icy rate cuts in the Philippines this year, a shallower reduction could benefit larger banks but offer limited gains for smaller lenders, according to Fitch Ratings.
The debt watcher said on Monday it projects policy interest rates to decline in most of Southeast Asia’s large economies in 2025.
If the reductions are shallow, some banks could benefit, with larger lenders with stable deposits and diverse funding sources
having a competitive edge.
Fitch Ratings expects the Bangko Sentral ng PIlipinas’ (BSP) target reverse repurchase rate (RRP) to settle at 4.75 percent by end-2025, falling by 100 basis points from the current 5.75 percent.
The rating agency said if rates are higher than what it initially projects, then Philippine banks will be key beneficiaries.
“Our rated banks in these markets have good funding profiles and are in liquid banking systems that can capitalize on yields staying buoyant while keeping deposit rates lean,” Fitch Ratings said.
This would position these
banks to enjoy modestly higher net interest margins (NIM) compared to Fitch Ratings’ base case, it added.
However, smaller Philippine banks may be at a slight disadvantage, as their weaker competitive position in attracting deposits and lending opportunities tends to constrain their NIM, Fitch Ratings added.
Tariff context
MEANWHILE , prospective United States tariff hikes and rising inflation risks may prompt the Federal Reserve to keep interest rates higher for longer.
Fitch Ratings said this would strengthen the dollar relative
to other currencies in 2025, increasing the risks that policy rate-cutting cycles in Southeast Asia will be shallower than initially expected. A shallower rate-cutting cycle—or slight rate increases— would have a limited impact on Southeast Asian banks’ asset quality, Fitch said. However, banks’ credit costs could become more vulnerable if external shocks disrupt economic growth, it added. Still, low inflation in the region gives policymakers some flexibility to allow weaker currencies without breaching inflation targets, supporting their rate-setting autonomy, Fitch noted.
VIA MIC, PHL GOVT GETS
By Samuel P. Medenilla and Lenie Lectura
the signing of a new agreement between staterun Maharlika Investment Corporation (MIC) and Synergy Grid and Development Philippines Inc. (SGP) on Monday, the government has now secured a 20-percent stake in the National Grid Corporation of the Philippines (NGCP).
President Ferdinand Marcos Jr. lauded the signing of the agreement, which gives the government minority control in NGCP and SGP, in Malacañang.
The deal was signed by MIC President and Chief Executive Officer Rafael D. Consing Jr. and SGP Chairman Henry T. Sy Jr.
“Congratulations, everyone. I know it wasn’t easy. I think, in the end, we found a good solution to everyone’s concern,” Marcos said at the signing event. Under their new agreement with SGP, Consing said they will be given two seats each in the SGP and NGCP boards, which will grant the government a say in their decisions.
“Once the acquisition is completed, we shall be entitled to two out of nine seats in the SGP board, after the total seats are increased from seven to nine. At NGCP, the government gains representation through two out of 15 board seats, following an increase in the total seats from 10 to 15,” Consing explained. As of press time, Malacañang has yet to disclose how much MIC spent to complete its transaction with SGP. However, Consing stressed the MIC’s “maiden investment” is necessary to “safeguard the nation’s power
IBy Andrea E. San Juan @andreasanjuan
NVESTMENTS greenlighted by the Philippine Economic Zone Authority (Peza) in the first month of 2025 surged to P30.156 billion, up 1,263 percent from the P2.21-billion investments approved in January 2024.
In a statement on Monday, the investment promotion agency attached to the Department of Trade and Industry (DTI) said these investments come as the Peza Board approved 12 new and expansion projects expected to generate $32.177 million in exports and
create 3,270 direct jobs.
These projects, Peza said, span multiple sectors, including five export manufacturing ventures, four IT and Business Process Management (IT-BPM) projects, and three domestic market projects.
The investment promotion agency said these projects are “strategically” located across Metro Manila, Calabarzon, Central Luzon and Central Visayas.
As to the source of investments, Peza said investments from United Kingdom, China, the Netherlands, Australia and Malaysia have surged, with the United Kingdom emerging as Peza’s leading investor for January.
According to Peza, among the approved projects, two “major ventures” account for P29.014 billion in investments.
“One standout project involves a domestic market enterprise investing nearly P28 billion in its beverage production and distribution facility in Tarlac City,” added the agency tasked to promote and establish economic zones in the country.
Another significant project, focused on energy storage systems, is investing more than P1.2 billion in the Mactan Economic Zone (MEZ), said Peza.
For his part, Peza Director General Tereso O. Panga said this
By Reine Juvierre S. Alberto
the DOF said Finance Secretary Ralph G. Recto held one-on-one meetings with senior executives with keen interests in collaborating with the Philippines during the World Economic Forum (WEF) held in Davos, Switzerland, last week. As such, European bank ING is planning to launch generative AI applications in the Philippines, making it the next country after the Netherlands and Germany to host live AI operations.
The bank, which employs 6,000 workers in its Philippine hub out of its 14,000 global workforce, highlighted the country’s strategic importance in its global operations. US-based cryptocurrency firm Coinbase expressed strong interest in expanding in the Philippines, citing the country’s growing digital
FROM NEW YORK TO THE UNIVERSE: FILIPINAS REPRESENT! The inaugural Reina Filipina North America pageant was held on January 25, 2025, at the Palladium Times Square in New York City. Organized by Monarch Montage LLC, an accredited Miss Universe Philippines partner, the event crowned 22-year-old biomedical engineer and certified EMT Valerie Claire West (center) as the Grand Winner. Pauline Rowbelle Del Mundo (left), a 32-year-old Global Director at IT Cosmetics, was named First Runner-up, while Amanda Salvador Russo (right), a 20-year-old finance student at Penn State University, placed Second Runner-up. The trio will represent the North American Filipino community at Miss Universe Philippines 2025. TROI SANTOS
FROM DELAYS TO DELIVERY: BALLOTS ROLLING (From left) Comelec Commissioner Rey E. Bulay, National Printing Office Director Atty. Revsee A. Escobedo, Comelec Chairman
M. Garcia, and Comelec Commissioner
PHL tobacco output grows 7.5% on demand hike, perks
By Ada Pelonia @adapelonia
RISING global demand and incentives from excise tax fueled the rebound in the country’s tobacco output in 2024, according to the National Tobacco Administration (NTA).
NTA Deputy Administrator for Operations Nestor Casela said tobacco production last year grew by 7.46 percent to 45.40 million kilograms from 42.25 million kilograms in 2023.
“Philippine tobacco became competitive in international markets,” Casela told reporters during the International Tobacco Summit in Quezon City on Monday. He explained that this was spurred by China, the world’s leading tobacco producer, reducing its volume of production which resulted in a tight supply worldwide.
In his presentation, Casela not-
ed that global prices rose, which made the Philippines “very competitive in price and quality.”
“Due to the interplay of demand and supply, there was a great demand for tobacco last year [since] China reduced its production of tobacco, that’s why our Philippine tobacco became competitive and resulted in much higher prices.”
He said the average buying price of local leaf tobacco stood at P129 per kilo in 2024.
Furthermore, Casela noted that the increase in output was also caused by local government units (LGUs) prompting farmers to plant more, given the incentive
stipulated under the Republic Act (RA) 7171.
“The local government units are so motivated in convincing their farmers to plant more because it means that if there’s bigger volume they produce, their share from the [law] is higher,” he said. Under the law, 15 percent of the collection from excise taxes on locally manufactured Virginia type of cigarettes will be allocated to the beneficiary provinces pro rata according to the volume of production.
Meanwhile, Casela also said that the agency attached to the Department of Agriculture (DA) forecasts the country’s tobacco output in 2025 to reach 45.58 million kilos.
According to Philippine Tobacco Growers Association (PTGA) President Saturnino Distor, the NTA’s projection could material -
economy and increasing blockchain technology adoption.
Recto welcomed the potential expansion and said the Philippines government is willing to provide a regulatory framework to support cryptocurrency adoption while safeguarding consumer protection and financial stability.
Meanwhile, UK-based fintech company and licensed digital bank Revolut is eyeing an entry into the Philippine market.
ize this year.
“It’s possible to reach that level [due to] improved technology plus the support of the NTA and our buyer firms,” Distor told reporters in Filipino.
He noted that the average output in Pangasinan is 2,600 kilos per hectare while some areas reached as high as 4,000 kilos per hectare.
Distor also noted that the number of tobacco farmers grew as corn planters struggled to deal with fall armyworms which prompted them to shift to planting tobacco instead.
“Corn is currently facing a problem with the fall armyworm [...] in San Fabian, more farmers have shifted to planting tobacco due to the problem with these pests,” Distor said.
In an earlier report, the DA said fall armyworms have damaged P57 million worth of corn crops in Western Visayas pegged at 734 metric tons (MT).
The firm highlighted the Philippines as a highly attractive market due to its vibrant talent pool and significant opportunities in the digital economy. With its diverse global presence and financial offerings, Revolut aims to empower Filipinos and small businesses with improved credit access and more competitive foreign exchange solutions.
Tech firm HCLSoftware is also
exploring partnerships to support the Philippines’ digital transformation efforts, particularly in research and development, cybersecurity and workforce upskilling.
The company also offered to share with the Philippine government the best practices and software innovations from other governments globally to help strengthen the country’s technology infrastructure. Moreover, global payments provider Visa reaffirmed its commitment to supporting the Philippines’ digitalization initiatives, including cybersecurity enhancement and cross-border payment solutions.
Health technology firm Philips is also looking to collaborate with the Philippine government and private sector to advance digital healthcare solutions in the country. Aside from AI-related developments, budget airline AirAsia is also considering expanding its operations in the Philippines by establishing a maintenance, repair and overhaul (MRO) facility.
“Helping countries establish national regulatory standards on these goods through adoption of international standards can improve the level of quality and safety of RE products and technologies, facilitating local deployment as well as exports,” it said. The paper said trade agreements
“major domestic project will play a crucial role in strengthening Tarlac’s manufacturing and commercial hub.”
The Peza chief said this aligns with the agency’s commitment to expanding regional investment opportunities and supporting the country’s “broader economic goals.”
“Our strategy to secure such large-scale investments is not just about driving growth in specific regions. It is about positioning the
must be leveraged to promote foreign investments in concerned RE sectors as well as easy entry of professionals and experts.
“When used effectively, tariff and non-tariff trade tools can encourage easy access to RE goods [imports] as well as access to promising markets [exports]. To the extent possible, developing countries should try to negotiate these requirements effectively under various trade agreements,” it added.
Philippines as a premier investment destination, making a lasting impact on the economy and providing benefits to communities nationwide,” said Panga.
The Peza chief emphasized that the “strong growth” in the agency’s investment performance for January underscores its commitment to meet the 2025 target of P230 billion-250 billion in investments. Peza said it is eyeing a 9 to 10 percent increase in its investment targets for the year, and 5-percent target for both export revenues and employment in line with the growth targets of industries for 2025.
The study identified future research priorities, including preparing examples of “success stories” of developing countries integrating into value chains for RE products and services, the impact of trade policies on the supply of critical minerals and implications for RE deployment, and the role of quality and standards infrastructure in the establishment of competitive assembly, manufacturing and export sectors, Philexport noted.
its ongoing evaluation on NGCP’s transmission rate adjustment.
supply from external threats and disruptions.”
Foil for delays
IN the view of the Department of Energy, the government’s investment in NGCP is seen to avoid delays in the completion of vital transmission projects.
“Given that 98 percent of NGCP projects completed between 2016 and 2024 were delayed, with some delays exceeding nine years, Maharlika’s investment can help avoid such delays,” Energy Secretary Raphael Lotilla said in a statement on Monday.
NGCP holds the sole and exclusive concession and franchise for the operation of the country’s power transmission network, which links power generators and distribution utilities to deliver electricity nationwide. SGP, which controls 60 percent of NGCP, is a consortium led by tycoons Henry Sy Jr. and Robert Coyiuto Jr. The State Grid Corp. of China (SGCC) owns the remaining 40 percent.
Lotilla welcomed MIC’s investment in the grid operator, calling it a “step towards attaining our goal of ensuring security of supply, reliability, affordability, and promoting competition in the power sector.”
Industry sources described the deal as “very sweet,” since the terms are “extraordinarily in favor of the government.”
The energy chief stressed that transmission lines are vital to the power sector. New generation projects rely on transmission wires to deliver electricity
to customers. The NGCP, as the country’s single biggest monopoly in the power sector, is responsible for the construction of those high-voltage wires and facilities, and the operation of the national grid system.
“With two board seats each in NGCP and Synergy Grid & Development Philippines Inc., Maharlika can pave the way for better coordination between the DOE and the NGCP to help expand transmission connections in a timely manner and speed up the interconnection of our power grid across the archipelago,” said Lotilla.
The investment amount was not disclosed, but sources said the “cheap valuation with significant control on day one, 6.5 percent yield and two board seats pre-and post-conversion, is unprecedented.” NGCP did not comment as of press time.
The SGP-NGCP agreement was finalized amid security concerns, raised in the recent hearings in the House of Representatives (HOR), on the extent of Beijing’s influence in the operations of NGCP through the SGCC.
NGCP was granted the 25-year concession contract and the 50year franchise to operate the power transmission network, which is owned by the government through the National Transmission Corporation (TransCo).
ERC: No impact on rate evaluation
THE Energy Regulatory Commission (ERC), for its part, said the deal will not have any impact on
“From ERC’s end, this does not impact our ongoing efforts to finalize the 4th Regulatory Reset soonest and then the 5th Regulatory Reset,” said ERC Chairperson Monalisa Dimalanta via Viber. The ERC conducts a rate reset process for power companies to help ensure that rates are fair for both consumers and power utilities by looking into the proposed project costs and projected expenditures over a five-year regulatory period.
The NGCPs’ fourth regulatory period covers the years 2016 to 2022 while the fifth regulatory period will cover the years 2023 to 2027.
Lotilla’s statement also cited the transmission project delays that led to power outage incidents.
In April 2023, Panay experienced an island-wide blackout. Lotilla said that NGCP gave assurance that this would not happen again because of the imminent completion of both the Mindanao-Visayas Interconnection Project and the Cebu-Negros-Panay 3 Project before the end of 2023. However, in January 2024, another island-wide blackout occurred in Panay as both the abovementioned projects remained unfinished.
“Delays in completion of transmission projects not only increase the risk of power outages but also drive up electricity prices,” said Lotilla. The Independent Electricity Market Operator of the Philippines cited examples from just four key transmission projects which show large potentials for power price reductions had these been completed earlier.
www.businessmirror.com.ph
Senator eyes reforms in 94-year PSA law
By Butch Fernandez @butchfBM
LAMENTING how the Philippine civil registry system was recently shaken with scandals involving fraudulent documents, Sen. Sherwin Gatchalian called for stronger powers for the Philippine Statistics Authority (PSA).
Gatchalian is also seeking stiffer penalties against civil registrars who facilitate fraudulent birth registrations amid the alarming rise in fake birth certificates.
Gatchalian filed Senate Bill 2914 that will grant more power to the PSA and establish a comprehensive, responsive civil registration and vital statistics system, which will repeal the Philippine Law on Registry of Civil Status enacted 94 years ago.
“The law needs to be updated and make it more relevant today, as penalties for violations are currently too minimal and outdated,” he said, noting that the bill will
include provisions on delayed registration and other updates necessary to improve the system and deter misuse of outdated practices.
“We must do this. If we don’t, there will be more fake birth certificates that will be issued and their holders can buy lands, set up business and even run for public office as what Alice Guo did,” Gatchalian said. He, was referreing to dismissed Bamban, Tarlac, mayor Guo, a Chinese national at the center of a huge investigation into illegal Philippine Offshore Gaming Operators (Pogo).
Gatchalian is considering increasing the penalty for knowingly making false statements in relation to civil registration. Currently, knowingly making false statements is penalized only with imprisonment of one to six months or a fine of P200 to P500 or both.
Watchdogs tell
Thai authorities: Stop exporting
TBy Jonathan L. Mayuga @jonlmayuga
OXICS watchdog groups based in the Philippines and Thailand, along with an international nongovernment organization, have asked authorities in Thailand to stop exporting mercury-tainted skin-lightening products to the Philippines.
In a letter emailed to Paisarn Dunkum, secretary general of Thailand’s Food and Drug Administration and S upawadee Teerawatsakul, director of the country’s Bureau of Cosmetics and Hazardous Substances Control, FDA, the EcoWaste Coalition-Philippines, the Ecological Alert and Recovery—Thailand (EARTH), and the International Pollutants Elimination Network—Southeast & East Asia (Ipen-SEA) appealed to the Thai health authorities to find and charge the culprits behind the illegal trade of mercury-tainted cosmetics.
“In the interest of protecting consumers
against the adverse impacts of using cosmetics adulterated with mercury, we appeal to the FDA Thailand to conduct a crackdown on the manufacturers, exporters, distributors, and retailers, including online sellers, of cosmetics with mercury content,” a joint statement issued by the groups said.
“Law enforcement action at all levels is urgently required to put the global ban on mercury cosmetics into practice,” they added.
The group’s appeal for action was triggered by the EcoWaste Coalition’s recent discovery of five made in Thailand mercury-tainted skinlightening products that are sold to Filipino consumers through e-commerce sites.
Despite the prohibition on mercury use under the Association of Southeast Asian Nations (Asean) Cosmetic Directive, as well as the Minamata Convention on Mercury, the Quezon City-based group easily obtained from online sellers five cosmetic products with mercury content ranging from 584 ppm to
Remulla hits unauthorized use of agency’s logo for online lotto app
By Rex Anthony Naval
Secretary Juanito Victor Remulla on Monday assailed the unauthorized use of the agency’s logos,
and materials for an advertisement promoting an online lottery application.
“We have received reports that a certain
6,109 ppm, including Aura White Night Cream Intensive Whitening Facial Cream, Meyyong Ra (Seaweed) Extra Whitening & Facelift, Pumepine Total White Underarm Cream, Q-nic
Care Whitening Underarm Cream, and Q-nic
Care Whitening Night Cream.
Acting on the reports filed by the EcoWaste Coalition, two of the above products, Q-nic
Care Whitening Underarm Cream and Q-nic
Care Whitening Night Cream, were subsequently banned by FDA Philippines last month.
The groups likewise urged the FDAThailand to publish an updated list of banned cosmetics containing mercury and other hazardous substances and for the agency to use the Asean Post-Marketing Alert System (Pmas) platform to spread the information to guide regulators, businesses, and consumers of member states on which products not to trade, sell or use or both.
This is the second time that the EcoWaste Coalition, EARTH, and Ipen-SEA have jointly
sought the help of FDA-Thailand in curbing the illegal trade of dangerous cosmetics with mercury in the region.
In 2023, the three groups, plus the Foundation for Consumers (FFC), notified FDA-Thailand about the online sale of Thai cosmetics with mercury content ranging from 3,042 ppm to 44,540 ppm. According to EcoWaste Coalition, confirmatory tests conducted by FDA-Thailand verified the presence of mercury in the products reported. Some of the samples were also found to contain controlled ingredients in prescription medicines that are not allowed in cosmetics, including betamethasone, hydroquinone, and retinoic acid, which are used for treating certain skin conditions and should only be used under strict medical supervision. FDA-Thailand eventually banned the 12 adulterated cosmetics, including Lady
A4 Tuesday, January 28, 2025 www.businessmirror.com.ph
Firm reports oversupply of office spaces
By Bless Aubrey Ogerio
METRO Manila’s office market will see 695,000 square meters (sqm) delivered in 2025, but not without a delay of over 200,000 sqm.
Real estate firm KMC Savills reported on Friday that only two of the ten buildings recently completed were fully leased to single tenants. The rest reported occupancy rates between 25 percent and 33 percent, with some still entirely vacant.
Among business districts, Alabang had the highest vacancy rate in 2024, hovering around 35 percent and is expected to maintain this level in 2025. Ortigas followed with vacancy rates exceeding 25 percent, while the Bay Area posted nearly 25 percent.
Adding to the market glut, the shutdown of Philippine Offshore Gaming Operations (Pogo) is projected to release 270,000 sqm of office space back to the market by
PCUP
T2025, with the Bay Area, Alabang and Makati bearing the brunt.
Still, 448,000 sqm of office space were completed last year, and Metro Manila recorded a net absorption of 282,600 sqm, up 290 percent from 2023. Significant recovery was seen in Bonifacio Global City (BGC) and the Bay Area, driven by robust leasing activity. Makati, on the other hand, saw a slight improvement, while Quezon City lagged.
The information technologybusiness process management (IT-BPM) sector drove demand, accounting for 42 percent of total office take-up. Government agencies followed at 27 percent, while traditional office users contributed 22 percent.
KMC Savills also projected that rental rates will decline across all major districts, with an average drop of P8.90 per sqm. Metro Manila is expected to experience the most substantial decrease, amounting P10 per
sqm, from P849.9 per sqm in 2024 to a projected P839.6 per sqm this year.
“Metro Manila’s 2024 office market thrived, with strong demand from sectors like government and IT-BPOs driving significant growth,” the firm stated.
70% of residential condominiums vacant UNSOLD condominium stock reaches 26,500 units out of 37,800 units, driven by oversupply in the mid-end segment.
Market absorption across all segments stood at 77 percent, with affordable units leading at 83 percent, while low middle-income units posted the lowest at 71 percent.
“We’ve had fewer and fewer launches every year. Actually, last year, there were only seven new condominium launches,” said KMC Savills associate director Joshua de las Alas during their market report.
Residential condo prices experienced a 14.27 percent year-onyear decline in the third quarter of 2024, the sharpest drop since Q2 of 2021.
Metro Manila condos are now priced at an average of P217,000 per sqm, with most unsold units (51 percent) in the P3 million to P7 million price range.
“At this price range, consumers are still expected to pay a minimum of [approximately] P20,000 to P40,000 per month on mortgage for a studio or one-bedroom unit,” the report stated.
About 17,000 unsold units are set for turnover until 2028. However, this figure is expected to drop to 5,000 units as 12,000 units are projected to be sold before completion.
“There might be a need for price correction to address the oversupply, otherwise, a significant portion of the inventory will remain unsold,” the report said.
chief wants agency to revert under the Office of the President
HE Presidential Commission for the Urban Poor (PCUP) hopes to move back to the Office of the President, a transfer that its chairman said is aligned with their original mandate.
PCUP chairman Meynard Sabili revealed in a media forum on Thursday that the request was made shortly after he assumed office in August last year. Sabili said HE wrote a letter to the President through Executive Secretary Lucas Bersamin, citing the agency’s “original mandate.” He noted that different people have been supervising them, and
Mercury. . .
Continued from A3
Gold Seaweed Gluta-Super Gluta Brightening, five variants of Dr. Yanhee (also called “Mhor Yanhee”), two variants of Dr. Wuttisak (also known as “Mhor Wutti sak”), Meyyong Seaweeds Super Whitening, Polla Gold Super White Perfects, 88 Whitening Night Cream, and Snow White Armpit Whitening Underarm Cream, which the environmental health groups duly commended. However, some of these banned products are still sold online. Thus, there is a need to improve and intensify
that they want to revert to the Office of the President. While Sabili did not disclose the specific reasons behind the move, he clarified that it was not due to any issues with the Department of Social Welfare and Development (DSWD) “It’s not that I don’t trust the agency; Secretary Rex Gatchalian is kind and competent, and that’s why we have been doing a lot of things to project the work of the Urban Poor office,” Sabili said, partly in Filipino. “Sana po mailipat na kami sa Office of the President [I hope they
compliance monitoring.
Encouraged by the successful regional African meeting held last week in Libreville, Gabon, the EcoWaste Coalition, EARTH and Ipen-SEA further expressed their support for a similar gathering to be held in Asia to advance the elimination of mercury-added cosmetics and protect human health and the ecosystems.
The meeting led to the adoption the historic “Libreville Commitment,” which “calls for regional collaboration to foster stronger regulations, enhanced enforcement measures, and public awareness campaigns to combat these harmful products.”
can move us to the OP].”
According to him, the Office of the President had forwarded a communication to the DSWD regarding the request, to which the social welfare agency had no objection.
“The Office of the Secretary interposed no objection as far as our intention to revert back to the Office of the President,” the urban poor czar said.
Aside from expressing hope that the transfer would be finalized before the next budget cycle, PCUP is also appealing for a higher budget to better fulfill its mission
PSA. . .
Continued from A3
The proliferation of fake birth certificates came to light following Gatchalian’s discovery that the birth certificate of Guo was obtained fraudulently.
To date, the PSA has blocked 1,627 suspicious birth certificates linked to foreigners, 18 of which have been endorsed to the Office of the Solicitor General for cancellation, Gatchalian said. In addition, the PSA is auditing 50,532 birth certificates for signs of falsification
of serving the urban poor.
PCUP was established during the administration of Cory Aquino. It was placed under the Department of Land Reform (now Department of Agrarian Reform) in 2004 by then-president Gloria Macapagal-Arroyo, transferred to the Office of the President in 2012 under former president Ninoy Aquino III, and moved to the DSWD by former president Rodrigo Duterte in 2018.
For 2025, the PCUP has a budget of P205 million, a 4-percent increase from the P197 million in 2024. Bless Aubrey Ogerio
and irregularities.
Meanwhile, around 3.7 million Filipinos, or 3.4 percent of the total population, have been estimated to be without birth certificates, mostly from marginalized communities. Adding to the problem of non-registration, about 14.9 million late birth registrations were submitted between 2010 and 2024.
“We need to balance things because if we’re too strict, our countrymen from remote areas will find it too hard to register births, but if we’re too lax, those with intentions to commit wrongdoing will have an easy time,” he explained.
Risk assessments–needed in anti-corruption and in data privacy protection
By Henry J. Schumacher
PERFORMING effective risk assessments can be a difficult art to master. The very phrase—“compliance risk assessment”—can encompass a wide range of risks: antibribery, whistleblower retaliation, data privacy breach, workplace harassment, anti-competition, product safety, and much more. What are the risks of poor risk due diligence? What are the risks that compensation schemes will lead sales agents to bribe their way to a performance bonus? What are the risks that internal controls won’t detect bribery payments or data privacy breaches? That complexity must be a permanent fixture of corporate compliance and risk management programs. More risks will emerge in the future, whether they come from business operations, government regulation, or external forces (including the pressures created by Trump 2.0).
In order to protect us from loss of reputation, high fines and criminal charges, astute risk and gap assessments are imperative. Areas to focus on in risk assessment:
TO assess the risks around proper due diligence of third parties, the compliance function may need to enlist the procurement or accounting departments; they would have a list of all parties that received payments from the company. In a decentralized enterprise, the IT department may need to help “normalize” data that different divisions collect in different formats.
The risks associated with your company’s personnel require special attention: if corporate bribery is going to take place, the human element will necessarily be involved. When assessing risks your personnel might pose, you will need, again, to ask the right questions:
n Who interacts with government officials?
n Who sells products or gets business? Who controls funds leaving the company? Who is operating in the most corrupt environment?
n Who is in the best position to detect problems?
n Who is collecting, maintaining, distributing and storing personal data?
Grouping the organization’s personnel as such will allow you to better identify which groups are most exposed, and to what levels of risk. Agents in frequent contact with government officials must be given extra care, as they can receive bribe requests in return for winning business opportunities. Personnel under pressure to make large sales may succumb and cut corners on compliance. Line-level accounting
personnel, on the other hand, may be aware of improper payments. The HR staff has access to data privacy information which needs to be protected. Identifying such weaknesses will help put in place a more accurate risk assessment, as well as, more efficient remedial mechanisms.
Evaluating geographical risk implies understanding where you operate; how much business you do in each area, the type of business you conduct in each area, how much data your import and export, and the level of corruption in that particular area. How aware are you about cross-border privacy rules?
Knowing your customer is key to mapping out your risk matrix. If you are delivering services or goods to a public entity, you are dealing with a high risk customer that could potentially bring your business under the scrutiny of anticorruption laws with global jurisdiction such as the US FCPA or the UK Bribery Act, which prohibit offering and giving bribes to foreign government officials. The coverage of applicable persons is broad and includes government officers and employees, consultants and agents acting on behalf of foreign governments, employees of public international organizations (like the World Bank, ADB or UN), and officials and employees of state-owned enterprises. If your customer does not fall under the definition of foreign officials, you must still consider whether your customer would present any risk as “private-to-private” bribery is also punishable under certain legislation with global jurisdiction such the UK Bribery Act and may also be punishable under local law in the country where the crime was committed. For instance, in a given tender or project you should ask whether a potential customer may operate corruptly, whether there is anything suspicious about the tender or project, etc. In addition, more and more countries and regions are implementing data privacy protection laws and regulations, which means that the protection of data in the interaction with clients becomes very important. In conclusion, risk assessments present compliance professionalsdata protection officers with the complicated task of tailoring the assessment of every risk to its specific details. If you need assistance, contact me at hjschumacher59@gmail.com.
Remulla orders withdrawal of info filed vs Garin et al in relation to Dengvaxia cases
unreliable evidence.”
TBy Joel R. San Juan @jrsanjuan1573
HE Department of Justice (DOJ) has ordered the withdrawal of reckless imprudence resulting in homicide charges filed against former Department of Health Secretary and now First District Iloilo Rep. Janette Garin and two other former health officials in connection with the alleged deaths of children inoculated with anti-dengue vaccine Dengvaxia.
In a resolution da ted January 10, DOJ Secretary Jesus Crispin Remulla granted the petition for review filed by Garin, Dr. Gerado V. Bayugo, and Dr. Ma. Joyce U. Ducusin seeking to set aside the justice department resolution issued on June 14, 2022, which found probable cause to indict them for reckless imprudence resulting in homicide charges based on the complaints
of relatives of 98 alleged Dengvaxia victims. Ba yugo is a former DOH assistant secretary, while Ducusin is the former head of the DOH Family Health Office. Ducusin is currently a division chief at the Philippine National AIDS Council (PNAC).
The DOJ held that the procedures undertaken by the respondents-appellants leading to the implementation of the program “do not exhibit inexcusable lack of precaution” to hold them liable for the crime.
Thus , Remulla directed Prosecutor General Richard Anthony Fadullon to withdraw the information filed against them and to report the action taken within 10 days from receipt of the order.
The c omplainants claimed that after their children were inoculated with the Dengvaxia vaccine, they exhibited symptoms, such as headache, abdominal pain, fever, and at times rashes, body weakness,
slurring of speech, change in behavior, difficulty in breathing and loss of appetite.
They added tha t their children died between seven days to 31 months after experiencing the symptoms.
However, the DOJ said there is no strong proof to link Dengvaxia vaccine to the deaths.
“Ho wever, notwithstanding the voluminous evidence submitted by complainantappellees and the painstakingly review and assessment of the evidenc e n record, it cannot be established that there is any causal link between Dengvaxia vaccination and the deaths alleged in the complaintaffidavits,” the DOJ said.
It not ed that the studies made by the World Health Organization (WHO) and other experts “clearly point to a contrary conclusion that there is causal link between them.”
The c omplaints, according to the DOJ, are based on “self-serving hearsay and
It explained tha t the allegations in the complaints are not based on personal knowledge of the complainants but on the statements made during the joint hearings of the Senate Blue Ribbon Committee, the Committee on Health and Demography and Finance.
It added the ev en the Public Attorney’s Office (PAO), which serves as the counsel for the c omplainants, r eports and forensic examination reports are “self-serving.”
“T he same people who prepared the reports are representing the complainants as counsels. The witnesses do not have personal knowledge of the facts and circumstances relevant to the case,” it added.
“T herefore, under the premise and based on the totality of evidence, we cannot subscribe to the argument of complainantsappellees that the negligence on the part
Senate approves on 3rd reading bill providing free legal assistance for MUPs
Tof the respondents-appellants, if any, is the proximate cause to the death of the children...,” the DOJ explained.
It poin ted out based on rigorous and scientific research, for the symptoms that eventually led to the death of the children to be attributable to the vaccination, they must manifest within eight days from inoculation.
But in this case the DOJ said a perusal of the dates showed that the symptoms manifested beyond the eight- day period, from the last day of vaccination.
“Such passage of time ma terially broke the casual connection. Their deaths could be attributable to some other reasons,” the DOJ declared.
In an int erview with reporters, DOJ
By Butch Fernandez @butchfBM
HE Senate on Monday approved on third and final reading a bill granting free legal assistance to military and uniformed personnel (MUP), saying it will allow them to continue discharging their critical duties and serve the people without being derailed by “harassment suits” and legal challenges.
CBy Bless Aubrey Ogerio
LIMATE RESILIENCY is a commitment
the Department of Human Settlements and Urban Development (DHSUD) made on Monday, assuring all housing units under the Pambansang Pabahay para sa Pilipino (4PH) Program are built to withstand environmental challenges.
“Lahat po ng 4PH projects are mataas ang kalidad, dahil bukod sa compliant ang mgaitosaating Building Code aynakatutok ang gobyerno, kasama ang ating mga local government units, sa pagtatayo ng mga housing projects,” Housing Secretary Jose Rizalino Acuzar said.
This came after President Ferdinand Marcos Jr. urged the housing department on January 19
Thanking his peers after passage of SB 2814, Senate President Pro Tempore Jinggoy Estrada noted that the measure is another priority measure in the Legislative Executive Development Advisory Council (Ledac) agenda, and had been a priority of the Armed Forces of the Philippines since the 18th Congress.
to adopt climate-resilient housing designs, with the goal of minimizing the impact of natural disasters on communities and ensuring the safety of public housing beneficiaries.
“Sa DHSUD at sa NHA, inaasahan ko na palalawigin pa ninyo ang pagtuklas at paggamit ng mga disenyo ng pabahay na mas matibay pa at mas angkop sa pagbabago ng klima at hamon ng panahon,” Marcos said during the turnover of housing units to Yolanda victims. Acuzar reassured the public about the durability and safety of the 4PH housing projects.
“Sinisiguro din po ng DHSUD na ang ating mga 4PH projects ay wala sa mga hazardous or disaster prone areas at naka alignsamgaapproved Comprehensive Land
The bill provides legal assistance “exclusively” for cases that MUPs face in connection with the discharge of their official functions and duties. “Unfortunately,” he stressed, such faithful discharge of duty occasionally exposes them to “harassment suits” that cause them demoralization and anxiety, distracting them from their vital work. With passage of the measure, Estrada said
Use Plans at Local Shelter Plans ng ating mga LGUs,” he added.
During the DHSUD’s media thanksgiving on December 17, the housing czar shared that approximately 260,000 housing units have already been built nationwide.
“In three years, two years for time, baka umabot po kami ng 300,000 to 500,000,” he said. In February 2024, the department launched its “Plan and Do” initiative. This program aims to streamline and digitalize urban planning processes to build “smart, green, resilient and inclusive human settlements.”
Currently, DHSUD has at least 56 projects under the 4PH program that are in various stages of development, with some housing units already completed and turned over to
Senate approves bill amending firearms, ammo regulation law
Wthe MUPs are expected to be “more relentless to go after” wrongdoers.
Sen. Bong Go, principal sponsor of SB 2814, also thanked his peers for the thirdreading approval, saying that MUPs who face “countless risks in line of duty, often in life-threatening environments..providing assistance during times of calamity...must not be left to fend for themselves.”
beneficiaries.
“These ongoing turnover of units and simultaneous development and construction of housing projects are solid proofs of concepts that 4PH is the right track. Itopoaypatunay nakayanatini-tap angprivate funds sapublic housing,” Acuzar said.
According to a December 4 report by the National Disaster Risk Reduction and Management Council, at least 163,065 people were displaced due to Typhoons Nika, Ofel and Pepito.
In the Ilocos Region, Cagayan Valley, Central Luzon, Southern Tagalog, Bicol Region and Cordillera, around 78,960 houses were reported damaged and the estimated infrastructure damage in these areas reached almost P3 million.
Undersecretary Raul Vasquez said the all other pending complaints still undergoing preliminary investigation or subject of petition for review with the DOJ will lik ely also be dismissed sinc e these are based on the same facts and evidence. When ask ed what will happen to Dengvaxia cases already undergoing trial before the courts, Vasquez said: “There is a principle that once it is already before the court, it’s up to the. It’s for the court to decide how it would be handled.” Vasque z suggested to the victims to explore the possibility of pursuing a civil action following the order of the DOJ to withdraw the criminal complaint. The PAO said it would file a motion for reconsideration of the decision issued by Remulla.
SENATOR Christopher “Bong”
Go showed his solidarity with Ilonggos during his visit to Iloilo City on Sunday, January 26 for the Dinagyang Festival. Go attended the gatherings held at the Freedom Grandstand as well as in the Iloilo Provincial Capitol.
He witnessed the vibrant Dinagyang Ati Tribe Competition, the centerpiece of Iloilo’s annual celebration in honor of Señor Santo Niño, which featured eight participating tribes showcasing the rich culture and traditions of the Ilonggos through dance, music, and colorful attire.
In a show of support, Go and his Malasakit Team distributed shirts, basketballs, and other tokens to the eight contingents of the Dinagyang Ati Tribe Competition.
Go commended and expressed his gratitude to Iloilo City Mayor Jerry Treñas, Vice Mayor Jeffrey Ganzon, Congresswoman Jam Baronda, the city council; as well as the provincial government led by Governor Arthur Defensor Jr., Vice Governor Christine Garin, and other local officials for their hospitality, successful organizing of the festival, and continued efforts for the development of Iloilo.
Meanwhile , relatives of the Dengvaxia victims gathered outside the DOJ headquarters in Manila to protest the recent decision of the DOJ insisting their children’s untimely death was due to the adverse effects of the Dengvaxia vaccine.
During his visit , Go emphasized the Dinagyang Festival’s significance as more than just a cultural event but a testament to the deep faith and unity of the Ilonggos.
Go has consistently championed initiatives that uphold the welfare of Indigenous Peoples (IPs) and promote the preservation of Filipino values, culture and traditions.
As an example , Go is a co-sponsor of the Equal Access to Public Cemeteries Bill (Senate Bill No. 1273) to provide culturally appropriate burial grounds in public cemeteries for Muslim Filipinos and IPs if enacted into law. Additionally, the Delayed Registration of Birth Act of 2025 (Senate Bill No. 2917), filed by Go, seeks to address the issue of 3.7 million unregistered Filipinos, including many IPs, by streamlining procedures and waiving fees for indigent applicants. Go also underscor ed the importance of protecting IPs’ rights through Executive Order No. 139, issued in 2021 under former President Rodrigo Duterte, which provides death and burial benefits to Barangay Indigenous Peoples Mandatory Representatives.
HILE affirming the state policy that gun ownership is a privilege, not a right, but promoting responsible gun ownership, senators on Monday approved on third and final reading the bill amending Republic Act 10591. The passage of the Comprehensive Firearms and Ammunition Regulation Act “is in no way a departure from our state policy that gun ownership is a mere privilege and not a right,” said main sponsor Sen. Ronald Bato dela Rosa, chairman of the chamber ’s Public Order panel. “Hindi pa rin po natin papayagan humawak at magmay-ari ng baril ang mga taong hindi makakapasa sa mga requirement at qualification na ating inilagay sa panukalang batas. 0 [We will still not allow anyone who has not passed the requirement at qualification we stated in the bill to possess and handle guns],”
Bill equips
BECAUSE children are becoming increasingly technologically savvy but also at risk from their long exposure to the digital world, especially social media, elementary and high school students must be equipped with the knowledge and tools to help them navigate the virtual world safely and responsibly.
With this in mind, Senate President Pro Tempore Jinggoy Ejercito Estrada has introduced a measure aimed at equipping them for this purpose.
Dela Rosa said in a brief manifestation on the floor after the senators approved SB
Estrada ’s Senate Bill No. 2934 proposes the inclusion of internet safety education in the curriculum of elementary and high school students to help them understand the internet and protect them from online dangers.
“T he Internet Safety Protection Act is a proactive approach to ensure that Filipino children are informed and resilient in the digital age. By integrating this into the school curriculum, we aim to create a safer online environment and protect the next generation from the ever-evolving threats of the virtual world,” Estrada said.
A ccording to Estrada, while Republic Act No. 11930, or the “Anti-Online Sexual Abuse and Exploitation of Children (OSAEC) and Anti-Child Sexual Abuse or Exploitation Materials (CSAEM) Act,” established a strong legal framework to combat online-related crimes, his proposed bill will act as a preventive mechanism and empower children to
2895, or the Act Amending Republic Act No. 10591, As Amended, O therwise Kno wn as the Comprehensive Firearms and Ammunition Regulation Act.
He thanked Senate President Chiz Escudero, Senate Minority Floor Leader, Senator Koko Pimentel, Senate Deputy Minority Leader, Senator Risa Hontiveros, and Senator Pia Cayetano “for their invaluable contribution in improving the provisions of this bill.”
De la Rosa added: “With the approval
protect themselves from the risks associated with the online world.
The pr oposed internet education program will focus on safe usage and increase awareness on the dangers associated with social media apps, text messaging, instant messaging, websites, blogs, emails, and mobile devices.
It will also highligh t the significance of educating students about privacy protection, identifying fake news, avoiding cyberbullying, and recognizing online predators.
It will likewise emphasize the importance of responsible internet use and maintaining a balance between online and real-life interactions, according to the veteran lawmaker.
of the amendments under the bill, it will clarify licensing and registration procedures which will promote compliance; strengthens regulations against illegal firearms and enhances public safety; provides for the safe and responsible transfer of firearms in cases of death or incapacit y; and establishes an amnesty program to encourage the registration of unregistered firearms nationwide.”
Such amendments, he said, will bolster even more efforts to have an effective fir earms law. He expressed confidence the bill will encourage responsible gun ownership while ensuring the safety of Filipinos. Butch Fernandez
The bill tasks the Department of Education (DepEd) with identifying, developing, and implementing an Internet Safety Education Program, which includes educational technology, multimedia applications, and lesson plans.
The bill will also provide professional training for teachers and staff, develop online risk prevention programs for children, support peer-driven initiatives, and coordinate research on online risks. Additionally, DepEd will be mandated to launch public education campaigns, educate parents on safe internet use, and coordinate with the Department of Information and Communication Technology and other agencies for resources and guidance. Butch Fernandez
CHED to issue ‘show-cause’ order against Bestlink Colleges over student safety concerns in field trip
THE Commission on Higher Education
(CHED) on Monday said that a “showcause” order will be issued against Bestlink Colleges of the Philippines in Quezon City following the safety issues of their students who attended a field trip in Hermosa, Bataan as part of the founding anniversary celebration of the school.
CHED Chairman Prospero De Vera III said that Bestlink Colleges conducted an off campus activity “without submitting the required documents.”
“CHED Commission en banc has discussed the matter and a show cause order will be issued against Bestlink College for conducting off campus activity without submitting the required documents with chedro ncr [CHED Regional Office-National Capital Region],” De Vera said in a Viber message to the media. De Vera also said that he already instructed CHED- NCR Regional Director Dr. Jimmy G. Catanes to investigate on the matter. In a viral post on social media, students reportedly walk for more than two hours due to lack of transportation going back home and most of them also experienced hunger, some fainted. “Butinakauwianganakko.Pagod,sobrang gutom,” a worried parent commented. “Ginawa niyong Bataan death march
ang founding anniversary niyo.Kawawang students. This school should be given sanction, wrote a concerned netizen Judy Delos Reyes. Meanwhile, the Quezon City Government strongly urges all schools to make student safety their utmost priority when organizing large-scale events.
“T his reminder comes after a recent incident involving a Quezon City-based private school’s weekend activity that aimed to transport thousands of students to an out-of-town resort in celebration of its founding anniversary, which caused severe traffic disruptions and raised serious safety concerns for the students.”
Schools, the city government added, are reminded of their responsibility to exercise due diligence by ensuring meticulous planning and closely coordinating with local government units (LGUs) and other relevant authorities.
“Adherence to established safety protocols is non-negotiable and must be strictly observed to safeguard students and prevent undue inconvenience to the public. We call on all educational institutions to remain steadfast in upholding these standards,” the city government said, calling the public to create a “safer, more responsible environment for our students and the broader community.” Claudeth Mocon-Ciriaco
Go spotlights Iloilo’s progress at Dinagyang Festival 2025
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22 reported killed in Lebanon before agreement to extend deadline for Israeli forces to withdraw
MBy Kareem Chehayeb & Abby Sewell The Associated Press
AYS AL-JABAL, Lebanon—
Israeli forces in southern Lebanon on Sunday opened fire on protesters demanding their withdrawal in line with a ceasefire agreement, killing at least 22 and injuring 124, Lebanese health officials reported.
Hours later, the White House said Sunday that Israel and Lebanon had agreed to extend the deadline for Israeli troops to depart southern Lebanon until February 18, after Israel requested more time to withdraw beyond the 60-day deadline stipulated in a ceasefire agreement that halted the Israel-Hezbollah war in late November.
Israel has said that it needs to stay longer because the Lebanese army has not deployed to all areas of southern Lebanon to ensure that Hezbollah does
not reestablish its presence in the area. The Lebanese army has said it cannot deploy until Israeli forces withdraw.
The White House said in a statement that “the arrangement between Lebanon and Israel, monitored by the United States, will continue to be in effect until February 18, 2025.” It added that the respective governments “will also begin negotiations for the return of Lebanese prisoners captured after October 7, 2023.”
There was no immediate comment from the Israeli government, but Lebanese caretaker Prime Minister Najib Mikati confirmed the extension.
The announcement came hours after demonstrators, some of them carrying Hezbollah flags, attempted to enter several villages to protest Israel’s failure to withdraw from southern Lebanon by the original Sunday deadline.
The dead included six women and a Lebanese army soldier, the Health Ministry said in a statement. People were reported wounded in nearly 20 villages in the border area.
The Israeli army blamed Hezbollah for stirring up Sunday’s protests.
It said in a statement that its troops fired warning shots to “remove threats in a number of areas where suspects were identified approaching.” It added that a number of suspects in proximity to Israeli troops were apprehended and were being questioned.
The development in Lebanon comes as Israel kept thousands of Palestinians from returning to their homes in northern Gaza on Sunday, accusing Hamas of violating a fragile ceasefire by changing the order of hostages it has released.
Lebanese President Joseph Aoun said in a statement addressing the people of southern Lebanon on Sunday that “Lebanon’s sovereignty and territorial integrity are non-negotiable, and I am following up on this issue at the highest levels to ensure your rights and dignity.”
He urged them to “exercise selfrestraint and trust in the Lebanese Armed Forces.” The Lebanese army, in a separate statement, said it was escorting civilians into some towns in the border area and called on residents to follow military instructions to ensure their safety.
Parliament Speaker Nabih Berri, whose Amal Movement party is allied with Hezbollah and who served as an interlocutor between the militant group and the US during ceasefire negotiations, said that Sunday’s bloodshed “is a clear and urgent call for the international community to act immediately and compel Israel to withdraw from occupied Lebanese territories.”
An Arabic-language spokesperson for the Israeli military, Avichay Adraee, posted on X that Hezbollah had sent “rioters” and is “trying to heat up the situation to cover up its situation and status in Lebanon and the Arab world.”
He called Sunday morning for residents of the border area not to attempt to return to their villages.
U.N. Special Coordinator for Lebanon Jeanine Hennis-Plasschaert and the head of mission of the U.N. peacekeeping force known as UNIFIL, Lt. Gen. Aroldo Lázaro, called in a joint statement for both Israel and Lebanon to comply with their obligations under the ceasefire agreement.
“The fact is that the timelines envisaged in the November Understanding have not been met,” the statement said. “As seen tragically this morning, conditions are not yet in place for the safe return of citizens to their villages along the Blue Line.”
UNIFIL said that further violence risks undermining the fragile security situation in the area and “prospects for stability ushered in by the cessation of hostilities and the formation of a government in Lebanon.”
It called for the complete withdrawal of Israeli troops, the removal of unauthorized weapons and assets south of the Litani River, the redeployment of the Lebanese
Rebels capture major Congolese city; Congo govt calls it ‘declaration of war’
By Justin Kabumba, Monika Pronczuk, Wilson Mcmakin, Christina Malkia
& Edith M. Lederer
The Associated Press
GOMA, Congo—Rwanda-backed rebels claimed they captured eastern Congo’s largest city, Goma, early Monday, as the United Nations described a “mass panic” among its 2 million people and Congo’s government said the rebel advance was a “declaration of war.”
The M23 rebels announced the city’s capture in a statement minutes before a 48-hour deadline expired that had been imposed by the group for the Congolese army to surrender their weapons. Early Monday morning, gunfire was heard throughout the city, according to two aid workers sheltering there who were not authorized to speak to the media.
In a statement, the rebels urged residents of Goma to remain calm and for members of the Congolese military to assemble at the central stadium.
The M23 rebels’ offensive in the heart of the mineral-rich region threatens to dramatically worsen one of Africa’s longest wars and further displace civilians. According to a United Nations report, over a third of the population of North Kivu province where Goma is located are currently displaced and the capture of Goma will likely exacerbate
the situation.
Late Sunday night, UN peacekeepers began to process members of the military who had begun to surrender on the outskirts of the city.
Congolese government spokesman Patrick Muyaya made a statement in a video posted on X calling for the protection of civilians and saying that the country is “in a war situation where the news is changing.”
Late Sunday, the UN’s special representative for Congo told an emergency meeting of the UN Security Council that with the airport shut down and roads blocked in the vast region’s humanitarian and security hub, “we are trapped.”
Congo late Saturday broke off relations with Rwanda, which has denied backing the M23 despite evidence collected by UN experts and others. The surge of violence has killed at least 13 peacekeepers over the past week. And Congolese were again on the run.
The M23 has made significant territorial gains along Congo’s border with Rwanda in recent weeks, after months of regional attempts to make peace failed. On Sunday night, the rebels called on Congo’s army to surrender their arms and present themselves at a local stadium by 3 a.m. or they would take the city.
The Uruguayan army, who are in Goma serving with the UN peacekeeping mission, said in a statement on X late Sunday that some Congolese soldiers have laid down
army in all of south Lebanon and ensuring the safe and dignified return of displaced civilians on both sides of the Blue Line. An AP team was stranded overnight at a UNIFIL base near Mays al-Jabal after the Israeli army erected roadblocks Saturday while they were joining a patrol by peacekeepers. The journalists reported hearing gunshots and booming sounds Sunday morning from the base, and peacekeepers said that dozens of protesters had gathered nearby.
In the village of Aita al Shaab, families wandered over flattened concrete structures looking for remnants of the homes they left behind. No Israeli forces were present.
“These are our houses,” said Hussein Bajouk, one of the returning residents. “However much they destroy, we will rebuild.”
Bajouk added that he is convinced that former Hezbollah leader Hassan Nasrallah, who was killed in an Israeli strike in Beirut’s southern suburbs in September, is really still alive.
“I don’t know how much we’re going to wait, another month or two months... but the Sayyed will come out and speak,” he said using an honorific for Nasrallah.
On the other side of the border in the kibbutz of Manara, Orna Weinberg surveyed the devastation of the recent conflict on her neighbors and the Lebanese villages on the other side of the frontier. The sound of gunfire sporadically popped in the distance.
“Unfortunately, we have no way of defending our own children without harming their children,” Weinberg, 58, said. “It’s a tragedy to all sides.”
Some 112,000 Lebanese remain displaced, out of over one million who fled their homes during the war.
Sewell reported from Beirut. Associated Press writers Zeke Miller in Washington, Sally Abou AlJoud in Beirut, Bilal Hussein in Aita al-Shaab, Lebanon, and Sam McNeil in Manara, Israel, contributed to this report.
their weapons.
“More than a hundred FARDC soldiers are sheltered in the facilities of the “Siempre Presente” base awaiting the (Disarmament, Demobilization and Reintegration) process,” the statement said.
In photos shared with the statement, armed men are seen registering with the peacekeepers in a mix of military uniforms and civilian clothing.
The UN special representative, Bintou Keita, told the Security Council that despite UN peacekeepers’ support for the Congolese armed forces, M23 and Rwandan forces entered the Munigi neighborhood on Goma’s outskirts, “causing mass panic.” Munigi is 9 kilometers (5 miles) from the city.
Keita said M23 fighters were advancing and using residents “as human shields” as others fled for their lives.
“M23 has declared the airspace over Goma closed,” she added. “In other words, we are trapped.” She said the UN was temporarily relocating nonessential personnel from the city.
Congo’s foreign minister, Thérèse Kayikwamba Wagner, told the Security Council that Rwanda was committing “a frontal aggression, a declaration of war which no longer hides itself behind diplomatic maneuvers.”
Rwanda’s ambassador to the UN, Ernest Rwamucyo, did not confirm or deny Congo’s claims. He blamed Congo’s government, saying the crisis could have been averted if it had “demonstrated a genuine commitment to peace.” The United States and France called See “Congo,” A9
www.businessmirror.com.ph
Tuesday, January 28, 2025 A9
Russian capture of Ukrainian town sparks concerns as US funding halt impacts NGOs serving veterans
KYIV, Ukraine—Russia on Sunday claimed its troops had captured a strategically important town in eastern Ukraine as part of a grinding campaign to weaken Kyiv’s grip on the country’s industrial heartland, while uncertainty over the continued flow of US funding has reportedly halted the work of some Ukrainian NGOs, including those helping war veterans.
Russia’s Defense Ministry announced the fall of Velyka Novosilka, which had around 5,000 residents before the war, following a monthslong battle. Its statement could not be independently verified, and Ukraine claimed its troops had only strategically withdrawn from certain areas.
But if confirmed, it would make Velyka Novosilka the first significant town to capitulate in 2025 under Moscow’s onslaught in the eastern Donetsk region against Ukraine’s weary and short-handed army. The war is set to reach its three-year milestone in February.
Ukrainian forces withdrew from certain parts of Velyka Novosilka to avoid encirclement, the 110th Separate Mechanized Brigade said in a statement on its official Telegram channel Sunday. The brigade is active in that patch of the frontline.
Analysts have long predicted that it’s only a matter of time until Russian forces capture the settlement, which lies only 15 kilometers (9 miles) from the neighboring Dnipropetrovsk region.
The brigade said though they have
approximate parity with Russian forces in terms of artillery and drones, the Russians have a huge advantage in manpower.
“Our units, using the weather conditions, skillfully withdrew from areas where there was a threat of encirclement. This does not mean that we have completely left the city, the fighting in Velyka Novosilka continues. All actions are aimed at minimizing our own losses and maximum damage to the enemy,” the statement said.
The brigade said the withdrawal will make it topographically difficult for Russians to advance by making the river an obstacle for further advance.
“The enemy (…) will have no peace, any movement is cut off by shells and drones,”
the statement said.
Russia captured the Donetsk cities of Avdiivka and Vuhledar last year after long and grueling battles. Those cities were largely leveled by Russian artillery, glide bombs and drones before they fell.
Russian forces have also been trying for months to capture the key Donetsk strongholds of Pokrovsk and Chasiv Yar.
Elsewhere, Ukrainian NGOs catering to the needs of war veterans and their families have claimed a suspension of US funding is forcing them to halt their work, days after newly sworn in US Secretary of State Marco Rubio announced he would pause foreign aid grants for 90 days.
Ukrainian President Volodymyr
Zelenskyy later claimed that military aid to Ukraine would continue, but did not clarify whether humanitarian aid had been paused. Kyiv relies on the US for 40% of its military needs.
According to news reports, Ukrainian NGOs receiving funding from Washington this weekend began receiving “stop work” orders, requiring them to pause all projects and related travel.
Veteran Hub, an NGO that provides legal and psychological support to war veterans and their families, was forced to halt operations of two of its three largest service units as a result, the organization said in its official Facebook page.
It said the suspension has led it to ask for public donations for the first time.
“Since 2018, we have refrained from public fundraising because we believe that donations are primarily needed for the military. Today, we are forced to publicly ask for support for the first time,” the organization said.
With the Trump administration questioning the future of US aid to Ukraine, stressing the need to quickly broker a peace deal, both Moscow and Kyiv are seeking battlefield successes to strengthen their negotiating positions ahead of any prospective talks.
For the past year, Russian forces have been waging an intense campaign to punch holes in Ukraine’s defenses in the eastern Donetsk region. The sustained and costly offensive has compelled Kyiv to give up a series of towns, villages and hamlets.
White House claims victory in standoff with Colombia over deportation flights
By Regina Garcia Cano, Zeke Miller & Astrid Suárez
The Associated Press
BOGOTA, Colombia—The White House claimed victory in a showdown with Colombia over accepting flights of deported migrants from the US on Sunday, hours after President Donald Trump threatened steep tariffs on imports and other sanctions on the longtime US partner. Long close partners in anti-narcotics efforts, the US and Colombia clashed Sunday over the deportation of migrants and imposed tariffs on each other’s goods in a show of what other countries could face if they intervene in the Trump administration’s crackdown on illegal immigration. The White House held up the episode as a warning to other nations who might seek to impede his plans.
Earlier, the US president had ordered visa restrictions, 25 percent tariffs on all Colombian incoming goods, which would be raised to 50 percent in one week, and other retaliatory measures sparked by President Gustavo Petro’s decision to reject two Colombia-bound US military aircraft carrying migrants after Petro accused Trump of not treating immigrants
for a ceasefire and appealed to Rwanda to withdraw its support to M23, with acting US Ambassador Dorothy Shea warning that the US would “consider all the tools at its disposal” to hold accountable those responsible for sustaining the armed conflict.
In the past 48 hours, two UN peacekeepers from South Africa and one from Uruguay were killed and 11 others were injured and hospitalized, UN Secretary-General Antonio Guterres’ spokesman said ahead of the Security Council meeting.
The UN chief reiterated his “strongest condemnation” of the M23 offensive “with the support of the Rwanda Defense Forces,” and called on the rebel group to immediately halt all hostile action and withdraw, spokesman Stephane Dujarric said.
Congo cuts ties with Rwanda
CONGO, the United States and UN experts accuse Rwanda of backing M23, which is mainly made up of ethnic Tutsis who broke away from the Congolese army more than
with dignity during deportation. Petro also announced a retaliatory 25 percent increase in Colombian tariffs on US goods.
Trump said the measures were necessary because Petro’s decision “jeopardized” national security in the US by blocking the deportation flights.
“These measures are just the beginning,” Trump wrote on his social media platform Truth Social. “We will not allow the Colombian Government to violate its legal obligations with regard to the acceptance and return of the Criminals they forced into the United States.”
Press secretary Karoline Leavitt said in a late Sunday statement that the “Government of Colombia has agreed to all of President Trump’s terms, including the unrestricted acceptance of all illegal aliens from Colombia returned from the United States, including on US military aircraft, without limitation or delay.”
Leavitt said the tariff orders will be “held in reserve, and not signed.” But Leavitt said Trump would maintain visa restrictions on Colombian officials and enhanced customs inspections of goods from the country, “until the first planeload of Colombian deportees is successfully returned.”
The Colombian government late Sunday
a decade ago. It’s one of about 100 armed groups that have been vying for a foothold in the mineral-rich region, where a longrunning conflict has created one of the world’s largest humanitarian crises. Rwanda’s government denies backing the rebels, but last year acknowledged that it has troops and missile systems in eastern Congo to safeguard its security, pointing to a buildup of Congolese forces near the border. UN experts estimate up to 4,000 Rwandan forces are in Congo.
Congo’s foreign ministry said late Saturday it was severing diplomatic ties with Rwanda and pulling all diplomatic staff from the country “with immediate effect.”
Rwandan Foreign Minister Olivier Nduhungirehe told The Associated Press on Sunday that the decision to cut ties was a unilateral move by Congo.
“For us, we took appropriate measures to evacuate our remaining diplomat in Kinshasa, who was under permanent threat by Congolese officials,” Nduhungirehe said.
The M23 took Goma once before in 2012, withdrawing after considerable international pressure was put on Rwanda.
said it considered as “overcome” the episode with the Trump administration and Petro reposted the statement from the White House on X.
“We have overcome the impasse with the United States government,” said Colombian Foreign Minister Luis Gilberto Murillo. “We will continue to receive Colombians who return as deportees, guaranteeing them decent conditions as citizens subject to rights.”
Murillo added that the South American country’s presidential aircraft is available to facilitate the return of migrants who were to arrive hours earlier on the US military airplanes.
Earlier Sunday, US Secretary of State Marco Rubio announced he was authorizing the visa restrictions on Colombian government officials and their families “who were responsible for the interference of US repatriation flight operations.” They were being imposed on top of the State Department’s move to suspend the processing of visas at the US Embassy in Colombia’s capital, Bogota.
Petro had said earlier that his government would not accept flights carrying migrants deported from the US until the Trump administration creates a protocol
Civilians flee the rebel advance
On Sunday morning, heavy gunfire resonated across Goma, a few kilometers (miles) from the front line. Scores of children and adults fled the Kanyaruchinya camp, one of the largest in eastern Congo for displaced people, near the Rwandan border.
“We are fleeing because we saw soldiers on the border with Rwanda throwing bombs and shooting,” said Safi Shangwe, who was heading into the city.
Some of the displaced worried they would not be safe in Goma, either. “I heard that there are bombs in Goma, too, so now we don’t know where to go,” said Adèle Shimiye.
Hundreds of people attempted to flee to Rwanda. Migration officers at a border crossing east of Goma carefully checked travel documents.
“I am crossing to the other side to see if we will have a place of refuge because for the moment, security in the city is not guaranteed,” Goma resident Muahadi Amani told the AP.
UN deputy humanitarian chief Joyce Msuya said the situation was rapidly deteriorating. “If hostilities spill into Goma— a densely
that treats them with “dignity.” Petro made the announcement in two X posts, one of which included a news video of migrants reportedly deported to Brazil walking on a tarmac with restraints on their hands and feet.
“A migrant is not a criminal and must be treated with the dignity that a human being deserves,” Petro said. “That is why returned the US military planes that were carrying Colombian migrants... In civilian planes, without being treated like criminals, we will receive our fellow citizens.”
After Trump’s earlier tariff threat, Petro said in a post on X that he had ordered the “foreign trade minister to raise import tariffs from the US by 25 percent.”
Colombia has traditionally been the US’s top ally in Latin America. But their relationship has strained since Petro, a former guerrilla, became Colombia’s first leftist president in 2022 and sought distance from the US.
Regina Garcia Cano reported from Caracas, Venezuela, and Zeke Miller from Washington. Associated Press writers Jill Colvin in New York, Joshua Goodman in Miami, and Elliot Spagat in San Diego contributed to this report.
populated urban center—the impact on civilians could be devastating,” she said.
Congo’s army has said it was fending off the M23 offensive with the help of allied forces, including UN peacekeepers and soldiers from the Southern African Development Community Mission, also known as SAMIDRC.
In addition to the two South African peacekeepers, seven South African troops with SAMIDIRC have been killed in recent days, South Africa’s defense ministry said. Since 2021, Congo’s government and allied forces—including the 14,000-strong UN mission—have been keeping M23 away from Goma.
Goma resident Bahati Jackson’s family has been hearing gunfire and remembers fleeing M23’s seizure of the city in 2012. But this time, they’re staying.
“If we’re going to die, it’s better to die here,” Jackson said.
Pronczuk reported from Dakar, Senegal, and Lederer reported from New York. Associated Press writer Ignatius Ssuuna in Kigali, Rwanda and Sam Mednick in Jerusalem, Israel contributed to this report.
Empowering teachers, enhancing education: Why amending RA 4784 is a necessary reform editorial
ThE Philippine education system is at a critical juncture, demanding significant reform to address the evolving needs of teaching and learning in a rapidly changing world. Senator Sherwin Gatchalian’s recent proposal to amend the Teachers Professionalization Act of 1994 (Republic Act 4784) is a timely initiative aimed at enhancing the quality of education in the country. With the introduction of Senate Bill 2840, Gatchalian seeks to create alternative pathways for teacher registration, challenging the traditional licensure examination model and opening doors for a broader range of qualified educators. (Read the BusinessMirror story, “Senator: Amend law to produce quality teachers,” January 20, 2025).
At the heart of this legislative effort is the recognition that teaching must evolve in tandem with technological advancements. As Gatchalian pointed out, “Teaching evolves, pedagogy evolves, and systems and procedures evolve.” This statement is particularly relevant in today’s world, where educational methods are constantly evolving. The need for a dynamic approach to teacher qualification is a necessity for the future of Filipino students.
One of the most compelling aspects of Senate Bill 2840 is its provision for recognizing the diverse experiences of educators. By allowing teachers with substantial experience to submit portfolios demonstrating their professional competencies, the bill acknowledges the value of practical knowledge and skills acquired outside the confines of formal examinations. This is particularly crucial in a country where many dedicated educators have honed their craft over years in the classroom, often without the formal credentials that newer pathways may require.
The emphasis on expanding the pool of competent teachers is vital, especially in specialized subjects where expertise is in short supply. The Philippines faces a significant learning gap compared to its Asean neighbors, and this disparity underscores the urgent need for skilled educators who can inspire and elevate student performance. Effective teaching has a direct impact on student success, promoting critical thinking, creativity, and a lasting passion for learning.
The proposed amendments also demonstrate a deeper recognition of education as a fundamental pillar of society. By empowering educators, we are not only investing in individual teachers but also in the future of the nation. Good teachers are instrumental in shaping holistic, values-driven learners who can contribute meaningfully to society. This aligns with the broader goal of nation-building, as education serves as a catalyst for social progress and economic development.
While the proposed changes represent a significant step forward, they must be matched with adequate support systems, including professional development opportunities and resources for teachers. The government must ensure that this legislative change is not merely symbolic but is backed by a commitment to ongoing training and support for educators.
Revising the Philippine Teachers Professionalization Act is a crucial step toward modernizing the country’s teaching profession. By embracing alternative pathways to certification, we can harness the potential of experienced educators and adapt to the demands of contemporary education. Let’s continue striving to improve the quality of Philippine education, ensuring every Filipino child receives the education they deserve. The future of our nation rests on the shoulders of our teachers—let’s empower them to lead the way.
BusinessMirror
T. Anthony C. Cabangon
Lourdes M.
Opinion
AJohn Mangun
OUTSIDE THE BOX
ll of us have suffered and are still suffering the effects of the pandemic and the lockdowns. A close friend believed he was doing everything correctly and yet has been battling miserable “long Covid” symptoms. he has made numerous trips for medical treatment to Japan and Thailand, where they have had some success in addressing the debilitating health issues that persist after the initial period of Covid-19 infection.
But Long Covid extends beyond individual health crises. The financial system was severely weakened, even incapacitated, as nations accumulated debt beyond rational limits. Post-lockdown inflation reached levels unseen in a generation, followed by the “cure” of high interest rates, leading to unprecedented volatility.
The pricing and price discovery of financial and hard assets like commodities have been so distorted that their market values have only a tenuous connection to real-world dynamics like supply and demand.
However, just as some individuals had natural immunity to the virus, certain assets and markets either
dodged the negative impacts or recovered more swiftly. The US stock markets, for instance, have signaled to the financial world that Covid was merely a minor hiccup, now reaching historic highs.
In contrast, the Philippine Stock Exchange Index (PSEi) remains cautious, like still wearing a facemask and practicing social distancing. Since November 2020, the PSEi has oscillated within a range of 6,200 to 7,200, a 16 percent variance from bottom to top. When calculating a 12-month Simple Moving Average for 2023 and much of 2024, the index has barely budged from around 6,500.
A one-thousand-point swing might seem significant, but consider
A financial catalyst is an event or news that significantly impacts the price of a security, often leading to a dramatic change in its market value. These can be positive or negative, influencing investor sentiment. From 2002 to 2003, catalysts revolved around the terrorist activities of the Abu Sayyaf Group. But what explains the current stagnation over the past four years? Do we really need more global or local economic and political turmoil to move the PSEi out of its paralysis?
this: from November 2002 to May 2003, the PSEi fluctuated between 1,000 and 1,100 over just seven months, not over four years as we’ve seen recently. There are stark differences between now and then; back then, there was almost no volatility, whereas now, we’ve experienced eight cycles of peaks and troughs. Each time the market appears poised to break out or break down, it moves the opposite way.
A financial catalyst is an event or news that significantly impacts the price of a security, often leading to a dramatic change in its market value. These can be positive or negative, influencing investor sentiment. From
2002 to 2003, catalysts revolved around the terrorist activities of the Abu Sayyaf Group. But what explains the current stagnation over the past four years? Do we really need more global or local economic and political turmoil to move the PSEi out of its paralysis?
The last peak for the PSEi was in October 2024, followed by a roughly 14 percent decline. From September 1 to October 30, 2024, potential positive catalysts included two consecutive months of lower-than-expected inflation and two Fed interest rate cuts in September and November. Granted, the GDP year-over-year growth rate was below some expectations, yet the correlation between the PSEi and GDP growth is minimal, if it exists at all.
Media reports from late 2024 highlighted the need for new catalysts, with comments like “New catalysts needed to boost stock market” on October 28, and “Stocks extend losing streak amid lack of catalysts” on November 29. But what exactly are these catalysts the experts are referring to that the PSEi desperately needs for a sustainable uptrend? Is it local politics, international policies under Trump, climate change, or something else entirely? PSEi investors are seeking answers.
See “Mangun,” A11
Unlocking the potential of the Anti-Financial Account Scamming Act: Collaboration is key
TD.
LITO GAGNI
hE successful implementation of the Anti-Financial Account Scamming Act (AFASA) goes beyond just enacting a law; it requires a coordinated, whole-of-government approach, involving active participation from all branches of government.
Just as the cogs in a well-oiled machine function together, each agency must collaborate effectively to develop a smooth and strong response to the increasing threat of financial cybercrime. For AFASA to transcend the confines of a legal framework and become a practical tool that shields consumers, cooperation is not just necessary—it is absolutely imperative. As the Philippines embarks on this critical journey, collaboration and communication among government agencies will be paramount to safeguard the integrity of the financial system and to restore public trust in digital transactions.
With the right partnerships in place, AFASA could become a powerful force in the ongoing battle against financial fraud, paving the way for a more secure and resilient financial landscape in this increasingly digital age.
The enactment of AFASA marks a milestone in the nation’s relentless fight against financial cybercrime, a battle fought not only in courtrooms but also on the virtual frontlines. This monumental law owes its existence to the tireless efforts of two trailblazing legislators: Sen. Mark Villar and Manila’s 5th District Rep. Irwin Tieng. However, the law’s success will not
The enactment of AFASA marks a milestone in the nation’s relentless fight against financial cybercrime, a battle fought not only in courtrooms but also on the virtual frontlines. This monumental law owes its existence to the tireless efforts of two trailblazing legislators: Sen. Mark Villar and Manila’s 5th District Rep. Irwin Tieng.
rest solely on its provisions; its true effectiveness hinges on the strength of collaboration among various government agencies. In particular, the capacity and willingness of these agencies to work together will determine whether AFASA lives up to its promise or fades into irrelevance. At the heart of AFASA’s implementation lies the Bangko Sentral ng Pilipinas (BSP), which has been armed with enhanced investigative powers to monitor financial activities and probe suspicious transactions.
The BSP’s role is nothing short of vital. As the watchdog over banks and financial institutions, it has the authority and expertise to ensure
compliance with the law and will be instrumental in crafting the frameworks needed to detect and respond to fraudulent activities. The BSP’s leadership in this effort will be a linchpin, holding the entire system together. Equally crucial is the role of the Department of Justice, whose mandate is to prosecute financial crimes and ensure that perpetrators face justice. The DOJ’s involvement in AFASA will ensure that criminals are not merely apprehended but also held accountable under the law. A united front among the BSP, the Anti-Money Laundering Council (AMLC), and the DOJ will expedite investigations, ensuring that criminals are brought to justice swiftly and decisively. Their united strength will establish a legal and regulatory framework that instills fear in the hearts of financial fraudsters.
In addition to these regulatory bodies, the National Bureau of Investigation (NBI) and the Philippine National Police (PNP) are crucial players in this complex equation. These law enforcement agencies are empowered by the Cybercrime Prevention Act of 2012 to investigate and dis-
Wishlist of clarifications for the digital services tax
Atty. Jomel n. Manaig
TAx LAw fOR BuSInESS
Opinion
The new critical mass
Siegfred Bueno Mison, Esq.
THE PATRIOT
Justa day shy from the 90-day timeline provided under the law imposing Vat on digital services, Revenue Regulations (RR) No. 3-2025 was issued to provide the implementing rules and regulations for the said law.
A quick visit to the recent past would remind us that the draft RR was circulated to the public for consultations sometime in November 2024. Comments, as well as suggested revisions, were subsequently communicated to the BIR (including those proposed by yours truly). While some revisions made it to the final version of the RR, it was largely the same as when the initial draft was first circulated. Effectively, some issues raised during the public consultations were not readily addressed in the final RR.
Nonetheless, hope is not lost. Some of the issues hounding the RR of the VAT on digital services may still be clarified through the issuance of Revenue Memorandum Circulars (RMC). Should the BIR be so thoughtful as to issue an RMC or two to clarify the issues in the implementation of the VAT on digital services, I hope that it would include these issues:
FIRST: Clarification as to the extent of digital services.
In my December 2024 article “Riddle me this: What are digital services?,” I made a focused analysis on what may be considered as digital services for purposes of imposing VAT. To shorten my otherwise detailed discussion in that article, suggestions were made to include parameters to distinguish actual digital services from traditional services conducted using modern technology.
While a few words were changed in the final version of the RR regarding the definition of digital services, it is still far from setting things straight. Confusion and probable misapplication of the law is still within the realm of possibility.
SECOND: Automated registration for nonresident digital services providers.
The law required a simplified automated registration system for nonresident digital service providers (NDSP). The RR responded to this requirement by stating that a VAT on Digital Services (VDS) portal shall be used for such registration. But what is this VDS portal? While there is still no information released for this portal, it is interesting to note that the BIR Online Registration and Update System (ORUS) portal appears to be accepting online registration of NDSPs. The ORUS portal itself expressly mentioned NDSPs.
So, is the VDS portal and the ORUS portal one and the same? This needs to be clarified since the RR only gave NDSPs 60 days from the
. . Continued from A10
mantle cybercrime operations. Their expertise in dealing with the technological aspects of financial scams—such as phishing, identity theft, and cyber fraud—will prove indispensable. Together with the BSP, AMLC, and DOJ, they will form a formidable alliance, ready to tackle the many-headed hydra of financial cybercrime.
Yet, despite the strength of each individual agency, the ultimate success of AFASA hinges on a single, undeniable factor: collaboration. In the face of ever-evolving financial fraud tactics, a piecemeal approach will not suffice.
A coordinated effort—one that fosters the free flow of information, best practices, and resources—will be the linchpin of AFASA’s success.
RR’s effectivity to register. In other words, the clock is ticking. Even if the NDSPs want to register, without proper guidance, how can they?
THIRD: The reverse charge mechanism.
The reverse charge mechanism is expressly recognized in the law. A new subsection (D) was even inserted in Section 114 to codify this new mechanism. However, the provisions of the RR would suggest a striking similarity between the reverse charge mechanism (under Section 114(D)) and withholding VAT (under Section 114(C)).
Is the reverse charge mechanism the same as withholding VAT? If it is just the same, why the need to create a whole new subsection devoted to it?
It should also be noted that the reverse charge mechanism is a staple in other jurisdictions. However, it would seem that our reverse charge mechanism is very much different from how other jurisdictions practice it since we actually require buyers to withhold and remit the VAT. In other jurisdictions, the withholding of the VAT payable and the recognition of the related input tax is done simultaneously. Ultimately, there is no remittance to speak of.
Further, as far back as May 2024 in an article entitled “Digital services tax: An ASEAN comparison,” I made certain observations on how our digital services tax is shaping as compared to our regional counterparts. The comments I made then as to the reverse charge mechanism still rings true up to this day.
I hope that the issues above, and those that we do not have the space to discuss, would still be addressed in an RMC. To inspire all of us to push for clarifications, let’s remember that we are dealing not only with resident digital service providers but also with nonresidents. Our laws, rules, and regulations are a representation of our country. Making sure that these are clear and free from ambiguities is the legal equivalent of putting our best foot forward.
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 jomel.manaig@ bdblaw.com.ph or call 8403-2001 local 140.
The creation of inter-agency task forces, equipped with the tools for seamless communication, will ensure that these agencies are not merely reacting to cybercrime but proactively preventing it. Only through collective action can they form a united front against the everadvancing threat of financial fraud. Despite the promise of AFASA, it is crucial to acknowledge the challenges that lie ahead. Bureaucratic red tape, inter-agency tensions, and varying levels of agency capacity could serve as significant obstacles to effective collaboration. To overcome these hurdles, the government must cultivate a culture of cooperation. This includes providing adequate resources, training, and incentives to encourage inter-agency synergy. Only by fostering an environment where agencies work together, rather than in silos, can the government hope to fulfill the lofty goals of AFASA.
Last January 13, 2025, the Iglesia Ni Cristo (INC) launched a “Prayer for Peace” Rally. Over a million INC followers attended in Manila, hundreds more attended in several locations in the country—Cebu, Iloilo, Palawan, Bacolod, Zamboanga, and Davao, to name a few. Judging from their sheer numbers, the objective of the gathering was achieved, that is, sending a message that there is strength in numbers. though the rally was branded not as political one, it was surely held strategically close to this year’s midterm elections.
There is another gathering scheduled on January 31, 2025, but this time organized by the Clergy and Citizens For Good Governance (CCGG) and earnestly supported by Alyansa ng Nagka-Isang Mamamayan. As of writing, the organizers have listed quite a few participating organizations, a myriad roster of religious, retired military uniformed personnel, senior citizens, women, business professionals, and youth groups. If the INC gathering was a show of force, this gathering could be a master show of force! Rather expecting millions in attendance, the organizers are aiming more of a good cross section of Philippine society to be in attendance. Judging from the list of more than 70 organizations that confirmed their participation in this event, I think the Lead Convenor of ANIM, Roberto Yap (PMA 1982) is far from being just optimistic. The organizers believe that the goal of resolving the grievances of well-meaning Filipinos against the continued and reckless actions of certain members of government would be achieved, both through prayers and actions. Regarding actions, Yap also shared two critical legal processes that were done by ANIM this January. First, on January 14, 2025, ANIM filed a Petition for Certiorari at the Supreme Court against four types of plain and clear political dynasties. According to Atty. Alex Lacson, one of the convenors of ANIM, there are four types of candidates that are inherently and intrinsically covered by the general prohibition on political
dynasties under Section 26, Article II of the 1987 Philippine Constitution, in relation to Article VI (Section 7), and Article X (Section 8). These are (1) husband and wife, parent and child, and siblings who run in tandem as Mayor and Vice Mayor, Governor and Vice Governor, or President and Vice President; (2) the spouse, children, parents, or siblings of the incumbent District Representatives, Governors, or Mayors who are running as candidates for the same positions to succeed and replace their incumbent or term-graduating relatives; (3) those candidates who run for the Philippine Senate or other local legislative councils, even when their spouse, parent, child, sibling is already an incumbent member therein; and (4) the spouse, children, parents, siblings, or members of the same immediate family who run as nominees of the same Partylist group/s. The petitioners argue that there is no need for any enabling law to define what are political dynasties. ANIM believes, as most Filipinos I know believe, that political dynasties are the root of all corruption as families protect and promote their own interests first and manage their constituents as if they own them. Hence, they entrench themselves in power for the sake of greed, masquerading as public servants. Second, on January 24, 2025, ANIM filed another petition at the Supreme Court to seek for the Manual Counting at the Precinct Level in the May 2025 elections. According to Yap and Lacson, the manual counting at the precinct level is
I urge my fellow believers to gather in prayer this coming January 31, 2025 at the EDSA Shrine (from 2 p.m. to 8 p.m.) and ask or beg for divine intercession to have transparency, accountability, and justice prevail in this country. Prayers, when collectively done and coupled with actions, always work!
clearly mandated by RA 8436, the Automated Election Law, as amended by RA 9369. The ANIM Petitioners are Bishop Gerry Alminaza, Bishop Colin Bagaforo, AFP Major General Reynaldo Reyes (Ret), Police Major General Wilfredo Franco (Ret), Police Brigadier General Noel Delos Reyes, Col. Guillermo Cunanan (Ret), AFP Capt. Roberto Yap (Rsd), and Atty. Alexander Lacson. The number of discontented retired military and uniformed personnel is growing, yet not as organized or as many as the INC followers who gathered en masse on January 13, 2025.
One of the principles of war I learned when I was a cadet decades ago was the principle of mass. Of course, superiority in numbers has been one of the more key ingredients in victory, save for a few exceptions due to the brilliance of tacticians like Napoleon Bonaparte. Over time, this principle of mass does not look at sheer numbers; rather it looks at the concentration of power/resources at the critical moments of the battle.
Of course, most commanders will engage in battle whenever numerical superiority over their adversaries is in their favor. Whenever they do not have the numbers advantage, they adopt other principles of war such as maneuver or unity of command to achieve superiority when they need it the most. In recent years, it is no longer a quantity game, but a quality game wherein leaders focus on effectiveness rather than statistics. In a 2020 article, David Alman and Dr. Heather Venable wrote that the United States has “progressively placed more emphasis on artificial mass— command and control, lethality, and superior information—as a substitute for actual mass.” Therefore, the numerical advantage can be achieved by creating what Alman and Venable consider as “artificial mass.”
With the filing of two petitions before the Supreme Court, Yap and Lacson and the rest of ANIM are practically creating that artificial mass in time for the major gathering on January 31, 2025. Retired Colonel Hector Tarazzona, the founder of Love Movement Philippines, believes that this gathering of more than 70 various organizations “will be the demand of the 99% Filipinos for good governance against the tyranny of the less than 1 percent politicians.” He further said— “If they still have an ounce of love for our God, country, and people, the concerned politicians would be resigning now.” On the other hand, Fr. Jerry M. Orbos prays for our public servants to be “empowered by the Holy Spirit and not empowered by money and worldly ambitions.” He added—“Without the Holy Spirit, public service is neither public, nor service.” All believers are convinced that whenever they gather and pray, things will happen. After all, when millions of Filipinos gathered and prayed in 1986, the seemingly impossible things did happen. Therefore, it is always good to join forces with other believers. There is strength in numbers for it is written in the Holy Book, “Though one may be overpowered, two can defend themselves. A cord of three strands is not quickly broken.” (Ecclesiastes 4:12) Regardless of differences in affiliation or profession, those who will attend any prayer gathering should be reminded that our Almighty God commands us to do everything in love. I urge my fellow believers to gather in prayer this coming January 31, 2025 at the Edsa Shrine (from 2 p.m. to 8 p.m.) and ask or beg for divine intercession to have transparency, accountability, and justice prevail in this country. Prayers, when collectively done and coupled with actions, always work!
A former infantry and intelligence officer in the Army, Siegfred Mison showcased his servant leadership philosophy in organizations such as the Integrated Bar of the Philippines, Malcolm Law Offices, Infogix Inc., University of the East, Bureau of Immigration, and Philippine Airlines. He is a graduate of West Point in New York, Ateneo Law School, and University of Southern California. A corporate lawyer by profession, he is an inspirational teacher and a Spirit-filled writer with a mission. For questions and comments, please e-mail me at sbmison@gmail.com.
Arrest warrants, luck: Inside a Trump deportation raid at dawn
By Alicia A. Caldwell
the knocks began before sunrise. across Chicago, dozens of agents fanned out in the pre-dawn darkness. at one house in the hermosa neighborhood, they pounded on the door, shouting, “Come here,” and “Please open the door.” No one answered.
It was the same at several more locations—but by late morning, the team’s fortunes had turned. A 28-year-old Mexican man they were searching for had just returned home in a silver truck after picking up tamales. As unmarked cars surrounded him, agents made the arrest, taking him into custody to face deportation.
Previously deported and with a criminal record that included assault, he was one of 260 people targeted in Sunday’s high-profile immigration sweep, the first of its kind under the Trump administration.
The arrest was one of dozens that day, marking an escalation of President Donald Trump’s immigration enforcement efforts in the US interior. The operation stood out for its scale as a multi-agency effort, and carried an air of spectacle, with media in tow and television personality Dr. Phil McGraw—better known as Dr. Phil—joining Trump’s border czar Tom Homan to live-stream the action.
Just a week into his presidency, Trump has made sweeping moves
Mangun.
on immigration after promising to carry out the largest mass deportation in US history. He declared a national emergency at the southern border, ordering thousands of additional troops to assist with enforcement. Through executive orders he’s cut off access to asylum, while indefinitely freezing the US refugee resettlement program and other humanitarian pathways, halting the arrival of tens of thousands of displaced individuals.
The Chicago raids unfolded against the backdrop of increasing resistance, both domestically and abroad. Colombia blocked the arrival of US military planes intended to transport deportees, prompting Trump to retaliate by imposing emergency 25 percent tariffs and sanctions on the Latin American nation. At home, sanctuary cities like Chicago have said they’ll refuse to cooperate with ICE, limiting the agency’s ability to make arrests at local jails.
“We need to secure our border. We need to get rid of the violent criminals, but we also need to pro-
The Chicago raids unfolded against the backdrop of increasing resistance, both domestically and abroad. Colombia blocked the arrival of US military planes intended to transport deportees, prompting Trump to retaliate by imposing emergency 25 percent tariffs and sanctions on the Latin American nation.
tect people, at least the residents of Illinois and all across the nation, who are just doing what we hope that immigrants will do,” Illinois Governor JB Pritzker said in an interview with CNN on Sunday.
ICE has long carried out similar arrest operations, targeting criminals and those who are accused of posing a threat to public safety or national security. Sunday’s sweeps, however, stood apart due to the number of agents involved and the inclusion of numerous law enforcement agencies, from the Federal Bureau of Investigation, US Drug Enforcement Administration, and US Marshals Service.
Acting Deputy Attorney General Emil Bove was also in Chicago Sunday morning, meeting with agents and Homan before the raids started. As the day wore on, agents on the ground faced familiar challenges. Many immigrants are aware
that ICE agents typically don’t have criminal warrants and can’t enter a home without permission. Social media alerts and word-of-mouth warnings are also urging migrants to stay out of sight.
“Usually, it just takes the first arrest and the phone calls start,” said Matthew Putra, acting field director for ICE in St. Paul, Minnesota, describing how Facebook posts and tweets often tip off communities. “Nobody would move, nobody would open a door, lights would be turned off.”
Putra said ICE expects the number of criminal warrants to increase as federal prosecutors begin accepting more cases. The bulk of those warrants will probably involve illegal re-entry, he said. On Sunday agents had seven criminal warrants in hand.
“This is all uncharted territory for us,” Putra said of expanding efforts on warrants. “This is like five days old. We’re going to see how this works.” At a stop around noon on Sunday, a passerby stood on a busy roadway to record agents at an apartment building on his mobile phone, as they searched for a Polish national on their list for arrest. Despite the pushback, Putra said ICE is committed to its mission.
“We’ve always done this job,” Putra said. With assistance from Isis Almeida Bloomberg
Tuesday, January 28, 2025
House panel’s tobacco tack: Lower annual excise tax hikes
By Jovee Marie N. Dela Cruz
AMID
debates on the proposal imposing a one-year moratorium on tax increases for cigarettes and other tobacco products, the House Committee on Ways and Means on Monday decided just to lower the scheduled annual tax hikes on cigarette products.
During a committee hearing, House Committee on Ways and Means Chairman Joey Sarte Salceda highlighted growing concerns over a surge in the illicit tobacco trade, which he estimated to have cost the government up to P129 billion in the past three years.
While Salceda acknowledged the critical role of tobacco taxes in generating government revenue and deterring smoking, he emphasized the need to address unintended consequences, such as the growth of the illicit market.
A series of excise tax hikes for tobacco products has been laid out under a proposed bill aimed at increasing government revenues and addressing public health concerns. The adjustments, to be implemented gradually over a de-
cade, reflect alternating increments of 2 percent and 4 percent starting 2026 until 2035. This was approved by the ways and means committee subject to style and amendments.
Sin Tax Coalition reacts THE Sin Tax Coalition, meanwhile, rejected both House Bill (HB) 11279 and HB 11288 seeking to amend excise tax and prevent illicit trade of tobacco and related products. Illicit trade must be fought headon through stringent enforcement of good rules by government agencies, the group noted.
Marikina Rep. Stella Luz Quimbo criticized the Department of Finance (DOF) for endorsing the bill without
providing data on its potential impact on government revenue, urging the agency to submit the necessary information.
“Recent reduction in excise tax collection is an indication of increased illicit trade and an irrational tax regime for vape products,” she added.
Quimbo emphasized that what is needed is not a moratorium as originally proposed, but fair and equitable taxation on cigarettes, heated tobacco, and vape products.
She highlighted the importance of a balanced approach to protect public health while ensuring proper revenue collection from taxes.
Citing the position paper of the Department of Finance, Finance Director Euvimil Nina Asuncion emphasized the importance of mitigating illegal activities that impact public health and revenue generation.
“The DOF generally supports the intent of the bills to mitigate illicit trade of tobacco and related products, cognizant that illicit trade is a persistent problem that continues to erode government revenues and reverse our wins in reducing smoking prevalence,” she said.
The DOF endorsed the proposed creation of an Inter-Agency Council on Anti-Illicit Trade to be chaired by the department. However, the agency recommended that the roles and responsibilities of the council be inte-
grated into the existing Inter-Agency Committee on Tobacco under the Tobacco Regulation Act, in line with the government’s efforts to streamline bureaucratic processes.
The DOF also supports the proposal for a unitary-specific tax rate for vapor products, citing its potential to improve tax collection efficiency and encourage compliance. However, Asuncion deferred to Congress regarding the specific excise tax rates.
According to Asuncion, the DOF underscored its commitment to enforcing stricter rules for monitoring excisable products, bolstering regulations, and enhancing intelligence-gathering efforts to curb the entry of illicit goods into the market.
“The implementing agencies are actively engaged in rigorous enforcement operations and intelligence-gathering activities to prevent illicit goods from entering our markets. This is consistent with the thrust of the BIR and BOC in combating smuggling and illicit trade,” she added.
“We reiterate the DOF’s commitment to a whole-of-government approach to improve public health and achieve better health outcomes and advocate for measures that would raise much-needed revenues to fund priority programs of this administration,” Asuncion added.
By Reine Juvierre S. Alberto @reine_alberto
MORE than half of Gen Zs in the Asia-Pacific region have entered their kuripot era and become less boujee to slay rising living costs, according to a study by Visa.
In Visa’s latest Green Shoots Radar survey, 57 percent of Gen Z respondents, aged 16 to 30, said they reduced their spending and cut back on non-essential expenses. About 30 percent of their income is set aside.
Gen Zs are also now on a strict budget, as 36 percent of the respondents said this allows them to maintain financial stability.
These young individuals have an increased awareness of their financial goals (47 percent), which motivates them to further build their savings, with nearly half of them (47 percent) committed to practicing better financial management.
While Gen Z prioritizes saving, they also embrace opportunities to indulge in meaningful purchases, according to Visa.
About 91 percent in the region are willing to spend on big-ticket items, with travel and vacations (53 percent) top -
ping the list, followed by electronics, computers and mobile devices (49 percent).
As a chronically online generation, Gen Zs rely on technology for everything—from shopping to banking—as 60 percent of them already own a credit card.
“Payment systems tailored to a digital-first lifestyle, including mobile wallets, contactless options, and integrated financial apps, provide ease and accessibility, enabling financial independence to Gen Z is a generation that values flexibility and innovation, leveraging digital tools to navigate an increasingly dynamic financial landscape,” Visa Philippines Country Manager Jeffrey Navarro said.
Businesses should take note of the financial habits and preferences of Gen Zs, such as practicality, flexibility and meaningful choices, as these will shape the trajectory of payments and commerce, Visa said.
“Gen Z’s adaptable, purposedriven approach balances immediate needs with long-term goals, leveraging technology to manage expenses and drive growth. Their influence shapes a future of progress and innovation,” it added.
By Andrea E. San Juan
HE Korean Government
Tsaid a consortium of 23 public institutions and private companies has been established amid plans to build urban infrastructure and develop smart cities in the Philippines, according to the Bases Conversion and Development Authority (BCDA).
“The National Agency for Administrative City Construction [NAACC], led by Administrator KIM Hyeong Ryeol, is leveraging its expertise in the Administrative City Sejong development and international networks to support Korean companies entering the Philippine urban development market,” BCDA said in a statement on Monday.
The state-run agency said the NAACC announced on January 23,2025 the formation of “Team Korea to the Philippines,” a consortium consisting of 23 public institutions and private companies.
While the Korean side said it cannot disclose the names of these 23 firms and institutions, BCDA told the BusinessMirror in a Viber message on Monday that these entities belong to the sectors of “IT and software solutions, construction and engineering.”
The state-run agency said, however, that Team Korea is still in the “exploratory stage” in the Philippines.
“Team Korea will hold regular meetings with BCDA and the firms to explore where they can partner,” BCDA said, adding that the two sides plan to “secure tangible outcomes, including contract awards and joint urban development initiatives.”
Through these efforts, the Korean government agency aims to enhance Korea’s presence in the global urban development arena while “fostering mutually beneficial relationships with international partners like the BCDA.”
According to the state-run agency’s statement, since signing a Memorandum of Understanding (MOU) with the BCDA in Septem -
ber last year, the NAACC has been promoting collaboration on urban development initiatives.
The BCDA oversees major urban development projects, including New Clark City, and has expressed strong interest in attracting Korean companies to participate in building urban infrastructure and developing smart cities.
In response, the NAACC launched “Team Korea to the Philippines” to connect BCDA with Korean firms interested in entering the Philippine market, providing opportunities for project bids and “collaborative” ventures, the BCDA said.
The BCDA said the launch ceremony for Team Korea to the Philippines was attended by various entities responsible for operational support and sectional coordination, including the Korea Overseas Infrastructure and Urban Development Corporation (KIND), International Contractors Association of Korea, and Smart City Association, which will serve as a “key partner” in managing and organizing the consortium.
“Key participants included representatives from public institutions specializing in overseas infrastructure development and private firms with expertise in construction, smart city technology, and urban planning,” the BCDA noted.
From the Korean government agency’s standpoint, NAACC Administrator KIM Hyeong Ryeol said, “By sharing the successful experience and technology accumulated through the construction of Korea’s Administrative City Sejong, we aim to actively support Korean companies in their global ventures, particularly in the rapidly developing Philippine market.”
BCDA President Joshua M. Bingcang said, “We are confident that with Team Korea, we will be able to strengthen our alliance with partners who can help us transform the whole of Clark into Asia’s next investment and tourism destination.”
By Andrea E. San Juan @andreasanjuan
THE Philippines should unlock its $788.4 million worth of untapped export potential for solar panel shipments to the United States, China, the Netherlands, Vietnam and Germany, among others, according to a paper published by the International Trade Centre, a joint agency of the World Trade Organization (WTO) and the United Nations.
“There is scope for the Philippines to build up solar PV module manufacture again,” the paper noted, as cited by the Philippine Exporters Confederation Inc. (Philexport) in a recent statement.
The paper said that for specialized solar components, the solar PV modules, the Philippines has
room to expand its exports to the United States ($189.4 million), China ($171.6 million), the Netherlands ($64.7 million), Vietnam ($46.4 million) and Germany ($43 million).
The paper published by ITC noted that to be able to tap into the “high” untapped export potential in several RE components, countries must invest in market intelligence tools to fill data and information gaps, participate with manufacturers and traders of components, and focus export promotion efforts and export strategies on high-potential RE components.
“Engage with manufacturers and traders of components to learn how regulatory requirements applied at home and in export markets affect local value addition and exports. Seek to understand the nature of
support and capacity businesses need to be able to comply with these requirements,” it added.
The paper said that with access to major markets being duty-free, the exporters’ ability to comply with the non-tariff requirements applied in current and promising markets will determine market access.
“Countries have room to expand their exports in several markets. To tap into this potential and boost market share, they need to invest in building a strong capacity to comply with both technical and non-technical regulations,” it noted.
The paper further identified other key policy considerations for developing countries to facilitate trade in components of solar PV and wind energy systems and im-
prove conditions for deployment, export promotion and integration of developing countries in the supply chain. “These are developing regulations and standards for RE goods, investing in regional value chains for RE goods and services, investing in quality infrastructure and skills development, and promoting foreign investment in RE value chains and access to foreign expertise,” Philexport said as it cited the ITC paper. It also underscored the need to introduce performance requirements in services schedules of commitments, negotiate market requirements with key trade partners to build RE capacities, and further research priorities to accelerate deployment of RE.
Editor: Jennifer A. Ng
PDEx: Bond listings to rise despite headwinds in 2025
By VG Cabuag @villygc
The Philippine Dealing and exchange Corp. (PDex), operator of the fixed-income trading platform, said some P600 billion in capital may be raised via the exchange this year, 66 percent higher than last year’s P360 billion.
PDe x President and C eO Antonino Nakpil said, however, that the exchange may adjust its 2025 target downward, depending on geopolitical and economic developments in the coming months.
RBy Lorenz S. Marasigan @lorenzmarasigan
IDe-h AILING platform JoyRide has teamed up with PLDT Inc. to improve the service provider’s operations and to meet the growing demand for alternative transport solutions across the Philippines.
Under the collaboration, JoyRide will integrate a suite of solutions from PLDT enterprise, including the Smart Messaging Suite, Smart Bro, Bizload, Smart Postpaid, SIP Trunk, and Direct Subscriber Line.
The Manila e lec tric Co.
(Meralco) was recognized by the Philippine Animal Welfare Society (PAWS) for its contributions to promoting animal welfare.
The Platinum Paw award, which was bestowed last January 26 during PAWS annual thanksgiving gathering, is the highest recognition the animal group bestows to individuals and organizations that demonstrate unparalleled support to animal welfare causes and align with PAWS’ continued efforts to improve the lives of animals across the Philippines.
“Meralco embodies the company that walks the talk in terms of furthering the cause of animal welfare in our country, and we hope that other companies will follow suit in terms of incorporating animal welfare and caring for community animals in their corporate culture and policies.
I think they are the only company that can brag to have all these, and we’re very proud to be a partner of Meralco,” PAWS executive Director Anna Cabrera said during the ceremony that also celebrated the dedication of PAWS volunteers.
For decades, PAWS said Meralco has been the biggest donor to its advocacy by providing shelter to the animal victims of abuse and providing a venue for the PAWS low-cost spay-neuter clinic.
“PAWS has been the kind recipient of Meralco’s altruism since 2001 when it allowed PAWS to build an animal shelter on its property along Aurora Boulevard in Quezon City.” Lenie Lectura
“Last year, our budget was P400 billion, but we reached P360 (billion). Well, right now we think most of it is refinancing,” Nakpil said.
“These guys are the ones who were planning last year, late last
year, and they’re coming in into this first quarter of 2025. So, we’ll see them starting February, I think we have three or four to start now.”
These, he said, were the same entities tapping the bond market to raise funds, such as the banks and real estate firms.
“Other than that, we have our continuing advocacy. It’s not just an advocacy, it’s more of like a homework. So, it almost sounds like just another motherhood statement.
But it’s not. It’s MSM e or micro, small, and medium scale. And we’re refocusing our efforts.”
he sa id the exchange will try a new digitalization strategy.
“We’ll try to digitalize the process and then we’ll aim for smaller amounts which is what the micro, small and medium scale like,” he
said. “And then, we’ll try to bring them together with the qualified investors.”
Nakpil said the P600 billion is higher than the P500 billion raised via the exchange in 2022.
Plans of the private sector to raise funds is continuing, despite geopolitical risks and other headwinds.
“Never mind what’s going on elsewhere. ever ybody’s looking at geopolitical stuff. No one wants to make any plans. But what we’re finding is that everybody talks about inflation, interest rates are going here or there. It doesn’t seem to matter anymore where the interest rates are going,” he said.
“Last year, (we said) regardless of all that, we will survive. It’s the resilience of the economy.”
Launch of Cefa in Angat
The opening of the Cold e x amination Facility in Agriculture (Cefa) in Angat, Bulacan slated this January has been stalled as bidding for its equipment was declared a failure, according to the Department of Agriculture (DA).
“The failure of bidding was declared last December. This covers X-ray machines, the laboratory and construction. So, part of the funds was reverted (to the Bureau of the Treasury),” Agriculture Secretary Francisco Tiu Laurel Jr. told reporters in a recent interview.
Laurel said, however, that the Cefa in Bulacan would start operations within the first half of this year.
“The Cefa in Angat will push through. There’s a delay because we have to rebid (the contract for the equipment). But definitely, we will try to finish everything, hopefully by the first half.”
Last year, the DA said funding for the Cefa project was originally pegged at P2.3 billion in 2023 but this was reduced to P1.2 billion in 2024 because of the International Container Terminal Services Inc.’s
delayed
(ICTSI) offer to host most of the facilities at local ports which the listed company operates.
Meanwhile, Laurel also said a Cefa would also rise in Subic, Manila, and General Santos. The agency noted that while the Cefas in Angat and General Santos City would only have DA-funded laboratories, comprehensive facilities are planned for major ports and fish ports.
These include the Manila International Container Terminal, Subic Bay International Corporation, Davao International Container Terminal, Manila South harbor, New Cebu International Container Port, Batangas International Port, Navotas Fish Port, Iloilo International Container Port, and Misamis Oriental.
According to DA, transboundary animal diseases and persistent agricultural smuggling have “highlighted the need to operationalize ‘first border’ control measures.” This would ensure food safety and prevent the entry of plant pests and economically significant terrestrial and aquatic animal diseases.
Smart Messaging Suite allows for secure and efficient communication with customers through real-time updates, One-Time Pins (OTPs), and promotions. Meanwhile, Smart Bropowered tablets installed in taxis enrich the passenger experience with interactive content during rides. For its drivers, Smart Bizload provides a reliable solution for real-time mobile load reloading, while Smart Postpaid streamlines internal communication for JoyRide employees. SIP Trunk and Direct Subscriber Line further enhance JoyRide’s capacity to manage high-volume calls, ensur-
ing clear voice quality and reliable customer support.
In a nutshell, these tools are designed to enhance operational efficiency, improve customer engagement, and ensure seamless communication.
“Through PLDT enterprise’s solutions, it is a win-win situation as we are equipped to deliver safer, more efficient, and affordable services while continuously improving the livelihoods of our riders,” Neil Sherwin Yu, president of JoyRide, said.
Mitch Locsin, FVP and head of enterprise and International Core
Business at PLDT, said tech has a critical role to play in “redefining the transportation landscape” in the Philippines.
“By leveraging PLDT e nt erprise’s suite of solutions, JoyRide is set to scale its operations while delivering smarter, safer, and more efficient services for commuters. Beyond improving operations, this collaboration aims to drive positive impact to the community by enhancing mobility, creating opportunities for drivers, and contributing to more sustainable urban transportation.”
CONV e RGe ICT Solutions Inc. said on Monday it successfully blocked 183 billion attempts to access illegal websites in 2024, a 20-fold increase compared to previous years.
Andrew T. Malijan, Converge’s chief information security officer (CISO), said Converge added 150,000 new URLs and domains to its database of banned sites in 2024, bringing the total to 683,000.
“Acting on reports and submissions of government agencies as well as private entities, last year, we added 150,000 URLs or domains into our system that we tagged as illicit or unlawful. Traffic to these newly enrolled URLs must have been quite heavy as we managed to block almost 20 times as much attempts in 2024, as we did in the years 20212023, which was just 10-12 billion attempts.”
The blocked websites primarily
included categories such as Child Sexual Abuse Materials (CSAM), Online Sexual Abuse or e xploitation of Children (OSA eC), phishing, online gambling, and voyeurism, with CSAM/OSA e C accounting for 98-percent of flagged activity.
“These attempts on our customer network are most likely hinged on AI—hackers and malicious agents are no longer doing this manually or through human intervention. On our end, we can just keep banning, but we now have to think about how to use this same technology to identify malicious sites. So, it’ll be down to AI vs. AI. That’s what we’re doing, internally, to protect our network in Converge,” noted Converge Chief executive Adviser and tech expert eugene Yeo.
Converge is particular about its campaign against OSA eC, partnering with Stairway Foundation and
international organizations like the Internet Watch Foundation (IWF) to enhance its database of harmful content through crowdsourced reports and law enforcement partnerships.
“As part of our commitment to sustainability, we recognize that cybersecurity is integral to protecting our customers, our operations, and the broader digital ecosystem.
By proactively blocking malicious websites and high-risk domains, we not only safeguard sensitive data but also reduce the environmental impact of cyberthreats, such as ransomware and phishing attacks, which can disrupt critical infrastructure. A secure digital environment is a sustainable one, and we remain steadfast in our efforts to create a safer online space for all,” said Converge SVP and Corporate Compliance and Data Protection Officer Laurice esteban-Tuason. Lorenz S. Marasigan
Ada Pelonia
BloomBerg News
Banking&Finance
ADB to fund Ayala’s foray into e-vehicle biz
By Andrea San Juan
THE Asian Development Bank
(ADB) has signed a financing package of up to $100 million with Ayala Corp. to support the development of an electric mobility ecosystem in the Philippines.
ADB said this funding will be used to procure and install electric vehicle charging stations (EVCS) and to purchase electric vehicles for commercial distribution.
The multilateral development finance institution said the package includes a concessional loan from the Canadian Climate and Nature Fund for the Private Sector in Asia (Canpa). It added that ADB’s financing, along with the concessional loan, will be used to develop a network of EVCS in the Philippines.
Start building your financial future
WHEN it seems impossible to take charge of your financial future, start by taking small, deliberate steps.
It’s important to be smart with your money if you want to have a happy retirement, build your dream home, or give your family a better future. This guide may help you begin.
1. Understand your current financial situation. Before making any plans, determine first your financial situation. Take the time to record all your monthly income and expenses. Make a simple budget by deducting your expenses from your income. If you’re spending more money than you’re bringing in, look for ways to save. It might be as simple as eating at home rather than going out or avoiding impulsive shopping.
2. Make your financial goals clear. Make your financial goals clear and attainable by writing them down. Don’t say “I want to save money,” but: “I will save P50,000 for an emergency fund in two years.” Break down your goal into smaller steps that you can handle. Saving around P2,000 a month sounds easier than saving P50,000 in lump sum.
3. Develop the habit of saving before spending. It’s common for people to spend first and then save what’s left over. This rarely leads to any savings. Instead, set aside money for savings as soon as you get paid, before you spend it on anything else. If necessary, start small—say, 10 percent of your paycheck—and gradually raise the percentage as you develop this behavior. To resist the temptation to spend your funds, think about keeping them in a separate bank account.
4. Create an emergency fund. Life is full of surprises, not all of them are good. Having an emergency fund can help you avoid having to rely on loans or credit cards in the event of an emergency. Aim to save three to six months of your monthly expenses. You may begin with a lesser target and progressively increase your goals. Because of what happened during the Covid 19 pandemic, you could also think about setting aside enough money to cover more than six months’ worth of monthly expenses.
5. Live within your means. Understand the difference between wants and necessities.
A want is something you can live without, such as a high-end coffee or expensive attire, whereas a need is something you cannot go without, such as food, rent, or transportation.
Prioritize your needs, then indulge in some of your desires when you have excess cash.
“This blended financing features an innovative pricing structure aimed at accelerating deployment of EVCS infrastructure,” the ADB explained through a statement issued last Monday.
Meanwhile, a portion of the ADB financing will be allocated to procure electric vehicles from leading manufacturers for distribution across the country.
According to the ADB, the development of electric vehicles is still “nascent” in the Philippines, adding that high initial costs, limited charging infrastructure, and evolving technologies have posed “significant” barriers to adoption of EVs in the country.
Meanwhile, the multilateral development finance institution recognized the Philippine government’s
EBy Rizal Raoul S. Reyes @brownindio
XECUTIVES of GoTyme Bank Corp. flagged the dearth of cyber hygiene among Filipinos after the government alerted the public on the rise of loan scams.
laws and incentives backing the development of EVs such as the Electric Vehicle Industry Development Act (Evida) and various tax incentives which it said are helping “create a more favorable environment for the growth of the EV sector.”
The creation of a network of charging stations for EVs, ADB noted, is “crucial” for electric vehicles to become more popular.
“The EVCS to be set up with the ADB financing package will address gaps in EV charging infrastructure, thereby facilitating faster adoption of electric vehicles,” the multilateral development bank said.
According to AC Mobility Holdings Inc. President and CEO Jaime Alfonso Antonio Zobel de Ayala, “this innovative blended financing comes at an opportune time as Ayala,
masquerading as coming from the Bank of the Philippine Islands (BPI).
(See https://businessmirror.com. ph/2025/01/27/cicc-marks-riseon-loan-scams-impersonatingbpi/)
through [its subsidiary] ACMobility, continues to ramp up its electric mobility investments.”
“As we help build a comprehensive EV ecosystem for the Philippines, we wish to thank like-minded institutional partners like ADB for helping us expand our electric mobility initiatives, accelerate our contribution to the Philippines’s climate goals, and reaffirm our purpose of building businesses that enable people to thrive,” added Zobel de Ayala.
According to the ADB, the Canpa is a trust fund managed by ADB, supported by a commitment of CA$360 million from the Government of Canada.
The fund builds on the success of the two previous funds, namely the Canadian Climate Fund for the Private Sector in Asia II (CFPS II)
text scams were monitored in the fourth quarter last year with about 2.08 million.
Gogolook is offering its Whoscall service to GoTyme Bank users for free for a limited time.
and its predecessor, the CFPS, the ADB said. The Canpa aims to support private-sector projects in Asia and the Pacific that focus on climate and nature-based solutions, while also promoting gender equality, it added.
The publicly-listed Ayala Corp. is one of the Philippines’s largest conglomerates. Its portfolio includes real estate, banking, telecommunications, and renewable energy. According to the ADB, Ayala is “wellpositioned” to lead the development of the electric mobility ecosystem in the Philipines.
“Key to Ayala’s growing sustainable business portfolio is its access to innovative financing options such as blended finance, which is supported by public, private and philanthropic funds,” said the ADB.
6. Lessen your debt. Make paying off your debts on time your top priority. If you are drowned by debt, start with those with the highest interest, like credit cards or personal loans, because they grow fast. Pay the smallest debt first to get started, then move to the next one. This is called the “debt snowball” method. Each small win will push you to keep going. Avoid borrowing money unless it’s really needed, especially for those things that lose value in the long run.
7. Educate yourself about money. Take the time to learn about financial literacy because it is typically not taught in schools. Attend workshops, read books on personal finance, or view free online videos. Seek out topics like investment, insurance, and budgeting. Your application of this knowledge is equally crucial.
8. Start investing early. A lot of people think that only rich people can invest, but that’s not true. Mutual funds and digital wallets with investment features are two types of investments that can be made with small amounts of money. The earlier you start, the better. Over time, even small investments made every month can earn big returns.
9. Protect your future with insurance. People often forget about insurance, but it’s an important part of planning for the future.
Health and life insurance protect your finances in case of an emergency or when you lose your job. Having life insurance as a parent makes sure that your kids will be taken care of if something happens to you. Choose a plan that works for you and your budget, and don’t be afraid to ask questions before you avail one.
10. Remain patient and consistent. It takes time to build your financial future. Everybody’s journey is unique, so don’t compare yourself to those who appear to be ahead of you. Celebrate small victories, like paying off a debt or reaching a savings goal, as they keep you motivated. Your financial future is in your control. While it may take effort to develop the habits of saving, budgeting, and investing, the benefits are worthwhile. It is more than just having money; it is also about having peace of mind and the ability to live the life you desire. With determination and the correct mindset, your financial goals can become a reality.
“We have to be constantly reminded to never share personal information, never click links, use a strong password combination, update cellphone’s security settings, and the like. We have to be told to ignore offers or rewards that are hard to resist,” GoTyme Bank Co-CEO Albert Tinio told the BusinessMirror via email. “They need to be doubtful and be selfish with information.”
Over the weekend, the Cybercrime Investigation and Coordinating Center (CICC) a warning to the public about the rising cases of loan scams circulating on social media and fraudulent SMS messages
By Claudeth S. Mocon-Ciriaco @claudethmc3
THE Makati city government has breached its 2024 revenue target by 31 percent, reaching over P24.15 billion last December 31, Mayor Mar-len Abigail “Abby” S. Binay said.
Based on the official report of City Treasurer Jesusa E. Cuneta, they were able to collect nearly P24.152 billion in revenue in 2024.
Also, the Makati City Treasurer’s Office said that local revenue sources comprised the bulk of collections from January to December, led by “Business Tax” with P11.9 billion or 118 percent of target followed by “Real Property Tax” with P9.01 billion or 184 percent of the target.
“Our financial performance in 2024 has surpassed expectations, thanks to our thriving business community and dutiful taxpayers. It means that residents and other stakeholders of Makati can expect more innovations and better services this year to further improve quality of life in the city,” Binay said.
The city’s Business Permit and Licensing Office has reported a total of 4,944 new businesses registered and 35,076 with renewed business permits as of end-December.
The new enterprises chalked up a total of P38.2 billion in capital investments, while total gross sales of existing businesses reached P1.87 trillion at yearend.
Cuneta also reported that the city has achieved 139 percent of its target for locally-sourced revenue consisting of “Business Tax,” “Real Property Tax,” “Fees and Charges”
Meanwhile, a study titled “The State of Scams in the Philippines 2024” by the nonprofit group Global Anti-Scam Alliance states that Filipinos are reluctant to report to authorities, with about 67 percent not reporting scams.
According to Tinio, users must report scam incidents as fast as they can. While it is extremely difficult to recover the money lost to scams, he urged the public to report scams to prevent others from being scammed.
The Taiwan-based caller identification service provider Gogolook Co. Ltd. (DBA Whoscall), a total of 6,157,517 text short message service (SMS) scams were reported in the Philippines in 2024. Most of the
and “Economic Enterprise.”
From other local sources, the city earned P891.50 million from “Fees and Charges” and P389.11 million from “Economic Enterprises.”
The rest of the city’s revenue collections for 2024 has been sourced from the following: “Interest Income” amounting to P583.8 million; “National Tax” allotment of P1.0 billion; “Share from Economic Zone,” P339.44 million; and, “Share from PCSO (Philippine Charity Sweepstakes Office),” P8.18 million.
To date, Makati remains among few local government units in the country not dependent on external sources of revenue such as the “National Tax Allotment.”
According to the Bureau of Local Government Finance (BLGF), Makati posted the highest ratio of local revenue sources to local current operating income among all cities in the country in 2023, with a ratio of 90.60 percent.
Based on the latest report of the Philippine Statistics Authority, Makati posted a 6.3 percent growth in gross domestic product (GDP) in 2023, with the city’s economy valued at P1.18 trillion. The city also recorded the highest per capita GDP in the Philippines at P1.77 million.
Under the administration of Binay, the city’s economic prosperity has translated to better programs and services that have made tangible improvements in the quality of life of Makati residents.
To date, the city’s poverty rate is at its lowest at 0.6 percent, while its “Human Development Index” of 0.903 is among the highest in the country.
According to Tinio, the service includes caller identification, which helps users recognize scam and spam calls and a “Web Checker,” which provides instant alerts if users accidentally access phishing websites. The service also includes an “ID Security,” enabling users to check for personal data breaches and take proactive steps to safeguard their information.
The GoTyme Bank executive also cited the lender continues with its consumer education via television and radio shows that provide stories on scam-proofing resources and early detection and reporting of scams. Tinio also noted they intensified omnichannel communications with victims and the public through repeated text and in-app messaging. Likewise, GoTyme regularly posts warnings and notifications on all major social and professional networking online channels.
“Moreover, GoTyme Bank has embarked on continuous improvement of both procedural and technical controls taking advantage of industry proven and modern security and anti-fraud solutions. All these have resulted in a declining trend in the number of spoofing incidents. However, we cannot be complacent. We have to keep enhancing our consumer education and cybersecurity,” Tinio said. Tinio warns that scamming has become sophisticated and has led to many successful smishing, phishing and vishing attacks which have affected the whole financial industry—from the e-wallets, traditional banks and digital banks.
THE Philippine Amusement and Gaming Corp. (Pagcor) announced last Monday that Pagcor and the Armed Forces of the Philippines (AFP) Medical Center inaugurated last Friday a new halfway house for families and caregivers of patients at V. Luna Medical Center (VLMC) in Quezon City.
According to the Pagcor, the five-story watchers’ dormitory, which received a P53.22 million funding from Pagcor, features 35 rooms and 124 beds. It is equipped with kitchens, dining areas, caregiver quarters, and other amenities to provide a comfortable haven for families of confined patients, the Pagcor statement read.
Pagcor Chairman and CEO Alejandro H. Tengco, who led the inauguration, said the project is a demonstration of the state gaming agency’s unwavering support for the country’s armed personnel.
“This is not just a corporate social responsibility initiative for Pagcor; it is a heartfelt gesture of gratitude to our brave soldiers who selflessly dedicate their lives to serving our nation,” Tengco was quoted in the statement as saying.
“As we gather today, let us take a moment to reflect on the sacrifices of our men and women in uniform who face
unimaginable challenges to safeguard our freedoms and ensure the safety of our communities,” he added.
Prior to the dormitory’s construction, the AFP Medical Center could only offer a single-story resting area with limited ventilation for watchers, according to AFP Medical Center Commander Brigadier General Jonna D. Dalaguit.
“The physical and emotional toll of prolonged hospital stays had always been a significant challenge for caregivers,” Dalaguit was quoted in the same statement as saying. “Without adequate facilities, many watchers face the risk of developing physical or mental health issues, adding to their already heavy burden.”
With the inauguration of the new dormitory, Dalaguit highlighted the meaningful impact of the collaboration between the Pagcor and the AFP.
“Today marks the end of a long wait,” she said.
“This facility is not just a product of cooperation between Pagcor and the AFP, but also a source of inspiration. It serves as a reminder that the people and institutions we protect are also our sources of strength and support,” Dalaguit added.
This January 24, 2025, photo shows Armed Forces of the Philippines Medical Center Commander Brigadier General Jonna D. Dalaguit (left) and Philippine Amusement and Gaming Corp. Chairman and CEO Alejandro
Art BusinessMirror
Art Fair PH organizers on move to Ayala Triangle:
‘Time to embrace something new’
‘YES, the rumor is true,” said a smiling Trickie Lopa, one of the organizers of Art Fair Philippines. “This year, we will be [moving to] Ayala Triangle.”
Lopa delivered the confirmation at the top of last week’s press conference for the 2025 edition of the annual fair, one of the marquee events in the Philippine art calendar. Art Fair Philippines was founded in 2013 as the “platform for exhibiting and selling the best in modern and contemporary Philippine visual art.” It had been mounted every year since its inception at The Link, transforming the carpark at Ayala Center into a multi-level art exhibition venue.
On its 12th edition, from February 21 to 23, Art Fair Philippines relocates to Ayala Triangle, a two-hectare landscaped urban park a few hundred meters across Makati Avenue from The Link. Part of the reason for the move was to accommodate the growing number of fair-goers, which stood at 25,000 last year. According to Lopa, who co-founded the event with Lisa Periquet and Dindin Araneta, “it was just time for a change.”
“Time to embrace something new,” she said. “That’s what we always try to do anyway, so why not go bigger this year and just change the entire venue?”
“It’s also the idea of moving to the center of the community,” Araneta added. “And, of course, we also wanted to find a venue that can also transform the experience of being in an art fair. This was the opportunity that came our way after trying to do it for so many years.”
As with previous editions, Periquet said this year’s fair does not carry a certain theme.
“The role of the fair has always been to present the landscape,” she said. “I think it’s for people to come to figure out where it goes every year or through the years. The fair is a platform for [people] to make their own ideas and opinions about where the future of Philippine contemporary art is going.”
Lined up for Art Fair Philippines 2025 are specially commissioned works, gallery exhibits, film screenings, and art talks that showcase the diversity of Philippine art. Joining local art galleries to showcase curated exhibitions from visual artists here and abroad are international exhibitors from Austria, Hong Kong, Indonesia, Japan, Malaysia, Singapore, Vietnam, and Spain.
One of the highlights of the fair is ArtFairPH/ Projects, a collection of curated exhibits that “celebrate artistic excellence and innovation.” Periquet described the section as “significant and important,” considering it’s their curation for a particular edition.
“It gives the character of the fair for that year,” she said.
ArtFairPH/Projects puts several artists at different stages of their careers under the Art Fair Philippines spotlight. This year’s collection presents Manny Garibay and his exploration of the sacred in the context of history, power, and politics; as well as Manuel Ocampo and his mashup of religious iconography with sociopolitical commentary through works produced during his residency in STPI Gallery, Singapore in 2019. Also featured in the section are Goldie Poblador, Ryan Rubio, and Jezzel Wee. There’s also a continuation of last year’s collaboration with the Embassy of Spain in the Philippines as a special project partner, featuring the work of the Spanish collective SpY Studio.
ArtFairPH/Projects, presented by BPI, and the other sections are set to occupy large tents within Ayala Triangle, alongside parts of the Amphitheater, Tower One, and Tower Two. The urban park underwent a series of renovations in past years to “cultivate a more family-friendly environment for everyone,” according to Make It Makati’s Instagram post.
Screenings at the Amphitheater, for instance, will present more animated and digital work set up at the outdoor tiered space adjacent to the lawn of Ayala Triangle Gardens. This works for the third edition of ArtFairPH/Digital, presented by Globe, set to feature digital media works that incorporate and engage with computer technology, animation, virtual or augmented reality, artificial intelligence, and the metaverse. To be showcased in the section is a collaborative exhibition of artist and technologist Chia Amisola, alongside the presentation of motion graphic artist and engineer Isaiah Cacnio. His work often explores the themes of light, movement, and spatial dynamics in transforming ordinary spaces into immersive environments.
Art Fair Philippines will also continue to push
for its educational component. Since 2013, a learning program has been integral to the fair’s mission to develop a wider appreciation for contemporary and modern art. This year’s ArtFairPH/Talks, presented with Ateneo Art Gallery and the Museum Foundation of the Philippines, provides insight into artists’ works and lives, art forms, artistic processes, collectors and their interests, and other aspects of today’s complex art world. A highlight of the 2025 edition is a panel discussion on collection management from a collector’s point of view, in partnership with Larry’s List, an art market knowledge company that provides data, research and access to contemporary art collectors. More topics will be announced in the coming weeks.
The fair will also present new editions of ArtFairPH/Film and ArtFairPH/Residencies. The initiative 10 Days of Art returns as well, highlighting a series of events around the Makati Central Business District with participation by galleries, museums, and other establishments to celebrate the best of Philippine contemporary art beyond the fair’s venue.
Some of the public art exhibitions include outdoor sculptures by Briccio Santos in Legazpi Park, an immersive and experiential installation by Kim Borja in Glorietta, and JEFRË’s Talking Heads at Circuit Makati. Meanwhile, Neal Oshima and Fotomoto will transform the Legazpi Underpass and Greenbelt 3 Sunken Park into art exhibit venues, while TYLR Collective presents works at the Paseo Villar Underpass.
Fair tickets can be purchased in advance at www. artfairphilippines.com. Tickets will also be available at the reception area of Art Fair Philippines from February 21 to 23.
More information is available at the Art Fair Philippines website and on Instagram (@artfairph) and
(www.facebook.com/artfairph
By Eugenia Last
regarding partnerships and how you can make a difference. Put the wheels in motion and make adjustments that set an example for those struggling with something familiar, and you’ll gain respect and insight.
VIRGO (Aug. 23-Sept. 22): A day trip, visiting a place you’ve never been to before or sharing thoughts with people from different backgrounds will all lead to personal growth. Make meaningful relationships a priority. Listen to complaints, and you will offset a much bigger problem. ★★★
LIBRA (Sept. 23-Oct. 22): Research will be eyeopening. Take on a project that will enhance how or where you live. Look for opportunities that help you expand your mind and connect with people of interest. A unique lifestyle will capture your attention and encourage you to change old habits. ★★★★★
SCORPIO (Oct. 23-Nov. 21): You need something to occupy your mind and time. Talks will get you in trouble or cost you your position or a friendship if you are too revealing. Physical activity will help ease stress and give you time to reflect before you deal with situations that can alter your move forward. ★★★
SAGITTARIUS (Nov. 22-Dec. 21): Put greater emphasis on earning a living and making your money work for you. Refuse to get sucked into someone else’s dreams or held back because of unorthodox behavior. Concentrate on doing your best and being the driving force behind the opportunities you want to see unfold.
CAPRICORN (Dec. 22-Jan. 19): Channel emotional energy into something that matters to you and makes a difference. Nurture a meaningful relationship that will bring you closer and encourage long-term plans. A trip, attending a reunion or developing a creative endeavor you want to pursue will pay off.
Trump inauguration draw smallest audience since 2013
AN estimated 24.6 million television viewers watched President Donald J. Trump’s second inauguration, the smallest audience for the quadrennial ceremony since Barack Obama’s second inauguration in 2013. The Nielsen Company said on Tuesday that viewership was down from Joe Biden’s 2021 inauguration, which reached 33.8 million, and Trump’s first move into the White House, seen by 30.6 million in 2017.
Inauguration viewership has varied widely over the past half-century, from a high of 41.8 million when Ronald Reagan came into office in 1981 to a low of 15.5 million for the start of George W. Bush’s second term in 2004. The length of Trump’s inauguration coverage may have hurt him in bragging rights. The 24.6 million figure represents the average number of people tuning in to coverage on one of 15 networks between 10:30 am to 7:30 pm Eastern. In past years, the coverage didn’t go on for so long, which meant the averages were likely higher because people tune away as the day goes on.
Nielsen had no immediate estimate, for example, of how many people watched Trump up until 4 p.m. Eastern, the cutoff point for most inauguration coverage in the past. There’s no doubt where most viewers gravitated on Monday: Fox News Channel had 10.3 million viewers between 11:30 am and 1 pm, when Trump was sworn in and gave his inaugural speech. In that same period, ABC had 4.7 million viewers, NBC had 4.4 million, CBS had 4.1 million, CNN had 1.7 million and MSNBC had 848,000, Nielsen said. Four years ago, 13.4 million people watched Biden’s inauguration on CNN and MSNBC, compared to only 2.4 million on Fox News. AP
GMA LAUNCHES YEAR-LONG CELEBRATION OF LAUGHTER AND JOY
MEDIA giant GMA Network launches its exciting new campaign “More Tawa, More Saya,” a year-long, multiplatform campaign celebrating its unwavering commitment to delivering world-class comedy and fun-filled entertainment to viewers. The fun kicked off on Sunday, January 26, with an on-ground event at Robinsons Galleria. Fans joined in the celebration and interact with some of their favorite comedy stars. The campaign was officially unveiled during a special episode of the long-running comedy show Bubble Gang, where artists from different GMA comedy shows collaborated in a fun and memorable performance.
A key highlight of the campaign is the release of an original song and its music video, encapsulating the essence of “More Tawa, More Saya.” Written and arranged by the comedic genius Michael V, the song made its world premiere on Bubble Gang that evening. The music video, on the other hand, features stellar performances from Michael V, Manilyn Reynes, Boobay, Buboy Villar and Matt Lozano.
“More Tawa, More Saya” is more than just a campaign— it’s a celebration of how the network and its stars have played a key role in lifting the Filipino spirit through humor for decades. As the network continues to evolve and adapt, this campaign reaffirms GMA’s role as a trusted source of joy and laughter, connecting with audiences across generations.
The campaign will also pay tribute to some of GMA’s most beloved comedies and game shows, each of which has touched the hearts of millions of viewers.
The Boobay & Tekla Show celebrates its 7th anniversary this February, with this hilarious duo continuing to deliver laughter-filled moments with their unique brand of humor.
In March, GMA’s comedy-game show Family Feud marks its 3rd anniversary, bringing families together in fun and exciting competitions. Meanwhile, Pepito Manaloto, GMA Network’s long-running sitcom, will celebrate its 15th anniversary in April, with its lovable characters continuing to bring joy to viewers.
YouLol, GMA’s exclusive comedy YouTube channel, is turning five in June. This platform has become a go-to destination for comedy lovers looking for fresh, bite-sized laughs.
Lastly, Bubble Gang will celebrate its 30th anniversary in October, solidifying its status as the country’s longestrunning comedy show on television.
More information can be found at www.gmanetwork.com or its official social media accounts.
What does Mexico really think of ‘Emilia Pérez?’
BY BERENICE BAUTISTA The Associated Press
MEXICO CITY—It may have been embraced by the Academy, but just a day after its debut in Mexico, the acclaimed “narco-musical” Emilia Pérez was already drawing rebukes for superficial portrayals of sensitive subjects.
The movie by French director Jacques Audiard debuted in Mexico on Thursday on the heels of wins at Cannes and the Golden Globes, as well at 13 Oscar nominations—a record for a non-English-language film.
The film tells the story of a fictional Mexican drug trafficker nicknamed Manitas del Monte (Karla Sofia Gascón), who leaves behind her life of crime by becoming a transgender woman and activist searching for Mexico’s thousands of disappeared. But problems arise from Manitas’ uncontrollable jealousy toward her ex-wife Jessi (Selena Gomez), despite falling deeply in love with another woman Epifanía (Adriana Paz).
Yet the ambitious Emilia Pérez and its star-studded cast met with a fizzle at the box office—20,000 attendees at its premiere and about $74,000 (1.5 million pesos)—and mounting criticisms that it was a not-so-faithful portrayal of Mexico that glamorizes the violence that has long plagued the nation.
Viewers filing out of theaters on Thursday night said they had been eager or curious to see the movie after hearing it was the most nominated film at the Oscars.
It was nominated for Best Picture, Best Actress for Gascón, Best Supporting Actress for Saldaña and two nominations for Best Original Song. That comes after receiving a number of prizes at its world premiere at Cannes and wins in four different categories at the Golden Globes.
But many left with mixed feelings.
Dora Pancardo said she found it entertaining to the point of not blinking during the musical numbers, but she did not like the film’s portrayal of violence.
“The director wanted to convey the part that we’re in a violent society, which isn’t a lie, but it seemed crude to me,” said the 45-year-old mentor for women. “I also didn’t like that Selena Gomez spoke such bad Spanish. There’s certain dialogue and certain expressions that we don’t use in Mexico.”
The film’s writing has been a frequent target of criticism, as well as a cast of leading actors that only includes one Mexican in a very supporting role— Paz—making for a mishmash of Spanish accents. It was also shot in France.
Mexican film critic Gaby Meza said Emilia Pérez is “exotic and bold,” but without depth. “Not in the trans experience, not in the narco experience, not in the
disappeared, but rather a touch of everything like an ingredient to sweeten.”
While narco violence and the dramatic tales of cat-and-mouse between criminals and authorities in Latin America have long captured the imagination of Hollywood, they’re also a point of trauma for many Mexicans who live with the consequences of such violence.
Artemisa Belmonte, who has sought justice for her mother and three uncles who went missing in the northern state of Chihuahua in 2011, started a petition on Change.org asking that the movie not be released in Mexico.
“I feel like it’s extremely offensive, overly simplistic, it makes it frivolous, I don’t understand the point of making something like that and that it has so many awards,” Belmonte said from Ciudad Juarez, across the border from El Paso.
“You can’t talk about the subject as if it were something to make a musical about,” she said, stressing that the wound of disappearances is still open. During a press conference in Mexico, director Audiard assured that he approached the subject with prudence and reflection, but recognized the criticism.
“If it seems to you that I do it too lightly, I apologize,” he said.
Prominent filmmakers like Guillermo del Toro, Issa López, James Cameron, Denis Villeneuve and Meryl Streep have come to the movie’s defense.
Héctor Ayala, a 58-year-old retiree, said he ran to theaters when he heard about the film’s Oscar nominations.
“It’s good that they’re focusing on [the violence], that way governments and society will do more to stop problems like disappearances and organized crime,” he said.
Láurel Miranda, a transgender human rights advocate said she had received a casting call for the film looking for “a middle-aged transgender actress with a robust build, because of course we trans women always have to be hardy,” she said sarcastically.
In addition to infusing the movie with “soap opera stereotypes” of what transgender women should look like, Miranda questioned the original script that had Manitas only wanting to become a woman to evade justice.
Gascón pushed to change the motivation to a woman looking to make her transition.
For years, Mexico has been the second most deadly place in the world for transgender women, a reality not reflected in the film.
“Emilia Pérez is portrayed as an all-powerful character, even at the end as a saint, when in Mexico the reality for trans people is diametrically opposed, we should think about who this representation serves,” she said. ■
There’s no stoppin’ Cup of Joe overflowing
THIS early, the cup which holds the many endearing gifts and talents of this fast-rising music group from Baguio City is almost full, and in no time it is expected to overflow. The group is named Cup of Joe, and its rise to stardom is going to be phenomenal.
Composed of former schoolmates at the high school campus of Saint Louis University in Baguio City, Cup of Joe’s members Rafael Ridao, Gian Bernardino, Gabriel Fernandez, Xen Gareza, Elian Skia and CJ Fernandez took their musical dreams to greater heights after graduation, allowing their respective gifts of voice and music to soar higher than the gigs they did when they started as a group.
The group has already gotten news that their two-night concert at the Smart Araneta Coliseum on February 7 and 8 has been sold out, and the members shared they had to pinch each other to believe this amazing information when they were informed about it by the bosses at Viva Entertainment’s music group.
“Filling Araneta is a dream we didn’t even dare to dream. The idea has not even been part of the group’s consciousness. All we wanted was to write songs that we can perform during gigs and events, so a sold-out Araneta is almost bizarre and surreal at the same time,” shared Gian.
Rafael added, “We are beyond grateful. When I learned that the first night was sold-out, I had to sit down and breathe for a few seconds, but when the
And when they had created their very first original composition, “Nag-iisang Muli,” they uploaded this on Spotify and it just surged to the top of the charts. And songs like “Estranghero,” “Mananatili,” “Sagada,” “Tataya” also followed. There’s also this collaboration with fast rising singer-songwriter Janine Tenoso, titled “Tingin,” which endeared itself to their growing legion of fans in no time.
For the coming concert at the Araneta, Cup of Joe is launching its next album titled Silakbo, the same name the group decided for the concert. Gian volunteered, “Our songs are stories of our pain and healing, and
that we can touch or inspire or move, because we were
always be space for songs created from the heart.” CJ added, “And in the event it does, we will make sure that whatever comes out will fill and benefit the cup of others, hopefully to make things easier, heartaches less painful, situations less complicated, and life much more meaningful for as many as it could.”
After the sold-out shows at the Araneta, Cup of Joe will go back to their roots in Baguio to perform at the Baguio Convention Center on March 6 and 7, before heading off to Davao on March 22 and Cebu on March 29.
PHL’s longest living insurance company PhilFirst launches non-life insurance
PHILFIRST, the Philippines’ first domestic insurance company, enters 2025 by launching two non-life insurance products that provide protection to Filipinos in the digital age and the era of frequent travels. They are further proof of the company’s unwavering commitment to innovation and its dedication to adapting to the evolving needs of Filipinos in a dynamic world.
“Our new initiatives continue the legacy of protection that PhilFirst has given to several generations of Filipinos,” PhilFirst President Jaeger L. Tanco said.
The PhilFirst Cyber Insurance aims to protect Filipinos in the online world where they spend an estimated 10 hours a day.
With Asia being a hotspot for cyberattacks due to relatively weak cybersecurity measures, the Cyber Insurance covers identity theft, electronic fund transfer fraud, and online retails scams. It also includes 24/7 expert assistance that detects
hacks and guides insured individuals on necessary documentation.
For modern Filipino travelers, PhilFirst offers its new Travel Insurance. The product comes at an opportune time as the World Travel and Tourism Council projects at least 25 percent annual growth in travel.
Philfirst partnered with a seasoned and stable provider to ensure a seamless claims process for its clients, making its Travel Insurance an essential companion for any wanderlust.
Tanco noted, “The Personal Cyber
Insurance is our way of safeguarding the online lives of Filipinos, while our Travel Insurance aims to make their adventures worry-free, especially as travel becomes more accessible and integral to many Filipinos.” PhilFirst launched in 1906 by offering families dependable insurance solutions against life’s most challenging uncertainties
LSE Generate Celebrates 23rd International Chapter in the PHL
on the
LSE Generate, the London School of Economics’ globally renowned entrepreneurship centre, proudly announces the successful launch of its first international cluster in Southeast Asia, spotlighting the Philippines, Vietnam, and Indonesia, while also recognizing the Philippines as its 23rd international chapter.
The cluster’s debut took place at a highprofile reception, panel discussion, and dinner recently held at the Brittany Hotel in Taguig, bringing together innovators, corporate leaders, government officials, and startup founders from across the region. This gathering set the tone for LSE Generate’s ambitious goals in ASEAN and emphasized the Philippines’ growing role as a hub for social innovation. Hosted by VistaLand, the event showcased the country’s evolving startup landscape, where entrepreneurs address pressing issues such as climate change, financial inclusion, sustainable development, and community health. UK Deputy Ambassador Alistair White delivered opening remarks, underscoring the international importance of this new chapter.
There was also a panel entitled “Innovating for the Betterment of Society” featuring Maria Gaitanidou (Co-founder and CEO of Hati Health), Yohan Iddawela (Data Scientist at the Asian Development Bank), LJ Silverman (Head of LSE Generate, as moderator), and Anna Mae Lamentillo (Founder of NightOwlGPT).
Following the reception, LSE Generate is rolling out a series of initiatives to expand the cluster’s impact. Educational outreach visits to local international
schools led by LJ Silverman, Head of LSE Generate, and alumni mentors, will be held in partnership with fintech unicorn OakNorth. These sessions build on LSE Generate’s Schools Programme, which has already reached nearly 10,000 students in over 60 schools worldwide, and will now encourage young learners in Southeast Asia to adopt an entrepreneurial mindset.
A networking and peer-mentorship weekend on Boracay Island will also bring founders, innovators, and their families together to foster collaboration, share expertise, and further strengthen the region’s entrepreneurial ecosystem.
LJ Silverman, Head of LSE Generate, reflected on the Manila event and the path ahead: “This marks a new chapter for LSE Generate and for Southeast Asia’s entrepreneurial ecosystems. The vibrancy, talent, and ingenuity we see in the region are a perfect match for LSE Generate’s mission to champion innovation and meaningful impact. We’re not just engaging a local network; but in true LSE style we’re empowering a movement that connects ideas, people, and resources to drive lasting change. We are grateful for the support of VistaLand in making this vision a reality.”
Anna Mae Lamentillo, Founder of the award-winning app NightOwl and one of the cluster’s new ambassadors, spoke about the potential of Southeast Asia: “I’m honored to join LSE Generate’s new Southeast Asia cluster at such a pivotal moment, as we unite changemakers across ASEAN and beyond. By harnessing our region’s collective strengths in innovation, resourcefulness, and collaboration, we can accelerate transformative solutions
SEN. Mark Villar delivers his
impact of LSE Generate’s new Southeast Asia cluster.
that uplift entire communities. My hope is that our shared efforts will inspire an entrepreneurial future, not only for Southeast Asia, but for the world.”
Project sponsor Sen. Mark Villar underscored the broader impact on the region: “I am proud to support LSE Generate’s new Southeast Asia cluster and its bold vision of empowering local entrepreneurs to drive sustainable growth across our region. By focusing on the ASEAN region, we can harness the extraordinary talent, creativity, and resilience that define Southeast Asia and help forge a more inclusive, innovation-led future. This collaboration with the London School of Economics underscores our collective commitment to transforming challenges into opportunities, cultivating global partnerships, and elevating the lives of our people through meaningful impact.”
This series of events in Manila marks the beginning of an ambitious roadmap for LSE Generate’s Southeast Asia cluster. As the 23rd international chapter, the Philippines now takes a leading role in fostering innovation and entrepreneurship in the region, strengthening ties between the London School of Economics and Southeast Asia. With continued support from regional partners and influencers, the cluster will catalyze growth, encourage cross-border collaborations, and ultimately contribute to a more inclusive and dynamic future for all.
Currently, LSE Generate has 23 chapters worldwide, including Lisbon, Miami, Paris, Los Angeles, New York, Singapore, Thailand, Nigeria, Delhi, Mumbai, San Francisco, Mexico, Brazil, Colombia, among others.
like fires and accidents. Driven by a passion for serving Filipinos, PhilFirst eventually came up with solutions for every stage of life. Together with its affiliates PhilCare, PhilLife, and PhilPlans, PhilFirst forms the Philippines First Insurance Group, a powerhouse family committed to providing Filipinos financial freedom, wellness,
and stability by offering a wide range of insurance solutions that cover healthcare, pension, education, and memorial planning.
“Celebrating 119 years is not just about looking back at our achievements,” Tanco said. “It’s about looking forward — adapting, innovating, and meeting the ever-changing needs of our countrymen.”
Armor Division inspecting saplings and seedlings planted in Camp Capinpin, Tanay, Rizal.
Gencys Ecommerce Solutions Takes Action for a Greener Philippines
GENCYS Ecommerce Solutions, a leader in the e-commerce industry, recently demonstrated its commitment to social responsibility through a beach clean-up initiative spearheaded by its CSR department, GENCYS Cares. The event, held at Dolomite Beach, Manila Bay, saw the active participation of the company’s leadership team, including CEO Nani Razon and Chairman Charlie Gengos, who rolled up their sleeves alongside volunteers, setting a powerful example of environmental stewardship.
“Our vision is to spark a movement where everyone, from individuals to businesses, takes part in building a sustainable future,” stated Razon. “This clean-up is just the beginning of our ongoing efforts to make a positive impact.”
Razon emphasized the importance of collective action, aligning the initiative with Gencys’ Massive Transformative Purpose: “Weaver of Dreams, Catalyst of Life Transformation.” He believes that through small, collective actions, we can create a better environment for future generations.
Gengos echoed this sentiment, stating, “Sustainability
is a shared responsibility. Our hands-on involvement today highlights that true leadership starts with action. We hope our participation encourages others to contribute in their own ways to protect our environment.”
The clean-up drive was a collaborative effort between Gencys Cares and La Liga Mariquina Inc. (LM), a non-profit organization dedicated to environmental conservation and community engagement. LM, founded in Marikina City, has been a strong advocate for sustainability, leading initiatives such as coastal clean-ups and waste management education programs across the country. This partnership brought together like-minded individuals and organizations, united by their shared goal of preserving the environment and inspiring more Filipinos to take action. The event signifies a growing movement towards a more sustainable future, where leadership by example paves the way for a cleaner and greener Philippines. Gencys Ecommerce Solutions, through its commitment to GENCYS Cares, is leading the charge, inspiring others to join the movement for a more sustainable future.
THE Board of PhilFirst with Insurance Commission Commissioner Reynaldo Regalado.
TREE PLANTING. The Philippine Army 2nd Infantry Division in Camp Mateo Capinpin, Tanay, Rizal was the recipient of the Hardin ng Lunas and reforestation efforts of the Tarlac Heritage Foundation and the Armor Division based in Camp O’Donnell, Capas, Tarlac. The Tarlac Heritage Foundation’s mission is to combat the climate crisis with their program “Water is Life: Agri-Reforestation Project.” The foundation brought native tree species like the Red Narra, Yakal, Kamagong, Molave, Manggachapui, Kawayan Tinil and vegetables seedlings and saplings from its nursery in Camp O’ Donnell, Tarlac to Camp Capinpin, Tanay, Rizal. In the photo are, from left. MGen Cerilo Balaoro Jr., Commander of the 2nd ID, Tarlac Heritage Foundation co-founder Dr. Isa Cojuangco-Suntay, MGen Pedro Balisi Jr., Commander Armor Division and BGen. Charlemagne, ADCA,
remarks
broader
PANELISTS discuss groundbreaking approaches to social impact during the “Innovating for the Betterment of Society” panel. From
left: LJ Silverman (Head of LSE Generate, as moderator), Anna Mae Lamentillo (Founder of NightOwlGPT), Maria Gaitanidou (Cofounder and CEO of Hati Health), and Yohan Iddawela (Data Scientist at the Asian Development Bank).
Tech’s $15 trillion rally hinges on high-stakes earnings stretch
By Jeran Wittenstein & Ryan Vlastelica
INVESTORS are heading into yet another pivotal Big Tech earnings cycle with the companies’ shares near record highs and valuations stretched. A key distinction this time: The group’s profit growth is projected to come in at the slowest pace in almost two years.
Shares of Alphabet Inc., Meta Platforms Inc. and other technology giants have rallied to start the year, outperforming the broader market amid a riskon mood and high hopes for the billions of dollars the companies are spending to develop artificial-intelligence services. But the reporting period that kicks off this week may prove sobering for equities bulls: While earnings from the so-called Magnificent Seven behemoths are still rising— and far outpacing the rest of the market—Wall Street anticipates a marked slowdown in growth relative to prior
quarters. What it comes down to is that pressure is mounting on the cohort, which has driven a roughly $15 trillion rally in the Nasdaq 100 Index since the end of 2022.
“This should be a fairly good earnings season, but the bar has been raised and they may not be able to live up to high expectations,” said Dan Taylor, chief investment officer at Man Numeric. “It will be very difficult for the group to perform the way it did last year, especially as valuations have increased.”
The seven companies’ announcements start Wednesday, when Microsoft
Corp., Meta and Tesla Inc. are scheduled to report. Apple Inc. follows Thursday, while Alphabet and Amazon.com Inc. announce next week, and then chipmaker Nvidia Corp. on February 26.
The sector’s superior earnings growth and exuberance around AI have been key drivers for US stocks during the bull market that began more than two years ago. The megacap tech companies have accounted for the bulk of the S&P 500’s roughly 70 percent advance in that period, but gains have slowed amid expectations for weaker profits and questions about when all the AI investments will pay off more meaningfully.
Smaller jump
PROFITS for the seven giants are projected to increase by 22 percent in the fourth quarter from a year earlier, the smallest jump since the first quarter of 2023, data compiled by Bloomberg Intelligence show. While that’s still well above the 8 percent increase anticipated for the S&P 500 Index, it’s down from the 51 percent increase seen in the first quarter and shrinking for a fourth straight
quarter.
Bloomberg Intelligence’s Michael Casper sees cause for concern. With the tech sector’s share of the S&P 500’s market value eclipsing its share of profits by about 10 percentage points, the equity strategist worries that either earnings growth has to improve or valuations need to drop.
“We know how stocks react if they miss on what everyone wants them to hit,” Casper said. When looking at prices relative to anticipated sales, valuations
look even more precarious.
At nearly eight times revenue projected over the next 12 months, the S&P 500 Information Technology Index trades close to the highest in at least a decade, according to BI data.
Still, to Solita Marcelli, chief investment officer Americas at UBS Global Wealth Management, the valuations are worth paying up for with AI investments expected to generate more revenue in the year ahead.
“While the easy gains in AI may be behind us, we think this
rally looks far from over,” she wrote in a note to clients this month.
Microsoft, Alphabet, Amazon and Meta are projected to have spent more than $200 billion combined on capital expenditures in their last fiscal year, and they’ve all pledged to spend more in the current year. In addition to growth in AIrelated revenue, investors will be monitoring spending forecasts.
There are few signs that traders are primed for a massive disappointment. Demand for put options that protect against downside moves versus demand for call options in the Magnificent Seven stocks is shrinking after a spike in December.
So far, bulls have been rewarded. Netflix Inc., one of the few tech-related companies that have reported, helped boost the Nasdaq 100 last week after posting a record jump in subscribers.
“Valuations may be extended, and there could be some disappointment over the monetization of AI,” said Man Numeric’s Taylor, but big tech firms “remain great businesses throwing off a ton of cash.” With assistance from Natalia Kniazhevich/Bloomberg
China welcomes back Hollywood movies in bid to boost spending
By Bloomberg News
ON her way to catch a foreign flick in Beijing, Jane Yao bought a cinnamon roll, had ramen, visited a bookshop, and dropped by a supermarket to grab some snacks.
Such an impulse splurge has become all too rare in China, a country where consumption growth is still far below preCovid levels and poses a major hurdle for the economy. Equally surprising was Yao’s choice of entertainment—a rescreening of Harry Potter and the Chamber of Secrets during a retrospective showing across China not long ago—which drew a big crowd of mostly millennial viewers on a weekend afternoon.
A blockbuster run for many international films—old and new—stood out in a market whose overall box office receipts slumped to a decade low, excluding the pandemic. Though deeply conflicted about foreign cultural influence, China aired 93 new imported films in 2024, the most since 2019, according to China Movie News, an outlet managed by the government body that oversees film approvals for local audiences.
President Xi Jinping’s government has been cracking down on anything perceived as too Western or immoral at the box office in recent years. But as officials try to boost the consumer spending to support a cooling economy, there are early signs those constraints are easing.
“Chinese authorities’ attitude has been oscillating between the two extremes of nationalistic pride and liberal globalization,” said Wendy Su, an associate professor at the University of California, Riverside, who specializes in China film studies and Hollywood’s relationship with the country. “Now that China’s economy is not in a good shape, China wants to amend the relations with foreign countries and bring in more foreign films.”
Moviegoers have a particular appeal since most of China’s cinemas are located in malls,
creating an opportunity for people to squeeze in some shopping on the side. Unleashing domestic demand is especially important as China stares down the growing possibility of a second trade war with the US after Donald Trump’s return to the White House.
Foreign films that garnered success at the box office also came from countries that Beijing has been mending ties with ahead of Trump’s comeback, such as longtime adversaries India and Japan. The Tamillanguage film Maharaja became the highest-grossing Indian movie in China in years, while for the first time, a Japanese import fared better in an overseas market than at home, according to the state-run Securities Times, with animated fantasy The Boy and the Heron reeling in 791 million yuan ($109 million).
Guo Yuan, a 27-year-old fintech worker, said there weren’t any decent seats left when she was booking a ticket at a cinema in Guangzhou to see Maharaja. “I’m a big fan of thrillers, and have a pretty good impression of Indian movies,” said Guo, who had a meal at the shopping center before the show.
Even as China’s box office haul plunged by nearly a quarter to 42.5 billion yuan, foreign films had their best tally since before the pandemic to raise their share to 21 percent of the overall market, according to a report by
Maoyan published this month.
In a rarity for China, R-rated Hollywood productions like Warner Bros.’ Joker: Folie à Deux, a less gory sequel to the 2019 hit, were being premiered last year. China blocked the first film, which came out as protests roiled Hong Kong and where some demonstrators wore face coverings including Joker masks.
The independent New Yorkbased studio A24 had its first opening in China with the release of Civil War, a dystopian blockbuster set in an America ravaged by conflict.
China’s motivations can be murky to outside observers and censors don’t specify the reasons for their decisions. Still, the outlines of the new approach started to become more clear around the middle of last year, when Mao Yu, the executive vice director of the China Film
Administration, pledged to bring in more global films “with an open and accepting attitude.”
By August, China made improving the supply of films part of a plan to get people to spend more on services.
After a year when foreign productions were absent from the list of the best grossing films, two international blockbusters, including Godzilla x Kong: The New Empire, cracked the box office top 10 in 2024. The world’s secondbiggest market, which was once a goldmine for US releases, saw 42 American and 24 Japanese films debut last year, the most since 2019, according to data compiled by Bloomberg from the Chinese ticketing service Maoyan Entertainment.
“Instead of producing domestic films, the distribution and ticket sales have become an important source of revenue for the industry,” said Wing-Fai Leung, a specialist in the East Asian film and media industries at King’s College London. “That leaves the idea of importing more diverse films.”
Consumption has meanwhile become a key area of focus for Xi’s government in recent months as it embarked on one of its biggest stimulus efforts in years to reverse a slowdown in the world’s second-largest economy.
But cultural imports have long been at the mercy of Beijing’s censors.
Walt Disney Co.’s ShangChi and the Legend of the Ten Rings attracted unwanted
President Xi Jinping’s government has been cracking down on anything perceived as too Western or immoral at the box office in recent years. But as officials try to boost the consumer spending to support a cooling economy, there are early signs those constraints are easing.
attention in 2021 because the protagonist’s father in the original comic books was Fu Manchu, a character viewed as perpetuating racist stereotypes.
In the end, the first Marvel superhero film to star an Asian actor in the lead role was never officially released in China.
Geopolitics can also shape priorities. Following clashes with Indian troops in a disputed border area in 2020, China approved no Indian movies for screening until two years later, with a total of 11 permitted since 2022.
The chokehold on Hollywood has at times been just as tight, especially after ties with the US came under strain during the first Trump administration. In the years that followed, China tended to favor its own films in theaters and blocked numerous US films including the 2022 blockbuster Top Gun: Maverick. It didn’t clear the release of a single movie from the Marvel superhero franchise between 2020 and 2022.
Economics is increasingly becoming a factor. The film administration’s Mao said in August that “crisis is here” for the market, citing among reasons a lack of diverse and quality offerings and the rising popularity of short streaming videos.
Apart from the annual quota for foreign films under a profit-sharing model that typically applies to Hollywood blockbusters, China has a more flexible system where distributors can import some 30 movies for a fixed fee while keeping the profits. Older movies usually aren’t subject to these limits when they are rescreened.
“The Chinese film industry alone does not have the capacity nor the stability to churn out enough titles to feed the domestic market,” said Ying Zhu, the author of Hollywood in China: Behind the Scenes of the World’s Largest Movie Market.
“China needs heavyweight Hollywood blockbusters as well as small international films to sustain its market.”
The consumer gloom that’s swept across China last year added to the urgency for authorities. Spending on nonessential purchases like jewelry and cosmetics all declined last year, according to official data. More than a fifth of respondents in a survey by Beacon Research Institute said they scaled back on travel, dining out, clothing and offline shopping in 2024.
“When the economy goes bad, people cut spending on movies,” said Eric Zhu of Bloomberg Economics. China is pulling out all the stops to boost attendance at cinemas. The film authority introduced subsidies worth 600 million yuan for ticket purchases during the holiday season between last December and February. Local governments including in the provinces of Hainan and Hubei are giving out similar vouchers. Movie theaters are adding some flair of their own. The showing of Detective Conan: Crossroad in the Ancient Capital featured fake cherry blossom petals raining on the audience during its premiere in Shanghai, recreating a famous scene from the movie.
As China gradually cracks open its lucrative market to Hollywood, Imax Corp. plans to open as many as 25 new locations in the country over the next three years and upgrade 100 existing sites over a longer time frame. The effort by Imax, known for its giant screens, would help bring more foreign blockbuster films to China and allow extra space for big-budget local productions.
Leveraging the success of foreign films will still be an uphill battle for China, however, especially with consumers continuing to hunker down.
On a recent Sunday afternoon, a new cinema in one of Beijing’s busiest and trendiest shopping areas was only about one-third filled for a screening of Paddington in Peru. With assistance from Sohee Kim, Kevin Dharmawan and Takashi Mochizuki/ Bloomberg
THE Nasdaq MarketSite in New York. YUKI IWAMURA/BLOOMBERG
B8
Tuesday, January 28, 2025
mirror_sports@yahoo.com.ph
Editor: Jun Lomibao
Manabat flashes vintage form, gets scribes’ nod as week’s best
DINDIN SANTIAGO MANABAT
has been providing the muchneeded firepower as Choco
Mucho welcomed the new year with a strong start in the Premier Volleyball League (PVL) All-Filipino Conference.
Manabat displayed vintage form and connived with ace spiker Sisi Rondina in leading the Flying Titans to three straight wins for a 5-3 win-loss record in fifth place.
The grizzled veteran played a huge role in Choco Mucho’s last two victories thus earning her the distinction as this year’s first PVL Press Corps Player of the Week presented by Pilipinas Live for the period of January 18 to 25.
The Flying Titans picked up from where they left off last year with Manabat dropping 19 points in a come-from-behind 20-25, 20-25, 25-22, 25-22, 15-9 win over ZUS Coffee at the PhilSports Arena last January 18.
She unloaded 15 kills and four kill blocks to help Choco Mucho weather the Thunderbelles’ tough challenge.
Following winger Kat Tolentino’s surgery due to a ruptured appendix, Manabat continued to step up as she tallied 16 points and eight digs in the Flying Titans’ triumph over PLDT, 2125, 25-22, 25-18, 25-18, last Thursday.
With the 31-year-old turning back the hands of time and stepping up for the Flying Titans when it mattered most, her stellar showing allowed her to beat Rondina, Cignal’s Vanie Gandler, Creamline’s Jema Galanza, Petro Gazz’s
Olivarez catches veteran Arcilla on bad hair day
Myla Pablo, Farm Fresh’s Jolina Dela Cruz, ZUS Coffee’s Chai Troncoso, PLDT’s Savi Davison, Chery Tiggo’s Cza Carandang, and Akari’s Faith Nisperos for the weekly award given by print and online journalists covering the PVL. Ci gnal and PLDT, meanwhile, gear up for an intense and fierce battle to secure a crucial victory in the All-Filipino Conference.
Currently sitting in second place with a 5-1 win-loss record, the HD Spikers face a dual challenge—a PLDT side eager to rebound from its four-set loss to the Choco Mucho Flying Titans last week and overcoming their own roster setbacks following the unexpected departure of two key players.
Despite without former captain Ces Molina and top middle blocker Riri Meneses, Cignal managed to sweep Galeries Tower in three sets last week. However, their depleted bench will be severely tested against the High Speed Hitters in the main event at 6:30 p.m. on Tuesday at the PhilSports Arena. Creamline, on the other hand, looks to extend its winning streak to six as it takes on winless Nxled in the 4 p.m. opener.
Spotlight on Chan at TCC Invitational
By Aldrin Quinto
SANTA ROSA, Laguna—
Former junior world champion
Aidric Chan heads the young stars as veterans Tony Lascuña and Angelo Que try to add to their titles when The Country Club (TCC) Invitational tees off on Tuesday at the posh TCC course.
Th e 24-year-old Chan is coming off an impressive joint eighth-place finish in the Philippine Open on the Asian Tour and is expected to carry the momentum in the P6 million TCC Invitational featuring the titleholders on the International Container Terminal Services Inc. (ICTSI) Philippine Golf Tour and others in top 30 of the Order of Merit last season.
Ch an steps into the limelight as Miguel Tabuena has left for Gurugram to compete in the International Series India after a solid fifth-place finish in the Philippine Open at the Manila Southwoods.
“I would have loved to play the TCC Invitational,” Tabuena said. “I was very excited for that. I love playing there, I would have loved to start the year there.”
TNT with a flourish TNT Tropang Giga’s Rondae Hollis-Jefferson slices through San Miguel Beer’s Malik Pope (left) and Juami Tiongson during the Philippine Basketball Association Commissioner’s Cup game the KaTropa won with a flourish, 115-97, on Sunday night at the Ynares Center in Antipolo City. TNT improves to 8-3 won-lost to boost its playoffs bid, while San Miguel Beer’s down at 5-7 to see its quarterfinals hopes get dimmer.
Lascuña is back to defend his title and eying his third victory, while Angelo Que looks to become the only player to hold four TCC Invitational titles.
“Winning last year reminded me of the importance of patience and persistence, especially on a course as demanding as TCC,” Lascuña said. “This week will test all of us.”
Lascuña in 2024 became the second winner of the prestigious event organized by ICTSI chairman Ricky Razon, following the late Cassius Casas, who topped the inaugural tournament held in honor of Razon’s father, Don Pocholo Razon, a passionate golfer.
It took 20 years before Lascuña earned his second title, outlasting Tabuena in an exciting finish last year.
“The TCC course is so unpredictable that it requires a different mindset, approach and style for every hole. Even a trailing player can emerge victorious in the closing stages,” Lascuña said. Sean Ramos, who won the Lakewood Championship in June and secured his Asian Tour card in December, is also among the young stars to watch.
Th e 20-year-old starts with Villamor Philippine Masters
winner Que and Forest Hills Classic champion Keanu Jahns. La scuña, who ruled the Splendido Taal Championship on the way to his fifth Order of Merit title, has been grouped with Bacolod Golf Challenge titlist Reymon Jaraula and Caliraya Springs Championship winner Clyde Mondilla. Ne gros Occidental Classic winner Rupert Zaragosa starts with Apo
Sinner not showing any signs of relinquishing No. 1 ranking
ELBOURNE, Australia— There’s all sorts of ways beyond merely the score to measure just how dominant Jannik Sinner was while outplaying and frustrating Alexander Zverev during the 6-3, 7-6 (4), 6-3 victory Sunday that earned the 23-year-old Italian a second consecutive Australian Open championship. The zero break points Sinner faced. Or the 10 he accumulated. The 27-13 advantage in points that lasted at least nine strokes. Or the way Sinner accumulated more winners, 32 to 25, and fewer unforced errors, 27 to 45. The way Sinner won 10 of the 13 points that ended with him at the net. Or the way he only let Zverev go 14 of 27 in that category, frequently zipping passing shots out of reach.
Well, here’s is one more bit of evidence: what Zverev said about Sinner.
“I’m serving better than him, but that’s it. He does everything else better than me. He moves better than me. He hits his forehand better than me. He hits his backhand better than me. He returns better than me. He volleys better than me,” Zverev said. “At the end of the day, tennis has
(ret.) win at the National Open in Parañaque City where Arcilla, 44, was forced to retire due to dizziness caused by exhaustion. In their latest faceoff in the event held in conjunction with the Kasadyaan and Dinagyang Festival celebrations and sponsored by Governor Arthur Defensor
last season had its mostwatched regular season in 24 years and its best attendance in 22 seasons. Some of the league’s most popular players currently are competing in a new 3-on-3
league in South Florida called Unrivaled, founded by Olympic gold medalists Napheesa Collier and Breanna Stewart. “We carry this on for him,” said Satou Sabally, a forward with the WNBA’s Dallas Wings who plays for the Phantom squad in Unrivaled. “He would be so proud of this league. He would be proud of ’Phe and Stewie. I know that he’s looking down and hopefully he’s smiling and is proud of us.” Sabally said she still gets emotional when she thinks of that day on January 26, 2020. It reminds her of her playing days at Oregon, when she, Ionescu and their Ducks teammates connected over Bryant. AP
five or six massive shots—like, massive factors—and he does four or five of them better than me. That’s the reason why he won.”
High praise from a guy who is, after all, ranked No. 2. Sinner has held the No. 1 spot since last June and is not showing any signs of relinquishing it. This was the first Australian Open final between the men at No. 1 and No. 2 since 2019, when No. 1 Novak Djokovic defeated No. 2 Rafael Nadal—also in straight sets.
“It’s amazing,” Sinner said, “to achieve these things.” The “things” include being the youngest man to leave Melbourne Park with the trophy two years in a row since Jim Courier in 1992-93, and the first man since Nadal at the French Open in 2005 and 2006 to follow up his first Grand Slam title by repeating as the champion at the same tournament a year later. Sinn er was asked later whether he felt more relief or excitement when he raised his arms after the last point was his.
“This one was joy. We managed to do something incredible this time, because the situation I was in was completely different from a year ago here,” he said. “I had more pressure.”
Probably true, but’s hard to tell. Go to the start of 2024, and take stock. In that span, Sinner has won three of the five major tournaments, including the US Open in September, meaning he now has claimed three straight hardcourt Slams. His record is 80-6 with nine titles. His current unbeaten run
Bibat, Randy Garalde, Jay Bayron, Daiya Suzuki, Collin Wheeler, Dino Villanueva, Albin Engino, Tae Soo Kim, Minwook Gwon, Fidel Concepcion and Francis Morilla.
AIDRIC CHAN is coming off an impressive joint eighth-place finish in the Philippine Open. ROY DOMINGO
THE only thing that clouds the past 12 months for Jannick Sinner, it seems, is the doping case in which his exoneration is appealed by the World Anti-Doping Agency. AP
DINDIN SANTIAGO MANABAT is picked as the league’s press corps Player of the Week.
