur, Albay, and Catanduanes on Tuesday.
The report noted that the shear line has been affecting the country since November 27, 2024, bringing moderate to heavy, with at times intense rainfall across Luzon, Western and Eastern Visayas.
It added that other weather systems such as the ITCZ and northeast monsoon are also affecting the country. Ada Pelonia
A section of the measure also deputizes as animal welfare enforcement officers those volunteers who have undergone the necessary training.
In addition, it will establish standards aimed at promoting responsible pet ownership, as well as ethical behavior and accountability from all those who have control over or provide care to animals.
“This bill is always worth fighting for as animal welfare reflects society’s capacity for compassion,” Poe said.
and fish workers in rivers, lakes, bays, and lagoons.”
Primary concerns
OUR primary concerns here are the livelihood and welfare of our 2.5 million small-scale fisherfolk and our food security.
We need to make sure that the impact of every decision made would not imperil efforts to boost our food security and endanger the sustainability of our marine resources,” Yamsuan said.
“We must also protect the welfare of our small fisherfolk, who remain the poorest sector in our country. Our actions should enhance their well-being, not push them further into poverty,” he added.
Yamsuan said he was informed by Bfar officials led by acting Director Isidro Velayo Jr. that they have been closely coordinating with the Office of the Solicitor General (OSG) to seek the reversal of the SC ruling.
Bfar also said that the SC decision was not yet final.
Yamsuan expressed concern over the possible far-reaching negative consequences of the SC decision amid the continuing decline in the Philippines’ fish catch.
Data from the Philippine Statistics Authority (PSA) show that the Philippines produced 1.02 million metric tons (MT) of fish in the second quarter of 2024, down by 6.2 percent from the 1.07 million MT output recorded in the same period a year ago.
This plunge continued in the third quarter of 2024, when the total volume of fisheries production was registered at 0.97 million metric tons, or a 5.1 percent drop from the 1.02 million metric tons output in the same quarter of the previous year, according to the PSA.
“Filipinos rely heavily on fish and other seafood as their primary source of protein, which is why we should remain vigilant in safeguarding and conserving our fisheries and aquatic resources,” Yamsuan said.
THE END OF THE TRUTH?
By Henry J. Schumacher
THE World Economic Forum annually releases a ranking of global risks at the meeting of the economic elite in Davos. At the top of the list of risks are misinformation and disinformation, particularly generated by tools of artificial intelligence (AI). In fact, deepfakes have not only shaken the credibility of campaign videos during the US election but are also undermining interpersonal trust and becoming a serious threat to political structures, business relationships, and the decision-making of executives.
Through the technical manipulation of documents, written contributions, static and moving images, falsehoods are spread with the appearance of truth. Conversely, truth can be branded as an AIgenerated falsehood (“lie dilemma”). The previously universal and truthful claims of written word and image are being destroyed—and with it, the credibility of emails, phone calls, and even video conferences, which are increasingly AI-manipulated, making financial transactions appear to be authorized by company executives when they are not. In January, the British engineering firm Arup suffered a loss of €23.6 million due to such fraud. In court and arbitration proceedings, one party sometimes accuses the other of using AI-generated documents, images, or film footage. After M&A transactions, questions arise about whether allegedly deepfake-manipulated documents were submitted for review. Finally, compliance investigations explore whether baseless payments were caused by cyberattacks using misleading documents.
Falsifications have always existed, but the perfection enabled by AI, combined with very low production costs and easy distribution, raises the risk of manipulation to an entirely new level.
Practical examples are already abundant, including reports of “Fake President Fraud.” The risks are real.
To manage this new high-risk field, I suggest, executives follow three guidelines:
1 Ensure the resilience of business models: Both the management and supervisory boards must carefully examine the risks of the fake world when managing corporate risks.
2 Analyze and document potential preventive measures: The management should assess measures for prevention, weighing their effectiveness and documenting all decisions. For example, AI software can be used to detect deepfakes or unusual patterns in data traffic.
3 Implement robust DecisionIntelligence Systems: The deployment of big data analyses and AI tools is necessary to prepare decisions on strategy, business models, and investments based on “appropriate” information, carefully weighing the pros and cons. Legal and contractual considerations must be adhered to, particularly in a global corporation. However, protecting against AIgenerated misinformation must also consider the “appropriateness” of actions, and that is only achievable with sufficient resources and time.
T hese risks require serious consideration. The trust culture that has existed so far must adapt to the AI world, and the importance of trustworthy network partners will increase. The protective measures are expensive but avoiding them will be even more costly. Let’s all agree than we cannot accept the ‘end of the truth’: the trust culture must survive, despite the AI world! I would appreciate to receive your comments; please email me at hjschumacher59@gmail.com
The agency reminded the public that Alert Level 3 (magmatic unrest) is raised over Kanlaon Volcano saying, “There is presently an increased chance for sudden explosive eruptions to occur and endanger communities at risk with life-threatening volcanic hazards.” Phivolcs said communities within a six-kilometer radius of the summit crater must remain evacuated due to the danger of pyroclastic density currents or PDCs, ballistic projectiles and ashfall, lava flows, rockfalls, and other related hazards.
Eco group flags plastic fiesta ‘banderitas as pollution risk
By Bless Aubrey Ogerio
COMMUNITIES in Pandacan and Tondo in Manila have been reminded of the environmental impact of plastic “banderitas” as they gear up for the feast of Santo Niño this weekend.
In a visual inspection in two areas conducted on Sunday, environmental group EcoWaste Coalition found the prevalence of single-use plastic decorations, including thin, handleless plastic sheets, locally called “plastic labo.”
“Buntings made of plastic ‘labo’ and other single-use plastics go straight to garbage disposal sites after the festivities,” said Ochie Tolentino, EcoWaste Zero Waste Campaigner.
“We question the continued use of disposable banderitas in faith-inspired festivities, which only add to the perennial garbage woes facing our communities.”
During the 128th Plenary Assembly of the Catholic Bishops’ Conference of the Philippines (CBCP) in July 2024, church leaders pledged to support efforts to combat plastic pollution as part of six ecological action points.
T his follows a 2019 pastoral letter on ecology, “An Urgent Call for Ecological Conversion, Hope in the Face of Climate Emergency,” which called for reducing
Filipino exporters told:
Unlock opportunities in EU food trade trends
Continued from A12
“[The] shift from SPS [sanitary and phytosanitary] and food safety to sustainability slows (the) EU trade agenda,” Hajdu said at the recent EU-Philippines Partnership Conference.
Launched in 2019 as part of the EU’s growth strategy, the European Green deal targets to achieve net-zero greenhouse gas emissions by 2050, Philexport explained.
“EU market access may be challenging but Philippine exporters have access to a wide range of support systems,” Hajdu said, citing ITC’s Export Potential Map, a tool where exporters can see what kind of exports have been already conducted and where is the missing potential they can build on.
Based on the Philippines Export Potential to Europe Arise Plus Report, Hajdu said top 10 local agriculture, food and beverage include bananas; crude coconut oil; pineapples (fresh or dried); coconut oil (excluding crude) and fractions; prepared or preserved tunas; desiccated coconuts; pineapples (prepared or preserved); mucilages and thickeners derived from vegetable products; edible parts of plants; and frozen yellowfin tuna.
Citing the ITC Export Potential Map, she said, Philippine products with potential to the EU and West Europe are electronic equipment, machinery, electricity, precious metals, and fruits.
Hajdu also highlighted the consumer and food industry trends in the EU.
“Obviously convenience is something you hear a lot of time. There is unfortunately not such an uptake on e-commerce as here in Southeast Asia and other countries,” she said.
“Because of the market power, there is a lot of interest in pleasure and wellness so if you have some
single-use plastics and adopting sustainable practices in homes and institutions.
The pastoral letter’s 13-point ecological action plan encourages simple living, waste segregation, and minimizing plastic and paper consumption, reflecting Pope Francis’ encyclical Laudato Si on environmental stewardship.
Tolentino also urged community leaders to set an example by opting out of plastic banderitas, as “it is not in tune with ongoing efforts to end plastic pollution, a planetary threat to public health and the environment.”
EcoWaste further appealed to both churches and communities to center environmental care in faith-rooted celebrations. It also cautioned political aspirants against exploiting the festivities for campaigning and contributing to waste.
“The use of disposable plastic banderitas in popular celebrations such as the feast of Santo Niño is inconsistent with local and global efforts to address the pervasive pollution caused by plastics, which compelled states to negotiate for a legally-binding treaty on plastic pollution,” Ecowaste said in a statement.
Countries are set to resume these negotiations later this year, with hopes of finalizing a global plastics treaty.
interesting fixtures, functional foods, this is really the market to go and obviously, consumers are becoming more sustainability and environmentally-conscious...,” she added.
Moreover, Hajdu explained the element of bioeconomy.
“We are really at the stage of advancing this topic so what can we do with agricultural commodities beyond food, how can we use it, and I think the Philippines has a lot of raw materials so this is really something to really be explored more and to be used better,” she said.
Latest Philippine Statistics Authority (PSA) data showed the Philippines’ outbound shipments to some countries in the European bloc have declined in the January to November 2024 period compared to the 11-month period in 2023.
For one, Philippine exports to Germany posted a 0.5 percent decline to $2.30 billion in the January to November 2024 period from the $2.32 billion export receipts in the same period in 2023.
In addition, the country’s outbound shipments to The Netherlands declined by 9.7 percent to $2.62 billion from the $2.9 billion export earnings in the 11-month period in 2023.
The Philippines’ export earnings amounted to $67.55 billion in the January to November 2024 period, a 0.4 percent decline from the $67.83 billion export receipts in the same period in 2023.
The United States remains as the country’s top export destination, with Filipino exporters earning $11.17 billion from America in the 11-month period in 2024. This represents 16.54 percent of the Philippines’ earnings from merchandise exports in the January to November 2024 period.
Among European countries, Germany is the top export destination of Philippine outbound shipments. However, it only ranks 8th among the country’s export destinations, based on PSA data.
House Appropriations Committee Chairman Zaldy Co steps down, citing health concerns
AKO Bicol Rep. Zaldy Co on Monday announced his decision to step down as chairman of the House Committee on Appropriations, citing pressing health concerns as the primary reason behind his decision.
House leadership vows to probe soaring rice and electricity prices, defend public welfare
By Jovee Marie N. Dela Cruz @joveemarie
THE leadership of the House of Representatives on Monday reaffirmed its commitment to investigating the soaring prices of rice and electricity, vowing to stand firm in defending the public’s welfare.
Speaker Ferdinand Martin G. Romualdez made the commitment in remarks at the resumption of the session of the 19th Congress after its holiday recess.
“Let this be our promise: public trust is sacred, and this House will never betray it,” Romualdez said.
“Good governance demands transparency and accountability. This chamber is the vanguard of that principle. In the coming weeks, we will hold oversight hearings to ensure that the people’s money serves the people’s needs,” he told his colleagues.
While ensuring energy reforms that lower electricity costs, the speaker also said, “we will investigate the smuggling and hoarding that undermines our farmers and inflates food prices,” Romualdez said.
Romualdez highlighted the House’s resolve to examine other pressing issues, including P11.18 billion worth of expired medicines and underutilized PhilHealth funds, as well as alleged misuse of confidential funds.
“And we will scrutinize the alleged misuse of confidential funds, for no peso must go unaccounted for,” he added.
The speaker noted that committees on ways and means and agriculture have started addressing the high costs of rice, agricultural products, and electricity.
“To those who criticize and attempt to halt our investigations, here’s our message: We will fulfill the duty entrusted to us by the people. We will not back down from any fight for the people,” Romualdez asserted.
Romualdez also lauded the Philippines’ economic resilience amidst challenges. Early projections for 2024 indicate a growth rate of 5.9 percent to 6.5 percent, attributed to the hardworking Filipino farmer, worker, and entrepreneur, and the administration’s Build, Better, More infrastructure program.
The initiative injected over P1.2 trillion into infrastructure projects aimed at connecting communities to opportunities.
“This performance is a testament to the industriousness of every Filipino farmer, worker, and entrepreneur who continues to drive our economy forward,” the speaker said.
However, Romualdez pointed out that economic growth should benefit the ordinary Filipino.
“Yet, let us be clear: numbers alone
Groups mount signature drive to
By Butch Fernandez @butchfBM
CAUSE -oriented groups, including Christian organizations, are exerting a last-ditch effort to stop approval in the Senate of a bill meant to stop the alarming rise of teen pregnancies, but which they said would harm innocent young children while depriving parents of any say on how sex education should be taught to their children.
“We urgently need your help in spreading the word about a deeply concerning piece of legislation that is on the verge of becoming a law in our Senate,” said a campaign for signatures shared with media.
“Senate Bill No. 1979, known as the Prevention of Adolescent Pregnancy Act of 2023, is currently on its third reading. While the title may sound well-intentioned, the contents of this bill pose a grave threat to our moral, societal, and spiritual values,” according to the critics of Senate Bill 1979.
The authors of the bill, said the opposers,
TIn a statement, Co expressed gratitude to the majority in Congress for graciously accepting his resignation from the key position. Ilocos Norte 1st District Rep. Ferdinand Alexander Marcos made the motion to declare the position vacant during the
cannot define progress. Progress is meaningful only if it uplifts the lives of our people. What is development for if the ordinary Filipino does not benefit?” Romualdez asked.
He said while the nation achieved economic progress, inflation remained a big challenge.
“Thanks to decisive action, inflation eased to 4.9 percent, but the burden remains heavy for many families. Programs like Ayuda sa Kapos ang Kita Program (AKAP) and Kadiwa ng Pangulo were launched not just as economic interventions but as expressions of our empathy. Governance, after all, must be both strategic and compassionate,” he said.
He also cited the accomplishments of the House in terms of approved legislative measures.
“In 2024, this chamber achieved an extraordinary milestone: 183 measures became laws. But true success lies not in the quantity of laws passed but in their quality—how they change lives,” he said.
“These are not just policies—they are commitments to a better, fairer, and stronger nation,” Romualdez said. He told his colleagues that their chamber, which he called People’s Chamber, “stands as a testament to the enduring strength of democracy.”
“Within these walls, we do not simply draft laws; we give life to the
aspirations of a nation, and we shape the destiny of generations yet unborn,” he said. He said the resumption of the session of Congress “is a moment to reflect on our shared purpose: to serve as stewards of our nation’s welfare, architects of its future, and guardians of its dignity.”
Also, Romualdez announced that next month, the Philippines will host the Parliamentary Intelligence-Security Forum (PI-SF) with 96 countries to address global security challenges. In 2026, the country will chair ASEAN and host the 47th AIPA General Assembly.
“The $100 billion in investments secured through state visits reflects international confidence in our nation’s future. These investments will transform industries, generate employment, and push the Philippines toward a new era of prosperity,” the House leader said. He, meanwhile, urged lawmakers to rise above partisanship, legislate with empathy, and lead with vision to uplift every Filipino.
“Let us legislate with empathy, govern with integrity, and lead with vision. Let us build a nation where every Filipino, no matter their station, feels the hand of the government working for their benefit…Together, we will ensure that no Filipino is left behind,” he said.
stop adolescent pregnancy bill’s passage
label it as an “Anti-Teen Pregnancy Bill,” but hidden within is a curriculum called Comprehensive Sexuality Education (CSE).
According to the UNESCO technical working guide it is based on a curriculum, which includes:
n Teaching children as young as 4 years old about childhood masturbation.
n Introducing 6-year-olds to the concept of bodily pleasures through the five senses.
n Asserting that by age 9, children have their own sexual rights.
“These teachings risk undermining the innocence of our children and the values we hold dear as a community.
It also strips away parental rights, where parents are left helpless without any right to refuse this for their children,” stressed the critics, “this is not a battle we can fight alone. We need your voice, your influence, and your willingness to stand with us to raise awareness about the implications of this bill.”
“Along with faith-based communities and concerned parents, help us share this message and help spread the word,” added the petition organizers, who urgently sought signatures to stop the Senate passage.
Advocates of Senate Bill 1979, among them Senators Risa Hontiveros and Sherwin Gatchalian, have raised the alarming numbers on teen pregnancies in the Philippines to justify the bill.
The latest data released by the Philippine Statistics Authority (PSA) showed thousands of illegitimate children were born to underage mothers—under 15 years old—and more than a hundred were born out of child marriages in 2023.
The PSA data showed there were 3,343 children born to mothers who were 15 years old and younger in 2023. Of this number, PSA said 3,225 children were born out of wedlock while the remaining 118 children were born to 15 year old and under mothers who were already married.
The data also showed that on top of the thousands born to child mothers,
PSA said 129 children were also born to fathers who were also 15 and under. This brings the total of children born to mothers and fathers who were children themselves to 3,472 in 2023.
“Adolescent mothers, particularly those under 15 years old, recorded the highest proportion of non-marital births, with 96.5 percent of their total births classified as non-marital,” PSA said in an earlier BusinessMirror story.
Among those children born to mothers who were under 15 years old, PSA said 3,318 children were first born while 25 were children born out of repeat pregnancies.
Among those mothers who are 15 years old and under, the data showed 56 of them were married and residing in the Bangsamoro Autonomous Region of Muslim Mindanao (BARMM) and 37 were also married and living in Soccskargen region. The three regions with the highest number of non-marital births, based on usual residence of the mother were CALABARZON at 16.4 percent; NCR, 13.4 percent; and Central Luzon, 11.6 percent.
By Joel R. San Juan @jrsanjuan1573
HE Regional Trial Court (RTC) of Muntinlupa City has issued a gag order enjoining all parties in the writ of habeas data petition filed by actor-television host Vic against controversial director Darryl Yap to observe confidentiality of its proceedings in line with the sub judice rule.
The urgent motion for issuance of gag order was filed by Yap’s camp and granted by Muntinlupa RTC Branch 205 Presiding Judge Liezel Aquiatan in an order issued on Monday.
The order enjoins Sotto’s camp “from publicly disclosing or discussing the contents of the verified returns” to be submitted by Yap’s camp and other information that will come out from the court proceedings on the writ of habeas data case.
“All parties are directed to observe
plenary session. The motion was carried without objection, but no replacement was immediately named.
“I extend my heartfelt gratitude to the majority in Congress for graciously accepting my decision to step down as chairman of the House Committee on Appropriations.
This decision, made with a heavy heart, is driven by pressing health concerns. The highly demanding nature of my role has
confidentiality in compliance with the sub judice rule, ensuring that the case proceedings and any related matters remain undisclosed to the public until resolved,” the court’s order read.
Yap is being represented by lawyer Raymond Fortun in the writ of habeas petition and cyberlibel complaints filed by Sotto through lawyer Enrique dela Cruz of the DivinaLaw.
The trial court also explained that lawyers’ statements on the case “may cause to misrepresent the Court’s orders and could prejudice public perception.”
“Ultimately, the Court’s priority would be to protect the fair administration of justice and prevent undue influence on the judicial processes,” it added.
Meanwhile, the trial court has given the camp of Sotto, up to three days to comment on Yap’s motion to consolidate the cyberlibel complaint case filed against him with the
taken its toll, and now need to prioritize seeking the medical attention necessary for my well-being,” Co said.
“I have always served at the pleasure of the majority. I am deeply honored to have been entrusted with the immense responsibility of steering the nation’s budget in service of the House of the people and the constituents we represent,” he added. Over the past three years, Co highlighted
writ of habeas data petition. While awaiting the resolution on the motion for consolidation, the court cancelled the hearing on the petition for writ of habeas data set on January 15, 2025 and reset the same to January 17 at around 8:30 a.m.
It also reminded Yap’s camp to comply with its order to submit the verified return of the writ within five days from the issuance of the order last January 9.
The petition for the writ of habeas data was filed by Sotto following the release of the trailer of Yap’s upcoming movie titled “The Rapists of Pepsi Paloma” where the actor-television host’s name was explicitly mentioned
A writ of habeas data “is a remedy available to any person whose right to privacy in life, liberty or security is violated or threatened by an unlawful act or omission of a public official or employee, or of a private individual or entity engaged in the gathering, collecting or storing of data or information regarding the person, family, home, and correspondents of the aggrieved party.”
several key achievements that he regarded with pride, including his stewardship over critical national programs such as the Ayuda sa Kapos ang Kita Program, which offered crucial assistance to those struggling with low incomes.
In his petition, Sotto sought to enjoin Yap and “all other persons acting on his behalf” from further disseminating to the public via all platforms all kinds of promotional materials relative to the said film which mention the personal information of the petitioner. The actor-television host also asked the trial court to compel Yap to remove or take down from all platforms all promotional materials in connection to the movie; to produce and provide all personal information or sensitive information about him that Yap collected or processed in relation to the promotional materials of the file; and to suppress the processing, sharing or distribution of his personal information within the respondents’ control or those contained in their database.
He also pointed out his efforts as the sponsor and shepherd of the budgets for 2023, 2024, and 2025, ensuring these allocations supported President Ferdinand Marcos Jr.’s eight-point economic agenda. Co underscored his work in securing vital funding for legacy projects in health, housing, and food security.
“Notably, securing funding for legacy initiatives in health, housing, and food security—particularly legacy hospitals and contract farming—will remain highlights of my service,” he said. Jovee Marie N. Dela Cruz
Progress made in talks over Israel-Hamas ceasefire and hostage release, officials say
By Victoria Eastwood, Samy Magdy & Josef Federman The Associated Press
CAIRO—US and Arab mediators made significant progress overnight toward brokering a ceasefire in the Israel-Hamas war and the release of scores of hostages held in the Gaza Strip, but a deal has not been reached yet, officials said Monday.
Three officials acknowledged progress has been made and said the coming days would be critical for ending more than 15 months of fighting that has destabilized the Middle East. They spoke on condition of anonymity because they were not authorized to discuss the talks.
One of the three officials and a Hamas official said there were still a number of hurdles to clear.
On several occasions over the past year, US officials have said they were on the verge of reaching a deal, only to have the talks stall.
One person familiar with the talks said there had been a breakthrough overnight and that there was a proposed deal on the table.
Israeli and Hamas negotiators will now take it back to their leaders for final approval, the person said.
a number of contentious issues still need to be resolved, including an Israeli commitment to ending the war and details about the withdrawal of Israeli troops and the hostage-prisoner exchange. The official was not authorized to brief media and spoke anonymously.
The Egyptian official confirmed that those issues were still being discussed.
Months of negotiations have repeatedly stalled THE Biden administration, along with Egypt and Qatar, has spent over a year trying to broker an agreement to end the deadliest war ever fought between Israelis and Palestinians and secure the release of scores of hostages captured in Hamas’ October 7, 2023, attack, which triggered the conflict.
Antony Blinken said last week that a deal is “very close” and he hoped to complete it before handing over diplomacy to the incoming Trump administration.
Israel’s campaign in Gaza has killed more than 46,000 Palestinians, the majority women and children, according to the territory’s Health Ministry, whose count does not give a breakdown between fighters and civilians.
Hamas-led militants killed some 1,200 people and abducted around 250 others in the attack that ignited the war.
The person said the mediators had handed off the draft deal to each side and that the next 24 hours would be pivotal.
An Egyptian official said there had been good progress overnight but that it would likely take a few more days, and that the sides were aiming for a deal before Trump’s January 20 inauguration. A third official said the talks were in a good place but had not been wrapped up. That official also assessed that a deal was possible before the inauguration.
A Hamas official, however, said
The person said mediators from the Gulf country of Qatar had put renewed pressure on Hamas to accept the agreement, while President-elect Donald Trump’s envoy, Steve Witkoff, was pressing the Israelis. Witkoff recently joined the negotiations and has been in the region in recent days.
But the sides have been divided over the details of the planned exchange of hostages for Palestinian prisoners held by Israel, as well as the nature of the ceasefire itself. Hamas has said it will not release the remaining captives without an end to the war, while Israeli Prime Minister Benjamin Netanyahu has vowed to continue the campaign until “total victory” over the militant group.
Under discussion now is a phased ceasefire. Netanyahu has repeatedly signaled he is committed only to the first phase, a partial hostage release in exchange for a weekslong halt in fighting. The
possibility of a lasting ceasefire and other issues would be negotiated after the first phase begins. Hamas has demanded a full withdrawal and complete end to the war, and is hoping this first phase will lead to that outcome.
US President Joe Biden, who hopes to wrap up a deal before leaving office next week, spoke with Netanyahu about the talks on Sunday.
The head of Israel’s Mossad foreign intelligence agency, David Barnea, and Biden’s top Mideast adviser, Brett McGurk, were both in the Qatari capital, Doha. Barnea’s presence meant high-level Israeli officials who would need to sign off on any agreement are once again involved in the talks.
McGurk has been working on final details of a text to be presented to both sides, Biden’s national security adviser, Jake Sullivan, told CNN’s “State of the Union.” But he said he would not predict whether a deal can be reached by January 20, the day of the inauguration.
“We are very, very close,” he said. “Yet being very close still means we’re far because until you actually get across the finish line, we’re not there.”
Palestinians and families of the hostages hope for a deal
JUST one brief ceasefire has been achieved in 15 months of war, and that was in the earliest weeks of fighting. US Secretary of State
Los Angeles wildfire death toll surges to 24 as firefighters brace for more
By Christopher Weber & Holly Ramer
LThe Associated Press
OS ANGELES—After a weekend spent blocking the explosive growth of fires that destroyed thousands of homes and killed at least 24 people in the Los Angeles area, firefighters got a slight break with calmer weather but cast a wary eye on a forecast for yet more wind.
Should that happen, already burned homes and valleys could flare anew, sending embers to unburned territory miles downwind. New fires could add to the complication.
The death toll surged late Sunday with an update from the Los Angeles County medical examiner. At least 16 people were missing, a number authorities said was also likely to rise.
The relative calm Sunday allowed some people to return to previously evacuated areas, however.
The National Weather Service issued red flag warnings for severe fire conditions through Wednesday, with sustained winds of 50 mph (80 kph) and gusts in the mountains reaching 70 mph (113 kph). The most dangerous day will be Tuesday, warned fire behavior analyst Dennis Burns at a community meeting Sunday night.
“It will kind of ebb and flow over the next couple days,” Burns said. “Tomorrow night, it will really ramp up.”
Spotting—new fires caused by blowing embers—could happen as much as 2 miles (3.2 kilometers) or more downwind of areas that have already burned, Burns said. Despite their recent losses, stress, and uncertainty, the crowd in a Pasadena City College gym was mostly respectful, in contrast with harsh criticism elsewhere for Los
Angeles and California leaders. Applause followed each of the experts, police, firefighters and community leaders who spoke.
Los Angeles County Fire Chief Anthony C. Marrone said 70 additional water trucks arrived to help firefighters fend off flames spread by renewed gusts. “We are prepared for the upcoming wind event,” Marrone said. Fire retardant dropped by aircraft will act as a barrier along hillsides, officials said.
Fierce Santa Ana winds have been largely blamed for turning the wildfires sparked last week into infernos that leveled entire neighborhoods around the city where there has been no significant rainfall in more than eight months.
Twelve people were missing within the Eaton Fire zone and four were missing from the Palisades Fire, Los Angeles County Sheriff Robert Luna said. Investigators were reconciling whether some of the missing might be among the dead but so far no children were among those reported missing, he said. Meanwhile, the death toll rose to 24 over the weekend. Eight deaths were attributed to the Palisades Fire and 16 to the Eaton Fire, according to the Los Angeles County coroner’s office. The toll could rise still more as cadaver dogs conducted systematic searches in leveled neighborhoods. Authorities established a center where people could report the missing.
Officials also were building an online database to allow evacuated residents to see if their homes were damaged or destroyed. In the meantime, LA city Fire Chief Kristin Crowley urged people to stay away from scorched neighborhoods.
“There are still active fires that
are burning within the Palisades area, making it extremely, extremely dangerous for the public,” Crowley said at a Sunday morning briefing. “There’s no power, there’s no water, there’s broken gas lines, and we have unstable structures.”
Officials warned the ash can contain lead, arsenic, asbestos and other harmful materials.
About 150,000 people in Los Angeles County remained under evacuation orders, with more than 700 residents taking refuge in nine shelters, Luna said. Officials said most of the orders in the Palisades area were unlikely to be lifted before the red flag warnings expire Wednesday evening.
“Please rest assured that first thing Thursday we will begin talking about repopulation,” Marrone said.
In all, four fires had consumed more than 62 square miles (160 square kilometers), an area larger than San Francisco. The Palisades Fire was 11 percent contained and containment on the Eaton Fire reached 27 percent. Those two blazes alone accounted for 59 square miles (nearly 153
square kilometers).
Crews from California and nine other states are part of the ongoing response that includes nearly 1,400 fire engines, 84 aircraft and more than 14,000 personnel, including newly arrived firefighters from Mexico.
Fighting to save public and private areas
AFTER a fierce battle Saturday, firefighters managed to fight back flames in Mandeville Canyon, home to Arnold Schwarzenegger and other celebrities near Pacific Palisades not far from the coast, where swooping helicopters dumped water as the blaze charged downhill.
The fire ran through chaparralcovered hillsides and also briefly threatened to jump over Interstate 405 and into densely populated areas in the Hollywood Hills and San Fernando Valley.
Arrests for looting
LOOTING continued to be a concern, with authorities reporting more arrests as the devastation grew. Those arrested included two
people who posed as firefighters going into houses, Los Angeles Police Department Capt. Michael Lorenz said.
With California National Guard troops on hand to guard properties, Gov. Gavin Newsom posted on X: “California will NOT allow for looting.”
Historical cost
THE fires that began Tuesday just north of downtown LA had burned more than 12,000 structures. No cause for the largest fires was determined.
Early estimates suggest they could be the nation’s costliest ever, as much as $150 billion according to an AccuWeather estimate.
Inmate firefighters on the front lines
Along with crews from other states and Mexico, hundreds of inmates from California’s prison system were also helping fight the fires. Nearly 950 prison firefighters were removing timber and brush ahead of the fires to slow their spread, according to the California Department of Corrections
Families of the roughly 100 hostages still held in Gaza are pressing Netanyahu to reach a deal to bring their loved ones home. Israelis rallied again Saturday night in the city of Tel Aviv, with photos of hostages on display.
In Gaza, Palestinians were tempering their hopes for a stop to Israel’s campaign, which has devastated much of the territory and driven around 90% of its 2.3 million people from their homes.
“We hear that there are negotiations every day, but we see nothing,” said Mazen Hammad, a resident of the southern city of Khan Younis. “When we see it on the ground, then we believe that there is a truce.”
Federman reported from Jerusalem. Associated Press writer Abby Sewell in Beirut contributed to this report.
fierce winds
and Rehabilitation. The practice is controversial as the inmates are paid little for dangerous and difficult work: $10.24 each day, with more for 24-hour shifts, according to the corrections department.
Rebuilding will be a challenge NEWSOM issued an executive order Sunday aimed at fast-tracking rebuilding by suspending some environmental regulations and ensuring that property tax assessments were not increased.
“We’ve got to let people know that we have their back,” he said. “We want you to come back, rebuild, and rebuild with higher quality building standards, more modern standards.”
More than 24,000 people had registered for federal assistance made available by a major disaster declaration by President Joe Biden, according to the White House.
Los Angeles Mayor Karen Bass said Sunday that she had spoken with President-elect Donald Trump’s incoming administration and expected that he would visit the city.
Leadership accused of skimping BASS faces a critical test of her leadership during the city’s greatest crisis in decades, but allegations of leadership failures, political blame and investigations have begun.
Newsom on Friday ordered state officials to determine why a 117 million-gallon (440 millionliter) reservoir was out of service and some hydrants had run dry.
Ramer reported from Concord, New Hampshire. Associated Press journalists Julie
in
MOHAMMAD EID carries the body of one of his three relatives killed on Saturday in an Israeli airstrike, as they are prepared for the funeral in Deir al-Balah, central Gaza Strip on Sunday, January 12, 2025.
China’s December exports surge 10.7% amid tariff concerns, boosting trade surplus to $104.84 billion
The Associated Press
HONG KONG—China’s exports in December grew at a faster pace than expected, as factories rushed to fill orders to beat higher tariffs that US President-elect Donald Trump has threatened to impose once he takes office.
Exports rose 10.7 percent from a year earlier. Economists had forecast they would grow about 7 percent. Imports rose 1 percent year-on-year. Analysts had expected them to shrink about 1.5 percent. With exports outpacing imports, China’s trade surplus grew to $104.84 billion. Here are some highlights from the report.
Higher tariffs on the horizon TRUMP has pledged to raise tariffs on Chinese goods and close some loopholes that exporters now use to sell their products more cheaply in the US. If enacted, his plans would likely raise prices in America and squeeze sales and profit margins for Chinese exporters.
China’s exports are likely to remain strong in the near-term, said Zichun Huang of Capital Economics, as businesses try to “front-run” potentially higher tariffs.
“Outbound shipments are likely to stay resilient in the near-term, supported by further gains in global market share thanks to a weak real effective exchange rate,” she wrote in a note. But exports will likely weaken later in the year if Trump follows through on his threat to impose tariffs, Huang said.
Record exports and total trade
OFFICIALS who briefed reporters in Beijing said the total value of China’s imports and exports reached a record 43.85 trillion yuan (nearly $6 trillion), up 5 percent from a year earlier. China is the world’s largest exporter and the main trading partner of more than 150 countries and regions, said Wang Lingjun, the Customs Administration’s deputy director general.
While growth of the rest of China’s economy has slowed following the pandemic and partly because of downturn in the housing industry, exports have surged. Under leader Xi Jinping, the ruling Communist Party is promoting upgrading of factories and a shift to more high-tech manufacturing. The report Monday said China’s export of mechanical and electrical products increased by almost 9 percent last year from a year earlier, with growth in exports of “high-end equipment” jumping more than 40 percent.
Exports of electric vehicles rose 13 percent, exports of 3D printers jumped almost 33 percent and shipments of industrial robots surged 45 percent. E-commerce trade, including sales by companies including Temu, Shein and Alibaba, registered 2.6 trillion yuan ($350 billion), more than twice the level in 2020.
What about imports?
CHINA does not pursue a trade surplus and wants to increase its imports, the officials said. But while imports edged higher last year, they still lagged exports, partly due to lower prices for key commodities such as oil and iron ore.
“Regarding this year’s imports, we believe that there is still a lot of room for growth. This is not only because my country’s market capacity is large, there are many levels, and it has huge potential,” said Lv Daliang, a Customs Administration spokesperson.
China also is blocked from importing some products due to trade restrictions, Lv said, alluding to controls by the US and some other countries on strategically sensitive exports to China, such as sales of advanced semiconductors and items that can be used for military purposes.
“In addition, some countries politicize economic and trade issues, abuse export control measures, and unreasonably restrict the export of some products to China, otherwise we will import more,” he said.
India kicks off huge Hindu festival touted as the world’s largest religious gathering
By Sheikh Saaliq The Associated Press
PRAYAGRAJ, India—Millions of Hindu devotees, mystics and holy men and women from all across India flocked to the northern city of Prayagraj on Monday to kickstart the Maha Kumbh festival, which is being touted as the world’s largest religious gathering.
Over about the next six weeks, Hindu pilgrims with gather at the confluence of three sacred rivers—the Ganges, the Yamuna and the mythical Saraswati— where they will take part in elaborate rituals, hoping to begin a journey to achieve Hindu philosophy’s ultimate goal: the release from the cycle of rebirth.
Here’s what to know about the festival: A religious gathering at the confluence of three sacred rivers
HINDUS venerate rivers, and none more so than the Ganges and the Yamuna. The faithful believe that a dip in their waters will cleanse them of their past sins and end their process of reincarnation, particularly on auspicious days. The most propitious of these days occur in cycles of 12 years during a festival called the Maha Kumbh Mela, or pitcher festival. The festival is a series of ritual baths by Hindu sadhus, or holy men, and other pilgrims at the confluence of three sacred rivers that dates to at least medieval times. Hindus believe that the mythical Saraswati River once flowed from the Himalayas
Where are all those exports going?
THE officials emphasized China’s efforts to expand trade with countries participating in its “Belt and Road” initiative to expand infrastructure construction and trade across much of the globe. Trade with those countries accounted for about half of China’s total trade last year.
They noted that China has completely eliminated tariffs on imports from the world’s poorest countries.
But China also values trade with traditional markets like Europe and the United States, and twoway trade with the US grew nearly 5 percent last year.
“We imported agricultural products, energy products, medicines, and aircraft from the United States, and exported clothing, consumer electronics, and household appliances to the United States, achieving mutual benefit and winwin results,” Wang said.
China and the overcapacity issue
US officials and other critics say Beijing has pushed an expansion of exports to help make up for sluggish demand inside China as the economy has slowed. With factories in some industries operating well below capacity, they contend that the country has an “overcapacity” problem.
Chinese officials reject that contention.
“Whether from the perspective of comparative advantage or global market demand, there is no so-called ‘China’s overcapacity’ problem. This problem is a pure false proposition,” Wang said when asked about the issue.
China has made its industries more efficient through upgrading, investment and innovation supported by research and development, he said. “We have ensured the stability of the global production and supply chain with our own complete manufacturing industry chain, and driven technological progress and industrial upgrading around the world.”
Medina in Saudi Arabia for the annual Hajj pilgrimage last year.
The festival is a big test for Indian authorities to showcase the Hindu religion, tourism and crowd management.
through Prayagraj, meeting there with the Ganges and the Yamuna. Bathing takes place every day, but on the most auspicious dates, naked, ash-smeared monks charge toward the holy rivers at dawn. Many pilgrims stay for the entire festival, observing austerity, giving alms and bathing at sunrise every day.
“We feel peaceful here and attain salvation from the cycles of life and death,” said Bhagwat Prasad Tiwari, a pilgrim. The festival has its roots in a Hindu tradition that says the god Vishnu wrested a golden pitcher containing the nectar of immortality from demons. Hindus believe that a few drops fell in the cities of Prayagraj, Nasik, Ujjain and Haridwar—the four places where the Kumbh festival has been held for centuries.
The Kumbh rotates among these four pilgrimage sites about every three years on a date prescribed by astrology. This year’s festival is the biggest and grandest of them all. A smaller version of the festival, called Ardh Kumbh, or Half Kumbh, was organized in 2019, when 240 million visitors were recorded, with about 50 million taking a ritual bath on the busiest day.
Maha Kumb is the world’s largest such gathering
AT least 400 million people—more than the population of the United States—are expected in Prayagraj over the next 45 days, according to officials. That is around 200 times the 2 million pilgrims that arrived in the Muslim holy cities of Mecca and
A vast ground along the banks of the rivers has been converted into a sprawling tent city equipped with more 3,000 kitchens and 150,000 restrooms. Divided into 25 sections and spreading over 40 square kilometers (15 square miles), the tent city also has housing, roads, electricity and water, communication towers and 11 hospitals. Murals depicting stories from Hindu scriptures are painted on the city walls.
Indian Railways has also introduced more than 90 special trains that will make nearly 3,300 trips during the festival to transport devotees, beside regular trains.
About 50,000 security personnel—a 50% increase from 2019—are also stationed in the city to maintain law and order and crowd management. More than 2,500 cameras, some powered by AI, will send crowd movement and density information to four central control rooms, where officials can quickly deploy personnel to avoid stampedes.
The festival will boost Modi’s support base INDIA’S past leaders have capitalized on the festival to strengthen their relationship with the country’s Hindus, who make up nearly 80% of India’s more than 1.4 billion people. But under Prime Minister Narendra Modi, the festival has become an integral part of its advocacy of Hindu nationalism.
For Modi and his party, Indian civilization is inseparable from Hinduism, although critics say the party’s philosophy is rooted in Hindu supremacy.
Biden reflects on foreign policy legacy amid global crises and Trump’s return to power
By Aamer Madhani The Associated Press
WASHINGTON—President
Joe Biden strode into the White House four years ago with a foreign policy agenda that put repairing alliances strained by four years of Republican Donald Trump’s “America First” worldview front and center.
The one-term Democrat took office in the throes of the worst global pandemic in a century and his plans were quickly stress-tested by a series of complicated international crises: the chaotic US withdrawal from Afghanistan, Russia’s 2022 invasion of Ukraine, and Hamas’ brutal 2023 attack on Israel that triggered the ongoing war in the Middle East.
As Biden prepares to leave office, he remains insistent that his oneterm presidency has made strides in restoring American credibility on the world stage and has proven the US remains an indispensable partner around the globe. That message will be at the center of an address he will deliver Monday afternoon on his foreign policy legacy.
Yet Biden’s case for foreign policy achievements will be shadowed and shaped, at least in the near term, by the messy counterfactual that American voters are returning the country’s stewardship to Trump and his protectionist worldview.
“The real question is: Does the rest of the world today believe that the United States is the undisputed heavyweight champion of the world when it comes to our reservoir of national strength, our economy, our innovation base, our capacity to attract investment, our capacity to attract talent?” White House
national security adviser Jake Sullivan said in an Associated Press interview. “When we took office, a lot of people probably would have said China. ... Nobody’s saying that anymore.”
After a turbulent four years around the globe, the Democratic administration argues that Biden provided the world a steady hand and left the United States and its allies on a stronger footing.
But Biden, from the outset of his presidency, in which he frequently spoke of his desire to demonstrate that “America’s back,” was tested by war, calamity and miscalculation.
Chaotic US exit from Afghanistan was an early setback for Biden
WITH the US completing its 2021 withdrawal from Afghanistan, Biden fulfilled a campaign promise to wind down America’s longest war.
But the 20-year conflict came to an end in disquieting fashion: The US-backed Afghan government collapsed, a grisly bombing killed 13 US troops and 170 others, and thousands of desperate Afghans descended on Kabul’s airport in search of a way out before the final US aircraft departed over the Hindu Kush.
The Afghanistan debacle was a major setback just eight months into
Biden’s presidency that he struggled to recover from.
Biden’s Republican detractors, including Trump, cast it as a signal moment in a failed presidency.
“I’ll tell you what happened, he was so bad with Afghanistan, it was such a horrible embarrassment, most embarrassing moment in the history of our country,” Trump said in his lone 2024 presidential debate with Biden, just weeks before the Democrat announced he was ending his reelection campaign.
Biden’s legacy in Ukraine may hinge on Trump’s approach going forward
WITH Russia’s invasion of Ukraine, Biden rallied allies in Europe and beyond to provide Ukraine with billions in military and economic assistance—including more than $100 billion from the US alone. That allowed Kyiv to stay in the fight with Russian President Vladimir Putin’s vastly bigger and better-equipped military. Biden’s team also coordinated with allies to hit Russia with a steady stream of sanctions aimed at isolating the Kremlin and making Moscow pay an economic price for prosecuting its war.
But Biden has faced criticism that he’s been too cautious throughout the war about providing the Ukrainians with certain advanced lethal weaponry in a timely matter and setting restrictions on how they’re used —initially resisting Ukrainian President Volodymyr Zelenskyy’s requests to fire long-range ATACMS missiles deep into Russian territory as well as requests for Abrams tanks, F-16 fighter jets and other systems.
Biden often balked, before eventually relenting, out of a concern that it was necessary to hold the line against escalation that he worried could draw the US and other NATO members into direct conflict with nuclear-armed Russia.
Trump, for his part, has criticized the cost of the war to US
EU to discuss easing Syria sanctions, pending political transition progress
By Baraa Anwer The Associated Press
IYADH, Saudi Arabia—Eu -
Rropean Union foreign ministers will meet in late January to discuss easing sanctions imposed on Syria, the bloc’s foreign policy chief said Sunday. However, she said the move would depend on Syria’s new rulers carrying out an inclusive political transition after last month’s overthrow of President Bashar Assad.
Kaja Kallas’ comments came at a gathering of top European and Middle Eastern diplomats in the Saudi capital of Riyadh to discuss Syria’s future.
Saudi Arabia called for the lifting of sanctions, which threaten to undermine Syria’s recovery from nearly 14 years of civil war that killed an estimated 500,000 people and displaced half the country’s prewar population of 23 million.
European countries and the United States have been wary over the Islamist roots of the former insurgents who drove Assad out of power and who now lead an interim government.
The former rebels have promised to hold a national dialogue summit that includes different
groups across Syria to agree upon a new political road map leading to a new constitution and an election.
Kallas said EU foreign ministers will look at how to ease sanctions during a January 27 meeting in Brussels.
“But this must follow tangible progress in a political transition that reflects Syria in all its diversity,” she said in a post on the social media platform X. She also posted a photo of herself meeting the new Syrian foreign minister, Asaad al-Shibani at Sunday’s gathering.
Germany urges ‘smart approach’ to sanctions THE US, the EU and some Arab nations began imposing sanctions on Syria after Assad’s brutal crackdown on the 2011 uprising against his rule and tightened them as the conflict spiraled into war.
Some of the measures are against individuals in Assad’s government, including freezing of assets. But many target the government in general, including bans on many financial and banking dealings, on oil purchases and on investment or trade in some sectors, crippling the wider Syrian economy.
German Foreign Minister Annalena Baerbock said sanctions
taxpayers and vowed to bring the conflict to a quick end.
Biden said Friday he remains hopeful that the US will continue to aid Ukraine after he leaves office.
“I know that there are a significant number of Democrats and Republicans on the Hill who think we should continue to support Ukraine,” Biden said. “It is my hope and expectation they will speak up ... if Trump decides to cut off funding for Ukraine.”
Daniel Fried, a former US ambassador to Poland and adviser to Presidents Barack Obama, George W. Bush and Bill Clinton, said Biden’s Ukraine legacy now will largely be shaped by Trump.
He added that Trump just may succeed in bringing what many Americans can accept as “a decent end” to the Ukraine war.
“That’s not necessarily going to happen, but it could,” Fried said. “And if he does, then the criticism of Biden will be that he acted to help Ukraine, but hesitated, dithered, did a lot of hand wringing, and it took Trump to actually bring about a fair settlement.”
Sullivan makes the case that Trump, a billionaire real estate developer, should consider the backing of Ukraine through the prism of a dealmaker.
Syria in normalizing ties with the international community.
against “Assad’s henchmen who committed serious crimes” must remain in place.
But she called for “a smart approach to sanctions, providing rapid relief for the Syrian population. Syrians now need a quick dividend from the transition of power.” Baerbock did not elaborate but announced an additional 50 million euros ($51.2 million) in German aid for food, emergency shelters and medical care.
At the gathering, Saudi Foreign Minister Prince Faisal bin Farhan said international and unilateral sanctions on Syria should be lifted.
Continuing them “will hinder the aspirations of the brotherly Syrian people to achieve development and reconstruction,” he said. He praised steps taken so far by the interim Syrian government, including promises to start a political process “that includes various components” of the Syrian people.
Turkey urges ‘balance’ in international demands of Syria
TURKISH Foreign Minister Hakan Fidan said his country, which was a strong supporter of the Syrian opposition to Assad, would try to help
He said it was important to establish a “balance between the expectations of the international community and the realities faced by the new administration in Syria.”
He pledged Turkish support to the new government, especially in combating threats from the Islamic State group.
“As Turkey, we are ready to do our part to ease the difficult path ahead for the Syrian people,” he said in comments carried by Turkey’s state-run Anadolu Agency.
Washington has eased some restrictions
Last week, Washington eased some of its restrictions on Syria, with the US Treasury issuing a general license, lasting six months, that authorizes certain transactions with the Syrian government, including some energy sales and incidental transactions.
The US has also dropped a $10 million bounty it had offered for the capture of Ahmad al-Sharaa, a Syrian rebel leader formerly known as Abu Mohammed al-Golani, whose forces led the ouster of Assad last month. Al-Sharaa was a former senior al-Qaida militant who broke with the group years ago and has pledged an inclusive Syria that respects the rights of religious minorities.
The rebels led a lightning insurgency that ousted Assad on December 8 and ended his family’s decades-long rule.
“Donald Trump has built his identity around making deals, and the way you make a good deal is with leverage,” Sullivan said. “Our case publicly and privately to the incoming team is build the leverage, show the staying power, back Ukraine, and it is down that path that lies a good deal.”
Biden’s Mideast diplomacy shadowed by devastation of Gaza
IN the Middle East, Biden has stood by Israel as it has worked to root out Hamas from Gaza. That war spawned another in Lebanon, where Israel has mauled Iran’s most powerful ally, Hezbollah, even as Israel has launched successful airstrikes openly inside of Iran for the first time.
The degradation of Hezbollah in turn played a role when Islamistled rebels last month ousted longtime Syrian leader Bashar Assad, a brutal fixture of Iran’s “Axis of Resistance.”
Biden’s relationship with Israel’s conservative leader Prime Minister Benjamin Netanyahu has been strained by the enormous Palestinian death toll in the fighting —now standing at more than 46,000 dead—and Israel’s blockade of the territory that has left
much of Gaza a hellscape where access to food and basic health care is severely limited.
Pro-Palestinian activists have demanded an arms embargo against Israel, but US policy has largely remained unchanged. The State Department in recent days informed Congress of a planned $8 billion weapons sale to Israel.
Aaron David Miller, a former State Department Middle East negotiator, said the approach has put Iran on its heels, but Biden will pay a reputational cost for the devastation of Gaza.
“The administration was either unable or unwilling to create any sort of restraint that normal humans would regard as significant pressure,” Miller said. “It was beyond Joe Biden’s emotional and political bandwidth to impose the kinds of sustained or significant pressures that might have led to a change in Israeli tactics.”
More than 15 months after the Hamas-led attack that prompted the war, around 98 hostages remain in Gaza. More than a third of those are presumed dead by Israeli authorities.
Biden’s Middle East adviser Brett McGurk is in the Middle East, looking to complete an elusive hostage and ceasefire deal as time runs out in the presidency. Trump, for his part, is warning that “all hell” will be unleashed on Hamas if the hostages aren’t freed by Inauguration Day.
Sullivan declined to comment on Trump’s threats to Hamas, but offered that the two sides are in agreement about the most important thing: getting a deal done.
“Having alignment of the outgoing and incoming administration that a hostage deal at the earliest possible opportunity is in the American national interest,” he said. “Having unity of message on that is a good thing, and we have closely coordinated with the incoming team to this effect.”
Taiwan sees surge in espionage arrests as China partners with criminal gangs
By Christopher Bodeen The Associated Press
TAIPEI, Taiwan—Taiwan’s intelligence bureau says China’s main spy agency is working with criminal gangs, shell companies and other dubious partners to gain intelligence on Taiwan’s defenses, resulting in a major rise in those arrested for alleged espionage on the island.
Current and retired Taiwanese military personnel are a special concern, accounting for around half of the 64 alleged spies put on trial last year, it said. That number is up from 16 in 2021 and 10 in 2022.
Some payments are made in cryptocurrency, while old-fashioned methods are also used such as sexual seduction to trap unsuspecting targets and pressure them to reveal secrets. That was the case of a one-star general, Lo Hsien-che, who was caught in such a scheme while stationed in Thailand, the bureau said. Among those arrested last year were 23 people working together in a spy ring, one of whom was sentenced to 20 years in prison, it said.
China’s main spy agency, the State Security Ministry, runs programs relying on traditional spy craft and cyberattacks, along with military intelligence, while the party’s United Front division runs propaganda campaigns.
China’s ruling Communist Party, which refuses most contact with Taiwan’s governing pro-independence Democratic Progressive Party, has frequent contacts with the main opposition Nationalist Party. Chinese tactics may have had some effect on local elections, but the DPP appears to be firmly in control and the vast majority of Taiwanese still favor maintaining their de facto independence, backed by strong support from the US.
The arrests are in line with China’s stepped-up campaign of military intimidation, economic coercion and “gray area” tactics such as utilizing the Internet to promote unification and providing all-expense-paid trips to China to low-level government officials. According to a report released over the weekend by Taiwan’s National Security Bureau, Chinese agents have sought to use the Taiwanese underworld to channel funds to those with information to sell. Gangs, many with origins dating to before the 1949 split between the two sides, are sought out, along with loan sharks, shell companies that can be used to launder funds, religious sects that sometimes engage in illegal activity, and non-profit groups, the report said.
PRESIDENT Joe Biden and Ukrainian President Volodymyr Zelenskyy shake hands after signing a security agreement on the sidelines of the G7 on June 13, 2024, in Savelletri, Italy. AP/ALEX BRANDON
Europe faces gas supply crisis: Escalating competition risks higher prices for consumers, emerging markets
By Anna Shiryaevskaya, Priscila Azevedo Rocha, Stephen Stapczynski & Ruth Liao
THE world is bracing for a fight for natural gas supplies this year, prolonging the pain of higher bills for consumers and factories in energy-hungry Europe and putting poorer emerging countries from Asia to South America at risk of getting priced out of the market.
For the first time since the energy crisis was turbocharged by Russia’s war in Ukraine, Europe risks failing to meet its storage targets for next winter, setting the stage for one last scramble for supplies before new liquefied natural gas capacity starts to ease the situation next year.
While Europe has enough gas reserves to get through this winter and prices have eased since the start of the year, inventories are being eroded by cold weather, which swept across the continent this weekend. Supply options have been squeezed since the start of this year, when Russian pipeline deliveries through Ukraine ceased following end of a transport agreement.
“There will certainly be an energy gap in Europe this year,” said Francisco Blanch, commodity strategist at Bank of America Corp. “That means that all the incremental LNG that’s coming online this year around the world will go into making up for that shortfall in Russian gas.”
To cover its projected demand, Europe will need to import as much as an extra 10 million tons per year of LNG—about 10 percent more than in 2024, according to Saul Kavonic, an energy analyst at MST Marquee in Sydney. New export projects in North America could help ease market tightness, but that hinges on how quickly the facilities can ramp up production. With fewer options to re -
stock for next winter, Europe will need LNG shipments, pulling some away from Asia, home to the world’s biggest consumers. Depending on how demand shapes up, the competition would drive prices higher than countries like India, Bangladesh and Egypt can afford and weigh on Germany’s economic recovery.
Gas futures in Europe, which typically also impact Asian spot LNG prices, are still about 45 percent higher than at the same period last year and contracts are trading at around triple pre-crisis levels so far in 2025.
Price surges “would be made worse if Asia-Pacific inventories are depleted as well, which would lead to competition for cargoes,” said Jason Feer, global head of business intelligence at energy brokerage Poten & Partners Inc. in Houston. It isn’t easy for all utilities and industries to find alternatives to gas. That’s a particular problem for Germany, which was reliant on Russia for more than half of its gas supplies before the Kremlin invaded Ukraine in 2022.
With its manufacturing sector laboring under higher costs, energy security has become a major issue in the country’s Feb. 23 snap election. The far-right Alternative for Germany is No. 2 in the polls in part because the party wants to revive cheap pipeline deliveries from Moscow to shore up manufacturing competitiveness.
Those losing out to Europe’s ability to pay a hefty premium for
gas will be Asia’s developing nations, with some cargoes already diverting to take advantage of higher rates.
It’s a similar situation in South America. Brazil struggled to replace waning hydropower generation following a drought-stricken period, and Argentina could be drawn into the competition for LNG for its upcoming heating season.
Egypt is also exposed. The country surprised the market last year when it shifted from LNG exporter to importer as it grappled with summer blackouts, boosting purchases to the highest level since 2017, according to ship-tracking data compiled by Bloomberg. The country may still require dozens of shipments this year to survive summer heat.
For LNG sellers, already reaping benefits of higher prices, the squeeze creates opportunities. In some cases, LNG producers may be able to ramp up capacity similar to an export boost that happened in the crisis year of 2022, according to Ogan Kose, a managing director at consultancy Accenture.
The outlook depends largely on how quickly new production facilities start up. Last year, growth was negligible as Egypt stopped exports and Russia’s newest Arctic LNG 2 plant was stifled by US sanctions, according to Laura Page from energy data firm Kpler.
That puts the spotlight on the US. The world’s biggest LNG supplier has for years pitched to save Europe from gas starvation and the message is likely to get louder
after Donald Trump enters office. He has already threatened tariffs if Europe doesn’t buy more American energy.
This year, US LNG exports are expected to rise by about 15 percent, according to Kpler, as Venture Global LNG Inc.’s Plaquemines and Cheniere Energy Inc.’s Corpus Christi expansion increase production. But the pace is in doubt. Cheniere has already warned the ramp-up this year will be “relatively slow.”
In Russia, still Europe’s second-biggest source of LNG, the
For the first time since the energy crisis was turbocharged by Russia’s war in Ukraine, Europe risks failing to meet its storage targets for next winter, setting the stage for one last scramble for supplies before new liquefied natural gas capacity starts to ease the situation next year.
Tough-on-crime policies make comeback in US state capitols
By David A. Lieb The Associated Press
JEFFERSON CITY, Mo.—Within minutes of his inauguration Monday, new Missouri Gov. Mike Kehoe is expected to issue a variety of orders targeting crime. The tone-setting move reflects a national trend. After a period of relaxed sentencing laws, a tough-on-crime approach is back in political favor in the US. Republicans and Democrats alike are promoting anti-crime initiatives as a new year of lawmaking gets underway in state capitols. That comes after voters in several states approved ballot measures in the fall imposing stricter penalties for crimes ranging from shoplifting to deadly drug dealing.
Kehoe, a Republican who cruised to election, is set to take the oath of office at noon. He plans a “Day One Action Ceremony” shortly afterward.
“As soon as my hand comes off the Bible, the Kehoe administration will be relentless in our efforts to make Missouri safer,” Kehoe pledged.
In some states, the anti-crime measures are intertwined with efforts to crack down on those living in the US illegally, mirroring an emphasis of President-elect Donald Trump. Many also propose tougher penalties for trafficking fentanyl, a synthetic opioid
blamed for tens of thousands of overdose deaths annually in the US. Other measures go beyond that. Some seek stricter sentences for sexual offenses involving children, violent crimes or retail theft rings, which have gained attention from social media videos showing shoplifting crews rampaging through stores.
In Maryland, Democratic state Sen. Ron Watson is sponsoring legislation he said would let prosecutors file felony charges against everyone involved in a group theft if the total value exceeds $1,500, even if each person stole less than that.
Criminals “have become emboldened because they can get away with things and pretty much get a slap on the wrist,” Watson said. “Violent or nonviolent, a crime is a crime. And that crime needs to be punished.”
Drug crimes in the spotlight UTAH state Rep. Matthew Gwynn, a Republican, is among many lawmakers targeting fentanyl traffickers. Gwynn said his bill would impose heftier penalties for selling large quantities of illicit fentanyl than for other drugs like heroin and methamphetamine.
The federal government and many states
have backed away from 1980s policies that imposed harsher sentences on crack cocaine than powder cocaine, as civil rights activists noted a disproportionate impact on minorities. But Gwynn, who is police chief of the Salt Lake City suburb of Roy, said sentencing enhancements for fentanyl are justified.
“I believe fentanyl to be almost terroristic in nature because of the amount of people it can kill,” Gwynn said.
Many types of crimes rose during the coronavirus pandemic. More recently, the rates of violent crimes and many property crimes have trended back down, though shoplifting remains above pre-pandemic levels, according to the Council on Criminal Justice, a nonpartisan think tank.
But people’s sense of security isn’t necessarily tied to statistics. High-profile crimes such as the New Year’s Day attack in New Orleans, the burning of a woman on the New York subway or the fatal shooting of a health insurance executive outside a New York City hotel can impact perceptions of public safety.
“When you see randomness, brazenness, that makes people feel vulnerable and suggests there is a sense of lawlessness, a breakdown of behavioral norms,” said Adam Gelb, president and CEO of the Council on Criminal Justice.
“Many people seem to think that
focus will be on whether the nation will be able to maintain its exports after the US on Friday imposed sanctions on two smaller facilities. Western sanctions have already stifled the major Arctic LNG 2 project and affected key equipment and service supplies, delaying its full completion by two to three years, according to Claudio Steuer, energy consultant and faculty member of IHRDC in Boston.
Trump, who has vowed to end Russia’s war in Ukraine, could also change the overall market outlook, especially if a peace deal includes energy, as expected. Russian pipeline gas exports via Ukraine could eventually continue in 2025, according to a note by Anthony Yuen and other analysts at Citigroup Inc.
For now, Asia has enough slack to cede LNG supply to Europe. China’s LNG importers have been reselling shipments for delivery through March and have largely halted purchases from the spot market, where prices are elevated. Indian gas importers have turned to cheaper alternatives, while Bangladesh has been forced
the reforms over the past two decades overshot the mark and there needs to be a rebalancing,” Gelb added.
Crime is on voters’ minds
NEARLY 8 in 10 voters in the US said they were “very” or “somewhat” concerned about crime in their own communities, according to AP VoteCast, a survey of more than 120,000 voters conducted during the fall election. The percentage saying they were very concerned was higher than the national rate in several states including Louisiana, Mississippi, New Mexico, Alabama and California.
California voters gave overwhelming approval in November to a ballot initiative making shoplifting a felony for repeat offenders and increasing penalties for some drug charges, including those involving fentanyl. The measure rolled back parts of progressive law passed by voters in 2014 that downgraded several nonviolent crimes to misdemeanors, including theft valued under $950 and some drug offenses.
In Colorado, voters approved a ballot initiative lengthening the time people must serve in prison before they can be paroled for certain categories of murder, assault, sexual assault, kidnapping, arson, burglary and robbery.
Arizona voters approved measures boosting penalties for deadly fentanyl sales and mandating life imprisonment for certain child sex trafficking crimes.
Rethinking loose sentencing laws
O THER states have backtracked just years
to adjust purchase tenders after offer prices were too high. Egypt turned to gasoil. Although Asia’s mild weather has allowed demand to adjust, tight markets increase the risk of volatility from extreme weather or supply issues. Output hiccups at export plants from Australia to Malaysia over the last year have showed how vulnerable the production side can be. Relief is on the horizon though. From 2026 onwards, delayed projects are slated to finally start shipping fuel. At that point, tight markets could become loose, according to Jefferies Financial Group Inc.
An additional 175 million tons of new supply will start arriving by 2030, primarily from the US and Qatar. That could cause downward pressure on prices and bring back customers in countries that are getting squeezed out this year.
“If current LNG expansion plans hold, 2026 should be the light at the end of the tunnel,” said Florence Schmit, a European energy strategist at Rabobank. With assistance from Elena Mazneva/Bloomberg
after relaxing sentencing laws. Democratic Oregon Gov. Tina Kotek signed a measure rolling back a 2020 voter-approved law that had made possession of small amounts of hard drugs such as heroin, cocaine and methamphetamine only punishable by a ticket and a maximum fine of $100. A new law that took effect last year makes that a misdemeanor punishable by up to six months in jail and imposes harsher penalties for selling drugs near parks and other places.
Republican Louisiana Gov. Jeff Landry signed numerous anti-crime laws last year, including longer sentences for carjacking and fentanyl crimes, the elimination of parole for most offenders and the reversal of a 2016 law that had treated 17-year-olds charged with crimes as juveniles instead of adults.
In Missouri, lawmakers in 2014 approved an overhaul of the state’s criminal laws that reduced possible prison sentences for some nonviolent drug crimes. In 2019, they added a law exempting some nonviolent offenders from requirements to serve between 40 percent and 80 percent of their prison terms, making hundreds of people eligible for release sooner. This year, Missouri lawmakers are backing numerous anti-crime measures, including bills targeting fentanyl, stunt driving, rioting, retail theft and resisting arrest. Other measures encourage recruiting more police.
“Too many Missouri families are being torn apart by violence and crime,”
Alarming rise in PHL’s debt: A looming crisis?
AS the Bureau of the Treasury reports a staggering 10.9 percent increase in the government’s outstanding debt, now standing at P16.090 trillion, it is imperative to reflect on the implications of this financial milestone. The figures, which reveal a year-on-year increase exceeding P1 trillion, highlight a pressing issue that deserves the attention of policymakers and citizens alike. (Read the BusinessMirror story: “Government debt breaches P16 trillion as peso weakens,” January 8, 2025).
The rise in debt can be attributed to several factors, including net financing, peso depreciation, and the government’s ongoing borrowing strategies. Notably, the depreciation of the peso against the US dollar has exacerbated the situation, elevating the value of foreign-denominated debt. With the peso down against the dollar at P58.602 in November, the impact of this currency fluctuation cannot be underestimated, particularly as external debt has surged by 15.3 percent year-on-year to P5.169 trillion.
While it is essential to acknowledge that a portion of this debt is domestic, with 67.87 percent comprised of domestic securities, the reliance on foreign obligations raises concerns about the sustainability of this financial trajectory. The government’s net issuance of domestic securities, alongside the effects of peso depreciation, reflects a strategy that may provide temporary relief but could lead to long-term dependency on debt instruments.
The implications of rising debt extend beyond mere numbers. The debt-to-GDP ratio, currently at 61.3 percent, surpasses both the government’s target and global benchmarks. This figure serves as a critical indicator of the country’s economic health, suggesting that the government is borrowing at a rate that outpaces economic growth, which has slowed in the third quarter last year to 5.2 percent. Such a trend signals potential risks to fiscal stability, particularly as projections suggest the outstanding debt could reach P20.7 trillion by the end of President Marcos’ term.
Critically, while the government’s Medium-Term Fiscal Framework aims to align debt-to-GDP to an internationally accepted threshold of 60 percent, the current trajectory raises questions about the feasibility of such targets. As debt continues to climb, it would do well for the government to prioritize fiscal discipline and explore innovative solutions to stimulate economic growth without further burdening future generations with unsustainable debt levels.
In light of these developments, it is essential for the government to communicate transparently with the public about its debt management strategies. Citizens deserve to understand how their government’s financial decisions impact their economic futures. Moreover, a collaborative approach involving various stakeholders—businesses, civil society, and the general public—can foster a more resilient economic environment.
The rising tide of national debt presents significant challenges that require immediate and concerted action from the government. As we navigate these turbulent financial waters, a commitment to transparency, fiscal responsibility, and economic growth will be paramount in securing a stable financial future for the nation. The situation calls for decisive action. Policymakers must urgently address the root causes of this debt spiral, implement robust fiscal consolidation measures, and chart a clear path towards sustainable debt management. Failure to do so could jeopardize the country’s economic future and burden generations to come with the consequences of today’s fiscal recklessness. The burden of debt should not fall disproportionately on our children’s children.
BusinessMirror
Opinion
TJohn Mangun
OUTSIDE THE BOX
Here are three pillars that sustain the modern global economy. When we talk about The economy, we are not only talking about money and wealth but everything else that emanates from the entity we broadly call the economic Framework.
Our entire standard of living, including education and health and safety, comes from “The Global Economy.” It influences and helps determine local and national politics to regional geopolitics. It is also all the aspects of culture from the arts to social priorities. There is virtually nothing that you or I can do to impact or sway The Holy Trinity. However, these are like the air we breathe in their power over us.
While all the pillars are equal in importance and impact at any given time, this is the first pillar. The United States-Mexico-Canada Agreement is a regional free trade agreement. But for all intents and purposes, USMCA (500 million population) is one economy led by the US, accounting for 28 percent of global GDP.
The total population of Europe is 750 million people, with 450 million in the 27-member European Union. The EU alone is 17 percent, with total Europe 22 percent of global GDP. Germany has been the economic growth engine of Europe for decades. Alone, China’s impact on global
GDP is 19 percent. However, including the BRICS countries (Brazil, Russia, India, China, and South Africa plus at 3.6 billion), total share of global GDP is approximately 26 percent.
Each of the three has had its individual business model for the past two-plus decades. The US model relied on low-cost manufactured imports from China, largely financed by the US borrowing against the recycled payments from China. The best funding source as the global financial hub, the US relied on its innovation and technology leadership. The US also has a powerful and massive consumer market.
The German template was its reliance on cheap energy from Russian natural gas and selling its exports to the US and then to the Chinese as the “Exportweltmeister” or “world export champion,” renowned for highquality, high-value produced goods. The model emphasizes producing premium products, which led to it being one of the world’s top exporters. China also relied on export-led growth as the world’s factory, thanks to low labor costs. While seeking for-
Each of the three has had its individual business model for the past two-plus decades. The US model relied on low-cost manufactured imports from China, largely financed by the US borrowing against the recycled payments from China. The best funding source as the global financial hub, the US relied on its innovation and technology leadership. The US also has a powerful and massive consumer market.
eign market access, China protected its own markets, enjoying the globalization benefits while protecting its strategic interests. Further the Chinese government maintains significant control over key sectors through state-owned enterprises and with subsidies, tax incentives, and regulatory advantages for exporters.
Jump to 2025. China’s economy is facing both deflation—annual inflation rate down to 0.1 percent in December 2024—and low growth, consistently averaging below five percent (official data) post-Covid. Full year official GDP growth averaged 8.9 percent for the past 40 years. Even leftof-center Rhodium Group put growth last year at around 1.5 percent instead of the official 5.2 percent.
The annual inflation rate in Germany accelerated for a third consecutive month to 2.6 percent in December 2024 from 2.2 percent (November), above the 2.4 percent forecast. The trend is up as it has lost its cheap Russian gas even as its government collapsed. Germany’s GDP
contracted 0.3 percent year-on-year in the third quarter 2024, coming worse than initial estimates of a 0.2 percent drop. This marked the fifth consecutive quarter of economic contraction.
Things are a little brighter in the US with the Core Personal Consumption Expenditure Price Index steady at 2.8 percent in November 2024 and GDP expanding by 2.7 percent year-on-year in the third quarter 2024. But government, corporate, and household debt are all at historic high levels. There is another “Holy Trinity” in the economics ecosystem. Actually, it is a “Holy Two and a Half,” being “Inflation,” “GDP growth” and the half is the currency exchange rate. The monetary policy of the central banks and the fiscal policies of the governments are about inflation and growth. Currency rates are not that important to the members of the Holy Three. Those governments can subsidize exchange rate losses or employ other mischief and tricks. But here is what is important for us. It is countries like the Philippines where exchange rates are critical. Emerging economies like Brazil, Turkey, South Africa, and India are heavily dependent on fluctuations in exchange rates that can significantly impact inflation, foreign debt servicing, tourism revenues, remittances, and the cost of imports and exports. Now you see why joining BRICS might be crucial.
E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.
Canada has counter-tariffs ready if Trump launches trade war, Trudeau says
By Curtis Heinzl
JuSTin
TrudeAu says Canada is ready to respond with counter-tariffs against the uS if President-elect donald Trump follows through on his threat to begin a trade war in north America.
Speaking on MSNBC’s Inside With Jen Psaki, the outgoing Canadian prime minister said his government isn’t looking for a trade fight with the new administration but will have to retaliate if the US puts tariffs on Canadian products.
Canada buys more US-made goods than any other country, according to US Commerce Department export data—about $320 billion in the first 11 months of last year. The US trade deficit on goods with Canada was $55 billion during that period.
“As we did last time, we are ready to respond with tariffs as necessary,” Trudeau said. “We are the number
one export partner of about 35 different US states and anything that thickens the border between us ends up costing American citizens and American jobs.” On a per-capita basis, Canada buys far more from the US than the US buys from Canada. When the first Trump administration placed tariffs on steel and aluminum in 2018, the Canadian government put levies on a list of US-manufactured items that included household appliances, bourbon whiskey and boats.
This time, Trump has said he’s considering broad 25 percent tariffs against items from Mexico and Canada. One draft retaliation plan
When the first Trump administration placed tariffs on steel and aluminum in 2018, the Canadian government put levies on a list of US-manufactured items that included household appliances, bourbon whiskey and boats.
circulating within the Canadian government would affect almost every category of products imported by Canada from the US, Bloomberg reported on January 10.
In the interview with Psaki, Trudeau touted Canada’s decision to spend more on border security, including more helicopters and drones, which aims to stymie the flow of fentanyl and illegal migration into the US—a direct response to Trump’s concerns.
“Less than 1 percent of the illegal migrants, less than 1 percent of the fentanyl that comes into the United
States, comes from Canada. So we’re not a problem,” Trudeau said. “We’ve actually responded to his request for us to do more with billions of dollars worth of investments to even further strengthen the security of our borders.”
Trudeau called Trump’s taunts about making Canada the 51st US state “distracting” from more pressing issues.
Trudeau, who said Jan. 6 he’ll resign as prime minister and Liberal Party leader, will remain in the country’s highest political office until members of his party choose his successor on March 9. Meanwhile, a prominent conservative provincial leader engaged with Trump on Saturday. Alberta Premier Danielle Smith said she met the president-elect at his Mar-a-Lago residence in Florida to emphasize the importance of US-Canadian energy
Dubai’s world beating property rally shows signs of strain
By Zainab Fattah
ShIN y new towers and villa communities will again spring up in Dubai this year as developers pile into one of the world’s biggest property booms. yet there are growing signs that the record rally in prices is slowing.
Every week, builders are breaking ground on homes they say are selling out within days or even hours. But some, including Dubai’s largest developer Emaar Properties PJSC, are starting to see the need for more caution. The emirate’s property boom has already continued for several years, its longest rally since homeownership was first opened to foreigners in 2002.
“Our expectations are the market will still do well next year here and globally. There is a positive sentiment for business especially with Trump coming in,” Emaar’s founder and Managing Director Mohamed Alabbar said in December.
But Emaar is now growing more wary of raising prices too much because it could “kill the golden goose,” Alabbar said. Dubai would need to keep attracting new residents to fill the homes being built. It also needs to provide affordable housing to avoid pushing expats out of the city at a time many are grappling with the global surge in inflation and rising costs of living. New millionaires
A LREADY, nearly a fifth of Dubai’s homes are valued above $1 million, according to the property firm Knight Frank. It predicts that residential prices will rise an average 8 percent in 2025, moderating from the eye-popping 20 percent jump of the previous year.
Meanwhile, Dubai’s prime home prices will rise 5 percent this year, the firm predicts, topping London’s 2 percent and New York’s 3 percent. Emaar—best known for building the world’s tallest tower—is set to complete 6,000 to 7,000 homes a year by the peak of 2026 and 2027, according to Bloomberg Intelligence.
But Dubai’s rally is leaving many questioning the sustainability of a market where much of the new supply is sold via installments ahead of construction. It’s a strategy that comes with risks because some buyers may not complete payments.
The strength of the US dollar, to which the United Arab Emirates has pegged its currency, also makes local property more expensive for many overseas buyers.
An influx of new residents including wealthy investors, crypto millionaires and rich Indians seeking second homes has helped drive up demand. Dubai’s population stood at 3.8 million in 2024, up from 3.66 million in 2023. Rents have also surged, pricing out many from their homes and helping drive residents into outskirt developments on the edge of the desert.
“The demand is still there but sales are slowing down as prices and rents have definitely hit a ceiling,” said Yasin Valimull, chief execu-
Canada.
. . Continued from A10
Opinion
Guidelines in the availment of tax treaty relief
Itive officer at property broker The Luxury Address, who specializes in high end sales.
Brokers say sales are starting to slow especially in the off-plan market. Buyers of such homes purchased ahead of construction are having to reduce prices to sell before completion, with the median price falling down to 1,600 dirhams ($436) a square foot from 1,700 dirhams in 2023, according to data by the researcher REIDIN.
Party goes on FOR developers, the good times are rolling on for now. SOHO, a developer, has managed to sell 84 out of 110 apartments in one of its towers.
“Real estate is a cyclical business and this cycle has got legs,” said Sahil Khosla, CEO of SOHO, said in a recent interview. “The city and the country have got their act together, where they offering the golden visas. They’re attracting businesses, they’re attracting international funds to move here.”
Khosla said his payment plans are geared toward end users who can pay half during construction and half after completion, when buyers can lineup mortgages.
“Still, we’re so cautious and we’re very strategic,” Sahil Khosla said. “We’re very slowly developing.”
Meanwhile, Imran Farooq, chairman of Samana, said his company had record monthly sales in September. That came after an exceptionally strong performance in July, which is typically a slow month for the developer, which is one of the biggest providers of homes below 1 million dirhams.
Emaar is among the best barometers for the health of the market. Its profit in 2025 is likely to hit 13 billion dirhams as many developments under construction are completed, according to analyst estimates compiled by Bloomberg. That’s a surge from profits of about 3.8 billion dirhams in 2021.
Still, the steady supply of new homes has the potential to limit prices. Dubai’s property developers launched a record number of new housing developments in 2024, according to REIDIN, with a total of nearly 140,000 homes having been either started or announced by developers across 588 projects.
And for many property firms, the big challenge will now be to complete the projects.
atty. Mabel L. Buted
Tax Law for Business
N 2021, the Bureau of Internal Revenue issued Revenue Memorandum Order (RMO) 14-2021, updating the procedures in availing tax reliefs under tax treaties. The BIR modified the manner of confirming entitlement to treaty benefits, in light of the pronouncement made by the Supreme Court in the case of Deutsche Bank AG Manila Branch v. Commissioner of Internal Revenue (GR 188550, August 19, 2013).
In this case, the taxpayer paid the regular tax due on the branch profit remittances to its head office, and thereafter invoked the lower tax rate applicable under the tax treaty and filed a claim for refund for the overpayment. The Supreme Court, in granting the taxpayer’s claim for refund, ruled that the then requirement under RMO No. 1-2000 of a prior application of tax treaty relief should not operate to divest the entitlement to the relief. At most, the application for a tax treaty relief from the BIR should merely operate to confirm the entitlement of the taxpayer to the relief. Further, the Court held that the fact that the taxpayer invoked the provisions of the tax treaty when it requested for a confirmation from the BIR before filing an administrative claim for a refund should be deemed substantial compliance with RMO No. 1-2000. Under the new rules, prior application for tax treaty benefits is no longer required. Tax relief under the treaties may be availed outright.
The withholding agent or income payor may rely on the Tax Residency Certificate (TRC) issued by the tax authority of the nonresident income payee in applying the lower tax rate or tax exemption provided in the treaty. In such case, the income payor must still file subsequently an application in the form of a request for confirmation of the tax treaty relief. The application should be filed not later than the last day of the fourth month following the close of the taxable year.
The parties may, however, apply the regular tax rate first and later invoke the benefit under the tax treaty. In this situation, the rules provide that the nonresident payee should file the tax treaty relief application (TTRA) any time after the receipt of the income.
In general, the following documents must be submitted in the application: (a) letter-request; (b) Application Form; (c) TRC of the foreign payee for the relevant period; (d) any document evidencing the pay-
ment or remittance of income; (e) withholding tax return with Alphalist of Payees; (f) proof of payment of withholding tax; and (g) Special Power of Attorney, expressly stating the authorized representative to file the application. Depending on the type of income, there are also specific requirements that must be submitted like invoices duly issued by the income recipient and proofs that the payment of income is not effectively connected with the permanent establishment of the foreign enterprise. For income constituting business profits, the authority of the signatories to sign the contract must be shown. In addition, a Certificate of Completion of the project needs to be executed. For interest, if the parties are related to each other, there must be proof that the interest is imposed at arm’s length rate. For dividends, the Audited Financial Statements and the General Information Sheet must be provided. For long-term contracts involving payment of income where the condition for entitlement to treaty benefits is dependent on time threshold, like service income, an annual updating is mandatory, unless the Certificate of Entitlement is issued with a tenor that allows the ruling to be applied to subsequent or future transactions. Sans the rule on prior application, the old procedures in processing applications for tax treaty relief appear to be more practical and less complicated to follow and comply. To recall, RMO No. 72-2010 allows either the nonresident income earner or the domestic payor-withholding agent to file. Unlike in the new rules, previously, there was no distinction between a request for confirmation
filed by the income payor and a TTRA applied by the nonresident payee. It should be noted that the requirements in a request for confirmation and TTRA under the new rules are essentially the same.
Further, the process under the previous rule is accomplished on a per contract basis and no annual updating is required. Many requirements under RMO No. 14-2021 that are not relevant in the determination of the nonresident’s entitlement to tax relief were also added. Documents proving that the transactions are authorized and contracted at fair value can be removed. The present guidelines in the availment of tax treaty benefits should be further simplified. In entering into double tax agreements with other countries, our government is expected to keep and observe the provisions contained in the treaties in good faith. Further to this, its policies and programs must help ensure ease in compliance rather than making it difficult for the parties to comply, which may ultimately result in the denial of entitlement—an abrogation of the government’s commitment under the treaties.
The author is a junior partner of Du-Baladad and Associates Law Offices (BDB Law) (www. bdblaw.com.ph), a member-firm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at mabel.buted@ bdblaw.com.ph or call 8403-2001 local 160.
EM currencies at central banks’ mercy as fiscal policy lags
By Marcus Wong & Prima Wirayani
EMERGING-MARkET central banks are becoming the first line of defense to shield local currencies pummeled by speculative attacks and fiscal shortfalls.
The latest bout of intervention from Latin American central banks in the currency market shows their tug of war with hot money is likely to persist until governments rein in spending. Over in Asia, the People’s Bank of China is enlisting more tools to defend the yuan as disappointing fiscal stimulus so far in the face of anemic growth and US tariff threats weaken the currency.
“Central bank currency intervention is not a tool that can adequately or sustainably defend regional currencies,” said Brendan McKenna, an emerging-markets economist and foreign-exchange strategist at Wells Fargo Securities LLC in New York. Shifting back toward fiscal responsibility would be the most effective way to stabilize a currency, he added.
dollar. It’s also planning to sell bills in Hong Kong to tighten liquidity offshore and drive up demand for the currency. But that’s hardly taming bearish bets as the onshore yuan lingers near the weak end of its allowed trading range.
Bank Indonesia is planning to help the government refinance maturing pandemic-era debt. Brazil’s central bank led a historic intervention to defend the real which fell to a record low versus the dollar in December due to a ballooning budget deficit, while the Colombian monetary authority surprised markets by slowing its easing campaign due to uncertainty over government finances.
guration on Jan. 20.
“We assume that Beijing will respond to any major tariff announcement from Trump’s team with a oneoff devaluation of its currency,” said Homin Lee, senior macro strategist at Lombard Odier. This higher flexibility for the yuan post-devaluation will provide greater scope for monetary easing to support the economy, he added.
The PBOC earlier this month reiterated its pledge to lower interest rates and the reserve requirement ratio for banks “at an appropriate time.” China’s finance minister said on Friday the nation will adopt a proactive fiscal policy and speed up the implementation of pro-growth measures.
Strategists at Bank of America still forecast the yuan falling to 7.6 per dollar in the first half of the year.
Fiscal dominance
achieved more from dollar weakness rather than from BCB policy action, Wells Fargo’s McKenna said. He expects fiscal dominance concern in Brazil to linger for at least the next few years leading into elections in late 2026. In Mexico and Colombia, rising budget deficits could be accompanied by the risk of inflation that becomes unanchored, even as prices are only creeping up so far, he added.
The Latin America debt crisis in the early 1980s and the Asian financial crisis in the late 1990s has improved the reaction function of emerging market policymakers. Latin America’s central banks proactively hiked interest rates starting in 2021 to combat inflation, doing so even ahead of major developed market peers. However, the resurgence in price pressures is coming in the way of further rate cuts at a time when heavy expenditures incurred by governments during the pandemic is sending alarm bells ringing on the fiscal side.
Trudeau, 53, has served as prime minister for nine years. His approval rating dropped below 30 percent last year, according to public opinion tracking by the Angus Reid Institute. Then came Finance Minister Chrystia Freeland’s December resignation in which she said the government needed to avoid “costly political gimmicks” and keep its financial capacity ready to deal with the impacts of a possible trade war.
Her exit led to an uprising of Liberal members of parliament calling on Trudeau to quit. The winner of the party’s leadership contest will become Canada’s 24th prime minister. A national election is due by October, and may come sooner if opposition parties join forces in a non-confidence vote to topple the government. Bloomberg
“We’ve had a record year and frankly we’re short of breath,” said Alabbar who says Emaar’s property sales surged 70 percent in 2024 from a year earlier. “That’s a big stretch for contractors, suppliers, architects and the overall market and the biggest risk is execution.” Bloomberg relationship. More than half of US crude imports come from Canada, most of it from Alberta. Smith has said she’ll attend Trump’s inauguration in Washington on January 20. Ontario Premier Doug Ford has threatened to retaliate against tariffs by cutting off his province’s electricity exports to several US border states. He has also proposed a new energy partnership that would deliver more nuclear power to the US. Canada’s provincial premiers plan to visit Washington in February to warn of the harm tariffs would cause to both countries.
The dollar’s surge due to a resilient US economy and expectations of fewer interest-rate cuts from the Federal Reserve have put central banks around the world on guard to defend their currencies and avert capital outflows. However, emerging market governments are constrained from deploying more fiscal firepower to bolster growth due to their elevated debt levels following the Covid pandemic.
The PBOC is keeping a tight grip on the yuan with its daily reference rate, around which the yuan can trade in a 2 percent range versus the
But these moves may only slow the inevitable impact on their currencies, as investors remain reluctant to buy on dips unless there’s a noticeable improvement in fundamentals, which would need to come mainly from the fiscal side.
PBOC pushback
AS the economic anchor of emerging Asia, China’s battle with speculators is keenly watched.
In its latest move, the PBOC suspended government bond purchases to curb a decline in bond yields and the yuan. However, currency traders remain on tenterhooks as they wait for US President-elect Donald Trump’s policies following his inau-
THE rising risk of fiscal dominance —where ballooning budget deficits are spurring inflation—are blunting the impact of monetary policy.
In Brazil, economists last month raised their 2025 inflation forecasts further above the top of the central bank’s tolerance range, and most analysts see the Banco Central do Brasil’s tightening cycle extending through mid-2025. However, mounting investor skepticism over President Luiz Inacio Lula da Silva’s commitment to fix a ballooning budget deficit sent the real into a tailspin last month, with the nation’s central bank spending some $20 billion in reserves in two weeks to defend the currency.
Real stability was ultimately
Thailand’s debt-to-gross domestic product has risen to 55 percent in 2023 from 34 percent in 2019, according to the latest data from the International Monetary Fund. China, Chile, Colombia and Poland are also seeing a similar trend.
“Fiscal dominance has become an important discussion point among EM investors,” Citigroup strategists including Luis E. Costa and Rohit Garg wrote in a note in December. Central banks in EMs such as Hungary, Poland, Brazil, and Mexico have recently mentioned fiscal risk as a reason for caution on their monetary policy stances, as per the note. Bloomberg
Zelenskyy seeks to exchange North Korean soldiers for Ukrainians
By Soo-Hyang Choi
UKRAINE is ready to return captured North Korean soldiers if leader Kim Jong Un can facilitate an exchange for Ukrainian soldiers being held in Russia, according to President Volodymyr Zelenskyy.
Ukraine has said it captured two North Koreans fighting for Russia in the Kursk region. Zelenskyy said
this is likely just the beginning, as Ukrainian forces are expected to capture more over time.
“Ukraine is ready to hand over Kim Jong Un’s soldiers to him if he can organize their exchange for our warriors who are being held captive in Russia,” the Ukrainian president said in a post on X.
“For those North Korean soldiers who do not wish to return, there may be other options available,” he added. “In particular, those who express a desire to bring peace closer by spreading the truth about this war in Korean will be given that opportunity.” Zelenskyy posted a video that showed one of the alleged North Korean soldiers expressing a desire to stay in Ukraine. The soldier also asked if Ukraine would send him back to North Korea, and when asked if he wanted to return home, he said he would do as he’s told. Zelenskyy said last week that around 4,000 North Korean soldiers were killed or injured in the Kursk region that borders Ukraine. The estimates haven’t been verified. In mid-December, the US said North Korea had “several hundred” casualties in clashes with Ukrainian troops, out of possibly 12,000 troops sent. Bloomberg
Comelec warns ‘epalitikos’ vs exploiting INC peace rally
By Justine Xyrah Garcia & Samuel P. Medenilla @sam_medenilla
AS members of the Iglesia ni Cristo (INC) held their “National Rally for Peace” on Monday, the Commission on Elections (Comelec) reminded political hopefuls to avoid being “epalitikos,” or politicians who exploit public events for personal gain.
I n a message to reporters, Comelec Chairman George Erwin M. Garcia emphasized the importance of respecting the rally’s p urpose.
“ This is a gathering for faith and unity. We stand in solidarity with our brethren in the Iglesia ni Cristo for their noble cause. This event should not be used for personal interests,” Garcia said in Filipino. He said that in the same way that politicians heeded advice to respect the January 9 Traslacion or the Feast of the Black Nazarene that drew 7 million devotees, he expected them to a lso respect the INC rally by not using it as a venue for politicking.
M illions of INC members participated in the rally across various cities and provinces, expressing support for President F erdinand Marcos Jr.’s stance against the impeachment of Vice President Sara Duterte.
S ome opinion leaders have said, however, the advocacy of one sector or sect, no matter how big, cannot override the constitutional prerogative of the House of Representatives to act on an impeachment complaint, if it does get e nough numbers.
The INC ralliers called for unity and good governance, with placards bearing messages such as “mamamayan ang unahin, huwag sarili ” and “problema’y lutasin, huwag palakihin [citizens first, not one’s self; solve the problem, don’t inflate it].”
In the National Capital Region, participants converged at the Quirino Grandstand, where the program was set to begin at 4:00 p.m.
A s of 12 noon, the Philippine National Police reported that over 1.6 million attendees had gathered, with numbers expected to swell throughout the day.
To ensure security, approximately 5,000 police officers were deployed around Quirino Grandstand, while an additional 1,200 Metro Manila Development Authority personnel were tasked with managing traffic congestion in the area.
G iven the massive turnout, Comelec Spokesperson Atty. John Rex Laudiangco urged the public to remain vigilant against individuals taking advantage of religious activities.
“Let’s remember that some politicians, though not yet candidates, a re already campaigning and abusing events like this. Let us not forget t heir actions,” Laudiangco said.
Not campaign period yet WHILE the official election period began on January 12, the Comelec clarified that campaigning is still prohibited as it is not yet the designated campaign period.
According to Resolution No. 10999, the election period runs from January 12 to June 11, 2025, during which a gun ban, checkpoints, and restrictions on transferring or appointing government officials are in place.
However, the campaign period for national candidates—senators and party-list groups—will b egin on February 11 and end on May 10, 2025.
For local candidates, the 45-day campaign period starts on March 28 and also concludes on May 10.
“Political hopefuls are not yet considered candidates at this stage, so the Comelec cannot impose campaign restrictions on them. But we can now monitor their actions closely,” Laudiangco added.
Palace taps agencies
MALACAÑANG mobilized government agencies to provide aid to t hose who participated or were affected by the nationwide INC rallies.
In a statement, Executive Secretary Lucas P. Bersamin instructed concerned agencies to deploy traffic and transportation management support and emergency health services in areas, which were covered by the NRP.
He said the initiative helped ensure the peaceful conduct of the INC assembly, which drew thousands of participants.
FBy Andrea E. San Juan @andreasanjuan
ILIPINO exporters, particularly of agri-food products, are encouraged to unlock opportunities in the 27-member bloc European Union amid supply chain vulnerability and changing perception of “food trade” in the European agricultural environment, according to the Philippine Exporters Confederation Inc. (Philexport).
Quoting Nelli Hajdu, EU market access expert at International Trade Centre (ITC), Philexport noted that Filipino exporters should explore the untapped potential in the EU market which houses 450 million con-
sumers with a “massively increased purchasing power.”
H ajdu cited several regulatory and policy developments in the past five years which impacted business opportunities in the EU market.
For one, the ITC official said Europeans have changed the way they respond to climate change, supply chain vulnerability and “changing geostrategic perception of food trade,” as well as the Green Deal initiatives which changed the dynamics of European agricultural environment and its impact on trade.
To peaceably assemble is a bedrock right guaranteed by our Constitution, cherished by our people, and consistently upheld by this administration,” Bersamin said.
“All government agencies are, therefore, ordered that this right to be exercised today by our Iglesia ni Cristo brethren should not be impaired,” he added.
The NRP was held at the Quirino Grandstand in Manila and other major cities nationwide including Cebu and Davao. The projected large number of INC members, who will participate in the NRP prompted the Palace and affected local government units (LGU) to suspend government work and classes in the concerned cities.
Bersamin recognized the importance of the NRP, which he said, is an important process in fostering relevant public discourse.
“ We view today’s assemblies as part of the national conversation we should be having as a people to bring clarity and consensus on issues that face us all and affect our f uture,” he said.
Davao, too IN Davao, home turf of the Dutertes, ralliers occupied much of the main downtown streets of San Pedro and
Claveria and its side streets as early as 3:00 a.m. Monday and police had to divert not less than 400 vans and private cars to a farther parking location to avoid a traffic gridlock.
Th e crowd estimate for the Davao leg of the NRP was at 200,000.
The INC said it has about half a million church members across the Davao Region, Soccsksargenn and Region 12 but Davao City requested them last week to trim down the number to 300,000.
A s of mid morning, ralliers wearing white shirts with the words “National Rally for Peace” had swelled to several street intersections farther away from the program site in Rizal Park.
P rogram hosts acknowledged the participation of 12 districts representing cities and provinces: Davao City, the five provinces of the Davao Region, General Santos City, Sultan Kudarat, Sarangani, North Cotabato, Sultan Kudarat and Maguindanao. They were joined by Duterte’s followers, and those of detained Pastor Apollo Quiboloy.
At least another Mindanao venue of the rally was in Butuan City for the Caraga Region and some parts of northeastern Mindanao. With Manuel T. Cayon
DEC RICE ARRIVALS PUSH 2024 VOLUME TO HISTORIC LEVELS
By Ada Pelonia
THE volume of imported rice that entered the country in December brought the 2024 arrivals to an unprecedented level.
L atest figures from the Bureau of Plant Industry (BPI) showed that rice shipments reached 454,802 metric tons (MT) in December, which catapulted imports to 4.78 million metric tons (MMT) last year. This was nearly 33 percent higher than the 3.6 MMT imported in 2023.
The agency revised upward the earlier 4.68 MMT rice imports recorded in 2024 due to “delayed counting.”
BPI data also indicated that only 51 percent of the 9,795 sanitary and phytosanitary import clearances (SPSICs) for the purchase of 9.37 MMT of imported rice arrived in the country.
A griculture Assistant Secretary Arnel de Mesa said several factors would account for the nonuse of the import clearances issued by the government. For one, he explained that sometimes there are delays in transactions or the SPSICs would expire. Under existing rules, the SPSICs have a 60-day validity period from the day of issuance.
“ There are applications that are automatically approved if the
BPI does not act on them and this is because of the [Rice Tariffication Law],” De Mesa told reporters in Filipino during a briefing on Monday.
A provision under the RTL states that “failure on the part of the BPI to release the SPSIC without informing the rice importer of any error, deficiency, omission, or additional documentary requirement shall mean automatic approval of the SPSIC applied for within seven days after submission of the complete requirements.” Meanwhile, Roehlano Briones, senior research fellow at the Philippine Institute for Development Studies (PIDS), said lower rice tariffs and damage from the dry spell and series of typhoons likely drove up rice imports.
“ Lower tariffs [and] harvest losses first from drought then typhoons [could have contributed to the surge in imports],” Briones told the B usinessM irror F or her part, University of Asia and Pacific Center for Food and Agribusiness (CFA) executive director Marie Annette Galvez-Dacul said a comprehensive analysis of the food staple’s value chain would be necessary to know the underlying cause behind the country’s imports.
DILG
AFTER exposing the “grand conspiracy” by some unscrupulous cops to misappropriate 990 kilograms of shabu (methamphetamine) with an estimated street value of P6.7 billion in 2022, the Department of the Interior and Local Government (DILG) is set to expand its crackdown in the Philippine National Police (PNP) to cover drug-bust operations as early as 2016.
DILG Secretary Juanito Victor “Jonvic” C. Remulla made the announcement during a joint press briefing with the Department of Justice (DOJ) in Malacañang on Monday to give updates the case of Police Master Sgt. Rodolfo Mayo, a member of the PNP Drug Enforcement Group (DEG).
This is my personal opinion, that there appears to be a grand conspiracy to conceal a criminal enterprise within the PNP,” Remulla said. He came out with the conclusion after the National Police Commission (Napolcom) resolved the cases i nvolving Mayo.
M ayo was arrested in 2022 following a buy-bust operation in Tondo, Manila. But even if he was apprehended through a “simulated hot p ursuit operation,” Mayo was still able to help in the misappropriation of drug evidence.
Some PNP officials and personnel tried to cover up Mayo’s involvement in the said incident, but it will discovered by authorities, which led to the fi ling of administrative cases against them before the Napolcom.
From December 13, 2024 to January 9, 2025, the Napolcom En Banc fi nally resolved the 99 summary dismissal cases involving 56 respondents involved in the Mayo case.
The Napolcom En Banc issued the following sanctions for the respondents: 21 respondents were dismissed f rom the service; 16 respondents were demoted in rank; four respondents were suspended for six months and 12 respondents’ cases were dismissed.
It also recommended to the Office
of the President the dismissal from the service of three of the respondents, who are presidential appointees.
A side from the administrative cases, those involved in the Mayo case can face criminal liability from the Department of Justice (DOJ).
DOJ Prosecutor General Richard D. Fadullon said they recommended the filing of cases for violation of Section 29 for planting of evidence and Section 92, for the delay and bungling in the prosecution of drug cases of Republic Act 9165 against 30 of the respondents.
“ These cases have now been filed and now are pending before the Regional Trial Courts of Manila. We understand that for the last information provided to us, warrants of arrest have already been issued,” Fadullon said.
B ased on his theory, Remulla said the misappropriation of confiscated illegal drugs become institutionalized from 2016 to 2022 or during the administration of former
President Rodrigo R. Duterte.
It seems that it became a standard procedure of some elements of P NP to have a drug haul, report some of it, then store most of it in warehouses,” Remulla said.
“It seems to be that we --- and what we have done now, for the time is to show conclusively, that a criminal enterprise involving the selling, the arrest, the storage that intent to distribute and intent to cover up all in one day is what is happening. So, it shows, that’s why, I said, a grand conspiracy of a criminal enterprise,” he added.
He said their expanded investigation on the misappropriation of confiscated drugs may also cover former PNP c hief Rodolfo Azurin, Jr., who led the PNP from 2022 to 2023. He was not included in the DILG Napolcom hearing because he was already, retired that time. But it does not make him impervious to a case buildup from DOJ,” Remulla said. Samuel P.
Medenilla
MILLIONS of Iglesia Ni Cristo members gather at the Quirino Grandstand in Manila for Monday’s “National Rally for Peace,” meant to call for political harmony and to oppose initiatives to impeach Vice President Sara Duterte. Similar rallies were held in the south, notably the Davao region, where mobilization drew 200,000 in the city (Davao rally at bottom right). ROY DOMINGO/MANUEL T. CAYON
Editor: Jennifer A. Ng
Cebu Landmasters ventures into coworking space sector
By VG Cabuag @villygc
Regional property developer
Cebu landmasters inc. (Cli) has forayed into the coworking space sector with the opening of Worknook in Cebu City.
As c e bu emerges as a hub for remote work and startups, c L i s aid WorkNook offers freelancers, small businesses, start-ups and students a flexible, accessible workspace tailored to modern professionals.
“WorkNook addresses the demand for alternative work environments with private offices, coworking areas, and fully equipped meeting rooms, complemented by amenities such as high-speed internet, office-grade furniture and a pantry with coffee. it s strategic location provides professionals
with convenient access to dining and leisure options, combining productivity with relaxation.”
With over 20 years of real estate expertise, c L i positions WorkNook as a “milestone” in its diversification efforts, contributing to its growing leasing portfolio and fostering a collaborative community for professionals, it said.
“WorkNook reflects our vision of creating spaces where today’s professionals can thrive,” Joanna s ob erano-Bergundthal, c L i s s V P for marketing and leasing, said.
“We’re excited to contribute to
c e bu’s dynamic remote work and business scene.”
A study by c i sco conducted in 2022 revealed that 37 percent of Filipino workers feel traditional office setups limit their potential, highlighting the need for spaces like WorkNook.
cLi said WorkNook is strategically located at Base Line center, a modern mixed-use development where professionals can enjoy comfort and convenience situated along Ascott branded hotels citadines cebu city and lyf cebu city, residential condominiums, an office building and various dining and leisure options.
Known for its residential, office, and mixed-use developments, c L i has seen significant growth in its commercial leasing portfolio.
The company reported a 47 percent year-on-year increase in leasing revenues, with 9,219 square meters of new leasable space in its portfolio. WorkNook contributes to this expansion, along with an
additional 32,196 square meters of leasable space in the pipeline.
Last November, c L i said its net income in January to s e ptember 2024 rose by 7 percent to P2.32 billion from the previous year’s restated P2.18 billion mainly on higher real estate sales.
c o nsolidated revenues for the period went up by 9 percent to P14.11 billion from the previous year’s P12.92 billion on steady growth across its business units. Real estate sale rose 6 percent to P12.46 billion from the previous P11.7 billion, driven by construction progress and commercial lot sale.
i n J anuary to s e ptember, c L i l aunched P8.2 billion worth of projects with 1,664 residential units, a balanced mix of 57 percent targeted for the mid-market segment while 32 percent is for the economic segment. New project launches are already 89 percent sold-out indicating high demand for the company’s products, the company said.
Tame inflation boosts D&L optimism
HEM ic A L m anufacturer
CD&L industries inc. is more optimistic about its earnings prospects for this year than in 2024, when consumers grappled with high prices.
D&L President Alvin D. Lao said this optimism is due to easing inflation and interest rates, the increase in spending for the midterm elections and the expected recovery of the tourism and hospitality sector.
“These are tailwinds for the economy and the normal trend in our company, as long as the economy is doing well, then we are a beneficiary,” he said, adding that another percentage point increase in the biodiesel blend in october will also boost earnings. Lao explained that the Philippine
economy and D&L’s profitability has been hurt in the last two years by high inflation as this dampened consumer spending. “if you look at how prices went up so much, especially during covid, everything was very expensive. For consumers, their pockets really got hurt. Rice prices really went up in the last two years,” he said. i t l ooks like the peak of the price of rice happened several months ago. The price of rice has actually been coming down and it’s another sign that inflation is coming down. s o , looking forward, it’s making us more optimistic this year with inflation much lower. There’s more breathing room now for consumers so,
By Lorenz S. Marasigan @lorenzmarasigan
SCMART communications inc. has fired up new 4G cell sites in the municipality of sa int Bernard, southern Leyte, enhancing connectivity in the province and supporting its agriculture-driven economy.
Debbie M. Hu, FVP and Wireless Network Head at smart, said the network expansion aims to empower farmers by providing them access to modern technology and reliable internet connectivity.
“Technology is a game-changer for farmers in agriculture-based provinces like southern Leyte. With reliable connectivity, farmers can access key information such as realtime weather updates, as well as learn more about modern-day farming techniques.”
southern Leyte is known for its primary crops of coconut and palay.
“By harnessing technology and digital tools, our farmers can make informed decisions, reduce losses, and increase their productivity, elevating the quality of life for farmers and their families, and boosting economic growth of the province.” Lorenz S. Marasigan
isco Philippines believes that the trend of leveraging artificial intelligence (A i ) w ill continue to “take center stage” in 2025, even predicting that it will “well surpass cloud and even the internet in its significance as a technology disruptor.”
“This has profound impacts on how businesses navigate issues, such as the ongoing skills gap, as well as their sustainability and security journeys,” c i sco Philippines Managing Director Zaza s orianoNicart said.
she said the promise of A i continues to captivate businesses, but harsh realities accompany its adoption.
cisco’s data reveals that only 22 percent of companies in the Philippines are fully equipped to maximize A i’s potential.
c h allenges such as inadequate infrastructure, cybersecurity gaps, and insufficient GPU capacity hinder broader adoption.
soriano-Nicart emphasized the importance of adaptable solutions like cisco’s A i PoDs, which integrate compute, networking, storage, and cloud management. These plug-andplay infrastructures aim to ease deployment complexities and accelerate A i implementation across industries.
As A i becomes more ubiquitous, she said ensuring responsible use
hopefully, it means more money to spend and hopefully is also means a better economy.
He also observed that, while spending is higher during the presidential elections, there is always an increase in consumer spending even during mid-term elections and this should boost the local economy this year.
Meanwhile, Lao said malls and hotels were full last December and that the Department of Tourism expects the number of foreign visitors to return to prepandemic levels this year.
For the company’s biodiesel business, Lao said “demand is quite strong” and that D&L is now operating at a higher capacity because of
should be a priority, with global leaders now facing mounting pressure to implement frameworks that improve the accountability of A i systems and address ethical and misinformation issues arising out of the use of A i, without inhibiting innovation.
companies, she added, will need to adopt responsible A i frameworks, conduct regular privacy assessments, and develop and implement a robust incident management plan to ensure judicious A i use.
“collaboration between public and private sectors will be crucial to establish standards and baseline regulations that promote innovation and enhance A i safety,” sorianoNicart noted.
on t he cybersecurity front, she said cisco believes that the escalating sophistication of cyberattacks is pushing businesses to adopt machine-scale defenses.
“The network will emerge as a crucial pillar in managing workloads and serving as both the first and last line of security defense. This will become
the increase in the mandated blend by 50 percent to 3 percent from 2 percent last october.
“From 40-percent capacity, we assumed we would be up by 20 percent to 60 percent. But, what we understand is that many other suppliers of biodiesel may have had issues ramping up their own capacity so we might have gone even above 60 percent to make up for the other manufacturers who could not ramp up their capacity.”
With the scheduled increase in blend to 4 percent by october, Lao said they expect orders from oil companies to start increasing around two months before implementation so sales should start increasing in the third quarter. VG Cabuag
increasingly important as attacks conduct lateral movement attacks where they use one entry point to infiltrate the rest of the network to penetrate deeper into organizational systems,” soriano-Nicart said.
Notably, A i is expected to transform security protocols, automating complex workflows and enabling innovations, such as cisco’s Hypershield technology. By embedding security into advanced silicon, businesses can enhance their ability to detect, respond to, and recover from cyber threats.
Furthermore, the integration of A i into the workforce will redefine roles, with machines complementing human efforts to address talent shortages, she said.
“Employees who can harness A i for their work will outperform others who do not use A i, achieving better quality of work, productivity, and efficiency. Possessing the right skillsets to leverage A i will be crucial to any technical and non-technical role. Every employee will have to upskill themselves to stay relevant.”
st ill, s oriano-Nicart envisions a tech-enabled workplace where physical offices become spaces for collaboration and innovation rather than routine tasks with A i taking center stage.
“The future of work won’t be a binary choice between humans and machines; rather both will coexist to get work done.”
THE securities and Exchange commission (sEc ) h as required listed companies and other corporations imbued with public interest to divulge the fees paid to their external auditors to enhance transparency and accountability in the reporting of their financial and operational results.
The new regulation was contained in sEc Memorandum circular No. 18, series of 2024, issued last December 26, which indicated the Guidelines on the Disclosure of Fee-related information of External Auditors.
The agency said this was in line with requirements under the code of Ethics for Professional Accountants.
The guidelines will apply to the annual financial statements of covered companies for the period ending December 31, 2024, and then thereafter. companies covered by the guidelines include public interest entities such as listed companies; issuers which have sold a class of its securities pursuant to a registration under section 12 of Republic Act 8799, or the securities Regulation code (sRc); and public companies or firms with assets of at least P50 million and has 200 or more holders of at least 100 shares of a class of equity securities each.
The guidelines also cover companies in the process of filing their financial statements for the issuance of any class of instruments in a public market; holders of secondary licenses issued by the sEc , Bangko sentral ng Pilipinas, and insurance commission; and such other corporations that the sEc may consider in the future as public interest entities.
Under the guidelines, all covered companies are required to present in two-year comparative format specific fee-related information as a supple -
WEsT Zone concessionaire
Maynilad Water ser vices inc. (Maynilad) on Monday reported that the P4.84-billion Water Reclamation Facility (WRF) in Las Piñas city, a project aimed at expanding wastewater services and contributing to the rehabilitation of Manila Bay, is 33 percent complete. Maynilad said in a statement that the Las Piñas WRF is slated to begin operations by July 2026. once operational, it will treat up to 88 million liters of wastewater per day, serving approximately 360,000 residents across 20 barangays in Las Piñas city. Treated wastewater from this facility will be safely discharged into the Zapote River, which flows into Manila Bay, helping to reduce pollution and improve water quality. strategically located in Barangay Pamplona Uno, the Las Piñas WRF will utilize advanced Anaerobic-Anoxic- ox ic (A2o) technology to effectively remove pollutants. The facility is designed to meet the Water Quality Guidelines and General Effluent standards of 2016 (DAo 2016-08), as mandated by the Department of Environment and Natural Resources (DENR). our construction timeline was
ment to their annual financial statements (AFs)
The required disclosure covers fees paid or payable to, or as agreed with, the external auditor/audit firm and network firms for the audit of financial statements on which the external auditor expresses an opinion. Fees charged to the covered company and its related entities, where it has direct or indirect control, and are consolidated in the financial statements on which the external auditor/ audit firm will express an opinion, will also be presented in a two-year comparative format. Any fees charged to any other related entities directly or indirectly controlled by a covered company for the services by the external auditor/audit firm or a network firm are also subject to the new disclosure guidelines. if applicable, total fees received by the external auditor/audit firm from the covered company that represent, or are likely to represent, over 15 percent of the total fees received by the external auditor for two consecutive years (fee dependency), and the year that this situation first arose are required to be disclosed in the two-year comparative format. covered companies are not required to comply with the guidelines if the information relates to a parent entity, or to an entity that is directly or indirectly wholly-owned by another public interest entity, that is also preparing group/consolidated financial statements which already includes the supplementary schedule. Firms that will fail to comply with the guidelines will be penalized, after notice and hearing, as prescribed under the Revised sRc Rule 68 and the consolidated scale of fines and penalties of the agency. VG Cabuag
unfortunately delayed by pandemic restrictions in 2020, but we resumed work in 2023 with renewed focus. This project reinforces our commitment to providing reliable wastewater services for our customers and easing the pollution burden on Manila Bay,” said Maynilad President and cEo Ramoncito s. Fernandez. The Las Piñas WRF is part of Maynilad’s larger program to accelerate the rollout of sewerage and sanitation services in Metro Manila. The project is financed through a partnership with the Japan international cooperation Agency (Jic A) and the Development Bank of the Philippines (DBP). since 2007, Maynilad has invested over P46.4 billion in enhancing the wastewater infrastructure across its concession area. The company currently operates 22 sewage Treatment Plants, two sewage and sewage Treatment Plants, and one sewage treatment Plant, with a combined treatment capacity of approximately 724,000 cubic meters per day. This latest facility is a testament to Maynilad’s continued dedication to environmental sustainability and public health through improved wastewater management, it said.
BloomBerg News
Banking&Finance
‘De-dollarization fueled by unknowns via Trump’
By Cai U. Ordinario @caiordinario
UNCERTAINTIES surrounding the policies of the incoming Trump administration are fueling de-dollarization efforts globally, according to the Asian Shadow Financial Regulatory Committee (ASFRC).
In a forum last Monday, ASFRC Chair and Massey University School of Economics and Finance Professor Martin Young said BRICS countries want to move away from the dollar.
If this is the direction, Young said, it cannot happen immediately. He said while it is not impossible, developing countries can start this by trading using their own currencies.
“The first step is for a lot more local currency invoicing. So if the Philippines is trading with Thailand, you use Philippine accounts and Thailand accounts,” Young said. “The downside of that has always been the fact that the foreign exchange markets
are so liquid in US dollars and not near so liquid say between Thai baht and Philippine peso.”
Young said there is a need to fully develop foreign exchange markets in order for trade to move away from the US dollar. As for the creation of a new currency that BRICS countries are considering, his personal view is that it may not materialize.
“My personal view is that probably they aren’t going to come up with an answer. It’s not going to happen. But I think they will put in place some form of guarantee for transactions between BRICS countries. Some sort of guarantee which is backed by my
How to become a savvy investor in 2025
INVESTING is more than a financial strategy; it’s a way to create a legacy for yourself and your loved ones.
As we embrace 2025, I encourage you to consider the five ways to become a savvy investor this year.
The world of investing is constantly evolving, with new opportunities emerging and traditional strategies being redefined. As we step into a new year, now is the perfect time to take control of your financial future. Whether you’re a seasoned investor or just starting, becoming savvy is about aligning your investments with your goals, risk appetite, and timeline. The journey may seem daunting, but with the right steps, you can achieve remarkable growth.
Let me share with you some insights and even a personal story to inspire you on this path.
1. Know your financial goals. Every successful investment journey begins with clear financial goals.
Are you saving for a down payment on a home, funding your children’s education, or preparing for retirement? Setting “specific, measurable, attainable, relevant and time-bound,” or “Smart,” goals helps you decide where and how to invest.
For instance, short-term goals might lead you to low-risk options like high-yield savings accounts or government bonds, while long-term goals could justify riskier but potentially higher-yield investments like stocks or mutual funds.
A friend of mine, started with a goal to build an emergency fund. He began with a simple money market fund, which offered low returns but ensured safety and liquidity. Over time, he expanded his portfolio to include equity index funds for his children’s college savings, aligning each investment with its purpose.
2. Understand and embrace your risk appetite. Risk and reward go hand in hand. Knowing your risk tolerance—whether you’re conservative, moderate, or aggressive—will guide your investment choices. Take the time to assess how much risk you’re willing to take, and remember that your risk appetite can change over time depending on your age, income, and financial responsibilities.
When I was younger, I was comfortable taking risks with individual stocks. However, as a father now, my priorities have shifted. I focus more on balanced funds and diversified portfolios that can grow steadily over the years. This approach ensures that my family’s future is secure while still capitalizing on the power of compounding.
3. Diversify your portfolio. The old adage, “Don’t put all your eggs in one basket,” remains true.
Diversification minimizes risk and
own resources,” Young said.
Apart from the uncertainties, Trump tariffs are prompting more countries to join not only BRICS but the Regional Comprehensive Economic Partnership (RCEP), another alternative economic bloc.
BRICS represents 40 percent of global GDP in purchasing power parity (PPP) terms and has gained three new members: Thailand; Indonesia; and, Iran.
The country became a member of the RCEP in 2020 when the negotiations concluded but the Senate of the Philippines ratified the agreement only in 2023.
“Countries join these blocs because China might withstand a trade war with the US and US tariffs affect other countries too, prompting them to hedge their positions,” ASFR said.
Overall, the uncertainties created by the incoming Trump administration is a concern for many not only from a currency point of view given that the first term of Trump led to significant welfare losses in Asian countries except for Singapore.
In the ASFR forum, University of the Philippines Economist Maria Soccoro Gochoco-Bautista said this
maximizes potential returns by spreading your investments across various asset classes, industries, and geographic regions. In 2025, consider multi-asset funds, exchange-traded funds (ETFs), or a mix of traditional and alternative investments like real estate.
4. Educate yourself continuously. The financial landscape changes rapidly, so staying informed is key.
Read books, attend seminars, and follow credible financial news sources.
With advancements in technology, online courses and platforms like YouTube and LinkedIn Learning make it easier than ever to upskill in investing. Knowledge empowers you to make informed decisions and avoid common pitfalls.
5. Start small, think big. You don’t need a fortune to start investing. Even small, consistent contributions can grow significantly over time. The magic lies in compounding, where your returns generate more returns. The key is to start now and stay consistent. As a father, I view investing as a way to provide security and opportunities for my family. I want my children to grow up knowing the value of money and the importance of planning for the future. Investing allows me to build a safety net—whether for unexpected emergencies or long-term goals like college tuition or a family home.
One lesson I’ve learned is that investing is not just about wealth; it’s about responsibility. Every peso I invest today brings me closer to a future where my family’s needs are met without financial strain. It’s a way to show my children that with foresight and discipline, they, too, can achieve financial freedom.
Becoming a savvy investor doesn’t happen overnight, but every step you take brings you closer to your goals. Start by understanding your financial objectives, assessing your risk appetite, diversifying, educating yourself, and taking action—even if it’s small. Remember, the best time to start was yesterday; the second-best time is today.
Investing is more than a financial strategy; it’s a way to create a legacy for yourself and your loved ones. As we embrace 2025, I encourage you to take the leap, stay consistent, and trust in the process. Your future self will thank you.
Karlo Bigla-awa is a Registered Financial Planner of RFP Philippines. To learn more about investment planning, attend the 109th RFP Program this January 2025 and inquire at info@rfp. ph for details.
was according to a study she did with UP School of Economics Dean Ma. Joy V. Abrenica, Assistant Professor Anthony G. Sabarillo, and Aix Marseille University’s Ricardo Rafael S. Guzman.
The study, Gochoco-Bautista said, these welfare losses were in terms of inflation, output growth, and tariff revenues. The total tariff collected from China in the first year of the Trump 1.0 tariffs may have reached $22 billion.
This was almost double the $12 billion collected by the United States from China during the first year of the Obama Administration.
The ASFR also estimated that should tariffs rise to 60 percent on goods coming from China, global supply chains are bound to be disrupted and fan inflation in the United States.
“Using blanket and higher tariffs to contain China could harm it but may not significantly benefit the US. It will also impact other countries, especially in Asia,” ASFR said in a statement read by Young last Monday.
Apart from tariffs, Gochoco-Bautista said, the welfare losses may also impact the United States. Deporting
SWEET DEAL ThiS December 16, 2024, photo courtesy of the Land Bank of the Philippines shows LandBank President and CEO Lynette V. Ortiz (3rd from left) and Sugar Regulatory Administration Administrator Pablo Luis S. Azcona (fourth from left) during the signing of the revised implementing rules and regulations of the Socialized Credit Program under the Sugarcane industry Development Act at the SRA Sugar Center Building, North Avenue Diliman, Quezon City. The streamlining of the program’s processes aims to provide more accessible and affordable credit support, in line with LandBank’s commitment to empowering Filipino sugarcane farmers and boosting the country’s agriculture sector, the lender said through a statement issued last Monday. CREDIT: LanD Bank of ThE PhILIPPInEs
‘Deeper’ probe pushed on banks’ links to Pogos
SBy Butch Fernandez @butchfBM
ENATOR Sherwin Y. Gatchalian vowed to intensify inquiry into the possible involvement of banks and other financial institutions in money laundering cases linked to illegal activities of Philippine Offshore Gaming Operators (POGOs).
For one, Gatchalian questioned why banks failed to flag P7 billion in transactions that enabled former Mayor Alice Guo and her cohorts to build a POGO hub in Bamban.
“Paano naipasok ang P7 billion na hindi dinedeklara ng bangko at hindi nade- detect ng AMLC (Anti Money-Laundering Council)?” he said, referring to the estimated amount of money used to build the POGO hub in Bamban.
“Money laundering is equally as big of a crime,” said Gatchalian, chairman of the Senate Committee on Ways and Means. He added that he will soon file a resolution calling for an investigation on the matter.
Gatchalian previously said that crim-
inal activities committed in POGO hubs such as human trafficking, kidnapping, investment and love scams among others could have been prevented had banks strictly complied with the Anti-Money Laundering Act. For over two years, the senator has advocated for the termination of all POGO operations in the country, emphasizing that transactions involving hundreds of millions in POGOrelated money should have been flagged.
During the last Senate hearings on POGO, representatives from the AMLC said the agency was still conducting its own investigation on the source of funds used for the construction of the Bamban POGO hub. Similarly, an investigation is also being conducted into compliance issues of banks involved in POGO-related transactions.
Among the biggest money flows that Senate probers had tagged during the hearings they conducted involved the entry of so-called “investments,” valued at P6 billion, to build the humongous 38-building POGO enclave in Bamban, Tarlac, that dismissed mayor Alice Guo was accused of enabling.
a million illegal immigrants from the US annually will amount to $88 billion in logistics costs alone.
She added that the tax cuts that Trump wants to implement could also set back the US government’s revenues by $2.3 trillion annually.
“So it’s very hard to see from the US perspective how the tariff, the revenue generating exercise can actually make up for the expected cost assuming that he’s successful at deporting at least a million illegal immigrants a year and actually pursuing all the tax cuts that he wants to pursue,” Gochoco-Bautista said.
“The US really didn’t gain very much from tariffs in terms of reshoring industries back to the US and then you know you have fewer American consumers have fewer choices, goods to buy and and they buy them at higher prices,” she added.
While some Asian countries did benefit from the tariff war between the US and China during the first Trump administration, this did not include the Philippines.
“There are winners and losers. But in general we know countries grew by being open economies, open to trade and investment. And anytime
By Reine Juvierre Alberto @reine_alberto
STRONG investor demand for Treasury bills (T-bills) prompted the Bureau of the Treasury (BTr) to upsize the amount it awarded as yields declined.
On Monday, the Treasury raised P27.6 billion, higher than the programmed P22-billion offering.
The primary auction was met with overwhelming demand. Bids were 4.3 times oversubscribed as total tenders reached P93.776 billion.
The auction committee decided to double the accepted non-competitive bids for the 91- and 182-day tenor short-term government securities.
As such, the Treasury awarded P9.8 billion in 91-day and 182-day Tbills and P8 billion in 364-day T-bills.
Rates across all tenors corrected lower again, similar to the declining yields in the secondary market, by as much as 27.3 basis points (bps) compared to the previous auction.
The 91-day T-bills fetched an average rate of 5.588 percent, lower by 19.4 bps from the previous auction’s 5.782 percent. Bids for the security amounted to P37.863 billion, 5.4 times higher than the initial P7billion offer.
Meanwhile, the 182-day T-bills settled at an average rate of 5.638 percent, down by 27.3 bps from 5.911 percent previously. The tenor attracted total bids of P31.375 billion, 4.48 times the initial P7-billion offer.
The 364-day T-bills settled at an average rate of 5.891 percent, falling by 4 basis points from 5.931 percent in the previous auction. Total bids for the security hit P24.538 billion, thrice the P8-billion offer.
In comparison, the Bloomberg Valuation Service reference rates are 5.751 percent for the three-month
you have policies that restrict trade, really nobody gains, in the end, nobody gains,” Gochoco-Bautista said.
Based on the latest data from the Philippine Statistics Authority (PSA), the country’s top export market was the United States and its top source of imports was China in November 2024. The US posted the highest export value amounting to $969.09 million or a share of 17 percent to the country’s total exports in November 2024. This was followed by Japan with export earnings amounting to $916.12 million or 16.1 percent of the total; the People’s Republic of China, $786.35 million or 13.8 percent; Hong Kong, $600.24 million or 10.5 percent; and Singapore, $288.11 million or 5.1 percent. Meanwhile, China was the country’s top source of imports, with goods valued at $2.82 billion or 27 percent of the country’s total imports in November 2024.
This was followed by Indonesia which import receipts amounting to $877.77 million or 8.4 percent; Japan, $827.75 million or 7.9 percent; Republic of Korea, $774.55 million or 7.4 percent; and the US, $621.3 million or 5.9
tenor, 5.820 percent for the sixmonth tenor and 5.856 percent for the one-year tenor.
T-bill average auction yields declined the the maximum suggested retail price for imported rice was set to P58 per kilo, which could further support benign inflation, according to Michael L. Ricafort, chief economist of the Rizal Commercial Banking Corp.
“Most Treasury bill average auction yields are already and interestingly below the 5.75 percent key Bangko Sentral ng Pilipinas (BSP) overnight (1-day) rate, on possible local policy rate cut,” Ricafort explained. The Monetary Board, the BSP’s policy-making body, is set to meet on February 20.
Inflation accelerated to 2.5 percent in November while the BSP expects inflation to average between 2.3 percent and 3.1 percent in the last month of 2024.
Based on the month-ahead inflation forecast of the central bank, fullyear inflation could average 3.2 percent, still within the government’s target of 2 to 4 percent.
BSP Governor Eli M. Remolona Jr. has signaled that the central bank still has “some room to ease” as policy rates are still restrictive. Remolona, who also chairs the MB, said inflation is well within the target range. The national government will borrow P2.545 trillion in 2025, based on the Budget of Expenditures and Sources of Financing.
The Treasury will tender a total of P60 billion from T-bills and P1.977 trillion from Treasury bonds this year. This January, P88 billion is targeted to be raised from auctioning off T-bills. The government’s outstanding debt reached a record-high P16.090 trillion as of the end of November 2024.
Bond bourse to start forward contracts in reform push
RBy Ditas Lopez Bloomberg
EGULATORS have given the green light for market-structure services firm PDS Group to offer trading of government bond forward contracts as the nation works to deepen its capital market. A market framework and infrastructure for the instruments was approved by the country’s Securities and Exchange Commission on Jan. 2, said Antonino A. Nakpil, president of Philippine Dealing & Exchange Corp. PDEx, the trading-services
arm of the PDS, operates Manila’s bond exchange and will run the new mechanism.
The bond forward contracts— which set a fixed price for a debt security on a future date and allow market participants to hedge interest-rate risks—will be traded, cleared and settled through the PDEx fixed-income market. The forward buyer and seller may choose to settle obligations by offsetting their purchase and sales contracts.
“We made it non-deliverable so you can just keep rolling,” Nakpil said in an interview at a central
bank event on Friday. He said the mechanism will use a bilateral netting system—a legally enforceable arrangement between a bank and counterparty—rather than central clearing the way the US and some other markets do. This will be the first Philippine peso interest-rate hedge that mimics bond futures contracts, which trade on exchanges and are settled daily, Nakpil said. PDS is looking to launch it next month, he added, and trading will be in lots of P50 million (about $853,000). The Philippines is looking to bol-
ster its capital market, preparing for increased demand in an economy posting one of Asia’s fastest growth rates. Bangko Sentral ng Pilipinas last year expanded the list of derivatives products that banks may transact in to include forward contracts and any financial derivatives traded in an organized market. The launch of the bond forwards will come just months after the Bankers Association of the Philippines, backed by the BSP, introduced a peso interest rate swap facility. Bond
personal finance
Karlo Biglang-awa
Conrad’s Gallery C opens 2025 with deep exploration of architecture, art
CONRAD Manila’s Gallery C presented the 2025 curtain-raiser to its long-running Of Art and Wine Series, showcasing profound abstractions of five architect-artists who celebrate the “intersection of art, architecture and innovation.”
The featured artists serve as members of The Authenticity Zero Collective, a group of architects-
artists-educators who explore the boundaries between architecture and art. In their Gallery C group exhibit, titled Machine of Thoughts, the artists carry on their mission of challenging artistic norms and creative processes in the creation of visual artworks.
“In our practice as architects and visual artists, we seek to bridge that divide between architecture and art,” one of the exhibiting artists, Walther Ocampo, said during the exhibit opening. “But rather than striving for resolution, we embrace ambiguity. We welcome unpredictability and blur the boundaries between the two disciplines. We try to invite new interpretations and, hopefully, create new possibilities, if not probabilities.”
Machine of Thoughts features the works of Ocampo, Cocoi Base, Gab Brioso, Almi Domingo and Robin Ravago. The show runs at Conrad Manila’s Gallery C until March 8.
Ocampo explained that they view art as a vital platform for creative expression and experimentation.
Meanwhile, they perceive architecture as an abstract concept—an interplay between the tangible and the intangible; the measurable and the immeasurable. The notion proves to be a conscious deviation from the prevailing “scientific” approach to the architectural practice in the country.
When they were in architecture school, Ocampo said they were trained like engineers, too focused on science. Therefore, he noted, the profession “lacks poetic influence.” By exploring architecture and art, they “explore future scenarios at the intersection of people, objects and different environments.”
Ocampo, who’s also an assistant professor in the architecture program of the De La Salle-College of St. Benilde, went on to raise thought-provoking questions from their study of the two fields. “What if the way we engage with objects could redefine the space around us? What if objects themselves could challenge our
SEE “CONRAD,” B5
‘2024 TURNER PRIZE EXHIBITION’ BY PIO ABAD ON VIEW UNTIL FEBRUARY 16 AT TATE BRITAIN, LONDON
TWENTY-TWENTY four marks the Turner Prize’s 40th anniversary, and its return to Tate Britain for the first time in six years after touring to other cities around the UK. Established in 1984, the Turner Prize is one of the world’s best-known prizes for the visual arts. Contemporary art is now central to the nation’s cultural life, and the Turner Prize has played an important role in that development.
One of four artists shortlisted for the prestigious 2024 Turner Prize, Pio Abad’s (b. 1983, Manila, Philippines; lives and works in London, England) art explores cultural loss and colonial histories, often reflecting on his
upbringing in the Philippines.
Featuring drawings, etchings and sculptures that depict and transform artifacts from Oxford museums, Abad highlights their overlooked histories and connections to everyday household items.
He was nominated for his solo exhibition To Those Sitting in Darkness at the Ashmolean Museum, Oxford.
For the Turner Prize exhibition, Abad features newly added work like Kiss the Hand You Cannot Bite (2019), which reimagines an Imelda Marcos bracelet as a three-meter concrete sculpture, alongside works like I am singing a song that can
only be borne after losing a country (2023), a drawing that turns the underside of Powhatan’s mantle—a Native American robe in the Ashmolean collection—into an imagined map of colonized lands, and Tat2, a self-portrait photograph overlaid with tattoo-like drawings by pioneering FilipinoAmerican artist Carlos Villa.
Pio Abad is also the curator of the estate of his aunt, the Filipino American artist Pacita Abad.
He recently co-curated monographic exhibitions on Pacita Abad at the Museum of Contemporary Art and Design Manila and Spike Island, Bristol. He also co-edited the
publication Pacita Abad: A Million Things to Say in 2021
Named after the radical painter JMW Turner, the Turner Prize was first awarded in 1984. Each year, it is given to a British artist who has created an outstanding exhibition or other presentation of their work.
A jury shortlists four British artists, or artists based in Britain, for outstanding exhibitions or projects held over the previous year. This year’s artists are Pio Abad, Claudette Johnson, Jasleen Kaur, and Delaine Le Bas.
The 2024 Turner Prize exhibition runs until February 16, 2025 at Tate Britain.
Eugenia Last
knowledge. A chance to get involved in a joint venture will enhance your relationship with someone you deem special. Love and romance are on the rise, and a commitment looks promising.
LEO (July 23-Aug. 22): Emotions will escalate, and a desire for change will dominate your mind. Before you jump into something that appears new and exciting, consider whether there is a downside to your plans.
VIRGO (Aug. 23-Sept. 22): You’ll feel uncertain trying to choose a direction. Consider what’s important to you before you try to take on too much. Revisit logistics and expenses, set a budget and get a plan in place. Change can be good if it’s well thought out. A change of scenery will clear your head. ★★★
LIBRA (Sept. 23-Oct. 22): Stop, listen and defend your rights. Refrain from letting anyone railroad you into something you don’t agree with or want to pursue. Create opportunities that are in your best interest. Apply your energy to a domestic change worth your while, not to please someone else. ★★★★
SCORPIO (Oct. 23-Nov. 21): Do whatever makes you happy. Sign up for a class that offers insight into better health and fitness or that brings you in touch with someone you want to get to know better. It’s time to expand friendships, look for love and take better care of your emotional well-being. ★★★★★
SAGITTARIUS (Nov. 22-Dec. 21): You know how to play the game, so don’t let anyone cheat or undermine your intelligence. Ask questions and make choices that look out for your best interests. Communication will lead you astray; when in doubt, be direct, and don’t let anyone talk down to you or make decisions for you.
CAPRICORN (Dec. 22-Jan. 19): Don’t waste time: Say what’s on your mind, and you’ll resolve issues quickly. Being efficient and completing things on time will influence how and who you impress. It’s okay to be different, so speak up, push forward with vigor and enjoy the rewards. A personal pick-me-up will build confidence. ★★★
AQUARIUS (Jan. 20-Feb. 18): Spend time sorting through
Show BusinessMirror
It’s time for Sofronio Vasquez to start living his dreams
JILLIAN WARD STARS IN GMA PUBLIC AFFAIRS’ ‘MY ILONGGO GIRL’ GMA Public Affairs kicks off the new year with an exciting tale of love, identity, and transformation with My Ilonggo Girl, a regional romantic comedy series which premiered on January 13, and airs on Mondays through Thursdays at 9:35 pm on GMA.
Headlined by Jillian Ward, the series offers an engaging narrative exploring the fascinating concept of doppelgängers. Ward takes on a challenging dual role as Tata, a humble Ilongga from the province, and Venice, a glamorous actress. The story unfolds when Tata is thrust into Venice’s world, leading to a series of encounters that forever changes her life. This marks Jillian Ward’s much-anticipated return to primetime and her debut project with GMA Public Affairs. The award-winning actress expressed gratitude and excitement for the opportunity to portray two vastly different characters.
I feel so blessed and happy kasi 15 years na ako sa industry pero grabe pa rin ’yung tiwala sa akin ng GMA, and first time kong magkakaroon ng teleserye with GMA Public Affairs. Nae-excite ako kasi ibang-iba siya sa mga nagawa ko na at marami akong natutunan na bago.” Ward also teased what fans can look forward to in My Ilonggo Girl
First time kong mag-kontrabida talaga tapos dalawa pa ’yung characters ko. First time ko ring magka-character na galing province kasi mostly ang mga characters ko taga-Maynila. Ibang Jillian ang makikita nila dahil mayroong dalawang Jillian sa show na magkaibang-magkaiba. Ang role ko rin po rito, something fresh and light, pampagaan ng gabi bago matulog ang mga tao, she said.
The series boasts of a cast of both young, and seasoned actors: Michael Sager, Teresa Loyzaga, Arra San Agustin, Lianne Valentin and Arlene Muhlach, alongside talented actors Empoy Marquez, Yasser Marta, Richard Quan, Andrea del Rosario, Vince Maristela, Patricia Ismael, Yesh Burce, youngsters Sabreenika Santos, Geo Mhanna, and veteran actress Carla Martinez.
Produced by GMA Public Affairs, My Ilonggo Girl is based on an original concept by Erwin Caezar Bravo and John Mychal Ferraren, with Bravo as head writer. The series is directed by Conrado Peru. It airs weeknights at 9:35 pm on GMA. Global viewers can also tune in via GMA Pinoy TV.
HE big winner of The Voice in the US, Sofranio
TVasquez quietly flew back to the Philippines on the first week of the new year. “I missed the Philippine Christmas because I still had to finish some work-related commitments,” he volunteered. Vasquez had to finish some press tours for The Voice as part of his being the grand winner, and he also shared that he had initial meetings with Republic Records, the label that he will be working with as part of his many prizes.
Born in Misamis Occidental in Mindanao, Vasquez moved to the United States to search for greener pastures. “I moved to Utica in New York and worked as a dental assistant. Just like many of our kababayans living overseas who dream of providing a better life for their loved ones, I wanted to explore the same possibilities of pursuing a better life in a first world country, and when the opportunity to live and work in the US presented itself, I took the big leap.”
He continued, “Singing has always been a passion ever since, and I guess people are now somewhat aware how many singing competitions I joined to live that dream of being a singer. Then The Voice came along and it became the biggest blessing of my life.”
Vasquez shared that he is still getting used to being thrown into the fast lane after his life-changing win.
“It’s still sinking in, to be really upfront about it. Deep inside, I know that I am still the same simple Sofronio who loves to sing and cook and be with my dogs, but the win is starting to change some parts of me, and I’m making sure that these changes I will go through will be in a good way. That is why I remind myself everyday that my feet should always be on the ground, and while I seize every new opportunity to make my life better, and my family’s for that matter, I have to always self-check if my decisions will contribute to my being a truly happy person.”
During a quick chat, Vasquez shared that he had this superstition throughout his journey in The Voice. “I’d wear the same underwear that I wore from the first time the judges turned. I don’t know but it worked.”
He also let us in on some of his thoughts about Michael Bublé, his coach on The Voice. “He sincerely loves the Philippines and he is a wonderful, wonderful person with a good heart. One piece of advice from him that I kept in my heart was when he told me to be my own superhero. He knew the difficult routes I had to go through and the many rejections I had when I tried to pursue my dreams in music in the Philippines. Michael always reminded me to take courage and just move forward, and give it my best shot every step of the way.”
Vasquez will stay for only about two weeks, that’s why he buckled down to work right away a day after he arrived. He already had guest appearances in local shows. He has also performed a few songs for
understanding of presence and absence, transforming not just our physical surroundings but our very thoughts?”
“These are the questions that guided this whole exhibition,” Ocampo said. “That said, the exhibition does not provide answers. Instead, it provokes curiosity, invoking [viewers] to re-imagine the relationship between the material and immaterial, the tangible and the intangible. And we believe that in these speculative relations lie the seeds of transformative possibilities.”
Naturally, in their pursuit of conceptual clarity, the artists turn to abstraction. Much like how they view the architectural practice itself, they examine the relationship between the viewers’ imagination and their reflective depictions of shapes, forms and elements. Thus, Machine of Thoughts showcases a rich collection of geometric forms both within and of the canvas. Vibrant colors dance in waves and splatters, choreographed by the show’s ruminative concept.
“Each piece operates autonomously,” Ocampo said. “Yet, together, they contribute to something greater: A living, breathing machine of thoughts. We want to produce artworks that have the capacity not to become ideas themselves, but artworks that can produce ideas.”
Machine of Thoughts figures as the 33rd edition of Conrad Manila’s Of Art and Wine Series. According to the show’s curator, Nes Jardin, consultant of SM Hotels and Conventions Corp., there are several exiting shows for this year. Next up are two solo exhibitions in March and June, respectively. These will be followed by another one-artist showcase, before a big group exhibition, featuring Justin Nuyda, Olivia, d’Aboville, Marge Organo, Anina Rubio and Jane Ebale. Rounding out the planned exhibitions for 2025 is a solo show by J.A. Tan, a Filipino-Canadian artist with autism. n
President Bongbong Marcos in Malacañang Palace when he made a courtesy call recently.
Vasquez admitted that many are reaching out to him and offering to be his agent in the Philippines. We advised him not to hurry and just take his time and trust his instincts, since he already has a representative in the United States where he is based.
On January 18, Vasquez will have his first major concert in the Philippines and this will happen at the Waterfront Hotel in Cebu City. Produced by our longtime Cebu-based friend Mario Colmenares of Primetime Events, the show promises to be an evening of glorious music from a repertoire personally selected by Vasquez.
“It will be more like a musical celebration after Sofronio’s milestone victory. He will include some
and those based in the United States, and this concert is also his way of saying thank you to those who supported him in his musical journey,” remarked Colmenares.
Vasquez will have Cebu-based singer and social media sensation Yad Jayme and Chloe Redondo of The Clash as his special guests for his first major concert.
“I’m just overwhelmed by the love of the Filipinos all over the world, those who cheered for me and voted for me. I’m excited to perform in my first major concert in the Philippines during the Sinulog celebration in Cebu, and I look forward to many more memorable events in the future as I start to live my dreams,” he gushed. n
‘Wicked’ tops SAG Awards nominations as many big names are snubbed
WICKED topped nominations to the 31st Screen Actors Guild Awards on Wednesday, landing a leading five nominations including best ensemble, and individual nods for Cynthia Erivo, Ariana Grande and Jonathan Bailey.
Out-of-control wildfires that swept across Los Angeles and Southern California on Tuesday night forced the Screen Actors Guild to cancel its plans to announce the nominations live Wednesday morning. The nominations were instead issued by press release by SAG, which last year began a multiyear deal with Netflix to stream the awards.
The smash hit musical Wicked saw its Oscar chances rise with the nominations to the SAG Awards, one of the most predictive Academy Awards bellwethers. The movie’s big morning—it even scored a nod for stunt ensemble—came after a celebratory night, too. The film was honored by the National Board of Review Awards in New York on Tuesday.
The other nominees for best ensemble are Anora, Conclave, Emilia Pérez and A Complete Unknown It was an especially strong showing for the Bob Dylan drama A Complete Unknown. It came away with four nominations, including Timothée Chalamet for best male actor, and supporting nods for both Edward Norton and Monica Barbaro.
The best male lead nominees were largely as expected: Adrien Brody (The Brutalist), Daniel Craig
(Queer), Colman Domingo (Sing Sing), Ralph Fiennes (Conclave) and Chalamet. Coming off her rousing victory at the Golden Globes, Demi Moore was among the nominees for best female actor in a leading role for The Substance. She was joined by Erivo, Emilia Pérez breakout Karla Sofía Gascón, Mikey Madison of Anora and Pamela Anderson for The Last Showgirl. That surprisingly left out some big names. Angelina Jolie (Maria) missed out, as did Nicole Kidman (Babygirl). A few of the most acclaimed female actors of the year, Marianne Jean-Baptiste (Hard Truths) and Globe winner Fernanda Torres (I’m Still Here), also were overlooked.
The Last Showgirl had more to celebrate, too, with an unexpected nomination for Jamie Lee Curtis in supporting female actor. Her fellow nominees are Barbaro, Grande, Danielle Deadwyler (The Piano Lesson) and Zoe Saldaña (Emilia Perez). Jeremy Strong was nominated for his supporting performance as Roy Cohn in the Donald Trump film The Apprentice, but his co-star, Sebastian Stan, went unnominated for both The Apprentice and his Golden Globe-winning role in A Different Man. The other nominees for best supporting male actor were Bailey, Norton, Yura Borisov (Anora) and the category frontrunner, Kieran Culkin (A Real Pain). The SAG Awards are arguably the most telling
Oscar forecast there is. Their picks don’t always align exactly with those of the film academy, but they often come very close to mirroring them.
The last three best ensemble winners— Oppenheimer, Everything Everywhere All at Once and CODA—all went on to win best picture at the Academy Awards. All but one of the SAG acting winners of the last three years has also won at the Oscars. The sole exception was Lily Gladstone, who won SAG’s award for female actor last year for Killers of the Flower Moon, but the Oscar trophy went to Emma Stone (Poor Things). Coming off sweeps at the Emmys and the Golden Globes, FX’s Shōgun continued to run roughshod through the competition, landing a leading five nominations on Wednesday, including best ensemble and individual nods for Hiroyuki Sanada, Anna Sawai and Tadanobu Asano. Also faring well were The Bear (nominations for Jeremy Allen White, Ayo Edebiri and Liza ColónZayas), Hacks (Jean Smart) and The Diplomat (Keri Russell, Allison Janney).
The Screen Actors Guild Awards will be held February 23 at the Shrine Auditorium in Los Angeles. The ceremony, hosted by Kristen Bell, will be streamed live on Netflix. In addition to the competitive awards, Jane Fonda will be presented with the guild’s Life Achievement Award. AP
New Blood Center Clinical Laboratory Opens for Faster Blood Screening
THE year 2024 was another unforgettable year for the Philippine Red Cross (PRC) Quezon City Chapter. In April, its new building located inside the Quezon City Hall compound was inaugurated coinciding with the 77th founding anniversary of the humanitarian organization. Last December, the PRC Quezon City Chapter inaugurated its blood center clinical laboratory.
The blood center clinical laboratory was established through the partnership of PRC Quezon City Chapter and SM Foundation. The area now occupied by the clinical laboratory used to be an empty dilapidated bodega. With the renovation undertaken by SM Foundation, the bodega has been transformed into a modern laboratory. It now has a welcoming and warm atmosphere with a reception area equipped with furniture to provide comfort to blood donors and clients.
The clinical laboratory is specifically designed to meet the requirements of the PRC Quezon City Chapter Blood Center. One of the key procedures offered at the Blood Center is platelet
for
apheresis, a process that involves collecting platelet components from a single donor to serve patients in need.
Platelets are blood components essential for blood clotting. Medical conditions requiring apheresis platelets are cancer treatments (leukemia, lymphoma, multiple myeloma), major surgeries, organ transplantation, bleeding disorders, aplastic anemia and severe thrombocytopenia or low platelet count.
Before the establishment of the clinical laboratory, the screening process for blood
donors takes a significant amount of time and effort, even involving visits to external clinical laboratories for complete blood count tests which sometimes result in the discouragement of potential donors.
The establishment of the clinical laboratory aims to streamline the testing process for blood donors. Provided with modern equipment, laboratory procedures are hastened for blood components segregation. This enables quicker response to blood donation requests as well as encourages more blood donors.
Genuine Diamonds PH: A Filipino Business that Shines Like a Diamond
GENUINE Diamonds PH is in the business of democratizing jewelry pieces that are adorned with diamonds, which are among the most precious and most expensive gemstones. Through the years, the venture has been shining bright, even during the toughest of times.
Accomplished businesswoman Mariel Nicole Santiago started Genuine Diamonds PH as a hobby in September 2019. The 30-year-old entrepreneur was then growing her collection of diamond jewelry when it dawned on her to try disposing some pieces, especially those she had no intention of wearing any more.
To her surprise, the pieces she auctioned on FB Marketplace sold like hotcakes, encouraging her to turn it into a business. Genuine Diamonds PH on Facebook was born.
From initially selling just about 10 pieces of diamond jewelry, the business started to glitter and sell hundreds to thousands of diamond accessories, ranging from rings to necklaces, earrings, and diamond studs.
“Among our bestsellers are the 10-pointer diamond studs worth just P1,690 and the Huggies earrings worth P3,998,» Santiago shares. «Also in-demand are our middle-priced diamond jewelry with prices ranging from P10,000 to P20,000. For those who are into expensive diamonds, we have pieces that cost up to P5 million. Each item comes with a certificate.»
Readily available for discerning jewelry buyers are diamond-adorned tennis necklaces and bracelets, as well as eternity rings. The business also accepts orders for customized jewelry like engagement/ wedding rings and letter pendants.
Just like an actual diamond, Genuine Diamonds PH had to undergo “intense polishing” by overcoming real challenges. When it started, she sourced the jewelry from two local suppliers, which limited the potential in terms of creativity and quality of diamonds.
In another surprising twist of fate, a diamond manufacturer from Tokyo, Japan found the FB page and contacted Santiago to offer a partnership. The diamond manufacturer immediately
flew to Manila to meet the Genuine Diamonds PH team.
The deal was sealed and from then on, all the pieces being sold by Genuine Diamonds PH came from the exclusive supplier in Tokyo. The diamonds are mined in India and crafted in Japan. Santiago and her team still have a say in the design and other customization requirements of their clients.
“After securing good supplies, we have to make sure our fine diamond jewelry items are complemented by outstanding customer service. I am proud to say that we are building good relationships with our loyal customers,” says Santiago.
The team has grown from a staff of one to the current nine. All team members know by heart the value of rendering the best service at all times. “That is what really makes Genuine Diamonds PH stand out,” Santiago emphasizes.
Genuine Diamonds PH is also committed to sharing knowledge about diamonds and diamond jewelry to its growing base of clientele. “As expected, we dealt with numerous complaints when we were starting out. We had to explain concepts from clarity range to total carats and more. The business even invested in a diamond tester to assure customers about the quality and genuineness of the diamonds in each jewelry,” Santiago shared.
It also came as a surprise to Santiago that
Celebrate back-to-back major festivals with The Ascott Limited Philippines
SAVE the date and mark January 19 and 24, 2025 on your calendars this year, and look forward to the incredible Sinulog and Dinagyang festivals of Cebu and Iloilo with The Ascott Limited Philippines. Commemorate the feast of Santo Niño in the Queen City of the South before making your way to the Heart of the Country in Iloilo to pay homage to Santino Nuevo de Cabo of Cebu City; both festivals spin a tale of religious fervor and immense love for the vibrant history and culture of both regions.
Discover a vibrant tapestry of culture through Citadines Cebu City, lyf Cebu City
“Sinulog,” aptly derived from the Cebuano word “Sulog” or “like water currents,” perfectly depicts the seamless blend of vibrant Cebuano culture and the captivating narrative of Hispanic influences that laid the foundation for this incredible festival of rhythmic revelries brought about by extraordinary talents adorned with colorful garments.
Experience Cebu like never before through Citadines Cebu City and lyf Cebu City. In support of the Sinulog festival, both Ascott Limited properties in the region offer fantastic accommodations that have long embraced the area’s brilliant culture.
Let Citadines bring Cebu to you as your stay from January 17 to 20, 2025, starting at P7,856 nett per night in a Studio Executive Room, which will include your very own Sinulog Kit and breakfast for two at the Abaca Restaurant, complete with 20 percent off from the restaurant during your stay.
lyf brings a dynamic twist to your visit to Cebu as it actively participates in the festivities for P5,100 nett per night. Embark on a cultural adventure during Sinulog with lyf Cebu City’s One-Of-A-Kind Room as your starting point and finish line. Each stay from January 17 to 20 also provides
your Sinulog Kit to prepare you for this storied celebration. Be sure to catch the parade of activities through lyf Cebu and Citadines Cebu City, as both properties are ideally located along the main procession route.
Experience the heart of the country with Citadines Amigo Iloilo Between the Kasadyahan Cultural Dance Competition, preceding the Ati Tribe Competition, and the Miss Dinagyang competition, the streets of Iloilo will be filled with spirited cheers as we celebrate this year’s Dinagyang Festival. Commemorate the rich history of Iloilo as the very heart and soul of the country and participate in a fantastic variety of activities, from religious processions to delicious food festivals. All of these incredible activities and events are right at your doorstep when you stay with Citadines Amigo Iloilo. When you visit Iloilo from January
Introducing: Holiday Inn & Suites Manila Galleria
Unveiling
Genuine Diamonds PH actually grew faster during the pandemic. “We sold more during the lockdowns, probably because customers had nothing to do at home but to browse and shop online,” said Santiago.
Thanks to its online presence, Genuine Diamonds PH continues to reach more jewelry lovers nationwide, and even many Filipinos who are living abroad. The business has its own delivery riders and even taps the service of a reliable logistics provider to ensure the safe and fast delivery of all its items to customers.
Though the idea putting up physical stores in malls remains a possibility, Santiago prefers to keep the status quo for now. But their loyal clients can drop by their sole physical site in Navotas if they want to personally see and admire the pieces of jewelry that are up for sale.
Genuine Diamonds PH is also expanding its lineup that now includes jewelry items made of other gemstones like the equally popular emerald, sapphire, ruby, and citrine.
Though a Certified Public Accountant (CPA) in profession, Santiago intends to grow further as a jeweler, along with the business. Thus, studying Gemology is another goal for her to be conquered. Aside from Genuine Diamonds PH, she now has a café (Cafe Jireh in Navotas) and fashion accessories business (bags, perfumes, and more)
Aside from the loyal patronage from customers and the consistently growing business, Genuine Diamonds PH is also starting to earn accolades for its outstanding business acumen and practices. This could be attributed to its commitment to offer Filipinos with quality items at the most reasonable prices, matched with reliable and highly devoted customer service.
Genuine Diamonds PH was among the outstanding ventures that was recognized in the 2nd Southeast Asian Premier Business, which held its recognition night at the Winford Resort & Casino Manila last month.
To know more about Genuine Diamonds PH, visit its official FB page at https://facebook.com/ genuinediamondsofficial.
Tmodern travelers.” Beyond the suites, Holiday Inn & Suites Manila Galleria offers thoughtfully curated amenities and dining experiences. The hotel’s breakfast restaurant, Fab, provides a delightful way to start the day with diverse breakfast options. Guests availing of suites have access to the Summit Lounge, an exclusive space designed for relaxation and connection, offering scenic views and a menu of drinks and light bites from breakfast, afternoon tea, to evening cocktails.
Adding to its leisure appeal, the hotel shares a range of amenities with another property under IHG Hotels & Resorts, Crowne Plaza Manila Galleria,
PRC QC Chapter Gov. Ernesto S. Isla, SMFI Executive Director for Health and Medical Programs Connie Angeles, SMIC AVP
Livelihood and Outreach Cristie Angeles led other PRC officials during the ribbon-utting ceremony
Thailand faces international backlash as Uyghur deportation to China looms
By Dake Kang & Huizhong Wu The Associated Press
BANGKOK—A group of Uyghur men who were detained in Thailand over a decade ago say that the Thai government is preparing to deport them to China, alarming activists and family members who say the men are at risk of abuse and torture if they are sent back.
In a letter obtained by The Associated Press, 43 Uyghur men held in Bangkok made a public appeal to halt what they called an imminent threat of deportation.
“We could be imprisoned, and we might even lose our lives,” the letter said. “We urgently appeal to all international organizations and countries concerned with human rights to intervene immediately to save us from this tragic fate before it is too late.”
The Uyghurs are a Turkic, majority Muslim ethnicity native to China’s far west Xinjiang region. After decades of conflict with Beijing over discrimination and suppression of their cultural identity, the Chinese government launched a brutal crackdown on the Uyghurs that some Western governments deem a genocide. Hundreds of thousands of Uyghurs, possibly a million or more, were swept into camps and prisons, with former detainees reporting abuse, disease, and in some cases, death.
Over 300 Uyghurs fleeing China were detained in 2014 by Thai authorities near the Malaysian border. In 2015, Thailand deported 109 detainees to China against their will, prompting an international outcry. Another group of 173 Uyghurs, mostly women and children, were sent to Turkey,
leaving 53 Uyghurs stuck in Thai immigration detention and seeking asylum. Since then, five have died in detention, including two children.
Of the 48 still detained by Thai authorities, five are serving prison terms after a failed escape attempt. It is unclear whether they face the same fate as those in immigration detention.
Advocates and relatives describe harsh conditions in immigration detention. They say the men are fed poorly, kept in overcrowded concrete cells with few toilets, denied sanitary goods like toothbrushes or razors, and are forbidden contact with relatives, lawyers, and international organizations. The Thai government’s treatment of the detainees may constitute a violation of international law, according to a February 2024 letter sent to the Thai government by United Nations human rights experts.
The immigration police said they have been trying to take care of the detainees as best as they could.
Recordings and chat records obtained exclusively by the AP show that on Jan. 8, the Uyghur detainees were asked to sign voluntary deportation papers by Thai immigration officials.
The move panicked detainees, as similar documents were presented to the Uyghurs deported to China in 2015. The detainees refused to sign.
Three people, including a Thai lawmaker and two others in touch with Thai authorities, told the AP there have been recent discussions within the government about deporting the Uyghurs to China, though the people had not yet seen or heard of any formal directive to do so.
Two of the people said that Thai officials pushing for the deportations are choosing to do so now because this year is the 50th anniversary of diplomatic relations between Thailand and China, and because of the perception that backlash from Washington will be muted as the US prepares for a presidential transition in less than two weeks.
The people spoke on condition of anonymity in order to describe sensitive internal discussions. The Thai and Chinese foreign ministries did not immediately respond to requests for comment.
Beijing says the Uyghurs are jihadists, but has not presented evidence. Uyghur activists and rights groups say the men are innocent and expressed alarm over their possible deportation, saying they face persecution, imprisonment, and possible death back in China.
“There’s no evidence that the 43 Uyghurs have committed any crime,” said Peter Irwin, Associate Director for Research and Advocacy at the Uyghur Human Rights Project. “The group has a clear right not to be deported and they’re acting within international law by fleeing China.”
On Saturday morning, the detention center where the Uyghurs are being held was quiet. A guard told a visiting AP journalist the center was closed until Monday.
Two people with direct knowledge of the matter told the AP
that all of the Uyghurs detained in Thailand submitted asylum applications to the United Nations High Commissioner for Refugees, which the AP verified by reviewing copies of the letters. The U.N. agency acknowledged receipt of the applications but has been barred
from visiting the Uyghurs by the Thai government to this day, the people said.
The discussions of possible deportation had also reached the UN.
“We heard the unconfirmed reports as well and promptly checked
with the authorities who have assured us to the contrary,” said Babar Baloch, a spokesperson for UNHCR. “We continue to remind the authorities of their obligations on non-refoulement and to advocate for alternatives to detention.”
The principle of non-refoulement, under international law, states that no one should be returned to a country where they may face torture.
Relatives of three of the Uyghurs detained told the AP that they were worried about the safety of their loved ones.
“We are all in the same situation—constant worry and fear,” said Bilal Ablet, whose elder brother is detained in Thailand. “World governments all know about this, but I think they’re pretending not to see or hear anything because they’re afraid of Chinese pressure.” Ablet added that Thai officials told his brother no other government was willing to accept the Uyghurs, though an April 2023 letter authored by the chairwoman of the National Human Rights Commission of Thailand first leaked to the New York Times Magazine and independently seen by the AP said there are “countries that are ready to take these detainees to settle down.”
Abdullah Muhammad, a Uyghur living in Turkey, said his father Muhammad Ahun is one of the men detained in Thailand. Muhammad says though his father crossed into Thailand illegally, he was innocent of any other crime and had already paid fines and spent over a decade in detention.
“I don’t understand what this is for. Why?” Muhammad said. “We have nothing to do with terrorism and we have not committed any terrorism.”
Kang reported from New York. Associated Press writers Jintamas Saksornchai and Haruka Nuga contributed to this report.
Tatu City: A model for Africa’s urban future or just a dream?
KBy Adrian Blomfield The Associated Press
IAMBU, Kenya—Turn into Tatu City on the outskirts of Kenya’s capital, Nairobi, and it feels like entering a different world.
Even the country’s most reckless drivers are transformed, slowing to a crawl and not tossing trash out the window—thanks to surveillance cameras and rigorously enforced penalties for speeding and littering.
For the 5,000 people who have moved into Tatu, a “startup city” that welcomed its first residents four years ago, the ruthless upholding of such rules makes the place appealing.
“Tatu has more law and order than other places,” said Valerie Akoko, a digital content creator who moved in two years ago. “I’ve never seen Tatu City dirty.”
Situated on 5,000 acres, Tatu City aspires to be what its name suggests: a city, privately owned, that its designers hope will eventually have a population of 250,000. It is already home to 88 businesses employing 15,000 people. They include CCI Global, which operates a 5,000-seat call center, and Zhende Medical, a Chinese medical supply manufacturer.
There are similar projects around the world. But in sub-Saharan Africa, champions of the idea hope that new-city developments can address the continent’s urbanization conundrum: While the growth of cities has rolled back poverty elsewhere,
the region has largely been an exception. History suggests that as people move into cities, productivity increases, wages rise, exports grow and a country gets richer. But in Africa, urbanization has rarely unleashed such economic transformation.
In theory, Africa should be prospering. The continent’s urban population is set to grow by 900 million by 2050, according to the United Nations, more than the present urban population of Europe and North America combined.
But sub-Saharan Africa is urbanizing while still poor.
“Towns and cities in Africa today simply lack the tax base needed to invest in the urban infrastructure needed to accommodate the tsunami of people being added to their ranks in a short period of
time,” said Kurtis Lockhart, director of the Africa Urban Lab, a research center at the African School of Economics in Zanzibar.
Weak property rights and political tensions can make the problem worse.
Even Tatu City has battled Kenyan politicians and politically connected businessmen. In 2018, the London Court of International Arbitration ruled in favor of the development’s multinational owner, Rendeavour, in a dispute with its Kenyan former partners, including a former governor of the central bank. The dispute delayed project development by several years.
Last year, Tatu City’s Kenya head, Preston Mendenhall, took the unusual step of accusing the governor of the county where the development is based of extortion,
saying he had demanded land worth $33 million in exchange for approving its updated master plan. The governor denied it and is suing Tatu City and Mendenhall for defamation. No ruling has been made. Still, the case for building new cities, complete with new infrastructure, is compelling to some. The Charter Cities Institute, a Washington-based nonprofit, argues that, done properly, such projects could drive growth, create jobs and “lift tens of millions of people out of poverty.”
The institute sees Tatu City as a model.
Yet building new cities is hard. Africa is littered with failed projects.
A handful have shown promise. Angola’s Quilamba city, whose construction began in 2002, is arguably the most successful, with a population of more than 130,000. It
was built by CITIC, a state-owned Chinese company, but is owned by the Angolan government.
Perhaps a dozen new city projects— from Zanzibar to Zambia—are underway in Africa that stand a chance of emulating Quilamba, experts reckon. Of these, Tatu is the farthest along, with 26,400 people already living, working or studying there.
Experts agree that the private sector must play a role in African urbanization, saying African states are too fiscally constrained to fill the investment gap themselves. Rendeavour, a private company with a multibillion-dollar balance sheet, has deep enough pockets to make a difference.
But leaving city-building to the private sector alone can cause problems, for instance by worsening inequality. The average price of a property at Eko Atlantic, a new-city development on the outskirts of Lagos, is $415,000, far beyond the means of most Nigerians.
“Startup cities can serve as hubs for innovation and alleviate pressure on overcrowded urban centers,” said Anacláudia Rossbach, executive director of the UN’s Human Settlements Program, or UN-Habitat. “However, to be impactful, they must prioritize inclusivity, affordability and integration with existing urban areas, ensuring they serve all socioeconomic groups rather than becoming isolated enclaves for elites.”
A one-bedroom apartment in Tatu City sells for $45,500, still beyond the means
of most Kenyans, but within reach of some in the emerging middle class. Kenya’s per capita GDP was $1,961 in 2023, according to the World Bank. The development collaborates with Kenya’s government, which has designated Tatu City a special economic zone. That means companies setting up there are eligible for tax benefits and other incentives, making it a model of privatepublic partnership, experts say. Tatu City also appeals to businesses and residents with its transparent governance structure and services that are often lacking elsewhere in Kenya, including its own water supply and energy grid. It falls under national law but can set its own rules on matters like traffic and what kind of houses can be built, with all plans requiring approval from Tatu’s management.
“If you look at the infrastructure, if you look at the utilities, if you look at the controls, if you look at the security, it is one of the best,” said Sylvester Njuguna, who lives and owns a restaurant there. Unlike many startup cities built far from urban centers, Tatu City is 12 miles (19 kilometers) north of Nairobi, close enough to plug into its labor markets. According to Lockhart with the Africa Urban Lab, new city projects usually succeed if they are close enough to a major urban center and house both a high-quality anchor tenant—CCI Global in Tatu
and respond to market demand.
IN this photo provided on condition of anonymity, Uyghur detainees who say they are facing deportation back to China where they
Habib makes Lebanese proud in Australian Open
BusinessMirror
Slam champion Carlos Alcaraz in the first round.
His s porting success has come during a war between Israel and the Lebanese militant group Hezbollah. A fragile ceasefire deal was struck in November after more than a year of fighting. Hezbollah began firing rockets into Israel on October 8, 2023—the day after Hamas launched a deadly attack into Israel that led to the ongoing war in Gaza. Subsequent
hundreds of civilians.
LOS ANGELES—Los Angeles sports organizations are uniting to launch an “LA Strong” custom logo and apparel line that will raise money for organizations assisting those impacted by this week’s devastating wildfires.
Fanatics announced Friday that T-shirts featuring the new logo will be available to purchase on team and league online stores, as well as the Fanatics website. The collaboration
“It’s a huge win, especially what we’ve been going through as a country,” Habib said. “It’s just nice to get this win for Lebanon and for the people.” abib said he decided to play for Lebanon when he was 15. st wanted to represent the country that I’ve lived in, and been a part of the tennis culture.... It’s a decision I made at a young age,” he said. “Just gives me the motivation to keep going. To play for a small country is something special for me.” He won three matches in qualifying rounds for lowerranked players last week just to get into the field of 128 players at Melbourne Park. Now Habib is one of the 64 men to make it into the second round—where
he’ll go up against 14th-seeded Ugo Humbert of France—after his victory on Day 1, which was achieved with the help of 61 winners, 36 more than his opponent.
“ There’s obviously a lot of tension and normal thoughts you have...but I try to focus on things I can control,” Habib said. “That’s what seems to help me.”
Sinner opens defense of title with straight-set win vs Jarry
AFTER wasting a set point in the second tiebreaker with an ill-conceived drop shot, Jannik Sinner regained focus quickly Monday and began his Australian Open title defense with a 7-6 (2), 7-6 (5), 6-1 win over Nicolas Jarry.
After all the pre-tournament attention on the 2024 doping cases of Sinner and long-time women’s No. 1 Iga Swiatek, both started the year’s first Grand Slam tournament about the same time on nearby courts on Day 2.
Top-ranked Sinner had to grind for two long, tiebreak sets against
No. 35-ranked Jarry, a 29-year-old from Chile, before hitting his stride in the third with two service breaks on Rod Laver Arena.
“It was a very close one because the first sets, they can go both ways,” Sinner said after extending his winning streak to 16 matches dating back to October, including 14 consecutive straight-set victories. “In the third set when I broke it the first time, that gave me a little bit of room to breathe.
“I ’m happy how I handled the very tough situation.”
W hile Sinner was deep into his match against Jarry, Swiatek, a fivetime major winner from Poland, fended off top-ranked doubles player Katerina Siniakova, 6-3, 6-4, on John Cain Arena.
Coco Gauff had a little difficulty adjusting to the sun at one end of Rod Laver Arena in Monday›s first marquee match and dropped an early service game before quickly settling into a rhythm in a 6-3, 6-3 win over 2020 champion Sofia Kenin. AP
‘LA Strong’ campaign for wildfire recovery efforts
spans eight leagues, the University of Southern California and the 2028 Los Angeles Olympic organizing committee.
T he sports organizations and Fanatics will donate all proceeds from the initiative to the American Red Cross and Los Angeles Fire Department Foundation. LA Strong hoodies will also be available in the coming weeks.
What’s happening is absolutely gut-wrenching and it’s our duty to use our platform in any way we can,” said Fanatics founder Michael Rubin in a statement. He said he was heartbroken to watch the “horror continue to unfold across Los Angeles and completely upend so many lives.”
“ We are proud to have teamed up with the LA sports community to launch a new ‘LA Strong’ merchandise collection,” he said.
W ind-whipped fires tore across Los Angeles, destroying homes, clogging roadways as tens of thousands fled as the fires burned uncontained Wednesday.
Gael Le Magnifique
T he pro teams partnering together on the initiative include the Los Angeles Lakers, Dodgers, Rams, Chargers, Clippers, Sparks, Angels, Kings, Football Club, Galaxy, Golf Club (TGL), Angel City FC and Anaheim Ducks.
T he leagues span from the National Football League, National Basketball Association, Major League Baseball, National Hockey League, Major League Soccer, Women’s National Basketball Association, National Women’s Soccer League and TMRW Golf League.
Croatian tennis player Vekic sends message of love to LA AUSTRALIAN Open player Donna Vekic sent a message of support to her coach, Pam Shriver, and others in the greater Los Angeles area dealing with the wildfires ravaging the city— drawing a heart and writing “LA” in blue ink on a courtside TV camera after a victory on Sunday. Vekic, who reached Wimbledon’s
semifinals last July and won a silver medal at the Paris Olympics for Croatia last August, defeated Diane Parry of France, 6-4, 6-4, in the first round of this season’s first Grand Slam tournament.
Players on bigger courts at various tennis tournaments often are handed a pen and encouraged to write something on the lens of a television camera. Vekic used the opportunity at the Australian Open to offer good vibes to California, where she trained with Shriver during her sport’s justconcluded preseason.
We were just there two weeks ago,” Vekic said. “So I really cannot believe what’s happening.” She said she is in touch daily with Shriver, who won 21 Grand Slam titles in doubles and reached No. 3 in singles as a player.
“I t’s a very difficult situation for her,” Vekic said. “She’s home in L.A. Her house is OK for now, but so many have lost everything, and it’s a horrible situation.” AP
By Josef Ramos
AMIE MALONZO is back on the court for Barangay Ginebra San Miguel and despite still playing limited minutes on Sunday night, the six-foot-seven combo player showed he’ll soon be flashing lethal form anew.
“I felt great out there,” said Malonzo, who sat out his team’s 44 games covering nine months because of a calf injury he sustained last April. “I could have played more but there is a minute restriction.”
“But I will work on getting back to regular minutes,” he said.
Malonzo was immersed for 11 minutes on the floor and went 2 of 7 to finish with eight points he highlighted by a two-handed dunk in the third quarter in Ginebra’s 86-63 victory over Blackwater in the Philippine Basketball Association Commissioner’s Cup at the Ynares Center in Antipolo City.
“It’s been a long, long road for him,” said Ginebra head coach Tim Cone, whose Gin Kings are now 6-3 won-lost. “Everything you see is just a culmination of his hard work getting back to the lineup.”
“Hopefully, we will increase his minutes as the games come along,” added Cone, who has Malonzo in the national team pool.
M alonzo injured his calf in Ginebra’s 95-88 win over NorthPort during the Philippine Cup eliminations.
Next up for Ginebra on Friday are Rondae Hollis-Jefferson and the TNT Tropang Giga at the PhilSports Arena in Pasig City.
IGA SWIATEK takes a selfie with fans after defeating Katerina Siniakova as Hady Habib celebrates his victory in the Australian Open on Monday.
exclamation point from Jamie Malonzo.
PROCEEDS from the initiative will go to the American Red Cross and Los Angeles Fire Department Foundation. AP
