is lagging behind its goals to eradicate poverty and zero-hunger goals, yet the National Economic and Development Authority (Neda) is confident the country can become an upper middle income country (UMIC) by next year.
Neda Secretary Arsenio Balisacan said they are hoping that the Philippines will achieve its growth goal this year despite the looming global trade disruption with Trump’s plan to impose tariffs.
According to the World Bank, for the Philippines to be considered an upper middle income economy, the gross national income per capita should be between US$4,516 (around P257,000 ) and US$14,005 (around P800,000).
The Philippine GNI in 2024 is P75,848.55.
Balisacan said the country was lagging behind its Sustainable Development Goal of “no-poverty in all forms” largely due to the effects of the Covid-19 pandemic.
Fighting hunger is likewise a challenge partly due to the vulnerabilities of communities from the effects of typhoons and other economic shocks.
“Regardless of what metric you use, what you find is that the level of poverty as the proportion of population has been going down.
“We are relatively slow compared to our neighbors but we are less inclusive. This time, we are seeing more inclusive growth so that to us, it gives us an optimism that we can hasten the reduction of poverty,” Balisacan said. He said the biggest challenge in attaining the middle-income economy status is secure “massive investment” in public and private sectors, and generate “high quality jobs.”
industry.
“What I would like to see is more internalization of the responsibilities that Meralco and our distribution group utilities have towards
the public far beyond the borders of its franchise area.
In this way, as we confront the dual challenges of energy security and affordability, we can step up to the challenge. This remains my main message to Meralco: Be the very best you can be,” said Lotilla. Meralco currently serves 7.8 million customers in 39 cities and 72 municipalities. Its coverage area is five times larger than the combined area covered by two largest water utilities, which is less than 2,000 square kilometers, compared to Meralco’s nearly 10,000 square kilometers. Moreover, Meralco’s power demand of nearly 9,000 megawatts (MW) accounts for half of the entire
country’s power demand and 70 percent of Luzon’s demand.
In the retail electricity market, the energy chief said that nearly 40 percent of all contestable customers in the Meralco franchise area are served by Meralco’s local retail electricity suppliers (RES) and its RES units serve the combined demand equal to 25 percent of the entire country’s contestable demand. Contestable customers are large electricity end-users with a minimum monthly average peak demand of 500 kilowatts (kW). They can choose their electricity supplier by switching from their existing distribution utility to a RES under the government’s Re -
tail Competition and Open Access (RCOA) program.
“Meralco has shown commendable steps. Its technological capabilities, especially in disaster response, are exemplary and should be adopted more widely by electric operators. In diversification of sources of energy, including renewable energy, the Meralco group has also been a leader,” Lotilla said.
Despite Meralco’s achievements over the years, Lotilla strongly believes that a DU’s performance is foremost measured in its ability to deliver the most affordable power rates. “Meralco does not have the cheapest power rates when com-
By Reine Juvierre S. Alberto @reine_alberto
RETAIL lending in the Philippines is poised to account for a quarter of all bank loans within three years, despite banks’ vulnerability to heightened asset risks due to borrowers’ higher indebtedness and exposure to unsecured credit, according to Moody’s Ratings. In a report, Moody’s Ratings said the share of retail loans in the banking system is expected to reach around 25 percent over the next three years, compared with 18 percent in December 2021.
Retail loans are projected to continue outpacing non-retail loan growth, on the back of strong credit demand and policy initiatives.
Credit demand will be driven by the country’s “strong” economic growth as well as lower interest rates, which make retail loans more “attractive.”
The Bangko Sentral ng Pilipinas (BSP) recently lowered the key policy rate by 25 basis points to 5.50 percent, making borrowing costs cheaper.
The country’s large unbanked population also presents an opportunity for banks to grow their retail loans, as the central bank aims to increase the percentage of adults with transaction accounts to 90 percent in 2028, Moody’s Ratings said.
Retail loan growth is also expected to be supported by the Muslim population, as most have expressed interest in using Islamic financial services.
Local banks are also focusing on expanding their retail loans, leveraging a large retail deposit base and various avenues to acquire new customers and crosssell products.
However, Moody’s Ratings warned that new borrowers are untested and banks face higher asset risks if macroeconomic conditions change unexpectedly.
“Credit cards and personal loans are the riskier retail products, while job losses could put stress on retail loans,” the credit
MANILA MOURNS THE PONTIFF
news of the pontiff’s passing reverberates across the globe, the portrait becomes
BERNARD TESTA
Below-2nd class towns may get FTI loans for rice plan
By Samuel P. Medenilla @sam_medenilla
TOWNS
which are classified below second class in terms of annual income may avail themselves of loans from the Food Terminal Inc. (FTI) to participate in the pilot implementation of the P20 per kilo rice program of the Department of Agriculture (DA) in the Visayas, Malacañang announced.
Palace Press Officer Claire Castro said the measure will allow third, fourth, and fifth class municipalities to afford the needed subsidy for the program.
“If they can’t avail [of the program], FTI can lend it [the subsidy],” she said in Filipino.
In a Viber message, Laurel said the P4.5 billion to be used for the pilot program will come from the contingency fund of the Office of the President.
FTI is a government-owned corporation, which is a subsidiary of the Na-
tional Food Authority (NFA). Under Republic Act 11964, municipalities will be classified based on their annual average income. First class towns are those which have an average income of P200 million or more, while second class municipalities are those with which earn an annual income of P160 million or more, but less than P200 million.
Third class municipalities earn P130 million or more, but less than P160 million; Fourth class municipalities are those with an annual average regular
income of P90 million or more, but less than P130 million; Fifth class municipalities are those with an average annual income of less than P90 million.
Budget allocation ON Wednesday, Agriculture Secretary Francisco Tiu-Laurel Jr. announced that the national government will provide half of the needed P13 subsidy so the P33 NFA rice can be sold for P20 in a participating local government. The participating local governments must shoulder the other P6.50.
Castro said DA and the participating localities will issue the guidelines for the pilot implementation of the P20 per kilo rice program in the Visayas starting next week. She said DA will also soon disclose
pared with other DUs and ECs [electric cooperatives],” Lotilla said.
In response to this, Meralco’s top official said the company will “have to pay attention” to Lotilla’s remarks.
“We are very mindful of that,”
Meralco chairman Manuel V. Pangilinan said, referring to the concerns raised. “I hope we are able to bring down power prices at least on the distribution side. We don’t make money on the generation side, but we get the brunt of the criticisms. And it is our interest to bring power rates down, we are looking for ways to do that,” he said.
the total number of beneficiaries and local government participants to be covered by the program as well as where it will source the fund for its pilot implementation. Laurel earlier estimated the program will cost the government P3.5 billion to P4.5 billion.
The program, she said, currently does not have a direct allocation in the 2025 General Appropriations Act. She said DA will push for a dedicated fund for the program in the national budget next year so local governments will no longer be required to shell out a counterpart subsidy for it.
President Marcos wants to make the implementation of the program, which was part of his campaign promise, nationwide and to last until 2028.
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“We have seen unemployment going down. But the problem is, the quality is low, unlike what we see in more progressive countries,” he added, partly in Filipino.
He said the quality of labor should also be responsive to the needs of the rapidly involving markets.
He suggests that Filipinos upskill and re-skill to adapt to digitalization, such as in artificial intelligence—which he concedes, cannot be done overnight.
“There must be a well-coordinated private-public sector response [to the increased quality of labor],” he said.
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the Solicitor General failed to discharge the public trust for the welfare of the people, while Judge Zaldy Docena of the Malabon RTC violated the Doctrine of Separation Powers.
Lastly, Mercidar Fishing Corporation allegedly failed to implead indispensable parties which rendered all proceedings and orders before the RTC Malabon Branch 170 void.
This is the second petition filed by civil society organizations challenging the legality of the Malabon RTC and SC Resolution upholding the same that would allow commercial fishing in municipal waters.
In filing the petition for certiorari, Monsod, David, and MayoAnda sought to invoke the SC’s power and duty to expand judicial review of the decision, citing concerns that grave abuse of discretion was committed by the respondents.
According to the petitioners, “grave abuse of discretion amounting to lack or excess of jurisdiction” may have been committed on the part of the Malabon RTC and other respondents in “throwing out the constitutional status of municipal fisheries regulations across the country into disarray and instability.”
“Due to the case having lasting and transcendental importance,
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2025 has been set at 27,096,046 kilowatts (kw) and the MSL at 25 percent or 6,774,012 kw. For Luzon, its 2025 IGC is at 19,419,592 kw but the MSL is 30 percent or 5,828,878 kw. For Visayas, the IGC is set at 3,383,868 kw and the MSL is 30 percent or 1,015,160 kw. Mindanao’s IGC is at 4,292,586 kw and MSL is 30 percent or 1,287,776 kw.
Despite its size and sourcing, nearly half of Meralco’s power requirements comes from its affiliates, Lotilla said.
Meralco is also into the power generation business. Meralco PowerGen Corp. (MGen) is notably growing in recent years with a number of conventional and renewable energy power projects in its portfolio. Lotilla noted that Meralco absorbs a maximum of 50 percent of its total demand from affiliated generation companies, a limit that Meralco currently approaches.
Each year, the Energy Regulatory Commission (ERC) sets the installed generating capacity (IGC) and market share limitation (MSL) for both the national and regional grids to prevent power monopolies. Under the law, no company can own, operate or control more than 30 percent of the IGC of a grid and/ or 25 percent of the national IGC.
The IGC for the national level in
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rating agency said. Credit cards and personal loans now make up 43 percent of total retail loans in the banking system from 27 percent in 2019.
With increasing delinquencies and most cardholders repaying only the minimum, banks face higher risk over the next 12 to 18 months as more of these loans mature.
Moody’s Ratings said the recent strong retail loan growth has also raised asset risks for Philippine banks, as a large proportion of the loans are untested through economic cycles, and some borrowers with higher indebtedness could struggle in an unexpected economic downturn.
“New borrowers will be riskier as they do not have established history
this petition is being filed by concerned citizens on behalf of the Filipinos against the respondents, particularly Judge Zaldy Docena, who “in a single stroke of his pen, erased wholesale all Constitutional and statutory protection over municipal waters” within the jurisdiction of the local governments, the petition stated.
In the same vein, the petitioners also assailed the Department of Agriculture-Bureau of Fisheries and Aquatic Resources (BFAR), for the alleged “sluggish defense” of its mandate under the Fisheries Code; while the Office of the Solicitor General, was also criticized for its alleged gross negligence in defending the welfare of the people.
“Collectively, the damage wrought has resulted in the wholesale deprivation of the Filipino people, living and unborn, of their right to a balanced and healthful ecology. Philippine waters, now lawless, are at this very moment, being pillaged by commercial fishing corporations with no legal or constitutional impediment,” the petitioners stressed.
The Malabon RTC decision referred to in the petition declared unconstitutional Section 4 (66), Section 15, Section 17, and Section 18, Rule 181 of the Department of Agriculture Administrative Order No. 10, s 2015 as well as Section 4 (58), Section 16, and Section 18 of Republic Act 8550.
The petitioners said DA-BFAR and the OSG failed to timely respond to the complaint filed by
“How Meralco sources its power often dictates what plants are built across most of Luzon, and now with an interconnected grid through Mindanao, this can extend across the entire country. What Meralco chooses to contract also dictates what power supplies are left for all other distribution utilities, and electric cooperatives that do not have the scale to backstop the construction of a large generation facility,” Lotilla said. The energy chief also said that any delays in the implementation of Meralco’s power supply agreements would impact not only within the Meralco franchise area, but particularly for the rest of Luzon. “And in all this, as I’ve said, the question that we need to ask is, how can Meralco be the very best that it can be? It is a challenge that I impose on you, given that your performance affects the rest of the country,” Lotilla said.
with the bank, making it more challenging to assess their credit profile accurately,” Moody’s Ratings said. Moreover, debt accumulation is outpacing income growth in the Philippines, indicating that retail loans are growing in an “unsustainable” way and paying off debt will be “increasingly difficult.”
Moody’s Ratings said households’ financial buffers are shrinking, which makes them more susceptible to distress during economic downturns, increasing the risk of defaults.
“It remains to be seen if households will revert to saving more, given that leverage and consequently interest payments continue to rise,” it added.
Still,
Moody’s Ratings said the expansion in retail loans will benefit banks in the medium term as it lessens borrower concentration and drives profitability through higher yields and fee income.
Mercidar Fishing Corporation before the RTC, thus leading to an Order of Default. Again, making matters worse, DA-BFAR and OSG failed to file a notice of appeal in a timely manner, resulting in the outright dismissal of their petition before the Supreme Court in an Unsigned Resolution dated August 16, 2024, from the First Division of the Supreme Court, the petitioners stressed. In invoking the SC’s certiorari jurisdiction and the exercise of its power for an expanded judicial review under Section 1 Article VIII of the 1987 Constitution, the petitioners sought extraordinary recourse for the High Tribunal to determine with finality legal issues such as respondent Mercidar Fishing Corporation opting to ignore indispensable parties in assailing the Fisheries Code; the Malabon RTC judge’s interpretation of the 1987 Constitution to defeat the intent of the framers and of Congress; and the respondent DA-BFAR and OSG being allowed to “nonchalantly choose to look the other way while commercial fishing corporations raid the commons at the expense of the Filipino People?”
According to the petitioners, with the Malabon RTC decision having been rendered without impleading indispensable parties, it can never attain finality and may be ignored for being void.
“Being void, it may be assailed at any time,” the petitioners explained. With a report by Joel R. San Juan
Romualdez: ₧20/kilo rice rollout ‘first big step’ toward cheap food
By Justine Xyrah Garcia & Samuel P. Medenilla
@sam_medenilla
PEAKER Ferdinand Martin G. Romual -
Sdez on Thursday said the Marcos administration’s move to begin selling rice at P20 per kilo in the Visayas marks the “first big step” toward making staple food affordable for every Filipino household. In a statement, Romualdez said the program is a sign that the current administration is “turning aspiration into action.” “Simula pa lang ito. Gagawin nating
alaala, kasaysayan na lang ang mahal na bigas. Sa tulong ng whole-of-government effort, masusundan ito hanggang maabot ng programa ang bawat sulok ng bansa,” Romualdez said.
Agriculture Secretary Francisco Tiu Laurel Jr. earlier announced that the pilot rollout will begin next week in Western, Central and Eastern Visayas or Regions 6, 7 and 8. The announcement followed a closeddoor meeting between President Marcos and the 12 Visayas governors in Cebu. Under the pilot phase, households can buy up to 10 kilos of rice per week through
Kadiwa outlets.
Romualdez said the Department of Agriculture (DA) may use the initial rollout to assess supply chain systems—including inter-island shipping, warehousing, and retail logistics—before expanding the program.
He also praised local governments in the Visayas for agreeing to shoulder part of the subsidy cost, describing the arrangement as a tangible example of “bayanihan economics.”
Although the rollout remains limited, Romualdez assured the public that the House of Representatives is laying the
groundwork for long-term implementation.
He cited pending legislative efforts that aim to modernize the agriculture sector through mechanization, improved seed access, soil health programs, and solarpowered irrigation.
He also said lawmakers are considering ways to redirect tariff savings and encourage private-sector investments into post-harvest infrastructure.
Romualdez added that advancing these reforms would be more feasible if the administration’s senatorial slate, Alyansa Para sa Bagong Pilipinas, wins a majority in the May 2025 midterm elections.
Comelec: No election violation COMMISSION on Elections (Comelec)
Chairman George Erwin M. Garcia said the DA’s rice distribution program does not violate election rules, despite concerns it could be used for partisan purposes.
“That’s a social service program of the DA, and we don’t see any problem with it.
The DA secretary or their personnel aren’t running for any position,” Garcia said in Filipino.
He clarified, however, that the Comelec would step in if candidates are present during distribution activities.
ManilaMed Earns Dual International Honors for Excellence in
MEDICAL Center Manila (ManilaMed), a trusted pillar of Philippine healthcare for more than five decades, proudly announces its latest international distinctions: Tertiary Hospital of the Year – Philippines at the Healthcare Asia Awards 2025, and inclusion in Newsweek’s Asia’s Top Private Hospitals 2025 for Ophthalmology and Orthopedics.
These back-to-back accolades affirm ManilaMed’s standing as a premier healthcare institution, known for consistently delivering compassionate, high-quality, and forward-thinking medical care.
A Benchmark for Excellence in Asian Healthcare
research firm Statista, recognized ManilaMed in its World’s Best Hospitals – Asia 2025 list, specifically highlighting the hospital’s exceptional performance in the fields of ophthalmology and orthopedics. The selection process was based on a comprehensive methodology—combining hospital performance indicators, patient satisfaction ratings, and peer recommendations from thousands of medical professionals across the region.
true essence of compassionate and innovative care.”
Innovation and Compassion at the Core
Since its establishment in 1967, ManilaMed has remained at the forefront of Philippine healthcare. Its 200-bed tertiary facility, staffed by more than 1,500 healthcare professionals, integrates cutting-edge medical technology with a deeply human approach to care.
systems that improve efficiency and patient experience. Innovations like the Bedside Admission to Bedside Discharge protocol have significantly reduced wait times and optimized care delivery, while the Electronic Professional Fee System has simplified billing workflows and increased transparency, drawing praise from patients and healthcare providers alike.
Reaching Beyond Hospital Walls
“There should be no candidate present during the distribution. If the activity is handled by the DA or the [National Food Authority], for example, and a mayoral candidate shows up—then we won’t allow that,” he said.
“As long as it’s being given properly... even if rice is sold at P19 per kilo, the Comelec has no issue. But once a candidate is involved, then that becomes vote-buying,” he added.
The DA and NFA earlier secured an exemption from the Comelec to continue
See “Rice,” A4
Patient Care
innovation, and commitment to operational excellence truly distinguish it from its peers,” noted Healthcare Asia Magazine in its official citation. “It is a model of institutional leadership in Asian healthcare.”
The Healthcare Asia Awards honors hospitals and providers that redefine healthcare through innovation, efficiency, and meaningful community impact. ManilaMed was chosen for its clinical advancements, streamlined patient experience initiatives, and culture of service excellence.
At the same time, Newsweek, in collaboration with global
“These recognitions reflect the tireless dedication of every ManilaMed employee—from our frontline healthcare workers to our support teams—who breathe life into our vision of delivering exceptional patient experiences,” said Dr. Eduardo S. Eseque, President of ManilaMed. “We are honored and humbled to receive these distinctions across borders, by institutions that recognize the
Among its clinical milestones, ManilaMed was the first hospital in Manila to perform renal denervation, a breakthrough treatment for hypertension, and the first in the Philippines to perform peripheral angioplasty using the Supera stent system, which offers advanced solutions for complex vascular conditions.
Operationally, the hospital is recognized for transformative
Beyond clinical care, ManilaMed champions community engagement and public health education.
Through its dynamic digital platforms and proactive social media initiatives, the hospital provides timely health information that empowers individuals and communities to take control of their wellness.
“ManilaMed’s patientcentered philosophy, clinical
Continuing a Legacy of Care Now in its 58th year of service, ManilaMed remains the hospital of choice for generations of Filipinos and a growing number of international patients. Its enduring mission—to provide exceptional, accessible, and sustainable healthcare—stands stronger than ever. With these prestigious recognitions from Healthcare Asia and Newsweek, ManilaMed not only celebrates a milestone of achievement but also reinforces its commitment to shaping the future of healthcare in the Philippines and across the region.
DOJ files ₧16-M estafa case vs British trader
ABy Joel R. San Juan @jrsanjuan1573
NOTHER arrest warrant has been issued by a local court against British businessman Lavish Mohan Paryani and his co-accused, this time in connection with the P16 million estafa case filed against them by a Filipino businessman.
The arrest warrant issued by the Regional Trial Court in Marikina City stemmed from the estafa case filed by the Department of Justice (DOJ) under Article 315 of the Revised Penal Code as amended by Republic Act 10951 last February 21, 2025.
“Verily, prima facie evidence with reasonable certainty of conviction exists to support the indictment of respondents Lavish Mohan Paryani and Reigna Reyes for the crime of estafa…,” the DOJ ruled.
Judge Rey Penacerrada Inciong of the RTC in Marikina, who issued the warrant, said the offense is “not bailable.”
The complaint said Paryani and Reyes employed “false pretenses” that they secured a purchase order for 100 pieces of Apple Pro Vision worth P20 million from Solaire North in order to convince the complainant, businessman Mark Joseph de Guia, to cofinance their transaction in the amount of P10 million with a promised interest of P2 million.
To assure de Guia that he would be paid back the loan amount with interest on time, Paryani issued a post-dated check amounting to P16 million in exchange for the P10 million in cash handed to him by the complainant and further assured that the check will be funded when encashed.
However, when said check was presented to the drawee bank on November 25, 2024, the same was dishonored on the ground of “account closed.”
The complainant said a demand to pay the dishonored check was sent to the respondents but they failed to fund the account.
“De Guia would not have given his P10,000,000.00 cash to respondents had it not been for the issuance of the subject check,” the DOJ said.
The DOJ noted that the Supreme Court has ruled in Juaquico v People that in the crime of estafa by postdating or issuing a bad check, deceit and damage are essential elements of the offense and have to be established with “satisfactory proof” to warrant conviction, while the false pretense or fraudulent act must be committed prior to, or simultaneous with, the issuance of bad check.
“After careful evaluation of the allegations as well as the pieces of evidence submitted in this case, this Office finds prima facie case with reasonable certainty of conviction to indict respondents…,” the DOJ ruled.
It can be recalled that last year, a warrant of arrest was also issued against Paryani and Reyes, who claimed to be working in Solaire North’s Procurement Department as senior buyer, by the RTC in Pasay for a separate P12 million-estafa case filed by another businessman.
The RTC in Pasay issued an arrest warrant in connection with the case on October 11, 2024 which resulted in the arrest of Reyes.
Paryani, however, remains at large and is now a subject of a manhunt by the police.
Chinese carrier, 8 other ships seen in RP waters
RANKING Navy (PN) officer on Thursday
Aconfirmed that the Chinese aircraft carrier Shandong (CV-17) along with eight escorts and support vessels were detected in the Northern Luzon waters on April 22.
“They were monitored first roughly a hundred nautical miles northwest of Burgos, Ilocos Norte,” the PN spokesperson for the West Philippine Sea, Rear Adm. Roy Vincent Trinidad, said in an ambush interview.
Trinidad said that this formation is “one of the largest” that the PN has monitored as it consists of the Shandong, six destroyers and frigates, along with two support vessels.
“We kept monitoring them until they were almost within the bounds of our EEZ [exclusive economic zone] on the western part of Cagayan as of yesterday [Wednesday] evening,” Trinidad said. He added that these ships got as close as
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rice distribution efforts during the 45-day election spending ban, which runs from March 28 to May 11.
Crab mentality
MALACAÑANG on Thursday pushed back against Vice President Sara Duterte’s criticisms of the rollout of P20-per-kg. rice in the Visayas, accusing her of sowing division and undermining the administration’s efforts to improve the lives of Filipinos.
Palace Press Officer Claire Castro defended the program, a key campaign promise of Marcos, and called out Duterte’s remarks as an example of “crab mentality” at work.
“Ang tunay na lider—at tunay na Pilipino—aydapatsumusuportasakapwa Pilipino,lalung-lalonasapinunongbansa
three nautical miles to the Philippine islands in the north.
“This is quite close but these are allowed under Unclos under the right of innocent passage provided that it is continuous and expeditious,” Trinidad said.
Appropriate assets were deployed to challenge these Chinese naval craft, he added.
“We always challenge foreign warships passing through our territorial waters to our EEZ. This time we didn’t get any reply,” Trinidad said.
He added that is part of protocol for the challenged ships to reply but this time Shandong and her accompanying vessels did not reply.
Trinidad also refused to speculate on what the Chinese carrier battle group was doing in the country’s water, adding that their mission is to “ monitor and we challenge and we respond as necessary.” Rex Anthony Naval
[A true leader—and a true Filipino— should support fellow Filipinos, especially the leader of the country],” Castro said.
“Huwagsanangpairalinangcrabmentality at huwag maging anay sa lipunan [Let’s not allow crab mentality to prevail, and let’s not be termites in society],” she continued.
She asked why critics are still “being negative” now that the President’s aspiration to provide affordable rice to the people is now being realized.
“Magkaisatayoparamatupadangmga aspirasyon para sa taumbayan [Let’s unite so that we can fulfill the aspirations for our people],” Castro said.
Under the program, indigent Filipino families are eligible to buy the P20 per kilo rice up to 10 kilos weekly or a total of 40 kilos every month.
The program will be implemented nationwide once logistical challenges are addressed, according to Malacañang.
Marikina forest cover expands by 400 hectares in 10 years
By Jonathan L. Mayuga @jonlmayuga
THE forest cover of the Upper Marikina River Basin Protected Landscape (UMRBPL) significantly increased by at least 400 hectares from 2010 to 2020, an official of the Department of Environment and Natural Resources (DENR) reported.
DENR Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon) Regional Executive Director Nilo Tamoria told the BusinessMirror in a telephone interview that the UMRBPL’s strict protection zone now has a forest cover of 44.37 percent which was attributed to the continuous implementation of the National Greening Program (NGP) in the
26,000-hectare Protected Area. It has been roughly 10 years when the UMRBPL was established as a Protected Area by virtue of Proclamation 296 handed down by then President Benigno Simeon Aquino II in response to the public clamor for the rehabilitation of the Marikina watershed following recent widespread flooding in Metro Manila.
Citing comparison maps released by the DENR Calabarzon in partnership with the National Mapping and Resources Information Authority (Namria), the UMRBPL’s forest cover grew from 6,118.75 hectares in 2010 to 6,528.38 hectares in 2020.
“This debunks allegations that the DENR is remiss in its duties to rehabilitate the Marikina Water -
shed and this also means that the NGP is effectively bringing back our forests,” Tamoria said.
He added that the forest cover of the UMRBPL is denser and is now a more ecologically valuable forest habitat compared to a decade ago.
“We have seen a remarkable increase in closed forest areas while open forest areas decreased substantially,” Tamoria said.
The official said based on the findings of a comprehensive mapping conducted by NAMRIA, which updates and releases detailed base maps on land classification and resource information every five years, the NGP is effectively working in the UMRBPL. The UMRBPL became a Protected Area almost at the same time the NGP started by virtue of
Akbayan to China: Free Palawan 3
AMILITANT party-list group on Thursday stormed the Chinese Consular Office in Makati, demanding the immediate release of three detained Palaweños, David Servañez, Albert Endencia, and Nathalie Plizardo, who were jailed by Chinese authorities on trumped-up espionage charges.
The party condemned the arrests as part of China’s palit-ulo hostage diplomacy, calling it a retaliatory act in response to the Philippine government’s crackdown on suspected Chinese spies.
“ Masyadong pa-main character ang China. Pilit nitong binabaligtad ang kuwento para lumabas na sila ang dehado. Hindi espiya ang ating mga kababayan. Sila ay mga inosenteng migrant workers nanagtapossamismong scholarship program ng China atpayapang naghahanapbuhay doon,” said Akbayan Rep. Perci Cendaña.
“It’s clear that China is retaliating for the arrest of their spies on our soil. They’ve stooped to a shameful ‘hostage diplomacy,’ a twisted palit-ulo tactic. China is no longer just a trespasser and harasser in the West Philippine Sea, it has become a hostagetaker of our overseas Filipino workers,” Cendaña added.
Akbayan urged the government to safeguard the nearly 160,000 Filipinos living and working in Mainland China, Hong Kong, and Macau, against possible reprisals.
Cendaña called for the issuance of a travel advisory or risk alert for OFWs or both and tourists bound for China, and the suspension of sister-city agreements between Philippine local governments and their Chinese counterparts.
“These agreements, once seen as
channels for cultural exchange and solidarity, may now be putting our citizens at risk,” the Akbayan lawmaker warned.
Reports show that the detained Filipinos were former scholars under a Chinasponsored program born from a sister city agreement between Palawan and Hainan province. After completing their studies, they returned to China as migrant workers.
Shut down Confucius Institutes AKBAYAN also demanded the closure
and supporters of the
to the Chinese consulate in Makati City to demand the release of three Palaweño overseas workers who were arrested for alleged espionage in the totalitarian state. The group denounced what they said was that country’s retaliation for the arrest of several alleged Chinese spies in the Philippines.
Executive Order 26 s. 2011 handed down by Aquino. At that time, Aquino also issued Executive Order 23 which prohibits harvesting of trees in natural forest, effectively putting in place a commercial logging ban of indigenous trees or areas outside tree plantations.
To recall, Aquino signed Proclamation 296 on September 26, 2011, two years after the onslaught of Tropical Depression Ondoy, which brought massive flooding in Metro Manila as well as Central Luzon and up to Pangasinan. The protected landscape was further enhanced with the signing of Republic Act 11038 or the Expanded National Integrated Protected Areas System (Enipas) in 2018.
of Confucius Institutes in Philippine universities, Chinese government-funded centers that, the party claims, may serve as vehicles for disinformation and espionage.
Citing the cases of the United States and Sweden, where many Confucius Institutes have been shut down owing to national security concerns, Akbayan called on the Department of Education (DepEd) and the Commission on Higher Education (CHED) to review and potentially terminate these programs.
“Until China recognizes the West Philippine Sea and our historic 2016 arbitral victory, these institutions must be closed. They risk spreading disinformation and, worse, may be used for espionage,” Cendaña asserted.
Akbayan held former President Rodrigo Duterte accountable for emboldening Chinese aggression through his subservient foreign policy. “Duterte bent over backward to serve Beijing’s interests. Akala nila, porke’t nabili na nilasiDigong,nabilinarinnilaangating soberenya,” Cendaña said.
To maintain public attention on the plight of Servañez, Endencia, and Plizardo, Akbayan recently launched a petition to “Free the Palawan 3.” The party aims to mobilize public pressure and hold China accountable for its continued abuses.
Marcos: Sustain crackdown on abusive PUV drivers
PRESIDENT Marcos has ordered the Department of Transportation (DOTr) to continue its crackdown on abusive public utility vehicle (PUV) drivers.
In a press briefing, Palace Press Officer Claire Castro said the Chief Executive issued the order to ensure the safety of commuters.
“There is this directive coming from the President that there should be more protection to the commuters, to everyone from abusive drivers,” she said in Filipino.
“So, this is very good because we are
showing the people that they should be safe on the road and should not abuse any privilege given to you to be a driver in the street,” she added.
Last Wednesday, DOTr announced it will activate a special task force to review road safety policies in response to rising incidents of reckless driving, road crashes, and drug use.
The Land Transportation Office (LTO) reported that the license of 574 drivers were suspended owing their involvement in road crashes, which resulted in injuries or fatalities. Also suspended were the licenses of 97 other drivers after they tested positive for illegal drugs use.
In a related development, the Palace said it will also back the passage of the Anti-Kamote Bill, which seeks to protect innocent motorists from unjust detention during road accidents.
“Maybe when the investigator sees that someone is the victim or that the vehicle itself was damaged, its driver should not be imprisoned,” Castro said. But she said authorities should still have the power to detain those involved in road accidents in cases, wherein the person at fault is not immediately determined as part of due process. The Automobile Association of the Philippines (AAP) said the bill may no longer be necessary since the police, who investigate accidents already have the discretion whether to detain or not motorists involved in road accidents. Samuel P. Medenilla
Comelec stops ₧273-M Batangas projects
THE Commission on Elections (Comelec) has suspended eight financial programs of the Batangas provincial government worth over P273 million, citing the risk that these could be used for vote-buying.
In an en banc decision dated April 21, the poll body temporarily revoked the suspension it previously granted to the local government, headed by Gov. Hermilando I. Mandanas, which allowed the continued distribution of financial aid during the spending ban period.
“After due deliberation, RESOLVED, as it hereby RESOLVES to SUSPEND effective immediately the grant of exemption in favor of the Province of Batangas, represented by [Gov. Mandanas] from the Comelec prohibition on procurement and distribution as provided in Comelec Resolution 11060, pending investigation
of this case at hand,” the decision read. Comelec Resolution 11060 prohibits the release, disbursement, or use of public funds for social services and housing-related projects within 45 days before election day, which runs from March 28 to May 11.
Only agencies and local governments granted exemptions by the poll body are allowed to continue their activities during this period.
Programs affected by the suspension include the province’s Scholarship and Educational Assistance worth P190 million, the Release of Assistance for Youth Sports Activities at P32.46 million, and the Emergency Assistance Service funded under the 20 percent Development Fund amounting to P23.09 million.
Also included is the Department of Social Welfare and Development’s Aid to Individuals in Crisis Situation, pegged at
P16.71 million.
Other suspended initiatives are the Cash for Work program for Typhoon Kristine victims and Taal Volcano evacuees (P5 million), Hot Meals Dulot ng Kalamidad (P5 million), Employment Assistance Program (P800,000), and a job fair initiative (P150,000).
The suspension was prompted by a complaint filed by the Progressive Allied Batangueños (PAB), which alleged that Mandanas could exploit these programs for political gain.
“If he will be allowed to access these funds, there is a reasonable certainty that he will utilize the resources of the government in vote-buying—the evil sought to be prevented by existing election laws and relevant Comelec resolutions,” the group said.
PAB argued that the rollout of aid programs, such as those for Typhoon
Kristine and Taal Volcano evacuees, appears questionable since the calamities had long concluded.
The group also noted that several of the financial aid programs only surfaced during the election year which cast doubt on their intent and timing.
“There is no justice if Gov. Mandanas [were] allowed to spend almost P300 million in one scoop just to perpetuate himself in power…We are imploring the authority of the Commission to reconsider and revoke the exemption given in favor of the Province of Batangas, thru Gov. Mandanas,” it added.
Comelec has instructed its Law Department to investigate the allegations of PAB and submit its findings to the Commission en banc. Mandanas was the governor of Batangas from 1995 to 2004, and has been the province’s chief executive since 2016. For this year’s polls, he running for vice governor. Justine Xyrah Garcia
MEMBERS
party-list group Akbayan march
Franchise Asia Philippines 2025
A BusinessMirror Special Feature
Asia’s Biggest Franchise Event in SMX Manila
Franchise Asia Philippines Expo 2025 promises an impressive showcase of 1,000+ franchise brands and business opportunities, offering visitors a one-stop shop for a wide array of franchise investment packages and business solutions.
ON April 25 to 27, the SMX Convention Center Manila transforms into a hub of entrepreneurial energy as the Franchise Asia Philippines Expo 2025, Asia’s biggest franchise show and the country’s most awaited business opportunities event, unfolds. Organized by the Philippine Franchise Association (PFA), this premier expo is set to bring together aspiring entrepreneurs, seasoned franchisors, investors, and industry experts in one powerful convergence of opportunities and insights. In celebration of PFA’s 30th anniversary, this year’s theme, “Building Success Together,” perfectly captures the essence of the franchising industry—an ecosystem built on collaboration and shared growth. “It reflects the spirit of Bayanihan,” said Expo Chair Joey Alvero, “where franchisors, franchisees, government agencies, suppliers, and service providers come together to support and uplift one another. In today’s dynamic and competitive landscape, success is no longer a solo journey,” he added, “but a collective achievement powered by trust, innovation, and unity.” Alvero is also the COO of Potato Corner.
Franchise Asia Philippines Expo 2025 is co-presented by PLDT Enterprise and powered by: SM Supermalls, Concepcion Industrial Corporation, Carrier and Condura, and GCash for Business.
Franchise Asia Philippines Expo 2025 promises an impressive showcase of 1,000+ franchise brands and business opportunities, offering visitors a one-stop shop for a wide array of franchise in -
vestment packages and business solutions. From globally recognized names to exciting emerging concepts, the expo spans multiple industries—from food and beverage, retail, education, health and wellness, to logistics, and beyond.
The said event will also showcase country pavilions from Korea, Malaysia, Singapore, Thailand and Taiwan.
Beyond the trade exhibit, attendees can also gain vital insights through comprehensive franchise and business seminars. Designed to be practical and operations-focused, these sessions will cover key topics such as:
nHow to Invest in the Right Franchise—for aspiring franchisees who want to start a business via franchising
nHow to Franchise Your Business —for entrepreneurs who want to grow their business using the franchising business model
n6 Steps to a Better Business by ActionCOACH
nDiagnosing the Health of Your Business Thru Your P and L Statement
nEnabling Brand Longevity and Growth
nHow to Expand Your Brand Globally
nLeading and Managing a Multigenerational Workforce
nManaging Online Reputation in
an Age of Instant Feedback
nMaximize Your Brand’s Reach Through Digital Marketing
nMaximizing Customer Profitability: Winning Loyalty Strategies that Drive Engagement and Revenue
nRevisiting Supply Chain for Sustainability
nSelecting the Ideal Location for Your Business
nUnlocking Growth with ESG— Why and How ESG Benefits SMEs These seminars are crafted to provide actionable solutions, best practices, and operational knowhow—empowering attendees to make informed decisions and maximize their business potential. To
Future-proof your business: Talk on consumer outlook at FAP 2025 Conference
The talk offers unique perspectives from industry experts, equipping its attendees with forward-thinking insights and strategies to stay connected with the changing consumer needs and ensure growth and sustainability in their businesses.
IN an era where consumer preferences and behavior change at lightning speed, businesses must stay ahead of the curve to be able to connect with the
learn more about the seminar topics and schedules, please visit: https://www.franchiseasiaph.com/ seminars Entrance to the Franchise Asia Expo is FREE for those who register online! Secure your spot here: https://register.franchiseasia.com. ph/register/expo/ Don’t miss this once-a-year opportunity to connect with industry leaders, gain valuable knowledge, and collaborate with the boldest brands in franchising. For complete event details and registration information, visit: https://www.franchiseasiaph. com/expo
Certified Franchise Executive (CFE) Program Kickstarts Franchise Asia Philippines 2025
Participants who complete the CFE Program will earn credits toward their CFE designation, a globally respected credential that distinguishes them as industry leaders committed to excellence and ethical franchising.
THE Philippine Franchise Association (PFA), in partnership with the Asian Institute of Certified Franchise Executives (AICFE), is set to host the prestigious Certified Franchise Executive (CFE) Program on April 22 to 23, 2025, at the AIM Conference Center in Makati City. This highly anticipated event will be facilitated by Dr. Ben Litalien, a Georgetown University professor and a distinguished expert in global franchising.
Dr. Litalien has over two decades of experience in the franchise community, with expertise in strategic planning, organizational development, and franchise system growth. Furthermore, he has developed and expanded multiple franchise concepts. He is also the founder and principal of Franchise Well, LLC, a consulting practice specializing in franchising. The CFE Program, an internationally recognized certification, is the gold standard in franchise management education. It is a mini master’s in franchising designed to equip professionals with advanced knowledge and skills. “Thousands of franchise executives worldwide have accelerated their careers and business
success after earning their CFE certification,” said PFA Vice Chairman Bing SibalLimjoco, who is the 1st Filipina to get the said certification.
As part of the week-long Franchise Asia Philippines 2025, the CFE Program provides participants with in-depth knowledge of franchise management, expansion strategies, legal frameworks, and emerging industry trends. It also offers unparalleled networking opportunities with industry leaders, paving the way for business growth and global competitiveness.
“Franchising is a dynamic industry that requires continuous learning and innovation,” said PFA Chairman Chris Lim. “Through the CFE Program, we empower franchise professionals with the expertise needed to navigate an evolving market, ensuring the sustained success of the Philippine franchise sector.”
Participants who complete the CFE Program will earn credits toward their CFE designation, a globally respected credential that distinguishes them as industry leaders committed to excellence and ethical franchising.
The CFE Program at Franchise Asia Philippines 2025 is open to franchise professionals, business owners, and aspiring franchisors who seek to elevate their expertise and contribute to the growth of the franchising sector.
Furthermore, Dr. Litalien will be a speaker in the International Conference of Franchise Asia Philippines 2025 scheduled on April 24 at the SMX Convention Center-Manila. Visit https://www.franchiseasiaph.com/conference to register or for more details. For registration and more information, contact Ms. Joy de Jesus at cfe@pfa.org.ph.
and Service Sectors,” “Strategies for Staying Relevant and Engaged with Evolving Consumer Demand,” and “Anticipating the Needs of Tomorrow’s Consumers: Gen Z and Gen Alpha.”
“This event gathers experts and franchise practitioners from here and abroad to share global best practices and discuss what’s in store for franchising in the country and across the globe,” said PFA President Joseph Tanbuntiong, “It is also an excellent venue to meet and network with top industry names. So, if you want to stay ahead in franchising, this is the mustattend event of the year!” he added.
“This topic empowers businessmen to not only keep pace with these changes but also to stay ahead of it.” PFA Chairman Chris Lim remarked. “By anticipating needs and driving innovations, it enables us to lead with purpose and create lasting values for our business, built to stand the test of time.” The talk offers unique perspectives from industry experts, equipping its attendees with forward-thinking insights and strategic approaches to stay connected with the changing needs of consumers, and ensure that their businesses stay relevant and competitive in a fast-changing world.
Future-proof your business and secure your spot at the Conference by clicking this link: https://www.franchiseasiaph.com/conference
Insights for Growth and Success at Franchise Asia Philippines 2025
Attendees will gain practical tips, best practices, and actionable solutions to enhance productivity, improve efficiency, and make informed decisions that will surely help their business succeed.
FRANCHISE Asia Philippines, the flagship event of the Philippine Franchise Association (PFA), has expanded its roster of seminars at their upcoming Expo on April 25 to 27, 2025, at the SMX Convention Center, Manila. Entrepreneurs, business owners, and franchise professionals looking to gain a competitive advantage will not want to miss the upcoming Franchise and Business Seminars happening during the Expo dates. Designed to address critical operational challenges and opportunities, these seminars offer expert insights into branding, entrepreneurship, finance, franchising, HR, international expansion, marketing, site selection, supply chain, and sustainability.
“This event gathers experts and franchise practitioners from here and abroad to share global best practices and discuss what’s in store for franchising in the country and across the globe,” said PFA
President Joseph Tanbuntiong, “It is also an excellent venue to meet and network with top industry names. So, if you want to stay ahead in franchising, this is the must-attend event of the year!” he added. Attendees will gain practical tips, best practices, and actionable solutions to enhance productivity, improve efficiency, and make informed decisions that will surely help their business succeed. Each seminar is tailored to provide valuable takeaways that participants can immediately apply to their respective businesses.
“Every topic is thoughtfully curated to address the most pressing challenges and emerging opportunities in the franchising industry. All the speakers are industry trailblazers and thought leaders, chosen for their expertise and insights that will empower attendees to drive growth, innovation, and longterm success,” said Steve Benitez, Franchise Asia Philippines 2025 Overall Chair.
Don’t miss the engaging talks covering a range of franchise and branding topics at the event:
BRANDING
Enabling Brand Longevity and Growth – How Desirable Brand Experiences Can Work at Scale
DIGITAL MARKETING
Maximize Your Brand’s Reach Through Digital Marketing
FINANCE
Diagnosing the Health of Your Business Through Your P&L Statement
FRANCHISE
How to Invest in the Right
Franchise Seminar
How to Franchise Your Business
Seminar
HR Leading and Managing a
Multigenerational Workforce
INTERNATIONAL
How to Expand Your Brand
Globally
MARKETING
Strategies for Recovering from Negative Brand Reviews and Rebuilding Trust
MAXIMIZING CUSTOMER
PROFITABILITY
Winning Loyalty Strategies that Drive Engagement and Revenue
SITE SELECTION
Selecting the Ideal Location for Your Business
SUPPLY CHAIN
Revisiting Supply Chain for Sustainability
SUSTAINABILITY
Unlocking Growth with ESG –Why and How ESG Benefits SMEs
Whether you are a budding entrepreneur, an experienced business owner, or a franchisor looking to improve operations, these seminars will provide the practical and doable insights
needed to stay ahead in today’s fast-evolving business landscape. To register for the seminars, please visit https://www.
franchiseasiaph.com/seminars
Franchise Asia Philippines
2025 is Co-Presented by PLDT Enterprise and Powered by SM Supermalls, GCash and Concepcion Industries; and supported by Platinum Partners: 7-Eleven, Jollibee, Megaworld, Seaoil, and TGP The Generics Pharmacy. Gold Partners: Francorp, BPI, BDO, Potato Corner, Miguelito’s Ice Cream, Grainsmart, Livingwater, LT & G Credit Line, Gateway Mall 2, Robinsons Malls, Qualiplus, Globaltronics, and Xentro Malls.
Silver Partners: Oryspa, BBK, Famous Belgian Waffles, K2 Pharmacy, Master Siomai, Max’s Group, Inc., Mister Donut, Shawarma Shack, The Bistro Group, Big Brew, Tapa King, PureNectar, Phoenix Super LPG, Momoyo Ice Cream, UnionBank, and SkyPay.
Media Partners: GMA-7 Kapuso Network, Net 25 Eagle Broadcasting Corp., Philstar Media Group, The Philippine Star, Business World, Business Mirror, Philippine Graphic, Inquirer Group of Companies, Philippine Daily Inquirer, Mega Mobile (Inquirer Mobile), Inquirer.Net, CDN Digital, Asia Journal / Balikbayan Magazine, Daily Tribune, and Media Blitz.
COLLABORATION AND SHARED GROWTH. In celebration of PFA's 30th anniversary, this year’s Franchise Asia Philippines Expo theme is "Building Success Together. An apt topic reflecting the organization's strong 'bayanihan' spirit. In photo is last year's successful and well-attended event. Photos courtesy of PFA.
April 25, 2025
China denies talks with US, demands tariffs revocation
By Bloomberg News
CHINA demanded that the US revoke all unilateral tariffs and said there were no talks on reaching a trade deal, maintaining a tough stance despite President Donald Trump’s easing of criticism of the country.
“The US should respond to rational voices in the international community and within its own borders and thoroughly remove all unilateral tariffs imposed on China, if it really wants to solve the problem,” He Yadong, the Ministry of Commerce’s spokesman, said at a regular briefing on Thursday in Beijing. He also dismissed speculation that progress has been made in bilateral communications, saying “any reports on development in talks are groundless,” and urging the US to “show sincerity” if it wants to make a deal. The remarks suggest that Presi -
dent Donald Trump’s comments this week signaling that he could lower tariffs on China—which currently stand at 145 percent for most goods—will not be enough to de-escalate tensions. The US leader said last Wednesday that “everything’s active” when asked if he was engaging with China and that Beijing was “going to do fine” once talks had settled.
China wants to see a number of steps from Trump’s administration before it will agree to trade talks, including showing more respect and naming a point person for the dialogue, Bloomberg News reported
last week.
Other conditions include a more consistent US position and a willingness to address China’s concerns around American sanctions and Taiwan.
China has responded to Trump’s volatile tariff moves with caution, with Beijing at one point calling the high levels of levies “meaningless.” Chinese authorities have also warned other countries against striking deals with the US that could hurt its interests.
Further highlighting strains in bilateral ties, China’s Defense Ministry on Thursday blamed the “biased” view of “some individuals in the US” for hindering engagement between the Chinese and US militaries. Zhang Xiaogang, a spokesperson for the ministry, said at a press conference Washington shouldn’t be “paranoid” about the so-called China military threat.
The remarks from China’s MOFCOM and MOD come hours after Pan Gongsheng, governor of the People’s Bank of China, warned of the threat ongoing frictions pose to trust in the global economic system.
“All parties should strengthen cooperation and make efforts to prevent
the global economy from sliding into a track of ‘high friction, low trust,’” Pan said at a Group of 20 meeting in Washington on Wednesday, according to a social media post by state broadcaster China Central Television.
Pan is one of the leading members of a Chinese delegation attending the annual meetings of the International Monetary Fund and World Bank this week in the US capital, where discussions involving the US, EU and other G20 members are also taking place.
The events are expected to provide the first opportunity for Chinese economic officials to meet with Trump’s team in person since he drastically hiked tariffs on Chinese imports earlier this month, before any formal negotiations to cool trade tensions.
However, neither side has announced any bilateral meetings despite Trump’s move to soften his tone on tariffs that are expected to dent growth of the world’s second-largest economy. There are “no winners in trade wars” and China will remain open to the outside world and firmly support free trade and the multilateral trading system, Pan said, according to the report.
China willing to boost imports amid tariff risks, says Indonesia
INDONESIA says China has signaled a willingness to take in more of the Southeast Asian nation’s exports, potentially giving Jakarta greater room to maneuver as it seeks to avert higher tariffs in the United States.
Foreign Ministry spokesman Roy Soemirat said last Thursday that trade was a key point of discussion when Indonesia’s foreign and defense ministers met with their counterparts in Beijing earlier this week.
“There is a strong commitment from China to open its market to Indonesian products, especially in the fisheries and durian sectors,” Soemirat said at a press briefing in Jakarta, the Indonesian capital. “This indicates a willingness to cooperate and explore new opportunities, which must be followed up.”
Beijing has been courting Asian nations amid rising trade tensions with Washington. Chinese President Xi Jinping last week visited Vietnam, Malaysia and Cambodia, all countries facing double-digit rises in tariffs on goods sent to the US, to ink trade deals and discuss enhancing supply chains, among
other issues.
At the talks in Beijing, China and Indonesia announced plans to hold joint military exercises this year and otherwise deepen cooperation in the defense sector.
Indonesia runs a trade deficit with China, its largest trading partner, with its exports including palm oil, iron and steel. It runs a trade surplus to the US, its second-largest trading partner, selling textiles, footwear and electrical and electronic equipment.
Southeast Asia’s largest economy has kicked off formal tariff talks with the US after agreeing on a format, mechanism and schedule for negotiations. Both countries are now engaged in technical discussions, which are set to focus on market access and national tariff estimates, Indonesia’s Coordinating Ministry for Economic Affairs said in a statement Thursday.
Separately, Finance Minister Sri Mulyani Indrawati said she was set to meet US Treasury Secretary Scott Bessent on Friday as part of the negotiations.
Bloomberg News
Chinese exporters retreat from US as tariffs erode profitability
FBy Bloomberg News
OR an increasing number of Chinese exporters, many of whom battled through the trade war in President Donald Trump’s first term and who have invested years to capture the spending power of American shoppers, it may be closing time in the US. With tariffs on Chinese imports at 145 percent, factories that make items like coffee machines and yoga pants have halted shipments to the US and have idled their assembly lines to a three or four day week.
And while Trump has indicated that tariffs won’t stay that high on China forever, some fearful exporters are making permanent plans to withdraw from the US market and turn to other regions like the Middle East for sales instead.
Exporters are now trying to “survive” the current crisis, said Wang Xin, head of the Shenzhen Cross-Border E-Commerce Association, which represents some 3,000 exporters. Businesses are taking steps to generate cash like selling inventory for higher prices, and cancelling warehouse rental agreements in the US, she said.
One such exporter is a Guangzhou-based retailer that sells underwear and yoga pants via Amazon, Temu and Shein, which decided to stop shipping any more products to the US earlier this month, and raised prices of some of its most popular products by as much as 30 percent to generate more cash.
“We had some urgent meetings in late March to discuss our next steps. The conclusion was
to stop fighting for the US market,” said sales manager Huang Lun.
The plight of Chinese exporters mean US consumers could face rising prices and shortages of crucial goods in the coming months. The grim outlook adds to rising bets among economists that the US will enter a recession if the White House doesn’t back down on its tariff threats.
China will also endure substantial economic pain. With their largest market on hold, many factories have cut back production to just three or four days per week, said Wang, citing a recent industry survey conducted by the association.
With bank loans and worker salaries to pay, there will be a wave of factory closures and worker layoffs in the coming months, she said.
Jenny Huang, a salesperson at a Ningbobased curtain maker, is trying to diversify beyond the US though 90 percent of its current client base—business that has come to an abrupt halt—is there.
The company will only consider exporting to the US again when tariff situation clears up, she says. Until then, it is exploring opportunities elsewhere such as Southeast Asia the Middle East.
“When the tariffs were raised to 54 percent, people already suffered very slim profits but still decided to stay and buy time to explore new markets with the cash flow generated in the US,” said Wang. “But when it was raised to 125 percent and then 145 percent, people decided to quit because you’ll die faster if you insist on staying in the US.”
Editor: Angel R. Calso
Nomura says cheap China goods disruptive to Asia
ASUDDEN inflow of cheap Chinese goods may prove “very disruptive” to emerging economies, particularly in Asia, triggering bigger trade imbalances, stronger disinflation and greater fiscal spending, according to an analysis by Nomura Holdings Inc.
For 45 countries, Nomura economists led by Rob Subbaraman mapped out China’s import share to local manufacturing production, finding those economies that recorded the largest increases in Chinese goods tended to see the sharpest slowdowns in local manufacturing. They also saw a “strong negative relationship” between China’s import share and producer price inflation.
Nomura’s research also revealed that China was flooding economies with cheap goods even before Donald Trump took office for a second term as US president.
“Unsurprisingly from these results, the year 2024 marked a significant rise in the total number of trade investigations initiated against Chinese imports to a record high, mostly in the form of anti-dumping measures,” Subbaraman said.
“These are sobering results,” he said. “This year, with a full-blown USChina trade war in full force, the results illuminate just how exposed economies are to the flood of cheap China imports turning into a deluge, particularly those in Asia.” Bloomberg News
China’s growing EV makers pursuing varied routes to global expansion
By Elaine Kurtenbach AP Business Writer
SHANGHAI—The world’s auto industry is getting a shake-up from Chinese automakers that are quickly expanding across the globe, offering relatively affordable electric vehicles designed to wow car buyers with sleek designs and the latest high-tech interiors. Companies like BYD, Great Wall, Geely and Chery Automobile are reaching outward as they build the scale they need to survive cut-throat competition in their home market.
These generally are not state-run giants like SAIC, BAIC and Guangzhou Automotive. The founder of Geely started out making refrigerators.
BYD first built up its expertise in battery technology, now its biggest advantage as the world’s largest-selling EV maker. Some others are technology companies allied with automakers to offer autonomous driving.
Here are some of the key players:
Great Wall Motors GREAT Wall Motors, with the Haval, Wey, Ora, Poer and Tank brands, is banking on overseas sales to keep growing after seeing its sales inside China fall by nearly 15 percent last year, even as the company’s net profit jumped more than 80 percent. The company has factories in Russia, Thailand and Brazil, where it is challenging Toyota’s popular Hilux pickup truck with its GWM Poer, a hybrid pickup of its own. Another mainstay is the Haval H6, a hybrid sports SUV. Great Wall has smoothed its transition to overseas production by buying factories of other automakers. In Thailand, it took over a factory formerly operated by General Motors Corp. In Brazil, it purchased a former Mercedes-Benz plant.
“It is essential for volume to be big, otherwise the cost of production is too high,” Great Wall’s chairman, Wei Jianjun, said in a media huddle at the show. Wei, who also goes by the name Jack Wey, was born in Beijing but moved to nearby Hebei, home of the Great Wall. He led the company’s transition from vehicle modification to automaking, becoming China’s biggest maker of pickup trucks and a leading SUV maker. The company has a joint venture for EVs with BMW.
Chery STATE-owned Chery Automobile says it was the first Chinese automaker to export overseas. It has sold more than 15 million of its Chery, Exeed, Omoda and Jetour models overseas, mostly in the developing world and emerging markets, including Turkey and Ukraine. Chery reported selling 2.6 million vehicles overseas last year and is aiming for 3 million in 2025. It’s quickly expanding overseas production, setting up factories in Russia and Spain. It is expanding rapidly in Latin America.
Chery’s tie-up with EV-maker Visionary Vehicles aimed to sell in North America but has not yet achieved that goal. The company has a 50-50 joint venture with Jaguar Land Rover, which is a subsidiary of Tata Motors of India that makes Jaguars and Land Rovers in China. It also collaborates with Huawei Technologies and e-commerce giant Alibaba.
Chery still sells far more fuel-engine cars than EVs. Its battery electric vehicle company, Chery New Energy, makes minivehicles like the eQ1, or Small Ant, and the QQ Ice Cream. Its mainstays are the Tiggo lineup of SUVs and its Arrizo sedans.
BYD made more electric vehicles last year than Tesla, selling 3.52 million EVs in China, up 28 percent from a year earlier. Its strength in plug-in hybrids has helped as Chinese increasingly opt for the fallback of a fuel engine. The company, based in southern China’s Shenzhen, recently announced an ultra-fast EV charging system it says can provide a full charge for its latest EVs within five to eight minutes, about as long as a fill-up. It plans to build more than 4,000 of the new charg
it also makes much less expensive EVs including the Seagull, which sells for around $12,000 in China. BYD barely nudged ahead of Tesla in production of battery-powered EVs in 2024, making 1,777,965 compared with Tesla’s 1,773,443.
Geely GEELY Auto is perhaps the most famous Chinese automaker that many people have never heard of. The privately held company was founded as a refrigerator-maker by businessman Li Shufu in 1997 in eastern China’s Taizhou, which early on became a hub of private industry. Li began making strategic overseas acquisitions early on, buying Sweden’s Volvo Car Co. from Ford Motor in 2010. Geely’s purchase of a 49.9 percent stake in Malaysia’s Proton gave it a 51 percent stake in luxury sports car brand Lotus. It formed a 50-50 joint venture to make Smart city cars with Germany’s Daimler AG. It also works with Renault SA of France on powertrains and owns a stake in Aston Martin Lagonda. In March, it launched sales of its Geely EX5 SUVs in Australia and New Zealand, adding to its global reach. Geely also owns New York Stock Exchange-listed Zeekr Intelligent Technology Holding, which makes a premium EV brand. Geely and Volvo own Swedish automaker Polestar, which has struggled in the
Israeli strike in Gaza kills 23 as Arab mediators seek long-term truce
By Wafaa Shurafa & Samy Magdy
The Associated Press
EIR AL-BALAH, Gaza Strip—
DAn overnight Israeli strike on a school-turned-shelter in Gaza City killed 23 people, as Arab mediators worked on a proposal to end the war with Hamas that would include a five-to-seven-year truce and the release of all remaining hostages, officials said last Wednesday.
There was no immediate Israeli comment on the strike, which set several tents ablaze, burning people alive. The military says it only targets militants and blames civilian deaths on Hamas because its fighters are embedded in densely populated areas. Another six people were killed in separate strikes, including 5-yearold twin girls.
France, Germany and Britain meanwhile said Israel’s seven-week blockade on all imports to Gaza, including food, was “intolerable,” in unusually strong criticism from three of the country’s closest allies.
Palestinian President Mahmoud Abbas called on Hamas to release the hostages in order to “block Is -
rael’s pretexts” for continuing the war. He reiterated his demands that Hamas give up their arms, referring to them as “sons of dogs” in unusually strong language during a speech in the West Bank.
Abbas, who heads the Westernbacked Palestinian Authority, has no influence over Hamas but seeks a role in postwar Gaza. Basem Naim, a senior Hamas official, said anyone making such insults has “lost their physical, psychological and mental eligibility for these leadership positions.”
A yearslong truce and a gradual withdrawal EGYPT and Qatar are still developing the proposal, which would include the gradual withdrawal of Israeli forces from Gaza and the release of Palestinian prisoners, according to an Egyptian official and a Hamas official who spoke on condition of anonymity because they were not authorized to brief media.
Israel ended a ceasefire with Hamas last month and has vowed to continue the war until all the hostages are returned and Hamas is destroyed or disarmed and sent into exile. It says it will hold parts of Gaza indefinitely
Congo’s government, rebels say working toward truce in the east
By Wilson Mcmakin & Saleh Mwanamilongo
The Associated Press
DAKAR, Senegal—Congo’s government and a coalition of insurgents in the country’s east including the M23 rebels have agreed to work toward a truce following peace talks in Qatar, a joint statement said last Wednesday.
The statement was posted online by spokesman Lawrence Kanyuka of the M23 rebels, and confirmed by government spokesman Patrick Muyaya in comments to local media outlets.
The statement said the parties had agreed to “work towards concluding a truce” and that they were reaffirming their commitment to “an immediate end to hostilities.” Previous commitments to a ceasefire, announced unilaterally, have not held, and Wednesday’s statement was the first such commitment to be announced jointly.
Delegations from Congo’s government and the M23 rebel group met earlier this month in Doha, Qatar’s capital, according to officials from both sides.
The Associated Press was not immediately able to verify if the latest announcement had changed conditions on the ground in Congo’s mineral-rich eastern region.
The decades-long conflict in eastern Congo escalated in January, when the M23 rebels advanced and seized the strategic city of Goma, followed by the town of Bukavu in February.
The M23 is one of about 100 armed groups that have been vying for a foothold in mineral-rich eastern Congo near the border with Rwanda, in a conflict that has created one of the world’s most significant humanitarian crises. More than 7 million people have been displaced.
The rebels are supported by about 4,000 troops from neighboring Rwanda, according to UN experts, and at times have vowed to march as far as Congo’s capital, Kinshasa, about 1,600 kilometers (1,000 miles) to the east.
The UN Human Rights Council last month launched a commission to investigate atrocities, including allegations of rape and killing akin to “summary executions” by both sides.
and implement President Donald Trump’s proposal for the resettlement of the population in other countries, which has been widely rejected internationally.
Hamas has said it will only release the dozens of hostages it holds in return for Palestinian prisoners, a complete Israeli withdrawal and a lasting ceasefire, as called for in the now-defunct agreement reached in January. A Hamas delegation arrived in Cairo late Tuesday to discuss the evolving proposal.
The Egyptian official said the proposed truce, with international guarantees, would last between five and seven years, and that a committee of politically independent technocrats would govern Gaza—a measure Hamas has accepted.
The Hamas official said the militant group is open to a long-term truce that includes the complete withdrawal of Israeli forces and international guarantees, naming Russia, China, Turkey or the United Nations Security Council as possible guarantors.
Israel and the US say Hamas must be destroyed or removed THERE was no immediate comment
from Israeli officials. Israel has ruled out any arrangement that would allow Hamas to preserve its influence in Gaza and rearm. The Trump administration, which has also been involved in the ceasefire talks, has said it fully supports Israel’s position.
Israel and the US have pressed Hamas to accept a temporary truce in which it would immediately release several hostages in return for vague promises of talks on a more permanent ceasefire. Hamas has rejected those proposals and says it won’t disarm as long as Israel occupies Palestinian territory.
The Hamas official said the group does not trust Netanyahu or the US after they shattered the existing ceasefire agreement, which had facilitated the release of over 30 hostages and nearly 2,000 Palestinian prisoners.
The Egyptian official said mediators had the impression that Trump wants a deal before he visits the region next month. Trump will travel to Saudi Arabia, Qatar and the United Arab Emirates from May 13 to May 16.
France, Germany and Britain condemn Israeli food blockade
ISRAEL ended the ceasefire by launch -
ing a surprise bombardment across the territory that killed hundreds of Palestinians. Ground forces have expanded a buffer zone along the border and encircled the southern city of Rafah and now control around 50 percent of the territory.
Israel says the military operations and the tightened blockade are tactics to pressure Hamas to release hostages. Aid groups say thousands of children are malnourished and most people are surviving on one meal a day or less.
“The Israeli decision to block aid from entering Gaza is intolerable,” France, Germany and Britain said in their statement. They also condemned recent remarks by Israeli Defense Minister Israel Katz, who said the blockade was a pressure tactic and that troops would hold parts of Gaza indefinitely.
“Humanitarian aid must never be used as a political tool and Palestinian territory must not be reduced nor subjected to any demographic change. Israel is bound under international law to allow the unhindered passage of humanitarian aid,” the European statement said.
Israeli Foreign Ministry spokes -
man Oren Marmorstein rejected the criticism, disputing in a post on social media that there is a shortage of aid in Gaza. He said Israel was entitled to block the aid because it says Hamas seizes it for its own use. In addition to the strike on the school, the Civil Defense, first responders who operate under the Hamas-run government, said it recovered four bodies from strikes on two homes in the same area. Another strike hit a home east of Gaza City, killing the twin girls, according to Gaza’s Health Ministry. Israel’s offensive has killed over 51,000 Palestinians, mostly women and children, according to the Health Ministry, which does not say how many of the dead were fighters or civilians. Israel says it has killed around 20,000 militants, without providing evidence.
The war began when Hamas-led militants stormed into southern Israel on October. 7, 2023, killing some 1,200 people, mostly civilians, and abducting 251. The militants still have 59 hostages, 24 of whom are believed to be alive, after most of the rest were released in ceasefire agreements or other deals. Magdy reported from Cairo.
India’s water treaty suspension spells risk for Pakistan’s farms
By Faseeh Mangi & Pratik Parija
The Associated Press
INDIA’S unprecedented move to suspend a water-sharing pact in response to a gun attack in Kashmir earlier this week threatens to hurt crops and power generation in Pakistan, just as temperatures begin to rise sharply in the pre-monsoon summer.
Disruption is unlikely to be swift, agricultural and diplomatic experts said, pointing out India does not currently have the capacity to divert large volumes of water. Pakistan has also disputed the decision—a rare effort to use Himalayan water resources to exercise diplomatic pressure—arguing the 1960 treaty excludes the option of a unilateral change.
“There is a protocol in the treaty, an arbitration code, and there are guarantors” like the World Bank and the UN that mediate any issue between the two countries, said Syed Imran Ahmed, director at Panjwani Hisaar
Water Institute in Karachi.
But the impact on one of the largest irrigation systems in the world could still be significant. Any disruption to the flow of water, and even its timing, could upset planting schedules in Pakistan’s agriculture sector, which accounts for a quarter of GDP and employs nearly 40 percent of its people. The country also gets a third of its electricity from hydropower.
India’s move also comes as the region moves into what is forecast to be a sweltering summer. The southern part of Pakistan is already experiencing higher-than-normal temperatures—hitting 41C (105F) in the port city of Karachi this week—and hot and dry conditions are expected to persist for days, according to the country’s meteorological department.
“This is a larger political statement by India. Much would depend on how Pakistan responds to it,” said D Suba Chandran, a professor at India’s National Institute of Advanced Studies. “If India has to divert the
water, India will have to invest in building dams, invest in building canals with an objective to divert the water. That will not take place immediately.”
Still, the system was never built to be switched on and off at will, Hassaan F. Khan, an assistant professor of Urban and Environmental Policy and Environment Studies at Tufts University, wrote in Pakistan’s Dawn newspaper. “The flows of the Indus, Jhelum, and Chenab are the backbone of our agriculture, our cities, our energy system.
At this moment, we simply do not have a substitute for these waters.” The Indus Waters deal gives New Delhi control of the Indus basin’s three eastern rivers, while downstream Islamabad controls the three western ones. Both countries are obligated to allow each other to use a portion of their waters and build infrastructure under certain conditions. India has previously called for a renegotiation of the treaty, arguing that Pakistan currently enjoys use of up to 80 percent of the basin’s water.
Thai opposition pitches stimulus plan to cope with tariff
By Suttinee Yuvejwattana Bloomberg
THAILAND’S main opposition party called for an economic stimulus package to cope with the US tariff after Prime Minister Paetongtarn Shinawatra signaled that trade talks to secure relief from the levy have been stalled.
The stimulus measures should include soft loans to local exporters, subsidies for farmers and financial aid to Thai industries to deal
with the 36 percent reciprocal levy threatened by the US, said Sirikanya Tansakun, a lawmaker and deputy leader of the People’s Party.
Dollar resumes losses as traders seen clinging to bearish bets
FOREIGN-exchange traders are holding onto their negative view for the dollar as it resumes losses following a twoday rally.
The US currency fell versus all of its Group-of-10 peers on Thursday, down 0.4 percent on a trade-weighted basis, as sentiment in options markets points to further weakness. One-month risk reversals—a key gauge of demand for downside protection—are trading near the most bearish levels in five years.
The dollar slid to its weakest level since 2023 earlier this week amid worries the Trump administration will cause an economic recession in the US. It rose 1 percent over the two days through Wednesday after the US president said he had no intention to remove Federal Reserve Chair Jerome Powell, and appeared to ease his stance on China tariffs.
“The dollar rebound this week doesn’t represent much more than a squeeze on speculative short dollar positions,” said Ray Attrill, head of foreign-exchange strategy at National Australia Bank Ltd. “It doesn’t change the negative big-picture view of the dollar.”
Positioning data shows the market is still structurally negative on the dollar. Speculative investors boosted their net bearish positions on the greenback against a basket of 10 currencies and on the Dollar Index to $40 billion last week, the most since October, based on num-
bers from the Commodity Futures Trading Commission aggregated by Bloomberg.
Antony Foster, the London-based head of Group-of-10 spot trading at Nomura International Plc, said longer-term conviction still leans toward a weaker greenback. He added that illiquid moves “stopped out some people who had sold the dollar on the break of pivotal 1.1500 and 140 levels in euro-dollar and dollar-yen respectively.”
The euro has emerged as a key beneficiary of the dollar’s weakness, climbing more than 5 percent this month to reach a three-year high at $1.1573 earlier this week. Traders are showing growing confidence in the common currency’s long-term upside, as structural shifts increasingly favor it over the dollar.
The yen has also rallied, up more than 5 percent this month to trade at 142.59 per dollar on Thursday. Its recent weakness was linked to position unwinding and monthend corporate flows, according to FX traders familiar with the transactions who asked not to be identified because they aren’t authorized to speak publicly.
“A healthy amount of the more tactical positioning has been cleaned out,” said Jerry Minier, co-head of G-10 FX trading at Barclays Plc in London. By Tuesday and Wednesday, market participants were “back and ready to fade the extremes.” Bloomberg News
The government can also rework its 3.78 trillion baht ($113 billion) budget plan for the fiscal year starting Oct. 1 to shield the economy, or resort to a one-off borrowing plan as it did during the Covid pandemic, Sirikanya said. If need be, the prime minister should be willing to raise the legal ceiling of public debt from the current 70 percent of gross domestic product, she said.
The Finance Ministry aims to inject over 500 billion baht into the economy to support growth, with the spending to be focused on stimulating consumption, investment and providing soft loans, The Nation reported, citing finance chief Pichai Chunhavajira.
The postponement of Thai-
US tariff negotiations previously scheduled for this week has raised questions about the government’s strategy to deal with tariff impact and the US concerns over the Southeast Asian nation’s trade surplus of $46 billion.
No new dates have been set for talks, and Washington wants the Southeast Asian nation to address a set of “issues” related to trade before talks are held, Thai officials said Tuesday. In contrast, India, Vietnam and Indonesia have already held negotiations with the US to secure relief from the hefty tariffs threatened by President Donald Trump.
Sirikanya said the government should lose no time in starting negotiations to get the tariff lower
British Brothers worth
$9B
TBy Ben Stupples Bloomberg
WO of Britain’s richest real estate investors have ditched the UK as their home territory, the latest departures among the country’s elite as the nation hits wealthy residents with tax hikes.
UK natives Ian and Richard Livingstone now list Monaco as their place of usual residency after previously citing the UK, according to registry filings. The move boosts the billionaire siblings’ ties to the French Riviera city-state where they have held major investments for more than a decade.
The switch for the founders of property firm London & Regional took effect between late March and early April, the filings show. Around the same time, Keir Starmer’s Labour government brought in sweeping tax changes announced at the UK’s Autumn Budget in October, including curbs to relief on inherited assets as well as higher
levies on capital gains and private equity investments.
A representative for Ian, 62, and Richard, 60, declined to comment. The siblings have a combined fortune of about $8.5 billion, according to the Bloomberg Billionaires Index.
The Livingstones’ actions underscore how even billionaire British nationals are joining ultrarich foreigners including Egypt’s Nassef Sawiris and Belgium’s Frederic de Mevius in curbing ties to the UK as they grapple with a raft of changes affecting their finances.
The departures are also now hitting the City of London. Goldman Sachs Group Inc.’s Richard Gnodde is relocating from London to Milan, according to a spokesperson for the bank. He was named vice chairman in January after running Goldman’s international business for years and is one of the City’s best-known figures.
Long a bastion of legal and political stability, the UK has traditionally punched above its weight as a global
and prevent the economy from being hit hard. The US was Thailand’s largest export market last year with electronics, machinery and agriculture products topping the list of shipments.
“The economic wound from the US tariff on Thailand is expected to be wide, deep and long,” Sirikanya said. “The government should be better prepared to help Thai people and give confidence to investors. Don’t just wait and see, or a lot of people will get hurt.”
The Thai government has said the higher-than-expected levy on its shipments to the US could trim at least one percentage point of its growth this year if it’s not negotiated down. It’ll need to address US concerns over currency
manipulation and certificate of origin misuse, something officials have said they’d do. Thailand has offered to step up imports of US commodities like corn, natural gas and ethane, besides reducing import duties and removing non-tariff barriers to secure a deal before the 90-day pause on the so-called reciprocal tariff ends.
While Thailand is taking steps to appease the US, Paetongtarn’s administration is also wary of antagonizing China, its largest trading partner. Bangkok’s trade deficit with Beijing ballooned to $45 billion in 2024 from below $20 billion in 2018 as Chinese companies stepped up investment to circumvent the US tariff wall.
quit UK amid wealth exodus
wealth hub—but its reputation has taken a hit following Brexit and the flux of prime ministers since 2016.
It”s also repeatedly curbed incentives for wealthy individuals who live in the country, including scrapping inheritance tax breaks for overseas trusts as part of Chancellor Rachel Reeves’s efforts to plug what she described as a £40 billion ($53 billion) economic hole.
Monaco is often a favorite destination for those looking to exit the UK, where the top 1 percent typically contribute more than a quarter of total income taxes.
Smaller than New York’s Central Park, Monaco doesn’t impose taxes on capital gains or income and has generous exemptions for inherited assets. It also offers high levels of safety compared with other European territories.
Ukraine fails to restructure warrants with creditor group
UKRAINE and a group of creditors led by hedge funds failed to agree on the restructuring terms for $3.2 billion worth of debt linked to economic growth, ahead of next month’s payment.
The government and the holders, which include Aurelius Capital Management LP and VR Capital Group, held talks between April 15 and April 23, according to a
statement published on the London Stock Exchange on Thursday.
“Ukraine intends to continue engagement with holders of the warrants and consider all available options” for their restructuring, the government said in the statement.
The securities, which mature in 2041, weren’t included in last year’s $20 billion
Ukraine debt restructuring deal. The GDP warrants reward investors when real economic expansion tops 3 percent in a year. A payment of more than $500 million is due May 31 and is linked to expansion in 2023. The GDP warrants extended losses after the news, dropping to 69.5 cents on the dollar on Thursday from 73 cents a day
The sons of a dentist, the Livingstone brothers grew up in London and began building their real estate empire in the 1990s, acquiring distressed assets in the UK following a slump in prices. Ian, who studied optometry in college, also set up an eye-wear company, which eventually expanded to more than 200 stores. He sold his stake to Leonardo Del Vecchio’s Luxottica Group in 2010.
London & Regional’s real estate portfolio now includes London cinemas, Madrid offices and the Fairmont Monte Carlo, a four-star Monaco hotel that the Livingstones’ firm bought in 2007. Outside real estate, the brothers made a lucrative investment in Evolution AB, one of the world’s biggest online casino platforms. Their charitable foundations have also supported programs for UK children, British fashion and London colleges through their charities.
Other UK billionaires who have relocated to the Mediterranean principality include Jim Ratcliffe, the founder of chemicals giant Ineos, who moved there around 2018 partly due to the threat of the Labour’s then-left wing leader Jeremy Corbyn.
ago and this year’s peak around 88 cents, set in February.
“The GDP warrants were designed for a world that no longer exists,” the Ukrainian Finance Ministry said in a statement.
“Modest economic growth in 2023 was not a sign of surging prosperity but a fragile rebound from a nearly 30 percent downturn caused by Russia’s full-scale invasion. These financial instruments must not become an obstacle to our recovery.” Bloomberg News
Magnitude 6.2 quake shakes Istanbul and injures more than 230 people
By Mehmet Guzel & Suzan Fraser The Associated Press
ISTANBUL—An earthquake with a preliminary magnitude of 6.2 shook Istanbul and other areas of Turkey on Wednesday, prompting widespread panic and scores of injuries in the city of 16 million people, though there were no immediate reports of serious damage.
At least 236 people were treated for injuries they suffered while trying to jump from buildings or for panic attacks—most of them in Istanbul, where residents are on tenterhooks because the city is considered at high risk for a major quake.
The earthquake had a shallow depth of 10 kilometers (about 6 miles), according to the United States Geological Survey, with its epicenter about 40 kilometers (25 miles) southwest of Istanbul, in the Sea of Marmara.
It was felt in the neighboring provinces of Tekirdag, Yalova, Bursa and Balikesir and in the coastal city of Izmir, some 550 kilometers (340 miles) south of Istanbul. Interior Minister Ali Yerlikaya said the earthquake lasted 13 seconds and was followed by more than 100 aftershocks—the strongest measuring 5.9 in magnitude.
The quake started at 12:49 p.m. Wednesday, a public holiday, when many children were out of school and celebrating in the streets of Istanbul. Panicked residents rushed from their homes and buildings into the streets. Authorities urged residents to avoid entering buildings that might have been damaged and said sports halls and mosques would be open to house residents not wanting to spend the
night in their homes.
More than 230 injured “A TOTAL of 236 citizens were affected by panic attacks and from falls or from jumping,” Health Minister Kemal Memisoglu said. He said 173 of the injuries were in Istanbul while the rest were in surrounding provinces.
Authorities had received 378 reports of “structural damage” in various buildings, said Environment, Urbanisation and Climate Change Minister Murat Kurum, adding that 12 buildings were evacuated as a precaution.
Only one building—a derelict, long-abandoned structure in the city’s historic Fatih district—had collapsed, officials said.
Many residents flocked to parks, schoolyards and other open areas to avoid being near buildings in case of collapse or subsequent earthquakes. Some people pitched tents in parks.
“Thank God, there does not seem to be any problems for now,” President Recep Tayyip Erdogan said at an event marking the National Sovereignty and Children’s Day holiday. “May God protect our country and our people from all kinds of calamities, disasters, accidents and troubles.”
Leyla Ucar, a personal trainer,
said she was exercising with her student on the 20th floor of a building when they felt intense shaking.
“We shook incredibly. It threw us around, we couldn’t understand what was happening, we didn’t think of an earthquake at first because of the shock,” she said. “It was very scary.”
Senol Sari, 51, told The Associated Press he was with his children in the living room of their third floor apartment when he heard a loud noise and the building started shaking. They fled to a nearby park where they “waited for it to pass,” Sari said.
They later were able to return home calmly, Sari said, but remain worried that a bigger quake will someday strike the city. “Our concerns continue,” he said.
‘My children were a little scared’ CIHAN Boztepe, 40, hurriedly fled to the streets with his family to avoid a potential collapse of their building. Standing next to his sobbing child, Boztepe told the AP that in 2023, he was living in Batman province, an area close to the southern part of Turkey where major quakes struck at the time. Wednesday’s tremor felt weaker, and he wasn’t as scared.
“At first we were shaken, then it stopped, then we were shaken again,” he said. “My children were a little scared, but I wasn’t. We quickly gathered our things and went down to a safe place.”
Education Minister Yusuf Tekin announced that schools would be closed on Thursday and Friday in Istanbul but that “in line with the need for a safe space, our school gardens are open to the use of all our citizens.”
Urban reconstruction projects TURKEY is crossed by two major fault lines, and earthquakes are frequent.
A magnitude 7.8 earthquake on Feb. 6, 2023, and a second power -
ful tremor hours later, killed more than 53,000 people in Turkey and destroyed or damaged hundreds of thousands of buildings in 11 southern and southeastern provinces. Another 6,000 people were killed in the northern parts of neighboring Syria.
Istanbul was not impacted by that earthquake, but the devastation heightened fears of a similar quake, with experts citing the city’s proximity to fault lines.
In a bid to prevent damage from any future quake, the national government and local administrations started urban reconstruction projects to fortify buildings at risk and launched campaigns to demolish those at risk of collapse.
Jailed mayor expresses sadness EKREM Imamoglu, the mayor of Istanbul who was jailed last month on corruption charges, released a statement through his lawyers, expressing his sadness at not being able to be with the city’s residents.
“As managers and urban planners who have dedicated their lives to disaster-focused planning in Istanbul and who have struggled for this purpose, my greatest sadness is that we can’t be with you,” the mayor said.
Many view the arrest of the politician, considered a key rival to Erdogan, as being politically motivated. The government insists the courts operate independently.
On Wednesday, long queues formed at gas stations as residents, planning to leave Istanbul, rushed to fill up their vehicles. Among them was Emre Senkay who said he might leave if a more severe earthquake strikes later in the day.
“My plan is to leave Istanbul if there is a more serious earthquake,” he said. Fraser reported from Ankara, Turkey.
The Associated Press reporter Robert Badendieck in Canakkale, Turkey, contributed to this report.
Gold Fields gets one-year extension to operate Damang
GOLD Fields Ltd. said it will be given a 12-month lease to continue operating the Damang mine in Ghana, after the government initially rejected its application to extend the rights.
The Johannesburg-listed firm will “take all reasonable steps” to restart open pit mining at Damang, which it halted in 2023, Gold Fields said in a statement on Thursday.
The subsidiary that owns the asset will be allowed to resume the processing of surface stockpiles, it said.
Ghana’s government–led by President John Mahama since January–took the unusual step of refusing to renew the lease, saying Gold Fields’ application had failed to declare mineral reserves, outline future plans or allocate any exploration budget for Damang. That reflected the new administration’s “shift away from the neo-colonial posturing of automatic renewals of licenses,” the land and natural resources ministry said April 15, three days before the permit lapsed.
The resolution, first announced by the presidency on Wednesday, will see Gold Fields complete studies on extending Damang’s life by the end of the year. The miner and government will also establish a joint team “to ensure the successful transition of the asset to ownership by the people of Ghana,” the company said.
African governments from Mali to Zambia are pushing for a larger share of the revenues generated by their natural resources. Bullion’s record-breaking rally this year has put a particular spotlight on the gold industry.
At the same time, soaring prices have encouraged some large producers to sell smaller
mine in Ghana
mines that without fresh investment are approaching the end of their lives. China’s Zijin Mining Group Co. acquired the Akyem project in Ghana from Newmont Corp. for $1 billion, while Barrick Gold Corp. is seeking a buyer for its Tongon asset in the Ivory Coast. Gold Fields has previously said it’s weighing up whether to offload Damang.
Damang is a mature asset that contributed about 6% of Gold Fields’ total output last year. The one-year extension requires ratification by Ghana’s parliament which will reconvene next month. The company also operates the much larger Tarkwa mine in Ghana, which it wants to combine with AngloGold Ashanti Ltd.’s Iduapriem asset. The two companies were unable to secure authorization for the merger under the previous administration which was voted out of power in December.
Gold Fields and the government have agreed to start discussions on the renewal of Tarkwa’s lease, which expires in 2027, according to the presidency’s statement.
Ghana isn’t the only West African gold producer acting more assertively over its resource assets. Mali’s military leaders have been renegotiating mining deals with investors and have threatened to take over Barrick’s vast LouloGounkoto complex, which has been shuttered for three months amid a dispute over revenues and alleged back taxes.
Burkina Faso nationalized a pair of small gold operations last year, while Ivory Coast is updating mining legislation and Senegal is reviewing existing contracts. Bloomberg News
Japan to resist Trump efforts to form trade bloc vs China
JAPAN intends to push back against any US effort to bring it into an economic bloc aligned against China because of the importance of Tokyo’s trade ties with Beijing, according to current and former Japanese government officials.
Like many other countries, Japan is trying to get permanent relief from President Donald Trump’s tariffs by addressing US concerns in areas of bilateral trade, including automobiles and agriculture. The officials, who asked not to be identified, said that Japan is pushing to strike a deal before the current 90-day reprieve in tariffs expires, with one person saying the country hopes to finalize an agreement around the Group of Seven summit in June.
At the same time, the officials said Japan doesn’t want to get caught up in any US effort to maximize trade pressure on China by curbing its own economic interaction with Beijing, which is Tokyo’s biggest trading partner and an important source of goods and raw materials.
Although the US hasn’t made any specific requests to Japan regarding China, Tokyo would prioritize its own interests if that occurs, Japanese officials say.
South Korea’s economy
shrinks as tariffs darken global outlook
By Soo-Hyang Choi & Whanwoong Choi Bloomberg
SOUTH Korea’s economy contracted in the first quarter, underscoring the fragile state of business activity even before exporters absorbed the full force of Donald Trump’s punitive import duties, and raising fears over the potential for further damage in the region.
In one of Asia’s first gross domestic product reports for the three months ended in March, South Korea’s economy shrank 0.2 percent versus the prior quarter, according to Bank of Korea data released last Thursday,
missing economists’ median forecast of 0.1 percent growth. The economy contracted 0.1 percent year on year, below the forecast of zero growth.
Prolonged political uncertainties coupled with fears over Trump’s tariffs sapped economic activities, a BOK official said. He added that a clearer picture of the fresh levies’ impact will be available by May or June, considering the time it takes for companies to sign deals and deliver shipments.
South Korean government bond yields declined marginally on the data, while the South Korean won traded mostly flat versus the dollar.
South Korea’s disappointing numbers
One of the officials added that Japan has conveyed to China on multiple occasions that it doesn’t fully align with the US on chiprelated exports and semiconductor restrictions.
Japan’s Foreign Ministry didn’t immediately provide comment upon a request by Bloomberg.
Treasury Secretary Scott Bessent, who is playing a leading role in trade talks with Japan and other nations, said earlier this month that the US would seek to reach agreements with allies and “then we can approach China as a group.”
Bloomberg subsequently reported that the US is preparing to ask countries seeking tariff relief to reduce economic ties to China in a move to strengthen US leverage over Beijing as it tries to win concessions on trade.
‘Resolutely opposes’
JAPAN’S lead trade negotiator, Ryosei Akazawa, is scheduled to return to Washington for a second round of talks with US officials soon. On Monday, President Xi Jinping’s government warned countries against striking deals
follow the International Monetary Fund’s downgrade of global growth forecast for this year to 2.8 percent, down from the 3.3 percent predicted in January. South Korea’s growth outlook was slashed to 1 percent from 2 percent projected in January.
The World Trade Organization also drastically revised its projections for global commerce last week, saying it now expects the volume of world merchandise trade to decline by 0.2 percent in 2025 — almost three percentage points lower than it would have been without the US-led trade war. Early trade data for South Korea released this week showed shipments to the US fell 14.3 percent in the first 20 days of April.
There are other indicators that are flashing warning signals for Asia. A leading index of Asia ex-Japan’s aggregate exports created by Nomura is pointing to weak Asian export growth, with economist Rob Subbaraman saying this week that there is a risk it is
with the US that also target Beijing, saying it “resolutely opposes any party reaching a deal at the expense of China’s interests.”
“We need to be very careful about economic security issues and the supply chain involving China,” Kono Taro, a lawmaker in Japan’s ruling Liberal Democratic Party and former foreign minister, said in an interview with Bloomberg TV on Wednesday.
Rather than dialing back trade, Tokyo is in the process of trying to get China to resume imports of seafood and beef from Japan after bans imposed over health concerns. A series of Japanese delegations are currently making trips to China or are planning to go in order to manage Tokyo’s relationship with Beijing.
Last Wednesday, Tetsuo Saito, leader of the Komeito Party—a key member of the ruling coalition—passed a letter from Prime Minister Shigeru Ishiba for Xi to China’s no. 4 official, Wang Huning. Afterward, Saito said that both sides agreed to support the multilateral trading system and independently push the Trump
underestimating the weakness ahead.
“After all, the US effective tariff rate is currently at levels not seen in a century, with Asia likely to be hardest hit,” Subbaraman wrote in a note, saying early signals from Korea’s first 20-day exports for April suggest a “notable deceleration in Asia’s export growth is on the horizon.”
Thursday’s data back the case for the Bank of Korea to resume rate cuts when it next sets policy on May 29 as policymakers seek to sustain growth at a time when rising trade tensions threaten to hit export-oriented economies such as Korea’s especially hard.
Thursday’s data showed that private consumption and government spending were down 0.1 percent, respectively, while facilities investment declined 2.1 percent. Exports dropped 1.1 percent on reduced shipments of chemical products and other equipments. Construction investment fell 3.2 percent.
South Korea, a key US ally, was slapped
administration to ease tariffs.
In a sign of Japan Inc.’s commitment to the China market, Toyota Motor Corp. this week agreed to open a new factory in Shanghai in 2027, with the company reportedly planning to invest around $2 billion in the plant.
More pessimistic AROUND 20 percent of Japan’s total commerce is with China, larger than its trade with the US. However, the US overtook China as an export destination for Japan in 2023, extending that lead last year.
Japanese firms have become more pessimistic on the opportunities in China, with many cutting back investments as their revenue falls due to the weak Chinese economy and other factors.
Japanese manufacturing was hit hard when China restricted the export of rare earths to Japan in 2010 amid a political dispute.
After that, Japanese industry and government made a concerted push to diversify supply, investing in Australia and elsewhere to reduce some of their reliance on China.
with a 25 percent across-the-board tariff that has been temporarily reduced to 10 percent for 90 days. As with other nations, South Korea also faces a 25 percent levy on shipments of cars, steel and aluminum.
South Korean officials are currently in Washington in an attempt to persuade the Trump administration to lower the duties.
With former president Yoon Suk Yeol now permanently removed from office after his failed martial law decree in December, a snap presidential election on June 3 is seen as a key opportunity to restore political stability and shore up consumer and business confidence in Asia’s fourth-biggest economy. Markets are betting that a new administration will have more firepower and a clearer mandate to take effective actions to revive economic activity.
Economists reckon Asia will likely to be the worst hit from US tariffs, which will drag on regional growth through weaker business investment and sentiment, requiring central
Japan is wary of similar restrictions after Beijing earlier this month added seven rare earths to its export control list in response to punitive tariffs imposed by Washington. Saito said he asked Chinese officials to make the “correct decisions” with regards to the handling of rare earths.
Japan needs to walk a tightrope over US-China relations because it also leans heavily on the US as it sole formal security ally. The largest overseas US military troop presence is based in Japan, and Trump has in recent days resumed his long-standing demand for Tokyo to pay more for US military bases.
But any demands from Washington on Tokyo to downgrade its economic relationship with China would potentially deal Japan a major economic blow.
“It’s going to be really, really bad for Japan if it sees a drop in trade both with the US and China,” said Yu Uchiyama, a professor of political science at the University of Tokyo. “If policymakers say let’s abandon China, business people will of course oppose it.”
banks to step in with looser policy settings.
Last week, the BOK warned the economy faced considerable downside risks from Trump’s trade agenda, but a wobbly won and a surprise pick up in inflation in March helped convince the central to hold interest rates steady at 2.75 percent. Even as the BOK moved cautiously, the government announced a 12 trillion won ($8.4 billion) supplementary budget plan as it seeks to spur the economy by front-loading fiscal spending.
The central bank had previously projected GDP would grow 0.2 percent in the first quarter. Only two out of the 16 economists surveyed by Bloomberg in April predicted negative growth, while six predicted zero growth. Further out, they cut their forecasts for growth in 2025 to 1.4 percent from 1.6 percent in the previous survey, while the 2026 outlook was trimmed to 1.9 percent from 2 percent.
Neda officials to stay amid Depdev transition
By Bless Aubrey Ogerio
THE country’s chief economist
confirmed no terminations for the officials of the National Economic and Development Authority (Neda) as its transition into the Department of Economy, Planning, and Development (Depdev) will take effect on April 27.
Socioeconomic Planning secretary
Arsenio Balisacan said that the undersecretaries and assistant secretaries will retain their positions under the new department.
“The Economy Planning and Development Act was signed by the President on April 10 and published in the newspapers on April 12, 15 days after publication, by law, it will become effective, which will be on April 27. In the meantime, we are still NEDA until that time,” Balisacan said in a press chat last week.
“The Secretary can organize or give the functions as defined by the current challenges of the time,” he added.
The move is part of a broader restructuring to streamline Neda’s functions, which have become more scattered over time due to various mandates.
The transition will also introduce new focus areas, including a unit dedicated to “futures thinking,” which will analyze long-term trends affecting the economy and society.
Balisacan described the transition as a “major game changer,” aimed at enhancing
Neda’s ability to link national policies with regional development goals.
“This law consolidates Neda’s functions, clarifying and strengthening its role in development planning, investment programming, and policy advisory,” he said. Regarding the budget for 2026, Balisacan shared that the Department of Budget and Management (DBM) is still finalizing the allocation.
“Senator [Juan Miguel] Zubiri just indicated an additional P150 million during the hearings, but I hope it can be a little bit more than that, but we are not asking much,” he said.
He emphasized that the focus will be on using existing resources efficiently and prioritizing assistance to local government units (LGUs), particularly in areas like resource mobilization, planning and monitoring.
“One of the things that we will be focusing on is our assistance to LGUs, particularly at the level of the regions and the provinces, assistance… so that they are able to use their limited resources to more impactful interventions,” he said.
Depdev ensures alignment of national and regional plans, integrates long-term strategies into budgeting, and addresses emerging challenges. It also strengthens government agencies’ planning and policymaking to promote equitable access to economic opportunities.
‘Package’ on table as DA woos Korean investors for N. Ecija agriculture project
By Andrea San Juan @andreasanjuan
ADELEGATION from the Department of Agriculture (DA) recently visited the Korea Agricultural Machinery Industry Cooperative (KAMICO) in South Korea to discuss investment opportunities and policy coordination related to the planned 20-hectare Korea Agriculture Machinery Industry Complex in Nueva Ecija.
In a statement issued on Thursday, DA said the visit of the Philippines’ Agriculture team in South Korea, which was spearheaded Agriculture Secretary Francisco P. Tiu Laurel Jr., one of the key topics tackled was the “package” of investment incentives that the Philippine government is offering to foreign investors, including an Income Tax Holiday for six years and a reduction of the Corporate Income Tax rate from 25 percent to 20 percent for eligible projects.
Recognizing the importance of clear and competitive incentives, KAMICO requested a follow-up meeting with the Department of Trade and Industry (DTI) in Manila to iron out the specifics and assess how their member-companies can fully benefit from the incentives.
DA noted that the delegation also addressed land lease issues, particularly the cost of renting the site in Cabanatuan City.
The DA said it “committed to coordinate with the local government unit [LGU] to determine a fair rental rate that would be mutually acceptable to both the investors and the city government, aiming to facilitate the project’s smooth implementation.” Meanwhile, the Agriculture department said a separate meeting was held with Tong Yang Moolsan (TYM), a South Korea-based agri-machinery firm with 70 years of experience in the industry.
TYM is known for its customized tractors and advanced machinery solutions tailored to specific farm needs, DA noted.
“The company has been actively participating in Philippine agri-machinery roadshows and has supplied equipment under the Rice Competitiveness Enhancement Fund [RCEF], in partnership with the Philippine Center for Postharvest Development and Mechanization
and DA Regional Field Offices,” DA said. For his part, Agriculture Undersecretary Jerome Oliveros explained that the DA’s shift toward a “Fit-for-Purpose” procurement approach, aligning with reforms under the New Government Procurement Act.
“Rather than favoring the lowest-cost suppliers, the DA prioritizes machinery that is durable, efficient, and supported by robust after-sales service,” DA said.
Oliveros proposed that TYM gather “testimonials” from Filipino farmers already using machinery to “reinforce public confidence in government-acquired equipment.”
DA urged TYM to explore machinery production for high-value crops such as coffee, cacao, onion, and coconut, while considering the Philippines’ “diverse” agricultural terrain.
“These engagements are part of the DA’s broader push to modernize the country’s agricultural sector and attract foreign investments to sustain long-term growth,” the agency noted.
Agriculture Attache Nikko Macalintal said the DA team also visited Asia Tech, a “prominent” South Korean agri-machinery company known for its innovations in rice and high-value crop machinery.
Asia Tech is currently focused on developing energy-efficient technologies, aligning with global sustainability trends, DA said.
The DA team explored potential areas of collaboration, particularly in connection with the development of KAMIC in Cabanatuan City.
“Asia Tech expressed plans to actively participate in the KAMIC initiative by sourcing local materials for the construction of their machines,” the Agriculture Department noted.
This strategy, it added, aims to “stimulate” the development of a local supply chain, fostering job creation and industrial growth in the Philippines.
“Asia Tech also committed to localizing their machinery designs to better suit the country’s unique agricultural conditions, ensuring improved efficiency and relevance for Filipino farmers,” DA said.
‘Cagayan still not under Comelec control despite mayor’s killing’
By Justine Xyrah Garcia
THE Commission on Elections (Comelec) on Thursday clarified that Cagayan province has not been placed under its control, despite the recent killing of a mayoral candidate during a campaign sortie.
In an interview, Comelec Chairman George Erwin M. Garcia said the fatal shooting of Rizal, Cagayan Mayor and reelectionist Joel Ruma is a “serious incident” but not yet enough to warrant placing the entire province under the poll body’s direct supervision.
“We cannot automatically place
Cagayan under Comelec control, even if the incident is serious.
At this point, we are evaluating whether it should at least be categorized as a red area. This might be the beginning of a broader pattern of election-related violence,” Garcia said in Filipino.
On Wednesday evening, Ruma was gunned down by still unknown men while campaigning.
Police reports show that the mayor sustained a gunshot wound that entered through his right shoulder and exited through his upper back.
He was rushed to Tuao District Hospital but was declared dead
on arrival. Two other individuals were also injured in the shooting.
One suffered a gunshot wound to the elbow, while another sustained wounds in the chest and lower back.
Meanwhile, Garcia called on the Philippine National Police to act swiftly and ensure that someone will be held accountable for such killing.
“We hope this serves as a wakeup call for the PNP. Immediate justice must be served by apprehending those responsible. As long as these perpetrators remain free, people will continue to believe
that elections cannot be peaceful,” Garcia said.
Currently, only two areas have been placed under Comelec control for the May 2025 midterm elections: Buluan in Maguindanao del Sur and Datu Odin Sinsuat in Maguindanao del Norte. Both were declared under Comelec control due to repeated reports of election-related violence.
Areas under Comelec control fall under the commission’s immediate and direct supervision, including oversight over all national and local officials, employees, and law enforcement agencies.
Marcos, FL leave for Vatican Thursday for Pope’s funeral
By Samuel P. Medenilla @sam_medenilla
MALACAÑANG announced President Ferdinand Marcos and First Lady (FL) Louise “Liza” A. Marcos left the country last Thursday to attend the funeral of Pope Francis at the Vatican.
“The First Couple will depart tonight. The funeral will be attended by the First Couple
this Saturday, April 26,” Palace Press Officer Claire Castro said in Filipino in a press briefing.
The funeral will be held at the St. Peter’s Square in the Vatican. His remains will be then interred at the Basilica of St. Mary Major in Rome.
AMindanao lawmaker on Thursday slammed Sonshine Media Network International (SMNI) anchor Jeffrey Celiz for fleeing the country and reportedly seeking asylum in Canada, saying there’s no need to hide if he’s innocent.
House Majority Leader Zia Alonto Adiong said Celiz should “man up” and face the criminal charges filed against him instead of invoking press freedom or persecution as grounds for evading accountability.
“He should be man enough to face his charges here. Nobody is persecuting him. I
“I can’t answer right now, because I haven’t been given details of what their itinerary will be,” she said.
She said they will also make an announcement who will serve as caretaker, while the First Couple is abroad and if they will be accompanied by other people.
The Supreme Pontiff died from stroke and a heart problem last Monday at the age of 88. Castro said she is still determining when the first couple will return since the President has other scheduled activities during the weekend.
Aside from Marcos, other state leaders who are will be attending the funeral include US President Donald Trump, Argentina President Javier Milei, and United Kingdom Prime Minister Keir Starmer. Leaders of international organization such as United Nations Secretary General Antonio Guterres and European Commission chief Ursula von der Leyen and Antonio Costa, head of the European Council will also join the event.
‘Man up,’ lawmaker tells SMNI’s Celiz over asylum bid
just want to remind him that he should not be too conscious of his rights as a person and as a journalist,” Adiong said. Celiz, along with fellow SMNI anchor Lorraine Badoy and Atty. Israelito Torreon, legal counsel of detained religious leader Apollo Quiboloy, is facing inciting to sedition charges filed by the Philippine National Police-Criminal Investigation and Detection Group (PNP-CIDG) in connection with an incident during the attempted serving of arrest warrants at the KOJC compound last August.
The case has been submitted for resolu -
tion by the Department of Justice.
Adiong, who also chairs the House Ad Hoc Committee on Marawi Rehabilitation and Victims Compensation, emphasized that Celiz should not invoke persecution as the Philippines remains “one of Asia’s freest countries” for the press.
“Freedom of speech is not absolute. I don’t think he can invoke persecution because it isn’t so. Our country is one of Asia’s freest—if not the freest—when it comes to the press,” he said.
The lawmaker also questioned why Celiz appeared unwilling to go through legal
‘Marcos has not misused his billions of confidential funds’
PRESIDENT Ferdinand Marcos has not misused his billions of confidential funds, according to Malacañang.
Palace Press Officer Claire Castro made the remark in a press briefing in Malacañang last Thursday when asked if the alleged
misuse of Vice President Sara Duterte of her intelligence fund will lead to calls for Marcos to account for his use of the same kind of fund.
“The Office of the President did not receive a notice of disallowance [ND],” she
said in Filipino. The Commission on Audit issues a ND for specific transaction or disbursement, which it deemed irregular or unauthorized.
For this year, the Department of Budget and Management (DBM) said the
Davao City allocates ₧99M to buy own buses for transport system
By Manuel T. Cayon @awimailbox
DAVAO CITY—The city government opted to buy its own first set of buses to switch on the ignition for the much delayed bus transport system of this city, one of two pilot cities in the Philippines for a bus transport to replace the jeepney system.
On Monday, the city government announced it entered into contract for P99 million with a city-based truck distributor to buy ten bus units “as part of its commitment to improving the city’s public transport landscape.”
The buses are 12-meter low floor units “designed for convenient passenger use, with modern amenities, offering seating for approximately 40 passengers along with provisions for standing commuters”, said lawyer Tristan Dwight
Go reaffirms push to expand PhilHealth benefits for poor
SDomingo, project manager of the Davao Bus Project in a news briefing at City Hall.
The contract for the DC Bus Interim Bus Service or DC Bus was signed on Monday following the regular procurement processes, he said, between the city government and the winning bidder, AutoKID Truck Solutions for 10 Yutong ZK6126HG buses.
“With the purchase of these new buses by our city, we aim to provide an interim measure to the public transport challenges that we have,” Domingo said, citing that the delays happened in several instances.
The units will be fielded by the fourth quarter of the year after the units will be delivered and its franchise, or temporary authority to ply the city routes, are granted by the Land Transportation and Franchising Regulatory Board. The new buses will initially be free for Dabawenyo
but a public insurance system funded by ordinary citizens. “AngPhilHealth po,hindi negosyo‘yan.Insurance ‘yan.Dapatmeron tayong masasandalan tuwing tayo’y nagkakasakit.” After numerous appeals from Sen. Go, PhilHealth has officially committed to implementing a wide range of reforms aimed at making healthcare more accessible and affordable for Filipinos, especially the poor and marginalized. Following the long-overdue scrapping of the Single Period of Confinement (SPC) policy, Go also called attention to the anti-poor 24-hour confinement rule, which prevented patients from availing of PhilHealth benefits unless confined for at least a day. In response, PhilHealth has repealed the policy and expanded coverage for emergency outpatient services, addressing a long-standing gap in the system. Notably, PhilHealth lifted the 45day annual limit on hospitalizations for members and their dependents, allowing continued coverage for prolonged illnesses—especially those involving
commuters along the seven routes most used by commuters, the city information office said.
Recently, Mayor Sebastian Duterte directed Domingo’s office to explore the city’s longstanding Peak Hours Augmentation Bus Service (PHABS), another program to address the mounting traffic, due to increased number of cars and motor vehicles and the partial implementation of the phaseout of jeepneys supposed to give way to the bus system.
The Land Transportation Office disclosed in previous news briefing that it had phased out 1,000 jeepney units, or an equivalent of 20,000 commuters left stranded in the streets in a given oneway ride back home during rush hours.
The bus transport system under the Davao Public Transport Modernization Project (DPTMP) was originally called High Priority Bus System (HPBS), which is
chronic or life-threatening conditions. Go had earlier called attention to these policies, stating during the event: “‘Yung pinangako nila, single period of confinement policy na bawal kang i-admit sa loob ng 90 days muli sa pangalawang pagkakataon, tinanggal nila. Ngayon, isinama na rin ‘yung check-up sa mata, check-up sa ngipin, pati ‘yung 45 days policy na hindi ka na puwedeng i-cover pagdating ng 46 days—kalokohan ‘yon. Mapipigilan ko ba magkasakit?”
processes in the country if he believed he was not guilty.
“We have so many responsible journalists here fighting it out with their perceived and alleged tormentors. Why can’t he?” Adiong said.
According to Adiong, seeking asylum in another country only undermines Celiz’s claim of innocence.
“As far as I’m concerned, seeking asylum for him and his family is unnecessary. Mr. Celiz has been accused of violating the law, and now that he is being given the chance to defend himself, he will just run away, evade and seek asylum? I think only cowards do that,” the lawmaker added.
Justine Xyrah Garcia
OP received the biggest confidential and intelligence funds this year at P4.5 billion. Last February, Duterte was impeached by the House of Representatives after 215 of its members voted in favor of it. Senate President Francis Escudero said the impeachment trial will start by July and concluded by October. Samuel P. Medenilla
part of the Public Utility Vehicle Modernization Program of the Department of Transportation (DOTr) that was hatched in 2015.
The DOTr tapped the Asian Development Bank for the program that identified this city and Cebu as pilot areas. Funding and implementation delays hounded the program several times, even before and immediately after the Covid-19 pandemic.
Domingo said the city government will shoulder the purchase of the buses saying that the ADB funding is expected yet in 2027.
Last year, the city and national governments signed contracts for civil works of the project which includes bus stops, bus lanes, depots, and terminals of the projects but the DOTr said the project had to be postponed due to right of way issues with 32 landowners. The city government believed the postponement was also due to the current political bickerings between the administration and the Dutertes.
Growth vs global headwinds: IMF’s revised forecast and PHL’s path forward
THE International Monetary Fund’s (IMF) recent downward revision of the Philippines’ economic growth forecast to 5.5 percent for 2025 is a sobering reminder of the challenges facing the country’s economy. This projection, which falls short of the government’s target of 6 to 8 percent, underscores the need for policymakers to reassess their strategies and take proactive measures to mitigate the risks and stimulate growth. (Read the BusinessMirror story: “IMF cuts PHL growth outlook from 6.1% to 5.5%,” April 23, 2025).
A major factor behind the downward revision is the imposition of higher tariffs by the US on Philippine exports, a move that directly threatens the competitiveness of key sectors reliant on foreign markets. This development underscores the country’s continued exposure to global trade tensions and the fragility of our export-driven growth model amid shifting geopolitical dynamics.
The IMF’s observation of “unprecedented” trade policy uncertainty echoes a broader global trend where protectionism and trade disruptions are testing the resilience of economies worldwide. For the Philippines, which is still recovering from the pandemic’s economic fallout, such external shocks complicate efforts to sustain robust growth and maintain investor confidence. Despite these challenges, there are bright spots in the outlook. Domestic consumption remains the engine of growth, buoyed by lower inflation and low unemployment. This internal demand provides a critical buffer against external headwinds and highlights the importance of maintaining price stability and employment levels.
The IMF’s endorsement of recent legislative reforms aimed at accelerating infrastructure development through public-private partnerships is timely. These reforms could pave the way for increased foreign direct investment, enhanced productivity, and job creation—essential ingredients for long-term sustainable growth.
The downward revision of inflation projections to 2.6 percent in 2025 is a welcome development, suggesting that price pressures may ease, providing the Bangko Sentral ng Pilipinas with room to adopt a more accommodative monetary stance. The BSP’s recent rate cut signals a proactive approach to supporting growth without compromising inflation targets.
However, the IMF’s caution regarding inflation risks—ranging from supply chain disruptions to climate-related shocks—reminds us that vigilance remains paramount. The BSP must continue a data-driven, flexible policy stance coupled with transparent communication to manage market expectations and maintain credibility.
The IMF’s global growth downgrade to 2.8 percent reflects a world economy grappling with trade realignments and heightened uncertainty. For the Philippines, this means navigating a more volatile external environment while reinforcing internal economic fundamentals.
To rise above the challenges, the government must prioritize structural reforms that enhance competitiveness, diversify export markets, and build climate resilience. Investing in human capital, digital infrastructure, and sustainable industries will also be crucial to future-proof the economy.
External shocks and uncertainties could dampen growth, but the nation’s economic outlook is still reasonably good. With judicious policy action, sound fiscal management, and a focus on inclusive growth, the country can not only meet but eventually exceed its development goals. The IMF’s forecast should serve as a catalyst for deeper economic reforms and renewed commitment to building a resilient, dynamic economy capable of thriving in an unpredictable global landscape.
BusinessMirror
FFW: Execution bond of Magna Carta disproportionately punishes seafarers
TPinoy Marino Rights
HE execution bond requirement serves no legitimate purpose other than to delay the delivery of justice to seafarers who have already endured long and costly legal battles.
Thus declared Federation of Free Workers’s (FFW) president and lawyer Sonny Matula in the petition filed before the Supreme Court on March 20, 2025, along with three seafarers, that challenges Sections 59 and 60 of Republic Act 12021, also known as the Magna Carta for Filipino Seafarers.
RA 12021 was enacted into law by President Ferdinand Marcos, Jr. on September 23, 2024 with the intent to promote the rights and welfare of Filipino seafarers. The implementing Rules and Regulations (IRR) was signed on January 8, 2025.
Section 59 of RA 12021 “requires that before a disputed amount of a monetary award in favor of a seafarer can be executed while the NLRC or voluntary arbitrator’s decision is pending appeal with the courts, the seafarer must first file a bond sufficient to fully restitute the amount in case the award is eventually reversed by the courts.”
Matula stressed that the petition is of utmost economic and social significance, as it determines whether Filipino seafarers—who signifi-
cantly contribute to the Philippine economy through remittances and maritime trade—will have unhindered access to just compensation.
The bond requirement if allowed to stand will have an adverse impact on the ability of Filipino seafarers to claim the compensation and benefits rightfully awarded to them.
As it affects all seafarers seeking redress for labor-related claims, Matula noted that the monetary awards granted to seafarers by labor tribunals constitute not only earned compensation and benefits but also means of subsistence for their families. These funds are a matter of survival for thousands of seafarers who often face prolonged unemployment or disability due to workplace hazards.
Imposing a bond requirement as a condition for execution unjustly delays access to these funds, which seafarers rely on for their livelihood.
The bond requirement places an undue burden on seafarers, delaying the execution of decisions in their favor, and is discriminatory because it applies only to seafarers and not to
land-based workers.
Matula noted that the petition solely concerns the constitutionality of Section 59 as it involves an inquiry into whether the law’s bond requirement for seafarers constitutes a violation of equal protection and a denial of access to justice, particularly in light of the principle of social justice for labor enshrined in the 1987 Constitution.
The petitioners argue that these provisions unfairly single out seafarers by imposing financial obligations that land-based workers do not have to fulfill.
The imposition of a bond requirement exclusively on seafarers, while no similar obligation is placed on land-based workers, results in an unjust and discriminatory application of the law.
In the event of an adverse ruling, a seafarer forfeits the amount posted as a bond, whereas no equivalent financial obligation is imposed on non-seafarer workers under similar circumstances.
This disparate treatment violates the constitutional guarantee of equal protection under Article III, Section 1 of the 1987 Constitution.
Equal protection requires that individuals or groups similarly situated be treated alike under the law.
By singling out seafarers for a bond requirement without a substantial distinction that justifies the differential treatment, Section 59 of RA 12021 creates an unreasonable and arbitrary classification, rendering it constitutionally infirm.
Both classes of workers pursue monetary claims arising from em-
ployment, and there is no compelling reason why only seafarers should bear this additional financial burden. The differentiation between seafarers and land-based workers is not germane to the purpose of the Magna Carta for Seafarers. Matula pointed out that the provision was allegedly included to address the issue of ambulance chasers, already penalized under RA 10706, but it disproportionately punishes seafarers instead of addressing the root cause.
He noted that the inclusion of the bond requirement is a result of strong lobbying efforts by shipowners, manpower agencies, and employers who sought to undermine the swift execution of labor awards. The House version contains the controversial escrow/execution bond provision while these were omitted in the Senate version.
Both Houses of Congress through the bicameral committee convened three times (December 6, 2023, then May 23 and July 31, 2024) just to restore the provision on the execution bond. The House contingent led the reinstatement of the said provision. The bicameral committee in the first report omitted the escrow but retained a provision on execution bond. The whole provision was deleted in the second report but was reinserted in the third report.
Atty. Dennis R. Gorecho is the Junior Partner who heads the seafarers division of the Sapalo Velez Bundang Bulilan law offices. For comments, e-mail info@sapalovelez.com, or call 09088665786.
Navigating geopolitical realignments: Economic implications for the Philippines
AS the world undergoes significant geopolitical realignments, the Philippines finds itself at a critical crossroads. From intensifying US-China tensions to regional security challenges in the West Philippine Sea, the country’s economic and political future is being shaped by forces beyond its control. While these shifts bring opportunities for trade diversification and investment, they also expose the country’s vulnerabilities to economic disruptions. Can the Philippines successfully adapt to these changes and secure its place in the evolving global order?
affecting Philippine trade and investment. As reported by the Philippine Statistics Authority, the US remains a vital partner, comprising approximately 16.6 percent ($12.12 billion) of Philippine exports and 6.4 percent ($8.17 billion) of imports in 2024. Conversely, China remains the largest trading partner overall, accounting for around 25.8 percent ($32.81 billion) of Philippine imports and 12.9 percent ($9.44 billion) of exports. However, the economic uncertainty from US-China tensions has reshaped the country’s investment approach, notably with the withdrawal from China’s Belt and Road Initiative due to unfulfilled promises of $24 billion in infrastructure funding. Subsequently, the country has shifted to attract investments from US and Japanese initiatives, including the Partnership for Global
Infrastructure and Investment, emphasizing sectors such as railways, renewable energy, ports, and semiconductor manufacturing. Furthermore, amid a new Trump trade policy imposing a 20 percent tariff on all imports from China, global manufacturers are gradually employing “China+1” strategy (where companies diversify their manufacturing and supply chains beyond China to mitigate supply chain vulnerabilities). With this, the Philippines is increasingly seen as a preferred “plus one” destination in Southeast Asia, as stated by the Philippine Economic Zone Authority (PEZA) recently. This is, therefore, expected to significantly boost foreign direct investments (FDIs) in the country, resulting in more jobs. However, to fully capitalize on these See “Eagle Watch,” A13
Dennis Gorecho EAGLE WATCH
Raymund G. Macanas
From promise to progress: Building the Philippines we dream of
By Henry Go
AS we head towards the midterm elections of 2025, we, the Filipino people, are on the threshold of change. With 317 congressional and 12 senatorial seats at stake, it is really our time to exercise with utmost importance our sacred right to vote— according to our conscience rather than one governed by convenience or self-interest. Let us remember: the vote is sacred. Choose candidates with integrity, depth, proven competence, and a record of service—because our future demands nothing less. Meaning, it is more than just writing names on a ballot. This is about conscience over celebrity, values over popularity, and real change over empty promises.
We need leaders who act—not just talk
OUR country is indeed facing some serious problems: inflation, inadequate infrastructural facilities, corruption, unemployment, natural disasters due to climate, threats to sovereignty, and so on. These cannot be solved by politicians who generally depend on rhetoric and the pointing of fingers. We need real leaders —those who listen, work hard, and stay committed beyond the campaign season.
True leadership is service, not self-promotion. It means thinking beyond six-year terms and doing what’s right even when it’s unpopular. We need leaders who put the country above personal gain, and who are judged not by fame, but by the good they do.
Government that works like our best enterprises
ENVISION a government that is open, accountable, and efficient and where red tape does not stifle individuals with paperwork and small businesses are never seen as obstacles, but rather as partners in progress. Governance must empower citizens as opposed to keeping opportunities at bay or wasting their time.
The solutions we need do not arise from political theater or instant fixes. They come from leaders that elevate others and understand that the strength of a nation emanates from the people.
Stop short-term fixes—We need long-term solutions
GOVERNMENT should not be a fire department that respond only to exploding problems. We need proactive leaders who look ahead and prevent crises rather than await their occurrence.
This means more foresight, quicker delivery of public services, fewer bureaucratic hurdles, and growth that benefits everyone—especially those who have long been left behind.
Governance should therefore become a strategic affair, not merely a reactive one. Consider investing in long-term infrastructure, smart technology, and business-friendly policies that look far into the future —whether that is climate change or digital disruption. The essence of true leadership is not the management of the moment but the crafting of a future.
Strong institutions, not just strong leaders
LASTING progress isn’t built on charisma. It’s built on strong institutions that serve with integrity, protect rights, and uphold the law— no matter who’s in power. We need courts that deliver fair justice, police who protect, and public offices that serve without corruption.
Too much is lost when progress resets every six years. Let’s build systems that stay strong no matter who is elected—where professionalism, transparency, and accountability are the norm. We need a government built to last. When institutions are strong, trust grows. And when trust grows, a nation moves forward.
Choose merit, not fame or family PUBLIC office isn’t a prize for the rich and famous or the well-connected.
Jorge Bergoglio: The unexpected Pope
IT is to our misfortune that he has passed on this time. We are fortunate though that there is a documentary made more prominent after the death of the Pope. The docu is titled The Great Popes and has for its first episode the life and reign of Pope Francis.
Our country is indeed facing some serious problems: inflation, inadequate infrastructural facilities, corruption, unemployment, natural disasters due to climate, threats to sovereignty, and so on. These cannot be solved by politicians who generally depend on rhetoric and the pointing of fingers. We need real leaders —those who listen, work hard, and stay committed beyond the campaign season.
It’s a responsibility that demands competence, integrity, and service. For too long, we’ve allowed celebrity appeal and political dynasties to win over qualifications.
The result? Poor services, failed or sub-standard projects, political patronage and public frustration. It’s time to change that. We must choose leaders based on merit—not their last name, not their wealth, and not their popularity.
Say no to corruption and votebuying
CORRUPTION steals from everyone. Every peso lost to corruption is a peso taken from schools, hospitals, and roads. Vote-buying may seem harmless, but it sells our future short.
We must reject politicians who use power for personal gain and treat public office as private property and family business. It’s time to say no to vote-buying; say no to dynasties; say yes to honest, accountable leadership.
Let’s break free from these old, destructive ways. We deserve better. Better government starts with better citizens
POLITICIANS alone cannot bring change. It begins with us—the citizens. A strong democracy is built on informed, engaged voters who hold leaders accountable.
When we know and understand the power of our vote cascaded with the consequences of our choices, an optimistic future gradually starts emerging. It begins with voter education – by knowing the issues, rejecting fake news, and thinking beyond personalities.
Let us question, learn, and teach our youth what citizenship is about. Smart and principled voters would ensure honest and performing leaders.
Our future is in our hands THE Philippines we dream of— stable, just, and prosperous—won’t be built in a day or delivered by slogans. It begins with responsible voting, grows through leaders who serve, and is sustained by systems grounded in integrity and good governance.
This is our responsibility as citizens: to vote wisely, live our values, and hold our leaders accountable. Let us not vote merely with hope, but with wisdom, courage, and the conviction that we can shape a nation that truly works for all.
If we rise to the moment, 2025 won’t be just another election year. It will be the turning point—when hope became action, and action became lasting change.
We have witnessed how in many ways the former Jorge Bergoglio surprised the world with his selection —and election—to the Chair of St. Peter. Here in this documentary, we have that day (night actually) when the white smoke blew out of that most famous chimney and the Latin words that became most popular among the countless Catholics waiting for that auspicious event: “Habemus Papam!”
We have a Pope.
What we remember now about the cardinal from Argentina was how different he was. In fact, the title of the episode about him is “The Revolutionary Pope.” That label, however, is so in-your-face that it becomes unnecessary to define what the former Jorge Bergoglio was—that he was indeed revolutionary.
First impression lasted: The documentary recalls that fateful night. Who is the new Pope? For us the uninitiated, we see a tall and big-boned man, in white, stepping out onto the loggia or covered porch and issuing the first official greeting: Buona Sera Good evening.
Simple. Familiar. More than the simple greetings, however, was his choice of cassock. He decided to wear the basic white, without, as annotated, the red cape that would have made his appearance more regal—the kind of mighty Pope that position demanded to be presented. In what would be his characteristic self-effacement, Pope Francis compared his being a Pope to that of
being selected to be the humble Bishop of Rome. And he added: they had to get this Bishop from the farthest point in the globe. He was referring to Argentina.
The new Pope was also the first Jesuit Pope.
Elizabetta Pique, journalist and biographer of Pope Francis, admitted that the conclave was not easy for Bergoglio. Pope Francis was not admittedly the most popular choice. They had issues with his age—he was old for the post. There were also rumors that had to do with his health.
One of these was that he was missing one lung, and when he was 20 or 21 years of age, he was so sick that they had to remove one of his lungs.
This was not true, Pique would attest.
The fact remained: Bergoglio was different, not in the physical sense of it but more in the ideological and theological sense of the matter.
What name would he assume? I remember when it was posted that he chose to be called Pope Francis, there was a wave of approval from those who had Jesuit education: the new Pope was celebrating the name of one of the greatest Jesuit saints, Fr. Francis Xavier. Once more, the citizens of the whole Christendom had the surprise of their life when the new Pope declared his name was inspired by St. Francis of Assissi. The implication was great: his papacy would be for the Church that is poor and for the poor. Later, Pope Francis
would state that the greatest enemy of the church is money. Under his administration, he closed some 5,000 banking accounts. There were politicians and other shady characters who were using the so-called IOR (the Istituto per le Opere di Religioni), the Institute for the Works of Religion, or the Vatican Bank.
Each day of the papacy was one surprise after another, one shocking revelation after shocking ideological revelation. Up on the plane with journalists, he delivered one of his most controversial statements: Who am I to refuse a homosexual who is looking for God? Who am I to judge a Gay person?
Pope Francis refused to live in the designated Papal palace and instead opted to stay in Casa Marta. His explanation for this was very grounded and basic: I need to be with people.
The new Pope refused solitude.
There are two powerful images of Pope Francis when he was still alive: the Pope walking alone, with the massive walls of the ancient structures of the Vatican framing him and, the Pope amidst the huge crowd of people, in some instances non-Catholics.
In one of these solitary moods, a video showed him entering a compound and politely telling the guard who, flustered with the Pope right
there to his face, that he did not have his ID but he would not steal anything. The guard sheepishly answered: We have seen you, Your Holiness.
In a more incendiary scenario, we see the Pope alighting from his vehicle. He was in that area where he was facing the tall and strong wall set up by the Israeli forces to demarcate Palestinian territories. Pope Francis walked to the wall and, instead of delivering a speech or issuing a statement, he slowly approached the wall and, with his hand, first stretched, he held the wall and touched his forehead against it as if in a deep prayer. Earlier, with journalists again, one of them asked Pope Francis to clarify his statement about all religions wanting peace and if this is so, how to deal with Islamic violence. To this, Pope Francis stated how it is not right to identify Islam with violence. For the Pope, it is not right, and it is not the truth.
These statements come from the person who, in the last month when he was already sick, kept calling Gaza to find out if people there are alright. This is the Pope now lying in state in the Vatican and once more the world is not alright.
E-mail: titovaliente@yahoo.com
Trump should stop ‘lose-lose game’ on trade, ECB’s Villeroy says
PBy Jana Randow
RESIDENT Donald Trump has signed up the whole world to a “lose-lose game” on trade based on flawed economic arguments, according to a top European Central Bank official.
Trump’s trade tirades dampen economic growth, including for the US, and threaten to undermine financial stability, Francois Villeroy de Galhau, a member of the bank’s Governing Council, said Tuesday in a speech in New York. He called for de-escalation to avoid a spiral of rising tariffs.
“It’s more crucial than ever, across the Atlantic, to tell the truth, to fully assess the damage of a trade war, and to open the way for a possible positive dialog,” said Villeroy, one of Europe’s most influential central bankers.
Villeroy’s comments are among
Eagle Watch. . .
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opportunities, the Philippines must address existing infrastructure deficits, regulatory barriers, and high energy costs to further enhance its competitiveness as an attractive investment destination.
The ASEAN’s recent economic integration initiative, particularly through the Regional Comprehensive Economic Partnership (RCEP), also promises significant economic benefits, linking the Philippines to a trade bloc representing 30 percent of the world’s population and GDP. However, persistent territorial disputes in the West Philippine Sea and ASEAN’s internal divisions, notably highlighted by the unresolved political crisis in Myanmar, pose threats to regional economic stability and cohesion. As such, the Philippines must carefully navigate these complexities, balancing regional cooperation with strategic bilateral engagements to sustain
the harshest yet out of the European Union, a longstanding security and economic partner under every other American president since the end of World War II.
He challenged Trump’s claims that the European Union was created to “screw” America, arguing that the bloc was constructed to bring lasting peace, democracy and a market economy to Europe after the war.
“These are three key American values, and this union was legitimately founded with American support,” he said.
Villeroy’s remarks come just hours after the International Monetary Fund sharply lowered its forecasts for world growth this year and next, and warned that the outlook could deteriorate further in case of a full-fledged trade war.
Earlier on Tuesday, ECB Presi-
economic growth and stability.
On the other hand, the recent expansion of BRICS (Brazil, Russia, India, China, South Africa), particularly with influential oil producers Saudi Arabia and the UAE joining, challenges Western centric global financial institutions. Although not a BRICS member, the Philippines must assess the economic implications as ASEAN neighbors such as Indonesia, Malaysia, and Thailand pursue closer ties with BRICS economies. For the Philippines, maintaining economic neutrality ensures stability in critical financial sectors, particularly remittance channels heavily dependent on Western financial systems. In particular, shifting alliances in the Middle East hold significant implications for Philippine economic stability. With over 800,000 Filipinos employed in Saudi Arabia and millions across the Gulf region, regional stability directly affects the country’s energy security and overseas remittances. Nonetheless, the Philippines must remain vigilant to potential oppor-
dent Christine Lagarde urged European Union governments to lower internal trade barriers to make its economy more resilient to outside shocks.
Uncertainty over Trump’s trade intentions are catching the 20-nation euro economy at a vulnerable time. Manufacturing and private consumption had just begun to show signs of life after many months of sluggish demand, with a recovery now at risk because of heightened uncertainty.
‘Prosper together’ VILLEROY also argued that it was also important “to set the record straight on economics.”
“International trade is not a zero-sum game, where one country’s gain is necessarily another country’s loss,” he said. “On the contrary, it’s
tunities arising from BRICS-led economic initiatives.
On the other hand, Russia’s ongoing conflict with Ukraine continues to impact global commodity prices, significantly influencing Philippine inflation. Oil and fertilizer import costs surged, notably doubling petroleum import expenses in early 2022, thereby exacerbating inflationary pressures. Philippine economic pragmatism led to the cancellation of a $228 million Russian helicopter contract, driven by the imperative to avoid Western economic sanctions and preserve vital economic channels, including remittance flows. Nevertheless, geopolitical instabilities underscore the necessity for Philippine energy diversification strategies, including renewable energy cooperation with Middle Eastern countries to secure stable and affordable energy resources. Recognizing rising geopolitical risks, the Philippine government even increased its defense budget by 12.3 percent for 2025, reaching P271.9 billion ($4.65
the most effective way to prosper together by exchanging goods and services, ideas, talent, and innovation.”
The US must also recognize that its surplus in services with Europe has widened substantially over the past years, he said, and stressed that value-added taxes are not a customs duties, as suggested by the Trump administration.
Villeroy added that the ECB’s base case is for inflation to return to 2 percent this year without a recession, expressing hope that trade negotiations with the US can produce positive results. At the same time, he said, it’s within Europe’s interest to increase deals with other countries and ensure the region becomes stronger by investing better and innovating faster. Bloomberg
billion), strategically reallocating resources to enhance national security, safeguard trade routes, and protect sovereign resources. In essence, the global shift in supply chains driven by geopolitical frictions presents strategic economic opportunities for the country. Navigating these geopolitical realignments demands strategic economic policymaking. Immediate risks such as inflationary pressures, remittance volatility, and investment uncertainties necessitate prudent macroeconomic management. Concurrently, proactive economic diplomacy, strategic trade diversification, targeted infrastructure investment, and energy security initiatives will allow the Philippines to capitalize on long-term opportunities arising from these global shifts, thus ensuring sustainable economic growth amid geopolitical uncertainties.
Tito Genova Valiente ANNOTATIONS
Friday, April 25, 2025
Alien meddling in May polls eyed by Comelec
By Justine Xyrah Garcia & Butch Fernandez
THE Commission on Elections confirmed on Thursday that there are possible attempts by foreign entities to interfere in the May 12 national and local elections.
In an interview, Comelec Chairman George Erwin M. Garcia said the poll body began noticing attacks nearly a month ago—including coordinated efforts on social media that target the commission and the electoral process. Garcia said these include several social media posts criticizing the
commission itself and the entire election process, all of which immediately get at least 700,000 views and 32,000 comments.
For the poll chief, these coordinated online activities aim to influence public opinion and cast doubt on the legitimacy of the elections.
“To even influence the election,
to dictate, and to condition the minds of the people on whether to accept or reject the results. There will be no cheating in the elections. We will be fair," he added, partly in Filipino.
NSC hints at China’s hand GARCIA'S confirmation comes after the National Security Council announced that there are indications that China may be interfering the Philippines’ May 12 polls.
NSC Assistant Director General Jonathan Malaya said during a Senate hearing led by Sen. Francis Tolentino that “Chinese statesponsored groups in the Philippines are actually interfering in the forthcoming elections.”
Malaya added that certain narratives coming from Beijing are being echoed by local proxies.
One example, he said, is how statements framing the Balikatan military exercises as a threat to regional peace have been repeated locally— reflecting the same “script from Beijing.”
Comelec believes these types of attacks may be part of a “larger picture” to destabilize institutions, particularly when old issues suddenly resurface online.
“It seems we’re not even the real target. But it’s unfair that people who are just doing their jobs end up getting dragged into this. Hopefully, that doesn’t happen,” Garcia said.
He also urged the public to remain vigilant when consuming information online, especially amid the rise of misinformation and disinformation.
In March, independent think tank Stratbase warned of a “shadow war” being waged in Philippine cyberspace as Chinese cyber troops have been allegedly manipulating discourse and suppressing critical voices online. (Related: https:// businessmirror.com. ph/2025/03/12/chinesecyber-troops-wage-shadow-war-in-phl-cyberspace-stratbase/).
Tolentino’s warning IN Thursday’s hearing of his special committee on maritime and admiralty zones, Senator Tolentino sounded the alarm on what he called a continuing campaign by China to thwart the Philippines’
efforts to defend its territory through a three-pronged campaign of media-information warfare, psychological warfare and legal warfare, and urged all Filipinos to support the government in fighting this.
Tolentino lamented the use of Filipinos to, among others, provide the warm bodies for a troll army parroting China’s messages, and strongly urged Filipinos to fight “no less than a concerted effort for China to conquer us without really fighting.”
China, he said, “does not want the Philippines to have the will to defend its territory,” and is actively campaigning, through so-called “keyboard warriors” to roll back efforts to assert Philippine rights over maritime territory.
The Beijing government’s “hidden and sinister agenda” to finance a troll farm in a covert operation is apparent in the surge of mass media content, basically parroting China’s official lines on a number of issues, and worse, attacking those deemed opposed to Beijing’s advocacies. By resorting to information, psychological and legal warfare, China can continue to paint itself a voice of reason and rule of law in maritime issues, said Tolentino.
In short, said Tolentino—reputed as an expert in international law—all the activities and operations financed and encouraged by China are “nothing less than a concerted effort for China...to conquer us without fighting.”
To counter the ramped-up campaigns of the Chinese government using Filipino entities, the senator filed Senate Bill 2591 imposing punishment for interference through hostile intelligence activity , making it a nonbailable offense.
He is also backing the amendatory measures to update the archaic anti-espionage law, which Senate President Pro Tempore Jinggoy Estrada champions. Tolentino, part of the administration’s Alyansa para sa Bagong Pilipinas senatorial slate for the May elections, urged Filipinos to support “current efforts of the Executive” to counter China’s multipronged campaigns to “conquer” the Philippines without open, traditional warfare.
Commercial fishing in municipal waters challenged anew
By Jonathan L. Mayuga
AFRAMER of the Constitution, a Catholic leader, and an environmental lawyer asked the Supreme Court on Thursday to review a Malabon Regional Trial Court decision allowing commercial fishing in the 15-kilometer municipal waters. The petition for certiorari was filed on behalf of the Filipinos by Christian Monsod, one of the framers of the 1987 Constitution, Cardinal Pablo Virgio David, and environmental lawyer Grizelda Mayo-Anda. It aims to prevent commercial fishing in municipal waters on account of the assailed Malabon RTC
decision dated December 11, 2023. The petitioners want the Supreme Court to reverse the Malabon RTC decision to remand the case for trial before the RTC and to order the private respondent Mercidar Fishing Corporation to implead all indispensable parties in the case. Named respondents were Mercidar Fishing Corporation, Judge Zaldy B. Docena, the Department of Agriculture-Bureau of Fisheries and Aquatic Resources, and the Office of the Solicitor General.
According to the petitioners, the respondents DA-BFAR and Office of
Editor: Jennifer A. Ng
ICTSI sees minimal impact from new US trade policy
By Lorenz S. Marasigan @lorenzmarasigan
GLOBAL port operator International Container Terminal Services Inc. (ICTSI) said on Thursday the trade war of United States President Donald Trump has yet to deliver a “material impact” on its operations, but noted that its terminal in Mexico could see some pressure depending on how the tariff dispute evolves.
ICTSI Chairman and President Enrique K. Razon Jr. told shareholders during the company’s annual stockholders meeting that it remains “too early to tell” the full
effects of the escalating trade war, citing the unpredictable nature of policy moves under Trump’s administration.
“Trump is flip-flopping every
day. It’s still early to tell how these tariffs will settle,” Razon said. “Our operations are very diverse. The only major impact that could be possible would be (at the) Manzanillo terminal in Mexico, but so far it is still a wait-and-see.”
Despite concerns, Razon said only a small portion of ICTSI’s global trade exposure is directly linked to the United States.
“Out of our portfolio trade with the US is only 3 percent. I suspect with the massive industrial installed capacity of China that they will be looking for other markets. So, (tariff effects) may be offset, one (will) offset the other.”
Despite the uncertainties, ICTSI is actively expanding its global footprint. The company recently acquired a stake in a Brazilian port, allocating $580 million in capital expenditures for 2025, marking a 10-percent increase from the previous year.
ICTSI posted a 66-percent surge in net income for 2024, reaching an all-time high of $849.8 million, driven by higher operating income and interest earnings from a strong cash balace.
Revenues from port operations climbed 15-percent year-on-year to $2.74 billion, buoyed by higher volumes, tariff adjustments, and increased revenue from ancillary services.
The company attributed the growth to an improved container mix, better trade activities at certain terminals, and expansion initiatives.
Container throughput reached 13.07 million twenty-foot equivalent units (TEUs), marking a 2-percent increase from 12.75 million TEUs in 2023, thanks to better trade performance and the addition of the Visayas Container Terminal in Iloilo.
SPEC kicks off oil depot operations
SE ashell Petroleum Energy Corp. (SPEC) has officially started its import-receiving oil depot business with the launch of its operations in Cebu.
SPEC, an affiliate depot firm of Insular Oil Corp, said Thursday it opened its doors for business last April 16. The launch of SPEC’s depot in San Fernando, Cebu province follows three years of planning and construction, the company said in a statement.
The depot, located on a 3.6-hectare site, currently houses three large storage tanks for gasoline and diesel, with a combined capacity of 25.9 million liters. The terminal itself is designed to accommodate up to 130 million liters, providing ample room for future growth and enhanced operational flexibility. Looking
Unilever boosts sales
Unilever Plc beat estimates for sales at the start of its fiscal year as a result of price increases, demand for premium products and improved performance in some markets.
The maker of Dove soap and Ben & Jerry’s ice cream, which appointed Fernando Fernandez as its new CEO in March following the ouster of Hein Schumacher, said underlying sales grew by 3 percent during the first quarter, more than analysts expected. It confirmed guidance for the year.
Unilever is in the midst of a turnaround that is focused on higher growth divisions and the sale of underperforming food brands. It is cutting thousands of jobs and spinning off its ice cream division, which will be listed in the Netherlands from July 1 and renamed the Magnum Ice Cream Company.
Shares in Unilever fell as much as 1.4 percent in early trading, before paring back. The stock had risen 24 percent in the 12 months through Wednesday’s close. Bloomberg News
ahead, SPEC is actively laying the groundwork to expand its aviation fuel facilities, aiming to meet the increasing demands of airlines operating in the region. This strategic move reinforces Seashell’s position as a key player in Cebu’s fuel supply chain.
The establishment of SPEC was spearheaded by Insular Oil Corp. Chairman Emeritus Chito Villavicencio. The Villavicencio family owns Petro Gazz.
“We hope that together, we would be able to move forward for the economic benefit of San Fernando, along with its nearby towns and cities. We aim not only to provide jobs but opportunities, because once you have fuel in a city, there will be other industries that would come,” said Villavicencio. Lenie Lectura
Bloomberry to unveil gaming platform
GAMING firm Bloomberry Resorts Corp. on Thursday said it will launch by June its online gambling business, which will complement the operation of its brick and mortar Solaire Resort and Casino.
“Our online business now is undergoing extensive testing. It is running now and we are on track for a full launch around the end of May, early June,” Enrique K. Razon Jr., the company’s chairman, said during the company’s stockholders’ meeting.
Razon said the launch of this new mainstream brand will complement Solaire online and is anticipated to bring its brand of online gaming entertainment to Filipinos nationwide.
“With our best-in-class integrated resort products and expanded exposure to online gaming, we have an unrivaled and highly diverse portfolio of revenue sources that will solidify our position as the top gaming firm in the Philippines and the region,” he said.
“In a bid to secure the long-term success of our business, we seek to further increase our presence in mass market gaming through a new electronic gaming product.”
For Solaire North in Quezon
City, he said the company’s goal is to make it profitable “as soon as possible”.
“Every month it’s improving. We cannot say exactly when it will return to profitability, but it’s getting closer and closer. Hopefully, as soon as possible, we will be in profitability, similar to how it was here in Solaire Entertainment City in 2013,” he said.
“Tactically speaking, our goals are threefold. We direct Solaire Entertainment City back to growth, increase revenues at Solaire North, bringing it to profitability, and further broaden our presence in online gaming.”
Bloomberry’s consolidated net income last year plunged 72 percent to P2.62 billion from the
previous year’s P9.52 billion on higher depreciation and interest expense associated with Solaire North in Quezon City.
The company said it had a P706.3-million one-off gross receipts tax charge relating to the P72-billion syndicated refinancing facility.
For the fourth quarter alone, the company suffered a net loss of P920.2 million, a reversal of net income of P1.3 billion recorded in 2023.
The company revalued its land assets based on estimated fair values.
A P37.7-billion increase in the value of land was recognized resulting in a P28.7-billion revaluation increment that contributed to a significant increase in total equity.
Gross gaming revenues (GGR) for the year reached P61.7 billion, 6 percent higher than the P58.3 billion recorded in 2023. The increase was mainly due to GGR contributed by Solaire North, which recorded 221 days of operations for the year.
The mass market segment outperformed the VIP business as the combined performance of mass table games and electronic gaming machines across two properties went up by 19 percent. VG Cabuag
SBy Lenie Lectura @llectura
ANYO Denki Philippines Inc., a subsidiary of Japanese multinational firm Sanyo Denki Co Ltd., will source 5,500 kilowatts of electricity from a geothermal power plant of Energy Development Corp. (EDC) in Negros Oriental.
EDC’s parent firm, First Gen Corp., on Thursday said it will supply Sanyo Denki 100 percent renewable energy (RE) to power its manufacturing facilities at the Subic Bay Freeport Zone in Zambales.
This clean and renewable power supply from First Gen will provide the electricity to run all four manufacturing facilities of Sanyo Denki Philippines, as well as its technology center, at the Subic Technopark inside the Subic Bay special economic zone.
The agreement forged by the two companies forms part of the long-term program of Sanyo Denki to shift all its production sites to RE.
“We are pleased to start our partnership with First Gen which we believe is the best way to achieve our goal of using more renewable energy in our production, especially in light of our commitment to the Sustainable Development Goals of the United Nations.
We also believe it is our obligation to provide our customers with products that are produced using renewable energy,” said Hirokazu Takeuchi, president and CEO of Sanyo Denki Philippines.
FLAG carrier Philippine Airlines (PAL) will expand its ManilaDoha service to daily flights starting June 16, as it formalizes a codeshare partnership with Qatar Airways aimed at enhancing connectivity between the Philippines and the Middle East.
From the current five-times-weekly service, PAL will increase its flights to Doha to 7 times a week—all of which will be operated under a codeshare agreement with Qatar Airways.
Under the arrangement, Qatar Airways will place its code on all PALoperated flights, allowing for seamless connections through Doha to more than 170 international destinations in the Qatar Airways network.
“As Philippine Airlines expands its presence across the globe, we are delighted to forge new alliances that build new connections and give our business and leisure passengers more flexibility and seamless access in flying to their desired destinations,” outgoing PAL President and COO Stanley K. Ng said.
He added that the strategic cooperation with Qatar Airways is expected to boost tourism and trade flows
First Gen and sister company Pi Energy Inc. will also provide Sanyo Denki with a remote energy monitoring system that will enable it to see on real-time basis its power consumption, thereby helping the company to rationalize and optimize power costs.
“Shifting a 24/7 operation to RE and rationalizing power consumption are challenges for manufacturing firms. It is our privilege to help enable and advise them on to take the next steps towards a more sustainable future for their operations.
We look forward to continuing the journey with Sanyo Denki Philippines and continue to integrate more RE and energy efficiency solutions into their facilities,” said Carlo Vega, First Gen chief engagement officer. Sanyo Denki Philippines manufactures uninterruptible power supply devices, photovoltaic inverters, AC servo motors, AC servo amplifiers, and stepping motors. Its Philippine manufacturing site is the main production site of Sanyo Denki DC cooling fans.
First Gen, meanwhile, has 1,651 megawatts (MW) of installed RE capacity from 28 solar, wind, hydro and geothermal power plants. First Gen also has another 2,017 MW of capacity from four other power plants that run on natural gas, a bridge fuel that offers flexible power generation and positioned to support the introduction of more RE projects in the country.
Combined, the 3,668-MW capacity of these First Gen power plants helps assure the country’s energy security.
while supporting the strong bilateral relations between the Philippines and Qatar.
“Our vital Overseas Filipino Workers and their families will also greatly benefit from this new partnership.” Qatar Airways Chief Commercial Officer Thierry Antinori said the partnership underscores both airlines’ commitment to strengthening their global reach and deepening socioeconomic ties between the Qatari and Filipino communities.
“At Qatar Airways, we continue to explore opportunities that strengthen our connectivity across the world, and our latest partnership with Philippine Airlines is a testament to this commitment.
This strategic cooperation also aims to deepen the socio-economic ties between the Qatari and Filipino communities. We are proud of the new codeshare flights and look forward to delivering increased benefits to global travelers,” he said.
PAL will deploy its 363-seater Airbus A330-300 on the route, featuring 18 lie-flat
IN this BusinessMirror file photo, a worker of Sanyo Denki Philippines Inc. at the Subic Freeport assembles ventilator cooling fans, one of Subic’s top exports.
Banking&Finance
TBy Bless Aubrey Ogerio
HE Asian Development Bank
(ADB) ramped up support for Southeast Asia last year, focusing on climate action, infrastructure and inclusive development.
In its latest annual report, ADB committed $6.2 billion to Southeast Asia. Of the total, $4.8 billion went to sovereign financing, $1.4 billion to nonsovereign investments and $2.5 billion to climate-related initiatives.
Across Asia and the Pacific, total commitments reached $39.2 billion, with $24.3 billion sourced from ADB’s own funds. These included $19.2 billion in sovereign projects, $4.8 billion in nonsovereign operations, and $298 million in technical assistance. Meanwhile, an additional $14.9 billion came through cofinancing with partners.
According to the ADB, policybased loans and other support were used to advance action in the regions.
“This included financing and knowledge services to help build climate resilience and bolster food security in rural communities; improve the management of marine environments; and construct sustainable infrastructure for renewable energy, transport, and water and sanitation,” read a statement issued by the ADB.
The Manila-based lender approved 151 new projects, programs, and financing facilities in Southeast Asia, up from 133 in 2023.
“This higher number of approvals was made possible by updates in 2023 to ADB’s Capital Adequacy Framework (CAF), which significantly increased lending capacity for the
bank,” the ADB said.
Philippines
THE ADB maintained its supportive role to the Philippines last year, focusing on housing, climate action, infrastructure, and peacebuilding. It backed a revolving credit facility to deliver up to 8,000 homes annually for middle-income families and supported the peace process in Mindanao by promoting fiscal autonomy and accountability.
The multilateral development bank also mobilized $2.1 billion for a public–private partnership to modernize the Ninoy Aquino International Airport. In addition, it provided advisory services for 19 other private-public partnership projects across the region.
To boost the country’s climate resilience, the bank extended a $474.6 million policy-based loan. The funding will support renewable energy, energy efficiency, climate-smart agriculture, and nature-based solutions.
The ADB also committed $1.19 billion for a 30-kilometer expressway southeast of Metro Manila, an area more than three-times smaller than Metropolitan Tokyo, Japan.
The project includes bridges and viaducts across waterways leading to Laguna Lake, and is expected to cut travel time between Taguig and Calamba by 25 percent. It will benefit 3.47 million residents and help avoid over 245,000 tons of greenhouse gas emissions annually.
As of end-2024, the Philippines accounted for $22.5 billion or 10.88 percent of ADB’s total lending portfolio.
All to the Good
ICONSIDER myself a positive person as I’m always hopeful, confident and think about the good in any situation. So, the phrase “all to the good” resonates well with me. The phrase means that something, even if it might seem problematic or unintended at first, ultimately has a positive outcome or contributes to a beneficial result. It’s often used to indicate that a situation turned out well or had an unexpected advantage.
In the context of associations where challenges and opportunities intertwine, the expression offers a powerful lens through which leaders and members can navigate complexities. This encapsulates the idea that even seemingly adverse situations can yield positive outcomes, aligning well with the resilience and adaptability required in the association sector.
Finding opportunity in adversity: Associations frequently encounter disruptions, be it shifts in member expectations, economic fluctuations, or evolving regulatory frameworks. At first glance, such challenges may appear detrimental. However, with a mindset rooted in “all to the good,” these disruptions can be reframed as opportunities for growth and innovation. For instance, a decline in event attendance might prompt an association to explore virtual platforms, ultimately broadening access and engagement beyond geographical constraints.
Building resilience. Adopting the “all to the good” perspective fosters a culture of resilience within associations. When teams approach problems with this mindset, they are more likely to identify creative solutions and leverage setbacks as stepping stones. Consider the case of an association facing budget cuts. While difficult, this scenario might lead to a sharper focus on core priorities, more efficient resource allocation and stronger collaboration among stakeholders.
Strengthening member relationships. Members of associations often face their own set of challenges, from adapting to industry changes, to maintaining relevance in competitive markets. By embodying the “all to the good” philosophy, associations can position themselves as
BSP: InstaPay, PESONet use posts double-digit growth
By Reine Juvierre Alberto @reine_alberto
ELECTRONIC fund transfers continued to gain momentum as InstaPay and PESONet recorded double-digit year-on-year surges in transactions, according to the Bangko Sentral ng Pilipinas (BSP).
Latest BSP data showed the combined value of transactions in InstaPay and PESONet climbed to P1.842 trillion as of the end of March 2025. The amount rose by 44.47 percent from the P1.275 trillion recorded during the same period last year.
As per the volume of transactions, payments made in InstaPay and PESONet nearly doubled to
205.035 million from 107.185 million a year ago.
Broken down, the value of PESOnet transactions surpassed the P1-trillion mark, reaching P1.017 trillion as of end-March 2025. This is 38.33 percent higher than the P735.42 billion recorded during the same period a year ago.
About 9.518 million transactions were conducted through the system,
Manila confab to tackle procurement strategies
THE Philippines will host a three-day conference on public procurement from April 28 to 30, convening leaders from East Asia and the Pacific to discuss transparent and accountable procurement strategies to maximize public funds.
trusted partners, helping members see the silver lining in their struggles. Providing tools, resources and success stories that highlight how challenges can lead to meaningful transformation reinforces the association’s value.
To embed the “all to the good” ethos in an association’s operations, its leaders can take the following steps:
1. Communicate positivity. Frame challenges as opportunities in member communications. For example, instead of lamenting industry disruptions, highlight how these changes create space for innovation.
2. Celebrate small wins. Recognize incremental successes that emerge from difficult circumstances. This boosts morale and reinforces a forward-looking culture.
3. Encourage reflection. Regularly review lessons learned from past challenges. This practice helps institutionalize the “all to the good” perspective across teams and initiatives.
4. Share success stories. Showcase examples of members or initiatives that turned challenges into achievements, inspiring others to adopt a similar outlook.
The phrase “all to the good” serves as a reminder that progress often arises from unexpected places. For associations, this mindset is more than just an expression; it’s a strategy for thriving in uncertainty. By embracing the potential for positive outcomes in every challenge, associations can strengthen their resilience, deepen their member relationships and position themselves as beacons of adaptability and optimism.
In the dynamic world of associations, seeing the good in every situation isn’t just beneficial: it’s essential.
Octavio Peralta is the founder and volunteer CEO of the Philippine Council of Associations and Association Executives, the “association of associations.” The views he expressed herein do not necessarily reflect those of the BusinessMirror . E-mail: bobby@pcaae.org.
The Department of Budget and Management (DBM) announced that the country will host the East Asia and the Pacific International Public Procurement Conference, which is expected to gather at least 150 procuring authority heads and representatives from 15 countries.
The event is co-organized by the DBM, GPPB-Technical Support Office (GPPB-TSO) and the World Bank, with support from other development partners.
“Procurement is a major activity in government which is crucial for ensuring efficient and effective service delivery to our citizens,” Budget Secretary Amenah F. Pangandaman said.
The New Government Procurement Act, signed into law by President Ferdinand R. Marcos Jr. last year, is the “biggest anti-corruption law in modern times,” according to Pangandaman.
This “progressive measure” promotes greater efficiency in the imple-
WORKERS under “Job Order” and “Contract of Service” status with the Technical Education and Skills Development Authority will now be entitled to various social security benefits, following Tesda’s partnership with the Social Security System (SSS). A statement issued by the SSS last Thursday read that around 3,800 contractual workers in the central and regional offices of Tesda will have access to social security protection provided by SSS.
This comes after SSS President and CEO Robert Joseph Montes De Claro and Tesda Director General and Secretary Jose Francisco B. Benitez signed an agreement last Tuesday. The partnership will facilitate registration of Tesda employees to SSS and payment of contributions for eligibility to the various benefits and loan programs of the state-run pension fund, the statement read. These benefits in times of contingencies include sickness, maternity, disability, retirement, funeral and death, as well as to qualify for SSS loan programs such as salary and calamity loans, according to the pension fund manager.
mentation of projects and purchase of goods and supplies, fostering enhanced transparency, accountability and value for money, added the Budget Secretary.
“We are excited to present the key accomplishments and milestones of the country in terms of public procurement during this landmark event,” Pangandaman said.
The conference’s theme is “Procurement for the People: Bridging Innovation, Value for Money, and Accountability,” with Marcos Jr. leading the opening ceremony.
The DBM said the event will tackle how procurement empowers communities, supports strategic and sustainable investments, promotes inclusion and strengthens governance, among others.
The International Public Procurement Conference aims to inspire transformative change and reinforce procurement’s role in addressing societal challenges.
“With a diverse lineup of experts, innovative topics and spirit of collaboration among participants, the conference will help shape the future of procurement in the East Asia and Pacific region and beyond,” read a statement by the DBM.
Reine Juvierre S. Alberto
up by 22.47 percent year-on-year from 7.771 million transactions.
Meanwhile, the value of Instapay transactions rose to P825.74 billion as of the end of March 2025. This expanded by 52.87 percent year-onyear from P540.14 billion.
The volume of Instapay transactions almost doubled to 195.517 million from the 99.413 million transactions a year ago.
PESONet and InstaPay are automated clearing houses (ACHs) under the BSP’s National Retail Payment System (NRPS).
The NRPS promotes interoperability, or the state when end-users or consumers are able to transfer funds from one account to another account in any participating BSP-supervised financial institution.
The Philippine EFT System and Operations Network (PESONet) is the first ACH under the NRPS, launched in 2017. It is a batch EFT credit-payment scheme, which can be considered as an electronic alternative to the paper-based check system.
BSP data showed PESONet participants reached 120 as of end-March 2025; consisting of 40 universal and commercial banks (UKBs); 19 thrift banks (TBs); 45 rural banks (RBs); five digital banks (DBs); and, 11 EMI non-bank financial institutions (EMI-NBFIs). Meanwhile, InstaPay is a realtime low-value EFT credit push payment scheme for transactions amounting up to P50,000. There are a total of 91 InstaPay participants as of end-March 2025; consisting of 79 senders and receivers, two senders only and nine receivers only. Of the total, there were 25 EMI-NBFIs participants; 22 UKBs; 20 TBs; 19 RBs; and five DBs. There was also one UKB and one EMI-NBFI as solely senders and five RBs, three TBs and one EMI-NBFI as receivers only.
Number of taxpayers who filed ITRs up 22.5%
HE Bureau of Internal Revenue
T(BIR) saw a 22.5 percent increase in the number of taxpayers who filed for their annual income tax return (ITR), according to its top official.
“The turnout of the last day of [ITR] filing was good,” Internal Revenue Commissioner Romeo D. Lumagui Jr. said in a televised news program last Thursday.
There was an uptick in the number of those who filed for ITR from January to April, recording a 22.5 percent growth compared to last year’s tax filing, Lumagui said. The increase in taxpayers filing their ITRs this year was attributed to the tax campaigns conducted by the BIR, such as the Tax Campaign Kickoff held in various revenue districts and regions, he added.
“As early as February, we did the campaign and all the different government agencies, associations and private sectors helped in our tax awareness campaign,” Lumagui said.
Tax filing was also made easier since taxpayers can do it online through the BIR’s website, according to the BIR official.
Although there is still room for improvement, Lumagui said the implementation of online filing and payment was “successful,” as it led to shorter lines in BIR offices where taxpayers can still file manually.
According to the SSS, it created its “KaSSSangga Collect” program to extend social security coverage to state workers under JO and COS arrangements. JO and COS workers do not receive standard employment benefits and privileges, such as social security
The main tax collecting agency aims to raise a total of P1.630 trillion from taxes on net income and profits this year. This accounts for half of the BIR’s full-year overall target of P3.232 trillion.
Data from the BIR showed it generated a total of P1.455 trillion from taxes on net income and profit in 2024.
Most of the taxes came from individual taxpayers, who contributed P764.632 billion. Collections from companies and corporate enterprises amounted to P583.710 million, while other sources added P107.354 billion. Lumagui said the BIR will continue its digital transformation, as there are still a lot of areas to improve in the coming months.
“We believe that this is the key to make it easier to file and pay the correct taxes,” the BIR chief noted.
The BIR will also strengthen information awareness among the public as well as continue its pursuit of illicit traders and tax evaders in the country, Lumagui added.
The BIR has collected P668.790 billion in the first quarter of 2025, 12.78 percent higher than the P593.001 billion raised during the same period last year.
This year, the BIR aims to generate a total of P3.232 trillion, up by 13.36 percent from last year’s target of P2.851 trillion. Reine Juvierre S. Alberto
project or job within a specific period, while JO refers to piece work (pakyaw) or intermittent or emergency jobs to be undertaken for a short duration and for a specific piece of work. The SSS said it will issue an Agency Reference Number to Tesda with which a contribution collection list can be uploaded to generate a Payment Reference Number. This will be used when remitting through SSS or through SSS-accredited collecting partners online or over the counter. Meanwhile, 4,300 regular Tesda employees may also join the program as voluntary members to continue their contributions to SSS from previous private sector employment or self-employment.
The SSS hiked the members’ contribution rate by 1 percent starting this year, bringing the contribution rate to 15 percent from 14 percent, as stated in the provisions of the Republic Act (RA) No. 11199 or the Social Security Act of 2018. This is also accompanied by increases in the minimum monthly salary credit (MSC) to P5,000 from the previous P4,000 and in the maximum MSC to P35,000 from the previous P30,000. Reine Juvierre S. Alberto
Octavio Peralta
A ssociation World
THIS April 22, 2025, photo shows Social Security System President and CEO Robert Joseph Montes De Claro (left) and Technical Education and Skills Development Authority Director General, Secretary Jose Francisco B. Benitez (right) signed an agreement that will facilitate registration of Tesda workers
Relationships
Magical thinking by Chef Jereme Leung
WHEN you’re as famous as Chef Jereme Leung with eight popular restaurants all over South/Southeast Asia (and soon China) to your name, the challenge is to remain consistent across all establishments.
We’ve all had that experience: we eat at a local restaurant chain anchored on a celebrity chef, and become disappointed that the dishes and the service aren’t up to standard. Just a waste of money, and we go home hungry and frustrated. Currently in town serving up an exclusive multicourse menu from April 22 to April 30 at Conrad Manila’s popular China Blue by Jereme Leung, the Master Chef tells us that he relies on a tight-knit of veteran executive chefs, colleagues he has worked with for the longest time, to ensure the food in all his restaurants are always up to the best standards, as if he was cooking the dishes himself.
“It’s always important to have great people, very good people. You have to know your team. Like, I handpicked Chef [Eng Yew] Khor 11 years ago, and that was not even the first time, because I used to operate this restaurant in Kuala Lumpur, like 25 years ago. Chef Khor used to work for the same restaurant. So I usually don’t take strangers into my wing. All our executive chefs are people who have worked with me when I was executive chef.” Khor has been Executive Chinese Chef at China Blue in Manila since its opening in 2016.
“So throughout the years, we post them to different countries. [Our executive chef in Singapore] has been to 10 countries, you know, but he’s still working for me,” adds Leung. “So those are the kind of relationships, skill sets, and the confidence that you’re able to say, ‘Okay, they will be able to keep the standards [of the restaurants] when I’m not around.
[And] it’s very important to have a good system and good training in place.”
He is, constant touch with his executive chefs via video calls, especially when preparing new dishes or menus. In the case of Leung’s special menu currently offered for lunch and dinner until the end of the month, he and Khor had been preparing it since January. “I [told] Chef Khor these are the key ingredients I think I want to use for this event. Then what? What do we play with it? How do we play with it? And then we start [making] mockup menus. So that’s how it works.”
The exclusive menu shows off Leung’s innovative culinary approach through meticulously crafted dishes made with ingredients sourced locally and around East Asia. I had a preview of the menu with other media friends recently, and went home completely satiated, and at the same time marveling at the magical thinking that went into creating the dishes.
A celebrated pioneer in modern Chinese cuisine, Leung is widely recognized for his signature East meets West” philosophy. Dishes like Slow-cooked Duck Leg with Pickled Olive Soy demonstrate his ability to refine regional Chinese traditions; it tasted like Pata Tim with Leung’s use of a dark sweet soy sauce.
The Seared US scallop with Spinach Egg Custard reveals his flair for contemporary plating, tieing in the beautiful orange color of the scallop and its dried scallop floss topping with the green tint of the custard on which the succulent scallop sits. For appetizers, we were served a trio composed of Suckling Pig Stuffed with Black Glutinous Rice and Salted Egg (the delectable crispy skin was a winner on its own), Deep-fried Sea Cucumber and Shrimp with Taro in Spicy Hawthorn Sauce, and Marinated Preserved Vegetables and Century Egg with Porcini Mushroom Sauce in a Crispy Tube.
After, we had a hearty and soul-warming soup of Slow-boiled Yellow Croaker Stock with Water Bamboo Shoot and Black Fungus. Leung explains that the Yellow Croaker is a fresh-water fish popular in China, and he often tries use seasonal ingredients like the water bamboo shoots and black fungus in his dishes “just for fun.”
Aside from the Duck Leg and the US scallop, which were served for the main course, we also had a taste of the Poached Flat Noodle with Fresh Crab Meat,
Shallots and Spring Onion Sauce. Think of it as an Italian pasta dish but with a decidedly Asian touch, and it works.
My favorite on the exclusive menu was the dessert: Chocolate Tree with Pandan Sponge and Raspberry Ice Cream. The dish showed off Leung’s playful and whimsical side, topping the chocolate tree with white cotton candy. This took everyone back to their elementary years, and sparked conversations of the last time we had cotton candy. The cotton candy offered a light sweet touch to the sour-sweet of the ice cream, while the pandan dotted the foot of the tree, looking like curly leaf bushes.
Returning to Conrad Manila is truly special, and I am excited to present dishes that merge traditional Chinese culinary techniques with innovative modern techniques,” says Leung. “Each element is chosen with care, with the collective purpose of taking diners through a deeply immersive and memorable experience that celebrate the richness of Chinese cuisine.”
For his part, Conrad Manila general manager Fabio Berto says that Leung’s “extraordinary culinary talents continually redefine dining experiences. This showcase underscores our commitment to curating inspired experiences that truly reflect the exceptional culinary heritage and innovation of China Blue. Guests can anticipate an extraordinary dining experience, where each meticulously crafted dish by Chef Leung tells a unique story of flavor, artistry and refinement.”
I asked Chef Jereme how he felt about China Blue now securely esconced as a “destination of choice” for Filipinos looking for superior, elevated Chinese cuisine, after almost 10 years in operation. Personally, it is on top of my list of favorite Chinese restaurants, because of the consistency in the taste of its food using high quality ingredients, and the excellent service of its staff. (The crispy-luscious roasted golden duck alone is worth a constant repeat and return order.)
“I would be very worried if I run a restaurant that is known only to tourists,” says the chef. “So we are blessed and very humbled that China Blue has became a destination that is famous with the local people. That means a lot to us.”
■ For inquiries and reservations, call China Blue by Jereme Leung at (02) 8833-9999 (landline) or 09176504043 (mobile).
Eugenia Last
put yourself in harm’s way.
CANCER (June 21-July 22): Mismanagement is apparent when dealing with contracts, financial and legal issues. Negotiate on your behalf; if left to someone else, you will fall short of your expectations. Stick to your plan, make recommendations and present incentives to ensure success. Updating your look and appeal is favored if you stay within budget. ★★
LEO (July 23-Aug. 22): Choose wisely. Swap anxiety for peace of mind by tackling your to-do list and handling the issues causing you stress. Refuse to let what you cannot control precede what you can take care of yourself. Learn from past mistakes, make wise choices and face opposition with composure, experience and solutions. ★★★★★
VIRGO (Aug. 23-Sept. 22): Observe the reactions of others. Nurture relationships and your reputation at all costs. Stick to the truth and question anything you hear that sounds preposterous. High standards, morals and ethics will keep you on top and above scrutiny. Choose the high road. ★★★
LIBRA (Sept. 23-Oct. 22): Keep an open mind, look at the big picture and consider the prospects and the cost of whatever you choose to pursue before you go public with your plans. Protect your position, possessions and the people you love to avoid regret and maintain your status quo. ★★★
SCORPIO (Oct. 23-Nov. 21): Put your troubles aside, refuse to let anyone bait you into an argument and turn your attention to the people, activities and pursuits that make you happy. Feeling good about life, who you are and what you do is where you’ll find comfort.
SAGITTARIUS (Nov. 22-Dec. 21): Restrict your actions, promises and debt, and use your imagination to find new and exciting ways to make the most of your time, money and energy, and you will accomplish something worthwhile. Rearrange your space to accommodate your pursuits, and draw up an agreement if considering a joint venture. ★★★★★
CAPRICORN (Dec. 22-Jan. 19): When in doubt, ask questions. Don’t agree with anything that sounds misleading or doesn’t offer statistics that put your mind at ease. If you want change, go about it by doing thorough research before you start. Eliminating uncertainty will encourage confidence and better negotiating skills. ★★★
AQUARIUS (Jan. 20-Feb. 18): You can be blunt, but refrain from letting anger take over. Maintaining a calm and honest articulation of your thoughts and feelings will get you much further than brute force. Let innovation, imagination and intuition guide you, and you’ll discover how to handle situations with diplomacy. ★★★
PISCES (Feb. 19-March 20): You can get things done if you work alone. Tuck yourself somewhere you won’t be bothered and take care of unfinished business. The relief you feel when you put pressing matters behind you will lead to long-overdue rewards. Treat yourself to something special. Personal gain and self-improvement are favored. 3 stars
BIRTHDAY BABY: You are entrepreneurial, quick-witted and helpful. You are intuitive and dedicated.
Fragrant
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A million thanks to you, Miss Pilita Corrales!
IONLY had one personal encounter—and it was almost fleeting—with Miss Pilita Corrales but the impression lasted a lifetime.
The Manila Grand Opera House was being renovated and repurposed at that time. The iconic site of many vaudeville shows was being turned into a hotel and this newspaper had a stake in it. I was on a special assignment to write about it and, expressly, interview German Moreno who, I was informed, was already politely alerted of my task.
The site of the interview was the pizza house owned by Miss Pilita Corrales. German Moreno, of course, began his long career as a janitor, then a stagehand in the old opera house. If Miss Pilita Corrales were there, could I interview her as well? The first task seemed easy for me; as for the second, there was no appointment set with the singer and I was quite intimidated with the prospect.
Arriving at the pizzeria in Greenhills, the manager of the place requested me to wait for a while as “Kuya Germs” was not yet there, but, “if you wish,” Miss Pilita was there, “you may want to tell her...she is kind...she would not mind.” I did not know what pushed me to be so cavalier as to approach her with all the candor I could muster (I am usually timid with these things): “Good afternoon, Miss Pilita, I am Tito Valiente from BusinessMirror by my editor to write about the newly opened Manila Grand Opera House.” I recited this purpose so quickly because if I so much paused, she might, I was afraid, tell me, “I’m sorry but I’m busy.” She looked up and I realized she was staring at me as if lost as to what she would tell this eager individual. I pushed my luck: “I have, Miss Pilita, our own photographer, don’t worry much about it...” my voice trailed this time. She stood up very quickly, as if recovering from the scene, “But I am not dressed properly...not prepared.” I was quicker: “Oh, but you look fabulous!” Her eyes gleamed: “Really!” “Sige, let’s do this.”
That afternoon, and well into the evening, I discovered that behind the intimidating mestiza features was a warm person—funny, engaging, and altogether frank and sincere. With a laughter that could rock a place.
Miss Pilita Garrido Corrales was in a finishing school in Spain, Colegio Mayor de Padre Poveda, when the untimely death of her father brought her back to the Philippines. Here in Manila, she began her singing career. There were admirers—lots of them. Her mother knew those men were attracted to her and they were all competing as to who could bring the young Pilita to her place of work at DZPI, where she hosted a radio program named La Taverna. Mother knew best: she would not take any of those cars. There was always the calesa and the cochero at least had a pure heart. Never mind if she was nearly late for work each day. She was so amused at this recollection and the dissonance between her glamour and the very rural horse-drawn carriage.
Southeast Asia. In many ways, Pilita and other singers were continuing the tradition pioneered by Bimbo Danao and Manolo Valdes (the father of Mitch Valdes) and, much, much earlier in pre-war Japan, Francisco Reyes and Raymond Conde, the latter reputed to be the one who introduced jazz to the Japanese. This was years before the reputation of Philippine musicians suffered a nosedive with the arrival of the Japayuki phenomenon, a disguised human trafficking in the 1980s.
Soon, she was off to Australia where she recorded songs in Spanish and English. Ironically, her first hit that is always mentioned has an English title, “Come Closer to me,” but, recorded, it was a Spanish song titled “Acercate mas.” She was one of the first female singers to have a hit in Australian pop charts. Back in the Philippines, she would record in the
‘Sinners’
But Pilita had a style: her singing had dynamics within, utilizing diminuendo within each line. This vocalization appeared to have a physical equivalent in her body. She would soon be famous for what people thought was a backbend; in reality, she used her upper body to swivel, which she explained as her secret to reaching the high notes. In her 80s, she proved this: her arrangement did not alter radically the range of the melody of the songs she was rendering.
It was in the early 1970s, back in the Philippines,
million to produce, was a bold gamble on originality—albeit with genre elements—and one of the most bankable American directors in Coogler. The Creed and Black Panther director wrote and produced Sinners, a 1932-set vampire movie about bootlegging brothers (both played by Jordan) who open a juke joint in their Mississippi hometown. A Minecraft Movie, the year’s biggest Hollywood hit, followed close behind in second, collecting $41.3 million in its third week of release. That gave Warner Bros., after a handful of disappointments, an enviable one-two punch at the box office with one original, director-driven movie and one IP-based property. A Minecraft Movie, which Warner Bros. co-produced with Legendary Pictures, has amassed $720.8 million worldwide in three weeks of release. Pam Abdy and Mike De Luca, co-chairs of Warner Bros. Motion Picture Group, celebrated the two films’ resonance with moviegoers. The studio accounted for a remarkable 64 percent of the domestic box office for the Easter weekend.
“Movies have the power to transport us to worlds only seen on the big screen, and Warner Bros. Pictures remains
GMA NETWORK, DTI PARTNER TO BRING FILIPINO CONTENT TO GLOBAL STAGE
LEADING media company GMA Network and the Department of Trade and Industry (DTI) came together on March 31 to explore a collaboration that aims to expand the global distribution of Filipino content.
During the meeting held at
Roque to further expand the global reach of Philippine cinema. The discussions covered distribution through traditional media outlets as well as various digital platforms. As a global content powerhouse, GMA Network is committed to showcasing the best of Filipino culture through programs and films that feature the finest talents and artists in the industry. The collaboration with DTI would further strengthen its foothold in the digital space while also aligning with the government agency’s goal of promoting creative industries and boosting support for local content. Also in attendance for GMA were officer in charge of entertainment group Cheryl Ching-Sy, assistant vice president of GMA Worldwide Division Rochella Ann Salvador, assistant vice president, digital content and strategy and concurrent lead for content partnerships of GMA Public Affairs Raphael Agoncillo, and creative director for GMA Drama Aloy Adlawan, and the DTI-FTSC Foreign Trade Service Corps.
RISING P-POP GIRL GROUP KAIA CELEBRATES 3RD ANNIVERSARY
By Patrick Villanueva
ZAIAs (fandom name for KAIA fans) are in for a treat because KAIA is here to celebrate their 3rd anniversary with them.
Rising girl group KAIA—composed of Charlotte, Angela, Charice, Alexa, and Sophia—released their pre-debut song “Kaya” in December 2021, and officially debuted in April 2022 with their debut song “Blah Blah.” The quintet had their fair share of achievements, even winning Rising Girl Group of the Year and Vocal Arrangement in a Song Recording (You Did It!) during the 9th PPOP music award.
As of writing, their new hit song “Tanga” sits at No. 4 in the Spotify Philippines viral songs chart and reached 300K views on YouTube. “Tanga” is written and produced by Zack Tabudlo.
KAIA also hit their 100K subscribers milestone on YouTube this April.
The ensemble also brought Filipinos to the international stage on several occasions, performing at the Round Festival in LAO PDR and Vedanta Udaipur World Music Festival in India.
woman. Even in the darkly fatalistic “Hanggang Doon kay Bathala,” she sings: “At kung sakali mang ako/ Ay hindi nya na pakikinggan/Nahahanda na ako’y kanyang parusahan” (And if ever/He will not to me listen/I am prepared for any of his punishment). Here is human, nearly confrontational, blasé even as she faces the Divine. It is a hymn for sinners or saints, an easement into “Sapagkat Kami’y Tao Lamang,” another theme song she would make her own. How do we deal with her passing? How do we confront one whose music had made her life seem endless? What do we learn from her?
Pilita will have something more going for her. There will be repentance, there will be consolation. I can imagine her being asked if, when faced with her Creator, she is ready for eternal life. I can see her, confident, cool and collected. I can sense it, Pilita, up there with the stars—the angels assuring her, some of them blushing a bit perhaps, but thinking, how wonderful, lovely and fabulous she is after all. n
With dreams of cementing their name in the industry, KAIA also relentlessly showcased their talents in several guestings locally to convert casual listeners to ZAIAs. And with their 3rd anniversary coming up, fans will be celebrating an intimate time with them during their meet-and-greet. On April 26 at Backyard Warehouse Studio in Quezon City, ZAIAs will have an exciting night with their idols as KAIA will give them a spectacular live performance, fun activities and more.
Early bird registrants can buy the tickets for P1,500. The tickets for non-early birds will be priced at P2,000.
Those interested can check KAIA’s socials for more details.
committed to bringing singular in-theater experiences to audiences looking for bold movies, both original and those based on beloved existing properties,” Abdy and De Luca said in a statement on Sunday. But all eyes were on the performance on Sinners, which Warner Bros. went to extreme lengths to secure. Abdy and De Luca agreed to give Coogler not just a cut of gross ticket sales but ownership of the film after 25 years—a virtually unheard of concession. But Coogler and Jordan, whose collaborations stretch back to Fruitvale Station, make up one of the industry’s most potent director-actor duos. Reviews (98 percent “fresh” on Rotten Tomatoes) were stellar for Sinners and audiences, too, were enthralled by its supernatural twists. The film earned an “A” CinemaScore from moviegoers. Overseas, Sinners faced a more uphill battle. It collected $15.4 million in 71 international markets. Domestically, Sinners attracted a diverse audience: 38 percent Black, 35 percent white, 18 percent Hispanic and 5 percent Asian. Before Sinners, dual roles had been rough business for Warner Bros. The studio saw flops in both The Alto Knights (a period gangster film featuring a doubled Robert De Niro) and Mickey 17 (a sci-fi movie with two Robert Pattinsons). But the strong opening for Sinners, which should be sustained in the coming weeks given the strong word of mouth, cements Coogler’s place as one of a handful of filmmakers whose name draws big audiences. Another would be Jordan Peele, whose Nope (2022) debuted similarly with $44.3 million. Angel Studios’ The King of Kings, an animated tale of Jesus’ life aimed at Christian audiences, capitalized on the Easter weekend, grossing $17.2 million in its second week of release. That was nearly equal to its opening weekend ($19.1
in ticket sales. The Wedding Banquet, a hit at the Sundance Film Festival, stars Lily Gladstone, Bowen Yang, Kelly Marie Tran and newcomer Han Gi-chan. AP
GMA Network senior vice president Atty. Annette GozonValdes (left) and Trade Secretary Ma. Cristina A. Roque.
Filipinos Are Top Snackers Globally
SNACKS hold a special place in Filipino households.
In fact, in a global survey on the State of Snacking in 2024 showed that the Philippines tops the world in snacking! Almost all Filipinos surveyed (or 98 percent) eat one snack a day, above the global average of 91 percent. Referenced from this survey, a State of Philippine Snacking report was shared recently by a leading snacks company, offering insights into how, why and when Filipinos snack.
Not only do Filipinos snack the most, but they snack most often too compared to the global average. Among those surveyed, 84 percent eat two snacks a day, above the global average of 63 percent. Lastly 42 percent say they snack three times a day, above the global average of 31 percent. Morning and afternoon snacks are preferred because they help boost energy, according to the survey. These snack times serve as energy boosters for Filipinos, with three-quarters (3/4) of Filipino snackers saying, “Snacking gives me a much-needed pick me up throughout my day.” Apart from boosting energy, snacking also provides connections for Filipinos with 90
percent saying that “sharing snacks with others is my love language.”
The State of Philippine Snacking is a collection of insights from a global report of the same name, which is now on its 6th year. This survey was conducted online by The Harris Poll on behalf of snacking company Mondelēz international from October 10 to 22, 2024, among adults from Philippines, aged 18 or older. Mondelēz International is the maker of beloved snack brands such Oreo, Cadbury Dairy Milk, Toblerone, and Tiger biscuits. Previously a compounded report of global insights, this is the first year the Philippines is included in the
Trade diversification is a key strategy amid US tariffs, says British Chamber
WITH the current discussion of increasing tariffs, the British Chamber of Commerce Philippines (BCCP) Executive Chairman Chris Nelson emphasized the need for trade diversification that the country must pursue by leveraging market opportunities and other trading partners. Nelson further discussed the current sentiment of investors which remained uncertain, noting the 90-day tariff pause. He added that this uncertainty would be “the last thing you need in business. As much as you can, you want to try and plan and plan long term. Now, this is specific to trade with the US. However, what we are trying to discuss is to look at other areas of opportunity.”
National Economic and Development Authority
(NEDA) Secretary Arsenio Balisacan also noted that US tariffs could contribute to a less than 0.5 percent to the country’s economy, and added that, “Whether there
HPI Solidifies
are tariffs or no tariffs, we should keep pushing for the strengthening of our economy and competitiveness, putting in place things that can improve our productivity, so that when opportunities come again, we are ready to seize those opportunities.”
For instance, the UK remains a significant trading partner of the Philippines to which total trade in goods and services currently stands at £2.8 billion and discussions have recently upgraded to the inaugural Joint Economic and Trade Committee (JETCO) meeting held on March 17, 2025. To continue this momentum, the British Chamber welcomes the initiative of the Philippine Economic Zone Authority (PEZA) to host an investment mission in the UK on June 25 to 27, 2025.
Nelson also noted that the Philippines could further leverage its existing trade agreements such as the Regional Comprehensive Economic Partnership (RCEP) –known to be the largest free trade area in the world, while remaining optimistic that the Philippines could also join the Comprehensive and Progressive Agreement for TransPacific Partnership (CPTPP) to which the UK is already a part of.
Also part of the Chamber’s initiative is its active work with the Philippine government and during its recent visit to the Department of Finance (DOF) and NEDA to discuss bilateral opportunities to strengthen the country’s economic growth and further increase the number of British companies in the Philippines.
Its No. 1 Position in Philippine Motorcycle Market for April 2024 to March 2025 achievement highlights the strong trust and confidence of HPI’s customers, dealers, and partners. The company remains committed to excellence, focusing on safety and enhancing customer satisfaction with every
and experience. This accomplishment reinforces HPI’s dedication to excellence, safety, and delivering a comfortable riding experience. Additionally, this milestone reaffirms the invaluable support of HPI’s customers, dealers, suppliers, and other stakeholders, whose trust has been instrumental in its success. As Honda celebrates another year of market leadership, it remains dedicated to shaping the future of the Philippine motorcycle industry, bringing riders a seamless and enjoyable experience with every journey. For more information, visit www.hondaph.com. Stay updated on Honda’s newest products and promos by following Honda Philippines, Inc. on Facebook at facebook. com/hondaph, Instagram at instagram.com/hondaph_ mc/, YouTube at Honda Philippines_Motorcycle, and TikTok at tiktok.com/@hondaphilippines. For inquiries, contact (02)-8581-6700 to 6799, and 0917-884-6632.
survey, to give a glimpse into Filipinos’ snacking habits.
“Snacking is an essential part of Filipino culture. It allows people to connect with family and friends, relive fond memories, and treat themselves after a productive day,” said Aleli Arcilla, Managing Director of Mondelēz International in the Philippines. “The insights from this year’s State of Philippine Snacking report confirm that Filipinos embrace snacking as part of their daily lives. At the same time, we see a shift toward more mindful choices, with consumers looking for snacks that balance enjoyment and nutrition.”
Even as Filipinos snack the most globally, they do so mindfully. Mindful Snacking matters to Filipinos, according to the survey. An overwhelming 99 percent of Filipino snackers engage in mindful snacking behavior with 92 percent agreeing, “I appreciate my snacks more when consumed mindfully.” The most important piece of snacking advice that consumers have received is that they should “enjoy snacks in moderation.” (55 percent). Eighty percent also look for portion-controlled snacks. Ninety-one percent similarly agree, “I combine my favorite snack foods with other, more nutritious foods for balance.”
Snacking is a cherished part of Filipino life, adding moments of joy to everyday routine. Ninety-six percent agree, “Life is more fun with a bit of indulgence.” Ninety-two percent also agree, “Snacking is my way of treating myself after a productive day.” Lastly, 86 percent agree “Some snacks should just be for enjoyment or satisfaction.” Filipino snackers also have preferences on where to buy their snacks and how to enjoy them. According to the survey, 67 to 68 percent of consumers surveyed say they buy their snacks from malls or neighborhood convenience stores. Additionally, Filipinos want to snack sustainably. Ninety-nine percent of Filipino consumers engage in sustainable initiatives/behaviors, including using eco-friendly products (60 percent) made out of sustainable materials.
Ride hailing app Joyride launches Super Taxi Airport Edition
LOCAL ride-hailing and delivery services JoyRide
Superapp has officially introduced the SuperTaxi Airport Edition to provide faster and more reliable transportation among travelers who are going to and coming from Ninoy Aquino International Airport (NAIA).
The new airport transfer service mitigates the persistent problems of long waits, complicated bookings, and last-minute ride uncertainties—offering travelers a convenient and premium transportation experience.
“We believe that travel should be simple, safe, and stress-free,” said Neil Sherwin Yu, President of JoyRide Superapp. “We at JoyRide continue to look ahead, providing seamless and comfortable service such as this airport transfer service.”
Aiming for swift connections between NAIA and passengers’ destinations, the newly launched Super Taxi offers two key services: the NAIA Terminal 3 Airport Transfer Service and the Hatid-Sundo Airport Service.
Travelers can now access the Airport Transfer Service directly via the Super Taxi Airport Transfer Lounge located at the Arrival Area of NAIA Terminal 3 provided by the New NAIA Infra Corporation (NNIC). Upon arrival at the lounge,
a JoyRide Customer Service Assistant will provide an instant fare quote and arrange immediate transportation to the desired destination with an assigned driver and Super Taxi, eliminating the need for a mobile application or waiting times.
Meanwhile, the Hatid-Sundo Airport Service allows customers to pre-book a ride to and from NAIA Terminals 1, 2, and 3 through JoyRide’s application or website under the “Hatid-Sundo Airport Rides Service.” Noli Eala, Senior Vice President for Corporate Affairs of JoyRide Superapp, ensured everyone that the Super Taxi Edition is efficient saying, “We have about 150 professional drivers that are always on standby and 70 of our Joyride Super Taxi Airport Edition on call 24/7 at the NAIA Terminal 3.”
“There is no need for you to do any queuing, nor any kind of waiting, and no surprises because we use only the best vehicles, brand new Toyota Veloz vehicles,” he continued. “Our vehicle can accommodate four passengers including enough luggage space (four large and two small pieces of luggage).”
Aside from its hassle-free and physically accessible
transfer lounge access, the JoyRide’s Super Taxi Airport Edition also promises passengers a safe journey when they use the service.
“There is a GPS tracker, there is a camera inside the vehicle to record the ride. And you will be brought to your destination directly. And we have access even to Skyway if the passengers would want that to be faster,” said Eala, highlighting the monitoring feature of the service for added security of the customers.
Addressing concerns about potential competition from Super Taxi Airport Edition, Eala clarified that the new service is intended to complement JoyRide’s existing offerings by catering to distinct customer needs, thus expanding the company’s ability to meet the growing needs of travelers when it comes to transportation.
“We have to emphasize that there’s different needs for different venues. So Super Taxis have luxurious space for large pieces and two small pieces of luggage. So that’s what you can find in different categories, I should say,” Yu added.
During the event last April 3, 2025, the Super Taxi Edition was classified as a regular yet premium meter taxi as the computation of the quotation fare for each transaction will be settled right away at the lounge area of JoyRide at Terminal 3.
“When you approach our lounge, a customer service assistant will approach you, get your details, input in our system, and it computes the fare based on the Land Transportation Franchising and Regulatory Board (LTFRB) approved meter for the taxi per distance and time,” Yu explained.
At the same time, JoyRide also promised to adhere to the recently passed mandate of LTFRB about the 20 percent discount among students, senior citizens, and Persons with Disabilities (PWD) through the registration process and accessing the application’s promos and discounts.
While the new ride-hailing service is initially exclusive to Metro Manila, JoyRide reaffirms its commitment to innovation and plans to extend the service to its other authorized operating areas such as Cebu in the future.
Beyond Salaries: Holistic Employee Programs Drive Business Growth
IN today’s highly competitive job market, attracting and retaining top talent has become more of a business imperative than ever. This is especially true in the customer experience (CX) industry where the workforce is dominated by young professionals whose mindset, lifestyles, goals, and considerations are markedly different from more tenured counterparts.
Traditional recruitment methods may no longer be compelling enough for many. Staying on the same course can be pricey and more time-consuming than they used to be for companies, even falling far short of objectives. Companies need to be creative to sell themselves better as viable, attractive options for job seekers. It necessitates a holistic approach to employee recruitment and retention.
This is the framework behind the Employee Referral Program (ERP) at Foundever®, a global leader in the CX industry. Innovative and results-driven, the program benefits not just employees but the company as a whole from the moment new hires join the company.
The program has transformed the hiring strategy of Foundever, directly impacting the company’s success in multiple ways:
• Higher Retention Rates: Employees who join
through referrals tend to stay longer, as they already have an insider’s perspective on company culture and expectations.
• Stronger Employee Engagement: Employees who refer candidates take an active role in shaping their teams, fostering a deeper connection to the company.
• Diversified Talent Pool: Referral programs help expand the company’s reach, bringing in talent from varied backgrounds.
Cultural Fit: Employees refer people they believe will align with the company’s values and work ethic, ensuring
JOYRIDE Superapp President Neil Sherwin Yu and Senior Vice President for Corporate Affairs of JoyRide Superapp Noli
Eala led the launching of Super Taxi Airport Edition.
Editor: Tet Andolong
UTE FOR BRUTE: THE BYD SHARK 6 DMO
Story
by Randy S. Peregrino
AFTER shaking up the pickup segment in the country, BYD Cars Philippines has put up its latest electrified pickup for the media drive test. The Chinese EV maker’s latest entry, the Shark DMO 6 electrified pickup, is one of the first PHEVs of its kind in the local market. But for BYD, it is an addition to its growing PHEV lineup, offering long-range while eliminating anxiety. BYD has proven done, thanks to Sealion 6 and Seal 5 PHEV models.
DMO Technology with all- terrain features PERHAPS the Shark 6 DMO’s creme-delacrème is its revolutionary Dual Mode Off-road (DMO) technology. The system has a 29.6kWh BYD Blade battery, a 1.5-liter turbocharged gasoline engine as an onboard generator, and a dual electric motor setup (front and rear). Combined power from both electric motors generates 429 hp and 650 N-m of torque, making the Shark 6 DMO one of the most powerful pickups in its class.
As an AWD (All-Wheel Drive) truck, thanks to front and rear electric motor propulsion, Eco, Normal, and Sport drive modes are available, along with multiterrain modes like Sand and Mud. The electrified pickup stands tall with a 230-mm ground clearance and a 700-mm wading depth. Its payload is 835 kg, and its towing capacity is 2,500 kilograms.
The rear bed has a 220V (15A) outlet with V2L technology, delivering up to 22V/6kW electric current. Damping-wise,
The Shark 6 DMO’s entry into the local market is about flexing the brand’s capacity to compete against the old guard in the country’s hotly contested pickup segment. By defying the usual turbodiesel application, BYD is proving that an electrified powertrain is a game-changer in terms of performance and reliability. So, ACMobility organized a drive event to test the electrified pickup from a consumer’s standpoint. The almost 500-kilometer drive consisted of freeway runs, quick off-roading rounds, a provincial highway trip to Daang Kalikasan in Pangasinan, and a side trip to a nearby rough and rocky riverside picnic site. To date, this was the brand’s biggest drive event in terms of media attendance and demo units utilized. Around 15 fresh from factory Shark 6 DMO units were commissioned.
both front and rear have double wishbone suspension. The newest electrified pickup is built upon the Cell-to-Chassis framework, with its proprietary Blade Battery as an integral part of the vehicle’s ladder frame and safety structure.
Sporty and techy
ON the first day, we took a freeway run en route to the Alviera property in Pampanga. Boarding inside the electrified pickup, everything was ute in every sense but leaning more to the techy side. It has blended premium materials with a minimalist design approach. All sporty seats are leather-wrapped and accentuated by orange highlights.
The front driver seat has a six-way power-adjustable and four-way lumbar support (Premium). The front seats’ heating and ventilation functions are also exclusive to the Premium trim. Also, they are reclinable by 27 degrees. There are air-con vents, USB charging ports, and a 220V (15A) AC power outlet in the rear passenger area.
The familiar 12.8-inch rotating touchscreen display is at the center dash with wireless Apple CarPlay and Android Auto functions. BYD did a great job utilizing a standard user interface, making
everything easier and seamless to operate any BYD model.
Fast and stable
THE eight-speaker sound system and the cabin’s low noise, vehicle, and harshness figures provided a tranquil experience. It was as if we were driving a large crossover. Behind the wheel, the vehicle was stable and well-planted at high speeds. We like the chunky feel of the steering, which provides a good grip. The seat contours also factored in overall comfort.
But power-wise, the Shark 6 DMO was a beast on the freeway. Imagine having 429 hp and 650 N-m of torque at our disposal.
Reaching high-speed limits was a walk in the park for this truck. Getting ahead of slower vehicles became the easiest task. Step on it, and off we went.
Alviera off-roading
AT the vast Alviera property in Pampanga, we took the Shark 6 DMO to a rugged trail. The paths were mostly narrow with dried vegetation. There was no difficult terrain but several tight spots, narrow maneuvers, and downward slopes. The entire off-road session was intended to showcase the readiness of the electrified pickup should
an inexperienced driver find themselves in the situation.
Highlighted were the vehicles’ AWD systems taking control of the rough terrain. The 360-view camera also became crucial when tackling narrow paths while avoiding tree branches and other obstacles. During descents, the Hill Descent Control (HDC) function made everything easier without stepping on brakes. On the last stretch, the muddy portion provided the anticipated thrill. The sudden burst of torque enabled the vehicle to slide while accelerating. We played around the steering to keep the vehicle in control.
Daang Kalikasan climb
THE next day, we took the provincial highway to Daang Kalikasan in Pangasinan. Again, the staggering power made passing slower vehicles easier. All we had to wait for was the correct timing. A couple of hours later, we reached the entry to the 60-kilometer bypass road to Zambales. The four-lane ascending highway has a series of bends. There, we tested the pickup’s agility while climbing. It was not a difficult climb for the Shark 6 DMO.
At the highest point, the photoshoot sessions brought out the pickup’s appealing
exterior design. The main design highlight is the commanding front end, with the grille showcasing the pronounced brand logo. The LED headlights are framed with daytime running lights. The frame’s boxy silhouette is more prominent, complementing those two-tone 18-inch alloy wheels wrapped in 265/65 R18 series tires.
When we further descended to the rough and rocky path going to the picnic site, again, the HDC function was the goto feature. Here, the truck’s four-wheel independent suspension took over and absorbed the beating. Bounces were manageable and clearly handled better. At the site, we also managed to do several runs on shallow river beds. The photoshoot highlighted the vehicle’s design while blending well with its natural playground.
ADAS superiority
THE BYD DiPilot Advanced Driver Assistance System was always on top of every crucial situation. The 360-degree View Camera System with See-Through mode was beneficial during the off-roading session. The Intelligent Cruise Control with Stop & Go functionality, Emergency Lane Keeping Assist, and Lane Departure Warning were actively functioning during the freeway run.
Changan unveils EVs at Manila International Auto Show
NCHCAPE Philippines, the exclusive distributor of Changan in the Philippines, has unveiled its four electric vehicles during the recent Manila International Auto Show at the World Trade Center, Pasay City. It was a bold leap forward, setting a new standard in technology, performance and style. Customers were afforded the luxury of a test-drive April 10-13.
“The launch of our sustainable electric vehicles reflects Changan’s bold vision for the future—where innovation meets the growing demand for eco-conscious mobility in the Philippines. Together, let’s drive change and pioneer a greener, smart way forward,” said Jun Cajayon, Head of Business Group—Changan Philippines.
regional focuses.
During the four-day MIAS event, Changan introduced models:
n Changan Nevo Q05 Plug-In Hybrid EV
n Changan Nevo Hunter K50 Range-Extended EV
n Changan Lumin Battery EV n Changan Nevo A05 Plug-In Hybrid EV-initial preview
Arianne Colene L. Jalalon has graciously provided inputs on the models’ salient features.
Q05 THE Changan Nevo Q05 is the brand’s plug-in hybrid electric vehicle compact SUV offering. Exterior-wise, with its soft and clean lines, accentuated with tasteful chrome accents, the model sports a minimalist design that exudes modernity and sophistication. Some of its notable exterior features are full-LED lighting elements, and 19-inch FiveSpoke Two-Tone Alloy Wheels. At the back, the
model’s exterior look is completed by a pair of rectangular LED tail lights, an aerodynamic rear spoiler, and a shark fin antenna.
It is powered by a 1.5L BlueCore Range Extender, mated to a dedicated hybrid transmission (DHT) that produces 212 hp and 330 Nm of torque, with a range of 125 km on full EV mode. With the range extender, this figure goes up to 1,215 km.
K50 THE Changan Nevo Hunter K50 is the world’s first Range-Extended Electric Vehicle pick-up in the market.
On the outside, the model sets itself apart with its commanding presence, yet finds the perfect balance between urban lifestyle practicality and off-road ruggedness.
On the inside, the vehicle welcomes passengers with a comfortable and straightforward cabin that the Changan brand is known for, boasting of 7.5-inch Digital Instrument Cluster, 12.3-inch Touchscreen with Apple CarPlay and Android Auto, 8-Speaker Sound System, Wireless Charging Pad, Leather Seats with Power-Adjust Function for both driver and front passenger. It has a range of from 180 km to 1,031 km on pure electric.
Lumin THE Lumin is the brand’s first mini hatchback
electric vehicle offering in the country.
With its smart and innovative design that prioritizes functionality, it aims to cater to those who are looking for a fun, affordable, and compact mini vehicle that is best for city driving.
On the exterior, the model’s aesthetics exude a refreshing vibe with its modern, clean, and minimalist design. Both the front and back are accentuated with round halogen projector headlights and tail lights with LED position lights. Mechanical hidden door handles pop out only when needed, helping reduce vehicle drag. As for the wheels, the Lumin gets 14-inch steelies with fun-looking hubcaps that complete the overall refreshing look.
On the inside, the model has Cushioned Seats in Tri-Color Fabric Upholstery, 2-Speaker Sound System with Bluetooth, and 7-Inch Segment Instrument Cluster. With its 104L Trunk Capacity, the Lumin is indeed adorned with generous cabin space that is specifically designed for practicality.
A05
THE Nevo A05 is Changan’s upcoming plug-in hybrid compact sedan.
With its sharp, elegant, and sophisticated lines on the sides, the model presents a sleek and cutting-edge exterior design.
The seats are wrapped with plush Leather
Seats with Power-Adjust Function at the driver’s side. For ease of monitoring of vehicle details, drivers are treated to a fully digital 10.25-inch Instrument Display. For a full entertainment experience, customers can enjoy the vehicle’s 13.2-inch Touchscreen with Apple CarPlay and Android Auto, mated with a 6-speaker Sound System. Catching natural sunlight, the Electric Sunroof is available for the model, providing natural light and ventilation.
Changan Philippines offers the following special prizes:
MODEL AND VARIANT SUGGESTED RETAIL PRICE INTRODUCTORY PRICE SAVINGS
Changan Nevo Q05 SE P1,259,000 P1,200,000 Save P59,000
Changan Nevo Q05 ID 1,449,000 1,383,000 Save 66,000
& photos
THE BYD Shark 6 DMO (Premium) in its natural playground
SLICING through muddy paths
By Josef T. Ramos
PAOAY, Ilocos Norte—South Korean national champion Joo Dae-Yeong topped the opening stage of the Tour of Luzon: Great Revival, well ahead of the Philippines’ Ronald Oranza on Thursday in intense heat.
Joo, who rides for Gapyeong Cycling Team, went on a solo breakaway and completed the out-and-back 190.70-kilometer stage in four hours, 12 minutes and 45 seconds, crossing the finish in front of Paoay Church to cheers from race fans.
“I wanted a solo finish. That’s my plan. I also planned to take the sprint points and keep on getting them in succeeding laps,” Joo said.
“I found no problem with the heat, the weather. I just kept training every day in Korea.” Oranza, of Standard Insurance Philippines, finished four minutes and 32 seconds behind the stage winner. Aidan James Mendoza
“We
Zeased to a 25-13, 25-22, 25-20 win over PLDT on Thursday, becoming the first team to reach the semifinals of the Asian Volleyball Confederation Women’s Volleyball Champions League at the Philsports Arena in Pasig.
The Kazakhs overwhelmed the High Speed Hitters with superior attacking and airtight net defense.
Zhetysu tallied an imposing 46-33 edge in attacks and a lopsided 12-3 advantage in blocks—figures that underscored their total control of the match and extended their undefeated run without dropping a set.
“There’s no secret—we just fight for every ball,” said Tatyana Nikitina. The 24-year-old opposite hitter powered the Kazakhs with 19 points on 14 attacks, four blocks, and an ace. She spiked her superb all-around performance with six excellent digs and two excellent receptions.
Team captain Karyna Denysova had a solid 15-point effort, including 13 on attacks and two blocks with six excellent digs. Yulila Dymar added 11 points and eight excellent digs, while Kristina Anikonova and Valeriya Yakutina chipped in nine and eight points, respectively.
“I’m very happy with the win, but I knew the Philippine team would fight back. After the first set, we expected them to respond, and we were ready for that challenge,” said Zhetysu head coach Marko Gršić.
“I’m proud of my team—they played very well today, especially on the block. I believe we truly deserved this victory,” he added. The Kazakh side faces either Nakhon Ratchasima of Thailand or Creamline of the Premier Volleyball League in the semifinals. With a finals berth and a potential ticket to the FIVB World Women’s Club Championship in Thailand on the line, Zhetysu VC looks poised to continue its clinical run in the tournament organized by Sports Vision.
From the get-go, Zhetysu VC took the crowd out of the game with their crisp execution and composure under pressure. Even when PLDT briefly surged ahead late in the second set, the Kazakhs remained unfazed, orchestrating a quick turnaround behind clutch blocking and smart offensive plays, including
VONDALE, Louisiana—Rory
AMcIlroy—his voice raspy from a cold that made it tough for him to get out of bed a couple of days earlier—expressed relief that he’d have a teammate to lean on in his first PGA Tour event since his historic triumph at the Masters two weekends ago.
“Just to be here and feeling better is an achievement,” McIlroy said Wednesday while seated next to Shane Lowry, his teammate in this week’s Zurich Classic of New Orleans, where the pair are defending champions. “But I need to put a little bit of practice and a bit of work in today to make sure I don’t let this man down.” The way McIlroy’s humility and authenticity complement his extraordinary talent has made him arguably the most popular and charismatic golfer in the world.
That hasn’t changed since he became just the sixth man to win all four majors tournaments by edging Justin Rose in a playoff at Augusta National on April 13.
Korean soloes to victory in Tour of Luzon Stage One
Sports BusinessMirror
just like in Vuelta a Espana.
Eyes will be on the red top when the race resumes on Friday with a Team Time Trial to Vigan City.
The opening race of the eight-stage race presented by Metro Pacific Tollways Corporation (MPTC) brought the 119 riders from 17 teams to Laoag City and the towns of Vintar and Pasuquin before making a U-turn in Pagudpud.
The individual champion will earn P500,000 while the team champion in the event presented by Cignal and
backed by Pilipinas Live, Meralco, Maynilad, Metro Pacific Health, Megaworld, Landco, PLDT and Smart brings home P1 million.
The return of the nation’s historic cycling marathon is organized in partnership with Cardinal Santos Medical Center, Go21, Dongfeng, Victory Liner, DOOH, PSSLAI, Unilab, Huawei, Toyota and supported by Microtel by Wyndham, Gatorade, Drivehub and Homestretch.
The race is also endorsed by the POC,
Philippine Sports Commission, Games and Amusements Board, BCDA and MVP Sports Foundation.
Not a selection race
PHILCYCLING and Philippine Olympic Committee (POC) President Abraham “Bambol” Tolentino clarified that 2025 Tour of Luzon: Great Revival is not selection race for national cyclists for the 33rd Southeast Asian Games in Thailand late this year.
“Whatever the result of this race, this
Kazakhs blitz past High Speed Hitters
“It’s been an amazing few days, to be able to reflect on it and everything that happened and the magnitude of everything,” McIlroy said. “It’s not every day you get to fulfill one of your lifelong goals and dreams, and I’ve just tried to enjoy everything that comes along with that.
“I obviously could not be in a better place in my life—professionally, personally, all of it,” McIlroy added. Golf wasn’t a top priority for McIlroy in the nine days between winning his first green jacket and playing his practice round at the TPC Louisiana on Wednesday.
The Northern Ireland native went to London with wife Erica and daughter Poppy to check on a home they’re building there, then hopped over the Irish Sea to Belfast to be with family and lifelong friends.
He received countless messages of congratulations from fans, other elite athletes and “people that you would never even think would watch golf or would know what’s going on.”
Anciano holds on to win JPGT Sherwood Hills
Rwill not be used as a selection for this year’s Thailand SEA [Southeast Asian] Games. We already held national open and tryouts this year,” Tolentino said.
“So, it is going to be unfair for everyone who took part in our tryouts and national open last February.”
“If there will be another event after the SEA Games, the winners might be considered in next year’s cycling races abroad but not this December SEA Games,” Tolentino added. “We will just consider them in some way.”
a string of rejections that nullified Wilma Salas’ late-set push.
A brief lapse by Denysova gave PLDT a glimmer of hope in the third set, trimming Zhetysu VC’s lead to 19-20. But the Kazakhs responded with poise and precision, unleashing a decisive 5-1 finishing run.
The stretch run was punctuated by back-to-back kills from Dymar and a lightning-quick hit by Yakutina, sealing the match and Zhetysu’s place in the Final Four of the continental tournament supported by global federation partners Mikasa, Mizuno, and Grand Sports, as well as local sponsors PLDT, MWell, Eagle Cement, Rebisco, Akari, Gameville, PNVF, PSC, Cignal and the Look Group. PLDT showed heart in the second set, mounting a spirited comeback from a 16-20 deficit to seize a 21-20 lead— highlighted by a key block from Salas and a quick middle strike by Dell Palomata.
But Zhetysu quickly wrested back control, staging another 5-1 surge.
Yakutina anchored the turnaround with a pair of clutch blocks on Salas, while Dymar fired a sharp crosscourt kill to clinch a commanding two-set lead.
Entering the knockout stage with high hopes, the High Speed Hitters fought bravely but struggled to match Zhetysu VC’s superiority in critical departments, especially at the net and in transition play.
PVL All-Filipino Conference Best Outside Spiker Savi Davison led PLDT with 13 points off 12 attacks and added nine excellent digs. Salas followed with 11 points on nine attacks and two blocks, along with six excellent digs.
Palomata added seven points, including six attacks and a block, while Kianna Dy chipped in five points and five digs.
AFA ANCIANO completed her comeback from losing an eightstroke lead in the series opener at Eagle Ridge, winning by eight this time at Sherwood Hills Golf Club after a closing 83 in the International Container Terminal Services Inc. Junior Philippine Golf Tour Championship on Thursday in Trece Martires, Cavite. Five strokes ahead entering the final round, Anciano extended it to eight by the turn and never looked back, finishing with a 54-hole total of 259 to clinch the girls’ 15-18 division crown in emphatic fashion. Levonne Talion, who erased an eight-stroke deficit to force a playoff where she edged out Anciano at Eagle Ridge two weeks ago, had a closing 86 and wound up second. Talioin trimmed the gap to five strokes at one point, rekindling hopes of a rally. But Anciano held her ground this time, reeling off a steady string of pars from No. 14 and finishing with a bogey—by then, the title well in hand. Talion faltered
the 16-year-old Anciano said. “But in the end, as I holed out, I told myself, ‘This is it.’ I felt really good, and it gave me more confidence moving forward.”
“I showed that I can still play my best, that I can still perform well, and that I’m capable of winning,” she said, adding that her driving played a key role in her breakthrough win in the circuit organized by Pilipinas Golf Tournaments Inc.
In the boys’ premier category, Patrick Tambalque staged a thrilling comeback. Trailing by four, he caught fire late on the front nine, then capitalized on John Paul Agustin Jr.’s stumble early at the back to seize control.
Tambalque kept his composure to finish with a 74, securing a two-stroke victory with a 224 total. Agustin, who surged ahead with three straight birdies from No. 4, unraveled after the turn. A costly run of double bogey-bogey-bogey from No. 10 derailed his bid, and he ended up with a 75 for a 226. Zach Villaroman, who had matched Tambalque’s rounds of 76 and 74 through 36 holes, slipped out of title contention after a frontside 40 and couldn’t recover, finishing with an 81 for third place at 231.
Tambalque credited his patience for his thrilling triumph.
Team captain and defensive anchor
Kath Arado, who tallied 28 excellent digs in their previous match against Nakhon Ratchasima, once again showed her caliber with 17 excellent digs and six excellent receptions in the loss.
Despite Arado’s gritty effort— especially in Set 2—PLDT’s inconsistencies in floor coverage and service reception proved costly.
Zhetysu nailed four service aces and gave up none in return, exposing the High Speed Hitters’ vulnerability in the backcourt.
Bugna
“I was down by four shots, but my mindset was just to stay calm and keep going,” said Tambalque in Filipino. After a tight battle from the first round—first with Villaroman, then with Agustin in the final round— Tambalque said he began to sense victory after birdieing Nos. 12 and 13.
