BusinessMirror April 30, 2025

ON SLOW

In a report where it affirmed the country’s BBB credit rating with a stable outlook, Fitch Ratings said this is also due to the country’s “strong medium-term growth.”

In its meeting in April, the Monetary Board of the BSP de -

cided to lower key policy rates by 25 bps to 5.5 percent. (See: https://businessmirror.com. ph/2025/04/11/bsp-lowerskey-rate-by-25-bps-more-cutsseen/).

trillion Gross Value Added recorded in 2023. Mababa pa yan [That is still low] especially as the private sector starts or intensifies it. The key there is PSA [which] collects a lot of data, national ID, use cases for those that have not been developed yet,” Depdev Secretary Arsenio M. Balisacan told reporters. “Once it is developed, it can spur growth in new industries or even existing industries. So we expect a lot of that.” Balisacan said the efforts of the Bangko Sentral ng Pilipinas (BSP), particularly on digitalization and financial inclusion,

DOF asks solons to shelve GROWTH bill

AMID global economic uncertainties, the Department of Finance (DOF) has withdrawn its proposal to increase several wealth tax rates, given the government’s “robust” fiscal position.

Finance Secretary Ralph G. Recto said on Tuesday that there is no need to inflict new taxes, as the government is “properly managing” its finances.

“Strategic measures were prepared to ensure fiscal sustainability and provide necessary buffers amid rising global economic uncertainty due to political tensions, prolonged higher interest rates, and unpredictable trade policies. But given our current strong fiscal performance, these are not needed at this time,” Recto said.

In a letter addressed to Congress, Recto requested to withdraw consideration of the Government Revenues Optimization through Wealth Tax Harmonization (GROWTH) bill.

The bill, formerly the Passive Income and Financial Intermediary Taxation Act (Pifita), pro -

posed amendments to the Capital Markets Efficiency Promotion Act (CMEPA).

This is seen to generate about P300 billion from 2025 up to 2030, by harmonizing the current 6-percent tax rates for capital gains, donor’s and estate taxes to a unified 10 percent.

“These were intended to function as a buffer for increased government expenditure during times of crisis and to provide the government with fiscal space in the worstcase scenario,” Recto said.

The withdrawal comes after the “better-than-expected” revenue performance of the government in the first quarter of 2025.

Recto reported that revenue collections rose to P931.5 billion in the first quarter of 2025, up by 13.55 percent from P820.3 billion during the same period in 2024.

Broken down, the Bureau of Internal Revenue (BIR) raised P690.4 billion, a 16.67-percent increase from P592.7 billion a year ago.

Likewise, the Bureau of Customs (BOC) generated P231.4 billion,or 5.72 percent higher year-on-year

from P218.8 billion.

“At this point, current revenues are more than sufficient to support our expenditure requirements. We are meeting our obligations, funding key programs, and growing the economy without having to impose new taxes on our kababayan,” Recto said.

The government is also “decisively managing” the deficit level while maintaining a sustainable debt trajectory in line with the MediumTerm Fiscal Framework (MTFF).

Recto said the DOF remains committed to implement key reforms aimed at attracting investments and boosting government revenues, such as through the CREATE MORE Act, the Ease of Paying Taxes (EOPT) Act, amendments to the Foreign Investment Act, the Retail Trade Liberalization Act, the Public Service Act and the Public-Private Partnership (PPP) Code.

The agency will also continue efforts to enhance non-tax revenue sources to meet the revenue targets outlined in the Budget of Expenditures and Sources of Financing (BESF), Recto added. Reine Juvierre S. Alberto

By Samuel P. Medenilla @sam_medenilla

DESPITE a slight decline in his trust and performance ratings in a new OCTA Research survey this month, President Marcos said his administration still made progress in making his reforms felt by the public.

In an interview with reporters on Tuesday at the 46th Commencement Exercises of the Philippine National Police Academy in Cavite, the Chief Executive said the results of the recent Tugon ng Masa Survey (TMS) of OCTA Research confirmed that people were satisfied with the government’s achievements during his term.

“Well, it just validates what we are doing, that people are beginning to understand what we have been trying to do for the past two and a half..almost three years. So it continues to inspire me because it shows that we’re making progress,” he said.

The survey indicated that President Marcos Jr. remains the country’s most trusted government official, the Palace pointed out.

“The President received a trust rating of 60 percent and a performance rating of 59 percent,” the report indicated in the April 2025 TNM nationwide survey of OCTA.

Even after the same survey indicated a decline in the President’s performance rating, the OCTA report said, “It is not substantial.”

“The majority of Filipino people continue to trust and support the President’s performance,” the report said. “The consistent 60-percent trust rating is evidence of the public’s continued confidence.”

The non-commissioned TMS was conducted from April 2 to 5. Compared to the results in November, the President’s trust rating dropped by 5 percentage points, and his performance rating by 4 percentage points. While the President’s trust rating saw a 5-point decrease from

TUNNEL BREAKTHROUGH IN DAVAO Officials pose inside the northbound tunnel of the 2.3-kilometer twin-tube road tunnel—soon to be the longest mountain tunnel in the Philippines—after a successful engineering breakthrough in Barangay Waan, Davao City. The milestone marks a major leap for the 45.5-kilometer Davao City Bypass Construction Project, supported by the Japan International Cooperation Agency (Jica) using Japanese tunneling technology. The tunnel is expected to significantly ease travel time and traffic congestion across Davao’s urban sprawl. PHOTO FROM JICA

‘PHL not certain of gain from shift in US orders from China’

By Cai U. Ordinario @caiordinario

THEPhilippines, the “least” politically stable country in the region, may not readily benefit from a shift in United States orders from China, according to Capital Economics.

In its latest economic brief, Capital Economics said the favorable demographics in the Philippines may not be enough to attract the windfall from the tariff war between the US and China.

“Demographics are much more favorable in the Philippines, but the country’s unstable politics—it is rated as the least stable country in South East Asia—and its fail-

from A1

will also contribute to the growth of the digital economy.

ure to make needed improvements to infrastructure and the broader business environment may mean that it struggles to capitalize on any opportunities,” Capital Economics said.

Using the Political Stability Rating, which placed the global political stability rating at zero, Capital Economics said the country’s rating is already near -1, the lowest rat-

These priorities on digitalization, Balisacan said, are included in the Philippine Development Plan (PDP), the country’s medium-term socioeconomic blueprint.

“What you expect is, new tools are developed, new applications are developed, [and] new industries arise out of those technologies and data. So

ing among the Asean-5 and major Asian economies such as China, India, Hong Kong and Korea.

In the rating, Singapore was rated the most politically stable followed by Hong Kong, Korea, Malaysia, and Vietnam. The political stability rating of Vietnam is the same as the global average.

The less politically stable, which had negative ratings, were Thailand, China, Indonesia, India, and the Philippines.

In an economic brief last year, Capital Economics said the country’s demographic sweet spot can only be maximized if more jobs are created for the young labor force in the next 10 years.

The relatively younger labor force, Capital Economics said, could mean less public spending on pensions and healthcare as well as more funds that could be allocated for infrastructure needed by a productive work force.

“If the Philippines is to make the most of its demographic dividend it will need to provide enough good employment op -

that’s what drives the digital economy, data and apps,” Balisacan said.

The digital economy encompasses digital transactions under Digital-enabling infrastructure, Digital content and media, E-commerce, and Government digital services.

The expected growth of the digital economy could

portunities for the people who are set to enter the workforce in the coming years,” Capital Economics said.

Earlier, the e-Conomy SEA report said the Philippines has $31 billion in gross domestic merchandise value in 2024.

As such, the government is expanding digital infrastructure through the Philippine Digital Infrastructure Project, the National Broadband Program and the Common Tower Program to enhance digital connectivity, particularly in underserved areas.

This, coupled with the country’s demographic sweet spot, makes the Philippines the “ideal demographic partner for the economy of the future.” (See: https://businessmirror.com. ph/2025/01/23/recto-usescreate-more-to-entice-globalinvestors/).

also lead to more jobs as employment linked to the sector reached 11.3 million in 2024.

This represented a growth of 4.8 percent from 10.78 million in 2023. The sector’s share of the total national employment stood at 23.1 percent.

The bulk of these jobs are composed of online sellers at 8.8 million followed by a Digital-enabling infrastructure with 2.42 million; Digital content and media, 79,390; and Government digital services, 5,820 jobs.

“Growth in this sector will likely remain strong, fueled by e-commerce, digital finance, health tech, AI applications, and remote services although bottlenecks in digital infrastructure and regulatory challenges must be addressed to unlock its full potential,” John Paolo Rivera, president and chief economist at Oikonomia Advisory & Research Inc. said.

PSA data showed digital-enabling infrastructure contributed the most to the digital economy at P1.88 trillion. The top industries under this component were Professional and business support services which accounted for 32.7 percent of the digital economy.

The data showed this was followed by Telecommunication services at 24 percent and ICT Manufacturing industries at 16.3 percent.

The other components such as Ecommerce contributed 13.5 percent to the digital economy followed by Digital content and media at 2.4 percent and Government digital services at 0.3 percent.

“The central bank’s recent policy statement noted balanced risks to inflation in 2025-2027. We expect consumer price inflation to remain around 2 percent in 2025-2026, at the lower bound of the central bank’s target range,” Fitch Ratings said.

Fitch Ratings noted that given this, the cumulative easing of the BSP has reached 100 bps since August 2024 after a 450 bps increase between 2022 and 2023.

The Philippine Statistics Authority (PSA) said inflation eased to 1.8 percent year-on-year in March from 2.1 percent in February. The year-to-date average stood at 2.2 percent.

BSP Governor Eli M. Remolona Jr. welcomed Fitch’s reaffirmation of the country’s investment-grade credit rating. He said, “The BSP took actions to help keep inflation manageable and promote sustainable economic growth. The BSP will continue to do so.”

Meanwhile, Fitch Ratings expects the country’s GDP to post above 6 percent growth in the medium term. This, the debt-watcher said, is more than double the projected median for countries rated BBB.

Fitch also expects the Philippine economy to expand by 5.6

percent in 2025, driven by infrastructure spending, services exports, and remittance-backed private consumption.

“Our forecast reflects a payoff from investments in infrastructure and a series of structural reforms in recent years to liberalize the economy and foster trade and investment, including through public-private partnerships. Technological change poses risks to the Philippines’ large outsourcing sector, although it is adapting,” Fitch said.

Fitch also noted that the country, a “relatively closed economy,” will benefit from the lower reciprocal tariffs imposed by the US on goods from the Philippines. It noted that the tariff rate of 17 percent could be an advantage for the Philippines compared to its regional peers. The country is also expected to benefit from lower commodity prices or diversion of Chinese exports.

BSP, meanwhile, said other rating agencies recently echoed the positive assessments. S&P Global Ratings revised its outlook to positive in November 2024. The Rating and Investment Information Inc., upgraded the country to “A-” with a stable outlook in August last year. An investment-grade rating signals low credit risk and affordable access to funding. This enables a country to allocate funds to socially beneficial initiatives and programs.

adult respondents and has a ±3 percent margin of error at a 95 percent confidence level.

the last quarter, a closer examination of the data reveals that the decline is localized, primarily driven by Mindanao, where the Dutertes’ political influence remains strongest.

Trust in the President remained high across most of the country, with historic highs of 92 percent in the Ilocos Region, 87 percent in the Cordillera Administrative Region, and 83 percent in Cagayan Valley.

OCTA noted the latest figures that a considerable portion of the population still trust and are satisfied with the performance of the President.

Marcos said he appreciates the TMS results even if it shows a decline in his trust and performance ratings, since it allows him to get feedback from the public.

“Sometimes you don’t know if people feel what you’re doing. It’s good that people see what we’re doing so that it can help make their lives better,” he said, partly in Filipino.

The TMS has a total of 1,200

Last week, Pulse Asia also released the results of a survey, showing the trust and approval rating of the President also dropped last February.

Palace Press Officer Claire Castro said among the possible causes of the decline in the President’s ratings were the fake news against him and his administration, which are spreading online.

Pulse Asia, however, attributed the downward trend to rising cost of living, insufficient wage, and performance of the Marcos administration to combat corruption. Across socioeconomic classes, the President’s trust remains strongest among the broadest sector of society—Class E—where he even posted an increase in trust and satisfaction compared to previous surveys.

“Nevertheless, positive or negative, it will not stop the President from working and fulfilling his goals for all Filipinos. He will never be distracted by the ratings, though they will all be considered for the betterment of the country,” Undersecretary Castro said.

of around future trade relations with the US.

Unido believes that Trump’s tariffs “undermine economic efficiency” and weaken competitiveness that will ultimately put jobs at risk worldwide.

Asked if the LMG-MICs will take concrete steps to mitigate the effects of Trump’s tariffs, Foreign Affairs Secretary Enrique Manalo said the forum “looked at the much broader picture of development” challenges that MICs are facing, not just trade.

“We tackled issues not just trade but broader sustainable development, financing for development, human and social development, environment and climate change, digital transformation—this is a whole gamut of challenges that we are facing. Perhaps the issue of trade falls within there, but it is not the only one in order to sustain our growth in the process of becoming upper middle-income,” he said.

Aldaba said that beyond jobs, the government must also focus on protecting households from falling deeper into poverty.

in the next 90 days. More often than not, workers are the first to be let go when employers face rising costs,” Oñate said.

Social protection

IN an interview with BusinessMirror, Ateneo de Manila University economics professor Fernando T.

“The government must ensure that households are shielded through social protection. In the long term, we should think about establishing unemployment insurance,” Aldaba said. He suggested looking into targeted versions of universal basic income as a dynamic safety net.

“You’ve probably heard of universal basic income, but that’s expensive. A targeted basic income is less costly, but harder to implement. Still, it’s more realistic. We need to unify the different kinds of social assistance we have—from national to local—into one responsive and efficient system,” he explained. A recent World Bank report highlighted a sig-

nificant global social protection gap, finding that at least 2 billion people in low- and middle-income countries remain either entirely uncovered (about 1.6 billion) or inadequately supported (an additional 400 million) by these crucial safety nets. The report noted this gap is most pronounced in the poorest nations, missing or inadequately covering over 80 percent of populations in low-income countries and more than 30 percent in lower-middle-income countries. Consequently, the World Bank found that these vulnerable households lack the necessary support structures to escape poverty, weather economic shocks and crises, and effectively pursue better opportunities in a rapidly changing labor market. In 2022, the World Social Protection report noted that about 36.7 percent of the Philippines’ total population is covered by the government’s social protection programs.

Three-fourths of Filipinos prefer candidates who assert RP sovereignty in WPS–survey

By Butch Fernandez @butchfBM & Jovee Marie N. dela Cruz @joveemarie

ASIGNIFICANT majority of Filipinos said they prefer candidates who firmly believe in asserting the Philippines’ rights against China’s aggressive actions in the West Philippine Sea, the latest Social Weather Stations (SWS) survey commissioned by the Stratbase Group, show.

The survey, conducted from April 11 to 14, 2025, interviewed 1,800 respondents nationwide and has a ±2% margin of error. Results show that 75 percent of Filipinos favor “a candidate who

Marcos: Duterte arrest not politically motivated

By Samuel P. Medenilla @sam_medenilla

PRESIDENT Marcos on Tuesday rejected the claim of his sister, Sen. Imee Marcos, that the arrest of former President Rodrigo Duterte was “politically motivated.”

“Everyone’s entitled to their opinion. I disagree,” Marcos told Palace reporters in an interview in Cavite.

Senator Marcos claimed that there was a “group effort” among government agencies to coordinate with the International Criminal Police Organization (Interpol) for the arrest of Duterte based on an arrest warrant issued by the International Criminal Court (ICC).

Duterte is currently detained in the Netherlands, where he is facing charges of crimes against humanity case for the deaths of over 6,700 people in the bloody anti-criminality campaign of his administration before the ICC.

Senator Marcos is the chairwoman of the Senate Foreign Relations Committee, which conducted several hearings on the arrest of Duterte.

She has called on the Ombudsman to investigate several government officials involved in the arrest for possible graft, grave misconduct, usurpation of judicial functions, and arbitrary detention.

Palace Press Officer Claire Castro earlier said they were no longer surprised by the conclusion made by Senator Marcos since the lawmaker allegedly already made her opinion the matter known even before the conclusion of the senate hearing on the arrest.

She said the Palace also rejected the conclusion made by Senator Marcos.

Remulla ready to face probe

JUSTICE Secretary Jesus Crispin Remulla on Tuesday said he is ready to face any investigation by the Ombudsman in connection with the handing over of former President Rodrigo Duterte to the ICC to face trial for crimes against humanity in connection with the killing of 43 individuals during his bloody anti-illegal drug war campaign.

In an interview, Remulla maintained that Duterte’s turn-over to the ICC despite the country’s withdrawal as a member state was valid.

“We did what we thought we needed to do. It’s for the best, it’s the best, to our best judgment. What’s good for the country is what we did,” Remulla said.

Remulla made the remark after reelectionist Sen. Imee Marcos said she would recommend the investigation of Remulla and several other government officials namely Interior Secretary Juan Victor Remulla, National Police chief Gen. Rommel Francisco Marbil, Criminal Investigation and Detection Group chief Maj. Gen. Nicolas Torre III and Ambassador Markus V. Lacanilao for investigation for their involvement in the March 11 “illegal” arrest and transfer of Duterte to the ICC in the Netherlands.

Marcos stressed that the said government officials may be held liable for graft, grave misconduct, usurpation of judicial functions, and arbitrary detention, among others.

The recommendation is part of the initial result of the investigation on Duterte’s arrest conducted by the Senate Foreign Relations Committee, which the senator chairs.

When asked if he is ready to face the Ombudsman for investigation, Remulla said: “Of course, that’s only right.” With Joel R. San Juan

believe that the Philippines must assert our rights against China’s aggressive actions in the West Philippine Sea.”

However, this figure is 3 percentage points lower compared to a similar survey conducted in February this year.

Meanwhile, only 25 percent of Filipinos prefer candidates who do not believe in asserting the country’s rights against China’s aggressive actions in the West Philippine Sea.

Leaders of the House of Representatives on Tuesday said the latest SWS survey sends a strong and undeniable message: Filipinos overwhelmingly reject China’s aggression and disinformation campaigns, and they want leaders who will firmly defend the country’s rights in the West Philippine Sea.

Deputy Speaker David Suarez and House Senior Deputy Speaker

Aurelio Gonzales Jr. cited the SWS survey commissioned by Stratbase, which found that 75 percent of Filipinos prefer candidates who assert Philippine sovereignty against China’s aggressive actions.

Suarez said this overwhelming support shows a clear national desire for a strong, independent future.

“Now is the time to stand as one. Pilipinas muna. Pilipinas palagi,” Suarez declared. “The Filipino people have spoken. They reject China’s bullying and any candidates who would allow foreign powers to trample on our rights. This is a fight for our sovereignty, our future, and our dignity as a nation.”

Suarez, who represents Quezon, said the survey results mirror the growing support for Alyansa Para sa Bagong Pilipinas—the 11-member Senate slate backed by Presi -

dent Marcos, Lakas-Christian Muslim Democrats (Lakas-CMD) led by Speaker Ferdinand Martin G. Romualdez, and the Party-list Coalition Foundation Inc.

The survey also highlighted vulnerabilities exploited by China’s disinformation operations.

Stratbase President Dindo Manhit noted that 41 percent of voters from Social Class E— the country’s poorest—were more likely to favor non-assertive candidates, making them “primary targets and victims” of China’s systematic narrative distortion.

Suarez warned that China’s activities are not confined to maritime aggression but extend deeply into efforts to manipulate public opinion and influence elections.

“China’s aggression is not only in our seas but also in our social media, our communities, and now even in our elections. We must

wake up to this reality. Sovereignty is not just defended on the water; it must also be defended in the hearts and minds of our people,” Suarez added.

Gonzales, who represent Pampanga, for his part shared the same optimism, saying the SWS survey results suggest a landslide victory for the Alyansa Para sa Bagong Pilipinas Senate slate on May 12. He emphasized that Alyansa candidates share President Marcos’ steadfast commitment to protecting the country’s economic, sovereign, and territorial interests in the West Philippine Sea, a vital part of the nation’s exclusive economic zone.

“I hope that the 75-percent preference for pro-Philippines candidates will manifest for actual votes for Team Pinas candidates,” he said, referring to the Alyansa senatorial ticket.

NSC: Bayan Muna peddling China narrative on missiles

By Rex Anthony Naval

THE National Security Council (NSC) on Tuesday slammed Bayan Muna for its “reckless and irresponsible statements” in expressing its opposition to the country’s purchase of the BrahMos cruise missile system which aims to bolster the defensive capabilities of the Armed Forces (AFP).

NSC Assistant Director General Jonathan Malaya, in a statement, said the group’s criticism of this weapons platform acquisition openly amplifies the official propaganda line of the People’s Republic of China and not the Philippines’ position.

“Let’s call a spade a spade: Bayan Muna is not advocating

for the national interest, it is now speaking for Beijing,” he added.

Malaya was reacting to Bayan Muna executive vice president Carlos Zarate’s tirade against the country’s acquisition of the BrahMos missile system from India, claiming it sparks an “arms race” and “escalates regional conflicts.”

“Zarate’s statement against the modernization of the Armed Forces of the Philippines is a repetition of China’s official propaganda line. Their talking points are exactly the same as those of Chinese foreign ministry spokesperson Mao Ning, who early this year demanded the removal of US missile systems in the Philippines and accused our country of ‘creating tensions’ and ‘inciting confrontation,’” he added.

Malaya said the group’s language and logic is the same.

The NSC official said that to call our missile acquisitions “warmongering” and “waste”—just like the People’s Republic of China—is to ignore the realities on the ground.

“Bayan Muna is practically demanding that we disarm in the face of mounting Chinese aggression in the West Philippine Sea. While Chinese ships swarm our waters, block our resupply missions, destroy our reefs, and harass our fishermen, Bayan Muna would have the Filipino people surrender our right to defend ourselves,” he said.

Malaya reminded Bayan Muna that the BrahMos missile procurement from India, and the planned acquisition of the US Typhon system, are both defensive and strategic, and

Balikatan troops practice repelling invaders

SOLDIERS from the Armed Forces (AFP), the Australian Defence Force (ADF) and the US Marine Corps (USMC) demonstrated their firepower during a counter-landing and live-fire exercise in Palawan on Monday, as part of the ongoing RP-US Exercise Balikatan.

The activity, held in barangay Kampong Ulay in Rizal town, showcased the combined strength and operational synergy of the participating troops, the AFP said in a press statement on Tuesday.

“The exercise opened with a maritime interdiction scenario, in which Philippine Navy assets—including multi-purpose attack craft [Mpac] and fast attack interdiction craft [Faic]— swiftly engaged and neutralized a simulated seaborne intrusion. The operation demonstrated

THE Philippines and the United Arab Emirates (UAE) have strengthened their law enforcement and public safety partnership with the signing of a landmark bilateral security agreement—the first of its kind between the two country

The Department of the Interior and Local Government, in a statement on Tuesday, said Interior Secretary Juanito Victor Remulla signed the agreement on behalf of

seamless coordination between naval and ground forces and transitioned into an integrated coastal live-fire mission,” the AFP said.

calibrated responses to real and growing threats.

“These are not weapons of offensive war, they are tools of deterrence. These strengthen our defense posture to protect our shores, assert our sovereign rights, and uphold regional stability based on international law,” he added.

“To portray this as ‘militarism’ or ‘squandering public funds’ is an insult to every Filipino soldier and sailor defending our nation, and a dangerous attempt to weaken our resolve at a time when unity and strength are most needed,” he said.

Malaya said that the Armed Forces and other security institutions will not take strategic guidance from a political group that is practically acting as a proxy for a foreign power.

M-16 rifles, contributing to the overall firepower and coordination on the battlefield.

Meanwhile, the US High Mobility Artillery Rocket System (Himars) was utilized to deliver rapid and precise strikes, reinforcing the allies’ ability to respond decisively to threats. Supporting fire was provided using .50 caliber machine guns and

The drills also demonstrated the diverse range of military capabilities of the participants. This was highlighted when the Philippine Marine Corps deployed its howitzers to initiate the synchronized fire mission.

the Philippines and Sheikh Saif bin Zayed Al-Nahyan, deputy prime minister and Minister of the Interior, who represented the United Arab Emirates (UAE), during a high-level meeting in Abu Dhabi last week.

Remulla said the agreement cements the two countries’ resolve to intensify cooperation against transnational crimes and institutionalize the exchange of best practices and expertise in law

“The drill culminated with a precision strike from the Himars, highlighting the allied forces’ capability to deliver fast, accurate, and decisive responses to amphibious threats—an essential element of regional deterrence,” the AFP said.

Troops from the Japan SelfDefense Forces observed the exercise, reinforcing ongoing efforts to enhance multilateral security cooperation and joint training initiatives in the IndoPacific Region. PNA

FIRE FOR EFFECT. A US HIMARS roars to life as it launches a precision strike during the counter-landing and live-fire exercise in Barangay Kampong Ulay, Rizal town, Palawan on Monday. This activity showcased the combined strength and operational synergy of the participating "Balikatan" troops. PHOTO COURTESY OF THE WESTERN COMMAND

enforcement and public safety operations. It also reflects a broader commitment to promote peace, stability, and sustainable development, anchored on the principles of sovereignty, non-interference, and equality among states under international law.

During the meeting, officials likewise explored opportunities for collaboration in emerging fields such as digital technologies, urban governance, and other sectors of mutual interest. Remulla also conveyed the Philippine government’s deep appreciation to the UAE for its grant of pardon to 115 Filipinos during the Holy Month of Ramadan, a gesture underscoring the enduring friendship between the two nations. Joining Remulla in the meeting were Assistant Secretary for

BIR files ₧8.7 billion tax evasion case vs vape resellers, retailers

TLawmaker seeks House probe of water company

ALAWMAKER is calling for

nationwide once session opens,” he stated.

By Joel R. San Juan @jrsanjuan1573

HE Bureau of Internal Revenue (BIR) on Tuesday asked the Department of Justice (DOJ) to prosecute illegal retailers and resellers of vape products for tax evasion amounting to P8.7 billion.

Internal Revenue Commis -

sioner Romeo D. Lumagui, who led the filing of the multi-billion tax evasion cases, immediately asked businesses to ensure that the vape products they are selling are registered and tax compliant to avoid legal consequences.

Lumagui added that the BIR is also continuously coordinating with various online platforms to take down sites engaged in the sale of illegal vape products. “But we are aware that some still manage to slip through, especially in the marketplace or in some groups where the transactions are happening, and we will make sure that we catch them and file cases against them,” Lumagui said.

Charged before the DOJ were businesses bearing the brand names Flava, Denkat and Flare.

“Today, the BIR has filed criminal cases for tax evasion against large-scale illicit vape businesses. They have failed to pay P8.7 billion in taxes. We have warned all those who want to enter the vape industry to register with the BIR and pay proper taxes. This is what happens when you keep violating our tax laws,” Lumagui told reporters.

The said businesses were specifically charged with unlawful possession of vape products without payment of excise tax under Section 263, tax evasion under Section 254, failure to file excise tax returns under Section 255, all in violation of the National Internal Revenue Code of 1997, as amended.

The complaint also sought the recovery of deficiency excise

taxes and penalties that the said businesses failed to pay the government amounting to almost P9 billion.

“Expect more criminal cases to be filed against illicit vape traders. Whether your business is large or small, as long as you sell illicit vape, you will be imprisoned. Celebrities and influencers found to be in conspiracy with illicit vape traders will also be imprisoned. Illicit vape ends now.” Lumagui warned.

Lumagui said the filing of criminal charges against illicit vape retailers and resellers is part of the BIR’s war against illicit vape traders.

He also urged the public to report all stores with illicit vape and reminded all promoters and advertisers of vape products to be responsible in promoting only vape products which are legitimate and tax compliant to avoid legal actions.

PHL digital economy up by 7.6% to ₧2.25T in 2024

By Bless Aubrey Ogerio

FUELED by rising e-commerce and tech services, the Philippines’ digital economy expanded by 7.6 percent in 2024, reaching P2.25 trillion, latest government data showed.

Philippine Statistics Authority (PSA) records indicate that the digital economy accounted for 8.5 percent of the country’s gross

domestic product (GDP) last year. “The digital economy encompasses digital transactions under four key components: Digitalenabling infrastructure, Digital content and media, E-commerce, and Government digital services,” the PSA said.

Employment in the sector also went up, engaging 11.30 million workers in 2024—a 4.8-percent jump from 10.78 million in 2023.

Its share of the total national employment stood at 23.1 percent. E-commerce made up the bulk of employment at 77.9 percent, followed by digital-enabling infrastructure (21.4 percent), digital content and media (0.7 percent), and government digital services (0.1 percent).

In terms of value, digital-enabling infrastructure contributed the biggest chunk at P1.88 trillion.

Senior legislator pushes Masagana program to keep rice prices down

By Jovee Marie N. Dela Cruz @joveemarie

AS the government begins pilot testing the sale of P20-per-kilo rice in the Visayas, a senior lawmaker on Tuesday renewed his call for a revised version of the Masagana program—this time as a subsidycum-contract growing scheme— to produce enough low-cost palay.

Camarines Sur Rep. Luis Raymund Villafuerte urged the Department of Agriculture (DA) to adopt his earlier proposal for a revamped Masagana program that could yield five million metric tons of palay per harvest.

This output, he said, could be

processed into three billion kilograms of rice, allowing the government to sell 1.5 billion kilograms at P20 per kilo and another 1.5 billion kilograms at P30 for the general public.

“This pilot project in the Visayas can be expanded nationwide,” said Villafuerte, “but to sustain it, we need a transformative approach that provides our rice farmers with P40,000 per hectare in pre-planting support for one million hectares of land in the country’s top 10 palayproducing provinces.”

He said such support could be sourced from the multibillion-peso subsidies already being allocated to the rice sector and suggested that the DA and local governments

Top industries under this segment included professional and business support services (32.7 percent), telecommunications services (24 percent), and ICT manufacturing industries (16.3 percent).

Meanwhile, e-commerce contributed 13.5 percent to the digital economy, while digital content and media made up 2.4 percent, and government digital services at 0.3 percent.

from selling the remaining stock at P30 per kilo, totaling P75 billion in revenue.

collaborate in identifying eligible farmer-beneficiaries.

Under Villafuerte’s proposed scheme, farmer-recipients would sell their palay harvest to the government at P9 per kilo. Based on a projected yield of five billion kilograms of palay—equivalent to three billion kilograms of milled rice—this would cost the government P45 billion in procurement. When combined with the P40 billion subsidy outlay, the total budget would reach P85 billion.

However, Villafuerte argued that the government could recover most of this investment through the sale of rice: P30 billion from selling half of the output at P20 per kilo and another P45 billion

Senate bet bats for quick OK of ₧200 wage hike

SAYING the minimum wage can barely buy the ordinary citizen’s barest essentials, senatorial candidate Francis Pangilinan has thrown his support

behind a pending bill that grants P200 a day hike in the minimum wage in the private sector. He said the consumers lament the worker’s long-frozen

wage levels amid increasing daily households.

After reiterating his support for the P200 across-the-board minimum wage increase in the private sector, Pangilinan lamented how the current minimum wage can no longer shoulder the daily expenses of Filipinos.

He noted that the recent Social Weather Stations survey showing that 55 percent of families rated themselves as “poor” is proof that Filipinos are suffering from the high prices of food and goods.

“Matindi ang daing ng ating mga kababayan dahil mataas ang presyo ng pagkain at iba pang bilihin. And therefore, what we really have to do is to address these,” he said in a radio interview on Tuesday.

“Wala nang mabili ang minimum wage,” he bemoaned, noting that a kilo of pork is priced at P420 while premium rice is at P60 per kilo.

a congressional investigation into the allegedly poor service of PrimeWater Infrastructure Corp., following a surge in complaints not just from his hometown in Subic, Zambales, but from consumers across the country.

House Assistant Majority Leader Jefferson Khonghun, in a statement, expressed frustration over PrimeWater’s continued shortcomings, despite having been given ample time and multiple opportunities to improve its services.

“PrimeWater. We have given you enough time to improve your services. You told us during our last meeting that the pandemic caused your development backlog,” Khonghun said.

In Subic alone, the lawmaker said residents have filed numerous complaints against PrimeWater, citing erratic water supply, delays in service restoration after outages, and unfulfilled commitments regarding service improvements.

“Even if you’re not directly under the Subic local government, you still have a responsibility to the people—and you’ve crossed the line,” Khonghun added.

The lawmaker, who also chairs the House Special Committee on Bases Conversion, announced plans to file a resolution seeking a full-scale congressional inquiry into PrimeWater’s operations once Congress resumes session.

“I’ll be filing a resolution to launch a congressional investigation into PrimeWater’s operations

Pangasinan:

“Thus, at the end of this undertaking, the government will have spent just P10 billion in subsidies for the rice productivity program after collecting P75 billion in rice sales and deducting this amount from the P85 billion set aside for the farmers’ subsidy-and-grainsprocurement plan,” said Villafuerte.

To motivate farmers further, Villafuerte suggested giving rewards such as farm machinery or cash prizes to those who achieve the highest yields per hectare.

Local governments with topperforming farmers could also receive incentives.

Villafuerte recalled that during his governorship, Camarines Sur climbed from being the 12th biggest rice producer in 2008 to the 4th in 2016, underscoring the province’s capacity to lead in palay production.

The current minimum wage in Metro Manila is P645 a day.

“Doon lang sa pagkain hindi na kasya ang minimum wage. Paano pa ang para sa gamot, para sa pamasahe, para sa kuryente, etc.? Kulang talaga,” he added.

Pangilinan expressed support for the call of the labor sector to increase by P150 to P200 the daily minimum wage of workers in the private sector.

“We support itong panawagan ng labor sector na nationwide legislated minimum wage of around anywhere between P150 daily to P200 daily,” he added.

A measure pushing for the P200 daily minimum wage increase authored by the TUCP Party-list group was approved by the House of Representatives on second reading and is set for third and final reading this June.

If approved, the law would require all private businesses, regardless of size and industry, to implement a P200 wage hike daily.

The lawmaker emphasized that his move is not politically motivated but seeks to uphold the rights and welfare of ordinary Filipino consumers who continue to suffer because of broken promises and inadequate services.

“This isn’t about politics—it’s about justice for the consumers. Too many people have suffered because of broken promises,” he added.

Villar-owned PrimeWater, which operates more than 100 joint venture projects with local water districts, has been the subject of numerous complaints nationwide over persistent water interruptions, high billing rates, and poor customer service, fueling the clamor for congressional scrutiny.

Former Bayan Muna Rep. Ferdinand Gaite, in a separate statement, welcomed the recent decision by the San Jose del Monte City Council to terminate its joint venture agreement (JVA) with PrimeWater.

“I welcome the decision of the San Jose del Monte City Council, and I congratulate all the consumers who worked, campaigned, and protested tirelessly to overturn the joint venture agreement,” said Gaite. “This is a blow to the Villar-led privatization—or what I call ‘Villarization’—not just of the SJDM Water District but of several other water districts in the country,” he said. Jovee Marie N. dela Cruz

PHL’s next top tourist haven–Guico

By Jonathan L. Mayuga @jonlmayuga

WITH its rich coastal and marine biodiversity, white sand beaches, and the extensive infrastructure, being implemented under Gov. Ramon Guico III, the Province of Pangasinan is not far from becoming one of the main tourist destinations in the Philippines.

Aside from Protected Areas such as the Hundred Islands Natural Park in Alaminos City, the province is home to productive fishing grounds are being eyed to form part of a network of Protected Areas in the province, in partnership with the Department of Environment and Natural Resources (DENR) and Department of Agriculture (DA).

These are in the towns of Alaminos, Anda and Sual to be called the City of Alaminos-Municipalities of Sual and Anda Marine Protected Area Network (CAMSA MPA Network).

“The establishment of Marine Protected Areas network in some areas of Pangasinan would be a proactive step in the protection of important marine and coastal biodiversity in the province,” a resolution of the Sangguniang Panlalawigan of Pangasinan read.

Aside from these, the provincial government is banking on the various infrastructure and development projects.

Plex will significantly reduce travel time once it is open to the public.

“This is precisely our dream, to make our beloved province a major tourist destination in the country, and this will not be far off because we continue to build many facilities to further attract our province, including foreign tourists,” said Guico. In less than three years, he has been able to build key infrastructure and development projects with the support of fellow officials, the province, cities, municipalities and barangays throughout the province.

“We still have many projects lined up to further transform our province into a top tourist attraction, but one term is not enough to implement them and we can do it because we are all united,” said Guico, who is currently running for a second term in the coming elections. The Guico administration has previously implemented the conversion of the historic Casa Real into a large museum, the Bańaan (Tagpuan) Provincial Museum; the construction of a multi-level parking building in Manaoag; Bolinao Airport; and the largest Reflecting Pool and Interactive Fountain in Lingayen, among other tourismoriented projects.

“With more than 10 million tourists now visiting major tourist destinations like Manaoag, Bolinao, and Alaminos, we can say that we have recovered from the recent Covid-19 pandemic and the tourism industry in the province has regained its vitality,” he added.

One such infrastructure project is the 42.76-kilometer (Phase 1 Binalonan-Lingayen) Pangasinan Link Expressway (Plex), a significant project that will connect major areas in the province and nearby areas.

Editor: Angel R. Calso

Mark Carney warns Canadians in election victory speech: ‘Trump is trying to break us’

By Rob Gillies The Associated Press

TORONTO—Prime

Minister

Mark Carney’s Liberal Party won Canada’s federal election on Monday, capping a stunning turnaround in fortunes fueled by US President Donald Trump’s annexation threats and trade war.

After polls closed, the Liberals were projected to win more of Parliament’s 343 seats than the Conservatives. It wasn’t immediately clear, though, if they would win an outright majority—at least 172— or would need to rely on one of the smaller parties to pass legislation.

The Liberals looked headed for a crushing defeat until the American president started attacking Canada’s economy and threatening its sovereignty, suggesting it should become the 51st state. Trump’s actions infuriated Canadians and stoked a surge in nationalism that helped the Liberals flip the election narrative and win a fourthstraight term in power.

In a victory speech before supporters in Ottawa, Carney stressed the importance of Canadian unity in the face of Washington’s threats. He also said the mutually beneficial system Canada and the US had shared since World War II had ended.

“We are over the shock of the American betrayal, but we should never forget the lessons,” he said.

“As I’ve been warning for months, America wants our land, our resources, our water, our country,” Carney said. “These are not idle threats. President Trump is trying to break us so America can own us. That will never ... ever happen. But we also must recognize the reality that our world has fundamentally changed.”

A defeat for the Conservatives

The Conservative Party’s leader, Pierre Poilievre, hoped to make the election a referendum on former Prime Minister Justin Trudeau, whose popularity de -

By Renata Brito, Barry Hatton & Joseph Wilson

The Associated Press

BARCELONA, Spain—An unprecedented blackout brought much of Spain and Portugal to a standstill Monday, stranding thousands of train passengers and leaving millions of people without phone and internet coverage and access to cash from ATMs across the Iberian Peninsula.

The sudden crash of the power grid also left authorities searching for its cause. Spain’s Prime Minister Pedro Sánchez addressed the nation and said that almost 11 hours after the nation ground to a halt, government experts were still trying to determine what happened.

“We have never had a complete collapse of the system,” Sánchez said, before detailing that at 12:33 p.m. on Monday Spain’s power grid lost 15 gigawatts, the equivalent of 60 percent of its national demand, in a matter of five seconds.

Spanish power distributor Red Eléctrica’s head of operations Eduardo Prieto said the event was “exceptional and extraordinary.”

Spain had recovered more than 92 percent of its power by 5 a.m. on Tuesday, according to Red Eléctrica, and the prime minister pledged that the entire country of 48 million would have lights back on by the end of the day.

It was the second serious European power outage in less than six weeks after a March

clined toward the end of his decade in power as food and housing prices rose.

But Trump attacked, Trudeau resigned and Carney, a two-time central banker, became the Liberal Party’s leader and prime minister.

In a concession speech and with his own House of Commons seat still in doubt, Poilievre vowed to keep fighting for Canadians.

“We are cognizant of the fact that we didn’t get over the finish line yet,” Poilievre told supporters in Ottawa. “We know that change is needed, but change is hard to come by. It takes time. It takes work. And that’s why we have to learn the lessons of tonight—so that we can have an even better result the next time Canadians decide the future of the country.”

Even with Canadians grappling with the fallout from a deadly weekend attack at a Vancouver street festival, Trump was trolling them on election day, suggesting again on social media that Canada should become the 51st state and saying he was on their ballot. He also erroneously claimed that the US subsidizes Canada, writing, “It makes no sense unless Canada is a State!”

Trump’s truculence has infuriated Canadians, leading many to cancel US vacations, refuse to buy American goods and possibly even vote early. A record 7.3 million Canadians cast ballots before election day.

As Poilievre and his wife cast their ballots in Ottawa, he implored voters to “Get out to vote— for a change.” After running a Trump-like campaign for weeks,

though, the Conservative leader’s similarities to the bombastic American might have cost him.

Reid Warren, a Toronto resident, said he voted Liberal because Poilievre “sounds like mini-Trump to me.” And he said Trump’s tariffs are a worry.

“Canadians coming together from, you know, all the shade being thrown from the States is great, but it’s definitely created some turmoil, that’s for sure,” he said.

Historian Robert Bothwell said Poilievre appealed to the “same sense of grievance” as Trump, but that it ultimately worked against him.

“The Liberals ought to pay him,” Bothwell said, referring to the US president. “Trump talking is not good for the Conservatives.”

The Liberal way forward CARNEY and the Liberals secured a new term, but they have daunting challenges ahead.

If they don’t win a majority in Parliament, the Liberals might need rely on one of the smaller parties to remain in power and pass legislation. The Bloc Québécois, which looked set to finish third, is a separatist party from Frenchspeaking Quebec that seeks independence from Canada. Trudeau’s Liberals relied on the New Democrats to remain in power for four years, but the progressive party fared poorly on Monday and its leader, Jagmeet Singh, said he was

20 fire shut down Heathrow Airport in the UK, and it came as authorities across Europe gird against sabotage backed by Russia.

The Portuguese National Cybersecurity Center in a statement said there was no sign the outage was due to a cyber-attack. Teresa Ribera, European Commission executive vice president in charge of promoting clean energy, indicated the same to journalists in Brussels and called the power outage “one of the most serious episodes recorded in Europe in recent times.”

“We are analyzing all the potential causes without discarding any hypothesis,” Sánchez said.

Spanish and Portuguese capitals affected THE outage began at midday. Offices

closed and traffic was snarled in Madrid and Lisbon, while some civilians in Barcelona directed traffic. Train services in both countries stopped.

stepping down after eight years in charge.

“This is a dramatic comeback, but if the Liberals cannot win a majority of seats, political uncertainty in a new minority Parliament could complicate things for them,” said McGill University political science professor Daniel Béland.

Until this year, foreign policy hadn’t dominated a Canadian election this much since 1988, when, ironically, free trade with the United States was the prevailing issue. In addition to the trade war with the US and frosty relationship with Trump, Canada is dealing with a cost-of-living crisis. And more than 75% of its exports go to the US, so Trump’s tariffs threat and his desire to get North American automakers to move Canada’s production south could severely damage the Canadian economy. While campaigning, Carney vowed that every dollar the government collects from countertariffs on US goods will go toward Canadian workers who are adversely affected by the trade war. He also said he plans to keep dental care in place, offer a middleclass tax cut, return immigration to sustainable levels and increase funding to Canada’s public broadcaster, the Canadian Broadcasting Corporation.

The Associated Press reporter Mike Householder contributed to this report.

CANADIAN Prime Minister Mark Carney speaks to supporters on stage at his campaign headquarters after the Liberal Party won the Canadian election in Ottawa, Tuesday, April 29, 2025. JUSTIN TANG//THE CANADIAN PRESS VIA AP

Tens of thousands of Los Angeles County workers begin 2-day strike

By Jaimie Ding The Associated Press

LOS ANGELES—More than 50,000 Los Angeles county workers began a two-day strike Monday evening, closing libraries and disrupting administrative operations across the nation’s most populous county.

The two-day strike was initiated in response to failed negotiations with the county for a new contract after the last one expired in March, according to Service Employees International Union Local 721 leaders.

The union represents more than 55,000 workers including public health professionals, social workers, parks and recreation staff, custodians, clerical workers, and more serving a county of 10 million residents. It will be the first time

Continued from A7

Portugal’s government said the outage appeared to stem from problems outside the country, an official told national news agency Lusa.

Electricity was being pulled from Morocco and France to restore power to southern and northern Spain, Spain’s prime minister said, thanking their governments. Spain was also increasing the production from hydroelectric and combined cycle thermal power plants.

Airports working on backup systems

all of its members go on strike, the union said.

“This is the workforce that got LA County through emergency after emergency: the January wildfires, public health emergencies, mental health emergencies, social service emergencies and more,” said union leader David Green in a statement. “That’s why we have had it with the labor law violations and demand respect for our workers.” The strike is set to last until 7 p.m. Wednesday. During this time,

website showing demand across the country indicated a steep drop around 12:15 p.m. from 27,500 megawatts to near 15,000 megawatts.

Spanish airports were operating on backup electrical systems and some flights were delayed, according to Aena, which runs 56 airports in Spain including Madrid and Barcelona.

In Lisbon, terminals closed and tourists sat outside waiting for news about flights.

“We haven’t seen any plane arriving or departing in the 50 minutes we’ve been waiting here,” Dutch tourist Marc Brandsma said.

libraries, some healthcare clinics, beach bathrooms, and public service counters at the Hall of Administration are expected to be closed. Some other services in the medical examiner’s office and public works department may also be affected, according to the county.

The union has accused the county of 44 labor law violations during contract negotiations, including surveillance and retaliation against workers engaging in union activity and contracting out positions represented by the union.

LA County says it’s facing “unprecedented stresses” on its budget, including a tentative $4 billion settlement of thousands of childhood sexual assault claims, a projected $2 billion in impacts related to the LA wildfires in January, and the potential loss of hundreds of millions in federal funding.

“We do not want to negotiate ourselves into a structural deficit—which could lead to layoffs and service reductions,” spokesperson Elizabeth Marcellino said in a statement from the chief ex -

connectivity to enjoy the sunshine on restaurant terraces, parks and beaches.

Barcelona’s streets filled with throngs of people milling in front of darkened stores and exchanging information.

“We are lucky. Some people got trapped in the metro. And there is a positive side: We are talking more with each other,” said Monste Cortés in Barcelona.

She said dinner would be sliced bread and cold cuts.

ecutive office. “We are trying to strike a balance: fair compensation for our workforce while sustaining services and avoiding layoffs in the midst of some of the worst financial challenges we have ever experienced.”

The city of LA is facing similar financial woes—Mayor Karen Bass’s recently proposed budget includes 1,600 layoffs of city workers amid a nearly $1 billion deficit.

More than 150 county workers picketed outside the Los Angeles General Medical Center on Monday, raising signs that read “We are the safety net!”

Lillian Cabral, who has worked at the hospital since 1978, said the strike was a “historic moment” that involved staff from the emergency room and radiology departments to custodians.

Cabral is part of the bargaining committee and said she was frustrated by a process that has been filled with long delays and little movement from the county.

“It’s so unfair to us, it’s so unfair to our patients, and to our clients and our community,” Cabral said.

Vehicle attack in Vancouver devastates vibrant and growing Filipino community

By Claire Rush & Gene Johnson The Associated Press

VANCOUVER, British Columbia—For Bennet Miemban-Ganata, owner of a popular Filipino restaurant in Vancouver, the arrival of spring means a season of fiestas, bringing both good business and celebrations of culture.

From Filipino Restaurant Month in April to Filipino Heritage Month in June, there would be colorful clothes, folk dances and traditional food like crispy lumpia, marinated and grilled pork belly, and beef stew. And of course, there would be togetherness for Vancouver’s rapidly growing Filipino community.

critical condition and three were in serious condition at hospitals on Monday, Vancouver Police Department spokesperson Steve Addison said.

Authorities quickly ruled out terrorism. The driver, 30-year-old Kai-Ji Adam Lo, faces multiple counts of second-degree murder, police said, and he had a history of mental illness that had prompted law enforcement responses, including one the day before the attack. His brother was the victim of a homicide in 2024, and Lo wrote in an online fundraising appeal that he was devastated by that killing.

A GRAPH on Spain’s electricity network

The Spanish Parliament in Madrid closed. Play at the Madrid Open tennis tournament was suspended. Some took advantage of the lack of

The hunt for connectivity AS hours passed, so did the concern of those unable to reach loved ones. “I can’t even call my boss because nothing works,” said Helen Osorio, a Barcelona shop clerk. In Terrassa, an industrial town 50 kilo -

meters (30 miles) from Barcelona, stores selling generators were out of stock.

Portugal’s National Authority for Emergencies and Civil Protection said backup power systems were operating.

In Portugal, a country of some 10.6 million people, police placed more officers on duty to cope with increased requests for help, including from people trapped in elevators.

Several Lisbon subway cars were evacuated, reports said. Courts stopped work and ATMs and electronic payment systems were affected.

Hatton reported from Lisbon, Portugal. Associated Press writers Tales Azzoni in Madrid and Emma Burrows in London contributed. Power.

All that made Saturday night’s vehicleramming attack on a large crowd at a Filipino block party all the more devastating.

“We felt ... the whole day that it’s a fun celebration, that people are happy being together,” Miemban-Ganata said as she fought back tears Monday during an interview at her restaurant, Plato Filipino.

“We were just there to have fun, to know that we have each other in a foreign land.”

A black Audi SUV barreled down a closed, food-truck-lined street and struck people attending the Lapu Lapu Day festival, which celebrates Datu Lapu-Lapu, an Indigenous chieftain who stood up to Spanish explorers in the 16th century.

Eleven people were killed, including a 5-year-old girl and her parents. Thirtytwo people were hurt. Seven were in

The festival is a testament to the growing presence of the Filipino community in the Vancouver area. Filipino-owned shops and restaurants, like Plato Filipino, have proliferated, especially in South Vancouver. MiembanGanata said her restaurant serves as a gathering place, one where people feel comfortable enough to leave their kids when they’re pinched for child care. Over the weekend, British Columbia Premier David Eby vowed not to let the tragedy define the celebration and urged people to channel their rage into helping those affected.

“I don’t think there is a British Columbian that hasn’t been touched in some way by the Filipino community,” he said. “This is a community that gives and gives and yesterday was a celebration of their culture.”

See “Vancouver,” A9

www.businessmirror.com.ph

Asian shares advance after a quiet day on Wall St. despite tough talk on tariffs

By Elaine Kurtenbach AP Business Writer

NEW YORK—Asian shares were mostly higher on Tuesday after US stocks drifted to a mixed, quiet finish ahead of a busy week of corporate earnings and economic data that could bring more bouts of volatility.

US futures edged higher and oil prices fell. Tokyo’s markets were closed for a holiday.

Hong Kong’s Hang Seng was nearly unchanged at 21,969.67, while the Shanghai Composite index edged 0.1% lower, to 3,285.68. In South Korea, the Kospi jumped 0.7% to 2,565.42. Australia’s S&P/ASX 200 also rose 0.9%, to 8,070.60.

Taiwan’s Taiex gained 1%, while the Sensex in India edged less than 0.1% higher.

tariffs on Chinese exports that, combined, add up to 145%. China has struck back with import duties on US goods of up to 125%, though it has exempted some items.

Many investors believe Trump’s tariffs could cause a recession if left unaltered. Coming into Monday, the S&P 500 had roughly halved its drop that had taken it nearly 20% below its record set earlier this year.

On Monday, the S&P 500 inched up by 0.1%, to 5,528.75, extending its winning streak to a fifth day.

The Dow Jones Industrial Average added 0.3% to 40,227.59, and the Nasdaq composite slipped 0.1% to 17,366.13.

including Friday’s, which will show how many workers employers hired during all of April.

Economists expect it to show a slowdown in hiring down to 125,000 from 228,000 in March.

The most jarring economic data recently have come from surveys showing US consumers are getting much more pessimistic about the economy’s future because of tariffs. The Conference Board’s latest reading on consumer confidence is due on Tuesday.

The Trump administration appears to have made little headway in finding a way forward with Beijing, with both sides insisting the other needs to make the first move. Treasury Secretary Scott Bessent, speaking on CNBC, said he believed China wants a “deescalation” in the trade war.

“I do have an escalation letter in my back pocket, and we’re very anxious not to have to use it.”

“Maybe they’ll call me one day,” Bessent told Fox news. Trump has ordered increases in

A recent relative lull in trading has brought a respite from the sharp swings that have rocked markets for weeks, as hopes rose and fell that President Donald Trump may back down on his trade war.

Mixed trading for some influential tech stocks ahead of their earnings reports this week pulled the S&P 500 back and forth between modest gains and losses for much of Monday. Amazon fell 0.7%, Microsoft dipped 0.2%, Meta Platforms added 0.4% and Apple rose 0.4%.

Outside of Big Tech, executives from Caterpillar, Exxon Mobil and McDonald’s may also offer clues this week about how they’re seeing economic conditions play out.

Several companies across industries have already slashed their

estimates for upcoming profit or pulled their forecasts entirely because of uncertainty about what will happen with Trump’s tariffs.

A fear is that Trump’s on-againoff-again tariffs may be pushing households and businesses to alter their spending and freeze plans for long-term investment because of how quickly conditions can change, seemingly by the hour.

So far, economic reports seem to show the US economy is still growing, though at a weaker pace.

On Wednesday, economists expect a report to say US economic growth slowed to a 0.8% annual rate in the first three months of this year, down from a 2.4% pace at the end of last year.

Most reports so far have focused on data from before Trump’s “Liberation Day” on April 2, when he announced tariffs that could affect imports from countries worldwide. That could raise the stakes for upcoming reports on the US job market,

In the bond market, Treasury yields fell further. They’ve been sinking since an unsettling, unusual spurt higher in yields earlier this month rattled both Wall Street and the US government. That rise had suggested investors worldwide may have been losing faith in the US bond market’s reputation as a safe place to park cash.

The yield on the 10-year Treasury was steady at 4.21% early Tuesday.

In other dealings, benchmark US crude oil lost 54 cents to $61.51 per barrel. Brent crude gave up 51 cents to $64.28 per barrel. The US dollar bought 142.49 Japanese yen, up from 142.02 yen. The euro slipped to $1.1387 from $1.1422.

Filipinos are the third-largest Asian immigrant population in Canada with nearly 1 million residents, and more than one-third arrived in the previous decade, according to the 2021 census. And roughly 175,000 live in British Columbia, mostly in the Vancouver area, where they make up a little more than 5% of the population.

prompt the formation in 2023 of Filipino BC, a nonprofit that seeks to foster Filipino Canadian heritage. Filipino BC has advocated for a Filipino cultural center and organized the first Lapu Lapu Day celebration last year. The festival is already so popular that it has attracted attendees from Seattle and Toronto, said RJ Aquino, chair of the organization’s board.

The community’s growth helped

Filipino immigration to Canada was heavily restricted until the 1960s, when Filipino immigrants began arriving to help offset labor shortages in Canada’s health care, garment and other industries, according to a Canadian Historical Association report. Now many work in finance, caregiving, real estate and other sectors.

“It’s really a festival designed to celebrate and share our culture,” Aquino

said. “Everybody also just loves having a big party.” Aquino grew up in the Philippines and moved briefly to the US as a teenager before settling in the Vancouver area in the 1990s. The Filipino community was small then—“It really did feel like everybody knew each other,” he said—and even now it’s not uncommon to meet a stranger and learn that they’re related through an aunt or uncle.

As he stood before a memorial of flowers and a white cross, he called the weekend “the highest of highs and the lowest of lows.” He had left the festival to have dinner with his family when he received a call about the attack and raced back.

Johnson reported from Seattle. Vancouver. . . Continued from A8

The community’s “first imperative,” he said, was “to just be present with each other and make sure we don’t feel alone.” The city of Vancouver and Province of British Columbia had been active in offering support services, he noted.

“The Filipino community knows how to be resilient,” Aquino said. “How that manifests this time around—from a tragedy we’ve never experienced, on a scale like this—we’re going to see how it plays out, and I’m going to make sure we come out of this stronger.”

CURRENCY traders monitor a screen displaying the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of KEB Hana Bank’s headquarters in Seoul, South Korea, Monday, April 28, 2025. AP/AHN YOUNG-JOON

Putin declares 72-hour ceasefire in Ukraine for Victory Day, Kyiv demands longer truce amid ongoing tensions

By Illia Novikov The Associated Press

KYIV, Ukraine—Russian President Vladimir Putin on Monday declared a unilateral 72-hour ceasefire next week in Ukraine to mark Victory Day in World War II as the US presses for a deal to end the 3-year-old war. Kyiv insisted on a longer and immediate truce.

The Kremlin said the truce, ordered on “humanitarian grounds,” will run from the start of May 8 and last through the end of May 10 to mark Moscow’s defeat of Nazi Germany in 1945—Russia’s biggest secular holiday.

Ukraine, which has previously agreed to US President Donald Trump’s proposal of a full 30-day ceasefire, dismissed Putin’s move as window dressing.

“If Russia truly wants peace, it must cease fire immediately,” Ukrainian Foreign Minister Andrii Sybiha said, according to the ministry. He emphasized that Kyiv is ready for a “lasting, reliable, and complete ceasefire” for at least 30 full days.

“Why wait for May 8? If we can cease fire now from any date and for 30 days—so that it is real, and not just for a parade,” he said without specifying whether Ukraine would be ready to accept the Mos -

cow-proposed truce. The Kremlin had urged Ukraine to follow suit.

“Russia believes that the Ukrainian side should follow this example,” it said, warning that “in case of violations of the ceasefire by the Ukrainian side, the Russian armed forces will give an adequate and efficient response.”

Putin previously announced a unilateral 30-hour Easter ceasefire and Ukraine voiced readiness to reciprocate any genuine truce at the time, but it said Russian attacks continued. Moscow, in turn, accused Ukraine of failing to halt its attacks.

Russia and Ukraine had also earlier pledged to observe a 30day halt on strikes on energy infrastructure that was brokered by the Trump administration, but they repeatedly accused each other of massive violations until the measure expired.

The truce attempts underlined the massive challenges for monitoring any possible halt to hostilities along the more than 1,000-kilometer (over 600-mile) line of contact.

Up until now, Putin had refused to accept a complete unconditional ceasefire, linking it to a halt in Western arms supplies to Ukraine and Ukraine’s mobilization effort.

The Kremlin reaffirmed that “the Russian side again declares its readiness for peace talks without preconditions aimed at removing the root causes of the Ukrainian crisis and constructive cooperation with international partners.” Ukrainians in Kyiv scoffed at Putin’s move.

“There is no trust in any of Putin’s proposals,” said Nazar Lutsenko, a lawyer. He added that “we absolutely want the war to end on terms that are favorable to us, on fair terms.”

A soldier with the 156th Brigade, who identified himself only by his first name, Kostiantyn, in keeping with military rules, dismissed the truce as “ridiculous,” adding that perhaps “there will not be such harsh shelling as there is every evening here, but fighting will be conducted in one way or another.”

Student Oleksandra Serpilova viewed the declaration as “another attempt to keep America engaged, to give Trump hope that some kind of negotiations are possible.”

Just before the ceasefire announcement, Ukraine and Russia targeted each other with longrange strikes.

Russia’s drone attack early Monday damaged an infrastructure facility in Cherkasy, central Ukraine, disrupting gas supplies

to households in the city, Mayor Anatolii Bondarenko said.

The Russian Defense Ministry said its forces downed 119 Ukrainian drones overnight, most of them over Russia’s Bryansk border region. In Ukraine, air raid sirens rang out across the country Monday morning. There were no immediate reports of casualties or damage.

Rubio says this week is ‘very critical’

THE outcome of a push by Trump’s administration to swiftly end the fighting, which has cost tens of thousands of lives, remains unclear, clouded by conflicting claims

and doubts about how far each side might be willing to compromise amid deep hostility and mistrust.

The clock is ticking on Washington’s engagement in efforts to resolve Europe’s biggest conflict since World War II.

US Secretary of State Marco Rubio said Sunday that this week would be “very critical.” The US needs to “make a determination about whether this is an endeavor that we want to continue to be involved in,” he said on NBC’s “Meet the Press.”

American military aid has been crucial for Ukraine’s war effort, and further help could be at risk if the Trump administration walks away from attempts to end the war.

Trump’s doubts about Putin’s intentions

TRUMP said over the weekend he harbors doubts about Putin’s sincerity in pursuing a deal, as Russian forces have continued to strike civilian areas of Ukraine with cruise and ballistic missiles while the talks have proceeded.

But on Friday, Trump described a brokered settlement on the war as “close.”

Western European officials have accused the Kremlin of dragging its feet on peace talks so that Russia’s larger forces, which have battlefield momentum, can seize more Ukrainian land.

Russian Foreign Minister Sergey Lavrov discussed the war in a phone call Sunday with Rubio, the Russian Foreign Ministry said.

They focused on “consolidating the emerging prerequisites for starting negotiations,” the statement said, without elaborating. Russia has effectively rejected a US proposal for an immediate and full 30-day halt in the fighting by imposing far-reaching conditions. Ukraine has accepted it, Ukrainian President Volodymyr Zelenskyy says.

A French diplomatic official said over the weekend that Trump, Zelenskyy and French President Emmanuel Macron agreed “to pursue in the coming days the work of convergence” to obtain “a solid ceasefire.”

The diplomat said a truce is a “prior condition for a peace negotiation that respects the interest of Ukraine and the Europeans.” The official was not authorized to be publicly identified in accordance with French presidential policy.

Ukraine unwilling to give up land UKRAINE , meanwhile, has balked at surrendering land to Russia in return for peace, which Washington has indicated could be necessary.

A key point of leverage for Ukraine could be a deal with Washington that grants access to Ukraine’s critical mineral wealth.

Ukraine and the US have made progress on a mineral agreement, with both sides agreeing that American aid provided so far to Kyiv will not be taken into account under the terms of the deal, Ukrainian Prime Minister Denys Shmyhal said Sunday.

“We have good progress,” he said after talks with US Treasury Secretary Scott Bessent in Washington.

“The main thing is that we clearly defined our red lines: The agreement must comply with Ukraine’s Constitution, legislation, and European commitments, and must be ratified by Parliament,” Shmyhal said.

Russia’s full-scale invasion of its neighbor in February 2022 has developed a significant international dimension, further complicating negotiations.

Putin on Monday thanked North Korea for sending what the US estimates are thousands of troops to help defeat Ukraine, as well as allegedly supplying artillery ammunition.

Iran has also helped Russia in the war, with Shahed drones, and China has sold Russia machinery and microelectronics that Moscow can use to make weapons, Western officials say.

The US and Europe have been Kyiv’s biggest backers.

HONOR guard soldiers pack caps after a rehearsal for the Victory Day military parade, which will take place at Dvortsovaya

US economy decelerates to 0.4% growth as trade deficit balloons and consumer confidence wanes

ABy Vince Golle

FTER cruising along com -

fortably for most of last year, the world’s largest economy lost altitude at the start of 2025 as consumers tired and the trade deficit ballooned on a tariff-related scramble for imports.

The US government’s initial estimate of first-quarter gross domestic product is projected to show the economy expanded at a 0.4% annualized rate, the weakest in nearly three years. With financial markets hypersensitive to the economy’s prospects, nearstagnant GDP would risk elevating concerns about a potential recession and any unraveling of the job market.

So far, though, the hiring pace has cooled just a bit, and there are no signs of widespread layoffs. On Friday, the closely watched monthly employment report is forecast to show a 130,000 increase in payrolls—about 100,000 less than the larger-than-expected March gain. The jobless rate is projected to hold at 4.2%.

GDP data on Wednesday will be an appraisal of the economy in the early period of Donald Trump’s presidency, showing the initial impact of his tariffs and tradepolicy messaging in the lead-up to more sweeping duties that were announced April 2.

Business investment in equipment—largely, commercial aircraft—may be a bright spot in the GDP report. However, companies have since become increasingly guarded about spending as they await more clarity on tariffs, trade deals and tax policy.

“We estimate real GDP decelerated sharply in the first quarter to 0.4%, from 2.4% in the final quarter of 2024. The trade

deficit is set to be the largest drag, as businesses front-loaded goods imports ahead of the Trump administration’s tariff surge. Consumers also rushed to buy goods that are likely to face higher prices from the tariffs, such as cars, though they otherwise remained cautious,” said Bloomberg economists Anna Wong, Stuart Paul, Eliza Winger, Estelle Ou and Chris G. Collins.

The latest Bloomberg monthly survey of economists shows GDP will expand by less than 1% in each of first three quarters of this year, with private investment retrenching. Consumers, many of whom have grown concerned about job security, are also seen limiting their purchases.

Another key report in the coming week is a monthly reading on personal consumption and income at the end of the first quarter. Economists forecast a healthy increase in March spending along with cooler income growth. Wednesday’s report is also seen showing a welcome slowdown in the Federal Reserve’s preferred inflation gauge.

The personal consumption expenditures price index, minus food and fuel, is forecast to have risen 2.6% from a year ago, which would be the smallest annual gain since June. The figure surfaces about a week before the Fed’s May meeting, at which economists expect no change in interest rates. Policymakers observe a traditional blackout period in the week preceding each gathering.

Elsewhere, Chinese purchasing manager indexes, economic output and inflation data across Europe, and the election in Canada will be in focus. Central banks in Japan, Hungary, Chile and Colombia are expected to leave

rates unchanged, while Thai policymakers may cut.

Canada

CANADIANS voted Monday in a consequential election to determine who’ll lead them through a fractious trade war with the US. Trump’s economic and sovereignty threats have shaken Canadians, who selected Mark Carney’s Liberals over Pierre Poilievre’s Conservatives. Both leaders have promised swift trade negotiations with Trump as well as deficit spending to strengthen Canada’s economy and military.

GDP data by industry for February and a flash estimate for March will offer insight into Canada’s first-quarter economic performance.

Exporters rushing to get ahead of Trump’s tariffs were a source of strength early in the year, but the trade war has weighed heavily on business and consumer confidence, restraining investment and spending. The Bank of Canada expects about 1.8% annualized growth in real GDP in the first quarter.

The central bank will release a summary of the deliberations that led to its decision earlier this month to hold rates steady and to avoid giving concrete economic projections due to the unpredictability of US trade policy. The summary may give insight into the conditions that would spur the Bank of Canada to resume its easing cycle, given that the outlook for Canadian growth is increasingly weak.

Asia CHINA releases figures that may be somewhat distorted by Trump’s tariff campaign. The week kicked off on Sunday with data that showed profits at the country’s

industrial firms rebounded in March, driven by a boost in income from the high-technology manufacturing sector and signaling economic resilience.

Both the official and Caixin manufacturing PMI gauges for April are due on Wednesday, with readings likely to sag from trade tensions as well as settling back from a seasonal bump in March.

Bloomberg Economics estimates that tariffs at current levels may reduce China’s direct US exports by more than 80% over the medium term, putting as much as 2.3% of GDP at risk, adding to pressure on policymakers to implement stimulus measures.

The region also gets several price growth updates. Australia’s consumer inflation on Wednesday is seen having cooled a bit in the first quarter, to 2.3% year on year, pushing up real interest rates and pressuring the RBA to cut its benchmark interest rate when it next sets policy on May 20.

South Korea’s CPI may back the case for a rate cut after recent grim GDP data. Indonesia, Pakistan and Uzbekistan also publish CPI statistics.

Taiwan reports first-quarter GDP on Wednesday, and trade figures are due during the week from Sri Lanka, Thailand, South Korea, Australia, Hong Kong and the Philippines.

On the policy front, the Bank of Japan is widely expected to hold its key rate steady on Thursday as authorities assess the likely impact from tariffs. Economists surveyed by Bloomberg have pushed back their expectations for rate hikes, with most seeing the possibility the BOJ may have to stay on hold for the rest of 2025. The second

round of US-Japan trade talks, expected mid-week, may shed light on the tariff front.

A day earlier, the Bank of Thailand is expected to lower borrowing costs by a quarter point. The central bank has cut its policy rate by 50 basis points since October as the growth outlook for Southeast Asia’s second largest economy dims and domestic financial conditions tighten.

Europe, Middle East, Africa

EURO-AREA GDP and inflation numbers will be in focus, with data due Friday set to show that the European Central Bank’s task of restoring 2% inflation is almost complete.

Consumer-price growth probably slowed to 2.1% this month, while an underlying measure that strips out volatile elements such as energy is predicted to have ticked up to 2.5%.

ECB policymakers have struck an optimistic tone on inflation of late, with the French centralbank chief Francois Villeroy de Galhau concluding that there “is currently no inflationary risk in Europe.”

Numbers from his country, due on Wednesday, support that statement, with economists predicting a slowdown to just 0.7%. Meanwhile, German and Italian readings will stay above 2%.

GDP data the same day will show the state of the economy before Trump’s April 2 tariff announcement. France’s output probably grew just 0.1%, while Germany, Italy and the wider euro area each expanded 0.2%. Economic growth and GDP indicator numbers are also due across Europe, including from Ireland, Sweden and Poland.

Earlier in the week, ECB Vice President Luis de Guindos and

Governing Council members Olli Rehn, Robert Holzmann and Madis Muller are scheduled to make appearances, and the Frankfurtbased central bank publishes its monthly survey of consumers’ inflation expectations.

Commenting in a Jornal de Negocios interview published Sunday, Portugal’s Mario Centeno said that economic analysis is currently dominated by “uncertainty” created largely by US trade policy.

Elsewhere in the region, UK mortgage and house price numbers are due, with Bloomberg Economics predicting the country’s housing market will enter a soft patch.   Further south, Kenya’s central bank expects annual inflation to quicken to 4.2% from 3.6% in March on the back of tight supplies of vegetables and cornmeal, the nation’s staple.

Latin America IN a busy week, Brazil posts the central bank’s weekly survey of economists, government debt totals, current account, foreign direct investment, nominal and primary budget balance data, along with its broadest measure of inflation.

The IGP-M general prices index has risen for 12 straight months and is nearing a three-year high, as are wholesale prices. In that time, the benchmark inflation index is up almost 180 basis points to be well above the central bank’s inflation target of 3%, plus or minus 1.5 percentage point.

Chile reports seven economic indicators including March GDP-proxy data, all of which will take a back seat to the central bank’s Tuesday monetary

See “Trade,” A15

Vietnam War Anniversary: As communist troops streamed into Saigon, a few remaining reporters kept stories flowing

By David Rising & Valerie Komor

The Associated Press

BANGKOK—They’d watched overnight as the bombardments grew closer, and observed through binoculars as the last US Marines piled into a helicopter on the roof of the embassy to be whisked away from Saigon.

So when the reporters who had stayed behind heard the telltale squeak of the rubber sandals worn by North Vietnamese and Viet Cong troops in the stairs outside The Associated Press office, they weren’t surprised, and braced themselves for possible detention or arrest.

But when the two young soldiers who entered showed no signs of malice, the journalists just kept reporting.

Offering the men a Coke and day-old cake, Peter Arnett, George Esper and Matt Franjola started asking about their march into Saigon. As the men detailed their route on a bureau map, photographer Sarah Errington emerged from the darkroom and snapped what would become an iconic picture, published around the world.

Fifty years later, Arnett recalled the message he fed into the teletype transmitter to AP headquarters in New York after the improbable scene had played out.

“In my 13 years of covering the Vietnam War, I never dreamed it would end as it did today,” he remembers writing. “A total surrender following a few hours later with a cordial meeting in the AP bureau with an armed and battle-garbed North Vietnamese officer with his

aide over warm Coke and pastries? That is how the Vietnamese war ended for me today.”

The message never made it: After a day of carrying alerts and stories on the fall of Saigon and the end of a 20-year war that saw more than 58,000 Americans killed and many times that number of Vietnamese, the wire had been cut.

The fall of Saigon ended an era THE fall of Saigon on April 30, 1975 was the end of an era for the AP in Vietnam. Arnett left in May, and then Franjola was expelled, followed by Esper, and the bureau wouldn’t be reestablished until 1993.

The AP opened its first office in Saigon in 1950 as the fight for independence from France by Viet Minh forces under communist leader Ho Chi Minh intensified.

The Viet Minh’s decisive victory over the US-supported French at Dien Bien Phu in 1954 marked the end of French Indochina and sparked major changes in the region with the partitioning of Vietnam into Communist North Vietnam and US-aligned South Vietnam. The official US military engagement began in 1955 and slowly escalated.

Malcolm Browne took over as

AP bureau chief in Saigon in November 1961 and was joined in June 1962 by Arnett and photo chief Horst Faas.

The trio soon won consecutive Pulitzer Prizes: Browne in 1964, Faas in 1965 and Arnett in 1966—the first of five the AP would receive for its coverage from Vietnam.

Four AP photographers were killed covering the war, and at least 16 other AP journalists were injured, some multiple times, as they reported from the front lines, seeking to record the news as completely and accurately as possible.

From the start, a lot of the reporting contradicted the official version from Washington, revealing a deeper American commitment than admitted, a lack of measurable success against the Viet Cong guerillas, and a broad dislike of the ineffective and corrupt American-backed South Vietnamese President Ngo Dinh Diem, Arnett said.

That prompted managers in New York to wonder why the Saigon staffers’ stories were sometimes “180 degrees” different from those AP reporters wrote from press conferences at the US State Department, the Pentagon and the White House, he recalled.

“We had a strategic advantage because we were 12,000 miles away from our administration critics, with our boots on the ground,” said Arnett, 90, who lives in California today. “Within a year, our reporting was vindicated.”

At the height of the war there were roughly 30 staffers assigned to the bureau, divided between news, photos and administration, and the AP made regular use of freelancers as well, usually photographers. It was a diverse group that included people from 11 different countries, including many local Vietnamese.

During upticks in the fighting, staffers would rotate in from from other bureaus to help.

When the US government took umbrage with AP’s coverage in 1966 and claimed its staffers were young and inexperienced, AP’s General Manager Wes Gallagher penned a salty reply, noting their combined decades as reporters.

“Three covered World War II and Korea. Two, Pulitzer Prize winners Peter Arnett and Horst Faas, have been in Vietnam four years each, which is longer than Ambassador (Henry Cabot) Lodge, General (William) Westmoreland and nine-tenths of the Americans over there,” Gallagher wrote.

In an attempt to manage the news reports out of Vietnam, the US established a daily news conference in Saigon to feed information to the growing American press corps. They came to be colloquially known as the “Five O’clock Follies” because, as Esper reflected, “they were such a joke.”

Esper said in a 2005 interview that sometimes he’d show up to evening briefings the same day he had covered a battle firsthand

and was left puzzled by the official version.

“I’m thinking to myself, ‘Is this the same battle I just witnessed?’” said Esper, who died in 2012. “So there was some confrontation at the ‘follies’ because we would question the briefer’s reports, and they also withheld tremendous amounts of information.”

Esper said it helped that Gallagher took a personal hand in Vietnam coverage, frequently calling and visiting in support of his journalists.

“He took a lot of heat from the Pentagon, from the White House, but he never faltered,” Esper said. “He always said to us: ‘I support you 100%. You know the press is under scrutiny, just make sure you’re accurate, just make sure your stories are fair and balanced,’ and we did.”

Reporting from the streets and rooftops IN 1969, the American commitment in Vietnam had grown to more than a half million troops, before being drawn down to a handful after the 1973 Paris Peace Accords in which US President Richard Nixon agreed to a withdrawal, leaving the South Vietnamese to fend for themselves.

By 1975, the AP’s bureau had shrunk as well, and as the North Vietnamese Army and its allied Viet Cong guerrilla force in the south pushed toward Saigon, most staff members were evacuated.

Arnett, Esper and Franjola volunteered to stay behind, anxious to see through to the end what they had committed so many years of their lives to covering—and conspiring to ignore New York if any of their managers got the jitters and ordered them to leave at the last minute.

“I saw it from the beginning, I wanted to see the end,” Esper said. “I was a bit apprehensive and frightened, but I knew that if I left, the rest of my life I would have been second guessing myself.”

On April 30, 1975, the monsoon rains had arrived and Arnett watched in the early morning hours from the slippery roof of the AP’s building as helicopters evacuated Americans and selected Vietnamese from the embassy four blocks away.

After catching a few hours of sleep, he awoke at 6:30 a.m. to the loud voices of looters on the streets. An hour later, from the rooftop of his hotel, he watched through binoculars as a small group of US Marines that had accidentally been left behind clambered aboard a Sea Knight helicopter from the roof of the embassy— the last American evacuees.

He called it in to Esper in the office, and the story was in newsrooms around the world before the helicopter had cleared the coast. Franjola and Arnett then took to the streets to see what was going on, while Esper manned the desk.

When they got to the US Embassy, a mob of people were grinning and laughing as they looted the building—a sharp contrast to the desperation of people the day before hoping to be evacuated.

“On a pile of wet documents and broken furniture on the back lawn, we find the heavy bronze plaque engraved with the names of the five American soldiers who died in the attack on the Embassy in the opening hours of the Tet Offensive in 1968,” Arnett recalled in an email detailing the day’s events. “Together we carry it back to the AP office.”

At 10:24 a.m. Arnett was writing the story of the embassy looting when Esper heard on Saigon Radio that South Vietnam had surrendered and immediately filed an alert.

“Esper rushes to the teleprinter and messages New York, and soon receives the satisfying news that AP is five minutes ahead of UPI with the surrender story,” Arnett said, citing AP’s biggest rival at the time, United Press International. “In war or peace, the wire services place a premium on competition.” Esper then dashed outside to try and gather some reaction from South Vietnamese soldiers to the news of the capitulation, and came across a police colonel standing by a statue in a main square.

“He was waving his arms, ‘fini, fini,’ you know, ‘it’s all over, we lost,” Esper remembered. “And he was also fingering his holstered pistol and I figured, this guy is really crazy, he will kill me, and after 10 years here with barely a scratch, I’m going to die on this final day.” Suddenly, the colonel did an about-face, saluted the memorial statue, drew his pistol and shot himself in the head. Shaken, Esper ran back to the bureau, up the four flights of stairs to the office and punched out a quick story on the incident, his hands trembling as he typed. Stories flow as Saigon falls Back on the streets, Franjola, who died in 2015, was nearly sideswiped by a Jeep packed with men brandishing Russian rifles and wearing the black Viet Cong garb. Arnett then saw a convoy of Russian trucks loaded with North Vietnamese soldiers driving down the main street and scrambled back into the office.

“’George,’ I shout, ‘Saigon has fallen. Call New York,’” Arnett said. “I check my watch. It’s 11:43 a.m.” Over the next few hours, more soldiers, supported by tanks, pushed into the city, engaging in sporadic fighting while the AP reporters kept filing their copy. It was about 2:30 p.m. when they heard the rubber sandals outside the office, and the two NVA soldiers burst in, one with an AK-47 assault rifle swinging from his shoulder, the other with a Russian pistol holstered on his belt. To their shock, the soldiers were accompanied by Ky Nhan, a freelance photographer who worked for the AP, who proudly announced himself as a longtime member of the Viet Cong.

“I have guaranteed the safety of the AP office,” Arnett recalled the normally reserved photographer saying. “You have no reason to be concerned.”

As Arnett, Esper and Franjola pored over the map with the two NVA soldiers, they chatted through an interpreter about the attack on Saigon, which had been renamed Ho Chi Minh City as soon as it fell.

Komor, the retired director of AP Corporate Archives, reported from New

York.

THE last three staffers in The Associated Press’ Saigon bureau, reporters Matt Franjola, left, Peter Arnett, rear, and George Esper, second from right, are joined by two North Vietnamese soldiers and a member of the Viet Cong on the day the government of South Vietnam surrendered, April 30, 1975. One of the soldiers is showing Esper the route of his final advance into the city. AP/SARAH ERRINGTON

Disgraced Cardinal Becciu formally withdraws from participation in conclave to elect pope

By Nicole Winfield The Associated Press

VATICAN CITY—The Italian cardinal at the heart of the Vatican’s “trial of the century” announced Tuesday he was withdrawing from participating in the upcoming conclave to elect a new pope for “the good of the church.”

Cardinal Angelo Becciu’s status has dominated discussions in the days after Pope Francis’ death amid questions about whether he would participate in the conclave to elect his successor.

After his 2020 downfall, Becciu had said he would not participate in any future conclave. But in recent days he had asserted he had a right to enter the Sistine Chapel with other cardinals on May 7.

On Tuesday, the 76-year-old Italian issued a statement through his lawyers that said: “Having at heart the good of the church, which I have served and will continue to serve with fidelity and love, as well as to contribute to the communion and serenity of the conclave, I have decided to obey as I have always done the will of Pope Francis not to enter the conclave while remaining convinced of my innocence.”

Becciu was once an influential Vatican chief of staff who was a leading papal contender himself. But he fell from grace in 2020 when Francis forced him to resign his job as head of the Vatican’s saint-making office and his rights as a cardinal because of allegations of financial misconduct.

Becciu denied wrongdoing but was put on trial in the Vatican criminal court and convicted of finance-related charges in December 2023. He is appealing the conviction and 5 1/2-year prison sentence and had participated in the preconclave meetings, including on Monday.

Becciu rose to prominence and power under conservative Pope Benedict XVI and is very much affiliated with the conservative Vatican old guard. While he initially became a close adviser to Pope Francis, Becciu’s subsequent downfall at the hands of Francis might suggest he would vote for someone keen to undo some of Francis’ reforms.

At 76, Becciu is under the age limit of 80 and technically eligible to vote, but the Vatican’s official statistics list him as a “non-elector.”

The Vatican document regulating a conclave, known by its Latin name Universi Dominici Gregis, lays out the criteria for electors, making clear that 80 cardinals under 80 have the right to elect the pope, except those who have been “canonically deposed or who with the consent of the Roman Pontiff have renounced the cardinalate.” It adds that after a pope has died, “the College of Cardinals cannot readmit or rehabilitate them.”

There has never been any clarity on what exactly Becciu renounced or how: The one-line statement issued by the Vatican press office on Sept. 24, 2020, said merely that Francis had accepted Becciu’s resignation as prefect of the Congregation for the Causes of Saints “and his rights connected to the cardinalate.” There is no indication he has been sanctioned canonically.

After he forced Becciu’s resignation, Francis visited Becciu on occasions and allowed him to participate in the life of the Vatican. But Francis also changed Vatican law to allow the city state’s criminal tribunal to prosecute him.

Italian daily Domani reported last week that during the initial pre-conclave discussions, Becciu was presented with two letters signed by Francis before he died indicating he should not participate in the conclave. Becciu’s reference of Francis’ will in his statement Tuesday suggests that the letters were the tipping point that convinced him to withdraw from the vote.

Questions, meanwhile, have continued to swirl about the integrity of the trial that convicted Becciu and eight others. During the proceedings, the court heard that Francis intervened on several occasions on behalf of the prosecutors and that the prosecution’s prime witness against Becciu was coached and manipulated by outsiders.

The appeal is scheduled to begin in September.

Cardinals set May 7 for conclave to elect Pope Francis’ successor

By Nicole Winfield & Colleen Barry The Associated Press

VATICAN CITY—Catholic cardinals on Monday set May 7 as the start date for the conclave to elect Pope Francis’ successor, delaying the secret voting for two days so they can get to know one another better and find consensus on a candidate before they are sequestered in the Sistine Chapel.

The cardinals set the date after arriving for the first day of informal meetings following Pope Francis’ funeral Saturday. In a chaotic scene, journalists shouted questions about the mood inside and whether there was unity. A reporter for a satirical Italian television program asked whether an Italian cardinal who has been convicted by the Vatican criminal court on finance-related charges would be allowed to vote.

The conclave could have opened as early as May 5, but the cardinals gave themselves extra time to speak in more informal sessions that include cardinals over age 80, who will not be allowed into the Sistine Chapel once the conclave begins. They will next meet on Tuesday morning.

“There is the hope of unity,” said Argentine Cardinal Ángel Sixto Rossi, the 66-year-old archbishop of Cordoba who Francis made a cardinal in 2023.

Many cardinals cited the desire to continue Francis’ pastoral focus on people who are marginalized and against war. But conservatives may be more focused on forging unity and refocusing the church back on core doctrines emphasized by St. John Paul II and Pope Benedict XVI, rather than continuing Francis’ social justice focus and outreach to women and gays.

Cardinal Baldassare Reina, in a homily in St. Peter’s Basilica on the third day of official mourning for Francis’ death, urged fellow cardinals to continue the Argentine pope’s reforms and avoid “power alliances” and “retaliation” as they choose his successor.

British Cardinal Vincent Nichols, the 79-year-old archbishop of Westminster, was adamant that the church must strive for unity, and he downplayed divisions.

“The role of the pope is to essentially hold us together and that’s the grace we’ve been given from God,” Nichols said.

Venezuelan Cardinal Baltazar Enrique Porras Cardozo expressed confidence that once the conclave begins, a decision would be quick, “between two and three days.”

Cardinal electors

THE College of Cardinals that will elect a new pope includes members from far-flung corners of the globe whom Francis named over his 12-year papacy to bring in new points of view—often at the expense of traditional centers of Catholicism.

Many have spent little or no time in Rome getting to know colleagues, injecting some uncertainty into a process that requires two-thirds of the voting-age cardinals to coalesce

behind a single candidate.

Nichols acknowledged that the 135 cardinal electors—108 of whom were appointed by Francis—don’t know each other very well. The last 20 were appointed in early December.

“We’ve got all week,” Nichols said as he arrived.

Only cardinals under 80 are eligible to vote, and it is not clear how many of the 135 will participate. A Spanish cardinal has said he won’t come to Rome for health reasons.

Controversy

A BIG uncertainty is whether Cardinal Angelo Becciu, once one of the most powerful cardinals in the Vatican, will be allowed in the Sistine Chapel. Francis in 2020 forced Becciu to resign as head of the Vatican’s saint-making office and renounce his rights as a cardinal because of allegations of embezzlement and financial fraud. Becciu denied any wrongdoing but was put on trial in the Vatican criminal court and convicted of finance-related charges in December, 2023.

He is appealing the conviction and has participated in the preconclave meetings, but there is a lingering question about whether he is entitled to vote. The Vatican’s

official statistics list him as a “non-elector.” When he was ousted in 2020, Becciu told a hastily arranged press conference that he wouldn’t be voting in any future conclave, but recently he has insisted he is entitled to vote, and canon lawyers have been poring over the Vatican document regulating the conclave to determine if he’s right.

The case was discussed Monday by cardinals but there was “no resolution,” the Vatican said.

Papal candidates While Francis stacked the ranks with his cardinals, it is not necessarily the case that all of them will want to see the church continue in his image.

On Monday, any glimpse of a red cap appearing along St. Peter’s Square’s stately colonnade set journalists running with cameras and voice recorders aloft to capture the mood inside.

Italian Cardinal Matteo Zuppi, considered a contender to be the next pope, navigated the scrum of journalists with humor, joking that he was “holding his breath” as the microphones and cameras surrounded him all the way to the

MONS. Angelo Becciu presides over a eucharistic liturgy, at the St. John in Latheran Basilica, in Rome, February 9, 2017. AP/GREGORIO BORGIA See “Conclave,” A14

As Trump offers trade deals, China warns countries of US bullying and unreliability

By Bloomberg News

PRESIDENT Xi Jinping’s diplomats are fanning out across the world with a clear message for countries cutting deals with Donald Trump: The US is a bully that can’t be trusted.

Chinese officials are racing to turn foreign governments against the US inside a 90-day window Trump has granted all nations— except China—to strike trade deals during a tariff reprieve. Once those pacts are in place, Treasury Secretary Scott Bessent has said he wants US allies to “approach China as a group,” giving his side more leverage in negotiations.

While US allies from South Korea to the European Union rely on Washington for security and have

incentive to appease Trump economically, China is approaching the tariff battle on a more equal footing. Beijing has devoted years since Trump’s last trade war to weaning its economy off many US exports, and has the world’s largest military by number of active soldiers.

Xi has resisted getting on the phone with Trump and his government is demanding a removal of “reciprocal” tariffs, even as the US insists China take the first step in

de-escalating. In doing so, Beijing is casting itself as a champion of the rules-based order and is calling on other countries to stand with China against the US.

“This is not just about ChinaUS,” said Wu Xinbo, director at Fudan University’s Center for American Studies in Shanghai. “It is really about the international trade and economic system.”

Wu, who last year led a Foreign Ministry delegation to meet politicians in the US, said other governments should realize Beijing’s efforts have benefited them. “If China hadn’t stood up to the US, how would the US give them a 90-day pause,” he added, suggesting tariffs on China have given Trump cover to halt levies on other nations. “They should appreciate that.”

In Washington, central bank Governor Pan Gongsheng told economic chiefs last week the US had “severely violated” their legitimate rights and interests. China’s

position in Europe.

join

Trump’s demands. “If you choose to remain silent, compromise and retreat, it will only allow the bully to become more aggressive,” he said.

Hours later, China’s Foreign Ministry branded Washington an “imperialist” power in a video with English subtitles that claimed US moves to limit Japanese exports last century severely harmed companies like Toshiba. “Bowing to a bully is just like drinking poison to quench thirst, it only deepens the crisis,” it said. “China won’t back down so the voices of the weak will be heard.”

While many partners such as the EU are diametrically opposed to Trump’s tariffs, many will also be wary of moving closer to China. Beijing’s military aggression toward Taiwan and in the South China Sea, where it has territorial disputes, has caused alarm in the region, while Xi’s support for Vladimir Putin after his invasion of Ukraine has attracted fierce op -

Beijing also faces concern from other countries that a flood of cheap Chinese goods will be diverted from the US toward their markets. During a Group of Seven nations meeting last week, members agreed to encourage Beijing to address its domestic imbalances, according to Japan’s Finance Minister Katsunobu Kato.

Most countries are still working toward a US deal, even if they’re slow in reaching any consensus. India is perhaps making most progress, with officials hammering out an agreement that spans 19 categories and would give the US greater market access for farm goods, among other sectors.

For US allies that depend on China for critical minerals and other goods, the trade war has left them with few easy options, as Beijing warns against striking deals that could harm its interests. Trump’s top economic advisers have been discussing asking nations to impose secondary tariffs on imports from countries with close China ties, Bloomberg previously reported.

Beijing is now extending olive branches to regional rivals it’s clashed with over military issues and territorial disputes, as it tries to prevent countries from agreeing to such terms.

China will host its first allKorean pop concert in nine years next month, in a sign authorities are preparing to lift the so-called “K-wave ban” imposed informally in 2016 in retaliation for Seoul allowing the US military to deploy a missile defense system.

Vatican gate.

African voices

NIGERIAN Cardinal John Olorunfemi Onaiyekan, the emeritus archbishop of Abuja, was asked if the African cardinals were coalescing around a particular candidate.

African bishops had made a remarkably united stand last year against Francis’ outreach to LGBTQ+ people, refusing to implement his declaration allowing priests to offer blessings to samesex couples. Given such a stand, there is some speculation that the 18 African cardinal electors could help block a progressive candidate from emerging.

Chinese Premier Li Qiang this month sent a letter to Prime Minister Shigeru Ishiba urging a coordinated response to Trump’s tariffs, Kyodo News reported, citing a Japanese government official. Tokyo plans to resist any US efforts to form a bloc against Beijing—its biggest trading partner—according to Japanese government officials.

Other signs of a thaw include an expected visit by Prime Minister Narendra Modi to Beijing this year for the Shanghai Cooperation Organization conference. China has offered to buy more from India to help New Delhi reduce the trade deficit, and agreed to restart an annual Hindu pilgrimage along the disputed border in Tibet. It pledged to “not engage in market dumping or cutthroat competition.”

China’s ambassador to Australia, Xiao Qian, has gone on a PR offensive, publishing an opinion piece titled “America’s Tariffs Are Turning the World Back to Law of the Jungle.” That followed an article in a separate publication where Xiao blasted Trump for targeting remote sub-Antarctic territories.

“Not even penguins are safe from the US trade tariffs,” he added. In an effort to shore up support, lower-level Chinese delegations are also hitting the road. Central authorities have urged provincial officials to seek fresh export markets, according to several managers at state-owned merchants, who’ve been asked to join overseas trips. They asked not to be identified discussing private matters.

Latin America is proving popular because it has more transparent policies than some African nations and greater market potential than Asean members, the people said, citing Argentina as a destination officials had visited.

Beijing’s diplomatic offensive isn’t going to convince US partners to abandon Washington and embrace Beijing, according to Neil Thomas, a fellow for Chinese politics at the Asia Society Policy Institute’s Center for China Analysis.

“But it could make it more difficult for the Trump administration to present a united front against Beijing through coordinated export controls or joint military exercises,” he added. With assistance from Alfred

“We have not come here for a political rally. We have come to get a pope out,” said Onaiyekan, who at 81 is too old to vote but can have a role in influencing how younger electors might.

Asian and Latin American voices

INDIAN Cardinal Anthony Poola, the 61-year-old archbishop of Hyderabad, said he had experienced a sense of unity among his fellow cardinals but allowed that “anything could happen.” As a relatively young cardinal, Poola is one of four Indian electors who will participate in the conclave, three of whom, including Poola, were named by Francis.

“Anyone who is coming up must be the successor of St. Peter, and we all hope that he will be a good pope,” he said. Rossi, the Argentine cardinal, said he hoped that Francis’ message of “mercy, closeness, charity, tenderness and faith,” would accompany them in finding a successor.

But he acknowledged the job was daunting. Asked how he felt about participating in his first conclave, he responded with a laugh: “Afraid.”

top diplomat Wang Yi rallied the BRICS bloc of nations at a Monday meeting in Brazil to

Beijing in resisting

Cang, Ben Westcott, James Mayger, Yujing Liu and Erica Yokoyama / Bloomberg

XI JINPING BLOOMBERG

Numbers that matter from the first 100 days of Trump’s second term

By Josh Boak The Associated Press

WASHINGTON—President

Donald Trump’s first 100 days back in the White House have been a demolition job— and that’s a point of pride for his administration.

For the Republican administration, the raw numbers on executive actions, deportations, reductions in the federal workforce, increased tariff rates and other issues point toward a renewed America. To Trump’s critics, though, he’s wielding his authority in ways that challenge the Constitution’s separation of powers and pose the risk of triggering a recession.

From executive orders to deportations, some defining numbers from Trump’s first 100 days:

Roughly 140 executive orders IN just 100 days, Trump has nearly matched the number of executive orders that his predecessor, Democrat Joe Biden, signed during the previous four years, 162. Trump, at roughly 140, is essentially moving at a pace not seen since Franklin Delano Roosevelt’s presidency, when the Great Depression necessitated urgent action.

But the number alone fails to capture the unprecedented scope of Trump’s actions. Without seeking congressional approval, Trump has used his orders and directives to impose hundreds of billions of dollars annually in new import taxes and reshape the federal bureaucracy by enabling mass layoffs.

John Woolley, a professor at the University of California, Santa Barbara and co-director of the American Presidency Project, sees “very aggressive assertions of presidential authority in all kinds of ways” that are far more audacious than anything done by former presidents. That includes Biden’s student debt forgiveness program and Barack Obama’s decision to allow residency for immigrants who arrived in the country illegally as children.

“None of those had the kind of arbitrary, forceful quality of Trump’s actions,” Woolley said.

145% tariff rate on China

TRUMP’S tariff agenda has unnerved the global economy. He’s gone after the two biggest US trade partners, Mexico and Canada, with tariffs of as much as 25% for fentanyl trafficking. He’s put import taxes on autos, steel and aluminum. On his April 2 “Liberation Day,” he slapped tariffs on dozens of countries that were so high that the financial markets panicked, causing him to pull back and set a 10% baseline tax on imports instead to allow 90 days of negotiations on trade deals.

But that pales in comparison to the 145% tariff he placed on China, which prompted China to fight back with a 125% tax on US goods. There are exemptions to the US tariffs for electronics. But inflationary pressures and recession fears are both rising as a trade war between the world’s two largest economies could spiral out of control in dangerous ways.

The US president has said that China has been talking with his

administration, but he’s kept his description of the conversations vague. The Chinese government says no trade negotiations of any kind are underway. Trump is banking on the tariffs raising enough revenue for him to cut taxes, even as he simultaneously talks up the prospect of an agreement.

So far, despite the economic risks, the Trump team shows little desire to budge, even as the president claims a deal with China will eventually happen.

“I believe that it’s up to China to de-escalate because they sell five times more to us than we sell to them,” Treasury Secretary Scott Bessent told CNBC on Monday.

More than 10,000 square miles of Crimea

TRUMP said during his presidential campaign that he could quickly defuse the Russian-started war in Ukraine. But European allies and others say the US president’s statements about how to end the war reflect a troubling affinity for Russian leader Vladimir Putin.

Trump’s peace proposal says that Ukraine must recognize Russian authority over the more than 10,000 square miles (26,000 square kilometers) of the Crimean Peninsula. Ukrainian President Volodymyr Zelenskyy rejected the idea out of hand: “There is nothing to talk about — it is our land, the land of the Ukrainian people.”

The US president is essentially asking Ukraine to surrender any claims to a land mass slightly larger than Maryland. Russia annexed the area in 2014 when Obama was president, and Trump says he’s simply being realistic about its future.

The four meetings that Trump’s envoy, Steve Witkoff, has had with Putin have yet to produce a trustworthy framework for the deal that Trump wants to deliver.

After recent Russian missile attacks on Ukrainian cities and towns, Trump posted on social media that perhaps Putin “doesn’t want to stop the war, he’s just tapping me along.”

Over 2,000 more Palestinians in Gaza dead TRUMP was eager to take credit for an “epic ceasefire” agreement in the Israel-Hamas War in order to restart the release of hostages taken in Hamas’ Oct. 7, 2023, attack. But the ceasefire ended in March, and more than 2,000 Palestinians have died since the temporary truce collapsed. Palestinian officials have put the total number of deaths above 52,200. Food, fuel and medicine have not entered the Gaza Strip for almost 60 days.

Trump said in February that he would remove the Palestinians from the Gaza Strip and relocate them elsewhere, suggesting that the United States could take over the area, level the destroyed buildings and construct a luxurious “Riviera of the Middle East.”

Roughly 280,000 federal job losses

THE Department of Government Efficiency, led by tech billionaire and adviser Elon Musk, is dramatically shrinking the government workforce. Across all agencies, there have been about 60,000 firings, including at the IRS, which might make it harder to collect taxes and reduce the budget deficit. Another 75,000 federal workers accepted administration buyout offers. And the Trump administration has floated at least another 145,000 job cuts.

Those estimated job losses don’t include the possible layoffs and hiring freezes at nonprofits, government contractors and universities that had their federal funding frozen by the Trump administration.

The federal government had about 3 million federal employees, including at the US Postal Service, when Trump became president, according to the Labor Department.

139,000 deportations

THE Trump administration says it has deported 139,000 people who were in the United States without proper legal authority. Trump’s

first months also have produced a sharp drop in crossings at the Southwest border, with Border Patrol tracking 7,181 encounters in March, down from 137,473 the same month last year.

Deportations have occasionally lagged behind Biden’s numbers, but Trump officials reject the comparison as not “apples to apples” because fewer people are crossing the border now.

The administration maintains that it’s getting rid of violent and dangerous criminals. But many migrants who assert their inno -

policy meeting.

Policymakers led by Rosanna Costa will likely keep their key rate unchanged for a third straight time as inflation runs above target, growth and demand have surprised on the upside, and Trump’s tariffs cloud the global economic outlook.

Surprising growth and resilient inflation are front and center for Colombia’s central bank at its meeting on Wednesday. That mix sees the early consensus of analysts forecasting that Banrep will again hold at 9.5%.

Meanwhile, the IMF suspended on Saturday Colombia’s flexible credit line due to the lack of measures to reduce public deficit and debt, which have risen more than expected in the fund’s eyes.

cence have been deported without due process.

In April, the Supreme Court directed the Trump administration to “facilitate” the return to the US of Kilmar Abrego Garcia, an El Salvador citizen who was deported to his home country. Abrego Garcia had been living in Maryland and had an immigration court order preventing his deportation to his native country over fears he would face persecution from local gangs. So far, Abrego Garcia remains held in a Salvadoran prison.

A light week in Argentina offers up February wages data, while Peru has only its Lima consumer prices report. Inflation in the country’s megacity capital likely moved up for the first month in five, from March’s 1.28%.

Mexico on Wednesday posts its flash first-quarter output report, which may show that Latin America’s No. 2 economy narrowly avoided falling into recession in the three months through March. With assistance from Alessandra Migliaccio, Brian

President Donald Trump signs an executive order in the Oval Office of the White House, Monday, February 3, 2025, in Washington. AP/EVAN VUCCI

Fowler, Mark Evans, Monique Vanek, Laura Dhillon Kane, Piotr Skolimowski and Robert Jameson/ Bloomberg

Wednesday, April 30, 2025

ANFREL rolls out 21-day observation mission for PHL midterm polls

By Justine Xyrah Garcia

THE Asian Network for Free

Elections (ANFREL) has of -

ficially launched its 21-day International Election Observation Mission (IEOM) for the 2025 National and Local Elections set for May 12.

The mission, which began on April

27 and will run until May 17, will assess key aspects of the electoral process to strengthen the country’s electoral policies and enhance voter inclusion.

In a statement, the group said it will evaluate the country’s automated counting machines, internet voting, random manual audits, and overall inclusivity.

Observers will also monitor emerging threats such as election-related violence, disinformation campaigns, and the misuse of government resources.

“Overall, the mission will provide evidence-based recommendations hoping to strengthen electoral poli -

Makati City ranks 4th globally in healthcare, outshines European and North American cities

By Claudeth Mocon-Ciriaco @claudethmc3

MAKATI City has secured its position as a global healthcare leader, ranking fourth in the world according to the latest Numbeo Health Care Index for Q1 2025.

With an impressive score of 85.0 out of 100, Makati stands as the only Philippine city to make the prestigious list, outperforming numerous cities from Europe and North America.

“This recognition validates our commitment to providing Makatizens with the best healthcare services. Our strategic investments in healthcare infrastructure, medical technology, and professional development for our healthcare workers have positioned Makati as a center of excellence not just in the Philippines but across Southeast Asia,” said Mayor Abigail Binay. The rankings, published by data analysis platform RankingRoyals, show Makati tied with Thailand’s Chiang Mai and ahead of Seoul, South Korea (83.0).

The top spots were claimed by

Taiwanese cities Kaohsiung (88.6) and Taipei (86.7).

The Numbeo Health Care Index evaluates healthcare infrastructure based on medical professionals, equipment, staff quality, doctor availability, and treatment costs. Makati’s high ranking reflects the city’s significant investments in healthcare facilities and services in recent years.

The city’s strong showing is particularly significant as it outperforms many cities from countries with traditionally renowned healthcare systems.

cies, enhance voter inclusion, and support democratic reforms, particularly in preparation for the Bangsamoro

Autonomous Region in Muslim Mindanao [BARMM] elections in October 2025 and the 2028 national and local elections,” ANFREL said.

Ten long-term observers will be stationed across various regions,

European cities maintain a strong presence in the rankings overall, with multiple Dutch cities performing exceptionally well. The Hague, Rotterdam, and Utrecht all scored above 80 points.

RankingRoyals is a leading data visualization and analysis platform focusing on quality-of-life metrics worldwide. The organization is known for its comprehensive indexes that help individuals, businesses, and policymakers understand global trends in urban development, healthcare, economics, and social well-being.

Their methodology combines user-reported data with established statistical frameworks to provide accessible, comparative rankings across major global cities.

Marcos urges PNPA graduates to lead reform in police force amid misconduct challenges

PRESIDENT Ferdinand Marcos called on the new graduates of the Philippine National Police Academy (PNPA) to lead in reforming the country’s police force, which he said is facing challenges from its erring members.

In his speech during the 46th Commencement Exercises of the PNPA “Sinaglawin” Class of 2005 in Cavite, the Chief Executive said Philippine National Police

(PNP) is still trying to deal with its members, “who have lost their way and forgotten their sworn duty.”

With the help of the fresh graduates, he said he is confident PNP can cleanse its ranks from its unscrupulous members and uphold its professionalism.

“You, Sinaglawin Class of 2025, will bring change and hope to our police force,” Marcos said in Filipino.

“Your acts make the system. You shape the system with your restraint, with your dignity, and your service,” he added.

He urged the 206 members of Sinaglawin Class to always maintain their idealism and face the challenges throughout their career head on as well as to make the people “feel” the presence of the PNP and the law.

Cdt. Lt. Marc Joseph L. Vitto, the valedictorian of Sinaglawin Class, also made a similar appeal to this classmates by narrating how he was able to overcome the multiple challenges he faced before graduating with honors, includ -

ing a failed scholarship application in Manila.

While he was a student, he also did errands for his classmates just to survive; got evicted from his apartment on his birthday; and failed in his initial PNPA application.

“I didn’t stop [despite those challenges] and now I stand before you not someone who is lucky, but as someone who refused to stay down. Someone who got up fought for a spot in today’s ceremony,” Vitto said in his valedictory speech.

“Just continue to fight on. You are stronger than your sorrows. braver than your doubts,” he added partly in Filipino.

The PNP Internal Affairs Service (IAS) reported that the number of complaints against cops last year rose to 2,073 cases from 1,897 in 2023. From January to April, it was able to register 674 complaints.

Despite the rise in the number of complaints, IAS stressed that the number of cops with complaints is only a small fraction of the 228,000 workforce of PNP. Samuel P. Medenilla

Lacson takes cudgels up for aspiring seafarers

Butch Fernandez @butchfBM

CEBU CITY—Independent senatorial candidate Panfilo “Ping” Lacson, vying for another term, vowed to take up the cudgels for aspiring seafarers late Monday.

In batting for long awaited reforms, Lacson recalled his Congress aims in pushing or legislation that would make their education and training affordable.

At the Konsultahang Bayan here, Lacson pointed out that while seafarers remitted some $6.94 billion in 2024 alone, education for those who want to become seafarers has become “prohibitive.”

“Their contribution to the Philippine economy cannot be discounted...So we must help them because their tuition and training fees have become so prohibitive,” Lacson recalled.

“We must look into their plight and see if there is a solution based on legislation that will allow seafarers’ parents to afford their training.

God willing, if I return to the Senate, I will push for legislation in that direction,” he added.

At the same time, Lacson noted that demand for seafarers continues to grow, and students have many opportunities to be employed as seafarers. But in the Visayas and Mindanao, the number of students may be declining due to the high costs. In some cases, Lacson noted that “parents are using their savings and retirement funds for their children to take maritime courses.”

“Only rich parents can send their children to maritime school,” he lamented. Lacson also said that should he earn a seat in the Senate in May, he would study “possible solutions to issues raised by the stakeholders at the forum, including setting up governmentsubsidized halfway houses for student seafarers from the Visayas and Mindanao, as there are not enough maritime schools there.”

Moreover, Lacson noted: “We have lots and lots of work to do. Just in case I am elected, assure you this will be one of my priority measures,” Lacson said in after the forum.

while short-term observers are expected to arrive in the days leading up to the elections.

A two-day workshop for international observers is scheduled from April 30 to May 1, followed by a public statement on deployment details on May 2.

An interim report will be released on May 16, while the mission’s final report is slated for publication in July.

“With this mission, ANFREL reaffirms its commitment to supporting the democratic aspirations of the Filipino people and contributing to the transparency, inclusivity, and integrity of the electoral process,” the group said

Comelec eyes disqualification of MisOr gov bet over sexual, discriminatory remarks

THE Commission on Elections (Comelec) is seeking the disqualification of incumbent Misamis Oriental Governor

Peter M. Unabia from the 2025 polls over his controversial statements during campaign rallies, which the poll body says violated its fair election rules.

On Monday, the Comelec’s Task Force on Safeguarding Against Fear and Exclusion in Elections (SAFE) filed a motu proprio disqualification petition against Unabia before the Office of the Clerk of the Commission.

The move came after viral videos circulated showing Unabia making sexually discriminatory remarks about women and linking certain ethnic groups to terrorism.

Unabia, who is seeking re-election, drew public backlash following an April 3 campaign event where he discussed a nursing scholarship program exclusively for women.

He said the program should only cater to “beautiful women” and not “ugly ones,” claiming the latter could worsen patients’ conditions.

“This nursing scholarship is only for women, men are not allowed. And it should only be for beautiful women. Ugly women shouldn’t be allowed because if men are already feeling weak, and they’re treated by an unattractive nurse, what will happen?

Our condition will just get worse,” he said.

In a separate campaign rally, Unabia also made comments against Muslim communities, warning voters against candidates allegedly aligned with Maranao leaders.

“A Catholic church was bombed… Would you allow that to happen here? In Cagayan de Oro, if you go to Villa Candida, there are no Christians left—they’ve already left… Be cautious. This is a reality that could happen to us. Will you allow it? Don’t let it happen,” he told the crowd.

The Comelec cited these remarks as a violation of its Fair Election Act and Resolution 11116, which both outline the Anti-Discrimination and Safe Spaces Guidelines for candidates. The resolution prohibits statements that are sexist, discriminatory, or derogatory in nature, especially when made in public spaces or campaign events. Comelec Task Force SAFE Director Bea Wee-Lozada said the agency is closely monitoring similar behavior from other candidates and emphasized the commission’s mandate to ensure safe, inclusive public spaces during elections.

“Candidates must be held to a higher standard, especially when they are asking for the public’s trust. Safe spaces should be preserved not only during the campaign period but at all times,” Wee-Lozada said. Unabia is the second candidate to face a disqualification case filed by the Comelec this election year.

On April 16, the commission filed a similar petition against Pasig congressional candidate Christian G. Sia over sexual remarks directed at single parents and derogatory comments about a former female staff’s weight. Justine Xyrah Garcia

Go lauds signing of law upgrading LTO Mati City office, highlights push for regional development

SENATOR Christopher “Bong” Go, cosponsor of Republic Act No. 12173, welcomed the signing of the new law upgrading the Land Transportation Office (LTO) District Office in Mati City, Davao Oriental from a Class D to a Class C office, citing the measure as a crucial step in strengthening public services in the region.

RA 12173 mandates the enhancement of the LTO’s administrative capacity and allocates necessary funds for the improvement of facilities and services. The upgrade aims to meet the increasing demand for transportation services in Mati City and surrounding areas, driven by the region’s continuing economic growth.

Bilang isang simpleng lingkod-bayan na galing sa Mindanao, napakahalaga sa akin na mapalapit ang serbisyo ng gobyerno sa mga kababayan natin sa mga probinsya,” Go said. “Hindi dapat sila ang laging bumabiyahe at nagsasakripisyo para makakuha ng tamang serbisyo.”

Upgrading an LTO District Office from Class D to Class C significantly enhances the office’s operational capacity and service delivery. Specifically, a Class C LTO office is equipped to process more complex services, such as the registration of larger vehicles.

It also enables the office to offer additional services that may not be available in a Class D office, thereby reducing the need for residents to travel to distant locations for certain transactions.

Go also expressed optimism that the improved LTO office will contribute to smoother transport operations in the region, reducing bureaucratic bottlenecks and easing the public’s access to government services.

“Kung mas maayos ang sistema ng transportasyon, mas mabilis ang pagunlad ng mga komunidad. Mas madali ang pagpasok ng negosyo, trabaho, at oportunidad para sa mga tao,” Go said. Beyond RA 12173, Go has long championed initiatives promoting regional development. In 2021, he authored and co-sponsored the measure that ultimately became RA 11708, which created the Metropolitan Davao Development Authority (MDDA) to address the growing needs of Davao City and its neighboring areas.

Go commended former President Rodrigo Duterte for signing the law, emphasizing that the MDDA will provide essential services such as development planning, transport management, solid waste disposal and management, urban zoning, land use planning, shelter services, health and sanitation, and public safety. He stressed the significance of the initiative in ensuring the sustainable and organized development of the Davao Region.

Go reiterated his full support for initiatives that bring government closer to the people, emphasizing that sustainable development starts with empowering local communities.

As a staunch advocate for decentralized service delivery, Go emphasized that measures like RA 12173 embody the spirit of inclusive national development, ensuring that no community, regardless of distance, is left behind. “Dapat maramdaman ng bawat Pilipino, saan mang sulok ng bansa, na hindi sila nakakalimutan ng gobyerno,” he added. The law directs the Department of Transportation (DOTr) and the LTO to implement the office upgrade promptly, enabling the agency to hire additional personnel, improve infrastructure, and deliver more efficient services to motorists and residents in Davao Oriental.

PEZA investment approvals reach ₧63.5 B from January to April ‘25

By Andrea San Juan @andreasanjuan

THE Philippine Economic Zone Au -

thority (PEZA) has greenlighted

P63.523 billion in investments in the January to April 2025 period, up 112.06 percent from the P29.955 billion approved in the same period last year.

In a statement on Tuesday, PEZA said these 86 new and expansion projects are seen to generate 21,275 direct employment and $714.336 million in exports.

The investment promotion agency said the surge in investments flowing into the country’s economic zones can be attributed to the recently signed free trade agreement

(FTA) with South Korea and the “China +2” strategy in the region.

According to PEZA, these were the top sources of investments in the first four months of 2025: South Korea, P10.45 billion; America, P2.53 billion; China, P2.17 billion; Japan, P1.66 billion; Hong Kong, P1.14 billion and Singapore, P1.1 billion.

As to the sectors of these 86 approved new and expansion projects in the fourmonth period, 31 are into Manufacturing; 26 into IT-BPM industry; 8 are Domestic manufacturing enterprises; 7 are into Ecozone Development; 7 are Facilities and 4 are Utilities.

In April 2025 alone, the PEZA Board said it approved 20 new and expansion projects

worth P4.48 billion. These projects are seen to bring in over 9,000 jobs and generate $300 million worth of exports.

PEZA said of these 20 projects, 7 are into export manufacturing; 5 into IT-BPM; 4 are facilities; 2 are utilities, 1 logistics; and 1 into domestic market to be located in NCR, CAR, Region III, Region IV-A and Region VII.

For his part, PEZA Director General Tereso O. Panga said PEZA is bullish that more investors will expand and even transfer their operations to the Philippines.

“With the current global trade volatilities and uncertainty in the supply chain, we have been receiving more queries about the Philippines and even welcoming several inbound delegations exploring investment

opportunities within the ecozones,” the PEZA chief said in a statement on Tuesday.

Coinciding the meeting in Baguio, the PEZA Board and Management said it also “graced the topping off ceremony and last beam signing of the Baguio City Economic Zone (BCEZ) Multipurpose Center.”

“The new two-level facility with 1,098 square meter land area will serve as a venue for leasable office spaces, recreational, and learning activities for BCEZ and its locator companies. Already 62 percent completed, the Multipurpose Center is expected to be up and running by Q3 2025,” the investment promotion agency said.

The PEZA Board and Management said it also met with top officials of Foundever

Ombudsman suspends Cebu Gov. Garcia for 6 months over permit issuance, dismisses Albay Gov. Lagman for jueteng payola scandal

WITH less than two weeks before the May 12 elections, the Office of the Ombudsman has placed Cebu Gov. Gwendolyn Garcia under preventive suspension for six months pending her investigation for alleged illegal issuance of a permit in favor of a construction firm without prior approval from the Department of Environment and Natural Resources (DENR).

In a four-page order, the Ombudsman said Garcia’s preventive suspension is “immediately executory.”

Garcia confirmed her suspension and assured the public that she would respect the processes of the law even as she expressed her disagreement “with both the basis and the necessity of the action.”

“My legal team is already taking the necessary steps to challenge this preventive suspension through the proper legal

channels,” the governor said.

In a separate order, the Ombudsman ordered the dismissal of Albay Gov. Edcel Greco “Grex” Lagman after finding him guilty of grave misconduct for allegedly receiving “payola” or protection money from jueteng operators from August 2019 to June 2022 totaling to P8.1 million.

The order stemmed from the complaint filed by Alwin Nimo, a self-confessed coordinator for jueteng financiers or “bangkero.”

Nimo claimed that sometime in 2019 while Lagman was still the vice governor of Albay, the latter sought his help in securing contact with the financier of jueteng operating in their locality.

Lagman allegedly offered protection for jueteng operations in the area provided that he would receive regular

“payola” or commission and that the complainant would act as his conduit or bagman. Joel R. San Juan

Philippines Corporation and MOOG Controls Corporation (Phil. Branch) in their sites in BCEZ.

As one of the biggest IT-BPM companies in the country, PEZA said Foundever rebranded from Sitel and acquired Sykes Asia in 2021 and continued to grow its local operations in various IT Parks nationwide, providing more jobs to Filipino talents.

“To date, Foundever already injected more than 4 billion pesos in investments and directly hired above 30,000 workers,” said PEZA.

One of PEZA’s longstanding locators in BCEZ and one of the top American registered business enterprises (RBEs), MOOG manufactures and assembles servo components and actuators for aircraft and industrial applications.

PEZA said MOOG’s “unique” operations already injected over P4 Billion in investments and provided jobs to more than 1,500 Filipino workers.

During the visit, MOOG signed its Supplemental Agreement (SA) with PEZA for its new facility in Luisita Industrial Park in Tarlac.

Moreover, PEZA noted that Foundever commits to strengthen its operations in the Philippines, which comprises 80 percent of its global output, and help equip local workforce with the increasing integration of AI and various technologies in IT-BPM processes.

₧20 rice program: A well-intentioned but costly endeavor

THE Bureau of the Treasury (BTr) reported in early April that the national government’s outstanding debt soared to a new record of P16.632 trillion as of the end of February. The agency said that the rise in the government’s debt burden is primarily attributed to the “net issuance of new domestic and external debt to finance additional public programs and projects.” By the end of the term of President Marcos, national government debt is expected to breach P20 trillion. (See, “National government debt hits new high of P16.6 trillion as of end-February,” in the BusinessMirror, April 2, 2025).

One of the new programs and projects that would require financial support from the national government is the P20 per kilo rice that the administration unveiled recently. Starting May, consumers from Regions 6, 7 and 8 may be able to avail themselves of the cheap rice that will be sold by the government through the staterun Food Terminal Inc. The government is prepared to spend as much as P4.5 billion for this program, which aims to make cheap rice accessible to those in the Visayas. (See. “P3.5-B to P4.5-B needed to attain P20/kilo rice–DA,” in the BusinessMirror, April 23, 2025).

The program is expected to run until the end of the term of Marcos, which means that the government would require a bigger budget, particularly if more local government units (LGUs) would decide to join the program. As commodity prices continue to rise, demand for cheap rice will expand as consumers look for ways to make ends meet. This is because rice still accounts for a chunk of Filipinos’ spending for food, particularly those in the so-called Bottom 30 of the population.

The cheap rice program is viewed by the administration as the realization of the campaign promise of President Marcos, but government resources would have to be tapped to enable more people to access the cheaper food staple. Economic managers have repeatedly assured us that there are ample funds for the pilot run of the program, which would cost some P4 billion. This would be spent for only three regions in the Visayas.

Expanding the program to other areas in the country would require more than P4 billion, part of which may be sourced from borrowings. As the Philippines borrows money for its annual budget, concerned agencies should see to it that the money allotted for programs such as cheap rice will be spent judiciously, and that the intervention would reach the intended recipients. Apart from programs that subsidize the prices of goods, the national government should also hasten initiatives for improving the productivity of farmlands. Inefficiencies continue to hound the farm sector, making it difficult for most planters to significantly increase food production. Sans interventions that will enable our farmers and fishers to compete at least in Southeast Asia, the Philippines will never be able to end its reliance on food imports that have become more expensive in recent years.

Infra, tourism and growth

MT. Anthony C. Cabangon

Lourdes

Eduardo A. Davad Nonilon G. Reyes

Mark Villar

THE BUILDER

ILLIONS of Filipinos traveled in and out of Metro Manila during the Holy Week, and despite heavy traffic on some roads, the massive movement was orderly and peaceful, thanks to modern roads and bridges built over the years.

Among these projects are the Skyway System, NAIA Expressway, North Luzon Expressway Connector, South Luzon Expressway, Manila–Cavite Expressway, Cavite-Laguna Expressway, Nlex and Subic-ClarkTarlac Expressway.

The list includes Tarlac–Pangasinan–La Union Expressway, Central Luzon Link Expressway, Cebu–Cordova Link Expressway, Samar Pacific Coastal Road and other newly built bypass roads across the country.

Domestic tourism is bigger than inbound tourism in the Philippines, with over 30 million Filipinos visiting other parts of the country each year, compared with less than 10 million foreign tourists annually.

Domestic tourism in 2023 generated P2.67 trillion in revenues, ac-

cording to the Philippine Statistics Authority.

The Philippines is also now a major tourism source, with more than 800,000 Filipinos visiting Japan and nearly 1.2 million traveling to Hong Kong in 2024. This is why during the peak travel period, international airports were full of outbound Filipino travelers, reflecting the rising purchasing power of our middle class.

The heavy traffic at the peak travel period underscores the need to build more infrastructure projects to make daily commutes and holiday travel more convenient. The heavy volume of vehicles along expressways highlights the need to make modern railways operational as soon as possible.

Some railway projects are, in

By Sangmi Cha, Youkyung Lee & Shery Ahn

HANWHA Aerospace Co. is in advanced discussions with Saudi Arabia over potential arms collaboration as the Middle East becomes the company’s main focus, according to the head of its global defense business.

The burgeoning opportunities in the region are a major reason South Korea’s largest defense contractor decided to announce a share-sale plan last month to raise funds, said Michael Coulter, who was named global defense president and chief executive officer at Hanwha at the end of last year.

“We’re in discussions both in Saudi Arabia and the United Arab Emirates right now about programs that will create capacity in the Middle East that addresses sovereign” issues, and also helps address security threats, Coulter said in an interview with Bloomberg. “There’s a real opportunity for us to meet security challenges in the Middle East through local facilities.”

Hanwha has been one of the biggest beneficiaries from the surge in global demand for ground weapons following the outbreak of wars in Ukraine and the Middle East. The company’s shares have rallied almost

30-fold over during the past five years, and it’s Asia’s top-performing stock this year. Known for its ability to deliver weapons faster and cheaper than rivals, the firm’s flagship weapons include the K9 self-propelled howitzer.

The company’s shares fell 2.1 percent Tuesday while the benchmark Kospi was little changed.

Hanwha is still deciding on the exact form of its involvement in Saudi Arabia, but it may be able to announce an agreement later this year, said Coulter, a former US navy officer.

“We have not come to full decision yet on whether it’s facility in Saudi Arabia, or a joint venture, or a partnership, or we’re supporting a Saudi defense company, so that’s that but the market demand is there,” he said.

Hanwha’s overtures come as Saudi Arabia is investing trillions of dollars in a plan to develop the non-oil economy, including a goal to localize

fact, underway, including the Metro Manila Subway, the North-South Commuter Railway and Metro Rail Transit Line 7, to ease road congestion and expedite movement—at least in Luzon.

Several projects are also proposed in the south, including the 1,544-kilometer Mindanao Railway, which I hope will take off soon.

Railways are mass transit systems that run on electricity, thereby avoiding fossil fuel consumption. Trains will help reduce the country’s carbon dioxide emissions and the use of gas or diesel as fuel for transportation. I hope more railways will be included in the list of high-impact infrastructure flagship projects (IFPs).

The National Economic and Development Authority (Neda) Board, chaired by President Ferdinand Marcos Jr., has approved more than 180 IFPs with a combined value of over P9 trillion to address both shortterm challenges and long-term constraints to job creation and poverty reduction.

The Marcos administration’s Build Better More program considers infrastructure spending the front and center of the Philippine growth strategy.

Aside from making daily commutes and holiday travel more convenient, keeping infrastructure

spending above 5 percent of the gross domestic product (GDP) will certainly create additional jobs and attract more investments. Per Neda, infrastructure development is a crucial driver of economic recovery and long-term growth.

One of the largest business groups, the Management Association of the Philippines (MAP), believes the government’s infrastructure development initiatives will address the country’s long-standing infrastructure gaps.

Per the MAP, vital transport infrastructure projects geared toward national development will open opportunities for more investments and spur economic growth. It particularly cited the Nlex-Slex Connector Road and the Metro Manila Skyway Stage 3, which connect provinces north and south of Metro Manila. Such projects enhance connectivity between Central Luzon and Calabarzon, which are rapidly growing regions. They also reduce travel time for people, goods and services, and stimulate economic activity.

The business group calls on the government and other parties involved to fast-track the completion of vital infrastructure developments for nation-building. With a population of nearly 114

50 percent of its military spending by 2030 under the plan it has called Vision 2030.

Middle East arms sales are a sensitive topic for South Korea as the country seeks to balance its ties with Arab states and its relations with its sole treaty ally the US, which has longstanding security relations with Israel.

Controversial sale

HANWHA earlier this month trimmed the size of its planned share sale to 2.3 trillion won ($1.6 billion) from an original 3.6 trillion won, following pushback from investors and financial authorities. The Financial Supervisory Service has also objected to its revised plan.

The decision to reduce the offering showed “a very responsible willingness by a company to listen to its investors and shareholders,” Coulter said.

“Yes, there’s a potential for a slight dilution in the near term, but look at our track record, look at the market opportunity, we’ve walked everybody through where we’re making the investments and the return on those investments from a business standpoint,” he said.

Europe plans

HANWHA is also in talks with a number of Western European nations about how it may help them increase their arms-making capacity in the face of rising global instability.

“We’re not intent on coming in and taking over and displacing European partners,” Coulter said. “We’re talking with governments, but we’re also talking with industry and saying where have you invested? Where have you not invested? Where can we be a partner?”

Coulter said he was optimistic the US and South Korea will reach a deal that will avert a protracted trade dispute stemming from the Trump administration’s threat of higher tariffs.

“We are very confident that the two governments are going to come to resolution,” he said.

“There is a huge US Army presence here. We have US Navy ships in our shipyards here in Korea. So our governments are talking through that. I’m cautiously optimistic that will pan out and it won’t become a political issue.” With

BRICS seeks to fill void left by G-20 as Trump’s trade war rages

By Simone Iglesias

MAJOR emerging market nations are striving to turn the BRICS group into a global forum capable of addressing the economic and political chaos unleashed by Donald Trump’s trade war.

Foreign ministers from the group named after its founding members— Brazil, Russia, India, China and, later, South Africa—are meeting Monday for the first time since Trump’s policies upended not only the world economy, but also traditional multilateral institutions such as the Group of 20, where consensus has become unattainable.

The upheaval has put BRICS in position to seize the sort of global influence its most prominent members have long sought, especially after it expanded its roster to include new nations—Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates—in recent years. The bloc now accounts for roughly half of the planet’s population and about 40 percent of global GDP.

During a two-day gathering in Rio de Janeiro, BRICS foreign ministers will devote a good amount of time to discussing how to react to Trump’s tariffs. China, facing 145 percent levies on most exports to the US, has indicated that it would like to leverage the gathering to push back against the US.

When asked about China’s expectation for the meeting at a briefing last week, a spokesperson for its finance ministry stopped short of naming the US but criticized those “wielding the big stick of tariffs, sabotaging international fairness and order, and heightening global security risks.” The spokesperson also called for “closer cooperation” and “joint effort” among the BRICS nations.

In a statement that will be published on Tuesday, BRICS foreign ministers will have strong words against unilateral measures on trade, without citing Trump or the US, according to two Brazilian government officials. While other countries would like the group to publicly rebuke Trump, that’s not the consensus view among its members, they said, requesting anonymity to talk about ongoing discussions. The ability to find consensus among diverse points of view is precisely what BRICS will need to show in order to prove it can avoid the profound divisions that have eroded the effectiveness of institutions like the United Nations and the G-20.

Defending multilateralism IN Rio, foreign ministers will begin talks on the priorities of Brazil’s yearlong BRICS presidency: more aggressive action on climate change, improved public health cooperation, bolstering trade ties between member nations, and a defense of the very idea of multilateralism.  Brazilian officials caution that the point of the bloc, which was formed nearly two decades ago, has never been to challenge US international leadership or dismantle a global order led by Washington and the West.  “The view that BRICS is an antiAmerican bloc is completely wrong,” Brazilian ambassador Mauricio Lyrio said in February, during a preparatory meeting in Brasilia. “The bloc was created to promote the development of developing countries, not to antagonize rich countries.”

Brazil’s agenda has nevertheless positioned BRICS as a potential bulwark of multilateralism at a time when Trump has slapped tariffs on nearly every nation while turning his back on global institutions and accords.  Since taking office in January, he has moved to yank the US out of the Paris Agreement and World Health Organization, gutted the country’s chief foreign aid agency, and raised doubts about continued American participation in the G-20.

A major sign that BRICS nations

Big tech’s earnings problem: Estimates may be way too high

Tmay ramp up their efforts to fill the resulting void came last week, when Brazil and the UN organized a virtual event on climate change that more than a dozen world leaders attended.

Trump and the US weren’t invited; instead, the headliner was China’s Xi Jinping, who pledged that his nation would remain committed to global cooperation in the climate fight “regardless of changes in the international landscape.”

The event was the latest indication of Xi’s intensifying efforts to paint Beijing as a friendlier, more reliable ally than Trump’s US as he seeks to deepen ties to other parts of the world—including the European Union, with which he’s feuded.

Intensifying trade ties

IT was also a show of strength for Brazil’s Luiz Inacio Lula da Silva, who brought leaders like Xi, France’s Emmanuel Macron and European Commission President Ursula von der Leyen together to prepare for his nation’s hosting of the UN’s signature climate summit in November.

Despite a haphazard stint as the G-20 president last year, Lula has continued to assert himself in major global discussions. He served a key role in final negotiations of a trade deal between the EU and Mercosur, a South American customs union, at the end of 2024. Both Macron and UN Secretary-General Antonio Guterres have also sought his voice in global debates about artificial intelligence.

“Brazil is increasingly playing a leadership role in geopolitics, by hosting the BRICS summit this year, pushing for the Mercosur deal, seeking to increase intra-regional trade and generally being outspoken in defense of multilateral institutions and the multilateral trade system,” said Jimena Zuniga, Latin America Geoeconomics analyst at Bloomberg Economics.

Now Lula is pushing the BRICS nations to improve trade ties among themselves to boost their power globally—and against unilateral decisions from Trump and the US.

The creation of a common currency, an idea that led Trump to threaten 100 percent tariffs against bloc members, is “not under discussion,” Lyrio said in February. But Brazil wants to continue efforts to develop local payment systems and instruments that can better facilitate trade and investment between the nations, a longstanding BRICS priority.

That, however, points to one of the problems that has dogged BRICS since its inception. The group has always been longer on ambition than accomplishment, in part because members have struggled to get on the same page about its ultimate aims.  Beijing has traditionally seen BRICS as part of its push to counter the US, but others have tread more carefully to avoid irking Western allies. Border disputes have frayed relations between China and India, the group’s two largest economies, and Prime Minister Narendra Modi has only upped his efforts to move closer to Washington since Trump’s return.

Expansion has made BRICS even less cohesive, particularly in comparison to blocs like the G-7, the group of rich, western nations that dominate the global order. And while Trump has created an opening, his trade war with China has also forced each nation into individual trade negotiations that risk undermining Lula’s calls to show strength by sticking together.

“We can’t keep looking for individual ways out for each country,” the Brazilian leader said in a March speech. “The world is divided into blocs, and whoever is more organized can do more.” With assistance from Franco Dantas and Jing Li /Bloomberg

By Jeran Wittenstein

HE last time Big Tech delivered earnings, Donald Trump had just started his second term, stocks were soaring on expectations of a pro-growth agenda and investors’ main worry was how long it would take companies to convert their artificial intelligence spending into profits.

Three months later, they are facing a far bleaker picture.

This week’s quarterly results from Microsoft Corp., Apple Inc., Meta Platforms Inc. and Amazon.com Inc. will land in a market obsessed with every twist of a trade war that’s wiped $5.5 trillion from the S&P 500 Index. AI concerns have taken a back seat to angst over the possibility of a tariffinduced recession, while safe havens like gold have become the trade de jour for investors too rattled to buy stocks on the cheap.

Even with all the uncertainty, Wall Street isn’t giving the companies’ estimates much wiggle room. Analysts expect the so-called Magnificent Seven—which also include Google-parent Alphabet, Tesla Inc. and Nvidia Corp.—to deliver an average profit growth of 15 percent in 2025, a forecast that’s barely budged since the beginning of March despite the flareup in trade tensions.

That raises the stakes for the four megacaps reporting this week, which combined have a nearly 20 percent weighting in the S&P 500. Traders are unlikely to forgive earnings shortfalls in an already fearful market climate, despite steep declines in the companies’ share prices and improved valuations. Dire outlooks from the industry behemoths would

be poorly received, especially if they bolster fears of muted corporate spending ahead.

“Any modicum of a weaker than expected number is going to cause a further selloff because of the concern around tariffs,” said Phil Blancato, chief market strategist at Osaic Wealth, who believes this year’s weakness in megacaps is a buying opportunity.

Markets got an early read on how Big Tech might be faring last week. Tesla reported its worst quarter in years, though traders cheered signs that chief executive Elon Musk intends to step away from his government work and focus more on the electricvehicle maker. Alphabet beat expectations but offered little future guidance. The Bloomberg Magnificent 7 index jumped 9.1 percent last week amid a broader market rebound, though it’s still down 15 percent in 2025.

The index rose 0.3 percent on Monday, on track for its fifth straight positive session. The Nasdaq 100 Index rose 0.1 percent.

Profits and spending

A DEEPER look comes during a two-day stretch that starts with results from Meta and Microsoft on Wednesday. While many executives have declined to predict how tariffs

might impact their bottom lines, Wall Street has been doing its own math.

Based on a 22 percent tariff rate modeled by Bloomberg Economics, lower gross margins could result in a net income contraction of about 7 percent in 2025 for the S&P 500, compared with the current consensus estimate of nearly 12 percent growth, wrote Bloomberg Intelligence chief equity strategist Gina Martin Adams.

Another key area of focus will be spending: The four biggest spenders—Microsoft, Alphabet, Amazon and Meta—are projected to pour roughly $300 billion into capital expenditures in their current fiscal years. While the companies have pledged to maintain that pace in 2025, Microsoft’s sudden decision to pause work on some data centers suggests cloud computing providers may be re-evaluating expenditures.

Apple, one of the companies most exposed to tariffs due to its supplychain reliance on China, may benefit from a pull-forward in demand from consumers seeking to avoid higher prices. However, those sales are seen as a one-off benefit, with tariffs sapping demand in future quarters. Amazon faces tariff risks to its e-commerce and advertising businesses, though a hit to profits could be cushioned by earnings in its highmargin web-services unit, according to Jefferies analyst Brent Thill.

That said, there’s little expectation that executives will be able to give estimates with any degree of confidence, given the high level of macroeconomic uncertainty. American Airlines Group Inc. and Skechers USA Inc. are among companies

that have abandoned forecasts this quarter.

Michael Shaoul, founder of the ION Macro Fund, said it will be difficult for executives to convince the market that they have a true view into financial performance in coming quarters. “I think the more experienced management aren’t even going to try,” he said. A bullish argument, of course, is that tech giants’ dominant industry positions and robust balance sheets make them better suited to withstand an economic downturn than other companies—even if the earnings picture is cloudy. The Magnificent Seven are also less richly valued following the recent selloff: Alphabet, for example, trades at 17 times profits estimated over the next 12 months, compared with an average of 21 times over the past decade, according to data compiled by Bloomberg.

That could boost the appeal of the Magnificent Seven to dip-buyers, especially if signs of easing in the global trade war emerge. A flash of that came last week, when stocks soared after Trump said a deal with Beijing would significantly reduce the tariffs he’s posted on Chinese goods.

But for Keith Lerner, co-chief investment officer and chief market strategist at Truist Advisory Services, it all comes down to the denominator in the price-to-earnings ratio.

“The valuations are getting more interesting down here, but we haven’t pulled the trigger yet,” he said. “There are a lot of questions on the E-side of the equation.” With assistance from Subrat Patnaik and Ryan Vlastelica /Bloomberg

Iran dangles ‘trillion dollar’ incentive for Trump in deal talks

By Golnar Motevalli

AS countries around the world try to bargain with US President Donald Trump over tariffs, long-term adversary Iran is pitching its sanctioned economy to him as an investment opportunity.

With talks between Iran and the US over the Islamic Republic’s atomic activity showing signs of progress, top Iranian officials are for the first time in decades overtly promoting their economy to the White House to secure a lasting and more effective nuclear accord. If Trump wants a deal that’s better for the US than the one he jettisoned in 2018, the Iranians want the same for Iran.

Tehran’s top envoy, Abbas Araghchi, wrote in a Washington Post oped last week that a new nuclear deal could give US companies access to what he claims is a “trillion-dollar” economic opening in the country of around 90 million people and with some of the world’s biggest oil and gas reserves.

“Saying there’s a trillion-dollar opportunity as opposed to a trilliondollar disastrous war, is a way to hook President Trump into a deal,” said Ellie Geranmayeh, head of the Middle East and North Africa program at the European Council on Foreign Relations.

It’s a strategy that echoes Russia’s in its negotiations with the US over ending the war in Ukraine.

Transforming the US-Iran relationship from one of hostility to one of economic cooperation would be a big ask, but has the potential to help resolve a conflict that’s kept Middle East security fragile for decades.

The US has imposed sanctions and trade embargoes on Tehran since the countries severed ties in the wake of the 1979 Islamic Revolution and the Iran hostage crisis. As a theocratic state, Iran has defined

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million by mid-2025, per the Philippine Statistics Authority estimate, the Philippines indeed requires more infrastructure projects to enhance mobility across provinces and islands.

Infrastructure development nat-

itself as a bulwark against US influence in the wider Middle East, with its nuclear activities and anti-Israel policy key sources of tension.

Araghchi said his country’s nuclear program itself could become a target for US investment, representing “tens of billions of dollars in potential contracts.”

“The Iranian market alone is big enough to revitalize the struggling nuclear industry in the US,” he said in separate remarks on X last week.

A US State Department spokesperson, in a response to a query from Bloomberg, said Trump is clear Iran cannot have an atomic weapon. The spokesperson added it is not in US national interests to negotiate issues such as these publicly.

“We do not confirm or deny details of ongoing negotiations,” said a spokesperson for the White House’s National Security Council.

Trump has previously spoken of Iran’s economic potential. And earlier this year, Bloomberg reported that he asked Russian President Vladimir Putin—an ally of Iran—to help broker talks with Tehran.

“I want Iran to prosper,” Trump said this month. “I don’t want to do anything that will hurt anyone, but Iran can’t have nuclear weapons. We don’t want to take away their industry or their land.”

Iran’s Supreme Leader Ayatollah Ali Khamenei—who grudgingly approved the Obama-era 2015 nuclear agreement that Trump later abandoned—has said he sees no reason why American investors shouldn’t spend their money in the Islamic

urally attracts job-generating foreign direct investments as modern airports, seaports, railways, roads and bridges reduce logistics and transport costs, making the country more attractive for manufacturing.

Republic, according to President Masoud Pezeshkian.

The stakes in the negotiations are arguably much higher for Iran than the US. Trump’s threatened to bomb nuclear facilities if Tehran doesn’t accept a deal.

Moreover, the Islamic Republic’s regional influence has been significantly weakened by Israel’s war with Iran-backed Hamas in Gaza and its bombardment of Hezbollah last year.

Syria’s ex-President Bashar al-Assad, another ally of Tehran, was toppled in December.

Khamenei’s hardline supporters appear to have fallen in line with Araghchi’s approach to Washington. It’s a sign the clerical establishment is under pressure to address an economic crisis that’s amplifying its widespread unpopularity at home.

“They don’t have many cards up their sleeves in terms of negotiations, they’re less threatening than a few years ago and their proxies have lost a lot of their influence,” said Homayoun Falakshahi, head of crude oil analysis at Kpler. “They’re trying to say to the US that you can benefit from a deal with us and we are open to your companies to invest.”

While the 2015 nuclear deal suspended a raft of secondary US restrictions, it didn’t remove primary sanctions and the US Treasury continued to prohibit direct American investment in the Iranian economy.

After Trump walked away from that accord, his hardline approach, dubbed “maximum pressure,” reimposed sanctions and went much further, including banning other countries’ purchases of oil from the Opec member.

Iran’s oil exports slumped, foreign companies left, and the currency cratered in value—it’s lost almost 90 percent of its value against the dollar since 2018. The country faced a fuel and power crisis last winter.

Oil and gas officials are trying to woo foreign money to cover the $135 billion bill they say is required to fix the energy industry.

“It will be one of the latest huge opportunities for oil and gas companies globally,” Falakshahi said, adding that the financial terms offered by Iran to foreign companies will be crucial.

There are other major barriers to investing in Iran. These include corruption, the state’s heavy influence on the economy and an isolated banking system that lags behind international lending standards. US firms investing in Iran may also face a backlash from anti-Iran hawks in Washington and Israel.

Primary sanctions THE Joint Comprehensive Plan of Action, as the original nuclear agreement is formally known, imposed strict limits on Iran’s uranium enrichment in return for sanctions relief.

Within months of the deal coming into effect in January 2016, Iranian officials complained economic benefits were not materializing. The main problem was that European businesses were finding it difficult to do business with Iran because of the remaining US restrictions. This time, Iran’s goal “is to get the primary sanctions removed and pave the way for the country’s economic and technological development,” said Bijan Khajepour, an economist and a managing partner at Eurasian Nexus Partners, a consulting firm.

Trump’s original vision was for a new deal that restricted Iran’s support of proxies and even its missile program. But recent public statements suggest he’s downsized his goal to ensuring Tehran never develops a nuclear weapon. With assistance from Arsalan Shahla and Natalia Drozdiak / Bloomberg

Countries with quality infrastructure are considered more competitive than others, attracting foreign investors who seek profitable destinations. It also signals the government’s commitment to economic development and creating a favorable environment for businesses.

Efficient infrastructure facilitates a smoother and faster movement of goods and services within the supply chain, boosting overall productivity. Employees have more energy at work if they spend less time commuting.

I hope the government will sustain infrastructure development as an economic growth strategy. If the private sector finds that public resources are well spent on good infrastructure projects, they will be encouraged to invest more and contribute to economic development.

For feedback e-mail to senatormarkvillar@ gmail.com or visit our web site: https://markvillar. com.ph

BusinessMirror

DOLE to lean on ‘existing’ nets vs. trade war job cuts

By Justine Xyrah Garcia

DESPITE economists warning that rising global trade tensions could trigger spikes in joblessness and underemployment, the Department of Labor and Employment (DOLE) is opting not to craft a new safety net, stating instead that current frameworks are sufficient to cushion the blow of a potential economic slowdown.

In a recent press briefing, Labor Secretary Bienvenido E. Laguesma explained that DOLE cannot build its response solely around the assumption of a looming global recession.

“As I mentioned earlier, we already have the Philippine Development Plan, the Labor and Employment Plan, the National Technical Education and Skills Development Plan, and also the EnterpriseBased Education and Training Law,”

Laguesma said. Earlier this month, economists warned that the Philippines’s dependence on both exports and imported production inputs leaves it vulnerable to protectionist policies abroad. The worsening trade war, they said, could eventually lead to mass layoffs, particularly in manufacturing, or push more Filipinos into part-time and precarious jobs. (Related: https://businessmirror.

TBy Lenie Lectura @llectura

HE Department of Energy

(DOE), alongside other energy stakeholders, is confident that the country is prepared to handle a massive blackout similar to what happened in Spain and Portugal.

“The public need not worry—we are fully committed to tackle these challenges. The DOE has established a robust policy and structure for energy resiliency,” DOE Undersecretary Felix William Fuentebella said via Viber on Tuesday. Spain and Portugal remain under states of emergency after the power outage brought businesses to a standstill. Authorities were still not sure what caused the blackout.

Fuentebella said the agency has formed a task force on energy resiliency, comprising key government agencies and stakeholders, dedicated to addressing both natural and human-induced hazards.

“We’re continuously enhancing our capabilities through training and system upgrades. We test our readiness by responding to frequent calamities, a constant in the Philippines. We are adopting cutting-edge technologies to improve our systems. We’re advancing our technical capabilities, including the development of an energy resiliency scorecard,” he said in an interview.

He added that the country’s power grid is secure from cyberattacks as the stakeholders assured that efforts are being made to enhance its resilience and security.

Meralco PowerGen Corp. (MGen) commented that the massive blackout is “unfortunate” as this serves as a reminder that even developed countries like Spain and Portugal are not immune to such scenarios.

“It highlights, once again, why energy security, grid resiliency and cyber security are important. The Philippines simply cannot afford situations where power is unavailable. That’s why we must continue investing on a well-designed portfo -

lio of new power plants to meet current demand with the right amount of reserves in line with our energy transition goals,” said MGen President Emmanuel Rubio via Viber.

Equally importantly is the modernization of energy transmission and distribution infrastructures to cope up with the variability of current RE technologies, Rubio added. “On top of these are regulations, programs and policies to encourage investments in energy infrastructure. After all, the most expensive electricity is no electricity at all,” the Meralco official said.

Other power firms said they have put in place contingency measures, including regular vulnerability testing, to protect the integrity of their networks and system. They acknowledged that cyber security is on top of their priorities.

Energy Regulatory Commission (ERC) Chairperson Monalisa Dimalanta said it is difficult to say if a similar scenario is likely to occur in the country. “We don’t know yet the cause of the outage so it’s hard to say if it will happen here or not, and at what scale. But we are monitoring developments closely,” she said.

The National Grid Corporation of the Philippines (NGCP), which operates the country’s power transmission network, has been saying that it remains committed to safeguarding energy security and ensuring the resilience of the power grid. Its role of linking power generators and distribution utilities to deliver electricity is crucial.

Earlier, it signed a Memorandum of Understanding (MOU) with the National Intelligence Coordinating Agency (Nica) to further enhance the safety and security of the transmission assets. Under the MOU, Nica commits to supply NGCP with intelligence information to support the protection of power transmission assets operated and maintained by NGCP across the country, while NGCP commits to provide technical assistance to Nica to support and further establish their cybersecurity capability.

com.ph/2025/04/11/global-tariff-wars-pose-risk-to-phl-jobsexperts/)

But for Laguesma, existing government plans are enough to shield Filipino workers from large-scale job losses, especially since these policies aim to keep the country “competitive” in terms of man power and ease of doing business.

“We’re fortunate to already have these guiding frameworks. We’ve seen economic depressions and recessions in the past, and at least now, we have a foundation—we know where to start and how we might respond,” he added.

‘Very concerning’ LABOR groups, however, see DOLE’s position as out of touch.

For them, the department’s current stance reflects a dangerous level of complacency.

Annie Enriquez-Geron, president of the Public Services Labor Independent Confederation, said the government cannot rely on a single solution for all national problems— especially concerning the complexities of trade wars.

“I haven’t even seen any actual meeting or discussion about the im-

pact of the trade war or the tariffs Trump is imposing. So for them to say we already have these development plans, as if the Philippines is Trump-proof, is really, really concerning,” Enriquez-Geron said.

For Sentro secretary-general Josua Mata, the current economic climate demands more than recycled strategies.

He said the Marcos administration should take this opportunity to reassess its national development plan altogether, and not just go “business as usual.”

“Production costs must be brought down...Electricity must be cheaper. The transportation crisis has to be resolved. We need to fix traffic bottlenecks so that goods, products, and services can flow more easily. These are the kinds of reforms we need,” Mata added.

Carlos S. Oñate, legislative officer of the Trade Union Congress of the Philippines, echoed these sentiments and called for the formation of a tripartite task force composed of government, labor, and business groups to address potential layoffs. “We need to act now, because we don’t know what’s going to happen

By Bless Aubrey Ogerio @blessogerio

SLOWER food prices helped ease retail inflation in Metro Manila in March, according to the Philippine Statistics Authority (PSA).

Data from the PSA indicated that the general retail price index (GRPI) in the National Capital Region (NCR) slowed further, posting a 1.1-percent annual growth in March from 1.3 percent the month before.

This was also down from the 2.1 percent recorded in March 2024. The food index rose by 1.4 percent during the month, slightly lower than the 1.6 percent recorded in February 2025. Moreover, mineral fuels, lubricants and related materials saw a faster annual decline of 2.6 percent in March, compared to a 1.3 percent drop in February, which also helped pull over-

all retail inflation lower. Other commodity groups registered softer price increases, including beverages and tobacco, which eased to 3.6 percent from 3.9 percent; crude materials, inedible except fuels, which slowed to 0.6 percent from 0.8 percent; and chemicals, including animal and vegetable oils and fats, which posted a 2.1-percent rise from 2.2 percent.

Manufactured goods classified chiefly by materials, as well as miscellaneous manufactured articles, both grew at a slower pace of 1 percent, down from 1.1 percent the previous month. Meanwhile, the machinery and transport equipment index retained its previous month’s annual growth rate of 0.2 percent. Per the statistics agency, the GRPI measures changes in the general level of prices at which retailers sell goods to consumers or end-users.

By Malou Talosig-Bartolome

SENIOR officials from 20 middle-income countries in Asia, Africa and Latin America have called for debt relief in exchange for investments related to environment or climate change in order to break free from the burden of debt payments. However, the Makati Declaration on Middle-Income Countries fell short of how they would navigate together the imposition of tariffs of US President Donald Trump on China and other countries which the United Nations Industrial Development Organization (UNIDO) and the World Bank believe would slow down the global economy, particularly the middle-income countries.

Representatives of the Like-

Minded Group of Middle-Income Countries (LMG-MIC) gathered for two days in Shangri-La Makati to identify solutions to keep their economic growth trajectory upwards. The countries which sent delegations to the forum are Armenia, Belarus, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Jamaica, Lebanon, Mexico, Morocco, Namibia, Panama, Peru and Uruguay.

Since year 2000, only 27 countries transitioned from the middleincome to high-income classification. The rest got stuck and fell into the so-called “middle-income trap.”

“Many countries experienced reversals back to middle-income status, with 11 countries switching back and forth at least once before reaching their current high-income

status,” the Makati Declaration said.

Adverse effects of disaster risks and climate change are one of the common challenges of middle-income countries. Every time calamity strikes, it also takes a hit on the economy, slowing growth.

Debt servicing is also presenting unique liquidity issues for middle income. Around 13 percent of total exports of middle-income countries in 2022 has been devoted to debt servicing. A third of MICs are at high risk of fiscal crisis. Thus, they called for “scaling up debt swaps” in exchange for compliance with Sustainable Development Goals (SDG), including those related to climate and nature. SDG 13 calls for countries worldwide

Editor: Jennifer A. Ng

Companies

B1 Wednesday, April 30, 2025

Robinsons Retail earnings plunge 85%

By VG Cabuag @villygc

ROBINSONS Retail Holdings Inc. (RRHI), the retail arm of the Gokongwei Group, said its income plunged 85 percent to P760 million in the first quarter from the previous year’s P5.08 billion.

we will further optimize our assortment, accelerate store expansion, and unlock greater operational efficiencies.

As we navigate the dynamic retail environment, we remain focused on creating long-term value for our stakeholders by strengthening our fundamentals and advancing our sustainability agendas,” Stanley Co, the company’s president and CEO, said.

from March in 2024. These factors helped offset the impact of fewer selling days in February, as 2024 was a leap year.

Blended same store sales growth for the quarter stood at 3 percent well within its full-year guidance of 2 percent to 4 percent.

Capital expenditures for the first quarter amounted to P962 million, the company said.

PAG -IBIG Fund continues to support members through the Pag-IBIG Home Equity Appreciation Loan (Pag-IBIG HEAL), providing housing loan borrowers affordable and convenient access to ready cash for home improvement, expansion, or other family expenses.

Pag-IBIG HEAL allows borrowers with existing Pag-IBIG Housing Loans in good standing to tap into the increased value of their homes. The program provides additional cash at affordable rates and easy repayment terms, enabling members to conveniently fund home improvements or address other important family expenses without financial stress.

address other financial needs without causing strain on their finances,” Acosta said.

Eligible borrowers for Pag-IBIG HEAL must have an existing PagIBIG Housing Loan maintained in good standing for at least five years, with monthly payments consistently updated during the 12 months prior to application. Borrowers must also be active Pag-IBIG Fund members not older than 65 at the time of application and have the financial capacity to repay the additional loan.

The financial results in the first quarter of 2024 included a one-time gain from the merger of the Bank of the Philippine Islands and Robinsons Bank booked early last year. Core income, excluding one-off items, foreign exchange gains/ losses, interest income from bonds, equity in earnings from associates, was up 5 percent to P1.24 billion from the previous year’s P1.18 billion.

“This year is off to a strong start, with the ongoing recovery in basket sizes continuing to drive revenue growth. To sustain this momentum,

Consolidated net sales climbed 4 percent to P47.8 billion from the previous year’s P45.88 billion, underpinned by strong results from the food, drugstore and department store segments. Revenues were also supported by new store sales and additional operating days following the shift in the Holy Week holidays to April this year

Total liabilities declined to P72.2 billion from P77.3 billion at end-December 2024 as the company said it continued to pay down our payables.

As of end-March, Robinsons Retail has 2,448 stores consisting of 760 food stores, 1,131 drugstores, 50 department stores, 225 DIY Stores and 282 specialty stores. The company also has 2,116 franchised stores of TGP.

Pag-IBIG Fund Chief Executive Officer Marilene Acosta explained how Pag-IBIG HEAL empowers borrowers to leverage the growing equity in their homes.

“Pag-IBIG HEAL offers our borrowers practical and affordable access to additional cash. As their homes grow in value, Pag-IBIG HEAL lets them tap into this appreciation to make improvements, expansions, or even

The maximum loan amount through Pag-IBIG HEAL depends primarily on the increased appraised value of the borrower’s property and their ability to repay. The combined balance of the existing Pag-IBIG Housing Loan and the PagIBIG HEAL should not exceed 60% of the property’s latest appraised value, with a maximum total loanable amount of Php 6 million. For more information and to apply for Pag-IBIG HEAL, you may visit any Pag-IBIG Fund branch or click this link: https://www.pagibigfund.gov.ph/ItsTimetoHEAL.

By Reine Juvierre Alberto @reine_alberto

AN uptick was recorded in the yields of the 5-year Treasury bonds (T-bonds) as demand remained weak following the government’s recent issuance of 10-year notes that siphoned off P300 billion in liquidity.

Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort added that the uptick in yields was also due to the rebound of benchmark US Treasury prices.

Ricafort added the recent lower bond yields came after some healthy upward correction in the US markets on signals tensions between the US and China on tariffs could be easing.

The comparable 5-year US Treasury bond yield is now at 4.21 percent, among new 3-week lows and also among 4.5-month lows recently.

Monday’s auction of the local Treasury of bonds saw yields increasing by 3.5 basis points from the 5.921 percent yield set during the previous auction of the debt paper with the same tenor last April 2. It was also higher by 2.2 basis points compared to the benchmark Philippine Bloomberg Valuation (PHP BVAL) rate of 5.921 percent for the 5-year tenor.

The auction committee of the Bureau of the Treasury (BTr) fully awarded P30-billion worth of Tbonds with an average annual yield of 5.943 percent.

Rates of the 5-year bonds were as low as 5.850 percent to as high as 5.950 percent. The governmentissued bonds have a coupon rate of 6.375 percent.

The debt papers attracted tenders amounting to P55.222 billion, about 1.8 times oversubscribed the P30 billion programmed offering. The auction committee had to reject P25.222 billion.

This month, the BTr expects to raise P160 billion through the sale of T-bonds.

Avoiding imposing new local taxes, the government continues to resort to tapping the debt market, expecting to raise a total of P2.545 trillion this year, following an 80:20 borrowing mix in favor of domestic sources. So far, it has borrowed P552.692 billion as of the end of February.

As of end-February, the outstanding debt of the national government reached a new high of P16.632 trillion, 9.57 percent higher year-onyear from P15.178 trillion.

THE Philippine Deposit Insurance Corporation (PDIC) announced it will be disposing of corporate and closed bank residential and agricultural properties next month.

In a statement, the PDIC said they will be selling 76 properties through electronic public bidding or e-bidding between May 28 and 29 this year.

PDIC, as a statutory receiver of closed banks, liquidates the remain-

Banking&Finance Banks stable amid tariff tiff, Fitch says

By Cai U. Ordinario @caiordinario

PHILIPPINE banks can manage the uncertainty caused by geopolitics and trade disruptions pinned on increased US tariffs, according to a Fitch Ratings Inc. executive.

In a televised interview, Fitch Ratings Head of Asia-Pacific Financial Institutions Jonathan Cornish said if the tariff levels imposed on Philippine goods by the United States remains low, the economy and the banking system will remain stable.

Cornish, however, noted that

WHILE the Philippine fintech sector treads water amid new tariff negotiations, an executive sees instability in the horizon, which could tighten lending activity and increase borrowing costs.

When asked how the US tariffs will affect the fintech sector, Skyro Lending Inc. Co-CEO Nasim Aliev said in a news briefing last Tuesday that that instability could influence the financial market, making people more cautious.

“In general, [there will be] less lending available because of that. Probably the price of borrowing may grow bigger,” Aliev said, adding that fintech companies will be more selective.

His Chief Operating Officer Ira Franco chirped in saying that global interest rates are also rising, especially in bond markets, which makes the cost of borrowing or raising capital from foreign

ACREDIT reporting firm ranked the Philippines among the top five markets with high incidence of digital fraud in 2024.

Proprietary insights from TransUnion Information Solutions Inc. revealed that the Philippºines posted last year a digital fraud rate of 13.4 percent, higher than the global rate of 5.4 percent. “[This consistently exceeded] the global rate for the fifth consecutive year, going back to 2020, when TransUnion’s analysis began,” read a document provided by the company.

While an 8-percent decrease in suspected digital fraud rate was observed across the globe, the incidence in the Philippines increased by 5 percent from 2023, according to the company.

The country followed behind India (19 percent) in suspected digital fraud rates and ahead of the Dominican Republic (10.9 percent).

ing assets of closed banks to maximize recovery and help pay claims of closed bank creditors, including depositors with uninsured deposits.

“Proceeds from the sale of closed bank-owned properties go directly to a fund that the Corporation manages for these closed banks to settle creditors’ claims,” PDIC said.

“Revenues from the sale of corporate assets are added to the Deposit Insurance Fund, the funding source

Fitch Ratings recently upgraded the credit ratings of major Philippine banks, reflecting their stability and positive viability ratings.

“The imposition of tariffs will likely be negative for the region; that potentially more so for the likes of Vietnam and Thailand than is the case for the Philippines, where we

investors more expensive.

This might impact not just fintech companies but also all businesses and their cost of capital.

“If they are receiving money at all from abroad, then they will be impacted by interest rates,” he added.

The US Federal Reserve has not raised the borrowing costs yet, but Franco said the Fed might if inflation stays high. He added that when the Fed raises rates, there will be currency devaluation and a chain reaction, further pushing up financing costs.

“But for now, we don’t think that will be so impactful for our business and for other fintech companies this year. Because again, you don’t know. Trump is really so unpredictable,” Franco said.

“People are just trying to wait and see what’s going to happen next,” he added. Aliev agreed saying that fintech

About 74 percent of Filipinos reported being targeted by an email, online, phone call or text messaging fraud scheme in the last three months, with 34 percent of them losing money, according to TransUnion’s “State of Omnichannel Fraud” report.

“These trends showed that Filipinos are facing greater risks from fraud, highlighting the need for stronger safeguards to prevent financial losses,” according to the company.

Last year, Filipinos lost P44,000 or $768 on average due to fraud, lower than the median of $1,747 across global markets surveyed by TransUnion.

“Considering average monthly wages in the Philippines, the losses constitute at least over two months of salary 3 for most Filipino households,” TransUnion chief commercial officer Yogesh Daware was quoted in a statement as saying.

Online dating and social media sites and forums had the highest suspected

for valid deposit insurance claims,” it added.

The PDIC said the properties that will be sold on an as-is-where-is basis include 25 vacant agricultural lots, 24 vacant residential lots, and 13 residential lots with improvements.

The list also includes six mixed residential/agricultural lots with improvements, four agricultural lots with improvements, two mixed vacant residential/agricultural lots, and two

view the banking system as exhibiting a degree of resilience and stability in terms of growth prospects,” he said.

Cornish explained that while the 90-day pause on the imposition of higher tariffs by the US could create uncertainty, this would be manageable for the Philippines as reflected in the neutral outlook for the domestic banking system by the American credit rating agency.

“We view that the system’s prospects for business generation and financial prospects to be broadly similar in 2025 versus last year,” he said. “We have the same neutral sector outlook on other Asean [Association of Southeast Asian Nations] banking systems, except in Vietnam, which is improving; meaning that we expect further

hike costs’

firms “still need to analyze a bit more if” the impact of the tariffs would be “significant.”

Nonetheless, for companies such as Skyro, Aliev said possible lending or investment opportunities are in their pipeline.

“[The] Philippines is a unique country. It showed its economic resilience in difficult times. It’s unique also because a lot of the Filipino workers outside of the Philippines contribute to the economy,” Aliev said.

Franco added that the company has also already secured its financing requirements, through debt and equity, last year, which will be used to run their operations this year.

Launched in 2022, Skyro operates under the umbrella of Singapore-based fintech firm Breeze Ventures Pte. Ltd. Reine Juvierre S. Alberto

digital fraud rate among industries at 19.2 percent.

“The number of social media users in the Philippines amounts to 78% of the country’s population. The high volume of users interacting online opens doors for fraudsters to take advantage of unsuspecting victims,” Daware said.

The retail industry recorded the second-highest suspected digital fraud rate in the Philippines at 13 percent, trailed by financial services—the most targeted in the country—at 6.3 percent.

“Fraudsters are highly adaptable and constantly evolving their tactics to exploit unprepared victims. Businesses and consumers must remain vigilant to avoid deception,” Daware said.

TransUnion is a global information and insights company developing solutions in areas such as marketing, fraud, risk and advanced analytics. Reine Juvierre S. Alberto

commercial lots with improvements. The size of the properties range from 90 square meters (sqm) to 50,000 sqm. The properties are located in Aklan, Albay, Bataan, Batangas, Bohol, Camarines Norte, and Camarines Sur. Other properties are located in Cavite, Cebu, Iloilo, Isabela, La Union, Laguna, Palawan, Misamis Oriental, Nueva Ecija, Quezon, Rizal, Tarlac, and Zamboanga del Sur. Cai U. Ordinario

improvement this year beyond what occurred last year.”

Further, Cornish said, banks are expected to profit from robust credit growth on the back of “genuine demand” for loans this year and next year.

While rate cuts have been negative for banks and their net interest margins (NIMS), such was not the case in the Philippines since rate cuts have not weighed as much on the margins of banks operating in the country.

Local banks are expected to enjoy double-digit total loans growth, the level of loans growth enjoyed by Asean banks.

“Philippine banks continue to grow their exposure to high yielding loans, which can mitigate pressures from lower policy rates. [Having said

that,] we expect NIMs of the major commercial banks to narrow slightly,” Cornish said.

Earlier, bank lending continued to accelerate in the Philippines, as the Bangko Sentral ng Pilipinas (BSP) reported a double-digit growth in loan expansion in February.

Preliminary BSP data showed outstanding loans of universal and commercial banks (UKBs), net of reverse repurchase (RRP) placements with the BSP, rose by 12.2 percent year-on-year in February 2025. Credit activity of banks amounted to P13.026 trillion as of endFebruary 2025 from P11.611 trillion in the same period a year ago. (See: https://businessmirror.com. ph/2025/04/02/february-banklending-up-12-2-bsp-cites-loansto-industries/).

Focusing on focus

TO be successful in business and personal life, the need to focus cannot be overemphasized.

Innovations bring along more distractions, particularly of the digital kind. If one lacks discipline, enough to control the use of time and avoid distractions, a lot is wasted on unnecessary activities. There’s a need to wisely use time; and one of the important ways is the need to learn to focus.

There are many strategies and tools to help one focus but the most popular today includes the following: the 90-minute method; the use of notes or whiteboard; and, software tools such as time tracking applications, tasks applications such as Todoist and audio streaming services. The latter provides the right music to align with the natural rhythm of your focus period.

The use of notes is effective for me. This is where I write down—in my mobile phone’s notes app, on a paper or notebook near me or on a whiteboard—the things that come to my attention when I try to focus on completing something. I also try to have a pen and a notepad beside my bed so that when I remember something important, I can just write it down before or upon waking up. These are also times when I wake up in the middle of the night with an idea coming to mind. Writing down the items that distract me when you I to focus on something or when I try to go back to sleep releases it from my brain. Not only do I gain some sense of control but doing so even releases my creative juice.

I try as much as possible not to open my Facebook or Messenger during times when I have to complete a work since most of the time these are personal messages or posts. If the messages are important, I know the sender will likely call me, especially from family members.

For business communications, I use Viber or WhatsApp. I open the latter two apps after completing a task or after a focus period. I usually disable notifications from other mobile apps. I avoid opening non-business messages and nonurgent business messages. I avoid reading these messages so that I will not be obligated to reply right

away. As much as possible, I read personal messages after work or during breaks.

I wrote this article as I travel for a two-week stay in the United States. I snuck into a restaurant to focus on writing. The need to focus when you travel is of utmost importance because of the challenge of several distractions. But I try to focus and write down ideas and whatever comes to mind during travel time. Thereafter, I just have to insert these in articles I write during a focus period.

According to a 2015 study by Microsoft Corp., the average human attention has dropped from 12 seconds to 8 seconds in the last two decades due to the rise of digital distractions and the prevalent use of social media. It is even more challenging, in the advent of the rise of the use of technology, since people are allured by the digital distractions.

Research shows that continuous exposure to bite-sized contents, coupled with the fear of missing out (FOMO), has lessened the attention span. This also further erodes the ability to focus. This can also lead to the culture of multitasking which in turn leads to decrease in focus, making it more challenging to sustain concentrated mental effort.

Understanding the need to focus and the ability to control the use of technology with the right strategies, will not only help improve a more positive relationship with technology and a more efficient and productive work life but a happier and a more enjoyable work and personal life.

So how’s that for a better life?

Wilma Miranda is the managing partner of Inventor, Miranda & Associates, CPAs, a member of the Board of

By Lorenz S. Marasigan @lorenzmarasigan

XECUTIVES of the Philippine branch of Singapore-based fintech firm Breeze Ventures Pte. Ltd. bared plans to triple its loan portfolio to nearly P16 billion this year, as it ramps up lending in underserved markets across the Philippines. In a news briefing last Tuesday, Skyro Lending Inc. Co-Founder and Co-CEO Nasim Aliev said the com-

pany is targeting a threefold increase in its loan portfolio this year, aiming to disburse approximately $300 million in consumer loans by the end of the year.

Aliev noted that the company’s life-to-date loan disbursement value stands at P11 billion across more than one million accounts.

“We want to grow three times,” he said. “In US dollar terms, it’s approximately $300 million that we think that we’re going to lend.” To support this expansion,

Skyro is looking at tapping international funders apart from local organizations to build its war chest for expansion. It is seeking to raise up to $90 million this year from a mix of local and international sources.

“So we look at internal lending supplies and external as well. Looks like lenders are looking on our side with much kinder eyes than previously. Because of the growth, because of our ability to generate profit from the customer,” Aliev said.

This year, Skyro secured funding to fuel its growth. In January 2025, the company obtained a P200 million credit facility from the Philippine Bank of Communications (PBCom).

More recently, in April 2025, Skyro received a P370-million grant from Sterling Bank of Asia to further enhance its operations.

“It’s already a good basis to be able to provide enough funding for us for the year,” he said. Lowen Medina, head of the point-

of-sale (POS) business at Skyro, noted that aside from the funding growth, the company is looking at enhancing operational efficiency and broadening its reach across the Philippines. Currently, Skyro has deployed approximately 1,800 agents nationwide.

“Right now, if they’re doing one loan contract a day, we want to improve their efficiency by at least three times,” Medina said. “Aside from that, we want to penetrate the

smallest places in the Philippines... there are still areas of opportunities for us.” He said there are still “untapped provinces” and “untapped sectors” that Skyro can penetrate in the coming years. “There are a lot of new merchants that we want to onboard, not only offline, but also online,” Medina added. “We already built some foundation. We established our brand identity on how we actually can work with the partners.”

Show BusinessMirror

Drag performer Jiggly Caliente from ‘RuPaul’s Drag Race’ franchise dies at 44 after hospitalization

good at what she does and all she can do is scream instead of sing the high notes. She still follows the younger singer on social media but she’s hoping that they would not bump into each other. The singer is afraid that she may not be civil to the younger singer and give her a piece of her mind.

DATING AGAIN

THE actor, who comes from a prominent family, has been single for a while. Thus, it’s no surprise that he is dating again. The actor is embroiled in the life of an actress, who happens to be his ex. It got to a point when he couldn’t date anyone, even if is he was single because the actress’ fans would harass the girl on social media. The girl he’s seeing is also in the business in a way, except that she is working behind the scenes.

NOT A GOOD PAYER

THE beautiful actress, who left her boyfriend for another man, is said to owe her ex a lot of money. The ex-boyfriend’s family wants her to pay up since she cheated on the actor with her current boyfriend. However, the actress is sort of cash-strapped. She isn’t poor but she’s not making the big bucks she used to make. Plus she supports two sides of her family and everyone is jobless. Meanwhile, her boyfriend is also jobless and is said to be applying for a job in the hospitality industry while he’s waiting for a good offer.

LIKE A TOURIST

A CELEBRITY who’s on the run because of unpaid debts has been spotted in a neighboring country, where he seemed to be a tourist enjoying himself. A fan was able to take a picture with him. This was pasted on social media but deleted soon after that. There’s a rumor that the actor is working odd jobs at nearby countries. He stays for a short while in one country then moves on to the next. He does not want to renew his stay or seek actual employment because this might trigger something.

EW YORK—Drag performer Bianca

NCastro-Arabejo, who was known as reality television star Jiggly Caliente on RuPaul’s Drag Race, died Sunday at age 44, days after her family reported hospitalization for a serious infection.

Castro-Arabejo, who became a judge on Drag Race Philippines in 2022, scrapped plans to appear on the upcoming season after a recent hospitalization for a “severe infection” and a leg amputation surgery, her family said in a statement on her Instagram page.

She died early Sunday, her family said in another statement.

“A luminous presence in the worlds of entertainment and advocacy, Jiggly Caliente was celebrated for her infectious energy, fierce wit, and unwavering authenticity,” her family said Sunday. “She touched countless lives through her artistry, activism, and the genuine connection she fostered with fans around the world.”

Castro-Arabejo competed on the fourth season of RuPaul’s Drag Race and later on RuPaul’s Drag Race Allstars

“Her talent, truth and impact will never be forgotten, and her legacy will continue to slay— always,” said a statement from RuPaul’s Drag Race posted on X. “We’re holding her family, friends, and

fans close in our hearts during this difficult time.”

Born in the Philippines, Castro-Arabejo immigrated to New York. She started working in drag about 20 years ago, appearing in competitions and pageants. She noted the influence of her upbringing in her work and its importance for representation in the industry. In 2018, she released a hip-hop album called T.H.O.T. Process, including a track where she raps in Tagalog.

During a 2023 episode of reality show Bring Back My Girls, which reunites different performers from the Drag Race franchise, Castro-Arabejo said her work as a judge was important because of her heritage.

“When it comes to my culture, I live and breathe that I am Filipina,” she said. “I am a proud immigrant woman.”

She publicly came out as transgender in 2016 on a podcast, partly because she said she received letters from fans who were struggling with their own gender identities.

“I wanted to come out because I was ready to come out. I have been living as a trans woman for so long, but I just never told the audience and the fans that,” she said in a 2018 Billboard interview. “I was actually transitioning while I was on the show, I just never talked about it. I didn’t want it to be my storyline, because being a trans woman is not what defines me.” AP n

SHOP SWIMSUITS, SUNSCREEN, LUGGAGE, AND MORE FOR THE BEST DEALS AT RDS UNTIL MAY 15

THE sun is out and so are the cool summer essentials. Living in a tropical country means we’re always prepared for the heat, wearing breezy clothes or making sure we have enough SPF and hydration. Summer is also perfect to go on that much-awaited vacation, so it’s high time to stock up on the season’s essentials.

Look no further as Robinsons Department Store (RDS) offers everything you need to cool down and chillax during its “Piece of Summer” promo. Running until May 15, you can enjoy up to 50% off on select items at all RDS branches nationwide and online stores. Plus, you get 0% interest for a minimum single-receipt purchase of P3,000 using your credit card.

On top of discounts, you get more perks like free gift certificates when you get a single-receipt purchase worth P3,500 from 10 am to 12 nn only on May 2 to 4. You also get a chance to win a free vacation for two to Boracay or a Honda Beat 2025 Motorcycle when you shop using Salmon Financial Services.

Here’s what you can expect at Robinsons Department Store:

n COLORFUL SWIM PIECES Going to the beach soon? Stand out from the crowd with fun and vibrant swimsuits, like the Sassa Scarlet Blaze One-Piece and Angelfish Earthly Aura One-Piece. Accessorize with Stella Accessories’ flowy Skirt

Wrap and the Liberte Tote Brina in Brown.

n MAKEUP AND SKINCARE TO PROTECT AGAINST THE HEAT It’s time to bust out your dewy looks this summer. Moisturize with Belo Soothing Aqua Hydrating Gel Cream and protect skin with the Sola Cushion Ultra Matte with SPF 50+. You can also add some shimmer with Colurette’s BFF Eyeshadow Palette.

n TRAVEL IN COMFORT Whether you’re going on a road trip or flying abroad, traveling shouldn’t be a hassle. Pack everything in a spacious suitcase from Sky Travel and Portgear. Comfy sandals from Privileged and sneakers from Gallardo will also be your walking BFFs wherever you go.

By Eugenia Last

build enthusiasm in others and complete what you set out to do. Let discipline be your weapon of choice, and your relentless determination will outshine anyone who tries to get in your way. HHH

iSAGITTARIUS (Nov. 22-Dec. 21): Gear up and be ready for positive change. An opportunity is apparent, but it’s up to you to dig in and make things happen. Invest time and money in self- and home improvements that contribute to a better lifestyle. Physical and intellectual gains will raise your profile and your options. Romance is favored. HHH j CAPRICORN (Dec. 22-Jan. 19): A diversion will help point your mind in a positive direction. Designate time to pamper yourself or make home improvements that add to your contentment and convenience. Revisit your plans and commit to follow through with your intentions. Pursue something that gets you moving.

or lowering your overhead will help reduce stress. Romance is in the stars. HHHHH l

PISCES (Feb. 19-March 20): Take time to crunch the numbers and sort out hidden costs, a realistic budget and peace of mind. Refuse to let anyone you collaborate with regarding domestic changes or personal

DRAG performer and reality television star Jiggly Caliente AP

Life is bigger than your spotlight

WE all like to feel important now and then and it is totally normal. As kids, a lot of us loved pretending to be characters from books or movies. That kind of daydreaming is harmless and even fun in small doses. But sometimes, that mindset can stick around even in adulthood and it starts shaping how someone sees themselves all the time. When everything starts to feel like it is all about you and your life story, it can be something people call Main Character Syndrome. While it is not recognized as a mental illness, Main Character Syndrome happens when someone starts viewing themselves as the lead in every situation, as if life is a movie and everyone else is just playing a supporting role. While it is not an official mental health diagnosis, it has become a widely used term to describe behavior that comes off as overly selfcentered and performative. It often reflects a mindset where someone gets so caught up in their own narrative that they lose sight of the fact that everyone around them also has rich, complex lives which are full of their own thoughts, feelings and challenges.

The tricky part is, Main Character Syndrome is not always easy to recognize, especially in ourselves. It often hides behind things that, at first glance, do not seem harmful. This can be seen in a person’s confidence, ambition, or even wanting to live life to the fullest. But there is a difference between being confident and acting like the world revolves around you. People with Main Character Syndrome often make every situation about themselves. They might interrupt others to tell their own stories, feel offended when they are not the center of attention, or assume that everyone is watching, judging, or admiring them. You might hear someone constantly framing everyday moments as epic plot twists to their life story. On social media, this shows up even more clearly. Posts are carefully curated to portray a narrative like the misunderstood sad boy, the glow-up journey, or the drama-filled downfall with the subsequent triumphant comeback. And while there is nothing wrong with sharing your life or celebrating your wins, Main Character Syndrome can turn self-expression into something performative which focuses more on how things

HOW would you like to look slimmer and taller, improve your mood, reduce neck and shoulder pain, be free of headaches, breathe better, and develop core muscles?

Practicing proper posture helps achieve these and more according to Angelo Phillip P. Ong, MD from the Department of Orthopedics of the country’s top hospital, Makati Medical Center (MakatiMed, www.makatimed.net.ph) “The way you sit or stand doesn’t just impact your spine, it affects many aspects of your health,” says Dr. Ong.

“When you sit or stand properly, your weight is evenly distributed, and your musculoskeletal system is properly aligned. Proper posture relieves you of tension in your neck, shoulders, and upper back, sparing you from migraines and upper body stiffness. It allows your lungs and diaphragm to expand, resulting in better breathing. Sitting and standing properly also engages the muscles in your back, hips, abdomen, and pelvic floor, which promotes balance and stability. And when you’re sitting and standing tall, don’t you feel so much happier and more confident?” What exactly is proper posture? “As kids, we were constantly reminded to sit and stand up straight. But keeping your back straight for long periods can lead to muscle fatigue and stiffness,” Dr. Ong explains.

Instead, sit and stand according to the natural curvature of the spine. “Note how it curves inward on the lower back, outward on the upper back, and inward again at the neck,” Dr. Ong points out. “When standing, keep your feet shoulderwidth apart, your weight equally distributed on each foot. Relax your shoulders, keep your knees unlocked, and make sure your ears are directly above your shoulders. When sitting, make sure your feet are flat on the floor, your knees at the same height or slightly lower than your hips, your forearms and knees parallel to the floor, your shoulders relaxed, and your back against the chair.”

Proper sitting and standing aren’t the only ways to achieve good spine (and overall) health. MakatiMed recommends five: n Exercise regularly. “Thirty minutes of moderate exercise strengthens your back, leg, and core muscles, which helps your balance, stability, and flexibility,” shares Dr. Ong. “Combined with a healthy diet, exercise can address or prevent obesity. Being overweight affects your posture and can trigger degenerative disc disease.”

look rather than how they actually feel. What is disturbing is that many people fall into the trap of thinking that what they project on social media is their reality, making it more difficult to objectively evaluate what they need to do to improve their life.

How do you know if someone, or even you, might be caught in a main character loop? It is often more subtle than just thinking you are the center of the universe. A few signs include consistently dominating conversations without showing genuine interest in the others’ perspectives, or seeing people primarily through the lens of how they fit into your narrative. There might be a tendency to compare your experience to everyone else’s and feel like your story should be more dramatic, meaningful, or impressive.

This is also obvious when you have a habit of mentally narrating your life as though for an imaginary audience, or constantly choosing events to

fit some overarching plot rather than simply living in the moment. Doing this limits your ability to connect authentically because life is not a movie and the people around you are not supporting characters. If any of this sounds familiar, do not panic. Sometimes, it is natural to center your own perspective. The key is being aware of it and learning how to keep that perspective in balance. One of the best ways to avoid falling too deep into Main Character Syndrome is by putting yourself in other people’s shoes. Actively listening to other people, asking questions about their lives, and acknowledging their feelings without bringing it back to yourself is a powerful way to shift your mindset. It is not just about pretending to care, but also about genuinely recognizing that everyone is the main character in their own life too.

It also helps to let go of the pressure to always be interesting or different. Life is not always cinematic

headrests, support for the lower back, and an adjustable seat height,” notes Dr. Ong. “Take it further by ensuring your laptop screen is at eye level, so you won’t have to slouch down while working.”

and that is okay. Some of the most meaningful connections and personal growth come from quiet and unremarkable moments. Learning to sit still without turning every moment into a performance can be freeing.

And finally, try to check in with yourself regularly. Ask if you are making space for other people in your story and if you are okay for not being the center of attention sometimes. Selfreflection does not have to be heavy all the time. It can just be a habit of staying grounded to reality.

Main Character Syndrome is not just about being a bad person. It is often a result of getting too wrapped up in your own story, something we all fall into now and then. But the real revelation comes when you step out of your spotlight and begin to see that the people around you have their own complex and valuable stories. That is when you discover that life is far more rewarding when it is shared. n

BALOTA FILM SCREENING,

EDUCATION FORUM HIGHLIGHT ELECTORAL VOICE OF THE YOUTH

IN line with the upcoming Philippine Midterm Elections 2025, the De La Salle-College of Saint Benilde Center for Social Action organized a back-to-back screening of award-winning film Balota followed by a voter’s education forum.

The event was in partnership with the Philippine Institute of Student Democracy (PISD) and the De La Salle Philippines-Lasallian Justice and Peace Commission.

The initiative, which promoted voter awareness, was attended by over 200 attendees, to include schools, constituents from local communities, students and educators from various La Salle and beneficiaries of several institutional partners and non-government organizations.

Balota, a 2024 political thriller and satire drama, follows the journey of a public school teacher as she struggles to uphold democracy in the face of corruption and violence that plague local elections.

The compelling movie, which runs for 102 minutes, underlines the collective power of the masses to bring about positive change to address societal issues. It likewise expounds on the role of teachers as potential leaders and tackles the nuanced experiences of progressive youth from the LGBTQIA+ community.

The special screening was graced by Balota director Kip Oebanda, a renowned filmmaker whose notable body of work includes the highly acclaimed Liway(2018) and BarBoys (2017).

The event likewise included lead actress Marian Rivera, whose recent accolades include Best Actress recognitions from the 2024 Cinemalaya Independent Film Festival, 10th Southeast Asian Achievement Awards, and 3rd Gawad Dangal Filipino Awards for her exemplary performance in the film.

n Take a tech break. If you’re glued to your smartphone, tablet, or computer for hours, it sets you up for back and neck pain. “Get up every half hour to an hour to stretch and walk around,” reminds Dr. Ong. n Invest in an ergonomic chair. Part of the work-fromhome workforce? Look into getting an ergonomic chair. “Designed to follow the natural curves of our spine and our body’s movements, these chairs feature armrests and

n Pay more attention. A bit of self-awareness can go a long way in developing your posture. Dr. Ong shares some tricks to fix your posture instantly. “If you feel like you’re slouching, correct this by imagining an invisible string attached to the top of your head, gently pulling you upwards. Or imagine you’re wearing a beautiful necklace and want to show it off to people around you.”

“Sitting slumped over or walking with your neck bent down while looking at your phone can take many months to correct,” warns Dr. Ong. “But once you replace them with good posture practices, they become habits that stay with you for life.”

Following the showcase was a guided panel discussion with artist, activist, and philanthropist Mae Paner, Democratic Insights Group Co-founding Trustee Telibert Laoc, National Citizens’ Movement for Free Elections (NAMFREL) Project Management and Operations Specialist Paolo Maligaya, and PISD Executive Director Isaiah Crisanto.

The lineup was completed with Young Public Servants Communications Specialist Neil Joseph Iyog, Benilde Student Government Vice President for External Affairs Albert Villanueva, and Benilde Commission on Elections Chairperson Christian Mananquil. Oebanda, who likewise joined the conversation.

The speakers highlighted the importance of making informed choices, the impact of electoral voice in shaping the future of the country,

PHOTO BY EDUARDO GORGHETTO ON UNSPLASH

MPIF’s Aid Supports Maasin Farmers

METRO Pacific Investments Foundation, Inc. (MPIF), the corporate social responsibility arm of Metro Pacific Investments Corporation (MPIC), has officially turned over a donation of P578,000 to the Pananawan Farmers Association in Maasin City.

This donation is intended to assist local farmers in producing low-cost organic fertilizers, a meaningful initiative to secure their futures after the hardships and the destruction of crops and farming infrastructure caused by Super Typhoon Odette in 2021.

The turnover ceremony was held in Maasin City, attended by key representatives from MPIF, local government officials, and the Pananawan Farmers Association. The donation will be used exclusively for the development and implementation of a project focused on organic fertilizer production, which is anticipated to greatly lower expenses and boost earnings for the farmers.

“Our commitment goes beyond immediate relief as we aim for complete recovery. We work collaboratively with local

government units affected by Typhoon Odette by focusing on projects that address different facets of recovery, like what we are doing for Maasin,” said Melody del Rosario, MPIF President.

Maasin City Mayor Nacional V. Mercado expressed his gratitude stating, “Our local community highly values the support from MPIF. This project will help our farmers recover from the losses caused by Typhoon Odette and promote sustainable agricultural practices in our city.”

The Pananawan Farmers Association will oversee the implementation of the project, ensuring that the donated funds are used effectively to achieve the project’s goals. The City of Maasin will provide logistical support and technical expertise through its Agriculture Office to ensure the project’s success.

With the combined efforts of the local government, MPIF, and the farmers themselves, the initiative aims to create long-term benefits for the community by promoting sustainable agricultural practices and improving farmers’ livelihoods.

The MVP Group of Companies has been dedicated to the Philippines’ recovery from Super Typhoon Odette, also known internationally as Rai, since it struck in December 2021, causing widespread devastation across multiple regions. In the immediate aftermath, the MVP Group swiftly mobilized resources to deliver relief and support to the hardest-hit communities.

Under the leadership of Manuel V. Pangilinan, the MVP Group raised a total of P30 million through contributions from Pangilinan himself, First Pacific, Metro Pacific Investments Corporation (MPIC), Maynilad, Metro Pacific Tollways Corp., PHILEX Mining Corp., and Benny Santoso. These funds were used for immediate relief efforts through the MVP Group’s subsidiaries. Additional support came from the Makati Medical Foundation, Alagang Kapatid Foundation, and PLDT, which ensured network resilience, continuous availability of communication

Joel Torre Reflects on Life, Health: Taking care of yourself is taking care of your loved ones

WHEN veteran actor Joel Torre’s face appeared on a “Missing” billboard in a major highway, social media, fans were left both puzzled and concerned. However, the campaign soon revealed its true purpose: a thought-provoking advocacy effort to raise awareness about Respiratory Syncytial Virus (RSV) and how it may affect over 9.2 million Filipino seniors in the country.

This innovative campaign not only highlights the risks of RSV but also serves as a platform for Joel to reflect on his life and health.

“When the concept was proposed to me, I found it so intriguing. The idea of ‘going missing’ to highlight a health message felt fresh and impactful. It immediately got me thinking about how health issues can suddenly take us away from the people we love,” shared Joel on his insights about the campaign.

Looking back on his life and career, Joel admitted that work often kept him away from family milestones.

“There have been birthdays, anniversaries, and school events I’ve missed,” he confessed. “While I regret missing some of those moments, they’ve taught me to value the time I have now.

I look forward to being truly present, and that starts with taking proactive measures about health.”

After learning about RSV and its serious implications for seniors, Joel felt compelled to participate in the campaign.

“As a senior myself, I understand how vulnerable we are, especially those of us with comorbidities,” he shared. “We’re at a higher risk of severe RSV infections because of our weakened immune systems. Joel adds “The more I learned about it, the more I felt it was my responsibility to help spread awareness.”

Joel’s personal connection to the campaign goes beyond his role as its face. Reflecting on his experiences, Joel shared how he has lost many friends to various illnesses over the years. “It’s heartbreaking to see people you care about gone too soon,” he said. “It made me realize that don’t want my family and friends to experience that kind of loss

because of me. That’s why I’m determined to take better care of my health and encourage others to do the same.” RSV, a widespread yet lesser-known respiratory virus, transmits through inhalation or contact with respiratory secretions from those infected. It typically manifests symptoms such as congestion, cough, wheezing, and low-grade fever. Seniors are at an increased risk for severe infections from RSV that may lead to hospitalization and death, due to their declining immune systems. More concerning is that there is no specific treatment for RSV in adults, making preventive measures even more critical.

This realization drives Joel’s message to fellow seniors: “Don’t wait for a health scare to take action. Be proactive. Regular check-ups and preventive measures, like asking your doctor about RSV, can make all the difference.”

To those who hesitate to take proactive steps, Joel offers heartfelt advice: “Think of your family, your friends, and the memories you want to create with them. Protecting yourself from illnesses like RSV isn’t just for you—it’s for the people who love you, too.”

As Joel continues to inspire through his work and advocacy, his participation in this campaign underscores an urgent call to action: take control of your health by asking your doctor how to keep seniors protected against RSV, and cherish the moments that truly matter. His story reminds us all that safeguarding our health is a gift not only to ourselves but also to the loved ones who depend on us.

Setting Yourself Up for Success: 5 Things to Consider When Choosing the Right School

STUDENTS spend most of their day at school to learn, form bonds, and gain life experiences. This is why choosing the right school is probably the most important decision to make before embarking on your academic journey—and it’s never simple!. It is called a “second home” for a reason. With the sea of options out there, it is easy to get overwhelmed, especially if you do not know where to start. So, if you’re entering high school or starting college, here are five things to help you evaluate your options and find your perfect match.

1. Explore the programs and extracurricular activities

IF you haven’t decided on a program yet, search for schools that offer a variety of courses to select from. Be it the arts, sciences, business, or sports, having diverse choices provides you an education that better aligns with your goals and interests. Aside from academics, extracurricular activities are another great way to develop your skill set. Not only do these indicate the school’s commitment to holistic growth, but this also gives you a clear picture of the culture of their community (and whether you’ll fit right in).

2. Look into the quality of teaching and resources

EFFECTIVE teaching equates to effective learning experience. As such, you should be looking for institutions that invest in faculty training and having a well-constructed curriculum. This should be a priority as the quality of teaching is what heavily influences student achievement.

When it comes to facilities, do not just make assumptions based on photographs. Take a campus tour if you can and see if they have fully equipped classrooms, libraries, laboratories, student activity center, and among others. This will tell you so much of what you need to know.

3. Check the school culture and values

A school’s impact can also be seen in their philosophy.

It is embodied through their mission and vision and are not just in the handbook for you to read. This shapes your social interactions and moral foundations, so it’s always a good thing to be in a community with shared beliefs.

Get immersed in their culture or try meeting someone who can give you a good sense of what the school is all about. Whether or not it clashes with yours is for you to decide. What are your non-negotiables? You just need to find what best serves your purpose.

4. Be aware of costs

EDUCATION is also a long-term investment. With all the tuition fees, transportation, and other potential expenses, it might cause a strain on your budget over time. Does its cost guarantee its value? If not, it might be helpful to consider what aligns within your financial capacity.

If you want a more affordable and sustainable option, there are a lot of schools that offer financial aid and scholarships based on merit, financial need, or specific criteria. This information can be found online, or you can inquire about them directly to schools, colleges, and university offices.

5. Know the career opportunities and industry demand SCHOOLS that adapt to industry demands often have specialized tracks and electives. They also have strong connections and partnerships with industries that can be beneficial for internship

opportunities where you can gain real-world experience. At the same time, a school’s alumni record is also a promising indicator of its quality, so don’t forget to check that out.

If you’re still exploring, don’t worry! Schools like STI College have programs like LearnIt, Students’ Career Opportunity and Personality Evaluator (SCOPE), and the STI Career Camp to guide students in making informed decisions regarding their education and future career path.

As one of the leading academic institutions in the country, STI is celebrating more than 40 years of excellence in providing 21st century education, modern training facilities, and exclusive perks that mold future-ready professionals. With 63 campuses across the Philippines, access to world-class holistic education and real-life training is now made closer to you.

Visit www.sti.edu to know more.

services, and extended further aid.

Beyond the initial relief efforts, the goal of the MVP Group is to provide livelihood restoration to support communities in rebuilding their livelihood to regain stability and normalcy. The rehabilitation stage is crucial in empowering these communities to recover and thrive long after a disaster.

Three years later, the commitment continues through MPIF, which is spearheading a comprehensive rehabilitation strategy. With an end-toend approach, MPIF’s initiatives target the full recovery of affected areas. These

projects encompass livelihood, food security, environmental sustainability, and climate change resilience, aligning with the United Nations Sustainable Development Goals (SDGs), particularly those related to poverty alleviation (1), zero hunger (2), good health and well-being (3), gender equality (5), decent work and economic growth (8), climate action (13), life below water (14), and life on land (15).

This initiative is part of MPIF’s broader mission to support vulnerable sectors in local communities and promote sustainable development.

I am MAD debuts ‘Powered by Volunteer15m,’ marks 100th outreach

IAM MAD (Making A Difference) Volunteers, Inc., a volunteerpowered nonprofit, marked its 15th year with a meaningful return to Baguio City, where its journey began. The MAD Meet Annual Volunteer Reunion & Anniversary Celebration featured the launch of its newest campaign, “I am Powered by Volunteer15m – I am MAD: 15 Years of Heartfelt M15sion.”

This year’s theme, “I am Powered by Volunteer15m,” celebrates the unwavering spirit that fuels every outreach.

It is a tribute to the passion, commitment, and love of every volunteer who powers its mission to make a difference in the lives of Filipino children and communities.

The gathering came full-circle moment for founders Maco Ravanzo and Christian Marx Rivero, who first conceptualized I am MAD in 2009 amid the cool breeze and pine-lined streets of Baguio. From just two passionate volunteers, the organization has since evolved into a nationwide movement with nearly 1,000 active “MADmates” dedicated to reaching underserved communities across the Philippines.

“What began as a simple dream has grown into a thriving community of changemakers,” Ravanzo shared. “Being back here with our volunteers is a powerful reminder of how far we’ve come—and the greater impact we can still create together.”

Honoring Beacons of Volunteerism and breaking new ground

As part of the celebration, I am MAD honored 15 exceptional volunteer leaders with the “Alab ng Puso” Beacon of Volunteerism Award, a special tribute to their selfless contributions over the years. The awardees were Ramona Rivero, Raymark Estael, Big Jay Lagang, Jake Villanueva, Ruth Dağli, Kevin Conrad Tansiongco, Erwin Dela Cruz, Mayo Ceazar Mendoza, John Martin Recio, Lester Lim, Julian Robert Obamos, Carmela Magbanua, Ymari Kristia Pascua, Ralph Laurence Manubay, and Lyman Hansel Gerona.

The event also recognized the dream team leaders behind last year’s outreach efforts with individual and group citations, celebrating their vital role in executing I am MAD’s 2024 programs and events. Other major milestones included the onboarding of 63 new volunteers and the launch of new initiatives that reached entire communities for the first time. Notably, I am MAD expanded its school outreach in Rizal and Palawan, supporting two schools per province—a first in its history. A special highlight of the evening was a powerful cultural performance by the Uschong Cultural Ensemble, showcasing the richness of local heritage and community spirit. The celebration culminated in an emotional tribute to the founders, who were surprised with photo memorabilia and words of deep appreciation from fellow volunteers. MAD Meet Cordillera 2025 was organized and hosted by MADmates from Rizal and made possible through the generous support of Power Mac Center / The Loop, FH Commercial, The

Dağli, OK Custom Gifts, The Engravers, Creative ADOBO, KFC, Fudgy and Pepper, and MMA Jr. I am MAD also celebrated a historic milestone with its 100th MAD Camp, held in the upland village of Barangay Puguil, Santol, La Union. The three-day outreach, which also served as the 2nd Builders Camp after 10 years, brought together around 40 children and dozens of volunteers for a weekend of values formation, storytelling, and community bonding at Liguay Elementary School. Beyond outreach, the Builders Camp doubled

Nacasabog,

Jahnnela

Garcia, Marco Sayas, and Michelle Del Rosario. Carefully selected from over a hundred applicants, these emerging “builders” received free training on both the technical and relational aspects of running a MAD Camp.

They gained hands-on experience in program facilitation, logistics, and community engagement. Senior volunteers also played a key role, offering inspiration, mentorship, and behind-the-scenes support—equipping the next wave of changemakers with both heart and skill.

Despite the steep terrain and rough roads, volunteers arrived with full hearts and a shared mission: to uplift lives in underserved areas. Signature segments like MAD Talks Padayon created safe spaces for healing and reflection, with a message that resonated deeply: “Do it because God allows you to do it.”

Local officials, including La Union Governor Rafy OrtegaDavid, lauded the initiative and pledged continued support to improve access and infrastructure in remote communities like Puguil. The “I am Powered by Volunteer15m” campaign invites more Filipinos to be part of a growing mission of hope, service, and change. Registration is now open for MAD Camp, the organization’s flagship outreach volunteer program that focuses on values formation, education, and communitybuilding for children aged 10 to 12. Camps are scheduled this year in Marinduque, Masbate, Surigao del Sur, Capiz, Zambales, Camarines Sur, Davao del Sur, and Davao Occidental. As part of the campaign launch, I am MAD is releasing a music video to inspire youth and professionals to get involved. Sign up at bit. ly/MADcamp2025reg. Each MAD Camp is powered by BIDA Eskwela (Bigay Ayuda para sa Eskwela), a fundraising drive that

TURNOVER of donation and project launch of the Organic Fertilizer Production initiative with Maasin City Mayor Nacional V. Mercado together with the MPIF team, Rico A. Aroy, President of the Panan-awan Farmers Association, along with barangay officials and association members.

“I am Powered by Volunteer15m” launch during MAD Meet Annual Volunteer Reunion and Anniversary Celebration in Baguio City.

Editor: Tet Andolong

PHINMA BETS ON BACOLOD’S FAST-GROWING MARKET FOR NEW TOWNSHIP DEVELOPMENT

& photos

Story

by John Eiron R. Francisco

BACOLOD CITY—The Del Rosario-led PHINMA Property Holdings Corp. is expanding into this city with a new township project, seeking to capitalize on a rapidly developing market rather than compete in a more mature economy, an executive said.

“We wanted to go to an area which is developing fast,” PHINMA Properties President and Chief Executive Officer (CEO) Raphael B. Felix told BusinessMirror during the media interview at the groundbreaking ceremony for Maayo Terraces, the mid-rise building within its 21-hectare master-planned township, Saludad, on Saturday.

He explained that the company preferred to “ride the crest of development” rather than invest in locations where economic growth has already plateaued.

“I think we wanted to take advantage of that because we think that is where we can contribute more,” Felix added.

He mentioned that Bacolod’s economy had already been outpacing the national average even before the Covid-19 pandemic— and rather than slowing during the health crisis, the city’s growth further accelerated.

Data from the Philippine Statistics Authority (PSA) showed Bacolod’s economy grew by 10.0 percent in 2023, the second fastest growth among highly urbanized cities (HUCs) in Western Visayas. Bacolod also ranked among the top 10 fastest-growing local economies nationwide, significantly outpacing the national gross do -

mestic product (GDP) growth rate of 5.5 percent.

“Bacolod perhaps started later than Manila, Cebu, Dabao, and even Iloilo, but now it's emerging fast as a fifth major city in the Philippines,” Felix said. He pointed out that land in the city is becoming increasingly scarce and expensive, signaling the city’s brisk pace of commercialization.

The company aims to secure P600 million in reservation sales for the first tower, with construction of the Maayo Terraces set to start in the fourth quarter of this year. The turnover for the first tower is expected by the fourth quarter of 2027.

‘Redefine functional luxury for growing families’ PHINMA’s planned mixed-use development, in collaboration with JEPP Real Estate Co. and designed by Royal Pineda+ Masterplanner and Maayo designer Royal Pineda, will comprise three key elements: commercial lots, residential lots, and Maayo Terraces—a mid-rise building with six to eight floors and a total of 2,922 units.

The residential offerings include studio units, which range from 28 to 29 square meters and are priced around P5 million.

One-bedroom units, measuring 46 square meters, are priced between P8.1 million and P8.4 million, while one-bedroom loft units, sized between 48 and 49 square meters, range from P8.6 million to P8.9 million.

“Our target market for Maayo is really first-time buyers, young professionals, and starting families,” said Vice President and Chief Township Officer Paolo V. Reyes. He explained that for starting families and young couples, purchasing their first home is a crucial decision. “They don’t want to make mistakes,” he said, adding that PHINMA is highly mindful of the aspirations—and the apprehensions—of these buyers.

Reyes stressed that functionality is central to the development’s design, explaining, “A space is just a space until somebody uses it. Our design is really geared toward livability, wellness, and functionality.”

He highlighted how the development considers family dynam -

ics—ensuring easy mobility, connectivity, and room for growth— while placing importance on natural ventilation and lighting.

In line with these principles, about 60 percent of the development will be dedicated to open spaces, including public parks, playgrounds, and mixed-use areas that encourage relaxation, recreation, and productivity.

Pineda echoed Reyes’s emphasis on functionality but emphasized that the design goes beyond mere practicality—it seeks to capture a deeper essence, a soul that he believes is at the heart of the project’s design.

“Practical luxury is not limiting luxury by making things expensive and exclusive. I believe that good design can really be inclusive but still luxurious,” he said.

Pineda noted that the project successfully reflects and amplifies this concept, believing that “the luxury of Bacolod can be accessible to all, not just a privileged few.”

Reviving Bacolod’s Spirit

Meanwhile, Pineda emphasized that the design philosophy fo -

CASCAIA, VISTA LAND SPANISH-INSPIRED ESTATE SHINES A LIGHT ON SAN FERNANDO LANTERN-MAKING HERITAGE

ROOTED in the religious observance of lubenas, the lanterns of San Fernando, Pampanga were once implements of bamboo and papel de japon.

A solemn tribute to the Star of Bethlehem, the flicker of the humble parul Sampernandu led the way for faithful devotees. The advent of electricity sparked a wave of innovation, giving rise to Ligligan Parul—the annual Giant Lantern Festival that furthered local artistry. Vista Land, the Philippines’ leading integrated property developer, keeps the light alive by building an integrated community that safeguards the spirit of San Fernando—where the convergence of creativity and community will always prevail. Introducing Cascaia, a prime development of Vista Estates.

The Philippines’ city of lights SAN Fernando is a flourishing economic hub in the Culinary Capital of the Philippines. Over the years, homegrown enterprises and multinational corporations have established their presence here, benefiting from its proximity to key road networks including the North Luzon Expressway (NLEX), Subic–Clark–Tarlac Expressway (SCTEX), Tarlac-PangasinanLa Union Expressway (TPLEX), and the Olongapo-Gapan (OG) Road. This logistical advantage is strengthened by direct access to Angeles and Clark Freeport and the Special Economic Zone (CFSEZ) through MacArthur Highway. Global connectivity further enhances the standing of San Fernando, with Clark International Airport and the forthcoming New Manila International Airport in Bulacan providing seamless access to international markets. These transportation systems have solidified the role of the city as a cornerstone of growth in Central Luzon, driving both regional and

national economic progress. San Fernando has also seen a significant influx of business process outsourcing (BPO) and information technology (IT) sectors. Its skilled workforce, coupled with its accessibility and modern infrastructure, has formed opportunities and helped position the city as an emerging player in the knowledge-based economy.

The making of a masterpiece CASCAIA is born from a vivid aspiration— a lifescape rich in emotion, energy, and expression. Its name, a fusion of casco, the Spanish word for shard, and Gaia, the Greek personification of life, encapsulates a powerful duality between vision with vitality, creativity, and community. This ethos finds a kinship in Barcelona, Spain—immortalized in the masterful work of Antoni Gaudi, whose designs within the Spanish Modernista movement have elevated everyday elements into extraordinary engagements. The iconic trencadis technique of the Catalan genius—reimagining fragmented ceramics, stained glass, and wrought iron into kaleidoscopic mosaics—bears a striking parallel to the lantern-making conventions of San Fernando. Both revel

in the interplay of light and color, adapting raw materials into chronicles of pride and purpose. These traditions prove that calling and craftsmanship transcend the bounds of geography, forming links through shared inspiration. Cascaia channels this transformation, weaving history and heritage into a honed quality of life. Just as the lanterns of San Fernando and Gaudi’s creations cast a light on the nature of collaboration and enduring craftsmanship, Cascaia seeks to leave an indelible mark on its community. It is not merely a place to live—it is a living, breathing celebration of creation, creativity, and connection. Live life in full color SET on four hectares of prime land, Cascaia is anchored by residential enclaves designed to exceed the demands of contemporary lifestyles. Residents are treated to panoramic views, from the iconic Mount Arayat to the sweeping Zambales Mountains and the bustling cityscape at their feet. Cascaia creates a distinctive environment where modern living exquisitely intersects with the tranquility of nature.

Located along MacArthur Highway,

the master planned development is fronted by a commercial node comprising Vista Mall Pampanga—home to retail, dining, and entertainment selections. A central boulevard leads to Andalusia, a neighborhood of Spanish-Mediterranean-themed homes with expansive living spaces. Along the way rises Cascaia Tower, the 25-story condominium property that will provide housing solutions for various needs and preferences. This curated integration of residential and commercial elements allows residents to enjoy a comprehensive experience without stepping away from the estate.

Cascaia emphasizes balance and well-being through green spaces, leisure facilities, and purposefully designed infrastructure. Amenities such as a rooftop pool, lounge with view deck, multimedia room, and function hall, echo the organic curves of life itself. The development offers residents a serene yet connected lifestyle, enhancing its appeal for young professionals, starting families, and discerning investors.

An investment into a better way of living AS the holding company of the residential ventures of Vista Group, Vista Land is primarily engaged in developing horizontal properties, master planned communities, and the construction of vertical residences in the Philippines’ key growth areas. Vista Land is investing into these master planned developments, making good on its promise to its homebuyers and investors to continue creating superior offerings, and, more importantly, deliver excellent long-term investment growth. To learn

cuses on practical luxury, modern Filipino architecture, and a strong connection with nature. He explained that the master plan is inspired by Bacolod’s iconic mountains—Mt. Silay, Mandalagan, and Kanlaon—which are deeply intertwined with the essence of the land.

“The beauty of this development lies in its vastness,” Pineda added. “It’s about experiencing expansive views and the horizon’s beauty, with a design that goes beyond aesthetics to carry meaning and purpose.”

Pineda emphasized that true sustainability is more than surface-level solutions like solar panels and LED lighting. It’s embedded in the design through passive cooling, generous airflow, natural light, and the careful management of the tropical sun. He stressed that these principles are foundational to the master plan, incorporating elements like cross-ventilation and visual connectivity to nature.

Ultimately, Pineda believes that the design seeks to create an authentic sense of place that reflects Bacolod’s natural beauty and character.

“It’s as if nature is waiting for us to rediscover it—not because we’ve never had it, but because we lost it. We’re just bringing Bacolod back to life, but amplifying it,” he said, emphasizing their goal of making

HOME

n The GROHE Aqua Gallery at the historic Garden Senato celebrates the beauty of the Pure Joy of Water, offering an immersive display of precisioncrafted artifacts that deliver water, and seamlessly blend form and function.

n The thoughtfully designed installation showcased the beauty, creativity and humanity of the brand, and the poetic juxtaposition with its more rational side. Blending human centric industryleading innovations and proprietary technologies, that elevate every water experience.

n Within the architectural garden, the Aqua Atelier space invited guests to craft their own Aqua Poem, capturing their reflections and personal experiences of water before enjoying refreshments at the thought-provoking GROHE Aqua Bar.

GROHE, a leading global brand for complete bathroom solutions and kitchen fittings, returned to Milan Design Week 2025 with a new immersive experience in one of Milan’s most historic locations: The Garden Senato. Located at Via Senato 14 in Milan’s fashion district, the garden blends historical charm with contemporary design, making it a high-profile venue for cultural events and exhibitions—the ideal backdrop for the GROHE Aqua Gallery. Following on from the brand’s previous success with the Red Dot “Best of the Best” awarded GROHE SPA installation at the Palazzo Reale during Milan Design Week 2024, GROHE transformed the Garden Senato into an immersive exhibition space.

Within carefully curated spaces, the GROHE Aqua Gallery showcased GROHE products as both efficient objects (Function) and crafted artifacts (Form) that deliver meaningful water experiences (Impact). Visitors can explore how these products create a bridge between humans, water, and the environment.

“At GROHE, we use design to transform trends and insights into experiences that enhance various facets of our lives. By delving deeply into people's needs and wants, cultural nuances, and environmental contexts, we create and develop products that combine premium aesthetics, superior qual -

the experience more accessible for everyone to enjoy and own.

“It’s not just a local project. It’s always been a global project,” he added, with hopes of sharing Bacolod’s revived beauty with the world.

‘Beyond numbers’

Asked if the firm had planned to replicate the Maayo Terraces in other cities or provinces, the firm chief said there are plans to do so, but emphasized that successful execution depends heavily on partnerships.

“It's a collaboration between partners,” Felix said, noting that more than a business arrangement, it requires an alignment of values.

He said that while it is easy to build structures in any development, true success is determined by factors beyond just the numbers.

”It's hard to form this kind of partnership, so we're very, very careful in selecting the kinds of partnerships that we have to be able to replicate this,” Felix added.

PHINMA’s vision for the Visayas Meanwhile, Felix shared with BusinessMirror that PHINMA’s current expansion plans in the Visayas region are focused on Cebu and Bacolod. “We’ve been in Cebu since 2017, and we already have a project underway at Southwestern University,” he said. “We’re also planning a second project there, exploring synergies with other PHINMA companies.”

He explained that the new Southwestern University branch will be the first outside of Cebu and will be situated within the township. Additionally, PHINMA plans to launch a socialized housing project next year as part of its compliance efforts.

“We are committed to these developments in Cebu and Bacolod, with plans extending over the next 10-15 years,” Felix added. “We’re here for the long haul and aim to make this project a statement of our presence and commitment in the region.”

ity, advanced technologies and sustainability. Our showcase at Fuorisalone 2025 embodies this philosophy, offering visitors an immersive experience into how GROHE is shaping the future of water enjoyment.” said Antoine Besseyre des Horts, Leader, LIXIL Global Design, Asia.

Conceived by the in-house LIXIL Global Design and Brand Identity team, the installation seamlessly blended indoor and outdoor elements, offering a unique gallery experience. Featured for the first time in Milan was the recently launched GROHE Purefoam, with its proprietary technology that mixes the perfect balance of water and Kinuami soap to deliver a cocooning foam, creating a revolutionary vertical bath like experience, enveloping users in a unique and hydrating skincare sensation. Another exciting highlight was the new GROHE Essence Crafted Lever. The award-winning GROHE Essence Collection is the brand’s most-specified faucet—in the affordable luxury segment that delivers harmonious proportions and sensualminimalist transitions. The introduction of the new crafted lever variants and an array of color options affords the Essence Collection greater freedom for customization.

Nestled within the secluded garden the Aqua Atelier space encouraged guests to reflect and create their own Aqua Poem. More than just a place for refreshment, the adjacent Aqua Bar served as a powerful statement on sustainability: constructed from recycled bottles, it highlighted the environmental impact of single-use plastics and the growing issue of water pollution. As a brand dedicated to ecological water enjoyment, GROHE offers tangible solutions to tackle plastic pollution—such as its advanced water filtration systems, reducing the need for disposable plastic bottles. By

SET on four hectares of prime land in San Fernando, Pampanga, Cascaia by Vista Estates is anchored by residential enclaves designed to exceed the demands of contemporary lifestyles.

Editor: Jun Lomibao

Corpuz narrows gap on Joo in Tour of Luzon

By Josef T. Ramos

LINGAYEN, Pangasinan— Malaysian rider Muhammad Zahin Wahhi seized the moment in Stage Six while Mervin Corpuz of Metro Pacific Tollways Corporation (MPTC) Drivehub Cycling Team closed in on the yellow jersey on Tuesday in the MPTC Tour of Luzon: Great Revival.  The pack rode the 174.5-kilometer race from Sacobia bridge Clark City to the Pangasinan Provincial Capitol with Wahhi seizing the day’s honors with a strong finish on the final 500 meters along with 11 other riders clocking three hours, 31 seconds and 12 seconds. The race also saw a new local challenger in Corpuz, a 27-year-old from Umingan, Pangasinan, who not only placed second in the sixth stage

WITH the UAAP Season 87 volleyball Final Four right around the corner, the main guns of the women’s and men’s topseeded teams shone the brightest in the final week of the elimination round.

National University took the top spot on the women’s side with Bella Belen leading the way, while Far Eastern University starring Ariel Cacao topped the men’s division. For their stellar performances in their teams’ big wins the past week, Belen and Cacao were voted Press Corps’ UAAP Players of the Week honors presented by the Philippine Sports Commission for the period of April 23 to 27.

MVP frontrunner Belen poured in a dazzling performance for the Lady Bulldogs in a gritty five-set win over the University of Santo Tomas Tigresses on Sunday, which triggered a play-off for the twice-to-beat advantage between UST and the DLSU Lady Spikers.

Belen had 26 points on 24 attacks and two blocks, to go with 17 digs and 13 receptions, to give NU a 12-2 win-loss finish at the end of 14 games.

Still, the two-time UAAP Most Valuable Player believes that she has not reached her peak yet.

“Little by little, because that’s how it is for any of us. We need to improve a little bit every game, especially since we’re entering the Final Four,” Belen said.

but moved to second in the general classification, only a minute and 56 seconds behind leader Joo Dae-Yeong with two stages left.

“I studied his movement all along,” Corpuz told reporters, referring to Joo who remains ahead of the overall pack wearing the yellow jersey with a total time of 17 hours, 41 minutes and 34 seconds. “If given a chance, I want to become champion.”

Before the start of the sixth stage, Corpuz trailed 4:44 behind Joo at fifth overall.

Michael Bondoc of 7-Eleven CLIQQ Road Bike’s Rench finished Stage Six in third place and is just behind 2:49 the overall leader, moving from 22nd to sixth overall after trailing 5:36 in Monday’s fifth stage.    With Joo and Corpuz placing first and second, a major shakeup in the

overall standings transpired with Jeremy Lizardo of Standard Insurance Philippines jumping from ninth to third place just behind 2:22, while Jonel Carcueva of MPTD rose from eighth to fourth overall, 2:27 back in the eight-stage race presented by MPTC and organized by DuckWorld PH headed by Chairman Patrick Gregorio and sanctioned by PhilCycling led by President Abraham “Bambol” Tolentino, also the Philippine Olympic Committee president.

Jan Paul Morales moved to fifth, 2:41 off the pace, followed by Bondoc and Nichol Pareja of Victoria Sports Cycling Team (seventh, 2:49) apparently gaining extra fuel to push forward after the announcement by sports patron Manny V. Pangilinan during the media night on Monday that champion’s prize, originally P500,000, has been raised to P1 million.

The second placer will get P500,000.

“I’m climbing up in the overall. My target is the Baguio climb and the toughest rider will be known there,’’ said Corpuz, who thanked his uncle, three-time Tour champion Santy Barnachea, for helping him develop his climbing and sprint skills.

Emmanuel Dave Montemayor of Exodus Army Cycling Team was eighth overall (2:54), Jerico Jay Lucero of Go For Gold at ninth (3:00) and Mar Francis Sudario at tenth (3:01).

Ronald Oranza of Standard Insurance dropped from second overall to 13th (4:36) followed by Aidan James Mendoza of Go For Gold (4:42), Dominic Perez (4:49), George Oconer (4:52) and Rustom Lim (5:00) who dropped to 14th to 17th places, respectively.

The Tour’s great revival is backed by Pilipinas Live, Meralco, Maynilad, Metro Pacific Health, Megaworld, Landco,

PLDT,

L“If we can show something new every game, and raise our game even higher, that’s what we’ll do. We’re always like that, we’re not satisfied with our performance.”

Belen won the vote over teammate Lams Lamina, FEU’s Gerzel Petallo, La Salle’s Angel Canino, UST’s Angge Poyos and Adamson’s Shaina Nitura for the weekly citation from print and online reporters covering the collegiate beat.

Cacao starred in FEU’s four-set drubbing of the DLSU Green Spikers last Saturday, registering 29 excellent sets against in a preview of their Final Four matchup.

He also had a point off an attack in the win.

The FEU setter won the vote over teammate Dryx Saavedra, NU’s Jade Disquitado, UST’s Josh Ybanez and La Salle’s Noel Kampton for the citation supported by Discovery Suites and World Balance as minor sponsors. FEU hike its record to 13-1, making it their second year in a row as the top seed in the men’s tournament.

series will resume in July at Riviera Golf and Country Club in Silang, Cavite. Zach Guico reclaimed the boys’ 7-10 title with a gritty final-round comeback, carding an 84 to defeat Zoji Edoc by four strokes. Guico posted a 36-hole total of

WITH key big men sidelined early in the Philippine Basketball Association Philippine Cup, Santi Santillan’s presence has become even more vital for Rain or Shine.

Santilan played huge, carrying the Elasto Painters past the defending champion Meralco Bolts, 128-116.

Santillan’s 27 points, most of which came in the first half, helped Rain or Shine improve to 2-1 in the all-Filipino tournament, earning the nod as the PBA Press Corps-Pilipinas Live Player of the Week.

over Magnolia’s Zavier Lucero and Mark Barroca, Converge’s twin tower duo of Justin Arana and rookie Justine Baltazar and NLEX rookie JB Bahio for the weekly honors given by writers regularly covering the PBA beat.

Rain or Shine forward Beau Belga has not seen action this conference due to vertigo, while Keith Datu is out with a calf injury.

A late scratch for the match against the Bolts was Caelan Tiongson due to back spasms.

Tour of Luzon revival a master stroke

I’M grateful to the organizers of the ongoing Tour of Luzon.  They paid homage to the iconic bicycle road race that was famously known as the summer spectacle on wheels from the Sixties to the Eighties.  Its comeback— aptly termed The Great Revival—evoked memories of drama, thrill and excitement.

No two Tours are identical.  Each one, from its halcyon days of the Manila to Vigan race in 1957 (or was it 1956?) won by Antonio Arzala of Binan, Laguna, to that mythic Tour ng Pilipinas in 1977 spectacularly topped by Manuel “Maui” Reynante from Muntinglupa, Rizal, is something to behold, filled with tears, blood and sweat—literally.

then, no summer was complete without the Tour of Luzon

by the multi-staged bikathon—with mostly Pangasinenses emerging as winners.

My attachment to the Tour stems from my

“We practically had zero bigs and we have to play Santi as a big,” Coach Yeng Guiao said of Santillan, a natural power forward. “But we have to rely on our speed and quickness to counter the absence of our big men.”

The product of La Salle won the vote

FAR EASTERN UNIVERSITY remained the only unbeaten team in the University Athletic Association of the Philippines Season 87 High School Boys’ 3x3 Tournament, sweeping its matches on Tuesday at Ayala Malls Manila Bay in Parañaque.

Ateneo also stayed unscathed in the junior high school boys’ division.

The Baby Tamaraws scored a 21-15 win over the University of the East Junior Warriors and won, 21-15, over the University of the Philippines Junior Maroons, improving to 3-0.

Cabs Cabonillas had eight points and

But Santillan rose to occasion, pumping in 19 in the first two quarters before others like Adrian Nocum and even 40-year-old veteran Gabe Norwood stepped up to widen Rain or Shine’s gap.

The 29-year-old Santillan is the fourth Rain or Shine player to earn the award, the most by any team this season.

eight rebounds, while Liam Salangsang scored six against UE.

Salangsang scored eight, nailing three deuces, and Cabonillas tallied seven points and seven rebounds against UPIS. Marc Burgos and Mico Pascual completed the Baby Tamaraws’ core four.

Ateneo improved to 3-0 in the juniors division after taking down Unversity of Santo Tomas, 18-6, and Adamson, 17-12.

Sky Jazul led the Blue Eagles, firing 10 points against the Baby Falcons and seven against the Tiger Cubs.

Ateneo’s boys team, on the other hand, bounced back from its opening day loss to FEU, beating the Tiger Cubs, 15-14, before handing the Baby Falcons their first loss, 19-17.

busting resolve and teeth-gnashing grit. From 1975 to 1985, I covered the Tour as a sportswriter of Bulletin Today, the martial law name of the Manila Bulletin today.

The most punishing Tour I covered was the 1977 Tour ng Pilipinas. It had 24 stages spread evenly from Luzon, Visayas and Mindanao.  It had seven rest days for a total of 31 days on the road.

We rode on the Philippine Navy ship RPS Albay to cross the San Bernardino Strait in Matnog, Sorsogon, to Allen, Northern Samar, and the Toledo-Cebu stretch and many more water crossings—all to ferry the battle-grizzled entourage of men and machine.

During a break of the 1977 edition in Sorsogon, Sorsogon, Reynante (rest in peace, Maui), a food-lover so that he loved eating from a kaldero with bare hands, called out a balut vendor just after we’ve had dinner by the roadside.

Ziv Espinas led the charge for Ateneo with eight points and seven rebounds against Adamson, and had five points and five boards versus UST. “The main focus going into today was just to up our physicality and intensity. We’re all so used to playing 5-on-5 and 3x3 is such a different game. Today was a good day and we hope to keep on improving,” Chris Urbina, who scored eight against Adamson and seven against UST, said.

The balut vendor rolled his eyes before happily answering, Sige po.  Call!”

SANTI SANTILLAN